SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
X ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1999
OR
__ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from _______________ to __________________
Commission file numbers: 1-13130 (Liberty Property Trust)
1-13132 (Liberty Property Limited Partnership)
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LIBERTY PROPERTY TRUST
LIBERTY PROPERTY LIMITED PARTNERSHIP
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(Exact names of registrants as specified in their governing documents)
MARYLAND (Liberty Property Trust) 23-7768996
PENNSYLVANIA (Liberty Property Limited Partnership) 23-2766549
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(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification
Number)
65 Valley Stream Parkway, Suite 100,
Malvern, Pennsylvania 19355
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(Address of Principal Executive Offices) (Zip Code)
Registrants' Telephone Number, Including Area Code (610) 648-1700
Securities registered pursuant to Section 12(b) of the Act:
NAME OF EACH EXCHANGE
TITLE OF EACH CLASS ON WHICH REGISTERED
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Common Shares of Beneficial Interest,
$0.001 par value
(Liberty Property Trust) New York Stock Exchange
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Convertible Subordinated Debentures due 2001
(Liberty Property Limited Partnership) New York Stock Exchange
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8.80% Series A Cumulative Redeemable Preferred
Shares of Beneficial Interest, $0.001 par value
(Liberty Property Trust) New York Stock Exchange
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Preferred Share Purchase Rights,
$0.0001 par value
(Liberty Property Trust) New York Stock Exchange
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<PAGE>
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrants (1) have filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter
period that the Registrants were required to file such reports) and (2)
have been subject to such filing requirements for the past ninety (90)
days. YES X NO
Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulations S-K is not contained herein, and will not be
contained, to the best of the Registrants' knowledge, in definitive
proxy or information statements incorporated by reference in Part III of
this Form 10-K or any amendment to this Form 10-K. / /
As of February 22, 2000, the aggregate market value of the Common Shares
of Beneficial Interest, $0.001 par value (the "Common Shares"), of
Liberty Property Trust held by non-affiliates of Liberty Property Trust
was approximately $1.5 billion, based upon the closing price of $22.88
on the New York Stock Exchange composite tape on such date. Non-
affiliate ownership is calculated by excluding all Common Shares that
may be deemed to be beneficially owned by executive officers and
trustees, without conceding that any such persons is an "affiliate" for
purposes of the federal securities laws.
Number of Common Shares outstanding as of February 22, 2000: 66,987,379
Documents Incorporated by Reference
Portions of the proxy statement for the annual meeting of shareholders
of Liberty Property Trust to be held in 2000 are incorporated by
reference into Part III of this Form 10-K.
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<PAGE>
INDEX
PAGE
PART I
Item 1. Business............................................... 5
Item 2. Properties............................................. 11
Item 3. Legal Proceedings...................................... 13
Item 4. Submission of Matters to a Vote of Security Holders.... 13
PART II
Item 5. Market for the Registrants' Common Equity and Related
Shareholders' Matters.................................. 15
Item 6. Selected Financial Data................................ 15
Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations.................... 17
Item 7A. Quantitative and Qualitative Disclosures About Market
Risk................................................... 27
Item 8. Financial Statements and Supplementary Data............ 28
Item 9. Changes in and Disagreements with Accountants on
Accounting and Financial Disclosure.................... 115
PART III
Item 10. Directors and Executive Officers of the Registrants.... 115
Item 11. Executive Compensation................................. 115
Item 12. Security Ownership of Certain Beneficial Owners and
Management............................................. 115
Item 13. Certain Relationships and Related Transactions......... 115
PART IV
Item 14. Exhibits, Financial Statement Schedules and Reports
on Form 8-K............................................ 115
SIGNATURES...................................................... 122
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<PAGE>
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The Private Securities Litigation Reform Act of 1995 provides a "safe
harbor" for forward-looking statements. Certain information included in
this Annual Report on Form 10-K and other materials filed or to be filed
by the Company (as defined below) with the Securities and Exchange
Commission (as well as information included in oral statements or other
written statements made or to be made by the Company) contain statements
that are or will be forward-looking, such as statements relating to
business development and development activities, acquisitions, (including
related pro forma financial information) dispositions, future capital
expenditures, financing sources and availability, and the effects of
regulation (including environmental regulation) and competition. Such
forward-looking information involves important risks and uncertainties
that could significantly affect anticipated results in the future and,
accordingly, such results may differ from those expressed in any forward-
looking statements made by, or on behalf of, Liberty Property Trust and
Liberty Property Limited Partnership (together, the "Company"). These
risks and uncertainties include, but are not limited to, uncertainties
affecting real estate businesses generally (such as entry into new
leases, renewals of leases and dependence on tenants' business
operations), risks relating to construction and development activities,
acquisition, disposition, possible environmental liabilities, risks
relating to leverage and debt service (including availability of
financing terms acceptable to the Company and sensitivity of the
Company's operations and financing arrangements to fluctuations in
interest rates), the potential for the use of borrowings to make
distributions necessary to qualify as a REIT, dependence on the primary
markets in which the Company's properties are located, the existence of
complex regulations relating to status as a REIT and the adverse
consequences of the failure to qualify as a REIT, and the potential
adverse impact of market interest rates on the market price for the
Company's securities. See "Management's Discussion and Analysis of
Financial Condition and Results of Operations - Forward-Looking
Statements".
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<PAGE>
PART I
ITEM 1. BUSINESS
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THE COMPANY
Liberty Property Trust (the "Trust") is a self-administered and self-
managed Maryland real estate investment trust (a "REIT"). Substantially
all of the Trust's assets are owned directly or indirectly, and
substantially all of the Trust's operations are conducted directly or
indirectly, by its subsidiary, Liberty Property Limited Partnership, a
Pennsylvania limited partnership (the "Operating Partnership" and,
together with the Trust and its consolidated subsidiaries, the
"Company"). The Company was formed in 1994 to continue and expand the
commercial real estate business of Rouse & Associates, a Pennsylvania
general partnership, and certain affiliated entities (collectively, the
"Predecessor"). Founded in 1972, the Predecessor developed and managed
commercial real estate in the Southeastern, Mid-Atlantic and West Coast
markets.
The Company provides leasing, property management, acquisition,
development, construction management, design management and other
related services for a portfolio which, as of December 31, 1999,
consisted of 634 industrial and office properties (the "Properties in
Operation") totaling approximately 46.2 million leasable square feet. As
of December 31, 1999, the Properties in Operation were approximately
94.9% leased to over 1,900 tenants. As of December 31, 1999, the
Company also had 22 properties under development (the "Properties Under
Development" and, together with the Properties in Operation, the
"Properties"). The Properties Under Development are expected to
generate, upon completion, approximately 2.2 million leasable square
feet. The Properties are located principally within the Southeastern,
Mid-Atlantic and Midwestern United States. As of December 31, 1999, the
Company also owned 1,307 acres of land, all zoned for commercial use,
which the Company anticipates are capable of supporting, as and when
developed, approximately ten million leasable square feet.
During the year ended December 31, 1999, through Total Investments (as
defined below) aggregating $348.9 million, the Company increased its
total leasable square footage of industrial and office space
approximately 4.6% by developing 41 properties totaling approximately
3.4 million leasable square feet and by acquiring 13 properties totaling
approximately 775,000 leasable square feet. This increase is net of the
disposition of 28 properties totaling approximately 2.1 million leasable
square feet for approximately $109.9 million. The "Total Investment"
for a Property is defined as the Property's purchase price plus closing
costs and management's estimate, as determined at the time of
acquisition, of the cost of necessary building improvements in the case
of acquisitions, or land costs and land and building improvement costs
in the case of development projects, and, where appropriate, other
development costs and carrying costs required to reach rent
commencement.
The Properties in Operation, as of December 31, 1999, consisted of 422
industrial and 212 office properties. Single tenants occupied 254 of
the Properties in Operation. The remaining 380 of the Properties in
Operation are multi-tenant properties for which the Company renders a
range of building, operating and maintenance services.
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<PAGE>
The Company's industrial Properties consist of a variety of warehouse,
distribution, service, assembly, light manufacturing and research and
development facilities. Substantially all of the Company's industrial
Properties are located in suburban, mixed-use developments or business
parks. They include both single-tenant and multi-tenant facilities,
with most designed flexibly to accommodate various types of tenants,
space requirements and industrial uses in an effort to increase re-
leasing opportunities and control re-leasing costs. The Company's
office Properties are mid-rise and single-story office buildings,
located principally in suburban mixed-use developments or office parks.
Substantially all of the Company's Properties are located in prime
business locations within established business communities offering
excellent access to interstate highway systems.
The Trust is the sole general partner and also a limited partner of the
Operating Partnership, with a combined common equity interest in the
Operating Partnership of 93.2% at December 31, 1999. The common units
of limited partnership interest in the Operating Partnership (the
"Common Units") are exchangeable on a one-for-one basis (subject to
antidilution protections) for the Common Shares of Beneficial Interest,
$0.001 par value per share (the "Common Shares"), of the Trust,
typically after the first anniversary of the issuance of any such Common
Units. The only limited partners of the Operating Partnership who hold
Common Units other than the Trust are persons or entities that
contributed assets to the Operating Partnership and received Common
Units in exchange therefor. The Common Units held by the limited
partners other than the Trust were exchangeable for approximately 4.9
million Common Shares on December 31, 1999. Certain holders of Common
Units issued in connection with the contribution of assets to the
Operating Partnership have the right to require the Company to register
the issuance or resale of the Common Shares underlying their Common
Units upon exchange for the Common Units, in order to afford such
holders liquidity with respect to their investment. The Company has
issued Series B Cumulative Redeemable Preferred Units of the Operating
Partnership (the "Preferred Units"). The Preferred Units are
exchangeable on a one-for-one basis at any time on or after July 28,
2009 into Series B Cumulative Redeemable Preferred Shares.
Collectively, the ownership of the Common and Preferred Unitholders is
reflected on the Trust's financial statements as minority interest.
The Company's executive offices are located at 65 Valley Stream Parkway,
Malvern, Pennsylvania 19355. The telephone number is (610) 648-1700.
The Company maintains offices in each of its principal markets. As of
December 31, 1999, the Company's principal markets were as follows:
Southeastern Pennsylvania; New Jersey; Lehigh Valley, Pennsylvania;
Maryland; Virginia; the Carolinas; Jacksonville, Florida; Tampa,
Florida; South Florida; Minneapolis, Minnesota; Detroit, Michigan; and
the United Kingdom. For further detail regarding the Company's
Properties in particular markets, please refer to Item 2. Properties and
Note 11 of the Notes to the Liberty Property Trust Financial Statements
and Note 10 of the Notes to the Liberty Property Limited Partnership
Financial Statements.
MANAGEMENT AND EMPLOYEES
The Company's 331 employees (as of February 22, 2000) are under the
direction of 19 senior executives, who, on average, have been affiliated
with the Company and the Predecessor for 14 years. The Company and its
Predecessor has developed and managed commercial real estate for the
past 27 years. The Company's in-house leasing, marketing and property
management staff operates in full-service local offices in markets where
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<PAGE>
it has a significant presence. This structure enables the Company to
better understand the particular characteristics of the local markets in
which it operates, to respond quickly and directly to tenant needs and
to better identify local development and acquisition opportunities. The
Company considers its relations with its employees to be good.
BUSINESS OBJECTIVES AND STRATEGIES FOR GROWTH
The Company's business objective is to maximize long-term profitability
for its shareholders by (i) maintaining and increasing property
occupancy and rental rates through the effective management of the
Properties, (ii) developing and acquiring high-quality properties, and
(iii) selectively disposing of certain Properties. In accomplishing
these objectives, the Company also intends to maintain a conservative
and flexible capital structure.
INTERNAL GROWTH STRATEGIES
Management believes that the Properties offer significant opportunities
for the Company to increase its rental revenues and cash flow. The
Company seeks to increase rental revenues through the renewal or
replacement of expiring leases at rental rates which are higher than the
rates under expiring leases. In addition, the Company seeks to increase
cash flow by continuing its practice of negotiating for annual
contractual rental increases that take effect during the terms of its
leases, and by improving the occupancy of its portfolio. The Company
also intends to enhance its ability to attract and retain tenants by
pursuing various e-commerce initiatives. Finally, the Company intends
to maximize earnings through controlling costs.
NEW LEASES AND LEASE RENEWALS. In the past year, the Company generally
has been experiencing increases in rental rates in replacement and
renewal leases. Although no assurance can be given, the Company expects
that in the near term, replacement and renewal leases will continue to
reflect rental rates which are higher than the rates under expiring
leases.
CONTRACTUAL INCREASES. The Company seeks to generate increased cash
flow from the Properties in Operation through annual contractual
increases in rental rates under its leases. The leases in effect with
respect to the Properties in Operation as of December 31, 1999 provide
for contractual rental increases that are expected to contribute an
additional $5.0 million to the Company's cash flow for the year ending
December 31, 2000. The Company intends to continue to negotiate annual
contractual rent increases that take effect during the terms of its
leases.
MAINTAINING HIGH OCCUPANCIES. The Company believes that the quality and
diversity of its tenant base and its strategy of operating in multiple
markets has contributed, and will continue to contribute, to its success
in obtaining increases in rental rates and maintaining high occupancy
levels. The Company targets financially stable tenants in an effort to
minimize uncertainty relating to the ability of its tenants to meet
their lease obligations.
E-COMMERCE INITIATIVES. The Company believes that its Properties
represent unique resources the value of which can be increased by the
addition of tenant-oriented amenities.
The Company has developed and commenced the introduction of a new
Internet-based product to link the Company's business communities with
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<PAGE>
local service providers, national retailers and community organizations.
The Company believes that this product will enhance the working
environment in the business parks in which many of the Company's
Properties are located. The Company believes that this focus will
further the Company's goal of providing desirable business
accommodations for its tenants.
In another initiative, the Company has entered into an agreement with a
telecommunications service provider to make available to tenants a
portfolio of e-commerce solutions, including advanced voice and data
services and broadband Internet access. In exchange for access to the
Company's Properties, the telecommunications service provider has agreed
to wire substantially all of the Company's multi-tenant office
Properties and certain of its flex Properties. The arrangement provides
that the Company will participate in a portion of the revenue generated
by the tenants' use of such services. The Company believes that the
relationship with this telecommunications service provider will allow
the Company to offer its tenants an attractive e-commerce amenity and
may result in additional revenue as a product of the revenue sharing
arrangement.
The Company intends to continue to explore and develop various
e-commerce initiatives in order to maximize the value of its assets.
COST CONTROLS. The Company monitors and controls its operating and
administrative costs by performing many functions in-house rather than
by engaging outside third parties. For example, although construction
and design services typically are provided by third parties, the
Company's in-house construction and design management staff closely
supervises construction and design activities in an effort to control
costs, minimize cost overruns, ensure timely delivery of tenant space
and maximize productivity and efficiencies. The Company also employs an
annual capital improvement and preventive maintenance program designed
to reduce the operating costs of the Properties and maintain long-term
values.
DEVELOPMENT, ACQUISITION AND DISPOSITION STRATEGIES
The Company also seeks to achieve growth in income from rental
operations through maintenance and expansion of its development
pipeline, and acquisition of additional rental properties where
management has identified opportunities which will create shareholder
value over the long term. The Company also has a program to dispose of
Properties which no longer fit with the Company's strategic objective or
in situations where it can optimize cash proceeds.
The Company pursues attractive development opportunities, focusing
primarily on high-quality suburban industrial and office properties
within its existing markets. The Company and its Predecessor have
developed over 41 million square feet of commercial real estate during
the past 27 years. The Company's development activities fall into two
categories: build-to-suit projects and projects built for inventory.
The Company develops build-to-suit projects for existing and new
tenants. These projects are substantially pre-leased to one or more
tenants prior to construction. The Company also builds properties for
inventory, typically in high-occupancy markets in which the Company has
identified sufficient demand at market rental rates to justify such
construction.
DEVELOPMENT. During the year ended December 31, 1999, the Company
completed 8 build-to-suit and 33 inventory projects, totaling
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<PAGE>
approximately 3.4 million square feet of leasable space and representing
an aggregate Total Investment of approximately $285.7 million. As of
December 31, 1999, these completed development properties were 88.1%
leased.
As of December 31, 1999, the Company had 22 Properties Under Development
which, upon completion, are expected to generate approximately 2.2
million leasable square feet and are expected to represent a Total
Investment of approximately $198.1 million. Approximately 33.7% of such
leasable space was pre-leased as of December 31, 1999. The Company
expects to complete the Properties Under Development over the next eight
quarters.
As of December 31, 1999, the Company owned 1,307 acres of land for
development, all zoned for commercial use. Substantially all of the land
is located adjacent to or within existing industrial or business parks
with site improvements, such as public sewers, water and utilities,
available for service. The Company anticipates that the land would
support, as and when developed, approximately ten million leasable
square feet. The Company's investment in land held for development as
of December 31, 1999 was $111.2 million. The Company is obligated to
purchase additional land under contracts entered into with a variety of
parties. The Company believes that, because it is a fully integrated
real estate firm, its base of commercially zoned land in existing
industrial and business parks provides a competitive advantage for
future development activities.
ACQUISITIONS. The Company seeks to acquire properties consistent with
its business objectives and strategies. The Company executes its
acquisition strategy by purchasing properties which management believes
will create shareholder value over the long term.
During the year ended December 31, 1999, the Company acquired 13
properties comprising approximately 775,000 leasable square feet for a
Total Investment of $63.1 million.
DISPOSITIONS. The Company seeks to generate capital through its asset
disposition program pursuant to which Properties in Operation which no
longer fit within the Company's strategic plan are sold and the proceeds
from such sales are utilized to fund development and acquisitions
consistent with the Company's business objectives and strategies.
During the year ended December 31, 1999, the Company sold 28 Properties
compromising approximately 2.1 million square feet of leasable space for
$109.9 million.
INTERNATIONAL OPERATION
The Company's international operation includes nine Properties in
Operation and one Property Under Development in the County of Kent,
England. In addition, the Company provides management services with
respect to a joint venture between Rouse Kent Limited, which is owned by
certain senior executives of the Company, and the County of Kent,
England to develop a 650-acre, mixed-use park approximately 25 miles
southeast of London. The Company has an option to purchase Rouse Kent
Limited for nominal consideration. The Company has accounts and a loan
receivable from Rouse Kent Limited at December 31, 1999, with
outstanding balances of $5.1 million.
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<PAGE>
SUBSEQUENT ACTIVITIES
The Company intends to continue to pursue its development, acquisition
and disposition strategies. The Company is currently in various stages
of discussions and negotiations with respect to development, acquisition
and disposition projects. The consummation of these or any other future
developments, or acquisitions and dispositions, if any, and the pace at
which developments may be completed and acquisitions and dispositions
made, cannot be assured.
COMPETITION
The Company faces competition as a lessor, developer, buyer, and seller
of properties. The Company believes that the quality of its Properties
and its responsiveness to tenant needs will enable it to attract and
retain high-quality tenants in the markets in which the Properties are
located. However, the number of competitive properties in any particular
market in which the Company's Properties are located could have a
material adverse effect on both the Company's ability to lease space and
on rental rates at the Properties. There are numerous other entities,
including but not limited to other REITs, that compete with the Company
in seeking to develop or acquire properties. However, the Company
believes that its management, its market knowledge, its capital base,
its existing sources of credit and its access to capital will provide
the Company with competitive advantages..
ENVIRONMENTAL REGULATIONS
Under various federal, state and local laws, ordinances and regulations
relating to the protection of the environment (collectively,
"Environmental Laws"), a current or previous owner or operator of real
estate may be liable for the cost of removal or remediation of certain
hazardous or toxic substances disposed, stored, released, generated,
treated manufactured or discharged from, on, at, onto, under or in such
property. Environmental Laws often impose such liability without regard
to whether the owner or operator knew of, or was responsible for, the
presence or release of such hazardous or toxic substances. In addition,
the presence of any such substances or the failure to properly remediate
such substances when present, released or discharged may adversely
affect the owner's ability to sell or rent such property or to borrow
using such property as collateral. The cost of any required remediation
and the liability of the owner or operator therefore as to any property
is generally not limited under such Environmental Laws and could exceed
the value of the property and/or the aggregate assets of the owner or
operator. Persons who arrange for disposal of hazardous or toxic
substances may also be liable for the costs of removal or remediation of
such substances at a storage, disposal or treatment facility or other
facility at which there has been a release or a threatened release of
such substances, whether or not such facility is owned or operated by
such persons. In addition to any action required by federal, state or
local authorities, the presence of hazardous or toxic substances on any
of the Properties, or on any properties acquired hereafter, could result
in private plaintiffs bringing claims for personal injury or other
causes of action. In connection with the ownership and operation of the
Properties, and with respect to any properties developed or acquired
hereafter, the Company may be potentially liable for removal,
remediation, natural resource damages, release or injury to persons or
property. Further, various Environmental Laws impose on owners or
operators the requirement of ongoing compliance with rules and
regulations regarding business-related activities that may affect the
environment. Failure to comply with such requirements could result in
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difficulty in the lease or sale of any affected Property or the
imposition of monetary penalties and fines in addition to the costs
required to attain compliance.
All of the Properties and land have been subject to Phase I
Environmental Assessments ("Phase I Assessments"). The Phase I
Assessments did not reveal, nor is the Company aware of, any non-
compliance with Environmental Laws, environmental liability or other
environmental claim that the Company believes would likely have a
material adverse effect on the Company. Although certain environmental
issues have been identified with respect to certain of the Properties,
the Company does not believe that any of these issues is likely to
materially adversely affect the results of the Company's operations. No
assurance can be given that the Phase I Assessments revealed all
potential environmental liabilities, that no prior owner or operator
created any material adverse environmental condition not known to the
Company, that no environmental liabilities have developed since such
Phase I Assessments were prepared, that future laws, ordinances or
regulations will not impose any material environmental requirement or
liability, or that a material adverse environmental condition does not
otherwise exist.
ITEM 2. PROPERTIES
The Properties in Operation, as of December 31, 1999, consisted of 422
industrial and 212 office properties.
Single tenants occupy 254 Properties in Operation. The Company provides
a reduced level of service in connection with the operation or
maintenance of these properties. The remaining 380 of the Company's
Properties in Operation are multi-tenant properties for which the
Company renders a range of building, operating and maintenance services.
The Company's industrial Properties consist of a variety of warehouse,
distribution, service, assembly, light manufacturing, and research and
development facilities. Substantially all of the Company's industrial
Properties are located in suburban, mixed-use developments or business
parks offering excellent access to interstate highway systems and all
are well-maintained facilities. They include both single-tenant and
multi-tenant facilities, with most designed flexibly to accommodate
various types of tenants, space requirements, and industrial uses to
increase re-leasing opportunities and control re-leasing costs. The
average building size of the industrial properties is 76,379 leasable
square feet. As of December 31, 1999, the Company's industrial
properties were 94.8% leased. Major industrial tenants, based upon
annual base rent, include DSC Logistics, Inc., the Government of the
United States of America, General Electric Company, and Dial
Corporation. None of the industrial tenants accounts for more than 1.3%
of the Company's total annual base rent.
The Company's office Properties are mid-rise and single-story office
buildings principally located in suburban, mixed-use developments or
office parks. All of the Company's office Properties are well-
maintained facilities. Substantially all are located in prime business
locations within established business communities offering excellent
access to interstate highway systems. As of December 31, 1999, the
office properties were approximately 95.0% leased. The average building
size of the office properties is 65,975 leasable square feet. Major
office tenants, based upon annual base rent, include The Vanguard Group,
SmithKline Beecham, Citigroup, and the Prudential Insurance Company.
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None of the office tenants accounts for more than 5.0% of the Company's
total annual base rent.
The table below sets forth certain information on the Company's
Properties in Operation as of December 31, 1999. A complete listing of
the Properties in Operations appears as Schedule III to the financial
statements of the Company included in this report.
<TABLE>
<CAPTION>
LIBERTY PROPERTY TRUST/LIBERTY PROPERTY LIMITED PARTNERSHIP
BUILDING TYPE BY REGION
DECEMBER 31, 1999
Total Total
Type Base Rent Square Feet % Leased
------------------------ -------------- ------------ --------
<S> <C> <C> <C> <C>
Southeastern PA Industrial -Distribution $ 9,845,755 1,967,733 95.8%
-Flex 18,070,473 2,021,282 95.4%
Office 64,868,988 4,772,651 96.7%
------------ ------------ -------
Total $ 92,785,216 8,761,666 96.2%
============ ============ ========
New Jersey Industrial -Distribution $ 11,598,176 2,903,820 90.5%
-Flex 8,254,731 1,305,687 82.4%
Office 10,061,031 883,014 97.6%
------------ ------------ --------
Total $ 29,913,938 5,092,521 89.6%
============ ============ ========
Lehigh Valley Industrial -Distribution $ 19,849,731 5,311,832 96.6%
-Flex 8,586,212 1,222,790 96.4%
Office 6,085,132 539,717 94.4%
------------ ------------ --------
Total $ 34,521,075 7,074,339 96.4%
============ ============ ========
Maryland Industrial -Distribution $ 825,313 199,977 100.0%
-Flex 4,113,482 413,594 97.0%
Office 6,114,252 529,758 99.8%
------------ ------------ --------
Total $ 11,053,047 1,143,329 98.8%
============ ============ ========
Virginia Industrial -Distribution $ 16,811,749 4,593,500 96.8%
-Flex 5,125,307 698,194 87.5%
Office 9,703,384 881,382 90.4%
------------ ----------- --------
Total $ 31,640,440 6,173,076 94.8%
============ ============ ========
The Carolinas Industrial -Distribution $ 6,885,141 1,749,765 90.8%
-Flex 2,059,904 299,002 84.7%
Office 17,002,870 1,556,137 87.7%
------------ ------------ --------
Total $ 25,947,915 3,604,904 89.0%
============ ============ ========
Jacksonville Industrial -Distribution $ 4,873,940 1,279,419 98.5%
-Flex 10,022,201 1,689,421 94.5%
Office 17,030,817 1,474,881 94.1%
------------ ------------ --------
Total $ 31,926,958 4,443,721 95.5%
============ ============ ========
Tampa Industrial -Distribution 1,095,455 294,286 100.0%
-Flex 7,376,763 896,619 97.3%
Office 1,781,804 144,645 100.0%
------------ ------------ --------
Total $ 10,254,022 1,335,550 98.2%
============ ============ ========
South Florida Industrial -Distribution 3,020,269 603,598 93.0%
-Flex 1,780,044 251,073 96.3%
Office 8,235,455 759,303 93.7%
------------ ------------ --------
Total $ 13,035,768 1,613,974 93.9%
============ ============ ========
Minnesota Industrial -Distribution $ 700,440 143,502 100.0%
-Flex 12,636,993 1,711,079 98.1%
Office 9,860,739 755,628 97.9%
------------ ------------ --------
Total 23,198,172 2,610,209 98.2%
============ ============ ========
Michigan Industrial -Distribution $ 1,454,865 396,494 100.0%
-Flex 15,778,671 2,171,774 96.0%
Office 16,745,355 1,496,214 98.5%
------------ ------------ --------
Total $ 33,978,891 4,064,482 97.3%
============ ============ ========
- -12-
<PAGE>
LIBERTY PROPERTY TRUST/LIBERTY PROPERTY LIMITED PARTNERSHIP
BUILDING TYPE BY REGION
DECEMBER 31, 1999
Total Total
Type Base Rent Square Feet % Leased
------------------------ -------------- ------------ --------
United Kingdom Industrial -Distribution $ - - -
-Flex 2,167,647 107,558 99.6%
Office 3,751,715 193,307 76.6%
------------ ------------ --------
Total $ 5,919,362 300,865 84.8%
============ ============ ========
TOTAL Industrial -Distribution $ 76,960,834 19,443,926 95.3%
-Flex 95,972,428 12,788,073 94.1%
Office 171,241,542 13,986,637 95.0%
------------ ------------ --------
Total 344,174,804 46,218,636 94.9%
============ ============ ========
</TABLE>
ITEM 3. LEGAL PROCEEDINGS
The ownership of property and provision of services to the public
entails an inherent risk of liability. Although the Company is engaged
in litigation incidental to its business, there is no legal proceeding
to which it is a party which, in the opinion of management, will
materially adversely affect the results of the Company's operations.
The Company carries liability insurance against certain types of claims
that management believes meets industry standards; however, there can be
no assurance that any future legal proceedings (including any related
judgments, settlements or costs) will not materially adversely affect
the Company's financial condition, liquidity, or results of operations.
On June 27, 1995, the Environmental Protection Agency ("EPA") notified
Willard G. Rouse III, and two former senior executives, together with
six other companies or individuals, that they may be potentially
responsible, as former owners, for a portion of the response costs for
remediation of ground water in part of the North Penn Service Area for
certain properties located in Upper Gwynedd Township, Pennsylvania, (the
"Church Road Properties"). The Company acquired the Church Road
Properties from the Predecessor upon formation of the Company. The
Company sold the Church Road Properties in 2000. The Company has not
been similarly notified by the EPA; however, as a prior owner of the
Church Road Properties, the potential exists for the Company to be named
a potentially responsible party if there has been a release from the
Church Road Properties of hazardous substances, including
trichloroethylene, that requires remediation. In such circumstances,
the Company believes it would have claims against other financially
responsible parties (including previous owners of the Church Road
Properties, such as Zenith and the other parties identified by the EPA
as potentially liable) and, consequently, the Company does not believe
that its liability with respect to this matter, if any, is likely to be
material. In addition, Mr. Rouse, Joseph P. Denny and two former senior
executives agreed to indemnify the Company for a period of 10 years
commencing in June 1994 with respect to material environmental
liabilities associated with the Church Road Properties.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matters were submitted to a vote of security holders during the
fourth quarter of the year ended December 31, 1999.
- -13-
<PAGE>
EXECUTIVE OFFICERS
The following persons are the executive officers of the Trust, which is
the sole general partner of the Operating Partnership:
<TABLE>
<CAPTION>
AGE AT
FEBRUARY POSITION
NAME 22, 2000
- ----------------------- -------- -----------------------------------------------
<S> <C> <C>
Willard G. Rouse III 57 Chairman of the Board of Trustees
and Chief Executive Officer
Joseph P. Denny 53 President, Chief Operating Officer and Trustee
George J. Alburger, Jr. 52 Chief Financial Officer and Treasurer
Robert E. Fenza 42 Executive Vice President
James J. Bowes 46 Secretary and General Counsel
</TABLE>
Willard G. Rouse III has served as Chairman of the Board of Trustees and
Chief Executive Officer of the Company since March 1994. Mr. Rouse had
been a General Partner of the Predecessor since its founding in 1972.
Mr. Rouse has served as Chairman of each of the Pennsylvania Convention
Center Authority, Foundation for Architecture, We the People 2000 and
the Philadelphia Children's Network and as President of the Fellowship
Commission. Mr. Rouse is currently Chair of The Philadelphia Regional
Performing Arts Center, which is constructing a performing arts center
in Philadelphia, Pennsylvania. Effective April 1, 2000, Mr. Rouse will
assume the additional title of President of the Company.
Joseph P. Denny has served as President and Chief Operating Officer of
the Company and a trustee of the Trust since March 1994. Mr. Denny
joined the Predecessor in 1979 and served as a Regional Manager. In the
various capacities in which he served the Predecessor, he was
responsible for developing approximately one billion dollars of
projects, primarily large urban projects. Mr. Denny serves on the
Advisory Board of the Wharton Business School's Real Estate Center.
Effective April 1, 2000, Mr. Denny will step down from his position as
President and Chief Operating Officer of the Company and will assume the
position of Vice Chairman.
Robert E. Fenza has served as an Executive Vice President of the Company
since March 1994, with principal responsibility for operations, property
management and asset management. Mr. Fenza joined the Predecessor in
1984 and advanced to Regional Manager in 1987 and to Northern Division
Manager in 1991. Effective April 1, 2000, Mr. Fenza will assume the
additional title of Chief Operating Officer of the Company.
George J. Alburger, Jr. became Chief Financial Officer and Treasurer of
the Company in May 1995. Prior to joining the Company, Mr. Alburger
served as Executive Vice President of EBL&S Property Management, Inc.,
an owner and manager of approximately 200 shopping centers aggregating
30 million square feet of retail space. Mr. Alburger is a certified
public accountant and was formerly a Senior Manager with Price
Waterhouse LLP.
James J. Bowes has served as General Counsel and Secretary of the
Company since December 1996. Prior to joining the Company, Mr. Bowes
was a partner in the law firm of Blank Rome Comisky & McCauley.
- -14-
<PAGE>
Each officer will serve until the first meeting of the Board of Trustees
after the next annual meeting of shareholders or until the officer
resigns or is removed from office by the Board of Trustees.
PART II
ITEM 5. MARKET FOR THE REGISTRANTS' COMMON EQUITY AND RELATED
SHAREHOLDERS MATTERS
The Common Shares are traded on the New York Stock Exchange under the
symbol "LRY." There is no established public trading market for the
Common Units. The following table sets forth, for the calendar quarters
indicated, the high and low closing prices of the Common Shares on the
New York Stock Exchange, and the dividends declared per Common Share for
such calendar quarter.
DIVIDENDS
DECLARED PER
HIGH LOW COMMON SHARE
---- --- -------------
1999
First Quarter $25 5/16 $20 3/4 $0.45
Second Quarter 25 3/8 20 3/8 0.45
Third Quarter 24 13/16 22 11/16 0.52
Fourth Quarter 24 13/16 21 0.52
1998
First Quarter $28 3/8 $25 $0.42
Second Quarter 27 24 1/2 0.42
Third Quarter 26 3/16 21 1/2 0.45
Fourth Quarter 25 20 13/16 0.45
As of February 22, 2000, the Common Shares were held by 1,114 holders of
record. Since its initial public offering, the Company has paid regular
and uninterrupted dividends.
Although the Company currently anticipates that comparable cash
dividends will continue to be paid in the future, the payment of future
dividends by the Company will be at the discretion of the Board of
Trustees and will depend on numerous factors including the Company's
cash flow, its financial condition, capital requirements, annual
distribution requirements under the REIT provisions of the Internal
Revenue Code of 1986, as amended, and such other factors as the Board of
Trustees deems relevant.
ITEM 6. SELECTED FINANCIAL DATA
The following table sets forth Selected Financial Data for Liberty
Property Trust and Liberty Property Limited Partnership as of and for
the years ended December 31, 1999, 1998, 1997, 1996 and 1995. The
information set forth below should be read in conjunction with
"Management's Discussion and Analysis of Financial Condition and Results
of Operations" and the financial statements and notes thereto appearing
- -15-
<PAGE>
elsewhere in this report. Certain amounts from prior periods have been
restated to conform to current-year presentation.
<TABLE>
<CAPTION>
LIBERTY PROPERTY TRUST/LIBERTY PROPERTY LIMITED PARTNERSHIP
------------------------------------------------------------
YEAR ENDED DECEMBER 31,
-----------------------------------------------------------
1999 1998 1997 1996 1995
---------- ---------- ---------- ---------- ----------
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<S> <C> <C> <C> <C> <C>
OPERATING DATA
Total revenue $ 472,498 $ 388,378 $ 229,999 $ 153,688 $ 117,041
Rental and real estate
tax expense 129,439 108,345 61,079 40,853 29,314
Interest expense 99,663 78,617 51,067 39,555 37,688
General and administra-
tive expenses 16,127 15,522 10,650 8,023 5,212
Depreciation and
amortization 84,464 67,932 40,752 28,203 22,518
---------- ---------- ---------- ---------- ---------
Income before property
dispositions,
extraordinary item and
minority interest 142,805 117,962 66,451 37,054 22,309
Gain (loss) on property
dispositions 13,188 (1,285) 2,518 577 -
---------- ---------- ---------- ---------- ---------
Income before extraordinary
item and minority
interest 155,993 116,677 68,969 37,631 22,309
Extraordinary item-loss
on extinguishment of
debt 1,145 - 2,919 - -
---------- ---------- ---------- ---------- ---------
Income before minority
interest 154,848 116,677 66,050 37,631 22,309
Minority interest 13,524 8,062 5,606 3,891 2,843
---------- ---------- ---------- ---------- ---------
Net income 141,324 108,615 60,444 33,740 19,466
---------- ---------- ---------- ---------- ---------
Preferred share
distributions 11,000 11,000 4,247 - -
---------- ---------- ---------- ---------- ---------
Income available to
common shareholders $ 130,324 $ 97,615 $ 56,197 $ 33,740 $ 19,466
========== ========== ========== ========== =========
Distributions paid on
common shares and units $ 133,387 $ 109,361 $ 70,615 $ 52,569 $ 38,683
========== ========== ========== ========== =========
Distributions paid on
preferred shares
and units $ 14,784 $ 11,000 $ 2,414 - -
========== ========== ==========
PER SHARE DATA
Earnings per share
Basic:
Income per common share
before extraordinary
item $ 1.98 $ 1.60 $ 1.45 $ 1.14 $ 0.89
Extraordinary item $ (0.02) $ - $ (0.06) $ - $ -
Income per common share $ 1.96 $ 1.60 $ 1.39 $ 1.14 $ 0.89
Diluted:
Income per common share
before extraordinary
item $ 1.97 $ 1.59 $ 1.44 $ 1.14 $ 0.89
Extraordinary item $ (0.02) $ - $ (0.06) $ - $ -
Income per common share $ 1.95 $ 1.59 $ 1.38 $ 1.14 $ 0.89
Distributions paid per
common share $ 1.87 $ 1.71 $ 1.65 $ 1.61 $ 1.60
Distributions paid per
preferred share $ 2.20 $ 2.20 $ 0.48 - -
Weighted average number
of shares outstanding -
basic <F1> 66,495 61,036 40,493 29,603 21,833
Weighted average number
of shares outstanding -
diluted <F2> 66,727 61,315 40,806 29,678 21,838
- -16-
<PAGE>
LIBERTY PROPERTY TRUST/LIBERTY PROPERTY LIMITED PARTNERSHIP
------------------------------------------------------------
YEAR ENDED DECEMBER 31,
-----------------------------------------------------------
1999 1998 1997 1996 1995
---------- ---------- ---------- ---------- ----------
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
OTHER DATA
Cash provided by opera-
ting activities $212,421 $ 219,223 $ 136,596 $ 68,643 $ 68,186
Cash used by investing
activities (238,778) (839,542) (864,562) (267,099) (281,862)
Cash provided by
financing activities 21,030 579,631 763,433 207,439 199,136
Funds from operations <F3> 210,982 173,829 102,519 64,917 44,606
</TABLE>
<TABLE>
<CAPTION>
LIBERTY PROPERTY TRUST/
LIBERTY PROPERTY LIMITED PARTNERSHIP
------------------------------------------------------------------------
DECEMBER 31,
------------------------------------------------------------------------
1999 1998 1997 1996 1995
------------ ------------ ------------ ------------ ------------
(DOLLARS IN THOUSANDS)
<S> <C> <C> <C> <C> <C>
BALANCE SHEET DATA
Net real estate $ 2,984,577 $ 2,819,119 $ 1,956,717 $ 1,061,234 $ 826,289
Total assets 3,118,133 2,931,408 2,093,858 1,152,560 897,409
Total indebtedness 1,491,238 1,423,843 960,134 678,709 473,909
Shareholders' and owners'
equity 1,294,607 1,267,036 955,595 375,532 335,521
OTHER DATA
Total leasable square foot-
age of properties at end
of period (in thousands) 46,219 44,168 32,453 20,617 16,693
Number of properties at
end of period 634 608 441 259 208
Percentage leased at end
of period 95% 95% 95% 93% 92%
</TABLE>
<F1> Basic weighted average number of shares includes only Common
Shares outstanding during the year.
<F2> Diluted weighted average number of shares outstanding includes the
dilutive effect of outstanding options. Such number excludes Common
Shares issuable upon conversion of the Convertible Debentures, because
to do so would have been antidilutive for the periods presented.
<F3> "Funds from operations" is defined by the National Association of
Real Estate Investment Trusts ("NAREIT") as net income or loss after
preferred distributions (computed in accordance with generally accepted
accounting principles ("GAAP")), excluding gains (or losses) from sales
of property and extraordinary items as defined by GAAP, plus real
estate-related depreciation and amortization and minority interest.
Funds from operations does not represent net income or cash flows
generated from operations as defined by GAAP and does not necessarily
indicate that cash flows will be sufficient to fund cash needs. It
should not be considered as an alternative to net income as an indicator
of the Company's operating performance or to cash flows as a measure of
liquidity. Funds from operations also does not represent cash flows
generated from operating, investing or financing activities as defined
by GAAP.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
OVERVIEW
The following discussion and analysis is based on a consolidated view of
the Company. Geographic segment data for the years ended December 31,
1999, 1998 and 1997 are included in Note 11 of the Notes to the Liberty
- -17-
<PAGE>
Property Trust Financial Statements and Note 10 of the Liberty Property
Limited Partnership Financial Statements.
In 1999, the Company continued to focus on creating value and increasing
profitability and cash flow. With respect to its core portfolio of
Properties in Operation the Company endeavors to maintain and increase
its high occupancy levels while increasing rental rates. The Company
pursues development opportunities that create value and yield high
returns. The Company also acquires properties which provide high
returns and create long-term value, and disposes of Properties which no
longer fit with the Company's strategic objectives or in situations
where it can optimize cash proceeds.
The Company's operating results depend primarily upon income from rental
operations. This income is substantially influenced by rental demand
for the Properties in Operation. In addition, the Company's continued
growth is dependent upon its ability to maintain property occupancy
rates and increase rental rates on the Properties in Operation, to
develop new properties to meet demand and to strategically acquire
additional properties and dispose of existing properties. The occupancy
rate of the Properties in Operation has been in the 94% to 95% range for
the last three years and was 94.9% at December 31, 1999. The Company
will seek to maintain and increase its overall occupancy and also will
seek to increase rental rates in replacement and renewal leases. Stable
or increasing occupancy, along with increases in rental rates, would
allow the Properties in Operation to continue to provide a comparable or
increasing level of income from rental operations.
The Company also seeks to achieve growth in income from rental
operations through controlling expenses, maintenance and expansion of
its development pipeline, and acquisition of additional rental
properties where management has identified opportunities which will
create shareholder value over the long term.
The number of properties brought into service increased in 1999 compared
to 1998. In 1999, the Company completed development of 41 properties
totaling approximately 3.4 million leasable square feet for a Total
Investment of $285.7 million. In 1998, the Company completed
development of 34 properties totaling approximately 3.5 million leasable
square feet for a Total Investment of $237.3 million. In addition, as
of December 31, 1999, the Company had 22 Properties Under Development
expected to generate, upon completion, approximately 2.2 million
leasable square feet of suburban office and industrial space for a Total
Investment of approximately $198.1 million. The Company expects to
complete the Properties Under Development over the next eight quarters.
The Company acquired 13 properties consisting of approximately 775,000
leasable square feet during 1999 for a Total Investment of approximately
$63.1 million as compared to the acquisition of 144 properties
consisting of approximately 8.6 million leasable square feet during 1998
for a Total Investment of approximately $626.3 million. The Company
will seek to continue to achieve attractive returns on acquisitions.
The Company anticipates that given current market conditions, the pace
of acquisitions of rental properties in 2000 will be approximately the
same as it was in 1999.
In 1999, the Company disposed of 28 Properties totaling approximately
2.1 million leasable square feet for $109.9 million. In 1998, the
Company disposed of ten Properties totaling approximately 412,000
leasable square feet for $18.9 million. The Company anticipates the
selective disposition of Properties to continue.
- -18-
<PAGE>
The Company continued to strengthen its balance sheet in 1999 by
accessing both the private equity market and the public debt market.
The Company raised approximately $95.0 million through the issuance of
9.25% Series B Cumulative Redeemable Preferred Units. In addition, the
Company issued $250.0 million principal amount of investment grade rated
10-year unsecured notes.
The composition of the Properties in Operation as of December 31, 1999
and 1998 is as follows (in thousands):
<TABLE>
<CAPTION>
TOTAL PERCENT OF TOTAL
SQUARE FEET SQUARE FEET PERCENT OCCUPIED
----------------- ---------------- -----------------
DECEMBER 31, DECEMBER 31, DECEMBER 31,
TYPE 1999 1998 1999 1998 1999 1998
- ------------------------- ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Industrial - Distribution 19,444 19,069 42.1% 43.2% 95.3% 95.0%
Industrial - Flex 12,788 12,771 27.7% 28.9% 94.1% 94.4%
Office 13,987 12,328 30.2% 27.9% 95.0% 95.6%
------- ------ ------- ------- ------- -------
Total 46,219 44,168 100.0% 100.0% 94.9% 95.0%
======= ====== ====== ====== ====== ======
</TABLE>
The expiring square feet and annual base rent by year for the above
Properties in Operation as of December 31, 1999 are as follows (in
thousands):
<TABLE>
<CAPTION>
INDUSTRIAL-
DISTRIBUTION INDUSTRIAL-FLEX OFFICE TOTAL
------------------ ------------------ ------------------ ------------------
EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING
SQUARE ANNUAL SQUARE ANNUAL SQUARE ANNUAL SQUARE ANNUAL
YEAR FEET BASE RENT FEET BASE RENT FEET BASE RENT FEET BASE RENT
- ---------- ------ --------- ------ --------- ------ --------- ------ ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
2000 2,187 $ 8,616 2,672 $ 20,112 2,354 $ 28,441 7,213 $ 57,169
2001 3,042 13,213 2,004 15,195 1,629 20,939 6,675 49,347
2002 3,354 13,546 1,905 15,185 1,360 16,820 6,619 45,551
2003 1,780 8,495 1,796 16,189 1,269 17,084 4,845 41,768
2004 2,214 10,604 1,423 13,168 1,560 23,292 5,197 47,064
2005 1,137 5,753 385 4,467 1,587 22,170 3,109 32,390
Thereafter 4,818 24,458 1,844 19,359 3,525 57,391 10,187 101,208
------ -------- ------ -------- ------- -------- ------ --------
Total 18,532 $84,685 12,029 $103,675 13,284 $186,137 43,845 $374,497
====== ======== ====== ======== ======= ======== ====== ========
Total Square
Feet 19,444 12,788 13,987 46,219
====== ====== ====== ======
Percent of
Total Expiring
Annual Base
Rent 22.6% 27.7% 49.7% 100.0%
======== ======== ======== ========
</TABLE>
The scheduled deliveries of the 2.2 million square feet of leasable space
in Properties Under Development as of December 31, 1999 are as follows
(in thousands):
<TABLE>
<CAPTION>
SQUARE FEET
-----------------------------
SCHEDULED IND- IND- PERCENT LEASED
IN-SERVICE DATE DIST. FLEX OFFICE TOTAL DECEMBER 31, 1999 TOTAL INVESTMENT
- ---------------- ------ ------ ------- ------ ----------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
1st Quarter 2000 - 65 207 272 97.6% $ 30,375
2nd Quarter 2000 - 34 304 338 55.5% 44,802
3rd Quarter 2000 - 55 338 393 63.7% 43,222
4th Quarter 2000 522 30 114 666 6.1% 33,980
Thereafter 250 113 180 543 - 45,674
------ ------ ------- ------ ------ ----------
Total 772 297 1,143 2,212 33.7% $198,053
====== ====== ======= ====== ====== ==========
</TABLE>
- -19-
<PAGE>
FORWARD-LOOKING STATEMENTS
When used throughout this report, the words "believes," "anticipates,"
and "expects" and similar expressions are intended to identify forward-
looking statements. Such statements indicate that assumptions have been
used that are subject to a number of risks and uncertainties which could
cause actual financial results or management plans and objectives to
differ materially from those projected or expressed herein, including:
the effect of national and regional economic conditions; the Company's
ability to identify and secure additional properties and sites that meet
its criteria for acquisition or development; the availability of
capital; and the effect of prevailing market interest rates; and other
risks described from time to time in the Company's filings with the
Securities and Exchange Commission. Given these uncertainties, readers
are cautioned not to place undue reliance on such statements. The
Company undertakes no obligation to update statements that may be made
to reflect any future events or circumstances.
RESULTS OF OPERATIONS
The following discussion is based on the consolidated financial
statements of the Company. It compares the results of operations of the
Company for the year ended December 31, 1999 with the results of
operations of the Company for the year ended December 31, 1998, and the
results of operations of the Company for the year ended December 31,
1998 with the results of operations of the Company for the year ended
December 31, 1997. As a result of the significant level of development,
acquisition and disposition activities by the Company in 1999 and 1998,
the overall operating results of the Company during such periods are not
directly comparable. However, certain data, including the "Same Store"
comparison, do lend themselves to direct comparison.
This information should be read in conjunction with the accompanying
consolidated financial statements and notes included elsewhere in this
report.
COMPARISON OF YEAR ENDED DECEMBER 31, 1999 TO YEAR ENDED DECEMBER 31,
1998.
Total revenue (principally rental revenue and operating expense
reimbursement) increased to $472.5 million for the year ended December
31, 1999 from $388.4 million for the year ended December 31, 1998. This
increase was primarily due to the increase in the number of Properties
in Operation during the respective periods. As of January 1, 1998, the
Company had 441 Properties in Operation, and, through December 31, 1998,
completed the development on 34 properties, acquired 144 additional
properties for a Total Investment (as defined below) of $863.6 million,
and disposed of 10 Properties for $18.9 million. As of January 1, 1999,
the Company had 608 Properties in Operation and, through December 31,
1999, completed development on 41 properties, acquired 13 additional
properties for a Total Investment of $348.9 million, and disposed of 28
Properties for $109.9 million. Furthermore, total revenue increased
because the operating expense recovery percentage (the ratio of
operating expense reimbursement to rental property expenses and real
estate taxes) increased to 95.5% for the year ended December 31, 1999
from 93.4% for the year ended December 31, 1998 due to the increase in
average occupancy during the year. The "Total Investment" for a
property is defined as the property's purchase price plus closing costs
and management's estimate, as determined at the time of acquisition, of
the cost of necessary building improvements in the case of acquisitions,
- -20-
<PAGE>
or land costs and land and building improvement costs in the case of
development projects, and where appropriate, other development costs and
carrying costs required to reach rent commencement.
Rental property and real estate tax expenses increased to $129.4 million
for the year ended December 31, 1999 from $108.3 million for the year
ended December 31, 1998. This increase is due to the increase in the
number of Properties in Operation.
Property level operating income for the "Same Store" properties
(properties owned since January 1, 1998) increased to $219.6 million for
the year ended December 31, 1999 from $209.9 million for the year ended
December 31, 1998, with straightlining (which recognizes rental revenue
evenly over the life of the lease), and increased to $216.3 million for
the year ended December 31, 1999 from $206.7 million for the year ended
December 31, 1998, without straightlining. These increases, each
equaling 4.6%, are primarily due to increases in rental rates, and to a
modest extent due to increases in occupancy.
Set forth below is a schedule comparing the property level operating
income, with and without straightlining, for the Same Store properties
for the years ended December 31, 1999 and 1998(in thousands).
<TABLE>
<CAPTION>
WITH STRAIGHTLINING WITHOUT STRAIGHTLINING
------------------- ----------------------
1999 1998 1999 1998
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Rental revenue $222,736 $214,630 $219,424 $211,421
Operating expense reimbursement 80,434 75,974 80,434 75,974
-------- -------- -------- --------
303,170 290,604 299,858 287,395
Rental property expenses 57,619 56,444 57,619 56,444
Real estate taxes 25,985 24,292 25,985 24,292
-------- -------- -------- --------
Property level operating income $219,566 $209,868 $216,254 $206,659
======== ======== ======== ========
</TABLE>
General and administrative expenses increased to $16.1 million for the
year ended December 31, 1999 from $15.5 million for the year ended
December 31, 1998. This $600,000 increase is due to the increase in
personnel and other related overhead costs necessitated by the increase
in the number of Properties in Operation during the respective periods.
The increase is somewhat mitigated by the benefit of certain economies
of scale experienced by the Company in owning and operating the
increased number of Properties in Operation.
Depreciation and amortization expenses increased to $84.5 million for
the year ended December 31, 1999 from $67.9 million for the year ended
December 31, 1998. This increase is due to the increase in the number
of Properties in Operation during the respective periods.
Interest expense increased to $99.7 million for the year ended December
31, 1999 from $78.6 million for the year ended December 31, 1998. This
increase is due to an increase in the average debt outstanding for the
respective periods which was $1,474.6 million in 1999 and $1,233.3
million in 1998. This increase is also due to an increase in the
weighted average interest rates for the periods, to 7.33% in 1999 from
7.29% in 1998.
- -21-
<PAGE>
In 1999, the Company realized a gain on sale of $13.2 million, due to
the sale of 28 Properties for $109.9 million. In 1998, the Company
realized a loss on sale of $1.3 million, due to the sale of 10
Properties for $18.9 million.
In 1999, the Company repurchased $6.6 million principal amount of its
Convertible Debentures. This resulted in the recognition of an
extraordinary loss in 1999 of $1.1 million. This loss represented the
redemption premium and the write-off of related deferred financing
costs. There were no extraordinary items in 1998.
As a result of the foregoing, the Company's income before minority
interest increased to $154.8 million for the year ended December 31,
1999 from $116.7 million for the year ended December 31, 1998. In
addition, net income increased to $141.3 million for the year ended
December 31, 1999 from $108.6 million for the year ended December 31,
1998.
COMPARISON OF YEAR ENDED DECEMBER 31, 1998 TO YEAR ENDED DECEMBER 31,
1997.
Total revenue (principally rental revenue and operating expense
reimbursement) increased to $388.4 million for the year ended December
31, 1998 from $230.0 million for the year ended December 31, 1997. This
increase was primarily due to the increase in the number of Properties
in Operation during the respective periods. As of January 1, 1997, the
Company had 259 Properties in Operation and, through December 31, 1997,
completed development on 20 properties, acquired 170 additional
properties for a Total Investment of $871.5 million and disposed of
eight Properties for $35.4 million. As of January 1, 1998, the Company
had 441 Properties in Operation, and, through December 31, 1998,
completed the development on 34 properties, acquired 144 additional
properties for a Total Investment of $863.6 million, and disposed of 10
Properties for $18.9 million. Furthermore, total revenue increased
because the operating expense recovery percentage (the ratio of
operating expense reimbursement to rental property expenses and real
estate taxes) increased to 93.4% for the year ended December 31, 1998
from 90.9% for the year ended December 31, 1997 due to the increase in
occupancy.
Rental property and real estate tax expenses increased to $108.3 million
for the year ended December 31, 1998 from $61.1 million for the year
ended December 31, 1997. This increase is due to the increase in the
number of Properties in Operation.
Property level operating income for the "Same Store" properties
(properties owned since January 1, 1997) increased to $129.7 million for
the year ended December 31, 1998 from $124.2 million for the year ended
December 31, 1997, with straightlining, and increased to $129.3 million
for the year ended December 31, 1998 from $122.8 million for the year
ended December 31, 1997, without straightlining. These increases of
4.4%, and 5.3%, respectively, are due to increases in rental rates and
increases in occupancy.
- -22-
<PAGE>
Set forth below is a schedule comparing the property level operating
income, with and without straightlining, for the Same Store properties
for the years ended December 31, 1998 and 1997(in thousands).
<TABLE>
<CAPTION>
WITH STRAIGHTLINING WITHOUT STRAIGHTLINING
------------------- ----------------------
1998 1997 1998 1997
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Rental revenue $132,434 $128,430 $132,118 $127,093
Operating expense reimbursement 41,739 39,522 41,739 39,522
-------- -------- -------- --------
174,173 167,952 173,857 166,615
Rental property expenses 31,862 31,837 31,862 31,837
Real estate taxes 12,660 11,965 12,660 11,965
-------- -------- -------- --------
Property level operating income $129,651 $124,150 $129,335 $122,813
======== ======== ======== ========
</TABLE>
General and administrative expenses increased to $15.5 million for the
year ended December 31, 1998 from $10.7 million for the year ended
December 31, 1997. This $4.8 million increase is due to the increase in
personnel and other related overhead costs necessitated by the increase
in the number of Properties in Operation during the respective periods.
The increase is somewhat mitigated by the benefit of certain economies
of scale experienced by the Company in owning and operating the
increased number of Properties in Operation. Additionally, the year
ended December 31, 1998 reflects the expensing of internal acquisition
costs as of January 1, 1998 in compliance with EITF 97-11, whereas these
costs of $1.2 million were capitalized in 1997.
Depreciation and amortization expenses increased to $67.9 million for
the year ended December 31, 1998 from $40.8 million for the year ended
December 31, 1997. This increase is due to the increase in the number
of Properties in Operation during the respective periods.
Interest expense increased to $78.6 million for the year ended December
31, 1998 from $51.1 million for the year ended December 31, 1997. This
increase is due to an increase in the average debt outstanding for the
respective periods which was $1,233.3 million in 1998 and $787.7 million
in 1997. This increase is offset by a decrease in the weighted average
interest rates for the periods, to 7.3% in 1998 from 7.5% in 1997.
In 1998, the Company realized a loss on sale of $1.3 million, due to the
sale of 10 Properties for $18.9 million. In 1997, the Company realized
a gain on sale of $2.5 million, due to the sale of 8 Properties for
$35.4 million.
In 1997, the Company replaced its two existing secured lines of credit
aggregating $350 million with a $325 million unsecured credit facility.
This resulted in the recognition of an extraordinary loss in 1997 of
$2.9 million. This loss represented the write-off of related deferred
financing costs. There were no extraordinary items in 1998.
As a result of the foregoing, the Company's income before minority
interest increased to $116.7 million for the year ended December 31,
1998 from $66.1 million for the year ended December 31, 1997. In
addition, net income increased to $108.6 million for the year ended
December 31, 1998 from $60.4 million for the year ended December 31,
1997.
- -23-
<PAGE>
LIQUIDITY AND CAPITAL RESOURCES
As of December 31, 1999, the Company had cash and cash equivalents of
$9.1 million.
Net cash flow provided by operating activities decreased to $212.4
million for the year ended December 31, 1999 from $219.2 million for the
year ended December 31, 1998. This $6.8 million decrease was primarily
due to the 1998 increase in other liabilities and the 1999 increase in
other assets, offset by the additional cash flow generated by the
greater number of Properties in Operation during the latter period as
discussed above under "Results of Operations". Net cash flow provided
by operations is the primary source of liquidity to fund distributions
to shareholders and for the recurring capital expenditures and re-
leasing costs for the Company's Properties in Operation.
Net cash used in investing activities decreased to $238.8 million for
the year ended December 31, 1999 from $839.5 million for the year ended
December 31, 1998. The primary reason for this $600.7 million decrease
was a reduction in investment in Properties in Operation due to a
decrease in the number of attractive acquisition opportunities available
in 1999 compared to 1998. Furthermore, due to this market situation,
the Company increased the level of its asset dispositions in 1999
compared to 1998.
Net cash provided by financing activities decreased by $558.6 million to
$21.0 million for the year ended December 31, 1999 from $579.6 million
for the year ended December 31, 1998. Net cash provided by financing
activities includes proceeds from the issuance of equity and debt net of
debt repayments and shareholder distributions. It is a source of
capital utilized by the Company to fund investment activities and the
decrease in such funding activities for 1999 is consistent with the
decrease in the level of the Company's investment activities as
described above.
The Company believes that its undistributed cash flow from operations is
adequate to fund its operating needs.
The Company funds its development and acquisitions with long-term
capital sources to include proceeds from the disposition of Properties.
These activities may be funded on a temporary basis through its $325.0
million unsecured line of credit (the "Credit Facility"), which matures
in May 2000. The Company is in the process of negotiating a new credit
facility. The Company uses debt financing to lower its overall cost of
capital which increases our return to our shareholders. The Company
staggers its debt maturities and maintains debt levels it considers to
be prudent. In determining its debt levels, the Company considers
various financial measures to include debt to gross assets and interest
coverage and earnings to fixed charges ratios. The Company's capital
structure and financial policies have earned the Company prospective
senior debt ratings of BBB- from Standard and Poor's Ratings Group
("S&P") and Baa3 from Moody's Investors Services, Inc. ("Moody's").
The interest rate on borrowings under the Credit Facility fluctuates
based upon the Company's leverage levels or ratings from Moody's and
S&P. At the Company's current ratings, the interest rate for borrowings
under the Credit Facility is 110 basis points over LIBOR.
As of December 31, 1999, $374.8 million in mortgage loans and $985.0
million in unsecured notes were outstanding. The interest rates on
- -24-
<PAGE>
$1,263.5 million of mortgage loans and unsecured notes are fixed and
range from 5.0% to 9.1%. Interest rates on $6.3 million of mortgage
loans float with a municipal bond index. The weighted average remaining
term for the mortgage loans and unsecured notes is 7.6 years. The
scheduled maturities of principal amortization of the Company's mortgage
loans and unsecured notes outstanding and the related weighted average
interest rates are as follows (in thousands):
<TABLE>
<CAPTION>
MORTGAGES
------------------------- WEIGHTED
PRINCIPAL PRINCIPAL UNSECURED AVERAGE
AMORTIZATION MATURITIES NOTES (1) TOTAL INTEREST RATE
------------ ---------- --------- ----------- -------------
<S> <C> <C> <C> <C> <C>
2000 $ 9,489 $ 5,654 $ - $ 15,143 7.9%
2001 9,246 20,122 90,000 119,368 7.3%
2002 8,147 - 100,000 108,147 6.7%
2003 8,127 26,606 50,000 84,733 7.3%
2004 8,206 15,904 100,000 124,110 7.0%
2005 7,173 115,051 - 122,224 7.6%
2006 5,091 30,079 100,000 135,170 7.2%
2007 4,640 - 100,000 104,640 7.3%
2008 4,331 28,835 - 33,166 7.2%
2009 2,218 42,069 270,000 314,287 7.8%
2010 1,426 - - 1,426 7.7%
2011 1,168 3,303 - 4,471 7.7%
2012 266 17,674 - 17,940 7.7%
2013 - - 75,000 75,000 6.4%
2018 - - 100,000 100,000 7.5%
-------- -------- --------- ---------- -----
$69,528 $305,297 $985,000 $1,359,825 7.3%
======== ======== ========= ========== =====
</TABLE>
(1) The $75,000 of unsecured notes due 2013 is putable 2003.
GENERAL
The Company believes that its existing sources of capital will provide
sufficient funds to finance its continued development and acquisition
activities. The Company's need for capital in 1999 was somewhat reduced
by a decline in acquisition activity, resulting from a general
marketplace decline during that period in initial returns on
acquisitions. The Company's existing sources of capital include the
public debt and equity markets, proceeds from property dispositions and
net cash provided from its operating activities. Additionally, the
Company expects to incur variable rate debt, including borrowings under
the Credit Facility (or a replacement credit facility) from time to
time.
In 1999, the Company received $93.0 million in aggregate net proceeds
from the issuance of 9.25% Series B Cumulative Redeemable Preferred
Units, $135.0 million from the closing of a two-year unsecured term
loan, and $246.0 million in aggregate net proceeds from the issuance of
unsecured notes. The Company used the aggregate net proceeds from
issuance of the preferred units, term loan and unsecured notes to fund
the Company's activities, including paying down the credit facility,
which funds development and acquisition activity.
In 1998, the Company received $296.3 million in aggregate net proceeds
from the issuance of Common Shares and $292.1 million in aggregate net
proceeds from the issuance of unsecured notes. The Company used the
aggregate net proceeds from the sale of Common Shares and the unsecured
notes to fund the Company's activities, including paying down the Credit
Facility, which funds development and acquisition activity.
- -25-
<PAGE>
In connection with the acquisition of properties during the year ended
December 31, 1998, the Company issued 1,049,846 common units. No common
units were issued in connection with the acquisition of properties in
the year ended December 31, 1999.
In October 1999, the Board of Trustees authorized a share repurchase
program under which the Company may purchase up to $100 million of the
Company's Common Shares or Convertible Debentures. Through December 31,
1999, the Company purchased 59,100 Common Shares and purchased
Convertible Debentures exchangeable into 332,250 Common Shares. The
total cost for the purchase of the Common Shares and Convertible
Debentures was approximately $9 million.
In September 1999, the quarterly Common Share dividend was increased to
$0.52 per share from $0.45 per share. The Company's annual Common Share
dividend paid was $1.87 per share, $1.71 per share and $1.65 per share
in 1999, 1998 and 1997, respectively. In 1999, the Company's dividend
payout ratio was approximately 65% of funds from operations per share.
The Company has an effective S-3 shelf registration statement on file
with the Securities and Exchange Commission (the "Shelf Registration
Statement"). As of February 22, 2000, pursuant to the Shelf
Registration Statement, the Trust has the capacity to issue up to $688.4
million in equity securities and the Operating Partnership has the
capacity to issue up to $108.0 million in debt securities.
CALCULATION OF FUNDS FROM OPERATIONS
Management generally considers Funds from operations (as defined below)
a useful financial performance measure of the operating performance of
an equity REIT, because, together with net income and cash flows, Funds
from operations provides investors with an additional basis to evaluate
the ability of a REIT to incur and service debt and to fund acquisitions
and capital expenditures. Funds from operations is defined by NAREIT as
net income or loss after preferred distributions (computed in accordance
with generally accepted accounting principles ("GAAP")), excluding gains
(or losses) from sales of property and extraordinary items as defined by
GAAP, plus real estate-related depreciation and amortization and
minority interest. Funds from operations does not represent net income
or cash flows from operations as defined by GAAP and does not
necessarily indicate that cash flows will be sufficient to fund cash
needs. It should not be considered as an alternative to net income as
an indicator of the Company's operating performance or to cash flows as
a measure of liquidity. Funds from operations also does not represent
cash flows generated from operating, investing or financing activities
as defined by GAAP. Funds from operations for the years ended December
31, 1999, 1998 and 1997 are as follows:
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
------------------------------
1999 1998 1997
-------- -------- --------
(IN THOUSANDS)
<S> <C> <C> <C>
Income available to common shareholders $130,324 $ 97,615 $ 56,197
Add back:
Minority interest less preferred unit distributions 9,741 8,062 5,606
Depreciation and amortization 82,960 66,867 40,315
Extraordinary item-loss on extinguishment on debt 1,145 - 2,919
(Gain) loss on sale of property (13,188) 1,285 (2,518)
-------- -------- --------
Funds from operations $210,982 $173,829 $102,519
======== ======== ========
</TABLE>
- -26-
<PAGE>
IMPACT OF YEAR 2000
In prior filings, the Company discussed the nature and progress of its
plans to become Year 2000 ready. In 1999, the Company completed its
remediation and testing of systems. As a result of those planning and
implementation efforts, the Company experienced no significant
disruptions in mission-critical information technology and non-
information technology systems and believes those systems successfully
responded to the Year 2000 date change. The expenses incurred during
1999 in connection with remediating the Company's systems were not
material. The Company is not aware of any material problems resulting
from Year 2000 issues, either with its Properties, its internal systems,
or the products and services of third parties. The Company will
continue to monitor its mission-critical computer applications and those
of its suppliers and vendors throughout the Year 2000 to ensure that any
latent Year 2000 matters that may arise are addressed promptly.
INFLATION
Inflation has remained relatively low during the last three years, and
as a result, has not had a significant impact on the Company during this
period. The Credit Facility and certain other indebtedness bear
interest at a variable rate; therefore, the amount of interest payable
under the Credit Facility and such other indebtedness will be influenced
by changes in short-term interest rates, which tend to be sensitive to
inflation. To the extent an increase in inflation would result in
increased operating costs, such as in insurance, real estate taxes or
utilities, substantially all of the tenants' leases require the tenants
to absorb these costs as part of their rental obligations. In addition,
inflation also may have the effect of increasing market rental rates.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
- --------------------------------------------------------------------
The following discussion about the Company's risk management includes
forward-looking statements that involve risks and uncertainties. Actual
results could differ materially from the results discussed in the
forward-looking statements.
The Company's primary market risk exposure is to changes in interest
rates.
The Company is exposed to market risk related to its Credit Facility and
certain other indebtedness as discussed in "Management's Discussion and
Analysis of Financial Condition and Results of Operation - Liquidity and
Capital Resources and Inflation." The interest on the Credit Facility
and such other indebtedness is subject to fluctuations in the market.
