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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, 2000
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)
- ------------------------------------------------------------------------
LIBERTY PROPERTY TRUST
LIBERTY PROPERTY LIMITED PARTNERSHIP
- ------------------------------------------------------------------------
(Exact names of registrants as specified in their governing documents)
MARYLAND (Liberty Property Trust) 23-7768996
PENNSYLVANIA (Liberty Property Limited Partnership) 23-2766549
- --------------------------------------------------- ----------------
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification
Number)
65 Valley Stream Parkway, Suite 100,
Malvern, Pennsylvania 19355
- --------------------------------------------------- --------
(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
- ------------------- -----------------------
Common Shares of Beneficial Interest,
$0.001 par value
(Liberty Property Trust) New York Stock Exchange
- ----------------------------------------------- -----------------------
Convertible Subordinated Debentures due 2001
(Liberty Property Limited Partnership) New York Stock Exchange
- ----------------------------------------------- -----------------------
8.80% Series A Cumulative Redeemable Preferred
Shares of Beneficial Interest, $0.001 par value
(Liberty Property Trust) New York Stock Exchange
- ----------------------------------------------- -----------------------
Preferred Share Purchase Rights,
$0.0001 par value
(Liberty Property Trust) New York Stock Exchange
- ----------------------------------------------- -----------------------
2
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. /x/
As of March 15, 2001, 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 $1.8 billion, based upon the closing price of $26.75 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 March 15, 2001:
68,714,881
Documents Incorporated by Reference
Portions of the proxy statement for the annual meeting of shareholders
of Liberty Property Trust to be held in 2001 are incorporated by
reference into Part III of this Form 10-K.
3
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.... 14
PART II
Item 5. Market for the Registrants' Common Equity and Related
Shareholders' Matters.................................. 15
Item 6. Selected Financial Data................................ 17
Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations.................... 19
Item 7A. Quantitative and Qualitative Disclosures About Market
Risk................................................... 28
Item 8. Financial Statements and Supplementary Data............ 28
Item 9. Changes in and Disagreements with Accountants on
Accounting and Financial Disclosure.................... 126
PART III
Item 10. Directors and Executive Officers of the Registrants.... 126
Item 11. Executive Compensation................................. 126
Item 12. Security Ownership of Certain Beneficial Owners and
Management............................................. 126
Item 13. Certain Relationships and Related Transactions......... 126
PART IV
Item 14. Exhibits, Financial Statement Schedules and Reports
on Form 8-K............................................ 126
SIGNATURES...................................................... 133
4
- ---------------------------------
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 real estate development activities,
acquisitions, dispositions, future capital expenditures, financing
sources and availability, and the effects of regulation (including
environmental regulation) and competition. Although Liberty Property
Trust and Liberty Property Limited Partnership (together, the "Company")
believe that the expectations reflected in such forward-looking
statements are based on reasonable assumptions, it can give no assurance
that its expectations will be achieved. As forward-looking statements,
these statements involve important risks, uncertainties and other factors
that could cause actual results to differ materially from the expected
results and, accordingly, such results may differ from those expressed in
any forward-looking statements made by, or on behalf of the Company.
These risks, uncertainties and other factors include, without limitation,
uncertainties affecting real estate businesses generally (such as entry
into new leases, renewals of leases and dependence on tenants' business
operations), risks relating to our ability to maintain and increase
property occupancy and rental rates, 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), 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. The Company assumes no
obligation to update or supplement forward-looking statements that become
untrue because of subsequent events. See "Management's Discussion and
Analysis of Financial Condition and Results of Operations - Forward-
Looking Statements".
5
PART I
ITEM 1. BUSINESS
- ----------------
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, 2000,
consisted of 652 industrial and office properties (the "Properties in
Operation") totaling approximately 48.2 million leaseable square feet.
As of December 31, 2000, the Properties in Operation were approximately
96.1% leased to almost 2,000 tenants. As of December 31, 2000, the
Company also had 49 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 six million leaseable square
feet. The Properties are located principally within the Southeastern,
Mid-Atlantic and Midwestern United States. As of December 31, 2000, the
Company also owned 1,139 acres of land, all zoned for commercial use,
which the Company anticipates are capable of supporting, as and when
developed, approximately nine million leaseable square feet.
The Properties in Operation, as of December 31, 2000, consisted of 424
industrial and 228 office properties. Single tenants occupied 270 of
the Properties in Operation. The remaining 382 of the 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. 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, owning 93.9% of the common equity of the
6
Operating Partnership at December 31, 2000. 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"). 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 4.5 million Common Shares on December 31, 2000. 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 and Series C Cumulative Redeemable
Preferred Units of the Operating Partnership (the "Preferred Units").
The Preferred Units are exchangeable on a one-for-one basis after a
stated date into Cumulative Redeemable Preferred Shares. Collectively,
the ownership of the holders of Common and Preferred Units 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, 2000, 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 347 employees (as of March 15, 2001) are under the
direction of 19 senior executives, who, on average, have been affiliated
with the Company and the Predecessor for 13 years. The Company and the
Predecessor have developed and managed commercial real estate for the
past 28 years. The Company's in-house leasing, marketing and property
management staff operates in full-service local offices in markets where
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,
(iii) selectively disposing of certain properties and (iv) continuing to
enhance the capabilities of the Company and its personnel. In
accomplishing these objectives, the Company also intends to maintain a
conservative and flexible capital structure.
7
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 maintaining or improving the occupancy of its portfolio.
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, 2000 provide
for contractual rental increases that are expected to contribute an
additional $5.8 million to the Company's cash flow for the year ending
December 31, 2001. 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.
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.
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 continues to explore appropriate Internet-based products to
link the Company's business communities with local service providers,
national retailers and community organizations. The Company believes
that these products will enhance the working environment in the business
parks in which many of the Company's Properties are located. The
8
Company believes that this focus will further the Company's goal of
providing desirable business accommodations for its tenants.
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 within the Company's strategic plan or in situations
where it can optimize cash proceeds.
DEVELOPMENT. 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 43 million square feet of commercial real estate
during the past 28 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.
During the year ended December 31, 2000, the Company completed seven
build-to-suit projects, 17 inventory projects, and one build-to-suit
expansion, totaling approximately 2.3 million square feet of leaseable
space and representing an aggregate Total Investment, as defined below,
of approximately $193.2 million. As of December 31, 2000, these
completed development properties were approximately 92.1% leased. 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.
As of December 31, 2000, the Company had 49 Properties Under Development
which, upon completion, are expected to generate approximately six
million leaseable square feet and are expected to represent a Total
Investment of approximately $408.7 million. Approximately 54.0% of such
leaseable space was pre-leased as of December 31, 2000. The Company
expects to complete all of the Properties Under Development over the
next eight quarters.
As of December 31, 2000, the Company owned 1,139 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 nine million leaseable
square feet. The Company's investment in land held for development as
of December 31, 2000 was $137.4 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
9
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, 2000, the Company acquired 14
properties comprising approximately 1.4 million leaseable square feet
for a Total Investment of $105.2 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 or with respect to which
the Company believes it can optimize cash proceeds 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, 2000, the Company sold
20 Properties compromising approximately 1.7 million square feet of
leaseable space, and 11 parcels of land, for $122.5 million.
The Company also actively considers joint venture opportunities as a
method of generating capital to fund development and acquisitions.
INTERNATIONAL OPERATION
The Company's international operation includes eight Properties in
Operation and one Property Under Development in the County of Kent,
England. Additionally, the Company has entered into a joint venture to
develop an office building in Uxbridge in the London Borough of
Hillingdon. The Company also 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 receivable and a loan
receivable from Rouse Kent Limited and affiliates at December 31, 2000,
with outstanding balances of $7.5 million and $11.9 million,
respectively.
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
10
on rental rates of 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
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 and when appropriate Phase II Environmental
Assessments (collectively, the "Environmental Assessments"). The
Environmental 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 Environmental 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
11
Environmental 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, 2000, consisted of 424
industrial and 228 office properties.
Single tenants occupy 270 Properties in Operation. The Company provides
a reduced level of service in connection with the operation or
maintenance of these properties. The remaining 382 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 77,308 leaseable
square feet. As of December 31, 2000, the Company's industrial
properties were 97.0% leased.
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, 2000, the
office properties were approximately 94.2% leased. The average building
size of the office properties is 67,710 leaseable square feet.
The table below highlights the Company's top ten industrial tenants and
the top ten office tenants.
PERCENTAGE PERCENTAGE
OF TOTAL OF TOTAL
TOP 10 INDUSTRIAL TENANTS BASE RENT TOP 10 OFFICE TENANTS BASE RENT
- -------------------------------------- ---------- -------------------------------- ----------
Kellogg USA 1.2% The Vanguard Group, Inc. 5.2%
United States of America 0.9% SmithKline Beecham 2.5%
General Electric Company 0.9% Aetna U.S. Healthcare, Inc. 1.5%
Dial Corporation 0.8% PNC Bank 1.4%
Vistakon Division of Johnson & Johnson 0.6% Capital One Services, Inc. 1.0%
Great Spring Waters of America 0.6% Citicorp 1.0%
Centocor, Inc. 0.6% General Motors Corporation 0.9%
Hewlett-Packard Company 0.5% The Prudential Insurance Company 0.9%
AIWA America, Inc. 0.4% Sanofi Winthrop, Inc. 0.8%
Bosch Braking Systems 0.4% AT&T Corp. 0.7%
------ ------
6.9% 15.9%
====== ======
The table below sets forth certain information on the Company's
Properties in Operation as of December 31, 2000. A complete listing of
the Properties in Operations appears as Schedule III to the financial
statements of the Company included in this report.
12
LIBERTY PROPERTY TRUST/LIBERTY PROPERTY LIMITED PARTNERSHIP
BUILDING TYPE BY REGION
DECEMBER 31, 2000
Total Total
Type Base Rent Square Feet % Leased
------------------------ -------------- ------------ --------
Southeastern PA Industrial -Distribution $ 9,002,378 1,217,311 100.0%
-Flex 21,407,876 2,195,826 98.8%
Office 79,431,384 5,454,073 98.1%
------------ ----------- ------
Total $109,841,638 8,867,210 98.5%
============ =========== ======
New Jersey Industrial -Distribution $ 12,647,297 2,903,800 99.1%
-Flex 8,646,593 1,221,881 91.6%
Office 7,828,931 825,821 79.6%
------------ ----------- ------
Total $ 29,122,821 4,951,502 94.0%
============ =========== ======
Lehigh Valley Industrial -Distribution $ 23,146,223 5,833,832 99.4%
-Flex 8,997,653 1,267,790 95.3%
Office 6,493,671 539,717 98.7%
------------ ----------- ------
Total $ 38,637,547 7,641,339 98.7%
============ =========== ======
Maryland Industrial -Distribution $ 844,651 199,977 100.0%
-Flex 2,518,464 225,843 100.0%
Office 6,567,738 530,532 99.8%
------------ ----------- ------
Total $ 9,930,853 956,352 99.9%
============ =========== ======
Virginia Industrial -Distribution $ 16,161,271 4,513,500 92.9%
-Flex 4,359,125 569,486 97.2%
Office 11,880,058 987,112 94.9%
------------ ----------- ------
Total $ 32,400,454 6,070,098 93.6%
============ =========== ======
The Carolinas Industrial -Distribution $ 9,001,534 2,049,765 100.0%
-Flex 1,891,017 234,002 100.0%
Office 19,644,863 1,664,539 91.7%
------------ ----------- ------
Total $ 30,537,414 3,948,306 96.5%
============ =========== ======
Jacksonville Industrial -Distribution $ 5,335,757 1,369,019 96.1%
-Flex 10,841,195 1,809,536 92.3%
Office 16,872,399 1,613,060 92.4%
------------ ----------- ------
Total $ 33,049,351 4,791,615 93.4%
============ =========== ======
Tampa Industrial -Distribution $ 1,110,338 294,286 100.0%
-Flex 7,685,098 905,830 99.1%
Office 3,727,101 325,333 97.5%
------------ ----------- ------
Total $ 12,522,537 1,525,449 98.9%
============ =========== ======
South Florida Industrial -Distribution $ 3,292,834 603,598 97.2%
-Flex 1,936,985 250,673 100.0%
Office 9,238,360 913,617 77.9%
------------ ----------- ------
Total $ 14,468,179 1,767,888 87.6%
============ =========== ======
Minnesota Industrial -Distribution $ 2,065,871 488,000 97.7%
-Flex 13,039,192 1,711,667 98.7%
Office 11,276,403 825,577 100.0%
------------ ----------- ------
Total $ 26,381,466 3,025,244 98.9%
============ =========== ======
Michigan Industrial -Distribution $ 2,892,484 700,152 100.0%
-Flex 15,851,628 2,105,210 93.3%
Office 17,584,673 1,600,368 93.9%
------------ ----------- ------
Total $ 36,328,785 4,405,730 94.6%
============ =========== ======
United Kingdom Industrial -Distribution $ - - -
-Flex 2,078,067 107,558 99.6%
Office 3,961,191 158,076 98.5%
------------ ----------- ------
Total $ 6,039,258 265,634 99.0%
============ =========== ======
TOTAL Industrial -Distribution $ 85,500,638 20,173,240 97.7%
-Flex 99,252,893 12,605,302 95.9%
Office 194,506,772 15,437,825 94.2%
------------ ----------- -------
Total $379,260,303 48,216,367 96.1%
============ =========== =======
13
The expiring square feet and annual base rent by year for the above
Properties in Operation as of December 31, 2000 are as follows (in
thousands):
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
- ---------- ------ --------- ------ --------- ------ --------- ------ ---------
2001 3,456 $14,836 2,125 $ 16,397 2,041 $ 25,315 7,622 $ 56,548
2002 3,258 13,236 1,898 15,454 1,538 19,767 6,694 48,457
2003 1,760 8,565 2,456 20,996 1,601 21,701 5,817 51,262
2004 2,141 10,572 1,681 15,893 1,391 21,384 5,213 47,849
2005 2,683 13,699 1,433 13,579 2,947 43,620 7,063 70,898
2006 1,273 5,995 904 9,636 794 11,436 2,971 27,067
Thereafter 5,138 27,071 1,590 16,543 4,225 71,008 10,953 114,622
------ ------- ------ -------- ------ -------- ------ --------
Total 19,709 $93,974 12,087 $108,498 14,537 214,231 46,333 $416,703
====== ======= ====== ======== ====== ======== ====== ========
Total Square
Feet 20,173 12,605 15,438 48,216
====== ====== ====== ======
Percent of
Total Expiring
Annual Base
Rent 22.6% 26.0% 51.4% 100.0%
======== ======== ======== ========
As of December 31, 2000 the Company also had 49 Properties Under
Development which are expected to generate, upon completion,
approximately six million leaseable square feet. The scheduled
deliveries of the six million square feet of leaseable space in
Properties Under Development as of December 31, 2000 are as follows (in
thousands):
SQUARE FEET
-----------------------------
SCHEDULED IND- IND- PERCENT LEASED
IN-SERVICE DATE DIST. FLEX OFFICE TOTAL DECEMBER 31, 2000 TOTAL INVESTMENT
- ---------------- ------ ------ ------- ------ ----------------- ----------------
1st Quarter 2001 890 117 63 1,070 100.0% $ 50,544
2nd Quarter 2001 - - 36 36 40.5% 8,193
3rd Quarter 2001 1,486 65 261 1,812 84.1% 106,218
4th Quarter 2001 192 93 142 427 54.6% 32,748
Thereafter 1,377 385 892 2,654 15.0% 211,003
------ ------ ------- ------ ------ --------
Total 3,945 660 1,394 5,999 54.0% $408,706
====== ====== ======= ====== ====== ========
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
14
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, 2000.
EXECUTIVE OFFICERS
The following persons are the executive officers of the Trust, which is
the sole general partner of the Operating Partnership:
AGE AT
FEBRUARY POSITION
NAME 28, 2001
- ----------------------- -------- ---------------------------------------------------
Willard G. Rouse III 58 Chairman of the Board of Trustees, Chief
Executive Officer and President
Joseph P. Denny 54 Vice Chairman and Trustee
George J. Alburger, Jr. 53 Executive Vice President and Chief Financial Officer
Robert E. Fenza 43 Executive Vice President and Chief Operating Officer
William P. Hankowsky 49 Executive Vice President and Chief Investment Officer
James J. Bowes 47 Secretary and General Counsel
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.
Effective April 1, 2000, Mr. Rouse assumed the additional title of
President of the Company. 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.
15
Joseph P. Denny serves as Vice Chairman of the Board of Trustees. Mr.
Denny served as President and Chief Operating Officer of the Company and
a trustee of the Trust from March 1994 until April 1, 2000. On April 1,
2000 he relinquished his titles as President and Chief Operating Officer
and assumed the office of Vice Chairman. 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.
George J. Alburger, Jr. became Chief Financial Officer and Treasurer of
the Company in May 1995. Effective October 24, 2000, Mr. Alburger
assumed the additional title of Executive Vice President. 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.
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. Effective April 1, 2000, Mr. Fenza
assumed the additional title of Chief Operating Officer of the Company.
Mr. Fenza joined the Predecessor in 1984 and advanced to Regional
Manager in 1987 and to Northern Division Manager in 1991.
William P. Hankowsky joined the Company January 1, 2001 as Executive
Vice President and Chief Investment Officer. Prior to joining the
Company, Mr. Hankowsky served as President of the Philadelphia
Industrial Development Corporation ("PIDC") from 1989 through 2000. As
Chief Executive Officer of PIDC, he oversaw the City of Philadelphia's
economic development agency. Prior to that time, Mr. Hankowsky served
as an executive with a variety of economic development projects and
agencies. Mr. Hankowsky serves on the boards of a variety of not-for-
profit entities including the Philadelphia Regional Performing Arts
Center, the University City Science Center and the Philadelphia
Convention and Visitors Bureau.
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.
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
16
New York Stock Exchange, and the dividends declared per Common Share for
such calendar quarter.
DIVIDENDS
DECLARED PER
HIGH LOW COMMON SHARE
------ ------ -------------
2000
First Quarter $24.50 $22.00 $0.52
Second Quarter 26.94 23.25 0.52
Third Quarter 28.97 26.13 0.57
Fourth Quarter 28.81 25.44 0.57
1999
First Quarter $25.31 $20.75 $0.45
Second Quarter 25.38 20.38 0.45
Third Quarter 24.81 22.69 0.52
Fourth Quarter 24.81 21.00 0.52
As of March 15, 2001, the Common Shares were held by 1,120 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.
17
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, 2000, 1999, 1998, 1997 and 1996. 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
elsewhere in this report. Certain amounts from prior periods have been
restated to conform to current-year presentation.
LIBERTY PROPERTY TRUST/LIBERTY PROPERTY LIMITED PARTNERSHIP
------------------------------------------------------------
YEAR ENDED DECEMBER 31,
------------------------------------------------------------
2000 1999 1998 1997 1996
---------- ---------- ----------- ---------- ----------
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
OPERATING DATA
Total revenue $ 532,963 $ 472,498 $ 388,378 $ 229,999 $ 153,688
Rental and real estate
tax expense 148,739 129,439 108,345 61,079 40,853
Interest expense 108,295 99,663 78,617 51,067 39,555
General and administra-
tive expenses 19,260 16,127 15,522 10,650 8,023
Depreciation and
amortization 93,472 84,464 67,932 40,752 28,203
---------- ---------- ---------- ---------- ----------
Income before property
dispositions,
extraordinary item and
minority interest 163,197 142,805 117,962 66,451 37,054
Gain (loss) on property
dispositions 18,386 13,188 (1,285) 2,518 577
---------- ---------- ---------- ---------- ----------
Income before extraordinary
item and minority
interest 181,583 155,993 116,677 68,969 37,631
Extraordinary item-loss
on extinguishment of
debt 2,103 1,145 - 2,919 -
---------- ---------- ---------- ---------- ----------
Income before minority
interest 179,480 154,848 116,677 66,050 37,631
Minority interest 20,209 13,524 8,062 5,606 3,891
---------- ---------- ---------- ---------- ----------
Net income 159,271 141,324 108,615 60,444 33,740
---------- ---------- ---------- ---------- ----------
Preferred share
distributions 11,000 11,000 11,000 4,247 -
---------- ---------- ---------- ---------- ----------
Income available to
common shareholders $ 148,271 $ 130,324 $ 97,615 $ 56,197 $ 33,740
========== ========== ========== ========== ==========
Distributions paid on
common shares and units $ 153,657 $ 133,387 $ 109,361 $ 70,615 $ 52,569
========== ========== ========== ========== ==========
Distributions paid on
preferred shares
and units $ 21,070 $ 14,784 $ 11,000 $ 2,414 $ -
========== ========== ========== ========== ==========
18
LIBERTY PROPERTY TRUST/LIBERTY PROPERTY LIMITED PARTNERSHIP
------------------------------------------------------------
YEAR ENDED DECEMBER 31,
------------------------------------------------------------
2000 1999 1998 1997 1996
---------- ---------- ---------- ---------- ----------
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
PER SHARE DATA
Earnings per share
Basic:
Income per common share
before extraordinary
item $ 2.23 $ 1.98 $ 1.60 $ 1.45 $ 1.14
Extraordinary item $ (0.03) $ (0.02) $ - $ (0.06) $ -
Income per common share $ 2.20 $ 1.96 $ 1.60 $ 1.39 $ 1.14
Diluted:
Income per common share
before extraordinary
item $ 2.20 $ 1.97 $ 1.59 $ 1.44 $ 1.14
Extraordinary item $ (0.03) $ (0.02) $ - $ (0.06) $ -
Income per common share $ 2.17 $ 1.95 $ 1.59 $ 1.38 $ 1.14
Distributions paid per
common share $ 2.13 $ 1.87 $ 1.71 $ 1.65 $ 1.61
Distributions paid per
preferred share $ 2.20 $ 2.20 $ 2.20 $ 0.48 $ -
Weighted average number
of shares outstanding -
basic 67,442 66,495 61,036 40,493 29,603
Weighted average number
of shares outstanding -
diluted 68,173 66,727 61,315 40,806 29,678
OTHER DATA
Cash provided by opera-
ting activities $ 240,735 $ 212,421 $ 219,223 $ 136,596 $ 68,643
Cash used by investing
activities (308,750) (238,778) (839,542) (864,562) (267,099)
Cash provided by
financing activities 63,589 21,030 579,631 763,433 207,439
Funds from operations 234,194 210,982 173,829 102,519 64,917
BALANCE SHEET DATA
Net real estate $3,213,950 $2,984,577 $2,819,119 $1,956,717 $1,061,234
Total assets 3,396,355 3,118,133 2,931,408 2,093,858 1,152,560
Total indebtedness 1,703,896 1,491,238 1,423,843 960,134 678,709
Shareholders' and owners'
equity 1,320,805 1,294,607 1,267,036 955,595 375,532
OTHER DATA
Total leaseable square
footage of properties at
end of period (in thou-
sands) 48,216 46,219 44,168 32,453 20,617
Number of properties at
end of period 652 634 608 441 259
Percentage leased at end
of period 96% 95% 95% 95% 93%
Basic weighted average number of shares includes only Common Shares outstanding
during the year.
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.
"Funds from operations" is defined by the National Association of Real Estate
Investment Trusts ("NAREIT") as net income (computed in accordance with generally accepted
accounting principles ("GAAP")), excluding gains (or losses) from sales of property, plus
depreciation and amortization, and after adjustments for unconsolidated partnerships and
joint ventures. 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.
19
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,
2000, 1999, and 1998 are included in the accompanying notes to the
consolidated financial statements.
In 2000, 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 it believes will create value and
yield high returns. The Company also acquires properties which it
believes will 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. The
occupancy rate of the Properties in Operation has been in the 95% to 96%
range for the last three years and was 96.1% at December 31, 2000. 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 operating 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.
In 2000, the Company completed development of 24 properties and the
expansion of one property totaling approximately 2.3 million leaseable
square feet for a Total Investment of $193.2 million. In 1999, the
Company completed development of 41 properties totaling approximately
3.4 million leaseable square feet for a Total Investment of $285.7
million. In addition, as of December 31, 2000, the Company had 49
Properties Under Development expected to generate, upon completion,
approximately six million leaseable square feet of suburban office and
industrial space for a Total Investment of approximately $408.7 million.
The Company expects to complete the Properties Under Development over
the next eight quarters.
The Company acquired 14 properties consisting of approximately 1.4
million leaseable square feet during 2000 for a Total Investment of
approximately $105.2 million as compared to the acquisition of 13
properties consisting of approximately 775,000 leaseable square feet
during 1999 for a Total Investment of approximately $63.1 million. The
Company will seek to continue to achieve attractive returns on
acquisitions.
20
In 2000, the Company disposed of 20 Properties totaling approximately
1.7 million leaseable square feet and 11 parcels of land for an
aggregate of $122.5 million. In 1999, the Company disposed of 28
Properties totaling approximately 2.1 million leaseable square feet and
six parcels of land for an aggregate of $118.7 million. The Company
anticipates the selective disposition of Properties to continue.
The Company continued to strengthen its balance sheet in 2000 by
accessing the private equity and public debt markets. The Company
raised approximately $20.0 million through the issuance of 9.125% Series
C Cumulative Redeemable Preferred Units. In addition, the Company
issued $200.0 million principal amount of investment grade rated 10-year
unsecured notes.
The composition of the Properties in Operation as of December 31, 2000
and 1999 is as follows (in thousands):
TOTAL PERCENT OF TOTAL
SQUARE FEET SQUARE FEET PERCENT OCCUPIED
---------------- --------------- -----------------
DECEMBER 31, DECEMBER 31, DECEMBER 31,
TYPE 2000 1999 2000 1999 2000 1999
- ------------------------- ------- ------ ------- ------ ------- -------
Industrial - Distribution 20,173 19,444 41.8% 42.1% 97.7% 95.3%
Industrial - Flex 12,605 12,788 26.1% 27.7% 95.9% 94.1%
Office 15,438 13,987 32.1% 30.2% 94.2% 95.0%
------ ------ ------ ------ ------ ------
Total 48,216 46,219 100.0% 100.0% 96.1% 94.9%
====== ====== ====== ====== ====== ======
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 and cost
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, 2000 with the results of
operations of the Company for the year ended December 31, 1999, and 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. As a result of the significant level of development,
acquisition and disposition activities by the Company in 2000 and 1999,
the overall operating results of the Company during such periods are not
21
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, 2000 TO YEAR ENDED DECEMBER 31,
1999.
Total revenue (principally rental revenue and operating expense
reimbursement) increased to $533.0 million for the year ended December
31, 2000 from $472.5 million for the year ended December 31, 1999. This
increase was primarily due to the increase in the number of Properties
in Operation during the respective periods. As of December 31, 2000,
the Company had 652 Properties in Operation compared to 634 properties
at December 31, 1999. The following is a summary of the Company's
acquisition, development and disposition activity for the years ended
December 31, 2000 and 1999:
2000 1999
------------------------ ------------------------
TOTAL TOTAL
NO. OF INVESTMENT (1) NO. OF INVESTMENT (1)
BLDGS OR PROCEEDS BLDGS OR PROCEEDS
------ ---------------- ------ ---------------
Properties owned as of:
Beginning January 1 634 608
Acquisitions 14 $105.2 13 $ 63.1
Completed developments 24 193.2 41 285.7
Dispositions (20) 104.4 (28) 109.9
---- ----
Ending December 31 652 634
==== ====
(1) 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.
Additionally, the Company sold 11 parcels of land for approximately
$18.1 million during the year ended December 31, 2000 as compared to six
parcels of land for approximately $8.8 million during the year ended
December 31, 1999.
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 97.0% for
the year ended December 31, 2000 from 95.5% for the year ended December
31, 1999 due to the increase in average occupancy during the year.
Rental property and real estate tax expenses increased to $148.7 million
for the year ended December 31, 2000 from $129.4 million for the year
ended December 31, 1999. This increase is due to the increase in the
number of Properties in Operation.
22
Property level operating income for the "Same Store" properties
(properties owned since January 1, 1999) increased to $309.2 million for
the year ended December 31, 2000 from $298.5 million for the year ended
December 31, 1999, on a straight line basis (which recognizes rental
revenue evenly over the life of the lease), and increased to $303.0
million for the year ended December 31, 2000 from $292.3 million for the
year ended December 31, 1999, on a cash basis. These increases, each
equaling 3.6%, 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, on a straight line basis and on a cash basis, for the Same Store
properties for the years ended December 31, 2000 and 1999(in thousands).
STRAIGHT LINE BASIS CASH BASIS
---------------------- ---------------------
2000 1999 2000 1999
--------- --------- --------- ---------
Rental revenue $ 312,856 $ 302,665 $ 306,692 $ 296,521
Operating expense:
Rental property expense 80,342 77,125 80,342 77,125
Real estate taxes 42,136 37,114 42,136 37,114
Operating expense recovery (118,787) (110,064) (118,787) (110,064)
--------- --------- --------- ---------
Unrecovered operating expenses 3,691 4,175 3,691 4,175
--------- --------- --------- ---------
Property level operating income $ 309,165 $ 298,490 $ 303,001 $ 292,346
========= ========= ========= =========
General and administrative expenses increased to $19.3 million for the
year ended December 31, 2000 from $16.1 million for the year ended
December 31, 1999. This $3.2 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,
and the funding of initiatives which the Company undertook related to
training, internal assurance, property management and national
marketing.
Depreciation and amortization expenses increased to $93.5 million for
the year ended December 31, 2000 from $84.5 million for the year ended
December 31, 1999. This increase is due to the increase in the number
of Properties in Operation during the respective periods.
Interest expense increased to $108.3 million for the year ended December
31, 2000 from $99.7 million for the year ended December 31, 1999. This
increase is due to an increase in the average debt outstanding for the
respective periods which was $1,589.8 million in 2000 and $1,474.6
million in 1999. This increase is also due to an increase in the
weighted average interest rates for the periods, to 7.57% in 2000 from
7.33% in 1999.
In 2000, the Company realized a gain on sale of $18.4 million, due to
the sale of 20 Properties and 11 parcels of land for an aggregate of
$122.5 million. In 1999, the Company realized a gain on sale of $13.2
million, due to the sale of 28 Properties and six parcels of land for an
aggregate of $118.7 million.
In 2000, the Company repurchased $10.9 million principal amount of its
Convertible Debentures resulting in the recognition of an extraordinary
loss of $2.1 million. In 1999, the Company repurchased $6.6 million
23
principal amount of its Convertible Debentures resulting in the
recognition of an extraordinary loss of $1.1 million. These losses
represent the redemption premiums and the write-off of related deferred
financing costs.
As a result of the foregoing, the Company's income before minority
interest increased to $179.5 million for the year ended December 31,
2000 from $154.8 million for the year ended December 31, 1999. In
addition, net income increased to $159.3 million for the year ended
December 31, 2000 from $141.3 million for the year ended December 31,
1999.
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 December 31, 1999,
the Company had 634 Properties in Operation compared to 608 properties
at December 31, 1998. The following is a summary of the Company's
acquisition, development and disposition activity for the years ended
December 31, 1999 and 1998:
1999 1998
-------------------- ---------------------
TOTAL TOTAL
NO. OF INVESTMENT NO. OF INVESTMENT
BLDGS OR PROCEEDS BLDGS OR PROCEEDS
------ ------------ ------ ------------
Properties owned as of:
Beginning January 1 608 441
Acquisitions 13 $ 63.1 144 $626.3
Completed developments 41 285.7 33 237.3
Dispositions (28) 109.9 (10) 18.9
---- ----
Ending December 31 634 608
==== ====
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.
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 "Prior Year 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, on a straight line basis, (which
recognizes rental revenue evenly over the life of the lease), and
24
increased to $216.3 million for the year ended December 31, 1999 from
$206.7 million for the year ended December 31, 1998, on a cash basis.
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, on a straight line basis and on a cash basis, for the Prior Year
Same Store properties for the years ended December 31, 1999 and 1998(in
thousands).
STRAIGHT LINE BASIS CASH BASIS
------------------- -------------------
1999 1998 1999 1998
-------- -------- -------- --------
Rental revenue $222,736 $214,630 $219,424 $211,421
Operating expense:
Rental property expense 57,619 56,444 57,619 56,444
Real estate taxes 25,985 24,292 25,985 24,292
Operating expense recovery (80,434) (75,974) (80,434) (75,974)
-------- -------- -------- --------
Unrecovered operating expenses 3,170 4,762 3,170 4,762
-------- -------- -------- --------
Property level operating income $219,566 $209,868 $216,254 $206,659
======== ======== ======== ========
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.
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,
25
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.
LIQUIDITY AND CAPITAL RESOURCES
As of December 31, 2000, the Company had cash and cash equivalents of
$4.6 million.
Net cash flow provided by operating activities increased to $240.7
million for the year ended December 31, 2000 from $212.4 million for the
year ended December 31, 1999. This $28.3 million increase was primarily
due to the increase in cash flow generated by the greater number of
Properties in Operation during the latter period. 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 increased to $308.8 million for
the year ended December 31, 2000 from $238.8 million for the year ended
December 31, 1999. The primary reason for this $70.0 million increase
was an increase in investment in land held for development and an
increase in investment in Properties in Operation.
Net cash provided by financing activities increased by $42.6 million to
$63.6 million for the year ended December 31, 2000 from $21.0 million
for the year ended December 31, 1999. 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
increase in such funding activities for 2000 is consistent with the
increase 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.
In 2000, the Company increased its borrowing capacity and obtained a
$450 million unsecured credit facility (the "Credit Facility") replacing
the $325 million credit facility due May 2000 and a $90 million term
loan due January 2001. 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 ratings from Moody's and S&P. At the Company's current
ratings, the interest rate for borrowings under the Credit Facility is
115 basis points over LIBOR.
26
As of December 31, 2000, $362.0 million in mortgage loans and $1,095.0
million in unsecured notes were outstanding. The interest rates on
$1,451.0 million of mortgage loans and unsecured notes are fixed and
range from 6.0% to 8.8%. Interest rates on $6.0 million of mortgage
loans float with a municipal bond index none of which is subject to a
cap. The weighted average remaining term for the mortgage loans and
unsecured notes is 7.4 years. The scheduled maturities of principal
amortization of the Company's mortgage loans and the unsecured notes
outstanding and the related weighted average interest rates are as
follows (in thousands):
MORTGAGES
------------------------- WEIGHTED
PRINCIPAL PRINCIPAL UNSECURED AVERAGE
AMORTIZATION MATURITIES NOTES (1) TOTAL INTEREST RATE
------------ ---------- ---------- ----------- -------------
2001 $ 9,222 $ 22,534 $ - $ 31,756 7.21%
2002 8,147 - 100,000 108,147 6.66%
2003 8,127 26,606 50,000 84,733 7.25%
2004 8,206 16,339 100,000 124,545 6.96%
2005 7,131 115,039 - 122,170 7.60%
2006 5,047 30,079 100,000 135,126 7.22%
2007 4,592 - 100,000 104,592 7.27%
2008 4,280 28,823 - 33,103 7.22%
2009 2,163 42,049 270,000 314,212 7.82%
2010 1,367 - 200,000 201,367 8.49%
2011 1,105 3,303 - 4,408 7.70%
2012 192 17,674 - 17,866 7.69%
2013 - - 75,000 75,000 6.38%
2018 - - 100,000 100,000 7.50%
-------- -------- ---------- ---------- ------
$ 59,579 $302,446 $1,095,000 $1,457,025 7.49%
======== ======== ========== ========== ======
(1) The $75,000 of unsecured notes due 2013 is putable in 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 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 from time to time.
In 2000, the Company received approximately $19.5 million in aggregate
net proceeds from the issuance of 9.125% Series C Cumulative Redeemable
Preferred Units, and approximately $197.1 million in aggregate net
proceeds from the issuance of unsecured notes. The Company used the
aggregate net proceeds from the issuance of preferred units and
unsecured notes primarily to pay down the Credit Facility, which is used
to fund development and acquisition activity.
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 primarily
to pay down the credit facility, which is used to fund development and
acquisition activity.
27
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, Preferred Shares or Convertible Debentures.
Through December 31, 2000, the Company purchased 59,100 Common Shares
and purchased Convertible Debentures exchangeable into 877,950 Common
Shares. The total cost for the purchase of the Common Shares and
Convertible Debentures was approximately $21.9 million.
In September 2000, the quarterly Common Share dividend was increased to
$0.57 per share from $0.52 per share. The Company's annual Common Share
dividend paid was $2.13 per share, $1.87 per share and $1.71 per share
in 2000, 1999 and 1998, respectively. In 2000, the Company's dividend
payout ratio was approximately 67% 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 March 15, 2001, 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 $261.1 million in debt securities.
In March 2001, the Company issued $250 million principal amounts, 7.25%
senior notes due March 15, 2011. The aggregate net proceeds from such
issuance were approximately $246.2 million. The Company used the
aggregate net proceeds primarily to pay down the Credit Facility, which
is used to fund development and acquisition activity.
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 (computed in accordance with generally accepted accounting
principles ("GAAP")), excluding gains (or losses) from sales of
property, plus depreciation and amortization, and after adjustments for
unconsolidated partnerships and joint ventures. 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
28
operations for the years ended December 31, 2000, 1999 and 1998 are as
follows:
YEAR ENDED DECEMBER 31,
------------------------------
2000 1999 1998
-------- -------- --------
(IN THOUSANDS)
Income available to common shareholders $148,271 $130,324 $ 97,615
Add back:
Minority interest less preferred unit distributions 10,139 9,741 8,062
Depreciation and amortization 92,067 82,960 66,867
Extraordinary item-loss on extinguishment on debt 2,103 1,145 -
(Gain) loss on sale of property (18,386) (13,188) 1,285
-------- -------- --------
Funds from operations $234,194 $210,982 $173,829
======== ======== ========
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 2000, the Company's interest expense would have
29
been increased or decreased by approximately $1.5 million. If the
interest rates for fixed rate debt maturing and to be refinanced in 2001
are 100 basis points higher or lower than its current weighted average
rate of 7.2%, the Company's interest expense would be increased or
decreased by approximately $55,000.
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.
30
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, 2000 and 1999
Statements of Operations:
Liberty Property Trust Consolidated for the years ended December 31,
2000, 1999 and 1998
Statements of Shareholders' Equity:
Liberty Property Trust Consolidated for the years ended December 31,
2000, 1999 and 1998
Statements of Cash Flows:
Liberty Property Trust Consolidated for the years ended December 31,
2000, 1999 and 1998
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, 2000
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,
2000 and 1999
Statements of Operations:
Liberty Property Limited Partnership Consolidated for the years ended
December 31, 2000, 1999 and 1998
Statements of Owners' Equity:
Liberty Property Limited Partnership Consolidated for the years ended
December 31, 2000, 1999 and 1998
Statements of Cash Flows:
Liberty Property Limited Partnership Consolidated for the years ended
December 31, 2000, 1999 and 1998
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, 2000
31
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, 2000 and 1999, and the
related consolidated statements of operations, shareholders' equity, and
cash flows for each of the three years in the period ended December 31,
2000. 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, 2000 and 1999, and
the consolidated results of its operations and its cash flows for each
of the three years in the period ended December 31, 2000, 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 5, 2001, except for Note 12,
as to which the date is March 14, 2001
32
CONSOLIDATED BALANCE SHEETS OF LIBERTY PROPERTY TRUST
(IN THOUSANDS, EXCEPT SHARE AMOUNTS)
DECEMBER 31,
-------------------------
2000 1999
----------- -----------
ASSETS
Real estate:
Land and land improvements $ 443,057 $ 411,678
Buildings and improvements 2,759,420 2,593,002
Less accumulated depreciation (334,415) (270,174)
---------- ----------
Operating real estate 2,868,062 2,734,506
Development in progress 208,486 138,870
Land held for development 137,402 111,201
---------- ----------
Net real estate 3,213,950 2,984,577
Cash and cash equivalents 4,638 9,064
Accounts receivable 12,624 13,388
Deferred financing and leasing costs,
net of accumulated amortization
(2000 $59,071; 1999 $58,033) 57,807 46,941
Prepaid expenses and other assets 107,336 64,163
---------- ----------
Total assets $3,396,355 $3,118,133
========== ==========
LIABILITIES
Mortgage loans $ 362,025 $ 374,825
Unsecured notes 1,095,000 985,000
Credit facility 176,000 47,000
Convertible debentures 70,871 84,413
Accounts payable 15,672 15,599
Accrued interest 29,478 22,422
Dividend payable 43,220 39,198
Other liabilities 84,515 67,558
---------- ----------
Total liabilities 1,876,781 1,636,015
Minority interest 198,769 187,511
SHAREHOLDERS' EQUITY
Series A preferred shares, $.001 par value, 5,000,000
shares authorized, issued and outstanding as of
December 31, 2000 and 1999 120,814 120,814
Common shares of beneficial interest, $.001 par value,
191,200,000 shares authorized, 68,272,079 (includes
59,100 in treasury) and 67,030,199 (includes 59,100 in
treasury) shares issued and outstanding as of
December 31, 2000 and 1999, respectively 68 67
Additional paid-in capital 1,223,191 1,196,736
Unearned compensation (1,690) (743)
Distributions in excess of net income (20,251) (20,940)
Common shares in treasury, at cost, 59,100
shares as of December 31, 2000 and 1999 (1,327) (1,327)
---------- ----------
Total shareholders' equity 1,320,805 1,294,607
---------- ----------
Total liabilities and shareholders' equity $3,396,355 $3,118,133
========== ==========
See accompanying notes.
33
CONSOLIDATED STATEMENTS OF OPERATIONS OF LIBERTY PROPERTY TRUST
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
YEAR ENDED DECEMBER 31,
-----------------------------------------
2000 1999 1998
----------- ----------- -----------
REVENUE
Rental $ 384,245 $ 342,931 $ 281,732
Operating expense reimbursement 144,344 123,591 101,248
Interest and other 4,374 5,976 5,398
---------- ---------- ----------
Total revenue 532,963 472,498 388,378
EXPENSES
Rental property 97,181 87,415 74,007
Real estate taxes 51,558 42,024 34,338
Interest 108,295 99,663 78,617
General and administrative 19,260 16,127 15,522
Depreciation and amortization 93,472 84,464 67,932
---------- ---------- ----------
Total expenses 369,766 329,693 270,416
---------- ---------- ----------
Income before property dispositions,
extraordinary item and minority
interest 163,197 142,805 117,962
Gain (loss) on property dispositions 18,386 13,188 (1,285)
---------- ---------- ----------
Income before extraordinary item
and minority interest 181,583 155,993 116,677
Extraordinary item-loss on
extinguishment of debt 2,103 1,145 -
---------- ---------- ----------
Income before minority interest 179,480 154,848 116,677
Minority interest 20,209 13,524 8,062
---------- ---------- ----------
Net income 159,271 141,324 108,615
Preferred share distributions 11,000 11,000 11,000
---------- ---------- ----------
Income available to common shareholders $ 148,271 $ 130,324 $ 97,615
========== ========== ==========
Earnings per share
Basic:
Income before extraordinary item $ 2.23 $ 1.98 $ 1.60
Extraordinary item (0.03) (0.02) -
---------- ---------- ----------
Income available to common shareholders $ 2.20 $ 1.96 $ 1.60
========== ========== ==========
Diluted:
Income before extraordinary item $ 2.20 $ 1.97 $ 1.59
Extraordinary item (0.03) (0.02) -
---------- ---------- ----------
Income available to common shareholders $ 2.17 $ 1.95 $ 1.59
========== ========== ==========
Weighted average number of
common shares outstanding
Basic 67,442 66,495 61,036
Diluted 68,173 66,727 61,315
========== ========== ==========
See accompanying notes.
34
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
--------- ---------- ----------- ------------ -------------- -------- -------------
Shareholders' equity
at January 1, 1998 $ 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
Net proceeds from the
issuance of common
shares - 1 12,581 - - - 12,582
Conversion of debentures - - 2,605 - - - 2,605
Unearned compensation - - - (947) - - (947)
Net income - - - - 159,271 - 159,271
Distributions on
common shares - - - - (147,582) - (147,582)
Distributions on
preferred shares - - - - (11,000) - (11,000)
Noncash compensation - - 3,024 - - - 3,024
Minority interest
reclassification - - 8,245 - - - 8,245
--------- -------- ---------- -------- --------- ------- ----------
Balance at December 31,
2000 $ 120,814 $ 68 $1,223,191 $ (1,690) $ (20,251) $(1,327) $1,320,805
========= ======== ========== ======== ========= ======= ==========
See accompanying notes.
35
CONSOLIDATED STATEMENTS OF CASH FLOWS OF LIBERTY PROPERTY TRUST
(IN THOUSANDS)
YEAR ENDED DECEMBER 31,
---------------------------------
2000 1999 1998
--------- --------- ---------
OPERATING ACTIVITIES
Net income $ 159,271 $ 141,324 $ 108,615
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 93,472 84,464 67,932
Amortization of deferred financing costs 3,888 4,951 4,462
Minority interest in net income 20,209 13,524 8,062
(Gain)loss on sale (18,386) (13,188) 1,285
Noncash compensation 2,077 1,990 1,506
Changes in operating assets and liabilities:
Accounts receivable 764 40 (7,390)
Prepaid expenses and other assets (44,646) (20,722) (3,266)
Accounts payable 73 (2,654) 4,188
Accrued interest 7,056 4,159 7,303
Other liabilities 16,957 (1,467) 26,526
--------- --------- ---------
Net cash provided by operating activities 240,735 212,421 219,223
--------- --------- ---------
INVESTING ACTIVITIES
Investment in properties (118,735) (98,072) (555,235)
Proceeds from disposition of properties/land 117,009 114,137 20,752
Investment in development in progress (177,380) (175,447) (243,708)
Investment in land held for development (111,685) (63,836) (45,201)
Increase in deferred leasing costs (17,959) (15,560) (16,150)
--------- --------- ---------
Net cash used in investing activities (308,750) (238,778) (839,542)
--------- --------- ---------
FINANCING ACTIVITIES
Net proceeds from issuance of common shares 12,582 8,594 300,873
Net proceeds from issuance of preferred units 19,461 93,055 -
Purchase of treasury shares - (1,327) -
Retirement of convertible debentures (10,914) (6,645) -
Proceeds from issuance of unsecured notes 200,000 385,000 295,000
Repayments of unsecured notes (90,000) (45,000) -
Repayments of mortgage loans (15,218) (42,217) (23,954)
Proceeds from lines of credit 541,000 162,024 633,000
Repayments on lines of credit (412,000) (379,024) (504,000)
Increase in deferred financing costs (6,592) (5,220) (733)
Distributions paid on common shares (143,560) (124,033) (100,915)
Distributions paid on preferred shares (11,000) (11,000) (11,000)
Distributions paid on units (20,170) (13,177) (8,640)
--------- --------- ---------
Net cash provided by financing activities 63,589 21,030 579,631
--------- --------- ---------
Decrease in cash and cash equivalents (4,426) (5,327) (40,688)
Cash and cash equivalents at beginning of year 9,064 14,391 55,079
--------- --------- ---------
Cash and cash equivalents at end of year $ 4,638 $ 9,064 $ 14,391
========= ========= =========
SUPPLEMENTAL DISCLOSURE OF NONCASH TRANSACTIONS
Write-off of fully depreciated
property and deferred costs $ 31,021 $ 18,527 $ 2,958
Acquisition of properties (2,419) (3,818) (101,281)
Assumption of mortgage loans 2,419 3,818 73,587
Issuance of operating partnership units - - 27,694
Conversion of convertible debentures 2,605 10,344 9,630
========= ========= =========
See accompanying notes.
36
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, owning 93.9% of the common equity
of the Operating Partnership at December 31, 2000. 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 5-10 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
recorded value. If any real estate investment is considered impaired, a
37
loss is provided to reduce the carrying value of the property to its
estimated fair value. As of December 31, 2000 and 1999, none of the
Company's assets were 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. Deferred
financing cost amortization 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):
FOR THE YEAR ENDED DECEMBER 31, 2000 FOR THE YEAR ENDED DECEMBER 31, 1999
------------------------------------- -------------------------------------
WEIGHTED WEIGHTED
AVERAGE AVERAGE
INCOME SHARES PER-SHARE INCOME SHARES PER-SHARE
(NUMERATOR) (DENOMINATOR) AMOUNT (NUMERATOR) (DENOMINATOR) AMOUNT
----------- ------------- --------- ----------- ------------- ---------
Net income $ 159,271 $ 141,324
Less: Preferred dividends (11,000) (11,000)
--------- ---------
Basic income per common share
Income available to
common shareholders 148,271 67,442 $ 2.20 130,324 66,495 $ 1.96
====== ======
Dilutive shares for long-term
compensation plans - 731 - 232
--------- ------- --------- -------
Diluted income per common share
Income available to common
shareholders and assumed
conversions $ 148,271 68,173 $ 2.17 $ 130,324 66,727 $ 1.95
========= ======= ====== ========= ======= ======
FOR THE YEAR ENDED DECEMBER 31, 1998
------------------------------------
WEIGHTED
AVERAGE
INCOME SHARES PER-SHARE
(NUMERATOR) (DENOMINATOR) AMOUNT
----------- ------------- ---------
Net income $ 108,615
Less: Preferred dividends (11,000)
---------
Basic income per common share
Income available to
common shareholders 97,615 61,036 $ 1.60
======
Dilutive shares for long-term
compensation plans - 279
--------- -------
Diluted income per common share
Income available to common
shareholders and assumed
conversions $ 97,615 61,315 $ 1.59
========= ======= ======
38
Basic income per common share for the year ended December 31, 2000 and
1999, would be $2.19 and $1.96 calculated as if the debenture
conversions which occurred in 2000 and 1999 had occurred on January 1,
2000 and 1999 respectively.
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 (90% for the years beginning January 1,
2001, per the REIT Modernization Act), 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 is 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, 2000 was
approximately $3.4 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 will 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 adoption of this Statement will not have a material effect
on its results of operations or financial position.
3. REAL ESTATE
At December 31, 2000 and 1999, 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):
LAND BUILDINGS
AND LAND AND ACCUMULATED
IMPROVEMENTS IMPROVEMENTS TOTAL DEPRECIATION
------------ ------------ ---------- ------------
2000:
Industrial properties $ 220,406 $1,281,192 $1,501,598 $ 161,931
Office properties 222,651 1,478,228 1,700,879 172,484
---------- ---------- ---------- ----------
2000 Total $ 443,057 $2,759,420 $3,202,477 $ 334,415
========== ========== ========== ==========
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
========== ========== ========== ==========
39
Depreciation expense was $82.2 million in 2000, $74.8 million in 1999,
and $61.7 million in 1998.
As of December 31, 2000, the Company has commenced development on 49
properties, which upon completion are expected to comprise approximately
six million square feet of leaseable space. As of December 31, 2000,
approximately $208.5 million has been expended for the development of
these projects and an additional $200.2 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, and 1998, the fees for
these services were $600,000 per year. The Company had accounts
receivable and a loan receivable from Rouse Kent Limited and affiliates
with balances of $7.5 million and $11.9 million, respectively, as of
December 31, 2000 and $1.2 million and $3.9 million, respectively, as of
December 31, 1999.
5. INDEBTEDNESS
Indebtedness consists generally of mortgage loans, unsecured notes, the
Credit Facility, as defined below, and convertible debentures. The
weighted average interest rates as of December 31, 2000, 1999, and 1998,
were approximately 7.6%, 7.3%, and 7.2%, respectively. Interest expense
for the years ended December 31, 2000, 1999, and 1998, aggregated $108.3
million, $99.7 million, and $78.6 million, respectively. Interest costs
during these periods of $17.8 million, $15.3 million, and $16.3 million,
respectively, were capitalized. Cash paid for interest for the years
ended December 31, 2000, 1999, and 1998, was $115.1 million, $105.8
million, and $83.2 million, respectively.
Mortgage Loans, Unsecured Notes
Mortgage loans with maturities ranging from 2001 to 2012 are
collateralized by and in some instances cross-collateralized by
properties with a book value of $528.1 million.
As of December 31, 2000, $362.0 million in mortgage loans and $1,095.0
million in unsecured notes were outstanding. The interest rates on
$1,451.0 million of mortgage loans and unsecured notes are fixed and
range from 6.0% to 8.8%. Interest rates on $6.0 million of mortgage
loans float with LIBOR or a municipal bond index, none of which is
subject to a cap. The weighted average remaining term for the mortgage
loans and unsecured notes is 7.4 years. The scheduled maturities of
principal amortization of the Company's mortgage loans and the unsecured
40
notes outstanding and the related weighted average interest rates are as
follows(in thousands):
MORTGAGES
------------------------- WEIGHTED
PRINCIPAL PRINCIPAL UNSECURED AVERAGE
AMORTIZATION MATURITIES NOTES (1) TOTAL INTEREST RATE
------------ ---------- ---------- ----------- -------------
2001 $ 9,222 $ 22,534 $ - $ 31,756 7.21%
2002 8,147 - 100,000 108,147 6.66%
2003 8,127 26,606 50,000 84,733 7.25%
2004 8,206 16,339 100,000 124,545 6.96%
2005 7,131 115,039 - 122,170 7.60%
2006 5,047 30,079 100,000 135,126 7.22%
2007 4,592 - 100,000 104,592 7.27%
2008 4,280 28,823 - 33,103 7.22%
2009 2,163 42,049 270,000 314,212 7.82%
2010 1,367 - 200,000 201,367 8.49%
2011 1,105 3,303 - 4,408 7.70%
2012 192 17,674 - 17,866 7.69%
2013 - - 75,000 75,000 6.38%
2018 - - 100,000 100,000 7.50%
-------- -------- ---------- ---------- ------
$ 59,579 $302,446 $1,095,000 $1,457,025 7.49%
======== ======== ========== ========== ======
(1) The $75,000 of unsecured notes due 2013 is putable in 2003.
Credit Facility
The Credit Facility is a $450 million unsecured credit facility (the
"Credit Facility") which replaced a $325 million unsecured credit
facility due May 2000 and a $90 million term loan due January 2001. The
interest rate on borrowings under the Credit Facility fluctuates, based
on 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 115 basis points over
the LIBOR Rate (7.7% at December 31, 2000). The rate for the Credit
Facility at December 31, 1999 was 7.43%. Customary fees apply to the
Credit Facility including an annual administrative fee and an unused
line fee. The Credit Facility matures on April 25, 2003.
Convertible Debentures
The Convertible Debentures are due on July 1, 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 $0.57 per Common Share per
quarter distribution payment rate, the effective interest rate on the
Convertible Debentures is 11.4%. At December 31, 1999, the effective
interest rate on the Convertible Debentures was 10.4%. 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,
Preferred Shares or its Convertible Debentures. In 2000, the Company
repurchased $10.9 million principal amount of its Convertible
Debentures. In 1999, the Company repurchased $6.6 million principal
amount of its Convertible Debentures. The repurchase of the Convertible
41
Debentures in 2000 and 1999 resulted in the recognition of extraordinary
losses of $2.1 million and $1.1 million, respectively. These losses
represent the redemption premiums and the write-off of related deferred
financing costs. At December 31, 2000 and 1999, the Convertible
Debentures were convertible into 3,543,550 and 4,220,650 Common Shares,
respectively.
The fair value of the Convertible Debentures at December 31, 2000 was
$101.2 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, 2000, 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, 2000 are as follows (in thousands):
2001 $ 374,651
2002 338,899
2003 295,142
2004 249,555
2005 191,426
Thereafter 561,251
----------
TOTAL $2,010,924
==========
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 holders of Common Shares and holders of Common
Units, distributions of $153.7 million, $133.4 million, and $109.4
million, during the years ended December 31, 2000, 1999, and 1998,
respectively. On a per share basis, the Company paid Common Share
distributions of $2.13, $1.87, and $1.71 during the years ended December
31, 2000, 1999, and 1998, 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:
2000 1999 1998
------ ------ ------
Return of capital - - -
Ordinary income 99.5% 100.0% 100.0%
Capital gains .5% - -
42
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, Preferred Shares or Convertible Debentures. To
date, the Company has repurchased 59,100 of its Common Shares for $1.3
million.
Preferred Shares
The Series A Cumulative Redeemable 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 for each
of the three years ended December 31, 2000, 1999 and 1998. On a per
share basis, the Company paid preferred share distributions of $2.20 for
each of the three years ended December 31, 2000, 1999, and 1998.
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:
2000 1999 1998
------- ------- -------
Return of capital - - -
Ordinary income 99.5% 100.0% 100.0%
Capital gains .5% - -
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 or 2000. The common limited
partnership interests outstanding as of December 31, 2000 have the same
economic characteristics as would 4,452,863 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 "Series B
Preferred Units"). The Series B Preferred Units are payable at the rate
of 9.25% per annum of the $25 liquidation preference. 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 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.
43
On April 18, 2000, the Company issued 800,000 Series C Cumulative
Redeemable Preferred Units of the Operating Partnership (the "Series C
Preferred Units", and together with the Series B Preferred Units, the
"Preferred Units"). The Series C Preferred Units are payable at a rate
of 9.125% per annum of the $25 liquidation preference. On or after
April 18, 2005, the Series C Preferred Units may be redeemed for cash at
the option of the Company. The Series C Preferred Units are
exchangeable on a one-for-one basis at any time on or after April 18,
2010 into Series C Cumulative Redeemable Preferred Shares of the Trust.
The Company paid Preferred Unit distributions of $10.1 million and $3.8
million during the year ended December 31, 2000 and 1999 respectively.
