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, 2001
OR
__ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from _______________ to __________________
Commission file numbers: 1-13130 (Liberty Property Trust)
1-13132 (Liberty Property Limited Partnership)
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LIBERTY PROPERTY TRUST
LIBERTY PROPERTY LIMITED PARTNERSHIP
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(Exact names of registrants as specified in their governing documents)
MARYLAND (Liberty Property Trust) 23-7768996
PENNSYLVANIA (Liberty Property Limited Partnership) 23-2766549
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(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification
Number)
65 Valley Stream Parkway, Suite 100,
Malvern, Pennsylvania 19355
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(Address of Principal Executive Offices) (Zip Code)
Registrants' Telephone Number, Including Area Code (610) 648-1700
Securities registered pursuant to Section 12(b) of the Act:
NAME OF EACH EXCHANGE
TITLE OF EACH CLASS ON WHICH REGISTERED
- ------------------- -----------------------
Common Shares of Beneficial Interest,
$0.001 par value
(Liberty Property Trust) New York Stock Exchange
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8.80% Series A Cumulative Redeemable Preferred
Shares of Beneficial Interest, $0.001 par value
(Liberty Property Trust) New York Stock Exchange
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Preferred Share Purchase Rights,
$0.0001 par value
(Liberty Property Trust) New York Stock Exchange
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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. / /
As of March 1, 2002, 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 $2.2 billion, based upon the closing price of $30.49 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 1, 2002: 74,120,405
Documents Incorporated by Reference
Portions of the proxy statement for the annual meeting of shareholders
of Liberty Property Trust to be held in 2002 are incorporated by
reference into Part III of this Form 10-K.
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INDEX
PAGE
PART I
Item 1. Business............................................... 5
Item 2. Properties............................................. 17
Item 3. Legal Proceedings...................................... 20
Item 4. Submission of Matters to a Vote of Security Holders.... 20
PART II
Item 5. Market for the Registrants' Common Equity and Related
Shareholders' Matters.................................. 20
Item 6. Selected Financial Data................................ 22
Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations.................... 24
Item 7A. Quantitative and Qualitative Disclosures About Market
Risk................................................... 33
Item 8. Financial Statements and Supplementary Data............ 34
Item 9. Changes in and Disagreements with Accountants on
Accounting and Financial Disclosure.................... 133
PART III
Item 10. Directors and Executive Officers of the Registrants.... 133
Item 11. Executive Compensation................................. 133
Item 12. Security Ownership of Certain Beneficial Owners and
Management............................................. 133
Item 13. Certain Relationships and Related Transactions......... 133
PART IV
Item 14. Exhibits, Financial Statement Schedules and Reports
on Form 8-K............................................ 133
SIGNATURES...................................................... 140
4
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The Private Securities Litigation Reform Act of 1995 provides a "safe
harbor" for forward-looking statements. Certain information included in
this Annual Report on Form 10-K and other materials filed or to be filed
by the Company (as defined below) with the Securities and Exchange
Commission (as well as information included in oral statements or other
written statements made or to be made by the Company) contain statements
that are or will be forward-looking, such as statements relating to
business development and 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, the Company 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. See "Management's Discussion and Analysis of
Financial Condition and Results of Operations - Forward-Looking
Statements."
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PART I
ITEM 1. BUSINESS
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THE COMPANY
Liberty Property Trust (the "Trust") is a self-administered and self-
managed Maryland real estate investment trust (a "REIT"). Substantially
all of the Trust's assets are owned directly or indirectly, and
substantially all of the Trust's operations are conducted directly or
indirectly, by its subsidiary, Liberty Property Limited Partnership, a
Pennsylvania limited partnership (the "Operating Partnership" and,
together with the Trust and its consolidated subsidiaries, the
"Company").
The Company completed its initial public offering 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") which was founded in 1972. As of
December 31, 2001, the Company's portfolio consisted of 645 industrial
and office properties (the "Properties in Operation") totaling
approximately 49.8 million square feet. In addition, the Company had 43
properties under development (the "Properties Under Development" and,
together with the Properties in Operation, the "Properties"), and owned
1,071 acres of land, all zoned for commercial use.
The Company provides leasing, property management, development,
acquisition and other tenant-related services for the Properties in
Operation. The Company's industrial Properties consist of a variety of
warehouse, distribution, service, assembly, light manufacturing and
research and development 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. The
Company's office Properties are multi-story 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 94.9% of the common equity of the
Operating Partnership at December 31, 2001. 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 Trust's 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 3.9 million Common Shares on December 31,
2001. 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.
6
The Company's executive offices are located at 65 Valley Stream Parkway,
Malvern, Pennsylvania 19355. The telephone number is (610) 648-1700.
MANAGEMENT AND EMPLOYEES
The Company's 355 employees (as of March 1, 2002) are under the
direction of 15 senior executives, who, on average, have been affiliated
with the Company and the Predecessor for 14 years. The Company and the
Predecessor have developed and managed commercial real estate for the
past 29 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. As
of December 31, 2001, 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.
BUSINESS OBJECTIVE AND STRATEGIES FOR GROWTH
The Company's business objective is to maximize long-term profitability
for its shareholders by being a recognized leader in commercial real
estate serving customers through the ownership, management, development,
and acquisition, of superior office and industrial properties. The
Company intends to achieve this objective through offering office and
industrial properties in multiple markets and operating as a leading
landlord in the industry. The Company believes that this objective will
provide the benefits of enhanced investment opportunities, economies of
scale, risk diversification, access to capital, and the ability to
attract and retain personnel. The Company believes that it can achieve
these goals through a combination of internal and external growth, while
maintaining a conservative balance sheet and pursuing a strategy of
financial flexibility.
PRODUCTS
The Company strives to be a recognized quality provider of five products
(industrial, including big box warehouse, multi-tenant industrial,
flex/R&D, and office, including single-story office and multi-story
office). In delivering these products the Company also strives to be a
leading provider of customer service, providing an exceptional and
positive customer experience.
MARKET
The Company operates primarily in suburban markets east of the
Mississippi. The Company's goal is to operate in each of its markets
with a sufficient level of square feet of office and industrial product,
with a demonstrated ability in each market to grow beyond the size of
its initial entry into that market. The product mix of office and
industrial properties in each market is designed to be appropriately
balanced. The Company seeks to have a presence that allows it to be
viewed as a significant participant in each market. The Company's
efforts are primarily focused on suburban markets and emphasize business
park development and asset aggregation. When the Company's marketing
efforts identify opportunities, the Company will, in appropriate
instances, pursue urban opportunities.
7
The Company conducts research in order to support evaluation of markets
and market conditions.
ORGANIZATIONAL PLAN
The Company seeks to maintain a management organization which
facilitates efficient execution of the Company's strategy. As part of
this effort, the Company pursues a human resources plan designed to
create and maintain a highly regarded real estate company through
recruiting, training, and retaining capable people. The structure is
designed to support a local office entrepreneurial platform operating
within a value-added corporate structure.
The Company employs proven information technology to enhance the
delivery of the Company's services.
INTERNAL GROWTH STRATEGIES
The Company seeks to maximize the profitability of the Properties by
maintaining high occupancy rates, increasing rental rates, controlling
costs, and focusing on customer service efforts.
MAINTAIN 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 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.
INCREASE RENTAL RATES
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, 2001 provide for contractual rental
increases that are expected to contribute an additional $5.5 million to
the Company's cash flow for the year ending December 31, 2002. The
Company intends to continue to negotiate annual contractual rental rate
increases.
In addition, the Company generally has been experiencing increases in
rental rates in replacement and renewal leases.
COST CONTROLS
The Company seeks to identify best practices across operating units in
order to enhance cost savings and other efficiencies. Many functions
are performed in-house rather than by engaging outside third parties.
The Company also employs an annual capital improvement and preventative
maintenance program designed to reduce the operating costs of the
Properties and maintain long-term values.
CUSTOMER SERVICE INITIATIVES
The Company seeks to achieve high tenant retention through a
comprehensive customer service program. In delivering its property
management services the Company seeks to be a leading provider of
customer service, providing an exceptional and positive customer
experience. In attempting to accomplish this goal, the Company seeks
to:
- enhance performance of the property management team by providing
a base line of best practices and service standards;
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- focus on customer satisfaction by defining a "service level
commitment" and implementing a process for receiving and acting
on feedback from customers;
- work closely with vendors to ensure that they understand and
support the Company's commitment to our customers; and
- - provide appropriate training to employees in order to enhance
their ability to deliver exceptional customer service.
EXTERNAL GROWTH STRATEGIES
The Company seeks to maximize long-term profitability for its
shareholders through development, acquisition and disposition of
properties.
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 40 million square feet of commercial real estate during
the past 29 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, 2001, the Company completed 13 build-
to-suit projects, 13 inventory projects, and one build-to-suit
expansion, totaling approximately 3.6 million square feet of leaseable
space and representing an aggregate Total Investment, as defined below,
of approximately $235.0 million. As of December 31, 2001, these
completed development properties were approximately 96.1% 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, 2001, the Company had 43 Properties Under Development
which are expected to generate, upon completion, approximately 3.6
million leaseable square feet and are expected to represent a Total
Investment of approximately $388.2 million. Approximately 45.3% of such
leaseable space was pre-leased as of December 31, 2001. The schedule
deliveries of the 3.6 million square feet of leaseable space in
Properties Under Development are as follows (in thousands):
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SQUARE FEET
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SCHEDULED IND- IND- PERCENT LEASED TOTAL
IN-SERVICE DATE DIST. FLEX OFFICE TOTAL DECEMBER 31, 2001 INVESTMENT
- ---------------- ------ ------ ------ ------ ----------------- ----------
1st Quarter 2002 - 392 196 588 66.3% $ 59,994
2nd Quarter 2002 - 170 190 360 54.5% 36,929
3rd Quarter 2002 300 339 406 1,045 27.0% 98,290
4th Quarter 2002 768 - 165 933 57.0% 51,392
Thereafter 55 42 579 676 34.2% 141,583
------ ------ ------ ------ ------ --------
Total 1,123 943 1,536 3,602 45.3% $388,188
====== ====== ====== ====== ====== ========
As of December 31, 2001, the Company owned 1,071 acres of land held 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 11 million leaseable
square feet. The Company's investment in land held for development as
of December 31, 2001 was $163.5 million. The Company is obligated to
purchase an additional $11.7 million in land under contracts entered
into with a variety of parties. The Company believes that, because it is
a fully integrated real estate firm, its base of commercially zoned land
in existing industrial and business parks provides a competitive
advantage for future development activities.
ACQUISITIONS
The Company seeks to acquire properties consistent with its business
objectives and strategies. The Company executes its acquisition
strategy by purchasing properties which management believes will create
shareholder value over the long-term.
During the year ended December 31, 2001, the Company acquired four
properties comprising approximately 378,000 leaseable square feet for a
Total Investment of $36.9 million.
The Company conducts market research to determine geographic markets for
growth. Growth into new markets could arise from the acquisition of
public and private real estate companies.
DISPOSITIONS
The Company seeks to generate capital through its asset disposition
program, pursuant to which Properties in Operation and land held for
development 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. During the year ended December 31, 2001,
the Company sold 39 Properties compromising approximately 2.7 million
square feet of leaseable space, and eight parcels of land, for $157.1
million.
The Company also actively considers joint venture opportunities as a
method of generating capital to fund development and acquisitions.
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INTERNATIONAL OPERATION
The Company's international operation includes nine Properties in
Operation and one Property Under Development in the County of Kent,
England. These properties are located in a 650-acre, mixed commercial
and residential community known as "Kings Hill," approximately 25 miles
southeast of London. The community has been developed over the past
decade as a joint venture between the County of Kent and Rouse Kent
Limited. The Company has an option to purchase Rouse Kent Limited,
which is currently owned by certain affiliates of the Company, for
nominal consideration. The Company provides management services with
respect to the joint venture. The Company has accounts receivable and a
loan receivable from Rouse Kent Limited and affiliates at December 31,
2001 with outstanding balances of $3.8 million and $17.3 million
respectively.
The Company also has two Properties under Development in the western
London suburbs of Uxbridge and Chertsey. These Properties Under
Development, which represent an investment of $56.5 million, are being
developed as a joint venture with commercial office developers
established in these markets. These entities are consolidated in the
accompanying financial statements.
The Company intends to continue to pursue its investment in Kings Hill
and to attempt to identify development opportunities in Europe.
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, acquisitions or dispositions, if any, and the pace at
which developments may be completed and acquisitions and dispositions
made cannot be assured.
RISK FACTORS
The Company's results from operations and the ability to make
distributions to our shareholders and debt service on our indebtedness
may be affected by the risk factors set forth below. (The Company
refers to itself as "we," "us" or "our" in the following risk factors.)
RISKS RELATED TO OUR PROPERTIES AND BUSINESS
NEGATIVE MARKET CONDITIONS, OR ADVERSE DEVELOPMENTS CONCERNING OUR
EXISTING TENANTS, THAT IN EITHER CASE AFFECT OUR ABILITY TO ATTRACT NEW
TENANTS, RELET SPACE, COLLECT RENT OR RENEW LEASES, COULD ADVERSELY
AFFECT OUR CASH FLOW FROM OPERATIONS AND INHIBIT ITS GROWTH.
Our cash flow from operations depends on the ability to lease space to
tenants, on economically favorable terms, in our Properties. Therefore,
we could be adversely affected by various facts and events over which we
have no control, such as:
- lack of demand for space in the areas where our Properties are
located
- inability to retain existing and attract new tenants
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- economic or physical decline of the areas where our Properties
are located
- physical damage to our Properties
- the national, state and local economic climate and real estate
conditions, such as oversupply of or reduced demand for space
and changes in market rental rates
- the need to periodically renovate and repair our space
- defaults by our tenants or their failure to pay rent on a timely
basis
Furthermore, if our tenants do not renew their leases as they expire, we
may not be able to relet the space. Some leases that are renewed, and
some new leases for space that are relet, may have terms that are less
economically favorable to us than current lease terms, or may require us
to incur significant costs, such as for renovations.
Any of these events could adversely affect our cash flow from operations
and our ability to make expected distributions to shareholders, as well
as our ability to grow cash flow from operations.
A significant portion of our expenses of real estate investments, such
as mortgage and debt service payments, real estate taxes, insurance and
maintenance costs, are generally not reduced when circumstances cause a
decrease in cash flow from our Properties.
WE MAY NOT BE ABLE TO COMPETE SUCCESSFULLY WITH OTHER ENTITIES THAT
OPERATE IN OUR INDUSTRY.
We experience a great deal of competition in attracting tenants for our
Properties and in locating land to develop and properties to acquire.
In our effort to lease our Properties, we compete for tenants with a
broad spectrum of other landlords in each of our markets. These
competitors include, among others, publicly-held REITs, privately-held
entities, and individual property owners. Some of these competitors may
be able to offer prospective tenants more attractive financial terms
than we are able to offer.
If the availability of land for development or high quality properties
to acquire in our markets diminishes, our operating results could be
adversely affected.
WE MAY EXPERIENCE INCREASED OPERATING COSTS, WHICH COULD ADVERSELY
AFFECT OUR CASH FLOW FROM, AND RESULTS OF, OPERATIONS.
Our Properties are subject to increases in operating expenses such as
cleaning, electricity, heating, ventilation and air conditioning;
elevator repair and maintenance; insurance and administrative costs; and
other costs associated with security, landscaping, repairs and
maintenance of our Properties. While our current tenants generally are
currently obligated to pay a portion of these costs, there is no
assurance that these tenants will agree to pay these costs upon renewal
or that new tenants will agree to pay these costs initially. If
operating expenses increase in some or all of our markets, we may not be
able to increase rents in all of these markets so as to meet increased
expenses without at the same time decreasing occupancy rates. If this
occurs, our ability to pay distributions to shareholders and service our
indebtedness could be adversely affected.
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OUR ABILITY TO ACHIEVE GROWTH IN OPERATING INCOME DEPENDS IN PART ON OUR
ABILITY TO DEVELOP AND ACQUIRE PROPERTIES, WHICH MAY SUFFER UNDER
CERTAIN CIRCUMSTANCES.
We intend to continue to develop and acquire properties. Our
acquisition and development activities include the risks that:
?- construction and leasing up of a property may not be completed
on schedule, which could result in increased expenses and
construction costs, and would result in a reduction in
anticipated cash flow from that property
- development and acquisition costs may exceed original or
budgeted estimates, possibly making the property unprofitable
- some acquisitions and developments may fail to perform in
accordance with expectations
- development projects may have to be abandoned
Our development activities are also subject to risks relating to the
inability to obtain, or delays in obtaining, all necessary zoning, land-
use, building, occupancy and other required governmental permits and
authorizations. Any delays in obtaining or failures to obtain these
permits and authorizations could result in increased debt service
expenses and in reduced cash flow from the affected properties.
We anticipate that future acquisitions and development will be financed
through proceeds from Property dispositions as well as secured or
unsecured financing, including our $450 million unsecured credit
facility ("Credit Facility"). Also, we may, if desirable, sell
securities in capital markets. It is possible that financing on
desirable terms may become unavailable, and that the Company would not
be able to continue our acquisitions and development activities.
If any particular development Property that we develop is not
successful, we could lose the investment in that Property.
WE MAY SUFFER ECONOMIC HARM AS A RESULT OF ALLOCATING RESOURCES TO
UNPROFITABLE EFFORTS TO ENTER NEW MARKETS.
At times we may attempt to expand our operations into markets where we
do not currently operate. We may fail to accurately gauge conditions in
a new market prior to entering it, and therefore may not achieve
anticipated results in the new market. If this occurs, cash flow from
operations may be adversely affected.
Many of our Properties are concentrated in our primary markets, and we
therefore may suffer economic harm as a result of adverse conditions in
those markets.
Our Properties are located principally in specific geographic areas in
the Southeastern, Mid-Atlantic and Midwestern United States. Due to the
concentration of our Properties in these areas, performance is dependent
on economic conditions in these areas. These areas have experienced
periods of economic decline.
WE MAY NOT BE ABLE TO ACCESS FINANCIAL MARKETS TO OBTAIN CAPITAL ON A
TIMELY BASIS, OR ON ACCEPTABLE TERMS.
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In order to qualify as a REIT for federal income tax purposes, we are
required to distribute 90% of taxable income to shareholders each year,
and thus cannot reinvest this portion of income in the business. As a
result, we rely on proceeds from Property dispositions and third party
capital sources for many of our capital needs, including capital for
acquisitions and development. The public debt and equity markets are
among the sources we rely on. There is no guarantee that we will be
able to access these markets, or any other source of capital. The
ability to access the public debt and equity markets depends on a
variety of factors, including:
- general economic conditions affecting these markets
- our own financial structure and performance
- the market's opinion of REITs in general
- the market's opinion of REITs that own properties like ours
WE MAY SUFFER ADVERSE EFFECTS AS A RESULT OF THE DEBT SERVICING TERMS OF
AND FINANCIAL COVENANTS RELATING TO OUR INDEBTEDNESS.
Required payments on the mortgages and other indebtedness on some of our
Properties generally are not reduced if the economic performance of the
Property declines. If the economic performance of a Property declines,
income, cash flow from operations and cash available for distribution to
shareholders will be reduced. If payments on debt cannot be made, we
could sustain a loss, suffer foreclosures by mortgagees or suffer
judgments.
Further, some obligations, including the Credit Facility and unsecured
notes, as well as, at December 31, 2001, approximately $132.8 million in
outstanding mortgage indebtedness, contain cross-default and/or cross-
acceleration provisions, which means that a default on one obligation
may constitute a default on other obligations.
Finally, we may not be able to obtain funds by selling assets, raising
equity or refinancing indebtedness to make required payments on maturing
indebtedness.
RISKS RELATED TO THE REAL ESTATE INDUSTRY
REAL ESTATE INVESTMENTS ARE ILLIQUID, AND WE MAY NOT BE ABLE TO SELL OUR
PROPERTIES IF AND WHEN WE DETERMINE IT IS APPROPRIATE TO DO SO.
Real estate generally cannot be sold quickly. We may not be able to
alter the Properties promptly in response to economic or other
conditions. In addition, provisions of the Internal Revenue Code limit
a REIT's ability to sell properties in some situations when it may be
economically advantageous to do so, thereby adversely affecting returns
to shareholders and adversely impacting the ability to meet our
obligations to the holders of other securities.
WE MAY EXPERIENCE ECONOMIC HARM IF ANY DAMAGE TO OUR PROPERTIES IS NOT
COVERED BY INSURANCE.
We may suffer losses that are not covered under our comprehensive
liability, fire, extended coverage and rental loss insurance policies.
For example, we may not be insured for losses resulting from acts of
war, or from environmental liabilities. If an uninsured loss or a loss
in excess of insured limits should occur, we could lose capital invested
in a Property, as well as any future revenue from the Property. We
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would nevertheless remain obligated on any mortgage indebtedness or
other obligations related to the Property.
We may incur environmental liability on some of our Properties, and are
required to comply with rules and regulations regarding activities on
our Properties as they affect the environment. Failure to comply with
those requirements could result in difficulty in selling any affected
Property or in incurrence of monetary penalties and fines in addition to
the costs necessary to attain compliance.
RISKS RELATED TO OUR ORGANIZATION AND STRUCTURE
WE HAVE ELECTED REIT STATUS UNDER FEDERAL TAX LAWS, AND COULD SUFFER
ADVERSE CONSEQUENCES IF WE FAIL TO QUALIFY AS A REIT.
We have elected REIT status under federal tax laws and have taken the
steps known to us to perfect that status, but we cannot be certain that
we qualify, or that we will remain qualified. Qualification as a REIT
involves the application of highly technical and complex provisions of
the Internal Revenue Code, as to which there are only limited judicial
or administrative interpretations. The complexity of these provisions
and of the related income tax regulations is greater in the case of a
REIT that holds its assets in partnership form, as we do. Moreover, no
assurance can be given that new tax laws will not significantly affect
our qualification as a REIT or the federal income tax consequences of
such qualification. New laws could be applied retroactively, which
means that past operations could be found to be in violation, which
would have a negative effect on the business.
If we fail to qualify as a REIT in any taxable year, the distributions
to shareholders would not be deductible when computing taxable income.
If this happened, we would be subject to federal income tax on our
taxable income at regular corporate rates. Also, we could be prevented
from qualifying as a REIT for the four years following the year in which
we were disqualified. Further, if we requalified as a REIT after
failing to qualify, we might have to pay the full corporate-level tax on
any unrealized gain in our assets during the period we were not
qualified as a REIT. We would then have to distribute to our
shareholders the earnings we accumulated while we were not qualified as
a REIT. These additional taxes would reduce our funds available for
distribution to our shareholders for each of the years involved. In
addition, while we were disqualified as a REIT, we would not be required
by the Internal Revenue Code to make distributions to our shareholders.
Future economic, market, legal, tax or other considerations may cause
our Board of Trustees to revoke our election to qualify as a REIT. This
decision requires the consent of the holders of a majority of the voting
interests of all of our outstanding Common Shares.
CERTAIN OFFICERS AND TRUSTEES OF THE TRUST MAY NOT HAVE THE SAME
INTERESTS AS SHAREHOLDERS AS TO CERTAIN TAX LAWS.
Certain officers and trustees of the Trust own units of limited
partnership interest in the Operating Partnership. These units may be
exchanged for our Common Shares. The officers and trustees who own
those units and have not yet exchanged them for our Common Shares may
suffer different and more adverse tax consequences than holders of our
Common Shares suffer in certain situations:
- when certain of our Properties are sold
- when debt on those Properties is refinanced
15
- if we are involved in a tender offer or merger
The Trust also owns units in the Operating Partnership. Because the
Trust, as well as the trustees and officers who own units, face
different consequences than shareholders do, the Trust and those
trustees and officers may have different objectives as to these
transactions than shareholders do.
CERTAIN ASPECTS OF OUR ORGANIZATION COULD HAVE THE EFFECT OF RESTRICTING
OR PREVENTING A CHANGE OF CONTROL OF OUR COMPANY, WHICH COULD HAVE AN
ADVERSE EFFECT ON THE PRICE OF OUR SHARES.
Our charter contains an ownership limit on shares. To qualify as a
REIT, five or fewer individuals cannot own, directly or indirectly, more
than 50% in value of the outstanding shares of beneficial interest. To
this end, our Declaration of Trust, among other things, generally
prohibits any holder of the Trust's shares from owning more than 5.0% of
the Trust's outstanding shares of beneficial interest, unless that
holder gets the consent from the Board of Trustees. This limitation
could prevent the acquisition of control of the Company by a third party
without the consent from the Board of Trustees.
We have a staggered board and certain restrictive nominating procedures.
The Board of Trustees has three classes of trustees. The term of office
of one class expires each year. Trustees for each class are elected for
three-year terms as that class' term expires. The terms of the Class I,
Class II and Class III trustees expire in 2004, 2002 and 2003,
respectively. Any nominee for trustee must be selected under the
nominating provisions contained in our Declaration of Trust and By-Laws.
The staggered terms for trustees and the nominating procedures may
affect shareholders' ability to take control of the Company, even if a
change in control was in the shareholders' interest.
The Board can issue preferred shares. Our Declaration of Trust
authorizes the Board of Trustees to issue preferred shares of beneficial
interest and to establish the preferences and rights of any shares
issued. The issuance of preferred shares could have the effect of
delaying, making more difficult or preventing a change of control of the
Company, even if a change in control was in the shareholders' interest.
We have a poison pill. Under the shareholder rights plan, rights are
issued along with each of the Trust's Common Shares. Holders of these
rights can purchase, under certain conditions, a portion of a preferred
shares of beneficial interest, or receive Common Shares of the Trust, or
common shares of an entity acquiring us, or other consideration, having
a value equal to twice the exercise price of the right. The exercise
price of the right is $200. This arrangement is often called a "poison
pill." Our poison pill could have the effect of delaying or preventing
a change of control of the Company, even if a change in control was in
the shareholders' interest.
There are limitations on acquisition of and changes in control pursuant
to, and fiduciary protections of The Board under, Maryland law. The
Maryland General Corporation Law ("MGCL")contains provisions which are
applicable to the Trust as if the Trust were a corporation. Among these
provisions is a section, referred to as the "control share acquisition
statute," which eliminates the voting rights of shares acquired in
quantities so as to constitute "control shares," as defined under the
MGCL. The MGCL also contains provisions applicable to us that are
referred to as the "business combination statute," which would generally
limit business combinations between the Company and any 10% owners of
16
the Trust's shares or any affiliate thereof. Further, Maryland law
provides broad discretion to the Board with respect to its fiduciary
duties in considering a change in control of our Company, including that
the Board is subject to no greater level of scrutiny in considering a
change in control transaction than with respect to any other act by the
Board. Finally, the "unsolicited takeovers" provisions of the MGCL
permit the Board, without shareholder approval and regardless of what is
currently provided in the Company's Declaration of Trust or By-Laws, to
implement takeover defenses that our Company does not yet have,
including: permitting only the Board to fix the size of the Board and
permitting only the Board to fill a vacancy on the Board. All of these
provisions may have the effect of inhibiting a third party from making
an acquisition proposal for our Company or of delaying, deferring or
preventing a change in control of the Company under circumstances that
otherwise could provide the holders of Common Shares with the
opportunity to realize a premium over the then current market price.
VARIOUS FACTORS OUT OF OUR CONTROL COULD HURT THE MARKET VALUE OF OUR
PUBLICLY TRADED SECURITIES.
General market conditions could change for the worse. The value of our
publicly traded securities depends on various market conditions, which
may change from time to time. In addition to general economic and
market conditions and our particular financial condition and
performance, the value of our publicly traded securities could be
affected by, among other things, the extent of institutional investor
interest in us and the market's opinion of REITs in general and, in
particular, REITs that own and operate properties similar to ours.
The market value of the equity securities of a REIT may be based
primarily upon the market's perception of the REIT's growth potential
and its current and future cash distributions, and may be secondarily
based upon the real estate market value of the underlying assets. The
failure to meet the market's expectations with regard to future earnings
and cash distributions likely would adversely affect the market price of
publicly traded securities.
Rising market interest rates could make an investment in publicly traded
securities less attractive. If market interest rates increase,
purchasers of publicly traded securities may demand a higher annual
yield on the price they pay for their securities. This could adversely
affect the market price of publicly traded securities.
TRANSACTIONS BY THE TRUST OR THE OPERATING PARTNERSHIP COULD ADVERSELY
AFFECT DEBT HOLDERS.
Except with respect to several covenants limiting the incurrence of
indebtedness and a covenant requiring the Operating Partnership to
maintain a certain unencumbered total asset value, our indentures do not
contain any provisions that would protect holders of the Operating
Partnership's debt securities in the event of (i) a highly leveraged or
similar transaction involving the Operating Partnership, the management
of the Operating Partnership or the Trust, or any affiliate of any these
parties, (ii) a change of control, or (iii) certain reorganizations,
restructuring, mergers or similar transactions involving the Operating
Partnership or the Trust.
ENVIRONMENTAL REGULATIONS
Under various federal, state and local laws, ordinances and regulations
relating to the protection of the environment (collectively,
17
"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
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, 2001, consisted of 414
industrial and 231 office Properties. Single tenants occupy 262
Properties in Operation. The Company generally provides a reduced level
18
of service in connection with the operation or maintenance of these
Properties. The remaining 383 of the Company's Properties in Operation
are multi-tenant Properties for which the Company renders a range of
building, operating and maintenance services.
As of December 31, 2001, the industrial Properties were 95.5% leased.
The average building size for the industrial Properties is 81,782
leaseable square feet. The average building size for the office
Properties is 68,888 leaseable square feet. As of December 31, 2001,
the office Properties were approximately 91.3% leased.
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
- ---------------------------------------------- ---------- -------------------------------- ----------
The Government of the United States of America 1.2% The Vanguard Group, Inc. 5.1%
TJX Corp. 1.2% Aetna U.S. Healthcare, Inc. 1.5%
Vistakon Division of Johnson & Johnson 1.2% PNC Bank 1.4%
Kellogg USA 1.1% Capital One Services, Inc. 1.3%
Dial Corporation 0.8% Diversified Pharmaceutical Svc. 1.1%
Hewlett-Packard 0.7% General Motors Acceptance Corp. 1.0%
DSC Logistics 0.6% GlaxoSmithKline 1.0%
Fieldcrest Cannon SureFit, Inc. 0.6% Citicorp 1.0%
Great Springs Waters of America 0.6% Sanofi Winthrop 0.9%
Alcoa Fujikura 0.5% Verticalnet, Inc. 0.8%
------ ------
8.5% 15.1%
====== ======
The table below sets forth certain information on the Company's
Properties in Operation as of December 31, 2001. A complete listing of
the Properties in Operation appears as Schedule III to the financial
statements of the Company included in this report.
TOTAL TOTAL
TYPE BASE RENT SQUARE FEET % LEASED
------------------------ -------------- ------------ --------
Southeastern PA Industrial -Distribution $ 13,628,405 2,236,772 97.9%
-Flex 20,905,210 2,096,000 92.9%
Office 84,538,538 5,770,627 93.1%
------------ ----------- ------
Total $119,072,153 10,103,399 94.1%
============ =========== ======
New Jersey Industrial -Distribution $ 11,094,789 2,613,211 95.4%
-Flex 9,326,681 1,164,451 93.1%
Office 8,562,570 835,912 83.8%
------------ ----------- ------
Total $ 28,984,040 4,613,574 92.7%
============ =========== ======
Lehigh Valley Industrial -Distribution $ 25,720,419 6,379,642 98.9%
-Flex 9,606,980 1,267,790 97.9%
Office 7,222,631 610,717 92.0%
------------ ----------- ------
Total $ 42,550,030 8,258,149 98.2%
============ =========== ======
Maryland Industrial -Distribution $ 617,286 139,898 100.0%
-Flex 2,991,843 226,165 100.0%
Office 7,931,984 625,215 95.0%
------------ ----------- ------
Total $ 11,541,113 991,278 96.9%
============ =========== ======
Virginia Industrial -Distribution $ 17,116,459 4,391,100 95.4%
-Flex 4,293,502 569,486 91.8%
Office 14,744,840 1,204,649 93.5%
------------ ----------- ------
Total $ 36,154,801 6,165,235 94.7%
============ =========== ======
The Carolinas Industrial -Distribution $ 8,361,006 1,902,081 92.6%
-Flex 960,256 152,080 100.0%
Office 14,364,317 1,288,405 92.1%
------------ ----------- ------
Total $ 23,685,579 3,342,566 92.7%
============ =========== ======
19
TOTAL TOTAL
TYPE BASE RENT SQUARE FEET % LEASED
------------------------ -------------- ------------ --------
Jacksonville Industrial -Distribution $ 5,122,748 1,249,695 93.8%
-Flex 10,429,633 1,729,831 87.9%
Office 16,892,044 1,602,623 90.8%
------------ ----------- ------
Total $ 32,444,425 4,582,149 90.5%
============ =========== ======
Tampa Industrial -Distribution $ 1,149,586 294,286 100.0%
-Flex 7,611,227 971,030 89.3%
Office 3,583,700 325,332 91.9%
------------ ----------- ------
Total $ 12,344,513 1,590,648 91.8%
============ =========== ======
South Florida Industrial -Distribution $ 3,137,570 575,098 99.4%
-Flex 1,348,306 194,548 89.4%
Office 6,778,505 741,238 61.1%
------------ ----------- ------
Total $ 11,264,381 1,510,884 79.3%
============ =========== ======
Minnesota Industrial -Distribution $ 2,196,685 488,152 100.0%
-Flex 14,446,047 1,860,586 95.5%
Office 12,621,236 919,051 100.0%
------------ ----------- ------
Total $ 29,263,968 3,267,789 97.4%
============ =========== ======
Michigan Industrial -Distribution $ 5,564,549 1,143,278 96.2%
-Flex 16,632,994 2,105,210 94.6%
Office 20,977,151 1,797,158 93.1%
------------ ----------- ------
Total $ 43,174,694 5,045,646 94.4%
============ =========== ======
United Kingdom Industrial -Distribution $ - - -
-Flex 2,105,458 107,175 100.0%
Office 4,524,396 192,265 100.0%
------------ ----------- ------
Total $ 6,629,854 299,440 100.0%
============ =========== ======
TOTAL Industrial -Distribution $ 93,709,502 21,413,213 96.7%
-Flex 100,658,137 12,444,352 93.3%
Office 202,741,912 15,913,192 91.3%
------------ ----------- -------
Total $397,109,551 49,770,757 94.1%
============ =========== =======
The expiring square feet and annual base rent by year for the above
Properties in Operation as of December 31, 2001 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
- ---------- -------- ---------- -------- --------- -------- --------- -------- ---------
2002 3,934 $ 16,791 2,246 $ 17,796 2,196 $ 27,821 8,376 $ 62,408
2003 1,804 8,060 2,386 20,917 1,620 23,047 5,810 52,024
2004 2,063 10,449 1,851 16,666 1,616 25,099 5,530 52,214
2005 2,531 13,181 1,384 12,762 2,917 43,071 6,832 69,014
2006 2,709 12,565 1,581 17,713 1,256 19,053 5,546 49,331
2007 845 5,021 423 4,509 480 7,717 1,748 17,247
Thereafter 6,823 39,094 1,740 18,711 4,445 75,652 13,008 133,457
------ -------- ------ -------- ------ -------- ------ --------
Total 20,709 $105,161 11,611 $109,074 14,530 $221,460 46,850 $435,695
====== ======== ====== ======== ====== ======== ====== ========
Total Square
Feet 21,413 12,445 15,913 49,771
====== ====== ====== ======
Percent of
Total Expiring
Annual Base
Rent 24.2% 25.0% 50.8% 100.0%
======== ======== ======== ========
20
ITEM 3. LEGAL PROCEEDINGS
- ---------------------------
The ownership of property and provision of services to the public
entails an inherent risk of liability. Although the Company is engaged
in litigation incidental to its business, there is no legal proceeding
to which it is a party which, in the opinion of management, will
materially adversely affect the results of the Company's operations.
The Company carries liability insurance against certain types of claims
that management believes meets industry standards; however, there can be
no assurance that any future legal proceedings (including any related
judgments, settlements or costs) will not materially adversely affect
the Company's financial condition, liquidity, or results of operations.
On June 27, 1995, the Environmental Protection Agency ("EPA") notified
Willard G. Rouse III, and two former senior executives, together with
six other companies or individuals, that they may be potentially
responsible, as former owners, for a portion of the response costs for
remediation of ground water in part of the North Penn Service Area for
certain properties located in Upper Gwynedd Township, Pennsylvania, (the
"Church Road Properties"). The Company acquired the Church Road
Properties from the Predecessor upon formation of the Company. The
Company sold the Church Road Properties in 2000. The Company has not
been similarly notified by the EPA; however, as a prior owner of the
Church Road Properties, the potential exists for the Company to be named
a potentially responsible party if there has been a release from the
Church Road Properties of hazardous substances, including
trichloroethylene, that requires remediation. In such circumstances,
the Company believes it would have claims against other financially
responsible parties (including previous owners of the Church Road
Properties, such as Zenith and the other parties identified by the EPA
as potentially liable) and, consequently, the Company does not believe
that its liability with respect to this matter, if any, is likely to be
material. In addition, two current 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, 2001.
PART II
ITEM 5. MARKET FOR THE REGISTRANTS' COMMON EQUITY AND RELATED
SHAREHOLDERS' MATTERS
- --------------------------------------------------------------
The Common Shares are traded on the New York Stock Exchange under the
symbol "LRY." There is no established public trading market for the
Common Units. The following table sets forth, for the calendar quarters
indicated, the high and low closing prices of the Common Shares on the
New York Stock Exchange, and the dividends declared per Common Share for
such calendar quarter.
21
DIVIDENDS
DECLARED PER
HIGH LOW COMMON SHARE
------ ------ ------------
2001
First Quarter $28.24 $26.30 $0.57
Second Quarter 29.86 27.50 0.57
Third Quarter 31.10 27.70 0.59
Fourth Quarter 30.24 25.75 0.59
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
As of March 1, 2002, the Common Shares were held by 1,296 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.
22
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, 2001, 2000, 1999, 1998, and 1997. 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 years have been
reclassified to conform to current-year presentation.
LIBERTY PROPERTY TRUST/LIBERTY PROPERTY LIMITED PARTNERSHIP
------------------------------------------------------------
YEAR ENDED DECEMBER 31,
------------------------------------------------------------
2001 2000 1999 1998 1997
---------- ---------- ---------- ---------- ----------
(IN THOUSANDS)
OPERATING DATA
Total revenue $ 587,165 $ 532,963 $ 472,498 $ 388,378 $ 229,999
Rental and real estate
tax expense 167,888 148,739 129,439 108,345 61,079
Interest expense 112,006 108,295 99,663 78,617 51,067
General and administra-
tive expenses 21,052 19,260 16,127 15,522 10,650
Depreciation and
amortization 102,626 93,472 84,464 67,932 40,752
---------- ---------- ---------- ---------- ----------
Income before property
dispositions,
extraordinary item and
minority interest 183,593 163,197 142,805 117,962 66,451
Gain (loss) on property
dispositions 2,115 18,386 13,188 (1,285) 2,518
---------- ---------- ---------- ---------- ----------
Income before extraordinary
item and minority
interest 185,708 181,583 155,993 116,677 68,969
Extraordinary item-loss
on extinguishment of
debt - 2,103 1,145 - 2,919
---------- ---------- ---------- ---------- ----------
Income before minority
interest 185,708 179,480 154,848 116,677 66,050
Minority interest 19,171 20,209 13,524 8,062 5,606
---------- ---------- ---------- ---------- ----------
Net income 166,537 159,271 141,324 108,615 60,444
---------- ---------- ---------- ---------- ----------
Preferred share
distributions 11,000 11,000 11,000 11,000 4,247
---------- ---------- ---------- ---------- ----------
Income available to
common shareholders $ 155,537 $ 148,271 $ 130,324 $ 97,615 $ 56,197
========== ========== ========== ========== ==========
Distributions paid on
common shares and units $ 171,513 $ 153,657 $ 133,387 $ 109,361 $ 70,615
========== ========== ========== ========== ==========
Distributions paid on
preferred shares
and units $ 21,613 $ 21,070 $ 14,784 $ 11,000 $ 2,414
========== ========== ========== ========== ==========
23
LIBERTY PROPERTY TRUST/LIBERTY PROPERTY LIMITED PARTNERSHIP
-------------------------------------------------------------
YEAR ENDED DECEMBER 31,
-------------------------------------------------------------
2001 2000 1999 1998 1997
---------- ---------- ---------- ---------- ----------
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
PER SHARE DATA
Earnings per share
Basic:
Income per common share
before extraordinary
item $ 2.19 $ 2.23 $ 1.98 $ 1.60 $ 1.45
Extraordinary item $ - $ (0.03) $ (0.02) $ - $ (0.06)
Income per common share $ 2.19 $ 2.20 $ 1.96 $ 1.60 $ 1.39
Diluted:
Income per common share
before extraordinary
item $ 2.15 $ 2.20 $ 1.97 $ 1.59 $ 1.44
Extraordinary item $ - $ (0.03) $ (0.02) $ - $ (0.06)
Income per common share $ 2.15 $ 2.17 $ 1.95 $ 1.59 $ 1.38
Distributions paid per
common share $ 2.30 $ 2.13 $ 1.87 $ 1.71 $ 1.65
Distributions paid per
preferred share $ 2.20 $ 2.20 $ 2.20 $ 2.20 $ 0.48
Weighted average number
of shares outstanding -
basic71,184 67,442 66,495 61,036 40,493
Weighted average number
of shares outstanding -
diluted73,580 68,173 66,727 61,315 40,806
OTHER DATA
Cash provided by opera-
ting activities $ 303,697 $ 240,735 $ 212,421 $ 219,223 $ 136,596
Cash used by investing
activities (233,198) (308,750) (238,778) (839,542) (864,562)
Cash (used) provided by
financing activities (55,747) 63,589 21,030 579,631 763,433
Funds from operations262,782 234,194 210,982 173,829 102,519
BALANCE SHEET DATA
Net real estate $3,353,933 $3,208,886 $2,984,577 $2,819,119 $1,956,717
Total assets 3,552,825 3,396,355 3,118,133 2,931,408 2,093,858
Total indebtedness 1,753,131 1,703,896 1,491,238 1,423,843 960,134
Shareholders' and owners'
equity 1,423,422 1,320,805 1,294,607 1,267,036 955,595
OTHER DATA
Total leaseable square
footage of properties at
end of period (in thou-
sands) 49,771 48,216 46,219 44,168 32,453
Number of properties at
end of period 645 652 634 608 441
Percentage leased at end
of period 94% 96% 95% 95% 95%
Basic weighted average number of shares includes only vested Common Shares
outstanding during the year.
Diluted weighted average number of shares outstanding includes the dilutive effect
of outstanding options and for the year ended December 31, 2001 the dilutive effect of
Convertible Debentures. For the years ended December 31, 2000, 1999, 1998 and 1997, such
number excludes Common Shares issuable upon conversion of the Convertible Debentures,
because to do so would have been antidilutive.
"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
24
operations as defined by GAAP and does not necessarily indicate that cash flows will be
sufficient to fund cash needs. It should not be considered as an alternative to net
income as an indicator of the Company's operating performance or to cash flows as a
measure of liquidity. Funds from operations also does not represent cash flows generated
from operating, investing or financing activities as defined by GAAP.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
- ------------------------------------------------------------------------
OVERVIEW
In 2001, 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 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 within 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. The general slowdown in the economy
has negatively affected occupancy rates, primarily in the higher paying
office portion of the portfolio. The occupancy rate of the Properties
in Operation decreased to 94.1% as of December 31, 2001 from 96.1% as of
December 31, 2000, and the occupancy rate of the office portfolio
decreased to 91.3% as of December 31, 2001 from 94.2% as of December 31,
2000. Rental operations have been negatively impacted by occupancy
declines. This decline is partially offset by rental rate increases the
Company has realized on renewal and replacement leases. To the extent
this trend continues, the Company may experience little to no increase
in Same Store property-level operating income.
The Company also seeks to achieve growth in operating income from its
development pipeline activity. The decline in demand for real estate
has also impacted the pre-leasing of the Properties Under Development
and has resulted in a decrease in the number of development starts
during the year ended December 31, 2001. If this trend continues, the
contribution to growth in income from Properties Under Development may
decline. The Company anticipates that its development efforts in 2002
will be principally focused on build-to-suit development opportunities.
As noted above, the Company also seeks to acquire and dispose of
Properties in appropriate circumstances. The Company anticipates that
this activity will continue in a manner consistent with the activity in
2001.
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
25
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.
CRITICAL ACCOUNTING POLICIES
The Company's discussion and analysis of its financial condition and
results of operations are based upon the Company's consolidated
financial statements, which have been prepared in accordance with
accounting principles generally accepted in the United States. The
preparation of these financial statements requires the Company to make
estimates, judgments and assumptions that affect the reported amounts of
assets, liabilities, revenues and expenses. The Company bases these
estimates, judgments and assumptions on historical experience and on
other various factors that are believed to be reasonable under the
circumstances. Actual results may differ from these estimates under
different assumptions or conditions.
The Company believes the following critical policies affect its more
significant estimates and assumptions used in preparation of its
consolidated financial statements.
CAPITALIZED COSTS
Expenditures directly related to acquisition, or improvement of real
estate, including interest and other costs capitalized during
development, are included in net real estate and are stated at cost.
The capitalized costs include pre-construction costs essential to the
development of the property, development and construction costs,
interest costs, real estate taxes, salaries and other costs incurred
during the period of development. Expenditures for maintenance and
repairs are charged to operations as incurred.
ALLOWANCE FOR DOUBTFUL ACCOUNTS
The Company maintains allowances for doubtful accounts for estimated
losses resulting from the inability of its tenants to make required
rental payments.
IMPAIRMENT OF REAL ESTATE
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
loss is provided to reduce the carrying value of the property to its
estimated fair value. As of December 31, 2001 and 2000, none of the
Company's assets were considered impaired.
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, 2001 with the results of
operations of the Company for the year ended December 31, 2000, and 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. As a result of the varying level of development,
acquisition and disposition activities by the Company in 2001 and 2000,
the overall operating results of the Company during such periods are not
26
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, 2001 TO YEAR ENDED DECEMBER 31,
2000.
Total revenue (principally rental revenue and operating expense
reimbursement) increased to $587.2 million for the year ended December
31, 2001 from $533.0 million for the year ended December 31, 2000. This
increase was primarily due to the net increased investment in properties
developed, acquired, or disposed of during the respective periods.
The following is a summary of the Company's acquisition, development and
disposition activity for the years ended December 31, 2001 and 2000:
2001 2000
------------------------ ------------------------
TOTAL TOTAL
NO. OF INVESTMENT (1) NO. OF INVESTMENT (1)
BLDGS OR PROCEEDS BLDGS OR PROCEEDS
------ ---------------- ------ ---------------
Properties owned as of:
Beginning January 1 652 634
Acquisitions 4 $ 36.9 14 $105.2
Completed developments 26 230.3 24 173.5
Dispositions (37) (141.2) (20) (104.4)
---- ----
Ending December 31 645 652
==== ====
(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 eight parcels of land for approximately
$6.7 million during the year ended December 31, 2001 as compared to 11
parcels of land for approximately $18.1 million during the year ended
December 31, 2000.
