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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
 FORM 10-K (Mark One) [X]
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
 For the fiscal year ended December 31, 2004 OR [   ]
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to Commission file numbers:
    
    1-13130 (Liberty Property Trust)1-13132 (Liberty Property Limited Partnership)
   LIBERTY PROPERTY TRUST
 LIBERTY PROPERTY LIMITED PARTNERSHIP
 
 (Exact Names of Registrants as Specified in Their Governing Documents) MARYLAND(Liberty Property Trust)
    
    
    23-7768996PENNSYLVANIA(Liberty Property Limited Partnership)
    
    
    23-2766549(State or Other Jurisdiction
    
    
    (I.R.S. Employerof Incorporation or Organization)
    
    
    Identification Number)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




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Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark whether the Registrants (1) have filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for
such shorter period that the Registrants were required to file such reports) and (2) have been
subject to such filing requirements for the past ninety (90) days. YES [X]   NO [  ] Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulations S-K
is not contained herein, and will not be contained, to the best of the Registrants knowledge, in
definitive proxy or information statements incorporated by reference in Part III of this Form 10-K
or any amendment to this Form 10-K. [  ] Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of
the Act). YES [X]   NO [  ] The aggregate market value of the Common Shares of Beneficial Interest, $0.001 par value (the
Common Shares), of Liberty Property Trust held by non-affiliates of Liberty Property Trust was
approximately $3.4 billion, based upon the closing price of $40.21 on the New York Stock Exchange
composite tape on June 30, 2004. Non-affiliate ownership is calculated by excluding all Common
Shares that may be deemed to be beneficially owned by executive officers and trustees, without
conceding that any such persons is an affiliate for purposes of the federal securities laws. Number of Common Shares outstanding as of March 1, 2005: 86,168,029 Documents Incorporated by Reference Portions of the proxy statement for the annual meeting of shareholders of Liberty Property Trust to
be held in 2005 are incorporated by reference into Part III of this Form 10-K. 2




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INDEX PAGEPART IItem 1.
    
    Business
    
    
    5Item 2.
    
    Properties
    
    
    17Item 3.
    
    Legal Proceedings
    
    
    18Item 4.
    
    Submission of Matters to a Vote of Security Holders
    
    
    18PART IIItem 5.
    
    Market for 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
    
    
    22Item 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
    
    
    103Item 9A.
    
    Controls and Procedures
    
    
    103Item 9B.
    
    Other Information
    
    
    103PART IIIItem 10.
    
    Directors and Executive Officers of the Registrants
    
    
    104Item 11.
    
    Executive Compensation
    
    
    104Item 12.
    
    Security Ownership of Certain Beneficial Owners and
Management and Related Shareholder Matters
    
    
    104Item 13.
    
    Certain Relationships and Related Transactions
    
    
    104Item 14.
    
    Principal Accountant Fees and Services
    
    
    104PART IVItem 15.
    
    Exhibits and Financial Statement Schedules
    
    
    105Signatures for Liberty Property Trust
    
    
    111Signatures for Liberty Property Limited Partnership
    
    
    112
 3




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4




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PART I 
  ITEM 1.
    BUSINESS The Company Liberty Property Trust (the Trust) is a self-administered and self-managed Maryland real estate
investment trust (a REIT). Substantially all of the Trusts assets are owned directly or
indirectly, and substantially all of the Trusts operations are conducted directly or indirectly,
by its subsidiary, Liberty Property Limited Partnership, a Pennsylvania limited partnership (the
Operating Partnership and, together with the Trust and their consolidated subsidiaries, the
Company). The Company completed its initial public offering in 1994 to continue and expand the commercial
real estate business of Rouse & Associates, a Pennsylvania general partnership, and certain
affiliated entities (collectively, the Predecessor) which was founded in 1972. As of December 31,
2004, the Companys portfolio consisted of 723 industrial and office properties (the Properties in
Operation) totaling approximately 61.7 million square feet. In addition, at that date, the Company
had 16 properties under development, which when completed will add 1.7 million square feet to the
Companys portfolio, (the Properties Under Development and, together with the Properties in
Operation, the Properties), and owned 1,108 acres of land, substantially all zoned for commercial
use. Included above are 30 properties comprising 3.6 million square feet and 142 acres of
developable land owned by unconsolidated joint ventures. The Company provides leasing, property management, development, acquisition and other
tenant-related services for the Properties in Operation. The Companys industrial Properties
consist of a variety of warehouse, distribution, service, assembly, light manufacturing and
research and development facilities. They include both single-tenant and multi-tenant facilities,
with most designed flexibly to accommodate various types of tenants, space requirements and
industrial uses. The Companys office Properties are multi-story and single-story office buildings
located principally in suburban mixed-use developments or office parks. Substantially all of the
Companys Properties are located in prime business locations within established business
communities. In January 2005, the Company commenced development of a 1.2 million square foot
office tower in Philadelphias central business district. The Trust is the sole general partner and also a limited partner of the Operating Partnership,
owning 95.9% of the common equity of the Operating Partnership at December 31, 2004. The common
units of limited partnership interest in the Operating Partnership (the Common Units) other than
those owned by the Trust are exchangeable on a one-for-one basis (subject to anti-dilution
protections) for the Trusts Common Shares of Beneficial Interest, $0.001 par value per share (the
Common Shares). The Common Units held by the limited partners were exchangeable for approximately
3.7 million Common Shares on December 31, 2004. The Company has issued Series B, C, and D
Cumulative Redeemable Preferred Units of the Operating Partnership (the Preferred Units). The
Preferred Units are exchangeable on a one-for-one basis after a stated date into Cumulative
Redeemable Preferred Shares. Collectively, the ownership of the holders of Common and Preferred
Units is reflected on the Trusts financial statements as minority interest. In October 2004, the Companys executive offices were relocated from 65 Valley Stream Parkway,
Malvern, Pennsylvania 19355 to 500 Chesterfield Parkway, Malvern, Pennsylvania 19355. The telephone
number remains (610) 648-1700. In addition to this annual report on Form 10-K, the Company files periodic and current reports,
proxy statements and other information with the SEC. The Company makes these documents available on
its website, www.libertyproperty.com, free of charge, as soon as reasonably practicable after such
material is electronically filed with, or furnished to, the SEC. You may also read and copy any
document the Company files with the SEC at the SECs Public Reference Room at 450 Fifth Street, NW,
Washington, DC 20549. Please call the SEC at (800) SEC-0330 for further information about the
public reference facilities. These documents also may be accessed through the SECs electronic
data gathering, analysis and retrieval system (EDGAR) via electronic means, including the SECs
home page on the Internet, www.sec.gov. Also posted on the Companys website is the Companys Code of Conduct, which applies to all of its
employees and also serves as a code of ethics for its chief executive officer, chief financial
officer and persons performing similar functions. The Company will send the Code of Conduct, free
of charge, to anyone who requests a copy in writing to its Investor Relations Department at the
address set forth above. 5




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Management and Employees The Companys 422 employees (as of March 1, 2005) are under the direction of 19 senior executives,
who, on average, have been affiliated with the Company and the Predecessor for 15 years. The
Company and the Predecessor have developed and managed commercial real estate for the past 32
years. The Companys in-house leasing and property management staff operates in markets where it
has a significant presence. This structure enables the Company to better understand the
characteristics of the local markets in which it operates, to respond quickly and directly to
tenant needs and to better identify local real estate opportunities. At December 31, 2004, the
Companys reportable segments were based on the Companys method of internal reporting and are as
follows: Reportable Segments
    
    MarketsDelaware Valley
    
    Southeastern Pennsylvania; New JerseyMidwest
    
    Lehigh Valley, Pennsylvania; Michigan; Minnesota; Milwaukee/ChicagoMid-Atlantic
    
    Maryland; Piedmont Triad, N.C.; Greenville, S.C.; Richmond; Virginia BeachFlorida
    
    Jacksonville; Orlando; Boca Raton; Tampa; TexasUnited Kingdom
    
    County of Kent
 Business Objective and Strategies for Growth The Companys business objective is to maximize long-term profitability for its shareholders by
being a recognized leader in commercial real estate through the ownership, management, development,
and acquisition, of superior office and industrial properties. The Company intends to achieve this
objective through offering office and industrial properties in multiple markets and operating as a
leading landlord in the industry. The Company believes that this objective will provide the
benefits of enhanced investment opportunities, economies of scale, risk diversification both in
terms of geographic market and real estate product type, access to capital, and the ability to
attract and retain personnel. The Company also strives to be a leading provider of customer
service, providing an exceptional and positive customer experience. In pursuing its business
objective, the Company seeks to achieve a combination of internal and external growth, maintain a
conservative balance sheet and pursue a strategy of financial flexibility. Products
The Company strives to be a recognized quality provider of five products (industrial properties,
including big box warehouse, multi-tenant industrial, and flex/R&D; and office properties,
including single-story office and multi-story office). When the Companys marketing efforts
identify opportunities, the Company will, in appropriate instances, pursue other office and
industrial product types including high rise office towers. In January 2005, the Company commenced
development of a 1.2 million square foot office tower in Philadelphias central business district. Markets
The Company operates primarily in the Mid-Atlantic, Southeastern and Midwestern United States.
Additionally, the Company owns certain assets in the United Kingdom. The Companys goal is to
operate in each of its markets with an appropriate product mix of office and industrial properties.
The Company seeks to have a presence that allows it to be viewed as a significant participant in
each market. The Companys efforts emphasize business park development and asset aggregation. The
Company gathers information from internal sources and independent third parties and analyzes this
information to support its evaluation of markets and market conditions. Organizational Plan
The Company seeks to maintain a management organization which facilitates efficient execution of
the Companys strategy. As part of this effort, the Company pursues a human resources plan designed
to create and maintain a highly regarded real estate company through recruiting, training, and
retaining capable people. The structure is designed to support a local office entrepreneurial
platform operating within a value-added corporate structure. The Company upgrades its information technology periodically to keep pace with advances in
available technology. The Company commenced a process in 2003 of implementing an enterprise
resource planning system. The system was launched in 2004 and the implementation throughout the
Company was ongoing in 2004 and will continue in 2005. Internal Growth Strategies
The Company seeks to maximize the profitability of its Properties by endeavoring to maintain high
occupancy levels while obtaining competitive rental rates, controlling costs, and focusing on
customer service efforts. 6




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Maintain High Occupancies
The Company believes that the quality and diversity of its tenant base and its strategy of
operating in multiple markets is integral to achieving its goal of attaining high occupancy levels
for its portfolio. The Company targets financially stable tenants in an effort to minimize
uncertainty relating to the ability of the tenants to meet their lease obligations. Cost Controls
The Company seeks to identify best practices to apply throughout the Company in order to enhance
cost savings and other efficiencies. The Company also employs an annual capital improvement and
preventative maintenance program designed to reduce the operating costs of the Properties and
maintain the long-term value of the Properties. Customer Service Initiatives
The Company seeks to achieve high tenant retention through a comprehensive customer service
program, which is designed to provide an exceptional and positive customer experience. The
customer service program establishes best practices and provides an appropriate customer feedback
process. The Company believes that the program has been helpful in increasing customer
satisfaction. External Growth Strategies
The Company seeks to enhance its long-term profitability through the development, acquisition and
disposition of properties. Development
The Company pursues attractive development opportunities, focusing primarily on high-quality
suburban industrial and office properties within its existing markets. When the Companys marketing
efforts identify opportunities, the Company will pursue urban opportunities and development
opportunities outside of the Companys established markets. The Company and its Predecessor have
developed over 46 million square feet of commercial real estate during the past 32 years. The
Companys development activities generally fall into two categories: build-to-suit projects and
projects built for inventory (projects that are less than 75% leased prior to commencement of
construction). The Company develops build-to-suit projects for existing and new tenants. The
Company also builds properties for inventory where the Company has identified sufficient demand at
market rental rates to justify such construction. During the year ended December 31, 2004, the Company completed 11 build-to-suit projects, two
build-to-suit expansions, one inventory project, and one inventory expansion totaling approximately
1.4 million square feet of leaseable space and representing an aggregate Total Investment, as
defined below, of approximately $104.2 million. As of December 31, 2004, these completed
development properties were approximately 99.6% leased. The Total Investment for a Property is
defined as the Propertys purchase price plus closing costs and managements estimate, as
determined at the time of acquisition, of the cost of necessary building improvements in the case
of acquisitions, or land costs and land and building improvement costs in the case of development
projects, and, where appropriate, other development costs and carrying costs. As of December 31, 2004 the Company had 16 Properties Under Development which are expected to
generate, upon completion, approximately 1.7 million leaseable square feet and are expected to
represent a Total Investment of approximately $143.9 million. Approximately 14.4% of such leaseable
space was pre-leased as of December 31, 2004. The scheduled deliveries of the 1.7 million square
feet of leaseable space in Properties Under Development are as follows (in thousands, except
percentages): Square Feet
    
    
    Percent Leased
    
    
    TotalScheduled In-Service Date
    
    Ind-Dist.
    
    
    Ind-Flex
    
    
    Office
    
    
    Total
    
    
    December 31, 2004
    
    
    Investment1st Quarter 2005
    
    
    
    
    
    
    59
    
    
    
    31
    
    
    
    90
    
    
    
    78.7
    %
    
    $
    8,7212nd Quarter 2005
    
    
    
    
    
    
    
    
    
    
    74
    
    
    
    74
    
    
    
    79.9
    %
    
    
    9,3183rd Quarter 2005
    
    
    
    
    
    
    
    
    
    
    35
    
    
    
    35
    
    
    
    60.3
    %
    
    
    11,3064th Quarter 2005
    
    
    104
    
    
    
    
    
    
    
    100
    
    
    
    204
    
    
    
    38.2
    %
    
    
    21,3461st Quarter 2006
    
    
    134
    
    
    
    59
    
    
    
    102
    
    
    
    295
    
    
    
    4.6
    %
    
    
    26,9912nd Quarter 2006
    
    
    738
    
    
    
    83
    
    
    
    25
    
    
    
    846
    
    
    
    
    
    
    
    39,8353rd Quarter 2006
    
    
    
    
    
    
    
    
    
    
    76
    
    
    
    76
    
    
    
    
    
    
    
    14,9154th Quarter 2006
    
    
    
    
    
    
    
    
    
    
    65
    
    
    
    65
    
    
    
    
    
    
    
    11,464Total
    
    
    976
    
    
    
    201
    
    
    
    508
    
    
    
    1,685
    
    
    
    14.4
    %
    
    $
    143,896
 7




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In addition to the above, in January 2005, the Company commenced development of a 1.2 million
square foot office tower in Philadelphias central business district. Comcast Corporation has
signed a 151/2 year lease for 534,000 square feet of space. The office tower, to be known as Comcast
Center, is expected to be completed in late 2007. The Company believes that, because it is a fully integrated real estate firm, its base of
commercially zoned land in existing industrial and office business parks provides a competitive
advantage for future development activities. As of December 31, 2004, the Company owned 1,108
acres of land held for development, substantially all zoned for commercial use. Substantially all
of the land is located adjacent to or within existing industrial or business parks with site
improvements, such as public sewers, water and utilities, available for service. The Company
anticipates that its land holdings would support, as and when developed, approximately 12.5 million
leaseable square feet, including the Comcast Center described above. The Companys investment in
land held for development as of December 31, 2004 was $171.1 million. Acquisitions/Dispositions
The Company seeks to acquire properties consistent with its business objectives and strategies. The
Company executes its acquisition strategy by purchasing properties which management believes will
create shareholder value over the long-term. During the year ended December 31, 2004, the Company acquired 20 properties comprising
approximately 3.9 million leaseable square feet for a Total Investment of $235.8 million. The Company disposes of Properties and land held for development which no longer fit within the
Companys strategic plan, or with respect to which the Company believes it can optimize cash
proceeds. During the year ended December 31, 2004, the Company sold ten Properties in Operation,
which contained 760,000 square feet of leaseable space, and eight parcels of land, for an aggregate
of $59.6 million. Joint Ventures
The Company, from time to time, considers joint venture opportunities with institutional investors
or other real estate companies. Joint venture partnerships provide the Company with additional
sources of capital to share investment risk and fund its capital requirements. In some instances,
joint venture partnerships provide the Company with additional local market or product type
expertise. As of December 31, 2004, the Company had investments in unconsolidated joint ventures,
totaling $24.4 million. In addition, the Company has an investment in consolidated joint ventures
which own assets approximating $41.0 million. Interest held by others in these consolidated joint
ventures is reflected as minority interests. United Kingdom Operations
The Companys United Kingdom operation includes 15 Properties in Operation and one development
property which are located in a 650-acre, mixed commercial and residential community in the County
of Kent, England. The community known as Kings Hill is located approximately 25 miles southeast
of London. The community has been developed over the past decade by a joint initiative between the
County of Kent and Rouse Kent Limited (RKL). During 2003, the Company exercised its option to
purchase RKL for nominal consideration. The development agreement with the County of Kent allows
RKL to develop additional commercial space and to participate in proceeds from the sale of
residential land parcels to homebuilders. Subject to obtaining appropriate planning consents,
further expansion of this community may take place. The Company has also invested in two joint ventures to develop projects in separate locations in
England and one joint venture which owns a Property in Operation. The Company believes that its
development expertise, its access to capital and its relationship with tenants engaged in
international business will create opportunities to service the needs of these tenants in both the
United States and the United Kingdom. To date, these joint ventures have been entered into with
established real estate developers in the United Kingdom. The Company continues to pursue its investment in Kings Hill and to identify other development and
acquisition opportunities in the United Kingdom. Subsequent Events The Company intends to continue to pursue its development, acquisition and disposition strategies.
The Company is currently in various stages of discussions and negotiations with respect to
development, acquisition and disposition projects. The consummation of these or any other future
developments, acquisitions or dispositions, if any, and the pace at which developments may be
completed and acquisitions and dispositions made cannot be guaranteed. 8




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Risk Factors The Companys results from operations and the ability to make distributions to our shareholders and
pay debt service on our indebtedness may be affected by the risk factors set forth below. (The
Company refers to itself as we, us or our in the following risk factors.) This section
contains some forward looking statements. You should refer to the explanation of the
qualifications and limitations on forward looking statements on page 4. Risks Related to Our Business Unfavorable events concerning our existing tenants, or negative market conditions that may affect
our existing tenants could have an adverse impact on our ability to attract new tenants, relet
space, collect rent or renew leases, and thus could have a negative effect on our cash flow from
operations and inhibit growth.
Our cash flow from operations depends on our ability to lease space to tenants on economically
favorable terms. Therefore, we could be adversely affected by various facts and events over which
we have limited control, such as:  
    lack of demand for space in the areas where our Properties are located
    inability to retain existing tenants and attract new tenants
    oversupply of or reduced demand for space and changes in market rental rates
    defaults by our tenants or their failure to pay rent on a timely basis
    the need to periodically renovate and repair our space
    physical damage to our Properties
    economic or physical decline of the areas where our Properties are located
    potential risk of functional obsolescence of our Properties over time At any time, any of our tenants may experience a downturn in its business that may weaken its
financial condition. As a result, a tenant may delay lease commencement, fail to make rental
payments when due, decline to extend a lease upon its expiration, become insolvent or declare
bankruptcy. Any tenant bankruptcy or insolvency, leasing delay or failure to make rental payments
when due could result in the termination of the tenants lease and material losses to our Company. If our tenants do not renew their leases as they expire, we may not be able to rent the space.
Furthermore, leases that are renewed, and some new leases for space that is relet, may have terms
that are less economically favorable to us than current lease terms, or may require us to incur
significant costs, such as for renovations, tenant improvements or lease transaction costs. Any of these events could adversely affect our cash flow from operations and our ability to make
expected distributions to shareholders and service our indebtedness. A significant portion of our costs, such as real estate taxes, insurance costs, and debt service
payments, generally are not reduced when circumstances cause a decrease in cash flow from our
Properties. We may not be able to compete successfully with other entities that operate in our industry.
We experience a great deal of competition in attracting tenants for our Properties and in locating
land to develop and properties to acquire. In our effort to lease our Properties, we compete for tenants with a broad spectrum of other
landlords in each of our markets. These competitors include, among others, publicly-held REITs,
privately-held entities, individual property owners and tenants who wish to sublease their space.
Some of these competitors may be able to offer prospective tenants more attractive financial terms
than we are able to offer. We may experience increased operating costs, which could adversely affect our operations.
Our Properties are subject to increases in operating expenses such as insurance, cleaning,
electricity, heating, ventilation and air conditioning, general and administrative costs and other
costs associated with security, landscaping, repairs and maintenance of our Properties. While our
current tenants generally are obligated to pay a significant portion of these costs, there is no
assurance that these tenants will make such payments or agree to pay these costs upon renewal or
that new tenants will agree to pay these costs. If operating expenses increase in our markets, we
may not be able to increase rents or reimbursements in all of these markets so as to meet increased
expenses without at the same time decreasing occupancy rates. If this occurs, our ability to make
distributions to shareholders and service our indebtedness could be adversely affected. 9




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Our ability to achieve growth in operating income depends in part on our ability to develop
properties which may suffer under certain circumstances.
We intend to continue to develop properties where warranted by market conditions. The decline in
demand for real estate has reduced the amount of development we are undertaking. We have a number
of ongoing development projects and a number of land projects being readied for development. These
projects include the Comcast Center, a 1.2 million square foot office tower in Philadelphias
central business district, which is discussed below. Additionally, our general construction and development activities include the risks that:  
    construction and leasing of a property may not be completed on schedule, which could
result in increased expenses and construction costs, and would result in reduced
profitability for that property
    construction costs may exceed our original estimates due to increases in interest rates
and increased materials, labor or other costs, possibly making the property unprofitable
because we may not be able to increase rents to compensate for the increase in construction
costs
    some developments may fail to achieve expectations, possibly making them unprofitable
    we may be unable to obtain, or face delays in obtaining, required zoning, land-use,
building, occupancy, and other governmental permits and authorizations, which could result
in increased costs and could require us to abandon our activities entirely with respect to
a project
    we may abandon development opportunities after we begin to explore them and as a result,
we may fail to recover costs already incurred. If we determine to alter or discontinue our
development efforts, past and future costs of the investment may 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 which we do not complete
    occupancy rates and rents at newly completed properties may fluctuate depending on a
number of factors, including market and economic conditions, and may result in lower than
projected rental rates with the result that our investment is not profitable Our Comcast Center project (previously known as the One Pennsylvania Plaza project) is subject to
a number of risks related to its development, construction, financing and leasing.
The Company has announced the commencement of the development of a 1.2 million square foot, 57
story office tower in Philadelphia. Construction on the office tower, to be known as the Comcast
Center, began in January 2005 and is expected to be complete in late 2007. Comcast Corporation has
signed a 15-1/2 year lease and will initially occupy 534,000 square feet, or approximately 44%, of
the buildings rentable space. Comcast Corporation has options to increase its occupancy up to
800,000 square feet, or approximately 66%, of the building. The total project cost to be incurred
by Liberty is expected to be $435 million. The project is subject to substantial leasing risk as to the portion of the building not leased to
Comcast. The Philadelphia office market generally contains substantial vacancy and has recently
experienced a highly competitive leasing environment. Many of the premier office properties in the
central business district contain significant vacancy. These conditions have had an adverse impact
on market rental rates. Nevertheless, the Company believes that because of the unique features of
this state-of-the-art commercial office building, sufficient demand exists from lease expirations
of large commercial tenants in Philadelphias central business district during the 2006 to 2009
time frame and from prospective new tenants to the market to lease the remainder of the building at
suitable rental rates. Development of a project such as Comcast Center is subject to the general development and
construction risks noted above. Those risks are magnified by the size of the project, and include
construction risks associated with undertaking a construction project with the engineering and
design complexities of an office tower. The project also bears the investment risk that the market value of this 1.2 million square foot
office tower may not support the construction costs of $360 per square foot. Recent sales prices
for several modern office towers, which were constructed on average 15 years ago, in Philadelphias
central business district, are estimated to be an average price of $183 per square foot. The
Company believes that the investment value of the completed and leased Comcast Center supports the
investment that will be made by the Company. 10




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We face risks associated with property acquisitions.
We acquire individual properties and portfolios of properties, and intend to continue to do so.
Our acquisition activities and their success are subject to the following risks:  
    when we are able to locate a desired property, competition from other real estate
investors may significantly increase the purchase price
    acquired properties may fail to perform as expected
    the actual costs of repositioning or redeveloping acquired properties may be higher than our estimates
    acquired properties may be located in new markets where we face risks associated with an
incomplete knowledge or understanding of the local market, a limited number of established
business relationships in the area and a relative unfamiliarity with local governmental and
permitting procedures
    we may be unable to quickly and efficiently integrate new acquisitions, particularly
acquisitions of portfolios of properties, into our existing operations, and as a result,
our results of operations and financial condition could be adversely affected We may acquire properties subject to liabilities and without any recourse, or with only limited
recourse, with respect to unknown liabilities. As a result, if a liability were asserted against us
based upon ownership of those properties, we might have to pay substantial sums to settle it, which
could adversely affect our cash flow. Many of our Properties are concentrated in our primary markets, and we therefore may suffer
economic harm as a result of adverse conditions in those markets.
Our Properties are located principally in specific geographic areas in the Mid-Atlantic,
Southeastern and Midwestern United States. Due to the concentration of our Properties in these
areas, performance is dependent on economic conditions in these areas. These areas have experienced
periods of economic decline. We may not be able to access financial markets to obtain capital on a timely basis, or on
acceptable terms.
In order to qualify as a REIT for federal income tax purposes, we are required to distribute at
least 90% of taxable income to shareholders each year, and thus cannot reinvest this portion of
income in the business. As a result, retained cash flows are somewhat limited and we may rely on
proceeds from Property dispositions and third party capital sources for a portion of our capital
needs, including capital for acquisitions and development. The public debt and equity markets are
among the sources we rely on. There is no guarantee that we will be able to access these markets,
or any other source of capital. The ability to access the public debt and equity markets depends on
a variety of factors, including:  
    general economic conditions affecting these markets
    our own financial structure and performance
    the markets opinion of REITs in general
    the markets opinion of REITs that own properties like ours We may suffer adverse effects as a result of the terms of and covenants relating to our
indebtedness.
Required payments on our indebtedness generally are not reduced if the economic performance of the
portfolio declines. If the economic performance declines, net income, cash flow from operations and
cash available for distribution to shareholders will be reduced. If payments on debt cannot be
made, we could sustain a loss, or in the case of mortgages, suffer foreclosures by mortgagees or
suffer judgments. Further, some obligations, including our $450 million credit facility and
unsecured notes, as well as, at December 31, 2004, approximately $123.0 million in outstanding
mortgage indebtedness, contain cross-default and/or cross-acceleration provisions, which means that
a default on one obligation may constitute a default on other obligations. We anticipate that only a small portion of the principal of our debt will be repaid prior to
maturity. Therefore, we generally need to refinance our outstanding debt as it matures. There is
a risk that we may not be able to refinance existing debt or that the terms of any refinancing will
not be as favorable as the terms of our existing debt. If principal payments due at maturity
cannot be refinanced, extended or repaid with proceeds from other sources, such as the proceeds of
sales of assets or new equity securities, our cash flow will not be sufficient to repay all
maturing debt in years when significant balloon payments come due. Our credit facility and unsecured debt securities contain customary restrictions, requirements and
other limitations on our ability to incur indebtedness, including total debt to asset ratios,
secured debt to total asset ratios, debt service coverage ratios and minimum ratios of unencumbered
assets to unsecured debt which we must maintain. Our continued ability to borrow under our $450
million credit facility is subject to compliance with our financial and other covenants. In
addition, our failure to comply with such covenants could cause a default under this credit 11




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facility, and we may then be required to repay such debt with capital from other sources. Under
those circumstances, other sources of capital may not be available to us, or be available only on
unattractive terms. Our degree of leverage could limit our ability to obtain additional financing or affect the market
price of our common stock.
Our degree of leverage could affect our ability to obtain additional financing for working capital,
capital expenditures, acquisitions, development or other general corporate purposes. Our senior
unsecured debt is currently rated investment grade by the three major rating agencies. However,
there can be no assurance we will be able to maintain this rating, and in the event our senior debt
is downgraded from its current rating, we would likely incur higher borrowing costs. Our degree of
leverage could also make us more vulnerable to a downturn in business or the economy generally. Further issuances of equity securities may be dilutive to current shareholders.
The interests of our existing shareholders could be diluted if we issue additional equity
securities to finance future developments, acquisitions, or repay indebtedness. The Board of
Trustees may issue additional securities without shareholder approval. Our ability to execute our
business strategy depends on our access to an appropriate blend of debt financing, including
unsecured lines of credit and other forms of secured and unsecured debt, and equity financing,
including issuances of common and preferred equity. An increase in interest rates would increase our interest costs on variable rate debt and could
adversely impact our ability to refinance existing debt.
We currently have, and may incur more, indebtedness that bears interest at variable rates.
Accordingly, if interest rates increase, so will our interest costs, which would adversely affect
our cash flow and our ability to pay principal and interest on our debt and our ability to make
distributions to our shareholders. Further, rising interest rates could limit our ability to
refinance existing debt when it matures. Property ownership through joint ventures will limit our ability to act exclusively in our
interests.
From time to time we invest in joint ventures in which we do not hold a controlling interest. These
investments involve risks that do not exist with properties in which we own a controlling interest,
including the possibility that our partners may, at any time, have business, economic or other
objectives that are inconsistent with our objectives. In instances where we lack a controlling
interest, our partners may be in a position to require action that is contrary to our objectives.
While we seek to negotiate the terms of these joint ventures in a way that secures our ability to
act in our best interests, there can be no assurance that those terms will be sufficient to fully
protect us against actions contrary to our interests. If the objectives of our co-venturers are
inconsistent with ours, we may not in every case be able to act exclusively in our interests. We may suffer economic harm if our enterprise resource planning software causes business
interruptions.
In 2004 we launched an enterprise resource planning system for our business and its implementation
throughout the Company was ongoing in 2004 and will continue in 2005. The objective of the new
information technology system is to improve our performance by achieving a number of specific
financial and operational measures. The new information technology system has been designed to
provide us with a stable, long-term platform enabling us to deliver value to our tenants through
information sharing and electronic commerce as these issues become more important in future
periods. Enterprise resource planning implementations are challenging initiatives that carry substantial
project risk including the risk of business interruption. Failure to properly implement the new
information technology system could have an adverse impact on our operating results. Risks Related to the Real Estate Industry Real estate investments are illiquid, and we may not be able to sell our Properties if and when we
determine it is appropriate to do so.
Real estate generally cannot be sold quickly. We may not be able to dispose of Properties promptly
in response to economic or other conditions. In addition, provisions of the Internal Revenue Code
limit a REITs ability to sell properties in some situations when it may be economically
advantageous to do so, thereby adversely affecting returns to shareholders and adversely impacting
our ability to meet our obligations to the holders of other securities. We may experience economic harm if any damage to our Properties is not covered by insurance.
We carry insurance coverage on our Properties of the type and in amounts that we believe are in
line with coverage customarily obtained by owners of similar properties. We believe all of our
Properties are adequately insured. However, we cannot guarantee that the limits of our current
policies will be sufficient in the event of a catastrophe to 12




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our Properties. Our existing property and liability policies expire in May 2005. We cannot
guarantee that we will be able to renew or duplicate our current coverages in adequate amounts or
at reasonable prices. We may suffer losses that are not covered under our comprehensive liability, fire, extended
coverage and rental loss insurance policies. For example, we may not be insured for losses
resulting from acts of war, certain acts of terrorism, or from environmental liabilities. If an
uninsured loss or a loss in excess of insured limits should occur, we would nevertheless remain
liable for the loss which could adversely affect cash flow from operations. Potential liability for environmental contamination could result in substantial costs.
Under federal, state and local environmental laws, ordinances and regulations, we may be required
to investigate and clean up the effects of releases of hazardous or toxic substances or petroleum
products at our Properties simply because of our current or past ownership or operation of the real
estate. If unidentified environmental problems arise, we may have to make substantial payments
which could adversely affect our cash flow and our ability to make distributions to our
shareholders because:  
    as owner or operator, we may have to pay for property damage and for investigation and
clean-up costs incurred in connection with the contamination
    the law typically imposes clean-up responsibility and liability regardless of whether
the owner or operator knew of or caused the contamination
    even if more than one person
may be responsible for the contamination, each person who shares legal liability under the environmental laws may be held responsible for all of the
clean-up costs
    governmental entities and third parties may sue the owner or operator of a contaminated
site for damages and costs These costs could be substantial. The presence of hazardous or toxic substances or petroleum
products or the failure to properly remediate contamination may materially and adversely affect our
ability to borrow against, sell or rent an affected property. In addition, applicable
environmental laws create liens on contaminated sites in favor of the government for damages and
costs it incurs in connection with a contamination. Changes in laws increasing the potential
liability for environmental conditions existing at our Properties may result in significant
unanticipated expenditures. It is our policy to retain independent environmental consultants to conduct Phase I environmental
site assessments and asbestos surveys with respect to our acquisition of properties. These
assessments generally include a visual inspection of the properties and the surrounding areas, an
examination of current and historical uses of the properties and the surrounding areas and a review
of relevant state, federal and historical documents, but do not involve invasive techniques such as
soil and ground water sampling. Where appropriate, on a property-by-property basis, our practice
is to have these consultants conduct additional testing, including sampling for asbestos, for lead
in drinking water, for soil contamination where underground storage tanks are or were located or
where other past site usages create a potential environmental problem, and for contamination in
groundwater. Even though these environmental assessments are conducted, there is still the risk
that:  
    the environmental assessments and updates did not identify all potential environmental
liabilities
    a prior owner created a material environmental condition that is not known to us or the
independent consultants preparing the assessments
    new environmental liabilities have developed since the environmental assessments were
conducted
    future uses or conditions such as changes in applicable environmental laws and
regulations could result in environmental liability for us While we test indoor air quality on a regular basis and have an ongoing maintenance program in
place to address this aspect of property operations, inquiries about indoor air quality may
necessitate special investigation and, depending on the results, remediation. Indoor air quality
issues can stem from inadequate ventilation, chemical contaminants from indoor or outdoor sources,
pollen, viruses and bacteria. Indoor exposure to chemical or biological contaminants above certain
levels can be alleged to be connected to allergic reactions or other health effects and symptoms in
susceptible individuals. If these conditions were to occur at one of our Properties, we may need
to undertake a targeted remediation program, including without limitation, steps to increase indoor
ventilation rates and eliminate sources of contaminants. Such remediation programs could be
costly, necessitate the temporary relocation of some or all of the propertys tenants or require
rehabilitation of the affected property. 13




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Our Properties may contain or develop harmful mold, which could lead to liability for adverse
health effects and costs of remediating the problem.
When excessive moisture accumulates in buildings or on building materials, mold growth may occur,
particularly if the moisture problem remains undiscovered or is not addressed over a period of
time. Some molds may produce airborne toxins or irritants. Concern about indoor exposure to mold
has been increasing as exposure to mold may cause a variety of adverse health effects and symptoms,
including allergic or other reactions. As a result, the presence of significant mold at any of our
Properties could require us to undertake a costly remediation program to contain or remove the mold
from the affected property. In addition, the presence of significant mold could expose us to
liability from our tenants, employees of our tenants and others if property damage or health
concerns arise. Compliance with the Americans with Disabilities Act and fire, safety and other regulations may
require us to make expenditures that adversely impact our operating results.
All of our Properties are required to comply with the Americans with Disabilities Act, (ADA). The
ADA generally requires that buildings be made accessible to people with disabilities. Compliance
with the ADA requirements could require removal of access barriers and non-compliance could result
in imposition of fines by the U.S. government or an award of damages to private litigants, or both.
Expenditures related to complying with the provisions of the ADA could adversely affect our results
of operations and financial condition and our ability to make distributions to shareholders. In
addition, we are required to operate our Properties in compliance with fire and safety regulations,
building codes and other land use regulations, as they may be adopted by governmental agencies and
bodies and become applicable to our Properties. We may be required to make substantial capital
expenditures to comply with those requirements and these expenditures could have a material adverse
effect on our operating results and financial condition, as well as our ability to make
distributions to shareholders. 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.
Terrorist attacks against our Properties, or against the United States or United States interests
generally, may negatively affect our operations and your investment in our securities. Attacks or
armed conflicts could have a direct adverse impact on our Properties or operations through damage,
destruction, loss or increased security costs. Any terrorism insurance that we obtain may be
insufficient to cover the loss for damages to our Properties as a result of terrorist attacks. Furthermore, any terrorist attacks or armed conflicts could result in increased volatility in or
damage to the United States and worldwide financial markets and economy. Adverse economic
conditions could affect the ability of our tenants to pay rent, which could have an adverse impact
on our operating results. Risks Related to Our Organization and Structure We have elected REIT status under the federal tax laws, and could suffer adverse consequences if we
fail to qualify as a REIT.
We have elected REIT status under federal tax laws and have taken the steps known to us to perfect
that status, but we cannot be certain that we qualify, or that we will remain qualified.
Qualification as a REIT involves the application of highly technical and complex provisions of the
Internal Revenue Code (the Code), as to which there are only limited judicial or administrative
interpretations. The complexity of these provisions and of the related income tax regulations is
greater in the case of a REIT that holds its assets in partnership form, as we do. Moreover, no
assurance can be given that new tax laws will not significantly affect our qualification as a REIT
or the federal income tax consequences of such qualification. New laws could be applied
retroactively, which means that past operations could be found to be in violation, which would have
a negative effect on the business. If we fail to qualify as a REIT in any taxable year, the distributions to shareholders would not be
deductible when computing taxable income. If this happened, we would be subject to federal income
tax on our taxable income at regular corporate rates. Also, we could be prevented from qualifying
as a REIT for the four years following the year in which we were disqualified. Further, if we
requalified as a REIT after failing to qualify, we might have to pay the full corporate-level tax
on any unrealized gain in our assets during the period we were not qualified as a REIT. We would
then have to distribute to our shareholders the earnings we accumulated while we were not qualified
as a REIT. These additional taxes would reduce our funds available for distribution to our
shareholders. In addition, while we were disqualified as a REIT, we would not be required by the
Internal Revenue Code to make distributions to our shareholders. A failure by the Company to
qualify as a REIT and the resulting requirement to pay taxes and interest (and perhaps penalties)
would cause us to default under various agreements to which we are a party, including under our
credit facility, and would have a material adverse effect on our business, prospects, results of
operations, earnings, financial condition and our ability to make distributions to shareholders. 14




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Future economic, market, legal, tax or other considerations may cause our Board of Trustees to
revoke our election to qualify as a REIT. This decision requires the consent of the holders of a
majority of the voting interests of all of our outstanding Common Shares. Risks associated with potential borrowings necessary to make distributions to qualify as a REIT.
We intend to make distributions to shareholders to comply with the distribution provisions of the
Code necessary to maintain qualification as a REIT and to avoid income taxes and the non-deductible
excise tax. Under certain circumstances, we may be required to borrow funds to meet the
distribution requirements necessary to achieve the tax benefits associated with qualifying as a
REIT. In such circumstances, we might need to borrow funds to avoid adverse tax consequences, even
if our management believes that the prevailing market conditions are not generally favorable for
such borrowings or that such borrowings would not be advisable in the absence of such tax
considerations. Certain officers of the Trust may not have the same interests as shareholders as to certain tax
laws.
Certain officers of the Trust own Common Units. These units may be exchanged for our Common Shares.
The officers who own those units and have not yet exchanged them for our Common Shares may suffer
different and more adverse tax consequences than holders of our Common Shares suffer in certain
situations:  
    when certain of our Properties are sold
    when debt on those Properties is refinanced
    if we are involved in a tender offer or merger The Trust also owns units in the Operating Partnership. Because the Trust, as well as the certain
officers who own units, face different consequences than shareholders do, the Trust and those
officers may have different objectives as to these transactions than shareholders do. Certain aspects of our organization could have the effect of restricting or preventing a change of
control of our Company, which could have an adverse effect on the price of our shares.
Our charter contains an ownership limit on shares. To qualify as a REIT, five or fewer individuals
cannot own, directly or indirectly, more than 50% in value of the outstanding shares of beneficial
interest. To this end, our Declaration of Trust, among other things, generally prohibits any holder
of the Trusts shares from owning more than 5% of the Trusts outstanding shares of beneficial
interest, unless that holder gets the consent from the Board of Trustees. This limitation could
prevent the acquisition of control of the Company by a third party without the consent from the
Board of Trustees. We have a staggered board and certain restrictive nominating procedures. The Board of Trustees has
three classes of trustees. The term of office of one class expires each year. Trustees for each
class are elected for three-year terms as that class term expires. The terms of the Class II,
Class III, and Class I trustees expire in 2005, 2006, and 2007, respectively. Any nominee for
trustee must be selected under the nominating provisions contained in our Declaration of Trust and
By-Laws. The staggered terms for trustees and the nominating procedures may affect shareholders
ability to take control of the Company, even if a change in control were in the shareholders
interest. The Company can issue preferred shares. Our Declaration of Trust authorizes the Board of Trustees
to establish the preferences and rights of any shares issued. The issuance of preferred shares
could have the effect of delaying, making more difficult or preventing a change of control of the
Company, even if a change in control were in the shareholders interest. We have a poison pill. Under the shareholder rights plan, rights are issued along with each of the
Trusts Common Shares. Holders of these rights can purchase, under certain conditions, a portion of
a preferred share of beneficial interest, or receive Common Shares, or common shares of an entity
acquiring us, or other consideration, having a value equal to twice the exercise price of the
right. The exercise price of the right is $200. This arrangement is often called a poison pill.
Our poison pill could have the effect of delaying or preventing a change of control of the Company,
even if a change in control were in the shareholders interest. There are limitations on acquisition of and changes in control pursuant to, and fiduciary
protections of The Board under Maryland law. The Maryland General Corporation Law (MGCL) contains
provisions which are applicable to the Trust as if the Trust were a corporation. Among these
provisions is a section, referred to as the control share acquisition statute, which eliminates
the voting rights of shares acquired in quantities so as to constitute control shares, as defined
under the MGCL. The MGCL also contains provisions applicable to us that are referred to as the
business combination statute, which would generally limit business combinations between the
Company and any 10% owners of the Trusts shares or any affiliate thereof. Further, Maryland law
provides broad discretion to the 15




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Board with respect to its fiduciary duties in considering a change in control of our Company,
including that the Board is subject to no greater level of scrutiny in considering a change in
control transaction than with respect to any other act by the Board. Finally, the unsolicited
takeovers provisions of the MGCL permit the Board, without shareholder approval and regardless of
what is currently provided in our Declaration of Trust or By-Laws, to implement takeover defenses
that our Company does not yet have, including: permitting only the Board to fix the size of the
Board and permitting only the Board to fill a vacancy on the Board. All of these provisions may
have the effect of inhibiting a third party from making an acquisition proposal for our Company or
of delaying, deferring or preventing a change in control of the Company under circumstances that
otherwise could provide the holders of Common Shares with the opportunity to realize a premium over
the then current market price. Various factors out of our control could hurt the market value of our publicly traded securities.
General market conditions could worsen. The value of our publicly traded securities depends on
various market conditions, which may change from time to time. In addition to general economic and
market conditions and our particular financial condition and performance, the value of our publicly
traded securities could be affected by, among other things, the extent of institutional investor
interest in us and the markets opinion of REITs in general and, in particular, REITs that own and
operate properties similar to ours. The market value of the equity securities of a REIT may be based primarily upon the markets
perception of the REITs growth potential and its current and future cash distributions, and may be
secondarily based upon the real estate market value of the underlying assets. The failure to meet
the markets expectations with regard to future earnings and cash distributions likely would
adversely affect the market price of publicly traded securities. Rising market interest rates could make an investment in publicly traded securities less
attractive. If market interest rates increase, purchasers of publicly traded securities may demand
a higher annual yield on the price they pay for their securities. This could adversely affect the
market price of publicly traded securities. Transactions by the Trust or the Operating Partnership could adversely affect debt holders.
Except with respect to several covenants limiting the incurrence of indebtedness and a covenant
requiring the Operating Partnership to maintain a certain unencumbered total asset value, our
indentures do not contain any additional provisions that would protect holders of the Operating
Partnerships debt securities in the event of (i) a highly leveraged transaction involving the
Operating Partnership, (ii) a change of control, or (iii) certain reorganizations, restructurings,
mergers or similar transactions involving the Operating Partnership or the Trust. 16




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ITEM 2.
    PROPERTIES The Properties in Operation, as of December 31, 2004, consisted of 443 industrial and 280 office
properties. Single tenants completely occupy 249 Properties in Operation. These tenants generally
require a reduced level of service in connection with the operation or maintenance of these
properties. The remaining 474 of the Companys Properties in Operation are multi-tenant properties
for which the Company renders a range of building, operating and maintenance services. As of December 31, 2004, the industrial Properties in Operation were 92.9% leased. The average
building size for the industrial Properties in Operation is approximately 95,000 square feet. As of
December 31, 2004, the office Properties in Operation were approximately 89.7% leased. The average
building size for the office Properties in Operation is approximately 70,000 square feet. A complete listing of the Properties in Operation appears as Schedule III to the financial
statements of the Company included in this report. The table below sets forth certain information
on the Companys Properties in Operation as of December 31, 2004 (in thousands, except
percentages). Type
    
    Rent(1)
    
    
    Square Feet
    
    
    % LeasedDelaware Valley
    
    Industrial
    
    -Distribution (2)
    
    $
    26,301
    
    
    
    5,621
    
    
    
    96.9
    %-Flex
    
    
    28,049
    
    
    
    3,109
    
    
    
    87.2
    %Office
    
    
    
    
    104,779
    
    
    
    7,587
    
    
    
    93.3
    %Total
    
    
    
    
    159,129
    
    
    
    16,317
    
    
    
    93.4
    %Midwest
    
    Industrial
    
    -Distribution
    
    
    48,202
    
    
    
    12,152
    
    
    
    97.0
    %-Flex
    
    
    42,596
    
    
    
    5,815
    
    
    
    91.3
    %Office
    
    
    
    
    48,663
    
    
    
    4,132
    
    
    
    86.3
    %Total
    
    
    
    
    139,461
    
    
    
    22,099
    
    
    
    93.5
    %Mid-Atlantic
    
    Industrial
    
    -Distribution
    
    
    27,840
    
    
    
    7,218
    
    
    
    90.8
    %-Flex
    
    
    8,210
    
    
    
    1,074
    
    
    
    89.3
    %Office
    
    
    
    
    49,191
    
    
    
    4,484
    
    
    
    86.4
    %Total
    
    
    
    
    85,241
    
    
    
    12,776
    
    
    
    89.1
    %Florida
    
    Industrial
    
    -Distribution
    
    
    14,237
    
    
    
    3,911
    
    
    
    90.0
    %-Flex
    
    
    21,473
    
    
    
    3,081
    
    
    
    88.0
    %Office
    
    
    
    
    32,932
    
    
    
    2,869
    
    
    
    91.1
    %Total
    
    
    
    
    68,642
    
    
    
    9,861
    
    
    
    89.7
    %United Kingdom
    
    Industrial
    
    -Distribution
    
    
    
    
    
    
    
    
    
    
    -Flex
    
    
    4,957
    
    
    
    170
    
    
    
    100.0
    %Office
    
    
    
    
    12,038
    
    
    
    432
    
    
    
    82.3
    %Total
    
    
    
    
    16,995
    
    
    
    602
    
    
    
    87.3
    %TOTAL
    
    Industrial
    
    -Distribution     (2)
    
    
    116,580
    
    
    
    28,902
    
    
    
    94.5
    %-Flex
    
    
    105,285
    
    
    
    13,249
    
    
    
    89.5
    %Office
    
    
    
    
    247,603
    
    
    
    19,504
    
    
    
    89.7
    %Total
    
    
    
    $
    469,468
    
    
    
    61,655
    
    
    
    91.9
    %
  (1)
    Rent represents the contractual rent per square foot times the tenants square feet
leased at December 31, 2004 for tenants in occupancy. Rent does not include the tenants
obligation to pay property operating expenses and real estate taxes.(2)
    Industrial Distribution properties in the Delaware Valley include properties owned by an
unconsolidated joint venture, in which Liberty owns a 25% interest. These 30 properties
comprise 3,603,462 square feet of leaseable space, are 96.2% occupied, and are leased for
$14.0 million in rent. 17




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The expiring square feet and annual net rent by year for the above Properties in Operation
as of December 31, 2004 are as follows (in thousands, except percentages): Industrial-Distribution (1)
    
    
    Industrial-Flex
    
    
    Office
    
    
    TotalSquare
    
    
    Annual
    
    
    Square
    
    
    Annual
    
    
    Square
    
    
    Annual
    
    
    Square
    
    
    AnnualYear
    
    Feet
    
    
    Net Rent
    
    
    Feet
    
    
    Net Rent
    
    
    Feet
    
    
    Net Rent
    
    
    Feet
    
    
    Net Rent2005
    
    
    2,940
    
    
    $
    13,346
    
    
    
    2,156
    
    
    $
    18,346
    
    
    
    2,985
    
    
    $
    41,146
    
    
    
    8,081
    
    
    $
    72,8382006
    
    
    3,525
    
    
    
    14,043
    
    
    
    2,010
    
    
    
    19,254
    
    
    
    1,572
    
    
    
    22,386
    
    
    
    7,107
    
    
    
    55,6832007
    
    
    3,532
    
    
    
    16,361
    
    
    
    1,833
    
    
    
    17,802
    
    
    
    1,894
    
    
    
    27,423
    
    
    
    7,259
    
    
    
    61,5862008
    
    
    4,419
    
    
    
    18,661
    
    
    
    2,106
    
    
    
    20,250
    
    
    
    2,354
    
    
    
    35,709
    
    
    
    8,879
    
    
    
    74,6202009
    
    
    2,829
    
    
    
    13,842
    
    
    
    1,440
    
    
    
    13,421
    
    
    
    2,677
    
    
    
    42,246
    
    
    
    6,946
    
    
    
    69,5092010
    
    
    1,424
    
    
    
    6,981
    
    
    
    762
    
    
    
    7,447
    
    
    
    1,319
    
    
    
    23,056
    
    
    
    3,505
    
    
    
    37,484Thereafter
    
    
    8,633
    
    
    
    46,832
    
    
    
    1,554
    
    
    
    18,025
    
    
    
    4,689
    
    
    
    84,701
    
    
    
    14,876
    
    
    
    149,558Total
    
    
    27,302
    
    
    $
    130,066
    
    
    
    11,861
    
    
    $
    114,545
    
    
    
    17,490
    
    
    $
    276,667
    
    
    
    56,653
    
    
    $
    521,278Total Square
Feet
    
    
    28,902
    
    
    
    
    
    
    
    13,249
    
    
    
    
    
    
    
    19,504
    
    
    
    
    
    
    
    61,655Percent of
Total Annual
Net Rent
    
    
    
    
    
    
    24.9
    %
    
    
    
    
    
    
    22.0
    %
    
    
    
    
    
    
    53.1
    %
    
    
    
    
    
    
    100.0
    %
 (1) See Footnote (2) on page 17. The table below highlights the Companys top ten office tenants and the top ten industrial
tenants. Percentage
    
    
    
    PercentageTop 10 Office Tenants
    
    of Net Rent
    
    Top 10 Industrial Tenants
    
    of Net RentThe Vanguard Group, Inc
    
    3.6%
    
    The Government of the United States of America
    
    1.2%GlaxoSmithKline, LLC
    
    2.0%
    
    TJX Corp.
    
    1.1%Sanofi Winthrop, Inc.
    
    1.5%
    
    Kellogg USA, Inc.
    
    1.0%Aetna Life Insurance Company
    
    1.4%
    
    Fieldcrest Cannon Sure Fit, Inc.
    
    0.8%PPL Energy Plus, LLC
    
    1.2%
    
    Vistakon Division of Johnson & Johnson
    
    0.7%PNC Bank, National Association
    
    1.1%
    
    DSC Logistics
    
    0.6%Express Scripts, Inc.
    
    1.1%
    
    Whirlpool Corporation
    
    0.5%GMAC Mortgage Corporation
    
    1.0%
    
    Dial Corporation
    
    0.5%Citicorp North America, Inc.
    
    1.0%
    
    Georgia-Pacific Corporation
    
    0.5%Capital One Services, Inc.
    
    0.8%
    
    J.C. Penney Corporation, Inc.
    
    0.4%14.7%
    
    
    
    7.3%
  ITEM 3.
    LEGAL PROCEEDINGS The ownership of property and provision of services to the public entails an inherent risk of
liability. Although the Company is engaged in litigation incidental to its business, there is no
legal proceeding to which it is a party which, in the opinion of management, will materially
adversely affect the results of the Companys operations. The Company carries liability insurance
against certain types of claims that management believes meets industry standards; however, there
can be no assurance that any future legal proceedings (including any related judgments, settlements
or costs) will not materially adversely affect the Companys financial condition, liquidity, or
results of operations.  ITEM 4.
    SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS No matters were submitted to a vote of security holders during the fourth quarter of the year ended
December 31, 2004. 18




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##### 



PART II  ITEM 5.
    MARKET FOR THE REGISTRANTS COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND RELATED ISSUER
PURCHASES OF EQUITY SECURITIES The Common Shares are traded on the New York Stock Exchange under the symbol LRY. There is no
established public trading market for the Common Units. The following table sets forth, for the
calendar quarters indicated, the high and low closing prices of the Common Shares on the New York
Stock Exchange, and the dividends declared per Common Share for such calendar quarter. DividendsDeclared PerHigh
    
    
    Low
    
    
    Common Share2004Fourth Quarter
    
    $
    43.20
    
    
    $
    39.83
    
    
    $
    0.61Third Quarter
    
    
    41.72
    
    
    
    38.31
    
    
    
    0.61Second Quarter
    
    
    45.35
    
    
    
    35.05
    
    
    
    0.605First Quarter
    
    
    45.47
    
    
    
    36.82
    
    
    
    0.6052003Fourth Quarter
    
    $
    38.90
    
    
    $
    35.45
    
    
    $
    0.605Third Quarter
    
    
    36.98
    
    
    
    33.50
    
    
    
    0.605Second Quarter
    
    
    34.91
    
    
    
    30.72
    
    
    
    0.60First Quarter
    
    
    32.30
    
    
    
    28.91
    
    
    
    0.60
 As of March 1, 2005, the Common Shares were held by 1,269 holders of record. Since its initial
public offering, the Company has paid regular and uninterrupted quarterly dividends. Although the Company currently anticipates that comparable cash dividends will continue to be paid
in the future, the payment of future dividends by the Company will be at the discretion of the
Board of Trustees and will depend on numerous factors including the Companys cash flow, its
financial condition, capital requirements, annual distribution requirements under the REIT
provisions of the Internal Revenue Code of 1986, as amended, and such other factors as the Board of
Trustees deems relevant. 19




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##### 



ITEM 6.
    SELECTED FINANCIAL DATA The following table sets forth Selected Financial Data for Liberty Property Trust and Liberty
Property Limited Partnership as of and for the years ended December 31, 2004, 2003, 2002, 2001 and
2000. The information set forth below should be read in conjunction with Managements Discussion
and Analysis of Financial Condition and Results of Operations and the financial statements and
notes thereto appearing elsewhere in this report. Certain amounts from prior years have been
reclassified to conform to current-year presentation. Year Ended December 31,Operating DataIn thousands, except per share data
    
    2004
    
    
    2003
    
    
    2002
    
    
    2001
    
    
    2000Total operating revenue
    
    $
    655,355
    
    
    $
    620,282
    
    
    $
    588,048
    
    
    $
    567,379
    
    
    $
    519,104Income from continuing operations
    
    $
    148,697
    
    
    $
    149,318
    
    
    $
    150,444
    
    
    $
    162,200
    
    
    $
    157,832Income available to common shareholders
    
    $
    161,443
    
    
    $
    163,610
    
    
    $
    150,237
    
    
    $
    155,537
    
    
    $
    148,271Basic:Income from continuing operations
    
    $
    1.76
    
    
    $
    1.90
    
    
    $
    1.85
    
    
    $
    2.12
    
    
    $
    2.18Extraordinary item
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    (0.03
    )Income from discontinued operations
    
    $
    0.15
    
    
    $
    0.18
    
    
    $
    0.15
    
    
    $
    0.07
    
    
    $
    0.05Income per common share  basic
    
    $
    1.91
    
    
    $
    2.08
    
    
    $
    2.00
    
    
    $
    2.19
    
    
    $
    2.20Diluted:Income from continuing operations
    
    $
    1.73
    
    
    $
    1.87
    
    
    $
    1.82
    
    
    $
    2.05
    
    
    $
    2.15Extraordinary item
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    (0.03
    )Income from discontinued operations
    
    $
    0.15
    
    
    $
    0.18
    
    
    $
    0.15
    
    
    $
    0.10
    
    
    $
    0.05Income per common share  diluted
    
    $
    1.88
    
    
    $
    2.05
    
    
    $
    1.97
    
    
    $
    2.15
    
    
    $
    2.17Distributions paid per common share
    
    $
    2.425
    
    
    $
    2.405
    
    
    $
    2.37
    
    
    $
    2.30
    
    
    $
    2.13Distributions paid per preferred share
    
    $
    
    
    
    $
    
    
    
    $
    1.82
    
    
    $
    2.20
    
    
    $
    2.20Weighted average number of shares outstanding  basic(1)
    
    
    84,534
    
    
    
    78,575
    
    
    
    75,041
    
    
    
    71,184
    
    
    
    67,442Weighted average number of shares outstanding  diluted(2)
    
    
    86,024
    
    
    
    79,868
    
    
    
    76,272
    
    
    
    73,580
    
    
    
    68,173
 December 31,Balance Sheet DataIn thousands
    
    2004
    
    
    2003
    
    
    2002
    
    
    2001
    
    
    2000Net real estate
    
    $
    3,811,354
    
    
    $
    3,556,944
    
    
    $
    3,389,464
    
    
    $
    3,239,999
    
    
    $
    3,098,562Total assets
    
    
    4,162,827
    
    
    
    3,832,553
    
    
    
    3,627,061
    
    
    
    3,552,825
    
    
    
    3,396,355Total indebtedness
    
    
    2,133,171
    
    
    
    1,885,866
    
    
    
    1,866,187
    
    
    
    1,753,131
    
    
    
    1,703,896Shareholders equity
    
    
    1,596,259
    
    
    
    1,544,897
    
    
    
    1,354,431
    
    
    
    1,419,321
    
    
    
    1,317,368
 Year Ended December 31,Other DataDollars in thousands
    
    2004
    
    
    2003
    
    
    2002
    
    
    2001
    
    
    2000Cash provided by operating activities
    
    $
    292,654
    
    
    $
    260,666
    
    
    $
    288,243
    
    
    $
    303,846
    
    
    $
    240,735Cash used in investing activities
    
    
    (373,293
    )
    
    
    (191,988
    )
    
    
    (165,604
    )
    
    
    (233,856
    )
    
    
    (308,750
    )Cash provided by (used in) financing activities
    
    
    89,618
    
    
    
    (58,111
    )
    
    
    (131,818
    )
    
    
    (55,747
    )
    
    
    63,589Funds from operations available to common shareholders (3)
    
    
    291,144
    
    
    
    280,921
    
    
    
    260,750
    
    
    
    262,782
    
    
    
    234,194Total leaseable square footage of properties at end of
period (in thousands) (4)
    
    
    61,655
    
    
    
    57,149
    
    
    
    54,166
    
    
    
    49,771
    
    
    
    48,216Number of properties at end of period (4)
    
    
    723
    
    
    
    702
    
    
    
    680
    
    
    
    645
    
    
    
    652Percentage leased at end of period (4)
    
    
    92
    %
    
    
    92
    %
    
    
    91
    %
    
    
    94
    %
    
    
    96
    %
    (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 dilutive effect of
outstanding options for the year ended December 31, 2004, 2003 and 2002. For the year ended
December 31, 2001 such number includes the dilutive effect of outstanding options and the
dilutive effect of Convertible Debentures (the Convertible Debentures). For the year ended
December 31, 2000 such number includes the dilutive effect of outstanding options yet excludes
Common Shares issuable upon conversion of the Convertible Debentures, because to do so would
have been anti-dilutive. The Convertible Debentures matured in July 2001.(3)
    The National Association of Real Estate Investment Trusts (NAREIT) has issued a standard
definition for Funds from operations (as defined below). The Securities and Exchange
Commission has agreed to the disclosure of this non-GAAP financial measure on a per share
basis in its Release No. 34-47226, Conditions for Use of Non-GAAP Financial Measures. The
Company believes that the calculation of Funds from operations is helpful to investors and
management as it is a measure of the Companys operating performance that excludes
depreciation and amortization and gains and losses from property dispositions. As a result,
year over year comparison of Funds from operations reflects the impact on operations from
trends in occupancy rates, rental rates, operating costs, development activities, general and
administrative expenses, and interest costs, providing perspective not immediately apparent
from net income. In addition, management 20




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##### 



believes that Funds from operations provides useful information to the investment community
about the Companys financial performance when compared to other REITs since Funds from
operations is generally recognized as the standard for reporting the operating performance of a
REIT. Funds from operations available to common shareholders is defined by NAREIT as net income
(computed in accordance with generally accepted accounting principles (GAAP)), excluding gains
(or losses) from sales of property, plus depreciation and amortization, and after adjustments
for unconsolidated partnerships and joint ventures. Funds from operations available to common
shareholders does not represent net income or cash flows from operations as defined by GAAP and
does not necessarily indicate that cash flows will be sufficient to fund cash needs. It should
not be considered as an alternative to net income as an indicator of the Companys operating
performance or to cash flows as a measure of liquidity. Funds from operations available to
common shareholders also does not represent cash flows generated from operating, investing or
financing activities as defined by GAAP. A reconciliation of Funds from operations to Net
Income may be found on page 31.(4)
    See Footnote (2) on page 17. 21




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##### 





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

Overview

The Company has an ownership interest in and operates 443 industrial and 280 office properties
located primarily in the Mid-Atlantic, Southeastern and Midwestern United States (the Properties
in Operation) totaling 61.7 million square feet. In addition, as of December 31, 2004, the
Company has 16 properties under development (the Properties under Development and together with
the Properties in Operation the Properties) and owns 1,108 acres of land, substantially all of
which is zoned for commercial use. Included above are 30 properties comprising 3.6 million square
feet and 142 acres of developable land owned by unconsolidated joint ventures.

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

In 2004 the Company continued to experience the effects of the generally slow real estate economy
that has persisted since 2002. This economy has presented a particularly difficult real estate
market for landlords. These circumstances impacted many aspects of the Companys business.

The Properties in Operation, which represent over 95% of the Companys revenue, were subjected to
market conditions characterized by an oversupply of leaseable space and soft demand. These
conditions resulted in downward pressure on rental rates and upward pressure on lease transaction
costs related to tenant inducements (e.g. tenant improvement costs). In the face of these
conditions, the Company successfully leased 12.8 million square feet and attained occupancy of
91.9%, which it believes represents performance which is substantially better than market.
However, in spite of the increase in occupancy, due to the decreases in rental rates for renewal
and replacement leases, property level operating income for the Same Store properties (properties
owned since January 1, 2003) declined for 2004 when compared to 2003 by 1.2% on a straight line
basis and 1.1% on a cash basis. See further discussion of Same Store results below. The Company
believes that these trends for the Properties in Operation (i.e., oversupply of leaseable space,
downward pressure on rents, upward pressure on transaction costs), which have persisted in 2003 and
2004 will continue in the aggregate in 2005, notwithstanding improvements in some markets.
Although rental rates in certain markets are starting to stabilize, generally rents on renewal or
replacement leases will be less than rents on expiring leases.

Conditions in 2004 for the acquisition of properties were very competitive. The Company,
however, acquired 20 buildings representing 3.9 million square feet and a Total Investment of
$235.8 million. These acquisitions generally served to increase the presence or balance the
product mix in markets the Company believes to have significant potential. For 2005, the Company
believes that property acquisitions will be in the $200 to $300 million range and, similar to 2004,
many of the acquired properties will be either vacant or under leased. The Company believes that
these properties are more attractively priced and will positively contribute to earnings upon lease
up and stabilization.

Dispositions of Properties which no longer fit within the Companys strategic objectives or in
situations where it can optimize cash proceeds continued in 2004. During 2004, the Company sold
$51.1 million in operating Properties. The Company anticipates that dispositions will be in the
$75 to $150 million range in 2005.

In 2004, the Company continued to pursue development opportunities. In 2004, the Company brought
into service $104.2 million of development properties and initiated $111.8 million in real estate
development. The Company believes that in 2005 build-to-suit activity will continue and that
conditions in certain markets may continue to support the initiation of inventory projects (i.e.
projects that are less than 75% leased prior to the commencement of construction). In January
2005, the Company commenced construction of a 1.2 million square foot, $435 million office tower in
Philadelphias central business district. Comcast Corporation has signed a lease for 534,000
square feet of space in this office tower.

Forward-Looking Statements

When used throughout this report, the words believes, anticipates, hopes and expects and
similar expressions are intended to identify forward-looking statements. Such statements indicate
that assumptions have been used that

22



---



##### 



are subject to a number of risks and uncertainties which could cause actual financial results or
management plans and objectives to differ materially from those projected or expressed herein,
including: the effect of national and regional economic conditions; rental demand; the Companys
ability to identify and secure additional properties and sites that meet its criteria for
acquisition or development; the availability and cost of capital; the effect of prevailing market
interest rates; and other risks described from time to time in the Companys filings with the
Securities and Exchange Commission (SEC). Given these uncertainties, readers are cautioned not to
place undue reliance on such statements. Critical Accounting Policies and Estimates The Companys discussion and analysis of its financial condition and results of operations are
based upon the Companys consolidated financial statements, which have been prepared in accordance
with accounting principles generally accepted in the United States. The preparation of these
financial statements requires the Company to make estimates, judgments and assumptions that affect
the reported amounts of assets, liabilities, revenues and expenses. The Company bases these
estimates, judgments and assumptions on historical experience and on other factors that are
believed to be reasonable under the circumstances. Actual results may differ from these estimates
under different assumptions or conditions. The Company believes the following critical policies affect its more significant estimates and
assumptions used in the preparation of its consolidated financial statements. Capitalized Costs
Expenditures directly related to the acquisition, or improvement of real estate, including interest
and other costs capitalized on development projects and land being readied for development, are
included in net real estate and are stated at cost. The Company considers a development property
substantially complete upon the completion of tenant build-out, but no later than one year from the
completion of major construction activity. The capitalized costs include pre-construction costs
essential to the development of the property, construction costs, interest costs, real estate
taxes, development related salaries and other costs incurred during the period of development.
Capitalized development related salaries and benefits historically represent approximately 1% of
the cost of developed properties brought into service. The determination to capitalize rather than
expense costs requires the Company to evaluate the status of the development activity. Capitalized
interest for the year ended December 31, 2004 was $13.2 million. Allowance for Doubtful Accounts
The Company monitors the liquidity and creditworthiness of its tenants on an on-going basis. Based
on these reviews, provisions are established, and an allowance for doubtful accounts for estimated
losses resulting from the inability of its tenants to make required rental payments is maintained.
As of December 31, 2004 and 2003, the Companys allowance for doubtful accounts totaled $5.9
million and $5.7 million, respectively. For the year ended December 31, 2004, the Companys bad
debt expense totaled $2.4 million as compared to $1.8 million for the year ended December 31, 2003,
or 0.4% of operating revenue for 2004 compared to 0.3% for 2003. Impairment of Real Estate
The Company evaluates its real estate investments upon occurrence of significant adverse changes in
operations to assess whether any impairment indicators are present that affect the recovery of the
recorded value. If any real estate investment is considered impaired, the carrying value of the
property is written down to its estimated fair value. During the years ended December 31, 2004 and
2002, the Company recognized impairment losses of $1.4 million and $11.3 million. The 2004
impairment loss of $1.4 million was on a parcel of land in the Midwest region. The 2002 impairment
loss included $5.3 million related to three parcels of land and an impairment loss of $6.0 million
on assets held for sale. This loss was subsequently realized later in 2002 upon the disposal of
those assets held for sale. The determination of whether impairment exists requires the Company to
make estimates, judgments and assumptions about the future utility of the assets. The Company has
evaluated each of the properties and land held for development and has determined that there are no
additional valuation adjustments that need to be made at December 31, 2004. Intangibles
In accordance with the Financial Accounting Standards Board (FASB) Statement of Financial
Standards (SFAS) No. 141, Business Combinations, the Company allocates the purchase price of
real estate to land, building and improvements and intangibles based on the relative fair value of
each component. The value ascribed to in-place leases is based on the rental rates for the
existing leases compared to the Companys estimate of the fair market lease rates for leases of
similar terms and present valuing the difference based on an interest rate which reflects the risks
associated with the leases acquired. Origination values are also assigned to in-place leases, and,
where appropriate, value is assigned to customer relationships. Origination cost estimates include
the costs to execute leases with terms 23




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##### 



similar to the remaining lease terms of the in-place leases, including leasing commissions, legal
and other related expenses. Additionally, the Company estimates carrying costs during the expected
lease-up periods including real estate taxes, other operating expenses and lost rentals at market
rates. The Company depreciates the amounts allocated to building and improvements over 40 years
and the amounts allocated to intangible assets relating to in-place leases, which are included in
deferred financing and leasing costs in the accompanying balance sheet, over the remaining term of
the related leases. In the event that a tenant terminates its lease, the unamortized portion of
the intangible is charged to expense. Results of Operations The following discussion is based on the consolidated financial statements of the Company. It
compares the results of operations of the Company for the year ended December 31, 2004 with the
results of operations of the Company for the year ended December 31, 2003, and the results of
operations of the Company for the year ended December 31, 2003 with the results of operations of
the Company for the year ended December 31, 2002. As a result of the varying level of development,
acquisition and disposition activities by the Company in 2004 and 2003, the overall operating
results of the Company during such periods are not directly comparable. However, certain data,
including the Same Store comparison, do lend themselves to direct comparison. This information should be read in conjunction with the accompanying consolidated financial
statements and notes included elsewhere in this report. Comparison of Year Ended December 31, 2004 to Year Ended December 31, 2003.
The Companys average gross investment in operating real estate owned for the year ended December
31, 2004 increased to $4,064.2 million from $3,733.2 million at December 31, 2003. This increase
resulted from the increased investment in real estate acquired or developed, partially offset by
Property dispositions. This increased investment in operating real estate resulted in increases in
rental revenue, rental property operating expenses and real estate taxes, and depreciation and
amortization expense. Total operating revenue increased to $655.4 million for the year ended December 31, 2004 from
$620.3 million for the year ended December 31, 2003. This $35.1 million increase was primarily due
to the net increase in investment in real estate. Partially offsetting this increase was a
decrease in Termination fees, which totaled $10.9 million for the year ended December 31, 2004 as
compared to $14.1 million for the same period in 2003. Termination Fees are fees that the
Company has agreed to accept in consideration for permitting certain tenants to terminate their
leases prior to the contractual expiration date. Termination Fees are included in rental revenue. The Company evaluates the performance of the Properties in Operation by reportable segment (see
Note 13 to the Companys financial statements). The property level operating income for the Lehigh
Valley, Mid-Atlantic and United Kingdom segments increased by 9.3%, 8.9% and 50.2%, respectively,
for the year ended December 31, 2004 as compared to 2003. There was no significant change in
property level operating income for the Companys other segments. The increase in the Lehigh
Valley segment is due to the delivery of $99.2 million in completed developments during 2003 and
2004 and property acquisitions of $71.8 million in 2004. The increase in the Mid-Atlantic segment
resulted from $131.9 million in property acquisitions that were made during 2003 and 2004.
Acquisitions and completed development in 2003 contributed to property level operating income for a
partial period in 2003 as compared to a full year in 2004. The increase in the United Kingdom
segment is due to the purchase of Rouse Kent Limited on July 1, 2003. Property level operating income, exclusive of Termination Fees, for the Same Store properties
decreased to $399.8 million for the year ended December 31, 2004 from $404.6 million
for the year ended December 31, 2003, on a straight line basis (which recognizes rental revenue
evenly over the life of the lease), and decreased to $391.1 million for the year ended December 31,
2004 from $395.6 million for the year ended December 31, 2003 on a cash basis. These decreases of
1.2% and 1.1%, respectively, were primarily due to decreases in rental rates. At December 31,
2004, the occupancy of the Same Store portfolio increased to 93.2% as compared to 92.4% at December
31, 2003. Management generally considers the performance of the Same Store properties to be a useful
financial performance measure because the results are directly comparable from period to period.
Management further believes that the performance comparison should exclude Termination Fees since
they are more event specific and are not representative of ordinary performance results. In
addition, Same Store property level operating income exclusive of Termination Fees is considered,
by management, to be a more reliable indicator of the portfolios baseline performance. The Same
Store properties consist of the 631 properties totaling approximately 49.7 million square feet
owned since January 1, 2003. 24




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Set forth below is a schedule comparing the property level operating income, on a straight line
basis and on a cash basis, for the Same Store properties for the years ended December 31, 2004 and
2003. Same Store property level income is a non-GAAP measure and does not represent income before
property dispositions, income taxes and minority interest because it does not reflect the
consolidated operations of the Company. Investors should review Same Store results, along with
Funds from operations (see Liquidity and Resource section), GAAP net income and cash flow from
operating activities, investing activities and financing activities when trying to understand the
Companys operating performance. Also, set forth below is a reconciliation of Same Store property
level operating income to net income. Year Ended December 31,2004
    
    
    2003(in thousands)Same Store:Rental revenue
    
    $
    413,299
    
    
    $
    414,743Operating expenses:Rental property expense
    
    
    123,778
    
    
    
    118,628Real estate taxes
    
    
    59,657
    
    
    
    58,898Operating expense recovery
    
    
    (169,914
    )
    
    
    (167,387
    )Unrecovered operating expenses
    
    
    13,521
    
    
    
    10,139Property level operating income
    
    
    399,778
    
    
    
    404,604Less straight line rent
    
    
    8,724
    
    
    
    9,037Cash basis property level operating income
    
    $
    391,054
    
    
    $
    395,567Reconciliation of non-GAAP financial measure:Property level operating income  same store
    
    $
    399,778
    
    
    $
    404,604Property level operating income  properties purchased or developed
subsequent to January 1, 2003
    
    
    43,326
    
    
    
    16,341Termination fees
    
    
    10,877
    
    
    
    14,078General and administrative expense
    
    
    (33,309
    )
    
    
    (28,415
    )Depreciation and amortization expense
    
    
    (135,497
    )
    
    
    (121,498
    )Other income (expense)
    
    
    (116,762
    )
    
    
    (115,586
    )Gain on property dispositions
    
    
    496
    
    
    
    447Income taxes
    
    
    (1,820
    )
    
    
    (2,326
    )Minority interest
    
    
    (17,617
    )
    
    
    (20,071
    )Equity in (loss) earnings of unconsolidated joint ventures
    
    
    (775
    )
    
    
    1,744Discontinued operations, net of minority interest
    
    
    12,746
    
    
    
    14,292Net income
    
    $
    161,443
    
    
    $
    163,610
 General and administrative expenses increased to $33.3 million for the year ended December 31,
2004 from $28.4 million for the year ended December 31, 2003. These increases were primarily due to
increases in salaries and increases in personnel consistent with the increase in the number of
properties and the size of the Company. The increase in general and administrative expenses was
also due to the expensing of stock options and related long term incentive compensation, an
increase in cancelled project costs and increased costs relating to compliance with the
requirements of the Sarbanes-Oxley legislation and related regulatory requirements. Depreciation and amortization increased to $135.5 million for the year ended December 31, 2004 from
$121.5 million for the year ended December 31, 2003. The increase was primarily due to the
increase in gross investment in operating real estate during the respective periods and
particularly the increased investment in leasing costs, which are amortized over a relatively
shorter period than buildings and improvements. Interest expense increased to $123.4 million for the year ended December 31, 2004 from $123.2
million for the year ended December 31, 2003. This increase was due to an increase in the average
debt outstanding for the respective periods, which was $1,990.3 million in 2004 and $1,881.5
million in 2003. The effect of the increases in the average debt outstanding was offset by
decreases in the weighted average interest rates for the periods, to 6.70% in 2004 from 6.93% in
2003. Costs directly related to the development of rental properties and land being readied for
development are capitalized. Capitalized development costs include interest, development related
salaries, property taxes, insurance and other directly identifiable costs during the period of
development. Capitalized interest for the year ended December 31, 25




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##### 



2004 was $13.2 million as compared to $10.9 million for the year ended December 31, 2003.
Capitalized development related salaries and benefits historically represent approximately 1% of
the cost of developed properties brought into service. As a result of the foregoing, the Companys net income decreased to $161.4 million for the year
ended December 31, 2004 from $163.6 million for the year ended December 31, 2003. Comparison of Year Ended December 31, 2003 to Year Ended December 31, 2002.
The Companys average gross investment in operating real estate owned for the year ended December
31, 2003 increased to $3,733.2 million from $3,407.9 million at December 31, 2002. This increase
resulted from the increased investment in real estate acquired or developed, partially offset by
Property dispositions. This increased investment in operating real estate resulted in increases in
rental revenue, rental property operating expenses and real estate taxes, and depreciation and
amortization expense. Total operating revenue increased to $620.3 million for the year ended December 31, 2003 from
$588.0 million for the year ended December 31, 2002. This $32.3 million increase was primarily due
to the net increase in investment in real estate as discussed above. In addition, during 2003, the
Company accepted Termination Fees totaling $14.1 million as compared to $8.4 million for the same
period in 2002. Termination Fees are included in rental revenue. The Company evaluates the performance of the Properties in Operation by reportable segment (see
Note 13 to the Companys financial statements). The property level operating income for the United
Kingdom and Florida segments increased by 43.1% and 14.3%, respectively, for the year ended
December 31, 2003 as compared to 2002. The increase in the United Kingdom was due to the purchase
of Rouse Kent Limited on July 1, 2003. The increase in Florida was due to an increase in occupancy
during 2003 as compared to 2002. These increases were partially offset by a decrease in the
operating results of the Delaware Valley segment due to the disposition of Properties during the
fourth quarter of 2002 to Liberty Venture I, LP (see Note 4 to the Companys financial statements). Property level operating income, exclusive of Termination Fees, for the Prior Year Same Store (as
defined below) properties decreased to $377.6 million for the year ended December 31, 2003 from
$385.9 million for the year ended December 31, 2002, on a straight line basis and decreased to
$370.5 million for the year ended December 31, 2003 from $377.5 million for the year ended December
31, 2002 on a cash basis. These decreases of 2.1% and 1.9%, respectively, were primarily due to
decreases in occupancy. At December 31, 2003, the occupancy of the Prior Year Same Store portfolio
was flat as compared to December 31, 2002 at 92.4%. Management generally considers the performance of the Prior Year Same Store properties to be a
useful financial performance measure because the results are directly comparable from period to
period. Management further believes that the performance comparison should exclude Termination
Fees since they are more event specific and are not representative of ordinary performance results.
In addition, Prior Year Same Store property level operating income exclusive of Termination Fees
is considered, by management, to be a more reliable indicator of the portfolios baseline
performance. The Prior Year Same Store properties consist of the 603 properties totaling
approximately 46.6 million square feet owned since January 1, 2002. Set forth below is a schedule comparing the property level operating income, on a straight line
basis and on a cash basis, for the Prior Year Same Store properties for the years ended December
31, 2003 and 2002. Prior Year Same Store property level income is a non-GAAP measure and does not
represent income before property dispositions, income taxes and minority interest because it does
not reflect the consolidated operations of the Company. Investors should review Prior Year Same
Store results, along with Funds from operations (see Liquidity and Resource section), GAAP net
income and cash flow from operating activities, investing activities and financing activities when
trying to understand the Companys operating performance. Also, set forth below is a
reconciliation of Prior Year Same Store property level operating income to net income. 26




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##### 



Year Ended December 31,2003
    
    
    2002(in thousands)Prior Year Same Store:Rental revenue
    
    $
    388,433
    
    
    $
    393,313Operating expenses:Rental property expense
    
    
    113,918
    
    
    
    104,886Real estate taxes
    
    
    55,073
    
    
    
    53,558Operating expense recovery
    
    
    (158,136
    )
    
    
    (150,983
    )Unrecovered operating expenses
    
    
    10,855
    
    
    
    7,461Property level operating income
    
    
    377,578
    
    
    
    385,852Less straight line rent
    
    
    7,120
    
    
    
    8,337Cash basis property level operating income
    
    $
    370,458
    
    
    $
    377,515Reconciliation of non-GAAP financial measure:Property level operating income  prior year same store
    
    $
    377,578
    
    
    $
    385,852Property level operating income  properties purchased or developed
subsequent to January 1, 2002
    
    
    43,367
    
    
    
    23,085Termination fees
    
    
    14,078
    
    
    
    8,389General and administrative expense
    
    
    (28,415
    )
    
    
    (21,745
    )Depreciation and amortization expense
    
    
    (121,498
    )
    
    
    (108,619
    )Other income (expense)
    
    
    (115,586
    )
    
    
    (106,620
    )Gain (loss) gain on property dispositions
    
    
    447
    
    
    
    (9,300
    )Income taxes
    
    
    (2,326
    )
    
    
    (656
    )Minority interest
    
    
    (20,071
    )
    
    
    (20,197
    )Equity in (loss) earnings of unconsolidated joint ventures
    
    
    1,744
    
    
    
    255Discontinued operations, net of minority interest
    
    
    14,292
    
    
    
    11,221Net income
    
    $
    163,610
    
    
    $
    161,665
 General and administrative expenses increased to $28.4 million for the year ended December 31,
2003 from $21.7 million for the year ended December 31, 2002. These increases are primarily due to
costs relating to the Companys investment in an enterprise resource planning initiative to update
company wide accounting and business process software and due to the expense from the accelerated
vesting of restricted stock and options related to the death of former Chairman Willard G. Rouse
III. Depreciation and amortization increased to $121.5 million for the year ended December 31, 2003 from
$108.6 million for the year ended December 31, 2002. The increase is primarily due to the increase
in gross investment in operating real estate during the respective periods and particularly the
increased investment in leasing costs, which are amortized over a relatively shorter period that
buildings and improvements. Interest expense increased to $123.2 million for the year ended December 31, 2003 from $115.2
million for the year ended December 31, 2002. This increase is due to an increase in the average
debt outstanding for the respective periods, which was $1,881.5 million in 2003 and $1,820.5
million in 2002. The effect of the increases in the average debt outstanding was partially offset
by decreases in the weighted average interest rates for the periods, to 6.93% in 2003 from 7.09% in
2002. Costs directly related to the development of rental properties and land being readied for
development are capitalized. Capitalized development costs include interest, salaries, property
taxes, insurance and other directly identifiable costs during the period of development.
Capitalized interest for the year ended December 31, 2003 was $10.9 million as compared to $16.5
million for the year ended December 31, 2002. Capitalized development salaries and benefits
historically represent approximately 1% of the cost of developed properties brought into service. As a result of the foregoing, the Companys net income increased to $163.6 million for the year
ended December 31, 2003 from $161.7 million for the year ended December 31, 2002. 27




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##### 



Liquidity and Capital Resources As of December 31, 2004, the Company had cash and cash equivalents of $68.3 million, including
$34.6 million in restricted cash. Net cash flow provided by operating activities increased to $292.7 million for the year ended
December 31, 2004 from $260.7 million for the year ended December 31, 2003. This $32.0 million
increase was due to increased cash flow from operating properties due to the greater number of
properties owned in 2004 compared to 2003 and also due to fluctuations in operating assets and
liabilities during the respective periods. Net cash flow provided by operations is the primary
source of liquidity to fund distributions to shareholders and for the recurring capital
expenditures and leasing transaction costs for the Companys Properties in Operation. Net cash used in investing activities increased to $373.3 million for the year ended December 31,
2004 from $192.0 million for the year ended December 31, 2003. This $181.3 million increase
primarily resulted from an increased investment in properties and an increased investment in
development in progress compared to 2003. Net cash provided by financing activities was $89.6 million for the year ended December 31, 2004
compared to $58.1 million used for the year ended December 31, 2003. This $147.7 million change was
primarily due to the issuance of unsecured notes in 2004 and increased net borrowings on the credit
facility offset by a decrease in net proceeds from the issuance of common shares. Net cash provided
by or used by financing activities includes proceeds from the issuance of equity and debt, net of
debt repayments and shareholder distributions, and the redemption of preferred shares. Cash
provided by financing activities is a source of capital utilized by the Company to fund investment
activities. The Company funds its development and acquisitions with long-term capital sources including
proceeds from the disposition of Properties. For the year ended December 31, 2003, these activities
were funded through a $350 million Credit Facility (the $350 million Credit Facility). In
December 2004, the borrowing capacity of the $350 million Credit Facility was increased to $450
million (the new $450 million Credit Facility). The interest rate on borrowings under the credit
facilities fluctuate based upon ratings from Moodys Investors Service, Inc. (Moodys), Standard
and Poors Ratings Group (S&P) and Fitch, Inc. (Fitch). The current ratings for the Companys
senior unsecured debt are Baa2, BBB and BBB from Moodys, S&P and Fitch, respectively. At these
ratings, the interest rate for borrowings under the new $450 million Credit Facility is 70 basis
points over LIBOR. The new $450 million Credit Facility expires in January 2006, and has a one year
extension option. The Company uses debt financing to lower its overall cost of capital in an attempt to increase the
return to shareholders. The Company staggers its debt maturities and maintains debt levels it
considers to be prudent. In determining its debt levels, the Company considers various financial
measures including the debt to gross assets ratio and the earnings to fixed charge coverage ratio.
As of December 31, 2004 the Companys debt to gross assets ratio was 43.9%, and for the year ended
December 31, 2004, the earnings to fixed charge coverage ratio was 2.9x. Debt to gross assets
equals total long-term debt and borrowings under the new $450 million Credit Facility divided by
total assets plus accumulated depreciation. Earnings to fixed charges equals income from continuing
operations before property dispositions and minority interest, including operating activity from
discontinued operations, plus interest expense and depreciation and amortization, divided by
interest expense, including capitalized interest, plus distributions on preferred shares and units. As of December 31, 2004, $366.2 million in mortgage loans and $1,455.0 million in unsecured notes
were outstanding with a weighted average interest rate of 7.2%. The interest rates on $1,745.6
million of mortgage loans and unsecured notes are fixed and range from 6.0% to 8.8%. Interest rates
on $75.6 million of mortgage loans float with the base rate of the respective lending bank or a
municipal bond index. The weighted average remaining term for the mortgage loans and unsecured
notes is 5.7 years. In 2005, $146.4 million in mortgage loans with various interest rates will mature. The Company
anticipates that it will refinance or retire these maturities through its available sources of
capital. 28




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##### 



The Companys contractual obligations, as of December 31, 2004, are as follows (in thousands): Payments Due By PeriodLess than
    
    
    
    
    
    
    
    
    
    
    More thanContractual Obligations
    
    Total
    
    
    1 year
    
    
    1-3 years
    
    
    3-5 years
    
    
    5 yearsLong-term debt (1)
    
    $
    2,860,108
    
    
    $
    290,237
    
    
    $
    820,643
    
    
    $
    532,600
    
    
    $
    1,216,628Capital lease obligations
    
    
    9,284
    
    
    
    4,986
    
    
    
    324
    
    
    
    348
    
    
    
    3,626Operating lease obligations
    
    
    18,840
    
    
    
    656
    
    
    
    953
    
    
    
    878
    
    
    
    16,353Share of mortgage debt of
unconsolidated joint ventures
    
    
    21,646
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    21,646Property development commitments
    
    
    62,797
    
    
    
    14,192
    
    
    
    48,605
    
    
    
    
    
    
    
    Joint venture capital commitments
    
    
    3,722
    
    
    
