X0202 4 2007-03-21 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) 2007-03-21 4 A 0 3920 49.74 A 120894 D The stock acquired reflects the election by the reporting person to receive common shares in lieu of cash for all or part of annual performance bonus compensation for 2006, consistent with a policy adopted by the Trust?s Compensation Committee with respect to employee annual performance bonus compensation. By making such election, the reporting person received shares equal to 120% of the cash value of such bonus or portion thereof, less applicable withholding tax (the "Bonus Value"). The reporting person received the number of common shares able to be purchased with the dollar amount of the Bonus Value based on the closing price per share of the common shares on March 19, 2007 ($49.74). 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. William P. Hankowsky by James J. Bowes as Attorney-in-Fact 2007-03-22