The Company also uses long-term and medium-term debt as a source of
capital. These debt instruments are typically issued at fixed interest
rates. When these debt instruments mature, the Company typically
refinances such debt at then-existing market interest rates which may be
more or less than the interest rates on the maturing debt. In addition,
the Company may attempt to reduce interest rate risk associated with a
forecasted issuance of new debt. In order to reduce interest rate risk
associated with these transactions, the Company occasionally enters into
interest rate protection agreements.
If the interest rates for variable rate debt were 100 basis points
higher or lower during 1999, the Company's interest expense would have
- -27-
<PAGE>
been increased or decreased by approximately $1.8 million. If the
interest rates for fixed rate debt maturing and to be refinanced in 2000
are 100 basis points higher or lower than its current weighted average
rate of 8.7%, the Company's interest expense would be increased or
decreased by approximately $13,000.
Due to the uncertainty of fluctuations in interest rates, the specific
actions that might be taken by management to mitigate the impact of such
fluctuations and their possible effects, the sensitivity analysis
assumes no changes in the Company's financial structure.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
- -----------------------------------------------------
The dual presentation of financial statements for the Company is
required by the Securities and Exchange Commission. The Company is
comprised of two Securities and Exchange Commission registrants: Liberty
Property Trust and Liberty Property Limited Partnership. Accordingly,
one set of financial statements are required for each registrant. The
financial information contained within the two sets of financial
statements is essentially the same, with the exception of reformatting
to account for the ownership differences between the entities.
- -28-
<PAGE>
REPORTS OF ERNST & YOUNG LLP, INDEPENDENT
AUDITORS AND CONSOLIDATED FINANCIAL STATEMENTS
Report of Independent Auditors - Liberty Property Trust
- -------------------------------------------------------
Financial Statements - Liberty Property Trust:
- ----------------------------------------------
Balance Sheets:
Liberty Property Trust Consolidated as of December 31, 1999 and 1998
Statements of Operations:
Liberty Property Trust Consolidated for the years ended December 31,
1999, 1998 and 1997
Statements of Shareholders' Equity:
Liberty Property Trust Consolidated for the years ended December 31,
1999, 1998 and 1997
Statements of Cash Flows:
Liberty Property Trust Consolidated for the years ended December 31,
1999, 1998 and 1997
Notes to Consolidated Financial Statements - Liberty Property Trust
Financial Statement Schedule - Liberty Property Trust:
Schedule III - Real Estate and Accumulated Depreciation as of December
31, 1999
Report of Independent Auditors - Liberty Property Limited Partnership
- ---------------------------------------------------------------------
Financial Statements - Liberty Property Limited Partnership:
- ------------------------------------------------------------
Balance Sheets:
Liberty Property Limited Partnership Consolidated as of December 31,
1999 and 1998
Statements of Operations:
Liberty Property Limited Partnership Consolidated for the years ended
December 31, 1999, 1998 and 1997
Statements of Owners' Equity:
Liberty Property Limited Partnership Consolidated for the years ended
December 31, 1999, 1998 and 1997
Statements of Cash Flows:
Liberty Property Limited Partnership Consolidated for the years ended
December 31, 1999, 1998 and 1997
Notes to Consolidated Financial Statements - Liberty Property Limited
Partnership
Financial Statement Schedule - Liberty Property Limited Partnership:
Schedule III - Real Estate and Accumulated Depreciation as of
December 31, 1999
- -29-
<PAGE>
REPORT OF INDEPENDENT AUDITORS
To The Board of Trustees and Shareholders
Liberty Property Trust
We have audited the accompanying consolidated balance sheets of Liberty
Property Trust (the "Trust") as of December 31, 1999 and 1998, and the
related consolidated statements of operations, shareholders' equity, and
cash flows for each of the three years in the period ended December 31,
1999. Our audits also included the financial statement schedule listed
in the Index at Item 14(a). These financial statements and schedule are
the responsibility of the Trust's management. Our responsibility is to
express an opinion on these financial statements and schedule based on
our audits.
We conducted our audits in accordance with auditing standards generally
accepted in the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the consolidated financial
position of Liberty Property Trust at December 31, 1999 and 1998, and
the consolidated results of its operations and its cash flows for each
of the three years in the period ended December 31, 1999, in conformity
with accounting principles generally accepted in the United States.
Also, in our opinion, the related financial statement schedule, when
considered in relation to the basic financial statements taken as a
whole, presents fairly in all material respects the information set
forth therein.
Philadelphia, Pennsylvania /s/ ERNST & YOUNG LLP
February 8, 2000
- -30-
<PAGE>
CONSOLIDATED BALANCE SHEETS OF LIBERTY PROPERTY TRUST
(IN THOUSANDS, EXCEPT SHARE AMOUNTS)
<TABLE>
<CAPTION>
DECEMBER 31,
-------------------------
1999 1998
---------- ----------
<S> <C> <C>
ASSETS
Real estate:
Land and land improvements $ 411,678 $ 366,853
Buildings and improvements 2,593,002 2,378,272
Less accumulated depreciation (270,174) (209,023)
---------- ----------
Operating real estate 2,734,506 2,536,102
Development in progress 138,870 207,563
Land held for development 111,201 75,454
---------- ----------
Net real estate 2,984,577 2,819,119
Cash and cash equivalents 9,064 14,391
Accounts receivable 13,388 13,428
Deferred financing and leasing costs,
net of accumulated amortization
(1999 $58,033; 1998 $49,390) 46,941 39,475
Prepaid expenses and other assets 64,163 44,995
---------- ----------
Total assets $3,118,133 $2,931,408
========== ==========
LIABILITIES
Mortgage loans $ 374,825 $ 413,224
Unsecured notes 985,000 645,000
Credit facility 47,000 264,000
Convertible debentures 84,413 101,619
Accounts payable 15,599 18,253
Accrued interest 22,422 18,263
Dividend payable 39,198 33,734
Other liabilities 67,558 69,025
---------- ----------
Total liabilities 1,636,015 1,563,118
Minority interest 187,511 101,254
SHAREHOLDERS' EQUITY
8.8% Series A cumulative redeemable
preferred shares, $.001 par value,
5,000,000 shares authorized,
issued and outstanding as of
December 31, 1999 and 1998 120,814 120,814
9.25% Series B cumulative redeemable
preferred shares, $.001 par value,
3,800,000 shares authorized as of
December 31, 1999, none issued and
outstanding - -
Common shares of beneficial interest,
$.001 par value, 191,200,000 shares
authorized, 67,030,199 (includes 59,100
in treasury) and 65,645,340
shares issued and outstanding as of
December 31, 1999 and 1998, respectively 67 66
Additional paid-in capital 1,196,736 1,168,663
Unearned compensation (743) (562)
Distributions in excess of net income (20,940) (21,945)
Common shares in treasury, at cost, 59,100
shares as of December 31, 1999 (1,327) -
---------- ----------
Total shareholders' equity 1,294,607 1,267,036
---------- ----------
Total liabilities and shareholders' equity $3,118,133 $2,931,408
========== ==========
</TABLE>
See accompanying notes.
- -31-
<PAGE>
CONSOLIDATED STATEMENTS OF OPERATIONS OF LIBERTY PROPERTY TRUST
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
------------------------------------------
1999 1998 1997
------------ ------------ ------------
<S> <C> <C> <C>
REVENUE
Rental $ 342,931 $ 281,732 $ 169,859
Operating expense reimbursement 123,591 101,248 55,502
Interest and other 5,976 5,398 4,638
------------ ----------- -----------
Total revenue 472,498 388,378 229,999
OPERATING EXPENSES
Rental property 87,415 74,007 43,118
Real estate taxes 42,024 34,338 17,961
Interest expense 99,663 78,617 51,067
General and administrative 16,127 15,522 10,650
Depreciation and amortization 84,464 67,932 40,752
------------ ----------- -----------
Total expenses 329,693 270,416 163,548
------------ ----------- -----------
Income before property dispositions,
extraordinary item and minority
interest 142,805 117,962 66,451
Gain (loss) on property dispositions 13,188 (1,285) 2,518
------------ ----------- -----------
Income before extraordinary item
and minority interest 155,993 116,677 68,969
Extraordinary item-loss on
extinguishment of debt 1,145 - 2,919
------------ ----------- -----------
Income before minority interest 154,848 116,677 66,050
Minority interest 13,524 8,062 5,606
------------ ----------- -----------
Net income 141,324 108,615 60,444
Preferred share distributions 11,000 11,000 4,247
------------ ----------- -----------
Income available to common shareholders $ 130,324 $ 97,615 $ 56,197
============ =========== ===========
Earnings per share
Basic:
Income before extraordinary item $ 1.98 $ 1.60 $ 1.45
Extraordinary item (0.02) - (0.06)
------------ ----------- -----------
Income available to common shareholders $ 1.96 $ 1.60 $ 1.39
============ =========== ===========
Diluted:
Income before extraordinary item $ 1.97 $ 1.59 $ 1.44
Extraordinary item (0.02) - (0.06)
------------ ----------- -----------
Income available to common shareholders $ 1.95 $ 1.59 $ 1.38
============ =========== ===========
Weighted average number of
common shares outstanding
Basic 66,495 61,036 40,493
Diluted 66,727 61,315 40,806
============ =========== ===========
</TABLE>
See accompanying notes.
- -32-
<PAGE>
<TABLE>
<CAPTION>
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY OF LIBERTY PROPERTY TRUST
(IN THOUSANDS)
RETAINED
COMMON EARNINGS COMMON
SHARES OF ADDITIONAL (DISTRIBUTIONS SHARES TOTAL
PREFERRED BENEFICIAL PAID-IN UNEARNED IN EXCESS OF HELD IN SHAREHOLDERS'
SHARES INTEREST CAPITAL COMPENSATION NET INCOME) TREASURY EQUITY
---------- --------- ------------ ------------ -------------- -------- -------------
<S> <C> <C> <C> <C> <C> <C>
Shareholders' equity
at January 1, 1997 $ 31 $ 370,813 $ (1,408) $ 6,096 $ 375,532
Net proceeds from the
issuance of common
shares 19 434,053 - - 434,072
Net proceeds from the
issuance of preferred
shares $ 120,814 - - - - 120,814
Conversion of debentures - 3 57,263 - - 57,266
Unearned compensation - - - 423 - 423
Net income - - - - 60,444 60,444
Distributions on common
shares - - - - (73,529) (73,529)
Distributions on
preferred shares - - - - (4,247) (4,247)
Noncash compensation - - 802 - - 802
Minority interest
reclassification - - (15,982) - - (15,982)
---------- ---------- ---------- ----------- ------------- -----------
Balance at December 31,
1997 120,814 53 846,949 (985) (11,236) 955,595
Net proceeds from the
issuance of common shares - 13 300,860 - - 300,873
Conversion of debentures - - 9,630 - - 9,630
Unearned compensation - - - 423 - 423
Net income - - - - 108,615 108,615
Distributions on common
shares - - - - (108,324) (108,324)
Distributions on
preferred shares - - - - (11,000) (11,000)
Noncash compensation - - 1,083 - - 1,083
Minority interest
reclassification - - 10,141 - - 10,141
---------- ---------- ---------- ----------- ------------- -----------
Balance at December 31,
1998 120,814 66 1,168,663 (562) (21,945) 1,267,036
Net proceeds from the
issuance of common
shares - 1 8,593 - - 8,594
Conversion of debentures - - 10,344 - - 10,344
Unearned compensation - - - (181) - (181)
Net income - - - - 141,324 141,324
Distributions on common
shares - - - - (129,319) (129,319)
Distributions on
preferred shares - - - - (11,000) (11,000)
Noncash compensation - - 2,171 - - 2,171
Minority interest
reclassification - - 6,965 - - 6,965
Purchase of treasury
shares - - - - - $(1,327) (1,327)
---------- ---------- ---------- ----------- ------------- -------- -----------
Balance at December 31,
1999 $ 120,814 $ 67 $1,196,736 $ (743) $ (20,940) $(1,327) $ 1,294,607
========== ========== ========== =========== ============= ======== ===========
</TABLE>
See accompanying notes.
- -33-
<PAGE>
<TABLE>
<CAPTION>
CONSOLIDATED STATEMENTS OF CASH FLOWS OF LIBERTY PROPERTY TRUST
(IN THOUSANDS)
YEAR ENDED DECEMBER 31,
----------------------------------------
1999 1998 1997
------------ ------------ ------------
<S> <C> <C> <C>
OPERATING ACTIVITIES
Net income $ 141,324 $ 108,615 $ 60,444
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 84,464 67,932 40,752
Amortization of deferred financing costs 4,951 4,462 7,367
Minority interest in net income 13,524 8,062 5,606
(Gain)loss on sale (13,188) 1,285 (2,518)
Noncash compensation 1,990 1,506 1,225
Changes in operating assets and liabilities:
Accounts receivable 40 (7,390) 917
Prepaid expenses and other assets (20,722) (3,266) (2,145)
Accounts payable (2,654) 4,188 7,823
Accrued interest 4,159 7,303 3,549
Other liabilities (1,467) 26,526 13,576
------------ ----------- -----------
Net cash provided by operating activities 212,421 219,223 136,596
------------ ----------- -----------
INVESTING ACTIVITIES
Investment in properties (71,552) (521,221) (648,845)
Proceeds from disposition of properties 114,137 20,752 36,732
Investment in development in progress (201,967) (277,722) (206,593)
Investment in land held for development (63,836) (45,201) (37,214)
Increase in deferred leasing costs (15,560) (16,150) (8,642)
------------- ----------- -----------
Net cash used in investing activities (238,778) (839,542) (864,562)
------------ ----------- -----------
FINANCING ACTIVITIES
Net proceeds from issuance of common shares 8,594 300,873 434,072
Net proceeds from issuance of preferred shares - - 120,814
Net proceeds from issuance of preferred units 93,055 - -
Purchase of treasury shares (1,327) - -
Retirement of convertible debentures (6,645) - -
Proceeds from issuance of unsecured notes 385,000 295,000 350,000
Repayments of unsecured notes (45,000) - -
Proceeds from mortgage loans - - 124,815
Repayments of mortgage loans (42,217) (23,954) (50,340)
Proceeds from lines of credit 162,024 633,000 776,017
Repayments on lines of credit (379,024) (504,000) (907,709)
Increase in deferred financing costs (5,220) (733) (10,941)
Distributions paid on common shares (124,033) (100,915) (64,568)
Distributions paid on preferred shares (11,000) (11,000) (2,414)
Distributions paid on units (13,177) (8,640) (6,313)
------------ ----------- -----------
Net cash provided by financing activities 21,030 579,631 763,433
------------ ----------- -----------
Increase (decrease) in cash and
cash equivalents (5,327) (40,688) 35,467
Cash and cash equivalents at
beginning of year 14,391 55,079 19,612
------------ ----------- -----------
Cash and cash equivalents at end of year $ 9,064 $ 14,391 $ 55,079
============ =========== ===========
SUPPLEMENTAL DISCLOSURE OF NONCASH TRANSACTIONS
Write-off of fully depreciated
property and deferred costs $ 18,527 $ 2,958 $ 7,892
Acquisition of properties (3,818) (101,281) (77,105)
Assumption of mortgage loans 3,818 73,587 48,313
Issuance of operating partnership units - 27,694 28,792
Conversion of convertible debentures 10,344 9,630 57,266
============ =========== ===========
</TABLE>
See accompanying notes.
- -34-
<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF LIBERTY PROPERTY TRUST
1. ORGANIZATION
Liberty Property Trust (the "Trust") is a self-administered and self-
managed Maryland real estate investment trust (a "REIT"). Substantially
all of the Trust's assets are owned directly or indirectly, and
substantially all of the Trust's operations are conducted directly or
indirectly, by its subsidiary, Liberty Property Limited Partnership, a
Pennsylvania limited partnership (the "Operating Partnership" and,
together with the Trust and its consolidated subsidiaries, the
"Company"). The Trust is the sole general partner and also a limited
partner of the Operating Partnership, with a combined common equity
interest in the Operating Partnership of 93.2% at December 31, 1999.
The Company provides leasing, property management, acquisition,
development, construction management, and design management for a
portfolio of industrial and office properties which are located
principally within the Southeastern, Mid-Atlantic and Midwestern United
States.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Use of Estimates
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States requires management
to make estimates and assumptions that affect amounts reported in the
financial statements and accompanying notes. Actual results could
differ from those estimates.
Principles of Consolidation
The Consolidated Financial Statements of the Company include the
accounts of the Trust, the Operating Partnership and the Operating
Partnership's consolidated subsidiaries. All significant intercompany
transactions and accounts have been eliminated.
Reclassifications
Certain amounts from prior periods have been restated to conform to
current-year presentation.
Real Estate and Depreciation
The Properties are recorded at the lower of cost or fair value if
impaired and are depreciated using the straight-line method over their
estimated useful lives. The estimated useful lives are as follows:
Buildings and improvements 40 years
Equipment 10 years
Tenant improvements Term of the related lease
Expenditures directly related to development, acquisition, or
improvement of real estate are capitalized as a cost of the property.
Expenditures for maintenance and repairs are charged to operations as
incurred.
The Company evaluates its real estate investments upon occurrence of
significant adverse changes in their operations to assess whether any
- -35-
<PAGE>
impairment indicators are present that affect the recovery of the
recorded value. If any real estate investment is considered impaired, a
loss is provided to reduce the carrying value of the property to its
estimated fair value. As of December 31, 1999 and 1998, none of the
Company's assets was considered impaired.
Cash and Cash Equivalents
Highly liquid investments with a maturity of three months or less when
purchased are classified as cash equivalents. The carrying amount of
these assets approximates their fair market value.
Revenues
The Company earns rental income under operating leases with tenants.
Rental income is recognized on a straight-line basis over the applicable
lease term.
Deferred Financing and Leasing Costs
Costs incurred in connection with financing or leasing are capitalized
and amortized over the term of the related loan or lease. Amortization
of deferred financing costs is reported as interest expense.
Income per Common Share
The following table sets forth the computation of basic and diluted
income per common share (in thousands, except per share amounts):
<TABLE>
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31, 1999 FOR THE YEAR ENDED DECEMBER 31, 1998
------------------------------------- -------------------------------------
WEIGHTED WEIGHTED
AVERAGE AVERAGE
INCOME SHARES PER-SHARE INCOME SHARES PER-SHARE
(NUMERATOR) (DENOMINATOR) AMOUNT (NUMERATOR) (DENOMINATOR) AMOUNT
----------- ------------- --------- ----------- ------------- ---------
<S> <C> <C> <C> <C> <C> <C>
Net income $ 141,324 $ 108,615
Less: Preferred dividends (11,000) (11,000)
----------- -----------
Basic income per common share
Income available to
common shareholders 130,324 66,495 $ 1.96 97,615 61,036 $ 1.60
========= =========
Effect of dilutive securities
Options - 232 - 279
--------- ---------- ----------- -------------
Diluted income per common share
Income available to common
shareholders and assumed
conversions $ 130,324 66,727 $ 1.95 $ 97,615 61,315 $ 1.59
========= ========== ========= =========== ============= ========
</TABLE>
- -36-
<PAGE>
<TABLE>
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31, 1997
-------------------------------------
WEIGHTED
AVERAGE
INCOME SHARES PER-SHARE
(NUMERATOR) (DENOMINATOR) AMOUNT
----------- ------------- ---------
<S> <C> <C> <C>
Net income $ 60,444
Less: Preferred dividends (4,247)
-----------
Basic income per common share
Income available to
common shareholders 56,197 40,493 $ 1.39
=========
Effect of dilutive securities
Options - 313
----------- ------------
Diluted income per common share
Income available to common
shareholders and assumed
conversions $ 56,197 40,806 $ 1.38
=========== ============ =========
</TABLE>
Diluted income per common share includes the weighted average common
shares and dilutive effect of the outstanding options, and excludes the
effects of the conversion of the Convertible Debentures into common
shares, as to do so would have been antidilutive for the periods
presented. The securities excluded from the diluted calculation could
potentially dilute basic income per common share in the future.
Basic income per common share would be $1.96 calculated as if the
debenture conversions which occurred in 1999 had occurred on January 1,
1999.
Income Taxes
The Company has elected to be taxed as a REIT under Sections 856 through
860 of the Internal Revenue Code of 1986, as amended (the "Code"). As a
result, the Company generally is not subject to federal income taxation
at the corporate level to the extent it distributes annually at least
95% of its REIT taxable income, as defined in the Code, to its
shareholders and satisfies certain other requirements. The Company has
met these requirements and, accordingly, no provision has been made for
federal income taxes in the accompanying consolidated financial
statements.
The Company and certain of its subsidiaries are subject to certain state
and local income, excise and franchise taxes. The provision for such
taxes has been reflected in general and administrative expense in the
consolidated statements of operations and has not been separately stated
since it is not material.
The Federal tax cost basis of the real estate at December 31, 1999 was
approximately $3.1 billion.
Impact of Recently Issued Accounting Standards
In June 1998, the FASB issued Statement No. 133, "Accounting for
Derivative Instruments and Hedging Activities." The Company expects to
adopt the new Statement effective January 1, 2001. The Statement will
require the Company to recognize all derivatives on the balance sheet at
fair value. The Company does not anticipate that the adoption of this
Statement will have a significant effect on its results of operations or
financial position.
- -37-
<PAGE>
3. REAL ESTATE
At December 31, 1999 and 1998, the Company owned and operated industrial
and office properties located principally in suburban mixed-use
developments or business parks. The carrying value of these properties
by type is as follows (in thousands):
<TABLE>
<CAPTION>
LAND BUILDINGS
AND LAND AND ACCUMULATED
IMPROVEMENTS IMPROVEMENTS TOTAL DEPRECIATION
------------ ------------ --------- ------------
<S> <C> <C> <C> <C>
1999:
Industrial properties $ 216,811 $1,264,973 $1,481,784 $ 137,585
Office properties 194,867 1,328,029 1,522,896 132,589
---------- ---------- ---------- ----------
1999 Total $ 411,678 $2,593,002 $3,004,680 $ 270,174
========== ========== ========== ==========
1998:
Industrial properties $ 207,067 $1,243,194 $1,450,261 $ 112,166
Office properties 159,786 1,135,078 1,294,864 96,857
---------- ---------- ---------- ----------
1998 Total $ 366,853 $2,378,272 $2,745,125 $ 209,023
========== ========== ========== ==========
</TABLE>
Depreciation expense was $74.8 million in 1999, $61.7 million in 1998,
and $36.0 million in 1997.
As of December 31, 1999, the Company has commenced development on 22
properties, which upon completion are expected to comprise approximately
2.2 million square feet of leasable space. As of December 31, 1999,
approximately $138.9 million has been expended for the development of
these projects and an additional $59.2 million is required for
completion.
4. RELATED PARTY TRANSACTIONS
Pursuant to agreements, the Company has been retained by an affiliate
(Rouse Kent Limited) to provide development, management and other
services. For the years ended December 31, 1999, 1998, and 1997, the
fees for these services were $600,000 per year. The Company had accounts
and a loan receivable from Rouse Kent Limited with balances of $5.1
million and $6.5 million as of December 31, 1999 and 1998, respectively.
5. INDEBTEDNESS
Indebtedness consists generally of mortgage loans, unsecured notes, the
Credit Facility, and convertible debentures. The weighted average
interest rates as of December 31, 1999, 1998, and 1997, were
approximately 7.3%, 7.2%, and 7.5%, respectively. Interest expense for
the years ended December 31, 1999, 1998, and 1997, aggregated $99.7
million, $78.6 million, and $51.1 million, respectively. Interest costs
during these periods of $15.3 million, $16.3 million, and $11.8 million,
respectively, were capitalized. Cash paid for interest for the years
ended December 31, 1999, 1998, and 1997, was $105.8 million, $83.2
million, and $54.9 million, respectively.
- -38-
<PAGE>
Mortgage Loans, Unsecured Notes
Mortgage loans with maturities ranging from 2000 to 2013 are
collateralized by and in some instances cross-collateralized by
properties with a book value of $548.5 million.
As of December 31, 1999, $374.8 million in mortgage loans and $985.0
million in unsecured notes were outstanding. The interest rates on
$1,263.5 million of mortgage loans and unsecured notes are fixed and
range from 5.0% to 9.1%. Interest rates on $6.3 million of mortgage
loans float with a municipal bond index. The weighted average remaining
term for the mortgage loans and unsecured notes is 7.6 years. The
scheduled maturities of principal amortization of the Company's mortgage
loans and unsecured notes outstanding and the related weighted average
interest rates are as follows(in thousands):
<TABLE>
<CAPTION>
MORTGAGES
------------------------- WEIGHTED
PRINCIPAL PRINCIPAL UNSECURED AVERAGE
AMORTIZATION MATURITIES NOTES(1) TOTAL INTEREST RATE
------------ ---------- --------- ----------- -------------
<S> <C> <C> <C> <C> <C>
2000 $ 9,489 $ 5,654 $ - $ 15,143 7.9%
2001 9,246 20,122 90,000 119,368 7.3%
2002 8,147 - 100,000 108,147 6.7%
2003 8,127 26,606 50,000 84,733 7.3%
2004 8,206 15,904 100,000 124,110 7.0%
2005 7,173 115,051 - 122,224 7.6%
2006 5,091 30,079 100,000 135,170 7.2%
2007 4,640 - 100,000 104,640 7.3%
2008 4,331 28,835 - 33,166 7.2%
2009 2,218 42,069 270,000 314,287 7.8%
2010 1,426 - - 1,426 7.7%
2011 1,168 3,303 - 4,471 7.7%
2012 266 17,674 - 17,940 7.7%
2013 - - 75,000 75,000 6.4%
2018 - - 100,000 100,000 7.5%
-------- -------- -------- --------- -----
TOTAL $ 69,528 $305,297 $985,000 $1,359,825 7.3%
======== ======== ======== ========== =====
</TABLE>
(1) The $75,000 of unsecured notes due 2013 is putable 2003.
Credit Facility
The Credit Facility is a $325 million unsecured credit facility (the
"Credit Facility") which replaced two existing secured lines of credit
aggregating $350 million in May 1997. This resulted in the recognition
of an extraordinary loss in 1997 of $2.9 million. This loss represented
the write-off of related deferred financing costs. The interest rate on
borrowings under the Credit Facility fluctuates, based on the Company's
leverage levels and senior debt ratings from Moody's Investors Service,
Inc. ("Moody's") and Standard & Poor's Ratings Group ("Standard &
Poor's"). The current ratings for the Company's senior unsecured debt
are Baa3 and BBB- from Moody's and Standard & Poor's, respectively. At
these ratings, the current interest rate on the Credit Facility is 110
basis points over the LIBOR Rate (7.43% at December 31, 1999). The rate
for the Credit Facility at December 31, 1998 was 6.67%. Customary fees
apply to the Credit Facility including an annual administrative fee and
an unused line fee. The Credit Facility matures on May 20, 2000. The
Company is in the process of negotiating a new credit facility.
- -39-
<PAGE>
Convertible Debentures
The Convertible Debentures are due on June 23, 2001 and are exchangeable
for Common Shares of beneficial interest of the Trust (the "Common
Shares") at a rate of one Common Share for each $20 outstanding
principal amount of Convertible Debentures, subject to certain
adjustments. The initial interest rate on the Convertible Debentures
was 8.0% and increases with increases in the distribution payment on the
Company's Common Shares. At the current $0.52 per Common Share per
quarter distribution payment rate, the effective interest rate on the
Convertible Debentures is 10.4%. At December 31, 1998, the effective
interest rate on the Convertible Debentures was 9.0%. In October 1999,
the Board of Trustees authorized a share repurchase plan under which the
Company may purchase up to $100 million of the Company's Common Shares
or its Convertible Debentures. In 1999, the Company repurchased $6.6
million principal amount of its Convertible Debentures. The repurchase
of the Convertible Debentures in 1999 resulted in the recognition of an
extraordinary loss in 1999 of $1.1 million. This loss represented the
redemption premium and the write-off of related deferred financing
costs. At December 31, 1999 and 1998, the Convertible Debentures were
convertible into 4,220,650 and 5,080,950 Common Shares, respectively.
The fair value of the Convertible Debentures at December 31, 1999 was
$104.5 million based on the closing bid price of the Company's Common
Shares on the New York Stock Exchange. The fair values of the
mortgages, the unsecured notes and Credit Facility were estimated using
discounted cash flow analysis, based on the Company's estimated
incremental borrowing rate at December 31, 1999, for similar types of
borrowing arrangements. The carrying values of the mortgages, the
unsecured notes and the Credit Facility approximate their fair values.
6. LEASING ACTIVITY
Future minimum rental payments due from tenants under noncancelable
operating leases as of December 31, 1999 are as follows (in thousands):
2000 $ 333,739
2001 308,660
2002 252,204
2003 212,355
2004 170,339
Thereafter 514,908
----------
TOTAL $1,792,205
==========
In addition to minimum rental payments, most leases require the tenants
to pay for their pro rata share of specified operating expenses. These
payments are included as operating expense reimbursement in the
accompanying statements of operations.
7. SHAREHOLDERS' EQUITY
Common Shares
The Company paid to common shareholders and unitholders distributions of
$133.4 million, $109.4 million, and $70.6 million, during the years
ended December 31, 1999, 1998, and 1997, respectively. On a per share
basis, the Company paid Common Share distributions of $1.87, $1.71, and
- -40-
<PAGE>
$1.65 during the years ended December 31, 1999, 1998, and 1997,
respectively.
For federal income tax purposes, the following table summarizes the
portions of the Common Share distributions relating to return of
capital, ordinary income, and capital gains:
1999 1998 1997
------ ------ ------
Return of capital - - 30.4%
Ordinary income 100.0% 100.0% 68.4%
Capital gains - - 1.2%
The Company's federal income tax returns are subject to examination by
taxing authorities. Because the application of tax laws and regulations
is susceptible to varying interpretations, the taxability of
distributions could be changed at a later date upon final determination
by taxing authorities.
Treasury Shares
In October 1999, the Board of Trustees authorized a share repurchase
plan under which the Company may purchase up to $100 million of the
Company's Common Shares or Convertible Debentures. In 1999, the Company
repurchased 59,100 of its Common Shares for $1.3 million.
Preferred Shares
On August 11, 1997, the Company issued 5,000,000 Series A Cumulative
Redeemable Preferred Shares (the "Preferred Shares"). The Preferred
Shares are non-voting and have a liquidation preference of $25.00 per
share. On or after July 30, 2002, the Preferred Shares may be redeemed
for cash at the option of the Company.
The Company paid preferred share distributions of $11.0 million, $11.0
million, and $2.4 million during the years ended December 31, 1999, 1998
and 1997, respectively. On a per share basis, the Company paid
preferred share distributions of $2.20, $2.20, and $0.48 during the
years ended December 31, 1999, 1998, and 1997, respectively.
For federal income tax purposes, the following table summarizes the
portions of the preferred shares distributions relating to return of
capital, ordinary income and capital gains:
1999 1998 1997
------ ------ ------
Return of capital - - -
Ordinary income 100.0% 100.0% 95.3%
Capital gains - - 4.7%
Minority Interest
Minority interest in the accompanying consolidated financial statements
relates to limited partnership interests of the Operating Partnership
issued in connection with the formation of the Company, certain
subsequent acquisitions, and the sale of preferred units. In connection
with the acquisition of properties for the year ended 1998, the Company
issued 1,049,846 common units. No common units were issued in
connection with acquisitions in 1999. The common limited partnership
- -41-
<PAGE>
interests outstanding as of December 31, 1999 have the same economic
characteristics as would 4,884,221 Common Shares, inasmuch as they share
proportionately in the net income or loss and in any distributions of
the Operating Partnership and such interests are exchangeable into the
same number of Common Shares of the Trust.
On July 28, 1999, the Company issued 3,800,000 Series B Cumulative
Redeemable Preferred Units of the Operating Partnership (the "Preferred
Units"). The Preferred Units are payable at the rate of 9.25% per annum
of the $25 liquidation preference. On or after July 28, 2004, the
Preferred Units may be redeemed for cash at the option of the Company.
The Preferred Units are exchangeable on a one-for-one basis at any time
on or after July 28, 2009 into Series B Cumulative Redeemable Preferred
Shares of the Trust.
The Company paid Preferred Unit distributions of $3.8 million during the
year ended December 31, 1999. On a per share basis, the Company paid
Preferred Unit distributions of $1.00 during the year ended December 31,
1999.
Shareholder Rights Plan
In December 1997, the Board of Trustees of the Company adopted a
shareholder rights plan (the "Shareholder Rights Plan"). Under the
Shareholder Rights Plan, one Right (as defined in the Shareholder Rights
Plan) was attached to each outstanding Common Share at the close of
business on December 31, 1997. In addition, a Right will be attached to
each share of Common Stock issued in the future. Each Right entitles
the registered holder to purchase from the Company, under certain
conditions, a unit (a "Rights Plan Unit") consisting of one one-
thousandth of a share of a Series A Junior Participating Preferred
Share, $0.0001 par value, (the "Junior Preferred Stock"), of the
Company, for $100 per Rights Plan Unit, subject to adjustment. The
Rights become exercisable only if a person or group of affiliated or
associated persons (an "Acquiring Person") acquires, or obtains the
right to acquire, beneficial ownership of Common Shares or other voting
securities ("Voting Stock") that have 10% or more of the voting power of
the outstanding shares of Voting Stock, or if an Acquiring Person
commences with to make a tender offer or exchange offer to acquire
beneficial ownership of Voting Stock that has 10% or more of the voting
power of the outstanding shares of Voting Stock. The Rights are
redeemable by the Company at a price of $0.0001 per Right. If not
exercised or redeemed, all Rights will expire on December 31, 2007.
Dividend Reinvestment Plan
The Company has instituted a Dividend Reinvestment and Share Purchase
Plan under which holders of Common Shares may elect to automatically
reinvest their distributions in additional Common Shares and may make
optional cash payments for additional Common Shares. The Company may
issue additional Common Shares or repurchase Common Shares in the open
market for purposes of financing its obligations under the Dividend
Reinvestment and Share Purchase Plan. During the years ended December
31, 1999, 1998, and 1997, 367,263 Common Shares, 65,166 Common Shares,
and 13,293 Common Shares, respectively, were issued through the Dividend
Reinvestment and Share Purchase Plan.
8. SHARE OPTIONS
The Company has elected to follow Accounting Principles Board Opinion
No. 25, "Accounting for Stock Issued to Employees" (APB 25) and related
- -42-
<PAGE>
Interpretations in accounting for its employee stock options because, as
discussed below, the alternative fair value accounting provided for
under FASB Statement No. 123, "Accounting for Stock-Based Compensation,"
requires use of option valuation models that were not developed for use
in valuing employee stock options. Under APB 25, because the exercise
price of the Company's employee stock options equals the market price
of the underlying stock on the date of grant, no compensation expense is
recognized. Under FASB Statement No. 123, the Company would recognize
compensation expense equal to the value of such options upon grant date.
The Company's Share Incentive Plan ("Share Incentive Plan"), as amended,
has authorized the grant of options to executive officers, other key
employees, non-employee trustees and consultants of up to 6,500,000
shares of the Company's Common Shares. All options granted have 10-year
terms and vest over a 3-year period, with options to purchase up to 20%
of the shares exercisable after the first anniversary, up to 50% after
the second anniversary and 100% after the third anniversary of the date
of grant.
Pro forma information regarding net income and earnings per share is
required by Statement 123, and has been determined as if the Company had
accounted for its employee stock options under the fair value method of
that Statement. The fair value for these options was estimated at the
date of grant using a Black-Scholes option pricing model with the
following weighted-average assumptions for 1999, 1998, and 1997:
1999 1998 1997
------ ------ ------
Risk-free interest rate 6.6% 4.7% 5.5%
Dividend yield 8.4% 7.3% 6.0%
Volatility factor .174 .159 .155
Weighted-average expected life 8 years 8 years 3 years
The Black-Scholes option valuation model was developed for use in
estimating the fair value of traded options which have no vesting
restrictions and are fully transferable. In addition, option valuation
models require the input of highly subjective assumptions including the
expected stock price volatility. Because the Company's employee share
options have characteristics significantly different from those of
traded options, and because changes in the subjective input assumptions
can materially affect the fair value estimate, in management's opinion,
the existing models do not necessarily provide a reliable single measure
of the fair value of its employee share options.
For purposes of pro forma disclosures, the estimated fair value of the
options determined according to the Black-Scholes option pricing model
is amortized to expense over the options' vesting period. The
Company's pro forma information follows (in thousands, except for per
share amounts):
1999 1998 1997
--------- --------- --------
Pro forma income available to
common shareholders $129,317 $ 96,673 $ 55,538
Pro forma income per common share:
Basic $ 1.94 $ 1.58 $ 1.37
Diluted $ 1.94 $ 1.58 $ 1.36
- -43-
<PAGE>
Pro forma disclosures are not likely to be representative of the effects
on reported net income for future years because of the staggered vesting
periods of the options.
A summary of the Company's share option activity, and related
information for the years ended December 31, 1999, 1998, and 1997
follows:
<TABLE>
<CAPTION>
1999 1998 1997
----------------- ----------------- ------------------
WEIGHTED WEIGHTED WEIGHTED
AVERAGE AVERAGE AVERAGE
OPTIONS EXERCISE OPTIONS EXERCISE OPTIONS EXERCISE
(000s) PRICE (000s) PRICE (000s) PRICE
------- -------- ------- -------- --------- --------
<S> <C> <C> <C> <C> <C> <C>
Outstanding-beginning of year 2,745 $ 22.75 1,963 $ 21.70 1,470 $ 20.28
Granted 920 22.00 825 25.37 542 25.66
Exercised (129) 21.56 (43) 25.03 (49) 23.00
Forfeited - - - - - -
------- ------- ------- ------- ------- -------
Outstanding-end of year 3,536 $ 22.60 2,745 $ 22.75 1,963 $ 21.70
======= ======= ======= ======= ======= =======
Exercisable at end of year 1,873 $ 21.45 1,545 $ 20.63 1,081 $ 20.18
Weighted-average fair
value of options granted
during the year $ 1.37 $ 1.50 $ 2.05
</TABLE>
Exercise prices for options outstanding as of December 31, 1999 ranged
from $19.75 to $26.95. The weighted-average remaining contractual life
of those options is 7.1 years.
An additional 2,580,168, 1,033,276, and 1,858,502 Common Shares were
reserved for issuance for future grants from the Share Incentive Plan at
December 31, 1999, 1998 and 1997, respectively.
9. COMMITMENTS AND CONTINGENCIES
All of the Properties and land were subject to Phase I Environmental
Assessments ("Phase I Assessments") obtained in contemplation of their
acquisition by the Company. The Phase I Assessments consisted of, among
other activities, a visual inspection of each Property and its
neighborhood and a check of pertinent public records. The Phase I
Assessments did not reveal, nor is the Company aware of, any non-
compliance with environmental laws, environmental liability or other
environmental claim that the Company believes would likely have a
material adverse effect on the Company.
Although the Company is engaged in litigation incidental to its
business, there is no legal proceeding to which it is a party which, in
the opinion of management, will materially adversely affect the results
of the Company's operations.
- -44-
<PAGE>
10. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
The following is a summary of quarterly results of operations for the
two years ended December 31, 1999 and 1998 (in thousands, except per
share amounts):
<TABLE>
<CAPTION>
QUARTER ENDED
----------------------------------------------------------------------------------
DEC. 31, SEPT. 30, JUNE 30, MARCH 31, DEC. 31, SEPT. 30, JUNE 30, MARCH 31,
1999 1999 1999 1999 1998 1998 1998 1998
-------- --------- -------- --------- -------- --------- -------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Rental revenue $ 90,149 $ 87,064 $ 84,250 $ 81,468 $ 78,435 $ 74,264 $ 68,018 $ 61,015
======== ======== ======== ======== ======== ========= ======== =========
Income before extraordinary
item and minority interest 39,164 35,928 46,263 34,638 31,128 30,903 28,097 26,549
======== ======== ======== ======== ======== ========= ======== =========
Extraordinary item-loss on
extinguishment of debt 1,145 - - - - - - -
======== ======== ======== ======== ======== ========= ======== =========
Income before
minority interest 38,019 35,928 46,263 34,638 31,128 30,903 28,097 26,549
======== ======== ======== ======== ======== ========= ======== =========
Income available to
common shareholders 30,801 29,343 40,502 29,678 26,278 26,061 23,286 21,990
======== ======== ======== ======== ======== ========= ======== =========
Income per common share before
extraordinary item -
basic $ 0.48 $ 0.44 $ 0.61 $ 0.45 $ 0.40 $ 0.41 $ 0.39 $ 0.40
======== ======== ======== ======== ======== ========= ======== =========
Income per common share before
extraordinary item -
diluted $ 0.48 $ 0.44 $ 0.60 $ 0.45 $ 0.39 $ 0.41 $ 0.39 $ 0.40
======== ======== ======== ======== ======== ========= ======== =========
</TABLE>
11. SEGMENT INFORMATION
The Company operates its portfolio of properties throughout the
Southeastern, Mid-Atlantic and Midwestern United States. The Company
reviews performance of the portfolio on a geographical basis, as such,
the following regions are considered the Company's reportable segments:
Southeastern Pennsylvania; New Jersey; Lehigh Valley, Pennsylvania;
Virginia; the Carolinas; Jacksonville, Florida; Detroit, Michigan; and
all others combined (including Maryland; Tampa, Florida; South Florida;
Minneapolis, Minnesota; and the United Kingdom). The Company's
reportable segments are distinct business units which are each managed
separately in order to concentrate market knowledge within a
geographical area. Within these reportable segments, the Company
derives its revenues from its two product types: industrial properties
and office properties.
The Company evaluates performance of the reportable segments based on
property-level net operating income, which is calculated as rental
revenue and operating expense reimbursement less rental property
expenses and real estate taxes. The accounting policies of the
reportable segments are the same as those for the Company on a
- -45-
<PAGE>
consolidated basis. The operating information by segment is as follows
(in thousands):
<TABLE>
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31, 1999
- -----------------------------------------------------------------------------------------------------
SE New Lehigh The
Pennsyl. Jersey Valley Virginia Carolinas Jacksonville Michigan All Others Total
-------- -------- -------- -------- --------- ------------ -------- ---------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Real estate-
related revenues $121,060 $ 42,604 $ 44,346 $ 40,114 $ 37,810 $ 40,979 $ 50,806 $ 88,803 $466,522
Rental property
expenses and
real estate taxes 33,688 12,811 9,588 8,368 11,341 9,968 17,166 26,509 129,439
-------- -------- -------- -------- -------- --------- -------- -------- -------
Property-level net
operating income 87,372 29,793 34,758 31,746 26,469 31,011 33,640 62,294 337,083
Other income/
expenses, net 194,278
-------
Income before property
dispositions,
extraordinary item,
and minority interest 142,805
Gain on property
dispositions 13,188
Extraordinary item-loss
on extinguishment of
debt 1,145
Minority interest 13,524
Preferred distributions 11,000
-------
Income available to
common shareholders $130,324
========
</TABLE>
<TABLE>
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31, 1998
- ------------------------------------------------------------------------------------------------------
SE New Lehigh The
Pennsyl. Jersey Valley Virginia Carolinas Jacksonville Michigan All Others Total
-------- -------- -------- -------- --------- ------------ -------- ---------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Real estate-
related revenues $97,372 $40,383 $37,966 $35,233 $ 33,683 $36,373 $38,865 $63,105 $382,980
Rental property
expenses and
real estate taxes 28,103 11,435 7,803 8,002 9,599 8,982 14,879 19,542 108,345
-------- -------- -------- -------- ---------- -------- -------- -------- --------
Property-level net
operating income 69,269 28,948 30,163 27,231 24,084 27,391 23,986 43,563 274,635
Other income/
expenses, net 156,673
--------
Income before property
dispositions,
extraordinary items,
and minority interest 117,962
Loss on property
dispositions 1,285
Extraordinary item -
Minority interest 8,062
Preferred distributions 11,000
--------
Income available to
common shareholders $ 97,615
========
</TABLE>
- -46-
<PAGE>
<TABLE>
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31, 1997
- -----------------------------------------------------------------------------------------------------
SE New Lehigh The
Pennsyl. Jersey Valley Virginia Carolinas Jacksonville Michigan All Others Total
-------- -------- -------- -------- --------- ------------ -------- ---------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Real estate-
related revenues $63,499 $27,366 $30,419 $22,639 $12,745 $24,088 $11,641 $32,964 $225,361
Rental property
expenses and
real estate taxes 18,940 8,844 6,613 4,069 2,911 5,807 4,223 9,672 61,079
-------- -------- -------- -------- -------- -------- -------- -------- --------
Property-level net
operating income 44,559 18,522 23,806 18,570 9,834 18,281 7,418 23,292 164,282
Other income/
expenses, net 97,831
--------
Income before property
dispositions,
extraordinary item,
and minority interest 66,451
Gain on property
dispositions 2,518
Extraordinary item-loss
on extinguishment of
debt 2,919
Minority interest 5,606
Preferred distributions 4,247
--------
Income available
to common shareholders $ 56,197
========
</TABLE>
<TABLE>
<CAPTION>
REVENUES YEAR ENDED DECEMBER 31,
- ---------------------------------------------------------- -----------------------------------
1999 1998 1997
---------- ---------- -----------
<S> <C> <C> <C>
Total real estate-related revenues for reportable segments $ 466,522 $ 382,980 $ 225,361
Interest and other 5,976 5,398 4,638
---------- ---------- -----------
Total revenues $ 472,498 $ 388,378 $ 229,999
========== ========== ===========
PRODUCT TYPE INFORMATION REAL ESTATE-RELATED REVENUES
- ---------------------------------------------------------- -----------------------------------
YEAR ENDED DECEMBER 31,
-----------------------------------
1999 1998 1997
---------- ---------- -----------
Industrial $ 225,988 $ 192,548 $ 123,024
Office 240,534 190,432 102,337
---------- ---------- -----------
Total real estate-related revenues $ 466,522 $ 382,980 $ 225,361
========== ========== ===========
</TABLE>
<TABLE>
<CAPTION>
ROLLFORWARD OF OPERATING REAL ESTATE ASSETS BY REPORTABLE SEGMENT
- -----------------------------------------------------------------------------------------------------
SE New Lehigh The
Pennsyl. Jersey Valley Virginia Carolinas Jacksonville Michigan All Others Total
-------- -------- -------- -------- --------- ------------ -------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
January 1, 1999 $603,888 $281,889 $250,228 $278,073 $250,455 $259,224 $318,498 $502,870 $2,745,125
Additions 129,577 28,855 21,378 27,697 15,627 14,539 29,927 96,306 363,906
Dispositions - (48,642) - (3,773) (15,374) - (14,559) (22,003) (104,351)
-------- -------- -------- -------- -------- -------- -------- -------- ----------
December 31, 1999 $733,465 $262,102 $271,606 $301,997 $250,708 $273,763 $333,866 $577,173 $3,004,680
-------- -------- -------- -------- -------- -------- -------- -------- ----------
Accumulated depreciation (270,174)
Development in progress 138,870
Land held for development 111,201
Other assets 133,556
----------
Total assets December 31, 1999 $3,118,133
==========
</TABLE>
- -47-
<PAGE>
<TABLE>
<CAPTION>
ROLLFORWARD OF OPERATING REAL ESTATE ASSETS BY REPORTABLE SEGMENT
- -----------------------------------------------------------------------------------------------------
SE New Lehigh The
Pennsyl. Jersey Valley Virginia Carolinas Jacksonville Michigan All Others Total
-------- -------- -------- -------- --------- ------------ -------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
January 1, 1998 $527,759 $172,174 $193,765 $223,895 $148,412 $195,582 $172,332 $254,112 $1,888,031
Additions 86,865 109,715 56,463 56,381 106,886 65,746 146,166 248,758 876,980
Dispositions (10,736) - - (2,203) (4,843) (2,104) - - (19,886)
-------- -------- -------- -------- -------- -------- -------- -------- ----------
December 31, 1998 $603,888 $281,889 $250,228 $278,073 $250,455 $259,224 $318,498 $502,870 $2,745,125
-------- -------- -------- -------- -------- -------- -------- -------- ----------
Accumulated depreciation (209,023)
Development in progress 207,563
Land held for development 75,454
Other assets 112,289
----------
Total assets December 31, 1998 $2,931,408
==========
</TABLE>
12. PRO FORMA INFORMATION (UNAUDITED)
The following unaudited pro forma information has been prepared assuming
the common and preferred shares offerings which were consummated in 1997
and 1998 and the acquisitions of 170 properties acquired in 1997, and
137 properties acquired in 1998 had occurred at January 1, 1997. The
1997 acquisitions were acquired for a total investment of $727.9 million
and the 1998 acquisitions were acquired for a total investment of $580.2
million.
YEAR ENDED DECEMBER 31,
-----------------------
1998 1997
-------- ---------
(IN THOUSANDS,
EXCEPT PER SHARE AMOUNTS)
------------------------
Total revenues $ 408,279 $ 358,974
Income available to common shareholders 104,371 92,181
Income per share - basic $ 1.59 $ 1.40
Income per share - diluted 1.58 1.40
This pro forma information is not necessarily indicative of what the
actual results of operations of the Company would have been, assuming
the Company had completed the common and preferred shares offerings and
completed the 1997 and 1998 acquisitions as of January 1, 1997, nor do
they purport to represent the results of operations of the Company for
future periods.
13. SUBSEQUENT EVENTS
In January 2000, under the Company's share repurchase plan, the
Company repurchased $3.8 million principal amount of its Convertible
Debentures. The repurchase of the Convertible Debentures will result in
the recognition of an extraordinary loss of $911,000. This loss
represents the redemption premium and write-off of related deferred
financing costs.