The operating expense recovery percentage (the ratio of operating
expense reimbursement to rental property expenses and real estate taxes)
decreased to 95.7% for the year ended December 31, 2001 from 97.0% for
the year ended December 31, 2000, due to the decrease in average
occupancy during the year.
Rental property and real estate tax expenses increased to $167.9 million
for the year ended December 31, 2001 from $148.7 million for the year
ended December 31, 2000. This increase is due to the increase in the
investment in properties owned during the respective periods. Increases
in rental property and real estate tax expense are generally offset by
increases in operating expense reimbursements.
27
Property level operating income for the "Same Store" properties
(properties owned since January 1, 2000) increased to $343.7 million for
the year ended December 31, 2001 from $337.2 million for the year ended
December 31, 2000, on a straight line basis (which recognizes rental
revenue evenly over the life of the lease), and increased to $337.6
million for the year ended December 31, 2001 from $329.0 million for the
year ended December 31, 2000, on a cash basis. These increases of 1.9%
and 2.6%, respectively, are primarily due to increases in rental rates,
partially offset by a decrease in occupancy, primarily in the office
portion of the portfolio.
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, 2001 and 2000(in thousands).
STRAIGHT LINE BASIS CASH BASIS
---------------------- ---------------------
2001 2000 2001 2000
--------- --------- --------- ---------
Rental revenue $ 349,207 $ 340,961 $ 343,075 $ 332,718
Operating expense:
Rental property expense 95,862 89,173 95,862 89,173
Real estate taxes 48,339 46,034 48,339 46,034
Operating expense recovery (138,687) (131,483) (138,687) (131,483)
--------- --------- --------- ---------
Unrecovered operating expenses 5,514 3,724 5,514 3,724
--------- --------- --------- ---------
Property level operating income $ 343,693 $ 337,237 $ 337,561 $ 328,994
========= ========= ========= =========
General and administrative expenses increased to $21.1 million for the
year ended December 31, 2001 from $19.3 million for the year ended
December 31, 2000. These increases are primarily due to the ongoing
funding of initiatives which the Company undertook related to training,
internal assurance, property management and marketing.
Depreciation and amortization expenses increased to $102.6 million for
the year ended December 31, 2001 from $93.5 million for the year ended
December 31, 2000. This increase is due to the increase in the
investment in properties owned during the respective periods.
Interest expense increased to $112.0 million for the year ended December
31, 2001 from $108.3 million for the year ended December 31, 2000. This
increase is due to an increase in the average debt outstanding for the
respective periods which was $1,747.9 million in 2001 and $1,589.8
million in 2000. This increase was partially offset due to a decrease
in the weighted average interest rates for the periods, to 7.46% in 2001
from 7.57% in 2000.
Costs directly related to the development of rental properties are
capitalized. Capitalized development costs include interest, salaries,
property taxes, insurance and other directly identifiable costs during
the period of development. Capitalized salaries historically represent
approximately 1% of the cost of developed properties brought into
service. These amounts are not included in general and administrative
expenses as discussed above. Capitalized interest for the year ended
December 31, 2001 was $22.3 million as compared to $17.8 million for the
year ended December 31, 2000. These costs are not included in the
interest expense as discussed above.
28
In 2001, the Company realized a gain on property dispositions of $2.1
million, due to the sale of 37 Properties in Operation, two Properties
Under Development and eight parcels of land for an aggregate of $157.1
million. In 2000, the Company realized a gain on property dispositions
of $18.4 million, due to the sale of 20 Properties in Operation and 11
parcels of land for an aggregate of $122.5 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. This loss represents the redemption premium and
the write-off of related deferred financing costs.
As a result of the foregoing, the Company's income before minority
interest increased to $185.7 million for the year ended December 31,
2001 from $179.5 million for the year ended December 31, 2000. In
addition, net income increased to $166.5 million for the year ended
December 31, 2001 from $159.3 million for the year ended December 31,
2000.
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 net increased investment in properties
developed, acquired or disposed of during the respective periods.
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 NO. OF INVESTMENT
BLDGS OR PROCEEDS BLDGS OR PROCEEDS
------ ------------ ------ ------------
Properties owned as of:
Beginning January 1 634 608
Acquisitions 14 $105.2 13 $ 63.1
Completed developments 24 173.5 41 285.7
Dispositions (20) (104.4) (28) (109.9)
---- ----
Ending December 31 652 634
==== ====
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.
29
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
investment in properties owned during the respective periods.
Property level operating income for the "Prior Year 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 Prior Year
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 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
investment in properties owned 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.
Costs directly related to the development of rental properties are
capitalized. Capitalized development costs include interest, salaries,
property taxes, insurance and other directly identifiable costs during
the period of development. Capitalized salaries historically represent
30
approximately 1% of the cost of developed properties brought into
service. These amounts are not included in general and administrative
expenses as discussed above. Capitalized interest for the year ended
December 31, 2000 was $17.8 million as compared to $15.3 million for the
year ended December 31, 1999. These costs are not included in the
interest expense as discussed above.
In 2000, the Company realized a gain on property dispositions 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
property dispositions 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
principal amount of its Convertible Debentures. This resulted in the
recognition of an extraordinary loss in 1999 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.
LIQUIDITY AND CAPITAL RESOURCES
As of December 31, 2001, the Company had cash and cash equivalents of
$19.4 million.
Net cash flow provided by operating activities increased to $303.7
million for the year ended December 31, 2001 from $240.7 million for the
year ended December 31, 2000. This $63.0 million increase was primarily
due to the utilization in 2001 of escrowed proceeds from prior year
property dispositions. These escrows were established in accordance
with Section 1031 of the Internal Revenue Code and were reflected in
prepaid and other assets at December 31, 2000. Net cash flow provided
by operations is the primary source of liquidity to fund distributions
to shareholders and for the recurring capital expenditures and leasing
transaction costs for the Company's Properties in Operation.
Net cash used in investing activities decreased to $233.2 million for
the year ended December 31, 2001 from $308.8 million for the year ended
December 31, 2000. The primary reason for this $75.6 million decrease
was a decrease in investment in properties and land held for development
and an increase in proceeds from dispositions. These amounts were
partially offset by an increase in investment in development in
progress.
Net cash used by financing activities totaled $55.7 million as compared
to net cash provided by financing activities of $63.6 million for the
year ended December 31, 2000. This $119.3 million decrease is primarily
due to a decrease in proceeds from the Credit Facility (as defined
below). Net cash provided by financing activities includes proceeds
from the issuance of equity and debt net of debt repayments and
shareholder distributions. It is a source of capital utilized by the
Company to fund investment activities and the decrease in such funding
31
activities for 2001 is consistent with the decrease in the level of the
Company's investment activities as described above.
The Company believes that its undistributed cash flow from operations is
adequate to fund its operating needs.
The Company funds its development and acquisitions with long-term
capital sources to include proceeds from the disposition of Properties.
In 2000, the Company increased its borrowing capacity and obtained a
$450 million unsecured credit facility (the "Credit Facility") replacing
a $325 million credit facility and a $90 million term loan. The Company
uses debt financing to lower its overall cost of capital in an attempt
to increase the return to 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 earnings to fixed charges
ratios. As of December 31, 2001 the Company's debt to gross assets
ratio was 44.3%, and the earnings to fixed charges ratio was 2.54. Debt
to gross assets equals total long term debt divided by total assets plus
accumulated depreciation. Earnings to fixed charges equals income
before extraordinary item and minority interest plus interest expense
divided by interest expense, including capitalized interest, plus
distributions on preferred shares and units.
The interest rate on borrowings under the Credit Facility fluctuates
based upon ratings from Moody's, S&P and Fitch. During 2001, Standard
and Poor's Ratings Group ("S&P") and Moody's Investors Services, Inc.
("Moody's") raised their corporate credit rating for the Company from
BBB- to BBB and from Baa3 to Baa2, respectively. In 2001, Fitch, Inc.
("Fitch") initiated coverage on the Company with a BBB senior debt
rating. At the Company's current ratings, the interest rate for
borrowings under the Credit Facility is 105 basis points over LIBOR.
As of December 31, 2001, $340.1 million in mortgage loans and $1,345.0
million in unsecured notes were outstanding with a weighted average
interest rate of 7.4%. The interest rates on $1,669.8 million of
mortgage loans and unsecured notes are fixed and range from 6.0% to
8.8%. Interest rates on $15.3 million of mortgage loans float with the
base rate of the respective lending bank or a municipal bond index. The
weighted average remaining term for the mortgage loans and unsecured
notes is 6.9 years.
In 2002, $100,000 principal amount of 6.6% unsecured notes will mature.
The Company anticipates that it will refinance or retire this maturity
through available sources of capital.
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 operating activities. Additionally, the Company
expects to incur variable rate debt, including borrowings under the
Credit Facility from time to time.
In 2001, the Company received approximately $246.2 million in net
proceeds from the issuance of unsecured notes. The Company used the net
proceeds to pay down the Credit Facility, which is used to fund
development and acquisition activity.
32
In 2000, the Company received approximately $19.5 million in net
proceeds from the issuance of 9.125% Series C Cumulative Redeemable
Preferred Units, and approximately $197.1 million in 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 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, 2001, 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 July of 2001, the Convertible Debentures matured. Of the remaining
$41.7 million outstanding as of June 30, 2001, $41.1 million were
converted into Common Shares prior to the maturity date at a rate of one
common share for each $20 outstanding, or 2,057,300 Common Shares, and
$597,000 was settled in cash.
In September 2001, the quarterly Common Share dividend was increased to
$0.59 per share from $0.57 per share. The Company's annual Common Share
dividend paid was $2.30 per share, $2.13 per share and $1.87 per share
in 2001, 2000 and 1999, respectively. In 2001, the Company's dividend
payout ratio was approximately 67% of Funds from operations (as defined
below) 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 1, 2002, 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 $561.1 million in debt securities.
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, 2001, 2000, and 1999, 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 $3.8 million and $17.3 million, respectively, as of
December 31, 2001 and $7.5 million and $11.9 million, respectively, as
of December 31, 2000. The Company has the option to purchase this
affiliate for nominal consideration. In addition, the Company has two
joint ventures which it fully consolidates. There are no other off
balance sheet structures.
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 dividends
and ongoing 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
33
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
operations for the years ended December 31, 2001, 2000 and 1999 are as
follows:
YEAR ENDED DECEMBER 31,
------------------------------
2001 2000 1999
-------- -------- --------
(IN THOUSANDS)
Income available to common shareholders $155,537 $148,271 $130,324
Adjustments:
Minority interest less preferred unit distributions 8,559 10,139 9,741
Depreciation and amortization 100,801 92,067 82,960
Extraordinary item-loss on extinguishment on debt - 2,103 1,145
Gain on disposition of property (2,115) (18,386) (13,188)
-------- -------- --------
Funds from operations $262,782 $234,194 $210,982
======== ======== ========
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 Operations - Liquidity
and Capital Resources." 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 2001, the Company's interest expense would have
been increased or decreased by approximately $600,000. If the interest
rate for the fixed rate debt maturing in 2002 was 100 basis points
higher or lower than its current rate of 6.6%, the Company's interest
expense would be increased or decreased by approximately $400,000.
34
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.
35
MANAGEMENT'S DISCUSSION OF FINANCIAL REPORTING RESPONSIBILITY
REPORTS OF ERNST & YOUNG LLP, INDEPENDENT
AUDITORS AND CONSOLIDATED FINANCIAL STATEMENTS
Management's Discussion of Financial Reporting Responsibility -
Liberty Property Trust
- -------------------------------------------------------------
Report of Independent Auditors - Liberty Property Trust
- -------------------------------------------------------
Financial Statements - Liberty Property Trust:
- ----------------------------------------------
Balance Sheets:
Liberty Property Trust Consolidated as of December 31, 2001 and 2000
Statements of Operations:
Liberty Property Trust Consolidated for the years ended December 31,
2001, 2000 and 1999
Statements of Shareholders' Equity:
Liberty Property Trust Consolidated for the years ended December 31,
2001, 2000 and 1999
Statements of Cash Flows:
Liberty Property Trust Consolidated for the years ended December 31,
2001, 2000 and 1999
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, 2001
Management's Discussion of Financial Reporting Responsibility -
Liberty Property Limited Partnership
- -------------------------------------------------------------
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,
2001 and 2000
Statements of Operations:
Liberty Property Limited Partnership Consolidated for the years ended
December 31, 2001, 2000 and 1999
Statements of Owners' Equity:
Liberty Property Limited Partnership Consolidated for the years ended
December 31, 2001, 2000 and 1999
Statements of Cash Flows:
Liberty Property Limited Partnership Consolidated for the years ended
December 31, 2001, 2000 and 1999
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, 2001
36
MANAGEMENT'S DISCUSSION OF FINANCIAL REPORTING RESPONSIBILITY
The financial statements presented in this Annual Report have been
prepared with integrity and are the responsibility of the management of
Liberty Property Trust. These financial statements are prepared in
conformity with accounting principles generally accepted in the United
States and properly reflect certain estimates and judgments based upon
the best available information. Management also prepared the other
information in the Annual Report and is responsible for its accuracy and
consistency with the consolidated financial statements.
The Company's system of internal controls is designed to provide
reasonable assurance as to the proper authorization of transactions, the
safeguarding of Company assets and the accuracy and reliability of the
financial records. This system is reviewed and modified in response to
changing business conditions and operations, and as a result of
recommendations by the external and internal auditors. In addition, the
Company has distributed to its employees its policies for conducting
business affairs in a lawful and ethical manner.
The accounting firm of Ernst & Young LLP has performed an independent
audit of the Company's financial statements. Their audit was performed
in accordance with auditing standards generally accepted in the United
States. Management believes that all representations made to Ernst &
Young LLP during its audit were valid and appropriate.
The adequacy of the Company's internal controls and the accounting
principles employed in financial reporting are under the general
oversight of the Audit Committee of the Board of Trustees. The Audit
Committee, consisting solely of outside Trustees, meets periodically
with the external auditors, the internal auditors and representatives of
management to discuss auditing and financial reporting matters. The
external auditors and the internal auditors also have full and free
access to meet privately with the Audit Committee.
/s/ WILLARD G. ROUSE III
- ---------------------------------------------
Willard G. Rouse III
Chairman of the Board of Trustees and Chief Executive Officer
/s/ GEORGE J. ALBURGER, JR.
- ---------------------------------------------
George J. Alburger, Jr.
Executive Vice President and Chief Financial Officer
37
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, 2001 and 2000, and the
related consolidated statements of operations, shareholders' equity, and
cash flows for each of the three years in the period ended December 31,
2001. 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, 2001 and 2000, and
the consolidated results of its operations and its cash flows for each
of the three years in the period ended December 31, 2001, 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, 2002
38
CONSOLIDATED BALANCE SHEETS OF LIBERTY PROPERTY TRUST
(IN THOUSANDS, EXCEPT SHARE AMOUNTS)
DECEMBER 31,
-------------------------
2001 2000
----------- -----------
ASSETS
Real estate:
Land and land improvements $ 467,311 $ 443,057
Buildings and improvements 2,874,903 2,754,356
Less accumulated depreciation (404,617) (334,415)
---------- ----------
Operating real estate 2,937,597 2,862,998
Development in progress 252,789 208,486
Land held for development 163,547 137,402
---------- ----------
Net real estate 3,353,933 3,208,886
Cash and cash equivalents 19,390 4,638
Accounts receivable 15,470 12,624
Deferred financing and leasing costs,
net of accumulated amortization
(2001 $60,488; 2000 $59,071) 68,163 62,871
Prepaid expenses and other assets 95,869 107,336
---------- ----------
Total assets $3,552,825 $3,396,355
========== ==========
LIABILITIES
Mortgage loans $ 340,131 $ 362,025
Unsecured notes 1,345,000 1,095,000
Credit facility 68,000 176,000
Convertible debentures - 70,871
Accounts payable 19,057 15,672
Accrued interest 31,392 29,478
Dividend payable 47,577 43,220
Other liabilities 83,852 84,515
---------- ----------
Total liabilities 1,935,009 1,876,781
Minority interest 194,394 198,769
SHAREHOLDERS' EQUITY
Series A preferred shares, $.001 par value, 5,000,000
shares authorized, issued and outstanding as of
December 31, 2001 and 2000 120,814 120,814
Common shares of beneficial interest, $.001 par value,
191,200,000 shares authorized, 73,721,045 (includes
59,100 in treasury) and 68,272,079 (includes 59,100 in
treasury) shares issued and outstanding as of
December 31, 2001 and 2000, respectively 74 68
Additional paid-in capital 1,336,350 1,223,191
Unearned compensation (1,056) (1,690)
Distributions in excess of net income (31,433) (20,251)
Common shares in treasury, at cost, 59,100
shares as of December 31, 2001 and 2000 (1,327) (1,327)
---------- ----------
Total shareholders' equity 1,423,422 1,320,805
---------- ----------
Total liabilities and shareholders' equity $3,552,825 $3,396,355
========== ==========
See accompanying notes.
39
CONSOLIDATED STATEMENTS OF OPERATIONS OF LIBERTY PROPERTY TRUST
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
YEAR ENDED DECEMBER 31,
-----------------------------------------
2001 2000 1999
----------- ----------- -----------
REVENUE
Rental $ 419,712 $ 384,245 $ 342,931
Operating expense reimbursement 160,596 144,344 123,591
Interest and other 6,857 4,374 5,976
---------- ---------- ----------
Total revenue 587,165 532,963 472,498
EXPENSES
Rental property 111,310 97,181 87,415
Real estate taxes 56,578 51,558 42,024
Interest 112,006 108,295 99,663
General and administrative 21,052 19,260 16,127
Depreciation and amortization 102,626 93,472 84,464
---------- ---------- ----------
Total expenses 403,572 369,766 329,693
---------- ---------- ----------
Income before property dispositions,
extraordinary item and minority
interest 183,593 163,197 142,805
Gain on property dispositions 2,115 18,386 13,188
---------- ---------- ----------
Income before extraordinary item
and minority interest 185,708 181,583 155,993
Extraordinary item-loss on
extinguishment of debt - 2,103 1,145
---------- ---------- ----------
Income before minority interest 185,708 179,480 154,848
Minority interest 19,171 20,209 13,524
---------- ---------- ----------
Net income 166,537 159,271 141,324
Preferred share distributions 11,000 11,000 11,000
---------- ---------- ----------
Income available to common shareholders $ 155,537 $ 148,271 $ 130,324
========== ========== ==========
Earnings per share
Basic:
Income before extraordinary item $ 2.19 $ 2.23 $ 1.98
Extraordinary item - (0.03) (0.02)
---------- ---------- ----------
Income available to common shareholders $ 2.19 $ 2.20 $ 1.96
========== ========== ==========
Diluted:
Income before extraordinary item $ 2.15 $ 2.20 $ 1.97
Extraordinary item - (0.03) (0.02)
---------- ---------- ----------
Income available to common shareholders $ 2.15 $ 2.17 $ 1.95
========== ========== ==========
Weighted average number of
common shares outstanding
Basic 71,184 67,442 66,495
Diluted 73,580 68,173 66,727
========== ========== ==========
See accompanying notes.
40
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, 1999 $ 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
Net proceeds from the
issuance of common
shares - 6 31,532 - - - 31,538
Conversion of debentures - - 70,209 - - - 70,209
Unearned compensation - - - 634 - - 634
Net income - - - - 166,537 - 166,537
Distributions on
common shares - - - - (166,719) - (166,719)
Distributions on
preferred shares - - - - (11,000) - (11,000)
Noncash compensation - - 1,488 - - - 1,488
Minority interest
reclassification - - 9,930 - - - 9,930
--------- -------- ---------- -------- --------- ------- ----------
Balance at December 31,
2001 $ 120,814 $ 74 $1,336,350 $ (1,056) $ (31,433) $(1,327) $1,423,422
========= ======== ========== ======== ========= ======= ==========
See accompanying notes.
41
CONSOLIDATED STATEMENTS OF CASH FLOWS OF LIBERTY PROPERTY TRUST
(IN THOUSANDS)
YEAR ENDED DECEMBER 31,
---------------------------------
2001 2000 1999
--------- --------- ---------
OPERATING ACTIVITIES
Net income $ 166,537 $ 159,271 $ 141,324
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 102,626 93,472 84,464
Amortization of deferred financing costs 4,016 3,888 4,951
Minority interest in net income 19,171 20,209 13,524
Gain on property dispositions (2,115) (18,386) (13,188)
Noncash compensation 2,122 2,077 1,990
Changes in operating assets and liabilities:
Accounts receivable (2,846) 764 40
Prepaid expenses and other assets 9,550 (44,646) (20,722)
Accounts payable 3,385 73 (2,654)
Accrued interest 1,914 7,056 4,159
Other liabilities (663) 16,957 (1,467)
--------- --------- ---------
Net cash provided by operating activities 303,697 240,735 212,421
--------- --------- ---------
INVESTING ACTIVITIES
Investment in properties (57,332) (118,735) (98,072)
Proceeds from disposition of properties/land 151,604 117,009 114,137
Investment in development in progress (255,333) (177,380) (175,447)
Investment in land held for development (54,002) (111,685) (63,836)
Increase in deferred leasing costs (18,135) (17,959) (15,560)
--------- --------- ---------
Net cash used in investing activities (233,198) (308,750) (238,778)
--------- --------- ---------
FINANCING ACTIVITIES
Net proceeds from issuance of common shares 31,538 12,582 8,594
Net proceeds from issuance of preferred units - 19,461 93,055
Purchase of treasury shares - - (1,327)
Retirement of convertible debentures (597) (10,914) (6,645)
Proceeds from issuance of unsecured notes 250,000 200,000 385,000
Repayments of unsecured notes - (90,000) (45,000)
Repayments of mortgage loans (31,782) (15,218) (42,217)
Proceeds from credit facility 305,200 541,000 162,024
Repayments on credit facility (413,200) (412,000) (379,024)
Increase in deferred financing costs (3,758) (6,592) (5,220)
Distributions paid on common shares (162,118) (143,560) (124,033)
Distributions paid on preferred shares (11,000) (11,000) (11,000)
Distributions paid on units (20,030) (20,170) (13,177)
--------- --------- ---------
Net cash (used) provided by financing activities (55,747) 63,589 21,030
--------- --------- ---------
Increase (decrease) in cash and cash equivalents 14,752 (4,426) (5,327)
Cash and cash equivalents at beginning of year 4,638 9,064 14,391
--------- --------- ---------
Cash and cash equivalents at end of year $ 19,390 $ 4,638 $ 9,064
========= ========= =========
SUPPLEMENTAL DISCLOSURE OF NONCASH TRANSACTIONS
Write-off of fully depreciated
property and deferred costs $ 33,567 $ 31,021 $ 18,527
Acquisition of properties (9,888) (2,419) (3,818)
Assumption of mortgage loans 9,888 2,419 3,818
Conversion of convertible debentures 70,209 2,605 10,344
========= ========= =========
See accompanying notes.
42
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 94.9% of the common equity
of the Operating Partnership at December 31, 2001. The Company provides
leasing, property management, development, acquisition, and other
tenant-related services 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, the Operating
Partnership's consolidated subsidiaries and consolidated joint ventures.
All significant intercompany transactions and accounts have been
eliminated.
Reclassifications
Certain amounts from prior years 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 acquisition, or improvement of real
estate, including interest and other costs capitalized during
development, are included in net real estate and are stated at cost.
The capitalized costs include pre-construction costs essential to the
development of the property, development and construction costs,
interest costs, real estate taxes, salaries and other costs incurred
43
during the period of development. 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
loss is provided to reduce the carrying value of the property to its
estimated fair value. As of December 31, 2001 and 2000, 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, 2001 FOR THE YEAR ENDED DECEMBER 31, 2000
------------------------------------- -------------------------------------
WEIGHTED WEIGHTED
AVERAGE AVERAGE
INCOME SHARES PER-SHARE INCOME SHARES PER-SHARE
(NUMERATOR) (DENOMINATOR) AMOUNT (NUMERATOR) (DENOMINATOR) AMOUNT
----------- ------------- --------- ----------- ------------- ---------
Net income $ 166,537 $ 159,271
Less: Preferred dividends (11,000) (11,000)
--------- ---------
Basic income per common share
Income available to
common shareholders 155,537 71,184 $ 2.19 148,271 67,442 $ 2.20
====== ======
Dilutive shares for long-term
compensation plans - 1,062 - 731
Convertible debentures 2,587 1,334 - -
--------- ------- --------- -------
Diluted income per common share
Income available to common
shareholders and assumed
conversions $ 158,124 73,580 $ 2.15 $ 148,271 68,173 $ 2.17
========= ======= ====== ========= ======= ======
44
FOR THE YEAR ENDED DECEMBER 31, 1999
------------------------------------
WEIGHTED
AVERAGE
INCOME SHARES PER-SHARE
(NUMERATOR) (DENOMINATOR) AMOUNT
----------- ------------- ---------
Net income $ 141,324
Less: Preferred dividends (11,000)
---------
Basic income per common share
Income available to
common shareholders 130,324 66,495 $ 1.96
======
Dilutive shares for long-term
compensation plans - 232
--------- -------
Diluted income per common share
Income available to common
shareholders and assumed
conversions $ 130,324 66,727 $ 1.95
========= ======= ======
Basic income per common share for the years ended December 31, 2001,
2000 and 1999, would be $2.20, $2.19 and $1.96 calculated as if the
debenture conversions which occurred in 2001, 2000 and 1999 had occurred
on January 1, 2001, 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
90% of its REIT taxable income (95% for the years prior to January 1,
2001), 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, 2001 was
approximately $3.6 billion.
Impact of Recently Issued Accounting Standards
On June 29, 2001 the FASB issued Statement No. 141, "Business
Combinations", which became effective for all business combinations
initiated after June 30, 2001. In addition Statement No. 142, "Goodwill
and Other Intangible Assets", was issued, which became effective January
1, 2002. The Company does not anticipate that these standards will have
a material effect on its results of operations or financial position.
In October of 2001, the FASB issued Statement No. 144, "Accounting for
the Impairment or Disposal of Long-Lived Assets". This Statement
addresses the financial accounting and reporting of long-lived assets
and for the disposition of long-lived assets. The provisions of this
Statement are effective for fiscal years beginning after December 15,
2001. The Company does not anticipate that the adoption of this
standard will have a material effect on its results of operations or
financial position.
45
3. REAL ESTATE
At December 31, 2001 and 2000, 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
------------ ------------ ---------- ------------
2001:
Industrial properties $ 235,053 $1,343,690 $1,578,743 $ 191,509
Office properties 232,258 1,531,213 1,763,471 213,108
---------- ---------- ---------- ----------
2001 Total $ 467,311 $2,874,903 $3,342,214 $ 404,617
========== ========== ========== ==========
2000:
Industrial properties $ 220,406 $1,277,797 $1,498,203 $ 161,931
Office properties 222,651 1,476,559 1,699,210 172,484
---------- ---------- ---------- ----------
2000 Total $ 443,057 $2,754,356 $3,197,413 $ 334,415
========== ========== ========== ==========
Depreciation expense was $88.2 million in 2001, $82.2 million in 2000,
and $74.8 million in 1999.
As of December 31, 2001, the Company has commenced development on 43
properties, which upon completion are expected to comprise approximately
3.6 million square feet of leaseable space. As of December 31, 2001,
approximately $252.8 million has been expended for the development of
these projects and an additional $135.4 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, 2001, 2000, and 1999, 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 $3.8 million and $17.3 million, respectively, as of
December 31, 2001 and $7.5 million and $11.9 million, respectively, as
of December 31, 2000. The Company has the option to purchase this
affiliate for nominal consideration.
5. INDEBTEDNESS
Indebtedness consists generally of mortgage loans, unsecured notes, the
Credit Facility, as defined below, and convertible debentures (which
matured in 2001). The weighted average interest rates for the years
ended December 31, 2001, 2000, and 1999, were approximately 7.5%, 7.6%,
and 7.3%, respectively. Interest expense for the years ended December
31, 2001, 2000, and 1999, aggregated $112.0 million, $108.3 million, and
$99.7 million, respectively. Interest costs during these periods of
$22.3 million, $17.8 million, and $15.3 million, respectively, were
capitalized. Cash paid for interest for the years ended December 31,
2001, 2000, and 1999, was $128.4 million, $115.1 million, and $105.8
million, respectively.
46
Some of the debt agreements are subject to financial covenants.
Mortgage Loans, Unsecured Notes
Mortgage loans with maturities ranging from 2002 to 2012 are
collateralized by and in some instances cross-collateralized by
properties with a book value of $503.9 million.
As of December 31, 2001, $340.1 million in mortgage loans and $1,345.0
million in unsecured notes were outstanding. The interest rates on
$1,669.8 million of mortgage loans and unsecured notes are fixed and
range from 6.0% to 8.8%. Interest rates on $15.3 million of mortgage
loans float with the base rate of the respective lending bank or a
municipal bond index. The weighted average remaining term for the
mortgage loans and unsecured notes is 6.9 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
------------ ---------- ---------- ----------- -------------
2002 $ 8,066 $ - $ 100,000 $ 108,066 6.7%
2003 8,092 26,606 50,000 84,698 7.3%
2004 8,168 25,898 100,000 134,066 6.9%
2005 7,090 115,039 - 122,129 7.6%
2006 5,001 30,079 100,000 135,080 7.2%
2007 4,543 - 100,000 104,543 7.3%
2008 4,238 29,268 - 33,506 7.2%
2009 2,146 42,051 270,000 314,197 7.8%
2010 1,348 - 200,000 201,348 8.5%
2011 1,099 3,533 250,000 254,632 7.3%
2012 192 17,674 - 17,866 7.7%
2013 - - 75,000 75,000 6.4%
2018 - - 100,000 100,000 7.5%
-------- -------- ---------- ---------- ------
$ 49,983 $290,148 $1,345,000 $1,685,131 7.4%
======== ======== ========== ========== ======
(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"). 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") and Fitch, Inc. ("Fitch"). The current ratings for the
Company's senior unsecured debt are Baa2, BBB, and BBB from Moody's,
Standard & Poor's, and Fitch, respectively. At these ratings, the
current interest rate on the Credit Facility is 105 basis points over
the LIBOR Rate (3.3% at December 31, 2001). The rate for the Credit
Facility at December 31, 2000 was 7.7%. 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, which matured on July 1, 2001, were
exchangeable for Common Shares of beneficial interest of the Trust (the
47
"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 increased with the increases in the distribution payment on
the Company's Common Shares. At December 31, 2000, the effective
interest rate on the Convertible Debentures was 11.4%.
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.
There were no repurchases during 2001. In 2000 and 1999, the Company
repurchased $10.9 million and $6.6 million principal amount of the
Convertible Debentures, respectively. The repurchase of the Convertible
Debentures in 2000 and 1999 resulted in the recognition of an
extraordinary loss 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, the Convertible
Debentures were convertible into 3,543,550 Common Shares.
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, 2001,
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, 2001 are as follows (in thousands):
2002 $ 388,912
2003 339,337
2004 294,388
2005 237,829
2006 178,661
Thereafter 518,259
----------
TOTAL $1,957,386
==========
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 $171.5 million, $153.7 million, and $133.4
million, during the years ended December 31, 2001, 2000, and 1999,
respectively. On a per share basis, the Company paid Common Share
distributions of $2.30, $2.13, and $1.87 during the years ended December
31, 2001, 2000, and 1999, 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:
48
2001 2000 1999
------ ------ ------
Return of capital - - -
Ordinary income 95.0% 99.5% 100.0%
Capital gains 5.0% .5% -
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 (as defined below) 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, 2001, 2000 and 1999. On a per
share basis, the Company paid preferred share distributions of $2.20 for
each of the three years ended December 31, 2001, 2000, and 1999.
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:
2001 2000 1999
------ ------ ------
Return of capital - - -
Ordinary income 95.1% 99.5% 100.0%
Capital gains 4.9% .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 addition,
minority interest includes a $6.2 million joint venture investment in
the United Kingdom. No common units were issued in connection with
acquisitions in 1999, 2000 or 2001. The common limited partnership
interests outstanding as of December 31, 2001 have the same economic
characteristics as would 3,920,271 Common Shares. The interests in the
Limited Partnership share proportionately in the net income or loss and
in any distributions of the Operating Partnership and 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
49
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.
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 $10.6 million, $10.1
million and $3.8 million during the years ended December 31, 2001, 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
$2.28 per unit on the Series C Preferred Units during the year ended
December 31, 2001 and $2.31 per unit on the Series B Preferred Units and
$1.60 per unit on the Series C Preferred Units for the year ended
December 31, 2000. During 1999, the Company paid $1.00 per unit on the
Series B Preferred Units.
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, 2001, 2000, and 1999, 482,822, 330,612, and 367,263 Common Shares,
50
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
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 9,926,256
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 2001, 2000, and 1999:
2001 2000 1999
-------- -------- --------
Risk-free interest rate 5.0% 6.2% 6.6%
Dividend yield 7.9% 8.0% 8.4%
Volatility factor .175 .179 .174
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):
51
2001 2000 1999
-------- -------- --------
Pro forma income available to
common shareholders $153,921 $146,828 $129,317
Pro forma income per common share:
Basic $ 2.16 $ 2.18 $ 1.94
Diluted $ 2.13 $ 2.15 $ 1.94
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, 2001, 2000, and 1999
follows:
2001 2000 1999
----------------- ----------------- ------------------
WEIGHTED WEIGHTED WEIGHTED
AVERAGE AVERAGE AVERAGE
OPTIONS EXERCISE OPTIONS EXERCISE OPTIONS EXERCISE
(000s) PRICE (000s) PRICE (000s) PRICE
------- -------- ------- -------- --------- --------
Outstanding-beginning of year 4,799 $ 22.78 3,536 $ 22.60 2,745 $ 22.75
Granted 1,014 26.97 1,522 22.79 920 22.00
Exercised (855) 21.86 (223) 21.23 (129) 21.56
Forfeited (11) 22.69 (36) 20.70 - -
------ ------- ------ ------- ------ -------
Outstanding-end of year 4,947 $ 23.86 4,799 $ 22.78 3,536 $ 22.60
====== ======= ====== ======= ====== =======
Exercisable at end of year 3,393 $ 22.71 2,512 $ 22.30 1,873 $ 21.45
Weighted-average fair
value of options granted
during the year $ 1.45 $ 1.55 $ 1.37
Exercise prices for options outstanding as of December 31, 2001 ranged
from $19.75 to $29.41. The weighted-average remaining contractual life
of those options is 7.2 years.
An additional 3,376,088, 968,676, and 2,580,168 Common Shares were
reserved for issuance for future grants from the Share Incentive Plan at
December 31, 2001, 2000 and 1999, 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.
52
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.
10. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
The following is a summary of quarterly results of operations for the
two years ended December 31, 2001 and 2000 (in thousands, except per
share amounts):
QUARTER ENDED
----------------------------------------------------------------------------------
DEC. 31, SEPT. 30, JUNE 30, MARCH 31, DEC. 31, SEPT. 30, JUNE 30, MARCH 31,
2001 2001 2001 2001 2000 2000 2000 2000
-------- --------- -------- --------- -------- --------- -------- ---------
Rental revenue $106,592 $105,775 $104,759 $102,586 $100,296 $ 97,152 $ 94,825 $ 91,972
======== ======== ======== ======== ======== ======== ======== ========
Income before extraordinary
item and minority interest 45,374 47,089 47,299 45,946 47,195 45,183 45,782 43,423
======== ======== ======== ======== ======== ======== ======== ========
Extraordinary item-loss on
extinguishment of debt - - - - - - 228 1,875
======== ======== ======== ======== ======== ======== ======== ========
Income before
minority interest 45,374 47,089 47,299 45,946 47,195 45,183 45,554 41,548
======== ======== ======== ======== ======== ======== ======== ========
Income available to
common shareholders 37,952 39,564 39,655 38,366 39,230 37,341 37,581 34,119
======== ======== ======== ======== ======== ======== ======== ========
Income per common share before
extraordinary item -
basic $ 0.52 $ 0.54 $ 0.56 $ 0.56 $ 0.58 $ 0.55 $ 0.56 $ 0.54
======== ======== ======== ======== ======== ======== ======== ========
Income per common share before
extraordinary item -
diluted $ 0.51 $ 0.53 $ 0.56 $ 0.55 $ 0.57 $ 0.54 $ 0.55 $ 0.53
======== ======== ======== ======== ======== ======== ======== ========
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; Minneapolis, Minnesota;
Detroit, Michigan; and all others combined (including Maryland; Tampa,
Florida; South Florida; 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
consolidated basis. The operating information by segment is as follows
(in thousands):
53
FOR THE YEAR ENDED DECEMBER 31, 2001
- -----------------------------------------------------------------------------------------------------------------------
SE New Lehigh The Jackson- Minne- All
Pennsyl. Jersey Valley Virginia Carolinas ville sota Michigan Others Total
-------- -------- -------- -------- --------- -------- -------- -------- -------- ----------
Real estate-
related revenues $171,947 $ 44,982 $ 57,645 $ 45,712 $ 45,345 $ 45,257 $ 48,753 $ 60,541 $ 60,126 $ 580,308
Rental property
expenses and
real estate taxes 49,345 14,353 13,924 11,336 12,721 11,907 18,357 19,622 16,323 167,888
-------- -------- -------- -------- -------- -------- -------- -------- -------- ---------
Property-level net
operating income 122,602 30,629 43,721 34,376 32,624 33,350 30,396 40,919 43,803 412,420
Other income/
expenses, net 228,827
---------
Income before property
dispositions,
extraordinary item,
and minority interest 183,593
Gain on property
dispositions 2,115
Extraordinary item-loss
on extinguishment of
debt -
Minority interest 19,171
Preferred distributions 11,000
---------
Income available to
common shareholders $ 155,537
=========
FOR THE YEAR ENDED DECEMBER 31, 2000
- -----------------------------------------------------------------------------------------------------------------------
SE New Lehigh The Jackson- Minne- All
Pennsyl. Jersey Valley Virginia Carolinas ville sota Michigan Others Total
-------- -------- -------- -------- --------- -------- -------- -------- -------- ----------
Real estate-
related revenues $147,519 $ 42,794 $ 50,709 $ 42,956 $ 41,542 $ 42,764 $ 42,556 $ 57,353 $ 60,396 $ 528,589
Rental property
expenses and
real estate taxes 40,954 13,132 11,041 9,674 11,391 10,487 16,339 19,710 16,011 148,739
-------- -------- -------- -------- -------- -------- -------- -------- -------- ---------
Property-level net
operating income 106,565 29,662 39,668 33,282 30,151 32,277 26,217 37,643 44,385 379,850
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
=========
54
FOR THE YEAR ENDED DECEMBER 31, 1999
- -----------------------------------------------------------------------------------------------------------------------
SE New Lehigh The Jackson- Minne- All
Pennsyl. Jersey Valley Virginia Carolinas ville sota Michigan Others Total
-------- -------- -------- -------- --------- -------- -------- -------- -------- ----------
Real estate-
related revenues $121,060 $ 42,604 $ 44,346 $ 40,114 $ 37,810 $ 40,979 $ 34,286 $ 50,806 $ 54,517 $ 466,522
Rental property
expenses and
real estate taxes 33,688 12,811 9,588 8,368 11,341 9,968 12,110 17,166 14,399 129,439
-------- -------- -------- -------- -------- -------- -------- -------- -------- ---------
Property-level net
operating income 87,372 29,793 34,758 31,746 26,469 31,011 22,176 33,640 40,118 337,083
Other income/
expenses, net 194,278
---------
Income before property
dispositions,
extraordinary items,
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
=========
REVENUES YEAR ENDED DECEMBER 31,
- ---------------------------------------------------------- ----------------------------------
2001 2000 1999
--------- ---------- ----------
Total real estate-related revenues for reportable segments $ 580,308 $ 528,589 $ 466,522
Interest and other 6,857 4,374 5,976
--------- --------- ---------
Total revenues $ 587,165 $ 532,963 $ 472,498
========= ========= =========
PRODUCT TYPE INFORMATION REAL ESTATE-RELATED REVENUES
- ---------------------------------------------------------- ----------------------------------
YEAR ENDED DECEMBER 31,
----------------------------------
2001 2000 1999
--------- --------- ---------
Industrial $ 260,232 $ 239,384 $ 225,988
Office 320,076 289,205 240,534
--------- --------- ---------
Total real estate-related revenues $ 580,308 $ 528,589 $ 466,522
========= ========= =========
ROLLFORWARD OF OPERATING REAL ESTATE ASSETS BY REPORTABLE SEGMENT
- -----------------------------------------------------------------------------------------------------------------------
SE New Lehigh The Jackson- Minne- All
Pennsyl. Jersey Valley Virginia Carolinas ville sota Michigan Others Total
-------- -------- -------- -------- --------- -------- -------- -------- -------- ----------
January 1, 2001 $819,122 $252,953 $291,242 $303,036 $269,496 $302,523 $236,212 $354,120 $368,709 $3,197,413
Additions 93,719 12,761 32,078 32,500 8,778 13,040 26,451 48,045 27,072 294,444
Dispositions (2,776) (15,704) (2,837) (6,867) (78,290) (16,900) - - (26,269) (149,643)
-------- -------- -------- -------- -------- -------- -------- -------- -------- ----------
December 31, 2001 $910,065 $250,010 $320,483 $328,669 $199,984 $298,663 $262,663 $402,165 $369,512 $3,342,214
-------- -------- -------- -------- -------- -------- -------- -------- -------- ----------
Accumulated depreciation (404,617)
Development in progress 252,789
Land held for development 163,547
Other assets 198,892
----------
Total assets December 31, 2001 $3,552,825
==========
55
ROLLFORWARD OF OPERATING REAL ESTATE ASSETS BY REPORTABLE SEGMENT
- -----------------------------------------------------------------------------------------------------------------------
SE New Lehigh The Jackson- Minne- All
Pennsyl. Jersey Valley Virginia Carolinas ville sota Michigan Others Total
-------- -------- -------- -------- --------- -------- -------- -------- -------- ----------
January 1, 2000 $733,465 $262,102 $271,606 $301,997 $250,708 $273,763 $213,276 $333,866 $363,897 $3,004,680
Additions 111,752 3,841 19,636 18,531 24,797 28,760 22,936 29,521 32,289 292,063
Dispositions (26,095) (12,990) - (17,492) (6,009) - - (9,267) (27,477) (99,330)
-------- -------- -------- -------- -------- -------- -------- -------- -------- ----------
December 31, 2000 $819,122 $252,953 $291,242 $303,036 $269,496 $302,523 $236,212 $354,120 $368,709 $3,197,413
-------- -------- -------- -------- -------- -------- -------- -------- -------- ----------
Accumulated depreciation (334,415)
Development in progress 208,486
Land held for development 137,402
Other assets 187,469
----------
Total assets December 31, 2000 $3,396,355
==========
56
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
COST
CAPITALIZED
INITIAL COST SUBSEQUENT
--------------------------- TO
PROJECT CITY ENCUMBRANCES LAND BUILDING ACQUISITION
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES
10, 20 Liberty Boulevard Malvern, PA $ - $ 724,058 $ - $ 5,126,705
420 Lapp Road Malvern, PA * 1,054,418 - 6,459,690
747 Dresher Road Horsham, PA - 1,607,238 - 4,115,110
45-67 Great Valley Parkway Malvern, PA * 795,143 - 3,143,793
40 Valley Stream Parkway Malvern, PA * 322,918 - 2,279,699
50 Valley Stream Parkway Malvern, PA - 323,971 - 2,231,098
20 Valley Stream Parkway Malvern, PA * 465,539 - 5,037,619
800 Town Center Drive Langhorne, PA - 1,617,150 - 9,251,450
9, 15, 25 Great Valley Parkway Malvern, PA * 1,837,050 - 15,003,095
257-275 Great Valley Parkway Malvern, PA * 504,611 - 4,365,308
300 Technology Drive Malvern, PA - 368,626 - 1,328,616
277-293 Great Valley Parkway Malvern, PA - 530,729 - 2,064,978
311 Technology Drive Malvern, PA - 397,131 - 2,240,723
325 Technology Drive Malvern, PA * 376,444 - 1,871,527
7 Great Valley Parkway Malvern, PA * 176,435 - 4,471,173
55 Valley Stream Parkway Malvern, PA - 215,005 - 3,374,440
65 Valley Stream Parkway Malvern, PA * 381,544 - 5,039,109
508 Lapp Road Malvern, PA * 331,392 - 1,862,252
10 Valley Stream Parkway Malvern, PA * 509,075 - 3,005,594
333 Phoenixville Pike Malvern, PA 1,947,981 523,530 - 2,917,373
30 Great Valley Parkway Malvern, PA - 128,126 - 385,499
75 Great Valley Parkway Malvern, PA - 143,074 - 698,629
27-43 Great Valley Parkway Malvern, PA * 448,775 - 2,202,097
77-123 Great Valley Parkway Malvern, PA * 887,664 - 4,863,790
260 Great Valley Parkway Malvern, PA - 203,916 - 1,147,879
256 Great Valley Parkway Malvern, PA * 161,098 - 1,785,718
205 Great Valley Parkway Malvern, PA * 1,368,259 - 10,203,456
12,14,16 Great Valley Parkway Malvern, PA - 130,689 - 1,282,818
155 Great Valley Parkway Malvern, PA * 625,147 - 2,298,137
333 Technology Drive Malvern, PA * 157,249 - 2,326,168
510 Lapp Road Malvern, PA * 356,950 - 926,587
181 Wheeler Court Langhorne, PA - 260,000 1,940,000 292,306
1100 Wheeler Way Langhorne, PA - 150,000 1,100,000 90,716
60 Morehall Road Malvern, PA - 865,424 9,285,000 4,759,002
905 Airport Road West Chester, PA - 1,715,000 5,185,000 720,487
1 Country View Road Malvern, PA - 400,000 3,600,000 473,511
2151 Cabot Boulevard Langhorne, PA * 384,100 3,456,900 242,541
170 South Warner Road King of Prussia, PA - 547,800 3,137,400 2,241,631
190 South Warner Road King of Prussia, PA - 552,200 3,162,600 1,376,002
507 Prudential Road Horsham, PA * 644,900 5,804,100 4,431,793
100 Witmer Road Horsham, PA 8,291,833 3,102,784 - 11,820,398
3100 Horizon Drive King of Prussia, PA - 601,956 - 2,004,238
3300 Horizon Drive King of Prussia, PA - 566,403 - 3,404,308
3500 Horizon Drive King of Prussia, PA - 1,204,839 - 2,611,592
200 Chesterfield Parkway Malvern, PA - 495,893 2,739,093 288,204
767 Electronic Drive Horsham, PA * 1,229,685 - 2,764,409
132 Welsh Road Horsham, PA - 1,333,642 - 3,762,707
5 Country View Road Malvern, PA * 785,168 4,678,632 148,617
3200 Horizon Drive King of Prussia, PA * 928,637 - 4,300,975
3000 Horizon Drive King of Prussia, PA * 1,191,449 - 2,295,450
111-195 Witmer Road Horsham, PA - 407,005 3,129,058 (105,055)
300 Welsh Road - Building 3 Horsham, PA - 180,459 1,441,473 205,063
300 Welsh Road - Building 4 Horsham, PA - 282,493 2,256,508 1,075,640
8801 Tinicum Boulevard Philadelphia, PA - 2,474,031 - 43,589,271
440 East Swedesford Road King of Prussia, PA - 717,001 4,816,121 1,568,329
460 East Swedesford Road King of Prussia, PA - 705,317 4,737,487 620,063
50 Morehall Road Malvern, PA - 849,576 - 13,043,717
2 Walnut Grove Drive Horsham, PA - 1,281,870 7,767,374 818,731
5 Walnut Grove Drive Horsham, PA - 1,065,951 - 9,232,036
200 Gibraltar Road Horsham, PA - 638,513 5,811,323 731,720
220 Gibraltar Road Horsham, PA - 629,944 5,733,228 1,053,047
240 Gibraltar Road Horsham, PA - 629,944 5,733,234 52,724
151 South Warner Road King of Prussia, PA - 1,218,086 6,937,866 198,370
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 - 952,911 6,722,830 7,554,683
680 Swedesford Road King of Prussia, PA - 952,361 6,722,830 7,262,938
761 Fifth Avenue King of Prussia, PA - 256,463 2,061,468 514,373
771 Fifth Avenue King of Prussia, PA - 152,456 1,256,908 261,681
1 Great Valley Parkway Malvern, PA - 419,460 3,792,570 329,957
5 Great Valley Parkway Malvern, PA - 684,200 6,181,661 468,075
311 Sinclair Road Bristol, PA - 277,901 1,576,906 17,598
1001 Cedar Hollow Road Malvern, PA - 1,436,814 - 16,047,698
3 Country View Road Malvern, PA - 814,278 - 4,946,433
425 Technology Drive Malvern, PA - 191,114 - 1,840,489
375 Technology Drive Malvern, PA - 191,114 - 1,770,217
45 Liberty Boulevard Malvern, PA - 4,380,221 - 15,082,343
100 Chesterfield Parkway Malvern, PA - 1,320,625 - 6,608,193
57
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
COST
CAPITALIZED
INITIAL COST SUBSEQUENT
--------------------------- TO
PROJECT CITY ENCUMBRANCES LAND BUILDING ACQUISITION
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - Continued
181-187 Gibraltar Road Horsham, PA - 360,549 3,259,984 477,083
104 Rock Road Horsham, PA - 330,111 2,981,669 114,323
123-135 Rock Road Horsham, PA - 292,360 2,411,677 668,417
111-159 Gibraltar Road Horsham, PA - 489,032 4,126,151 349,953
161-175 Gibraltar Road Horsham, PA - 294,673 2,663,722 526,676
103-109 Gibraltar Road Horsham, PA - 270,906 2,448,500 580,022
261-283 Gibraltar Road Horsham, PA * 464,871 3,951,972 96,999
210-223 Witmer Road Horsham, PA - 270,282 2,441,276 1,456,990
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 5,888,989 208,080
506 Prudential Road Horsham, PA - 208,140 895,470 618,275
113-123 Rock Road Horsham, PA - 351,072 3,171,001 234,092
101-111 Rock Road Horsham, PA - 350,561 3,166,389 235,823
120 Gibraltar Road Horsham, PA - 533,142 4,830,515 144,767
110 Gibraltar Road Horsham, PA - 673,041 5,776,369 294,259
100-107 Lakeside Drive Horsham, PA - 239,528 2,163,498 596,142
200-264 Lakeside Drive Horsham, PA - 502,705 4,540,597 433,681
300-309 Lakeside Drive Horsham, PA - 369,475 3,338,761 1,453,109
400-445 Lakeside Drive Horsham, PA - 543,628 4,910,226 1,532,203
104 Witmer Road Horsham, PA - 1,248,148 - 1,048,517
201 Gibraltar Road Horsham, PA - 380,127 3,433,433 1,033,874
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 - 32,056,688
400-500 Brandywine Parkway West Chester, PA - 845,846 6,809,025 364,083
600 Brandywine Parkway West Chester, PA - 664,899 5,352,410 558,165
2700 Horizon Drive King of Prussia, PA - 764,370 - 3,673,277
2900 Horizon Drive King of Prussia, PA - 679,440 - 3,503,064
2500 Renaissance Boulevard King of Prussia, PA - 509,580 - 2,420,478
2300 Renaissance Boulevard King of Prussia, PA - 509,580 - 2,683,201
719 Dresher Road Horsham, PA * 493,426 2,812,067 197,283
2100 Renaissance Boulevard King of Prussia, PA - 1,110,111 - 9,324,220
4 Walnut Grove Horsham, PA * 2,515,115 - 7,324,883
2250 Hickory Road Plymouth Meeting, PA 5,735,000 1,015,851 9,175,555 941,468
3400 Horizon Drive King of Prussia, PA - 776,496 3,139,068 973,848
300 Welsh Road Horsham, PA - 696,061 3,339,991 49,629
600 Chesterfield Parkway Malvern, PA - 2,013,750 - 8,135,324
700 Chesterfield Parkway Malvern, PA - 2,013,750 - 8,096,150
6 Terry Drive Newtown, PA - 622,029 2,228,851 21,322
2520 Renaissance Boulevard King of Prussia, PA - 1,020,000 - 4,158,257
18 Great Valley Parkway Malvern, PA - 394,036 3,976,221 35,251
700 Dresher Road Horsham, PA - 2,551,777 3,020,638 3,091,849
2201 Renaissance Boulevard King of Prussia, PA - - - 15,150,120
2540 Renaissance Boulevard King of Prussia, PA - - - 1,651,574
2560 Renaissance Boulevard King of Prussia, PA - - - 3,729,254
1501-1513 Grundy's Lane Bristol, PA - - - 3,056,112
11 Great Valley Parkway Malvern, PA - 496,297 - 3,257,650
680 Blair Mill Road Horsham, PA - 3,527,151 - 11,997,096
825 Duportail Road Wayne, PA - 5,536,619 16,179,213 499,989
1200 Liberty Ridge Drive Wayne, PA - 6,215,667 - 8,031,552
2760 Red Lion Road Philadelphia, PA - - - 45,099,910
200 Precision Drive Horsham, PA - 1,559,884 4,759,640 2,566,339
40 Liberty Boulevard Malvern, PA - 4,241,137 17,737,090 2,182,841
102 Rock Road Horsham, PA - 1,110,209 2,301,302 419,899
14 Lee Boulevard Malvern, PA * 664,282 - 6,026,477
500 Chesterfield Parkway Malvern, PA * 472,364 - 3,209,019
300-400 Chesterfield Parkway Malvern, PA * 937,212 - 4,881,211
8 Stow Road Marlton, NJ - 172,600 1,704,436 119,073
10 Stow Road Marlton, NJ - 147,000 1,451,536 450,788
12 Stow Road Marlton, NJ - 103,300 1,021,036 227,510
14 Stow Road Marlton, NJ - 93,100 920,336 310,122
701A Route 73 South Marlton, NJ - 264,387 3,772,000 2,391,459
701C Route 73 South Marlton, NJ - 84,949 1,328,000 339,479
1008 Astoria Boulevard Cherry Hill, NJ - 27,120 424,880 377,835
3000 Atrium Way Mt. Laurel, NJ * 500,000 4,500,000 3,523,484
750 Cardinal Drive Bridgeport, NJ - 230,000 2,070,000 655,821
11000, 15000 Commerce Parkway Mt. Laurel, NJ - 310,585 4,394,900 (709,225)
12000, 14000 Commerce Parkway Mt. Laurel, NJ - 361,800 3,285,817 255,412
16000, 18000 Commerce Parkway Mt. Laurel, NJ - 289,700 2,512,683 469,541
400 Lippincott Drive Marlton, NJ - 69,402 - 3,070,977
406 Lippincott Drive Marlton, NJ - 321,455 1,539,871 794,078
234 High Hill Road Bridgeport, NJ * 249,472 1,477,515 348,867
101 Arlington Boulevard Bridgeport, NJ - 6,368 - 4,602,131
100 Berkeley Drive Bridgeport, NJ * 600,508 1,915,215 4,483,338
301 Lippincott Drive Marlton, NJ - 1,069,837 4,780,163 466,123
303 Lippincott Drive Marlton, NJ - 1,069,837 4,780,163 1,326,147
510-512 Sharptown Road Bridgeport, NJ * 125,410 1,072,683 47,779
901 Route 73 Marlton, NJ - 334,411 2,733,314 120,583
1300 Route 73 North Mt. Laurel, NJ * 449,400 3,074,850 719,222
512 Sharptown Road Bridgeport, NJ * 180,468 1,543,617 207,820
201 Berkeley Drive Bridgeport, NJ - 270,880 - 5,124,651
58
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
COST
CAPITALIZED
INITIAL COST SUBSEQUENT
--------------------------- TO
PROJECT CITY ENCUMBRANCES LAND BUILDING ACQUISITION
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - Continued
404 Lippincott Drive Marlton, NJ - 131,896 - 1,650,431
104 Gaither Drive Mt. Laurel, NJ - 132,075 1,151,988 224,926
402 Lippincott Drive Marlton, NJ - 131,896 - 1,632,284
300 Commodore Drive Bridgeport, NJ - 417,695 - 5,290,036
3000 Lincoln Drive Mt. Laurel, NJ - 284,052 2,458,155 1,229,406
6000 Commerce Parkway Mt. Laurel, NJ - 234,151 2,022,683 158,662
7000 Commerce Parkway Mt. Laurel, NJ - 260,014 2,236,684 235,166
8000 Commerce Parkway Mt. Laurel, NJ - 234,814 1,995,098 118,185
9000 Commerce Parkway Mt. Laurel, NJ - 286,587 2,474,820 499,376
1000 Briggs Road Mt. Laurel, NJ - 288,577 2,546,537 875,281
1025 Briggs Road Mt. Laurel, NJ 1,691,019 430,990 3,714,828 409,794
1020 Briggs Road Mt. Laurel, NJ - 494,334 - 2,915,789
9 Stow Road Marlton, NJ - 652,642 1,765,065 381,799
2000 Crawford Place Mt. Laurel, NJ - 310,831 2,797,744 1,748,397
5000 Dearborn Court Mt. Laurel, NJ - 1,057,763 4,191,827 121,424
515 Heron Drive Bridgeport, NJ 1,319,985 334,017 2,367,538 14,286
500 Sharptown Road Bridgeport, NJ 1,244,265 300,404 2,645,235 57,191
625 Heron Drive Bridgeport, NJ * 180,226 908,953 49,751
605 Heron Drive Bridgeport, NJ 545,068 265,381 1,046,866 94,972
510 Heron Drive Bridgeport, NJ 5,824,627 790,335 7,901,878 350,653
522 Pedricktown Road Bridgeport, NJ * 176,309 1,360,293 19,550
530 Pedricktown Road Bridgeport, NJ * 350,813 1,901,471 31,304
540 Pedricktown Road Bridgeport, NJ 3,006,508 531,280 4,532,010 (160,307)
230 High Hill Road Bridgeport, NJ 5,372,430 1,418,000 8,860,843 28,683
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 - 2,167,471 18,120,223 137,567
100 Eagle Road Bridgeport, NJ 1,019,294 256,491 1,434,429 20,524
250 High Hill Road Bridgeport, NJ 1,647,337 246,478 2,269,440 173,859
508 Center Square Road Bridgeport, NJ 1,528,989 453,341 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 19,167
500 Center Square Road Bridgeport, NJ - 1,815,403 6,186,541 31,500
1001 Briggs Road Mt. Laurel, NJ - 701,705 3,505,652 874,095
1960 Cuthbert Boulevard Cherry Hill, NJ - 321,699 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 2,579,524 556,925
800 Arlington Boulevard Bridgeport, NJ - 1,687,500 - 7,572,381
1015 Briggs Road Mt. Laurel, NJ - 356,987 - 3,323,705
17000 Commerce Parkway Mt. Laurel, NJ - 144,515 - 2,735,151
1655 Valley Center Parkway Bethlehem, PA - 214,431 - 1,922,819
6560 Stonegate Drive Allentown, PA - 458,281 - 2,400,722
6370 Hedgewood Drive Allentown, PA - 540,795 - 3,146,969
6390 Hedgewood Drive Allentown, PA - 707,203 - 2,634,253
1495 Valley Center Parkway Bethlehem, PA - 434,640 - 3,657,540
6350 Hedgewood Drive Allentown, PA - 360,027 - 3,380,457
6330 Hedgewood Drive Allentown, PA - 531,268 - 4,527,735
1550 Valley Center Parkway Bethlehem, PA - 196,954 - 3,279,825
1560 Valley Center Parkway Bethlehem, PA - 240,069 - 3,965,513
6580 Snowdrift Road Allentown, PA - 388,328 - 2,669,530
1510 Valley Center Parkway Bethlehem, PA - 312,209 - 3,454,282
1530 Valley Center Parkway Bethlehem, PA - 211,747 - 2,736,186
6540 Stonegate Drive Allentown, PA - 422,042 - 3,644,748
974 Marcon Boulevard Allentown, PA - 143,500 - 2,197,007
964 Marcon Boulevard Allentown, PA - 138,816 - 1,583,747
764 Roble Road Allentown, PA - 141,069 - 819,455
3174 Airport Road Allentown, PA - 98,986 - 1,144,153
2196 Avenue C Allentown, PA - 101,159 - 1,314,509
2202 Hanger Place Allentown, PA - 137,439 - 1,309,996
2201 Hanger Place Allentown, PA - 128,454 - 1,399,071
954 Marcon Boulevard Allentown, PA - 103,665 - 1,108,205
57 South Commerce Way Bethlehem, PA - 390,839 2,701,161 177,646
754 Roble Road Allentown, PA - 162,115 1,731,885 123,892
894 Marcon Boulevard Allentown, PA - 117,134 1,048,866 145,648
744 Roble Road Allentown, PA - 159,771 1,734,229 247,264
944 Marcon Boulevard Allentown, PA - 118,521 1,435,479 223,107
1685 Valley Center Parkway Bethlehem, PA - 244,029 - 2,008,860
6520 Stonegate Drive Allentown, PA - 453,315 - 1,391,503
7437 Industrial Boulevard Allentown, PA - 717,488 5,022,413 1,769,355
2041 Avenue C Allentown, PA * 213,599 1,095,217 72,137
2124 Avenue C Allentown, PA * 289,197 1,039,835 484,776
7339 Industrial Boulevard Allentown, PA - 1,187,776 - 5,913,948
7384 Penn Drive Allentown, PA * 651,696 2,286,518 447,689
7144 Daniels Drive Allentown, PA - 2,390,217 2,342,761 3,565,895
7620 Cetronia Road Allentown, PA - 1,091,806 3,851,456 336,679
939 Marcon Boulevard Allentown, PA * 2,220,414 4,524,393 858,451
100 Brodhead Road Bethlehem, PA * 429,416 2,919,588 187,078
1455 Valley Center Parkway Bethlehem, PA - 670,290 - 3,623,704
1640 Valley Center Parkway Bethlehem, PA - 359,000 - 2,412,281
1650 Valley Center Parkway Bethlehem, PA - 359,000 - 2,210,935
1660 Valley Center Parkway Bethlehem, PA - 359,000 - 2,186,235
400 Nestle Way Allentown, PA 25,878,187 8,065,500 - 26,453,992
59
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
COST
CAPITALIZED
INITIAL COST SUBSEQUENT
--------------------------- TO
PROJECT CITY ENCUMBRANCES LAND BUILDING ACQUISITION
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - Continued
83 South Commerce Way Bethlehem, PA - 143,661 888,128 304,701
85 South Commerce Way Bethlehem, PA - 236,708 987,949 114,665
87 South Commerce Way Bethlehem, PA - 253,886 1,062,881 152,392
89 South Commerce Way Bethlehem, PA - 320,000 - 1,828,012
7248 Industrial Boulevard Allentown, PA - 2,670,849 13,307,408 728,272
95 Highland Avenue Bethlehem, PA - 430,593 3,182,080 445,066
236 Brodhead Road Bethlehem, PA - 376,962 4,672,683 25,646
1525 Valley Center Parkway Bethlehem, PA - 475,686 - 7,460,005
6620 Grant Way Allentown, PA - 430,824 1,915,923 6,338
700 Nestle Way Allentown, PA - 3,473,120 - 16,916,630
7562 Penn Drive Allentown, PA - 269,614 844,069 93,264
7277 Williams Avenue Allentown, PA - 462,964 1,449,009 271,360
7355 Williams Avenue Allentown, PA - 489,749 1,658,091 152,592
794 Roble Road Allentown, PA - 1,147,541 6,088,041 1,136,853
6923 Schantz Spring Road Allentown, PA - 1,127,805 3,309,132 165,875
7132 Daniels Drive Allentown, PA - 1,623,326 3,464,626 3,886,296
3985 Adler Place Bethlehem, PA - 705,367 3,915,820 471,397
8014 Industrial Boulevard Allentown, PA - 4,019,258 - 8,692,231
705 Boulder Drive Allentown, PA 150,000 4,484,096 - 15,003,242
651 Boulder Drive Allentown, PA - 4,308,646 - 13,108,539
3773 Corporate Parkway Center Valley, PA - 738,108 - 7,441,416
7028 Snowdrift Road Fogelville, PA - 520,473 959,279 130,973
180,190 Cochrane Drive Annapolis, MD - 3,670,256 - 16,803,473
7178-80 Columbia Gateway Columbia, MD - 1,569,237 4,786,887 645,248
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 - 299,099 2,654,069 189,716
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 7,493,740 204,034
7317 Parkway Drive Hanover, MD - 1,104,359 1,959,671 4,319
5950 Symphony Woods Road Columbia, MD - 1,462,762 11,310,187 132,547
9101,9111,9115 Guilford Road Columbia, MD - 758,951 - 3,245,076
9125,9135,9145 Guilford Road Columbia, MD - 900,154 - 5,454,397
1751 Bluehills Drive Roanoke, VA - 1,063,728 8,500,677 -
4300 Carolina Avenue Richmond, VA - 2,007,717 14,927,608 330,317
301 Hill Carter Parkway Richmond, VA - 659,456 4,836,010 -
4001 Carolina Avenue Richmond, VA - 29,443 215,914 64,343
5600-5626 Eastport Boulevard Richmond, VA * 489,941 3,592,900 111,058
5650-5674 Eastport Boulevard Richmond, VA * 644,384 4,025,480 81,312
5700 Eastport Boulevard Richmond, VA * 408,729 2,697,348 38,566
3432 Holland Road Virginia Beach, VA - 173,527 790,515 -
4880 Cox Road Glen Allen, VA * 743,898 4,499,807 1,127,008
4101- 4127 Carolina Avenue Richmond, VA * 310,854 2,279,597 70,437
4201-4261 Carolina Avenue Richmond, VA * 693,203 5,083,493 591,334
4263-4299 Carolina Avenue Richmond, VA - 256,203 2,549,649 1,059,396
4301-4335 Carolina Avenue Richmond, VA - 223,696 1,640,435 120,778
4337-4379 Carolina Avenue Richmond, VA * 325,303 2,385,557 746,263
4501-4549 Carolina Avenue Richmond, VA * 486,166 3,565,211 141,323
4551-4593 Carolina Avenue Richmond, VA * 474,360 3,478,646 127,874
4601-4643 Carolina Avenue Richmond, VA * 652,455 4,784,675 372,059
4645-4683 Carolina Avenue Richmond, VA * 404,616 2,967,187 1,012,104
4447-4491 Carolina Avenue Richmond, VA - 454,056 2,729,742 106,901
4401-4445 Carolina Avenue Richmond, VA * 615,038 4,510,272 31,465
12 S. Third Street Richmond, VA - 40,539 184,682 14,061
9601 Cosner Drive Fredericksburg, VA * 475,262 3,917,234 53,021
2300 East Parham Road Richmond, VA - 221,947 1,011,088 -
5601-5659 Eastport Boulevard Richmond, VA * 705,660 - 4,976,505
5900 Eastport Boulevard Richmond, VA * 676,661 - 4,471,494
4717-4729 Eubank Road Richmond, VA * 449,447 3,294,697 143,694
4263F-N. Carolina Avenue Richmond, VA * 91,476 - 1,631,649
5000 Cox Road Glen Allen, VA * 770,214 3,685,248 95,969
5500 Cox Road Glen Allen, VA * 443,485 - 2,671,989
510 Eastpark Court Richmond, VA * 261,961 2,110,874 134,170
520 Eastpark Court Richmond, VA * 486,118 4,083,582 69,899
13001 Kingston Avenue Richmond, VA - 376,584 - 2,032,172
5701-5799 Eastport Boulevard Richmond, VA - 694,644 - 5,608,550
4801 Cox Road Glen Allen, VA - 1,072,896 - 8,858,737
600 H P Way Chester, VA - 146,126 - 6,798,387
500 H P Way Chester, VA - 142,692 - 5,991,631
701 Liberty Way Richmond, VA * 171,711 - 5,008,315
4198 Cox Road Glen Allen, VA - 670,292 3,839,245 558,668
12730 Kingston Avenue Richmond, VA - 171,053 - 8,147,207
4510 Cox Road Glen Allen, VA - 1,010,024 7,151,729 729,365
2809 South Lynnhaven Road Virginia Beach, VA - 953,590 6,142,742 554,793
200 Golden Oak Court Virginia Beach, VA * 1,116,693 6,770,480 584,728
208 Golden Oak Court Virginia Beach, VA * 965,177 6,728,717 263,545
1 Enterprise Parkway Hampton, VA - 974,675 5,579,869 359,116
60
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
COST
CAPITALIZED
INITIAL COST SUBSEQUENT
--------------------------- TO
PROJECT CITY ENCUMBRANCES LAND BUILDING ACQUISITION
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - Continued
22 Enterprise Parkway Hampton, VA - 1,097,368 6,760,778 435,672
530 Eastpark Court Richmond, VA - 266,883 - 2,755,534
484 Viking Drive Virginia Beach, VA - 891,753 3,607,890 149,146
10430 Lakeridge Parkway Ashland, VA - 421,267 3,770,870 52,726
10456 Lakeridge Parkway Ashland, VA - 409,261 3,663,754 64,073
3829-3855 Gaskins Road Richmond, VA - 364,165 3,264,114 6,679
629 Phoenix Drive Virginia Beach, VA - 371,694 2,108,097 48,028
11838 Rock Landing Drive Newport News, VA - 673,942 2,111,481 494,342
11844 Rock Landing Drive Newport News, VA - 326,774 1,391,561 74,890
11846 Rock Landing Drive Newport News, VA - 299,066 1,419,266 309,233
11832 Rock Landing Drive Newport News, VA - 299,066 1,419,266 5,055,811
10800 Nuckols Boulevard Richmond, VA - 1,432,462 - 14,358,942
5700 Cleveland Street Virginia Beach, VA - 700,112 9,592,721 831,459
801 Liberty Way Richmond, VA * 780,000 - 6,104,608
5 Manhattan Square Hampton, VA - 207,368 - 1,562,803
100 Westgate Parkway Richmond, VA - 1,140,648 101,824 8,275,261
1309 Executive Boulevard Cheaspeake, VA - 926,125 - 5,059,996
21 Enterprise Parkway Hamton, VA - 263,668 8,167,118 123,083
4523 Green Point Drive High Point, NC - 234,564 - 2,403,961
4501 Green Point Drive High Point, NC - 319,289 - 2,335,761
4500 Green Point Drive High Point, NC - 230,622 - 2,190,555
2427 Penny Road High Point, NC - 1,165,664 - 6,228,051
4524 Green Point Drive High Point, NC * 182,810 - 2,184,629
4328, 4336 Federal Drive High Point, NC 5,623,271 521,122 - 7,063,422
200 Centreport Drive Greensboro, NC * 331,400 3,768,600 418,815
4344 Federal Drive High Point, NC * 484,001 - 2,361,623
202 Centreport Drive Greensboro, NC * 549,948 5,360,462 572,253
101 Centreport Drive Greensboro, NC - 826,237 - 7,755,692
4000 Piedmont Parkway High Point, NC * 592,885 4,825,615 429,102
4380 Federal Drive High Point, NC - 282,996 - 2,109,455
4388 Federal Drive High Point, NC - 143,661 - 1,119,330
6532 Judge Adams Road Rock Creek, NC - 354,903 - 3,488,165
6530 Judge Adams Road Rock Creek, NC - 305,821 - 4,458,196
150 Ridgeview Center Drive Duncan, SC - 711,353 8,056,324 881,444
1320 Garlington Road Greenville, SC - 398,539 1,761,533 51,112
420 Park Avenue Greenville, SC * 522,548 2,730,261 550,091
4160 Mendenhall Oaks Parkway High Point, NC - 285,882 - 3,086,093
4194 Mendenhall Oaks Parkway High Point, NC - 102,372 - 2,361,700
4196 Mendenhall Oaks Parkway High Point, NC - 66,731 - 2,108,548
4170 Mendenhall Oaks Parkway High Point, NC - 143,699 - 2,200,631
4180 Mendenhall Oaks Parkway High Point, NC - 121,329 - 1,759,812
4050 Piedmont Parkway High Point, NC - 801,902 - 18,159,735
One Independence Pointe Greenville, SC - 780,881 6,199,230 225,760
55 Beattie Place Greenville, SC - 2,643,105 23,439,801 830,099
75 Beattie Place Greenville, SC * 2,406,646 17,400,939 496,862
7736 McCloud Road Greensboro, NC - 591,795 5,895,312 227,487
15 Brendan Way Greenville, SC - 614,192 3,012,019 991,739
4300 Federal Drive High Point, NC - 264,038 - 1,621,937
4135 Mendenall Oaks Parkway High Point, NC - 499,500 - 2,712,012
4183 Eagle Hill Drive High Point, NC - 122,203 - 3,763,018
4189 Eagle Hill Drive High Point, NC - 100,106 - 2,866,186
4020 Meeting Way High Point, NC - 94,232 - 1,681,829
170 Ridgeview Drive Duncan, SC - 224,162 109,218 4,930,743
6509 Franz Warner Parkway Rock Creek, NC - 360,494 - 2,417,221
1730 Stebbins Drive Houston, TX - 143,258 - 478,152
5911-5925 Richard Street Jacksonville, FL - 275,582 - 508,967
8383-8385 Baycenter Road Jacksonville, FL - 63,703 - 713,824
8775 Baypine Road Jacksonville, FL - 906,804 - 3,174,423
6255 Lake Gray Boulevard Jacksonville, FL - 813,067 - 3,552,562
8665,8667,8669 Baypine Road Jacksonville, FL - 966,552 - 4,183,224
1200 Gulf Life Drive Jacksonville, FL - 1,028,864 - 18,405,444
8614 Baymeadows Way Jacksonville, FL - 290,291 - 1,082,548
5941-5975 Richard Street Jacksonville, FL - 583,622 - 1,131,332
7970 Bayberry Road Jacksonville, FL - 127,520 - 1,251,765
6000-6030 Bowdendale Avenue Jacksonville, FL - 275,475 - 1,697,973
7898 Baymeadows Way Jacksonville, FL - 561,802 - 1,951,868
5977-6607 Richard Street Jacksonville, FL - 180,033 - 3,249,765
7910 & 7948 Baymeadows Way Jacksonville, FL - 210,299 - 2,655,355
7954, 7960 Baymeadows Way Jacksonville, FL - 291,312 - 2,945,718
8787 Baypine Road Jacksonville, FL - 2,076,306 - 35,412,918
7077 Bonneval Road Jacksonville, FL - 768,000 5,789,000 1,283,363
4190 Belfort Road Jacksonville, FL - 821,000 5,866,000 1,835,428
7020 AC Skinner Parkway Jacksonville, FL * 398,257 - 2,461,550
7022 AC Skinner Parkway Jacksonville, FL * 706,934 - 3,097,328
11777 Central Highway Jacksonville, FL - 92,207 429,997 1,259,623
4345 Southpoint Parkway Jacksonville, FL - - - 8,734,288
7016 AC Skinner Parkway Jacksonville, FL - 597,181 - 2,326,445
7018 AC Skinner Parkway Jacksonville, FL - 840,996 - 4,082,054
7014 AC Skinner Parkway Jacksonville, FL - 574,198 - 3,349,127
6620 Southpoint Drive Jacksonville, FL - 614,602 4,267,477 557,500
7980 Bayberry Road Jacksonville, FL - 330,726 1,338,101 17,776
9600 Satellite Boulevard Orlando, FL - 252,850 1,297,923 54,059
61
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
COST
CAPITALIZED
INITIAL COST SUBSEQUENT
--------------------------- TO
PROJECT CITY ENCUMBRANCES LAND BUILDING ACQUISITION
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - Continued
9700 Satellite Boulevard Orlando, FL - 405,362 1,146,546 113,385
1902 Cypress Lake Drive Orlando, FL - 523,512 3,191,790 866,686
9550 Satellite Boulevard Orlando, FL - 574,831 - 2,087,623
8250 & 8256 Exchange Place Orlando, FL - 622,413 2,507,842 448,326
6600 Southpoint Parkway Jacksonville, FL - 998,432 4,055,727 328,425
6700 Southpoint Parkway Jacksonville, FL - 620,719 2,989,746 500,718
4801 Executive Park Court - 100 Jacksonville, FL * 554,993 2,993,277 445,021
4801 Executive Park Court - 200 Jacksonville, FL * 370,017 1,995,518 23,275
4810 Executive Park Court Jacksonville, FL * 369,694 3,045,639 47,709
6602 Executive Park Court - 100 Jacksonville, FL * 388,519 2,095,293 38,958
6602 Executive Park Court - 200 Jacksonville, FL * 296,014 1,596,347 114,520
6631 Executive Park Court - 100 Jacksonville, FL * 251,613 1,356,849 4,278
6631 Executive Park Court - 200 Jacksonville, FL * 406,561 2,195,070 178,372
4815 Executive Park Court - 100 Jacksonville, FL * 366,317 1,975,393 20,549
4815 Executive Park Court - 200 Jacksonville, FL * 462,522 2,494,397 187,247
4825 Executive Park Court Jacksonville, FL * 601,278 3,242,491 12,342
4820 Executive Park Court Jacksonville, FL * 555,173 2,693,130 591,331
10511 & 10611 Satellite Boulevard Orlando, FL - 517,554 2,568,186 237,621
1400-1440 Central Florida Parkway Orlando, FL - 518,043 2,561,938 74,142
6601 Executive Park Circle North Jacksonville, FL - 551,250 3,128,361 640
1300 Riverplace Boulevard Jacksonville, FL - 1,804,258 7,755,572 999,524
4901 Belfort Road Jacksonville, FL - 877,964 2,360,742 1,841,852
16445 Air Center Boulevard Houston, TX - 363,339 2,509,186 347,471
16405 Air Center Boulevard Houston, TX - 438,853 3,030,396 106,575
2216 Directors Row Orlando, FL - 453,918 2,572,202 25,865
7460 Chancellor Drive Orlando, FL - 266,555 902,949 246,252
1901 Summit Tower Boulevard Maitland, FL - 6,078,791 12,348,567 327,340
3701-3727 Vineland Road Orlando, FL - 767,929 2,096,504 67,289
4899 Belfort Road Jacksonville, FL - 1,299,201 - 7,859,853
4905 Belfort Street Jacksonville, FL - 638,154 - 3,411,407
16580 Air Center Boulevard Houston, TX - 289,000 3,559,857 (12,163)
7251 Salisbury Road Jacksonville, FL - - - 2,932,062
2400 South Lake Orange Drive Orlando, FL - 385,964 - 2,359,882
10245 Centurion Parkway North Jacksonville, FL - 852,644 3,510,889 582,223
6501 Lee Vista Boulevard Orlando, FL - 903,701 - 5,515,772
1755 Trans Central Drive Houston, TX - 293,534 3,036,269 133,314
10771 Palm Bay Drive Orlando, FL - 664,605 - 2,512,823
5501-5519 Pioneer Park Boulevard Tampa, FL - 162,000 1,613,000 188,001
5690-5694 Crenshaw Street Tampa, FL - 181,923 1,812,496 140,795
3102,3104,3110 Cherry Palm Drive Tampa, FL - 503,767 2,787,585 403,715
8401-8408 Benjamin Road Tampa, FL - 789,651 4,454,648 456,583
3501 Riga Boulevard Tampa, FL - 617,289 3,048,379 95,839
111 Kelsey Lane Tampa, FL - 359,540 1,461,850 451,966
7930,8010-20 Woodland Center Boulevard Tampa, FL * 1,408,478 5,247,246 244,354
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 44,000
8112-42 Woodland Center Boulevard Tampa, FL * 513,263 3,230,239 13,495
8212 Woodland Center Boulevard Tampa, FL * 820,882 2,322,720 14,210
131 Kelsey Lane Tampa, FL - 511,463 - 4,450,331
7724 Woodland Center Boulevard Tampa, FL - 235,893 - 2,108,523
7802-50 Woodland Center Boulevard Tampa, FL - 357,364 - 2,542,261
7852-98 Woodland Center Boulevard Tampa, FL - 357,364 - 2,291,373
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 - 3,226,342
8001 Woodland Center Boulevard Tampa, FL - 350,406 - 2,240,698
4630 Woodland Corporate Boulevard Tampa, FL - 943,169 - 12,399,823
701-725 South US Highway 301 Tampa, FL - 654,259 - 3,097,143
4502 Woodland Corporate Boulevard Tampa, FL - - - 4,005,900
9001-9015 Brittany Way Tampa, FL - 239,034 - 1,420,321
4508 Woodland Corporate Boulevard Tampa, FL - 498,598 - 3,082,752
7622 Bald Cypress Place Tampa, FL - - - 1,339,980
901-933 US Highway 301S Tampa, FL - 570,005 - 3,047,107
1701 Clint Moore Boulevard Boca Raton, FL - 1,430,884 3,043,553 57,921
5410 - 5430 Northwest 33rd Avenue Ft. Lauderdale, FL - 603,776 4,176,238 398,765
6500 NW 12th Avenue Ft. Lauderdale, FL - 7,099 3,046,309 42,682
6600 NW 12th Avenue Ft. Lauderdale, FL - 7,102 3,047,462 299,081
1500 SW 5th Court Pompano Beach, FL - 972,232 3,892,085 46,438
1651 SW 5th Court Pompano Beach, FL - 203,247 811,093 18,392
1601 SW 5th Court Pompano Beach, FL - 203,247 811,093 50,505
1501 SW 5th Court Pompano Beach, FL - 203,247 811,093 22,163
1400 SW 6th Court Pompano Beach, FL - 1,157,049 4,620,956 72,461
1405 SW 6th Court Pompano Beach, FL - 392,138 1,565,787 45,121
595 SW 13th Terrace Pompano Beach, FL - 359,933 1,437,116 45,772
601 SW 13th Terrace Pompano Beach, FL - 164,413 655,933 24,625
605 SW 16th Terrace Pompano Beach, FL - 310,778 1,238,324 29,671
951 Broken Sound Parkway Boca Raton, FL - 1,426,251 6,098,952 184,097
3400 Lakeside Drive Miramar, FL - 2,022,153 11,345,881 413,418
3450 Lakeside Drive Miramar, FL - 2,022,152 11,357,143 197,551
3350 SW 148th Avenue Miramar, FL - 2,960,511 - 17,139,037
13650 NW 8th Street Sunrise, FL - 558,223 2,171,930 37,107
13630 NW 8th Street Sunrise, FL - 659,797 2,596,275 146,745
62
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
COST
CAPITALIZED
INITIAL COST SUBSEQUENT
--------------------------- TO
PROJECT CITY ENCUMBRANCES LAND BUILDING ACQUISITION
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - Continued
777 Yamato Road Boca Raton, FL - 4,101,247 16,077,347 2,677,067
1801 Clint Moore Road Boca Raton, FL - 1,065,068 4,481,644 232,490
6601-6625 W. 78th Street Bloomington, MN - 2,263,060 - 38,625,770
2905 Northwest Boulevard Plymouth, MN - 516,920 4,646,342 498,248
2800 Campus Drive Plymouth, MN - 395,366 3,554,512 337,217
2955 Xenium Lane Plymouth, MN - 151,238 1,370,140 255,937
9401-9443 Science Center Drive New Hope, MN - 431,295 3,888,684 244,480
6321-6325 Bury Drive Eden Prairie, MN - 462,876 4,151,790 180,272
7115-7173 Shady Oak Road Eden Prairie, MN - 454,974 4,089,410 436,419
7660-7716 Golden Triangle Drive Eden Prairie, MN - 568,706 5,115,177 1,340,905
7400 Flying Cloud Drive Eden Prairie, MN - 195,982 1,762,027 55,417
10301-10305 West 70th Street Eden Prairie, MN - 120,622 1,085,226 81,320
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 2,618,194 188,888
10393-10394 West 70th Street Eden Prairie, MN - 269,618 2,423,318 249,205
7078 Shady Oak Road Eden Prairie, MN - 343,093 3,085,795 47,532
10400 Viking Drive Eden Prairie, MN - 2,912,391 - 21,367,477
5600 & 5610 Rowland Road Minnetonka, MN - 828,650 7,399,409 1,124,384
2920 Northwest Boulevard Plymouth, MN - 392,026 3,433,678 653,397
5400-5500 Feltl Road Minnetonka, MN - 883,895 7,983,345 840,193
10300 Bren Road Minnetonka, MN - 344,614 3,110,477 154,021
14630-14650 28th Avenue North Plymouth, MN - 198,205 1,793,422 360,187
7695-7699 Anagram Drive Eden Prairie, MN - 760,525 3,254,758 25,622
7550 Meridian Circle Maple Grove, MN 2,067,139 513,250 2,901,906 (80,807)
2800 Northwest Boulevard Plymouth, MN 4,479,507 1,934,438 10,952,503 75,338
3255 Neil Armstrong Boulevard Eagan, MN - 1,131,017 - 3,377,738
4801 West 81st Street Bloomington, MN 777,917 1,624,701 2,494,368 450,290
8100 Cedar Avenue Bloomington, MN 2,178,012 501,313 3,675,416 25,281
9600 54th Avenue Plymouth, MN - 332,317 3,077,820 149,049
7800 Equitable Drive Eden Prairie, MN - 2,188,525 3,788,762 18,929
7905 Fuller Road Eden Prairie, MN - 1,229,862 4,075,167 9,190
9023 Columbine Road Eden Prairie, MN - 1,956,273 - 4,626,783
6161 Green Valley Drive Bloomington, MN - 740,378 3,311,602 719,459
4700 Nathan Lane North Minneapolis, MN - 1,501,308 8,446,083 323,002
8967 Columbine Road Eden Prairie, MN - 1,450,000 - 3,409,410
14390 Huntington Avenue Savage, MN - 1,463,666 6,271,050 139,842
550-590 Hale Avenue Oakdale, MN - 765,535 3,488,754 119,290
7777 Golden Triangle Drive Eden Prairie, MN - 993,101 2,136,862 876,271
8937 Columbine Road Eden Prairie, MN - 1,325,829 - 4,697,953
7615 Smetana Lane Eden Prairie, MN - 1,011,517 - 8,658,578
10801 Nesbitt Avenue South Bloomington, MN - 784,577 - 4,166,712
8995 Columbine Road Eden Prairie, MN - 1,087,594 - 3,492,053
26911-26957 Northwestern Highway Southfield, MI - 7,799,515 66,268,817 5,623,616
1650 Research Drive Troy, MI - 763,067 7,201,677 90,322
1775 Research Drive Troy, MI - 331,422 2,788,073 50,080
1875 Research Drive Troy, MI - 329,863 2,774,006 121,199
1850 Research Drive Troy, MI - 781,054 7,364,300 210,378
1965 Research Drive Troy, MI - 419,090 3,578,928 103,431
1960 Research Drive Troy, MI - 419,146 3,579,166 50,886
27260 Haggerty Road Farmington Hills, MI - 456,877 4,091,196 186,238
27200 Haggerty Road Farmington Hills, MI - 382,754 3,425,227 172,058
27280 Haggerty Road Farmington Hills, MI - 452,860 4,055,512 119,859
27220 Haggerty Road Farmington Hills, MI - 203,064 1,802,592 135,253
27240 Haggerty Road Farmington Hills, MI - 171,518 1,518,192 83,458
27300 Haggerty Road Farmington Hills, MI - 370,378 3,311,366 125,209
1101 Allen Drive Troy, MI - 98,144 887,935 22,883
1151 Allen Drive Troy, MI - 164,483 1,486,220 209,271
1300 Rankin Street Troy, MI - 134,090 1,212,752 124,810
1350 Rankin Street Troy, MI - 111,776 1,011,497 64,521
1376-1400 Rankin Street Troy, MI - 134,292 1,213,626 126,937
1352-1374 Rankin Street Troy, MI - 153,275 1,385,098 89,075
1324-1346 Rankin Street Troy, MI - 134,090 1,212,214 22,741
1301-1307 Rankin Street Troy, MI - 111,776 1,011,121 57,948
1409 Allen Drive Troy, MI - 142,370 1,286,048 214,397
1304 E Maple Road Troy, MI - 211,233 1,906,786 309,224
1334 Maplelawn Road Troy, MI - 124,296 1,122,802 17,977
1290 Maplelawn Road Troy, MI - 85,321 771,621 61,018
1070 Maplelawn Road Troy, MI - 68,560 620,595 47,208
950 Maplelawn Road Troy, MI - 252,429 2,265,259 26,448
894 Maplelawn Road Troy, MI - 181,749 1,632,243 19,497
1179 Maplelawn Road Troy, MI - 87,845 794,365 72,889
1940 Norwood Drive Troy, MI - 86,836 785,267 42,787
1311-1331 Maplelawn Road Troy, MI - 125,407 1,132,810 202,380
2354 Bellingham Street Troy, MI - 87,340 789,817 19,928
2360 Bellingham Street Troy, MI - 87,340 789,817 58,250
1911 Ring Drive Troy, MI - 86,129 778,900 77,825
26442-26450 Haggerty Road Farmington Hills, MI - 237,687 2,143,478 27,973
26500 Haggerty Road Farmington Hills, MI - 311,093 2,791,804 52,170
26650 Haggerty Road Farmington Hills, MI - 173,166 1,562,704 21,498
26700 Haggerty Road Farmington Hills, MI - 253,338 2,290,696 17,160
63
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
COST
CAPITALIZED
INITIAL COST SUBSEQUENT
--------------------------- TO
PROJECT CITY ENCUMBRANCES LAND BUILDING ACQUISITION
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - Continued
26750 Haggerty Road Farmington Hills, MI - 292,717 2,638,688 153,751
26800 Haggerty Road Farmington Hills, MI - 175,489 1,583,362 163,130
26842-26850 Haggerty Road Farmington Hills, MI - 239,606 2,160,470 194,932
26600 Haggerty Road Farmington Hills, MI - 455,846 - 2,524,219
26550 Haggerty Road Farmington Hills, MI - 368,083 - 2,585,958
50 West Big Beaver Road Troy, MI - 2,159,678 19,481,454 296,560
100 West Big Beaver Road Troy, MI - 2,113,006 19,057,355 377,625
245 Executive Drive Brookfield, WI - 577,067 5,197,903 195,157
8301 West Parkland Court Milwaukee, WI - 358,442 3,233,707 261,263
32991 Hamilton Court Farmington Hills, MI - 1,065,392 3,627,675 947,764
7500 West 110th Street Overland Park, KS - 2,380,493 9,575,474 208,344
7800 N. 113th Street Milwaukee, WI - 1,711,964 6,847,857 51,653
2475-2479 Elliot Avenue Troy, MI - 128,808 516,393 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 40,581
32853 Edward Avenue Madison Heights, MI - 138,121 784,426 53,827
555 East Mandoline Avenue Madison Heights, MI - 140,862 799,993 80,328
599 East Mandoline Avenue Madison Heights, MI - 132,164 646,768 73,022
749 East Mandoline Avenue Madison Heights, MI - 144,658 708,054 915
750 East Mandoline Avenue Madison Heights, MI - 151,458 741,185 878
900 East Mandoline Avenue Madison Heights, MI - 157,729 771,872 1,836
949 East Mandoline Avenue Madison Heights, MI - 137,049 778,338 5,751
32090 John 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 72,097
31751 Research Park Drive Madison Heights, MI - 194,063 1,300,574 1,822
31800 Research Park Drive Madison Heights, MI - 217,929 1,601,469 14,793
800 Tech Row Madison Heights, MI - 444,977 2,984,811 31,445
900 Tech Row Madison Heights, MI - 155,606 883,725 24,370
1000 Tech Row Madison Heights, MI - 357,897 2,628,029 84,900
31771 Sherman Avenue Madison Heights, MI - 150,944 645,040 11,826
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 - 158,483 900,064 4,820
31900 Sherman Avenue Madison Heights, MI - 269,293 1,754,498 34,215
800 East Whitcomb Avenue Madison Heights, MI - 151,704 1,294,687 51,306
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 51,628
1201 East Whitcomb Avenue Madison Heights, MI - 302,567 1,213,232 2,687
1210 East Whitcomb Avenue Madison Heights, MI - 121,298 329,051 540
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 Novi, MI - 144,477 338,277 54,151
9801 80th Avenue Pleasant Prairie, WI - 1,692,077 7,934,794 33,848
11950 W. Lake Park Drive Milwaukee, WI - 391,813 2,340,118 158,703
11400 W. Lake Park Drive Milwaukee, WI - 439,595 2,357,904 145,281
11425 W. Lake Park Drive Milwaukee, WI - 382,256 2,350,619 110,138
11301 W. Lake Park Drive Milwaukee, WI - 614,477 2,626,456 92,202
11900 W. Lake Park Drive Milwaukee, WI - 347,853 2,396,887 492,040
38100 Ecorse Road Romulus, MI - 955,063 - 9,253,328
16620-16650 W Bluemound Road Brookfield, WI - 586,665 4,289,907 253,155
1600-1630 East Big Beaver Road Troy, MI - 1,454,406 2,952,884 53,694
11414 West Park Place Milwaukee, WI - 234,443 - 8,958,865
11520 W. Calumet Road Milwaukee, WI - 341,698 1,527,548 48,494
12100 W. Park Place Milwaukee, WI - 534,470 3,239,389 69,540
N26 W23445 Paul Road Pewaukee, WI - 561,904 1,928,064 61,756
11200 W. Plank Court Wauwatosa, WI - 330,829 2,288,853 922,541
11020 W. Plank Court Wauwatosa, WI - 464,246 3,230,511 83,520
38000 Ecourse Road Romulus, MI - 807,660 - 12,395,505
3800 Lapeer Road Auburn Hills, MI - 3,152,801 6,908,519 76,904
50 Gibson Drive West Malling, UK ** - - 3,270,372
2 Kings Hill Avenue West Malling, UK - 785,565 - 3,720,641
50 Kings Hill Avenue West Malling, UK - 1,215,608 - 10,275,261
10 Kings Hill Avenue West Malling, UK - 983,547 - 4,983,912
30 Tower View West Malling, UK - 1,657,321 - 10,574,350
35 Kings Hill Avenue West Malling, UK - 812,193 - 2,510,554
39 Kings Hill Avenue West Malling, UK - 494,508 - 3,064,381
4 Abbey Wood Road West Malling, UK - - - 6,539,398
18 Kings Hill Avenue West Malling, UK - 829,785 - 5,449,322
------------ ------------ -------------- --------------
Subtotal Operating Real Estate $ 80,328,369 $434,777,444 $1,482,811,958 $1,424,624,357
============ ============ ============== ==============
DEVELOPMENT IN PROGRESS
2301 Renaissance Boulevard King of Prussia, PA $ - $ 1,645,246 $ - $ 7,814,790
1500 Liberty Ridge Drive Wayne, PA - 8,287,555 - 19,709,577
1515 Grundy's Lane Bristol, PA - 457,285 - 1,963,093
3200 Horizon Drive King of Prussia, PA - - - 1,446,119
301 Berkeley Drive Bridgeport, NJ - 150,357 - 1,872,536
>PAGE> 64
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
COST
CAPITALIZED
INITIAL COST SUBSEQUENT
--------------------------- TO
PROJECT CITY ENCUMBRANCES LAND BUILDING ACQUISITION
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
DEVELOPMENT IN PROGRESS - Continued
74 West Broad Street Bethlehem, PA - 1,096,127 - 10,870,956
8150 Industrial Boulevard Allentown, PA - 2,564,167 - 8,126,323
8250 Industrial Boulevard Allentown, PA - 1,025,667 - 4,081,839
650 Boulder Drive Allentown, PA - 5,208,248 - 16,497,239
1605 Valley Center Parkway Bethlehem, PA - 729,751 - 7,372,700
3400 High Point Boulevard Bethlehem, PA - 298,227 - 867,429
6250 Old Dobbin Lane Columbia, MD - 958,105 - 2,868,810
6210 Old Dobbin Lane Columbia, MD - 958,105 - 2,461,512
6240 Old Dobbin Lane Columbia, MD - 958,105 - 2,461,525
5715 Old Shakopee Road West Bloomington, MN - 1,263,226 2,360,782 160,031
5735 Old Shakopee Road West Bloomington, MN - 1,263,226 2,360,782 160,822
20 Wright Avenue Hunt Valley, MD - 1,205,946 - 491,726
200 Westgate Parkway Richmond, VA - 1,623,612 - 3,929,550
1305 Executive Boulevard Chesapeake, VA - 861,020 - 3,277,013
1313 Executive Boulevard Chesapeake, VA - 1,180,036 - 3,315,613
3 Independence Pointe Greenville, SC - - - 2,380,402
5 Independence Pointe Greenville, SC - - - 2,926,587
1400 Mendenhall Oaks Parkway High Point, NC - 172,320 - 4,892,529
4191 Mendenhall Oaks Parkway High Point, NC - 217,943 - 2,294,260
979 Batesville Road Greer, SC - 1,190,555 - 3,578,337
4887 Belfort Road Jacksonville, FL - 1,299,202 - 7,177,752
7255 Salisbury Road Jacksonville, FL - 392,060 - 1,986,290
2416 Lake Orange Drive Orlando, FL - 385,964 - 2,534,937
16605 Air Center Boulevard Houston, TX - 298,999 - 2,593,206
4503 Woodland Corporate Boulevard Tampa, FL - - - 2,534,514
4505 Woodland Corporate Boulevard Tampa, FL - - - 2,591,128
4511 Woodland Corporate Boulevard Tampa, FL - - - 2,597,638
7851-61 Woodland Center Parkway Tampa, FL - 202,550 - 1,154,338
7805 Hudson Road Woodbury, MN - 1,279,834 - 6,465,303
4600 Nathan Lane Plymouth, MN - 1,063,558 - 4,743,534
8911 Columbine Road Eden Prairie, MN - 916,687 - 2,812,846
5775 Old Shakopee Road West Bloomington, MN - 2,052,018 3,849,649 2,927,385
2600 Bellingham Drive Troy, MI - 1,796,869 - 3,950,950
2710 Bellingham Drive Troy, MI - 1,796,869 - 2,946,385
10855 West Park Place Milwaukee, WI - 122,894 - 2,235,243
30 Kings Hill Avenue West Malling, UK - - - 2,685,636
Aymer House Chertsey, UK 2,183,878 - - 11,013,828
Uxbridge London, UK 7,375,801 - - 20,522,583
------------ ------------ -------------- --------------
Subtotal Development in Progress $ 9,559,679 $ 44,922,333 $ 8,571,214 $ 199,294,814
============ ============ ============== ==============
LAND HELD FOR DEVELOPMENT
Keystone Industrial Park Land Bristol, PA $ - $ 273,149 $ - $ 106,068
50 Prudential Road Horsham, PA - 183,617 - (183,617)
1710 Arch Street Philadelphia, PA - 7,847,607 - 4,578,739
1722 Arch Street Philadelphia, PA - 290,475 - 31,663
JFK & Arch Parking Lots/Land (East) Philadelphia, PA - 14,291,957 - 1,014,570
JFK & Arch Parking Lots/Land (West) Philadelphia, PA - 4,700,222 - (3,099,176)
425 Privet Road Horsham, PA - 3,326,536 6,080 555,136
425 Privet Road Horsham, PA - 1,855,251 3,420 159,974
Quarry Ridge Land Malvern, PA - 8,398,708 - 1,129,367
Commodore Business Park Logan, NJ - 1,756,748 - 2,931,467
Marlton Executive Park Land Marlton, NJ - 550,664 - 414,256
800 Arlington Boulevard Expansion Land Logan, NJ - 195,686 - (195,686)
300 Fellowship Road Land Mt. Laurel, NJ - 1,512,120 - 103,437
Lehigh Valley Corporate Center Land Bethlehem, PA - 309,058 - (49,263)
LVCC Phase 2 Land Bethlehem, PA - 3,944,052 - 2,931,433
650 Boulder Drive Expansion Allentown, PA - 2,861,715 - 1,440,170
9th & Hamilton Streets Allentown, PA - 615,624 - -
Columbia Crossing Land Columbia, MD - 3,865,848 - 1,812,683
6250 Old Dobbin Lane Columbia, MD - 958,105 - 508,829
Hunt Valley Land Hunt Valley, MD - 2,166,068 - (15,797)
Fairgrounds Distribution Center Land Richmond, VA - 100,000 - (87,019)
Rivers' Bend Business Park Chesterfield, VA - 1,695,415 - 3,474,390
Woodlands Center Land Sandston, VA - 928,555 - 758,650
501 H P Way Chesterfield, VA - 165,042 - 484,965
Eastport VII Richmond, VA - 787,091 - 841,227
Eastport VIII Richmond, VA - 379,836 - 6,187
Eastport IX Richmond, VA - 209,856 - 5,096
Westmoreland II Land Virginia Beach, VA - 758,403 - 180,212
Westmoreland III Land Virginia Beach, VA - 645,966 - 129,416
Volvo Center Land Hampton, VA - 1,650,423 - 215,722
Lakefront Plaza II Land Hampton, VA 349,984 132,785 - 17,451
Mendenhall Business Park I High Point, NC - 1,910,135 - 5,714,256
Independence Pointe Land Greenville, SC - 1,304,084 - 1,278,553
Eagle Hill Business Park Land High Point, NC - 201,860 - 668,016
Southpark Business Park Jacksonville, FL - 349,339 - 147,774
Liberty Business Park Land Jacksonville, FL - 448,097 - 89,719
7024 AC Skinner Parkway Jacksonville, FL - 468,643 - 356,308
Silo Bend Land Tampa, FL - 2,816,927 - 1,487,673
Exchange Place Land Orlando, FL - 193,406 - (193,406)
65
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
COST
CAPITALIZED
INITIAL COST SUBSEQUENT
--------------------------- TO
PROJECT CITY ENCUMBRANCES LAND BUILDING ACQUISITION
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
LAND HELD FOR DEVELOPMENT - Continued
Belfort Road Jacksonville, FL - 468,643 - 104,679
Butler Plaza Land Jacksonville, FL - 1,303,792 - 1,021,075
South Center Land Orlando, FL - 2,496,566 - (333,216)
South Center Land Orlando, FL - 479,859 - 117,235
Orlando Corporate Center Land Orlando, FL - 903,701 - (1,808)
Salisbury Road Land Jacksonville, FL - 880,828 - 679,090
Central Green Land Houston, TX - 1,095,592 - 531,406
Woodland Corporate Center Land Tampa, FL - - - 1,244,810
6119 W. Linebaugh Avenue Tampa, FL - 175,886 - 22,320
Pompano Bus Park Land-Lots 100,101 Boca Raton, FL - 407,328 - 20,886
Pompano Bus Park Land-Lots 60, 61 Boca Raton, FL - 509,233 - 13,045
Boca Colannade Land Boca Raton, FL - 3,649,792 - 1,112,289
Lake Smetana Business Park Eden Prairie, MN - 4,500,641 - (124,038)
8855 Columbine Road Eden Prairie, MN - 1,400,925 - 2,525,226
5705 Old Shakopee Road W. Land Bloomington, MN - 2,113,223 - 14,071
Romulus Land Romulus, MI - 1,019,013 - 268,497
Big Beaver Airport Land Troy, MI - 8,537,972 - 1,626,725
Park Place South Land Milwaukee, WI - 2,362,904 - 2,632,823
6505 Cogswell Road Romulus, MI - 594,523 - 3,040,404
Northsight Land Scottsdale, AZ - 10,245,763 - 1,077,473
------------ ------------ -------------- --------------
Subtotal Land Held for Development $ 349,984 $118,195,257 $ 9,500 $ 45,342,435
============ ============ ============== ==============
Total All Properties $ 90,238,032 $597,895,034 $1,491,392,672 $1,669,261,606
============ ============ ============== ==============
* Denotes property is collateralized under mortgages with Nationwide, Principal Mutual, American General, New York Life,
and USG Annuity and Life totalling $249.9 million.
