Schedule III

12 Months Ended

Dec. 31, 2011

Schedule III [Abstract]

Real Estate and Accumulated Depreciation Disclosure [Text Block]

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2011
					Initial Cost						Gross Amount Carried at End of Period
Project	Location	Encumbrances			Land		Building		Costs Capitalized Subsequent to Acquisition		Land and Improvements		Building and Improvements		Total 12/31/2011		Accumulated Depreciation 12/31/2011		Date of Construction or Acquisition	Depreciable life (years)
OPERATING PROPERTIES
1501 Perryman Road	Aberdeen, MD	$	—		$	5,813,324	$	18,874,059	$	4,458,440	$	5,816,839	$	23,328,984	$	29,145,823	$	3,120,023	2005	40
200 Boulder Drive	Allentown, PA	—			4,722,683		18,922,645		451,444		4,722,683		19,374,089		24,096,772		3,585,402		2004	40
250 Boulder Drive	Allentown, PA	—			3,599,936		12,099,145		2,176,159		3,717,733		14,157,508		17,875,241		2,861,088		2004	40
400 Nestle Way	Allentown, PA	17,866,621			8,065,500		—		27,420,765		8,184,096		27,302,169		35,486,265		11,449,353		1997	40
650 Boulder Drive	Allentown, PA	—		*	5,208,248		—		31,373,290		9,961,788		26,619,750		36,581,539		6,100,156		2002	40
651 Boulder Drive	Allentown, PA	—			4,308,646		—		17,823,342		4,308,646		17,823,342		22,131,987		5,394,063		2000	40
700 Nestle Way	Allentown, PA	—		*	3,473,120		—		20,069,956		4,174,970		19,368,105		23,543,076		7,609,194		1998	40
705 Boulder Drive	Allentown, PA	—		*	10,594,027		—		27,998,382		10,596,767		27,995,642		38,592,409		5,954,725		2001	40
7165 Ambassador Drive	Allentown, PA	—		*	792,999		—		4,533,868		804,848		4,522,019		5,326,867		1,303,428		2002	40
7248 Industrial Boulevard	Allentown, PA	—			2,670,849		13,307,408		4,455,487		2,670,673		17,763,070		20,433,744		6,100,304		1988	40
7339 Industrial Boulevard	Allentown, PA	—			1,187,776		—		6,722,946		1,197,447		6,713,275		7,910,723		2,773,766		1996	40
7437 Industrial Boulevard	Allentown, PA	—			717,488		5,022,413		3,042,952		726,651		8,056,202		8,782,852		3,853,855		1976	40
794 Roble Road	Allentown, PA	—			1,147,541		6,088,041		1,183,790		1,147,541		7,271,832		8,419,373		3,013,590		1985	40
8014 Industrial Boulevard	Allentown, PA	—		*	4,019,258		—		9,764,666		3,645,117		10,138,806		13,783,924		3,864,903		1999	40
8150 Industrial Boulevard	Allentown, PA	—			2,564,167		—		8,388,663		2,571,466		8,381,365		10,952,830		2,124,888		2002	40
8250 Industrial Boulevard	Allentown, PA	—		*	1,025,667		—		5,339,264		1,035,854		5,329,076		6,364,931		1,419,826		2002	40
8400 Industrial Boulevard	Allentown, PA	—			6,725,948		—		27,128,012		7,521,211		26,332,749		33,853,961		3,821,606		2005	40
6330 Hedgewood Drive	Allentown, PA	—			531,268		—		4,967,420		532,047		4,966,642		5,498,688		2,854,456		1988	40
6350 Hedgewood Drive	Allentown, PA	—		*	360,027		—		4,028,297		560,691		3,827,633		4,388,324		1,874,910		1989	40
6370 Hedgewood Drive	Allentown, PA	—			540,795		—		3,217,414		541,459		3,216,750		3,758,209		1,648,666		1990	40
6390 Hedgewood Drive	Allentown, PA	—			707,203		—		2,934,130		707,867		2,933,466		3,641,333		1,458,999		1990	40
6520 Stonegate Drive	Allentown, PA	—			453,315		—		1,689,706		484,361		1,658,661		2,143,021		779,854		1996	40
6540 Stonegate Drive	Allentown, PA	—			422,042		—		3,925,217		422,730		3,924,530		4,347,259		2,338,921		1988	40
6560 Stonegate Drive	Allentown, PA	—			458,281		—		2,805,110		458,945		2,804,447		3,263,391		1,660,545		1989	40
6580 Snowdrift Road	Allentown, PA	—			388,328		—		3,503,320		389,081		3,502,567		3,891,648		2,007,984		1988	40
7620 Cetronia Road	Allentown, PA	—			1,091,806		3,851,456		258,140		1,093,724		4,107,678		5,201,402		1,681,318		1990	40
180,190 Cochrane Drive	Annapolis, MD	—			3,670,256		—		23,125,713		3,752,293		23,043,676		26,795,969		12,250,406		1988	40
4606 Richlynn Drive	Belcamp, MD	—			299,600		1,818,861		712,787		299,600		2,531,649		2,831,249		787,520		1985	40

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2011
				Initial Cost			Gross Amount Carried at End of Period
Project	Location	Encumbrances		Land	Building	Costs Capitalized Subsequent to Acquisition	Land and Improvements	Building and Improvements	Total 12/31/2011	Accumulated Depreciation 12/31/2011	Date of Construction or Acquisition	Depreciable life (years)
OPERATING PROPERTIES
74 West Broad Street	Bethlehem, PA	—		1,096,127	—	14,230,904	1,099,079	14,227,953	15,327,032	4,885,891	2002	40
10801 Nesbitt Avenue South	Bloomington, MN	—		784,577	—	3,603,519	786,382	3,601,714	4,388,096	1,022,562	2001	40
5705 Old Shakopee Road	Bloomington, MN	—		2,113,223	—	5,520,730	2,148,571	5,485,383	7,633,953	1,089,350	2001	40
5715 Old Shakopee Road West	Bloomington, MN	—		1,263,226	2,360,782	2,012,357	1,264,758	4,371,607	5,636,365	1,113,304	2002	40
5735 Old Shakopee Road West	Bloomington, MN	—		1,263,226	2,360,782	1,024,178	1,264,758	3,383,428	4,648,186	905,911	2002	40
5775 West Old Shakopee Road	Bloomington, MN	—		2,052,018	3,849,649	1,611,411	2,060,644	5,452,433	7,513,078	1,630,370	2002	40
6161 Green Valley Drive	Bloomington, MN	—		740,378	3,311,602	2,114,197	709,961	5,456,216	6,166,177	1,412,320	1992	40
6601-6625 W. 78th Street	Bloomington, MN	—		2,263,060	—	39,321,294	2,310,246	39,274,108	41,584,354	13,053,858	1998	40
750 Park of Commerce Boulevard	Boca Raton, FL	—		2,430,000	—	22,128,524	2,473,406	22,085,118	24,558,524	1,439,006	2007	40
777 Yamato Road	Boca Raton, FL	—		4,101,247	16,077,347	5,921,455	4,501,247	21,598,803	26,100,049	7,460,852	1987	40
951 Broken Sound Parkway	Boca Raton, FL	—		1,426,251	6,098,952	1,805,060	1,426,251	7,904,012	9,330,263	3,017,037	1986	40
400 Boulder Drive	Breinigsville, PA	—		—	—	13,408,721	2,865,575	10,543,146	13,408,721	1,950,266	2003	40
8201 Industrial Boulevard	Breinigsville, PA	—	*	2,089,719	—	8,328,910	2,222,168	8,196,461	10,418,629	1,199,549	2006	40
8500 Industrial Boulevard	Breinigsville, PA	—		8,752,708	—	39,797,921	11,511,499	37,039,130	48,550,629	3,719,708	2007	40
860 Nestle Way	Breinigsville, PA	—		8,118,881	18,885,486	7,099,680	8,118,881	25,985,166	34,104,047	4,685,394	2004	40
602 Heron Drive	Bridgeport, NJ	—		524,728	2,240,478	7,650	524,728	2,248,128	2,772,856	772,071	1996	40
1485 W. Commerce Avenue	Carlisle, PA	—		4,249,868	13,886,039	2,241,825	4,095,262	16,282,471	20,377,733	3,402,664	2004	40
95 Kriner Road	Chambersburg, PA	—		8,695,501	—	34,494,348	9,407,871	33,781,978	43,189,849	2,329,297	2006	40
9000 109th Street	Champlin, MN	—		1,251,043	11,662,995	—	1,251,043	11,662,995	12,914,038	119,723	2011	40
12810 Virkler Drive	Charlotte, NC	—		475,368	2,367,586	679,827	476,262	3,046,518	3,522,780	35,229	2010	40
2700 Hutchinson McDonald Road	Charlotte, NC	—		912,500	4,721,259	1,854	912,500	4,723,113	5,635,613	29,930	2011	40
2701 Hutchinson McDonald Road	Charlotte, NC	—		1,275,000	4,649,750	1,998	1,275,000	4,651,748	5,926,748	33,806	2011	40
2730 Hutchinson McDonald Road	Charlotte, NC	—		1,878,750	10,129,499	3,057	1,878,750	10,132,556	12,011,306	59,461	2011	40
2801 Hutchinson McDonald Road	Charlotte, NC	—		1,065,000	6,975,250	2,064	1,065,000	6,977,315	8,042,315	42,560	2011	40
3000 Crosspoint Center Lane	Charlotte, NC	—		1,831,250	10,779,412	49,915	1,831,250	10,829,326	12,660,576	68,123	2011	40
3005 Crosspoint Center Lane	Charlotte, NC	—		1,990,000	6,561,540	50,440	1,990,000	6,611,980	8,601,980	46,392	2011	40
4045 Perimeter West Drive	Charlotte, NC	—		1,418,928	7,511,050	—	1,418,928	7,511,050	8,929,978	129,136	2011	40
4525 Statesville Road	Charlotte, NC	—		841,250	5,279,315	1,217	841,250	5,280,532	6,121,782	31,795	2011	40
8910 Pioneer Avenue	Charlotte, NC	—		527,873	4,959,206	—	527,873	4,959,206	5,487,079	—	2011	40

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2011
			Initial Cost			Gross Amount Carried at End of Period
Project	Location	Encumbrances	Land	Building	Costs Capitalized Subsequent to Acquisition	Land and Improvements	Building and Improvements	Total 12/31/2011	Accumulated Depreciation 12/31/2011	Date of Construction or Acquisition	Depreciable life (years)
OPERATING PROPERTIES
8916 Pioneer Avenue	Charlotte, NC	—	557,730	5,785,333	—	557,730	5,785,333	6,343,063	—	2011	40
1309 Executive Boulevard	Chesapeake, VA	—	926,125	—	5,098,066	955,374	5,068,817	6,024,191	1,374,379	2001	40
1301 Executive Boulevard	Chesapeake, VA	—	—	—	6,160,743	970,151	5,190,592	6,160,743	864,245	2005	40
1305 Executive Boulevard	Chesapeake, VA	—	861,020	—	4,739,120	1,129,850	4,470,290	5,600,140	1,101,570	2002	40
1313 Executive Boulevard	Chesapeake, VA	—	1,180,036	—	4,629,615	1,708,050	4,101,602	5,809,652	1,109,869	2002	40
500 Independence Parkway	Chesapeake, VA	—	864,150	4,427,285	497,821	866,609	4,922,648	5,789,257	974,573	2004	40
501 Independence Parkway	Chesapeake, VA	—	1,202,556	5,975,538	1,528,763	1,292,273	7,414,584	8,706,857	1,330,395	2005	40
505 Independence Parkway	Chesapeake, VA	—	1,292,062	6,456,515	1,289,521	1,292,254	7,745,843	9,038,098	1,493,630	2005	40
510 Independence Parkway	Chesapeake, VA	—	2,012,149	7,546,882	872,187	2,014,689	8,416,530	10,431,219	1,582,457	2005	40
676 Independence Parkway	Chesapeake, VA	—	1,527,303	—	11,291,284	1,562,903	11,255,684	12,818,587	685,070	2006	40
700 Independence Parkway	Chesapeake, VA	5,961,747	1,950,375	7,236,994	647,606	1,951,135	7,883,840	9,834,975	1,930,522	2004	40
6230 Old Dobbin Lane	Colombia, MD	—	3,004,075	—	7,861,617	2,746,455	8,119,237	10,865,692	1,647,141	2004	40
6200 Old Dobbin Lane	Columbia, MD	—	958,105	—	3,770,704	1,295,000	3,433,809	4,728,809	954,540	2002	40
6210 Old Dobbin Lane	Columbia, MD	—	958,105	—	3,948,851	1,307,300	3,599,656	4,906,956	1,159,574	2002	40
6220 Old Dobbin Lane	Columbia, MD	—	3,865,848	—	7,741,067	3,166,951	8,439,964	11,606,915	1,181,084	2006	40
6240 Old Dobbin Lane	Columbia, MD	—	958,105	—	3,990,310	1,599,259	3,349,156	4,948,415	738,247	2000	40
6250 Old Dobbin Lane	Columbia, MD	—	958,105	—	3,618,313	1,295,000	3,281,418	4,576,418	946,952	2002	40
7178-80 Columbia Gateway	Columbia, MD	—	1,569,237	4,786,887	1,942,434	1,571,105	6,727,452	8,298,558	3,277,887	1987	40
9755 Patuxent Woods Drive	Columbia, MD	—	3,917,094	14,959,075	1,592,908	3,922,382	16,546,694	20,469,076	2,110,013	2006	40
9770 Patuxent Woods Drive	Columbia, MD	—	341,663	3,033,309	1,876,157	341,663	4,909,466	5,251,129	1,928,403	1986	40
9780 Patuxent Woods Drive	Columbia, MD	—	218,542	1,940,636	669,179	218,542	2,609,815	2,828,356	970,654	1986	40
9790 Patuxent Woods Drive	Columbia, MD	—	243,791	2,164,094	640,811	243,791	2,804,905	3,048,695	956,301	1986	40
9800 Patuxent Woods Drive	Columbia, MD	—	299,099	2,654,069	658,514	299,099	3,312,583	3,611,682	1,210,388	1988	40
9810 Patuxent Woods Drive	Columbia, MD	—	266,684	2,366,901	832,049	266,684	3,198,950	3,465,634	1,062,186	1986	40
9820 Patuxent Woods Drive	Columbia, MD	—	237,779	2,110,835	940,798	237,779	3,051,633	3,289,412	1,151,870	1988	40
9830 Patuxent Woods Drive	Columbia, MD	—	296,262	2,628,933	582,878	296,262	3,211,811	3,508,073	1,189,447	1986	40
1250 Hall Court	Deer Park, TX	2,835,796	829,570	4,778,327	47,398	831,611	4,823,685	5,655,296	670,275	2006	40
170 Parkway West	Duncan, SC	—	598,348	3,643,756	133,029	598,918	3,776,215	4,375,133	652,306	2006	40
190 Parkway West	Duncan, SC	—	551,663	3,310,993	209,022	552,211	3,519,466	4,071,678	624,478	2006	40

