Schedule III

12 Months Ended

Dec. 31, 2014

Schedule III [Abstract]

Real Estate and Accumulated Depreciation Disclosure [Text Block]

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2014
					Initial Cost						Gross Amount Carried at End of Period
Project	Location	Encumbrances			Land		Building		Costs Capitalized Subsequent to Acquisition (1)		Land and Improvements		Building and Improvements		Total 12/31/2014		Accumulated Depreciation 12/31/2014		Date of Construction or Acquisition	Depreciable life (years)
OPERATING PROPERTIES
1467 Perryman Road	Aberdeen, MD	$	—		$	12,052,635	$	—	$	35,325,281	$	12,334,030	$	35,043,886	$	47,377,916	$	422,091	2014	5 - 40
1501 Perryman Road	Aberdeen, MD	—			5,813,324		18,874,059		5,355,385		5,816,839		24,225,929		30,042,768		5,166,945		2005	5 - 40
869 S Route 53	Addison, IL	—			1,194,223		4,201,881		81,639		1,194,223		4,283,521		5,477,744		163,088		2013	5 - 40
901 S Route 53	Addison, IL	—			2,055,066		5,984,093		331,843		2,055,066		6,315,936		8,371,002		243,610		2013	5 - 40
200 Boulder Drive	Allentown, PA	—			4,722,683		18,922,645		620,045		4,722,683		19,542,690		24,265,373		5,189,398		2004	5 - 40
250 Boulder Drive	Allentown, PA	—			3,599,936		12,099,145		2,149,322		3,717,733		14,130,670		17,848,403		4,208,971		2004	5 - 40
400 Nestle Way	Allentown, PA	—			8,065,500		—		27,612,516		8,184,096		27,493,920		35,678,016		13,473,371		1997	5 - 40
650 Boulder Drive	Allentown, PA	—		*	5,208,248		—		31,999,219		9,961,788		27,245,679		37,207,467		8,276,803		2002	5 - 40
651 Boulder Drive	Allentown, PA	—			4,308,646		—		17,689,842		4,308,646		17,689,842		21,998,488		7,349,337		2000	5 - 40
700 Nestle Way	Allentown, PA	—		*	3,473,120		—		20,186,320		4,174,970		19,484,470		23,659,440		9,474,166		1998	5 - 40
705 Boulder Drive	Allentown, PA	—		*	10,594,027		—		28,536,883		10,596,767		28,534,143		39,130,910		10,949,295		2001	5 - 40
7165 Ambassador Drive	Allentown, PA	—		*	792,999		—		4,594,584		804,848		4,582,735		5,387,583		1,735,546		2002	5 - 40
7248 Industrial Boulevard	Allentown, PA	—			2,670,849		13,307,408		4,536,663		2,670,673		17,844,247		20,514,920		7,872,299		1988	5 - 40
7339 Industrial Boulevard	Allentown, PA	—			1,187,776		—		7,592,257		1,197,447		7,582,586		8,780,033		3,389,185		1996	5 - 40
7437 Industrial Boulevard	Allentown, PA	—			717,488		5,022,413		3,376,237		726,651		8,389,486		9,116,137		4,726,618		1976	5 - 40
8014 Industrial Boulevard	Allentown, PA	—		*	4,019,258		—		9,900,523		3,645,117		10,274,664		13,919,781		4,646,042		1999	5 - 40
8150 Industrial Boulevard	Allentown, PA	—			2,564,167		—		8,919,967		2,571,466		8,912,668		11,484,134		2,887,452		2002	5 - 40
8250 Industrial Boulevard	Allentown, PA	—		*	1,025,667		—		5,010,938		1,035,854		5,000,751		6,036,605		1,557,249		2002	5 - 40
8400 Industrial Boulevard	Allentown, PA	—			6,725,948		—		27,161,555		7,521,211		26,366,292		33,887,503		6,109,054		2005	5 - 40
6330 Hedgewood Drive	Allentown, PA	—			531,268		—		5,572,086		532,047		5,571,307		6,103,354		3,457,545		1988	5 - 40
6350 Hedgewood Drive	Allentown, PA	—			360,027		—		4,028,297		560,691		3,827,633		4,388,324		2,275,548		1989	5 - 40
6370 Hedgewood Drive	Allentown, PA	—			540,795		—		3,959,133		541,459		3,958,469		4,499,928		2,151,166		1990	5 - 40
6390 Hedgewood Drive	Allentown, PA	—			707,203		—		3,000,621		707,867		2,999,957		3,707,824		1,725,562		1990	5 - 40
6520 Stonegate Drive	Allentown, PA	—			453,315		—		1,712,509		484,361		1,681,463		2,165,824		944,248		1996	5 - 40
6540 Stonegate Drive	Allentown, PA	—			422,042		—		4,012,192		422,730		4,011,504		4,434,234		2,648,926		1988	5 - 40
6560 Stonegate Drive	Allentown, PA	—			458,281		—		2,805,111		458,945		2,804,447		3,263,392		1,906,340		1989	5 - 40
6580 Snowdrift Road	Allentown, PA	—			388,328		—		4,782,863		389,081		4,782,110		5,171,191		2,636,788		1988	5 - 40
7620 Cetronia Road	Allentown, PA	—			1,091,806		3,851,456		258,140		1,093,724		4,107,678		5,201,402		2,031,249		1990	5 - 40

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2014
				Initial Cost				Gross Amount Carried at End of Period
Project	Location	Encumbrances		Land	Building	Costs Capitalized Subsequent to Acquisition (1)		Land and Improvements	Building and Improvements	Total 12/31/2014	Accumulated Depreciation 12/31/2014	Date of Construction or Acquisition	Depreciable life (years)
OPERATING PROPERTIES
3095 Presidential Drive	Atlanta, GA	—		200,351	1,729,161	197,738		200,351	1,926,899	2,127,250	78,787	2013	5 - 40
3097 Presidential Drive	Atlanta, GA	—		188,680	1,721,048	83,383		188,680	1,804,431	1,993,111	88,681	2013	5 - 40
7030 Buford Highway NE	Atlanta, GA	—	*	919,850	4,051,340	620,926		919,850	4,672,266	5,592,116	228,707	2013	5 - 40
Barton 150	Barton Under Needwood, UK	—		2,196,955	13,643,981	(935,703	)	2,067,184	12,838,049	14,905,233	461,655	2013	5 - 40
1055-1071 Kingsland Drive	Batavia, IL	—		727,294	2,367,529	158,908		727,294	2,526,437	3,253,731	119,118	2013	5 - 40
4606 Richlynn Drive	Belcamp, MD	—		299,600	1,818,861	712,788		299,600	2,531,649	2,831,249	977,674	1985	5 - 40
11800 Baltimore Avenue	Beltsville,MD	—	*	2,769,962	1,829,028	232,241		2,769,962	2,061,270	4,831,232	111,856	2013	5 - 40
11850 Baltimore Avenue	Beltsville,MD	—	*	3,595,044	2,415,132	272,977		3,595,044	2,688,109	6,283,153	180,373	2013	5 - 40
11900 Baltimore Avenue	Beltsville,MD	—	*	3,492,036	2,024,038	447,214		3,492,036	2,471,252	5,963,288	184,955	2013	5 - 40
12104 Indian Creek Court	Beltsville,MD	—	*	2,021,752	2,503,802	391,474		2,021,752	2,895,276	4,917,028	212,784	2013	5 - 40
12140 Indian Creek Court	Beltsville,MD	—	*	1,196,726	1,949,555	118,870		1,196,726	2,068,424	3,265,150	89,485	2013	5 - 40
12200 Indian Creek Court	Beltsville,MD	—	*	1,347,882	1,460,291	216,607		1,347,882	1,676,898	3,024,780	71,156	2013	5 - 40
12240 Indian Creek Court	Beltsville,MD	—	*	1,479,307	2,159,997	253,923		1,479,307	2,413,921	3,893,228	101,243	2013	5 - 40
1071 Thorndale Avenue	Bensenville,IL	—		2,173,006	2,280,788	234,091		2,173,006	2,514,879	4,687,885	154,631	2013	5 - 40
1260-1274 Ellis Street	Bensenville,IL	—	*	2,298,560	4,020,382	358,604		2,298,560	4,378,986	6,677,546	229,722	2013	5 - 40
371-377 Meyer Road	Bensenville,IL	—	*	1,903,423	3,563,953	300,151		1,903,423	3,864,104	5,767,527	199,086	2013	5 - 40
850-880 Devon Ave	Bensenville,IL	—	*	2,958,756	7,959,013	564,918		2,958,756	8,523,931	11,482,687	402,589	2013	5 - 40
10 Emery Street	Bethlehem, PA	—		5,591,216	32,941,818	3,354,111		8,945,327	32,941,818	41,887,145	34,885	2014	5 - 40
2785 Commerce Center Boulevard	Bethlehem, PA	—		11,961,623	—	46,473,202		12,009,985	46,424,840	58,434,825	1,713,528	2011	5 - 40
74 West Broad Street	Bethlehem, PA	—		1,096,127	—	14,432,830		1,099,079	14,429,878	15,528,957	6,235,792	2002	5 - 40
10801 Nesbitt Avenue South	Bloomington, MN	—		784,577	—	5,010,219		786,382	5,008,414	5,794,796	1,620,711	2001	5 - 40
5705 Old Shakopee Road	Bloomington, MN	—		2,113,223	—	6,052,334		2,148,571	6,016,986	8,165,557	1,886,077	2001	5 - 40
5715 Old Shakopee Road West	Bloomington, MN	—		1,263,226	2,360,782	2,310,183		1,264,758	4,669,433	5,934,191	1,697,547	2002	5 - 40
5735 Old Shakopee Road West	Bloomington, MN	—		1,263,226	2,360,782	1,090,289		1,264,758	3,449,539	4,714,297	1,001,168	2002	5 - 40
5775 West Old Shakopee Road	Bloomington, MN	—		2,052,018	3,849,649	1,670,618		2,060,644	5,511,641	7,572,285	2,087,327	2002	5 - 40
6161 Green Valley Drive	Bloomington, MN	—		740,378	3,311,602	1,680,574		709,961	5,022,593	5,732,554	2,088,791	1992	5 - 40
6601-6625 W. 78th Street	Bloomington, MN	—		2,263,060	—	41,737,014		2,310,246	41,689,828	44,000,074	16,555,948	1998	5 - 40
750 Park of Commerce Boulevard	Boca Raton, FL	—		2,430,000	—	22,129,358		2,473,406	22,085,952	24,559,358	3,353,261	2007	5 - 40
777 Yamato Road	Boca Raton, FL	—		4,101,247	16,077,347	6,792,033		4,501,247	22,469,380	26,970,627	9,450,754	1987	5 - 40

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2014
				Initial Cost			Gross Amount Carried at End of Period
Project	Location	Encumbrances		Land	Building	Costs Capitalized Subsequent to Acquisition (1)	Land and Improvements	Building and Improvements	Total 12/31/2014	Accumulated Depreciation 12/31/2014	Date of Construction or Acquisition	Depreciable life (years)
OPERATING PROPERTIES
951 Broken Sound Parkway	Boca Raton, FL	—		1,426,251	6,098,952	1,990,222	1,426,251	8,089,174	9,515,425	3,683,396	1986	5 - 40
1455 Remington Boulevard	Bolingbrook, IL	—		2,501,294	10,704,719	—	2,501,294	10,704,719	13,206,013	589,578	2012	5 - 40
150 E Crossroads Parkway	Bolingbrook, IL	—	*	3,078,949	14,143,377	845,243	3,078,949	14,988,620	18,067,569	681,812	2013	5 - 40
553 S Joliet Avenue	Bolingbrook, IL	—	*	3,764,831	15,109,947	1,016,526	3,764,831	16,126,473	19,891,304	830,092	2013	5 - 40
400 Boulder Drive	Breinigsville, PA	—		2,859,106	—	10,599,615	2,865,575	10,593,146	13,458,721	2,810,834	2003	5 - 40
8201 Industrial Boulevard	Breinigsville, PA	—	*	2,089,719	—	8,353,910	2,222,168	8,221,461	10,443,629	1,836,038	2006	5 - 40
8500 Industrial Bouldvard	Breinigsville, PA	—		8,752,708	—	39,845,367	11,511,499	37,086,576	48,598,075	7,869,714	2007	5 - 40
860 Nestle Way	Breinigsville, PA	—		8,118,881	18,885,486	7,400,855	8,118,881	26,286,341	34,405,222	7,806,275	2004	5 - 40
1485 W. Commerce Avenue	Carlisle, PA	—		4,249,868	13,886,039	2,314,063	4,095,262	16,354,708	20,449,970	5,401,702	2004	5 - 40
40 Logistics Drive	Carlisle, PA	—		7,981,850	—	32,774,046	8,081,272	32,674,624	40,755,896	1,837,960	2011	5 - 40
135-195 East Elk Trail	Carol Stream, IL	—		4,873,094	12,430,320	661,228	4,873,094	13,091,548	17,964,642	418,477	2013	5 - 40
515 Kehoe Boulevard	Carol Stream, IL	—		5,523,427	14,581,705	202,677	5,523,427	14,784,382	20,307,809	495,025	2013	5 - 40
1413 Bradley Lane	Carrollton, TX	—	*	247,477	2,028,322	83,523	247,477	2,111,845	2,359,322	97,622	2013	5 - 40
3200 Belmeade Drive	Carrollton, TX	—		1,042,453	8,027,974	401,254	1,042,453	8,429,228	9,471,681	360,866	2013	5 - 40
1475 Nitterhouse Drive	Chambersburg, PA	—		7,081,007	39,002,011	2,091,556	7,081,007	41,093,567	48,174,574	1,805,946	2013	5 - 40
95 Kriner Road	Chambersburg, PA	—		8,695,501	—	34,926,589	9,407,871	34,214,219	43,622,090	5,767,870	2006	5 - 40
9000 109th Street	Champlain, MN	—	*	1,251,043	11,662,995	119,919	1,251,043	11,782,914	13,033,957	1,144,351	2011	5 - 40
11701 Goodrich Drive	Charlotte, NC	—		2,054,621	6,356,151	631,251	2,054,621	6,987,401	9,042,022	580,952	2013	5 - 40
12810 Virkler Drive	Charlotte, NC	—		475,368	2,367,586	706,208	476,262	3,072,899	3,549,161	294,635	2010	5 - 40
2700 Hutchinson McDonald Road	Charlotte, NC	—		912,500	4,721,259	293,785	912,500	5,015,044	5,927,544	460,922	2011	5 - 40
2701 Hutchinson McDonald Road	Charlotte, NC	—		1,275,000	4,649,750	651,875	1,275,000	5,301,625	6,576,625	495,724	2011	5 - 40
2730 Hutchinson McDonald Road	Charlotte, NC	—		1,878,750	10,129,499	30,657	1,878,750	10,160,156	12,038,906	885,076	2011	5 - 40
2801 Hutchinson McDonald Road	Charlotte, NC	—		1,065,000	6,975,250	211,801	1,065,000	7,187,051	8,252,051	656,037	2011	5 - 40
3000 Crosspoint Center Lane	Charlotte, NC	—		1,831,250	10,779,412	179,996	1,831,250	10,959,408	12,790,658	1,026,986	2011	5 - 40
3005 Crosspoint Center Lane	Charlotte, NC	—		1,990,000	6,561,540	442,677	1,990,000	7,004,217	8,994,217	648,233	2011	5 - 40
4045 Perimeter West Drive	Charlotte, NC	—		1,418,928	7,511,050	8,510	1,418,928	7,519,560	8,938,488	790,434	2011	5 - 40
4047 Perimeter West Drive	Charlotte, NC	—		1,279,004	—	6,396,981	1,279,004	6,396,981	7,675,985	490,797	2011	5 - 40
4525 Statesville Road	Charlotte, NC	—		841,250	5,279,315	313,661	837,144	5,597,082	6,434,226	492,662	2011	5 - 40
4835 Sirona Drive	Charlotte, NC	4,055,621		690,750	5,086,388	182,041	690,750	5,268,429	5,959,179	465,537	2012	5 - 40