On a per unit basis, the Company paid Preferred Unit distributions of
$2.31 per unit on the Series B Preferred Units and $1.60 per unit on the
Series C Preferred Units during the year ended December 31, 2000 and
$1.00 per unit on the Series B Preferred Units for 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 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, 2000, 1999, and 1998, 330,612, 367,263, and 65,166 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
Interpretations in accounting for its employee stock options because, as
44
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 2000, 1999, and 1998:
2000 1999 1998
------- ------- -------
Risk-free interest rate 6.2% 6.6% 4.7%
Dividend yield 8.0% 8.4% 7.3%
Volatility factor .179 .174 .159
Weighted-average expected life 8 years 8 years 8 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):
2000 1999 1998
-------- -------- --------
Pro forma income available to
common shareholders $146,828 $129,317 $ 96,673
Pro forma income per common share:
Basic $ 2.18 $ 1.94 $ 1.58
Diluted $ 2.15 $ 1.94 $ 1.58
45
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, 2000, 1999, and 1998
follows:
2000 1999 1998
----------------- ----------------- ------------------
WEIGHTED WEIGHTED WEIGHTED
AVERAGE AVERAGE AVERAGE
OPTIONS EXERCISE OPTIONS EXERCISE OPTIONS EXERCISE
(000s) PRICE (000s) PRICE (000s) PRICE
------- -------- ------- -------- --------- --------
Outstanding-beginning of year 3,536 $ 22.60 2,745 $ 22.75 1,963 $ 21.70
Granted 1,522 22.79 920 22.00 825 25.37
Exercised (223) 21.23 (129) 21.56 (43) 25.03
Forfeited (36) 20.70 - - - -
------ ------- ------ ------- ------ -------
Outstanding-end of year 4,799 $ 22.78 3,536 $ 22.60 2,745 $ 22.75
====== ======= ====== ======= ====== =======
Exercisable at end of year 2,512 $ 22.30 1,873 $ 21.45 1,545 $ 20.63
Weighted-average fair
value of options granted
during the year $ 1.55 $ 1.37 $ 1.50
Exercise prices for options outstanding as of December 31, 2000 ranged
from $19.75 to $28.50. The weighted-average remaining contractual life
of those options is 7.0 years.
An additional 968,676, 2,580,168, and 1,033,276 Common Shares were
reserved for issuance for future grants from the Share Incentive Plan at
December 31, 2000, 1999 and 1998, respectively.
9. COMMITMENTS AND CONTINGENCIES
All of the Properties and land were subject to Phase I Environmental
Assessments and when appropriate Phase II Environmental Assessments
(collectively, the "Environmental Assessments") obtained in
contemplation of their acquisition by the Company. The Environmental
Assessments consisted of, among other activities, a visual inspection of
each Property and its neighborhood and a check of pertinent public
records. The Environmental 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.
46
10. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
The following is a summary of quarterly results of operations for the
two years ended December 31, 2000 and 1999 (in thousands, except per
share amounts):
QUARTER ENDED
----------------------------------------------------------------------------------
DEC. 31, SEPT. 30, JUNE 30, MARCH 31, DEC. 31, SEPT. 30, JUNE 30, MARCH 31,
2000 2000 2000 2000 1999 1999 1999 1999
-------- --------- -------- --------- -------- --------- -------- ---------
Rental revenue $100,296 $ 97,152 $ 94,825 $ 91,972 $ 90,149 $ 87,064 $ 84,250 $ 81,468
======== ======== ======== ======== ======== ======== ======== ========
Income before extraordinary
item and minority interest 47,195 45,183 45,782 43,423 39,164 35,928 46,263 34,638
======== ======== ======== ======== ======== ======== ======== ========
Extraordinary item-loss on
extinguishment of debt - - 228 1,875 1,145 - - -
======== ======== ======== ======== ======== ======== ======== ========
Income before
minority interest 47,195 45,183 45,554 41,548 38,019 35,928 46,263 34,638
======== ======== ======== ======== ======== ======== ======== ========
Income available to
common shareholders 39,230 37,341 37,581 34,119 30,801 29,343 40,502 29,678
======== ======== ======== ======== ======== ======== ======== ========
Income per common share before
extraordinary item -
basic $ 0.58 $ 0.55 $ 0.56 $ 0.54 $ 0.48 $ 0.44 $ 0.61 $ 0.45
======== ======== ======== ======== ======== ======== ======== ========
Income per common share before
extraordinary item -
diluted $ 0.57 $ 0.54 $ 0.55 $ 0.53 $ 0.48 $ 0.44 $ 0.60 $ 0.45
======== ======== ======== ======== ======== ======== ======== ========
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
47
consolidated basis. The operating information by segment is as follows
(in thousands):
FOR THE YEAR ENDED DECEMBER 31, 2000
- -----------------------------------------------------------------------------------------------------------------------
SE New Lehigh The
Pennsyl. Jersey Valley Virginia Carolinas Jacksonville Michigan All Others Total
-------- -------- -------- -------- --------- ------------ -------- ---------- -------
Real estate-
related revenues $147,519 $ 42,794 $ 50,709 $ 42,956 $ 41,542 $ 42,764 $ 57,353 $102,952 $528,589
Rental property
expenses and
real estate taxes 40,954 13,132 11,041 9,674 11,391 10,487 19,710 32,350 148,739
-------- -------- -------- -------- -------- -------- -------- -------- --------
Property-level net
operating income 106,565 29,662 39,668 33,282 30,151 32,277 37,643 70,602 379,850
Other income/
expenses, net 216,653
--------
Income before property
dispositions,
extraordinary item,
and minority interest 163,197
Gain on property
dispositions 18,386
Extraordinary item-loss
on extinguishment of
debt 2,103
Minority interest 20,209
Preferred distributions 11,000
--------
Income available to
common shareholders $148,271
========
FOR THE YEAR ENDED DECEMBER 31, 1999
- -----------------------------------------------------------------------------------------------------------------------
SE New Lehigh The
Pennsyl. Jersey Valley Virginia Carolinas Jacksonville Michigan All Others Total
-------- -------- -------- -------- --------- ------------ -------- ---------- --------
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
========
48
FOR THE YEAR ENDED DECEMBER 31, 1998
- -----------------------------------------------------------------------------------------------------------------------
SE New Lehigh The
Pennsyl. Jersey Valley Virginia Carolinas Jacksonville Michigan All Others Total
-------- -------- -------- -------- --------- ------------ -------- ---------- --------
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
========
REVENUES YEAR ENDED DECEMBER 31,
- ---------------------------------------------------------- ----------------------------------
2000 1999 1998
--------- ---------- ----------
Total real estate-related revenues for reportable segments $ 528,589 $ 466,522 $ 382,980
Interest and other 4,374 5,976 5,398
--------- --------- ---------
Total revenues $ 532,963 $ 472,498 $ 388,378
========= ========= =========
PRODUCT TYPE INFORMATION REAL ESTATE-RELATED REVENUES
- ---------------------------------------------------------- ----------------------------------
YEAR ENDED DECEMBER 31,
----------------------------------
2000 1999 1998
---------- ---------- ---------
Industrial $ 239,384 $ 225,988 $ 192,548
Office 289,205 240,534 190,432
--------- --------- ---------
Total real estate-related revenues $ 528,589 $ 466,522 $ 382,980
========= ========= =========
ROLLFORWARD OF OPERATING REAL ESTATE ASSETS BY REPORTABLE SEGMENT
- ------------------------------------------------------------------------------------------------------------------------------
SE New Lehigh The
Pennsyl. Jersey Valley Virginia Carolinas Jacksonville Michigan All Others Total
-------- -------- -------- -------- --------- ------------ -------- ---------- ----------
January 1, 2000 $733,465 $262,102 $271,606 $301,997 $250,708 $273,763 $333,866 $577,173 $3,004,680
Additions 113,708 3,898 20,845 18,531 25,085 29,968 20,254 64,838 297,127
Dispositions (26,095) (12,990) - (17,492) (6,009) - - (36,744) (99,330)
-------- -------- -------- -------- -------- -------- -------- -------- ----------
December 31, 2000 $821,078 $253,010 $292,451 $303,036 $269,784 $303,731 $354,120 $605,267 $3,202,477
-------- -------- -------- -------- -------- -------- -------- -------- ----------
Accumulated depreciation (334,415)
Development in progress 208,486
Land held for development 137,402
Other assets 182,405
----------
Total assets December 31, 2000 $3,396,355
==========
49
ROLLFORWARD OF OPERATING REAL ESTATE ASSETS BY REPORTABLE SEGMENT
- ------------------------------------------------------------------------------------------------------------------------------
SE New Lehigh The
Pennsyl. Jersey Valley Virginia Carolinas Jacksonville Michigan All Others Total
-------- -------- -------- -------- --------- ------------ -------- ---------- ----------
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
==========
12. SUBSEQUENT EVENTS
On March 14, 2001, the Company consummated the sale of $250 million
principal amount of 7.25% senior notes due 2011. The aggregate net
proceeds from such issuance were approximately $246.2 million. The
Company used the aggregate net proceeds primarily to pay down the Credit
Facility, which is used to fund development and acquisition activity.
50
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Cost
Capitalized
Initial Cost Subsequent
--------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES
10,20 Liberty Boulevard Malvern, PA $ - $ 724,058 $ - $ 5,063,275
420 Lapp Road Malvern, PA * 1,054,418 - 6,414,605
747 Dresher Road Horsham, PA - 1,607,238 - 4,148,133
45-67 Great Valley Parkway Malvern, PA * 795,143 - 2,997,927
40 Valley Stream Parkway Malvern, PA * 322,918 - 2,229,636
50 Valley Stream Parkway Malvern, PA - 323,971 - 2,380,881
20 Valley Stream Parkway Malvern, PA * 465,539 - 5,223,981
800 Town Center Drive Langhorne, PA - 1,617,149 - 9,606,666
9, 15, 25 Great Valley Parkway Malvern, PA * 1,837,050 - 15,156,712
257-275 Great Valley Parkway Malvern, PA * 504,611 - 4,508,928
300 Technology Drive Malvern, PA - 368,626 - 1,303,696
277-293 Great Valley Parkway Malvern, PA - 530,729 - 2,085,105
311 Technology Drive Malvern, PA - 397,131 - 2,262,778
325 Technology Drive Malvern, PA * 376,444 - 1,852,531
7 Great Valley Parkway Malvern, PA * 176,435 - 4,451,537
55 Valley Stream Parkway Malvern, PA - 215,005 - 3,428,714
65 Valley Stream Parkway Malvern, PA * 381,544 - 5,195,448
508 Lapp Road Malvern, PA * 331,392 - 1,813,768
10 Valley Stream Parkway Malvern, PA * 509,075 - 2,880,034
333 Phoenixville Pike Malvern, PA 2,002,206 523,530 - 3,058,164
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 - 2,137,673
77-123 Great Valley Parkway Malvern, PA * 887,664 - 4,877,563
260 Great Valley Parkway Malvern, PA - 203,916 - 1,122,866
256 Great Valley Parkway Malvern, PA * 161,098 - 1,888,761
205 Great Valley Parkway Malvern, PA * 1,368,259 - 10,507,952
12,14,16 Great Valley Parkway Malvern, PA - 130,689 - 1,206,020
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 1,940,000 157,611
1100 Wheeler Way Langhorne, PA - 150,000 1,100,000 90,716
60 Morehall Road Malvern, PA - 865,424 9,285,000 4,724,202
905 Airport Road West Chester, PA - 1,715,000 5,185,000 674,531
1 Country View Road Malvern, PA - 400,000 3,600,000 469,038
2151 Cabot Boulevard Langhorne, PA * 384,100 3,456,900 264,595
170 South Warner Road King of Prussia, PA - 547,800 3,137,400 2,242,471
190 South Warner Road King of Prussia, PA - 552,201 3,162,600 1,100,792
507 Prudential Road Horsham, PA * 644,900 5,804,100 660,716
100 Witmer Road Horsham, PA 8,688,457 3,102,785 - 12,199,070
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 - 1,204,838 - 2,531,137
200 Chesterfield Parkway Malvern, PA - 495,893 2,739,093 220,170
767 Electronic Drive Horsham, PA - 1,229,685 - 2,746,795
132 Welsh Road Horsham, PA - 1,333,641 - 3,765,917
5 Country View Road Malvern, PA * 785,168 4,678,632 184,612
3200 Horizon Drive King of Prussia, PA * 928,637 - 4,296,061
3000 Horizon Drive King of Prussia, PA * 1,191,449 - 1,854,147
111-195 Witmer Road Horsham, PA - 407,005 3,129,058 (109,085)
300 Welsh Road - Bldg. #3 Horsham, PA - 180,459 1,441,473 192,088
300 Welsh Road - Bldg. #4 Horsham, PA - 282,492 2,256,508 1,036,140
8801 Tinicum Boulevard Philadelphia, PA - 2,474,031 - 42,796,963
440 East Swedesford Road King of Prussia, PA - 717,001 4,816,122 1,445,025
460 East Swedesford Road King of Prussia, PA - 705,318 4,737,487 533,419
50 Morehall Road Malvern, PA - 849,576 - 13,046,717
2 Walnut Grove Drive Horsham, PA - 1,281,870 7,767,374 817,598
5 Walnut Grove Horsham, PA - 1,065,951 - 9,084,162
200 Gibraltar Road Horsham, PA - 638,512 5,811,323 734,114
220 Gibraltar Road Horsham, PA - 629,944 5,733,228 46,309
240 Gibraltar Road Horsham, PA - 629,944 5,733,234 29,724
151 South Warner Road King of Prussia, PA - 1,218,086 6,937,866 (57,132)
1 Walnut Grove Drive Horsham, PA - 1,058,901 5,343,606 1,041,557
3604 Horizon Drive King of Prussia, PA - 397,178 - 1,568,644
3606 Horizon Drive King of Prussia, PA - 789,409 - 1,940,816
650 Swedesford Road King of Prussia, PA - 952,910 6,722,830 7,554,683
680 Swedesford Road King of Prussia, PA - 952,361 6,722,830 7,254,738
761 Fifth Avenue King of Prussia, PA - 256,463 2,061,468 420,166
771 Fifth Avenue King of Prussia, PA - 152,455 1,256,908 261,130
1 Great Valley Parkway Malvern, PA - 419,460 3,792,570 286,731
5 Great Valley Parkway Malvern, PA - 684,200 6,181,661 435,452
311 Sinclair Road Bristol, PA - 277,901 1,576,906 16,867
1001 Cedar Hollow Road Malvern, PA - 1,436,814 - 16,047,698
3 Country View Road Malvern, PA - 814,279 - 4,954,223
425 Technology Drive Malvern, PA - 191,115 - 1,840,489
375 Technology Drive Malvern, PA - 191,114 - 1,765,099
45 Liberty Boulevard Malvern, PA - 4,380,221 - 15,096,126
100 Chesterfield Parkway Malvern, PA - 1,320,625 - 6,608,193
181-187 Gibraltar Road Horsham, PA - 360,550 3,259,984 477,083
104 Rock Road Horsham, PA - 330,111 2,981,669 22,618
51
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Cost
Capitalized
Initial Cost Subsequent
--------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - Continued
123-135 Rock Road Horsham, PA - 292,360 2,411,677 642,310
111-159 Gibraltar Road Horsham, PA - 489,032 4,126,151 356,554
161-175 Gibraltar Road Horsham, PA - 294,673 2,663,722 529,310
103-109 Gibraltar Road Horsham, PA - 270,905 2,448,500 574,562
261-283 Gibraltar Road Horsham, PA - 464,870 3,951,972 93,087
210-223 Witmer Road Horsham, PA - 270,282 2,441,276 1,458,924
231-237 Gibraltar Road Horsham, PA - 436,952 3,948,963 356,887
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 - 208,139 895,470 617,772
113-123 Rock Road Horsham, PA - 351,072 3,171,001 181,538
101-111 Rock Road Horsham, PA - 350,562 3,166,389 237,801
120 Gibraltar Road Horsham, PA - 533,142 4,830,515 100,016
110 Gibraltar Road Horsham, PA - 673,041 5,776,369 187,909
100-107 Lakeside Drive Horsham, PA - 239,528 2,163,498 596,642
200-264 Lakeside Drive Horsham, PA - 502,706 4,540,597 435,581
300-309 Lakeside Drive Horsham, PA - 369,475 3,338,761 1,456,346
400-445 Lakeside Drive Horsham, PA - 543,628 4,910,226 1,124,268
104 Witmer Road Horsham, PA - 1,248,148 - 1,047,215
201 Gibraltar Road Horsham, PA - 380,127 3,433,433 582,713
3600 Horizon Drive King of Prussia, PA - 236,432 1,856,252 15,352
3602 Horizon Drive King of Prussia, PA - 217,734 1,759,489 95,452
3 Franklin Plaza Philadelphia, PA - 2,483,144 - 31,997,440
400-500 Brandywine Parkway West Chester, PA - 845,847 6,809,025 335,949
600 Brandywine Parkway West Chester, PA - 664,899 5,352,410 313,929
2700 Horizon Drive King of Prussia, PA - 764,370 - 3,667,537
2900 Horizon Drive King of Prussia, PA - 679,440 - 3,485,184
2500 Renaissance Boulevard King of Prussia, PA - 509,580 - 2,419,031
2300 Renaissance Boulevard King of Prussia, PA - 509,579 - 2,599,477
719 Dresher Road Horsham, PA - 493,426 2,812,067 197,283
2100 Renaissance Boulevard King of Prussia, PA - 1,110,111 - 9,300,840
4 Walnut Grove Horsham, PA - 2,515,115 - 7,324,883
2250 Hickory Road Plymouth Meeting, PA 6,025,000 1,015,851 9,175,555 902,000
3400 Horizon Drive King of Prussia, PA - 776,495 3,139,068 954,206
One Ridgewood Place Downingtown, PA - 422,460 2,337,195 456,373
300 Welsh Road Horsham, PA - 696,060 3,339,991 49,629
600 Chesterfield Parkway Malvern, PA - 2,013,751 - 8,124,001
700 Chesterfield Parkway Malvern, PA - 2,013,751 - 8,151,055
6 Terry Drive Newtown, PA - 622,028 2,228,851 21,322
2520 Renaissance Boulevard King of Prussia, PA - 1,020,000 - 4,156,110
18 Great Valley Parkway Malvern, PA - 394,036 3,976,221 37,147
700 Dresher Road Horsham, PA - 2,551,777 3,020,638 3,095,849
2201 Renaissance Boulevard King of Prussia, PA - - - 14,985,814
2540 Renaissance Boulevard King of Prussia, PA - - - 1,646,361
2560 Renaissance Boulevard King of Prussia, PA - - - 3,611,880
1501-1513 Grundy's Lane Bristol, PA - - - 3,051,354
825 Duportail Road Wayne, PA - 5,536,619 16,179,213 19,729
200 Precision Drive Horsham, PA - 1,559,883 4,759,640 1,693,114
40 Liberty Boulevard Malvern, PA - 4,241,137 17,737,090 1,975,960
14 Lee Boulevard Malvern, PA * 664,282 - 6,313,660
500 Chesterfield Parkway Malvern, PA * 472,365 - 3,351,334
300-400 Chesterfield Parkway Malvern, PA * 937,212 - 4,800,940
150 Mid-Atlantic Parkway West Deptford, NJ - 86,968 304,672 225,536
1370 Imperial Way West Deptford, NJ - 297,000 4,373,155 571,364
8 Stow Road Marlton, NJ - 172,600 1,704,436 113,550
10 Stow Road Marlton, NJ - 147,000 1,451,537 70,349
12 Stow Road Marlton, NJ - 103,300 1,021,036 214,348
14 Stow Road Marlton, NJ - 93,100 920,336 186,792
1300 Metropolitan Avenue West Deptford, NJ - 220,000 1,980,000 37,266
701A Route 73 South Marlton, NJ - 264,387 3,772,000 2,319,276
701C Route 73 South Marlton, NJ - 84,949 1,328,000 346,116
1008 Astoria Boulevard Cherry Hill, NJ - 27,120 424,880 388,778
1475 Imperial Way West Deptford, NJ - 54,000 846,000 210,159
3000 Atrium Way Mt. Laurel, NJ * 500,000 4,500,000 3,270,246
750 Cardinal Drive Pureland, NJ - 230,000 2,070,000 659,584
11000, 15000 Commerce Parkway Mt. Laurel, NJ - 310,585 4,394,900 (685,448)
12000, 14000 Commerce Parkway Mt. Laurel, NJ - 361,800 3,285,817 239,477
16000, 18000 Commerce Parkway Mt. Laurel, NJ - 289,700 2,512,683 439,227
400 Lippincott Drive Marlton, NJ - 69,402 - 3,079,570
406 Lippincott Drive Marlton, NJ - 321,455 1,539,870 794,538
234 High Hill Road Bridgeport, NJ * 249,472 1,477,515 359,119
101 Arlington Boulevard Bridgeport, NJ - 6,368 - 4,602,081
100 Berkeley Drive Bridgeport, NJ * 395,160 1,915,215 226,378
301 Lippincott Drive Marlton, NJ - 1,069,837 4,780,163 412,504
303 Lippincott Drive Marlton, NJ - 1,069,837 4,780,163 366,835
510-512 Sharptown Road Bridgeport, NJ * 125,410 1,072,683 47,779
901 Route 73 Marlton, NJ - 334,411 2,733,314 99,641
1300 Route 73 North Marlton, NJ * 449,400 3,074,850 789,651
512 Sharptown Road Bridgeport, NJ * 180,468 1,543,617 199,921
201 Berkeley Drive Bridgeport, NJ - 270,880 - 4,682,325
404 Lippincott Drive Marlton, NJ - 131,896 - 1,650,431
104 Gaither Drive Mt. Laurel, NJ - 132,075 1,151,988 221,476
402 Lippincott Drive Marlton, NJ - 131,896 - 1,632,284
52
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Cost
Capitalized
Initial Cost Subsequent
--------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - Continued
300 Commodore Drive Bridgeport, NJ - 417,695 - 5,290,036
3000 Lincoln Drive Mt. Laurel, NJ - 284,051 2,458,155 1,229,406
6000 Commerce Parkway Mt. Laurel, NJ - 234,150 2,022,683 140,318
7000 Commerce Parkway Mt. Laurel, NJ - 260,014 2,236,684 206,721
8000 Commerce Parkway Mt. Laurel, NJ - 234,814 1,995,098 108,185
9000 Commerce Parkway Mt. Laurel, NJ - 286,587 2,474,820 73,196
1000 Briggs Road Mt. Laurel, NJ - 288,576 2,546,537 268,314
1025 Briggs Road Mt. Laurel, NJ 1,831,307 430,990 3,714,828 380,913
1020 Briggs Road Mt. Laurel, NJ - 494,334 - 2,897,687
9 Stow Road Marlton, NJ - 652,642 1,765,065 269,780
2000 Crawford Place Mt. Laurel, NJ - 310,831 2,797,744 1,571,702
1351 Metropolitan Avenue West Deptford, NJ - 189,465 1,728,789 26,638
650 Grove Road West Deptford, NJ - 267,215 2,438,323 242,098
400 Grove Road West Deptford, NJ - 145,009 1,323,085 116,749
5000 Dearborn Court Mt. Laurel, NJ - 1,057,763 4,191,827 121,424
515 Heron Drive Bridgeport, NJ 1,366,779 334,017 2,367,538 18,266
500 Sharptown Road Bridgeport, NJ 1,305,569 300,404 2,645,235 57,191
625 Heron Drive Bridgeport, NJ * 180,226 908,953 15,633
605 Heron Drive Bridgeport, NJ 576,544 265,381 1,046,866 37,508
510 Heron Drive Bridgeport, NJ 5,883,829 790,334 7,901,878 256,860
522 Pedricktown Road Bridgeport, NJ * 176,310 1,360,293 19,550
530 Pedricktown Road Bridgeport, NJ * 350,813 1,901,471 31,304
540 Pedricktown Road Bridgeport, NJ 3,073,900 531,280 4,532,010 (158,166)
230 High Hill Road Bridgeport, NJ 5,577,494 1,418,000 8,860,843 7,883
3 Mallard Court Bridgeport, NJ * 417,893 2,447,865 9,336
730 Cardinal Drive Bridgeport, NJ * 576,598 1,780,345 46,341
405 Heron Drive Bridgeport, NJ 9,153,639 2,167,471 18,120,223 252,555
100 Eagle Road Bridgeport, NJ 1,041,065 256,491 1,434,429 20,524
250 High Hill Road Bridgeport, NJ 1,701,764 246,479 2,269,440 168,859
508 Center Square Road Bridgeport, NJ 1,561,637 453,341 3,458,248 940
602 Heron Drive Bridgeport, NJ * 524,728 2,240,478 7,650
300 Eagle Court Bridgeport, NJ - 1,135,989 1,872,753 17,507
500 Center Square Road Bridgeport, NJ - 1,338,839 6,186,541 20,613
1001 Briggs Road Mt. Laurel, NJ - 701,705 3,505,652 718,225
1960 Cuthbert Boulevard Cherry Hill, NJ - 321,700 1,291,557 215,459
1970 Cuthbert Boulevard Cherry Hill, NJ - 321,699 1,291,558 51,634
10000 & 11000 Route 73 Marlton, NJ - 715,705 2,579,524 494,040
800 Arlington Boulevard Bridgeport, NJ - 1,687,500 - 6,721,163
1015 Briggs Road Mt Laurel, NJ - 356,987 - 3,304,460
1655 Valley Center Parkway Bethlehem, PA - 214,431 - 1,867,129
6560 Stonegate Drive Allentown, PA - 458,281 - 2,351,219
6370 Hedgewood Drive Allentown, PA - 540,795 - 3,088,666
6390 Hedgewood Drive Allentown, PA - 707,203 - 2,599,598
1495 Valley Center Parkway Bethlehem, PA - 434,640 - 3,602,099
6350 Hedgewood Drive Allentown, PA - 360,027 - 3,170,858
6330 Hedgewood Drive Allentown, PA - 531,267 - 4,497,196
1550 Valley Center Parkway Bethlehem, PA - 196,954 - 3,183,754
1560 Valley Center Parkway Bethlehem, PA - 240,069 - 3,884,413
6580 Snowdrift Road Allentown, PA - 388,329 - 2,603,461
1510 Valley Center Parkway Bethlehem, PA - 312,209 - 3,361,739
1530 Valley Center Parkway Bethlehem, PA - 211,747 - 2,652,949
6540 Stonegate Drive Allentown, PA - 422,042 - 3,596,669
974 Marcon Boulevard Allentown, PA - 143,500 - 2,193,457
964 Marcon Boulevard Allentown, PA - 138,816 - 1,549,582
764 Roble Road Allentown, PA - 141,069 - 794,167
3174 Airport Road Allentown, PA - 98,986 - 1,105,397
2196 Avenue C Allentown, PA - 101,159 - 1,220,963
2202 Hanger Place Allentown, PA - 137,439 - 1,317,610
2201 Hanger Place Allentown, PA - 128,454 - 1,435,578
954 Marcon Boulevard Allentown, PA - 103,665 - 1,138,585
57 South Commerce Way Allentown, PA - 390,839 2,701,161 165,518
754 Roble Road Allentown, PA - 162,115 1,731,885 119,096
894 Marcon Boulevard Allentown, PA - 117,134 1,048,866 75,282
744 Roble Road Allentown, PA - 159,771 1,734,229 201,141
944 Marcon Boulevard Allentown, PA - 118,521 1,435,479 197,835
1685 Valley Center Parkway Allentown, PA - 244,029 - 2,056,294
6520 Stonegate Drive Allentown, PA - 453,315 - 1,842,826
7437 Industrial Boulevard Allentown, PA - 717,488 5,022,413 1,423,665
2041 Avenue C Allentown, PA * 213,599 1,095,217 77,333
2124 Avenue C Allentown, PA * 289,197 1,039,835 55,269
7339 Industrial Boulevard Allentown, PA - 1,187,777 - 5,782,443
7384 Penn Drive Allentown, PA * 651,696 2,286,518 476,281
7144 Daniels Drive Allentown, PA - 2,390,217 2,342,761 3,563,435
7620 Cetronia Road Allentown, PA - 1,091,806 3,851,456 369,592
939 Marcon Boulevard Allentown, PA * 2,220,414 4,524,393 743,702
100 Brodhead Road Bethlehem, PA * 429,416 2,919,588 196,779
1455 Valley Center Parkway Bethlehem, PA - 670,290 - 3,642,744
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 - 2,153,735
400 Nestle Way Allentown, PA 26,391,218 8,065,500 - 26,453,992
83 South Commerce Way Bethlehem, PA - 143,661 888,128 294,277
85 South Commerce Way Bethlehem, PA - 236,708 987,949 93,068
53
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Cost
Capitalized
Initial Cost Subsequent
--------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - Continued
87 South Commerce Way Bethlehem, PA - 253,886 1,062,881 82,257
89 South Commerce Way Bethlehem, PA - 320,000 - 1,797,377
7248 Industrial Boulevard Allentown, PA - 2,670,849 13,307,408 783,313
95 Highland Avenue Bethlehem, PA - 430,593 3,182,080 300,616
236 Brodhead Road Bethlehem, PA - 376,962 4,672,683 24,861
1525 Valley Center Parkway Allentown, PA - 475,686 - 7,453,047
6620 Grant Way Allentown, PA - 430,824 1,915,923 6,338
700 Nestle Way Allentown, PA - 3,473,119 - 16,886,630
7562 Penn Drive Allentown, PA - 269,614 844,069 82,669
7277 Williams Avenue Allentown, PA - 462,964 1,449,009 151,827
7355 Williams Avenue Allentown, PA - 489,749 1,658,091 138,947
794 Roble Boulevard Allentown, PA - 1,147,541 6,088,041 85,553
6923 Schantz Spring Road Allentown, PA - 1,127,805 3,309,132 146,571
2600 Beltline Avenue Reading, PA - 558,902 2,234,167 18,193
7132 Daniels Drive Allentown, PA - 1,623,326 3,464,626 3,887,156
3985 Adler Place Bethlehem, PA - 705,367 3,915,820 475,150
8014 Industrial Boulevard Allentown, PA - 4,019,258 - 8,692,231
651 Boulder Drive Allentown, PA - 4,308,646 - 13,108,539
7028 Snowdrift Road Allentown, PA - 520,473 959,279 123,339
180 Cochrane Drive Annapolis, MD - - - 85,098
190 Cochrane Drive Annapolis, MD - 3,670,256 - 16,367,148
8280 Patuxent Range Drive Columbia, MD - 181,601 - 1,334,693
7178-80 Columbia Gateway Columbia, MD - 1,569,237 4,786,887 686,366
9770 Patuxent Woods Drive Columbia, MD - 341,663 3,033,309 13,582
9780 Patuxent Woods Drive Columbia, MD - 218,542 1,940,636 7,254
9790 Patuxent Woods Drive Columbia, MD - 243,791 2,164,094 12,536
9810 Patuxent Woods Drive Columbia, MD - 266,684 2,366,901 9,127
9800 Patuxent Woods Drive Columbia, MD - 299,100 2,654,069 64,816
9820 Patuxent Woods Drive Columbia, MD - 237,779 2,110,835 27,196
9830 Patuxent Woods Drive Columbia, MD - 296,262 2,628,933 76,787
9050 Red Branch Road Columbia, MD - 290,950 2,577,153 311,153
4606 Richlynn Drive Belcamp, MD - 299,600 1,818,861 7,108
8945-8975 Guilford Road Columbia, MD - 2,428,795 7,493,740 206,539
7317 Parkway Drive Hanover, MD - 1,104,359 1,959,671 4,319
9101,9111,9115 Guilford Road Columbia, MD - 758,951 - 3,341,366
9125,9135,9145 Guilford Road Columbia, MD - 900,154 - 5,714,809
1751 Bluehills Drive Roanoke, VA - 1,063,728 8,500,677 101,951
4300 Carolina Avenue Richmond, VA - 2,007,717 14,927,608 453,894
301 Hill Carter Parkway Richmond, VA - 659,456 4,836,010 63,204
4001 Carolina Avenue Richmond, VA - 29,443 215,914 39,613
5600-5626 Eastport Boulevard Richmond, VA * 489,941 3,592,900 159,829
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
3432 Holland Road Virginia Beach, VA - 173,527 790,515 11,088
4880 Cox Road Glen Allen, VA * 743,898 4,499,807 1,240,830
4101- 4127 Carolina Avenue Richmond, VA * 310,854 2,279,597 94,361
4201-4261 Carolina Avenue Richmond, VA * 693,203 5,083,493 611,020
4263-4299 Carolina Avenue Richmond, VA - 256,203 2,549,649 1,090,700
4301-4335 Carolina Avenue Richmond, VA - 223,696 1,640,435 118,590
4337-4379 Carolina Avenue Richmond, VA * 325,303 2,385,557 762,699
4501-4549 Carolina Avenue Richmond, VA * 486,166 3,565,211 132,919
4551-4593 Carolina Avenue Richmond, VA * 474,360 3,478,646 134,574
4601-4643 Carolina Avenue Richmond, VA * 652,455 4,784,675 347,182
4645-4683 Carolina Avenue Richmond, VA * 404,616 2,967,187 1,016,363
4447-4491 Carolina Avenue Richmond, VA - 454,056 2,729,742 95,150
4401-4445 Carolina Avenue Richmond, VA * 615,038 4,510,272 147,025
12 S. Third Street Richmond, VA - 40,539 184,682 14,982
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
5601-5659 Eastport Boulevard Richmond, VA * 705,660 - 5,093,142
5900 Eastport Boulevard Richmond, VA * 676,661 - 4,956,324
4717-4729 Eubank Road Richmond, VA * 449,447 3,294,697 148,882
4263F-N Carolina Avenue Richmond, VA * 91,475 - 1,631,649
1821 Battery Dantzler Road Chester, VA - 394,212 3,035,113 28,070
5000 Cox Road Glen Allen, VA * 770,214 3,685,248 48,731
5500 Cox Road Glen Allen, VA * 443,485 - 2,649,768
510 Eastpark Court Richmond, VA * 261,961 2,110,874 37,383
520 Eastpark Court Richmond, VA * 486,118 4,083,582 69,899
13001 Kingston Avenue Richmond, VA - 376,584 - 2,029,339
5701-5799 Eastport Boulevard Richmond, VA - 694,644 - 5,315,396
4801 Cox Road Glen Allen, VA - 1,072,895 - 8,858,737
600 H P Way Richmond, VA - 146,126 - 7,306,398
500 H P Way Richmond, VA - 142,692 - 6,312,994
701 Liberty Way Richmond, VA * 171,711 - 4,978,263
4198 Cox Road Glen Allen, VA - 670,292 3,839,245 272,773
4510 Cox Road Glen Allen, VA - 1,010,024 7,151,729 252,216
2809 South Lynnhaven Road Virginia Beach, VA - 953,590 6,142,742 459,806
200 Golden Oak Court Virginia Beach, VA * 1,116,693 6,770,480 531,463
208 Golden Oak Court Virginia Beach, VA * 965,177 6,728,717 250,407
1 Enterprise Parkway Hampton, VA - 974,675 5,579,869 337,804
22 Enterprise Parkway Hampton, VA - 1,097,368 6,760,778 325,766
530 Eastpark Court Richmond, VA - 266,883 - 2,750,734
54
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Cost
Capitalized
Initial Cost Subsequent
--------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - Continued
484 Viking Drive Virginia Beach, VA - 891,752 3,607,890 135,903
10430 Lakeridge Parkway Ashland, VA * 421,267 3,770,870 61,244
10456 Lakeridge Parkway Ashland, VA * 409,261 3,663,754 62,551
3829-3855 Gaskins Road Richmond, VA - 364,166 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 2,111,481 370,463
11844 Rock Landing Drive Newport News, VA - 326,774 1,391,561 93,291
11832 Rock Landing Drive Newport News, VA - 299,066 1,419,266 49,869
11846 Rock Landing Drive Newport News, VA - 299,066 1,419,266 4,936,823
10800 Nuckols Boulevard Richmond, VA - 1,432,462 - 14,357,467
5700 Cleveland Street Virginia Beach, VA - 700,112 9,592,721 618,250
801 Liberty Way Richmond, VA - 780,000 - 6,019,815
5 Manhattan Square Hampton, VA - 207,368 - 1,562,803
4523 Green Point Drive High Point, NC - 234,564 - 2,387,592
4501 Green Point Drive High Point, NC - 319,289 - 2,282,632
4500 Green Point Drive High Point, NC - 230,622 - 2,111,118
2427 Penny Road High Point, NC 5,410,825 1,165,664 - 6,182,530
4524 Green Point Drive High Point, NC * 182,810 - 2,131,996
4328, 4336 Federal Drive High Point, NC 5,796,898 521,122 - 7,672,195
200 Centreport Drive Greensboro, NC * 331,400 3,768,600 350,313
4344 Federal Drive High Point, NC * 484,001 - 2,334,267
202 Centreport Drive Greensboro, NC * 549,948 5,360,462 394,838
101 Centreport Drive Greensboro, NC - 826,237 - 7,727,514
4000 Piedmont Parkway High Point, NC * 592,885 4,825,615 402,144
4380 Federal Drive High Point, NC - 282,996 - 2,112,454
4388 Federal Drive High Point, NC - 143,662 - 1,118,535
6532 Judge Adams Road Rock Creek, NC - 354,903 - 3,491,165
6530 Judge Adams Road Rock Creek, NC - 305,820 - 4,458,196
3860 Faber Place N. Charleston, SC * 796,656 1,974,359 132,857
4055 Faber Place N. Charleston, SC * 882,351 4,794,144 143,649
3820 Faber Place N. Charleston, SC * 506,558 2,365,146 261,750
3875 Faber Place N. Charleston, SC * 1,164,530 - 5,771,687
150 Ridgeview Center Drive Duncan, SC * 711,352 8,056,324 929,642
1320 Garlington Road Greenville, SC * 398,540 1,761,533 26,337
420 Park Avenue Greenville, SC * 522,548 2,730,261 553,372
1 Alliance Drive Goose Creek, SC - 662,422 - 2,655,438
4160 Mendenhall Oaks Parkway High Point, NC - 285,882 - 3,031,093
4194 Mendenhall Oaks Parkway High Point, NC - 102,372 - 2,385,070
4196 Mendenhall Oaks Parkway High Point, NC - 66,731 - 2,126,982
4170 Mendenhall Oaks Parkway High Point, NC - 143,699 - 2,028,031
4180 Mendenhall Oaks Parkway High Point, NC - 121,329 - 1,759,812
4050 Piedmont Parkway High Point, NC - 801,902 - 18,153,553
One Independence Pointe Greenville, SC - 780,881 6,199,230 159,760
55 Beattie Place Greenville, SC - 2,643,105 23,439,801 830,099
75 Beattie Place Greenville, SC * 2,406,646 17,400,939 474,990
7736 McCloud Road Greensboro, NC - 591,795 5,895,312 207,856
15 Brendan Way Greenville, SC - 614,191 3,012,019 866,497
200 Meeting Street Charleston, SC - 4,027,429 29,542,711 1,018,429
7500 West 110th Street Overland Park, KS - 2,380,493 9,575,474 208,344
3955 Faber Place Charleston, SC - 381,887 - 6,658,620
4300 Federal Drive High Point, NC - 264,038 - 1,616,281
4135 Mendenall Oaks Parkway High Point, NC - 499,500 - 2,236,843
3825 Faber Place N. Charleston, SC - 245,367 - 1,091,214
1020 North Point Industrial Boulevard Hanahan, SC - 1,432,143 8,597,266 38,400
1730 Stebbins Drive Houston, TX - 143,258 - 428,581
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 - 3,188,953
6255 Lake Gray Boulevard Jacksonville, FL - 813,067 - 3,431,250
6600-6800 Suemac Place Jacksonville, FL - 210,804 - 1,901,839
6800-6850 Suemac Place Jacksonville, FL - 121,077 - 1,136,702
8665,8667,8669 Baypine Road Jacksonville, FL - 966,552 - 4,014,445
8540 Baycenter Road Jacksonville, FL - 445,603 - 1,371,536
1200 Gulf Life Drive Jacksonville, FL - 1,028,864 - 20,109,512
8400 Baymeadows Way Jacksonville, FL - 557,682 - 2,332,300
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 - 1,690,506
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 1,179,765
4190 Belfort Road Jacksonville, FL - 821,000 5,866,000 1,722,110
8011, 8021, 8031 Phillips Highway Jacksonville, FL - 626,250 3,548,750 1,240,619
7020 AC Skinner Parkway Jacksonville, FL * 398,258 - 2,455,785
7022 AC Skinner Parkway Jacksonville, FL * 706,935 - 3,109,161
11777 Central Highway Jacksonville, FL - 92,207 429,997 1,925,123
4345 Southpoint Parkway Jacksonville, FL - - - 8,752,272
7016 AC Skinner Parkway Jacksonville, FL - 597,181 - 2,326,446
55
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Cost
Capitalized
Initial Cost Subsequent
--------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - Continued
7018 AC Skinner Parkway Jacksonville, FL - 840,996 - 4,107,395
7014 AC Skinner Parkway Jacksonville, FL - 574,198 - 3,289,779
6620 Southpoint Parkway Jacksonville, FL - 614,602 4,267,477 507,971
7980 Bayberry Road Jacksonville, FL - 330,726 1,338,101 17,776
9600 Satellite Boulevard Orlando, FL - 252,850 1,297,923 58,374
9700 Satellite Boulevard Orlando, FL - 405,362 1,146,546 107,538
1902 Cypress Lake Drive Orlando, FL - 523,512 3,191,790 902,756
9550 Satellite Boulevard Orlando, FL - 574,830 - 2,022,846
8250 & 8256 Exchange Place Orlando, FL - 622,413 2,507,842 246,209
6600 Southpoint Parkway Jacksonville, FL - 998,432 4,055,727 267,710
6700 Southpoint Parkway Jacksonville, FL - 620,720 2,989,746 499,470
4801 Executive Park Court - 100 Jacksonville, FL * 554,993 2,993,277 438,809
4801 Executive Park Court - 200 Jacksonville, FL * 370,016 1,995,518 47
4810 Executive Park Court Jacksonville, FL * 369,694 3,045,639 47,683
6602 Executive Park Court - 100 Jacksonville, FL * 388,519 2,095,293 106,894
6602 Executive Park Court - 200 Jacksonville, FL * 296,015 1,596,347 3,485
6631 Executive Park Court - 100 Jacksonville, FL * 251,613 1,356,849 50
6631 Executive Park Court - 200 Jacksonville, FL * 406,561 2,195,070 169,457
4815 Executive Park Court - 100 Jacksonville, FL * 366,317 1,975,393 71,533
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 * 555,174 2,693,130 516,934
10511 & 10611 Satellite Boulevard Orlando, FL - 517,554 2,568,186 208,368
1400-1440 Central Florida Parkway Orlando, FL - 518,044 2,561,938 68,586
6601 Executive Park Circle North Jacksonville, FL - 551,250 3,128,361 640
1300 Riverplace Boulevard Jacksonville, FL - 1,804,259 7,755,572 665,225
4901 Belfort Road Jacksonville, FL - 877,964 2,360,742 1,841,852
16445 Air Center Boulevard Houston, TX - 363,339 2,509,186 8,662
16405 Air Center Boulevard Houston, TX - 438,852 3,030,396 91,653
2216 Directors Row Orlando, FL - 453,918 2,572,202 5,451
7460 Chancellor Drive Orlando, FL - 266,555 902,949 246,252
1901 Summit Tower Boulevard Maitland, FL - 6,078,791 12,348,567 1,108,417
3701-3727 Vineland Road Orlando, FL - 767,929 2,096,504 62,103
4899 Belfort Road Jacksonville, FL - 1,299,201 - 7,865,694
4905 Belfort Street Jacksonville, FL - 638,154 - 3,000,623
16580 Air Center Boulevard Houston, TX - 289,000 3,559,857 (12,162)
7251 Salisbury Road Jacksonville, FL - - - 2,755,235
7622 Bald Cypress Place Tampa, FL - - - 1,378,727
10245 Centurion Parkway North Jacksonville, FL - 852,645 3,510,889 471,185
1755 Trans Central Drive Houston, TX - 293,534 3,036,269 9,816
5501-5519 Pioneer Park Boulevard Tampa, FL - 162,000 1,613,000 186,498
5690-5694 Crenshaw Street Tampa, FL - 181,923 1,812,496 155,404
3102,3104,3110 Cherry Palm Drive Tampa, FL - 503,767 2,787,585 387,680
8401-8408 Benjamin Road Tampa, FL - 789,651 4,454,648 458,819
3501 Riga Boulevard Tampa, FL - 617,288 3,048,379 118,966
111 Kelsey Land Tampa, FL - 359,540 1,461,850 398,869
7930, 8010-20 Woodland Center Boulevard Tampa, FL * 1,408,479 5,247,246 217,980
7920 Woodland Center Boulevard Tampa, FL * 1,382,648 2,445,444 104,336
8154-8198 Woodland Center Boulevard Tampa, FL * 399,088 2,868,834 38,699
8112-42 Woodland Center Boulevard Tampa, FL * 513,263 3,230,239 13,495
8212 Woodland Center Boulevard Tampa, FL * 820,883 2,322,720 14,210
131 Kelsey Lane Tampa, FL - 511,463 - 4,450,331
7724 Woodland Center Boulevard Tampa, FL - 235,893 - 2,087,523
7802-50 Woodland Center Boulevard Tampa, FL - 357,364 - 2,542,091
7852-98 Woodland Center Boulevard Tampa, FL - 357,364 - 2,454,676
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 Boulevard Tampa, FL - 553,335 - 3,225,752
8001 Woodland Center Boulevard Tampa, FL - 350,407 - 2,240,422
4630 Woodland Corporate Boulevard Tampa, FL - 943,169 - 12,281,483
701-725 South US Highway 301 Tampa, FL - 654,259 - 3,107,406
4502 Woodland Corporate Boulevard Tampa, FL - - - 3,997,244
9001-9015 Brittany Way Tampa, FL - - - 1,605,279
4508 Woodland Corporate Boulevard Tampa, FL - 498,598 - 3,120,053
1701 Clint Moore Boulevard Boca Raton, FL - 1,430,884 3,043,553 52,741
4555 Riverside Drive Beach Gardens, FL - 805,672 5,782,360 16,905
2500 Metrocentre Boulevard West Palm Beach, FL - 238,362 1,534,926 58,604
2540 Metrocentre Boulevard West Palm Beach, FL - 165,071 1,058,736 259,647
2541 Metrocentre Boulevard West Palm Beach, FL - 145,091 379,318 699,936
2580 Metrocentre Boulevard West Palm Beach, FL - 256,479 1,651,602 22,635
2581 Metrocentre Boulevard West Palm Beach, FL - 189,359 1,218,712 178,117
1101 Northpoint Parkway West Palm Beach, FL - 258,607 1,462,432 85,808
3223 Commerce Place West Palm Beach, FL - 501,843 2,012,290 58,691
801 Northpoint Parkway West Palm Beach, FL - 459,284 2,597,108 10,993
5410 - 5430 Northwest 33rd Avenue Ft. Lauderdale, FL - 603,776 4,176,238 263,902
6500 NW 12th Avenue Ft. Lauderdale, FL - 7,099 3,046,309 32,003
6600 NW 12th Avenue Ft. Lauderdale, FL - 7,103 3,047,462 229,498
1500 SW 5th Court Pompano Beach, FL - 972,232 3,892,085 35,118
1651 SW 5th Court Pompano Beach, FL - 203,247 811,093 22,478
1601 SW 5th Court Pompano Beach, FL - 203,247 811,093 50,505
1501 SW 5th Court Pompano Beach, FL - 203,247 811,093 22,164
1400 SW 6th Court Pompano Beach, FL - 1,157,049 4,620,956 61,101
1405 SW 6th Court Pompano Beach, FL - 392,138 1,565,787 28,214
56
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Cost
Capitalized
Initial Cost Subsequent
--------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - Continued
595 SW 13th Terrace Pompano Beach, FL - 359,933 1,437,116 37,167
601 SW 13th Terrace Pompano Beach, FL - 164,414 655,933 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 41,954
951 Broken Sound Parkway Boca Raton, FL 2,895,004 1,426,251 6,098,952 144,736
3400 Lakeside Drive Miramar, FL - 2,022,153 11,345,881 365,334
3450 Lakeside Drive Miramar, FL - 2,022,152 11,357,143 176,180
3350 SW 148th Avenue Miramar, FL - 2,960,510 - 14,954,164
13650 NW 8th Street Sunrise, FL - 558,223 2,171,930 25,689
13630 NW 8th Street Sunrise, FL - 659,796 2,596,275 140,739
777 Yamato Road Boca Raton, FL - 4,101,247 16,077,347 2,501,475
1801 Clint Moore Road Boca Raton, FL - 1,065,068 4,481,644 209,548
6601-6625 W. 78th Street Bloomington, MN - 2,263,060 - 38,625,770
2905 Northwest Boulevard Plymouth, MN - 516,921 4,646,342 494,584
2800 Campus Drive Plymouth, MN - 395,366 3,554,512 174,861
2955 Xenium Lane Plymouth, MN - 151,238 1,370,140 255,706
9401-9443 Science Center Drive New Hope, MN - 431,295 3,888,684 215,111
6321-6325 Bury Drive Eden Prairie, MN - 462,877 4,151,790 173,969
7115-7173 Shady Oak Road Eden Prairie, MN - 454,974 4,089,410 407,175
7660-7716 Golden Triangle Drive Eden Prairie, MN - 568,706 5,115,177 1,340,106
7400 Flying Cloud Drive Eden Prairie, MN - 195,983 1,762,027 55,417
10301-10305 West 70th Street Eden Prairie, MN - 120,622 1,085,226 80,401
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 2,618,194 184,438
10393-10394 West 70th Street Eden Prairie, MN - 269,618 2,423,318 246,692
7078 Shady Oak Road Eden Prairie, MN - 343,093 3,085,795 47,532
10400 Viking Drive Eden Prairie, MN - 2,912,390 - 21,451,179
5600 & 5610 Rowland Road Minnetonka, MN - 828,650 7,399,409 697,928
2920 Northwest Boulevard Plymouth, MN - 392,026 3,433,678 653,397
5400-5500 Feltl Road Minnetonka, MN - 883,895 7,983,345 784,903
10300 Bren Road Minnetonka, MN - 344,614 3,110,477 154,190
14630-14650 28th Avenue North Plymouth, MN - 198,205 1,793,422 135,974
7695-7699 Anagram Drive Eden Prairie, MN - 760,524 3,254,758 25,622
7550 Meridian Circle Maple Grove, MN 2,153,136 513,250 2,901,906 19,159
2800 Northwest Boulevard Plymouth, MN 4,628,712 1,934,438 10,952,503 69,856
3255 Neil Armstrong Boulevard Eagan, MN - 1,131,017 - 3,377,738
4801 West 81st Street Bloomington, MN 794,409 1,624,700 2,494,368 246,397
8100 Cedar Avenue Bloomington, MN 2,224,185 501,313 3,675,416 25,281
9600 54th Avenue Plymouth, MN - 332,318 3,077,820 131,183
7800 Equitable Drive Eden Prairie, MN - 2,188,524 3,788,762 18,929
7905 Fuller Road Eden Prairie, MN - 1,229,862 4,075,167 29,608
9023 Columbine Road Eden Prairie, MN - 1,956,273 - 4,626,133
6161 Green Valley Drive Bloomington, MN - 740,377 3,311,602 719,082
4700 Nathan Lane North Minneapolis, MN - 1,501,309 8,446,083 301,968
8967 Columbine Road Eden Prairie, MN - 1,450,000 - 3,390,238
14390 Huntington Avenue Savage, MN - 1,463,666 6,271,050 13,169
550-590 Hale Avenue Oakdale, MN - 765,535 3,488,754 30,087
7777 Golden Triangle Drive Eden Prairie, MN - 993,100 2,136,862 875,911
26911-26957 Northwestern Southfield, MI - 7,799,506 66,268,817 4,586,889
1650 Research Drive Troy, MI - 763,067 7,201,677 88,122
1775 Research Drive Troy, MI - 331,422 2,788,073 47,879
1875 Research Drive Troy, MI - 329,863 2,774,006 116,482
1850 Research Drive Troy, MI - 781,054 7,364,300 208,179
1965 Research Drive Troy, MI - 419,090 3,578,928 101,231
1960 Research Drive Troy, MI - 419,146 3,579,166 48,686
27260 Haggerty Road Farmington Hills, MI - 456,877 4,091,196 119,075
27200 Haggerty Road Farmington Hills, MI - 382,754 3,425,227 112,103
27280 Haggerty Road Farmington Hills, MI - 452,860 4,055,512 62,401
27220 Haggerty Road Farmington Hills, MI - 203,064 1,802,592 108,174
27240 Haggerty Road Farmington Hills, MI - 171,518 1,518,192 59,283
27300 Haggerty Road Farmington Hills, MI - 370,378 3,311,366 77,777
1101 Allen Drive Troy, MI - 98,145 887,935 16,212
1151 Allen Drive Troy, MI - 164,482 1,486,220 202,666
1300 Rankin Street Troy, MI - 134,090 1,212,752 156,165
1350 Rankin Street Troy, MI - 111,776 1,011,497 62,321
1376-1400 Rankin Street Troy, MI - 134,292 1,213,626 87,318
1352-1374 Rankin Street Troy, MI - 153,276 1,385,098 87,937
1324-1346 Rankin Street Troy, MI - 134,090 1,212,214 10,098
1301-1307 Rankin Street Troy, MI - 111,776 1,011,121 51,348
1409 Allen Drive Troy, MI - 142,370 1,286,048 202,392
1304 E Maple Road Troy, MI - 211,233 1,906,786 307,024
1334 Maplelawn Road Troy, MI - 124,296 1,122,802 20,824
1290 Maplelawn Road Troy, MI - 85,322 771,621 58,817
1070 Maplelawn Road Troy, MI - 68,559 620,595 41,358
950 Maplelawn Road Troy, MI - 252,429 2,265,259 24,248
894 Maplelawn Road Troy, MI - 181,750 1,632,243 17,269
1179 Maplelawn Road Troy, MI - 87,845 794,365 120,024
1940 Norwood Drive Troy, MI - 86,836 785,267 40,588
1311-1331 Maplelawn Road Troy, MI - 125,407 1,132,810 10,537
2354 Bellingham Street Troy, MI - 87,340 789,817 17,718
2360 Bellingham Street Troy, MI - 87,340 789,817 56,051
57
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Cost
Capitalized
Initial Cost Subsequent
--------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - Continued
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 41,676
26650 Haggerty Road Farmington Hills, MI - 173,166 1,562,704 18,423
26700 Haggerty Road Farmington Hills, MI - 253,338 2,290,696 13,693
26750 Haggerty Road Farmington Hills, MI - 292,717 2,638,688 158,814
26800 Haggerty Road Farmington Hills, MI - 175,489 1,583,362 18,267
26842-26850 Haggerty Road Farmington Hills, MI - 239,606 2,160,470 193,621
26600 Haggerty Road Farmington Hills, MI - 455,845 - 2,523,127
26550 Haggerty Road Farmington Hills, MI - 368,083 - 2,581,048
50 West Big Bear Road Troy, MI - 2,159,678 19,481,454 274,006
100 West Big Bear Road Troy, MI - 2,113,006 19,057,355 263,369
245 Executive Drive Brookfield, WI - 577,067 5,197,903 212,364
8301 West Parkland Court Milwaukee, WI - 358,441 3,233,707 286,071
32991 Hamilton Court Farmington Hills, MI - 1,065,392 3,627,675 979,787
7800 N. 113th Street Milwaukee, WI - 1,711,964 6,847,857 51,087
2475-2479 Elliot Avenue Troy, MI - 128,809 516,393 15,137
32661 Edward Avenue Madison Heights, MI - 378,838 2,330,550 4,054
32701 Edward Avenue Madison Heights, MI - 340,398 1,364,777 31,585
32751 Edward Avenue Madison Heights, MI - 151,410 859,462 46,026
32853 Edward Avenue Madison Heights, MI - 138,121 784,426 53,827
555 East Mandoline Avenue Madison Heights, MI - 140,862 799,993 10,523
599 East Mandoline Avenue Madison Heights, MI - 132,163 646,768 73,022
749 East Mandoline Avenue Madison Heights, MI - 144,657 708,054 3,415
750 East Mandoline Avenue Madison Heights, MI - 151,457 741,185 878
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 R. Road Madison Heights, MI - 70,351 399,251 6,610
31601 Research Park Drive Madison Heights, MI - 331,179 1,879,812 10,787
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 - 217,928 1,601,469 2,088
800 Tech Row Madison Heights, MI - 444,976 2,984,811 12,945
900 Tech Row Madison Heights, MI - 155,606 883,725 38,424
1000 Tech Row Madison Heights, MI - 357,897 2,628,029 84,900
31771 Sherman Avenue Madison Heights, MI - 150,943 645,040 781
31791 Sherman Avenue Madison Heights, MI - 105,606 649,891 2,327
31811 Sherman Avenue Madison Heights, MI - 207,599 1,179,010 1,363
31831 Sherman Avenue Madison Heights, MI - 158,484 900,064 4,820
31900 Sherman Avenue Madison Heights, MI - 269,293 1,754,498 31,230
800 East Whitcomb Avenue Madison Heights, MI - 151,704 1,294,687 49,567
950 East Whitcomb Avenue Madison Heights, MI - 113,630 2,162,302 8,351
1000 East Whitcomb Avenue Madison Heights, MI - 113,512 1,023,613 41,628
1201 East Whitcomb Avenue Madison Heights, MI - 302,568 1,213,232 2,687
1210 East Whitcomb Avenue Madison Heights, MI - 121,299 329,051 540
1260 Kempar Avenue Madison Heights, MI - 78,720 385,223 20,780
1280 Kempar Avenue Madison Heights, MI - 142,305 536,474 18,700
22515 Heslip Drive Madison Heights, MI - 144,477 338,277 36,744
9801 80th Avenue Pleasant Prairie, WI - 1,692,077 7,934,794 34,348
11950 W. Lake Park Drive Milwaukee, WI - 391,813 2,340,118 158,703
11400 W. Lake Park Drive Milwaukee, WI - 439,595 2,357,904 181,306
11425 W. Lake Park Drive Milwaukee, WI - 382,256 2,350,619 102,514
11301 W. Lake Park Drive Milwaukee, WI - 614,477 2,626,456 92,202
11900 W. Lake Park Drive Milwaukee, WI - 347,854 2,396,887 492,040
38100 Ecorse Road Romulus, MI - 955,063 - 7,883,720
16620-16650 W. Bluemound Road Brookfield, WI - 586,665 4,289,907 210,838
1600-1630 E. Big Beaver Road Troy, MI - 1,454,406 2,952,884 52,196
11520 W. Calumet Road Milwaukee, WI - 341,698 1,527,548 48,307
12100 W. Park Place Milwaukee, WI - 534,470 3,239,389 69,353
N26 W23445 Paul Road Pewaukee, WI - 561,904 1,928,064 61,756
11200 W. Plank Court Wauwatosa, WI - 330,829 2,288,853 957,041
11020 W. Plank Court Wauwatosa, WI - 464,246 3,230,511 19,451
50 Gibson Drive West Malling, UK - ** - 3,334,095
2 Kings Hill Avenue West Malling, UK - 785,565 - 4,285,918
50 Kings Hill Avenue West Malling, UK - 1,215,608 - 10,064,033
10 Kings Hill Avenue West Malling, UK - 983,546 - 5,134,158
30 Tower View West Malling, UK - 1,657,321 - 10,886,965
35 Kings Hill Avenue West Malling, UK - 812,193 - 2,592,030
39 Kings Hill Avenue West Malling, UK - 494,508 - 3,204,906
18 Kings Hill Avenue West Malling, UK - 829,786 - 4,967,290
------------ ------------ -------------- --------------
Subtotal Operating Real Estate $100,083,577 $420,485,307 $1,548,105,608 $1,233,886,264
============ ============ ============== ==============
DEVELOPMENT IN PROGRESS
11 Great Valley Parkway Malvern, PA $ - $ 496,297 $ - $ 2,364,974
680 Blair Mill Road Horsham, PA - 3,527,151 - 3,073,210
1200 Liberty Ridge Place Wayne, PA - 6,215,667 - 4,576,796
2760 Red Lion Road Philadelphia, PA - - - 12,301,367
17000 Commerce Parkway Mt. Laurel, NJ - 144,515 - 2,639,955
705 Boulder Drive Allentown, PA 200,000 4,484,096 - 14,750,174
58
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Cost
Capitalized
Initial Cost Subsequent
--------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
DEVELOPMENT IN PROGRESS - Continued
3773 Executive Business Parkway Upper Saucon Twp, PA - 738,108 - 4,071,918
Main & W. Broad Streets Bethlehem, PA - 1,096,127 - 5,547,313
8150 Industrial Boulevard Allentown, PA - 2,564,167 - 1,037,635
8250 Industrial Boulevard Upper Macungie, PA - 1,025,667 - 703,724
650 Boulder Drive Allentown, PA - 8,069,963 - 1,463,276
6200 Old Dobbin Lane Columbia, MD - 958,105 - 1,071,086
6210 Old Dobbin Lane Columbia, MD - 958,105 - 934,570
6240 Old Dobbin Lane Columbia, MD - 958,105 - 970,492
12730 Kinston Avenue Richmond, VA - 171,053 - 3,227,091
12450 Three Chopt Road Richmond, VA - 1,140,648 101,824 501,041
1309 Executive Boulevard Chesapeake, VA - 923,067 - 1,174,519
4183 Eagle Hill Drive High Point, NC - 122,203 - 3,234,850
4189 Eagle Hill Drive High Point, NC - 100,106 - 2,344,538
4020 Meeting Way High Point, NC - 94,232 - 1,288,292
4 Independence Point Greenville, SC - - - 1,390,222
5 Independence Point Greenville, SC - - - 1,287,390
4230 Faber Place Charleston, SC - 228,552 - 854,236
170 Ridgeview Drive Duncan, SC - 224,162 109,218 942,908
6509 Franz Warner Parkway Rock Creek, NC - 360,494 - 83,521
2400 South Lake Orange Drive Orlando, FL - 385,964 - 2,308,780
4887 Belfort Road Jacksonville, FL - 1,299,202 - 4,821,412
6501 Lee Vista Boulevard Orlando, FL - 903,701 - 3,577,836
7255 Salisbury Road Jacksonville, FL - 392,060 - 1,342,109
2416 Lake Orange Drive Orlando, FL - 385,964 - 907,446
901-933 US Highway 301S Tampa, FL - 570,005 - 2,671,848
4503 Woodland Corporate Boulevard Tampa, FL - - - 1,184,774
4505 Woodland Corporate Boulevard Tampa, FL - - - 1,178,541
4511 Woodland Corporate Boulevard Tampa, FL - - - 1,213,388
8937 Columbine Road Eden Prairie, MN - 1,325,829 - 4,208,705
7615 Smetana Lane Eden Prairie, MN - 1,011,517 - 7,902,655
7805 Hudson Road Woodbury, MN - 1,279,834 - 5,366,034
10801 Nesbitt Avenue South Bloomington, MN - 784,577 - 3,869,271
4600 Nathan Lane Plymouth, MN - 1,063,558 - 1,140,858
8995 Columbine Road Eden Prairie, MN - 1,087,594 - 2,202,819
8911 Columbine Road Eden Prairie, MN - 916,687 - 2,101,205
8855 Columbine Road Eden Prairie, MN - 1,400,925 - 1,819,171
8691 109th Street Pleasant Prairie, WI - 1,357,602 - 5,524,531
11414 West Park Place Milwaukee, WI - 234,444 - 7,689,076
2600 Bellingham Drive Troy, MI - 1,796,869 - 2,392,703
2710 Bellingham Drive Troy, MI - 1,796,869 - 2,343,630
38000 Ecourse Road Romulus, MI - 807,660 - 9,753,283
6505 Cogswell Road Romulus, MI - 594,523 - 657,221
4 Abbey Wood Road West Malling, UK - - - 6,266,330
------------ ------------ -------------- --------------
Subtotal Development in Progress $ 200,000 $ 53,995,974 $ 211,042 $ 154,278,724
============ ============ ============== ==============
LAND HELD FOR DEVELOPMENT
Renaissance Park Land King of Prussia, PA $ - $ 1,645,246 $ - $ 1,166,759
Keystone Park Land Bristol, PA - 730,434 - 165,680
Peco Lot PBC Horsham, PA - 183,617 - 78,483
Liberty Ridge Land Wayne, PA - 8,287,555 - 2,219,617
Northsight Land Scottsdale, AZ - 10,245,763 - 430,675
1710 Arch Street Philadelphia, PA - 7,847,607 - -
1722 Arch Street Philadelphia, PA - 290,475 - -
JFK & Arch Parking Lots/Land (East) Philadelphia, PA - 14,291,952 - -
JFK & Arch Parking Lots/Land (West) Philadelphia, PA - 4,700,222 - -
Commodore Business Park Bridgeport, NJ - 2,112,556 - 2,464,995
Marlton Executive Park Land Marlton, NJ - 550,664 - 354,455
410 Center Square Land Bridgeport, NJ - 476,564 - 10,010
800 Arlington Boulevard Land Bridgeport, NJ - 195,686 - 578,207
Lehigh Valley Corporate Center Land Bethlehem, PA - 309,058 - (77,920)
LVCC Phase 2 Land Bethlehem, PA - 4,242,279 - 1,703,245
1605 Valley Center Parkway Bethlehem, PA - 729,751 - 1,033,042
Columbia Crossing Land Columbia, MD - 3,865,849 - 787,701
6250 Old Dobbin Lane Columbia, MD - 958,105 - 371,353
IRS Distribution Center Land Richmond, VA - 100,000 - (89,880)
Rivers' Bend Land Richmond, VA - 1,695,416 - 4,328,578
Woodlands Center Land Richmond, VA - 928,556 - 757,838
501 Hewlett Packard Way Richmond, VA - 165,042 - 484,965
6000-98 Eastport Boulevard Richmond, VA - 787,091 - 841,227
Eastport VIII Richmond, VA - 379,836 - 6,187
Eastport IX Richmond, VA - 209,856 - 5,096
Westmoreland Land Virginia Beach, VA - 758,403 - 113,917
Westmoreland III Land Virginia Beach, VA - 645,966 - 128,960
Volvo Center Land Chesapeake, VA 2,419,100 3,694,538 - 165,040
Mendenhall Land High Point, NC - 1,910,135 - 2,416,944
Independence Pointe Land Greenville, SC - 1,304,084 - (103,883)
Executive Park at Faber Place Land Charleston, SC - - - 182,979
Southchase Business Park Land Greenville, SC - - - 78,432
Woodfield Land Greenville, SC - - - 70,677
Eagle Hill Business Park Land High Point, NC - 201,860 - 1,949,256
Lakeside I High Point, NC - 172,320 - 802,399
59
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Cost
Capitalized
Initial Cost Subsequent
--------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
LAND HELD FOR DEVELOPMENT - Continued
South Oaks I High Point, NC - 217,942 - 386,240
Enterprise Park Land Jacksonville, FL - 349,339 - 127,563
Liberty Business Park Land Jacksonville, FL - 448,098 - 64,860
7024 AC Skinner Parkway Jacksonville, FL - 468,643 - 355,267
Silo Bend Land Tampa, FL - 2,816,927 - 922,267
Exchange Place Land Orlando, FL - 193,406 - 8,711
Belfort Road Jacksonville, FL - 468,643 - 73,036
Butler Plaza Land Jacksonville, FL - 1,303,793 - 493,514
Central Green Land Houston, TX - 1,394,592 - 408,095
South Center Land Orlando, FL - 2,580,693 - (16,777)
South Center Land Orlando, FL - 479,858 - 64,712
Orlando Corporate Center Land Orlando, FL - 903,701 - 48,576
Salisbury Road Land Jacksonville, FL - 880,828 - 641,093
Woodland Corporate Center Land Tampa, FL - - - 1,122,381
6119 W. Linebaugh Avenue Tampa, FL - 175,886 - 8,693
7831-41 Woodland Ctr Parkway Tampa, FL - 202,550 - 18,016
Pompano Bus Pk Land-Lots 100,101 Boca Raton, FL - 407,328 - 3,584
Pompano Bus Pk Land-Lots 60, 61 Boca Raton, FL - 509,233 - 6,636
Boca Colonnade Land - Yamato Road Boca Raton, FL - 3,649,792 - 757,128
Klodt Land Eden Prairie, MN - 4,500,641 - (838,308)
Romulus Land Romulus, MI - 1,613,537 - (465,290)
Big Beaver Airport Land Troy, MI - 11,096,804 - (2,570,374)
Park Place South Land Milwaukee, WI - 2,569,927 - 508,617
------------ ------------ -------------- --------------
Subtotal Land Held for Development $ 2,419,100 $111,848,647 $ - $ 25,553,274
============ ============ ============== ==============
Total All Properties $102,702,677 $586,329,930 $1,548,316,650 $1,413,718,261
============ ============ ============== ==============
* Denotes property is collateralized under mortgages with Nationwide, Principal Mutual, American General, New York
Life, Manufacturer's Life, and USG Annuity and Life totalling $259.3 million.