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2011
			Initial Cost			Gross Amount Carried at End of Period
Project	Location	Encumbrances	Land	Building	Costs Capitalized Subsequent to Acquisition	Land and Improvements	Building and Improvements	Total 12/31/2011	Accumulated Depreciation 12/31/2011	Date of Construction or Acquisition	Depreciable life (years)
OPERATING PROPERTIES
265 Parkway East	Duncan, SC	—	901,444	5,751,389	18,391	902,374	5,768,850	6,671,224	1,109,277	2006	40
285 Parkway East	Duncan, SC	—	975,433	5,851,990	318,001	976,393	6,169,031	7,145,424	882,096	2006	40
3255 Neil Armstrong Boulevard	Eagan, MN	—	1,131,017	—	3,366,266	1,103,860	3,393,423	4,497,283	1,104,644	1998	40
3711 Kennebec Drive	Eagan, MN	—	999,702	4,042,589	4,748	999,702	4,047,338	5,047,040	51,924	2011	40
10301-10305 West 70th Street	Eden Prairie, MN	—	120,622	1,085,226	399,773	118,300	1,487,321	1,605,621	565,142	1984	40
10321 West 70th Street	Eden Prairie, MN	—	145,198	1,305,700	460,783	142,399	1,769,282	1,911,681	527,279	1984	40
10333 West 70th Street	Eden Prairie, MN	—	110,746	995,868	292,038	108,610	1,290,042	1,398,652	500,671	1984	40
10349-10357 West 70th Street	Eden Prairie, MN	—	275,903	2,481,666	523,647	270,584	3,010,632	3,281,215	1,183,599	1985	40
10365-10375 West 70th Street	Eden Prairie, MN	—	291,077	2,618,194	417,055	285,464	3,040,862	3,326,326	1,204,622	1985	40
10393-10394 West 70th Street	Eden Prairie, MN	—	269,618	2,423,318	861,035	264,419	3,289,552	3,553,971	1,252,741	1985	40
10400 Viking Drive	Eden Prairie, MN	—	2,912,391	—	22,507,711	2,938,372	22,481,730	25,420,102	8,061,772	1999	40
6321-6325 Bury Drive	Eden Prairie, MN	—	462,876	4,151,790	1,084,902	462,876	5,236,692	5,699,568	1,808,107	1988	40
7075 Flying Cloud Drive	Eden Prairie, MN	—	10,232,831	10,855,851	53,337	10,243,977	10,898,042	21,142,019	1,317,734	2007	40
7078 Shady Oak Road	Eden Prairie, MN	—	343,093	3,085,795	1,486,581	336,481	4,578,988	4,915,469	1,443,276	1985	40
7400 Flying Cloud Drive	Eden Prairie, MN	—	195,982	1,762,027	1,456,974	773,243	2,641,740	3,414,983	780,581	1987	40
7615 Smetana Lane	Eden Prairie, MN	—	1,011,517	—	8,510,179	3,000,555	6,521,141	9,521,696	2,056,639	2001	40
7625 Smetana Lane	Eden Prairie, MN	—	4,500,641	—	2,987,320	1,916,609	5,571,353	7,487,962	872,417	2006	40
7660-7716 Golden Triangle Drive	Eden Prairie, MN	—	568,706	5,115,177	2,274,443	1,289,215	6,669,111	7,958,326	2,545,665	1988	40
7695-7699 Anagram Drive	Eden Prairie, MN	—	760,525	3,254,758	623,355	760,525	3,878,113	4,638,638	1,650,469	1997	40
7777 Golden Triangle Drive	Eden Prairie, MN	—	993,101	2,136,862	1,151,598	993,101	3,288,460	4,281,561	1,110,177	2000	40
7800 Equitable Drive	Eden Prairie, MN	—	2,188,525	3,788,762	128,371	2,188,525	3,917,133	6,105,657	1,350,117	1993	40
7905 Fuller Road	Eden Prairie, MN	—	1,229,862	4,075,167	1,980,136	1,230,965	6,054,200	7,285,165	2,278,049	1994	40
8855 Columbine Road	Eden Prairie, MN	—	1,400,925	—	5,226,016	1,599,757	5,027,185	6,626,941	965,066	2000	40
8911 Columbine Road (B2)	Eden Prairie, MN	—	916,687	—	3,766,331	1,718,407	2,964,611	4,683,018	865,194	2000	40
8937 Columbine Road	Eden Prairie, MN	—	1,325,829	—	4,191,274	1,739,966	3,777,137	5,517,103	1,072,175	2001	40
8967 Columbine Road	Eden Prairie, MN	—	1,450,000	—	3,575,107	1,450,000	3,575,107	5,025,107	1,222,998	2000	40
8995 Columbine Road	Eden Prairie, MN	—	1,087,594	—	3,664,053	2,055,296	2,696,352	4,751,648	844,069	2001	40
9023 Columbine Road	Eden Prairie, MN	—	1,956,273	—	4,873,578	1,956,273	4,873,578	6,829,851	1,789,011	1999	40
7351 Coca Cola Drive	Elkridge, MD	—	1,897,044	—	7,161,614	3,023,417	6,035,242	9,058,659	873,352	2006	40

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2011
				Initial Cost			Gross Amount Carried at End of Period
Project	Location	Encumbrances		Land	Building	Costs Capitalized Subsequent to Acquisition	Land and Improvements	Building and Improvements	Total 12/31/2011	Accumulated Depreciation 12/31/2011	Date of Construction or Acquisition	Depreciable life (years)
OPERATING PROPERTIES
21705-21707 Mississippi Street	Elwood, IL	—		10,594,259	30,329,802	88,926	10,594,259	30,418,728	41,012,988	396,175	2011	40
27143 S Baseline Road	Elwood, IL	—		6,022,000	5,612,934	61,895	6,022,000	5,674,829	11,696,829	89,388	2011	40
180 Sheree Boulevard	Exton, PA	4,777,363		2,647,861	11,334,403	2,609,923	2,649,426	13,942,761	16,592,187	2,212,253	2007	40
7028 Snowdrift Road	Fogelville, PA	—		520,473	959,279	157,281	524,390	1,112,644	1,637,033	338,252	1982	40
1100 Virginia Drive	Fort Washington, PA	—		35,619,946	51,390,540	15,924,109	36,374,955	66,559,639	102,934,594	9,466,317	2006	40
1250 Virginia Drive	Fort Washington, PA	—		1,639,166	1,928,574	413,286	1,650,703	2,330,323	3,981,025	414,581	2005	40
275 Commerce Drive	Fort Washington, PA	—		1,775,894	2,160,855	7,599,497	1,790,041	9,746,205	11,536,246	1,188,999	2005	40
414 Commerce Drive	Fort Washington, PA	—		1,267,194	2,217,460	497,460	1,267,937	2,714,176	3,982,113	512,790	2004	40
420 Delaware Drive	Fort Washington, PA	—		2,766,931	—	8,862,835	2,826,994	8,802,772	11,629,767	1,251,062	2005	40
9601 Cosner Drive	Fredericksburg, VA	—		475,262	3,917,234	214,221	475,262	4,131,454	4,606,716	1,710,796	1995	40
200 W Cypress Creek Road	Ft Lauderdale, FL	—		3,414,989	2,399,738	9,624,047	3,414,989	12,023,785	15,438,774	2,672,389	2003	40
5410 - 5430 Northwest 33rd Avenue	Ft. Lauderdale, FL	—		603,776	4,176,238	1,419,852	625,111	5,574,755	6,199,866	2,063,151	1985	40
116 Pleasant Ridge Road	Greenville, SC	—		1,547,811	—	14,066,208	3,712,683	11,901,337	15,614,020	1,019,550	2006	40
45 Brookfield Oaks Drive	Greenville, SC	—		818,114	—	3,767,187	825,529	3,759,772	4,585,301	399,995	2006	40
1487 South Highway 101	Greer, SC	—		464,237	—	5,704,053	1,301,738	4,866,552	6,168,290	356,209	2007	40
11841 Newgate Boulevard	Hagerstown, MD	—		3,356,207	—	30,555,105	9,741,685	24,169,627	33,911,312	1,972,910	2008	40
1 Enterprise Parkway	Hampton, VA	—		974,675	5,579,869	1,674,322	974,675	7,254,191	8,228,866	2,547,689	1987	40
1317 Executive Boulevard	Hampton, VA	—		1,650,423	—	7,964,665	1,128,829	8,486,260	9,615,088	1,175,254	2006	40
21 Enterprise Parkway	Hampton, VA	—		263,668	8,167,118	1,023,917	265,719	9,188,985	9,454,704	2,569,826	1999	40
22 Enterprise Parkway	Hampton, VA	—		1,097,368	6,760,778	1,136,281	1,097,368	7,897,059	8,994,427	2,767,630	1990	40
5 Manhattan Square	Hampton, VA	—		207,368	—	1,535,913	212,694	1,530,586	1,743,281	523,910	1999	40
521 Butler Farm Road	Hampton, VA	—		750,769	2,911,149	365,781	710,486	3,317,212	4,027,699	762,813	2003	40
7361 Coca Cola Drive	Hanover, MD	—		2,245,187	—	9,368,648	3,822,710	7,791,125	11,613,835	557,320	2004	40
500 McCarthy Drive	Harrisburg, PA	—	*	5,194,872	19,991,436	4,534,843	5,687,013	24,034,138	29,721,151	5,231,748	2005	40
600 Industrial Drive	Harrisburg, PA	—		7,743,800	—	28,449,168	9,368,557	26,824,410	36,192,967	4,548,429	2005	40
1498 Eagle Hill Drive	High Point, NC	—		94,274	—	6,178,987	791,880	5,481,380	6,273,261	662,391	2005	40
4183 Eagle Hill Drive	High Point, NC	—		122,203		3,044,842	526,266	2,640,779	3,167,045	749,516	2001	40
4189 Eagle Hill Drive	High Point, NC	—		100,106		3,437,985	431,106	3,106,985	3,538,091	1,119,787	2001	40
4195 Eagle Hill Drive	High Point, NC	—		107,586	—	3,589,254	505,700	3,191,140	3,696,840	646,795	2004	40