    2,398
    
    
    
    1,324
    
    
    
    
    
    
    
    Letter of credit
    
    
    920
    
    
    
    920
    
    
    
    
    
    
    
    
    
    
    
    Purchase obligations (2)
    
    
    97,333
    
    
    
    97,333
    
    
    
    
    
    
    
    
    
    
    
    Total
    
    $
    3,074,650
    
    
    $
    410,722
    
    
    $
    871,849
    
    
    $
    533,826
    
    
    $
    1,258,253
  (1)
    Includes principal and interest payments. Interest payments assume current credit facility
borrowings and interest rates remain at the December 31, 2004 level until maturity.(2)
    Purchase obligations include obligations to acquire property. In January 2005, the Company commenced construction of a 1.2 million square foot, $435 million
office tower in Philadelphias central business district. Comcast Corporation has signed a 15 1/2
year lease for 534,000 square feet of space in this office tower (Comcast Center). The Company
has entered into a Guaranteed Maximum Price contract for the construction of the Comcast Center.
Construction costs covered by this contract represent approximately 60% of the estimated $435
million in total development costs. General The Company believes that its existing sources of capital will provide sufficient funds to finance
its continued development and acquisition activities. The Companys existing sources of capital
include the public debt and equity markets, proceeds from Property dispositions and net cash
provided from operating activities. Additionally, the Company expects to incur variable rate debt,
including borrowings under the new $450 million Credit Facility from time to time. In December 2003, the Company received approximately $99.5 million in net proceeds from the
issuance of 2.7 million Common Shares. The Company used the net proceeds from the issuance of
Common Shares to pay down borrowings under the $350 million Credit Facility which had been used to
fund development and acquisition activity. In August 2004, the Company issued $200 million of ten year 5.65% senior unsecured notes. The
proceeds from this issuance were used to repay $100 million of 7.1% senior unsecured notes which
matured on August 15, 2004, pay down outstanding borrowings under the Companys $350 million Credit
Facility, acquire properties and for general corporate purposes. In September 2004, the quarterly Common Share dividend was increased to $0.61 per share from $0.605
per share. The Companys annual Common Share dividend paid was $2.425 per share, $2.405 per share,
and $2.37 per share in 2004, 2003, and 2002, respectively. In 2004, the Companys dividend payout
ratio was approximately 75% of Funds from operations (as defined below). In February 2005, the Company consummated the sale of $300 million principal amount of 5.125%
senior unsecured notes due 2015. The aggregate net proceeds from such issuance was approximately
$296.4 million. The Company used the aggregate net proceeds to pay down outstanding borrowings
under the new $450 million Credit Facility and for general corporate purposes. The Company has an effective S-3 shelf registration statement on file with the SEC (the Shelf
Registration Statement). As of March 1, 2005, pursuant to the Shelf Registration Statement, the
Trust had the capacity to issue up to $586.1 million in equity securities and the Operating
Partnership had the capacity to issue up to $306.2 million in debt securities. Investment in Unconsolidated Joint Ventures
As of December 31, 2004, the Company had investments in unconsolidated joint ventures, totaling
$24.4 million. 29




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##### 



Calculation of Funds from Operations
The National Association of Real Estate Investment Trusts (NAREIT) has issued a standard
definition for Funds from operations (as defined below). The SEC has agreed to the disclosure of
this non-GAAP financial measure on a per share basis in its Release No. 34-47226, Conditions for
Use of Non-GAAP Financial Measures. The Company believes that the calculation of Funds from
operations is helpful to investors and management as it is a measure of the Companys operating
performance that excludes depreciation and amortization and gains and losses from property
dispositions. As a result, year over year comparison of Funds from operations reflects the impact
on operations from trends in occupancy rates, rental rates, operating costs, development
activities, general and administrative expenses, and interest costs, providing perspective not
immediately apparent from net income. In addition, management believes that Funds from operations
provides useful information to the investment community about the Companys financial performance
when compared to other REITs since Funds from operations is generally recognized as the standard
for reporting the operating performance of a REIT. Funds from operations available to common
shareholders is defined by NAREIT as net income (computed in accordance with generally accepted
accounting principles (GAAP)), excluding gains (or losses) from sales of property, plus
depreciation and amortization, and after adjustments for unconsolidated partnerships and joint
ventures. Funds from operations available to common shareholders does not represent net income or
cash flows 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. 30




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##### 



Funds from operations available to common shareholders also does not represent cash flows generated
from operating, investing or financing activities as defined by GAAP. Funds from operations (FFO)
available to common shareholders for the years ended December 31, 2004, 2003, and 2002 are as
follows (in thousands, except per share amounts): Year Ended December 31,2004
    
    
    2003
    
    
    2002Reconciliation of net income to FFO  basic:Net income
    
    $
    161,443
    
    
    $
    163,610
    
    
    $
    161,665Preferred share distributions
    
    
    
    
    
    
    
    
    
    
    (7,242
    )Excess of preferred share redemption over carrying amount
    
    
    
    
    
    
    
    
    
    
    (4,186
    )Basic  Income available to common shareholders
    
    
    161,443
    
    
    
    163,610
    
    
    
    150,237Basic  income available to common shareholders per weighted
average share
    
    $
    1.91
    
    
    $
    2.08
    
    
    $
    2.00Adjustments:Depreciation and amortization of unconsolidated joint ventures
    
    
    2,566
    
    
    
    663
    
    
    
    83Depreciation and amortization
    
    
    133,682
    
    
    
    120,826
    
    
    
    109,063Gain on property dispositions
    
    
    (13,502
    )
    
    
    (11,822
    )
    
    
    (6,436
    )Minority interest share in addback for depreciation and amortization,
     (gain) loss on property dispositions
    
    
    (5,093
    )
    
    
    (4,858
    )
    
    
    (4,930
    )Funds from operations available to common shareholders  basic
    
    $
    279,096
    
    
    $
    268,419
    
    
    $
    248,017Basic Funds from operations available to common shareholders per
weighted average share
    
    $
    3.30
    
    
    $
    3.42
    
    
    $
    3.31Reconciliation of net income to FFO  diluted:Net income
    
    $
    161,443
    
    
    $
    163,610
    
    
    $
    161,665Preferred share distributions
    
    
    
    
    
    
    
    
    
    
    (7,242
    )Excess of preferred share redemption over carrying amount
    
    
    
    
    
    
    
    
    
    
    (4,186
    )Diluted  income available to common shareholders
    
    
    161,443
    
    
    
    163,610
    
    
    
    150,237Diluted  income available to common shareholders per weighted
average share
    
    $
    1.88
    
    
    $
    2.05
    
    
    $
    1.97Adjustments:Depreciation and amortization of unconsolidated joint ventures
    
    
    2,566
    
    
    
    663
    
    
    
    83Depreciation and amortization
    
    
    133,682
    
    
    
    120,826
    
    
    
    109,063Gain on property dispositions
    
    
    (13,502
    )
    
    
    (11,822
    )
    
    
    (6,436
    )Minority interest less preferred share distributions
    
    
    6,955
    
    
    
    7,644
    
    
    
    7,803Funds from operations available to common shareholders  diluted
    
    $
    291,144
    
    
    $
    280,921
    
    
    $
    260,750Diluted Funds from operations available to common shareholders per
weighted average share
    
    $
    3.25
    
    
    $
    3.36
    
    
    $
    3.26Reconciliation of weighted average shares:Weighted average common shares  all basic calculations
    
    
    84,534
    
    
    
    78,575
    
    
    
    75,041Dilutive shares for long term compensation plans
    
    
    1,490
    
    
    
    1,293
    
    
    
    1,231Diluted shares for net income calculations
    
    
    86,024
    
    
    
    79,868
    
    
    
    76,272Weighted average common units
    
    
    3,676
    
    
    
    3,693
    
    
    
    3,824Diluted shares for Funds from operations calculations
    
    
    89,700
    
    
    
    83,561
    
    
    
    80,096
 Inflation
Inflation has remained relatively low during the last three years, and as a result, it has not had
a significant impact on the Company during this period. The new $450 million Credit Facility bears
interest at a variable rate; therefore, the amount of interest payable under the new $450 million
Credit Facility will be influenced by changes in short-term interest rates, which tend to be
sensitive to inflation. To the extent an increase in inflation would result in increased operating
costs, such as in insurance, real estate taxes and utilities, substantially all of the tenants
leases require the tenants to absorb these costs as part of their rental obligations. In addition,
inflation also may have the effect of increasing market rental rates. 31




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##### 



ITEM 7A.
    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK The following discussion about the Companys risk management includes forward-looking statements
that involve risks and uncertainties. Actual results could differ materially from the results
discussed in the forward-looking statements. The Companys primary market risk exposure is to changes in interest rates. The Company is exposed to market risk related to its new $450 million Credit Facility and certain
other indebtedness as discussed in Managements Discussion and Analysis of Financial Condition and
Results of Operations  Liquidity and Capital Resources. The interest on the new $450 million
Credit Facility and such other indebtedness is subject to fluctuations in the market. The Company also uses long-term and medium-term debt as a source of capital. These debt instruments
are typically issued at fixed interest rates. When these debt instruments mature, the Company
typically refinances such debt at then-existing market interest rates which may be more or less
than the interest rates on the maturing debt. In addition, the Company may attempt to reduce
interest rate risk associated with a forecasted issuance of new debt. In order to reduce interest
rate risk associated with these transactions, the Company occasionally enters into interest rate
protection agreements. If the interest rates for variable rate debt were 100 basis points higher or lower during 2004, the
Companys interest expense would have been increased or decreased by approximately $3.3 million. If
the interest rate for the fixed rate debt maturing in 2005 was 100 basis points higher or lower
than its current rate of 7.6%, the Companys interest expense would be increased or decreased by
approximately $620,000. The sensitivity analysis above assumes no changes in the Companys financial structure. It also
does not consider future fluctuations in interest rates or the specific actions that might be taken
by management to mitigate the impact of such fluctuations. The Company is also exposed to currency risk on its $150.9 million net investment in the United
Kingdom. The Company does not believe that this currency risk exposure is material to its financial
statements.  ITEM 8.
    FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA The dual presentation of financial statements for the Company is required by the Securities and
Exchange Commission. The Company is comprised of two Securities and Exchange Commission
registrants: Liberty Property Trust and Liberty Property Limited Partnership. Accordingly,
financial statements are required for each registrant. The financial information contained within
the two sets of financial statements is essentially the same. 32




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##### 



Managements Annual Report on Internal Control Over Financial Reporting To the Shareholders of Liberty Property Trust: The Companys management is responsible for establishing and maintaining
adequate internal control over financial reporting, as such term is defined in
Exchange Act Rules 13a-15(f) and 15d-15(f). The Companys internal
control system was designed to provide reasonable assurance to the Companys
management and Board of Trustees regarding the preparation and fair
presentation of published financial statements. Under the supervision and with the participation of our management, including
the Chief Executive Officer and Chief Financial Officer, we assessed the
effectiveness of the Companys internal control over financial reporting as of
December 31, 2004. In making this assessment, we used the criteria set forth
by the Committee of Sponsoring Organizations of the Treadway Commissions (COSO)
in Internal Control  Integrated Framework. Based on our assessment we
believe that, as of December 31, 2004, the Companys internal control over
financial reporting is effective based on those criteria. Because of its inherent limitations, internal control over financial reporting
may not prevent or detect misstatements. Also, projections of any evaluation
of effectiveness to future periods are subject to the risk that controls may
become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate. February 28, 2005 33




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##### 



Report of Independent Registered Public Accounting Firm The Board of Trustees and Shareholders of Liberty Property Trust We have audited managements assessment, included in the accompanying Management Report on Internal
Control Over Financial Reporting, that Liberty Property Trust (the Trust) maintained effective
internal control over financial reporting as of December 31, 2004, based on criteria established in
Internal ControlIntegrated Framework issued by the Committee of Sponsoring Organizations of the
Treadway Commission (the COSO criteria). The Trusts management is responsible for maintaining
effective internal control over financial reporting and for its assessment of the effectiveness of
internal control over financial reporting. Our responsibility is to express an opinion on
managements assessment and an opinion on the effectiveness of the Trusts internal control over
financial reporting based on our audit. We conducted our audit in accordance with the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether effective internal control over financial reporting was
maintained in all material respects. Our audit included obtaining an understanding of internal
control over financial reporting, evaluating managements assessment, testing and evaluating the
design and operating effectiveness of internal control, and performing such other procedures as we
considered necessary in the circumstances. We believe that our audit provides a reasonable basis
for our opinion. A companys internal control over financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles. A
companys internal control over financial reporting includes those policies and procedures that (1)
pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that receipts and expenditures of the company
are being made only in accordance with authorizations of management and directors of the company;
and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of the companys assets that could have a material effect on the
financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or
detect misstatements. Also, projections of any evaluation of effectiveness to future periods are
subject to the risk that controls may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate. In our opinion, managements assessment that Liberty Property Trust maintained effective internal
control over financial reporting as of December 31, 2004, is fairly stated, in all material
respects, based on the COSO criteria. Also, in our opinion, the Trust maintained, in all material
respects, effective internal control over financial reporting as of December 31, 2004, based on the
COSO criteria. We also have audited, in accordance with the standards of the Public Company Accounting Oversight
Board (United States), the consolidated balance sheets of Liberty Property Trust as of December 31,
2004 and 2003, and the related consolidated statements of operations, shareholders equity, and
cash flows for the each of the three years in the period ended December 31, 2004 of the Trust and
our report dated February 28, 2005 expressed an unqualified opinion thereon. /s/ Ernst & Young LLP Philadelphia, Pennsylvania
February 28, 2005 34




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##### 



Report of Independent Registered Public Accounting Firm The Board of Trustees and Shareholders of Liberty Property Trust We have audited the accompanying consolidated balance sheets of Liberty Property Trust (the
Trust) as of December 31, 2004 and 2003, and the related consolidated statements of operations,
shareholders equity, and cash flows for each of the three years in the period ended December 31,
2004. Our audits also included the financial statement schedule listed in the Index at Item 15.
These financial statements and schedule are the responsibility of the Trusts management. Our
responsibility is to express an opinion on these financial statements and schedule based on our
audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the consolidated financial statements referred to above present fairly, in all
material respects, the consolidated financial position of Liberty Property Trust at December 31,
2004 and 2003, and the consolidated results of its operations and its cash flows for each of the
three years in the period ended December 31, 2004, in conformity with U.S. generally accepted
accounting principles. Also, in our opinion, the related financial statement schedule, when
considered in relation to the basic financial statements taken as a whole, presents fairly in all
material respects the information set forth therein. We also have audited, in accordance with the standards of the Public Company Accounting Oversight
Board (United States), the effectiveness of Liberty Property Trusts internal control over
financial reporting as of December 31, 2004, based on criteria established in Internal
Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission and our report dated February 28, 2005 expressed an unqualified opinion thereon. /s/Ernst
& Young LLP Philadelphia, Pennsylvania
February 28, 2005 35




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##### 



CONSOLIDATED BALANCE SHEETS OF LIBERTY PROPERTY TRUST
(IN THOUSANDS, EXCEPT SHARE AMOUNTS) DECEMBER 31,2004
    
    
    2003ASSETSReal estate:Land and land improvements
    
    $
    625,035
    
    
    $
    564,332Buildings and improvements
    
    
    3,629,508
    
    
    
    3,359,996Less accumulated depreciation
    
    
    (695,410
    )
    
    
    (586,736
    )Operating real estate
    
    
    3,559,133
    
    
    
    3,337,592Development in progress
    
    
    81,099
    
    
    
    56,869Land held for development
    
    
    171,122
    
    
    
    162,483Net real estate
    
    
    3,811,354
    
    
    
    3,556,944Cash and cash equivalents
    
    
    33,667
    
    
    
    21,809Restricted cash
    
    
    34,626
    
    
    
    15,292Accounts receivable, net of allowance
    
    
    21,502
    
    
    
    13,053Deferred rent receivable
    
    
    66,528
    
    
    
    58,015Deferred financing and leasing costs, net of accumulated amortization
(2004, $91,117; 2003, $90,098)
    
    
    107,148
    
    
    
    98,506Investments in unconsolidated joint ventures
    
    
    24,372
    
    
    
    19,631Prepaid expenses and other assets
    
    
    63,630
    
    
    
    49,303Total assets
    
    $
    4,162,827
    
    
    $
    3,832,553LIABILITIESMortgage loans
    
    $
    366,171
    
    
    $
    363,866Unsecured notes
    
    
    1,455,000
    
    
    
    1,355,000Credit facility
    
    
    312,000
    
    
    
    167,000Accounts payable
    
    
    24,288
    
    
    
    15,429Accrued interest
    
    
    34,994
    
    
    
    32,828Dividend payable
    
    
    54,485
    
    
    
    52,384Other liabilities
    
    
    111,764
    
    
    
    93,482Total liabilities
    
    
    2,358,702
    
    
    
    2,079,989Minority interest
    
    
    207,866
    
    
    
    207,667SHAREHOLDERS EQUITYCommon shares of beneficial interest, $.001 par value, 191,200,000 shares
authorized,
85,734,136 (includes 59,100 in treasury) and 83,071,491 (includes 59,100 in
treasury) shares issued and outstanding as of December 31, 2004 and 2003,
respectively
    
    
    86
    
    
    
    83Additional paid-in capital
    
    
    1,712,759
    
    
    
    1,623,446Accumulated other comprehensive income
    
    
    25,105
    
    
    
    14,710Unearned compensation
    
    
    (6,846
    )
    
    
    (3,497
    )Distributions in excess of net income
    
    
    (133,518
    )
    
    
    (88,518
    )Common shares in treasury, at cost, 59,100 shares as of December 31, 2004 and
2003
    
    
    (1,327
    )
    
    
    (1,327
    )Total shareholders equity
    
    
    1,596,259
    
    
    
    1,544,897Total liabilities and shareholders equity
    
    $
    4,162,827
    
    
    $
    3,832,553
 See accompanying notes. 36




---



##### 



CONSOLIDATED STATEMENTS OF OPERATIONS OF LIBERTY PROPERTY TRUST
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) YEAR ENDED DECEMBER 31,2004
    
    
    2003
    
    
    2002OPERATING REVENUERental
    
    $
    470,755
    
    
    $
    448,304
    
    
    $
    428,299Operating expense reimbursement
    
    
    184,600
    
    
    
    171,978
    
    
    
    159,749Total operating revenue
    
    
    655,355
    
    
    
    620,282
    
    
    
    588,048OPERATING EXPENSERental property
    
    
    136,445
    
    
    
    123,771
    
    
    
    111,567Real estate taxes
    
    
    64,929
    
    
    
    61,488
    
    
    
    59,155General and administrative
    
    
    33,309
    
    
    
    28,415
    
    
    
    21,745Depreciation and amortization
    
    
    135,497
    
    
    
    121,498
    
    
    
    108,619Total operating expenses
    
    
    370,180
    
    
    
    335,172
    
    
    
    301,086Operating Income
    
    
    285,175
    
    
    
    285,110
    
    
    
    286,962OTHER INCOME (EXPENSE)Interest and other income
    
    
    6,590
    
    
    
    7,568
    
    
    
    8,559Interest expense
    
    
    (123,352
    )
    
    
    (123,154
    )
    
    
    (115,179
    )Total other income (expense)
    
    
    (116,762
    )
    
    
    (115,586
    )
    
    
    (106,620
    )Income before property dispositions, income taxes, minority interest
and equity in (loss) earnings of unconsolidated joint ventures
    
    
    168,413
    
    
    
    169,524
    
    
    
    180,342Gain (loss) on property dispositions
    
    
    496
    
    
    
    447
    
    
    
    (9,300
    )Income taxes
    
    
    (1,820
    )
    
    
    (2,326
    )
    
    
    (656
    )Minority interest
    
    
    (17,617
    )
    
    
    (20,071
    )
    
    
    (20,197
    )Equity in (loss) earnings of unconsolidated joint ventures
    
    
    (775
    )
    
    
    1,744
    
    
    
    255Income from continuing operations
    
    
    148,697
    
    
    
    149,318
    
    
    
    150,444Discontinued operations, net of minority interest (including net gain on property
dispositions of $11,603, $11,958, and $6,959 for the years ended December
31, 2004, 2003 and 2002)
    
    
    12,746
    
    
    
    14,292
    
    
    
    11,221Net income
    
    
    161,443
    
    
    
    163,610
    
    
    
    161,665Preferred share distributions
    
    
    
    
    
    
    
    
    
    
    7,242Excess of preferred share redemption over carrying amount
    
    
    
    
    
    
    
    
    
    
    4,186Income available to common shareholders
    
    $
    161,443
    
    
    $
    163,610
    
    
    $
    150,237Earnings per shareBasic:Income from continuing operations
    
    $
    1.76
    
    
    $
    1.90
    
    
    $
    1.85Income from discontinued operations
    
    
    0.15
    
    
    
    0.18
    
    
    
    0.15Income per common share  basic
    
    $
    1.91
    
    
    $
    2.08
    
    
    $
    2.00Diluted:Income from continuing operations
    
    $
    1.73
    
    
    $
    1.87
    
    
    $
    1.82Income from discontinued operations
    
    
    0.15
    
    
    
    0.18
    
    
    
    0.15Income per common share  diluted
    
    $
    1.88
    
    
    $
    2.05
    
    
    $
    1.97Weighted average number of common shares outstandingBasic
    
    
    84,534
    
    
    
    78,575
    
    
    
    75,041Diluted
    
    
    86,024
    
    
    
    79,868
    
    
    
    76,272
 See accompanying notes. 37




---



##### 



CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY OF LIBERTY PROPERTY TRUST
(IN THOUSANDS) RETAINEDCOMMON
    
    
    
    
    
    
    ACCUMULATED
    
    
    
    
    
    
    EARNINGS
    
    
    COMMONSHARES OF
    
    
    ADDITIONAL
    
    
    OTHER
    
    
    
    
    
    
    (DISTRIBUTIONS
    
    
    SHARES
    
    
    TOTALPREFERRED
    
    
    BENEFICIAL
    
    
    PAID-IN
    
    
    COMPREHENSIVE
    
    
    UNEARNED
    
    
    IN EXCESS OF NET
    
    
    HELD IN
    
    
    SHAREHOLDERS'SHARES
    
    
    INTEREST
    
    
    CAPITAL
    
    
    INCOME
    
    
    COMPENSATION
    
    
    INCOME)
    
    
    TREASURY
    
    
    EQUITYBalance at January 1, 2002
    
    $
    120,814
    
    
    $
    74
    
    
    $
    1,336,350
    
    
    $
    (4,101
    )
    
    $
    (1,056
    )
    
    $
    (31,433
    )
    
    $
    (1,327
    )
    
    $
    1,419,321Net proceeds from the issuance of
common shares
    
    
    
    
    
    
    2
    
    
    
    67,563
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    67,565Unearned compensation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (694
    )
    
    
    
    
    
    
    
    
    
    
    (694
    )Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    161,665
    
    
    
    
    
    
    
    161,665Distributions on common shares
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (179,300
    )
    
    
    
    
    
    
    (179,300
    )Distributions on preferred shares
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (7,242
    )
    
    
    
    
    
    
    (7,242
    )Noncash compensation
    
    
    
    
    
    
    
    
    
    
    2,640
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,640Minority interest reclassification
    
    
    
    
    
    
    
    
    
    
    8,533
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,533Redemption of preferred shares
    
    
    (120,814
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (4,186
    )
    
    
    
    
    
    
    (125,000
    )Foreign currency translation
adjustment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,943
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,943Balance at December 31, 2002
    
    
    
    
    
    
    76
    
    
    
    1,415,086
    
    
    
    2,842
    
    
    
    (1,750
    )
    
    
    (60,496
    )
    
    
    (1,327
    )
    
    
    1,354,431Net proceeds from the issuance of
common shares
    
    
    
    
    
    
    7
    
    
    
    206,377
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    206,384Unearned compensation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,747
    )
    
    
    
    
    
    
    
    
    
    
    (1,747
    )Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    163,610
    
    
    
    
    
    
    
    163,610Distributions on common shares
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (191,632
    )
    
    
    
    
    
    
    (191,632
    )Noncash compensation
    
    
    
    
    
    
    
    
    
    
    4,624
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,624Minority interest reclassification
    
    
    
    
    
    
    
    
    
    
    (2,641
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2,641
    )Foreign currency translation
adjustment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    11,868
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    11,868Balance at December 31, 2003
    
    
    
    
    
    
    83
    
    
    
    1,623,446
    
    
    
    14,710
    
    
    
    (3,497
    )
    
    
    (88,518
    )
    
    
    (1,327
    )
    
    
    1,544,897Net proceeds from the issuance of
common shares
    
    
    
    
    
    
    3
    
    
    
    85,168
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    85,171Unearned compensation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (3,349
    )
    
    
    
    
    
    
    
    
    
    
    (3,349
    )Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    161,443
    
    
    
    
    
    
    
    161,443Distributions on common shares
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (206,443
    )
    
    
    
    
    
    
    (206,443
    )Noncash compensation
    
    
    
    
    
    
    
    
    
    
    5,737
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    5,737Minority interest reclassification
    
    
    
    
    
    
    
    
    
    
    (1,592
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,592
    )Foreign currency translation
adjustment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    10,395
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    10,395Balance at December 31, 2004
    
    $
    
    
    
    $
    86
    
    
    $
    1,712,759
    
    
    $
    25,105
    
    
    $
    (6,846
    )
    
    $
    (133,518
    )
    
    $
    (1,327
    )
    
    $
    1,596,259
 See accompanying notes. 38




---



##### 



CONSOLIDATED STATEMENTS OF CASH FLOWS OF LIBERTY PROPERTY TRUST
(IN THOUSANDS) YEAR ENDED DECEMBER 31,2004
    
    
    2003
    
    
    2002OPERATING ACTIVITIESNet income
    
    $
    161,443
    
    
    $
    163,610
    
    
    $
    161,665Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization
    
    
    136,700
    
    
    
    123,102
    
    
    
    110,891Amortization of deferred financing costs
    
    
    4,315
    
    
    
    4,013
    
    
    
    3,979Equity in loss (earnings) of unconsolidated joint ventures
    
    
    775
    
    
    
    (1,744
    )
    
    
    (255
    )Minority interest in net income
    
    
    18,167
    
    
    
    20,733
    
    
    
    20,657(Gain) loss on property dispositions
    
    
    (12,099
    )
    
    
    (12,405
    )
    
    
    2,341Noncash compensation
    
    
    2,388
    
    
    
    2,877
    
    
    
    1,946Changes in operating assets and liabilities:Restricted cash
    
    
    (19,334
    )
    
    
    (12,154
    )
    
    
    624Accounts receivable
    
    
    (8,449
    )
    
    
    5,125
    
    
    
    1,121Deferred rent receivable
    
    
    (8,513
    )
    
    
    (9,240
    )
    
    
    (8,491
    )Prepaid expenses and other assets
    
    
    (12,046
    )
    
    
    (3,638
    )
    
    
    (17,797
    )Accounts payable
    
    
    8,859
    
    
    
    (11,848
    )
    
    
    5,059Accrued interest
    
    
    2,166
    
    
    
    257
    
    
    
    1,179Other liabilities
    
    
    18,282
    
    
    
    (8,022
    )
    
    
    5,324Net cash provided by operating activities
    
    
    292,654
    
    
    
    260,666
    
    
    
    288,243INVESTING ACTIVITIESInvestment in properties
    
    
    (253,017
    )
    
    
    (145,997
    )
    
    
    (129,825
    )Cash paid for business, net of cash acquired
    
    
    
    
    
    
    16,627
    
    
    
    Investments in unconsolidated joint ventures
    
    
    (6,198
    )
    
    
    (4,918
    )
    
    
    (1,655
    )Distributions from unconsolidated joint ventures
    
    
    682
    
    
    
    3,145
    
    
    
    Proceeds from disposition of properties/land
    
    
    54,140
    
    
    
    49,744
    
    
    
    181,903Investment in development in progress
    
    
    (105,208
    )
    
    
    (59,953
    )
    
    
    (167,403
    )Investment in land held for development
    
    
    (34,132
    )
    
    
    (27,650
    )
    
    
    (29,838
    )Increase in deferred leasing costs
    
    
    (29,560
    )
    
    
    (22,986
    )
    
    
    (18,786
    )Net cash used in investing activities
    
    
    (373,293
    )
    
    
    (191,988
    )
    
    
    (165,604
    )FINANCING ACTIVITIESNet proceeds from issuance of common shares
    
    
    85,171
    
    
    
    206,384
    
    
    
    67,565Net proceeds from issuance of preferred units
    
    
    
    
    
    
    
    
    
    
    22,954Redemption of preferred shares
    
    
    
    
    
    
    
    
    
    
    (125,000
    )Net proceeds from issuance of unsecured notes
    
    
    197,517
    
    
    
    3,683
    
    
    
    148,062Repayments of unsecured notes
    
    
    (100,000
    )
    
    
    (73,739
    )
    
    
    (100,000
    )Proceeds from mortgage loans
    
    
    9,618
    
    
    
    1,223
    
    
    
    7,810Repayments of mortgage loans
    
    
    (23,592
    )
    
    
    (15,436
    )
    
    
    (9,310
    )Proceeds from credit facility
    
    
    477,800
    
    
    
    453,950
    
    
    
    444,000Repayments on credit facility
    
    
    (332,800
    )
    
    
    (418,950
    )
    
    
    (380,000
    )Increase in deferred financing costs
    
    
    (199
    )
    
    
    (2,640
    )
    
    
    (1,143
    )Distributions paid on common shares
    
    
    (204,339
    )
    
    
    (187,293
    )
    
    
    (176,924
    )Distributions paid on preferred shares
    
    
    
    
    
    
    
    
    
    
    (9,075
    )Contributions from minority interests
    
    
    1,158
    
    
    
    637
    
    
    
    298Distributions paid on units
    
    
    (20,716
    )
    
    
    (25,930
    )
    
    
    (21,055
    )Net cash provided by (used in) financing activities
    
    
    89,618
    
    
    
    (58,111
    )
    
    
    (131,818
    )Increase (decrease) in cash and cash equivalents
    
    
    8,979
    
    
    
    10,567
    
    
    
    (9,179
    )Increase related to foreign currency translation
    
    
    2,879
    
    
    
    3,309
    
    
    
    1,484Cash and cash equivalents at beginning of year
    
    
    21,809
    
    
    
    7,933
    
    
    
    15,628Cash and cash equivalents at end of year
    
    $
    33,667
    
    
    $
    21,809
    
    
    $
    7,933SUPPLEMENTAL DISCLOSURE OF NONCASH TRANSACTIONSWrite-off of fully depreciated property and deferred costs
    
    $
    27,990
    
    
    $
    13,187
    
    
    $
    18,608Investment in unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    13,053Issuance of operating partnership units
    
    
    
    
    
    
    1,151
    
    
    
    Acquisition of properties
    
    
    (11,305
    )
    
    
    (56,083
    )
    
    
    Assumption of mortgage loans
    
    
    11,305
    
    
    
    56,083
    
    
    
    
 See accompanying notes. 39




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##### 



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF LIBERTY PROPERTY TRUST  1.
    ORGANIZATION Liberty Property Trust (the Trust) is a self-administered and self-managed Maryland real estate
investment trust (a REIT). Substantially all of the Trusts assets are owned directly or
indirectly, and substantially all of the Trusts operations are conducted directly or indirectly,
by its subsidiary, Liberty Property Limited Partnership, a Pennsylvania limited partnership (the
Operating Partnership and, together with the Trust and their consolidated subsidiaries, the
Company). The Trust is the sole general partner and also a limited partner of the Operating
Partnership, owning 95.9% of the common equity of the Operating Partnership at December 31, 2004.
The Company provides leasing, property management, development, acquisition, and other
tenant-related services for a portfolio of industrial and office properties which are located
principally within the Mid-Atlantic, Southeastern, and Midwestern United States.  2.
    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting
principles requires management to make estimates and assumptions that affect amounts reported in
the financial statements and accompanying notes. Actual results could differ from those estimates. Principles of Consolidation
The Consolidated Financial Statements of the Company include the Trust, the Operating Partnership
and wholly owned subsidiaries and those subsidiaries in which the Company owns a majority voting
interest with the ability to control operations of the subsidiaries and where no approval, veto or
other important rights have been granted to the minority shareholders. All significant intercompany
transactions and accounts have been eliminated. Reclassifications
Certain amounts from prior years have been reclassified to conform to current-year presentation. Real Estate and Depreciation
The Properties are recorded at the lower of cost or fair value and are depreciated using the
straight line method over their estimated useful lives. The estimated useful lives are as follows: Buildings and improvements
    
    40 years (blended)Equipment
    
    5-10 yearsTenant improvements
    
    Term of the related lease
 Expenditures directly related to acquisition, or improvement of real estate, including interest and
other costs capitalized during development, are included in net real estate and are stated at cost.
The capitalized costs include pre-construction costs essential to the development of the property,
development and construction costs, interest costs, real estate taxes, salaries and other costs
incurred during the period of development. Expenditures for maintenance and repairs are charged to
operations as incurred. In accordance with the Financial Accounting Standards Board (FASB) Statement of Financial
Standards (SFAS) No. 141, Business Combinations, the Company allocates the purchase price of
real estate to land, building and improvements and intangibles based on the relative fair value of
each component. The value ascribed to in-place leases is based on the rental rates for the
existing leases compared to market rent for leases of similar terms and present valuing the
difference based on market interest rates. Origination values are also assigned to in-place
leases, and, where appropriate, value is assigned to customer relationships. The Company
depreciates the amounts allocated to building and improvements over 40 years and the amounts
allocated to intangible assets relating to in-place leases, which are included in deferred
financing and leasing costs in the accompanying balance sheet, over the remaining term of the
related leases. The Company evaluates its real estate investments upon occurrence of a significant adverse change
in its operations to assess whether any impairment indicators are present that affect the recovery
of the recorded value. If any real estate investment is considered impaired, a loss is recognized
to reduce the carrying value of the property to its estimated fair value. 40




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##### 



Investment in Unconsolidated Joint Ventures
The Company accounts for its investments in unconsolidated joint ventures under the equity method
of accounting as the Company exercises significant influence, but does not control these entities.
Under the equity method of accounting the net equity investment of the Company is reflected in the
Consolidated Balance Sheet and the Companys share of net income from the joint venture is included
on the Consolidated Statement of Operations. Cash and Cash Equivalents
Highly liquid investments with a maturity of three months or less when purchased are classified as
cash equivalents. Restricted Cash
Restricted cash includes tenant security deposits and escrow funds that the Company maintains
pursuant to certain mortgage loans. Restricted cash also includes the undistributed proceeds from
the sale of residential land in Kent County, United Kingdom. Accounts Receivable
The Companys accounts receivable are comprised of rents and charges for property operating costs
due from tenants. The accounts receivable are reduced by an allowance for doubtful accounts. The
Company considers tenant credit quality and payment history and general economic conditions in
determining the allowance for doubtful accounts. Deferred Rent Receivable
The Companys deferred rent receivable represents the cumulative difference between rent revenue
recognized on a straight line basis and contractual payments under the terms of tenant leases. Revenues
The Company earns rental income under operating leases with tenants. Rental income is recognized on
a straight line basis over the applicable lease term. Operating expense reimbursements consisting
of amounts due from tenants for real estate taxes, utilities and other recoverable costs are
recognized as revenue in the period in which the corresponding expenses are incurred. Termination fees (included in rental revenue) are fees that the Company has agreed to accept in
consideration for permitting certain tenants to terminate their lease prior to the contractual
expiration date. The Company recognizes termination fees in accordance with Staff Accounting
Bulletin 101 when the following conditions are met:  a)
    the termination agreement is executed,b)
    the termination fee is determinable,c)
    all landlord services, pursuant to the terminated lease, have been
rendered,d)
    collectibility of the termination fee is assured. Deferred Financing and Leasing Costs
Costs incurred in connection with financing or leasing are capitalized and amortized over the term
of the related loan or lease. Deferred financing cost amortization is reported as interest expense.
Intangible assets related to acquired in-place leases are amortized over the terms of the related
leases. 41




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##### 



Income per Common Share
The following table sets forth the computation of basic and diluted income per common share (in
thousands, except per share amounts): 2004
    
    
    2003Weighted
    
    
    
    
    
    
    
    
    
    
    WeightedAverage
    
    
    
    
    
    
    
    
    
    
    AverageIncome
    
    
    Shares
    
    
    Per
    
    
    Income
    
    
    Shares
    
    
    Per(Numerator)
    
    
    (Denominator)
    
    
    Share
    
    
    (Numerator)
    
    
    (Denominator)
    
    
    ShareIncome from continuing operations
    
    $
    148,697
    
    
    
    
    
    
    
    
    
    
    $
    149,318Less: Preferred share distributions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    -Basic income from continuing operationsIncome from continuing operations available to
common shareholders
    
    
    148,697
    
    
    
    84,534
    
    
    $
    1.76
    
    
    
    149,318
    
    
    
    78,575
    
    
    $
    1.90Dilutive shares for long-term compensation plans
    
    
    
    
    
    
    1,490
    
    
    
    
    
    
    
    
    
    
    
    1,293Diluted income from continuing operationsIncome from continuing operations available
to common shareholders and assumed conversions
    
    
    148,697
    
    
    
    86,024
    
    
    $
    1.73
    
    
    
    149,318
    
    
    
    79,868
    
    
    $
    1.87Basic income from discontinued operationsDiscontinued operations net of minority interest
    
    
    12,746
    
    
    
    84,534
    
    
    $
    0.15
    
    
    
    14,292
    
    
    
    78,575
    
    
    $
    0.18Dilutive shares for long-term compensation plans
    
    
    
    
    
    
    1,490
    
    
    
    
    
    
    
    
    
    
    
    1,293Diluted income from discontinued operationsDiscontinued operations net of minority interest
    
    
    12,746
    
    
    
    86,024
    
    
    $
    0.15
    
    
    
    14,292
    
    
    
    79,868
    
    
    $
    0.18Basic income per common shareIncome available to common shareholders
    
    
    161,443
    
    
    
    84,534
    
    
    $
    1.91
    
    
    
    163,610
    
    
    
    78,575
    
    
    $
    2.08Dilutive shares for long-term compensation plans
    
    
    
    
    
    
    1,490
    
    
    
    
    
    
    
    
    
    
    
    1,293Diluted income per common shareIncome available to common shareholders and
assumed conversions
    
    $
    161,443
    
    
    
    86,024
    
    
    $
    1.88
    
    
    $
    163,610
    
    
    
    79,868
    
    
    $
    2.05
 2002WeightedAverageIncome
    
    
    Shares
    
    
    Per(Numerator)
    
    
    (Denominator)
    
    
    ShareIncome from continuing operations
    
    $
    150,444Less: Preferred share distributions
    
    
    (7,242
    )Excess of preferred share redemption over
carrying amount
    
    
    (4,186
    )Basic income from continuing operationsIncome from continuing operations available to
common shareholders
    
    
    139,016
    
    
    
    75,041
    
    
    $
    1.85Dilutive shares for long-term compensation plans
    
    
    
    
    
    
    1,231Diluted income from continuing operationsIncome from continuing operations available to
common shareholders and assumed conversions
    
    
    139,016
    
    
    
    76,272
    
    
    $
    1.82Basic income from discontinued operationsDiscontinued operations net of minority interest
    
    
    11,221
    
    
    
    75,041
    
    
    $
    0.15Dilutive shares for long-term compensation plans
    
    
    
    
    
    
    1,231Diluted income from discontinued operationsDiscontinued operations net of minority interest
    
    
    11,221
    
    
    
    76,272
    
    
    $
    0.15Basic income per common shareIncome available to common shareholders
    
    
    150,237
    
    
    
    75,041
    
    
    $
    2.00Dilutive shares for long-term compensation plans
    
    
    
    
    
    
    1,231Diluted income per common shareIncome available to common shareholders and
assumed conversions
    
    $
    150,237
    
    
    
    76,272
    
    
    $
    1.97
 Fair Value of Financial Instruments
The carrying value of cash and cash equivalents, restricted cash, accounts receivable and accounts
payable are reasonable estimates of fair values because of the short-term maturities of these
investments. The fair value of the Companys long-term debt, which is based on estimates by
management and on rates quoted on December 31, 2004 for comparable loans, exceeds the aggregate
carrying value by approximately $233.8 million at December 31, 2004. 42




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##### 



Income Taxes
The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal
Revenue Code of 1986, as amended (the Code). As a result, the Company generally is not subject to
federal income taxation at the corporate level to the extent it distributes annually at least 90%
of its REIT taxable income (95% for the years prior to January 1, 2001), as defined in the Code, to
its shareholders and satisfies certain other requirements. The Company has met these requirements
and, accordingly, no provision has been made for federal income taxes in the accompanying
consolidated financial statements. Several of the Companys subsidiaries are taxable REIT subsidiaries and are subject to federal
income taxes. The Company is also taxed in certain states and the United Kingdom. Accordingly,
the Company has recognized federal, state and United Kingdom income taxes in accordance with US
GAAP, as applicable. The Federal tax cost basis of the real estate at December 31, 2004 was approximately $4.5 billion. Stock-Based Compensation
At December 31, 2004, the Company had a share-based employee compensation plan as fully described
in Note 10. Prior to 2003, the Company accounted for the plan under the recognition and
measurement provisions of APB Opinion No. 25, Accounting for Stock Issued to Employees, and
related Interpretations. No share-based employee compensation cost was reflected in the 2002 net
income, as all options granted under this plan had an intrinsic value of zero on the date of grant.
Effective January 1, 2003, the Company adopted the fair value recognition provisions of the
Financial Accounting Standards Boards (FASB) Statement of Financial Accounting Standards
(SFAS) No. 123, Accounting for Stock-Based Compensation, prospectively for all employee option
awards granted, modified, or settled after January 1, 2003. Option awards under the Companys plan
vest over three years. Therefore, the cost related to share-based employee compensation included
in the determination of net income for 2004, 2003 and 2002 is less than that which would have been
recognized if the fair value based method had been applied to all option awards since the original
effective date of SFAS No. 123. Foreign Currency Translation
The functional currency for the Companys United Kingdom operations is pounds sterling. The
Company translates their financial statements into US dollars. Gains and losses resulting from
this translation do not impact the results of operations and are included in accumulated other
comprehensive income as a separate component of shareholders equity. Newly Issued Accounting Standards
In December 2004, the FASB issued SFAS No. 123(R), Share-Based Payment. SFAS No. 123(R) is a
revision of SFAS No. 123 Accounting for Stock-Based Compensation, and supersedes Accounting
Principles Board (APB) Opinion No. 25, Accounting for Stock Issued to Employees, and amends
SFAS No. 95 Statement of Cash Flows. SFAS No. 123(R) eliminates the ability to account for
share-based compensation transactions using APB Opinion No. 25 and requires all share-based
payments to employees, including grants of employee stock options, to be recognized in the
financial statements using a fair value-based method. Effective January 1, 2003, the Company
elected to adopt fair value accounting for stock-based compensation consistent with SFAS No. 123
using the prospective method with guidance provided by SFAS No. 148. SFAS No. 123(R) is effective
as of the beginning of the first interim period that begins after June 15, 2005. The Company will
adopt SFAS No. 123(R) as required in the fourth quarter of 2005 and expect that its effect will not
be material to the Companys consolidated financial statements. In November 2004, the Emerging Issues Task Force of the FASB reached a tentative conclusion
regarding EITF 04-05, Investors Accounting for an Investment in a Limited Partnership When the
Investor is the Sole General Partner and the Limited Partners Have Certain Rights. In question is
what rights held by the limited partners preclude consolidation of the limited partnership by the
sole general partner. The Company is the general partner of several unconsolidated joint ventures
and currently does not consolidate these ventures in its financial results based primarily on
certain rights of the limited partners. Depending on the outcome of the discussion of the Task
Force in future meetings, the outcome could impact whether or not the Company consolidates these
partnerships. See Note 4, Investments in Unconsolidated Joint Ventures for further information
regarding the Companys accounting for its investment in unconsolidated joint ventures. 43




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##### 



3.
    REAL ESTATE At December 31, 2004 and 2003, the Company owned and operated industrial and office properties
located principally in suburban mixed-use developments or business parks. The carrying value of
these properties by type is as follows (in thousands): Land
    
    
    BuildingsAnd Land
    
    
    And
    
    
    
    
    
    
    AccumulatedImprovements
    
    
    Improvements
    
    
    Total
    
    
    Depreciation2004:Industrial properties
    
    $
    293,908
    
    
    $
    1,592,068
    
    
    $
    1,885,976
    
    
    $
    309,846Office properties
    
    
    331,127
    
    
    
    2,037,440
    
    
    
    2,368,567
    
    
    
    385,5642004 Total
    
    $
    625,035
    
    
    $
    3,629,508
    
    
    $
    4,254,543
    
    
    $
    695,4102003:Industrial properties
    
    $
    249,353
    
    
    $
    1,431,247
    
    
    $
    1,680,600
    
    
    $
    264,483Office properties
    
    
    314,979
    
    
    
    1,928,749
    
    
    
    2,243,728
    
    
    
    322,2532003 Total
    
    $
    564,332
    
    
    $
    3,359,996
    
    
    $
    3,924,328
    
    
    $
    586,736
 Depreciation expense was $114.2 million in 2004, $105.6 million in 2003, and $93.1 million in 2002. As of December 31, 2004, the Company has commenced development on 16 properties, which upon
completion are expected to comprise approximately 1.7 million square feet of leaseable space. As of
December 31, 2004, approximately $81.1 million had been expended for the development of these
projects and an additional $62.8 million is estimated to be required for completion.  4.
    INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES On November 18, 2002, the Company entered into a joint venture agreement (Liberty Venture I, LP)
with the Public Employees Retirement Association of Colorado. The Company sold or contributed 28
properties with a net book value of $127.5 million to the joint venture in exchange for a 25%
ownership interest in the joint venture and $108.8 million in cash. The properties are industrial
distribution properties in New Jersey (the Delaware Valley segment). The Companys share of the
joint venture earnings is included in equity in (loss) earnings of unconsolidated joint ventures in
the accompanying statement of operations. The Company provides development, leasing and property
management services for a fee, and may receive a promoted interest if certain return thresholds are
met. During the years ended December 31, 2004 and 2003, the joint venture purchased additional
industrial distribution properties with net book values of approximately $5.5 million and $12.9
million, respectively. 44




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##### 



The condensed balance sheets as of December 31, 2004 and 2003 and statements of operations for
Liberty Venture I, LP, for the years ended December 31, 2004 and 2003 are as follows (in
thousands): December 31,2004
    
    
    2003Balance Sheet:Real estate
    
    $
    131,413
    
    
    $
    121,544Less accumulated depreciation
    
    
    (5,183
    )
    
    
    (2,430
    )Real estate, net
    
    
    126,230
    
    
    
    119,114Other assets
    
    
    16,945
    
    
    
    17,822Total assets
    
    $
    143,175
    
    
    $
    136,936Mortgage payable
    
    $
    86,585
    
    
    $
    83,279Other liabilities
    
    
    3,183
    
    
    
    2,006Partners capital
    
    
    53,407
    
    
    
    51,651Total liabilities and equity
    
    $
    143,175
    
    
    $
    136,936
 Year EndedDecember 31,2004
    
    
    2003Statement of operations:Total revenues
    
    $
    18,746
    
    
    $
    19,400Operating and other expenses
    
    
    (6,736
    )
    
    
    (6,276
    )Depreciation and amortization
    
    
    (8,299
    )
    
    
    (4,401
    )Interest expense
    
    
    (4,426
    )
    
    
    (3,870
    )Net income
    
    $
    (715
    )
    
    $
    4,853
  5.
    RELATED PARTY TRANSACTIONS During the year ended December 31, 2003, the Company exercised its option to purchase Rouse Kent
Limited (RKL) for nominal consideration. As a result of the purchase, the Companys assets and
liabilities increased by approximately $60 million. The operations of RKL are included in the
consolidated financial statements beginning July 1, 2003. RKL owns six buildings which contain 210,000 square feet of leaseable space and has planning
permission for the development of additional commercial space. RKL is party to a contract with the
County of Kent which contract entitles RKL to participate in proceeds realized from the sale of
residential land parcels to homebuilders. Pursuant to agreements, the Company provided management services with respect to RKL for the six
months ended June 30, 2003 for $300,000 and for the year ended December 31, 2002 for $600,000. In
addition, the Company paid a fee to RKL for management services which it provided for the Companys
properties owned in the United Kingdom. For the six months ended June 30, 2003 the fees for these
services were $223,000 and for the year ended December 31, 2002 the fee for these services were
$662,000. The Company recognized interest income on notes receivable from RKL of $1.9 million for
the six months ended June 30, 2003, and $3.3 million for the year ended December 31, 2002.  6.
    INDEBTEDNESS  Indebtedness consists of mortgage loans, unsecured notes, and borrowings under the credit facility.
The weighted average interest rates for the years ended December 31, 2004, 2003, and 2002, were
approximately 6.7%, 6.9%, and 7.1%, respectively. Interest expense for the years ended December 31,
2004, 2003, and 2002, aggregated $123.4 million, $123.2 million, and $115.2 million, respectively.
Interest costs during these periods of $13.2 million, $10.9 million, and $16.5 million,
respectively, were capitalized. Cash paid for interest for the years ended December 31, 2004, 2003,
and 2002, was $130.4 million, $132.5 million, and $128.4 million, respectively. During the year ended December 31, 2004, the Company issued $200 million of ten year 5.65% senior
unsecured notes. The proceeds from this issuance were used to repay $100 million of 7.1% senior
unsecured notes which 45




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##### 



matured on August 15, 2004, pay down outstanding borrowings under the Companys unsecured credit
facility, acquire properties and for general corporate purposes. The Company is subject to financial covenants contained in some of the debt agreements, the most
restrictive of which are detailed below under the heading Credit Facility. As of December 31,
2004 the Company was in compliance with the financial covenants. Mortgage Loans, Unsecured Notes
Mortgage loans with maturities ranging from 2005 to 2012 are collateralized by and in some
instances cross-collateralized by properties with a net book value of $488.4 million. As of December 31, 2004, $366.2 million in mortgage loans and $1,455.0 million in unsecured notes
were outstanding. The interest rates on $1,745.6 million of mortgage loans and unsecured notes are
fixed and range from 6.0% to 8.8%. Interest rates on $75.6 million of mortgage loans float with the
base rate of the respective lending bank or a municipal bond index. The weighted average remaining
term for the mortgage loans and unsecured notes is 5.7 years. Credit Facility
For the year ended December 31, 2002, the Company utilized a $450 million unsecured credit facility
(the $450 million Credit Facility). In January 2003, the $450 million Credit Facility was
replaced with a $350 million Credit Facility (the $350 million Credit Facility). In December
2004, the Company exercised the accordion feature on its $350 million Credit Facility, increasing
its capacity to $450 million (the new $450 million Credit Facility). The interest rate on
borrowings under the new $450 million Credit Facility fluctuated based on the Companys senior debt
ratings from Moodys Investors Service, Inc. (Moodys), Standard & Poors Ratings Group (S&P)
and Fitch, Inc. (Fitch). The current ratings for the Companys senior unsecured debt are Baa2,
BBB, and BBB from Moodys, S&P, and Fitch, respectively. Based on these ratings, the interest rate
on borrowings under the new $450 million Credit Facility is 70 basis points over the LIBOR rate
(2.42% at December 31, 2004). There is also a 20 basis point facility fee on the current borrowing
capacity. The new $450 million Credit Facility contains a competitive bid option, whereby
participating lenders bid on the interest rate to be charged. This feature is available for up to
$150 million of borrowings. The new $450 million Credit Facility expires on January 16, 2006 and
may be extended for a one year period. The new $450 million Credit Facility contains financial
covenants, certain of which are set forth below:  
    total debt to total assets may not exceed 0.55:1;
    operating cash flows to interest may not be less than 1.85:1;
    earnings before interest, taxes, depreciation and amortization to fixed charges may
not be less than 1.75:1;
    unencumbered asset value to unsecured debt may not be less than 175%; and
    unencumbered cash flow to unsecured debt service must exceed 1.5:1. 46




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##### 



The scheduled maturities of principal amortization of the Companys mortgage loans, new $450
million Credit Facility and the unsecured notes outstanding and the related weighted average
interest rates are as follows (in thousands, except percentages): WeightedMortgages
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    AveragePrincipal
    
    
    Principal
    
    
    Unsecured
    
    
    Credit
    
    
    
    
    
    
    InterestAmortization
    
    
    Maturities
    
    
    Notes
    
    
    Facility
    
    
    Total
    
    
    Rate2005
    
    $
    8,296
    
    
    $
    146,368
    
    
    $
    
    
    
    $
    
    
    
    $
    154,664
    
    
    
    7.2
    %2006
    
    
    6,196
    
    
    
    73,224
    
    
    
    100,000
    
    
    
    312,000
    
    
    
    491,420
    
    
    
    4.5
    %2007
    
    
    5,248
    
    
    
    1,553
    
    
    
    100,000
    
    
    
    
    
    
    
    106,801
    
    
    
    7.3
    %2008
    
    
    4,874
    
    
    
    34,824
    
    
    
    
    
    
    
    
    
    
    
    39,698
    
    
    
    7.2
    %2009
    
    
    2,555
    
    
    
    42,119
    
    
    
    270,000
    
    
    
    
    
    
    
    314,674
    
    
    
    7.8
    %2010
    
    
    1,924
    
    
    
    
    
    
    
    200,000
    
    
    
    
    
    
    
    201,924
    
    
    
    8.5
    %2011
    
    
    1,713
    
    
    
    3,533
    
    
    
    250,000
    
    
    
    
    
    
    
    255,246
    
    
    
    7.3
    %2012
    
    
    684
    
    
    
    33,060
    
    
    
    235,000
    
    
    
    
    
    
    
    268,744
    
    
    
    6.5
    %2014
    
    
    
    
    
    
    
    
    
    
    200,000
    
    
    
    
    
    
    
    200,000
    
    
    
    5.7
    %2018
    
    
    
    
    
    
    
    
    
    
    100,000
    
    
    
    
    
    
    
    100,000
    
    
    
    7.5
    %$
    31,490
    
    
    $
    334,681
    
    
    $
    1,455,000
    
    
    $
    312,000
    
    
    $
    2,133,171
    
    
    
    6.6
    %
  7.
    LEASING ACTIVITY Future minimum rental payments due from tenants under noncancelable operating leases as of December
31, 2004 are as follows (in thousands): 2005
    
    $
    430,2632006
    
    
    377,3002007
    
    
    332,4662008
    
    
    276,5382009
    
    
    210,717Thereafter
    
    
    612,777TOTAL
    
    $
    2,240,061
 In addition to minimum rental payments, most leases require the tenants to pay for their pro rata
share of specified operating expenses. These payments are included as operating expense
reimbursement in the accompanying statements of operations.  8.
    SHAREHOLDERS EQUITY Common Shares
The Company paid to holders of Common Shares and holders of Common Units distributions of $213.3
million, $196.2 million, and $186.1 million, during the years ended December 31, 2004, 2003, and
2002, respectively. On a per share basis, the Company paid Common Share and Unit distributions of
$2.425, $2.405, and $2.37, during the years ended December 31, 2004, 2003, and 2002, respectively. For federal income tax purposes, the following table summarizes the portions of the Common Share
distributions relating to return of capital, ordinary income, and capital gains: 2004
    
    
    2003
    
    
    2002Return of capital
    
    
    8.0
    %
    
    
    
    
    
    
    Ordinary income
    
    
    87.3
    %
    
    
    96.0
    %
    
    
    91.6
    %Capital gains
    
    
    4.7
    %
    
    
    4.0
    %
    
    
    8.4
    %
 The Companys federal income tax returns are subject to examination by taxing authorities. Because
the application of tax laws and regulations is susceptible to varying interpretations, the
taxability of distributions could be changed at a later date upon final determination by taxing
authorities. 47




---



##### 



Treasury Shares
The Board of Trustees authorized a share repurchase plan under which the Company may purchase up to
$100 million of the Companys Common Shares and preferred shares (as defined below). Preferred Shares
The Series A Cumulative Redeemable Preferred Shares (the Preferred Shares), which were redeemed
on August 28, 2002, were non-voting and had a liquidation preference of $25.00 per share. The
Preferred Shares were redeemed for $125 million. In accordance with EITF Topic D-42, The Effect on
Calculation of Earnings per Share for the Redemption or Induced Conversion of Preferred Stock,
the excess of preferred redemption over carrying amount is classified as a reduction in income
available to common shareholders for the year ended December 31, 2002. The Company paid Preferred Share distributions of $9.1 million ($1.82 per share) for the year ended
December 31, 2002. For federal income tax purposes, the following table summarizes the portions of the preferred
shares distributions relating to return of capital, ordinary income and capital gains: 2002Return of capital
    
    
    Ordinary income
    
    
    100.0
    %Capital gains
    
    
    
 Minority Interest
Minority interest in the accompanying consolidated financial statements represents the interests of
the Common and Preferred Units in Liberty Property Limited Partnership not held by the Trust.
Minority interest is adjusted at each period end to reflect the ownership percentage of the Common
and Preferred unitholders at that time. A minority interest reclassification occurs between
minority interest and shareholders equity each period there is a transaction involving ownership
interests in Liberty Property Limited Partnership. In addition, minority interest includes
third-party ownership interests in two consolidated joint venture investments in the United Kingdom
and one consolidated joint venture investment in the Midwest region. No Common Units were issued in
connection with acquisitions in 2004 or 2002. During 2003, 33,682 Common Units were issued in
connection with an acquisition. The Common Units outstanding as of December 31, 2004 have the same
economic characteristics as would 3,667,832 Common Shares. The Common Units share proportionately
in the net income or loss and in any distributions of the Operating Partnership and are
exchangeable into the same number of Common Shares of the Trust. The Company has outstanding the following Cumulative Redeemable Preferred Units of the Operating
Partnership, (the Preferred Units): Dateof
    
    
    
    
    
    
    
    
    
    
    
    Liquidation
    
    Dividend
    
    
    RedeemableIssue
    
    Issue
    
    Amount
    
    
    Units
    
    
    Preference
    
    Rate
    
    
    As of
    
    Exchangeable after(in 000's)7/28/99
    
    Series B
    
    $
    95,000
    
    
    
    3,800
    
    
    $25
    
    
    7.45
    %
    
    8/31/09
    
    1/1/14 into Series B
Cumulative Redeemable
Preferred Shares of the Trust4/18/00
    
    Series C
    
    $
    20,000
    
    
    
    800
    
    
    $25
    
    
    9.125
    %
    
    4/18/05
    
    4/18/10 into Series C
Cumulative Redeemable
Preferred Shares of the Trust6/10/02
    
    Series D
    
    $
    23,650
    
    
    
    473
    
    
    $50
    
    
    7.625
    %
    
    6/10/07
    
    6/10/12 into Series D
Cumulative Redeemable
Preferred Shares of the Trust
 Effective August 31, 2004, the rate on $95 million Series B preferred units was reduced from 9.25%
to 7.45%. 48




---



##### 



The Company paid the following Preferred Unit distributions for the year ended December 31: 2004
    
    
    2003
    
    
    2002Distributions (in millions)
    
    $
    11.8
    
    
    $
    12.4
    
    
    $
    11.6Distribution per unit:Series B
    
    $
    2.16
    
    
    $
    2.31
    
    
    $
    2.31Series C
    
    $
    2.28
    
    
    $
    2.28
    
    
    $
    2.28Series D
    
    $
    3.81
    
    
    $
    3.81
    
    
    $
    2.13
 Shareholder Rights Plan
In December 1997, the Board of Trustees of the Company adopted a shareholder rights plan (the
Shareholder Rights Plan). Under the Shareholder Rights Plan, one Right (as defined in the
Shareholder Rights Plan) was attached to each outstanding Common Share at the close of business on
December 31, 1997. In addition, a Right will be attached to each share of Common Stock issued in
the future. Each Right entitles the registered holder to purchase from the Company, under certain
conditions, a unit (a Rights Plan Unit) consisting of one one-thousandth of a share of a Series A
Junior Participating Preferred Share, $0.0001 par value, (the Junior Preferred Stock), of the
Company, for $100 per Rights Plan Unit, subject to adjustment. The Rights become exercisable only
if a person or group of affiliated or associated persons (an Acquiring Person) acquires, or
obtains the right to acquire, beneficial ownership of Common Shares or other voting securities
(Voting Stock) that have 10% or more of the voting power of the outstanding shares of Voting
Stock, or if an Acquiring Person commences to make a tender offer or exchange offer to acquire
beneficial ownership of Voting Stock that has 10% or more of the voting power of the outstanding
shares of Voting Stock. The Rights are redeemable by the Company at a price of $0.0001 per Right.
If not exercised or redeemed, all Rights will expire on December 31, 2007. Dividend Reinvestment and Share Purchase Plan
The Company has a Dividend Reinvestment and Share Purchase Plan under which holders of Common
Shares may elect to automatically reinvest their distributions in additional Common Shares and may
make optional cash payments for additional Common Shares. The Company may issue additional Common
Shares or repurchase Common Shares in the open market for purposes of financing its obligations
under the Dividend Reinvestment and Share Purchase Plan. During the years ended December 31, 2004,
2003, and 2002, 1,590,488, 2,056,482, and 1,693,837 Common Shares, respectively, were issued
through the Dividend Reinvestment and Share Purchase Plan.  9.
    EMPLOYEE BENEFIT PLANS The Company maintains a 401(k) plan for the benefit of its full-time employees. The Company matches
the employees contributions up to 3% of the employees salary and may also make annual
discretionary contributions. Total 401(K) expense recognized by the Company was $739,000,
$550,000, and $408,000 for the years ended 2004, 2003 and 2002, respectively. The Company registered 750,000 common shares under the Securities Act of 1933, as amended, in
connection with an employee share purchase plan (ESPP). The ESPP enables eligible employees to
purchase shares of the Company at a 15% discount to fair market value. A total of 9,227, 9,766, and
8,977 common shares were issued, in accordance with the ESPP, during the years ended December 31,
2004, 2003, and 2002, respectively.  10.
    SHARE OPTIONS The Companys Share Incentive Plan (Share Incentive Plan), as amended, has authorized the grant
of options to executive officers, other key employees, non-employee trustees and consultants of up
to 11,426,256 shares of the Companys Common Shares. All options granted have 10-year terms and
vest over a 3-year period, with options to purchase up to 20% of the shares exercisable after the
first anniversary, up to 50% after the second anniversary and 100% after the third anniversary of
the date of grant. The cost related to share-based employee compensation included in the determination of net income
for 2004, 2003 and 2002 is less than that which would have been recognized if the fair value based
method had been applied to all option awards since the original effective date of SFAS No. 123. 49




---



##### 



The fair value for the employee option awards was estimated at the date of grant using a
Black-Scholes option pricing model with the following weighted-average assumptions for 2004, 2003,
and 2002: 2004
    
    
    2003
    
    
    2002Risk-free interest rate
    
    
    4.0
    %
    
    
    5.0
    %
    
    
    5.0
    %Dividend yield
    
    
    6.2
    %
    
    
    7.5
    %
    
    
    7.5
    %Volatility factor
    
    
    .172
    
    
    
    .175
    
    
    
    .175Weighted-average expected life
    
    8 years
    
    
    8 years
    
    
    8 years
 The following table illustrates the effect on net income and earnings per share if the fair value
based method had been applied to all outstanding and unvested option awards in each period (in
thousands, except per share amounts). Year Ended December 31,2004
    
    
    2003
    
    
    2002Income available to common shareholders
    
    $
    161,443
    
    
    $
    163,610
    
    
    $
    150,237Add: Share-based compensation expense included
in reported net income available to common
shareholders
    
    
    349
    
    
    
    395
    
    
    
    Deduct: Total share-based employee
compensation expense determined under fair value
based methods for all awards
    
    
    (1,199
    )
    
    
    (1,842
    )
    
    
    (2,135
    )Pro forma income available to common shareholders
    
    $
    160,593
    
    
    $
    162,163
    
    
    $
    148,102Income per common share:Basic  as reported
    
    $
    1.91
    
    
    $
    2.08
    
    
    $
    2.00Basic  pro forma
    
    $
    1.90
    
    
    $
    2.06
    
    
    $
    1.97Diluted  as reported
    
    $
    1.88
    
    
    $
    2.05
    
    
    $
    1.97Diluted  pro forma
    
    $
    1.87
    
    
    $
    2.03
    
    
    $
    1.94
 Pro forma disclosures are not likely to be representative of the effects on reported net income for
future years because of the staggered vesting periods of the options. A summary of the Companys share option activity, and related information for the years ended
December 31, 2004, 2003, and 2002 follows: 2004
    
    
    2003
    
    
    2002Weighted
    
    
    
    
    
    
    Weighted
    
    
    
    
    
    
    WeightedAverage
    
    
    
    
    
    
    Average
    
    
    
    
    
    
    AverageOptions
    
    
    Exercise
    
    
    Options
    
    
    Exercise
    
    
    Options
    
    
    Exercise(000s)
    
    
    Price
    
    
    (000s)
    
    
    Price
    
    
    (000s)
    
    
    PriceOutstanding-beginning of year
    
    
    4,453
    
    
    $
    26.88
    
    
    
    5,766
    
    
    $
    25.89
    
    
    
    4,947
    
    
    $
    23.86Granted
    
    
    292
    
    
    
    43.07
    
    
    
    336
    
    
    
    31.56
    
    
    
    1,606
    
    
    
    30.23Exercised
    
    
    (841
    )
    
    
    25.89
    
    
    
    (1,611
    )
    
    
    24.26
    
    
    
    (772
    )
    
    
    22.68Forfeited
    
    
    (2
    )
    
    
    30.31
    
    
    
    (38
    )
    
    
    29.00
    
    
    
    (15
    )
    
    
    22.69Outstanding-end of year
    
    
    3,902
    
    
    $
    28.26
    
    
    
    4,453
    
    
    $
    26.88
    
    
    
    5,766
    
    
    $
    25.89Exercisable at end of year
    
    
    2,556
    
    
    $
    25.62
    
    
    
    2,816
    
    
    $
    23.30
    
    
    
    4,218
    
    
    $
    22.95Weighted-average fair value of
options granted during the year
    
    $
    3.15
    
    
    
    
    
    
    $
    1.91
    
    
    
    
    
    
    $
    1.83
 Exercise prices for options outstanding as of December 31, 2004 ranged from $19.75 to $34.98. The
weighted-average remaining contractual life of those options is 6.0 years. Grants of 103,918, 115,987, and 44,134 restricted shares were made under the Share Incentive Plan
during the years ended December 31, 2004, 2003 and 2002, respectively. These restricted shares
vest ratably over a 5-year period beginning with the first anniversary date of the grant. 50




---



##### 



An additional 2,309,159, 1,241,632, and 1,691,578, Common Shares were reserved for issuance for
future grants under the Share Incentive Plan at December 31, 2004, 2003 and 2002, respectively.  11.
    COMMITMENTS AND CONTINGENCIES Substantially all of the Properties and land were subject to Phase I Environmental Assessments and
when appropriate Phase II Environmental Assessments (collectively, the Environmental Assessments)
obtained in contemplation of their acquisition by the Company. The Environmental Assessments
consisted of, among other activities, a visual inspection of each Property and its neighborhood and
a check of pertinent public records. The Environmental Assessments did not reveal, nor is the
Company aware of, any non-compliance with environmental laws, environmental liability or other
environmental claim that the Company believes would likely have a material adverse effect on the
Company. Although the Company is engaged in litigation incidental to its business, there is no legal
proceeding to which it is a party which, in the opinion of management, will materially adversely
affect the results of the Companys operations. The Company is obligated to make additional capital contributions to unconsolidated joint ventures
of approximately $3.7 million. The Company maintains cash and cash equivalents at financial institutions. The combined account
balances at each institution typically exceed FDIC insurance coverage and, as a result, there is a
concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage.
The Company believes the risk is not significant.  12.
    QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) A summary of quarterly results of operations for the years ended December 31, 2004 and 2003
follows. Certain 2004 and 2003 amounts have been reclassified to conform to the current
presentation of discontinued operations (in thousands, except per share amounts). Quarter EndedDec. 31,
    
    
    Sept. 30,
    
    
    June 30,
    
    
    Mar. 31,
    
    
    Dec. 31,
    
    
    Sept. 30,
    
    
    June 30,
    
    
    Mar. 31,2004
    
    
    2004
    
    
    2004
    
    
    2004
    
    
    2003
    
    
    2003
    
    
    2003
    
    
    2003Operating revenue
    
    $
    167,654
    
    
    $
    164,079
    
    
    $
    162,388
    
    
    $
    161,234
    
    
    $
    159,934
    
    
    $
    156,474
    
    
    $
    148,723
    
    
    $
    155,151Income from continuing operations
    
    
    38,965
    
    
    
    36,232
    
    
    
    37,073
    
    
    
    36,427
    
    
    
    37,246
    
    
    
    38,263
    
    
    
    33,001
    
    
    
    40,808Discontinued operations
    
    
    6,974
    
    
    
    3,246
    
    
    
    282
    
    
    
    2,244
    
    
    
    639
    
    
    
    846
    
    
    
    12,028
    
    
    
    779Income available to common
shareholders
    
    
    45,939
    
    
    
    39,478
    
    
    
    37,355
    
    
    
    38,671
    
    
    
    37,885
    
    
    
    39,109
    
    
    
    45,029
    
    
    
    41,587Income per common share  basic
    
    $
    0.54
    
    
    $
    0.47
    
    
    $
    0.44
    
    
    $
    0.46
    
    
    $
    0.47
    
    
    $
    0.50
    
    
    $
    0.58
    
    
    $
    0.54Income per common share  diluted
    
    $
    0.53
    
    
    $
    0.46
    
    
    $
    0.44
    
    
    $
    0.45
    
    
    $
    0.46
    
    
    $
    0.49
    
    
    $
    0.57
    
    
    $
    0.53
  13.
    SEGMENT INFORMATION The Company operates its portfolio of properties primarily throughout the Mid-Atlantic,
Southeastern and Midwestern United States. Additionally, the Company owns certain assets in the
United Kingdom. The Company reviews the performance of the portfolio on a geographical basis, as
such, the following regions are considered the Companys reportable segments: Reportable Segments
    
    MarketsDelaware Valley
    
    Southeastern Pennsylvania; New JerseyMidwest
    
    Lehigh Valley, Pennsylvania.; Michigan; Minnesota; Milwaukee/ChicagoMid-Atlantic
    
    Maryland; Piedmont Triad, N.C.; Greenville, S.C.; Richmond; Virginia BeachFlorida
    
    Jacksonville; Orlando; Boca Raton; Tampa; TexasUnited Kingdom
    
    County of Kent
 The Companys reportable segments are distinct business units which are each managed separately in
order to concentrate market knowledge within a geographic area. Within these reportable segments,
the Company derives its revenues from its two product types: industrial properties and office
properties. 51




---



##### 



The Company evaluates performance of the reportable segments based on property level operating
income, which is calculated as rental revenue and operating expense reimbursement less rental
property expenses and real estate taxes. The accounting policies of the reportable segments are the
same as those for the Company on a consolidated basis. The operating information by segment is as
follows (in thousands): FOR THE YEAR ENDED DECEMBER 31, 2004Delaware Valley
    
    
    MidwestSoutheastern
    
    
    
    
    
    
    Lehigh
    
    
    
    
    
    
    Mid-
    
    
    
    
    
    
    UnitedPennsylvania
    
    
    Other
    
    
    Valley
    
    
    Other
    
    
    Atlantic
    
    
    Florida
    
    
    Kingdom
    
    
    TotalOperating revenue
    
    $
    186,893
    
    
    $
    35,631
    
    
    $
    76,392
    
    
    $
    117,813
    
    
    $
    121,280
    
    
    $
    97,612
    
    
    $
    19,734
    
    
    $
    655,355Rental property
expenses and real
estate taxes
    
    
    55,115
    
    
    
    12,435
    
    
    
    21,049
    
    
    
    43,706
    
    
    
    34,315
    
    
    
    30,227
    
    
    
    4,527
    
    
    
    201,374Property level
operating income
    
    $
    131,778
    
    
    $
    23,196
    
    
    $
    55,343
    
    
    $
    74,107
    
    
    $
    86,965
    
    
    $
    67,385
    
    
    $
    15,207
    
    
    
    453,981Interest and other income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,590Interest expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (123,352
    )General and administrative
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (33,309
    )Depreciation and amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (135,497
    )Income before property dispositions, income taxes, minority interest
and equity in (loss) earnings of unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    168,413Gain on property dispositions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    496Income taxes
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,820
    )Minority interest
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (17,617
    )Equity in (loss) earnings of unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (775
    )Discontinued operations net of minority interest
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    12,746Income available to common shareholders
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    161,443
 FOR THE YEAR ENDED DECEMBER 31, 2003Delaware Valley
    
    
    MidwestSoutheastern
    
    
    
    
    
    
    Lehigh
    
    
    
    
    
    
    Mid-
    
    
    
    
    
    
    UnitedPennsylvania
    
    
    Other
    
    
    Valley
    
    
    Other
    
    
    Atlantic
    
    
    Florida
    
    
    Kingdom
    
    
    TotalOperating revenue
    
    $
    185,220
    
    
    $
    34,603
    
    
    $
    68,519
    
    
    $
    117,077
    
    
    $
    110,067
    
    
    $
    92,418
    
    
    $
    12,378
    
    
    $
    620,282Rental property
expenses and real
estate taxes
    
    
    53,744
    
    
    
    11,715
    
    
    
    17,873
    
    
    
    42,225
    
    
    
    30,198
    
    
    
    27,248
    
    
    
    2,256
    
    
    
    185,259Property level
operating income
    
    $
    131,476
    
    
    $
    22,888
    
    
    $
    50,646
    
    
    $
    74,852
    
    
    $
    79,869
    
    
    $
    65,170
    
    
    $
    10,122
    
    
    
    435,023Interest and other income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,568Interest expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (123,154
    )General and administrative
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (28,415
    )Depreciation and amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (121,498
    )Income before property dispositions, income taxes, minority interest
and equity in (loss) earnings of unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    169,524Gain on property dispositions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    447Income taxes
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2,326
    )Minority interest
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (20,071
    )Equity in (loss) earnings of unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,744Discontinued operations net of minority interest
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    14,292Income available to common shareholders
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    163,610
 52




---



##### 



FOR THE YEAR ENDED DECEMBER 31, 2002Delaware Valley
    
    
    MidwestSoutheastern
    
    
    
    
    
    
    Lehigh
    
    
    
    
    
    
    Mid-
    
    
    
    
    
    
    UnitedPennsylvania
    
    
    Other
    
    
    Valley
    
    
    Other
    
    
    Atlantic
    
    
    Florida
    
    
    Kingdom
    
    
    TotalOperating revenue
    
    $
    176,501
    
    
    $
    44,726
    
    
    $
    63,466
    
    
    $
    114,083
    
    
    $
    99,924
    
    
    $
    81,529
    
    
    $
    7,819
    
    
    $
    588,048Rental property
expenses and real
estate taxes
    
    
    50,388
    
    
    
    14,205
    
    
    
    13,693
    
    
    
    40,098
    
    
    
    26,896
    
    
    
    24,697
    
    
    
    745
    
    
    
    170,722Property level
operating income
    
    $
    126,113
    
    
    $
    30,521
    
    
    $
    49,773
    
    
    $
    73,985
    
    
    $
    73,028
    
    
    $
    56,832
    
    
    $
    7,074
    
    
    
    417,326Interest and other income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,559Interest expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (115,179
    )General and administrative
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (21,745
    )Depreciation and amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (108,619
    )Income before property dispositions, income taxes, minority interest
and equity in (loss) earnings of unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    180,342Loss on property dispositions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (9,300
    )Income taxes
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (656
    )Minority interest
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (20,197
    )Equity in (loss) earnings of unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    255Discontinued operations net of minority interest
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    11,221Preferred share distributions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (7,242
    )Excess of preferred share redemption over carrying amount
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (4,186
    )Income available to common shareholders
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    150,237
 Product Type Information
    
    Real Estate Related RevenuesYear Ended December 31,2004
    
    
    2003
    
    
    2002Industrial
    
    $
    275,186
    
    
    $
    258,410
    
    
    $
    262,410Office
    
    
    380,169
    
    
    
    361,872
    
    
    
    325,638Total operating revenue
    
    $
    655,355
    
    
    $
    620,282
    
    
    $
    588,048
 ROLLFORWARD OF OPERATING REAL ESTATE ASSETS BY REPORTABLE SEGMENTDelaware Valley
    
    
    MidwestSoutheastern
    
    
    
    
    
    
    Lehigh
    
    
    
    
    
    
    Mid-
    
    
    
    
    
    
    UnitedPennsylvania
    
    
    Other
    
    
    Valley
    
    
    Other
    
    
    Atlantic
    
    
    Florida
    
    
    Kingdom
    
    
    TotalJanuary 1, 2004
    
    $
    1,014,562
    
    
    $
    164,224
    
    
    $
    446,738
    
    
    $
    778,036
    
    
    $
    753,612
    
    
    $
    608,089
    
    
    $
    159,067
    
    
    $
    3,924,328Additions
    
    
    29,824
    
    
    
    31,082
    
    
    
    119,456
    
    
    
    35,484
    
    
    
    90,549
    
    
    
    55,667
    
    
    
    10,237
    
    
    
    372,299Dispositions
    
    
    (23,672
    )
    
    
    (1,522
    )
    
    
    
    
    
    
    (12,909
    )
    
    
    
    
    
    
    (3,981
    )
    
    
    
    
    
    
    (42,084
    )December 31, 2004
    
    $
    1,020,714
    
    
    $
    193,784
    
    
    $
    566,194
    
    
    $
    800,611
    
    
    $
    844,161
    
    
    $
    659,775
    
    
    $
    169,304
    
    
    
    4,254,543Accumulated depreciation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (695,410
    )Development in progress
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    81,099Land held for development
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    171,122Other assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    351,473Total assets at December 31, 2004
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    4,162,827
 53




---



##### 



ROLLFORWARD OF OPERATING REAL ESTATE ASSETS BY REPORTABLE SEGMENTDelaware Valley
    
    
    MidwestSoutheastern
    
    
    
    
    
    
    Lehigh
    
    
    
    
    
    
    Mid-
    
    
    
    
    
    
    UnitedPennsylvania
    
    
    Other
    
    
    Valley
    
    
    Other
    
    
    Atlantic
    
    
    Florida
    
    
    Kingdom
    
    
    TotalJanuary 1, 2003
    
    $
    970,506
    
    
    $
    139,061
    
    
    $
    377,931
    
    
    $
    722,663
    
    
    $
    679,009
    
    
    $
    590,037
    
    
    $
    68,942
    
    
    $
    3,548,149Additions
    
    
    62,897
    
    
    
    25,163
    
    
    
    73,914
    
    
    
    55,373
    
    
    
    79,857
    
    
    
    19,412
    
    
    
    90,125
    
    
    
    406,741Dispositions
    
    
    (18,841
    )
    
    
    
    
    
    
    (5,107
    )
    
    
    
    
    
    
    (5,254
    )
    
    
    (1,360
    )
    
    
    
    
    
    
    (30,562
    )December 31, 2003
    
    $
    1,014,562
    
    
    $
    164,224
    
    
    $
    446,738
    
    
    $
    778,036
    
    
    $
    753,612
    
    
    $
    608,089
    
    
    $
    159,067
    
    
    
    3,924,328Accumulated depreciation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (586,736
    )Development in progress
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    56,869Land held for development
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    162,483Other assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    275,609Total assets at December 31, 2003
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    3,832,553
  14.
    SFAS NO. 144, ACCOUNTING FOR THE IMPAIRMENT OR DISPOSAL OF LONG-LIVED ASSETS Discontinued Operations
In accordance with SFAS No. 144 which the Company adopted on January 1, 2002, net income and
gain/(loss) on disposition of real estate for properties sold subsequent to December 31, 2001 are
reflected in the consolidated statements of operations as discontinued operations. The proceeds
from dispositions of Operating Properties were $51.1 million and $40.8 million for the years ended
December 31, 2004 and 2003, respectively. Below is a summary of the results of operations of the
properties disposed of through the respective disposition dates (in thousands): December 31,2004
    
    
    2003
    
    
    2002Revenues
    
    $
    4,778
    
    
    $
    7,549
    
    
    $
    11,405Operating expenses
    
    
    (922
    )
    
    
    (1,770
    )
    
    
    (2,519
    )Interest expense
    
    
    (1,145
    )
    
    
    (1,179
    )
    
    
    (1,892
    )Depreciation and amortization
    
    
    (1,018
    )
    
    
    (1,604
    )
    
    
    (2,272
    )Income before property dispositions and minority interest
    
    $
    1,693
    
    
    $
    2,996
    
    
    $
    4,722
 Sales of land and development properties are reflected as a component of income from
continuing operations. Asset Impairment
In accordance with SFAS No. 144, during the years ended December 31, 2004 and 2002, the Company
recognized impairment losses of $1.4 million and $11.3 million. The 2004 impairment loss of $1.4
million was on a parcel of land in the Midwest region. The 2002 asset impairment included $5.3
million related to three parcels of land and an impairment loss of $6.0 million on assets held for
sale. This loss was subsequently realized later in 2002 upon the disposal of those assets held for
sale. Asset impairments are included in the caption gain (loss) on property dispositions as a
component of income from continuing operations. The Company determined this impairment through a
comparison of the aggregate future undiscounted cash flows to be generated by the properties to the
carrying value of the properties. The Company has evaluated each of the properties and land held
for development and has determined that there are no additional valuation adjustments necessary at
December 31, 2004.  15.
    SUBSEQUENT EVENTS In January 2005, the Company commenced construction of a 1.2 million square foot, $435 million
office tower in Philadelphias central business district. Comcast Corporation has signed a 15 1/2
year lease for 534,000 square feet of space in this office tower (Comcast Center). The Company
has entered into a Guaranteed Maximum Price contract for the construction of the Comcast Center.
Construction costs covered by this contract represent approximately 60% of the estimated $435
million in total development costs. On February 24,
2005, the Company consummated the sale of $300 million principal amount of 5.125% senior unsecured notes due 2015.
The aggregate net proceeds from such issuance were approximately
$296.4 million. The Company used the aggregate net proceeds primarily to pay down outstanding
borrowings under the new $450 million Credit Facility and for general corporate purposes. 54




---



##### 



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2004 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
    
    
    12/31/04
    
    
    12/31/04
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES200 Boulder Drive
    
    Allentown, PA
    
    $
    
    
    
    $
    4,722,683
    
    
    $
    18,922,645
    
    
    $
    276,010
    
    
    $
    4,922,683
    
    
    $
    18,998,654
    
    
    $
    23,921,338
    
    
    $
    120,116
    
    
    
    2004
    
    
    40 yrs.2196 Avenue C
    
    Allentown, PA
    
    
    
    
    
    
    101,159
    
    
    
    
    
    
    
    1,307,320
    
    
    
    107,307
    
    
    
    1,301,172
    
    
    
    1,408,479
    
    
    
    659,197
    
    
    
    1980
    
    
    40 yrs.2202 Hanger Place
    
    Allentown, PA
    
    
    *
    
    
    
    137,439
    
    
    
    
    
    
    
    1,360,830
    
    
    
    138,127
    
    
    
    1,360,141
    
    
    
    1,498,269
    
    
    
    739,281
    
    
    
    1981
    
    
    40 yrs.250 Boulder Drive
    
    Allentown, PA
    
    
    
    
    
    
    2,600,622
    
    
    
    12,099,145
    
    
    
    223,753
    
    
    
    2,800,622
    
    
    
    12,122,898
    
    
    
    14,923,520
    
    
    
    77,168
    
    
    
    2004
    
    
    40 yrs.400 Nestle Way
    
    Allentown, PA
    
    
    24,080,572
    
    
    
    8,065,500
    
    
    
    
    
    
    
    26,595,577
    
    
    
    8,184,096
    
    
    
    26,476,981
    
    
    
    34,661,077
    
    
    
    5,702,269
    
    
    
    1997
    
    
    40 yrs.650 Boulder Drive
    
    Allentown, PA
    
    
    
    
    
    
    5,208,248
    
    
    
    
    
    
    
    19,726,879
    
    
    
    5,242,478
    
    
    
    19,692,649
    
    
    
    24,935,127
    
    
    
    1,098,775
    
    
    
    2002
    
    
    40 yrs.650 Boulder Drive Expansion
    
    Allentown, PA
    
    
    
    
    
    
    2,861,715
    
    
    
    
    
    
    
    10,666,869
    
    
    
    4,719,311
    
    
    
    8,809,273
    
    
    
    13,528,584
    
    
    
    44,864
    
    
    
    2001
    
    
    
    N/A651 Boulder Drive
    
    Allentown, PA
    
    
    
    
    
    
    4,308,646
    
    
    
    
    
    
    
    13,280,682
    
    
    
    4,308,646
    
    
    
    13,280,682
    
    
    
    17,589,328
    
    
    
    1,871,520
    
    
    
    2000
    
    
    40 yrs.6620 Grant Way
    
    Allentown, PA
    
    
    
    
    
    
    430,824
    
    
    
    1,915,923
    
    
    
    41,127
    
    
    
    430,824
    
    
    
    1,957,050
    
    
    
    2,387,874
    
    
    
    371,334
    
    
    
    1989
    
    
    40 yrs.6923 Schantz Spring Road
    
    Allentown, PA
    
    
    *
    
    
    
    1,127,805
    
    
    
    3,309,132
    
    
    
    249,639
    
    
    
    1,127,805
    
    
    
    3,558,771
    
    
    
    4,686,575
    
    
    
    607,069
    
    
    
    1993
    
    
    40 yrs.700 Nestle Way
    
    Allentown, PA
    
    
    
    
    
    
    3,473,120
    
    
    
    
    
    
    
    18,022,644
    
    
    
    4,174,970
    
    
    
    17,320,794
    
    
    
    21,495,764
    
    
    
    2,996,159
    
    
    
    1998
    
    
    40 yrs.705 Boulder Drive
    
    Allentown, PA
    
    
    
    
    
    
    4,484,096
    
    
    
    
    
    
    
    14,852,439
    
    
    
    4,486,836
    
    
    
    14,849,699
    
    
    
    19,336,535
    
    
    
    1,644,689
    
    
    
    2001
    
    
    40 yrs.7132 Daniels Drive
    
    Allentown, PA
    
    
    
    
    
    
    1,623,326
    
    
    
    3,464,626
    
    
    
    4,067,691
    
    
    
    1,695,610
    
    
    
    7,460,032
    
    
    
    9,155,642
    
    
    
    1,183,700
    
    
    
    1988
    
    
    40 yrs.7165 Ambassador Drive
    
    Allentown, PA
    
    
    
    
    
    
    792,999
    
    
    
    
    
    
    
    4,533,868
    
    
    
    804,848
    
    
    
    4,522,019
    
    
    
    5,326,867
    
    
    
    299,306
    
    
    
    2002
    
    
    40 yrs.7248 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    2,670,849
    
    
    
    13,307,408
    
    
    
    1,149,763
    
    
    
    2,670,673
    
    
    
    14,457,346
    
    
    
    17,128,019
    
    
    
    2,967,849
    
    
    
    1988
    
    
    40 yrs.7277 Williams Avenue
    
    Allentown, PA
    
    
    
    
    
    
    462,964
    
    
    
    1,449,009
    
    
    
    310,821
    
    
    
    463,123
    
    
    
    1,759,671
    
    
    
    2,222,794
    
    
    
    383,062
    
    
    
    1989
    
    
    40 yrs.7339 Industrial Boulevard
    
    Allentown, PA
    
    
    *
    
    
    