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2014
				Initial Cost			Gross Amount Carried at End of Period
Project	Location	Encumbrances		Land	Building	Costs Capitalized Subsequent to Acquisition (1)	Land and Improvements	Building and Improvements	Total 12/31/2014	Accumulated Depreciation 12/31/2014	Date of Construction or Acquisition	Depreciable life (years)
OPERATING PROPERTIES
4925 Sirona Drive	Charlotte, NC	4,011,687		603,003	4,969,011	31,500	603,003	5,000,511	5,603,514	392,055	2012	5 - 40
5033 Sirona Drive	Charlotte, NC	3,521,593		509,247	4,710,218	193,375	613,962	4,798,878	5,412,840	306,891	2012	5 - 40
5039 Sirona Drive	Charlotte, NC	—		1,027,500	6,172,807	20,992	1,027,500	6,193,799	7,221,299	41,665	2014	5 - 40
8910 Pioneer Avenue	Charlotte, NC	—		527,873	4,959,206	51,226	527,873	5,010,432	5,538,305	440,808	2011	5 - 40
8916 Pioneer Avenue	Charlotte, NC	—		557,730	5,785,333	345,123	557,730	6,130,456	6,688,186	537,610	2011	5 - 40
1301 Executive Boulevard	Chesapeake, VA	—		997,570	—	5,090,852	970,151	5,118,271	6,088,422	1,070,574	2005	5 - 40
1305 Executive Boulevard	Chesapeake, VA	—		861,020	—	5,317,649	1,129,850	5,048,819	6,178,669	1,470,458	2002	5 - 40
1309 Executive Boulevard	Chesapeake, VA	—		926,125	—	5,098,066	955,374	5,068,817	6,024,191	1,755,796	2001	5 - 40
1313 Executive Boulevard	Chesapeake, VA	—		1,180,036	—	5,146,319	1,708,050	4,618,305	6,326,355	1,661,772	2002	5 - 40
2601 Indian River Road	Chesapeake, VA	—	*	1,711,746	10,418,032	433,142	1,711,746	10,851,174	12,562,920	488,122	2013	5 - 40
500 Independence Parkway	Chesapeake, VA	—		864,150	4,427,285	660,242	866,609	5,085,068	5,951,677	1,647,398	2004	5 - 40
501 Independence Parkway	Chesapeake, VA	—		1,202,556	5,975,538	1,588,745	1,292,273	7,474,566	8,766,839	2,047,049	2005	5 - 40
505 Independence Parkway	Chesapeake, VA	—		1,292,062	6,456,515	1,413,739	1,292,254	7,870,061	9,162,315	2,014,499	2005	5 - 40
510 Independence Parkway	Chesapeake, VA	—		2,012,149	7,546,882	1,015,278	2,014,689	8,559,621	10,574,310	2,462,068	2005	5 - 40
676 Independence Parkway	Chesapeake, VA	—		1,527,303	—	11,380,921	1,562,903	11,345,321	12,908,224	1,668,090	2006	5 - 40
700 Independence Parkway	Chesapeake, VA	—		1,950,375	7,236,994	663,174	1,951,135	7,899,408	9,850,543	2,560,770	2004	5 - 40
1540 S 54th Avenue	Cicero, IL	—		3,540,236	20,130,552	927,655	3,540,236	21,058,207	24,598,443	872,113	2013	5 - 40
4650 Lake Forest Drive	Cinncinnati, OH	—		1,030,242	4,003,024	150,831	1,030,242	4,153,854	5,184,096	191,841	2013	5 - 40
4750 Lake Forest Drive	Cinncinnati, OH	—		1,138,166	5,914,789	197,670	1,138,166	6,112,459	7,250,625	305,507	2013	5 - 40
9645 Gerwig Lane	Columbia, MD	—		1,915,960	6,461,228	320,391	1,915,960	6,781,619	8,697,579	318,937	2013	5 - 40
2550 John Glenn Avenue	Columbus, OH	—		540,601	5,129,342	169,332	540,601	5,298,674	5,839,275	220,056	2013	5 - 40
3800 Twin Creeks Drive	Columbus, OH	—		549,393	4,643,302	181,695	549,393	4,824,997	5,374,390	223,841	2013	5 - 40
455 Airline Drive	Coppell, TX	—	*	312,701	2,311,531	742,190	312,701	3,053,721	3,366,422	202,145	2013	5 - 40
2130 Baldwin Avenue	Crofton, MD	—		3,172,032	7,350,782	418,907	3,172,032	7,769,689	10,941,721	345,403	2013	5 - 40
329-333 Herrod Boulevard	Dayton, NJ	—	*	4,039,559	20,863,051	2,217,455	4,039,559	23,080,506	27,120,065	895,237	2013	5 - 40
1250 Hall Court	Deer Park, TX	—		829,570	4,778,327	47,399	831,611	4,823,685	5,655,296	1,053,460	2006	5 - 40
301-321 S Goolsby Boulevard	Deerfield Beach, FL	—		498,136	2,781,180	162,422	498,136	2,943,602	3,441,738	105,281	2013	5 - 40
1680 Executive Drive	Duluth, GA	—		1,928,412	4,651,819	569,167	1,928,412	5,220,986	7,149,398	331,184	2013	5 - 40
1700 Executive Drive	Duluth, GA	—		1,082,072	2,496,599	444,944	1,082,072	2,941,543	4,023,615	166,657	2013	5 - 40

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2014
				Initial Cost				Gross Amount Carried at End of Period
Project	Location	Encumbrances		Land	Building	Costs Capitalized Subsequent to Acquisition (1)		Land and Improvements	Building and Improvements	Total 12/31/2014	Accumulated Depreciation 12/31/2014	Date of Construction or Acquisition	Depreciable life (years)
OPERATING PROPERTIES
2670 Breckinridge Boulevard	Duluth, GA	—		1,676,415	4,567,592	637,896		1,676,415	5,205,489	6,881,904	301,450	2013	5 - 40
170 Parkway West	Duncan, SC	—		598,348	3,643,756	205,725		598,918	3,848,911	4,447,829	971,351	2006	5 - 40
190 Parkway West	Duncan, SC	—		551,663	3,310,993	249,227		552,211	3,559,671	4,111,882	773,710	2006	5 - 40
265 Parkway East	Duncan, SC	—		901,444	5,751,389	190,639		902,374	5,941,098	6,843,472	1,591,923	2006	5 - 40
285 Parkway East	Duncan, SC	—		975,433	5,851,990	358,457		976,393	6,209,487	7,185,880	1,389,150	2006	5 - 40
1000 Parliament Court	Durham, NC	—		2,229,000	7,064,506	(6,132	)	2,229,000	7,058,374	9,287,374	141,180	2014	5 - 40
4226 Surles Court	Durham, NC	—		1,440,000	7,932,265	119,316		1,440,000	8,051,581	9,491,581	147,601	2014	5 - 40
4227 Surles Court	Durham, NC	—		1,500,000	5,624,030	20,889		1,500,000	5,644,918	7,144,918	94,358	2014	5 - 40
4234 Surles Court	Durham, NC	—		1,440,000	7,356,161	(5,933	)	1,440,000	7,350,228	8,790,228	141,372	2014	5 - 40
4300 Emperor Center	Durham, NC	—		1,576,500	4,240,961	—		1,576,500	4,240,961	5,817,461	75,792	2014	5 - 40
3169 Dodd Road	Eagan, MN	—		988,594	6,586,907	—		988,594	6,586,907	7,575,501	538,170	2012	5 - 40
3255 Neil Armstrong Boulevard	Eagan, MN	—		1,131,017	—	3,366,267		1,103,860	3,393,424	4,497,284	1,361,295	1998	5 - 40
3711 Kennebec Drive	Eagan, MN	—		999,702	4,042,589	312,232		999,702	4,354,821	5,354,523	567,528	2011	5 - 40
917 Lone Oak Road	Eagan, MN	—	*	1,493,115	6,120,455	711,446		1,493,115	6,831,901	8,325,016	387,420	2013	5 - 40
10301-10305 West 70th Street	Eden Prairie, MN	—		120,622	1,085,226	209,456		118,300	1,297,004	1,415,304	540,055	1984	5 - 40
10321 West 70th Street	Eden Prairie, MN	—		145,198	1,305,700	571,300		142,399	1,879,799	2,022,198	741,150	1984	5 - 40
10333 West 70th Street	Eden Prairie, MN	—		110,746	995,868	395,071		108,610	1,393,075	1,501,685	686,758	1984	5 - 40
10349-10357 West 70th Street	Eden Prairie, MN	—		275,903	2,481,666	790,745		270,584	3,277,730	3,548,314	1,473,755	1985	5 - 40
10365-10375 West 70th Street	Eden Prairie, MN	—		291,077	2,618,194	905,655		285,464	3,529,462	3,814,926	1,470,536	1985	5 - 40
10393-10394 West 70th Street	Eden Prairie, MN	—		269,618	2,423,318	1,397,727		264,419	3,826,244	4,090,663	1,356,626	1985	5 - 40
10400 Viking Drive	Eden Prairie, MN	—		2,912,391	—	23,631,155		2,938,372	23,605,174	26,543,546	10,312,893	1999	5 - 40
7075 Flying Cloud Drive	Eden Prairie, MN	—		10,232,831	10,855,851	53,338		10,243,977	10,898,042	21,142,019	2,135,275	2007	5 - 40
7078 Shady Oak Road	Eden Prairie, MN	—		343,093	3,085,795	1,528,369		336,481	4,620,776	4,957,257	2,037,707	1985	5 - 40
7615 Smetana Lane	Eden Prairie, MN	—		1,011,517	—	9,042,963		3,000,555	7,053,925	10,054,480	2,509,222	2001	5 - 40
7625 Smetana Lane	Eden Prairie, MN	—		4,500,641	—	3,282,060		1,916,609	5,866,092	7,782,701	1,366,800	2006	5 - 40
7695-7699 Anagram Drive	Eden Prairie, MN	—		760,525	3,254,758	1,171,692		760,525	4,426,450	5,186,975	2,103,041	1997	5 - 40
7777 Golden Triangle Drive	Eden Prairie, MN	—		993,101	2,136,862	1,299,413		993,101	3,436,274	4,429,375	1,399,635	2000	5 - 40
7800 Equitable Drive	Eden Prairie, MN	—		2,188,525	3,788,762	573,212		2,188,525	4,361,973	6,550,498	1,608,943	1993	5 - 40
7905 Fuller Road	Eden Prairie, MN	—		1,229,862	4,075,167	1,980,136		1,230,965	6,054,200	7,285,165	3,258,697	1994	5 - 40

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2014
				Initial Cost			Gross Amount Carried at End of Period
Project	Location	Encumbrances		Land	Building	Costs Capitalized Subsequent to Acquisition (1)	Land and Improvements	Building and Improvements	Total 12/31/2014	Accumulated Depreciation 12/31/2014	Date of Construction or Acquisition	Depreciable life (years)
OPERATING PROPERTIES
8855 Columbine Road	Eden Prairie, MN	—		1,400,925	—	5,199,574	1,599,757	5,000,742	6,600,499	1,322,395	2000	5 - 40
8911 Columbine Road	Eden Prairie, MN	—		916,687	—	4,444,635	1,718,407	3,642,915	5,361,322	913,476	2000	5 - 40
8937 Columbine Road	Eden Prairie, MN	—		1,325,829	—	5,872,477	1,739,966	5,458,340	7,198,306	1,468,530	2001	5 - 40
8967 Columbine Road	Eden Prairie, MN	—		1,450,000	—	4,536,312	1,450,000	4,536,312	5,986,312	1,565,519	2000	5 - 40
8995 Columbine Road	Eden Prairie, MN	—		1,087,594	—	4,610,464	2,055,296	3,642,762	5,698,058	1,122,150	2001	5 - 40
9023 Columbine Road	Eden Prairie, MN	—		1,956,273	—	6,223,935	1,956,273	6,223,935	8,180,208	2,262,205	1999	5 - 40
2250 Arthur Avenue	Elk Grove, IL	—		1,403,196	2,386,396	51,263	1,403,196	2,437,659	3,840,855	110,507	2013	5 - 40
6600 Business Parkway	Elkridge, MD	—		3,680,220	14,671,910	395,304	3,680,220	15,067,214	18,747,434	564,896	2013	5 - 40
6675 Business Parkway	Elkridge, MD	—	*	2,421,854	9,730,192	271,090	2,421,854	10,001,282	12,423,136	383,902	2013	5 - 40
7351 Coca Cola Drive	Elkridge, MD	—		1,897,044	—	7,287,620	3,023,417	6,161,247	9,184,664	1,466,278	2006	5 - 40
21705-21707 Mississippi Street	Elwood, IL	—		10,594,259	30,329,802	892,439	10,594,259	31,222,242	41,816,501	2,850,990	2011	5 - 40
27143 S. Baseline Road	Elwood, IL	—		6,022,000	5,612,934	316,780	6,022,000	5,929,714	11,951,714	585,497	2011	5 - 40
1800 Donaldson Road	Erlanger, KY	—		—	13,211,604	616,661	—	13,828,265	13,828,265	1,076,746	2013	5 - 40
180 Sheree Boulevard	Exton, PA	—		2,647,861	11,334,403	2,771,018	2,649,426	14,103,856	16,753,282	3,581,319	2007	5 - 40
6880 Fairfield Drive	Fairfield, OH	—		412,136	3,029,177	74,745	412,136	3,103,922	3,516,058	129,645	2013	5 - 40
7000-7018 Fairfield Business	Fairfield, OH	—		367,925	2,205,817	79,892	367,925	2,285,709	2,653,634	105,435	2013	5 - 40
2000 Southpointe Drive	Forest Park, GA	—		756,221	9,115,626	499,723	756,221	9,615,349	10,371,570	426,230	2013	5 - 40
1400 NW 65th Place	Fort Lauderdale, FL	—	*	545,480	2,540,210	66,119	545,480	2,606,329	3,151,809	98,750	2013	5 - 40
6500 NW 12th Avenue	Fort Lauderdale, FL	—	*	—	3,064,734	275,929	—	3,340,663	3,340,663	149,571	2013	5 - 40
6501 NW 12th Avenue	Fort Lauderdale, FL	—		519,984	2,677,465	51,998	519,984	2,729,463	3,249,447	109,792	2013	5 - 40
6600 NW 12th Avenue	Fort Lauderdale, FL	—	*	—	2,988,181	184,139	—	3,172,320	3,172,320	144,246	2013	5 - 40
5400 Alliance Gateway Freeway	Fort Worth, TX	—		1,515,860	6,710,118	403,669	1,515,860	7,113,787	8,629,647	385,887	2013	5 - 40
101 Constitution Boulevard	Franklin, MA	—		532,339	4,206,412	362,342	532,339	4,568,754	5,101,093	289,771	2013	5 - 40
20 Liberty Way	Franklin, MA	—		618,521	4,570,341	366,408	618,521	4,936,749	5,555,270	257,465	2013	5 - 40
9601 Cosner Drive	Fredericksburg, VA	—		475,262	3,917,234	242,595	475,262	4,159,829	4,635,091	2,034,337	1995	5 - 40
200 W Cypress Creek Road	Ft. Lauderdale, FL	—		3,414,989	2,399,738	9,526,679	3,414,989	11,926,417	15,341,406	2,514,829	2003	5 - 40
5410 - 5430 Northwest 33rd Avenue	Ft. Lauderdale, FL	—		603,776	4,176,238	1,476,816	625,111	5,631,719	6,256,830	2,437,758	1985	5 - 40
12601 Industry Street	Garden Grove, CA	—		2,048,143	1,088,697	70,518	2,048,143	1,159,215	3,207,358	91,839	2013	5 - 40
12641 Industry Street	Garden Grove, CA	—		3,766,822	2,539,214	132,812	3,766,822	2,672,026	6,438,848	121,987	2013	5 - 40