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2011
			Initial Cost			Gross Amount Carried at End of Period
Project	Location	Encumbrances	Land	Building	Costs Capitalized Subsequent to Acquisition	Land and Improvements	Building and Improvements	Total 12/31/2011	Accumulated Depreciation 12/31/2011	Date of Construction or Acquisition	Depreciable life (years)
OPERATING PROPERTIES
4300 Federal Drive	High Point, NC	—	264,038	—	2,229,747	276,038	2,217,747	2,493,784	665,822	1998	40
4328, 4336 Federal Drive	High Point, NC	2,902,105	521,122	—	7,534,416	825,092	7,230,446	8,055,538	4,450,496	1995	40
4344 Federal Drive	High Point, NC	—	484,001	—	2,651,429	173,623	2,961,807	3,135,430	1,324,928	1996	40
4380 Federal Drive	High Point, NC	—	282,996	—	2,251,375	283,368	2,251,003	2,534,371	877,211	1997	40
4388 Federal Drive	High Point, NC	—	143,661	—	1,213,832	132,655	1,224,838	1,357,493	413,884	1997	40
4475 Premier Drive	High Point, NC	—	748,693	—	6,801,791	1,525,421	6,025,063	7,550,484	524,955	2006	40
4500 Green Point Drive	High Point, NC	—	230,622	—	2,140,986	231,692	2,139,916	2,371,608	1,130,940	1989	40
4501 Green Point Drive	High Point, NC	—	319,289	—	2,540,927	320,450	2,539,766	2,860,216	1,300,200	1989	40
4523 Green Point Drive	High Point, NC	—	234,564	—	3,304,700	235,698	3,303,566	3,539,264	1,476,886	1988	40
4524 Green Point Drive	High Point, NC	—	182,810	—	2,739,234	183,888	2,738,156	2,922,044	1,250,350	1989	40
1 Walnut Grove Drive	Horsham, PA	—	1,058,901	5,343,606	381,107	1,058,901	5,724,712	6,783,614	2,109,884	1986	40
100 Gibraltar Road	Horsham, PA	—	38,729	349,811	21,275	38,729	371,086	409,815	126,378	1975	40
100 Witmer Road	Horsham, PA	—	3,102,784	—	20,148,393	3,764,784	19,486,393	23,251,177	5,358,065	1996	40
100-107 Lakeside Drive	Horsham, PA	—	239,528	2,163,498	441,510	255,528	2,589,008	2,844,536	904,540	1982	40
101 Gibraltar Road	Horsham, PA	—	651,990	5,888,989	1,771,602	732,552	7,580,029	8,312,581	2,713,392	1977	40
101-111 Rock Road	Horsham, PA	—	350,561	3,166,389	1,163,716	452,251	4,228,416	4,680,666	1,577,116	1975	40
102 Rock Road	Horsham, PA	—	1,110,209	2,301,302	1,199,449	1,181,242	3,429,717	4,610,959	944,470	1985	40
103-109 Gibraltar Road	Horsham, PA	—	270,906	2,448,500	361,465	270,906	2,809,964	3,080,870	1,043,057	1978	40
104 Rock Road	Horsham, PA	—	330,111	2,981,669	662,809	398,003	3,576,586	3,974,589	1,383,616	1974	40
104 Witmer Road	Horsham, PA	—	1,248,148	—	593,447	189,793	1,651,802	1,841,595	556,018	1975	40
110 Gibraltar Road	Horsham, PA	—	673,041	5,776,369	2,521,422	673,041	8,297,791	8,970,832	3,287,121	1979	40
111-159 Gibraltar Road	Horsham, PA	—	489,032	4,126,151	1,143,340	489,032	5,269,491	5,758,523	2,004,859	1981	40
113-123 Rock Road	Horsham, PA	—	351,072	3,171,001	708,270	451,731	3,778,612	4,230,343	1,315,307	1975	40
120 Gibraltar Road	Horsham, PA	—	533,142	4,830,515	1,840,146	558,142	6,645,661	7,203,803	2,201,528	1980	40
123-135 Rock Road	Horsham, PA	—	292,360	2,411,677	2,040,774	393,019	4,351,791	4,744,810	1,374,051	1975	40
132 Welsh Road	Horsham, PA	—	1,333,642	—	4,011,188	1,408,041	3,936,789	5,344,830	1,535,958	1998	40
161-175 Gibraltar Road	Horsham, PA	—	294,673	2,663,722	957,148	294,673	3,620,870	3,915,543	1,353,320	1976	40
181-187 Gibraltar Road	Horsham, PA	—	360,549	3,259,984	787,154	360,549	4,047,138	4,407,687	1,644,337	1982	40

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2011
			Initial Cost			Gross Amount Carried at End of Period
Project	Location	Encumbrances	Land	Building	Costs Capitalized Subsequent to Acquisition	Land and Improvements	Building and Improvements	Total 12/31/2011	Accumulated Depreciation 12/31/2011	Date of Construction or Acquisition	Depreciable life (years)
OPERATING PROPERTIES
2 Walnut Grove Drive	Horsham, PA	—	1,281,870	7,767,374	1,344,498	1,265,363	9,128,379	10,393,742	3,631,544	1989	40
200 Gibraltar Road	Horsham, PA	—	638,513	5,811,323	1,822,557	638,513	7,633,880	8,272,393	2,630,276	1990	40
200-264 Lakeside Drive	Horsham, PA	—	502,705	4,540,597	2,137,481	502,705	6,678,078	7,180,783	2,153,906	1982	40
201 Gibraltar Road	Horsham, PA	—	380,127	3,433,433	2,158,024	380,802	5,590,782	5,971,584	1,959,726	1983	40
210-223 Witmer Road	Horsham, PA	—	270,282	2,441,276	1,953,591	270,282	4,394,867	4,665,149	1,524,268	1972	40
220 Gibraltar Road	Horsham, PA	—	629,944	5,733,228	1,203,285	629,944	6,936,513	7,566,457	2,910,399	1990	40
231-237 Gibraltar Road	Horsham, PA	—	436,952	3,948,963	994,901	436,952	4,943,864	5,380,816	1,869,903	1981	40
240 Gibraltar Road	Horsham, PA	—	629,944	5,733,234	1,881,339	629,944	7,614,573	8,244,517	3,443,076	1990	40
255 Business Center Drive	Horsham, PA	—	1,154,289	2,007,214	689,357	1,140,597	2,710,262	3,850,860	680,290	2003	40
261-283 Gibraltar Road	Horsham, PA	—	464,871	3,951,972	1,781,426	464,871	5,733,397	6,198,268	1,917,881	1978	40
300 Welsh Road	Horsham, PA	—	696,061	3,339,991	570,429	696,061	3,910,420	4,606,480	1,487,819	1985	40
300 Welsh Road - Building 3	Horsham, PA	—	180,459	1,441,473	572,570	180,459	2,014,043	2,194,502	693,684	1983	40
300 Welsh Road - Building 4	Horsham, PA	—	282,493	2,256,508	1,786,769	282,493	4,043,277	4,325,770	1,503,382	1983	40
300-309 Lakeside Drive	Horsham, PA	—	369,475	3,338,761	2,033,132	376,475	5,364,892	5,741,368	2,387,042	1982	40
335 Commerce Drive	Horsham, PA	—	—	—	8,872,585	182,400	8,690,185	8,872,585	2,000,953	2002	40
355 Business Center Drive	Horsham, PA	—	483,045	898,798	364,949	471,171	1,275,621	1,746,793	360,960	2003	40
4 Walnut Grove	Horsham, PA	—	2,515,115	—	10,809,109	2,515,115	10,809,109	13,324,224	3,456,158	1999	40
400-445 Lakeside Drive	Horsham, PA	—	543,628	4,910,226	2,439,451	583,628	7,309,677	7,893,305	2,775,459	1981	40
455 Business Center Drive	Horsham, PA	—	1,351,011	2,503,449	1,497,807	1,322,317	4,029,951	5,352,267	1,152,339	2003	40
5 Walnut Grove Drive	Horsham, PA	—	1,065,951	—	10,316,050	1,939,712	9,442,289	11,382,001	2,860,664	2000	40
506 Prudential Road	Horsham, PA	—	208,140	895,470	894,621	208,140	1,790,091	1,998,231	649,195	1973	40
555 Business Center Drive	Horsham, PA	—	727,420	1,353,650	462,895	709,967	1,833,999	2,543,966	335,600	2003	40
680 Blair Mill Road	Horsham, PA	—	3,527,151	—	17,475,489	4,138,577	16,864,063	21,002,640	3,933,722	2001	40
7 Walnut Grove Drive	Horsham, PA	—	2,631,696	—	18,513,980	2,631,956	18,513,720	21,145,676	2,054,042	2006	40
700 Dresher Road	Horsham, PA	—	2,551,777	3,020,638	2,353,380	2,565,140	5,360,656	7,925,795	1,569,151	1987	40
507 Prudential Road	Horsham, PA	—	644,900	5,804,100	8,408,030	1,131,380	13,725,650	14,857,030	5,494,809	1988	40
747 Dresher Road	Horsham, PA	—	1,607,238	—	4,956,884	1,607,977	4,956,144	6,564,122	2,680,068	1988	40

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2011
				Initial Cost			Gross Amount Carried at End of Period
Project	Location	Encumbrances		Land	Building	Costs Capitalized Subsequent to Acquisition	Land and Improvements	Building and Improvements	Total 12/31/2011	Accumulated Depreciation 12/31/2011	Date of Construction or Acquisition	Depreciable life (years)
OPERATING PROPERTIES
767 Electronic Drive	Horsham, PA	—		1,229,685	—	2,436,397	1,241,970	2,424,112	3,666,082	1,087,488	1996	40
10301 Round Up Lane	Houston, TX	—		545,501	2,927,700	665,133	545,501	3,592,833	4,138,334	44,425	2010	40
10305 Round Up Lane	Houston, TX	—		1,340,609	7,489,720	1,074,284	1,340,609	8,564,004	9,904,613	106,371	2010	40
10735 West Little York Road	Houston, TX	—	*	1,110,988	6,351,946	1,968,676	1,135,483	8,296,128	9,431,610	1,722,546	2000	40
10739 West Little York Road	Houston, TX	—	*	797,931	5,950,894	148,370	799,560	6,097,635	6,897,195	1,473,983	1999	40
11201 Greens Crossing Boulevard	Houston, TX	—		1,006,194	5,412,584	2,964,529	1,008,542	8,374,765	9,383,307	1,222,406	2007	40
16405 Air Center Boulevard	Houston, TX	—	*	438,853	3,030,396	340,199	438,853	3,370,594	3,809,447	1,289,047	1997	40
16445 Air Center Boulevard	Houston, TX	—	*	363,339	2,509,186	199,444	363,339	2,708,630	3,071,969	946,078	1997	40
1646 Rankin Road	Houston, TX	—	*	329,961	—	4,895,432	592,234	4,633,159	5,225,393	995,904	2005	40
16580 Air Center Boulevard	Houston, TX	—	*	289,000	3,559,857	258,134	289,000	3,817,992	4,106,992	1,236,310	1997	40
16602 Central Green Boulevard	Houston, TX	—	*	284,403	—	4,495,522	503,779	4,276,146	4,779,925	690,106	2005	40
16605 Air Center Boulevard	Houston, TX	—	*	298,999	—	3,333,535	496,186	3,136,349	3,632,535	763,328	2002	40
16680 Central Green Boulevard	Houston, TX	—	*	311,952	—	4,165,907	492,869	3,984,990	4,477,859	532,854	2001	40
16685 Air Center Boulevard	Houston, TX	—	*	—	—	2,903,411	414,691	2,488,720	2,903,411	483,180	2004	40
1755 Trans Central Drive	Houston, TX	—	*	293,534	3,036,269	175,961	306,147	3,199,617	3,505,764	915,676	1999	40
5200 N. Sam Houston Parkway	Houston, TX	—	*	1,519,458	7,135,548	3,490,870	1,520,074	10,625,802	12,145,877	1,429,637	2007	40
5250 N. Sam Houston Parkway	Houston, TX	—	*	2,173,287	8,868,256	2,593,445	2,173,942	11,461,046	13,634,988	1,311,859	2007	40
8103 Fallbrook Drive	Houston, TX	—	*	4,515,862	—	23,946,674	5,877,884	22,584,652	28,462,536	2,273,833	2006	40
850 Greens Parkway	Houston, TX	—	*	2,893,405	11,593,197	2,716,438	2,899,861	14,303,179	17,203,040	1,527,593	2007	40
860 Greens Parkway	Houston, TX	—	*	1,399,365	6,344,650	1,524,550	1,374,012	7,894,553	9,268,565	867,255	2007	40
8801-19 & 8821-49 Fallbrook Drive	Houston, TX	—	*	2,290,001	15,297,141	1,927,534	2,290,002	17,224,674	19,514,676	3,779,187	2000	40
8802-8824 Fallbrook Drive	Houston, TX	—	*	2,774,995	6,364,767	1,250,771	2,775,021	7,615,511	10,390,532	1,635,071	2004	40
8825-8839 N Sam Houston Pkwy	Houston, TX	—	*	638,453	3,258,815	702,938	638,477	3,961,728	4,600,205	807,107	2004	40
8850-8872 Fallbrook Drive	Houston, TX	—	*	504,317	2,878,351	1,051,761	504,341	3,930,088	4,434,429	935,125	2004	40
10 North Park Drive	Hunt Valley, MD	—		2,211,969	7,816,042	3,972,815	2,211,969	11,788,857	14,000,826	1,949,832	2003	40
20 Wright Avenue	Hunt Valley, MD	—		1,205,946	—	10,018,759	1,861,025	9,363,679	11,224,704	3,021,230	2001	40
307 International Circle	Hunt Valley, MD	—		3,538,319	14,190,832	14,099,284	3,542,881	28,285,553	31,828,435	5,720,116	2004	40
309 International Circle	Hunt Valley, MD	—		613,667	2,458,204	897,071	615,096	3,353,845	3,968,941	560,140	2004	40

