X0201 42003-08-2600000921112LIBERTY PROPERTY TRUST LRY0001248368FENZA ROBERT EC/O LIBERTY PROPERTY TRUST65 VALLEY STREAM PARKWAYMALVERNPA193550100Exec. VP, COOCommon Shares of Beneficial Interest ($0.001 par value)2003-08-264S03000033.8018D212977DCommon Shares of Beneficial Interest ($0.001 par value)2003-08-274M02052921.875A233506DCommon Shares of Beneficial Interest ($0.001 par value)2003-08-274M0947122.6875A242977DCommon Shares of Beneficial Interest ($0.001 par value)2003-08-284S02052934.413D222448DCommon Shares of Beneficial Interest ($0.001 par value)2003-08-284S0947134.413D212977DEmployee Stock Option (Right to Buy)21.8752003-08-274M020529D2009-02-26Common Shares205290DEmployee Stock Option (Right to Buy)22.68752003-08-274M09471D2010-02-28Common Shares9471145245DIncludes 700 shares held by the reporting person as custodial for reporting person's children. The reporting person disclaims beneficial ownership of these shares. Also includes 195,043 common shares issuable upon exchange of limited partnership interests of Liberty Property Limited Partnership.Options were granted on 2/26/99 and become exercisable 20% after the first anniversary of the date of the grant, 50% after the second anniversary, and fully exercisable after the third anniversary.Options received as employment compensation in 1999.Options were granted on 2/29/00 and became exercisable 20% after the first anniversary of the date of the grant, 50% after the second anniversary, and fully exercisable after the third anniversary.Options received as employment compensation in 2000.Robert E. Fenza by James J. Bowes as Attorney-in-Fact2003-08-28