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2014
				Initial Cost				Gross Amount Carried at End of Period
Project	Location	Encumbrances		Land	Building	Costs Capitalized Subsequent to Acquisition (1)		Land and Improvements	Building and Improvements	Total 12/31/2014	Accumulated Depreciation 12/31/2014	Date of Construction or Acquisition	Depreciable life (years)
OPERATING PROPERTIES
12681-12691 Pala Drive	Garden Grove, CA	—		5,221,102	3,225,596	(1,521	)	5,220,148	3,225,029	8,445,177	56,969	2014	5 - 40
850 S Jupiter Road	Garland, TX	—		799,707	6,122,065	402,188		799,707	6,524,253	7,323,960	263,880	2013	5 - 40
2510 W Main Street	Grand Prairie, TX	—	*	1,785,741	11,158,818	988,249		1,785,741	12,147,067	13,932,808	668,776	2013	5 - 40
4251 North Highway 121	Grapevine, TX	—	*	1,165,780	7,799,270	420,260		1,165,780	8,219,529	9,385,309	384,152	2013	5 - 40
116 Pleasant Ridge Road	Greenville, SC	—		1,547,811	—	14,181,664		3,712,683	12,016,792	15,729,475	1,982,229	2006	5 - 40
25 Brookfield Oaks Drive	Greenville, SC	—		288,823	3,441,512	28,405		288,823	3,469,917	3,758,740	126,648	2014	5 - 40
45 Brookfield Oaks Drive	Greenville, SC	—		818,114	—	4,468,582		825,529	4,461,167	5,286,696	847,825	2006	5 - 40
2011 Southtech Drive	Greenwood, IN	—		223,702	3,574,142	310,465		223,702	3,884,607	4,108,309	215,974	2013	5 - 40
2121 Southtech Drive	Greenwood, IN	—		272,823	3,606,920	411,808		272,823	4,018,729	4,291,552	269,601	2013	5 - 40
800 Commerce Parkway West Drive	Greenwood, IN	—		1,374,664	29,963,830	1,540,221		1,374,664	31,504,051	32,878,715	1,328,513	2013	5 - 40
110 Caliber Ridge Drive	Greer, SC	—		555,549	—	6,305,563		1,228,880	5,632,232	6,861,112	30,651		5 - 40
1487 South Highway 101	Greer, SC	—		464,237	—	5,829,595		1,301,738	4,992,094	6,293,832	745,613	2007	5 - 40
2727 London Grove Road	Groveport, OH	—		1,875,607	11,937,935	334,714		1,875,607	12,272,649	14,148,256	598,991	2013	5 - 40
11841 Newgate Boulevard	Hagerstown, MD	—		3,356,207	—	30,555,105		9,741,685	24,169,627	33,911,312	4,362,445	2008	5 - 40
1 Enterprise Parkway	Hampton, VA	—		974,675	5,579,869	1,727,218		974,675	7,307,087	8,281,762	3,390,357	1987	5 - 40
1317 Executive Boulevard	Hampton, VA	—		1,650,423	—	7,950,516		1,128,829	8,472,110	9,600,939	1,755,394	2006	5 - 40
21 Enterprise Parkway	Hampton, VA	—		263,668	8,167,118	1,128,297		265,719	9,293,364	9,559,083	3,548,369	1999	5 - 40
22 Enterprise Parkway	Hampton, VA	—		1,097,368	6,760,778	1,519,852		1,097,368	8,280,630	9,377,998	3,629,037	1990	5 - 40
5 Manhattan Square	Hampton, VA	—		207,368	—	1,540,748		212,694	1,535,422	1,748,116	543,511	1999	5 - 40
521 Butler Farm Road	Hampton, VA	—		750,769	2,911,149	266,469		710,486	3,217,901	3,928,387	957,344	2003	5 - 40
1560 Hunter Road	Hanover Park, IL	—	*	2,639,734	12,310,741	578,659		2,639,734	12,889,400	15,529,134	543,284	2013	5 - 40
1575 Hunter Road	Hanover Park, IL	—	*	3,293,284	17,235,926	836,967		3,293,284	18,072,893	21,366,177	767,470	2013	5 - 40
7361 Coca Cola Drive	Hanover, MD	—		2,245,187	—	9,391,010		3,822,710	7,813,487	11,636,197	1,201,335	2004	5 - 40
500 McCarthy Drive	Harrisburg, PA	—	*	5,194,872	19,991,436	4,541,093		5,687,013	24,040,388	29,727,401	7,143,282	2005	5 - 40
600 Industrial Drive	Harrisburg, PA	—		7,743,800	—	29,161,032		9,368,557	27,536,275	36,904,832	7,033,344	2005	5 - 40
7195 Grayson Road	Harrisburg, PA	—		464,534	6,066,272	189,405		464,534	6,255,677	6,720,211	246,920	2013	5 - 40
7253 Grayson Road	Harrisburg, PA	—		954,130	10,585,367	339,743		954,130	10,925,110	11,879,240	407,825	2013	5 - 40
12537 Cerise Avenue	Hawthorne, CA	—		2,203,194	5,758,809	94,181		2,203,194	5,852,990	8,056,184	214,142	2013	5 - 40
1010 Petersburg Road	Hebron, KY	—		305,471	5,434,505	306,564		305,471	5,741,069	6,046,540	248,502	2013	5 - 40

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2014
			Initial Cost				Gross Amount Carried at End of Period
Project	Location	Encumbrances	Land	Building	Costs Capitalized Subsequent to Acquisition (1)		Land and Improvements	Building and Improvements	Total 12/31/2014	Accumulated Depreciation 12/31/2014	Date of Construction or Acquisition	Depreciable life (years)
OPERATING PROPERTIES
785 Lindbergh Court	Hebron, KY	—	401,410	3,087,899	466,391		401,410	3,554,290	3,955,700	198,999	2013	5 - 40
805 Lindbergh Court	Hebron, KY	—	292,096	2,502,486	156,556		292,096	2,659,041	2,951,137	134,921	2013	5 - 40
825 Lindbergh Court	Hebron, KY	—	370,149	3,095,116	223,435		370,149	3,318,552	3,688,701	195,790	2013	5 - 40
845 Lindbergh Court	Hebron, KY	—	444,318	3,811,889	257,404		444,318	4,069,293	4,513,611	202,478	2013	5 - 40
1498 Eagle Hill Drive	High Point, NC	—	94,274	—	6,219,495		791,880	5,521,889	6,313,769	1,175,122	2005	5 - 40
4183 Eagle Hill Drive	High Point, NC	—	122,203	—	3,309,887		526,266	2,905,824	3,432,090	1,093,077	2001	5 - 40
4189 Eagle Hill Drive	High Point, NC	—	100,106	—	3,608,848		431,106	3,277,848	3,708,954	1,355,746	2001	5 - 40
4195 Eagle Hill Drive	High Point, NC	—	107,586	—	3,582,764		505,700	3,184,650	3,690,350	912,889	2004	5 - 40
4328, 4336 Federal Drive	High Point, NC	1,548,668	521,122	—	7,525,947		825,092	7,221,977	8,047,069	4,564,462	1995	5 - 40
4344 Federal Drive	High Point, NC	—	484,001	—	3,071,417		173,623	3,381,795	3,555,418	1,577,538	1996	5 - 40
4380 Federal Drive	High Point, NC	—	282,996	—	2,160,892		283,368	2,160,520	2,443,888	984,864	1997	5 - 40
4388 Federal Drive	High Point, NC	—	143,661	—	1,213,832		132,655	1,224,838	1,357,493	533,759	1997	5 - 40
4475 Premier Drive	High Point, NC	—	748,693	—	6,805,541		1,525,421	6,028,813	7,554,234	977,259	2006	5 - 40
4500 Green Point Drive	High Point, NC	—	230,622	—	2,758,237		231,692	2,757,167	2,988,859	1,300,726	1989	5 - 40
4501 Green Point Drive	High Point, NC	—	319,289	—	3,156,348		320,450	3,155,187	3,475,637	1,618,112	1989	5 - 40
4523 Green Point Drive	High Point, NC	—	234,564	—	3,338,836		235,698	3,337,702	3,573,400	1,964,835	1988	5 - 40
4524 Green Point Drive	High Point, NC	—	182,810	—	2,700,754		183,888	2,699,676	2,883,564	1,547,668	1989	5 - 40
Unit 5 Logix Road	Hinckley, UK	—	10,547,677	29,691,911	(2,376,899	)	9,924,640	27,938,049	37,862,689	1,028,220	2013	5 - 40
1515 6th Street South	Hopkins,MN	—	813,036	1,503,075	364,382		813,036	1,867,457	2,680,493	148,094	2013	5 - 40
1600 5th Street South	Hopkins,MN	—	339,336	2,106,454	80,794		339,336	2,187,249	2,526,585	89,465	2013	5 - 40
100 Gibraltar Road	Horsham, PA	—	38,729	349,811	59,073		38,729	408,884	447,613	170,127	1975	5 - 40
100 Witmer Road	Horsham, PA	—	3,102,784	—	20,391,485		3,764,784	19,729,485	23,494,269	7,044,882	1996	5 - 40
100-107 Lakeside Drive	Horsham, PA	—	239,528	2,163,498	617,512		255,528	2,765,010	3,020,538	1,164,464	1982	5 - 40
101 Gibraltar Road	Horsham, PA	—	651,990	5,888,989	2,076,842		732,552	7,885,269	8,617,821	3,577,353	1977	5 - 40
101-111 Rock Road	Horsham, PA	—	350,561	3,166,389	1,200,013		452,251	4,264,712	4,716,963	2,015,331	1975	5 - 40
102 Rock Road	Horsham, PA	—	1,110,209	2,301,302	1,203,842		1,185,635	3,429,717	4,615,352	1,226,377	1985	5 - 40
103-109 Gibraltar Road	Horsham, PA	—	270,906	2,448,500	459,093		270,906	2,907,592	3,178,498	1,259,056	1978	5 - 40
104 Witmer Road	Horsham, PA	—	1,248,148	—	593,447		189,793	1,651,802	1,841,595	686,901	1975	5 - 40
110 Gibraltar Road	Horsham, PA	—	673,041	5,776,369	1,953,408		673,041	7,729,777	8,402,818	3,295,384	1979	5 - 40

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2014
			Initial Cost			Gross Amount Carried at End of Period
Project	Location	Encumbrances	Land	Building	Costs Capitalized Subsequent to Acquisition (1)	Land and Improvements	Building and Improvements	Total 12/31/2014	Accumulated Depreciation 12/31/2014	Date of Construction or Acquisition	Depreciable life (years)
OPERATING PROPERTIES
111-159 Gibraltar Road	Horsham, PA	—	489,032	4,126,151	1,275,890	489,032	5,402,041	5,891,073	2,540,177	1981	5 - 40
113-123 Rock Road	Horsham, PA	—	351,072	3,171,001	471,717	451,731	3,542,059	3,993,790	1,488,391	1975	5 - 40
120 Gibraltar Road	Horsham, PA	—	533,142	4,830,515	1,896,617	558,142	6,702,132	7,260,274	2,840,804	1980	5 - 40
123-135 Rock Road	Horsham, PA	—	292,360	2,411,677	2,125,649	393,019	4,436,667	4,829,686	1,971,553	1975	5 - 40
132 Welsh Road	Horsham, PA	—	1,333,642	—	3,856,072	1,408,041	3,781,673	5,189,714	1,658,898	1998	5 - 40
161-175 Gibraltar Road	Horsham, PA	—	294,673	2,663,722	957,148	294,673	3,620,870	3,915,543	1,661,733	1976	5 - 40
181-187 Gibraltar Road	Horsham, PA	—	360,549	3,259,984	787,154	360,549	4,047,138	4,407,687	1,951,593	1982	5 - 40
2 Walnut Grove Drive	Horsham, PA	—	1,281,870	7,767,374	1,630,465	1,265,363	9,414,346	10,679,709	4,306,233	1989	5 - 40
200 Gibraltar Road	Horsham, PA	—	638,513	5,811,323	2,190,173	638,513	8,001,496	8,640,009	3,588,279	1990	5 - 40
200-264 Lakeside Drive	Horsham, PA	—	502,705	4,540,597	2,297,906	502,705	6,838,503	7,341,208	2,983,479	1982	5 - 40
201 Gibraltar Road	Horsham, PA	—	380,127	3,433,433	2,324,673	380,802	5,757,431	6,138,233	2,469,255	1983	5 - 40
210-223 Witmer Road	Horsham, PA	—	270,282	2,441,276	2,098,514	270,282	4,539,790	4,810,072	1,888,542	1972	5 - 40
220 Gibraltar Road	Horsham, PA	—	629,944	5,733,228	2,917,249	629,944	8,650,477	9,280,421	3,058,488	1990	5 - 40
231-237 Gibraltar Road	Horsham, PA	—	436,952	3,948,963	1,323,981	436,952	5,272,944	5,709,896	2,317,867	1981	5 - 40
240 Gibraltar Road	Horsham, PA	—	629,944	5,733,234	1,999,990	629,944	7,733,224	8,363,168	3,841,222	1990	5 - 40
261-283 Gibraltar Road	Horsham, PA	—	464,871	3,951,972	1,830,425	464,871	5,782,397	6,247,268	2,644,978	1978	5 - 40
300 Welsh Road	Horsham, PA	—	696,061	3,339,991	640,370	696,061	3,980,360	4,676,421	1,823,181	1985	5 - 40
300 Welsh Road - Building 3	Horsham, PA	—	180,459	1,441,473	633,163	180,459	2,074,635	2,255,094	920,446	1983	5 - 40
300 Welsh Road - Building 4	Horsham, PA	—	282,493	2,256,508	1,769,703	282,493	4,026,211	4,308,704	1,907,245	1983	5 - 40
300-309 Lakeside Drive	Horsham, PA	—	369,475	3,338,761	1,834,004	376,475	5,165,765	5,542,240	2,736,644	1982	5 - 40
4 Walnut Grove	Horsham, PA	—	2,515,115	—	10,809,109	2,515,115	10,809,109	13,324,224	5,046,256	1999	5 - 40
400-445 Lakeside Drive	Horsham, PA	—	543,628	4,910,226	1,849,211	583,628	6,719,437	7,303,065	2,791,088	1981	5 - 40
455 Business Center Drive	Horsham, PA	—	1,351,011	2,503,449	1,982,282	1,322,317	4,514,425	5,836,742	1,405,567	2003	5 - 40
5 Walnut Grove Drive	Horsham, PA	—	1,065,951	—	10,357,952	1,939,712	9,484,191	11,423,903	3,689,060	2000	5 - 40
506 Prudential Road	Horsham, PA	—	208,140	895,470	894,621	208,140	1,790,091	1,998,231	878,782	1973	5 - 40
507 Prudential Road	Horsham, PA	—	644,900	5,804,100	8,408,030	1,131,380	13,725,650	14,857,030	6,683,111	1988	5 - 40
555 Business Center Drive	Horsham, PA	—	727,420	1,353,650	1,483,904	709,967	2,855,008	3,564,975	562,069	2003	5 - 40
680 Blair Mill Road	Horsham, PA	—	3,527,151	—	17,513,692	4,138,577	16,902,266	21,040,843	6,001,289	2001	5 - 40
7 Walnut Grove Drive	Horsham, PA	—	2,631,696	—	18,432,489	2,631,956	18,432,229	21,064,185	3,441,129	2006	5 - 40

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2014
				Initial Cost			Gross Amount Carried at End of Period
Project	Location	Encumbrances		Land	Building	Costs Capitalized Subsequent to Acquisition (1)	Land and Improvements	Building and Improvements	Total 12/31/2014	Accumulated Depreciation 12/31/2014	Date of Construction or Acquisition	Depreciable life (years)
OPERATING PROPERTIES
700 Dresher Road	Horsham, PA	—		2,551,777	3,020,638	3,596,408	2,565,140	6,603,683	9,168,823	2,485,966	1987	5 - 40
747 Dresher Road	Horsham, PA	—		1,607,238	—	5,032,964	1,607,977	5,032,225	6,640,202	3,120,360	1988	5 - 40
767 Electronic Drive	Horsham, PA	—		1,229,685	—	2,436,397	1,241,970	2,424,112	3,666,082	1,433,977	1996	5 - 40
1000 South Loop West	Houston, TX	—	*	509,351	3,549,504	395,718	509,351	3,945,222	4,454,573	203,455	2013	5 - 40
10241 W Little York Road	Houston, TX	—		558,491	5,740,552	129,761	558,491	5,870,313	6,428,804	218,761	2013	5 - 40
10245 W Little York Road	Houston, TX	—		426,927	3,460,513	234,333	426,927	3,694,846	4,121,773	174,611	2013	5 - 40
10301 Round Up Lane	Houston, TX	—		545,501	2,927,700	1,014,387	545,501	3,942,086	4,487,587	306,335	2010	5 - 40
10305 Round Up Lane	Houston, TX	—		1,340,609	7,489,720	3,358,808	1,340,609	10,848,527	12,189,136	1,387,761	2010	5 - 40
10607 Haddington Drive	Houston, TX	—	*	201,469	1,631,561	175,697	201,469	1,807,259	2,008,728	78,814	2013	5 - 40
10735 West Little York Road	Houston, TX	—	*	1,110,988	6,351,946	3,271,063	1,135,483	9,598,514	10,733,997	2,691,079	2000	5 - 40
10739 West Little York Road	Houston, TX	—	*	797,931	5,950,894	401,107	799,560	6,350,372	7,149,932	2,003,943	1999	5 - 40
11201 Greens Crossing Boulevard	Houston, TX	—	*	1,006,194	5,412,584	2,777,537	1,008,542	8,187,773	9,196,315	2,018,474	2007	5 - 40
1283 N Post Oak Road	Houston, TX	—	*	80,730	870,656	145,476	80,730	1,016,132	1,096,862	48,433	2013	5 - 40
1287 N Post Oak Road	Houston, TX	—	*	146,654	1,620,780	59,710	146,654	1,680,489	1,827,143	90,144	2013	5 - 40
1291 N Post Oak Road	Houston, TX	—	*	510,102	4,129,042	441,345	510,102	4,570,387	5,080,489	203,222	2013	5 - 40
1416 N Sam Houston Parkway East	Houston, TX	—	*	218,850	1,639,902	329,902	218,850	1,969,803	2,188,653	82,673	2013	5 - 40
1420 N Sam Houston Parkway East	Houston, TX	—	*	211,279	1,554,156	111,783	211,279	1,665,939	1,877,218	78,870	2013	5 - 40
14200 Hollister Road	Houston, TX	—		1,396,794	—	4,855,857	1,699,632	4,553,019	6,252,651	303,736	2011	5 - 40
1424 N Sam Houston Parkway East	Houston, TX	—	*	283,107	2,077,323	284,788	283,107	2,362,111	2,645,218	110,954	2013	5 - 40
1428 N Sam Houston Parkway East	Houston, TX	—	*	367,446	1,952,453	133,350	367,446	2,085,802	2,453,248	101,311	2013	5 - 40
14300 Hollister Road	Houston, TX	—	*	1,377,193	—	5,497,809	1,405,899	5,469,103	6,875,002	159,872	2014	5 - 40
14400 Hollister Road	Houston, TX	—	*	1,830,419	—	7,063,858	1,861,540	7,032,737	8,894,277	442,923	2012	5 - 40
15102 Sommermeyer Street	Houston, TX	—		755,121	3,155,774	247,397	755,121	3,403,171	4,158,292	170,031	2013	5 - 40
15150 Sommermeyer Street	Houston, TX	—		418,580	1,564,587	295,011	418,580	1,859,598	2,278,178	88,933	2013	5 - 40
16330 Central Green Boulevard	Houston, TX	—	*	1,540,109	—	8,524,625	1,966,472	8,098,262	10,064,734	204,640	2014	5 - 40
16405 Air Center Boulevard	Houston, TX	—		438,853	3,030,396	506,207	438,853	3,536,603	3,975,456	1,604,732	1997	5 - 40
16420 West Hardy Road	Houston, TX	—		529,876	3,267,872	149,476	529,876	3,417,348	3,947,224	133,420	2013	5 - 40
16445 Air Center Boulevard	Houston, TX	—	*	363,339	2,509,186	266,552	363,339	2,775,738	3,139,077	1,200,463	1997	5 - 40
1646 Rankin Road	Houston, TX	—	*	329,961	—	4,944,959	592,234	4,682,686	5,274,920	1,002,826	2005	5 - 40