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2011
			Initial Cost			Gross Amount Carried at End of Period
Project	Location	Encumbrances	Land	Building	Costs Capitalized Subsequent to Acquisition	Land and Improvements	Building and Improvements	Total 12/31/2011	Accumulated Depreciation 12/31/2011	Date of Construction or Acquisition	Depreciable life (years)
OPERATING PROPERTIES
311 International Circle	Hunt Valley, MD	—	313,365	1,281,093	120,579	314,572	1,400,465	1,715,038	220,146	2004	40
4 North Park Drive	Hunt Valley, MD	—	3,269,948	13,551,370	2,560,795	3,269,948	16,112,165	19,382,112	3,787,209	2003	40
6 North Park Drive	Hunt Valley, MD	—	2,077,949	8,770,566	1,800,111	2,077,949	10,570,677	12,648,627	2,626,169	2003	40
10245 Centurion Parkway North	Jacksonville, FL	—	852,644	3,510,889	914,042	853,704	4,423,871	5,277,575	1,401,666	1996	40
4190 Belfort Road	Jacksonville, FL	—	821,000	5,866,000	2,402,659	827,420	8,262,239	9,089,659	3,442,276	1986	40
4345 Southpoint Parkway	Jacksonville, FL	—	—	—	8,465,552	418,093	8,047,459	8,465,552	2,767,630	1998	40
4801 Executive Park Court - 100	Jacksonville, FL	—	554,993	2,993,277	280,904	554,542	3,274,631	3,829,174	1,148,026	1990	40
4801 Executive Park Court - 200	Jacksonville, FL	—	370,017	1,995,518	186,685	370,039	2,182,181	2,552,220	796,333	1990	40
4810 Executive Park Court	Jacksonville, FL	—	369,694	3,045,639	657,134	370,039	3,702,428	4,072,467	1,393,249	1990	40
4815 Executive Park Court - 100	Jacksonville, FL	—	366,317	1,975,393	107,814	366,339	2,083,185	2,449,524	789,560	1995	40
4815 Executive Park Court - 200	Jacksonville, FL	—	462,522	2,494,397	353,339	462,549	2,847,708	3,310,258	957,960	1995	40
4820 Executive Park Court	Jacksonville, FL	—	555,173	2,693,130	609,686	555,213	3,302,777	3,857,989	1,237,066	1997	40
4825 Executive Park Court	Jacksonville, FL	—	601,278	3,242,491	50,343	601,401	3,292,711	3,894,112	1,177,369	1996	40
4875 Belfort Road	Jacksonville, FL	—	2,089,347	—	13,024,417	2,287,152	12,826,612	15,113,764	1,347,376	1998	40
4887 Belfort Road	Jacksonville, FL	—	1,299,202	—	7,866,815	1,665,915	7,500,102	9,166,017	2,482,153	2002	40
4899 Belfort Road	Jacksonville, FL	—	1,299,201	—	7,914,539	1,168,062	8,045,679	9,213,740	2,584,420	2000	40
4901 Belfort Road	Jacksonville, FL	—	877,964	2,360,742	1,900,700	877,964	4,261,442	5,139,406	1,784,487	1986	40
4905 Belfort Street	Jacksonville, FL	—	638,154	—	3,257,563	641,272	3,254,446	3,895,717	1,076,116	2000	40
5201 Gate Parkway	Jacksonville, FL	—	3,836,532	—	21,433,694	4,269,346	21,000,880	25,270,226	4,408,028	2005	40
6600 Southpoint Parkway	Jacksonville, FL	—	998,432	4,055,727	903,983	1,002,704	4,955,438	5,958,142	2,159,755	1986	40
6601 Executive Park Circle North	Jacksonville, FL	—	551,250	3,128,361	271,987	551,250	3,400,348	3,951,598	1,157,086	1992	40
6602 Executive Park Court - 100	Jacksonville, FL	—	388,519	2,095,293	222,710	388,541	2,317,981	2,706,522	819,527	1993	40
6602 Executive Park Court - 200	Jacksonville, FL	—	296,014	1,596,347	395,485	296,032	1,991,815	2,287,846	675,199	1993	40
6631 Executive Park Court - 100	Jacksonville, FL	—	251,613	1,356,849	369,768	251,627	1,726,603	1,978,230	795,843	1994	40
6631 Executive Park Court - 200	Jacksonville, FL	—	406,561	2,195,070	447,582	407,043	2,642,169	3,049,213	1,000,982	1994	40
6700 Southpoint Parkway	Jacksonville, FL	—	620,719	2,989,746	185,447	624,215	3,171,698	3,795,912	1,217,887	1987	40
7014 AC Skinner Parkway	Jacksonville, FL	—	574,198	—	3,259,741	780,486	3,053,453	3,833,939	1,029,573	1999	40
7016 AC Skinner Parkway	Jacksonville, FL	—	597,181	—	2,373,250	602,633	2,367,799	2,970,431	1,283,115	1996	40

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2011
			Initial Cost			Gross Amount Carried at End of Period
Project	Location	Encumbrances	Land	Building	Costs Capitalized Subsequent to Acquisition	Land and Improvements	Building and Improvements	Total 12/31/2011	Accumulated Depreciation 12/31/2011	Date of Construction or Acquisition	Depreciable life (years)
OPERATING PROPERTIES
7018 AC Skinner Parkway	Jacksonville, FL	—	840,996	—	3,581,479	846,461	3,576,014	4,422,475	1,406,491	1997	40
7020 AC Skinner Parkway	Jacksonville, FL	—	398,257	—	2,327,622	749,811	1,976,068	2,725,879	827,600	1996	40
7022 AC Skinner Parkway	Jacksonville, FL	—	706,934	—	2,984,235	853,981	2,837,188	3,691,169	1,206,504	1996	40
7077 Bonneval Road	Jacksonville, FL	—	768,000	5,789,000	2,516,266	774,020	8,299,246	9,073,266	3,873,381	1988	40
7251 Salisbury Road	Jacksonville, FL	—	—	—	3,382,617	662,559	2,720,058	3,382,617	723,724	2000	40
7255 Salisbury Road	Jacksonville, FL	—	392,060	—	2,503,681	680,766	2,214,975	2,895,741	525,127	2002	40
8665,8667,8669 Baypine Road	Jacksonville, FL	—	966,552	—	5,331,507	974,959	5,323,100	6,298,059	2,736,182	1987	40
8775 Baypine Road	Jacksonville, FL	—	906,804	—	9,842,207	913,013	9,835,997	10,749,011	3,761,228	1989	40
151 South Warner Road	King of Prussia, PA	—	1,218,086	6,937,866	7,153,361	1,187,900	14,121,413	15,309,313	1,409,405	1980	40
180 South Warner Drive	King of Prussia, PA	—	—	—	9,741,628	—	9,741,628	9,741,628	354,820	2009	40
2100 Renaissance Boulevard	King of Prussia, PA	—	1,110,111	—	11,121,375	1,132,519	11,098,967	12,231,486	2,656,663	1999	40
2201 Renaissance Boulevard	King of Prussia, PA	—	—	—	17,648,408	2,413,514	15,234,894	17,648,408	4,319,699	2000	40
2300 Renaissance Boulevard	King of Prussia, PA	—	509,580	—	3,042,297	574,152	2,977,725	3,551,877	1,249,993	1999	40
2301 Renaissance Boulevard	King of Prussia, PA	—	1,645,246	—	30,080,439	4,581,649	27,144,035	31,725,685	8,671,065	2002	40
2500 Renaissance Boulevard	King of Prussia, PA	—	509,580	—	2,670,729	592,886	2,587,422	3,180,309	1,053,946	1999	40
2520 Renaissance Boulevard	King of Prussia, PA	—	1,020,000	—	4,621,206	978,402	4,662,804	5,641,206	1,743,326	1999	40
2560 Renaissance Boulevard	King of Prussia, PA	—	—	—	3,729,254	649,792	3,079,462	3,729,254	1,208,593	2000	40
2700 Horizon Drive	King of Prussia, PA	—	764,370	—	3,643,566	867,815	3,540,121	4,407,936	1,236,792	1998	40
2900 Horizon Drive	King of Prussia, PA	—	679,440	—	3,503,074	774,096	3,408,418	4,182,514	1,361,526	1998	40
3200 Horizon Drive	King of Prussia, PA	—	928,637	—	6,397,780	1,210,137	6,116,280	7,326,417	1,952,920	1996	40
3400 Horizon Drive	King of Prussia, PA	—	776,496	3,139,068	1,489,498	776,496	4,628,565	5,405,061	1,412,543	1995	40
3600 Horizon Drive	King of Prussia, PA	—	236,432	1,856,252	784,645	236,432	2,640,897	2,877,328	1,172,527	1989	40
3602 Horizon Drive	King of Prussia, PA	—	217,734	1,759,489	263,517	217,809	2,022,931	2,240,740	800,482	1989	40
3604 Horizon Drive	King of Prussia, PA	—	397,178	—	1,856,788	350,874	1,903,092	2,253,966	532,925	1998	40
440 East Swedesford Road	King of Prussia, PA	—	717,001	4,816,121	2,516,259	717,001	7,332,381	8,049,381	3,095,196	1988	40
460 East Swedesford Road	King of Prussia, PA	—	705,317	4,737,487	4,016,354	705,317	8,753,842	9,459,158	3,084,146	1988	40
650 Swedesford Road	King of Prussia, PA	—	952,911	6,722,830	7,863,229	952,911	14,586,058	15,538,969	5,918,316	1971	40
680 Swedesford Road	King of Prussia, PA	—	952,361	6,722,830	6,971,052	952,361	13,693,883	14,646,243	5,332,982	1971	40

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2011
				Initial Cost				Gross Amount Carried at End of Period
Project	Location	Encumbrances		Land	Building	Costs Capitalized Subsequent to Acquisition		Land and Improvements	Building and Improvements	Total 12/31/2011	Accumulated Depreciation 12/31/2011	Date of Construction or Acquisition	Depreciable life (years)
OPERATING PROPERTIES
170 South Warner Road	King of Prussia, PA	—		547,800	3,137,400	2,866,911		458,232	6,093,879	6,552,111	2,976,010	1980	40
190 South Warner Road	King of Prussia, PA	—		552,200	3,162,600	1,063,497		461,909	4,316,387	4,778,297	1,879,608	1980	40
3000 Horizon Drive	King of Prussia, PA	—		1,191,449	—	2,476,299		946,703	2,721,045	3,667,748	891,488	1997	40
3100 Horizon Drive	King of Prussia, PA	—		601,956	—	1,823,484		611,436	1,814,005	2,425,441	672,267	1995	40
3500 Horizon Drive	King of Prussia, PA	—		1,204,839	—	2,830,072		1,223,875	2,811,036	4,034,911	1,047,261	1996	40
11425 State Highway 225	LaPorte, TX	—	*	975,974	3,409,036	8,956		977,542	3,416,424	4,393,966	545,933	2006	40
11503 State Highway 225	LaPorte, TX	—	*	2,561,931	9,695,493	235,343		2,566,047	9,926,720	12,492,767	1,378,793	2006	40
7528 Walker Way	Lehigh Valley, PA	—		893,441	—	5,510,456		779,330	5,624,568	6,403,897	1,216,171	2004	40
8301 Industrial Boulevard	Lehigh, PA	—		11,249,550	—	44,324,333		11,254,716	44,319,167	55,573,883	6,890,126	2005	40
8500 Willard Drive	Lehigh, PA	3,543,408		6,398,815	—	21,851,739		7,734,826	20,515,729	28,250,554	1,920,709	2004	40
7533 Insurtial Parkway	Lower Macungie, PA	—		5,603,460	18,807,987	2,612,392		5,603,460	21,420,379	27,023,839	349,401	2011	40
31700 Research Park Drive	Madison Heights, MI	—		373,202	1,824,721	(649,436	)	373,203	1,175,284	1,548,487	726,104	1988	40
1901 Summit Tower Boulevard	Maitland, FL	—		6,078,791	12,348,567	2,047,678		6,083,206	14,391,831	20,475,037	5,249,881	1998	40
1 Country View Road	Malvern, PA	—		400,000	3,600,000	437,856		406,421	4,031,435	4,437,856	1,721,281	1982	40
1 Great Valley Parkway	Malvern, PA	—		419,460	3,792,570	504,443		419,460	4,297,013	4,716,473	1,523,780	1982	40
10 Great Valley Parkway	Malvern, PA	—		823,540	1,341,376	459,973		832,244	1,792,645	2,624,889	448,788	2003	40
100 Chesterfield Parkway	Malvern, PA	—		1,320,625	—	6,709,379		1,451,139	6,578,865	8,030,004	3,099,686	1998	40
1001 Cedar Hollow Road	Malvern, PA	—		1,436,814	—	16,081,159		1,676,470	15,841,503	17,517,973	7,041,576	1998	40
11 Great Valley Parkway	Malvern, PA	—		496,297	—	3,227,678		708,331	3,015,644	3,723,975	1,016,895	2001	40
11,15 Great Valley Parkway	Malvern, PA	—		1,837,050	—	14,959,980		1,837,878	14,959,152	16,797,030	11,094,196	1986	40
18 Great Valley Parkway	Malvern, PA	—		394,036	3,976,221	99,539		397,293	4,072,504	4,469,796	1,331,736	1980	40
2 West Liberty Boulevard	Malvern, PA	—		5,405,041	—	11,849,135		5,405,042	11,849,135	17,254,176	2,464,714	2003	40
200 Chesterfield Parkway	Malvern, PA	—		495,893	2,739,093	578,651		588,384	3,225,253	3,813,637	2,375,198	1989	40
27-43 Great Valley Parkway	Malvern, PA	—		448,775	—	2,365,913		449,447	2,365,241	2,814,688	1,705,584	1977	40
3 Country View Road	Malvern, PA	—		814,278	—	5,142,433		1,128,881	4,827,830	5,956,711	1,584,731	1998	40
375 Technology Drive	Malvern, PA	—		191,114	—	1,616,195		234,922	1,572,387	1,807,309	558,325	1998	40
40 Liberty Boulevard	Malvern, PA	—		4,241,137	17,737,090	2,412,139		4,241,167	20,149,198	24,390,365	7,481,130	1989	40
425 Technology Drive	Malvern, PA	—		191,114	—	1,571,919		321,473	1,441,560	1,763,033	527,452	1998	40

