X0202 4 2007-03-19 0 0000921112 LIBERTY PROPERTY TRUST LRY 0001248371 HANKOWSKY WILLIAM P C/O LIBERTY PROPERTY TRUST 500 CHESTERFIELD PARKWAY MALVERN PA 19355 0 1 0 0 Chairman, President & CEO Common Shares of Beneficial Interest ($0.001 par value) 2007-03-19 4 A 1 8645 A 116974 D Employee Stock Option (Right to Buy) 49.74 2007-03-19 4 A 0 18926 A 2017-03-18 Common Shares 18926 18926 D Represents an award of restricted common shares as a portion of long-term incentive compensation paid to the reporting person. Such shares will vest ratably over a five year period beginning with the first anniversary date of the grant. Shares received as employment compensation for 2006. Includes 2,503 shares purchased pursuant to the Employee Stock Purchase Plan and 59,511 restricted shares. Also includes an aggregate of 3,149 common shares received by the reporting person pursuant to the Company's Dividend Reinvestment Plan, and not previously reported. Options granted are exercisable 20% after the first anniversary of the date of the grant, 50% after the second anniversary, and are fully exercisable after the third anniversary. Options received as employment compensation for 2006. William P. Hankowsky by James J. Bowes as Attorney-in-Fact 2007-03-21