    1,187,776
    
    
    
    
    
    
    
    5,796,199
    
    
    
    1,197,447
    
    
    
    5,786,528
    
    
    
    6,983,975
    
    
    
    1,369,011
    
    
    
    1996
    
    
    40 yrs.7355 Williams Avenue
    
    Allentown, PA
    
    
    
    
    
    
    489,749
    
    
    
    1,658,091
    
    
    
    299,008
    
    
    
    489,749
    
    
    
    1,957,099
    
    
    
    2,446,848
    
    
    
    349,060
    
    
    
    1998
    
    
    40 yrs.7437 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    717,488
    
    
    
    5,022,413
    
    
    
    1,872,180
    
    
    
    726,651
    
    
    
    6,885,429
    
    
    
    7,612,080
    
    
    
    2,016,002
    
    
    
    1976
    
    
    40 yrs.7562 Penn Drive
    
    Allentown, PA
    
    
    
    
    
    
    269,614
    
    
    
    844,069
    
    
    
    99,364
    
    
    
    269,614
    
    
    
    943,433
    
    
    
    1,213,047
    
    
    
    177,380
    
    
    
    1989
    
    
    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
    
    
    
    1,326,057
    
    
    
    1985
    
    
    40 yrs.8014 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    4,019,258
    
    
    
    
    
    
    
    9,613,969
    
    
    
    3,645,117
    
    
    
    9,988,109
    
    
    
    13,633,226
    
    
    
    1,392,266
    
    
    
    1999
    
    
    40 yrs.8150 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    2,564,167
    
    
    
    
    
    
    
    8,703,838
    
    
    
    2,571,466
    
    
    
    8,696,539
    
    
    
    11,268,005
    
    
    
    770,751
    
    
    
    2002
    
    
    40 yrs.8250 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    1,025,667
    
    
    
    
    
    
    
    5,209,990
    
    
    
    1,035,854
    
    
    
    5,199,803
    
    
    
    6,235,657
    
    
    
    342,314
    
    
    
    2002
    
    
    40 yrs.835 W Hamilton Street
    
    Allentown, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    59,218,520
    
    
    
    1,233,597
    
    
    
    57,984,923
    
    
    
    59,218,520
    
    
    
    2,596,320
    
    
    
    2004
    
    
    40 yrs.9th & Hamilton Street
    
    Allentown, PA
    
    
    
    
    
    
    615,624
    
    
    
    
    
    
    
    (615,624
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    51
    
    
    
    2001
    
    
    40 yrs.2041 Avenue C
    
    Allentown, PA
    
    
    *
    
    
    
    213,599
    
    
    
    1,095,217
    
    
    
    92,109
    
    
    
    213,879
    
    
    
    1,187,046
    
    
    
    1,400,925
    
    
    
    293,724
    
    
    
    1990
    
    
    40 yrs.2201 Hanger Place
    
    Allentown, PA
    
    
    
    
    
    
    128,454
    
    
    
    
    
    
    
    1,627,189
    
    
    
    129,142
    
    
    
    1,626,501
    
    
    
    1,755,643
    
    
    
    790,682
    
    
    
    1987
    
    
    40 yrs.3174 Airport Road
    
    Allentown, PA
    
    
    
    
    
    
    98,986
    
    
    
    
    
    
    
    1,155,913
    
    
    
    98,986
    
    
    
    1,155,913
    
    
    
    1,254,899
    
    
    
    653,595
    
    
    
    1979
    
    
    40 yrs.6330 Hedgewood Drive
    
    Allentown, PA
    
    
    
    
    
    
    531,268
    
    
    
    
    
    
    
    4,880,036
    
    
    
    532,047
    
    
    
    4,879,258
    
    
    
    5,411,304
    
    
    
    2,006,530
    
    
    
    1988
    
    
    40 yrs.6350 Hedgewood Drive
    
    Allentown, PA
    
    
    1,158,301
    
    
    
    360,027
    
    
    
    
    
    
    
    3,438,720
    
    
    
    560,691
    
    
    
    3,238,056
    
    
    
    3,798,747
    
    
    
    1,206,231
    
    
    
    1989
    
    
    40 yrs.6370 Hedgewood Drive
    
    Allentown, PA
    
    
    942,053
    
    
    
    540,795
    
    
    
    
    
    
    
    3,207,708
    
    
    
    541,459
    
    
    
    3,207,045
    
    
    
    3,748,503
    
    
    
    1,143,670
    
    
    
    1990
    
    
    40 yrs.6390 Hedgewood Drive
    
    Allentown, PA
    
    
    
    
    
    
    707,203
    
    
    
    
    
    
    
    2,765,090
    
    
    
    707,867
    
    
    
    2,764,425
    
    
    
    3,472,293
    
    
    
    1,124,118
    
    
    
    1990
    
    
    40 yrs.6520 Stonegate Drive
    
    Allentown, PA
    
    
    
    
    
    
    453,315
    
    
    
    
    
    
    
    1,785,383
    
    
    
    484,361
    
    
    
    1,754,337
    
    
    
    2,238,698
    
    
    
    421,510
    
    
    
    1996
    
    
    40 yrs.6540 Stonegate Drive
    
    Allentown, PA
    
    
    1,458,938
    
    
    
    422,042
    
    
    
    
    
    
    
    3,888,807
    
    
    
    422,730
    
    
    
    3,888,120
    
    
    
    4,310,849
    
    
    
    1,541,701
    
    
    
    1988
    
    
    40 yrs.6560 Stonegate Drive
    
    Allentown, PA
    
    
    *
    
    
    
    458,281
    
    
    
    
    
    
    
    2,411,971
    
    
    
    458,945
    
    
    
    2,411,307
    
    
    
    2,870,252
    
    
    
    921,279
    
    
    
    1989
    
    
    40 yrs.6580 Snowdrift Road
    
    Allentown, PA
    
    
    *
    
    
    
    388,328
    
    
    
    
    
    
    
    3,284,907
    
    
    
    389,081
    
    
    
    3,284,155
    
    
    
    3,673,235
    
    
    
    1,179,835
    
    
    
    1988
    
    
    40 yrs.7144 Daniels Drive
    
    Allentown, PA
    
    
    
    
    
    
    2,390,217
    
    
    
    2,342,761
    
    
    
    3,708,489
    
    
    
    1,579,169
    
    
    
    6,862,298
    
    
    
    8,441,467
    
    
    
    1,508,598
    
    
    
    1975
    
    
    40 yrs.7384 Penn Drive
    
    Allentown, PA
    
    
    *
    
    
    
    651,696
    
    
    
    2,286,518
    
    
    
    505,302
    
    
    
    652,118
    
    
    
    2,791,398
    
    
    
    3,443,516
    
    
    
    795,931
    
    
    
    1988
    
    
    40 yrs.744 Roble Road
    
    Allentown, PA
    
    
    
    
    
    
    159,771
    
    
    
    1,734,229
    
    
    
    251,778
    
    
    
    161,371
    
    
    
    1,984,407
    
    
    
    2,145,778
    
    
    
    563,060
    
    
    
    1986
    
    
    40 yrs.754 Roble Road
    
    Allentown, PA
    
    
    
    
    
    
    162,115
    
    
    
    1,731,885
    
    
    
    185,620
    
    
    
    163,735
    
    
    
    1,915,885
    
    
    
    2,079,620
    
    
    
    550,916
    
    
    
    1986
    
    
    40 yrs.7620 Cetronia Road
    
    Allentown, PA
    
    
    
    
    
    
    1,091,806
    
    
    
    3,851,456
    
    
    
    353,007
    
    
    
    1,093,724
    
    
    
    4,202,545
    
    
    
    5,296,269
    
    
    
    1,153,190
    
    
    
    1990
    
    
    40 yrs.764 Roble Road
    
    Allentown, PA
    
    
    
    
    
    
    141,069
    
    
    
    
    
    
    
    819,455
    
    
    
    141,746
    
    
    
    818,778
    
    
    
    960,524
    
    
    
    385,974
    
    
    
    1985
    
    
    40 yrs.894 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    117,134
    
    
    
    1,048,866
    
    
    
    273,554
    
    
    
    118,304
    
    
    
    1,321,250
    
    
    
    1,439,554
    
    
    
    306,629
    
    
    
    1986
    
    
    40 yrs.939 Marcon Boulevard
    
    Allentown, PA
    
    
    *
    
    
    
    2,220,414
    
    
    
    4,524,393
    
    
    
    858,451
    
    
    
    2,220,548
    
    
    
    5,382,710
    
    
    
    7,603,257
    
    
    
    1,294,584
    
    
    
    1980
    
    
    40 yrs.944 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    118,521
    
    
    
    1,435,479
    
    
    
    416,587
    
    
    
    119,711
    
    
    
    1,850,876
    
    
    
    1,970,587
    
    
    
    500,841
    
    
    
    1986
    
    
    40 yrs.954 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    103,665
    
    
    
    
    
    
    
    1,110,937
    
    
    
    104,453
    
    
    
    1,110,149
    
    
    
    1,214,602
    
    
    
    515,605
    
    
    
    1981
    
    
    40 yrs.964 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    138,816
    
    
    
    
    
    
    
    1,661,439
    
    
    
    139,480
    
    
    
    1,660,775
    
    
    
    1,800,255
    
    
    
    785,893
    
    
    
    1985
    
    
    40 yrs.974 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    143,500
    
    
    
    
    
    
    
    2,408,088
    
    
    
    144,248
    
    
    
    2,407,341
    
    
    
    2,551,588
    
    
    
    980,220
    
    
    
    1987
    
    
    40 yrs.180,190 Cochrane Drive
    
    Annapolis, MD
    
    
    
    
    
    
    3,670,256
    
    
    
    
    
    
    
    20,241,771
    
    
    
    3,752,293
    
    
    
    20,159,734
    
    
    
    23,912,027
    
    
    
    7,067,032
    
    
    
    1988
    
    
    40 yrs.10430 Lakeridge Parkway
    
    Ashland, VA
    
    
    
    
    
    
    421,267
    
    
    
    3,770,870
    
    
    
    202,984
    
    
    
    421,267
    
    
    
    3,973,853
    
    
    
    4,395,120
    
    
    
    689,031
    
    
    
    1989
    
    
    40 yrs.10456 Lakeridge Parkway
    
    Ashland, VA
    
    
    
    
    
    
    409,261
    
    
    
    3,663,754
    
    
    
    266,947
    
    
    
    409,261
    
    
    
    3,930,702
    
    
    
    4,339,963
    
    
    
    732,947
    
    
    
    1991
    
    
    40 yrs.2453 Prospect Street
    
    Aurora, IL
    
    
    
    
    
    
    1,780,395
    
    
    
    6,608,091
    
    
    
    530
    
    
    
    1,780,395
    
    
    
    6,608,621
    
    
    
    8,389,017
    
    
    
    
    
    
    
    2004
    
    
    40 yrs.101121 N Raddant Road
    
    Batavia, IL
    
    
    6,130,347
    
    
    
    986,912
    
    
    
    9,984,405
    
    
    
    46,363
    
    
    
    986,912
    
    
    
    10,030,769
    
    
    
    11,017,681
    
    
    
    334,439
    
    
    
    2003
    
    
    40 yrs.1070 Swanson + 506530 Kingsland
    
    Batavia, IL
    
    
    7,884,881
    
    
    
    1,100,812
    
    
    
    11,135,499
    
    
    
    36,314
    
    
    
    1,100,812
    
    
    
    11,171,813
    
    
    
    12,272,625
    
    
    
    372,563
    
    
    
    2003
    
    
    40 yrs.900 Douglas Road
    
    Batavia, IL
    
    
    
    
    
    
    308,586
    
    
    
    3,116,469
    
    
    
    9,635
    
    
    
    308,586
    
    
    
    3,126,104
    
    
    
    3,434,690
    
    
    
    104,253
    
    
    
    2003
    
    
    40 yrs.4604 Richlynn Drive
    
    Belcamp, MD
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2002
    
    
    40 yrs.4606 Richlynn Drive
    
    Belcamp, MD
    
    
    
    
    
    
    299,600
    
    
    
    1,818,861
    
    
    
    709,477
    
    
    
    299,600
    
    
    
    2,528,339
    
    
    
    2,827,939
    
    
    
    341,178
    
    
    
    1985
    
    
    40 yrs.100 Brodhead Road
    
    Bethlehem, PA
    
    
    *
    
    
    
    429,416
    
    
    
    2,919,588
    
    
    
    586,728
    
    
    
    429,456
    
    
    
    3,506,276
    
    
    
    3,935,732
    
    
    
    785,030
    
    
    
    1990
    
    
    40 yrs.1455 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    670,290
    
    
    
    
    
    
    
    3,721,695
    
    
    
    545,172
    
    
    
    3,846,812
    
    
    
    4,391,985
    
    
    
    1,437,927
    
    
    
    1997
    
    
    40 yrs.1525 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    475,686
    
    
    
    
    
    
    
    7,532,755
    
    
    
    804,104
    
    
    
    7,204,336
    
    
    
    8,008,441
    
    
    
    1,475,075
    
    
    
    1999
    
    
    40 yrs.1605 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    729,751
    
    
    
    
    
    
    
    10,524,023
    
    
    
    1,766,196
    
    
    
    9,487,578
    
    
    
    11,253,774
    
    
    
    703,688
    
    
    
    2000
    
    
    40 yrs.1640 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    359,000
    
    
    
    
    
    
    
    2,412,280
    
    
    
    190,728
    
    
    
    2,580,553
    
    
    
    2,771,280
    
    
    
    930,694
    
    
    
    1996
    
    
    40 yrs.
 55




---



##### 



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2004 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
    
    
    12/31/04
    
    
    12/31/04
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES1650 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    359,000
    
    
    
    
    
    
    
    2,212,500
    
    
    
    188,896
    
    
    
    2,382,604
    
    
    
    2,571,500
    
    
    
    796,686
    
    
    
    1997
    
    
    40 yrs.1655 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    214,431
    
    
    
    
    
    
    
    2,015,920
    
    
    
    215,095
    
    
    
    2,015,256
    
    
    
    2,230,351
    
    
    
    803,847
    
    
    
    1993
    
    
    40 yrs.1660 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    359,000
    
    
    
    
    
    
    
    2,186,050
    
    
    
    188,721
    
    
    
    2,356,329
    
    
    
    2,545,050
    
    
    
    609,377
    
    
    
    1998
    
    
    40 yrs.3400 High Point Boulevard
    
    Bethlehem, PA
    
    
    
    
    
    
    298,227
    
    
    
    
    
    
    
    3,037,834
    
    
    
    662,809
    
    
    
    2,673,252
    
    
    
    3,336,061
    
    
    
    203,498
    
    
    
    2002
    
    
    40 yrs.74 West Broad Street
    
    Bethlehem, PA
    
    
    
    
    
    
    1,096,127
    
    
    
    
    
    
    
    12,814,483
    
    
    
    1,099,079
    
    
    
    12,811,532
    
    
    
    13,910,611
    
    
    
    1,343,733
    
    
    
    2002
    
    
    40 yrs.83 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    143,661
    
    
    
    888,128
    
    
    
    490,007
    
    
    
    212,744
    
    
    
    1,309,052
    
    
    
    1,521,796
    
    
    
    372,086
    
    
    
    1989
    
    
    40 yrs.85 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    236,708
    
    
    
    987,949
    
    
    
    127,491
    
    
    
    237,078
    
    
    
    1,115,070
    
    
    
    1,352,148
    
    
    
    251,516
    
    
    
    1989
    
    
    40 yrs.87 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    253,886
    
    
    
    1,062,881
    
    
    
    186,289
    
    
    
    253,886
    
    
    
    1,249,170
    
    
    
    1,503,056
    
    
    
    293,301
    
    
    
    1989
    
    
    40 yrs.89 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    320,000
    
    
    
    
    
    
    
    1,998,316
    
    
    
    367,706
    
    
    
    1,950,611
    
    
    
    2,318,316
    
    
    
    530,595
    
    
    
    1998
    
    
    40 yrs.95 Highland Avenue
    
    Bethlehem, PA
    
    
    
    
    
    
    430,593
    
    
    
    3,182,080
    
    
    
    1,156,961
    
    
    
    430,593
    
    
    
    4,339,041
    
    
    
    4,769,634
    
    
    
    874,288
    
    
    
    1985
    
    
    40 yrs.1495 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    434,640
    
    
    
    
    
    
    
    3,728,342
    
    
    
    435,303
    
    
    
    3,727,679
    
    
    
    4,162,982
    
    
    
    1,282,567
    
    
    
    1990
    
    
    40 yrs.1510 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    312,209
    
    
    
    
    
    
    
    3,534,401
    
    
    
    312,873
    
    
    
    3,533,737
    
    
    
    3,846,610
    
    
    
    1,437,600
    
    
    
    1988
    
    
    40 yrs.1530 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    211,747
    
    
    
    
    
    
    
    2,848,757
    
    
    
    212,492
    
    
    
    2,848,013
    
    
    
    3,060,504
    
    
    
    1,047,162
    
    
    
    1988
    
    
    40 yrs.1550 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    196,954
    
    
    
    
    
    
    
    3,393,015
    
    
    
    197,700
    
    
    
    3,392,269
    
    
    
    3,589,969
    
    
    
    1,216,439
    
    
    
    1988
    
    
    40 yrs.1560 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    240,069
    
    
    
    
    
    
    
    4,408,846
    
    
    
    240,732
    
    
    
    4,408,183
    
    
    
    4,648,915
    
    
    
    1,673,548
    
    
    
    1988
    
    
    40 yrs.1685 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    244,029
    
    
    
    
    
    
    
    2,255,508
    
    
    
    198,482
    
    
    
    2,301,055
    
    
    
    2,499,537
    
    
    
    641,385
    
    
    
    1996
    
    
    40 yrs.57 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    390,839
    
    
    
    2,701,161
    
    
    
    683,325
    
    
    
    395,459
    
    
    
    3,379,866
    
    
    
    3,775,325
    
    
    
    836,508
    
    
    
    1986
    
    
    40 yrs.10801 Nesbitt Avenue South
    
    Bloomington, MN
    
    
    
    
    
    
    784,577
    
    
    
    
    
    
    
    4,105,182
    
    
    
    786,382
    
    
    
    4,103,377
    
    
    
    4,889,759
    
    
    
    650,057
    
    
    
    2001
    
    
    40 yrs.4801 West 81st Street
    
    Bloomington, MN
    
    
    
    
    
    
    1,624,701
    
    
    
    2,494,368
    
    
    
    626,172
    
    
    
    1,624,701
    
    
    
    3,120,540
    
    
    
    4,745,241
    
    
    
    582,695
    
    
    
    1984
    
    
    40 yrs.5715 Old Shakopee Road West
    
    Bloomington, MN
    
    
    
    
    
    
    1,263,226
    
    
    
    2,360,782
    
    
    
    1,956,058
    
    
    
    1,264,758
    
    
    
    4,315,308
    
    
    
    5,580,067
    
    
    
    374,749
    
    
    
    2002
    
    
    40 yrs.5735 Old Shakopee Road West
    
    Bloomington, MN
    
    
    
    
    
    
    1,263,226
    
    
    
    2,360,782
    
    
    
    1,089,359
    
    
    
    1,264,758
    
    
    
    3,448,609
    
    
    
    4,713,367
    
    
    
    228,557
    
    
    
    2002
    
    
    40 yrs.5775 West Old Shakopee Road
    
    Bloomington, MN
    
    
    
    
    
    
    2,052,018
    
    
    
    3,849,649
    
    
    
    3,288,951
    
    
    
    2,060,644
    
    
    
    7,129,973
    
    
    
    9,190,617
    
    
    
    1,613,318
    
    
    
    2002
    
    
    40 yrs.6161 Green Valley Drive
    
    Bloomington, MN
    
    
    
    
    
    
    740,378
    
    
    
    3,311,602
    
    
    
    735,959
    
    
    
    741,194
    
    
    
    4,046,744
    
    
    
    4,787,938
    
    
    
    538,850
    
    
    
    1992
    
    
    40 yrs.66016625 W. 78th Street
    
    Bloomington, MN
    
    
    
    
    
    
    2,263,060
    
    
    
    
    
    
    
    38,629,236
    
    
    
    2,310,246
    
    
    
    38,582,050
    
    
    
    40,892,296
    
    
    
    5,964,870
    
    
    
    1998
    
    
    40 yrs.8100 Cedar Avenue
    
    Bloomington, MN
    
    
    
    
    
    
    501,313
    
    
    
    3,675,416
    
    
    
    962,824
    
    
    
    501,313
    
    
    
    4,638,240
    
    
    
    5,139,553
    
    
    
    788,721
    
    
    
    1983
    
    
    40 yrs.1701 Clint Moore Boulevard
    
    Boca Raton, FL
    
    
    
    
    
    
    1,430,884
    
    
    
    3,043,553
    
    
    
    626,517
    
    
    
    1,430,937
    
    
    
    3,670,017
    
    
    
    5,100,954
    
    
    
    609,766
    
    
    
    1985
    
    
    40 yrs.1801 Clint Moore Road
    
    Boca Raton, FL
    
    
    
    
    
    
    1,065,068
    
    
    
    4,481,644
    
    
    
    411,610
    
    
    
    1,065,068
    
    
    
    4,893,255
    
    
    
    5,958,323
    
    
    
    901,494
    
    
    
    1986
    
    
    40 yrs.777 Yamato Road
    
    Boca Raton, FL
    
    
    
    
    
    
    4,101,247
    
    
    
    16,077,347
    
    
    
    4,319,114
    
    
    
    4,501,247
    
    
    
    19,996,462
    
    
    
    24,497,709
    
    
    
    3,519,862
    
    
    
    1987
    
    
    40 yrs.951 Broken Sound Parkway
    
    Boca Raton, FL
    
    
    
    
    
    
    1,426,251
    
    
    
    6,098,952
    
    
    
    875,464
    
    
    
    1,426,251
    
    
    
    6,974,415
    
    
    
    8,400,666
    
    
    
    1,453,467
    
    
    
    1986
    
    
    40 yrs.400 Boulder Drive
    
    Breinigsville, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    13,258,403
    
    
    
    2,865,097
    
    
    
    10,393,306
    
    
    
    13,258,403
    
    
    
    108,451
    
    
    
    2003
    
    
    40 yrs.860 Nestle Way
    
    Breinigsville, PA
    
    
    
    
    
    
    8,118,881
    
    
    
    18,885,486
    
    
    
    1,651,456
    
    
    
    8,731,119
    
    
    
    19,924,704
    
    
    
    28,655,822
    
    
    
    
    
    
    
    2004
    
    
    40 yrs.510 Heron Drive
    
    Bridgeport, NJ
    
    
    
    
    
    
    790,335
    
    
    
    7,901,878
    
    
    
    782,719
    
    
    
    790,335
    
    
    
    8,684,597
    
    
    
    9,474,932
    
    
    
    1,527,223
    
    
    
    1990
    
    
    40 yrs.602 Heron Drive
    
    Bridgeport, NJ
    
    
    
    
    
    
    524,728
    
    
    
    2,240,478
    
    
    
    7,650
    
    
    
    524,728
    
    
    
    2,248,128
    
    
    
    2,772,856
    
    
    
    379,178
    
    
    
    1996
    
    
    40 yrs.625 Heron Drive
    
    Bridgeport, NJ
    
    
    
    
    
    
    180,226
    
    
    
    908,953
    
    
    
    62,451
    
    
    
    180,226
    
    
    
    971,405
    
    
    
    1,151,631
    
    
    
    166,141
    
    
    
    1980
    
    
    40 yrs.15800 West Bluemound Road
    
    Brookfield, WI
    
    
    
    
    
    
    1,289,204
    
    
    
    8,128,035
    
    
    
    580,579
    
    
    
    1,306,811
    
    
    
    8,691,007
    
    
    
    9,997,818
    
    
    
    678,158
    
    
    
    1994
    
    
    40 yrs.1662016650 W Bluemound Road
    
    Brookfield, WI
    
    
    
    
    
    
    586,665
    
    
    
    4,289,907
    
    
    
    591,147
    
    
    
    586,665
    
    
    
    4,881,054
    
    
    
    5,467,719
    
    
    
    623,340
    
    
    
    1999
    
    
    40 yrs.245 Executive Drive
    
    Brookfield, WI
    
    
    
    
    
    
    577,067
    
    
    
    5,197,903
    
    
    
    413,890
    
    
    
    577,067
    
    
    
    5,611,793
    
    
    
    6,188,859
    
    
    
    987,200
    
    
    
    1984
    
    
    40 yrs.1485 W. Commerce Avenue
    
    Carlisle, PA
    
    
    
    
    
    
    4,249,868
    
    
    
    13,886,039
    
    
    
    
    
    
    
    4,249,868
    
    
    
    13,886,039
    
    
    
    18,135,907
    
    
    
    
    
    
    
    2004
    
    
    40 yrs.3773 Corporate Parkway
    
    Center Valley, PA
    
    
    
    
    
    
    738,108
    
    
    
    
    
    
    
    7,600,972
    
    
    
    794,874
    
    
    
    7,544,206
    
    
    
    8,339,080
    
    
    
    1,187,018
    
    
    
    2001
    
    
    40 yrs.1309 Executive Boulevard
    
    Cheaspeake, VA
    
    
    
    
    
    
    926,125
    
    
    
    
    
    
    
    5,086,632
    
    
    
    955,374
    
    
    
    5,057,383
    
    
    
    6,012,757
    
    
    
    561,898
    
    
    
    2001
    
    
    40 yrs.1008 Astoria Boulevard
    
    Cherry Hill, NJ
    
    
    
    
    
    
    27,120
    
    
    
    424,880
    
    
    
    497,565
    
    
    
    32,698
    
    
    
    916,866
    
    
    
    949,565
    
    
    
    356,823
    
    
    
    1973
    
    
    40 yrs.1960 Cuthbert Boulevard
    
    Cherry Hill, NJ
    
    
    
    
    
    
    321,699
    
    
    
    1,291,557
    
    
    
    339,101
    
    
    
    321,699
    
    
    
    1,630,658
    
    
    
    1,952,357
    
    
    
    383,412
    
    
    
    1985
    
    
    40 yrs.1970 Cuthbert Boulevard
    
    Cherry Hill, NJ
    
    
    
    
    
    
    321,699
    
    
    
    1,291,558
    
    
    
    103,135
    
    
    
    321,699
    
    
    
    1,394,693
    
    
    
    1,716,392
    
    
    
    231,449
    
    
    
    1985
    
    
    40 yrs.7 Carnegie Plaza
    
    Cherry Hill, NJ
    
    
    
    
    
    
    2,000,000
    
    
    
    3,493,983
    
    
    
    2,254,491
    
    
    
    2,005,475
    
    
    
    5,742,999
    
    
    
    7,748,474
    
    
    
    
    
    
    
    2004
    
    
    40 yrs.1305 Executive Boulevard
    
    Chesapeake, VA
    
    
    
    
    
    
    861,020
    
    
    
    
    
    
    
    4,874,975
    
    
    
    1,129,850
    
    
    
    4,606,144
    
    
    
    5,735,994
    
    
    
    358,733
    
    
    
    2002
    
    
    40 yrs.1313 Executive Boulevard
    
    Chesapeake, VA
    
    
    
    
    
    
    1,180,036
    
    
    
    
    
    
    
    4,629,615
    
    
    
    1,708,050
    
    
    
    4,101,602
    
    
    
    5,809,652
    
    
    
    332,955
    
    
    
    2002
    
    
    40 yrs.500 Independence Parkway
    
    Chesapeake, VA
    
    
    3,890,463
    
    
    
    864,150
    
    
    
    4,427,285
    
    
    
    67,101
    
    
    
    866,609
    
    
    
    4,491,928
    
    
    
    5,358,537
    
    
    
    103,728
    
    
    
    2004
    
    
    40 yrs.700 Independence Parkway
    
    Chesapeake, VA
    
    
    7,204,561
    
    
    
    1,950,375
    
    
    
    8,273,910
    
    
    
    (906,932
    )
    
    
    1,951,135
    
    
    
    7,366,217
    
    
    
    9,317,352
    
    
    
    181,447
    
    
    
    2004
    
    
    40 yrs.500 H P Way
    
    Chester, VA
    
    
    
    
    
    
    142,692
    
    
    
    
    
    
    
    4,647,079
    
    
    
    491,919
    
    
    
    4,297,853
    
    
    
    4,789,771
    
    
    
    766,412
    
    
    
    1997
    
    
    40 yrs.600 H P Way
    
    Chester, VA
    
    
    
    
    
    
    146,126
    
    
    
    
    
    
    
    5,292,678
    
    
    
    501,752
    
    
    
    4,937,053
    
    
    
    5,438,804
    
    
    
    934,792
    
    
    
    1997
    
    
    40 yrs.5950 Symphony Woods Road
    
    Columbia, MD
    
    
    
    
    
    
    1,462,762
    
    
    
    11,310,187
    
    
    
    603,869
    
    
    
    1,467,623
    
    
    
    11,909,195
    
    
    
    13,376,818
    
    
    
    1,039,687
    
    
    
    1986
    
    
    40 yrs.6200 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,729,120
    
    
    
    1,295,000
    
    
    
    3,392,226
    
    
    
    4,687,226
    
    
    
    290,573
    
    
    
    2002
    
    
    40 yrs.6210 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,709,792
    
    
    
    1,295,000
    
    
    
    3,372,898
    
    
    
    4,667,898
    
    
    
    344,868
    
    
    
    2002
    
    
    40 yrs.6250 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,526,011
    
    
    
    1,295,000
    
    
    
    3,189,116
    
    
    
    4,484,116
    
    
    
    373,637
    
    
    
    2002
    
    
    40 yrs.6250 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,780,749
    
    
    
    1,599,259
    
    
    
    3,139,595
    
    
    
    4,738,854
    
    
    
    77,241
    
    
    
    2000
    
    
    40 yrs.717880 Columbia Gateway
    
    Columbia, MD
    
    
    
    
    
    
    1,569,237
    
    
    
    4,786,887
    
    
    
    1,372,616
    
    
    
    1,571,105
    
    
    
    6,157,635
    
    
    
    7,728,740
    
    
    
    1,735,259
    
    
    
    1987
    
    
    40 yrs.89458975 Guilford Road
    
    Columbia, MD
    
    
    
    
    
    
    2,428,795
    
    
    
    7,493,740
    
    
    
    604,899
    
    
    
    2,427,065
    
    
    
    8,100,369
    
    
    
    10,527,434
    
    
    
    1,327,419
    
    
    
    1986
    
    
    40 yrs.9050 Red Branch Road
    
    Columbia, MD
    
    
    
    
    
    
    290,950
    
    
    
    2,577,153
    
    
    
    321,903
    
    
    
    290,950
    
    
    
    2,899,056
    
    
    
    3,190,006
    
    
    
    536,863
    
    
    
    1972
    
    
    40 yrs.9101,9111,9115 Guilford Road
    
    Columbia, MD
    
    
    
    
    
    
    758,951
    
    
    
    
    
    
    
    3,469,320
    
    
    
    765,952
    
    
    
    3,462,318
    
    
    
    4,228,271
    
    
    
    1,723,931
    
    
    
    1984
    
    
    40 yrs.9125,9135,9145 Guilford Road
    
    Columbia, MD
    
    
    
    
    
    
    900,154
    
    
    
    
    
    
    
    5,551,318
    
    
    
    920,439
    
    
    
    5,531,033
    
    
    
    6,451,472
    
    
    
    3,066,833
    
    
    
    1983
    
    
    40 yrs.9770 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    341,663
    
    
    
    3,033,309
    
    
    
    46,093
    
    
    
    341,663
    
    
    
    3,079,402
    
    
    
    3,421,065
    
    
    
    593,519
    
    
    
    1986
    
    
    40 yrs.9780 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    218,542
    
    
    
    1,940,636
    
    
    
    22,651
    
    
    
    218,542
    
    
    
    1,963,287
    
    
    
    2,181,829
    
    
    
    374,128
    
    
    
    1986
    
    
    40 yrs.9790 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    243,791
    
    
    
    2,164,094
    
    
    
    183,044
    
    
    
    243,791
    
    
    
    2,347,138
    
    
    
    2,590,929
    
    
    
    502,406
    
    
    
    1986
    
    
    40 yrs.
 56




---



##### 



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2004 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
    
    
    12/31/04
    
    
    12/31/04
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES9800 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    299,099
    
    
    
    2,654,069
    
    
    
    219,766
    
    
    
    299,099
    
    
    
    2,873,835
    
    
    
    3,172,935
    
    
    
    625,054
    
    
    
    1988
    
    
    40 yrs.9810 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    266,684
    
    
    
    2,366,901
    
    
    
    519,051
    
    
    
    266,684
    
    
    
    2,885,952
    
    
    
    3,152,636
    
    
    
    518,824
    
    
    
    1986
    
    
    40 yrs.9820 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    237,779
    
    
    
    2,110,835
    
    
    
    43,948
    
    
    
    237,779
    
    
    
    2,154,783
    
    
    
    2,392,562
    
    
    
    424,826
    
    
    
    1988
    
    
    40 yrs.9830 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    296,262
    
    
    
    2,628,933
    
    
    
    100,780
    
    
    
    296,262
    
    
    
    2,729,713
    
    
    
    3,025,976
    
    
    
    569,804
    
    
    
    1986
    
    
    40 yrs.5150 International Drive
    
    Cudahy, WI
    
    
    
    
    
    
    739,673
    
    
    
    5,108,025
    
    
    
    260,018
    
    
    
    741,858
    
    
    
    5,365,858
    
    
    
    6,107,716
    
    
    
    85,367
    
    
    
    2003
    
    
    40 yrs.150 Ridgeview Center Drive
    
    Duncan, SC
    
    
    
    
    
    
    711,353
    
    
    
    8,056,324
    
    
    
    883,526
    
    
    
    711,353
    
    
    
    8,939,850
    
    
    
    9,651,203
    
    
    
    2,274,244
    
    
    
    1984
    
    
    40 yrs.170 Ridgeview Drive
    
    Duncan, SC
    
    
    
    
    
    
    224,162
    
    
    
    109,218
    
    
    
    4,907,027
    
    
    
    229,443
    
    
    
    5,010,964
    
    
    
    5,240,407
    
    
    
    428,143
    
    
    
    2001
    
    
    40 yrs.3255 Neil Armstrong Boulevard
    
    Eagan, MN
    
    
    
    
    
    
    1,131,017
    
    
    
    
    
    
    
    3,377,738
    
    
    
    1,131,017
    
    
    
    3,377,738
    
    
    
    4,508,756
    
    
    
    506,856
    
    
    
    1998
    
    
    40 yrs.1030110305 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    120,622
    
    
    
    1,085,226
    
    
    
    101,443
    
    
    
    118,300
    
    
    
    1,188,991
    
    
    
    1,307,291
    
    
    
    238,238
    
    
    
    1984
    
    
    40 yrs.10321 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    145,198
    
    
    
    1,305,700
    
    
    
    354,340
    
    
    
    142,399
    
    
    
    1,662,839
    
    
    
    1,805,238
    
    
    
    322,014
    
    
    
    1984
    
    
    40 yrs.10333 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    110,746
    
    
    
    995,868
    
    
    
    29,522
    
    
    
    108,610
    
    
    
    1,027,526
    
    
    
    1,136,135
    
    
    
    199,446
    
    
    
    1984
    
    
    40 yrs.1034910357 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    275,903
    
    
    
    2,481,666
    
    
    
    271,848
    
    
    
    270,584
    
    
    
    2,758,833
    
    
    
    3,029,417
    
    
    
    536,923
    
    
    
    1985
    
    
    40 yrs.1036510375 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    291,077
    
    
    
    2,618,194
    
    
    
    178,458
    
    
    
    285,464
    
    
    
    2,802,265
    
    
    
    3,087,728
    
    
    
    573,830
    
    
    
    1985
    
    
    40 yrs.1039310394 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    269,618
    
    
    
    2,423,318
    
    
    
    474,529
    
    
    
    264,419
    
    
    
    2,903,046
    
    
    
    3,167,465
    
    
    
    553,238
    
    
    
    1985
    
    
    40 yrs.10400 Viking Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    2,912,391
    
    
    
    
    
    
    
    21,655,471
    
    
    
    2,938,372
    
    
    
    21,629,490
    
    
    
    24,567,862
    
    
    
    4,287,442
    
    
    
    1999
    
    
    40 yrs.63216325 Bury Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    462,876
    
    
    
    4,151,790
    
    
    
    149,600
    
    
    
    462,876
    
    
    
    4,301,391
    
    
    
    4,764,266
    
    
    
    920,910
    
    
    
    1988
    
    
    40 yrs.7078 Shady Oak Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    343,093
    
    
    
    3,085,795
    
    
    
    50,644
    
    
    
    336,481
    
    
    
    3,143,051
    
    
    
    3,479,532
    
    
    
    605,061
    
    
    
    1985
    
    
    40 yrs.71157173 Shady Oak Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    454,974
    
    
    
    4,089,410
    
    
    
    612,550
    
    
    
    454,974
    
    
    
    4,701,960
    
    
    
    5,156,934
    
    
    
    982,662
    
    
    
    1984
    
    
    40 yrs.7400 Flying Cloud Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    195,982
    
    
    
    1,762,027
    
    
    
    136,281
    
    
    
    195,982
    
    
    
    1,898,309
    
    
    
    2,094,290
    
    
    
    349,890
    
    
    
    1987
    
    
    40 yrs.7615 Smetana Lane
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,011,517
    
    
    
    
    
    
    
    8,664,470
    
    
    
    3,000,000
    
    
    
    6,675,988
    
    
    
    9,675,988
    
    
    
    905,199
    
    
    
    2001
    
    
    40 yrs.76607716 Golden Triangle Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    568,706
    
    
    
    5,115,177
    
    
    
    2,033,207
    
    
    
    1,289,215
    
    
    
    6,427,875
    
    
    
    7,717,090
    
    
    
    1,909,099
    
    
    
    1988
    
    
    40 yrs.76957699 Anagram Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    760,525
    
    
    
    3,254,758
    
    
    
    30,297
    
    
    
    760,525
    
    
    
    3,285,054
    
    
    
    4,045,579
    
    
    
    548,888
    
    
    
    1997
    
    
    40 yrs.7777 Golden Triangle Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    993,101
    
    
    
    2,136,862
    
    
    
    876,359
    
    
    
    993,101
    
    
    
    3,013,221
    
    
    
    4,006,322
    
    
    
    347,159
    
    
    
    2000
    
    
    40 yrs.7800 Equitable Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    2,188,525
    
    
    
    3,788,762
    
    
    
    54,051
    
    
    
    2,188,525
    
    
    
    3,842,812
    
    
    
    6,031,337
    
    
    
    620,721
    
    
    
    1993
    
    
    40 yrs.7905 Fuller Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,229,862
    
    
    
    4,075,167
    
    
    
    9,190
    
    
    
    1,230,965
    
    
    
    4,083,254
    
    
    
    5,314,219
    
    
    
    627,768
    
    
    
    1994
    
    
    40 yrs.8855 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,400,925
    
    
    
    
    
    
    
    6,135,076
    
    
    
    2,504,591
    
    
    
    5,031,410
    
    
    
    7,536,001
    
    
    
    66,733
    
    
    
    2000
    
    
    40 yrs.8911 Columbine Road (B2)
    
    Eden Prairie, MN
    
    
    
    
    
    
    916,687
    
    
    
    
    
    
    
    3,608,469
    
    
    
    1,718,407
    
    
    
    2,806,748
    
    
    
    4,525,156
    
    
    
    135,219
    
    
    
    2000
    
    
    40 yrs.8937 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,325,829
    
    
    
    
    
    
    
    4,287,274
    
    
    
    1,739,966
    
    
    
    3,873,137
    
    
    
    5,613,103
    
    
    
    480,294
    
    
    
    2001
    
    
    40 yrs.8967 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,450,000
    
    
    
    
    
    
    
    3,579,107
    
    
    
    1,450,000
    
    
    
    3,579,107
    
    
    
    5,029,107
    
    
    
    500,081
    
    
    
    2000
    
    
    40 yrs.8995 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,087,594
    
    
    
    
    
    
    
    3,664,053
    
    
    
    2,055,296
    
    
    
    2,696,352
    
    
    
    4,751,648
    
    
    
    258,908
    
    
    
    2001
    
    
    40 yrs.9023 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,956,273
    
    
    
    
    
    
    
    4,873,578
    
    
    
    1,956,273
    
    
    
    4,873,578
    
    
    
    6,829,851
    
    
    
    736,047
    
    
    
    1999
    
    
    40 yrs.2644226450 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    237,687
    
    
    
    2,143,478
    
    
    
    115,460
    
    
    
    237,691
    
    
    
    2,258,934
    
    
    
    2,496,625
    
    
    
    404,848
    
    
    
    1988
    
    
    40 yrs.26500 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    311,093
    
    
    
    2,791,804
    
    
    
    263,848
    
    
    
    311,097
    
    
    
    3,055,648
    
    
    
    3,366,745
    
    
    
    541,973
    
    
    
    1986
    
    
    40 yrs.26550 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    368,083
    
    
    
    
    
    
    
    2,603,133
    
    
    
    535,179
    
    
    
    2,436,037
    
    
    
    2,971,216
    
    
    
    533,750
    
    
    
    2000
    
    
    40 yrs.26600 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    455,846
    
    
    
    
    
    
    
    2,856,012
    
    
    
    537,693
    
    
    
    2,774,164
    
    
    
    3,311,858
    
    
    
    564,036
    
    
    
    1999
    
    
    40 yrs.26650 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    173,166
    
    
    
    1,562,704
    
    
    
    107,825
    
    
    
    173,170
    
    
    
    1,670,525
    
    
    
    1,843,695
    
    
    
    291,082
    
    
    
    1988
    
    
    40 yrs.26700 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    253,338
    
    
    
    2,290,696
    
    
    
    52,294
    
    
    
    253,341
    
    
    
    2,342,987
    
    
    
    2,596,328
    
    
    
    418,842
    
    
    
    1986
    
    
    40 yrs.26750 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    292,717
    
    
    
    2,638,688
    
    
    
    210,744
    
    
    
    292,720
    
    
    
    2,849,429
    
    
    
    3,142,149
    
    
    
    608,896
    
    
    
    1988
    
    
    40 yrs.26800 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    175,489
    
    
    
    1,583,362
    
    
    
    214,629
    
    
    
    175,492
    
    
    
    1,797,987
    
    
    
    1,973,480
    
    
    
    372,563
    
    
    
    1986
    
    
    40 yrs.2684226850 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    239,606
    
    
    
    2,160,470
    
    
    
    231,591
    
    
    
    239,609
    
    
    
    2,392,057
    
    
    
    2,631,667
    
    
    
    532,386
    
    
    
    1988
    
    
    40 yrs.27200 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    382,754
    
    
    
    3,425,227
    
    
    
    395,375
    
    
    
    382,754
    
    
    
    3,820,602
    
    
    
    4,203,356
    
    
    
    801,010
    
    
    
    1983
    
    
    40 yrs.27220 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    203,064
    
    
    
    1,802,592
    
    
    
    174,383
    
    
    
    203,064
    
    
    
    1,976,975
    
    
    
    2,180,038
    
    
    
    420,722
    
    
    
    1985
    
    
    40 yrs.27240 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    171,518
    
    
    
    1,518,192
    
    
    
    208,095
    
    
    
    171,518
    
    
    
    1,726,287
    
    
    
    1,897,804
    
    
    
    333,839
    
    
    
    1985
    
    
    40 yrs.27260 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    456,877
    
    
    
    4,091,196
    
    
    
    421,353
    
    
    
    456,877
    
    
    
    4,512,549
    
    
    
    4,969,426
    
    
    
    922,893
    
    
    
    1983
    
    
    40 yrs.27280 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    452,860
    
    
    
    4,055,512
    
    
    
    351,552
    
    
    
    452,860
    
    
    
    4,407,064
    
    
    
    4,859,923
    
    
    
    866,546
    
    
    
    1983
    
    
    40 yrs.27300 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    370,378
    
    
    
    3,311,366
    
    
    
    252,174
    
    
    
    370,378
    
    
    
    3,563,540
    
    
    
    3,933,918
    
    
    
    684,870
    
    
    
    1985
    
    
    40 yrs.32991 Hamilton Court
    
    Farmington Hills, MI
    
    
    
    
    
    
    1,065,392
    
    
    
    3,627,675
    
    
    
    948,571
    
    
    
    1,065,392
    
    
    
    4,576,246
    
    
    
    5,641,638
    
    
    
    352,131
    
    
    
    1989
    
    
    40 yrs.7028 Snowdrift Road
    
    Fogelville, PA
    
    
    
    
    
    
    520,473
    
    
    
    959,279
    
    
    
    260,567
    
    
    
    524,390
    
    
    
    1,215,930
    
    
    
    1,740,319
    
    
    
    160,494
    
    
    
    1982
    
    
    40 yrs.9601 Cosner Drive
    
    Fredericksburg, VA
    
    
    
    
    
    
    475,262
    
    
    
    3,917,234
    
    
    
    213,400
    
    
    
    475,262
    
    
    
    4,130,633
    
    
    
    4,605,895
    
    
    
    964,529
    
    
    
    1995
    
    
    40 yrs.5410  5430 Northwest 33rd Avenue
    
    Ft. Lauderdale, FL
    
    
    
    
    
    
    603,776
    
    
    
    4,176,238
    
    
    
    1,057,562
    
    
    
    625,111
    
    
    
    5,212,466
    
    
    
    5,837,576
    
    
    
    936,964
    
    
    
    1985
    
    
    40 yrs.6500 NW 12th Avenue
    
    Ft. Lauderdale, FL
    
    
    
    
    
    
    7,099
    
    
    
    3,046,309
    
    
    
    212,487
    
    
    
    
    
    
    
    3,265,895
    
    
    
    3,265,895
    
    
    
    656,446
    
    
    
    1989
    
    
    40 yrs.6600 NW 12th Avenue
    
    Ft. Lauderdale, FL
    
    
    
    
    
    
    7,102
    
    
    
    3,047,462
    
    
    
    369,227
    
    
    
    
    
    
    
    3,423,792
    
    
    
    3,423,792
    
    
    
    698,538
    
    
    
    1989
    
    
    40 yrs.4121 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    1,083,006
    
    
    
    6,035,653
    
    
    
    128,237
    
    
    
    1,083,006
    
    
    
    6,163,890
    
    
    
    7,246,896
    
    
    
    53,982
    
    
    
    2004
    
    
    40 yrs.4198 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    670,292
    
    
    
    3,839,245
    
    
    
    928,103
    
    
    
    670,292
    
    
    
    4,767,348
    
    
    
    5,437,640
    
    
    
    951,733
    
    
    
    1984
    
    
    40 yrs.4510 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    1,010,024
    
    
    
    7,151,729
    
    
    
    1,531,997
    
    
    
    1,010,044
    
    
    
    8,683,706
    
    
    
    9,693,750
    
    
    
    1,786,809
    
    
    
    1990
    
    
    40 yrs.4801 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    1,072,896
    
    
    
    
    
    
    
    9,316,161
    
    
    
    1,075,620
    
    
    
    9,313,437
    
    
    
    10,389,057
    
    
    
    1,564,714
    
    
    
    1998
    
    
    40 yrs.4880 Cox Road
    
    Glen Allen, VA
    
    
    *
    
    
    
    743,898
    
    
    
    4,499,807
    
    
    
    1,142,222
    
    
    
    743,898
    
    
    
    5,642,029
    
    
    
    6,385,927
    
    
    
    884,660
    
    
    
    1995
    
    
    40 yrs.5000 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    770,214
    
    
    
    3,685,248
    
    
    
    334,094
    
    
    
    771,029
    
    
    
    4,018,528
    
    
    
    4,789,556
    
    
    
    838,460
    
    
    
    1990
    
    
    40 yrs.5500 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    443,485
    
    
    
    
    
    
    
    2,741,389
    
    
    
    483,263
    
    
    
    2,701,611
    
    
    
    3,184,874
    
    
    
    575,664
    
    
    
    1999
    
    
    40 yrs.101 Centreport Drive
    
    Greensboro, NC
    
    
    
    
    
    
    826,237
    
    
    
    
    
    
    
    7,955,826
    
    
    
    826,237
    
    
    
    7,955,826
    
    
    
    8,782,062
    
    
    
    1,465,284
    
    
    
    1998
    
    
    40 yrs.200 Centreport Drive
    
    Greensboro, NC
    
    
    *
    
    
    
    331,400
    
    
    
    3,768,600
    
    
    
    550,503
    
    
    
    332,017
    
    
    
    4,318,487
    
    
    
    4,650,503
    
    
    
    1,196,605
    
    
    
    1986
    
    
    40 yrs.4300 Federal Drive Expansion
    
    Greensboro, NC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    463,683
    
    
    
    
    
    
    
    463,683
    
    
    
    463,683
    
    
    
    9,189
    
    
    
    2003
    
    
    40 yrs.7736 McCloud Road
    
    Greensboro, NC
    
    
    
    
    
    
    591,795
    
    
    
    5,895,312
    
    
    
    520,914
    
    
    
    591,795
    
    
    
    6,416,226
    
    
    
    7,008,021
    
    
    
    1,130,369
    
    
    
    1986
    
    
    40 yrs.
 57




---



##### 



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2004 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
    
    
    12/31/04
    
    
    12/31/04
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES202 Centreport Drive
    
    Greensboro, NC
    
    
    *
    
    
    
    549,948
    
    
    
    5,360,462
    
    
    
    651,762
    
    
    
    549,679
    
    
    
    6,012,493
    
    
    
    6,562,172
    
    
    
    1,602,252
    
    
    
    1990
    
    
    40 yrs.15 Brendan Way
    
    Greenville, SC
    
    
    
    
    
    
    614,192
    
    
    
    3,012,019
    
    
    
    1,217,386
    
    
    
    614,192
    
    
    
    4,229,405
    
    
    
    4,843,597
    
    
    
    1,120,700
    
    
    
    1988
    
    
    40 yrs.200 Southchase Boulevard
    
    Greenville, SC
    
    
    
    
    
    
    512,911
    
    
    
    
    
    
    
    6,275,730
    
    
    
    515,542
    
    
    
    6,273,098
    
    
    
    6,788,640
    
    
    
    165,953
    
    
    
    2003
    
    
    40 yrs.4 Independence Pointe
    
    Greenville, SC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,509,503
    
    
    
    467,438
    
    
    
    3,042,065
    
    
    
    3,509,503
    
    
    
    318,345
    
    
    
    2002
    
    
    40 yrs.420 Park Avenue
    
    Greenville, SC
    
    
    *
    
    
    
    522,548
    
    
    
    2,730,261
    
    
    
    910,143
    
    
    
    522,548
    
    
    
    3,640,405
    
    
    
    4,162,952
    
    
    
    880,522
    
    
    
    1986
    
    
    40 yrs.5 Independence Pointe
    
    Greenville, SC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,286,404
    
    
    
    467,438
    
    
    
    2,818,966
    
    
    
    3,286,404
    
    
    
    387,116
    
    
    
    2002
    
    
    40 yrs.55 Beattie Place
    
    Greenville, SC
    
    
    
    
    
    
    2,643,105
    
    
    
    23,439,801
    
    
    
    3,612,392
    
    
    
    2,645,238
    
    
    
    27,050,059
    
    
    
    29,695,298
    
    
    
    4,788,760
    
    
    
    1986
    
    
    40 yrs.75 Beattie Place
    
    Greenville, SC
    
    
    *
    
    
    
    2,406,646
    
    
    
    17,400,939
    
    
    
    1,243,269
    
    
    
    2,408,577
    
    
    
    18,642,278
    
    
    
    21,050,854
    
    
    
    3,520,372
    
    
    
    1987
    
    
    40 yrs.979 Batesville Road
    
    Greenville, SC
    
    
    
    
    
    
    1,190,555
    
    
    
    
    
    
    
    5,609,482
    
    
    
    1,190,431
    
    
    
    5,609,606
    
    
    
    6,800,037
    
    
    
    466,747
    
    
    
    2002
    
    
    40 yrs.Independence Lot 6
    
    Greenville, SC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,036,422
    
    
    
    545,698
    
    
    
    2,490,724
    
    
    
    3,036,422
    
    
    
    36,577
    
    
    
    2003
    
    
    40 yrs.One Independence Pointe
    
    Greenville, SC
    
    
    
    
    
    
    780,881
    
    
    
    6,199,230
    
    
    
    5,909,608
    
    
    
    784,617
    
    
    
    12,105,102
    
    
    
    12,889,719
    
    
    
    1,416,117
    
    
    
    1982
    
    
    40 yrs.1 Enterprise Parkway
    
    Hampton, VA
    
    
    
    
    
    
    974,675
    
    
    
    5,579,869
    
    
    
    799,060
    
    
    
    974,675
    
    
    
    6,378,929
    
    
    
    7,353,604
    
    
    
    1,306,059
    
    
    
    1987
    
    
    40 yrs.21 Enterprise Parkway
    
    Hampton, VA
    
    
    454,608
    
    
    
    263,668
    
    
    
    8,167,118
    
    
    
    270,358
    
    
    
    265,719
    
    
    
    8,435,425
    
    
    
    8,701,144
    
    
    
    835,817
    
    
    
    1999
    
    
    40 yrs.22 Enterprise Parkway
    
    Hampton, VA
    
    
    
    
    
    
    1,097,368
    
    
    
    6,760,778
    
    
    
    754,880
    
    
    
    1,097,368
    
    
    
    7,515,658
    
    
    
    8,613,026
    
    
    
    1,556,087
    
    
    
    1990
    
    
    40 yrs.5 Manhattan Square
    
    Hampton, VA
    
    
    
    
    
    
    207,368
    
    
    
    
    
    
    
    1,663,695
    
    
    
    212,694
    
    
    
    1,658,368
    
    
    
    1,871,063
    
    
    
    319,771
    
    
    
    1999
    
    
    40 yrs.521 Butler Farm Road
    
    Hampton, VA
    
    
    
    
    
    
    750,769
    
    
    
    2,911,149
    
    
    
    160,297
    
    
    
    710,486
    
    
    
    3,111,728
    
    
    
    3,822,215
    
    
    
    91,020
    
    
    
    2003
    
    
    40 yrs.7317 Parkway Drive
    
    Hanover, MD
    
    
    
    
    
    
    1,104,359
    
    
    
    1,959,671
    
    
    
    4,319
    
    
    
    1,104,359
    
    
    
    1,963,990
    
    
    
    3,068,349
    
    
    
    298,830
    
    
    
    1983
    
    
    40 yrs.4050 Piedmont Parkway
    
    High Point , NC
    
    
    
    
    
    
    801,902
    
    
    
    
    
    
    
    18,164,067
    
    
    
    2,042,159
    
    
    
    16,923,811
    
    
    
    18,965,969
    
    
    
    2,729,081
    
    
    
    1998
    
    
    40 yrs.4170 Mendenhall Oaks Parkway
    
    High Point , NC
    
    
    
    
    
    
    143,699
    
    
    
    
    
    
    
    2,205,698
    
    
    
    373,502
    
    
    
    1,975,894
    
    
    
    2,349,397
    
    
    
    420,492
    
    
    
    1999
    
    
    40 yrs.4180 Mendenhall Oaks Parkway
    
    High Point , NC
    
    
    
    
    
    
    121,329
    
    
    
    
    
    
    
    1,784,064
    
    
    
    315,614
    
    
    
    1,589,778
    
    
    
    1,905,393
    
    
    
    378,062
    
    
    
    1999
    
    
    40 yrs.1400 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    172,320
    
    
    
    
    
    
    
    6,870,520
    
    
    
    984,672
    
    
    
    6,058,168
    
    
    
    7,042,840
    
    
    
    452,221
    
    
    
    2002
    
    
    40 yrs.2427 Penny Road
    
    High Point, NC
    
    
    
    
    
    
    1,165,664
    
    
    
    
    
    
    
    3,467,001
    
    
    
    655,240
    
    
    
    3,977,424
    
    
    
    4,632,665
    
    
    
    1,383,212
    
    
    
    1990
    
    
    40 yrs.4000 Piedmont Parkway
    
    High Point, NC
    
    
    *
    
    
    
    592,885
    
    
    
    4,825,615
    
    
    
    653,022
    
    
    
    597,368
    
    
    
    5,474,154
    
    
    
    6,071,522
    
    
    
    1,374,243
    
    
    
    1989
    
    
    40 yrs.4020 Meeting Way
    
    High Point, NC
    
    
    
    
    
    
    94,232
    
    
    
    
    
    
    
    1,682,549
    
    
    
    378,101
    
    
    
    1,398,680
    
    
    
    1,776,781
    
    
    
    225,441
    
    
    
    2001
    
    
    40 yrs.4135 Mendenall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    499,500
    
    
    
    
    
    
    
    2,761,520
    
    
    
    500,980
    
    
    
    2,760,040
    
    
    
    3,261,020
    
    
    
    397,107
    
    
    
    2000
    
    
    40 yrs.4160 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    285,882
    
    
    
    
    
    
    
    3,180,422
    
    
    
    545,627
    
    
    
    2,920,677
    
    
    
    3,466,304
    
    
    
    492,153
    
    
    
    1998
    
    
    40 yrs.4183 Eagle Hill Drive
    
    High Point, NC
    
    
    
    
    
    
    122,203
    
    
    
    
    
    
    
    3,742,689
    
    
    
    526,266
    
    
    
    3,338,626
    
    
    
    3,864,892
    
    
    
    733,166
    
    
    
    2001
    
    
    40 yrs.4189 Eagle Hill Drive
    
    High Point, NC
    
    
    
    
    
    
    100,106
    
    
    
    
    
    
    
    3,403,622
    
    
    
    431,106
    
    
    
    3,072,622
    
    
    
    3,503,728
    
    
    
    443,057
    
    
    
    2001
    
    
    40 yrs.4191 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    217,943
    
    
    
    
    
    
    
    3,119,682
    
    
    
    611,166
    
    
    
    2,726,459
    
    
    
    3,337,625
    
    
    
    303,666
    
    
    
    2002
    
    
    40 yrs.4194 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    102,372
    
    
    
    
    
    
    
    2,441,961
    
    
    
    265,991
    
    
    
    2,278,342
    
    
    
    2,544,333
    
    
    
    482,145
    
    
    
    1999
    
    
    40 yrs.4196 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    66,731
    
    
    
    
    
    
    
    2,151,189
    
    
    
    173,889
    
    
    
    2,044,031
    
    
    
    2,217,920
    
    
    
    561,665
    
    
    
    1999
    
    
    40 yrs.4300 Federal Drive
    
    High Point, NC
    
    
    
    
    
    
    264,038
    
    
    
    
    
    
    
    1,626,937
    
    
    
    276,038
    
    
    
    1,614,937
    
    
    
    1,890,975
    
    
    
    253,832
    
    
    
    1998
    
    
    40 yrs.4328, 4336 Federal Drive
    
    High Point, NC
    
    
    5,014,776
    
    
    
    521,122
    
    
    
    
    
    
    
    7,237,290
    
    
    
    825,092
    
    
    
    6,933,319
    
    
    
    7,758,412
    
    
    
    2,728,220
    
    
    
    1995
    
    
    40 yrs.4344 Federal Drive
    
    High Point, NC
    
    
    *
    
    
    
    484,001
    
    
    
    
    
    
    
    2,615,237
    
    
    
    173,623
    
    
    
    2,925,616
    
    
    
    3,099,239
    
    
    
    760,099
    
    
    
    1996
    
    
    40 yrs.4380 Federal Drive
    
    High Point, NC
    
    
    
    
    
    
    282,996
    
    
    
    
    
    
    
    2,209,554
    
    
    
    283,368
    
    
    
    2,209,182
    
    
    
    2,492,550
    
    
    
    591,717
    
    
    
    1997
    
    
    40 yrs.4388 Federal Drive
    
    High Point, NC
    
    
    
    
    
    
    143,661
    
    
    
    
    
    
    
    1,232,395
    
    
    
    132,655
    
    
    
    1,243,401
    
    
    
    1,376,056
    
    
    
    358,727
    
    
    
    1997
    
    
    40 yrs.4500 Green Point Drive
    
    High Point, NC
    
    
    
    
    
    
    230,622
    
    
    
    
    
    
    
    2,323,616
    
    
    
    231,692
    
    
    
    2,322,546
    
    
    
    2,554,238
    
    
    
    922,886
    
    
    
    1989
    
    
    40 yrs.4501 Green Point Drive
    
    High Point, NC
    
    
    
    
    
    
    319,289
    
    
    
    
    
    
    
    2,550,134
    
    
    
    320,450
    
    
    
    2,548,973
    
    
    
    2,869,423
    
    
    
    945,464
    
    
    
    1989
    
    
    40 yrs.4523 Green Point Drive
    
    High Point, NC
    
    
    
    
    
    
    234,564
    
    
    
    
    
    
    
    2,356,430
    
    
    
    235,698
    
    
    
    2,355,296
    
    
    
    2,590,994
    
    
    
    894,082
    
    
    
    1988
    
    
    40 yrs.4524 Green Point Drive
    
    High Point, NC
    
    
    *
    
    
    
    182,810
    
    
    
    
    
    
    
    2,327,356
    
    
    
    183,888
    
    
    
    2,326,278
    
    
    
    2,510,166
    
    
    
    852,493
    
    
    
    1989
    
    
    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
    
    
    
    1,773,317
    
    
    
    1986
    
    
    40 yrs.100 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    38,729
    
    
    
    349,811
    
    
    
    9,589
    
    
    
    38,729
    
    
    
    359,400
    
    
    
    398,129
    
    
    
    63,427
    
    
    
    1975
    
    
    40 yrs.100 Witmer Road
    
    Horsham, PA
    
    
    6,890,578
    
    
    
    3,102,784
    
    
    
    
    
    
    
    11,820,399
    
    
    
    3,764,784
    
    
    
    11,158,399
    
    
    
    14,923,183
    
    
    
    2,275,809
    
    
    
    1996
    
    
    40 yrs.100107 Lakeside Drive
    
    Horsham, PA
    
    
    
    
    
    
    239,528
    
    
    
    2,163,498
    
    
    
    658,886
    
    
    
    255,528
    
    
    
    2,806,384
    
    
    
    3,061,912
    
    
    
    707,601
    
    
    
    1982
    
    
    40 yrs.101 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    651,990
    
    
    
    5,888,989
    
    
    
    1,308,734
    
    
    
    732,552
    
    
    
    7,117,161
    
    
    
    7,849,713
    
    
    
    1,219,791
    
    
    
    1977
    
    
    40 yrs.101111 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    350,561
    
    
    
    3,166,389
    
    
    
    262,861
    
    
    
    452,251
    
    
    
    3,327,560
    
    
    
    3,779,811
    
    
    
    677,637
    
    
    
    1975
    
    
    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
    
    
    
    287,042
    
    
    
    1985
    
    
    40 yrs.103109 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    270,906
    
    
    
    2,448,500
    
    
    
    797,649
    
    
    
    270,906
    
    
    
    3,246,148
    
    
    
    3,517,055
    
    
    
    812,275
    
    
    
    1978
    
    
    40 yrs.104 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    330,111
    
    
    
    2,981,669
    
    
    
    233,299
    
    
    
    330,111
    
    
    
    3,214,968
    
    
    
    3,545,079
    
    
    
    544,638
    
    
    
    1974
    
    
    40 yrs.104 Witmer Road
    
    Horsham, PA
    
    
    *
    
    
    
    1,248,148
    
    
    
    
    
    
    
    1,056,101
    
    
    
    189,793
    
    
    
    2,114,456
    
    
    
    2,304,249
    
    
    
    542,231
    
    
    
    1975
    
    
    40 yrs.110 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    673,041
    
    
    
    5,776,369
    
    
    
    1,962,483
    
    
    
    673,041
    
    
    
    7,738,852
    
    
    
    8,411,893
    
    
    
    1,330,843
    
    
    
    1979
    
    
    40 yrs.111159 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    489,032
    
    
    
    4,126,151
    
    
    
    450,122
    
    
    
    489,032
    
    
    
    4,576,273
    
    
    
    5,065,305
    
    
    
    994,411
    
    
    
    1981
    
    
    40 yrs.111195 Witmer Road
    
    Horsham, PA
    
    
    
    
    
    
    407,005
    
    
    
    3,129,058
    
    
    
    10,058
    
    
    
    378,205
    
    
    
    3,167,917
    
    
    
    3,546,121
    
    
    
    723,756
    
    
    
    1987
    
    
    40 yrs.113123 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    351,072
    
    
    
    3,171,001
    
    
    
    333,995
    
    
    
    451,731
    
    
    
    3,404,336
    
    
    
    3,856,068
    
    
    
    626,433
    
    
    
    1975
    
    
    40 yrs.120 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    533,142
    
    
    
    4,830,515
    
    
    
    568,580
    
    
    
    558,142
    
    
    
    5,374,095
    
    
    
    5,932,237
    
    
    
    1,048,660
    
    
    
    1980
    
    
    40 yrs.123135 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    292,360
    
    
    
    2,411,677
    
    
    
    855,245
    
    
    
    393,019
    
    
    
    3,166,263
    
    
    
    3,559,281
    
    
    
    829,054
    
    
    
    1975
    
    
    40 yrs.132 Welsh Road
    
    Horsham, PA
    
    
    
    
    
    
    1,333,642
    
    
    
    
    
    
    
    4,355,942
    
    
    
    1,408,041
    
    
    
    4,281,542
    
    
    
    5,689,583
    
    
    
    959,303
    
    
    
    1998
    
    
    40 yrs.161175 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    294,673
    
    
    
    2,663,722
    
    
    
    592,942
    
    
    
    294,673
    
    
    
    3,256,664
    
    
    
    3,551,337
    
    
    
    638,696
    
    
    
    1976
    
    
    40 yrs.181187 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    360,549
    
    
    
    3,259,984
    
    
    
    506,596
    
    
    
    360,549
    
    
    
    3,766,580
    
    
    
    4,127,129
    
    
    
    845,064
    
    
    
    1982
    
    
    40 yrs.2 Walnut Grove Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,281,870
    
    
    
    7,767,374
    
    
    
    1,169,325
    
    
    
    1,265,363
    
    
    
    8,953,205
    
    
    
    10,218,569
    
    
    
    2,268,114
    
    
    
    1989
    
    
    40 yrs.200 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    638,513
    
    
    
    5,811,323
    
    
    
    978,029
    
    
    
    638,513
    
    
    
    6,789,351
    
    
    
    7,427,865
    
    
    
    1,682,055
    
    
    
    1990
    
    
    40 yrs.200264 Lakeside Drive
    
    Horsham, PA
    
    
    
    
    
    
    502,705
    
    
    
    4,540,597
    
    
    
    1,099,215
    
    
    
    502,705
    
    
    
    5,639,812
    
    
    
    6,142,517
    
    
    
    1,242,988
    
    
    
    1982
    
    
    40 yrs.201 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    380,127
    
    
    
    3,433,433
    
    
    
    1,957,507
    
    
    
    380,802
    
    
    
    5,390,265
    
    
    
    5,771,067
    
    
    
    839,601
    
    
    
    1983
    
    
    40 yrs.
 58




---



##### 



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2004 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
    
    
    12/31/04
    
    
    12/31/04
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES210223 Witmer Road
    
    Horsham, PA
    
    
    
    
    
    
    270,282
    
    
    
    2,441,276
    
    
    
    1,514,149
    
    
    
    270,282
    
    
    
    3,955,425
    
    
    
    4,225,707
    
    
    
    723,986
    
    
    
    1972
    
    
    40 yrs.220 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    629,944
    
    
    
    5,733,228
    
    
    
    1,076,754
    
    
    
    629,944
    
    
    
    6,809,982
    
    
    
    7,439,926
    
    
    
    1,611,482
    
    
    
    1990
    
    
    40 yrs.231237 Gibraltar Road
    
    Horsham, PA
    
    
    *
    
    
    
    436,952
    
    
    
    3,948,963
    
    
    
    504,112
    
    
    
    436,952
    
    
    
    4,453,075
    
    
    
    4,890,027
    
    
    
    930,394
    
    
    
    1981
    
    
    40 yrs.240 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    629,944
    
    
    
    5,733,234
    
    
    
    1,513,047
    
    
    
    629,944
    
    
    
    7,246,281
    
    
    
    7,876,225
    
    
    
    1,575,248
    
    
    
    1990
    
    
    40 yrs.255 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,086,356
    
    
    
    2,007,214
    
    
    
    89,433
    
    
    
    1,078,769
    
    
    
    2,104,233
    
    
    
    3,183,002
    
    
    
    59,135
    
    
    
    2003
    
    
    40 yrs.261283 Gibraltar Road
    
    Horsham, PA
    
    
    *
    
    
    
    464,871
    
    
    
    3,951,972
    
    
    
    118,797
    
    
    
    464,871
    
    
    
    4,070,769
    
    
    
    4,535,640
    
    
    
    734,722
    
    
    
    1978
    
    
    40 yrs.300 Welsh Road
    
    Horsham, PA
    
    
    
    
    
    
    696,061
    
    
    
    3,339,991
    
    
    
    914,583
    
    
    
    696,061
    
    
    
    4,254,573
    
    
    
    4,950,634
    
    
    
    619,876
    
    
    
    1985
    
    
    40 yrs.300 Welsh Road  Building 3
    
    Horsham, PA
    
    
    
    
    
    
    180,459
    
    
    
    1,441,473
    
    
    
    331,376
    
    
    
    180,459
    
    
    
    1,772,848
    
    
    
    1,953,307
    
    
    
    461,318
    
    
    
    1983
    
    
    40 yrs.300 Welsh Road  Building 4
    
    Horsham, PA
    
    
    
    
    
    
    282,493
    
    
    
    2,256,508
    
    
    
    1,136,873
    
    
    
    282,493
    
    
    
    3,393,381
    
    
    
    3,675,874
    
    
    
    889,085
    
    
    
    1983
    
    
    40 yrs.300309 Lakeside Drive
    
    Horsham, PA
    
    
    
    
    
    
    369,475
    
    
    
    3,338,761
    
    
    
    1,626,247
    
    
    
    376,475
    
    
    
    4,958,008
    
    
    
    5,334,483
    
    
    
    1,333,330
    
    
    
    1982
    
    
    40 yrs.355 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    483,045
    
    
    
    898,798
    
    
    
    94,507
    
    
    
    479,200
    
    
    
    997,151
    
    
    
    1,476,351
    
    
    
    28,330
    
    
    
    2003
    
    
    40 yrs.4 Walnut Grove
    
    Horsham, PA
    
    
    *
    
    
    
    2,515,115
    
    
    
    
    
    
    
    7,329,299
    
    
    
    2,515,115
    
    
    
    7,329,299
    
    
    
    9,844,415
    
    
    
    1,038,462
    
    
    
    1999
    
    
    40 yrs.400445 Lakeside Drive
    
    Horsham, PA
    
    
    
    
    
    
    543,628
    
    
    
    4,910,226
    
    
    
    2,761,305
    
    
    
    583,628
    
    
    
    7,631,532
    
    
    
    8,215,159
    
    
    
    1,613,825
    
    
    
    1981
    
    
    40 yrs.425 Privet Road
    
    Horsham, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2001
    
    
    40 yrs.455 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,351,011
    
    
    
    2,503,449
    
    
    
    603,914
    
    
    
    1,343,370
    
    
    
    3,115,004
    
    
    
    4,458,374
    
    
    
    15,282
    
    
    
    2003
    
    
    40 yrs.5 Walnut Grove Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,065,951
    
    
    
    
    
    
    
    9,671,647
    
    
    
    1,939,712
    
    
    
    8,797,886
    
    
    
    10,737,598
    
    
    
    1,223,678
    
    
    
    2000
    
    
    40 yrs.506 Prudential Road
    
    Horsham, PA
    
    
    
    
    
    
    208,140
    
    
    
    895,470
    
    
    
    652,633
    
    
    
    208,140
    
    
    
    1,548,102
    
    
    
    1,756,243
    
    
    
    276,523
    
    
    
    1973
    
    
    40 yrs.507 Prudential Road Expansion
    
    Horsham, PA
    
    
    
    
    
    
    357,565
    
    
    
    
    
    
    
    2,085,473
    
    
    
    481,436
    
    
    
    1,961,602
    
    
    
    2,443,038
    
    
    
    23,921
    
    
    
    2002
    
    
    40 yrs.555 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    727,420
    
    
    
    1,353,650
    
    
    
    171,448
    
    
    
    723,016
    
    
    
    1,529,503
    
    
    
    2,252,519
    
    
    
    46,864
    
    
    
    2003
    
    
    40 yrs.680 Blair Mill Road
    
    Horsham, PA
    
    
    
    
    
    
    3,527,151
    
    
    
    
    
    
    
    12,038,983
    
    
    
    4,138,577
    
    
    
    11,427,557
    
    
    
    15,566,134
    
    
    
    1,282,740
    
    
    
    2001
    
    
    40 yrs.700 Dresher Road
    
    Horsham, PA
    
    
    
    
    
    
    2,551,777
    
    
    
    3,020,638
    
    
    
    4,375,091
    
    
    
    2,565,140
    
    
    
    7,382,366
    
    
    
    9,947,506
    
    
    
    2,127,544
    
    
    
    1987
    
    
    40 yrs.719 Dresher Road
    
    Horsham, PA
    
    
    *
    
    
    
    493,426
    
    
    
    2,812,067
    
    
    
    244,306
    
    
    
    495,112
    
    
    
    3,054,687
    
    
    
    3,549,799
    
    
    
    517,920
    
    
    
    1987
    
    
    40 yrs.507 Prudential Road
    
    Horsham, PA
    
    
    *
    
    
    
    644,900
    
    
    
    5,804,100
    
    
    
    6,337,783
    
    
    
    652,974
    
    
    
    12,133,809
    
    
    
    12,786,783
    
    
    
    2,556,715
    
    
    
    1988
    
    
    40 yrs.747 Dresher Road
    
    Horsham, PA
    
    
    
    
    
    
    1,607,238
    
    
    
    
    
    
    
    4,769,423
    
    
    
    1,607,977
    
    
    
    4,768,684
    
    
    
    6,376,661
    
    
    
    1,704,486
    
    
    
    1988
    
    
    40 yrs.767 Electronic Drive
    
    Horsham, PA
    
    
    *
    
    
    
    1,229,685
    
    
    
    
    
    
    
    2,773,209
    
    
    
    1,241,970
    
    
    
    2,760,924
    
    
    
    4,002,893
    
    
    
    1,225,807
    
    
    
    1996
    
    
    40 yrs.10735 West Little York Road
    
    Houston, TX
    
    
    
    
    
    
    1,110,988
    
    
    
    6,351,946
    
    
    
    1,657,911
    
    
    
    1,135,483
    
    
    
    7,985,363
    
    
    
    9,120,845
    
    
    
    270,250
    
    
    
    2000
    
    
    40 yrs.10739 West Little York Road
    
    Houston, TX
    
    
    
    
    
    
    797,931
    
    
    
    5,950,894
    
    
    
    389,587
    
    
    
    799,560
    
    
    
    6,338,852
    
    
    
    7,138,412
    
    
    
    365,017
    
    
    
    1999
    
    
    40 yrs.16405 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    438,853
    
    
    
    3,030,396
    
    
    
    267,645
    
    
    
    438,853
    
    
    
    3,298,041
    
    
    
    3,736,894
    
    
    
    609,216
    
    
    
    1997
    
    
    40 yrs.16445 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    363,339
    
    
    
    2,509,186
    
    
    
    437,435
    
    
    
    363,339
    
    
    
    2,946,621
    
    
    
    3,309,960
    
    
    
    658,633
    
    
    
    1997
    
    
    40 yrs.16580 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    289,000
    
    
    
    3,559,857
    
    
    
    258,107
    
    
    
    289,000
    
    
    
    3,817,964
    
    
    
    4,106,965
    
    
    
    535,694
    
    
    
    1997
    
    
    40 yrs.16605 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    298,999
    
    
    
    
    
    
    
    3,770,315
    
    
    
    496,186
    
    
    
    3,573,128
    
    
    
    4,069,314
    
    
    
    470,809
    
    
    
    2002
    
    
    40 yrs.16685 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,912,654
    
    
    
    414,691
    
    
    
    2,497,963
    
    
    
    2,912,654
    
    
    
    28,164
    
    
    
    2004
    
    
    40 yrs.1755 Trans Central Drive
    
    Houston, TX
    
    
    
    
    
    
    293,534
    
    
    
    3,036,269
    
    
    
    164,163
    
    
    
    306,147
    
    
    
    3,187,819
    
    
    
    3,493,966
    
    
    
    378,686
    
    
    
    1999
    
    
    40 yrs.880119 & 882149 Fallbrook Drive
    
    Houston, TX
    
    
    
    
    
    
    2,290,001
    
    
    
    15,297,141
    
    
    
    1,490,460
    
    
    
    2,290,002
    
    
    
    16,787,600
    
    
    
    19,077,602
    
    
    
    686,026
    
    
    
    2000
    
    
    40 yrs.88028824 Fallbrook Drive
    
    Houston, TX
    
    
    
    
    
    
    1,114,406
    
    
    
    6,364,767
    
    
    
    37,730
    
    
    
    1,114,406
    
    
    
    6,402,497
    
    
    
    7,516,903
    
    
    
    
    
    
    
    2004
    
    
    40 yrs.88258839 N Sam Houston Pkwy
    
    Houston, TX
    
    
    
    
    
    
    638,453
    
    
    
    3,258,815
    
    
    
    (33,152
    )
    
    
    638,453
    
    
    
    3,225,662
    
    
    
    3,864,115
    
    
    
    
    
    
    
    2004
    
    
    40 yrs.88508872 Fallbrook Drive
    
    Houston, TX
    
    
    
    
    
    
    504,317
    
    
    
    2,878,351
    
    
    
    (4,747
    )
    
    
    504,317
    
    
    
    2,873,604
    
    
    
    3,377,921
    
    
    
    
    
    
    
    2004
    
    
    40 yrs.10 North Park Drive
    
    Hunt Valley, MD
    
    
    
    
    
    
    2,211,969
    
    
    
    7,816,042
    
    
    
    42,622
    
    
    
    2,211,969
    
    
    
    7,858,663
    
    
    
    10,070,632
    
    
    
    228,775
    
    
    
    2003
    
    
    40 yrs.20 Wright Avenue
    
    Hunt Valley, MD
    
    
    
    
    
    
    1,205,946
    
    
    
    
    
    
    
    9,644,892
    
    
    
    1,861,025
    
    
    
    8,989,813
    
    
    
    10,850,838
    
    
    
    639,358
    
    
    
    2001
    
    
    40 yrs.307 International Circle
    
    Hunt Valley, MD
    
    
    
    
    
    
    3,538,319
    
    
    
    14,190,832
    
    
    
    12,625
    
    
    
    3,538,319
    
    
    
    14,203,457
    
    
    
    17,741,776
    
    
    
    
    
    
    
    2004
    
    
    40 yrs.309 International Circle
    
    Hunt Valley, MD
    
    
    
    
    
    
    613,667
    
    
    
    2,458,204
    
    
    
    1,112
    
    
    
    613,667
    
    
    
    2,459,316
    
    
    
    3,072,983
    
    
    
    
    
    
    
    2004
    
    
    40 yrs.311 International Circle
    
    Hunt Valley, MD
    
    
    
    
    
    
    313,365
    
    
    
    1,281,093
    
    
    
    
    
    
    
    313,365
    
    
    
    1,281,093
    
    
    
    1,594,459
    
    
    
    
    
    
    
    2004
    
    
    40 yrs.4 North Park Drive
    
    Hunt Valley, MD
    
    
    
    
    
    
    3,269,948
    
    
    
    13,551,370
    
    
    
    145,657
    
    
    
    3,269,948
    
    
    
    13,697,028
    
    
    
    16,966,975
    
    
    
    410,089
    
    
    
    2003
    
    
    40 yrs.6 North Park Drive
    
    Hunt Valley, MD
    
    
    
    
    
    
    2,077,949
    
    
    
    8,770,566
    
    
    
    959,120
    
    
    
    2,077,949
    
    
    
    9,729,687
    
    
    
    11,807,636
    
    
    
    332,183
    
    
    
    2003
    
    
    40 yrs.10245 Centurion Parkway North
    
    Jacksonville, FL
    
    
    
    
    
    
    852,644
    
    
    
    3,510,889
    
    
    
    987,552
    
    
    
    853,704
    
    
    
    4,497,381
    
    
    
    5,351,085
    
    
    
    600,982
    
    
    
    1996
    
    
    40 yrs.11777 Central Highway
    
    Jacksonville, FL
    
    
    
    
    
    
    92,207
    
    
    
    429,997
    
    
    
    1,275,050
    
    
    
    140,426
    
    
    
    1,656,828
    
    
    
    1,797,254
    
    
    
    859,265
    
    
    
    1985
    
    
    40 yrs.1200 River Place Blvd.
    