** Rouse leases land from Kent County Council.
60
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/00
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES
10,20 Liberty Boulevard Malvern, PA $ 645,318 $ 5,142,015 $ 5,787,333
420 Lapp Road Malvern, PA 1,049,243 6,419,780 7,469,023
747 Dresher Road Horsham, PA 1,611,977 4,143,394 5,755,371
45-67 Great Valley Parkway Malvern, PA 795,831 2,997,239 3,793,070
40 Valley Stream Parkway Malvern, PA 323,792 2,228,762 2,552,554
50 Valley Stream Parkway Malvern, PA 371,068 2,333,784 2,704,852
20 Valley Stream Parkway Malvern, PA 466,413 5,223,107 5,689,520
800 Town Center Drive Langhorne, PA 1,619,288 9,604,527 11,223,815
9, 15, 25 Great Valley Parkway Malvern, PA 1,837,878 15,155,884 16,993,762
257-275 Great Valley Parkway Malvern, PA 505,458 4,508,081 5,013,539
300 Technology Drive Malvern, PA 374,497 1,297,825 1,672,322
277-293 Great Valley Parkway Malvern, PA 531,534 2,084,300 2,615,834
311 Technology Drive Malvern, PA 348,099 2,311,810 2,659,909
325 Technology Drive Malvern, PA 385,693 1,843,282 2,228,975
7 Great Valley Parkway Malvern, PA 177,317 4,450,655 4,627,972
55 Valley Stream Parkway Malvern, PA 215,818 3,427,901 3,643,719
65 Valley Stream Parkway Malvern, PA 382,361 5,194,631 5,576,992
508 Lapp Road Malvern, PA 263,116 1,882,044 2,145,160
10 Valley Stream Parkway Malvern, PA 465,135 2,923,974 3,389,109
333 Phoenixville Pike Malvern, PA 524,229 3,057,465 3,581,694
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 2,137,001 2,586,448
77-123 Great Valley Parkway Malvern, PA 888,359 4,876,868 5,765,227
260 Great Valley Parkway Malvern, PA 212,768 1,114,014 1,326,782
256 Great Valley Parkway Malvern, PA 161,949 1,887,910 2,049,859
205 Great Valley Parkway Malvern, PA 1,369,003 10,507,208 11,876,211
12,14,16 Great Valley Parkway Malvern, PA 131,517 1,205,192 1,336,709
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 2,094,121 2,357,611
1100 Wheeler Way Langhorne, PA 151,500 1,189,216 1,340,716
60 Morehall Road Malvern, PA 884,974 13,989,652 14,874,626
905 Airport Road West Chester, PA 1,735,012 5,839,519 7,574,531
1 Country View Road Malvern, PA 406,421 4,062,617 4,469,038
2151 Cabot Boulevard Langhorne, PA 389,990 3,715,605 4,105,595
170 South Warner Road King of Prussia, PA 458,232 5,469,439 5,927,671
190 South Warner Road King of Prussia, PA 461,910 4,353,683 4,815,593
507 Prudential Road Horsham, PA 652,919 6,456,797 7,109,716
100 Witmer Road Horsham, PA 3,813,228 11,488,627 15,301,855
3100 Horizon Drive King of Prussia, PA 611,435 1,997,769 2,609,204
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 3,735,975
200 Chesterfield Parkway Malvern, PA 495,893 2,959,263 3,455,156
767 Electronic Drive Horsham, PA 1,241,970 2,734,510 3,976,480
132 Welsh Road Horsham, PA 1,408,042 3,691,516 5,099,558
5 Country View Road Malvern, PA 786,235 4,862,177 5,648,412
3200 Horizon Drive King of Prussia, PA 1,210,137 4,014,561 5,224,698
3000 Horizon Drive King of Prussia, PA 946,703 2,098,893 3,045,596
111-195 Witmer Road Horsham, PA 378,205 3,048,773 3,426,978
300 Welsh Road - Bldg. #3 Horsham, PA 180,459 1,633,561 1,814,020
300 Welsh Road - Bldg. #4 Horsham, PA 282,493 3,292,647 3,575,140
8801 Tinicum Boulevard Philadelphia, PA 125,087 45,145,907 45,270,994
440 East Swedesford Road King of Prussia, PA 717,001 6,261,147 6,978,148
460 East Swedesford Road King of Prussia, PA 705,317 5,270,907 5,976,224
50 Morehall Road Malvern, PA 1,337,076 12,559,217 13,896,293
2 Walnut Grove Drive Horsham, PA 1,265,363 8,601,479 9,866,842
5 Walnut Grove Horsham, PA 1,939,712 8,210,401 10,150,113
200 Gibraltar Road Horsham, PA 638,513 6,545,436 7,183,949
220 Gibraltar Road Horsham, PA 629,944 5,779,537 6,409,481
240 Gibraltar Road Horsham, PA 629,944 5,762,958 6,392,902
151 South Warner Road King of Prussia, PA 1,186,972 6,911,848 8,098,820
1 Walnut Grove Drive Horsham, PA 1,058,901 6,385,163 7,444,064
3604 Horizon Drive King of Prussia, PA 350,874 1,614,948 1,965,822
3606 Horizon Drive King of Prussia, PA 815,855 1,914,370 2,730,225
650 Swedesford Road King of Prussia, PA 952,911 14,277,512 15,230,423
680 Swedesford Road King of Prussia, PA 952,361 13,977,568 14,929,929
761 Fifth Avenue King of Prussia, PA 256,463 2,481,634 2,738,097
771 Fifth Avenue King of Prussia, PA 152,456 1,518,037 1,670,493
1 Great Valley Parkway Malvern, PA 419,460 4,079,301 4,498,761
5 Great Valley Parkway Malvern, PA 684,200 6,617,113 7,301,313
311 Sinclair Road Bristol, PA 277,901 1,593,773 1,871,674
1001 Cedar Hollow Road Malvern, PA 1,646,984 15,837,528 17,484,512
3 Country View Road Malvern, PA 1,128,881 4,639,621 5,768,502
425 Technology Drive Malvern, PA 321,473 1,710,131 2,031,604
375 Technology Drive Malvern, PA 234,922 1,721,291 1,956,213
45 Liberty Boulevard Malvern, PA 4,768,152 14,708,195 19,476,347
100 Chesterfield Parkway Malvern, PA 1,349,954 6,578,864 7,928,818
181-187 Gibraltar Road Horsham, PA 360,549 3,737,068 4,097,617
104 Rock Road Horsham, PA 330,111 3,004,287 3,334,398
123-135 Rock Road Horsham, PA 393,019 2,953,328 3,346,347
61
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/00
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - Continued
111-159 Gibraltar Road Horsham, PA 489,032 4,482,705 4,971,737
161-175 Gibraltar Road Horsham, PA 294,673 3,193,032 3,487,705
103-109 Gibraltar Road Horsham, PA 270,906 3,023,061 3,293,967
261-283 Gibraltar Road Horsham, PA 464,871 4,045,058 4,509,929
210-223 Witmer Road Horsham, PA 270,282 3,900,200 4,170,482
231-237 Gibraltar Road Horsham, PA 436,952 4,305,850 4,742,802
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 1,513,241 1,721,381
113-123 Rock Road Horsham, PA 451,731 3,251,880 3,703,611
101-111 Rock Road Horsham, PA 452,251 3,302,501 3,754,752
120 Gibraltar Road Horsham, PA 558,142 4,905,531 5,463,673
110 Gibraltar Road Horsham, PA 673,041 5,964,278 6,637,319
100-107 Lakeside Drive Horsham, PA 255,528 2,744,140 2,999,668
200-264 Lakeside Drive Horsham, PA 502,705 4,976,179 5,478,884
300-309 Lakeside Drive Horsham, PA 376,475 4,788,107 5,164,582
400-445 Lakeside Drive Horsham, PA 583,628 5,994,494 6,578,122
104 Witmer Road Horsham, PA 189,793 2,105,570 2,295,363
201 Gibraltar Road Horsham, PA 380,127 4,016,146 4,396,273
3600 Horizon Drive King of Prussia, PA 236,432 1,871,604 2,108,036
3602 Horizon Drive King of Prussia, PA 217,809 1,854,866 2,072,675
3 Franklin Plaza Philadelphia, PA 2,514,519 31,966,065 34,480,584
400-500 Brandywine Parkway West Chester, PA 845,846 7,144,975 7,990,821
600 Brandywine Parkway West Chester, PA 664,899 5,666,339 6,331,238
2700 Horizon Drive King of Prussia, PA 867,815 3,564,092 4,431,907
2900 Horizon Drive King of Prussia, PA 774,096 3,390,528 4,164,624
2500 Renaissance Boulevard King of Prussia, PA 592,886 2,335,725 2,928,611
2300 Renaissance Boulevard King of Prussia, PA 574,152 2,534,904 3,109,056
719 Dresher Road Horsham, PA 495,112 3,007,664 3,502,776
2100 Renaissance Boulevard King of Prussia, PA 1,132,519 9,278,432 10,410,951
4 Walnut Grove Horsham, PA 2,515,115 7,324,883 9,839,998
2250 Hickory Road Plymouth Meeting, PA 1,015,851 10,077,555 11,093,406
3400 Horizon Drive King of Prussia, PA 776,496 4,093,273 4,869,769
One Ridgewood Place Downingtown, PA 422,460 2,793,568 3,216,028
300 Welsh Road Horsham, PA 696,061 3,389,619 4,085,680
600 Chesterfield Parkway Malvern, PA 2,037,813 8,099,939 10,137,752
700 Chesterfield Parkway Malvern, PA 2,037,813 8,126,993 10,164,806
6 Terry Drive Newtown, PA 622,205 2,249,996 2,872,201
2520 Renaissance Boulevard King of Prussia, PA 978,402 4,197,708 5,176,110
18 Great Valley Parkway Malvern, PA 397,293 4,010,111 4,407,404
700 Dresher Road Horsham, PA 2,565,140 6,103,124 8,668,264
2201 Renaissance Boulevard King of Prussia, PA 2,413,514 12,572,300 14,985,814
2540 Renaissance Boulevard King of Prussia, PA 274,341 1,372,020 1,646,361
2560 Renaissance Boulevard King of Prussia, PA 649,792 2,962,088 3,611,880
1501-1513 Grundy's Lane Bristol, PA 559,610 2,491,744 3,051,354
825 Duportail Road Wayne, PA 5,539,281 16,196,280 21,735,561
200 Precision Drive Horsham, PA 1,561,474 6,451,163 8,012,637
40 Liberty Boulevard Malvern, PA 4,241,137 19,713,050 23,954,187
14 Lee Boulevard Malvern, PA 665,053 6,312,889 6,977,942
500 Chesterfield Parkway Malvern, PA 473,139 3,350,560 3,823,699
300-400 Chesterfield Parkway Malvern, PA 931,212 4,806,940 5,738,152
150 Mid-Atlantic Parkway West Deptford, NJ 88,153 529,023 617,176
1370 Imperial Way West Deptford, NJ 298,010 4,943,509 5,241,519
8 Stow Road Marlton, NJ 172,945 1,817,641 1,990,586
10 Stow Road Marlton, NJ 147,318 1,521,568 1,668,886
12 Stow Road Marlton, NJ 103,618 1,235,066 1,338,684
14 Stow Road Marlton, NJ 93,418 1,106,810 1,200,228
1300 Metropolitan Avenue West Deptford, NJ 221,218 2,016,048 2,237,266
701A Route 73 South Marlton, NJ 271,743 6,083,920 6,355,663
701C Route 73 South Marlton, NJ 96,161 1,662,904 1,759,065
1008 Astoria Boulevard Cherry Hill, NJ 32,698 808,080 840,778
1475 Imperial Way West Deptford, NJ 58,606 1,051,553 1,110,159
3000 Atrium Way Mt. Laurel, NJ 512,018 7,758,228 8,270,246
750 Cardinal Drive Pureland, NJ 236,190 2,723,394 2,959,584
11000, 15000 Commerce Parkway Mt. Laurel, NJ 311,950 3,708,087 4,020,037
12000, 14000 Commerce Parkway Mt. Laurel, NJ 362,855 3,524,239 3,887,094
16000, 18000 Commerce Parkway Mt. Laurel, NJ 290,545 2,951,065 3,241,610
400 Lippincott Drive Marlton, NJ 317,799 2,831,173 3,148,972
406 Lippincott Drive Marlton, NJ 327,554 2,328,309 2,655,863
234 High Hill Road Bridgeport, NJ 250,445 1,835,661 2,086,106
101 Arlington Boulevard Bridgeport, NJ 374,836 4,233,613 4,608,449
100 Berkeley Drive Bridgeport, NJ 401,253 2,135,500 2,536,753
301 Lippincott Drive Marlton, NJ 1,069,838 5,192,666 6,262,504
303 Lippincott Drive Marlton, NJ 1,069,838 5,146,997 6,216,835
510-512 Sharptown Road Bridgeport, NJ 125,410 1,120,462 1,245,872
901 Route 73 Marlton, NJ 334,411 2,832,955 3,167,366
1300 Route 73 North Marlton, NJ 499,003 3,814,898 4,313,901
512 Sharptown Road Bridgeport, NJ 180,468 1,743,538 1,924,006
201 Berkeley Drive Bridgeport, NJ 515,116 4,438,089 4,953,205
404 Lippincott Drive Marlton, NJ 131,896 1,650,431 1,782,327
104 Gaither Drive Mt Laurel, NJ 136,446 1,369,093 1,505,539
402 Lippincott Drive Marlton, NJ 131,896 1,632,284 1,764,180
300 Commodore Drive Bridgeport, NJ 723,369 4,984,362 5,707,731
3000 Lincoln Drive Mt. Laurel, NJ 284,052 3,687,560 3,971,612
62
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/00
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - Continued
6000 Commerce Parkway Mt. Laurel, NJ 234,151 2,163,000 2,397,151
7000 Commerce Parkway Mt. Laurel, NJ 260,014 2,443,405 2,703,419
8000 Commerce Parkway Mt. Laurel, NJ 234,814 2,103,283 2,338,097
9000 Commerce Parkway Mt. Laurel, NJ 286,587 2,548,016 2,834,603
1000 Briggs Road Mt. Laurel, NJ 288,577 2,814,850 3,103,427
1025 Briggs Road Mt. Laurel, NJ 430,990 4,095,741 4,526,731
1020 Briggs Road Mt. Laurel, NJ 574,983 2,817,038 3,392,021
9 Stow Road Marlton, NJ 654,779 2,032,708 2,687,487
2000 Crawford Place Mt. Laurel, NJ 310,831 4,369,446 4,680,277
1351 Metropolitan Avenue West Deptford, NJ 189,465 1,755,427 1,944,892
650 Grove Road West Deptford, NJ 267,214 2,680,422 2,947,636
400 Grove Road West Deptford, NJ 145,009 1,439,834 1,584,843
5000 Dearborn Court Mt. Laurel, NJ 1,057,763 4,313,251 5,371,014
515 Heron Drive Bridgeport, NJ 334,017 2,385,804 2,719,821
500 Sharptown Road Bridgeport, NJ 302,858 2,699,972 3,002,830
625 Heron Drive Bridgeport, NJ 180,226 924,586 1,104,812
605 Heron Drive Bridgeport, NJ 265,381 1,084,374 1,349,755
510 Heron Drive Bridgeport, NJ 790,335 8,158,737 8,949,072
522 Pedricktown Road Bridgeport, NJ 176,309 1,379,844 1,556,153
530 Pedricktown Road Bridgeport, NJ 350,813 1,932,775 2,283,588
540 Pedricktown Road Bridgeport, NJ 531,280 4,373,844 4,905,124
230 High Hill Road Bridgeport, NJ 1,418,000 8,868,726 10,286,726
3 Mallard Court Bridgeport, NJ 417,893 2,457,201 2,875,094
730 Cardinal Drive Bridgeport, NJ 576,598 1,826,686 2,403,284
405 Heron Drive Bridgeport, NJ 2,167,471 18,372,778 20,540,249
100 Eagle Road Bridgeport, NJ 256,491 1,454,953 1,711,444
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 3,912,529
602 Heron Drive Bridgeport, NJ 524,728 2,248,128 2,772,856
300 Eagle Court Bridgeport, NJ 1,135,989 1,890,260 3,026,249
500 Center Square Road Bridgeport, NJ 1,338,839 6,207,154 7,545,993
1001 Briggs Road Mt. Laurel, NJ 701,705 4,223,877 4,925,582
1960 Cuthbert Boulevard Cherry Hill, NJ 321,699 1,507,017 1,828,716
1970 Cuthbert Boulevard Cherry Hill, NJ 321,699 1,343,192 1,664,891
10000 & 11000 Route 73 Marlton, NJ 716,258 3,073,011 3,789,269
800 Arlington Boulevard Bridgeport, NJ 1,700,348 6,708,315 8,408,663
1015 Briggs Road Mt. Laurel, NJ 470,658 3,190,789 3,661,447
1655 Valley Center Parkway Bethlehem, PA 215,095 1,866,465 2,081,560
6560 Stonegate Drive Allentown, PA 437,122 2,372,378 2,809,500
6370 Hedgewood Drive Allentown, PA 515,707 3,113,754 3,629,461
6390 Hedgewood Drive Allentown, PA 670,819 2,635,982 3,306,801
1495 Valley Center Parkway Bethlehem, PA 258,014 3,778,725 4,036,739
6350 Hedgewood Drive Allentown, PA 370,318 3,160,567 3,530,885
6330 Hedgewood Drive Allentown, PA 499,720 4,528,743 5,028,463
1550 Valley Center Parkway Bethlehem, PA 188,320 3,192,388 3,380,708
1560 Valley Center Parkway Bethlehem, PA 229,301 3,895,181 4,124,482
6580 Snowdrift Road Allentown, PA 367,377 2,624,413 2,991,790
1510 Valley Center Parkway Bethlehem, PA 312,873 3,361,075 3,673,948
1530 Valley Center Parkway Bethlehem, PA 212,491 2,652,205 2,864,696
6540 Stonegate Drive Allentown, PA 422,730 3,595,981 4,018,711
974 Marcon Boulevard Allentown, PA 144,248 2,192,709 2,336,957
964 Marcon Boulevard Allentown, PA 139,480 1,548,918 1,688,398
764 Roble Road Allentown, PA 141,746 793,490 935,236
3174 Airport Road Allentown, PA 98,986 1,105,397 1,204,383
2196 Avenue C Allentown, PA 107,307 1,214,815 1,322,122
2202 Hanger Place Allentown, PA 138,127 1,316,922 1,455,049
2201 Hanger Place Allentown, PA 129,142 1,434,890 1,564,032
954 Marcon Boulevard Allentown, PA 104,452 1,137,798 1,242,250
57 South Commerce Way Allentown, PA 395,459 2,862,059 3,257,518
754 Roble Road Allentown, PA 163,735 1,849,361 2,013,096
894 Marcon Boulevard Allentown, PA 118,304 1,122,978 1,241,282
744 Roble Road Allentown, PA 161,371 1,933,770 2,095,141
944 Marcon Boulevard Allentown, PA 119,711 1,632,124 1,751,835
1685 Valley Center Parkway Allentown, PA 198,482 2,101,841 2,300,323
6520 Stonegate Drive Allentown, PA 948,395 1,347,746 2,296,141
7437 Industrial Boulevard Allentown, PA 726,651 6,436,915 7,163,566
2041 Avenue C Allentown, PA 213,879 1,172,270 1,386,149
2124 Avenue C Allentown, PA 289,529 1,094,772 1,384,301
7339 Industrial Boulevard Allentown, PA 1,197,448 5,772,772 6,970,220
7384 Penn Drive Allentown, PA 652,118 2,762,377 3,414,495
7144 Daniels Drive Allentown, PA 1,579,169 6,717,244 8,296,413
7620 Cetronia Road Allentown, PA 1,093,724 4,219,130 5,312,854
939 Marcon Boulevard Allentown, PA 2,220,548 5,267,961 7,488,509
100 Brodhead Road Bethlehem, PA 429,456 3,116,327 3,545,783
1455 Valley Center Parkway Bethlehem, PA 545,173 3,767,861 4,313,034
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 2,324,014 2,512,735
400 Nestle Way Allentown, PA 8,184,096 26,335,396 34,519,492
83 South Commerce Way Bethlehem, PA 212,744 1,113,322 1,326,066
85 South Commerce Way Bethlehem, PA 237,078 1,080,647 1,317,725
87 South Commerce Way Bethlehem, PA 253,886 1,145,138 1,399,024
89 South Commerce Way Bethlehem, PA 367,706 1,749,671 2,117,377
63
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/00
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - Continued
7248 Industrial Boulevard Allentown, PA 2,719,118 14,042,452 16,761,570
95 Highland Avenue Bethlehem, PA 430,593 3,482,696 3,913,289
236 Brodhead Road Bethlehem, PA 376,962 4,697,544 5,074,506
1525 Valley Center Parkway Allentown, PA 804,104 7,124,629 7,928,733
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 269,614 926,738 1,196,352
7277 Williams Avenue Allentown, PA 463,123 1,600,677 2,063,800
7355 Williams Avenue Allentown, PA 489,749 1,797,038 2,286,787
794 Roble Boulevard Allentown, PA 1,147,541 6,173,594 7,321,135
6923 Schantz Spring Road Allentown, PA 1,127,805 3,455,703 4,583,508
2600 Beltline Avenue Reading, PA 558,903 2,252,359 2,811,262
7132 Daniels Drive Allentown, PA 1,696,470 7,278,638 8,975,108
3985 Adler Place Bethlehem, PA 705,367 4,390,970 5,096,337
8014 Industrial Boulevard Allentown, PA 3,645,117 9,066,372 12,711,489
651 Boulder Drive Allentown, PA 4,308,646 13,108,539 17,417,185
7028 Snowdrift Road Allentown, PA 524,390 1,078,701 1,603,091
180 Cochrane Drive Annapolis, MD - 85,098 85,098
190 Cochrane Drive Annapolis, MD 3,752,292 16,285,112 20,037,404
8280 Patuxent Range Drive Columbia, MD 181,601 1,334,693 1,516,294
7178-80 Columbia Gateway Columbia, MD 1,571,105 5,471,385 7,042,490
9770 Patuxent Woods Drive Columbia, MD 341,663 3,046,891 3,388,554
9780 Patuxent Woods Drive Columbia, MD 218,542 1,947,890 2,166,432
9790 Patuxent Woods Drive Columbia, MD 243,791 2,176,630 2,420,421
9810 Patuxent Woods Drive Columbia, MD 266,684 2,376,028 2,642,712
9800 Patuxent Woods Drive Columbia, MD 299,099 2,718,886 3,017,985
9820 Patuxent Woods Drive Columbia, MD 237,779 2,138,031 2,375,810
9830 Patuxent Woods Drive Columbia, MD 296,262 2,705,720 3,001,982
9050 Red Branch Road Columbia, MD 290,950 2,888,306 3,179,256
4606 Richlynn Drive Belcamp, MD 299,600 1,825,969 2,125,569
8945-8975 Guilford Road Columbia, MD 2,427,065 7,702,009 10,129,074
7317 Parkway Drive Hanover, MD 1,104,359 1,963,990 3,068,349
9101,9111,9115 Guilford Road Columbia, MD 765,952 3,334,365 4,100,317
9125,9135,9145 Guilford Road Columbia, MD 920,439 5,694,524 6,614,963
1751 Bluehills Drive Roanoke, VA 1,063,728 8,602,628 9,666,356
4300 Carolina Avenue Richmond, VA 2,009,136 15,380,083 17,389,219
301 Hill Carter Parkway Richmond, VA 659,456 4,899,214 5,558,670
4001 Carolina Avenue Richmond, VA 29,443 255,527 284,970
5600-5626 Eastport Boulevard Richmond, VA 489,941 3,752,729 4,242,670
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
3432 Holland Road Virginia Beach, VA 173,527 801,603 975,130
4880 Cox Road Glen Allen, VA 743,898 5,740,637 6,484,535
4101-4127 Carolina Avenue Richmond, VA 310,854 2,373,958 2,684,812
4201-4261 Carolina Avenue Richmond, VA 693,203 5,694,513 6,387,716
4263-4299 Carolina Avenue Richmond, VA 256,203 3,640,349 3,896,552
4301-4335 Carolina Avenue Richmond, VA 223,696 1,759,025 1,982,721
4337-4379 Carolina Avenue Richmond, VA 325,203 3,148,356 3,473,559
4501-4549 Carolina Avenue Richmond, VA 486,166 3,698,130 4,184,296
4551-4593 Carolina Avenue Richmond, VA 474,360 3,613,220 4,087,580
4601-4643 Carolina Avenue Richmond, VA 652,455 5,131,857 5,784,312
4645-4683 Carolina Avenue Richmond, VA 404,616 3,983,550 4,388,166
4447-4491 Carolina Avenue Richmond, VA 454,056 2,824,892 3,278,948
4401-4445 Carolina Avenue Richmond, VA 615,038 4,657,297 5,272,335
12 S. Third Street Richmond, VA 40,539 199,664 240,203
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
5601-5659 Eastport Boulevard Richmond, VA 720,100 5,078,702 5,798,802
5900 Eastport Boulevard Richmond, VA 687,898 4,945,087 5,632,985
4717-4729 Eubank Road Richmond, VA 452,263 3,440,763 3,893,026
4263F-N Carolina Avenue Richmond, VA 91,599 1,631,525 1,723,124
1821 Battery Dantzler Road Chester, VA 392,332 3,065,063 3,457,395
5000 Cox Road Glen Allen, VA 771,029 3,733,164 4,504,193
5500 Cox Road Glen Allen, VA 483,263 2,609,990 3,093,253
510 Eastpark Court Richmond, VA 262,210 2,148,008 2,410,218
520 Eastpark Court Richmond, VA 486,598 4,153,001 4,639,599
13001 Kingston Avenue Richmond, VA 376,701 2,029,222 2,405,923
5701-5799 Eastport Boulevard Richmond, VA 700,503 5,309,537 6,010,040
4801 Cox Road Glen Allen, VA 1,075,620 8,856,012 9,931,632
600 H P Way Richmond, VA 501,752 6,950,772 7,452,524
500 H P Way Richmond, VA 491,919 5,963,767 6,455,686
701 Liberty Way Richmond, VA 1,182,453 3,967,521 5,149,974
4198 Cox Road Glen Allen, VA 670,292 4,112,018 4,782,310
4510 Cox Road Glen Allen, VA 1,010,044 7,403,925 8,413,969
2809 South Lynnhaven Road Virginia Beach, VA 953,590 6,602,548 7,556,138
200 Golden Oak Court Virginia Beach, VA 1,116,693 7,301,943 8,418,636
208 Golden Oak Court Virginia Beach, VA 965,177 6,979,124 7,944,301
1 Enterprise Parkway Hampton, VA 974,675 5,917,673 6,892,348
22 Enterprise Parkway Hampton, VA 1,097,368 7,086,544 8,183,912
530 Eastpark Court Richmond, VA 334,772 2,682,845 3,017,617
484 Viking Drive Virginia Beach, VA 891,753 3,743,792 4,635,545
10430 Lakeridge Parkway Ashland, VA 421,267 3,832,114 4,253,381
10456 Lakeridge Parkway Ashland, VA 409,261 3,726,305 4,135,566
3829-3855 Gaskins Road Richmond, VA 364,165 3,270,794 3,634,959
64
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/00
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - Continued
629 Phoenix Drive Virginia Beach, VA 371,694 2,125,063 2,496,757
11838 Rock Landing Drive Newport News, VA 673,942 2,481,944 3,155,886
11844 Rock Landing Drive Newport News, VA 326,774 1,484,852 1,811,626
11832 Rock Landing Drive Newport News, VA 299,066 1,469,135 1,768,201
11846 Rock Landing Drive Newport News, VA 748,582 5,906,573 6,655,155
10800 Nuckols Boulevard Richmond, VA 1,794,162 13,995,767 15,789,929
5700 Cleveland Street Virginia Beach, VA 700,564 10,210,519 10,911,083
801 Liberty Way Richmond, VA 780,000 6,019,815 6,799,815
5 Manhattan Square Hampton, VA 212,694 1,557,477 1,770,171
4523 Green Point Drive High Point, NC 223,614 2,398,542 2,622,156
4501 Green Point Drive High Point, NC 320,450 2,281,471 2,601,921
4500 Green Point Drive High Point, NC 231,692 2,110,048 2,341,740
2427 Penny Road High Point, NC 1,168,074 6,180,120 7,348,194
4524 Green Point Drive High Point, NC 183,888 2,130,918 2,314,806
4328, 4336 Federal Drive High Point, NC 825,092 7,368,225 8,193,317
200 Centreport Drive Greensboro, NC 332,017 4,118,296 4,450,313
4344 Federal Drive High Point, NC 173,623 2,644,645 2,818,268
202 Centreport Drive Greensboro, NC 549,679 5,755,569 6,305,248
101 Centreport Drive Greensboro, NC 826,237 7,727,514 8,553,751
4000 Piedmont Parkway High Point, NC 597,368 5,223,276 5,820,644
4380 Federal Drive High Point, NC 283,368 2,112,082 2,395,450
4388 Federal Drive High Point, NC 132,655 1,129,542 1,262,197
6532 Judge Adams Road Rock Creek, NC 399,988 3,446,080 3,846,068
6530 Judge Adams Road Rock Creek, NC 335,061 4,428,955 4,764,016
3860 Faber Place N. Charleston, SC 796,655 2,107,217 2,903,872
4055 Faber Place N. Charleston, SC 882,352 4,937,792 5,820,144
3820 Faber Place N. Charleston, SC 506,558 2,626,896 3,133,454
3875 Faber Place N. Charleston, SC 1,166,052 5,770,165 6,936,217
150 Ridgeview Center Drive Duncan, SC 711,353 8,985,965 9,697,318
1320 Garlington Road Greenville, SC 398,539 1,787,871 2,186,410
420 Park Avenue Greenville, SC 522,548 3,283,633 3,806,181
1 Alliance Drive Goose Creek, SC 662,422 2,655,438 3,317,860
4160 Mendenhall Oaks Parkway High Point, NC 545,627 2,771,348 3,316,975
4194 Mendenhall Oaks Parkway High Point, NC 265,991 2,221,451 2,487,442
4196 Mendenhall Oaks Parkway High Point, NC 173,889 2,019,824 2,193,713
4170 Mendenhall Oaks Parkway High Point, NC 373,502 1,798,228 2,171,730
4180 Mendenhall Oaks Parkway High Point, NC 315,614 1,565,527 1,881,141
4050 Piedmont Parkway High Point, NC 2,042,159 16,913,296 18,955,455
One Independence Pointe Greenville, SC 784,617 6,355,254 7,139,871
55 Beattie Place Greenville, SC 2,645,238 24,267,767 26,913,005
75 Beattie Place Greenville, SC 2,408,577 17,873,998 20,282,575
7736 McCloud Road Greensboro, NC 591,795 6,103,168 6,694,963
15 Brendan Way Greenville, SC 614,192 3,878,515 4,492,707
200 Meeting Street Charleston, SC 4,027,428 30,561,141 34,588,569
7500 West 110th Street Overland Park, KS 2,380,493 9,783,818 12,164,311
3955 Faber Place Charleston, SC 547,949 6,492,558 7,040,507
4300 Federal Drive High Point, NC 276,038 1,604,281 1,880,319
4135 Mendenall Oaks Parkway High Point, NC 500,980 2,235,363 2,736,343
3825 Faber Place N. Charleston, SC 249,147 1,087,434 1,336,581
1020 North Point Industrial Boulevard Hanahan, SC 1,432,143 8,635,666 10,067,809
1730 Stebbins Drive Houston, TX 144,016 427,823 571,839
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 2,885,528 3,517,086
6255 Lake Gray Boulevard Jacksonville, FL 811,963 3,432,354 4,244,317
6600-6800 Suemac Place Jacksonville, FL 216,014 1,896,629 2,112,643
6800-6850 Suemac Place Jacksonville, FL 125,576 1,132,203 1,257,779
8665,8667,8669 Baypine Road Jacksonville, FL 1,023,514 3,957,483 4,980,997
8540 Baycenter Road Jacksonville, FL 450,431 1,366,708 1,817,139
1200 Gulf Life Drive Jacksonville, FL 1,035,091 20,103,285 21,138,376
8400 Baymeadows Way Jacksonville, FL 566,370 2,323,612 2,889,982
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 1,690,506 1,965,981
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 5,636,694 37,682,268
7077 Bonneval Road Jacksonville, FL 774,020 6,962,745 7,736,765
4190 Belfort Road Jacksonville, FL 827,420 7,581,690 8,409,110
8011, 8021, 8031 Phillips Highway Jacksonville, FL 628,437 4,787,182 5,415,619
7020 AC Skinner Parkway Jacksonville, FL 749,811 2,104,232 2,854,043
7022 AC Skinner Parkway Jacksonville, FL 853,981 2,962,115 3,816,096
11777 Central Highway Jacksonville, FL 192,004 2,255,323 2,447,327
4345 Southpoint Parkway Jacksonville, FL 418,093 8,334,179 8,752,272
7016 AC Skinner Parkway Jacksonville, FL 602,633 2,320,994 2,923,627
7018 AC Skinner Parkway Jacksonville, FL 846,433 4,101,958 4,948,391
7014 AC Skinner Parkway Jacksonville, FL 780,486 3,083,491 3,863,977
6620 Southpoint Parkway Jacksonville, FL 614,602 4,775,448 5,390,050
7980 Bayberry Road Jacksonville, FL 330,726 1,355,877 1,686,603
9600 Satellite Boulevard Orlando, FL 252,850 1,356,297 1,609,147
9700 Satellite Boulevard Orlando, FL 405,362 1,254,084 1,659,446
65
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/00
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - Continued
1902 Cypress Lake Drive Orlando, FL 538,512 4,079,546 4,618,058
9550 Satellite Boulevard Orlando, FL 587,319 2,010,357 2,597,676
8250 & 8256 Exchange Place Orlando, FL 622,413 2,754,051 3,376,464
6600 Southpoint Parkway Jacksonville, FL 1,002,704 4,319,165 5,321,869
6700 Southpoint Parkway Jacksonville, FL 624,215 3,485,721 4,109,936
4801 Executive Park Court - 100 Jacksonville, FL 554,542 3,432,537 3,987,079
4801 Executive Park Court - 200 Jacksonville, FL 370,039 1,995,542 2,365,581
4810 Executive Park Court Jacksonville, FL 370,039 3,092,977 3,463,016
6602 Executive Park Court - 100 Jacksonville, FL 388,541 2,202,165 2,590,706
6602 Executive Park Court - 200 Jacksonville, FL 296,032 1,599,815 1,895,847
6631 Executive Park Court - 100 Jacksonville, FL 251,627 1,356,885 1,608,512
6631 Executive Park Court - 200 Jacksonville, FL 407,043 2,364,045 2,771,088
4815 Executive Park Court - 100 Jacksonville, FL 366,339 2,046,904 2,413,243
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 3,210,025 3,765,238
10511 & 10611 Satellite Boulevard Orlando, FL 522,991 2,771,117 3,294,108
1400-1440 Central Florida Parkway Orlando, FL 518,043 2,630,525 3,148,568
6601 Executive Park Circle North Jacksonville, FL 551,250 3,129,001 3,680,251
1300 Riverplace Boulevard Jacksonville, FL 1,804,258 8,420,798 10,225,056
4901 Belfort Road Jacksonville, FL 877,964 4,202,594 5,080,558
16445 Air Center Boulevard Houston, TX 363,339 2,517,848 2,881,187
16405 Air Center Boulevard Houston, TX 438,853 3,122,048 3,560,901
2216 Directors Row Orlando, FL 453,918 2,577,653 3,031,571
7460 Chancellor Drive Orlando, FL 266,555 1,149,201 1,415,756
1901 Summit Tower Boulevard Maitland, FL 7,009,165 12,526,610 19,535,775
3701-3727 Vineland Road Orlando, FL 767,929 2,158,607 2,926,536
4899 Belfort Road Jacksonville, FL 1,299,201 7,865,694 9,164,895
4905 Belfort Road Jacksonville, FL 638,154 3,000,623 3,638,777
16580 Air Center Boulevard Houston, TX 289,000 3,547,695 3,836,695
7251 Salisbury Road Jacksonville, FL 662,559 2,092,676 2,755,235
7622 Bald Cypress Place Tampa, FL 300,000 1,078,727 1,378,727
10245 Centurion Parkway North Jacksonville, FL 857,705 3,977,014 4,834,719
1755 Trans Central Drive Houston, TX 293,534 3,046,085 3,339,619
5501-5519 Pioneer Park Boulevard Tampa, FL 262,416 1,699,082 1,961,498
5690-5694 Crenshaw Street Tampa, FL 181,923 1,967,900 2,149,823
3102,3104,3110 Cherry Palm Drive Tampa, FL 503,767 3,175,265 3,679,032
8401-8408 Benjamin Road Tampa, FL 789,652 4,913,466 5,703,118
3501 Riga Boulevard Tampa, FL 617,289 3,167,344 3,784,633
111 Kelsey Land Tampa, FL 359,540 1,860,719 2,220,259
7930, 8010-20 Woodland Center Boulevard Tampa, FL 1,408,478 5,465,227 6,873,705
7920 Woodland Center Boulevard Tampa, FL 1,082,648 2,849,780 3,932,428
8154-8198 Woodland Center Boulevard Tampa, FL 399,088 2,907,533 3,306,621
8112-42 Woodland Center Boulevard Tampa, FL 513,263 3,243,734 3,756,997
8212 Woodland Center Boulevard Tampa, FL 820,882 2,336,931 3,157,813
131 Kelsey Lane Tampa, FL 559,527 4,402,267 4,961,794
7724 Woodland Center Boulevard Tampa, FL 235,894 2,087,522 2,323,416
7802-50 Woodland Center Boulevard Tampa, FL 506,949 2,392,506 2,899,455
7852-98 Woodland Center Boulevard Tampa, FL 506,949 2,305,091 2,812,040
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 Boulevard Tampa, FL 771,501 3,007,586 3,779,087
8001 Woodland Center Boulevard Tampa, FL 438,061 2,152,768 2,590,829
4630 Woodland Corporate Boulevard Tampa, FL 1,560,099 11,664,553 13,224,652
701-725 South US Highway 301 Tampa, FL 661,680 3,099,985 3,761,665
4502 Woodland Corporate Boulevard Tampa, FL 1,071,535 2,925,709 3,997,244
9001-9015 Brittany Way Tampa, FL 364,514 1,240,765 1,605,279
4508 Woodland Corporate Boulevard Tampa, FL 556,887 3,061,764 3,618,651
1701 Clint Moore Boulevard Boca Raton, FL 1,430,937 3,096,241 4,527,178
4555 Riverside Drive Beach Gardens, FL 806,405 5,798,532 6,604,937
2500 Metrocentre Boulevard West Palm Beach, FL 238,362 1,593,530 1,831,892
2540 Metrocentre Boulevard West Palm Beach, FL 165,071 1,318,383 1,483,454
2541 Metrocentre Boulevard West Palm Beach, FL 145,091 1,079,254 1,224,345
2580 Metrocentre Boulevard West Palm Beach, FL 256,478 1,674,238 1,930,716
2581 Metrocentre Boulevard West Palm Beach, FL 189,359 1,396,829 1,586,188
1101 Northpoint Parkway West Palm Beach, FL 258,606 1,548,241 1,806,847
3223 Commerce Place West Palm Beach, FL 501,843 2,070,981 2,572,824
801 Northpoint Parkway West Palm Beach, FL 459,284 2,608,101 3,067,385
5410 - 5430 Northwest 33rd Avenue Ft. Lauderdale, FL 625,111 4,418,805 5,043,916
6500 NW 12th Avenue Ft. Lauderdale, FL - 3,085,411 3,085,411
6600 NW 12th Avenue Ft. Lauderdale, FL - 3,284,063 3,284,063
1500 SW 5th Court Pompano Beach, FL 972,232 3,927,203 4,899,435
1651 SW 5th Court Pompano Beach, FL 203,247 833,571 1,036,818
1601 SW 5th Court Pompano Beach, FL 203,247 861,598 1,064,845
1501 SW 5th Court Pompano Beach, FL 203,247 833,257 1,036,504
1400 SW 6th Court Pompano Beach, FL 1,157,049 4,682,057 5,839,106
1405 SW 6th Court Pompano Beach, FL 392,138 1,594,001 1,986,139
595 SW 13th Terrace Pompano Beach, FL 359,933 1,474,283 1,834,216
601 SW 13th Terrace Pompano Beach, FL 164,413 680,559 844,972
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 2,162,509 2,632,723
951 Broken Sound Parkway Boca Raton, FL 1,426,251 6,243,688 7,669,939
3400 Lakeside Drive Miramar, FL 2,022,153 11,711,215 13,733,368
3450 Lakeside Drive Miramar, FL 2,022,152 11,533,323 13,555,475
3350 SW 148th Avenue Miramar, FL 2,980,689 14,933,985 17,914,674
66
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/00
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - Continued
13650 NW 8th Street Sunrise, FL 558,251 2,197,591 2,755,842
13630 NW 8th Street Sunrise, FL 659,825 2,736,985 3,396,810
777 Yamato Road Boca Raton, FL 4,501,247 18,178,822 22,680,069
1801 Clint Moore Road Boca Raton, FL 1,065,068 4,691,192 5,756,260
6601-6625 W. 78th Street Bloomington, MN 2,310,246 38,578,584 40,888,830
2905 Northwest Boulevard Plymouth, MN 516,920 5,140,927 5,657,847
2800 Campus Drive Plymouth, MN 395,366 3,729,373 4,124,739
2955 Xenium Lane Plymouth, MN 151,238 1,625,846 1,777,084
9401-9443 Science Center Drive New Hope, MN 510,064 4,025,026 4,535,090
6321-6325 Bury Drive Eden Prairie, MN 462,876 4,325,760 4,788,636
7115-7173 Shady Oak Road Eden Prairie, MN 454,974 4,496,585 4,951,559
7660-7716 Golden Triangle Drive Eden Prairie, MN 1,289,215 5,734,774 7,023,989
7400 Flying Cloud Drive Eden Prairie, MN 195,982 1,817,445 2,013,427
10301-10305 West 70th Street Eden Prairie, MN 118,300 1,167,949 1,286,249
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 2,808,245 3,093,709
10393-10394 West 70th Street Eden Prairie, MN 264,419 2,675,209 2,939,628
7078 Shady Oak Road Eden Prairie, MN 336,481 3,139,939 3,476,420
10400 Viking Drive Eden Prairie, MN 2,986,817 21,376,752 24,363,569
5600 & 5610 Rowland Road Minnetonka, MN 829,263 8,096,724 8,925,987
2920 Northwest Boulevard Plymouth, MN 384,235 4,094,866 4,479,101
5400-5500 Feltl Road Minnetonka, MN 883,895 8,768,248 9,652,143
10300 Bren Road Minnetonka, MN 344,614 3,264,667 3,609,281
14630-14650 28th Avenue North Plymouth, MN 198,205 1,929,396 2,127,601
7695-7699 Anagram Drive Eden Prairie, MN 760,525 3,280,379 4,040,904
7550 Meridian Circle Maple Grove, MN 513,250 2,921,065 3,434,315
2800 Northwest Boulevard Plymouth, MN 1,934,438 11,022,359 12,956,797
3255 Neil Armstrong Boulevard Eagan, MN 1,131,017 3,377,738 4,508,755
4801 West 81st Street Bloomington, MN 1,624,701 2,740,764 4,365,465
8100 Cedar Avenue Bloomington, MN 501,313 3,700,697 4,202,010
9600 54th Avenue Plymouth, MN 332,317 3,209,004 3,541,321
7800 Equitable Drive Eden Prairie, MN 2,188,525 3,807,690 5,996,215
7905 Fuller Road Eden Prairie, MN 1,230,965 4,103,672 5,334,637
9023 Columbine Road Eden Prairie, MN 1,956,273 4,626,133 6,582,406
6161 Green Valley Drive Bloomington, MN 741,194 4,029,867 4,771,061
4700 Nathan Lane North Minneapolis, MN 1,501,308 8,748,052 10,249,360
8967 Columbine Road Eden Prairie, MN 1,450,000 3,390,238 4,840,238
14390 Huntington Avenue Savage, MN 1,464,521 6,283,364 7,747,885
550-590 Hale Avenue Oakdale, MN 766,390 3,517,986 4,284,376
7777 Golden Triangle Drive Eden Prairie, MN 993,101 3,012,772 4,005,873
26911-26957 Northwestern Southfield, MI 11,305,263 67,349,949 78,655,212
1650 Research Drive Troy, MI 763,067 7,289,799 8,052,866
1775 Research Drive Troy, MI 331,422 2,835,952 3,167,374
1875 Research Drive Troy, MI 329,863 2,890,488 3,220,351
1850 Research Drive Troy, MI 781,054 7,572,479 8,353,533
1965 Research Drive Troy, MI 419,090 3,680,159 4,099,249
1960 Research Drive Troy, MI 419,146 3,627,852 4,046,998
27260 Haggerty Road Farmington Hills, MI 456,877 4,210,271 4,667,148
27200 Haggerty Road Farmington Hills, MI 382,754 3,537,330 3,920,084
27280 Haggerty Road Farmington Hills, MI 452,860 4,117,913 4,570,773
27220 Haggerty Road Farmington Hills, MI 203,064 1,910,766 2,113,830
27240 Haggerty Road Farmington Hills, MI 171,518 1,577,475 1,748,993
27300 Haggerty Road Farmington Hills, MI 370,378 3,389,143 3,759,521
1101 Allen Drive Troy, MI 98,148 904,144 1,002,292
1151 Allen Drive Troy, MI 164,486 1,688,882 1,853,368
1300 Rankin Street Troy, MI 134,094 1,368,913 1,503,007
1350 Rankin Street Troy, MI 111,779 1,073,815 1,185,594
1376-1400 Rankin Street Troy, MI 134,296 1,300,940 1,435,236
1352-1374 Rankin Street Troy, MI 153,279 1,473,032 1,626,311
1324-1346 Rankin Street Troy, MI 134,094 1,222,308 1,356,402
1301-1307 Rankin Street Troy, MI 111,779 1,062,466 1,174,245
1409 Allen Drive Troy, MI 142,374 1,488,436 1,630,810
1304 E. Maple Road Troy, MI 211,236 2,213,807 2,425,043
1334 Maplelawn Road Troy, MI 124,300 1,143,622 1,267,922
1290 Maplelawn Road Troy, MI 85,325 830,435 915,760
1070 Maplelawn Road Troy, MI 68,563 661,949 730,512
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 87,849 914,385 1,002,234
1940 Norwood Drive Troy, MI 86,839 825,852 912,691
1311-1331 Maplelawn Road Troy, MI 125,410 1,143,344 1,268,754
2354 Bellingham Street Troy, MI 87,344 807,531 894,875
2360 Bellingham Street Troy, MI 87,344 845,864 933,208
1911 Ring Drive Troy, MI 86,132 852,122 938,254
26442-26450 Haggerty Road Farmington Hills, MI 237,691 2,168,282 2,405,973
26500 Haggerty Road Farmington Hills, MI 311,097 2,833,476 3,144,573
26650 Haggerty Road Farmington Hills, MI 173,170 1,581,123 1,754,293
26700 Haggerty Road Farmington Hills, MI 253,341 2,304,386 2,557,727
26750 Haggerty Road Farmington Hills, MI 292,720 2,797,499 3,090,219
26800 Haggerty Road Farmington Hills, MI 175,492 1,601,626 1,777,118
26842-26850 Haggerty Road Farmington Hills, MI 239,609 2,354,088 2,593,697
26600 Haggerty Road Farmington Hills, MI 537,693 2,441,279 2,978,972
67
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/00
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - Continued
26550 Haggerty Road Farmington Hills, MI 535,179 2,413,952 2,949,131
50 West Big Bear Road Troy, MI 2,159,678 19,755,460 21,915,138
100 West Big Bear Road Troy, MI 2,113,006 19,320,724 21,433,730
245 Executive Drive Brookfield, WI 577,067 5,410,267 5,987,334
8301 West Parkland Court Milwaukee, WI 358,442 3,519,777 3,878,219
32991 Hamilton Court Farmington Hills, MI 1,065,392 4,607,462 5,672,854
7800 N. 113th Street Milwaukee, WI 1,711,964 6,898,944 8,610,908
2475-2479 Elliot Avenue Troy, MI 128,808 531,531 660,339
32661 Edward Avenue Madison Heights, MI 378,838 2,334,604 2,713,442
32701 Edward Avenue Madison Heights, MI 340,398 1,396,362 1,736,760
32751 Edward Avenue Madison Heights, MI 151,410 905,488 1,056,898
32853 Edward Avenue Madison Heights, MI 138,121 838,253 976,374
555 East Mandoline Avenue Madison Heights, MI 140,862 810,516 951,378
599 East Mandoline Avenue Madison Heights, MI 132,164 719,789 851,953
749 East Mandoline Avenue Madison Heights, MI 144,658 711,468 856,126
750 East Mandoline Avenue Madison Heights, MI 151,458 742,062 893,520
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 R. Road Madison Heights, MI 70,351 405,861 476,212
31601 Research Park Drive Madison Heights, MI 331,179 1,890,599 2,221,778
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 1,821,485
800 Tech Row Madison Heights, MI 444,977 2,997,755 3,442,732
900 Tech Row Madison Heights, MI 155,606 922,149 1,077,755
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
31791 Sherman Avenue Madison Heights, MI 105,606 652,218 757,824
31811 Sherman Avenue Madison Heights, MI 207,599 1,180,373 1,387,972
31831 Sherman Avenue Madison Heights, MI 158,483 904,885 1,063,368
31900 Sherman Avenue Madison Heights, MI 269,293 1,785,728 2,055,021
800 East Whitcomb Avenue Madison Heights, MI 151,704 1,344,254 1,495,958
950 East Whitcomb Avenue Madison Heights, MI 113,630 2,170,653 2,284,283
1000 East Whitcomb Avenue Madison Heights, MI 113,512 1,065,241 1,178,753
1201 East Whitcomb Avenue Madison Heights, MI 302,567 1,215,920 1,518,487
1210 East Whitcomb Avenue Madison Heights, MI 121,298 329,592 450,890
1260 Kempar Avenue Madison Heights, MI 78,720 406,003 484,723
1280 Kempar Avenue Madison Heights, MI 142,305 555,174 697,479
22515 Heslip Drive Madison Heights, MI 144,477 375,021 519,498
9801 80th Avenue Pleasant Prairie, WI 1,689,726 7,971,493 9,661,219
11950 W. Lake Park Drive Milwaukee, WI 394,938 2,495,696 2,890,634
11400 W. Lake Park Drive Milwaukee, WI 443,101 2,535,704 2,978,805
11425 W. Lake Park Drive Milwaukee, WI 385,305 2,450,084 2,835,389
11301 W. Lake Park Drive Milwaukee, WI 619,465 2,713,670 3,333,135
11900 W. Lake Park Drive Milwaukee, WI 350,628 2,886,153 3,236,781
38100 Ecorse Road Romulus, MI 853,063 7,985,720 8,838,783
16620-16650 W. Bluemound Road Brookfield, WI 586,665 4,500,745 5,087,410
1600-1630 E. Big Beaver Road Troy, MI 1,458,737 3,000,749 4,459,486
11520 W. Calumet Road Milwaukee, WI 341,698 1,575,855 1,917,553
12100 W. Park Place Milwaukee, WI 532,370 3,310,842 3,843,212
N26 W23445 Paul Road Pewaukee, WI 561,904 1,989,820 2,551,724
11200 W. Plank Court Wauwatosa, WI 330,829 3,245,894 3,576,723
11020 W. Plank Court Wauwatosa, WI 464,246 3,249,962 3,714,208
50 Gibson Drive West Malling, UK - 3,334,095 3,334,095
2 Kings Hill Avenue West Malling, UK 1,019,410 4,052,073 5,071,483
50 Kings Hill Avenue West Malling, UK 1,181,936 10,097,705 11,279,641
10 Kings Hill Avenue West Malling, UK 893,048 5,224,656 6,117,704
30 Tower View West Malling, UK 1,504,860 11,039,426 12,544,286
35 Kings Hill Avenue West Malling, UK 737,814 2,666,409 3,404,223
39 Kings Hill Avenue West Malling, UK 743,327 2,956,087 3,699,414
18 Kings Hill Avenue West Malling, UK 1,243,879 4,553,197 5,797,076
------------ -------------- --------------
Subtotal Operating Real Estate $443,057,470 $2,759,419,709 $3,202,477,179
============ ============== ==============
DEVELOPMENT IN PROGRESS
11 Great Valley Parkway Malvern, PA $ 708,331 $ 2,152,940 $ 2,861,271
680 Blair Mill Road Horsham, PA 3,980,260 2,620,101 6,600,361
1200 Liberty Ridge Place Wayne, PA 5,223,660 5,568,803 10,792,463
2760 Red Lion Road Philadelphia, PA - 12,301,367 12,301,367
17000 Commerce Parkway Mt. Laurel, NJ 144,515 2,639,955 2,784,470
705 Boulder Drive Allentown, PA 4,486,836 14,747,434 19,234,270
3773 Executive Business Parkway Upper Saucon Twp, PA 794,403 4,015,623 4,810,026
Main & W. Broad Streets Bethlehem, PA 1,099,079 5,544,361 6,643,440
8150 Industrial Boulevard Allentown, PA 2,550,281 1,051,521 3,601,802
8250 Industrial Boulevard Upper Macungie, PA 1,023,654 705,737 1,729,391
650 Boulder Drive Allentown, PA 8,007,901 1,525,338 9,533,239
6200 Old Dobbin Lane Columbia, MD 1,295,000 734,191 2,029,191
6210 Old Dobbin Lane Columbia, MD 1,295,000 597,675 1,892,675
6240 Old Dobbin Lane Columbia, MD 1,295,000 633,597 1,928,597
12730 Kinston Avenue Richmond, VA 631,905 2,766,239 3,398,144
68
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/00
- -------------------------------------- --------------------- --------------- --------------- ---------------
DEVELOPMENT IN PROGRESS - Continued
12450 Three Chopt Road Richmond, VA 1,140,647 602,866 1,743,513
1309 Executive Boulevard Cheaspeake, VA 955,374 1,142,212 2,097,586
4183 Eagle Hill Drive High Point, NC 526,266 2,830,787 3,357,053
4189 Eagle Hill Drive High Point, NC 431,106 2,013,538 2,444,644
4020 Meeting Way High Point, NC 378,101 1,004,423 1,382,524
4 Independence Point Greenville, SC 467,438 922,784 1,390,222
5 Independence Point Greenville, SC 467,438 819,952 1,287,390
4230 Faber Place Charleston, SC 231,284 851,504 1,082,788
170 Ridgeview Drive Duncan, SC 228,306 1,047,982 1,276,288
6509 Franz Warner Parkway Rock Creek, NC 360,494 83,521 444,015
2400 South Lake Orange Drive Orlando, FL 637,996 2,056,748 2,694,744
4887 Belfort Road Jacksonville, FL 1,665,915 4,454,699 6,120,614
6501 Lee Vista Boulevard Orlando, FL 912,039 3,569,498 4,481,537
7255 Salisbury Road Jacksonville, FL 680,766 1,053,403 1,734,169
2416 Lake Orange Drive Orlando, FL 700,000 593,410 1,293,410
901-933 US Highway 301S Tampa, FL 846,070 2,395,783 3,241,853
4503 Woodland Corporate Boulevard Tampa, FL 619,913 564,861 1,184,774
4505 Woodland Corporate Boulevard Tampa, FL 516,594 661,947 1,178,541
4511 Woodland Corporate Boulevard Tampa, FL 516,594 696,794 1,213,388
8937 Columbine Road Eden Prairie, MN 1,739,966 3,794,568 5,534,534
7615 Smetana Lane Eden Prairie, MN 3,000,000 5,914,172 8,914,172
7805 Hudson Road Woodbury, MN 1,381,234 5,264,634 6,645,868
10801 Nesbitt Avenue South Bloomington, MN 786,382 3,867,466 4,653,848
4600 Nathan Lane Plymouth, MN 1,037,433 1,166,983 2,204,416
8995 Columbine Road Eden Prairie, MN 1,974,496 1,315,917 3,290,413
8911 Columbine Road Eden Prairie, MN 1,650,882 1,367,010 3,017,892
8855 Columbine Road Eden Prairie, MN 2,355,935 864,161 3,220,096
8691 109th Street Pleasant Prairie, WI 1,402,582 5,479,551 6,882,133
11414 West Park Place Milwaukee, WI 491,531 7,431,989 7,923,520
2600 Bellingham Drive Troy, MI 1,938,746 2,250,826 4,189,572
2710 Bellingham Drive Troy, MI 1,938,746 2,201,753 4,140,499
38000 Ecourse Road Romulus, MI 1,053,337 9,507,606 10,560,943
6505 Cogswell Road Romulus, MI 784,080 467,664 1,251,744
4 Abbey Wood Road West Malling, UK 1,581,511 4,684,819 6,266,330
------------ -------------- --------------
Subtotal Development in Progress $ 67,935,026 $ 140,550,712 $ 208,485,740
============ ============== ==============
LAND HELD FOR DEVELOPMENT
Renaissance Park Land King of Prussia, PA $ 2,729,560 $ 82,445 $ 2,812,005
Keystone Park Land Bristol, PA 893,412 2,702 896,114
Peco Lot - PBC Horsham, PA 262,100 - 262,100
Liberty Ridge Land Wayne, PA 10,507,172 - 10,507,172
Northsight Land Scottsdale, AZ 10,676,438 - 10,676,438
1710 Arch Street Philadelphia, PA 7,847,607 - 7,847,607
1722 Arch Street Philadelphia, PA 290,475 - 290,475
JFK & Arch Parking Lots/Land (East) Philadelphia, PA 14,291,952 - 14,291,952
JFK & Arch Parking Lots/Land (West) Philadelphia, PA 4,700,222 - 4,700,222
Commodore Business Park Bridgeport, NJ 4,349,850 227,701 4,577,551
Marlton Executive Park Land Marlton, NJ 905,119 - 905,119
410 Center Square Land Bridgeport, NJ 486,574 - 486,574
800 Arlington Boulevard Expansion Land Bridgeport, NJ 773,893 - 773,893
Lehigh Valley Corporate Center Land Bethlehem, PA 201,596 29,542 231,138
LVCC Phase 2 Land Bethlehem, PA 5,747,025 198,499 5,945,524
1605 Valley Center Parkway Bethlehem, PA 1,762,793 - 1,762,793
Columbia Crossing Land Columbia, MD 4,653,550 - 4,653,550
6250 Old Dobbin Lane Columbia, MD 1,329,458 - 1,329,458
IRS Distribution Center Land Richmond, VA 10,120 - 10,120
Rivers' Bend Land Richmond, VA (266,653) 6,290,647 6,023,994
Woodlands Center Land Richmond, VA 1,686,394 - 1,686,394
501 H P Way Richmond, VA 650,007 - 650,007
6000-98 Eastport Boulevard Richmond, VA 1,628,318 - 1,628,318
Eastport VIII Richmond, VA 386,023 - 386,023
Eastport IX Richmond, VA 214,952 - 214,952
Westmoreland Land Virginia Beach, VA 872,320 - 872,320
Westmoreland III Land Virginia Beach, VA 774,926 - 774,926
Volvo Center Land Chesapeake, VA 3,859,578 - 3,859,578
Mendenhall Land High Point, NC 4,298,094 28,985 4,327,079
Independence Pointe Land Greenville, SC 1,200,201 - 1,200,201
Executive Park at Faber Place Land Charleston, SC 182,979 - 182,979
Southchase Business Park Land Greenville, SC 78,432 - 78,432
Woodfield Land Greenville, SC 70,677 - 70,677
Eagle Hill Business Park Land High Point, NC 2,131,116 20,000 2,151,116
Lakeside I (Mendenhall) High Point, NC 974,719 - 974,719
South Oaks I (Mendenhall) High Point, NC 604,182 - 604,182
Enterprise Park Land Jacksonville, FL 476,902 - 476,902
Liberty Business Park Land Jacksonville, FL 485,397 27,561 512,958
7024 AC Skinner Parkway Jacksonville, FL 822,713 1,197 823,910
Silo Bend Land Tampa, FL 3,739,194 - 3,739,194
Exchange Place Land Orlando, FL 202,117 - 202,117
Belfort Road Jacksonville, FL 541,679 - 541,679
Butler Plaza Land Jacksonville, FL 1,768,779 28,528 1,797,307
Central Green Land Houston, TX 1,802,687 - 1,802,687
South Center Land Orlando, FL 2,563,916 - 2,563,916
69
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/00
- -------------------------------------- --------------------- --------------- --------------- ---------------
LAND HELD FOR DEVELOPMENT - Continued
South Center Land Orlando, FL 544,570 - 544,570
Orlando Corporate Center Land Orlando, FL 952,277 - 952,277
Salisbury Road Land Jacksonville, FL 1,521,921 - 1,521,921
Woodland Corporate Center Land Tampa, FL 1,122,381 - 1,122,381
6119 W. Linebaugh Avenue Tampa, FL 184,579 - 184,579
7831-41 Woodland Centr Parkway Tampa, FL 202,915 17,651 220,566
Pompano Bus Pk Land-Lots 100,101 Boca Raton, FL 410,912 - 410,912
Pompano Bus Pk Land-Lots 60, 61@ Boca Raton, FL 515,869 - 515,869
Boca Colonnade Land - Yamato Road Boca Raton, FL 4,406,920 - 4,406,920
Klodt Land Eden Prairie, MN 3,588,730 73,603 3,662,333
Romulus Land Romulus, MI 1,148,247 - 1,148,247
Big Beaver Airport Land Troy, MI 8,526,430 - 8,526,430
Park Place South Land Milwaukee, WI 3,076,044 2,500 3,078,544
------------ -------------- --------------
Subtotal Land Held for Development $130,370,360 $ 7,031,561 $ 137,401,921
============ ============== ==============
Total All Properties $641,362,956 $2,907,001,882 $3,548,364,840
============ ============== ==============
70
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Accumulated Date of
Depreciation Construction Depreciable
Project City @ 12/31/00 or Acquisition Life (years)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES
10,20 Liberty Boulevard Malvern, PA $ 1,353,251 1985 40 yrs.