** Rouse leases land from Kent County Council
66
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
GROSS AMOUNT CARRIED AT CLOSE OF PERIOD
-------------------------------------------------
LAND AND BUILDING AND TOTAL
PROJECT CITY IMPROVEMENTS IMPROVEMENTS @ 12/31/01
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES
10, 20 Liberty Boulevard Malvern, PA $ 724,846 $ 5,125,917 $ 5,850,763
420 Lapp Road Malvern, PA 1,055,243 6,458,865 7,514,108
747 Dresher Road Horsham, PA 1,607,977 4,114,371 5,722,348
45-67 Great Valley Parkway Malvern, PA 795,831 3,143,105 3,938,936
40 Valley Stream Parkway Malvern, PA 325,775 2,276,842 2,602,617
50 Valley Stream Parkway Malvern, PA 323,792 2,231,277 2,555,069
20 Valley Stream Parkway Malvern, PA 466,413 5,036,744 5,503,157
800 Town Center Drive Langhorne, PA 1,619,288 9,249,311 10,868,599
9, 15, 25 Great Valley Parkway Malvern, PA 1,837,878 15,002,267 16,840,145
257-275 Great Valley Parkway Malvern, PA 505,458 4,364,460 4,869,918
300 Technology Drive Malvern, PA 374,497 1,322,745 1,697,242
277-293 Great Valley Parkway Malvern, PA 531,534 2,064,172 2,595,706
311 Technology Drive Malvern, PA 397,948 2,239,906 2,637,854
325 Technology Drive Malvern, PA 385,693 1,862,278 2,247,971
7 Great Valley Parkway Malvern, PA 177,317 4,470,291 4,647,608
55 Valley Stream Parkway Malvern, PA 215,818 3,373,628 3,589,446
65 Valley Stream Parkway Malvern, PA 382,361 5,038,293 5,420,654
508 Lapp Road Malvern, PA 332,216 1,861,427 2,193,643
10 Valley Stream Parkway Malvern, PA 509,899 3,004,770 3,514,669
333 Phoenixville Pike Malvern, PA 524,230 2,916,673 3,440,903
30 Great Valley Parkway Malvern, PA 128,783 384,842 513,625
75 Great Valley Parkway Malvern, PA 143,811 697,892 841,703
27-43 Great Valley Parkway Malvern, PA 449,447 2,201,425 2,650,872
77-123 Great Valley Parkway Malvern, PA 888,359 4,863,095 5,751,454
260 Great Valley Parkway Malvern, PA 212,768 1,139,027 1,351,795
256 Great Valley Parkway Malvern, PA 161,949 1,784,867 1,946,816
205 Great Valley Parkway Malvern, PA 1,369,003 10,202,712 11,571,715
12,14,16 Great Valley Parkway Malvern, PA 128,767 1,284,740 1,413,507
155 Great Valley Parkway Malvern, PA 626,068 2,297,216 2,923,284
333 Technology Drive Malvern, PA 158,077 2,325,340 2,483,417
510 Lapp Road Malvern, PA 357,751 925,786 1,283,537
181 Wheeler Court Langhorne, PA 263,490 2,228,816 2,492,306
1100 Wheeler Way Langhorne, PA 151,500 1,189,216 1,340,716
60 Morehall Road Malvern, PA 884,974 14,024,452 14,909,426
905 Airport Road West Chester, PA 1,735,012 5,885,475 7,620,487
1 Country View Road Malvern, PA 406,421 4,067,090 4,473,511
2151 Cabot Boulevard Langhorne, PA 389,990 3,693,551 4,083,541
170 South Warner Road King of Prussia, PA 458,232 5,468,599 5,926,831
190 South Warner Road King of Prussia, PA 461,909 4,628,893 5,090,802
507 Prudential Road Horsham, PA 652,919 10,227,874 10,880,793
100 Witmer Road Horsham, PA 3,764,784 11,158,399 14,923,183
3100 Horizon Drive King of Prussia, PA 611,436 1,994,758 2,606,194
3300 Horizon Drive King of Prussia, PA 687,878 3,282,832 3,970,710
3500 Horizon Drive King of Prussia, PA 1,223,875 2,592,556 3,816,431
200 Chesterfield Parkway Malvern, PA 544,649 2,978,541 3,523,190
767 Electronic Drive Horsham, PA 1,241,970 2,752,124 3,994,094
132 Welsh Road Horsham, PA 1,408,041 3,688,307 5,096,348
5 Country View Road Malvern, PA 786,235 4,826,181 5,612,416
3200 Horizon Drive King of Prussia, PA 1,210,137 4,019,475 5,229,612
3000 Horizon Drive King of Prussia, PA 946,703 2,540,196 3,486,899
111-195 Witmer Road Horsham, PA 378,205 3,052,803 3,431,008
300 Welsh Road - Building 3 Horsham, PA 180,459 1,646,536 1,826,995
300 Welsh Road - Building 4 Horsham, PA 282,493 3,332,147 3,614,640
8801 Tinicum Boulevard Philadelphia, PA 125,087 45,938,215 46,063,302
440 East Swedesford Road King of Prussia, PA 717,001 6,384,450 7,101,451
460 East Swedesford Road King of Prussia, PA 705,317 5,357,551 6,062,868
50 Morehall Road Malvern, PA 1,337,076 12,556,217 13,893,293
2 Walnut Grove Drive Horsham, PA 1,265,363 8,602,612 9,867,975
5 Walnut Grove Drive Horsham, PA 1,939,712 8,358,275 10,297,987
200 Gibraltar Road Horsham, PA 638,513 6,543,043 7,181,556
220 Gibraltar Road Horsham, PA 629,944 6,786,275 7,416,219
240 Gibraltar Road Horsham, PA 629,944 5,785,958 6,415,902
151 South Warner Road King of Prussia, PA 1,186,972 7,167,350 8,354,322
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 13,985,768 14,938,129
761 Fifth Avenue King of Prussia, PA 256,463 2,575,841 2,832,304
771 Fifth Avenue King of Prussia, PA 152,456 1,518,589 1,671,045
1 Great Valley Parkway Malvern, PA 419,460 4,122,527 4,541,987
5 Great Valley Parkway Malvern, PA 684,200 6,649,736 7,333,936
311 Sinclair Road Bristol, PA 277,901 1,594,504 1,872,405
1001 Cedar Hollow Road Malvern, PA 1,646,984 15,837,528 17,484,512
3 Country View Road Malvern, PA 1,128,881 4,631,831 5,760,712
425 Technology Drive Malvern, PA 321,473 1,710,131 2,031,604
375 Technology Drive Malvern, PA 234,922 1,726,409 1,961,331
45 Liberty Boulevard Malvern, PA 4,749,748 14,712,816 19,462,564
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
67
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
GROSS AMOUNT CARRIED AT CLOSE OF PERIOD
-------------------------------------------------
LAND AND BUILDING AND TOTAL
PROJECT CITY IMPROVEMENTS IMPROVEMENTS @ 12/31/01
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - Continued
104 Rock Road Horsham, PA 330,111 3,095,992 3,426,103
123-135 Rock Road Horsham, PA 393,019 2,979,435 3,372,454
111-159 Gibraltar Road Horsham, PA 489,032 4,476,104 4,965,136
161-175 Gibraltar Road Horsham, PA 294,673 3,190,397 3,485,070
103-109 Gibraltar Road Horsham, PA 270,906 3,028,521 3,299,427
261-283 Gibraltar Road Horsham, PA 464,871 4,048,971 4,513,842
210-223 Witmer Road Horsham, PA 270,282 3,898,266 4,168,548
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 6,017,070 6,749,060
506 Prudential Road Horsham, PA 208,140 1,513,745 1,721,885
113-123 Rock Road Horsham, PA 451,731 3,304,433 3,756,164
101-111 Rock Road Horsham, PA 452,251 3,300,522 3,752,773
120 Gibraltar Road Horsham, PA 558,142 4,950,282 5,508,424
110 Gibraltar Road Horsham, PA 673,041 6,070,628 6,743,669
100-107 Lakeside Drive Horsham, PA 255,528 2,743,640 2,999,168
200-264 Lakeside Drive Horsham, PA 502,705 4,974,279 5,476,984
300-309 Lakeside Drive Horsham, PA 376,475 4,784,870 5,161,345
400-445 Lakeside Drive Horsham, PA 583,628 6,402,429 6,986,057
104 Witmer Road Horsham, PA 189,793 2,106,872 2,296,665
201 Gibraltar Road Horsham, PA 380,127 4,467,307 4,847,434
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 32,025,313 34,539,832
400-500 Brandywine Parkway West Chester, PA 845,846 7,173,108 8,018,954
600 Brandywine Parkway West Chester, PA 664,899 5,910,575 6,575,474
2700 Horizon Drive King of Prussia, PA 867,815 3,569,832 4,437,647
2900 Horizon Drive King of Prussia, PA 774,096 3,408,408 4,182,504
2500 Renaissance Boulevard King of Prussia, PA 592,886 2,337,171 2,930,057
2300 Renaissance Boulevard King of Prussia, PA 574,152 2,618,628 3,192,780
719 Dresher Road Horsham, PA 495,112 3,007,664 3,502,776
2100 Renaissance Boulevard King of Prussia, PA 1,132,519 9,301,812 10,434,331
4 Walnut Grove Horsham, PA 2,515,115 7,324,883 9,839,998
2250 Hickory Road Plymouth Meeting, PA 1,015,851 10,117,024 11,132,875
3400 Horizon Drive King of Prussia, PA 776,496 4,112,915 4,889,411
300 Welsh Road Horsham, PA 696,061 3,389,619 4,085,680
600 Chesterfield Parkway Malvern, PA 2,050,555 8,098,519 10,149,074
700 Chesterfield Parkway Malvern, PA 2,037,813 8,072,087 10,109,900
6 Terry Drive Newtown, PA 622,205 2,249,996 2,872,201
2520 Renaissance Boulevard King of Prussia, PA 978,402 4,199,855 5,178,257
18 Great Valley Parkway Malvern, PA 397,293 4,008,215 4,405,508
700 Dresher Road Horsham, PA 2,565,140 6,099,124 8,664,264
2201 Renaissance Boulevard King of Prussia, PA 2,413,514 12,736,606 15,150,120
2540 Renaissance Boulevard King of Prussia, PA 274,341 1,377,233 1,651,574
2560 Renaissance Boulevard King of Prussia, PA 649,792 3,079,462 3,729,254
1501-1513 Grundy's Lane Bristol, PA 559,610 2,496,502 3,056,112
11 Great Valley Parkway Malvern, PA 708,331 3,045,616 3,753,947
680 Blair Mill Road Horsham, PA 4,134,733 11,389,514 15,524,247
825 Duportail Road Wayne, PA 5,539,281 16,676,540 22,215,821
1200 Liberty Ridge Drive Wayne, PA 5,223,660 9,023,558 14,247,218
2760 Red Lion Road Philadelphia, PA 3,687,888 41,412,023 45,099,911
200 Precision Drive Horsham, PA 1,561,474 7,324,388 8,885,862
40 Liberty Boulevard Malvern, PA 4,241,166 19,919,901 24,161,067
102 Rock Road Horsham, PA 1,113,802 2,717,607 3,831,409
14 Lee Boulevard Malvern, PA 643,892 6,046,867 6,690,759
500 Chesterfield Parkway Malvern, PA 473,139 3,208,244 3,681,383
300-400 Chesterfield Parkway Malvern, PA 937,942 4,880,480 5,818,422
8 Stow Road Marlton, NJ 172,945 1,823,164 1,996,109
10 Stow Road Marlton, NJ 147,318 1,902,007 2,049,325
12 Stow Road Marlton, NJ 103,618 1,248,229 1,351,847
14 Stow Road Marlton, NJ 93,418 1,230,141 1,323,559
701A Route 73 South Marlton, NJ 271,743 6,156,103 6,427,846
701C Route 73 South Marlton, NJ 96,161 1,656,267 1,752,428
1008 Astoria Boulevard Cherry Hill, NJ 32,698 797,137 829,835
3000 Atrium Way Mt. Laurel, NJ 512,018 8,011,467 8,523,485
750 Cardinal Drive Bridgeport, NJ 236,190 2,719,631 2,955,821
11000, 15000 Commerce Parkway Mt. Laurel, NJ 311,950 3,684,310 3,996,260
12000, 14000 Commerce Parkway Mt. Laurel, NJ 362,855 3,540,174 3,903,029
16000, 18000 Commerce Parkway Mt. Laurel, NJ 290,545 2,981,379 3,271,924
400 Lippincott Drive Marlton, NJ 317,799 2,822,580 3,140,379
406 Lippincott Drive Marlton, NJ 327,554 2,327,850 2,655,404
234 High Hill Road Bridgeport, NJ 250,444 1,825,410 2,075,854
101 Arlington Boulevard Bridgeport, NJ 374,836 4,233,663 4,608,499
100 Berkeley Drive Bridgeport, NJ 1,254,374 5,744,687 6,999,061
301 Lippincott Drive Marlton, NJ 1,069,838 5,246,286 6,316,124
303 Lippincott Drive Marlton, NJ 1,069,838 6,106,310 7,176,148
510-512 Sharptown Road Bridgeport, NJ 125,410 1,120,462 1,245,872
901 Route 73 Marlton, NJ 334,411 2,853,897 3,188,308
1300 Route 73 North Mt. Laurel, NJ 450,558 3,792,914 4,243,472
512 Sharptown Road Bridgeport, NJ 180,468 1,751,437 1,931,905
201 Berkeley Drive Bridgeport, NJ 515,116 4,880,415 5,395,531
404 Lippincott Drive Marlton, NJ 131,896 1,650,431 1,782,327
104 Gaither Drive Mt. Laurel, NJ 136,446 1,372,543 1,508,989
68
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
GROSS AMOUNT CARRIED AT CLOSE OF PERIOD
-------------------------------------------------
LAND AND BUILDING AND TOTAL
PROJECT CITY IMPROVEMENTS IMPROVEMENTS @ 12/31/01
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - Continued
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
6000 Commerce Parkway Mt. Laurel, NJ 234,151 2,181,344 2,415,495
7000 Commerce Parkway Mt. Laurel, NJ 260,014 2,471,850 2,731,864
8000 Commerce Parkway Mt. Laurel, NJ 234,814 2,113,283 2,348,097
9000 Commerce Parkway Mt. Laurel, NJ 286,587 2,974,195 3,260,782
1000 Briggs Road Mt. Laurel, NJ 288,577 3,421,818 3,710,395
1025 Briggs Road Mt. Laurel, NJ 430,990 4,124,621 4,555,611
1020 Briggs Road Mt. Laurel, NJ 574,983 2,835,141 3,410,124
9 Stow Road Marlton, NJ 654,779 2,144,728 2,799,507
2000 Crawford Place Mt. Laurel, NJ 310,831 4,546,141 4,856,972
5000 Dearborn Court Mt. Laurel, NJ 1,057,763 4,313,251 5,371,014
515 Heron Drive Bridgeport, NJ 334,017 2,381,824 2,715,841
500 Sharptown Road Bridgeport, NJ 302,858 2,699,972 3,002,830
625 Heron Drive Bridgeport, NJ 180,226 958,705 1,138,931
605 Heron Drive Bridgeport, NJ 265,381 1,141,838 1,407,219
510 Heron Drive Bridgeport, NJ 790,335 8,252,530 9,042,865
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 4,371,703 4,902,983
230 High Hill Road Bridgeport, NJ 1,418,000 8,889,526 10,307,526
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 18,257,790 20,425,261
100 Eagle Road Bridgeport, NJ 256,491 1,454,953 1,711,444
250 High Hill Road Bridgeport, NJ 246,478 2,443,300 2,689,778
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 1,891,920 3,027,909
500 Center Square Road Bridgeport, NJ 1,826,143 6,207,302 8,033,445
1001 Briggs Road Mt. Laurel, NJ 701,705 4,379,747 5,081,452
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 3,135,896 3,852,154
800 Arlington Boulevard Bridgeport, NJ 2,545,342 6,714,539 9,259,881
1015 Briggs Road Mt. Laurel, NJ 470,659 3,210,033 3,680,692
17000 Commerce Parkway Mt. Laurel, NJ 144,515 2,735,151 2,879,666
1655 Valley Center Parkway Bethlehem, PA 215,095 1,922,155 2,137,250
6560 Stonegate Drive Allentown, PA 458,945 2,400,058 2,859,003
6370 Hedgewood Drive Allentown, PA 541,459 3,146,306 3,687,765
6390 Hedgewood Drive Allentown, PA 707,867 2,633,589 3,341,456
1495 Valley Center Parkway Bethlehem, PA 435,303 3,656,877 4,092,180
6350 Hedgewood Drive Allentown, PA 560,691 3,179,793 3,740,484
6330 Hedgewood Drive Allentown, PA 532,047 4,526,957 5,059,004
1550 Valley Center Parkway Bethlehem, PA 197,700 3,279,080 3,476,780
1560 Valley Center Parkway Bethlehem, PA 240,732 3,964,850 4,205,582
6580 Snowdrift Road Allentown, PA 389,081 2,668,777 3,057,858
1510 Valley Center Parkway Bethlehem, PA 312,873 3,453,618 3,766,491
1530 Valley Center Parkway Bethlehem, PA 212,492 2,735,442 2,947,934
6540 Stonegate Drive Allentown, PA 422,730 3,644,061 4,066,791
974 Marcon Boulevard Allentown, PA 144,248 2,196,260 2,340,508
964 Marcon Boulevard Allentown, PA 139,480 1,583,083 1,722,563
764 Roble Road Allentown, PA 141,746 818,778 960,524
3174 Airport Road Allentown, PA 98,986 1,144,153 1,243,139
2196 Avenue C Allentown, PA 107,307 1,308,361 1,415,668
2202 Hanger Place Allentown, PA 138,127 1,309,308 1,447,435
2201 Hanger Place Allentown, PA 129,142 1,398,383 1,527,525
954 Marcon Boulevard Allentown, PA 104,453 1,107,417 1,211,870
57 South Commerce Way Bethlehem, PA 395,459 2,874,187 3,269,646
754 Roble Road Allentown, PA 163,735 1,854,157 2,017,892
894 Marcon Boulevard Allentown, PA 118,304 1,193,344 1,311,648
744 Roble Road Allentown, PA 161,371 1,979,893 2,141,264
944 Marcon Boulevard Allentown, PA 119,711 1,657,396 1,777,107
1685 Valley Center Parkway Bethlehem, PA 198,482 2,054,407 2,252,889
6520 Stonegate Drive Allentown, PA 484,361 1,360,458 1,844,819
7437 Industrial Boulevard Allentown, PA 726,651 6,782,605 7,509,256
2041 Avenue C Allentown, PA 213,879 1,167,074 1,380,953
2124 Avenue C Allentown, PA 289,529 1,524,279 1,813,808
7339 Industrial Boulevard Allentown, PA 1,197,447 5,904,277 7,101,724
7384 Penn Drive Allentown, PA 652,118 2,733,785 3,385,903
7144 Daniels Drive Allentown, PA 1,579,169 6,719,704 8,298,873
7620 Cetronia Road Allentown, PA 1,093,724 4,186,217 5,279,941
939 Marcon Boulevard Allentown, PA 2,220,548 5,382,710 7,603,258
100 Brodhead Road Bethlehem, PA 429,456 3,106,626 3,536,082
1455 Valley Center Parkway Bethlehem, PA 545,172 3,748,822 4,293,994
1640 Valley Center Parkway Bethlehem, PA 190,728 2,580,553 2,771,281
1650 Valley Center Parkway Bethlehem, PA 188,896 2,381,039 2,569,935
1660 Valley Center Parkway Bethlehem, PA 188,721 2,356,514 2,545,235
400 Nestle Way Allentown, PA 8,184,096 26,335,396 34,519,492
83 South Commerce Way Bethlehem, PA 212,744 1,123,746 1,336,490
85 South Commerce Way Bethlehem, PA 237,078 1,102,245 1,339,323
87 South Commerce Way Bethlehem, PA 253,886 1,215,273 1,469,159
69
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
GROSS AMOUNT CARRIED AT CLOSE OF PERIOD
-------------------------------------------------
LAND AND BUILDING AND TOTAL
PROJECT CITY IMPROVEMENTS IMPROVEMENTS @ 12/31/01
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - Continued
89 South Commerce Way Bethlehem, PA 367,706 1,780,306 2,148,012
7248 Industrial Boulevard Allentown, PA 2,670,673 14,035,855 16,706,528
95 Highland Avenue Bethlehem, PA 430,593 3,627,146 4,057,739
236 Brodhead Road Bethlehem, PA 376,962 4,698,328 5,075,290
1525 Valley Center Parkway Bethlehem, PA 804,104 7,131,587 7,935,691
6620 Grant Way Allentown, PA 430,824 1,922,261 2,353,085
700 Nestle Way Allentown, PA 4,174,970 16,214,779 20,389,749
7562 Penn Drive Allentown, PA 269,614 937,333 1,206,947
7277 Williams Avenue Allentown, PA 463,123 1,720,210 2,183,333
7355 Williams Avenue Allentown, PA 489,749 1,810,683 2,300,432
794 Roble Road Allentown, PA 1,147,541 7,224,894 8,372,435
6923 Schantz Spring Road Allentown, PA 1,127,805 3,475,007 4,602,812
7132 Daniels Drive Allentown, PA 1,695,610 7,278,638 8,974,248
3985 Adler Place Bethlehem, PA 705,367 4,387,216 5,092,583
8014 Industrial Boulevard Allentown, PA 3,645,117 9,066,372 12,711,489
705 Boulder Drive Allentown, PA 4,486,836 15,000,502 19,487,338
651 Boulder Drive Allentown, PA 4,308,646 13,108,539 17,417,185
3773 Corporate Parkway Center Valley, PA 794,403 7,385,121 8,179,524
7028 Snowdrift Road Fogelville, PA 524,390 1,086,335 1,610,725
180,190 Cochrane Drive Annapolis, MD 3,752,293 16,721,436 20,473,729
7178-80 Columbia Gateway Columbia, MD 1,571,105 5,430,267 7,001,372
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 2,843,785 3,142,884
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 7,699,505 10,126,570
7317 Parkway Drive Hanover, MD 1,104,359 1,963,990 3,068,349
5950 Symphony Woods Road Columbia, MD 1,462,643 11,442,854 12,905,497
9101,9111,9115 Guilford Road Columbia, MD 765,952 3,238,074 4,004,026
9125,9135,9145 Guilford Road Columbia, MD 920,439 5,434,112 6,354,551
1751 Bluehills Drive Roanoke, VA 1,063,728 8,500,677 9,564,405
4300 Carolina Avenue Richmond, VA 2,009,136 15,256,505 17,265,641
301 Hill Carter Parkway Richmond, VA 659,456 4,836,010 5,495,466
4001 Carolina Avenue Richmond, VA 29,443 280,257 309,700
5600-5626 Eastport Boulevard Richmond, VA 489,941 3,703,958 4,193,899
5650-5674 Eastport Boulevard Richmond, VA 644,384 4,106,792 4,751,176
5700 Eastport Boulevard Richmond, VA 408,729 2,735,914 3,144,643
3432 Holland Road Virginia Beach, VA 173,527 790,515 964,042
4880 Cox Road Glen Allen, VA 743,898 5,626,815 6,370,713
4101- 4127 Carolina Avenue Richmond, VA 310,854 2,350,034 2,660,888
4201-4261 Carolina Avenue Richmond, VA 693,203 5,674,827 6,368,030
4263-4299 Carolina Avenue Richmond, VA 256,203 3,609,045 3,865,248
4301-4335 Carolina Avenue Richmond, VA 223,696 1,761,213 1,984,909
4337-4379 Carolina Avenue Richmond, VA 325,303 3,131,820 3,457,123
4501-4549 Carolina Avenue Richmond, VA 486,166 3,706,534 4,192,700
4551-4593 Carolina Avenue Richmond, VA 474,360 3,606,520 4,080,880
4601-4643 Carolina Avenue Richmond, VA 652,455 5,156,734 5,809,189
4645-4683 Carolina Avenue Richmond, VA 404,616 3,979,291 4,383,907
4447-4491 Carolina Avenue Richmond, VA 454,056 2,836,643 3,290,699
4401-4445 Carolina Avenue Richmond, VA 615,038 4,541,737 5,156,775
12 S. Third Street Richmond, VA 40,539 198,743 239,282
9601 Cosner Drive Fredericksburg, VA 475,262 3,970,255 4,445,517
2300 East Parham Road Richmond, VA 221,947 1,011,088 1,233,035
5601-5659 Eastport Boulevard Richmond, VA 720,100 4,962,065 5,682,165
5900 Eastport Boulevard Richmond, VA 687,898 4,460,256 5,148,154
4717-4729 Eubank Road Richmond, VA 452,263 3,435,575 3,887,838
4263F-N. Carolina Avenue Richmond, VA 91,599 1,631,525 1,723,124
5000 Cox Road Glen Allen, VA 771,029 3,780,402 4,551,431
5500 Cox Road Glen Allen, VA 483,263 2,632,211 3,115,474
510 Eastpark Court Richmond, VA 262,210 2,244,795 2,507,005
520 Eastpark Court Richmond, VA 486,598 4,153,001 4,639,599
13001 Kingston Avenue Richmond, VA 376,701 2,032,055 2,408,756
5701-5799 Eastport Boulevard Richmond, VA 700,503 5,602,691 6,303,194
4801 Cox Road Glen Allen, VA 1,075,620 8,856,012 9,931,632
600 H P Way Chester, VA 501,752 6,442,761 6,944,513
500 H P Way Chester, VA 491,919 5,642,404 6,134,323
701 Liberty Way Richmond, VA 1,188,857 3,991,169 5,180,026
4198 Cox Road Glen Allen, VA 670,292 4,397,913 5,068,205
12730 Kingston Avenue Richmond, VA 1,201,072 7,117,188 8,318,260
4510 Cox Road Glen Allen, VA 1,010,044 7,881,074 8,891,118
2809 South Lynnhaven Road Virginia Beach, VA 953,590 6,697,536 7,651,126
200 Golden Oak Court Virginia Beach, VA 1,116,693 7,355,208 8,471,901
208 Golden Oak Court Virginia Beach, VA 965,177 6,992,262 7,957,439
1 Enterprise Parkway Hampton, VA 974,675 5,938,985 6,913,660
22 Enterprise Parkway Hampton, VA 1,097,368 7,196,450 8,293,818
530 Eastpark Court Richmond, VA 334,772 2,687,645 3,022,417
484 Viking Drive Virginia Beach, VA 891,753 3,757,036 4,648,789
10430 Lakeridge Parkway Ashland, VA 421,267 3,823,595 4,244,862
70
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
GROSS AMOUNT CARRIED AT CLOSE OF PERIOD
-------------------------------------------------
LAND AND BUILDING AND TOTAL
PROJECT CITY IMPROVEMENTS IMPROVEMENTS @ 12/31/01
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - Continued
10456 Lakeridge Parkway Ashland, VA 409,261 3,727,827 4,137,088
3829-3855 Gaskins Road Richmond, VA 364,165 3,270,794 3,634,959
629 Phoenix Drive Virginia Beach, VA 371,694 2,156,125 2,527,819
11838 Rock Landing Drive Newport News, VA 673,942 2,605,823 3,279,765
11844 Rock Landing Drive Newport News, VA 326,774 1,466,452 1,793,226
11846 Rock Landing Drive Newport News, VA 299,066 1,728,499 2,027,565
11832 Rock Landing Drive Newport News, VA 748,582 6,025,561 6,774,143
10800 Nuckols Boulevard Richmond, VA 1,794,162 13,997,242 15,791,404
5700 Cleveland Street Virginia Beach, VA 700,564 10,423,728 11,124,292
801 Liberty Way Richmond, VA 785,057 6,099,551 6,884,608
5 Manhattan Square Hampton, VA 212,694 1,557,477 1,770,171
100 Westgate Parkway Richmond, VA 1,456,084 8,061,649 9,517,733
1309 Executive Boulevard Cheaspeake, VA 955,374 5,030,748 5,986,122
21 Enterprise Parkway Hamton, VA 265,719 8,288,150 8,553,869
4523 Green Point Drive High Point, NC 235,698 2,402,828 2,638,526
4501 Green Point Drive High Point, NC 320,450 2,334,600 2,655,050
4500 Green Point Drive High Point, NC 231,692 2,189,486 2,421,178
2427 Penny Road High Point, NC 1,168,074 6,225,641 7,393,715
4524 Green Point Drive High Point, NC 183,888 2,183,550 2,367,438
4328, 4336 Federal Drive High Point, NC 825,092 6,759,451 7,584,543
200 Centreport Drive Greensboro, NC 332,017 4,186,798 4,518,815
4344 Federal Drive High Point, NC 173,623 2,672,001 2,845,624
202 Centreport Drive Greensboro, NC 549,679 5,932,984 6,482,663
101 Centreport Drive Greensboro, NC 826,237 7,755,692 8,581,929
4000 Piedmont Parkway High Point, NC 597,368 5,250,234 5,847,602
4380 Federal Drive High Point, NC 283,368 2,109,082 2,392,450
4388 Federal Drive High Point, NC 132,655 1,130,336 1,262,991
6532 Judge Adams Road Rock Creek, NC 399,988 3,443,080 3,843,068
6530 Judge Adams Road Rock Creek, NC 335,061 4,428,955 4,764,016
150 Ridgeview Center Drive Duncan, SC 711,353 8,937,767 9,649,120
1320 Garlington Road Greenville, SC 398,539 1,812,646 2,211,185
420 Park Avenue Greenville, SC 522,548 3,280,353 3,802,901
4160 Mendenhall Oaks Parkway High Point, NC 545,627 2,826,348 3,371,975
4194 Mendenhall Oaks Parkway High Point, NC 265,991 2,198,081 2,464,072
4196 Mendenhall Oaks Parkway High Point, NC 173,889 2,001,390 2,175,279
4170 Mendenhall Oaks Parkway High Point, NC 373,502 1,970,828 2,344,330
4180 Mendenhall Oaks Parkway High Point, NC 315,614 1,565,527 1,881,141
4050 Piedmont Parkway High Point, NC 2,042,159 16,919,478 18,961,637
One Independence Pointe Greenville, SC 784,617 6,421,254 7,205,871
55 Beattie Place Greenville, SC 2,645,238 24,267,767 26,913,005
75 Beattie Place Greenville, SC 2,408,577 17,895,870 20,304,447
7736 McCloud Road Greensboro, NC 591,795 6,122,799 6,714,594
15 Brendan Way Greenville, SC 614,192 4,003,758 4,617,950
4300 Federal Drive High Point, NC 276,038 1,609,937 1,885,975
4135 Mendenall Oaks Parkway High Point, NC 500,980 2,710,531 3,211,511
4183 Eagle Hill Drive High Point, NC 526,266 3,358,955 3,885,221
4189 Eagle Hill Drive High Point, NC 431,106 2,535,186 2,966,292
4020 Meeting Way High Point, NC 378,101 1,397,960 1,776,061
170 Ridgeview Drive Duncan, SC 229,443 5,034,680 5,264,123
6509 Franz Warner Parkway Rock Creek, NC 372,494 2,405,221 2,777,715
1730 Stebbins Drive Houston, TX 144,016 477,394 621,410
5911-5925 Richard Street Jacksonville, FL 286,335 498,215 784,550
8383-8385 Baycenter Road Jacksonville, FL 65,329 712,198 777,527
8775 Baypine Road Jacksonville, FL 913,014 3,168,213 4,081,227
6255 Lake Gray Boulevard Jacksonville, FL 812,634 3,552,995 4,365,629
8665,8667,8669 Baypine Road Jacksonville, FL 974,959 4,174,817 5,149,776
1200 Gulf Life Drive Jacksonville, FL 1,046,629 18,387,679 19,434,308
8614 Baymeadows Way Jacksonville, FL 295,063 1,077,776 1,372,839
5941-5975 Richard Street Jacksonville, FL 586,095 1,128,859 1,714,954
7970 Bayberry Road Jacksonville, FL 129,979 1,249,307 1,379,286
6000-6030 Bowdendale Avenue Jacksonville, FL 275,475 1,697,973 1,973,448
7898 Baymeadows Way Jacksonville, FL 568,005 1,945,665 2,513,670
5977-6607 Richard Street Jacksonville, FL 636,901 2,792,897 3,429,798
7910 & 7948 Baymeadows Way Jacksonville, FL 211,449 2,654,205 2,865,654
7954, 7960 Baymeadows Way Jacksonville, FL 292,667 2,944,363 3,237,030
8787 Baypine Road Jacksonville, FL 2,028,593 35,460,631 37,489,224
7077 Bonneval Road Jacksonville, FL 774,020 7,066,343 7,840,363
4190 Belfort Road Jacksonville, FL 827,420 7,695,008 8,522,428
7020 AC Skinner Parkway Jacksonville, FL 749,811 2,109,996 2,859,807
7022 AC Skinner Parkway Jacksonville, FL 853,981 2,950,281 3,804,262
11777 Central Highway Jacksonville, FL 140,426 1,641,401 1,781,827
4345 Southpoint Parkway Jacksonville, FL 418,093 8,316,195 8,734,288
7016 AC Skinner Parkway Jacksonville, FL 602,633 2,320,994 2,923,627
7018 AC Skinner Parkway Jacksonville, FL 846,461 4,076,589 4,923,050
7014 AC Skinner Parkway Jacksonville, FL 780,486 3,142,839 3,923,325
6620 Southpoint Drive Jacksonville, FL 614,602 4,824,977 5,439,579
7980 Bayberry Road Jacksonville, FL 330,726 1,355,877 1,686,603
9600 Satellite Boulevard Orlando, FL 252,850 1,351,982 1,604,832
9700 Satellite Boulevard Orlando, FL 405,362 1,259,931 1,665,293
1902 Cypress Lake Drive Orlando, FL 538,512 4,043,476 4,581,988
9550 Satellite Boulevard Orlando, FL 587,319 2,075,135 2,662,454
8250 & 8256 Exchange Place Orlando, FL 824,530 2,754,051 3,578,581
6600 Southpoint Parkway Jacksonville, FL 1,002,704 4,379,880 5,382,584
71
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
GROSS AMOUNT CARRIED AT CLOSE OF PERIOD
-------------------------------------------------
LAND AND BUILDING AND TOTAL
PROJECT CITY IMPROVEMENTS IMPROVEMENTS @ 12/31/01
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - Continued
6700 Southpoint Parkway Jacksonville, FL 624,215 3,486,969 4,111,184
4801 Executive Park Court - 100 Jacksonville, FL 554,542 3,438,749 3,993,291
4801 Executive Park Court - 200 Jacksonville, FL 370,039 2,018,771 2,388,810
4810 Executive Park Court Jacksonville, FL 370,039 3,093,003 3,463,042
6602 Executive Park Court - 100 Jacksonville, FL 388,541 2,134,229 2,522,770
6602 Executive Park Court - 200 Jacksonville, FL 296,032 1,710,850 2,006,882
6631 Executive Park Court - 100 Jacksonville, FL 251,627 1,361,113 1,612,740
6631 Executive Park Court - 200 Jacksonville, FL 407,043 2,372,959 2,780,002
4815 Executive Park Court - 100 Jacksonville, FL 366,339 1,995,919 2,362,258
4815 Executive Park Court - 200 Jacksonville, FL 462,549 2,681,617 3,144,166
4825 Executive Park Court Jacksonville, FL 601,401 3,254,710 3,856,111
4820 Executive Park Court Jacksonville, FL 555,213 3,284,421 3,839,634
10511 & 10611 Satellite Boulevard Orlando, FL 522,991 2,800,370 3,323,361
1400-1440 Central Florida Parkway Orlando, FL 518,043 2,636,080 3,154,123
6601 Executive Park Circle North Jacksonville, FL 551,250 3,129,001 3,680,251
1300 Riverplace Boulevard Jacksonville, FL 1,804,258 8,755,096 10,559,354
4901 Belfort Road Jacksonville, FL 877,964 4,202,594 5,080,558
16445 Air Center Boulevard Houston, TX 363,339 2,856,657 3,219,996
16405 Air Center Boulevard Houston, TX 438,853 3,136,970 3,575,823
2216 Directors Row Orlando, FL 453,918 2,598,067 3,051,985
7460 Chancellor Drive Orlando, FL 266,555 1,149,201 1,415,756
1901 Summit Tower Boulevard Maitland, FL 6,083,206 12,671,492 18,754,698
3701-3727 Vineland Road Orlando, FL 767,929 2,163,793 2,931,722
4899 Belfort Road Jacksonville, FL 1,299,351 7,859,703 9,159,054
4905 Belfort Street Jacksonville, FL 638,154 3,411,407 4,049,561
16580 Air Center Boulevard Houston, TX 289,000 3,547,695 3,836,695
7251 Salisbury Road Jacksonville, FL 662,559 2,269,503 2,932,062
2400 South Lake Orange Drive Orlando, FL 642,427 2,103,419 2,745,846
10245 Centurion Parkway North Jacksonville, FL 857,704 4,088,052 4,945,756
6501 Lee Vista Boulevard Orlando, FL 925,671 5,493,802 6,419,473
1755 Trans Central Drive Houston, TX 306,147 3,156,970 3,463,117
10771 Palm Bay Drive Orlando, FL 685,383 2,492,044 3,177,427
5501-5519 Pioneer Park Boulevard Tampa, FL 262,416 1,700,585 1,963,001
5690-5694 Crenshaw Street Tampa, FL 181,923 1,953,292 2,135,215
3102,3104,3110 Cherry Palm Drive Tampa, FL 503,767 3,191,300 3,695,067
8401-8408 Benjamin Road Tampa, FL 789,651 4,911,230 5,700,881
3501 Riga Boulevard Tampa, FL 617,289 3,144,217 3,761,506
111 Kelsey Lane Tampa, FL 359,540 1,913,816 2,273,356
7930, 8010-20 Woodland Center Boulevard Tampa, FL 1,408,478 5,491,601 6,900,079
7920 Woodland Center Boulevard Tampa, FL 1,082,648 2,849,780 3,932,428
8154-8198 Woodland Center Boulevard Tampa, FL 399,088 2,912,833 3,311,921
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 2,108,522 2,344,416
7802-50 Woodland Center Boulevard Tampa, FL 506,949 2,392,676 2,899,625
7852-98 Woodland Center Boulevard Tampa, FL 506,949 2,141,789 2,648,738
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 3,008,176 3,779,677
8001 Woodland Center Boulevard Tampa, FL 438,061 2,153,044 2,591,105
4630 Woodland Corporate Boulevard Tampa, FL 1,560,099 11,782,893 13,342,992
701-725 South US Highway 301 Tampa, FL 661,680 3,089,722 3,751,402
4502 Woodland Corporate Boulevard Tampa, FL 1,071,535 2,934,365 4,005,900
9001-9015 Brittany Way Tampa, FL 364,514 1,294,842 1,659,356
4508 Woodland Corporate Boulevard Tampa, FL 556,887 3,024,463 3,581,350
7622 Bald Cypress Place Tampa, FL 300,000 1,039,980 1,339,980
901-933 US Highway 301S Tampa, FL 840,314 2,776,799 3,617,113
1701 Clint Moore Boulevard Boca Raton, FL 1,430,937 3,101,421 4,532,358
5410 - 5430 Northwest 33rd Avenue Ft. Lauderdale, FL 625,111 4,553,669 5,178,780
6500 NW 12th Avenue Ft. Lauderdale, FL - 3,096,090 3,096,090
6600 NW 12th Avenue Ft. Lauderdale, FL - 3,353,646 3,353,646
1500 SW 5th Court Pompano Beach, FL 972,232 3,938,523 4,910,755
1651 SW 5th Court Pompano Beach, FL 203,247 829,485 1,032,732
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 4,693,417 5,850,466
1405 SW 6th Court Pompano Beach, FL 392,138 1,610,908 2,003,046
595 SW 13th Terrace Pompano Beach, FL 359,933 1,482,888 1,842,821
601 SW 13th Terrace Pompano Beach, FL 164,413 680,559 844,972
605 SW 16th Terrace Pompano Beach, FL 310,178 1,268,595 1,578,773
951 Broken Sound Parkway Boca Raton, FL 1,426,251 6,283,049 7,709,300
3400 Lakeside Drive Miramar, FL 2,022,153 11,759,299 13,781,452
3450 Lakeside Drive Miramar, FL 2,022,152 11,554,694 13,576,846
3350 SW 148th Avenue Miramar, FL 2,980,689 17,118,858 20,099,547
13650 NW 8th Street Sunrise, FL 558,251 2,209,009 2,767,260
13630 NW 8th Street Sunrise, FL 659,825 2,742,991 3,402,816
777 Yamato Road Boca Raton, FL 4,501,247 18,354,415 22,855,662
1801 Clint Moore Road Boca Raton, FL 1,065,068 4,714,134 5,779,202
6601-6625 W. 78th Street Bloomington, MN 2,310,246 38,578,584 40,888,830
2905 Northwest Boulevard Plymouth, MN 516,920 5,144,590 5,661,510
2800 Campus Drive Plymouth, MN 395,366 3,891,729 4,287,095
2955 Xenium Lane Plymouth, MN 151,238 1,626,077 1,777,315
72
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
GROSS AMOUNT CARRIED AT CLOSE OF PERIOD
-------------------------------------------------
LAND AND BUILDING AND TOTAL
PROJECT CITY IMPROVEMENTS IMPROVEMENTS @ 12/31/01
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - Continued
9401-9443 Science Center Drive New Hope, MN 510,064 4,054,396 4,564,460
6321-6325 Bury Drive Eden Prairie, MN 462,876 4,332,062 4,794,938