    Jacksonville, FL
    
    
    
    
    
    
    1,028,864
    
    
    
    
    
    
    
    18,970,379
    
    
    
    1,046,629
    
    
    
    18,952,614
    
    
    
    19,999,243
    
    
    
    8,896,128
    
    
    
    1985
    
    
    40 yrs.1300 Riverplace Boulevard
    
    Jacksonville, FL
    
    
    
    
    
    
    1,804,258
    
    
    
    7,755,572
    
    
    
    1,313,000
    
    
    
    1,804,258
    
    
    
    9,068,572
    
    
    
    10,872,829
    
    
    
    1,636,313
    
    
    
    1980
    
    
    40 yrs.4190 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    821,000
    
    
    
    5,866,000
    
    
    
    3,133,146
    
    
    
    827,420
    
    
    
    8,992,726
    
    
    
    9,820,146
    
    
    
    3,105,708
    
    
    
    1986
    
    
    40 yrs.4345 Southpoint Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,792,159
    
    
    
    418,093
    
    
    
    8,374,065
    
    
    
    8,792,159
    
    
    
    1,830,036
    
    
    
    1998
    
    
    40 yrs.4801 Executive Park Court  100
    
    Jacksonville, FL
    
    
    *
    
    
    
    554,993
    
    
    
    2,993,277
    
    
    
    861,429
    
    
    
    554,542
    
    
    
    3,855,157
    
    
    
    4,409,699
    
    
    
    893,740
    
    
    
    1990
    
    
    40 yrs.4801 Executive Park Court  200
    
    Jacksonville, FL
    
    
    *
    
    
    
    370,017
    
    
    
    1,995,518
    
    
    
    209,622
    
    
    
    370,039
    
    
    
    2,205,117
    
    
    
    2,575,157
    
    
    
    391,161
    
    
    
    1990
    
    
    40 yrs.4810 Executive Park Court
    
    Jacksonville, FL
    
    
    *
    
    
    
    369,694
    
    
    
    3,045,639
    
    
    
    419,792
    
    
    
    370,039
    
    
    
    3,465,085
    
    
    
    3,835,125
    
    
    
    592,919
    
    
    
    1990
    
    
    40 yrs.4815 Executive Park Court  100
    
    Jacksonville, FL
    
    
    *
    
    
    
    366,317
    
    
    
    1,975,393
    
    
    
    299,358
    
    
    
    366,339
    
    
    
    2,274,729
    
    
    
    2,641,068
    
    
    
    453,449
    
    
    
    1995
    
    
    40 yrs.4815 Executive Park Court  200
    
    Jacksonville, FL
    
    
    *
    
    
    
    462,522
    
    
    
    2,494,397
    
    
    
    437,761
    
    
    
    462,549
    
    
    
    2,932,130
    
    
    
    3,394,680
    
    
    
    628,646
    
    
    
    1995
    
    
    40 yrs.4820 Executive Park Court
    
    Jacksonville, FL
    
    
    *
    
    
    
    555,173
    
    
    
    2,693,130
    
    
    
    609,892
    
    
    
    555,213
    
    
    
    3,302,982
    
    
    
    3,858,195
    
    
    
    700,674
    
    
    
    1997
    
    
    40 yrs.4825 Executive Park Court
    
    Jacksonville, FL
    
    
    *
    
    
    
    601,278
    
    
    
    3,242,491
    
    
    
    203,497
    
    
    
    601,401
    
    
    
    3,445,865
    
    
    
    4,047,266
    
    
    
    642,593
    
    
    
    1996
    
    
    40 yrs.4887 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    1,299,202
    
    
    
    
    
    
    
    7,742,837
    
    
    
    1,665,915
    
    
    
    7,376,123
    
    
    
    9,042,038
    
    
    
    889,726
    
    
    
    2002
    
    
    40 yrs.4899 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    1,299,201
    
    
    
    
    
    
    
    7,870,616
    
    
    
    1,207,751
    
    
    
    7,962,066
    
    
    
    9,169,817
    
    
    
    1,268,280
    
    
    
    2000
    
    
    40 yrs.4901 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    877,964
    
    
    
    2,360,742
    
    
    
    1,925,157
    
    
    
    877,964
    
    
    
    4,285,899
    
    
    
    5,163,863
    
    
    
    1,404,462
    
    
    
    1986
    
    
    40 yrs.4905 Belfort Street
    
    Jacksonville, FL
    
    
    
    
    
    
    638,154
    
    
    
    
    
    
    
    3,461,526
    
    
    
    641,272
    
    
    
    3,458,408
    
    
    
    4,099,680
    
    
    
    622,655
    
    
    
    2000
    
    
    40 yrs.59415975 Richard Street
    
    Jacksonville, FL
    
    
    
    
    
    
    583,622
    
    
    
    
    
    
    
    1,415,750
    
    
    
    843,900
    
    
    
    1,155,472
    
    
    
    1,999,372
    
    
    
    731,240
    
    
    
    1978
    
    
    40 yrs.59776607 Richard Street
    
    Jacksonville, FL
    
    
    
    
    
    
    180,033
    
    
    
    
    
    
    
    3,249,765
    
    
    
    636,901
    
    
    
    2,792,897
    
    
    
    3,429,798
    
    
    
    1,194,333
    
    
    
    1980
    
    
    40 yrs.
 59




---



##### 



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2004 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
    
    
    12/31/04
    
    
    12/31/04
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES6255 Lake Gray Boulevard
    
    Jacksonville, FL
    
    
    
    
    
    
    813,067
    
    
    
    
    
    
    
    3,747,998
    
    
    
    812,634
    
    
    
    3,748,431
    
    
    
    4,561,065
    
    
    
    1,736,561
    
    
    
    1987
    
    
    40 yrs.6600 Southpoint Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    998,432
    
    
    
    4,055,727
    
    
    
    338,920
    
    
    
    1,002,704
    
    
    
    4,390,375
    
    
    
    5,393,079
    
    
    
    1,155,597
    
    
    
    1986
    
    
    40 yrs.6601 Executive Park Circle North
    
    Jacksonville, FL
    
    
    
    
    
    
    551,250
    
    
    
    3,128,361
    
    
    
    1,130
    
    
    
    551,250
    
    
    
    3,129,491
    
    
    
    3,680,741
    
    
    
    547,447
    
    
    
    1992
    
    
    40 yrs.6602 Executive Park Court  100
    
    Jacksonville, FL
    
    
    *
    
    
    
    388,519
    
    
    
    2,095,293
    
    
    
    143,006
    
    
    
    388,541
    
    
    
    2,238,277
    
    
    
    2,626,818
    
    
    
    520,653
    
    
    
    1993
    
    
    40 yrs.6602 Executive Park Court  200
    
    Jacksonville, FL
    
    
    *
    
    
    
    296,014
    
    
    
    1,596,347
    
    
    
    407,277
    
    
    
    296,032
    
    
    
    2,003,606
    
    
    
    2,299,638
    
    
    
    373,663
    
    
    
    1993
    
    
    40 yrs.6620 Southpoint Drive
    
    Jacksonville, FL
    
    
    
    
    
    
    614,602
    
    
    
    4,267,477
    
    
    
    763,718
    
    
    
    614,602
    
    
    
    5,031,195
    
    
    
    5,645,797
    
    
    
    1,240,915
    
    
    
    1984
    
    
    40 yrs.6631 Executive Park Court  100
    
    Jacksonville, FL
    
    
    *
    
    
    
    251,613
    
    
    
    1,356,849
    
    
    
    488,230
    
    
    
    251,627
    
    
    
    1,845,065
    
    
    
    2,096,692
    
    
    
    384,362
    
    
    
    1994
    
    
    40 yrs.6631 Executive Park Court  200
    
    Jacksonville, FL
    
    
    *
    
    
    
    406,561
    
    
    
    2,195,070
    
    
    
    179,545
    
    
    
    407,043
    
    
    
    2,374,133
    
    
    
    2,781,176
    
    
    
    499,405
    
    
    
    1994
    
    
    40 yrs.6700 Southpoint Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    620,719
    
    
    
    2,989,746
    
    
    
    756,009
    
    
    
    624,215
    
    
    
    3,742,259
    
    
    
    4,366,474
    
    
    
    1,092,981
    
    
    
    1987
    
    
    40 yrs.7014 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    574,198
    
    
    
    
    
    
    
    3,557,523
    
    
    
    780,486
    
    
    
    3,351,236
    
    
    
    4,131,721
    
    
    
    853,074
    
    
    
    1999
    
    
    40 yrs.7016 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    597,181
    
    
    
    
    
    
    
    2,333,385
    
    
    
    602,633
    
    
    
    2,327,934
    
    
    
    2,930,566
    
    
    
    838,177
    
    
    
    1996
    
    
    40 yrs.7018 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    840,996
    
    
    
    
    
    
    
    4,470,231
    
    
    
    846,461
    
    
    
    4,464,766
    
    
    
    5,311,227
    
    
    
    1,499,338
    
    
    
    1997
    
    
    40 yrs.7020 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    *
    
    
    
    398,257
    
    
    
    
    
    
    
    2,741,293
    
    
    
    749,811
    
    
    
    2,389,740
    
    
    
    3,139,550
    
    
    
    755,570
    
    
    
    1996
    
    
    40 yrs.7022 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    *
    
    
    
    706,934
    
    
    
    
    
    
    
    3,454,545
    
    
    
    853,981
    
    
    
    3,307,499
    
    
    
    4,161,479
    
    
    
    1,082,028
    
    
    
    1996
    
    
    40 yrs.7077 Bonneval Road
    
    Jacksonville, FL
    
    
    
    
    
    
    768,000
    
    
    
    5,789,000
    
    
    
    1,867,953
    
    
    
    774,020
    
    
    
    7,650,933
    
    
    
    8,424,953
    
    
    
    2,697,365
    
    
    
    1988
    
    
    40 yrs.7251 Salisbury Road
    
    Jacksonville, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,567,820
    
    
    
    662,559
    
    
    
    2,905,261
    
    
    
    3,567,820
    
    
    
    459,109
    
    
    
    2000
    
    
    40 yrs.7255 Salisbury Road
    
    Jacksonville, FL
    
    
    
    
    
    
    392,060
    
    
    
    
    
    
    
    2,697,600
    
    
    
    680,766
    
    
    
    2,408,894
    
    
    
    3,089,660
    
    
    
    256,769
    
    
    
    2002
    
    
    40 yrs.7898 Baymeadows Way
    
    Jacksonville, FL
    
    
    
    
    
    
    561,802
    
    
    
    
    
    
    
    1,974,646
    
    
    
    568,005
    
    
    
    1,968,443
    
    
    
    2,536,448
    
    
    
    1,067,025
    
    
    
    1978
    
    
    40 yrs.7910 & 7948 Baymeadows Way
    
    Jacksonville, FL
    
    
    
    
    
    
    210,299
    
    
    
    
    
    
    
    2,666,923
    
    
    
    211,449
    
    
    
    2,665,773
    
    
    
    2,877,222
    
    
    
    1,409,621
    
    
    
    1981
    
    
    40 yrs.7954 & 7960 Baymeadows Way
    
    Jacksonville, FL
    
    
    
    
    
    
    291,312
    
    
    
    
    
    
    
    2,946,876
    
    
    
    292,667
    
    
    
    2,945,521
    
    
    
    3,238,188
    
    
    
    1,486,088
    
    
    
    1982
    
    
    40 yrs.7970 Bayberry Road
    
    Jacksonville, FL
    
    
    
    
    
    
    127,520
    
    
    
    
    
    
    
    1,281,661
    
    
    
    129,979
    
    
    
    1,279,203
    
    
    
    1,409,181
    
    
    
    929,225
    
    
    
    1978
    
    
    40 yrs.7980 Bayberry Road
    
    Jacksonville, FL
    
    
    
    
    
    
    330,726
    
    
    
    1,338,101
    
    
    
    32,776
    
    
    
    330,726
    
    
    
    1,370,877
    
    
    
    1,701,603
    
    
    
    255,168
    
    
    
    1978
    
    
    40 yrs.8665,8667,8669 Baypine Road
    
    Jacksonville, FL
    
    
    
    
    
    
    966,552
    
    
    
    
    
    
    
    5,422,579
    
    
    
    974,959
    
    
    
    5,414,172
    
    
    
    6,389,131
    
    
    
    1,830,238
    
    
    
    1987
    
    
    40 yrs.8775 Baypine Road
    
    Jacksonville, FL
    
    
    
    
    
    
    906,804
    
    
    
    
    
    
    
    3,174,420
    
    
    
    913,013
    
    
    
    3,168,211
    
    
    
    4,081,224
    
    
    
    1,309,373
    
    
    
    1989
    
    
    40 yrs.8787 Baypine Road
    
    Jacksonville, FL
    
    
    
    
    
    
    2,076,306
    
    
    
    
    
    
    
    35,426,748
    
    
    
    2,028,593
    
    
    
    35,474,461
    
    
    
    37,503,054
    
    
    
    20,125,257
    
    
    
    1990
    
    
    40 yrs.151 South Warner Road
    
    King of Prussia, PA
    
    
    
    
    
    
    1,218,086
    
    
    
    6,937,866
    
    
    
    380,234
    
    
    
    1,186,972
    
    
    
    7,349,214
    
    
    
    8,536,186
    
    
    
    1,486,581
    
    
    
    1980
    
    
    40 yrs.2100 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    1,110,111
    
    
    
    
    
    
    
    9,382,851
    
    
    
    1,132,519
    
    
    
    9,360,443
    
    
    
    10,492,962
    
    
    
    2,170,180
    
    
    
    1999
    
    
    40 yrs.2201 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    15,548,161
    
    
    
    2,413,514
    
    
    
    13,134,647
    
    
    
    15,548,161
    
    
    
    2,342,074
    
    
    
    2000
    
    
    40 yrs.2300 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    509,580
    
    
    
    
    
    
    
    2,648,280
    
    
    
    574,152
    
    
    
    2,583,707
    
    
    
    3,157,860
    
    
    
    559,667
    
    
    
    1999
    
    
    40 yrs.2301 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    1,645,246
    
    
    
    
    
    
    
    30,034,238
    
    
    
    4,581,649
    
    
    
    27,097,834
    
    
    
    31,679,483
    
    
    
    2,168,732
    
    
    
    2002
    
    
    40 yrs.2500 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    509,580
    
    
    
    
    
    
    
    2,786,056
    
    
    
    592,886
    
    
    
    2,702,749
    
    
    
    3,295,636
    
    
    
    658,360
    
    
    
    1999
    
    
    40 yrs.2520 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    1,020,000
    
    
    
    
    
    
    
    5,004,494
    
    
    
    978,402
    
    
    
    5,046,092
    
    
    
    6,024,494
    
    
    
    1,193,023
    
    
    
    1999
    
    
    40 yrs.2540 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,625,497
    
    
    
    274,341
    
    
    
    1,351,156
    
    
    
    1,625,497
    
    
    
    243,185
    
    
    
    2000
    
    
    40 yrs.2560 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,729,254
    
    
    
    649,792
    
    
    
    3,079,462
    
    
    
    3,729,254
    
    
    
    532,482
    
    
    
    2000
    
    
    40 yrs.2700 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    764,370
    
    
    
    
    
    
    
    3,673,287
    
    
    
    867,815
    
    
    
    3,569,842
    
    
    
    4,437,657
    
    
    
    852,197
    
    
    
    1998
    
    
    40 yrs.2900 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    679,440
    
    
    
    
    
    
    
    3,503,074
    
    
    
    774,096
    
    
    
    3,408,418
    
    
    
    4,182,514
    
    
    
    705,339
    
    
    
    1998
    
    
    40 yrs.3200 Horizon Drive
    
    King of Prussia, PA
    
    
    *
    
    
    
    928,637
    
    
    
    
    
    
    
    6,495,910
    
    
    
    1,210,137
    
    
    
    6,214,410
    
    
    
    7,424,547
    
    
    
    2,052,769
    
    
    
    1996
    
    
    40 yrs.3200 Horizon Drive Expansion
    
    King of Prussia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2001
    
    
    40 yrs.3400 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    776,496
    
    
    
    3,139,068
    
    
    
    973,848
    
    
    
    776,496
    
    
    
    4,112,915
    
    
    
    4,889,411
    
    
    
    910,739
    
    
    
    1995
    
    
    40 yrs.3600 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    236,432
    
    
    
    1,856,252
    
    
    
    15,352
    
    
    
    236,432
    
    
    
    1,871,604
    
    
    
    2,108,035
    
    
    
    332,585
    
    
    
    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
    
    
    
    413,332
    
    
    
    1989
    
    
    40 yrs.3604 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    397,178
    
    
    
    
    
    
    
    1,629,103
    
    
    
    350,874
    
    
    
    1,675,407
    
    
    
    2,026,281
    
    
    
    617,870
    
    
    
    1998
    
    
    40 yrs.3606 Horizon Drive
    
    King of Prussia, PA
    
    
    1,413,163
    
    
    
    789,409
    
    
    
    
    
    
    
    1,940,816
    
    
    
    815,855
    
    
    
    1,914,370
    
    
    
    2,730,225
    
    
    
    607,345
    
    
    
    1997
    
    
    40 yrs.440 East Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    717,001
    
    
    
    4,816,121
    
    
    
    2,643,115
    
    
    
    717,001
    
    
    
    7,459,236
    
    
    
    8,176,237
    
    
    
    2,246,064
    
    
    
    1988
    
    
    40 yrs.460 East Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    705,317
    
    
    
    4,737,487
    
    
    
    1,475,090
    
    
    
    705,317
    
    
    
    6,212,577
    
    
    
    6,917,894
    
    
    
    1,500,286
    
    
    
    1988
    
    
    40 yrs.650 Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    952,911
    
    
    
    6,722,830
    
    
    
    8,760,839
    
    
    
    952,911
    
    
    
    15,483,668
    
    
    
    16,436,579
    
    
    
    4,796,512
    
    
    
    1971
    
    
    40 yrs.680 Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    952,361
    
    
    
    6,722,830
    
    
    
    8,344,031
    
    
    
    952,361
    
    
    
    15,066,861
    
    
    
    16,019,222
    
    
    
    4,831,788
    
    
    
    1971
    
    
    40 yrs.170 South Warner Road
    
    King of Prussia, PA
    
    
    
    
    
    
    547,800
    
    
    
    3,137,400
    
    
    
    2,463,339
    
    
    
    458,232
    
    
    
    5,690,307
    
    
    
    6,148,539
    
    
    
    2,529,674
    
    
    
    1980
    
    
    40 yrs.190 South Warner Road
    
    King of Prussia, PA
    
    
    
    
    
    
    552,200
    
    
    
    3,162,600
    
    
    
    1,727,818
    
    
    
    461,909
    
    
    
    4,980,708
    
    
    
    5,442,618
    
    
    
    1,799,793
    
    
    
    1980
    
    
    40 yrs.3000 Horizon Drive
    
    King of Prussia, PA
    
    
    *
    
    
    
    1,191,449
    
    
    
    
    
    
    
    2,309,358
    
    
    
    946,703
    
    
    
    2,554,103
    
    
    
    3,500,806
    
    
    
    431,980
    
    
    
    1997
    
    
    40 yrs.3100 Horizon Drive
    
    King of Prussia, PA
    
    
    *
    
    
    
    601,956
    
    
    
    
    
    
    
    2,004,237
    
    
    
    611,436
    
    
    
    1,994,758
    
    
    
    2,606,194
    
    
    
    617,458
    
    
    
    1995
    
    
    40 yrs.3300 Horizon Drive
    
    King of Prussia, PA
    
    
    *
    
    
    
    566,403
    
    
    
    
    
    
    
    3,404,307
    
    
    
    687,878
    
    
    
    3,282,831
    
    
    
    3,970,709
    
    
    
    750,478
    
    
    
    1996
    
    
    40 yrs.3500 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    1,204,839
    
    
    
    
    
    
    
    2,630,229
    
    
    
    1,223,875
    
    
    
    2,611,193
    
    
    
    3,835,068
    
    
    
    565,726
    
    
    
    1996
    
    
    40 yrs.2151 Cabot Boulevard
    
    Langhorne, PA
    
    
    
    
    
    
    384,100
    
    
    
    3,456,900
    
    
    
    249,314
    
    
    
    389,990
    
    
    
    3,700,323
    
    
    
    4,090,314
    
    
    
    942,066
    
    
    
    1982
    
    
    40 yrs.800 Town Center Drive
    
    Langhorne, PA
    
    
    
    
    
    
    1,617,150
    
    
    
    
    
    
    
    9,905,285
    
    
    
    1,619,288
    
    
    
    9,903,147
    
    
    
    11,522,435
    
    
    
    4,376,301
    
    
    
    1987
    
    
    40 yrs.1000 East Whitcomb Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    113,512
    
    
    
    1,023,613
    
    
    
    155,242
    
    
    
    113,512
    
    
    
    1,178,855
    
    
    
    1,292,367
    
    
    
    215,314
    
    
    
    1980
    
    
    40 yrs.1000 Tech Row
    
    Madison Heights, MI
    
    
    
    
    
    
    357,897
    
    
    
    2,628,029
    
    
    
    287,131
    
    
    
    357,897
    
    
    
    2,915,160
    
    
    
    3,273,057
    
    
    
    435,908
    
    
    
    1987
    
    
    40 yrs.1201 East Whitcomb Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    302,567
    
    
    
    1,213,232
    
    
    
    26,687
    
    
    
    302,567
    
    
    
    1,239,920
    
    
    
    1,542,487
    
    
    
    218,832
    
    
    
    1980
    
    
    40 yrs.1210 East Whitcomb Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    121,298
    
    
    
    329,051
    
    
    
    27,093
    
    
    
    121,298
    
    
    
    356,145
    
    
    
    477,443
    
    
    
    74,835
    
    
    
    1983
    
    
    40 yrs.1260 Kempar Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    78,720
    
    
    
    385,223
    
    
    
    32,877
    
    
    
    78,720
    
    
    
    418,100
    
    
    
    496,820
    
    
    
    71,161
    
    
    
    1981
    
    
    40 yrs.1280 Kempar Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    142,305
    
    
    
    536,474
    
    
    
    25,150
    
    
    
    142,305
    
    
    
    561,624
    
    
    
    703,929
    
    
    
    89,918
    
    
    
    1983
    
    
    40 yrs.31601 Research Park Drive
    
    Madison Heights, MI
    
    
    
    
    
    
    331,179
    
    
    
    1,879,812
    
    
    
    99,373
    
    
    
    331,179
    
    
    
    1,979,185
    
    
    
    2,310,364
    
    
    
    304,962
    
    
    
    1985
    
    
    40 yrs.31651 Research Park Drive
    
    Madison Heights, MI
    
    
    
    
    
    
    194,012
    
    
    
    1,101,576
    
    
    
    82,919
    
    
    
    194,012
    
    
    
    1,184,495
    
    
    
    1,378,507
    
    
    
    179,033
    
    
    
    1985
    
    
    40 yrs.
 60




---



##### 



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2004 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
    
    
    12/31/04
    
    
    12/31/04
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES31700 Research Park Drive
    
    Madison Heights, MI
    
    
    
    
    
    
    373,202
    
    
    
    1,824,721
    
    
    
    4,635
    
    
    
    373,203
    
    
    
    1,829,355
    
    
    
    2,202,558
    
    
    
    293,427
    
    
    
    1988
    
    
    40 yrs.31701 Research Park Drive
    
    Madison Heights, MI
    
    
    
    
    
    
    185,845
    
    
    
    1,054,681
    
    
    
    126,202
    
    
    
    185,845
    
    
    
    1,180,883
    
    
    
    1,366,728
    
    
    
    196,128
    
    
    
    1985
    
    
    40 yrs.31751 Research Park Drive
    
    Madison Heights, MI
    
    
    
    
    
    
    194,063
    
    
    
    1,300,574
    
    
    
    70,022
    
    
    
    194,063
    
    
    
    1,370,596
    
    
    
    1,564,659
    
    
    
    217,836
    
    
    
    1985
    
    
    40 yrs.31771 Sherman Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    150,944
    
    
    
    645,040
    
    
    
    70,981
    
    
    
    150,944
    
    
    
    716,021
    
    
    
    866,965
    
    
    
    160,597
    
    
    
    1982
    
    
    40 yrs.31791 Sherman Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    105,606
    
    
    
    649,891
    
    
    
    22,803
    
    
    
    105,606
    
    
    
    672,694
    
    
    
    778,300
    
    
    
    111,532
    
    
    
    1983
    
    
    40 yrs.31800 Research Park Drive
    
    Madison Heights, MI
    
    
    
    
    
    
    217,929
    
    
    
    1,601,469
    
    
    
    29,193
    
    
    
    217,929
    
    
    
    1,630,662
    
    
    
    1,848,591
    
    
    
    270,934
    
    
    
    1986
    
    
    40 yrs.31811 Sherman Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    207,599
    
    
    
    1,179,010
    
    
    
    22,874
    
    
    
    207,599
    
    
    
    1,201,884
    
    
    
    1,409,483
    
    
    
    194,871
    
    
    
    1983
    
    
    40 yrs.31831 Sherman Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    158,483
    
    
    
    900,064
    
    
    
    20,678
    
    
    
    158,483
    
    
    
    920,743
    
    
    
    1,079,225
    
    
    
    148,706
    
    
    
    1984
    
    
    40 yrs.31900 Sherman Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    269,293
    
    
    
    1,754,498
    
    
    
    484,562
    
    
    
    269,293
    
    
    
    2,239,060
    
    
    
    2,508,353
    
    
    
    323,559
    
    
    
    1984
    
    
    40 yrs.32661 Edward Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    378,838
    
    
    
    2,330,550
    
    
    
    4,054
    
    
    
    378,838
    
    
    
    2,334,604
    
    
    
    2,713,442
    
    
    
    374,670
    
    
    
    1976
    
    
    40 yrs.32751 Edward Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    151,410
    
    
    
    859,462
    
    
    
    54,559
    
    
    
    151,410
    
    
    
    914,021
    
    
    
    1,065,431
    
    
    
    160,608
    
    
    
    1969
    
    
    40 yrs.32853 Edward Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    138,121
    
    
    
    784,426
    
    
    
    86,427
    
    
    
    138,121
    
    
    
    870,853
    
    
    
    1,008,974
    
    
    
    167,591
    
    
    
    1973
    
    
    40 yrs.555 East Mandoline Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    140,862
    
    
    
    799,993
    
    
    
    81,072
    
    
    
    140,862
    
    
    
    881,065
    
    
    
    1,021,927
    
    
    
    161,302
    
    
    
    1979
    
    
    40 yrs.599 East Mandoline Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    132,164
    
    
    
    646,768
    
    
    
    98,690
    
    
    
    132,164
    
    
    
    745,457
    
    
    
    877,622
    
    
    
    142,108
    
    
    
    1979
    
    
    40 yrs.749 East Mandoline Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    144,658
    
    
    
    708,054
    
    
    
    10,611
    
    
    
    144,658
    
    
    
    718,665
    
    
    
    863,323
    
    
    
    121,533
    
    
    
    1974
    
    
    40 yrs.750 East Mandoline Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    151,458
    
    
    
    741,185
    
    
    
    44,878
    
    
    
    151,458
    
    
    
    786,062
    
    
    
    937,521
    
    
    
    148,202
    
    
    
    1969
    
    
    40 yrs.800 East Whitcomb Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    151,704
    
    
    
    1,294,687
    
    
    
    98,221
    
    
    
    151,704
    
    
    
    1,392,908
    
    
    
    1,544,613
    
    
    
    280,555
    
    
    
    1987
    
    
    40 yrs.800 Tech Row
    
    Madison Heights, MI
    
    
    
    
    
    
    444,977
    
    
    
    2,984,811
    
    
    
    71,648
    
    
    
    444,977
    
    
    
    3,056,459
    
    
    
    3,501,436
    
    
    
    484,914
    
    
    
    1986
    
    
    40 yrs.900 East Mandoline Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    157,729
    
    
    
    771,872
    
    
    
    62,619
    
    
    
    157,729
    
    
    
    834,491
    
    
    
    992,220
    
    
    
    181,106
    
    
    
    1972
    
    
    40 yrs.900 Tech Row
    
    Madison Heights, MI
    
    
    
    
    
    
    155,606
    
    
    
    883,725
    
    
    
    136,165
    
    
    
    155,606
    
    
    
    1,019,890
    
    
    
    1,175,496
    
    
    
    168,049
    
    
    
    1986
    
    
    40 yrs.949 East Mandoline Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    137,049
    
    
    
    778,338
    
    
    
    5,751
    
    
    
    137,049
    
    
    
    784,089
    
    
    
    921,138
    
    
    
    129,910
    
    
    
    1974
    
    
    40 yrs.950 East Whitcomb Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    113,630
    
    
    
    2,162,302
    
    
    
    301,082
    
    
    
    113,630
    
    
    
    2,463,384
    
    
    
    2,577,014
    
    
    
    409,467
    
    
    
    1988
    
    
    40 yrs.1901 Summit Tower Boulevard
    
    Maitland, FL
    
    
    
    
    
    
    6,078,791
    
    
    
    12,348,567
    
    
    
    347,974
    
    
    
    6,083,206
    
    
    
    12,692,127
    
    
    
    18,775,333
    
    
    
    2,085,528
    
    
    
    1998
    
    
    40 yrs.1 Country View Road
    
    Malvern, PA
    
    
    
    
    
    
    400,000
    
    
    
    3,600,000
    
    
    
    475,810
    
    
    
    406,421
    
    
    
    4,069,390
    
    
    
    4,475,810
    
    
    
    1,050,881
    
    
    
    1982
    
    
    40 yrs.1 Great Valley Parkway
    
    Malvern, PA
    
    
    4,661,040
    
    
    
    419,460
    
    
    
    3,792,570
    
    
    
    333,900
    
    
    
    419,460
    
    
    
    4,126,469
    
    
    
    4,545,930
    
    
    
    855,192
    
    
    
    1982
    
    
    40 yrs.10 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    823,540
    
    
    
    1,341,376
    
    
    
    44,588
    
    
    
    832,244
    
    
    
    1,377,260
    
    
    
    2,209,504
    
    
    
    42,723
    
    
    
    2003
    
    
    40 yrs.100 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    1,320,625
    
    
    
    
    
    
    
    6,905,474
    
    
    
    1,349,954
    
    
    
    6,876,145
    
    
    
    8,226,099
    
    
    
    1,734,488
    
    
    
    1998
    
    
    40 yrs.1001 Cedar Hollow Road
    
    Malvern, PA
    
    
    
    
    
    
    1,436,814
    
    
    
    
    
    
    
    16,047,698
    
    
    
    1,646,984
    
    
    
    15,837,528
    
    
    
    17,484,512
    
    
    
    3,791,735
    
    
    
    1998
    
    
    40 yrs.11 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    496,297
    
    
    
    
    
    
    
    3,226,924
    
    
    
    708,331
    
    
    
    3,014,890
    
    
    
    3,723,221
    
    
    
    463,231
    
    
    
    2001
    
    
    40 yrs.11,15 Great Valley Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    1,837,050
    
    
    
    
    
    
    
    15,005,064
    
    
    
    1,837,878
    
    
    
    15,004,237
    
    
    
    16,842,114
    
    
    
    9,414,899
    
    
    
    1986
    
    
    40 yrs.18 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    394,036
    
    
    
    3,976,221
    
    
    
    100,474
    
    
    
    398,228
    
    
    
    4,072,504
    
    
    
    4,470,731
    
    
    
    609,701
    
    
    
    1980
    
    
    40 yrs.200 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    495,893
    
    
    
    2,739,093
    
    
    
    361,065
    
    
    
    544,649
    
    
    
    3,051,402
    
    
    
    3,596,051
    
    
    
    1,757,754
    
    
    
    1989
    
    
    40 yrs.2743 Great Valley Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    448,775
    
    
    
    
    
    
    
    2,201,413
    
    
    
    449,447
    
    
    
    2,200,741
    
    
    
    2,650,188
    
    
    
    1,401,910
    
    
    
    1977
    
    
    40 yrs.3 Country View Road
    
    Malvern, PA
    
    
    
    
    
    
    814,278
    
    
    
    
    
    
    
    4,946,433
    
    
    
    1,128,881
    
    
    
    4,631,830
    
    
    
    5,760,711
    
    
    
    752,802
    
    
    
    1998
    
    
    40 yrs.375 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    191,114
    
    
    
    
    
    
    
    1,958,524
    
    
    
    234,922
    
    
    
    1,914,715
    
    
    
    2,149,638
    
    
    
    536,083
    
    
    
    1998
    
    
    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
    
    
    
    3,997,558
    
    
    
    1989
    
    
    40 yrs.425 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    191,114
    
    
    
    
    
    
    
    1,843,025
    
    
    
    321,473
    
    
    
    1,712,666
    
    
    
    2,034,139
    
    
    
    563,372
    
    
    
    1998
    
    
    40 yrs.45 Liberty Boulevard
    
    Malvern, PA
    
    
    
    
    
    
    4,380,221
    
    
    
    
    
    
    
    15,313,598
    
    
    
    4,749,748
    
    
    
    14,944,071
    
    
    
    19,693,819
    
    
    
    3,260,260
    
    
    
    1999
    
    
    40 yrs.4567 Great Valley Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    795,143
    
    
    
    
    
    
    
    3,160,608
    
    
    
    795,831
    
    
    
    3,159,920
    
    
    
    3,955,751
    
    
    
    1,904,341
    
    
    
    1974
    
    
    40 yrs.5 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    684,200
    
    
    
    6,181,661
    
    
    
    976,085
    
    
    
    684,200
    
    
    
    7,157,746
    
    
    
    7,841,945
    
    
    
    1,366,951
    
    
    
    1983
    
    
    40 yrs.50 Morehall Road
    
    Malvern, PA
    
    
    
    
    
    
    849,576
    
    
    
    
    
    
    
    13,043,717
    
    
    
    1,337,076
    
    
    
    12,556,217
    
    
    
    13,893,293
    
    
    
    3,419,091
    
    
    
    1997
    
    
    40 yrs.600 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    2,013,750
    
    
    
    
    
    
    
    8,135,324
    
    
    
    2,050,555
    
    
    
    8,098,519
    
    
    
    10,149,074
    
    
    
    1,745,082
    
    
    
    1999
    
    
    40 yrs.700 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    2,013,750
    
    
    
    
    
    
    
    8,096,150
    
    
    
    2,037,813
    
    
    
    8,072,087
    
    
    
    10,109,900
    
    
    
    1,730,944
    
    
    
    1999
    
    
    40 yrs.10 Valley Stream Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    509,075
    
    
    
    
    
    
    
    3,047,900
    
    
    
    509,899
    
    
    
    3,047,076
    
    
    
    3,556,975
    
    
    
    1,523,724
    
    
    
    1984
    
    
    40 yrs.10, 20 Liberty Boulevard
    
    Malvern, PA
    
    
    
    
    
    
    724,058
    
    
    
    
    
    
    
    5,656,312
    
    
    
    724,846
    
    
    
    5,655,525
    
    
    
    6,380,370
    
    
    
    2,061,638
    
    
    
    1985
    
    
    40 yrs.12,14,16 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    130,689
    
    
    
    
    
    
    
    1,500,199
    
    
    
    128,767
    
    
    
    1,502,121
    
    
    
    1,630,888
    
    
    
    741,879
    
    
    
    1982
    
    
    40 yrs.14 Lee Boulevard
    
    Malvern, PA
    
    
    *
    
    
    
    664,282
    
    
    
    
    
    
    
    5,728,005
    
    
    
    643,892
    
    
    
    5,748,395
    
    
    
    6,392,287
    
    
    
    2,214,308
    
    
    
    1988
    
    
    40 yrs.155 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    625,147
    
    
    
    
    
    
    
    2,627,280
    
    
    
    626,068
    
    
    
    2,626,359
    
    
    
    3,252,427
    
    
    
    1,328,526
    
    
    
    1981
    
    
    40 yrs.20 Valley Stream Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    465,539
    
    
    
    
    
    
    
    5,537,819
    
    
    
    466,413
    
    
    
    5,536,945
    
    
    
    6,003,358
    
    
    
    2,434,289
    
    
    
    1987
    
    
    40 yrs.205 Great Valley Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    1,368,259
    
    
    
    
    
    
    
    10,469,948
    
    
    
    1,369,003
    
    
    
    10,469,204
    
    
    
    11,838,207
    
    
    
    5,872,631
    
    
    
    1981
    
    
    40 yrs.256 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    161,098
    
    
    
    
    
    
    
    1,785,717
    
    
    
    161,949
    
    
    
    1,784,866
    
    
    
    1,946,815
    
    
    
    1,056,722
    
    
    
    1980
    
    
    40 yrs.257275 Great Valley Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    504,611
    
    
    
    
    
    
    
    4,802,370
    
    
    
    505,458
    
    
    
    4,801,523
    
    
    
    5,306,981
    
    
    
    2,568,209
    
    
    
    1983
    
    
    40 yrs.277293 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    530,729
    
    
    
    
    
    
    
    2,215,212
    
    
    
    531,534
    
    
    
    2,214,406
    
    
    
    2,745,941
    
    
    
    1,142,682
    
    
    
    1984
    
    
    40 yrs.30 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    128,126
    
    
    
    
    
    
    
    385,634
    
    
    
    128,783
    
    
    
    384,977
    
    
    
    513,760
    
    
    
    281,410
    
    
    
    1975
    
    
    40 yrs.300 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    368,626
    
    
    
    
    
    
    
    1,344,816
    
    
    
    374,497
    
    
    
    1,338,945
    
    
    
    1,713,442
    
    
    
    619,875
    
    
    
    1985
    
    
    40 yrs.300400 Chesterfield Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    937,212
    
    
    
    
    
    
    
    5,204,223
    
    
    
    937,942
    
    
    
    5,203,493
    
    
    
    6,141,435
    
    
    
    2,174,175
    
    
    
    1988
    
    
    40 yrs.311 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    397,131
    
    
    
    
    
    
    
    2,488,292
    
    
    
    397,948
    
    
    
    2,487,475
    
    
    
    2,885,423
    
    
    
    1,209,194
    
    
    
    1984
    
    
    40 yrs.325 Technology Drive
    
    Malvern, PA
    
    
    *
    
    
    
    376,444
    
    
    
    
    
    
    
    1,994,710
    
    
    
    385,693
    
    
    
    1,985,461
    
    
    
    2,371,154
    
    
    
    1,028,956
    
    
    
    1984
    
    
    40 yrs.333 Phoenixville Pike
    
    Malvern, PA
    
    
    
    
    
    
    523,530
    
    
    
    
    
    
    
    2,917,373
    
    
    
    524,230
    
    
    
    2,916,673
    
    
    
    3,440,903
    
    
    
    1,423,764
    
    
    
    1985
    
    
    40 yrs.333 Technology Drive
    
    Malvern, PA
    
    
    *
    
    
    
    157,249
    
    
    
    
    
    
    
    3,321,853
    
    
    
    158,077
    
    
    
    3,321,025
    
    
    
    3,479,102
    
    
    
    1,532,354
    
    
    
    1987
    
    
    40 yrs.40 Valley Stream Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    322,918
    
    
    
    
    
    
    
    2,321,655
    
    
    
    325,775
    
    
    
    2,318,798
    
    
    
    2,644,573
    
    
    
    1,005,848
    
    
    
    1987
    
    
    40 yrs.420 Lapp Road
    
    Malvern, PA
    
    
    *
    
    
    
    1,054,418
    
    
    
    
    
    
    
    6,994,972
    
    
    
    1,055,243
    
    
    
    6,994,147
    
    
    
    8,049,390
    
    
    
    2,555,880
    
    
    
    1989
    
    
    40 yrs.5 Country View Road
    
    Malvern, PA
    
    
    *
    
    
    
    785,168
    
    
    
    4,678,632
    
    
    
    808,966
    
    
    
    786,235
    
    
    
    5,486,531
    
    
    
    6,272,766
    
    
    
    1,449,943
    
    
    
    1985
    
    
    40 yrs.
 61




---



##### 



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2004 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
    
    
    12/31/04
    
    
    12/31/04
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES50 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    323,971
    
    
    
    
    
    
    
    2,256,470
    
    
    
    323,792
    
    
    
    2,256,649
    
    
    
    2,580,441
    
    
    
    995,386
    
    
    
    1987
    
    
    40 yrs.500 Chesterfield Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    472,364
    
    
    
    
    
    
    
    3,209,021
    
    
    
    473,139
    
    
    
    3,208,246
    
    
    
    3,681,385
    
    
    
    1,515,636
    
    
    
    1988
    
    
    40 yrs.508 Lapp Road
    
    Malvern, PA
    
    
    *
    
    
    
    331,392
    
    
    
    
    
    
    
    2,033,164
    
    
    
    332,216
    
    
    
    2,032,340
    
    
    
    2,364,556
    
    
    
    988,765
    
    
    
    1984
    
    
    40 yrs.510 Lapp Road
    
    Malvern, PA
    
    
    *
    
    
    
    356,950
    
    
    
    
    
    
    
    926,587
    
    
    
    357,751
    
    
    
    925,786
    
    
    
    1,283,537
    
    
    
    509,906
    
    
    
    1983
    
    
    40 yrs.55 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    215,005
    
    
    
    
    
    
    
    3,576,854
    
    
    
    215,818
    
    
    
    3,576,041
    
    
    
    3,791,859
    
    
    
    1,697,781
    
    
    
    1983
    
    
    40 yrs.60 Morehall Road
    
    Malvern, PA
    
    
    
    
    
    
    865,424
    
    
    
    9,285,000
    
    
    
    4,971,671
    
    
    
    884,974
    
    
    
    14,237,121
    
    
    
    15,122,095
    
    
    
    5,102,831
    
    
    
    1989
    
    
    40 yrs.65 Valley Stream Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    381,544
    
    
    
    
    
    
    
    6,853,710
    
    
    
    382,361
    
    
    
    6,852,894
    
    
    
    7,235,254
    
    
    
    2,986,826
    
    
    
    1983
    
    
    40 yrs.7 Great Valley Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    176,435
    
    
    
    
    
    
    
    4,875,120
    
    
    
    177,317
    
    
    
    4,874,239
    
    
    
    5,051,555
    
    
    
    2,401,213
    
    
    
    1985
    
    
    40 yrs.75 Great Valley Parkway
    
    Malvern, PA
    
    
    436,318
    
    
    
    143,074
    
    
    
    
    
    
    
    767,354
    
    
    
    143,811
    
    
    
    766,617
    
    
    
    910,428
    
    
    
    427,407
    
    
    
    1977
    
    
    40 yrs.77123 Great Valley Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    887,664
    
    
    
    
    
    
    
    5,360,588
    
    
    
    888,359
    
    
    
    5,359,893
    
    
    
    6,248,252
    
    
    
    2,975,191
    
    
    
    1978
    
    
    40 yrs.7550 Meridian Circle
    
    Maple Grove, MN
    
    
    
    
    
    
    513,250
    
    
    
    2,901,906
    
    
    
    65,732
    
    
    
    513,250
    
    
    
    2,967,638
    
    
    
    3,480,888
    
    
    
    500,030
    
    
    
    1989
    
    
    40 yrs.10 Stow Road
    
    Marlton, NJ
    
    
    
    
    
    
    147,000
    
    
    
    1,451,536
    
    
    
    526,803
    
    
    
    147,318
    
    
    
    1,978,021
    
    
    
    2,125,339
    
    
    
    772,028
    
    
    
    1988
    
    
    40 yrs.12 Stow Road
    
    Marlton, NJ
    
    
    
    
    
    
    103,300
    
    
    
    1,021,036
    
    
    
    320,177
    
    
    
    103,618
    
    
    
    1,340,895
    
    
    
    1,444,513
    
    
    
    500,981
    
    
    
    1988
    
    
    40 yrs.14 Stow Road
    
    Marlton, NJ
    
    
    
    
    
    
    93,100
    
    
    
    920,336
    
    
    
    410,656
    
    
    
    93,418
    
    
    
    1,330,675
    
    
    
    1,424,092
    
    
    
    472,732
    
    
    
    1988
    
    
    40 yrs.301 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    1,069,837
    
    
    
    4,780,163
    
    
    
    1,264,020
    
    
    
    1,069,838
    
    
    
    6,044,183
    
    
    
    7,114,020
    
    
    
    1,602,263
    
    
    
    1988
    
    
    40 yrs.303 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    1,069,837
    
    
    
    4,780,163
    
    
    
    1,757,697
    
    
    
    1,069,838
    
    
    
    6,537,859
    
    
    
    7,607,697
    
    
    
    1,741,426
    
    
    
    1988
    
    
    40 yrs.400 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    69,402
    
    
    
    
    
    
    
    3,651,045
    
    
    
    317,799
    
    
    
    3,402,648
    
    
    
    3,720,447
    
    
    
    609,358
    
    
    
    1999
    
    
    40 yrs.402 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    131,896
    
    
    
    
    
    
    
    1,721,965
    
    
    
    131,896
    
    
    
    1,721,965
    
    
    
    1,853,861
    
    
    
    477,840
    
    
    
    1997
    
    
    40 yrs.404 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    131,896
    
    
    
    
    
    
    
    1,650,431
    
    
    
    131,896
    
    
    
    1,650,431
    
    
    
    1,782,327
    
    
    
    518,954
    
    
    
    1997
    
    
    40 yrs.406 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    321,455
    
    
    
    1,539,871
    
    
    
    836,961
    
    
    
    327,554
    
    
    
    2,370,733
    
    
    
    2,698,287
    
    
    
    835,478
    
    
    
    1990
    
    
    40 yrs.701A Route 73 South
    
    Marlton, NJ
    
    
    
    
    
    
    264,387
    
    
    
    3,772,000
    
    
    
    2,888,090
    
    
    
    271,743
    
    
    
    6,652,734
    
    
    
    6,924,477
    
    
    
    2,741,701
    
    
    
    1987
    
    
    40 yrs.701C Route 73 South
    
    Marlton, NJ
    
    
    
    
    
    
    84,949
    
    
    
    1,328,000
    
    
    
    383,325
    
    
    
    96,161
    
    
    
    1,700,113
    
    
    
    1,796,274
    
    
    
    573,032
    
    
    
    1987
    
    
    40 yrs.8 Stow Road
    
    Marlton, NJ
    
    
    
    
    
    
    172,600
    
    
    
    1,704,436
    
    
    
    139,565
    
    
    
    172,945
    
    
    
    1,843,657
    
    
    
    2,016,602
    
    
    
    553,447
    
    
    
    1988
    
    
    40 yrs.9 Stow Road
    
    Marlton, NJ
    
    
    
    
    
    
    652,642
    
    
    
    1,765,065
    
    
    
    709,699
    
    
    
    654,779
    
    
    
    2,472,628
    
    
    
    3,127,407
    
    
    
    536,861
    
    
    
    1989
    
    
    40 yrs.901 Route 73
    
    Marlton, NJ
    
    
    
    
    
    
    334,411
    
    
    
    2,733,314
    
    
    
    828,249
    
    
    
    334,411
    
    
    
    3,561,563
    
    
    
    3,895,974
    
    
    
    760,099
    
    
    
    1985
    
    
    40 yrs.10855 West Park Place
    
    Milwaukee, WI
    
    
    
    
    
    
    122,894
    
    
    
    
    
    
    
    2,736,697
    
    
    
    424,710
    
    
    
    2,434,880
    
    
    
    2,859,590
    
    
    
    215,537
    
    
    
    2002
    
    
    40 yrs.11100 West Liberty Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    1,800,000
    
    
    
    
    
    
    
    7,180,428
    
    
    
    1,800,000
    
    
    
    7,180,428
    
    
    
    8,980,428
    
    
    
    241,127
    
    
    
    2003
    
    
    40 yrs.11301 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    614,477
    
    
    
    2,626,456
    
    
    
    101,328
    
    
    
    619,465
    
    
    
    2,722,797
    
    
    
    3,342,261
    
    
    
    406,591
    
    
    
    1987
    
    
    40 yrs.11400 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    439,595
    
    
    
    2,357,904
    
    
    
    194,180
    
    
    
    443,101
    
    
    
    2,548,578
    
    
    
    2,991,678
    
    
    
    380,781
    
    
    
    1986
    
    
    40 yrs.11414 West Park Place
    
    Milwaukee, WI
    
    
    
    
    
    
    234,443
    
    
    
    
    
    
    
    10,026,986
    
    
    
    491,531
    
    
    
    9,769,898
    
    
    
    10,261,429
    
    
    
    1,405,461
    
    
    
    2001
    
    
    40 yrs.11425 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    382,256
    
    
    
    2,350,619
    
    
    
    1,038,073
    
    
    
    385,305
    
    
    
    3,385,643
    
    
    
    3,770,948
    
    
    
    665,722
    
    
    
    1987
    
    
    40 yrs.11520 West Calumet Road
    
    Milwaukee, WI
    
    
    
    
    
    
    341,698
    
    
    
    1,527,548
    
    
    
    48,494
    
    
    
    341,698
    
    
    
    1,576,042
    
    
    
    1,917,740
    
    
    
    193,246
    
    
    
    1995
    
    
    40 yrs.11900 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    347,853
    
    
    
    2,396,887
    
    
    
    504,487
    
    
    
    350,628
    
    
    
    2,898,600
    
    
    
    3,249,227
    
    
    
    715,372
    
    
    
    1987
    
    
    40 yrs.11950 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    391,813
    
    
    
    2,340,118
    
    
    
    378,658
    
    
    
    394,938
    
    
    
    2,715,652
    
    
    
    3,110,589
    
    
    
    482,603
    
    
    
    1986
    
    
    40 yrs.12100 West Park Place
    
    Milwaukee, WI
    
    
    
    
    
    
    534,470
    
    
    
    3,239,389
    
    
    
    439,540
    
    
    
    532,370
    
    
    
    3,681,029
    
    
    
    4,213,399
    
    
    
    493,013
    
    
    
    1984
    
    
    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
    
    
    
    1,250,834
    
    
    
    1991
    
    
    40 yrs.8301 West Parkland Court
    
    Milwaukee, WI
    
    
    
    
    
    
    358,442
    
    
    
    3,233,707
    
    
    
    532,454
    
    
    
    358,442
    
    
    
    3,766,161
    
    
    
    4,124,602
    
    
    
    700,294
    
    
    
    1982
    
    
    40 yrs.4600 Nathan Lane
    
    Minneapolis, MN
    
    
    
    
    
    
    1,063,558
    
    
    
    
    
    
    
    6,082,413
    
    
    
    1,038,197
    
    
    
    6,107,774
    
    
    
    7,145,971
    
    
    
    681,563
    
    
    
    2002
    
    
    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
    
    
    
    1,234,421
    
    
    
    1996
    
    
    40 yrs.12501 & 12701 Whitewater Drive
    
    Minnegonka, MN
    
    
    
    
    
    
    2,175,209
    
    
    
    3,948,085
    
    
    
    4,900,311
    
    
    
    2,177,953
    
    
    
    8,845,652
    
    
    
    11,023,605
    
    
    
    222,744
    
    
    
    1986
    
    
    40 yrs.10300 Bren Road
    
    Minnetonka, MN
    
    
    
    
    
    
    344,614
    
    
    
    3,110,477
    
    
    
    339,878
    
    
    
    344,614
    
    
    
    3,450,355
    
    
    
    3,794,968
    
    
    
    650,051
    
    
    
    1981
    
    
    40 yrs.54005500 Feltl Road
    
    Minnetonka, MN
    
    
    
    
    
    
    883,895
    
    
    
    7,983,345
    
    
    
    1,653,229
    
    
    
    883,895
    
    
    
    9,636,574
    
    
    
    10,520,469
    
    
    
    1,774,246
    
    
    
    1985
    
    
    40 yrs.5600 & 5610 Rowland Road
    
    Minnetonka, MN
    
    
    
    
    
    
    828,650
    
    
    
    7,399,409
    
    
    
    1,431,351
    
    
    
    829,263
    
    
    
    8,830,146
    
    
    
    9,659,410
    
    
    
    2,090,892
    
    
    
    1988
    
    
    40 yrs.3350 SW 148th Avenue
    
    Miramar, FL
    
    
    
    
    
    
    2,960,511
    
    
    
    
    
    
    
    17,509,340
    
    
    
    2,980,689
    
    
    
    17,489,161
    
    
    
    20,469,850
    
    
    
    2,984,345
    
    
    
    2000
    
    
    40 yrs.3400 Lakeside Drive
    
    Miramar, FL
    
    
    
    
    
    
    2,022,153
    
    
    
    11,345,881
    
    
    
    1,053,572
    
    
    
    2,022,153
    
    
    
    12,399,453
    
    
    
    14,421,606
    
    
    
    2,359,446
    
    
    
    1990
    
    
    40 yrs.3450 Lakeside Drive
    
    Miramar, FL
    
    
    
    
    
    
    2,022,152
    
    
    
    11,357,143
    
    
    
    1,093,042
    
    
    
    2,022,152
    
    
    
    12,450,185
    
    
    
    14,472,337
    
    
    
    2,525,267
    
    
    
    1990
    
    
    40 yrs.300 Fellowship Road
    
    Mt Laurel, NJ
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,070,352
    
    
    
    1,094,059
    
    
    
    5,976,293
    
    
    
    7,070,352
    
    
    
    7,281
    
    
    
    2004
    
    
    40 yrs.3001 Leadenhall Road
    
    Mt Laurel, NJ
    
    
    
    
    
    
    1,925,719
    
    
    
    191,390
    
    
    
    11,698,384
    
    
    
    1,936,289
    
    
    
    11,879,203
    
    
    
    13,815,493
    
    
    
    23,480
    
    
    
    2003
    
    
    40 yrs.4001 Leadenhall Road
    
    Mt. Laurel,  NJ
    
    
    
    
    
    
    3,207,885
    
    
    
    391,167
    
    
    
    18,844,592
    
    
    
    2,784,694
    
    
    
    19,658,950
    
    
    
    22,443,644
    
    
    
    1,343,350
    
    
    
    2002
    
    
    40 yrs.1000 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    288,577
    
    
    
    2,546,537
    
    
    
    946,896
    
    
    
    288,577
    
    
    
    3,493,433
    
    
    
    3,782,010
    
    
    
    870,865
    
    
    
    1986
    
    
    40 yrs.1001 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    701,705
    
    
    
    3,505,652
    
    
    
    1,579,092
    
    
    
    701,705
    
    
    
    5,084,744
    
    
    
    5,786,450
    
    
    
    1,206,272
    
    
    
    1986
    
    
    40 yrs.1015 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    356,987
    
    
    
    
    
    
    
    3,316,456
    
    
    
    470,659
    
    
    
    3,202,784
    
    
    
    3,673,443
    
    
    
    529,232
    
    
    
    2000
    
    
    40 yrs.1020 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    494,334
    
    
    
    
    
    
    
    2,986,335
    
    
    
    569,184
    
    
    
    2,911,486
    
    
    
    3,480,669
    
    
    
    604,685
    
    
    
    1999
    
    
    40 yrs.1025 Briggs Road
    
    Mt. Laurel, NJ
    
    
    1,189,115
    
    
    
    430,990
    
    
    
    3,714,828
    
    
    
    864,265
    
    
    
    430,990
    
    
    
    4,579,093
    
    
    
    5,010,083
    
    
    
    1,085,555
    
    
    
    1987
    
    
    40 yrs.11000, 15000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    310,585
    
    
    
    4,394,900
    
    
    
    126,945
    
    
    
    311,950
    
    
    
    4,520,480
    
    
    
    4,832,430
    
    
    
    1,463,923
    
    
    
    1985
    
    
    40 yrs.12000, 14000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    361,800
    
    
    
    3,285,817
    
    
    
    647,915
    
    
    
    362,855
    
    
    
    3,932,677
    
    
    
    4,295,532
    
    
    
    1,108,005
    
    
    
    1985
    
    
    40 yrs.1300 Route 73 North
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    449,400
    
    
    
    3,074,850
    
    
    
    1,392,721
    
    
    
    450,558
    
    
    
    4,466,413
    
    
    
    4,916,971
    
    
    
    1,124,138
    
    
    
    1988
    
    
    40 yrs.16000, 18000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    289,700
    
    
    
    2,512,683
    
    
    
    555,494
    
    
    
    290,545
    
    
    
    3,067,332
    
    
    
    3,357,877
    
    
    
    940,635
    
    
    
    1985
    
    
    40 yrs.17000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    144,515
    
    
    
    
    
    
    
    2,800,417
    
    
    
    144,515
    
    
    
    2,800,417
    
    
    
    2,944,931
    
    
    
    439,700
    
    
    
    2001
    
    
    40 yrs.2000 Crawford Place
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    310,831
    
    
    
    2,797,744
    
    
    
    2,020,264
    
    
    
    310,831
    
    
    
    4,818,009
    
    
    
    5,128,839
    
    
    
    1,629,690
    
    
    
    1986
    
    
    40 yrs.3000 Atrium Way
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    500,000
    
    
    
    4,500,000
    
    
    
    3,959,337
    
    
    
    512,018
    
    
    
    8,447,320
    
    
    
    8,959,337
    
    
    
    3,464,538
    
    
    
    1987
    
    
    40 yrs.3000 Lincoln Drive
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    284,052
    
    
    
    2,458,155
    
    
    
    1,513,760
    
    
    
    284,052
    
    
    
    3,971,915
    
    
    
    4,255,967
    
    
    
    1,122,675
    
    
    
    1983
    
    
    40 yrs.5000 Dearborn Court
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    1,057,763
    
    
    
    4,191,827
    
    
    
    330,494
    
    
    
    1,057,763
    
    
    
    4,522,321
    
    
    
    5,580,084
    
    
    
    820,906
    
    
    
    1988
    
    
    40 yrs.
 62




---



##### 



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2004 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
    
    
    12/31/04
    
    
    12/31/04
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES6000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    234,151
    
    
    
    2,022,683
    
    
    
    285,796
    
    
    
    234,151
    
    
    
    2,308,479
    
    
    
    2,542,630
    
    
    
    551,062
    
    
    
    1985
    
    
    40 yrs.7000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    260,014
    
    
    
    2,236,684
    
    
    
    325,818
    
    
    
    260,014
    
    
    
    2,562,503
    
    
    
    2,822,516
    
    
    
    582,530
    
    
    
    1984
    
    
    40 yrs.8000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    234,814
    
    
    
    1,995,098
    
    
    
    223,617
    
    
    
    234,814
    
    
    
    2,218,715
    
    
    
    2,453,529
    
    
    
    431,810
    
    
    
    1983
    
    
    40 yrs.9000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    286,587
    
    
    
    2,474,820
    
    
    
    571,862
    
    
    
    286,587
    
    
    
    3,046,682
    
    
    
    3,333,269
    
    
    
    764,176
    
    
    
    1983
    
    
    40 yrs.94019443 Science Center Drive
    
    New Hope, MN
    
    
    
    
    
    
    431,295
    
    
    
    3,888,684
    
    
    
    308,995
    
    
    
    510,064
    
    
    
    4,118,910
    
    
    
    4,628,974
    
    
    
    868,841
    
    
    
    1989
    
    
    40 yrs.11832 Rock Landing Drive
    
    Newport News, VA
    
    
    
    
    
    
    299,066
    
    
    
    1,419,266
    
    
    
    5,896,398
    
    
    
    748,582
    
    
    
    6,866,148
    
    
    
    7,614,730
    
    
    
    1,101,330
    
    
    
    1988
    
    
    40 yrs.11838 Rock Landing Drive
    
    Newport News, VA
    
    
    
    
    
    
    673,942
    
    
    
    2,111,481
    
    
    
    640,863
    
    
    
    673,942
    
    
    
    2,752,344
    
    
    
    3,426,286
    
    
    
    572,319
    
    
    
    1986
    
    
    40 yrs.11844 Rock Landing Drive
    
    Newport News, VA
    
    
    
    
    
    
    326,774
    
    
    
    1,391,561
    
    
    
    301,566
    
    
    
    326,774
    
    
    
    1,693,127
    
    
    
    2,019,901
    
    
    
    294,181
    
    
    
    1989
    
    
    40 yrs.11846 Rock Landing Drive
    
    Newport News, VA
    
    
    
    
    
    
    299,066
    
    
    
    1,419,266
    
    
    
    339,809
    
    
    
    299,066
    
    
    
    1,759,076
    
    
    
    2,058,142
    
    
    
    424,990
    
    
    
    1989
    
    
    40 yrs.6 Terry Drive
    
    Newtown, PA
    
    
    
    
    
    
    622,029
    
    
    
    2,228,851
    
    
    
    863,621
    
    
    
    622,205
    
    
    
    3,092,296
    
    
    
    3,714,501
    
    
    
    490,785
    
    
    
    1981
    
    
    40 yrs.22515 Heslip Drive
    
    Novi, MI
    
    
    
    
    
    
    144,477
    
    
    
    338,277
    
    
    
    77,019
    
    
    
    144,477
    
    
    
    415,296
    
    
    
    559,773
    
    
    
    103,047
    
    
    
    1975
    
    
    40 yrs.550590 Hale Avenue
    
    Oakdale, MN
    
    
    
    
    
    
    765,535
    
    
    
    3,488,754
    
    
    
    328,317
    
    
    
    766,390
    
    
    
    3,816,215
    
    
    
    4,582,605
    
    
    
    534,119
    
    
    
    1996
    
    
    40 yrs.1879 Lamont Avenue
    
    Odenton, MD
    
    
    
    
    
    
    1,976,000
    
    
    
    8,099,579
    
    
    
    607,923
    
    
    
    2,011,030
    
    
    
    8,672,472
    
    
    
    10,683,502
    
    
    
    56,484
    
    
    
    2004
    
    
    40 yrs.350 Winmeyer Avenue
    
    Odenton, MD
    
    
    
    
    
    
    1,778,400
    
    
    
    7,289,165
    
    
    
    414,254
    
    
    
    1,809,927
    
    
    
    7,671,892
    
    
    
    9,481,819
    
    
    
    
    
    
    
    2004
    
    
    40 yrs.10003 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    680,312
    
    
    
    2,120,754
    
    
    
    837,820
    
    
    
    680,312
    
    
    
    2,958,574
    
    
    
    3,638,885
    
    
    
    94,482
    
    
    
    2003
    
    
    40 yrs.10511 & 10611 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    517,554
    
    
    
    2,568,186
    
    
    
    376,091
    
    
    
    522,991
    
    
    
    2,938,840
    
    
    
    3,461,831
    
    
    
    674,357
    
    
    
    1985
    
    
    40 yrs.10771 Palm Bay Drive
    
    Orlando, FL
    
    
    
    
    
    
    664,605
    
    
    
    
    
    
    
    2,362,814
    
    
    
    685,383
    
    
    
    2,342,035
    
    
    
    3,027,419
    
    
    
    282,525
    
    
    
    2001
    
    
    40 yrs.1090 Gills Drive
    
    Orlando, FL
    
    
    
    
    
    
    878,320
    
    
    
    2,558,833
    
    
    
    1,249,361
    
    
    
    878,320
    
    
    
    3,808,195
    
    
    
    4,686,514
    
    
    
    95,536
    
    
    
    2003
    
    
    40 yrs.14001440 Central Florida Parkway
    
    Orlando, FL
    
    
    
    
    
    
    518,043
    
    
    
    2,561,938
    
    
    
    291,177
    
    
    
    518,043
    
    
    
    2,853,115
    
    
    
    3,371,158
    
    
    
    525,252
    
    
    
    1962
    
    
    40 yrs.1902 Cypress Lake Drive
    
    Orlando, FL
    
    
    
    
    
    
    523,512
    
    
    
    3,191,790
    
    
    
    880,341
    
    
    
    538,512
    
    
    
    4,057,131
    
    
    
    4,595,643
    
    
    
    840,560
    
    
    
    1989
    
    
    40 yrs.2202 TaftVineland Road
    
    Orlando, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,786,729
    
    
    
    1,283,713
    
    
    
    5,503,016
    
    
    
    6,786,729
    
    
    
    
    
    
    
    2004
    
    
    40 yrs.2216 Directors Row
    
    Orlando, FL
    
    
    
    
    
    
    453,918
    
    
    
    2,572,202
    
    
    
    25,865
    
    
    
    453,918
    
    
    
    2,598,067
    
    
    
    3,051,985
    
    
    
    426,071
    
    
    
    1998
    
    
    40 yrs.2351 Investors Row
    
    Orlando, FL
    
    
    
    
    
    
    2,261,924
    
    
    
    7,496,249
    
    
    
    
    
    
    
    2,261,924
    
    
    
    7,496,249
    
    
    
    9,758,173
    
    
    
    
    
    
    
    2004
    
    
    40 yrs.2400 South Lake Orange Drive
    
    Orlando, FL
    
    
    
    
    
    
    385,964
    
    
    
    
    
    
    
    2,404,272
    
    
    
    642,427
    
    
    
    2,147,809
    
    
    
    2,790,236
    
    
    
    237,736
    
    
    
    2001
    
    
    40 yrs.2416 Lake Orange Drive
    
    Orlando, FL
    
    
    
    
    
    
    535,964
    
    
    
    
    
    
    
    3,155,095
    
    
    
    704,800
    
    
    
    2,986,258
    
    
    
    3,691,059
    
    
    
    466,219
    
    
    
    2002
    
    
    40 yrs.37013727 Vineland Road
    
    Orlando, FL
    
    
    
    
    
    
    767,929
    
    
    
    2,096,504
    
    
    
    117,817
    
    
    
    767,929
    
    
    
    2,214,322
    
    
    
    2,982,250
    
    
    
    406,444
    
    
    
    1985
    
    
    40 yrs.6501 Lee Vista Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    903,701
    
    
    
    
    
    
    
    5,541,791
    
    
    
    925,671
    
    
    
    5,519,821
    
    
    
    6,445,492
    
    
    
    471,241
    
    
    
    2001
    
    
    40 yrs.7315 Kingspointe Parkway
    
    Orlando, FL
    
    
    
    
    
    
    1,931,697
    
    
    
    6,388,203
    
    
    
    
    
    
    
    1,931,697
    
    
    
    6,388,203
    
    
    
    8,319,900
    
    
    
    
    
    
    
    2004
    
    
    40 yrs.8250 & 8256 Exchange Place
    
    Orlando, FL
    
    
    
    
    
    
    622,413
    
    
    
    2,507,842
    
    
    
    430,950
    
    
    
    622,413
    
    
    
    2,938,792
    
    
    
    3,561,205
    
    
    
    638,442
    
    
    
    1985
    
    
    40 yrs.9550 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    574,831
    
    
    
    
    
    
    
    2,149,304
    
    
    
    587,319
    
    
    
    2,136,816
    
    
    
    2,724,135
    
    
    
    467,904
    
    
    
    1999
    
    
    40 yrs.9600 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    252,850
    
    
    
    1,297,923
    
    
    
    59,310
    
    
    
    252,850
    
    
    
    1,357,233
    
    
    
    1,610,084
    
    
    
    264,526
    
    
    
    1989
    
    
    40 yrs.9700 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    405,362
    
    
    
    1,146,546
    
    
    
    350,093
    
    
    
    405,362
    
    
    
    1,496,639
    
    
    
    1,902,001
    
    
    
    280,287
    
    
    
    1989
    
    
    40 yrs.7500 West 110th Street
    
    Overland Park, KS
    
    
    
    
    
    
    2,380,493
    
    
    
    9,575,474
    
    
    
    2,562,031
    
    
    
    2,380,493
    
    
    
    12,137,505
    
    
    
    14,517,998
    
    
    
    2,029,245
    
    
    
    1983
    
    
    40 yrs.N26 W23445 Paul Road
    
    Pewaukee, WI
    
    
    
    
    
    
    561,904
    
    
    
    1,928,064
    
    
    
    61,756
    
    
    
    561,904
    
    
    
    1,989,820
    
    
    
    2,551,724
    
    
    
    240,190
    
    
    
    1985
    
    
    40 yrs.2760 Red Lion Road
    
    Philadelphia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    46,224,388
    
    
    
    3,714,814
    
    
    
    42,509,574
    
    
    
    46,224,388
    
    
    
    3,690,613
    
    
    
    2001
    
    
    40 yrs.3 Franklin Plaza
    
    Philadelphia, PA
    
    
    
    
    
    
    2,483,144
    
    
    
    
    
    
    
    32,150,134
    
    
    
    2,514,519
    
    
    
    32,118,759
    
    
    
    34,633,278
    
    
    
    4,449,311
    
    
    
    1999
    
    
    40 yrs.4751 League Island Boulevard
    
    Philadelphia, PA
    
    
    
    
    
    
    992,965
    
    
    
    331,924
    
    
    
    6,729,771
    
    
    
    1,022,081
    
    
    
    7,032,579
    
    
    
    8,054,660
    
    
    
    154,832
    
    
    
    2003
    
    
    40 yrs.8801 Tinicum Boulevard
    
    Philadelphia, PA
    
    
    
    
    
    
    2,474,031
    
    
    
    
    
    
    
    43,594,952
    
    
    
    125,087
    
    
    
    45,943,896
    
    
    
    46,068,983
    
    
    
    9,352,916
    
    
    
    1997
    
    
    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
    
    
    
    1,317,389
    
    
    
    1994
    
    
    40 yrs.2250 Hickory Road
    
    Plymouth Meeting, PA
    
    
    
    
    
    
    1,015,851
    
    
    
    9,175,555
    
    
    
    1,134,491
    
    
    
    1,015,851
    
    
    
    10,310,046
    
    
    
    11,325,897
    
    
    
    2,035,421
    
    
    
    1985
    
    
    40 yrs.1463014650 28th Avenue North
    
    Plymouth, MN
    
    
    
    
    
    
    198,205
    
    
    
    1,793,422
    
    
    
    577,730
    
    
    
    198,205
    
    
    
    2,371,152
    
    
    
    2,569,357
    
    
    
    462,187
    
    
    
    1978
    
    
    40 yrs.2800 Campus Drive
    
    Plymouth, MN
    
    
    
    
    
    
    395,366
    
    
    
    3,554,512
    
    
    
    825,564
    
    
    
    395,366
    
    
    
    4,380,076
    
    
    
    4,775,442
    
    
    
    901,421
    
    
    
    1985
    
    
    40 yrs.2800 Northwest Boulevard
    
    Plymouth, MN
    
    
    3,963,999
    
    
    
    1,934,438
    
    
    
    10,952,503
    
    
    
    476,613
    
    
    
    1,934,438
    
    
    
    11,429,116
    
    
    
    13,363,554
    
    
    
    2,003,925
    
    
    
    1995
    
    
    40 yrs.2905 Northwest Boulevard
    
    Plymouth, MN
    
    
    
    
    
    
    516,920
    
    
    
    4,646,342
    
    
    
    1,328,847
    
    
    
    516,920
    
    
    
    5,975,189
    
    
    
    6,492,109
    
    
    
    1,308,169
    
    
    
    1983
    
    
    40 yrs.2920 Northwest Boulevard
    
    Plymouth, MN
    
    
    
    
    
    
    392,026
    
    
    
    3,433,678
    
    
    
    654,950
    
    
    
    384,235
    
    
    
    4,096,419
    
    
    
    4,480,654
    
    
    
    951,956
    
    
    
    1997
    
    
    40 yrs.2955 Xenium Lane
    
    Plymouth, MN
    
    
    
    
    
    
    151,238
    
    
    
    1,370,140
    
    
    
    381,581
    
    
    
    151,238
    
    
    
    1,751,722
    
    
    
    1,902,960
    
    
    
    496,489
    
    
    
    1985
    
    
    40 yrs.9600 54th Avenue
    
    Plymouth, MN
    
    
    
    
    
    
    332,317
    
    
    
    3,077,820
    
    
    
    336,268
    
    
    
    332,317
    
    
    
    3,414,088
    
    
    
    3,746,405
    
    
    
    531,033
    
    
    
    1998
    
    
    40 yrs.1400 SW 6th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    1,157,049
    
    
    
    4,620,956
    
    
    
    140,957
    
    
    
    1,157,049
    
    
    
    4,761,912
    
    
    
    5,918,962
    
    
    
    901,605
    
    
    
    1986
    
    
    40 yrs.1405 SW 6th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    392,138
    
    
    
    1,565,787
    
    
    
    63,579
    
    
    
    392,138
    
    
    
    1,629,366
    
    
    
    2,021,504
    
    
    
    300,396
    
    
    
    1985
    
    
    40 yrs.1500 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    972,232
    
    
    
    3,892,085
    
    
    
    154,083
    
    
    
    972,232
    
    
    
    4,046,168
    
    
    
    5,018,400
    
    
    
    728,539
    
    
    
    1957
    
    
    40 yrs.1501 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    203,247
    
    
    
    811,093
    
    
    
    34,338
    
    
    
    203,247
    
    
    
    845,431
    
    
    
    1,048,679
    
    
    
    160,528
    
    
    
    1990
    
    
    40 yrs.1601 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    203,247
    
    
    
    811,093
    
    
    
    400,403
    
    
    
    203,247
    
    
    
    1,211,496
    
    
    
    1,414,743
    
    
    
    176,296
    
    
    
    1990
    
    
    40 yrs.1651 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    203,247
    
    
    
    811,093
    
    
    
    127,445
    
    
    
    203,247
    
    
    
    938,538
    
    
    
    1,141,785
    
    
    
    178,556
    
    
    
    1990
    
    
    40 yrs.595 SW 13th Terrace
    
    Pompano Beach, FL
    
    
    
    
    
    
    359,933
    
    
    
    1,437,116
    
    
    
    80,692
    
    
    
    359,933
    
    
    
    1,517,808
    
    
    
    1,877,741
    
    
    
    263,575
    
    
    
    1984
    
    
    40 yrs.601 SW 13th Terrace
    
    Pompano Beach, FL
    
    
    
    
    
    
    164,413
    
    
    
    655,933
    
    
    
    24,624
    
    
    
    164,413
    
    
    
    680,558
    
    
    
    844,970
    
    
    
    117,197
    
    
    
    1984
    
    
    40 yrs.605 SW 16th Terrace
    
    Pompano Beach, FL
    
    
    
    
    
    
    310,778
    
    
    
    1,238,324
    
    
    
    29,671
    
    
    
    310,178
    
    
    
    1,268,595
    
    
    
    1,578,773
    
    
    
    216,976
    
    
    
    1965
    
    
    40 yrs.100 Westgate Parkway
    
    Richmond, VA
    
    
    
    
    
    
    1,140,648
    
    
    
    101,824
    
    
    
    8,397,149
    
    
    
    1,456,084
    
    
    
    8,183,537
    
    
    
    9,639,621
    
    
    
    779,023
    
    
    
    2001
    
    
    40 yrs.10800 Nuckols Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    1,432,462
    
    
    
    
    
    
    
    14,420,839
    
    
    
    1,794,162
    
    
    
    14,059,139
    
    
    
    15,853,301
    
    
    
    1,726,284
    
    
    
    2000
    
    
    40 yrs.12730 Kingston Avenue
    
    Richmond, VA
    
    
    
    
    
    
    171,053
    
    
    
    
    
    
    
    8,200,764
    
    
    
    1,201,072
    
    
    
    7,170,745
    
    
    
    8,371,817
    
    
    
    610,986
    
    
    
    2001
    
    
    40 yrs.13001 Kingston Avenue
    
    Richmond, VA
    
    
    
    
    
    
    376,584
    
    
    
    
    
    
    
    2,032,172
    
    
    
    376,701
    
    
    
    2,032,055
    
    
    
    2,408,756
    
    
    
    416,723
    
    
    
    1998
    
    
    40 yrs.200 Westgate Parkway
    
    Richmond, VA
    
    
    
    
    
    
    1,623,612
    
    
    
    
    
    
    
    5,783,330
    
    
    
    1,072,797
    
    
    
    6,334,146
    
    
    
    7,406,943
    
    
    
    433,621
    
    
    
    2002
    
    
    40 yrs.2300 East Parham Road
    
    Richmond, VA
    
    
    
    
    
    
    221,947
    
    
    
    1,011,088
    
    
    
    2,443
    
    
    
    221,947
    
    
    
    1,013,531
    
    
    
    1,235,478
    
    
    
    257,478
    
    
    
    1988
    
    
    40 yrs.301 Hill Carter Parkway
    
    Richmond, VA
    
    
    
    
    
    
    659,456
    
    
    
    4,836,010
    
    
    
    
    
    
    
    659,456
    
    
    
    4,836,010
    
    
    
    5,495,466
    
    
    
    1,188,981
    
    
    
    1989
    
    
    40 yrs.
 63




---



##### 



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2004 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
    
    
    12/31/04
    
    
    12/31/04
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES38293855 Gaskins Road
    
    Richmond, VA
    
    
    
    
    
    
    364,165
    
    
    
    3,264,114
    
    
    
    38,609
    
    
    
    364,165
    
    
    
    3,302,724
    
    
    
    3,666,889
    
    
    
    559,353
    
    
    
    1988
    
    
    40 yrs.4001 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    29,443
    
    
    
    215,914
    
    
    
    272,403
    
    
    
    29,443
    
    
    
    488,317
    
    
    
    517,760
    
    
    
    79,129
    
    
    
    1935
    
    
    40 yrs.41014127 Carolina Avenue
    
    Richmond, VA
    
    
    *
    
    
    
    310,854
    
    
    
    2,279,597
    
    
    
    419,834
    
    
    
    310,854
    
    
    
    2,699,431
    
    
    
    3,010,285
    
    
    
    579,809
    
    
    
    1973
    
    
    40 yrs.42014261 Carolina Avenue
    
    Richmond, VA
    
    
    *
    
    
    
    693,203
    
    
    
    5,083,493
    
    
    
    844,225
    
    
    
    693,203
    
    
    
    5,927,718
    
    
    
    6,620,921
    
    
    
    1,545,581
    
    
    
    1975
    
    
    40 yrs.42634299 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    256,203
    
    
    
    2,549,649
    
    
    
    1,437,709
    
    
    
    256,203
    
    
    
    3,987,358
    
    
    
    4,243,561
    
    
    
    885,734
    
    
    
    1976
    
    
    40 yrs.4263FN. Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    91,476
    
    
    
    
    
    
    
    1,637,230
    
    
    
    91,599
    
    
    
    1,637,107
    
    
    
    1,728,706
    
    
    
    361,254
    
    
    
    1975
    
    
    40 yrs.4300 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    2,007,717
    
    
    
    14,927,608
    
    
    
    437,417
    
    
    
    2,009,136
    
    
    
    15,363,606
    
    
    
    17,372,742
    
    
    
    3,724,425
    
    
    
    1985
    
    
    40 yrs.43014335 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    223,696
    
    
    
    1,640,435
    
    
    
    183,934
    
    
    
    223,696
    
    
    
    1,824,369
    
    
    
    2,048,065
    
    
    
    427,253
    
    
    
    1978
    
    
    40 yrs.43374379 Carolina Avenue
    
    Richmond, VA
    
    
    *
    
    
    
    325,303
    
    
    
    2,385,557
    
    
    
    843,497
    
    
    
    325,303
    
    
    
    3,229,054
    
    
    
    3,554,357
    
    
    
    1,051,720
    
    
    
    1979
    
    
    40 yrs.44014445 Carolina Avenue
    
    Richmond, VA
    
    
    *
    
    
    
    615,038
    
    
    
    4,510,272
    
    
    
    397,983
    
    
    
    615,038
    
    
    
    4,908,255
    
    
    
    5,523,293
    
    
    
    1,168,011
    
    
    
    1988
    
    
    40 yrs.44474491 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    454,056
    
    
    
    2,729,742
    
    
    
    293,897
    
    
    
    454,056
    
    
    
    3,023,639
    
    
    
    3,477,695
    
    
    
    763,036
    
    
    
    1987
    
    
    40 yrs.45014549 Carolina Avenue
    
    Richmond, VA
    
    
    *
    
    
    
    486,166
    
    
    
    3,565,211
    
    
    
    255,638
    
    
    
    486,166
    
    
    
    3,820,849
    
    
    
    4,307,015
    
    
    
    932,619
    
    
    
    1981
    
    
    40 yrs.45514593 Carolina Avenue
    
    Richmond, VA
    
    
    *
    
    
    
    474,360
    
    
    
    3,478,646
    
    
    
    184,835
    
    
    
    474,360
    
    
    
    3,663,481
    
    
    
    4,137,841
    
    
    
    892,075
    
    
    
    1982
    
    
    40 yrs.46014643 Carolina Avenue
    
    Richmond, VA
    
    
    *
    
    
    
    652,455
    
    
    
    4,784,675
    
    
    
    488,112
    
    
    
    652,455
    
    
    
    5,272,787
    
    
    
    5,925,242
    
    
    
    1,464,700
    
    
    
    1985
    
    
    40 yrs.46454683 Carolina Avenue
    
    Richmond, VA
    
    
    *
    
    
    
    404,616
    
    
    
    2,967,187
    
    
    
    1,073,324
    
    
    
    404,616
    
    
    
    4,040,511
    
    
    
    4,445,127
    
    
    
    1,584,800
    
    
    
    1985
    
    
    40 yrs.47174729 Eubank Road
    
    Richmond, VA
    
    
    *
    
    
    
    449,447
    
    
    
    3,294,697
    
    
    
    444,420
    
    
    
    452,263
    
    
    
    3,736,301
    
    
    
    4,188,564
    
    
    
    856,410
    
    
    
    1978
    
    
    40 yrs.510 Eastpark Court
    
    Richmond, VA
    
    
    
    
    
    
    261,961
    
    
    
    2,110,874
    
    
    
    294,549
    
    
    
    262,210
    
    
    
    2,405,174
    
    
    
    2,667,384
    
    
    
    604,975
    
    
    
    1989
    
    
    40 yrs.520 Eastpark Court
    
    Richmond, VA
    
    
    
    
    
    
    486,118
    
    
    
    4,083,582
    
    
    
    223,136
    
    
    
    486,598
    
    
    
    4,306,238
    
    
    
    4,792,836
    
    
    
    917,952
    
    
    
    1989
    
    
    40 yrs.530 Eastpark Court
    
    Richmond, VA
    
    
    
    
    
    
    266,883
    
    
    
    
    
    
    
    2,823,814
    
    
    
    334,772
    
    
    
    2,755,925
    
    
    
    3,090,697
    
    
    
    774,530
    
    
    
    1999
    
    
    40 yrs.56005626 Eastport Boulevard
    
    Richmond, VA
    
    
    *
    
    
    
    489,941
    
    
    
    3,592,900
    
    
    
    169,694
    
    
    
    489,941
    
    
    
    3,762,594
    
    
    
    4,252,535
    
    
    
    968,862
    
    
    
    1989
    
    
    40 yrs.56015659 Eastport Boulevard
    
    Richmond, VA
    
    
    *
    
    
    
    705,660
    
    
    
    
    
    
    
    4,687,838
    
    
    
    720,100
    
    
    
    4,673,398
    
    
    
    5,393,498
    
    
    
    1,386,533
    
    
    
    1996
    
    
    40 yrs.56505674 Eastport Boulevard
    
    Richmond, VA
    
    
    *
    
    
    
    644,384
    
    
    
    4,025,480
    
    
    
    210,079
    
    
    
    644,384
    
    
    
    4,235,559
    
    
    
    4,879,943
    
    
    
    1,168,395
    
    
    
    1990
    
    
    40 yrs.5700 Eastport Boulevard
    
    Richmond, VA
    
    
    *
    
    
    
    408,729
    
    
    
    2,697,348
    
    
    
    60,545
    
    
    
    408,729
    
    
    
    2,757,893
    
    
    
    3,166,622
    
    
    
    681,183
    
    
    
    1990
    
    
    40 yrs.57015799 Eastport Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    694,644
    
    
    
    
    
    
    
    5,610,819
    
    
    
    700,503
    
    
    
    5,604,961
    
    
    
    6,305,463
    
    
    
    1,324,210
    
    
    
    1998
    
    
    40 yrs.5900 Eastport Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    676,661
    
    
    
    
    
    
    
    4,801,772
    
    
    
    687,898
    
    
    
    4,790,535
    
    
    
    5,478,433
    
    
    
    983,467
    
    
    
    1997
    
    
    40 yrs.701 Liberty Way
    
    Richmond, VA
    
    
    *
    
    
    
    171,711
    
    
    
    
    
    
    
    5,003,733
    
    
    
    1,188,857
    
    
    
    3,986,587
    
    
    
    5,175,444
    
    
    
    638,667
    
    
    
    1999
    
    
    40 yrs.801 Liberty Way
    
    Richmond, VA
    
    
    *
    
    
    
    780,000
    
    
    
    
    
    
    
    6,409,212
    
    
    
    785,059
    
    
    
    6,404,153
    
    
    
    7,189,212
    
    
    
    1,072,551
    
    
    
    1999
    
    
    40 yrs.12 S. Third Street
    
    Richmond, VA
    
    
    
    
    
    
    40,539
    
    
    
    184,682
    
    
    
    14,061
    
    
    
    40,539
    
    
    
    198,743
    
    
    
    239,282
    
    
    
    47,251
    
    
    
    1900
    
    
    40 yrs.1751 Blue Hills Drive Expansion
    
    Roanoke, VA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,873,660
    
    
    
    
    
    
    
    4,873,660
    
    
    
    4,873,660
    
    
    
    150,211
    
    
    
    2003
    
    
    40 yrs.1751 Bluehills Drive
    
    Roanoke, VA
    
    
    
    
    
    
    1,063,728
    
    
    
    8,500,677
    
    
    
    
    
    
    
    1,063,728
    
    
    
    8,500,677
    
    
    
    9,564,405
    
    
    
    2,073,971
    
    
    
    1991
    
    
    40 yrs.6509 Franz Warner Parkway
    
    Rock Creek, NC
    
    
    
    
    
    
    360,494
    
    
    
    
    
    
    
    2,822,351
    
    
    
    372,494
    
    
    
    2,810,351
    
    
    
    3,182,845
    
    
    
    309,674
    
    
    
    2001
    
    
    40 yrs.6530 Judge Adams Road
    
    Rock Creek, NC
    
    
    
    
    
    
    305,821
    
    
    
    
    
    
    
    4,458,196
    
    
    
    335,061
    
    
    
    4,428,955
    
    
    
    4,764,016
    
    
    
    683,331
    
    
    
    1999
    
    
    40 yrs.6532 Judge Adams Road
    
    Rock Creek, NC
    
    
    
    
    
    
    354,903
    
    
    
    
    
    
    
    3,718,126
    
    
    
    399,988
    
    
    
    3,673,042
    
    
    
    4,073,029
    
    
    
    721,507
    
    
    
    1997
    
    
    40 yrs.38000 Ecourse Road
    
    Romulus, MI
    
    
    
    
    
    
    807,660
    
    
    
    
    
    
    
    12,732,027
    
    
    
    1,053,337
    
    
    
    12,486,350
    
    
    
    13,539,687
    
    
    
    1,665,279
    
    
    
    2001
    
    
    40 yrs.38100 Ecorse Road
    
    Romulus, MI
    
    
    
    
    
    
    955,063
    
    
    
    
    
    
    
    7,899,055
    
    
    
    853,063
    
    
    
    8,001,055
    
    
    
    8,854,118
    
    
    
    875,737
    
    
    
    2000
    
    
    40 yrs.2691126957 Northwestern Highway
    
    Southfield, MI
    
    
    
    
    
    
    7,799,515
    
    
    
    66,268,817
    
    
    
    8,201,840
    
    
    
    7,799,515
    
    
    
    74,470,657
    
    
    
    82,270,172
    
    
    
    14,333,308
    
    
    
    1985
    
    
    40 yrs.13630 NW 8th Street
    
    Sunrise, FL
    
    
    
    
    
    
    659,797
    
    
    
    2,596,275
    
    
    
    524,972
    
    
    
    659,825
    
    
    
    3,121,218
    
    
    
    3,781,043
    
    
    
    560,561
    
    
    
    1991
    
    
    40 yrs.13650 NW 8th Street
    
    Sunrise, FL
    
    
    
    
    
    
    558,223
    
    
    
    2,171,930
    
    
    
    307,428
    
    
    
    558,251
    
    
    
    2,479,330
    
    
    
    3,037,581
    
    
    
    468,837
    
    
    
    1991
    
    
    40 yrs.111 Kelsey Lane
    
    Tampa, FL
    
    
    
    
    
    
    359,540
    
    
    
    1,461,850
    
    
    
    633,609
    
    
    
    359,540
    
    
    
    2,095,459
    
    
    
    2,454,999
    
    
    
    537,049
    
    
    
    1990
    
    
    40 yrs.131 Kelsey Lane
    
    Tampa, FL
    
    
    
    
    
    
    511,463
    
    
    
    
    
    
    
    4,455,291
    
    
    
    559,527
    
    
    
    4,407,227
    
    
    
    4,966,754
    
    
    
    1,292,292
    
    
    
    1985
    
    
    40 yrs.3102,3104,3110 Cherry Palm Drive
    
    Tampa, FL
    
    
    
    
    
    
    503,767
    
    
    
    2,787,585
    
    
    
    979,214
    
    
    
    953,707
    
    
    
    3,316,860
    
    
    
    4,270,566
    
    
    
    893,108
    
    
    
    1986
    
    
    40 yrs.3501 Riga Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    617,289
    
    
    
    3,048,379
    
    
    
    388,738
    
    
    
    617,289
    
    
    
    3,437,117
    
    
    
    4,054,406
    
    
    
    776,505
    
    
    
    1987
    
    
    40 yrs.4502 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,005,900
    
    
    
    1,071,535
    
    
    
    2,934,365
    
    
    
    4,005,900
    
    
    
    381,692
    
    
    
    1999
    
    
    40 yrs.4503 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,454,328
    
    
    
    619,913
    
    
    
    2,834,415
    
    
    
    3,454,328
    
    
    
    220,789
    
    
    
    2002
    
    
    40 yrs.4505 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,891,079
    
    
    
    716,594
    
    
    
    2,174,485
    
    
    
    2,891,079
    
    
    
    272,352
    
    
    
    2002
    
    
    40 yrs.4508 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    498,598
    
    
    
    
    
    
    
    3,057,752
    
    
    
    556,887
    
    
    
    2,999,463
    
    
    
    3,556,350
    
    
    
    388,802
    
    
    
    2000
    
    
    40 yrs.4511 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,840,907
    
    
    
    686,594
    
    
    
    2,154,313
    
    
    
    2,840,907
    
    
    
    230,884
    
    
    
    2002
    
    
    40 yrs.4520 Seedling Circle
    
    Tampa, FL
    
    
    
    
    
    
    854,797
    
    
    
    42,131
    
    
    
    2,750,436
    
    
    
    854,797
    
    
    
    2,792,567
    
    
    
    3,647,364
    
    
    
    47,748
    
    
    
    2003
    
    
    40 yrs.4630 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    943,169
    
    
    
    
    
    
    
    12,592,708
    
    
    
    1,560,099
    
    
    
    11,975,778
    
    
    
    13,535,877
    
    
    
    1,639,253
    
    
    
    2000
    
    
    40 yrs.5250 Eagle Trail Drive
    
    Tampa, FL
    
    
    
    
    
    
    952,860
    
    
    
    
    
    
    
    3,501,917
    
    
    
    952,860
    
    
    
    3,501,917
    
    
    
    4,454,776
    
    
    
    541,160
    
    
    
    1998
    
    
    40 yrs.55015519 Pioneer Park Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    162,000
    
    
    
    1,613,000
    
    
    
    240,498
    
    
    
    262,416
    
    
    
    1,753,083
    
    
    
    2,015,498
    
    
    
    495,324
    
    
    
    1981
    
    
    40 yrs.56905694 Crenshaw Street
    
    Tampa, FL
    
    
    
    
    
    
    181,923
    
    
    
    1,812,496
    
    
    
    217,470
    
    
    
    181,923
    
    
    
    2,029,967
    
    
    
    2,211,890
    
    
    
    508,790
    
    
    
    1979
    
    
    40 yrs.701725 South US Hwy 301
    
    Tampa, FL
    
    
    
    
    
    
    419,683
    
    
    
    
    
    
    
    3,673,313
    
    
    
    661,680
    
    
    
    3,431,316
    
    
    
    4,092,996
    
    
    
    760,116
    
    
    
    2000
    
    
    40 yrs.7621 Bald Cypress Place (Bldg N)
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,482,613
    
    
    
    447,498
    
    
    
    1,035,115
    
    
    
    1,482,613
    
    
    
    58,088
    
    
    
    2001
    
    
    40 yrs.7622 Bald Cypress Place
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,305,584
    
    
    
    300,000
    
    
    
    1,005,584
    
    
    
    1,305,584
    
    
    
    117,701
    
    
    
    2000
    
    
    40 yrs.7724 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    235,893
    
    
    
    
    
    
    
    2,110,936
    
    
    
    235,894
    
    
    
    2,110,936
    
    
    
    2,346,829
    
    
    
    488,364
    
    
    
    1998
    
    
    40 yrs.7725 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    553,335
    
    
    
    
    
    
    
    3,345,476
    
    
    
    771,501
    
    
    
    3,127,310
    
    
    
    3,898,811
    
    
    
    441,574
    
    
    
    1999
    
    
    40 yrs.780250 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    357,364
    
    
    
    
    
    
    
    2,711,761
    
    
    
    506,949
    
    
    
    2,562,177
    
    
    
    3,069,125
    
    
    
    762,628
    
    
    
    1999
    
    
    40 yrs.785298 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    357,364
    
    
    
    
    
    
    
    2,692,052
    
    
    
    506,949
    
    
    
    2,542,467
    
    
    
    3,049,416
    
    
    
    759,776
    
    
    
    1999
    
    
    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
    
    
    
    496,533
    
    
    
    1997
    
    
    40 yrs.7930, 801020 Woodland Center Boulevard
    
    Tampa, FL
    
    
    *
    
    
    
    1,408,478
    
    
    
    5,247,246
    
    
    
    483,844
    
    
    
    1,408,478
    
    
    
    5,731,091
    
    
    
    7,139,568
    
    
    
    1,229,154
    
    
    
    1990
    
    
    40 yrs.8001 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    350,406
    
    
    
    
    
    
    
    2,402,272
    
    
    
    438,061
    
    
    
    2,314,617
    
    
    
    2,752,678
    
    
    
    331,984
    
    
    
    1999
    
    
    40 yrs.811242 Woodland Center Boulevard
    
    Tampa, FL
    
    
    *
    
    
    
    513,263
    
    
    
    3,230,239
    
    
    
    111,571
    
    
    
    513,263
    
    
    
    3,341,811
    
    
    
    3,855,073
    
    
    
    649,879
    
    
    
    1995
    
    
    40 yrs.
 64




---



##### 



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2004 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
    
    
    12/31/04
    
    
    12/31/04
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES81548198 Woodland Center Boulevard
    
    Tampa, FL
    
    
    *
    
    
    
    399,088
    
    
    