- -48-
<PAGE>
<TABLE>
<CAPTION>
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Cost
Capitalized
Initial Cost Subsequent
--------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
<S> <C> <C> <C> <C> <C>
OPERATING PROPERTIES
10,20 Liberty Boulevard Malvern, PA $ - $ 724,058 $ - $ 4,946,510
420 Lapp Road Malvern, PA * 1,054,418 - 6,291,603
747 Dresher Road Horsham, PA - 1,607,238 - 3,948,168
45-67 Great Valley Parkway Malvern, PA * 795,143 - 2,930,842
1180 Church Road Lansdale, PA - 2,357,045 10,041,340 6,803,029
40 Valley Stream Parkway Malvern, PA * 322,918 - 2,185,822
50 Valley Stream Parkway Malvern, PA - 323,971 - 2,349,039
20 Valley Stream Parkway Malvern, PA * 465,539 - 5,131,116
800 Town Center Drive Langhorne, PA - 1,617,150 - 9,381,431
11, 15 Great Valley Parkway Malvern, PA * 1,837,050 - 15,156,712
257-275 Great Valley Parkway Malvern, PA * 504,611 - 4,445,843
300 Technology Drive Malvern, PA - 368,626 - 1,303,696
277-293 Great Valley Parkway Malvern, PA - 530,729 - 1,951,447
311 Technology Drive Malvern, PA - 397,131 - 2,243,806
325 Technology Drive Malvern, PA * 376,444 - 1,851,241
7 Great Valley Parkway Malvern, PA * 176,435 - 4,415,557
55 Valley Stream Parkway Malvern, PA - 215,005 - 3,407,379
65 Valley Stream Parkway Malvern, PA * 381,544 - 5,189,962
508 Lapp Road Malvern, PA * 331,392 - 1,760,134
10 Valley Stream Parkway Malvern, PA * 509,075 - 2,849,413
333 Phoenixville Pike Malvern, PA 2,052,761 523,530 - 3,083,945
30 Great Valley Parkway Malvern, PA - 128,126 - 355,565
75 Great Valley Parkway Malvern, PA - 143,074 - 418,889
27-43 Great Valley Parkway Malvern, PA * 448,775 - 2,132,673
77-123 Great Valley Parkway Malvern, PA * 887,664 - 4,715,793
260 Great Valley Parkway Malvern, PA * 203,916 - 849,153
256 Great Valley Parkway Malvern, PA * 161,098 - 1,888,761
205 Great Valley Parkway Malvern, PA * 1,368,259 - 9,630,674
12,14,16 Great Valley Parkway Malvern, PA - 130,689 - 1,202,040
155 Great Valley Parkway Malvern, PA * 625,147 - 2,258,481
333 Technology Drive Malvern, PA * 157,249 - 2,310,848
510 Lapp Road Malvern, PA * 356,950 - 865,960
181 Wheeler Court Langhorne, PA - 260,000 1,940,000 157,612
1100 Wheeler Way Langhorne, PA - 150,000 1,100,000 90,717
60 Morehall Road Malvern, PA - 865,424 9,285,000 4,724,203
905 Airport Road West Chester, PA - 1,715,000 5,185,000 206,967
16 Cabot Boulevard Langhorne, PA * 648,889 5,851,112 115,836
1 Country View Road Malvern, PA - 400,000 3,600,000 469,038
2151 Cabot Boulevard Langhorne, PA * 384,100 3,456,900 263,500
170 South Warner Road King of Prussia, PA - 547,800 3,137,400 2,453,350
190 South Warner Road King of Prussia, PA - 552,200 3,162,600 1,592,419
507 Prudential Road Horsham, PA * 644,900 5,804,100 216,039
100 Witmer Road Horsham, PA 9,057,124 3,102,784 - 12,112,180
3100 Horizon Drive King of Prussia, PA - 601,956 - 2,007,248
3300 Horizon Drive King of Prussia, PA - 566,403 - 3,265,294
3500 Horizon Drive King of Prussia, PA - 1,204,839 - 2,531,137
200 Chesterfield Parkway Malvern, PA - 495,893 2,739,093 122,186
767 Electronic Drive Horsham, PA - 1,229,685 - 2,746,136
132 Welsh Road Horsham, PA - 1,333,642 - 3,765,225
5 Country View Road Malvern, PA * 785,168 4,678,632 184,612
3200 Horizon Drive King of Prussia, PA - 928,637 - 4,296,060
3000 Horizon Drive King of Prussia, PA - 1,191,449 - 1,847,672
111-195 Witmer Road Horsham, PA - 407,005 3,129,058 (114,870)
300 Welsh Road Horsham, PA - 180,459 1,441,473 118,087
400 Welsh Road Horsham, PA - 282,493 2,256,508 992,721
8801 Tinicum Boulevard Philadelphia, PA - 2,474,031 - 24,337,970
440 East Swedesford Road King of Prussia, PA - 717,001 4,816,121 1,445,124
460 East Swedesford Road King of Prussia, PA - 705,317 4,737,487 525,930
50 Morehall Road Malvern, PA - 849,576 - 13,046,717
2 Walnut Grove Drive Horsham, PA - 1,281,870 7,767,374 796,583
200 Gibraltar Road Horsham, PA - 638,513 5,811,323 676,216
220 Gibraltar Road Horsham, PA - 629,944 5,733,228 45,166
240 Gibraltar Road Horsham, PA - 629,944 5,733,234 29,724
151 S. Warner Road King of Prussia, PA - 1,218,086 6,937,866 149,493
1 Walnut Grove Drive Horsham, PA - 1,058,901 5,343,606 1,044,720
3604 Horizon Drive King of Prussia, PA - 397,178 - 1,576,394
3606 Horizon Drive King of Prussia, PA - 789,409 - 1,940,816
650 Swedesford Road King of Prussia, PA - 952,911 6,722,830 7,548,133
680 Swedesford Road King of Prussia, PA - 952,361 6,722,830 7,248,516
761 Fifth Avenue King of Prussia, PA - 256,463 2,061,468 364,716
771 Fifth Avenue King of Prussia, PA - 152,456 1,256,908 208,586
1 Great Valley Parkway Malvern, PA - 419,460 3,792,570 300,798
5 Great Valley Parkway Malvern, PA - 684,200 6,181,661 382,669
311 Sinclair Road Bristol, PA - 277,901 1,576,906 21,852
100 Cedar Hollow Road Malvern, PA - 1,436,814 - 16,031,572
3 Country View Road Malvern, PA - 814,278 - 4,861,093
425 Technology Drive Malvern, PA - 191,114 - 1,840,489
375 Technology Drive Malvern, PA - 191,114 - 1,765,099
45 Liberty Boulevard Malvern, PA - 4,380,221 - 15,028,264
100 Chesterfield Parkway Malvern, PA - 1,320,625 - 6,675,049
181-187 Gibraltar Road Horsham, PA - 360,549 3,259,984 433,819
104 Rock Road Horsham, PA - 330,111 2,981,669 22,012
123-135 Rock Road Horsham, PA - 292,360 2,411,677 604,497
111-159 Gibraltar Road Horsham, PA - 489,032 4,126,151 84,809
161-175 Gibraltar Road Horsham, PA - 294,673 2,663,722 442,820
103-109 Gibraltar Road Horsham, PA - 270,906 2,448,500 574,562
- -49-
<PAGE>
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Cost
Capitalized
Initial Cost Subsequent
--------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - CONTINUED
261-283 Gibraltar Road Horsham, PA - 464,871 3,951,972 38,336
201-223 Witmer Road Horsham, PA - 270,282 2,441,276 1,436,397
231-237 Gibraltar Road Horsham, PA - 436,952 3,948,963 340,986
100 Gibraltar Road Horsham, PA - 38,729 349,811 8,621
101 Gibraltar Road Horsham, PA - 651,990 5,888,989 134,789
506 Prudential Road Horsham, PA - 208,140 895,470 617,165
113-123 Rock Road Horsham, PA - 351,072 3,171,001 121,951
101-111 Rock Road Horsham, PA - 350,561 3,166,389 190,426
120 Gibraltar Road Horsham, PA - 533,142 4,830,515 95,035
110 Gibraltar Road Horsham, PA - 673,041 5,776,369 173,275
100-107 Lakeside Drive Horsham, PA - 239,528 2,163,498 459,696
200-264 Lakeside Drive Horsham, PA - 502,705 4,540,597 431,824
300-309 Lakeside Drive Horsham, PA - 369,475 3,338,761 247,224
400-445 Lakeside Drive Horsham, PA - 543,628 4,910,226 1,124,268
104 Witmer Road Horsham, PA - 1,248,148 - 1,057,215
201 Gibraltar Road Horsham, PA - 380,127 3,433,433 560,191
3600 Horizon Drive King of Prussia, PA - 236,432 1,856,252 20,631
3602 Horizon Drive King of Prussia, PA - 217,734 1,759,489 95,453
3 Franklin Plaza Philadelphia, PA - 2,483,144 - 32,236,382
400-500 Brandywine Parkway West Chester, PA - 845,846 6,809,025 327,020
600 Brandywine Parkway West Chester, PA - 664,899 5,352,410 259,153
2700 Horizon Drive King of Prussia, PA - 764,370 - 3,639,874
2900 Horizon Drive King of Prussia, PA - 679,440 - 3,478,482
2500 Renaissance Boulevard King of Prussia, PA - 509,580 - 2,418,727
2300 Renaissance Boulevard King of Prussia, PA - 509,580 - 2,632,691
719 Dresher Road Horsham, PA - 493,426 2,812,067 196,058
2100 Renaissance Boulevard King of Prussia, PA - 1,110,111 - 9,306,511
4 Walnut Grove Horsham, PA - 2,515,115 - 7,324,042
2250 Hickory Road Plymouth Meeting, PA 6,290,000 1,015,851 9,175,555 505,175
3400 Horizon Drive King of Prussia, PA - 776,496 3,139,068 455,002
One Ridgewood Place Downingtown, PA - 422,460 2,337,195 3,743
300 Welsh Road Horsham, PA - 696,061 3,339,991 53,690
600 Chesterfield Parkway Malvern, PA - 2,013,750 - 8,152,145
700 Chesterfield Parkway Malvern, PA - 2,013,750 - 8,165,941
6 Terry Drive Newtown, PA - 622,029 2,228,851 20,721
2520 Renaissance Boulevard King of Prussia, PA - 1,020,000 - 3,872,023
18 Great Valley Parkway Malvern, PA - 394,036 3,976,221 43,276
700 Dresher Road Horsham, PA - 2,551,777 3,020,638 2,525,948
14 Lee Boulevard Malvern, PA * 664,282 - 6,478,457
500 Chesterfield Parkway Malvern, PA * 472,364 - 2,876,942
300-400 Chesterfield Parkway Malvern, PA * 937,212 - 4,497,605
150 Mid-Atlantic Parkway West Deptford, NJ - 86,968 304,672 200,018
51 Haddonfield Road Cherry Hill, NJ - 251,443 - 9,458,288
57 Read's Way New Castle, DE - 253,119 - 2,980,795
1370 Imperial Way West Deptford, NJ - 297,000 4,373,155 63,094
8 Stow Road Marlton, NJ - 172,600 1,704,436 113,946
10 Stow Road Marlton, NJ - 147,000 1,451,536 70,349
12 Stow Road Marlton, NJ - 103,300 1,021,036 208,886
14 Stow Road Marlton, NJ - 93,100 920,336 135,774
1300 Metropolitan Avenue West Deptford, NJ - 220,000 1,980,000 37,266
701A Route 73 South Marlton, NJ - 264,387 3,772,000 2,244,251
701C Route 73 South Marlton, NJ - 84,949 1,328,000 338,730
1008 Astoria Boulevard Cherry Hill, NJ - 27,120 424,880 367,505
1475 Imperial Way West Deptford, NJ - 54,000 846,000 189,567
3000 Atrium Way Mt. Laurel, NJ * 500,000 4,500,000 3,123,020
750 Cardinal Drive Pureland, NJ - 230,000 2,070,000 862,971
11000, 15000, 17000 Commerce Pkwy. Mt. Laurel, NJ - 455,100 4,394,900 524,336
12000, 14000 Commerce Parkway Mt. Laurel, NJ - 361,800 3,285,817 231,610
16000, 18000 Commerce Parkway Mt. Laurel, NJ - 289,700 2,512,683 397,179
400 Lippincott Drive Marlton, NJ - 69,402 - 3,352,065
406 Lippincott Drive Marlton, NJ - 321,455 1,539,871 788,230
234 High Hill Road Bridgeport, NJ * 249,472 1,477,515 335,497
100 Arlington Boulevard Bridgeport, NJ - 6,368 - 4,602,081
100 Berkeley Drive Swedesboro, NJ * 395,160 1,915,215 223,230
301 Lippincott Drive Marlton, NJ - 1,069,837 4,780,163 739,152
303 Lippincott Drive Marlton, NJ - 1,069,837 4,780,163 644,797
510-512 Sharptown Road Bridgeport, NJ * 125,410 1,072,683 44,115
901 Route 73 Marlton, NJ - 334,411 2,733,314 99,141
1500 Route 73 Marlton, NJ * 449,400 3,074,850 650,059
512 Sharptown Road Bridgeport, NJ * 180,468 1,543,617 49,193
201 Berkeley Drive Bridgeport, NJ - 270,880 - 4,083,929
404 Lippincott Drive Marlton, NJ - 131,896 - 1,650,044
104 Gaither Drive Mt. Laurel, NJ - 132,075 1,151,988 221,476
402 Lippincott Drive Marlton, NJ - 131,896 - 1,631,153
300 Commodore Drive Bridgeport, NJ - 417,695 - 5,284,742
3000 Lincoln Drive Mt. Laurel, NJ - 284,052 2,458,155 1,230,821
6000 Commerce Parkway Mt. Laurel, NJ - 234,151 2,022,683 131,744
7000 Commerce Parkway Mt. Laurel, NJ - 260,014 2,236,684 216,087
8000 Commerce Parkway Mt. Laurel, NJ - 234,814 1,995,098 103,255
9000 Commerce Parkway Mt. Laurel, NJ - 286,587 2,474,820 57,896
1000 Briggs Road Mt. Laurel, NJ - 288,577 2,546,537 267,865
1025 Briggs Road Mt. Laurel, NJ 1,959,429 430,990 3,714,828 216,464
1020 Briggs Road Mt. Laurel, NJ - 494,334 - 2,851,429
9 Stow Road Marlton, NJ - 652,642 1,765,065 251,551
2000 Crawford Place Mt. Laurel, NJ - 310,831 2,797,744 1,153,181
1351 Metropolitan Avenue Thorofare, NJ - 189,465 1,728,789 26,638
650 Grove Road Thorofare, NJ - 267,214 2,438,323 220,068
400 Grove Road Thorofare, NJ - 145,009 1,323,085 78,239
5000 Dearborn Court Mt. Laurel, NJ - 1,057,763 4,191,827 121,279
515 Heron Drive Bridgeport, NJ 1,410,420 334,017 2,367,538 10,599
- -50-
<PAGE>
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Cost
Capitalized
Initial Cost Subsequent
--------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - CONTINUED
500 Sharptown Road Pureland, NJ 1,362,485 300,404 2,645,235 55,330
625 Heron Drive Bridgeport, NJ * 180,226 908,953 4,487
605 Heron Drive Bridgeport, NJ 605,897 265,381 1,046,866 8,935
510 Heron Drive Bridgeport, NJ 5,939,036 790,335 7,901,878 167,154
522 Pedricktown Road Bridgeport, NJ * 176,309 1,360,293 17,514
530 Pedricktown Road Bridgeport, NJ * 350,813 1,901,471 30,953
540 Pedricktown Road Bridgeport, NJ 3,136,360 531,280 4,532,010 40,471
230 High Hill Road Bridgeport, NJ 5,768,353 1,418,000 8,860,843 7,883
3 Mallard Court Bridgeport, NJ * 417,893 2,447,865 7,900
730 Cardinal Drive Bridgeport, NJ * 576,598 1,780,345 38,160
405 Heron Drive Bridgeport, NJ 10,423,954 2,167,471 18,120,223 711,167
100 Eagle Road Bridgeport, NJ 1,061,108 256,491 1,434,429 19,033
250 High Hill Road Bridgeport, NJ 1,752,474 246,478 2,269,440 168,859
508 Center Square Road Bridgeport, NJ 1,591,693 453,341 3,458,248 940
602 Heron Drive Bridgeport, NJ * 524,728 2,240,478 6,274
300 Eagle Court Bridgeport, NJ - 1,135,989 1,872,753 13,646
500 Center Square Road Bridgeport, NJ - 1,338,839 6,186,541 17,622
1001 Briggs Road Marlton, NJ - 701,705 3,505,652 495,751
1960 Cuthbert Boulevard Cherry Hill, NJ - 321,699 1,291,557 37,182
1970 Cuthbert Boulevard Cherry Hill, NJ - 321,699 1,291,558 29,940
10000 & 11000 Route 73 Marlton, NJ - 715,705 2,579,524 343,618
800 Arlington Boulevard Logan, NJ - 1,687,500 - 6,742,554
1655 Valley Center Parkway Bethlehem, PA - 214,431 - 1,867,129
6560 Stonegate Drive Allentown, PA - 458,281 - 2,347,029
6370 Hedgewood Drive Allentown, PA - 540,795 - 3,017,422
6390 Hedgewood Drive Allentown, PA - 707,203 - 2,591,153
1495 Valley Center Parkway Bethlehem, PA - 434,640 - 3,586,075
6350 Hedgewood Drive Allentown, PA - 360,027 - 3,170,858
6330 Hedgewood Drive Allentown, PA - 531,268 - 4,325,548
1550 Valley Center Parkway Bethlehem, PA - 196,954 - 3,172,582
1560 Valley Center Parkway Bethlehem, PA - 240,069 - 3,878,113
6580 Snowdrift Road Allentown, PA - 388,328 - 2,481,509
1510 Valley Center Parkway Bethlehem, PA - 312,209 - 3,310,674
1530 Valley Center Parkway Bethlehem, PA - 211,747 - 2,652,949
6540 Stonegate Drive Allentown, PA - 422,042 - 3,590,678
974 Marcon Boulevard Allentown, PA - 143,500 - 2,124,807
964 Marcon Boulevard Allentown, PA - 138,816 - 1,508,102
764 Roble Road Allentown, PA - 141,069 - 794,167
3174 Airport Road Allentown, PA - 98,986 - 1,105,398
2196 Avenue C Allentown, PA - 101,159 - 1,201,733
2202 Hangar Place Allentown, PA - 137,439 - 1,307,610
2201 Hangar Place Allentown, PA - 128,454 - 1,408,758
954 Marcon Boulevard Allentown, PA - 103,665 - 1,130,830
57 South Commerce Way Allentown, PA - 390,839 2,701,161 212,948
754 Roble Road Allentown, PA - 162,115 1,731,885 133,396
894 Marcon Boulevard Allentown, PA - 117,134 1,048,866 50,918
744 Roble Road Allentown, PA - 159,771 1,734,229 181,874
944 Marcon Boulevard Allentown, PA - 118,521 1,435,479 186,598
1685 Valley Center Parkway Allentown, PA - 244,029 - 2,056,294
6520 Stonegate Drive Allentown, PA - 453,315 - 1,815,973
7437 Industrial Boulevard Allentown, PA - 717,488 5,022,413 1,421,856
2041 Avenue C Allentown, PA * 213,599 1,095,217 73,231
2124 Avenue C Allentown, PA * 289,197 1,039,835 54,349
7339 Industrial Boulevard Allentown, PA - 1,187,776 - 5,732,218
7384 Penn Drive Allentown, PA * 651,696 2,286,518 452,863
7144 Daniels Drive Allentown, PA - 2,390,217 2,342,761 3,422,923
7620 Cetronia Road Allentown, PA - 1,091,806 3,851,456 351,590
939 Marcon Boulevard Allentown, PA * 2,220,414 4,524,393 735,083
100 Brodhead Road Allentown, PA * 429,416 2,919,588 187,568
1455 Valley Center Parkway Bethlehem, PA - 670,290 - 3,634,924
1640 Valley Center Parkway Bethlehem, PA - 359,000 - 2,412,319
1650 Valley Center Parkway Allentown, PA - 359,000 - 2,213,935
1660 Valley Center Parkway Bethlehem, PA - 359,000 - 2,094,852
400 Nestle Way Allentown, PA 26,866,392 8,065,500 - 26,454,407
83 South Commerce Way Bethlehem, PA - 143,661 888,128 279,395
85 South Commerce Way Bethlehem, PA - 236,708 987,949 82,348
87 South Commerce Way Bethlehem, PA - 253,886 1,062,881 75,930
89 South Commerce Way Bethlehem, PA - 320,000 - 1,758,011
7249 Industrial Boulevard Allentown, PA - 2,670,849 13,307,408 681,221
95 Highland Avenue Bethlehem, PA - 430,593 3,182,080 297,936
236 Brodhead Road Bethlehem, PA - 376,962 4,672,683 24,861
1525 Valley Center Parkway Allentown, PA - 475,686 - 7,219,008
6620 Grant Way Allentown, PA - 430,824 1,915,923 6,338
700 Nestle Way Allentown, PA - 3,473,120 - 16,886,629
7562 Penn Drive Allentown, PA - 269,614 844,069 78,774
7277 Williams Avenue Allentown, PA - 462,964 1,449,009 124,413
7355 Williams Avenue Allentown, PA - 489,749 1,658,091 129,157
794 Roble Boulevard Allentown, PA - 1,147,541 6,088,041 82,082
6923 Schantz Spring Road Allentown, PA - 1,127,805 3,309,132 39,325
2600 Beltline Avenue Reading, PA - 558,903 2,234,167 18,193
7132 Daniels Drive Allentown, PA - 1,623,326 3,464,626 3,948,800
3985 Adler Place Bethlehem, PA - 705,367 3,915,820 172,298
8014 Industrial Boulevard Upper Macungie, PA - 4,019,258 - 8,656,380
180 & 190 Admiral Cochrane Drive Annapolis, MD - 3,670,256 - 16,218,929
12000,001,040 Indian Creek Court Beltsville, MD - 2,659,431 - 10,916,275
8280 Patuxent Range Drive Columbia, MD - 181,601 - 1,336,075
7178-80 Columbia Gateway Columbia, MD - 1,569,237 4,786,887 668,919
9770 Patuxent Woods Drive Columbia, MD - 341,663 3,033,309 13,073
9780 Patuxent Woods Drive Columbia, MD - 218,542 1,940,636 7,898
9790 Patuxent Woods Drive Columbia, MD - 243,791 2,164,094 13,255
- -51-
<PAGE>
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Cost
Capitalized
Initial Cost Subsequent
--------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - CONTINUED
9810 Patuxent Woods Drive Columbia, MD - 266,684 2,366,901 9,913
9800 Patuxent Woods Drive Columbia, MD - 299,099 2,654,069 12,410
9820 Patuxent Woods Drive Columbia, MD - 237,779 2,110,835 27,896
9830 Patuxent Woods Drive Columbia, MD - 296,262 2,628,933 15,698
9050 Red Branch Road Columbia, MD - 290,950 2,577,153 272,236
4606 Richlynn Drive Belcamp, MD - 299,600 1,818,861 7,108
8945-8975 Guilford Columbia, MD - 2,428,795 7,493,740 51,780
7317 Parkway Drive Hanover, MD - 1,104,359 1,959,671 4,319
9101,9111,9115 Guilford Road Columbia, MD - 758,951 - 3,350,754
9125,9135,9145 Guilford Road Columbia, MD - 900,154 - 5,590,284
10 South Third Street Richmond, VA - 27,970 127,419 45,962
1751 Bluehills Drive Roanoke, VA - 1,063,728 8,500,677 101,951
4300 Carolina Avenue Richmond, VA - 2,007,717 14,927,608 411,598
301 Hill Carter Parkway Richmond, VA - 659,456 4,836,010 63,204
4001 Carolina Avenue Richmond, VA - 29,443 215,914 32,683
5600-5626 Eastport Boulevard Richmond, VA * 489,941 3,592,900 171,673
5650-5674 Eastport Boulevard Richmond, VA * 644,384 4,025,480 143,071
5700 Eastport Boulevard Richmond, VA * 408,729 2,697,348 43,619
11020 Hull Street Road Richmond, VA - 139,887 637,261 296,586
3432 Holland Road Virginia Beach, VA - 173,527 790,515 11,088
4880 Cox Road Richmond, VA * 743,898 4,499,807 1,165,166
5162 Valleypointe Parkway Roanoke, VA * 551,483 2,612,312 35,237
4101- 4127 Carolina Avenue Richmond, VA * 310,854 2,279,597 57,138
4201-4261 Carolina Avenue Richmond, VA * 693,203 5,083,493 366,110
4263-4299 Carolina Avenue Richmond, VA - 256,203 2,549,649 1,074,190
4301-4335 Carolina Avenue Richmond, VA - 223,696 1,640,435 116,604
4337-4379 Carolina Avenue Richmond, VA * 325,303 2,385,557 728,528
4501-4549 Carolina Avenue Richmond, VA * 486,166 3,565,211 130,933
4551-4593 Carolina Avenue Richmond, VA * 474,360 3,478,646 118,788
4601-4643 Carolina Avenue Richmond, VA * 652,455 4,784,675 313,895
4645-4683 Carolina Avenue Richmond, VA * 404,616 2,967,187 831,142
4447-4491 Carolina Avenue Richmond, VA - 454,056 2,729,742 92,274
4401-4445 Carolina Avenue Richmond, VA * 615,038 4,510,272 85,090
12 S. Third Street Richmond, VA - 40,539 184,682 6,125
9601 Cosner Drive Fredericksburg, VA * 475,262 3,917,234 148,902
315 Cardiff Valley Road Knoxville, TN - 443,305 2,950,903 42,487
2300 East Parham Road Richmond, VA - 221,947 1,011,088 14,181
5221 Valleypark Drive Roanoke, VA - 285,008 998,370 225,006
5228 Valleypointe Parkway Roanoke, VA - 218,663 796,133 97,301
5238 Valleypark Drive Roanoke, VA - 416,375 1,896,832 91,730
5601-5659 Eastport Boulevard Richmond, VA * 705,660 - 5,144,267
5900 Eastport Boulevard Richmond, VA * 676,661 - 5,374,307
4717-4729 Eubank Road Richmond, VA * 449,447 3,294,697 121,382
5251 Concourse Drive Roanoke, VA - 2,813 - 1,794,801
4263F Carolina Avenue Richmond, VA * 91,476 - 1,622,797
4200 Oakleys Court Richmond, VA * 459,090 2,468,454 33,041
1821 Battery Dantzler Road Chester, VA - 394,212 3,035,113 24,814
5000 Cox Road Glen Allen, VA * 770,214 3,685,248 26,510
5500 Cox Road Richmond, VA - 443,485 - 2,366,298
510 Eastpark Court Sandston, VA * 261,961 2,110,874 37,383
520 Eastpark Court Sandston, VA * 486,118 4,083,582 53,559
13001 Kingston Avenue Chester, VA - 376,584 - 2,029,360
5701-5799 Eastport Boulevard Richmond, VA - 694,644 - 5,088,601
4801 Cox Road Richmond, VA - 1,072,896 - 8,858,736
600 HP Way Chesterfield, VA - 146,126 - 7,774,782
500 HP Way Chester, VA - 142,692 - 6,601,027
701 Liberty Way Richmond, VA - 171,711 - 4,341,085
4198 Cox Road Glen Allen, VA - 670,292 3,839,245 220,870
5310 Valley Park Drive Roanoke, VA - 149,933 - 1,110,672
5305 Valley Park Drive Roanoke, VA - 266,948 - 1,699,419
4510 Cox Road Glen Allen, VA - 1,010,024 7,151,729 73,447
2809 South Lynnhaven Road Virginia Beach, VA - 953,590 6,142,742 351,441
200 Golden Oak Court Virginia Beach, VA * 1,116,693 6,770,480 250,676
208 Golden Oak Court Virginia Beach, VA * 965,177 6,728,717 153,409
1 Enterprise Parkway Hampton, VA - 974,675 5,579,869 290,860
22 Enterprise Parkway Hampton, VA - 1,097,368 6,760,778 214,755
530 Eastpark Court Sandston, VA - 266,883 - 2,648,481
484 Viking Drive Virginia Beach, VA - 891,753 3,607,890 127,585
10430 Lakeridge Parkway Ashland, VA * 421,267 3,770,870 57,744
10456 Lakeridge Parkway Ashland, VA * 409,261 3,663,754 63,281
3829-3855 Gaskins Road Richmond, VA - 364,165 3,264,114 6,679
629 Phoenix Drive Virginia Beach, VA - 371,694 2,108,097 16,966
11838 Rock Landing Drive Newport News, VA - 673,942 2,111,481 262,829
11844 Rock Landing Drive Newport News, VA - 326,774 1,391,561 31,762
11846 Rock Landing Drive Newport News, VA - 299,066 1,419,266 48,617
11832 Rock Landing Drive Newport News, VA - 299,066 1,419,266 4,891,662
5700 Cleveland Street Virginia Beach, VA - 700,112 9,592,721 390,295
801 Liberty Way Chester, VA - 780,000 - 5,538,180
5 Manhattan Square Hampton, VA - 207,368 - 1,499,590
4523 Green Point Drive High Point, NC - 234,564 - 2,021,511
4501 Green Point Drive High Point, NC - 319,289 - 2,266,128
4500 Green Point Drive High Point, NC - 230,622 - 2,057,669
2427 Penny Road High Point, NC 5,833,866 1,165,664 - 6,184,668
4524 Green Point Drive High Point, NC * 182,810 - 2,123,396
4328, 4336 Federal Drive High Point, NC 5,957,696 521,122 - 7,665,463
200 Centreport Drive Greensboro, NC * 331,400 3,768,600 277,530
4344 Federal Drive High Point, NC * 484,001 - 2,332,602
202 Centreport Drive Greensboro, NC * 549,948 5,360,462 283,294
101 Centreport Drive Greensboro, NC - 826,237 - 7,403,026
4000 Piedmont Parkway High Point, NC * 592,885 4,825,615 340,614
- -52-
<PAGE>
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Cost
Capitalized
Initial Cost Subsequent
--------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - CONTINUED
4380 Federal Drive High Point, NC - 282,996 - 2,039,981
4388 Federal Drive High Point, NC - 143,661 - 1,118,535
6532 Judge Adams Road Rock Creek, NC - 354,903 - 3,491,165
6532 Judge Adams Road Whitsett, NC - 305,821 - 4,218,174
3860 Faber Place N. Charleston, SC * 796,655 1,974,359 114,117
4055 Faber Place N. Charleston, SC * 882,352 4,794,144 153,266
3820 Faber Place N. Charleston, SC * 506,558 2,365,146 175,961
3875 Faber Place N. Charleston, SC * 1,164,530 - 5,746,849
150 Ridgeview Center Drive Duncan, SC * 711,353 8,056,324 14,641
1320 Garlington Road Greenville, SC * 398,539 1,761,533 26,338
420 Park Avenue Greenville, SC * 522,548 2,730,261 561,097
1 Alliance Drive Goose Creek, SC - 662,422 - 2,655,438
4160 Mendenhall Oaks Parkway High Point, NC - 285,882 - 3,111,109
4194 Mendenhall Oaks Parkway High Point, NC - 102,372 - 2,387,725
4196 Mendenhall Oaks Parkway High Point, NC - 66,731 - 1,874,392
4170 Mendenhall Oaks Parkway High Point, NC - 143,699 - 1,927,539
4180 Mendenhall Oaks Parkway High Point, NC - 121,329 - 1,759,811
4050 Piedmont Parkway High Point, NC - 801,902 - 17,937,653
One Independence Pointe Greenville, SC - 780,881 6,199,230 159,759
55 Beattie Place Greenville, SC - 2,643,105 23,439,801 441,999
75 Beattie Place Greenville, SC * 2,406,646 17,400,939 302,279
7736 McCloud Road Greensboro, NC - 591,795 5,895,312 152,544
15 Brendan Way Greenville, SC - 614,192 3,012,019 484,826
200 Meeting Street Charleston, SC - 4,027,428 29,542,711 1,062,186
7500 West 110th Street Overland Park, KS - 2,380,493 9,575,474 201,682
8035 Quivira Road Lenexa, KS - 1,180,181 4,737,816 154
4300 Federal Drive Greensboro, NC - 264,038 - 1,611,981
1730 Stebbins Drive Houston, TX - 143,258 - 420,821
5911-5925 Richard Street Jacksonville, FL - 275,582 - 508,059
8383-8385 Baycenter Road Jacksonville, FL - 63,703 - 651,009
8775 Baypine Road Jacksonville, FL - 906,804 - 3,142,795
8539 Western Way Jacksonville, FL - 328,133 - 3,195,182
6255 Lake Gray Boulevard Jacksonville, FL - 813,067 - 3,391,938
6600-6660 Suemac Place Jacksonville, FL - 210,804 - 1,897,839
6800-6850 Suemac Place Jacksonville, FL - 121,077 - 1,136,702
8665,8667,8669 Baypine Road Jacksonville, FL - 966,552 - 4,011,871
8540 Baycenter Road Jacksonville, FL - 445,603 - 1,371,536
1200 Riverplace Drive Jacksonville, FL - 1,028,864 - 19,287,076
8400 Baymeadows Way Jacksonville, FL - 557,682 - 2,332,243
8614 Baymeadows Way Jacksonville, FL - 290,291 - 1,110,880
5941-5975 Richard Street Jacksonville, FL - 583,622 - 1,113,225
7970 Bayberry Road Jacksonville, FL - 127,520 - 1,237,972
6000-6030 Bowdendale Avenue Jacksonville, FL - 275,475 - 1,628,439
7898 Baymeadows Way Jacksonville, FL - 561,802 - 1,972,330
5977-6607 Richard Street Jacksonville, FL - 180,033 - 1,565,681
7910 & 7948 Baymeadows Way Jacksonville, FL - 210,299 - 2,718,897
7954 & 7960 Baymeadows Way Jacksonville, FL - 291,312 - 2,980,181
8787 Baypine Road Jacksonville, FL - 2,076,306 - 35,605,962
7077 Bonneval Road Jacksonville, FL - 768,000 5,789,000 1,177,280
4190 Belfort Road Jacksonville, FL - 821,000 5,866,000 1,579,697
8011, 8021, 8031 Phillips Highway Jacksonville, FL - 626,250 3,548,750 1,057,005
7020 AC Skinner Parkway Jacksonville, FL * 398,257 - 2,454,527
7040 AC Skinner Parkway Jacksonville, FL * 706,934 - 3,109,161
11777 Central Highway Jacksonville, FL - 92,207 429,997 1,925,123
4345 Southpoint Parkway Jacksonville, FL - - - 8,131,311
7016 AC Skinner Parkway Jacksonville, FL - 597,181 - 2,326,445
7018 AC Skinner Parkway Jacksonville, FL - 840,996 - 4,085,825
7014 AC Skinner Parkway Jacksonville, FL - 574,198 - 3,186,626
6620 Southpoint Drive Jacksonville, FL - 614,602 4,267,477 441,080
7980 Bayberry Road Jacksonville, FL - 330,726 1,338,101 17,775
9600 Satellite Boulevard Orlando, FL - 252,850 1,297,923 48,374
9700 Satellite Boulevard Orlando, FL - 405,362 1,146,546 12,238
1902 Cypress Lake Drive Orlando, FL - 523,512 3,191,790 746,704
9550 Satellite Boulevard Orlando, FL - 574,831 - 2,059,187
8250 & 8256 Exchange Place Orlando, FL - 622,413 2,507,842 79,382
6600 Southpoint Parkway Jacksonville, FL - 998,432 4,055,727 251,205
6700 Southpoint Parkway Jacksonville, FL - 620,719 2,989,746 27,675
4801 Executive Park Court - 100 Jacksonville, FL * 554,993 2,993,277 2,087
4801 Executive Park Court - 200 Jacksonville, FL * 370,017 1,995,518 47
4810 Executive Park Court Jacksonville, FL * 369,694 3,045,639 39,000
6602 Executive Park Court - 100 Jacksonville, FL * 388,519 2,095,293 62,894
6602 Executive Park Court - 200 Jacksonville, FL * 296,014 1,596,347 1,956
6631 Executive Park Court - 100 Jacksonville, FL * 251,613 1,356,849 50
6631 Executive Park Court - 200 Jacksonville, FL * 406,561 2,195,070 11,698
4815 Executive Park Court - 100 Jacksonville, FL * 366,317 1,975,393 390
4815 Executive Park Court - 200 Jacksonville, FL * 462,522 2,494,397 129,584
4825 Executive Park Court Jacksonville, FL * 601,278 3,242,491 4,918
4820 Executive Park Court Jacksonville, FL * 555,173 2,693,130 416,123
10511 & 10611 Satellite Boulevard Orlando, FL - 517,554 2,568,186 171,705
1400-1440 Central Florida Parkway Orlando, FL - 518,043 2,561,938 66,822
6601 Executive Park Circle North Jacksonville, FL - 551,250 3,128,361 640
1300 Riverplace South Jacksonville, FL - 1,804,258 7,755,572 533,873
4901 Belfort Lane Jacksonville, FL - 877,964 2,360,742 1,841,852
16445 Air Center Boulevard Houston, TX - 363,339 2,509,186 8,363
16405 Air Center Boulevard Houston, TX - 438,853 3,030,396 53,128
2216 Directors Row Orlando, FL - 453,918 2,572,202 2,098
7460 Chancellor Drive Orlando, FL - 266,555 902,949 246,252
1901 Summit Tower Boulevard Maitland, FL - 6,078,791 12,348,567 242,213
3701-3727 Vineland Road Orlando, FL - 767,929 2,096,504 46,418
16580 Air Center Boulevard Houston, TX - 289,000 3,559,857 -
- -53-
<PAGE>
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Cost
Capitalized
Initial Cost Subsequent
--------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - CONTINUED
4001,4051,4101 Fowler Avenue Tampa, FL - 1,299,310 - 4,765,625
5501-5502 Pioneer Park Boulevard Tampa, FL - 162,000 1,613,000 199,254
5690-5694 Crenshaw Street Tampa, FL - 181,923 1,812,496 155,404
3102,3104,3110 Cherry Palm Drive Tampa, FL - 503,767 2,787,585 194,894
8401-8408 Benjamin Road Tampa, FL - 789,651 4,454,648 306,516
3501 Riga Boulevard Tampa, FL - 617,289 3,048,379 179,328
111 Kelsey Lane Tampa, FL - 359,540 1,461,850 164,325
7930, 8010-20 Woodland Center Tampa, FL * 1,408,478 5,247,246 157,981
7920 Woodland Center Boulevard Tampa, FL * 1,382,648 2,445,444 404,336
8154-8198 Woodland Center Tampa, FL * 399,088 2,868,834 24,958
8112-42 Woodland Center Tampa, FL * 513,263 3,230,239 13,495
8212 Woodland Center Tampa, FL * 820,882 2,322,720 14,211
131 Kelsey Lane Tampa, FL - 511,463 - 4,655,841
7724 Woodland Center Blvd. Tampa, FL - 235,893 - 2,088,571
7802-50 Woodland Center Blvd. Tampa, FL - 357,364 - 2,511,296
7852-98 Woodland Center Blvd. Tampa, FL - 357,364 - 2,459,675
8921 Brittany Way Tampa, FL - 255,583 1,063,882 827,162
5250 Eagle Trail Drive Tampa, FL - 952,860 - 3,457,917
7725 Woodland Center Blvd. Tampa, FL - 553,335 - 3,229,159
8001 Woodland Center Blvd. Tampa, FL - 350,406 - 2,230,675
4502 Woodland Corporate Blvd. Tampa, FL - - - 4,100,728
1701 Clint Moore Boulevard Boca Raton, FL - 1,430,884 3,043,553 39,852
4555 Riverside Drive Beach Gardens, FL - 805,672 5,782,360 16,906
2500 Metrocentre Boulevard West Palm Beach, FL - 238,362 1,534,926 22,834
2540 Metrocentre Boulevard West Palm Beach, FL - 165,071 1,058,736 259,647
2541 Metrocentre Boulevard West Palm Beach, FL - 145,091 379,318 656,451
2580 Metrocentre Boulevard West Palm Beach, FL - 256,478 1,651,602 22,178
2581 Metrocentre Boulevard West Palm Beach, FL - 189,359 1,218,712 17,090
1101 Northpoint Parkway West Palm Beach, FL - 258,606 1,462,432 85,808
3223 Commerce Place West Palm Beach, FL - 501,843 2,012,290 20,898
801 Northpoint Parkway West Palm Beach, FL - 459,284 2,597,108 8,643
5410 - 5430 Northwest 33rd Avenue Ft. Lauderdale, FL - 603,776 4,176,238 189,405
6500 NW 12th Avenue Ft. Lauderdale, FL - 7,099 3,046,309 28,824
6600 NW 12th Avenue Ft. Lauderdale, FL - 7,102 3,047,462 49,193
1500 SW 5th Court Pompano Beach, FL - 972,232 3,892,085 34,278
1651 SW 5th Court Pompano Beach, FL - 203,247 811,093 26,176
1601 SW 5th Court Pompano Beach, FL - 203,247 811,093 50,505
1501 SW 5th Court Pompano Beach, FL - 203,247 811,093 22,163
1400 SW 6th Court Pompano Beach, FL - 1,157,049 4,620,956 40,900
1405 SW 6th Court Pompano Beach, FL - 392,138 1,565,787 19,638
595 SW 13th Terrace Pompano Beach, FL - 359,933 1,437,116 8,222
601 SW 13th Terrace Pompano Beach, FL - 164,413 655,933 24,625
605 SW 16th Terrace Pompano Beach, FL - 310,778 1,238,324 1,046
2440-2478 Metrocentre Boulevard West Palm Beach, FL - 470,214 2,120,555 30,584
951 Broken Sound Parkway Boca Raton, FL 2,991,732 1,426,251 6,098,952 111,801
3400 Lakeside Drive Miramar, FL - 2,022,153 11,345,881 361,307
3450 Lakeside Drive Miramar, FL - 2,022,152 11,357,143 168,072
13650 NW 8th Street Sunrise, FL - 558,223 2,171,930 22,633
13630 NW 8th Street Sunrise, FL - 659,797 2,596,275 139,213
777 Yamato Road Boca Raton, FL - 4,101,247 16,077,347 2,390,392
1801 Clint Moore Boulevard Boca Raton, FL - 1,065,068 4,481,644 133,867
6601-6625 W. 78th Street Bloomington, MN - 2,263,060 - 38,904,897
2905 Northwest Boulevard Plymouth, MN - 516,920 4,646,342 465,848
2800 Campus Drive Plymouth, MN - 395,366 3,554,512 132,855
2955 Xenium Lane Plymouth, MN - 151,238 1,370,140 96,026
9401-9443 Science Center Drive New Hope, MN - 431,295 3,888,684 166,092
6321-6325 Bury Drive Eden Prairie, MN - 462,876 4,151,790 162,210
7115-7173 Shady Oak Road Eden Prairie, MN - 454,974 4,089,410 330,640
7660-7716 Golden Triangle Drive Eden Prairie, MN - 568,706 5,115,177 1,342,306
7400 Flying Cloud Drive Eden Prairie, MN - 195,982 1,762,027 18,678
10301-10305 West 70th Street Eden Prairie, MN - 120,622 1,085,226 74,678
10321 West 70th Street Eden Prairie, MN - 145,198 1,305,700 32,908
10333 West 70th Street Eden Prairie, MN - 110,746 995,868 28,179
10349-10357 West 70th Street Eden Prairie, MN - 275,903 2,481,666 259,683
10365-10375 West 70th Street Eden Prairie, MN - 291,077 2,618,194 155,468
10393-10394 West 70th Street Eden Prairie, MN - 269,618 2,423,318 228,748
7078 Shady Oak Road Eden Prairie, MN - 343,093 3,085,795 6,198
10400 Viking Drive Eden Prairie, MN - 2,912,391 - 21,054,219
5600 & 5610 Rowland Road Minnetonka, MN - 828,650 7,399,409 138,765
2920 Northwest Boulevard Plymouth, MN - 392,026 3,433,678 652,398
5400-5500 Feltl Road Minnetonka, MN - 883,895 7,983,345 124,782
10300 Bren Road Minnetonka, MN - 344,614 3,110,477 139,754
14630-14650 28th Avenue North Plymouth, MN - 198,205 1,793,422 124,390
7695-7699 Anagram Drive Eden Prairie, MN - 760,525 3,254,758 25,622
7550 Meridian Circle Maple Grove, MN 2,233,336 513,250 2,901,906 18,892
2800 Northwest Boulevard Plymouth, MN 4,767,857 1,934,438 10,952,503 20,598
3255 Neil Armstrong Boulevard Eagan, MN - 1,131,017 - 3,377,738
4801 West 81st Street Bloomington, MN 809,656 1,624,701 2,494,368 229,689
8100 Cedar Avenue Bloomington, MN 2,266,873 501,313 3,675,416 25,281
9600 54th Avenue Plymouth, MN - 332,317 3,077,820 138,126
7800 Equitable Drive Eden Prairie, MN - 2,188,525 3,788,762 21,124
7905 Fuller Road Eden Prairie, MN - 1,229,862 4,075,167 34,668
9023 Columbine Road Eden Prairie, MN - 1,956,273 - 4,626,133
6161 Green Valley Drive Bloomington, MN - 740,378 3,311,602 725,545
4700 Nathan Lane North Minneapolis, MN - 1,501,308 8,446,083 150,141
26911-26957 Northwestern Hwy. Southfield, MI - 7,799,515 66,268,817 4,331,655
1650 Research Drive Troy, MI - 763,067 7,201,677 62,941
1775 Research Drive Troy, MI - 331,422 2,788,073 39,840
1875 Research Drive Troy, MI - 329,863 2,774,006 104,700
1850 Research Drive Troy, MI - 781,054 7,364,300 178,657
- -54-
<PAGE>
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Cost
Capitalized
Initial Cost Subsequent
--------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - CONTINUED
1965 Research Drive Troy, MI - 419,090 3,578,928 99,339
1960 Research Drive Troy, MI - 419,146 3,579,166 47,118
27260 Haggerty Road Farmington Hills, MI - 456,877 4,091,196 105,268
27200 Haggerty Road Farmington Hills, MI - 382,754 3,425,227 27,327
27280 Haggerty Road Farmington Hills, MI - 452,860 4,055,512 67,196
27220 Haggerty Road Farmington Hills, MI - 203,064 1,802,592 18,135
27240 Haggerty Road Farmington Hills, MI - 171,518 1,518,192 17,817
27300 Haggerty Road Farmington Hills, MI - 370,378 3,311,366 74,634
1101 Allen Drive Troy, MI - 98,144 887,935 18,162
1151 Allen Drive Troy, MI - 164,483 1,486,220 181,288
1300 Rankin Street Troy, MI - 134,090 1,212,752 24,764
1350 Rankin Street Troy, MI - 111,776 1,011,497 22,043
1376-1400 Rankin Street Troy, MI - 134,292 1,213,626 66,018
1352-1374 Rankin Street Troy, MI - 153,275 1,385,098 28,286
1324-1346 Rankin Street Troy, MI - 134,090 1,212,214 9,324
1301-1307 Rankin Street Troy, MI - 111,776 1,011,121 50,703
1409 Allen Drive Troy, MI - 142,370 1,286,048 197,550
1304 E Maple Road Troy, MI - 211,233 1,906,786 304,769
1334 Maplelawn Road Troy, MI - 124,296 1,122,802 824
1290 Maplelawn Road Troy, MI - 85,321 771,621 58,817
1070 Maplelawn Road Troy, MI - 68,560 620,595 40,673
950 Maplelawn Road Troy, MI - 252,429 2,265,259 24,248
894 Maplelawn Road Troy, MI - 181,749 1,632,243 17,270
1179 Maplelawn Road Troy, MI - 87,845 794,365 52,384
1940 Norwood Drive Troy, MI - 86,836 785,267 6,916
1311-1331 Maplelawn Road Troy, MI - 125,407 1,132,810 6,991
2354 Bellingham Street Troy, MI - 87,340 789,817 12,654
2360 Bellingham Street Troy, MI - 87,340 789,817 56,050
1911 Ring Drive Troy, MI - 86,129 778,900 73,225
26442-26450 Haggerty Road Farmington Hills, MI - 237,687 2,143,478 24,808
26500 Haggerty Road Farmington Hills, MI - 311,093 2,791,804 41,203
26650 Haggerty Road Farmington Hills, MI - 173,166 1,562,704 16,203
26700 Haggerty Road Farmington Hills, MI - 253,338 2,290,696 13,694
26750 Haggerty Road Farmington Hills, MI - 292,717 2,638,688 30,175
26800 Haggerty Road Farmington Hills, MI - 175,489 1,583,362 14,979
26842-26850 Haggerty Road Farmington Hills, MI - 239,606 2,160,470 16,787
26600 Haggerty Road Farmington Hills, MI - 455,846 - 2,515,696
50 West Big Bear Road Troy, MI - 2,159,678 19,481,454 206,563
100 West Big Bear Road Troy, MI - 2,113,006 19,057,355 240,671
245 Executive Drive Brookfield, WI - 577,067 5,197,903 165,119
8301 West Parkland Court Milwaukee, WI - 358,442 3,233,707 103,317
32991 Hamilton Court Farmington Hills, MI - 1,065,392 3,627,675 999,498
7800 N. 113th Street Milwaukee, WI - 1,711,964 6,847,857 50,834
2475-2479 Elliot Avenue Troy, MI - 128,808 516,393 17,129
32661 Edward Avenue Madison Heights, MI - 378,838 2,330,550 4,054
32701 Edward Avenue Madison Heights, MI - 340,398 1,364,777 3,043
32751 Edward Avenue Madison Heights, MI - 151,410 859,462 50,955
32853 Edward Avenue Madison Heights, MI - 138,121 784,426 53,827
555 East Mandoline Avenue Madison Heights, MI - 140,862 799,993 1,644
599 East Mandoline Avenue Madison Heights, MI - 132,164 646,768 35,517
749 East Mandoline Avenue Madison Heights, MI - 144,658 708,054 915
750 East Mandoline Avenue Madison Heights, MI - 151,458 741,185 878
900 East Mandoline Avenue Madison Heights, MI - 157,729 771,872 915
949 East Mandoline Avenue Madison Heights, MI - 137,049 778,338 901
32090 John Road Madison Heights, MI - 70,351 399,251 6,610
31601 Research Park Drive Madison Heights, MI - 331,179 1,879,812 4,662
31651 Research Park Drive Madison Heights, MI - 194,012 1,101,576 1,132
31700 Research Park Drive Madison Heights, MI - 373,202 1,824,721 3,575
31701 Research Park Drive Madison Heights, MI - 185,845 1,054,681 58,683
31751 Research Park Drive Madison Heights, MI - 194,063 1,300,574 1,822
31800 Research Park Drive Madison Heights, MI - 217,929 1,601,469 2,088
800 Tech Row Madison Heights, MI - 444,977 2,984,811 6,865
900 Tech Row Madison Heights, MI - 155,606 883,725 1,864
1000 Tech Row Madison Heights, MI - 357,897 2,628,029 84,900
31771 Sherman Avenue Madison Heights, MI - 150,944 645,040 781
31791 Sherman Avenue Madison Heights, MI - 105,606 649,891 614
31811 Sherman Avenue Madison Heights, MI - 207,599 1,179,010 1,363
31831 Sherman Avenue Madison Heights, MI - 158,483 900,064 4,820
31900 Sherman Avenue Madison Heights, MI - 269,293 1,754,498 2,570
800 East Whitcomb Avenue Madison Heights, MI - 151,704 1,294,687 878
950 East Whitcomb Avenue Madison Heights, MI - 113,630 2,162,302 2,651
1000 East Whitcomb Avenue Madison Heights, MI - 113,512 1,023,613 41,628
1201 East Whitcomb Avenue Madison Heights, MI - 302,567 1,213,232 26,687
1210 East Whitcomb Avenue Madison Heights, MI - 121,298 329,051 540
1260 Kempar Avenue Madison Heights, MI - 78,720 385,223 27,650
1280 Kempar Avenue Madison Heights, MI - 142,305 536,474 25,249
22515 Heslip Drive Madison Heights, MI - 144,477 338,277 6,744
8400 Lakeview Parkway Pleasant Prairie, WI - 892,146 4,032,027 77,212
8401 Lakeview Parkway Pleasant Prairie, WI - 649,631 3,462,362 54,788
9801 80th Avenue Pleasant Prairie, WI - 1,692,077 7,934,794 39,593
11950 W. Lake Park Drive Milwaukee, WI - 391,813 2,340,118 112,942
11400 W. Lake Park Drive Milwaukee, WI - 439,595 2,357,904 128,677
11425 W. Lake Park Drive Milwaukee, WI - 382,256 2,350,619 98,537
11301 W. Lake Park Drive Milwaukee, WI - 614,477 2,626,456 84,780
11900 W. Lake Park Drive Milwaukee, WI - 347,853 2,396,887 470,700
16620-16650 W. Bluemound Road Brookfield, WI - 586,665 4,289,907 107,603
1600-1630 E. Big Beaver Road Troy, MI - 1,454,406 2,952,884 40,101
10 Kings Hill Ave West Malling, UK - 983,547 - 6,783,397
18 Kings Hill Avenue West Malling, UK - 829,785 - 5,474,522
2 Kings Hill Avenue West Malling, UK - 785,565 - 5,456,714
- -55-
<PAGE>
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Cost
Capitalized
Initial Cost Subsequent
--------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - CONTINUED
25 Kings Hill Avenue West Malling, UK 5,653,550 1,105,380 - 8,130,757
30 Tower View West Malling, UK - 1,657,321 - 11,648,076
35 Kings Hill Ave West Malling, UK - 812,193 - 2,925,276
39 Kings Hill Avenue West Malling, UK - 494,508 - 3,361,678
50 Gibson Drive West Malling, UK - ** - 3,710,203
50 Kings Hill Avenue West Malling, UK - 1,215,608 - 12,726,739
------------ ------------ -------------- --------------
Subtotal Operating Real Estate $109,792,052 $396,494,847 $1,506,876,370 $1,101,308,391
============ ============ ============== ==============
DEVELOPMENT IN PROGRESS
Walnut Grove Land Horsham, PA$ $ - $ 1,065,951 $ - $ 6,953,612
PNC Bank - Phase II Construction Philadelphia, PA - - - 16,678,947
2201 Renaissance Blvd King of Prussia, PA - - - 9,982,666
2540 Renaissance Blvd King of Prussia, PA - - - 663,172
2560 Renaissance Blvd King of Prussia, PA - - - 1,986,697
Keystone Industrial Park Bldg 1 Bristol, PA - - - 1,250,724
651 Bridgestone Drive Allentown, PA - 4,308,646 - 11,972,963
10800 Nuckols Road Glen Allen, VA - 1,432,462 - 12,469,285
3955 Faber Place Charleston, SC - 381,887 - 5,499,159
4135 Mendenall Oaks Parkway High Point, NC - 499,500 - 2,139,188
3825 Faber Place N. Charleston, SC - 245,367 - 391,806
Butler Plaza Jacksonville, FL - 1,299,201 - 5,920,088
4905 Belfort Street Jacksonville, FL - 638,154 - 2,220,418
7315 Salisbury Road Jacksonville, FL - - - 2,445,815
4630 Woodland Corporate Blvd Tampa, FL - 943,169 - 12,147,061
Silo Bend 12 Tampa, FL - 654,259 - 3,062,207
9001-9015 Brittany Way Tampa, FL - - - 1,314,924
Huntington Square Land Miramar, FL - 2,960,511 - 12,710,188
Flying Cloud Building C Eden Prairie, MN - 1,450,000 - 1,092,142
West Tech Park Land (Lot C) Farmington Hills, MI - 368,083 - 2,298,685
38100 Ecorse Road Romulus, MI - - - 6,285,626
4 Abbey Wood Road West Malling, UK - - - 3,137,222
------------ ------------ -------------- --------------
Subtotal Development in Progress $ - $ 16,247,190 $ - $ 122,622,595
============ ============ ============== ==============
LAND HELD FOR DEVELOPMENT
Gwynedd North Bus. Campus Land Lansdale, PA $ - $ - $ - $ 1,138,244
Renaissance Park Land King of Prussia, PA - 1,645,246 - 528,770
Keystone Park Land Bristol, PA - 730,434 - 26,455
Peco Lot @ PBC Horsham, PA - 183,617 - 9,044
11 Great Valley Parkway Malvern, PA - 496,297 - 190,744
Commodore Business Park Logan Twp., NJ - 2,112,556 - 1,444,801
Marlton Executive Park Land Marlton, NJ - 550,664 - 241,351
410 Center Square Land Logan Township, NJ - 476,564 - 6,913
800 Arlington Blvd Expansion Land Logan, NJ - 195,686 - 505,882
1015 Briggs Road Land Mt. Laurel, NJ - 356,987 - 113,673
Lehigh Valley Corporate Center Land Bethlehem, PA - 1,038,809 - 511,511
LVCC Phase 2 Land Bethlehem, PA 612,500 4,242,279 - 992,411
LV West Land - Lot 5A Upper Macungie, PA 250,000 4,484,096 - 1,387,883
Park at Valleypointe Land Roanoke, VA - 238,545 - 401,575
Fairgrounds Distribution Center Land Richmond, VA - 100,000 - 29,107
Rivers Bend Land Chesterfield , VA - 1,695,415 - 7,911,684
Woodlands Center Land Sandston, VA - 928,555 - 223,284
501 Liberty Way Chesterfield, VA - 165,042 - 484,965
601 Hewlett Packard Way (HP3) Chesterfield, VA - 171,053 - 460,853
6000-98 Eastport Blvd Richmond, VA - 787,091 - 827,650
Eastport VIII Richmond, VA - 379,836 - 2,862
Eastport IX Richmond, VA - 209,856 - 1,771
Westmoreland Land Virginia Beach, VA - 758,403 - 113,917
Central Green Land Houston, TX - 1,394,592 - 151,006
Westmoreland III Land Virginia Beach, VA - 645,966 - 96,531
Mendenhall Land High Point, NC - 2,394,914 - 2,822,105
Independence Pointe Land Greenville, SC - 1,304,084 - 162,322
Executive Park at Faber Place Land Charleston, SC - - - 119,379
Southchase Business Park Land Greenville, SC - - - 77,082
Woodfield Land Greenville, SC - - - 70,686
Eagle Hill Business Park Land High Point, NC - 424,169 - 78,909
Southpoint Business Park Land Jacksonville, FL - 349,339 - 88,772
Liberty Business Park Land Jacksonville, FL - 448,097 - 8,172
7024 AC Skinner Parkway Jacksonville, FL - 468,643 - 282,805
Silo Bend Land (LPDC) Tampa, FL - 3,386,932 - 833,083
Exchange Place Land Orlando, FL - 193,406 - 8,711
Belfort Road Jacksonville, FL - 468,643 - 24,265
Butler Plaza Land Jacksonville, FL - 2,602,994 - 592,144
Salisbury Road Land Jacksonville, FL - 1,227,750 - 699,010
South Center Land Orlando, FL - 3,298,807 - 3,386
South Center Land Orlando, FL - 479,859 - 12,597
4508 Woodland Corporate Blvd Tampa, FL - 498,598 - 5,668
Woodland Corporate Center Land Tampa, FL - - - 1,025,593
Pompano Business Park Land - Parcel 2 Boca Raton, FL - 407,328 - 3,584
Pompano Business Park Land - Parcel 3 Boca Raton, FL - 509,233 - 3,614
Boca Colannade Land - Yamato Road Boca Raton, FL - 3,649,792 - 540,914
Klodt Land Eden Prairie, MN - 5,694,963 - 302,264
Flying Cloud Land Eden Prairie, MN - 4,731,035 - 1,881,479
Romulus Land Romulus, MI - 970,464 - 219,301
Victor Corporate Land Livonia, MI - 6,472,528 - 539,445
Big Veaver Airport Land Troy, MI - 14,690,542 - 128,392
- -56-
<PAGE>
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Cost
Capitalized
Initial Cost Subsequent
--------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
LAND HELD FOR DEVELOPMENT - CONTINUED
Lakeview Corporate Park Land Pleasant Praire, WI - 1,357,602 - 35,656
Park Place South Land Milwaukee, WI - 2,804,369 - 7,279
-------------- ------------- -------------- --------------
Subtotal Land Held for Development $ 862,500 $ 82,821,680 $ - $ 28,379,505
============== ============= ============== ==============
-------------- ------------- -------------- --------------
Total All Properties $ 110,654,552 $ 495,563,717 $1,506,876,370 $1,252,310,491
============== ============= ============== ==============
*Denotes property is collateralized under mortgages with Nationwide, Principal Mutual, American General,
New York Life, Manufacturer's Life, USG Annuity and Life and Jackson National Life totalling $264.2 million.
</TABLE>
**Rouse leases land from Kent County Council.
<TABLE>
<CAPTION>
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/99
- -------------------------------------- --------------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
OPERATING PROPERTIES
10,20 Liberty Boulevard Malvern, PA $ 645,318 $ 5,025,250 $ 5,670,568
420 Lapp Road Malvern, PA 1,049,243 6,296,778 7,346,021
747 Dresher Road Horsham, PA 1,611,977 3,943,429 5,555,406
45-67 Great Valley Parkway Malvern, PA 795,831 2,930,154 3,725,985
1180 Church Road Lansdale, PA 2,521,973 16,679,441 19,201,414
40 Valley Stream Parkway Malvern, PA 323,792 2,184,948 2,508,740
50 Valley Stream Parkway Malvern, PA 371,068 2,301,942 2,673,010
20 Valley Stream Parkway Malvern, PA 466,413 5,130,242 5,596,655
800 Town Center Drive Langhorne, PA 1,619,288 9,379,292 10,998,581
11, 15 Great Valley Parkway Malvern, PA 1,837,878 15,155,884 16,993,762
257-275 Great Valley Parkway Malvern, PA 505,458 4,444,996 4,950,454
300 Technology Drive Malvern, PA 374,497 1,297,825 1,672,322
277-293 Great Valley Parkway Malvern, PA 531,534 1,950,642 2,482,176
311 Technology Drive Malvern, PA 348,099 2,292,838 2,640,937
325 Technology Drive Malvern, PA 385,693 1,841,992 2,227,685
7 Great Valley Parkway Malvern, PA 177,317 4,414,675 4,591,992
55 Valley Stream Parkway Malvern, PA 215,818 3,406,566 3,622,384
65 Valley Stream Parkway Malvern, PA 382,361 5,189,145 5,571,506
508 Lapp Road Malvern, PA 263,116 1,828,410 2,091,526
10 Valley Stream Parkway Malvern, PA 465,135 2,893,353 3,358,488
333 Phoenixville Pike Malvern, PA 524,229 3,083,246 3,607,475
30 Great Valley Parkway Malvern, PA 128,783 354,908 483,691
75 Great Valley Parkway Malvern, PA 143,811 418,152 561,963
27-43 Great Valley Parkway Malvern, PA 449,447 2,132,001 2,581,448
77-123 Great Valley Parkway Malvern, PA 888,359 4,715,098 5,603,457
260 Great Valley Parkway Malvern, PA 212,768 840,301 1,053,069
256 Great Valley Parkway Malvern, PA 161,949 1,887,910 2,049,859
205 Great Valley Parkway Malvern, PA 1,369,003 9,629,930 10,998,933
12,14,16 Great Valley Parkway Malvern, PA 131,517 1,201,212 1,332,729
155 Great Valley Parkway Malvern, PA 626,068 2,257,560 2,883,628
333 Technology Drive Malvern, PA 90,952 2,377,145 2,468,097
510 Lapp Road Malvern, PA 325,415 897,495 1,222,910
181 Wheeler Court Langhorne, PA 263,490 2,094,122 2,357,612
1100 Wheeler Way Langhorne, PA 151,500 1,189,217 1,340,717
60 Morehall Road Malvern, PA 884,974 13,989,653 14,874,627
905 Airport Road West Chester, PA 1,735,012 5,371,955 7,106,967
16 Cabot Boulevard Langhorne, PA 649,743 5,966,093 6,615,836
1 Country View Road Malvern, PA 406,421 4,062,617 4,469,038
2151 Cabot Boulevard Langhorne, PA 389,990 3,714,510 4,104,500
170 South Warner Road King of Prussia, PA 555,911 5,582,639 6,138,550
190 South Warner Road King of Prussia, PA 560,373 4,746,846 5,307,219
507 Prudential Road Horsham, PA 652,919 6,012,120 6,665,039
100 Witmer Road Horsham, PA 3,764,783 11,450,181 15,214,964
3100 Horizon Drive King of Prussia, PA 611,435 1,997,769 2,609,205
3300 Horizon Drive King of Prussia, PA 687,878 3,143,819 3,831,697
3500 Horizon Drive King of Prussia, PA 1,223,875 2,512,100 3,735,976
200 Chesterfield Parkway Malvern, PA 495,893 2,861,279 3,357,172
767 Electronic Drive Horsham, PA 1,241,970 2,733,851 3,975,821
132 Welsh Road Horsham, PA 1,408,042 3,690,825 5,098,867
5 Country View Road Malvern, PA 786,235 4,862,177 5,648,412
3200 Horizon Drive King of Prussia, PA 1,210,136 4,014,561 5,224,697
3000 Horizon Drive King of Prussia, PA 946,703 2,092,418 3,039,120
111-195 Witmer Road Horsham, PA 378,205 3,042,988 3,421,193
300 Welsh Road Horsham, PA 180,459 1,559,560 1,740,018
400 Welsh Road Horsham, PA 282,493 3,249,228 3,531,721
8801 Tinicum Boulevard Philadelphia, PA 124,062 26,687,939 26,812,001
440 East Swedesford Road King of Prussia, PA 717,001 6,261,245 6,978,246
460 East Swedesford Road King of Prussia, PA 705,317 5,263,417 5,968,734
50 Morehall Road Malvern, PA 1,337,076 12,559,217 13,896,293
2 Walnut Grove Drive Horsham, PA 1,265,363 8,580,464 9,845,827
200 Gibraltar Road Horsham, PA 638,513 6,487,538 7,126,052
- -57-
<PAGE>
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/99
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - CONTINUED
220 Gibraltar Road Horsham, PA 629,944 5,778,394 6,408,338
240 Gibraltar Road Horsham, PA 629,944 5,762,958 6,392,902
151 S. Warner Road King of Prussia, PA 1,218,086 7,087,359 8,305,445
1 Walnut Grove Drive Horsham, PA 1,058,901 6,388,326 7,447,227
3604 Horizon Drive King of Prussia, PA 350,873 1,622,699 1,973,572
3606 Horizon Drive King of Prussia, PA 815,855 1,914,370 2,730,225
650 Swedesford Road King of Prussia, PA 952,911 14,270,962 15,223,873
680 Swedesford Road King of Prussia, PA 952,361 13,971,346 14,923,707
761 Fifth Avenue King of Prussia, PA 256,463 2,426,184 2,682,647
771 Fifth Avenue King of Prussia, PA 152,456 1,465,494 1,617,950
1 Great Valley Parkway Malvern, PA 419,460 4,093,368 4,512,828
5 Great Valley Parkway Malvern, PA 684,200 6,564,330 7,248,530
311 Sinclair Road Bristol, PA 277,901 1,598,758 1,876,660
100 Cedar Hollow Road Malvern, PA 1,646,985 15,821,401 17,468,386
3 Country View Road Malvern, PA 1,128,880 4,546,491 5,675,371
425 Technology Drive Malvern, PA 321,473 1,710,130 2,031,603
375 Technology Drive Malvern, PA 234,922 1,721,291 1,956,213
45 Liberty Boulevard Malvern, PA 4,768,152 14,640,333 19,408,485
100 Chesterfield Parkway Malvern, PA 1,349,954 6,645,720 7,995,674
181-187 Gibraltar Road Horsham, PA 360,549 3,693,803 4,054,352
104 Rock Road Horsham, PA 330,111 3,003,681 3,333,792
123-135 Rock Road Horsham, PA 393,019 2,915,514 3,308,533
111-159 Gibraltar Road Horsham, PA 489,032 4,210,960 4,699,992
161-175 Gibraltar Road Horsham, PA 294,673 3,106,542 3,401,215
103-109 Gibraltar Road Horsham, PA 270,906 3,023,061 3,293,967
261-283 Gibraltar Road Horsham, PA 464,871 3,990,308 4,455,179
201-223 Witmer Road Horsham, PA 270,282 3,877,673 4,147,955
231-237 Gibraltar Road Horsham, PA 436,952 4,289,949 4,726,901
100 Gibraltar Road Horsham, PA 38,729 358,432 397,161
101 Gibraltar Road Horsham, PA 731,990 5,943,778 6,675,768
506 Prudential Road Horsham, PA 208,140 1,512,635 1,720,775
113-123 Rock Road Horsham, PA 451,731 3,192,293 3,644,024
101-111 Rock Road Horsham, PA 452,250 3,255,126 3,707,376
120 Gibraltar Road Horsham, PA 558,142 4,900,550 5,458,692
110 Gibraltar Road Horsham, PA 673,041 5,949,644 6,622,685
100-107 Lakeside Drive Horsham, PA 255,528 2,607,194 2,862,722
200-264 Lakeside Drive Horsham, PA 502,705 4,972,421 5,475,126
300-309 Lakeside Drive Horsham, PA 376,475 3,578,985 3,955,460
400-445 Lakeside Drive Horsham, PA 583,628 5,994,494 6,578,122
104 Witmer Road Horsham, PA 189,792 2,115,570 2,305,363
201 Gibraltar Road Horsham, PA 380,127 3,993,624 4,373,751
3600 Horizon Drive King of Prussia, PA 236,432 1,876,883 2,113,315
3602 Horizon Drive King of Prussia, PA 217,809 1,854,867 2,072,676
3 Franklin Plaza Philadelphia, PA 2,514,519 32,205,007 34,719,526
400-500 Brandywine Parkway West Chester, PA 845,846 7,136,045 7,981,891
600 Brandywine Parkway West Chester, PA 664,899 5,611,563 6,276,462
2700 Horizon Drive King of Prussia, PA 867,815 3,536,429 4,404,244
2900 Horizon Drive King of Prussia, PA 774,095 3,383,826 4,157,922
2500 Renaissance Boulevard King of Prussia, PA 592,886 2,335,421 2,928,307
2300 Renaissance Boulevard King of Prussia, PA 574,153 2,568,118 3,142,271
719 Dresher Road Horsham, PA 495,112 3,006,439 3,501,551
2100 Renaissance Boulevard King of Prussia, PA 1,132,519 9,284,103 10,416,622
4 Walnut Grove Horsham, PA 2,515,115 7,324,042 9,839,158
2250 Hickory Road Plymouth Meeting, PA 1,015,851 9,680,731 10,696,582
3400 Horizon Drive King of Prussia, PA 776,496 3,594,070 4,370,566
One Ridgewood Place Downingtown, PA 422,460 2,340,938 2,763,398
300 Welsh Road Horsham, PA 696,061 3,393,680 4,089,741
600 Chesterfield Parkway Malvern, PA 2,037,812 8,128,083 10,165,895
700 Chesterfield Parkway Malvern, PA 2,037,812 8,141,879 10,179,691
6 Terry Drive Newtown, PA 622,029 2,249,571 2,871,601
2520 Renaissance Boulevard King of Prussia, PA 978,402 3,913,621 4,892,023
18 Great Valley Parkway Malvern, PA 397,293 4,016,240 4,413,532
700 Dresher Road Horsham, PA 2,565,140 5,533,224 8,098,363
14 Lee Boulevard Malvern, PA 665,053 6,477,686 7,142,739
500 Chesterfield Parkway Malvern, PA 473,139 2,876,167 3,349,306
300-400 Chesterfield Parkway Malvern, PA 931,212 4,503,605 5,434,817
150 Mid-Atlantic Parkway West Deptford, NJ 88,153 503,505 591,658
51 Haddonfield Road Cherry Hill, NJ 248,326 9,461,405 9,709,731
57 Read's Way New Castle, DE 352,736 2,881,178 3,233,914
1370 Imperial Way West Deptford, NJ 298,010 4,435,239 4,733,249
8 Stow Road Marlton, NJ 172,945 1,818,038 1,990,983
10 Stow Road Marlton, NJ 147,318 1,521,568 1,668,886
12 Stow Road Marlton, NJ 103,618 1,229,604 1,333,222
14 Stow Road Marlton, NJ 93,418 1,055,792 1,149,210
1300 Metropolitan Avenue West Deptford, NJ 221,218 2,016,048 2,237,266
701A Route 73 South Marlton, NJ 271,743 6,008,895 6,280,638
701C Route 73 South Marlton, NJ 96,161 1,655,518 1,751,678
1008 Astoria Boulevard Cherry Hill, NJ 32,698 786,807 819,505
1475 Imperial Way West Deptford, NJ 58,606 1,030,961 1,089,567
3000 Atrium Way Mt. Laurel, NJ 512,018 7,611,002 8,123,020
750 Cardinal Drive Pureland, NJ 236,190 2,926,781 3,162,971
11000, 15000, 17000 Commerce Pkwy. Mt. Laurel, NJ 456,465 4,917,871 5,374,336
12000, 14000 Commerce Parkway Mt. Laurel, NJ 362,855 3,516,372 3,879,227
16000, 18000 Commerce Parkway Mt. Laurel, NJ 290,545 2,909,017 3,199,562
400 Lippincott Drive Marlton, NJ 317,799 3,103,668 3,421,467
406 Lippincott Drive Marlton, NJ 327,554 2,322,002 2,649,556
234 High Hill Road Bridgeport, NJ 250,445 1,812,039 2,062,484
100 Arlington Boulevard Bridgeport, NJ 374,836 4,233,613 4,608,449
100 Berkeley Drive Swedesboro, NJ 401,254 2,132,351 2,533,605
- -58-
<PAGE>
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/99
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - CONTINUED
301 Lippincott Drive Marlton, NJ 1,069,837 5,519,315 6,589,152
303 Lippincott Drive Marlton, NJ 1,069,837 5,424,960 6,494,797
510-512 Sharptown Road Bridgeport, NJ 125,410 1,116,798 1,242,207
901 Route 73 Marlton, NJ 334,411 2,832,455 3,166,866
1500 Route 73 Marlton, NJ 450,558 3,723,751 4,174,309
512 Sharptown Road Bridgeport, NJ 180,468 1,592,810 1,773,278
201 Berkeley Drive Bridgeport, NJ 515,116 3,839,694 4,354,809
404 Lippincott Drive Marlton, NJ 131,896 1,650,044 1,781,940
104 Gaither Drive Mt. Laurel, NJ 136,446 1,369,093 1,505,539
402 Lippincott Drive Marlton, NJ 131,896 1,631,153 1,763,049
300 Commodore Drive Bridgeport, NJ 723,369 4,979,068 5,702,437
3000 Lincoln Drive Mt. Laurel, NJ 284,052 3,688,976 3,973,028
6000 Commerce Parkway Mt. Laurel, NJ 234,151 2,154,427 2,388,578
7000 Commerce Parkway Mt. Laurel, NJ 260,014 2,452,771 2,712,785
8000 Commerce Parkway Mt. Laurel, NJ 234,814 2,098,353 2,333,167
9000 Commerce Parkway Mt. Laurel, NJ 286,587 2,532,716 2,819,303
1000 Briggs Road Mt. Laurel, NJ 288,577 2,814,402 3,102,979
1025 Briggs Road Mt. Laurel, NJ 430,990 3,931,292 4,362,282
1020 Briggs Road Mt. Laurel, NJ 574,983 2,770,780 3,345,763
9 Stow Road Marlton, NJ 654,779 2,014,480 2,669,258
2000 Crawford Place Mt. Laurel, NJ 310,831 3,950,925 4,261,756
1351 Metropolitan Avenue Thorofare, NJ 189,465 1,755,427 1,944,892
650 Grove Road Thorofare, NJ 267,214 2,658,391 2,925,605
400 Grove Road Thorofare, NJ 145,009 1,401,324 1,546,333
5000 Dearborn Court Mt. Laurel, NJ 1,057,763 4,313,106 5,370,869
515 Heron Drive Bridgeport, NJ 334,017 2,378,137 2,712,154