7115-7173 Shady Oak Road Eden Prairie, MN 454,974 4,525,830 4,980,804
7660-7716 Golden Triangle Drive Eden Prairie, MN 1,289,215 5,735,573 7,024,788
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 1,168,868 1,287,168
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 2,812,695 3,098,159
10393-10394 West 70th Street Eden Prairie, MN 264,419 2,677,722 2,942,141
7078 Shady Oak Road Eden Prairie, MN 336,481 3,139,939 3,476,420
10400 Viking Drive Eden Prairie, MN 2,938,372 21,341,495 24,279,867
5600 & 5610 Rowland Road Minnetonka, MN 829,263 8,523,179 9,352,442
2920 Northwest Boulevard Plymouth, MN 384,235 4,094,866 4,479,101
5400-5500 Feltl Road Minnetonka, MN 883,895 8,823,538 9,707,433
10300 Bren Road Minnetonka, MN 344,614 3,264,498 3,609,112
14630-14650 28th Avenue North Plymouth, MN 198,204 2,153,609 2,351,813
7695-7699 Anagram Drive Eden Prairie, MN 760,525 3,280,379 4,040,904
7550 Meridian Circle Maple Grove, MN 513,250 2,821,098 3,334,348
2800 Northwest Boulevard Plymouth, MN 1,934,438 11,027,841 12,962,279
3255 Neil Armstrong Boulevard Eagan, MN 1,131,017 3,377,738 4,508,755
4801 West 81st Street Bloomington, MN 1,624,701 2,944,658 4,569,359
8100 Cedar Avenue Bloomington, MN 501,313 3,700,697 4,202,010
9600 54th Avenue Plymouth, MN 332,317 3,226,870 3,559,187
7800 Equitable Drive Eden Prairie, MN 2,188,525 3,807,690 5,996,215
7905 Fuller Road Eden Prairie, MN 1,230,965 4,083,254 5,314,219
9023 Columbine Road Eden Prairie, MN 1,956,273 4,626,783 6,583,056
6161 Green Valley Drive Bloomington, MN 741,194 4,030,244 4,771,438
4700 Nathan Lane North Minneapolis, MN 1,501,308 8,769,085 10,270,393
8967 Columbine Road Eden Prairie, MN 1,450,000 3,409,410 4,859,410
14390 Huntington Avenue Savage, MN 1,464,521 6,410,037 7,874,558
550-590 Hale Avenue Oakdale, MN 766,390 3,607,189 4,373,579
7777 Golden Triangle Drive Eden Prairie, MN 993,101 3,013,132 4,006,233
8937 Columbine Road Eden Prairie, MN 1,739,966 4,283,816 6,023,782
7615 Smetana Lane Eden Prairie, MN 3,000,000 6,670,095 9,670,095
10801 Nesbitt Avenue South Bloomington, MN 786,382 4,164,907 4,951,289
8995 Columbine Road Eden Prairie, MN 2,055,296 2,524,352 4,579,648
26911-26957 Northwestern Highway Southfield, MI 7,799,515 71,892,433 79,691,948
1650 Research Drive Troy, MI 763,067 7,291,999 8,055,066
1775 Research Drive Troy, MI 331,422 2,838,153 3,169,575
1875 Research Drive Troy, MI 329,863 2,895,205 3,225,068
1850 Research Drive Troy, MI 781,054 7,574,678 8,355,732
1965 Research Drive Troy, MI 419,090 3,682,359 4,101,449
1960 Research Drive Troy, MI 419,146 3,630,052 4,049,198
27260 Haggerty Road Farmington Hills, MI 456,877 4,277,434 4,734,311
27200 Haggerty Road Farmington Hills, MI 382,754 3,597,285 3,980,039
27280 Haggerty Road Farmington Hills, MI 452,860 4,175,371 4,628,231
27220 Haggerty Road Farmington Hills, MI 203,064 1,937,845 2,140,909
27240 Haggerty Road Farmington Hills, MI 171,518 1,601,650 1,773,168
27300 Haggerty Road Farmington Hills, MI 370,378 3,436,575 3,806,953
1101 Allen Drive Troy, MI 98,148 910,814 1,008,962
1151 Allen Drive Troy, MI 164,486 1,695,487 1,859,973
1300 Rankin Street Troy, MI 134,094 1,337,558 1,471,652
1350 Rankin Street Troy, MI 111,779 1,076,015 1,187,794
1376-1400 Rankin Street Troy, MI 134,296 1,340,559 1,474,855
1352-1374 Rankin Street Troy, MI 153,279 1,474,170 1,627,449
1324-1346 Rankin Street Troy, MI 134,094 1,234,951 1,369,045
1301-1307 Rankin Street Troy, MI 111,779 1,069,066 1,180,845
1409 Allen Drive Troy, MI 142,374 1,500,442 1,642,816
1304 E Maple Road Troy, MI 211,236 2,216,007 2,427,243
1334 Maplelawn Road Troy, MI 124,300 1,140,775 1,265,075
1290 Maplelawn Road Troy, MI 85,325 832,635 917,960
1070 Maplelawn Road Troy, MI 68,563 667,800 736,363
950 Maplelawn Road Troy, MI 252,433 2,291,703 2,544,136
894 Maplelawn Road Troy, MI 181,753 1,651,736 1,833,489
1179 Maplelawn Road Troy, MI 87,849 867,250 955,099
1940 Norwood Drive Troy, MI 86,839 828,051 914,890
1311-1331 Maplelawn Road Troy, MI 125,410 1,335,186 1,460,596
2354 Bellingham Street Troy, MI 87,344 809,741 897,085
2360 Bellingham Street Troy, MI 87,344 848,063 935,407
1911 Ring Drive Troy, MI 86,132 856,722 942,854
26442-26450 Haggerty Road Farmington Hills, MI 237,691 2,171,447 2,409,138
26500 Haggerty Road Farmington Hills, MI 311,097 2,843,970 3,155,067
26650 Haggerty Road Farmington Hills, MI 173,170 1,584,198 1,757,368
26700 Haggerty Road Farmington Hills, MI 253,341 2,307,852 2,561,193
26750 Haggerty Road Farmington Hills, MI 292,720 2,792,435 3,085,155
26800 Haggerty Road Farmington Hills, MI 175,492 1,746,488 1,921,980
26842-26850 Haggerty Road Farmington Hills, MI 239,609 2,355,399 2,595,008
26600 Haggerty Road Farmington Hills, MI 537,693 2,442,372 2,980,065
26550 Haggerty Road Farmington Hills, MI 535,179 2,418,861 2,954,040
50 West Big Beaver Road Troy, MI 2,159,678 19,778,014 21,937,692
100 West Big Beaver Road Troy, MI 2,113,006 19,434,979 21,547,985
73
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
GROSS AMOUNT CARRIED AT CLOSE OF PERIOD
-------------------------------------------------
LAND AND BUILDING AND TOTAL
PROJECT CITY IMPROVEMENTS IMPROVEMENTS @ 12/31/01
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - Continued
245 Executive Drive Brookfield, WI 577,067 5,393,060 5,970,127
8301 West Parkland Court Milwaukee, WI 358,442 3,494,969 3,853,411
32991 Hamilton Court Farmington Hills, MI 1,065,392 4,575,439 5,640,831
7500 West 110th Street Overland Park, KS 2,380,493 9,783,818 12,164,311
7800 N. 113th Street Milwaukee, WI 1,711,964 6,899,510 8,611,474
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 151,410 900,043 1,051,453
32853 Edward Avenue Madison Heights, MI 138,121 838,253 976,374
555 East Mandoline Avenue Madison Heights, MI 140,862 880,321 1,021,183
599 East Mandoline Avenue Madison Heights, MI 132,164 719,789 851,953
749 East Mandoline Avenue Madison Heights, MI 144,658 708,968 853,626
750 East Mandoline Avenue Madison Heights, MI 151,458 742,062 893,520
900 East Mandoline Avenue Madison Heights, MI 157,729 773,708 931,437
949 East Mandoline Avenue Madison Heights, MI 137,049 784,089 921,138
32090 John 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 1,126,778 1,312,623
31751 Research Park Drive Madison Heights, MI 194,063 1,302,396 1,496,459
31800 Research Park Drive Madison Heights, MI 217,929 1,616,262 1,834,191
800 Tech Row Madison Heights, MI 444,977 3,016,255 3,461,232
900 Tech Row Madison Heights, MI 155,606 908,095 1,063,701
1000 Tech Row Madison Heights, MI 357,897 2,712,929 3,070,826
31771 Sherman Avenue Madison Heights, MI 150,944 656,866 807,810
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 1,788,713 2,058,006
800 East Whitcomb Avenue Madison Heights, MI 151,704 1,345,993 1,497,697
950 East Whitcomb Avenue Madison Heights, MI 113,630 2,170,653 2,284,283
1000 East Whitcomb Avenue Madison Heights, MI 113,512 1,075,241 1,188,753
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 Novi, MI 144,477 392,429 536,906
9801 80th Avenue Pleasant Prairie, WI 1,689,726 7,970,993 9,660,719
11950 W. Lake Park Drive Milwaukee, WI 394,938 2,495,696 2,890,634
11400 W. Lake Park Drive Milwaukee, WI 443,101 2,499,679 2,942,780
11425 W. Lake Park Drive Milwaukee, WI 385,305 2,457,708 2,843,013
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 9,355,328 10,208,391
16620-16650 W Bluemound Road Brookfield, WI 586,665 4,543,062 5,129,727
1600-1630 East Big Beaver Road Troy, MI 1,458,737 3,002,247 4,460,984
11414 West Park Place Milwaukee, WI 491,531 8,701,778 9,193,309
11520 W. Calumet Road Milwaukee, WI 341,698 1,576,042 1,917,740
12100 W. Park Place Milwaukee, WI 532,370 3,311,029 3,843,399
N26 W23445 Paul Road Pewaukee, WI 561,904 1,989,820 2,551,724
11200 W. Plank Court Wauwatosa, WI 330,829 3,211,394 3,542,223
11020 W. Plank Court Wauwatosa, WI 464,246 3,314,031 3,778,277
38000 Ecourse Road Romulus, MI 1,053,337 12,149,828 13,203,165
3800 Lapeer Road Auburn Hills, MI 3,154,272 6,983,952 10,138,224
50 Gibson Drive West Malling, UK - 3,270,372 3,270,372
2 Kings Hill Avenue West Malling, UK 745,416 3,760,790 4,506,206
50 Kings Hill Avenue West Malling, UK 1,637,852 9,853,018 11,490,870
10 Kings Hill Avenue West Malling, UK 870,859 5,096,600 5,967,459
30 Tower View West Malling, UK 1,467,467 10,764,204 12,231,671
35 Kings Hill Avenue West Malling, UK 719,481 2,603,265 3,322,746
39 Kings Hill Avenue West Malling, UK 675,365 2,883,524 3,558,889
4 Abbey Wood Road West Malling, UK 1,805,152 4,734,246 6,539,398
18 Kings Hill Avenue West Malling, UK 1,837,471 4,441,637 6,279,108
--------------- --------------- ---------------
Subtotal Operating Real Estate $ 467,310,411 $ 2,874,903,350 $ 3,342,213,761
=============== =============== ===============
DEVELOPMENT IN PROGRESS
2301 Renaissance Boulevard King of Prussia, PA $ 3,659,475 $ 5,800,561 $ 9,460,036
1500 Liberty Ridge Drive Wayne, PA 11,566,033 16,431,099 27,997,132
1515 Grundy's Lane Bristol, PA 560,680 1,859,698 2,420,378
3200 Horizon Drive King of Prussia, PA - 1,446,119 1,446,119
301 Berkeley Drive Bridgeport, NJ 320,265 1,702,629 2,022,894
74 West Broad Street Bethlehem, PA 1,099,079 10,868,005 11,967,084
8150 Industrial Boulevard Allentown, PA 2,571,466 8,119,025 10,690,491
8250 Industrial Boulevard Allentown, PA 1,035,854 4,071,652 5,107,506
650 Boulder Drive Allentown, PA 5,242,428 16,463,060 21,705,488
1605 Valley Center Parkway Bethlehem, PA 1,766,196 6,336,255 8,102,451
3400 High Point Boulevard Bethlehem, PA 662,809 502,847 1,165,656
6250 Old Dobbin Lane Columbia, MD 1,295,000 2,531,915 3,826,915
6210 Old Dobbin Lane Columbia, MD 1,295,000 2,124,618 3,419,618
74
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
GROSS AMOUNT CARRIED AT CLOSE OF PERIOD
-------------------------------------------------
LAND AND BUILDING AND TOTAL
PROJECT CITY IMPROVEMENTS IMPROVEMENTS @ 12/31/01
- -------------------------------------- --------------------- --------------- --------------- ---------------
DEVELOPMENT IN PROGRESS - Continued
6240 Old Dobbin Lane Columbia, MD 1,295,000 2,124,630 3,419,630
5715 Old Shakopee Road West Bloomington, MN 1,264,758 2,519,281 3,784,039
5735 Old Shakopee Road West Bloomington, MN 1,264,758 2,520,072 3,784,830
20 Wright Avenue Hunt Valley, MD 1,575,000 122,672 1,697,672
200 Westgate Parkway Richmond, VA 1,072,459 4,480,703 5,553,162
1305 Executive Boulevard Chesapeake, VA 1,129,850 3,008,182 4,138,032
1313 Executive Boulevard Chesapeake, VA 1,708,050 2,787,599 4,495,649
3 Independence Pointe Greenville, SC 467,438 1,912,964 2,380,402
5 Independence Pointe Greenville, SC 467,438 2,459,149 2,926,587
1400 Mendenhall Oaks Parkway High Point, NC 984,672 4,080,177 5,064,849
4191 Mendenhall Oaks Parkway High Point, NC 611,166 1,901,037 2,512,203
979 Batesville Road Greer, SC 1,190,431 3,578,461 4,768,892
4887 Belfort Road Jacksonville, FL 1,665,915 6,811,038 8,476,953
7255 Salisbury Road Jacksonville, FL 680,766 1,697,584 2,378,350
2416 Lake Orange Drive Orlando, FL 704,800 2,216,100 2,920,900
16605 Air Center Boulevard Houston, TX 391,186 2,501,019 2,892,205
4503 Woodland Corporate Boulevard Tampa, FL 619,913 1,914,601 2,534,514
4505 Woodland Corporate Boulevard Tampa, FL 716,594 1,874,534 2,591,128
4511 Woodland Corporate Boulevard Tampa, FL 686,594 1,911,044 2,597,638
7851-61 Woodland Center Parkway Tampa, FL 295,005 1,061,883 1,356,888
7805 Hudson Road Woodbury, MN 1,381,234 6,363,903 7,745,137
4600 Nathan Lane Plymouth, MN 1,038,197 4,768,895 5,807,092
8911 Columbine Road Eden Prairie, MN 1,718,407 2,011,126 3,729,533
5775 Old Shakopee Road West Bloomington, MN 2,058,185 6,770,867 8,829,052
2600 Bellingham Drive Troy, MI 1,938,746 3,809,073 5,747,819
2710 Bellingham Drive Troy, MI 1,938,746 2,804,508 4,743,254
10855 West Park Place Milwaukee, WI 424,710 1,933,427 2,358,137
30 Kings Hill Avenue West Malling, UK - 2,685,636 2,685,636
Aymer House Chertsey, UK 11,013,828 - 11,013,828
Uxbridge London, UK 20,522,583 - 20,522,583
--------------- --------------- ---------------
Subtotal Development in Progress $ 91,900,714 $ 160,887,648 $ 252,788,362
=============== =============== ===============
LAND HELD FOR DEVELOPMENT
Keystone Industrial Park Land Bristol, PA $ 379,217 $ - $ 379,217
50 Prudential Road Horsham, PA - - -
1710 Arch Street Philadelphia, PA 12,426,346 - 12,426,346
1722 Arch Street Philadelphia, PA 322,137 - 322,137
JFK & Arch Parking Lots/Land (East) Philadelphia, PA 15,306,526 - 15,306,526
JFK & Arch Parking Lots/Land (West) Philadelphia, PA 1,601,047 - 1,601,047
425 Privet Road Horsham, PA 3,697,150 190,601 3,887,751
425 Privet Road Horsham, PA 2,015,225 3,420 2,018,645
Quarry Ridge Land Malvern, PA 9,528,074 - 9,528,074
Commodore Business Park Logan, NJ 4,480,965 207,250 4,688,215
Marlton Executive Park Land Marlton, NJ 964,921 - 964,921
800 Arlington Boulevard Expansion Land Logan, NJ - - -
300 Fellowship Road Land Mt. Laurel, NJ 1,615,557 - 1,615,557
Lehigh Valley Corporate Center Land Bethlehem, PA 227,357 32,438 259,795
LVCC Phase 2 Land Bethlehem, PA 6,676,985 198,500 6,875,485
650 Boulder Drive Expansion Allentown, PA 4,301,885 - 4,301,885
9th & Hamilton Streets Allentown, PA 615,624 - 615,624
Columbia Crossing Land Columbis, MD 5,678,531 - 5,678,531
6250 Old Dobbin Lane Columbia, MD 1,466,934 - 1,466,934
Hunt Valley Land Hunt Valley, MD 2,150,271 - 2,150,271
Fairgrounds Distribution Center Land Richmond, VA 12,981 - 12,981
Rivers' Bend Business Park Chesterfield, VA (1,106,508) 6,276,313 5,169,805
Woodlands Center Land Sandston, VA 1,687,205 - 1,687,205
501 H P Way Chesterfield, VA 650,007 - 650,007
Eastport VII 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 II Land Virginia Beach, VA 938,616 - 938,616
Westmoreland III Land Virginia Beach, VA 775,382 - 775,382
Volvo Center Land Hampton, VA 1,866,146 - 1,866,146
Lakefront Plaza II Land Hampton, VA 150,236 - 150,236
Mendenhall Business Park I High Point, NC 7,603,264 21,127 7,624,391
Independence Pointe Land Greenville, SC 2,582,637 - 2,582,637
Eagle Hill Business Park Land High Point, NC 849,876 20,000 869,876
Southpark Business Park Jacksonville, FL 497,113 - 497,113
7024 AC Skinner Parkway Jacksonville, FL 824,952 - 824,952
Silo Bend Land Tampa, FL 4,304,601 - 4,304,601
Exchange Place Land Orlando, FL - - -
Belfort Road Jacksonville, FL 573,322 - 573,322
Butler Plaza Land Jacksonville, FL 2,324,867 - 2,324,867
South Center Land Orlando, FL 2,163,350 - 2,163,350
South Center Land Orlando, FL 597,094 - 597,094
Orlando Corporate Center Land Orlando, FL 901,893 - 901,893
Salisbury Road Land Jacksonville, FL 1,559,918 - 1,559,918
Central Green Land Houston, TX 1,626,998 - 1,626,998
Woodland Corporate Center Land Tampa, FL 1,244,810 - 1,244,810
6119 W. Linebaugh Avenue Tampa, FL 198,205 - 198,205
Pompano Bus Park Land-Lots 100,101 Boca Raton, FL 428,214 - 428,214
75
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
GROSS AMOUNT CARRIED AT CLOSE OF PERIOD
-------------------------------------------------
LAND AND BUILDING AND TOTAL
PROJECT CITY IMPROVEMENTS IMPROVEMENTS @ 12/31/01
- -------------------------------------- --------------------- --------------- --------------- ---------------
LAND HELD FOR DEVELOPMENT - Continued
Pompano Bus Park Land-Lots 60, 61 Boca Raton, FL 522,278 - 522,278
Boca Colannade Land Boca Raton, FL 4,762,081 - 4,762,081
Lake Smetana Business Park Eden Prairie, MN 4,376,603 - 4,376,603
8855 Columbine Road Eden Prairie, MN 2,502,716 1,423,435 3,926,151
5705 Old Shakopee Road W. Land Bloomington, MN 2,127,294 - 2,127,294
Romulus Land Romulus, MI 1,287,510 - 1,287,510
Big Beaver Airport Land Troy, MI 10,164,697 - 10,164,697
Park Place South Land Milwaukee, WI 4,988,302 7,425 4,995,727
6505 Cogswell Road Romulus, MI 784,080 2,850,847 3,634,927
Liberty Business Park Land Jacksonville, FL 537,816 - 537,816
Northsight Land Scottsdale, AZ 11,323,236 - 11,323,236
--------------- --------------- ---------------
Subtotal Land Held for Development $ 152,315,837 $ 11,231,356 $ 163,547,193
=============== =============== ===============
Total All Properties $ 711,526,962 $ 3,047,022,354 $ 3,758,549,316
=============== =============== ===============
76
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
ACCUMULATED DATE OF
DEPRECIATION CONSTRUCTION DEPRECIABLE
PROJECT CITY @ 12/31/01 OR ACQUISITION LIFE (YEARS)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES
10, 20 Liberty Boulevard Malvern, PA $ 1,556,970 1985 40 yrs.
420 Lapp Road Malvern, PA 1,925,774 1989 40 yrs.
747 Dresher Road Horsham, PA 1,241,487 1988 40 yrs.
45-67 Great Valley Parkway Malvern, PA 1,624,828 1974 40 yrs.
40 Valley Stream Parkway Malvern, PA 808,022 1987 40 yrs.
50 Valley Stream Parkway Malvern, PA 794,557 1987 40 yrs.
20 Valley Stream Parkway Malvern, PA 1,881,114 1987 40 yrs.
800 Town Center Drive Langhorne, PA 3,459,238 1987 40 yrs.
9, 15, 25 Great Valley Parkway Malvern, PA 8,654,601 1986 40 yrs.
257-275 Great Valley Parkway Malvern, PA 2,046,465 1983 40 yrs.
300 Technology Drive Malvern, PA 477,422 1985 40 yrs.
277-293 Great Valley Parkway Malvern, PA 870,219 1984 40 yrs.
311 Technology Drive Malvern, PA 936,742 1984 40 yrs.
325 Technology Drive Malvern, PA 790,659 1984 40 yrs.
7 Great Valley Parkway Malvern, PA 1,836,656 1985 40 yrs.
55 Valley Stream Parkway Malvern, PA 1,387,591 1983 40 yrs.
65 Valley Stream Parkway Malvern, PA 2,051,771 1983 40 yrs.
508 Lapp Road Malvern, PA 776,745 1984 40 yrs.
10 Valley Stream Parkway Malvern, PA 1,218,205 1984 40 yrs.
333 Phoenixville Pike Malvern, PA 1,184,280 1985 40 yrs.
30 Great Valley Parkway Malvern, PA 230,178 1975 40 yrs.
75 Great Valley Parkway Malvern, PA 210,243 1977 40 yrs.
27-43 Great Valley Parkway Malvern, PA 1,216,584 1977 40 yrs.
77-123 Great Valley Parkway Malvern, PA 2,410,524 1978 40 yrs.
260 Great Valley Parkway Malvern, PA 402,234 1979 40 yrs.
256 Great Valley Parkway Malvern, PA 904,369 1980 40 yrs.
205 Great Valley Parkway Malvern, PA 4,867,531 1981 40 yrs.
12,14,16 Great Valley Parkway Malvern, PA 585,422 1982 40 yrs.
155 Great Valley Parkway Malvern, PA 1,074,999 1981 40 yrs.
333 Technology Drive Malvern, PA 1,296,887 1987 40 yrs.
510 Lapp Road Malvern, PA 416,120 1983 40 yrs.
181 Wheeler Court Langhorne, PA 412,325 1979 40 yrs.
1100 Wheeler Way Langhorne, PA 220,801 1979 40 yrs.
60 Morehall Road Malvern, PA 3,252,334 1989 40 yrs.
905 Airport Road West Chester, PA 1,210,040 1988 40 yrs.
1 Country View Road Malvern, PA 738,218 1982 40 yrs.
2151 Cabot Boulevard Langhorne, PA 662,841 1982 40 yrs.
170 South Warner Road King of Prussia, PA 1,807,126 1980 40 yrs.
190 South Warner Road King of Prussia, PA 1,132,106 1980 40 yrs.
507 Prudential Road Horsham, PA 1,176,586 1988 40 yrs.
100 Witmer Road Horsham, PA 1,437,650 1996 40 yrs.
3100 Horizon Drive King of Prussia, PA 397,457 1995 40 yrs.
3300 Horizon Drive King of Prussia, PA 504,196 1996 40 yrs.
3500 Horizon Drive King of Prussia, PA 369,051 1996 40 yrs.
200 Chesterfield Parkway Malvern, PA 1,510,386 1989 40 yrs.
767 Electronic Drive Horsham, PA 805,011 1996 40 yrs.
132 Welsh Road Horsham, PA 526,260 1998 40 yrs.
5 Country View Road Malvern, PA 793,380 1985 40 yrs.
3200 Horizon Drive King of Prussia, PA 789,885 1996 40 yrs.
3000 Horizon Drive King of Prussia, PA 238,781 1997 40 yrs.
111-195 Witmer Road Horsham, PA 454,855 1987 40 yrs.
300 Welsh Road - Building 3 Horsham, PA 257,843 1983 40 yrs.
300 Welsh Road - Building 4 Horsham, PA 572,469 1983 40 yrs.
8801 Tinicum Boulevard Philadelphia, PA 4,921,344 1997 40 yrs.
440 East Swedesford Road King of Prussia, PA 1,472,666 1988 40 yrs.
460 East Swedesford Road King of Prussia, PA 912,452 1988 40 yrs.
50 Morehall Road Malvern, PA 2,035,479 1997 40 yrs.
2 Walnut Grove Drive Horsham, PA 1,412,210 1989 40 yrs.
5 Walnut Grove Drive Horsham, PA 347,591 2000 40 yrs.
200 Gibraltar Road Horsham, PA 966,326 1990 40 yrs.
220 Gibraltar Road Horsham, PA 813,155 1990 40 yrs.
240 Gibraltar Road Horsham, PA 732,117 1990 40 yrs.
151 South Warner Road King of Prussia, PA 885,944 1980 40 yrs.
1 Walnut Grove Drive Horsham, PA 1,235,005 1986 40 yrs.
3604 Horizon Drive King of Prussia, PA 460,445 1998 40 yrs.
3606 Horizon Drive King of Prussia, PA 360,848 1997 40 yrs.
650 Swedesford Road King of Prussia, PA 2,596,663 1971 40 yrs.
680 Swedesford Road King of Prussia, PA 2,612,374 1971 40 yrs.
761 Fifth Avenue King of Prussia, PA 297,222 1977 40 yrs.
771 Fifth Avenue King of Prussia, PA 193,751 1977 40 yrs.
1 Great Valley Parkway Malvern, PA 529,250 1982 40 yrs.
5 Great Valley Parkway Malvern, PA 795,062 1983 40 yrs.
311 Sinclair Road Bristol, PA 159,316 1997 40 yrs.
1001 Cedar Hollow Road Malvern, PA 2,018,731 1998 40 yrs.
3 Country View Road Malvern, PA 405,299 1998 40 yrs.
425 Technology Drive Malvern, PA 348,852 1998 40 yrs.
375 Technology Drive Malvern, PA 237,101 1998 40 yrs.
45 Liberty Boulevard Malvern, PA 1,525,278 1999 40 yrs.
100 Chesterfield Parkway Malvern, PA 940,309 1998 40 yrs.
181-187 Gibraltar Road Horsham, PA 472,764 1982 40 yrs.
104 Rock Road Horsham, PA 307,508 1974 40 yrs.
77
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
ACCUMULATED DATE OF
DEPRECIATION CONSTRUCTION DEPRECIABLE
PROJECT CITY @ 12/31/01 OR ACQUISITION LIFE (YEARS)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES - Continued
123-135 Rock Road Horsham, PA 459,278 1975 40 yrs.
111-159 Gibraltar Road Horsham, PA 528,910 1981 40 yrs.
161-175 Gibraltar Road Horsham, PA 337,166 1976 40 yrs.
103-109 Gibraltar Road Horsham, PA 361,939 1978 40 yrs.
261-283 Gibraltar Road Horsham, PA 422,165 1978 40 yrs.
210-223 Witmer Road Horsham, PA 394,915 1972 40 yrs.
231-237 Gibraltar Road Horsham, PA 526,546 1981 40 yrs.
100 Gibraltar Road Horsham, PA 36,470 1975 40 yrs.
101 Gibraltar Road Horsham, PA 620,421 1977 40 yrs.
506 Prudential Road Horsham, PA 158,533 1973 40 yrs.
113-123 Rock Road Horsham, PA 337,132 1975 40 yrs.
101-111 Rock Road Horsham, PA 378,429 1975 40 yrs.
120 Gibraltar Road Horsham, PA 547,338 1980 40 yrs.
110 Gibraltar Road Horsham, PA 645,282 1979 40 yrs.
100-107 Lakeside Drive Horsham, PA 376,425 1982 40 yrs.
200-264 Lakeside Drive Horsham, PA 707,557 1982 40 yrs.
300-309 Lakeside Drive Horsham, PA 592,273 1982 40 yrs.
400-445 Lakeside Drive Horsham, PA 953,445 1981 40 yrs.
104 Witmer Road Horsham, PA 260,226 1997 40 yrs.
201 Gibraltar Road Horsham, PA 402,648 1983 40 yrs.
3600 Horizon Drive King of Prussia, PA 192,128 1989 40 yrs.
3602 Horizon Drive King of Prussia, PA 233,015 1989 40 yrs.
3 Franklin Plaza Philadelphia, PA 1,931,024 1999 40 yrs.
400-500 Brandywine Parkway West Chester, PA 761,558 1988 40 yrs.
600 Brandywine Parkway West Chester, PA 585,443 1988 40 yrs.
2700 Horizon Drive King of Prussia, PA 448,744 1998 40 yrs.
2900 Horizon Drive King of Prussia, PA 366,194 1998 40 yrs.
2500 Renaissance Boulevard King of Prussia, PA 276,877 1999 40 yrs.
2300 Renaissance Boulevard King of Prussia, PA 261,883 1999 40 yrs.
719 Dresher Road Horsham, PA 288,844 1987 40 yrs.
2100 Renaissance Boulevard King of Prussia, PA 855,859 1999 40 yrs.
4 Walnut Grove Horsham, PA 487,393 1999 40 yrs.
2250 Hickory Road Plymouth Meeting, PA 1,026,973 1985 40 yrs.
3400 Horizon Drive King of Prussia, PA 444,695 1995 40 yrs.
300 Welsh Road Horsham, PA 288,415 1985 40 yrs.
600 Chesterfield Parkway Malvern, PA 822,929 1999 40 yrs.
700 Chesterfield Parkway Malvern, PA 817,751 1999 40 yrs.
6 Terry Drive Newtown, PA 182,332 1981 40 yrs.
2520 Renaissance Boulevard King of Prussia, PA 369,633 1999 40 yrs.
18 Great Valley Parkway Malvern, PA 292,294 1980 40 yrs.
700 Dresher Road Horsham, PA 778,649 1987 40 yrs.
2201 Renaissance Boulevard King of Prussia, PA 878,480 2000 40 yrs.
2540 Renaissance Boulevard King of Prussia, PA 87,683 2000 40 yrs.
2560 Renaissance Boulevard King of Prussia, PA 193,053 2000 40 yrs.
1501-1513 Grundy's Lane Bristol, PA 118,850 2000 40 yrs.
11 Great Valley Parkway Malvern, PA 92,249 2001 40 yrs.
680 Blair Mill Road Horsham, PA 155,300 2001 40 yrs.
825 Duportail Road Wayne, PA 870,011 1979 40 yrs.
1200 Liberty Ridge Drive Wayne, PA 343,064 2001 40 yrs.
2760 Red Lion Road Philadelphia, PA 528,764 2001 40 yrs.
200 Precision Drive Horsham, PA 268,730 1997 40 yrs.
40 Liberty Boulevard Malvern, PA 1,063,455 1989 40 yrs.
102 Rock Road Horsham, PA 52,368 1985 40 yrs.
14 Lee Boulevard Malvern, PA 1,714,806 1988 40 yrs.
500 Chesterfield Parkway Malvern, PA 1,015,243 1988 40 yrs.
300-400 Chesterfield Parkway Malvern, PA 1,582,069 1988 40 yrs.
8 Stow Road Marlton, NJ 403,975 1988 40 yrs.
10 Stow Road Marlton, NJ 381,457 1988 40 yrs.
12 Stow Road Marlton, NJ 325,754 1988 40 yrs.
14 Stow Road Marlton, NJ 320,252 1988 40 yrs.
701A Route 73 South Marlton, NJ 1,749,459 1987 40 yrs.
701C Route 73 South Marlton, NJ 410,970 1987 40 yrs.
1008 Astoria Boulevard Cherry Hill, NJ 254,135 1973 40 yrs.
3000 Atrium Way Mt. Laurel, NJ 2,525,396 1987 40 yrs.
750 Cardinal Drive Bridgeport, NJ 465,221 1989 40 yrs.
11000, 15000 Commerce Parkway Mt. Laurel, NJ 892,488 1985 40 yrs.
12000, 14000 Commerce Parkway Mt. Laurel, NJ 649,502 1985 40 yrs.
16000, 18000 Commerce Parkway Mt. Laurel, NJ 674,270 1985 40 yrs.
400 Lippincott Drive Marlton, NJ 224,896 1999 40 yrs.
406 Lippincott Drive Marlton, NJ 606,482 1990 40 yrs.
234 High Hill Road Bridgeport, NJ 361,669 1987 40 yrs.
101 Arlington Boulevard Bridgeport, NJ 577,106 1996 40 yrs.
100 Berkeley Drive Bridgeport, NJ 340,055 1990 40 yrs.
301 Lippincott Drive Marlton, NJ 883,229 1988 40 yrs.
303 Lippincott Drive Marlton, NJ 950,047 1988 40 yrs.
510-512 Sharptown Road Bridgeport, NJ 173,052 1984 40 yrs.
901 Route 73 Marlton, NJ 410,882 1985 40 yrs.
1300 Route 73 North Mt. Laurel, NJ 692,228 1988 40 yrs.
512 Sharptown Road Bridgeport, NJ 256,548 1984 40 yrs.
201 Berkeley Drive Bridgeport, NJ 442,360 1999 40 yrs.
404 Lippincott Drive Marlton, NJ 311,170 1997 40 yrs.
104 Gaither Drive Mt. Laurel, NJ 172,592 1975 40 yrs.
402 Lippincott Drive Marlton, NJ 251,556 1997 40 yrs.
300 Commodore Drive Bridgeport, NJ 545,581 1999 40 yrs.
78
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
ACCUMULATED DATE OF
DEPRECIATION CONSTRUCTION DEPRECIABLE
PROJECT CITY @ 12/31/01 OR ACQUISITION LIFE (YEARS)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES - Continued
3000 Lincoln Drive Mt. Laurel, NJ 689,691 1983 40 yrs.
6000 Commerce Parkway Mt. Laurel, NJ 304,990 1985 40 yrs.
7000 Commerce Parkway Mt. Laurel, NJ 327,727 1984 40 yrs.
8000 Commerce Parkway Mt. Laurel, NJ 242,670 1983 40 yrs.
9000 Commerce Parkway Mt. Laurel, NJ 321,204 1983 40 yrs.
1000 Briggs Road Mt. Laurel, NJ 391,726 1986 40 yrs.
1025 Briggs Road Mt. Laurel, NJ 522,082 1987 40 yrs.
1020 Briggs Road Mt. Laurel, NJ 280,260 1999 40 yrs.
9 Stow Road Marlton, NJ 270,466 1998 40 yrs.
2000 Crawford Place Mt. Laurel, NJ 785,860 1986 40 yrs.
5000 Dearborn Court Mt. Laurel, NJ 422,530 1988 40 yrs.
515 Heron Drive Bridgeport, NJ 223,053 1980 40 yrs.
500 Sharptown Road Bridgeport, NJ 230,108 1984 40 yrs.
625 Heron Drive Bridgeport, NJ 89,390 1980 40 yrs.
605 Heron Drive Bridgeport, NJ 105,766 1980 40 yrs.
510 Heron Drive Bridgeport, NJ 788,746 1990 40 yrs.
522 Pedricktown Road Bridgeport, NJ 128,989 1988 40 yrs.
530 Pedricktown Road Bridgeport, NJ 180,731 1993 40 yrs.
540 Pedricktown Road Bridgeport, NJ 427,827 1987 40 yrs.
230 High Hill Road Bridgeport, NJ 831,380 1985 40 yrs.
3 Mallard Court Bridgeport, NJ 230,102 1989 40 yrs.
730 Cardinal Drive Bridgeport, NJ 173,453 1989 40 yrs.
405 Heron Drive Bridgeport, NJ 1,718,650 1990 40 yrs.
100 Eagle Road Bridgeport, NJ 135,990 1995 40 yrs.
250 High Hill Road Bridgeport, NJ 377,569 1995 40 yrs.
508 Center Square Road Bridgeport, NJ 324,637 1995 40 yrs.
602 Heron Drive Bridgeport, NJ 210,512 1995 40 yrs.
300 Eagle Court Bridgeport, NJ 176,577 1996 40 yrs.
500 Center Square Road Bridgeport, NJ 585,541 1997 40 yrs.
1001 Briggs Road Mt. Laurel, NJ 460,436 1986 40 yrs.
1960 Cuthbert Boulevard Cherry Hill, NJ 173,264 1985 40 yrs.
1970 Cuthbert Boulevard Cherry Hill, NJ 119,833 1985 40 yrs.
10000 & 11000 Route 73 Marlton, NJ 392,888 1984 40 yrs.
800 Arlington Boulevard Bridgeport, NJ 539,702 1999 40 yrs.
1015 Briggs Road Mt. Laurel, NJ 169,157 2000 40 yrs.
17000 Commerce Parkway Mt. Laurel, NJ 165,909 2001 40 yrs.
1655 Valley Center Parkway Bethlehem, PA 611,485 1993 40 yrs.
6560 Stonegate Drive Allentown, PA 711,254 1989 40 yrs.
6370 Hedgewood Drive Allentown, PA 854,360 1990 40 yrs.
6390 Hedgewood Drive Allentown, PA 859,564 1990 40 yrs.
1495 Valley Center Parkway Bethlehem, PA 975,110 1990 40 yrs.
6350 Hedgewood Drive Allentown, PA 934,757 1989 40 yrs.
6330 Hedgewood Drive Allentown, PA 1,571,394 1988 40 yrs.
1550 Valley Center Parkway Bethlehem, PA 919,337 1988 40 yrs.
1560 Valley Center Parkway Bethlehem, PA 1,190,764 1988 40 yrs.
6580 Snowdrift Road Allentown, PA 865,223 1988 40 yrs.
1510 Valley Center Parkway Bethlehem, PA 1,122,540 1988 40 yrs.
1530 Valley Center Parkway Bethlehem, PA 808,250 1988 40 yrs.
6540 Stonegate Drive Allentown, PA 1,160,494 1988 40 yrs.
974 Marcon Boulevard Allentown, PA 786,473 1987 40 yrs.
964 Marcon Boulevard Allentown, PA 653,372 1985 40 yrs.
764 Roble Road Allentown, PA 299,385 1985 40 yrs.
3174 Airport Road Allentown, PA 544,941 1979 40 yrs.
2196 Avenue C Allentown, PA 527,505 1980 40 yrs.
2202 Hanger Place Allentown, PA 613,360 1981 40 yrs.
2201 Hanger Place Allentown, PA 645,145 1987 40 yrs.
954 Marcon Boulevard Allentown, PA 407,464 1981 40 yrs.
57 South Commerce Way Bethlehem, PA 547,909 1986 40 yrs.
754 Roble Road Allentown, PA 372,982 1986 40 yrs.
894 Marcon Boulevard Allentown, PA 215,266 1986 40 yrs.
744 Roble Road Allentown, PA 388,557 1986 40 yrs.
944 Marcon Boulevard Allentown, PA 329,933 1986 40 yrs.
1685 Valley Center Parkway Bethlehem, PA 379,870 1996 40 yrs.
6520 Stonegate Drive Allentown, PA 293,256 1996 40 yrs.
7437 Industrial Boulevard Allentown, PA 1,415,814 1976 40 yrs.
2041 Avenue C Allentown, PA 205,754 1990 40 yrs.
2124 Avenue C Allentown, PA 184,527 1990 40 yrs.
7339 Industrial Boulevard Allentown, PA 815,953 1996 40 yrs.
7384 Penn Drive Allentown, PA 493,612 1988 40 yrs.
7144 Daniels Drive Allentown, PA 1,004,907 1975 40 yrs.
7620 Cetronia Road Allentown, PA 767,389 1990 40 yrs.
939 Marcon Boulevard Allentown, PA 874,707 1980 40 yrs.
100 Brodhead Road Bethlehem, PA 518,801 1990 40 yrs.
1455 Valley Center Parkway Bethlehem, PA 942,735 1997 40 yrs.
1640 Valley Center Parkway Bethlehem, PA 589,762 1996 40 yrs.
1650 Valley Center Parkway Bethlehem, PA 531,404 1997 40 yrs.
1660 Valley Center Parkway Bethlehem, PA 350,066 1998 40 yrs.
400 Nestle Way Allentown, PA 3,542,766 1997 40 yrs.
83 South Commerce Way Bethlehem, PA 203,442 1989 40 yrs.
85 South Commerce Way Bethlehem, PA 153,878 1989 40 yrs.
87 South Commerce Way Bethlehem, PA 170,627 1989 40 yrs.
89 South Commerce Way Bethlehem, PA 268,327 1998 40 yrs.
7248 Industrial Boulevard Allentown, PA 1,896,986 1988 40 yrs.
95 Highland Avenue Bethlehem, PA 412,478 1985 40 yrs.
79
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
ACCUMULATED DATE OF
DEPRECIATION CONSTRUCTION DEPRECIABLE
PROJECT CITY @ 12/31/01 OR ACQUISITION LIFE (YEARS)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES - Continued
236 Brodhead Road Bethlehem, PA 568,568 1994 40 yrs.
1525 Valley Center Parkway Bethlehem, PA 746,292 1999 40 yrs.
6620 Grant Way Allentown, PA 224,411 1989 40 yrs.
700 Nestle Way Allentown, PA 1,585,157 1998 40 yrs.
7562 Penn Drive Allentown, PA 97,555 1989 40 yrs.
7277 Williams Avenue Allentown, PA 198,018 1989 40 yrs.
7355 Williams Avenue Allentown, PA 178,768 1998 40 yrs.
794 Roble Road Allentown, PA 607,995 1985 40 yrs.
6923 Schantz Spring Road Allentown, PA 323,339 1993 40 yrs.
7132 Daniels Drive Allentown, PA 627,069 1997 40 yrs.
3985 Adler Place Bethlehem, PA 430,542 1987 40 yrs.
8014 Industrial Boulevard Allentown, PA 585,147 1999 40 yrs.
705 Boulder Drive Allentown, PA 584,586 2001 40 yrs.
651 Boulder Drive Allentown, PA 783,176 2000 40 yrs.
3773 Corporate Parkway Center Valley, PA 224,882 2001 40 yrs.
7028 Snowdrift Road Fogelville, PA 45,518 2001 40 yrs.
180,190 Cochrane Drive Annapolis, MD 5,062,988 1988 40 yrs.
7178-80 Columbia Gateway Columbia, MD 1,197,206 1987 40 yrs.