    2,868,834
    
    
    
    201,859
    
    
    
    399,088
    
    
    
    3,070,692
    
    
    
    3,469,781
    
    
    
    664,277
    
    
    
    1988
    
    
    40 yrs.8212 Woodland Center Boulevard
    
    Tampa, FL
    
    
    *
    
    
    
    820,882
    
    
    
    2,322,720
    
    
    
    14,210
    
    
    
    820,882
    
    
    
    2,336,931
    
    
    
    3,157,813
    
    
    
    447,089
    
    
    
    1996
    
    
    40 yrs.84018408 Benjamin Road
    
    Tampa, FL
    
    
    
    
    
    
    789,651
    
    
    
    4,454,648
    
    
    
    1,880,322
    
    
    
    789,651
    
    
    
    6,334,969
    
    
    
    7,124,621
    
    
    
    1,639,869
    
    
    
    1986
    
    
    40 yrs.8921 Brittany Way
    
    Tampa, FL
    
    
    
    
    
    
    224,369
    
    
    
    1,063,882
    
    
    
    858,376
    
    
    
    254,493
    
    
    
    1,892,134
    
    
    
    2,146,627
    
    
    
    324,762
    
    
    
    1998
    
    
    40 yrs.90019015 Brittany Way
    
    Tampa, FL
    
    
    
    
    
    
    209,841
    
    
    
    
    
    
    
    1,555,906
    
    
    
    364,514
    
    
    
    1,401,234
    
    
    
    1,765,748
    
    
    
    248,374
    
    
    
    2000
    
    
    40 yrs.901933 US Highway 301 South
    
    Tampa, FL
    
    
    
    
    
    
    500,391
    
    
    
    
    
    
    
    4,023,528
    
    
    
    840,314
    
    
    
    3,683,605
    
    
    
    4,523,919
    
    
    
    613,336
    
    
    
    2001
    
    
    40 yrs.100 West Big Beaver Road
    
    Troy, MI
    
    
    
    
    
    
    2,113,006
    
    
    
    19,057,355
    
    
    
    1,302,961
    
    
    
    2,113,006
    
    
    
    20,360,316
    
    
    
    22,473,321
    
    
    
    3,726,658
    
    
    
    1987
    
    
    40 yrs.1070 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    68,560
    
    
    
    620,595
    
    
    
    105,135
    
    
    
    68,563
    
    
    
    725,726
    
    
    
    794,290
    
    
    
    145,673
    
    
    
    1982
    
    
    40 yrs.1101 Allen Drive
    
    Troy, MI
    
    
    
    
    
    
    98,144
    
    
    
    887,935
    
    
    
    326,837
    
    
    
    98,148
    
    
    
    1,214,768
    
    
    
    1,312,916
    
    
    
    206,426
    
    
    
    1974
    
    
    40 yrs.1151 Allen Drive
    
    Troy, MI
    
    
    
    
    
    
    164,483
    
    
    
    1,486,220
    
    
    
    209,271
    
    
    
    164,486
    
    
    
    1,695,487
    
    
    
    1,859,974
    
    
    
    403,219
    
    
    
    1974
    
    
    40 yrs.1290 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    85,321
    
    
    
    771,621
    
    
    
    61,489
    
    
    
    85,325
    
    
    
    833,106
    
    
    
    918,431
    
    
    
    149,906
    
    
    
    1984
    
    
    40 yrs.1300 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    134,090
    
    
    
    1,212,752
    
    
    
    371,530
    
    
    
    134,094
    
    
    
    1,584,278
    
    
    
    1,718,372
    
    
    
    455,124
    
    
    
    1979
    
    
    40 yrs.13011307 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    111,776
    
    
    
    1,011,121
    
    
    
    128,143
    
    
    
    111,779
    
    
    
    1,139,260
    
    
    
    1,251,040
    
    
    
    213,729
    
    
    
    1978
    
    
    40 yrs.1304 E Maple Road
    
    Troy, MI
    
    
    
    
    
    
    211,233
    
    
    
    1,906,786
    
    
    
    315,969
    
    
    
    211,236
    
    
    
    2,222,752
    
    
    
    2,433,988
    
    
    
    401,759
    
    
    
    1971
    
    
    40 yrs.13111331 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    125,407
    
    
    
    1,132,810
    
    
    
    204,037
    
    
    
    125,410
    
    
    
    1,336,843
    
    
    
    1,462,254
    
    
    
    308,758
    
    
    
    1986
    
    
    40 yrs.13241346 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    134,090
    
    
    
    1,212,214
    
    
    
    117,782
    
    
    
    134,094
    
    
    
    1,329,992
    
    
    
    1,464,086
    
    
    
    231,121
    
    
    
    1979
    
    
    40 yrs.1334 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    124,296
    
    
    
    1,122,802
    
    
    
    17,977
    
    
    
    124,300
    
    
    
    1,140,775
    
    
    
    1,265,075
    
    
    
    218,201
    
    
    
    1983
    
    
    40 yrs.1350 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    111,776
    
    
    
    1,011,497
    
    
    
    112,981
    
    
    
    111,779
    
    
    
    1,124,475
    
    
    
    1,236,254
    
    
    
    232,935
    
    
    
    1979
    
    
    40 yrs.13521374 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    153,275
    
    
    
    1,385,098
    
    
    
    206,979
    
    
    
    153,279
    
    
    
    1,592,074
    
    
    
    1,745,352
    
    
    
    326,833
    
    
    
    1979
    
    
    40 yrs.13761400 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    134,292
    
    
    
    1,213,626
    
    
    
    221,099
    
    
    
    134,296
    
    
    
    1,434,721
    
    
    
    1,569,017
    
    
    
    282,776
    
    
    
    1979
    
    
    40 yrs.1409 Allen Drive
    
    Troy, MI
    
    
    
    
    
    
    142,370
    
    
    
    1,286,048
    
    
    
    398,593
    
    
    
    142,374
    
    
    
    1,684,638
    
    
    
    1,827,011
    
    
    
    359,092
    
    
    
    1978
    
    
    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
    
    
    
    387,667
    
    
    
    1982
    
    
    40 yrs.1650 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    763,067
    
    
    
    7,201,677
    
    
    
    276,080
    
    
    
    763,067
    
    
    
    7,477,757
    
    
    
    8,240,823
    
    
    
    1,383,162
    
    
    
    1985
    
    
    40 yrs.1775 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    331,422
    
    
    
    2,788,073
    
    
    
    50,550
    
    
    
    331,422
    
    
    
    2,838,623
    
    
    
    3,170,045
    
    
    
    538,103
    
    
    
    1985
    
    
    40 yrs.1850 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    781,054
    
    
    
    7,364,300
    
    
    
    1,944,873
    
    
    
    781,054
    
    
    
    9,309,173
    
    
    
    10,090,226
    
    
    
    1,679,342
    
    
    
    1986
    
    
    40 yrs.1875 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    329,863
    
    
    
    2,774,006
    
    
    
    121,445
    
    
    
    329,863
    
    
    
    2,895,451
    
    
    
    3,225,314
    
    
    
    582,263
    
    
    
    1986
    
    
    40 yrs.1940 Norwood Drive
    
    Troy, MI
    
    
    
    
    
    
    86,836
    
    
    
    785,267
    
    
    
    87,637
    
    
    
    86,839
    
    
    
    872,901
    
    
    
    959,740
    
    
    
    167,421
    
    
    
    1983
    
    
    40 yrs.1960 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    419,146
    
    
    
    3,579,166
    
    
    
    617,177
    
    
    
    419,146
    
    
    
    4,196,343
    
    
    
    4,615,489
    
    
    
    798,641
    
    
    
    1987
    
    
    40 yrs.1965 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    419,090
    
    
    
    3,578,928
    
    
    
    179,158
    
    
    
    419,090
    
    
    
    3,758,086
    
    
    
    4,177,177
    
    
    
    783,794
    
    
    
    1987
    
    
    40 yrs.2354 Bellingham Street
    
    Troy, MI
    
    
    
    
    
    
    87,340
    
    
    
    789,817
    
    
    
    19,928
    
    
    
    87,344
    
    
    
    809,741
    
    
    
    897,085
    
    
    
    150,067
    
    
    
    1990
    
    
    40 yrs.2360 Bellingham Street
    
    Troy, MI
    
    
    
    
    
    
    87,340
    
    
    
    789,817
    
    
    
    58,250
    
    
    
    87,344
    
    
    
    848,063
    
    
    
    935,407
    
    
    
    151,781
    
    
    
    1985
    
    
    40 yrs.24752479 Elliot Avenue
    
    Troy, MI
    
    
    
    
    
    
    128,808
    
    
    
    516,393
    
    
    
    79,655
    
    
    
    128,808
    
    
    
    596,049
    
    
    
    724,856
    
    
    
    98,907
    
    
    
    1984
    
    
    40 yrs.2600 Bellingham Drive
    
    Troy, MI
    
    
    
    
    
    
    1,796,869
    
    
    
    
    
    
    
    4,095,318
    
    
    
    1,938,746
    
    
    
    3,953,441
    
    
    
    5,892,187
    
    
    
    697,920
    
    
    
    2002
    
    
    40 yrs.2710 Bellingham Drive
    
    Troy, MI
    
    
    
    
    
    
    1,796,869
    
    
    
    
    
    
    
    4,202,266
    
    
    
    1,938,746
    
    
    
    4,060,389
    
    
    
    5,999,135
    
    
    
    631,325
    
    
    
    2002
    
    
    40 yrs.50 West Big Beaver Road
    
    Troy, MI
    
    
    
    
    
    
    2,159,678
    
    
    
    19,481,454
    
    
    
    1,736,053
    
    
    
    2,159,678
    
    
    
    21,217,507
    
    
    
    23,377,185
    
    
    
    3,895,457
    
    
    
    1987
    
    
    40 yrs.894 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    181,749
    
    
    
    1,632,243
    
    
    
    793,414
    
    
    
    181,753
    
    
    
    2,425,653
    
    
    
    2,607,406
    
    
    
    348,050
    
    
    
    1986
    
    
    40 yrs.950 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    252,429
    
    
    
    2,265,259
    
    
    
    183,701
    
    
    
    252,433
    
    
    
    2,448,957
    
    
    
    2,701,389
    
    
    
    477,999
    
    
    
    1982
    
    
    40 yrs.1457 Miller Store Road
    
    Virginia Beach, VA
    
    
    1,768,123
    
    
    
    473,689
    
    
    
    2,663,045
    
    
    
    307,363
    
    
    
    474,746
    
    
    
    2,969,352
    
    
    
    3,444,097
    
    
    
    93,691
    
    
    
    2003
    
    
    40 yrs.200 Golden Oak Court
    
    Virginia Beach, VA
    
    
    *
    
    
    
    1,116,693
    
    
    
    6,770,480
    
    
    
    896,506
    
    
    
    1,116,693
    
    
    
    7,666,986
    
    
    
    8,783,679
    
    
    
    1,491,731
    
    
    
    1988
    
    
    40 yrs.208 Golden Oak Court
    
    Virginia Beach, VA
    
    
    *
    
    
    
    965,177
    
    
    
    6,728,717
    
    
    
    1,036,448
    
    
    
    965,177
    
    
    
    7,765,165
    
    
    
    8,730,342
    
    
    
    1,449,257
    
    
    
    1989
    
    
    40 yrs.2809 South Lynnhaven Road
    
    Virginia Beach, VA
    
    
    
    
    
    
    953,590
    
    
    
    6,142,742
    
    
    
    880,124
    
    
    
    953,590
    
    
    
    7,022,867
    
    
    
    7,976,456
    
    
    
    1,332,178
    
    
    
    1987
    
    
    40 yrs.3432 Holland Road
    
    Virginia Beach, VA
    
    
    
    
    
    
    173,527
    
    
    
    790,515
    
    
    
    2,462
    
    
    
    173,527
    
    
    
    792,977
    
    
    
    966,504
    
    
    
    194,484
    
    
    
    1989
    
    
    40 yrs.484 Viking Drive
    
    Virginia Beach, VA
    
    
    
    
    
    
    891,753
    
    
    
    3,607,890
    
    
    
    362,521
    
    
    
    891,753
    
    
    
    3,970,411
    
    
    
    4,862,164
    
    
    
    731,699
    
    
    
    1987
    
    
    40 yrs.5700 Cleveland Street
    
    Virginia Beach, VA
    
    
    
    
    
    
    700,112
    
    
    
    9,592,721
    
    
    
    1,575,657
    
    
    
    700,564
    
    
    
    11,167,926
    
    
    
    11,868,491
    
    
    
    2,156,054
    
    
    
    1989
    
    
    40 yrs.629 Phoenix Drive
    
    Virginia Beach, VA
    
    
    
    
    
    
    371,694
    
    
    
    2,108,097
    
    
    
    138,608
    
    
    
    371,694
    
    
    
    2,246,705
    
    
    
    2,618,399
    
    
    
    382,744
    
    
    
    1996
    
    
    40 yrs.11020 West Plank Court
    
    Wauwatosa, WI
    
    
    
    
    
    
    464,246
    
    
    
    3,230,511
    
    
    
    (519,943
    )
    
    
    464,246
    
    
    
    2,710,568
    
    
    
    3,174,814
    
    
    
    373,611
    
    
    
    1985
    
    
    40 yrs.1200 Liberty Ridge Drive
    
    Wayne, PA
    
    
    
    
    
    
    6,215,667
    
    
    
    
    
    
    
    8,553,519
    
    
    
    5,223,660
    
    
    
    9,545,525
    
    
    
    14,769,185
    
    
    
    1,513,725
    
    
    
    2001
    
    
    40 yrs.1500 Liberty Ridge
    
    Wayne, PA
    
    
    
    
    
    
    8,287,555
    
    
    
    
    
    
    
    30,973,115
    
    
    
    11,636,499
    
    
    
    27,624,172
    
    
    
    39,260,671
    
    
    
    2,030,089
    
    
    
    2002
    
    
    40 yrs.825 Duportail Road
    
    Wayne, PA
    
    
    
    
    
    
    5,536,619
    
    
    
    16,179,213
    
    
    
    525,252
    
    
    
    5,539,281
    
    
    
    16,701,804
    
    
    
    22,241,085
    
    
    
    2,005,533
    
    
    
    1979
    
    
    40 yrs.400500 Brandywine Parkway
    
    West Chester, PA
    
    
    
    
    
    
    845,846
    
    
    
    6,809,025
    
    
    
    451,426
    
    
    
    845,846
    
    
    
    7,260,451
    
    
    
    8,106,297
    
    
    
    1,349,237
    
    
    
    1988
    
    
    40 yrs.600 Brandywine Parkway
    
    West Chester, PA
    
    
    
    
    
    
    664,899
    
    
    
    5,352,410
    
    
    
    709,101
    
    
    
    664,899
    
    
    
    6,061,511
    
    
    
    6,726,410
    
    
    
    1,177,902
    
    
    
    1988
    
    
    40 yrs.905 Airport Road
    
    West Chester, PA
    
    
    
    
    
    
    1,715,000
    
    
    
    5,185,000
    
    
    
    864,858
    
    
    
    1,735,012
    
    
    
    6,029,846
    
    
    
    7,764,858
    
    
    
    1,928,326
    
    
    
    1988
    
    
    40 yrs.3612 La Grange Parkway
    
    Williamsburg, VA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    5,628,586
    
    
    
    887,234
    
    
    
    4,741,352
    
    
    
    5,628,586
    
    
    
    41,735
    
    
    
    2003
    
    
    40 yrs.7805 Hudson Road
    
    Woodbury, MN
    
    
    
    
    
    
    1,279,834
    
    
    
    
    
    
    
    10,338,901
    
    
    
    1,385,739
    
    
    
    10,232,996
    
    
    
    11,618,735
    
    
    
    1,056,444
    
    
    
    2002
    
    
    40 yrs.1 Tower View
    
    West Malling, UK
    
    
    13,237,650
    
    
    
    1,790,921
    
    
    
    7,080,179
    
    
    
    1,074,240
    
    
    
    2,131,087
    
    
    
    8,001,048
    
    
    
    10,132,135
    
    
    
    313,575
    
    
    
    2003
    
    
    40 yrs.10 Kings Hill Avenue
    
    West Malling, UK
    
    
    
    
    
    
    983,547
    
    
    
    
    
    
    
    7,690,168
    
    
    
    2,073,596
    
    
    
    6,600,119
    
    
    
    8,673,715
    
    
    
    1,275,031
    
    
    
    1998
    
    
    40 yrs.11 Tower View
    
    West Malling, UK
    
    
    
    
    
    
    2,338,963
    
    
    
    7,608,910
    
    
    
    1,399,181
    
    
    
    2,740,252
    
    
    
    8,812,544
    
    
    
    11,552,796
    
    
    
    346,249
    
    
    
    2003
    
    
    40 yrs.17 Kings Hill Avenue
    
    West Malling, UK
    
    
    8,990,091
    
    
    
    936,996
    
    
    
    5,276,691
    
    
    
    725,059
    
    
    
    1,114,968
    
    
    
    5,962,993
    
    
    
    7,077,961
    
    
    
    233,700
    
    
    
    2003
    
    
    40 yrs.18 Kings Hill Avenue
    
    West Malling, UK
    
    
    
    
    
    
    829,785
    
    
    
    
    
    
    
    7,548,334
    
    
    
    2,585,696
    
    
    
    5,792,423
    
    
    
    8,378,119
    
    
    
    987,704
    
    
    
    1999
    
    
    40 yrs.2 Kings Hill Avenue
    
    West Malling, UK
    
    
    
    
    
    
    785,565
    
    
    
    
    
    
    
    5,389,524
    
    
    
    982,199
    
    
    
    5,192,890
    
    
    
    6,175,089
    
    
    
    1,175,900
    
    
    
    1996
    
    
    40 yrs.30 Kings Hill Avenue
    
    West Malling, UK
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    9,814,135
    
    
    
    3,279,601
    
    
    
    6,534,534
    
    
    
    9,814,135
    
    
    
    387,127
    
    
    
    2002
    
    
    40 yrs.30 Tower View
    
    West Malling, UK
    
    
    
    
    
    
    1,657,321
    
    
    
    
    
    
    
    15,666,264
    
    
    
    2,771,642
    
    
    
    14,551,943
    
    
    
    17,323,585
    
    
    
    2,029,700
    
    
    
    1999
    
    
    40 yrs.32 Tower View
    
    West Malling, UK
    
    
    
    
    
    
    1,913,208
    
    
    
    5,444,441
    
    
    
    927,872
    
    
    
    2,276,600
    
    
    
    6,152,561
    
    
    
    8,429,161
    
    
    
    241,130
    
    
    
    2003
    
    
    40 yrs.
 65




---



##### 



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2004 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
    
    
    12/31/04
    
    
    12/31/04
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES34 Tower View
    
    West Malling, UK
    
    
    
    
    
    
    1,149,875
    
    
    
    2,998,265
    
    
    
    529,266
    
    
    
    1,368,281
    
    
    
    3,388,228
    
    
    
    4,756,509
    
    
    
    132,791
    
    
    
    2003
    
    
    40 yrs.35 Kings Hill Avenue
    
    West Malling, UK
    
    
    
    
    
    
    812,193
    
    
    
    
    
    
    
    3,661,103
    
    
    
    949,952
    
    
    
    3,523,344
    
    
    
    4,473,296
    
    
    
    550,984
    
    
    
    1999
    
    
    40 yrs.39 Kings Hill Avenue
    
    West Malling, UK
    
    
    
    
    
    
    494,508
    
    
    
    
    
    
    
    4,175,477
    
    
    
    920,647
    
    
    
    3,749,338
    
    
    
    4,669,985
    
    
    
    575,936
    
    
    
    1999
    
    
    40 yrs.4 Abbey Wood Road
    
    West Malling, UK
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    9,184,719
    
    
    
    2,513,200
    
    
    
    6,671,518
    
    
    
    9,184,719
    
    
    
    704,402
    
    
    
    2001
    
    
    40 yrs.50 Kings Hill Avenue
    
    West Malling, UK
    
    
    
    
    
    
    1,215,608
    
    
    
    
    
    
    
    13,750,790
    
    
    
    2,215,355
    
    
    
    12,751,043
    
    
    
    14,966,398
    
    
    
    2,680,852
    
    
    
    1996
    
    
    40 yrs.6 Alexander Grove
    
    West Malling, UK
    
    
    5,993,394
    
    
    
    1,452,474
    
    
    
    2,725,759
    
    
    
    1,384,898
    
    
    
    1,728,356
    
    
    
    3,080,280
    
    
    
    4,808,636
    
    
    
    120,722
    
    
    
    2003
    
    
    40 yrs.Uxbridge Town Center
    
    London, UK
    
    
    23,022,000
    
    
    
    
    
    
    
    
    
    
    
    38,887,722
    
    
    
    10,378,457
    
    
    
    28,509,265
    
    
    
    38,887,722
    
    
    
    1,027,383
    
    
    
    2001
    
    
    40 yrs.Subtotal Operating Real Estate
    
    
    
    $
    129,784,971
    
    
    $
    545,653,283
    
    
    $
    1,677,440,170
    
    
    $
    2,031,449,547
    
    
    $
    625,035,000
    
    
    $
    3,629,508,000
    
    
    $
    4,254,543,000
    
    
    $
    695,410,000
 66




---



##### 



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2004 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
    
    
    12/31/04
    
    
    12/31/04
    
    
    Acquisition
    
    
    (years)DEVELOPMENT PROPERTIESWestridge Building 7
    
    Aurora, IL
    
    $
    
    
    
    $
    5,649,052
    
    
    $
    
    
    
    $
    3,589,066
    
    
    $
    
    
    
    $
    9,238,119
    
    
    $
    9,238,119
    
    
    $
    
    
    
    
    2004
    
    
    
    N/A6230 Old Dobbin Lane
    
    Colombia, MD
    
    
    
    
    
    
    3,004,075
    
    
    
    
    
    
    
    1,804,038
    
    
    
    
    
    
    
    4,808,113
    
    
    
    4,808,113
    
    
    
    
    
    
    
    2004
    
    
    
    N/A200 W Cypress Creek Road
    
    Ft Lauderdale, FL
    
    
    
    
    
    
    3,414,989
    
    
    
    2,399,738
    
    
    
    4,816,933
    
    
    
    
    
    
    
    10,631,660
    
    
    
    10,631,660
    
    
    
    
    
    
    
    2003
    
    
    
    N/A4015 Meeting Way
    
    High Point, NC
    
    
    
    
    
    
    510,000
    
    
    
    
    
    
    
    2,688,375
    
    
    
    
    
    
    
    3,198,375
    
    
    
    3,198,375
    
    
    
    
    
    
    
    2003
    
    
    
    N/A4195 Eagle Hill Drive
    
    High Point, NC
    
    
    
    
    
    
    107,586
    
    
    
    
    
    
    
    2,787,553
    
    
    
    
    
    
    
    2,895,139
    
    
    
    2,895,139
    
    
    
    
    
    
    
    2004
    
    
    
    N/AHeron Place at Mendenhall
    
    High Point, NC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    11,973
    
    
    
    
    
    
    
    11,973
    
    
    
    11,973
    
    
    
    
    
    
    
    2004
    
    
    
    N/A335 Commerce Drive
    
    Horsham, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,492,319
    
    
    
    
    
    
    
    8,492,319
    
    
    
    8,492,319
    
    
    
    
    
    
    
    2002
    
    
    
    N/AMill Run Corporate Ctr Lot 9
    
    Lehigh Valley, PA
    
    
    
    
    
    
    893,441
    
    
    
    
    
    
    
    1,077,254
    
    
    
    
    
    
    
    1,970,695
    
    
    
    1,970,695
    
    
    
    
    
    
    
    2004
    
    
    
    N/AQuarry RidgeParcel C
    
    Malvern, PA
    
    
    
    
    
    
    5,405,041
    
    
    
    
    
    
    
    6,759,146
    
    
    
    
    
    
    
    12,164,187
    
    
    
    12,164,188
    
    
    
    
    
    
    
    2003
    
    
    
    N/A65 Brookfield Oaks Drive
    
    Mauldin, SC
    
    
    
    
    
    
    557,174
    
    
    
    
    
    
    
    1,669,037
    
    
    
    
    
    
    
    2,226,211
    
    
    
    2,226,211
    
    
    
    
    
    
    
    2004
    
    
    
    N/A75 Brookfield Oaks Drive
    
    Mauldin, SC
    
    
    
    
    
    
    419,731
    
    
    
    
    
    
    
    1,187,409
    
    
    
    
    
    
    
    1,607,141
    
    
    
    1,607,141
    
    
    
    
    
    
    
    2003
    
    
    
    N/A302 Fellowship Road
    
    Mt Laurel, NJ
    
    
    
    
    
    
    1,512,120
    
    
    
    
    
    
    
    (177,895
    )
    
    
    
    
    
    
    1,334,224
    
    
    
    1,334,224
    
    
    
    
    
    
    
    2001
    
    
    
    N/AOne Crescent Drive
    
    Philadelphia, PA
    
    
    
    
    
    
    567,280
    
    
    
    
    
    
    
    1,146,415
    
    
    
    
    
    
    
    1,713,695
    
    
    
    1,713,695
    
    
    
    
    
    
    
    2004
    
    
    
    N/A6950 Harbor View Blvd
    
    Suffolk, VA
    
    
    
    
    
    
    929,844
    
    
    
    
    
    
    
    1,564,874
    
    
    
    
    
    
    
    2,494,719
    
    
    
    2,494,719
    
    
    
    
    
    
    
    2004
    
    
    
    N/A501 US Highway 301 South
    
    Tampa, FL
    
    
    
    
    
    
    898,884
    
    
    
    
    
    
    
    2,388,619
    
    
    
    
    
    
    
    3,287,503
    
    
    
    3,287,503
    
    
    
    
    
    
    
    2004
    
    
    
    N/A90029036 Brittany Way
    
    Tampa, FL
    
    
    
    
    
    
    492,320
    
    
    
    
    
    
    
    4,121,616
    
    
    
    
    
    
    
    4,613,936
    
    
    
    4,613,936
    
    
    
    
    
    
    
    2004
    
    
    
    N/ALiberty Square
    
    West Malling, UK
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,442,000
    
    
    
    
    
    
    
    3,442,000
    
    
    
    3,442,000
    
    
    
    
    
    
    
    2003
    
    
    
    N/ARouse Kent Limited
    
    West Malling, UK
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,968,990
    
    
    
    (66
    )
    
    
    6,969,056
    
    
    
    6,968,990
    
    
    
    
    
    
    
    2003
    
    
    
    N/ASubtotal Development in Progress
    
    
    
    $
    
    
    
    $
    24,361,539
    
    
    $
    2,399,738
    
    
    $
    54,337,722
    
    
    $
    (66
    )
    
    $
    81,099,065
    
    
    $
    81,099,000
    
    
    $
    
 67




---



##### 



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2004 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
    
    
    12/31/04
    
    
    12/31/04
    
    
    Acquisition
    
    
    (years)LAND HELD FOR DEVELOPMENTWest Ridge Corporate Center Land
    
    Aurora, IL
    
    $
    
    
    
    $
    826,547
    
    
    $
    
    
    
    $
    9,155,850
    
    
    $
    9,982,397
    
    
    $
    
    
    
    $
    9,982,397
    
    
    $
    
    
    
    
    2003
    
    
    
    N/ALVCC Phase 2 Land
    
    Bethlehem, PA
    
    
    
    
    
    
    3,741,506
    
    
    
    
    
    
    
    3,447,474
    
    
    
    7,188,980
    
    
    
    
    
    
    
    7,188,980
    
    
    
    
    
    
    
    1998
    
    
    
    N/ALehigh Valley Corporate Center Land
    
    Bethlehem, PA
    
    
    
    
    
    
    309,058
    
    
    
    
    
    
    
    (42,339
    )
    
    
    4,271,205
    
    
    
    (4,004,486
    )
    
    
    266,719
    
    
    
    
    
    
    
    1987
    
    
    
    N/A5705 Old Shakopee Road W. Land
    
    Bloomington, MN
    
    
    
    
    
    
    2,113,223
    
    
    
    
    
    
    
    50,087
    
    
    
    2,163,310
    
    
    
    
    
    
    
    2,163,310
    
    
    
    
    
    
    
    2001
    
    
    
    N/ABoca Colannade Land
    
    Boca Raton, FL
    
    
    
    
    
    
    3,649,792
    
    
    
    
    
    
    
    1,103,719
    
    
    
    4,753,511
    
    
    
    
    
    
    
    4,753,511
    
    
    
    
    
    
    
    1998
    
    
    
    N/A501 H P Way
    
    Chesterfield, VA
    
    
    
    
    
    
    165,042
    
    
    
    
    
    
    
    484,965
    
    
    
    650,007
    
    
    
    
    
    
    
    650,007
    
    
    
    
    
    
    
    1996
    
    
    
    N/ARivers Bend Business Park
    
    Chesterfield, VA
    
    
    
    
    
    
    1,695,415
    
    
    
    
    
    
    
    3,934,511
    
    
    
    (679,846
    )
    
    
    6,309,772
    
    
    
    5,629,925
    
    
    
    
    
    
    
    1995
    
    
    
    N/AColumbia Crossing Land
    
    Columbis, MD
    
    
    
    
    
    
    3,865,848
    
    
    
    
    
    
    
    369,925
    
    
    
    4,235,773
    
    
    
    
    
    
    
    4,235,773
    
    
    
    
    
    
    
    2000
    
    
    
    N/ALake Smetana Business Park
    
    Eden Prairie, MN
    
    
    
    
    
    
    4,500,641
    
    
    
    
    
    
    
    (2,310,633
    )
    
    
    4,459,560
    
    
    
    (2,269,552
    )
    
    
    2,190,008
    
    
    
    
    
    
    
    1998
    
    
    
    N/A420 Delaware Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    2,766,931
    
    
    
    
    
    
    
    (132
    )
    
    
    2,766,799
    
    
    
    
    
    
    
    2,766,799
    
    
    
    
    
    
    
    2004
    
    
    
    N/AIndependence Pointe Land
    
    Greenville, SC
    
    
    
    
    
    
    1,304,084
    
    
    
    
    
    
    
    2,046,889
    
    
    
    3,350,973
    
    
    
    
    
    
    
    3,350,973
    
    
    
    
    
    
    
    1997
    
    
    
    N/ASouthchase Business Park Land
    
    Greenville, SC
    
    
    
    
    
    
    1,571,656
    
    
    
    
    
    
    
    141,045
    
    
    
    1,712,701
    
    
    
    
    
    
    
    1,712,701
    
    
    
    
    
    
    
    1998
    
    
    
    N/AWoodfield Land
    
    Greenville, SC
    
    
    
    
    
    
    869,141
    
    
    
    
    
    
    
    30,389
    
    
    
    899,530
    
    
    
    
    
    
    
    899,530
    
    
    
    
    
    
    
    1998
    
    
    
    N/ALakefront Plaza II Land
    
    Hampton, VA
    
    
    
    
    
    
    132,785
    
    
    
    
    
    
    
    88,720
    
    
    
    221,505
    
    
    
    
    
    
    
    221,505
    
    
    
    
    
    
    
    2001
    
    
    
    N/AVolvo Center Land
    
    Hampton, VA
    
    
    
    
    
    
    1,650,423
    
    
    
    
    
    
    
    475,975
    
    
    
    2,126,399
    
    
    
    
    
    
    
    2,126,399
    
    
    
    
    
    
    
    2000
    
    
    
    N/APatapsco Valley Business Center
    
    Hanover, MD
    
    
    
    
    
    
    4,299,366
    
    
    
    
    
    
    
    56,287
    
    
    
    4,355,653
    
    
    
    
    
    
    
    4,355,653
    
    
    
    
    
    
    
    2004
    
    
    
    N/AEagle Hill Business Park Land
    
    High Point, NC
    
    
    
    
    
    
    94,274
    
    
    
    
    
    
    
    632,849
    
    
    
    727,123
    
    
    
    
    
    
    
    727,123
    
    
    
    
    
    
    
    1999
    
    
    
    N/AMendenhall Business Park I
    
    High Point, NC
    
    
    
    
    
    
    1,910,135
    
    
    
    
    
    
    
    4,400,545
    
    
    
    6,310,680
    
    
    
    
    
    
    
    6,310,680
    
    
    
    
    
    
    
    1995
    
    
    
    N/APiedmont Centre Land
    
    High Point, NC
    
    
    
    
    
    
    1,621,044
    
    
    
    
    
    
    
    137,986
    
    
    
    1,759,030
    
    
    
    
    
    
    
    1,759,030
    
    
    
    
    
    
    
    2004
    
    
    
    N/ACentral Green Land
    
    Houston, TX
    
    
    
    
    
    
    1,095,592
    
    
    
    
    
    
    
    482,962
    
    
    
    1,578,555
    
    
    
    
    
    
    
    1,578,555
    
    
    
    
    
    
    
    2001
    
    
    
    N/AHunt Valley Land
    
    Hunt Valley, MD
    
    
    
    
    
    
    2,166,068
    
    
    
    
    
    
    
    739,080
    
    
    
    2,905,148
    
    
    
    
    
    
    
    2,905,148
    
    
    
    
    
    
    
    2001
    
    
    
    N/A7024 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    468,643
    
    
    
    
    
    
    
    356,309
    
    
    
    824,952
    
    
    
    
    
    
    
    824,952
    
    
    
    
    
    
    
    1995
    
    
    
    N/ABelfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    468,643
    
    
    
    
    
    
    
    109,850
    
    
    
    578,493
    
    
    
    
    
    
    
    578,493
    
    
    
    
    
    
    
    1998
    
    
    
    N/AButler Plaza Land
    
    Jacksonville, FL
    
    
    
    
    
    
    1,303,792
    
    
    
    
    
    
    
    1,714,406
    
    
    
    3,018,198
    
    
    
    
    
    
    
    3,018,198
    
    
    
    
    
    
    
    1998
    
    
    
    N/ALiberty Business Park Land
    
    Jacksonville, FL
    
    
    
    
    
    
    448,097
    
    
    
    
    
    
    
    90,019
    
    
    
    538,116
    
    
    
    
    
    
    
    538,116
    
    
    
    
    
    
    
    1995
    
    
    
    N/ASalisbury Road Land
    
    Jacksonville, FL
    
    
    
    
    
    
    880,828
    
    
    
    
    
    
    
    694,526
    
    
    
    1,575,354
    
    
    
    
    
    
    
    1,575,354
    
    
    
    
    
    
    
    2000
    
    
    
    N/ABoulders Business Center Land
    
    Lehigh, PA
    
    
    
    
    
    
    10,370,370
    
    
    
    
    
    
    
    (7,122,584
    )
    
    
    3,247,786
    
    
    
    
    
    
    
    3,247,786
    
    
    
    
    
    
    
    2004
    
    
    
    N/ACommodore Business Park
    
    Logan, NJ
    
    
    
    
    
    
    1,756,748
    
    
    
    
    
    
    
    (168,261
    )
    
    
    1,588,487
    
    
    
    
    
    
    
    1,588,487
    
    
    
    
    
    
    
    1995
    
    
    
    N/AQuarry Ridge Land
    
    Malvern, PA
    
    
    
    
    
    
    8,398,708
    
    
    
    
    
    
    
    2,645,089
    
    
    
    11,043,797
    
    
    
    
    
    
    
    11,043,797
    
    
    
    
    
    
    
    2001
    
    
    
    N/APark Place South Land
    
    Milwaukee, WI
    
    
    
    
    
    
    2,362,904
    
    
    
    
    
    
    
    2,378,403
    
    
    
    4,741,307
    
    
    
    
    
    
    
    4,741,307
    
    
    
    
    
    
    
    1999
    
    
    
    N/ABeeland Industrial Park Land
    
    Orlando, FL
    
    
    
    
    
    
    1,780,809
    
    
    
    
    
    
    
    99,634
    
    
    
    1,880,444
    
    
    
    
    
    
    
    1,880,444
    
    
    
    
    
    
    
    2004
    
    
    
    N/AOrlando Corporate Center Land
    
    Orlando, FL
    
    
    
    
    
    
    903,701
    
    
    
    
    
    
    
    (73,850
    )
    
    
    829,851
    
    
    
    
    
    
    
    829,851
    
    
    
    
    
    
    
    2000
    
    
    
    N/ASouth Center Land
    
    Orlando, FL
    
    
    
    
    
    
    479,859
    
    
    
    
    
    
    
    (473,623
    )
    
    
    6,236
    
    
    
    
    
    
    
    6,236
    
    
    
    
    
    
    
    1999
    
    
    
    N/ASouth Center LandPhase II
    
    Orlando, FL
    
    
    
    
    
    
    1,306,150
    
    
    
    
    
    
    
    196,280
    
    
    
    1,502,430
    
    
    
    
    
    
    
    1,502,430
    
    
    
    
    
    
    
    2004
    
    
    
    N/A1710 Arch Street
    
    Philadelphia, PA
    
    
    
    
    
    
    7,847,607
    
    
    
    
    
    
    
    15,197,818
    
    
    
    23,045,425
    
    
    
    
    
    
    
    23,045,425
    
    
    
    
    
    
    
    2000
    
    
    
    N/A1722 Arch Street
    
    Philadelphia, PA
    
    
    
    
    
    
    290,475
    
    
    
    
    
    
    
    157,898
    
    
    
    448,372
    
    
    
    
    
    
    
    448,372
    
    
    
    
    
    
    
    2000
    
    
    
    N/AJFK & Arch Parking Lots/Land (East)
    
    Philadelphia, PA
    
    
    
    
    
    
    14,291,957
    
    
    
    
    
    
    
    3,942,601
    
    
    
    18,234,558
    
    
    
    
    
    
    
    18,234,558
    
    
    
    
    
    
    
    2000
    
    
    
    N/AJFK & Arch Parking Lots/Land (West)
    
    Philadelphia, PA
    
    
    
    
    
    
    4,700,222
    
    
    
    
    
    
    
    (2,291,664
    )
    
    
    2,408,559
    
    
    
    
    
    
    
    2,408,559
    
    
    
    
    
    
    
    2000
    
    
    
    N/A1910 Westerre Land
    
    Richmond, VA
    
    
    
    
    
    
    1,117,293
    
    
    
    
    
    
    
    179,331
    
    
    
    1,296,624
    
    
    
    
    
    
    
    1,296,624
    
    
    
    
    
    
    
    2003
    
    
    
    N/AEastport IX
    
    Richmond, VA
    
    
    
    
    
    
    209,856
    
    
    
    
    
    
    
    5,096
    
    
    
    214,952
    
    
    
    
    
    
    
    214,952
    
    
    
    
    
    
    
    1997
    
    
    
    N/AEastport VII
    
    Richmond, VA
    
    
    
    
    
    
    787,091
    
    
    
    
    
    
    
    843,167
    
    
    
    1,630,258
    
    
    
    
    
    
    
    1,630,258
    
    
    
    
    
    
    
    1997
    
    
    
    N/AEastport VIII
    
    Richmond, VA
    
    
    
    
    
    
    379,836
    
    
    
    
    
    
    
    6,187
    
    
    
    386,023
    
    
    
    
    
    
    
    386,023
    
    
    
    
    
    
    
    1997
    
    
    
    N/AFairgrounds Distribution Ctr Land
    
    Richmond, VA
    
    
    
    
    
    
    100,000
    
    
    
    
    
    
    
    (87,019
    )
    
    
    12,981
    
    
    
    
    
    
    
    12,981
    
    
    
    
    
    
    
    1995
    
    
    
    N/A6505 Cogswell Road
    
    Romulus, MI
    
    
    
    
    
    
    594,523
    
    
    
    
    
    
    
    3,477,195
    
    
    
    799,957
    
    
    
    3,271,762
    
    
    
    4,071,718
    
    
    
    
    
    
    
    2000
    
    
    
    N/ARomulus Land
    
    Romulus, MI
    
    
    
    
    
    
    788,338
    
    
    
    
    
    
    
    610,137
    
    
    
    1,398,475
    
    
    
    
    
    
    
    1,398,475
    
    
    
    
    
    
    
    1998
    
    
    
    N/AWoodlands Center Land
    
    Sandston, VA
    
    
    
    
    
    
    928,555
    
    
    
    
    
    
    
    285,461
    
    
    
    1,214,017
    
    
    
    
    
    
    
    1,214,017
    
    
    
    
    
    
    
    1996
    
    
    
    N/ANorthsight Land
    
    Scottsdale, AZ
    
    
    
    
    
    
    10,245,763
    
    
    
    
    
    
    
    1,077,604
    
    
    
    11,323,366
    
    
    
    
    
    
    
    11,323,366
    
    
    
    
    
    
    
    2000
    
    
    
    N/A6119 W. Linebaugh Avenue
    
    Tampa, FL
    
    
    
    
    
    
    175,886
    
    
    
    
    
    
    
    22,320
    
    
    
    198,205
    
    
    
    
    
    
    
    198,205
    
    
    
    
    
    
    
    2000
    
    
    
    N/ASilo Bend Land
    
    Tampa, FL
    
    
    
    
    
    
    949,093
    
    
    
    
    
    
    
    2,406,525
    
    
    
    3,355,618
    
    
    
    
    
    
    
    3,355,618
    
    
    
    
    
    
    
    1996
    
    
    
    N/AWoodland Corporate Center Land
    
    Tampa, FL
    
    
    
    
    
    
    2,002,231
    
    
    
    
    
    
    
    (240,366
    )
    
    
    1,761,865
    
    
    
    
    
    
    
    1,761,865
    
    
    
    
    
    
    
    1998
    
    
    
    N/ABig Beaver Airport Land
    
    Troy, MI
    
    
    
    
    
    
    6,604,631
    
    
    
    
    
    
    
    (4,958,743
    )
    
    
    3,457,296
    
    
    
    (1,811,407
    )
    
    
    1,645,889
    
    
    
    
    
    
    
    1999
    
    
    
    N/AStabler Land  Lot 12
    
    Upper Saucon, PA
    
    
    
    
    
    
    1,078,674
    
    
    
    
    
    
    
    246,242
    
    
    
    1,324,917
    
    
    
    
    
    
    
    1,324,917
    
    
    
    
    
    
    
    2003
    
    
    
    N/ASubtotal Land Held for Development
    
    
    
    $
    
    
    
    $
    124,369,857
    
    
    $
    
    
    
    $
    46,752,143
    
    
    $
    169,625,912
    
    
    $
    1,496,088
    
    
    $
    171,122,000
    
    
    $
    Total All Properties
    
    
    
    $
    129,784,971
    
    
    $
    694,384,679
    
    
    $
    1,679,839,908
    
    
    $
    2,132,539,412
    
    
    $
    794,660,846
    
    
    $
    3,712,103,153
    
    
    $
    4,506,764,000
    
    
    $
    695,410,000
  *
    Denotes property is collateralized under mortgages with American General, Nationwide, New York Life, Principal Mutual and USG
Annunity totalling $212.0 million. 68




---



##### 



SCHEDULE III LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
(In thousands) A summary of activity for real estate and accumulated depreciation is as follows: FOR THE YEARS ENDEDDECEMBER 31,2004
    
    
    2003
    
    
    2002REAL ESTATE:Balance at beginning of year
    
    $
    4,143,680
    
    
    $
    3,874,670
    
    
    $
    3,635,064Additions
    
    
    411,235
    
    
    
    309,819
    
    
    
    313,150Disposition of property
    
    
    (48,151
    )
    
    
    (40,808
    )
    
    
    (73,544
    )Balance at end of year
    
    $
    4,506,764
    
    
    $
    4,143,680
    
    
    $
    3,874,670ACCUMULATED DEPRECIATION:Balance at beginning of year
    
    $
    586,736
    
    
    $
    485,206
    
    
    $
    395,065Depreciation expense
    
    
    114,199
    
    
    
    105,589
    
    
    
    93,134Disposition of property
    
    
    (5,525
    )
    
    
    (4,059
    )
    
    
    (2,993
    )Balance at end of year
    
    $
    695,410
    
    
    $
    586,736
    
    
    $
    485,206
 69




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##### 



Managements Annual Report on Internal Control Over Financial Reporting To the Partners of Liberty Property Limited Partnership: The Companys management is responsible for establishing and maintaining
adequate internal control over financial reporting, as such term is defined in
Exchange Act Rules 13a-15(f) and 15d-15(f). The Companys internal
control system was designed to provide reasonable assurance to the Companys
management regarding the preparation and fair presentation of published
financial statements. Under the supervision and with the participation of our management, including
the Chief Executive Officer and Chief Financial Officer, we assessed the
effectiveness of the Companys internal control over financial reporting as of
December 31, 2004. In making this assessment, we used the criteria set forth
by the Committee of Sponsoring Organizations of the Treadway Commissions (COSO)
in Internal Control  Integrated Framework. Based on our assessment we
believe that, as of December 31, 2004, the Companys internal control over
financial reporting is effective based on those criteria. Because of its inherent limitations, internal control over financial reporting
may not prevent or detect misstatements. Also, projections of any evaluation
of effectiveness to future periods are subject to the risk that controls may
become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate. February 28, 2005 70




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##### 



Report of Independent Registered Public Accounting Firm The Partners of Liberty Property Limited Partnership We have audited managements assessment, included in the accompanying Management Report on Internal
Control Over Financial Reporting, that Liberty Property Limited Partnership (the Operating
Partnership) maintained effective internal control over financial reporting as of December 31,
2004, based on criteria established in Internal ControlIntegrated Framework issued by the
Committee of Sponsoring Organizations of the Treadway Commission (the COSO criteria). The Operating
Partnerships management is responsible for maintaining effective internal control over financial
reporting and for its assessment of the effectiveness of internal control over financial reporting.
Our responsibility is to express an opinion on managements assessment and an opinion on the
effectiveness of the Operating Partnerships internal control over financial reporting based on our
audit. We conducted our audit in accordance with the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether effective internal control over financial reporting was
maintained in all material respects. Our audit included obtaining an understanding of internal
control over financial reporting, evaluating managements assessment, testing and evaluating the
design and operating effectiveness of internal control, and performing such other procedures as we
considered necessary in the circumstances. We believe that our audit provides a reasonable basis
for our opinion. A companys internal control over financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles. A
companys internal control over financial reporting includes those policies and procedures that (1)
pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that receipts and expenditures of the company
are being made only in accordance with authorizations of management and directors of the company;
and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of the companys assets that could have a material effect on the
financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or
detect misstatements. Also, projections of any evaluation of effectiveness to future periods are
subject to the risk that controls may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate. In our opinion, managements assessment that Liberty Property Limited Partnership maintained
effective internal control over financial reporting as of December 31, 2004, is fairly stated, in
all material respects, based on the COSO criteria. Also, in our opinion, the Operating Partnership
maintained, in all material respects, effective internal control over financial reporting as of
December 31, 2004, based on the COSO criteria. We also have audited, in accordance with the standards of the Public Company Accounting Oversight
Board (United States), the consolidated balance sheets of Liberty Property Limited Partnership as
of December 31, 2004 and 2003, and the related consolidated statements of operations, owners
equity, and cash flows for the each of the three years in the period ended December 31, 2004 of the
Operating Partnership and our report dated February 28, 2005 expressed an unqualified opinion
thereon. /s/ Ernst & Young LLP Philadelphia, Pennsylvania
February 28, 2005 71




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##### 



Report of Independent Registered Public Accounting Firm The Partners of Liberty Property Limited Partnership We have audited the accompanying consolidated balance sheets of Liberty Property Limited
Partnership (the Operating Partnership) as of December 31, 2004 and 2003, and the related
consolidated statements of operations, owners equity, and cash flows for each of the three years
in the period ended December 31, 2004. Our audits also included the financial statement schedule
listed in the Index at Item 15. These financial statements and schedule are the responsibility of
the Operating Partnerships management. Our responsibility is to express an opinion on these
financial statements and schedule based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the consolidated financial statements referred to above present fairly, in all
material respects, the consolidated financial position of Liberty Property Limited Partnership at
December 31, 2004 and 2003, and the consolidated results of its operations and its cash flows for
each of the three years in the period ended December 31, 2004, in conformity with U.S. generally
accepted accounting principles. Also, in our opinion, the related financial statement schedule,
when considered in relation to the basic financial statements taken as a whole, presents fairly in
all material respects the information set forth therein. We also have audited, in accordance with the standards of the Public Company Accounting Oversight
Board (United States), the effectiveness of Liberty Property Limited Partnerships internal control
over financial reporting as of December 31, 2004, based on criteria established in Internal
Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission and our report dated February 28, 2005 expressed an unqualified opinion thereon. /s/ Ernst
& Young LLP Philadelphia, Pennsylvania
February 28, 2005 72




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##### 



CONSOLIDATED BALANCE SHEETS OF
LIBERTY PROPERTY LIMITED PARTNERSHIP
(IN THOUSANDS) DECEMBER 31,2004
    
    
    2003ASSETSReal estate:Land and land improvements
    
    $
    625,035
    
    
    $
    564,332Buildings and improvements
    
    
    3,629,508
    
    
    
    3,359,996Less accumulated depreciation
    
    
    (695,410
    )
    
    
    (586,736
    )Operating real estate
    
    
    3,559,133
    
    
    
    3,337,592Development in progress
    
    
    81,099
    
    
    
    56,869Land held for development
    
    
    171,122
    
    
    
    162,483Net real estate
    
    
    3,811,354
    
    
    
    3,556,944Cash and cash equivalents
    
    
    33,667
    
    
    
    21,809Restricted cash
    
    
    34,626
    
    
    
    15,292Accounts receivable, net of allowance
    
    
    21,502
    
    
    
    13,053Deferred rent receivable
    
    
    66,528
    
    
    
    58,015Deferred financing and leasing costs, net of accumulated amortization
(2004, $91,117; 2003, $90,098)
    
    
    107,148
    
    
    
    98,506Investments in unconsolidated joint ventures
    
    
    24,372
    
    
    
    19,631Prepaid expenses and other assets
    
    
    63,630
    
    
    
    49,303Total assets
    
    $
    4,162,827
    
    
    $
    3,832,553LIABILITIESMortgage loans
    
    $
    366,171
    
    
    $
    363,866Unsecured notes
    
    
    1,455,000
    
    
    
    1,355,000Credit facility
    
    
    312,000
    
    
    
    167,000Accounts payable
    
    
    24,288
    
    
    
    15,429Accrued interest
    
    
    34,994
    
    
    
    32,828Distribution payable
    
    
    54,485
    
    
    
    52,384Other liabilities
    
    
    111,764
    
    
    
    93,482Total liabilities
    
    
    2,358,702
    
    
    
    2,079,989Minority interest
    
    
    3,980
    
    
    
    3,455OWNERS EQUITYGeneral partners equity  common units
    
    
    1,596,259
    
    
    
    1,544,897Limited partners equity  preferred units
    
    
    135,471
    
    
    
    135,471 common units
    
    
    68,415
    
    
    
    68,741Total owners equity
    
    
    1,800,145
    
    
    
    1,749,109Total liabilities and owners equity
    
    $
    4,162,827
    
    
    $
    3,832,553
 See accompanying notes. 73




---



##### 



CONSOLIDATED STATEMENTS OF OPERATIONS OF
LIBERTY PROPERTY LIMITED PARTNERSHIP
(IN THOUSANDS, EXCEPT PER UNIT AMOUNTS) YEAR ENDED DECEMBER 31,2004
    
    
    2003
    
    
    2002OPERATING REVENUERental
    
    $
    470,755
    
    
    $
    448,304
    
    
    $
    428,299Operating expense reimbursement
    
    
    184,600
    
    
    
    171,978
    
    
    
    159,749Total operating revenue
    
    
    655,355
    
    
    
    620,282
    
    
    
    588,048OPERATING EXPENSESRental property
    
    
    136,445
    
    
    
    123,771
    
    
    
    111,567Real estate taxes
    
    
    64,929
    
    
    
    61,488
    
    
    
    59,155General and administrative
    
    
    33,309
    
    
    
    28,415
    
    
    
    21,745Depreciation and amortization
    
    
    135,497
    
    
    
    121,498
    
    
    
    108,619Total operating expenses
    
    
    370,180
    
    
    
    335,172
    
    
    
    301,086Operating Income
    
    
    285,175
    
    
    
    285,110
    
    
    
    286,962OTHER INCOME (EXPENSE)Interest and other income
    
    
    6,590
    
    
    
    7,568
    
    
    
    8,559Interest expense
    
    
    (123,352
    )
    
    
    (123,154
    )
    
    
    (115,179
    )Total other income(expense)
    
    
    (116,762
    )
    
    
    (115,568
    )
    
    
    (106,620
    )Income before property dispositions, income taxes, minority interest
and equity in (loss) earnings of unconsolidated joint ventures
    
    
    168,413
    
    
    
    169,524
    
    
    
    180,342Gain (loss) on property dispositions
    
    
    496
    
    
    
    447
    
    
    
    (9,300
    )Income taxes
    
    
    (1,820
    )
    
    
    (2,326
    )
    
    
    (656
    )Minority interest
    
    
    632
    
    
    
    (673
    )
    
    
    (1,235
    )Equity in (loss) earnings of unconsolidated joint ventures
    
    
    (775
    )
    
    
    1,744
    
    
    
    255Income from continuing operations
    
    
    166,946
    
    
    
    168,716
    
    
    
    169,406Discontinued operations (including net gain on property dispositions of $11,603,
$11,958 and $6,959 for the years ended December 31, 2004, 2003 and 2002)
    
    
    13,296
    
    
    
    14,954
    
    
    
    11,681Net income
    
    
    180,242
    
    
    
    183,670
    
    
    
    181,087Preferred unit distributions
    
    
    11,844
    
    
    
    12,416
    
    
    
    18,861Excess of preferred unit redemption over carrying amount
    
    
    
    
    
    
    
    
    
    
    4,186Income available to common unitholders
    
    $
    168,398
    
    
    $
    171,254
    
    
    $
    158,040Earnings per common unitBasic:Income from continuing operations
    
    $
    1.76
    
    
    $
    1.90
    
    
    $
    1.85Income from discontinued operations
    
    
    0.15
    
    
    
    0.18
    
    
    
    0.15Income per common unit  basic
    
    $
    1.91
    
    
    $
    2.08
    
    
    $
    2.00Diluted:Income from continuing operations
    
    $
    1.73
    
    
    $
    1.87
    
    
    $
    1.82Income from discontinued operations
    
    
    0.15
    
    
    
    0.18
    
    
    
    0.15Income per common unit  diluted
    
    $
    1.88
    
    
    $
    2.05
    
    
    $
    1.97Weighted average number of common units outstandingBasic
    
    
    88,210
    
    
    
    82,268
    
    
    
    78,920Diluted
    
    
    89,700
    
    
    
    83,561
    
    
    
    80,151
 See accompanying notes. 74




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##### 



CONSOLIDATED STATEMENTS OF OWNERS EQUITY OF
LIBERTY PROPERTY LIMITED PARTNERSHIP
(IN THOUSANDS) GENERAL
    
    
    LIMITED
    
    
    TOTALPARTNER'S
    
    
    PARTNERS'
    
    
    OWNERS'EQUITY
    
    
    EQUITY
    
    
    EQUITYBalance at January 1, 2002
    
    $
    1,419,321
    
    
    $
    188,221
    
    
    $
    1,607,542Contributions from partners
    
    
    78,107
    
    
    
    (8,533
    )
    
    
    69,574Distributions to partners
    
    
    (311,605
    )
    
    
    (20,679
    )
    
    
    (332,284
    )Issuance of Operating Partnership Units
    
    
    
    
    
    
    22,954
    
    
    
    22,954Foreign currency translation adjustment
    
    
    6,943
    
    
    
    
    
    
    
    6,943Net income
    
    
    161,665
    
    
    
    19,422
    
    
    
    181,087Balance at December 31, 2002
    
    
    1,354,431
    
    
    
    201,385
    
    
    
    1,555,816Contributions from partners
    
    
    206,620
    
    
    
    2,640
    
    
    
    209,260Distributions to partners
    
    
    (191,632
    )
    
    
    (21,025
    )
    
    
    (212,657
    )Issuance of Operating Partnership Units
    
    
    
    
    
    
    1,151
    
    
    
    1,151Foreign currency translation adjustment
    
    
    11,868
    
    
    
    
    
    
    
    11,868Net income
    
    
    163,610
    
    
    
    20,061
    
    
    
    183,671Balance at December 31, 2003
    
    
    1,544,897
    
    
    
    204,212
    
    
    
    1,749,109Contributions from partners
    
    
    85,967
    
    
    
    1,593
    
    
    
    87,560Distributions to partners
    
    
    (206,443
    )
    
    
    (20,718
    )
    
    
    (227,161
    )Foreign currency translation adjustment
    
    
    10,395
    
    
    
    
    
    
    
    10,395Net income
    
    
    161,443
    
    
    
    18,799
    
    
    
    180,242Balance at December 31, 2004
    
    $
    1,596,259
    
    
    $
    203,886
    
    
    $
    1,800,145
 See accompanying notes. 75




---



##### 



CONSOLIDATED STATEMENTS OF CASH FLOWS OF
LIBERTY PROPERTY LIMITED PARTNERSHIP
(IN THOUSANDS) YEAR ENDED DECEMBER 31,2004
    
    
    2003
    
    
    2002OPERATING ACTIVITIESNet income
    
    $
    179,610
    
    
    $
    184,343
    
    
    $
    182,322Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization
    
    
    136,700
    
    
    
    123,102
    
    
    
    110,891Amortization of deferred financing costs
    
    
    4,315
    
    
    
    4,013
    
    
    
    3,979Equity in loss (earnings) of unconsolidated joint ventures
    
    
    775
    
    
    
    (1,744
    )
    
    
    (255
    )(Gain) loss on property dispositions
    
    
    (12,099
    )
    
    
    (12,405
    )
    
    
    2,341Noncash compensation
    
    
    2,388
    
    
    
    2,877
    
    
    
    1,946Changes in operating assets and liabilities:Restricted cash
    
    
    (19,334
    )
    
    
    (12,154
    )
    
    
    624Accounts receivable
    
    
    (8,449
    )
    
    
    5,125
    
    
    
    1,121Deferred rent receivable
    
    
    (8,513
    )
    
    
    (9,240
    )
    
    
    (8,491
    )Prepaid expenses and other assets
    
    
    (12,046
    )
    
    
    (3,638
    )
    
    
    (17,797
    )Accounts payable
    
    
    8,859
    
    
    
    (11,848
    )
    
    
    5,059Accrued interest
    
    
    2,166
    
    
    
    257
    
    
    
    1,179Other liabilities
    
    
    18,282
    
    
    
    (8,022
    )
    
    
    5,324Net cash provided by operating activities
    
    
    292,654
    
    
    
    260,666
    
    
    
    288,243INVESTING ACTIVITIESInvestment in properties
    
    
    (253,017
    )
    
    
    (145,997
    )
    
    
    (129,825
    )Cash paid for business net of cash acquired
    
    
    
    
    
    
    16,627
    
    
    
    Investments in unconsolidated joint ventures
    
    
    (6,198
    )
    
    
    (4,918
    )
    
    
    (1,655
    )Distributions from unconsolidated joint ventures
    
    
    682
    
    
    
    3,145
    
    
    
    Proceeds from disposition of properties/land
    
    
    54,140
    
    
    
    49,744
    
    
    
    181,903Investment in development in progress
    
    
    (105,208
    )
    
    
    (59,953
    )
    
    
    (167,403
    )Increase in land held for development
    
    
    (34,132
    )
    
    
    (27,650
    )
    
    
    (29,838
    )Increase in deferred leasing costs
    
    
    (29,560
    )
    
    
    (22,986
    )
    
    
    (18,786
    )Net cash used in investing activities
    
    
    (373,293
    )
    
    
    (191,988
    )
    
    
    (165,604
    )FINANCING ACTIVITIESNet proceeds from issuance of unsecured notes
    
    
    197,517
    
    
    
    3,683
    
    
    
    148,062Repayment of unsecured notes
    
    
    (100,000
    )
    
    
    (73,739
    )
    
    
    (100,000
    )Proceeds from mortgage loans
    
    
    9,618
    
    
    
    1,223
    
    
    
    7,810Repayments of mortgage loans
    
    
    (23,592
    )
    
    
    (15,436
    )
    
    
    (9,310
    )Proceeds from credit facility
    
    
    477,800
    
    
    
    453,950
    
    
    
    444,000Repayments on credit facility
    
    
    (332,800
    )
    
    
    (418,950
    )
    
    
    (380,000
    )Increase in deferred financing costs
    
    
    (199
    )
    
    
    (2,640
    )
    
    
    (1,143
    )Capital contributions
    
    
    86,329
    
    
    
    207,021
    
    
    
    90,817Distributions to partners
    
    
    (225,055
    )
    
    
    (213,223
    )
    
    
    (332,054
    )Net cash provided by (used in) financing activities
    
    
    89,618
    
    
    
    (58,111
    )
    
    
    (131,818
    )Increase (decrease) in cash and cash equivalents
    
    
    8,979
    
    
    
    10,567
    
    
    
    (9,179
    )Increase related to foreign currency translation
    
    
    2,879
    
    
    
    3,309
    
    
    
    1,484Cash and cash equivalents at beginning of year
    
    
    21,809
    
    
    
    7,933
    
    
    
    15,628Cash and cash equivalents at end of year
    
    $
    33,667
    
    
    $
    21,809
    
    
    $
    7,933SUPPLEMENTAL DISCLOSURE OF NONCASH TRANSACTIONSWrite-off of fully depreciated property and deferred costs
    
    $
    27,990
    
    
    $
    13,187
    
    
    $
    18,608Investment in unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    13,053Issuance of operating partnership units
    
    
    
    
    
    
    1,151
    
    
    
    Acquisition of properties
    
    
    (11,305
    )
    
    
    (56,083
    )
    
    
    Assumption of mortgage loans
    
    
    11,305
    
    
    
    56,083
    
    
    
    
 See accompanying notes. 76




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##### 



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF
LIBERTY PROPERTY LIMITED PARTNERSHIP  1.
    ORGANIZATION Liberty Property Trust (the Trust) is a self-administered and self-managed Maryland real estate
investment trust (a REIT). Substantially all of the Trusts assets are owned directly or
indirectly, and substantially all of the Trusts operations are conducted directly or indirectly,
by its subsidiary, Liberty Property Limited Partnership, a Pennsylvania limited partnership (the
Operating Partnership and, together with the Trust and their consolidated subsidiaries, the
Company). The Trust is the sole general partner and also a limited partner of the Operating
Partnership, owning 95.9% of the common equity of the Operating Partnership at December 31, 2004.
The Company provides leasing, property management, development, acquisition, and other
tenant-related services for a portfolio of industrial and office properties which are located
principally within the Mid-Atlantic, Southeastern, and Midwestern United States.  2.
    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting
principles requires management to make estimates and assumptions that affect amounts reported in
the financial statements and accompanying notes. Actual results could differ from those estimates. Principles of Consolidation
The Consolidated Financial Statements of the Company include, the Trust, the Operating Partnership
and wholly owned subsidiaries and those subsidiaries in which the Company owns a majority voting
interest with the ability to control operations of the subsidiaries and where no approval, veto or
other important rights have been granted to the minority shareholders. All significant intercompany
transactions and accounts have been eliminated. Reclassifications
Certain amounts from prior years have been reclassified to conform to current-year presentation. Real Estate and Depreciation
The Properties are recorded at the lower of cost or fair value and are depreciated using the
straight line method over their estimated useful lives. The estimated lives are as follows: Buildings and improvements
    
    40 years (blended)Equipment
    
    5-10 yearsTenant improvements
    
    Term of the related lease
 Expenditures directly related to acquisition, or improvement of real estate, including interest and
other costs capitalized during development, are included in net real estate and are stated at cost.
The capitalized costs include pre-construction costs essential to the development of the property,
development and construction costs, interest costs, real estate taxes, salaries and other costs
incurred during the period of development. Expenditures for maintenance and repairs are charged to
operations as incurred. In accordance with the Financial Accounting Standards Board (FASB) Statement of Financial
Standards (SFAS) No. 141, Business Combinations, the Company allocates the purchase price of
real estate to land, building and improvements and intangibles based on the relative fair value of
each component. The value ascribed to in-place leases is based on the rental rates for the
existing leases compared to market rent for leases of similar terms and present valuing the
difference based on market interest rates. Origination values are also assigned to in-place
leases, and, where appropriate, value is assigned to customer relationships. The Company
depreciates the amounts allocated to building and improvements over 40 years and the amounts
allocated to intangible assets relating to in-place leases, which are included in Deferred
financing and leasing costs in the accompanying balance sheet, over the remaining term of the
related leases. The Company evaluates its real estate investments upon occurrence of significant adverse changes in
their operations to assess whether any impairment indicators are present that affect the recovery
of the recorded value. If any real estate investment is considered impaired, a loss is provided to
reduce the carrying value of the property to its estimated fair value. 77




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##### 



Investment in Unconsolidated Joint Ventures
The Company accounts for its investments in unconsolidated joint ventures under the equity method
of accounting as the Company exercises significant influence, but does not control these entities.
Under the equity method of accounting the net equity investment of the Company is reflected on the
Consolidated Balance Sheet and the Companys share of net income from the joint venture is included
on the Consolidated Statement of Operations. Cash and Cash Equivalents
Highly liquid investments with a maturity of three months or less when purchased are classified as
cash equivalents. Restricted Cash
Restricted cash includes tenant security deposits and escrow funds that the Company maintains
pursuant to certain mortgage loans. Restricted cash also includes the undistributed proceeds from
the sale of residential land in Kent County, United Kingdom. Accounts Receivable
The Companys accounts receivable are comprised of rents and charges for property operating costs
due from tenants. The accounts receivable are reduced by an allowance for doubtful accounts. The
Company considers tenant credit quality and payment history and general economic conditions in
determining the allowance for doubtful accounts. Deferred Rent Receivable
The Companys deferred rent receivable represents the cumulative difference between rent revenue
recognized on a straight line basis and contractual payments under the terms of tenant leases. Revenues
The Company earns rental income under operating leases with tenants. Rental income is recognized on
a straight line basis over the applicable lease term. Operating expense reimbursements consisting
of amounts due from tenants for real estate taxes, utilities and other recoverable costs are
recognized as revenue in the period in which the corresponding expenses are incurred. Termination fees (included in rental revenue) are fees that the Company has agreed to accept in
consideration for permitting certain tenants to terminate their lease prior to the contractual
expiration date. The Company recognizes termination fees in accordance with Staff Accounting
Bulletin 101 when the following conditions are met:  e)
    the termination agreement is executed,f)
    the termination fee is determinable,g)
    all landlord services, pursuant to the terminated lease, have been
rendered,h)
    collectibility of the termination fee is assured. Deferred Financing and Leasing Costs
Costs incurred in connection with financing or leasing are capitalized and amortized over the term
of the related loan or lease. Amortization of deferred financing costs is reported as interest
expense. Intangible assets related to acquired in-place leases are amortized over the terms of the
related leases. 78




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##### 



Income per Common Unit
The following table sets forth the computation of basic and diluted income per common unit (in
thousands, except per unit amounts): 2004
    
    
    2003Weighted
    
    
    
    
    
    
    
    
    
    
    WeightedAverage
    
    
    
    
    
    
    
    
    
    
    AverageIncome
    
    
    Units
    
    
    Per
    
    
    Income
    
    
    Units
    
    
    Per(Numerator)
    
    
    (Denominator)
    
    
    Unit
    
    
    (Numerator)
    
    
    (Denominator)
    
    
    UnitIncome from continuing operations
    
    $
    166,946
    
    
    
    
    
    
    
    
    
    
    $
    168,716Less: Preferred unit distributions
    
    
    (11,844
    )
    
    
    
    
    
    
    
    
    
    
    (12,416
    )Basic income from continuing operationsIncome from continuing operations available to
common unitholders
    
    
    155,102
    
    
    
    88,210
    
    
    $
    1.76
    
    
    
    156,300
    
    
    
    82,268
    
    
    $
    1.90Dilutive units for long-term compensation plans
    
    
    
    
    
    
    1,493
    
    
    
    
    
    
    
    
    
    
    
    1,293Diluted income from continuing operationsIncome from continuing operations available
to common unitholders and assumed conversions
    
    
    155,102
    
    
    
    89,703
    
    
    $
    1.73
    
    
    
    156,300
    
    
    
    83,561
    
    
    $
    1.87Basic income from discontinued operationsDiscontinued operations net of minority interest
    
    
    13,296
    
    
    
    88,210
    
    
    $
    0.15
    
    
    
    14,954
    
    
    
    82,268
    
    
    $
    0.18Dilutive units for long-term compensation plans
    
    
    
    
    
    
    1,493
    
    
    
    
    
    
    
    
    
    
    
    1,293Diluted income from discontinued operationsDiscontinued operations net of minority interest
    
    
    13,296
    
    
    
    89,703
    
    
    $
    0.15
    
    
    
    14,954
    
    
    
    83,561
    
    
    $
    0.18Basic income per common unitIncome available to common unitholders
    
    
    168,398
    
    
    
    88,210
    
    
    $
    1.91
    
    
    
    171,254
    
    
    
    82,268
    
    
    $
    2.08Dilutive shares for long-term compensation plans
    
    
    
    
    
    
    1,493
    
    
    
    
    
    
    
    
    
    
    
    1,293Diluted income per common unitIncome available to common unitholders and
assumed
conversions
    
    $
    168,398
    
    
    
    89,703
    
    
    $
    1.88
    
    
    $
    171,254
    
    
    
    83,561
    
    
    $
    2.052002WeightedAverageIncome
    
    
    Units
    
    
    Per(Numerator)
    
    
    (Denominator)
    
    
    UnitIncome from continuing operations
    
    $
    169,406Less: Preferred unit distributions
    
    
    (18,861
    )Excess of preferred unit redemption over
carrying amount
    
    
    (4,186
    )Basic income from continuing operationsIncome from continuing operations available to
common unitholders
    
    
    146,359
    
    
    
    78,920
    
    
    $
    1.85Dilutive units for long-term compensation plans
    
    
    
    
    
    
    1,231Diluted income from continuing operationsIncome from continuing operations available to
common unitholders and assumed conversions
    
    
    146,359
    
    
    
    80,151
    
    
    $
    1.82Basic income from discontinued operationsDiscontinued operations net of minority interest
    
    
    11,681
    
    
    
    78,920
    
    
    $
    0.15Dilutive units for long-term compensation plans
    
    
    
    
    
    
    1,231Diluted income from discontinued operationsDiscontinued operations net of minority interest
    
    
    11,681
    
    
    
    80,151
    
    
    $
    0.15Basic income per common unitIncome available to common unitholders
    
    
    158,040
    
    
    
    78,920
    
    
    $
    2.00Dilutive unit for long-term compensation plans
    
    
    
    
    
    
    1,231Diluted income per common unitIncome available to common unitholders and
assumed
conversions
    
    $
    158,040
    
    
    
    80,151
    
    
    $
    1.97
 Fair Value of Financial Instruments
The carrying value of cash and cash equivalents, restricted cash, accounts receivable and accounts
payable are reasonable estimates of fair values because of the short-term maturities of these
investments. The fair value of the Companys long-term debt, which is based on estimates by
management and on rates quoted on December 31, 2004 for comparable loans, exceeds the aggregate
carrying value by approximately $233.8 million at December 31, 2004. 79




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##### 



Income Taxes
In conformity with the Internal Revenue Code and applicable state and local tax statutes, taxable
income or loss of the Operating Partnership is required to be reported in the tax returns of the
partners in accordance with the terms of the Partnership Agreement. However, the Company is taxed
in certain states and the United Kingdom. Accordingly, the Company has recognized federal, state
and local taxes in accordance with US GAAP, as applicable. Foreign Currency Translation
The functional currency for the Companys United Kingdom operations is pounds sterling. The
Company translates their financial statements into US dollars. Gains and losses resulting from
this translation do not impact the results of operations and are included in general partners
equity. Newly Issued Accounting Standards
In November, 2004, the Emerging Issues Task Force of the FASB reached a tentative conclusion
regarding EITF 04-05, Investors Accounting for an investment in a Limited Partnership When the
Investor is the Sole General Partner and the Limited Partners Have Certain Rights. In question is
what rights held by the limited partners preclude consolidation of the limited partnership by the
sole general partner. The Company is the general partner of several unconsolidated joint ventures
and currently does not consolidate these ventures in its financial results based primarily on
certain rights of the limited partners. Depending on the outcome of the discussion of the Task
Force in future meetings, the outcome could impact whether or not the Company consolidates these
partnerships. See Note 4, Investments in Unconsolidated Joint Ventures for further information
regarding the Companys accounting for its investment in unconsolidated joint ventures.  3.
    REAL ESTATE At December 31, 2004 and 2003, the Company owned and operated industrial and office properties
located principally in suburban mixed-use developments or business parks. The carrying value of
these properties by type is as follows (in thousands): Land
    
    
    BuildingsAnd Land
    
    
    And
    
    
    
    
    
    
    AccumulatedImprovements
    
    
    Improvements
    
    
    Total
    
    
    Depreciation2004:Industrial properties
    
    $
    293,908
    
    
    $
    1,592,068
    
    
    $
    1,885,976
    
    
    $
    309,846Office properties
    
    
    331,127
    
    
    
    2,037,440
    
    
    
    2,368,567
    
    
    
    385,5642004 Total
    
    $
    625,035
    
    
    $
    3,629,508
    
    
    $
    4,254,543
    
    
    $
    695,4102003:Industrial properties
    
    $
    249,353
    
    
    $
    1,431,247
    
    
    $
    1,680,600
    
    
    $
    264,483Office properties
    
    
    314,979
    
    
    
    1,928,749
    
    
    
    2,243,728
    
    
    
    322,2532003 Total
    
    $
    564,332
    
    
    $
    3,359,996
    
    
    $
    3,924,328
    
    
    $
    586,736
 Depreciation expense was $114.2 million in 2004, $105.6 million in 2003, and $93.1 million in
2002. As of December 31, 2004, the Company has commenced development on 16 properties, which upon
completion are expected to comprise approximately 1.7 million square feet of leaseable space. As of
December 31, 2004, approximately $81.1 million had been expended for the development of these
projects and an additional $62.8 million is estimated to be required for completion.  4.
    INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES On November 18, 2002, the Company entered into a joint venture agreement (Liberty Venture I, LP)
with the Public Employees Retirement Association of Colorado. The Company sold or contributed 28
properties with a net book value of $127.5 million to the joint venture in exchange for a 25%
ownership interest in the joint venture and $108.8 million in cash. The properties are industrial
distribution properties in New Jersey (the Delaware Valley Segment). The Companys share of the
joint venture earnings is included in equity in (loss) earnings of unconsolidated joint ventures in
the accompanying statement of operations. The Company will provide development, leasing and
property management services for a fee, and may receive a promoted interest if certain return
thresholds are met. 80




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##### 



During the years ended December 31, 2004 and 2003, the joint venture purchased additional
industrial distribution properties with net book values of approximately $5.5 million and $12.9
million, respectively. The condensed balance sheets as of December 31, 2004 and 2003 and statements of operations for
Liberty Venture I, LP, for the years ended December 31, 2004 and 2003 are as follows (in
thousands): December 31,2004
    
    
    2003Balance Sheet:Real estate
    
    $
    131,413
    
    
    $
    121,544Less accumulated depreciation
    
    
    (5,183
    )
    
    
    (2,430
    )Real estate, net
    
    
    126,230
    
    
    
    119,114Other assets
    
    
    16,945
    
    
    
    17,822Total assets
    
    $
    143,175
    
    
    $
    136,936Mortgage payable
    
    $
    86,585
    
    
    $
    83,279Other liabilities
    
    
    3,183
    
    
    
    2,006Partners capital
    
    
    53,407
    
    
    
    51,651Total liabilities and equity
    
    $
    143,175
    
    
    $
    136,936
 Year EndedDecember 31,2004
    
    
    2003Statement of operations:Total revenues
    
    $
    18,746
    
    
    $
    19,400Operating and other expenses
    
    
    (6,736
    )
    
    
    (6,276
    )Depreciation and amortization
    
    
    (8,299
    )
    
    
    (4,401
    )Interest expense
    
    
    (4,426
    )
    
    
    (3,870
    )Net income
    
    $
    (715
    )
    
    $
    4,853
  5.
    RELATED PARTY TRANSACTIONS During the year ended December 31, 2003, the Company exercised its option to purchase Rouse Kent
Limited (RKL) for nominal consideration. As a result of the purchase, the Companys assets and
liabilities increased by approximately $60 million. The operations of RKL are included in the
consolidated financial statements beginning July 1, 2003. RKL owns six buildings which contain 210,000 square feet of leaseable space and has planning
permission for the development of additional commercial space. RKL is party to a contract with the
County of Kent which contract entitles RKL to participate in proceeds realized from the sale of
residential land parcels to homebuilders. Pursuant to agreements, the Company provided management services with respect to RKL for the six
months ended June 30, 2003 for $300,000 and for the year ended December 31, 2002 for $600,000. In
addition, the Company paid a fee to RKL for management services which it provided for the Companys
properties owned in the United Kingdom. For the six months ended June 30, 2003 the fees for these
services were $223,000 and for the year ended December 31, 2002 the fees for these services were
$662,000. The Company recognized interest income on notes receivable from RKL of $1.9 million for
the six months ended June 30, 2003, and $3.3 million for the year ended December 31, 2002.  6.
    INDEBTEDNESS Indebtedness consists of mortgage loans, unsecured notes, and borrowings under the credit facility.
The weighted average interest rates for the years ended December 31, 2004, 2003, and 2002, were
approximately 6.7%, 6.9%, and 7.1%, respectively. Interest expense for the years ended December 31,
2004, 2003, and 2002, aggregated $123.4 million, $123.2 million, and $115.2 million, respectively.
Interest costs during these periods of $13.2 million, $10.9 million, and $16.5 million,
respectively, were capitalized. Cash paid for interest for the years ended December 31, 2004, 2003,
and 2002, was $130.4 million, $132.5 million, and $128.4 million, respectively. 81




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##### 



During the year ended December 31, 2004, the Company issued $200 million of ten year 5.65% senior
unsecured notes. The proceeds from this issuance were used to repay $100 million of 7.1% senior
unsecured notes which matured on August 15, 2004, pay down outstanding borrowings under the
Companys unsecured credit facility, acquire properties and for general corporate purposes. The Company is subject to financial covenants contained in some of the debt agreements, the most
restrictive of which are detailed below under the heading Credit Facility. As of December 31,
2004, the Company was in compliance with the financial covenants. Mortgage Loans, Unsecured Notes
Mortgage loans with maturities ranging from 2005 to 2012 are collateralized by and in some
instances cross-collateralized by properties with a net book value of $488.4 million. As of December 31, 2004, $366.2 million in mortgage loans and $1,455.0 million in unsecured notes
were outstanding. The interest rates on $1,745.6 million of mortgage loans and unsecured notes are
fixed and range from 6.0% to 8.8%. Interest rates on $75.6 million of mortgage loans float with the
base rate of the respective lending bank or a municipal bond index. The weighted average remaining
term for the mortgage loans and unsecured notes is 5.7 years. Credit Facility
For the year ended December 31, 2002, the Company utilized a $450 million unsecured credit facility
(the $450 million Credit Facility). In January 2003, the $450 million Credit Facility was
replaced with a $350 million Credit Facility (the $350 million Credit Facility). In December
2004, the Company exercised the accordion feature on its $350 million Credit Facility, increasing
its capacity to $450 million (the new $450 million Credit Facility). The interest rate on
borrowings under the new $450 million Credit Facility fluctuated based on the Companys senior debt
ratings from Moodys Investors Service, Inc. (Moodys), Standard & Poors Ratings Group (S&P)
and Fitch, Inc. (Fitch). The current ratings for the Companys senior unsecured debt are Baa2,
BBB, and BBB from Moodys, S&P, and Fitch, respectively. Based on these ratings, the interest rate
on borrowings under the new $450 million Credit Facility is 70 basis points over the LIBOR rate
(2.42% at December 31, 2004). There is also a 20 basis point facility fee on the current borrowing
capacity. The new $450 million Credit Facility contains a competitive bid option, whereby
participating lenders bid on the interest rate to be charged. This feature is available for up to
$150 million of borrowings. The new $450 million Credit Facility expires on January 16, 2006 and
may be extended for a one year period. The new $450 million Credit Facility contains financial
covenants, certain of which are set forth below:  
    total debt to total assets may not exceed 0.55:1;
    operating cash flows to interest may not be less than 1.85:1;
    earnings before interest, taxes, depreciation and amortization to fixed charges may not
be less than 1.75:1;
    unencumbered asset value to unsecured debt may not be less than 175%; and
    unencumbered cash flow to unsecured debt service must exceed 1.5:1. The scheduled maturities of principal amortization of the Companys mortgage loans, new $450
million Credit Facility and the unsecured notes outstanding and the related weighted average
interest rates are as follows (in thousands, except percentages): WeightedMortgages
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    AveragePrincipal
    
    
    Principal
    
    
    Unsecured
    
    
    Credit
    
    
    
    
    
    
    InterestAmortization
    
    
    Maturities
    
    
    Notes
    
    
    Facility
    
    
    Total
    
    
    Rate2005
    
    $
    8,296
    
    
    $
    146,368
    
    
    $
    
    
    
    $
    
    
    
    $
    154,664
    
    
    
    7.2
    %2006
    
    
    6,196
    
    
    
    73,224
    
    
    
    100,000
    
    
    
    312,000
    
    
    
    491,420
    
    
    
    4.5
    %2007
    
    
    5,248
    
    
    
    1,553
    
    
    
    100,000
    
    
    
    
    
    
    
    106,801
    
    
    
    7.3
    %2008
    
    
    4,874
    
    
    
    34,824
    
    
    
    
    
    
    
    
    
    
    
    39,698
    
    
    
    7.2
    %2009
    
    
    2,555
    
    
    
    42,119
    
    
    
    270,000
    
    
    
    
    
    
    
    314,674
    
    
    
    7.8
    %2010
    
    
    1,924
    
    
    
    
    
    
    
    200,000
    
    
    
    
    
    
    
    201,924
    
    
    
    8.5
    %2011
    
    
    1,713
    
    
    
    3,533
    
    
    
    250,000
    
    
    
    
    
    
    
    255,246
    
    
    
    7.3
    %2012
    
    
    684
    
    
    
    33,060
    
    
    
    235,000
    
    
    
    
    
    
    
    268,744
    
    
    
    6.5
    %2014
    
    
    
    
    
    
    
    
    
    
    200,000
    
    
    
    
    
    
    
    200,000
    
    
    
    5.7
    %2018
    
    
    
    
    
    
    
    
    
    
    100,000
    
    
    
    
    
    
    
    100,000
    
    
    
    7.5
    %$
    31,490
    
    
    $
    334,681
    
    
    $
    1,455,000
    
    
    $
    312,000
    
    
    $
    2,133,171
    
    
    
    6.6
    %
 82




---



##### 



7.
    LEASING ACTIVITY Future minimum rental payments due from tenants under noncancelable operating leases as of December
31, 2004 are as follows (in thousands): 2005
    
    $
    430,2632006
    
    
    377,3002007
    
    
    332,4662008
    
    
    276,5382009
    
    
    210,717Thereafter
    
    
    612,777TOTAL
    
    $
    2,240,061
 In addition to minimum rental payments, most leases require the tenants to pay for their pro rata
share of specified operating expenses. These payments are included as operating expense
reimbursement in the accompanying statements of operations.  8.
    OWNERS EQUITY Common Units
General and Limited partners equity  common units relates to limited partnership interests of the
Operating Partnership issued in connection with the formation of the Company and certain subsequent
acquisitions. No common units were issued in connection with acquisitions in 2004 or 2002. During
2003, 33,682 Common Units were issued in connection with an acquisition. The common limited
partnership interests outstanding as of December 31, 2004 have the same economic characteristics as
would 3,667,832 Common Shares. The interests in the Limited Partnership share proportionately in
the net income or loss and in any distributions of the Operating Partnership and are exchangeable
into the same number of Common Shares of the Trust. Preferred Units
The Company has outstanding the following Cumulative Redeemable Preferred Units of the Operating
Partnership, (the Preferred Units): Dateof
    
    
    
    
    
    
    
    
    
    
    
    Liquidation
    
    Dividend
    
    RedeemableIssue
    
    Issue
    
    Amount
    
    Units
    
    Preference
    
    Rate
    
    As of
    
    Exchangeable after(in 000's)7/28/99
    
    Series B
    
    $
    95,000
    
    
    
    3,800
    
    
    $
    25
    
    
    
    7.45
    %
    
    8/31/09
    
    1/1/14 into Series B
Cumulative Redeemable
Preferred Shares of the
Trust4/18/00
    
    Series C
    
    $
    20,000
    
    
    
    800
    
    
    $
    25
    
    
    
    9.125
    %
    
    4/18/05
    
    4/18/10 into Series C
Cumulative Redeemable
Preferred Shares of the
Trust6/10/02
    
    Series D
    
    $
    23,650
    
    
    
    473
    
    
    $
    50
    
    
    
    7.625
    %
    
    6/10/07
    
    6/10/12 into Series D
Cumulative Redeemable
Preferred Shares of the
Trust
 Effective August 31, 2004, the rate on $95 million Series B preferred units was reduced from 9.25%
to 7.45%. The Company paid the following Preferred Unit distributions for the year ended December 31: 2004
    
    
    2003
    
    
    2002Distributions (in millions)
    
    $
    11.8
    
    
    $
    12.4
    
    
    $
    11.6Distribution per unit:Series B
    
    $
    2.16
    
    
    $
    2.31
    
    
    $
    2.31Series C
    
    $
    2.28
    
    
    $
    2.28
    
    
    $
    2.28Series D
    
    $
    3.81
    
    
    $
    3.81
    
    
    $
    2.13
 83




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##### 



Minority Interest
Minority interest includes third-party ownership interests in consolidated joint venture
investments.  9.
    COMMITMENTS AND CONTINGENCIES Substantially all of the Properties and land were subject to Phase I Environmental Assessments and
when appropriate Phase II Environmental Assessments (collectively, the Environmental Assessments)
obtained in contemplation of their acquisition by the Company. The Environmental Assessments
consisted of, among other activities, a visual inspection of each Property and its neighborhood and
a check of pertinent public records. The Environmental Assessments did not reveal, nor is the
Company aware of, any non-compliance with environmental laws, environmental liability or other
environmental claim that the Company believes would likely have a material adverse effect on the
Company. Although the Company is engaged in litigation incidental to its business, there is no legal
proceeding to which it is a party which, in the opinion of management, will materially adversely
affect the results of the Companys operations. The Company is obligated to make additional capital contributions of approximately $3.7 million in
conjunction with two of the Companys unconsolidated joint ventures. The Company maintains cash and cash equivalents at financial institutions. The combined account
balances at each institution typically exceed FDIC insurance coverage and, as a result, there is a
concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage.
The Company believes the risk is not significant.  10.
    QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) A summary of quarterly results of operations for the years ended December 31, 2004 and 2003
follows. Certain 2004 and 2003 amounts have been reclassified to conform to the current
presentation of discontinued operations (in thousands, except per share amounts). Quarter EndedDec. 31,
    
    
    Sept. 30,
    
    
    June 30,
    
    
    Mar. 31,
    
    
    Dec. 31,
    
    
    Sept. 30,
    
    
    June 30,
    
    
    Mar. 31,2004
    
    
    2004
    
    
    2004
    
    
    2004
    
    
    2003
    
    
    2003
    
    
    2003
    
    
    2003Operating revenue
    
    $
    167,654
    
    
    $
    164,079
    
    
    $
    162,388
    
    
    $
    161,234
    
    
    $
    159,934
    
    
    $
    156,474
    
    
    $
    148,723
    
    
    $
    155,151Income from continuing operations
    
    
    43,304
    
    
    
