Real Estate

12 Months Ended

Dec. 31, 2010

REAL ESTATE

3. REAL ESTATE

The Company owns and operates industrial and office properties located principally in suburban mixed-use developments or business parks. The carrying value of these properties by type as of December 31, 2010 and 2009 is as follows (in thousands):

	Land		Buildings
	And Land		And				Accumulated
	Improvements		Improvements		Total		Depreciation
2010
Industrial properties	$	387,079	$	1,882,659	$	2,269,738	$	463,058
Office properties		477,718		2,538,003		3,015,721		627,627
2010 Total	$	864,797	$	4,420,662	$	5,285,459	$	1,090,685
2009
Industrial properties	$	375,630	$	1,841,359	$	2,216,989	$	417,694
Office properties		473,358		2,441,891		2,915,249		553,241
2009 Total	$	848,988	$	4,283,250	$	5,132,238	$	970,935

Depreciation expense was $147.3 million in 2010, $144.5 million in 2009 and $147.2 million in 2008.

Information on the operating properties the Company sold during the years ended December 31, 2010 and 2009 is as follows:

2010 Sales	Number of		Leaseable
Reportable Segment	Buildings		Square Feet		Gross Proceeds
					(in thousands)
Northeast
Southeastern PA		2		63,925	$	5,987
Lehigh/Central PA		2		146,800		7,216
Other		1		39,151		5,100
Central		1		26,660		523
South		4		401,791		10,190
Total		10		678,327	$	29,016

2009 Sales	Number of		Leaseable
Reportable Segment	Buildings		Square Feet		Gross Proceeds
					(in thousands)
Northeast
Southeastern PA		2		143,300	$	13,725
Lehigh/Central PA		6		452,412		30,195
Other		6		469,427		42,064
Central		3		338,690		17,540
South		12		878,275		62,038
Total		29		2,282,104	$	165,562

LIBERTY PROPERTY LIMITED PARTNERSHIP

REAL ESTATE

3. REAL ESTATE

The Company owns and operates industrial and office properties located principally in suburban mixed-use developments or business parks. The carrying value of these properties by type as of December 31, 2010 and 2009 is as follows (in thousands):

	Land		Buildings
	And Land		And				Accumulated
	Improvements		Improvements		Total		Depreciation
2010
Industrial properties	$	387,079	$	1,882,659	$	2,269,738	$	463,058
Office properties		477,718		2,538,003		3,015,721		627,627
2010 Total	$	864,797	$	4,420,662	$	5,285,459	$	1,090,685
2009
Industrial properties	$	375,630	$	1,841,359	$	2,216,989	$	417,694
Office properties		473,358		2,441,891		2,915,249		553,241
2009 Total	$	848,988	$	4,283,250	$	5,132,238	$	970,935

Depreciation expense was $147.3 million in 2010, $144.5 million in 2009 and $147.2 million in 2008.

Information on the operating properties the Company sold during the years ended December 31, 2010 and 2009 is as follows:

2010 Sales

	Number of		Leaseable
Reportable Segment	Buildings		Square Feet		Gross Proceeds
					(in thousands)
Northeast
Southeastern PA		2		63,925	$	5,987
Lehigh/Central PA		2		146,800		7,216
Other		1		39,151		5,100
Central		1		26,660		523
South		4		401,791		10,190
Total		10		678,327	$	29,016

2009 Sales

	Number of		Leaseable
Reportable Segment	Buildings		Square Feet		Gross Proceeds
					(in thousands)
Northeast
Southeastern PA		2		143,300	$	13,725
Lehigh/Central PA		6		452,412		30,195
Other		6		469,427		42,064
Central		3		338,690		17,540
South		12		878,275		62,038
Total		29		2,282,104	$	165,562