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2011
			Initial Cost			Gross Amount Carried at End of Period
Project	Location	Encumbrances	Land	Building	Costs Capitalized Subsequent to Acquisition	Land and Improvements	Building and Improvements	Total 12/31/2011	Accumulated Depreciation 12/31/2011	Date of Construction or Acquisition	Depreciable life (years)
OPERATING PROPERTIES
45 Liberty Boulevard	Malvern, PA	—	4,380,221	—	15,318,415	4,749,748	14,948,888	19,698,636	6,637,319	1999	40
45-67 Great Valley Parkway	Malvern, PA	—	795,143	—	4,051,620	795,831	4,050,932	4,846,763	2,644,029	1974	40
5 Great Valley Parkway	Malvern, PA	—	684,200	6,181,661	1,611,073	684,200	7,792,734	8,476,934	2,904,582	1983	40
50 Morehall Road	Malvern, PA	—	849,576	—	13,051,932	1,337,076	12,564,432	13,901,508	6,043,706	1997	40
600 Chesterfield Parkway	Malvern, PA	—	2,013,750	—	8,255,848	2,171,080	8,098,519	10,269,598	3,618,724	1999	40
700 Chesterfield Parkway	Malvern, PA	—	2,013,750	—	8,216,674	2,158,337	8,072,087	10,230,424	3,592,381	1999	40
10 Valley Stream Parkway	Malvern, PA	—	509,075	—	2,698,038	509,899	2,697,215	3,207,113	1,651,654	1984	40
10, 20 Liberty Boulevard	Malvern, PA	—	724,058	—	5,650,270	724,846	5,649,482	6,374,328	3,127,794	1985	40
12,14,16 Great Valley Parkway	Malvern, PA	—	130,689	—	1,326,294	128,767	1,328,216	1,456,983	844,715	1982	40
14 Lee Boulevard	Malvern, PA	—	664,282	—	5,569,322	643,892	5,589,712	6,233,604	3,305,169	1988	40
155 Great Valley Parkway	Malvern, PA	—	625,147	—	2,640,081	626,068	2,639,161	3,265,228	1,819,590	1981	40
20 Valley Stream Parkway	Malvern, PA	—	465,539	—	5,123,276	466,413	5,122,402	5,588,815	3,153,379	1987	40
205 Great Valley Parkway	Malvern, PA	—	1,368,259	—	9,572,260	1,369,003	9,571,516	10,940,519	6,407,092	1981	40
257-275 Great Valley Parkway	Malvern, PA	—	504,611	—	4,690,816	505,458	4,689,969	5,195,427	3,116,298	1983	40
277-293 Great Valley Parkway	Malvern, PA	—	530,729	—	2,389,465	531,534	2,388,660	2,920,194	1,540,101	1984	40
30 Great Valley Parkway	Malvern, PA	—	128,126	—	352,088	128,783	351,431	480,214	318,442	1975	40
300 Technology Drive	Malvern, PA	—	368,626	—	1,350,184	374,497	1,344,313	1,718,810	821,773	1985	40
300-400 Chesterfield Parkway	Malvern, PA	—	937,212	—	4,942,075	1,012,843	4,866,445	5,879,287	2,572,056	1988	40
311 Technology Drive	Malvern, PA	—	397,131	—	2,848,506	397,948	2,847,689	3,245,637	1,792,412	1984	40
333 Phoenixville Pike	Malvern, PA	—	523,530	—	3,708,843	524,230	3,708,143	4,232,373	2,053,866	1985	40
40 Valley Stream Parkway	Malvern, PA	—	322,918	—	3,233,318	325,775	3,230,461	3,556,236	2,137,009	1987	40
420 Lapp Road	Malvern, PA	—	1,054,418	—	7,066,555	1,055,243	7,065,731	8,120,973	3,568,585	1989	40
5 Country View Road	Malvern, PA	—	785,168	4,678,632	860,806	786,235	5,538,370	6,324,606	2,599,572	1985	40
50 Valley Stream Parkway	Malvern, PA	—	323,971	—	3,112,784	323,792	3,112,964	3,436,755	1,888,562	1987	40
500 Chesterfield Parkway	Malvern, PA	—	472,364	—	2,854,263	519,742	2,806,885	3,326,627	1,529,933	1988	40
508 Lapp Road	Malvern, PA	—	331,392	—	1,694,108	332,216	1,693,284	2,025,500	1,148,407	1984	40
510 Lapp Road	Malvern, PA	—	356,950	—	933,487	357,751	932,686	1,290,437	680,722	1983	40
55 Valley Stream Parkway	Malvern, PA	—	215,005	—	4,008,392	215,818	4,007,580	4,223,397	2,549,300	1983	40

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2011
				Initial Cost			Gross Amount Carried at End of Period
Project	Location	Encumbrances		Land	Building	Costs Capitalized Subsequent to Acquisition	Land and Improvements	Building and Improvements	Total 12/31/2011	Accumulated Depreciation 12/31/2011	Date of Construction or Acquisition	Depreciable life (years)
OPERATING PROPERTIES
60 Morehall Road	Malvern, PA	—		865,424	9,285,000	5,141,509	884,974	14,406,959	15,291,933	8,489,319	1989	40
65 Valley Stream Parkway	Malvern, PA	—		381,544	—	6,715,903	382,361	6,715,086	7,097,447	4,577,246	1983	40
7 Great Valley Parkway	Malvern, PA	—		176,435	—	5,274,039	177,317	5,273,157	5,450,474	2,705,453	1985	40
75 Great Valley Parkway	Malvern, PA	67,191		143,074	—	618,372	143,811	617,635	761,446	475,647	1977	40
77-123 Great Valley Parkway	Malvern, PA	—		887,664	—	5,512,689	888,359	5,511,994	6,400,353	3,881,036	1978	40
7550 Meridian Circle	Maple Grove, MN	—		513,250	2,901,906	851,435	513,250	3,753,340	4,266,590	1,273,423	1989	40
301 Lippincott Drive	Marlton, NJ	—		1,069,837	4,780,163	2,656,361	1,069,838	7,436,523	8,506,361	2,334,081	1988	40
303 Lippincott Drive	Marlton, NJ	—		1,069,837	4,780,163	2,826,662	1,069,838	7,606,825	8,676,662	3,710,913	1988	40
400 Lippincott Drive	Marlton, NJ	—		69,402	—	3,665,348	317,799	3,416,951	3,734,750	1,404,247	1999	40
406 Lippincott Drive	Marlton, NJ	—		321,455	1,539,871	898,946	327,554	2,432,718	2,760,272	1,105,349	1990	40
65 Brookfield Oaks Drive	Mauldin, SC	—		557,174	—	2,855,272	506,318	2,906,129	3,412,447	538,079	2004	40
75 Brookfield Oaks Drive	Mauldin, SC	—		419,731	—	2,338,692	430,909	2,327,514	2,758,423	413,806	2003	40
11520 West Calumet Road	Milwaukee, WI	—		341,698	1,527,548	49,694	341,698	1,577,242	1,918,940	468,669	1995	40
4600 Nathan Lane	Minneapolis, MN	—		1,063,558	—	8,308,857	1,038,197	8,334,218	9,372,415	3,032,980	2002	40
4700 Nathan Lane North	Minneapolis, MN	—		1,501,308	8,446,083	13,470,521	1,501,308	21,916,604	23,417,912	3,523,133	1996	40
12501 & 12701 Whitewater Drive	Minnegonka, MN	—		2,175,209	3,948,085	7,939,428	2,177,953	11,884,769	14,062,722	2,819,988	1986	40
12800 Whitewater Drive	Minnetonka, MN	—		1,273,600	3,158,737	1,483	1,273,600	3,160,219	4,433,819	21,983	2011	40
12900 Whitewater Drive	Minnetonka, MN	—		1,236,560	2,762,325	1,482	1,236,560	2,763,808	4,000,368	19,260	2011	40
5400-5500 Feltl Road	Minnetonka, MN	—		883,895	7,983,345	2,109,459	883,895	10,092,804	10,976,699	3,785,589	1985	40
5600 & 5610 Rowland Road	Minnetonka, MN	—		828,650	7,399,409	1,273,810	829,263	8,672,606	9,501,869	3,080,667	1988	40
6000 Clearwater Drive	Minnetonka, MN	—		985,016	2,091,371	—	985,016	2,091,371	3,076,387	14,464	2011	40
3100 SW 145th Avenue	Miramar, FL	—		6,204,407	—	16,692,437	6,265,000	16,631,844	22,896,844	1,158,058	2007	40
3350 SW 148th Avenue	Miramar, FL	—		2,960,511	—	18,585,409	2,980,689	18,565,230	21,545,920	6,561,785	2000	40
3400 Lakeside Drive	Miramar, FL	—		2,022,153	11,345,881	1,543,794	2,022,153	12,889,674	14,911,828	4,603,718	1990	40
3450 Lakeside Drive	Miramar, FL	—		2,022,152	11,357,143	2,664,027	2,022,152	14,021,170	16,043,322	5,176,435	1990	40
323 Park Knoll Drive	Morrisville, NC	2,761,516		1,071,600	4,397,807	493,095	1,071,600	4,890,902	5,962,502	243,600	2010	40
324 Park Knoll Drive	Morrisville, NC	—	*	1,449,092	4,424,932	290,618	1,449,450	4,715,192	6,164,642	611,045	2007	40

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2011
				Initial Cost			Gross Amount Carried at End of Period
Project	Location	Encumbrances		Land	Building	Costs Capitalized Subsequent to Acquisition	Land and Improvements	Building and Improvements	Total 12/31/2011	Accumulated Depreciation 12/31/2011	Date of Construction or Acquisition	Depreciable life (years)
OPERATING PROPERTIES
619 Distribution Drive	Morrisville, NC	—	*	1,031,430	5,655,167	341,601	1,031,685	5,996,513	7,028,198	747,721	2007	40
627 Distribution Drive	Morrisville, NC	—	*	1,061,370	5,152,110	402,352	1,061,632	5,554,200	6,615,832	639,133	2007	40
701 Distribution Drive	Morrisville, NC	—	*	1,300,889	5,313,226	207,183	1,301,211	5,520,088	6,821,298	699,641	2007	40
330 Fellowship Road	Mount Laurel, NJ	—		3,730,570	—	17,127,143	3,758,270	17,099,443	20,857,713	1,574,453	2006	40
300 Fellowship Road	Mt Laurel, NJ	—		—	—	7,350,519	1,098,904	6,251,616	7,350,519	1,466,669	2004	40
3001 Leadenhall Road	Mt Laurel, NJ	—		1,925,719	191,390	10,965,396	1,936,489	11,146,016	13,082,505	3,009,603	2003	40
302 Fellowship Road	Mt Laurel, NJ	—		1,512,120	—	2,881,267	539,060	3,854,327	4,393,387	711,497	2001	40
350 Fellowship Road	Mt Laurel, NJ	—		2,960,159	1,449,611	4,622,152	2,970,687	6,061,236	9,031,922	1,029,227	2006	40
1000 Briggs Road	Mt. Laurel, NJ	—		288,577	2,546,537	1,582,304	288,577	4,128,841	4,417,418	1,300,800	1986	40
1001 Briggs Road	Mt. Laurel, NJ	—		701,705	3,505,652	1,974,794	701,705	5,480,446	6,182,151	2,488,205	1986	40
1015 Briggs Road	Mt. Laurel, NJ	—		356,987	—	3,588,277	470,659	3,474,605	3,945,264	1,196,611	2000	40
1020 Briggs Road	Mt. Laurel, NJ	—		494,334	—	3,393,424	569,184	3,318,575	3,887,758	1,313,785	1999	40
1025 Briggs Road	Mt. Laurel, NJ	—		430,990	3,714,828	1,353,899	430,990	5,068,727	5,499,717	2,018,565	1987	40
11000, 15000 Commerce Parkway	Mt. Laurel, NJ	—		310,585	4,394,900	263,774	311,950	4,657,309	4,969,260	2,053,523	1985	40
12000, 14000 Commerce Parkway	Mt. Laurel, NJ	—		361,800	3,285,817	787,561	362,855	4,072,323	4,435,178	1,891,177	1985	40
16000, 18000 Commerce Parkway	Mt. Laurel, NJ	—		289,700	2,512,683	1,084,817	290,545	3,596,655	3,887,200	1,601,646	1985	40
17000 Commerce Parkway	Mt. Laurel, NJ	—		144,515	—	3,346,494	144,515	3,346,494	3,491,009	1,116,457	2001	40
5000 Dearborn Court	Mt. Laurel, NJ	—		1,057,763	4,191,827	1,484,953	1,058,832	5,675,711	6,734,543	2,319,608	1988	40
6000 Commerce Parkway	Mt. Laurel, NJ	—		234,151	2,022,683	509,729	234,151	2,532,412	2,766,563	872,927	1985	40
8000 Commerce Parkway	Mt. Laurel, NJ	—		234,814	1,995,098	587,719	234,814	2,582,817	2,817,631	975,609	1983	40
9000 Commerce Parkway	Mt. Laurel, NJ	—		286,587	2,474,820	1,353,535	286,587	3,828,355	4,114,942	1,378,232	1983	40
550-590 Hale Avenue	Oakdale, MN	—		765,535	3,488,754	305,459	766,390	3,793,358	4,559,748	1,198,544	1996	40
1879 Lamont Avenue	Odenton, MD	—		1,976,000	8,099,579	2,469,160	2,011,030	10,533,709	12,544,739	2,161,185	2004	40
350 Winmeyer Avenue	Odenton, MD	—		1,778,400	7,289,165	2,060,935	1,809,927	9,318,573	11,128,500	1,715,055	2004	40
1000 Gills Drive	Orlando, FL	—		415,906	—	2,712,378	435,400	2,692,883	3,128,283	263,779	2006	40
10003 Satellite Boulevard	Orlando, FL	—		680,312	2,120,754	1,219,087	680,312	3,339,841	4,020,152	861,594	2003	40
10511 & 10611 Satellite Boulevard	Orlando, FL	—		517,554	2,568,186	343,526	522,991	2,906,275	3,429,266	1,108,405	1985	40
10771 Palm Bay Drive	Orlando, FL	—		664,605	—	2,363,614	685,383	2,342,835	3,028,219	592,268	2001	40
1090 Gills Drive	Orlando, FL	—		878,320	2,558,833	1,400,491	878,320	3,959,324	4,837,644	835,596	2003	40