    40,741
    
    
    
    41,775
    
    
    
    41,126
    
    
    
    42,011
    
    
    
    43,171
    
    
    
    37,656
    
    
    
    45,878Discontinued operations
    
    
    7,273
    
    
    
    3,385
    
    
    
    295
    
    
    
    2,343
    
    
    
    667
    
    
    
    883
    
    
    
    12,590
    
    
    
    814Income available to common
unitholders
    
    
    47,901
    
    
    
    41,166
    
    
    
    38,966
    
    
    
    40,365
    
    
    
    39,574
    
    
    
    40,950
    
    
    
    47,142
    
    
    
    43,588Income per common unit  basic
    
    $
    0.54
    
    
    $
    0.47
    
    
    $
    0.44
    
    
    $
    0.46
    
    
    $
    0.47
    
    
    $
    0.50
    
    
    $
    0.58
    
    
    $
    0.54Income per common unit  diluted
    
    $
    0.53
    
    
    $
    0.46
    
    
    $
    0.44
    
    
    $
    0.45
    
    
    $
    0.46
    
    
    $
    0.49
    
    
    $
    0.57
    
    
    $
    0.53
  11.
    SEGMENT INFORMATION The Company operates its portfolio of properties primarily throughout the Mid-Atlantic,
Southeastern, and Midwestern United States. Additionally, the Company owns certain assets in the
United Kingdom. The Company reviews the performance of the portfolio on a geographical basis, as
such, the following regions are considered the Companys reportable segments: Reportable Segments
    
    MarketsDelaware Valley
    
    Southeastern Pennsylvania; New JerseyMidwest
    
    Lehigh Valley, Pennsylvania.; Michigan; Minnesota; Milwaukee/ChicagoMid-Atlantic
    
    Maryland; Piedmont Triad, N.C.; Greenville, S.C.; Richmond; Virginia BeachFlorida
    
    Jacksonville; Orlando; Boca Raton; Tampa; TexasUnited Kingdom
    
    County of Kent
 The Companys reportable segments are distinct business units which are each managed separately in
order to concentrate market knowledge within a geographic area. Within these reportable segments,
the Company derives its revenues from its two product types: industrial properties and office
properties. 84




---



##### 



The Company evaluates performance of the reportable segments based on property level operating
income, which is calculated as rental revenue and operating expense reimbursement less rental
expenses and real estate taxes. The accounting policies of the reportable segments are the same as
those for the Company on a consolidated basis. The operating information by segment is as follows
(in thousands): FOR THE YEAR ENDED DECEMBER 31, 2004Delaware Valley
    
    
    MidwestSoutheastern
    
    
    
    
    
    
    Lehigh
    
    
    
    
    
    
    Mid-
    
    
    
    
    
    
    UnitedPennsylvania
    
    
    Other
    
    
    Valley
    
    
    Other
    
    
    Atlantic
    
    
    Florida
    
    
    Kingdom
    
    
    TotalOperating revenue
    
    $
    186,893
    
    
    $
    35,631
    
    
    $
    76,392
    
    
    $
    117,813
    
    
    $
    121,280
    
    
    $
    97,612
    
    
    $
    19,734
    
    
    $
    655,355Rental property
expenses and real
estate taxes
    
    
    55,115
    
    
    
    12,435
    
    
    
    21,049
    
    
    
    43,706
    
    
    
    34,315
    
    
    
    30,227
    
    
    
    4,527
    
    
    
    201,374Property level
operating income
    
    $
    131,778
    
    
    $
    23,196
    
    
    $
    55,343
    
    
    $
    74,107
    
    
    $
    86,965
    
    
    $
    67,385
    
    
    $
    15,207
    
    
    
    453,981Interest and other income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,590Interest expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (123,352
    )General and administrative
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (33,309
    )Depreciation and amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (135,497
    )Income before property dispositions, income taxes, minority interest
and equity in (loss) earnings of unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    168,413Gain on property dispositions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    496Income taxes
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,820
    )Minority interest
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    632Equity in (loss) earnings of unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (775
    )Discontinued operations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    13,296Preferred unit distributions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (11,844
    )Income available to common unitholders
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    168,398
 FOR THE YEAR ENDED DECEMBER 31, 2003Delaware Valley
    
    
    MidwestSoutheastern
    
    
    
    
    
    
    Lehigh
    
    
    
    
    
    
    Mid-
    
    
    
    
    
    
    UnitedPennsylvania
    
    
    Other
    
    
    Valley
    
    
    Other
    
    
    Atlantic
    
    
    Florida
    
    
    Kingdom
    
    
    TotalOperating revenue
    
    $
    185,220
    
    
    $
    34,603
    
    
    $
    68,519
    
    
    $
    117,077
    
    
    $
    110,067
    
    
    $
    92,418
    
    
    $
    12,378
    
    
    $
    620,282Rental property
expenses and real
estate taxes
    
    
    53,744
    
    
    
    11,715
    
    
    
    17,873
    
    
    
    42,225
    
    
    
    30,198
    
    
    
    27,248
    
    
    
    2,256
    
    
    
    185,259Property level
operating income
    
    $
    131,476
    
    
    $
    22,888
    
    
    $
    50,646
    
    
    $
    74,852
    
    
    $
    79,869
    
    
    $
    65,170
    
    
    $
    10,122
    
    
    
    435,023Interest and other income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,568Interest expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (123,154
    )General and administrative
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (28,415
    )Depreciation and amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (121,498
    )Income before property dispositions, income taxes, minority interest
and equity in (loss) earnings of unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    169,524Gain on property dispositions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    447Income taxes
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2,326
    )Minority interest
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (673
    )Equity in (loss) earnings of unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,744Discontinued operations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    14,954Preferred unit distributions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (12,416
    )Income available to common unitholders
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    171,254
 85




---



##### 



FOR THE YEAR ENDED DECEMBER 31, 2002Delaware Valley
    
    
    MidwestSoutheastern
    
    
    
    
    
    
    Lehigh
    
    
    
    
    
    
    Mid-
    
    
    
    
    
    
    UnitedPennsylvania
    
    
    Other
    
    
    Valley
    
    
    Other
    
    
    Atlantic
    
    
    Florida
    
    
    Kingdom
    
    
    TotalOperating revenue
    
    $
    176,501
    
    
    $
    44,726
    
    
    $
    63,466
    
    
    $
    114,083
    
    
    $
    99,924
    
    
    $
    81,529
    
    
    $
    7,819
    
    
    $
    588,048Rental property
expenses and real
estate taxes
    
    
    50,388
    
    
    
    14,205
    
    
    
    13,693
    
    
    
    40,098
    
    
    
    26,896
    
    
    
    24,697
    
    
    
    745
    
    
    
    170,722Property level
operating income
    
    $
    126,113
    
    
    $
    30,521
    
    
    $
    49,773
    
    
    $
    73,985
    
    
    $
    73,028
    
    
    $
    56,832
    
    
    $
    7,074
    
    
    
    417,326Interest and other income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,559Interest expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (115,179
    )General and administrative
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (21,745
    )Depreciation and amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (108,619
    )Income before property dispositions, income taxes, minority interest
and equity in (loss) earnings of unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    180,342Loss on property dispositions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (9,300
    )Income taxes
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (656
    )Minority interest
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,235
    )Equity in (loss) earnings of unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    255Discontinued operations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    11,681Preferred share distributions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (18,861
    )Excess of preferred share redemption over carrying amount
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (4,186
    )Income available to common unitholders
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    158,040
 Product Type Information
    
    Real Estate Related RevenuesYear Ended December 31,2004
    
    
    2003
    
    
    2002Industrial
    
    $
    275,186
    
    
    $
    258,410
    
    
    $
    262,410Office
    
    
    380,169
    
    
    
    361,872
    
    
    
    325,638Total operating revenue
    
    $
    655,355
    
    
    $
    620,282
    
    
    $
    588,048
 ROLLFORWARD OF OPERATING REAL ESTATE ASSETS BY REPORTABLE SEGMENTDelaware Valley
    
    
    MidwestSoutheastern
    
    
    
    
    
    
    Lehigh
    
    
    
    
    
    
    Mid-
    
    
    
    
    
    
    UnitedPennsylvania
    
    
    Other
    
    
    Valley
    
    
    Other
    
    
    Atlantic
    
    
    Florida
    
    
    Kingdom
    
    
    TotalJanuary 1, 2004
    
    $
    1,014,562
    
    
    $
    164,224
    
    
    $
    446,738
    
    
    $
    778,036
    
    
    $
    753,612
    
    
    $
    608,089
    
    
    $
    159,067
    
    
    $
    3,924,328Additions
    
    
    29,824
    
    
    
    31,082
    
    
    
    119,456
    
    
    
    35,484
    
    
    
    90,549
    
    
    
    55,667
    
    
    
    10,237
    
    
    
    372,299Dispositions
    
    
    (23,672
    )
    
    
    (1,522
    )
    
    
    
    
    
    
    (12,909
    )
    
    
    
    
    
    
    (3,981
    )
    
    
    
    
    
    
    (42,084
    )December 31, 2004
    
    $
    1,020,714
    
    
    $
    193,784
    
    
    $
    566,194
    
    
    $
    800,611
    
    
    $
    844,161
    
    
    $
    659,775
    
    
    $
    169,304
    
    
    
    4,254,543Accumulated depreciation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (695,410
    )Development in progress
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    81,099Land held for development
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    171,122Other assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    351,473Total assets at December 31, 2004
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    4,162,827
 86




---



##### 



ROLLFORWARD OF OPERATING REAL ESTATE ASSETS BY REPORTABLE SEGMENTDelaware Valley
    
    
    MidwestSoutheastern
    
    
    
    
    
    
    Lehigh
    
    
    
    
    
    
    Mid-
    
    
    
    
    
    
    UnitedPennsylvania
    
    
    Other
    
    
    Valley
    
    
    Other
    
    
    Atlantic
    
    
    Florida
    
    
    Kingdom
    
    
    TotalJanuary 1, 2003
    
    $
    970,506
    
    
    $
    139,061
    
    
    $
    377,931
    
    
    $
    722,663
    
    
    $
    679,009
    
    
    $
    590,037
    
    
    $
    68,942
    
    
    $
    3,548,149Additions
    
    
    62,897
    
    
    
    25,163
    
    
    
    73,914
    
    
    
    55,373
    
    
    
    79,857
    
    
    
    19,412
    
    
    
    90,125
    
    
    
    406,741Dispositions
    
    
    (18,841
    )
    
    
    
    
    
    
    (5,107
    )
    
    
    
    
    
    
    (5,254
    )
    
    
    (1,360
    )
    
    
    
    
    
    
    (30,562
    )December 31, 2003
    
    $
    1,014,562
    
    
    $
    164,224
    
    
    $
    446,738
    
    
    $
    778,036
    
    
    $
    753,612
    
    
    $
    608,089
    
    
    $
    159,067
    
    
    
    3,924,328Accumulated depreciation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (586,736
    )Development in progress
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    56,869Land held for development
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    162,483Other assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    275,609Total assets at December 31, 2003
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    3,832,553
  12.
    SFAS NO. 144 ACCOUNTING FOR THE IMPAIRMENT OR DISPOSAL OF LONG-LIVED ASSETS Discontinued Operations
In accordance with SFAS No. 144 which the Company adopted on January 1, 2002, net income and
gain/(loss) on disposition of real estate for properties sold subsequent to December 31, 2001 are
reflected in the consolidated statements of operations as discontinued operations. The proceeds
from dispositions of Operating Properties were $51.1 million and $40.8 million for the years ended
December 31, 2004 and 2003, respectively. Below is a summary of the results of operations of the
properties disposed of through the respective disposition dates (in thousands): December 31,2004
    
    
    2003
    
    
    2002Revenues
    
    $
    4,778
    
    
    $
    7,549
    
    
    $
    11,405Operating expenses
    
    
    (922
    )
    
    
    (1,770
    )
    
    
    (2,519
    )Interest expense
    
    
    (1,145
    )
    
    
    (1,179
    )
    
    
    (1,892
    )Depreciation and amortization
    
    
    (1,018
    )
    
    
    (1,604
    )
    
    
    (2,272
    )Income before property dispositions
    
    $
    1,693
    
    
    $
    2,996
    
    
    $
    4,722
 Sales of land and development properties are reflected as a component of income from
continuing operations. Asset Impairment
In accordance with SFAS No. 144, during the years ended December 31, 2004 and 2002, the Company
recognized impairment losses of $1.4 million and $11.3 million. The 2004 impairment loss of $1.4
million was on a parcel of land in the Midwest region. The 2002 asset impairment included $5.3
million was related to three parcels of land and an impairment loss of $6.0 million on assets held
for sale. This loss was subsequently realized later in 2002 upon the disposal of those assets held
for sale. Asset impairments are included in the caption gain (loss) on property dispositions as a
component of income from continuing operations. The Company determined this impairment through a
comparison of the aggregate future undiscounted cash flows to be generated by the properties to the
carrying value of the properties. The Company has evaluated each of the properties and land held
for development and has determined that there are no additional valuation adjustments necessary at
December 31, 2004.  13.
    SUBSEQUENT EVENTS In January 2005, the Company commenced construction of a 1.2 million square foot, $435 million
office tower in Philadelphias central business district. Comcast Corporation has signed a 15 1/2
year lease for 534,000 square feet of space in this office tower (Comcast Center). The Company
has entered into a Guaranteed Maximum Price contract for the construction of the Comcast Center.
Construction costs covered by this contract represent approximately 60% of the estimated $435
million in total development costs. On February 24, 2005, the Company consummated the sale of $300 million principal amount of 5.125%
senior unsecured notes due 2015. The aggregate net proceeds from such issuance were approximately
$296.4 million. The Company used the aggregate net proceeds primarily to pay down outstanding
borrowings under the new $450 million Credit Facility and for general corporate purposes. 87




---



##### 



LIBERTY PROPERTY LIMITED
PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2004 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
    
    
    12/31/04
    
    
    12/31/04
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES200 Boulder Drive
    
    Allentown, PA
    
    $
    
    
    
    $
    4,722,683
    
    
    $
    18,922,645
    
    
    $
    276,010
    
    
    $
    4,922,683
    
    
    $
    18,998,654
    
    
    $
    23,921,338
    
    
    $
    120,116
    
    
    
    2004
    
    
    40 yrs.2196 Avenue C
    
    Allentown, PA
    
    
    
    
    
    
    101,159
    
    
    
    
    
    
    
    1,307,320
    
    
    
    107,307
    
    
    
    1,301,172
    
    
    
    1,408,479
    
    
    
    659,197
    
    
    
    1980
    
    
    40 yrs.2202 Hanger Place
    
    Allentown, PA
    
    
    *
    
    
    
    137,439
    
    
    
    
    
    
    
    1,360,830
    
    
    
    138,127
    
    
    
    1,360,141
    
    
    
    1,498,269
    
    
    
    739,281
    
    
    
    1981
    
    
    40 yrs.250 Boulder Drive
    
    Allentown, PA
    
    
    
    
    
    
    2,600,622
    
    
    
    12,099,145
    
    
    
    223,753
    
    
    
    2,800,622
    
    
    
    12,122,898
    
    
    
    14,923,520
    
    
    
    77,168
    
    
    
    2004
    
    
    40 yrs.400 Nestle Way
    
    Allentown, PA
    
    
    24,080,572
    
    
    
    8,065,500
    
    
    
    
    
    
    
    26,595,577
    
    
    
    8,184,096
    
    
    
    26,476,981
    
    
    
    34,661,077
    
    
    
    5,702,269
    
    
    
    1997
    
    
    40 yrs.650 Boulder Drive
    
    Allentown, PA
    
    
    
    
    
    
    5,208,248
    
    
    
    
    
    
    
    19,726,879
    
    
    
    5,242,478
    
    
    
    19,692,649
    
    
    
    24,935,127
    
    
    
    1,098,775
    
    
    
    2002
    
    
    40 yrs.650 Boulder Drive Expansion
    
    Allentown, PA
    
    
    
    
    
    
    2,861,715
    
    
    
    
    
    
    
    10,666,869
    
    
    
    4,719,311
    
    
    
    8,809,273
    
    
    
    13,528,584
    
    
    
    44,864
    
    
    
    2001
    
    
    N/A651 Boulder Drive
    
    Allentown, PA
    
    
    
    
    
    
    4,308,646
    
    
    
    
    
    
    
    13,280,682
    
    
    
    4,308,646
    
    
    
    13,280,682
    
    
    
    17,589,328
    
    
    
    1,871,520
    
    
    
    2000
    
    
    40 yrs.6620 Grant Way
    
    Allentown, PA
    
    
    
    
    
    
    430,824
    
    
    
    1,915,923
    
    
    
    41,127
    
    
    
    430,824
    
    
    
    1,957,050
    
    
    
    2,387,874
    
    
    
    371,334
    
    
    
    1989
    
    
    40 yrs.6923 Schantz Spring Road
    
    Allentown, PA
    
    
    *
    
    
    
    1,127,805
    
    
    
    3,309,132
    
    
    
    249,639
    
    
    
    1,127,805
    
    
    
    3,558,771
    
    
    
    4,686,575
    
    
    
    607,069
    
    
    
    1993
    
    
    40 yrs.700 Nestle Way
    
    Allentown, PA
    
    
    
    
    
    
    3,473,120
    
    
    
    
    
    
    
    18,022,644
    
    
    
    4,174,970
    
    
    
    17,320,794
    
    
    
    21,495,764
    
    
    
    2,996,159
    
    
    
    1998
    
    
    40 yrs.705 Boulder Drive
    
    Allentown, PA
    
    
    
    
    
    
    4,484,096
    
    
    
    
    
    
    
    14,852,439
    
    
    
    4,486,836
    
    
    
    14,849,699
    
    
    
    19,336,535
    
    
    
    1,644,689
    
    
    
    2001
    
    
    40 yrs.7132 Daniels Drive
    
    Allentown, PA
    
    
    
    
    
    
    1,623,326
    
    
    
    3,464,626
    
    
    
    4,067,691
    
    
    
    1,695,610
    
    
    
    7,460,032
    
    
    
    9,155,642
    
    
    
    1,183,700
    
    
    
    1988
    
    
    40 yrs.7165 Ambassador Drive
    
    Allentown, PA
    
    
    
    
    
    
    792,999
    
    
    
    
    
    
    
    4,533,868
    
    
    
    804,848
    
    
    
    4,522,019
    
    
    
    5,326,867
    
    
    
    299,306
    
    
    
    2002
    
    
    40 yrs.7248 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    2,670,849
    
    
    
    13,307,408
    
    
    
    1,149,763
    
    
    
    2,670,673
    
    
    
    14,457,346
    
    
    
    17,128,019
    
    
    
    2,967,849
    
    
    
    1988
    
    
    40 yrs.7277 Williams Avenue
    
    Allentown, PA
    
    
    
    
    
    
    462,964
    
    
    
    1,449,009
    
    
    
    310,821
    
    
    
    463,123
    
    
    
    1,759,671
    
    
    
    2,222,794
    
    
    
    383,062
    
    
    
    1989
    
    
    40 yrs.7339 Industrial Boulevard
    
    Allentown, PA
    
    
    *
    
    
    
    1,187,776
    
    
    
    
    
    
    
    5,796,199
    
    
    
    1,197,447
    
    
    
    5,786,528
    
    
    
    6,983,975
    
    
    
    1,369,011
    
    
    
    1996
    
    
    40 yrs.7355 Williams Avenue
    
    Allentown, PA
    
    
    
    
    
    
    489,749
    
    
    
    1,658,091
    
    
    
    299,008
    
    
    
    489,749
    
    
    
    1,957,099
    
    
    
    2,446,848
    
    
    
    349,060
    
    
    
    1998
    
    
    40 yrs.7437 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    717,488
    
    
    
    5,022,413
    
    
    
    1,872,180
    
    
    
    726,651
    
    
    
    6,885,429
    
    
    
    7,612,080
    
    
    
    2,016,002
    
    
    
    1976
    
    
    40 yrs.7562 Penn Drive
    
    Allentown, PA
    
    
    
    
    
    
    269,614
    
    
    
    844,069
    
    
    
    99,364
    
    
    
    269,614
    
    
    
    943,433
    
    
    
    1,213,047
    
    
    
    177,380
    
    
    
    1989
    
    
    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
    
    
    
    1,326,057
    
    
    
    1985
    
    
    40 yrs.8014 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    4,019,258
    
    
    
    
    
    
    
    9,613,969
    
    
    
    3,645,117
    
    
    
    9,988,109
    
    
    
    13,633,226
    
    
    
    1,392,266
    
    
    
    1999
    
    
    40 yrs.8150 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    2,564,167
    
    
    
    
    
    
    
    8,703,838
    
    
    
    2,571,466
    
    
    
    8,696,539
    
    
    
    11,268,005
    
    
    
    770,751
    
    
    
    2002
    
    
    40 yrs.8250 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    1,025,667
    
    
    
    
    
    
    
    5,209,990
    
    
    
    1,035,854
    
    
    
    5,199,803
    
    
    
    6,235,657
    
    
    
    342,314
    
    
    
    2002
    
    
    40 yrs.835 W Hamilton Street
    
    Allentown, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    59,218,520
    
    
    
    1,233,597
    
    
    
    57,984,923
    
    
    
    59,218,520
    
    
    
    2,596,320
    
    
    
    2004
    
    
    40 yrs.9th & Hamilton Street
    
    Allentown, PA
    
    
    
    
    
    
    615,624
    
    
    
    
    
    
    
    (615,624
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    51
    
    
    
    2001
    
    
    40 yrs.2041 Avenue C
    
    Allentown, PA
    
    
    *
    
    
    
    213,599
    
    
    
    1,095,217
    
    
    
    92,109
    
    
    
    213,879
    
    
    
    1,187,046
    
    
    
    1,400,925
    
    
    
    293,724
    
    
    
    1990
    
    
    40 yrs.2201 Hanger Place
    
    Allentown, PA
    
    
    
    
    
    
    128,454
    
    
    
    
    
    
    
    1,627,189
    
    
    
    129,142
    
    
    
    1,626,501
    
    
    
    1,755,643
    
    
    
    790,682
    
    
    
    1987
    
    
    40 yrs.3174 Airport Road
    
    Allentown, PA
    
    
    
    
    
    
    98,986
    
    
    
    
    
    
    
    1,155,913
    
    
    
    98,986
    
    
    
    1,155,913
    
    
    
    1,254,899
    
    
    
    653,595
    
    
    
    1979
    
    
    40 yrs.6330 Hedgewood Drive
    
    Allentown, PA
    
    
    
    
    
    
    531,268
    
    
    
    
    
    
    
    4,880,036
    
    
    
    532,047
    
    
    
    4,879,258
    
    
    
    5,411,304
    
    
    
    2,006,530
    
    
    
    1988
    
    
    40 yrs.6350 Hedgewood Drive
    
    Allentown, PA
    
    
    1,158,301
    
    
    
    360,027
    
    
    
    
    
    
    
    3,438,720
    
    
    
    560,691
    
    
    
    3,238,056
    
    
    
    3,798,747
    
    
    
    1,206,231
    
    
    
    1989
    
    
    40 yrs.6370 Hedgewood Drive
    
    Allentown, PA
    
    
    942,053
    
    
    
    540,795
    
    
    
    
    
    
    
    3,207,708
    
    
    
    541,459
    
    
    
    3,207,045
    
    
    
    3,748,503
    
    
    
    1,143,670
    
    
    
    1990
    
    
    40 yrs.6390 Hedgewood Drive
    
    Allentown, PA
    
    
    
    
    
    
    707,203
    
    
    
    
    
    
    
    2,765,090
    
    
    
    707,867
    
    
    
    2,764,425
    
    
    
    3,472,293
    
    
    
    1,124,118
    
    
    
    1990
    
    
    40 yrs.6520 Stonegate Drive
    
    Allentown, PA
    
    
    
    
    
    
    453,315
    
    
    
    
    
    
    
    1,785,383
    
    
    
    484,361
    
    
    
    1,754,337
    
    
    
    2,238,698
    
    
    
    421,510
    
    
    
    1996
    
    
    40 yrs.6540 Stonegate Drive
    
    Allentown, PA
    
    
    1,458,938
    
    
    
    422,042
    
    
    
    
    
    
    
    3,888,807
    
    
    
    422,730
    
    
    
    3,888,120
    
    
    
    4,310,849
    
    
    
    1,541,701
    
    
    
    1988
    
    
    40 yrs.6560 Stonegate Drive
    
    Allentown, PA
    
    
    *
    
    
    
    458,281
    
    
    
    
    
    
    
    2,411,971
    
    
    
    458,945
    
    
    
    2,411,307
    
    
    
    2,870,252
    
    
    
    921,279
    
    
    
    1989
    
    
    40 yrs.6580 Snowdrift Road
    
    Allentown, PA
    
    
    *
    
    
    
    388,328
    
    
    
    
    
    
    
    3,284,907
    
    
    
    389,081
    
    
    
    3,284,155
    
    
    
    3,673,235
    
    
    
    1,179,835
    
    
    
    1988
    
    
    40 yrs.7144 Daniels Drive
    
    Allentown, PA
    
    
    
    
    
    
    2,390,217
    
    
    
    2,342,761
    
    
    
    3,708,489
    
    
    
    1,579,169
    
    
    
    6,862,298
    
    
    
    8,441,467
    
    
    
    1,508,598
    
    
    
    1975
    
    
    40 yrs.7384 Penn Drive
    
    Allentown, PA
    
    
    *
    
    
    
    651,696
    
    
    
    2,286,518
    
    
    
    505,302
    
    
    
    652,118
    
    
    
    2,791,398
    
    
    
    3,443,516
    
    
    
    795,931
    
    
    
    1988
    
    
    40 yrs.744 Roble Road
    
    Allentown, PA
    
    
    
    
    
    
    159,771
    
    
    
    1,734,229
    
    
    
    251,778
    
    
    
    161,371
    
    
    
    1,984,407
    
    
    
    2,145,778
    
    
    
    563,060
    
    
    
    1986
    
    
    40 yrs.754 Roble Road
    
    Allentown, PA
    
    
    
    
    
    
    162,115
    
    
    
    1,731,885
    
    
    
    185,620
    
    
    
    163,735
    
    
    
    1,915,885
    
    
    
    2,079,620
    
    
    
    550,916
    
    
    
    1986
    
    
    40 yrs.7620 Cetronia Road
    
    Allentown, PA
    
    
    
    
    
    
    1,091,806
    
    
    
    3,851,456
    
    
    
    353,007
    
    
    
    1,093,724
    
    
    
    4,202,545
    
    
    
    5,296,269
    
    
    
    1,153,190
    
    
    
    1990
    
    
    40 yrs.764 Roble Road
    
    Allentown, PA
    
    
    
    
    
    
    141,069
    
    
    
    
    
    
    
    819,455
    
    
    
    141,746
    
    
    
    818,778
    
    
    
    960,524
    
    
    
    385,974
    
    
    
    1985
    
    
    40 yrs.894 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    117,134
    
    
    
    1,048,866
    
    
    
    273,554
    
    
    
    118,304
    
    
    
    1,321,250
    
    
    
    1,439,554
    
    
    
    306,629
    
    
    
    1986
    
    
    40 yrs.939 Marcon Boulevard
    
    Allentown, PA
    
    
    *
    
    
    
    2,220,414
    
    
    
    4,524,393
    
    
    
    858,451
    
    
    
    2,220,548
    
    
    
    5,382,710
    
    
    
    7,603,257
    
    
    
    1,294,584
    
    
    
    1980
    
    
    40 yrs.944 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    118,521
    
    
    
    1,435,479
    
    
    
    416,587
    
    
    
    119,711
    
    
    
    1,850,876
    
    
    
    1,970,587
    
    
    
    500,841
    
    
    
    1986
    
    
    40 yrs.954 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    103,665
    
    
    
    
    
    
    
    1,110,937
    
    
    
    104,453
    
    
    
    1,110,149
    
    
    
    1,214,602
    
    
    
    515,605
    
    
    
    1981
    
    
    40 yrs.964 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    138,816
    
    
    
    
    
    
    
    1,661,439
    
    
    
    139,480
    
    
    
    1,660,775
    
    
    
    1,800,255
    
    
    
    785,893
    
    
    
    1985
    
    
    40 yrs.974 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    143,500
    
    
    
    
    
    
    
    2,408,088
    
    
    
    144,248
    
    
    
    2,407,341
    
    
    
    2,551,588
    
    
    
    980,220
    
    
    
    1987
    
    
    40 yrs.180,190 Cochrane Drive
    
    Annapolis, MD
    
    
    
    
    
    
    3,670,256
    
    
    
    
    
    
    
    20,241,771
    
    
    
    3,752,293
    
    
    
    20,159,734
    
    
    
    23,912,027
    
    
    
    7,067,032
    
    
    
    1988
    
    
    40 yrs.10430 Lakeridge Parkway
    
    Ashland, VA
    
    
    
    
    
    
    421,267
    
    
    
    3,770,870
    
    
    
    202,984
    
    
    
    421,267
    
    
    
    3,973,853
    
    
    
    4,395,120
    
    
    
    689,031
    
    
    
    1989
    
    
    40 yrs.10456 Lakeridge Parkway
    
    Ashland, VA
    
    
    
    
    
    
    409,261
    
    
    
    3,663,754
    
    
    
    266,947
    
    
    
    409,261
    
    
    
    3,930,702
    
    
    
    4,339,963
    
    
    
    732,947
    
    
    
    1991
    
    
    40 yrs.2453 Prospect Street
    
    Aurora, IL
    
    
    
    
    
    
    1,780,395
    
    
    
    6,608,091
    
    
    
    530
    
    
    
    1,780,395
    
    
    
    6,608,621
    
    
    
    8,389,017
    
    
    
    
    
    
    
    2004
    
    
    40 yrs.101-121 N Raddant Road
    
    Batavia, IL
    
    
    6,130,347
    
    
    
    986,912
    
    
    
    9,984,405
    
    
    
    46,363
    
    
    
    986,912
    
    
    
    10,030,769
    
    
    
    11,017,681
    
    
    
    334,439
    
    
    
    2003
    
    
    40 yrs.1070 Swanson + 506-530 Kingsland
    
    Batavia, IL
    
    
    7,884,881
    
    
    
    1,100,812
    
    
    
    11,135,499
    
    
    
    36,314
    
    
    
    1,100,812
    
    
    
    11,171,813
    
    
    
    12,272,625
    
    
    
    372,563
    
    
    
    2003
    
    
    40 yrs.900 Douglas Road
    
    Batavia, IL
    
    
    
    
    
    
    308,586
    
    
    
    3,116,469
    
    
    
    9,635
    
    
    
    308,586
    
    
    
    3,126,104
    
    
    
    3,434,690
    
    
    
    104,253
    
    
    
    2003
    
    
    40 yrs.4604 Richlynn Drive
    
    Belcamp, MD
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2002
    
    
    40 yrs.4606 Richlynn Drive
    
    Belcamp, MD
    
    
    
    
    
    
    299,600
    
    
    
    1,818,861
    
    
    
    709,477
    
    
    
    299,600
    
    
    
    2,528,339
    
    
    
    2,827,939
    
    
    
    341,178
    
    
    
    1985
    
    
    40 yrs.100 Brodhead Road
    
    Bethlehem, PA
    
    
    *
    
    
    
    429,416
    
    
    
    2,919,588
    
    
    
    586,728
    
    
    
    429,456
    
    
    
    3,506,276
    
    
    
    3,935,732
    
    
    
    785,030
    
    
    
    1990
    
    
    40 yrs.1455 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    670,290
    
    
    
    
    
    
    
    3,721,695
    
    
    
    545,172
    
    
    
    3,846,812
    
    
    
    4,391,985
    
    
    
    1,437,927
    
    
    
    1997
    
    
    40 yrs.1525 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    475,686
    
    
    
    
    
    
    
    7,532,755
    
    
    
    804,104
    
    
    
    7,204,336
    
    
    
    8,008,441
    
    
    
    1,475,075
    
    
    
    1999
    
    
    40 yrs.1605 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    729,751
    
    
    
    
    
    
    
    10,524,023
    
    
    
    1,766,196
    
    
    
    9,487,578
    
    
    
    11,253,774
    
    
    
    703,688
    
    
    
    2000
    
    
    40 yrs.
 88




---



##### 



LIBERTY PROPERTY LIMITED
PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2004 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
    
    
    12/31/04
    
    
    12/31/04
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES1640 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    359,000
    
    
    
    
    
    
    
    2,412,280
    
    
    
    190,728
    
    
    
    2,580,553
    
    
    
    2,771,280
    
    
    
    930,694
    
    
    
    1996
    
    
    40 yrs.1650 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    359,000
    
    
    
    
    
    
    
    2,212,500
    
    
    
    188,896
    
    
    
    2,382,604
    
    
    
    2,571,500
    
    
    
    796,686
    
    
    
    1997
    
    
    40 yrs.1655 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    214,431
    
    
    
    
    
    
    
    2,015,920
    
    
    
    215,095
    
    
    
    2,015,256
    
    
    
    2,230,351
    
    
    
    803,847
    
    
    
    1993
    
    
    40 yrs.1660 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    359,000
    
    
    
    
    
    
    
    2,186,050
    
    
    
    188,721
    
    
    
    2,356,329
    
    
    
    2,545,050
    
    
    
    609,377
    
    
    
    1998
    
    
    40 yrs.3400 High Point Boulevard
    
    Bethlehem, PA
    
    
    
    
    
    
    298,227
    
    
    
    
    
    
    
    3,037,834
    
    
    
    662,809
    
    
    
    2,673,252
    
    
    
    3,336,061
    
    
    
    203,498
    
    
    
    2002
    
    
    40 yrs.74 West Broad Street
    
    Bethlehem, PA
    
    
    
    
    
    
    1,096,127
    
    
    
    
    
    
    
    12,814,483
    
    
    
    1,099,079
    
    
    
    12,811,532
    
    
    
    13,910,611
    
    
    
    1,343,733
    
    
    
    2002
    
    
    40 yrs.83 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    143,661
    
    
    
    888,128
    
    
    
    490,007
    
    
    
    212,744
    
    
    
    1,309,052
    
    
    
    1,521,796
    
    
    
    372,086
    
    
    
    1989
    
    
    40 yrs.85 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    236,708
    
    
    
    987,949
    
    
    
    127,491
    
    
    
    237,078
    
    
    
    1,115,070
    
    
    
    1,352,148
    
    
    
    251,516
    
    
    
    1989
    
    
    40 yrs.87 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    253,886
    
    
    
    1,062,881
    
    
    
    186,289
    
    
    
    253,886
    
    
    
    1,249,170
    
    
    
    1,503,056
    
    
    
    293,301
    
    
    
    1989
    
    
    40 yrs.89 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    320,000
    
    
    
    
    
    
    
    1,998,316
    
    
    
    367,706
    
    
    
    1,950,611
    
    
    
    2,318,316
    
    
    
    530,595
    
    
    
    1998
    
    
    40 yrs.95 Highland Avenue
    
    Bethlehem, PA
    
    
    
    
    
    
    430,593
    
    
    
    3,182,080
    
    
    
    1,156,961
    
    
    
    430,593
    
    
    
    4,339,041
    
    
    
    4,769,634
    
    
    
    874,288
    
    
    
    1985
    
    
    40 yrs.1495 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    434,640
    
    
    
    
    
    
    
    3,728,342
    
    
    
    435,303
    
    
    
    3,727,679
    
    
    
    4,162,982
    
    
    
    1,282,567
    
    
    
    1990
    
    
    40 yrs.1510 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    312,209
    
    
    
    
    
    
    
    3,534,401
    
    
    
    312,873
    
    
    
    3,533,737
    
    
    
    3,846,610
    
    
    
    1,437,600
    
    
    
    1988
    
    
    40 yrs.1530 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    211,747
    
    
    
    
    
    
    
    2,848,757
    
    
    
    212,492
    
    
    
    2,848,013
    
    
    
    3,060,504
    
    
    
    1,047,162
    
    
    
    1988
    
    
    40 yrs.1550 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    196,954
    
    
    
    
    
    
    
    3,393,015
    
    
    
    197,700
    
    
    
    3,392,269
    
    
    
    3,589,969
    
    
    
    1,216,439
    
    
    
    1988
    
    
    40 yrs.1560 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    240,069
    
    
    
    
    
    
    
    4,408,846
    
    
    
    240,732
    
    
    
    4,408,183
    
    
    
    4,648,915
    
    
    
    1,673,548
    
    
    
    1988
    
    
    40 yrs.1685 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    244,029
    
    
    
    
    
    
    
    2,255,508
    
    
    
    198,482
    
    
    
    2,301,055
    
    
    
    2,499,537
    
    
    
    641,385
    
    
    
    1996
    
    
    40 yrs.57 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    390,839
    
    
    
    2,701,161
    
    
    
    683,325
    
    
    
    395,459
    
    
    
    3,379,866
    
    
    
    3,775,325
    
    
    
    836,508
    
    
    
    1986
    
    
    40 yrs.10801 Nesbitt Avenue South
    
    Bloomington, MN
    
    
    
    
    
    
    784,577
    
    
    
    
    
    
    
    4,105,182
    
    
    
    786,382
    
    
    
    4,103,377
    
    
    
    4,889,759
    
    
    
    650,057
    
    
    
    2001
    
    
    40 yrs.4801 West 81st Street
    
    Bloomington, MN
    
    
    
    
    
    
    1,624,701
    
    
    
    2,494,368
    
    
    
    626,172
    
    
    
    1,624,701
    
    
    
    3,120,540
    
    
    
    4,745,241
    
    
    
    582,695
    
    
    
    1984
    
    
    40 yrs.5715 Old Shakopee Road West
    
    Bloomington, MN
    
    
    
    
    
    
    1,263,226
    
    
    
    2,360,782
    
    
    
    1,956,058
    
    
    
    1,264,758
    
    
    
    4,315,308
    
    
    
    5,580,067
    
    
    
    374,749
    
    
    
    2002
    
    
    40 yrs.5735 Old Shakopee Road West
    
    Bloomington, MN
    
    
    
    
    
    
    1,263,226
    
    
    
    2,360,782
    
    
    
    1,089,359
    
    
    
    1,264,758
    
    
    
    3,448,609
    
    
    
    4,713,367
    
    
    
    228,557
    
    
    
    2002
    
    
    40 yrs.5775 West Old Shakopee Road
    
    Bloomington, MN
    
    
    
    
    
    
    2,052,018
    
    
    
    3,849,649
    
    
    
    3,288,951
    
    
    
    2,060,644
    
    
    
    7,129,973
    
    
    
    9,190,617
    
    
    
    1,613,318
    
    
    
    2002
    
    
    40 yrs.6161 Green Valley Drive
    
    Bloomington, MN
    
    
    
    
    
    
    740,378
    
    
    
    3,311,602
    
    
    
    735,959
    
    
    
    741,194
    
    
    
    4,046,744
    
    
    
    4,787,938
    
    
    
    538,850
    
    
    
    1992
    
    
    40 yrs.6601-6625 W. 78th Street
    
    Bloomington, MN
    
    
    
    
    
    
    2,263,060
    
    
    
    
    
    
    
    38,629,236
    
    
    
    2,310,246
    
    
    
    38,582,050
    
    
    
    40,892,296
    
    
    
    5,964,870
    
    
    
    1998
    
    
    40 yrs.8100 Cedar Avenue
    
    Bloomington, MN
    
    
    
    
    
    
    501,313
    
    
    
    3,675,416
    
    
    
    962,824
    
    
    
    501,313
    
    
    
    4,638,240
    
    
    
    5,139,553
    
    
    
    788,721
    
    
    
    1983
    
    
    40 yrs.1701 Clint Moore Boulevard
    
    Boca Raton, FL
    
    
    
    
    
    
    1,430,884
    
    
    
    3,043,553
    
    
    
    626,517
    
    
    
    1,430,937
    
    
    
    3,670,017
    
    
    
    5,100,954
    
    
    
    609,766
    
    
    
    1985
    
    
    40 yrs.1801 Clint Moore Road
    
    Boca Raton, FL
    
    
    
    
    
    
    1,065,068
    
    
    
    4,481,644
    
    
    
    411,610
    
    
    
    1,065,068
    
    
    
    4,893,255
    
    
    
    5,958,323
    
    
    
    901,494
    
    
    
    1986
    
    
    40 yrs.777 Yamato Road
    
    Boca Raton, FL
    
    
    
    
    
    
    4,101,247
    
    
    
    16,077,347
    
    
    
    4,319,114
    
    
    
    4,501,247
    
    
    
    19,996,462
    
    
    
    24,497,709
    
    
    
    3,519,862
    
    
    
    1987
    
    
    40 yrs.951 Broken Sound Parkway
    
    Boca Raton, FL
    
    
    
    
    
    
    1,426,251
    
    
    
    6,098,952
    
    
    
    875,464
    
    
    
    1,426,251
    
    
    
    6,974,415
    
    
    
    8,400,666
    
    
    
    1,453,467
    
    
    
    1986
    
    
    40 yrs.400 Boulder Drive
    
    Breinigsville, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    13,258,403
    
    
    
    2,865,097
    
    
    
    10,393,306
    
    
    
    13,258,403
    
    
    
    108,451
    
    
    
    2003
    
    
    40 yrs.860 Nestle Way
    
    Breinigsville, PA
    
    
    
    
    
    
    8,118,881
    
    
    
    18,885,486
    
    
    
    1,651,456
    
    
    
    8,731,119
    
    
    
    19,924,704
    
    
    
    28,655,822
    
    
    
    
    
    
    
    2004
    
    
    40 yrs.510 Heron Drive
    
    Bridgeport, NJ
    
    
    
    
    
    
    790,335
    
    
    
    7,901,878
    
    
    
    782,719
    
    
    
    790,335
    
    
    
    8,684,597
    
    
    
    9,474,932
    
    
    
    1,527,223
    
    
    
    1990
    
    
    40 yrs.602 Heron Drive
    
    Bridgeport, NJ
    
    
    
    
    
    
    524,728
    
    
    
    2,240,478
    
    
    
    7,650
    
    
    
    524,728
    
    
    
    2,248,128
    
    
    
    2,772,856
    
    
    
    379,178
    
    
    
    1996
    
    
    40 yrs.625 Heron Drive
    
    Bridgeport, NJ
    
    
    
    
    
    
    180,226
    
    
    
    908,953
    
    
    
    62,451
    
    
    
    180,226
    
    
    
    971,405
    
    
    
    1,151,631
    
    
    
    166,141
    
    
    
    1980
    
    
    40 yrs.15800 West Bluemound Road
    
    Brookfield, WI
    
    
    
    
    
    
    1,289,204
    
    
    
    8,128,035
    
    
    
    580,579
    
    
    
    1,306,811
    
    
    
    8,691,007
    
    
    
    9,997,818
    
    
    
    678,158
    
    
    
    1994
    
    
    40 yrs.16620-16650 W Bluemound Road
    
    Brookfield, WI
    
    
    
    
    
    
    586,665
    
    
    
    4,289,907
    
    
    
    591,147
    
    
    
    586,665
    
    
    
    4,881,054
    
    
    
    5,467,719
    
    
    
    623,340
    
    
    
    1999
    
    
    40 yrs.245 Executive Drive
    
    Brookfield, WI
    
    
    
    
    
    
    577,067
    
    
    
    5,197,903
    
    
    
    413,890
    
    
    
    577,067
    
    
    
    5,611,793
    
    
    
    6,188,859
    
    
    
    987,200
    
    
    
    1984
    
    
    40 yrs.1485 W. Commerce Avenue
    
    Carlisle, PA
    
    
    
    
    
    
    4,249,868
    
    
    
    13,886,039
    
    
    
    
    
    
    
    4,249,868
    
    
    
    13,886,039
    
    
    
    18,135,907
    
    
    
    
    
    
    
    2004
    
    
    40 yrs.3773 Corporate Parkway
    
    Center Valley, PA
    
    
    
    
    
    
    738,108
    
    
    
    
    
    
    
    7,600,972
    
    
    
    794,874
    
    
    
    7,544,206
    
    
    
    8,339,080
    
    
    
    1,187,018
    
    
    
    2001
    
    
    40 yrs.1309 Executive Boulevard
    
    Cheaspeake, VA
    
    
    
    
    
    
    926,125
    
    
    
    
    
    
    
    5,086,632
    
    
    
    955,374
    
    
    
    5,057,383
    
    
    
    6,012,757
    
    
    
    561,898
    
    
    
    2001
    
    
    40 yrs.1008 Astoria Boulevard
    
    Cherry Hill, NJ
    
    
    
    
    
    
    27,120
    
    
    
    424,880
    
    
    
    497,565
    
    
    
    32,698
    
    
    
    916,866
    
    
    
    949,565
    
    
    
    356,823
    
    
    
    1973
    
    
    40 yrs.1960 Cuthbert Boulevard
    
    Cherry Hill, NJ
    
    
    
    
    
    
    321,699
    
    
    
    1,291,557
    
    
    
    339,101
    
    
    
    321,699
    
    
    
    1,630,658
    
    
    
    1,952,357
    
    
    
    383,412
    
    
    
    1985
    
    
    40 yrs.1970 Cuthbert Boulevard
    
    Cherry Hill, NJ
    
    
    
    
    
    
    321,699
    
    
    
    1,291,558
    
    
    
    103,135
    
    
    
    321,699
    
    
    
    1,394,693
    
    
    
    1,716,392
    
    
    
    231,449
    
    
    
    1985
    
    
    40 yrs.7 Carnegie Plaza
    
    Cherry Hill, NJ
    
    
    
    
    
    
    2,000,000
    
    
    
    3,493,983
    
    
    
    2,254,491
    
    
    
    2,005,475
    
    
    
    5,742,999
    
    
    
    7,748,474
    
    
    
    
    
    
    
    2004
    
    
    40 yrs.1305 Executive Boulevard
    
    Chesapeake, VA
    
    
    
    
    
    
    861,020
    
    
    
    
    
    
    
    4,874,975
    
    
    
    1,129,850
    
    
    
    4,606,144
    
    
    
    5,735,994
    
    
    
    358,733
    
    
    
    2002
    
    
    40 yrs.1313 Executive Boulevard
    
    Chesapeake, VA
    
    
    
    
    
    
    1,180,036
    
    
    
    
    
    
    
    4,629,615
    
    
    
    1,708,050
    
    
    
    4,101,602
    
    
    
    5,809,652
    
    
    
    332,955
    
    
    
    2002
    
    
    40 yrs.500 Independence Parkway
    
    Chesapeake, VA
    
    
    3,890,463
    
    
    
    864,150
    
    
    
    4,427,285
    
    
    
    67,101
    
    
    
    866,609
    
    
    
    4,491,928
    
    
    
    5,358,537
    
    
    
    103,728
    
    
    
    2004
    
    
    40 yrs.700 Independence Parkway
    
    Chesapeake, VA
    
    
    7,204,561
    
    
    
    1,950,375
    
    
    
    8,273,910
    
    
    
    (906,932
    )
    
    
    1,951,135
    
    
    
    7,366,217
    
    
    
    9,317,352
    
    
    
    181,447
    
    
    
    2004
    
    
    40 yrs.500 H P Way
    
    Chester, VA
    
    
    
    
    
    
    142,692
    
    
    
    
    
    
    
    4,647,079
    
    
    
    491,919
    
    
    
    4,297,853
    
    
    
    4,789,771
    
    
    
    766,412
    
    
    
    1997
    
    
    40 yrs.600 H P Way
    
    Chester, VA
    
    
    
    
    
    
    146,126
    
    
    
    
    
    
    
    5,292,678
    
    
    
    501,752
    
    
    
    4,937,053
    
    
    
    5,438,804
    
    
    
    934,792
    
    
    
    1997
    
    
    40 yrs.5950 Symphony Woods Road
    
    Columbia, MD
    
    
    
    
    
    
    1,462,762
    
    
    
    11,310,187
    
    
    
    603,869
    
    
    
    1,467,623
    
    
    
    11,909,195
    
    
    
    13,376,818
    
    
    
    1,039,687
    
    
    
    1986
    
    
    40 yrs.6200 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,729,120
    
    
    
    1,295,000
    
    
    
    3,392,226
    
    
    
    4,687,226
    
    
    
    290,573
    
    
    
    2002
    
    
    40 yrs.6210 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,709,792
    
    
    
    1,295,000
    
    
    
    3,372,898
    
    
    
    4,667,898
    
    
    
    344,868
    
    
    
    2002
    
    
    40 yrs.6250 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,526,011
    
    
    
    1,295,000
    
    
    
    3,189,116
    
    
    
    4,484,116
    
    
    
    373,637
    
    
    
    2002
    
    
    40 yrs.6250 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,780,749
    
    
    
    1,599,259
    
    
    
    3,139,595
    
    
    
    4,738,854
    
    
    
    77,241
    
    
    
    2000
    
    
    40 yrs.7178-80 Columbia Gateway
    
    Columbia, MD
    
    
    
    
    
    
    1,569,237
    
    
    
    4,786,887
    
    
    
    1,372,616
    
    
    
    1,571,105
    
    
    
    6,157,635
    
    
    
    7,728,740
    
    
    
    1,735,259
    
    
    
    1987
    
    
    40 yrs.8945-8975 Guilford Road
    
    Columbia, MD
    
    
    
    
    
    
    2,428,795
    
    
    
    7,493,740
    
    
    
    604,899
    
    
    
    2,427,065
    
    
    
    8,100,369
    
    
    
    10,527,434
    
    
    
    1,327,419
    
    
    
    1986
    
    
    40 yrs.9050 Red Branch Road
    
    Columbia, MD
    
    
    
    
    
    
    290,950
    
    
    
    2,577,153
    
    
    
    321,903
    
    
    
    290,950
    
    
    
    2,899,056
    
    
    
    3,190,006
    
    
    
    536,863
    
    
    
    1972
    
    
    40 yrs.9101,9111,9115 Guilford Road
    
    Columbia, MD
    
    
    
    
    
    
    758,951
    
    
    
    
    
    
    
    3,469,320
    
    
    
    765,952
    
    
    
    3,462,318
    
    
    
    4,228,271
    
    
    
    1,723,931
    
    
    
    1984
    
    
    40 yrs.9125,9135,9145 Guilford Road
    
    Columbia, MD
    
    
    
    
    
    
    900,154
    
    
    
    
    
    
    
    5,551,318
    
    
    
    920,439
    
    
    
    5,531,033
    
    
    
    6,451,472
    
    
    
    3,066,833
    
    
    
    1983
    
    
    40 yrs.9770 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    341,663
    
    
    
    3,033,309
    
    
    
    46,093
    
    
    
    341,663
    
    
    
    3,079,402
    
    
    
    3,421,065
    
    
    
    593,519
    
    
    
    1986
    
    
    40 yrs.
 89




---



##### 



LIBERTY PROPERTY LIMITED
PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2004 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
    
    
    12/31/04
    
    
    12/31/04
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES9780 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    218,542
    
    
    
    1,940,636
    
    
    
    22,651
    
    
    
    218,542
    
    
    
    1,963,287
    
    
    
    2,181,829
    
    
    
    374,128
    
    
    
    1986
    
    
    40 yrs.9790 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    243,791
    
    
    
    2,164,094
    
    
    
    183,044
    
    
    
    243,791
    
    
    
    2,347,138
    
    
    
    2,590,929
    
    
    
    502,406
    
    
    
    1986
    
    
    40 yrs.9800 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    299,099
    
    
    
    2,654,069
    
    
    
    219,766
    
    
    
    299,099
    
    
    
    2,873,835
    
    
    
    3,172,935
    
    
    
    625,054
    
    
    
    1988
    
    
    40 yrs.9810 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    266,684
    
    
    
    2,366,901
    
    
    
    519,051
    
    
    
    266,684
    
    
    
    2,885,952
    
    
    
    3,152,636
    
    
    
    518,824
    
    
    
    1986
    
    
    40 yrs.9820 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    237,779
    
    
    
    2,110,835
    
    
    
    43,948
    
    
    
    237,779
    
    
    
    2,154,783
    
    
    
    2,392,562
    
    
    
    424,826
    
    
    
    1988
    
    
    40 yrs.9830 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    296,262
    
    
    
    2,628,933
    
    
    
    100,780
    
    
    
    296,262
    
    
    
    2,729,713
    
    
    
    3,025,976
    
    
    
    569,804
    
    
    
    1986
    
    
    40 yrs.5150 International Drive
    
    Cudahy, WI
    
    
    
    
    
    
    739,673
    
    
    
    5,108,025
    
    
    
    260,018
    
    
    
    741,858
    
    
    
    5,365,858
    
    
    
    6,107,716
    
    
    
    85,367
    
    
    
    2003
    
    
    40 yrs.150 Ridgeview Center Drive
    
    Duncan, SC
    
    
    
    
    
    
    711,353
    
    
    
    8,056,324
    
    
    
    883,526
    
    
    
    711,353
    
    
    
    8,939,850
    
    
    
    9,651,203
    
    
    
    2,274,244
    
    
    
    1984
    
    
    40 yrs.170 Ridgeview Drive
    
    Duncan, SC
    
    
    
    
    
    
    224,162
    
    
    
    109,218
    
    
    
    4,907,027
    
    
    
    229,443
    
    
    
    5,010,964
    
    
    
    5,240,407
    
    
    
    428,143
    
    
    
    2001
    
    
    40 yrs.3255 Neil Armstrong Boulevard
    
    Eagan, MN
    
    
    
    
    
    
    1,131,017
    
    
    
    
    
    
    
    3,377,738
    
    
    
    1,131,017
    
    
    
    3,377,738
    
    
    
    4,508,756
    
    
    
    506,856
    
    
    
    1998
    
    
    40 yrs.10301-10305 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    120,622
    
    
    
    1,085,226
    
    
    
    101,443
    
    
    
    118,300
    
    
    
    1,188,991
    
    
    
    1,307,291
    
    
    
    238,238
    
    
    
    1984
    
    
    40 yrs.10321 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    145,198
    
    
    
    1,305,700
    
    
    
    354,340
    
    
    
    142,399
    
    
    
    1,662,839
    
    
    
    1,805,238
    
    
    
    322,014
    
    
    
    1984
    
    
    40 yrs.10333 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    110,746
    
    
    
    995,868
    
    
    
    29,522
    
    
    
    108,610
    
    
    
    1,027,526
    
    
    
    1,136,135
    
    
    
    199,446
    
    
    
    1984
    
    
    40 yrs.10349-10357 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    275,903
    
    
    
    2,481,666
    
    
    
    271,848
    
    
    
    270,584
    
    
    
    2,758,833
    
    
    
    3,029,417
    
    
    
    536,923
    
    
    
    1985
    
    
    40 yrs.10365-10375 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    291,077
    
    
    
    2,618,194
    
    
    
    178,458
    
    
    
    285,464
    
    
    
    2,802,265
    
    
    
    3,087,728
    
    
    
    573,830
    
    
    
    1985
    
    
    40 yrs.10393-10394 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    269,618
    
    
    
    2,423,318
    
    
    
    474,529
    
    
    
    264,419
    
    
    
    2,903,046
    
    
    
    3,167,465
    
    
    
    553,238
    
    
    
    1985
    
    
    40 yrs.10400 Viking Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    2,912,391
    
    
    
    
    
    
    
    21,655,471
    
    
    
    2,938,372
    
    
    
    21,629,490
    
    
    
    24,567,862
    
    
    
    4,287,442
    
    
    
    1999
    
    
    40 yrs.6321-6325 Bury Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    462,876
    
    
    
    4,151,790
    
    
    
    149,600
    
    
    
    462,876
    
    
    
    4,301,391
    
    
    
    4,764,266
    
    
    
    920,910
    
    
    
    1988
    
    
    40 yrs.7078 Shady Oak Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    343,093
    
    
    
    3,085,795
    
    
    
    50,644
    
    
    
    336,481
    
    
    
    3,143,051
    
    
    
    3,479,532
    
    
    
    605,061
    
    
    
    1985
    
    
    40 yrs.7115-7173 Shady Oak Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    454,974
    
    
    
    4,089,410
    
    
    
    612,550
    
    
    
    454,974
    
    
    
    4,701,960
    
    
    
    5,156,934
    
    
    
    982,662
    
    
    
    1984
    
    
    40 yrs.7400 Flying Cloud Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    195,982
    
    
    
    1,762,027
    
    
    
    136,281
    
    
    
    195,982
    
    
    
    1,898,309
    
    
    
    2,094,290
    
    
    
    349,890
    
    
    
    1987
    
    
    40 yrs.7615 Smetana Lane
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,011,517
    
    
    
    
    
    
    
    8,664,470
    
    
    
    3,000,000
    
    
    
    6,675,988
    
    
    
    9,675,988
    
    
    
    905,199
    
    
    
    2001
    
    
    40 yrs.7660-7716 Golden Triangle Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    568,706
    
    
    
    5,115,177
    
    
    
    2,033,207
    
    
    
    1,289,215
    
    
    
    6,427,875
    
    
    
    7,717,090
    
    
    
    1,909,099
    
    
    
    1988
    
    
    40 yrs.7695-7699 Anagram Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    760,525
    
    
    
    3,254,758
    
    
    
    30,297
    
    
    
    760,525
    
    
    
    3,285,054
    
    
    
    4,045,579
    
    
    
    548,888
    
    
    
    1997
    
    
    40 yrs.7777 Golden Triangle Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    993,101
    
    
    
    2,136,862
    
    
    
    876,359
    
    
    
    993,101
    
    
    
    3,013,221
    
    
    
    4,006,322
    
    
    
    347,159
    
    
    
    2000
    
    
    40 yrs.7800 Equitable Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    2,188,525
    
    
    
    3,788,762
    
    
    
    54,051
    
    
    
    2,188,525
    
    
    
    3,842,812
    
    
    
    6,031,337
    
    
    
    620,721
    
    
    
    1993
    
    
    40 yrs.7905 Fuller Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,229,862
    
    
    
    4,075,167
    
    
    
    9,190
    
    
    
    1,230,965
    
    
    
    4,083,254
    
    
    
    5,314,219
    
    
    
    627,768
    
    
    
    1994
    
    
    40 yrs.8855 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,400,925
    
    
    
    
    
    
    
    6,135,076
    
    
    
    2,504,591
    
    
    
    5,031,410
    
    
    
    7,536,001
    
    
    
    66,733
    
    
    
    2000
    
    
    40 yrs.8911 Columbine Road (B2)
    
    Eden Prairie, MN
    
    
    
    
    
    
    916,687
    
    
    
    
    
    
    
    3,608,469
    
    
    
    1,718,407
    
    
    
    2,806,748
    
    
    
    4,525,156
    
    
    
    135,219
    
    
    
    2000
    
    
    40 yrs.8937 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,325,829
    
    
    
    
    
    
    
    4,287,274
    
    
    
    1,739,966
    
    
    
    3,873,137
    
    
    
    5,613,103
    
    
    
    480,294
    
    
    
    2001
    
    
    40 yrs.8967 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,450,000
    
    
    
    
    
    
    
    3,579,107
    
    
    
    1,450,000
    
    
    
    3,579,107
    
    
    
    5,029,107
    
    
    
    500,081
    
    
    
    2000
    
    
    40 yrs.8995 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,087,594
    
    
    
    
    
    
    
    3,664,053
    
    
    
    2,055,296
    
    
    
    2,696,352
    
    
    
    4,751,648
    
    
    
    258,908
    
    
    
    2001
    
    
    40 yrs.9023 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,956,273
    
    
    
    
    
    
    
    4,873,578
    
    
    
    1,956,273
    
    
    
    4,873,578
    
    
    
    6,829,851
    
    
    
    736,047
    
    
    
    1999
    
    
    40 yrs.26442-26450 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    237,687
    
    
    
    2,143,478
    
    
    
    115,460
    
    
    
    237,691
    
    
    
    2,258,934
    
    
    
    2,496,625
    
    
    
    404,848
    
    
    
    1988
    
    
    40 yrs.26500 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    311,093
    
    
    
    2,791,804
    
    
    
    263,848
    
    
    
    311,097
    
    
    
    3,055,648
    
    
    
    3,366,745
    
    
    
    541,973
    
    
    
    1986
    
    
    40 yrs.26550 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    368,083
    
    
    
    
    
    
    
    2,603,133
    
    
    
    535,179
    
    
    
    2,436,037
    
    
    
    2,971,216
    
    
    
    533,750
    
    
    
    2000
    
    
    40 yrs.26600 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    455,846
    
    
    
    
    
    
    
    2,856,012
    
    
    
    537,693
    
    
    
    2,774,164
    
    
    
    3,311,858
    
    
    
    564,036
    
    
    
    1999
    
    
    40 yrs.26650 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    173,166
    
    
    
    1,562,704
    
    
    
    107,825
    
    
    
    173,170
    
    
    
    1,670,525
    
    
    
    1,843,695
    
    
    
    291,082
    
    
    
    1988
    
    
    40 yrs.26700 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    253,338
    
    
    
    2,290,696
    
    
    
    52,294
    
    
    
    253,341
    
    
    
    2,342,987
    
    
    
    2,596,328
    
    
    
    418,842
    
    
    
    1986
    
    
    40 yrs.26750 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    292,717
    
    
    
    2,638,688
    
    
    
    210,744
    
    
    
    292,720
    
    
    
    2,849,429
    
    
    
    3,142,149
    
    
    
    608,896
    
    
    
    1988
    
    
    40 yrs.26800 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    175,489
    
    
    
    1,583,362
    
    
    
    214,629
    
    
    
    175,492
    
    
    
    1,797,987
    
    
    
    1,973,480
    
    
    
    372,563
    
    
    
    1986
    
    
    40 yrs.26842-26850 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    239,606
    
    
    
    2,160,470
    
    
    
    231,591
    
    
    
    239,609
    
    
    
    2,392,057
    
    
    
    2,631,667
    
    
    
    532,386
    
    
    
    1988
    
    
    40 yrs.27200 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    382,754
    
    
    
    3,425,227
    
    
    
    395,375
    
    
    
    382,754
    
    
    
    3,820,602
    
    
    
    4,203,356
    
    
    
    801,010
    
    
    
    1983
    
    
    40 yrs.27220 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    203,064
    
    
    
    1,802,592
    
    
    
    174,383
    
    
    
    203,064
    
    
    
    1,976,975
    
    
    
    2,180,038
    
    
    
    420,722
    
    
    
    1985
    
    
    40 yrs.27240 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    171,518
    
    
    
    1,518,192
    
    
    
    208,095
    
    
    
    171,518
    
    
    
    1,726,287
    
    
    
    1,897,804
    
    
    
    333,839
    
    
    
    1985
    
    
    40 yrs.27260 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    456,877
    
    
    
    4,091,196
    
    
    
    421,353
    
    
    
    456,877
    
    
    
    4,512,549
    
    
    
    4,969,426
    
    
    
    922,893
    
    
    
    1983
    
    
    40 yrs.27280 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    452,860
    
    
    
    4,055,512
    
    
    
    351,552
    
    
    
    452,860
    
    
    
    4,407,064
    
    
    
    4,859,923
    
    
    
    866,546
    
    
    
    1983
    
    
    40 yrs.27300 Haggerty Road
    
    Farmington Hills, MI
    
    
    
    
    
    
    370,378
    
    
    
    3,311,366
    
    
    
    252,174
    
    
    
    370,378
    
    
    
    3,563,540
    
    
    
    3,933,918
    
    
    
    684,870
    
    
    
    1985
    
    
    40 yrs.32991 Hamilton Court
    
    Farmington Hills, MI
    
    
    
    
    
    
    1,065,392
    
    
    
    3,627,675
    
    
    
    948,571
    
    
    
    1,065,392
    
    
    
    4,576,246
    
    
    
    5,641,638
    
    
    
    352,131
    
    
    
    1989
    
    
    40 yrs.7028 Snowdrift Road
    
    Fogelville, PA
    
    
    
    
    
    
    520,473
    
    
    
    959,279
    
    
    
    260,567
    
    
    
    524,390
    
    
    
    1,215,930
    
    
    
    1,740,319
    
    
    
    160,494
    
    
    
    1982
    
    
    40 yrs.9601 Cosner Drive
    
    Fredericksburg, VA
    
    
    
    
    
    
    475,262
    
    
    
    3,917,234
    
    
    
    213,400
    
    
    
    475,262
    
    
    
    4,130,633
    
    
    
    4,605,895
    
    
    
    964,529
    
    
    
    1995
    
    
    40 yrs.5410 - 5430 Northwest 33rd Avenue
    
    Ft. Lauderdale, FL
    
    
    
    
    
    
    603,776
    
    
    
    4,176,238
    
    
    
    1,057,562
    
    
    
    625,111
    
    
    
    5,212,466
    
    
    
    5,837,576
    
    
    
    936,964
    
    
    
    1985
    
    
    40 yrs.6500 NW 12th Avenue
    
    Ft. Lauderdale, FL
    
    
    
    
    
    
    7,099
    
    
    
    3,046,309
    
    
    
    212,487
    
    
    
    
    
    
    
    3,265,895
    
    
    
    3,265,895
    
    
    
    656,446
    
    
    
    1989
    
    
    40 yrs.6600 NW 12th Avenue
    
    Ft. Lauderdale, FL
    
    
    
    
    
    
    7,102
    
    
    
    3,047,462
    
    
    
    369,227
    
    
    
    
    
    
    
    3,423,792
    
    
    
    3,423,792
    
    
    
    698,538
    
    
    
    1989
    
    
    40 yrs.4121 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    1,083,006
    
    
    
    6,035,653
    
    
    
    128,237
    
    
    
    1,083,006
    
    
    
    6,163,890
    
    
    
    7,246,896
    
    
    
    53,982
    
    
    
    2004
    
    
    40 yrs.4198 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    670,292
    
    
    
    3,839,245
    
    
    
    928,103
    
    
    
    670,292
    
    
    
    4,767,348
    
    
    
    5,437,640
    
    
    
    951,733
    
    
    
    1984
    
    
    40 yrs.4510 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    1,010,024
    
    
    
    7,151,729
    
    
    
    1,531,997
    
    
    
    1,010,044
    
    
    
    8,683,706
    
    
    
    9,693,750
    
    
    
    1,786,809
    
    
    
    1990
    
    
    40 yrs.4801 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    1,072,896
    
    
    
    
    
    
    
    9,316,161
    
    
    
    1,075,620
    
    
    
    9,313,437
    
    
    
    10,389,057
    
    
    
    1,564,714
    
    
    
    1998
    
    
    40 yrs.4880 Cox Road
    
    Glen Allen, VA
    
    
    *
    
    
    
    743,898
    
    
    
    4,499,807
    
    
    
    1,142,222
    
    
    
    743,898
    
    
    
    5,642,029
    
    
    
    6,385,927
    
    
    
    884,660
    
    
    
    1995
    
    
    40 yrs.5000 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    770,214
    
    
    
    3,685,248
    
    
    
    334,094
    
    
    
    771,029
    
    
    
    4,018,528
    
    
    
    4,789,556
    
    
    
    838,460
    
    
    
    1990
    
    
    40 yrs.5500 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    443,485
    
    
    
    
    
    
    
    2,741,389
    
    
    
    483,263
    
    
    
    2,701,611
    
    
    
    3,184,874
    
    
    
    575,664
    
    
    
    1999
    
    
    40 yrs.101 Centreport Drive
    
    Greensboro, NC
    
    
    
    
    
    
    826,237
    
    
    
    
    
    
    
    7,955,826
    
    
    
    826,237
    
    
    
    7,955,826
    
    
    
    8,782,062
    
    
    
    1,465,284
    
    
    
    1998
    
    
    40 yrs.
 90




---



##### 



LIBERTY PROPERTY LIMITED
PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2004 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
    
    
    12/31/04
    
    
    12/31/04
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES200 Centreport Drive
    
    Greensboro, NC
    
    
    *
    
    
    
    331,400
    
    
    
    3,768,600
    
    
    
    550,503
    
    
    
    332,017
    
    
    
    4,318,487
    
    
    
    4,650,503
    
    
    
    1,196,605
    
    
    
    1986
    
    
    40 yrs.4300 Federal Drive Expansion
    
    Greensboro, NC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    463,683
    
    
    
    
    
    
    
    463,683
    
    
    
    463,683
    
    
    
    9,189
    
    
    
    2003
    
    
    40 yrs.7736 McCloud Road
    
    Greensboro, NC
    
    
    
    
    
    
    591,795
    
    
    
    5,895,312
    
    
    
    520,914
    
    
    
    591,795
    
    
    
    6,416,226
    
    
    
    7,008,021
    
    
    
    1,130,369
    
    
    
    1986
    
    
    40 yrs.202 Centreport Drive
    
    Greensboro, NC
    
    
    *
    
    
    
    549,948
    
    
    
    5,360,462
    
    
    
    651,762
    
    
    
    549,679
    
    
    
    6,012,493
    
    
    
    6,562,172
    
    
    
    1,602,252
    
    
    
    1990
    
    
    40 yrs.15 Brendan Way
    
    Greenville, SC
    
    
    
    
    
    
    614,192
    
    
    
    3,012,019
    
    
    
    1,217,386
    
    
    
    614,192
    
    
    
    4,229,405
    
    
    
    4,843,597
    
    
    
    1,120,700
    
    
    
    1988
    
    
    40 yrs.200 Southchase Boulevard
    
    Greenville, SC
    
    
    
    
    
    
    512,911
    
    
    
    
    
    
    
    6,275,730
    
    
    
    515,542
    
    
    
    6,273,098
    
    
    
    6,788,640
    
    
    
    165,953
    
    
    
    2003
    
    
    40 yrs.4 Independence Pointe
    
    Greenville, SC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,509,503
    
    
    
    467,438
    
    
    
    3,042,065
    
    
    
    3,509,503
    
    
    
    318,345
    
    
    
    2002
    
    
    40 yrs.420 Park Avenue
    
    Greenville, SC
    
    
    *
    
    
    
    522,548
    
    
    
    2,730,261
    
    
    
    910,143
    
    
    
    522,548
    
    
    
    3,640,405
    
    
    
    4,162,952
    
    
    
    880,522
    
    
    
    1986
    
    
    40 yrs.5 Independence Pointe
    
    Greenville, SC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,286,404
    
    
    
    467,438
    
    
    
    2,818,966
    
    
    
    3,286,404
    
    
    
    387,116
    
    
    
    2002
    
    
    40 yrs.55 Beattie Place
    
    Greenville, SC
    
    
    
    
    
    
    2,643,105
    
    
    
    23,439,801
    
    
    
    3,612,392
    
    
    
    2,645,238
    
    
    
    27,050,059
    
    
    
    29,695,298
    
    
    
    4,788,760
    
    
    
    1986
    
    
    40 yrs.75 Beattie Place
    
    Greenville, SC
    
    
    *
    
    
    
    2,406,646
    
    
    
    17,400,939
    
    
    
    1,243,269
    
    
    
    2,408,577
    
    
    
    18,642,278
    
    
    
    21,050,854
    
    
    
    3,520,372
    
    
    
    1987
    
    
    40 yrs.979 Batesville Road
    
    Greenville, SC
    
    
    
    
    
    
    1,190,555
    
    
    
    
    
    
    
    5,609,482
    
    
    
    1,190,431
    
    
    
    5,609,606
    
    
    
    6,800,037
    
    
    
    466,747
    
    
    
    2002
    
    
    40 yrs.Independence Lot 6
    
    Greenville, SC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,036,422
    
    
    
    545,698
    
    
    
    2,490,724
    
    
    
    3,036,422
    
    
    
    36,577
    
    
    
    2003
    
    
    40 yrs.One Independence Pointe
    
    Greenville, SC
    
    
    
    
    
    
    780,881
    
    
    
    6,199,230
    
    
    
    5,909,608
    
    
    
    784,617
    
    
    
    12,105,102
    
    
    
    12,889,719
    
    
    
    1,416,117
    
    
    
    1982
    
    
    40 yrs.1 Enterprise Parkway
    
    Hampton, VA
    
    
    
    
    
    
    974,675
    
    
    
    5,579,869
    
    
    
    799,060
    
    
    
    974,675
    
    
    
    6,378,929
    
    
    
    7,353,604
    
    
    
    1,306,059
    
    
    
    1987
    
    
    40 yrs.21 Enterprise Parkway
    
    Hampton, VA
    
    
    454,608
    
    
    
    263,668
    
    
    
    8,167,118
    
    
    
    270,358
    
    
    
    265,719
    
    
    
    8,435,425
    
    
    
    8,701,144
    
    
    
    835,817
    
    
    
    1999
    
    
    40 yrs.22 Enterprise Parkway
    
    Hampton, VA
    
    
    
    
    
    
    1,097,368
    
    
    
    6,760,778
    
    
    
    754,880
    
    
    
    1,097,368
    
    
    
    7,515,658
    
    
    
    8,613,026
    
    
    
    1,556,087
    
    
    
    1990
    
    
    40 yrs.5 Manhattan Square
    
    Hampton, VA
    
    
    
    
    
    
    207,368
    
    
    
    
    
    
    
    1,663,695
    
    
    
    212,694
    
    
    
    1,658,368
    
    
    
    1,871,063
    
    
    
    319,771
    
    
    
    1999
    
    
    40 yrs.521 Butler Farm Road
    
    Hampton, VA
    
    
    
    
    
    
    750,769
    
    
    
    2,911,149
    
    
    
    160,297
    
    
    
    710,486
    
    
    
    3,111,728
    
    
    
    3,822,215
    
    
    
    91,020
    
    
    
    2003
    
    
    40 yrs.7317 Parkway Drive
    
    Hanover, MD
    
    
    
    
    
    
    1,104,359
    
    
    
    1,959,671
    
    
    
    4,319
    
    
    
    1,104,359
    
    
    
    1,963,990
    
    
    
    3,068,349
    
    
    
    298,830
    
    
    
    1983
    
    
    40 yrs.4050 Piedmont Parkway
    
    High Point , NC
    
    
    
    
    
    
    801,902
    
    
    
    
    
    
    
    18,164,067
    
    
    
    2,042,159
    
    
    
    16,923,811
    
    
    
    18,965,969
    
    
    
    2,729,081
    
    
    
    1998
    
    
    40 yrs.4170 Mendenhall Oaks Parkway
    
    High Point , NC
    
    
    
    
    
    
    143,699
    
    
    
    
    
    
    
    2,205,698
    
    
    
    373,502
    
    
    
    1,975,894
    
    
    
    2,349,397
    
    
    
    420,492
    
    
    
    1999
    
    
    40 yrs.4180 Mendenhall Oaks Parkway
    
    High Point , NC
    
    
    
    
    
    
    121,329
    
    
    
    
    
    
    
    1,784,064
    
    
    
    315,614
    
    
    
    1,589,778
    
    
    
    1,905,393
    
    
    
    378,062
    
    
    
    1999
    
    
    40 yrs.1400 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    172,320
    
    
    
    
    
    
    
    6,870,520
    
    
    
    984,672
    
    
    
    6,058,168
    
    
    
    7,042,840
    
    
    
    452,221
    
    
    
    2002
    
    
    40 yrs.2427 Penny Road
    
    High Point, NC
    
    
    
    
    
    
    1,165,664
    
    
    
    
    
    
    
    3,467,001
    
    
    
    655,240
    
    
    
    3,977,424
    
    
    
    4,632,665
    
    
    
    1,383,212
    
    
    
    1990
    
    
    40 yrs.4000 Piedmont Parkway
    
    High Point, NC
    
    
    *
    
    
    
    592,885
    
    
    
    4,825,615
    
    
    
    653,022
    
    
    
    597,368
    
    
    
    5,474,154
    
    
    
    6,071,522
    
    
    
    1,374,243
    
    
    
    1989
    
    
    40 yrs.4020 Meeting Way
    
    High Point, NC
    
    
    
    
    
    
    94,232
    
    
    
    
    
    
    
    1,682,549
    
    
    
    378,101
    
    
    
    1,398,680
    
    
    
    1,776,781
    
    
    
    225,441
    
    
    
    2001
    
    
    40 yrs.4135 Mendenall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    499,500
    
    
    
    
    
    
    
    2,761,520
    
    
    
    500,980
    
    
    
    2,760,040
    
    
    
    3,261,020
    
    
    
    397,107
    
    
    
    2000
    
    
    40 yrs.4160 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    285,882
    
    
    
    
    
    
    
    3,180,422
    
    
    
    545,627
    
    
    
    2,920,677
    
    
    
    3,466,304
    
    
    
    492,153
    
    
    
    1998
    
    
    40 yrs.4183 Eagle Hill Drive
    
    High Point, NC
    
    
    
    
    
    
    122,203
    
    
    
    
    
    
    
    3,742,689
    
    
    
    526,266
    
    
    
    3,338,626
    
    
    
    3,864,892
    
    
    
    733,166
    
    
    
    2001
    
    
    40 yrs.4189 Eagle Hill Drive
    
    High Point, NC
    
    
    
    
    
    
    100,106
    
    
    
    
    
    
    
    3,403,622
    
    
    
    431,106
    
    
    
    3,072,622
    
    
    
    3,503,728
    
    
    
    443,057
    
    
    
    2001
    
    
    40 yrs.4191 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    217,943
    
    
    
    
    
    
    
    3,119,682
    
    
    
    611,166
    
    
    
    2,726,459
    
    
    
    3,337,625
    
    
    
    303,666
    
    
    
    2002
    
    
    40 yrs.4194 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    102,372
    
    
    
    
    
    
    
    2,441,961
    
    
    
    265,991
    
    
    
    2,278,342
    
    
    
    2,544,333
    
    
    
    482,145
    
    
    
    1999
    
    
    40 yrs.4196 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    66,731
    
    
    
    
    
    
    
    2,151,189
    
    
    
    173,889
    
    
    
    2,044,031
    
    
    
    2,217,920
    
    
    
    561,665
    
    
    
    1999
    
    
    40 yrs.4300 Federal Drive
    
    High Point, NC
    
    
    
    
    
    
    264,038
    
    
    
    
    
    
    
    1,626,937
    
    
    
    276,038
    
    
    
    1,614,937
    
    
    
    1,890,975
    
    
    
    253,832
    
    
    
    1998
    
    
    40 yrs.4328, 4336 Federal Drive
    
    High Point, NC
    
    
    5,014,776
    
    
    
    521,122
    
    
    
    
    
    
    
    7,237,290
    
    
    
    825,092
    
    
    
    6,933,319
    
    
    
    7,758,412
    
    
    
    2,728,220
    
    
    
    1995
    
    
    40 yrs.4344 Federal Drive
    
    High Point, NC
    
    
    *
    
    
    
    484,001
    
    
    
    
    
    
    
    2,615,237
    
    
    
    173,623
    
    
    
    2,925,616
    
    
    
    3,099,239
    
    
    
    760,099
    
    
    
    1996
    
    
    40 yrs.4380 Federal Drive
    
    High Point, NC
    
    
    
    
    
    
    282,996
    
    
    
    
    
    
    
    2,209,554
    
    
    
    283,368
    
    
    
    2,209,182
    
    
    
    2,492,550
    
    
    
    591,717
    
    
    
    1997
    
    
    40 yrs.4388 Federal Drive
    
    High Point, NC
    
    
    
    
    
    
    143,661
    
    
    
    
    
    
    
    1,232,395
    
    
    
    132,655
    
    
    
    1,243,401
    
    
    
    1,376,056
    
    
    
    358,727
    
    
    
    1997
    
    
    40 yrs.4500 Green Point Drive
    
    High Point, NC
    
    
    
    
    
    
    230,622
    
    
    
    
    
    
    
    2,323,616
    
    
    
    231,692
    
    
    
    2,322,546
    
    
    
    2,554,238
    
    
    
    922,886
    
    
    
    1989
    
    
    40 yrs.4501 Green Point Drive
    
    High Point, NC
    
    
    
    
    
    
    319,289
    
    
    
    
    
    
    
    2,550,134
    
    
    
    320,450
    
    
    
    2,548,973
    
    
    
    2,869,423
    
    
    
    945,464
    
    
    
    1989
    
    
    40 yrs.4523 Green Point Drive
    
    High Point, NC
    
    
    
    
    
    
    234,564
    
    
    
    
    
    
    
    2,356,430
    
    
    
    235,698
    
    
    
    2,355,296
    
    
    
    2,590,994
    
    
    
    894,082
    
    
    
    1988
    
    
    40 yrs.4524 Green Point Drive
    
    High Point, NC
    
    
    *
    
    
    
    182,810
    
    
    
    
    
    
    
    2,327,356
    
    
    
    183,888
    
    
    
    2,326,278
    
    
    
    2,510,166
    
    
    
    852,493
    
    
    
    1989
    
    
    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
    
    
    
    1,773,317
    
    
    
    1986
    
    
    40 yrs.100 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    38,729
    
    
    
    349,811
    
    
    
    9,589
    
    
    
    38,729
    
    
    
    359,400
    
    
    
    398,129
    
    
    
    63,427
    
    
    
    1975
    
    
    40 yrs.100 Witmer Road
    
    Horsham, PA
    
    
    6,890,578
    
    
    
    3,102,784
    
    
    
    
    
    
    
    11,820,399
    
    
    
    3,764,784
    
    
    
    11,158,399
    
    
    
    14,923,183
    
    
    
    2,275,809
    
    
    
    1996
    
    
    40 yrs.100-107 Lakeside Drive
    
    Horsham, PA
    
    
    
    
    
    
    239,528
    
    
    
    2,163,498
    
    
    
    658,886
    
    
    
    255,528
    
    
    
    2,806,384
    
    
    
    3,061,912
    
    
    
    707,601
    
    
    
    1982
    
    
    40 yrs.101 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    651,990
    
    
    
    5,888,989
    
    
    
    1,308,734
    
    
    
    732,552
    
    
    
    7,117,161
    
    
    
    7,849,713
    
    
    
    1,219,791
    
    
    
    1977
    
    
    40 yrs.101-111 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    350,561
    
    
    
    3,166,389
    
    
    
    262,861
    
    
    
    452,251
    
    
    
    3,327,560
    
    
    
    3,779,811
    
    
    
    677,637
    
    
    
    1975
    
    
    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
    
    
    
    287,042
    
    
    
    1985
    
    
    40 yrs.103-109 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    270,906
    
    
    
    2,448,500
    
    
    
    797,649
    
    
    
    270,906
    
    
    
    3,246,148
    
    
    
    3,517,055
    
    
    
    812,275
    
    
    
    1978
    
    
    40 yrs.104 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    330,111
    
    
    
    2,981,669
    
    
    
    233,299
    
    
    
    330,111
    
    
    
    3,214,968
    
    
    
    3,545,079
    
    
    
    544,638
    
    
    
    1974
    
    
    40 yrs.104 Witmer Road
    
    Horsham, PA
    
    
    *
    
    
    
    1,248,148
    
    
    
    
    
    
    
    1,056,101
    
    
    
    189,793
    
    
    
    2,114,456
    
    
    
    2,304,249
    
    
    
    542,231
    
    
    
    1975
    
    
    40 yrs.110 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    673,041
    
    
    
    5,776,369
    
    
    
    1,962,483
    
    
    
    673,041
    
    
    
    7,738,852
    
    
    
    8,411,893
    
    
    
    1,330,843
    
    
    
    1979
    
    
    40 yrs.111-159 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    489,032
    
    
    
    4,126,151
    
    
    
    450,122
    
    
    
    489,032
    
    
    
    4,576,273
    
    
    
    5,065,305
    
    
    
    994,411
    
    
    
    1981
    
    
    40 yrs.111-195 Witmer Road
    
    Horsham, PA
    
    
    
    
    
    
    407,005
    
    
    
    3,129,058
    
    
    
    10,058
    
    
    
    378,205
    
    
    
    3,167,917
    
    
    
    3,546,121
    
    
    
    723,756
    
    
    
    1987
    
    
    40 yrs.113-123 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    351,072
    
    
    
    3,171,001
    
    
    
    333,995
    
    
    
    451,731
    
    
    
    3,404,336
    
    
    
    3,856,068
    
    
    
    626,433
    
    
    
    1975
    
    
    40 yrs.120 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    533,142
    
    
    
    4,830,515
    
    
    
    568,580
    
    
    
    558,142
    
    
    
    5,374,095
    
    
    
    5,932,237
    
    
    
    1,048,660
    
    
    
    1980
    
    
    40 yrs.123-135 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    292,360
    
    
    
    2,411,677
    
    
    
    855,245
    
    
    
    393,019
    
    
    
    3,166,263
    
    
    
    3,559,281
    
    
    
    829,054
    
    
    
    1975
    
    
    40 yrs.132 Welsh Road
    
    Horsham, PA
    
    
    
    
    
    
    1,333,642
    
    
    
    
    
    
    
    4,355,942
    
    
    
    1,408,041
    
    
    
    4,281,542
    
    
    
    5,689,583
    
    
    
    959,303
    
    
    
    1998
    
    
    40 yrs.161-175 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    294,673
    
    
    
    2,663,722
    
    
    
    592,942
    
    
    
    294,673
    
    
    
    3,256,664
    
    
    
    3,551,337
    
    
    
    638,696
    
    
    
    1976
    
    
    40 yrs.181-187 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    360,549
    
    
    
    3,259,984
    
    
    
    506,596
    
    
    
    360,549
    
    
    
    3,766,580
    
    
    
    4,127,129
    
    
    
    845,064
    
    
    
    1982
    
    
    40 yrs.
 91




---



##### 



LIBERTY PROPERTY LIMITED
PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2004 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
    
    
    12/31/04
    
    
    12/31/04
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES2 Walnut Grove Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,281,870
    
    
    
    7,767,374
    
    
    
    1,169,325
    
    
    
    1,265,363
    
    
    
    8,953,205
    
    
    
    10,218,569
    
    
    
    2,268,114
    
    
    
    1989
    
    
    40 yrs.200 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    638,513
    
    
    
    5,811,323
    
    
    
    978,029
    
    
    
    638,513
    
    
    
    6,789,351
    
    
    
    7,427,865
    
    
    
    1,682,055
    
    
    
    1990
    
    
    40 yrs.200-264 Lakeside Drive
    
    Horsham, PA
    
    
    
    
    
    
    502,705
    
    
    
    4,540,597
    
    
    
    1,099,215
    
    
    
    502,705
    
    
    
    5,639,812
    
    
    
    6,142,517
    
    
    
    1,242,988
    
    
    
    1982
    
    
    40 yrs.201 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    380,127
    
    
    
    3,433,433
    
    
    
    1,957,507
    
    
    
    380,802
    
    
    
    5,390,265
    
    
    
    5,771,067
    
    
    
    839,601
    
    
    
    1983
    
    
    40 yrs.210-223 Witmer Road
    
    Horsham, PA
    
    
    
    
    
    
    270,282
    
    
    
    2,441,276
    
    
    
    1,514,149
    
    
    
    270,282
    
    
    
    3,955,425
    
    
    
    4,225,707
    
    
    
    723,986
    
    
    
    1972
    
    
    40 yrs.220 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    629,944
    
    
    
    5,733,228
    
    
    
    1,076,754
    
    
    
    629,944
    
    
    
    6,809,982
    
    
    
    7,439,926
    
    
    
    1,611,482
    
    
    
    1990
    
    
    40 yrs.231-237 Gibraltar Road
    
    Horsham, PA
    
    
    *
    
    
    
    436,952
    
    
    
    3,948,963
    
    
    
    504,112
    
    
    
    436,952
    
    
    
    4,453,075
    
    
    
    4,890,027
    
    
    
    930,394
    
    
    
    1981
    
    
    40 yrs.240 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    629,944
    
    
    
    5,733,234
    
    
    
    1,513,047
    
    
    
    629,944
    
    
    
    7,246,281
    
    
    
    7,876,225
    
    
    
    1,575,248
    
    
    
    1990
    
    
    40 yrs.255 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,086,356
    
    
    
    2,007,214
    
    
    
    89,433
    
    
    
    1,078,769
    
    
    
    2,104,233
    
    
    
    3,183,002
    
    
    
    59,135
    
    
    
    2003
    
    
    40 yrs.261-283 Gibraltar Road
    
    Horsham, PA
    
    
    *
    
    
    
    464,871
    
    
    
    3,951,972
    
    
    
    118,797
    
    
    
    464,871
    
    
    
    4,070,769
    
    
    
    4,535,640
    
    
    
    734,722
    
    
    
    1978
    
    
    40 yrs.300 Welsh Road
    
    Horsham, PA
    
    
    
    
    
    
    696,061
    
    
    
    3,339,991
    
    
    
    914,583
    
    
    
    696,061
    
    
    
    4,254,573
    
    
    
    4,950,634
    
    
    
    619,876
    
    
    
    1985
    
    
    40 yrs.300 Welsh
Road - Building 3
    
    Horsham, PA
    
    
    
    
    
    
    180,459
    
    
    
    1,441,473
    
    
    
    331,376
    
    
    
    180,459
    
    
    
    1,772,848
    
    
    
    1,953,307
    
    
    
    461,318
    
    
    
    1983
    
    
    40 yrs.300 Welsh
Road - Building 4
    
    Horsham, PA
    
    
    
    
    
    
    282,493
    
    
    
    2,256,508
    
    
    
    1,136,873
    
    
    
    282,493
    
    
    
    3,393,381
    
    
    
    3,675,874
    
    
    
    889,085
    
    
    
    1983
    
    
    40 yrs.300-309 Lakeside Drive
    
    Horsham, PA
    
    
    
    
    
    
    369,475
    
    
    
    3,338,761
    
    
    
    1,626,247
    
    
    
    376,475
    
    
    
    4,958,008
    
    
    
    5,334,483
    
    
    
    1,333,330
    
    
    
    1982
    
    
    40 yrs.355 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    483,045
    
    
    
    898,798
    
    
    
    94,507
    
    
    
    479,200
    
    
    
    997,151
    
    
    
    1,476,351
    
    
    
    28,330
    
    
    
    2003
    
    
    40 yrs.4 Walnut Grove
    
    Horsham, PA
    
    
    *
    
    
    
    2,515,115
    
    
    
    
    
    
    
    7,329,299
    
    
    
    2,515,115
    
    
    
    7,329,299
    
    
    
    9,844,415
    
    
    
    1,038,462
    
    
    
    1999
    
    
    40 yrs.400-445 Lakeside Drive
    
    Horsham, PA
    
    
    
    
    
    
    543,628
    
    
    
    4,910,226
    
    
    
    2,761,305
    
    
    
    583,628
    
    
    
    7,631,532
    
    
    
    8,215,159
    
    
    
    1,613,825
    
    
    
    1981
    
    
    40 yrs.425 Privet Road
    
    Horsham, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2001
    
    
    40 yrs.455 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,351,011
    
    
    
    2,503,449
    
    
    
    603,914
    
    
    
    1,343,370
    
    
    
    3,115,004
    
    
    
    4,458,374
    
    
    
    15,282
    
    
    
    2003
    
    
    40 yrs.5 Walnut Grove Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,065,951
    
    
    
    
    
    
    
    9,671,647
    
    
    
    1,939,712
    
    
    
    8,797,886
    
    
    
    10,737,598
    
    
    
    1,223,678
    
    
    
    2000
    
    
    40 yrs.506 Prudential Road
    
    Horsham, PA
    
    
    
    
    
    
    208,140
    
    
    
    895,470
    
    
    
    652,633
    
    
    
    208,140
    
    
    
    1,548,102
    
    
    
    1,756,243
    
    
    
    276,523
    
    
    
    1973
    
    
    40 yrs.507 Prudential Road Expansion
    
    Horsham, PA
    
    
    
    
    
    
    357,565
    
    
    
    
    
    
    
    2,085,473
    
    
    
    481,436
    
    
    
    1,961,602
    
    
    
    2,443,038
    
    
    
    23,921
    
    
    
    2002
    
    
    40 yrs.555 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    727,420
    
    
    
    1,353,650
    
    
    
    171,448
    
    
    
    723,016
    
    
    
    1,529,503
    
    
    
    2,252,519
    
    
    
    46,864
    
    
    
    2003
    
    
    40 yrs.680 Blair Mill Road
    
    Horsham, PA
    
    
    
    
    
    
    3,527,151
    
    
    
    
    
    
    
    12,038,983
    
    
    
    4,138,577
    
    
    
    11,427,557
    
    
    
    15,566,134
    
    
    
    1,282,740
    
    
    
    2001
    
    
    40 yrs.700 Dresher Road
    
    Horsham, PA
    
    
    
    
    
    
    2,551,777
    
    
    
    3,020,638
    
    
    
    4,375,091
    
    
    
    2,565,140
    
    
    
    7,382,366
    
    
    
    9,947,506
    
    
    
    2,127,544
    
    
    
    1987
    
    
    40 yrs.719 Dresher Road
    
    Horsham, PA
    
    
    *
    
    
    
    493,426
    
    
    
    2,812,067
    
    
    
    244,306
    
    
    
    495,112
    
    
    
    3,054,687
    
    
    
    3,549,799
    
    
    
    517,920
    
    
    
    1987
    
    
    40 yrs.507 Prudential Road
    
    Horsham, PA
    
    
    *
    
    
    
    644,900
    
    
    
    5,804,100
    
    
    
    6,337,783
    
    
    
    652,974
    
    
    
    12,133,809
    
    
    
    12,786,783
    
    
    
    2,556,715
    
    
    
    1988
    
    
    40 yrs.747 Dresher Road
    
    Horsham, PA
    
    
    
    
    
    
    1,607,238
    
    
    
    
    
    
    
    4,769,423
    
    
    
    1,607,977
    
    
    
    4,768,684
    
    
    
    6,376,661
    
    
    
    1,704,486
    
    
    
    1988
    
    
    40 yrs.767 Electronic Drive
    
    Horsham, PA
    
    
    *
    
    
    
    1,229,685
    
    
    
    
    
    
    
    2,773,209
    
    
    
    1,241,970
    
    
    
    2,760,924
    
    
    
    4,002,893
    
    
    
    1,225,807
    
    
    
    1996
    
    
    40 yrs.10735 West Little York Road
    
    Houston, TX
    
    
    
    
    
    
    1,110,988
    
    
    
    6,351,946
    
    
    
    1,657,911
    
    
    
    1,135,483
    
    
    
    7,985,363
    
    
    
    9,120,845
    
    
    
    270,250
    
    
    
    2000
    
    
    40 yrs.10739 West Little York Road
    
    Houston, TX
    
    
    
    
    
    
    797,931
    
    
    
    5,950,894
    
    
    
    389,587
    
    
    
    799,560
    
    
    
    6,338,852
    
    
    
    7,138,412
    
    
    
    365,017
    
    
    
    1999
    
    
    40 yrs.16405 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    438,853
    
    
    
    3,030,396
    
    
    
    267,645
    
    
    
    438,853
    
    
    
    3,298,041
    
    
    
    3,736,894
    
    
    
    609,216
    
    
    
    1997
    
    
    40 yrs.16445 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    363,339
    
    
    
    2,509,186
    
    
    
    437,435
    
    
    
    363,339
    
    
    
    2,946,621
    
    
    
    3,309,960
    
    
    
    658,633
    
    
    
    1997
    
    
    40 yrs.16580 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    289,000
    
    
    
    3,559,857
    
    
    
    258,107
    
    
    
    289,000
    
    
    
    3,817,964
    
    
    
    4,106,965
    
    
    
    535,694
    
    
    
    1997
    
    
    40 yrs.16605 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    298,999
    
    
    
    
    
    
    
    3,770,315
    
    
    
    496,186
    
    
    
    3,573,128
    
    
    
    4,069,314
    
    
    
    470,809
    
    
    
    2002
    
    
    40 yrs.16685 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,912,654
    
    
    
    414,691
    
    
    
    2,497,963
    
    
    
    2,912,654
    
    
    
    28,164
    
    
    
    2004
    
    
    40 yrs.1755 Trans Central Drive
    
    Houston, TX
    
    
    
    
    
    
    293,534
    
    
    
    3,036,269
    
    
    
    164,163
    
    
    
    306,147
    
    
    
    3,187,819
    
    
    
    3,493,966
    
    
    
    378,686
    
    
    
    1999
    
    
    40 yrs.8801-19 & 8821-49 Fallbrook Drive
    
    Houston, TX
    
    
    
    
    
    
    2,290,001
    
    
    
    15,297,141
    
    
    
    1,490,460
    
    
    
    2,290,002
    
    
    
    16,787,600
    
    
    
    19,077,602
    
    
    
    686,026
    
    
    
    2000
    
    
    40 yrs.8802-8824 Fallbrook Drive
    
    Houston, TX
    
    
    
    
    
    
    1,114,406
    
    
    
    6,364,767
    
    
    
    37,730
    
    
    
    1,114,406
    
    
    
    6,402,497
    
    
    
    7,516,903
    
    
    
    
    
    
    
    2004
    
    
    40 yrs.8825-8839 N Sam Houston Pkwy
    
    Houston, TX
    
    
    
    
    
    
    638,453
    
    
    
    3,258,815
    
    
    
    (33,152
    )
    
    
    638,453
    
    
    
    3,225,662
    
    
    
    3,864,115
    
    
    
    
    
    
    
    2004
    
    
    40 yrs.8850-8872 Fallbrook Drive
    
    Houston, TX
    
    
    
    
    
    
    504,317
    
    
    
    2,878,351
    
    
    
    (4,747
    )
    
    
    504,317
    
    
    
    2,873,604
    
    
    
    3,377,921
    
    
    
    
    
    
    
    2004
    
    
    40 yrs.10 North Park Drive
    
    Hunt Valley, MD
    
    
    
    
    
    
    2,211,969
    
    
    
    7,816,042
    
    
    
    42,622
    
    
    
    2,211,969
    
    
    
    7,858,663
    
    
    
    10,070,632
    
    
    
    228,775
    
    
    
    2003
    
    
    40 yrs.20 Wright Avenue
    
    Hunt Valley, MD
    
    
    
    
    
    
    1,205,946
    
    
    
    
    
    
    
    9,644,892
    
    
    
    1,861,025
    
    
    
    8,989,813
    
    
    
    10,850,838
    
    
    
    639,358
    
    
    
    2001
    
    
    40 yrs.307 International Circle
    
    Hunt Valley, MD
    
    
    
    
    
    
    3,538,319
    
    
    
    14,190,832
    
    
    
    12,625
    
    
    
    3,538,319
    
    
    
    14,203,457
    
    
    
    17,741,776
    
    
    
    
    
    
    
    2004
    
    
    40 yrs.309 International Circle
    
    Hunt Valley, MD
    
    
    
    
    
    
    613,667
    
    
    
    2,458,204
    
    
    
    1,112
    
    
    
    613,667
    
    
    
    2,459,316
    
    
    
    3,072,983
    
    
    
    
    
    
    
    2004
    
    
    40 yrs.311 International Circle
    
    Hunt Valley, MD
    
    
    
    
    
    
    313,365
    
    
    
    1,281,093
    
    
    
    
    
    
    
    313,365
    
    
    
    1,281,093
    
    
    
    1,594,459
    
    
    
    
    
    
    
    2004
    
    
    40 yrs.4 North Park Drive
    
    Hunt Valley, MD
    
    
    
    
    
    
    3,269,948
    
    
    
    13,551,370
    
    
    
    145,657
    
    
    
    3,269,948
    
    
    
    13,697,028
    
    
    
    16,966,975
    
    
    
    410,089
    
    
    
    2003
    
    
    40 yrs.6 North Park Drive
    
    Hunt Valley, MD
    
    
    
    
    
    
    2,077,949
    
    
    
    8,770,566
    
    
    
    959,120
    
    
    
    2,077,949
    
    
    
    9,729,687
    
    
    
    11,807,636
    
    
    
    332,183
    
    
    
    2003
    
    
    40 yrs.10245 Centurion Parkway North
    
    Jacksonville, FL
    
    
    
    
    
    
    852,644
    
    
    
    3,510,889
    
    
    
    987,552
    
    
    
    853,704
    
    
    
    4,497,381
    
    
    
    5,351,085
    
    
    
    600,982
    
    
    
    1996
    
    
    40 yrs.11777 Central Highway
    
    Jacksonville, FL
    
    
    
    
    
    
    92,207
    
    
    
    429,997
    
    
    
    1,275,050
    
    
    
    140,426
    
    
    
    1,656,828
    
    
    
    1,797,254
    
    
    
    859,265
    
    
    
    1985
    
    
    40 yrs.1200 River Place Blvd.
    