500 Sharptown Road Pureland, NJ 302,858 2,698,111 3,000,969
625 Heron Drive Bridgeport, NJ 180,226 913,440 1,093,666
605 Heron Drive Bridgeport, NJ 265,381 1,055,802 1,321,183
510 Heron Drive Bridgeport, NJ 790,335 8,069,031 8,859,366
522 Pedricktown Road Bridgeport, NJ 176,309 1,377,808 1,554,117
530 Pedricktown Road Bridgeport, NJ 350,813 1,932,424 2,283,238
540 Pedricktown Road Bridgeport, NJ 531,280 4,572,481 5,103,761
230 High Hill Road Bridgeport, NJ 1,418,000 8,868,726 10,286,726
3 Mallard Court Bridgeport, NJ 417,893 2,455,765 2,873,657
730 Cardinal Drive Bridgeport, NJ 576,598 1,818,505 2,395,103
405 Heron Drive Bridgeport, NJ 2,167,471 18,831,390 20,998,861
100 Eagle Road Bridgeport, NJ 256,491 1,453,462 1,709,952
250 High Hill Road Bridgeport, NJ 246,478 2,438,300 2,684,778
508 Center Square Road Bridgeport, NJ 453,341 3,459,188 3,912,528
602 Heron Drive Bridgeport, NJ 524,728 2,246,752 2,771,480
300 Eagle Court Bridgeport, NJ 1,135,989 1,886,399 3,022,388
500 Center Square Road Bridgeport, NJ 1,338,839 6,204,163 7,543,002
1001 Briggs Road Marlton, NJ 701,705 4,001,403 4,703,109
1960 Cuthbert Boulevard Cherry Hill, NJ 321,699 1,328,739 1,650,438
1970 Cuthbert Boulevard Cherry Hill, NJ 321,699 1,321,498 1,643,197
10000 & 11000 Route 73 Marlton, NJ 716,258 2,922,589 3,638,847
800 Arlington Boulevard Logan, NJ 1,700,348 6,729,706 8,430,054
1655 Valley Center Parkway Bethlehem, PA 215,095 1,866,465 2,081,560
6560 Stonegate Drive Allentown, PA 437,122 2,368,188 2,805,310
6370 Hedgewood Drive Allentown, PA 515,707 3,042,510 3,558,217
6390 Hedgewood Drive Allentown, PA 670,819 2,627,537 3,298,356
1495 Valley Center Parkway Bethlehem, PA 258,014 3,762,701 4,020,715
6350 Hedgewood Drive Allentown, PA 370,318 3,160,567 3,530,885
6330 Hedgewood Drive Allentown, PA 499,720 4,357,096 4,856,816
1550 Valley Center Parkway Bethlehem, PA 188,320 3,181,216 3,369,536
1560 Valley Center Parkway Bethlehem, PA 229,301 3,888,881 4,118,182
6580 Snowdrift Road Allentown, PA 367,377 2,502,461 2,869,837
1510 Valley Center Parkway Bethlehem, PA 312,873 3,310,010 3,622,883
1530 Valley Center Parkway Bethlehem, PA 212,491 2,652,205 2,864,696
6540 Stonegate Drive Allentown, PA 422,730 3,589,990 4,012,720
974 Marcon Boulevard Allentown, PA 144,248 2,124,059 2,268,307
964 Marcon Boulevard Allentown, PA 139,480 1,507,438 1,646,918
764 Roble Road Allentown, PA 141,746 793,490 935,236
3174 Airport Road Allentown, PA 98,986 1,105,398 1,204,384
2196 Avenue C Allentown, PA 107,307 1,195,585 1,302,892
2202 Hangar Place Allentown, PA 138,127 1,306,922 1,445,049
2201 Hangar Place Allentown, PA 129,142 1,408,070 1,537,212
954 Marcon Boulevard Allentown, PA 104,452 1,130,043 1,234,495
57 South Commerce Way Allentown, PA 395,459 2,909,489 3,304,948
754 Roble Road Allentown, PA 163,735 1,863,661 2,027,396
894 Marcon Boulevard Allentown, PA 118,304 1,098,614 1,216,918
744 Roble Road Allentown, PA 161,371 1,914,503 2,075,874
944 Marcon Boulevard Allentown, PA 119,711 1,620,887 1,740,598
1685 Valley Center Parkway Allentown, PA 198,482 2,101,841 2,300,323
6520 Stonegate Drive Allentown, PA 948,395 1,320,893 2,269,288
7437 Industrial Boulevard Allentown, PA 726,651 6,435,105 7,161,756
2041 Avenue C Allentown, PA 213,879 1,168,169 1,382,048
2124 Avenue C Allentown, PA 289,529 1,093,852 1,383,381
7339 Industrial Boulevard Allentown, PA 1,197,448 5,722,547 6,919,994
7384 Penn Drive Allentown, PA 652,118 2,738,959 3,391,077
7144 Daniels Drive Allentown, PA 1,579,169 6,576,732 8,155,901
7620 Cetronia Road Allentown, PA 1,093,724 4,201,128 5,294,852
939 Marcon Boulevard Allentown, PA 2,220,548 5,259,342 7,479,890
100 Brodhead Road Allentown, PA 429,456 3,107,116 3,536,572
1455 Valley Center Parkway Bethlehem, PA 545,173 3,760,041 4,305,214
1640 Valley Center Parkway Bethlehem, PA 190,728 2,580,591 2,771,319
1650 Valley Center Parkway Allentown, PA 188,896 2,384,039 2,572,935
1660 Valley Center Parkway Bethlehem, PA 188,721 2,265,131 2,453,852
400 Nestle Way Allentown, PA 8,184,096 26,335,811 34,519,907
83 South Commerce Way Bethlehem, PA 212,744 1,098,440 1,311,184
- -59-
<PAGE>
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/99
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - CONTINUED
85 South Commerce Way Bethlehem, PA 237,078 1,069,927 1,307,005
87 South Commerce Way Bethlehem, PA 253,886 1,138,811 1,392,696
89 South Commerce Way Bethlehem, PA 367,705 1,710,306 2,078,011
7249 Industrial Boulevard Allentown, PA 2,670,673 13,988,804 16,659,477
95 Highland Avenue Bethlehem, PA 430,593 3,480,016 3,910,609
236 Brodhead Road Bethlehem, PA 376,962 4,697,544 5,074,506
1525 Valley Center Parkway Allentown, PA 804,104 6,890,590 7,694,694
6620 Grant Way Allentown, PA 430,824 1,922,261 2,353,085
700 Nestle Way Allentown, PA 4,174,970 16,184,779 20,359,749
7562 Penn Drive Allentown, PA 269,614 922,843 1,192,457
7277 Williams Avenue Allentown, PA 463,124 1,573,262 2,036,386
7355 Williams Avenue Allentown, PA 489,749 1,787,247 2,276,997
794 Roble Boulevard Allentown, PA 1,147,541 6,170,123 7,317,664
6923 Schantz Spring Road Allentown, PA 1,127,805 3,348,457 4,476,262
2600 Beltline Avenue Reading, PA 558,903 2,252,359 2,811,262
7132 Daniels Drive Allentown, PA 1,696,470 7,340,281 9,036,752
3985 Adler Place Bethlehem, PA 705,367 4,088,117 4,793,485
8014 Industrial Boulevard Upper Macungie, PA 3,645,118 9,030,520 12,675,638
180 & 190 Admiral Cochrane Drive Annapolis, MD 3,752,293 16,136,892 19,889,185
12000,001,040 Indian Creek Court Beltsville, MD 2,665,835 10,909,871 13,575,706
8280 Patuxent Range Drive Columbia, MD 181,601 1,336,075 1,517,676
7178-80 Columbia Gateway Columbia, MD 1,571,105 5,453,938 7,025,043
9770 Patuxent Woods Drive Columbia, MD 341,663 3,046,382 3,388,045
9780 Patuxent Woods Drive Columbia, MD 218,542 1,948,534 2,167,075
9790 Patuxent Woods Drive Columbia, MD 243,791 2,177,349 2,421,139
9810 Patuxent Woods Drive Columbia, MD 266,684 2,376,814 2,643,497
9800 Patuxent Woods Drive Columbia, MD 299,099 2,666,479 2,965,578
9820 Patuxent Woods Drive Columbia, MD 237,779 2,138,731 2,376,510
9830 Patuxent Woods Drive Columbia, MD 296,262 2,644,631 2,940,894
9050 Red Branch Road Columbia, MD 290,950 2,849,389 3,140,339
4606 Richlynn Drive Belcamp, MD 299,600 1,825,969 2,125,569
8945-8975 Guilford Columbia, MD 2,427,065 7,547,251 9,974,315
7317 Parkway Drive Hanover, MD 1,104,359 1,963,990 3,068,349
9101,9111,9115 Guilford Road Columbia, MD 765,953 3,343,752 4,109,705
9125,9135,9145 Guilford Road Columbia, MD 920,439 5,569,999 6,490,438
10 South Third Street Richmond, VA 27,970 173,381 201,351
1751 Bluehills Drive Roanoke, VA 1,063,728 8,602,628 9,666,356
4300 Carolina Avenue Richmond, VA 2,009,136 15,337,786 17,346,923
301 Hill Carter Parkway Richmond, VA 659,456 4,899,214 5,558,670
4001 Carolina Avenue Richmond, VA 29,443 248,597 278,040
5600-5626 Eastport Boulevard Richmond, VA 489,941 3,764,573 4,254,514
5650-5674 Eastport Boulevard Richmond, VA 644,384 4,168,551 4,812,935
5700 Eastport Boulevard Richmond, VA 408,729 2,740,967 3,149,696
11020 Hull Street Road Richmond, VA 427,535 646,199 1,073,734
3432 Holland Road Virginia Beach, VA 173,527 801,603 975,130
4880 Cox Road Richmond, VA 743,898 5,664,973 6,408,871
5162 Valleypointe Parkway Roanoke, VA 551,483 2,647,549 3,199,032
4101- 4127 Carolina Avenue Richmond, VA 310,854 2,336,735 2,647,589
4201-4261 Carolina Avenue Richmond, VA 693,203 5,449,603 6,142,806
4263-4299 Carolina Avenue Richmond, VA 256,203 3,623,839 3,880,042
4301-4335 Carolina Avenue Richmond, VA 223,696 1,757,039 1,980,735
4337-4379 Carolina Avenue Richmond, VA 325,203 3,114,185 3,439,388
4501-4549 Carolina Avenue Richmond, VA 486,166 3,696,144 4,182,310
4551-4593 Carolina Avenue Richmond, VA 474,360 3,597,434 4,071,794
4601-4643 Carolina Avenue Richmond, VA 652,455 5,098,570 5,751,025
4645-4683 Carolina Avenue Richmond, VA 404,616 3,798,329 4,202,945
4447-4491 Carolina Avenue Richmond, VA 454,056 2,822,016 3,276,072
4401-4445 Carolina Avenue Richmond, VA 615,038 4,595,362 5,210,400
12 S. Third Street Richmond, VA 40,539 190,807 231,346
9601 Cosner Drive Fredericksburg, VA 476,262 4,065,136 4,541,398
315 Cardiff Valley Road Knoxville, TN 443,305 2,993,390 3,436,695
2300 East Parham Road Richmond, VA 221,947 1,025,269 1,247,216
5221 Valleypark Drive Roanoke, VA 285,008 1,223,376 1,508,384
5228 Valleypointe Parkway Roanoke, VA 218,663 893,434 1,112,097
5238 Valleypark Drive Roanoke, VA 416,375 1,988,562 2,404,937
5601-5659 Eastport Boulevard Richmond, VA 720,100 5,129,827 5,849,927
5900 Eastport Boulevard Richmond, VA 687,898 5,363,069 6,050,968
4717-4729 Eubank Road Richmond, VA 452,263 3,413,263 3,865,526
5251 Concourse Drive Roanoke, VA 217,690 1,579,924 1,797,614
4263F Carolina Avenue Richmond, VA 91,599 1,622,673 1,714,273
4200 Oakleys Court Richmond, VA 459,653 2,500,932 2,960,585
1821 Battery Dantzler Road Chester, VA 392,332 3,061,807 3,454,139
5000 Cox Road Glen Allen, VA 771,029 3,710,943 4,481,972
5500 Cox Road Richmond, VA 483,263 2,326,520 2,809,783
510 Eastpark Court Sandston, VA 262,210 2,148,008 2,410,218
520 Eastpark Court Sandston, VA 486,598 4,136,661 4,623,259
13001 Kingston Avenue Chester, VA 376,700 2,029,244 2,405,944
5701-5799 Eastport Boulevard Richmond, VA 700,503 5,082,742 5,783,245
4801 Cox Road Richmond, VA 1,075,620 8,856,012 9,931,632
600 HP Way Chester, VA 501,752 7,419,156 7,920,908
500 HP Way Chester, VA 491,919 6,251,800 6,743,719
701 Liberty Way Richmond, VA 545,275 3,967,521 4,512,796
4198 Cox Road Glen Allen, VA 670,292 4,060,115 4,730,407
5310 Valley Park Drive Roanoke, VA 129,220 1,131,385 1,260,605
5305 Valley Park Drive Roanoke, VA 232,074 1,734,293 1,966,367
4510 Cox Road Glen Allen, VA 1,010,044 7,225,156 8,235,200
2809 South Lynnhaven Road Virginia Beach, VA 953,590 6,494,183 7,447,773
200 Golden Oak Court Virginia Beach, VA 1,116,693 7,021,156 8,137,849
208 Golden Oak Court Virginia Beach, VA 965,177 6,882,126 7,847,304
1 Enterprise Parkway Hampton, VA 974,675 5,870,729 6,845,404
- -60-
<PAGE>
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/99
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - CONTINUED
22 Enterprise Parkway Hampton, VA 1,097,368 6,975,533 8,072,901
530 Eastpark Court Sandston, VA 334,773 2,580,591 2,915,364
484 Viking Drive Virginia Beach, VA 891,753 3,735,474 4,627,227
10430 Lakeridge Parkway Ashland, VA 421,267 3,828,614 4,249,881
10456 Lakeridge Parkway Ashland, VA 409,261 3,727,035 4,136,296
3829-3855 Gaskins Road Richmond, VA 364,165 3,270,794 3,634,959
629 Phoenix Drive Virginia Beach, VA 371,694 2,125,063 2,496,757
11838 Rock Landing Drive Newport News, VA 673,942 2,374,310 3,048,252
11844 Rock Landing Drive Newport News, VA 326,774 1,423,323 1,750,097
11846 Rock Landing Drive Newport News, VA 299,066 1,467,883 1,766,949
11832 Rock Landing Drive Newport News, VA 748,582 5,861,413 6,609,994
5700 Cleveland Street Virginia Beach, VA 700,564 9,982,564 10,683,128
801 Liberty Way Chester, VA 780,000 5,538,180 6,318,180
5 Manhattan Square Hampton, VA 212,694 1,494,264 1,706,958
4523 Green Point Drive High Point, NC 223,614 2,032,461 2,256,075
4501 Green Point Drive High Point, NC 320,450 2,264,967 2,585,417
4500 Green Point Drive High Point, NC 231,692 2,056,599 2,288,291
2427 Penny Road High Point, NC 1,168,074 6,182,258 7,350,332
4524 Green Point Drive High Point, NC 183,888 2,122,318 2,306,206
4328, 4336 Federal Drive High Point, NC 825,092 7,361,493 8,186,585
200 Centreport Drive Greensboro, NC 332,017 4,045,513 4,377,530
4344 Federal Drive High Point, NC 173,623 2,642,980 2,816,603
202 Centreport Drive Greensboro, NC 549,679 5,644,025 6,193,704
101 Centreport Drive Greensboro, NC 826,237 7,403,026 8,229,263
4000 Piedmont Parkway High Point, NC 597,368 5,161,746 5,759,114
4380 Federal Drive High Point, NC 283,368 2,039,608 2,322,977
4388 Federal Drive High Point, NC 132,655 1,129,542 1,262,196
6532 Judge Adams Road Rock Creek, NC 399,988 3,446,080 3,846,068
6532 Judge Adams Road Whitsett, NC 335,061 4,188,934 4,523,995
3860 Faber Place N. Charleston, SC 796,655 2,088,476 2,885,131
4055 Faber Place N. Charleston, SC 882,352 4,947,410 5,829,762
3820 Faber Place N. Charleston, SC 506,558 2,541,107 3,047,665
3875 Faber Place N. Charleston, SC 1,166,052 5,745,327 6,911,379
150 Ridgeview Center Drive Duncan, SC 711,353 8,070,965 8,782,318
1320 Garlington Road Greenville, SC 398,539 1,787,871 2,186,410
420 Park Avenue Greenville, SC 522,548 3,291,358 3,813,906
1 Alliance Drive Goose Creek, SC 662,422 2,655,438 3,317,860
4160 Mendenhall Oaks Parkway High Point, NC 545,627 2,851,364 3,396,991
4194 Mendenhall Oaks Parkway High Point, NC 265,991 2,224,106 2,490,097
4196 Mendenhall Oaks Parkway High Point, NC 173,889 1,767,234 1,941,123
4170 Mendenhall Oaks Parkway High Point, NC 373,503 1,697,735 2,071,238
4180 Mendenhall Oaks Parkway High Point, NC 315,614 1,565,526 1,881,140
4050 Piedmont Parkway High Point, NC 2,042,159 16,697,397 18,739,555
One Independence Pointe Greenville, SC 784,617 6,355,253 7,139,870
55 Beattie Place Greenville, SC 2,645,238 23,879,667 26,524,905
75 Beattie Place Greenville, SC 2,408,577 17,701,287 20,109,864
7736 McCloud Road Greensboro, NC 591,795 6,047,856 6,639,651
15 Brendan Way Greenville, SC 614,192 3,496,845 4,111,037
200 Meeting Street Charleston, SC 4,027,428 30,604,898 34,632,326
7500 West 110th Street Overland Park, KS 2,380,493 9,777,156 12,157,649
8035 Quivira Road Lenexa, KS 1,180,181 4,737,971 5,918,152
4300 Federal Drive Greensboro, NC 276,038 1,599,981 1,876,019
1730 Stebbins Drive Houston, TX 144,016 420,063 564,079
5911-5925 Richard Street Jacksonville, FL 286,335 497,306 783,641
8383-8385 Baycenter Road Jacksonville, FL 65,329 649,383 714,712
8775 Baypine Road Jacksonville, FL 913,264 3,136,335 4,049,599
8539 Western Way Jacksonville, FL 631,558 2,891,757 3,523,315
6255 Lake Gray Boulevard Jacksonville, FL 811,963 3,393,042 4,205,005
6600-6660 Suemac Place Jacksonville, FL 216,014 1,892,629 2,108,643
6800-6850 Suemac Place Jacksonville, FL 125,576 1,132,203 1,257,779
8665,8667,8669 Baypine Road Jacksonville, FL 1,023,514 3,954,909 4,978,423
8540 Baycenter Road Jacksonville, FL 450,431 1,366,708 1,817,139
1200 Riverplace Drive Jacksonville, FL 1,035,091 19,280,849 20,315,940
8400 Baymeadows Way Jacksonville, FL 566,370 2,323,555 2,889,925
8614 Baymeadows Way Jacksonville, FL 312,761 1,088,410 1,401,171
5941-5975 Richard Street Jacksonville, FL 585,280 1,111,567 1,696,847
7970 Bayberry Road Jacksonville, FL 129,979 1,235,513 1,365,492
6000-6030 Bowdendale Avenue Jacksonville, FL 275,475 1,628,439 1,903,914
7898 Baymeadows Way Jacksonville, FL 568,005 1,966,127 2,534,132
5977-6607 Richard Street Jacksonville, FL 182,747 1,562,967 1,745,714
7910 & 7948 Baymeadows Way Jacksonville, FL 211,449 2,717,747 2,929,196
7954 & 7960 Baymeadows Way Jacksonville, FL 292,667 2,978,826 3,271,493
8787 Baypine Road Jacksonville, FL 2,045,574 35,636,694 37,682,268
7077 Bonneval Road Jacksonville, FL 774,020 6,960,260 7,734,280
4190 Belfort Road Jacksonville, FL 827,420 7,439,277 8,266,697
8011, 8021, 8031 Phillips Highway Jacksonville, FL 628,437 4,603,568 5,232,005
7020 AC Skinner Parkway Jacksonville, FL 749,811 2,102,973 2,852,784
7040 AC Skinner Parkway Jacksonville, FL 853,981 2,962,115 3,816,095
11777 Central Highway Jacksonville, FL 192,004 2,255,323 2,447,327
4345 Southpoint Parkway Jacksonville, FL 418,093 7,713,217 8,131,311
7016 AC Skinner Parkway Jacksonville, FL 602,633 2,320,994 2,923,626
7018 AC Skinner Parkway Jacksonville, FL 846,433 4,080,388 4,926,821
7014 AC Skinner Parkway Jacksonville, FL 780,486 2,980,338 3,760,824
6620 Southpoint Drive Jacksonville, FL 614,602 4,708,557 5,323,159
7980 Bayberry Road Jacksonville, FL 330,726 1,355,876 1,686,602
9600 Satellite Boulevard Orlando, FL 252,850 1,346,297 1,599,147
9700 Satellite Boulevard Orlando, FL 405,362 1,158,784 1,564,146
1902 Cypress Lake Drive Orlando, FL 538,512 3,923,494 4,462,006
9550 Satellite Boulevard Orlando, FL 587,320 2,046,698 2,634,018
8250 & 8256 Exchange Place Orlando, FL 622,413 2,587,224 3,209,637
- -61-
<PAGE>
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/99
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - CONTINUED
6600 Southpoint Parkway Jacksonville, FL 1,002,704 4,302,660 5,305,364
6700 Southpoint Parkway Jacksonville, FL 624,214 3,013,926 3,638,140
4801 Executive Park Court - 100 Jacksonville, FL 554,542 2,995,815 3,550,357
4801 Executive Park Court - 200 Jacksonville, FL 370,039 1,995,543 2,365,582
4810 Executive Park Court Jacksonville, FL 370,039 3,084,294 3,454,333
6602 Executive Park Court - 100 Jacksonville, FL 388,541 2,158,165 2,546,706
6602 Executive Park Court - 200 Jacksonville, FL 296,032 1,598,285 1,894,317
6631 Executive Park Court - 100 Jacksonville, FL 251,627 1,356,885 1,608,512
6631 Executive Park Court - 200 Jacksonville, FL 407,043 2,206,286 2,613,329
4815 Executive Park Court - 100 Jacksonville, FL 366,339 1,975,761 2,342,100
4815 Executive Park Court - 200 Jacksonville, FL 462,549 2,623,954 3,086,503
4825 Executive Park Court Jacksonville, FL 601,401 3,247,286 3,848,687
4820 Executive Park Court Jacksonville, FL 555,213 3,109,213 3,664,426
10511 & 10611 Satellite Boulevard Orlando, FL 522,992 2,734,454 3,257,445
1400-1440 Central Florida Parkway Orlando, FL 518,043 2,628,760 3,146,803
6601 Executive Park Circle North Jacksonville, FL 551,250 3,129,001 3,680,251
1300 Riverplace South Jacksonville, FL 1,804,258 8,289,445 10,093,702
4901 Belfort Lane Jacksonville, FL 877,964 4,202,594 5,080,558
16445 Air Center Boulevard Houston, TX 363,339 2,517,549 2,880,888
16405 Air Center Boulevard Houston, TX 438,853 3,083,524 3,522,377
2216 Directors Row Orlando, FL 453,918 2,574,300 3,028,218
7460 Chancellor Drive Orlando, FL 266,555 1,149,201 1,415,756
1901 Summit Tower Boulevard Maitland, FL 5,998,079 12,671,492 18,669,572
3701-3727 Vineland Road Orlando, FL 767,929 2,142,922 2,910,851
16580 Air Center Boulevard Houston, TX 289,000 3,559,857 3,848,858
4001,4051,4101 Fowler Avenue Tampa, FL 1,321,109 4,743,826 6,064,935
5501-5502 Pioneer Park Boulevard Tampa, FL 262,416 1,711,838 1,974,254
5690-5694 Crenshaw Street Tampa, FL 181,923 1,967,900 2,149,823
3102,3104,3110 Cherry Palm Drive Tampa, FL 503,767 2,982,479 3,486,246
8401-8408 Benjamin Road Tampa, FL 789,652 4,761,163 5,550,815
3501 Riga Boulevard Tampa, FL 617,289 3,227,707 3,844,996
111 Kelsey Lane Tampa, FL 359,540 1,626,176 1,985,715
7930, 8010-20 Woodland Center Tampa, FL 1,408,478 5,405,227 6,813,705
7920 Woodland Center Boulevard Tampa, FL 1,382,648 2,849,780 4,232,428
8154-8198 Woodland Center Tampa, FL 399,088 2,893,792 3,292,880
8112-42 Woodland Center Tampa, FL 513,263 3,243,734 3,756,997
8212 Woodland Center Tampa, FL 820,882 2,336,931 3,157,813
131 Kelsey Lane Tampa, FL 559,528 4,607,776 5,167,304
7724 Woodland Center Blvd. Tampa, FL 235,894 2,088,570 2,324,464
7802-50 Woodland Center Blvd. Tampa, FL 506,948 2,361,711 2,868,660
7852-98 Woodland Center Blvd. Tampa, FL 506,949 2,310,091 2,817,039
8921 Brittany Way Tampa, FL 254,493 1,892,134 2,146,627
5250 Eagle Trail Drive Tampa, FL 952,860 3,457,917 4,410,777
7725 Woodland Center Blvd. Tampa, FL 771,501 3,010,993 3,782,494
8001 Woodland Center Blvd. Tampa, FL 438,061 2,143,021 2,581,081
4502 Woodland Corporate Blvd. Tampa, FL 1,071,536 3,029,193 4,100,728
1701 Clint Moore Boulevard Boca Raton, FL 1,430,937 3,083,352 4,514,289
4555 Riverside Drive Beach Gardens, FL 806,405 5,798,533 6,604,938
2500 Metrocentre Boulevard West Palm Beach, FL 238,362 1,557,760 1,796,122
2540 Metrocentre Boulevard West Palm Beach, FL 165,071 1,318,383 1,483,454
2541 Metrocentre Boulevard West Palm Beach, FL 145,091 1,035,769 1,180,860
2580 Metrocentre Boulevard West Palm Beach, FL 256,478 1,673,780 1,930,258
2581 Metrocentre Boulevard West Palm Beach, FL 189,359 1,235,802 1,425,161
1101 Northpoint Parkway West Palm Beach, FL 258,606 1,548,241 1,806,847
3223 Commerce Place West Palm Beach, FL 501,843 2,033,188 2,535,031
801 Northpoint Parkway West Palm Beach, FL 459,284 2,605,751 3,065,035
5410 - 5430 Northwest 33rd Avenue Ft. Lauderdale, FL 625,110 4,344,308 4,969,419
6500 NW 12th Avenue Ft. Lauderdale, FL - 3,082,231 3,082,231
6600 NW 12th Avenue Ft. Lauderdale, FL - 3,103,757 3,103,757
1500 SW 5th Court Pompano Beach, FL 972,232 3,926,363 4,898,595
1651 SW 5th Court Pompano Beach, FL 203,247 837,269 1,040,516
1601 SW 5th Court Pompano Beach, FL 203,247 861,598 1,064,846
1501 SW 5th Court Pompano Beach, FL 203,247 833,257 1,036,504
1400 SW 6th Court Pompano Beach, FL 1,157,049 4,661,855 5,818,905
1405 SW 6th Court Pompano Beach, FL 392,138 1,585,425 1,977,563
595 SW 13th Terrace Pompano Beach, FL 359,933 1,445,338 1,805,271
601 SW 13th Terrace Pompano Beach, FL 164,413 680,559 844,971
605 SW 16th Terrace Pompano Beach, FL 310,178 1,239,970 1,550,148
2440-2478 Metrocentre Boulevard West Palm Beach, FL 470,214 2,151,139 2,621,353
951 Broken Sound Parkway Boca Raton, FL 1,426,251 6,210,753 7,637,004
3400 Lakeside Drive Miramar, FL 2,022,153 11,707,187 13,729,341
3450 Lakeside Drive Miramar, FL 2,022,152 11,525,215 13,547,367
13650 NW 8th Street Sunrise, FL 558,251 2,194,534 2,752,786
13630 NW 8th Street Sunrise, FL 659,825 2,735,459 3,395,284
777 Yamato Road Boca Raton, FL 4,501,247 18,067,740 22,568,987
1801 Clint Moore Boulevard Boca Raton, FL 1,065,068 4,615,511 5,680,580
6601-6625 W. 78th Street Bloomington, MN 2,310,246 38,857,711 41,167,957
2905 Northwest Boulevard Plymouth, MN 516,920 5,112,190 5,629,110
2800 Campus Drive Plymouth, MN 395,366 3,687,367 4,082,733
2955 Xenium Lane Plymouth, MN 151,238 1,466,167 1,617,405
9401-9443 Science Center Drive New Hope, MN 510,064 3,976,007 4,486,071
6321-6325 Bury Drive Eden Prairie, MN 462,876 4,314,000 4,776,876
7115-7173 Shady Oak Road Eden Prairie, MN 454,974 4,420,050 4,875,024
7660-7716 Golden Triangle Drive Eden Prairie, MN 1,289,215 5,736,974 7,026,189
7400 Flying Cloud Drive Eden Prairie, MN 195,982 1,780,705 1,976,687
10301-10305 West 70th Street Eden Prairie, MN 118,300 1,162,226 1,280,526
10321 West 70th Street Eden Prairie, MN 142,399 1,341,407 1,483,806
10333 West 70th Street Eden Prairie, MN 108,610 1,026,183 1,134,793
10349-10357 West 70th Street Eden Prairie, MN 270,584 2,746,668 3,017,252
10365-10375 West 70th Street Eden Prairie, MN 285,464 2,779,275 3,064,739
- -62-
<PAGE>
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/99
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - CONTINUED
10393-10394 West 70th Street Eden Prairie, MN 264,419 2,657,265 2,921,684
7078 Shady Oak Road Eden Prairie, MN 336,481 3,098,605 3,435,086
10400 Viking Drive Eden Prairie, MN 2,938,372 21,028,238 23,966,610
5600 & 5610 Rowland Road Minnetonka, MN 829,263 7,537,560 8,366,824
2920 Northwest Boulevard Plymouth, MN 384,236 4,093,866 4,478,102
5400-5500 Feltl Road Minnetonka, MN 883,895 8,108,127 8,992,022
10300 Bren Road Minnetonka, MN 344,614 3,250,231 3,594,844
14630-14650 28th Avenue North Plymouth, MN 198,205 1,917,812 2,116,016
7695-7699 Anagram Drive Eden Prairie, MN 760,525 3,280,379 4,040,904
7550 Meridian Circle Maple Grove, MN 513,250 2,920,798 3,434,048
2800 Northwest Boulevard Plymouth, MN 1,934,438 10,973,101 12,907,539
3255 Neil Armstrong Boulevard Eagan, MN 1,131,017 3,377,738 4,508,756
4801 West 81st Street Bloomington, MN 1,624,701 2,724,057 4,348,758
8100 Cedar Avenue Bloomington, MN 501,313 3,700,697 4,202,010
9600 54th Avenue Plymouth, MN 332,317 3,215,947 3,548,263
7800 Equitable Drive Eden Prairie, MN 2,188,525 3,809,885 5,998,410
7905 Fuller Road Eden Prairie, MN 1,230,965 4,108,732 5,339,697
9023 Columbine Road Eden Prairie, MN 1,956,273 4,626,133 6,582,406
6161 Green Valley Drive Bloomington, MN 741,194 4,036,330 4,777,524
4700 Nathan Lane North Minneapolis, MN 1,501,308 8,596,224 10,097,532
26911-26957 Northwestern Hwy. Southfield, MI 11,305,367 67,094,620 78,399,987
1650 Research Drive Troy, MI 763,067 7,264,618 8,027,684
1775 Research Drive Troy, MI 331,422 2,827,913 3,159,335
1875 Research Drive Troy, MI 329,863 2,878,706 3,208,569
1850 Research Drive Troy, MI 781,054 7,542,957 8,324,011
1965 Research Drive Troy, MI 419,090 3,678,267 4,097,358
1960 Research Drive Troy, MI 419,146 3,626,284 4,045,429
27260 Haggerty Road Farmington Hills, MI 456,877 4,196,465 4,653,342
27200 Haggerty Road Farmington Hills, MI 382,754 3,452,554 3,835,308
27280 Haggerty Road Farmington Hills, MI 452,860 4,122,708 4,575,567
27220 Haggerty Road Farmington Hills, MI 203,064 1,820,727 2,023,791
27240 Haggerty Road Farmington Hills, MI 171,518 1,536,010 1,707,527
27300 Haggerty Road Farmington Hills, MI 370,378 3,386,000 3,756,378
1101 Allen Drive Troy, MI 98,148 906,094 1,004,242
1151 Allen Drive Troy, MI 164,487 1,667,505 1,831,991
1300 Rankin Street Troy, MI 134,094 1,237,512 1,371,606
1350 Rankin Street Troy, MI 111,780 1,033,537 1,145,316
1376-1400 Rankin Street Troy, MI 134,296 1,279,641 1,413,936
1352-1374 Rankin Street Troy, MI 153,279 1,413,380 1,566,659
1324-1346 Rankin Street Troy, MI 134,094 1,221,534 1,355,628
1301-1307 Rankin Street Troy, MI 111,780 1,061,820 1,173,600
1409 Allen Drive Troy, MI 142,374 1,483,595 1,625,968
1304 E Maple Road Troy, MI 211,237 2,211,551 2,422,788
1334 Maplelawn Road Troy, MI 124,300 1,123,622 1,247,922
1290 Maplelawn Road Troy, MI 85,325 830,435 915,759
1070 Maplelawn Road Troy, MI 68,564 661,264 729,828
950 Maplelawn Road Troy, MI 252,433 2,289,503 2,541,936
894 Maplelawn Road Troy, MI 181,753 1,649,509 1,831,262
1179 Maplelawn Road Troy, MI 87,849 846,745 934,594
1940 Norwood Drive Troy, MI 86,840 792,180 879,019
1311-1331 Maplelawn Road Troy, MI 125,411 1,139,798 1,265,208
2354 Bellingham Street Troy, MI 87,344 802,467 889,811
2360 Bellingham Street Troy, MI 87,344 845,864 933,207
1911 Ring Drive Troy, MI 86,133 852,122 938,254
26442-26450 Haggerty Road Farmington Hills, MI 237,691 2,168,282 2,405,973
26500 Haggerty Road Farmington Hills, MI 311,097 2,833,003 3,144,100
26650 Haggerty Road Farmington Hills, MI 173,170 1,578,903 1,752,073
26700 Haggerty Road Farmington Hills, MI 253,342 2,304,386 2,557,728
26750 Haggerty Road Farmington Hills, MI 292,721 2,668,860 2,961,580
26800 Haggerty Road Farmington Hills, MI 175,493 1,598,337 1,773,830
26842-26850 Haggerty Road Farmington Hills, MI 239,610 2,177,253 2,416,863
26600 Haggerty Road Farmington Hills, MI 537,693 2,433,848 2,971,542
50 West Big Bear Road Troy, MI 2,159,678 19,688,016 21,847,694
100 West Big Bear Road Troy, MI 2,113,006 19,298,026 21,411,032
245 Executive Drive Brookfield, WI 577,067 5,363,022 5,940,088
8301 West Parkland Court Milwaukee, WI 358,442 3,337,023 3,695,465
32991 Hamilton Court Farmington Hills, MI 1,065,392 4,627,173 5,692,566
7800 N. 113th Street Milwaukee, WI 1,711,964 6,898,691 8,610,655
2475-2479 Elliot Avenue Troy, MI 128,808 533,523 662,330
32661 Edward Avenue Madison Heights, MI 378,838 2,334,604 2,713,442
32701 Edward Avenue Madison Heights, MI 340,398 1,367,820 1,708,218
32751 Edward Avenue Madison Heights, MI 151,410 910,417 1,061,827
32853 Edward Avenue Madison Heights, MI 138,121 838,253 976,374
555 East Mandoline Avenue Madison Heights, MI 140,862 801,637 942,499
599 East Mandoline Avenue Madison Heights, MI 132,164 682,284 814,449
749 East Mandoline Avenue Madison Heights, MI 144,658 708,968 853,626
750 East Mandoline Avenue Madison Heights, MI 151,458 742,062 893,521
900 East Mandoline Avenue Madison Heights, MI 157,729 772,787 930,516
949 East Mandoline Avenue Madison Heights, MI 137,049 779,239 916,288
32090 John Road Madison Heights, MI 70,351 405,861 476,212
31601 Research Park Drive Madison Heights, MI 331,179 1,884,474 2,215,653
31651 Research Park Drive Madison Heights, MI 194,012 1,102,708 1,296,720
31700 Research Park Drive Madison Heights, MI 373,203 1,828,295 2,201,498
31701 Research Park Drive Madison Heights, MI 185,845 1,113,364 1,299,209
31751 Research Park Drive Madison Heights, MI 194,063 1,302,396 1,496,459
31800 Research Park Drive Madison Heights, MI 217,929 1,603,556 1,821,486
800 Tech Row Madison Heights, MI 444,977 2,991,675 3,436,653
900 Tech Row Madison Heights, MI 155,606 885,589 1,041,194
1000 Tech Row Madison Heights, MI 357,897 2,712,929 3,070,826
31771 Sherman Avenue Madison Heights, MI 150,944 645,820 796,764
- -63-
<PAGE>
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/99
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - CONTINUED
31791 Sherman Avenue Madison Heights, MI 105,606 650,505 756,111
31811 Sherman Avenue Madison Heights, MI 207,599 1,180,373 1,387,972
31831 Sherman Avenue Madison Heights, MI 158,483 904,885 1,063,367
31900 Sherman Avenue Madison Heights, MI 269,293 1,757,068 2,026,361
800 East Whitcomb Avenue Madison Heights, MI 151,704 1,295,565 1,447,269
950 East Whitcomb Avenue Madison Heights, MI 113,630 2,164,953 2,278,583
1000 East Whitcomb Avenue Madison Heights, MI 113,512 1,065,241 1,178,753
1201 East Whitcomb Avenue Madison Heights, MI 302,567 1,239,920 1,542,487
1210 East Whitcomb Avenue Madison Heights, MI 121,298 329,592 450,890
1260 Kempar Avenue Madison Heights, MI 78,720 412,873 491,593
1280 Kempar Avenue Madison Heights, MI 142,305 561,723 704,028
22515 Heslip Drive Madison Heights, MI 144,477 345,021 489,498
8400 Lakeview Parkway Pleasant Prairie, WI 891,003 4,110,382 5,001,385
8401 Lakeview Parkway Pleasant Prairie, WI 648,664 3,518,117 4,166,781
9801 80th Avenue Pleasant Prairie, WI 1,689,726 7,976,738 9,666,464
11950 W. Lake Park Drive Milwaukee, WI 394,938 2,449,936 2,844,873
11400 W. Lake Park Drive Milwaukee, WI 443,101 2,483,075 2,926,176
11425 W. Lake Park Drive Milwaukee, WI 385,305 2,446,107 2,831,412
11301 W. Lake Park Drive Milwaukee, WI 619,465 2,706,249 3,325,713
11900 W. Lake Park Drive Milwaukee, WI 350,628 2,864,813 3,215,440
16620-16650 W. Bluemound Road Brookfield, WI 586,665 4,397,510 4,984,175
1600-1630 E. Big Beaver Road Troy, MI 1,454,406 2,992,985 4,447,391
10 Kings Hill Avenue West Malling, UK 1,031,961 6,734,982 7,766,944
18 Kings Hill Avenue West Malling, UK 1,382,502 4,921,806 6,304,307
2 Kings Hill Avenue West Malling, UK 889,039 5,353,240 6,242,279
25 Kings Hill Avenue West Malling, UK 1,345,194 7,890,943 9,236,137
30 Tower View West Malling, UK 1,672,506 11,632,891 13,305,397
35 Kings Hill Avenue West Malling, UK 820,009 2,917,460 3,737,469
39 Kings Hill Avenue West Malling, UK 603,855 3,252,331 3,856,186
50 Gibson Drive West Malling, UK ** 3,710,203 3,710,203
50 Kings Hill Avenue West Malling, UK 1,405,632 12,536,715 13,942,347
------------ -------------- --------------
Subtotal Operating Real Estate $411,678,171 $2,593,001,437 $3,004,679,608
============ ============== ==============
DEVELOPMENT IN PROGRESS
Walnut Grove Land Horsham, PA $ 1,939,712 $ 6,079,852 $ 8,019,564
PNC Bank - Phase II Construction Philadelphia, PA 1,026 16,677,921 16,678,947
2201 Renaissance Blvd King of Prussia, PA 2,413,514 7,569,152 9,982,666
2540 Renaissance Blvd King of Prussia, PA 274,341 388,831 663,172
2560 Renaissance Blvd King of Prussia, PA 649,792 1,336,905 1,986,697
Keystone Industrial Park Bldg 1 Bristol, PA 559,610 691,114 1,250,724
651 Bridgestone Drive Allentown, PA 4,308,646 11,972,963 16,281,609
10800 Nuckols Road Glen Allen, VA 1,794,162 12,107,585 13,901,747
3955 Faber Place Charleston, SC 547,948 5,333,097 5,881,045
4135 Mendenall Oaks Parkway High Point, NC 500,980 2,137,708 2,638,688
3825 Faber Place N Charleston, SC 245,367 391,806 637,173
Butler Plaza Jacksonville, FL 1,299,201 5,920,088 7,219,289
4905 Belfort Street Jacksonville, FL 638,154 2,220,418 2,858,572
7315 Salisbury Road Jacksonville, FL 655,491 1,790,324 2,445,815
4630 Woodland Corporate Blvd Tampa, FL 1,560,100 11,530,130 13,090,230
Silo Bend 12 Tampa, FL 661,680 3,054,786 3,716,466
9001-9015 Brittany Way Tampa, FL 364,514 950,410 1,314,924
Huntington Square Land Miramar, FL 2,980,690 12,690,008 15,670,698
Flying Cloud Building C Eden Prairie, MN 1,450,000 1,092,142 2,542,142
West Tech Park Land Farmington Hills, MI 535,179 2,131,589 2,666,768
38100 Ecorse Road Romulus, MI 1,033,063 5,252,563 6,285,626
4 Abbey Wood Road West Malling, UK 1,710,603 1,426,619 3,137,222
-------------- ------------ ------------
Subtotal Development in Progress $ 26,123,772 $112,746,012 $138,869,785
============== ============ ============
LAND HELD FOR DEVELOPMENT
Gwynedd North Bus Camp Land Lansdale, PA $ 1,138,244 $ - $ 1,138,244
Renaissance Park Land King of Prussia, PA 2,174,017 - 2,174,016
Keystone Park Land Bristol, PA 756,889 - 756,889
Peco Lot @Pennsylvania Bus. Campus Horsham, PA 192,661 - 192,661
11 Great Valley Parkway Malvern, PA 687,041 - 687,041
Commodore Business Park Logan Twp., NJ 3,363,407 193,951 3,557,358
Marlton Executive Park Land Marlton, NJ 790,361 1,655 792,016
410 Center Square Land Logan Twp., NJ 483,477 - 483,477
800 Arlington Blvd Expansion Land Logan, NJ 701,568 - 701,568
1015 Briggs Road Land Mt Laurel, NJ 470,660 - 470,660
Lehigh Valley Corporate Center Land Bethlehem, PA 1,520,778 29,542 1,550,321
LVCC Phase 2 Land Bethlehem, PA 5,036,190 198,500 5,234,690
LV West Land - Lot 5A Upper Macungie, PA 5,871,979 - 5,871,979
Park at Valleypointe Land Roanoke, VA 635,398 4,722 640,120
Fairgrounds Distribution Center Land Richmond, VA 127,910 1,197 129,107
Rivers' Bend Land Chesterfield, VA 3,320,809 6,286,290 9,607,099
Woodlands Center Land Sandston, VA 1,151,840 - 1,151,840
501 Liberty Way Chesterfield, VA 650,007 - 650,007
601 Hewlett Packard Way Chesterfield, VA 631,906 - 631,906
6000-98 Eastport Blvd Richmond, VA 1,614,741 - 1,614,741
Eastport VIII Richmond, VA 382,698 - 382,698
Eastport IX Richmond, VA 211,627 - 211,627
Westmoreland Land Virginia Beach, VA 872,320 - 872,320
Central Green Land Houston, TX 1,545,598 - 1,545,598
Westmoreland III Land Virginia Beach, VA 742,497 - 742,497
Mendenhall Land High Point, NC 5,188,034 28,985 5,217,019
Independence Pointe Land Greenville, SC 1,466,406 - 1,466,406
- -64-
<PAGE>
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/99
- -------------------------------------- --------------------- --------------- --------------- ---------------
LAND HELD FOR DEVELOPMENT - CONTINUED
Executive Park at Faber Place Land Charleston, SC 119,379 - 119,379
Southchase Business Park Land Greenville, SC 77,082 - 77,082
Woodfield Land Greenville, SC 70,686 - 70,686
Eagle Hill Business Park Land High Point, NC 503,077 - 503,077
Southpoint Business Park Land Jacksonville, FL 438,110 - 438,111
Liberty Business Park Land Jacksonville, FL 428,708 27,561 456,269
7024 AC Skinner Parkway Jacksonville, FL 751,448 - 751,448
Silo Bend Land Tampa, FL 4,220,015 - 4,220,015
Exchange Place Land Orlando, FL 202,117 - 202,117
Belfort Road Jacksonville, FL 492,908 - 492,908
Butler Plaza Land Jacksonville, FL 3,194,698 440 3,195,138
Salisbury Road Land Jacksonville, FL 1,926,760 - 1,926,760
South Center Land Orlando, FL 3,302,193 - 3,302,193
South Center Land Orlando, FL 492,455 - 492,455
4508 Woodland Corporate Blvd Tampa, FL 504,266 - 504,266
Woodland Corporate Center Land Tampa, FL 1,025,593 - 1,025,593
Pompano Business Park Land - Parcel 2 Boca Raton, FL 410,912 - 410,912
Pompano Business Park Land - Parcel 3 Boca Raton, FL 512,847 - 512,847
Boca Colannade Land - Yamato Road Boca Raton, FL 4,190,706 - 4,190,706
Klodt Land Eden Prairie, MN 5,997,226 - 5,997,226
Flying Cloud Land Eden Prairie, MN 6,612,514 - 6,612,514
Romulus Land Romulus, MI 1,189,765 - 1,189,765
Victor Corporate Land Livonia, MI 7,011,973 - 7,011,973
Big Veaver Airport Land Troy, MI 14,818,934 - 14,818,934
Lakeview Corporate Park Land Pleasant Prairie, WI 1,393,258 - 1,393,258
Park Place South Land Milwaukee, WI 2,811,647 - 2,811,647
------------ ------------ --------------
Subtotal Land Held for Development $104,428,342 $ 6,772,843 $111,201,186
============ ============ ==============
Total All Properties $542,230,286 $2,712,520,292 $3,254,750,578
============ ============== ==============
</TABLE>
<TABLE>
<CAPTION>
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Accumulated Date of
Depreciation Construction Depreciable
Project City @ 12/31/99 or Acquisition Life (years)
- -------------------------------------- ------------------- ------------ -------------- ------------
<S> <C> <C> <C> <C>
OPERATING PROPERTIES
10,20 Liberty Boulevard Malvern, PA $ 1,208,546 1985 40 yrs.
420 Lapp Road Malvern, PA 1,529,778 1989 40 yrs.
747 Dresher Road Horsham, PA 1,005,017 1988 40 yrs.
45-67 Great Valley Parkway Malvern, PA 1,584,090 1974 40 yrs.
1180 Church Road Lansdale, PA 4,544,345 1986 40 yrs.
40 Valley Stream Parkway Malvern, PA 665,127 1987 40 yrs.
50 Valley Stream Parkway Malvern, PA 708,397 1987 40 yrs.
20 Valley Stream Parkway Malvern, PA 1,563,902 1987 40 yrs.
800 Town Center Drive Langhorne, PA 2,819,310 1987 40 yrs.
11, 15 Great Valley Parkway Malvern, PA 8,176,464 1986 40 yrs.
257-275 Great Valley Parkway Malvern, PA 1,730,169 1983 40 yrs.
300 Technology Drive Malvern, PA 406,215 1985 40 yrs.
277-293 Great Valley Parkway Malvern, PA 701,782 1984 40 yrs.
311 Technology Drive Malvern, PA 801,064 1984 40 yrs.
325 Technology Drive Malvern, PA 680,174 1984 40 yrs.
7 Great Valley Parkway Malvern, PA 1,545,837 1985 40 yrs.
55 Valley Stream Parkway Malvern, PA 1,090,641 1983 40 yrs.
65 Valley Stream Parkway Malvern, PA 1,490,479 1983 40 yrs.
508 Lapp Road Malvern, PA 710,412 1984 40 yrs.
10 Valley Stream Parkway Malvern, PA 1,020,162 1984 40 yrs.
333 Phoenixville Pike Malvern, PA 1,040,688 1985 40 yrs.
30 Great Valley Parkway Malvern, PA 219,540 1975 40 yrs.
75 Great Valley Parkway Malvern, PA 194,605 1977 40 yrs.
27-43 Great Valley Parkway Malvern, PA 1,094,836 1977 40 yrs.
77-123 Great Valley Parkway Malvern, PA 2,019,687 1978 40 yrs.
260 Great Valley Parkway Malvern, PA 343,626 1979 40 yrs.
256 Great Valley Parkway Malvern, PA 817,778 1980 40 yrs.
205 Great Valley Parkway Malvern, PA 4,247,020 1981 40 yrs.
12,14,16 Great Valley Parkway Malvern, PA 520,440 1982 40 yrs.
155 Great Valley Parkway Malvern, PA 928,241 1981 40 yrs.
333 Technology Drive Malvern, PA 1,134,581 1987 40 yrs.
510 Lapp Road Malvern, PA 375,464 1983 40 yrs.
181 Wheeler Court Langhorne, PA 304,155 1979 40 yrs.
1100 Wheeler Way Langhorne, PA 161,345 1979 40 yrs.
60 Morehall Road Malvern, PA 2,021,852 1989 40 yrs.
905 Airport Road West Chester, PA 799,767 1988 40 yrs.
16 Cabot Boulevard Langhorne, PA 791,394 1972 40 yrs.
1 Country View Road Malvern, PA 526,977 1982 40 yrs.
2151 Cabot Boulevard Langhorne, PA 475,877 1982 40 yrs.
170 South Warner Road King of Prussia, PA 1,328,692 1980 40 yrs.
190 South Warner Road King of Prussia, PA 760,906 1980 40 yrs.
507 Prudential Road Horsham, PA 751,925 1988 40 yrs.
100 Witmer Road Horsham, PA 879,739 1995 40 yrs.
- -65-
<PAGE>
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Accumulated Date of
Depreciation Construction Depreciable
Project City @ 12/31/99 or Acquisition Life (years)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES
3100 Horizon Drive King of Prussia, PA 252,723 1995 40 yrs.
3300 Horizon Drive King of Prussia, PA 338,852 1996 40 yrs.
3500 Horizon Drive King of Prussia, PA 240,046 1996 40 yrs.
200 Chesterfield Parkway Malvern, PA 1,355,488 1989 40 yrs.
767 Electronic Drive Horsham, PA 524,321 1996 40 yrs.
132 Welsh Road Horsham, PA 226,098 1997 40 yrs.
5 Country View Road Malvern, PA 532,448 1985 40 yrs.
3200 Horizon Drive King of Prussia, PA 482,788 1996 40 yrs.
3000 Horizon Drive King of Prussia, PA 124,904 1997 40 yrs.
111-195 Witmer Road Horsham, PA 294,391 1996 40 yrs.
300 Welsh Road Horsham, PA 143,473 1983 40 yrs.
400 Welsh Road Horsham, PA 339,853 1983 40 yrs.
8801 Tinicum Boulevard Philadelphia, PA 1,999,432 1997 40 yrs.
440 East Swedesford Road King of Prussia, PA 881,141 1988 40 yrs.
460 East Swedesford Road King of Prussia, PA 543,670 1988 40 yrs.
50 Morehall Road Malvern, PA 1,111,921 1997 40 yrs.
2 Walnut Grove Drive Horsham, PA 847,510 1989 40 yrs.
200 Gibraltar Road Horsham, PA 528,825 1990 40 yrs.
220 Gibraltar Road Horsham, PA 431,310 1990 40 yrs.
240 Gibraltar Road Horsham, PA 431,105 1990 40 yrs.
151 S. Warner Road King of Prussia, PA 532,029 1980 40 yrs.
1 Walnut Grove Drive Horsham, PA 732,165 1986 40 yrs.
3604 Horizon Drive King of Prussia, PA 215,157 1997 40 yrs.
3606 Horizon Drive King of Prussia, PA 196,456 1997 40 yrs.
650 Swedesford Road King of Prussia, PA 1,385,813 1971 40 yrs.
680 Swedesford Road King of Prussia, PA 1,408,421 1971 40 yrs.
761 Fifth Avenue King of Prussia, PA 139,264 1977 40 yrs.
771 Fifth Avenue King of Prussia, PA 86,454 1977 40 yrs.
1 Great Valley Parkway Malvern, PA 276,616 1982 40 yrs.
5 Great Valley Parkway Malvern, PA 429,938 1983 40 yrs.
311 Sinclair Road Bristol, PA 79,538 1997 40 yrs.
100 Cedar Hollow Road Malvern, PA 837,839 1997 40 yrs.
3 Country View Road Malvern, PA 174,025 1997 40 yrs.
425 Technology Drive Malvern, PA 174,955 1997 40 yrs.
375 Technology Drive Malvern, PA 101,737 1997 40 yrs.
45 Liberty Boulevard Malvern, PA 351,296 1997 40 yrs.
100 Chesterfield Parkway Malvern, PA 416,978 1997 40 yrs.
181-187 Gibraltar Road Horsham, PA 225,731 1982 40 yrs.
104 Rock Road Horsham, PA 156,541 1974 40 yrs.
123-135 Rock Road Horsham, PA 190,272 1975 40 yrs.
111-159 Gibraltar Road Horsham, PA 224,498 1981 40 yrs.
161-175 Gibraltar Road Horsham, PA 156,360 1976 40 yrs.
103-109 Gibraltar Road Horsham, PA 164,405 1978 40 yrs.
261-283 Gibraltar Road Horsham, PA 216,662 1978 40 yrs.
201-223 Witmer Road Horsham, PA 174,873 1972 40 yrs.
231-237 Gibraltar Road Horsham, PA 250,787 1981 40 yrs.
100 Gibraltar Road Horsham, PA 18,548 1975 40 yrs.
101 Gibraltar Road Horsham, PA 322,821 1977 40 yrs.
506 Prudential Road Horsham, PA 82,311 1973 40 yrs.
113-123 Rock Road Horsham, PA 159,832 1975 40 yrs.
101-111 Rock Road Horsham, PA 168,192 1975 40 yrs.
120 Gibraltar Road Horsham, PA 290,852 1980 40 yrs.
110 Gibraltar Road Horsham, PA 316,856 1979 40 yrs.
100-107 Lakeside Drive Horsham, PA 149,874 1982 40 yrs.
200-264 Lakeside Drive Horsham, PA 360,031 1982 40 yrs.
300-309 Lakeside Drive Horsham, PA 179,621 1982 40 yrs.
400-445 Lakeside Drive Horsham, PA 458,719 1981 40 yrs.
104 Witmer Road Horsham, PA 75,209 1997 40 yrs.
201 Gibraltar Road Horsham, PA 194,544 1983 40 yrs.
3600 Horizon Drive King of Prussia, PA 98,526 1989 40 yrs.
3602 Horizon Drive King of Prussia, PA 113,626 1989 40 yrs.
3 Franklin Plaza Philadelphia, PA 215,067 1997 40 yrs.
400-500 Brandywine Parkway West Chester, PA 372,972 1988 40 yrs.
600 Brandywine Parkway West Chester, PA 279,588 1988 40 yrs.
2700 Horizon Drive King of Prussia, PA 181,339 1997 40 yrs.
2900 Horizon Drive King of Prussia, PA 140,894 1997 40 yrs.
2500 Renaissance Boulevard King of Prussia, PA 104,036 1997 40 yrs.
2300 Renaissance Boulevard King of Prussia, PA 63,244 1997 40 yrs.
719 Dresher Road Horsham, PA 137,259 1998 40 yrs.
2100 Renaissance Boulevard King of Prussia, PA 235,533 1998 40 yrs.
4 Walnut Grove Horsham, PA 121,641 1998 40 yrs.
2250 Hickory Road Plymouth Meeting, PA 443,235 1998 40 yrs.
3400 Horizon Drive King of Prussia, PA 145,050 1998 40 yrs.
One Ridgewood Place Downingtown, PA 92,644 1998 40 yrs.
300 Welsh Road Horsham, PA 118,885 1998 40 yrs.
600 Chesterfield Parkway Malvern, PA 205,664 1998 40 yrs.
700 Chesterfield Parkway Malvern, PA 204,829 1998 40 yrs.
6 Terry Drive Newtown, PA 69,838 1998 40 yrs.
2520 Renaissance Boulevard King of Prussia, PA 69,239 1998 40 yrs.
18 Great Valley Parkway Malvern, PA 91,771 1999 40 yrs.
700 Dresher Road Horsham, PA 127,403 1999 40 yrs.
14 Lee Boulevard Malvern, PA 1,396,939 1988 40 yrs.
500 Chesterfield Parkway Malvern, PA 812,671 1988 40 yrs.
300-400 Chesterfield Parkway Malvern, PA 1,219,710 1988 40 yrs.
150 Mid-Atlantic Parkway West Deptford, NJ 234,100 1973 40 yrs.
51 Haddonfield Road Cherry Hill, NJ 3,074,406 1986 40 yrs.
57 Read's Way New Castle, DE 952,565 1985 40 yrs.
1370 Imperial Way West Deptford, NJ 605,223 1978 40 yrs.
8 Stow Road Marlton, NJ 295,571 1988 40 yrs.
10 Stow Road Marlton, NJ 215,332 1988 40 yrs.
12 Stow Road Marlton, NJ 220,042 1988 40 yrs.
14 Stow Road Marlton, NJ 246,467 1988 40 yrs.
- -66-
<PAGE>
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Accumulated Date of
Depreciation Construction Depreciable
Project City @ 12/31/99 or Acquisition Life (years)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES - CONTINUED
1300 Metropolitan Avenue West Deptford, NJ 264,656 1972 40 yrs.
701A Route 73 South Marlton, NJ 1,122,881 1987 40 yrs.
701C Route 73 South Marlton, NJ 269,701 1987 40 yrs.
1008 Astoria Boulevard Cherry Hill, NJ 174,019 1973 40 yrs.
1475 Imperial Way West Deptford, NJ 139,421 1976 40 yrs.
3000 Atrium Way Mt. Laurel, NJ 1,743,929 1987 40 yrs.
750 Cardinal Drive Pureland, NJ 492,657 1989 40 yrs.
11000, 15000, 17000 Commerce Pkwy. Mt. Laurel, NJ 787,882 1985 40 yrs.
12000, 14000 Commerce Parkway Mt. Laurel, NJ 443,165 1985 40 yrs.
16000, 18000 Commerce Parkway Mt. Laurel, NJ 471,244 1985 40 yrs.
400 Lippincott Drive Marlton, NJ 37,215 1999 40 yrs.
406 Lippincott Drive Marlton, NJ 394,904 1990 40 yrs.
234 High Hill Road Bridgeport, NJ 271,022 1987 40 yrs.
100 Arlington Boulevard Bridgeport, NJ 377,023 1996 40 yrs.
100 Berkeley Drive Swedesboro, NJ 208,590 1990 40 yrs.
301 Lippincott Drive Marlton, NJ 663,214 1988 40 yrs.
303 Lippincott Drive Marlton, NJ 624,248 1988 40 yrs.
510-512 Sharptown Road Bridgeport, NJ 107,409 1984 40 yrs.
901 Route 73 Marlton, NJ 267,190 1985 40 yrs.
1500 Route 73 Marlton, NJ 396,061 1988 40 yrs.
512 Sharptown Road Bridgeport, NJ 150,015 1984 40 yrs.
201 Berkeley Drive Bridgeport, NJ 101,303 1997 40 yrs.
404 Lippincott Drive Marlton, NJ 172,643 1997 40 yrs.
104 Gaither Drive Mt. Laurel, NJ 104,110 1975 40 yrs.
402 Lippincott Drive Marlton, NJ 143,905 1997 40 yrs.
300 Commodore Drive Bridgeport, NJ 255,816 1997 40 yrs.
3000 Lincoln Drive Mt. Laurel, NJ 309,787 1983 40 yrs.
6000 Commerce Parkway Mt. Laurel, NJ 167,508 1985 40 yrs.
7000 Commerce Parkway Mt. Laurel, NJ 165,415 1984 40 yrs.
8000 Commerce Parkway Mt. Laurel, NJ 134,319 1983 40 yrs.
9000 Commerce Parkway Mt. Laurel, NJ 163,557 1983 40 yrs.
1000 Briggs Road Mt. Laurel, NJ 184,793 1986 40 yrs.
1025 Briggs Road Mt. Laurel, NJ 254,487 1987 40 yrs.
1020 Briggs Road Mt. Laurel, NJ 68,980 1997 40 yrs.
9 Stow Road Marlton, NJ 128,109 1998 40 yrs.
2000 Crawford Place Mt. Laurel, NJ 292,042 1986 40 yrs.
1351 Metropolitan Avenue Thorofare, NJ 98,680 1986 40 yrs.
650 Grove Road Thorofare, NJ 159,128 1986 40 yrs.
400 Grove Road Thorofare, NJ 86,455 1986 40 yrs.
5000 Dearborn Court Mt. Laurel, NJ 196,005 1998 40 yrs.
515 Heron Drive Bridgeport, NJ 103,330 1998 40 yrs.
500 Sharptown Road Pureland, NJ 95,149 1998 40 yrs.
625 Heron Drive Bridgeport, NJ 39,877 1998 40 yrs.
605 Heron Drive Bridgeport, NJ 45,798 1998 40 yrs.
510 Heron Drive Bridgeport, NJ 349,855 1998 40 yrs.
522 Pedricktown Road Bridgeport, NJ 60,039 1998 40 yrs.
530 Pedricktown Road Bridgeport, NJ 84,096 1998 40 yrs.
540 Pedricktown Road Bridgeport, NJ 200,295 1998 40 yrs.
230 High Hill Road Bridgeport, NJ 387,770 1998 40 yrs.
3 Mallard Court Bridgeport, NJ 107,272 1998 40 yrs.
730 Cardinal Drive Bridgeport, NJ 78,998 1998 40 yrs.
405 Heron Drive Bridgeport, NJ 795,100 1998 40 yrs.
100 Eagle Road Bridgeport, NJ 63,270 1998 40 yrs.
250 High Hill Road Bridgeport, NJ 166,596 1998 40 yrs.
508 Center Square Road Bridgeport, NJ 151,429 1998 40 yrs.
602 Heron Drive Bridgeport, NJ 98,132 1998 40 yrs.
300 Eagle Court Bridgeport, NJ 82,198 1998 40 yrs.
500 Center Square Road Bridgeport, NJ 271,050 1998 40 yrs.
1001 Briggs Road Marlton, NJ 172,350 1998 40 yrs.
1960 Cuthbert Boulevard Cherry Hill, NJ 47,587 1998 40 yrs.
1970 Cuthbert Boulevard Cherry Hill, NJ 49,195 1998 40 yrs.
10000 & 11000 Route 73 Marlton, NJ 134,022 1998 40 yrs.
800 Arlington Boulevard Logan, NJ 121,837 1998 40 yrs.
1655 Valley Center Parkway Bethlehem, PA 354,870 1993 40 yrs.
6560 Stonegate Drive Allentown, PA 592,848 1989 40 yrs.
6370 Hedgewood Drive Allentown, PA 655,646 1990 40 yrs.
6390 Hedgewood Drive Allentown, PA 668,564 1990 40 yrs.
1495 Valley Center Parkway Bethlehem, PA 795,381 1990 40 yrs.
6350 Hedgewood Drive Allentown, PA 773,870 1989 40 yrs.
6330 Hedgewood Drive Allentown, PA 1,288,167 1988 40 yrs.
1550 Valley Center Parkway Bethlehem, PA 750,781 1988 40 yrs.
1560 Valley Center Parkway Bethlehem, PA 960,190 1988 40 yrs.
6580 Snowdrift Road Allentown, PA 694,628 1988 40 yrs.
1510 Valley Center Parkway Bethlehem, PA 888,936 1988 40 yrs.
1530 Valley Center Parkway Bethlehem, PA 675,556 1988 40 yrs.
6540 Stonegate Drive Allentown, PA 975,667 1988 40 yrs.
974 Marcon Boulevard Allentown, PA 677,363 1987 40 yrs.
964 Marcon Boulevard Allentown, PA 562,278 1985 40 yrs.
764 Roble Road Allentown, PA 268,048 1985 40 yrs.
3174 Airport Road Allentown, PA 481,451 1979 40 yrs.
2196 Avenue C Allentown, PA 467,742 1980 40 yrs.
2202 Hangar Place Allentown, PA 551,556 1981 40 yrs.
2201 Hangar Place Allentown, PA 575,751 1987 40 yrs.
954 Marcon Boulevard Allentown, PA 356,070 1981 40 yrs.
57 South Commerce Way Allentown, PA 402,669 1986 40 yrs.
754 Roble Road Allentown, PA 260,179 1986 40 yrs.
894 Marcon Boulevard Allentown, PA 151,831 1986 40 yrs.
744 Roble Road Allentown, PA 273,749 1986 40 yrs.
944 Marcon Boulevard Allentown, PA 240,676 1986 40 yrs.
1685 Valley Center Parkway Allentown, PA 249,109 1996 40 yrs.
6520 Stonegate Drive Allentown, PA 124,073 1996 40 yrs.
- -67-
<PAGE>
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Accumulated Date of
Depreciation Construction Depreciable
Project City @ 12/31/99 or Acquisition Life (years)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES - CONTINUED
7437 Industrial Boulevard Allentown, PA 946,180 1976 40 yrs.
2041 Avenue C Allentown, PA 145,873 1990 40 yrs.
2124 Avenue C Allentown, PA 128,401 1990 40 yrs.
7339 Industrial Boulevard Allentown, PA 477,178 1996 40 yrs.
7384 Penn Drive Allentown, PA 329,088 1988 40 yrs.
7144 Daniels Drive Allentown, PA 627,838 1975 40 yrs.
7620 Cetronia Road Allentown, PA 475,256 1990 40 yrs.
939 Marcon Boulevard Allentown, PA 580,180 1980 40 yrs.
100 Brodhead Road Allentown, PA 342,499 1990 40 yrs.
1455 Valley Center Parkway Bethlehem, PA 455,801 1997 40 yrs.
1640 Valley Center Parkway Bethlehem, PA 365,750 1996 40 yrs.
1650 Valley Center Parkway Allentown, PA 349,938 1997 40 yrs.
1660 Valley Center Parkway Bethlehem, PA 161,654 1996 40 yrs.
400 Nestle Way Allentown, PA 2,112,891 1997 40 yrs.
83 South Commerce Way Bethlehem, PA 106,208 1989 40 yrs.
85 South Commerce Way Bethlehem, PA 93,063 1989 40 yrs.
87 South Commerce Way Bethlehem, PA 98,759 1989 40 yrs.
89 South Commerce Way Bethlehem, PA 169,727 1997 40 yrs.
7249 Industrial Boulevard Allentown, PA 1,171,230 1988 40 yrs.
95 Highland Avenue Bethlehem, PA 235,515 1985 40 yrs.
236 Brodhead Road Bethlehem, PA 327,131 1994 40 yrs.
1525 Valley Center Parkway Allentown, PA 203,456 1997 40 yrs.
6620 Grant Way Allentown, PA 128,298 1989 40 yrs.
700 Nestle Way Allentown, PA 569,355 1997 40 yrs.
7562 Penn Drive Allentown, PA 47,596 1989 40 yrs.
7277 Williams Avenue Allentown, PA 81,009 1989 40 yrs.
7355 Williams Avenue Allentown, PA 81,859 1998 40 yrs.
794 Roble Boulevard Allentown, PA 278,168 1998 40 yrs.
6923 Schantz Spring Road Allentown, PA 155,717 1998 40 yrs.
2600 Beltline Avenue Reading, PA 103,005 1998 40 yrs.
7132 Daniels Drive Allentown, PA 262,608 1998 40 yrs.
3985 Adler Place Bethlehem, PA 160,666 1998 40 yrs.
8014 Industrial Boulevard Upper Macungie, PA 131,632 1998 40 yrs.
180 & 190 Admiral Cochrane Drive Annapolis, MD 4,106,092 1989 40 yrs.
12000,001,040 Indian Creek Court Beltsville, MD 2,978,477 1986 40 yrs.
8280 Patuxent Range Drive Columbia, MD 611,028 1978 40 yrs.
7178-80 Columbia Gateway Columbia, MD 782,188 1987 40 yrs.
9770 Patuxent Woods Drive Columbia, MD 203,406 1986 40 yrs.
9780 Patuxent Woods Drive Columbia, MD 130,114 1986 40 yrs.
9790 Patuxent Woods Drive Columbia, MD 145,267 1986 40 yrs.
9810 Patuxent Woods Drive Columbia, MD 158,848 1986 40 yrs.
9800 Patuxent Woods Drive Columbia, MD 177,925 1988 40 yrs.
9820 Patuxent Woods Drive Columbia, MD 144,554 1988 40 yrs.
9830 Patuxent Woods Drive Columbia, MD 176,406 1986 40 yrs.
9050 Red Branch Road Columbia, MD 164,824 1972 40 yrs.
4606 Richlynn Drive Belcamp, MD 76,058 1998 40 yrs.
8945-8975 Guilford Columbia, MD 281,659 1998 40 yrs.
7317 Parkway Drive Hanover, MD 53,046 1998 40 yrs.
9101,9111,9115 Guilford Road Columbia, MD 1,154,179 1984 40 yrs.
9125,9135,9145 Guilford Road Columbia, MD 1,895,580 1983 40 yrs.
10 South Third Street Richmond, VA 19,349 1930 40 yrs.
1751 Bluehills Drive Roanoke, VA 1,010,903 1991 40 yrs.
4300 Carolina Avenue Richmond, VA 1,818,504 1985 40 yrs.
301 Hill Carter Parkway Richmond, VA 584,214 1989 40 yrs.
4001 Carolina Avenue Richmond, VA 40,320 1935 40 yrs.
5600-5626 Eastport Boulevard Richmond, VA 471,186 1989 40 yrs.
5650-5674 Eastport Boulevard Richmond, VA 548,620 1990 40 yrs.
5700 Eastport Boulevard Richmond, VA 333,062 1990 40 yrs.
11020 Hull Street Road Richmond, VA 76,985 1987 40 yrs.
3432 Holland Road Virginia Beach, VA 95,499 1989 40 yrs.
4880 Cox Road Richmond, VA 283,783 1995 40 yrs.
5162 Valleypointe Parkway Roanoke, VA 313,289 1993 40 yrs.
4101- 4127 Carolina Avenue Richmond, VA 276,786 1973 40 yrs.
4201-4261 Carolina Avenue Richmond, VA 630,025 1975 40 yrs.
4263-4299 Carolina Avenue Richmond, VA 349,250 1976 40 yrs.
4301-4335 Carolina Avenue Richmond, VA 205,302 1978 40 yrs.
4337-4379 Carolina Avenue Richmond, VA 353,792 1979 40 yrs.
4501-4549 Carolina Avenue Richmond, VA 438,198 1981 40 yrs.
4551-4593 Carolina Avenue Richmond, VA 444,072 1982 40 yrs.
4601-4643 Carolina Avenue Richmond, VA 669,594 1985 40 yrs.
4645-4683 Carolina Avenue Richmond, VA 1,040,494 1985 40 yrs.
4447-4491 Carolina Avenue Richmond, VA 345,104 1987 40 yrs.
4401-4445 Carolina Avenue Richmond, VA 546,186 1988 40 yrs.
12 S. Third Street Richmond, VA 22,608 1900 40 yrs.
9601 Cosner Drive Fredericksburg, VA 463,537 1995 40 yrs.
315 Cardiff Valley Road Knoxville, TN 363,352 1994 40 yrs.
2300 East Parham Road Richmond, VA 122,143 1988 40 yrs.
5221 Valleypark Drive Roanoke, VA 226,083 1988 40 yrs.
5228 Valleypointe Parkway Roanoke, VA 141,418 1988 40 yrs.
5238 Valleypark Drive Roanoke, VA 260,242 1989 40 yrs.
5601-5659 Eastport Boulevard Richmond, VA 627,229 1996 40 yrs.
5900 Eastport Boulevard Richmond, VA 319,658 1997 40 yrs.
4717-4729 Eubank Road Richmond, VA 361,323 1978 40 yrs.
5251 Concourse Drive Roanoke, VA 222,739 1997 40 yrs.
4263F Carolina Avenue Richmond, VA 148,391 1975 40 yrs.
4200 Oakleys Court Richmond, VA 203,191 1990 40 yrs.
1821 Battery Dantzler Road Chester, VA 247,683 1990 40 yrs.
5000 Cox Road Glen Allen, VA 302,281 1990 40 yrs.
5500 Cox Road Richmond, VA 89,960 1997 40 yrs.
510 Eastpark Court Sandston, VA 175,322 1989 40 yrs.
520 Eastpark Court Sandston, VA 338,990 1989 40 yrs.
- -68-
<PAGE>
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Accumulated Date of
Depreciation Construction Depreciable
Project City @ 12/31/99 or Acquisition Life (years)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES - CONTINUED
13001 Kingston Avenue Chester, VA 89,370 1997 40 yrs.
5701-5799 Eastport Boulevard Richmond, VA 290,319 1996 40 yrs.
4801 Cox Road Richmond, VA 344,996 1997 40 yrs.
600 HP Way Chesterfield, VA 317,903 1997 40 yrs.
500 HP Way Chester, VA 230,680 1997 40 yrs.
701 Liberty Way Richmond, VA 140,564 1997 40 yrs.
4198 Cox Road Glen Allen, VA 249,608 1984 40 yrs.
5310 Valley Park Drive Roanoke, VA 172,130 1997 40 yrs.
5305 Valley Park Drive Roanoke, VA 58,811 1997 40 yrs.
4510 Cox Road Glen Allen, VA 441,960 1990 40 yrs.
2809 South Lynnhaven Road Virginia Beach, VA 331,889 1987 40 yrs.
200 Golden Oak Court Virginia Beach, VA 352,098 1988 40 yrs.
208 Golden Oak Court Virginia Beach, VA 347,042 1989 40 yrs.
1 Enterprise Parkway Hampton, VA 316,337 1987 40 yrs.
22 Enterprise Parkway Hampton, VA 361,583 1990 40 yrs.
530 Eastpark Court Sandston, VA 190,114 1997 40 yrs.
484 Viking Drive Virginia Beach, VA 188,281 1998 40 yrs.
10430 Lakeridge Parkway Ashland, VA 182,900 1998 40 yrs.
10456 Lakeridge Parkway Ashland, VA 179,355 1998 40 yrs.
3829-3855 Gaskins Road Richmond, VA 149,828 1998 40 yrs.
629 Phoenix Drive Virginia Beach, VA 92,787 1998 40 yrs.
11838 Rock Landing Drive Newport News, VA 101,517 1998 40 yrs.
11844 Rock Landing Drive Newport News, VA 61,917 1998 40 yrs.
11846 Rock Landing Drive Newport News, VA 37,545 1998 40 yrs.
11832 Rock Landing Drive Newport News, VA 161,762 1998 40 yrs.
5700 Cleveland Street Virginia Beach, VA 384,258 1998 40 yrs.
801 Liberty Way Chester, VA 56,953 1998 40 yrs.
5 Manhattan Square Hampton, VA 1,167 1999 40 yrs.
4523 Green Point Drive High Point, NC 509,387 1988 40 yrs.
4501 Green Point Drive High Point, NC 510,604 1989 40 yrs.
4500 Green Point Drive High Point, NC 546,329 1989 40 yrs.
2427 Penny Road High Point, NC 1,380,371 1990 40 yrs.
4524 Green Point Drive High Point, NC 521,059 1989 40 yrs.
4328, 4336 Federal Drive High Point, NC 1,290,363 1995 40 yrs.
200 Centreport Drive Greensboro, NC 536,240 1986 40 yrs.
4344 Federal Drive High Point, NC 288,171 1996 40 yrs.
202 Centreport Drive Greensboro, NC 581,410 1990 40 yrs.
101 Centreport Drive Greensboro, NC 353,914 1996 40 yrs.
4000 Piedmont Parkway High Point, NC 531,201 1997 40 yrs.
4380 Federal Drive High Point, NC 240,159 1997 40 yrs.
4388 Federal Drive High Point, NC 119,153 1997 40 yrs.
6532 Judge Adams Road Rock Creek, NC 212,961 1997 40 yrs.
6532 Judge Adams Road Whitsett, NC 99,537 1997 40 yrs.
3860 Faber Place N. Charleston, SC 148,031 1995 40 yrs.
4055 Faber Place N. Charleston, SC 338,698 1989 40 yrs.
3820 Faber Place N. Charleston, SC 219,773 1993 40 yrs.
3875 Faber Place N. Charleston, SC 303,132 1997 40 yrs.
150 Ridgeview Center Drive Duncan, SC 539,304 1984 40 yrs.
1320 Garlington Road Greenville, SC 134,023 1986 40 yrs.
420 Park Avenue Greenville, SC 291,906 1986 40 yrs.
1 Alliance Drive Goose Creek, SC 81,632 1997 40 yrs.
4160 Mendenhall Oaks Parkway High Point, NC 114,530 1997 40 yrs.
4194 Mendenhall Oaks Parkway High Point, NC 101,183 1997 40 yrs.
4196 Mendenhall Oaks Parkway High Point, NC 173,811 1997 40 yrs.
4170 Mendenhall Oaks Parkway High Point, NC 49,800 1997 40 yrs.
4180 Mendenhall Oaks Parkway High Point, NC 77,695 1997 40 yrs.
4050 Piedmont Parkway High Point, NC 591,224 1997 40 yrs.
One Independence Pointe Greenville, SC 330,019 1982 40 yrs.