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2011
			Initial Cost			Gross Amount Carried at End of Period
Project	Location	Encumbrances	Land	Building	Costs Capitalized Subsequent to Acquisition	Land and Improvements	Building and Improvements	Total 12/31/2011	Accumulated Depreciation 12/31/2011	Date of Construction or Acquisition	Depreciable life (years)
OPERATING PROPERTIES
1400-1440 Central Florida Parkway	Orlando, FL	—	518,043	2,561,938	780,780	518,043	3,342,718	3,860,761	1,163,890	1962	40
1902 Cypress Lake Drive	Orlando, FL	—	523,512	3,191,790	914,639	538,512	4,091,429	4,629,941	1,563,118	1989	40
1950 Summit Park Drive	Orlando, FL	—	2,573,700	17,478,646	3,254,034	2,583,667	20,722,713	23,306,380	3,798,815	2005	40
1958 Summit Park Drive	Orlando, FL	—	2,573,961	11,206,937	9,973,148	2,583,216	21,170,829	23,754,046	3,463,759	2005	40
201 Summit Park Drive	Orlando, FL	—	4,435,921	—	38,434,995	4,510,990	38,359,926	42,870,916	1,809,137	2008	40
2202 Taft-Vineland Road	Orlando, FL	—	—	—	6,631,110	1,283,713	5,347,397	6,631,110	1,833,110	2004	40
2256 Taft-Vineland Road	Orlando, FL		467,296	—	2,494,666	825,673	2,136,290	2,961,963	441,210	2005	40
2351 Investors Row	Orlando, FL	—	2,261,924	7,496,249	1,201,589	2,263,211	8,696,551	10,959,762	1,446,141	2004	40
2400 South Lake Orange Drive	Orlando, FL	—	385,964	—	3,002,042	642,427	2,745,579	3,388,006	661,545	2001	40
2416 Lake Orange Drive	Orlando, FL	—	535,964	—	2,935,605	704,800	2,766,769	3,471,569	872,247	2002	40
6200 Lee Vista Boulevard	Orlando, FL	—	1,435,301	6,174,642	346,148	1,435,301	6,520,790	7,956,091	888,934	2006	40
6501 Lee Vista Boulevard	Orlando, FL	—	903,701	—	5,660,761	925,671	5,638,790	6,564,462	1,452,887	2001	40
6923 Lee Vista Boulevard	Orlando, FL	—	903,701	—	3,790,427	830,953	3,863,175	4,694,128	609,911	2006	40
7022 TPC Drive	Orlando, FL	—	1,443,510	6,775,194	599,828	1,457,286	7,361,247	8,818,533	1,168,913	2006	40
7100 TPC Drive	Orlando, FL	—	1,431,489	8,002,539	624,873	1,445,807	8,613,094	10,058,901	1,376,003	2006	40
7101 TPC Drive	Orlando, FL	—	1,553,537	5,702,243	289,159	1,570,863	5,974,076	7,544,939	820,012	2006	40
7315 Kingspointe Parkway	Orlando, FL	—	1,931,697	6,388,203	2,135,046	1,932,004	8,522,943	10,454,946	2,267,067	2004	40
8201 Chancellor Drive	Orlando, FL	—	4,295,972	15,564,905	2,966,361	4,295,972	18,531,266	22,827,239	1,250,544	2010	40
851 Gills Drive	Orlando, FL	—	332,992	—	2,877,002	373,500	2,836,494	3,209,994	251,222	2006	40
950 Gills Drive	Orlando, FL	—	443,989	—	2,812,728	464,800	2,791,917	3,256,717	227,044	2006	40
9550 Satellite Boulevard	Orlando, FL	—	574,831	—	2,446,025	587,319	2,433,536	3,020,856	792,078	1999	40
9600 Satellite Boulevard	Orlando, FL	—	252,850	1,297,923	32,928	252,850	1,330,851	1,583,701	480,917	1989	40
9700 Satellite Boulevard	Orlando, FL	—	405,362	1,146,546	236,492	405,362	1,383,038	1,788,400	479,698	1989	40
South Center Land-Phase II	Orlando, FL	—	838,853	—	4,084,539	767,953	4,155,440	4,923,392	691,730	2006	40
1 Crescent Drive	Philadelphia, PA	—	567,280	—	12,113,684	347,892	12,333,072	12,680,964	2,520,508	2004	40
3 Crescent Drive	Philadelphia, PA	—	214,726	—	23,772,950	417,823	23,569,853	23,987,676	936,289	2008	40
3 Franklin Plaza	Philadelphia, PA	—	2,483,144	—	32,165,537	2,514,519	32,134,162	34,648,681	10,362,797	1999	40

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2011
				Initial Cost				Gross Amount Carried at End of Period
Project	Location	Encumbrances		Land	Building	Costs Capitalized Subsequent to Acquisition		Land and Improvements	Building and Improvements	Total 12/31/2011	Accumulated Depreciation 12/31/2011	Date of Construction or Acquisition	Depreciable life (years)
OPERATING PROPERTIES
4300 South 26th Street	Philadelphia, PA	—		402,673	—	36,419,033		413,030	36,408,677	36,821,707	2,145,275	2008	40
4751 League Island Boulevard	Philadelphia, PA	—		992,965	331,924	6,791,359		1,022,081	7,094,168	8,116,249	1,616,209	2003	40
4775 League Island Boulevard	Philadelphia, PA	—		891,892	—	5,757,514		366,982	6,282,425	6,649,406	677,992	2006	40
8801 Tinicum Boulevard	Philadelphia, PA	—		2,474,031	—	43,774,779		125,087	46,123,723	46,248,810	19,689,892	1997	40
4207 E. Cotton Center Boulevard	Phoenix, AZ	—		1,409,908	4,680,808	1,100,202		1,410,248	5,780,670	7,190,918	1,028,343	2007	40
4217 E. Cotton Center Boulevard	Phoenix, AZ	—		7,922,480	10,045,599	2,755,567		6,690,321	14,033,325	20,723,646	2,009,429	2007	40
4303 E. Cotton Center Boulevard	Phoenix, AZ	—	*	2,619,964	9,675,711	43,652		2,619,964	9,719,362	12,339,326	1,381,214	2007	40
4313 E. Cotton Center Boulevard	Phoenix, AZ	—	*	3,895,539	16,724,283	1,401,012		3,895,539	18,125,296	22,020,834	2,705,935	2007	40
4405 E. Cotton Center Boulevard	Phoenix, AZ	—	*	2,646,318	9,697,439	264,679		2,646,318	9,962,118	12,608,436	1,407,159	2007	40
4410 E. Cotton Center Boulevard	Phoenix, AZ	—		4,758,484	10,559,563	5,587,577		4,765,172	16,140,451	20,905,624	2,042,809	2007	40
4415 E. Cotton Center Boulevard	Phoenix, AZ	—	*	1,749,957	3,667,748	493,421		1,749,957	4,161,169	5,911,126	412,534	2007	40
4425 E. Cotton Center Boulevard	Phoenix, AZ	—	*	7,318,457	24,549,401	(473,426	)	7,318,457	24,075,975	31,394,432	2,620,521	2007	40
4435 E. Cotton Center Boulevard	Phoenix, AZ	—		1,910,584	1,954,020	2,166,648		1,911,045	4,120,208	6,031,253	675,054	2007	40
4550 South 44th Street	Phoenix, AZ	—		5,380,972	—	9,260,382		6,391,283	8,250,072	14,641,355	706,289	2007	40
4610 South 44th Street	Phoenix, AZ	—		6,539,310	—	10,331,534		6,827,288	10,043,555	16,870,843	835,345	2007	40
4750 S. 44th Place	Phoenix, AZ	—		3,756,307	8,336,400	4,190,610		3,761,587	12,521,730	16,283,317	1,334,839	2007	40
9801 80th Avenue	Pleasant Prairie, WI	—		1,692,077	7,934,794	275,264		1,689,726	8,212,409	9,902,135	2,700,981	1994	40
2250 Hickory Road	Plymouth Meeting, PA	—		1,015,851	9,175,555	3,042,053		1,024,040	12,209,419	13,233,460	4,627,676	1985	40
14630-14650 28th Avenue North	Plymouth, MN	—		198,205	1,793,422	724,834		198,205	2,518,256	2,716,461	1,000,391	1978	40
2800 Campus Drive	Plymouth, MN	—		395,366	3,554,512	813,500		395,366	4,368,012	4,763,378	1,721,227	1985	40
2905 Northwest Boulevard	Plymouth, MN	—		516,920	4,646,342	2,377,010		516,920	7,023,352	7,540,272	2,366,535	1983	40
2920 Northwest Boulevard	Plymouth, MN	—		392,026	3,433,678	459,193		384,235	3,900,662	4,284,897	1,388,343	1997	40
2955 Xenium Lane	Plymouth, MN	—		151,238	1,370,140	506,303		151,238	1,876,443	2,027,681	748,084	1985	40
9600 54th Avenue	Plymouth, MN	—		332,317	3,077,820	1,124,550		534,993	3,999,694	4,534,687	1,236,880	1998	40
1400 SW 6th Court	Pompano Beach, FL	—		1,157,049	4,620,956	594,570		1,157,049	5,215,526	6,372,575	1,733,317	1986	40
1405 SW 6th Court	Pompano Beach, FL	—		392,138	1,565,787	444,870		392,138	2,010,658	2,402,796	725,031	1985	40
1500 SW 5th Court	Pompano Beach, FL	—		972,232	3,892,085	368,198		972,232	4,260,284	5,232,515	1,518,402	1957	40