420 Lapp Road Malvern, PA 1,725,145 1989 40 yrs.
747 Dresher Road Horsham, PA 1,114,243 1988 40 yrs.
45-67 Great Valley Parkway Malvern, PA 1,671,994 1974 40 yrs.
40 Valley Stream Parkway Malvern, PA 720,406 1987 40 yrs.
50 Valley Stream Parkway Malvern, PA 767,518 1987 40 yrs.
20 Valley Stream Parkway Malvern, PA 1,715,916 1987 40 yrs.
800 Town Center Drive Langhorne, PA 3,160,249 1987 40 yrs.
9, 15, 25 Great Valley Parkway Malvern, PA 8,898,259 1986 40 yrs.
257-275 Great Valley Parkway Malvern, PA 1,898,080 1983 40 yrs.
300 Technology Drive Malvern, PA 446,304 1985 40 yrs.
277-293 Great Valley Parkway Malvern, PA 781,749 1984 40 yrs.
311 Technology Drive Malvern, PA 870,718 1984 40 yrs.
325 Technology Drive Malvern, PA 745,937 1984 40 yrs.
7 Great Valley Parkway Malvern, PA 1,690,407 1985 40 yrs.
55 Valley Stream Parkway Malvern, PA 1,186,163 1983 40 yrs.
65 Valley Stream Parkway Malvern, PA 1,657,618 1983 40 yrs.
508 Lapp Road Malvern, PA 768,506 1984 40 yrs.
10 Valley Stream Parkway Malvern, PA 1,119,106 1984 40 yrs.
333 Phoenixville Pike Malvern, PA 1,113,734 1985 40 yrs.
30 Great Valley Parkway Malvern, PA 227,548 1975 40 yrs.
75 Great Valley Parkway Malvern, PA 204,698 1977 40 yrs.
27-43 Great Valley Parkway Malvern, PA 1,167,289 1977 40 yrs.
77-123 Great Valley Parkway Malvern, PA 2,208,032 1978 40 yrs.
260 Great Valley Parkway Malvern, PA 371,832 1979 40 yrs.
256 Great Valley Parkway Malvern, PA 863,190 1980 40 yrs.
205 Great Valley Parkway Malvern, PA 4,552,176 1981 40 yrs.
12,14,16 Great Valley Parkway Malvern, PA 551,931 1982 40 yrs.
155 Great Valley Parkway Malvern, PA 995,479 1981 40 yrs.
333 Technology Drive Malvern, PA 1,238,264 1987 40 yrs.
510 Lapp Road Malvern, PA 397,847 1983 40 yrs.
181 Wheeler Court Langhorne, PA 356,740 1979 40 yrs.
1100 Wheeler Way Langhorne, PA 191,070 1979 40 yrs.
60 Morehall Road Malvern, PA 2,636,658 1989 40 yrs.
905 Airport Road West Chester, PA 965,050 1988 40 yrs.
1 Country View Road Malvern, PA 632,472 1982 40 yrs.
2151 Cabot Boulevard Langhorne, PA 569,272 1982 40 yrs.
170 South Warner Road King of Prussia, PA 1,566,962 1980 40 yrs.
190 South Warner Road King of Prussia, PA 947,711 1980 40 yrs.
507 Prudential Road Horsham, PA 903,276 1988 40 yrs.
100 Witmer Road Horsham, PA 1,158,693 1996 40 yrs.
3100 Horizon Drive King of Prussia, PA 325,087 1995 40 yrs.
3300 Horizon Drive King of Prussia, PA 422,002 1996 40 yrs.
3500 Horizon Drive King of Prussia, PA 304,536 1996 40 yrs.
200 Chesterfield Parkway Malvern, PA 1,429,479 1989 40 yrs.
767 Electronic Drive Horsham, PA 664,562 1996 40 yrs.
132 Welsh Road Horsham, PA 375,519 1998 40 yrs.
5 Country View Road Malvern, PA 662,969 1985 40 yrs.
3200 Horizon Drive King of Prussia, PA 636,262 1996 40 yrs.
3000 Horizon Drive King of Prussia, PA 177,703 1997 40 yrs.
111-195 Witmer Road Horsham, PA 372,303 1996 40 yrs.
300 Welsh Road - Bldg. #3 Horsham, PA 198,240 1983 40 yrs.
300 Welsh Road - Bldg. #4 Horsham, PA 456,432 1983 40 yrs.
8801 Tinicum Boulevard Philadelphia, PA 3,474,333 1997 40 yrs.
440 East Swedesford Road King of Prussia, PA 1,170,511 1988 40 yrs.
460 East Swedesford Road King of Prussia, PA 731,137 1988 40 yrs.
50 Morehall Road Malvern, PA 1,573,700 1997 40 yrs.
2 Walnut Grove Drive Horsham, PA 1,127,684 1989 40 yrs.
5 Walnut Grove Drive Horsham, PA 164,046 2000 40 yrs.
200 Gibraltar Road Horsham, PA 736,548 1990 40 yrs.
220 Gibraltar Road Horsham, PA 575,772 1998 40 yrs.
240 Gibraltar Road Horsham, PA 575,271 1990 40 yrs.
151 South Warner Road King of Prussia, PA 707,204 1980 40 yrs.
1 Walnut Grove Drive Horsham, PA 988,637 1986 40 yrs.
3604 Horizon Drive King of Prussia, PA 324,077 1998 40 yrs.
3606 Horizon Drive King of Prussia, PA 278,651 1997 40 yrs.
650 Swedesford Road King of Prussia, PA 1,991,268 1971 40 yrs.
680 Swedesford Road King of Prussia, PA 2,010,390 1971 40 yrs.
761 Fifth Avenue King of Prussia, PA 215,872 1977 40 yrs.
771 Fifth Avenue King of Prussia, PA 134,211 1977 40 yrs.
1 Great Valley Parkway Malvern, PA 404,643 1982 40 yrs.
5 Great Valley Parkway Malvern, PA 608,723 1983 40 yrs.
311 Sinclair Road Bristol, PA 119,487 1997 40 yrs.
1001 Cedar Hollow Road Malvern, PA 1,428,168 1997 40 yrs.
3 Country View Road Malvern, PA 289,415 1998 40 yrs.
425 Technology Drive Malvern, PA 263,150 1998 40 yrs.
375 Technology Drive Malvern, PA 169,419 1998 40 yrs.
45 Liberty Boulevard Malvern, PA 938,067 1999 40 yrs.
100 Chesterfield Parkway Malvern, PA 679,340 1998 40 yrs.
181-187 Gibraltar Road Horsham, PA 349,023 1982 40 yrs.
104 Rock Road Horsham, PA 231,636 1974 40 yrs.
123-135 Rock Road Horsham, PA 325,462 1975 40 yrs.
111-159 Gibraltar Road Horsham, PA 367,320 1981 40 yrs.
71
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Accumulated Date of
Depreciation Construction Depreciable
Project City @ 12/31/00 or Acquisition Life (years)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES - Continued
161-175 Gibraltar Road Horsham, PA 243,563 1976 40 yrs.
103-109 Gibraltar Road Horsham, PA 263,404 1978 40 yrs.
261-283 Gibraltar Road Horsham, PA 318,597 1978 40 yrs.
210-223 Witmer Road Horsham, PA 285,139 1972 40 yrs.
231-237 Gibraltar Road Horsham, PA 385,786 1981 40 yrs.
100 Gibraltar Road Horsham, PA 27,509 1975 40 yrs.
101 Gibraltar Road Horsham, PA 471,416 1977 40 yrs.
506 Prudential Road Horsham, PA 120,411 1973 40 yrs.
113-123 Rock Road Horsham, PA 245,601 1975 40 yrs.
101-111 Rock Road Horsham, PA 271,492 1975 40 yrs.
120 Gibraltar Road Horsham, PA 415,209 1980 40 yrs.
110 Gibraltar Road Horsham, PA 471,628 1979 40 yrs.
100-107 Lakeside Drive Horsham, PA 260,382 1982 40 yrs.
200-264 Lakeside Drive Horsham, PA 548,978 1982 40 yrs.
300-309 Lakeside Drive Horsham, PA 356,270 1982 40 yrs.
400-445 Lakeside Drive Horsham, PA 751,897 1981 40 yrs.
104 Witmer Road Horsham, PA 166,413 1997 40 yrs.
201 Gibraltar Road Horsham, PA 294,669 1983 40 yrs.
3600 Horizon Drive King of Prussia, PA 145,338 1989 40 yrs.
3602 Horizon Drive King of Prussia, PA 173,321 1989 40 yrs.
3 Franklin Plaza Philadelphia, PA 1,074,218 1999 40 yrs.
400-500 Brandywine Parkway West Chester, PA 566,943 1988 40 yrs.
600 Brandywine Parkway West Chester, PA 426,491 1988 40 yrs.
2700 Horizon Drive King of Prussia, PA 314,460 1998 40 yrs.
2900 Horizon Drive King of Prussia, PA 253,290 1998 40 yrs.
2500 Renaissance Boulevard King of Prussia, PA 190,458 1999 40 yrs.
2300 Renaissance Boulevard King of Prussia, PA 158,727 1999 40 yrs.
719 Dresher Road Horsham, PA 212,992 1998 40 yrs.
2100 Renaissance Boulevard King of Prussia, PA 553,647 1999 40 yrs.
4 Walnut Grove Horsham, PA 304,523 1999 40 yrs.
2250 Hickory Road Plymouth Meeting, PA 724,519 1998 40 yrs.
3400 Horizon Drive King of Prussia, PA 288,569 1998 40 yrs.
One Ridgewood Place Downingtown, PA 155,006 1998 40 yrs.
300 Welsh Road Horsham, PA 203,674 1998 40 yrs.
600 Chesterfield Parkway Malvern, PA 516,551 1999 40 yrs.
700 Chesterfield Parkway Malvern, PA 512,120 1999 40 yrs.
6 Terry Drive Newtown, PA 126,081 1998 40 yrs.
2520 Renaissance Boulevard King of Prussia, PA 208,154 1999 40 yrs.
18 Great Valley Parkway Malvern, PA 192,049 1999 40 yrs.
700 Dresher Road Horsham, PA 393,587 1999 40 yrs.
2201 Renaissance Boulevard King of Prussia, PA 310,997 2000 40 yrs.
2540 Renaissance Boulevard King of Prussia, PA 32,311 2000 40 yrs.
2560 Renaissance Boulevard King of Prussia, PA 83,057 2000 40 yrs.
1501-1513 Grundy's Lane Bristol, PA 4,764 2000 40 yrs.
825 Duportail Road Wayne, PA 346,198 2000 40 yrs.
200 Precision Drive Horsham, PA 79,358 2000 40 yrs.
40 Liberty Boulevard Malvern, PA 81,465 2000 40 yrs.
14 Lee Boulevard Malvern, PA 1,577,461 1988 40 yrs.
500 Chesterfield Parkway Malvern, PA 904,919 1988 40 yrs.
300-400 Chesterfield Parkway Malvern, PA 1,353,476 1988 40 yrs.
150 Mid-Atlantic Parkway West Deptford, NJ 249,448 1973 40 yrs.
1370 Imperial Way West Deptford, NJ 720,102 1978 40 yrs.
8 Stow Road Marlton, NJ 347,556 1988 40 yrs.
10 Stow Road Marlton, NJ 264,186 1988 40 yrs.
12 Stow Road Marlton, NJ 276,452 1988 40 yrs.
14 Stow Road Marlton, NJ 274,704 1988 40 yrs.
1300 Metropolitan Avenue West Deptford, NJ 315,119 1972 40 yrs.
701A Route 73 South Marlton, NJ 1,398,587 1987 40 yrs.
701C Route 73 South Marlton, NJ 348,247 1987 40 yrs.
1008 Astoria Boulevard Cherry Hill, NJ 223,355 1973 40 yrs.
1475 Imperial Way West Deptford, NJ 167,166 1976 40 yrs.
3000 Atrium Way Mt. Laurel, NJ 2,084,023 1987 40 yrs.
750 Cardinal Drive Pureland, NJ 370,927 1989 40 yrs.
11000, 15000 Commerce Parkway Mt. Laurel, NJ 984,686 1985 40 yrs.
12000, 14000 Commerce Parkway Mt. Laurel, NJ 546,722 1985 40 yrs.
16000, 18000 Commerce Parkway Mt. Laurel, NJ 567,751 1985 40 yrs.
400 Lippincott Drive Marlton, NJ 141,492 1999 40 yrs.
406 Lippincott Drive Marlton, NJ 501,647 1990 40 yrs.
234 High Hill Road Bridgeport, NJ 314,995 1987 40 yrs.
101 Arlington Boulevard Bridgeport, NJ 485,715 1996 40 yrs.
100 Berkeley Drive Bridgeport, NJ 261,484 1990 40 yrs.
301 Lippincott Drive Marlton, NJ 750,412 1988 40 yrs.
303 Lippincott Drive Marlton, NJ 748,394 1988 40 yrs.
510-512 Sharptown Road Bridgeport, NJ 145,163 1984 40 yrs.
901 Route 73 Marlton, NJ 340,065 1985 40 yrs.
1300 Route 73 North Marlton, NJ 549,508 1988 40 yrs.
512 Sharptown Road Bridgeport, NJ 195,439 1984 40 yrs.
201 Berkeley Drive Bridgeport, NJ 249,308 1999 40 yrs.
404 Lippincott Drive Marlton, NJ 241,628 1997 40 yrs.
104 Gaither Drive Mt. Laurel, NJ 138,348 1975 40 yrs.
402 Lippincott Drive Marlton, NJ 197,727 1997 40 yrs.
300 Commodore Drive Bridgeport, NJ 400,377 1999 40 yrs.
3000 Lincoln Drive Mt. Laurel, NJ 505,574 1983 40 yrs.
6000 Commerce Parkway Mt. Laurel, NJ 244,033 1985 40 yrs.
7000 Commerce Parkway Mr. Laurel, NJ 240,361 1984 40 yrs.
8000 Commerce Parkway Mt. Laurel, NJ 187,653 1983 40 yrs.
72
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Accumulated Date of
Depreciation Construction Depreciable
Project City @ 12/31/00 or Acquisition Life (years)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES - Continued
9000 Commerce Parkway Mt. Laurel, NJ 227,035 1983 40 yrs.
1000 Briggs Road Mt. Laurel, NJ 255,503 1986 40 yrs.
1025 Briggs Road Mt. Laurel, NJ 373,619 1987 40 yrs.
1020 Briggs Road Mt. Laurel, NJ 174,067 1999 40 yrs.
9 Stow Road Marlton, NJ 214,895 1998 40 yrs.
2000 Crawford Place Mt. Laurel, NJ 508,443 1986 40 yrs.
1351 Metropolitan Avenue West Deptford, NJ 142,565 1986 40 yrs.
650 Grove Road West Deptford, NJ 246,858 1986 40 yrs.
400 Grove Road West Deptford, NJ 134,002 1986 40 yrs.
5000 Dearborn Court Mt. Laurel, NJ 309,249 1998 40 yrs.
515 Heron Drive Bridgeport, NJ 163,127 1998 40 yrs.
500 Sharptown Road Bridgeport, NJ 162,609 1998 40 yrs.
625 Heron Drive Bridgeport, NJ 63,222 1998 40 yrs.
605 Heron Drive Bridgeport, NJ 73,459 1998 40 yrs.
510 Heron Drive Bridgeport, NJ 561,848 1998 40 yrs.
522 Pedricktown Road Bridgeport, NJ 94,493 1998 40 yrs.
530 Pedricktown Road Bridgeport, NJ 132,412 1998 40 yrs.
540 Pedricktown Road Bridgeport, NJ 318,162 1998 40 yrs.
230 High Hill Road Bridgeport, NJ 609,488 1998 40 yrs.
3 Mallard Court Bridgeport, NJ 168,672 1998 40 yrs.
730 Cardinal Drive Bridgeport, NJ 125,750 1998 40 yrs.
405 Heron Drive Bridgeport, NJ 1,248,252 1998 40 yrs.
100 Eagle Road Bridgeport, NJ 99,616 1998 40 yrs.
250 High Hill Road Bridgeport, NJ 274,198 1998 40 yrs.
508 Center Square Road Bridgeport, NJ 238,033 1998 40 yrs.
602 Heron Drive Bridgeport, NJ 154,309 1998 40 yrs.
300 Eagle Court Bridgeport, NJ 129,759 1998 40 yrs.
500 Center Square Road Bridgeport, NJ 427,769 1998 40 yrs.
1001 Briggs Road Mt. Laurel, NJ 305,851 1998 40 yrs.
1960 Cuthbert Boulevard Cherry Hill, NJ 104,667 1998 40 yrs.
1970 Cuthbert Boulevard Cherry Hill, NJ 82,353 1998 40 yrs.
10000 & 11000 Route 73 Marlton, NJ 262,758 1998 40 yrs.
800 Arlington Boulevard Bridgeport, NJ 337,479 1999 40 yrs.
1015 Briggs Road Mt. Laurel, NJ 42,842 2000 40 yrs.
1655 Valley Center Parkway Bethlehem, PA 439,138 1993 40 yrs.
6560 Stonegate Drive Allentown, PA 652,381 1989 40 yrs.
6370 Hedgewood Drive Allentown, PA 744,345 1990 40 yrs.
6390 Hedgewood Drive Allentown, PA 765,855 1990 40 yrs.
1495 Valley Center Parkway Bethlehem, PA 885,219 1990 40 yrs.
6350 Hedgewood Drive Allentown, PA 854,332 1989 40 yrs.
6330 Hedgewood Drive Allentown, PA 1,420,853 1988 40 yrs.
1550 Valley Center Parkway Bethlehem, PA 834,929 1988 40 yrs.
1560 Valley Center Parkway Bethlehem, PA 1,075,195 1988 40 yrs.
6580 Snowdrift Road Allentown, PA 764,805 1988 40 yrs.
1510 Valley Center Parkway Bethlehem, PA 1,019,128 1988 40 yrs.
1530 Valley Center Parkway Bethlehem, PA 739,836 1988 40 yrs.
6540 Stonegate Drive Allentown, PA 1,067,134 1988 40 yrs.
974 Marcon Boulevard Allentown, PA 746,753 1987 40 yrs.
964 Marcon Boulevard Allentown, PA 611,580 1985 40 yrs.
764 Roble Road Allentown, PA 287,843 1985 40 yrs.
3174 Airport Road Allentown, PA 514,308 1979 40 yrs.
2196 Avenue C Allentown, PA 497,877 1980 40 yrs.
2202 Hanger Place Allentown, PA 584,902 1981 40 yrs.
2201 Hanger Place Allentown, PA 612,308 1987 40 yrs.
954 Marcon Boulevard Allentown, PA 416,535 1981 40 yrs.
57 South Commerce Way Allentown, PA 477,533 1986 40 yrs.
754 Roble Road Allentown, PA 317,375 1986 40 yrs.
894 Marcon Boulevard Allentown, PA 183,257 1986 40 yrs.
744 Roble Road Allentown, PA 329,985 1986 40 yrs.
944 Marcon Boulevard Allentown, PA 284,956 1986 40 yrs.
1685 Valley Center Parkway Allentown, PA 314,266 1996 40 yrs.
6520 Stonegate Drive Allentown, PA 259,017 1996 40 yrs.
7437 Industrial Boulevard Allentown, PA 1,182,011 1976 40 yrs.
2041 Avenue C Allentown, PA 176,839 1990 40 yrs.
2124 Avenue C Allentown, PA 155,523 1990 40 yrs.
7339 Industrial Boulevard Allentown, PA 642,674 1996 40 yrs.
7384 Penn Drive Allentown, PA 411,341 1988 40 yrs.
7144 Daniels Drive Allentown, PA 822,175 1975 40 yrs.
7620 Cetronia Road Allentown, PA 637,088 1990 40 yrs.
939 Marcon Boulevard Allentown, PA 719,931 1980 40 yrs.
100 Brodhead Road Bethlehem, PA 430,541 1990 40 yrs.
1455 Valley Center Parkway Bethlehem, PA 651,743 1997 40 yrs.
1640 Valley Center Parkway Bethlehem, PA 479,165 1996 40 yrs.
1650 Valley Center Parkway Allentown, PA 409,624 1997 40 yrs.
1660 Valley Center Parkway Bethlehem, PA 255,117 1998 40 yrs.
400 Nestle Way Allentown, PA 2,801,524 1997 40 yrs.
83 South Commerce Way Bethlehem, PA 153,829 1989 40 yrs.
85 South Commerce Way Bethlehem, PA 122,458 1989 40 yrs.
87 South Commerce Way Bethlehem, PA 128,964 1989 40 yrs.
89 South Commerce Way Bethlehem, PA 212,728 1998 40 yrs.
7248 Industrial Boulevard Allentown, PA 1,540,407 1988 40 yrs.
95 Highland Avenue Bethlehem, PA 322,297 1985 40 yrs.
236 Brodhead Road Bethlehem, PA 447,850 1994 40 yrs.
1525 Valley Center Parkway Allentown, PA 471,808 1999 40 yrs.
6620 Grant Way Allentown, PA 176,355 1989 40 yrs.
700 Nestle Way Allentown, PA 1,166,964 1998 40 yrs.
73
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Accumulated Date of
Depreciation Construction Depreciable
Project City @ 12/31/00 or Acquisition Life (years)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES - Continued
7562 Penn Drive Allentown, PA 72,525 1989 40 yrs.
7277 Williams Avenue Allentown, PA 128,771 1989 40 yrs.
7355 Williams Avenue Allentown, PA 128,026 1998 40 yrs.
794 Roble Boulevard Allentown, PA 432,456 1998 40 yrs.
6923 Schantz Spring Road Allentown, PA 239,422 1998 40 yrs.
2600 Beltline Avenue Reading, PA 159,314 1998 40 yrs.
7132 Daniels Drive Allentown, PA 445,110 1998 40 yrs.
3985 Adler Place Bethlehem, PA 267,971 1998 40 yrs.
8014 Industrial Boulevard Allentown, PA 358,557 1999 40 yrs.
651 Boulder Drive Allentown, PA 323,741 2000 40 yrs.
7028 Snowdrift Road Allentown, PA 14,674 2000 40 yrs.
180 Cochrane Drive Annapolis, MD 279,097 1988 40 yrs.
190 Cochrane Drive Annapolis, MD 4,299,764 1988 40 yrs.
8280 Patuxent Range Drive Columbia, MD 647,452 1978 40 yrs.
7178-80 Columbia Gateway Columbia, MD 1,007,158 1987 40 yrs.
9770 Patuxent Woods Drive Columbia, MD 279,546 1986 40 yrs.
9780 Patuxent Woods Drive Columbia, MD 178,810 1986 40 yrs.
9790 Patuxent Woods Drive Columbia, MD 199,681 1986 40 yrs.
9810 Patuxent Woods Drive Columbia, MD 218,303 1986 40 yrs.
9800 Patuxent Woods Drive Columbia, MD 262,170 1988 40 yrs.
9820 Patuxent Woods Drive Columbia, MD 200,816 1988 40 yrs.
9830 Patuxent Woods Drive Columbia, MD 242,500 1986 40 yrs.
9050 Red Branch Road Columbia, MD 237,589 1972 40 yrs.
4606 Richlynn Drive Belcamp, MD 121,708 1998 40 yrs.
8945-8975 Guilford Road Columbia, MD 476,931 1998 40 yrs.
7317 Parkway Drive Hanover, MD 102,146 1998 40 yrs.
9101,9111,9115 Guilford Road Columbia, MD 1,303,433 1984 40 yrs.
9125,9135,9145 Guilford Road Columbia, MD 2,110,362 1983 40 yrs.
1751 Bluehills Drive Roanoke, VA 1,223,419 1991 40 yrs.
4300 Carolina Avenue Richmond, VA 2,197,239 1985 40 yrs.
301 Hill Carter Parkway Richmond, VA 705,114 1989 40 yrs.
4001 Carolina Avenue Richmond, VA 46,562 1935 40 yrs.
5600-5626 Eastport Boulevard Richmond, VA 569,997 1989 40 yrs.
5650-5674 Eastport Boulevard Richmond, VA 661,530 1990 40 yrs.
5700 Eastport Boulevard Richmond, VA 400,607 1990 40 yrs.
3432 Holland Road Virginia Beach, VA 115,261 1989 40 yrs.
4880 Cox Road Glen Allen, VA 349,267 1995 40 yrs.
4101-4127 Carolina Avenue Richmond, VA 334,489 1973 40 yrs.
4201-4261 Carolina Avenue Richmond, VA 786,618 1975 40 yrs.
4263-4299 Carolina Avenue Richmond, VA 439,327 1976 40 yrs.
4301-4335 Carolina Avenue Richmond, VA 248,718 1978 40 yrs.
4337-4379 Carolina Avenue Richmond, VA 506,535 1979 40 yrs.
4501-4549 Carolina Avenue Richmond, VA 532,193 1981 40 yrs.
4551-4593 Carolina Avenue Richmond, VA 531,657 1982 40 yrs.
4601-4643 Carolina Avenue Richmond, VA 803,436 1985 40 yrs.
4645-4683 Carolina Avenue Richmond, VA 1,180,291 1985 40 yrs.
4447-4491 Carolina Avenue Richmond, VA 414,605 1987 40 yrs.
4401-4445 Carolina Avenue Richmond, VA 659,629 1988 40 yrs.
12 S. Third Street Richmond, VA 27,356 1900 40 yrs.
9601 Cosner Drive Fredericksburg, VA 562,794 1995 40 yrs.
315 Cardiff Valley Road Knoxville, TN 437,123 1994 40 yrs.
2300 East Parham Road Richmond, VA 147,422 1988 40 yrs.
5601-5659 Eastport Boulevard Richmond, VA 784,110 1996 40 yrs.
5900 Eastport Boulevard Richmond, VA 429,978 1997 40 yrs.
4717-4729 Eubank Road Richmond, VA 452,831 1978 40 yrs.
4263F-N Carolina Avenue Richmond, VA 192,021 1975 40 yrs.
1821 Battery Dantzler Road Chester, VA 324,085 1990 40 yrs.
5000 Cox Road Glen Allen, VA 395,106 1990 40 yrs.
5500 Cox Road Glen Allen, VA 191,603 1999 40 yrs.
510 Eastpark Court Richmond, VA 228,340 1989 40 yrs.
520 Eastpark Court Richmond, VA 444,218 1989 40 yrs.
13001 Kingston Avenue Richmond, VA 180,969 1997 40 yrs.
5701-5799 Eastport Boulevard Richmond, VA 440,431 1998 40 yrs.
4801 Cox Road Glen Allen, VA 577,425 1998 40 yrs.
600 H P Way Richmond, VA 441,054 1997 40 yrs.
500 H P Way Richmond, VA 337,583 1997 40 yrs.
701 Liberty Way Richmond, VA 239,712 1999 40 yrs.
4198 Cox Road Glen Allen, VA 381,170 1984 40 yrs.
4510 Cox Road Glen Allen, VA 643,721 1990 40 yrs.
2809 South Lynnhaven Road Virginia Beach, VA 507,500 1987 40 yrs.
200 Golden Oak Court Virginia Beach, VA 551,554 1988 40 yrs.
208 Golden Oak Court Virginia Beach, VA 531,467 1989 40 yrs.
1 Enterprise Parkway Hampton, VA 501,448 1987 40 yrs.
22 Enterprise Parkway Hampton, VA 555,063 1990 40 yrs.
530 Eastpark Court Richmond, VA 312,842 1997 40 yrs.
484 Viking Drive Virginia Beach, VA 289,724 1998 40 yrs.
10430 Lakeridge Parkway Ashland, VA 278,907 1998 40 yrs.
10456 Lakeridge Parkway Ashland, VA 273,821 1998 40 yrs.
3829-3855 Gaskins Road Richmond, VA 231,598 1998 40 yrs.
629 Phoenix Drive Virginia Beach, VA 145,914 1998 40 yrs.
11838 Rock Landing Drive Newport News, VA 182,069 1998 40 yrs.
11844 Rock Landing Drive Newport News, VA 103,580 1998 40 yrs.
11832 Rock Landing Drive Newport News, VA 79,261 1998 40 yrs.
11846 Rock Landing Drive Newport News, VA 308,278 1989 40 yrs.
10800 Nuckols Boulevard Richmond, VA 322,505 2000 40 yrs.
5700 Cleveland Street Virginia Beach, VA 672,930 1998 40 yrs.
74
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Accumulated Date of
Depreciation Construction Depreciable
Project City @ 12/31/00 or Acquisition Life (years)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES - Continued
801 Liberty Way Richmond, VA 236,813 1999 40 yrs.
5 Manhattan Square Hampton, VA 49,209 1999 40 yrs.
4523 Green Point Drive High Point, NC 573,526 1988 40 yrs.
4501 Green Point Drive High Point, NC 580,033 1989 40 yrs.
4500 Green Point Drive High Point, NC 612,524 1989 40 yrs.
2427 Penny Road High Point, NC 1,536,191 1990 40 yrs.
4524 Green Point Drive High Point, NC 582,660 1989 40 yrs.
4328, 4336 Federal Drive High Point, NC 1,618,524 1995 40 yrs.
200 Centreport Drive Greensboro, NC 642,893 1986 40 yrs.
4344 Federal Drive High Point, NC 372,412 1996 40 yrs.
202 Centreport Drive Greensboro, NC 746,468 1990 40 yrs.
101 Centreport Drive Greensboro, NC 573,805 1996 40 yrs.
4000 Piedmont Parkway High Point, NC 683,308 1995 40 yrs.
4380 Federal Drive High Point, NC 329,427 1997 40 yrs.
4388 Federal Drive High Point, NC 166,132 1997 40 yrs.
6532 Judge Adams Road Rock Creek, NC 299,588 1997 40 yrs.
6530 Judge Adams Road Rock Creek, NC 216,489 1999 40 yrs.
3860 Faber Place N. Charleston, SC 208,108 1995 40 yrs.
4055 Faber Place N. Charleston, SC 481,395 1989 40 yrs.
3820 Faber Place N. Charleston, SC 316,588 1993 40 yrs.
3875 Faber Place N. Charleston, SC 453,227 1998 40 yrs.
150 Ridgeview Center Drive Duncan, SC 812,562 1984 40 yrs.
1320 Garlington Road Greenville, SC 186,231 1986 40 yrs.
420 Park Avenue Greenville, SC 405,391 1986 40 yrs.
1 Alliance Drive Goose Creek, SC 143,483 1998 40 yrs.
4160 Mendenhall Oaks Parkway High Point, NC 183,903 1998 40 yrs.
4194 Mendenhall Oaks Parkway High Point, NC 184,187 1999 40 yrs.
4196 Mendenhall Oaks Parkway High Point, NC 222,570 1999 40 yrs.
4170 Mendenhall Oaks Parkway High Point, NC 112,974 1999 40 yrs.
4180 Mendenhall Oaks Parkway High Point, NC 143,196 1999 40 yrs.
4050 Piedmont Parkway High Point, NC 1,017,373 1998 40 yrs.
One Independence Pointe Greenville, SC 488,901 1982 40 yrs.
55 Beattie Place Greenville, SC 1,884,619 1986 40 yrs.
75 Beattie Place Greenville, SC 1,410,022 1987 40 yrs.
7736 McCloud Road Greensboro, NC 463,041 1998 40 yrs.
15 Brendan Way Greenville, SC 291,709 1998 40 yrs.
200 Meeting Street Charleston, SC 2,174,155 1998 40 yrs.
7500 West 110th Street Overland Park, KS 655,468 1998 40 yrs.
3955 Faber Place Charleston, SC 177,729 2000 40 yrs.
4300 Federal Drive High Point, NC 91,172 1998 40 yrs.
4135 Mendenall Oaks Parkway High Point, NC 63,175 2000 40 yrs.
3825 Faber Place N. Charleston, SC 22,442 2000 40 yrs.
1020 North Point Industrial Boulevard Hanahan, SC 107,779 2000 40 yrs.
1730 Stebbins Drive Houston, TX 396,976 1973 40 yrs.
5911-5925 Richard Street Jacksonville, FL 253,982 1977 40 yrs.
8383-8385 Baycenter Road Jacksonville, FL 305,197 1973 40 yrs.
8775 Baypine Road Jacksonville, FL 839,839 1989 40 yrs.
8539 Western Way Jacksonville, FL 1,017,113 1987 40 yrs.
6255 Lake Gray Boulevard Jacksonville, FL 1,061,496 1987 40 yrs.
6600-6800 Suemac Place Jacksonville, FL 944,353 1987 40 yrs.
6800-6850 Suemac Place Jacksonville, FL 547,401 1973 40 yrs.
8665,8667,8669 Baypine Road Jacksonville, FL 1,241,984 1987 40 yrs.
8540 Baycenter Road Jacksonville, FL 538,838 1984 40 yrs.
1200 Gulf Life Drive Jacksonville, FL 6,920,700 1985 40 yrs.
8400 Baymeadows Way Jacksonville, FL 718,971 1987 40 yrs.
8614 Baymeadows Way Jacksonville, FL 445,212 1986 40 yrs.
5941-5975 Richard Street Jacksonville, FL 597,061 1978 40 yrs.
7970 Bayberry Road Jacksonville, FL 654,777 1978 40 yrs.
6000-6030 Bowdendale Avenue Jacksonville, FL 818,857 1979 40 yrs.
7898 Baymeadows Way Jacksonville, FL 864,118 1978 40 yrs.
5977-6607 Richard Street Jacksonville, FL 892,767 1980 40 yrs.
7910 & 7948 Baymeadows Way Jacksonville, FL 1,129,024 1981 40 yrs.
7954 & 7960 Baymeadows Way Jacksonville, FL 1,173,843 1982 40 yrs.
8787 Baypine Road Jacksonville, FL 16,984,046 1990 40 yrs.
7077 Bonneval Road Jacksonville, FL 1,715,277 1988 40 yrs.
4190 Belfort Road Jacksonville, FL 1,913,892 1986 40 yrs.
8011, 8021, 8031 Phillips Highway Jacksonville, FL 923,863 1987 40 yrs.
7020 AC Skinner Parkway Jacksonville, FL 387,495 1996 40 yrs.
7022 AC Skinner Parkway Jacksonville, FL 693,924 1996 40 yrs.
11777 Central Highway Jacksonville, FL 533,709 1985 40 yrs.
4345 Southpoint Parkway Jacksonville, FL 602,488 1998 40 yrs.
7016 AC Skinner Parkway Jacksonville, FL 417,824 1996 40 yrs.
7018 AC Skinner Parkway Jacksonville, FL 725,822 1997 40 yrs.
7014 AC Skinner Parkway Jacksonville, FL 234,737 1999 40 yrs.
6620 Southpoint Parkway Jacksonville, FL 544,028 1984 40 yrs.
7980 Bayberry Road Jacksonville, FL 115,835 1978 40 yrs.
9600 Satellite Boulevard Orlando, FL 120,764 1989 40 yrs.
9700 Satellite Boulevard Orlando, FL 101,894 1989 40 yrs.
1902 Cypress Lake Drive Orlando, FL 342,363 1989 40 yrs.
9550 Satellite Boulevard Orlando, FL 174,187 1999 40 yrs.
8250 & 8256 Exchange Place Orlando, FL 233,436 1985 40 yrs.
6600 Southpoint Parkway Jacksonville, FL 434,084 1986 40 yrs.
6700 Southpoint Parkway Jacksonville, FL 258,242 1987 40 yrs.
4801 Executive Park Court - 100 Jacksonville, FL 251,334 1990 40 yrs.
4801 Executive Park Court - 200 Jacksonville, FL 148,788 1990 40 yrs.
4810 Executive Park Court Jacksonville, FL 228,988 1990 40 yrs.
75
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Accumulated Date of
Depreciation Construction Depreciable
Project City @ 12/31/00 or Acquisition Life (years)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES - Continued
6602 Executive Park Court - 100 Jacksonville, FL 185,338 1993 40 yrs.
6602 Executive Park Court - 200 Jacksonville, FL 120,123 1993 40 yrs.
6631 Executive Park Court - 100 Jacksonville, FL 101,169 1994 40 yrs.
6631 Executive Park Court - 200 Jacksonville, FL 174,949 1994 40 yrs.
4815 Executive Park Court - 100 Jacksonville, FL 147,299 1995 40 yrs.
4815 Executive Park Court - 200 Jacksonville, FL 223,792 1995 40 yrs.
4825 Executive Park Court Jacksonville, FL 241,907 1996 40 yrs.
4820 Executive Park Court Jacksonville, FL 258,691 1997 40 yrs.
10511 & 10611 Satellite Boulevard Orlando, FL 241,558 1985 40 yrs.
1400-1440 Central Florida Parkway Orlando, FL 195,867 1962 40 yrs.
6601 Executive Park Circle North Jacksonville, FL 234,818 1998 40 yrs.
1300 Riverplace Boulevard Jacksonville, FL 581,812 1998 40 yrs.
4901 Belfort Road Jacksonville, FL 581,977 1998 40 yrs.
16445 Air Center Boulevard Houston, TX 162,341 1998 40 yrs.
16405 Air Center Boulevard Houston, TX 220,046 1998 40 yrs.
2216 Directors Row Orlando, FL 166,003 1998 40 yrs.
7460 Chancellor Drive Orlando, FL 86,875 1998 40 yrs.
1901 Summit Tower Boulevard Maitland, FL 816,072 1998 40 yrs.
3701-3727 Vineland Road Orlando, FL 144,235 1998 40 yrs.
4899 Belfort Road Jacksonville, FL 183,762 1998 40 yrs.
4905 Belfort Road Jacksonville, FL 34,323 2000 40 yrs.
16580 Air Center Boulevard Houston, TX 140,661 1999 40 yrs.
7251 Salisbury Road Jacksonville, FL 783 2000 40 yrs.
7622 Bald Cypress Place Tampa, FL 6,658 2000 40 yrs.
10245 Centurion Parkway North Jacksonville, FL 84,685 2000 40 yrs.
1755 Trans Central Drive Houston, TX 8,224 2000 40 yrs.
5501-5519 Pioneer Park Boulevard Tampa, FL 297,913 1981 40 yrs.
5690-5694 Crenshaw Street Tampa, FL 289,485 1979 40 yrs.
3102,3104,3110 Cherry Palm Drive Tampa, FL 445,966 1986 40 yrs.
8401-8408 Benjamin Road Tampa, FL 641,470 1986 40 yrs.
3501 Riga Boulevard Tampa, FL 340,587 1996 40 yrs.
111 Kelsey Lane Tampa, FL 227,121 1990 40 yrs.
7930, 8010-20 Woodland Center Boulevard Tampa, FL 503,140 1990 40 yrs.
7920 Woodland Center Boulevard Tampa, FL 315,687 1997 40 yrs.
8154-8198 Woodland Center Boulevard Tampa, FL 277,968 1988 40 yrs.
8112-42 Woodland Center Boulevard Tampa, FL 301,076 1995 40 yrs.
8212 Woodland Center Boulevard Tampa, FL 213,295 1996 40 yrs.
131 Kelsey Lane Tampa, FL 481,676 1998 40 yrs.
7724 Woodland Center Boulevard Tampa, FL 191,516 1998 40 yrs.
7802-50 Woodland Center Boulevard Tampa, FL 316,170 1999 40 yrs.
7852-98 Woodland Center Boulevard Tampa, FL 325,816 1999 40 yrs.
8921 Brittany Way Tampa, FL 125,066 1998 40 yrs.
5250 Eagle Trail Drive Tampa, FL 195,266 1998 40 yrs.
7725 Woodland Center Boulevard Tampa, FL 126,641 1999 40 yrs.
8001 Woodland Center Boulevard Tampa, FL 98,892 1999 40 yrs.
4630 Woodland Corporate Boulevard Tampa, FL 324,944 2000 40 yrs.
701-725 South US Highway 301 Tampa, FL 127,634 2000 40 yrs.
4502 Woodland Corporate Boulevard Tampa, FL 88,016 1999 40 yrs.
9001-9015 Brittany Way Tampa, FL 29,489 2000 40 yrs.
4508 Woodland Corporate Boulevard Tampa, FL 25,597 2000 40 yrs.
1701 Clint Moore Boulevard Boca Raton, FL 269,894 1985 40 yrs.
4555 Riverside Drive Beach Gardens, FL 484,046 1988 40 yrs.
2500 Metrocentre Boulevard West Palm Beach, FL 132,095 1988 40 yrs.
2540 Metrocentre Boulevard West Palm Beach, FL 150,186 1988 40 yrs.
2541 Metrocentre Boulevard West Palm Beach, FL 103,223 1988 40 yrs.
2580 Metrocentre Boulevard West Palm Beach, FL 139,283 1988 40 yrs.
2581 Metrocentre Boulevard West Palm Beach, FL 102,784 1988 40 yrs.
1101 Northpoint Parkway West Palm Beach, FL 118,399 1998 40 yrs.
3223 Commerce Place West Palm Beach, FL 143,341 1998 40 yrs.
801 Northpoint Parkway West Palm Beach, FL 195,849 1998 40 yrs.
5410-5430 Northwest 33rd Avenue Ft. Lauderdale, FL 351,716 1985 40 yrs.
6500 NW 12th Avenue Ft. Lauderdale, FL 220,422 1998 40 yrs.
6600 NW 12th Avenue Ft. Lauderdale, FL 228,000 1998 40 yrs.
1500 SW 5th Court Pompano Beach, FL 290,750 1998 40 yrs.
1651 SW 5th Court Pompano Beach, FL 60,401 1998 40 yrs.
1601 SW 5th Court Pompano Beach, FL 62,217 1998 40 yrs.
1501 SW 5th Court Pompano Beach, FL 62,764 1998 40 yrs.
1400 SW 6th Court Pompano Beach, FL 341,434 1998 40 yrs.
1405 SW 6th Court Pompano Beach, FL 117,077 1998 40 yrs.
595 SW 13th Terrace Pompano Beach, FL 105,489 1998 40 yrs.
601 SW 13th Terrace Pompano Beach, FL 49,119 1998 40 yrs.
605 SW 16th Terrace Pompano Beach, FL 92,922 1998 40 yrs.
2440-2478 Metrocentre Boulevard West Palm Beach, FL 163,628 1998 40 yrs.
951 Broken Sound Parkway Boca Raton, FL 479,828 1998 40 yrs.
3400 Lakeside Drive Miramar, FL 897,857 1998 40 yrs.
3450 Lakeside Drive Miramar, FL 890,027 1998 40 yrs.
3350 SW 148th Avenue Miramar, FL 338,536 2000 40 yrs.
13650 NW 8th Street Sunrise, FL 151,768 1998 40 yrs.
13630 NW 8th Street Sunrise, FL 202,152 1998 40 yrs.
777 Yamato Road Boca Raton, FL 1,085,543 1998 40 yrs.
1801 Clint Moore Road Boca Raton, FL 314,016 1998 40 yrs.
6601-6625 W. 78th Street Bloomington, MN 2,094,278 1998 40 yrs.