55 Beattie Place Greenville, SC 1,247,598 1986 40 yrs.
75 Beattie Place Greenville, SC 939,798 1987 40 yrs.
7736 McCloud Road Greensboro, NC 303,101 1998 40 yrs.
15 Brendan Way Greenville, SC 138,413 1998 40 yrs.
200 Meeting Street Charleston, SC 1,391,414 1998 40 yrs.
7500 West 110th Street Overland Park, KS 392,269 1998 40 yrs.
8035 Quivira Road Lenexa, KS 186,899 1998 40 yrs.
4300 Federal Drive Greensboro, NC 50,879 1998 40 yrs.
1730 Stebbins Drive Houston, TX 384,791 1973 40 yrs.
5911-5925 Richard Street Jacksonville, FL 242,727 1977 40 yrs.
8383-8385 Baycenter Road Jacksonville, FL 278,044 1973 40 yrs.
8775 Baypine Road Jacksonville, FL 729,574 1989 40 yrs.
8539 Western Way Jacksonville, FL 930,298 1987 40 yrs.
6255 Lake Gray Boulevard Jacksonville, FL 933,163 1987 40 yrs.
6600-6660 Suemac Place Jacksonville, FL 890,991 1987 40 yrs.
6800-6850 Suemac Place Jacksonville, FL 507,443 1973 40 yrs.
8665,8667,8669 Baypine Road Jacksonville, FL 1,142,816 1987 40 yrs.
8540 Baycenter Road Jacksonville, FL 504,746 1984 40 yrs.
1200 Riverplace Drive Jacksonville, FL 6,060,942 1985 40 yrs.
8400 Baymeadows Way Jacksonville, FL 661,396 1987 40 yrs.
8614 Baymeadows Way Jacksonville, FL 394,161 1986 40 yrs.
5941-5975 Richard Street Jacksonville, FL 569,339 1978 40 yrs.
7970 Bayberry Road Jacksonville, FL 557,170 1978 40 yrs.
6000-6030 Bowdendale Avenue Jacksonville, FL 722,568 1979 40 yrs.
7898 Baymeadows Way Jacksonville, FL 815,584 1978 40 yrs.
5977-6607 Richard Street Jacksonville, FL 860,203 1980 40 yrs.
7910 & 7948 Baymeadows Way Jacksonville, FL 1,061,751 1981 40 yrs.
7954 & 7960 Baymeadows Way Jacksonville, FL 1,099,886 1982 40 yrs.
8787 Baypine Road Jacksonville, FL 15,157,375 1990 40 yrs.
7077 Bonneval Road Jacksonville, FL 1,431,141 1988 40 yrs.
4190 Belfort Road Jacksonville, FL 1,521,005 1986 40 yrs.
8011, 8021, 8031 Phillips Highway Jacksonville, FL 679,976 1987 40 yrs.
7020 AC Skinner Parkway Jacksonville, FL 298,992 1996 40 yrs.
- -69-
<PAGE>
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Accumulated Date of
Depreciation Construction Depreciable
Project City @ 12/31/99 or Acquisition Life (years)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES - CONTINUED
7040 AC Skinner Parkway Jacksonville, FL 543,517 1996 40 yrs.
11777 Central Highway Jacksonville, FL 457,228 1985 40 yrs.
4345 Southpoint Parkway Jacksonville, FL 395,491 1996 40 yrs.
7016 AC Skinner Parkway Jacksonville, FL 312,964 1996 40 yrs.
7018 AC Skinner Parkway Jacksonville, FL 499,170 1997 40 yrs.
7014 AC Skinner Parkway Jacksonville, FL 111,513 1996 40 yrs.
6620 Southpoint Drive Jacksonville, FL 386,165 1984 40 yrs.
7980 Bayberry Road Jacksonville, FL 81,995 1978 40 yrs.
9600 Satellite Boulevard Orlando, FL 84,434 1989 40 yrs.
9700 Satellite Boulevard Orlando, FL 72,567 1989 40 yrs.
1902 Cypress Lake Drive Orlando, FL 216,107 1989 40 yrs.
9550 Satellite Boulevard Orlando, FL 102,537 1997 40 yrs.
8250 & 8256 Exchange Place Orlando, FL 151,404 1985 40 yrs.
6600 Southpoint Parkway Jacksonville, FL 264,961 1986 40 yrs.
6700 Southpoint Parkway Jacksonville, FL 181,659 1987 40 yrs.
4801 Executive Park Court - 100 Jacksonville, FL 173,130 1990 40 yrs.
4801 Executive Park Court - 200 Jacksonville, FL 99,280 1990 40 yrs.
4810 Executive Park Court Jacksonville, FL 139,708 1990 40 yrs.
6602 Executive Park Court - 100 Jacksonville, FL 118,169 1993 40 yrs.
6602 Executive Park Court - 200 Jacksonville, FL 79,919 1993 40 yrs.
6631 Executive Park Court - 100 Jacksonville, FL 67,505 1994 40 yrs.
6631 Executive Park Court - 200 Jacksonville, FL 112,194 1994 40 yrs.
4815 Executive Park Court - 100 Jacksonville, FL 98,284 1995 40 yrs.
4815 Executive Park Court - 200 Jacksonville, FL 143,041 1995 40 yrs.
4825 Executive Park Court Jacksonville, FL 161,398 1996 40 yrs.
4820 Executive Park Court Jacksonville, FL 165,231 1997 40 yrs.
10511 & 10611 Satellite Boulevard Orlando, FL 152,768 1985 40 yrs.
1400-1440 Central Florida Parkway Orlando, FL 130,685 1962 40 yrs.
6601 Executive Park Circle North Jacksonville, FL 156,250 1998 40 yrs.
1300 Riverplace South Jacksonville, FL 366,524 1998 40 yrs.
4901 Belfort Lane Jacksonville, FL 330,190 1998 40 yrs.
16445 Air Center Boulevard Houston, TX 99,458 1998 40 yrs.
16405 Air Center Boulevard Houston, TX 128,224 1998 40 yrs.
2216 Directors Row Orlando, FL 101,868 1998 40 yrs.
7460 Chancellor Drive Orlando, FL 54,742 1998 40 yrs.
1901 Summit Tower Boulevard Maitland, FL 500,691 1998 40 yrs.
3701-3727 Vineland Road Orlando, FL 86,584 1998 40 yrs.
16580 Air Center Boulevard Houston, TX 51,789 1999 40 yrs.
4001,4051,4101 Fowler Avenue Tampa, FL 1,286,696 1988 40 yrs.
5501-5502 Pioneer Park Boulevard Tampa, FL 245,164 1981 40 yrs.
5690-5694 Crenshaw Street Tampa, FL 238,668 1979 40 yrs.
3102,3104,3110 Cherry Palm Drive Tampa, FL 344,718 1986 40 yrs.
8401-8408 Benjamin Road Tampa, FL 506,724 1986 40 yrs.
3501 Riga Boulevard Tampa, FL 261,990 1983 40 yrs.
111 Kelsey Lane Tampa, FL 155,367 1990 40 yrs.
7930, 8010-20 Woodland Center Tampa, FL 359,142 1990 40 yrs.
7920 Woodland Center Boulevard Tampa, FL 228,487 1997 40 yrs.
8154-8198 Woodland Center Tampa, FL 196,845 1988 40 yrs.
8112-42 Woodland Center Tampa, FL 218,191 1995 40 yrs.
8212 Woodland Center Tampa, FL 154,872 1996 40 yrs.
131 Kelsey Lane Tampa, FL 271,790 1998 40 yrs.
7724 Woodland Center Blvd. Tampa, FL 119,611 1997 40 yrs.
7802-50 Woodland Center Blvd. Tampa, FL 197,160 1997 40 yrs.
7852-98 Woodland Center Blvd. Tampa, FL 198,394 1997 40 yrs.
8921 Brittany Way Tampa, FL 75,150 1997 40 yrs.
5250 Eagle Trail Drive Tampa, FL 108,818 1998 40 yrs.
7725 Woodland Center Blvd. Tampa, FL 49,894 1998 40 yrs.
8001 Woodland Center Blvd. Tampa, FL 42,353 1998 40 yrs.
4502 Woodland Corporate Blvd. Tampa, FL 12,506 1999 40 yrs.
1701 Clint Moore Boulevard Boca Raton, FL 192,757 1985 40 yrs.
4555 Riverside Drive Beach Gardens, FL 339,082 1988 40 yrs.
2500 Metrocentre Boulevard West Palm Beach, FL 90,588 1988 40 yrs.
2540 Metrocentre Boulevard West Palm Beach, FL 88,686 1988 40 yrs.
2541 Metrocentre Boulevard West Palm Beach, FL 55,163 1988 40 yrs.
2580 Metrocentre Boulevard West Palm Beach, FL 97,455 1988 40 yrs.
2581 Metrocentre Boulevard West Palm Beach, FL 71,915 1988 40 yrs.
1101 Northpoint Parkway West Palm Beach, FL 77,448 1998 40 yrs.
3223 Commerce Place West Palm Beach, FL 88,765 1998 40 yrs.
801 Northpoint Parkway West Palm Beach, FL 130,463 1998 40 yrs.
5410 - 5430 Northwest 33rd Avenue Ft. Lauderdale, FL 226,384 1985 40 yrs.
6500 NW 12th Avenue Ft. Lauderdale, FL 143,262 1998 40 yrs.
6600 NW 12th Avenue Ft. Lauderdale, FL 145,368 1998 40 yrs.
1500 SW 5th Court Pompano Beach, FL 188,482 1998 40 yrs.
1651 SW 5th Court Pompano Beach, FL 39,715 1998 40 yrs.
1601 SW 5th Court Pompano Beach, FL 40,677 1998 40 yrs.
1501 SW 5th Court Pompano Beach, FL 39,779 1998 40 yrs.
1400 SW 6th Court Pompano Beach, FL 223,457 1998 40 yrs.
1405 SW 6th Court Pompano Beach, FL 75,505 1998 40 yrs.
595 SW 13th Terrace Pompano Beach, FL 69,038 1998 40 yrs.
601 SW 13th Terrace Pompano Beach, FL 32,081 1998 40 yrs.
605 SW 16th Terrace Pompano Beach, FL 61,926 1998 40 yrs.
2440-2478 Metrocentre Boulevard West Palm Beach, FL 107,205 1998 40 yrs.
951 Broken Sound Parkway Boca Raton, FL 316,069 1998 40 yrs.
3400 Lakeside Drive Miramar, FL 590,551 1998 40 yrs.
3450 Lakeside Drive Miramar, FL 584,559 1998 40 yrs.
13650 NW 8th Street Sunrise, FL 95,832 1998 40 yrs.
13630 NW 8th Street Sunrise, FL 128,126 1998 40 yrs.
777 Yamato Road Boca Raton, FL 629,763 1998 40 yrs.
1801 Clint Moore Boulevard Boca Raton, FL 186,801 1998 40 yrs.
6601-6625 W. 78th Street Bloomington, MN 1,122,802 1997 40 yrs.
2905 Northwest Boulevard Plymouth, MN 368,023 1983 40 yrs.
- -70-
<PAGE>
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Accumulated Date of
Depreciation Construction Depreciable
Project City @ 12/31/99 or Acquisition Life (years)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES - CONTINUED
2800 Campus Drive Plymouth, MN 250,729 1985 40 yrs.
2955 Xenium Lane Plymouth, MN 114,809 1985 40 yrs.
9401-9443 Science Center Drive New Hope, MN 285,337 1989 40 yrs.
6321-6325 Bury Drive Eden Prairie, MN 290,224 1988 40 yrs.
7115-7173 Shady Oak Road Eden Prairie, MN 304,088 1984 40 yrs.
7660-7716 Golden Triangle Drive Eden Prairie, MN 514,060 1988 40 yrs.
7400 Flying Cloud Drive Eden Prairie, MN 122,372 1987 40 yrs.
10301-10305 West 70th Street Eden Prairie, MN 78,966 1984 40 yrs.
10321 West 70th Street Eden Prairie, MN 91,855 1984 40 yrs.
10333 West 70th Street Eden Prairie, MN 70,243 1984 40 yrs.
10349-10357 West 70th Street Eden Prairie, MN 187,786 1985 40 yrs.
10365-10375 West 70th Street Eden Prairie, MN 185,255 1985 40 yrs.
10393-10394 West 70th Street Eden Prairie, MN 182,167 1985 40 yrs.
7078 Shady Oak Road Eden Prairie, MN 213,262 1985 40 yrs.
10400 Viking Drive Eden Prairie, MN 657,979 1997 40 yrs.
5600 & 5610 Rowland Road Minnetonka, MN 478,459 1988 40 yrs.
2920 Northwest Boulevard Plymouth, MN 262,656 1997 40 yrs.
5400-5500 Feltl Road Minnetonka, MN 385,895 1998 40 yrs.
10300 Bren Road Minnetonka, MN 194,491 1998 40 yrs.
14630-14650 28th Avenue North Plymouth, MN$ 84,308 1998 40 yrs.
7695-7699 Anagram Drive Eden Prairie, MN 136,407 1998 40 yrs.
7550 Meridian Circle Maple Grove, MN 115,262 1998 40 yrs.
2800 Northwest Boulevard Plymouth, MN 434,034 1998 40 yrs.
3255 Neil Armstrong Boulevard Eagan, MN 84,424 1998 40 yrs.
4801 West 81st Street Bloomington, MN 113,150 1998 40 yrs.
8100 Cedar Avenue Bloomington, MN 138,554 1998 40 yrs.
9600 54th Avenue Plymouth, MN 123,489 1998 40 yrs.
7800 Equitable Drive Eden Prairie, MN 121,871 1998 40 yrs.
7905 Fuller Road Eden Prairie, MN 116,493 1998 40 yrs.
9023 Columbine Road Eden Prairie, MN 33,619 1998 40 yrs.
6161 Green Valley Drive Bloomington, MN 25,227 1999 40 yrs.
4700 Nathan Lane North Minneapolis, MN 54,109 1999 40 yrs.
26911-26957 Northwestern Hwy. Southfield, MI 5,036,421 1985 40 yrs.
1650 Research Drive Troy, MI 454,637 1985 40 yrs.
1775 Research Drive Troy, MI 177,203 1985 40 yrs.
1875 Research Drive Troy, MI 177,754 1986 40 yrs.
1850 Research Drive Troy, MI 491,964 1986 40 yrs.
1965 Research Drive Troy, MI 229,489 1987 40 yrs.
1960 Research Drive Troy, MI 228,420 1987 40 yrs.
27260 Haggerty Road Farmington Hills, MI 267,372 1983 40 yrs.
27200 Haggerty Road Farmington Hills, MI 216,265 1983 40 yrs.
27280 Haggerty Road Farmington Hills, MI 250,450 1983 40 yrs.
27220 Haggerty Road Farmington Hills, MI 114,018 1985 40 yrs.
27240 Haggerty Road Farmington Hills, MI 96,151 1985 40 yrs.
27300 Haggerty Road Farmington Hills, MI 224,447 1985 40 yrs.
1101 Allen Drive Troy, MI 50,824 1974 40 yrs.
1151 Allen Drive Troy, MI 88,465 1974 40 yrs.
1300 Rankin Street Troy, MI 69,490 1979 40 yrs.
1350 Rankin Street Troy, MI 58,021 1979 40 yrs.
1376-1400 Rankin Street Troy, MI 71,350 1979 40 yrs.
1352-1374 Rankin Street Troy, MI 79,374 1979 40 yrs.
1324-1346 Rankin Street Troy, MI 68,893 1979 40 yrs.
1301-1307 Rankin Street Troy, MI 62,610 1978 40 yrs.
1409 Allen Drive Troy, MI 81,682 1978 40 yrs.
1304 E Maple Road Troy, MI 117,970 1971 40 yrs.
1334 Maplelawn Road Troy, MI 63,459 1983 40 yrs.
1290 Maplelawn Road Troy, MI 45,766 1984 40 yrs.
1070 Maplelawn Road Troy, MI 36,615 1982 40 yrs.
950 Maplelawn Road Troy, MI 128,961 1982 40 yrs.
894 Maplelawn Road Troy, MI 92,956 1986 40 yrs.
1179 Maplelawn Road Troy, MI 46,877 1984 40 yrs.
1940 Norwood Drive Troy, MI 44,635 1983 40 yrs.
1311-1331 Maplelawn Road Troy, MI 64,229 1986 40 yrs.
2354 Bellingham Street Troy, MI 45,134 1990 40 yrs.
2360 Bellingham Street Troy, MI 45,712 1985 40 yrs.
1911 Ring Drive Troy, MI 45,396 1986 40 yrs.
26442-26450 Haggerty Road Farmington Hills, MI 121,778 1988 40 yrs.
26500 Haggerty Road Farmington Hills, MI 161,280 1986 40 yrs.
26650 Haggerty Road Farmington Hills, MI 88,883 1988 40 yrs.
26700 Haggerty Road Farmington Hills, MI 129,746 1986 40 yrs.
26750 Haggerty Road Farmington Hills, MI 152,570 1988 40 yrs.
26800 Haggerty Road Farmington Hills, MI 90,035 1986 40 yrs.
26842-26850 Haggerty Road Farmington Hills, MI 122,664 1988 40 yrs.
26600 Haggerty Road Farmington Hills, MI 35,835 1997 40 yrs.
50 West Big Bear Road Troy, MI 1,021,177 1998 40 yrs.
100 West Big Bear Road Troy, MI 969,803 1998 40 yrs.
245 Executive Drive Brookfield, WI 242,554 1998 40 yrs.
8301 West Parkland Court Milwaukee, WI 151,731 1998 40 yrs.
32991 Hamilton Court Farmington Hills, MI 84,423 1998 40 yrs.
7800 N. 113th Street Milwaukee, WI 257,888 1998 40 yrs.
2475-2479 Elliot Avenue Troy, MI 18,318 1998 40 yrs.
32661 Edward Avenue Madison Heights, MI 82,649 1998 40 yrs.
32701 Edward Avenue Madison Heights, MI 48,417 1998 40 yrs.
32751 Edward Avenue Madison Heights, MI 40,629 1998 40 yrs.
32853 Edward Avenue Madison Heights, MI 34,560 1998 40 yrs.
555 East Mandoline Avenue Madison Heights, MI 28,375 1998 40 yrs.
599 East Mandoline Avenue Madison Heights, MI 29,126 1998 40 yrs.
749 East Mandoline Avenue Madison Heights, MI 25,101 1998 40 yrs.
750 East Mandoline Avenue Madison Heights, MI 26,273 1998 40 yrs.
900 East Mandoline Avenue Madison Heights, MI 27,361 1998 40 yrs.
949 East Mandoline Avenue Madison Heights, MI 27,590 1998 40 yrs.
- -71-
<PAGE>
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Accumulated Date of
Depreciation Construction Depreciable
Project City @ 12/31/99 or Acquisition Life (years)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES - CONTINUED
32090 John Road Madison Heights, MI 14,332 1998 40 yrs.
31601 Research Park Drive Madison Heights, MI 66,700 1998 40 yrs.
31651 Research Park Drive Madison Heights, MI 39,044 1998 40 yrs.
31700 Research Park Drive Madison Heights, MI 64,724 1998 40 yrs.
31701 Research Park Drive Madison Heights, MI 39,050 1998 40 yrs.
31751 Research Park Drive Madison Heights, MI 46,108 1998 40 yrs.
31800 Research Park Drive Madison Heights, MI 56,773 1998 40 yrs.
800 Tech Row Madison Heights, MI 105,911 1998 40 yrs.
900 Tech Row Madison Heights, MI 31,346 1998 40 yrs.
1000 Tech Row Madison Heights, MI 93,826 1998 40 yrs.
31771 Sherman Avenue Madison Heights, MI 22,866 1998 40 yrs.
31791 Sherman Avenue Madison Heights, MI 23,033 1998 40 yrs.
31811 Sherman Avenue Madison Heights, MI 41,792 1998 40 yrs.
31831 Sherman Avenue Madison Heights, MI 31,905 1998 40 yrs.
31900 Sherman Avenue Madison Heights, MI 63,948 1998 40 yrs.
800 East Whitcomb Avenue Madison Heights, MI 45,877 1998 40 yrs.
950 East Whitcomb Avenue Madison Heights, MI 76,650 1998 40 yrs.
1000 East Whitcomb Avenue Madison Heights, MI 37,456 1998 40 yrs.
1201 East Whitcomb Avenue Madison Heights, MI 47,181 1998 40 yrs.
1210 East Whitcomb Avenue Madison Heights, MI 11,669 1998 40 yrs.
1260 Kempar Avenue Madison Heights, MI 16,178 1998 40 yrs.
1280 Kempar Avenue Madison Heights, MI 20,153 1998 40 yrs.
22515 Heslip Drive Madison Heights, MI 12,046 1998 40 yrs.
8400 Lakeview Parkway Pleasant Prairie, WI 113,082 1998 40 yrs.
8401 Lakeview Parkway Pleasant Prairie, WI 94,135 1998 40 yrs.
9801 80th Avenue Pleasant Prairie, WI 264,861 1998 40 yrs.
11950 W. Lake Park Drive Milwaukee, WI 59,941 1999 40 yrs.
11400 W. Lake Park Drive Milwaukee, WI 62,846 1999 40 yrs.
11425 W. Lake Park Drive Milwaukee, WI 60,225 1999 40 yrs.
11301 W. Lake Park Drive Milwaukee, WI 66,879 1999 40 yrs.
11900 W. Lake Park Drive Milwaukee, WI 106,380 1999 40 yrs.
16620-16650 W. Bluemound Road Brookfield, WI 26,812 1999 40 yrs.
1600-1630 E. Big Beaver Road Troy, MI 12,363 1999 40 yrs.
10 Kings Hill Ave West Malling, UK 256,942 1997 40 yrs.
18 Kings Hill Avenue West Malling, UK 112,698 1997 40 yrs.
2 Kings Hill Avenue West Malling, UK 530,684 1996 40 yrs.
25 Kings Hill Avenue West Malling, UK 850,637 1996 40 yrs.
30 Tower View West Malling, UK 80,453 1997 40 yrs.
35 Kings Hill Ave West Malling, UK 96,780 1997 40 yrs.
39 Kings Hill Avenue West Malling, UK 38,229 1997 40 yrs.
50 Gibson Drive West Malling, UK 853,551 1996 40 yrs.
50 Kings Hill Avenue West Malling, UK 1,176,145 1996 40 yrs.
------------
Subtotal Operating Real Estate $270,174,031
============
DEVELOPMENT IN PROGRESS
Walnut Grove Land Horsham, PA $ - 1996 N/A
PNC Bank - Phase II Construction Philadelphia, PA - 1998 N/A
2201 Renaissance Blvd King of Prussia, PA - 1999 N/A
2540 Renaissance Blvd King of Prussia, PA - 1999 N/A
2560 Renaissance Blvd King of Prussia, PA - 1999 N/A
Keystone Industrial Park Bldg 1 Bristol, PA - 1999 N/A
651 Bridgestone Drive Allentown, PA - 1999 N/A
10800 Nuckols Road Glen Allen, VA - 1999 N/A
3955 Faber Place Charleston, SC - 1998 N/A
4135 Mendenall Oaks Parkway High Point, NC - 1999 N/A
3825 Faber Place N Charleston, SC - 1999 N/A
Butler Plaza Jacksonville, FL - 1998 N/A
4905 Belfort Street Jacksonville, FL - 1999 N/A
7315 Salisbury Road Jacksonville, FL - 1999 N/A
4630 Woodland Corporate Blvd Tampa, FL - 1998 N/A
Silo Bend 12 Tampa, FL - 1998 N/A
9001-9015 Brittany Way Tampa, FL - 1999 N/A
Huntington Square Land Miramar, FL - 1998 N/A
Flying Cloud Building C Eden Prairie, MN - 1999 N/A
West Tech Park Land (Lot C) Farmington Hills, MI - 1997 N/A
38100 Ecorse Road Romulus, MI - 1999 N/A
4 Abbey Wood Road West Malling, UK - 1998 N/A
------------
Subtotal Development in Progress $ -
============
LAND HELD FOR DEVELOPMENT
Gwynedd North Bus Camp Land Lansdale, PA $ - 1989 N/A
Renaissance Park Land King of Prussia, PA - 1998 N/A
Keystone Park Land Bristol, PA - 1999 N/A
Peco Lot @PBC Horsham, PA - 1999 N/A
11 Great Valley Parkway Malvern, PA - 1999 N/A
Commodore Business Park Logan Twp., NJ - 1995 N/A
Marlton Executive Park Land Marlton, NJ - 1994 N/A
410 Center Square Land Logan Township, NJ - 1999 N/A
800 Arlington Blvd Expansion Land Logan, NJ - 1999 N/A
1015 Briggs Road Land Mt Laurel, NJ - 1999 N/A
Lehigh Valley Corporate Center Land Bethlehem, PA - 1987 N/A
LVCC Phase 2 Land Bethlehem, PA - 1998 N/A
LV West Land - Lot 5A Upper Macungie, PA - 1998 N/A
Park at Valleypointe Land Roanoke, VA - 1995 N/A
Fairgrounds Distribution Center Land Richmond, VA - 1995 N/A
Rivers' Bend Land Chesterfield Cty, VA - 1995 N/A
Woodlands Center Land Sandston, VA - 1996 N/A
- -72-
<PAGE>
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Accumulated Date of
Depreciation Construction Depreciable
Project City @ 12/31/99 or Acquisition Life (years)
- -------------------------------------- ------------------- ------------ -------------- ------------
LAND HELD FOR DEVELOPMENT - CONTINUED
501 Liberty Way Chesterfield City, VA - 1996 N/A
601 Hewlett Packard Way (HP3) Chesterfield City, VA - 1997 N/A
6000-98 Eastport Blvd Richmond, VA - 1997 N/A
Eastport VIII Richmond, VA - 1997 N/A
Eastport IX Richmond, VA - 1997 N/A
Westmoreland Land Virginia Beach, VA - 1998 N/A
Central Green Land Houston, TX - 1998 N/A
Westmoreland III Land Virginia Beach, VA - 1998 N/A
Mendenhall Land High Point, NC - 1995 N/A
Independence Pointe Land Greenville, SC - 1997 N/A
Executive Park at Faber Place Land Charleston, SC - 1998 N/A
Southchase Business Park Land Greenville, SC - 1998 N/A
Woodfield Land Greenville, SC - 1998 N/A
Eagle Hill Business Park Land High Point, NC - 1999 N/A
Southpoint Business Park Land Jacksonville, FL - 1994 N/A
Liberty Business Park Land Jacksonville, FL - 1995 N/A
7024 AC Skinner Parkway Jacksonville, FL - 1995 N/A
Silo Bend Land (LPDC) Tampa, FL - 1996 N/A
Exchange Place Land Orlando, FL - 1997 N/A
Belfort Road Jacksonville, FL - 1998 N/A
Butler Plaza Land Jacksonville, FL - 1998 N/A
Salisbury Road Land Jacksonville, FL - 1998 N/A
South Center Land (LPLP) Orlando, FL - 1999 N/A
South Center Land (LPDC) Orlando, FL - 1999 N/A
4508 Woodland Corporate Blvd Tampa, FL - 1999 N/A
Woodland Corporate Center Land Tampa, FL - 1998 N/A
Pompano Business Park Land - Parcel 2 Boca Raton, FL - 1998 N/A
Pompano Business Park Land - Parcel 3 Boca Raton, FL - 1998 N/A
Boca Colannade Land - Yamato Road Boca Raton, FL - 1998 N/A
Klodt Land Eden Prairie, MN - 1998 N/A
Flying Cloud Land Eden Prairie, MN - 1998 N/A
Romulus Land Romulus, MI - 1998 N/A
Victor Corporate Land Livonia, MI - 1999 N/A
Big Veaver Airport Land Troy, MI - 1999 N/A
Lakeview Corporate Park Land Pleasant Prairie, WI - 1999 N/A
Park Place South Land Milwaukee, WI - 1999 N/A
------------
Subtotal Land Held for Development $ -
============
Total All Properties $270,174,031
============
</TABLE>
- -73-
<PAGE>
SCHEDULE III
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
(In thousands)
A summary of activity for real estate and accumulated depreciation is as
follows:
FOR THE YEARS ENDED DECEMBER 31,
--------------------------------
1999 1998 1997
--------- ---------- ----------
REAL ESTATE:
Balance at beginning of year $3,028,142 $2,106,028 $1,180,385
Additions 339,738 944,794 968,567
Disposition of property (113,129) (22,680) (42,924)
---------- ---------- ----------
Balance at end of year $3,254,751 $3,028,142 $2,106,028
========== ========== ==========
ACCUMULATED DEPRECIATION:
Balance at beginning of year $ 209,023 $ 149,311 $ 119,151
Depreciation expense 74,765 61,679 35,981
Disposition of property (13,614) (1,967) (5,821)
---------- ---------- ----------
Balance at end of year $ 270,174 $ 209,023 $ 149,311
========== ========== ==========
- -74-
<PAGE>
REPORT OF INDEPENDENT AUDITORS
To The Partners
Liberty Property Limited Partnership
We have audited the accompanying consolidated balance sheets of Liberty
Property Limited Partnership ("the Operating Partnership") as of
December 31, 1999 and 1998, and the related consolidated statements of
operations, owners' equity, and cash flows for each of the three years
in the period ended December 31, 1999. Our audits also included the
financial statement schedule listed in the Index at Item 14(a). These
financial statements and schedule are the responsibility of the
Operating Partnership's management. Our responsibility is to express an
opinion on these financial statements and schedule based on our audits.
We conducted our audits in accordance with auditing standards generally
accepted in the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for
our opinion.
In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the consolidated financial
position of Liberty Property Limited Partnership at December 31, 1999
and 1998, and the consolidated results of its operations and its cash
flows for each of the three years in the period ended December 31, 1999,
in conformity with accounting principles generally accepted in the
United States. Also, in our opinion, the related financial statement
schedule, when considered in relation to the basic financial statements
taken as a whole, presents fairly in all material respects the
information set forth therein.
Philadelphia, Pennsylvania /s/ ERNST & YOUNG LLP
February 8, 2000
- -75-
<PAGE>
CONSOLIDATED BALANCE SHEETS OF LIBERTY PROPERTY LIMITED PARTNERSHIP
(IN THOUSANDS)
DECEMBER 31,
-------------------------
1999 1998
---------- -----------
ASSETS
Real estate:
Land and land improvements $ 411,678 $ 366,853
Buildings and improvements 2,593,002 2,378,272
Less accumulated depreciation (270,174) (209,023)
---------- ----------
Operating real estate 2,734,506 2,536,102
Development in progress 138,870 207,563
Land held for development 111,201 75,454
---------- ----------
Net real estate 2,984,577 2,819,119
Cash and cash equivalents 9,064 14,391
Accounts receivable 13,388 13,428
Deferred financing and leasing costs,
net of accumulated amortization
(1999, $58,033; 1998, $49,390) 46,941 39,475
Prepaid expenses and other assets 64,163 44,995
---------- ----------
Total assets $3,118,133 $2,931,408
========== ==========
LIABILITIES
Mortgage loans $ 374,825 $ 413,224
Unsecured notes 985,000 645,000
Credit facility 47,000 264,000
Convertible debentures 84,413 101,619
Accounts payable 15,599 18,253
Accrued interest 22,422 18,263
Distribution payable 39,198 33,734
Other liabilities 67,558 69,025
---------- ----------
Total liabilities 1,636,015 1,563,118
OWNERS' EQUITY
General partner's equity - preferred units 120,814 120,814
- common units 1,173,793 1,146,222
Limited partners' equity 187,511 101,254
---------- ----------
Total owners' equity 1,482,118 1,368,290
---------- ----------
Total liabilities and owners' equity $3,118,133 $2,931,408
========== ==========
See accompanying notes.
- -76-
<PAGE>
<TABLE>
<CAPTION>
CONSOLIDATED STATEMENTS OF OPERATIONS OF LIBERTY PROPERTY LIMITED PARTNERSHIP
(IN THOUSANDS)
YEAR ENDED DECEMBER 31,
------------------------------------------
1999 1998 1997
------------ ------------ ------------
<S> <C> <C> <C>
REVENUE
Rental $ 342,931 $ 281,732 $ 169,859
Operating expense reimbursement 123,591 101,248 55,502
Interest and other 5,976 5,398 4,638
------------ ----------- -----------
Total revenue 472,498 388,378 229,999
OPERATING EXPENSES
Rental property 87,415 74,007 43,118
Real estate taxes 42,024 34,338 17,961
Interest expense 99,663 78,617 51,067
General and administrative 16,127 15,522 10,650
Depreciation and amortization 84,464 67,932 40,752
------------ ----------- -----------
Total operating expenses 329,693 270,416 163,548
------------ ----------- -----------
Income before property dispositions
and extraordinary item 142,805 117,962 66,451
Gain (loss) on property dispositions 13,188 (1,285) 2,518
------------ ----------- -----------
Income before extraordinary item 155,993 116,677 68,969
------------ ----------- -----------
Extraordinary item-loss on
extinguishment of debt 1,145 - 2,919
------------ ----------- -----------
Net income $ 154,848 $ 116,677 $ 66,050
============ =========== ===========
Net income allocated to general
partner $ 141,324 $ 108,615 $ 60,444
============ =========== ===========
Net income allocated to limited
partners $ 13,524 $ 8,062 $ 5,606
============ =========== ===========
</TABLE>
See accompanying notes.
- -77-
<PAGE>
<TABLE>
<CAPTION>
CONSOLIDATED STATEMENTS OF OWNERS' EQUITY OF
LIBERTY PROPERTY LIMITED PARTNERSHIP
(IN THOUSANDS)
GENERAL LIMITED
PARTNER'S PARTNERS' TOTAL OWNERS'
EQUITY EQUITY EQUITY
---------- ---------- -------------
<S> <C> <C> <C>
Owners' equity at January 1, 1997 $ 375,532 $ 41,495 $ 417,027
Contributions from partners 597,395 15,982 613,377
Distributions to partners (77,776) (7,197) (84,973)
Issuance of Operating Partnership Units - 28,792 28,792
Net income 60,444 5,606 66,050
---------- ----------- ------------
Balance at December 31, 1997 955,595 84,678 1,040,273
Contributions from partners 322,150 (10,141) 312,009
Distributions to partners (119,324) (9,039) (128,363)
Issuance of Operating Partnership Units - 27,694 27,694
Net income 108,615 8,062 116,677
---------- ----------- ------------
Balance at December 31, 1998 1,267,036 101,254 1,368,290
Contributions from partners 26,566 (6,965) 19,601
Distributions to partners (140,319) (13,357) (153,676)
Issuance of Operating Partnership Units - 93,055 93,055
Net income 141,324 13,524 154,848
---------- ----------- ------------
Balance at December 31, 1999 $1,294,607 $ 187,511 $ 1,482,118
========== =========== ============
</TABLE>
See accompanying notes.
- -78-
<PAGE>
<TABLE>
<CAPTION>
CONSOLIDATED STATEMENTS OF CASH FLOWS OF LIBERTY PROPERTY LIMITED PARTNERSHIP
(IN THOUSANDS)
YEAR ENDED DECEMBER 31,
----------------------------------------
1999 1998 1997
------------ ------------ ------------
<S> <C> <C> <C>
OPERATING ACTIVITIES
Net income $ 154,848 $ 116,677 $ 66,050
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 84,464 67,932 40,752
Amortization of deferred financing costs 4,951 4,462 7,367
(Gain) loss on sale (13,188) 1,285 (2,518)
Noncash compensation 1,990 1,506 1,225
Changes in operating assets
and liabilities:
Accounts receivable 40 (7,390) 917
Prepaid expenses and other assets (20,722) (3,266) (2,145)
Accounts payable (2,654) 4,188 7,823
Accrued interest 4,159 7,303 3,549
Other liabilities (1,467) 26,526 13,576
------------ ------------ ------------
Net cash provided by operating activities 212,421 219,223 136,596
------------ ------------ ------------
INVESTING ACTIVITIES
Investment in properties (71,552) (521,221) (648,845)
Proceeds from disposition of properties 114,137 20,752 36,732
Investment in development in progress (201,967) (277,722) (206,593)
Increase in land held for development (63,836) (45,201) (37,214)
Increase in deferred leasing costs (15,560) (16,150) (8,642)
------------ ------------ ------------
Net cash used in investing activities (238,778) (839,542) (864,562)
------------ ------------ ------------
FINANCING ACTIVITIES
Retirement of convertible debentures (6,645) - -
Proceeds from issuance of unsecured notes 385,000 295,000 350,000
Repayment of unsecured notes (45,000) - -
Proceeds from mortgage loans - - 124,815
Repayments of mortgage loans (42,217) (23,954) (50,340)
Proceeds from lines of credit 162,024 633,000 776,017
Repayments on lines of credit (379,024) (504,000) (907,709)
Increase in deferred financing costs (5,220) (733) (10,941)
Capital contributions 100,322 300,873 554,886
Distributions to partners (148,210) (120,555) (73,295)
------------ ------------ ------------
Net cash provided by financing activities 21,030 579,631 763,433
------------ ------------ ------------
Increase (decrease) in cash and
cash equivalents (5,327) (40,688) 35,467
Cash and cash equivalents at
beginning of year 14,391 55,079 19,612
------------ ------------ ------------
Cash and cash equivalents at end of year $ 9,064 $ 14,391 $ 55,079
============ =========== ===========
SUPPLEMENTAL DISCLOSURE OF
NONCASH TRANSACTIONS
Write-off of fully depreciated
property and deferred costs $ 18,527 $ 2,958 $ 7,892
Acquisition of properties (3,818) (101,281) (77,105)
Assumption of mortgage loans 3,818 73,587 48,313
Issuance of operating partnership units - 27,694 28,792
Conversion of convertible debentures 10,344 9,630 57,266
============ ============ ============
</TABLE>
See accompanying notes.
- -79-
<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF
LIBERTY PROPERTY LIMITED PARTNERSHIP
1. ORGANIZATION
Liberty Property Trust (the "Trust") is a self-administered and self-
managed Maryland real estate investment trust (a "REIT"). Substantially
all of the Trust's assets are owned directly or indirectly, and
substantially all of the Trust's operations are conducted directly or
indirectly, by its subsidiary, Liberty Property Limited Partnership, a
Pennsylvania limited partnership (the "Operating Partnership" and,
together with the Trust and its consolidated subsidiaries, the
"Company"). The Trust is the sole general partner and also a limited
partner of the Operating Partnership, with a combined common equity
interest in the Operating Partnership of 93.2% at December 31, 1999.
The Company provides leasing, property management, acquisition,
development, construction management, and design management for a
portfolio of industrial and office properties which are located
principally within the Southeastern, Mid-Atlantic and Midwestern United
States.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Use of Estimates
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States requires management
to make estimates and assumptions that affect amounts reported in the
financial statements and accompanying notes. Actual results could
differ from those estimates.
Principles of Consolidation
The Consolidated Financial Statements of the Company include the
accounts of the Operating Partnership and the Operating Partnership's
consolidated subsidiaries. All significant intercompany transactions and
accounts have been eliminated.
Reclassifications
Certain amounts from prior periods have been restated to conform to
current-year presentation.
Real Estate and Depreciation
The Properties are recorded at the lower of cost or fair value if
impaired and are depreciated using the straight-line method over their
estimated useful lives. The estimated lives are as follows:
Buildings and improvements 40 years
Equipment 10 years
Tenant improvements Term of the related lease
Expenditures directly related to development, acquisition, or
improvement of real estate are capitalized as a cost of the property.
Expenditures for maintenance and repairs are charged to operations as
incurred.
The Company evaluates its real estate investments upon occurrence of
significant adverse changes in their operations to assess whether any
impairment indicators are present that affect the recovery of the
- -80-
<PAGE>
recorded value. If any real estate investment is considered impaired, a
loss is provided to reduce the carrying value of the property to its
estimated fair value. As of December 31, 1999 and 1998, none of the
Company's assets was considered impaired.
Cash and Cash Equivalents
Highly liquid investments with a maturity of three months or less when
purchased are classified as cash equivalents. The carrying amount of
these assets approximates their fair market value.
Revenues
The Company earns rental income under operating leases with tenants.
Rental income is recognized on a straight-line basis over the applicable
lease term.
Deferred Financing and Leasing Costs
Costs incurred in connection with financing or leasing are capitalized
and amortized over the term of the related loan or lease. Amortization
of deferred financing costs is reported as interest expense.
Income Taxes
In conformity with the Internal Revenue Code and applicable state and
local tax statutes, taxable income or loss of the Operating Partnership
is required to be reported in the tax returns of the partners in
accordance with the terms of the Partnership Agreement and, accordingly,
no provision has been made in the accompanying financial statements for
any federal, state, or local income taxes.
Impact of Recently Issued Accounting Standards
In June 1998, the FASB issued Statement No. 133, "Accounting for
Derivative Instruments and Hedging Activities." The Company expects to
adopt the new Statement effective January 1, 2001. The Statement will
require the Company to recognize all derivatives on the balance sheet at
fair value. The Company does not anticipate that the adoption of this
Statement will have a significant effect on its results of operations or
financial position.
3. REAL ESTATE
At December 31, 1999 and 1998, the Company owned and operated industrial
and office properties located principally in suburban mixed-use
- -81-
<PAGE>
developments or business parks. The carrying value of these properties
by type is as follows (in thousands):
<TABLE>
<CAPTION>
LAND BUILDINGS
AND LAND AND ACCUMULATED
IMPROVEMENTS IMPROVEMENTS TOTAL DEPRECIATION
------------ ------------ ----------- ------------
<S> <C> <C> <C> <C>
1999:
Industrial properties $ 216,811 $1,264,973 $1,481,784 $ 137,585
Office properties 194,867 1,328,029 1,522,896 132,589
------------ ----------- ----------- ------------
1999 Total $ 411,678 $2,593,002 $3,004,680 $ 270,174
============ =========== =========== ============
1998:
Industrial properties $ 207,067 $1,243,194 $1,450,261 $ 112,166
Office properties 159,786 1,135,078 1,294,864 96,857
----------- ----------- ----------- ------------
1998 Total $ 366,853 $2,378,272 $2,745,125 $ 209,023
=========== =========== =========== ============
</TABLE>
Depreciation expense was $74.8 million in 1999, $61.7 million in 1998,
and $36.0 million in 1997.
As of December 31, 1999, the Company has commenced development on 22
properties, which upon completion are expected to comprise approximately
2.2 million square feet of leasable space. As of December 31, 1999
approximately $138.9 million has been expended for the development of
these projects and an additional $59.2 million is required for
completion.
4. RELATED PARTY TRANSACTIONS
Pursuant to agreements, the Company has been retained by an affiliate
(Rouse Kent Limited) to provide development, management and other
services. For the years ended December 31, 1999, 1998, and 1997, the
fees for these services were $600,000 per year. The Company had accounts
and loan receivable from Rouse Kent Limited with balances of $5.1
million and $6.5 million as of December 31, 1999 and 1998, respectively.
5. INDEBTEDNESS
Indebtedness consists generally of mortgage loans, unsecured notes, the
credit facility, and convertible debentures. The weighted average
interest rates as of December 31, 1999, 1998, and 1997, were
approximately 7.3%, 7.2%, and 7.5%, respectively. Interest expense for
the years ended December 31, 1999, 1998, and 1997, aggregated $99.7
million, $78.6 million, and $51.1 million, respectively. Interest costs
during these periods of $15.3 million, $16.3 million, and $11.8 million,
respectively, were capitalized. Cash paid for interest for the years
ended December 31, 1999, 1998, and 1997, was $105.8 million, $83.2
million, and $54.9 million, respectively.
Mortgage Loans, Unsecured Notes
Mortgage loans with maturities ranging from 2000 to 2013 are
collateralized by and in some instances cross-collateralized by
properties with a book value of $548.5 million.
As of December 31, 1999, $374.8 million in mortgage loans and $985.0
million in unsecured notes were outstanding. The interest rates on
$1,263.5 million of mortgage loans and unsecured notes are fixed and
- -82-
<PAGE>
range from 5.0% to 9.1%. Interest rates on $6.3 million of mortgage
loans float with a municipal bond index. The weighted average remaining
term for the mortgage loans and unsecured notes is 7.6 years. The
scheduled maturities of principal amortization of the Company's mortgage
loans and unsecured notes outstanding and the related weighted average
interest rates are as follows (in thousands):
<TABLE>
<CAPTION>
MORTGAGES
------------------------- WEIGHTED
PRINCIPAL PRINCIPAL UNSECURED AVERAGE
AMORTIZATION MATURITIES NOTES(1) TOTAL INTEREST RATE
------------ ---------- --------- ----------- -------------
<S> <C> <C> <C> <C> <C>
2000 $ 9,489 $ 5,654 $ - $ 15,143 7.9%
2001 9,246 20,122 90,000 119,368 7.3%
2002 8,147 - 100,000 108,147 6.7%
2003 8,127 26,606 50,000 84,733 7.3%
2004 8,206 15,904 100,000 124,110 7.0%
2005 7,173 115,051 - 122,224 7.6%
2006 5,091 30,079 100,000 135,170 7.2%
2007 4,640 - 100,000 104,640 7.3%
2008 4,331 28,835 - 33,166 7.2%
2009 2,218 42,069 270,000 314,287 7.8%
2010 1,426 - - 1,426 7.7%
2011 1,168 3,303 - 4,471 7.7%
2012 266 17,674 - 17,940 7.7%
2013 - - 75,000 75,000 6.4%
2018 - - 100,000 100,000 7.5%
-------- -------- --------- ---------- -----
$69,528 $305,297 $985,000 $1,359,825 7.3%
======== ======== ========= ========== =====
</TABLE>
(1) The $75,000 of unsecured notes due 2013 is putable 2003.
Credit Facility
The credit facility is a $325 million unsecured credit facility (the
"Credit Facility") which replaced two existing secured lines of credit
aggregating $350 million in May 1997. This resulted in the recognition
of an extraordinary loss in 1997 of $2.9 million. This loss represented
the write-off of related deferred financing costs. The interest rate on
borrowings under the Credit Facility fluctuates, based on the Company's
leverage levels and senior debt ratings from Moody's Investors Service,
Inc. ("Moody's") and Standard & Poor's Ratings Group ("Standard &
Poor's"). The current ratings for the Company's senior unsecured debt
are Baa3 and BBB- from Moody's and Standard & Poor's, respectively. At
these ratings, the current interest rate on the Credit Facility is 110
basis points over the LIBOR (7.43% at December 31, 1999). The rate for
the Credit Facility at December 31, 1998 was 6.67%. Customary fees
apply to the Credit Facility including an annual administrative fee and
an unused line fee. The Credit Facility matures on May 20, 2000. The
Company is in the process of negotiating a new credit facility.
On January 15, 1999, the Company closed a $135 million, two-year
unsecured term loan. The interest rate for the loan is 135 basis points
over LIBOR.
Convertible Debentures
The Convertible Debentures are due on June 23, 2001 and are exchangeable
for common shares of beneficial interest of the Trust (the "Common
Shares") at a rate of one Common Share for each $20 outstanding
principal amount of Convertible Debentures, subject to certain
adjustments. The initial interest rate on the Convertible Debentures
- -83-
<PAGE>
was 8.0% and increases with increases in the distribution payment on the
Company's Common Shares. At the current $.52 per Common Share per
quarter distribution payment rate, the effective interest rate on the
Convertible Debentures is 10.4%. At December 31, 1998, the effective
interest rate on the Convertible Debentures was 9.0%. In October 1999,
the Board of Trustees authorized a share repurchase plan under which the
Company may purchase up to $100 million of the Company's Common Shares
or Convertible Debentures. In 1999, the Company repurchased $6.6
million principal amount of its Convertible Debentures. The repurchase
of the Convertible Debentures in 1999 resulted in the recognition of an
extraordinary loss in 1999 of $1.1 million. This loss represented the
redemption premium and the write-off of related deferred financing
costs. At December 31, 1999 and 1998, the Convertible Debentures were
convertible into 4,220,650 and 5,080,950 Common Shares, respectively.
The fair value of the Convertible Debentures at December 31, 1999 was
$104.5 million based on the closing bid price of the Company's Common
Shares on the New York Stock Exchange. The fair values of the
mortgages, the unsecured notes and Credit Facility were estimated using
discounted cash flow analysis, based on the Company's estimated
incremental borrowing rate at December 31, 1999, for similar types of
borrowing arrangements. The carrying values of the mortgages, the
unsecured notes and the Credit Facility approximate their fair values.
6. LEASING ACTIVITY
Future minimum rental payments due from tenants under noncancelable
operating leases as of December 31, 1999 are as follows (in thousands):
2000 $ 333,739
2001 308,660
2002 252,204
2003 212,355
2004 170,339
Thereafter 514,908
----------
TOTAL $1,792,205
==========
In addition to minimum rental payments, most leases require the tenants
to pay for their pro rata share of specified operating expenses. These
payments are included as operating expense reimbursement in the
accompanying statements of operations.
7. PREFERRED UNITS
On August 11, 1997, the Company issued 5,000,000 Series A Cumulative
Redeemable Preferred Units (the "Series A Preferred Units"). All of the
Series A Preferred Units are held by the Trust. The Series A Preferred
Units are non-voting and have a liquidation preference of $25.00 per
unit and a preferential cash distribution rate of 8.8%. On or after
July 30, 2002, the Series A Preferred Units may be redeemed for cash at
the option of the Company.
On July 28, 1999, the Company issued 3,800,000 Series B Cumulative
Redeemable Preferred Units (the "Series B Preferred Units"). All of the
Series B Preferred Units are held by the Limited Partners. The Series B
Preferred Units are non-voting and have a liquidation preference of
$25.00 per unit and a preferential cash distribution rate of 9.25%. On
or after July 28, 2004, the Series B Preferred Units may be redeemed for
cash at the option of the Company. The Series B Preferred Units are
- -84-
<PAGE>
exchangeable on a one-for-one basis at any time on or after July 28,
2009 into Series B Cumulative Redeemable Preferred Shares of the Trust.
8. COMMITMENTS AND CONTINGENCIES
All of the Properties and land were subject to Phase I Environmental
Assessments ("Phase I Assessments") obtained in contemplation of their
acquisition by the Company. The Phase I Assessments consisted of, among
other activities, a visual inspection of each Property and its
neighborhood and a check of pertinent public records. The Phase I
Assessments did not reveal, nor is the Company aware of, any non-
compliance with environmental laws, environmental liability or other
environmental claim that the Company believes would likely have a
material adverse effect on the Company.
Although the Company is engaged in litigation incidental to its
business, there is no legal proceeding to which it is a party which, in
the opinion of management, will materially adversely affect the results
of the Company's operations.
9. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
The following is a summary of quarterly results of operations for the
two years ended December 31, 1999 and 1998 (in thousands, except per
share amounts):
<TABLE>
<CAPTION>
QUARTER ENDED
----------------------------------------------------------------------------------
DEC. 31, SEPT. 30, JUNE 30, MARCH 31, DEC. 31, SEPT. 30, JUNE 30, MARCH 31,
1999 1999 1999 1999 1998 1998 1998 1998
-------- --------- -------- --------- -------- --------- -------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Rental revenue $ 90,149 $ 87,064 $ 84,250 $ 81,468 $ 78,435 $ 74,264 $ 68,018 $ 61,015
======== ======== ======== ======== ======== ========= ======== =========
Income before extraordinary
item 39,164 35,928 46,263 34,638 31,128 30,903 28,097 26,549
======== ======== ======== ======== ======== ========= ======== =========
Extraordinary item-loss on
extinguishment of debt 1,145 - - - - - - -
======== ======== ======== ======== ======== ========= ======== =========
Net income 38,019 35,928 46,263 34,638 31,128 30,903 28,097 26,549
======== ======== ======== ======== ======== ========= ======== =========
Net income allocated to
general partners 33,551 32,093 43,252 32,428 29,028 28,811 26,036 24,740
======== ======== ======== ======== ======== ========= ======== =========
</TABLE>
10. SEGMENT INFORMATION
The Company operates its portfolio of properties throughout the
Southeastern, Mid-Atlantic and Midwestern United States. The Company
reviews performance of the portfolio on a geographical basis, as such,
the following regions are considered the Company's reportable segments:
Southeastern Pennsylvania; New Jersey; Lehigh Valley, Pennsylvania;
Virginia; the Carolinas; Jacksonville, Florida; Detroit, Michigan; and
all others combined (including Maryland; Tampa, Florida; South Florida;
Minneapolis, Minnesota; and the United Kingdom). The Company's
reportable segments are distinct business units which are each managed
separately in order to concentrate market knowledge within a
geographical area. Within these reportable segments, the Company
derives its revenues from its two product types: industrial and office
properties.
The Company evaluates performance of the reportable segments based on
property-level net operating income, which is calculated as rental
revenue and operating expense reimbursement less rental expenses and
real estate taxes. The accounting policies of the reportable segments
- -85-
<PAGE>
are the same as those for the Company on a consolidated basis. The
operating information by segment is as follows (in thousands):
<TABLE>
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31, 1999
- -----------------------------------------------------------------------------------------------------
SE New Lehigh The
Pennsyl. Jersey Valley Virginia Carolinas Jacksonville Michigan All Others Total
-------- -------- -------- -------- --------- ------------ -------- ---------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Real estate-
related revenues $121,060 $ 42,604 $ 44,346 $ 40,114 $ 37,810 $ 40,979 $ 50,806 $ 88,803 $466,522
Rental property
expenses and
real estate taxes 33,688 12,811 9,588 8,368 11,341 9,968 17,166 26,509 129,439
-------- -------- -------- -------- -------- -------- -------- -------- --------
Property-level net
operating income 87,372 29,793 34,758 31,746 26,469 31,011 33,640 62,294 337,083
Other income/
expenses, net 194,278
--------
Income before property
dispositions and
extraordinary item 142,805
Gain on property
dispositions 13,188
Extraordinary item-loss
on extinguishment of
debt 1,145
--------
Net income $154,848
========
Net income allocated
to general partner $141,324
========
Net income allocated
to limited partners $ 13,524
========
</TABLE>
<TABLE>
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31, 1998
- ------------------------------------------------------------------------------------------------------
SE New Lehigh The
Pennsyl. Jersey Valley Virginia Carolinas Jacksonville Michigan All Others Total
-------- -------- -------- -------- --------- ------------ -------- ---------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Real estate-
related revenues $97,372 $40,383 $37,966 $35,233 $ 33,683 $36,373 $38,865 $63,105 $382,980
Rental property
expenses and
real estate taxes 28,103 11,435 7,803 8,002 9,599 8,982 14,879 19,542 108,345
-------- -------- -------- -------- ---------- -------- -------- -------- --------
Property-level net
operating income 69,269 28,948 30,163 27,231 24,084 27,391 23,986 43,563 274,635
Other income/
expenses, net 156,673
--------
Income before property
dispositions and
extraordinary item 117,962
Loss on property
dispositions 1,285
Extraordinary item -
--------
Net income $116,677
========
Net income allocated
to general partner $108,615
========
Net income allocated
to limited partners $ 8,062
========
</TABLE>
- -86-
<PAGE>
<TABLE>
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31, 1997
- -----------------------------------------------------------------------------------------------------
SE New Lehigh The
Pennsyl. Jersey Valley Virginia Carolinas Jacksonville Michigan All Others Total
-------- -------- -------- -------- --------- ------------ -------- ---------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Real-estate
related revenues $63,499 $27,366 $30,419 $22,639 $12,745 $24,088 $11,641 $32,964 $225,361
Rental property
expenses and
real estate taxes 18,940 8,844 6,613 4,069 2,911 5,807 4,223 9,672 61,079
-------- -------- -------- -------- -------- -------- -------- -------- --------
Property-level net
operating income 44,559 18,522 23,806 18,570 9,834 18,281 7,418 23,292 164,282
Other income/
expenses, net 97,831
Income before property
dispositions and
extraordinary item 66,451
Gain on property
dispositions 2,518
Extraordinary item-loss
on extinguishment of
debt 2,919
--------
Net income $ 66,050
========
Net income allocated
to general partner $ 60,444
========
Net income allocated
to limited partners $ 5,606
========
</TABLE>
<TABLE>
<CAPTION>
REVENUES YEAR ENDED DECEMBER 31,
- ---------------------------------------------------------- -----------------------------------
1999 1998 1997
---------- ---------- -----------
<S> <C> <C> <C>
Total real estate-related revenues for reportable segments $ 466,522 $ 382,980 $ 225,361
Interest and other 5,976 5,398 4,638
---------- ---------- -----------
Total revenues $ 472,498 $ 388,378 $ 229,999
========== ========== ===========
PRODUCT TYPE INFORMATION REAL ESTATE-RELATED REVENUES
- ---------------------------------------------------------- -----------------------------------
YEAR ENDED DECEMBER 31,
-----------------------------------
1999 1998 1997
---------- ---------- -----------
Industrial $ 225,988 $ 192,548 $ 123,024
Office 240,534 190,432 102,337
---------- ---------- -----------
Total real estate-related revenues $ 466,522 $ 382,980 $ 225,361
========== ========== ===========
</TABLE>
<TABLE>
<CAPTION>
ROLLFORWARD OF OPERATING REAL ESTATE ASSETS BY REPORTABLE SEGMENT
- -----------------------------------------------------------------------------------------------------
SE New Lehigh The
Pennsyl. Jersey Valley Virginia Carolinas Jacksonville Michigan All Others Total
-------- -------- -------- -------- --------- ------------ -------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
January 1, 1999 Operating
Real Estate Assets $603,888 $281,889 $250,228 $278,073 $250,455 $259,224 $318,498 $502,870 $2,745,125
Additions 129,577 28,855 21,378 27,697 15,627 14,539 29,927 96,306 363,906
Dispositions - (48,642) - (3,773) (15,374) - (14,559) (22,003) (104,351)
-------- -------- -------- -------- -------- -------- -------- -------- ----------
December 31, 1999 Operating
Real Estate Assets $733,465 $262,102 $271,606 $301,997 $250,708 $273,763 $333,866 $577,173 $3,004,680
======== ======== ======== ======== ======== ======== ======== ======== ==========
Accumulated depreciation (270,174)
Development in progress 138,870
Land held for development 111,201
Other assets 133,556
----------
Total assets December 31, 1999 $3,118,133
===========
</TABLE>
- -87-
<PAGE>
<TABLE>
<CAPTION>
ROLLFORWARD OF OPERATING REAL ESTATE ASSETS BY REPORTABLE SEGMENT - CONTINUED
- -----------------------------------------------------------------------------------------------------
SE New Lehigh The
Pennsyl. Jersey Valley Virginia Carolinas Jacksonville Michigan All Others Total
-------- -------- -------- -------- --------- ------------ -------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
January 1, 1998 Operating
Real Estate Assets $527,759 $172,174 $193,765 $223,895 $148,412 $195,582 $172,332 $254,112 $1,888,031
Additions 86,865 109,715 56,463 56,381 106,886 65,746 146,166 248,758 876,980
Dispositions (10,736) - - (2,203) (4,843) (2,104) - - (19,886)
-------- -------- -------- -------- -------- -------- -------- -------- ----------
December 31, 1998 Operating
Real Estate Assets $603,888 $281,889 $250,228 $278,073 $250,455 $259,224 $318,498 $502,870 $2,745,125
======== ======== ======== ======== ======== ======== ======== ======== ==========
Accumulated depreciation (209,023)
Development in progress 207,563
Land held for development 75,454
Other assets 112,289
-----------
Total assets December 31, 1998 $2,931,408
===========
</TABLE>
11. PRO FORMA INFORMATION (UNAUDITED)
The following unaudited pro forma information has been prepared assuming
the common and preferred shares offerings which were consummated in 1997
and 1998 and the acquisitions of 170 properties acquired in 1997, and
137 properties acquired in 1998 had occurred at January 1, 1997. The
1997 acquisitions were acquired for a total investment of $727.9 million
and the 1998 acquisitions were acquired for a total investment of $580.2
million.
YEAR ENDED DECEMBER 31,
-----------------------
1998 1997
-------- ---------
(IN THOUSANDS,
EXCEPT PER SHARE AMOUNTS)
------------------------
Total revenues $ 408,279 $ 358,974
Net income 123,712 110,548
This pro forma information is not necessarily indicative of what the
actual results of operations of the Company would have been, assuming
the Company had completed the common and preferred shares offerings and
completed the 1997 and 1998 acquisitions as of January 1, 1997, nor do
they purport to represent the results of operations of the Company for
future periods.
12. SUBSEQUENT EVENTS
In January 2000, under the Company's share repurchase plan, the
Company repurchased $3.8 million principal amount of its convertible
debentures. The repurchase of the convertible debentures will result in
the recognition of an extraordinary loss of $911,000. This loss represents
the redemption premium and write-off of related deferred financing costs.