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2011
			Initial Cost			Gross Amount Carried at End of Period
Project	Location	Encumbrances	Land	Building	Costs Capitalized Subsequent to Acquisition	Land and Improvements	Building and Improvements	Total 12/31/2011	Accumulated Depreciation 12/31/2011	Date of Construction or Acquisition	Depreciable life (years)
OPERATING PROPERTIES
1501 SW 5th Court	Pompano Beach, FL	—	203,247	811,093	200,027	203,247	1,011,120	1,214,367	325,445	1990	40
1601 SW 5th Court	Pompano Beach, FL	—	203,247	811,093	248,833	203,247	1,059,926	1,263,173	446,894	1990	40
1651 SW 5th Court	Pompano Beach, FL	—	203,247	811,093	57,614	203,247	868,708	1,071,955	291,363	1990	40
595 SW 13th Terrace	Pompano Beach, FL	—	359,933	1,437,116	624,145	359,933	2,061,261	2,421,194	664,570	1984	40
601 SW 13th Terrace	Pompano Beach, FL	—	164,413	655,933	263,508	164,413	919,441	1,083,853	373,541	1984	40
605 SW 16th Terrace	Pompano Beach, FL	—	310,778	1,238,324	221,760	310,178	1,460,685	1,770,862	599,048	1965	40
301 Hill Carter Parkway	Richmond, VA	—	659,456	4,836,010	159,898	659,456	4,995,908	5,655,364	2,091,170	1989	40
4101-4127 Carolina Avenue	Richmond, VA	—	310,854	2,279,597	1,080,673	310,854	3,360,270	3,671,124	1,273,109	1973	40
4201-4261 Carolina Avenue	Richmond, VA	—	693,203	5,083,493	1,838,267	693,203	6,921,760	7,614,963	2,796,841	1975	40
4263-4299 Carolina Avenue	Richmond, VA	—	256,203	2,549,649	2,038,507	256,203	4,588,156	4,844,359	1,719,065	1976	40
4263F-N. Carolina Avenue	Richmond, VA	—	91,476	—	1,755,808	91,599	1,755,685	1,847,284	659,149	1975	40
4301-4335 Carolina Avenue	Richmond, VA	—	223,696	1,640,435	2,400,246	223,696	4,040,681	4,264,377	1,235,265	1978	40
4337-4379 Carolina Avenue	Richmond, VA	—	325,303	2,385,557	1,163,576	325,303	3,549,133	3,874,436	1,468,967	1979	40
4401-4445 Carolina Avenue	Richmond, VA	—	615,038	4,510,272	477,087	615,038	4,987,359	5,602,397	2,031,972	1988	40
4447-4491 Carolina Avenue	Richmond, VA	—	454,056	2,729,742	362,531	454,056	3,092,273	3,546,329	1,370,707	1987	40
4501-4549 Carolina Avenue	Richmond, VA	—	486,166	3,565,211	427,390	486,166	3,992,601	4,478,767	1,634,659	1981	40
4551-4593 Carolina Avenue	Richmond, VA	—	474,360	3,478,646	814,875	474,360	4,293,521	4,767,881	1,736,416	1982	40
4601-4643 Carolina Avenue	Richmond, VA	—	652,455	4,784,675	762,195	652,455	5,546,870	6,199,325	2,408,887	1985	40
4645-4683 Carolina Avenue	Richmond, VA	—	404,616	2,967,187	457,396	404,616	3,424,583	3,829,199	1,394,191	1985	40
4717-4729 Eubank Road	Richmond, VA	—	449,447	3,294,697	1,399,752	452,263	4,691,632	5,143,896	1,819,882	1978	40
510 Eastpark Court	Richmond, VA	—	261,961	2,110,874	427,164	262,210	2,537,789	2,799,999	1,060,044	1989	40
520 Eastpark Court	Richmond, VA	—	486,118	4,083,582	263,481	486,598	4,346,583	4,833,181	1,701,858	1989	40
530 Eastpark Court	Richmond, VA	—	266,883	—	2,535,792	334,772	2,467,903	2,802,675	933,171	1999	40
540 Eastpark Court	Richmond, VA	—	742,300	—	5,415,233	1,066,839	5,090,694	6,157,533	410,645	2007	40
5600-5626 Eastport Boulevard	Richmond, VA	—	489,941	3,592,900	210,765	489,941	3,803,665	4,293,606	1,593,435	1989	40
5601-5659 Eastport Boulevard	Richmond, VA	—	705,660	—	4,589,984	720,100	4,575,544	5,295,644	1,793,897	1996	40
5650-5674 Eastport Boulevard	Richmond, VA	—	644,384	4,025,480	87,419	644,384	4,112,899	4,757,283	1,774,328	1990	40

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2011
			Initial Cost			Gross Amount Carried at End of Period
Project	Location	Encumbrances	Land	Building	Costs Capitalized Subsequent to Acquisition	Land and Improvements	Building and Improvements	Total 12/31/2011	Accumulated Depreciation 12/31/2011	Date of Construction or Acquisition	Depreciable life (years)
OPERATING PROPERTIES
5700 Eastport Boulevard	Richmond, VA	—	408,729	2,697,348	676,233	408,729	3,373,581	3,782,310	1,532,486	1990	40
5701-5799 Eastport Boulevard	Richmond, VA	—	694,644	—	5,394,868	700,503	5,389,009	6,089,512	1,970,942	1998	40
5900 Eastport Boulevard	Richmond, VA	—	676,661	—	4,942,774	687,898	4,931,537	5,619,435	1,923,676	1997	40
6000 Eastport Blvd	Richmond, VA	—	872,901	—	7,486,258	901,666	7,457,493	8,359,159	702,711	1997	40
2020 US Highway 301 South	Riverview, FL	—	1,233,639	13,608,485	109,898	1,233,800	13,718,223	14,952,022	2,070,114	2006	40
6530 Judge Adams Road	Rock Creek, NC	—	305,821	—	4,782,967	335,061	4,753,727	5,088,788	1,511,927	1999	40
6532 Judge Adams Road	Rock Creek, NC	—	354,903	—	3,981,740	399,988	3,936,655	4,336,643	1,376,294	1997	40
13098 George Weber Drive	Rogers, MN	—	895,811	6,004,189	3,000	895,811	6,007,188	6,903,000	58,003	2011	40
8501 East Raintree Drive	Scottsdale, AZ	—	4,076,412	—	27,621,159	4,115,137	27,582,434	31,697,571	5,159,433	2005	40
6900 Harbor View Boulevard	Suffolk, VA	—	904,052	—	8,566,884	807,006	8,663,931	9,470,936	1,130,317	2006	40
6950 Harbor View Blvd	Suffolk, VA	—	929,844	—	6,229,627	794,848	6,364,624	7,159,471	1,115,211	2004	40
1301 International Parkway	Sunrise, FL	—	5,100,162	24,219,956	7,793,804	5,100,791	32,013,131	37,113,922	4,275,773	2006	40
13621 NW 12th Street	Sunrise, FL	—	5,570,820	9,454,900	2,665,402	5,570,821	12,120,301	17,691,122	2,157,009	2008	40
13630 NW 8th Street	Sunrise, FL	—	659,797	2,596,275	146,456	659,825	2,742,702	3,402,528	938,360	1991	40
13650 NW 8th Street	Sunrise, FL	—	558,223	2,171,930	184,108	558,251	2,356,010	2,914,261	759,392	1991	40
111 Kelsey Lane	Tampa, FL	—	359,540	1,461,850	533,128	359,540	1,994,978	2,354,518	796,292	1990	40
131 Kelsey Lane	Tampa, FL	—	511,463	—	4,437,886	559,527	4,389,822	4,949,349	2,294,223	1985	40
150-182 Kelsey Lane	Tampa, FL	—	403,541	—	5,549,284	1,181,609	4,771,216	5,952,825	1,617,980	2006	40
200-34 Kelsey Lane	Tampa, FL	—	330,097	—	3,321,485	933,362	2,718,220	3,651,582	417,917	2005	40
3102,3104,3110 Cherry Palm Drive	Tampa, FL	—	503,767	2,787,585	1,127,273	503,767	3,914,858	4,418,625	1,702,932	1986	40
4502 Woodland Corporate Boulevard	Tampa, FL	—	—	—	4,875,253	1,071,535	3,803,718	4,875,253	1,163,127	1999	40
4503 Woodland Corporate Boulevard	Tampa, FL	—	—	—	3,496,413	619,913	2,876,500	3,496,413	809,689	2002	40
4505 Woodland Corporate Boulevard	Tampa, FL	—	—	—	3,019,029	716,594	2,302,435	3,019,029	841,605	2002	40
4508 Woodland Corporate Boulevard	Tampa, FL	—	498,598	—	3,057,752	556,887	2,999,463	3,556,350	975,787	2000	40
4511 Woodland Corporate Boulevard	Tampa, FL	—	—	—	2,662,517	686,594	1,975,923	2,662,517	501,472	2002	40
4520 Seedling Circle	Tampa, FL	—	854,797	42,131	2,721,233	854,797	2,763,364	3,618,161	531,255	2003	40
4630 Woodland Corporate Boulevard	Tampa, FL	—	943,169	—	13,340,415	1,560,099	12,723,485	14,283,585	3,940,356	2000	40
4631 Woodland Corporate Blvd	Tampa, FL	—	1,453,367	—	13,396,486	1,908,792	12,941,061	14,849,853	1,010,606	2006	40
501 US Highway 301 South	Tampa, FL	—	898,884	—	3,501,039	900,508	3,499,416	4,399,923	1,090,227	2004	40

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2011
			Initial Cost			Gross Amount Carried at End of Period
Project	Location	Encumbrances	Land	Building	Costs Capitalized Subsequent to Acquisition	Land and Improvements	Building and Improvements	Total 12/31/2011	Accumulated Depreciation 12/31/2011	Date of Construction or Acquisition	Depreciable life (years)
OPERATING PROPERTIES
5250 Eagle Trail Drive	Tampa, FL	—	952,860	—	3,464,999	952,860	3,464,999	4,417,859	1,146,389	1998	40
5501-5519 Pioneer Park Boulevard	Tampa, FL	—	162,000	1,613,000	976,773	262,416	2,489,357	2,751,773	991,427	1981	40
5690-5694 Crenshaw Street	Tampa, FL	—	181,923	1,812,496	506,037	181,923	2,318,534	2,500,457	834,554	1979	40
701-725 South US Hwy 301	Tampa, FL	—	419,683	—	3,388,719	661,680	3,146,722	3,808,402	1,125,861	2000	40
7621 Bald Cypress Place (Bldg N)	Tampa, FL	—	—	—	1,482,613	447,498	1,035,115	1,482,613	277,997	2001	40
7622 Bald Cypress Place	Tampa, FL	—	—	—	1,305,584	300,000	1,005,584	1,305,584	305,610	2000	40
7724 Woodland Center Boulevard	Tampa, FL	—	235,893	—	2,127,887	235,894	2,127,886	2,363,780	802,814	1998	40
7725 Woodland Center Boulevard	Tampa, FL	—	553,335	—	3,366,114	771,501	3,147,947	3,919,449	994,204	1999	40
7802-50 Woodland Center Boulevard	Tampa, FL	—	357,364	—	2,578,607	506,949	2,429,023	2,935,971	814,765	1999	40
7851-7861 Woodland Center Blvd	Tampa, FL	—	548,905	2,241,627	204,883	548,905	2,446,510	2,995,415	379,044	2006	40
7852-98 Woodland Center Boulevard	Tampa, FL	—	357,364	—	2,671,312	506,949	2,521,727	3,028,676	832,453	1999	40
7920 Woodland Center Boulevard	Tampa, FL	—	1,082,648	2,445,444	77,964	1,082,648	2,523,408	3,606,056	907,145	1997	40
7930, 8010-20 Woodland Center Boulevard	Tampa, FL	—	1,408,478	5,247,246	1,061,494	1,408,478	6,308,741	7,717,218	2,521,608	1990	40
8001 Woodland Center Boulevard	Tampa, FL	—	350,406	—	2,377,320	438,061	2,289,666	2,727,726	759,767	1999	40
8112-42 Woodland Center Boulevard	Tampa, FL	—	513,263	3,230,239	649,273	513,263	3,879,513	4,392,775	1,524,538	1995	40
8154-8198 Woodland Center Boulevard	Tampa, FL	—	399,088	2,868,834	898,405	399,088	3,767,239	4,166,327	1,274,743	1988	40
8212 Woodland Center Boulevard	Tampa, FL	—	820,882	2,322,720	37,906	820,882	2,360,627	3,181,509	858,971	1996	40
8401-8408 Benjamin Road	Tampa, FL	—	789,651	4,454,648	275,040	611,626	4,907,713	5,519,339	2,265,187	1986	40
8705 Henderson Road	Tampa, FL	—	4,303,870	23,688,409	295,627	4,304,102	23,983,805	28,287,907	4,999,976	2006	40
8715 Henderson Road	Tampa, FL	—	3,343,910	18,325,599	325,089	3,344,090	18,650,508	21,994,598	3,445,088	2006	40
8725 Henderson Road	Tampa, FL	—	3,167,787	19,126,318	314,323	3,167,958	19,440,471	22,608,428	3,825,288	2006	40
8735 Henderson Road	Tampa, FL	—	3,166,130	18,735,573	1,163,921	3,166,300	19,899,324	23,065,624	3,917,666	2006	40
8745 Henderson Road	Tampa, FL	—	2,050,439	11,173,008	515,886	2,050,548	11,688,785	13,739,333	2,275,379	2006	40
8900-34 Brittany Was	Tampa, FL	—	537,194	—	3,622,389	978,019	3,181,564	4,159,583	679,802	2005	40
8921 Brittany Way	Tampa, FL	—	224,369	1,063,882	990,985	254,493	2,024,743	2,279,236	742,858	1998	40
9001-9015 Brittany Way	Tampa, FL	—	209,841	—	1,806,688	364,514	1,652,015	2,016,529	522,998	2000	40
9002-9036 Brittany Way	Tampa, FL	—	492,320	—	3,853,643	899,284	3,446,679	4,345,963	987,410	2004	40
901-933 US Highway 301 South	Tampa, FL	—	500,391	—	3,874,192	840,314	3,534,270	4,374,584	1,275,936	2001	40
910-926 Chad Lane	Tampa, FL	—	201,771	—	3,214,583	628,237	2,788,117	3,416,354	692,547	2006	40