2905 Northwest Boulevard Plymouth, MN 523,349 1983 40 yrs.
2800 Campus Drive Plymouth, MN 349,992 1985 40 yrs.
2955 Xenium Lane Plymouth, MN 192,401 1985 40 yrs.
9401-9443 Science Center Drive New Hope, MN 395,431 1989 40 yrs.
76
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Accumulated Date of
Depreciation Construction Depreciable
Project City @ 12/31/00 or Acquisition Life (years)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES - Continued
6321-6325 Bury Drive Eden Prairie, MN 420,405 1988 40 yrs.
7115-7173 Shady Oak Road Eden Prairie, MN 428,638 1984 40 yrs.
7660-7716 Golden Triangle Drive Eden Prairie, MN 762,767 1988 40 yrs.
7400 Flying Cloud Drive Eden Prairie, MN 167,312 1987 40 yrs.
10301-10305 West 70th Street Eden Prairie, MN 108,636 1984 40 yrs.
10321 West 70th Street Eden Prairie, MN 125,394 1984 40 yrs.
10333 West 70th Street Eden Prairie, MN 95,900 1984 40 yrs.
10349-10357 West 70th Street Eden Prairie, MN 257,398 1985 40 yrs.
10365-10375 West 70th Street Eden Prairie, MN 260,070 1985 40 yrs.
10393-10394 West 70th Street Eden Prairie, MN 249,548 1985 40 yrs.
7078 Shady Oak Road Eden Prairie, MN 290,736 1985 40 yrs.
10400 Viking Drive Eden Prairie, MN 1,389,455 1999 40 yrs.
5600 & 5610 Rowland Road Minnetonka, MN 684,868 1988 40 yrs.
2920 Northwest Boulevard Plymouth, MN 394,602 1997 40 yrs.
5400-5500 Feltl Road Minnetonka, MN 602,638 1998 40 yrs.
10300 Bren Road Minnetonka, MN 292,828 1998 40 yrs.
14630-14650 28th Avenue North Plymouth, MN 144,400 1998 40 yrs.
7695-7699 Anagram Drive Eden Prairie, MN 218,416 1998 40 yrs.
7550 Meridian Circle Maple Grove, MN 188,314 1998 40 yrs.
2800 Northwest Boulevard Plymouth, MN 708,636 1998 40 yrs.
3255 Neil Armstrong Boulevard Eagan, MN 168,867 1998 40 yrs.
4801 West 81st Street Bloomington, MN 181,208 1998 40 yrs.
8100 Cedar Avenue Bloomington, MN 231,071 1998 40 yrs.
9600 54th Avenue Plymouth, MN 203,058 1998 40 yrs.
7800 Equitable Drive Eden Prairie, MN 220,802 1998 40 yrs.
7905 Fuller Road Eden Prairie, MN 219,212 1998 40 yrs.
9023 Columbine Road Eden Prairie, MN 168,803 1999 40 yrs.
6161 Green Valley Drive Bloomington, MN 133,482 1999 40 yrs.
4700 Nathan Lane North Minneapolis, MN 284,196 1999 40 yrs.
8967 Columbine Road Eden Prairie, MN 49,436 2000 40 yrs.
14390 Huntington Avenue Savage, MN 130,822 2000 40 yrs.
550-590 Hale Avenue Oakdale, MN 73,017 2000 40 yrs.
7777 Golden Triangle Drive Eden Prairie, MN 25,673 2000 40 yrs.
26911-26957 Northwestern Southfield, MI 6,883,314 1985 40 yrs.
1650 Research Drive Troy, MI 637,094 1985 40 yrs.
1775 Research Drive Troy, MI 247,972 1985 40 yrs.
1875 Research Drive Troy, MI 258,530 1986 40 yrs.
1850 Research Drive Troy, MI 702,390 1986 40 yrs.
1965 Research Drive Troy, MI 331,636 1987 40 yrs.
1960 Research Drive Troy, MI 320,115 1987 40 yrs.
27260 Haggerty Road Farmington Hills, MI 397,701 1983 40 yrs.
27200 Haggerty Road Farmington Hills, MI 317,530 1983 40 yrs.
27280 Haggerty Road Farmington Hills, MI 363,278 1983 40 yrs.
27220 Haggerty Road Farmington Hills, MI 173,534 1985 40 yrs.
27240 Haggerty Road Farmington Hills, MI 139,938 1985 40 yrs.
27300 Haggerty Road Farmington Hills, MI 317,791 1985 40 yrs.
1101 Allen Drive Troy, MI 73,386 1998 40 yrs.
1151 Allen Drive Troy, MI 151,177 1974 40 yrs.
1300 Rankin Street Troy, MI 120,350 1979 40 yrs.
1350 Rankin Street Troy, MI 88,812 1979 40 yrs.
1376-1400 Rankin Street Troy, MI 106,147 1979 40 yrs.
1352-1374 Rankin Street Troy, MI 122,441 1979 40 yrs.
1324-1346 Rankin Street Troy, MI 99,501 1979 40 yrs.
1301-1307 Rankin Street Troy, MI 93,740 1978 40 yrs.
1409 Allen Drive Troy, MI 123,746 1978 40 yrs.
1304 E. Maple Road Troy, MI 173,746 1971 40 yrs.
1334 Maplelawn Road Troy, MI 93,977 1983 40 yrs.
1290 Maplelawn Road Troy, MI 66,582 1984 40 yrs.
1070 Maplelawn Road Troy, MI 53,206 1982 40 yrs.
950 Maplelawn Road Troy, MI 186,253 1982 40 yrs.
894 Maplelawn Road Troy, MI 134,249 1986 40 yrs.
1179 Maplelawn Road Troy, MI 71,193 1984 40 yrs.
1940 Norwood Drive Troy, MI 66,900 1983 40 yrs.
1311-1331 Maplelawn Road Troy, MI 92,790 1986 40 yrs.
2354 Bellingham Street Troy, MI 65,441 1990 40 yrs.
2360 Bellingham Street Troy, MI 66,913 1985 40 yrs.
1911 Ring Drive Troy, MI 66,754 1986 40 yrs.
26442-26450 Haggerty Road Farmington Hills, MI 176,211 1988 40 yrs.
26500 Haggerty Road Farmington Hills, MI 233,029 1986 40 yrs.
26650 Haggerty Road Farmington Hills, MI 128,626 1988 40 yrs.
26700 Haggerty Road Farmington Hills, MI 187,411 1986 40 yrs.
26750 Haggerty Road Farmington Hills, MI 226,164 1988 40 yrs.
26800 Haggerty Road Farmington Hills, MI 130,048 1986 40 yrs.
26842-26850 Haggerty Road Farmington Hills, MI 199,514 1988 40 yrs.
26600 Haggerty Road Farmington Hills, MI 147,655 1999 40 yrs.
26550 Haggerty Road Farmington Hills, MI 94,038 2000 40 yrs.
50 West Big Bear Road Troy, MI 1,536,222 1998 40 yrs.
100 West Big Bear Road Troy, MI 1,474,725 1998 40 yrs.
245 Executive Drive Brookfield, WI 378,002 1998 40 yrs.
8301 West Parkland Court Milwaukee, WI 251,360 1998 40 yrs.
32991 Hamilton Court Farmington Hills, MI 230,732 1998 40 yrs.
7800 N. 113th Street Milwaukee, WI 430,371 1998 40 yrs.
2475-2479 Elliot Avenue Troy, MI 34,668 1998 40 yrs.
32661 Edward Avenue Madison Heights, MI 141,014 1998 40 yrs.
32701 Edward Avenue Madison Heights, MI 88,173 1998 40 yrs.
32751 Edward Avenue Madison Heights, MI 63,353 1998 40 yrs.
77
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Accumulated Date of
Depreciation Construction Depreciable
Project City @ 12/31/00 or Acquisition Life (years)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES - Continued
32853 Edward Avenue Madison Heights, MI 60,202 1998 40 yrs.
555 East Mandoline Avenue Madison Heights, MI 48,416 1998 40 yrs.
599 East Mandoline Avenue Madison Heights, MI 51,246 1998 40 yrs.
749 East Mandoline Avenue Madison Heights, MI 43,867 1998 40 yrs.
750 East Mandoline Avenue Madison Heights, MI 44,825 1998 40 yrs.
900 East Mandoline Avenue Madison Heights, MI 46,681 1998 40 yrs.
949 East Mandoline Avenue Madison Heights, MI 47,071 1998 40 yrs.
32090 John R. Road Madison Heights, MI 24,479 1998 40 yrs.
31601 Research Park Drive Madison Heights, MI 114,256 1998 40 yrs.
31651 Research Park Drive Madison Heights, MI 66,612 1998 40 yrs.
31700 Research Park Drive Madison Heights, MI 110,431 1998 40 yrs.
31701 Research Park Drive Madison Heights, MI 66,884 1998 40 yrs.
31751 Research Park Drive Madison Heights, MI 78,668 1998 40 yrs.
31800 Research Park Drive Madison Heights, MI 96,862 1998 40 yrs.
800 Tech Row Madison Heights, MI 180,855 1998 40 yrs.
900 Tech Row Madison Heights, MI 55,724 1998 40 yrs.
1000 Tech Row Madison Heights, MI 161,649 1998 40 yrs.
31771 Sherman Avenue Madison Heights, MI 39,011 1998 40 yrs.
31791 Sherman Avenue Madison Heights, MI 39,778 1998 40 yrs.
31811 Sherman Avenue Madison Heights, MI 71,302 1998 40 yrs.
31831 Sherman Avenue Madison Heights, MI 55,265 1998 40 yrs.
31900 Sherman Avenue Madison Heights, MI 120,324 1998 40 yrs.
800 East Whitcomb Avenue Madison Heights, MI 88,225 1998 40 yrs.
950 East Whitcomb Avenue Madison Heights, MI 130,798 1998 40 yrs.
1000 East Whitcomb Avenue Madison Heights, MI 64,087 1998 40 yrs.
1201 East Whitcomb Avenue Madison Heights, MI 77,910 1998 40 yrs.
1210 East Whitcomb Avenue Madison Heights, MI 19,909 1998 40 yrs.
1260 Kempar Avenue Madison Heights, MI 26,286 1998 40 yrs.
1280 Kempar Avenue Madison Heights, MI 35,927 1998 40 yrs.
22515 Heslip Drive Madison Heights, MI 20,732 1998 40 yrs.
9801 80th Avenue Pleasant Prairie, WI 464,841 1998 40 yrs.
11950 W. Lake Park Drive Milwaukee, WI 121,797 1999 40 yrs.
11400 W. Lake Park Drive Milwaukee, WI 133,027 1999 40 yrs.
11425 W. Lake Park Drive Milwaukee, WI 121,455 1999 40 yrs.
11301 W. Lake Park Drive Milwaukee, WI 134,685 1999 40 yrs.
11900 W. Lake Park Drive Milwaukee, WI 245,374 1999 40 yrs.
38100 Ecorse Road Romulus, MI 73,658 2000 40 yrs.
16620-16650 W. Bluemound Road Brookfield, WI 135,395 1999 40 yrs.
1600-1630 E. Big Beaver Road Troy, MI 87,368 1999 40 yrs.
11520 W. Calumet Road Milwaukee, WI 35,592 2000 40 yrs.
12100 W. Park Place Milwaukee, WI 74,887 2000 40 yrs.
N26 W23445 Paul Road Pewaukee, WI 41,079 2000 40 yrs.
11200 W. Plank Court Wauwatosa, WI 77,123 2000 40 yrs.
11020 W. Plank Court Wauwatosa, WI 53,108 2000 40 yrs.
50 Gibson Drive West Malling, UK 899,752 1996 40 yrs.
2 Kings Hill Avenue West Malling, UK 602,067 1996 40 yrs.
50 Kings Hill Avenue West Malling, UK 1,364,767 1996 40 yrs.
10 Kings Hill Avenue West Malling, UK 399,502 1998 40 yrs.
30 Tower View West Malling, UK 390,759 1999 40 yrs.
35 Kings Hill Avenue West Malling, UK 157,958 1999 40 yrs.
39 Kings Hill Avenue West Malling, UK 121,131 1999 40 yrs.
18 Kings Hill Avenue West Malling, UK 250,838 1999 40 yrs.
------------
Subtotal Operating Real Estate $334,415,242
============
DEVELOPMENT IN PROGRESS
11 Great Valley Parkway Malvern, PA $ - 1999 N/A
680 Blair Mill Road Horsham, PA - 2000 N/A
1200 Liberty Ridge Place Wayne, PA - 2000 N/A
2760 Red Lion Road Philadelphia, PA - 2000 N/A
17000 Commerce Parkway Mt. Laurel, NJ - 2000 N/A
705 Boulder Drive Allentown, PA - 1998 N/A
3773 Executive Business Parkway Upper Saucon Twp, PA - 2000 N/A
Main & W. Broad Streets Bethlehem, PA - 2000 N/A
8150 Industrial Boulevard Allentown, PA - 2000 N/A
8250 Industrial Boulevard Upper Macungie, PA - 2000 N/A
650 Boulder Drive Allentown, PA - 2000 N/A
6200 Old Dobbin Lane Columbia, MD - 2000 N/A
6210 Old Dobbin Lane Columbia, MD - 2000 N/A
6240 Old Dobbin Lane Columbia, MD - 2000 N/A
12730 Kinston Avenue Richmond, VA - 1997 N/A
12450 Three Chopt Road Richmond, VA - 2000 N/A
1309 Executive Boulevard Cheaspeake, VA - 2000 N/A
4183 Eagle Hill Drive High Point, NC - 2000 N/A
4189 Eagle Hill Drive High Point, NC - 2000 N/A
4020 Meeting Way High Point, NC - 2000 N/A
4 Independence Point Greenville, SC - 2000 N/A
5 Independence Point Greenville, SC - 2000 N/A
4230 Faber Place Charleston, SC - 2000 N/A
170 Ridgeview Drive Duncan, SC - 2000 N/A
6509 Franz Warner Parkway Rock Creek, NC - 2000 N/A
2400 South Lake Orange Drive Orlando, FL - 1999 N/A
4887 Belfort Road Jacksonville, FL - 2000 N/A
6501 Lee Vista Boulevard Orlando, FL - 2000 N/A
7255 Salisbury Road Jacksonville, FL - 2000 N/A
78
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Accumulated Date of
Depreciation Construction Depreciable
Project City @ 12/31/00 or Acquisition Life (years)
- -------------------------------------- ------------------- ------------ -------------- ------------
DEVELOPMENT IN PROGRESS - Continued
2416 Lake Orange Drive Orlando, FL - 2000 N/A
901-933 US Highway 301S Tampa, FL - 2000 N/A
4503 Woodland Corporate Boulevard Tampa, FL - 2000 N/A
4505 Woodland Corporate Boulevard Tampa, FL - 2000 N/A
4511 Woodland Corporate Boulevard Tampa, FL - 2000 N/A
8937 Columbine Road Eden Prairie, MN - 2000 N/A
7615 Smetana Lane Eden Prairie, MN - 2000 N/A
7805 Hudson Road Woodbury, MN - 2000 N/A
10801 Nesbitt Avenue South Bloomington, MN - 2000 N/A
4600 Nathan Lane Plymouth, MN - 2000 N/A
8995 Columbine Road Eden Prairie, MN - 2000 N/A
8911 Columbine Road Eden Prairie, MN - 2000 N/A
8855 Columbine Road Eden Prairie, MN - 2000 N/A
8691 109th Street Pleasant Prairie, WI - 1999 N/A
11414 West Park Place Milwaukee, WI - 2000 N/A
2600 Bellingham Drive Troy, MI - 2000 N/A
2710 Bellingham Drive Troy, MI - 2000 N/A
38000 Ecourse Road Romulus, MI - 2000 N/A
6505 Cogswell Road Romulus, MI - 2000 N/A
4 Abbey Wood Road West Malling, UK - 1999 N/A
------------
Subtotal Development in Progress $ -
============
LAND HELD FOR DEVELOPMENT
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
Liberty Ridge Land Wayne, PA - 2000 N/A
Northsight Land Scottsdale, AZ - 2000 N/A
1710 Arch Street Philadelphia, PA - 2000 N/A
1722 Arch Street Philadelphia, PA - 2000 N/A
JFK & Arch Parking Lots (East) Philadelphia, PA - 2000 N/A
JFK & Arch Parking Lots (West) Philadelphia, PA - 2000 N/A
Commodore Business Park Bridgeport, NJ - 1995 N/A
Marlton Executive Park Land Marlton, NJ - 1994 N/A
410 Center Square Land Bridgeport, NJ - 1999 N/A
800 Arlington Boulevard Expansion Land Bridgeport, NJ - 1999 N/A
Lehigh Valley Corporate Center Land Bethlehem, PA - 1987 N/A
LVCC Phase 2 Land Bethlehem, PA - 1998 N/A
1605 Valley Center Parkway Bethlehem, PA - 2000 N/A
Columbia Crossing Land Columbia, MD - 2000 N/A
6250 Old Dobbin Lane Columbia, MD - 2000 N/A
IRS Distribution Center Land Richmond, VA - 1995 N/A
Rivers' Bend Land Richmond, VA - 1995 N/A
Woodlands Center Land Richmond, VA - 1996 N/A
501 H P Way Richmond, VA - 1996 N/A
6000-98 Eastport Boulevard 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
Westmoreland III Land Virginia Beach, VA - 1998 N/A
Volvo Center Land Chesapeake, VA - 2000 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
Lakeside I (Mendenhall) High Point, NC - 2000 N/A
South Oaks I (Mendenhall) High Point, NC - 2000 N/A
Enterprise 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 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
Central Green Land Houston, TX - 1998 N/A
South Center Land Orlando, FL - 1999 N/A
South Center Land Orlando, FL - 1999 N/A
Orlando Corporate Center Land Orlando, FL - 2000 N/A
Salisbury Road Land Jacksonville, FL - 2000 N/A
Woodland Corporate Center Land Tampa, FL - 1998 N/A
6119 W. Linebaugh Avenue Tampa, FL - 2000 N/A
7831-41 Woodland Center Parkway (Bldg Z) Tampa, FL - 2000 N/A
Pompano Bus Pk Land-Lots 100,101 Boca Raton, FL - 1998 N/A
Pompano Bus Pk Land-Lots 60, 61 Boca Raton, FL - 1998 N/A
Boca Colonnade Land - Yamato Road Boca Raton, FL - 1998 N/A
Klodt Land Eden Prairie, MN - 1998 N/A
Romulus Land Romulus, MI - 1998 N/A
79
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Accumulated Date of
Depreciation Construction Depreciable
Project City @ 12/31/00 or Acquisition Life (years)
- -------------------------------------- ------------------- ------------ -------------- ------------
LAND HELD FOR DEVELOPMENT - Continued
Big Beaver Airport Land Troy, MI - 1999 N/A
Park Place South Land Milwaukee, WI - 1999 N/A
------------
Subtotal Land Held for Development $ -
============
Total All Properties $334,415,242
============
80
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,
----------------------------------
2000 1999 1998
---------- ---------- ----------
REAL ESTATE:
Balance at beginning of year $3,254,751 $3,028,142 $2,106,028
Additions 411,493 339,738 944,794
Disposition of property (117,879) (113,129) (22,680)
---------- ---------- ----------
Balance at end of year $3,548,365 $3,254,751 $3,028,142
========== ========== ==========
ACCUMULATED DEPRECIATION:
Balance at beginning of year $ 270,174 $ 209,023 $ 149,311
Depreciation expense 82,223 74,765 61,679
Disposition of property (17,982) (13,614) (1,967)
---------- ---------- ----------
Balance at end of year $ 334,415 $ 270,174 $ 209,023
========== ========== ==========
81
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, 2000 and 1999, and the related consolidated statements of
operations, owners' equity, and cash flows for each of the three years
in the period ended December 31, 2000. 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, 2000
and 1999, and the consolidated results of its operations and its cash
flows for each of the three years in the period ended December 31, 2000,
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 5, 2001, except for Note 11,
as to which the date is March 14, 2001
82
CONSOLIDATED BALANCE SHEETS OF LIBERTY PROPERTY LIMITED PARTNERSHIP
(IN THOUSANDS)
DECEMBER 31,
------------------------
2000 1999
---------- ----------
ASSETS
Real estate:
Land and land improvements $ 443,057 $ 411,678
Buildings and improvements 2,759,420 2,593,002
Less accumulated depreciation (334,415) (270,174)
---------- ----------
Operating real estate 2,868,062 2,734,506
Development in progress 208,486 138,870
Land held for development 137,402 111,201
---------- ----------
Net real estate 3,213,950 2,984,577
Cash and cash equivalents 4,638 9,064
Accounts receivable 12,624 13,388
Deferred financing and leasing costs,
net of accumulated amortization
(2000, $59,071; 1999, $58,033) 57,807 46,941
Prepaid expenses and other assets 107,336 64,163
---------- ----------
Total assets $3,396,355 $3,118,133
========== ==========
LIABILITIES
Mortgage loans $ 362,025 $ 374,825
Unsecured notes 1,095,000 985,000
Credit facility 176,000 47,000
Convertible debentures 70,871 84,413
Accounts payable 15,672 15,599
Accrued interest 29,478 22,422
Distribution payable 43,220 39,198
Other liabilities 84,515 67,558
---------- ----------
Total liabilities 1,876,781 1,636,015
OWNERS' EQUITY
General partner's equity - preferred units 120,814 120,814
- common units 1,199,991 1,173,793
Limited partners' equity - preferred units 112,516 187,511
- common units 86,253 -
---------- ----------
Total owners' equity 1,519,574 1,482,118
---------- ----------
Total liabilities and owners' equity $3,396,355 $3,118,133
========== ==========
See accompanying notes.
83
CONSOLIDATED STATEMENTS OF OPERATIONS OF LIBERTY PROPERTY LIMITED PARTNERSHIP
(IN THOUSANDS)
YEAR ENDED DECEMBER 31,
-----------------------------------------
2000 1999 1998
----------- ----------- -----------
REVENUE
Rental $ 384,245 $ 342,931 $ 281,732
Operating expense reimbursement 144,344 123,591 101,248
Interest and other 4,374 5,976 5,398
----------- ---------- ----------
Total revenue 532,963 472,498 388,378
EXPENSES
Rental property 97,181 87,415 74,007
Real estate taxes 51,558 42,024 34,338
Interest expense 108,295 99,663 78,617
General and administrative 19,260 16,127 15,522
Depreciation and amortization 93,472 84,464 67,932
----------- ---------- ----------
Total expenses 369,766 329,693 270,416
----------- ---------- ----------
Income before property dispositions
and extraordinary item 163,197 142,805 117,962
Gain (loss) on property dispositions 18,386 13,188 (1,285)
----------- ---------- ----------
Income before extraordinary item 181,583 155,993 116,677
----------- ---------- ----------
Extraordinary item-loss on
extinguishment of debt 2,103 1,145 -
----------- ---------- ----------
Net income $ 179,480 $ 154,848 $ 116,677
=========== ========== ==========
Net income allocated to general
partner $ 159,271 $ 141,324 $ 108,615
=========== ========== ==========
Net income allocated to limited
partners $ 20,209 $ 13,524 $ 8,062
=========== =========== ===========
See accompanying notes.
84
CONSOLIDATED STATEMENTS OF OWNERS' EQUITY OF
LIBERTY PROPERTY LIMITED PARTNERSHIP
(IN THOUSANDS)
GENERAL LIMITED
PARTNER'S PARTNERS' TOTAL OWNERS'
EQUITY EQUITY EQUITY
---------- ----------- -------------
Owners' equity at January 1, 1998 $ 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
Contributions from partners 25,509 (8,245) 17,264
Distributions to partners (158,582) (20,167) (178,749)
Issuance of Operating Partnership Units - 19,461 19,461
Net income 159,271 20,209 179,480
---------- ----------- -----------
Balance at December 31, 2000 $1,320,805 $ 198,769 $ 1,519,574
========== =========== ===========
See accompanying notes.
85
CONSOLIDATED STATEMENTS OF CASH FLOWS OF LIBERTY PROPERTY LIMITED PARTNERSHIP
(IN THOUSANDS)
YEAR ENDED DECEMBER 31,
-----------------------------------
2000 1999 1998
--------- ---------- ----------
OPERATING ACTIVITIES
Net income $ 179,480 $ 154,848 $ 116,677
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 93,472 84,464 67,932
Amortization of deferred financing costs 3,888 4,951 4,462
(Gain) loss on sale (18,386) (13,188) 1,285
Noncash compensation 2,077 1,990 1,506
Changes in operating assets
and liabilities:
Accounts receivable 764 40 (7,390)
Prepaid expenses and other assets (44,646) (20,722) (3,266)
Accounts payable 73 (2,654) 4,188
Accrued interest 7,056 4,159 7,303
Other liabilities 16,957 (1,467) 26,526
--------- ---------- ----------
Net cash provided by operating activities 240,735 212,421 219,223
--------- ---------- ----------
INVESTING ACTIVITIES
Investment in properties (118,735) (95,072) (555,235)
Proceeds from disposition of properties/land 117,009 114,137 20,752
Investment in development in progress (177,380) (175,447) (243,708)
Increase in land held for development (111,685) (63,836) (45,201)
Increase in deferred leasing costs (17,959) (15,560) (16,150)
--------- ---------- ----------
Net cash used in investing activities (308,750) (238,778) (839,542)
--------- ---------- ----------
FINANCING ACTIVITIES
Retirement of convertible debentures (10,914) (6,645) -
Proceeds from issuance of unsecured notes 200,000 385,000 295,000
Repayment of unsecured notes (90,000) (45,000) -
Repayments of mortgage loans (15,218) (42,217) (23,954)
Proceeds from lines of credit 541,000 162,024 633,000
Repayments on lines of credit (412,000) (379,024) (504,000)
Increase in deferred financing costs (6,592) (5,220) (733)
Capital contributions 32,043 100,322 300,873
Distributions to partners (174,730) (148,210) (120,555)
--------- ---------- ----------
Net cash provided by financing activities 63,589 21,030 579,631
--------- ---------- ----------
Decrease in cash and cash equivalents (4,426) (5,327) (40,688)
Cash and cash equivalents at beginning of year 9,064 14,391 55,079
--------- ---------- ----------
Cash and cash equivalents at end of year $ 4,638 $ 9,064 $ 14,391
========= ========== ==========
SUPPLEMENTAL DISCLOSURE OF
NONCASH TRANSACTIONS
Write-off of fully depreciated
property and deferred costs $ 31,021 $ 18,527 $ 2,958
Acquisition of properties (2,419) (3,818) (101,281)
Assumption of mortgage loans 2,419 3,818 73,587
Issuance of operating partnership units - - 27,694
Conversion of convertible debentures 2,605 10,344 9,630
========= =========== ==========
See accompanying notes.
86
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, owning 93.9% of the common equity
of the Operating Partnership at December 31, 2000. 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 5-10 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
87
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, 2000, and 1999 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 will 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 adoption of this Statement will not have a material effect
on its results of operations or financial position.
3. REAL ESTATE
At December 31, 2000 and 1999, 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):
LAND BUILDINGS
AND LAND AND ACCUMULATED
IMPROVEMENTS IMPROVEMENTS TOTAL DEPRECIATION
------------ ------------ ----------- ------------
2000:
Industrial properties $ 220,406 $1,281,192 $1,501,598 $ 161,931
Office properties 222,652 1,478,227 1,700,879 172,484
---------- ---------- ---------- ----------
2000 Total $ 443,057 $2,759,420 $3,202,477 $ 334,415
========== ========== ========== ==========
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
========== ========== ========== ==========
88
Depreciation expense was $82.2 million in 2000, $74.8 million in 1999,
and $61.7 million in 1998.
As of December 31, 2000, the Company has commenced development on 49
properties, which upon completion are expected to comprise approximately
6.0 million square feet of leaseable space. As of December 31, 2000
approximately $208.5 million has been expended for the development of
these projects and an additional $200.2 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, and 1998, the fees for
these services were $600,000 per year. The Company had accounts
receivable and a loan receivable from Rouse Kent Limited and affiliates
with balances of $7.5 million and $11.9 million, respectively, as of
December 31, 2000 and $1.2 million and $3.9 million, respectively, as of
December 31, 1999.
5. INDEBTEDNESS
Indebtedness consists generally of mortgage loans, unsecured notes, the
Credit Facility, as defined below, and convertible debentures. The
weighted average interest rates as of December 31, 2000, 1999, and
1998, were approximately 7.6%, 7.3%, and 7.2%, respectively. Interest
expense for the years ended December 31, 2000, 1999, and 1998,
aggregated $108.3 million, $99.7 million, and $78.6 million,
respectively. Interest costs during these periods of $17.8 million,
$15.3 million, and $16.3 million, respectively, were capitalized. Cash
paid for interest for the years ended December 31, 2000, 1999, and 1998,
was $115.1 million, $105.8 million, and $83.2 million, respectively.
Mortgage Loans, Unsecured Notes
Mortgage loans with maturities ranging from 2001 to 2012 are
collateralized by and in some instances cross-collateralized by
properties with a book value of $528.1 million.
As of December 31, 2000, $362.0 million in mortgage loans and $1,095.0
million in unsecured notes were outstanding. The interest rates on
$1,451.0 million of mortgage loans and unsecured notes are fixed and
range from 6.0% to 8.8%. Interest rates on $6.0 million of mortgage
loans float with a municipal bond index. The weighted average remaining
term for the mortgage loans and unsecured notes is 7.4 years. The
scheduled maturities of principal amortization of the Company's mortgage
89
loans and unsecured notes outstanding and the related weighted average
interest rates are as follows (in thousands):
MORTGAGES
------------------------- WEIGHTED
PRINCIPAL PRINCIPAL UNSECURED AVERAGE
AMORTIZATION MATURITIES NOTES (1) TOTAL INTEREST RATE
------------ ---------- ---------- ----------- -------------
2001 $ 9,222 $ 22,534 $ - $ 31,756 7.21%
2002 8,147 - 100,000 108,147 6.66%
2003 8,127 26,606 50,000 84,733 7.25%
2004 8,206 16,339 100,000 124,545 6.96%
2005 7,131 115,039 - 122,170 7.60%
2006 5,047 30,079 100,000 135,126 7.22%
2007 4,592 - 100,000 104,592 7.27%
2008 4,280 28,823 - 33,103 7.22%
2009 2,163 42,049 270,000 314,212 7.82%
2010 1,367 - 200,000 201,367 8.49%
2011 1,105 3,303 - 4,408 7.70%
2012 192 17,674 - 17,866 7.69%
2013 - - 75,000 75,000 6.38%
2018 - - 100,000 100,000 7.50%
-------- -------- ---------- ---------- ------
$ 59,579 $302,446 $1,095,000 $1,457,025 7.49%
======== ======== ========== ========== ======
(1) The $75,000 of unsecured notes due 2013 is putable in 2003.
Credit Facility
The Credit Facility is a $450 million unsecured credit facility (the
"Credit Facility") which replaced a $325 million unsecured revolving
credit facility due May 2000 and a $90 million term loan due January
2001. The interest rate on borrowings under the Credit Facility
fluctuates, based on 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 115
basis points over the LIBOR (7.7% at December 31, 2000). The rate for
the Credit Facility at December 31, 1999 was 7.43%. Customary fees
apply to the Credit Facility including an annual administrative fee and
an unused line fee. The Credit Facility matures on April 2003.
Convertible Debentures
The Convertible Debentures are due on July 1, 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 $.57 per Common Share per
quarter distribution payment rate, the effective interest rate on the
Convertible Debentures is 11.4%. At December 31, 1999, the effective
interest rate on the Convertible Debentures was 10.4%. 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,
Preferred Shares or Convertible Debentures. In 2000, the Company
repurchased $10.9 million principal amount of its Convertible
Debentures. In 1999, the Company repurchased $6.6 million principal
amount of its Convertible Debentures. The repurchase of the Convertible
90
Debentures in 2000 and in 1999 resulted in the recognition of
extraordinary losses of $2.1 and $1.1 million, respectively. These
losses represent the redemption premiums and the write-off of related
deferred financing costs. At December 31, 2000 and 1999, the
Convertible Debentures were convertible into 3,543,550 and 4,220,650
Common Shares, respectively.
The fair value of the Convertible Debentures at December 31, 2000 was
$101.2 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, 2000, 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, 2000 are as follows (in thousands):
2001 $ 374,651
2002 338,899
2003 295,142
2004 249,555
2005 191,426
Thereafter 561,251
----------
TOTAL $2,010,924
==========
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 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
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.
On April 18, 2000, the Company issued 800,000 Series C Cumulative
Redeemable Preferred Units (the "Series C Preferred Units"). All of the
Series C Preferred Units are held by limited partners. The Series C
Preferred Units are non-voting and have a cash liquidation preference of
$25.00 per unit and a preferential cash distribution rate of 9.125%. On
or after April 18, 2005, the Series C Preferred Units may be redeemed
for cash at the option of the Company. The Series C Preferred Units are
exchangeable on a one-for-one basis at any time on or after April 18,
2010 into Series C Cumulative Redeemable Preferred Shares of the Trust.
91
8. COMMITMENTS AND CONTINGENCIES
All of the Properties and land were subject to Phase I Environmental
Assessments and when appropratie Phase II Environmental Assessments
(collectively, the "Environmental Assessments") obtained in
contemplation of their acquisition by the Company. The Environmental
Assessments consisted of, among other activities, a visual inspection of
each Property and its neighborhood and a check of pertinent public
records. The Environmental 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, 2000 and 1999 (in thousands, except per
share amounts):
QUARTER ENDED
----------------------------------------------------------------------------------
DEC. 31, SEPT. 30, JUNE 30, MARCH 31, DEC. 31, SEPT. 30, JUNE 30, MARCH 31,
2000 2000 2000 2000 1999 1999 1999 1999
-------- --------- -------- --------- -------- --------- -------- ---------
Rental revenue $100,296 $ 97,152 $ 94,825 $ 91,972 $ 90,149 $ 87,064 $ 84,250 $ 81,468
======== ======== ======== ======== ======== ======== ======== ========
Income before extraordinary
item 47,195 45,183 45,782 43,423 39,164 35,928 46,263 34,638
======== ======== ======== ======== ======== ======== ======== ========
Extraordinary item-loss on
extinguishment of debt - - 228 1,875 1,145 - - -
======== ======== ======== ======== ======== ======== ======== ========
Net income 47,195 45,183 45,554 41,548 38,019 35,928 46,263 34,638
======== ======== ======== ======== ======== ======== ======== ========
Net income allocated to
general partner 41,980 40,091 40,331 36,869 33,551 32,093 43,252 32,428
======== ======== ======== ======== ======== ======== ======== ========
Net income allocated to
limited partner 5,215 5,092 5,223 4,679 4,468 3,835 3,011 2,210
======== ======== ======== ======== ======== ======== ======== ========
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 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 expenses and
real estate taxes. The accounting policies of the reportable segments
92
are the same as those for the Company on a consolidated basis. The
operating information by segment is as follows (in thousands):
FOR THE YEAR ENDED DECEMBER 31, 2000
- ------------------------------------------------------------------------------------------------------------------------
SE New Lehigh The
Pennsyl. Jersey Valley Virginia Carolinas Jacksonville Michigan All Others Total
-------- -------- -------- -------- --------- ------------ -------- ---------- --------
Real estate-
related revenues $147,519 $ 42,794 $ 50,709 $ 42,956 $ 41,542 $ 42,764 $ 57,353 $102,952 $528,589
Rental property
expenses and
real estate taxes 40,954 13,132 11,041 9,674 11,391 10,487 19,710 32,350 148,739
-------- -------- -------- -------- -------- -------- -------- -------- --------
Property-level net
operating income 106,565 29,662 39,668 33,282 30,151 32,277 37,643 70,602 379,850
Other income/
expenses, net 216,653
--------
Income before property
dispositions and
extraordinary item 163,197
Gain on property
dispositions 18,386
Extraordinary item-loss
on extinguishment of
debt 2,103
--------
Net income $179,480
========
Net income allocated
to general partner $159,271
========
Net income allocated
to limited partners $ 20,209
========
FOR THE YEAR ENDED DECEMBER 31, 1999
- ------------------------------------------------------------------------------------------------------------------------
SE New Lehigh The
Pennsyl. Jersey Valley Virginia Carolinas Jacksonville Michigan All Others Total
-------- -------- -------- -------- --------- ------------ -------- ---------- --------
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
========
93
FOR THE YEAR ENDED DECEMBER 31, 1998
- ------------------------------------------------------------------------------------------------------------------------
SE New Lehigh The
Pennsyl. Jersey Valley Virginia Carolinas Jacksonville Michigan All Others Total
-------- -------- -------- -------- --------- ------------ -------- ---------- --------
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
========
REVENUES YEAR ENDED DECEMBER 31,
- ---------------------------------------------------------- -----------------------------------
2000 1999 1998
---------- ---------- -----------
Total real estate-related revenues for reportable segments $ 528,589 $ 466,522 $ 382,980
Interest and other 4,374 5,976 5,398
--------- --------- ----------
Total revenues $ 532,963 $ 472,498 $ 388,378
========= ========= ==========
PRODUCT TYPE INFORMATION REAL ESTATE-RELATED REVENUES
- ---------------------------------------------------------- -----------------------------------
YEAR ENDED DECEMBER 31,
-----------------------------------
2000 1999 1998
---------- ---------- -----------
Industrial $ 239,384 $ 225,988 $ 192,548
Office 289,205 240,534 190,432
--------- --------- ----------
Total real estate-related revenues $ 528,589 $ 466,522 $ 382,980
========= ========= ==========
ROLLFORWARD OF OPERATING REAL ESTATE ASSETS BY REPORTABLE SEGMENT
- ------------------------------------------------------------------------------------------------------------------------------
SE New Lehigh The
Pennsyl. Jersey Valley Virginia Carolinas Jacksonville Michigan All Others Total
-------- -------- -------- -------- --------- ------------ -------- ---------- ----------
January 1, 2000 $733,465 $262,102 $271,606 $301,997 $250,708 $273,763 $333,866 $577,173 $3,004,680
Additions 113,708 3,898 20,845 18,531 25,085 29,968 20,254 64,838 297,127
Dispositions (26,095) (12,990) - (17,492) (6,009) - - (36,744) (99,330)
-------- -------- -------- -------- -------- -------- -------- -------- ----------
December 31, 2000 $821,078 $253,010 $292,451 $303,036 $269,784 $303,731 $354,120 $605,267 $3,202,477
======== ======== ======== ======== ======== ======== ======== ======== ==========
Accumulated depreciation (334,415)
Development in progress 208,486
Land held for development 137,402
Other assets 182,405
----------
Total assets December 31, 2000 $3,396,355
===========
94
ROLLFORWARD OF OPERATING REAL ESTATE ASSETS BY REPORTABLE SEGMENT
- ------------------------------------------------------------------------------------------------------------------------------
SE New Lehigh The
Pennsyl. Jersey Valley Virginia Carolinas Jacksonville Michigan All Others Total
-------- -------- -------- -------- --------- ------------ -------- ---------- ----------
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
===========
11. SUBSEQUENT EVENTS
On March 14, 2001, the Company consummated the sale of $250 million
principal amount of 7.25% senior notes due 2011. The aggregate net
proceeds from such issuance were approximately $246.2 million. The
Company used the aggregate net proceeds primarily to pay down the Credit
Facility, which is used to fund development and acquisition activity.
95
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Cost
Capitalized
Initial Cost Subsequent
--------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES
10,20 Liberty Boulevard Malvern, PA $ - $ 724,058 $ - $ 5,063,275
420 Lapp Road Malvern, PA * 1,054,418 - 6,414,605
747 Dresher Road Horsham, PA - 1,607,238 - 4,148,133
45-67 Great Valley Parkway Malvern, PA * 795,143 - 2,997,927
40 Valley Stream Parkway Malvern, PA * 322,918 - 2,229,636
50 Valley Stream Parkway Malvern, PA - 323,971 - 2,380,881
20 Valley Stream Parkway Malvern, PA * 465,539 - 5,223,981
800 Town Center Drive Langhorne, PA - 1,617,149 - 9,606,666
9, 15, 25 Great Valley Parkway Malvern, PA * 1,837,050 - 15,156,712
257-275 Great Valley Parkway Malvern, PA * 504,611 - 4,508,928
300 Technology Drive Malvern, PA - 368,626 - 1,303,696
277-293 Great Valley Parkway Malvern, PA - 530,729 - 2,085,105
311 Technology Drive Malvern, PA - 397,131 - 2,262,778
325 Technology Drive Malvern, PA * 376,444 - 1,852,531
7 Great Valley Parkway Malvern, PA * 176,435 - 4,451,537
55 Valley Stream Parkway Malvern, PA - 215,005 - 3,428,714
65 Valley Stream Parkway Malvern, PA * 381,544 - 5,195,448
508 Lapp Road Malvern, PA * 331,392 - 1,813,768
10 Valley Stream Parkway Malvern, PA * 509,075 - 2,880,034
333 Phoenixville Pike Malvern, PA 2,002,206 523,530 - 3,058,164
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 - 2,137,673
77-123 Great Valley Parkway Malvern, PA * 887,664 - 4,877,563
260 Great Valley Parkway Malvern, PA - 203,916 - 1,122,866
256 Great Valley Parkway Malvern, PA * 161,098 - 1,888,761
205 Great Valley Parkway Malvern, PA * 1,368,259 - 10,507,952
12,14,16 Great Valley Parkway Malvern, PA - 130,689 - 1,206,020
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 1,940,000 157,611
1100 Wheeler Way Langhorne, PA - 150,000 1,100,000 90,716
60 Morehall Road Malvern, PA - 865,424 9,285,000 4,724,202
905 Airport Road West Chester, PA - 1,715,000 5,185,000 674,531
1 Country View Road Malvern, PA - 400,000 3,600,000 469,038
2151 Cabot Boulevard Langhorne, PA * 384,100 3,456,900 264,595
170 South Warner Road King of Prussia, PA - 547,800 3,137,400 2,242,471
190 South Warner Road King of Prussia, PA - 552,201 3,162,600 1,100,792
507 Prudential Road Horsham, PA * 644,900 5,804,100 660,716
100 Witmer Road Horsham, PA 8,688,457 3,102,785 - 12,199,070
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 - 1,204,838 - 2,531,137
200 Chesterfield Parkway Malvern, PA - 495,893 2,739,093 220,170
767 Electronic Drive Horsham, PA - 1,229,685 - 2,746,795
132 Welsh Road Horsham, PA - 1,333,641 - 3,765,917
5 Country View Road Malvern, PA * 785,168 4,678,632 184,612
3200 Horizon Drive King of Prussia, PA * 928,637 - 4,296,061
3000 Horizon Drive King of Prussia, PA * 1,191,449 - 1,854,147
111-195 Witmer Road Horsham, PA - 407,005 3,129,058 (109,085)
300 Welsh Road - Bldg. #3 Horsham, PA - 180,459 1,441,473 192,088
300 Welsh Road - Bldg. #4 Horsham, PA - 282,492 2,256,508 1,036,140
8801 Tinicum Boulevard Philadelphia, PA - 2,474,031 - 42,796,963
440 East Swedesford Road King of Prussia, PA - 717,001 4,816,1221 1,445,025
460 East Swedesford Road King of Prussia, PA - 705,318 4,737,487 533,419
50 Morehall Road Malvern, PA - 849,576 - 13,046,717
2 Walnut Grove Drive Horsham, PA - 1,281,870 7,767,374 817,598
5 Walnut Grove Horsham, PA - 1,065,951 - 9,084,162
200 Gibraltar Road Horsham, PA - 638,512 5,811,323 734,114
220 Gibraltar Road Horsham, PA - 629,944 5,733,228 46,309
240 Gibraltar Road Horsham, PA - 629,944 5,733,234 29,724
151 South Warner Road King of Prussia, PA - 1,218,086 6,937,866 (57,132)
1 Walnut Grove Drive Horsham, PA - 1,058,901 5,343,606 1,041,557
3604 Horizon Drive King of Prussia, PA - 397,178 - 1,568,644
3606 Horizon Drive King of Prussia, PA - 789,409 - 1,940,816
650 Swedesford Road King of Prussia, PA - 952,910 6,722,830 7,554,683
680 Swedesford Road King of Prussia, PA - 952,361 6,722,830 7,254,738
761 Fifth Avenue King of Prussia, PA - 256,463 2,061,468 420,166
771 Fifth Avenue King of Prussia, PA - 152,455 1,256,908 261,130
1 Great Valley Parkway Malvern, PA - 419,460 3,792,570 286,731
5 Great Valley Parkway Malvern, PA - 684,200 6,181,661 435,452
311 Sinclair Road Bristol, PA - 277,901 1,576,906 16,867
1001 Cedar Hollow Road Malvern, PA - 1,436,814 - 16,047,698
3 Country View Road Malvern, PA - 814,279 - 4,954,223
425 Technology Drive Malvern, PA - 191,115 - 1,840,489
375 Technology Drive Malvern, PA - 191,114 - 1,765,099
45 Liberty Boulevard Malvern, PA - 4,380,221 - 15,096,126
100 Chesterfield Parkway Malvern, PA - 1,320,625 - 6,608,193
181-187 Gibraltar Road Horsham, PA - 360,550 3,259,984 477,083
104 Rock Road Horsham, PA - 330,111 2,981,669 22,618
96
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Cost
Capitalized
Initial Cost Subsequent
--------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - Continued
123-135 Rock Road Horsham, PA - 292,360 2,411,677 642,310
111-159 Gibraltar Road Horsham, PA - 489,032 4,126,151 356,554
161-175 Gibraltar Road Horsham, PA - 294,673 2,663,722 529,310
103-109 Gibraltar Road Horsham, PA - 270,905 2,448,500 574,562
261-283 Gibraltar Road Horsham, PA - 464,870 3,951,972 93,087
210-223 Witmer Road Horsham, PA - 270,282 2,441,276 1,458,924
231-237 Gibraltar Road Horsham, PA - 436,952 3,948,963 356,887
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 - 208,139 895,470 617,772
113-123 Rock Road Horsham, PA - 351,072 3,171,001 181,538
101-111 Rock Road Horsham, PA - 350,562 3,166,389 237,801
120 Gibraltar Road Horsham, PA - 533,142 4,830,515 100,016
110 Gibraltar Road Horsham, PA - 673,041 5,776,369 187,909
100-107 Lakeside Drive Horsham, PA - 239,528 2,163,498 596,642
200-264 Lakeside Drive Horsham, PA - 502,706 4,540,597 435,581
300-309 Lakeside Drive Horsham, PA - 369,475 3,338,761 1,456,346