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2014
				Initial Cost				Gross Amount Carried at End of Period
Project	Location	Encumbrances		Land	Building	Costs Capitalized Subsequent to Acquisition (1)		Land and Improvements	Building and Improvements	Total 12/31/2014	Accumulated Depreciation 12/31/2014	Date of Construction or Acquisition	Depreciable life (years)
OPERATING PROPERTIES
1655 Townhurst Drive	Houston, TX	—	*	197,226	935,036	474,198		197,226	1,409,234	1,606,460	57,052	2013	5 - 40
16580 Air Center Boulevard	Houston, TX	—	*	289,000	3,559,857	1,281,260		289,000	4,841,118	5,130,118	1,631,421	1997	5 - 40
16602 Central Green Boulevard	Houston, TX	—	*	284,403	—	4,953,014		503,779	4,733,638	5,237,417	1,075,204	2005	5 - 40
16605 Air Center Boulevard	Houston, TX	—	*	298,999	—	3,417,513		496,186	3,220,326	3,716,512	1,014,594	2002	5 - 40
1665 Townhurst Drive	Houston, TX	—	*	452,439	2,016,585	57,074		452,439	2,073,658	2,526,097	81,921	2013	5 - 40
16680 Central Green Boulevard	Houston, TX	—	*	311,952	—	4,165,907		492,869	3,984,990	4,477,859	1,028,469	2001	5 - 40
16685 Air Center Boulevard	Houston, TX	—	*	414,691	—	2,459,484		414,691	2,459,484	2,874,175	643,446	2004	5 - 40
1755 Trans Central Drive	Houston, TX	—	*	293,534	3,036,269	724,255		306,147	3,747,911	4,054,058	1,217,765	1999	5 - 40
4301 S Pinemont Drive	Houston, TX	—	*	226,973	1,174,979	77,965		226,973	1,252,944	1,479,917	64,788	2013	5 - 40
4401 S Pinemont Drive	Houston, TX	—	*	244,240	1,412,622	75,463		244,240	1,488,085	1,732,325	120,514	2013	5 - 40
4501 S Pinemont Drive	Houston, TX	—	*	252,907	1,504,053	55,906		252,907	1,559,959	1,812,866	125,078	2013	5 - 40
5200 N. Sam Houston Parkway	Houston, TX	—	*	1,519,458	7,135,548	3,649,598		1,520,074	10,784,530	12,304,604	2,575,531	2007	5 - 40
5250 N. Sam Houston Parkway	Houston, TX	—	*	2,173,287	8,868,256	2,740,727		2,173,942	11,608,328	13,782,270	2,362,379	2007	5 - 40
5500 N. Sam Houston Parkway West	Houston, TX	—		1,243,541	—	6,452,951		1,513,152	6,183,340	7,696,492	570,606	2011	5 - 40
8017 Pinemont Drive	Houston, TX	—		900,953	5,323,727	91,219		900,953	5,414,946	6,315,899	203,059	2013	5 - 40
8272 El Rio Street	Houston, TX	—	*	530,494	4,108,626	255,506		530,494	4,364,132	4,894,626	191,504	2013	5 - 40
8282 El Rio Street	Houston, TX	—	*	450,422	3,304,942	637,280		450,422	3,942,222	4,392,644	162,469	2013	5 - 40
8301 Fallbrook Drive	Houston, TX	—	*	4,515,862	—	26,894,221		7,083,514	24,326,569	31,410,083	4,209,471	2006	5 - 40
850 Greens Parkway	Houston, TX	—	*	2,893,405	11,593,197	2,849,036		2,899,861	14,435,776	17,335,637	2,562,574	2007	5 - 40
860 Greens Parkway	Houston, TX	—	*	1,399,365	6,344,650	1,579,558		1,374,012	7,949,561	9,323,573	1,490,162	2007	5 - 40
8801-19 & 8821-49 Fallbrook Drive	Houston, TX	—	*	2,290,001	15,297,141	2,023,870		2,290,002	17,321,010	19,611,012	5,164,247	2000	5 - 40
8802-8824 Fallbrook Drive	Houston, TX	—	*	2,774,995	6,364,767	1,362,915		2,775,021	7,727,655	10,502,676	2,342,008	2004	5 - 40
8825-8839 N Sam Houston Parkway	Houston, TX	—	*	638,453	3,258,815	694,831		638,477	3,953,621	4,592,098	962,028	2004	5 - 40
8850-8872 Fallbrook Drive	Houston, TX	—	*	504,317	2,878,351	1,054,230		504,341	3,932,557	4,436,898	1,467,037	2004	5 - 40
Liberty 11 at Central Green	Houston, TX	—		1,748,348	—	9,388,335		2,120,319	9,016,364	11,136,683	493,289	2012	5 - 40
Cabot III UK1B01	Isle of Man, UK	—		11,888,058	35,003,668	(2,769,630	)	11,185,846	32,936,250	44,122,096	1,170,109	2013	5 - 40
1011 N Hilltop Drive	Itasca, IL	—		842,043	984,087	85,979		842,043	1,070,066	1,912,109	41,246	2013	5 - 40
1035 N Hilltop Drive	Itasca, IL	—		875,172	2,071,051	52,042		875,172	2,123,094	2,998,266	90,707	2013	5 - 40
1549 W Glenlake Avenue	Itasca, IL	—	*	1,339,627	3,763,288	184,424		1,339,627	3,947,711	5,287,338	157,326	2013	5 - 40

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2014
				Initial Cost				Gross Amount Carried at End of Period
Project	Location	Encumbrances		Land	Building	Costs Capitalized Subsequent to Acquisition (1)		Land and Improvements	Building and Improvements	Total 12/31/2014	Accumulated Depreciation 12/31/2014	Date of Construction or Acquisition	Depreciable life (years)
OPERATING PROPERTIES
901 N Hilltop Drive	Itasca, IL	—		866,378	2,112,616	46,745		866,378	2,159,361	3,025,739	82,105	2013	5 - 40
925 N Hilltop Drive	Itasca, IL	—		945,251	2,010,181	46,316		945,251	2,056,497	3,001,748	76,319	2013	5 - 40
8241 Sandy Court	Jessup, MD	—		1,246,618	6,844,393	424,643		1,246,618	7,269,035	8,515,653	283,274	2013	5 - 40
8242 Sandy Court	Jessup, MD	—		1,488,746	9,072,440	1,118,340		1,488,746	10,190,780	11,679,526	385,761	2013	5 - 40
8246 Sandy Court	Jessup, MD	—		590,922	3,374,522	93,541		590,922	3,468,063	4,058,985	140,981	2013	5 - 40
1305 Chastain Road NW	Kennesaw, GA	—	*	808,159	5,712,959	613,490		808,159	6,326,449	7,134,608	319,389	2013	5 - 40
1325 Chastain Road NW	Kennesaw, GA	—	*	1,612,924	9,771,680	1,387,503		1,612,924	11,159,183	12,772,107	620,142	2013	5 - 40
3600 Cobb International Boulevard NW	Kennesaw, GA	—		716,860	6,962,212	433,426		716,860	7,395,639	8,112,499	362,293	2013	5 - 40
Unit 1 Bear Way	Kettering, UK	—		10,849,890	36,219,855	(2,780,348	)	10,209,001	34,080,396	44,289,397	1,221,467	2013	5 - 40
151 South Warner Road	King of Prussia, PA	—		1,218,086	6,937,866	6,834,149		1,187,900	13,802,201	14,990,101	2,179,231	1980	5 - 40
170 South Warner Road	King of Prussia, PA	—		547,800	3,137,400	5,612,558		458,232	8,839,526	9,297,758	3,172,026	1980	5 - 40
180 South Warner Drive	King of Prussia, PA	—		995,393	—	8,781,614		—	9,777,007	9,777,007	1,128,905	2009	5 - 40
190 South Warner Road	King of Prussia, PA	—		552,200	3,162,600	1,545,816		461,909	4,798,707	5,260,616	2,231,829	1980	5 - 40
2100 Renaissance Boulevard	King of Prussia, PA	—		1,110,111	—	12,322,939		1,132,519	12,300,531	13,433,050	4,289,689	1999	5 - 40
2201 Renaissance Boulevard	King of Prussia, PA	—		2,370,895	—	15,284,223		2,413,514	15,241,604	17,655,118	6,061,755	2000	5 - 40
2300 Renaissance Boulevard	King of Prussia, PA	—		509,580	—	3,057,624		574,152	2,993,052	3,567,204	1,541,908	1999	5 - 40
2301 Renaissance Boulevard	King of Prussia, PA	—		1,645,246	—	30,080,438		4,581,649	27,144,035	31,725,684	10,753,365	2002	5 - 40
2500 Renaissance Boulevard	King of Prussia, PA	—		509,580	—	2,663,076		592,886	2,579,770	3,172,656	1,236,260	1999	5 - 40
2520 Renaissance Boulevard	King of Prussia, PA	—		1,020,000	—	3,649,705		978,402	3,691,303	4,669,705	1,406,070	1999	5 - 40
2560 Renaissance Boulevard	King of Prussia, PA	—		607,210	—	3,122,044		649,792	3,079,462	3,729,254	1,433,510	2000	5 - 40
2700 Horizon Drive	King of Prussia, PA	—		764,370	—	3,646,466		867,815	3,543,021	4,410,836	1,670,057	1998	5 - 40
2900 Horizon Drive	King of Prussia, PA	—		679,440	—	3,503,074		774,096	3,408,418	4,182,514	1,597,991	1998	5 - 40
3000 Horizon Drive	King of Prussia, PA	—		1,191,449	—	2,476,299		946,703	2,721,045	3,667,748	1,111,514	1997	5 - 40
3100 Horizon Drive	King of Prussia, PA	—		601,956	—	2,192,852		611,436	2,183,372	2,794,808	1,008,387	1995	5 - 40
3200 Horizon Drive	King of Prussia, PA	—		928,637	—	6,882,269		1,210,137	6,600,769	7,810,906	2,562,017	1996	5 - 40
3400 Horizon Drive	King of Prussia, PA	—		776,496	3,139,068	1,537,958		776,496	4,677,025	5,453,521	1,945,285	1995	5 - 40
3500 Horizon Drive	King of Prussia, PA	—		1,204,839	—	2,830,072		1,223,875	2,811,036	4,034,911	1,276,539	1996	5 - 40
3600 Horizon Drive	King of Prussia, PA	—		236,432	1,856,252	820,449		236,432	2,676,701	2,913,133	1,127,390	1989	5 - 40
3602 Horizon Drive	King of Prussia, PA	—		217,734	1,759,489	406,692		217,809	2,166,106	2,383,915	990,639	1989	5 - 40

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2014
				Initial Cost			Gross Amount Carried at End of Period
Project	Location	Encumbrances		Land	Building	Costs Capitalized Subsequent to Acquisition (1)	Land and Improvements	Building and Improvements	Total 12/31/2014	Accumulated Depreciation 12/31/2014	Date of Construction or Acquisition	Depreciable life (years)
OPERATING PROPERTIES
3604 Horizon Drive	King of Prussia, PA	—		397,178	—	1,836,269	350,874	1,882,573	2,233,447	894,044	1998	5 - 40
440 East Swedesford Road	King of Prussia, PA	—		717,001	4,816,121	2,824,138	717,001	7,640,259	8,357,260	3,859,492	1988	5 - 40
460 East Swedesford Road	King of Prussia, PA	—		705,317	4,737,487	4,227,341	705,317	8,964,828	9,670,145	3,739,395	1988	5 - 40
650 Swedesford Road	King of Prussia, PA	—		952,911	6,722,830	8,145,922	952,911	14,868,752	15,821,663	7,073,206	1971	5 - 40
680 Swedesford Road	King of Prussia, PA	—		952,361	6,722,830	7,217,277	952,361	13,940,107	14,892,468	6,688,897	1971	5 - 40
1700 Interstate Drive	Lakeland, FL	—		650,000	5,444,220	—	650,000	5,444,220	6,094,220	321,337	2012	5 - 40
5801 Columbia Park Road	Landover,MD	—		1,187,620	4,598,346	182,789	1,187,620	4,781,135	5,968,755	207,464	2013	5 - 40
11425 State Highway 225	LaPorte, TX	—	*	975,974	3,409,036	51,385	977,542	3,458,852	4,436,394	799,109	2006	5 - 40
11503 State Highway 225	LaPorte, TX	—	*	2,561,931	9,695,493	237,274	2,566,047	9,928,651	12,494,698	2,191,065	2006	5 - 40
640 S State Road 39	Lebanon,IN	—		1,612,787	18,065,552	1,213,251	1,612,787	19,278,803	20,891,590	872,383	2013	5 - 40
7528 Walker Way	Lehigh, PA	—		893,441	—	5,510,457	779,330	5,624,568	6,403,898	1,808,110	2004	5 - 40
8301 Industrial Boulevard	Lehigh, PA	—		11,249,550	—	45,456,591	11,254,716	45,451,425	56,706,141	10,329,485	2005	5 - 40
8500 Willard Drive	Lehigh, PA	2,008,569		6,398,815	—	21,928,341	7,734,826	20,592,330	28,327,156	3,602,697	2004	5 - 40
875 Maxham Road	Lithia Springs, GA	—		445,493	10,160,616	558,420	445,493	10,719,036	11,164,529	451,773	2013	5 - 40
7533 Industrial Parkway	Lower Macungie, PA	—		5,603,460	18,807,987	2,434,039	5,603,460	21,242,026	26,845,486	2,675,692	2011	5 - 40
1 Country View Road	Malvern, PA	—		400,000	3,600,000	8,322,449	406,421	11,916,028	12,322,449	3,920,320	1982	5 - 40
1 Great Valley Parkway	Malvern, PA	—		419,460	3,792,570	1,457,280	419,460	5,249,850	5,669,310	2,184,617	1982	5 - 40
10 Great Valley Parkway	Malvern, PA	—		823,540	1,341,376	459,973	832,244	1,792,645	2,624,889	661,691	2003	5 - 40
10 Valley Stream Parkway	Malvern, PA	—		509,075	—	2,699,241	509,899	2,698,417	3,208,316	1,859,067	1984	5 - 40
10, 20 Liberty Boulevard	Malvern, PA	—		724,058	—	5,944,127	724,846	5,943,339	6,668,185	3,677,124	1985	5 - 40
100 Chesterfield Parkway	Malvern, PA	—		1,320,625	—	7,509,345	1,977,935	6,852,035	8,829,970	3,504,664	1998	5 - 40
1001 Cedar Hollow Road	Malvern, PA	—		1,436,814	—	16,319,176	1,676,470	16,079,520	17,755,990	8,046,092	1998	5 - 40
11 Great Valley Parkway	Malvern, PA	—		496,297	—	2,962,685	708,331	2,750,651	3,458,982	956,089	2001	5 - 40
11,15 Great Valley Parkway	Malvern, PA	—		1,837,050	—	14,960,110	1,837,878	14,959,282	16,797,160	11,823,804	1986	5 - 40
12,14,16 Great Valley Parkway	Malvern, PA	—		130,689	—	1,326,294	128,767	1,328,216	1,456,983	943,797	1982	5 - 40
14 Lee Boulevard	Malvern, PA	—		664,282	—	5,829,707	643,892	5,850,097	6,493,989	3,799,033	1988	5 - 40
155 Great Valley Parkway	Malvern, PA	—		625,147	—	2,640,082	626,068	2,639,161	3,265,229	2,021,418	1981	5 - 40
18 Great Valley Parkway	Malvern, PA	—		394,036	3,976,221	68,969	397,293	4,041,933	4,439,226	1,604,030	1980	5 - 40
2 West Liberty Boulevard	Malvern, PA	—		5,405,041	—	11,905,100	5,405,042	11,905,099	17,310,141	3,553,154	2003	5 - 40