- -88-
<PAGE>
<TABLE>
<CAPTION>
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Cost
Capitalized
Initial Cost Subsequent
--------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
<S> <C> <C> <C> <C> <C>
OPERATING PROPERTIES
10,20 Liberty Boulevard Malvern, PA $ - $ 724,058 $ - $ 4,946,510
420 Lapp Road Malvern, PA * 1,054,418 - 6,291,603
747 Dresher Road Horsham, PA - 1,607,238 - 3,948,168
45-67 Great Valley Parkway Malvern, PA * 795,143 - 2,930,842
1180 Church Road Lansdale, PA - 2,357,045 10,041,340 6,803,029
40 Valley Stream Parkway Malvern, PA * 322,918 - 2,185,822
50 Valley Stream Parkway Malvern, PA - 323,971 - 2,349,039
20 Valley Stream Parkway Malvern, PA * 465,539 - 5,131,116
800 Town Center Drive Langhorne, PA - 1,617,150 - 9,381,431
11, 15 Great Valley Parkway Malvern, PA * 1,837,050 - 15,156,712
257-275 Great Valley Parkway Malvern, PA * 504,611 - 4,445,843
300 Technology Drive Malvern, PA - 368,626 - 1,303,696
277-293 Great Valley Parkway Malvern, PA - 530,729 - 1,951,447
311 Technology Drive Malvern, PA - 397,131 - 2,243,806
325 Technology Drive Malvern, PA * 376,444 - 1,851,241
7 Great Valley Parkway Malvern, PA * 176,435 - 4,415,557
55 Valley Stream Parkway Malvern, PA - 215,005 - 3,407,379
65 Valley Stream Parkway Malvern, PA * 381,544 - 5,189,962
508 Lapp Road Malvern, PA * 331,392 - 1,760,134
10 Valley Stream Parkway Malvern, PA * 509,075 - 2,849,413
333 Phoenixville Pike Malvern, PA 2,052,761 523,530 - 3,083,945
30 Great Valley Parkway Malvern, PA - 128,126 - 355,565
75 Great Valley Parkway Malvern, PA - 143,074 - 418,889
27-43 Great Valley Parkway Malvern, PA * 448,775 - 2,132,673
77-123 Great Valley Parkway Malvern, PA * 887,664 - 4,715,793
260 Great Valley Parkway Malvern, PA * 203,916 - 849,153
256 Great Valley Parkway Malvern, PA * 161,098 - 1,888,761
205 Great Valley Parkway Malvern, PA * 1,368,259 - 9,630,674
12,14,16 Great Valley Parkway Malvern, PA - 130,689 - 1,202,040
155 Great Valley Parkway Malvern, PA * 625,147 - 2,258,481
333 Technology Drive Malvern, PA * 157,249 - 2,310,848
510 Lapp Road Malvern, PA * 356,950 - 865,960
181 Wheeler Court Langhorne, PA - 260,000 1,940,000 157,612
1100 Wheeler Way Langhorne, PA - 150,000 1,100,000 90,717
60 Morehall Road Malvern, PA - 865,424 9,285,000 4,724,203
905 Airport Road West Chester, PA - 1,715,000 5,185,000 206,967
16 Cabot Boulevard Langhorne, PA * 648,889 5,851,112 115,836
1 Country View Road Malvern, PA - 400,000 3,600,000 469,038
2151 Cabot Boulevard Langhorne, PA * 384,100 3,456,900 263,500
170 South Warner Road King of Prussia, PA - 547,800 3,137,400 2,453,350
190 South Warner Road King of Prussia, PA - 552,200 3,162,600 1,592,419
507 Prudential Road Horsham, PA * 644,900 5,804,100 216,039
100 Witmer Road Horsham, PA 9,057,124 3,102,784 - 12,112,180
3100 Horizon Drive King of Prussia, PA - 601,956 - 2,007,248
3300 Horizon Drive King of Prussia, PA - 566,403 - 3,265,294
3500 Horizon Drive King of Prussia, PA - 1,204,839 - 2,531,137
200 Chesterfield Parkway Malvern, PA - 495,893 2,739,093 122,186
767 Electronic Drive Horsham, PA - 1,229,685 - 2,746,136
132 Welsh Road Horsham, PA - 1,333,642 - 3,765,225
5 Country View Road Malvern, PA * 785,168 4,678,632 184,612
3200 Horizon Drive King of Prussia, PA - 928,637 - 4,296,060
3000 Horizon Drive King of Prussia, PA - 1,191,449 - 1,847,672
111-195 Witmer Road Horsham, PA - 407,005 3,129,058 (114,870)
300 Welsh Road Horsham, PA - 180,459 1,441,473 118,087
400 Welsh Road Horsham, PA - 282,493 2,256,508 992,721
8801 Tinicum Boulevard Philadelphia, PA - 2,474,031 - 24,337,970
440 East Swedesford Road King of Prussia, PA - 717,001 4,816,121 1,445,124
460 East Swedesford Road King of Prussia, PA - 705,317 4,737,487 525,930
50 Morehall Road Malvern, PA - 849,576 - 13,046,717
2 Walnut Grove Drive Horsham, PA - 1,281,870 7,767,374 796,583
200 Gibraltar Road Horsham, PA - 638,513 5,811,323 676,216
220 Gibraltar Road Horsham, PA - 629,944 5,733,228 45,166
240 Gibraltar Road Horsham, PA - 629,944 5,733,234 29,724
151 S. Warner Road King of Prussia, PA - 1,218,086 6,937,866 149,493
1 Walnut Grove Drive Horsham, PA - 1,058,901 5,343,606 1,044,720
3604 Horizon Drive King of Prussia, PA - 397,178 - 1,576,394
3606 Horizon Drive King of Prussia, PA - 789,409 - 1,940,816
650 Swedesford Road King of Prussia, PA - 952,911 6,722,830 7,548,133
680 Swedesford Road King of Prussia, PA - 952,361 6,722,830 7,248,516
761 Fifth Avenue King of Prussia, PA - 256,463 2,061,468 364,716
771 Fifth Avenue King of Prussia, PA - 152,456 1,256,908 208,586
1 Great Valley Parkway Malvern, PA - 419,460 3,792,570 300,798
5 Great Valley Parkway Malvern, PA - 684,200 6,181,661 382,669
311 Sinclair Road Bristol, PA - 277,901 1,576,906 21,852
100 Cedar Hollow Road Malvern, PA - 1,436,814 - 16,031,572
3 Country View Road Malvern, PA - 814,278 - 4,861,093
425 Technology Drive Malvern, PA - 191,114 - 1,840,489
375 Technology Drive Malvern, PA - 191,114 - 1,765,099
45 Liberty Boulevard Malvern, PA - 4,380,221 - 15,028,264
100 Chesterfield Parkway Malvern, PA - 1,320,625 - 6,675,049
181-187 Gibraltar Road Horsham, PA - 360,549 3,259,984 433,819
104 Rock Road Horsham, PA - 330,111 2,981,669 22,012
123-135 Rock Road Horsham, PA - 292,360 2,411,677 604,497
111-159 Gibraltar Road Horsham, PA - 489,032 4,126,151 84,809
161-175 Gibraltar Road Horsham, PA - 294,673 2,663,722 442,820
103-109 Gibraltar Road Horsham, PA - 270,906 2,448,500 574,562
- -89-
<PAGE>
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Cost
Capitalized
Initial Cost Subsequent
--------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - CONTINUED
261-283 Gibraltar Road Horsham, PA - 464,871 3,951,972 38,336
201-223 Witmer Road Horsham, PA - 270,282 2,441,276 1,436,397
231-237 Gibraltar Road Horsham, PA - 436,952 3,948,963 340,986
100 Gibraltar Road Horsham, PA - 38,729 349,811 8,621
101 Gibraltar Road Horsham, PA - 651,990 5,888,989 134,789
506 Prudential Road Horsham, PA - 208,140 895,470 617,165
113-123 Rock Road Horsham, PA - 351,072 3,171,001 121,951
101-111 Rock Road Horsham, PA - 350,561 3,166,389 190,426
120 Gibraltar Road Horsham, PA - 533,142 4,830,515 95,035
110 Gibraltar Road Horsham, PA - 673,041 5,776,369 173,275
100-107 Lakeside Drive Horsham, PA - 239,528 2,163,498 459,696
200-264 Lakeside Drive Horsham, PA - 502,705 4,540,597 431,824
300-309 Lakeside Drive Horsham, PA - 369,475 3,338,761 247,224
400-445 Lakeside Drive Horsham, PA - 543,628 4,910,226 1,124,268
104 Witmer Road Horsham, PA - 1,248,148 - 1,057,215
201 Gibraltar Road Horsham, PA - 380,127 3,433,433 560,191
3600 Horizon Drive King of Prussia, PA - 236,432 1,856,252 20,631
3602 Horizon Drive King of Prussia, PA - 217,734 1,759,489 95,453
3 Franklin Plaza Philadelphia, PA - 2,483,144 - 32,236,382
400-500 Brandywine Parkway West Chester, PA - 845,846 6,809,025 327,020
600 Brandywine Parkway West Chester, PA - 664,899 5,352,410 259,153
2700 Horizon Drive King of Prussia, PA - 764,370 - 3,639,874
2900 Horizon Drive King of Prussia, PA - 679,440 - 3,478,482
2500 Renaissance Boulevard King of Prussia, PA - 509,580 - 2,418,727
2300 Renaissance Boulevard King of Prussia, PA - 509,580 - 2,632,691
719 Dresher Road Horsham, PA - 493,426 2,812,067 196,058
2100 Renaissance Boulevard King of Prussia, PA - 1,110,111 - 9,306,511
4 Walnut Grove Horsham, PA - 2,515,115 - 7,324,042
2250 Hickory Road Plymouth Meeting, PA 6,290,000 1,015,851 9,175,555 505,175
3400 Horizon Drive King of Prussia, PA - 776,496 3,139,068 455,002
One Ridgewood Place Downingtown, PA - 422,460 2,337,195 3,743
300 Welsh Road Horsham, PA - 696,061 3,339,991 53,690
600 Chesterfield Parkway Malvern, PA - 2,013,750 - 8,152,145
700 Chesterfield Parkway Malvern, PA - 2,013,750 - 8,165,941
6 Terry Drive Newtown, PA - 622,029 2,228,851 20,721
2520 Renaissance Boulevard King of Prussia, PA - 1,020,000 - 3,872,023
18 Great Valley Parkway Malvern, PA - 394,036 3,976,221 43,276
700 Dresher Road Horsham, PA - 2,551,777 3,020,638 2,525,948
14 Lee Boulevard Malvern, PA * 664,282 - 6,478,457
500 Chesterfield Parkway Malvern, PA * 472,364 - 2,876,942
300-400 Chesterfield Parkway Malvern, PA * 937,212 - 4,497,605
150 Mid-Atlantic Parkway West Deptford, NJ - 86,968 304,672 200,018
51 Haddonfield Road Cherry Hill, NJ - 251,443 - 9,458,288
57 Read's Way New Castle, DE - 253,119 - 2,980,795
1370 Imperial Way West Deptford, NJ - 297,000 4,373,155 63,094
8 Stow Road Marlton, NJ - 172,600 1,704,436 113,946
10 Stow Road Marlton, NJ - 147,000 1,451,536 70,349
12 Stow Road Marlton, NJ - 103,300 1,021,036 208,886
14 Stow Road Marlton, NJ - 93,100 920,336 135,774
1300 Metropolitan Avenue West Deptford, NJ - 220,000 1,980,000 37,266
701A Route 73 South Marlton, NJ - 264,387 3,772,000 2,244,251
701C Route 73 South Marlton, NJ - 84,949 1,328,000 338,730
1008 Astoria Boulevard Cherry Hill, NJ - 27,120 424,880 367,505
1475 Imperial Way West Deptford, NJ - 54,000 846,000 189,567
3000 Atrium Way Mt. Laurel, NJ * 500,000 4,500,000 3,123,020
750 Cardinal Drive Pureland, NJ - 230,000 2,070,000 862,971
11000, 15000, 17000 Commerce Pkwy. Mt. Laurel, NJ - 455,100 4,394,900 524,336
12000, 14000 Commerce Parkway Mt. Laurel, NJ - 361,800 3,285,817 231,610
16000, 18000 Commerce Parkway Mt. Laurel, NJ - 289,700 2,512,683 397,179
400 Lippincott Drive Marlton, NJ - 69,402 - 3,352,065
406 Lippincott Drive Marlton, NJ - 321,455 1,539,871 788,230
234 High Hill Road Bridgeport, NJ * 249,472 1,477,515 335,497
100 Arlington Boulevard Bridgeport, NJ - 6,368 - 4,602,081
100 Berkeley Drive Swedesboro, NJ * 395,160 1,915,215 223,230
301 Lippincott Drive Marlton, NJ - 1,069,837 4,780,163 739,152
303 Lippincott Drive Marlton, NJ - 1,069,837 4,780,163 644,797
510-512 Sharptown Road Bridgeport, NJ * 125,410 1,072,683 44,115
901 Route 73 Marlton, NJ - 334,411 2,733,314 99,141
1500 Route 73 Marlton, NJ * 449,400 3,074,850 650,059
512 Sharptown Road Bridgeport, NJ * 180,468 1,543,617 49,193
201 Berkeley Drive Bridgeport, NJ - 270,880 - 4,083,929
404 Lippincott Drive Marlton, NJ - 131,896 - 1,650,044
104 Gaither Drive Mt. Laurel, NJ - 132,075 1,151,988 221,476
402 Lippincott Drive Marlton, NJ - 131,896 - 1,631,153
300 Commodore Drive Bridgeport, NJ - 417,695 - 5,284,742
3000 Lincoln Drive Mt. Laurel, NJ - 284,052 2,458,155 1,230,821
6000 Commerce Parkway Mt. Laurel, NJ - 234,151 2,022,683 131,744
7000 Commerce Parkway Mt. Laurel, NJ - 260,014 2,236,684 216,087
8000 Commerce Parkway Mt. Laurel, NJ - 234,814 1,995,098 103,255
9000 Commerce Parkway Mt. Laurel, NJ - 286,587 2,474,820 57,896
1000 Briggs Road Mt. Laurel, NJ - 288,577 2,546,537 267,865
1025 Briggs Road Mt. Laurel, NJ 1,959,429 430,990 3,714,828 216,464
1020 Briggs Road Mt. Laurel, NJ - 494,334 - 2,851,429
9 Stow Road Marlton, NJ - 652,642 1,765,065 251,551
2000 Crawford Place Mt. Laurel, NJ - 310,831 2,797,744 1,153,181
1351 Metropolitan Avenue Thorofare, NJ - 189,465 1,728,789 26,638
650 Grove Road Thorofare, NJ - 267,214 2,438,323 220,068
400 Grove Road Thorofare, NJ - 145,009 1,323,085 78,239
5000 Dearborn Court Mt. Laurel, NJ - 1,057,763 4,191,827 121,279
515 Heron Drive Bridgeport, NJ 1,410,420 334,017 2,367,538 10,599
- -90-
<PAGE>
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Cost
Capitalized
Initial Cost Subsequent
--------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - CONTINUED
500 Sharptown Road Pureland, NJ 1,362,485 300,404 2,645,235 55,330
625 Heron Drive Bridgeport, NJ * 180,226 908,953 4,487
605 Heron Drive Bridgeport, NJ 605,897 265,381 1,046,866 8,935
510 Heron Drive Bridgeport, NJ 5,939,036 790,335 7,901,878 167,154
522 Pedricktown Road Bridgeport, NJ * 176,309 1,360,293 17,514
530 Pedricktown Road Bridgeport, NJ * 350,813 1,901,471 30,953
540 Pedricktown Road Bridgeport, NJ 3,136,360 531,280 4,532,010 40,471
230 High Hill Road Bridgeport, NJ 5,768,353 1,418,000 8,860,843 7,883
3 Mallard Court Bridgeport, NJ * 417,893 2,447,865 7,900
730 Cardinal Drive Bridgeport, NJ * 576,598 1,780,345 38,160
405 Heron Drive Bridgeport, NJ 10,423,954 2,167,471 18,120,223 711,167
100 Eagle Road Bridgeport, NJ 1,061,108 256,491 1,434,429 19,033
250 High Hill Road Bridgeport, NJ 1,752,474 246,478 2,269,440 168,859
508 Center Square Road Bridgeport, NJ 1,591,693 453,341 3,458,248 940
602 Heron Drive Bridgeport, NJ * 524,728 2,240,478 6,274
300 Eagle Court Bridgeport, NJ - 1,135,989 1,872,753 13,646
500 Center Square Road Bridgeport, NJ - 1,338,839 6,186,541 17,622
1001 Briggs Road Marlton, NJ - 701,705 3,505,652 495,751
1960 Cuthbert Boulevard Cherry Hill, NJ - 321,699 1,291,557 37,182
1970 Cuthbert Boulevard Cherry Hill, NJ - 321,699 1,291,558 29,940
10000 & 11000 Route 73 Marlton, NJ - 715,705 2,579,524 343,618
800 Arlington Boulevard Logan, NJ - 1,687,500 - 6,742,554
1655 Valley Center Parkway Bethlehem, PA - 214,431 - 1,867,129
6560 Stonegate Drive Allentown, PA - 458,281 - 2,347,029
6370 Hedgewood Drive Allentown, PA - 540,795 - 3,017,422
6390 Hedgewood Drive Allentown, PA - 707,203 - 2,591,153
1495 Valley Center Parkway Bethlehem, PA - 434,640 - 3,586,075
6350 Hedgewood Drive Allentown, PA - 360,027 - 3,170,858
6330 Hedgewood Drive Allentown, PA - 531,268 - 4,325,548
1550 Valley Center Parkway Bethlehem, PA - 196,954 - 3,172,582
1560 Valley Center Parkway Bethlehem, PA - 240,069 - 3,878,113
6580 Snowdrift Road Allentown, PA - 388,328 - 2,481,509
1510 Valley Center Parkway Bethlehem, PA - 312,209 - 3,310,674
1530 Valley Center Parkway Bethlehem, PA - 211,747 - 2,652,949
6540 Stonegate Drive Allentown, PA - 422,042 - 3,590,678
974 Marcon Boulevard Allentown, PA - 143,500 - 2,124,807
964 Marcon Boulevard Allentown, PA - 138,816 - 1,508,102
764 Roble Road Allentown, PA - 141,069 - 794,167
3174 Airport Road Allentown, PA - 98,986 - 1,105,398
2196 Avenue C Allentown, PA - 101,159 - 1,201,733
2202 Hangar Place Allentown, PA - 137,439 - 1,307,610
2201 Hangar Place Allentown, PA - 128,454 - 1,408,758
954 Marcon Boulevard Allentown, PA - 103,665 - 1,130,830
57 South Commerce Way Allentown, PA - 390,839 2,701,161 212,948
754 Roble Road Allentown, PA - 162,115 1,731,885 133,396
894 Marcon Boulevard Allentown, PA - 117,134 1,048,866 50,918
744 Roble Road Allentown, PA - 159,771 1,734,229 181,874
944 Marcon Boulevard Allentown, PA - 118,521 1,435,479 186,598
1685 Valley Center Parkway Allentown, PA - 244,029 - 2,056,294
6520 Stonegate Drive Allentown, PA - 453,315 - 1,815,973
7437 Industrial Boulevard Allentown, PA - 717,488 5,022,413 1,421,856
2041 Avenue C Allentown, PA * 213,599 1,095,217 73,231
2124 Avenue C Allentown, PA * 289,197 1,039,835 54,349
7339 Industrial Boulevard Allentown, PA - 1,187,776 - 5,732,218
7384 Penn Drive Allentown, PA * 651,696 2,286,518 452,863
7144 Daniels Drive Allentown, PA - 2,390,217 2,342,761 3,422,923
7620 Cetronia Road Allentown, PA - 1,091,806 3,851,456 351,590
939 Marcon Boulevard Allentown, PA * 2,220,414 4,524,393 735,083
100 Brodhead Road Allentown, PA * 429,416 2,919,588 187,568
1455 Valley Center Parkway Bethlehem, PA - 670,290 - 3,634,924
1640 Valley Center Parkway Bethlehem, PA - 359,000 - 2,412,319
1650 Valley Center Parkway Allentown, PA - 359,000 - 2,213,935
1660 Valley Center Parkway Bethlehem, PA - 359,000 - 2,094,852
400 Nestle Way Allentown, PA 26,866,392 8,065,500 - 26,454,407
83 South Commerce Way Bethlehem, PA - 143,661 888,128 279,395
85 South Commerce Way Bethlehem, PA - 236,708 987,949 82,348
87 South Commerce Way Bethlehem, PA - 253,886 1,062,881 75,930
89 South Commerce Way Bethlehem, PA - 320,000 - 1,758,011
7249 Industrial Boulevard Allentown, PA - 2,670,849 13,307,408 681,221
95 Highland Avenue Bethlehem, PA - 430,593 3,182,080 297,936
236 Brodhead Road Bethlehem, PA - 376,962 4,672,683 24,861
1525 Valley Center Parkway Allentown, PA - 475,686 - 7,219,008
6620 Grant Way Allentown, PA - 430,824 1,915,923 6,338
700 Nestle Way Allentown, PA - 3,473,120 - 16,886,629
7562 Penn Drive Allentown, PA - 269,614 844,069 78,774
7277 Williams Avenue Allentown, PA - 462,964 1,449,009 124,413
7355 Williams Avenue Allentown, PA - 489,749 1,658,091 129,157
794 Roble Boulevard Allentown, PA - 1,147,541 6,088,041 82,082
6923 Schantz Spring Road Allentown, PA - 1,127,805 3,309,132 39,325
2600 Beltline Avenue Reading, PA - 558,903 2,234,167 18,193
7132 Daniels Drive Allentown, PA - 1,623,326 3,464,626 3,948,800
3985 Adler Place Bethlehem, PA - 705,367 3,915,820 172,298
8014 Industrial Boulevard Upper Macungie, PA - 4,019,258 - 8,656,380
180 & 190 Admiral Cochrane Drive Annapolis, MD - 3,670,256 - 16,218,929
12000,001,040 Indian Creek Court Beltsville, MD - 2,659,431 - 10,916,275
8280 Patuxent Range Drive Columbia, MD - 181,601 - 1,336,075
7178-80 Columbia Gateway Columbia, MD - 1,569,237 4,786,887 668,919
9770 Patuxent Woods Drive Columbia, MD - 341,663 3,033,309 13,073
9780 Patuxent Woods Drive Columbia, MD - 218,542 1,940,636 7,898
9790 Patuxent Woods Drive Columbia, MD - 243,791 2,164,094 13,255
- -91-
<PAGE>
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Cost
Capitalized
Initial Cost Subsequent
--------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - CONTINUED
9810 Patuxent Woods Drive Columbia, MD - 266,684 2,366,901 9,913
9800 Patuxent Woods Drive Columbia, MD - 299,099 2,654,069 12,410
9820 Patuxent Woods Drive Columbia, MD - 237,779 2,110,835 27,896
9830 Patuxent Woods Drive Columbia, MD - 296,262 2,628,933 15,698
9050 Red Branch Road Columbia, MD - 290,950 2,577,153 272,236
4606 Richlynn Drive Belcamp, MD - 299,600 1,818,861 7,108
8945-8975 Guilford Columbia, MD - 2,428,795 7,493,740 51,780
7317 Parkway Drive Hanover, MD - 1,104,359 1,959,671 4,319
9101,9111,9115 Guilford Road Columbia, MD - 758,951 - 3,350,754
9125,9135,9145 Guilford Road Columbia, MD - 900,154 - 5,590,284
10 South Third Street Richmond, VA - 27,970 127,419 45,962
1751 Bluehills Drive Roanoke, VA - 1,063,728 8,500,677 101,951
4300 Carolina Avenue Richmond, VA - 2,007,717 14,927,608 411,598
301 Hill Carter Parkway Richmond, VA - 659,456 4,836,010 63,204
4001 Carolina Avenue Richmond, VA - 29,443 215,914 32,683
5600-5626 Eastport Boulevard Richmond, VA * 489,941 3,592,900 171,673
5650-5674 Eastport Boulevard Richmond, VA * 644,384 4,025,480 143,071
5700 Eastport Boulevard Richmond, VA * 408,729 2,697,348 43,619
11020 Hull Street Road Richmond, VA - 139,887 637,261 296,586
3432 Holland Road Virginia Beach, VA - 173,527 790,515 11,088
4880 Cox Road Richmond, VA * 743,898 4,499,807 1,165,166
5162 Valleypointe Parkway Roanoke, VA * 551,483 2,612,312 35,237
4101- 4127 Carolina Avenue Richmond, VA * 310,854 2,279,597 57,138
4201-4261 Carolina Avenue Richmond, VA * 693,203 5,083,493 366,110
4263-4299 Carolina Avenue Richmond, VA - 256,203 2,549,649 1,074,190
4301-4335 Carolina Avenue Richmond, VA - 223,696 1,640,435 116,604
4337-4379 Carolina Avenue Richmond, VA * 325,303 2,385,557 728,528
4501-4549 Carolina Avenue Richmond, VA * 486,166 3,565,211 130,933
4551-4593 Carolina Avenue Richmond, VA * 474,360 3,478,646 118,788
4601-4643 Carolina Avenue Richmond, VA * 652,455 4,784,675 313,895
4645-4683 Carolina Avenue Richmond, VA * 404,616 2,967,187 831,142
4447-4491 Carolina Avenue Richmond, VA - 454,056 2,729,742 92,274
4401-4445 Carolina Avenue Richmond, VA * 615,038 4,510,272 85,090
12 S. Third Street Richmond, VA - 40,539 184,682 6,125
9601 Cosner Drive Fredericksburg, VA * 475,262 3,917,234 148,902
315 Cardiff Valley Road Knoxville, TN - 443,305 2,950,903 42,487
2300 East Parham Road Richmond, VA - 221,947 1,011,088 14,181
5221 Valleypark Drive Roanoke, VA - 285,008 998,370 225,006
5228 Valleypointe Parkway Roanoke, VA - 218,663 796,133 97,301
5238 Valleypark Drive Roanoke, VA - 416,375 1,896,832 91,730
5601-5659 Eastport Boulevard Richmond, VA * 705,660 - 5,144,267
5900 Eastport Boulevard Richmond, VA * 676,661 - 5,374,307
4717-4729 Eubank Road Richmond, VA * 449,447 3,294,697 121,382
5251 Concourse Drive Roanoke, VA - 2,813 - 1,794,801
4263F Carolina Avenue Richmond, VA * 91,476 - 1,622,797
4200 Oakleys Court Richmond, VA * 459,090 2,468,454 33,041
1821 Battery Dantzler Road Chester, VA - 394,212 3,035,113 24,814
5000 Cox Road Glen Allen, VA * 770,214 3,685,248 26,510
5500 Cox Road Richmond, VA - 443,485 - 2,366,298
510 Eastpark Court Sandston, VA * 261,961 2,110,874 37,383
520 Eastpark Court Sandston, VA * 486,118 4,083,582 53,559
13001 Kingston Avenue Chester, VA - 376,584 - 2,029,360
5701-5799 Eastport Boulevard Richmond, VA - 694,644 - 5,088,601
4801 Cox Road Richmond, VA - 1,072,896 - 8,858,736
600 HP Way Chesterfield, VA - 146,126 - 7,774,782
500 HP Way Chester, VA - 142,692 - 6,601,027
701 Liberty Way Richmond, VA - 171,711 - 4,341,085
4198 Cox Road Glen Allen, VA - 670,292 3,839,245 220,870
5310 Valley Park Drive Roanoke, VA - 149,933 - 1,110,672
5305 Valley Park Drive Roanoke, VA - 266,948 - 1,699,419
4510 Cox Road Glen Allen, VA - 1,010,024 7,151,729 73,447
2809 South Lynnhaven Road Virginia Beach, VA - 953,590 6,142,742 351,441
200 Golden Oak Court Virginia Beach, VA * 1,116,693 6,770,480 250,676
208 Golden Oak Court Virginia Beach, VA * 965,177 6,728,717 153,409
1 Enterprise Parkway Hampton, VA - 974,675 5,579,869 290,860
22 Enterprise Parkway Hampton, VA - 1,097,368 6,760,778 214,755
530 Eastpark Court Sandston, VA - 266,883 - 2,648,481
484 Viking Drive Virginia Beach, VA - 891,753 3,607,890 127,585
10430 Lakeridge Parkway Ashland, VA * 421,267 3,770,870 57,744
10456 Lakeridge Parkway Ashland, VA * 409,261 3,663,754 63,281
3829-3855 Gaskins Road Richmond, VA - 364,165 3,264,114 6,679
629 Phoenix Drive Virginia Beach, VA - 371,694 2,108,097 16,966
11838 Rock Landing Drive Newport News, VA - 673,942 2,111,481 262,829
11844 Rock Landing Drive Newport News, VA - 326,774 1,391,561 31,762
11846 Rock Landing Drive Newport News, VA - 299,066 1,419,266 48,617
11832 Rock Landing Drive Newport News, VA - 299,066 1,419,266 4,891,662
5700 Cleveland Street Virginia Beach, VA - 700,112 9,592,721 390,295
801 Liberty Way Chester, VA - 780,000 - 5,538,180
5 Manhattan Square Hampton, VA - 207,368 - 1,499,590
4523 Green Point Drive High Point, NC - 234,564 - 2,021,511
4501 Green Point Drive High Point, NC - 319,289 - 2,266,128
4500 Green Point Drive High Point, NC - 230,622 - 2,057,669
2427 Penny Road High Point, NC 5,833,866 1,165,664 - 6,184,668
4524 Green Point Drive High Point, NC * 182,810 - 2,123,396
4328, 4336 Federal Drive High Point, NC 5,957,696 521,122 - 7,665,463
200 Centreport Drive Greensboro, NC * 331,400 3,768,600 277,530
4344 Federal Drive High Point, NC * 484,001 - 2,332,602
202 Centreport Drive Greensboro, NC * 549,948 5,360,462 283,294
101 Centreport Drive Greensboro, NC - 826,237 - 7,403,026
4000 Piedmont Parkway High Point, NC * 592,885 4,825,615 340,614
- -92-
<PAGE>
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Cost
Capitalized
Initial Cost Subsequent
--------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - CONTINUED
4380 Federal Drive High Point, NC - 282,996 - 2,039,981
4388 Federal Drive High Point, NC - 143,661 - 1,118,535
6532 Judge Adams Road Rock Creek, NC - 354,903 - 3,491,165
6532 Judge Adams Road Whitsett, NC - 305,821 - 4,218,174
3860 Faber Place N. Charleston, SC * 796,655 1,974,359 114,117
4055 Faber Place N. Charleston, SC * 882,352 4,794,144 153,266
3820 Faber Place N. Charleston, SC * 506,558 2,365,146 175,961
3875 Faber Place N. Charleston, SC * 1,164,530 - 5,746,849
150 Ridgeview Center Drive Duncan, SC * 711,353 8,056,324 14,641
1320 Garlington Road Greenville, SC * 398,539 1,761,533 26,338
420 Park Avenue Greenville, SC * 522,548 2,730,261 561,097
1 Alliance Drive Goose Creek, SC - 662,422 - 2,655,438
4160 Mendenhall Oaks Parkway High Point, NC - 285,882 - 3,111,109
4194 Mendenhall Oaks Parkway High Point, NC - 102,372 - 2,387,725
4196 Mendenhall Oaks Parkway High Point, NC - 66,731 - 1,874,392
4170 Mendenhall Oaks Parkway High Point, NC - 143,699 - 1,927,539
4180 Mendenhall Oaks Parkway High Point, NC - 121,329 - 1,759,811
4050 Piedmont Parkway High Point, NC - 801,902 - 17,937,653
One Independence Pointe Greenville, SC - 780,881 6,199,230 159,759
55 Beattie Place Greenville, SC - 2,643,105 23,439,801 441,999
75 Beattie Place Greenville, SC * 2,406,646 17,400,939 302,279
7736 McCloud Road Greensboro, NC - 591,795 5,895,312 152,544
15 Brendan Way Greenville, SC - 614,192 3,012,019 484,826
200 Meeting Street Charleston, SC - 4,027,428 29,542,711 1,062,186
7500 West 110th Street Overland Park, KS - 2,380,493 9,575,474 201,682
8035 Quivira Road Lenexa, KS - 1,180,181 4,737,816 154
4300 Federal Drive Greensboro, NC - 264,038 - 1,611,981
1730 Stebbins Drive Houston, TX - 143,258 - 420,821
5911-5925 Richard Street Jacksonville, FL - 275,582 - 508,059
8383-8385 Baycenter Road Jacksonville, FL - 63,703 - 651,009
8775 Baypine Road Jacksonville, FL - 906,804 - 3,142,795
8539 Western Way Jacksonville, FL - 328,133 - 3,195,182
6255 Lake Gray Boulevard Jacksonville, FL - 813,067 - 3,391,938
6600-6660 Suemac Place Jacksonville, FL - 210,804 - 1,897,839
6800-6850 Suemac Place Jacksonville, FL - 121,077 - 1,136,702
8665,8667,8669 Baypine Road Jacksonville, FL - 966,552 - 4,011,871
8540 Baycenter Road Jacksonville, FL - 445,603 - 1,371,536
1200 Riverplace Drive Jacksonville, FL - 1,028,864 - 19,287,076
8400 Baymeadows Way Jacksonville, FL - 557,682 - 2,332,243
8614 Baymeadows Way Jacksonville, FL - 290,291 - 1,110,880
5941-5975 Richard Street Jacksonville, FL - 583,622 - 1,113,225
7970 Bayberry Road Jacksonville, FL - 127,520 - 1,237,972
6000-6030 Bowdendale Avenue Jacksonville, FL - 275,475 - 1,628,439
7898 Baymeadows Way Jacksonville, FL - 561,802 - 1,972,330
5977-6607 Richard Street Jacksonville, FL - 180,033 - 1,565,681
7910 & 7948 Baymeadows Way Jacksonville, FL - 210,299 - 2,718,897
7954 & 7960 Baymeadows Way Jacksonville, FL - 291,312 - 2,980,181
8787 Baypine Road Jacksonville, FL - 2,076,306 - 35,605,962
7077 Bonneval Road Jacksonville, FL - 768,000 5,789,000 1,177,280
4190 Belfort Road Jacksonville, FL - 821,000 5,866,000 1,579,697
8011, 8021, 8031 Phillips Highway Jacksonville, FL - 626,250 3,548,750 1,057,005
7020 AC Skinner Parkway Jacksonville, FL * 398,257 - 2,454,527
7040 AC Skinner Parkway Jacksonville, FL * 706,934 - 3,109,161
11777 Central Highway Jacksonville, FL - 92,207 429,997 1,925,123
4345 Southpoint Parkway Jacksonville, FL - - - 8,131,311
7016 AC Skinner Parkway Jacksonville, FL - 597,181 - 2,326,445
7018 AC Skinner Parkway Jacksonville, FL - 840,996 - 4,085,825
7014 AC Skinner Parkway Jacksonville, FL - 574,198 - 3,186,626
6620 Southpoint Drive Jacksonville, FL - 614,602 4,267,477 441,080
7980 Bayberry Road Jacksonville, FL - 330,726 1,338,101 17,775
9600 Satellite Boulevard Orlando, FL - 252,850 1,297,923 48,374
9700 Satellite Boulevard Orlando, FL - 405,362 1,146,546 12,238
1902 Cypress Lake Drive Orlando, FL - 523,512 3,191,790 746,704
9550 Satellite Boulevard Orlando, FL - 574,831 - 2,059,187
8250 & 8256 Exchange Place Orlando, FL - 622,413 2,507,842 79,382
6600 Southpoint Parkway Jacksonville, FL - 998,432 4,055,727 251,205
6700 Southpoint Parkway Jacksonville, FL - 620,719 2,989,746 27,675
4801 Executive Park Court - 100 Jacksonville, FL * 554,993 2,993,277 2,087
4801 Executive Park Court - 200 Jacksonville, FL * 370,017 1,995,518 47
4810 Executive Park Court Jacksonville, FL * 369,694 3,045,639 39,000
6602 Executive Park Court - 100 Jacksonville, FL * 388,519 2,095,293 62,894
6602 Executive Park Court - 200 Jacksonville, FL * 296,014 1,596,347 1,956
6631 Executive Park Court - 100 Jacksonville, FL * 251,613 1,356,849 50
6631 Executive Park Court - 200 Jacksonville, FL * 406,561 2,195,070 11,698
4815 Executive Park Court - 100 Jacksonville, FL * 366,317 1,975,393 390
4815 Executive Park Court - 200 Jacksonville, FL * 462,522 2,494,397 129,584
4825 Executive Park Court Jacksonville, FL * 601,278 3,242,491 4,918
4820 Executive Park Court Jacksonville, FL * 555,173 2,693,130 416,123
10511 & 10611 Satellite Boulevard Orlando, FL - 517,554 2,568,186 171,705
1400-1440 Central Florida Parkway Orlando, FL - 518,043 2,561,938 66,822
6601 Executive Park Circle North Jacksonville, FL - 551,250 3,128,361 640
1300 Riverplace South Jacksonville, FL - 1,804,258 7,755,572 533,873
4901 Belfort Lane Jacksonville, FL - 877,964 2,360,742 1,841,852
16445 Air Center Boulevard Houston, TX - 363,339 2,509,186 8,363
16405 Air Center Boulevard Houston, TX - 438,853 3,030,396 53,128
2216 Directors Row Orlando, FL - 453,918 2,572,202 2,098
7460 Chancellor Drive Orlando, FL - 266,555 902,949 246,252
1901 Summit Tower Boulevard Maitland, FL - 6,078,791 12,348,567 242,213
3701-3727 Vineland Road Orlando, FL - 767,929 2,096,504 46,418
16580 Air Center Boulevard Houston, TX - 289,000 3,559,857 -
- -93-
<PAGE>
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Cost
Capitalized
Initial Cost Subsequent
--------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - CONTINUED
4001,4051,4101 Fowler Avenue Tampa, FL - 1,299,310 - 4,765,625
5501-5502 Pioneer Park Boulevard Tampa, FL - 162,000 1,613,000 199,254
5690-5694 Crenshaw Street Tampa, FL - 181,923 1,812,496 155,404
3102,3104,3110 Cherry Palm Drive Tampa, FL - 503,767 2,787,585 194,894
8401-8408 Benjamin Road Tampa, FL - 789,651 4,454,648 306,516
3501 Riga Boulevard Tampa, FL - 617,289 3,048,379 179,328
111 Kelsey Lane Tampa, FL - 359,540 1,461,850 164,325
7930, 8010-20 Woodland Center Tampa, FL * 1,408,478 5,247,246 157,981
7920 Woodland Center Boulevard Tampa, FL * 1,382,648 2,445,444 404,336
8154-8198 Woodland Center Tampa, FL * 399,088 2,868,834 24,958
8112-42 Woodland Center Tampa, FL * 513,263 3,230,239 13,495
8212 Woodland Center Tampa, FL * 820,882 2,322,720 14,211
131 Kelsey Lane Tampa, FL - 511,463 - 4,655,841
7724 Woodland Center Blvd. Tampa, FL - 235,893 - 2,088,571
7802-50 Woodland Center Blvd. Tampa, FL - 357,364 - 2,511,296
7852-98 Woodland Center Blvd. Tampa, FL - 357,364 - 2,459,675
8921 Brittany Way Tampa, FL - 255,583 1,063,882 827,162
5250 Eagle Trail Drive Tampa, FL - 952,860 - 3,457,917
7725 Woodland Center Blvd. Tampa, FL - 553,335 - 3,229,159
8001 Woodland Center Blvd. Tampa, FL - 350,406 - 2,230,675
4502 Woodland Corporate Blvd. Tampa, FL - - - 4,100,728
1701 Clint Moore Boulevard Boca Raton, FL - 1,430,884 3,043,553 39,852
4555 Riverside Drive Beach Gardens, FL - 805,672 5,782,360 16,906
2500 Metrocentre Boulevard West Palm Beach, FL - 238,362 1,534,926 22,834
2540 Metrocentre Boulevard West Palm Beach, FL - 165,071 1,058,736 259,647
2541 Metrocentre Boulevard West Palm Beach, FL - 145,091 379,318 656,451
2580 Metrocentre Boulevard West Palm Beach, FL - 256,478 1,651,602 22,178
2581 Metrocentre Boulevard West Palm Beach, FL - 189,359 1,218,712 17,090
1101 Northpoint Parkway West Palm Beach, FL - 258,606 1,462,432 85,808
3223 Commerce Place West Palm Beach, FL - 501,843 2,012,290 20,898
801 Northpoint Parkway West Palm Beach, FL - 459,284 2,597,108 8,643
5410 - 5430 Northwest 33rd Avenue Ft. Lauderdale, FL - 603,776 4,176,238 189,405
6500 NW 12th Avenue Ft. Lauderdale, FL - 7,099 3,046,309 28,824
6600 NW 12th Avenue Ft. Lauderdale, FL - 7,102 3,047,462 49,193
1500 SW 5th Court Pompano Beach, FL - 972,232 3,892,085 34,278
1651 SW 5th Court Pompano Beach, FL - 203,247 811,093 26,176
1601 SW 5th Court Pompano Beach, FL - 203,247 811,093 50,505
1501 SW 5th Court Pompano Beach, FL - 203,247 811,093 22,163
1400 SW 6th Court Pompano Beach, FL - 1,157,049 4,620,956 40,900
1405 SW 6th Court Pompano Beach, FL - 392,138 1,565,787 19,638
595 SW 13th Terrace Pompano Beach, FL - 359,933 1,437,116 8,222
601 SW 13th Terrace Pompano Beach, FL - 164,413 655,933 24,625
605 SW 16th Terrace Pompano Beach, FL - 310,778 1,238,324 1,046
2440-2478 Metrocentre Boulevard West Palm Beach, FL - 470,214 2,120,555 30,584
951 Broken Sound Parkway Boca Raton, FL 2,991,732 1,426,251 6,098,952 111,801
3400 Lakeside Drive Miramar, FL - 2,022,153 11,345,881 361,307
3450 Lakeside Drive Miramar, FL - 2,022,152 11,357,143 168,072
13650 NW 8th Street Sunrise, FL - 558,223 2,171,930 22,633
13630 NW 8th Street Sunrise, FL - 659,797 2,596,275 139,213
777 Yamato Road Boca Raton, FL - 4,101,247 16,077,347 2,390,392
1801 Clint Moore Boulevard Boca Raton, FL - 1,065,068 4,481,644 133,867
6601-6625 W. 78th Street Bloomington, MN - 2,263,060 - 38,904,897
2905 Northwest Boulevard Plymouth, MN - 516,920 4,646,342 465,848
2800 Campus Drive Plymouth, MN - 395,366 3,554,512 132,855
2955 Xenium Lane Plymouth, MN - 151,238 1,370,140 96,026
9401-9443 Science Center Drive New Hope, MN - 431,295 3,888,684 166,092
6321-6325 Bury Drive Eden Prairie, MN - 462,876 4,151,790 162,210
7115-7173 Shady Oak Road Eden Prairie, MN - 454,974 4,089,410 330,640
7660-7716 Golden Triangle Drive Eden Prairie, MN - 568,706 5,115,177 1,342,306
7400 Flying Cloud Drive Eden Prairie, MN - 195,982 1,762,027 18,678
10301-10305 West 70th Street Eden Prairie, MN - 120,622 1,085,226 74,678
10321 West 70th Street Eden Prairie, MN - 145,198 1,305,700 32,908
10333 West 70th Street Eden Prairie, MN - 110,746 995,868 28,179
10349-10357 West 70th Street Eden Prairie, MN - 275,903 2,481,666 259,683
10365-10375 West 70th Street Eden Prairie, MN - 291,077 2,618,194 155,468
10393-10394 West 70th Street Eden Prairie, MN - 269,618 2,423,318 228,748
7078 Shady Oak Road Eden Prairie, MN - 343,093 3,085,795 6,198
10400 Viking Drive Eden Prairie, MN - 2,912,391 - 21,054,219
5600 & 5610 Rowland Road Minnetonka, MN - 828,650 7,399,409 138,765
2920 Northwest Boulevard Plymouth, MN - 392,026 3,433,678 652,398
5400-5500 Feltl Road Minnetonka, MN - 883,895 7,983,345 124,782
10300 Bren Road Minnetonka, MN - 344,614 3,110,477 139,754
14630-14650 28th Avenue North Plymouth, MN - 198,205 1,793,422 124,390
7695-7699 Anagram Drive Eden Prairie, MN - 760,525 3,254,758 25,622
7550 Meridian Circle Maple Grove, MN 2,233,336 513,250 2,901,906 18,892
2800 Northwest Boulevard Plymouth, MN 4,767,857 1,934,438 10,952,503 20,598
3255 Neil Armstrong Boulevard Eagan, MN - 1,131,017 - 3,377,738
4801 West 81st Street Bloomington, MN 809,656 1,624,701 2,494,368 229,689
8100 Cedar Avenue Bloomington, MN 2,266,873 501,313 3,675,416 25,281
9600 54th Avenue Plymouth, MN - 332,317 3,077,820 138,126
7800 Equitable Drive Eden Prairie, MN - 2,188,525 3,788,762 21,124
7905 Fuller Road Eden Prairie, MN - 1,229,862 4,075,167 34,668
9023 Columbine Road Eden Prairie, MN - 1,956,273 - 4,626,133
6161 Green Valley Drive Bloomington, MN - 740,378 3,311,602 725,545
4700 Nathan Lane North Minneapolis, MN - 1,501,308 8,446,083 150,141
26911-26957 Northwestern Hwy. Southfield, MI - 7,799,515 66,268,817 4,331,655
1650 Research Drive Troy, MI - 763,067 7,201,677 62,941
1775 Research Drive Troy, MI - 331,422 2,788,073 39,840
1875 Research Drive Troy, MI - 329,863 2,774,006 104,700
1850 Research Drive Troy, MI - 781,054 7,364,300 178,657
- -94-
<PAGE>
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Cost
Capitalized
Initial Cost Subsequent
--------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - CONTINUED
1965 Research Drive Troy, MI - 419,090 3,578,928 99,339
1960 Research Drive Troy, MI - 419,146 3,579,166 47,118
27260 Haggerty Road Farmington Hills, MI - 456,877 4,091,196 105,268
27200 Haggerty Road Farmington Hills, MI - 382,754 3,425,227 27,327
27280 Haggerty Road Farmington Hills, MI - 452,860 4,055,512 67,196
27220 Haggerty Road Farmington Hills, MI - 203,064 1,802,592 18,135
27240 Haggerty Road Farmington Hills, MI - 171,518 1,518,192 17,817
27300 Haggerty Road Farmington Hills, MI - 370,378 3,311,366 74,634
1101 Allen Drive Troy, MI - 98,144 887,935 18,162
1151 Allen Drive Troy, MI - 164,483 1,486,220 181,288
1300 Rankin Street Troy, MI - 134,090 1,212,752 24,764
1350 Rankin Street Troy, MI - 111,776 1,011,497 22,043
1376-1400 Rankin Street Troy, MI - 134,292 1,213,626 66,018
1352-1374 Rankin Street Troy, MI - 153,275 1,385,098 28,286
1324-1346 Rankin Street Troy, MI - 134,090 1,212,214 9,324
1301-1307 Rankin Street Troy, MI - 111,776 1,011,121 50,703
1409 Allen Drive Troy, MI - 142,370 1,286,048 197,550
1304 E Maple Road Troy, MI - 211,233 1,906,786 304,769
1334 Maplelawn Road Troy, MI - 124,296 1,122,802 824
1290 Maplelawn Road Troy, MI - 85,321 771,621 58,817
1070 Maplelawn Road Troy, MI - 68,560 620,595 40,673
950 Maplelawn Road Troy, MI - 252,429 2,265,259 24,248
894 Maplelawn Road Troy, MI - 181,749 1,632,243 17,270
1179 Maplelawn Road Troy, MI - 87,845 794,365 52,384
1940 Norwood Drive Troy, MI - 86,836 785,267 6,916
1311-1331 Maplelawn Road Troy, MI - 125,407 1,132,810 6,991
2354 Bellingham Street Troy, MI - 87,340 789,817 12,654
2360 Bellingham Street Troy, MI - 87,340 789,817 56,050
1911 Ring Drive Troy, MI - 86,129 778,900 73,225
26442-26450 Haggerty Road Farmington Hills, MI - 237,687 2,143,478 24,808
26500 Haggerty Road Farmington Hills, MI - 311,093 2,791,804 41,203
26650 Haggerty Road Farmington Hills, MI - 173,166 1,562,704 16,203
26700 Haggerty Road Farmington Hills, MI - 253,338 2,290,696 13,694
26750 Haggerty Road Farmington Hills, MI - 292,717 2,638,688 30,175
26800 Haggerty Road Farmington Hills, MI - 175,489 1,583,362 14,979
26842-26850 Haggerty Road Farmington Hills, MI - 239,606 2,160,470 16,787
26600 Haggerty Road Farmington Hills, MI - 455,846 - 2,515,696
50 West Big Bear Road Troy, MI - 2,159,678 19,481,454 206,563
100 West Big Bear Road Troy, MI - 2,113,006 19,057,355 240,671
245 Executive Drive Brookfield, WI - 577,067 5,197,903 165,119
8301 West Parkland Court Milwaukee, WI - 358,442 3,233,707 103,317
32991 Hamilton Court Farmington Hills, MI - 1,065,392 3,627,675 999,498
7800 N. 113th Street Milwaukee, WI - 1,711,964 6,847,857 50,834
2475-2479 Elliot Avenue Troy, MI - 128,808 516,393 17,129
32661 Edward Avenue Madison Heights, MI - 378,838 2,330,550 4,054
32701 Edward Avenue Madison Heights, MI - 340,398 1,364,777 3,043
32751 Edward Avenue Madison Heights, MI - 151,410 859,462 50,955
32853 Edward Avenue Madison Heights, MI - 138,121 784,426 53,827
555 East Mandoline Avenue Madison Heights, MI - 140,862 799,993 1,644
599 East Mandoline Avenue Madison Heights, MI - 132,164 646,768 35,517
749 East Mandoline Avenue Madison Heights, MI - 144,658 708,054 915
750 East Mandoline Avenue Madison Heights, MI - 151,458 741,185 878
900 East Mandoline Avenue Madison Heights, MI - 157,729 771,872 915
949 East Mandoline Avenue Madison Heights, MI - 137,049 778,338 901
32090 John Road Madison Heights, MI - 70,351 399,251 6,610
31601 Research Park Drive Madison Heights, MI - 331,179 1,879,812 4,662
31651 Research Park Drive Madison Heights, MI - 194,012 1,101,576 1,132
31700 Research Park Drive Madison Heights, MI - 373,202 1,824,721 3,575
31701 Research Park Drive Madison Heights, MI - 185,845 1,054,681 58,683
31751 Research Park Drive Madison Heights, MI - 194,063 1,300,574 1,822
31800 Research Park Drive Madison Heights, MI - 217,929 1,601,469 2,088
800 Tech Row Madison Heights, MI - 444,977 2,984,811 6,865
900 Tech Row Madison Heights, MI - 155,606 883,725 1,864
1000 Tech Row Madison Heights, MI - 357,897 2,628,029 84,900
31771 Sherman Avenue Madison Heights, MI - 150,944 645,040 781
31791 Sherman Avenue Madison Heights, MI - 105,606 649,891 614
31811 Sherman Avenue Madison Heights, MI - 207,599 1,179,010 1,363
31831 Sherman Avenue Madison Heights, MI - 158,483 900,064 4,820
31900 Sherman Avenue Madison Heights, MI - 269,293 1,754,498 2,570
800 East Whitcomb Avenue Madison Heights, MI - 151,704 1,294,687 878
950 East Whitcomb Avenue Madison Heights, MI - 113,630 2,162,302 2,651
1000 East Whitcomb Avenue Madison Heights, MI - 113,512 1,023,613 41,628
1201 East Whitcomb Avenue Madison Heights, MI - 302,567 1,213,232 26,687
1210 East Whitcomb Avenue Madison Heights, MI - 121,298 329,051 540
1260 Kempar Avenue Madison Heights, MI - 78,720 385,223 27,650
1280 Kempar Avenue Madison Heights, MI - 142,305 536,474 25,249
22515 Heslip Drive Madison Heights, MI - 144,477 338,277 6,744
8400 Lakeview Parkway Pleasant Prairie, WI - 892,146 4,032,027 77,212
8401 Lakeview Parkway Pleasant Prairie, WI - 649,631 3,462,362 54,788
9801 80th Avenue Pleasant Prairie, WI - 1,692,077 7,934,794 39,593
11950 W. Lake Park Drive Milwaukee, WI - 391,813 2,340,118 112,942
11400 W. Lake Park Drive Milwaukee, WI - 439,595 2,357,904 128,677
11425 W. Lake Park Drive Milwaukee, WI - 382,256 2,350,619 98,537
11301 W. Lake Park Drive Milwaukee, WI - 614,477 2,626,456 84,780
11900 W. Lake Park Drive Milwaukee, WI - 347,853 2,396,887 470,700
16620-16650 W. Bluemound Road Brookfield, WI - 586,665 4,289,907 107,603
1600-1630 E. Big Beaver Road Troy, MI - 1,454,406 2,952,884 40,101
10 Kings Hill Ave West Malling, UK - 983,547 - 6,783,397
18 Kings Hill Avenue West Malling, UK - 829,785 - 5,474,522
2 Kings Hill Avenue West Malling, UK - 785,565 - 5,456,714
- -95-
<PAGE>
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Cost
Capitalized
Initial Cost Subsequent
--------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - CONTINUED
25 Kings Hill Avenue West Malling, UK 5,653,550 1,105,380 - 8,130,757
30 Tower View West Malling, UK - 1,657,321 - 11,648,076
35 Kings Hill Ave West Malling, UK - 812,193 - 2,925,276
39 Kings Hill Avenue West Malling, UK - 494,508 - 3,361,678
50 Gibson Drive West Malling, UK - ** - 3,710,203
50 Kings Hill Avenue West Malling, UK - 1,215,608 - 12,726,739
------------ ------------ -------------- --------------
Subtotal Operating Real Estate $109,792,052 $396,494,847 $1,506,876,370 $1,101,308,391
============ ============ ============== ==============
DEVELOPMENT IN PROGRESS
Walnut Grove Land Horsham, PA$ $ - $ 1,065,951 $ - $ 6,953,612
PNC Bank - Phase II Construction Philadelphia, PA - - - 16,678,947
2201 Renaissance Blvd King of Prussia, PA - - - 9,982,666
2540 Renaissance Blvd King of Prussia, PA - - - 663,172
2560 Renaissance Blvd King of Prussia, PA - - - 1,986,697
Keystone Industrial Park Bldg 1 Bristol, PA - - - 1,250,724
651 Bridgestone Drive Allentown, PA - 4,308,646 - 11,972,963
10800 Nuckols Road Glen Allen, VA - 1,432,462 - 12,469,285
3955 Faber Place Charleston, SC - 381,887 - 5,499,159
4135 Mendenall Oaks Parkway High Point, NC - 499,500 - 2,139,188
3825 Faber Place N. Charleston, SC - 245,367 - 391,806
Butler Plaza Jacksonville, FL - 1,299,201 - 5,920,088
4905 Belfort Street Jacksonville, FL - 638,154 - 2,220,418
7315 Salisbury Road Jacksonville, FL - - - 2,445,815
4630 Woodland Corporate Blvd Tampa, FL - 943,169 - 12,147,061
Silo Bend 12 Tampa, FL - 654,259 - 3,062,207
9001-9015 Brittany Way Tampa, FL - - - 1,314,924
Huntington Square Land Miramar, FL - 2,960,511 - 12,710,188
Flying Cloud Building C Eden Prairie, MN - 1,450,000 - 1,092,142
West Tech Park Land (Lot C) Farmington Hills, MI - 368,083 - 2,298,685
38100 Ecorse Road Romulus, MI - - - 6,285,626
4 Abbey Wood Road West Malling, UK - - - 3,137,222
------------ ------------ -------------- --------------
Subtotal Development in Progress $ - $ 16,247,190 $ - $ 122,622,595
============ ============ ============== ==============
LAND HELD FOR DEVELOPMENT
Gwynedd North Bus. Campus Land Lansdale, PA $ - $ - $ - $ 1,138,244
Renaissance Park Land King of Prussia, PA - 1,645,246 - 528,770
Keystone Park Land Bristol, PA - 730,434 - 26,455
Peco Lot @ PBC Horsham, PA - 183,617 - 9,044
11 Great Valley Parkway Malvern, PA - 496,297 - 190,744
Commodore Business Park Logan Twp., NJ - 2,112,556 - 1,444,801
Marlton Executive Park Land Marlton, NJ - 550,664 - 241,351
410 Center Square Land Logan Township, NJ - 476,564 - 6,913
800 Arlington Blvd Expansion Land Logan, NJ - 195,686 - 505,882
1015 Briggs Road Land Mt. Laurel, NJ - 356,987 - 113,673
Lehigh Valley Corporate Center Land Bethlehem, PA - 1,038,809 - 511,511
LVCC Phase 2 Land Bethlehem, PA 612,500 4,242,279 - 992,411
LV West Land - Lot 5A Upper Macungie, PA 250,000 4,484,096 - 1,387,883
Park at Valleypointe Land Roanoke, VA - 238,545 - 401,575
Fairgrounds Distribution Center Land Richmond, VA - 100,000 - 29,107
Rivers Bend Land Chesterfield , VA - 1,695,415 - 7,911,684
Woodlands Center Land Sandston, VA - 928,555 - 223,284
501 Liberty Way Chesterfield, VA - 165,042 - 484,965
601 Hewlett Packard Way (HP3) Chesterfield, VA - 171,053 - 460,853
6000-98 Eastport Blvd Richmond, VA - 787,091 - 827,650
Eastport VIII Richmond, VA - 379,836 - 2,862
Eastport IX Richmond, VA - 209,856 - 1,771
Westmoreland Land Virginia Beach, VA - 758,403 - 113,917
Central Green Land Houston, TX - 1,394,592 - 151,006
Westmoreland III Land Virginia Beach, VA - 645,966 - 96,531
Mendenhall Land High Point, NC - 2,394,914 - 2,822,105
Independence Pointe Land Greenville, SC - 1,304,084 - 162,322
Executive Park at Faber Place Land Charleston, SC - - - 119,379
Southchase Business Park Land Greenville, SC - - - 77,082
Woodfield Land Greenville, SC - - - 70,686
Eagle Hill Business Park Land High Point, NC - 424,169 - 78,909
Southpoint Business Park Land Jacksonville, FL - 349,339 - 88,772
Liberty Business Park Land Jacksonville, FL - 448,097 - 8,172
7024 AC Skinner Parkway Jacksonville, FL - 468,643 - 282,805
Silo Bend Land (LPDC) Tampa, FL - 3,386,932 - 833,083
Exchange Place Land Orlando, FL - 193,406 - 8,711
Belfort Road Jacksonville, FL - 468,643 - 24,265
Butler Plaza Land Jacksonville, FL - 2,602,994 - 592,144
Salisbury Road Land Jacksonville, FL - 1,227,750 - 699,010
South Center Land Orlando, FL - 3,298,807 - 3,386
South Center Land Orlando, FL - 479,859 - 12,597
4508 Woodland Corporate Blvd Tampa, FL - 498,598 - 5,668
Woodland Corporate Center Land Tampa, FL - - - 1,025,593
Pompano Business Park Land - Parcel 2 Boca Raton, FL - 407,328 - 3,584
Pompano Business Park Land - Parcel 3 Boca Raton, FL - 509,233 - 3,614
Boca Colannade Land - Yamato Road Boca Raton, FL - 3,649,792 - 540,914
Klodt Land Eden Prairie, MN - 5,694,963 - 302,264
Flying Cloud Land Eden Prairie, MN - 4,731,035 - 1,881,479
Romulus Land Romulus, MI - 970,464 - 219,301
Victor Corporate Land Livonia, MI - 6,472,528 - 539,445
Big Veaver Airport Land Troy, MI - 14,690,542 - 128,392
- -96-
<PAGE>
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Cost
Capitalized
Initial Cost Subsequent
--------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
LAND HELD FOR DEVELOPMENT - CONTINUED
Lakeview Corporate Park Land Pleasant Praire, WI - 1,357,602 - 35,656
Park Place South Land Milwaukee, WI - 2,804,369 - 7,279
-------------- ------------- -------------- --------------
Subtotal Land Held for Development $ 862,500 $ 82,821,680 $ - $ 28,379,505
============== ============= ============== ==============
-------------- ------------- -------------- --------------
Total All Properties $ 110,654,552 $ 495,563,717 $1,506,876,370 $1,252,310,491
============== ============= ============== ==============
*Denotes property is collateralized under mortgages with Nationwide, Principal Mutual, American General,
New York Life, Manufacturer's Life, USG Annuity and Life and Jackson National Life totalling $264.2 million.