400-445 Lakeside Drive Horsham, PA - 543,628 4,910,226 1,124,268
104 Witmer Road Horsham, PA - 1,248,148 - 1,047,215
201 Gibraltar Road Horsham, PA - 380,127 3,433,433 582,713
3600 Horizon Drive King of Prussia, PA - 236,432 1,856,252 15,352
3602 Horizon Drive King of Prussia, PA - 217,734 1,759,489 95,452
3 Franklin Plaza Philadelphia, PA - 2,483,144 - 31,997,440
400-500 Brandywine Parkway West Chester, PA - 845,847 6,809,025 335,949
600 Brandywine Parkway West Chester, PA - 664,899 5,352,410 313,929
2700 Horizon Drive King of Prussia, PA - 764,370 - 3,667,537
2900 Horizon Drive King of Prussia, PA - 679,440 - 3,485,184
2500 Renaissance Boulevard King of Prussia, PA - 509,580 - 2,419,031
2300 Renaissance Boulevard King of Prussia, PA - 509,579 - 2,599,477
719 Dresher Road Horsham, PA - 493,426 2,812,067 197,283
2100 Renaissance Boulevard King of Prussia, PA - 1,110,111 - 9,300,840
4 Walnut Grove Horsham, PA - 2,515,115 - 7,324,883
2250 Hickory Road Plymouth Meeting, PA 6,025,000 1,015,851 9,175,555 902,000
3400 Horizon Drive King of Prussia, PA - 776,495 3,139,068 954,206
One Ridgewood Place Downingtown, PA - 422,460 2,337,195 456,373
300 Welsh Road Horsham, PA - 696,060 3,339,991 49,629
600 Chesterfield Parkway Malvern, PA - 2,013,751 - 8,124,001
700 Chesterfield Parkway Malvern, PA - 2,013,751 - 8,151,055
6 Terry Drive Newtown, PA - 622,028 2,228,851 21,322
2520 Renaissance Boulevard King of Prussia, PA - 1,020,000 - 4,156,110
18 Great Valley Parkway Malvern, PA - 394,036 3,976,221 37,147
700 Dresher Road Horsham, PA - 2,551,777 3,020,638 3,095,849
2201 Renaissance Boulevard King of Prussia, PA - - - 14,985,814
2540 Renaissance Boulevard King of Prussia, PA - - - 1,646,361
2560 Renaissance Boulevard King of Prussia, PA - - - 3,611,880
1501-1513 Grundy's Lane Bristol, PA - - - 3,051,354
825 Duportail Road Wayne, PA - 5,536,619 16,179,213 19,729
200 Precision Drive Horsham, PA - 1,559,883 4,759,640 1,693,114
40 Liberty Boulevard Malvern, PA - 4,241,137 17,737,090 1,975,960
14 Lee Boulevard Malvern, PA * 664,282 - 6,313,660
500 Chesterfield Parkway Malvern, PA * 472,365 - 3,351,334
300-400 Chesterfield Parkway Malvern, PA * 937,212 - 4,800,940
150 Mid-Atlantic Parkway West Deptford, NJ - 86,968 304,672 225,536
1370 Imperial Way West Deptford, NJ - 297,000 4,373,155 571,364
8 Stow Road Marlton, NJ - 172,600 1,704,436 113,550
10 Stow Road Marlton, NJ - 147,000 1,451,537 70,349
12 Stow Road Marlton, NJ - 103,300 1,021,036 214,348
14 Stow Road Marlton, NJ - 93,100 920,336 186,792
1300 Metropolitan Avenue West Deptford, NJ - 220,000 1,980,000 37,266
701A Route 73 South Marlton, NJ - 264,387 3,772,000 2,319,276
701C Route 73 South Marlton, NJ - 84,949 1,328,000 346,116
1008 Astoria Boulevard Cherry Hill, NJ - 27,120 424,880 388,778
1475 Imperial Way West Deptford, NJ - 54,000 846,000 210,159
3000 Atrium Way Mt. Laurel, NJ * 500,000 4,500,000 3,270,246
750 Cardinal Drive Pureland, NJ - 230,000 2,070,000 659,584
11000, 15000 Commerce Parkway Mt. Laurel, NJ - 310,585 4,394,900 (685,448)
12000, 14000 Commerce Parkway Mt. Laurel, NJ - 361,800 3,285,817 239,477
16000, 18000 Commerce Parkway Mt. Laurel, NJ - 289,700 2,512,683 439,227
400 Lippincott Drive Marlton, NJ - 69,402 - 3,079,570
406 Lippincott Drive Marlton, NJ - 321,455 1,539,870 794,538
234 High Hill Road Bridgeport, NJ * 249,472 1,477,515 359,119
101 Arlington Boulevard Bridgeport, NJ - 6,368 - 4,602,081
100 Berkeley Drive Bridgeport, NJ * 395,160 1,915,215 226,378
301 Lippincott Drive Marlton, NJ - 1,069,837 4,780,163 412,504
303 Lippincott Drive Marlton, NJ - 1,069,837 4,780,163 366,835
510-512 Sharptown Road Bridgeport, NJ * 125,410 1,072,683 47,779
901 Route 73 Marlton, NJ - 334,411 2,733,314 99,641
1300 Route 73 North Marlton, NJ * 449,400 3,074,850 789,651
512 Sharptown Road Bridgeport, NJ * 180,468 1,543,617 199,921
201 Berkeley Drive Bridgeport, NJ - 270,880 - 4,682,325
404 Lippincott Drive Marlton, NJ - 131,896 - 1,650,431
104 Gaither Drive Mt. Laurel, NJ - 132,075 1,151,988 221,476
402 Lippincott Drive Marlton, NJ - 131,896 - 1,632,284
97
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Cost
Capitalized
Initial Cost Subsequent
--------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - Continued
300 Commodore Drive Bridgeport, NJ - 417,695 - 5,290,036
3000 Lincoln Drive Mt. Laurel, NJ - 284,051 2,458,155 1,229,406
6000 Commerce Parkway Mt. Laurel, NJ - 234,150 2,022,683 140,318
7000 Commerce Parkway Mt. Laurel, NJ - 260,014 2,236,684 206,721
8000 Commerce Parkway Mt. Laurel, NJ - 234,814 1,995,098 108,185
9000 Commerce Parkway Mt. Laurel, NJ - 286,587 2,474,820 73,196
1000 Briggs Road Mt. Laurel, NJ - 288,576 2,546,537 268,314
1025 Briggs Road Mt. Laurel, NJ 1,831,307 430,990 3,714,828 380,913
1020 Briggs Road Mt. Laurel, NJ - 494,334 - 2,897,687
9 Stow Road Marlton, NJ - 652,642 1,765,065 269,780
2000 Crawford Place Mt. Laurel, NJ - 310,831 2,797,744 1,571,702
1351 Metropolitan Avenue West Deptford, NJ - 189,465 1,728,789 26,638
650 Grove Road West Deptford, NJ - 267,215 2,438,323 242,098
400 Grove Road West Deptford, NJ - 145,009 1,323,085 116,749
5000 Dearborn Court Mt. Laurel, NJ - 1,057,763 4,191,827 121,424
515 Heron Drive Bridgeport, NJ 1,366,779 334,017 2,367,538 18,266
500 Sharptown Road Bridgeport, NJ 1,305,569 300,404 2,645,235 57,191
625 Heron Drive Bridgeport, NJ * 180,226 908,953 15,633
605 Heron Drive Bridgeport, NJ 576,544 265,381 1,046,866 37,508
510 Heron Drive Bridgeport, NJ 5,883,829 790,334 7,901,878 256,860
522 Pedricktown Road Bridgeport, NJ * 176,310 1,360,293 19,550
530 Pedricktown Road Bridgeport, NJ * 350,813 1,901,471 31,304
540 Pedricktown Road Bridgeport, NJ 3,073,900 531,280 4,532,010 (158,166)
230 High Hill Road Bridgeport, NJ 5,577,494 1,418,000 8,860,843 7,883
3 Mallard Court Bridgeport, NJ * 417,893 2,447,865 9,336
730 Cardinal Drive Bridgeport, NJ * 576,598 1,780,345 46,341
405 Heron Drive Bridgeport, NJ 9,153,639 2,167,471 18,120,223 252,555
100 Eagle Road Bridgeport, NJ 1,041,065 256,491 1,434,429 20,524
250 High Hill Road Bridgeport, NJ 1,701,764 246,479 2,269,440 168,859
508 Center Square Road Bridgeport, NJ 1,561,637 453,341 3,458,248 940
602 Heron Drive Bridgeport, NJ * 524,728 2,240,478 7,650
300 Eagle Court Bridgeport, NJ - 1,135,989 1,872,753 17,507
500 Center Square Road Bridgeport, NJ - 1,338,839 6,186,541 20,613
1001 Briggs Road Mt. Laurel, NJ - 701,705 3,505,652 718,225
1960 Cuthbert Boulevard Cherry Hill, NJ - 321,700 1,291,557 215,459
1970 Cuthbert Boulevard Cherry Hill, NJ - 321,699 1,291,558 51,634
10000 & 11000 Route 73 Marlton, NJ - 715,705 2,579,524 494,040
800 Arlington Boulevard Bridgeport, NJ - 1,687,500 - 6,721,163
1015 Briggs Road Mt Laurel, NJ - 356,987 - 3,304,460
1655 Valley Center Parkway Bethlehem, PA - 214,431 - 1,867,129
6560 Stonegate Drive Allentown, PA - 458,281 - 2,351,219
6370 Hedgewood Drive Allentown, PA - 540,795 - 3,088,666
6390 Hedgewood Drive Allentown, PA - 707,203 - 2,599,598
1495 Valley Center Parkway Bethlehem, PA - 434,640 - 3,602,099
6350 Hedgewood Drive Allentown, PA - 360,027 - 3,170,858
6330 Hedgewood Drive Allentown, PA - 531,267 - 4,497,196
1550 Valley Center Parkway Bethlehem, PA - 196,954 - 3,183,754
1560 Valley Center Parkway Bethlehem, PA - 240,069 - 3,884,413
6580 Snowdrift Road Allentown, PA - 388,329 - 2,603,461
1510 Valley Center Parkway Bethlehem, PA - 312,209 - 3,361,739
1530 Valley Center Parkway Bethlehem, PA - 211,747 - 2,652,949
6540 Stonegate Drive Allentown, PA - 422,042 - 3,596,669
974 Marcon Boulevard Allentown, PA - 143,500 - 2,193,457
964 Marcon Boulevard Allentown, PA - 138,816 - 1,549,582
764 Roble Road Allentown, PA - 141,069 - 794,167
3174 Airport Road Allentown, PA - 98,986 - 1,105,397
2196 Avenue C Allentown, PA - 101,159 - 1,220,963
2202 Hanger Place Allentown, PA - 137,439 - 1,317,610
2201 Hanger Place Allentown, PA - 128,454 - 1,435,578
954 Marcon Boulevard Allentown, PA - 103,665 - 1,138,585
57 South Commerce Way Allentown, PA - 390,839 2,701,161 165,518
754 Roble Road Allentown, PA - 162,115 1,731,885 119,096
894 Marcon Boulevard Allentown, PA - 117,134 1,048,866 75,282
744 Roble Road Allentown, PA - 159,771 1,734,229 201,141
944 Marcon Boulevard Allentown, PA - 118,521 1,435,479 197,835
1685 Valley Center Parkway Allentown, PA - 244,029 - 2,056,294
6520 Stonegate Drive Allentown, PA - 453,315 - 1,842,826
7437 Industrial Boulevard Allentown, PA - 717,488 5,022,413 1,423,665
2041 Avenue C Allentown, PA * 213,599 1,095,217 77,333
2124 Avenue C Allentown, PA * 289,197 1,039,835 55,269
7339 Industrial Boulevard Allentown, PA - 1,187,777 - 5,782,443
7384 Penn Drive Allentown, PA * 651,696 2,286,518 476,281
7144 Daniels Drive Allentown, PA - 2,390,217 2,342,761 3,563,435
7620 Cetronia Road Allentown, PA - 1,091,806 3,851,456 369,592
939 Marcon Boulevard Allentown, PA * 2,220,414 4,524,393 743,702
100 Brodhead Road Bethlehem, PA * 429,416 2,919,588 196,779
1455 Valley Center Parkway Bethlehem, PA - 670,290 - 3,642,744
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 - 2,153,735
400 Nestle Way Allentown, PA 26,391,218 8,065,500 - 26,453,992
83 South Commerce Way Bethlehem, PA - 143,661 888,128 294,277
85 South Commerce Way Bethlehem, PA - 236,708 987,949 93,068
98
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Cost
Capitalized
Initial Cost Subsequent
--------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - Continued
87 South Commerce Way Bethlehem, PA - 253,886 1,062,881 82,257
89 South Commerce Way Bethlehem, PA - 320,000 - 1,797,377
7248 Industrial Boulevard Allentown, PA - 2,670,849 13,307,408 783,313
95 Highland Avenue Bethlehem, PA - 430,593 3,182,080 300,616
236 Brodhead Road Bethlehem, PA - 376,962 4,672,683 24,861
1525 Valley Center Parkway Allentown, PA - 475,686 - 7,453,047
6620 Grant Way Allentown, PA - 430,824 1,915,923 6,338
700 Nestle Way Allentown, PA - 3,473,119 - 16,886,630
7562 Penn Drive Allentown, PA - 269,614 844,069 82,669
7277 Williams Avenue Allentown, PA - 462,964 1,449,009 151,827
7355 Williams Avenue Allentown, PA - 489,749 1,658,091 138,947
794 Roble Boulevard Allentown, PA - 1,147,541 6,088,041 85,553
6923 Schantz Spring Road Allentown, PA - 1,127,805 3,309,132 146,571
2600 Beltline Avenue Reading, PA - 558,902 2,234,167 18,193
7132 Daniels Drive Allentown, PA - 1,623,326 3,464,626 3,887,156
3985 Adler Place Bethlehem, PA - 705,367 3,915,820 475,150
8014 Industrial Boulevard Allentown, PA - 4,019,258 - 8,692,231
651 Boulder Drive Allentown, PA - 4,308,646 - 13,108,539
7028 Snowdrift Road Allentown, PA - 520,473 959,279 123,339
180 Cochrane Drive Annapolis, MD - - - 85,098
190 Cochrane Drive Annapolis, MD - 3,670,256 - 16,367,148
8280 Patuxent Range Drive Columbia, MD - 181,601 - 1,334,693
7178-80 Columbia Gateway Columbia, MD - 1,569,237 4,786,887 686,366
9770 Patuxent Woods Drive Columbia, MD - 341,663 3,033,309 13,582
9780 Patuxent Woods Drive Columbia, MD - 218,542 1,940,636 7,254
9790 Patuxent Woods Drive Columbia, MD - 243,791 2,164,094 12,536
9810 Patuxent Woods Drive Columbia, MD - 266,684 2,366,901 9,127
9800 Patuxent Woods Drive Columbia, MD - 299,100 2,654,069 64,816
9820 Patuxent Woods Drive Columbia, MD - 237,779 2,110,835 27,196
9830 Patuxent Woods Drive Columbia, MD - 296,262 2,628,933 76,787
9050 Red Branch Road Columbia, MD - 290,950 2,577,153 311,153
4606 Richlynn Drive Belcamp, MD - 299,600 1,818,861 7,108
8945-8975 Guilford Road Columbia, MD - 2,428,795 7,493,740 206,539
7317 Parkway Drive Hanover, MD - 1,104,359 1,959,671 4,319
9101,9111,9115 Guilford Road Columbia, MD - 758,951 - 3,341,366
9125,9135,9145 Guilford Road Columbia, MD - 900,154 - 5,714,809
1751 Bluehills Drive Roanoke, VA - 1,063,728 8,500,677 101,951
4300 Carolina Avenue Richmond, VA - 2,007,717 14,927,608 453,894
301 Hill Carter Parkway Richmond, VA - 659,456 4,836,010 63,204
4001 Carolina Avenue Richmond, VA - 29,443 215,914 39,613
5600-5626 Eastport Boulevard Richmond, VA * 489,941 3,592,900 159,829
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
3432 Holland Road Virginia Beach, VA - 173,527 790,515 11,088
4880 Cox Road Glen Allen, VA * 743,898 4,499,807 1,240,830
4101- 4127 Carolina Avenue Richmond, VA * 310,854 2,279,597 94,361
4201-4261 Carolina Avenue Richmond, VA * 693,203 5,083,493 611,020
4263-4299 Carolina Avenue Richmond, VA - 256,203 2,549,649 1,090,700
4301-4335 Carolina Avenue Richmond, VA - 223,696 1,640,435 118,590
4337-4379 Carolina Avenue Richmond, VA * 325,303 2,385,557 762,699
4501-4549 Carolina Avenue Richmond, VA * 486,166 3,565,211 132,919
4551-4593 Carolina Avenue Richmond, VA * 474,360 3,478,646 134,574
4601-4643 Carolina Avenue Richmond, VA * 652,455 4,784,675 347,182
4645-4683 Carolina Avenue Richmond, VA * 404,616 2,967,187 1,016,363
4447-4491 Carolina Avenue Richmond, VA - 454,056 2,729,742 95,150
4401-4445 Carolina Avenue Richmond, VA * 615,038 4,510,272 147,025
12 S. Third Street Richmond, VA - 40,539 184,682 14,982
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
5601-5659 Eastport Boulevard Richmond, VA * 705,660 - 5,093,142
5900 Eastport Boulevard Richmond, VA * 676,661 - 4,956,324
4717-4729 Eubank Road Richmond, VA * 449,447 3,294,697 148,882
4263F-N Carolina Avenue Richmond, VA * 91,475 - 1,631,649
1821 Battery Dantzler Road Chester, VA - 394,212 3,035,113 28,070
5000 Cox Road Glen Allen, VA * 770,214 3,685,248 48,731
5500 Cox Road Glen Allen, VA * 443,485 - 2,649,768
510 Eastpark Court Richmond, VA * 261,961 2,110,874 37,383
520 Eastpark Court Richmond, VA * 486,118 4,083,582 69,899
13001 Kingston Avenue Richmond, VA - 376,584 - 2,029,339
5701-5799 Eastport Boulevard Richmond, VA - 694,644 - 5,315,396
4801 Cox Road Glen Allen, VA - 1,072,895 - 8,858,737
600 H P Way Richmond, VA - 146,126 - 7,306,398
500 H P Way Richmond, VA - 142,692 - 6,312,994
701 Liberty Way Richmond, VA * 171,711 - 4,978,263
4198 Cox Road Glen Allen, VA - 670,292 3,839,245 272,773
4510 Cox Road Glen Allen, VA - 1,010,024 7,151,729 252,216
2809 South Lynnhaven Road Virginia Beach, VA - 953,590 6,142,742 459,806
200 Golden Oak Court Virginia Beach, VA * 1,116,693 6,770,480 531,463
208 Golden Oak Court Virginia Beach, VA * 965,177 6,728,717 250,407
1 Enterprise Parkway Hampton, VA - 974,675 5,579,869 337,804
22 Enterprise Parkway Hampton, VA - 1,097,368 6,760,778 325,766
530 Eastpark Court Richmond, VA - 266,883 - 2,750,734
99
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Cost
Capitalized
Initial Cost Subsequent
--------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - Continued
484 Viking Drive Virginia Beach, VA - 891,752 3,607,890 135,903
10430 Lakeridge Parkway Ashland, VA * 421,267 3,770,870 61,244
10456 Lakeridge Parkway Ashland, VA * 409,261 3,663,754 62,551
3829-3855 Gaskins Road Richmond, VA - 364,166 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 2,111,481 370,463
11844 Rock Landing Drive Newport News, VA - 326,774 1,391,561 93,291
11832 Rock Landing Drive Newport News, VA - 299,066 1,419,266 49,869
11846 Rock Landing Drive Newport News, VA - 299,066 1,419,266 4,936,823
10800 Nuckols Boulevard Richmond, VA - 1,432,462 - 14,357,467
5700 Cleveland Street Virginia Beach, VA - 700,112 9,592,721 618,250
801 Liberty Way Richmond, VA - 780,000 - 6,019,815
5 Manhattan Square Hampton, VA - 207,368 - 1,562,803
4523 Green Point Drive High Point, NC - 234,564 - 2,387,592
4501 Green Point Drive High Point, NC - 319,289 - 2,282,632
4500 Green Point Drive High Point, NC - 230,622 - 2,111,118
2427 Penny Road High Point, NC 5,410,825 1,165,664 - 6,182,530
4524 Green Point Drive High Point, NC * 182,810 - 2,131,996
4328, 4336 Federal Drive High Point, NC 5,796,898 521,122 - 7,672,195
200 Centreport Drive Greensboro, NC * 331,400 3,768,600 350,313
4344 Federal Drive High Point, NC * 484,001 - 2,334,267
202 Centreport Drive Greensboro, NC * 549,948 5,360,462 394,838
101 Centreport Drive Greensboro, NC - 826,237 - 7,727,514
4000 Piedmont Parkway High Point, NC * 592,885 4,825,615 402,144
4380 Federal Drive High Point, NC - 282,996 - 2,112,454
4388 Federal Drive High Point, NC - 143,662 - 1,118,535
6532 Judge Adams Road Rock Creek, NC - 354,903 - 3,491,165
6530 Judge Adams Road Rock Creek, NC - 305,820 - 4,458,196
3860 Faber Place N. Charleston, SC * 796,656 1,974,359 132,857
4055 Faber Place N. Charleston, SC * 882,351 4,794,144 143,649
3820 Faber Place N. Charleston, SC * 506,558 2,365,146 261,750
3875 Faber Place N. Charleston, SC * 1,164,530 - 5,771,687
150 Ridgeview Center Drive Duncan, SC * 711,352 8,056,324 929,642
1320 Garlington Road Greenville, SC * 398,540 1,761,533 26,337
420 Park Avenue Greenville, SC * 522,548 2,730,261 553,372
1 Alliance Drive Goose Creek, SC - 662,422 - 2,655,438
4160 Mendenhall Oaks Parkway High Point, NC - 285,882 - 3,031,093
4194 Mendenhall Oaks Parkway High Point, NC - 102,372 - 2,385,070
4196 Mendenhall Oaks Parkway High Point, NC - 66,731 - 2,126,982
4170 Mendenhall Oaks Parkway High Point, NC - 143,699 - 2,028,031
4180 Mendenhall Oaks Parkway High Point, NC - 121,329 - 1,759,812
4050 Piedmont Parkway High Point, NC - 801,902 - 18,153,553
One Independence Pointe Greenville, SC - 780,881 6,199,230 159,760
55 Beattie Place Greenville, SC - 2,643,105 23,439,801 830,099
75 Beattie Place Greenville, SC * 2,406,646 17,400,939 474,990
7736 McCloud Road Greensboro, NC - 591,795 5,895,312 207,856
15 Brendan Way Greenville, SC - 614,191 3,012,019 866,497
200 Meeting Street Charleston, SC - 4,027,429 29,542,711 1,018,429
7500 West 110th Street Overland Park, KS - 2,380,493 9,575,474 208,344
3955 Faber Place Charleston, SC - 381,887 - 6,658,620
4300 Federal Drive High Point, NC - 264,038 - 1,616,281
4135 Mendenall Oaks Parkway High Point, NC - 499,500 - 2,236,843
3825 Faber Place N. Charleston, SC - 245,367 - 1,091,214
1020 North Point Industrial Boulevard Hanahan, SC - 1,432,143 8,597,266 38,400
1730 Stebbins Drive Houston, TX - 143,258 - 428,581
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 - 3,188,953
6255 Lake Gray Boulevard Jacksonville, FL - 813,067 - 3,431,250
6600-6800 Suemac Place Jacksonville, FL - 210,804 - 1,901,839
6800-6850 Suemac Place Jacksonville, FL - 121,077 - 1,136,702
8665,8667,8669 Baypine Road Jacksonville, FL - 966,552 - 4,014,445
8540 Baycenter Road Jacksonville, FL - 445,603 - 1,371,536
1200 Gulf Life Drive Jacksonville, FL - 1,028,864 - 20,109,512
8400 Baymeadows Way Jacksonville, FL - 557,682 - 2,332,300
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 - 1,690,506
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 1,179,765
4190 Belfort Road Jacksonville, FL - 821,000 5,866,000 1,722,110
8011, 8021, 8031 Phillips Highway Jacksonville, FL - 626,250 3,548,750 1,240,619
7020 AC Skinner Parkway Jacksonville, FL * 398,258 - 2,455,785
7022 AC Skinner Parkway Jacksonville, FL * 706,935 - 3,109,161
11777 Central Highway Jacksonville, FL - 92,207 429,997 1,925,123
4345 Southpoint Parkway Jacksonville, FL - - - 8,752,272
7016 AC Skinner Parkway Jacksonville, FL - 597,181 - 2,326,446
100
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Cost
Capitalized
Initial Cost Subsequent
--------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - Continued
7018 AC Skinner Parkway Jacksonville, FL - 840,996 - 4,107,395
7014 AC Skinner Parkway Jacksonville, FL - 574,198 - 3,289,779
6620 Southpoint Parkway Jacksonville, FL - 614,602 4,267,477 507,971
7980 Bayberry Road Jacksonville, FL - 330,726 1,338,101 17,776
9600 Satellite Boulevard Orlando, FL - 252,850 1,297,923 58,374
9700 Satellite Boulevard Orlando, FL - 405,362 1,146,546 107,538
1902 Cypress Lake Drive Orlando, FL - 523,512 3,191,790 902,756
9550 Satellite Boulevard Orlando, FL - 574,830 - 2,022,846
8250 & 8256 Exchange Place Orlando, FL - 622,413 2,507,842 246,209
6600 Southpoint Parkway Jacksonville, FL - 998,432 4,055,727 267,710
6700 Southpoint Parkway Jacksonville, FL - 620,720 2,989,746 499,470
4801 Executive Park Court - 100 Jacksonville, FL * 554,993 2,993,277 438,809
4801 Executive Park Court - 200 Jacksonville, FL * 370,016 1,995,518 47
4810 Executive Park Court Jacksonville, FL * 369,694 3,045,639 47,683
6602 Executive Park Court - 100 Jacksonville, FL * 388,519 2,095,293 106,894
6602 Executive Park Court - 200 Jacksonville, FL * 296,015 1,596,347 3,485
6631 Executive Park Court - 100 Jacksonville, FL * 251,613 1,356,849 50
6631 Executive Park Court - 200 Jacksonville, FL * 406,561 2,195,070 169,457
4815 Executive Park Court - 100 Jacksonville, FL * 366,317 1,975,393 71,533
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 * 555,174 2,693,130 516,934
10511 & 10611 Satellite Boulevard Orlando, FL - 517,554 2,568,186 208,368
1400-1440 Central Florida Parkway Orlando, FL - 518,044 2,561,938 68,586
6601 Executive Park Circle North Jacksonville, FL - 551,250 3,128,361 640
1300 Riverplace Boulevard Jacksonville, FL - 1,804,259 7,755,572 665,225
4901 Belfort Road Jacksonville, FL - 877,964 2,360,742 1,841,852
16445 Air Center Boulevard Houston, TX - 363,339 2,509,186 8,662
16405 Air Center Boulevard Houston, TX - 438,852 3,030,396 91,653
2216 Directors Row Orlando, FL - 453,918 2,572,202 5,451
7460 Chancellor Drive Orlando, FL - 266,555 902,949 246,252
1901 Summit Tower Boulevard Maitland, FL - 6,078,791 12,348,567 1,108,417
3701-3727 Vineland Road Orlando, FL - 767,929 2,096,504 62,103
4899 Belfort Road Jacksonville, FL - 1,299,201 - 7,865,694
4905 Belfort Street Jacksonville, FL - 638,154 - 3,000,623
16580 Air Center Boulevard Houston, TX - 289,000 3,559,857 (12,162)
7251 Salisbury Road Jacksonville, FL - - - 2,755,235
7622 Bald Cypress Place Tampa, FL - - - 1,378,727
10245 Centurion Parkway North Jacksonville, FL - 852,645 3,510,889 471,185
1755 Trans Central Drive Houston, TX - 293,534 3,036,269 9,816
5501-5519 Pioneer Park Boulevard Tampa, FL - 162,000 1,613,000 186,498
5690-5694 Crenshaw Street Tampa, FL - 181,923 1,812,496 155,404
3102,3104,3110 Cherry Palm Drive Tampa, FL - 503,767 2,787,585 387,680
8401-8408 Benjamin Road Tampa, FL - 789,651 4,454,648 458,819
3501 Riga Boulevard Tampa, FL - 617,288 3,048,379 118,966
111 Kelsey Land Tampa, FL - 359,540 1,461,850 398,869
7930, 8010-20 Woodland Center Boulevard Tampa, FL * 1,408,479 5,247,246 217,980
7920 Woodland Center Boulevard Tampa, FL * 1,382,648 2,445,444 104,336
8154-8198 Woodland Center Boulevard Tampa, FL * 399,088 2,868,834 38,699
8112-42 Woodland Center Boulevard Tampa, FL * 513,263 3,230,239 13,495
8212 Woodland Center Boulevard Tampa, FL * 820,883 2,322,720 14,210
131 Kelsey Lane Tampa, FL - 511,463 - 4,450,331
7724 Woodland Center Boulevard Tampa, FL - 235,893 - 2,087,523
7802-50 Woodland Center Boulevard Tampa, FL - 357,364 - 2,542,091
7852-98 Woodland Center Boulevard Tampa, FL - 357,364 - 2,454,676
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 Boulevard Tampa, FL - 553,335 - 3,225,752
8001 Woodland Center Boulevard Tampa, FL - 350,407 - 2,240,422
4630 Woodland Corporate Boulevard Tampa, FL - 943,169 - 12,281,483
701-725 South US Highway 301 Tampa, FL - 654,259 - 3,107,406
4502 Woodland Corporate Boulevard Tampa, FL - - - 3,997,244
9001-9015 Brittany Way Tampa, FL - - - 1,605,279
4508 Woodland Corporate Boulevard Tampa, FL - 498,598 - 3,120,053
1701 Clint Moore Boulevard Boca Raton, FL - 1,430,884 3,043,553 52,741
4555 Riverside Drive Beach Gardens, FL - 805,672 5,782,360 16,905
2500 Metrocentre Boulevard West Palm Beach, FL - 238,362 1,534,926 58,604
2540 Metrocentre Boulevard West Palm Beach, FL - 165,071 1,058,736 259,647
2541 Metrocentre Boulevard West Palm Beach, FL - 145,091 379,318 699,936
2580 Metrocentre Boulevard West Palm Beach, FL - 256,479 1,651,602 22,635
2581 Metrocentre Boulevard West Palm Beach, FL - 189,359 1,218,712 178,117
1101 Northpoint Parkway West Palm Beach, FL - 258,607 1,462,432 85,808
3223 Commerce Place West Palm Beach, FL - 501,843 2,012,290 58,691
801 Northpoint Parkway West Palm Beach, FL - 459,284 2,597,108 10,993
5410 - 5430 Northwest 33rd Avenue Ft. Lauderdale, FL - 603,776 4,176,238 263,902
6500 NW 12th Avenue Ft. Lauderdale, FL - 7,099 3,046,309 32,003
6600 NW 12th Avenue Ft. Lauderdale, FL - 7,103 3,047,462 229,498
1500 SW 5th Court Pompano Beach, FL - 972,232 3,892,085 35,118
1651 SW 5th Court Pompano Beach, FL - 203,247 811,093 22,478
1601 SW 5th Court Pompano Beach, FL - 203,247 811,093 50,505
1501 SW 5th Court Pompano Beach, FL - 203,247 811,093 22,164
1400 SW 6th Court Pompano Beach, FL - 1,157,049 4,620,956 61,101
1405 SW 6th Court Pompano Beach, FL - 392,138 1,565,787 28,214
101
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Cost
Capitalized
Initial Cost Subsequent
--------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - Continued
595 SW 13th Terrace Pompano Beach, FL - 359,933 1,437,116 37,167
601 SW 13th Terrace Pompano Beach, FL - 164,414 655,933 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 41,954
951 Broken Sound Parkway Boca Raton, FL 2,895,004 1,426,251 6,098,952 144,736
3400 Lakeside Drive Miramar, FL - 2,022,153 11,345,881 365,334
3450 Lakeside Drive Miramar, FL - 2,022,152 11,357,143 176,180
3350 SW 148th Avenue Miramar, FL - 2,960,510 - 14,954,164
13650 NW 8th Street Sunrise, FL - 558,223 2,171,930 25,689
13630 NW 8th Street Sunrise, FL - 659,796 2,596,275 140,739
777 Yamato Road Boca Raton, FL - 4,101,247 16,077,347 2,501,475
1801 Clint Moore Road Boca Raton, FL - 1,065,068 4,481,644 209,548
6601-6625 W. 78th Street Bloomington, MN - 2,263,060 - 38,625,770
2905 Northwest Boulevard Plymouth, MN - 516,921 4,646,342 494,584
2800 Campus Drive Plymouth, MN - 395,366 3,554,512 174,861
2955 Xenium Lane Plymouth, MN - 151,238 1,370,140 255,706
9401-9443 Science Center Drive New Hope, MN - 431,295 3,888,684 215,111
6321-6325 Bury Drive Eden Prairie, MN - 462,877 4,151,790 173,969
7115-7173 Shady Oak Road Eden Prairie, MN - 454,974 4,089,410 407,175
7660-7716 Golden Triangle Drive Eden Prairie, MN - 568,706 5,115,177 1,340,106
7400 Flying Cloud Drive Eden Prairie, MN - 195,983 1,762,027 55,417
10301-10305 West 70th Street Eden Prairie, MN - 120,622 1,085,226 80,401
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 2,618,194 184,438
10393-10394 West 70th Street Eden Prairie, MN - 269,618 2,423,318 246,692
7078 Shady Oak Road Eden Prairie, MN - 343,093 3,085,795 47,532
10400 Viking Drive Eden Prairie, MN - 2,912,390 - 21,451,179
5600 & 5610 Rowland Road Minnetonka, MN - 828,650 7,399,409 697,928
2920 Northwest Boulevard Plymouth, MN - 392,026 3,433,678 653,397
5400-5500 Feltl Road Minnetonka, MN - 883,895 7,983,345 784,903
10300 Bren Road Minnetonka, MN - 344,614 3,110,477 154,190
14630-14650 28th Avenue North Plymouth, MN - 198,205 1,793,422 135,974
7695-7699 Anagram Drive Eden Prairie, MN - 760,524 3,254,758 25,622
7550 Meridian Circle Maple Grove, MN 2,153,136 513,250 2,901,906 19,159
2800 Northwest Boulevard Plymouth, MN 4,628,712 1,934,438 10,952,503 69,856
3255 Neil Armstrong Boulevard Eagan, MN - 1,131,017 - 3,377,738
4801 West 81st Street Bloomington, MN 794,409 1,624,700 2,494,368 246,397
8100 Cedar Avenue Bloomington, MN 2,224,185 501,313 3,675,416 25,281
9600 54th Avenue Plymouth, MN - 332,318 3,077,820 131,183
7800 Equitable Drive Eden Prairie, MN - 2,188,524 3,788,762 18,929
7905 Fuller Road Eden Prairie, MN - 1,229,862 4,075,167 29,608
9023 Columbine Road Eden Prairie, MN - 1,956,273 - 4,626,133
6161 Green Valley Drive Bloomington, MN - 740,377 3,311,602 719,082
4700 Nathan Lane North Minneapolis, MN - 1,501,309 8,446,083 301,968
8967 Columbine Road Eden Prairie, MN - 1,450,000 - 3,390,238
14390 Huntington Avenue Savage, MN - 1,463,666 6,271,050 13,169
550-590 Hale Avenue Oakdale, MN - 765,535 3,488,754 30,087
7777 Golden Triangle Drive Eden Prairie, MN - 993,100 2,136,862 875,911
26911-26957 Northwestern Southfield, MI - 7,799,506 66,268,817 4,586,889
1650 Research Drive Troy, MI - 763,067 7,201,677 88,122
1775 Research Drive Troy, MI - 331,422 2,788,073 47,879
1875 Research Drive Troy, MI - 329,863 2,774,006 116,482
1850 Research Drive Troy, MI - 781,054 7,364,300 208,179
1965 Research Drive Troy, MI - 419,090 3,578,928 101,231
1960 Research Drive Troy, MI - 419,146 3,579,166 48,686
27260 Haggerty Road Farmington Hills, MI - 456,877 4,091,196 119,075
27200 Haggerty Road Farmington Hills, MI - 382,754 3,425,227 112,103
27280 Haggerty Road Farmington Hills, MI - 452,860 4,055,512 62,401
27220 Haggerty Road Farmington Hills, MI - 203,064 1,802,592 108,174
27240 Haggerty Road Farmington Hills, MI - 171,518 1,518,192 59,283
27300 Haggerty Road Farmington Hills, MI - 370,378 3,311,366 77,777
1101 Allen Drive Troy, MI - 98,145 887,935 16,212
1151 Allen Drive Troy, MI - 164,482 1,486,220 202,666
1300 Rankin Street Troy, MI - 134,090 1,212,752 156,165
1350 Rankin Street Troy, MI - 111,776 1,011,497 62,321
1376-1400 Rankin Street Troy, MI - 134,292 1,213,626 87,318
1352-1374 Rankin Street Troy, MI - 153,276 1,385,098 87,937
1324-1346 Rankin Street Troy, MI - 134,090 1,212,214 10,098
1301-1307 Rankin Street Troy, MI - 111,776 1,011,121 51,348
1409 Allen Drive Troy, MI - 142,370 1,286,048 202,392
1304 E Maple Road Troy, MI - 211,233 1,906,786 307,024
1334 Maplelawn Road Troy, MI - 124,296 1,122,802 20,824
1290 Maplelawn Road Troy, MI - 85,322 771,621 58,817
1070 Maplelawn Road Troy, MI - 68,559 620,595 41,358
950 Maplelawn Road Troy, MI - 252,429 2,265,259 24,248
894 Maplelawn Road Troy, MI - 181,750 1,632,243 17,269
1179 Maplelawn Road Troy, MI - 87,845 794,365 120,024
1940 Norwood Drive Troy, MI - 86,836 785,267 40,588
1311-1331 Maplelawn Road Troy, MI - 125,407 1,132,810 10,537
2354 Bellingham Street Troy, MI - 87,340 789,817 17,718
2360 Bellingham Street Troy, MI - 87,340 789,817 56,051
102
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Cost
Capitalized
Initial Cost Subsequent
--------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - Continued
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 41,676
26650 Haggerty Road Farmington Hills, MI - 173,166 1,562,704 18,423
26700 Haggerty Road Farmington Hills, MI - 253,338 2,290,696 13,693
26750 Haggerty Road Farmington Hills, MI - 292,717 2,638,688 158,814
26800 Haggerty Road Farmington Hills, MI - 175,489 1,583,362 18,267
26842-26850 Haggerty Road Farmington Hills, MI - 239,606 2,160,470 193,621
26600 Haggerty Road Farmington Hills, MI - 455,845 - 2,523,127
26550 Haggerty Road Farmington Hills, MI - 368,083 - 2,581,048
50 West Big Bear Road Troy, MI - 2,159,678 19,481,454 274,006
100 West Big Bear Road Troy, MI - 2,113,006 19,057,355 263,369
245 Executive Drive Brookfield, WI - 577,067 5,197,903 212,364
8301 West Parkland Court Milwaukee, WI - 358,441 3,233,707 286,071
32991 Hamilton Court Farmington Hills, MI - 1,065,392 3,627,675 979,787
7800 N. 113th Street Milwaukee, WI - 1,711,964 6,847,857 51,087
2475-2479 Elliot Avenue Troy, MI - 128,809 516,393 15,137
32661 Edward Avenue Madison Heights, MI - 378,838 2,330,550 4,054
32701 Edward Avenue Madison Heights, MI - 340,398 1,364,777 31,585
32751 Edward Avenue Madison Heights, MI - 151,410 859,462 46,026
32853 Edward Avenue Madison Heights, MI - 138,121 784,426 53,827
555 East Mandoline Avenue Madison Heights, MI - 140,862 799,993 10,523
599 East Mandoline Avenue Madison Heights, MI - 132,163 646,768 73,022
749 East Mandoline Avenue Madison Heights, MI - 144,657 708,054 3,415
750 East Mandoline Avenue Madison Heights, MI - 151,457 741,185 878
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 R. Road Madison Heights, MI - 70,351 399,251 6,610
31601 Research Park Drive Madison Heights, MI - 331,179 1,879,812 10,787
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 - 217,928 1,601,469 2,088
800 Tech Row Madison Heights, MI - 444,976 2,984,811 12,945
900 Tech Row Madison Heights, MI - 155,606 883,725 38,424
1000 Tech Row Madison Heights, MI - 357,897 2,628,029 84,900
31771 Sherman Avenue Madison Heights, MI - 150,943 645,040 781
31791 Sherman Avenue Madison Heights, MI - 105,606 649,891 2,327
31811 Sherman Avenue Madison Heights, MI - 207,599 1,179,010 1,363
31831 Sherman Avenue Madison Heights, MI - 158,484 900,064 4,820
31900 Sherman Avenue Madison Heights, MI - 269,293 1,754,498 31,230
800 East Whitcomb Avenue Madison Heights, MI - 151,704 1,294,687 49,567
950 East Whitcomb Avenue Madison Heights, MI - 113,630 2,162,302 8,351
1000 East Whitcomb Avenue Madison Heights, MI - 113,512 1,023,613 41,628
1201 East Whitcomb Avenue Madison Heights, MI - 302,568 1,213,232 2,687
1210 East Whitcomb Avenue Madison Heights, MI - 121,299 329,051 540
1260 Kempar Avenue Madison Heights, MI - 78,720 385,223 20,780
1280 Kempar Avenue Madison Heights, MI - 142,305 536,474 18,700
22515 Heslip Drive Madison Heights, MI - 144,477 338,277 36,744
9801 80th Avenue Pleasant Prairie, WI - 1,692,077 7,934,794 34,348
11950 W. Lake Park Drive Milwaukee, WI - 391,813 2,340,118 158,703
11400 W. Lake Park Drive Milwaukee, WI - 439,595 2,357,904 181,306
11425 W. Lake Park Drive Milwaukee, WI - 382,256 2,350,619 102,514
11301 W. Lake Park Drive Milwaukee, WI - 614,477 2,626,456 92,202
11900 W. Lake Park Drive Milwaukee, WI - 347,854 2,396,887 492,040
38100 Ecorse Road Romulus, MI - 955,063 - 7,883,720
16620-16650 W. Bluemound Road Brookfield, WI - 586,665 4,289,907 210,838
1600-1630 E. Big Beaver Road Troy, MI - 1,454,406 2,952,884 52,196
11520 W. Calumet Road Milwaukee, WI - 341,698 1,527,548 48,307
12100 W. Park Place Milwaukee, WI - 534,470 3,239,389 69,353
N26 W23445 Paul Road Pewaukee, WI - 561,904 1,928,064 61,756
11200 W. Plank Court Wauwatosa, WI - 330,829 2,288,853 957,041
11020 W. Plank Court Wauwatosa, WI - 464,246 3,230,511 19,451
50 Gibson Drive West Malling, UK - ** - 3,334,095
2 Kings Hill Avenue West Malling, UK - 785,565 - 4,285,918
50 Kings Hill Avenue West Malling, UK - 1,215,608 - 10,064,033
10 Kings Hill Avenue West Malling, UK - 983,546 - 5,134,158
30 Tower View West Malling, UK - 1,657,321 - 10,886,965
35 Kings Hill Avenue West Malling, UK - 812,193 - 2,592,030
39 Kings Hill Avenue West Malling, UK - 494,508 - 3,204,906
18 Kings Hill Avenue West Malling, UK - 829,786 - 4,967,290
------------ ------------ -------------- --------------
Subtotal Operating Real Estate $100,083,577 $420,485,307 $1,548,105,608 $1,233,886,264
============ ============ ============== ==============
DEVELOPMENT IN PROGRESS
11 Great Valley Parkway Malvern, PA $ - $ 496,297 $ - $ 2,364,974
680 Blair Mill Road Horsham, PA - 3,527,151 - 3,073,210
1200 Liberty Ridge Place Wayne, PA - 6,215,667 - 4,576,796
2760 Red Lion Road Philadelphia, PA - - - 12,301,367
17000 Commerce Parkway Mt. Laurel, NJ - 144,515 - 2,639,955
705 Boulder Drive Allentown, PA 200,000 4,484,096 - 14,750,174
103
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Cost
Capitalized
Initial Cost Subsequent
--------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
DEVELOPMENT IN PROGRESS - Continued
3773 Executive Business Parkway Upper Saucon Twp, PA - 738,108 - 4,071,918
Main & W. Broad Streets Bethlehem, PA - 1,096,127 - 5,547,313
8150 Industrial Boulevard Allentown, PA - 2,564,167 - 1,037,635
8250 Industrial Boulevard Upper Macungie, PA - 1,025,667 - 703,724
650 Boulder Drive Allentown, PA - 8,069,963 - 1,463,276
6200 Old Dobbin Lane Columbia, MD - 958,105 - 1,071,086
6210 Old Dobbin Lane Columbia, MD - 958,105 - 934,570
6240 Old Dobbin Lane Columbia, MD - 958,105 - 970,492
12730 Kinston Avenue Richmond, VA - 171,053 - 3,227,091
12450 Three Chopt Road Richmond, VA - 1,140,648 101,824 501,041
1309 Executive Boulevard Cheaspeake, VA - 923,067 - 1,174,519
4183 Eagle Hill Drive High Point, NC - 122,203 - 3,234,850
4189 Eagle Hill Drive High Point, NC - 100,106 - 2,344,538
4020 Meeting Way High Point, NC - 94,232 - 1,288,292
4 Independence Point Greenville, SC - - - 1,390,222
5 Independence Point Greenville, SC - - - 1,287,390
4230 Faber Place Charleston, SC - 228,552 - 854,236
170 Ridgeview Drive Duncan, SC - 224,162 109,218 942,908
6509 Franz Warner Parkway Rock Creek, NC - 360,494 - 83,521
2400 South Lake Orange Drive Orlando, FL - 385,964 - 2,308,780
4887 Belfort Road Jacksonville, FL - 1,299,202 - 4,821,412
6501 Lee Vista Boulevard Orlando, FL - 903,701 - 3,577,836
7255 Salisbury Road Jacksonville, FL - 392,060 - 1,342,109
2416 Lake Orange Drive Orlando, FL - 385,964 - 907,446
901-933 US Highway 301S Tampa, FL - 570,005 - 2,671,848
4503 Woodland Corporate Boulevard Tampa, FL - - - 1,184,774
4505 Woodland Corporate Boulevard Tampa, FL - - - 1,178,541
4511 Woodland Corporate Boulevard Tampa, FL - - - 1,213,388
8937 Columbine Road Eden Prairie, MN - 1,325,829 - 4,208,705
7615 Smetana Lane Eden Prairie, MN - 1,011,517 - 7,902,655
7805 Hudson Road Woodbury, MN - 1,279,834 - 5,366,034
10801 Nesbitt Avenue South Bloomington, MN - 784,577 - 3,869,271
4600 Nathan Lane Plymouth, MN - 1,063,558 - 1,140,858
8995 Columbine Road Eden Prairie, MN - 1,087,594 - 2,202,819
8911 Columbine Road Eden Prairie, MN - 916,687 - 2,101,205
8855 Columbine Road Eden Prairie, MN - 1,400,925 - 1,819,171
8691 109th Street Pleasant Prairie, WI - 1,357,602 - 5,524,531
11414 West Park Place Milwaukee, WI - 234,444 - 7,689,076
2600 Bellingham Drive Troy, MI - 1,796,869 - 2,392,703
2710 Bellingham Drive Troy, MI - 1,796,869 - 2,343,630
38000 Ecourse Road Romulus, MI - 807,660 - 9,753,283
6505 Cogswell Road Romulus, MI - 594,523 - 657,221
4 Abbey Wood Road West Malling, UK - - - 6,266,330
------------ ------------ -------------- --------------
Subtotal Development in Progress $ 200,000 $ 53,995,974 $ 211,042 $ 154,278,724
============ ============ ============== ==============
LAND HELD FOR DEVELOPMENT
Renaissance Park Land King of Prussia, PA $ - $ 1,645,246 $ - $ 1,166,759
Keystone Park Land Bristol, PA - 730,434 - 165,680
Peco Lot PBC Horsham, PA - 183,617 - 78,483
Liberty Ridge Land Wayne, PA - 8,287,555 - 2,219,617
Northsight Land Scottsdale, AZ - 10,245,763 - 430,675
1710 Arch Street Philadelphia, PA - 7,847,607 - -
1722 Arch Street Philadelphia, PA - 290,475 - -
JFK & Arch Parking Lots/Land (East) Philadelphia, PA - 14,291,952 - -
JFK & Arch Parking Lots/Land (West) Philadelphia, PA - 4,700,222 - -
Commodore Business Park Bridgeport, NJ - 2,112,556 - 2,464,995
Marlton Executive Park Land Marlton, NJ - 550,664 - 354,455
410 Center Square Land Bridgeport, NJ - 476,564 - 10,010
800 Arlington Boulevard Land Bridgeport, NJ - 195,686 - 578,207
Lehigh Valley Corporate Center Land Bethlehem, PA - 309,058 - (77,920)
LVCC Phase 2 Land Bethlehem, PA - 4,242,279 - 1,703,245
1605 Valley Center Parkway Bethlehem, PA - 729,751 - 1,033,042
Columbia Crossing Land Columbia, MD - 3,865,849 - 787,701
6250 Old Dobbin Lane Columbia, MD - 958,105 - 371,353
IRS Distribution Center Land Richmond, VA - 100,000 - (89,880)
Rivers' Bend Land Richmond, VA - 1,695,416 - 4,328,578
Woodlands Center Land Richmond, VA - 928,556 - 757,838
501 Hewlett Packard Way Richmond, VA - 165,042 - 484,965
6000-98 Eastport Boulevard Richmond, VA - 787,091 - 841,227
Eastport VIII Richmond, VA - 379,836 - 6,187
Eastport IX Richmond, VA - 209,856 - 5,096
Westmoreland Land Virginia Beach, VA - 758,403 - 113,917
Westmoreland III Land Virginia Beach, VA - 645,966 - 128,960
Volvo Center Land Chesapeake, VA 2,419,100 3,694,538 - 165,040
Mendenhall Land High Point, NC - 1,910,135 - 2,416,944
Independence Pointe Land Greenville, SC - 1,304,084 - (103,883)
Executive Park at Faber Place Land Charleston, SC - - - 182,979
Southchase Business Park Land Greenville, SC - - - 78,432
Woodfield Land Greenville, SC - - - 70,677
Eagle Hill Business Park Land High Point, NC - 201,860 - 1,949,256
Lakeside I High Point, NC - 172,320 - 802,399
104
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Cost
Capitalized
Initial Cost Subsequent
--------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
LAND HELD FOR DEVELOPMENT - Continued
South Oaks I High Point, NC - 217,942 - 386,240
Enterprise Park Land Jacksonville, FL - 349,339 - 127,563
Liberty Business Park Land Jacksonville, FL - 448,098 - 64,860
7024 AC Skinner Parkway Jacksonville, FL - 468,643 - 355,267
Silo Bend Land Tampa, FL - 2,816,927 - 922,267
Exchange Place Land Orlando, FL - 193,406 - 8,711
Belfort Road Jacksonville, FL - 468,643 - 73,036
Butler Plaza Land Jacksonville, FL - 1,303,793 - 493,514
Central Green Land Houston, TX - 1,394,592 - 408,095
South Center Land Orlando, FL - 2,580,693 - (16,777)
South Center Land Orlando, FL - 479,858 - 64,712
Orlando Corporate Center Land Orlando, FL - 903,701 - 48,576
Salisbury Road Land Jacksonville, FL - 880,828 - 641,093
Woodland Corporate Center Land Tampa, FL - - - 1,122,381
6119 W. Linebaugh Avenue Tampa, FL - 175,886 - 8,693
7831-41 Woodland Ctr Parkway Tampa, FL - 202,550 - 18,016
Pompano Bus Pk Land-Lots 100,101 Boca Raton, FL - 407,328 - 3,584
Pompano Bus Pk Land-Lots 60, 61 Boca Raton, FL - 509,233 - 6,636
Boca Coloannade Land - Yamato Road Boca Raton, FL - 3,649,792 - 757,128
Klodt Land Eden Prairie, MN - 4,500,641 - (838,308)
Romulus Land Romulus, MI - 1,613,537 - (465,290)
Big Beaver Airport Land Troy, MI - 11,096,804 - (2,570,374)
Park Place South Land Milwaukee, WI - 2,569,927 - 508,617
------------ ------------ -------------- --------------
Subtotal Land Held for Development $ 2,419,100 $111,848,647 $ - $ 25,553,274
============ ============ ============== ==============
Total All Properties $102,702,677 $586,329,930 $1,548,316,650 $1,413,718,261
============ ============ ============== ==============
* Denotes property is collateralized under mortgages with Nationwide, Principal Mutual, American General, New York
Life, Manufacturer's Life,and USG Annuity and Life totalling $259.3 million.
