X0303 4 2009-03-18 0 0000921112 LIBERTY PROPERTY TRUST LRY 0001248365 BOWES JAMES J C/O LIBERTY PROPERTY TRUST 500 CHESTERFIELD PARKWAY MALVERN PA 19355 0 1 0 0 Secretary & Gen. Counsel Common Shares of Beneficial Interest ($0.001 par value) 2009-03-18 4 A 0 2513 A 39464 D Employee Stock Optio (Right to Buy) 20.32 2009-03-18 4 A 0 49508 A 2019-03-28 Common Shares 49508 49508 D Represents the number of common shares issuable pursuant to restricted share units granted in 2008 as compensation, the performance conditions relating to which have been satisfied. Included in these shares are 206 shares that that accrued under the Company's Dividend Reinvestment Plan with respect to those restricted share units as to which the performance conditions have been satisfied. Received as employment compensation. Includes 40 shares held by reporting person as custodial for reporting person's child. The reporting person disclaims beneficial ownership of these shares. Also includes 6,173 restricted common shares received on several dates as a portion of long-term compensation paid to the reporting person. The grants of these restricted shares were reported on previous Form 4 & 5 filings. Includes options to purchase 10,276 shares granted to the reporting person in lieu of a portion of cash incentive compensation which he otherwise would have received for 2008. Options granted are exercisable 20% after the first anniversary of the date of grant, 50% after the second anniversary and fully after the third anniversary. James J. Bowes 2009-03-20