</TABLE>
**Rouse leases land from Kent County Council.
<TABLE>
<CAPTION>
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/99
- -------------------------------------- --------------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
OPERATING PROPERTIES
10,20 Liberty Boulevard Malvern, PA $ 645,318 $ 5,025,250 $ 5,670,568
420 Lapp Road Malvern, PA 1,049,243 6,296,778 7,346,021
747 Dresher Road Horsham, PA 1,611,977 3,943,429 5,555,406
45-67 Great Valley Parkway Malvern, PA 795,831 2,930,154 3,725,985
1180 Church Road Lansdale, PA 2,521,973 16,679,441 19,201,414
40 Valley Stream Parkway Malvern, PA 323,792 2,184,948 2,508,740
50 Valley Stream Parkway Malvern, PA 371,068 2,301,942 2,673,010
20 Valley Stream Parkway Malvern, PA 466,413 5,130,242 5,596,655
800 Town Center Drive Langhorne, PA 1,619,288 9,379,292 10,998,581
11, 15 Great Valley Parkway Malvern, PA 1,837,878 15,155,884 16,993,762
257-275 Great Valley Parkway Malvern, PA 505,458 4,444,996 4,950,454
300 Technology Drive Malvern, PA 374,497 1,297,825 1,672,322
277-293 Great Valley Parkway Malvern, PA 531,534 1,950,642 2,482,176
311 Technology Drive Malvern, PA 348,099 2,292,838 2,640,937
325 Technology Drive Malvern, PA 385,693 1,841,992 2,227,685
7 Great Valley Parkway Malvern, PA 177,317 4,414,675 4,591,992
55 Valley Stream Parkway Malvern, PA 215,818 3,406,566 3,622,384
65 Valley Stream Parkway Malvern, PA 382,361 5,189,145 5,571,506
508 Lapp Road Malvern, PA 263,116 1,828,410 2,091,526
10 Valley Stream Parkway Malvern, PA 465,135 2,893,353 3,358,488
333 Phoenixville Pike Malvern, PA 524,229 3,083,246 3,607,475
30 Great Valley Parkway Malvern, PA 128,783 354,908 483,691
75 Great Valley Parkway Malvern, PA 143,811 418,152 561,963
27-43 Great Valley Parkway Malvern, PA 449,447 2,132,001 2,581,448
77-123 Great Valley Parkway Malvern, PA 888,359 4,715,098 5,603,457
260 Great Valley Parkway Malvern, PA 212,768 840,301 1,053,069
256 Great Valley Parkway Malvern, PA 161,949 1,887,910 2,049,859
205 Great Valley Parkway Malvern, PA 1,369,003 9,629,930 10,998,933
12,14,16 Great Valley Parkway Malvern, PA 131,517 1,201,212 1,332,729
155 Great Valley Parkway Malvern, PA 626,068 2,257,560 2,883,628
333 Technology Drive Malvern, PA 90,952 2,377,145 2,468,097
510 Lapp Road Malvern, PA 325,415 897,495 1,222,910
181 Wheeler Court Langhorne, PA 263,490 2,094,122 2,357,612
1100 Wheeler Way Langhorne, PA 151,500 1,189,217 1,340,717
60 Morehall Road Malvern, PA 884,974 13,989,653 14,874,627
905 Airport Road West Chester, PA 1,735,012 5,371,955 7,106,967
16 Cabot Boulevard Langhorne, PA 649,743 5,966,093 6,615,836
1 Country View Road Malvern, PA 406,421 4,062,617 4,469,038
2151 Cabot Boulevard Langhorne, PA 389,990 3,714,510 4,104,500
170 South Warner Road King of Prussia, PA 555,911 5,582,639 6,138,550
190 South Warner Road King of Prussia, PA 560,373 4,746,846 5,307,219
507 Prudential Road Horsham, PA 652,919 6,012,120 6,665,039
100 Witmer Road Horsham, PA 3,764,783 11,450,181 15,214,964
3100 Horizon Drive King of Prussia, PA 611,435 1,997,769 2,609,205
3300 Horizon Drive King of Prussia, PA 687,878 3,143,819 3,831,697
3500 Horizon Drive King of Prussia, PA 1,223,875 2,512,100 3,735,976
200 Chesterfield Parkway Malvern, PA 495,893 2,861,279 3,357,172
767 Electronic Drive Horsham, PA 1,241,970 2,733,851 3,975,821
132 Welsh Road Horsham, PA 1,408,042 3,690,825 5,098,867
5 Country View Road Malvern, PA 786,235 4,862,177 5,648,412
3200 Horizon Drive King of Prussia, PA 1,210,136 4,014,561 5,224,697
3000 Horizon Drive King of Prussia, PA 946,703 2,092,418 3,039,120
111-195 Witmer Road Horsham, PA 378,205 3,042,988 3,421,193
300 Welsh Road Horsham, PA 180,459 1,559,560 1,740,018
400 Welsh Road Horsham, PA 282,493 3,249,228 3,531,721
8801 Tinicum Boulevard Philadelphia, PA 124,062 26,687,939 26,812,001
440 East Swedesford Road King of Prussia, PA 717,001 6,261,245 6,978,246
460 East Swedesford Road King of Prussia, PA 705,317 5,263,417 5,968,734
50 Morehall Road Malvern, PA 1,337,076 12,559,217 13,896,293
2 Walnut Grove Drive Horsham, PA 1,265,363 8,580,464 9,845,827
200 Gibraltar Road Horsham, PA 638,513 6,487,538 7,126,052
- -97-
<PAGE>
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/99
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - CONTINUED
220 Gibraltar Road Horsham, PA 629,944 5,778,394 6,408,338
240 Gibraltar Road Horsham, PA 629,944 5,762,958 6,392,902
151 S. Warner Road King of Prussia, PA 1,218,086 7,087,359 8,305,445
1 Walnut Grove Drive Horsham, PA 1,058,901 6,388,326 7,447,227
3604 Horizon Drive King of Prussia, PA 350,873 1,622,699 1,973,572
3606 Horizon Drive King of Prussia, PA 815,855 1,914,370 2,730,225
650 Swedesford Road King of Prussia, PA 952,911 14,270,962 15,223,873
680 Swedesford Road King of Prussia, PA 952,361 13,971,346 14,923,707
761 Fifth Avenue King of Prussia, PA 256,463 2,426,184 2,682,647
771 Fifth Avenue King of Prussia, PA 152,456 1,465,494 1,617,950
1 Great Valley Parkway Malvern, PA 419,460 4,093,368 4,512,828
5 Great Valley Parkway Malvern, PA 684,200 6,564,330 7,248,530
311 Sinclair Road Bristol, PA 277,901 1,598,758 1,876,660
100 Cedar Hollow Road Malvern, PA 1,646,985 15,821,401 17,468,386
3 Country View Road Malvern, PA 1,128,880 4,546,491 5,675,371
425 Technology Drive Malvern, PA 321,473 1,710,130 2,031,603
375 Technology Drive Malvern, PA 234,922 1,721,291 1,956,213
45 Liberty Boulevard Malvern, PA 4,768,152 14,640,333 19,408,485
100 Chesterfield Parkway Malvern, PA 1,349,954 6,645,720 7,995,674
181-187 Gibraltar Road Horsham, PA 360,549 3,693,803 4,054,352
104 Rock Road Horsham, PA 330,111 3,003,681 3,333,792
123-135 Rock Road Horsham, PA 393,019 2,915,514 3,308,533
111-159 Gibraltar Road Horsham, PA 489,032 4,210,960 4,699,992
161-175 Gibraltar Road Horsham, PA 294,673 3,106,542 3,401,215
103-109 Gibraltar Road Horsham, PA 270,906 3,023,061 3,293,967
261-283 Gibraltar Road Horsham, PA 464,871 3,990,308 4,455,179
201-223 Witmer Road Horsham, PA 270,282 3,877,673 4,147,955
231-237 Gibraltar Road Horsham, PA 436,952 4,289,949 4,726,901
100 Gibraltar Road Horsham, PA 38,729 358,432 397,161
101 Gibraltar Road Horsham, PA 731,990 5,943,778 6,675,768
506 Prudential Road Horsham, PA 208,140 1,512,635 1,720,775
113-123 Rock Road Horsham, PA 451,731 3,192,293 3,644,024
101-111 Rock Road Horsham, PA 452,250 3,255,126 3,707,376
120 Gibraltar Road Horsham, PA 558,142 4,900,550 5,458,692
110 Gibraltar Road Horsham, PA 673,041 5,949,644 6,622,685
100-107 Lakeside Drive Horsham, PA 255,528 2,607,194 2,862,722
200-264 Lakeside Drive Horsham, PA 502,705 4,972,421 5,475,126
300-309 Lakeside Drive Horsham, PA 376,475 3,578,985 3,955,460
400-445 Lakeside Drive Horsham, PA 583,628 5,994,494 6,578,122
104 Witmer Road Horsham, PA 189,792 2,115,570 2,305,363
201 Gibraltar Road Horsham, PA 380,127 3,993,624 4,373,751
3600 Horizon Drive King of Prussia, PA 236,432 1,876,883 2,113,315
3602 Horizon Drive King of Prussia, PA 217,809 1,854,867 2,072,676
3 Franklin Plaza Philadelphia, PA 2,514,519 32,205,007 34,719,526
400-500 Brandywine Parkway West Chester, PA 845,846 7,136,045 7,981,891
600 Brandywine Parkway West Chester, PA 664,899 5,611,563 6,276,462
2700 Horizon Drive King of Prussia, PA 867,815 3,536,429 4,404,244
2900 Horizon Drive King of Prussia, PA 774,095 3,383,826 4,157,922
2500 Renaissance Boulevard King of Prussia, PA 592,886 2,335,421 2,928,307
2300 Renaissance Boulevard King of Prussia, PA 574,153 2,568,118 3,142,271
719 Dresher Road Horsham, PA 495,112 3,006,439 3,501,551
2100 Renaissance Boulevard King of Prussia, PA 1,132,519 9,284,103 10,416,622
4 Walnut Grove Horsham, PA 2,515,115 7,324,042 9,839,158
2250 Hickory Road Plymouth Meeting, PA 1,015,851 9,680,731 10,696,582
3400 Horizon Drive King of Prussia, PA 776,496 3,594,070 4,370,566
One Ridgewood Place Downingtown, PA 422,460 2,340,938 2,763,398
300 Welsh Road Horsham, PA 696,061 3,393,680 4,089,741
600 Chesterfield Parkway Malvern, PA 2,037,812 8,128,083 10,165,895
700 Chesterfield Parkway Malvern, PA 2,037,812 8,141,879 10,179,691
6 Terry Drive Newtown, PA 622,029 2,249,571 2,871,601
2520 Renaissance Boulevard King of Prussia, PA 978,402 3,913,621 4,892,023
18 Great Valley Parkway Malvern, PA 397,293 4,016,240 4,413,532
700 Dresher Road Horsham, PA 2,565,140 5,533,224 8,098,363
14 Lee Boulevard Malvern, PA 665,053 6,477,686 7,142,739
500 Chesterfield Parkway Malvern, PA 473,139 2,876,167 3,349,306
300-400 Chesterfield Parkway Malvern, PA 931,212 4,503,605 5,434,817
150 Mid-Atlantic Parkway West Deptford, NJ 88,153 503,505 591,658
51 Haddonfield Road Cherry Hill, NJ 248,326 9,461,405 9,709,731
57 Read's Way New Castle, DE 352,736 2,881,178 3,233,914
1370 Imperial Way West Deptford, NJ 298,010 4,435,239 4,733,249
8 Stow Road Marlton, NJ 172,945 1,818,038 1,990,983
10 Stow Road Marlton, NJ 147,318 1,521,568 1,668,886
12 Stow Road Marlton, NJ 103,618 1,229,604 1,333,222
14 Stow Road Marlton, NJ 93,418 1,055,792 1,149,210
1300 Metropolitan Avenue West Deptford, NJ 221,218 2,016,048 2,237,266
701A Route 73 South Marlton, NJ 271,743 6,008,895 6,280,638
701C Route 73 South Marlton, NJ 96,161 1,655,518 1,751,678
1008 Astoria Boulevard Cherry Hill, NJ 32,698 786,807 819,505
1475 Imperial Way West Deptford, NJ 58,606 1,030,961 1,089,567
3000 Atrium Way Mt. Laurel, NJ 512,018 7,611,002 8,123,020
750 Cardinal Drive Pureland, NJ 236,190 2,926,781 3,162,971
11000, 15000, 17000 Commerce Pkwy. Mt. Laurel, NJ 456,465 4,917,871 5,374,336
12000, 14000 Commerce Parkway Mt. Laurel, NJ 362,855 3,516,372 3,879,227
16000, 18000 Commerce Parkway Mt. Laurel, NJ 290,545 2,909,017 3,199,562
400 Lippincott Drive Marlton, NJ 317,799 3,103,668 3,421,467
406 Lippincott Drive Marlton, NJ 327,554 2,322,002 2,649,556
234 High Hill Road Bridgeport, NJ 250,445 1,812,039 2,062,484
100 Arlington Boulevard Bridgeport, NJ 374,836 4,233,613 4,608,449
100 Berkeley Drive Swedesboro, NJ 401,254 2,132,351 2,533,605
- -98-
<PAGE>
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/99
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - CONTINUED
301 Lippincott Drive Marlton, NJ 1,069,837 5,519,315 6,589,152
303 Lippincott Drive Marlton, NJ 1,069,837 5,424,960 6,494,797
510-512 Sharptown Road Bridgeport, NJ 125,410 1,116,798 1,242,207
901 Route 73 Marlton, NJ 334,411 2,832,455 3,166,866
1500 Route 73 Marlton, NJ 450,558 3,723,751 4,174,309
512 Sharptown Road Bridgeport, NJ 180,468 1,592,810 1,773,278
201 Berkeley Drive Bridgeport, NJ 515,116 3,839,694 4,354,809
404 Lippincott Drive Marlton, NJ 131,896 1,650,044 1,781,940
104 Gaither Drive Mt. Laurel, NJ 136,446 1,369,093 1,505,539
402 Lippincott Drive Marlton, NJ 131,896 1,631,153 1,763,049
300 Commodore Drive Bridgeport, NJ 723,369 4,979,068 5,702,437
3000 Lincoln Drive Mt. Laurel, NJ 284,052 3,688,976 3,973,028
6000 Commerce Parkway Mt. Laurel, NJ 234,151 2,154,427 2,388,578
7000 Commerce Parkway Mt. Laurel, NJ 260,014 2,452,771 2,712,785
8000 Commerce Parkway Mt. Laurel, NJ 234,814 2,098,353 2,333,167
9000 Commerce Parkway Mt. Laurel, NJ 286,587 2,532,716 2,819,303
1000 Briggs Road Mt. Laurel, NJ 288,577 2,814,402 3,102,979
1025 Briggs Road Mt. Laurel, NJ 430,990 3,931,292 4,362,282
1020 Briggs Road Mt. Laurel, NJ 574,983 2,770,780 3,345,763
9 Stow Road Marlton, NJ 654,779 2,014,480 2,669,258
2000 Crawford Place Mt. Laurel, NJ 310,831 3,950,925 4,261,756
1351 Metropolitan Avenue Thorofare, NJ 189,465 1,755,427 1,944,892
650 Grove Road Thorofare, NJ 267,214 2,658,391 2,925,605
400 Grove Road Thorofare, NJ 145,009 1,401,324 1,546,333
5000 Dearborn Court Mt. Laurel, NJ 1,057,763 4,313,106 5,370,869
515 Heron Drive Bridgeport, NJ 334,017 2,378,137 2,712,154
500 Sharptown Road Pureland, NJ 302,858 2,698,111 3,000,969
625 Heron Drive Bridgeport, NJ 180,226 913,440 1,093,666
605 Heron Drive Bridgeport, NJ 265,381 1,055,802 1,321,183
510 Heron Drive Bridgeport, NJ 790,335 8,069,031 8,859,366
522 Pedricktown Road Bridgeport, NJ 176,309 1,377,808 1,554,117
530 Pedricktown Road Bridgeport, NJ 350,813 1,932,424 2,283,238
540 Pedricktown Road Bridgeport, NJ 531,280 4,572,481 5,103,761
230 High Hill Road Bridgeport, NJ 1,418,000 8,868,726 10,286,726
3 Mallard Court Bridgeport, NJ 417,893 2,455,765 2,873,657
730 Cardinal Drive Bridgeport, NJ 576,598 1,818,505 2,395,103
405 Heron Drive Bridgeport, NJ 2,167,471 18,831,390 20,998,861
100 Eagle Road Bridgeport, NJ 256,491 1,453,462 1,709,952
250 High Hill Road Bridgeport, NJ 246,478 2,438,300 2,684,778
508 Center Square Road Bridgeport, NJ 453,341 3,459,188 3,912,528
602 Heron Drive Bridgeport, NJ 524,728 2,246,752 2,771,480
300 Eagle Court Bridgeport, NJ 1,135,989 1,886,399 3,022,388
500 Center Square Road Bridgeport, NJ 1,338,839 6,204,163 7,543,002
1001 Briggs Road Marlton, NJ 701,705 4,001,403 4,703,109
1960 Cuthbert Boulevard Cherry Hill, NJ 321,699 1,328,739 1,650,438
1970 Cuthbert Boulevard Cherry Hill, NJ 321,699 1,321,498 1,643,197
10000 & 11000 Route 73 Marlton, NJ 716,258 2,922,589 3,638,847
800 Arlington Boulevard Logan, NJ 1,700,348 6,729,706 8,430,054
1655 Valley Center Parkway Bethlehem, PA 215,095 1,866,465 2,081,560
6560 Stonegate Drive Allentown, PA 437,122 2,368,188 2,805,310
6370 Hedgewood Drive Allentown, PA 515,707 3,042,510 3,558,217
6390 Hedgewood Drive Allentown, PA 670,819 2,627,537 3,298,356
1495 Valley Center Parkway Bethlehem, PA 258,014 3,762,701 4,020,715
6350 Hedgewood Drive Allentown, PA 370,318 3,160,567 3,530,885
6330 Hedgewood Drive Allentown, PA 499,720 4,357,096 4,856,816
1550 Valley Center Parkway Bethlehem, PA 188,320 3,181,216 3,369,536
1560 Valley Center Parkway Bethlehem, PA 229,301 3,888,881 4,118,182
6580 Snowdrift Road Allentown, PA 367,377 2,502,461 2,869,837
1510 Valley Center Parkway Bethlehem, PA 312,873 3,310,010 3,622,883
1530 Valley Center Parkway Bethlehem, PA 212,491 2,652,205 2,864,696
6540 Stonegate Drive Allentown, PA 422,730 3,589,990 4,012,720
974 Marcon Boulevard Allentown, PA 144,248 2,124,059 2,268,307
964 Marcon Boulevard Allentown, PA 139,480 1,507,438 1,646,918
764 Roble Road Allentown, PA 141,746 793,490 935,236
3174 Airport Road Allentown, PA 98,986 1,105,398 1,204,384
2196 Avenue C Allentown, PA 107,307 1,195,585 1,302,892
2202 Hangar Place Allentown, PA 138,127 1,306,922 1,445,049
2201 Hangar Place Allentown, PA 129,142 1,408,070 1,537,212
954 Marcon Boulevard Allentown, PA 104,452 1,130,043 1,234,495
57 South Commerce Way Allentown, PA 395,459 2,909,489 3,304,948
754 Roble Road Allentown, PA 163,735 1,863,661 2,027,396
894 Marcon Boulevard Allentown, PA 118,304 1,098,614 1,216,918
744 Roble Road Allentown, PA 161,371 1,914,503 2,075,874
944 Marcon Boulevard Allentown, PA 119,711 1,620,887 1,740,598
1685 Valley Center Parkway Allentown, PA 198,482 2,101,841 2,300,323
6520 Stonegate Drive Allentown, PA 948,395 1,320,893 2,269,288
7437 Industrial Boulevard Allentown, PA 726,651 6,435,105 7,161,756
2041 Avenue C Allentown, PA 213,879 1,168,169 1,382,048
2124 Avenue C Allentown, PA 289,529 1,093,852 1,383,381
7339 Industrial Boulevard Allentown, PA 1,197,448 5,722,547 6,919,994
7384 Penn Drive Allentown, PA 652,118 2,738,959 3,391,077
7144 Daniels Drive Allentown, PA 1,579,169 6,576,732 8,155,901
7620 Cetronia Road Allentown, PA 1,093,724 4,201,128 5,294,852
939 Marcon Boulevard Allentown, PA 2,220,548 5,259,342 7,479,890
100 Brodhead Road Allentown, PA 429,456 3,107,116 3,536,572
1455 Valley Center Parkway Bethlehem, PA 545,173 3,760,041 4,305,214
1640 Valley Center Parkway Bethlehem, PA 190,728 2,580,591 2,771,319
1650 Valley Center Parkway Allentown, PA 188,896 2,384,039 2,572,935
1660 Valley Center Parkway Bethlehem, PA 188,721 2,265,131 2,453,852
400 Nestle Way Allentown, PA 8,184,096 26,335,811 34,519,907
83 South Commerce Way Bethlehem, PA 212,744 1,098,440 1,311,184
- -99-
<PAGE>
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/99
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - CONTINUED
85 South Commerce Way Bethlehem, PA 237,078 1,069,927 1,307,005
87 South Commerce Way Bethlehem, PA 253,886 1,138,811 1,392,696
89 South Commerce Way Bethlehem, PA 367,705 1,710,306 2,078,011
7249 Industrial Boulevard Allentown, PA 2,670,673 13,988,804 16,659,477
95 Highland Avenue Bethlehem, PA 430,593 3,480,016 3,910,609
236 Brodhead Road Bethlehem, PA 376,962 4,697,544 5,074,506
1525 Valley Center Parkway Allentown, PA 804,104 6,890,590 7,694,694
6620 Grant Way Allentown, PA 430,824 1,922,261 2,353,085
700 Nestle Way Allentown, PA 4,174,970 16,184,779 20,359,749
7562 Penn Drive Allentown, PA 269,614 922,843 1,192,457
7277 Williams Avenue Allentown, PA 463,124 1,573,262 2,036,386
7355 Williams Avenue Allentown, PA 489,749 1,787,247 2,276,997
794 Roble Boulevard Allentown, PA 1,147,541 6,170,123 7,317,664
6923 Schantz Spring Road Allentown, PA 1,127,805 3,348,457 4,476,262
2600 Beltline Avenue Reading, PA 558,903 2,252,359 2,811,262
7132 Daniels Drive Allentown, PA 1,696,470 7,340,281 9,036,752
3985 Adler Place Bethlehem, PA 705,367 4,088,117 4,793,485
8014 Industrial Boulevard Upper Macungie, PA 3,645,118 9,030,520 12,675,638
180 & 190 Admiral Cochrane Drive Annapolis, MD 3,752,293 16,136,892 19,889,185
12000,001,040 Indian Creek Court Beltsville, MD 2,665,835 10,909,871 13,575,706
8280 Patuxent Range Drive Columbia, MD 181,601 1,336,075 1,517,676
7178-80 Columbia Gateway Columbia, MD 1,571,105 5,453,938 7,025,043
9770 Patuxent Woods Drive Columbia, MD 341,663 3,046,382 3,388,045
9780 Patuxent Woods Drive Columbia, MD 218,542 1,948,534 2,167,075
9790 Patuxent Woods Drive Columbia, MD 243,791 2,177,349 2,421,139
9810 Patuxent Woods Drive Columbia, MD 266,684 2,376,814 2,643,497
9800 Patuxent Woods Drive Columbia, MD 299,099 2,666,479 2,965,578
9820 Patuxent Woods Drive Columbia, MD 237,779 2,138,731 2,376,510
9830 Patuxent Woods Drive Columbia, MD 296,262 2,644,631 2,940,894
9050 Red Branch Road Columbia, MD 290,950 2,849,389 3,140,339
4606 Richlynn Drive Belcamp, MD 299,600 1,825,969 2,125,569
8945-8975 Guilford Columbia, MD 2,427,065 7,547,251 9,974,315
7317 Parkway Drive Hanover, MD 1,104,359 1,963,990 3,068,349
9101,9111,9115 Guilford Road Columbia, MD 765,953 3,343,752 4,109,705
9125,9135,9145 Guilford Road Columbia, MD 920,439 5,569,999 6,490,438
10 South Third Street Richmond, VA 27,970 173,381 201,351
1751 Bluehills Drive Roanoke, VA 1,063,728 8,602,628 9,666,356
4300 Carolina Avenue Richmond, VA 2,009,136 15,337,786 17,346,923
301 Hill Carter Parkway Richmond, VA 659,456 4,899,214 5,558,670
4001 Carolina Avenue Richmond, VA 29,443 248,597 278,040
5600-5626 Eastport Boulevard Richmond, VA 489,941 3,764,573 4,254,514
5650-5674 Eastport Boulevard Richmond, VA 644,384 4,168,551 4,812,935
5700 Eastport Boulevard Richmond, VA 408,729 2,740,967 3,149,696
11020 Hull Street Road Richmond, VA 427,535 646,199 1,073,734
3432 Holland Road Virginia Beach, VA 173,527 801,603 975,130
4880 Cox Road Richmond, VA 743,898 5,664,973 6,408,871
5162 Valleypointe Parkway Roanoke, VA 551,483 2,647,549 3,199,032
4101- 4127 Carolina Avenue Richmond, VA 310,854 2,336,735 2,647,589
4201-4261 Carolina Avenue Richmond, VA 693,203 5,449,603 6,142,806
4263-4299 Carolina Avenue Richmond, VA 256,203 3,623,839 3,880,042
4301-4335 Carolina Avenue Richmond, VA 223,696 1,757,039 1,980,735
4337-4379 Carolina Avenue Richmond, VA 325,203 3,114,185 3,439,388
4501-4549 Carolina Avenue Richmond, VA 486,166 3,696,144 4,182,310
4551-4593 Carolina Avenue Richmond, VA 474,360 3,597,434 4,071,794
4601-4643 Carolina Avenue Richmond, VA 652,455 5,098,570 5,751,025
4645-4683 Carolina Avenue Richmond, VA 404,616 3,798,329 4,202,945
4447-4491 Carolina Avenue Richmond, VA 454,056 2,822,016 3,276,072
4401-4445 Carolina Avenue Richmond, VA 615,038 4,595,362 5,210,400
12 S. Third Street Richmond, VA 40,539 190,807 231,346
9601 Cosner Drive Fredericksburg, VA 476,262 4,065,136 4,541,398
315 Cardiff Valley Road Knoxville, TN 443,305 2,993,390 3,436,695
2300 East Parham Road Richmond, VA 221,947 1,025,269 1,247,216
5221 Valleypark Drive Roanoke, VA 285,008 1,223,376 1,508,384
5228 Valleypointe Parkway Roanoke, VA 218,663 893,434 1,112,097
5238 Valleypark Drive Roanoke, VA 416,375 1,988,562 2,404,937
5601-5659 Eastport Boulevard Richmond, VA 720,100 5,129,827 5,849,927
5900 Eastport Boulevard Richmond, VA 687,898 5,363,069 6,050,968
4717-4729 Eubank Road Richmond, VA 452,263 3,413,263 3,865,526
5251 Concourse Drive Roanoke, VA 217,690 1,579,924 1,797,614
4263F Carolina Avenue Richmond, VA 91,599 1,622,673 1,714,273
4200 Oakleys Court Richmond, VA 459,653 2,500,932 2,960,585
1821 Battery Dantzler Road Chester, VA 392,332 3,061,807 3,454,139
5000 Cox Road Glen Allen, VA 771,029 3,710,943 4,481,972
5500 Cox Road Richmond, VA 483,263 2,326,520 2,809,783
510 Eastpark Court Sandston, VA 262,210 2,148,008 2,410,218
520 Eastpark Court Sandston, VA 486,598 4,136,661 4,623,259
13001 Kingston Avenue Chester, VA 376,700 2,029,244 2,405,944
5701-5799 Eastport Boulevard Richmond, VA 700,503 5,082,742 5,783,245
4801 Cox Road Richmond, VA 1,075,620 8,856,012 9,931,632
600 HP Way Chester, VA 501,752 7,419,156 7,920,908
500 HP Way Chester, VA 491,919 6,251,800 6,743,719
701 Liberty Way Richmond, VA 545,275 3,967,521 4,512,796
4198 Cox Road Glen Allen, VA 670,292 4,060,115 4,730,407
5310 Valley Park Drive Roanoke, VA 129,220 1,131,385 1,260,605
5305 Valley Park Drive Roanoke, VA 232,074 1,734,293 1,966,367
4510 Cox Road Glen Allen, VA 1,010,044 7,225,156 8,235,200
2809 South Lynnhaven Road Virginia Beach, VA 953,590 6,494,183 7,447,773
200 Golden Oak Court Virginia Beach, VA 1,116,693 7,021,156 8,137,849
208 Golden Oak Court Virginia Beach, VA 965,177 6,882,126 7,847,304
1 Enterprise Parkway Hampton, VA 974,675 5,870,729 6,845,404
- -100-
<PAGE>
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/99
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - CONTINUED
22 Enterprise Parkway Hampton, VA 1,097,368 6,975,533 8,072,901
530 Eastpark Court Sandston, VA 334,773 2,580,591 2,915,364
484 Viking Drive Virginia Beach, VA 891,753 3,735,474 4,627,227
10430 Lakeridge Parkway Ashland, VA 421,267 3,828,614 4,249,881
10456 Lakeridge Parkway Ashland, VA 409,261 3,727,035 4,136,296
3829-3855 Gaskins Road Richmond, VA 364,165 3,270,794 3,634,959
629 Phoenix Drive Virginia Beach, VA 371,694 2,125,063 2,496,757
11838 Rock Landing Drive Newport News, VA 673,942 2,374,310 3,048,252
11844 Rock Landing Drive Newport News, VA 326,774 1,423,323 1,750,097
11846 Rock Landing Drive Newport News, VA 299,066 1,467,883 1,766,949
11832 Rock Landing Drive Newport News, VA 748,582 5,861,413 6,609,994
5700 Cleveland Street Virginia Beach, VA 700,564 9,982,564 10,683,128
801 Liberty Way Chester, VA 780,000 5,538,180 6,318,180
5 Manhattan Square Hampton, VA 212,694 1,494,264 1,706,958
4523 Green Point Drive High Point, NC 223,614 2,032,461 2,256,075
4501 Green Point Drive High Point, NC 320,450 2,264,967 2,585,417
4500 Green Point Drive High Point, NC 231,692 2,056,599 2,288,291
2427 Penny Road High Point, NC 1,168,074 6,182,258 7,350,332
4524 Green Point Drive High Point, NC 183,888 2,122,318 2,306,206
4328, 4336 Federal Drive High Point, NC 825,092 7,361,493 8,186,585
200 Centreport Drive Greensboro, NC 332,017 4,045,513 4,377,530
4344 Federal Drive High Point, NC 173,623 2,642,980 2,816,603
202 Centreport Drive Greensboro, NC 549,679 5,644,025 6,193,704
101 Centreport Drive Greensboro, NC 826,237 7,403,026 8,229,263
4000 Piedmont Parkway High Point, NC 597,368 5,161,746 5,759,114
4380 Federal Drive High Point, NC 283,368 2,039,608 2,322,977
4388 Federal Drive High Point, NC 132,655 1,129,542 1,262,196
6532 Judge Adams Road Rock Creek, NC 399,988 3,446,080 3,846,068
6532 Judge Adams Road Whitsett, NC 335,061 4,188,934 4,523,995
3860 Faber Place N. Charleston, SC 796,655 2,088,476 2,885,131
4055 Faber Place N. Charleston, SC 882,352 4,947,410 5,829,762
3820 Faber Place N. Charleston, SC 506,558 2,541,107 3,047,665
3875 Faber Place N. Charleston, SC 1,166,052 5,745,327 6,911,379
150 Ridgeview Center Drive Duncan, SC 711,353 8,070,965 8,782,318
1320 Garlington Road Greenville, SC 398,539 1,787,871 2,186,410
420 Park Avenue Greenville, SC 522,548 3,291,358 3,813,906
1 Alliance Drive Goose Creek, SC 662,422 2,655,438 3,317,860
4160 Mendenhall Oaks Parkway High Point, NC 545,627 2,851,364 3,396,991
4194 Mendenhall Oaks Parkway High Point, NC 265,991 2,224,106 2,490,097
4196 Mendenhall Oaks Parkway High Point, NC 173,889 1,767,234 1,941,123
4170 Mendenhall Oaks Parkway High Point, NC 373,503 1,697,735 2,071,238
4180 Mendenhall Oaks Parkway High Point, NC 315,614 1,565,526 1,881,140
4050 Piedmont Parkway High Point, NC 2,042,159 16,697,397 18,739,555
One Independence Pointe Greenville, SC 784,617 6,355,253 7,139,870
55 Beattie Place Greenville, SC 2,645,238 23,879,667 26,524,905
75 Beattie Place Greenville, SC 2,408,577 17,701,287 20,109,864
7736 McCloud Road Greensboro, NC 591,795 6,047,856 6,639,651
15 Brendan Way Greenville, SC 614,192 3,496,845 4,111,037
200 Meeting Street Charleston, SC 4,027,428 30,604,898 34,632,326
7500 West 110th Street Overland Park, KS 2,380,493 9,777,156 12,157,649
8035 Quivira Road Lenexa, KS 1,180,181 4,737,971 5,918,152
4300 Federal Drive Greensboro, NC 276,038 1,599,981 1,876,019
1730 Stebbins Drive Houston, TX 144,016 420,063 564,079
5911-5925 Richard Street Jacksonville, FL 286,335 497,306 783,641
8383-8385 Baycenter Road Jacksonville, FL 65,329 649,383 714,712
8775 Baypine Road Jacksonville, FL 913,264 3,136,335 4,049,599
8539 Western Way Jacksonville, FL 631,558 2,891,757 3,523,315
6255 Lake Gray Boulevard Jacksonville, FL 811,963 3,393,042 4,205,005
6600-6660 Suemac Place Jacksonville, FL 216,014 1,892,629 2,108,643
6800-6850 Suemac Place Jacksonville, FL 125,576 1,132,203 1,257,779
8665,8667,8669 Baypine Road Jacksonville, FL 1,023,514 3,954,909 4,978,423
8540 Baycenter Road Jacksonville, FL 450,431 1,366,708 1,817,139
1200 Riverplace Drive Jacksonville, FL 1,035,091 19,280,849 20,315,940
8400 Baymeadows Way Jacksonville, FL 566,370 2,323,555 2,889,925
8614 Baymeadows Way Jacksonville, FL 312,761 1,088,410 1,401,171
5941-5975 Richard Street Jacksonville, FL 585,280 1,111,567 1,696,847
7970 Bayberry Road Jacksonville, FL 129,979 1,235,513 1,365,492
6000-6030 Bowdendale Avenue Jacksonville, FL 275,475 1,628,439 1,903,914
7898 Baymeadows Way Jacksonville, FL 568,005 1,966,127 2,534,132
5977-6607 Richard Street Jacksonville, FL 182,747 1,562,967 1,745,714
7910 & 7948 Baymeadows Way Jacksonville, FL 211,449 2,717,747 2,929,196
7954 & 7960 Baymeadows Way Jacksonville, FL 292,667 2,978,826 3,271,493
8787 Baypine Road Jacksonville, FL 2,045,574 35,636,694 37,682,268
7077 Bonneval Road Jacksonville, FL 774,020 6,960,260 7,734,280
4190 Belfort Road Jacksonville, FL 827,420 7,439,277 8,266,697
8011, 8021, 8031 Phillips Highway Jacksonville, FL 628,437 4,603,568 5,232,005
7020 AC Skinner Parkway Jacksonville, FL 749,811 2,102,973 2,852,784
7040 AC Skinner Parkway Jacksonville, FL 853,981 2,962,115 3,816,095
11777 Central Highway Jacksonville, FL 192,004 2,255,323 2,447,327
4345 Southpoint Parkway Jacksonville, FL 418,093 7,713,217 8,131,311
7016 AC Skinner Parkway Jacksonville, FL 602,633 2,320,994 2,923,626
7018 AC Skinner Parkway Jacksonville, FL 846,433 4,080,388 4,926,821
7014 AC Skinner Parkway Jacksonville, FL 780,486 2,980,338 3,760,824
6620 Southpoint Drive Jacksonville, FL 614,602 4,708,557 5,323,159
7980 Bayberry Road Jacksonville, FL 330,726 1,355,876 1,686,602
9600 Satellite Boulevard Orlando, FL 252,850 1,346,297 1,599,147
9700 Satellite Boulevard Orlando, FL 405,362 1,158,784 1,564,146
1902 Cypress Lake Drive Orlando, FL 538,512 3,923,494 4,462,006
9550 Satellite Boulevard Orlando, FL 587,320 2,046,698 2,634,018
8250 & 8256 Exchange Place Orlando, FL 622,413 2,587,224 3,209,637
- -101-
<PAGE>
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/99
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - CONTINUED
6600 Southpoint Parkway Jacksonville, FL 1,002,704 4,302,660 5,305,364
6700 Southpoint Parkway Jacksonville, FL 624,214 3,013,926 3,638,140
4801 Executive Park Court - 100 Jacksonville, FL 554,542 2,995,815 3,550,357
4801 Executive Park Court - 200 Jacksonville, FL 370,039 1,995,543 2,365,582
4810 Executive Park Court Jacksonville, FL 370,039 3,084,294 3,454,333
6602 Executive Park Court - 100 Jacksonville, FL 388,541 2,158,165 2,546,706
6602 Executive Park Court - 200 Jacksonville, FL 296,032 1,598,285 1,894,317
6631 Executive Park Court - 100 Jacksonville, FL 251,627 1,356,885 1,608,512
6631 Executive Park Court - 200 Jacksonville, FL 407,043 2,206,286 2,613,329
4815 Executive Park Court - 100 Jacksonville, FL 366,339 1,975,761 2,342,100
4815 Executive Park Court - 200 Jacksonville, FL 462,549 2,623,954 3,086,503
4825 Executive Park Court Jacksonville, FL 601,401 3,247,286 3,848,687
4820 Executive Park Court Jacksonville, FL 555,213 3,109,213 3,664,426
10511 & 10611 Satellite Boulevard Orlando, FL 522,992 2,734,454 3,257,445
1400-1440 Central Florida Parkway Orlando, FL 518,043 2,628,760 3,146,803
6601 Executive Park Circle North Jacksonville, FL 551,250 3,129,001 3,680,251
1300 Riverplace South Jacksonville, FL 1,804,258 8,289,445 10,093,702
4901 Belfort Lane Jacksonville, FL 877,964 4,202,594 5,080,558
16445 Air Center Boulevard Houston, TX 363,339 2,517,549 2,880,888
16405 Air Center Boulevard Houston, TX 438,853 3,083,524 3,522,377
2216 Directors Row Orlando, FL 453,918 2,574,300 3,028,218
7460 Chancellor Drive Orlando, FL 266,555 1,149,201 1,415,756
1901 Summit Tower Boulevard Maitland, FL 5,998,079 12,671,492 18,669,572
3701-3727 Vineland Road Orlando, FL 767,929 2,142,922 2,910,851
16580 Air Center Boulevard Houston, TX 289,000 3,559,857 3,848,858
4001,4051,4101 Fowler Avenue Tampa, FL 1,321,109 4,743,826 6,064,935
5501-5502 Pioneer Park Boulevard Tampa, FL 262,416 1,711,838 1,974,254
5690-5694 Crenshaw Street Tampa, FL 181,923 1,967,900 2,149,823
3102,3104,3110 Cherry Palm Drive Tampa, FL 503,767 2,982,479 3,486,246
8401-8408 Benjamin Road Tampa, FL 789,652 4,761,163 5,550,815
3501 Riga Boulevard Tampa, FL 617,289 3,227,707 3,844,996
111 Kelsey Lane Tampa, FL 359,540 1,626,176 1,985,715
7930, 8010-20 Woodland Center Tampa, FL 1,408,478 5,405,227 6,813,705
7920 Woodland Center Boulevard Tampa, FL 1,382,648 2,849,780 4,232,428
8154-8198 Woodland Center Tampa, FL 399,088 2,893,792 3,292,880
8112-42 Woodland Center Tampa, FL 513,263 3,243,734 3,756,997
8212 Woodland Center Tampa, FL 820,882 2,336,931 3,157,813
131 Kelsey Lane Tampa, FL 559,528 4,607,776 5,167,304
7724 Woodland Center Blvd. Tampa, FL 235,894 2,088,570 2,324,464
7802-50 Woodland Center Blvd. Tampa, FL 506,948 2,361,711 2,868,660
7852-98 Woodland Center Blvd. Tampa, FL 506,949 2,310,091 2,817,039
8921 Brittany Way Tampa, FL 254,493 1,892,134 2,146,627
5250 Eagle Trail Drive Tampa, FL 952,860 3,457,917 4,410,777
7725 Woodland Center Blvd. Tampa, FL 771,501 3,010,993 3,782,494
8001 Woodland Center Blvd. Tampa, FL 438,061 2,143,021 2,581,081
4502 Woodland Corporate Blvd. Tampa, FL 1,071,536 3,029,193 4,100,728
1701 Clint Moore Boulevard Boca Raton, FL 1,430,937 3,083,352 4,514,289
4555 Riverside Drive Beach Gardens, FL 806,405 5,798,533 6,604,938
2500 Metrocentre Boulevard West Palm Beach, FL 238,362 1,557,760 1,796,122
2540 Metrocentre Boulevard West Palm Beach, FL 165,071 1,318,383 1,483,454
2541 Metrocentre Boulevard West Palm Beach, FL 145,091 1,035,769 1,180,860
2580 Metrocentre Boulevard West Palm Beach, FL 256,478 1,673,780 1,930,258
2581 Metrocentre Boulevard West Palm Beach, FL 189,359 1,235,802 1,425,161
1101 Northpoint Parkway West Palm Beach, FL 258,606 1,548,241 1,806,847
3223 Commerce Place West Palm Beach, FL 501,843 2,033,188 2,535,031
801 Northpoint Parkway West Palm Beach, FL 459,284 2,605,751 3,065,035
5410 - 5430 Northwest 33rd Avenue Ft. Lauderdale, FL 625,110 4,344,308 4,969,419
6500 NW 12th Avenue Ft. Lauderdale, FL - 3,082,231 3,082,231
6600 NW 12th Avenue Ft. Lauderdale, FL - 3,103,757 3,103,757
1500 SW 5th Court Pompano Beach, FL 972,232 3,926,363 4,898,595
1651 SW 5th Court Pompano Beach, FL 203,247 837,269 1,040,516
1601 SW 5th Court Pompano Beach, FL 203,247 861,598 1,064,846
1501 SW 5th Court Pompano Beach, FL 203,247 833,257 1,036,504
1400 SW 6th Court Pompano Beach, FL 1,157,049 4,661,855 5,818,905
1405 SW 6th Court Pompano Beach, FL 392,138 1,585,425 1,977,563
595 SW 13th Terrace Pompano Beach, FL 359,933 1,445,338 1,805,271
601 SW 13th Terrace Pompano Beach, FL 164,413 680,559 844,971
605 SW 16th Terrace Pompano Beach, FL 310,178 1,239,970 1,550,148
2440-2478 Metrocentre Boulevard West Palm Beach, FL 470,214 2,151,139 2,621,353
951 Broken Sound Parkway Boca Raton, FL 1,426,251 6,210,753 7,637,004
3400 Lakeside Drive Miramar, FL 2,022,153 11,707,187 13,729,341
3450 Lakeside Drive Miramar, FL 2,022,152 11,525,215 13,547,367
13650 NW 8th Street Sunrise, FL 558,251 2,194,534 2,752,786
13630 NW 8th Street Sunrise, FL 659,825 2,735,459 3,395,284
777 Yamato Road Boca Raton, FL 4,501,247 18,067,740 22,568,987
1801 Clint Moore Boulevard Boca Raton, FL 1,065,068 4,615,511 5,680,580
6601-6625 W. 78th Street Bloomington, MN 2,310,246 38,857,711 41,167,957
2905 Northwest Boulevard Plymouth, MN 516,920 5,112,190 5,629,110
2800 Campus Drive Plymouth, MN 395,366 3,687,367 4,082,733
2955 Xenium Lane Plymouth, MN 151,238 1,466,167 1,617,405
9401-9443 Science Center Drive New Hope, MN 510,064 3,976,007 4,486,071
6321-6325 Bury Drive Eden Prairie, MN 462,876 4,314,000 4,776,876
7115-7173 Shady Oak Road Eden Prairie, MN 454,974 4,420,050 4,875,024
7660-7716 Golden Triangle Drive Eden Prairie, MN 1,289,215 5,736,974 7,026,189
7400 Flying Cloud Drive Eden Prairie, MN 195,982 1,780,705 1,976,687
10301-10305 West 70th Street Eden Prairie, MN 118,300 1,162,226 1,280,526
10321 West 70th Street Eden Prairie, MN 142,399 1,341,407 1,483,806
10333 West 70th Street Eden Prairie, MN 108,610 1,026,183 1,134,793
10349-10357 West 70th Street Eden Prairie, MN 270,584 2,746,668 3,017,252
10365-10375 West 70th Street Eden Prairie, MN 285,464 2,779,275 3,064,739
- -102-
<PAGE>
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/99
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - CONTINUED
10393-10394 West 70th Street Eden Prairie, MN 264,419 2,657,265 2,921,684
7078 Shady Oak Road Eden Prairie, MN 336,481 3,098,605 3,435,086
10400 Viking Drive Eden Prairie, MN 2,938,372 21,028,238 23,966,610
5600 & 5610 Rowland Road Minnetonka, MN 829,263 7,537,560 8,366,824
2920 Northwest Boulevard Plymouth, MN 384,236 4,093,866 4,478,102
5400-5500 Feltl Road Minnetonka, MN 883,895 8,108,127 8,992,022
10300 Bren Road Minnetonka, MN 344,614 3,250,231 3,594,844
14630-14650 28th Avenue North Plymouth, MN 198,205 1,917,812 2,116,016
7695-7699 Anagram Drive Eden Prairie, MN 760,525 3,280,379 4,040,904
7550 Meridian Circle Maple Grove, MN 513,250 2,920,798 3,434,048
2800 Northwest Boulevard Plymouth, MN 1,934,438 10,973,101 12,907,539
3255 Neil Armstrong Boulevard Eagan, MN 1,131,017 3,377,738 4,508,756
4801 West 81st Street Bloomington, MN 1,624,701 2,724,057 4,348,758
8100 Cedar Avenue Bloomington, MN 501,313 3,700,697 4,202,010
9600 54th Avenue Plymouth, MN 332,317 3,215,947 3,548,263
7800 Equitable Drive Eden Prairie, MN 2,188,525 3,809,885 5,998,410
7905 Fuller Road Eden Prairie, MN 1,230,965 4,108,732 5,339,697
9023 Columbine Road Eden Prairie, MN 1,956,273 4,626,133 6,582,406
6161 Green Valley Drive Bloomington, MN 741,194 4,036,330 4,777,524
4700 Nathan Lane North Minneapolis, MN 1,501,308 8,596,224 10,097,532
26911-26957 Northwestern Hwy. Southfield, MI 11,305,367 67,094,620 78,399,987
1650 Research Drive Troy, MI 763,067 7,264,618 8,027,684
1775 Research Drive Troy, MI 331,422 2,827,913 3,159,335
1875 Research Drive Troy, MI 329,863 2,878,706 3,208,569
1850 Research Drive Troy, MI 781,054 7,542,957 8,324,011
1965 Research Drive Troy, MI 419,090 3,678,267 4,097,358
1960 Research Drive Troy, MI 419,146 3,626,284 4,045,429
27260 Haggerty Road Farmington Hills, MI 456,877 4,196,465 4,653,342
27200 Haggerty Road Farmington Hills, MI 382,754 3,452,554 3,835,308
27280 Haggerty Road Farmington Hills, MI 452,860 4,122,708 4,575,567
27220 Haggerty Road Farmington Hills, MI 203,064 1,820,727 2,023,791
27240 Haggerty Road Farmington Hills, MI 171,518 1,536,010 1,707,527
27300 Haggerty Road Farmington Hills, MI 370,378 3,386,000 3,756,378
1101 Allen Drive Troy, MI 98,148 906,094 1,004,242
1151 Allen Drive Troy, MI 164,487 1,667,505 1,831,991
1300 Rankin Street Troy, MI 134,094 1,237,512 1,371,606
1350 Rankin Street Troy, MI 111,780 1,033,537 1,145,316
1376-1400 Rankin Street Troy, MI 134,296 1,279,641 1,413,936
1352-1374 Rankin Street Troy, MI 153,279 1,413,380 1,566,659
1324-1346 Rankin Street Troy, MI 134,094 1,221,534 1,355,628
1301-1307 Rankin Street Troy, MI 111,780 1,061,820 1,173,600
1409 Allen Drive Troy, MI 142,374 1,483,595 1,625,968
1304 E Maple Road Troy, MI 211,237 2,211,551 2,422,788
1334 Maplelawn Road Troy, MI 124,300 1,123,622 1,247,922
1290 Maplelawn Road Troy, MI 85,325 830,435 915,759
1070 Maplelawn Road Troy, MI 68,564 661,264 729,828
950 Maplelawn Road Troy, MI 252,433 2,289,503 2,541,936
894 Maplelawn Road Troy, MI 181,753 1,649,509 1,831,262
1179 Maplelawn Road Troy, MI 87,849 846,745 934,594
1940 Norwood Drive Troy, MI 86,840 792,180 879,019
1311-1331 Maplelawn Road Troy, MI 125,411 1,139,798 1,265,208
2354 Bellingham Street Troy, MI 87,344 802,467 889,811
2360 Bellingham Street Troy, MI 87,344 845,864 933,207
1911 Ring Drive Troy, MI 86,133 852,122 938,254
26442-26450 Haggerty Road Farmington Hills, MI 237,691 2,168,282 2,405,973
26500 Haggerty Road Farmington Hills, MI 311,097 2,833,003 3,144,100
26650 Haggerty Road Farmington Hills, MI 173,170 1,578,903 1,752,073
26700 Haggerty Road Farmington Hills, MI 253,342 2,304,386 2,557,728
26750 Haggerty Road Farmington Hills, MI 292,721 2,668,860 2,961,580
26800 Haggerty Road Farmington Hills, MI 175,493 1,598,337 1,773,830
26842-26850 Haggerty Road Farmington Hills, MI 239,610 2,177,253 2,416,863
26600 Haggerty Road Farmington Hills, MI 537,693 2,433,848 2,971,542
50 West Big Bear Road Troy, MI 2,159,678 19,688,016 21,847,694
100 West Big Bear Road Troy, MI 2,113,006 19,298,026 21,411,032
245 Executive Drive Brookfield, WI 577,067 5,363,022 5,940,088
8301 West Parkland Court Milwaukee, WI 358,442 3,337,023 3,695,465
32991 Hamilton Court Farmington Hills, MI 1,065,392 4,627,173 5,692,566
7800 N. 113th Street Milwaukee, WI 1,711,964 6,898,691 8,610,655
2475-2479 Elliot Avenue Troy, MI 128,808 533,523 662,330
32661 Edward Avenue Madison Heights, MI 378,838 2,334,604 2,713,442
32701 Edward Avenue Madison Heights, MI 340,398 1,367,820 1,708,218
32751 Edward Avenue Madison Heights, MI 151,410 910,417 1,061,827
32853 Edward Avenue Madison Heights, MI 138,121 838,253 976,374
555 East Mandoline Avenue Madison Heights, MI 140,862 801,637 942,499
599 East Mandoline Avenue Madison Heights, MI 132,164 682,284 814,449
749 East Mandoline Avenue Madison Heights, MI 144,658 708,968 853,626
750 East Mandoline Avenue Madison Heights, MI 151,458 742,062 893,521
900 East Mandoline Avenue Madison Heights, MI 157,729 772,787 930,516
949 East Mandoline Avenue Madison Heights, MI 137,049 779,239 916,288
32090 John Road Madison Heights, MI 70,351 405,861 476,212
31601 Research Park Drive Madison Heights, MI 331,179 1,884,474 2,215,653
31651 Research Park Drive Madison Heights, MI 194,012 1,102,708 1,296,720
31700 Research Park Drive Madison Heights, MI 373,203 1,828,295 2,201,498
31701 Research Park Drive Madison Heights, MI 185,845 1,113,364 1,299,209
31751 Research Park Drive Madison Heights, MI 194,063 1,302,396 1,496,459
31800 Research Park Drive Madison Heights, MI 217,929 1,603,556 1,821,486
800 Tech Row Madison Heights, MI 444,977 2,991,675 3,436,653
900 Tech Row Madison Heights, MI 155,606 885,589 1,041,194
1000 Tech Row Madison Heights, MI 357,897 2,712,929 3,070,826
31771 Sherman Avenue Madison Heights, MI 150,944 645,820 796,764
- -103-
<PAGE>
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/99
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - CONTINUED
31791 Sherman Avenue Madison Heights, MI 105,606 650,505 756,111
31811 Sherman Avenue Madison Heights, MI 207,599 1,180,373 1,387,972
31831 Sherman Avenue Madison Heights, MI 158,483 904,885 1,063,367
31900 Sherman Avenue Madison Heights, MI 269,293 1,757,068 2,026,361
800 East Whitcomb Avenue Madison Heights, MI 151,704 1,295,565 1,447,269
950 East Whitcomb Avenue Madison Heights, MI 113,630 2,164,953 2,278,583
1000 East Whitcomb Avenue Madison Heights, MI 113,512 1,065,241 1,178,753
1201 East Whitcomb Avenue Madison Heights, MI 302,567 1,239,920 1,542,487
1210 East Whitcomb Avenue Madison Heights, MI 121,298 329,592 450,890
1260 Kempar Avenue Madison Heights, MI 78,720 412,873 491,593
1280 Kempar Avenue Madison Heights, MI 142,305 561,723 704,028
22515 Heslip Drive Madison Heights, MI 144,477 345,021 489,498
8400 Lakeview Parkway Pleasant Prairie, WI 891,003 4,110,382 5,001,385
8401 Lakeview Parkway Pleasant Prairie, WI 648,664 3,518,117 4,166,781
9801 80th Avenue Pleasant Prairie, WI 1,689,726 7,976,738 9,666,464
11950 W. Lake Park Drive Milwaukee, WI 394,938 2,449,936 2,844,873
11400 W. Lake Park Drive Milwaukee, WI 443,101 2,483,075 2,926,176
11425 W. Lake Park Drive Milwaukee, WI 385,305 2,446,107 2,831,412
11301 W. Lake Park Drive Milwaukee, WI 619,465 2,706,249 3,325,713
11900 W. Lake Park Drive Milwaukee, WI 350,628 2,864,813 3,215,440
16620-16650 W. Bluemound Road Brookfield, WI 586,665 4,397,510 4,984,175
1600-1630 E. Big Beaver Road Troy, MI 1,454,406 2,992,985 4,447,391
10 Kings Hill Avenue West Malling, UK 1,031,961 6,734,982 7,766,944
18 Kings Hill Avenue West Malling, UK 1,382,502 4,921,806 6,304,307
2 Kings Hill Avenue West Malling, UK 889,039 5,353,240 6,242,279
25 Kings Hill Avenue West Malling, UK 1,345,194 7,890,943 9,236,137
30 Tower View West Malling, UK 1,672,506 11,632,891 13,305,397
35 Kings Hill Avenue West Malling, UK 820,009 2,917,460 3,737,469
39 Kings Hill Avenue West Malling, UK 603,855 3,252,331 3,856,186
50 Gibson Drive West Malling, UK ** 3,710,203 3,710,203
50 Kings Hill Avenue West Malling, UK 1,405,632 12,536,715 13,942,347
------------ -------------- --------------
Subtotal Operating Real Estate $411,678,171 $2,593,001,437 $3,004,679,608
============ ============== ==============
DEVELOPMENT IN PROGRESS
Walnut Grove Land Horsham, PA $ 1,939,712 $ 6,079,852 $ 8,019,564
PNC Bank - Phase II Construction Philadelphia, PA 1,026 16,677,921 16,678,947
2201 Renaissance Blvd King of Prussia, PA 2,413,514 7,569,152 9,982,666
2540 Renaissance Blvd King of Prussia, PA 274,341 388,831 663,172
2560 Renaissance Blvd King of Prussia, PA 649,792 1,336,905 1,986,697
Keystone Industrial Park Bldg 1 Bristol, PA 559,610 691,114 1,250,724
651 Bridgestone Drive Allentown, PA 4,308,646 11,972,963 16,281,609
10800 Nuckols Road Glen Allen, VA 1,794,162 12,107,585 13,901,747
3955 Faber Place Charleston, SC 547,948 5,333,097 5,881,045
4135 Mendenall Oaks Parkway High Point, NC 500,980 2,137,708 2,638,688
3825 Faber Place N Charleston, SC 245,367 391,806 637,173
Butler Plaza Jacksonville, FL 1,299,201 5,920,088 7,219,289
4905 Belfort Street Jacksonville, FL 638,154 2,220,418 2,858,572
7315 Salisbury Road Jacksonville, FL 655,491 1,790,324 2,445,815
4630 Woodland Corporate Blvd Tampa, FL 1,560,100 11,530,130 13,090,230
Silo Bend 12 Tampa, FL 661,680 3,054,786 3,716,466
9001-9015 Brittany Way Tampa, FL 364,514 950,410 1,314,924
Huntington Square Land Miramar, FL 2,980,690 12,690,008 15,670,698
Flying Cloud Building C Eden Prairie, MN 1,450,000 1,092,142 2,542,142
West Tech Park Land Farmington Hills, MI 535,179 2,131,589 2,666,768
38100 Ecorse Road Romulus, MI 1,033,063 5,252,563 6,285,626
4 Abbey Wood Road West Malling, UK 1,710,603 1,426,619 3,137,222
-------------- ------------ ------------
Subtotal Development in Progress $ 26,123,772 $112,746,012 $138,869,785
============== ============ ============
LAND HELD FOR DEVELOPMENT
Gwynedd North Bus Camp Land Lansdale, PA $ 1,138,244 $ - $ 1,138,244
Renaissance Park Land King of Prussia, PA 2,174,017 - 2,174,016
Keystone Park Land Bristol, PA 756,889 - 756,889
Peco Lot @Pennsylvania Bus. Campus Horsham, PA 192,661 - 192,661
11 Great Valley Parkway Malvern, PA 687,041 - 687,041
Commodore Business Park Logan Twp., NJ 3,363,407 193,951 3,557,358
Marlton Executive Park Land Marlton, NJ 790,361 1,655 792,016
410 Center Square Land Logan Twp., NJ 483,477 - 483,477
800 Arlington Blvd Expansion Land Logan, NJ 701,568 - 701,568
1015 Briggs Road Land Mt Laurel, NJ 470,660 - 470,660
Lehigh Valley Corporate Center Land Bethlehem, PA 1,520,778 29,542 1,550,321
LVCC Phase 2 Land Bethlehem, PA 5,036,190 198,500 5,234,690
LV West Land - Lot 5A Upper Macungie, PA 5,871,979 - 5,871,979
Park at Valleypointe Land Roanoke, VA 635,398 4,722 640,120
Fairgrounds Distribution Center Land Richmond, VA 127,910 1,197 129,107
Rivers' Bend Land Chesterfield, VA 3,320,809 6,286,290 9,607,099
Woodlands Center Land Sandston, VA 1,151,840 - 1,151,840
501 Liberty Way Chesterfield, VA 650,007 - 650,007
601 Hewlett Packard Way Chesterfield, VA 631,906 - 631,906
6000-98 Eastport Blvd Richmond, VA 1,614,741 - 1,614,741
Eastport VIII Richmond, VA 382,698 - 382,698
Eastport IX Richmond, VA 211,627 - 211,627
Westmoreland Land Virginia Beach, VA 872,320 - 872,320
Central Green Land Houston, TX 1,545,598 - 1,545,598
Westmoreland III Land Virginia Beach, VA 742,497 - 742,497
Mendenhall Land High Point, NC 5,188,034 28,985 5,217,019
Independence Pointe Land Greenville, SC 1,466,406 - 1,466,406
- -104-
<PAGE>
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/99
- -------------------------------------- --------------------- --------------- --------------- ---------------
LAND HELD FOR DEVELOPMENT - CONTINUED
Executive Park at Faber Place Land Charleston, SC 119,379 - 119,379
Southchase Business Park Land Greenville, SC 77,082 - 77,082
Woodfield Land Greenville, SC 70,686 - 70,686
Eagle Hill Business Park Land High Point, NC 503,077 - 503,077
Southpoint Business Park Land Jacksonville, FL 438,110 - 438,111
Liberty Business Park Land Jacksonville, FL 428,708 27,561 456,269
7024 AC Skinner Parkway Jacksonville, FL 751,448 - 751,448
Silo Bend Land Tampa, FL 4,220,015 - 4,220,015
Exchange Place Land Orlando, FL 202,117 - 202,117
Belfort Road Jacksonville, FL 492,908 - 492,908
Butler Plaza Land Jacksonville, FL 3,194,698 440 3,195,138
Salisbury Road Land Jacksonville, FL 1,926,760 - 1,926,760
South Center Land Orlando, FL 3,302,193 - 3,302,193
South Center Land Orlando, FL 492,455 - 492,455
4508 Woodland Corporate Blvd Tampa, FL 504,266 - 504,266
Woodland Corporate Center Land Tampa, FL 1,025,593 - 1,025,593
Pompano Business Park Land - Parcel 2 Boca Raton, FL 410,912 - 410,912
Pompano Business Park Land - Parcel 3 Boca Raton, FL 512,847 - 512,847
Boca Colannade Land - Yamato Road Boca Raton, FL 4,190,706 - 4,190,706
Klodt Land Eden Prairie, MN 5,997,226 - 5,997,226
Flying Cloud Land Eden Prairie, MN 6,612,514 - 6,612,514
Romulus Land Romulus, MI 1,189,765 - 1,189,765
Victor Corporate Land Livonia, MI 7,011,973 - 7,011,973
Big Veaver Airport Land Troy, MI 14,818,934 - 14,818,934
Lakeview Corporate Park Land Pleasant Prairie, WI 1,393,258 - 1,393,258
Park Place South Land Milwaukee, WI 2,811,647 - 2,811,647
------------ ------------ --------------
Subtotal Land Held for Development $104,428,342 $ 6,772,843 $111,201,186
============ ============ ==============
Total All Properties $542,230,286 $2,712,520,292 $3,254,750,578
============ ============== ==============
</TABLE>
<TABLE>
<CAPTION>
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Accumulated Date of
Depreciation Construction Depreciable
Project City @ 12/31/99 or Acquisition Life (years)
- -------------------------------------- ------------------- ------------ -------------- ------------
<S> <C> <C> <C> <C>
OPERATING PROPERTIES
10,20 Liberty Boulevard Malvern, PA $ 1,208,546 1985 40 yrs.
420 Lapp Road Malvern, PA 1,529,778 1989 40 yrs.
747 Dresher Road Horsham, PA 1,005,017 1988 40 yrs.
45-67 Great Valley Parkway Malvern, PA 1,584,090 1974 40 yrs.
1180 Church Road Lansdale, PA 4,544,345 1986 40 yrs.
40 Valley Stream Parkway Malvern, PA 665,127 1987 40 yrs.
50 Valley Stream Parkway Malvern, PA 708,397 1987 40 yrs.
20 Valley Stream Parkway Malvern, PA 1,563,902 1987 40 yrs.
800 Town Center Drive Langhorne, PA 2,819,310 1987 40 yrs.
11, 15 Great Valley Parkway Malvern, PA 8,176,464 1986 40 yrs.
257-275 Great Valley Parkway Malvern, PA 1,730,169 1983 40 yrs.
300 Technology Drive Malvern, PA 406,215 1985 40 yrs.
277-293 Great Valley Parkway Malvern, PA 701,782 1984 40 yrs.
311 Technology Drive Malvern, PA 801,064 1984 40 yrs.
325 Technology Drive Malvern, PA 680,174 1984 40 yrs.
7 Great Valley Parkway Malvern, PA 1,545,837 1985 40 yrs.
55 Valley Stream Parkway Malvern, PA 1,090,641 1983 40 yrs.
65 Valley Stream Parkway Malvern, PA 1,490,479 1983 40 yrs.
508 Lapp Road Malvern, PA 710,412 1984 40 yrs.
10 Valley Stream Parkway Malvern, PA 1,020,162 1984 40 yrs.
333 Phoenixville Pike Malvern, PA 1,040,688 1985 40 yrs.
30 Great Valley Parkway Malvern, PA 219,540 1975 40 yrs.
75 Great Valley Parkway Malvern, PA 194,605 1977 40 yrs.
27-43 Great Valley Parkway Malvern, PA 1,094,836 1977 40 yrs.
77-123 Great Valley Parkway Malvern, PA 2,019,687 1978 40 yrs.
260 Great Valley Parkway Malvern, PA 343,626 1979 40 yrs.
256 Great Valley Parkway Malvern, PA 817,778 1980 40 yrs.
205 Great Valley Parkway Malvern, PA 4,247,020 1981 40 yrs.
12,14,16 Great Valley Parkway Malvern, PA 520,440 1982 40 yrs.
155 Great Valley Parkway Malvern, PA 928,241 1981 40 yrs.
333 Technology Drive Malvern, PA 1,134,581 1987 40 yrs.
510 Lapp Road Malvern, PA 375,464 1983 40 yrs.
181 Wheeler Court Langhorne, PA 304,155 1979 40 yrs.
1100 Wheeler Way Langhorne, PA 161,345 1979 40 yrs.
60 Morehall Road Malvern, PA 2,021,852 1989 40 yrs.
905 Airport Road West Chester, PA 799,767 1988 40 yrs.
16 Cabot Boulevard Langhorne, PA 791,394 1972 40 yrs.
1 Country View Road Malvern, PA 526,977 1982 40 yrs.
2151 Cabot Boulevard Langhorne, PA 475,877 1982 40 yrs.
170 South Warner Road King of Prussia, PA 1,328,692 1980 40 yrs.
190 South Warner Road King of Prussia, PA 760,906 1980 40 yrs.
507 Prudential Road Horsham, PA 751,925 1988 40 yrs.
100 Witmer Road Horsham, PA 879,739 1995 40 yrs.
- -105-
<PAGE>
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Accumulated Date of
Depreciation Construction Depreciable
Project City @ 12/31/99 or Acquisition Life (years)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES
3100 Horizon Drive King of Prussia, PA 252,723 1995 40 yrs.
3300 Horizon Drive King of Prussia, PA 338,852 1996 40 yrs.
3500 Horizon Drive King of Prussia, PA 240,046 1996 40 yrs.
200 Chesterfield Parkway Malvern, PA 1,355,488 1989 40 yrs.
767 Electronic Drive Horsham, PA 524,321 1996 40 yrs.
132 Welsh Road Horsham, PA 226,098 1997 40 yrs.
5 Country View Road Malvern, PA 532,448 1985 40 yrs.
3200 Horizon Drive King of Prussia, PA 482,788 1996 40 yrs.
3000 Horizon Drive King of Prussia, PA 124,904 1997 40 yrs.
111-195 Witmer Road Horsham, PA 294,391 1996 40 yrs.
300 Welsh Road Horsham, PA 143,473 1983 40 yrs.
400 Welsh Road Horsham, PA 339,853 1983 40 yrs.
8801 Tinicum Boulevard Philadelphia, PA 1,999,432 1997 40 yrs.
440 East Swedesford Road King of Prussia, PA 881,141 1988 40 yrs.
460 East Swedesford Road King of Prussia, PA 543,670 1988 40 yrs.
50 Morehall Road Malvern, PA 1,111,921 1997 40 yrs.
2 Walnut Grove Drive Horsham, PA 847,510 1989 40 yrs.
200 Gibraltar Road Horsham, PA 528,825 1990 40 yrs.
220 Gibraltar Road Horsham, PA 431,310 1990 40 yrs.
240 Gibraltar Road Horsham, PA 431,105 1990 40 yrs.
151 S. Warner Road King of Prussia, PA 532,029 1980 40 yrs.
1 Walnut Grove Drive Horsham, PA 732,165 1986 40 yrs.
3604 Horizon Drive King of Prussia, PA 215,157 1997 40 yrs.
3606 Horizon Drive King of Prussia, PA 196,456 1997 40 yrs.
650 Swedesford Road King of Prussia, PA 1,385,813 1971 40 yrs.
680 Swedesford Road King of Prussia, PA 1,408,421 1971 40 yrs.
761 Fifth Avenue King of Prussia, PA 139,264 1977 40 yrs.
771 Fifth Avenue King of Prussia, PA 86,454 1977 40 yrs.
1 Great Valley Parkway Malvern, PA 276,616 1982 40 yrs.
5 Great Valley Parkway Malvern, PA 429,938 1983 40 yrs.
311 Sinclair Road Bristol, PA 79,538 1997 40 yrs.
100 Cedar Hollow Road Malvern, PA 837,839 1997 40 yrs.
3 Country View Road Malvern, PA 174,025 1997 40 yrs.
425 Technology Drive Malvern, PA 174,955 1997 40 yrs.
375 Technology Drive Malvern, PA 101,737 1997 40 yrs.
45 Liberty Boulevard Malvern, PA 351,296 1997 40 yrs.
100 Chesterfield Parkway Malvern, PA 416,978 1997 40 yrs.
181-187 Gibraltar Road Horsham, PA 225,731 1982 40 yrs.
104 Rock Road Horsham, PA 156,541 1974 40 yrs.
123-135 Rock Road Horsham, PA 190,272 1975 40 yrs.
111-159 Gibraltar Road Horsham, PA 224,498 1981 40 yrs.
161-175 Gibraltar Road Horsham, PA 156,360 1976 40 yrs.
103-109 Gibraltar Road Horsham, PA 164,405 1978 40 yrs.
261-283 Gibraltar Road Horsham, PA 216,662 1978 40 yrs.
201-223 Witmer Road Horsham, PA 174,873 1972 40 yrs.
231-237 Gibraltar Road Horsham, PA 250,787 1981 40 yrs.
100 Gibraltar Road Horsham, PA 18,548 1975 40 yrs.
101 Gibraltar Road Horsham, PA 322,821 1977 40 yrs.
506 Prudential Road Horsham, PA 82,311 1973 40 yrs.
113-123 Rock Road Horsham, PA 159,832 1975 40 yrs.
101-111 Rock Road Horsham, PA 168,192 1975 40 yrs.
120 Gibraltar Road Horsham, PA 290,852 1980 40 yrs.
110 Gibraltar Road Horsham, PA 316,856 1979 40 yrs.
100-107 Lakeside Drive Horsham, PA 149,874 1982 40 yrs.
200-264 Lakeside Drive Horsham, PA 360,031 1982 40 yrs.
300-309 Lakeside Drive Horsham, PA 179,621 1982 40 yrs.
400-445 Lakeside Drive Horsham, PA 458,719 1981 40 yrs.
104 Witmer Road Horsham, PA 75,209 1997 40 yrs.
201 Gibraltar Road Horsham, PA 194,544 1983 40 yrs.
3600 Horizon Drive King of Prussia, PA 98,526 1989 40 yrs.
3602 Horizon Drive King of Prussia, PA 113,626 1989 40 yrs.
3 Franklin Plaza Philadelphia, PA 215,067 1997 40 yrs.
400-500 Brandywine Parkway West Chester, PA 372,972 1988 40 yrs.
600 Brandywine Parkway West Chester, PA 279,588 1988 40 yrs.
2700 Horizon Drive King of Prussia, PA 181,339 1997 40 yrs.
2900 Horizon Drive King of Prussia, PA 140,894 1997 40 yrs.
2500 Renaissance Boulevard King of Prussia, PA 104,036 1997 40 yrs.
2300 Renaissance Boulevard King of Prussia, PA 63,244 1997 40 yrs.
719 Dresher Road Horsham, PA 137,259 1998 40 yrs.
2100 Renaissance Boulevard King of Prussia, PA 235,533 1998 40 yrs.
4 Walnut Grove Horsham, PA 121,641 1998 40 yrs.
2250 Hickory Road Plymouth Meeting, PA 443,235 1998 40 yrs.
3400 Horizon Drive King of Prussia, PA 145,050 1998 40 yrs.
One Ridgewood Place Downingtown, PA 92,644 1998 40 yrs.
300 Welsh Road Horsham, PA 118,885 1998 40 yrs.
600 Chesterfield Parkway Malvern, PA 205,664 1998 40 yrs.
700 Chesterfield Parkway Malvern, PA 204,829 1998 40 yrs.
6 Terry Drive Newtown, PA 69,838 1998 40 yrs.
2520 Renaissance Boulevard King of Prussia, PA 69,239 1998 40 yrs.
18 Great Valley Parkway Malvern, PA 91,771 1999 40 yrs.
700 Dresher Road Horsham, PA 127,403 1999 40 yrs.
14 Lee Boulevard Malvern, PA 1,396,939 1988 40 yrs.
500 Chesterfield Parkway Malvern, PA 812,671 1988 40 yrs.
300-400 Chesterfield Parkway Malvern, PA 1,219,710 1988 40 yrs.
150 Mid-Atlantic Parkway West Deptford, NJ 234,100 1973 40 yrs.
51 Haddonfield Road Cherry Hill, NJ 3,074,406 1986 40 yrs.
57 Read's Way New Castle, DE 952,565 1985 40 yrs.
1370 Imperial Way West Deptford, NJ 605,223 1978 40 yrs.
8 Stow Road Marlton, NJ 295,571 1988 40 yrs.
10 Stow Road Marlton, NJ 215,332 1988 40 yrs.
12 Stow Road Marlton, NJ 220,042 1988 40 yrs.
14 Stow Road Marlton, NJ 246,467 1988 40 yrs.
- -106-
<PAGE>
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Accumulated Date of
Depreciation Construction Depreciable
Project City @ 12/31/99 or Acquisition Life (years)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES - CONTINUED
1300 Metropolitan Avenue West Deptford, NJ 264,656 1972 40 yrs.
701A Route 73 South Marlton, NJ 1,122,881 1987 40 yrs.
701C Route 73 South Marlton, NJ 269,701 1987 40 yrs.
1008 Astoria Boulevard Cherry Hill, NJ 174,019 1973 40 yrs.
1475 Imperial Way West Deptford, NJ 139,421 1976 40 yrs.
3000 Atrium Way Mt. Laurel, NJ 1,743,929 1987 40 yrs.
750 Cardinal Drive Pureland, NJ 492,657 1989 40 yrs.
11000, 15000, 17000 Commerce Pkwy. Mt. Laurel, NJ 787,882 1985 40 yrs.
12000, 14000 Commerce Parkway Mt. Laurel, NJ 443,165 1985 40 yrs.
16000, 18000 Commerce Parkway Mt. Laurel, NJ 471,244 1985 40 yrs.
400 Lippincott Drive Marlton, NJ 37,215 1999 40 yrs.
406 Lippincott Drive Marlton, NJ 394,904 1990 40 yrs.
234 High Hill Road Bridgeport, NJ 271,022 1987 40 yrs.
100 Arlington Boulevard Bridgeport, NJ 377,023 1996 40 yrs.
100 Berkeley Drive Swedesboro, NJ 208,590 1990 40 yrs.
301 Lippincott Drive Marlton, NJ 663,214 1988 40 yrs.
303 Lippincott Drive Marlton, NJ 624,248 1988 40 yrs.
510-512 Sharptown Road Bridgeport, NJ 107,409 1984 40 yrs.
901 Route 73 Marlton, NJ 267,190 1985 40 yrs.
1500 Route 73 Marlton, NJ 396,061 1988 40 yrs.
512 Sharptown Road Bridgeport, NJ 150,015 1984 40 yrs.
201 Berkeley Drive Bridgeport, NJ 101,303 1997 40 yrs.
404 Lippincott Drive Marlton, NJ 172,643 1997 40 yrs.
104 Gaither Drive Mt. Laurel, NJ 104,110 1975 40 yrs.
402 Lippincott Drive Marlton, NJ 143,905 1997 40 yrs.
300 Commodore Drive Bridgeport, NJ 255,816 1997 40 yrs.
3000 Lincoln Drive Mt. Laurel, NJ 309,787 1983 40 yrs.
6000 Commerce Parkway Mt. Laurel, NJ 167,508 1985 40 yrs.
7000 Commerce Parkway Mt. Laurel, NJ 165,415 1984 40 yrs.
8000 Commerce Parkway Mt. Laurel, NJ 134,319 1983 40 yrs.
9000 Commerce Parkway Mt. Laurel, NJ 163,557 1983 40 yrs.
1000 Briggs Road Mt. Laurel, NJ 184,793 1986 40 yrs.
1025 Briggs Road Mt. Laurel, NJ 254,487 1987 40 yrs.
1020 Briggs Road Mt. Laurel, NJ 68,980 1997 40 yrs.
9 Stow Road Marlton, NJ 128,109 1998 40 yrs.
2000 Crawford Place Mt. Laurel, NJ 292,042 1986 40 yrs.
1351 Metropolitan Avenue Thorofare, NJ 98,680 1986 40 yrs.
650 Grove Road Thorofare, NJ 159,128 1986 40 yrs.
400 Grove Road Thorofare, NJ 86,455 1986 40 yrs.
5000 Dearborn Court Mt. Laurel, NJ 196,005 1998 40 yrs.
515 Heron Drive Bridgeport, NJ 103,330 1998 40 yrs.
500 Sharptown Road Pureland, NJ 95,149 1998 40 yrs.
625 Heron Drive Bridgeport, NJ 39,877 1998 40 yrs.
605 Heron Drive Bridgeport, NJ 45,798 1998 40 yrs.
510 Heron Drive Bridgeport, NJ 349,855 1998 40 yrs.
522 Pedricktown Road Bridgeport, NJ 60,039 1998 40 yrs.
530 Pedricktown Road Bridgeport, NJ 84,096 1998 40 yrs.
540 Pedricktown Road Bridgeport, NJ 200,295 1998 40 yrs.
230 High Hill Road Bridgeport, NJ 387,770 1998 40 yrs.
3 Mallard Court Bridgeport, NJ 107,272 1998 40 yrs.
730 Cardinal Drive Bridgeport, NJ 78,998 1998 40 yrs.
405 Heron Drive Bridgeport, NJ 795,100 1998 40 yrs.
100 Eagle Road Bridgeport, NJ 63,270 1998 40 yrs.
250 High Hill Road Bridgeport, NJ 166,596 1998 40 yrs.
508 Center Square Road Bridgeport, NJ 151,429 1998 40 yrs.
602 Heron Drive Bridgeport, NJ 98,132 1998 40 yrs.
300 Eagle Court Bridgeport, NJ 82,198 1998 40 yrs.
500 Center Square Road Bridgeport, NJ 271,050 1998 40 yrs.
1001 Briggs Road Marlton, NJ 172,350 1998 40 yrs.
1960 Cuthbert Boulevard Cherry Hill, NJ 47,587 1998 40 yrs.
1970 Cuthbert Boulevard Cherry Hill, NJ 49,195 1998 40 yrs.
10000 & 11000 Route 73 Marlton, NJ 134,022 1998 40 yrs.
800 Arlington Boulevard Logan, NJ 121,837 1998 40 yrs.
1655 Valley Center Parkway Bethlehem, PA 354,870 1993 40 yrs.
6560 Stonegate Drive Allentown, PA 592,848 1989 40 yrs.
6370 Hedgewood Drive Allentown, PA 655,646 1990 40 yrs.
6390 Hedgewood Drive Allentown, PA 668,564 1990 40 yrs.
1495 Valley Center Parkway Bethlehem, PA 795,381 1990 40 yrs.
6350 Hedgewood Drive Allentown, PA 773,870 1989 40 yrs.
6330 Hedgewood Drive Allentown, PA 1,288,167 1988 40 yrs.
1550 Valley Center Parkway Bethlehem, PA 750,781 1988 40 yrs.
1560 Valley Center Parkway Bethlehem, PA 960,190 1988 40 yrs.
6580 Snowdrift Road Allentown, PA 694,628 1988 40 yrs.
1510 Valley Center Parkway Bethlehem, PA 888,936 1988 40 yrs.
1530 Valley Center Parkway Bethlehem, PA 675,556 1988 40 yrs.
6540 Stonegate Drive Allentown, PA 975,667 1988 40 yrs.
974 Marcon Boulevard Allentown, PA 677,363 1987 40 yrs.
964 Marcon Boulevard Allentown, PA 562,278 1985 40 yrs.
764 Roble Road Allentown, PA 268,048 1985 40 yrs.
3174 Airport Road Allentown, PA 481,451 1979 40 yrs.
2196 Avenue C Allentown, PA 467,742 1980 40 yrs.
2202 Hangar Place Allentown, PA 551,556 1981 40 yrs.
2201 Hangar Place Allentown, PA 575,751 1987 40 yrs.
954 Marcon Boulevard Allentown, PA 356,070 1981 40 yrs.
57 South Commerce Way Allentown, PA 402,669 1986 40 yrs.
754 Roble Road Allentown, PA 260,179 1986 40 yrs.
894 Marcon Boulevard Allentown, PA 151,831 1986 40 yrs.
744 Roble Road Allentown, PA 273,749 1986 40 yrs.
944 Marcon Boulevard Allentown, PA 240,676 1986 40 yrs.
1685 Valley Center Parkway Allentown, PA 249,109 1996 40 yrs.
6520 Stonegate Drive Allentown, PA 124,073 1996 40 yrs.
- -107-
<PAGE>
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Accumulated Date of
Depreciation Construction Depreciable
Project City @ 12/31/99 or Acquisition Life (years)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES - CONTINUED
7437 Industrial Boulevard Allentown, PA 946,180 1976 40 yrs.
2041 Avenue C Allentown, PA 145,873 1990 40 yrs.
2124 Avenue C Allentown, PA 128,401 1990 40 yrs.
7339 Industrial Boulevard Allentown, PA 477,178 1996 40 yrs.
7384 Penn Drive Allentown, PA 329,088 1988 40 yrs.
7144 Daniels Drive Allentown, PA 627,838 1975 40 yrs.
7620 Cetronia Road Allentown, PA 475,256 1990 40 yrs.
939 Marcon Boulevard Allentown, PA 580,180 1980 40 yrs.
100 Brodhead Road Allentown, PA 342,499 1990 40 yrs.
1455 Valley Center Parkway Bethlehem, PA 455,801 1997 40 yrs.
1640 Valley Center Parkway Bethlehem, PA 365,750 1996 40 yrs.
1650 Valley Center Parkway Allentown, PA 349,938 1997 40 yrs.
1660 Valley Center Parkway Bethlehem, PA 161,654 1996 40 yrs.
400 Nestle Way Allentown, PA 2,112,891 1997 40 yrs.
83 South Commerce Way Bethlehem, PA 106,208 1989 40 yrs.
85 South Commerce Way Bethlehem, PA 93,063 1989 40 yrs.
87 South Commerce Way Bethlehem, PA 98,759 1989 40 yrs.
89 South Commerce Way Bethlehem, PA 169,727 1997 40 yrs.
7249 Industrial Boulevard Allentown, PA 1,171,230 1988 40 yrs.
95 Highland Avenue Bethlehem, PA 235,515 1985 40 yrs.
236 Brodhead Road Bethlehem, PA 327,131 1994 40 yrs.
1525 Valley Center Parkway Allentown, PA 203,456 1997 40 yrs.
6620 Grant Way Allentown, PA 128,298 1989 40 yrs.
700 Nestle Way Allentown, PA 569,355 1997 40 yrs.
7562 Penn Drive Allentown, PA 47,596 1989 40 yrs.
7277 Williams Avenue Allentown, PA 81,009 1989 40 yrs.
7355 Williams Avenue Allentown, PA 81,859 1998 40 yrs.
794 Roble Boulevard Allentown, PA 278,168 1998 40 yrs.
6923 Schantz Spring Road Allentown, PA 155,717 1998 40 yrs.
2600 Beltline Avenue Reading, PA 103,005 1998 40 yrs.
7132 Daniels Drive Allentown, PA 262,608 1998 40 yrs.
3985 Adler Place Bethlehem, PA 160,666 1998 40 yrs.
8014 Industrial Boulevard Upper Macungie, PA 131,632 1998 40 yrs.
180 & 190 Admiral Cochrane Drive Annapolis, MD 4,106,092 1989 40 yrs.