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2014
			Initial Cost			Gross Amount Carried at End of Period
Project	Location	Encumbrances	Land	Building	Costs Capitalized Subsequent to Acquisition (1)	Land and Improvements	Building and Improvements	Total 12/31/2014	Accumulated Depreciation 12/31/2014	Date of Construction or Acquisition	Depreciable life (years)
OPERATING PROPERTIES
20 Valley Stream Parkway	Malvern, PA	—	465,539	—	6,376,881	466,413	6,376,007	6,842,420	3,639,774	1987	5 - 40
200 Chesterfield Parkway	Malvern, PA	—	495,893	2,739,093	692,113	812,745	3,114,354	3,927,099	2,480,908	1989	5 - 40
257-275 Great Valley Parkway	Malvern, PA	—	504,611	—	5,074,448	505,458	5,073,601	5,579,059	3,594,060	1983	5 - 40
27-43 Great Valley Parkway	Malvern, PA	—	448,775	—	2,409,325	449,447	2,408,653	2,858,100	1,890,813	1977	5 - 40
277-293 Great Valley Parkway	Malvern, PA	—	530,729	—	2,341,016	531,534	2,340,211	2,871,745	1,602,008	1984	5 - 40
3 Country View Road	Malvern, PA	—	814,278	—	5,142,433	1,128,881	4,827,830	5,956,711	2,009,687	1998	5 - 40
30 Great Valley Parkway	Malvern, PA	—	128,126	—	578,846	128,783	578,189	706,972	404,423	1975	5 - 40
300 Technology Drive	Malvern, PA	—	368,626	—	1,483,233	374,497	1,477,362	1,851,859	919,452	1985	5 - 40
300-400 Chesterfield Parkway	Malvern, PA	—	937,212	—	6,299,779	1,402,795	5,834,196	7,236,991	2,943,609	1988	5 - 40
311 Technology Drive	Malvern, PA	—	397,131	—	2,710,506	397,948	2,709,689	3,107,637	1,874,760	1984	5 - 40
333 Phoenixville Pike	Malvern, PA	—	523,530	—	3,708,843	524,230	3,708,143	4,232,373	2,402,798	1985	5 - 40
375 Technology Drive	Malvern, PA	—	191,114	—	1,625,516	234,922	1,581,708	1,816,630	682,324	1998	5 - 40
40 Liberty Boulevard	Malvern, PA	—	4,241,137	17,737,090	2,964,825	4,241,167	20,701,884	24,943,051	8,848,962	1989	5 - 40
40 Valley Stream Parkway	Malvern, PA	—	322,918	—	3,325,030	325,775	3,322,173	3,647,948	1,596,173	1987	5 - 40
420 Lapp Road	Malvern, PA	—	1,054,418	—	8,897,631	1,055,243	8,896,806	9,952,049	4,686,877	1989	5 - 40
425 Old Morehall Road	Malvern, PA	—	3,847,501	—	44,772,891	9,953,208	38,667,184	48,620,392	335,169	2014	5 - 40
425 Technology Drive	Malvern, PA	—	191,114	—	1,708,623	321,473	1,578,264	1,899,737	716,843	1998	5 - 40
45 Liberty Boulevard	Malvern, PA	—	4,380,221	—	15,322,821	4,749,748	14,953,294	19,703,042	7,549,963	1999	5 - 40
45-67 Great Valley Parkway	Malvern, PA	—	795,143	—	4,811,065	795,831	4,810,377	5,606,208	3,085,878	1974	5 - 40
5 Country View Road	Malvern, PA	—	785,168	4,678,632	220,136	786,235	4,897,701	5,683,936	4,663,371	1985	5 - 40
5 Great Valley Parkway	Malvern, PA	—	684,200	6,181,661	2,261,679	684,200	8,443,340	9,127,540	3,617,433	1983	5 - 40
50 Morehall Road	Malvern, PA	—	849,576	—	14,095,935	1,337,076	13,608,435	14,945,511	6,831,325	1997	5 - 40
50 Valley Stream Parkway	Malvern, PA	—	323,971	—	3,100,515	323,792	3,100,694	3,424,486	1,605,810	1987	5 - 40
500 Chesterfield Parkway	Malvern, PA	—	472,364	—	3,162,401	762,370	2,872,395	3,634,765	1,748,571	1988	5 - 40
508 Lapp Road	Malvern, PA	—	331,392	—	1,661,431	332,216	1,660,607	1,992,823	1,174,148	1984	5 - 40
510 Lapp Road	Malvern, PA	—	356,950	—	926,587	357,751	925,786	1,283,537	745,524	1983	5 - 40
55 Valley Stream Parkway	Malvern, PA	—	215,005	—	4,674,159	215,818	4,673,346	4,889,164	3,077,100	1983	5 - 40
60 Morehall Road	Malvern, PA	—	865,424	9,285,000	5,182,805	884,974	14,448,255	15,333,229	9,348,321	1989	5 - 40
600 Chesterfield Parkway	Malvern, PA	—	2,013,750	—	9,218,329	2,798,565	8,433,514	11,232,079	4,134,849	1999	5 - 40

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2014
				Initial Cost			Gross Amount Carried at End of Period
Project	Location	Encumbrances		Land	Building	Costs Capitalized Subsequent to Acquisition (1)	Land and Improvements	Building and Improvements	Total 12/31/2014	Accumulated Depreciation 12/31/2014	Date of Construction or Acquisition	Depreciable life (years)
OPERATING PROPERTIES
65 Valley Stream Parkway	Malvern, PA	—		381,544	—	7,371,688	382,361	7,370,871	7,753,232	5,287,217	1983	5 - 40
7 Great Valley Parkway	Malvern, PA	—		176,435	—	6,966,060	177,317	6,965,178	7,142,495	3,382,814	1985	5 - 40
700 Chesterfield Parkway	Malvern, PA	—		2,013,750	—	8,957,984	2,785,823	8,185,911	10,971,734	4,093,141	1999	5 - 40
75 Great Valley Parkway	Malvern, PA	—		143,074	—	618,372	143,811	617,635	761,446	517,897	1977	5 - 40
77-123 Great Valley Parkway	Malvern, PA	—		887,664	—	5,415,601	888,359	5,414,906	6,303,265	3,973,746	1978	5 - 40
1169 Canton Rd	Marietta, GA	—	*	1,232,219	17,897,326	435,643	1,232,219	18,332,969	19,565,188	698,307	2013	5 - 40
65 Brookfield Oaks Drive	Mauldin, SC	—		557,174	—	2,854,015	506,318	2,904,871	3,411,189	709,233	2004	5 - 40
75 Brookfield Oaks Drive	Mauldin, SC	—		419,731	—	2,341,542	430,909	2,330,364	2,761,273	634,095	2003	5 - 40
126-132 Liberty Industrial Parkway	McDonough, GA	—		600,666	4,184,131	543,200	600,666	4,727,330	5,327,996	319,917	2013	5 - 40
95-115 Liberty Industrial Parkway	McDonough, GA	—		660,420	4,785,127	547,148	660,420	5,332,275	5,992,695	311,978	2013	5 - 40
11401 NW 134th Street	Medley, FL	—	*	5,558,619	17,678,237	896,842	5,558,619	18,575,079	24,133,698	797,567	2013	5 - 40
3824-3960 Crowfarn Drive	Memphis, TN	—		291,223	1,044,953	74,204	291,223	1,119,156	1,410,379	83,033	2013	5 - 40
12501 & 12701 Whitewater Drive	Minnetonka, MN	—		2,175,209	3,948,085	8,735,905	2,177,953	12,681,246	14,859,199	3,995,333	1986	5 - 40
12800 Whitewater Drive	Minnetonka, MN	—		1,273,600	3,158,737	2,090,734	1,273,731	5,249,339	6,523,070	408,984	2011	5 - 40
12900 Whitewater Drive	Minnetonka, MN	—		1,236,560	2,762,325	1,468,108	1,236,687	4,230,306	5,466,993	337,484	2011	5 - 40
5400-5500 Feltl Road	Minnetonka, MN	—		883,895	7,983,345	3,579,074	883,895	11,562,419	12,446,314	4,883,003	1985	5 - 40
6000 Clearwater Drive	Minnetonka, MN	—		985,016	2,091,371	2,503,007	985,117	4,594,277	5,579,394	439,175	2011	5 - 40
456 International Parkway	Minooka, IL	—		3,862,683	14,357,981	4,801,914	3,862,683	19,159,895	23,022,578	792,052	2012	5 - 40
3100 SW 145th Avenue	Miramar, FL	—		6,204,407	—	16,723,386	6,265,000	16,662,793	22,927,793	2,643,402	2007	5 - 40
3350 SW 148th Avenue	Miramar, FL	—		2,960,511	—	17,616,594	2,980,689	17,596,416	20,577,105	6,988,133	2000	5 - 40
3400 Lakeside Drive	Miramar, FL	—		2,022,153	11,345,881	2,116,685	2,022,153	13,462,566	15,484,719	5,734,572	1990	5 - 40
3450 Lakeside Drive	Miramar, FL	—		2,022,152	11,357,143	3,408,674	2,022,152	14,765,817	16,787,969	6,526,825	1990	5 - 40
21 S Middlesex Avenue	Monroe Township, NJ	—	*	2,097,170	9,715,401	560,312	2,097,170	10,275,713	12,372,883	495,630	2013	5 - 40
4 S Middlesex Avenue	Monroe Township, NJ	—	*	2,263,153	10,261,759	599,026	2,263,153	10,860,785	13,123,938	475,968	2013	5 - 40
22750 Cactus Avenue	Moreno Valley, CA	—		9,404,283	24,380,934	1,851,865	9,408,276	26,228,806	35,637,082	490,170	2014	5 - 40
323 Park Knoll Drive	Morrisville, NC	2,534,078		1,071,600	4,397,807	1,028,987	1,071,600	5,426,794	6,498,394	902,673	2010	5 - 40
324 Park Knoll Drive	Morrisville, NC	—	*	1,449,092	4,424,932	321,760	1,449,450	4,746,334	6,195,784	1,005,152	2007	5 - 40
619 Distribution Drive	Morrisville, NC	—	*	1,031,430	5,655,167	226,631	1,031,685	5,881,543	6,913,228	1,176,421	2007	5 - 40
627 Distribution Drive	Morrisville, NC	—	*	1,061,370	5,152,110	595,652	1,061,632	5,747,500	6,809,132	1,220,446	2007	5 - 40

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2014
				Initial Cost			Gross Amount Carried at End of Period
Project	Location	Encumbrances		Land	Building	Costs Capitalized Subsequent to Acquisition (1)	Land and Improvements	Building and Improvements	Total 12/31/2014	Accumulated Depreciation 12/31/2014	Date of Construction or Acquisition	Depreciable life (years)
OPERATING PROPERTIES
701 Distribution Drive	Morrisville, NC	—	*	1,300,889	5,313,226	207,184	1,301,211	5,520,088	6,821,299	1,123,136	2007	5 - 40
220 Lake Drive	Newark, DE	—		566,650	6,099,337	782,233	566,650	6,881,570	7,448,220	287,917	2013	5 - 40
222 Lake Drive	Newark, DE	—		1,045,238	1,975,553	149,013	1,045,238	2,124,565	3,169,803	122,058	2013	5 - 40
1879 Lamont Avenue	Odenton, MD	—		1,976,000	8,099,579	2,469,160	2,011,030	10,533,709	12,544,739	3,155,743	2004	5 - 40
350 Winmeyer Avenue	Odenton, MD	—		1,778,400	7,289,165	2,074,288	1,809,927	9,331,926	11,141,853	2,561,604	2004	5 - 40
4000 E Airport Drive	Ontario, CA	—		2,686,533	10,125,772	408,877	2,686,533	10,534,649	13,221,182	437,422	2013	5 - 40
1000 Gills Drive	Orlando, FL	—		415,906	—	2,824,930	435,400	2,805,436	3,240,836	500,344	2006	5 - 40
10003 Satellite Boulevard	Orlando, FL	—		680,312	2,120,754	1,343,847	680,312	3,464,601	4,144,913	1,132,887	2003	5 - 40
10511 & 10611 Satellite Boulevard	Orlando, FL	—		517,554	2,568,186	692,668	522,991	3,255,417	3,778,408	1,390,788	1985	5 - 40
10771 Palm Bay Drive	Orlando, FL	—		664,605	—	2,513,013	685,383	2,492,235	3,177,618	768,667	2001	5 - 40
1090 Gills Drive	Orlando, FL	—		878,320	2,558,833	1,438,037	878,320	3,996,870	4,875,190	1,142,230	2003	5 - 40
1400-1440 Central Florida Parkway	Orlando, FL	—		518,043	2,561,938	976,217	518,043	3,538,155	4,056,198	1,542,263	1962	5 - 40
1902 Cypress Lake Drive	Orlando, FL	—		523,512	3,191,790	1,515,373	538,512	4,692,163	5,230,675	1,952,861	1989	5 - 40
2000 Park Oaks Avenue	Orlando, FL	—	*	913,201	6,818,610	241,819	913,201	7,060,429	7,973,630	311,083	2013	5 - 40
2202 Taft-Vineland Road	Orlando, FL	—		1,283,713	—	7,181,368	1,283,713	7,181,368	8,465,081	2,501,397	2004	5 - 40
2212 Taft Vineland Road	Orlando, FL	—		467,296	—	2,855,024	825,673	2,496,647	3,322,320	656,682	2005	5 - 40
2256 Taft-Vineland Road	Orlando, FL	—		2,261,924	7,496,249	2,545,018	2,271,785	10,031,406	12,303,191	2,860,842	2004	5 - 40
2351 Investors Row	Orlando, FL	—		385,964	—	3,215,820	642,427	2,959,357	3,601,784	1,053,814	2001	5 - 40
2400 South Lake Orange Drive	Orlando, FL	—		1,236,819	3,243,314	708,578	1,244,667	3,944,044	5,188,711	268,566	2012	5 - 40
2412 Sand Lake Road	Orlando, FL	—		535,964	—	3,830,135	704,800	3,661,299	4,366,099	1,020,666	2002	5 - 40
2416 Lake Orange Drive	Orlando, FL	—		1,435,301	6,174,642	694,147	1,435,301	6,868,789	8,304,090	1,568,189	2006	5 - 40
6200 Lee Vista Boulevard	Orlando, FL	—		903,701	—	5,660,760	925,671	5,638,790	6,564,461	1,886,420	2001	5 - 40
6501 Lee Vista Boulevard	Orlando, FL	—		872,550	2,526,043	283,738	872,550	2,809,781	3,682,331	132,760	2012	5 - 40
6918 Presidents Drive	Orlando, FL	—		903,701	—	3,790,427	830,953	3,863,175	4,694,128	1,001,454	2006	5 - 40
6923 Lee Vista Boulevard	Orlando, FL	—		1,443,510	6,775,194	486,102	1,457,286	7,247,521	8,704,807	1,546,051	2006	5 - 40
7022 TPC Drive	Orlando, FL	—		1,431,489	8,002,539	815,640	1,445,807	8,803,861	10,249,668	1,910,017	2006	5 - 40
7100 TPC Drive	Orlando, FL	—		1,553,537	5,702,243	409,929	1,570,863	6,094,846	7,665,709	1,305,001	2006	5 - 40
7101 TPC Drive	Orlando, FL	—		1,931,697	6,388,203	2,052,761	1,932,004	8,440,657	10,372,661	3,137,431	2004	5 - 40
7315 Kingspointe Parkway	Orlando, FL	—		4,295,972	15,564,905	4,370,731	4,295,972	19,935,637	24,231,609	3,695,236	2010	5 - 40