9770 Patuxent Woods Drive Columbia, MD 355,719 1986 40 yrs.
9780 Patuxent Woods Drive Columbia, MD 227,507 1986 40 yrs.
9790 Patuxent Woods Drive Columbia, MD 254,102 1986 40 yrs.
9810 Patuxent Woods Drive Columbia, MD 277,758 1986 40 yrs.
9800 Patuxent Woods Drive Columbia, MD 343,560 1988 40 yrs.
9820 Patuxent Woods Drive Columbia, MD 257,078 1988 40 yrs.
9830 Patuxent Woods Drive Columbia, MD 308,596 1986 40 yrs.
9050 Red Branch Road Columbia, MD 312,441 1972 40 yrs.
4606 Richlynn Drive Belcamp, MD 167,357 1988 40 yrs.
8945-8975 Guilford Road Columbia, MD 677,612 1986 40 yrs.
7317 Parkway Drive Hanover, MD 151,245 1983 40 yrs.
5950 Symphony Woods Road Columbia, MD 118,531 1986 40 yrs.
9101,9111,9115 Guilford Road Columbia, MD 1,379,816 1984 40 yrs.
9125,9135,9145 Guilford Road Columbia, MD 2,423,406 1983 40 yrs.
1751 Bluehills Drive Roanoke, VA 1,435,999 1991 40 yrs.
4300 Carolina Avenue Richmond, VA 2,577,334 1985 40 yrs.
301 Hill Carter Parkway Richmond, VA 826,014 1989 40 yrs.
4001 Carolina Avenue Richmond, VA 53,764 1935 40 yrs.
5600-5626 Eastport Boulevard Richmond, VA 669,005 1989 40 yrs.
5650-5674 Eastport Boulevard Richmond, VA 762,775 1990 40 yrs.
5700 Eastport Boulevard Richmond, VA 468,152 1990 40 yrs.
3432 Holland Road Virginia Beach, VA 135,024 1989 40 yrs.
4880 Cox Road Glen Allen, VA 416,118 1995 40 yrs.
4101- 4127 Carolina Avenue Richmond, VA 392,212 1973 40 yrs.
4201-4261 Carolina Avenue Richmond, VA 966,255 1975 40 yrs.
4263-4299 Carolina Avenue Richmond, VA 529,453 1976 40 yrs.
4301-4335 Carolina Avenue Richmond, VA 292,813 1978 40 yrs.
4337-4379 Carolina Avenue Richmond, VA 659,969 1979 40 yrs.
4501-4549 Carolina Avenue Richmond, VA 626,210 1981 40 yrs.
4551-4593 Carolina Avenue Richmond, VA 619,697 1982 40 yrs.
4601-4643 Carolina Avenue Richmond, VA 955,692 1985 40 yrs.
4645-4683 Carolina Avenue Richmond, VA 1,276,006 1985 40 yrs.
4447-4491 Carolina Avenue Richmond, VA 484,139 1987 40 yrs.
4401-4445 Carolina Avenue Richmond, VA 773,102 1988 40 yrs.
12 S. Third Street Richmond, VA 32,335 1900 40 yrs.
9601 Cosner Drive Fredericksburg, VA 662,050 1995 40 yrs.
2300 East Parham Road Richmond, VA 172,699 1988 40 yrs.
5601-5659 Eastport Boulevard Richmond, VA 908,224 1996 40 yrs.
5900 Eastport Boulevard Richmond, VA 540,431 1997 40 yrs.
4717-4729 Eubank Road Richmond, VA 547,915 1978 40 yrs.
4263F-N. Carolina Avenue Richmond, VA 235,560 1975 40 yrs.
5000 Cox Road Glen Allen, VA 494,901 1990 40 yrs.
5500 Cox Road Glen Allen, VA 289,152 1999 40 yrs.
510 Eastpark Court Richmond, VA 283,430 1989 40 yrs.
520 Eastpark Court Richmond, VA 549,384 1989 40 yrs.
13001 Kingston Avenue Richmond, VA 240,515 1998 40 yrs.
5701-5799 Eastport Boulevard Richmond, VA 693,620 1998 40 yrs.
4801 Cox Road Glen Allen, VA 809,854 1998 40 yrs.
600 H P Way Chester, VA 564,256 1997 40 yrs.
500 H P Way Chester, VA 444,485 1997 40 yrs.
701 Liberty Way Richmond, VA 339,379 1999 40 yrs.
4198 Cox Road Glen Allen, VA 520,752 1984 40 yrs.
12730 Kingston Avenue Richmond, VA 73,022 2001 40 yrs.
4510 Cox Road Glen Allen, VA 885,403 1990 40 yrs.
2809 South Lynnhaven Road Virginia Beach, VA 690,821 1987 40 yrs.
200 Golden Oak Court Virginia Beach, VA 770,735 1988 40 yrs.
208 Golden Oak Court Virginia Beach, VA 720,062 1989 40 yrs.
1 Enterprise Parkway Hampton, VA 692,434 1987 40 yrs.
22 Enterprise Parkway Hampton, VA 776,959 1990 40 yrs.
530 Eastpark Court Richmond, VA 437,612 1997 40 yrs.
484 Viking Drive Virginia Beach, VA 387,398 1987 40 yrs.
10430 Lakeridge Parkway Ashland, VA 375,717 1989 40 yrs.
10456 Lakeridge Parkway Ashland, VA 368,247 1991 40 yrs.
3829-3855 Gaskins Road Richmond, VA 313,368 1988 40 yrs.
629 Phoenix Drive Virginia Beach, VA 203,996 1996 40 yrs.
11838 Rock Landing Drive Newport News, VA 268,662 1986 40 yrs.
80
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
ACCUMULATED DATE OF
DEPRECIATION CONSTRUCTION DEPRECIABLE
PROJECT CITY @ 12/31/01 OR ACQUISITION LIFE (YEARS)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES - Continued
11844 Rock Landing Drive Newport News, VA 149,749 1989 40 yrs.
11846 Rock Landing Drive Newport News, VA 160,551 1989 40 yrs.
11832 Rock Landing Drive Newport News, VA 431,803 1988 40 yrs.
10800 Nuckols Boulevard Richmond, VA 672,556 1988 40 yrs.
5700 Cleveland Street Virginia Beach, VA 993,051 1985 40 yrs.
801 Liberty Way Richmond, VA 417,875 1999 40 yrs.
5 Manhattan Square Hampton, VA 97,557 1999 40 yrs.
100 Westgate Parkway Richmond, VA 109,257 2001 40 yrs.
1309 Executive Boulevard Cheaspeake, VA 189,367 2001 40 yrs.
21 Enterprise Parkway Hamton, VA 170,167 1999 40 yrs.
4523 Green Point Drive High Point, NC 639,487 1988 40 yrs.
4501 Green Point Drive High Point, NC 648,182 1989 40 yrs.
4500 Green Point Drive High Point, NC 631,930 1989 40 yrs.
2427 Penny Road High Point, NC 1,687,417 1990 40 yrs.
4524 Green Point Drive High Point, NC 611,652 1989 40 yrs.
4328, 4336 Federal Drive High Point, NC 1,887,987 1995 40 yrs.
200 Centreport Drive Greensboro, NC 772,948 1986 40 yrs.
4344 Federal Drive High Point, NC 448,913 1996 40 yrs.
202 Centreport Drive Greensboro, NC 953,023 1990 40 yrs.
101 Centreport Drive Greensboro, NC 799,417 1998 40 yrs.
4000 Piedmont Parkway High Point, NC 843,969 1995 40 yrs.
4380 Federal Drive High Point, NC 424,176 1997 40 yrs.
4388 Federal Drive High Point, NC 213,215 1997 40 yrs.
6532 Judge Adams Road Rock Creek, NC 386,215 1997 40 yrs.
6530 Judge Adams Road Rock Creek, NC 335,157 1999 40 yrs.
150 Ridgeview Center Drive Duncan, SC 1,181,708 1984 40 yrs.
1320 Garlington Road Greenville, SC 230,473 1986 40 yrs.
420 Park Avenue Greenville, SC 524,586 1986 40 yrs.
4160 Mendenhall Oaks Parkway High Point, NC 289,126 1998 40 yrs.
4194 Mendenhall Oaks Parkway High Point, NC 265,686 1999 40 yrs.
4196 Mendenhall Oaks Parkway High Point, NC 306,303 1999 40 yrs.
4170 Mendenhall Oaks Parkway High Point, NC 175,066 1999 40 yrs.
4180 Mendenhall Oaks Parkway High Point, NC 208,697 1999 40 yrs.
4050 Piedmont Parkway High Point, NC 1,445,535 1998 40 yrs.
One Independence Pointe Greenville, SC 647,807 1982 40 yrs.
55 Beattie Place Greenville, SC 2,523,388 1986 40 yrs.
75 Beattie Place Greenville, SC 1,882,732 1987 40 yrs.
7736 McCloud Road Greensboro, NC 630,532 1998 40 yrs.
15 Brendan Way Greenville, SC 463,830 1988 40 yrs.
4300 Federal Drive High Point, NC 131,591 1998 40 yrs.
4135 Mendenall Oaks Parkway High Point, NC 144,085 2000 40 yrs.
4183 Eagle Hill Drive High Point, NC 185,585 2001 40 yrs.
4189 Eagle Hill Drive High Point, NC 4,812 2001 40 yrs.
4020 Meeting Way High Point, NC 57,204 2001 40 yrs.
170 Ridgeview Drive Duncan, SC 53,020 2001 40 yrs.
6509 Franz Warner Parkway Rock Creek, NC 12,290 2001 40 yrs.
1730 Stebbins Drive Houston, TX 281,929 1973 40 yrs.
5911-5925 Richard Street Jacksonville, FL 269,472 1977 40 yrs.
8383-8385 Baycenter Road Jacksonville, FL 352,176 1973 40 yrs.
8775 Baypine Road Jacksonville, FL 949,706 1989 40 yrs.
6255 Lake Gray Boulevard Jacksonville, FL 1,201,100 1987 40 yrs.
8665,8667,8669 Baypine Road Jacksonville, FL 1,354,693 1987 40 yrs.
1200 Gulf Life Drive Jacksonville, FL 7,243,375 1985 40 yrs.
8614 Baymeadows Way Jacksonville, FL 490,637 1986 40 yrs.
5941-5975 Richard Street Jacksonville, FL 623,130 1978 40 yrs.
7970 Bayberry Road Jacksonville, FL 768,502 1978 40 yrs.
6000-6030 Bowdendale Avenue Jacksonville, FL 812,306 1979 40 yrs.
7898 Baymeadows Way Jacksonville, FL 909,860 1978 40 yrs.
5977-6607 Richard Street Jacksonville, FL 960,933 1980 40 yrs.
7910 & 7948 Baymeadows Way Jacksonville, FL 1,192,063 1981 40 yrs.
7954, 7960 Baymeadows Way Jacksonville, FL 1,244,833 1982 40 yrs.
8787 Baypine Road Jacksonville, FL 17,813,274 1990 40 yrs.
7077 Bonneval Road Jacksonville, FL 1,983,085 1988 40 yrs.
4190 Belfort Road Jacksonville, FL 2,190,177 1986 40 yrs.
7020 AC Skinner Parkway Jacksonville, FL 458,301 1996 40 yrs.
7022 AC Skinner Parkway Jacksonville, FL 780,030 1996 40 yrs.
11777 Central Highway Jacksonville, FL 629,617 1985 40 yrs.
4345 Southpoint Parkway Jacksonville, FL 942,860 1998 40 yrs.
7016 AC Skinner Parkway Jacksonville, FL 522,678 1996 40 yrs.
7018 AC Skinner Parkway Jacksonville, FL 952,780 1997 40 yrs.
7014 AC Skinner Parkway Jacksonville, FL 388,673 1999 40 yrs.
6620 Southpoint Drive Jacksonville, FL 722,622 1984 40 yrs.
7980 Bayberry Road Jacksonville, FL 149,812 1978 40 yrs.
9600 Satellite Boulevard Orlando, FL 156,740 1989 40 yrs.
9700 Satellite Boulevard Orlando, FL 136,141 1989 40 yrs.
1902 Cypress Lake Drive Orlando, FL 466,383 1989 40 yrs.
9550 Satellite Boulevard Orlando, FL 246,957 1999 40 yrs.
8250 & 8256 Exchange Place Orlando, FL 318,715 1985 40 yrs.
6600 Southpoint Parkway Jacksonville, FL 618,689 1986 40 yrs.
6700 Southpoint Parkway Jacksonville, FL 474,948 1987 40 yrs.
4801 Executive Park Court - 100 Jacksonville, FL 394,293 1990 40 yrs.
4801 Executive Park Court - 200 Jacksonville, FL 201,048 1990 40 yrs.
4810 Executive Park Court Jacksonville, FL 317,972 1990 40 yrs.
6602 Executive Park Court - 100 Jacksonville, FL 253,484 1993 40 yrs.
81
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
ACCUMULATED DATE OF
DEPRECIATION CONSTRUCTION DEPRECIABLE
PROJECT CITY @ 12/31/01 OR ACQUISITION LIFE (YEARS)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES - Continued
6602 Executive Park Court - 200 Jacksonville, FL 173,628 1993 40 yrs.
6631 Executive Park Court - 100 Jacksonville, FL 135,346 1994 40 yrs.
6631 Executive Park Court - 200 Jacksonville, FL 242,703 1994 40 yrs.
4815 Executive Park Court - 100 Jacksonville, FL 203,559 1995 40 yrs.
4815 Executive Park Court - 200 Jacksonville, FL 306,468 1995 40 yrs.
4825 Executive Park Court Jacksonville, FL 324,970 1996 40 yrs.
4820 Executive Park Court Jacksonville, FL 358,711 1997 40 yrs.
10511 & 10611 Satellite Boulevard Orlando, FL 345,419 1985 40 yrs.
1400-1440 Central Florida Parkway Orlando, FL 262,290 1962 40 yrs.
6601 Executive Park Circle North Jacksonville, FL 312,700 1992 40 yrs.
1300 Riverplace Boulevard Jacksonville, FL 826,247 1980 40 yrs.
4901 Belfort Road Jacksonville, FL 833,751 1998 40 yrs.
16445 Air Center Boulevard Houston, TX 274,656 1989 40 yrs.
16405 Air Center Boulevard Houston, TX 324,462 1997 40 yrs.
2216 Directors Row Orlando, FL 231,022 1997 40 yrs.
7460 Chancellor Drive Orlando, FL 122,748 1998 40 yrs.
1901 Summit Tower Boulevard Maitland, FL 1,132,409 1998 40 yrs.
3701-3727 Vineland Road Orlando, FL 205,295 1985 40 yrs.
4899 Belfort Road Jacksonville, FL 492,767 2000 40 yrs.
4905 Belfort Street Jacksonville, FL 159,687 2000 40 yrs.
16580 Air Center Boulevard Houston, TX 229,578 1997 40 yrs.
7251 Salisbury Road Jacksonville, FL 52,199 2000 40 yrs.
2400 South Lake Orange Drive Orlando, FL 67,258 2001 40 yrs.
10245 Centurion Parkway North Jacksonville, FL 184,815 1996 40 yrs.
6501 Lee Vista Boulevard Orlando, FL 54,304 2001 40 yrs.
1755 Trans Central Drive Houston, TX 95,800 1999 40 yrs.
10771 Palm Bay Drive Orlando, FL 105,202 2001 40 yrs.
5501-5519 Pioneer Park Boulevard Tampa, FL 337,507 1981 40 yrs.
5690-5694 Crenshaw Street Tampa, FL 339,928 1979 40 yrs.
3102,3104,3110 Cherry Palm Drive Tampa, FL 554,185 1986 40 yrs.
8401-8408 Benjamin Road Tampa, FL 791,102 1986 40 yrs.
3501 Riga Boulevard Tampa, FL 419,246 1987 40 yrs.
111 Kelsey Lane Tampa, FL 307,503 1990 40 yrs.
7930, 8010-20 Woodland Center Boulevard Tampa, FL 649,184 1990 40 yrs.
7920 Woodland Center Boulevard Tampa, FL 402,889 1997 40 yrs.
8154-8198 Woodland Center Boulevard Tampa, FL 359,203 1988 40 yrs.
8112-42 Woodland Center Boulevard Tampa, FL 383,962 1995 40 yrs.
8212 Woodland Center Boulevard Tampa, FL 271,719 1996 40 yrs.
131 Kelsey Lane Tampa, FL 683,453 1985 40 yrs.
7724 Woodland Center Boulevard Tampa, FL 266,326 1998 40 yrs.
7802-50 Woodland Center Boulevard Tampa, FL 440,797 1999 40 yrs.
7852-98 Woodland Center Boulevard Tampa, FL 452,794 1999 40 yrs.
8921 Brittany Way Tampa, FL 174,982 1998 40 yrs.
5250 Eagle Trail Drive Tampa, FL 281,715 1998 40 yrs.
7725 Woodland Center Boulevard Tampa, FL 203,066 1999 40 yrs.
8001 Woodland Center Boulevard Tampa, FL 155,272 1999 40 yrs.
4630 Woodland Corporate Boulevard Tampa, FL 687,528 2000 40 yrs.
701-725 South US Highway 301 Tampa, FL 316,134 2000 40 yrs.
4502 Woodland Corporate Boulevard Tampa, FL 161,078 1999 40 yrs.
9001-9015 Brittany Way Tampa, FL 82,536 2000 40 yrs.
4508 Woodland Corporate Boulevard Tampa, FL 110,730 2000 40 yrs.
7622 Bald Cypress Place Tampa, FL 35,290 2000 40 yrs.
901-933 US Highway 301S Tampa, FL 101,674 2001 40 yrs.
1701 Clint Moore Boulevard Boca Raton, FL 347,419 1985 40 yrs.
5410 - 5430 Northwest 33rd Avenue Ft. Lauderdale, FL 478,403 1985 40 yrs.
6500 NW 12th Avenue Ft. Lauderdale, FL 298,657 1989 40 yrs.
6600 NW 12th Avenue Ft. Lauderdale, FL 338,734 1989 40 yrs.
1500 SW 5th Court Pompano Beach, FL 395,747 1957 40 yrs.
1651 SW 5th Court Pompano Beach, FL 81,152 1990 40 yrs.
1601 SW 5th Court Pompano Beach, FL 83,757 1990 40 yrs.
1501 SW 5th Court Pompano Beach, FL 85,778 1990 40 yrs.
1400 SW 6th Court Pompano Beach, FL 460,189 1986 40 yrs.
1405 SW 6th Court Pompano Beach, FL 161,884 1985 40 yrs.
595 SW 13th Terrace Pompano Beach, FL 142,346 1984 40 yrs.
601 SW 13th Terrace Pompano Beach, FL 66,133 1984 40 yrs.
605 SW 16th Terrace Pompano Beach, FL 121,790 1965 40 yrs.
951 Broken Sound Parkway Boca Raton, FL 657,641 1986 40 yrs.
3400 Lakeside Drive Miramar, FL 1,208,857 1990 40 yrs.
3450 Lakeside Drive Miramar, FL 1,197,693 1990 40 yrs.
3350 SW 148th Avenue Miramar, FL 979,379 2000 40 yrs.
13650 NW 8th Street Sunrise, FL 209,744 1991 40 yrs.
13630 NW 8th Street Sunrise, FL 276,214 1991 40 yrs.
777 Yamato Road Boca Raton, FL 1,565,561 1986 40 yrs.
1801 Clint Moore Road Boca Raton, FL 448,568 1986 40 yrs.
6601-6625 W. 78th Street Bloomington, MN 3,068,383 1998 40 yrs.
2905 Northwest Boulevard Plymouth, MN 681,080 1983 40 yrs.
2800 Campus Drive Plymouth, MN 442,072 1985 40 yrs.
2955 Xenium Lane Plymouth, MN 270,240 1985 40 yrs.
9401-9443 Science Center Drive New Hope, MN 501,068 1989 40 yrs.
6321-6325 Bury Drive Eden Prairie, MN 554,514 1988 40 yrs.
7115-7173 Shady Oak Road Eden Prairie, MN 561,832 1984 40 yrs.
7660-7716 Golden Triangle Drive Eden Prairie, MN 1,011,359 1988 40 yrs.
7400 Flying Cloud Drive Eden Prairie, MN 212,746 1987 40 yrs.
10301-10305 West 70th Street Eden Prairie, MN 138,220 1984 40 yrs.
82
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
ACCUMULATED DATE OF
DEPRECIATION CONSTRUCTION DEPRECIABLE
PROJECT CITY @ 12/31/01 OR ACQUISITION LIFE (YEARS)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES - Continued
10321 West 70th Street Eden Prairie, MN 158,929 1984 40 yrs.
10333 West 70th Street Eden Prairie, MN 121,555 1984 40 yrs.
10349-10357 West 70th Street Eden Prairie, MN 327,003 1985 40 yrs.
10365-10375 West 70th Street Eden Prairie, MN 336,824 1985 40 yrs.
10393-10394 West 70th Street Eden Prairie, MN 322,892 1985 40 yrs.
7078 Shady Oak Road Eden Prairie, MN 369,321 1985 40 yrs.
10400 Viking Drive Eden Prairie, MN 2,193,834 1999 40 yrs.
5600 & 5610 Rowland Road Minnetonka, MN 984,522 1988 40 yrs.
2920 Northwest Boulevard Plymouth, MN 526,811 1997 40 yrs.
5400-5500 Feltl Road Minnetonka, MN 846,919 1985 40 yrs.
10300 Bren Road Minnetonka, MN 381,729 1981 40 yrs.
14630-14650 28th Avenue North Plymouth, MN 238,096 1978 40 yrs.
7695-7699 Anagram Drive Eden Prairie, MN 300,426 1997 40 yrs.
7550 Meridian Circle Maple Grove, MN 260,543 1989 40 yrs.
2800 Northwest Boulevard Plymouth, MN 983,674 1995 40 yrs.
3255 Neil Armstrong Boulevard Eagan, MN 253,311 1998 40 yrs.
4801 West 81st Street Bloomington, MN 258,411 1984 40 yrs.
8100 Cedar Avenue Bloomington, MN 323,589 1983 40 yrs.
9600 54th Avenue Plymouth, MN 282,834 1998 40 yrs.
7800 Equitable Drive Eden Prairie, MN 319,399 1993 40 yrs.
7905 Fuller Road Eden Prairie, MN 321,367 1994 40 yrs.
9023 Columbine Road Eden Prairie, MN 305,991 1999 40 yrs.
6161 Green Valley Drive Bloomington, MN 235,177 1992 40 yrs.
4700 Nathan Lane North Minneapolis, MN 616,074 1996 40 yrs.
8967 Columbine Road Eden Prairie, MN 162,344 2000 40 yrs.
14390 Huntington Avenue Savage, MN 288,818 1988 40 yrs.
550-590 Hale Avenue Oakdale, MN 173,088 1996 40 yrs.
7777 Golden Triangle Drive Eden Prairie, MN 105,943 2000 40 yrs.
8937 Columbine Road Eden Prairie, MN 111,032 2001 40 yrs.
7615 Smetana Lane Eden Prairie, MN 185,923 2001 40 yrs.
10801 Nesbitt Avenue South Bloomington, MN 206,889 2001 40 yrs.
8995 Columbine Road Eden Prairie, MN 43,108 2001 40 yrs.
26911-26957 Northwestern Highway Southfield, MI 8,275,494 1985 40 yrs.
1650 Research Drive Troy, MI 818,770 1985 40 yrs.
1775 Research Drive Troy, MI 325,556 1985 40 yrs.
1875 Research Drive Troy, MI 339,842 1986 40 yrs.
1850 Research Drive Troy, MI 913,182 1986 40 yrs.
1965 Research Drive Troy, MI 433,774 1987 40 yrs.
1960 Research Drive Troy, MI 411,830 1987 40 yrs.
27260 Haggerty Road Farmington Hills, MI 518,692 1983 40 yrs.
27200 Haggerty Road Farmington Hills, MI 424,673 1983 40 yrs.
27280 Haggerty Road Farmington Hills, MI 471,599 1983 40 yrs.
27220 Haggerty Road Farmington Hills, MI 234,324 1985 40 yrs.
27240 Haggerty Road Farmington Hills, MI 188,186 1985 40 yrs.
27300 Haggerty Road Farmington Hills, MI 409,924 1985 40 yrs.
1101 Allen Drive Troy, MI 96,156 1974 40 yrs.
1151 Allen Drive Troy, MI 214,004 1974 40 yrs.
1300 Rankin Street Troy, MI 170,677 1979 40 yrs.
1350 Rankin Street Troy, MI 122,589 1979 40 yrs.
1376-1400 Rankin Street Troy, MI 149,294 1979 40 yrs.
1352-1374 Rankin Street Troy, MI 169,489 1979 40 yrs.
1324-1346 Rankin Street Troy, MI 134,470 1979 40 yrs.
1301-1307 Rankin Street Troy, MI 124,944 1978 40 yrs.
1409 Allen Drive Troy, MI 169,134 1978 40 yrs.
1304 E Maple Road Troy, MI 229,710 1971 40 yrs.
1334 Maplelawn Road Troy, MI 125,102 1983 40 yrs.
1290 Maplelawn Road Troy, MI 87,398 1984 40 yrs.
1070 Maplelawn Road Troy, MI 69,810 1982 40 yrs.
950 Maplelawn Road Troy, MI 243,546 1982 40 yrs.
894 Maplelawn Road Troy, MI 175,547 1986 40 yrs.
1179 Maplelawn Road Troy, MI 95,334 1984 40 yrs.
1940 Norwood Drive Troy, MI 91,569 1983 40 yrs.
1311-1331 Maplelawn Road Troy, MI 139,673 1986 40 yrs.
2354 Bellingham Street Troy, MI 86,611 1990 40 yrs.
2360 Bellingham Street Troy, MI 88,115 1985 40 yrs.
1911 Ring Drive Troy, MI 88,112 1986 40 yrs.
26442-26450 Haggerty Road Farmington Hills, MI 230,643 1988 40 yrs.
26500 Haggerty Road Farmington Hills, MI 304,777 1986 40 yrs.
26650 Haggerty Road Farmington Hills, MI 168,727 1988 40 yrs.
26700 Haggerty Road Farmington Hills, MI 245,076 1986 40 yrs.
26750 Haggerty Road Farmington Hills, MI 326,159 1988 40 yrs.
26800 Haggerty Road Farmington Hills, MI 187,722 1986 40 yrs.
26842-26850 Haggerty Road Farmington Hills, MI 282,648 1988 40 yrs.
26600 Haggerty Road Farmington Hills, MI 254,561 1999 40 yrs.
26550 Haggerty Road Farmington Hills, MI 215,894 2000 40 yrs.
50 West Big Beaver Road Troy, MI 2,058,518 1987 40 yrs.
100 West Big Beaver Road Troy, MI 1,993,633 1987 40 yrs.
245 Executive Drive Brookfield, WI 515,672 1984 40 yrs.
8301 West Parkland Court Milwaukee, WI 323,179 1982 40 yrs.
32991 Hamilton Court Farmington Hills, MI 303,217 1989 40 yrs.
7500 West 110th Street Overland Park, KS 915,335 1983 40 yrs.
7800 N. 113th Street Milwaukee, WI 602,859 1991 40 yrs.
2475-2479 Elliot Avenue Troy, MI 50,563 1984 40 yrs.
32661 Edward Avenue Madison Heights, MI 199,379 1976 40 yrs.
83
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
ACCUMULATED DATE OF
DEPRECIATION CONSTRUCTION DEPRECIABLE
PROJECT CITY @ 12/31/01 OR ACQUISITION LIFE (YEARS)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES - Continued
32701 Edward Avenue Madison Heights, MI 128,114 1976 40 yrs.
32751 Edward Avenue Madison Heights, MI 86,662 1969 40 yrs.
32853 Edward Avenue Madison Heights, MI 85,843 1973 40 yrs.
555 East Mandoline Avenue Madison Heights, MI 75,209 1979 40 yrs.
599 East Mandoline Avenue Madison Heights, MI 74,071 1979 40 yrs.
749 East Mandoline Avenue Madison Heights, MI 60,726 1974 40 yrs.
750 East Mandoline Avenue Madison Heights, MI 63,376 1969 40 yrs.
900 East Mandoline Avenue Madison Heights, MI 66,001 1972 40 yrs.
949 East Mandoline Avenue Madison Heights, MI 67,802 1974 40 yrs.
32090 John Road Madison Heights, MI 34,625 1980 40 yrs.
31601 Research Park Drive Madison Heights, MI 161,116 1985 40 yrs.
31651 Research Park Drive Madison Heights, MI 94,179 1985 40 yrs.
31700 Research Park Drive Madison Heights, MI 156,151 1988 40 yrs.
31701 Research Park Drive Madison Heights, MI 94,839 1985 40 yrs.
31751 Research Park Drive Madison Heights, MI 111,238 1985 40 yrs.
31800 Research Park Drive Madison Heights, MI 136,963 1986 40 yrs.
800 Tech Row Madison Heights, MI 256,146 1986 40 yrs.
900 Tech Row Madison Heights, MI 85,016 1986 40 yrs.
1000 Tech Row Madison Heights, MI 229,472 1987 40 yrs.
31771 Sherman Avenue Madison Heights, MI 55,157 1982 40 yrs.
31791 Sherman Avenue Madison Heights, MI 56,629 1983 40 yrs.
31811 Sherman Avenue Madison Heights, MI 100,811 1983 40 yrs.
31831 Sherman Avenue Madison Heights, MI 78,562 1984 40 yrs.
31900 Sherman Avenue Madison Heights, MI 166,703 1984 40 yrs.
800 East Whitcomb Avenue Madison Heights, MI 136,008 1987 40 yrs.
950 East Whitcomb Avenue Madison Heights, MI 185,064 1988 40 yrs.
1000 East Whitcomb Avenue Madison Heights, MI 93,218 1980 40 yrs.
1201 East Whitcomb Avenue Madison Heights, MI 103,839 1980 40 yrs.
1210 East Whitcomb Avenue Madison Heights, MI 28,148 1983 40 yrs.
1260 Kempar Avenue Madison Heights, MI 35,145 1981 40 yrs.
1280 Kempar Avenue Madison Heights, MI 48,983 1983 40 yrs.
22515 Heslip Drive Novi, MI 34,168 1975 40 yrs.
9801 80th Avenue Pleasant Prairie, WI 715,970 1994 40 yrs.
11950 W. Lake Park Drive Milwaukee, WI 195,026 1986 40 yrs.
11400 W. Lake Park Drive Milwaukee, WI 204,410 1986 40 yrs.
11425 W. Lake Park Drive Milwaukee, WI 182,706 1987 40 yrs.
11301 W. Lake Park Drive Milwaukee, WI 202,527 1987 40 yrs.
11900 W. Lake Park Drive Milwaukee, WI 484,734 1987 40 yrs.
38100 Ecorse Road Romulus, MI 282,516 2000 40 yrs.
16620-16650 W Bluemound Road Brookfield, WI 250,032 1999 40 yrs.
1600-1630 East Big Beaver Road Troy, MI 162,424 1982 40 yrs.
11414 West Park Place Milwaukee, WI 284,243 2001 40 yrs.
11520 W. Calumet Road Milwaukee, WI 75,006 1995 40 yrs.
12100 W. Park Place Milwaukee, WI 157,714 1984 40 yrs.
N26 W23445 Paul Road Pewaukee, WI 90,824 1985 40 yrs.
11200 W. Plank Court Wauwatosa, WI 208,745 1988 40 yrs.
11020 W. Plank Court Wauwatosa, WI 131,870 1985 40 yrs.
38000 Ecourse Road Romulus, MI 370,733 2001 40 yrs.
3800 Lapeer Road Auburn Hills, MI 132,180 1989 40 yrs.
50 Gibson Drive West Malling, UK 609,610 1996 40 yrs.
2 Kings Hill Avenue West Malling, UK 565,544 1996 40 yrs.
50 Kings Hill Avenue West Malling, UK 1,311,057 1996 40 yrs.
10 Kings Hill Avenue West Malling, UK 545,499 1998 40 yrs.
30 Tower View West Malling, UK 662,747 1999 40 yrs.
35 Kings Hill Avenue West Malling, UK 224,322 1999 40 yrs.
39 Kings Hill Avenue West Malling, UK 201,524 1999 40 yrs.
4 Abbey Wood Road West Malling, UK 155,053 2001 40 yrs.
18 Kings Hill Avenue West Malling, UK 397,746 1999 40 yrs.
------------
Subtotal Operating Real Estate $404,617,087
============
DEVELOPMENT IN PROGRESS
2301 Renaissance Boulevard King of Prussia, PA $ - 2001 N/A
1500 Liberty Ridge Drive Wayne, PA - 2001 N/A
1515 Grundy's Lane Bristol, PA - 2001 N/A
3200 Horizon Drive King of Prussia, PA - 2001 N/A
301 Berkeley Drive Bridgeport, NJ - 2001 N/A
74 West Broad Street Bethlehem, PA - 2000 N/A
8150 Industrial Boulevard Allentown, PA - 2000 N/A
8250 Industrial Boulevard Allentown, PA - 2000 N/A
650 Boulder Drive Allentown, PA - 2000 N/A
1605 Valley Center Parkway Bethlehem, PA - 2001 N/A
3400 High Point Boulevard Bethlehem, PA - 2001 N/A
6250 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
5715 Old Shakopee Road West Bloomington, MN - 2001 N/A
5735 Old Shakopee Road West Bloomington, MN - 2001 N/A
20 Wright Avenue Hunt Valley, MD - 2001 N/A
200 Westgate Parkway Richmond, VA - 2001 N/A
1305 Executive Boulevard Chesapeake, VA - 2001 N/A
1313 Executive Boulevard Chesapeake, VA - 2001 N/A
3 Independence Pointe Greenville, SC - 2000 N/A
84
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
ACCUMULATED DATE OF
DEPRECIATION CONSTRUCTION DEPRECIABLE
PROJECT CITY @ 12/31/01 OR ACQUISITION LIFE (YEARS)
- -------------------------------------- ------------------- ------------ -------------- ------------
DEVELOPMENT IN PROGRESS - Continued
5 Independence Pointe Greenville, SC - 2000 N/A
1400 Mendenhall Oaks Parkway High Point, NC - 2001 N/A
4191 Mendenhall Oaks Parkway High Point, NC - 2000 N/A
979 Batesville Road Greer, SC - 2001 N/A
4887 Belfort Road Jacksonville, FL - 2000 N/A
7255 Salisbury Road Jacksonville, FL - 2000 N/A
2416 Lake Orange Drive Orlando, FL - 2000 N/A
16605 Air Center Boulevard Houston, TX - 2001 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
7851-61 Woodland Center Parkway Tampa, FL - 2001 N/A
7805 Hudson Road Woodbury, MN - 2000 N/A
4600 Nathan Lane Plymouth, MN - 2000 N/A
8911 Columbine Road Eden Prairie, MN - 2000 N/A
5775 Old Shakopee Road West Bloomington, MN - 2001 N/A
2600 Bellingham Drive Troy, MI - 2000 N/A
2710 Bellingham Drive Troy, MI - 2000 N/A
10855 West Park Place Milwaukee, WI - 2001 N/A
30 Kings Hill Avenue West Malling, UK - 2001 N/A
Aymer House Chertsey, UK - 2001 N/A
Uxbridge London, UK - 2001 N/A
------------
Subtotal Development in Progress $ -
============
LAND HELD FOR DEVELOPMENT
Keystone Industrial Park Land Bristol, PA $ - 1999 N/A
50 Prudential Road Horsham, PA - 1999 N/A
1710 Arch Street Philadelphia, PA - 2000 N/A
1722 Arch Street Philadelphia, PA - 2000 N/A
JFK & Arch Parking Lots/Land (East) Philadelphia, PA - 2000 N/A
JFK & Arch Parking Lots/Land (West) Philadelphia, PA - 2000 N/A
425 Privet Road Horsham, PA - 2001 N/A
425 Privet Road Horsham, PA - 2001 N/A
Quarry Ridge Land Malvern, PA - 2001 N/A
Commodore Business Park Logan, NJ - 1995 N/A
Marlton Executive Park Land Marlton, NJ - 1994 N/A
800 Arlington Boulevard Expansion Land Logan, NJ - 1999 N/A
300 Fellowship Road Land Mt. Laurel, NJ - 2001 N/A
Lehigh Valley Corporate Center Land Bethlehem, PA - 1987 N/A
LVCC Phase 2 Land Bethlehem, PA - 1998 N/A
650 Boulder Drive Expansion Allentown, PA - 2001 N/A
9th & Hamilton Streets Allentown, PA - 2001 N/A
Columbia Crossing Land Columbis, MD - 2000 N/A
6250 Old Dobbin Lane Columbia, MD - 2000 N/A
Hunt Valley Land Hunt Valley, MD - 2001 N/A
Fairgrounds Distribution Center Land Richmond, VA - 1995 N/A
Rivers' Bend Business Park Chesterfield, VA - 1995 N/A
Woodlands Center Land Sandston, VA - 1996 N/A
501 H P Way Chesterfield, VA - 1996 N/A
Eastport VII Richmond, VA - 1997 N/A
Eastport VIII Richmond, VA - 1997 N/A
Eastport IX Richmond, VA - 1997 N/A
Westmoreland II Land Virginia Beach, VA - 1998 N/A
Westmoreland III Land Virginia Beach, VA - 1998 N/A
Volvo Center Land Hampton, VA - 2000 N/A
Lakefront Plaza II Land Hampton, VA - 2001 N/A
Mendenhall Business Park I High Point, NC - 1995 N/A
Independence Pointe Land Greenville, SC - 1997 N/A
Eagle Hill Business Park Land High Point, NC - 1999 N/A
Southpark Business Park 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
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
Central Green Land Houston, TX - 2001 N/A
Woodland Corporate Center Land Tampa, FL - 1998 N/A
6119 W. Linebaugh Avenue Tampa, FL - 2000 N/A
Pompano Bus Park Land-Lots 100,101 Boca Raton, FL - 1998 N/A
Pompano Bus Park Land-Lots 60, 61 Boca Raton, FL - 1998 N/A
Boca Colannade Land Boca Raton, FL - 1998 N/A
Lake Smetana Business Park Eden Prairie, MN - 1998 N/A
8855 Columbine Road Eden Prairie, MN - 2000 N/A
5705 Old Shakopee Road W. Land Bloomington, MN - 2001 N/A
Romulus Land Romulus, MI - 1998 N/A
Big Beaver Airport Land Troy, MI - 1999 N/A
Park Place South Land Milwaukee, WI - 1999 N/A
85
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
ACCUMULATED DATE OF
DEPRECIATION CONSTRUCTION DEPRECIABLE
PROJECT CITY @ 12/31/01 OR ACQUISITION LIFE (YEARS)
- -------------------------------------- ------------------- ------------ -------------- ------------
LAND HELD FOR DEVELOPMENT - Continued
6505 Cogswell Road Romulus, MI - 2000 N/A
Northsight Land Scottsdale, AZ - 2000 N/A
------------
Subtotal Land Held for Development $ -
------------
Total All Properties $404,617,087
============
86
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,
----------------------------------
2001 2000 1999
---------- ---------- ----------
REAL ESTATE:
Balance at beginning of year $3,543,301 $3,254,751 $3,028,142
Additions 377,237 406,429 339,738
Disposition of property (161,988) (117,879) (113,129)
---------- ---------- ----------
Balance at end of year $3,758,550 $3,543,301 $3,254,751
========== ========== ==========
ACCUMULATED DEPRECIATION:
Balance at beginning of year $ 334,415 $ 270,174 $ 209,023
Depreciation expense 88,193 82,223 74,765
Disposition of property (17,991) (17,982) (13,614)
---------- ---------- ----------
Balance at end of year $ 404,617 $ 334,415 $ 270,174
========== ========== ==========
87
MANAGEMENT'S DISCUSSION OF FINANCIAL REPORTING RESPONSIBILITY
The financial statements presented in this Annual Report have been
prepared with integrity and are the responsibility of the management of
Liberty Property Limited Partnership. These financial statements are
prepared in conformity with accounting principles generally accepted in
the United States and properly reflect certain estimates and judgments
based upon the best available information. Management also prepared the
other information in the Annual Report and is responsible for its
accuracy and consistency with the consolidated financial statements.
The Operating Partnership's system of internal controls is designed to
provide reasonable assurance as to the proper authorization of
transactions, the safeguarding of Company assets and the accuracy and
reliability of the financial records. This system is reviewed and
modified in response to changing business conditions and operations, and
as a result of recommendations by the external and internal auditors.
In addition, the Company has distributed to its employees its policies
for conducting business affairs in a lawful and ethical manner.
The accounting firm of Ernst & Young LLP has performed an independent
audit of the Company's financial statements. Their audit was performed
in accordance with auditing standards generally accepted in the United
States. Management believes that all representations made to Ernst &
Young LLP during its audit were valid and appropriate.
The adequacy of the Company's internal controls and the accounting
principles employed in financial reporting are under the general
oversight of the Audit Committee of the Board of Trustees. The Audit
Committee, consisting solely of outside Trustees, meets periodically
with the external auditors, the internal auditors and representatives of
management to discuss auditing and financial reporting matters. The
external auditors and the internal auditors also have full and free
access to meet privately with the Audit Committee.
/s/ WILLARD G. ROUSE III
- ---------------------------------------------
Willard G. Rouse III
Chairman of the Board of Trustees and Chief Executive Officer
/s/ GEORGE J. ALBURGER, JR.
- ---------------------------------------------
George J. Alburger, Jr.
Chief Financial Officer and Executive Vice President
88
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, 2001 and 2000, and the related consolidated statements of
operations, owners' equity, and cash flows for each of the three years
in the period ended December 31, 2001. 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, 2001
and 2000, and the consolidated results of its operations and its cash
flows for each of the three years in the period ended December 31, 2001,
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, 2002,
89
CONSOLIDATED BALANCE SHEETS OF LIBERTY PROPERTY LIMITED PARTNERSHIP
(IN THOUSANDS)
DECEMBER 31,
------------------------
2001 2000
---------- ----------
ASSETS
Real estate:
Land and land improvements $ 467,311 $ 443,057
Buildings and improvements 2,874,903 2,754,356
Less accumulated depreciation (404,617) (334,415)
---------- ----------
Operating real estate 2,937,597 2,862,998
Development in progress 252,789 208,486
Land held for development 163,547 137,402
---------- ----------
Net real estate 3,353,933 3,208,886
Cash and cash equivalents 19,390 4,638
Accounts receivable 15,470 12,624
Deferred financing and leasing costs,
net of accumulated amortization
(2001, $60,488; 2000, $59,071) 68,163 62,871
Prepaid expenses and other assets 95,869 107,336
---------- ----------
Total assets $3,552,825 $3,396,355
========== ==========
LIABILITIES
Mortgage loans $ 340,131 $ 362,025
Unsecured notes 1,345,000 1,095,000
Credit facility 68,000 176,000
Convertible debentures - 70,871
Accounts payable 19,057 15,672
Accrued interest 31,392 29,478
Distribution payable 47,577 43,220
Other liabilities 83,852 84,515
---------- ----------
Total liabilities 1,935,009 1,876,781
Minority interest 6,173 -
OWNERS' EQUITY
General partner's equity - preferred units 120,814 120,814
- common units 1,302,608 1,199,991
Limited partners' equity - preferred units 112,516 112,516
- common units 75,705 86,253
---------- ----------
Total owners' equity 1,611,643 1,519,574
---------- ----------
Total liabilities and owners' equity $3,552,825 $3,396,355
========== ==========
See accompanying notes.
90
CONSOLIDATED STATEMENTS OF OPERATIONS OF LIBERTY PROPERTY LIMITED PARTNERSHIP
(IN THOUSANDS)
YEAR ENDED DECEMBER 31,
-----------------------------------------
2001 2000 1999
----------- ----------- -----------
REVENUE
Rental $ 419,712 $ 384,245 $ 342,931
Operating expense reimbursement 160,596 144,344 123,591
Interest and other 6,857 4,374 5,976
---------- ---------- ----------
Total revenue 587,165 532,963 472,498
EXPENSES
Rental property 111,310 97,181 87,415
Real estate taxes 56,578 51,558 42,024
Interest expense 112,006 108,295 99,663
General and administrative 21,052 19,260 16,127
Depreciation and amortization 102,626 93,472 84,464
---------- ---------- ----------
Total expenses 403,572 369,766 329,693
---------- ---------- ----------
Income before property dispositions
and extraordinary item 183,593 163,197 142,805
Gain on property dispositions 2,115 18,386 13,188
---------- ---------- ----------
Income before extraordinary item 185,708 181,583 155,993
Extraordinary item-loss on
extinguishment of debt - 2,103 1,145
---------- ---------- ----------
Net income $ 185,708 $ 179,480 $ 154,848
========== ========== ==========
Net income allocated to general
partner $ 166,537 $ 159,271 $ 141,324
========== ========== ==========
Net income allocated to limited
partners $ 19,171 $ 20,209 $ 13,524
========== ========== ==========
See accompanying notes.
91
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, 1999 $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
Contributions from partners 113,799 (9,915) 103,884
Distributions to partners (177,719) (19,804) (197,523)
Net income 166,537 19,171 185,708
---------- --------- ----------
Balance at December 31, 2001 $1,423,422 $ 188,221 $1,611,643
========== ========= ==========
See accompanying notes.
92
CONSOLIDATED STATEMENTS OF CASH FLOWS OF LIBERTY PROPERTY LIMITED PARTNERSHIP
(IN THOUSANDS)
YEAR ENDED DECEMBER 31,
-----------------------------------
2001 2000 1999
--------- ---------- ----------
OPERATING ACTIVITIES
Net income $ 185,708 $ 179,480 $ 154,848
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 102,626 93,472 84,464
Amortization of deferred financing costs 4,016 3,888 4,951
Gain on property dispositions (2,115) (18,386) (13,188)
Noncash compensation 2,122 2,077 1,990
Changes in operating assets and liabilities:
Accounts receivable (2,846) 764 40
Prepaid expenses and other assets 9,550 (44,646) (20,722)
Accounts payable 3,385 73 (2,654)
Accrued interest 1,914 7,056 4,159
Other liabilities (663) 16,957 (1,467)
--------- ---------- ----------
Net cash provided by operating activities 303,697 240,735 212,421
--------- ---------- ----------
INVESTING ACTIVITIES
Investment in properties (57,332) (118,735) (98,072)
Proceeds from disposition of properties/land 151,604 117,009 114,137
Investment in development in progress (255,333) (177,380) (175,447)
Increase in land held for development (54,002) (111,685) (63,836)
Increase in deferred leasing costs (18,135) (17,959) (15,560)
--------- ---------- ----------
Net cash used in investing activities (233,198) (308,750) (238,778)
--------- ---------- ----------
FINANCING ACTIVITIES
Retirement of convertible debentures (597) (10,914) (6,645)
Proceeds from issuance of unsecured notes 250,000 200,000 385,000
Repayment of unsecured notes - (90,000) (45,000)
Repayments of mortgage loans (31,782) (15,218) (42,217)
Proceeds from credit facility 305,200 541,000 162,024
Repayments on credit facility (413,200) (412,000) (379,024)
Increase in deferred financing costs (3,758) (6,592) (5,220)
Capital contributions 31,538 32,043 100,322
Distributions to partners (193,148) (174,730) (148,210)
--------- ---------- ----------
Net cash (used) provided by financing activities (55,747) 63,589 21,030
--------- ---------- ----------
Increase (decrease) in cash and cash equivalents 14,752 (4,426) (5,327)
Cash and cash equivalents at beginning of year 4,638 9,064 14,391
--------- ---------- ----------
Cash and cash equivalents at end of year $ 19,390 $ 4,638 $ 9,064
========= ========== ==========
SUPPLEMENTAL DISCLOSURE OF
NONCASH TRANSACTIONS
Write-off of fully depreciated
property and deferred costs $ 33,567 $ 31,021 $ 18,527
Acquisition of properties (9,888) (2,419) (3,818)
Assumption of mortgage loans 9,888 2,419 3,818
Conversion of convertible debentures 70,209 2,605 10,344
========= ========== ==========
See accompanying notes.