12000,001,040 Indian Creek Court Beltsville, MD 2,978,477 1986 40 yrs.
8280 Patuxent Range Drive Columbia, MD 611,028 1978 40 yrs.
7178-80 Columbia Gateway Columbia, MD 782,188 1987 40 yrs.
9770 Patuxent Woods Drive Columbia, MD 203,406 1986 40 yrs.
9780 Patuxent Woods Drive Columbia, MD 130,114 1986 40 yrs.
9790 Patuxent Woods Drive Columbia, MD 145,267 1986 40 yrs.
9810 Patuxent Woods Drive Columbia, MD 158,848 1986 40 yrs.
9800 Patuxent Woods Drive Columbia, MD 177,925 1988 40 yrs.
9820 Patuxent Woods Drive Columbia, MD 144,554 1988 40 yrs.
9830 Patuxent Woods Drive Columbia, MD 176,406 1986 40 yrs.
9050 Red Branch Road Columbia, MD 164,824 1972 40 yrs.
4606 Richlynn Drive Belcamp, MD 76,058 1998 40 yrs.
8945-8975 Guilford Columbia, MD 281,659 1998 40 yrs.
7317 Parkway Drive Hanover, MD 53,046 1998 40 yrs.
9101,9111,9115 Guilford Road Columbia, MD 1,154,179 1984 40 yrs.
9125,9135,9145 Guilford Road Columbia, MD 1,895,580 1983 40 yrs.
10 South Third Street Richmond, VA 19,349 1930 40 yrs.
1751 Bluehills Drive Roanoke, VA 1,010,903 1991 40 yrs.
4300 Carolina Avenue Richmond, VA 1,818,504 1985 40 yrs.
301 Hill Carter Parkway Richmond, VA 584,214 1989 40 yrs.
4001 Carolina Avenue Richmond, VA 40,320 1935 40 yrs.
5600-5626 Eastport Boulevard Richmond, VA 471,186 1989 40 yrs.
5650-5674 Eastport Boulevard Richmond, VA 548,620 1990 40 yrs.
5700 Eastport Boulevard Richmond, VA 333,062 1990 40 yrs.
11020 Hull Street Road Richmond, VA 76,985 1987 40 yrs.
3432 Holland Road Virginia Beach, VA 95,499 1989 40 yrs.
4880 Cox Road Richmond, VA 283,783 1995 40 yrs.
5162 Valleypointe Parkway Roanoke, VA 313,289 1993 40 yrs.
4101- 4127 Carolina Avenue Richmond, VA 276,786 1973 40 yrs.
4201-4261 Carolina Avenue Richmond, VA 630,025 1975 40 yrs.
4263-4299 Carolina Avenue Richmond, VA 349,250 1976 40 yrs.
4301-4335 Carolina Avenue Richmond, VA 205,302 1978 40 yrs.
4337-4379 Carolina Avenue Richmond, VA 353,792 1979 40 yrs.
4501-4549 Carolina Avenue Richmond, VA 438,198 1981 40 yrs.
4551-4593 Carolina Avenue Richmond, VA 444,072 1982 40 yrs.
4601-4643 Carolina Avenue Richmond, VA 669,594 1985 40 yrs.
4645-4683 Carolina Avenue Richmond, VA 1,040,494 1985 40 yrs.
4447-4491 Carolina Avenue Richmond, VA 345,104 1987 40 yrs.
4401-4445 Carolina Avenue Richmond, VA 546,186 1988 40 yrs.
12 S. Third Street Richmond, VA 22,608 1900 40 yrs.
9601 Cosner Drive Fredericksburg, VA 463,537 1995 40 yrs.
315 Cardiff Valley Road Knoxville, TN 363,352 1994 40 yrs.
2300 East Parham Road Richmond, VA 122,143 1988 40 yrs.
5221 Valleypark Drive Roanoke, VA 226,083 1988 40 yrs.
5228 Valleypointe Parkway Roanoke, VA 141,418 1988 40 yrs.
5238 Valleypark Drive Roanoke, VA 260,242 1989 40 yrs.
5601-5659 Eastport Boulevard Richmond, VA 627,229 1996 40 yrs.
5900 Eastport Boulevard Richmond, VA 319,658 1997 40 yrs.
4717-4729 Eubank Road Richmond, VA 361,323 1978 40 yrs.
5251 Concourse Drive Roanoke, VA 222,739 1997 40 yrs.
4263F Carolina Avenue Richmond, VA 148,391 1975 40 yrs.
4200 Oakleys Court Richmond, VA 203,191 1990 40 yrs.
1821 Battery Dantzler Road Chester, VA 247,683 1990 40 yrs.
5000 Cox Road Glen Allen, VA 302,281 1990 40 yrs.
5500 Cox Road Richmond, VA 89,960 1997 40 yrs.
510 Eastpark Court Sandston, VA 175,322 1989 40 yrs.
520 Eastpark Court Sandston, VA 338,990 1989 40 yrs.
- -108-
<PAGE>
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Accumulated Date of
Depreciation Construction Depreciable
Project City @ 12/31/99 or Acquisition Life (years)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES - CONTINUED
13001 Kingston Avenue Chester, VA 89,370 1997 40 yrs.
5701-5799 Eastport Boulevard Richmond, VA 290,319 1996 40 yrs.
4801 Cox Road Richmond, VA 344,996 1997 40 yrs.
600 HP Way Chesterfield, VA 317,903 1997 40 yrs.
500 HP Way Chester, VA 230,680 1997 40 yrs.
701 Liberty Way Richmond, VA 140,564 1997 40 yrs.
4198 Cox Road Glen Allen, VA 249,608 1984 40 yrs.
5310 Valley Park Drive Roanoke, VA 172,130 1997 40 yrs.
5305 Valley Park Drive Roanoke, VA 58,811 1997 40 yrs.
4510 Cox Road Glen Allen, VA 441,960 1990 40 yrs.
2809 South Lynnhaven Road Virginia Beach, VA 331,889 1987 40 yrs.
200 Golden Oak Court Virginia Beach, VA 352,098 1988 40 yrs.
208 Golden Oak Court Virginia Beach, VA 347,042 1989 40 yrs.
1 Enterprise Parkway Hampton, VA 316,337 1987 40 yrs.
22 Enterprise Parkway Hampton, VA 361,583 1990 40 yrs.
530 Eastpark Court Sandston, VA 190,114 1997 40 yrs.
484 Viking Drive Virginia Beach, VA 188,281 1998 40 yrs.
10430 Lakeridge Parkway Ashland, VA 182,900 1998 40 yrs.
10456 Lakeridge Parkway Ashland, VA 179,355 1998 40 yrs.
3829-3855 Gaskins Road Richmond, VA 149,828 1998 40 yrs.
629 Phoenix Drive Virginia Beach, VA 92,787 1998 40 yrs.
11838 Rock Landing Drive Newport News, VA 101,517 1998 40 yrs.
11844 Rock Landing Drive Newport News, VA 61,917 1998 40 yrs.
11846 Rock Landing Drive Newport News, VA 37,545 1998 40 yrs.
11832 Rock Landing Drive Newport News, VA 161,762 1998 40 yrs.
5700 Cleveland Street Virginia Beach, VA 384,258 1998 40 yrs.
801 Liberty Way Chester, VA 56,953 1998 40 yrs.
5 Manhattan Square Hampton, VA 1,167 1999 40 yrs.
4523 Green Point Drive High Point, NC 509,387 1988 40 yrs.
4501 Green Point Drive High Point, NC 510,604 1989 40 yrs.
4500 Green Point Drive High Point, NC 546,329 1989 40 yrs.
2427 Penny Road High Point, NC 1,380,371 1990 40 yrs.
4524 Green Point Drive High Point, NC 521,059 1989 40 yrs.
4328, 4336 Federal Drive High Point, NC 1,290,363 1995 40 yrs.
200 Centreport Drive Greensboro, NC 536,240 1986 40 yrs.
4344 Federal Drive High Point, NC 288,171 1996 40 yrs.
202 Centreport Drive Greensboro, NC 581,410 1990 40 yrs.
101 Centreport Drive Greensboro, NC 353,914 1996 40 yrs.
4000 Piedmont Parkway High Point, NC 531,201 1997 40 yrs.
4380 Federal Drive High Point, NC 240,159 1997 40 yrs.
4388 Federal Drive High Point, NC 119,153 1997 40 yrs.
6532 Judge Adams Road Rock Creek, NC 212,961 1997 40 yrs.
6532 Judge Adams Road Whitsett, NC 99,537 1997 40 yrs.
3860 Faber Place N. Charleston, SC 148,031 1995 40 yrs.
4055 Faber Place N. Charleston, SC 338,698 1989 40 yrs.
3820 Faber Place N. Charleston, SC 219,773 1993 40 yrs.
3875 Faber Place N. Charleston, SC 303,132 1997 40 yrs.
150 Ridgeview Center Drive Duncan, SC 539,304 1984 40 yrs.
1320 Garlington Road Greenville, SC 134,023 1986 40 yrs.
420 Park Avenue Greenville, SC 291,906 1986 40 yrs.
1 Alliance Drive Goose Creek, SC 81,632 1997 40 yrs.
4160 Mendenhall Oaks Parkway High Point, NC 114,530 1997 40 yrs.
4194 Mendenhall Oaks Parkway High Point, NC 101,183 1997 40 yrs.
4196 Mendenhall Oaks Parkway High Point, NC 173,811 1997 40 yrs.
4170 Mendenhall Oaks Parkway High Point, NC 49,800 1997 40 yrs.
4180 Mendenhall Oaks Parkway High Point, NC 77,695 1997 40 yrs.
4050 Piedmont Parkway High Point, NC 591,224 1997 40 yrs.
One Independence Pointe Greenville, SC 330,019 1982 40 yrs.
55 Beattie Place Greenville, SC 1,247,598 1986 40 yrs.
75 Beattie Place Greenville, SC 939,798 1987 40 yrs.
7736 McCloud Road Greensboro, NC 303,101 1998 40 yrs.
15 Brendan Way Greenville, SC 138,413 1998 40 yrs.
200 Meeting Street Charleston, SC 1,391,414 1998 40 yrs.
7500 West 110th Street Overland Park, KS 392,269 1998 40 yrs.
8035 Quivira Road Lenexa, KS 186,899 1998 40 yrs.
4300 Federal Drive Greensboro, NC 50,879 1998 40 yrs.
1730 Stebbins Drive Houston, TX 384,791 1973 40 yrs.
5911-5925 Richard Street Jacksonville, FL 242,727 1977 40 yrs.
8383-8385 Baycenter Road Jacksonville, FL 278,044 1973 40 yrs.
8775 Baypine Road Jacksonville, FL 729,574 1989 40 yrs.
8539 Western Way Jacksonville, FL 930,298 1987 40 yrs.
6255 Lake Gray Boulevard Jacksonville, FL 933,163 1987 40 yrs.
6600-6660 Suemac Place Jacksonville, FL 890,991 1987 40 yrs.
6800-6850 Suemac Place Jacksonville, FL 507,443 1973 40 yrs.
8665,8667,8669 Baypine Road Jacksonville, FL 1,142,816 1987 40 yrs.
8540 Baycenter Road Jacksonville, FL 504,746 1984 40 yrs.
1200 Riverplace Drive Jacksonville, FL 6,060,942 1985 40 yrs.
8400 Baymeadows Way Jacksonville, FL 661,396 1987 40 yrs.
8614 Baymeadows Way Jacksonville, FL 394,161 1986 40 yrs.
5941-5975 Richard Street Jacksonville, FL 569,339 1978 40 yrs.
7970 Bayberry Road Jacksonville, FL 557,170 1978 40 yrs.
6000-6030 Bowdendale Avenue Jacksonville, FL 722,568 1979 40 yrs.
7898 Baymeadows Way Jacksonville, FL 815,584 1978 40 yrs.
5977-6607 Richard Street Jacksonville, FL 860,203 1980 40 yrs.
7910 & 7948 Baymeadows Way Jacksonville, FL 1,061,751 1981 40 yrs.
7954 & 7960 Baymeadows Way Jacksonville, FL 1,099,886 1982 40 yrs.
8787 Baypine Road Jacksonville, FL 15,157,375 1990 40 yrs.
7077 Bonneval Road Jacksonville, FL 1,431,141 1988 40 yrs.
4190 Belfort Road Jacksonville, FL 1,521,005 1986 40 yrs.
8011, 8021, 8031 Phillips Highway Jacksonville, FL 679,976 1987 40 yrs.
7020 AC Skinner Parkway Jacksonville, FL 298,992 1996 40 yrs.
- -109-
<PAGE>
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Accumulated Date of
Depreciation Construction Depreciable
Project City @ 12/31/99 or Acquisition Life (years)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES - CONTINUED
7040 AC Skinner Parkway Jacksonville, FL 543,517 1996 40 yrs.
11777 Central Highway Jacksonville, FL 457,228 1985 40 yrs.
4345 Southpoint Parkway Jacksonville, FL 395,491 1996 40 yrs.
7016 AC Skinner Parkway Jacksonville, FL 312,964 1996 40 yrs.
7018 AC Skinner Parkway Jacksonville, FL 499,170 1997 40 yrs.
7014 AC Skinner Parkway Jacksonville, FL 111,513 1996 40 yrs.
6620 Southpoint Drive Jacksonville, FL 386,165 1984 40 yrs.
7980 Bayberry Road Jacksonville, FL 81,995 1978 40 yrs.
9600 Satellite Boulevard Orlando, FL 84,434 1989 40 yrs.
9700 Satellite Boulevard Orlando, FL 72,567 1989 40 yrs.
1902 Cypress Lake Drive Orlando, FL 216,107 1989 40 yrs.
9550 Satellite Boulevard Orlando, FL 102,537 1997 40 yrs.
8250 & 8256 Exchange Place Orlando, FL 151,404 1985 40 yrs.
6600 Southpoint Parkway Jacksonville, FL 264,961 1986 40 yrs.
6700 Southpoint Parkway Jacksonville, FL 181,659 1987 40 yrs.
4801 Executive Park Court - 100 Jacksonville, FL 173,130 1990 40 yrs.
4801 Executive Park Court - 200 Jacksonville, FL 99,280 1990 40 yrs.
4810 Executive Park Court Jacksonville, FL 139,708 1990 40 yrs.
6602 Executive Park Court - 100 Jacksonville, FL 118,169 1993 40 yrs.
6602 Executive Park Court - 200 Jacksonville, FL 79,919 1993 40 yrs.
6631 Executive Park Court - 100 Jacksonville, FL 67,505 1994 40 yrs.
6631 Executive Park Court - 200 Jacksonville, FL 112,194 1994 40 yrs.
4815 Executive Park Court - 100 Jacksonville, FL 98,284 1995 40 yrs.
4815 Executive Park Court - 200 Jacksonville, FL 143,041 1995 40 yrs.
4825 Executive Park Court Jacksonville, FL 161,398 1996 40 yrs.
4820 Executive Park Court Jacksonville, FL 165,231 1997 40 yrs.
10511 & 10611 Satellite Boulevard Orlando, FL 152,768 1985 40 yrs.
1400-1440 Central Florida Parkway Orlando, FL 130,685 1962 40 yrs.
6601 Executive Park Circle North Jacksonville, FL 156,250 1998 40 yrs.
1300 Riverplace South Jacksonville, FL 366,524 1998 40 yrs.
4901 Belfort Lane Jacksonville, FL 330,190 1998 40 yrs.
16445 Air Center Boulevard Houston, TX 99,458 1998 40 yrs.
16405 Air Center Boulevard Houston, TX 128,224 1998 40 yrs.
2216 Directors Row Orlando, FL 101,868 1998 40 yrs.
7460 Chancellor Drive Orlando, FL 54,742 1998 40 yrs.
1901 Summit Tower Boulevard Maitland, FL 500,691 1998 40 yrs.
3701-3727 Vineland Road Orlando, FL 86,584 1998 40 yrs.
16580 Air Center Boulevard Houston, TX 51,789 1999 40 yrs.
4001,4051,4101 Fowler Avenue Tampa, FL 1,286,696 1988 40 yrs.
5501-5502 Pioneer Park Boulevard Tampa, FL 245,164 1981 40 yrs.
5690-5694 Crenshaw Street Tampa, FL 238,668 1979 40 yrs.
3102,3104,3110 Cherry Palm Drive Tampa, FL 344,718 1986 40 yrs.
8401-8408 Benjamin Road Tampa, FL 506,724 1986 40 yrs.
3501 Riga Boulevard Tampa, FL 261,990 1983 40 yrs.
111 Kelsey Lane Tampa, FL 155,367 1990 40 yrs.
7930, 8010-20 Woodland Center Tampa, FL 359,142 1990 40 yrs.
7920 Woodland Center Boulevard Tampa, FL 228,487 1997 40 yrs.
8154-8198 Woodland Center Tampa, FL 196,845 1988 40 yrs.
8112-42 Woodland Center Tampa, FL 218,191 1995 40 yrs.
8212 Woodland Center Tampa, FL 154,872 1996 40 yrs.
131 Kelsey Lane Tampa, FL 271,790 1998 40 yrs.
7724 Woodland Center Blvd. Tampa, FL 119,611 1997 40 yrs.
7802-50 Woodland Center Blvd. Tampa, FL 197,160 1997 40 yrs.
7852-98 Woodland Center Blvd. Tampa, FL 198,394 1997 40 yrs.
8921 Brittany Way Tampa, FL 75,150 1997 40 yrs.
5250 Eagle Trail Drive Tampa, FL 108,818 1998 40 yrs.
7725 Woodland Center Blvd. Tampa, FL 49,894 1998 40 yrs.
8001 Woodland Center Blvd. Tampa, FL 42,353 1998 40 yrs.
4502 Woodland Corporate Blvd. Tampa, FL 12,506 1999 40 yrs.
1701 Clint Moore Boulevard Boca Raton, FL 192,757 1985 40 yrs.
4555 Riverside Drive Beach Gardens, FL 339,082 1988 40 yrs.
2500 Metrocentre Boulevard West Palm Beach, FL 90,588 1988 40 yrs.
2540 Metrocentre Boulevard West Palm Beach, FL 88,686 1988 40 yrs.
2541 Metrocentre Boulevard West Palm Beach, FL 55,163 1988 40 yrs.
2580 Metrocentre Boulevard West Palm Beach, FL 97,455 1988 40 yrs.
2581 Metrocentre Boulevard West Palm Beach, FL 71,915 1988 40 yrs.
1101 Northpoint Parkway West Palm Beach, FL 77,448 1998 40 yrs.
3223 Commerce Place West Palm Beach, FL 88,765 1998 40 yrs.
801 Northpoint Parkway West Palm Beach, FL 130,463 1998 40 yrs.
5410 - 5430 Northwest 33rd Avenue Ft. Lauderdale, FL 226,384 1985 40 yrs.
6500 NW 12th Avenue Ft. Lauderdale, FL 143,262 1998 40 yrs.
6600 NW 12th Avenue Ft. Lauderdale, FL 145,368 1998 40 yrs.
1500 SW 5th Court Pompano Beach, FL 188,482 1998 40 yrs.
1651 SW 5th Court Pompano Beach, FL 39,715 1998 40 yrs.
1601 SW 5th Court Pompano Beach, FL 40,677 1998 40 yrs.
1501 SW 5th Court Pompano Beach, FL 39,779 1998 40 yrs.
1400 SW 6th Court Pompano Beach, FL 223,457 1998 40 yrs.
1405 SW 6th Court Pompano Beach, FL 75,505 1998 40 yrs.
595 SW 13th Terrace Pompano Beach, FL 69,038 1998 40 yrs.
601 SW 13th Terrace Pompano Beach, FL 32,081 1998 40 yrs.
605 SW 16th Terrace Pompano Beach, FL 61,926 1998 40 yrs.
2440-2478 Metrocentre Boulevard West Palm Beach, FL 107,205 1998 40 yrs.
951 Broken Sound Parkway Boca Raton, FL 316,069 1998 40 yrs.
3400 Lakeside Drive Miramar, FL 590,551 1998 40 yrs.
3450 Lakeside Drive Miramar, FL 584,559 1998 40 yrs.
13650 NW 8th Street Sunrise, FL 95,832 1998 40 yrs.
13630 NW 8th Street Sunrise, FL 128,126 1998 40 yrs.
777 Yamato Road Boca Raton, FL 629,763 1998 40 yrs.
1801 Clint Moore Boulevard Boca Raton, FL 186,801 1998 40 yrs.
6601-6625 W. 78th Street Bloomington, MN 1,122,802 1997 40 yrs.
2905 Northwest Boulevard Plymouth, MN 368,023 1983 40 yrs.
- -110-
<PAGE>
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Accumulated Date of
Depreciation Construction Depreciable
Project City @ 12/31/99 or Acquisition Life (years)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES - CONTINUED
2800 Campus Drive Plymouth, MN 250,729 1985 40 yrs.
2955 Xenium Lane Plymouth, MN 114,809 1985 40 yrs.
9401-9443 Science Center Drive New Hope, MN 285,337 1989 40 yrs.
6321-6325 Bury Drive Eden Prairie, MN 290,224 1988 40 yrs.
7115-7173 Shady Oak Road Eden Prairie, MN 304,088 1984 40 yrs.
7660-7716 Golden Triangle Drive Eden Prairie, MN 514,060 1988 40 yrs.
7400 Flying Cloud Drive Eden Prairie, MN 122,372 1987 40 yrs.
10301-10305 West 70th Street Eden Prairie, MN 78,966 1984 40 yrs.
10321 West 70th Street Eden Prairie, MN 91,855 1984 40 yrs.
10333 West 70th Street Eden Prairie, MN 70,243 1984 40 yrs.
10349-10357 West 70th Street Eden Prairie, MN 187,786 1985 40 yrs.
10365-10375 West 70th Street Eden Prairie, MN 185,255 1985 40 yrs.
10393-10394 West 70th Street Eden Prairie, MN 182,167 1985 40 yrs.
7078 Shady Oak Road Eden Prairie, MN 213,262 1985 40 yrs.
10400 Viking Drive Eden Prairie, MN 657,979 1997 40 yrs.
5600 & 5610 Rowland Road Minnetonka, MN 478,459 1988 40 yrs.
2920 Northwest Boulevard Plymouth, MN 262,656 1997 40 yrs.
5400-5500 Feltl Road Minnetonka, MN 385,895 1998 40 yrs.
10300 Bren Road Minnetonka, MN 194,491 1998 40 yrs.
14630-14650 28th Avenue North Plymouth, MN$ 84,308 1998 40 yrs.
7695-7699 Anagram Drive Eden Prairie, MN 136,407 1998 40 yrs.
7550 Meridian Circle Maple Grove, MN 115,262 1998 40 yrs.
2800 Northwest Boulevard Plymouth, MN 434,034 1998 40 yrs.
3255 Neil Armstrong Boulevard Eagan, MN 84,424 1998 40 yrs.
4801 West 81st Street Bloomington, MN 113,150 1998 40 yrs.
8100 Cedar Avenue Bloomington, MN 138,554 1998 40 yrs.
9600 54th Avenue Plymouth, MN 123,489 1998 40 yrs.
7800 Equitable Drive Eden Prairie, MN 121,871 1998 40 yrs.
7905 Fuller Road Eden Prairie, MN 116,493 1998 40 yrs.
9023 Columbine Road Eden Prairie, MN 33,619 1998 40 yrs.
6161 Green Valley Drive Bloomington, MN 25,227 1999 40 yrs.
4700 Nathan Lane North Minneapolis, MN 54,109 1999 40 yrs.
26911-26957 Northwestern Hwy. Southfield, MI 5,036,421 1985 40 yrs.
1650 Research Drive Troy, MI 454,637 1985 40 yrs.
1775 Research Drive Troy, MI 177,203 1985 40 yrs.
1875 Research Drive Troy, MI 177,754 1986 40 yrs.
1850 Research Drive Troy, MI 491,964 1986 40 yrs.
1965 Research Drive Troy, MI 229,489 1987 40 yrs.
1960 Research Drive Troy, MI 228,420 1987 40 yrs.
27260 Haggerty Road Farmington Hills, MI 267,372 1983 40 yrs.
27200 Haggerty Road Farmington Hills, MI 216,265 1983 40 yrs.
27280 Haggerty Road Farmington Hills, MI 250,450 1983 40 yrs.
27220 Haggerty Road Farmington Hills, MI 114,018 1985 40 yrs.
27240 Haggerty Road Farmington Hills, MI 96,151 1985 40 yrs.
27300 Haggerty Road Farmington Hills, MI 224,447 1985 40 yrs.
1101 Allen Drive Troy, MI 50,824 1974 40 yrs.
1151 Allen Drive Troy, MI 88,465 1974 40 yrs.
1300 Rankin Street Troy, MI 69,490 1979 40 yrs.
1350 Rankin Street Troy, MI 58,021 1979 40 yrs.
1376-1400 Rankin Street Troy, MI 71,350 1979 40 yrs.
1352-1374 Rankin Street Troy, MI 79,374 1979 40 yrs.
1324-1346 Rankin Street Troy, MI 68,893 1979 40 yrs.
1301-1307 Rankin Street Troy, MI 62,610 1978 40 yrs.
1409 Allen Drive Troy, MI 81,682 1978 40 yrs.
1304 E Maple Road Troy, MI 117,970 1971 40 yrs.
1334 Maplelawn Road Troy, MI 63,459 1983 40 yrs.
1290 Maplelawn Road Troy, MI 45,766 1984 40 yrs.
1070 Maplelawn Road Troy, MI 36,615 1982 40 yrs.
950 Maplelawn Road Troy, MI 128,961 1982 40 yrs.
894 Maplelawn Road Troy, MI 92,956 1986 40 yrs.
1179 Maplelawn Road Troy, MI 46,877 1984 40 yrs.
1940 Norwood Drive Troy, MI 44,635 1983 40 yrs.
1311-1331 Maplelawn Road Troy, MI 64,229 1986 40 yrs.
2354 Bellingham Street Troy, MI 45,134 1990 40 yrs.
2360 Bellingham Street Troy, MI 45,712 1985 40 yrs.
1911 Ring Drive Troy, MI 45,396 1986 40 yrs.
26442-26450 Haggerty Road Farmington Hills, MI 121,778 1988 40 yrs.
26500 Haggerty Road Farmington Hills, MI 161,280 1986 40 yrs.
26650 Haggerty Road Farmington Hills, MI 88,883 1988 40 yrs.
26700 Haggerty Road Farmington Hills, MI 129,746 1986 40 yrs.
26750 Haggerty Road Farmington Hills, MI 152,570 1988 40 yrs.
26800 Haggerty Road Farmington Hills, MI 90,035 1986 40 yrs.
26842-26850 Haggerty Road Farmington Hills, MI 122,664 1988 40 yrs.
26600 Haggerty Road Farmington Hills, MI 35,835 1997 40 yrs.
50 West Big Bear Road Troy, MI 1,021,177 1998 40 yrs.
100 West Big Bear Road Troy, MI 969,803 1998 40 yrs.
245 Executive Drive Brookfield, WI 242,554 1998 40 yrs.
8301 West Parkland Court Milwaukee, WI 151,731 1998 40 yrs.
32991 Hamilton Court Farmington Hills, MI 84,423 1998 40 yrs.
7800 N. 113th Street Milwaukee, WI 257,888 1998 40 yrs.
2475-2479 Elliot Avenue Troy, MI 18,318 1998 40 yrs.
32661 Edward Avenue Madison Heights, MI 82,649 1998 40 yrs.
32701 Edward Avenue Madison Heights, MI 48,417 1998 40 yrs.
32751 Edward Avenue Madison Heights, MI 40,629 1998 40 yrs.
32853 Edward Avenue Madison Heights, MI 34,560 1998 40 yrs.
555 East Mandoline Avenue Madison Heights, MI 28,375 1998 40 yrs.
599 East Mandoline Avenue Madison Heights, MI 29,126 1998 40 yrs.
749 East Mandoline Avenue Madison Heights, MI 25,101 1998 40 yrs.
750 East Mandoline Avenue Madison Heights, MI 26,273 1998 40 yrs.
900 East Mandoline Avenue Madison Heights, MI 27,361 1998 40 yrs.
949 East Mandoline Avenue Madison Heights, MI 27,590 1998 40 yrs.
- -111-
<PAGE>
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Accumulated Date of
Depreciation Construction Depreciable
Project City @ 12/31/99 or Acquisition Life (years)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES - CONTINUED
32090 John Road Madison Heights, MI 14,332 1998 40 yrs.
31601 Research Park Drive Madison Heights, MI 66,700 1998 40 yrs.
31651 Research Park Drive Madison Heights, MI 39,044 1998 40 yrs.
31700 Research Park Drive Madison Heights, MI 64,724 1998 40 yrs.
31701 Research Park Drive Madison Heights, MI 39,050 1998 40 yrs.
31751 Research Park Drive Madison Heights, MI 46,108 1998 40 yrs.
31800 Research Park Drive Madison Heights, MI 56,773 1998 40 yrs.
800 Tech Row Madison Heights, MI 105,911 1998 40 yrs.
900 Tech Row Madison Heights, MI 31,346 1998 40 yrs.
1000 Tech Row Madison Heights, MI 93,826 1998 40 yrs.
31771 Sherman Avenue Madison Heights, MI 22,866 1998 40 yrs.
31791 Sherman Avenue Madison Heights, MI 23,033 1998 40 yrs.
31811 Sherman Avenue Madison Heights, MI 41,792 1998 40 yrs.
31831 Sherman Avenue Madison Heights, MI 31,905 1998 40 yrs.
31900 Sherman Avenue Madison Heights, MI 63,948 1998 40 yrs.
800 East Whitcomb Avenue Madison Heights, MI 45,877 1998 40 yrs.
950 East Whitcomb Avenue Madison Heights, MI 76,650 1998 40 yrs.
1000 East Whitcomb Avenue Madison Heights, MI 37,456 1998 40 yrs.
1201 East Whitcomb Avenue Madison Heights, MI 47,181 1998 40 yrs.
1210 East Whitcomb Avenue Madison Heights, MI 11,669 1998 40 yrs.
1260 Kempar Avenue Madison Heights, MI 16,178 1998 40 yrs.
1280 Kempar Avenue Madison Heights, MI 20,153 1998 40 yrs.
22515 Heslip Drive Madison Heights, MI 12,046 1998 40 yrs.
8400 Lakeview Parkway Pleasant Prairie, WI 113,082 1998 40 yrs.
8401 Lakeview Parkway Pleasant Prairie, WI 94,135 1998 40 yrs.
9801 80th Avenue Pleasant Prairie, WI 264,861 1998 40 yrs.
11950 W. Lake Park Drive Milwaukee, WI 59,941 1999 40 yrs.
11400 W. Lake Park Drive Milwaukee, WI 62,846 1999 40 yrs.
11425 W. Lake Park Drive Milwaukee, WI 60,225 1999 40 yrs.
11301 W. Lake Park Drive Milwaukee, WI 66,879 1999 40 yrs.
11900 W. Lake Park Drive Milwaukee, WI 106,380 1999 40 yrs.
16620-16650 W. Bluemound Road Brookfield, WI 26,812 1999 40 yrs.
1600-1630 E. Big Beaver Road Troy, MI 12,363 1999 40 yrs.
10 Kings Hill Ave West Malling, UK 256,942 1997 40 yrs.
18 Kings Hill Avenue West Malling, UK 112,698 1997 40 yrs.
2 Kings Hill Avenue West Malling, UK 530,684 1996 40 yrs.
25 Kings Hill Avenue West Malling, UK 850,637 1996 40 yrs.
30 Tower View West Malling, UK 80,453 1997 40 yrs.
35 Kings Hill Ave West Malling, UK 96,780 1997 40 yrs.
39 Kings Hill Avenue West Malling, UK 38,229 1997 40 yrs.
50 Gibson Drive West Malling, UK 853,551 1996 40 yrs.
50 Kings Hill Avenue West Malling, UK 1,176,145 1996 40 yrs.
------------
Subtotal Operating Real Estate $270,174,031
============
DEVELOPMENT IN PROGRESS
Walnut Grove Land Horsham, PA $ - 1996 N/A
PNC Bank - Phase II Construction Philadelphia, PA - 1998 N/A
2201 Renaissance Blvd King of Prussia, PA - 1999 N/A
2540 Renaissance Blvd King of Prussia, PA - 1999 N/A
2560 Renaissance Blvd King of Prussia, PA - 1999 N/A
Keystone Industrial Park Bldg 1 Bristol, PA - 1999 N/A
651 Bridgestone Drive Allentown, PA - 1999 N/A
10800 Nuckols Road Glen Allen, VA - 1999 N/A
3955 Faber Place Charleston, SC - 1998 N/A
4135 Mendenall Oaks Parkway High Point, NC - 1999 N/A
3825 Faber Place N Charleston, SC - 1999 N/A
Butler Plaza Jacksonville, FL - 1998 N/A
4905 Belfort Street Jacksonville, FL - 1999 N/A
7315 Salisbury Road Jacksonville, FL - 1999 N/A
4630 Woodland Corporate Blvd Tampa, FL - 1998 N/A
Silo Bend 12 Tampa, FL - 1998 N/A
9001-9015 Brittany Way Tampa, FL - 1999 N/A
Huntington Square Land Miramar, FL - 1998 N/A
Flying Cloud Building C Eden Prairie, MN - 1999 N/A
West Tech Park Land (Lot C) Farmington Hills, MI - 1997 N/A
38100 Ecorse Road Romulus, MI - 1999 N/A
4 Abbey Wood Road West Malling, UK - 1998 N/A
------------
Subtotal Development in Progress $ -
============
LAND HELD FOR DEVELOPMENT
Gwynedd North Bus Camp Land Lansdale, PA $ - 1989 N/A
Renaissance Park Land King of Prussia, PA - 1998 N/A
Keystone Park Land Bristol, PA - 1999 N/A
Peco Lot @PBC Horsham, PA - 1999 N/A
11 Great Valley Parkway Malvern, PA - 1999 N/A
Commodore Business Park Logan Twp., NJ - 1995 N/A
Marlton Executive Park Land Marlton, NJ - 1994 N/A
410 Center Square Land Logan Township, NJ - 1999 N/A
800 Arlington Blvd Expansion Land Logan, NJ - 1999 N/A
1015 Briggs Road Land Mt Laurel, NJ - 1999 N/A
Lehigh Valley Corporate Center Land Bethlehem, PA - 1987 N/A
LVCC Phase 2 Land Bethlehem, PA - 1998 N/A
LV West Land - Lot 5A Upper Macungie, PA - 1998 N/A
Park at Valleypointe Land Roanoke, VA - 1995 N/A
Fairgrounds Distribution Center Land Richmond, VA - 1995 N/A
Rivers' Bend Land Chesterfield Cty, VA - 1995 N/A
Woodlands Center Land Sandston, VA - 1996 N/A
- -112-
<PAGE>
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
Accumulated Date of
Depreciation Construction Depreciable
Project City @ 12/31/99 or Acquisition Life (years)
- -------------------------------------- ------------------- ------------ -------------- ------------
LAND HELD FOR DEVELOPMENT - CONTINUED
501 Liberty Way Chesterfield City, VA - 1996 N/A
601 Hewlett Packard Way (HP3) Chesterfield City, VA - 1997 N/A
6000-98 Eastport Blvd Richmond, VA - 1997 N/A
Eastport VIII Richmond, VA - 1997 N/A
Eastport IX Richmond, VA - 1997 N/A
Westmoreland Land Virginia Beach, VA - 1998 N/A
Central Green Land Houston, TX - 1998 N/A
Westmoreland III Land Virginia Beach, VA - 1998 N/A
Mendenhall Land High Point, NC - 1995 N/A
Independence Pointe Land Greenville, SC - 1997 N/A
Executive Park at Faber Place Land Charleston, SC - 1998 N/A
Southchase Business Park Land Greenville, SC - 1998 N/A
Woodfield Land Greenville, SC - 1998 N/A
Eagle Hill Business Park Land High Point, NC - 1999 N/A
Southpoint Business Park Land Jacksonville, FL - 1994 N/A
Liberty Business Park Land Jacksonville, FL - 1995 N/A
7024 AC Skinner Parkway Jacksonville, FL - 1995 N/A
Silo Bend Land (LPDC) Tampa, FL - 1996 N/A
Exchange Place Land Orlando, FL - 1997 N/A
Belfort Road Jacksonville, FL - 1998 N/A
Butler Plaza Land Jacksonville, FL - 1998 N/A
Salisbury Road Land Jacksonville, FL - 1998 N/A
South Center Land (LPLP) Orlando, FL - 1999 N/A
South Center Land (LPDC) Orlando, FL - 1999 N/A
4508 Woodland Corporate Blvd Tampa, FL - 1999 N/A
Woodland Corporate Center Land Tampa, FL - 1998 N/A
Pompano Business Park Land - Parcel 2 Boca Raton, FL - 1998 N/A
Pompano Business Park Land - Parcel 3 Boca Raton, FL - 1998 N/A
Boca Colannade Land - Yamato Road Boca Raton, FL - 1998 N/A
Klodt Land Eden Prairie, MN - 1998 N/A
Flying Cloud Land Eden Prairie, MN - 1998 N/A
Romulus Land Romulus, MI - 1998 N/A
Victor Corporate Land Livonia, MI - 1999 N/A
Big Veaver Airport Land Troy, MI - 1999 N/A
Lakeview Corporate Park Land Pleasant Prairie, WI - 1999 N/A
Park Place South Land Milwaukee, WI - 1999 N/A
------------
Subtotal Land Held for Development $ -
============
Total All Properties $270,174,031
============
- -113-
<PAGE>
</TABLE>
SCHEDULE III
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
(In thousands)
A summary of activity for real estate and accumulated depreciation is as
follows:
FOR THE YEARS ENDED DECEMBER 31,
--------------------------------
1999 1998 1997
---------- ---------- ----------
REAL ESTATE:
Balance at beginning of year $3,028,142 $2,106,028 $1,180,385
Additions 339,738 944,794 968,567
Disposition of property (113,129) (22,680) (42,924)
---------- ---------- ----------
Balance at end of year $3,254,751 $3,028,142 $2,106,028
========== ========== ==========
ACCUMULATED DEPRECIATION:
Balance at beginning of year $ 209,023 $ 149,311 $ 119,151
Depreciation expense 74,765 61,679 35,981
Disposition of property (13,614) (1,967) (5,821)
---------- ---------- ----------
Balance at end of year $ 270,174 $ 209,023 $ 149,311
========== ========== ==========
- -114-
<PAGE>
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
- ------------------------------------------------------------------------
None.
PART III
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANTS
- -------------------------------------------------------------
ITEM 11. EXECUTIVE COMPENSATION
- ---------------------------------
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
- --------------------------------------------------------------
MANAGEMENT
- ----------
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
- ---------------------------------------------------------
Except as set forth under the caption "Executive Officers" in Part I,
the information required by Part III, Items 10, 11, 12 and 13 of Form
10-K, is hereby incorporated by reference to the Trust's definitive
proxy statement for its Annual Meeting of Shareholders (other than the
information called for by Item 402(i), (k) and (l) of Regulation S-K,
which is not incorporated herein by reference) presently scheduled for
May 17, 2000, which proxy statement will be filed pursuant to Regulation
14A under the Securities Exchange Act of 1934, as amended, not later
than April 29, 2000, in accordance with General Instruction G(3) to Form
10-K.
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON
FORM 8-K
- ------------------------------------------------------------------
The following consolidated Financial Statements of Liberty Property
Trust and Liberty Property Limited Partnership are included in Item 8.
(A) 1. REPORTS OF ERNST & YOUNG LLP,
INDEPENDENT AUDITORS AND CONSOLIDATED FINANCIAL STATEMENTS
Report of Independent Auditors - Liberty Property Trust
- -------------------------------------------------------
Financial Statements - Liberty Property Trust
- ---------------------------------------------
Balance Sheets:
Liberty Property Trust Consolidated as of December 31, 1999 and 1998
Statements of Operations:
Liberty Property Trust Consolidated for the years ended December 31,
1999, 1998 and 1997
Statements of Shareholders' Equity:
Liberty Property Trust Consolidated for the years ended December 31,
1999, 1998 and 1997
- -115-
<PAGE>
Statements of Cash Flows:
Liberty Property Trust Consolidated for the years ended December 31,
1999, 1998 and 1997
Notes to Consolidated Financial Statements - Liberty Property Trust
Report of Independent Auditors - Liberty Property Limited Partnership
- ---------------------------------------------------------------------
Financial Statements - Liberty Property Limited Partnership
- -----------------------------------------------------------
Balance Sheets:
Liberty Property Limited Partnership Consolidated as of December 31,
1999 and 1998
Statements of Operations:
Liberty Property Limited Partnership Consolidated for the years ended
December 31, 1999, 1998 and 1997
Statements of Owners' Equity:
Liberty Property Limited Partnership Consolidated for the years ended
December 31, 1999, 1998 and 1997
Statements of Cash Flows:
Liberty Property Limited Partnership Consolidated for the years ended
December 31, 1999, 1998 and 1997
Notes to Consolidated Financial Statements - Liberty Property Limited
Partnership
2. FINANCIAL STATEMENT SCHEDULES:
Schedule III -- Real Estate and Accumulated Depreciation as of December
31, 1999 for Liberty Property Trust
All other schedules are omitted because they are not required or the
required information is shown in the financial statements or notes
thereto.
Schedule III -- Real Estate and Accumulated Depreciation as of December
31, 1999 for Liberty Property Limited Partnership
All other schedules are omitted because they are not required or the
required information is shown in the financial statements or notes
thereto.
3. EXHIBITS
The following exhibits are filed herewith or are incorporated by
reference to exhibits previously filed.
EXHIBIT NO. DESCRIPTION
- ------------- --------------------------------------------------
3.1.1 Amended and Restated Declaration of Trust of the
Trust (Incorporated by reference to Exhibit 3.1.1
filed with the Registrants' Current Report on Form
8-K filed with the Commission on June 25, 1997
(the "June 1997 Form 8-K")).
- -116-
<PAGE>
EXHIBIT NO. DESCRIPTION
- ------------- --------------------------------------------------
3.1.2 Articles Supplementary to the Amended and Restated
Declaration of Trust of the Trust Establishing and
Fixing the Rights and Preferences of a Series of
Preferred Shares of Beneficial Interest
(Incorporated by reference to Exhibit 1 filed
with the Trust's Registration Statement on Form 8-
A filed with the Commission on August 8, 1997
(the "August 1997 Form 8-A")).
3.1.3 Articles Supplementary to the Amended and Restated
Declaration of Trust of the Trust Relating to
Designation, Preferences, and Rights of Series A
Junior Participating Preferred Shares of the
Trust. (Incorporated by reference to Exhibit
3.1.3 filed with the Registrants' Annual Report on
Form 10-K for the fiscal year ended December 3l,
1997.)
3.1.4 Articles Supplementary to the Amended and Restated
Declaration of Trust of the Trust relating to the
9.25% Series B Cumulative Redeemable Preferred
Shares of Beneficial Interest (Incorporated by
reference to Exhibit 3.1.2 filed with the
Registrant's Quarterly Report on Form 10-Q for the
fiscal quarter ended June 30, 1999 (the "Second
Quarter 1999 Form 10-Q")).
3.1.5 Second Restated and Amended Agreement of Limited
Partnership of the Operating Partnership, dated as
of October 22, 1997 (Incorporated by reference to
Exhibit 3.1.1 filed with the Registrants'
Quarterly Report on Form 10-Q for the fiscal
quarter ended September 30, 1997 (the "Third
Quarter 1997 Form 10-Q")).
3.1.6 First Amendment to Second Restated and Amended
Agreement of Limited Partnership of the Operating
Partnership (Incorporated by reference to Exhibit
3.1.1 filed with the Second Quarter 1999 Form
10-Q).
3.1.7 * Amended and Restated Schedule A to the First
Amendment to Second Restated and Amended Agreement
of Limited Partnership of the Operating
Partnership.
3.2 Amended and Restated By-laws of the Trust
(Incorporated by reference to Exhibit 3.2 filed
with the Trust's Registration Statement on Form S-
11, filed with the Commission on March 30, 1994
(the "Form S-11")).
4.1 Rights Agreement, dated as of December 17, 1997,
by and between the Trust and the Rights Agent
(Incorporated by reference to Exhibit 1 filed with
the Trust's Registration Statement on Form 8-A
filed with the Commission on December 23, 1997).
- -117-
<PAGE>
EXHIBIT NO. DESCRIPTION
- ------------- --------------------------------------------------
4.2 Indenture between the Operating Partnership and
Bank of Boston, as Trustee, including Guaranty
Provisions and Form of Debenture (Incorporated by
reference to Exhibit 4.1 filed with the Form S-
11).
4.3 Indenture (the "First Indenture"), dated as of
August 14, 1997, between the Operating
Partnership, as Obligor, and The First National
Bank of Chicago ("First Chicago"), as Trustee
(Incorporated by reference to Exhibit 10.1 filed
with the Third Quarter 1997 Form 10-Q).
4.4 First Supplemental Indenture, dated as of August
14, 1997, between the Operating Partnership, as
Issuer, and First Chicago, as Trustee,
supplementing the First Indenture and relating to
$100,000,000 principal amount of the 7.10% Senior
Notes due 2004 and $100,000,000 principal amount
of the 7.25% Senior Notes due 2007 of the
Operating Partnership (Incorporated by reference
to Exhibit 10.2 filed with the Third Quarter 1997
Form 10-Q).
4.5 Senior Indenture (the "Second Indenture"), dated
as of October 24, 1997, between the Operating
Partnership, as Obligor, and First Chicago, as
Trustee (Incorporated by reference to Exhibit 10.3
filed with the Third Quarter 1997 Form 10-Q).
4.6 First Supplemental Indenture, dated as of October
24, 1997, between the Operating Partnership, as
Issuer, and First Chicago, as Trustee,
supplementing the Second Indenture and relating to
the Fixed Rate and Floating Rate Medium-Term Notes
due Nine Months or More from Date of Issue of the
Operating Partnership (Incorporated by reference
to Exhibit 10.4 filed with the Third Quarter 1997
Form 10-Q).
4.7 Second Supplemental Indenture, dated as of January
12, 1998, between the Operating Partnership, as
Issuer, and First Chicago, as Trustee,
supplementing the Second Indenture, and relating
to the Fixed Rate and Floating Rate Medium-Term
Notes due Nine Months or more from Date of Issue
of the Operating Partnership (Incorporated by
reference to Exhibit 4.1 filed with the
Registrants' Quarterly Report on Form 10-Q for the
fiscal quarter ended March 31, 1998 (the "First
Quarter 1998 Form 10-Q)).
- -118-
<PAGE>
EXHIBIT NO. DESCRIPTION
- ------------- --------------------------------------------------
4.8 Third Supplemental Indenture, dated as of April
20, 1999, between the Operating Partnership, as
Issuer, and the First National Bank of Chicago, as
Trustee, supplementing the Second Indenture and
relating to the $250,000,000 principal amount of
7.75% Senior Notes, due 2009 of the Operating
Partnership(Incorporated by reference to Exhibit 4
filed with the Registrants' Quarterly Report on
Form 10-Q for the fiscal quarter ended March 31,
1999 (the "First Quarter 1999 Form 10-Q")).
4.9 Note, Relating to the Issuance by the Operating
Partnership, on January 22, 1998, of $75 Million
Principal Amount of its 6.375% Medium-Term Notes
due 2013, Putable/Callable 2003 (Incorporated by
reference to Exhibit 4.2 filed with the First
Quarter 1998 10-Q).
4.10 Note, Relating to the Issuance by the Operating
Partnership, on January 23, 1998, of $100 Million
Principal Amount of its 7.50% Medium-Term Notes
due 2018 (Incorporated by reference to Exhibit 4.3
filed with the First Quarter 1998 10-Q).
4.11 Note, Relating to the Issuance by the Operating
Partnership, on June 5, 1998, of $100 Million
Principal Amount of its 6.60% Medium-Term Notes
due 2002. (Incorporated by reference to Exhibit 4
filed with the Registrants' Quarterly Report on
Form 10-Q for the fiscal quarter ended June 30,
1998 (the "Second Quarter 1998 Form 10-Q)).
4.12 Note, Relating to the Issuance by the Operating
Partnership on November 24, 1998, of $20 Million
Principal Amount of its 8.125% Medium-Term Notes
due January 15, 2009 (Incorporated by reference
to Exhibit 4.11 filed with the Registrants' Annual
Report on Form 10-K for the fiscal year ended
December 31, 1998).
10.1 Liberty Property Trust Amended and Restated Share
Incentive Plan (Incorporated by reference to
Exhibit 10.1 filed with the June 25 Form 8-
K).
10.2 Liberty Property Trust Amended and Restated Share
Incentive Plan (Incorporated by reference to
Exhibit 10.1 filed with the Second Quarter 1999
Form 10-Q).
10.3 Contribution Agreement (Incorporated by reference
to Exhibit 10.5 filed with the Form S-11).
10.4 Amended and Restated Limited Partnership
Agreements of Pre-existing Pennsylvania
Partnerships (Incorporated by reference to Exhibit
10.6 filed with the Form S-11).
- -119-
<PAGE>
EXHIBIT NO. DESCRIPTION
- ------------- --------------------------------------------------
10.5 Agreement of Sale for the Acquisition Properties
(Incorporated by reference to Exhibit 10.7 filed
with the Form S-11).
10.6 Option Agreement and Right of First Offer
(Incorporated by reference to Exhibit 10.8 filed
with the Form S-11).
10.7 Form of Indemnity Agreement (Incorporated by
reference to Exhibit 10.9 filed with the Form S-
11).
10.8 Contribution Agreement among the Trust, the
Operating Partnership and the Contributing Owners
described therein, related to the Lingerfelt
Properties (Incorporated by reference to Exhibit
10.1 filed with the Registrants' Current Report on
Form 8-K filed with the Commission on March 3,
1995).
10.9 Amended and Restated Loan Agreement, dated as of
June 16, 1997, by and among the Operating
Partnership, the Trust, the Banks named therein
and Bank Boston, N.A., as agent for itself and the
other lending institutions (Incorporated by
reference to Exhibit 10 filed with the August 1997
Form 8-A).
10.10 First Amendment to Amended and Restated Loan
Agreement, dated as of March 10, 1998, by and
among the Operating Partnership, the Trust, the
Banks named therein and Bank Boston, N.A., as
agent for itself and the other lending
institutions. (Incorporated by reference to
Exhibit 10 filed with the First Quarter 1998 10-
Q).
10.11 Term Loan Agreement, dated as of January 15, 1999,
among the Operating Partnership, the Trust, the
Banks named therein and BankBoston, N.A., as agent
for itself and the other lending institutions.
10.12 Senior Management Change of Control Severance
Plan. (Incorporated by reference to Exhibit 10
filed with the Registrants' Quarterly Report on
Form 10-Q for the fiscal quarter ended September
30, 1998.)
12.1 * Ratio of Earnings to Combined Fixed Charges and
Ratio of Earnings to Fixed Charges.
21 * Subsidiaries.
23.1 * Consent of Ernst & Young LLP relating to financial
statements of the Trust.
23.2 * Consent of Ernst & Young LLP relating to financial
statements of the Operating Partnership.
- -120-
<PAGE>
EXHIBIT NO. DESCRIPTION
- ------------- --------------------------------------------------
27 * Financial Data Schedule (EDGAR version only).
(B) REPORTS ON FORM 8-K
None.
* Filed herewith
- -121-
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
and Exchange Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.
LIBERTY PROPERTY TRUST
Date: February 25, 2000 By: /s/ WILLARD G. ROUSE III
--------------------------------------
WILLARD G. ROUSE III
CHIEF EXECUTIVE OFFICER
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of
the Registrant in the capacities and on the dates indicated.
Chairman of the Board
of Trustees and Chief
Executive Officer
(Principal Executive
/s/ Willard G. Rouse III Officer) February 25, 2000
- ---------------------------
Willard G. Rouse III
Chief Financial Officer
and Treasurer (Principal
Financial and Accounting
/s/ George J. Alburger, Jr. Officer) February 25, 2000
- ---------------------------
George J. Alburger, Jr.
/s/ Joseph P. Denny Trustee February 25, 2000
- ---------------------------
Joseph P. Denny
/s/ M. Leanne Lachman Trustee February 25, 2000
- ---------------------------
M. Leanne Lachman
/s/ Frederick F. Buchholz Trustee February 25, 2000
- ---------------------------
Frederick F. Buchholz
/s/ J. Anthony Hayden Trustee February 25, 2000
- ---------------------------
J. Anthony Hayden
/s/ David L. Lingerfelt Trustee February 25, 2000
- ---------------------------
David L. Lingerfelt
/s/ John A. Miller Trustee February 25, 2000
- ---------------------------
John A. Miller, CLU
/s/ Stephen B. Siegel Trustee February 25, 2000
- ---------------------------
Stephen B. Siegel
/s/ Thomas C. DeLoach, Jr. Trustee February 25, 2000
- ---------------------------
Thomas C. DeLoach, Jr.
- -122-
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
and Exchange Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.
LIBERTY PROPERTY LIMITED PARTNERSHIP
BY: Liberty Property Trust
General Partner
Date: February 25, 2000 By: /s/ WILLARD G. ROUSE III
--------------------------------------
WILLARD G. ROUSE III
CHIEF EXECUTIVE OFFICER
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of
the Registrant in the capacities and on the dates indicated.
Trustee of the
/s/ Joseph P. Denny General Partner February 25, 2000
- ---------------------------
Joseph P. Denny
Trustee of the
/s/ M. Leanne Lachman General Partner February 25, 2000
- ---------------------------
M. Leanne Lachman
Trustee of the
/s/ Frederick F. Buchholz General Partner February 25, 2000
- ---------------------------
Frederick F. Buchholz
Trustee of the
/s/ J. Anthony Hayden General Partner February 25, 2000
- ---------------------------
J. Anthony Hayden
Trustee of the
/s/ David L. Lingerfelt General Partner February 25, 2000
- ---------------------------
David L. Lingerfelt
Trustee of the
/s/ John A. Miller General Partner February 25, 2000
- ---------------------------
John A. Miller, CLU
Trustee of the
/s/ Stephen B. Siegel General Partner February 25, 2000
- ---------------------------
Stephen B. Siegel
Trustee of the
/s/ Thomas C. DeLoach, Jr. General Partner February 25, 2000
- ---------------------------
Thomas C. DeLoach, Jr.
- -123-
<PAGE>
EXHIBIT INDEX
-------------
EXHIBIT NO. DESCRIPTION
- ------------- --------------------------------------------------
3.1.7 Amended and Restated Schedule A to the First
Amendment to Second Restated and Amended Agreement
of Limited Partnership of the Operating
Partnership.
12.1 Ratio of Earnings to Combined Fixed Charges and
Ratio of Earnings to Fixed Charges.
21 Subsidiaries.
23.1 Consent of Ernst & Young LLP relating to
financial statements of the Trust.
23.2 Consent of Ernst & Young LLP relating to
financial statements of the Operating
Partnership.
27 Financial Data Schedule (EDGAR version only).
- -124-
EXHIBIT 3.1.7
Liberty Property Limited Partnership
Partnership Interests
As of December 31, 1999
Number of
Partnership
Limited Partners Interests %
- ---------------------------------------- ----------- ---------
Balitsaris, Peter 58,542 0.0726%
Carr, Clai 138,000 0.1711%
Castorina, John 14,491 0.0180%
Denny, Joseph 260,250 0.3226%
Felix, Jill 195,043 0.2418%
Fenza, Robert 195,043 0.2418%
Fitzgerald, Ward 14,491 0.0180%
Gildea, Larry 93,319 0.1157%
Goldschmidt, Robert 22,895 0.0284%
Hagan, Michael 14,491 0.0180%
Hammers, David 241,673 0.2996%
Kiel, Bob 14,491 0.0180%
Kline, Earl 19,128 0.0237%
Lutz, Jim 37,312 0.0463%
Mazzerralli, James 14,491 0.0180%
Messaros, Sharron 7,245 0.0090%
Morrissey, Mary Beth 14,491 0.0180%
Price, Leslie 175,336 0.2174%
Reichert, Joseph 27,242 0.0338%
Rouse & Assoc., Inc. 5,506 0.0068%
Rouse, Willard 457,665 0.5674%
Trust Congdon Children 95,347 0.1182%
Trust Hammers Children 95,348 0.1182%
Trust for Mary Rouse 13,621 0.0169%
Trust for Anne Rouse 13,621 0.0169%
Trust for Rouse Younger Children 81,726 0.1013%
Trust for Laurie Hammers 5,506 0.0068%
Weitzmann, Mike 42,312 0.0525%
Liberty Special Purpose Trust 10,574 0.0131%
Lingerfelt, Rebecca 8,076 0.0100%
Trust J. Ryan Lingerfelt 15,625 0.0194%
Trust Justin M. Lingerfelt 15,625 0.0194%
Trust Daniel K. Lingerfelt 15,625 0.0194%
Trust Catherine E. Lingerfelt 15,625 0.0194%
Lingerfelt, Alan T. 317,500 0.3936%
Lingerfelt, L. Harold 164,375 0.2038%
The James J. Carpenter Living Trust 78,750 0.0976%
Lingerfelt, David L. 30,674 0.0380%
Ferguson, Morris U. 6,000 0.0074%
Lingerfelt, Carl C. 10,900 0.0135%
Wright, Murray H. 7,500 0.0093%
Latimer, Erle Marie 12,500 0.0155%
Mazel Investments LLC 28,025 0.0347%
Stewart R. Stender 57,613 0.0714%
Robert C. Lux 57,612 0.0714%
NWBC Associates, Inc. 28,191 0.0349%
330 Associates, Inc. 3,407 0.0042%
Number of
Partnership
Limited Partners - Cont'd Interests %
- ---------------------------------------- ----------- ---------
APEX Asset Management Corp. 85,051 0.1054%
LPC of S.C., Inc. 183,742 0.2278%
Libco of Florida, Inc. 283,238 0.3511%
Rouse & Associates Maryland Partnership 20,000 0.0248%
A. Carl Helwig 356,737 0.4422%
James J. Sunday 79,348 0.0984%
Charles J. Walters 290,723 0.3604%
Magaret A. Doyle 19,380 0.0240%
Stanford Baratz 9,044 0.0112%
Walton Street Real Estate Fund II, LP 311,562 0.3862%
Walton Street Managers II, LP 3,147 0.0039%
Preferred Limited Partners
- ----------------------------------------
Belair Real Estate Corporation 1,235,000 1.5310%
Belcrest Realty Corporation 2,565,000 3.1798%
General Partner
- ----------------------------------------
Liberty Property Trust - Preferred Units 5,000,000 6.1984%
Liberty Property Trust GP 83.0228%
---------
Total Ownership 100.0000%
GP - The partnership units for Liberty Property Trust have not been
reflected because there is no conversion of units to shares by the
general partner.
<TABLE>
<CAPTION>
EXHIBIT 12
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO
FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES
YEAR ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Earnings before fixed charges
Income before extraordinary item $155,993 $116,677 $ 68,969 $ 37,631 $ 22,309
Add: Interest expense 94,712 74,155 46,521 33,967 32,819
Depreciation expense on
capitalized interest 1,396 1,001 650 502 450
Amortization of deferred
financing costs 4,951 4,462 4,448 4,561 4,869
-------- -------- -------- -------- --------
Earnings before fixed charges $257,052 $196,295 $120,588 $ 76,661 $ 60,447
======== ======== ======== ======== ========
Fixed charges:
Interest expense 94,712 74,155 46,521 33,967 32,819
Amortization of deferred
financing charges 4,951 4,462 4,448 4,561 4,869
Capitalized interest 15,288 16,317 11,802 7,708 3,475
-------- -------- -------- -------- --------
Fixed charges $114,951 $ 94,934 $ 62,771 $ 46,236 $ 41,163
-------- -------- -------- -------- --------
Preferred share distributions 11,000 11,000 4,247 - -
Preferred unit distributions 3,783 - - - -
-------- -------- -------- -------- --------
Combined fixed charges $129,734 $105,934 $ 67,018 $ 46,236 $ 41,163
======== ======== ======== ======== ========
Ratio of earnings to
fixed charges 2.24 2.07 1.92 1.66 1.47
======== ======== ======== ======== ========
Ratio of earnings to combined
fixed charges 1.98 1.85 1.80 1.66 1.47
======== ======== ======== ======== ========
</TABLE>
Certain amounts from prior periods have been restated to conform to
current-year presentation.
Exhibit 21
LIBERTY PROPERTY TRUST
LIBERTY PROPERTY LIMITED PARTNERSHIP
LIST OF SUBSIDIARIES
Rouse & Associates - 1655 Valley Center Parkway Limited Partnership
Rouse & Associates - 300 Stonegate Drive Limited Partnership
Rouse & Associates - 200 Hedgewood Drive Limited Partnership
Rouse & Associates - 100 Hedgewood Drive Limited Partnership
Rouse & Associates - 1495 Valley Center Parkway Limited Partnership
Rouse & Associates - Great Valley Retail Limited Partnership
Rouse & Associates - 300 Hedgewood Drive Limited Partnership
Rouse & Associates - 420 Lapp Road Limited Partnership
Rouse & Associates - 400 Hedgewood Drive Limited Partnership
Rouse & Associates - 1550 Valley Center Parkway Limited Partnership
Rouse & Associates - 1560 Valley Center Parkway Limited Partnership
Rouse & Associates - 14 Lee Boulevard Limited Partnership
500 Chester Field Parkway Limited Partnership
300/400 Chester Field Parkway Limited Partnership
Rouse & Associates - 580 Snowdrift Road Limited Partnership
Rouse & Associates - 1510 Valley Center Parkway Limited Partnership
Rouse & Associates - 1530 Valley Center Parkway Limited Partnership
Rouse & Associates - 747 Dresher Road Limited Partnership
Rouse & Associates - 200 Stonegate Drive Limited Partnership
Great Valley Associates Limited Partnership
Rouse & Associates - 974 Marcon Boulevard Limited Partnership
Rouse & Associates - 1180 Church Road Limited Partnership
Rouse & Associates - 40 Valley Stream Parkway Limited Partnership
Rouse & Associates - 50 Valley Stream Parkway Limited Partnership
Rouse & Associates - 20 Valley Stream Parkway Limited Partnership
Rouse & Associates - 800-860 Town Center Drive Limited Partnership
Rouse & Associates - 15 Great Valley Parkway Limited Partnership
Morehall Associates Limited Partnership
Rouse & Associates - 311 Technology Drive Limited Partnership
Rouse & Associates - 55 Valley Stream Parkway Limited Partnership
Rouse & Associates - 65 Valley Stream Parkway Limited Partnership
Rouse & Associates - 508 Lapp Road Limited Partnership
Rouse & Associates - 10 Valley Stream Parkway Limited Partnership
Rouse & Associates - 333 Phoenixville Pike Limited Partnership
Rouse & Associates - 964 Marcon Boulevard Limited Partnership
1566 Medical Drive Associates Limited Partnership
Roble Road Associates Limited Partnership
Rouse & Associates - 30 Great Valley Parkway Limited Partnership
Rouse & Associates - 75 Great Valley Parkway Limited Partnership
Rouse & Associates - 35 Great Valley Parkway Limited Partnership
Rouse & Associates - 77 Great Valley Parkway Limited Partnership
RHW Lehigh Valley
Rouse & Associates - Plymouth Meeting Limited Partnership
Rouse & Associates - 256 Great Valley Parkway Limited Partnership
2202 Hangar Place Associates Limited Partnership
2201 Hangar Place Associates Limited Partnership
Rouse & Associates - 205 Great Valley Parkway Limited Partnership
954 Marcon Boulevard Associates Limited Partnership
Rouse & Associates - 14 Great Valley Parkway Limited Partnership
Rouse & Associates - XXVII Great Valley Parkway Limited Partnership
Rouse & Associates - 333 Technology Drive Limited Partnership
Rouse & Associates - 510 Lapp Road Limited Partnership
Liberty Lehigh Partnership
Liberty Special Purpose Corp.
Exhibit 21 - Continued
LIBERTY PROPERTY TRUST
LIBERTY PROPERTY LIMITED PARTNERSHIP
LIST OF SUBSIDIARIES
Liberty Property Development Corp.
Liberty Property Development Corp. II
Liberty Property Philadelphia Corp.
Liberty Property Philadelphia Trust
Liberty Property Philadelphia Limited Partnership
Liberty Property Philadelphia Limited Partnership II
Rivers Business Commons Associates Limited Partnership
Liberty Special Purpose Trust
Liberty Special Purpose LLC
Exhibit 23.1
Consent of Independent Auditors
We consent to the incorporation by reference in the Registration
Statement (Form S-3 No. 33-43267), the Registration Statement (Form S-3
No. 33-94782), the Registration Statement (Form S-3 No. 333-22211) of
Liberty Property Trust and Liberty Property Limited Partnership and the
Registration Statement (Form S-3 No. 333-14139), the Registration
Statement (Form S-3 No. 33-94036), the Registration Statement (Form S-8
No. 333-44149) of Liberty Property Trust and in the related Prospectus
of our report dated February 8, 2000, with respect to the consolidated
financial statements and schedule of Liberty Property Trust included in
this Annual Report (Form 10-K) for the year ended December 31, 1999.
Philadelphia, Pennsylvania
March 6, 2000
Exhibit 23.2
Consent of Independent Auditors
We consent to the incorporation by reference in the Registration
Statement (Form S-3 No. 33-43267), the Registration Statement (Form S-3
No. 33-94782), the Registration Statement (Form S-3 No. 333-22211) of
Liberty Property Trust and Liberty Property Limited Partnership and in
the related Prospectus of our report dated February 8, 2000, with
respect to the consolidated financial statements and schedule of Liberty
Property Limited Partnership included in this Annual Report (Form 10-K)
for the year ended December 31, 1999.
Philadelphia, Pennsylvania
March 6, 2000
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
Consolidated Balance Sheet at December 31, 1999 and the Consolidated Statement
of Operations for the year ended December 31, 1999 and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000921112
<NAME> LIBERTY PROPERTY TRUST
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<CASH> 17,521
<SECURITIES> 0
<RECEIVABLES> 13,388
<ALLOWANCES> 1,716
<INVENTORY> 0
<CURRENT-ASSETS> 30,909
<PP&E> 3,262,340
<DEPRECIATION> 275,849
<TOTAL-ASSETS> 3,118,133
<CURRENT-LIABILITIES> 38,021
<BONDS> 1,491,238
0
120,814
<COMMON> 67
<OTHER-SE> 1,173,726
<TOTAL-LIABILITY-AND-EQUITY> 3,118,133
<SALES> 0
<TOTAL-REVENUES> 472,498
<CGS> 0
<TOTAL-COSTS> 129,439
<OTHER-EXPENSES> 100,591
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 99,663
<INCOME-PRETAX> 154,848
<INCOME-TAX> 0
<INCOME-CONTINUING> 154,848
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 130,324
<EPS-BASIC> 1.96
<EPS-DILUTED> 1.95
</TABLE>