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2011
			Initial Cost			Gross Amount Carried at End of Period
Project	Location	Encumbrances	Land	Building	Costs Capitalized Subsequent to Acquisition	Land and Improvements	Building and Improvements	Total 12/31/2011	Accumulated Depreciation 12/31/2011	Date of Construction or Acquisition	Depreciable life (years)
OPERATING PROPERTIES
9306-24 East Broadway Avenue	Tampa, FL	—	450,440	—	3,303,369	486,004	3,267,805	3,753,809	307,730	2007	40
921 South Park Lane	Tempe, AZ	—	1,192,820	1,548,313	—	1,192,820	1,548,313	2,741,133	—	2011	40
8313 West Pierce Street	Tolleson, AZ	—	2,295,090	9,079,811	3,224,098	2,295,090	12,303,908	14,598,999	1,730,579	2007	40
1457 Miller Store Road	Virginia Beach, VA	—	473,689	2,663,045	545,166	474,746	3,207,155	3,681,900	826,492	2003	40
200 Golden Oak Court	Virginia Beach, VA	—	1,116,693	6,770,480	1,861,264	1,116,693	8,631,744	9,748,437	2,992,287	1988	40
208 Golden Oak Court	Virginia Beach, VA	—	965,177	6,728,717	1,473,357	965,177	8,202,074	9,167,251	3,019,532	1989	40
2809 South Lynnhaven Road	Virginia Beach, VA	—	953,590	6,142,742	1,746,798	953,590	7,889,540	8,843,130	2,817,822	1987	40
484 Viking Drive	Virginia Beach, VA	—	891,753	3,607,890	615,653	891,753	4,223,543	5,115,296	1,569,056	1987	40
5700 Cleveland Street	Virginia Beach, VA	—	700,112	9,592,721	1,981,495	700,564	11,573,763	12,274,328	4,406,863	1989	40
629 Phoenix Drive	Virginia Beach, VA	—	371,694	2,108,097	341,152	371,694	2,449,249	2,820,943	910,170	1996	40
1100 17th Street NW	Washington, DC	—	16,558,660	32,223,978	3,200	16,558,660	32,227,178	48,785,838	164,631	2011	40
1200 Liberty Ridge Drive	Wayne, PA	—	6,215,667	—	8,602,185	5,223,660	9,594,192	14,817,852	3,168,838	2001	40
1500 Liberty Ridge	Wayne, PA	—	8,287,555	—	31,934,588	11,636,499	28,585,645	40,222,144	8,564,000	2002	40
825 Duportail Road	Wayne, PA	—	5,536,619	16,179,213	4,448,311	5,539,281	20,624,863	26,164,144	5,987,793	1979	40
400-500 Brandywine Parkway	West Chester, PA	—	845,846	6,809,025	656,823	845,846	7,465,848	8,311,694	2,596,611	1988	40
600 Brandywine Parkway	West Chester, PA	—	664,899	5,352,410	806,694	664,899	6,159,105	6,824,003	2,238,066	1988	40
1 Kings Hill Aveune	West Malling, UK	—	—	—	13,960,474	3,889,016	10,071,458	13,960,474	1,358,577	2006	40
42 Kings Hill Avenue	West Malling, UK	—	—	—	17,820,185	4,222,025	13,598,161	17,820,186	1,624,350	2005	40
Liberty Square Retail Blocks	West Malling, UK	—	559,590	5,113,902	3,417,808	1,118,387	7,972,912	9,091,299	1,320,887	2006	40
7805 Hudson Road	Woodbury, MN	—	1,279,834	—	10,293,862	1,385,739	10,187,958	11,573,697	4,055,430	2002	40
Subtotal Operating Real Estate		$40,715,747	$781,189,164	$1,763,612,230	$2,429,160,915	$856,783,741	$4,117,178,569	$4,973,962,310	$1,062,229,638

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2011
				Initial Cost						Gross Amount Carried at End of Period
Project	Location	Encumbrances		Land		Building		Costs Capitalized Subsequent to Acquisition		Land and Improvements		Building and Improvements		Total 12/31/2011		Accumulated Depreciation 12/31/2011		Date of Construction or Acquisition	Depreciable life (years)
Development Properties
2785 Commerce Center Boulevard	Bethlehem, PA	$	—	$	11,961,623	$	—	$	4,421,184	$	11,961,623	$	4,421,184	$	16,382,807	$	—	2011	N/A
40 Logistics Drive	Carlisle, PA	—		7,981,850		—		5,619,357		7,981,850		5,619,357		13,601,207		—		2011	N/A
4047 Perimeter West Drive	Charlotte, NC	—		1,279,004		—		267,512		1,279,004		267,512		1,546,516		—		2011	N/A
14031 Hollister Road	Houston, TX	—		1,396,794		—		4,349,731		1,396,794		4,349,731		5,746,525		—		2011	N/A
5500 N. Sam Houston Parkway West	Houston, TX	—		1,243,541		—		3,360,651		1,243,541		3,360,651		4,604,192		—		2011	N/A
100 Diagonal Boulevard	Philadelphia, PA	—		567,531		—		1,600,305		567,531		1,600,305		2,167,835		—		2011	N/A
4000 S 26th Street	Philadelphia, PA	—		51,784		—		5,029,705		51,784		5,029,705		5,081,489		—		2011	N/A
4050 S 26th Street	Philadelphia, PA	—		46,301		—		5,460,148		46,301		5,460,148		5,506,449		—		2011	N/A
5 Crescent Drive	Philadelphia, PA	—		1,765,341		—		22,429,330		1,765,341		22,429,330		24,194,671		—		2011	N/A
8th & Walnut Streets	Philadelphia, PA	—		734,275		—		9,281,645		734,275		9,281,645		10,015,920		—		2011	N/A
Subtotal Development in Progress		$	—	$	27,028,044	$	—	$	61,819,568	$	27,028,044	$	61,819,568	$	88,847,611	$	—

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2011
				Initial Cost						Gross Amount Carried at End of Period
Project	Location	Encumbrances		Land		Building		Costs Capitalized Subsequent to Acquisition		Land and Improvements		Building and Improvements		Total 12/31/2011		Accumulated Depreciation 12/31/2010		Date of Construction or Acquisition	Depreciable life (years)
LAND HELD FOR DEVELOPMENT
Perryman Road Land	Aberdeen, MD	$	—	$	12,052,635	$	—	$	279,456	$	12,332,091	$	—	$	12,332,091	$	—	2005	N/A
2 Womack Drive Land	Annapolis, MD	—		5,796,667		—		13,676		5,810,344		—		5,810,344		—		2007	N/A
Boca Colannade Yamato Road	Boca Raton, FL	—		2,039,735		—		566,124		2,605,859		—		2,605,859		—		1998	N/A
12912 Virkler Drive Land	Charlotte, NC	—		208,646		—		384		209,030		—		209,030		—		2010	N/A
Charlotte Distribution Center Land-Lot 1	Charlotte, NC	—		652,844		—		—		652,844		—		652,844		—		2011	N/A
Flying Cloud Drive Land	Eden Pairie, MN	—		2,051,631		—		23,887		2,075,518		—		2,075,518		—		2007	N/A
Camelback 303 Business Center Land	Goodyear, AZ	—		16,857,556		—		3,191,071		20,048,627		—		20,048,627		—		2007	N/A
Pleasant Ridge Road Land	Greensboro, NC	—		564,535		—		2,893,669		3,458,204		—		3,458,204		—		2006	N/A
Southchase Business Park Land	Greenville, SC	—		98,242		—		88,146		186,388		—		186,388		—		1998	N/A
Caliber Ridge Ind. Park Land	Greer, SC	—		2,297,492		—		3,621,228		5,918,720		—		5,918,720		—		2007	N/A
Hunters Green Land	Hagerstown, MD	—		5,489,586		—		8,361,340		13,850,926		—		13,850,926		—		2006	N/A
Lakefront Plaza II Land	Hampton, VA	229,953		138,101		—		101,157		239,258		—		239,258		—		2001	N/A
Ridge Road Land	Hanover, MD	—		3,371,183		—		452,208		3,823,391		—		3,823,391		—		2008	N/A
Piedmond Centre Land	High Point, NC	—		913,276		—		914,318		1,827,594		—		1,827,594		—		2006	N/A
Commonwealth Corporate Center Land	Horsham, PA	—		3,043,938		—		25,160		3,069,098		—		3,069,098		—		2005	N/A
Beltway 8 @Bammel Bus Park Land	Houston, TX	—		1,072,634		—		14,445		1,087,079		—		1,087,079		—		2007	N/A
Central Green Land - Tract 5	Houston, TX	—		3,492,547		—		217,069		3,709,616		—		3,709,616		—		2007	N/A
Greens Crossing Land	Houston, TX	—		2,476,892		—		49,045		2,525,938		—		2,525,938		—		2007	N/A
Hollister Beltway 8 Land	Houston, TX	—		3,641,897		—		9,515		3,651,411		—		3,651,411		—		2008	N/A
Rankin Road Land	Houston, TX	—		5,756,865		—		162,436		5,919,301		—		5,919,301		—		2007	N/A
Noxell Land	Hunt Valley, MD	—		2,040,690		—		1,173		2,041,863		—		2,041,863		—		2001	N/A
7024 AC Skinner Parkway	Jacksonville, FL	—		751,448		—		73,504		824,952		—		824,952		—		1995	N/A
Belfort Road	Jacksonville, FL	—		492,908		—		87,649		580,557		—		580,557		—		1998	N/A
Imeson Road Land	Jacksonville, FL	—		4,153,948		—		2,053,506		6,207,454		—		6,207,454		—		2008	N/A
Liberty Business Park Land	Jacksonville, FL	—		456,269		—		82,690		538,959		—		538,959		—		1995	N/A
Salisbury Road Land	Jacksonville, FL	—		1,402,337		—		220,472		1,622,809		—		1,622,809		—		2000	N/A
Skinner Land Parcel B	Jacksonville, FL	—		2,295,790		—		1,231,240		3,527,030		—		3,527,030		—		2005	N/A

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2011
				Initial Cost						Gross Amount Carried at End of Period
Project	Location	Encumbrances		Land		Building		Costs Capitalized Subsequent to Acquisition		Land and Improvements		Building and Improvements		Total 12/31/2011		Accumulated Depreciation 12/31/2010		Date of Construction or Acquisition	Depreciable life (years)
LAND HELD FOR DEVELOPMENT
Kent County, UK	Kent County, UK	—		—		—		4,933,923		4,933,923		—		4,933,923		—		1999	N/A
Commodore Business Park	Logan, NJ	—		792,118		—		1,194,790		1,986,908		—		1,986,908		—		1995	N/A
Quarry Ridge Land	Malvern, PA	—		4,774,994		—		4,962,649		9,737,643		—		9,737,643		—		2001	N/A
Miami International Tradeport Land	Medley, FL	—		17,506,630		—		1,433,344		18,939,974		—		18,939,974		—		2011	N/A
Monarch Towne Center Land	Mirarar, FL	—		6,085,337		—		413,926		6,499,264		—		6,499,264		—		2006	N/A
South 27th Street Land	Oak Creek, WI	—		2,169,232		—		2,468,138		4,637,370		—		4,637,370		—		2006	N/A
Beachline Industrial Park Land	Orlando, FL	—		365,230		—		—		365,230		—		365,230		—		2006	N/A
26th Street North Land	Philadelphia, PA	—		90,774		—		1,052,171		1,142,945		—		1,142,945		—		2009	N/A
Cotton Center Land	Phoenix, AZ	—		1,359,134		—		18,197,359		19,556,493		—		19,556,493		—		2007	N/A
Eastport IX	Richmond, VA	—		211,627		—		3,325		214,952		—		214,952		—		1997	N/A
Eastport VIII	Richmond, VA	—		382,698		—		3,325		386,023		—		386,023		—		1997	N/A
1315 Brockton Lane North	Rogers, MN	—		2,165,447		—		243,430		2,408,877		—		2,408,877		—		2011	N/A
Woodlands Center Land	Sandston, VA	—		148,314		—		21,717		170,031		—		170,031		—		1996	N/A
Northsight Land (LPLP)	Scottsdale, AZ	—		6,176,464		—		2,204,597		8,381,061		—		8,381,061		—		2005	N/A
Old Scotland Road Land	Shippensburg, PA	—		8,322,686		—		3,298,406		11,621,093		—		11,621,093		—		2007	N/A
Bridgeway II Land	Suffolk, VA	—		603,391		—		2,025,243		2,628,635		—		2,628,635		—		2005	N/A
Suffolk Land	Suffolk, VA	—		2,715,714		—		733,927		3,449,641		—		3,449,641		—		2006	N/A
6119 W. Linebaugh Avenue	Tampa, FL	—		180,136		—		30,500		210,635		—		210,635		—		2000	N/A
Renaissance Park Land	Tampa, FL	—		1,995,375		—		219,098		2,214,473		—		2,214,473		—		2007	N/A
Tampa Triangle Land	Tampa, FL	—		10,358,826		—		1,186,226		11,545,052		—		11,545,052		—		2006	N/A
Subtotal Land Held for Development		$	229,953	$	150,014,419	$	—	$	69,360,662	$	219,375,084	$	—	$	219,375,084	$	—
Total All Properties		$40,945,700		$958,231,628		$1,763,612,230		$2,560,341,147		$1,076,158,825		$4,206,026,180		$5,282,185,005		$1,062,229,638

* Denotes property is collateralized under mortgages with Metropolitan Life, LaSalle Bank, Allianz and John Hancock totaling $238.8 million.

SCHEDULE III

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP

REAL ESTATE AND ACCUMULATED DEPRECIATION

(In thousands)

A summary of activity for real estate and accumulated depreciation is as follows:

	Year Ended December 31,
	2011			2010			2009
REAL ESTATE:
Balance at beginning of year	$	4,907,973		$	4,838,869		$	4,758,471
Additions	423,924			108,760			164,580
Disposition of property	(49,712		)	(39,656		)	(84,182		)
Balance at end of year	$	5,282,185		$	4,907,973		$	4,838,869
ACCUMULATED DEPRECIATION:
Balance at beginning of year	$	938,044		$	836,146		$	733,688
Depreciation expense	144,284			147,299			144,548
Disposition of property	(20,098		)	(45,401		)	(42,090		)
Balance at end of year	$	1,062,230		$	938,044		$	836,146