93
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 94.9% of the common equity
of the Operating Partnership at December 31, 2001. The Company provides
leasing, property management, development, acquisition, and other
tenant-related services 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, the Operating Partnership's
consolidated subsidiaries and consolidated joint ventures. All
significant intercompany transactions and accounts have been eliminated.
Reclassifications
Certain amounts from prior years 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 acquisition, or improvement of real
estate, including interest and other costs capitalized during
development, are included in net real estate and are stated at cost. The
capitalized costs include pre-construction costs essential to the
development of the property, development and construction costs,
interest costs, real estate taxes, salaries and other costs incurred
during the period of development. Expenditures for maintenance and
repairs are charged to operations as incurred.
94
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
loss is provided to reduce the carrying value of the property to its
estimated fair value. As of December 31, 2001, and 2000 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
On June 29, 2001 the FASB issued Statement No. 141, "Business
Combinations", which became effective for all business combinations
initiated after June 30, 2001. In addition Statement No. 142, "Goodwill
and Other Intangible Assets", was issued, which became effective January
1, 2002. The Company does not anticipate that these standards will have
a material effect on its results of operations or financial position.
In October of 2001, the FASB issued Statement No. 144, "Accounting for
the Impairment or Disposal of Long-Lived Assets". This Statement
addresses the financial accounting and reporting of long-lived assets
and for the disposition of long-lived assets. The provisions of this
Statement are effective for fiscal years beginning after December 15,
2001. The Company does not anticipate that the adoption of this
standard will have a material effect on its results of operations or
financial position.
3. REAL ESTATE
At December 31, 2001 and 2000, 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):
95
LAND BUILDINGS
AND LAND AND ACCUMULATED
IMPROVEMENTS IMPROVEMENTS TOTAL DEPRECIATION
------------ ------------ ----------- ------------
2001:
Industrial properties $ 235,053 $1,343,690 $1,578,743 $ 191,509
Office properties 232,258 1,531,213 1,763,471 213,108
--------- ---------- ---------- ----------
2001 Total $ 467,311 $2,874,903 $3,342,214 $ 404,617
========= ========== ========== ==========
2000:
Industrial properties $ 220,406 $1,277,797 $1,498,203 $ 161,931
Office properties 222,651 1,476,559 1,699,210 172,484
--------- ---------- ---------- ----------
2000 Total $ 443,057 $2,754,356 $3,197,413 $ 334,415
========= ========== ========== ==========
Depreciation expense was $88.2 million in 2001, $82.2 million in 2000,
and $74.8 million in 1999.
As of December 31, 2001, the Company has commenced development on 43
properties, which upon completion are expected to comprise approximately
3.6 million square feet of leaseable space. As of December 31, 2001
approximately $252.8 million has been expended for the development of
these projects and an additional $135.4 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, 2001, 2000, and 1999, 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 $3.8 million and $17.3 million, respectively, as of
December 31, 2001 and $7.5 million and $11.9 million, respectively, as
of December 31, 2000. The Company has the option to purchase this
affiliate for nominal consideration.
5. INDEBTEDNESS
Indebtedness consists generally of mortgage loans, unsecured notes, the
Credit Facility, as defined below, and convertible debentures (which
matured in 2001). The weighted average interest rates for the years
ended December 31, 2001, 2000, and 1999, were approximately 7.5%, 7.6%,
and 7.3%, respectively. Interest expense for the years ended December
31, 2001, 2000, and 1999, aggregated $112.0 million, $108.3 million,
and $99.7 million, respectively. Interest costs during these periods of
$22.3 million, $17.8 million, and $15.3 million, respectively, were
capitalized. Cash paid for interest for the years ended December 31,
2001, 2000, and 1999, was $128.4 million, $115.1 million, and $105.8
million, respectively.
Some of the debt agreements are subject to financial covenants.
Mortgage Loans, Unsecured Notes
Mortgage loans with maturities ranging from 2002 to 2012 are
collateralized by and in some instances cross-collateralized by
properties with a book value of $503.9 million.
96
As of December 31, 2001, $340.1 million in mortgage loans and $1,345.0
million in unsecured notes were outstanding. The interest rates on
$1,669.8 million of mortgage loans and unsecured notes are fixed and
range from 6.0% to 8.8%. Interest rates on $15.3 million of mortgage
loans float with the base rate of the respective lending bank or a
municipal bond index. The weighted average remaining term for the
mortgage loans and unsecured notes is 6.9 years. The scheduled
maturities of principal amortization of the Company's mortgage loans and
unsecured notes outstanding and the related weighted average interest
rates are as follows (in thousands):
MORTGAGES
------------------------- WEIGHTED
PRINCIPAL PRINCIPAL UNSECURED AVERAGE
AMORTIZATION MATURITIES NOTES (1) TOTAL INTEREST RATE
------------ ---------- ---------- ----------- -------------
2002 $ 8,066 $ - $ 100,000 $ 108,066 6.7%
2003 8,092 26,606 50,000 84,698 7.3%
2004 8,168 25,898 100,000 134,066 6.9%
2005 7,090 115,039 - 122,129 7.6%
2006 5,001 30,079 100,000 135,080 7.2%
2007 4,543 - 100,000 104,543 7.3%
2008 4,238 29,268 - 33,506 7.2%
2009 2,146 42,051 270,000 314,197 7.8%
2010 1,348 - 200,000 201,348 8.5%
2011 1,099 3,533 250,000 254,632 7.3%
2012 192 17,674 - 17,866 7.7%
2013 - - 75,000 75,000 6.4%
2018 - - 100,000 100,000 7.5%
-------- -------- ---------- ---------- ------
$ 49,983 $290,148 $1,345,000 $1,685,131 7.4%
======== ======== ========== ========== ======
(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"). The interest rate on borrowings under the Credit
Facility fluctuates, based on senior debt ratings from Moody's Investors
Service, Inc. ("Moody's"), Standard & Poor's Ratings Group ("Standard &
Poor's"), and Fitch, Inc. ("Fitch"). The current ratings for the
Company's senior unsecured debt are Baa2, BBB and BBB from Moody's,
Standard & Poor's, and Fitch respectively. At these ratings, the
current interest rate on the Credit Facility is 105 basis points over
the LIBOR (3.3% at December 31, 2001). The rate for the Credit Facility
at December 31, 2000 was 7.7%. 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, which matured on July 1, 2001, were
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 increased with the increases in the distribution payment on
the Company's Common Shares. At December 31, 2000, the effective
interest rate on the Convertible Debentures was 11.4%.
97
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.
There were no repurchases during 2001. In 2000 and 1999, the Company
repurchased $10.9 million and $6.6 million principal amount of the
Convertible Debentures, respectively. The repurchase of the Convertible
Debentures in 2000 and 1999 resulted in the recognition of an
extraordinary loss 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, the Convertible
Debentures were convertible into 3,543,550 Common Shares.
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, 2001,
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, 2001 are as follows (in thousands):
2002 $ 388,912
2003 339,337
2004 294,388
2005 237,829
2006 178,661
Thereafter 518,259
----------
TOTAL $1,957,386
==========
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.
98
The Company paid Preferred Unit distributions of $10.6 million, $10.1
million and $3.8 million during the years ended December 31, 2001, 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
$2.28 per unit on the Series C Preferred Units during the year ended
December 31, 2001 and $2.31 per unit on the Series B Preferred Units and
$1.60 per unit on the Series C Preferred Units for the year ended
December 31, 2000. During 1999, the Company paid $1.00 per unit on the
Series B Preferred Units.
8. 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.
9. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
The following is a summary of quarterly results of operations for the
two years ended December 31, 2001 and 2000 (in thousands, except per
share amounts):
QUARTER ENDED
----------------------------------------------------------------------------------
DEC. 31, SEPT. 30, JUNE 30, MARCH 31, DEC. 31, SEPT. 30, JUNE 30, MARCH 31,
2001 2001 2001 2001 2000 2000 2000 2000
-------- --------- -------- --------- -------- --------- -------- ---------
Rental revenue $106,592 $105,775 $104,759 $102,586 $100,296 $ 97,152 $ 94,825 $ 91,972
======== ======== ======== ======== ======== ======== ======== ========
Income before extraordinary
item 45,374 47,089 47,299 45,946 47,195 45,183 45,782 43,423
======== ======== ======== ======== ======== ======== ======== ========
Extraordinary item-loss on
extinguishment of debt - - - - - - 228 1,875
======== ======== ======== ======== ======== ======== ======== ========
Net income 45,374 47,089 47,299 45,946 47,195 45,183 45,554 41,548
======== ======== ======== ======== ======== ======== ======== ========
Net income allocated to
general partner 40,702 42,314 42,405 41,116 41,980 40,091 40,331 36,869
======== ======== ======== ======== ======== ======== ======== ========
Net income allocated to
limited partner 4,672 4,775 4,894 4,830 5,215 5,092 5,223 4,679
======== ======== ======== ======== ======== ======== ======== ========
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; Minneapolis, Minnesota;
Detroit, Michigan; and all others combined (including Maryland; Tampa,
Florida; South Florida; and the United Kingdom). The Company's
99
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
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, 2001
- ------------------------------------------------------------------------------------------------------------------------
SE New Lehigh The Jackson- Minne- All
Pennsyl. Jersey Valley Virginia Carolinas ville sota Michigan Others Total
-------- -------- -------- -------- --------- -------- -------- -------- -------- ----------
Real estate-
related revenues $171,947 $ 44,982 $ 57,645 $ 45,712 $ 45,345 $ 45,257 $ 48,753 $ 60,541 $ 60,126 $ 580,308
Rental property
expenses and
real estate taxes 49,345 14,353 13,924 11,336 12,721 11,907 18,357 19,622 16,323 167,888
-------- -------- -------- -------- -------- -------- -------- -------- -------- ---------
Property-level net
operating income 122,602 30,629 43,721 34,376 32,624 33,350 30,396 40,919 43,803 412,420
Other income/
expenses, net 228,827
---------
Income before property
dispositions,
extraordinary item,
and minority interest 183,593
Gain on property
dispositions 2,115
Extraordinary item-loss
on extinguishment of
debt -
---------
Net income $ 185,708
=========
Net income allocated
to general partner $ 166,537
=========
Net income allocated
to limited partners $ 19,171
=========
FOR THE YEAR ENDED DECEMBER 31, 2000
- ----------------------------------------------------------------------------------------------------------------------
SE New Lehigh The Jackson- Minne- All
Pennsyl. Jersey Valley Virginia Carolinas ville sota Michigan Others Total
-------- -------- -------- -------- --------- -------- -------- -------- -------- ----------
Real estate-
related revenues $147,519 $ 42,794 $ 50,709 $ 42,956 $ 41,542 $ 42,764 $ 42,556 $ 57,353 $ 60,396 $ 528,589
Rental property
expenses and
real estate taxes 40,954 13,132 11,041 9,674 11,391 10,487 16,339 19,710 16,011 148,739
-------- -------- -------- -------- -------- -------- -------- -------- -------- ---------
Property-level net
operating income 106,565 29,662 39,668 33,282 30,151 32,277 26,217 37,643 44,385 379,850
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
---------
Net income $ 179,480
=========
Net income allocated
to general partner $ 159,271
=========
Net income allocated
to limited partners $ 20,209
=========
100
FOR THE YEAR ENDED DECEMBER 31, 1999
- ------------------------------------------------------------------------------------------------------------------------
SE New Lehigh The Jackson- Minne- All
Pennsyl. Jersey Valley Virginia Carolinas ville sota Michigan Others Total
-------- -------- -------- -------- --------- -------- -------- -------- -------- ----------
Real estate-
related revenues $121,060 $ 42,604 $ 44,346 $ 40,114 $ 37,810 $ 40,979 $ 34,286 $ 50,806 $ 54,517 $ 466,522
Rental property
expenses and
real estate taxes 33,688 12,811 9,588 8,368 11,341 9,968 12,110 17,166 14,399 129,439
-------- -------- -------- -------- -------- -------- -------- -------- -------- ---------
Property-level net
operating income 87,372 29,793 34,758 31,746 26,469 31,011 22,176 33,640 40,118 337,083
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
=========
REVENUES YEAR ENDED DECEMBER 31,
- ---------------------------------------------------------- -----------------------------------
2001 2000 1999
---------- ---------- -----------
Total real estate-related revenues for reportable segments $ 580,308 $ 528,589 $ 466,522
Interest and other 6,857 4,374 5,976
--------- --------- ----------
Total revenues $ 587,165 $ 532,963 $ 472,498
========= ========= ==========
PRODUCT TYPE INFORMATION REAL ESTATE-RELATED REVENUES
- ---------------------------------------------------------- -----------------------------------
YEAR ENDED DECEMBER 31,
-----------------------------------
2001 2000 1999
--------- --------- ----------
Industrial $ 260,232 $ 239,384 $ 225,988
Office 320,076 289,205 240,534
--------- --------- ----------
Total real estate-related revenues $ 580,308 $ 528,589 $ 466,522
========== ========= ==========
ROLLFORWARD OF OPERATING REAL ESTATE ASSETS BY REPORTABLE SEGMENT
- ------------------------------------------------------------------------------------------------------------------------------
SE New Lehigh The Jackson- Minne- All
Pennsyl. Jersey Valley Virginia Carolinas ville sota Michigan Others Total
-------- -------- -------- -------- --------- -------- -------- -------- -------- ----------
January 1, 2001 $819,122 $252,953 $291,242 $303,036 $269,496 $302,523 $236,212 $354,120 $368,709 $3,197,413
Additions 93,719 12,761 32,078 32,500 8,778 13,040 26,451 48,045 27,072 294,444
Dispositions (2,776) (15,704) (2,837) (6,867) (78,290) (16,900) - - (26,269) (149,643)
-------- -------- -------- -------- -------- -------- -------- -------- -------- ----------
December 31, 2001 $910,065 $250,010 $320,483 $328,669 $199,984 $298,663 $262,663 $402,165 $369,512 $3,342,214
-------- -------- -------- -------- -------- -------- -------- -------- -------- ----------
Accumulated depreciation (404,617)
Development in progress 252,789
Land held for development 163,547
Other assets 198,892
----------
Total assets December 31, 2001 $3,552,825
==========
101
ROLLFORWARD OF OPERATING REAL ESTATE ASSETS BY REPORTABLE SEGMENT
- ------------------------------------------------------------------------------------------------------------------------------
SE New Lehigh The Jackson- Minne- All
Pennsyl. Jersey Valley Virginia Carolinas ville sota Michigan Others Total
-------- -------- -------- -------- --------- -------- -------- -------- -------- ----------
January 1, 2000 $733,465 $262,102 $271,606 $301,997 $250,708 $273,763 $213,276 $333,866 $363,897 $3,004,680
Additions 111,752 3,841 19,636 18,531 24,797 28,760 22,936 29,521 32,289 292,063
Dispositions (26,095) (12,990) - (17,492) (6,009) - - (9,267) (27,477) (99,330)
-------- -------- -------- -------- -------- -------- -------- -------- -------- ----------
December 31, 2000 $819,122 $252,953 $291,242 $303,036 $269,496 $302,523 $236,212 $354,120 $368,709 $3,197,413
-------- -------- -------- -------- -------- -------- -------- -------- -------- ----------
Accumulated depreciation (334,415)
Development in progress 208,486
Land held for development 137,402
Other assets 187,469
----------
Total assets December 31, 2000 $3,396,355
==========
102
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
COST
CAPITALIZED
INITIAL COST SUBSEQUENT
--------------------------- TO
PROJECT CITY ENCUMBRANCES LAND BUILDING ACQUISITION
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES
10, 20 Liberty Boulevard Malvern, PA $ - $ 724,058 $ - $ 5,126,705
420 Lapp Road Malvern, PA * 1,054,418 - 6,459,690
747 Dresher Road Horsham, PA - 1,607,238 - 4,115,110
45-67 Great Valley Parkway Malvern, PA * 795,143 - 3,143,793
40 Valley Stream Parkway Malvern, PA * 322,918 - 2,279,699
50 Valley Stream Parkway Malvern, PA - 323,971 - 2,231,098
20 Valley Stream Parkway Malvern, PA * 465,539 - 5,037,619
800 Town Center Drive Langhorne, PA - 1,617,150 - 9,251,450
9, 15, 25 Great Valley Parkway Malvern, PA * 1,837,050 - 15,003,095
257-275 Great Valley Parkway Malvern, PA * 504,611 - 4,365,308
300 Technology Drive Malvern, PA - 368,626 - 1,328,616
277-293 Great Valley Parkway Malvern, PA - 530,729 - 2,064,978
311 Technology Drive Malvern, PA - 397,131 - 2,240,723
325 Technology Drive Malvern, PA * 376,444 - 1,871,527
7 Great Valley Parkway Malvern, PA * 176,435 - 4,471,173
55 Valley Stream Parkway Malvern, PA - 215,005 - 3,374,440
65 Valley Stream Parkway Malvern, PA * 381,544 - 5,039,109
508 Lapp Road Malvern, PA * 331,392 - 1,862,252
10 Valley Stream Parkway Malvern, PA * 509,075 - 3,005,594
333 Phoenixville Pike Malvern, PA 1,947,981 523,530 - 2,917,373
30 Great Valley Parkway Malvern, PA - 128,126 - 385,499
75 Great Valley Parkway Malvern, PA - 143,074 - 698,629
27-43 Great Valley Parkway Malvern, PA * 448,775 - 2,202,097
77-123 Great Valley Parkway Malvern, PA * 887,664 - 4,863,790
260 Great Valley Parkway Malvern, PA - 203,916 - 1,147,879
256 Great Valley Parkway Malvern, PA * 161,098 - 1,785,718
205 Great Valley Parkway Malvern, PA * 1,368,259 - 10,203,456
12,14,16 Great Valley Parkway Malvern, PA - 130,689 - 1,282,818
155 Great Valley Parkway Malvern, PA * 625,147 - 2,298,137
333 Technology Drive Malvern, PA * 157,249 - 2,326,168
510 Lapp Road Malvern, PA * 356,950 - 926,587
181 Wheeler Court Langhorne, PA - 260,000 1,940,000 292,306
1100 Wheeler Way Langhorne, PA - 150,000 1,100,000 90,716
60 Morehall Road Malvern, PA - 865,424 9,285,000 4,759,002
905 Airport Road West Chester, PA - 1,715,000 5,185,000 720,487
1 Country View Road Malvern, PA - 400,000 3,600,000 473,511
2151 Cabot Boulevard Langhorne, PA * 384,100 3,456,900 242,541
170 South Warner Road King of Prussia, PA - 547,800 3,137,400 2,241,631
190 South Warner Road King of Prussia, PA - 552,200 3,162,600 1,376,002
507 Prudential Road Horsham, PA * 644,900 5,804,100 4,431,793
100 Witmer Road Horsham, PA 8,291,833 3,102,784 - 11,820,398
3100 Horizon Drive King of Prussia, PA - 601,956 - 2,004,238
3300 Horizon Drive King of Prussia, PA - 566,403 - 3,404,308
3500 Horizon Drive King of Prussia, PA - 1,204,839 - 2,611,592
200 Chesterfield Parkway Malvern, PA - 495,893 2,739,093 288,204
767 Electronic Drive Horsham, PA * 1,229,685 - 2,764,409
132 Welsh Road Horsham, PA - 1,333,642 - 3,762,707
5 Country View Road Malvern, PA * 785,168 4,678,632 148,617
3200 Horizon Drive King of Prussia, PA * 928,637 - 4,300,975
3000 Horizon Drive King of Prussia, PA * 1,191,449 - 2,295,450
111-195 Witmer Road Horsham, PA - 407,005 3,129,058 (105,055)
300 Welsh Road - Building 3 Horsham, PA - 180,459 1,441,473 205,063
300 Welsh Road - Building 4 Horsham, PA - 282,493 2,256,508 1,075,640
8801 Tinicum Boulevard Philadelphia, PA - 2,474,031 - 43,589,271
440 East Swedesford Road King of Prussia, PA - 717,001 4,816,121 1,568,329
460 East Swedesford Road King of Prussia, PA - 705,317 4,737,487 620,063
50 Morehall Road Malvern, PA - 849,576 - 13,043,717
2 Walnut Grove Drive Horsham, PA - 1,281,870 7,767,374 818,731
5 Walnut Grove Drive Horsham, PA - 1,065,951 - 9,232,036
200 Gibraltar Road Horsham, PA - 638,513 5,811,323 731,720
220 Gibraltar Road Horsham, PA - 629,944 5,733,228 1,053,047
240 Gibraltar Road Horsham, PA - 629,944 5,733,234 52,724
151 South Warner Road King of Prussia, PA - 1,218,086 6,937,866 198,370
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 - 952,911 6,722,830 7,554,683
680 Swedesford Road King of Prussia, PA - 952,361 6,722,830 7,262,938
761 Fifth Avenue King of Prussia, PA - 256,463 2,061,468 514,373
771 Fifth Avenue King of Prussia, PA - 152,456 1,256,908 261,681
1 Great Valley Parkway Malvern, PA - 419,460 3,792,570 329,957
5 Great Valley Parkway Malvern, PA - 684,200 6,181,661 468,075
311 Sinclair Road Bristol, PA - 277,901 1,576,906 17,598
1001 Cedar Hollow Road Malvern, PA - 1,436,814 - 16,047,698
3 Country View Road Malvern, PA - 814,278 - 4,946,433
425 Technology Drive Malvern, PA - 191,114 - 1,840,489
375 Technology Drive Malvern, PA - 191,114 - 1,770,217
45 Liberty Boulevard Malvern, PA - 4,380,221 - 15,082,343
100 Chesterfield Parkway Malvern, PA - 1,320,625 - 6,608,193
103
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
COST
CAPITALIZED
INITIAL COST SUBSEQUENT
--------------------------- TO
PROJECT CITY ENCUMBRANCES LAND BUILDING ACQUISITION
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - Continued
181-187 Gibraltar Road Horsham, PA - 360,549 3,259,984 477,083
104 Rock Road Horsham, PA - 330,111 2,981,669 114,323
123-135 Rock Road Horsham, PA - 292,360 2,411,677 668,417
111-159 Gibraltar Road Horsham, PA - 489,032 4,126,151 349,953
161-175 Gibraltar Road Horsham, PA - 294,673 2,663,722 526,676
103-109 Gibraltar Road Horsham, PA - 270,906 2,448,500 580,022
261-283 Gibraltar Road Horsham, PA * 464,871 3,951,972 96,999
210-223 Witmer Road Horsham, PA - 270,282 2,441,276 1,456,990
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 5,888,989 208,080
506 Prudential Road Horsham, PA - 208,140 895,470 618,275
113-123 Rock Road Horsham, PA - 351,072 3,171,001 234,092
101-111 Rock Road Horsham, PA - 350,561 3,166,389 235,823
120 Gibraltar Road Horsham, PA - 533,142 4,830,515 144,767
110 Gibraltar Road Horsham, PA - 673,041 5,776,369 294,259
100-107 Lakeside Drive Horsham, PA - 239,528 2,163,498 596,142
200-264 Lakeside Drive Horsham, PA - 502,705 4,540,597 433,681
300-309 Lakeside Drive Horsham, PA - 369,475 3,338,761 1,453,109
400-445 Lakeside Drive Horsham, PA - 543,628 4,910,226 1,532,203
104 Witmer Road Horsham, PA - 1,248,148 - 1,048,517
201 Gibraltar Road Horsham, PA - 380,127 3,433,433 1,033,874
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 - 32,056,688
400-500 Brandywine Parkway West Chester, PA - 845,846 6,809,025 364,083
600 Brandywine Parkway West Chester, PA - 664,899 5,352,410 558,165
2700 Horizon Drive King of Prussia, PA - 764,370 - 3,673,277
2900 Horizon Drive King of Prussia, PA - 679,440 - 3,503,064
2500 Renaissance Boulevard King of Prussia, PA - 509,580 - 2,420,478
2300 Renaissance Boulevard King of Prussia, PA - 509,580 - 2,683,201
719 Dresher Road Horsham, PA * 493,426 2,812,067 197,283
2100 Renaissance Boulevard King of Prussia, PA - 1,110,111 - 9,324,220
4 Walnut Grove Horsham, PA * 2,515,115 - 7,324,883
2250 Hickory Road Plymouth Meeting, PA 5,735,000 1,015,851 9,175,555 941,468
3400 Horizon Drive King of Prussia, PA - 776,496 3,139,068 973,848
300 Welsh Road Horsham, PA - 696,061 3,339,991 49,629
600 Chesterfield Parkway Malvern, PA - 2,013,750 - 8,135,324
700 Chesterfield Parkway Malvern, PA - 2,013,750 - 8,096,150
6 Terry Drive Newtown, PA - 622,029 2,228,851 21,322
2520 Renaissance Boulevard King of Prussia, PA - 1,020,000 - 4,158,257
18 Great Valley Parkway Malvern, PA - 394,036 3,976,221 35,251
700 Dresher Road Horsham, PA - 2,551,777 3,020,638 3,091,849
2201 Renaissance Boulevard King of Prussia, PA - - - 15,150,120
2540 Renaissance Boulevard King of Prussia, PA - - - 1,651,574
2560 Renaissance Boulevard King of Prussia, PA - - - 3,729,254
1501-1513 Grundy's Lane Bristol, PA - - - 3,056,112
11 Great Valley Parkway Malvern, PA - 496,297 - 3,257,650
680 Blair Mill Road Horsham, PA - 3,527,151 - 11,997,096
825 Duportail Road Wayne, PA - 5,536,619 16,179,213 499,989
1200 Liberty Ridge Drive Wayne, PA - 6,215,667 - 8,031,552
2760 Red Lion Road Philadelphia, PA - - - 45,099,910
200 Precision Drive Horsham, PA - 1,559,884 4,759,640 2,566,339
40 Liberty Boulevard Malvern, PA - 4,241,137 17,737,090 2,182,841
102 Rock Road Horsham, PA - 1,110,209 2,301,302 419,899
14 Lee Boulevard Malvern, PA * 664,282 - 6,026,477
500 Chesterfield Parkway Malvern, PA * 472,364 - 3,209,019
300-400 Chesterfield Parkway Malvern, PA * 937,212 - 4,881,211
8 Stow Road Marlton, NJ - 172,600 1,704,436 119,073
10 Stow Road Marlton, NJ - 147,000 1,451,536 450,788
12 Stow Road Marlton, NJ - 103,300 1,021,036 227,510
14 Stow Road Marlton, NJ - 93,100 920,336 310,122
701A Route 73 South Marlton, NJ - 264,387 3,772,000 2,391,459
701C Route 73 South Marlton, NJ - 84,949 1,328,000 339,479
1008 Astoria Boulevard Cherry Hill, NJ - 27,120 424,880 377,835
3000 Atrium Way Mt. Laurel, NJ * 500,000 4,500,000 3,523,484
750 Cardinal Drive Bridgeport, NJ - 230,000 2,070,000 655,821
11000, 15000 Commerce Parkway Mt. Laurel, NJ - 310,585 4,394,900 (709,225)
12000, 14000 Commerce Parkway Mt. Laurel, NJ - 361,800 3,285,817 255,412
16000, 18000 Commerce Parkway Mt. Laurel, NJ - 289,700 2,512,683 469,541
400 Lippincott Drive Marlton, NJ - 69,402 - 3,070,977
406 Lippincott Drive Marlton, NJ - 321,455 1,539,871 794,078
234 High Hill Road Bridgeport, NJ * 249,472 1,477,515 348,867
101 Arlington Boulevard Bridgeport, NJ - 6,368 - 4,602,131
100 Berkeley Drive Bridgeport, NJ * 600,508 1,915,215 4,483,338
301 Lippincott Drive Marlton, NJ - 1,069,837 4,780,163 466,123
303 Lippincott Drive Marlton, NJ - 1,069,837 4,780,163 1,326,147
510-512 Sharptown Road Bridgeport, NJ * 125,410 1,072,683 47,779
901 Route 73 Marlton, NJ - 334,411 2,733,314 120,583
1300 Route 73 North Mt. Laurel, NJ * 449,400 3,074,850 719,222
512 Sharptown Road Bridgeport, NJ * 180,468 1,543,617 207,820
201 Berkeley Drive Bridgeport, NJ - 270,880 - 5,124,651
104
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
COST
CAPITALIZED
INITIAL COST SUBSEQUENT
--------------------------- TO
PROJECT CITY ENCUMBRANCES LAND BUILDING ACQUISITION
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - Continued
404 Lippincott Drive Marlton, NJ - 131,896 - 1,650,431
104 Gaither Drive Mt. Laurel, NJ - 132,075 1,151,988 224,926
402 Lippincott Drive Marlton, NJ - 131,896 - 1,632,284
300 Commodore Drive Bridgeport, NJ - 417,695 - 5,290,036
3000 Lincoln Drive Mt. Laurel, NJ - 284,052 2,458,155 1,229,406
6000 Commerce Parkway Mt. Laurel, NJ - 234,151 2,022,683 158,662
7000 Commerce Parkway Mt. Laurel, NJ - 260,014 2,236,684 235,166
8000 Commerce Parkway Mt. Laurel, NJ - 234,814 1,995,098 118,185
9000 Commerce Parkway Mt. Laurel, NJ - 286,587 2,474,820 499,376
1000 Briggs Road Mt. Laurel, NJ - 288,577 2,546,537 875,281
1025 Briggs Road Mt. Laurel, NJ 1,691,019 430,990 3,714,828 409,794
1020 Briggs Road Mt. Laurel, NJ - 494,334 - 2,915,789
9 Stow Road Marlton, NJ - 652,642 1,765,065 381,799
2000 Crawford Place Mt. Laurel, NJ - 310,831 2,797,744 1,748,397
5000 Dearborn Court Mt. Laurel, NJ - 1,057,763 4,191,827 121,424
515 Heron Drive Bridgeport, NJ 1,319,985 334,017 2,367,538 14,286
500 Sharptown Road Bridgeport, NJ 1,244,265 300,404 2,645,235 57,191
625 Heron Drive Bridgeport, NJ * 180,226 908,953 49,751
605 Heron Drive Bridgeport, NJ 545,068 265,381 1,046,866 94,972
510 Heron Drive Bridgeport, NJ 5,824,627 790,335 7,901,878 350,653
522 Pedricktown Road Bridgeport, NJ * 176,309 1,360,293 19,550
530 Pedricktown Road Bridgeport, NJ * 350,813 1,901,471 31,304
540 Pedricktown Road Bridgeport, NJ 3,006,508 531,280 4,532,010 (160,307)
230 High Hill Road Bridgeport, NJ 5,372,430 1,418,000 8,860,843 28,683
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 - 2,167,471 18,120,223 137,567
100 Eagle Road Bridgeport, NJ 1,019,294 256,491 1,434,429 20,524
250 High Hill Road Bridgeport, NJ 1,647,337 246,478 2,269,440 173,859
508 Center Square Road Bridgeport, NJ 1,528,989 453,341 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 19,167
500 Center Square Road Bridgeport, NJ - 1,815,403 6,186,541 31,500
1001 Briggs Road Mt. Laurel, NJ - 701,705 3,505,652 874,095
1960 Cuthbert Boulevard Cherry Hill, NJ - 321,699 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 2,579,524 556,925
800 Arlington Boulevard Bridgeport, NJ - 1,687,500 - 7,572,381
1015 Briggs Road Mt. Laurel, NJ - 356,987 - 3,323,705
17000 Commerce Parkway Mt. Laurel, NJ - 144,515 - 2,735,151
1655 Valley Center Parkway Bethlehem, PA - 214,431 - 1,922,819
6560 Stonegate Drive Allentown, PA - 458,281 - 2,400,722
6370 Hedgewood Drive Allentown, PA - 540,795 - 3,146,969
6390 Hedgewood Drive Allentown, PA - 707,203 - 2,634,253
1495 Valley Center Parkway Bethlehem, PA - 434,640 - 3,657,540
6350 Hedgewood Drive Allentown, PA - 360,027 - 3,380,457
6330 Hedgewood Drive Allentown, PA - 531,268 - 4,527,735
1550 Valley Center Parkway Bethlehem, PA - 196,954 - 3,279,825
1560 Valley Center Parkway Bethlehem, PA - 240,069 - 3,965,513
6580 Snowdrift Road Allentown, PA - 388,328 - 2,669,530
1510 Valley Center Parkway Bethlehem, PA - 312,209 - 3,454,282
1530 Valley Center Parkway Bethlehem, PA - 211,747 - 2,736,186
6540 Stonegate Drive Allentown, PA - 422,042 - 3,644,748
974 Marcon Boulevard Allentown, PA - 143,500 - 2,197,007
964 Marcon Boulevard Allentown, PA - 138,816 - 1,583,747
764 Roble Road Allentown, PA - 141,069 - 819,455
3174 Airport Road Allentown, PA - 98,986 - 1,144,153
2196 Avenue C Allentown, PA - 101,159 - 1,314,509
2202 Hanger Place Allentown, PA - 137,439 - 1,309,996
2201 Hanger Place Allentown, PA - 128,454 - 1,399,071
954 Marcon Boulevard Allentown, PA - 103,665 - 1,108,205
57 South Commerce Way Bethlehem, PA - 390,839 2,701,161 177,646
754 Roble Road Allentown, PA - 162,115 1,731,885 123,892
894 Marcon Boulevard Allentown, PA - 117,134 1,048,866 145,648
744 Roble Road Allentown, PA - 159,771 1,734,229 247,264
944 Marcon Boulevard Allentown, PA - 118,521 1,435,479 223,107
1685 Valley Center Parkway Bethlehem, PA - 244,029 - 2,008,860
6520 Stonegate Drive Allentown, PA - 453,315 - 1,391,503
7437 Industrial Boulevard Allentown, PA - 717,488 5,022,413 1,769,355
2041 Avenue C Allentown, PA * 213,599 1,095,217 72,137
2124 Avenue C Allentown, PA * 289,197 1,039,835 484,776
7339 Industrial Boulevard Allentown, PA - 1,187,776 - 5,913,948
7384 Penn Drive Allentown, PA * 651,696 2,286,518 447,689
7144 Daniels Drive Allentown, PA - 2,390,217 2,342,761 3,565,895
7620 Cetronia Road Allentown, PA - 1,091,806 3,851,456 336,679
939 Marcon Boulevard Allentown, PA * 2,220,414 4,524,393 858,451
100 Brodhead Road Bethlehem, PA * 429,416 2,919,588 187,078
1455 Valley Center Parkway Bethlehem, PA - 670,290 - 3,623,704
1640 Valley Center Parkway Bethlehem, PA - 359,000 - 2,412,281
1650 Valley Center Parkway Bethlehem, PA - 359,000 - 2,210,935
1660 Valley Center Parkway Bethlehem, PA - 359,000 - 2,186,235
400 Nestle Way Allentown, PA 25,878,187 8,065,500 - 26,453,992
105
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
COST
CAPITALIZED
INITIAL COST SUBSEQUENT
--------------------------- TO
PROJECT CITY ENCUMBRANCES LAND BUILDING ACQUISITION
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - Continued
83 South Commerce Way Bethlehem, PA - 143,661 888,128 304,701
85 South Commerce Way Bethlehem, PA - 236,708 987,949 114,665
87 South Commerce Way Bethlehem, PA - 253,886 1,062,881 152,392
89 South Commerce Way Bethlehem, PA - 320,000 - 1,828,012
7248 Industrial Boulevard Allentown, PA - 2,670,849 13,307,408 728,272
95 Highland Avenue Bethlehem, PA - 430,593 3,182,080 445,066
236 Brodhead Road Bethlehem, PA - 376,962 4,672,683 25,646
1525 Valley Center Parkway Bethlehem, PA - 475,686 - 7,460,005
6620 Grant Way Allentown, PA - 430,824 1,915,923 6,338
700 Nestle Way Allentown, PA - 3,473,120 - 16,916,630
7562 Penn Drive Allentown, PA - 269,614 844,069 93,264
7277 Williams Avenue Allentown, PA - 462,964 1,449,009 271,360
7355 Williams Avenue Allentown, PA - 489,749 1,658,091 152,592
794 Roble Road Allentown, PA - 1,147,541 6,088,041 1,136,853
6923 Schantz Spring Road Allentown, PA - 1,127,805 3,309,132 165,875
7132 Daniels Drive Allentown, PA - 1,623,326 3,464,626 3,886,296
3985 Adler Place Bethlehem, PA - 705,367 3,915,820 471,397
8014 Industrial Boulevard Allentown, PA - 4,019,258 - 8,692,231
705 Boulder Drive Allentown, PA 150,000 4,484,096 - 15,003,242
651 Boulder Drive Allentown, PA - 4,308,646 - 13,108,539
3773 Corporate Parkway Center Valley, PA - 738,108 - 7,441,416
7028 Snowdrift Road Fogelville, PA - 520,473 959,279 130,973
180,190 Cochrane Drive Annapolis, MD - 3,670,256 - 16,803,473
7178-80 Columbia Gateway Columbia, MD - 1,569,237 4,786,887 645,248
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 - 299,099 2,654,069 189,716
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 7,493,740 204,034
7317 Parkway Drive Hanover, MD - 1,104,359 1,959,671 4,319
5950 Symphony Woods Road Columbia, MD - 1,462,762 11,310,187 132,547
9101,9111,9115 Guilford Road Columbia, MD - 758,951 - 3,245,076
9125,9135,9145 Guilford Road Columbia, MD - 900,154 - 5,454,397
1751 Bluehills Drive Roanoke, VA - 1,063,728 8,500,677 -
4300 Carolina Avenue Richmond, VA - 2,007,717 14,927,608 330,317
301 Hill Carter Parkway Richmond, VA - 659,456 4,836,010 -
4001 Carolina Avenue Richmond, VA - 29,443 215,914 64,343
5600-5626 Eastport Boulevard Richmond, VA * 489,941 3,592,900 111,058
5650-5674 Eastport Boulevard Richmond, VA * 644,384 4,025,480 81,312
5700 Eastport Boulevard Richmond, VA * 408,729 2,697,348 38,566
3432 Holland Road Virginia Beach, VA - 173,527 790,515 -
4880 Cox Road Glen Allen, VA * 743,898 4,499,807 1,127,008
4101- 4127 Carolina Avenue Richmond, VA * 310,854 2,279,597 70,437
4201-4261 Carolina Avenue Richmond, VA * 693,203 5,083,493 591,334
4263-4299 Carolina Avenue Richmond, VA - 256,203 2,549,649 1,059,396
4301-4335 Carolina Avenue Richmond, VA - 223,696 1,640,435 120,778
4337-4379 Carolina Avenue Richmond, VA * 325,303 2,385,557 746,263
4501-4549 Carolina Avenue Richmond, VA * 486,166 3,565,211 141,323
4551-4593 Carolina Avenue Richmond, VA * 474,360 3,478,646 127,874
4601-4643 Carolina Avenue Richmond, VA * 652,455 4,784,675 372,059
4645-4683 Carolina Avenue Richmond, VA * 404,616 2,967,187 1,012,104
4447-4491 Carolina Avenue Richmond, VA - 454,056 2,729,742 106,901
4401-4445 Carolina Avenue Richmond, VA * 615,038 4,510,272 31,465
12 S. Third Street Richmond, VA - 40,539 184,682 14,061
9601 Cosner Drive Fredericksburg, VA * 475,262 3,917,234 53,021
2300 East Parham Road Richmond, VA - 221,947 1,011,088 -
5601-5659 Eastport Boulevard Richmond, VA * 705,660 - 4,976,505
5900 Eastport Boulevard Richmond, VA * 676,661 - 4,471,494
4717-4729 Eubank Road Richmond, VA * 449,447 3,294,697 143,694
4263F-N. Carolina Avenue Richmond, VA * 91,476 - 1,631,649
5000 Cox Road Glen Allen, VA * 770,214 3,685,248 95,969
5500 Cox Road Glen Allen, VA * 443,485 - 2,671,989
510 Eastpark Court Richmond, VA * 261,961 2,110,874 134,170
520 Eastpark Court Richmond, VA * 486,118 4,083,582 69,899
13001 Kingston Avenue Richmond, VA - 376,584 - 2,032,172
5701-5799 Eastport Boulevard Richmond, VA - 694,644 - 5,608,550
4801 Cox Road Glen Allen, VA - 1,072,896 - 8,858,737
600 H P Way Chester, VA - 146,126 - 6,798,387
500 H P Way Chester, VA - 142,692 - 5,991,631
701 Liberty Way Richmond, VA * 171,711 - 5,008,315
4198 Cox Road Glen Allen, VA - 670,292 3,839,245 558,668
12730 Kingston Avenue Richmond, VA - 171,053 - 8,147,207
4510 Cox Road Glen Allen, VA - 1,010,024 7,151,729 729,365
2809 South Lynnhaven Road Virginia Beach, VA - 953,590 6,142,742 554,793
200 Golden Oak Court Virginia Beach, VA * 1,116,693 6,770,480 584,728
208 Golden Oak Court Virginia Beach, VA * 965,177 6,728,717 263,545
1 Enterprise Parkway Hampton, VA - 974,675 5,579,869 359,116
106
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
COST
CAPITALIZED
INITIAL COST SUBSEQUENT
--------------------------- TO
PROJECT CITY ENCUMBRANCES LAND BUILDING ACQUISITION
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - Continued
22 Enterprise Parkway Hampton, VA - 1,097,368 6,760,778 435,672
530 Eastpark Court Richmond, VA - 266,883 - 2,755,534
484 Viking Drive Virginia Beach, VA - 891,753 3,607,890 149,146
10430 Lakeridge Parkway Ashland, VA - 421,267 3,770,870 52,726
10456 Lakeridge Parkway Ashland, VA - 409,261 3,663,754 64,073
3829-3855 Gaskins Road Richmond, VA - 364,165 3,264,114 6,679
629 Phoenix Drive Virginia Beach, VA - 371,694 2,108,097 48,028
11838 Rock Landing Drive Newport News, VA - 673,942 2,111,481 494,342
11844 Rock Landing Drive Newport News, VA - 326,774 1,391,561 74,890
11846 Rock Landing Drive Newport News, VA - 299,066 1,419,266 309,233
11832 Rock Landing Drive Newport News, VA - 299,066 1,419,266 5,055,811
10800 Nuckols Boulevard Richmond, VA - 1,432,462 - 14,358,942
5700 Cleveland Street Virginia Beach, VA - 700,112 9,592,721 831,459
801 Liberty Way Richmond, VA * 780,000 - 6,104,608
5 Manhattan Square Hampton, VA - 207,368 - 1,562,803
100 Westgate Parkway Richmond, VA - 1,140,648 101,824 8,275,261
1309 Executive Boulevard Cheaspeake, VA - 926,125 - 5,059,996
21 Enterprise Parkway Hamton, VA - 263,668 8,167,118 123,083
4523 Green Point Drive High Point, NC - 234,564 - 2,403,961
4501 Green Point Drive High Point, NC - 319,289 - 2,335,761
4500 Green Point Drive High Point, NC - 230,622 - 2,190,555
2427 Penny Road High Point, NC - 1,165,664 - 6,228,051
4524 Green Point Drive High Point, NC * 182,810 - 2,184,629
4328, 4336 Federal Drive High Point, NC 5,623,271 521,122 - 7,063,422
200 Centreport Drive Greensboro, NC * 331,400 3,768,600 418,815
4344 Federal Drive High Point, NC * 484,001 - 2,361,623
202 Centreport Drive Greensboro, NC * 549,948 5,360,462 572,253
101 Centreport Drive Greensboro, NC - 826,237 - 7,755,692
4000 Piedmont Parkway High Point, NC * 592,885 4,825,615 429,102
4380 Federal Drive High Point, NC - 282,996 - 2,109,455
4388 Federal Drive High Point, NC - 143,661 - 1,119,330
6532 Judge Adams Road Rock Creek, NC - 354,903 - 3,488,165
6530 Judge Adams Road Rock Creek, NC - 305,821 - 4,458,196
150 Ridgeview Center Drive Duncan, SC - 711,353 8,056,324 881,444
1320 Garlington Road Greenville, SC - 398,539 1,761,533 51,112
420 Park Avenue Greenville, SC * 522,548 2,730,261 550,091
4160 Mendenhall Oaks Parkway High Point, NC - 285,882 - 3,086,093
4194 Mendenhall Oaks Parkway High Point, NC - 102,372 - 2,361,700