** Rouse leases land from Kent County Council.
105
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/00
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES
10,20 Liberty Boulevard Malvern, PA $ 645,318 $ 5,142,015 $ 5,787,333
420 Lapp Road Malvern, PA 1,049,243 6,419,780 7,469,023
747 Dresher Road Horsham, PA 1,611,977 4,143,394 5,755,371
45-67 Great Valley Parkway Malvern, PA 795,831 2,997,239 3,793,070
40 Valley Stream Parkway Malvern, PA 323,792 2,228,762 2,552,554
50 Valley Stream Parkway Malvern, PA 371,068 2,333,784 2,704,852
20 Valley Stream Parkway Malvern, PA 466,413 5,223,107 5,689,520
800 Town Center Drive Langhorne, PA 1,619,288 9,604,527 11,223,815
9, 15, 25 Great Valley Parkway Malvern, PA 1,837,878 15,155,884 16,993,762
257-275 Great Valley Parkway Malvern, PA 505,458 4,508,081 5,013,539
300 Technology Drive Malvern, PA 374,497 1,297,825 1,672,322
277-293 Great Valley Parkway Malvern, PA 531,534 2,084,300 2,615,834
311 Technology Drive Malvern, PA 348,099 2,311,810 2,659,909
325 Technology Drive Malvern, PA 385,693 1,843,282 2,228,975
7 Great Valley Parkway Malvern, PA 177,317 4,450,655 4,627,972
55 Valley Stream Parkway Malvern, PA 215,818 3,427,901 3,643,719
65 Valley Stream Parkway Malvern, PA 382,361 5,194,631 5,576,992
508 Lapp Road Malvern, PA 263,116 1,882,044 2,145,160
10 Valley Stream Parkway Malvern, PA 465,135 2,923,974 3,389,109
333 Phoenixville Pike Malvern, PA 524,229 3,057,465 3,581,694
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 2,137,001 2,586,448
77-123 Great Valley Parkway Malvern, PA 888,359 4,876,868 5,765,227
260 Great Valley Parkway Malvern, PA 212,768 1,114,014 1,326,782
256 Great Valley Parkway Malvern, PA 161,949 1,887,910 2,049,859
205 Great Valley Parkway Malvern, PA 1,369,003 10,507,208 11,876,211
12,14,16 Great Valley Parkway Malvern, PA 131,517 1,205,192 1,336,709
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 2,094,121 2,357,611
1100 Wheeler Way Langhorne, PA 151,500 1,189,216 1,340,716
60 Morehall Road Malvern, PA 884,974 13,989,652 14,874,626
905 Airport Road West Chester, PA 1,735,012 5,839,519 7,574,531
1 Country View Road Malvern, PA 406,421 4,062,617 4,469,038
2151 Cabot Boulevard Langhorne, PA 389,990 3,715,605 4,105,595
170 South Warner Road King of Prussia, PA 458,232 5,469,439 5,927,671
190 South Warner Road King of Prussia, PA 461,910 4,353,683 4,815,593
507 Prudential Road Horsham, PA 652,919 6,456,797 7,109,716
100 Witmer Road Horsham, PA 3,813,228 11,488,627 15,301,855
3100 Horizon Drive King of Prussia, PA 611,435 1,997,769 2,609,204
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 3,735,975
200 Chesterfield Parkway Malvern, PA 495,893 2,959,263 3,455,156
767 Electronic Drive Horsham, PA 1,241,970 2,734,510 3,976,480
132 Welsh Road Horsham, PA 1,408,042 3,691,516 5,099,558
5 Country View Road Malvern, PA 786,235 4,862,177 5,648,412
3200 Horizon Drive King of Prussia, PA 1,210,137 4,014,561 5,224,698
3000 Horizon Drive King of Prussia, PA 946,703 2,098,893 3,045,596
111-195 Witmer Road Horsham, PA 378,205 3,048,773 3,426,978
300 Welsh Road - Bldg. #3 Horsham, PA 180,459 1,633,561 1,814,020
300 Welsh Road - Bldg. #4 Horsham, PA 282,493 3,292,647 3,575,140
8801 Tinicum Boulevard Philadelphia, PA 125,087 45,145,907 45,270,994
440 East Swedesford Road King of Prussia, PA 717,001 6,261,147 6,978,148
460 East Swedesford Road King of Prussia, PA 705,317 5,270,907 5,976,224
50 Morehall Road Malvern, PA 1,337,076 12,559,217 13,896,293
2 Walnut Grove Drive Horsham, PA 1,265,363 8,601,479 9,866,842
5 Walnut Grove Horsham, PA 1,939,712 8,210,401 10,150,113
200 Gibraltar Road Horsham, PA 638,513 6,545,436 7,183,949
220 Gibraltar Road Horsham, PA 629,944 5,779,537 6,409,481
240 Gibraltar Road Horsham, PA 629,944 5,762,958 6,392,902
151 South Warner Road King of Prussia, PA 1,186,972 6,911,848 8,098,820
1 Walnut Grove Drive Horsham, PA 1,058,901 6,385,163 7,444,064
3604 Horizon Drive King of Prussia, PA 350,874 1,614,948 1,965,822
3606 Horizon Drive King of Prussia, PA 815,855 1,914,370 2,730,225
650 Swedesford Road King of Prussia, PA 952,911 14,277,512 15,230,423
680 Swedesford Road King of Prussia, PA 952,361 13,977,568 14,929,929
761 Fifth Avenue King of Prussia, PA 256,463 2,481,634 2,738,097
771 Fifth Avenue King of Prussia, PA 152,456 1,518,037 1,670,493
1 Great Valley Parkway Malvern, PA 419,460 4,079,301 4,498,761
5 Great Valley Parkway Malvern, PA 684,200 6,617,113 7,301,313
311 Sinclair Road Bristol, PA 277,901 1,593,773 1,871,674
1001 Cedar Hollow Road Malvern, PA 1,646,984 15,837,528 17,484,512
3 Country View Road Malvern, PA 1,128,881 4,639,621 5,768,502
425 Technology Drive Malvern, PA 321,473 1,710,131 2,031,604
375 Technology Drive Malvern, PA 234,922 1,721,291 1,956,213
45 Liberty Boulevard Malvern, PA 4,768,152 14,708,195 19,476,347
100 Chesterfield Parkway Malvern, PA 1,349,954 6,578,864 7,928,818
181-187 Gibraltar Road Horsham, PA 360,549 3,737,068 4,097,617
104 Rock Road Horsham, PA 330,111 3,004,287 3,334,398
123-135 Rock Road Horsham, PA 393,019 2,953,328 3,346,347
106
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/00
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - Continued
111-159 Gibraltar Road Horsham, PA 489,032 4,482,705 4,971,737
161-175 Gibraltar Road Horsham, PA 294,673 3,193,032 3,487,705
103-109 Gibraltar Road Horsham, PA 270,906 3,023,061 3,293,967
261-283 Gibraltar Road Horsham, PA 464,871 4,045,058 4,509,929
210-223 Witmer Road Horsham, PA 270,282 3,900,200 4,170,482
231-237 Gibraltar Road Horsham, PA 436,952 4,305,850 4,742,802
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 1,513,241 1,721,381
113-123 Rock Road Horsham, PA 451,731 3,251,880 3,703,611
101-111 Rock Road Horsham, PA 452,251 3,302,501 3,754,752
120 Gibraltar Road Horsham, PA 558,142 4,905,531 5,463,673
110 Gibraltar Road Horsham, PA 673,041 5,964,278 6,637,319
100-107 Lakeside Drive Horsham, PA 255,528 2,744,140 2,999,668
200-264 Lakeside Drive Horsham, PA 502,705 4,976,179 5,478,884
300-309 Lakeside Drive Horsham, PA 376,475 4,788,107 5,164,582
400-445 Lakeside Drive Horsham, PA 583,628 5,994,494 6,578,122
104 Witmer Road Horsham, PA 189,793 2,105,570 2,295,363
201 Gibraltar Road Horsham, PA 380,127 4,016,146 4,396,273
3600 Horizon Drive King of Prussia, PA 236,432 1,871,604 2,108,036
3602 Horizon Drive King of Prussia, PA 217,809 1,854,866 2,072,675
3 Franklin Plaza Philadelphia, PA 2,514,519 31,966,065 34,480,584
400-500 Brandywine Parkway West Chester, PA 845,846 7,144,975 7,990,821
600 Brandywine Parkway West Chester, PA 664,899 5,666,339 6,331,238
2700 Horizon Drive King of Prussia, PA 867,815 3,564,092 4,431,907
2900 Horizon Drive King of Prussia, PA 774,096 3,390,528 4,164,624
2500 Renaissance Boulevard King of Prussia, PA 592,886 2,335,725 2,928,611
2300 Renaissance Boulevard King of Prussia, PA 574,152 2,534,904 3,109,056
719 Dresher Road Horsham, PA 495,112 3,007,664 3,502,776
2100 Renaissance Boulevard King of Prussia, PA 1,132,519 9,278,432 10,410,951
4 Walnut Grove Horsham, PA 2,515,115 7,324,883 9,839,998
2250 Hickory Road Plymouth Meeting, PA 1,015,851 10,077,555 11,093,406
3400 Horizon Drive King of Prussia, PA 776,496 4,093,273 4,869,769
One Ridgewood Place Downingtown, PA 422,460 2,793,568 3,216,028
300 Welsh Road Horsham, PA 696,061 3,389,619 4,085,680
600 Chesterfield Parkway Malvern, PA 2,037,813 8,099,939 10,137,752
700 Chesterfield Parkway Malvern, PA 2,037,813 8,126,993 10,164,806
6 Terry Drive Newtown, PA 622,205 2,249,996 2,872,201
2520 Renaissance Boulevard King of Prussia, PA 978,402 4,197,708 5,176,110
18 Great Valley Parkway Malvern, PA 397,293 4,010,111 4,407,404
700 Dresher Road Horsham, PA 2,565,140 6,103,124 8,668,264
2201 Renaissance Boulevard King of Prussia, PA 2,413,514 12,572,300 14,985,814
2540 Renaissance Boulevard King of Prussia, PA 274,341 1,372,020 1,646,361
2560 Renaissance Boulevard King of Prussia, PA 649,792 2,962,088 3,611,880
1501-1513 Grundy's Lane Bristol, PA 559,610 2,491,744 3,051,354
825 Duportail Road Wayne, PA 5,539,281 16,196,280 21,735,561
200 Precision Drive Horsham, PA 1,561,474 6,451,163 8,012,637
40 Liberty Boulevard Malvern, PA 4,241,137 19,713,050 23,954,187
14 Lee Boulevard Malvern, PA 665,053 6,312,889 6,977,942
500 Chesterfield Parkway Malvern, PA 473,139 3,350,560 3,823,699
300-400 Chesterfield Parkway Malvern, PA 931,212 4,806,940 5,738,152
150 Mid-Atlantic Parkway West Deptford, NJ 88,153 529,023 617,176
1370 Imperial Way West Deptford, NJ 298,010 4,943,509 5,241,519
8 Stow Road Marlton, NJ 172,945 1,817,641 1,990,586
10 Stow Road Marlton, NJ 147,318 1,521,568 1,668,886
12 Stow Road Marlton, NJ 103,618 1,235,066 1,338,684
14 Stow Road Marlton, NJ 93,418 1,106,810 1,200,228
1300 Metropolitan Avenue West Deptford, NJ 221,218 2,016,048 2,237,266
701A Route 73 South Marlton, NJ 271,743 6,083,920 6,355,663
701C Route 73 South Marlton, NJ 96,161 1,662,904 1,759,065
1008 Astoria Boulevard Cherry Hill, NJ 32,698 808,080 840,778
1475 Imperial Way West Deptford, NJ 58,606 1,051,553 1,110,159
3000 Atrium Way Mt. Laurel, NJ 512,018 7,758,228 8,270,246
750 Cardinal Drive Pureland, NJ 236,190 2,723,394 2,959,584
11000, 15000 Commerce Parkway Mt. Laurel, NJ 311,950 3,708,087 4,020,037
12000, 14000 Commerce Parkway Mt. Laurel, NJ 362,855 3,524,239 3,887,094
16000, 18000 Commerce Parkway Mt. Laurel, NJ 290,545 2,951,065 3,241,610
400 Lippincott Drive Marlton, NJ 317,799 2,831,173 3,148,972
406 Lippincott Drive Marlton, NJ 327,554 2,328,309 2,655,863
234 High Hill Road Bridgeport, NJ 250,445 1,835,661 2,086,106
101 Arlington Boulevard Bridgeport, NJ 374,836 4,233,613 4,608,449
100 Berkeley Drive Bridgeport, NJ 401,253 2,135,500 2,536,753
301 Lippincott Drive Marlton, NJ 1,069,838 5,192,666 6,262,504
303 Lippincott Drive Marlton, NJ 1,069,838 5,146,997 6,216,835
510-512 Sharptown Road Bridgeport, NJ 125,410 1,120,462 1,245,872
901 Route 73 Marlton, NJ 334,411 2,832,955 3,167,366
1300 Route 73 North Marlton, NJ 499,003 3,814,898 4,313,901
512 Sharptown Road Bridgeport, NJ 180,468 1,743,538 1,924,006
201 Berkeley Drive Bridgeport, NJ 515,116 4,438,089 4,953,205
404 Lippincott Drive Marlton, NJ 131,896 1,650,431 1,782,327
104 Gaither Drive Mt Laurel, NJ 136,446 1,369,093 1,505,539
402 Lippincott Drive Marlton, NJ 131,896 1,632,284 1,764,180
300 Commodore Drive Bridgeport, NJ 723,369 4,984,362 5,707,731
3000 Lincoln Drive Mt. Laurel, NJ 284,052 3,687,560 3,971,612
107
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/00
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - Continued
6000 Commerce Parkway Mt. Laurel, NJ 234,151 2,163,000 2,397,151
7000 Commerce Parkway Mt. Laurel, NJ 260,014 2,443,405 2,703,419
8000 Commerce Parkway Mt. Laurel, NJ 234,814 2,103,283 2,338,097
9000 Commerce Parkway Mt. Laurel, NJ 286,587 2,548,016 2,834,603
1000 Briggs Road Mt. Laurel, NJ 288,577 2,814,850 3,103,427
1025 Briggs Road Mt. Laurel, NJ 430,990 4,095,741 4,526,731
1020 Briggs Road Mt. Laurel, NJ 574,983 2,817,038 3,392,021
9 Stow Road Marlton, NJ 654,779 2,032,708 2,687,487
2000 Crawford Place Mt. Laurel, NJ 310,831 4,369,446 4,680,277
1351 Metropolitan Avenue West Deptford, NJ 189,465 1,755,427 1,944,892
650 Grove Road West Deptford, NJ 267,214 2,680,422 2,947,636
400 Grove Road West Deptford, NJ 145,009 1,439,834 1,584,843
5000 Dearborn Court Mt. Laurel, NJ 1,057,763 4,313,251 5,371,014
515 Heron Drive Bridgeport, NJ 334,017 2,385,804 2,719,821
500 Sharptown Road Bridgeport, NJ 302,858 2,699,972 3,002,830
625 Heron Drive Bridgeport, NJ 180,226 924,586 1,104,812
605 Heron Drive Bridgeport, NJ 265,381 1,084,374 1,349,755
510 Heron Drive Bridgeport, NJ 790,335 8,158,737 8,949,072
522 Pedricktown Road Bridgeport, NJ 176,309 1,379,844 1,556,153
530 Pedricktown Road Bridgeport, NJ 350,813 1,932,775 2,283,588
540 Pedricktown Road Bridgeport, NJ 531,280 4,373,844 4,905,124
230 High Hill Road Bridgeport, NJ 1,418,000 8,868,726 10,286,726
3 Mallard Court Bridgeport, NJ 417,893 2,457,201 2,875,094
730 Cardinal Drive Bridgeport, NJ 576,598 1,826,686 2,403,284
405 Heron Drive Bridgeport, NJ 2,167,471 18,372,778 20,540,249
100 Eagle Road Bridgeport, NJ 256,491 1,454,953 1,711,444
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 3,912,529
602 Heron Drive Bridgeport, NJ 524,728 2,248,128 2,772,856
300 Eagle Court Bridgeport, NJ 1,135,989 1,890,260 3,026,249
500 Center Square Road Bridgeport, NJ 1,338,839 6,207,154 7,545,993
1001 Briggs Road Mt. Laurel, NJ 701,705 4,223,877 4,925,582
1960 Cuthbert Boulevard Cherry Hill, NJ 321,699 1,507,017 1,828,716
1970 Cuthbert Boulevard Cherry Hill, NJ 321,699 1,343,192 1,664,891
10000 & 11000 Route 73 Marlton, NJ 716,258 3,073,011 3,789,269
800 Arlington Boulevard Bridgeport, NJ 1,700,348 6,708,315 8,408,663
1015 Briggs Road Mt. Laurel, NJ 470,658 3,190,789 3,661,447
1655 Valley Center Parkway Bethlehem, PA 215,095 1,866,465 2,081,560
6560 Stonegate Drive Allentown, PA 437,122 2,372,378 2,809,500
6370 Hedgewood Drive Allentown, PA 515,707 3,113,754 3,629,461
6390 Hedgewood Drive Allentown, PA 670,819 2,635,982 3,306,801
1495 Valley Center Parkway Bethlehem, PA 258,014 3,778,725 4,036,739
6350 Hedgewood Drive Allentown, PA 370,318 3,160,567 3,530,885
6330 Hedgewood Drive Allentown, PA 499,720 4,528,743 5,028,463
1550 Valley Center Parkway Bethlehem, PA 188,320 3,192,388 3,380,708
1560 Valley Center Parkway Bethlehem, PA 229,301 3,895,181 4,124,482
6580 Snowdrift Road Allentown, PA 367,377 2,624,413 2,991,790
1510 Valley Center Parkway Bethlehem, PA 312,873 3,361,075 3,673,948
1530 Valley Center Parkway Bethlehem, PA 212,491 2,652,205 2,864,696
6540 Stonegate Drive Allentown, PA 422,730 3,595,981 4,018,711
974 Marcon Boulevard Allentown, PA 144,248 2,192,709 2,336,957
964 Marcon Boulevard Allentown, PA 139,480 1,548,918 1,688,398
764 Roble Road Allentown, PA 141,746 793,490 935,236
3174 Airport Road Allentown, PA 98,986 1,105,397 1,204,383
2196 Avenue C Allentown, PA 107,307 1,214,815 1,322,122
2202 Hanger Place Allentown, PA 138,127 1,316,922 1,455,049
2201 Hanger Place Allentown, PA 129,142 1,434,890 1,564,032
954 Marcon Boulevard Allentown, PA 104,452 1,137,798 1,242,250
57 South Commerce Way Allentown, PA 395,459 2,862,059 3,257,518
754 Roble Road Allentown, PA 163,735 1,849,361 2,013,096
894 Marcon Boulevard Allentown, PA 118,304 1,122,978 1,241,282
744 Roble Road Allentown, PA 161,371 1,933,770 2,095,141
944 Marcon Boulevard Allentown, PA 119,711 1,632,124 1,751,835
1685 Valley Center Parkway Allentown, PA 198,482 2,101,841 2,300,323
6520 Stonegate Drive Allentown, PA 948,395 1,347,746 2,296,141
7437 Industrial Boulevard Allentown, PA 726,651 6,436,915 7,163,566
2041 Avenue C Allentown, PA 213,879 1,172,270 1,386,149
2124 Avenue C Allentown, PA 289,529 1,094,772 1,384,301
7339 Industrial Boulevard Allentown, PA 1,197,448 5,772,772 6,970,220
7384 Penn Drive Allentown, PA 652,118 2,762,377 3,414,495
7144 Daniels Drive Allentown, PA 1,579,169 6,717,244 8,296,413
7620 Cetronia Road Allentown, PA 1,093,724 4,219,130 5,312,854
939 Marcon Boulevard Allentown, PA 2,220,548 5,267,961 7,488,509
100 Brodhead Road Bethlehem, PA 429,456 3,116,327 3,545,783
1455 Valley Center Parkway Bethlehem, PA 545,173 3,767,861 4,313,034
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 2,324,014 2,512,735
400 Nestle Way Allentown, PA 8,184,096 26,335,396 34,519,492
83 South Commerce Way Bethlehem, PA 212,744 1,113,322 1,326,066
85 South Commerce Way Bethlehem, PA 237,078 1,080,647 1,317,725
87 South Commerce Way Bethlehem, PA 253,886 1,145,138 1,399,024
89 South Commerce Way Bethlehem, PA 367,706 1,749,671 2,117,377
108
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/00
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - Continued
7248 Industrial Boulevard Allentown, PA 2,719,118 14,042,452 16,761,570
95 Highland Avenue Bethlehem, PA 430,593 3,482,696 3,913,289
236 Brodhead Road Bethlehem, PA 376,962 4,697,544 5,074,506
1525 Valley Center Parkway Allentown, PA 804,104 7,124,629 7,928,733
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 269,614 926,738 1,196,352
7277 Williams Avenue Allentown, PA 463,123 1,600,677 2,063,800
7355 Williams Avenue Allentown, PA 489,749 1,797,038 2,286,787
794 Roble Boulevard Allentown, PA 1,147,541 6,173,594 7,321,135
6923 Schantz Spring Road Allentown, PA 1,127,805 3,455,703 4,583,508
2600 Beltline Avenue Reading, PA 558,903 2,252,359 2,811,262
7132 Daniels Drive Allentown, PA 1,696,470 7,278,638 8,975,108
3985 Adler Place Bethlehem, PA 705,367 4,390,970 5,096,337
8014 Industrial Boulevard Allentown, PA 3,645,117 9,066,372 12,711,489
651 Boulder Drive Allentown, PA 4,308,646 13,108,539 17,417,185
7028 Snowdrift Road Allentown, PA 524,390 1,078,701 1,603,091
180 Cochrane Drive Annapolis, MD - 85,098 85,098
190 Cochrane Drive Annapolis, MD 3,752,292 16,285,112 20,037,404
8280 Patuxent Range Drive Columbia, MD 181,601 1,334,693 1,516,294
7178-80 Columbia Gateway Columbia, MD 1,571,105 5,471,385 7,042,490
9770 Patuxent Woods Drive Columbia, MD 341,663 3,046,891 3,388,554
9780 Patuxent Woods Drive Columbia, MD 218,542 1,947,890 2,166,432
9790 Patuxent Woods Drive Columbia, MD 243,791 2,176,630 2,420,421
9810 Patuxent Woods Drive Columbia, MD 266,684 2,376,028 2,642,712
9800 Patuxent Woods Drive Columbia, MD 299,099 2,718,886 3,017,985
9820 Patuxent Woods Drive Columbia, MD 237,779 2,138,031 2,375,810
9830 Patuxent Woods Drive Columbia, MD 296,262 2,705,720 3,001,982
9050 Red Branch Road Columbia, MD 290,950 2,888,306 3,179,256
4606 Richlynn Drive Belcamp, MD 299,600 1,825,969 2,125,569
8945-8975 Guilford Road Columbia, MD 2,427,065 7,702,009 10,129,074
7317 Parkway Drive Hanover, MD 1,104,359 1,963,990 3,068,349
9101,9111,9115 Guilford Road Columbia, MD 765,952 3,334,365 4,100,317
9125,9135,9145 Guilford Road Columbia, MD 920,439 5,694,524 6,614,963
1751 Bluehills Drive Roanoke, VA 1,063,728 8,602,628 9,666,356
4300 Carolina Avenue Richmond, VA 2,009,136 15,380,083 17,389,219
301 Hill Carter Parkway Richmond, VA 659,456 4,899,214 5,558,670
4001 Carolina Avenue Richmond, VA 29,443 255,527 284,970
5600-5626 Eastport Boulevard Richmond, VA 489,941 3,752,729 4,242,670
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
3432 Holland Road Virginia Beach, VA 173,527 801,603 975,130
4880 Cox Road Glen Allen, VA 743,898 5,740,637 6,484,535
4101-4127 Carolina Avenue Richmond, VA 310,854 2,373,958 2,684,812
4201-4261 Carolina Avenue Richmond, VA 693,203 5,694,513 6,387,716
4263-4299 Carolina Avenue Richmond, VA 256,203 3,640,349 3,896,552
4301-4335 Carolina Avenue Richmond, VA 223,696 1,759,025 1,982,721
4337-4379 Carolina Avenue Richmond, VA 325,203 3,148,356 3,473,559
4501-4549 Carolina Avenue Richmond, VA 486,166 3,698,130 4,184,296
4551-4593 Carolina Avenue Richmond, VA 474,360 3,613,220 4,087,580
4601-4643 Carolina Avenue Richmond, VA 652,455 5,131,857 5,784,312
4645-4683 Carolina Avenue Richmond, VA 404,616 3,983,550 4,388,166
4447-4491 Carolina Avenue Richmond, VA 454,056 2,824,892 3,278,948
4401-4445 Carolina Avenue Richmond, VA 615,038 4,657,297 5,272,335
12 S. Third Street Richmond, VA 40,539 199,664 240,203
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
5601-5659 Eastport Boulevard Richmond, VA 720,100 5,078,702 5,798,802
5900 Eastport Boulevard Richmond, VA 687,898 4,945,087 5,632,985
4717-4729 Eubank Road Richmond, VA 452,263 3,440,763 3,893,026
4263F-N Carolina Avenue Richmond, VA 91,599 1,631,525 1,723,124
1821 Battery Dantzler Road Chester, VA 392,332 3,065,063 3,457,395
5000 Cox Road Glen Allen, VA 771,029 3,733,164 4,504,193
5500 Cox Road Glen Allen, VA 483,263 2,609,990 3,093,253
510 Eastpark Court Richmond, VA 262,210 2,148,008 2,410,218
520 Eastpark Court Richmond, VA 486,598 4,153,001 4,639,599
13001 Kingston Avenue Richmond, VA 376,701 2,029,222 2,405,923
5701-5799 Eastport Boulevard Richmond, VA 700,503 5,309,537 6,010,040
4801 Cox Road Glen Allen, VA 1,075,620 8,856,012 9,931,632
600 H P Way Richmond, VA 501,752 6,950,772 7,452,524
500 H P Way Richmond, VA 491,919 5,963,767 6,455,686
701 Liberty Way Richmond, VA 1,182,453 3,967,521 5,149,974
4198 Cox Road Glen Allen, VA 670,292 4,112,018 4,782,310
4510 Cox Road Glen Allen, VA 1,010,044 7,403,925 8,413,969
2809 South Lynnhaven Road Virginia Beach, VA 953,590 6,602,548 7,556,138
200 Golden Oak Court Virginia Beach, VA 1,116,693 7,301,943 8,418,636
208 Golden Oak Court Virginia Beach, VA 965,177 6,979,124 7,944,301
1 Enterprise Parkway Hampton, VA 974,675 5,917,673 6,892,348
22 Enterprise Parkway Hampton, VA 1,097,368 7,086,544 8,183,912
530 Eastpark Court Richmond, VA 334,772 2,682,845 3,017,617
484 Viking Drive Virginia Beach, VA 891,753 3,743,792 4,635,545
10430 Lakeridge Parkway Ashland, VA 421,267 3,832,114 4,253,381
10456 Lakeridge Parkway Ashland, VA 409,261 3,726,305 4,135,566
3829-3855 Gaskins Road Richmond, VA 364,165 3,270,794 3,634,959
109
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/00
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - Continued
629 Phoenix Drive Virginia Beach, VA 371,694 2,125,063 2,496,757
11838 Rock Landing Drive Newport News, VA 673,942 2,481,944 3,155,886
11844 Rock Landing Drive Newport News, VA 326,774 1,484,852 1,811,626
11832 Rock Landing Drive Newport News, VA 299,066 1,469,135 1,768,201
11846 Rock Landing Drive Newport News, VA 748,582 5,906,573 6,655,155
10800 Nuckols Boulevard Richmond, VA 1,794,162 13,995,767 15,789,929
5700 Cleveland Street Virginia Beach, VA 700,564 10,210,519 10,911,083
801 Liberty Way Richmond, VA 780,000 6,019,815 6,799,815
5 Manhattan Square Hampton, VA 212,694 1,557,477 1,770,171
4523 Green Point Drive High Point, NC 223,614 2,398,542 2,622,156
4501 Green Point Drive High Point, NC 320,450 2,281,471 2,601,921
4500 Green Point Drive High Point, NC 231,692 2,110,048 2,341,740
2427 Penny Road High Point, NC 1,168,074 6,180,120 7,348,194
4524 Green Point Drive High Point, NC 183,888 2,130,918 2,314,806
4328, 4336 Federal Drive High Point, NC 825,092 7,368,225 8,193,317
200 Centreport Drive Greensboro, NC 332,017 4,118,296 4,450,313
4344 Federal Drive High Point, NC 173,623 2,644,645 2,818,268
202 Centreport Drive Greensboro, NC 549,679 5,755,569 6,305,248
101 Centreport Drive Greensboro, NC 826,237 7,727,514 8,553,751
4000 Piedmont Parkway High Point, NC 597,368 5,223,276 5,820,644
4380 Federal Drive High Point, NC 283,368 2,112,082 2,395,450
4388 Federal Drive High Point, NC 132,655 1,129,542 1,262,197
6532 Judge Adams Road Rock Creek, NC 399,988 3,446,080 3,846,068
6530 Judge Adams Road Rock Creek, NC 335,061 4,428,955 4,764,016
3860 Faber Place N. Charleston, SC 796,655 2,107,217 2,903,872
4055 Faber Place N. Charleston, SC 882,352 4,937,792 5,820,144
3820 Faber Place N. Charleston, SC 506,558 2,626,896 3,133,454
3875 Faber Place N. Charleston, SC 1,166,052 5,770,165 6,936,217
150 Ridgeview Center Drive Duncan, SC 711,353 8,985,965 9,697,318
1320 Garlington Road Greenville, SC 398,539 1,787,871 2,186,410
420 Park Avenue Greenville, SC 522,548 3,283,633 3,806,181
1 Alliance Drive Goose Creek, SC 662,422 2,655,438 3,317,860
4160 Mendenhall Oaks Parkway High Point, NC 545,627 2,771,348 3,316,975
4194 Mendenhall Oaks Parkway High Point, NC 265,991 2,221,451 2,487,442
4196 Mendenhall Oaks Parkway High Point, NC 173,889 2,019,824 2,193,713
4170 Mendenhall Oaks Parkway High Point, NC 373,502 1,798,228 2,171,730
4180 Mendenhall Oaks Parkway High Point, NC 315,614 1,565,527 1,881,141
4050 Piedmont Parkway High Point, NC 2,042,159 16,913,296 18,955,455
One Independence Pointe Greenville, SC 784,617 6,355,254 7,139,871
55 Beattie Place Greenville, SC 2,645,238 24,267,767 26,913,005
75 Beattie Place Greenville, SC 2,408,577 17,873,998 20,282,575
7736 McCloud Road Greensboro, NC 591,795 6,103,168 6,694,963
15 Brendan Way Greenville, SC 614,192 3,878,515 4,492,707
200 Meeting Street Charleston, SC 4,027,428 30,561,141 34,588,569
7500 West 110th Street Overland Park, KS 2,380,493 9,783,818 12,164,311
3955 Faber Place Charleston, SC 547,949 6,492,558 7,040,507
4300 Federal Drive High Point, NC 276,038 1,604,281 1,880,319
4135 Mendenall Oaks Parkway High Point, NC 500,980 2,235,363 2,736,343
3825 Faber Place N. Charleston, SC 249,147 1,087,434 1,336,581
1020 North Point Industrial Boulevard Hanahan, SC 1,432,143 8,635,666 10,067,809
1730 Stebbins Drive Houston, TX 144,016 427,823 571,839
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 2,885,528 3,517,086
6255 Lake Gray Boulevard Jacksonville, FL 811,963 3,432,354 4,244,317
6600-6800 Suemac Place Jacksonville, FL 216,014 1,896,629 2,112,643
6800-6850 Suemac Place Jacksonville, FL 125,576 1,132,203 1,257,779
8665,8667,8669 Baypine Road Jacksonville, FL 1,023,514 3,957,483 4,980,997
8540 Baycenter Road Jacksonville, FL 450,431 1,366,708 1,817,139
1200 Gulf Life Drive Jacksonville, FL 1,035,091 20,103,285 21,138,376
8400 Baymeadows Way Jacksonville, FL 566,370 2,323,612 2,889,982
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 1,690,506 1,965,981
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 5,636,694 37,682,268
7077 Bonneval Road Jacksonville, FL 774,020 6,962,745 7,736,765
4190 Belfort Road Jacksonville, FL 827,420 7,581,690 8,409,110
8011, 8021, 8031 Phillips Highway Jacksonville, FL 628,437 4,787,182 5,415,619
7020 AC Skinner Parkway Jacksonville, FL 749,811 2,104,232 2,854,043
7022 AC Skinner Parkway Jacksonville, FL 853,981 2,962,115 3,816,096
11777 Central Highway Jacksonville, FL 192,004 2,255,323 2,447,327
4345 Southpoint Parkway Jacksonville, FL 418,093 8,334,179 8,752,272
7016 AC Skinner Parkway Jacksonville, FL 602,633 2,320,994 2,923,627
7018 AC Skinner Parkway Jacksonville, FL 846,433 4,101,958 4,948,391
7014 AC Skinner Parkway Jacksonville, FL 780,486 3,083,491 3,863,977
6620 Southpoint Parkway Jacksonville, FL 614,602 4,775,448 5,390,050
7980 Bayberry Road Jacksonville, FL 330,726 1,355,877 1,686,603
9600 Satellite Boulevard Orlando, FL 252,850 1,356,297 1,609,147
9700 Satellite Boulevard Orlando, FL 405,362 1,254,084 1,659,446
110
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/00
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - Continued
1902 Cypress Lake Drive Orlando, FL 538,512 4,079,546 4,618,058
9550 Satellite Boulevard Orlando, FL 587,319 2,010,357 2,597,676
8250 & 8256 Exchange Place Orlando, FL 622,413 2,754,051 3,376,464
6600 Southpoint Parkway Jacksonville, FL 1,002,704 4,319,165 5,321,869
6700 Southpoint Parkway Jacksonville, FL 624,215 3,485,721 4,109,936
4801 Executive Park Court - 100 Jacksonville, FL 554,542 3,432,537 3,987,079
4801 Executive Park Court - 200 Jacksonville, FL 370,039 1,995,542 2,365,581
4810 Executive Park Court Jacksonville, FL 370,039 3,092,977 3,463,016
6602 Executive Park Court - 100 Jacksonville, FL 388,541 2,202,165 2,590,706
6602 Executive Park Court - 200 Jacksonville, FL 296,032 1,599,815 1,895,847
6631 Executive Park Court - 100 Jacksonville, FL 251,627 1,356,885 1,608,512
6631 Executive Park Court - 200 Jacksonville, FL 407,043 2,364,045 2,771,088
4815 Executive Park Court - 100 Jacksonville, FL 366,339 2,046,904 2,413,243
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 3,210,025 3,765,238
10511 & 10611 Satellite Boulevard Orlando, FL 522,991 2,771,117 3,294,108
1400-1440 Central Florida Parkway Orlando, FL 518,043 2,630,525 3,148,568
6601 Executive Park Circle North Jacksonville, FL 551,250 3,129,001 3,680,251
1300 Riverplace Boulevard Jacksonville, FL 1,804,258 8,420,798 10,225,056
4901 Belfort Road Jacksonville, FL 877,964 4,202,594 5,080,558
16445 Air Center Boulevard Houston, TX 363,339 2,517,848 2,881,187
16405 Air Center Boulevard Houston, TX 438,853 3,122,048 3,560,901
2216 Directors Row Orlando, FL 453,918 2,577,653 3,031,571
7460 Chancellor Drive Orlando, FL 266,555 1,149,201 1,415,756
1901 Summit Tower Boulevard Maitland, FL 7,009,165 12,526,610 19,535,775
3701-3727 Vineland Road Orlando, FL 767,929 2,158,607 2,926,536
4899 Belfort Road Jacksonville, FL 1,299,201 7,865,694 9,164,895
4905 Belfort Road Jacksonville, FL 638,154 3,000,623 3,638,777
16580 Air Center Boulevard Houston, TX 289,000 3,547,695 3,836,695
7251 Salisbury Road Jacksonville, FL 662,559 2,092,676 2,755,235
7622 Bald Cypress Place Tampa, FL 300,000 1,078,727 1,378,727
10245 Centurion Parkway North Jacksonville, FL 857,705 3,977,014 4,834,719
1755 Trans Central Drive Houston, TX 293,534 3,046,085 3,339,619
5501-5519 Pioneer Park Boulevard Tampa, FL 262,416 1,699,082 1,961,498
5690-5694 Crenshaw Street Tampa, FL 181,923 1,967,900 2,149,823
3102,3104,3110 Cherry Palm Drive Tampa, FL 503,767 3,175,265 3,679,032
8401-8408 Benjamin Road Tampa, FL 789,652 4,913,466 5,703,118
3501 Riga Boulevard Tampa, FL 617,289 3,167,344 3,784,633
111 Kelsey Land Tampa, FL 359,540 1,860,719 2,220,259
7930, 8010-20 Woodland Center Boulevard Tampa, FL 1,408,478 5,465,227 6,873,705
7920 Woodland Center Boulevard Tampa, FL 1,082,648 2,849,780 3,932,428
8154-8198 Woodland Center Boulevard Tampa, FL 399,088 2,907,533 3,306,621
8112-42 Woodland Center Boulevard Tampa, FL 513,263 3,243,734 3,756,997
8212 Woodland Center Boulevard Tampa, FL 820,882 2,336,931 3,157,813
131 Kelsey Lane Tampa, FL 559,527 4,402,267 4,961,794
7724 Woodland Center Boulevard Tampa, FL 235,894 2,087,522 2,323,416
7802-50 Woodland Center Boulevard Tampa, FL 506,949 2,392,506 2,899,455
7852-98 Woodland Center Boulevard Tampa, FL 506,949 2,305,091 2,812,040
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 Boulevard Tampa, FL 771,501 3,007,586 3,779,087
8001 Woodland Center Boulevard Tampa, FL 438,061 2,152,768 2,590,829
4630 Woodland Corporate Boulevard Tampa, FL 1,560,099 11,664,553 13,224,652
701-725 South US Highway 301 Tampa, FL 661,680 3,099,985 3,761,665
4502 Woodland Corporate Boulevard Tampa, FL 1,071,535 2,925,709 3,997,244
9001-9015 Brittany Way Tampa, FL 364,514 1,240,765 1,605,279
4508 Woodland Corporate Boulevard Tampa, FL 556,887 3,061,764 3,618,651
1701 Clint Moore Boulevard Boca Raton, FL 1,430,937 3,096,241 4,527,178
4555 Riverside Drive Beach Gardens, FL 806,405 5,798,532 6,604,937
2500 Metrocentre Boulevard West Palm Beach, FL 238,362 1,593,530 1,831,892
2540 Metrocentre Boulevard West Palm Beach, FL 165,071 1,318,383 1,483,454
2541 Metrocentre Boulevard West Palm Beach, FL 145,091 1,079,254 1,224,345
2580 Metrocentre Boulevard West Palm Beach, FL 256,478 1,674,238 1,930,716
2581 Metrocentre Boulevard West Palm Beach, FL 189,359 1,396,829 1,586,188
1101 Northpoint Parkway West Palm Beach, FL 258,606 1,548,241 1,806,847
3223 Commerce Place West Palm Beach, FL 501,843 2,070,981 2,572,824
801 Northpoint Parkway West Palm Beach, FL 459,284 2,608,101 3,067,385
5410 - 5430 Northwest 33rd Avenue Ft. Lauderdale, FL 625,111 4,418,805 5,043,916
6500 NW 12th Avenue Ft. Lauderdale, FL - 3,085,411 3,085,411
6600 NW 12th Avenue Ft. Lauderdale, FL - 3,284,063 3,284,063
1500 SW 5th Court Pompano Beach, FL 972,232 3,927,203 4,899,435
1651 SW 5th Court Pompano Beach, FL 203,247 833,571 1,036,818
1601 SW 5th Court Pompano Beach, FL 203,247 861,598 1,064,845
1501 SW 5th Court Pompano Beach, FL 203,247 833,257 1,036,504
1400 SW 6th Court Pompano Beach, FL 1,157,049 4,682,057 5,839,106
1405 SW 6th Court Pompano Beach, FL 392,138 1,594,001 1,986,139
595 SW 13th Terrace Pompano Beach, FL 359,933 1,474,283 1,834,216
601 SW 13th Terrace Pompano Beach, FL 164,413 680,559 844,972
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 2,162,509 2,632,723
951 Broken Sound Parkway Boca Raton, FL 1,426,251 6,243,688 7,669,939
3400 Lakeside Drive Miramar, FL 2,022,153 11,711,215 13,733,368
3450 Lakeside Drive Miramar, FL 2,022,152 11,533,323 13,555,475
3350 SW 148th Avenue Miramar, FL 2,980,689 14,933,985 17,914,674
111
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/00
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - Continued
13650 NW 8th Street Sunrise, FL 558,251 2,197,591 2,755,842
13630 NW 8th Street Sunrise, FL 659,825 2,736,985 3,396,810
777 Yamato Road Boca Raton, FL 4,501,247 18,178,822 22,680,069
1801 Clint Moore Road Boca Raton, FL 1,065,068 4,691,192 5,756,260
6601-6625 W. 78th Street Bloomington, MN 2,310,246 38,578,584 40,888,830
2905 Northwest Boulevard Plymouth, MN 516,920 5,140,927 5,657,847
2800 Campus Drive Plymouth, MN 395,366 3,729,373 4,124,739
2955 Xenium Lane Plymouth, MN 151,238 1,625,846 1,777,084
9401-9443 Science Center Drive New Hope, MN 510,064 4,025,026 4,535,090
6321-6325 Bury Drive Eden Prairie, MN 462,876 4,325,760 4,788,636
7115-7173 Shady Oak Road Eden Prairie, MN 454,974 4,496,585 4,951,559
7660-7716 Golden Triangle Drive Eden Prairie, MN 1,289,215 5,734,774 7,023,989
7400 Flying Cloud Drive Eden Prairie, MN 195,982 1,817,445 2,013,427
10301-10305 West 70th Street Eden Prairie, MN 118,300 1,167,949 1,286,249
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 2,808,245 3,093,709
10393-10394 West 70th Street Eden Prairie, MN 264,419 2,675,209 2,939,628
7078 Shady Oak Road Eden Prairie, MN 336,481 3,139,939 3,476,420
10400 Viking Drive Eden Prairie, MN 2,986,817 21,376,752 24,363,569
5600 & 5610 Rowland Road Minnetonka, MN 829,263 8,096,724 8,925,987
2920 Northwest Boulevard Plymouth, MN 384,235 4,094,866 4,479,101
5400-5500 Feltl Road Minnetonka, MN 883,895 8,768,248 9,652,143
10300 Bren Road Minnetonka, MN 344,614 3,264,667 3,609,281
14630-14650 28th Avenue North Plymouth, MN 198,205 1,929,396 2,127,601
7695-7699 Anagram Drive Eden Prairie, MN 760,525 3,280,379 4,040,904
7550 Meridian Circle Maple Grove, MN 513,250 2,921,065 3,434,315
2800 Northwest Boulevard Plymouth, MN 1,934,438 11,022,359 12,956,797
3255 Neil Armstrong Boulevard Eagan, MN 1,131,017 3,377,738 4,508,755
4801 West 81st Street Bloomington, MN 1,624,701 2,740,764 4,365,465
8100 Cedar Avenue Bloomington, MN 501,313 3,700,697 4,202,010
9600 54th Avenue Plymouth, MN 332,317 3,209,004 3,541,321
7800 Equitable Drive Eden Prairie, MN 2,188,525 3,807,690 5,996,215
7905 Fuller Road Eden Prairie, MN 1,230,965 4,103,672 5,334,637
9023 Columbine Road Eden Prairie, MN 1,956,273 4,626,133 6,582,406
6161 Green Valley Drive Bloomington, MN 741,194 4,029,867 4,771,061
4700 Nathan Lane North Minneapolis, MN 1,501,308 8,748,052 10,249,360
8967 Columbine Road Eden Prairie, MN 1,450,000 3,390,238 4,840,238
14390 Huntington Avenue Savage, MN 1,464,521 6,283,364 7,747,885
550-590 Hale Avenue Oakdale, MN 766,390 3,517,986 4,284,376
7777 Golden Triangle Drive Eden Prairie, MN 993,101 3,012,772 4,005,873
26911-26957 Northwestern Southfield, MI 11,305,263 67,349,949 78,655,212
1650 Research Drive Troy, MI 763,067 7,289,799 8,052,866
1775 Research Drive Troy, MI 331,422 2,835,952 3,167,374
1875 Research Drive Troy, MI 329,863 2,890,488 3,220,351
1850 Research Drive Troy, MI 781,054 7,572,479 8,353,533
1965 Research Drive Troy, MI 419,090 3,680,159 4,099,249
1960 Research Drive Troy, MI 419,146 3,627,852 4,046,998
27260 Haggerty Road Farmington Hills, MI 456,877 4,210,271 4,667,148
27200 Haggerty Road Farmington Hills, MI 382,754 3,537,330 3,920,084
27280 Haggerty Road Farmington Hills, MI 452,860 4,117,913 4,570,773
27220 Haggerty Road Farmington Hills, MI 203,064 1,910,766 2,113,830
27240 Haggerty Road Farmington Hills, MI 171,518 1,577,475 1,748,993
27300 Haggerty Road Farmington Hills, MI 370,378 3,389,143 3,759,521
1101 Allen Drive Troy, MI 98,148 904,144 1,002,292
1151 Allen Drive Troy, MI 164,486 1,688,882 1,853,368
1300 Rankin Street Troy, MI 134,094 1,368,913 1,503,007
1350 Rankin Street Troy, MI 111,779 1,073,815 1,185,594
1376-1400 Rankin Street Troy, MI 134,296 1,300,940 1,435,236
1352-1374 Rankin Street Troy, MI 153,279 1,473,032 1,626,311
1324-1346 Rankin Street Troy, MI 134,094 1,222,308 1,356,402
1301-1307 Rankin Street Troy, MI 111,779 1,062,466 1,174,245
1409 Allen Drive Troy, MI 142,374 1,488,436 1,630,810
1304 E. Maple Road Troy, MI 211,236 2,213,807 2,425,043
1334 Maplelawn Road Troy, MI 124,300 1,143,622 1,267,922
1290 Maplelawn Road Troy, MI 85,325 830,435 915,760
1070 Maplelawn Road Troy, MI 68,563 661,949 730,512
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 87,849 914,385 1,002,234
1940 Norwood Drive Troy, MI 86,839 825,852 912,691
1311-1331 Maplelawn Road Troy, MI 125,410 1,143,344 1,268,754
2354 Bellingham Street Troy, MI 87,344 807,531 894,875
2360 Bellingham Street Troy, MI 87,344 845,864 933,208
1911 Ring Drive Troy, MI 86,132 852,122 938,254
26442-26450 Haggerty Road Farmington Hills, MI 237,691 2,168,282 2,405,973
26500 Haggerty Road Farmington Hills, MI 311,097 2,833,476 3,144,573
26650 Haggerty Road Farmington Hills, MI 173,170 1,581,123 1,754,293
26700 Haggerty Road Farmington Hills, MI 253,341 2,304,386 2,557,727
26750 Haggerty Road Farmington Hills, MI 292,720 2,797,499 3,090,219
26800 Haggerty Road Farmington Hills, MI 175,492 1,601,626 1,777,118
26842-26850 Haggerty Road Farmington Hills, MI 239,609 2,354,088 2,593,697
26600 Haggerty Road Farmington Hills, MI 537,693 2,441,279 2,978,972
112
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/00
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - Continued
26550 Haggerty Road Farmington Hills, MI 535,179 2,413,952 2,949,131
50 West Big Bear Road Troy, MI 2,159,678 19,755,460 21,915,138
100 West Big Bear Road Troy, MI 2,113,006 19,320,724 21,433,730
245 Executive Drive Brookfield, WI 577,067 5,410,267 5,987,334
8301 West Parkland Court Milwaukee, WI 358,442 3,519,777 3,878,219
32991 Hamilton Court Farmington Hills, MI 1,065,392 4,607,462 5,672,854
7800 N. 113th Street Milwaukee, WI 1,711,964 6,898,944 8,610,908
2475-2479 Elliot Avenue Troy, MI 128,808 531,531 660,339
32661 Edward Avenue Madison Heights, MI 378,838 2,334,604 2,713,442
32701 Edward Avenue Madison Heights, MI 340,398 1,396,362 1,736,760
32751 Edward Avenue Madison Heights, MI 151,410 905,488 1,056,898
32853 Edward Avenue Madison Heights, MI 138,121 838,253 976,374
555 East Mandoline Avenue Madison Heights, MI 140,862 810,516 951,378
599 East Mandoline Avenue Madison Heights, MI 132,164 719,789 851,953
749 East Mandoline Avenue Madison Heights, MI 144,658 711,468 856,126
750 East Mandoline Avenue Madison Heights, MI 151,458 742,062 893,520
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 R. Road Madison Heights, MI 70,351 405,861 476,212
31601 Research Park Drive Madison Heights, MI 331,179 1,890,599 2,221,778
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 1,821,485
800 Tech Row Madison Heights, MI 444,977 2,997,755 3,442,732
900 Tech Row Madison Heights, MI 155,606 922,149 1,077,755
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
31791 Sherman Avenue Madison Heights, MI 105,606 652,218 757,824
31811 Sherman Avenue Madison Heights, MI 207,599 1,180,373 1,387,972
31831 Sherman Avenue Madison Heights, MI 158,483 904,885 1,063,368
31900 Sherman Avenue Madison Heights, MI 269,293 1,785,728 2,055,021
800 East Whitcomb Avenue Madison Heights, MI 151,704 1,344,254 1,495,958
950 East Whitcomb Avenue Madison Heights, MI 113,630 2,170,653 2,284,283
1000 East Whitcomb Avenue Madison Heights, MI 113,512 1,065,241 1,178,753
1201 East Whitcomb Avenue Madison Heights, MI 302,567 1,215,920 1,518,487
1210 East Whitcomb Avenue Madison Heights, MI 121,298 329,592 450,890
1260 Kempar Avenue Madison Heights, MI 78,720 406,003 484,723
1280 Kempar Avenue Madison Heights, MI 142,305 555,174 697,479
22515 Heslip Drive Madison Heights, MI 144,477 375,021 519,498
9801 80th Avenue Pleasant Prairie, WI 1,689,726 7,971,493 9,661,219
11950 W. Lake Park Drive Milwaukee, WI 394,938 2,495,696 2,890,634
11400 W. Lake Park Drive Milwaukee, WI 443,101 2,535,704 2,978,805
11425 W. Lake Park Drive Milwaukee, WI 385,305 2,450,084 2,835,389
11301 W. Lake Park Drive Milwaukee, WI 619,465 2,713,670 3,333,135
11900 W. Lake Park Drive Milwaukee, WI 350,628 2,886,153 3,236,781
38100 Ecorse Road Romulus, MI 853,063 7,985,720 8,838,783
16620-16650 W. Bluemound Road Brookfield, WI 586,665 4,500,745 5,087,410
1600-1630 E. Big Beaver Road Troy, MI 1,458,737 3,000,749 4,459,486
11520 W. Calumet Road Milwaukee, WI 341,698 1,575,855 1,917,553
12100 W. Park Place Milwaukee, WI 532,370 3,310,842 3,843,212
N26 W23445 Paul Road Pewaukee, WI 561,904 1,989,820 2,551,724
11200 W. Plank Court Wauwatosa, WI 330,829 3,245,894 3,576,723
11020 W. Plank Court Wauwatosa, WI 464,246 3,249,962 3,714,208
50 Gibson Drive West Malling, UK - 3,334,095 3,334,095
2 Kings Hill Avenue West Malling, UK 1,019,410 4,052,073 5,071,483
50 Kings Hill Avenue West Malling, UK 1,181,936 10,097,705 11,279,641
10 Kings Hill Avenue West Malling, UK 893,048 5,224,656 6,117,704
30 Tower View West Malling, UK 1,504,860 11,039,426 12,544,286
35 Kings Hill Avenue West Malling, UK 737,814 2,666,409 3,404,223
39 Kings Hill Avenue West Malling, UK 743,327 2,956,087 3,699,414
18 Kings Hill Avenue West Malling, UK 1,243,879 4,553,197 5,797,076
------------ -------------- --------------
Subtotal Operating Real Estate $443,057,470 $2,759,419,709 $3,202,477,179
============ ============== ==============
DEVELOPMENT IN PROGRESS
11 Great Valley Parkway Malvern, PA $ 708,331 $ 2,152,940 $ 2,861,271
680 Blair Mill Road Horsham, PA 3,980,260 2,620,101 6,600,361
1200 Liberty Ridge Place Wayne, PA 5,223,660 5,568,803 10,792,463
2760 Red Lion Road Philadelphia, PA - 12,301,367 12,301,367
17000 Commerce Parkway Mt. Laurel, NJ 144,515 2,639,955 2,784,470
705 Boulder Drive Allentown, PA 4,486,836 14,747,434 19,234,270
3773 Executive Business Parkway Upper Saucon Twp, PA 794,403 4,015,623 4,810,026
Main & W. Broad Streets Bethlehem, PA 1,099,079 5,544,361 6,643,440
8150 Industrial Boulevard Allentown, PA 2,550,281 1,051,521 3,601,802
8250 Industrial Boulevard Upper Macungie, PA 1,023,654 705,737 1,729,391
650 Boulder Drive Allentown, PA 8,007,901 1,525,338 9,533,239
6200 Old Dobbin Lane Columbia, MD 1,295,000 734,191 2,029,191
6210 Old Dobbin Lane Columbia, MD 1,295,000 597,675 1,892,675
6240 Old Dobbin Lane Columbia, MD 1,295,000 633,597 1,928,597
12730 Kinston Avenue Richmond, VA 631,905 2,766,239 3,398,144
113
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/00
- -------------------------------------- --------------------- --------------- --------------- ---------------
DEVELOPMENT IN PROGRESS - Continued
12450 Three Chopt Road Richmond, VA 1,140,647 602,866 1,743,513
1309 Executive Boulevard Cheaspeake, VA 955,374 1,142,212 2,097,586
4183 Eagle Hill Drive High Point, NC 526,266 2,830,787 3,357,053
4189 Eagle Hill Drive High Point, NC 431,106 2,013,538 2,444,644
4020 Meeting Way High Point, NC 378,101 1,004,423 1,382,524
4 Independence Point Greenville, SC 467,438 922,784 1,390,222
5 Independence Point Greenville, SC 467,438 819,952 1,287,390
4230 Faber Place Charleston, SC 231,284 851,504 1,082,788
170 Ridgeview Drive Duncan, SC 228,306 1,047,982 1,276,288
6509 Franz Warner Parkway Rock Creek, NC 360,494 83,521 444,015
2400 South Lake Orange Drive Orlando, FL 637,996 2,056,748 2,694,744
4887 Belfort Road Jacksonville, FL 1,665,915 4,454,699 6,120,614
6501 Lee Vista Boulevard Orlando, FL 912,039 3,569,498 4,481,537
7255 Salisbury Road Jacksonville, FL 680,766 1,053,403 1,734,169
2416 Lake Orange Drive Orlando, FL 700,000 593,410 1,293,410
901-933 US Highway 301S Tampa, FL 846,070 2,395,783 3,241,853
4503 Woodland Corporate Boulevard Tampa, FL 619,913 564,861 1,184,774
4505 Woodland Corporate Boulevard Tampa, FL 516,594 661,947 1,178,541
4511 Woodland Corporate Boulevard Tampa, FL 516,594 696,794 1,213,388
8937 Columbine Road Eden Prairie, MN 1,739,966 3,794,568 5,534,534
7615 Smetana Lane Eden Prairie, MN 3,000,000 5,914,172 8,914,172
7805 Hudson Road Woodbury, MN 1,381,234 5,264,634 6,645,868
10801 Nesbitt Avenue South Bloomington, MN 786,382 3,867,466 4,653,848
4600 Nathan Lane Plymouth, MN 1,037,433 1,166,983 2,204,416
8995 Columbine Road Eden Prairie, MN 1,974,496 1,315,917 3,290,413
8911 Columbine Road Eden Prairie, MN 1,650,882 1,367,010 3,017,892
8855 Columbine Road Eden Prairie, MN 2,355,935 864,161 3,220,096
8691 109th Street Pleasant Prairie, WI 1,402,582 5,479,551 6,882,133
11414 West Park Place Milwaukee, WI 491,531 7,431,989 7,923,520
2600 Bellingham Drive Troy, MI 1,938,746 2,250,826 4,189,572
2710 Bellingham Drive Troy, MI 1,938,746 2,201,753 4,140,499
38000 Ecourse Road Romulus, MI 1,053,337 9,507,606 10,560,943
6505 Cogswell Road Romulus, MI 784,080 467,664 1,251,744
4 Abbey Wood Road West Malling, UK 1,581,511 4,684,819 6,266,330
------------ -------------- --------------
Subtotal Development in Progress $ 67,935,026 $ 140,550,712 $ 208,485,740
============ ============== ==============
LAND HELD FOR DEVELOPMENT
Renaissance Park Land King of Prussia, PA $ 2,729,560 $ 82,445 $ 2,812,005
Keystone Park Land Bristol, PA 893,412 2,702 896,114
Peco Lot - PBC Horsham, PA 262,100 - 262,100
Liberty Ridge Land Wayne, PA 10,507,172 - 10,507,172
Northsight Land Scottsdale, AZ 10,676,438 - 10,676,438
1710 Arch Street Philadelphia, PA 7,847,607 - 7,847,607
1722 Arch Street Philadelphia, PA 290,475 - 290,475
JFK & Arch Parking Lots/Land (East) Philadelphia, PA 14,291,952 - 14,291,952
JFK & Arch Parking Lots/Land (West) Philadelphia, PA 4,700,222 - 4,700,222
Commodore Business Park Bridgeport, NJ 4,349,850 227,701 4,577,551
Marlton Executive Park Land Marlton, NJ 905,119 - 905,119
410 Center Square Land Bridgeport, NJ 486,574 - 486,574
800 Arlington Boulevard Expansion Land Bridgeport, NJ 773,893 - 773,893
Lehigh Valley Corporate Center Land Bethlehem, PA 201,596 29,542 231,138
LVCC Phase 2 Land Bethlehem, PA 5,747,025 198,499 5,945,524
1605 Valley Center Parkway Bethlehem, PA 1,762,793 - 1,762,793
Columbia Crossing Land Columbia, MD 4,653,550 - 4,653,550
6250 Old Dobbin Lane Columbia, MD 1,329,458 - 1,329,458
IRS Distribution Center Land Richmond, VA 10,120 - 10,120
Rivers' Bend Land Richmond, VA (266,653) 6,290,647 6,023,994
Woodlands Center Land Richmond, VA 1,686,394 - 1,686,394
501 H P Way Richmond, VA 650,007 - 650,007
6000-98 Eastport Boulevard Richmond, VA 1,628,318 - 1,628,318
Eastport VIII Richmond, VA 386,023 - 386,023
Eastport IX Richmond, VA 214,952 - 214,952
Westmoreland Land Virginia Beach, VA 872,320 - 872,320
Westmoreland III Land Virginia Beach, VA 774,926 - 774,926
Volvo Center Land Chesapeake, VA 3,859,578 - 3,859,578
Mendenhall Land High Point, NC 4,298,094 28,985 4,327,079
Independence Pointe Land Greenville, SC 1,200,201 - 1,200,201
Executive Park at Faber Place Land Charleston, SC 182,979 - 182,979
Southchase Business Park Land Greenville, SC 78,432 - 78,432
Woodfield Land Greenville, SC 70,677 - 70,677
Eagle Hill Business Park Land High Point, NC 2,131,116 20,000 2,151,116
Lakeside I (Mendenhall) High Point, NC 974,719 - 974,719
South Oaks I (Mendenhall) High Point, NC 604,182 - 604,182
Enterprise Park Land Jacksonville, FL 476,902 - 476,902
Liberty Business Park Land Jacksonville, FL 485,397 27,561 512,958
7024 AC Skinner Parkway Jacksonville, FL 822,713 1,197 823,910
Silo Bend Land Tampa, FL 3,739,194 - 3,739,194
Exchange Place Land Orlando, FL 202,117 - 202,117
Belfort Road Jacksonville, FL 541,679 - 541,679
Butler Plaza Land Jacksonville, FL 1,768,779 28,528 1,797,307
Central Green Land Houston, TX 1,802,687 - 1,802,687
South Center Land Orlando, FL 2,563,916 - 2,563,916
114
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/00
- -------------------------------------- --------------------- --------------- --------------- ---------------
LAND HELD FOR DEVELOPMENT - Continued
South Center Land Orlando, FL 544,570 - 544,570
Orlando Corporate Center Land Orlando, FL 952,277 - 952,277
Salisbury Road Land Jacksonville, FL 1,521,921 - 1,521,921
Woodland Corporate Center Land Tampa, FL 1,122,381 - 1,122,381
6119 W. Linebaugh Avenue Tampa, FL 184,579 - 184,579
7831-41 Woodland Centr Parkway Tampa, FL 202,915 17,651 220,566
Pompano Bus Pk Land-Lots 100,101 Boca Raton, FL 410,912 - 410,912
Pompano Bus Pk Land-Lots 60, 61@ Boca Raton, FL 515,869 - 515,869
Boca Colonnade Land - Yamato Road Boca Raton, FL 4,406,920 - 4,406,920
Klodt Land Eden Prairie, MN 3,588,730 73,603 3,662,333
Romulus Land Romulus, MI 1,148,247 - 1,148,247
Big Beaver Airport Land Troy, MI 8,526,430 - 8,526,430
Park Place South Land Milwaukee, WI 3,076,044 2,500 3,078,544
------------ -------------- --------------
Subtotal Land Held for Development $130,370,360 $ 7,031,561 $ 137,401,921
============ ============== ==============
Total All Properties $641,362,956 $2,907,001,882 $3,548,364,840
============ ============== ==============
115
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Accumulated Date of
Depreciation Construction Depreciable
Project City @ 12/31/00 or Acquisition Life (years)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES
10,20 Liberty Boulevard Malvern, PA $ 1,353,251 1985 40 yrs.
420 Lapp Road Malvern, PA 1,725,145 1989 40 yrs.
747 Dresher Road Horsham, PA 1,114,243 1988 40 yrs.
45-67 Great Valley Parkway Malvern, PA 1,671,994 1974 40 yrs.
40 Valley Stream Parkway Malvern, PA 720,406 1987 40 yrs.
50 Valley Stream Parkway Malvern, PA 767,518 1987 40 yrs.
20 Valley Stream Parkway Malvern, PA 1,715,916 1987 40 yrs.
800 Town Center Drive Langhorne, PA 3,160,249 1987 40 yrs.
9, 15, 25 Great Valley Parkway Malvern, PA 8,898,259 1986 40 yrs.
257-275 Great Valley Parkway Malvern, PA 1,898,080 1983 40 yrs.
300 Technology Drive Malvern, PA 446,304 1985 40 yrs.
277-293 Great Valley Parkway Malvern, PA 781,749 1984 40 yrs.
311 Technology Drive Malvern, PA 870,718 1984 40 yrs.
325 Technology Drive Malvern, PA 745,937 1984 40 yrs.
7 Great Valley Parkway Malvern, PA 1,690,407 1985 40 yrs.
55 Valley Stream Parkway Malvern, PA 1,186,163 1983 40 yrs.
65 Valley Stream Parkway Malvern, PA 1,657,618 1983 40 yrs.
508 Lapp Road Malvern, PA 768,506 1984 40 yrs.
10 Valley Stream Parkway Malvern, PA 1,119,106 1984 40 yrs.
333 Phoenixville Pike Malvern, PA 1,113,734 1985 40 yrs.
30 Great Valley Parkway Malvern, PA 227,548 1975 40 yrs.
75 Great Valley Parkway Malvern, PA 204,698 1977 40 yrs.
27-43 Great Valley Parkway Malvern, PA 1,167,289 1977 40 yrs.
77-123 Great Valley Parkway Malvern, PA 2,208,032 1978 40 yrs.
260 Great Valley Parkway Malvern, PA 371,832 1979 40 yrs.
256 Great Valley Parkway Malvern, PA 863,190 1980 40 yrs.
205 Great Valley Parkway Malvern, PA 4,552,176 1981 40 yrs.
12,14,16 Great Valley Parkway Malvern, PA 551,931 1982 40 yrs.
155 Great Valley Parkway Malvern, PA 995,479 1981 40 yrs.
333 Technology Drive Malvern, PA 1,238,264 1987 40 yrs.
510 Lapp Road Malvern, PA 397,847 1983 40 yrs.
181 Wheeler Court Langhorne, PA 356,740 1979 40 yrs.
1100 Wheeler Way Langhorne, PA 191,070 1979 40 yrs.
60 Morehall Road Malvern, PA 2,636,658 1989 40 yrs.
905 Airport Road West Chester, PA 965,050 1988 40 yrs.
1 Country View Road Malvern, PA 632,472 1982 40 yrs.
2151 Cabot Boulevard Langhorne, PA 569,272 1982 40 yrs.
170 South Warner Road King of Prussia, PA 1,566,962 1980 40 yrs.
190 South Warner Road King of Prussia, PA 947,711 1980 40 yrs.
507 Prudential Road Horsham, PA 903,276 1988 40 yrs.
100 Witmer Road Horsham, PA 1,158,693 1996 40 yrs.
3100 Horizon Drive King of Prussia, PA 325,087 1995 40 yrs.
3300 Horizon Drive King of Prussia, PA 422,002 1996 40 yrs.
3500 Horizon Drive King of Prussia, PA 304,536 1996 40 yrs.
200 Chesterfield Parkway Malvern, PA 1,429,479 1989 40 yrs.
767 Electronic Drive Horsham, PA 664,562 1996 40 yrs.
132 Welsh Road Horsham, PA 375,519 1998 40 yrs.
5 Country View Road Malvern, PA 662,969 1985 40 yrs.
3200 Horizon Drive King of Prussia, PA 636,262 1996 40 yrs.
3000 Horizon Drive King of Prussia, PA 177,703 1997 40 yrs.
111-195 Witmer Road Horsham, PA 372,303 1996 40 yrs.
300 Welsh Road - Bldg. #3 Horsham, PA 198,240 1983 40 yrs.
300 Welsh Road - Bldg. #4 Horsham, PA 456,432 1983 40 yrs.
8801 Tinicum Boulevard Philadelphia, PA 3,474,333 1997 40 yrs.
440 East Swedesford Road King of Prussia, PA 1,170,511 1988 40 yrs.
460 East Swedesford Road King of Prussia, PA 731,137 1988 40 yrs.
50 Morehall Road Malvern, PA 1,573,700 1997 40 yrs.
2 Walnut Grove Drive Horsham, PA 1,127,684 1989 40 yrs.
5 Walnut Grove Drive Horsham, PA 164,046 2000 40 yrs.
200 Gibraltar Road Horsham, PA 736,548 1990 40 yrs.
220 Gibraltar Road Horsham, PA 575,772 1998 40 yrs.
240 Gibraltar Road Horsham, PA 575,271 1990 40 yrs.
151 South Warner Road King of Prussia, PA 707,204 1980 40 yrs.
1 Walnut Grove Drive Horsham, PA 988,637 1986 40 yrs.
3604 Horizon Drive King of Prussia, PA 324,077 1998 40 yrs.
3606 Horizon Drive King of Prussia, PA 278,651 1997 40 yrs.
650 Swedesford Road King of Prussia, PA 1,991,268 1971 40 yrs.
680 Swedesford Road King of Prussia, PA 2,010,390 1971 40 yrs.
761 Fifth Avenue King of Prussia, PA 215,872 1977 40 yrs.
771 Fifth Avenue King of Prussia, PA 134,211 1977 40 yrs.
1 Great Valley Parkway Malvern, PA 404,643 1982 40 yrs.
5 Great Valley Parkway Malvern, PA 608,723 1983 40 yrs.
311 Sinclair Road Bristol, PA 119,487 1997 40 yrs.
1001 Cedar Hollow Road Malvern, PA 1,428,168 1997 40 yrs.
3 Country View Road Malvern, PA 289,415 1998 40 yrs.
425 Technology Drive Malvern, PA 263,150 1998 40 yrs.
375 Technology Drive Malvern, PA 169,419 1998 40 yrs.
45 Liberty Boulevard Malvern, PA 938,067 1999 40 yrs.
100 Chesterfield Parkway Malvern, PA 679,340 1998 40 yrs.
181-187 Gibraltar Road Horsham, PA 349,023 1982 40 yrs.
104 Rock Road Horsham, PA 231,636 1974 40 yrs.
123-135 Rock Road Horsham, PA 325,462 1975 40 yrs.
111-159 Gibraltar Road Horsham, PA 367,320 1981 40 yrs.
116
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Accumulated Date of
Depreciation Construction Depreciable
Project City @ 12/31/00 or Acquisition Life (years)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES - Continued
161-175 Gibraltar Road Horsham, PA 243,563 1976 40 yrs.
103-109 Gibraltar Road Horsham, PA 263,404 1978 40 yrs.
261-283 Gibraltar Road Horsham, PA 318,597 1978 40 yrs.
210-223 Witmer Road Horsham, PA 285,139 1972 40 yrs.
231-237 Gibraltar Road Horsham, PA 385,786 1981 40 yrs.
100 Gibraltar Road Horsham, PA 27,509 1975 40 yrs.
101 Gibraltar Road Horsham, PA 471,416 1977 40 yrs.
506 Prudential Road Horsham, PA 120,411 1973 40 yrs.
113-123 Rock Road Horsham, PA 245,601 1975 40 yrs.
101-111 Rock Road Horsham, PA 271,492 1975 40 yrs.
120 Gibraltar Road Horsham, PA 415,209 1980 40 yrs.
110 Gibraltar Road Horsham, PA 471,628 1979 40 yrs.
100-107 Lakeside Drive Horsham, PA 260,382 1982 40 yrs.
200-264 Lakeside Drive Horsham, PA 548,978 1982 40 yrs.
300-309 Lakeside Drive Horsham, PA 356,270 1982 40 yrs.
400-445 Lakeside Drive Horsham, PA 751,897 1981 40 yrs.
104 Witmer Road Horsham, PA 166,413 1997 40 yrs.
201 Gibraltar Road Horsham, PA 294,669 1983 40 yrs.
3600 Horizon Drive King of Prussia, PA 145,338 1989 40 yrs.
3602 Horizon Drive King of Prussia, PA 173,321 1989 40 yrs.
3 Franklin Plaza Philadelphia, PA 1,074,218 1999 40 yrs.
400-500 Brandywine Parkway West Chester, PA 566,943 1988 40 yrs.
600 Brandywine Parkway West Chester, PA 426,491 1988 40 yrs.
2700 Horizon Drive King of Prussia, PA 314,460 1998 40 yrs.
2900 Horizon Drive King of Prussia, PA 253,290 1998 40 yrs.
2500 Renaissance Boulevard King of Prussia, PA 190,458 1999 40 yrs.
2300 Renaissance Boulevard King of Prussia, PA 158,727 1999 40 yrs.
719 Dresher Road Horsham, PA 212,992 1998 40 yrs.
2100 Renaissance Boulevard King of Prussia, PA 553,647 1999 40 yrs.
4 Walnut Grove Horsham, PA 304,523 1999 40 yrs.
2250 Hickory Road Plymouth Meeting, PA 724,519 1998 40 yrs.
3400 Horizon Drive King of Prussia, PA 288,569 1998 40 yrs.
One Ridgewood Place Downingtown, PA 155,006 1998 40 yrs.
300 Welsh Road Horsham, PA 203,674 1998 40 yrs.
600 Chesterfield Parkway Malvern, PA 516,551 1999 40 yrs.
700 Chesterfield Parkway Malvern, PA 512,120 1999 40 yrs.
6 Terry Drive Newtown, PA 126,081 1998 40 yrs.
2520 Renaissance Boulevard King of Prussia, PA 208,154 1999 40 yrs.
18 Great Valley Parkway Malvern, PA 192,049 1999 40 yrs.
700 Dresher Road Horsham, PA 393,587 1999 40 yrs.
2201 Renaissance Boulevard King of Prussia, PA 310,997 2000 40 yrs.
2540 Renaissance Boulevard King of Prussia, PA 32,311 2000 40 yrs.
2560 Renaissance Boulevard King of Prussia, PA 83,057 2000 40 yrs.
1501-1513 Grundy's Lane Bristol, PA 4,764 2000 40 yrs.
825 Duportail Road Wayne, PA 346,198 2000 40 yrs.
200 Precision Drive Horsham, PA 79,358 2000 40 yrs.
40 Liberty Boulevard Malvern, PA 81,465 2000 40 yrs.
14 Lee Boulevard Malvern, PA 1,577,461 1988 40 yrs.
500 Chesterfield Parkway Malvern, PA 904,919 1988 40 yrs.
300-400 Chesterfield Parkway Malvern, PA 1,353,476 1988 40 yrs.
150 Mid-Atlantic Parkway West Deptford, NJ 249,448 1973 40 yrs.
1370 Imperial Way West Deptford, NJ 720,102 1978 40 yrs.
8 Stow Road Marlton, NJ 347,556 1988 40 yrs.
10 Stow Road Marlton, NJ 264,186 1988 40 yrs.
12 Stow Road Marlton, NJ 276,452 1988 40 yrs.
14 Stow Road Marlton, NJ 274,704 1988 40 yrs.
1300 Metropolitan Avenue West Deptford, NJ 315,119 1972 40 yrs.
701A Route 73 South Marlton, NJ 1,398,587 1987 40 yrs.
701C Route 73 South Marlton, NJ 348,247 1987 40 yrs.
1008 Astoria Boulevard Cherry Hill, NJ 223,355 1973 40 yrs.
1475 Imperial Way West Deptford, NJ 167,166 1976 40 yrs.
3000 Atrium Way Mt. Laurel, NJ 2,084,023 1987 40 yrs.
750 Cardinal Drive Pureland, NJ 370,927 1989 40 yrs.
11000, 15000 Commerce Parkway Mt. Laurel, NJ 984,686 1985 40 yrs.
