X0306 4 2012-07-02 0 0000921112 LIBERTY PROPERTY TRUST LRY 0001248368 FENZA ROBERT E C/O LIBERTY PROPERTY TRUST 500 CHESTERFIELD PARKWAY MALVERN PA 19355 0 1 0 0 Exec. VP, COO Common Shares of Beneficial Interest ($0.001 par value) 2012-07-02 4 M 0 6862 20.32 A 280847 D Common Shares of Beneficial Interest ($0.001 par value) 2012-07-02 4 S 0 6862 37.0195 D 273985 D Employee Stock Option (right to buy) 20.32 2012-07-02 4 M 0 6862 D 2019-03-19 Common Shares 6862 0 D Includes 700 shares held by reporting person as custodian for reporting person's children. This reporting person disclaims beneficial ownership of these shares. Includes 195,043 common shares issuable upon exchange of limited partnership interests of Liberty Property Limited Partnership. Represents the weighted average of a range of sale prices per share from $37.00 to $37.07. The reporting person undertakes to provide to the Staff of the Securities and Exchange Commission, the Company or any shareholder of the Company, upon request, full information regarding the number of common shares sold at each separate price. Options became exercisable 20% after the first anniversary of the date of the grant and 50% after the second anniversary, and will become fully exercisable after the third anniversary. Options received as employment compensation. Robert E. Fenza by James J. Bowes as Attorney-in-Fact 2012-07-03