    Jacksonville, FL
    
    
    
    
    
    
    1,028,864
    
    
    
    
    
    
    
    18,970,379
    
    
    
    1,046,629
    
    
    
    18,952,614
    
    
    
    19,999,243
    
    
    
    8,896,128
    
    
    
    1985
    
    
    40 yrs.1300 Riverplace Boulevard
    
    Jacksonville, FL
    
    
    
    
    
    
    1,804,258
    
    
    
    7,755,572
    
    
    
    1,313,000
    
    
    
    1,804,258
    
    
    
    9,068,572
    
    
    
    10,872,829
    
    
    
    1,636,313
    
    
    
    1980
    
    
    40 yrs.4190 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    821,000
    
    
    
    5,866,000
    
    
    
    3,133,146
    
    
    
    827,420
    
    
    
    8,992,726
    
    
    
    9,820,146
    
    
    
    3,105,708
    
    
    
    1986
    
    
    40 yrs.4345 Southpoint Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,792,159
    
    
    
    418,093
    
    
    
    8,374,065
    
    
    
    8,792,159
    
    
    
    1,830,036
    
    
    
    1998
    
    
    40 yrs.4801 Executive Park Court - 100
    
    Jacksonville, FL
    
    
    *
    
    
    
    554,993
    
    
    
    2,993,277
    
    
    
    861,429
    
    
    
    554,542
    
    
    
    3,855,157
    
    
    
    4,409,699
    
    
    
    893,740
    
    
    
    1990
    
    
    40 yrs.4801 Executive Park Court - 200
    
    Jacksonville, FL
    
    
    *
    
    
    
    370,017
    
    
    
    1,995,518
    
    
    
    209,622
    
    
    
    370,039
    
    
    
    2,205,117
    
    
    
    2,575,157
    
    
    
    391,161
    
    
    
    1990
    
    
    40 yrs.4810 Executive Park Court
    
    Jacksonville, FL
    
    
    *
    
    
    
    369,694
    
    
    
    3,045,639
    
    
    
    419,792
    
    
    
    370,039
    
    
    
    3,465,085
    
    
    
    3,835,125
    
    
    
    592,919
    
    
    
    1990
    
    
    40 yrs.4815 Executive Park Court - 100
    
    Jacksonville, FL
    
    
    *
    
    
    
    366,317
    
    
    
    1,975,393
    
    
    
    299,358
    
    
    
    366,339
    
    
    
    2,274,729
    
    
    
    2,641,068
    
    
    
    453,449
    
    
    
    1995
    
    
    40 yrs.4815 Executive Park Court - 200
    
    Jacksonville, FL
    
    
    *
    
    
    
    462,522
    
    
    
    2,494,397
    
    
    
    437,761
    
    
    
    462,549
    
    
    
    2,932,130
    
    
    
    3,394,680
    
    
    
    628,646
    
    
    
    1995
    
    
    40 yrs.4820 Executive Park Court
    
    Jacksonville, FL
    
    
    *
    
    
    
    555,173
    
    
    
    2,693,130
    
    
    
    609,892
    
    
    
    555,213
    
    
    
    3,302,982
    
    
    
    3,858,195
    
    
    
    700,674
    
    
    
    1997
    
    
    40 yrs.4825 Executive Park Court
    
    Jacksonville, FL
    
    
    *
    
    
    
    601,278
    
    
    
    3,242,491
    
    
    
    203,497
    
    
    
    601,401
    
    
    
    3,445,865
    
    
    
    4,047,266
    
    
    
    642,593
    
    
    
    1996
    
    
    40 yrs.4887 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    1,299,202
    
    
    
    
    
    
    
    7,742,837
    
    
    
    1,665,915
    
    
    
    7,376,123
    
    
    
    9,042,038
    
    
    
    889,726
    
    
    
    2002
    
    
    40 yrs.
 92




---



##### 



LIBERTY PROPERTY LIMITED
PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2004 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
    
    
    12/31/04
    
    
    12/31/04
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES4899 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    1,299,201
    
    
    
    
    
    
    
    7,870,616
    
    
    
    1,207,751
    
    
    
    7,962,066
    
    
    
    9,169,817
    
    
    
    1,268,280
    
    
    
    2000
    
    
    40 yrs.4901 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    877,964
    
    
    
    2,360,742
    
    
    
    1,925,157
    
    
    
    877,964
    
    
    
    4,285,899
    
    
    
    5,163,863
    
    
    
    1,404,462
    
    
    
    1986
    
    
    40 yrs.4905 Belfort Street
    
    Jacksonville, FL
    
    
    
    
    
    
    638,154
    
    
    
    
    
    
    
    3,461,526
    
    
    
    641,272
    
    
    
    3,458,408
    
    
    
    4,099,680
    
    
    
    622,655
    
    
    
    2000
    
    
    40 yrs.5941-5975 Richard Street
    
    Jacksonville, FL
    
    
    
    
    
    
    583,622
    
    
    
    
    
    
    
    1,415,750
    
    
    
    843,900
    
    
    
    1,155,472
    
    
    
    1,999,372
    
    
    
    731,240
    
    
    
    1978
    
    
    40 yrs.5977-6607 Richard Street
    
    Jacksonville, FL
    
    
    
    
    
    
    180,033
    
    
    
    
    
    
    
    3,249,765
    
    
    
    636,901
    
    
    
    2,792,897
    
    
    
    3,429,798
    
    
    
    1,194,333
    
    
    
    1980
    
    
    40 yrs.6255 Lake Gray Boulevard
    
    Jacksonville, FL
    
    
    
    
    
    
    813,067
    
    
    
    
    
    
    
    3,747,998
    
    
    
    812,634
    
    
    
    3,748,431
    
    
    
    4,561,065
    
    
    
    1,736,561
    
    
    
    1987
    
    
    40 yrs.6600 Southpoint Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    998,432
    
    
    
    4,055,727
    
    
    
    338,920
    
    
    
    1,002,704
    
    
    
    4,390,375
    
    
    
    5,393,079
    
    
    
    1,155,597
    
    
    
    1986
    
    
    40 yrs.6601 Executive Park Circle North
    
    Jacksonville, FL
    
    
    
    
    
    
    551,250
    
    
    
    3,128,361
    
    
    
    1,130
    
    
    
    551,250
    
    
    
    3,129,491
    
    
    
    3,680,741
    
    
    
    547,447
    
    
    
    1992
    
    
    40 yrs.6602 Executive Park Court - 100
    
    Jacksonville, FL
    
    
    *
    
    
    
    388,519
    
    
    
    2,095,293
    
    
    
    143,006
    
    
    
    388,541
    
    
    
    2,238,277
    
    
    
    2,626,818
    
    
    
    520,653
    
    
    
    1993
    
    
    40 yrs.6602 Executive Park Court - 200
    
    Jacksonville, FL
    
    
    *
    
    
    
    296,014
    
    
    
    1,596,347
    
    
    
    407,277
    
    
    
    296,032
    
    
    
    2,003,606
    
    
    
    2,299,638
    
    
    
    373,663
    
    
    
    1993
    
    
    40 yrs.6620 Southpoint Drive
    
    Jacksonville, FL
    
    
    
    
    
    
    614,602
    
    
    
    4,267,477
    
    
    
    763,718
    
    
    
    614,602
    
    
    
    5,031,195
    
    
    
    5,645,797
    
    
    
    1,240,915
    
    
    
    1984
    
    
    40 yrs.6631 Executive Park Court - 100
    
    Jacksonville, FL
    
    
    *
    
    
    
    251,613
    
    
    
    1,356,849
    
    
    
    488,230
    
    
    
    251,627
    
    
    
    1,845,065
    
    
    
    2,096,692
    
    
    
    384,362
    
    
    
    1994
    
    
    40 yrs.6631 Executive Park Court - 200
    
    Jacksonville, FL
    
    
    *
    
    
    
    406,561
    
    
    
    2,195,070
    
    
    
    179,545
    
    
    
    407,043
    
    
    
    2,374,133
    
    
    
    2,781,176
    
    
    
    499,405
    
    
    
    1994
    
    
    40 yrs.6700 Southpoint Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    620,719
    
    
    
    2,989,746
    
    
    
    756,009
    
    
    
    624,215
    
    
    
    3,742,259
    
    
    
    4,366,474
    
    
    
    1,092,981
    
    
    
    1987
    
    
    40 yrs.7014 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    574,198
    
    
    
    
    
    
    
    3,557,523
    
    
    
    780,486
    
    
    
    3,351,236
    
    
    
    4,131,721
    
    
    
    853,074
    
    
    
    1999
    
    
    40 yrs.7016 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    597,181
    
    
    
    
    
    
    
    2,333,385
    
    
    
    602,633
    
    
    
    2,327,934
    
    
    
    2,930,566
    
    
    
    838,177
    
    
    
    1996
    
    
    40 yrs.7018 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    840,996
    
    
    
    
    
    
    
    4,470,231
    
    
    
    846,461
    
    
    
    4,464,766
    
    
    
    5,311,227
    
    
    
    1,499,338
    
    
    
    1997
    
    
    40 yrs.7020 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    *
    
    
    
    398,257
    
    
    
    
    
    
    
    2,741,293
    
    
    
    749,811
    
    
    
    2,389,740
    
    
    
    3,139,550
    
    
    
    755,570
    
    
    
    1996
    
    
    40 yrs.7022 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    *
    
    
    
    706,934
    
    
    
    
    
    
    
    3,454,545
    
    
    
    853,981
    
    
    
    3,307,499
    
    
    
    4,161,479
    
    
    
    1,082,028
    
    
    
    1996
    
    
    40 yrs.7077 Bonneval Road
    
    Jacksonville, FL
    
    
    
    
    
    
    768,000
    
    
    
    5,789,000
    
    
    
    1,867,953
    
    
    
    774,020
    
    
    
    7,650,933
    
    
    
    8,424,953
    
    
    
    2,697,365
    
    
    
    1988
    
    
    40 yrs.7251 Salisbury Road
    
    Jacksonville, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,567,820
    
    
    
    662,559
    
    
    
    2,905,261
    
    
    
    3,567,820
    
    
    
    459,109
    
    
    
    2000
    
    
    40 yrs.7255 Salisbury Road
    
    Jacksonville, FL
    
    
    
    
    
    
    392,060
    
    
    
    
    
    
    
    2,697,600
    
    
    
    680,766
    
    
    
    2,408,894
    
    
    
    3,089,660
    
    
    
    256,769
    
    
    
    2002
    
    
    40 yrs.7898 Baymeadows Way
    
    Jacksonville, FL
    
    
    
    
    
    
    561,802
    
    
    
    
    
    
    
    1,974,646
    
    
    
    568,005
    
    
    
    1,968,443
    
    
    
    2,536,448
    
    
    
    1,067,025
    
    
    
    1978
    
    
    40 yrs.7910 & 7948 Baymeadows Way
    
    Jacksonville, FL
    
    
    
    
    
    
    210,299
    
    
    
    
    
    
    
    2,666,923
    
    
    
    211,449
    
    
    
    2,665,773
    
    
    
    2,877,222
    
    
    
    1,409,621
    
    
    
    1981
    
    
    40 yrs.7954 & 7960 Baymeadows Way
    
    Jacksonville, FL
    
    
    
    
    
    
    291,312
    
    
    
    
    
    
    
    2,946,876
    
    
    
    292,667
    
    
    
    2,945,521
    
    
    
    3,238,188
    
    
    
    1,486,088
    
    
    
    1982
    
    
    40 yrs.7970 Bayberry Road
    
    Jacksonville, FL
    
    
    
    
    
    
    127,520
    
    
    
    
    
    
    
    1,281,661
    
    
    
    129,979
    
    
    
    1,279,203
    
    
    
    1,409,181
    
    
    
    929,225
    
    
    
    1978
    
    
    40 yrs.7980 Bayberry Road
    
    Jacksonville, FL
    
    
    
    
    
    
    330,726
    
    
    
    1,338,101
    
    
    
    32,776
    
    
    
    330,726
    
    
    
    1,370,877
    
    
    
    1,701,603
    
    
    
    255,168
    
    
    
    1978
    
    
    40 yrs.8665,8667,8669 Baypine Road
    
    Jacksonville, FL
    
    
    
    
    
    
    966,552
    
    
    
    
    
    
    
    5,422,579
    
    
    
    974,959
    
    
    
    5,414,172
    
    
    
    6,389,131
    
    
    
    1,830,238
    
    
    
    1987
    
    
    40 yrs.8775 Baypine Road
    
    Jacksonville, FL
    
    
    
    
    
    
    906,804
    
    
    
    
    
    
    
    3,174,420
    
    
    
    913,013
    
    
    
    3,168,211
    
    
    
    4,081,224
    
    
    
    1,309,373
    
    
    
    1989
    
    
    40 yrs.8787 Baypine Road
    
    Jacksonville, FL
    
    
    
    
    
    
    2,076,306
    
    
    
    
    
    
    
    35,426,748
    
    
    
    2,028,593
    
    
    
    35,474,461
    
    
    
    37,503,054
    
    
    
    20,125,257
    
    
    
    1990
    
    
    40 yrs.151 South Warner Road
    
    King of Prussia, PA
    
    
    
    
    
    
    1,218,086
    
    
    
    6,937,866
    
    
    
    380,234
    
    
    
    1,186,972
    
    
    
    7,349,214
    
    
    
    8,536,186
    
    
    
    1,486,581
    
    
    
    1980
    
    
    40 yrs.2100 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    1,110,111
    
    
    
    
    
    
    
    9,382,851
    
    
    
    1,132,519
    
    
    
    9,360,443
    
    
    
    10,492,962
    
    
    
    2,170,180
    
    
    
    1999
    
    
    40 yrs.2201 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    15,548,161
    
    
    
    2,413,514
    
    
    
    13,134,647
    
    
    
    15,548,161
    
    
    
    2,342,074
    
    
    
    2000
    
    
    40 yrs.2300 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    509,580
    
    
    
    
    
    
    
    2,648,280
    
    
    
    574,152
    
    
    
    2,583,707
    
    
    
    3,157,860
    
    
    
    559,667
    
    
    
    1999
    
    
    40 yrs.2301 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    1,645,246
    
    
    
    
    
    
    
    30,034,238
    
    
    
    4,581,649
    
    
    
    27,097,834
    
    
    
    31,679,483
    
    
    
    2,168,732
    
    
    
    2002
    
    
    40 yrs.2500 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    509,580
    
    
    
    
    
    
    
    2,786,056
    
    
    
    592,886
    
    
    
    2,702,749
    
    
    
    3,295,636
    
    
    
    658,360
    
    
    
    1999
    
    
    40 yrs.2520 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    1,020,000
    
    
    
    
    
    
    
    5,004,494
    
    
    
    978,402
    
    
    
    5,046,092
    
    
    
    6,024,494
    
    
    
    1,193,023
    
    
    
    1999
    
    
    40 yrs.2540 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,625,497
    
    
    
    274,341
    
    
    
    1,351,156
    
    
    
    1,625,497
    
    
    
    243,185
    
    
    
    2000
    
    
    40 yrs.2560 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,729,254
    
    
    
    649,792
    
    
    
    3,079,462
    
    
    
    3,729,254
    
    
    
    532,482
    
    
    
    2000
    
    
    40 yrs.2700 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    764,370
    
    
    
    
    
    
    
    3,673,287
    
    
    
    867,815
    
    
    
    3,569,842
    
    
    
    4,437,657
    
    
    
    852,197
    
    
    
    1998
    
    
    40 yrs.2900 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    679,440
    
    
    
    
    
    
    
    3,503,074
    
    
    
    774,096
    
    
    
    3,408,418
    
    
    
    4,182,514
    
    
    
    705,339
    
    
    
    1998
    
    
    40 yrs.3200 Horizon Drive
    
    King of Prussia, PA
    
    
    *
    
    
    
    928,637
    
    
    
    
    
    
    
    6,495,910
    
    
    
    1,210,137
    
    
    
    6,214,410
    
    
    
    7,424,547
    
    
    
    2,052,769
    
    
    
    1996
    
    
    40 yrs.3200 Horizon Drive Expansion
    
    King of Prussia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2001
    
    
    40 yrs.3400 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    776,496
    
    
    
    3,139,068
    
    
    
    973,848
    
    
    
    776,496
    
    
    
    4,112,915
    
    
    
    4,889,411
    
    
    
    910,739
    
    
    
    1995
    
    
    40 yrs.3600 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    236,432
    
    
    
    1,856,252
    
    
    
    15,352
    
    
    
    236,432
    
    
    
    1,871,604
    
    
    
    2,108,035
    
    
    
    332,585
    
    
    
    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
    
    
    
    413,332
    
    
    
    1989
    
    
    40 yrs.3604 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    397,178
    
    
    
    
    
    
    
    1,629,103
    
    
    
    350,874
    
    
    
    1,675,407
    
    
    
    2,026,281
    
    
    
    617,870
    
    
    
    1998
    
    
    40 yrs.3606 Horizon Drive
    
    King of Prussia, PA
    
    
    1,413,163
    
    
    
    789,409
    
    
    
    
    
    
    
    1,940,816
    
    
    
    815,855
    
    
    
    1,914,370
    
    
    
    2,730,225
    
    
    
    607,345
    
    
    
    1997
    
    
    40 yrs.440 East Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    717,001
    
    
    
    4,816,121
    
    
    
    2,643,115
    
    
    
    717,001
    
    
    
    7,459,236
    
    
    
    8,176,237
    
    
    
    2,246,064
    
    
    
    1988
    
    
    40 yrs.460 East Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    705,317
    
    
    
    4,737,487
    
    
    
    1,475,090
    
    
    
    705,317
    
    
    
    6,212,577
    
    
    
    6,917,894
    
    
    
    1,500,286
    
    
    
    1988
    
    
    40 yrs.650 Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    952,911
    
    
    
    6,722,830
    
    
    
    8,760,839
    
    
    
    952,911
    
    
    
    15,483,668
    
    
    
    16,436,579
    
    
    
    4,796,512
    
    
    
    1971
    
    
    40 yrs.680 Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    952,361
    
    
    
    6,722,830
    
    
    
    8,344,031
    
    
    
    952,361
    
    
    
    15,066,861
    
    
    
    16,019,222
    
    
    
    4,831,788
    
    
    
    1971
    
    
    40 yrs.170 South Warner Road
    
    King of Prussia, PA
    
    
    
    
    
    
    547,800
    
    
    
    3,137,400
    
    
    
    2,463,339
    
    
    
    458,232
    
    
    
    5,690,307
    
    
    
    6,148,539
    
    
    
    2,529,674
    
    
    
    1980
    
    
    40 yrs.190 South Warner Road
    
    King of Prussia, PA
    
    
    
    
    
    
    552,200
    
    
    
    3,162,600
    
    
    
    1,727,818
    
    
    
    461,909
    
    
    
    4,980,708
    
    
    
    5,442,618
    
    
    
    1,799,793
    
    
    
    1980
    
    
    40 yrs.3000 Horizon Drive
    
    King of Prussia, PA
    
    
    *
    
    
    
    1,191,449
    
    
    
    
    
    
    
    2,309,358
    
    
    
    946,703
    
    
    
    2,554,103
    
    
    
    3,500,806
    
    
    
    431,980
    
    
    
    1997
    
    
    40 yrs.3100 Horizon Drive
    
    King of Prussia, PA
    
    
    *
    
    
    
    601,956
    
    
    
    
    
    
    
    2,004,237
    
    
    
    611,436
    
    
    
    1,994,758
    
    
    
    2,606,194
    
    
    
    617,458
    
    
    
    1995
    
    
    40 yrs.3300 Horizon Drive
    
    King of Prussia, PA
    
    
    *
    
    
    
    566,403
    
    
    
    
    
    
    
    3,404,307
    
    
    
    687,878
    
    
    
    3,282,831
    
    
    
    3,970,709
    
    
    
    750,478
    
    
    
    1996
    
    
    40 yrs.3500 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    1,204,839
    
    
    
    
    
    
    
    2,630,229
    
    
    
    1,223,875
    
    
    
    2,611,193
    
    
    
    3,835,068
    
    
    
    565,726
    
    
    
    1996
    
    
    40 yrs.2151 Cabot Boulevard
    
    Langhorne, PA
    
    
    
    
    
    
    384,100
    
    
    
    3,456,900
    
    
    
    249,314
    
    
    
    389,990
    
    
    
    3,700,323
    
    
    
    4,090,314
    
    
    
    942,066
    
    
    
    1982
    
    
    40 yrs.800 Town Center Drive
    
    Langhorne, PA
    
    
    
    
    
    
    1,617,150
    
    
    
    
    
    
    
    9,905,285
    
    
    
    1,619,288
    
    
    
    9,903,147
    
    
    
    11,522,435
    
    
    
    4,376,301
    
    
    
    1987
    
    
    40 yrs.1000 East Whitcomb Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    113,512
    
    
    
    1,023,613
    
    
    
    155,242
    
    
    
    113,512
    
    
    
    1,178,855
    
    
    
    1,292,367
    
    
    
    215,314
    
    
    
    1980
    
    
    40 yrs.1000 Tech Row
    
    Madison Heights, MI
    
    
    
    
    
    
    357,897
    
    
    
    2,628,029
    
    
    
    287,131
    
    
    
    357,897
    
    
    
    2,915,160
    
    
    
    3,273,057
    
    
    
    435,908
    
    
    
    1987
    
    
    40 yrs.
 93




---



##### 



LIBERTY PROPERTY LIMITED
PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2004 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
    
    
    12/31/04
    
    
    12/31/04
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES1201 East Whitcomb Avenue
    
    Madison Heights, MI
    
    
    
    
    
    302,567
    
    
    
    1,213,232
    
    
    
    26,687
    
    
    
    302,567
    
    
    
    1,239,920
    
    
    
    1,542,487
    
    
    
    218,832
    
    
    
    1980
    
    
    40 yrs.1210 East Whitcomb Avenue
    
    Madison Heights, MI
    
    
    
    
    
    121,298
    
    
    
    329,051
    
    
    
    27,093
    
    
    
    121,298
    
    
    
    356,145
    
    
    
    477,443
    
    
    
    74,835
    
    
    
    1983
    
    
    40 yrs.1260 Kempar Avenue
    
    Madison Heights, MI
    
    
    
    
    
    78,720
    
    
    
    385,223
    
    
    
    32,877
    
    
    
    78,720
    
    
    
    418,100
    
    
    
    496,820
    
    
    
    71,161
    
    
    
    1981
    
    
    40 yrs.1280 Kempar Avenue
    
    Madison Heights, MI
    
    
    
    
    
    142,305
    
    
    
    536,474
    
    
    
    25,150
    
    
    
    142,305
    
    
    
    561,624
    
    
    
    703,929
    
    
    
    89,918
    
    
    
    1983
    
    
    40 yrs.31601 Research Park Drive
    
    Madison Heights, MI
    
    
    
    
    
    331,179
    
    
    
    1,879,812
    
    
    
    99,373
    
    
    
    331,179
    
    
    
    1,979,185
    
    
    
    2,310,364
    
    
    
    304,962
    
    
    
    1985
    
    
    40 yrs.31651 Research Park Drive
    
    Madison Heights, MI
    
    
    
    
    
    194,012
    
    
    
    1,101,576
    
    
    
    82,919
    
    
    
    194,012
    
    
    
    1,184,495
    
    
    
    1,378,507
    
    
    
    179,033
    
    
    
    1985
    
    
    40 yrs.31700 Research Park Drive
    
    Madison Heights, MI
    
    
    
    
    
    373,202
    
    
    
    1,824,721
    
    
    
    4,635
    
    
    
    373,203
    
    
    
    1,829,355
    
    
    
    2,202,558
    
    
    
    293,427
    
    
    
    1988
    
    
    40 yrs.31701 Research Park Drive
    
    Madison Heights, MI
    
    
    
    
    
    185,845
    
    
    
    1,054,681
    
    
    
    126,202
    
    
    
    185,845
    
    
    
    1,180,883
    
    
    
    1,366,728
    
    
    
    196,128
    
    
    
    1985
    
    
    40 yrs.31751 Research Park Drive
    
    Madison Heights, MI
    
    
    
    
    
    194,063
    
    
    
    1,300,574
    
    
    
    70,022
    
    
    
    194,063
    
    
    
    1,370,596
    
    
    
    1,564,659
    
    
    
    217,836
    
    
    
    1985
    
    
    40 yrs.31771 Sherman Avenue
    
    Madison Heights, MI
    
    
    
    
    
    150,944
    
    
    
    645,040
    
    
    
    70,981
    
    
    
    150,944
    
    
    
    716,021
    
    
    
    866,965
    
    
    
    160,597
    
    
    
    1982
    
    
    40 yrs.31791 Sherman Avenue
    
    Madison Heights, MI
    
    
    
    
    
    105,606
    
    
    
    649,891
    
    
    
    22,803
    
    
    
    105,606
    
    
    
    672,694
    
    
    
    778,300
    
    
    
    111,532
    
    
    
    1983
    
    
    40 yrs.31800 Research Park Drive
    
    Madison Heights, MI
    
    
    
    
    
    217,929
    
    
    
    1,601,469
    
    
    
    29,193
    
    
    
    217,929
    
    
    
    1,630,662
    
    
    
    1,848,591
    
    
    
    270,934
    
    
    
    1986
    
    
    40 yrs.31811 Sherman Avenue
    
    Madison Heights, MI
    
    
    
    
    
    207,599
    
    
    
    1,179,010
    
    
    
    22,874
    
    
    
    207,599
    
    
    
    1,201,884
    
    
    
    1,409,483
    
    
    
    194,871
    
    
    
    1983
    
    
    40 yrs.31831 Sherman Avenue
    
    Madison Heights, MI
    
    
    
    
    
    158,483
    
    
    
    900,064
    
    
    
    20,678
    
    
    
    158,483
    
    
    
    920,743
    
    
    
    1,079,225
    
    
    
    148,706
    
    
    
    1984
    
    
    40 yrs.31900 Sherman Avenue
    
    Madison Heights, MI
    
    
    
    
    
    269,293
    
    
    
    1,754,498
    
    
    
    484,562
    
    
    
    269,293
    
    
    
    2,239,060
    
    
    
    2,508,353
    
    
    
    323,559
    
    
    
    1984
    
    
    40 yrs.32661 Edward Avenue
    
    Madison Heights, MI
    
    
    
    
    
    378,838
    
    
    
    2,330,550
    
    
    
    4,054
    
    
    
    378,838
    
    
    
    2,334,604
    
    
    
    2,713,442
    
    
    
    374,670
    
    
    
    1976
    
    
    40 yrs.32751 Edward Avenue
    
    Madison Heights, MI
    
    
    
    
    
    151,410
    
    
    
    859,462
    
    
    
    54,559
    
    
    
    151,410
    
    
    
    914,021
    
    
    
    1,065,431
    
    
    
    160,608
    
    
    
    1969
    
    
    40 yrs.32853 Edward Avenue
    
    Madison Heights, MI
    
    
    
    
    
    138,121
    
    
    
    784,426
    
    
    
    86,427
    
    
    
    138,121
    
    
    
    870,853
    
    
    
    1,008,974
    
    
    
    167,591
    
    
    
    1973
    
    
    40 yrs.555 East Mandoline Avenue
    
    Madison Heights, MI
    
    
    
    
    
    140,862
    
    
    
    799,993
    
    
    
    81,072
    
    
    
    140,862
    
    
    
    881,065
    
    
    
    1,021,927
    
    
    
    161,302
    
    
    
    1979
    
    
    40 yrs.599 East Mandoline Avenue
    
    Madison Heights, MI
    
    
    
    
    
    132,164
    
    
    
    646,768
    
    
    
    98,690
    
    
    
    132,164
    
    
    
    745,457
    
    
    
    877,622
    
    
    
    142,108
    
    
    
    1979
    
    
    40 yrs.749 East Mandoline Avenue
    
    Madison Heights, MI
    
    
    
    
    
    144,658
    
    
    
    708,054
    
    
    
    10,611
    
    
    
    144,658
    
    
    
    718,665
    
    
    
    863,323
    
    
    
    121,533
    
    
    
    1974
    
    
    40 yrs.750 East Mandoline Avenue
    
    Madison Heights, MI
    
    
    
    
    
    151,458
    
    
    
    741,185
    
    
    
    44,878
    
    
    
    151,458
    
    
    
    786,062
    
    
    
    937,521
    
    
    
    148,202
    
    
    
    1969
    
    
    40 yrs.800 East Whitcomb Avenue
    
    Madison Heights, MI
    
    
    
    
    
    151,704
    
    
    
    1,294,687
    
    
    
    98,221
    
    
    
    151,704
    
    
    
    1,392,908
    
    
    
    1,544,613
    
    
    
    280,555
    
    
    
    1987
    
    
    40 yrs.800 Tech Row
    
    Madison Heights, MI
    
    
    
    
    
    444,977
    
    
    
    2,984,811
    
    
    
    71,648
    
    
    
    444,977
    
    
    
    3,056,459
    
    
    
    3,501,436
    
    
    
    484,914
    
    
    
    1986
    
    
    40 yrs.900 East Mandoline Avenue
    
    Madison Heights, MI
    
    
    
    
    
    157,729
    
    
    
    771,872
    
    
    
    62,619
    
    
    
    157,729
    
    
    
    834,491
    
    
    
    992,220
    
    
    
    181,106
    
    
    
    1972
    
    
    40 yrs.900 Tech Row
    
    Madison Heights, MI
    
    
    
    
    
    155,606
    
    
    
    883,725
    
    
    
    136,165
    
    
    
    155,606
    
    
    
    1,019,890
    
    
    
    1,175,496
    
    
    
    168,049
    
    
    
    1986
    
    
    40 yrs.949 East Mandoline Avenue
    
    Madison Heights, MI
    
    
    
    
    
    137,049
    
    
    
    778,338
    
    
    
    5,751
    
    
    
    137,049
    
    
    
    784,089
    
    
    
    921,138
    
    
    
    129,910
    
    
    
    1974
    
    
    40 yrs.950 East Whitcomb Avenue
    
    Madison Heights, MI
    
    
    
    
    
    113,630
    
    
    
    2,162,302
    
    
    
    301,082
    
    
    
    113,630
    
    
    
    2,463,384
    
    
    
    2,577,014
    
    
    
    409,467
    
    
    
    1988
    
    
    40 yrs.1901 Summit Tower Boulevard
    
    Maitland, FL
    
    
    
    
    
    
    6,078,791
    
    
    
    12,348,567
    
    
    
    347,974
    
    
    
    6,083,206
    
    
    
    12,692,127
    
    
    
    18,775,333
    
    
    
    2,085,528
    
    
    
    1998
    
    
    40 yrs.1 Country View Road
    
    Malvern, PA
    
    
    
    
    
    
    400,000
    
    
    
    3,600,000
    
    
    
    475,810
    
    
    
    406,421
    
    
    
    4,069,390
    
    
    
    4,475,810
    
    
    
    1,050,881
    
    
    
    1982
    
    
    40 yrs.1 Great Valley Parkway
    
    Malvern, PA
    
    
    4,661,040
    
    
    
    419,460
    
    
    
    3,792,570
    
    
    
    333,900
    
    
    
    419,460
    
    
    
    4,126,469
    
    
    
    4,545,930
    
    
    
    855,192
    
    
    
    1982
    
    
    40 yrs.10 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    823,540
    
    
    
    1,341,376
    
    
    
    44,588
    
    
    
    832,244
    
    
    
    1,377,260
    
    
    
    2,209,504
    
    
    
    42,723
    
    
    
    2003
    
    
    40 yrs.100 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    1,320,625
    
    
    
    
    
    
    
    6,905,474
    
    
    
    1,349,954
    
    
    
    6,876,145
    
    
    
    8,226,099
    
    
    
    1,734,488
    
    
    
    1998
    
    
    40 yrs.1001 Cedar Hollow Road
    
    Malvern, PA
    
    
    
    
    
    
    1,436,814
    
    
    
    
    
    
    
    16,047,698
    
    
    
    1,646,984
    
    
    
    15,837,528
    
    
    
    17,484,512
    
    
    
    3,791,735
    
    
    
    1998
    
    
    40 yrs.11 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    496,297
    
    
    
    
    
    
    
    3,226,924
    
    
    
    708,331
    
    
    
    3,014,890
    
    
    
    3,723,221
    
    
    
    463,231
    
    
    
    2001
    
    
    40 yrs.11,15 Great Valley Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    1,837,050
    
    
    
    
    
    
    
    15,005,064
    
    
    
    1,837,878
    
    
    
    15,004,237
    
    
    
    16,842,114
    
    
    
    9,414,899
    
    
    
    1986
    
    
    40 yrs.18 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    394,036
    
    
    
    3,976,221
    
    
    
    100,474
    
    
    
    398,228
    
    
    
    4,072,504
    
    
    
    4,470,731
    
    
    
    609,701
    
    
    
    1980
    
    
    40 yrs.200 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    495,893
    
    
    
    2,739,093
    
    
    
    361,065
    
    
    
    544,649
    
    
    
    3,051,402
    
    
    
    3,596,051
    
    
    
    1,757,754
    
    
    
    1989
    
    
    40 yrs.27-43 Great Valley Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    448,775
    
    
    
    
    
    
    
    2,201,413
    
    
    
    449,447
    
    
    
    2,200,741
    
    
    
    2,650,188
    
    
    
    1,401,910
    
    
    
    1977
    
    
    40 yrs.3 Country View Road
    
    Malvern, PA
    
    
    
    
    
    
    814,278
    
    
    
    
    
    
    
    4,946,433
    
    
    
    1,128,881
    
    
    
    4,631,830
    
    
    
    5,760,711
    
    
    
    752,802
    
    
    
    1998
    
    
    40 yrs.375 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    191,114
    
    
    
    
    
    
    
    1,958,524
    
    
    
    234,922
    
    
    
    1,914,715
    
    
    
    2,149,638
    
    
    
    536,083
    
    
    
    1998
    
    
    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
    
    
    
    3,997,558
    
    
    
    1989
    
    
    40 yrs.425 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    191,114
    
    
    
    
    
    
    
    1,843,025
    
    
    
    321,473
    
    
    
    1,712,666
    
    
    
    2,034,139
    
    
    
    563,372
    
    
    
    1998
    
    
    40 yrs.45 Liberty Boulevard
    
    Malvern, PA
    
    
    
    
    
    
    4,380,221
    
    
    
    
    
    
    
    15,313,598
    
    
    
    4,749,748
    
    
    
    14,944,071
    
    
    
    19,693,819
    
    
    
    3,260,260
    
    
    
    1999
    
    
    40 yrs.45-67 Great Valley Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    795,143
    
    
    
    
    
    
    
    3,160,608
    
    
    
    795,831
    
    
    
    3,159,920
    
    
    
    3,955,751
    
    
    
    1,904,341
    
    
    
    1974
    
    
    40 yrs.5 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    684,200
    
    
    
    6,181,661
    
    
    
    976,085
    
    
    
    684,200
    
    
    
    7,157,746
    
    
    
    7,841,945
    
    
    
    1,366,951
    
    
    
    1983
    
    
    40 yrs.50 Morehall Road
    
    Malvern, PA
    
    
    
    
    
    
    849,576
    
    
    
    
    
    
    
    13,043,717
    
    
    
    1,337,076
    
    
    
    12,556,217
    
    
    
    13,893,293
    
    
    
    3,419,091
    
    
    
    1997
    
    
    40 yrs.600 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    2,013,750
    
    
    
    
    
    
    
    8,135,324
    
    
    
    2,050,555
    
    
    
    8,098,519
    
    
    
    10,149,074
    
    
    
    1,745,082
    
    
    
    1999
    
    
    40 yrs.700 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    2,013,750
    
    
    
    
    
    
    
    8,096,150
    
    
    
    2,037,813
    
    
    
    8,072,087
    
    
    
    10,109,900
    
    
    
    1,730,944
    
    
    
    1999
    
    
    40 yrs.10 Valley Stream Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    509,075
    
    
    
    
    
    
    
    3,047,900
    
    
    
    509,899
    
    
    
    3,047,076
    
    
    
    3,556,975
    
    
    
    1,523,724
    
    
    
    1984
    
    
    40 yrs.10, 20 Liberty Boulevard
    
    Malvern, PA
    
    
    
    
    
    
    724,058
    
    
    
    
    
    
    
    5,656,312
    
    
    
    724,846
    
    
    
    5,655,525
    
    
    
    6,380,370
    
    
    
    2,061,638
    
    
    
    1985
    
    
    40 yrs.12,14,16 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    130,689
    
    
    
    
    
    
    
    1,500,199
    
    
    
    128,767
    
    
    
    1,502,121
    
    
    
    1,630,888
    
    
    
    741,879
    
    
    
    1982
    
    
    40 yrs.14 Lee Boulevard
    
    Malvern, PA
    
    
    *
    
    
    
    664,282
    
    
    
    
    
    
    
    5,728,005
    
    
    
    643,892
    
    
    
    5,748,395
    
    
    
    6,392,287
    
    
    
    2,214,308
    
    
    
    1988
    
    
    40 yrs.155 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    625,147
    
    
    
    
    
    
    
    2,627,280
    
    
    
    626,068
    
    
    
    2,626,359
    
    
    
    3,252,427
    
    
    
    1,328,526
    
    
    
    1981
    
    
    40 yrs.20 Valley Stream Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    465,539
    
    
    
    
    
    
    
    5,537,819
    
    
    
    466,413
    
    
    
    5,536,945
    
    
    
    6,003,358
    
    
    
    2,434,289
    
    
    
    1987
    
    
    40 yrs.205 Great Valley Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    1,368,259
    
    
    
    
    
    
    
    10,469,948
    
    
    
    1,369,003
    
    
    
    10,469,204
    
    
    
    11,838,207
    
    
    
    5,872,631
    
    
    
    1981
    
    
    40 yrs.256 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    161,098
    
    
    
    
    
    
    
    1,785,717
    
    
    
    161,949
    
    
    
    1,784,866
    
    
    
    1,946,815
    
    
    
    1,056,722
    
    
    
    1980
    
    
    40 yrs.257-275 Great Valley Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    504,611
    
    
    
    
    
    
    
    4,802,370
    
    
    
    505,458
    
    
    
    4,801,523
    
    
    
    5,306,981
    
    
    
    2,568,209
    
    
    
    1983
    
    
    40 yrs.277-293 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    530,729
    
    
    
    
    
    
    
    2,215,212
    
    
    
    531,534
    
    
    
    2,214,406
    
    
    
    2,745,941
    
    
    
    1,142,682
    
    
    
    1984
    
    
    40 yrs.30 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    128,126
    
    
    
    
    
    
    
    385,634
    
    
    
    128,783
    
    
    
    384,977
    
    
    
    513,760
    
    
    
    281,410
    
    
    
    1975
    
    
    40 yrs.300 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    368,626
    
    
    
    
    
    
    
    1,344,816
    
    
    
    374,497
    
    
    
    1,338,945
    
    
    
    1,713,442
    
    
    
    619,875
    
    
    
    1985
    
    
    40 yrs.300-400 Chesterfield Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    937,212
    
    
    
    
    
    
    
    5,204,223
    
    
    
    937,942
    
    
    
    5,203,493
    
    
    
    6,141,435
    
    
    
    2,174,175
    
    
    
    1988
    
    
    40 yrs.
 94




---



##### 



LIBERTY PROPERTY LIMITED
PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2004 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
    
    
    12/31/04
    
    
    12/31/04
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES311 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    397,131
    
    
    
    
    
    
    
    2,488,292
    
    
    
    397,948
    
    
    
    2,487,475
    
    
    
    2,885,423
    
    
    
    1,209,194
    
    
    
    1984
    
    
    40 yrs.325 Technology Drive
    
    Malvern, PA
    
    
    *
    
    
    
    376,444
    
    
    
    
    
    
    
    1,994,710
    
    
    
    385,693
    
    
    
    1,985,461
    
    
    
    2,371,154
    
    
    
    1,028,956
    
    
    
    1984
    
    
    40 yrs.333 Phoenixville Pike
    
    Malvern, PA
    
    
    
    
    
    
    523,530
    
    
    
    
    
    
    
    2,917,373
    
    
    
    524,230
    
    
    
    2,916,673
    
    
    
    3,440,903
    
    
    
    1,423,764
    
    
    
    1985
    
    
    40 yrs.333 Technology Drive
    
    Malvern, PA
    
    
    *
    
    
    
    157,249
    
    
    
    
    
    
    
    3,321,853
    
    
    
    158,077
    
    
    
    3,321,025
    
    
    
    3,479,102
    
    
    
    1,532,354
    
    
    
    1987
    
    
    40 yrs.40 Valley Stream Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    322,918
    
    
    
    
    
    
    
    2,321,655
    
    
    
    325,775
    
    
    
    2,318,798
    
    
    
    2,644,573
    
    
    
    1,005,848
    
    
    
    1987
    
    
    40 yrs.420 Lapp Road
    
    Malvern, PA
    
    
    *
    
    
    
    1,054,418
    
    
    
    
    
    
    
    6,994,972
    
    
    
    1,055,243
    
    
    
    6,994,147
    
    
    
    8,049,390
    
    
    
    2,555,880
    
    
    
    1989
    
    
    40 yrs.5 Country View Road
    
    Malvern, PA
    
    
    *
    
    
    
    785,168
    
    
    
    4,678,632
    
    
    
    808,966
    
    
    
    786,235
    
    
    
    5,486,531
    
    
    
    6,272,766
    
    
    
    1,449,943
    
    
    
    1985
    
    
    40 yrs.50 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    323,971
    
    
    
    
    
    
    
    2,256,470
    
    
    
    323,792
    
    
    
    2,256,649
    
    
    
    2,580,441
    
    
    
    995,386
    
    
    
    1987
    
    
    40 yrs.500 Chesterfield Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    472,364
    
    
    
    
    
    
    
    3,209,021
    
    
    
    473,139
    
    
    
    3,208,246
    
    
    
    3,681,385
    
    
    
    1,515,636
    
    
    
    1988
    
    
    40 yrs.508 Lapp Road
    
    Malvern, PA
    
    
    *
    
    
    
    331,392
    
    
    
    
    
    
    
    2,033,164
    
    
    
    332,216
    
    
    
    2,032,340
    
    
    
    2,364,556
    
    
    
    988,765
    
    
    
    1984
    
    
    40 yrs.510 Lapp Road
    
    Malvern, PA
    
    
    *
    
    
    
    356,950
    
    
    
    
    
    
    
    926,587
    
    
    
    357,751
    
    
    
    925,786
    
    
    
    1,283,537
    
    
    
    509,906
    
    
    
    1983
    
    
    40 yrs.55 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    215,005
    
    
    
    
    
    
    
    3,576,854
    
    
    
    215,818
    
    
    
    3,576,041
    
    
    
    3,791,859
    
    
    
    1,697,781
    
    
    
    1983
    
    
    40 yrs.60 Morehall Road
    
    Malvern, PA
    
    
    
    
    
    
    865,424
    
    
    
    9,285,000
    
    
    
    4,971,671
    
    
    
    884,974
    
    
    
    14,237,121
    
    
    
    15,122,095
    
    
    
    5,102,831
    
    
    
    1989
    
    
    40 yrs.65 Valley Stream Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    381,544
    
    
    
    
    
    
    
    6,853,710
    
    
    
    382,361
    
    
    
    6,852,894
    
    
    
    7,235,254
    
    
    
    2,986,826
    
    
    
    1983
    
    
    40 yrs.7 Great Valley Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    176,435
    
    
    
    
    
    
    
    4,875,120
    
    
    
    177,317
    
    
    
    4,874,239
    
    
    
    5,051,555
    
    
    
    2,401,213
    
    
    
    1985
    
    
    40 yrs.75 Great Valley Parkway
    
    Malvern, PA
    
    
    436,318
    
    
    
    143,074
    
    
    
    
    
    
    
    767,354
    
    
    
    143,811
    
    
    
    766,617
    
    
    
    910,428
    
    
    
    427,407
    
    
    
    1977
    
    
    40 yrs.77-123 Great Valley Parkway
    
    Malvern, PA
    
    
    *
    
    
    
    887,664
    
    
    
    
    
    
    
    5,360,588
    
    
    
    888,359
    
    
    
    5,359,893
    
    
    
    6,248,252
    
    
    
    2,975,191
    
    
    
    1978
    
    
    40 yrs.7550 Meridian Circle
    
    Maple Grove, MN
    
    
    
    
    
    
    513,250
    
    
    
    2,901,906
    
    
    
    65,732
    
    
    
    513,250
    
    
    
    2,967,638
    
    
    
    3,480,888
    
    
    
    500,030
    
    
    
    1989
    
    
    40 yrs.10 Stow Road
    
    Marlton, NJ
    
    
    
    
    
    
    147,000
    
    
    
    1,451,536
    
    
    
    526,803
    
    
    
    147,318
    
    
    
    1,978,021
    
    
    
    2,125,339
    
    
    
    772,028
    
    
    
    1988
    
    
    40 yrs.12 Stow Road
    
    Marlton, NJ
    
    
    
    
    
    
    103,300
    
    
    
    1,021,036
    
    
    
    320,177
    
    
    
    103,618
    
    
    
    1,340,895
    
    
    
    1,444,513
    
    
    
    500,981
    
    
    
    1988
    
    
    40 yrs.14 Stow Road
    
    Marlton, NJ
    
    
    
    
    
    
    93,100
    
    
    
    920,336
    
    
    
    410,656
    
    
    
    93,418
    
    
    
    1,330,675
    
    
    
    1,424,092
    
    
    
    472,732
    
    
    
    1988
    
    
    40 yrs.301 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    1,069,837
    
    
    
    4,780,163
    
    
    
    1,264,020
    
    
    
    1,069,838
    
    
    
    6,044,183
    
    
    
    7,114,020
    
    
    
    1,602,263
    
    
    
    1988
    
    
    40 yrs.303 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    1,069,837
    
    
    
    4,780,163
    
    
    
    1,757,697
    
    
    
    1,069,838
    
    
    
    6,537,859
    
    
    
    7,607,697
    
    
    
    1,741,426
    
    
    
    1988
    
    
    40 yrs.400 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    69,402
    
    
    
    
    
    
    
    3,651,045
    
    
    
    317,799
    
    
    
    3,402,648
    
    
    
    3,720,447
    
    
    
    609,358
    
    
    
    1999
    
    
    40 yrs.402 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    131,896
    
    
    
    
    
    
    
    1,721,965
    
    
    
    131,896
    
    
    
    1,721,965
    
    
    
    1,853,861
    
    
    
    477,840
    
    
    
    1997
    
    
    40 yrs.404 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    131,896
    
    
    
    
    
    
    
    1,650,431
    
    
    
    131,896
    
    
    
    1,650,431
    
    
    
    1,782,327
    
    
    
    518,954
    
    
    
    1997
    
    
    40 yrs.406 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    321,455
    
    
    
    1,539,871
    
    
    
    836,961
    
    
    
    327,554
    
    
    
    2,370,733
    
    
    
    2,698,287
    
    
    
    835,478
    
    
    
    1990
    
    
    40 yrs.701A Route 73 South
    
    Marlton, NJ
    
    
    
    
    
    
    264,387
    
    
    
    3,772,000
    
    
    
    2,888,090
    
    
    
    271,743
    
    
    
    6,652,734
    
    
    
    6,924,477
    
    
    
    2,741,701
    
    
    
    1987
    
    
    40 yrs.701C Route 73 South
    
    Marlton, NJ
    
    
    
    
    
    
    84,949
    
    
    
    1,328,000
    
    
    
    383,325
    
    
    
    96,161
    
    
    
    1,700,113
    
    
    
    1,796,274
    
    
    
    573,032
    
    
    
    1987
    
    
    40 yrs.8 Stow Road
    
    Marlton, NJ
    
    
    
    
    
    
    172,600
    
    
    
    1,704,436
    
    
    
    139,565
    
    
    
    172,945
    
    
    
    1,843,657
    
    
    
    2,016,602
    
    
    
    553,447
    
    
    
    1988
    
    
    40 yrs.9 Stow Road
    
    Marlton, NJ
    
    
    
    
    
    
    652,642
    
    
    
    1,765,065
    
    
    
    709,699
    
    
    
    654,779
    
    
    
    2,472,628
    
    
    
    3,127,407
    
    
    
    536,861
    
    
    
    1989
    
    
    40 yrs.901 Route 73
    
    Marlton, NJ
    
    
    
    
    
    
    334,411
    
    
    
    2,733,314
    
    
    
    828,249
    
    
    
    334,411
    
    
    
    3,561,563
    
    
    
    3,895,974
    
    
    
    760,099
    
    
    
    1985
    
    
    40 yrs.10855 West Park Place
    
    Milwaukee, WI
    
    
    
    
    
    
    122,894
    
    
    
    
    
    
    
    2,736,697
    
    
    
    424,710
    
    
    
    2,434,880
    
    
    
    2,859,590
    
    
    
    215,537
    
    
    
    2002
    
    
    40 yrs.11100 West Liberty Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    1,800,000
    
    
    
    
    
    
    
    7,180,428
    
    
    
    1,800,000
    
    
    
    7,180,428
    
    
    
    8,980,428
    
    
    
    241,127
    
    
    
    2003
    
    
    40 yrs.11301 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    614,477
    
    
    
    2,626,456
    
    
    
    101,328
    
    
    
    619,465
    
    
    
    2,722,797
    
    
    
    3,342,261
    
    
    
    406,591
    
    
    
    1987
    
    
    40 yrs.11400 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    439,595
    
    
    
    2,357,904
    
    
    
    194,180
    
    
    
    443,101
    
    
    
    2,548,578
    
    
    
    2,991,678
    
    
    
    380,781
    
    
    
    1986
    
    
    40 yrs.11414 West Park Place
    
    Milwaukee, WI
    
    
    
    
    
    
    234,443
    
    
    
    
    
    
    
    10,026,986
    
    
    
    491,531
    
    
    
    9,769,898
    
    
    
    10,261,429
    
    
    
    1,405,461
    
    
    
    2001
    
    
    40 yrs.11425 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    382,256
    
    
    
    2,350,619
    
    
    
    1,038,073
    
    
    
    385,305
    
    
    
    3,385,643
    
    
    
    3,770,948
    
    
    
    665,722
    
    
    
    1987
    
    
    40 yrs.11520 West Calumet Road
    
    Milwaukee, WI
    
    
    
    
    
    
    341,698
    
    
    
    1,527,548
    
    
    
    48,494
    
    
    
    341,698
    
    
    
    1,576,042
    
    
    
    1,917,740
    
    
    
    193,246
    
    
    
    1995
    
    
    40 yrs.11900 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    347,853
    
    
    
    2,396,887
    
    
    
    504,487
    
    
    
    350,628
    
    
    
    2,898,600
    
    
    
    3,249,227
    
    
    
    715,372
    
    
    
    1987
    
    
    40 yrs.11950 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    391,813
    
    
    
    2,340,118
    
    
    
    378,658
    
    
    
    394,938
    
    
    
    2,715,652
    
    
    
    3,110,589
    
    
    
    482,603
    
    
    
    1986
    
    
    40 yrs.12100 West Park Place
    
    Milwaukee, WI
    
    
    
    
    
    
    534,470
    
    
    
    3,239,389
    
    
    
    439,540
    
    
    
    532,370
    
    
    
    3,681,029
    
    
    
    4,213,399
    
    
    
    493,013
    
    
    
    1984
    
    
    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
    
    
    
    1,250,834
    
    
    
    1991
    
    
    40 yrs.8301 West Parkland Court
    
    Milwaukee, WI
    
    
    
    
    
    
    358,442
    
    
    
    3,233,707
    
    
    
    532,454
    
    
    
    358,442
    
    
    
    3,766,161
    
    
    
    4,124,602
    
    
    
    700,294
    
    
    
    1982
    
    
    40 yrs.4600 Nathan Lane
    
    Minneapolis, MN
    
    
    
    
    
    
    1,063,558
    
    
    
    
    
    
    
    6,082,413
    
    
    
    1,038,197
    
    
    
    6,107,774
    
    
    
    7,145,971
    
    
    
    681,563
    
    
    
    2002
    
    
    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
    
    
    
    1,234,421
    
    
    
    1996
    
    
    40 yrs.12501 & 12701 Whitewater Drive
    
    Minnegonka, MN
    
    
    
    
    
    
    2,175,209
    
    
    
    3,948,085
    
    
    
    4,900,311
    
    
    
    2,177,953
    
    
    
    8,845,652
    
    
    
    11,023,605
    
    
    
    222,744
    
    
    
    1986
    
    
    40 yrs.10300 Bren Road
    
    Minnetonka, MN
    
    
    
    
    
    
    344,614
    
    
    
    3,110,477
    
    
    
    339,878
    
    
    
    344,614
    
    
    
    3,450,355
    
    
    
    3,794,968
    
    
    
    650,051
    
    
    
    1981
    
    
    40 yrs.5400-5500 Feltl Road
    
    Minnetonka, MN
    
    
    
    
    
    
    883,895
    
    
    
    7,983,345
    
    
    
    1,653,229
    
    
    
    883,895
    
    
    
    9,636,574
    
    
    
    10,520,469
    
    
    
    1,774,246
    
    
    
    1985
    
    
    40 yrs.5600 & 5610 Rowland Road
    
    Minnetonka, MN
    
    
    
    
    
    
    828,650
    
    
    
    7,399,409
    
    
    
    1,431,351
    
    
    
    829,263
    
    
    
    8,830,146
    
    
    
    9,659,410
    
    
    
    2,090,892
    
    
    
    1988
    
    
    40 yrs.3350 SW 148th Avenue
    
    Miramar, FL
    
    
    
    
    
    
    2,960,511
    
    
    
    
    
    
    
    17,509,340
    
    
    
    2,980,689
    
    
    
    17,489,161
    
    
    
    20,469,850
    
    
    
    2,984,345
    
    
    
    2000
    
    
    40 yrs.3400 Lakeside Drive
    
    Miramar, FL
    
    
    
    
    
    
    2,022,153
    
    
    
    11,345,881
    
    
    
    1,053,572
    
    
    
    2,022,153
    
    
    
    12,399,453
    
    
    
    14,421,606
    
    
    
    2,359,446
    
    
    
    1990
    
    
    40 yrs.3450 Lakeside Drive
    
    Miramar, FL
    
    
    
    
    
    
    2,022,152
    
    
    
    11,357,143
    
    
    
    1,093,042
    
    
    
    2,022,152
    
    
    
    12,450,185
    
    
    
    14,472,337
    
    
    
    2,525,267
    
    
    
    1990
    
    
    40 yrs.300 Fellowship Road
    
    Mt Laurel, NJ
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,070,352
    
    
    
    1,094,059
    
    
    
    5,976,293
    
    
    
    7,070,352
    
    
    
    7,281
    
    
    
    2004
    
    
    40 yrs.3001 Leadenhall Road
    
    Mt Laurel, NJ
    
    
    
    
    
    
    1,925,719
    
    
    
    191,390
    
    
    
    11,698,384
    
    
    
    1,936,289
    
    
    
    11,879,203
    
    
    
    13,815,493
    
    
    
    23,480
    
    
    
    2003
    
    
    40 yrs.4001 Leadenhall Road
    
    Mt. Laurel,  NJ
    
    
    
    
    
    
    3,207,885
    
    
    
    391,167
    
    
    
    18,844,592
    
    
    
    2,784,694
    
    
    
    19,658,950
    
    
    
    22,443,644
    
    
    
    1,343,350
    
    
    
    2002
    
    
    40 yrs.1000 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    288,577
    
    
    
    2,546,537
    
    
    
    946,896
    
    
    
    288,577
    
    
    
    3,493,433
    
    
    
    3,782,010
    
    
    
    870,865
    
    
    
    1986
    
    
    40 yrs.1001 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    701,705
    
    
    
    3,505,652
    
    
    
    1,579,092
    
    
    
    701,705
    
    
    
    5,084,744
    
    
    
    5,786,450
    
    
    
    1,206,272
    
    
    
    1986
    
    
    40 yrs.1015 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    356,987
    
    
    
    
    
    
    
    3,316,456
    
    
    
    470,659
    
    
    
    3,202,784
    
    
    
    3,673,443
    
    
    
    529,232
    
    
    
    2000
    
    
    40 yrs.1020 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    494,334
    
    
    
    
    
    
    
    2,986,335
    
    
    
    569,184
    
    
    
    2,911,486
    
    
    
    3,480,669
    
    
    
    604,685
    
    
    
    1999
    
    
    40 yrs.1025 Briggs Road
    
    Mt. Laurel, NJ
    
    
    1,189,115
    
    
    
    430,990
    
    
    
    3,714,828
    
    
    
    864,265
    
    
    
    430,990
    
    
    
    4,579,093
    
    
    
    5,010,083
    
    
    
    1,085,555
    
    
    
    1987
    
    
    40 yrs.11000, 15000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    310,585
    
    
    
    4,394,900
    
    
    
    126,945
    
    
    
    311,950
    
    
    
    4,520,480
    
    
    
    4,832,430
    
    
    
    1,463,923
    
    
    
    1985
    
    
    40 yrs.
 95




---



##### 



LIBERTY PROPERTY LIMITED
PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2004 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
    
    
    12/31/04
    
    
    12/31/04
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES12000, 14000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    361,800
    
    
    
    3,285,817
    
    
    
    647,915
    
    
    
    362,855
    
    
    
    3,932,677
    
    
    
    4,295,532
    
    
    
    1,108,005
    
    
    
    1985
    
    
    40 yrs.1300 Route 73 North
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    449,400
    
    
    
    3,074,850
    
    
    
    1,392,721
    
    
    
    450,558
    
    
    
    4,466,413
    
    
    
    4,916,971
    
    
    
    1,124,138
    
    
    
    1988
    
    
    40 yrs.16000, 18000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    289,700
    
    
    
    2,512,683
    
    
    
    555,494
    
    
    
    290,545
    
    
    
    3,067,332
    
    
    
    3,357,877
    
    
    
    940,635
    
    
    
    1985
    
    
    40 yrs.17000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    144,515
    
    
    
    
    
    
    
    2,800,417
    
    
    
    144,515
    
    
    
    2,800,417
    
    
    
    2,944,931
    
    
    
    439,700
    
    
    
    2001
    
    
    40 yrs.2000 Crawford Place
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    310,831
    
    
    
    2,797,744
    
    
    
    2,020,264
    
    
    
    310,831
    
    
    
    4,818,009
    
    
    
    5,128,839
    
    
    
    1,629,690
    
    
    
    1986
    
    
    40 yrs.3000 Atrium Way
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    500,000
    
    
    
    4,500,000
    
    
    
    3,959,337
    
    
    
    512,018
    
    
    
    8,447,320
    
    
    
    8,959,337
    
    
    
    3,464,538
    
    
    
    1987
    
    
    40 yrs.3000 Lincoln Drive
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    284,052
    
    
    
    2,458,155
    
    
    
    1,513,760
    
    
    
    284,052
    
    
    
    3,971,915
    
    
    
    4,255,967
    
    
    
    1,122,675
    
    
    
    1983
    
    
    40 yrs.5000 Dearborn Court
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    1,057,763
    
    
    
    4,191,827
    
    
    
    330,494
    
    
    
    1,057,763
    
    
    
    4,522,321
    
    
    
    5,580,084
    
    
    
    820,906
    
    
    
    1988
    
    
    40 yrs.6000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    234,151
    
    
    
    2,022,683
    
    
    
    285,796
    
    
    
    234,151
    
    
    
    2,308,479
    
    
    
    2,542,630
    
    
    
    551,062
    
    
    
    1985
    
    
    40 yrs.7000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    260,014
    
    
    
    2,236,684
    
    
    
    325,818
    
    
    
    260,014
    
    
    
    2,562,503
    
    
    
    2,822,516
    
    
    
    582,530
    
    
    
    1984
    
    
    40 yrs.8000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    234,814
    
    
    
    1,995,098
    
    
    
    223,617
    
    
    
    234,814
    
    
    
    2,218,715
    
    
    
    2,453,529
    
    
    
    431,810
    
    
    
    1983
    
    
    40 yrs.9000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    286,587
    
    
    
    2,474,820
    
    
    
    571,862
    
    
    
    286,587
    
    
    
    3,046,682
    
    
    
    3,333,269
    
    
    
    764,176
    
    
    
    1983
    
    
    40 yrs.9401-9443 Science Center Drive
    
    New Hope, MN
    
    
    
    
    
    
    431,295
    
    
    
    3,888,684
    
    
    
    308,995
    
    
    
    510,064
    
    
    
    4,118,910
    
    
    
    4,628,974
    
    
    
    868,841
    
    
    
    1989
    
    
    40 yrs.11832 Rock Landing Drive
    
    Newport News, VA
    
    
    
    
    
    
    299,066
    
    
    
    1,419,266
    
    
    
    5,896,398
    
    
    
    748,582
    
    
    
    6,866,148
    
    
    
    7,614,730
    
    
    
    1,101,330
    
    
    
    1988
    
    
    40 yrs.11838 Rock Landing Drive
    
    Newport News, VA
    
    
    
    
    
    
    673,942
    
    
    
    2,111,481
    
    
    
    640,863
    
    
    
    673,942
    
    
    
    2,752,344
    
    
    
    3,426,286
    
    
    
    572,319
    
    
    
    1986
    
    
    40 yrs.11844 Rock Landing Drive
    
    Newport News, VA
    
    
    
    
    
    
    326,774
    
    
    
    1,391,561
    
    
    
    301,566
    
    
    
    326,774
    
    
    
    1,693,127
    
    
    
    2,019,901
    
    
    
    294,181
    
    
    
    1989
    
    
    40 yrs.11846 Rock Landing Drive
    
    Newport News, VA
    
    
    
    
    
    
    299,066
    
    
    
    1,419,266
    
    
    
    339,809
    
    
    
    299,066
    
    
    
    1,759,076
    
    
    
    2,058,142
    
    
    
    424,990
    
    
    
    1989
    
    
    40 yrs.6 Terry Drive
    
    Newtown, PA
    
    
    
    
    
    
    622,029
    
    
    
    2,228,851
    
    
    
    863,621
    
    
    
    622,205
    
    
    
    3,092,296
    
    
    
    3,714,501
    
    
    
    490,785
    
    
    
    1981
    
    
    40 yrs.22515 Heslip Drive
    
    Novi, MI
    
    
    
    
    
    
    144,477
    
    
    
    338,277
    
    
    
    77,019
    
    
    
    144,477
    
    
    
    415,296
    
    
    
    559,773
    
    
    
    103,047
    
    
    
    1975
    
    
    40 yrs.550-590 Hale Avenue
    
    Oakdale, MN
    
    
    
    
    
    
    765,535
    
    
    
    3,488,754
    
    
    
    328,317
    
    
    
    766,390
    
    
    
    3,816,215
    
    
    
    4,582,605
    
    
    
    534,119
    
    
    
    1996
    
    
    40 yrs.1879 Lamont Avenue
    
    Odenton, MD
    
    
    
    
    
    
    1,976,000
    
    
    
    8,099,579
    
    
    
    607,923
    
    
    
    2,011,030
    
    
    
    8,672,472
    
    
    
    10,683,502
    
    
    
    56,484
    
    
    
    2004
    
    
    40 yrs.350 Winmeyer Avenue
    
    Odenton, MD
    
    
    
    
    
    
    1,778,400
    
    
    
    7,289,165
    
    
    
    414,254
    
    
    
    1,809,927
    
    
    
    7,671,892
    
    
    
    9,481,819
    
    
    
    
    
    
    
    2004
    
    
    40 yrs.10003 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    680,312
    
    
    
    2,120,754
    
    
    
    837,820
    
    
    
    680,312
    
    
    
    2,958,574
    
    
    
    3,638,885
    
    
    
    94,482
    
    
    
    2003
    
    
    40 yrs.10511 & 10611 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    517,554
    
    
    
    2,568,186
    
    
    
    376,091
    
    
    
    522,991
    
    
    
    2,938,840
    
    
    
    3,461,831
    
    
    
    674,357
    
    
    
    1985
    
    
    40 yrs.10771 Palm Bay Drive
    
    Orlando, FL
    
    
    
    
    
    
    664,605
    
    
    
    
    
    
    
    2,362,814
    
    
    
    685,383
    
    
    
    2,342,035
    
    
    
    3,027,419
    
    
    
    282,525
    
    
    
    2001
    
    
    40 yrs.1090 Gills Drive
    
    Orlando, FL
    
    
    
    
    
    
    878,320
    
    
    
    2,558,833
    
    
    
    1,249,361
    
    
    
    878,320
    
    
    
    3,808,195
    
    
    
    4,686,514
    
    
    
    95,536
    
    
    
    2003
    
    
    40 yrs.1400-1440 Central Florida Parkway
    
    Orlando, FL
    
    
    
    
    
    
    518,043
    
    
    
    2,561,938
    
    
    
    291,177
    
    
    
    518,043
    
    
    
    2,853,115
    
    
    
    3,371,158
    
    
    
    525,252
    
    
    
    1962
    
    
    40 yrs.1902 Cypress Lake Drive
    
    Orlando, FL
    
    
    
    
    
    
    523,512
    
    
    
    3,191,790
    
    
    
    880,341
    
    
    
    538,512
    
    
    
    4,057,131
    
    
    
    4,595,643
    
    
    
    840,560
    
    
    
    1989
    
    
    40 yrs.2202 Taft-Vineland Road
    
    Orlando, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,786,729
    
    
    
    1,283,713
    
    
    
    5,503,016
    
    
    
    6,786,729
    
    
    
    
    
    
    
    2004
    
    
    40 yrs.2216 Directors Row
    
    Orlando, FL
    
    
    
    
    
    
    453,918
    
    
    
    2,572,202
    
    
    
    25,865
    
    
    
    453,918
    
    
    
    2,598,067
    
    
    
    3,051,985
    
    
    
    426,071
    
    
    
    1998
    
    
    40 yrs.2351 Investors Row
    
    Orlando, FL
    
    
    
    
    
    
    2,261,924
    
    
    
    7,496,249
    
    
    
    
    
    
    
    2,261,924
    
    
    
    7,496,249
    
    
    
    9,758,173
    
    
    
    
    
    
    
    2004
    
    
    40 yrs.2400 South Lake Orange Drive
    
    Orlando, FL
    
    
    
    
    
    
    385,964
    
    
    
    
    
    
    
    2,404,272
    
    
    
    642,427
    
    
    
    2,147,809
    
    
    
    2,790,236
    
    
    
    237,736
    
    
    
    2001
    
    
    40 yrs.2416 Lake Orange Drive
    
    Orlando, FL
    
    
    
    
    
    
    535,964
    
    
    
    
    
    
    
    3,155,095
    
    
    
    704,800
    
    
    
    2,986,258
    
    
    
    3,691,059
    
    
    
    466,219
    
    
    
    2002
    
    
    40 yrs.3701-3727 Vineland Road
    
    Orlando, FL
    
    
    
    
    
    
    767,929
    
    
    
    2,096,504
    
    
    
    117,817
    
    
    
    767,929
    
    
    
    2,214,322
    
    
    
    2,982,250
    
    
    
    406,444
    
    
    
    1985
    
    
    40 yrs.6501 Lee Vista Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    903,701
    
    
    
    
    
    
    
    5,541,791
    
    
    
    925,671
    
    
    
    5,519,821
    
    
    
    6,445,492
    
    
    
    471,241
    
    
    
    2001
    
    
    40 yrs.7315 Kingspointe Parkway
    
    Orlando, FL
    
    
    
    
    
    
    1,931,697
    
    
    
    6,388,203
    
    
    
    
    
    
    
    1,931,697
    
    
    
    6,388,203
    
    
    
    8,319,900
    
    
    
    
    
    
    
    2004
    
    
    40 yrs.8250 & 8256 Exchange Place
    
    Orlando, FL
    
    
    
    
    
    
    622,413
    
    
    
    2,507,842
    
    
    
    430,950
    
    
    
    622,413
    
    
    
    2,938,792
    
    
    
    3,561,205
    
    
    
    638,442
    
    
    
    1985
    
    
    40 yrs.9550 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    574,831
    
    
    
    
    
    
    
    2,149,304
    
    
    
    587,319
    
    
    
    2,136,816
    
    
    
    2,724,135
    
    
    
    467,904
    
    
    
    1999
    
    
    40 yrs.9600 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    252,850
    
    
    
    1,297,923
    
    
    
    59,310
    
    
    
    252,850
    
    
    
    1,357,233
    
    
    
    1,610,084
    
    
    
    264,526
    
    
    
    1989
    
    
    40 yrs.9700 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    405,362
    
    
    
    1,146,546
    
    
    
    350,093
    
    
    
    405,362
    
    
    
    1,496,639
    
    
    
    1,902,001
    
    
    
    280,287
    
    
    
    1989
    
    
    40 yrs.7500 West 110th Street
    
    Overland Park, KS
    
    
    
    
    
    
    2,380,493
    
    
    
    9,575,474
    
    
    
    2,562,031
    
    
    
    2,380,493
    
    
    
    12,137,505
    
    
    
    14,517,998
    
    
    
    2,029,245
    
    
    
    1983
    
    
    40 yrs.N26 W23445 Paul Road
    
    Pewaukee, WI
    
    
    
    
    
    
    561,904
    
    
    
    1,928,064
    
    
    
    61,756
    
    
    
    561,904
    
    
    
    1,989,820
    
    
    
    2,551,724
    
    
    
    240,190
    
    
    
    1985
    
    
    40 yrs.2760 Red Lion Road
    
    Philadelphia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    46,224,388
    
    
    
    3,714,814
    
    
    
    42,509,574
    
    
    
    46,224,388
    
    
    
    3,690,613
    
    
    
    2001
    
    
    40 yrs.3 Franklin Plaza
    
    Philadelphia, PA
    
    
    
    
    
    
    2,483,144
    
    
    
    
    
    
    
    32,150,134
    
    
    
    2,514,519
    
    
    
    32,118,759
    
    
    
    34,633,278
    
    
    
    4,449,311
    
    
    
    1999
    
    
    40 yrs.4751 League Island Boulevard
    
    Philadelphia, PA
    
    
    
    
    
    
    992,965
    
    
    
    331,924
    
    
    
    6,729,771
    
    
    
    1,022,081
    
    
    
    7,032,579
    
    
    
    8,054,660
    
    
    
    154,832
    
    
    
    2003
    
    
    40 yrs.8801 Tinicum Boulevard
    
    Philadelphia, PA
    
    
    
    
    
    
    2,474,031
    
    
    
    
    
    
    
    43,594,952
    
    
    
    125,087
    
    
    
    45,943,896
    
    
    
    46,068,983
    
    
    
    9,352,916
    
    
    
    1997
    
    
    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
    
    
    
    1,317,389
    
    
    
    1994
    
    
    40 yrs.2250 Hickory Road
    
    Plymouth Meeting, PA
    
    
    
    
    
    
    1,015,851
    
    
    
    9,175,555
    
    
    
    1,134,491
    
    
    
    1,015,851
    
    
    
    10,310,046
    
    
    
    11,325,897
    
    
    
    2,035,421
    
    
    
    1985
    
    
    40 yrs.14630-14650 28th Avenue North
    
    Plymouth, MN
    
    
    
    
    
    
    198,205
    
    
    
    1,793,422
    
    
    
    577,730
    
    
    
    198,205
    
    
    
    2,371,152
    
    
    
    2,569,357
    
    
    
    462,187
    
    
    
    1978
    
    
    40 yrs.2800 Campus Drive
    
    Plymouth, MN
    
    
    
    
    
    
    395,366
    
    
    
    3,554,512
    
    
    
    825,564
    
    
    
    395,366
    
    
    
    4,380,076
    
    
    
    4,775,442
    
    
    
    901,421
    
    
    
    1985
    
    
    40 yrs.2800 Northwest Boulevard
    
    Plymouth, MN
    
    
    3,963,999
    
    
    
    1,934,438
    
    
    
    10,952,503
    
    
    
    476,613
    
    
    
    1,934,438
    
    
    
    11,429,116
    
    
    
    13,363,554
    
    
    
    2,003,925
    
    
    
    1995
    
    
    40 yrs.2905 Northwest Boulevard
    
    Plymouth, MN
    
    
    
    
    
    
    516,920
    
    
    
    4,646,342
    
    
    
    1,328,847
    
    
    
    516,920
    
    
    
    5,975,189
    
    
    
    6,492,109
    
    
    
    1,308,169
    
    
    
    1983
    
    
    40 yrs.2920 Northwest Boulevard
    
    Plymouth, MN
    
    
    
    
    
    
    392,026
    
    
    
    3,433,678
    
    
    
    654,950
    
    
    
    384,235
    
    
    
    4,096,419
    
    
    
    4,480,654
    
    
    
    951,956
    
    
    
    1997
    
    
    40 yrs.2955 Xenium Lane
    
    Plymouth, MN
    
    
    
    
    
    
    151,238
    
    
    
    1,370,140
    
    
    
    381,581
    
    
    
    151,238
    
    
    
    1,751,722
    
    
    
    1,902,960
    
    
    
    496,489
    
    
    
    1985
    
    
    40 yrs.9600 54th Avenue
    
    Plymouth, MN
    
    
    
    
    
    
    332,317
    
    
    
    3,077,820
    
    
    
    336,268
    
    
    
    332,317
    
    
    
    3,414,088
    
    
    
    3,746,405
    
    
    
    531,033
    
    
    
    1998
    
    
    40 yrs.1400 SW 6th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    1,157,049
    
    
    
    4,620,956
    
    
    
    140,957
    
    
    
    1,157,049
    
    
    
    4,761,912
    
    
    
    5,918,962
    
    
    
    901,605
    
    
    
    1986
    
    
    40 yrs.1405 SW 6th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    392,138
    
    
    
    1,565,787
    
    
    
    63,579
    
    
    
    392,138
    
    
    
    1,629,366
    
    
    
    2,021,504
    
    
    
    300,396
    
    
    
    1985
    
    
    40 yrs.1500 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    972,232
    
    
    
    3,892,085
    
    
    
    154,083
    
    
    
    972,232
    
    
    
    4,046,168
    
    
    
    5,018,400
    
    
    
    728,539
    
    
    
    1957
    
    
    40 yrs.1501 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    203,247
    
    
    
    811,093
    
    
    
    34,338
    
    
    
    203,247
    
    
    
    845,431
    
    
    
    1,048,679
    
    
    
    160,528
    
    
    
    1990
    
    
    40 yrs.1601 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    203,247
    
    
    
    811,093
    
    
    
    400,403
    
    
    
    203,247
    
    
    
    1,211,496
    
    
    
    1,414,743
    
    
    
    176,296
    
    
    
    1990
    
    
    40 yrs.1651 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    203,247
    
    
    
    811,093
    
    
    
    127,445
    
    
    
    203,247
    
    
    
    938,538
    
    
    
    1,141,785
    
    
    
    178,556
    
    
    
    1990
    
    
    40 yrs.595 SW 13th Terrace
    
    Pompano Beach, FL
    
    
    
    
    
    
    359,933
    
    
    
    1,437,116
    
    
    
    80,692
    
    
    
    359,933
    
    
    
    1,517,808
    
    
    
    1,877,741
    
    
    
    263,575
    
    
    
    1984
    
    
    40 yrs.
 96




---



##### 



LIBERTY PROPERTY LIMITED
PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2004 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
    
    
    12/31/04
    
    
    12/31/04
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES601 SW 13th Terrace
    
    Pompano Beach, FL
    
    
    