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2014
			Initial Cost				Gross Amount Carried at End of Period
Project	Location	Encumbrances	Land	Building	Costs Capitalized Subsequent to Acquisition (1)		Land and Improvements	Building and Improvements	Total 12/31/2014	Accumulated Depreciation 12/31/2014	Date of Construction or Acquisition	Depreciable life (years)
OPERATING PROPERTIES
8201 Chancellor Drive	Orlando, FL	—	332,992	—	2,825,284		373,500	2,784,776	3,158,276	499,506	2006	5 - 40
851 Gills Drive	Orlando, FL	—	443,989	—	2,907,134		464,800	2,886,323	3,351,123	504,060	2006	5 - 40
950 Gills Drive	Orlando, FL	—	574,831	—	2,763,949		587,319	2,751,461	3,338,780	1,175,031	1999	5 - 40
9550 Satellite Boulevard	Orlando, FL	—	252,850	1,297,923	141,775		252,850	1,439,698	1,692,548	587,158	1989	5 - 40
9600 Satellite Boulevard	Orlando, FL	—	405,362	1,146,546	367,265		405,362	1,513,811	1,919,173	602,972	1989	5 - 40
9700 Satellite Boulevard	Orlando, FL	—	838,853	—	4,084,540		767,953	4,155,440	4,923,393	1,068,841	2006	5 - 40
13 Centennial Drive	Peabody, MA	—	1,203,464	7,752,384	489,439		1,203,464	8,241,823	9,445,287	564,671	2013	5 - 40
1 Crescent Drive	Philadelphia, PA	—	567,280	—	14,532,238		347,892	14,751,626	15,099,518	3,320,612	2004	5 - 40
150 Rouse Boulevard	Philadelphia, PA	—	567,531	—	13,999,552		569,349	13,997,734	14,567,083	916,894	2011	5 - 40
3 Crescent Drive	Philadelphia, PA	—	214,726	—	22,969,180		417,823	22,766,083	23,183,906	3,161,332	2008	5 - 40
4000 S 26th Street	Philadelphia, PA	—	51,784	—	7,097,969		616,467	6,533,286	7,149,753	430,422	2011	5 - 40
4050 S 26th Street	Philadelphia, PA	—	46,301	—	7,019,911		616,670	6,449,542	7,066,212	532,259	2011	5 - 40
4300 South 26th Street	Philadelphia, PA	—	402,673	—	34,847,713		413,030	34,837,356	35,250,386	4,791,398	2008	5 - 40
4751 League Island Boulevard	Philadelphia, PA	—	992,965	331,924	7,619,754		613,248	8,331,395	8,944,643	2,283,334	2003	5 - 40
4775 League Island Boulevard	Philadelphia, PA	—	891,892	—	5,534,823		366,982	6,059,733	6,426,715	1,140,706	2006	5 - 40
5 Crescent Drive	Philadelphia, PA	—	1,765,341	—	75,019,430		1,897,303	74,887,468	76,784,771	3,922,424	2011	5 - 40
8th & Walnut Streets	Philadelphia, PA	43,066,058	734,275	—	45,262,758		—	45,997,033	45,997,033	1,390,925	2011	5 - 40
2626 South 7th Street	Phoenix, AZ	—	2,519,510	3,798,560	3,422,003		2,519,510	7,220,563	9,740,073	583,306	2012	5 - 40
4207 E. Cotton Center Boulevard	Phoenix, AZ	—	1,409,908	4,680,808	1,100,202		1,410,248	5,780,670	7,190,918	1,587,802	2007	5 - 40
4217 E. Cotton Center Boulevard	Phoenix, AZ	—	6,920,980	10,045,599	3,757,067		6,690,321	14,033,325	20,723,646	3,476,778	2007	5 - 40
4303 E. Cotton Center Boulevard	Phoenix, AZ	—	2,619,964	9,675,711	43,651		2,619,964	9,719,362	12,339,326	2,134,793	2007	5 - 40
4313 E. Cotton Center Boulevard	Phoenix, AZ	—	3,895,539	16,724,283	1,467,793		3,895,539	18,192,076	22,087,615	4,356,375	2007	5 - 40
4405 E. Cotton Center Boulevard	Phoenix, AZ	—	2,646,318	9,697,439	841,102		2,646,318	10,538,541	13,184,859	2,256,929	2007	5 - 40
4410 E. Cotton Center Boulevard	Phoenix, AZ	—	4,758,484	10,559,563	5,592,969		4,765,172	16,145,844	20,911,016	3,912,801	2007	5 - 40
4415 E. Cotton Center Boulevard	Phoenix, AZ	—	1,749,957	3,667,748	465,844		1,749,957	4,133,592	5,883,549	976,217	2007	5 - 40
4425 E. Cotton Center Boulevard	Phoenix, AZ	—	7,318,457	24,549,401	(413,426	)	7,318,457	24,135,975	31,454,432	4,581,188	2007	5 - 40
4435 E. Cotton Center Boulevard	Phoenix, AZ	—	1,910,584	1,954,020	2,166,648		1,911,045	4,120,208	6,031,253	1,223,552	2007	5 - 40
4550 South 44th Street	Phoenix, AZ	—	5,380,972	—	9,257,593		6,391,283	8,247,282	14,638,565	2,562,671	2007	5 - 40
4610 South 44th Street	Phoenix, AZ	—	6,539,310	—	10,331,533		6,827,288	10,043,555	16,870,843	2,077,725	2007	5 - 40

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2014
				Initial Cost			Gross Amount Carried at End of Period
Project	Location	Encumbrances		Land	Building	Costs Capitalized Subsequent to Acquisition (1)	Land and Improvements	Building and Improvements	Total 12/31/2014	Accumulated Depreciation 12/31/2014	Date of Construction or Acquisition	Depreciable life (years)
OPERATING PROPERTIES
4750 South 44th Place	Phoenix, AZ	—		3,756,307	8,336,400	4,190,610	3,761,587	12,521,730	16,283,317	2,536,167	2007	5 - 40
563 South 63rd Avenue	Phoenix, AZ	—		5,523,427	14,581,705	8,217,040	5,636,070	22,686,102	28,322,172	844,574	2013	5 - 40
9801 South 51st Street	Phoenix, AZ	—		2,225,839	2,059,235	1,396,072	2,225,839	3,455,307	5,681,146	510,995	2012	5 - 40
Cotton Center Building 18	Phoenix, AZ	—		11,222,938	—	15,263,279	11,318,033	15,168,184	26,486,217	844,115	2012	5 - 40
1000 Klein Road	Plano, TX	—		706,660	5,894,330	248,060	706,660	6,142,391	6,849,051	254,236	2013	5 - 40
1901 10th Street	Plano, TX	—	*	555,168	6,401,789	379,756	555,168	6,781,545	7,336,713	306,374	2013	5 - 40
1909 10th Street	Plano, TX	—	*	551,706	5,797,440	312,150	551,706	6,109,590	6,661,296	291,732	2013	5 - 40
3605 East Plano Parkway	Plano, TX	—		1,047,996	9,218,748	360,013	1,047,996	9,578,760	10,626,756	408,139	2013	5 - 40
3701 East Plano Parkway	Plano, TX	—		877,564	7,460,686	334,916	877,564	7,795,601	8,673,165	339,796	2013	5 - 40
800 Klein Road	Plano, TX	—		580,456	5,681,283	271,462	580,456	5,952,745	6,533,201	258,314	2013	5 - 40
900 Klein Road	Plano, TX	—		723,534	6,004,923	349,690	723,534	6,354,613	7,078,147	287,366	2013	5 - 40
9801 80th Avenue	Pleasant Prairie, WI	—		1,692,077	7,934,794	336,795	1,689,726	8,273,940	9,963,666	3,403,243	1994	5 - 40
14630-14650 28th Avenue North	Plymouth, MN	—		198,205	1,793,422	965,751	198,205	2,759,172	2,957,377	1,165,832	1978	5 - 40
2920 Northwest Boulevard	Plymouth, MN	—		392,026	3,433,678	747,609	384,235	4,189,078	4,573,313	1,667,699	1997	5 - 40
5905 Trenton Lane North	Plymouth, MN	—		1,616,360	4,487,462	487,026	1,616,360	4,974,487	6,590,847	246,351	2013	5 - 40
6055 Nathan Lane North	Plymouth, MN	—	*	1,327,017	4,527,404	476,115	1,327,017	5,003,519	6,330,536	235,723	2013	5 - 40
1400 SW 6th Court	Pompano Beach, FL	—		1,157,049	4,620,956	1,332,594	1,157,049	5,953,550	7,110,599	2,364,597	1986	5 - 40
1405 SW 6th Court	Pompano Beach, FL	—		392,138	1,565,787	444,197	392,138	2,009,985	2,402,123	929,892	1985	5 - 40
1500 SW 5th Court	Pompano Beach, FL	—		972,232	3,892,085	587,174	972,232	4,479,259	5,451,491	1,890,450	1957	5 - 40
1501 SW 5th Court	Pompano Beach, FL	—		203,247	811,093	364,776	203,247	1,175,870	1,379,117	456,473	1990	5 - 40
1601 SW 5th Court	Pompano Beach, FL	—		203,247	811,093	96,949	203,247	908,043	1,111,290	387,208	1990	5 - 40
1651 SW 5th Court	Pompano Beach, FL	—		203,247	811,093	183,052	203,247	994,146	1,197,393	405,613	1990	5 - 40
2201-2215 NW 30th Place	Pompano Beach, FL	—		1,120,328	3,427,358	99,226	1,120,328	3,526,584	4,646,912	149,765	2013	5 - 40
2250-2270 NW 30th Place	Pompano Beach, FL	—		993,015	2,423,174	108,273	993,015	2,531,447	3,524,462	117,804	2013	5 - 40
2280-2300 NW 30th Place	Pompano Beach, FL	—		906,947	2,157,802	158,626	906,947	2,316,429	3,223,376	102,313	2013	5 - 40
2301-2329 NW 30th Place	Pompano Beach, FL	—		1,268,707	3,079,811	153,822	1,268,707	3,233,633	4,502,340	149,476	2013	5 - 40
3000 NW 25th Avenue	Pompano Beach, FL	—		1,087,554	2,897,117	155,731	1,087,554	3,052,848	4,140,402	151,869	2013	5 - 40
3001-3037 NW 25th Avenue	Pompano Beach, FL	—		1,548,542	3,512,041	271,076	1,548,542	3,783,118	5,331,660	174,062	2013	5 - 40
3012-3050 NW 25th Avenue	Pompano Beach, FL	—		1,112,781	2,763,862	199,220	1,112,781	2,963,081	4,075,862	130,093	2013	5 - 40

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2014
			Initial Cost			Gross Amount Carried at End of Period
Project	Location	Encumbrances	Land	Building	Costs Capitalized Subsequent to Acquisition (1)	Land and Improvements	Building and Improvements	Total 12/31/2014	Accumulated Depreciation 12/31/2014	Date of Construction or Acquisition	Depreciable life (years)
OPERATING PROPERTIES
595 SW 13th Terrace	Pompano Beach, FL	—	359,933	1,437,116	720,249	359,933	2,157,365	2,517,298	949,834	1984	5 - 40
601 SW 13th Terrace	Pompano Beach, FL	—	164,413	655,933	279,326	164,413	935,259	1,099,672	463,027	1984	5 - 40
605 SW 16th Terrace	Pompano Beach, FL	—	310,778	1,238,324	421,172	310,178	1,660,096	1,970,274	703,981	1965	5 - 40
1920 West Baseline Road	Rialto, CA	—	9,361,943	17,970,709	149,839	9,413,332	18,069,159	27,482,491	60,280	2014	5-40
301 Hill Carter Parkway	Richmond, VA	—	659,456	4,836,010	159,898	659,456	4,995,908	5,655,364	2,504,321	1989	5 - 40
4101-4127 Carolina Avenue	Richmond, VA	—	310,854	2,279,597	1,094,160	310,854	3,373,757	3,684,611	1,641,297	1973	5 - 40
4201-4261 Carolina Avenue	Richmond, VA	—	693,203	5,083,493	1,937,811	693,203	7,021,304	7,714,507	3,545,615	1975	5 - 40
4263-4299 Carolina Avenue	Richmond, VA	—	256,203	2,549,649	2,213,314	256,203	4,762,963	5,019,166	2,149,744	1976	5 - 40
4263F-N. Carolina Avenue	Richmond, VA	—	91,476	—	1,884,374	91,599	1,884,251	1,975,850	862,218	1975	5 - 40
4301-4335 Carolina Avenue	Richmond, VA	—	223,696	1,640,435	2,738,782	223,696	4,379,217	4,602,913	1,701,198	1978	5 - 40
4337-4379 Carolina Avenue	Richmond, VA	—	325,303	2,385,557	1,430,286	325,303	3,815,843	4,141,146	1,930,047	1979	5 - 40
4401-4445 Carolina Avenue	Richmond, VA	—	615,038	4,510,272	506,842	615,038	5,017,114	5,632,152	2,486,608	1988	5 - 40
4447-4491 Carolina Avenue	Richmond, VA	—	454,056	2,729,742	446,660	454,056	3,176,402	3,630,458	1,665,452	1987	5 - 40
4501-4549 Carolina Avenue	Richmond, VA	—	486,166	3,565,211	553,422	486,166	4,118,633	4,604,799	2,015,290	1981	5 - 40
4551-4593 Carolina Avenue	Richmond, VA	—	474,360	3,478,646	984,318	474,360	4,462,964	4,937,324	2,268,592	1982	5 - 40
4601-4643 Carolina Avenue	Richmond, VA	—	652,455	4,784,675	794,310	652,455	5,578,985	6,231,440	2,970,780	1985	5 - 40
4645-4683 Carolina Avenue	Richmond, VA	—	404,616	2,967,187	541,284	404,616	3,508,471	3,913,087	1,739,814	1985	5 - 40
4717-4729 Eubank Road	Richmond, VA	—	449,447	3,294,697	2,230,770	452,263	5,522,651	5,974,914	2,518,602	1978	5 - 40
510 Eastpark Court	Richmond, VA	—	261,961	2,110,874	381,903	262,210	2,492,528	2,754,738	1,179,196	1989	5 - 40
520 Eastpark Court	Richmond, VA	—	486,118	4,083,582	703,431	486,598	4,786,533	5,273,131	2,068,460	1989	5 - 40
530 Eastpark Court	Richmond, VA	—	266,883	—	2,599,777	334,772	2,531,888	2,866,660	1,085,121	1999	5 - 40
540 Eastpark Court	Richmond, VA	—	742,300	—	5,415,233	1,066,839	5,090,694	6,157,533	901,938	2007	5 - 40
5600-5626 Eastport Boulevard	Richmond, VA	—	489,941	3,592,900	595,652	489,941	4,188,552	4,678,493	1,923,946	1989	5 - 40
5601-5659 Eastport Boulevard	Richmond, VA	—	705,660	—	4,921,067	720,100	4,906,627	5,626,727	2,395,221	1996	5 - 40
5650-5674 Eastport Boulevard	Richmond, VA	—	644,384	4,025,480	353,257	644,384	4,378,737	5,023,121	2,149,329	1990	5 - 40
5700 Eastport Boulevard	Richmond, VA	—	408,729	2,697,348	748,269	408,729	3,445,617	3,854,346	1,921,311	1990	5 - 40
5701-5799 Eastport Boulevard	Richmond, VA	—	694,644	—	5,983,122	700,503	5,977,263	6,677,766	2,290,808	1998	5 - 40
5900 Eastport Boulevard	Richmond, VA	—	676,661	—	4,988,588	687,898	4,977,351	5,665,249	2,353,402	1997	5 - 40
6000 Eastport Boulevard	Richmond, VA	—	872,901	—	7,486,258	901,666	7,457,493	8,359,159	1,273,473	1997	5 - 40