12000, 14000 Commerce Parkway Mt. Laurel, NJ 546,722 1985 40 yrs.
16000, 18000 Commerce Parkway Mt. Laurel, NJ 567,751 1985 40 yrs.
400 Lippincott Drive Marlton, NJ 141,492 1999 40 yrs.
406 Lippincott Drive Marlton, NJ 501,647 1990 40 yrs.
234 High Hill Road Bridgeport, NJ 314,995 1987 40 yrs.
101 Arlington Boulevard Bridgeport, NJ 485,715 1996 40 yrs.
100 Berkeley Drive Bridgeport, NJ 261,484 1990 40 yrs.
301 Lippincott Drive Marlton, NJ 750,412 1988 40 yrs.
303 Lippincott Drive Marlton, NJ 748,394 1988 40 yrs.
510-512 Sharptown Road Bridgeport, NJ 145,163 1984 40 yrs.
901 Route 73 Marlton, NJ 340,065 1985 40 yrs.
1300 Route 73 North Marlton, NJ 549,508 1988 40 yrs.
512 Sharptown Road Bridgeport, NJ 195,439 1984 40 yrs.
201 Berkeley Drive Bridgeport, NJ 249,308 1999 40 yrs.
404 Lippincott Drive Marlton, NJ 241,628 1997 40 yrs.
104 Gaither Drive Mt. Laurel, NJ 138,348 1975 40 yrs.
402 Lippincott Drive Marlton, NJ 197,727 1997 40 yrs.
300 Commodore Drive Bridgeport, NJ 400,377 1999 40 yrs.
3000 Lincoln Drive Mt. Laurel, NJ 505,574 1983 40 yrs.
6000 Commerce Parkway Mt. Laurel, NJ 244,033 1985 40 yrs.
7000 Commerce Parkway Mr. Laurel, NJ 240,361 1984 40 yrs.
8000 Commerce Parkway Mt. Laurel, NJ 187,653 1983 40 yrs.
117
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Accumulated Date of
Depreciation Construction Depreciable
Project City @ 12/31/00 or Acquisition Life (years)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES - Continued
9000 Commerce Parkway Mt. Laurel, NJ 227,035 1983 40 yrs.
1000 Briggs Road Mt. Laurel, NJ 255,503 1986 40 yrs.
1025 Briggs Road Mt. Laurel, NJ 373,619 1987 40 yrs.
1020 Briggs Road Mt. Laurel, NJ 174,067 1999 40 yrs.
9 Stow Road Marlton, NJ 214,895 1998 40 yrs.
2000 Crawford Place Mt. Laurel, NJ 508,443 1986 40 yrs.
1351 Metropolitan Avenue West Deptford, NJ 142,565 1986 40 yrs.
650 Grove Road West Deptford, NJ 246,858 1986 40 yrs.
400 Grove Road West Deptford, NJ 134,002 1986 40 yrs.
5000 Dearborn Court Mt. Laurel, NJ 309,249 1998 40 yrs.
515 Heron Drive Bridgeport, NJ 163,127 1998 40 yrs.
500 Sharptown Road Bridgeport, NJ 162,609 1998 40 yrs.
625 Heron Drive Bridgeport, NJ 63,222 1998 40 yrs.
605 Heron Drive Bridgeport, NJ 73,459 1998 40 yrs.
510 Heron Drive Bridgeport, NJ 561,848 1998 40 yrs.
522 Pedricktown Road Bridgeport, NJ 94,493 1998 40 yrs.
530 Pedricktown Road Bridgeport, NJ 132,412 1998 40 yrs.
540 Pedricktown Road Bridgeport, NJ 318,162 1998 40 yrs.
230 High Hill Road Bridgeport, NJ 609,488 1998 40 yrs.
3 Mallard Court Bridgeport, NJ 168,672 1998 40 yrs.
730 Cardinal Drive Bridgeport, NJ 125,750 1998 40 yrs.
405 Heron Drive Bridgeport, NJ 1,248,252 1998 40 yrs.
100 Eagle Road Bridgeport, NJ 99,616 1998 40 yrs.
250 High Hill Road Bridgeport, NJ 274,198 1998 40 yrs.
508 Center Square Road Bridgeport, NJ 238,033 1998 40 yrs.
602 Heron Drive Bridgeport, NJ 154,309 1998 40 yrs.
300 Eagle Court Bridgeport, NJ 129,759 1998 40 yrs.
500 Center Square Road Bridgeport, NJ 427,769 1998 40 yrs.
1001 Briggs Road Mt. Laurel, NJ 305,851 1998 40 yrs.
1960 Cuthbert Boulevard Cherry Hill, NJ 104,667 1998 40 yrs.
1970 Cuthbert Boulevard Cherry Hill, NJ 82,353 1998 40 yrs.
10000 & 11000 Route 73 Marlton, NJ 262,758 1998 40 yrs.
800 Arlington Boulevard Bridgeport, NJ 337,479 1999 40 yrs.
1015 Briggs Road Mt. Laurel, NJ 42,842 2000 40 yrs.
1655 Valley Center Parkway Bethlehem, PA 439,138 1993 40 yrs.
6560 Stonegate Drive Allentown, PA 652,381 1989 40 yrs.
6370 Hedgewood Drive Allentown, PA 744,345 1990 40 yrs.
6390 Hedgewood Drive Allentown, PA 765,855 1990 40 yrs.
1495 Valley Center Parkway Bethlehem, PA 885,219 1990 40 yrs.
6350 Hedgewood Drive Allentown, PA 854,332 1989 40 yrs.
6330 Hedgewood Drive Allentown, PA 1,420,853 1988 40 yrs.
1550 Valley Center Parkway Bethlehem, PA 834,929 1988 40 yrs.
1560 Valley Center Parkway Bethlehem, PA 1,075,195 1988 40 yrs.
6580 Snowdrift Road Allentown, PA 764,805 1988 40 yrs.
1510 Valley Center Parkway Bethlehem, PA 1,019,128 1988 40 yrs.
1530 Valley Center Parkway Bethlehem, PA 739,836 1988 40 yrs.
6540 Stonegate Drive Allentown, PA 1,067,134 1988 40 yrs.
974 Marcon Boulevard Allentown, PA 746,753 1987 40 yrs.
964 Marcon Boulevard Allentown, PA 611,580 1985 40 yrs.
764 Roble Road Allentown, PA 287,843 1985 40 yrs.
3174 Airport Road Allentown, PA 514,308 1979 40 yrs.
2196 Avenue C Allentown, PA 497,877 1980 40 yrs.
2202 Hanger Place Allentown, PA 584,902 1981 40 yrs.
2201 Hanger Place Allentown, PA 612,308 1987 40 yrs.
954 Marcon Boulevard Allentown, PA 416,535 1981 40 yrs.
57 South Commerce Way Allentown, PA 477,533 1986 40 yrs.
754 Roble Road Allentown, PA 317,375 1986 40 yrs.
894 Marcon Boulevard Allentown, PA 183,257 1986 40 yrs.
744 Roble Road Allentown, PA 329,985 1986 40 yrs.
944 Marcon Boulevard Allentown, PA 284,956 1986 40 yrs.
1685 Valley Center Parkway Allentown, PA 314,266 1996 40 yrs.
6520 Stonegate Drive Allentown, PA 259,017 1996 40 yrs.
7437 Industrial Boulevard Allentown, PA 1,182,011 1976 40 yrs.
2041 Avenue C Allentown, PA 176,839 1990 40 yrs.
2124 Avenue C Allentown, PA 155,523 1990 40 yrs.
7339 Industrial Boulevard Allentown, PA 642,674 1996 40 yrs.
7384 Penn Drive Allentown, PA 411,341 1988 40 yrs.
7144 Daniels Drive Allentown, PA 822,175 1975 40 yrs.
7620 Cetronia Road Allentown, PA 637,088 1990 40 yrs.
939 Marcon Boulevard Allentown, PA 719,931 1980 40 yrs.
100 Brodhead Road Bethlehem, PA 430,541 1990 40 yrs.
1455 Valley Center Parkway Bethlehem, PA 651,743 1997 40 yrs.
1640 Valley Center Parkway Bethlehem, PA 479,165 1996 40 yrs.
1650 Valley Center Parkway Allentown, PA 409,624 1997 40 yrs.
1660 Valley Center Parkway Bethlehem, PA 255,117 1998 40 yrs.
400 Nestle Way Allentown, PA 2,801,524 1997 40 yrs.
83 South Commerce Way Bethlehem, PA 153,829 1989 40 yrs.
85 South Commerce Way Bethlehem, PA 122,458 1989 40 yrs.
87 South Commerce Way Bethlehem, PA 128,964 1989 40 yrs.
89 South Commerce Way Bethlehem, PA 212,728 1998 40 yrs.
7248 Industrial Boulevard Allentown, PA 1,540,407 1988 40 yrs.
95 Highland Avenue Bethlehem, PA 322,297 1985 40 yrs.
236 Brodhead Road Bethlehem, PA 447,850 1994 40 yrs.
1525 Valley Center Parkway Allentown, PA 471,808 1999 40 yrs.
6620 Grant Way Allentown, PA 176,355 1989 40 yrs.
700 Nestle Way Allentown, PA 1,166,964 1998 40 yrs.
118
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Accumulated Date of
Depreciation Construction Depreciable
Project City @ 12/31/00 or Acquisition Life (years)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES - Continued
7562 Penn Drive Allentown, PA 72,525 1989 40 yrs.
7277 Williams Avenue Allentown, PA 128,771 1989 40 yrs.
7355 Williams Avenue Allentown, PA 128,026 1998 40 yrs.
794 Roble Boulevard Allentown, PA 432,456 1998 40 yrs.
6923 Schantz Spring Road Allentown, PA 239,422 1998 40 yrs.
2600 Beltline Avenue Reading, PA 159,314 1998 40 yrs.
7132 Daniels Drive Allentown, PA 445,110 1998 40 yrs.
3985 Adler Place Bethlehem, PA 267,971 1998 40 yrs.
8014 Industrial Boulevard Allentown, PA 358,557 1999 40 yrs.
651 Boulder Drive Allentown, PA 323,741 2000 40 yrs.
7028 Snowdrift Road Allentown, PA 14,674 2000 40 yrs.
180 Cochrane Drive Annapolis, MD 279,097 1988 40 yrs.
190 Cochrane Drive Annapolis, MD 4,299,764 1988 40 yrs.
8280 Patuxent Range Drive Columbia, MD 647,452 1978 40 yrs.
7178-80 Columbia Gateway Columbia, MD 1,007,158 1987 40 yrs.
9770 Patuxent Woods Drive Columbia, MD 279,546 1986 40 yrs.
9780 Patuxent Woods Drive Columbia, MD 178,810 1986 40 yrs.
9790 Patuxent Woods Drive Columbia, MD 199,681 1986 40 yrs.
9810 Patuxent Woods Drive Columbia, MD 218,303 1986 40 yrs.
9800 Patuxent Woods Drive Columbia, MD 262,170 1988 40 yrs.
9820 Patuxent Woods Drive Columbia, MD 200,816 1988 40 yrs.
9830 Patuxent Woods Drive Columbia, MD 242,500 1986 40 yrs.
9050 Red Branch Road Columbia, MD 237,589 1972 40 yrs.
4606 Richlynn Drive Belcamp, MD 121,708 1998 40 yrs.
8945-8975 Guilford Road Columbia, MD 476,931 1998 40 yrs.
7317 Parkway Drive Hanover, MD 102,146 1998 40 yrs.
9101,9111,9115 Guilford Road Columbia, MD 1,303,433 1984 40 yrs.
9125,9135,9145 Guilford Road Columbia, MD 2,110,362 1983 40 yrs.
1751 Bluehills Drive Roanoke, VA 1,223,419 1991 40 yrs.
4300 Carolina Avenue Richmond, VA 2,197,239 1985 40 yrs.
301 Hill Carter Parkway Richmond, VA 705,114 1989 40 yrs.
4001 Carolina Avenue Richmond, VA 46,562 1935 40 yrs.
5600-5626 Eastport Boulevard Richmond, VA 569,997 1989 40 yrs.
5650-5674 Eastport Boulevard Richmond, VA 661,530 1990 40 yrs.
5700 Eastport Boulevard Richmond, VA 400,607 1990 40 yrs.
3432 Holland Road Virginia Beach, VA 115,261 1989 40 yrs.
4880 Cox Road Glen Allen, VA 349,267 1995 40 yrs.
4101-4127 Carolina Avenue Richmond, VA 334,489 1973 40 yrs.
4201-4261 Carolina Avenue Richmond, VA 786,618 1975 40 yrs.
4263-4299 Carolina Avenue Richmond, VA 439,327 1976 40 yrs.
4301-4335 Carolina Avenue Richmond, VA 248,718 1978 40 yrs.
4337-4379 Carolina Avenue Richmond, VA 506,535 1979 40 yrs.
4501-4549 Carolina Avenue Richmond, VA 532,193 1981 40 yrs.
4551-4593 Carolina Avenue Richmond, VA 531,657 1982 40 yrs.
4601-4643 Carolina Avenue Richmond, VA 803,436 1985 40 yrs.
4645-4683 Carolina Avenue Richmond, VA 1,180,291 1985 40 yrs.
4447-4491 Carolina Avenue Richmond, VA 414,605 1987 40 yrs.
4401-4445 Carolina Avenue Richmond, VA 659,629 1988 40 yrs.
12 S. Third Street Richmond, VA 27,356 1900 40 yrs.
9601 Cosner Drive Fredericksburg, VA 562,794 1995 40 yrs.
315 Cardiff Valley Road Knoxville, TN 437,123 1994 40 yrs.
2300 East Parham Road Richmond, VA 147,422 1988 40 yrs.
5601-5659 Eastport Boulevard Richmond, VA 784,110 1996 40 yrs.
5900 Eastport Boulevard Richmond, VA 429,978 1997 40 yrs.
4717-4729 Eubank Road Richmond, VA 452,831 1978 40 yrs.
4263F-N Carolina Avenue Richmond, VA 192,021 1975 40 yrs.
1821 Battery Dantzler Road Chester, VA 324,085 1990 40 yrs.
5000 Cox Road Glen Allen, VA 395,106 1990 40 yrs.
5500 Cox Road Glen Allen, VA 191,603 1999 40 yrs.
510 Eastpark Court Richmond, VA 228,340 1989 40 yrs.
520 Eastpark Court Richmond, VA 444,218 1989 40 yrs.
13001 Kingston Avenue Richmond, VA 180,969 1997 40 yrs.
5701-5799 Eastport Boulevard Richmond, VA 440,431 1998 40 yrs.
4801 Cox Road Glen Allen, VA 577,425 1998 40 yrs.
600 H P Way Richmond, VA 441,054 1997 40 yrs.
500 H P Way Richmond, VA 337,583 1997 40 yrs.
701 Liberty Way Richmond, VA 239,712 1999 40 yrs.
4198 Cox Road Glen Allen, VA 381,170 1984 40 yrs.
4510 Cox Road Glen Allen, VA 643,721 1990 40 yrs.
2809 South Lynnhaven Road Virginia Beach, VA 507,500 1987 40 yrs.
200 Golden Oak Court Virginia Beach, VA 551,554 1988 40 yrs.
208 Golden Oak Court Virginia Beach, VA 531,467 1989 40 yrs.
1 Enterprise Parkway Hampton, VA 501,448 1987 40 yrs.
22 Enterprise Parkway Hampton, VA 555,063 1990 40 yrs.
530 Eastpark Court Richmond, VA 312,842 1997 40 yrs.
484 Viking Drive Virginia Beach, VA 289,724 1998 40 yrs.
10430 Lakeridge Parkway Ashland, VA 278,907 1998 40 yrs.
10456 Lakeridge Parkway Ashland, VA 273,821 1998 40 yrs.
3829-3855 Gaskins Road Richmond, VA 231,598 1998 40 yrs.
629 Phoenix Drive Virginia Beach, VA 145,914 1998 40 yrs.
11838 Rock Landing Drive Newport News, VA 182,069 1998 40 yrs.
11844 Rock Landing Drive Newport News, VA 103,580 1998 40 yrs.
11832 Rock Landing Drive Newport News, VA 79,261 1998 40 yrs.
11846 Rock Landing Drive Newport News, VA 308,278 1989 40 yrs.
10800 Nuckols Boulevard Richmond, VA 322,505 2000 40 yrs.
5700 Cleveland Street Virginia Beach, VA 672,930 1998 40 yrs.
119
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Accumulated Date of
Depreciation Construction Depreciable
Project City @ 12/31/00 or Acquisition Life (years)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES - Continued
801 Liberty Way Richmond, VA 236,813 1999 40 yrs.
5 Manhattan Square Hampton, VA 49,209 1999 40 yrs.
4523 Green Point Drive High Point, NC 573,526 1988 40 yrs.
4501 Green Point Drive High Point, NC 580,033 1989 40 yrs.
4500 Green Point Drive High Point, NC 612,524 1989 40 yrs.
2427 Penny Road High Point, NC 1,536,191 1990 40 yrs.
4524 Green Point Drive High Point, NC 582,660 1989 40 yrs.
4328, 4336 Federal Drive High Point, NC 1,618,524 1995 40 yrs.
200 Centreport Drive Greensboro, NC 642,893 1986 40 yrs.
4344 Federal Drive High Point, NC 372,412 1996 40 yrs.
202 Centreport Drive Greensboro, NC 746,468 1990 40 yrs.
101 Centreport Drive Greensboro, NC 573,805 1996 40 yrs.
4000 Piedmont Parkway High Point, NC 683,308 1995 40 yrs.
4380 Federal Drive High Point, NC 329,427 1997 40 yrs.
4388 Federal Drive High Point, NC 166,132 1997 40 yrs.
6532 Judge Adams Road Rock Creek, NC 299,588 1997 40 yrs.
6530 Judge Adams Road Rock Creek, NC 216,489 1999 40 yrs.
3860 Faber Place N. Charleston, SC 208,108 1995 40 yrs.
4055 Faber Place N. Charleston, SC 481,395 1989 40 yrs.
3820 Faber Place N. Charleston, SC 316,588 1993 40 yrs.
3875 Faber Place N. Charleston, SC 453,227 1998 40 yrs.
150 Ridgeview Center Drive Duncan, SC 812,562 1984 40 yrs.
1320 Garlington Road Greenville, SC 186,231 1986 40 yrs.
420 Park Avenue Greenville, SC 405,391 1986 40 yrs.
1 Alliance Drive Goose Creek, SC 143,483 1998 40 yrs.
4160 Mendenhall Oaks Parkway High Point, NC 183,903 1998 40 yrs.
4194 Mendenhall Oaks Parkway High Point, NC 184,187 1999 40 yrs.
4196 Mendenhall Oaks Parkway High Point, NC 222,570 1999 40 yrs.
4170 Mendenhall Oaks Parkway High Point, NC 112,974 1999 40 yrs.
4180 Mendenhall Oaks Parkway High Point, NC 143,196 1999 40 yrs.
4050 Piedmont Parkway High Point, NC 1,017,373 1998 40 yrs.
One Independence Pointe Greenville, SC 488,901 1982 40 yrs.
55 Beattie Place Greenville, SC 1,884,619 1986 40 yrs.
75 Beattie Place Greenville, SC 1,410,022 1987 40 yrs.
7736 McCloud Road Greensboro, NC 463,041 1998 40 yrs.
15 Brendan Way Greenville, SC 291,709 1998 40 yrs.
200 Meeting Street Charleston, SC 2,174,155 1998 40 yrs.
7500 West 110th Street Overland Park, KS 655,468 1998 40 yrs.
3955 Faber Place Charleston, SC 177,729 2000 40 yrs.
4300 Federal Drive High Point, NC 91,172 1998 40 yrs.
4135 Mendenall Oaks Parkway High Point, NC 63,175 2000 40 yrs.
3825 Faber Place N. Charleston, SC 22,442 2000 40 yrs.
1020 North Point Industrial Boulevard Hanahan, SC 107,779 2000 40 yrs.
1730 Stebbins Drive Houston, TX 396,976 1973 40 yrs.
5911-5925 Richard Street Jacksonville, FL 253,982 1977 40 yrs.
8383-8385 Baycenter Road Jacksonville, FL 305,197 1973 40 yrs.
8775 Baypine Road Jacksonville, FL 839,839 1989 40 yrs.
8539 Western Way Jacksonville, FL 1,017,113 1987 40 yrs.
6255 Lake Gray Boulevard Jacksonville, FL 1,061,496 1987 40 yrs.
6600-6800 Suemac Place Jacksonville, FL 944,353 1987 40 yrs.
6800-6850 Suemac Place Jacksonville, FL 547,401 1973 40 yrs.
8665,8667,8669 Baypine Road Jacksonville, FL 1,241,984 1987 40 yrs.
8540 Baycenter Road Jacksonville, FL 538,838 1984 40 yrs.
1200 Gulf Life Drive Jacksonville, FL 6,920,700 1985 40 yrs.
8400 Baymeadows Way Jacksonville, FL 718,971 1987 40 yrs.
8614 Baymeadows Way Jacksonville, FL 445,212 1986 40 yrs.
5941-5975 Richard Street Jacksonville, FL 597,061 1978 40 yrs.
7970 Bayberry Road Jacksonville, FL 654,777 1978 40 yrs.
6000-6030 Bowdendale Avenue Jacksonville, FL 818,857 1979 40 yrs.
7898 Baymeadows Way Jacksonville, FL 864,118 1978 40 yrs.
5977-6607 Richard Street Jacksonville, FL 892,767 1980 40 yrs.
7910 & 7948 Baymeadows Way Jacksonville, FL 1,129,024 1981 40 yrs.
7954 & 7960 Baymeadows Way Jacksonville, FL 1,173,843 1982 40 yrs.
8787 Baypine Road Jacksonville, FL 16,984,046 1990 40 yrs.
7077 Bonneval Road Jacksonville, FL 1,715,277 1988 40 yrs.
4190 Belfort Road Jacksonville, FL 1,913,892 1986 40 yrs.
8011, 8021, 8031 Phillips Highway Jacksonville, FL 923,863 1987 40 yrs.
7020 AC Skinner Parkway Jacksonville, FL 387,495 1996 40 yrs.
7022 AC Skinner Parkway Jacksonville, FL 693,924 1996 40 yrs.
11777 Central Highway Jacksonville, FL 533,709 1985 40 yrs.
4345 Southpoint Parkway Jacksonville, FL 602,488 1998 40 yrs.
7016 AC Skinner Parkway Jacksonville, FL 417,824 1996 40 yrs.
7018 AC Skinner Parkway Jacksonville, FL 725,822 1997 40 yrs.
7014 AC Skinner Parkway Jacksonville, FL 234,737 1999 40 yrs.
6620 Southpoint Parkway Jacksonville, FL 544,028 1984 40 yrs.
7980 Bayberry Road Jacksonville, FL 115,835 1978 40 yrs.
9600 Satellite Boulevard Orlando, FL 120,764 1989 40 yrs.
9700 Satellite Boulevard Orlando, FL 101,894 1989 40 yrs.
1902 Cypress Lake Drive Orlando, FL 342,363 1989 40 yrs.
9550 Satellite Boulevard Orlando, FL 174,187 1999 40 yrs.
8250 & 8256 Exchange Place Orlando, FL 233,436 1985 40 yrs.
6600 Southpoint Parkway Jacksonville, FL 434,084 1986 40 yrs.
6700 Southpoint Parkway Jacksonville, FL 258,242 1987 40 yrs.
4801 Executive Park Court - 100 Jacksonville, FL 251,334 1990 40 yrs.
4801 Executive Park Court - 200 Jacksonville, FL 148,788 1990 40 yrs.
4810 Executive Park Court Jacksonville, FL 228,988 1990 40 yrs.
120
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Accumulated Date of
Depreciation Construction Depreciable
Project City @ 12/31/00 or Acquisition Life (years)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES - Continued
6602 Executive Park Court - 100 Jacksonville, FL 185,338 1993 40 yrs.
6602 Executive Park Court - 200 Jacksonville, FL 120,123 1993 40 yrs.
6631 Executive Park Court - 100 Jacksonville, FL 101,169 1994 40 yrs.
6631 Executive Park Court - 200 Jacksonville, FL 174,949 1994 40 yrs.
4815 Executive Park Court - 100 Jacksonville, FL 147,299 1995 40 yrs.
4815 Executive Park Court - 200 Jacksonville, FL 223,792 1995 40 yrs.
4825 Executive Park Court Jacksonville, FL 241,907 1996 40 yrs.
4820 Executive Park Court Jacksonville, FL 258,691 1997 40 yrs.
10511 & 10611 Satellite Boulevard Orlando, FL 241,558 1985 40 yrs.
1400-1440 Central Florida Parkway Orlando, FL 195,867 1962 40 yrs.
6601 Executive Park Circle North Jacksonville, FL 234,818 1998 40 yrs.
1300 Riverplace Boulevard Jacksonville, FL 581,812 1998 40 yrs.
4901 Belfort Road Jacksonville, FL 581,977 1998 40 yrs.
16445 Air Center Boulevard Houston, TX 162,341 1998 40 yrs.
16405 Air Center Boulevard Houston, TX 220,046 1998 40 yrs.
2216 Directors Row Orlando, FL 166,003 1998 40 yrs.
7460 Chancellor Drive Orlando, FL 86,875 1998 40 yrs.
1901 Summit Tower Boulevard Maitland, FL 816,072 1998 40 yrs.
3701-3727 Vineland Road Orlando, FL 144,235 1998 40 yrs.
4899 Belfort Road Jacksonville, FL 183,762 1998 40 yrs.
4905 Belfort Road Jacksonville, FL 34,323 2000 40 yrs.
16580 Air Center Boulevard Houston, TX 140,661 1999 40 yrs.
7251 Salisbury Road Jacksonville, FL 783 2000 40 yrs.
7622 Bald Cypress Place Tampa, FL 6,658 2000 40 yrs.
10245 Centurion Parkway North Jacksonville, FL 84,685 2000 40 yrs.
1755 Trans Central Drive Houston, TX 8,224 2000 40 yrs.
5501-5519 Pioneer Park Boulevard Tampa, FL 297,913 1981 40 yrs.
5690-5694 Crenshaw Street Tampa, FL 289,485 1979 40 yrs.
3102,3104,3110 Cherry Palm Drive Tampa, FL 445,966 1986 40 yrs.
8401-8408 Benjamin Road Tampa, FL 641,470 1986 40 yrs.
3501 Riga Boulevard Tampa, FL 340,587 1996 40 yrs.
111 Kelsey Lane Tampa, FL 227,121 1990 40 yrs.
7930, 8010-20 Woodland Center Boulevard Tampa, FL 503,140 1990 40 yrs.
7920 Woodland Center Boulevard Tampa, FL 315,687 1997 40 yrs.
8154-8198 Woodland Center Boulevard Tampa, FL 277,968 1988 40 yrs.
8112-42 Woodland Center Boulevard Tampa, FL 301,076 1995 40 yrs.
8212 Woodland Center Boulevard Tampa, FL 213,295 1996 40 yrs.
131 Kelsey Lane Tampa, FL 481,676 1998 40 yrs.
7724 Woodland Center Boulevard Tampa, FL 191,516 1998 40 yrs.
7802-50 Woodland Center Boulevard Tampa, FL 316,170 1999 40 yrs.
7852-98 Woodland Center Boulevard Tampa, FL 325,816 1999 40 yrs.
8921 Brittany Way Tampa, FL 125,066 1998 40 yrs.
5250 Eagle Trail Drive Tampa, FL 195,266 1998 40 yrs.
7725 Woodland Center Boulevard Tampa, FL 126,641 1999 40 yrs.
8001 Woodland Center Boulevard Tampa, FL 98,892 1999 40 yrs.
4630 Woodland Corporate Boulevard Tampa, FL 324,944 2000 40 yrs.
701-725 South US Highway 301 Tampa, FL 127,634 2000 40 yrs.
4502 Woodland Corporate Boulevard Tampa, FL 88,016 1999 40 yrs.
9001-9015 Brittany Way Tampa, FL 29,489 2000 40 yrs.
4508 Woodland Corporate Boulevard Tampa, FL 25,597 2000 40 yrs.
1701 Clint Moore Boulevard Boca Raton, FL 269,894 1985 40 yrs.
4555 Riverside Drive Beach Gardens, FL 484,046 1988 40 yrs.
2500 Metrocentre Boulevard West Palm Beach, FL 132,095 1988 40 yrs.
2540 Metrocentre Boulevard West Palm Beach, FL 150,186 1988 40 yrs.
2541 Metrocentre Boulevard West Palm Beach, FL 103,223 1988 40 yrs.
2580 Metrocentre Boulevard West Palm Beach, FL 139,283 1988 40 yrs.
2581 Metrocentre Boulevard West Palm Beach, FL 102,784 1988 40 yrs.
1101 Northpoint Parkway West Palm Beach, FL 118,399 1998 40 yrs.
3223 Commerce Place West Palm Beach, FL 143,341 1998 40 yrs.
801 Northpoint Parkway West Palm Beach, FL 195,849 1998 40 yrs.
5410-5430 Northwest 33rd Avenue Ft. Lauderdale, FL 351,716 1985 40 yrs.
6500 NW 12th Avenue Ft. Lauderdale, FL 220,422 1998 40 yrs.
6600 NW 12th Avenue Ft. Lauderdale, FL 228,000 1998 40 yrs.
1500 SW 5th Court Pompano Beach, FL 290,750 1998 40 yrs.
1651 SW 5th Court Pompano Beach, FL 60,401 1998 40 yrs.
1601 SW 5th Court Pompano Beach, FL 62,217 1998 40 yrs.
1501 SW 5th Court Pompano Beach, FL 62,764 1998 40 yrs.
1400 SW 6th Court Pompano Beach, FL 341,434 1998 40 yrs.
1405 SW 6th Court Pompano Beach, FL 117,077 1998 40 yrs.
595 SW 13th Terrace Pompano Beach, FL 105,489 1998 40 yrs.
601 SW 13th Terrace Pompano Beach, FL 49,119 1998 40 yrs.
605 SW 16th Terrace Pompano Beach, FL 92,922 1998 40 yrs.
2440-2478 Metrocentre Boulevard West Palm Beach, FL 163,628 1998 40 yrs.
951 Broken Sound Parkway Boca Raton, FL 479,828 1998 40 yrs.
3400 Lakeside Drive Miramar, FL 897,857 1998 40 yrs.
3450 Lakeside Drive Miramar, FL 890,027 1998 40 yrs.
3350 SW 148th Avenue Miramar, FL 338,536 2000 40 yrs.
13650 NW 8th Street Sunrise, FL 151,768 1998 40 yrs.
13630 NW 8th Street Sunrise, FL 202,152 1998 40 yrs.
777 Yamato Road Boca Raton, FL 1,085,543 1998 40 yrs.
1801 Clint Moore Road Boca Raton, FL 314,016 1998 40 yrs.
6601-6625 W. 78th Street Bloomington, MN 2,094,278 1998 40 yrs.
2905 Northwest Boulevard Plymouth, MN 523,349 1983 40 yrs.
2800 Campus Drive Plymouth, MN 349,992 1985 40 yrs.
2955 Xenium Lane Plymouth, MN 192,401 1985 40 yrs.
9401-9443 Science Center Drive New Hope, MN 395,431 1989 40 yrs.
121
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Accumulated Date of
Depreciation Construction Depreciable
Project City @ 12/31/00 or Acquisition Life (years)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES - Continued
6321-6325 Bury Drive Eden Prairie, MN 420,405 1988 40 yrs.
7115-7173 Shady Oak Road Eden Prairie, MN 428,638 1984 40 yrs.
7660-7716 Golden Triangle Drive Eden Prairie, MN 762,767 1988 40 yrs.
7400 Flying Cloud Drive Eden Prairie, MN 167,312 1987 40 yrs.
10301-10305 West 70th Street Eden Prairie, MN 108,636 1984 40 yrs.
10321 West 70th Street Eden Prairie, MN 125,394 1984 40 yrs.
10333 West 70th Street Eden Prairie, MN 95,900 1984 40 yrs.
10349-10357 West 70th Street Eden Prairie, MN 257,398 1985 40 yrs.
10365-10375 West 70th Street Eden Prairie, MN 260,070 1985 40 yrs.
10393-10394 West 70th Street Eden Prairie, MN 249,548 1985 40 yrs.
7078 Shady Oak Road Eden Prairie, MN 290,736 1985 40 yrs.
10400 Viking Drive Eden Prairie, MN 1,389,455 1999 40 yrs.
5600 & 5610 Rowland Road Minnetonka, MN 684,868 1988 40 yrs.
2920 Northwest Boulevard Plymouth, MN 394,602 1997 40 yrs.
5400-5500 Feltl Road Minnetonka, MN 602,638 1998 40 yrs.
10300 Bren Road Minnetonka, MN 292,828 1998 40 yrs.
14630-14650 28th Avenue North Plymouth, MN 144,400 1998 40 yrs.
7695-7699 Anagram Drive Eden Prairie, MN 218,416 1998 40 yrs.
7550 Meridian Circle Maple Grove, MN 188,314 1998 40 yrs.
2800 Northwest Boulevard Plymouth, MN 708,636 1998 40 yrs.
3255 Neil Armstrong Boulevard Eagan, MN 168,867 1998 40 yrs.
4801 West 81st Street Bloomington, MN 181,208 1998 40 yrs.
8100 Cedar Avenue Bloomington, MN 231,071 1998 40 yrs.
9600 54th Avenue Plymouth, MN 203,058 1998 40 yrs.
7800 Equitable Drive Eden Prairie, MN 220,802 1998 40 yrs.
7905 Fuller Road Eden Prairie, MN 219,212 1998 40 yrs.
9023 Columbine Road Eden Prairie, MN 168,803 1999 40 yrs.
6161 Green Valley Drive Bloomington, MN 133,482 1999 40 yrs.
4700 Nathan Lane North Minneapolis, MN 284,196 1999 40 yrs.
8967 Columbine Road Eden Prairie, MN 49,436 2000 40 yrs.
14390 Huntington Avenue Savage, MN 130,822 2000 40 yrs.
550-590 Hale Avenue Oakdale, MN 73,017 2000 40 yrs.
7777 Golden Triangle Drive Eden Prairie, MN 25,673 2000 40 yrs.
26911-26957 Northwestern Southfield, MI 6,883,314 1985 40 yrs.
1650 Research Drive Troy, MI 637,094 1985 40 yrs.
1775 Research Drive Troy, MI 247,972 1985 40 yrs.
1875 Research Drive Troy, MI 258,530 1986 40 yrs.
1850 Research Drive Troy, MI 702,390 1986 40 yrs.
1965 Research Drive Troy, MI 331,636 1987 40 yrs.
1960 Research Drive Troy, MI 320,115 1987 40 yrs.
27260 Haggerty Road Farmington Hills, MI 397,701 1983 40 yrs.
27200 Haggerty Road Farmington Hills, MI 317,530 1983 40 yrs.
27280 Haggerty Road Farmington Hills, MI 363,278 1983 40 yrs.
27220 Haggerty Road Farmington Hills, MI 173,534 1985 40 yrs.
27240 Haggerty Road Farmington Hills, MI 139,938 1985 40 yrs.
27300 Haggerty Road Farmington Hills, MI 317,791 1985 40 yrs.
1101 Allen Drive Troy, MI 73,386 1998 40 yrs.
1151 Allen Drive Troy, MI 151,177 1974 40 yrs.
1300 Rankin Street Troy, MI 120,350 1979 40 yrs.
1350 Rankin Street Troy, MI 88,812 1979 40 yrs.
1376-1400 Rankin Street Troy, MI 106,147 1979 40 yrs.
1352-1374 Rankin Street Troy, MI 122,441 1979 40 yrs.
1324-1346 Rankin Street Troy, MI 99,501 1979 40 yrs.
1301-1307 Rankin Street Troy, MI 93,740 1978 40 yrs.
1409 Allen Drive Troy, MI 123,746 1978 40 yrs.
1304 E. Maple Road Troy, MI 173,746 1971 40 yrs.
1334 Maplelawn Road Troy, MI 93,977 1983 40 yrs.
1290 Maplelawn Road Troy, MI 66,582 1984 40 yrs.
1070 Maplelawn Road Troy, MI 53,206 1982 40 yrs.
950 Maplelawn Road Troy, MI 186,253 1982 40 yrs.
894 Maplelawn Road Troy, MI 134,249 1986 40 yrs.
1179 Maplelawn Road Troy, MI 71,193 1984 40 yrs.
1940 Norwood Drive Troy, MI 66,900 1983 40 yrs.
1311-1331 Maplelawn Road Troy, MI 92,790 1986 40 yrs.
2354 Bellingham Street Troy, MI 65,441 1990 40 yrs.
2360 Bellingham Street Troy, MI 66,913 1985 40 yrs.
1911 Ring Drive Troy, MI 66,754 1986 40 yrs.
26442-26450 Haggerty Road Farmington Hills, MI 176,211 1988 40 yrs.
26500 Haggerty Road Farmington Hills, MI 233,029 1986 40 yrs.
26650 Haggerty Road Farmington Hills, MI 128,626 1988 40 yrs.
26700 Haggerty Road Farmington Hills, MI 187,411 1986 40 yrs.
26750 Haggerty Road Farmington Hills, MI 226,164 1988 40 yrs.
26800 Haggerty Road Farmington Hills, MI 130,048 1986 40 yrs.
26842-26850 Haggerty Road Farmington Hills, MI 199,514 1988 40 yrs.
26600 Haggerty Road Farmington Hills, MI 147,655 1999 40 yrs.
26550 Haggerty Road Farmington Hills, MI 94,038 2000 40 yrs.
50 West Big Bear Road Troy, MI 1,536,222 1998 40 yrs.
100 West Big Bear Road Troy, MI 1,474,725 1998 40 yrs.
245 Executive Drive Brookfield, WI 378,002 1998 40 yrs.
8301 West Parkland Court Milwaukee, WI 251,360 1998 40 yrs.
32991 Hamilton Court Farmington Hills, MI 230,732 1998 40 yrs.
7800 N. 113th Street Milwaukee, WI 430,371 1998 40 yrs.
2475-2479 Elliot Avenue Troy, MI 34,668 1998 40 yrs.
32661 Edward Avenue Madison Heights, MI 141,014 1998 40 yrs.
32701 Edward Avenue Madison Heights, MI 88,173 1998 40 yrs.
32751 Edward Avenue Madison Heights, MI 63,353 1998 40 yrs.
122
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Accumulated Date of
Depreciation Construction Depreciable
Project City @ 12/31/00 or Acquisition Life (years)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES - Continued
32853 Edward Avenue Madison Heights, MI 60,202 1998 40 yrs.
555 East Mandoline Avenue Madison Heights, MI 48,416 1998 40 yrs.
599 East Mandoline Avenue Madison Heights, MI 51,246 1998 40 yrs.
749 East Mandoline Avenue Madison Heights, MI 43,867 1998 40 yrs.
750 East Mandoline Avenue Madison Heights, MI 44,825 1998 40 yrs.
900 East Mandoline Avenue Madison Heights, MI 46,681 1998 40 yrs.
949 East Mandoline Avenue Madison Heights, MI 47,071 1998 40 yrs.
32090 John R. Road Madison Heights, MI 24,479 1998 40 yrs.
31601 Research Park Drive Madison Heights, MI 114,256 1998 40 yrs.
31651 Research Park Drive Madison Heights, MI 66,612 1998 40 yrs.
31700 Research Park Drive Madison Heights, MI 110,431 1998 40 yrs.
31701 Research Park Drive Madison Heights, MI 66,884 1998 40 yrs.
31751 Research Park Drive Madison Heights, MI 78,668 1998 40 yrs.
31800 Research Park Drive Madison Heights, MI 96,862 1998 40 yrs.
800 Tech Row Madison Heights, MI 180,855 1998 40 yrs.
900 Tech Row Madison Heights, MI 55,724 1998 40 yrs.
1000 Tech Row Madison Heights, MI 161,649 1998 40 yrs.
31771 Sherman Avenue Madison Heights, MI 39,011 1998 40 yrs.
31791 Sherman Avenue Madison Heights, MI 39,778 1998 40 yrs.
31811 Sherman Avenue Madison Heights, MI 71,302 1998 40 yrs.
31831 Sherman Avenue Madison Heights, MI 55,265 1998 40 yrs.
31900 Sherman Avenue Madison Heights, MI 120,324 1998 40 yrs.
800 East Whitcomb Avenue Madison Heights, MI 88,225 1998 40 yrs.
950 East Whitcomb Avenue Madison Heights, MI 130,798 1998 40 yrs.
1000 East Whitcomb Avenue Madison Heights, MI 64,087 1998 40 yrs.
1201 East Whitcomb Avenue Madison Heights, MI 77,910 1998 40 yrs.
1210 East Whitcomb Avenue Madison Heights, MI 19,909 1998 40 yrs.
1260 Kempar Avenue Madison Heights, MI 26,286 1998 40 yrs.
1280 Kempar Avenue Madison Heights, MI 35,927 1998 40 yrs.
22515 Heslip Drive Madison Heights, MI 20,732 1998 40 yrs.
9801 80th Avenue Pleasant Prairie, WI 464,841 1998 40 yrs.
11950 W. Lake Park Drive Milwaukee, WI 121,797 1999 40 yrs.
11400 W. Lake Park Drive Milwaukee, WI 133,027 1999 40 yrs.
11425 W. Lake Park Drive Milwaukee, WI 121,455 1999 40 yrs.
11301 W. Lake Park Drive Milwaukee, WI 134,685 1999 40 yrs.
11900 W. Lake Park Drive Milwaukee, WI 245,374 1999 40 yrs.
38100 Ecorse Road Romulus, MI 73,658 2000 40 yrs.
16620-16650 W. Bluemound Road Brookfield, WI 135,395 1999 40 yrs.
1600-1630 E. Big Beaver Road Troy, MI 87,368 1999 40 yrs.
11520 W. Calumet Road Milwaukee, WI 35,592 2000 40 yrs.
12100 W. Park Place Milwaukee, WI 74,887 2000 40 yrs.
N26 W23445 Paul Road Pewaukee, WI 41,079 2000 40 yrs.
11200 W. Plank Court Wauwatosa, WI 77,123 2000 40 yrs.
11020 W. Plank Court Wauwatosa, WI 53,108 2000 40 yrs.
50 Gibson Drive West Malling, UK 899,752 1996 40 yrs.
2 Kings Hill Avenue West Malling, UK 602,067 1996 40 yrs.
50 Kings Hill Avenue West Malling, UK 1,364,767 1996 40 yrs.
10 Kings Hill Avenue West Malling, UK 399,502 1998 40 yrs.
30 Tower View West Malling, UK 390,759 1999 40 yrs.
35 Kings Hill Avenue West Malling, UK 157,958 1999 40 yrs.
39 Kings Hill Avenue West Malling, UK 121,131 1999 40 yrs.
18 Kings Hill Avenue West Malling, UK 250,838 1999 40 yrs.
------------
Subtotal Operating Real Estate $334,415,242
============
DEVELOPMENT IN PROGRESS
11 Great Valley Parkway Malvern, PA $ - 1999 N/A
680 Blair Mill Road Horsham, PA - 2000 N/A
1200 Liberty Ridge Place Wayne, PA - 2000 N/A
2760 Red Lion Road Philadelphia, PA - 2000 N/A
17000 Commerce Parkway Mt. Laurel, NJ - 2000 N/A
705 Boulder Drive Allentown, PA - 1998 N/A
3773 Executive Business Parkway Upper Saucon Twp, PA - 2000 N/A
Main & W. Broad Streets Bethlehem, PA - 2000 N/A
8150 Industrial Boulevard Allentown, PA - 2000 N/A
8250 Industrial Boulevard Upper Macungie, PA - 2000 N/A
650 Boulder Drive Allentown, PA - 2000 N/A
6200 Old Dobbin Lane Columbia, MD - 2000 N/A
6210 Old Dobbin Lane Columbia, MD - 2000 N/A
6240 Old Dobbin Lane Columbia, MD - 2000 N/A
12730 Kinston Avenue Richmond, VA - 1997 N/A
12450 Three Chopt Road Richmond, VA - 2000 N/A
1309 Executive Boulevard Cheaspeake, VA - 2000 N/A
4183 Eagle Hill Drive High Point, NC - 2000 N/A
4189 Eagle Hill Drive High Point, NC - 2000 N/A
4020 Meeting Way High Point, NC - 2000 N/A
4 Independence Point Greenville, SC - 2000 N/A
5 Independence Point Greenville, SC - 2000 N/A
4230 Faber Place Charleston, SC - 2000 N/A
170 Ridgeview Drive Duncan, SC - 2000 N/A
6509 Franz Warner Parkway Rock Creek, NC - 2000 N/A
2400 South Lake Orange Drive Orlando, FL - 1999 N/A
4887 Belfort Road Jacksonville, FL - 2000 N/A
6501 Lee Vista Boulevard Orlando, FL - 2000 N/A
7255 Salisbury Road Jacksonville, FL - 2000 N/A
123
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Accumulated Date of
Depreciation Construction Depreciable
Project City @ 12/31/00 or Acquisition Life (years)
- -------------------------------------- ------------------- ------------ -------------- ------------
DEVELOPMENT IN PROGRESS - Continued
2416 Lake Orange Drive Orlando, FL - 2000 N/A
901-933 US Highway 301S Tampa, FL - 2000 N/A
4503 Woodland Corporate Boulevard Tampa, FL - 2000 N/A
4505 Woodland Corporate Boulevard Tampa, FL - 2000 N/A
4511 Woodland Corporate Boulevard Tampa, FL - 2000 N/A
8937 Columbine Road Eden Prairie, MN - 2000 N/A
7615 Smetana Lane Eden Prairie, MN - 2000 N/A
7805 Hudson Road Woodbury, MN - 2000 N/A
10801 Nesbitt Avenue South Bloomington, MN - 2000 N/A
4600 Nathan Lane Plymouth, MN - 2000 N/A
8995 Columbine Road Eden Prairie, MN - 2000 N/A
8911 Columbine Road Eden Prairie, MN - 2000 N/A
8855 Columbine Road Eden Prairie, MN - 2000 N/A
8691 109th Street Pleasant Prairie, WI - 1999 N/A
11414 West Park Place Milwaukee, WI - 2000 N/A
2600 Bellingham Drive Troy, MI - 2000 N/A
2710 Bellingham Drive Troy, MI - 2000 N/A
38000 Ecourse Road Romulus, MI - 2000 N/A
6505 Cogswell Road Romulus, MI - 2000 N/A
4 Abbey Wood Road West Malling, UK - 1999 N/A
------------
Subtotal Development in Progress $ -
============
LAND HELD FOR DEVELOPMENT
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
Liberty Ridge Land Wayne, PA - 2000 N/A
Northsight Land Scottsdale, AZ - 2000 N/A
1710 Arch Street Philadelphia, PA - 2000 N/A
1722 Arch Street Philadelphia, PA - 2000 N/A
JFK & Arch Parking Lots (East) Philadelphia, PA - 2000 N/A
JFK & Arch Parking Lots (West) Philadelphia, PA - 2000 N/A
Commodore Business Park Bridgeport, NJ - 1995 N/A
Marlton Executive Park Land Marlton, NJ - 1994 N/A
410 Center Square Land Bridgeport, NJ - 1999 N/A
800 Arlington Boulevard Expansion Land Bridgeport, NJ - 1999 N/A
Lehigh Valley Corporate Center Land Bethlehem, PA - 1987 N/A
LVCC Phase 2 Land Bethlehem, PA - 1998 N/A
1605 Valley Center Parkway Bethlehem, PA - 2000 N/A
Columbia Crossing Land Columbia, MD - 2000 N/A
6250 Old Dobbin Lane Columbia, MD - 2000 N/A
IRS Distribution Center Land Richmond, VA - 1995 N/A
Rivers' Bend Land Richmond, VA - 1995 N/A
Woodlands Center Land Richmond, VA - 1996 N/A
501 H P Way Richmond, VA - 1996 N/A
6000-98 Eastport Boulevard 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
Westmoreland III Land Virginia Beach, VA - 1998 N/A
Volvo Center Land Chesapeake, VA - 2000 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
Lakeside I (Mendenhall) High Point, NC - 2000 N/A
South Oaks I (Mendenhall) High Point, NC - 2000 N/A
Enterprise 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 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
Central Green Land Houston, TX - 1998 N/A
South Center Land Orlando, FL - 1999 N/A
South Center Land Orlando, FL - 1999 N/A
Orlando Corporate Center Land Orlando, FL - 2000 N/A
Salisbury Road Land Jacksonville, FL - 2000 N/A
Woodland Corporate Center Land Tampa, FL - 1998 N/A
6119 W. Linebaugh Avenue Tampa, FL - 2000 N/A
7831-41 Woodland Center Parkway (Bldg Z) Tampa, FL - 2000 N/A
Pompano Bus Pk Land-Lots 100,101 Boca Raton, FL - 1998 N/A
Pompano Bus Pk Land-Lots 60, 61 Boca Raton, FL - 1998 N/A
Boca Colonnade Land - Yamato Road Boca Raton, FL - 1998 N/A
Klodt Land Eden Prairie, MN - 1998 N/A
Romulus Land Romulus, MI - 1998 N/A
124
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2000
Accumulated Date of
Depreciation Construction Depreciable
Project City @ 12/31/00 or Acquisition Life (years)
- -------------------------------------- ------------------- ------------ -------------- ------------
LAND HELD FOR DEVELOPMENT - Continued
Big Beaver Airport Land Troy, MI - 1999 N/A
Park Place South Land Milwaukee, WI - 1999 N/A
------------
Subtotal Land Held for Development $ -
============
Total All Properties $334,415,242
============
125
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,
--------------------------------
2000 1999 1998
---------- ---------- ----------
REAL ESTATE:
Balance at beginning of year $3,254,751 $3,028,142 $2,106,028
Additions 411,493 339,738 944,794
Disposition of property (117,879) (113,129) (22,680)
---------- ---------- ----------
Balance at end of year $3,548,365 $3,254,751 $3,028,142
========== ========== ==========
ACCUMULATED DEPRECIATION:
Balance at beginning of year $ 270,174 $ 209,023 $ 149,311
Depreciation expense 82,223 74,765 61,679
Disposition of property (17,982) (13,614) (1,967)
---------- ---------- ----------
Balance at end of year $ 334,415 $ 270,174 $ 209,023
========== ========== ==========
126
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 16, 2001, which proxy statement will be filed pursuant to Regulation
14A under the Securities Exchange Act of 1934, as amended, not later
than April 29, 2001, 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, 2000 and 1999
Statements of Operations:
Liberty Property Trust Consolidated for the years ended December 31,
2000, 1999 and 1998
Statements of Shareholders' Equity:
Liberty Property Trust Consolidated for the years ended December 31,
2000, 1999 and 1998
127
Statements of Cash Flows:
Liberty Property Trust Consolidated for the years ended December 31,
2000, 1999 and 1998
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,
2000 and 1999
Statements of Operations:
Liberty Property Limited Partnership Consolidated for the years ended
December 31, 2000, 1999 and 1998
Statements of Owners' Equity:
Liberty Property Limited Partnership Consolidated for the years ended
December 31, 2000, 1999 and 1998
Statements of Cash Flows:
Liberty Property Limited Partnership Consolidated for the years ended
December 31, 2000, 1999 and 1998
Notes to Consolidated Financial Statements - Liberty Property Limited
Partnership
2. FINANCIAL STATEMENT SCHEDULES:
Schedule III -- Real Estate and Accumulated Depreciation as of December
31, 2000 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, 2000 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
- ------------- --------------------------------------------------
3.1.2 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")).
128
EXHIBIT NO. DESCRIPTION
- ------------- --------------------------------------------------
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 Articles Supplementary to the Amended and Restated
Declaration of Trust of the Trust relating to the
9.125% Series C Cumulative Redeemable Preferred
Shares of Beneficial Interest. (Incorporated by
reference to Exhibit 3.1.1 to the Quarterly Report
on Form 10-Q of the Trust and Operating
Partnership for the fiscal quarter ended March 31,
2000 (the "First Quarter 2000 Form 10-Q")).
3.1.6 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")).
3.1.7 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).
3.1.8 Second Amendment to Second Restated and Amended
Agreement of Limited Partnership of the Operating
Partnership. (Incorporated by reference to Exhibit
3.1.2 to the First Quarter 2000 Form 10-Q).
3.1.9 * Amended and Restated Schedule A to the 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 3.1.3 to the
Quarterly Report Form 10-Q of the Trust and
Operating Partnership for the fiscal quarter ended
June 30, 2000 (the "Second Quarter 2000 Form
10-Q")).
129
EXHIBIT NO. DESCRIPTION
- ------------- --------------------------------------------------
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).
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)).
130
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 Fourth Supplemental Indenture, dated as of July
26, 2000, between the Operating Partnership, as
Issuer, and Bank One Trust Company, N.A., as
Trustee, supplementing the Senior Indenture, dated
as of October 24, 1997, between the Operating
Partnership, as Obligor, and Bank One Trust
Company, N.A. (as successor to the First National
Bank of Chicago), as Trustee, and relating to
$200,000,000 principal amount of 8.5% Senior Notes
due 2010 of the Operating Partnership.
(Incorporated by reference to Exhibit 4 to the
Second Quarter 2000 Form 10-Q).
4.10 * Fifth Supplemental Indenture, dated as of March
14, 2001, between the Operating Partnership, as
Issuer, and Bank One Trust Company, N.A., as
Trustee, supplementing the Senior Indenture, dated
as of October 24, 1997, between the Operating
Partnership, as Obligor, and Bank One Trust
Company, N.A. (as successor to the First National
Bank of Chicago), as Trustee, and relating to
$250,000,000 principal amount of 7.25% Senior
Notes due 2011 of the Operating Partnership.
4.11 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 Form 10-Q).
4.12 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 Form 10-Q).
4.13 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")).
131
EXHIBIT NO. DESCRIPTION
- ------------- --------------------------------------------------
4.14 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).
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).
132
EXHIBIT NO. DESCRIPTION
- ------------- --------------------------------------------------
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 Form
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 Credit Agreement, dated as of April 25, 2000, by
and among the Operating Partnership, the Trust,
the Banks named therein and Fleet National Bank,
as agent for itself and the other lending
institutions. (Incorporated by reference to
Exhibit 10.1 to the First Quarter 2000 Form
10-Q).
10.13 * Liberty Property Trust - Management Severance
Plan.
10.14 * Liberty Property Trust - Employee Stock Purchase
Plan.
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.
(B) REPORTS ON FORM 8-K
None.
* Filed herewith
133
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: March 19, 2001 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, Chief Executive
Officer and President
/s/ WILLARD G. ROUSE III (Principal Executive Officer) March 19, 2001
- ---------------------------
Willard G. Rouse III
Executive Vice President and
Chief Financial Officer
(Principal Financial and
/s/ GEORGE J. ALBURGER, JR. Accounting Officer) March 19, 2001
- ---------------------------
George J. Alburger, Jr.
/s/ JOSEPH P. DENNY Trustee March 19, 2001
- ---------------------------
Joseph P. Denny
/s/ M. LEANNE LACHMAN Trustee March 19, 2001
- ---------------------------
M. Leanne Lachman
/s/ FREDERICK F. BUCHHOLZ Trustee March 19, 2001
- ---------------------------
Frederick F. Buchholz
/s/ J. ANTHONY HAYDEN Trustee March 19, 2001
- ---------------------------
J. Anthony Hayden
/s/ DAVID L. LINGERFELT Trustee March 19, 2001
- ---------------------------
David L. Lingerfelt
/s/ JOHN A. MILLER, CLU Trustee March 19, 2001
- ---------------------------
John A. Miller, CLU
/s/ STEPHEN B. SIEGEL Trustee March 19, 2001
- ---------------------------
Stephen B. Siegel
/s/ THOMAS C. DELOACH, JR. Trustee March 19, 2001
- ---------------------------
Thomas C. DeLoach, Jr.
134
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: March 19, 2001 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 March 19, 2001
- ---------------------------
Joseph P. Denny
Trustee of the
/s/ M. LEANNE LACHMAN General Partner March 19, 2001
- ---------------------------
M. Leanne Lachman
Trustee of the
/s/ FREDERICK F. BUCHHOLZ General Partner March 19, 2001
- ---------------------------
Frederick F. Buchholz
Trustee of the
/s/ J. ANTHONY HAYDEN General Partner March 19, 2001
- ---------------------------
J. Anthony Hayden
Trustee of the
/s/ DAVID L. LINGERFELT General Partner March 19, 2001
- ---------------------------
David L. Lingerfelt
Trustee of the
/s/ JOHN A. MILLER, CLU General Partner March 19, 2001
- ---------------------------
John A. Miller, CLU
Trustee of the
/s/ STEPHEN B. SIEGEL General Partner March 19, 2001
- ---------------------------
Stephen B. Siegel
Trustee of the
/s/ THOMAS C. DELOACH, JR. General Partner March 19, 2001
- ---------------------------
Thomas C. DeLoach, Jr.
135
EXHIBIT INDEX
-------------
EXHIBIT NO. DESCRIPTION
- ------------- --------------------------------------------------
3.1.9 Amended and Restated Schedule A to the Second
Restated and Amended Agreement of Limited
Partnership of the Operating Partnership.
4.10 Fifth Supplemental Indenture, dated as of March
14, 2001, between the Operating Partnership, as
Issuer, and Bank One Trust Company, N.A., as
Trustee, supplementing the Senior Indenture, dated
as of October 24, 1997, between the Operating
Partnership, as Obligor, and Bank One Trust
Company, N.A. (as successor to the First National
Bank of Chicago), as Trustee, and relating to
$250,000,000 principal amount of 7.25% Senior
Notes due 2011 of the Operating Partnership.
10.13 Liberty Property Trust - Management Severance
Plan.
10.14 Liberty Property Trust - Employee Stock Purchase
Plan.
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.
57
135