    
    
    
    164,413
    
    
    
    655,933
    
    
    
    24,624
    
    
    
    164,413
    
    
    
    680,558
    
    
    
    844,970
    
    
    
    117,197
    
    
    
    1984
    
    
    40 yrs.605 SW 16th Terrace
    
    Pompano Beach, FL
    
    
    
    
    
    
    310,778
    
    
    
    1,238,324
    
    
    
    29,671
    
    
    
    310,178
    
    
    
    1,268,595
    
    
    
    1,578,773
    
    
    
    216,976
    
    
    
    1965
    
    
    40 yrs.100 Westgate Parkway
    
    Richmond, VA
    
    
    
    
    
    
    1,140,648
    
    
    
    101,824
    
    
    
    8,397,149
    
    
    
    1,456,084
    
    
    
    8,183,537
    
    
    
    9,639,621
    
    
    
    779,023
    
    
    
    2001
    
    
    40 yrs.10800 Nuckols Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    1,432,462
    
    
    
    
    
    
    
    14,420,839
    
    
    
    1,794,162
    
    
    
    14,059,139
    
    
    
    15,853,301
    
    
    
    1,726,284
    
    
    
    2000
    
    
    40 yrs.12730 Kingston Avenue
    
    Richmond, VA
    
    
    
    
    
    
    171,053
    
    
    
    
    
    
    
    8,200,764
    
    
    
    1,201,072
    
    
    
    7,170,745
    
    
    
    8,371,817
    
    
    
    610,986
    
    
    
    2001
    
    
    40 yrs.13001 Kingston Avenue
    
    Richmond, VA
    
    
    
    
    
    
    376,584
    
    
    
    
    
    
    
    2,032,172
    
    
    
    376,701
    
    
    
    2,032,055
    
    
    
    2,408,756
    
    
    
    416,723
    
    
    
    1998
    
    
    40 yrs.200 Westgate Parkway
    
    Richmond, VA
    
    
    
    
    
    
    1,623,612
    
    
    
    
    
    
    
    5,783,330
    
    
    
    1,072,797
    
    
    
    6,334,146
    
    
    
    7,406,943
    
    
    
    433,621
    
    
    
    2002
    
    
    40 yrs.2300 East Parham Road
    
    Richmond, VA
    
    
    
    
    
    
    221,947
    
    
    
    1,011,088
    
    
    
    2,443
    
    
    
    221,947
    
    
    
    1,013,531
    
    
    
    1,235,478
    
    
    
    257,478
    
    
    
    1988
    
    
    40 yrs.301 Hill Carter Parkway
    
    Richmond, VA
    
    
    
    
    
    
    659,456
    
    
    
    4,836,010
    
    
    
    
    
    
    
    659,456
    
    
    
    4,836,010
    
    
    
    5,495,466
    
    
    
    1,188,981
    
    
    
    1989
    
    
    40 yrs.3829-3855 Gaskins Road
    
    Richmond, VA
    
    
    
    
    
    
    364,165
    
    
    
    3,264,114
    
    
    
    38,609
    
    
    
    364,165
    
    
    
    3,302,724
    
    
    
    3,666,889
    
    
    
    559,353
    
    
    
    1988
    
    
    40 yrs.4001 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    29,443
    
    
    
    215,914
    
    
    
    272,403
    
    
    
    29,443
    
    
    
    488,317
    
    
    
    517,760
    
    
    
    79,129
    
    
    
    1935
    
    
    40 yrs.4101-4127 Carolina Avenue
    
    Richmond, VA
    
    
    *
    
    
    
    310,854
    
    
    
    2,279,597
    
    
    
    419,834
    
    
    
    310,854
    
    
    
    2,699,431
    
    
    
    3,010,285
    
    
    
    579,809
    
    
    
    1973
    
    
    40 yrs.4201-4261 Carolina Avenue
    
    Richmond, VA
    
    
    *
    
    
    
    693,203
    
    
    
    5,083,493
    
    
    
    844,225
    
    
    
    693,203
    
    
    
    5,927,718
    
    
    
    6,620,921
    
    
    
    1,545,581
    
    
    
    1975
    
    
    40 yrs.4263-4299 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    256,203
    
    
    
    2,549,649
    
    
    
    1,437,709
    
    
    
    256,203
    
    
    
    3,987,358
    
    
    
    4,243,561
    
    
    
    885,734
    
    
    
    1976
    
    
    40 yrs.4263F-N. Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    91,476
    
    
    
    
    
    
    
    1,637,230
    
    
    
    91,599
    
    
    
    1,637,107
    
    
    
    1,728,706
    
    
    
    361,254
    
    
    
    1975
    
    
    40 yrs.4300 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    2,007,717
    
    
    
    14,927,608
    
    
    
    437,417
    
    
    
    2,009,136
    
    
    
    15,363,606
    
    
    
    17,372,742
    
    
    
    3,724,425
    
    
    
    1985
    
    
    40 yrs.4301-4335 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    223,696
    
    
    
    1,640,435
    
    
    
    183,934
    
    
    
    223,696
    
    
    
    1,824,369
    
    
    
    2,048,065
    
    
    
    427,253
    
    
    
    1978
    
    
    40 yrs.4337-4379 Carolina Avenue
    
    Richmond, VA
    
    
    *
    
    
    
    325,303
    
    
    
    2,385,557
    
    
    
    843,497
    
    
    
    325,303
    
    
    
    3,229,054
    
    
    
    3,554,357
    
    
    
    1,051,720
    
    
    
    1979
    
    
    40 yrs.4401-4445 Carolina Avenue
    
    Richmond, VA
    
    
    *
    
    
    
    615,038
    
    
    
    4,510,272
    
    
    
    397,983
    
    
    
    615,038
    
    
    
    4,908,255
    
    
    
    5,523,293
    
    
    
    1,168,011
    
    
    
    1988
    
    
    40 yrs.4447-4491 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    454,056
    
    
    
    2,729,742
    
    
    
    293,897
    
    
    
    454,056
    
    
    
    3,023,639
    
    
    
    3,477,695
    
    
    
    763,036
    
    
    
    1987
    
    
    40 yrs.4501-4549 Carolina Avenue
    
    Richmond, VA
    
    
    *
    
    
    
    486,166
    
    
    
    3,565,211
    
    
    
    255,638
    
    
    
    486,166
    
    
    
    3,820,849
    
    
    
    4,307,015
    
    
    
    932,619
    
    
    
    1981
    
    
    40 yrs.4551-4593 Carolina Avenue
    
    Richmond, VA
    
    
    *
    
    
    
    474,360
    
    
    
    3,478,646
    
    
    
    184,835
    
    
    
    474,360
    
    
    
    3,663,481
    
    
    
    4,137,841
    
    
    
    892,075
    
    
    
    1982
    
    
    40 yrs.4601-4643 Carolina Avenue
    
    Richmond, VA
    
    
    *
    
    
    
    652,455
    
    
    
    4,784,675
    
    
    
    488,112
    
    
    
    652,455
    
    
    
    5,272,787
    
    
    
    5,925,242
    
    
    
    1,464,700
    
    
    
    1985
    
    
    40 yrs.4645-4683 Carolina Avenue
    
    Richmond, VA
    
    
    *
    
    
    
    404,616
    
    
    
    2,967,187
    
    
    
    1,073,324
    
    
    
    404,616
    
    
    
    4,040,511
    
    
    
    4,445,127
    
    
    
    1,584,800
    
    
    
    1985
    
    
    40 yrs.4717-4729 Eubank Road
    
    Richmond, VA
    
    
    *
    
    
    
    449,447
    
    
    
    3,294,697
    
    
    
    444,420
    
    
    
    452,263
    
    
    
    3,736,301
    
    
    
    4,188,564
    
    
    
    856,410
    
    
    
    1978
    
    
    40 yrs.510 Eastpark Court
    
    Richmond, VA
    
    
    
    
    
    
    261,961
    
    
    
    2,110,874
    
    
    
    294,549
    
    
    
    262,210
    
    
    
    2,405,174
    
    
    
    2,667,384
    
    
    
    604,975
    
    
    
    1989
    
    
    40 yrs.520 Eastpark Court
    
    Richmond, VA
    
    
    
    
    
    
    486,118
    
    
    
    4,083,582
    
    
    
    223,136
    
    
    
    486,598
    
    
    
    4,306,238
    
    
    
    4,792,836
    
    
    
    917,952
    
    
    
    1989
    
    
    40 yrs.530 Eastpark Court
    
    Richmond, VA
    
    
    
    
    
    
    266,883
    
    
    
    
    
    
    
    2,823,814
    
    
    
    334,772
    
    
    
    2,755,925
    
    
    
    3,090,697
    
    
    
    774,530
    
    
    
    1999
    
    
    40 yrs.5600-5626 Eastport Boulevard
    
    Richmond, VA
    
    
    *
    
    
    
    489,941
    
    
    
    3,592,900
    
    
    
    169,694
    
    
    
    489,941
    
    
    
    3,762,594
    
    
    
    4,252,535
    
    
    
    968,862
    
    
    
    1989
    
    
    40 yrs.5601-5659 Eastport Boulevard
    
    Richmond, VA
    
    
    *
    
    
    
    705,660
    
    
    
    
    
    
    
    4,687,838
    
    
    
    720,100
    
    
    
    4,673,398
    
    
    
    5,393,498
    
    
    
    1,386,533
    
    
    
    1996
    
    
    40 yrs.5650-5674 Eastport Boulevard
    
    Richmond, VA
    
    
    *
    
    
    
    644,384
    
    
    
    4,025,480
    
    
    
    210,079
    
    
    
    644,384
    
    
    
    4,235,559
    
    
    
    4,879,943
    
    
    
    1,168,395
    
    
    
    1990
    
    
    40 yrs.5700 Eastport Boulevard
    
    Richmond, VA
    
    
    *
    
    
    
    408,729
    
    
    
    2,697,348
    
    
    
    60,545
    
    
    
    408,729
    
    
    
    2,757,893
    
    
    
    3,166,622
    
    
    
    681,183
    
    
    
    1990
    
    
    40 yrs.5701-5799 Eastport Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    694,644
    
    
    
    
    
    
    
    5,610,819
    
    
    
    700,503
    
    
    
    5,604,961
    
    
    
    6,305,463
    
    
    
    1,324,210
    
    
    
    1998
    
    
    40 yrs.5900 Eastport Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    676,661
    
    
    
    
    
    
    
    4,801,772
    
    
    
    687,898
    
    
    
    4,790,535
    
    
    
    5,478,433
    
    
    
    983,467
    
    
    
    1997
    
    
    40 yrs.701 Liberty Way
    
    Richmond, VA
    
    
    *
    
    
    
    171,711
    
    
    
    
    
    
    
    5,003,733
    
    
    
    1,188,857
    
    
    
    3,986,587
    
    
    
    5,175,444
    
    
    
    638,667
    
    
    
    1999
    
    
    40 yrs.801 Liberty Way
    
    Richmond, VA
    
    
    *
    
    
    
    780,000
    
    
    
    
    
    
    
    6,409,212
    
    
    
    785,059
    
    
    
    6,404,153
    
    
    
    7,189,212
    
    
    
    1,072,551
    
    
    
    1999
    
    
    40 yrs.12 S. Third Street
    
    Richmond, VA
    
    
    
    
    
    
    40,539
    
    
    
    184,682
    
    
    
    14,061
    
    
    
    40,539
    
    
    
    198,743
    
    
    
    239,282
    
    
    
    47,251
    
    
    
    1900
    
    
    40 yrs.1751 Blue Hills Drive Expansion
    
    Roanoke, VA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,873,660
    
    
    
    
    
    
    
    4,873,660
    
    
    
    4,873,660
    
    
    
    150,211
    
    
    
    2003
    
    
    40 yrs.1751 Bluehills Drive
    
    Roanoke, VA
    
    
    
    
    
    
    1,063,728
    
    
    
    8,500,677
    
    
    
    
    
    
    
    1,063,728
    
    
    
    8,500,677
    
    
    
    9,564,405
    
    
    
    2,073,971
    
    
    
    1991
    
    
    40 yrs.6509 Franz Warner Parkway
    
    Rock Creek, NC
    
    
    
    
    
    
    360,494
    
    
    
    
    
    
    
    2,822,351
    
    
    
    372,494
    
    
    
    2,810,351
    
    
    
    3,182,845
    
    
    
    309,674
    
    
    
    2001
    
    
    40 yrs.6530 Judge Adams Road
    
    Rock Creek, NC
    
    
    
    
    
    
    305,821
    
    
    
    
    
    
    
    4,458,196
    
    
    
    335,061
    
    
    
    4,428,955
    
    
    
    4,764,016
    
    
    
    683,331
    
    
    
    1999
    
    
    40 yrs.6532 Judge Adams Road
    
    Rock Creek, NC
    
    
    
    
    
    
    354,903
    
    
    
    
    
    
    
    3,718,126
    
    
    
    399,988
    
    
    
    3,673,042
    
    
    
    4,073,029
    
    
    
    721,507
    
    
    
    1997
    
    
    40 yrs.38000 Ecourse Road
    
    Romulus, MI
    
    
    
    
    
    
    807,660
    
    
    
    
    
    
    
    12,732,027
    
    
    
    1,053,337
    
    
    
    12,486,350
    
    
    
    13,539,687
    
    
    
    1,665,279
    
    
    
    2001
    
    
    40 yrs.38100 Ecorse Road
    
    Romulus, MI
    
    
    
    
    
    
    955,063
    
    
    
    
    
    
    
    7,899,055
    
    
    
    853,063
    
    
    
    8,001,055
    
    
    
    8,854,118
    
    
    
    875,737
    
    
    
    2000
    
    
    40 yrs.26911-26957 Northwestern Highway
    
    Southfield, MI
    
    
    
    
    
    
    7,799,515
    
    
    
    66,268,817
    
    
    
    8,201,840
    
    
    
    7,799,515
    
    
    
    74,470,657
    
    
    
    82,270,172
    
    
    
    14,333,308
    
    
    
    1985
    
    
    40 yrs.13630 NW 8th Street
    
    Sunrise, FL
    
    
    
    
    
    
    659,797
    
    
    
    2,596,275
    
    
    
    524,972
    
    
    
    659,825
    
    
    
    3,121,218
    
    
    
    3,781,043
    
    
    
    560,561
    
    
    
    1991
    
    
    40 yrs.13650 NW 8th Street
    
    Sunrise, FL
    
    
    
    
    
    
    558,223
    
    
    
    2,171,930
    
    
    
    307,428
    
    
    
    558,251
    
    
    
    2,479,330
    
    
    
    3,037,581
    
    
    
    468,837
    
    
    
    1991
    
    
    40 yrs.111 Kelsey Lane
    
    Tampa, FL
    
    
    
    
    
    
    359,540
    
    
    
    1,461,850
    
    
    
    633,609
    
    
    
    359,540
    
    
    
    2,095,459
    
    
    
    2,454,999
    
    
    
    537,049
    
    
    
    1990
    
    
    40 yrs.131 Kelsey Lane
    
    Tampa, FL
    
    
    
    
    
    
    511,463
    
    
    
    
    
    
    
    4,455,291
    
    
    
    559,527
    
    
    
    4,407,227
    
    
    
    4,966,754
    
    
    
    1,292,292
    
    
    
    1985
    
    
    40 yrs.3102,3104,3110 Cherry Palm Drive
    
    Tampa, FL
    
    
    
    
    
    
    503,767
    
    
    
    2,787,585
    
    
    
    979,214
    
    
    
    953,707
    
    
    
    3,316,860
    
    
    
    4,270,566
    
    
    
    893,108
    
    
    
    1986
    
    
    40 yrs.3501 Riga Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    617,289
    
    
    
    3,048,379
    
    
    
    388,738
    
    
    
    617,289
    
    
    
    3,437,117
    
    
    
    4,054,406
    
    
    
    776,505
    
    
    
    1987
    
    
    40 yrs.4502 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,005,900
    
    
    
    1,071,535
    
    
    
    2,934,365
    
    
    
    4,005,900
    
    
    
    381,692
    
    
    
    1999
    
    
    40 yrs.4503 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,454,328
    
    
    
    619,913
    
    
    
    2,834,415
    
    
    
    3,454,328
    
    
    
    220,789
    
    
    
    2002
    
    
    40 yrs.4505 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,891,079
    
    
    
    716,594
    
    
    
    2,174,485
    
    
    
    2,891,079
    
    
    
    272,352
    
    
    
    2002
    
    
    40 yrs.4508 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    498,598
    
    
    
    
    
    
    
    3,057,752
    
    
    
    556,887
    
    
    
    2,999,463
    
    
    
    3,556,350
    
    
    
    388,802
    
    
    
    2000
    
    
    40 yrs.4511 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,840,907
    
    
    
    686,594
    
    
    
    2,154,313
    
    
    
    2,840,907
    
    
    
    230,884
    
    
    
    2002
    
    
    40 yrs.4520 Seedling Circle
    
    Tampa, FL
    
    
    
    
    
    
    854,797
    
    
    
    42,131
    
    
    
    2,750,436
    
    
    
    854,797
    
    
    
    2,792,567
    
    
    
    3,647,364
    
    
    
    47,748
    
    
    
    2003
    
    
    40 yrs.4630 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    943,169
    
    
    
    
    
    
    
    12,592,708
    
    
    
    1,560,099
    
    
    
    11,975,778
    
    
    
    13,535,877
    
    
    
    1,639,253
    
    
    
    2000
    
    
    40 yrs.5250 Eagle Trail Drive
    
    Tampa, FL
    
    
    
    
    
    
    952,860
    
    
    
    
    
    
    
    3,501,917
    
    
    
    952,860
    
    
    
    3,501,917
    
    
    
    4,454,776
    
    
    
    541,160
    
    
    
    1998
    
    
    40 yrs.5501-5519 Pioneer Park Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    162,000
    
    
    
    1,613,000
    
    
    
    240,498
    
    
    
    262,416
    
    
    
    1,753,083
    
    
    
    2,015,498
    
    
    
    495,324
    
    
    
    1981
    
    
    40 yrs.5690-5694 Crenshaw Street
    
    Tampa, FL
    
    
    
    
    
    
    181,923
    
    
    
    1,812,496
    
    
    
    217,470
    
    
    
    181,923
    
    
    
    2,029,967
    
    
    
    2,211,890
    
    
    
    508,790
    
    
    
    1979
    
    
    40 yrs.701-725 South US Hwy 301
    
    Tampa, FL
    
    
    
    
    
    
    419,683
    
    
    
    
    
    
    
    3,673,313
    
    
    
    661,680
    
    
    
    3,431,316
    
    
    
    4,092,996
    
    
    
    760,116
    
    
    
    2000
    
    
    40 yrs.
 97




---



##### 



LIBERTY PROPERTY LIMITED
PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2004 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
    
    
    12/31/04
    
    
    12/31/04
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES7621 Bald Cypress Place (Bldg N)
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,482,613
    
    
    
    447,498
    
    
    
    1,035,115
    
    
    
    1,482,613
    
    
    
    58,088
    
    
    
    2001
    
    
    40 yrs.7622 Bald Cypress Place
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,305,584
    
    
    
    300,000
    
    
    
    1,005,584
    
    
    
    1,305,584
    
    
    
    117,701
    
    
    
    2000
    
    
    40 yrs.7724 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    235,893
    
    
    
    
    
    
    
    2,110,936
    
    
    
    235,894
    
    
    
    2,110,936
    
    
    
    2,346,829
    
    
    
    488,364
    
    
    
    1998
    
    
    40 yrs.7725 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    553,335
    
    
    
    
    
    
    
    3,345,476
    
    
    
    771,501
    
    
    
    3,127,310
    
    
    
    3,898,811
    
    
    
    441,574
    
    
    
    1999
    
    
    40 yrs.7802-50 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    357,364
    
    
    
    
    
    
    
    2,711,761
    
    
    
    506,949
    
    
    
    2,562,177
    
    
    
    3,069,125
    
    
    
    762,628
    
    
    
    1999
    
    
    40 yrs.7852-98 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    357,364
    
    
    
    
    
    
    
    2,692,052
    
    
    
    506,949
    
    
    
    2,542,467
    
    
    
    3,049,416
    
    
    
    759,776
    
    
    
    1999
    
    
    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
    
    
    
    496,533
    
    
    
    1997
    
    
    40 yrs.7930, 8010-20 Woodland Center Boulevard
    
    Tampa, FL
    
    
    *
    
    
    
    1,408,478
    
    
    
    5,247,246
    
    
    
    483,844
    
    
    
    1,408,478
    
    
    
    5,731,091
    
    
    
    7,139,568
    
    
    
    1,229,154
    
    
    
    1990
    
    
    40 yrs.8001 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    350,406
    
    
    
    
    
    
    
    2,402,272
    
    
    
    438,061
    
    
    
    2,314,617
    
    
    
    2,752,678
    
    
    
    331,984
    
    
    
    1999
    
    
    40 yrs.8112-42 Woodland Center Boulevard
    
    Tampa, FL
    
    
    *
    
    
    
    513,263
    
    
    
    3,230,239
    
    
    
    111,571
    
    
    
    513,263
    
    
    
    3,341,811
    
    
    
    3,855,073
    
    
    
    649,879
    
    
    
    1995
    
    
    40 yrs.8154-8198 Woodland Center Boulevard
    
    Tampa, FL
    
    
    *
    
    
    
    399,088
    
    
    
    2,868,834
    
    
    
    201,859
    
    
    
    399,088
    
    
    
    3,070,692
    
    
    
    3,469,781
    
    
    
    664,277
    
    
    
    1988
    
    
    40 yrs.8212 Woodland Center Boulevard
    
    Tampa, FL
    
    
    *
    
    
    
    820,882
    
    
    
    2,322,720
    
    
    
    14,210
    
    
    
    820,882
    
    
    
    2,336,931
    
    
    
    3,157,813
    
    
    
    447,089
    
    
    
    1996
    
    
    40 yrs.8401-8408 Benjamin Road
    
    Tampa, FL
    
    
    
    
    
    
    789,651
    
    
    
    4,454,648
    
    
    
    1,880,322
    
    
    
    789,651
    
    
    
    6,334,969
    
    
    
    7,124,621
    
    
    
    1,639,869
    
    
    
    1986
    
    
    40 yrs.8921 Brittany Way
    
    Tampa, FL
    
    
    
    
    
    
    224,369
    
    
    
    1,063,882
    
    
    
    858,376
    
    
    
    254,493
    
    
    
    1,892,134
    
    
    
    2,146,627
    
    
    
    324,762
    
    
    
    1998
    
    
    40 yrs.9001-9015 Brittany Way
    
    Tampa, FL
    
    
    
    
    
    
    209,841
    
    
    
    
    
    
    
    1,555,906
    
    
    
    364,514
    
    
    
    1,401,234
    
    
    
    1,765,748
    
    
    
    248,374
    
    
    
    2000
    
    
    40 yrs.901-933 US Highway 301 South
    
    Tampa, FL
    
    
    
    
    
    
    500,391
    
    
    
    
    
    
    
    4,023,528
    
    
    
    840,314
    
    
    
    3,683,605
    
    
    
    4,523,919
    
    
    
    613,336
    
    
    
    2001
    
    
    40 yrs.100 West Big Beaver Road
    
    Troy, MI
    
    
    
    
    
    
    2,113,006
    
    
    
    19,057,355
    
    
    
    1,302,961
    
    
    
    2,113,006
    
    
    
    20,360,316
    
    
    
    22,473,321
    
    
    
    3,726,658
    
    
    
    1987
    
    
    40 yrs.1070 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    68,560
    
    
    
    620,595
    
    
    
    105,135
    
    
    
    68,563
    
    
    
    725,726
    
    
    
    794,290
    
    
    
    145,673
    
    
    
    1982
    
    
    40 yrs.1101 Allen Drive
    
    Troy, MI
    
    
    
    
    
    
    98,144
    
    
    
    887,935
    
    
    
    326,837
    
    
    
    98,148
    
    
    
    1,214,768
    
    
    
    1,312,916
    
    
    
    206,426
    
    
    
    1974
    
    
    40 yrs.1151 Allen Drive
    
    Troy, MI
    
    
    
    
    
    
    164,483
    
    
    
    1,486,220
    
    
    
    209,271
    
    
    
    164,486
    
    
    
    1,695,487
    
    
    
    1,859,974
    
    
    
    403,219
    
    
    
    1974
    
    
    40 yrs.1290 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    85,321
    
    
    
    771,621
    
    
    
    61,489
    
    
    
    85,325
    
    
    
    833,106
    
    
    
    918,431
    
    
    
    149,906
    
    
    
    1984
    
    
    40 yrs.1300 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    134,090
    
    
    
    1,212,752
    
    
    
    371,530
    
    
    
    134,094
    
    
    
    1,584,278
    
    
    
    1,718,372
    
    
    
    455,124
    
    
    
    1979
    
    
    40 yrs.1301-1307 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    111,776
    
    
    
    1,011,121
    
    
    
    128,143
    
    
    
    111,779
    
    
    
    1,139,260
    
    
    
    1,251,040
    
    
    
    213,729
    
    
    
    1978
    
    
    40 yrs.1304 E Maple Road
    
    Troy, MI
    
    
    
    
    
    
    211,233
    
    
    
    1,906,786
    
    
    
    315,969
    
    
    
    211,236
    
    
    
    2,222,752
    
    
    
    2,433,988
    
    
    
    401,759
    
    
    
    1971
    
    
    40 yrs.1311-1331 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    125,407
    
    
    
    1,132,810
    
    
    
    204,037
    
    
    
    125,410
    
    
    
    1,336,843
    
    
    
    1,462,254
    
    
    
    308,758
    
    
    
    1986
    
    
    40 yrs.1324-1346 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    134,090
    
    
    
    1,212,214
    
    
    
    117,782
    
    
    
    134,094
    
    
    
    1,329,992
    
    
    
    1,464,086
    
    
    
    231,121
    
    
    
    1979
    
    
    40 yrs.1334 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    124,296
    
    
    
    1,122,802
    
    
    
    17,977
    
    
    
    124,300
    
    
    
    1,140,775
    
    
    
    1,265,075
    
    
    
    218,201
    
    
    
    1983
    
    
    40 yrs.1350 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    111,776
    
    
    
    1,011,497
    
    
    
    112,981
    
    
    
    111,779
    
    
    
    1,124,475
    
    
    
    1,236,254
    
    
    
    232,935
    
    
    
    1979
    
    
    40 yrs.1352-1374 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    153,275
    
    
    
    1,385,098
    
    
    
    206,979
    
    
    
    153,279
    
    
    
    1,592,074
    
    
    
    1,745,352
    
    
    
    326,833
    
    
    
    1979
    
    
    40 yrs.1376-1400 Rankin Street
    
    Troy, MI
    
    
    
    
    
    
    134,292
    
    
    
    1,213,626
    
    
    
    221,099
    
    
    
    134,296
    
    
    
    1,434,721
    
    
    
    1,569,017
    
    
    
    282,776
    
    
    
    1979
    
    
    40 yrs.1409 Allen Drive
    
    Troy, MI
    
    
    
    
    
    
    142,370
    
    
    
    1,286,048
    
    
    
    398,593
    
    
    
    142,374
    
    
    
    1,684,638
    
    
    
    1,827,011
    
    
    
    359,092
    
    
    
    1978
    
    
    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
    
    
    
    387,667
    
    
    
    1982
    
    
    40 yrs.1650 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    763,067
    
    
    
    7,201,677
    
    
    
    276,080
    
    
    
    763,067
    
    
    
    7,477,757
    
    
    
    8,240,823
    
    
    
    1,383,162
    
    
    
    1985
    
    
    40 yrs.1775 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    331,422
    
    
    
    2,788,073
    
    
    
    50,550
    
    
    
    331,422
    
    
    
    2,838,623
    
    
    
    3,170,045
    
    
    
    538,103
    
    
    
    1985
    
    
    40 yrs.1850 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    781,054
    
    
    
    7,364,300
    
    
    
    1,944,873
    
    
    
    781,054
    
    
    
    9,309,173
    
    
    
    10,090,226
    
    
    
    1,679,342
    
    
    
    1986
    
    
    40 yrs.1875 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    329,863
    
    
    
    2,774,006
    
    
    
    121,445
    
    
    
    329,863
    
    
    
    2,895,451
    
    
    
    3,225,314
    
    
    
    582,263
    
    
    
    1986
    
    
    40 yrs.1940 Norwood Drive
    
    Troy, MI
    
    
    
    
    
    
    86,836
    
    
    
    785,267
    
    
    
    87,637
    
    
    
    86,839
    
    
    
    872,901
    
    
    
    959,740
    
    
    
    167,421
    
    
    
    1983
    
    
    40 yrs.1960 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    419,146
    
    
    
    3,579,166
    
    
    
    617,177
    
    
    
    419,146
    
    
    
    4,196,343
    
    
    
    4,615,489
    
    
    
    798,641
    
    
    
    1987
    
    
    40 yrs.1965 Research Drive
    
    Troy, MI
    
    
    
    
    
    
    419,090
    
    
    
    3,578,928
    
    
    
    179,158
    
    
    
    419,090
    
    
    
    3,758,086
    
    
    
    4,177,177
    
    
    
    783,794
    
    
    
    1987
    
    
    40 yrs.2354 Bellingham Street
    
    Troy, MI
    
    
    
    
    
    
    87,340
    
    
    
    789,817
    
    
    
    19,928
    
    
    
    87,344
    
    
    
    809,741
    
    
    
    897,085
    
    
    
    150,067
    
    
    
    1990
    
    
    40 yrs.2360 Bellingham Street
    
    Troy, MI
    
    
    
    
    
    
    87,340
    
    
    
    789,817
    
    
    
    58,250
    
    
    
    87,344
    
    
    
    848,063
    
    
    
    935,407
    
    
    
    151,781
    
    
    
    1985
    
    
    40 yrs.2475-2479 Elliot Avenue
    
    Troy, MI
    
    
    
    
    
    
    128,808
    
    
    
    516,393
    
    
    
    79,655
    
    
    
    128,808
    
    
    
    596,049
    
    
    
    724,856
    
    
    
    98,907
    
    
    
    1984
    
    
    40 yrs.2600 Bellingham Drive
    
    Troy, MI
    
    
    
    
    
    
    1,796,869
    
    
    
    
    
    
    
    4,095,318
    
    
    
    1,938,746
    
    
    
    3,953,441
    
    
    
    5,892,187
    
    
    
    697,920
    
    
    
    2002
    
    
    40 yrs.2710 Bellingham Drive
    
    Troy, MI
    
    
    
    
    
    
    1,796,869
    
    
    
    
    
    
    
    4,202,266
    
    
    
    1,938,746
    
    
    
    4,060,389
    
    
    
    5,999,135
    
    
    
    631,325
    
    
    
    2002
    
    
    40 yrs.50 West Big Beaver Road
    
    Troy, MI
    
    
    
    
    
    
    2,159,678
    
    
    
    19,481,454
    
    
    
    1,736,053
    
    
    
    2,159,678
    
    
    
    21,217,507
    
    
    
    23,377,185
    
    
    
    3,895,457
    
    
    
    1987
    
    
    40 yrs.894 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    181,749
    
    
    
    1,632,243
    
    
    
    793,414
    
    
    
    181,753
    
    
    
    2,425,653
    
    
    
    2,607,406
    
    
    
    348,050
    
    
    
    1986
    
    
    40 yrs.950 Maplelawn Road
    
    Troy, MI
    
    
    
    
    
    
    252,429
    
    
    
    2,265,259
    
    
    
    183,701
    
    
    
    252,433
    
    
    
    2,448,957
    
    
    
    2,701,389
    
    
    
    477,999
    
    
    
    1982
    
    
    40 yrs.1457 Miller Store Road
    
    Virginia Beach, VA
    
    
    1,768,123
    
    
    
    473,689
    
    
    
    2,663,045
    
    
    
    307,363
    
    
    
    474,746
    
    
    
    2,969,352
    
    
    
    3,444,097
    
    
    
    93,691
    
    
    
    2003
    
    
    40 yrs.200 Golden Oak Court
    
    Virginia Beach, VA
    
    
    *
    
    
    
    1,116,693
    
    
    
    6,770,480
    
    
    
    896,506
    
    
    
    1,116,693
    
    
    
    7,666,986
    
    
    
    8,783,679
    
    
    
    1,491,731
    
    
    
    1988
    
    
    40 yrs.208 Golden Oak Court
    
    Virginia Beach, VA
    
    
    *
    
    
    
    965,177
    
    
    
    6,728,717
    
    
    
    1,036,448
    
    
    
    965,177
    
    
    
    7,765,165
    
    
    
    8,730,342
    
    
    
    1,449,257
    
    
    
    1989
    
    
    40 yrs.2809 South Lynnhaven Road
    
    Virginia Beach, VA
    
    
    
    
    
    
    953,590
    
    
    
    6,142,742
    
    
    
    880,124
    
    
    
    953,590
    
    
    
    7,022,867
    
    
    
    7,976,456
    
    
    
    1,332,178
    
    
    
    1987
    
    
    40 yrs.3432 Holland Road
    
    Virginia Beach, VA
    
    
    
    
    
    
    173,527
    
    
    
    790,515
    
    
    
    2,462
    
    
    
    173,527
    
    
    
    792,977
    
    
    
    966,504
    
    
    
    194,484
    
    
    
    1989
    
    
    40 yrs.484 Viking Drive
    
    Virginia Beach, VA
    
    
    
    
    
    
    891,753
    
    
    
    3,607,890
    
    
    
    362,521
    
    
    
    891,753
    
    
    
    3,970,411
    
    
    
    4,862,164
    
    
    
    731,699
    
    
    
    1987
    
    
    40 yrs.5700 Cleveland Street
    
    Virginia Beach, VA
    
    
    
    
    
    
    700,112
    
    
    
    9,592,721
    
    
    
    1,575,657
    
    
    
    700,564
    
    
    
    11,167,926
    
    
    
    11,868,491
    
    
    
    2,156,054
    
    
    
    1989
    
    
    40 yrs.629 Phoenix Drive
    
    Virginia Beach, VA
    
    
    
    
    
    
    371,694
    
    
    
    2,108,097
    
    
    
    138,608
    
    
    
    371,694
    
    
    
    2,246,705
    
    
    
    2,618,399
    
    
    
    382,744
    
    
    
    1996
    
    
    40 yrs.11020 West Plank Court
    
    Wauwatosa, WI
    
    
    
    
    
    
    464,246
    
    
    
    3,230,511
    
    
    
    (519,943
    )
    
    
    464,246
    
    
    
    2,710,568
    
    
    
    3,174,814
    
    
    
    373,611
    
    
    
    1985
    
    
    40 yrs.1200 Liberty Ridge Drive
    
    Wayne, PA
    
    
    
    
    
    
    6,215,667
    
    
    
    
    
    
    
    8,553,519
    
    
    
    5,223,660
    
    
    
    9,545,525
    
    
    
    14,769,185
    
    
    
    1,513,725
    
    
    
    2001
    
    
    40 yrs.1500 Liberty Ridge
    
    Wayne, PA
    
    
    
    
    
    
    8,287,555
    
    
    
    
    
    
    
    30,973,115
    
    
    
    11,636,499
    
    
    
    27,624,172
    
    
    
    39,260,671
    
    
    
    2,030,089
    
    
    
    2002
    
    
    40 yrs.825 Duportail Road
    
    Wayne, PA
    
    
    
    
    
    
    5,536,619
    
    
    
    16,179,213
    
    
    
    525,252
    
    
    
    5,539,281
    
    
    
    16,701,804
    
    
    
    22,241,085
    
    
    
    2,005,533
    
    
    
    1979
    
    
    40 yrs.400-500 Brandywine Parkway
    
    West Chester, PA
    
    
    
    
    
    
    845,846
    
    
    
    6,809,025
    
    
    
    451,426
    
    
    
    845,846
    
    
    
    7,260,451
    
    
    
    8,106,297
    
    
    
    1,349,237
    
    
    
    1988
    
    
    40 yrs.600 Brandywine Parkway
    
    West Chester, PA
    
    
    
    
    
    
    664,899
    
    
    
    5,352,410
    
    
    
    709,101
    
    
    
    664,899
    
    
    
    6,061,511
    
    
    
    6,726,410
    
    
    
    1,177,902
    
    
    
    1988
    
    
    40 yrs.905 Airport Road
    
    West Chester, PA
    
    
    
    
    
    
    1,715,000
    
    
    
    5,185,000
    
    
    
    864,858
    
    
    
    1,735,012
    
    
    
    6,029,846
    
    
    
    7,764,858
    
    
    
    1,928,326
    
    
    
    1988
    
    
    40 yrs.
 98




---



##### 



LIBERTY PROPERTY LIMITED
PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2004 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
    
    
    12/31/04
    
    
    12/31/04
    
    
    Acquisition
    
    
    (years)OPERATING PROPERTIES3612 La Grange Parkway
    
    Williamsburg, VA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    5,628,586
    
    
    
    887,234
    
    
    
    4,741,352
    
    
    
    5,628,586
    
    
    
    41,735
    
    
    
    2003
    
    
    40 yrs.7805 Hudson Road
    
    Woodbury, MN
    
    
    
    
    
    
    1,279,834
    
    
    
    
    
    
    
    10,338,901
    
    
    
    1,385,739
    
    
    
    10,232,996
    
    
    
    11,618,735
    
    
    
    1,056,444
    
    
    
    2002
    
    
    40 yrs.1 Tower View
    
    West Malling, UK
    
    
    13,237,650
    
    
    
    1,790,921
    
    
    
    7,080,179
    
    
    
    1,074,240
    
    
    
    2,131,087
    
    
    
    8,001,048
    
    
    
    10,132,135
    
    
    
    313,575
    
    
    
    2003
    
    
    40 yrs.10 Kings Hill Avenue
    
    West Malling, UK
    
    
    
    
    
    
    983,547
    
    
    
    
    
    
    
    7,690,168
    
    
    
    2,073,596
    
    
    
    6,600,119
    
    
    
    8,673,715
    
    
    
    1,275,031
    
    
    
    1998
    
    
    40 yrs.11 Tower View
    
    West Malling, UK
    
    
    
    
    
    
    2,338,963
    
    
    
    7,608,910
    
    
    
    1,399,181
    
    
    
    2,740,252
    
    
    
    8,812,544
    
    
    
    11,552,796
    
    
    
    346,249
    
    
    
    2003
    
    
    40 yrs.17 Kings Hill Avenue
    
    West Malling, UK
    
    
    8,990,091
    
    
    
    936,996
    
    
    
    5,276,691
    
    
    
    725,059
    
    
    
    1,114,968
    
    
    
    5,962,993
    
    
    
    7,077,961
    
    
    
    233,700
    
    
    
    2003
    
    
    40 yrs.18 Kings Hill Avenue
    
    West Malling, UK
    
    
    
    
    
    
    829,785
    
    
    
    
    
    
    
    7,548,334
    
    
    
    2,585,696
    
    
    
    5,792,423
    
    
    
    8,378,119
    
    
    
    987,704
    
    
    
    1999
    
    
    40 yrs.2 Kings Hill Avenue
    
    West Malling, UK
    
    
    
    
    
    
    785,565
    
    
    
    
    
    
    
    5,389,524
    
    
    
    982,199
    
    
    
    5,192,890
    
    
    
    6,175,089
    
    
    
    1,175,900
    
    
    
    1996
    
    
    40 yrs.30 Kings Hill Avenue
    
    West Malling, UK
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    9,814,135
    
    
    
    3,279,601
    
    
    
    6,534,534
    
    
    
    9,814,135
    
    
    
    387,127
    
    
    
    2002
    
    
    40 yrs.30 Tower View
    
    West Malling, UK
    
    
    
    
    
    
    1,657,321
    
    
    
    
    
    
    
    15,666,264
    
    
    
    2,771,642
    
    
    
    14,551,943
    
    
    
    17,323,585
    
    
    
    2,029,700
    
    
    
    1999
    
    
    40 yrs.32 Tower View
    
    West Malling, UK
    
    
    
    
    
    
    1,913,208
    
    
    
    5,444,441
    
    
    
    927,872
    
    
    
    2,276,600
    
    
    
    6,152,561
    
    
    
    8,429,161
    
    
    
    241,130
    
    
    
    2003
    
    
    40 yrs.34 Tower View
    
    West Malling, UK
    
    
    
    
    
    
    1,149,875
    
    
    
    2,998,265
    
    
    
    529,266
    
    
    
    1,368,281
    
    
    
    3,388,228
    
    
    
    4,756,509
    
    
    
    132,791
    
    
    
    2003
    
    
    40 yrs.35 Kings Hill Avenue
    
    West Malling, UK
    
    
    
    
    
    
    812,193
    
    
    
    
    
    
    
    3,661,103
    
    
    
    949,952
    
    
    
    3,523,344
    
    
    
    4,473,296
    
    
    
    550,984
    
    
    
    1999
    
    
    40 yrs.39 Kings Hill Avenue
    
    West Malling, UK
    
    
    
    
    
    
    494,508
    
    
    
    
    
    
    
    4,175,477
    
    
    
    920,647
    
    
    
    3,749,338
    
    
    
    4,669,985
    
    
    
    575,936
    
    
    
    1999
    
    
    40 yrs.4 Abbey Wood Road
    
    West Malling, UK
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    9,184,719
    
    
    
    2,513,200
    
    
    
    6,671,518
    
    
    
    9,184,719
    
    
    
    704,402
    
    
    
    2001
    
    
    40 yrs.50 Kings Hill Avenue
    
    West Malling, UK
    
    
    
    
    
    
    1,215,608
    
    
    
    
    
    
    
    13,750,790
    
    
    
    2,215,355
    
    
    
    12,751,043
    
    
    
    14,966,398
    
    
    
    2,680,852
    
    
    
    1996
    
    
    40 yrs.6 Alexander Grove
    
    West Malling, UK
    
    
    5,993,394
    
    
    
    1,452,474
    
    
    
    2,725,759
    
    
    
    1,384,898
    
    
    
    1,728,356
    
    
    
    3,080,280
    
    
    
    4,808,636
    
    
    
    120,722
    
    
    
    2003
    
    
    40 yrs.Uxbridge Town Center
    
    London, UK
    
    
    23,022,000
    
    
    
    
    
    
    
    
    
    
    
    38,887,722
    
    
    
    10,378,457
    
    
    
    28,509,265
    
    
    
    38,887,722
    
    
    
    1,027,383
    
    
    
    2001
    
    
    40 yrs.Subtotal Operating Real Estate
    
    
    
    
    
    $
    129,784,971
    
    
    $
    545,653,283
    
    
    $
    1,677,440,170
    
    
    $
    2,031,449,547
    
    
    $
    625,035,000
    
    
    $
    3,629,508,000
    
    
    $
    4,254,543,000
    
    
    $
    695,410,000
 99




---



##### 



LIBERTY PROPERTY LIMITED
PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2004 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
    
    
    12/31/04
    
    
    12/31/04
    
    
    Acquisition
    
    (years)DEVELOPMENT PROPERTIESWestridge Building 7
    
    Aurora, IL
    
    $
    
    
    
    $
    5,649,052
    
    
    $
    
    
    
    $
    3,589,066
    
    
    $
    
    
    
    $
    9,238,119
    
    
    $
    9,238,119
    
    
    $
    
    
    
    2004
    
    N/A6230 Old Dobbin Lane
    
    Colombia, MD
    
    
    
    
    
    
    3,004,075
    
    
    
    
    
    
    
    1,804,038
    
    
    
    
    
    
    
    4,808,113
    
    
    
    4,808,113
    
    
    
    
    
    
    2004
    
    N/A200 W Cypress Creek Road
    
    Ft Lauderdale, FL
    
    
    
    
    
    
    3,414,989
    
    
    
    2,399,738
    
    
    
    4,816,933
    
    
    
    
    
    
    
    10,631,660
    
    
    
    10,631,660
    
    
    
    
    
    
    2003
    
    N/A4015 Meeting Way
    
    High Point, NC
    
    
    
    
    
    
    510,000
    
    
    
    
    
    
    
    2,688,375
    
    
    
    
    
    
    
    3,198,375
    
    
    
    3,198,375
    
    
    
    
    
    
    2003
    
    N/A4195 Eagle Hill Drive
    
    High Point, NC
    
    
    
    
    
    
    107,586
    
    
    
    
    
    
    
    2,787,553
    
    
    
    
    
    
    
    2,895,139
    
    
    
    2,895,139
    
    
    
    
    
    
    2004
    
    N/AHeron Place at Mendenhall
    
    High Point, NC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    11,973
    
    
    
    
    
    
    
    11,973
    
    
    
    11,973
    
    
    
    
    
    
    2004
    
    N/A335 Commerce Drive
    
    Horsham, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,492,319
    
    
    
    
    
    
    
    8,492,319
    
    
    
    8,492,319
    
    
    
    
    
    
    2002
    
    N/AMill Run Corporate Ctr Lot 9
    
    Lehigh Valley, PA
    
    
    
    
    
    
    893,441
    
    
    
    
    
    
    
    1,077,254
    
    
    
    
    
    
    
    1,970,695
    
    
    
    1,970,695
    
    
    
    
    
    
    2004
    
    N/AQuarry Ridge-Parcel C
    
    Malvern, PA
    
    
    
    
    
    
    5,405,041
    
    
    
    
    
    
    
    6,759,146
    
    
    
    
    
    
    
    12,164,187
    
    
    
    12,164,188
    
    
    
    
    
    
    2003
    
    N/A65 Brookfield Oaks Drive
    
    Mauldin, SC
    
    
    
    
    
    
    557,174
    
    
    
    
    
    
    
    1,669,037
    
    
    
    
    
    
    
    2,226,211
    
    
    
    2,226,211
    
    
    
    
    
    
    2004
    
    N/A75 Brookfield Oaks Drive
    
    Mauldin, SC
    
    
    
    
    
    
    419,731
    
    
    
    
    
    
    
    1,187,409
    
    
    
    
    
    
    
    1,607,141
    
    
    
    1,607,141
    
    
    
    
    
    
    2003
    
    N/A302 Fellowship Road
    
    Mt Laurel, NJ
    
    
    
    
    
    
    1,512,120
    
    
    
    
    
    
    
    (177,895
    )
    
    
    
    
    
    
    1,334,224
    
    
    
    1,334,224
    
    
    
    
    
    
    2001
    
    N/AOne Crescent Drive
    
    Philadelphia, PA
    
    
    
    
    
    
    567,280
    
    
    
    
    
    
    
    1,146,415
    
    
    
    
    
    
    
    1,713,695
    
    
    
    1,713,695
    
    
    
    
    
    
    2004
    
    N/A6950 Harbor View Blvd
    
    Suffolk, VA
    
    
    
    
    
    
    929,844
    
    
    
    
    
    
    
    1,564,874
    
    
    
    
    
    
    
    2,494,719
    
    
    
    2,494,719
    
    
    
    
    
    
    2004
    
    N/A501 US Highway 301 South
    
    Tampa, FL
    
    
    
    
    
    
    898,884
    
    
    
    
    
    
    
    2,388,619
    
    
    
    
    
    
    
    3,287,503
    
    
    
    3,287,503
    
    
    
    
    
    
    2004
    
    N/A9002-9036 Brittany Way
    
    Tampa, FL
    
    
    
    
    
    
    492,320
    
    
    
    
    
    
    
    4,121,616
    
    
    
    
    
    
    
    4,613,936
    
    
    
    4,613,936
    
    
    
    
    
    
    2004
    
    N/ALiberty Square
    
    West Malling, UK
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,442,000
    
    
    
    
    
    
    
    3,442,000
    
    
    
    3,442,000
    
    
    
    
    
    
    2003
    
    N/ARouse
Kent Limited
    
    West Malling, UK
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,968,990
    
    
    
    (66
    )
    
    
    6,969,056
    
    
    
    6,968,990
    
    
    
    
    
    
    2003
    
    N/ASubtotal Development in
Progress
    
    
    
    $
    
    
    
    $
    24,361,539
    
    
    $
    2,399,738
    
    
    $
    54,337,722
    
    
    $
    (66
    )
    
    $
    81,099,065
    
    
    $
    81,099,000
    
    
    $
    
 100




---



##### 



LIBERTY PROPERTY LIMITED
PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2004 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
    
    
    12/31/04
    
    
    12/31/04
    
    
    Acquisition
    
    (years)LAND HELD FOR DEVELOPMENTWest Ridge Corporate Center Land
    
    Aurora, IL
    
    $
    
    
    
    $
    826,547
    
    
    $
    
    
    
    $
    9,155,850
    
    
    $
    9,982,397
    
    
    $
    
    
    
    $
    9,982,397
    
    
    $
    
    
    
    2003
    
    N/ALVCC Phase 2 Land
    
    Bethlehem, PA
    
    
    
    
    
    
    3,741,506
    
    
    
    
    
    
    
    3,447,474
    
    
    
    7,188,980
    
    
    
    
    
    
    
    7,188,980
    
    
    
    
    
    
    1998
    
    N/ALehigh Valley Corporate Center Land
    
    Bethlehem, PA
    
    
    
    
    
    
    309,058
    
    
    
    
    
    
    
    (42,339
    )
    
    
    4,271,205
    
    
    
    (4,004,486
    )
    
    
    266,719
    
    
    
    
    
    
    1987
    
    N/A5705 Old Shakopee Road W. Land
    
    Bloomington, MN
    
    
    
    
    
    
    2,113,223
    
    
    
    
    
    
    
    50,087
    
    
    
    2,163,310
    
    
    
    
    
    
    
    2,163,310
    
    
    
    
    
    
    2001
    
    N/ABoca Colannade Land
    
    Boca Raton, FL
    
    
    
    
    
    
    3,649,792
    
    
    
    
    
    
    
    1,103,719
    
    
    
    4,753,511
    
    
    
    
    
    
    
    4,753,511
    
    
    
    
    
    
    1998
    
    N/A501 H P Way
    
    Chesterfield, VA
    
    
    
    
    
    
    165,042
    
    
    
    
    
    
    
    484,965
    
    
    
    650,007
    
    
    
    
    
    
    
    650,007
    
    
    
    
    
    
    1996
    
    N/ARivers Bend Business Park
    
    Chesterfield, VA
    
    
    
    
    
    
    1,695,415
    
    
    
    
    
    
    
    3,934,511
    
    
    
    (679,846
    )
    
    
    6,309,772
    
    
    
    5,629,925
    
    
    
    
    
    
    1995
    
    N/AColumbia Crossing Land
    
    Columbis, MD
    
    
    
    
    
    
    3,865,848
    
    
    
    
    
    
    
    369,925
    
    
    
    4,235,773
    
    
    
    
    
    
    
    4,235,773
    
    
    
    
    
    
    2000
    
    N/ALake Smetana Business Park
    
    Eden Prairie, MN
    
    
    
    
    
    
    4,500,641
    
    
    
    
    
    
    
    (2,310,633
    )
    
    
    4,459,560
    
    
    
    (2,269,552
    )
    
    
    2,190,008
    
    
    
    
    
    
    1998
    
    N/A420 Delaware Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    2,766,931
    
    
    
    
    
    
    
    (132
    )
    
    
    2,766,799
    
    
    
    
    
    
    
    2,766,799
    
    
    
    
    
    
    2004
    
    N/AIndependence Pointe Land
    
    Greenville, SC
    
    
    
    
    
    
    1,304,084
    
    
    
    
    
    
    
    2,046,889
    
    
    
    3,350,973
    
    
    
    
    
    
    
    3,350,973
    
    
    
    
    
    
    1997
    
    N/ASouthchase Business Park Land
    
    Greenville, SC
    
    
    
    
    
    
    1,571,656
    
    
    
    
    
    
    
    141,045
    
    
    
    1,712,701
    
    
    
    
    
    
    
    1,712,701
    
    
    
    
    
    
    1998
    
    N/AWoodfield Land
    
    Greenville, SC
    
    
    
    
    
    
    869,141
    
    
    
    
    
    
    
    30,389
    
    
    
    899,530
    
    
    
    
    
    
    
    899,530
    
    
    
    
    
    
    1998
    
    N/ALakefront Plaza II Land
    
    Hampton, VA
    
    
    
    
    
    
    132,785
    
    
    
    
    
    
    
    88,720
    
    
    
    221,505
    
    
    
    
    
    
    
    221,505
    
    
    
    
    
    
    2001
    
    N/AVolvo Center Land
    
    Hampton, VA
    
    
    
    
    
    
    1,650,423
    
    
    
    
    
    
    
    475,975
    
    
    
    2,126,399
    
    
    
    
    
    
    
    2,126,399
    
    
    
    
    
    
    2000
    
    N/APatapsco Valley Business Center
    
    Hanover, MD
    
    
    
    
    
    
    4,299,366
    
    
    
    
    
    
    
    56,287
    
    
    
    4,355,653
    
    
    
    
    
    
    
    4,355,653
    
    
    
    
    
    
    2004
    
    N/AEagle Hill Business Park Land
    
    High Point, NC
    
    
    
    
    
    
    94,274
    
    
    
    
    
    
    
    632,849
    
    
    
    727,123
    
    
    
    
    
    
    
    727,123
    
    
    
    
    
    
    1999
    
    N/AMendenhall Business Park I
    
    High Point, NC
    
    
    
    
    
    
    1,910,135
    
    
    
    
    
    
    
    4,400,545
    
    
    
    6,310,680
    
    
    
    
    
    
    
    6,310,680
    
    
    
    
    
    
    1995
    
    N/APiedmont Centre Land
    
    High Point, NC
    
    
    
    
    
    
    1,621,044
    
    
    
    
    
    
    
    137,986
    
    
    
    1,759,030
    
    
    
    
    
    
    
    1,759,030
    
    
    
    
    
    
    2004
    
    N/ACentral Green Land
    
    Houston, TX
    
    
    
    
    
    
    1,095,592
    
    
    
    
    
    
    
    482,962
    
    
    
    1,578,555
    
    
    
    
    
    
    
    1,578,555
    
    
    
    
    
    
    2001
    
    N/AHunt Valley Land
    
    Hunt Valley, MD
    
    
    
    
    
    
    2,166,068
    
    
    
    
    
    
    
    739,080
    
    
    
    2,905,148
    
    
    
    
    
    
    
    2,905,148
    
    
    
    
    
    
    2001
    
    N/A7024 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    468,643
    
    
    
    
    
    
    
    356,309
    
    
    
    824,952
    
    
    
    
    
    
    
    824,952
    
    
    
    
    
    
    1995
    
    N/ABelfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    468,643
    
    
    
    
    
    
    
    109,850
    
    
    
    578,493
    
    
    
    
    
    
    
    578,493
    
    
    
    
    
    
    1998
    
    N/AButler Plaza Land
    
    Jacksonville, FL
    
    
    
    
    
    
    1,303,792
    
    
    
    
    
    
    
    1,714,406
    
    
    
    3,018,198
    
    
    
    
    
    
    
    3,018,198
    
    
    
    
    
    
    1998
    
    N/ALiberty Business Park Land
    
    Jacksonville, FL
    
    
    
    
    
    
    448,097
    
    
    
    
    
    
    
    90,019
    
    
    
    538,116
    
    
    
    
    
    
    
    538,116
    
    
    
    
    
    
    1995
    
    N/ASalisbury Road Land
    
    Jacksonville, FL
    
    
    
    
    
    
    880,828
    
    
    
    
    
    
    
    694,526
    
    
    
    1,575,354
    
    
    
    
    
    
    
    1,575,354
    
    
    
    
    
    
    2000
    
    N/ABoulders Business Center Land
    
    Lehigh, PA
    
    
    
    
    
    
    10,370,370
    
    
    
    
    
    
    
    (7,122,584
    )
    
    
    3,247,786
    
    
    
    
    
    
    
    3,247,786
    
    
    
    
    
    
    2004
    
    N/ACommodore Business Park
    
    Logan, NJ
    
    
    
    
    
    
    1,756,748
    
    
    
    
    
    
    
    (168,261
    )
    
    
    1,588,487
    
    
    
    
    
    
    
    1,588,487
    
    
    
    
    
    
    1995
    
    N/AQuarry Ridge Land
    
    Malvern, PA
    
    
    
    
    
    
    8,398,708
    
    
    
    
    
    
    
    2,645,089
    
    
    
    11,043,797
    
    
    
    
    
    
    
    11,043,797
    
    
    
    
    
    
    2001
    
    N/APark Place South Land
    
    Milwaukee, WI
    
    
    
    
    
    
    2,362,904
    
    
    
    
    
    
    
    2,378,403
    
    
    
    4,741,307
    
    
    
    
    
    
    
    4,741,307
    
    
    
    
    
    
    1999
    
    N/ABeeland Industrial Park Land
    
    Orlando, FL
    
    
    
    
    
    
    1,780,809
    
    
    
    
    
    
    
    99,634
    
    
    
    1,880,444
    
    
    
    
    
    
    
    1,880,444
    
    
    
    
    
    
    2004
    
    N/AOrlando Corporate Center Land
    
    Orlando, FL
    
    
    
    
    
    
    903,701
    
    
    
    
    
    
    
    (73,850
    )
    
    
    829,851
    
    
    
    
    
    
    
    829,851
    
    
    
    
    
    
    2000
    
    N/ASouth Center Land
    
    Orlando, FL
    
    
    
    
    
    
    479,859
    
    
    
    
    
    
    
    (473,623
    )
    
    
    6,236
    
    
    
    
    
    
    
    6,236
    
    
    
    
    
    
    1999
    
    N/ASouth Center
Land-Phase II
    
    Orlando, FL
    
    
    
    
    
    
    1,306,150
    
    
    
    
    
    
    
    196,280
    
    
    
    1,502,430
    
    
    
    
    
    
    
    1,502,430
    
    
    
    
    
    
    2004
    
    N/A1710 Arch Street
    
    Philadelphia, PA
    
    
    
    
    
    
    7,847,607
    
    
    
    
    
    
    
    15,197,818
    
    
    
    23,045,425
    
    
    
    
    
    
    
    23,045,425
    
    
    
    
    
    
    2000
    
    N/A1722 Arch Street
    
    Philadelphia, PA
    
    
    
    
    
    
    290,475
    
    
    
    
    
    
    
    157,898
    
    
    
    448,372
    
    
    
    
    
    
    
    448,372
    
    
    
    
    
    
    2000
    
    N/AJFK & Arch Parking Lots/Land (East)
    
    Philadelphia, PA
    
    
    
    
    
    
    14,291,957
    
    
    
    
    
    
    
    3,942,601
    
    
    
    18,234,558
    
    
    
    
    
    
    
    18,234,558
    
    
    
    
    
    
    2000
    
    N/AJFK & Arch Parking Lots/Land (West)
    
    Philadelphia, PA
    
    
    
    
    
    
    4,700,222
    
    
    
    
    
    
    
    (2,291,664
    )
    
    
    2,408,559
    
    
    
    
    
    
    
    2,408,559
    
    
    
    
    
    
    2000
    
    N/A1910 Westerre Land
    
    Richmond, VA
    
    
    
    
    
    
    1,117,293
    
    
    
    
    
    
    
    179,331
    
    
    
    1,296,624
    
    
    
    
    
    
    
    1,296,624
    
    
    
    
    
    
    2003
    
    N/AEastport IX
    
    Richmond, VA
    
    
    
    
    
    
    209,856
    
    
    
    
    
    
    
    5,096
    
    
    
    214,952
    
    
    
    
    
    
    
    214,952
    
    
    
    
    
    
    1997
    
    N/AEastport VII
    
    Richmond, VA
    
    
    
    
    
    
    787,091
    
    
    
    
    
    
    
    843,167
    
    
    
    1,630,258
    
    
    
    
    
    
    
    1,630,258
    
    
    
    
    
    
    1997
    
    N/AEastport VIII
    
    Richmond, VA
    
    
    
    
    
    
    379,836
    
    
    
    
    
    
    
    6,187
    
    
    
    386,023
    
    
    
    
    
    
    
    386,023
    
    
    
    
    
    
    1997
    
    N/AFairgrounds Distribution Ctr Land
    
    Richmond, VA
    
    
    
    
    
    
    100,000
    
    
    
    
    
    
    
    (87,019
    )
    
    
    12,981
    
    
    
    
    
    
    
    12,981
    
    
    
    
    
    
    1995
    
    N/A6505 Cogswell Road
    
    Romulus, MI
    
    
    
    
    
    
    594,523
    
    
    
    
    
    
    
    3,477,195
    
    
    
    799,957
    
    
    
    3,271,762
    
    
    
    4,071,718
    
    
    
    
    
    
    2000
    
    N/ARomulus Land
    
    Romulus, MI
    
    
    
    
    
    
    788,338
    
    
    
    
    
    
    
    610,137
    
    
    
    1,398,475
    
    
    
    
    
    
    
    1,398,475
    
    
    
    
    
    
    1998
    
    N/AWoodlands Center Land
    
    Sandston, VA
    
    
    
    
    
    
    928,555
    
    
    
    
    
    
    
    285,461
    
    
    
    1,214,017
    
    
    
    
    
    
    
    1,214,017
    
    
    
    
    
    
    1996
    
    N/ANorthsight Land
    
    Scottsdale, AZ
    
    
    
    
    
    
    10,245,763
    
    
    
    
    
    
    
    1,077,604
    
    
    
    11,323,366
    
    
    
    
    
    
    
    11,323,366
    
    
    
    
    
    
    2000
    
    N/A6119 W. Linebaugh Avenue
    
    Tampa, FL
    
    
    
    
    
    
    175,886
    
    
    
    
    
    
    
    22,320
    
    
    
    198,205
    
    
    
    
    
    
    
    198,205
    
    
    
    
    
    
    2000
    
    N/ASilo Bend Land
    
    Tampa, FL
    
    
    
    
    
    
    949,093
    
    
    
    
    
    
    
    2,406,525
    
    
    
    3,355,618
    
    
    
    
    
    
    
    3,355,618
    
    
    
    
    
    
    1996
    
    N/AWoodland Corporate Center Land
    
    Tampa, FL
    
    
    
    
    
    
    2,002,231
    
    
    
    
    
    
    
    (240,366
    )
    
    
    1,761,865
    
    
    
    
    
    
    
    1,761,865
    
    
    
    
    
    
    1998
    
    N/ABig Beaver Airport Land
    
    Troy, MI
    
    
    
    
    
    
    6,604,631
    
    
    
    
    
    
    
    (4,958,743
    )
    
    
    3,457,296
    
    
    
    (1,811,407
    )
    
    
    1,645,889
    
    
    
    
    
    
    1999
    
    N/AStabler Land
- Lot 12
    
    Upper Saucon, PA
    
    
    
    
    
    
    1,078,674
    
    
    
    
    
    
    
    246,242
    
    
    
    1,324,917
    
    
    
    
    
    
    
    1,324,917
    
    
    
    
    
    
    2003
    
    N/ASubtotal Land Held for Development
    
    
    
    $
    
    
    
    $
    124,369,857
    
    
    $
    
    
    
    $
    46,752,143
    
    
    $
    169,625,912
    
    
    $
    1,496,088
    
    
    $
    171,122,000
    
    
    $
    Total All Properties
    
    
    
    $
    129,784,971
    
    
    $
    694,384,679
    
    
    $
    1,679,839,908
    
    
    $
    2,132,539,412
    
    
    $
    794,660,846
    
    
    $
    3,712,103,153
    
    
    $
    4,506,764,000
    
    
    $
    695,410,000
  *
    Denotes property is collateralized under mortgages with American General, Nationwide, New York Life, Principal Mutual and USG Annuity totalling $212.0
million. 101




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##### 



SCHEDULE III LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
(In thousands) A summary of activity for real estate and accumulated depreciation is as follows: FOR THE YEARS ENDEDDECEMBER 31,2004
    
    
    2003
    
    
    2002REAL ESTATE:Balance at beginning of year
    
    $
    4,143,680
    
    
    $
    3,874,670
    
    
    $
    3,635,064Additions
    
    
    411,235
    
    
    
    309,819
    
    
    
    313,150Disposition of property
    
    
    (48,151
    )
    
    
    (40,808
    )
    
    
    (73,544
    )Balance at end of year
    
    $
    4,506,765
    
    
    $
    4,143,680
    
    
    $
    3,874,670ACCUMULATED DEPRECIATION:Balance at beginning of year
    
    $
    586,736
    
    
    $
    485,206
    
    
    $
    395,065Depreciation expense
    
    
    114,199
    
    
    
    105,589
    
    
    
    93,134Disposition of property
    
    
    (5,525
    )
    
    
    (4,059
    )
    
    
    (2,993
    )Balance at end of year
    
    $
    695,410
    
    
    $
    586,736
    
    
    $
    485,206
 102




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##### 



ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE None. ITEM 9A. CONTROLS AND PROCEDURES Evaluation of Disclosure Controls and Procedures
The Companys management, with the participation of its Chief Executive Officer and Chief Financial
Officer, evaluated the effectiveness of its disclosure controls and procedures (as defined in Rule
13a-15(e) under the Exchange Act) as of the end of the period covered by this report. Based on
this evaluation, the Companys Chief Executive Officer and Chief Financial Officer have concluded
that its disclosure controls and procedures, as of the end of the period covered by this report,
are functioning effectively to provide reasonable assurance that information required to be
disclosed by the Company in its reports filed or submitted under the Exchange Act is recorded,
processed, summarized and reported within the time periods specified in SECs rules and forms.
Disclosure controls and procedures include, without limitation, controls and procedures designed to
ensure that information required to be disclosed by the Company in the reports that are filed or
submitted under the Exchange Act is accumulated and communicated to the Companys management,
including its principal executive and principal financial officers, or persons performing similar
function, as appropriate to allow timely decisions regarding required disclosure. A controls system, no matter how well designed and operated, cannot provide absolute assurance that
the objectives of the controls system are met, and no evaluation of controls can provide absolute
assurance that all control issues and instances of fraud, if any, within a company have been
detected. Managements Annual
Reports on Internal Control Over Financial Reporting
Managements Annual Reports on Internal Control Over Financial
Reporting, which appear on pages 33 and 70, are incorporated by
reference herein. Attestation Reports of the
Registered Public Accounting Firm
The Attestation Reports of the
Registered Public Accounting Firm, which appear on pages 34 and 71,
are incorporated by reference herein. Changes in Internal Controls
There were no changes in the Companys internal control over financial reporting during the year
ended December 31, 2004 that have materially affected or are reasonable likely to materially affect
the Companys internal control over financial reporting ITEM 9B. OTHER INFORMATION None. 103




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##### 



PART III ITEM 10. TRUSTEES AND EXECUTIVE OFFICERS OF THE REGISTRANTS The information required by Item 10 shall be included in the Proxy Statement to be filed relating
to the Companys 2005 Annual Meeting of Shareholders and is incorporated herein by reference. ITEM 11. EXECUTIVE COMPENSATION The information required by Item 11 shall be included in the Proxy Statement to be filed relating
to the Companys 2005 Annual Meeting of Shareholders and is incorporated herein by reference. ITEM 12. SECURITY
OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED
SHAREHOLDER MATTERS The information required by Item 12 shall be included in the Proxy Statement to be filed relating
to the Companys 2005 Annual Meeting of Shareholders and is incorporated herein by reference. Securities Authorized for Issuance Under Equity Compensation Plans
The information required by Item 12 shall be included in the Proxy Statement to be filed relating
to the Companys 2005 Annual Meeting of Shareholders and is incorporated herein by reference. ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS The information required by Item 13 shall be included in the Proxy Statement to be filed relating
to the Companys 2005 Annual Meeting of Shareholders and is incorporated herein by reference. ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES The information required by Item 14 shall be included in the Proxy Statement to be filed relating
to the Companys 2005 Annual Meeting of Shareholders and is incorporated herein by reference. 104




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##### 



PART IV ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES The following consolidated Financial Statements of Liberty Property Trust and Liberty Property
Limited Partnership are included in Item 8. 1. REPORTS OF ERNST & YOUNG LLP, INDEPENDENT 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 Balance Sheets:
Liberty Property Trust Consolidated as of December 31, 2004 and 2003 Statements of Operations:
Liberty Property Trust Consolidated for the years ended December 31, 2004, 2003 and 2002 Statements of Shareholders Equity:
Liberty Property Trust Consolidated for the years ended December 31, 2004, 2003 and 2002 Statements of Cash Flows:
Liberty Property Trust Consolidated for the years ended December 31, 2004, 2003 and 2002 Notes to Consolidated 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 Balance Sheets:
Liberty Property Limited Partnership Consolidated as of December 31, 2004 and 2003 Statements of Operations:
Liberty Property Limited Partnership Consolidated for the years ended December 31, 2004, 2003 and
2002 Statements of Owners Equity:
Liberty Property Limited Partnership Consolidated for the years ended December 31, 2004, 2003 and
2002 Statements of Cash Flows:
Liberty Property Limited Partnership Consolidated for the years ended December 31, 2004, 2003 and
2002 Notes to Consolidated Financial Statements  Liberty Property Limited Partnership 2. FINANCIAL STATEMENT SCHEDULES: Schedule III  Real Estate and Accumulated Depreciation as of December 31, 2004 for Liberty
Property Trust All other schedules are omitted because they are not required or the required information is shown
in the financial statements or notes thereto. Schedule III  Real Estate and Accumulated Depreciation as of December 31, 2004 for Liberty
Property Limited Partnership All other schedules are omitted because they are not required or the required information is shown
in the financial statements or notes thereto. 105




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##### 



3. EXHIBITS The following exhibits are filed herewith or are incorporated by reference to exhibits previously
filed. 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
    
    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)).3.1.11
    
    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).3.1.12
    
    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).
   106




---



##### 



EXHIBIT NO.
    
    DESCRIPTION3.1.13
    
    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).3.1.14
    
    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).3.1.15*
    
    Amended and Restated Schedule A to the Second Restated and Amended Agreement of Limited
Partnership of the Operating Partnership.3.2
    
    Amended and Restated By-Laws of the Trust. (Incorporated by reference to Exhibit 3.1.3 filed
with the Registrants Quarterly Report Form 10-Q for the fiscal quarter ended June 30, 2000
(the Second Quarter 2000 Form 10-Q)).4.1
    
    Rights Agreement, dated as of December 17, 1997, by and between the Trust and the Rights
Agent (Incorporated by reference to Exhibit 1 filed with the Trusts Registration Statement on
Form 8-A filed with the Commission on December 23, 1997).4.1.1
    
    First Amended and Restated Rights Agreement, dated as of September 14, 2004, between Liberty
Property Trust and Equiserve Trust Company, N.A., as Rights Agent (Incorporated by reference
to Exhibit 4 to the Current Report on Form 8-K of the Registrant filed with the Commission on
September 14, 2004).4.2
    
    Indenture (the First Indenture), dated as of August 14, 1997, between the Operating
Partnership, as Obligor, and The First National Bank of Chicago (First Chicago), as Trustee
(Incorporated by reference to Exhibit 10.1 filed with the Third Quarter 1997 Form 10-Q).4.3
    
    First Supplemental Indenture, dated as of August 14, 1997, between the Operating Partnership,
as Issuer, and First Chicago, as Trustee, supplementing the First Indenture and relating to
$100,000,000 principal amount of the 7.10% Senior Notes due 2004 and $100,000,000 principal
amount of the 7.25% Senior Notes due 2007 of the Operating Partnership (Incorporated by
reference to Exhibit 10.2 filed with the Third Quarter 1997 Form 10-Q).4.4
    
    Senior Indenture (the Second Indenture), dated as of October 24, 1997, between the
Operating Partnership, as Obligor, and First Chicago, as Trustee (Incorporated by reference to
Exhibit 10.3 filed with the Third Quarter 1997 Form 10-Q).4.5
    
    First Supplemental Indenture, dated as of October 24, 1997, between the Operating
Partnership, as Issuer, and First Chicago, as Trustee, supplementing the Second Indenture and
relating to the Fixed Rate and Floating Rate Medium-Term Notes due Nine Months or More from
Date of Issue of the 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)).
   107




---



##### 



EXHIBIT NO.
    
    DESCRIPTION4.8
    
    Fourth Supplemental Indenture, dated as of July 26, 2000, between the Operating Partnership,
as Issuer, and Bank One Trust Company, N.A., as Trustee, supplementing the Senior Indenture,
dated as of October 24, 1997, between the Operating Partnership, as Obligor, and Bank One
Trust Company, N.A. (as successor to the First National Bank of Chicago), as Trustee, and
relating to $200,000,000 principal amount of 8.5% Senior Notes due 2010 of the Operating
Partnership. (Incorporated by reference to Exhibit 4 to the Second Quarter 2000 Form 10-Q).4.9
    
    Fifth Supplemental Indenture, dated as of March 14, 2001, between the Operating Partnership,
as Issuer, and Bank One Trust Company, N.A., as Trustee, supplementing the Senior Indenture,
dated as of October 24, 1997, between the Operating Partnership, as Obligor, and Bank One
Trust Company, N.A. (as successor to the First National Bank of Chicago), as Trustee, and
relating to $250,000,000 principal amount of 7.25% Senior Notes due 2011 of the Operating
Partnership. (Incorporated by reference to Exhibit 4.10 filed with the Registrants Annual
Report on Form 10-K for the fiscal year ended December 31, 2000).4.10
    
    Sixth Supplemental Indenture, dated as of August 22, 2002, between Liberty Property Limited
Partnership, as Issuer, and Bank One Trust Company, N.A., as Trustee, supplementing the Senior
Indenture, dated as of October 24, 1997, between Liberty Property Limited Partnership, as
Obligor, and Bank One Trust Company, N.A. (as successor to the First National Bank of
Chicago), as Trustee, and relating to $150,000,000 principal amount of 6.375% Senior Notes due
2012 of Liberty Property Limited Partnership. (Incorporated by reference to Exhibit 3.1.1
filed with the Registrants Quarterly Report on Form 10-Q for the fiscal quarter ended
September 30, 2002 (the Third Quarter 2002 Form 10-Q)).4.11
    
    Seventh Supplemental Indenture, dated as of August 10, 2004, between Liberty Property Limited
Partnership, as Issuer, and Bank One Trust Company, N.A., as Trustee, supplementing the Senior
Indenture, dated as of October 24, 1997, between Liberty Property Limited Partnership, as
Obligor, and Bank One Trust Company, National Association. (as successor to the First National
Bank of Chicago), as Trustee, and relating to $200,000,000 principal amount of 5.65% Senior
Notes due 2012 of Liberty Property Limited Partnership. (Incorporated by reference to Exhibit
4.1.2 filed with the Registrants Quarterly Report on Form 10-Q for the fiscal quarter ended
September 30, 2004 (the Third Quarter 2004 Form 10-Q)).4.12
    
    Eighth Supplemental Indenture, dated as of March 1, 2005, between Liberty Property Limited
Partnership, as Issuer, and J.P. Morgan Trust Company, National Association, 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 filed with the Commission on March 1, 2005 (the March 2005 Form 8-K)).4.13
    
    Note, Relating to the Issuance by the Operating Partnership, on January 22, 1998, of $75
Million Principal Amount of its 6.375% Medium-Term Notes due 2013, Putable/Callable 2003
(Incorporated by reference to Exhibit 4.2 filed with the First Quarter 1998 Form 10-Q).4.14
    
    Note, Relating to the Issuance by the Operating Partnership, on January 23, 1998, of $100
Million Principal Amount of its 7.50% Medium-Term Notes due 2018 (Incorporated by reference to
Exhibit 4.3 filed with the First Quarter 1998 Form 10-Q).4.15
    
    Note, Relating to the Issuance by the Operating Partnership, on June 5, 1998, of $100 Million
Principal Amount of its 6.60% Medium-Term Notes due 2002. (Incorporated by reference to
Exhibit 4 filed with the Registrants Quarterly Report on Form 10-Q for the fiscal quarter
ended June 30, 1998 (the Second Quarter 1998 Form 10-Q)).
   108




---



##### 



EXHIBIT NO.
    
    DESCRIPTION4.16
    
    Note, Relating to the Issuance by the Operating Partnership on November 24, 1998, of $20
Million Principal Amount of its 8.125% Medium-Term Notes due January 15, 2009 (Incorporated by
reference to Exhibit 4.11 filed with the Registrants Annual Report on Form 10-K for the
fiscal year ended December 31, 1998).10.1
    
    Liberty Property Trust Amended and Restated Share Incentive Plan dated as of March 23, 2004
(Incorporated by reference to Exhibit 10.1 to the Second Quarter 2004 Form 10-Q).10.2
    
    Contribution Agreement (Incorporated by reference to Exhibit 10.5 filed with the Form S-11).10.3
    
    Amended and Restated Limited Partnership Agreements of Pre-existing Pennsylvania Partnerships
(Incorporated by reference to Exhibit 10.6 filed with the Form S-11).10.4
    
    Agreement of Sale for the Acquisition Properties (Incorporated by reference to Exhibit 10.7
filed with the Form S-11).10.5
    
    Option Agreement and Right of First Offer (Incorporated by reference to Exhibit 10.8 filed
with the Form S-11).10.6
    
    Form of Indemnity Agreement (Incorporated by reference to Exhibit 10.9 filed with the Form
S-11).10.7
    
    Contribution Agreement among the Trust, the Operating Partnership and the Contributing Owners
described therein, related to the Lingerfelt Properties (Incorporated by reference to Exhibit
10.1 filed with the Registrants Current Report on Form 8-K filed with the Commission on March
3, 1995).10.8
    
    Credit Agreement, dated as of January 16, 2003, by and among the Operating Partnership, the
Trust, certain affiliated co-borrowers, the Banks named therein and Fleet National Bank, as
agent for itself and the other lending institutions. (Incorporated by referenced to Exhibit
10.10 filed with the Registrants Annual Report on Form 10-K for the year ended December 31,
2002 (the 2002 Form 10-K)).10.9
    
    Multi-Currency Credit Agreement, dated as of January 16, 2003, by and among the Operating
Partnership, the Trust, certain affiliated co-borrowers, the Banks named therein and Fleet
National Bank, as agent for itself and the other lending institutions. (Incorporated by
reference to Exhibit 10.11 to the 2002 Form 10-K).10.10*
    
    First Amendment to Credit Agreement, dated as of December 20, 2004, by and among the
Operating Partnership, the Trust, certain affiliated co-borrowers, the Banks named therein and
Fleet National Bank, as agent for itself and the other lending institutions.10.11*
    
    First Amendment to Multi-Currency Credit Agreement, dated as of December 20, 2004 by and
among the Operating Partnership, the Trust, certain affiliated co-borrowers, the Banks named
therein and Fleet National Bank, as agent for itself and the other lending institutions.10.12
    
    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).10.13
    
    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).10.14
    
    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.
   109




---



##### 



EXHIBIT NO.
    
    DESCRIPTION10.15
    
    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)).10.16
    
    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).10.17
    
    Certain Elements of the Liberty Property Trust Executive Compensation Program.
(Incorporated by reference to Exhibit 10.3 to the February 24, 2005 8-K).21*
    
    Subsidiaries.23.1*
    
    Consent of Ernst & Young LLP relating to financial statements of the Trust.23.2*
    
    Consent of Ernst & Young LLP relating to financial statements of the Operating Partnership.31.1*
    
    Certifications of the Chief Executive Officer of Liberty Property Trust required by Rule
13a-14(a) under the Securities Exchange Act of 1934.31.2*
    
    Certifications of the Chief Financial Officer of Liberty Property Trust required by Rule
13a-14(a) under the Securities Exchange Act of 1934.31.3*
    
    Certifications of the Chief Executive Officer of Liberty Property Trust, in its capacity as
the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(a) under
the Securities Exchange Act of 1934.31.4*
    
    Certifications of the Chief Financial Officer of Liberty Property Trust, in its capacity as
the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(a) under
the Securities Exchange Act of 1934.32.1*
    
    Certifications of the Chief Executive Officer of Liberty Property Trust required under Rule
13a-14(b) of the Securities Exchange Act of 1934, as amended. (This exhibit shall not be
deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended,
or otherwise subject to the liability of that section. Further, this exhibit shall not be
deemed to be incorporated by reference into any filing under the Securities Act of 1933, as
amended, or the Securities Exchange Act of 1934, as amended.)32.2*
    
    Certifications of the Chief Financial Officer of Liberty Property Trust required by Rule
13a-14(b) under the Securities Exchange Act of 1934, as amended. (This exhibit shall not be
deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended,
or otherwise subject to the liability of that section. Further, this exhibit shall not be
deemed to be incorporated by reference into any filing under the Securities Act of 1933, as
amended, or the Securities Exchange Act of 1934, as amended.)32.3*
    
    Certifications of the Chief Executive Officer of Liberty Property Trust, in its capacity as
the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(b) under
the Securities Exchange Act of 1934, as amended. (This exhibit shall not be deemed filed
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise
subject to the liability of that section. Further, this exhibit shall not be deemed to be
incorporated by reference into any filing under the Securities Act of 1933, as amended, or the
Securities Exchange Act of 1934, as amended.)32.4*
    
    Certifications of the Chief Financial Officer of Liberty Property Trust, in its capacity as
the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(b) under
the Securities Exchange Act of 1934, as amended. (This exhibit shall not be deemed filed
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise
subject to the liability of that section. Further, this exhibit shall not be deemed to be
incorporated by reference into any filing under the Securities Act of 1933, as amended, or the
Securities Exchange Act of 1934, as amended.)
   *
    
    Filed herewith 110




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##### 



SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized. LIBERTY PROPERTY TRUSTDate: March 11, 2005
    By:
    /s/ WILLIAM P. HANKOWSKYWILLIAM P. HANKOWSKYCHAIRMAN, PRESIDENT AND
CHIEF EXECUTIVE OFFICER Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed
below by the following persons on behalf of the Registrant and in the capacities and on the dates
indicated. /s/           WILLIAM P. HANKOWSKY

William P. Hankowsky
    
    Chairman of the Board of Trustees,
President and Chief Executive Officer
(Principal Executive Officer)
    
    March 11, 2005/s/           GEORGE J. ALBURGER, JR.

George J. Alburger, Jr.
    
    Executive Vice President and
Chief Financial Officer
(Principal Financial and Accounting Officer)
    
    March 11, 2005/s/           M. LEANNE LACHMAN

M. Leanne Lachman
    
    Trustee
    
    March 11, 2005/s/           FREDERICK F. BUCHHOLZ

Frederick F. Buchholz
    
    Trustee
    
    March 11, 2005/s/           J. ANTHONY HAYDEN

J. Anthony Hayden
    
    Trustee
    
    March 11, 2005/s/           DAVID L. LINGERFELT

David L. Lingerfelt
    
    Trustee
    
    March 11, 2005/s/           JOHN A. MILLER, CLU

John A. Miller, CLU
    
    Trustee
    
    March 11, 2005/s/           STEPHEN B. SIEGEL

Stephen B. Siegel
    
    Trustee
    
    March 11, 2005/s/           THOMAS C. DELOACH, JR.

Thomas C. DeLoach, Jr.
    
    Trustee
    
    March 11, 2005/s/           DANIEL P. GARTON

Daniel P. Garton
    
    Trustee
    
    March 11, 2005
 111




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##### 



SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized. LIBERTY PROPERTY LIMITED PARTNERSHIP
BY: Liberty Property Trust
General PartnerDate: March 11, 2005
    By:
    /s/ WILLIAM P. HANKOWSKYWILLIAM P. HANKOWSKYCHAIRMAN, PRESIDENT AND
CHIEF EXECUTIVE OFFICER Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed
below by the following persons on behalf of the Registrant and in the capacities and on the dates
indicated. /s/           WILLIAM P. HANKOWSKY

William P. Hankowsky
    
    Chairman of the Board of
Trustees, President and Chief
Executive Officer
Trustee of the General Partner
    
    March 11, 2005/s/           M. LEANNE LACHMAN

M. Leanne Lachman
    
    Trustee of the General Partner
    
    March 11, 2005/s/           FREDERICK F. BUCHHOLZ

Frederick F. Buchholz
    
    Trustee of the General Partner
    
    March 11, 2005/s/           J. ANTHONY HAYDEN

J. Anthony Hayden
    
    Trustee of the General Partner
    
    March 11, 2005/s/           DAVID L. LINGERFELT

David L. Lingerfelt
    
    Trustee of the General Partner
    
    March 11, 2005/s/           JOHN A. MILLER, CLU

John A. Miller, CLU
    
    Trustee of the General Partner
    
    March 11, 2005/s/           STEPHEN B. SIEGEL

Stephen B. Siegel
    
    Trustee of the General Partner
    
    March 11, 2005/s/           THOMAS C. DELOACH, JR.

Thomas C. DeLoach, Jr.
    
    Trustee of the General Partner
    
    March 11, 2005/s/           DANIEL P. GARTON

Daniel P. Garton
    
    Trustee of the General Partner
    
    March 11, 2005
 112




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##### 



EXHIBIT INDEX EXHIBIT NO.
    
    DESCRIPTION3.1.15
    
    Amendment and Restated Schedule A to the Second Restated and Amended Agreement of
Limited Partnership of the Operating Partnership.10.10
    
    First Amendment to Credit Agreement, dated as of December 20, 2004, by and among the
Operating Partnership, the Trust, certain affiliated co-borrowers, the Banks named therein and
Fleet National Bank, as agent for itself and the other lending institutions.10.11
    
    First Amendment to Multi-Currency Credit Agreement, dated as of December 20, 2004, by and
among the Operating Partnership, the Trust, certain affiliated co-borrowers, the Banks named
therein and Fleet National Bank, as agent for itself and the other lending institutions.21
    
    Subsidiaries.23.1
    
    Consent of Ernst & Young LLP relating to financial statements of the Trust.23.2
    
    Consent of Ernst & Young LLP relating to financial statements of the Operating Partnership.31.1
    
    Certifications of the Chief Executive Officer of Liberty Property Trust required by Rule
13a-14(a) under the Securities Exchange Act of 1934.31.2
    
    Certifications of the Chief Financial Officer of Liberty Property Trust required by Rule
13a-14(a) under the Securities Exchange Act of 1934.31.3
    
    Certifications of the Chief Executive Officer of Liberty Property Trust, in its capacity as
the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(a) under
the Securities Exchange Act of 1934.31.4
    
    Certifications of the Chief Financial Officer of Liberty Property Trust, in its capacity as
the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(a) under
the Securities Exchange Act of 1934.32.1
    
    Certifications of the Chief Executive Officer of Liberty Property Trust required under Rule
13a-14(b) of the Securities Exchange Act of 1934, as amended. (This exhibit shall not be
deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended,
or otherwise subject to the liability of that section. Further, this exhibit shall not be
deemed to be incorporated by reference into any filing under the Securities Act of 1933, as
amended, or the Securities Exchange Act of 1934, as amended.)32.2
    
    Certifications of the Chief Financial Officer of Liberty Property Trust required by Rule
13a-14(b) under the Securities Exchange Act of 1934, as amended. (This exhibit shall not be
deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended,
or otherwise subject to the liability of that section. Further, this exhibit shall not be
deemed to be incorporated by reference into any filing under the Securities Act of 1933, as
amended, or the Securities Exchange Act of 1934, as amended.)32.3
    
    Certifications of the Chief Executive Officer of Liberty Property Trust, in its capacity as
the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(b) under
the Securities Exchange Act of 1934, as amended. (This exhibit shall not be deemed filed
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise
subject to the liability of that section. Further, this exhibit shall not be deemed to be
incorporated by reference into any filing under the Securities Act of 1933, as amended, or the
Securities Exchange Act of 1934, as amended.)32.4
    
    Certifications of the Chief Financial Officer of Liberty Property Trust, in its capacity as
the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(b) under
the Securities Exchange Act of 1934, as amended. (This exhibit shall not be deemed filed
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise
subject to the liability of that section. Further, this exhibit shall not be deemed to be
incorporated by reference into any filing under the Securities Act of 1933, as amended, or the
Securities Exchange Act of 1934, as amended.
 113