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2014
				Initial Cost			Gross Amount Carried at End of Period
Project	Location	Encumbrances		Land	Building	Costs Capitalized Subsequent to Acquisition (1)	Land and Improvements	Building and Improvements	Total 12/31/2014	Accumulated Depreciation 12/31/2014	Date of Construction or Acquisition	Depreciable life (years)
OPERATING PROPERTIES
2020 US Highway 301 South	Riverview, FL	—		1,233,639	13,608,485	341,435	1,233,800	13,949,759	15,183,559	3,112,479	2006	5 - 40
6530 Judge Adams Road	Rock Creek, NC	—		305,821	—	4,967,815	335,061	4,938,575	5,273,636	1,973,748	1999	5 - 40
6532 Judge Adams Road	Rock Creek, NC	—		354,903	—	4,017,099	399,988	3,972,014	4,372,002	1,752,125	1997	5 - 40
13098 George Weber Drive	Rogers, MN	—		895,811	6,004,189	645,566	895,811	6,649,755	7,545,566	857,364	2011	5 - 40
13220 Wilfred Lane	Rogers, MN	—		508,532	—	11,083,540	1,396,324	10,195,748	11,592,072	282,319	2014	5 - 40
13225 Brockton Lane	Rogers, MN	—		1,048,093	—	10,389,897	1,066,159	10,371,831	11,437,990	167,178	2014	5 - 40
1070 Windham Parkway	Romeoville, IL	—		8,672,143	24,144,864	870,108	8,672,143	25,014,972	33,687,115	1,258,059	2012	5 - 40
1550 Central Avenue	Roselle, IL	—	*	2,884,492	10,439,793	484,562	2,884,492	10,924,355	13,808,847	517,282	2013	5 - 40
1135 Aviation Place	San Fernando, CA	—		3,035,034	2,844,962	460,618	3,035,034	3,305,580	6,340,614	136,765	2013	5 - 40
8715 Bollman Place	Savage, MD	—		1,263,237	2,633,210	99,509	1,263,237	2,732,719	3,995,956	116,732	2013	5 - 40
8501 East Raintree Drive	Scottsdale, AZ	—		4,076,412	—	27,621,159	4,115,137	27,582,434	31,697,571	7,982,111	2005	5 - 40
1150 Gateway Drive	Shakopee, MN	—		1,126,865	5,684,178	—	1,126,865	5,684,178	6,811,043	320,809	2012	5 - 40
5555 12th Avenue East	Shakopee, MN	—		887,285	5,321,200	206,165	887,285	5,527,365	6,414,650	332,861	2012	5 - 40
1210 Champion Way	Sharonville, OH	—		1,337,271	6,135,118	489,270	1,337,271	6,624,389	7,961,660	601,653	2013	5 - 40
9300 Olde Scotland Road	Shippensburg, PA	—		10,232,633	—	84,019,815	13,183,027	81,069,421	94,252,448	1,152,144	2014	5 - 40
3990 Heritage Oak Court	Simi Valley, CA	—	*	1,964,140	10,667,267	345,689	1,964,140	11,012,956	12,977,096	431,004	2013	5 - 40
3654-3668 Swenson Avenue	St. Charles, IL	—		643,639	1,645,058	141,970	643,639	1,787,028	2,430,667	94,498	2013	5 - 40
3701 Illinois Avenue	St. Charles, IL	—		672,500	1,288,924	117,765	672,500	1,406,689	2,079,189	79,036	2013	5 - 40
3950-3980 Swenson Avenue	St. Charles, IL	—		851,080	3,027,753	149,571	851,080	3,177,324	4,028,404	148,467	2013	5 - 40
1501 102nd Avenue North	St. Petersburg, FL	—	*	283,474	2,230,868	165,205	283,474	2,396,072	2,679,546	100,561	2013	5 - 40
1527 102nd Avenue North	St. Petersburg, FL	—	*	374,284	2,987,226	207,177	374,284	3,194,403	3,568,687	133,429	2013	5 - 40
1551 102nd Avenue North	St. Petersburg, FL	—	*	699,797	5,214,438	540,106	699,797	5,754,544	6,454,341	228,445	2013	5 - 40
6900 Harbour View Boulevard	Suffolk, VA	—		904,052	—	8,778,897	807,006	8,875,943	9,682,949	2,004,053	2006	5 - 40
6920 Harbour View Boulevard	Suffolk, VA	—		603,391	—	6,707,341	2,628,635	4,682,097	7,310,732	383,147	2005	5 - 40
6950 Harbour View Boulevard	Suffolk, VA	—		929,844	—	6,499,290	794,848	6,634,286	7,429,134	1,539,151	2004	5 - 40
1516 Fryar Avenue	Sumner, WA	—		1,675,402	5,079,543	301,095	1,675,402	5,380,638	7,056,040	289,202	2013	5 - 40
1301 International Parkway	Sunrise, FL	—		5,100,162	24,219,956	7,125,865	5,100,791	31,345,192	36,445,983	6,226,037	2006	5 - 40
13621 NW 12th Street	Sunrise, FL	—		5,570,820	9,454,900	2,667,264	5,570,820	12,122,164	17,692,984	3,493,510	2008	5 - 40
13630 NW 8th Street	Sunrise, FL	—		659,797	2,596,275	455,772	659,825	3,052,018	3,711,843	1,212,332	1991	5 - 40

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2014
			Initial Cost			Gross Amount Carried at End of Period
Project	Location	Encumbrances	Land	Building	Costs Capitalized Subsequent to Acquisition (1)	Land and Improvements	Building and Improvements	Total 12/31/2014	Accumulated Depreciation 12/31/2014	Date of Construction or Acquisition	Depreciable life (years)
OPERATING PROPERTIES
13650 NW 8th Street	Sunrise, FL	—	558,223	2,171,930	321,767	558,251	2,493,669	3,051,920	999,846	1991	5 - 40
111 Kelsey Lane	Tampa, FL	—	359,540	1,461,850	1,582,199	359,540	3,044,049	3,403,589	1,069,477	1990	5 - 40
131 Kelsey Lane	Tampa, FL	—	511,463	—	4,437,886	559,527	4,389,822	4,949,349	2,531,005	1985	5 - 40
150-182 Kelsey Lane	Tampa, FL	—	403,541	—	5,260,899	1,181,609	4,482,831	5,664,440	848,617	2006	5 - 40
200-34 Kelsey Lane	Tampa, FL	—	330,097	—	3,385,332	933,362	2,782,067	3,715,429	638,646	2005	5 - 40
3102,3104,3110 Cherry Palm Drive	Tampa, FL	—	503,767	2,787,585	1,308,846	503,767	4,096,431	4,600,198	1,982,773	1986	5 - 40
3401-3409 Cragmont Drive	Tampa, FL	—	556,952	3,849,236	2,948	556,952	3,852,184	4,409,136	203,074	2012	5 - 40
3502 Roga Boulevard	Tampa, FL	—	201,600	1,263,131	50,142	201,600	1,313,273	1,514,873	70,591	2012	5 - 40
3505 Cragmont Drive	Tampa, FL	—	936,336	7,155,520	1,313	936,336	7,156,833	8,093,169	413,118	2012	5 - 40
3608 Queen Palm Drive	Tampa, FL	—	650,384	4,764,301	32,287	650,384	4,796,588	5,446,972	262,219	2012	5 - 40
4502 Woodland Corporate Boulevard	Tampa, FL	—	1,035,422	—	3,547,955	1,071,535	3,511,842	4,583,377	1,386,489	1999	5 - 40
4503 Woodland Corporate Boulevard	Tampa, FL	—	619,913	—	2,751,187	619,913	2,751,187	3,371,100	925,297	2002	5 - 40
4505 Woodland Corporate Boulevard	Tampa, FL	—	516,594	—	2,443,438	716,594	2,243,438	2,960,032	864,064	2002	5 - 40
4508 Woodland Corporate Boulevard	Tampa, FL	—	498,598	—	3,307,705	556,887	3,249,416	3,806,303	1,221,367	2000	5 - 40
4511 Woodland Corporate Boulevard	Tampa, FL	—	516,594	—	2,311,508	686,594	2,141,508	2,828,102	718,070	2002	5 - 40
4520 Seedling Circle	Tampa, FL	—	854,797	42,131	2,773,264	854,797	2,815,395	3,670,192	745,181	2003	5 - 40
4630 Woodland Corporate Boulevard	Tampa, FL	—	943,169	—	14,177,882	1,560,099	13,560,952	15,121,051	5,177,038	2000	5 - 40
4631 Woodland Corporate Boulevard	Tampa, FL	—	1,453,367	—	13,806,242	1,908,792	13,350,817	15,259,609	2,062,168	2006	5 - 40
501 US Highway 301 South	Tampa, FL	—	898,884	—	3,438,023	900,508	3,436,399	4,336,907	1,056,691	2004	5 - 40
5250 Eagle Trail Drive	Tampa, FL	—	952,860	—	3,472,043	952,860	3,472,043	4,424,903	1,409,987	1998	5 - 40
5501-5519 Pioneer Park Boulevard	Tampa, FL	—	162,000	1,613,000	974,528	262,416	2,487,112	2,749,528	1,199,849	1981	5 - 40
5690-5694 Crenshaw Street	Tampa, FL	—	181,923	1,812,496	1,024,573	181,923	2,837,069	3,018,992	1,089,555	1979	5 - 40
701-725 South US Highway 301	Tampa, FL	—	419,683	—	3,932,756	661,680	3,690,759	4,352,439	1,389,384	2000	5 - 40
7621 Bald Cypress Place (Building N)	Tampa, FL	—	716,580	132,773	605,762	447,498	1,007,617	1,455,115	287,125	2001	5 - 40
7724 Woodland Center Boulevard	Tampa, FL	—	235,893	—	2,247,071	235,894	2,247,070	2,482,964	850,183	1998	5 - 40
7725 Woodland Center Boulevard	Tampa, FL	—	553,335	—	3,723,937	771,501	3,505,771	4,277,272	1,280,776	1999	5 - 40
7802-50 Woodland Center Boulevard	Tampa, FL	—	357,364	—	3,061,920	506,949	2,912,335	3,419,284	1,069,963	1999	5 - 40
7851-7861 Woodland Center Boulevard	Tampa, FL	—	548,905	2,241,627	273,640	548,905	2,515,267	3,064,172	603,840	2006	5 - 40
7852-98 Woodland Center Boulevard	Tampa, FL	—	357,364	—	2,773,785	506,949	2,624,200	3,131,149	934,043	1999	5 - 40

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2014
				Initial Cost			Gross Amount Carried at End of Period
Project	Location	Encumbrances		Land	Building	Costs Capitalized Subsequent to Acquisition (1)	Land and Improvements	Building and Improvements	Total 12/31/2014	Accumulated Depreciation 12/31/2014	Date of Construction or Acquisition	Depreciable life (years)
OPERATING PROPERTIES
7920 Woodland Center Boulevard	Tampa, FL	—		1,082,648	2,445,444	434,554	1,082,648	2,879,998	3,962,646	1,134,463	1997	5 - 40
7930, 8010-20 Woodland Center Boulevard	Tampa, FL	—		1,408,478	5,247,246	1,124,428	1,408,478	6,371,674	7,780,152	2,846,537	1990	5 - 40
8001 Woodland Center Boulevard	Tampa, FL	—		350,406	—	2,298,881	438,061	2,211,226	2,649,287	862,026	1999	5 - 40
8110 Anderson Road	Tampa, FL	—		912,663	5,425,143	261,295	912,663	5,686,438	6,599,101	310,710	2012	5 - 40
8112-42 Woodland Center Boulevard	Tampa, FL	—		513,263	3,230,239	649,274	513,263	3,879,513	4,392,776	1,910,874	1995	5 - 40
8130 Anderson Road	Tampa, FL	—		655,668	4,132,076	63,891	655,668	4,195,967	4,851,635	267,542	2012	5 - 40
8154-8198 Woodland Center Boulevard	Tampa, FL	—		399,088	2,868,834	899,472	399,088	3,768,306	4,167,394	1,627,975	1988	5 - 40
8212 Woodland Center Boulevard	Tampa, FL	—		820,882	2,322,720	488,973	820,882	2,811,693	3,632,575	1,045,591	1996	5 - 40
8401-8408 Benjamin Road	Tampa, FL	—		789,651	4,454,648	301,268	611,626	4,933,941	5,545,567	2,599,279	1986	5 - 40
8705 Henderson Road	Tampa, FL	—		4,303,870	23,688,409	306,814	4,304,102	23,994,992	28,299,094	6,074,130	2006	5 - 40
8715 Henderson Road	Tampa, FL	—		3,343,910	18,325,599	487,389	3,344,090	18,812,808	22,156,898	5,458,387	2006	5 - 40
8725 Henderson Road	Tampa, FL	—		3,167,787	19,126,318	632,200	3,167,958	19,758,347	22,926,305	5,503,373	2006	5 - 40
8735 Henderson Road	Tampa, FL	—		3,166,130	18,735,573	1,292,137	3,166,300	20,027,540	23,193,840	5,508,513	2006	5 - 40
8745 Henderson Road	Tampa, FL	—		2,050,439	11,173,008	93,869	2,050,548	11,266,768	13,317,316	2,293,301	2006	5 - 40
8900-34 Brittany Way	Tampa, FL	—		537,194	—	3,962,378	978,019	3,521,553	4,499,572	951,035	2005	5 - 40
8921 Brittany Way	Tampa, FL	—		224,369	1,063,882	939,473	254,493	1,973,231	2,227,724	777,596	1998	5 - 40
9001-9015 Brittany Way	Tampa, FL	—		209,841	—	1,811,678	364,514	1,657,005	2,021,519	744,344	2000	5 - 40
9002-9036 Brittany Way	Tampa, FL	—		492,320	—	3,511,381	899,284	3,104,417	4,003,701	1,109,566	2004	5 - 40
901-933 US Highway 301 South	Tampa, FL	—		500,391	—	4,254,173	840,314	3,914,250	4,754,564	1,671,876	2001	5 - 40
9020 King Palm Drive	Tampa, FL	—		1,718,496	11,697,381	872,478	1,718,496	12,569,859	14,288,355	669,758	2012	5 - 40
910-926 Chad Lane	Tampa, FL	—		201,771	—	2,616,963	628,237	2,190,497	2,818,734	412,480	2006	5 - 40
9110 King Palm Drive	Tampa, FL	—		1,203,200	7,979,540	221,983	1,203,200	8,201,523	9,404,723	492,958	2012	5 - 40
9203 King Palm Drive	Tampa, FL	—		754,832	4,966,864	92,249	754,832	5,059,113	5,813,945	405,712	2012	5 - 40
9306-24 East Broadway Avenue	Tampa, FL	—		450,440	—	3,303,369	486,004	3,267,805	3,753,809	565,618	2007	5 - 40
9319 Peach Palm Drive	Tampa, FL	—		612,536	4,168,473	9,700	612,536	4,178,173	4,790,709	224,848	2012	5 - 40
9704 Solar Drive	Tampa, FL	—		374,548	1,354,800	128,373	374,548	1,483,173	1,857,721	79,076	2012	5 - 40
9945 Currie Davis Drive	Tampa, FL	—		1,134,286	9,241,807	380,833	1,134,286	9,622,639	10,756,925	404,236	2013	5 - 40
1858 E Encanto Drive	Tempe, AZ	—	*	877,611	4,485,427	190,934	877,611	4,676,361	5,553,972	215,576	2013	5 - 40
475 W Vaughn Street	Tempe, AZ	—		1,112,245	2,260,348	134,556	1,112,245	2,394,904	3,507,149	124,956	2013	5 - 40

