X0306 4 2013-12-04 0 0000921112 LIBERTY PROPERTY TRUST LRY 0001328396 Hagan Michael T C/O LIBERTY PROPERTY TRUST 500 CHESTERFIELD PARKWAY MALVERN PA 19355 0 1 0 0 Chief Investment Officer Common Shares of Beneficial Interest ($0.001 par value) 2013-12-04 4 S 0 9600 33.1671 D 76426 D Represents the weighted average of a range of sale prices per share from $33.14 to $33.18. The reporting person undertakes to provide to the Staff of the Securities and Exchange Commission, the Company or any shareholder of the Company, upon request, full information regarding the number of common shares sold at each separate price. Includes (i) 125 common shares held in an individual retirement account on behalf of the reporting person's spouse, of which shares the reporting person disclaims beneficial ownership and (ii) 14,491 common shares issuable upon exchange of units of limited partnership interest of Liberty Property Limited Partnership, a Pennsylvania limited partnership. Michael T. Hagan by Mary Beth Morrissey as Attorney-in-Fact 2013-12-06