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2014
				Initial Cost			Gross Amount Carried at End of Period
Project	Location	Encumbrances		Land	Building	Costs Capitalized Subsequent to Acquisition (1)	Land and Improvements	Building and Improvements	Total 12/31/2014	Accumulated Depreciation 12/31/2014	Date of Construction or Acquisition	Depreciable life (years)
OPERATING PROPERTIES
921 South Park Lane	Tempe, AZ	—		1,192,820	1,580,155	477,881	1,192,820	2,058,037	3,250,857	215,318	2011	5 - 40
8313 West Pierce Street	Tolleson, AZ	—		2,295,090	9,079,811	3,224,097	2,295,090	12,303,908	14,598,998	3,172,179	2007	5 - 40
8591 West Washington Street	Tolleson, AZ	—		1,574,912	7,308,021	274,301	1,574,912	7,582,322	9,157,234	557,915	2012	5 - 40
8601 West Washington Street	Tolleson, AZ	—		1,524,603	6,352,070	926,360	1,524,603	7,278,430	8,803,033	596,068	2012	5 - 40
5111 S Royal Atlanta Drive	Tucker, GA	—	*	435,776	1,875,685	375,872	435,776	2,251,558	2,687,334	126,111	2013	5 - 40
5151 S Royal Atlanta Drive	Tucker, GA	—	*	345,061	1,428,840	203,538	345,061	1,632,378	1,977,439	105,687	2013	5 - 40
1457 Miller Store Road	Virginia Beach, VA	—		473,689	2,663,045	376,763	474,746	3,038,751	3,513,497	953,946	2003	5 - 40
200 Golden Oak Court	Virginia Beach, VA	—		1,116,693	6,770,480	2,239,720	1,116,693	9,010,200	10,126,893	3,839,287	1988	5 - 40
208 Golden Oak Court	Virginia Beach, VA	—		965,177	6,728,717	2,174,995	965,177	8,903,712	9,868,889	3,840,691	1989	5 - 40
2809 South Lynnhaven Road	Virginia Beach, VA	—		953,590	6,142,742	1,944,512	953,590	8,087,254	9,040,844	3,219,121	1987	5 - 40
484 Viking Drive	Virginia Beach, VA	—		891,753	3,607,890	614,231	891,753	4,222,120	5,113,873	1,756,749	1987	5 - 40
629 Phoenix Drive	Virginia Beach, VA	—		371,694	2,108,097	224,602	371,694	2,332,699	2,704,393	1,022,536	1996	5 - 40
1100 17th Street NW	Washington, DC	—		16,558,660	32,223,978	1,393,698	16,558,660	33,617,676	50,176,336	4,209,304	2011	5 - 40
2100 M Street NW	Washington, DC	—		70,000,000	55,123,783	187,024	70,000,000	55,310,807	125,310,807	4,154,200	2013	5 - 40
1200 Liberty Ridge Drive	Wayne, PA	—		6,215,667	—	9,363,338	5,223,660	10,355,345	15,579,005	4,284,684	2001	5 - 40
1500 Liberty Ridge Drive	Wayne, PA	—		8,287,555	—	32,195,630	11,636,499	28,846,687	40,483,186	9,511,047	2002	5 - 40
825 Duportail Road	Wayne, PA	—		5,536,619	16,179,213	5,024,029	5,539,281	21,200,581	26,739,862	8,512,691	1979	5 - 40
400-500 Brandywine Parkway	West Chester, PA	—		845,846	6,809,025	656,822	845,846	7,465,848	8,311,694	3,244,935	1988	5 - 40
600 Brandywine Parkway	West Chester, PA	—		664,899	5,352,410	889,805	664,899	6,242,216	6,907,115	2,747,719	1988	5 - 40
1400 Powis Court	West Chicago, IL	—	*	578,314	2,448,562	72,418	578,314	2,520,981	3,099,295	98,567	2013	5 - 40
1 Kings Hill Avenue	West Malling, UK	—		4,288,389	—	9,705,320	3,898,275	10,095,435	13,993,710	2,233,844	2006	5 - 40
42 Kings Hill Avenue	West Malling, UK	—		5,397,739	—	12,477,732	4,232,077	13,643,395	17,875,472	2,587,023	2005	5 - 40
Liberty Square Retail Blocks	West Malling, UK	—		559,590	5,113,902	3,397,215	1,121,039	7,949,669	9,070,708	1,871,518	2006	5 - 40
1400 Northpoint Parkway	West Palm Beach, FL	—	*	2,454,972	5,312,829	276,501	2,454,972	5,589,331	8,044,303	293,340	2013	5 - 40
300 Northpoint Parkway	West Palm Beach, FL	—	*	1,177,064	2,102,451	125,705	1,177,064	2,228,157	3,405,221	111,003	2013	5 - 40
400 Northpoint Parkway	West Palm Beach, FL	—	*	1,029,595	1,728,187	123,734	1,029,595	1,851,922	2,881,517	84,638	2013	5 - 40
2935 West Corporate Lakes Boulevard	Weston, FL	—		4,682,521	25,905,125	558,332	4,682,521	26,463,458	31,145,979	959,558	2013	5 - 40
2945 West Corporate Lakes Boulevard	Weston, FL	—		2,345,242	13,973,765	273,455	2,345,242	14,247,221	16,592,463	510,298	2013	5 - 40
43-47 Hintz Road	Wheeling, IL	—	*	2,051,093	18,283,479	536,842	2,051,093	18,820,323	20,871,416	719,097	2013	5 - 40

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2014
				Initial Cost						Gross Amount Carried at End of Period
Project	Location	Encumbrances		Land		Building		Costs Capitalized Subsequent to Acquisition (1)		Land and Improvements		Building and Improvements		Total 12/31/2014		Accumulated Depreciation 12/31/2014		Date of Construction or Acquisition	Depreciable life (years)
OPERATING PROPERTIES
10 Cornell Place	Wilmington, MA	—		598,120		2,142,735		232,897		598,120		2,375,632		2,973,752		127,256		2013	5 - 40
265 Ballardvale Street	Wilmington, MA	—		868,433		4,358,997		345,915		868,433		4,704,913		5,573,346		352,364		2013	5 - 40
Subtotal Operating Real Estate		$	60,746,274	$	1,121,456,221	$	2,838,135,653	$	2,574,074,794	$	1,189,759,562	$	5,343,907,106	$	6,533,666,668	$	1,182,568,534

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2014
				Initial Cost						Gross Amount Carried at End of Period
Project	Location	Encumbrances		Land		Building		Costs Capitalized Subsequent to Acquisition (1)		Land and Improvements		Building and Improvements		Total 12/31/2014		Accumulated Depreciation 12/31/2014		Date of Construction or Acquisition	Depreciable life (years)
Development Properties
330 South Royal Lane	Coppell, TX	$	—	$	2,091,426	$	—	$	7,958,079	$	—	$	10,049,505	$	10,049,505	$	—	2014	N/A
11020 Holly Lane	Dayton, MN	—		2,536,731		—		6,271,776		—		8,808,507		8,808,507		—		2014	N/A
333 Howard Avenue	Des Plaines, IL	—		7,928,724		—		1,619,989		—		9,548,713		9,548,713		—		2014	N/A
120 Caliber Ridge Drive	Greer, SC	—		1,243,100		—		5,263,759		—		6,506,859		6,506,859		—		2014	N/A
130 Caliber Ridge Drive	Greer, SC	—		1,171,160		—		628,480		—		1,799,640		1,799,640		—		2014	N/A
140 Caliber Ridge Drive	Greer, SC	—		1,243,100		—		6,249,949		—		7,493,049		7,493,049		—		2013	N/A
11835 Newgate Boulevard	Hagerstown, MD	—		14,121,622		—		14,631,418		—		28,753,040		28,753,040		—		2014	N/A
7460 New Ridge Road	Hanover, MD	—		3,785,446		—		7,118,710		—		10,904,156		10,904,156		—		2013	N/A
7462 New Ridge Road	Hanover, MD	—		4,059,337		—		7,115,061		—		11,174,398		11,174,398		—		2013	N/A
1050 Greens Parkway	Houston, TX	—		973,482		—		3,588,294		—		4,561,776		4,561,776		—		2013	N/A
10720 West Sam Houston Pkwy N	Houston, TX	—		3,871,875		—		21,894,894		—		25,766,769		25,766,769		—		2014	N/A
11220 Ella Boulevard	Houston, TX	—		1,505,855		—		7,268,433		—		8,774,288		8,774,288		—		2013	N/A
8303 Fallbrook Drive	Houston, TX	—		4,613,370		—		13,220,947		—		17,834,317		17,834,317		—		2013	N/A
11150 NW 122nd Street	Medley, FL	—		6,627,899		—		412,601		—		7,040,500		7,040,500		—		2014	N/A
11250 NW 122nd Street	Medley, FL	—		4,798,886		—		5,641,003		—		10,439,889		10,439,889		—		2014	N/A
11500 NW 122nd Street	Miami, FL	—		1,623,293		—		10,917,535		—		12,540,828		12,540,828		—		2013	N/A
10020 South Reinhart Drive	Oak Creek, WI	—		1,516,764		—		6,341,820		—		7,858,584		7,858,584		—		2014	N/A
1200 Intrepid Avenue	Philadelphia, PA	—		16,169		—		2,752,441		—		2,768,610		2,768,610		—		2014	N/A
201 Rouse Boulevard	Philadelphia, PA	—		243,905		—		22,485,941		—		22,729,846		22,729,846		—		2013	N/A
4000 S. 26th Street	Philadelphia, PA	—		1,255,507		—		8,402,214		—		9,657,721		9,657,721		—		2014	N/A
4701 League Island Boulevard	Philadelphia, PA	—		419,107		—		1,143,242		—		1,562,349		1,562,349		—		2014	N/A
5800 Eastport Boulevard	Richmond, VA	—		604,146		—		5,974,279		—		6,578,425		6,578,425		—		2014	N/A
1720 W. Rio Salado Parkway	Tempe, AZ	—		2,629,020		—		577,191		—		3,206,211		3,206,211		—		2014	N/A
1850 W Rio Salado Parkway	Tempe, AZ	—		3,975,600		—		19,642,158		—		23,617,758		23,617,758		—		2013	N/A
1910 W. Rio Salado Parkway	Tempe, AZ	—		4,693,504		—		12,742,133		—		17,435,637		17,435,637		—		2014	N/A
Subtotal Development in Progress		$	—	$	77,549,028	$	—	$	199,862,347	$	—	$	277,411,375	$	277,411,375	$	—

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2014
				Initial Cost						Gross Amount Carried at End of Period
Project	Location	Encumbrances		Land		Building		Costs Capitalized Subsequent to Acquisition (1)		Land and Improvements		Building and Improvements		Total 12/31/2014		Accumulated Depreciation 12/31/2014		Date of Construction or Acquisition	Depreciable life (years)
LAND HELD FOR DEVELOPMENT
4551 New York Avenue Land	Arlington, TX	$	—	$	4,754,659	$	—	$	24,126	$	4,778,784	$	—	$	4,778,784	$	—	2013	N/A
Mill Creek Road Land	Bethlehem, PA	—		18,548,585		—		1,815,956		20,364,541		—		20,364,541		—		2012	N/A
Boca Colannade Yamato Road	Boca Raton, FL	—		2,039,735		—		554,823		2,594,558		—		2,594,558		—		1998	N/A
12912 Virkler Drive Land	Charlotte, NC	—		208,646		—		10,086		218,732		—		218,732		—		2010	N/A
Charlotte Distribution Center Land-Lot 1	Charlotte, NC	—		654,713		—		—		654,713		—		654,713		—		2011	N/A
Shopton Ridge Business Park Land	Charlotte, NC	—		2,058,588		—		—		2,058,588		—		2,058,588		—		2014	N/A
Holly Lane North Land	Dayton, MN	—		889,205		—		—		889,205		—		889,205		—		2014	N/A
1951 TW Alexander Drive Land	Durham, NC	—		4,027,176		—		142,782		4,169,958		—		4,169,958		—		2014	N/A
Flying Cloud Drive Land	Eden Pairie, MN	—		2,051,631		—		26,366		2,077,997		—		2,077,997		—		2007	N/A
Camelback 303 Business Center Land	Goodyear, AZ	—		16,857,556		—		3,219,563		20,077,119		—		20,077,119		—		2007	N/A
Pleasant Ridge Road Land	Greensboro, NC	—		564,535		—		2,841,863		3,406,398		—		3,406,398		—		2006	N/A
Caliber Ridge Ind. Park Land	Greer, SC	—		16,338		—		43,596		59,934		—		59,934		—		2007	N/A
Lakefront Plaza II Land	Hampton, VA	—		138,101		—		102,764		240,865		—		240,865		—		2001	N/A
Ridge Road & Hanover Road Land	Hanover, MD	—		3,875,203		—		211,720		4,086,923		—		4,086,923		—		2012	N/A
Ridge Road Land	Hanover, MD	—		3,371,183		—		443,379		3,814,562		—		3,814,562		—		2008	N/A
Piedmond Centre Land	High Point, NC	—		913,276		—		896,066		1,809,342		—		1,809,342		—		2006	N/A
Commonwealth Corporate Center Land	Horsham, PA	—		3,043,938		—		24,659		3,068,597		—		3,068,597		—		2005	N/A
Interwood Land	Houston, TX	—		5,160,668		—		14,362		5,175,030		—		5,175,030		—		2012	N/A
Rankin Road Land	Houston, TX	—		5,756,865		—		1,417,911		7,174,776		—		7,174,776		—		2007	N/A
Richey Road Land	Houston, TX	—		26,135,466		—		707,105		26,842,571		—		26,842,571		—		2014	N/A
Taub Beltway 8 Land	Houston, TX	—		4,611,474		—		628,497		5,239,971		—		5,239,971		—		2012	N/A
Frye Road and Valley View Lane Land	Irving, TX	—		5,901,634		—		24,398		5,926,032		—		5,926,032		—		2014	N/A
Rouse Kent Limited	Kent, UK	—		—		—		—		11,079,465		—		11,079,465		—		2012	N/A
Commodore Business Park	Logan, NJ	—		792,118		—		1,126,107		1,918,225		—		1,918,225		—		1995	N/A
Spring Creek Land	Lower Macungie Twp, PA	—		25,615,668		—		17,189,074		42,804,742		—		42,804,742		—		2013	N/A
380 Old Morehall Road	Malvern, PA	—		1,344,809		—		—		1,344,809		—		1,344,809		—		2012	N/A
Quarry Ridge Land	Malvern, PA	—		675,499		—		141,517		817,016		—		817,016		—		2001	N/A

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2014
				Initial Cost						Gross Amount Carried at End of Period
Project	Location	Encumbrances		Land		Building		Costs Capitalized Subsequent to Acquisition (1)		Land and Improvements		Building and Improvements		Total 12/31/2014		Accumulated Depreciation 12/31/2014		Date of Construction or Acquisition	Depreciable life (years)
LAND HELD FOR DEVELOPMENT
Miami International Tradeport Land	Medley, FL	—		16,739,632		—		2,947,142		19,686,774		—		19,686,774		—		2011	N/A
Monarch Towne Center Land	Mirarar, FL	—		6,085,337		—		405,663		6,491,000		—		6,491,000		—		2006	N/A
557 Nazareth Pike Land	Nazareth, PA	—		4,667,646		—		343,645		5,011,291		—		5,011,291		—		2013	N/A
South 27th Street Land	Oak Creek, WI	—		427,838		—		—		427,838		—		427,838		—		2006	N/A
Beachline Industrial Park Land	Orlando, FL	—		267,468		—		95,810		363,278		—		363,278		—		2004	N/A
Southern Boulevard Land	Palm Beach County, FL	—		12,042,368		—		200,186		12,242,554		—		12,242,554		—		2014	N/A
Buckeye Logistics Center West Land	Phoenix, AZ	—		11,203,594		—		65,658		11,269,252		—		11,269,252		—		2013	N/A
Cotton Center Land	Phoenix, AZ	—		8,237,744		—		702		8,238,446		—		8,238,446		—		2007	N/A
Woodlands Center Land	Sandston, VA	—		148,314		—		21,283		169,597		—		169,597		—		1996	N/A
Northsight Land	Scottsdale, AZ	—		6,176,464		—		2,160,589		8,337,053		—		8,337,053		—		2005	N/A
Suffolk Land	Suffolk, VA	—		2,715,714		—		793,572		3,509,286		—		3,509,286		—		2006	N/A
6119 W. Linebaugh Avenue	Tampa, FL	—		180,136		—		29,890		210,026		—		210,026		—		2000	N/A
Legacy Park Land	Tampa, FL	—		3,289,423		—		4,908,708		8,198,131		—		8,198,131		—		2006	N/A
Renaissance Park Land	Tampa, FL	—		1,995,375		—		214,724		2,210,099		—		2,210,099		—		2007	N/A
Subtotal Land Held for Development		$	—	$	214,184,322	$	—	$	43,794,292	$	269,058,078	$	—	$	269,058,078	$	—
Total All Properties		$60,746,274		$1,413,189,571		$2,838,135,653		$2,817,731,432		$1,458,817,640		$5,621,318,481		$7,080,136,121		$1,182,568,534

* Denotes property is collateralized under mortgages with Allianz, John Hancock, LaSalle Bank, Athene, New York Life and Wells Fargo totaling $424.2 million

SCHEDULE III

LIBERTY PROPERTY TRUST AND LIBERTY PROPERTY LIMITED PARTNERSHIP

REAL ESTATE AND ACCUMULATED DEPRECIATION

(In thousands)

A summary of activity for real estate and accumulated depreciation is as follows:

	Year Ended December 31,
	2014			2013			2012
REAL ESTATE:
Balance at beginning of year	$	6,709,841		$	5,375,440		$	4,873,875
Additions	602,586			1,888,229			505,602
Disposition of property	(232,289		)	(553,828		)	(4,037		)
Balance at end of year	$	7,080,138		$	6,709,841		$	5,375,440
ACCUMULATED DEPRECIATION:
Balance at beginning of year	$	1,051,593		$	1,067,272		$	953,573
Depreciation expense	179,143			162,546			140,570
Disposition of property	(48,167		)	(178,225		)	(26,871		)
Balance at end of year	$	1,182,569		$	1,051,593		$	1,067,272