4196 Mendenhall Oaks Parkway High Point, NC - 66,731 - 2,108,548
4170 Mendenhall Oaks Parkway High Point, NC - 143,699 - 2,200,631
4180 Mendenhall Oaks Parkway High Point, NC - 121,329 - 1,759,812
4050 Piedmont Parkway High Point, NC - 801,902 - 18,159,735
One Independence Pointe Greenville, SC - 780,881 6,199,230 225,760
55 Beattie Place Greenville, SC - 2,643,105 23,439,801 830,099
75 Beattie Place Greenville, SC * 2,406,646 17,400,939 496,862
7736 McCloud Road Greensboro, NC - 591,795 5,895,312 227,487
15 Brendan Way Greenville, SC - 614,192 3,012,019 991,739
4300 Federal Drive High Point, NC - 264,038 - 1,621,937
4135 Mendenall Oaks Parkway High Point, NC - 499,500 - 2,712,012
4183 Eagle Hill Drive High Point, NC - 122,203 - 3,763,018
4189 Eagle Hill Drive High Point, NC - 100,106 - 2,866,186
4020 Meeting Way High Point, NC - 94,232 - 1,681,829
170 Ridgeview Drive Duncan, SC - 224,162 109,218 4,930,743
6509 Franz Warner Parkway Rock Creek, NC - 360,494 - 2,417,221
1730 Stebbins Drive Houston, TX - 143,258 - 478,152
5911-5925 Richard Street Jacksonville, FL - 275,582 - 508,967
8383-8385 Baycenter Road Jacksonville, FL - 63,703 - 713,824
8775 Baypine Road Jacksonville, FL - 906,804 - 3,174,423
6255 Lake Gray Boulevard Jacksonville, FL - 813,067 - 3,552,562
8665,8667,8669 Baypine Road Jacksonville, FL - 966,552 - 4,183,224
1200 Gulf Life Drive Jacksonville, FL - 1,028,864 - 18,405,444
8614 Baymeadows Way Jacksonville, FL - 290,291 - 1,082,548
5941-5975 Richard Street Jacksonville, FL - 583,622 - 1,131,332
7970 Bayberry Road Jacksonville, FL - 127,520 - 1,251,765
6000-6030 Bowdendale Avenue Jacksonville, FL - 275,475 - 1,697,973
7898 Baymeadows Way Jacksonville, FL - 561,802 - 1,951,868
5977-6607 Richard Street Jacksonville, FL - 180,033 - 3,249,765
7910 & 7948 Baymeadows Way Jacksonville, FL - 210,299 - 2,655,355
7954, 7960 Baymeadows Way Jacksonville, FL - 291,312 - 2,945,718
8787 Baypine Road Jacksonville, FL - 2,076,306 - 35,412,918
7077 Bonneval Road Jacksonville, FL - 768,000 5,789,000 1,283,363
4190 Belfort Road Jacksonville, FL - 821,000 5,866,000 1,835,428
7020 AC Skinner Parkway Jacksonville, FL * 398,257 - 2,461,550
7022 AC Skinner Parkway Jacksonville, FL * 706,934 - 3,097,328
11777 Central Highway Jacksonville, FL - 92,207 429,997 1,259,623
4345 Southpoint Parkway Jacksonville, FL - - - 8,734,288
7016 AC Skinner Parkway Jacksonville, FL - 597,181 - 2,326,445
7018 AC Skinner Parkway Jacksonville, FL - 840,996 - 4,082,054
7014 AC Skinner Parkway Jacksonville, FL - 574,198 - 3,349,127
6620 Southpoint Drive Jacksonville, FL - 614,602 4,267,477 557,500
7980 Bayberry Road Jacksonville, FL - 330,726 1,338,101 17,776
9600 Satellite Boulevard Orlando, FL - 252,850 1,297,923 54,059
107
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
COST
CAPITALIZED
INITIAL COST SUBSEQUENT
--------------------------- TO
PROJECT CITY ENCUMBRANCES LAND BUILDING ACQUISITION
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - Continued
9700 Satellite Boulevard Orlando, FL - 405,362 1,146,546 113,385
1902 Cypress Lake Drive Orlando, FL - 523,512 3,191,790 866,686
9550 Satellite Boulevard Orlando, FL - 574,831 - 2,087,623
8250 & 8256 Exchange Place Orlando, FL - 622,413 2,507,842 448,326
6600 Southpoint Parkway Jacksonville, FL - 998,432 4,055,727 328,425
6700 Southpoint Parkway Jacksonville, FL - 620,719 2,989,746 500,718
4801 Executive Park Court - 100 Jacksonville, FL * 554,993 2,993,277 445,021
4801 Executive Park Court - 200 Jacksonville, FL * 370,017 1,995,518 23,275
4810 Executive Park Court Jacksonville, FL * 369,694 3,045,639 47,709
6602 Executive Park Court - 100 Jacksonville, FL * 388,519 2,095,293 38,958
6602 Executive Park Court - 200 Jacksonville, FL * 296,014 1,596,347 114,520
6631 Executive Park Court - 100 Jacksonville, FL * 251,613 1,356,849 4,278
6631 Executive Park Court - 200 Jacksonville, FL * 406,561 2,195,070 178,372
4815 Executive Park Court - 100 Jacksonville, FL * 366,317 1,975,393 20,549
4815 Executive Park Court - 200 Jacksonville, FL * 462,522 2,494,397 187,247
4825 Executive Park Court Jacksonville, FL * 601,278 3,242,491 12,342
4820 Executive Park Court Jacksonville, FL * 555,173 2,693,130 591,331
10511 & 10611 Satellite Boulevard Orlando, FL - 517,554 2,568,186 237,621
1400-1440 Central Florida Parkway Orlando, FL - 518,043 2,561,938 74,142
6601 Executive Park Circle North Jacksonville, FL - 551,250 3,128,361 640
1300 Riverplace Boulevard Jacksonville, FL - 1,804,258 7,755,572 999,524
4901 Belfort Road Jacksonville, FL - 877,964 2,360,742 1,841,852
16445 Air Center Boulevard Houston, TX - 363,339 2,509,186 347,471
16405 Air Center Boulevard Houston, TX - 438,853 3,030,396 106,575
2216 Directors Row Orlando, FL - 453,918 2,572,202 25,865
7460 Chancellor Drive Orlando, FL - 266,555 902,949 246,252
1901 Summit Tower Boulevard Maitland, FL - 6,078,791 12,348,567 327,340
3701-3727 Vineland Road Orlando, FL - 767,929 2,096,504 67,289
4899 Belfort Road Jacksonville, FL - 1,299,201 - 7,859,853
4905 Belfort Street Jacksonville, FL - 638,154 - 3,411,407
16580 Air Center Boulevard Houston, TX - 289,000 3,559,857 (12,163)
7251 Salisbury Road Jacksonville, FL - - - 2,932,062
2400 South Lake Orange Drive Orlando, FL - 385,964 - 2,359,882
10245 Centurion Parkway North Jacksonville, FL - 852,644 3,510,889 582,223
6501 Lee Vista Boulevard Orlando, FL - 903,701 - 5,515,772
1755 Trans Central Drive Houston, TX - 293,534 3,036,269 133,314
10771 Palm Bay Drive Orlando, FL - 664,605 - 2,512,823
5501-5519 Pioneer Park Boulevard Tampa, FL - 162,000 1,613,000 188,001
5690-5694 Crenshaw Street Tampa, FL - 181,923 1,812,496 140,795
3102,3104,3110 Cherry Palm Drive Tampa, FL - 503,767 2,787,585 403,715
8401-8408 Benjamin Road Tampa, FL - 789,651 4,454,648 456,583
3501 Riga Boulevard Tampa, FL - 617,289 3,048,379 95,839
111 Kelsey Lane Tampa, FL - 359,540 1,461,850 451,966
7930,8010-20 Woodland Center Boulevard Tampa, FL * 1,408,478 5,247,246 244,354
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 44,000
8112-42 Woodland Center Boulevard Tampa, FL * 513,263 3,230,239 13,495
8212 Woodland Center Boulevard Tampa, FL * 820,882 2,322,720 14,210
131 Kelsey Lane Tampa, FL - 511,463 - 4,450,331
7724 Woodland Center Boulevard Tampa, FL - 235,893 - 2,108,523
7802-50 Woodland Center Boulevard Tampa, FL - 357,364 - 2,542,261
7852-98 Woodland Center Boulevard Tampa, FL - 357,364 - 2,291,373
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 - 3,226,342
8001 Woodland Center Boulevard Tampa, FL - 350,406 - 2,240,698
4630 Woodland Corporate Boulevard Tampa, FL - 943,169 - 12,399,823
701-725 South US Highway 301 Tampa, FL - 654,259 - 3,097,143
4502 Woodland Corporate Boulevard Tampa, FL - - - 4,005,900
9001-9015 Brittany Way Tampa, FL - 239,034 - 1,420,321
4508 Woodland Corporate Boulevard Tampa, FL - 498,598 - 3,082,752
7622 Bald Cypress Place Tampa, FL - - - 1,339,980
901-933 US Highway 301S Tampa, FL - 570,005 - 3,047,107
1701 Clint Moore Boulevard Boca Raton, FL - 1,430,884 3,043,553 57,921
5410 - 5430 Northwest 33rd Avenue Ft. Lauderdale, FL - 603,776 4,176,238 398,765
6500 NW 12th Avenue Ft. Lauderdale, FL - 7,099 3,046,309 42,682
6600 NW 12th Avenue Ft. Lauderdale, FL - 7,102 3,047,462 299,081
1500 SW 5th Court Pompano Beach, FL - 972,232 3,892,085 46,438
1651 SW 5th Court Pompano Beach, FL - 203,247 811,093 18,392
1601 SW 5th Court Pompano Beach, FL - 203,247 811,093 50,505
1501 SW 5th Court Pompano Beach, FL - 203,247 811,093 22,163
1400 SW 6th Court Pompano Beach, FL - 1,157,049 4,620,956 72,461
1405 SW 6th Court Pompano Beach, FL - 392,138 1,565,787 45,121
595 SW 13th Terrace Pompano Beach, FL - 359,933 1,437,116 45,772
601 SW 13th Terrace Pompano Beach, FL - 164,413 655,933 24,625
605 SW 16th Terrace Pompano Beach, FL - 310,778 1,238,324 29,671
951 Broken Sound Parkway Boca Raton, FL - 1,426,251 6,098,952 184,097
3400 Lakeside Drive Miramar, FL - 2,022,153 11,345,881 413,418
3450 Lakeside Drive Miramar, FL - 2,022,152 11,357,143 197,551
3350 SW 148th Avenue Miramar, FL - 2,960,511 - 17,139,037
13650 NW 8th Street Sunrise, FL - 558,223 2,171,930 37,107
13630 NW 8th Street Sunrise, FL - 659,797 2,596,275 146,745
108
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
COST
CAPITALIZED
INITIAL COST SUBSEQUENT
--------------------------- TO
PROJECT CITY ENCUMBRANCES LAND BUILDING ACQUISITION
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - Continued
777 Yamato Road Boca Raton, FL - 4,101,247 16,077,347 2,677,067
1801 Clint Moore Road Boca Raton, FL - 1,065,068 4,481,644 232,490
6601-6625 W. 78th Street Bloomington, MN - 2,263,060 - 38,625,770
2905 Northwest Boulevard Plymouth, MN - 516,920 4,646,342 498,248
2800 Campus Drive Plymouth, MN - 395,366 3,554,512 337,217
2955 Xenium Lane Plymouth, MN - 151,238 1,370,140 255,937
9401-9443 Science Center Drive New Hope, MN - 431,295 3,888,684 244,480
6321-6325 Bury Drive Eden Prairie, MN - 462,876 4,151,790 180,272
7115-7173 Shady Oak Road Eden Prairie, MN - 454,974 4,089,410 436,419
7660-7716 Golden Triangle Drive Eden Prairie, MN - 568,706 5,115,177 1,340,905
7400 Flying Cloud Drive Eden Prairie, MN - 195,982 1,762,027 55,417
10301-10305 West 70th Street Eden Prairie, MN - 120,622 1,085,226 81,320
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 2,618,194 188,888
10393-10394 West 70th Street Eden Prairie, MN - 269,618 2,423,318 249,205
7078 Shady Oak Road Eden Prairie, MN - 343,093 3,085,795 47,532
10400 Viking Drive Eden Prairie, MN - 2,912,391 - 21,367,477
5600 & 5610 Rowland Road Minnetonka, MN - 828,650 7,399,409 1,124,384
2920 Northwest Boulevard Plymouth, MN - 392,026 3,433,678 653,397
5400-5500 Feltl Road Minnetonka, MN - 883,895 7,983,345 840,193
10300 Bren Road Minnetonka, MN - 344,614 3,110,477 154,021
14630-14650 28th Avenue North Plymouth, MN - 198,205 1,793,422 360,187
7695-7699 Anagram Drive Eden Prairie, MN - 760,525 3,254,758 25,622
7550 Meridian Circle Maple Grove, MN 2,067,139 513,250 2,901,906 (80,807)
2800 Northwest Boulevard Plymouth, MN 4,479,507 1,934,438 10,952,503 75,338
3255 Neil Armstrong Boulevard Eagan, MN - 1,131,017 - 3,377,738
4801 West 81st Street Bloomington, MN 777,917 1,624,701 2,494,368 450,290
8100 Cedar Avenue Bloomington, MN 2,178,012 501,313 3,675,416 25,281
9600 54th Avenue Plymouth, MN - 332,317 3,077,820 149,049
7800 Equitable Drive Eden Prairie, MN - 2,188,525 3,788,762 18,929
7905 Fuller Road Eden Prairie, MN - 1,229,862 4,075,167 9,190
9023 Columbine Road Eden Prairie, MN - 1,956,273 - 4,626,783
6161 Green Valley Drive Bloomington, MN - 740,378 3,311,602 719,459
4700 Nathan Lane North Minneapolis, MN - 1,501,308 8,446,083 323,002
8967 Columbine Road Eden Prairie, MN - 1,450,000 - 3,409,410
14390 Huntington Avenue Savage, MN - 1,463,666 6,271,050 139,842
550-590 Hale Avenue Oakdale, MN - 765,535 3,488,754 119,290
7777 Golden Triangle Drive Eden Prairie, MN - 993,101 2,136,862 876,271
8937 Columbine Road Eden Prairie, MN - 1,325,829 - 4,697,953
7615 Smetana Lane Eden Prairie, MN - 1,011,517 - 8,658,578
10801 Nesbitt Avenue South Bloomington, MN - 784,577 - 4,166,712
8995 Columbine Road Eden Prairie, MN - 1,087,594 - 3,492,053
26911-26957 Northwestern Highway Southfield, MI - 7,799,515 66,268,817 5,623,616
1650 Research Drive Troy, MI - 763,067 7,201,677 90,322
1775 Research Drive Troy, MI - 331,422 2,788,073 50,080
1875 Research Drive Troy, MI - 329,863 2,774,006 121,199
1850 Research Drive Troy, MI - 781,054 7,364,300 210,378
1965 Research Drive Troy, MI - 419,090 3,578,928 103,431
1960 Research Drive Troy, MI - 419,146 3,579,166 50,886
27260 Haggerty Road Farmington Hills, MI - 456,877 4,091,196 186,238
27200 Haggerty Road Farmington Hills, MI - 382,754 3,425,227 172,058
27280 Haggerty Road Farmington Hills, MI - 452,860 4,055,512 119,859
27220 Haggerty Road Farmington Hills, MI - 203,064 1,802,592 135,253
27240 Haggerty Road Farmington Hills, MI - 171,518 1,518,192 83,458
27300 Haggerty Road Farmington Hills, MI - 370,378 3,311,366 125,209
1101 Allen Drive Troy, MI - 98,144 887,935 22,883
1151 Allen Drive Troy, MI - 164,483 1,486,220 209,271
1300 Rankin Street Troy, MI - 134,090 1,212,752 124,810
1350 Rankin Street Troy, MI - 111,776 1,011,497 64,521
1376-1400 Rankin Street Troy, MI - 134,292 1,213,626 126,937
1352-1374 Rankin Street Troy, MI - 153,275 1,385,098 89,075
1324-1346 Rankin Street Troy, MI - 134,090 1,212,214 22,741
1301-1307 Rankin Street Troy, MI - 111,776 1,011,121 57,948
1409 Allen Drive Troy, MI - 142,370 1,286,048 214,397
1304 E Maple Road Troy, MI - 211,233 1,906,786 309,224
1334 Maplelawn Road Troy, MI - 124,296 1,122,802 17,977
1290 Maplelawn Road Troy, MI - 85,321 771,621 61,018
1070 Maplelawn Road Troy, MI - 68,560 620,595 47,208
950 Maplelawn Road Troy, MI - 252,429 2,265,259 26,448
894 Maplelawn Road Troy, MI - 181,749 1,632,243 19,497
1179 Maplelawn Road Troy, MI - 87,845 794,365 72,889
1940 Norwood Drive Troy, MI - 86,836 785,267 42,787
1311-1331 Maplelawn Road Troy, MI - 125,407 1,132,810 202,380
2354 Bellingham Street Troy, MI - 87,340 789,817 19,928
2360 Bellingham Street Troy, MI - 87,340 789,817 58,250
1911 Ring Drive Troy, MI - 86,129 778,900 77,825
26442-26450 Haggerty Road Farmington Hills, MI - 237,687 2,143,478 27,973
26500 Haggerty Road Farmington Hills, MI - 311,093 2,791,804 52,170
26650 Haggerty Road Farmington Hills, MI - 173,166 1,562,704 21,498
26700 Haggerty Road Farmington Hills, MI - 253,338 2,290,696 17,160
109
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
COST
CAPITALIZED
INITIAL COST SUBSEQUENT
--------------------------- TO
PROJECT CITY ENCUMBRANCES LAND BUILDING ACQUISITION
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - Continued
26750 Haggerty Road Farmington Hills, MI - 292,717 2,638,688 153,751
26800 Haggerty Road Farmington Hills, MI - 175,489 1,583,362 163,130
26842-26850 Haggerty Road Farmington Hills, MI - 239,606 2,160,470 194,932
26600 Haggerty Road Farmington Hills, MI - 455,846 - 2,524,219
26550 Haggerty Road Farmington Hills, MI - 368,083 - 2,585,958
50 West Big Beaver Road Troy, MI - 2,159,678 19,481,454 296,560
100 West Big Beaver Road Troy, MI - 2,113,006 19,057,355 377,625
245 Executive Drive Brookfield, WI - 577,067 5,197,903 195,157
8301 West Parkland Court Milwaukee, WI - 358,442 3,233,707 261,263
32991 Hamilton Court Farmington Hills, MI - 1,065,392 3,627,675 947,764
7500 West 110th Street Overland Park, KS - 2,380,493 9,575,474 208,344
7800 N. 113th Street Milwaukee, WI - 1,711,964 6,847,857 51,653
2475-2479 Elliot Avenue Troy, MI - 128,808 516,393 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 40,581
32853 Edward Avenue Madison Heights, MI - 138,121 784,426 53,827
555 East Mandoline Avenue Madison Heights, MI - 140,862 799,993 80,328
599 East Mandoline Avenue Madison Heights, MI - 132,164 646,768 73,022
749 East Mandoline Avenue Madison Heights, MI - 144,658 708,054 915
750 East Mandoline Avenue Madison Heights, MI - 151,458 741,185 878
900 East Mandoline Avenue Madison Heights, MI - 157,729 771,872 1,836
949 East Mandoline Avenue Madison Heights, MI - 137,049 778,338 5,751
32090 John 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 72,097
31751 Research Park Drive Madison Heights, MI - 194,063 1,300,574 1,822
31800 Research Park Drive Madison Heights, MI - 217,929 1,601,469 14,793
800 Tech Row Madison Heights, MI - 444,977 2,984,811 31,445
900 Tech Row Madison Heights, MI - 155,606 883,725 24,370
1000 Tech Row Madison Heights, MI - 357,897 2,628,029 84,900
31771 Sherman Avenue Madison Heights, MI - 150,944 645,040 11,826
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 - 158,483 900,064 4,820
31900 Sherman Avenue Madison Heights, MI - 269,293 1,754,498 34,215
800 East Whitcomb Avenue Madison Heights, MI - 151,704 1,294,687 51,306
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 51,628
1201 East Whitcomb Avenue Madison Heights, MI - 302,567 1,213,232 2,687
1210 East Whitcomb Avenue Madison Heights, MI - 121,298 329,051 540
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 Novi, MI - 144,477 338,277 54,151
9801 80th Avenue Pleasant Prairie, WI - 1,692,077 7,934,794 33,848
11950 W. Lake Park Drive Milwaukee, WI - 391,813 2,340,118 158,703
11400 W. Lake Park Drive Milwaukee, WI - 439,595 2,357,904 145,281
11425 W. Lake Park Drive Milwaukee, WI - 382,256 2,350,619 110,138
11301 W. Lake Park Drive Milwaukee, WI - 614,477 2,626,456 92,202
11900 W. Lake Park Drive Milwaukee, WI - 347,853 2,396,887 492,040
38100 Ecorse Road Romulus, MI - 955,063 - 9,253,328
16620-16650 W Bluemound Road Brookfield, WI - 586,665 4,289,907 253,155
1600-1630 East Big Beaver Road Troy, MI - 1,454,406 2,952,884 53,694
11414 West Park Place Milwaukee, WI - 234,443 - 8,958,865
11520 W. Calumet Road Milwaukee, WI - 341,698 1,527,548 48,494
12100 W. Park Place Milwaukee, WI - 534,470 3,239,389 69,540
N26 W23445 Paul Road Pewaukee, WI - 561,904 1,928,064 61,756
11200 W. Plank Court Wauwatosa, WI - 330,829 2,288,853 922,541
11020 W. Plank Court Wauwatosa, WI - 464,246 3,230,511 83,520
38000 Ecourse Road Romulus, MI - 807,660 - 12,395,505
3800 Lapeer Road Auburn Hills, MI - 3,152,801 6,908,519 76,904
50 Gibson Drive West Malling, UK ** - - 3,270,372
2 Kings Hill Avenue West Malling, UK - 785,565 - 3,720,641
50 Kings Hill Avenue West Malling, UK - 1,215,608 - 10,275,261
10 Kings Hill Avenue West Malling, UK - 983,547 - 4,983,912
30 Tower View West Malling, UK - 1,657,321 - 10,574,350
35 Kings Hill Avenue West Malling, UK - 812,193 - 2,510,554
39 Kings Hill Avenue West Malling, UK - 494,508 - 3,064,381
4 Abbey Wood Road West Malling, UK - - - 6,539,398
18 Kings Hill Avenue West Malling, UK - 829,785 - 5,449,322
------------ ------------ -------------- --------------
Subtotal Operating Real Estate $ 80,328,369 $434,777,444 $1,482,811,958 $1,424,624,357
============ ============ ============== ==============
DEVELOPMENT IN PROGRESS
2301 Renaissance Boulevard King of Prussia, PA $ - $ 1,645,246 $ - $ 7,814,790
1500 Liberty Ridge Drive Wayne, PA - 8,287,555 - 19,709,577
1515 Grundy's Lane Bristol, PA - 457,285 - 1,963,093
3200 Horizon Drive King of Prussia, PA - - - 1,446,119
301 Berkeley Drive Bridgeport, NJ - 150,357 - 1,872,536
110
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
COST
CAPITALIZED
INITIAL COST SUBSEQUENT
--------------------------- TO
PROJECT CITY ENCUMBRANCES LAND BUILDING ACQUISITION
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
DEVELOPMENT IN PROGRESS - Continued
74 West Broad Street Bethlehem, PA - 1,096,127 - 10,870,956
8150 Industrial Boulevard Allentown, PA - 2,564,167 - 8,126,323
8250 Industrial Boulevard Allentown, PA - 1,025,667 - 4,081,839
650 Boulder Drive Allentown, PA - 5,208,248 - 16,497,239
1605 Valley Center Parkway Bethlehem, PA - 729,751 - 7,372,700
3400 High Point Boulevard Bethlehem, PA - 298,227 - 867,429
6250 Old Dobbin Lane Columbia, MD - 958,105 - 2,868,810
6210 Old Dobbin Lane Columbia, MD - 958,105 - 2,461,512
6240 Old Dobbin Lane Columbia, MD - 958,105 - 2,461,525
5715 Old Shakopee Road West Bloomington, MN - 1,263,226 2,360,782 160,031
5735 Old Shakopee Road West Bloomington, MN - 1,263,226 2,360,782 160,822
20 Wright Avenue Hunt Valley, MD - 1,205,946 - 491,726
200 Westgate Parkway Richmond, VA - 1,623,612 - 3,929,550
1305 Executive Boulevard Chesapeake, VA - 861,020 - 3,277,013
1313 Executive Boulevard Chesapeake, VA - 1,180,036 - 3,315,613
3 Independence Pointe Greenville, SC - - - 2,380,402
5 Independence Pointe Greenville, SC - - - 2,926,587
1400 Mendenhall Oaks Parkway High Point, NC - 172,320 - 4,892,529
4191 Mendenhall Oaks Parkway High Point, NC - 217,943 - 2,294,260
979 Batesville Road Greer, SC - 1,190,555 - 3,578,337
4887 Belfort Road Jacksonville, FL - 1,299,202 - 7,177,752
7255 Salisbury Road Jacksonville, FL - 392,060 - 1,986,290
2416 Lake Orange Drive Orlando, FL - 385,964 - 2,534,937
16605 Air Center Boulevard Houston, TX - 298,999 - 2,593,206
4503 Woodland Corporate Boulevard Tampa, FL - - - 2,534,514
4505 Woodland Corporate Boulevard Tampa, FL - - - 2,591,128
4511 Woodland Corporate Boulevard Tampa, FL - - - 2,597,638
7851-61 Woodland Center Parkway Tampa, FL - 202,550 - 1,154,338
7805 Hudson Road Woodbury, MN - 1,279,834 - 6,465,303
4600 Nathan Lane Plymouth, MN - 1,063,558 - 4,743,534
8911 Columbine Road Eden Prairie, MN - 916,687 - 2,812,846
5775 Old Shakopee Road West Bloomington, MN - 2,052,018 3,849,649 2,927,385
2600 Bellingham Drive Troy, MI - 1,796,869 - 3,950,950
2710 Bellingham Drive Troy, MI - 1,796,869 - 2,946,385
10855 West Park Place Milwaukee, WI - 122,894 - 2,235,243
30 Kings Hill Avenue West Malling, UK - - - 2,685,636
Aymer House Chertsey, UK 2,183,878 - - 11,013,828
Uxbridge London, UK 7,375,801 - - 20,522,583
------------ ------------ -------------- --------------
Subtotal Development in Progress $ 9,559,679 $ 44,922,333 $ 8,571,214 $ 199,294,814
============ ============ ============== ==============
LAND HELD FOR DEVELOPMENT
Keystone Industrial Park Land Bristol, PA $ - $ 273,149 $ - $ 106,068
50 Prudential Road Horsham, PA - 183,617 - (183,617)
1710 Arch Street Philadelphia, PA - 7,847,607 - 4,578,739
1722 Arch Street Philadelphia, PA - 290,475 - 31,663
JFK & Arch Parking Lots/Land (East) Philadelphia, PA - 14,291,957 - 1,014,570
JFK & Arch Parking Lots/Land (West) Philadelphia, PA - 4,700,222 - (3,099,176)
425 Privet Road Horsham, PA - 3,326,536 6,080 555,136
425 Privet Road Horsham, PA - 1,855,251 3,420 159,974
Quarry Ridge Land Malvern, PA - 8,398,708 - 1,129,367
Commodore Business Park Logan, NJ - 1,756,748 - 2,931,467
Marlton Executive Park Land Marlton, NJ - 550,664 - 414,256
800 Arlington Boulevard Expansion Land Logan, NJ - 195,686 - (195,686)
300 Fellowship Road Land Mt. Laurel, NJ - 1,512,120 - 103,437
Lehigh Valley Corporate Center Land Bethlehem, PA - 309,058 - (49,263)
LVCC Phase 2 Land Bethlehem, PA - 3,944,052 - 2,931,433
650 Boulder Drive Expansion Allentown, PA - 2,861,715 - 1,440,170
9th & Hamilton Streets Allentown, PA - 615,624 - -
Columbia Crossing Land Columbia, MD - 3,865,848 - 1,812,683
6250 Old Dobbin Lane Columbia, MD - 958,105 - 508,829
Hunt Valley Land Hunt Valley, MD - 2,166,068 - (15,797)
Fairgrounds Distribution Center Land Richmond, VA - 100,000 - (87,019)
Rivers' Bend Business Park Chesterfield, VA - 1,695,415 - 3,474,390
Woodlands Center Land Sandston, VA - 928,555 - 758,650
501 H P Way Chesterfield, VA - 165,042 - 484,965
Eastport VII Richmond, VA - 787,091 - 841,227
Eastport VIII Richmond, VA - 379,836 - 6,187
Eastport IX Richmond, VA - 209,856 - 5,096
Westmoreland II Land Virginia Beach, VA - 758,403 - 180,212
Westmoreland III Land Virginia Beach, VA - 645,966 - 129,416
Volvo Center Land Hampton, VA - 1,650,423 - 215,722
Lakefront Plaza II Land Hampton, VA 349,984 132,785 - 17,451
Mendenhall Business Park I High Point, NC - 1,910,135 - 5,714,256
Independence Pointe Land Greenville, SC - 1,304,084 - 1,278,553
Eagle Hill Business Park Land High Point, NC - 201,860 - 668,016
Southpark Business Park Jacksonville, FL - 349,339 - 147,774
Liberty Business Park Land Jacksonville, FL - 448,097 - 89,719
7024 AC Skinner Parkway Jacksonville, FL - 468,643 - 356,308
Silo Bend Land Tampa, FL - 2,816,927 - 1,487,673
Exchange Place Land Orlando, FL - 193,406 - (193,406)
111
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
COST
CAPITALIZED
INITIAL COST SUBSEQUENT
--------------------------- TO
PROJECT CITY ENCUMBRANCES LAND BUILDING ACQUISITION
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
LAND HELD FOR DEVELOPMENT - Continued
Belfort Road Jacksonville, FL - 468,643 - 104,679
Butler Plaza Land Jacksonville, FL - 1,303,792 - 1,021,075
South Center Land Orlando, FL - 2,496,566 - (333,216)
South Center Land Orlando, FL - 479,859 - 117,235
Orlando Corporate Center Land Orlando, FL - 903,701 - (1,808)
Salisbury Road Land Jacksonville, FL - 880,828 - 679,090
Central Green Land Houston, TX - 1,095,592 - 531,406
Woodland Corporate Center Land Tampa, FL - - - 1,244,810
6119 W. Linebaugh Avenue Tampa, FL - 175,886 - 22,320
Pompano Bus Park Land-Lots 100,101 Boca Raton, FL - 407,328 - 20,886
Pompano Bus Park Land-Lots 60, 61 Boca Raton, FL - 509,233 - 13,045
Boca Colannade Land Boca Raton, FL - 3,649,792 - 1,112,289
Lake Smetana Business Park Eden Prairie, MN - 4,500,641 - (124,038)
8855 Columbine Road Eden Prairie, MN - 1,400,925 - 2,525,226
5705 Old Shakopee Road W. Land Bloomington, MN - 2,113,223 - 14,071
Romulus Land Romulus, MI - 1,019,013 - 268,497
Big Beaver Airport Land Troy, MI - 8,537,972 - 1,626,725
Park Place South Land Milwaukee, WI - 2,362,904 - 2,632,823
6505 Cogswell Road Romulus, MI - 594,523 - 3,040,404
Northsight Land Scottsdale, AZ - 10,245,763 - 1,077,473
------------ ------------ -------------- --------------
Subtotal Land Held for Development $ 349,984 $118,195,257 $ 9,500 $ 45,342,435
============ ============ ============== ==============
Total All Properties $ 90,238,032 $597,895,034 $1,491,392,672 $1,669,261,606
============ ============ ============== ==============
* Denotes property is collateralized under mortgages with Nationwide, Principal Mutual, American General, New York Life,
and USG Annuity and Life totalling $249.9 million.
** Rouse leases land from Kent County Council
112
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
GROSS AMOUNT CARRIED AT CLOSE OF PERIOD
-------------------------------------------------
LAND AND BUILDING AND TOTAL
PROJECT CITY IMPROVEMENTS IMPROVEMENTS @ 12/31/01
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES
10, 20 Liberty Boulevard Malvern, PA $ 724,846 $ 5,125,917 $ 5,850,763
420 Lapp Road Malvern, PA 1,055,243 6,458,865 7,514,108
747 Dresher Road Horsham, PA 1,607,977 4,114,371 5,722,348
45-67 Great Valley Parkway Malvern, PA 795,831 3,143,105 3,938,936
40 Valley Stream Parkway Malvern, PA 325,775 2,276,842 2,602,617
50 Valley Stream Parkway Malvern, PA 323,792 2,231,277 2,555,069
20 Valley Stream Parkway Malvern, PA 466,413 5,036,744 5,503,157
800 Town Center Drive Langhorne, PA 1,619,288 9,249,311 10,868,599
9, 15, 25 Great Valley Parkway Malvern, PA 1,837,878 15,002,267 16,840,145
257-275 Great Valley Parkway Malvern, PA 505,458 4,364,460 4,869,918
300 Technology Drive Malvern, PA 374,497 1,322,745 1,697,242
277-293 Great Valley Parkway Malvern, PA 531,534 2,064,172 2,595,706
311 Technology Drive Malvern, PA 397,948 2,239,906 2,637,854
325 Technology Drive Malvern, PA 385,693 1,862,278 2,247,971
7 Great Valley Parkway Malvern, PA 177,317 4,470,291 4,647,608
55 Valley Stream Parkway Malvern, PA 215,818 3,373,628 3,589,446
65 Valley Stream Parkway Malvern, PA 382,361 5,038,293 5,420,654
508 Lapp Road Malvern, PA 332,216 1,861,427 2,193,643
10 Valley Stream Parkway Malvern, PA 509,899 3,004,770 3,514,669
333 Phoenixville Pike Malvern, PA 524,230 2,916,673 3,440,903
30 Great Valley Parkway Malvern, PA 128,783 384,842 513,625
75 Great Valley Parkway Malvern, PA 143,811 697,892 841,703
27-43 Great Valley Parkway Malvern, PA 449,447 2,201,425 2,650,872
77-123 Great Valley Parkway Malvern, PA 888,359 4,863,095 5,751,454
260 Great Valley Parkway Malvern, PA 212,768 1,139,027 1,351,795
256 Great Valley Parkway Malvern, PA 161,949 1,784,867 1,946,816
205 Great Valley Parkway Malvern, PA 1,369,003 10,202,712 11,571,715
12,14,16 Great Valley Parkway Malvern, PA 128,767 1,284,740 1,413,507
155 Great Valley Parkway Malvern, PA 626,068 2,297,216 2,923,284
333 Technology Drive Malvern, PA 158,077 2,325,340 2,483,417
510 Lapp Road Malvern, PA 357,751 925,786 1,283,537
181 Wheeler Court Langhorne, PA 263,490 2,228,816 2,492,306
1100 Wheeler Way Langhorne, PA 151,500 1,189,216 1,340,716
60 Morehall Road Malvern, PA 884,974 14,024,452 14,909,426
905 Airport Road West Chester, PA 1,735,012 5,885,475 7,620,487
1 Country View Road Malvern, PA 406,421 4,067,090 4,473,511
2151 Cabot Boulevard Langhorne, PA 389,990 3,693,551 4,083,541
170 South Warner Road King of Prussia, PA 458,232 5,468,599 5,926,831
190 South Warner Road King of Prussia, PA 461,909 4,628,893 5,090,802
507 Prudential Road Horsham, PA 652,919 10,227,874 10,880,793
100 Witmer Road Horsham, PA 3,764,784 11,158,399 14,923,183
3100 Horizon Drive King of Prussia, PA 611,436 1,994,758 2,606,194
3300 Horizon Drive King of Prussia, PA 687,878 3,282,832 3,970,710
3500 Horizon Drive King of Prussia, PA 1,223,875 2,592,556 3,816,431
200 Chesterfield Parkway Malvern, PA 544,649 2,978,541 3,523,190
767 Electronic Drive Horsham, PA 1,241,970 2,752,124 3,994,094
132 Welsh Road Horsham, PA 1,408,041 3,688,307 5,096,348
5 Country View Road Malvern, PA 786,235 4,826,181 5,612,416
3200 Horizon Drive King of Prussia, PA 1,210,137 4,019,475 5,229,612
3000 Horizon Drive King of Prussia, PA 946,703 2,540,196 3,486,899
111-195 Witmer Road Horsham, PA 378,205 3,052,803 3,431,008
300 Welsh Road - Building 3 Horsham, PA 180,459 1,646,536 1,826,995
300 Welsh Road - Building 4 Horsham, PA 282,493 3,332,147 3,614,640
8801 Tinicum Boulevard Philadelphia, PA 125,087 45,938,215 46,063,302
440 East Swedesford Road King of Prussia, PA 717,001 6,384,450 7,101,451
460 East Swedesford Road King of Prussia, PA 705,317 5,357,551 6,062,868
50 Morehall Road Malvern, PA 1,337,076 12,556,217 13,893,293
2 Walnut Grove Drive Horsham, PA 1,265,363 8,602,612 9,867,975
5 Walnut Grove Drive Horsham, PA 1,939,712 8,358,275 10,297,987
200 Gibraltar Road Horsham, PA 638,513 6,543,043 7,181,556
220 Gibraltar Road Horsham, PA 629,944 6,786,275 7,416,219
240 Gibraltar Road Horsham, PA 629,944 5,785,958 6,415,902
151 South Warner Road King of Prussia, PA 1,186,972 7,167,350 8,354,322
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 13,985,768 14,938,129
761 Fifth Avenue King of Prussia, PA 256,463 2,575,841 2,832,304
771 Fifth Avenue King of Prussia, PA 152,456 1,518,589 1,671,045
1 Great Valley Parkway Malvern, PA 419,460 4,122,527 4,541,987
5 Great Valley Parkway Malvern, PA 684,200 6,649,736 7,333,936
311 Sinclair Road Bristol, PA 277,901 1,594,504 1,872,405
1001 Cedar Hollow Road Malvern, PA 1,646,984 15,837,528 17,484,512
3 Country View Road Malvern, PA 1,128,881 4,631,831 5,760,712
425 Technology Drive Malvern, PA 321,473 1,710,131 2,031,604
375 Technology Drive Malvern, PA 234,922 1,726,409 1,961,331
45 Liberty Boulevard Malvern, PA 4,749,748 14,712,816 19,462,564
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
113
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
GROSS AMOUNT CARRIED AT CLOSE OF PERIOD
-------------------------------------------------
LAND AND BUILDING AND TOTAL
PROJECT CITY IMPROVEMENTS IMPROVEMENTS @ 12/31/01
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - Continued
104 Rock Road Horsham, PA 330,111 3,095,992 3,426,103
123-135 Rock Road Horsham, PA 393,019 2,979,435 3,372,454
111-159 Gibraltar Road Horsham, PA 489,032 4,476,104 4,965,136
161-175 Gibraltar Road Horsham, PA 294,673 3,190,397 3,485,070
103-109 Gibraltar Road Horsham, PA 270,906 3,028,521 3,299,427
261-283 Gibraltar Road Horsham, PA 464,871 4,048,971 4,513,842
210-223 Witmer Road Horsham, PA 270,282 3,898,266 4,168,548
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 6,017,070 6,749,060
506 Prudential Road Horsham, PA 208,140 1,513,745 1,721,885
113-123 Rock Road Horsham, PA 451,731 3,304,433 3,756,164
101-111 Rock Road Horsham, PA 452,251 3,300,522 3,752,773
120 Gibraltar Road Horsham, PA 558,142 4,950,282 5,508,424
110 Gibraltar Road Horsham, PA 673,041 6,070,628 6,743,669
100-107 Lakeside Drive Horsham, PA 255,528 2,743,640 2,999,168
200-264 Lakeside Drive Horsham, PA 502,705 4,974,279 5,476,984
300-309 Lakeside Drive Horsham, PA 376,475 4,784,870 5,161,345
400-445 Lakeside Drive Horsham, PA 583,628 6,402,429 6,986,057
104 Witmer Road Horsham, PA 189,793 2,106,872 2,296,665
201 Gibraltar Road Horsham, PA 380,127 4,467,307 4,847,434
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 32,025,313 34,539,832
400-500 Brandywine Parkway West Chester, PA 845,846 7,173,108 8,018,954
600 Brandywine Parkway West Chester, PA 664,899 5,910,575 6,575,474
2700 Horizon Drive King of Prussia, PA 867,815 3,569,832 4,437,647
2900 Horizon Drive King of Prussia, PA 774,096 3,408,408 4,182,504
2500 Renaissance Boulevard King of Prussia, PA 592,886 2,337,171 2,930,057
2300 Renaissance Boulevard King of Prussia, PA 574,152 2,618,628 3,192,780
719 Dresher Road Horsham, PA 495,112 3,007,664 3,502,776
2100 Renaissance Boulevard King of Prussia, PA 1,132,519 9,301,812 10,434,331
4 Walnut Grove Horsham, PA 2,515,115 7,324,883 9,839,998
2250 Hickory Road Plymouth Meeting, PA 1,015,851 10,117,024 11,132,875
3400 Horizon Drive King of Prussia, PA 776,496 4,112,915 4,889,411
300 Welsh Road Horsham, PA 696,061 3,389,619 4,085,680
600 Chesterfield Parkway Malvern, PA 2,050,555 8,098,519 10,149,074
700 Chesterfield Parkway Malvern, PA 2,037,813 8,072,087 10,109,900
6 Terry Drive Newtown, PA 622,205 2,249,996 2,872,201
2520 Renaissance Boulevard King of Prussia, PA 978,402 4,199,855 5,178,257
18 Great Valley Parkway Malvern, PA 397,293 4,008,215 4,405,508
700 Dresher Road Horsham, PA 2,565,140 6,099,124 8,664,264
2201 Renaissance Boulevard King of Prussia, PA 2,413,514 12,736,606 15,150,120
2540 Renaissance Boulevard King of Prussia, PA 274,341 1,377,233 1,651,574
2560 Renaissance Boulevard King of Prussia, PA 649,792 3,079,462 3,729,254
1501-1513 Grundy's Lane Bristol, PA 559,610 2,496,502 3,056,112
11 Great Valley Parkway Malvern, PA 708,331 3,045,616 3,753,947
680 Blair Mill Road Horsham, PA 4,134,733 11,389,514 15,524,247
825 Duportail Road Wayne, PA 5,539,281 16,676,540 22,215,821
1200 Liberty Ridge Drive Wayne, PA 5,223,660 9,023,558 14,247,218
2760 Red Lion Road Philadelphia, PA 3,687,888 41,412,023 45,099,911
200 Precision Drive Horsham, PA 1,561,474 7,324,388 8,885,862
40 Liberty Boulevard Malvern, PA 4,241,166 19,919,901 24,161,067
102 Rock Road Horsham, PA 1,113,802 2,717,607 3,831,409
14 Lee Boulevard Malvern, PA 643,892 6,046,867 6,690,759
500 Chesterfield Parkway Malvern, PA 473,139 3,208,244 3,681,383
300-400 Chesterfield Parkway Malvern, PA 937,942 4,880,480 5,818,422
8 Stow Road Marlton, NJ 172,945 1,823,164 1,996,109
10 Stow Road Marlton, NJ 147,318 1,902,007 2,049,325
12 Stow Road Marlton, NJ 103,618 1,248,229 1,351,847
14 Stow Road Marlton, NJ 93,418 1,230,141 1,323,559
701A Route 73 South Marlton, NJ 271,743 6,156,103 6,427,846
701C Route 73 South Marlton, NJ 96,161 1,656,267 1,752,428
1008 Astoria Boulevard Cherry Hill, NJ 32,698 797,137 829,835
3000 Atrium Way Mt. Laurel, NJ 512,018 8,011,467 8,523,485
750 Cardinal Drive Bridgeport, NJ 236,190 2,719,631 2,955,821
11000, 15000 Commerce Parkway Mt. Laurel, NJ 311,950 3,684,310 3,996,260
12000, 14000 Commerce Parkway Mt. Laurel, NJ 362,855 3,540,174 3,903,029
16000, 18000 Commerce Parkway Mt. Laurel, NJ 290,545 2,981,379 3,271,924
400 Lippincott Drive Marlton, NJ 317,799 2,822,580 3,140,379
406 Lippincott Drive Marlton, NJ 327,554 2,327,850 2,655,404
234 High Hill Road Bridgeport, NJ 250,444 1,825,410 2,075,854
101 Arlington Boulevard Bridgeport, NJ 374,836 4,233,663 4,608,499
100 Berkeley Drive Bridgeport, NJ 1,254,374 5,744,687 6,999,061
301 Lippincott Drive Marlton, NJ 1,069,838 5,246,286 6,316,124
303 Lippincott Drive Marlton, NJ 1,069,838 6,106,310 7,176,148
510-512 Sharptown Road Bridgeport, NJ 125,410 1,120,462 1,245,872
901 Route 73 Marlton, NJ 334,411 2,853,897 3,188,308
1300 Route 73 North Mt. Laurel, NJ 450,558 3,792,914 4,243,472
512 Sharptown Road Bridgeport, NJ 180,468 1,751,437 1,931,905
201 Berkeley Drive Bridgeport, NJ 515,116 4,880,415 5,395,531
404 Lippincott Drive Marlton, NJ 131,896 1,650,431 1,782,327
104 Gaither Drive Mt. Laurel, NJ 136,446 1,372,543 1,508,989
114
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
GROSS AMOUNT CARRIED AT CLOSE OF PERIOD
-------------------------------------------------
LAND AND BUILDING AND TOTAL
PROJECT CITY IMPROVEMENTS IMPROVEMENTS @ 12/31/01
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - Continued
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
6000 Commerce Parkway Mt. Laurel, NJ 234,151 2,181,344 2,415,495
7000 Commerce Parkway Mt. Laurel, NJ 260,014 2,471,850 2,731,864
8000 Commerce Parkway Mt. Laurel, NJ 234,814 2,113,283 2,348,097
9000 Commerce Parkway Mt. Laurel, NJ 286,587 2,974,195 3,260,782
1000 Briggs Road Mt. Laurel, NJ 288,577 3,421,818 3,710,395
1025 Briggs Road Mt. Laurel, NJ 430,990 4,124,621 4,555,611
1020 Briggs Road Mt. Laurel, NJ 574,983 2,835,141 3,410,124
9 Stow Road Marlton, NJ 654,779 2,144,728 2,799,507
2000 Crawford Place Mt. Laurel, NJ 310,831 4,546,141 4,856,972
5000 Dearborn Court Mt. Laurel, NJ 1,057,763 4,313,251 5,371,014
515 Heron Drive Bridgeport, NJ 334,017 2,381,824 2,715,841
500 Sharptown Road Bridgeport, NJ 302,858 2,699,972 3,002,830
625 Heron Drive Bridgeport, NJ 180,226 958,705 1,138,931
605 Heron Drive Bridgeport, NJ 265,381 1,141,838 1,407,219
510 Heron Drive Bridgeport, NJ 790,335 8,252,530 9,042,865
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 4,371,703 4,902,983
230 High Hill Road Bridgeport, NJ 1,418,000 8,889,526 10,307,526
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 18,257,790 20,425,261
100 Eagle Road Bridgeport, NJ 256,491 1,454,953 1,711,444
250 High Hill Road Bridgeport, NJ 246,478 2,443,300 2,689,778
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 1,891,920 3,027,909
500 Center Square Road Bridgeport, NJ 1,826,143 6,207,302 8,033,445
1001 Briggs Road Mt. Laurel, NJ 701,705 4,379,747 5,081,452
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 3,135,896 3,852,154
800 Arlington Boulevard Bridgeport, NJ 2,545,342 6,714,539 9,259,881
1015 Briggs Road Mt. Laurel, NJ 470,659 3,210,033 3,680,692
17000 Commerce Parkway Mt. Laurel, NJ 144,515 2,735,151 2,879,666
1655 Valley Center Parkway Bethlehem, PA 215,095 1,922,155 2,137,250
6560 Stonegate Drive Allentown, PA 458,945 2,400,058 2,859,003
6370 Hedgewood Drive Allentown, PA 541,459 3,146,306 3,687,765
6390 Hedgewood Drive Allentown, PA 707,867 2,633,589 3,341,456
1495 Valley Center Parkway Bethlehem, PA 435,303 3,656,877 4,092,180
6350 Hedgewood Drive Allentown, PA 560,691 3,179,793 3,740,484
6330 Hedgewood Drive Allentown, PA 532,047 4,526,957 5,059,004
1550 Valley Center Parkway Bethlehem, PA 197,700 3,279,080 3,476,780
1560 Valley Center Parkway Bethlehem, PA 240,732 3,964,850 4,205,582
6580 Snowdrift Road Allentown, PA 389,081 2,668,777 3,057,858
1510 Valley Center Parkway Bethlehem, PA 312,873 3,453,618 3,766,491
1530 Valley Center Parkway Bethlehem, PA 212,492 2,735,442 2,947,934
6540 Stonegate Drive Allentown, PA 422,730 3,644,061 4,066,791
974 Marcon Boulevard Allentown, PA 144,248 2,196,260 2,340,508
964 Marcon Boulevard Allentown, PA 139,480 1,583,083 1,722,563
764 Roble Road Allentown, PA 141,746 818,778 960,524
3174 Airport Road Allentown, PA 98,986 1,144,153 1,243,139
2196 Avenue C Allentown, PA 107,307 1,308,361 1,415,668
2202 Hanger Place Allentown, PA 138,127 1,309,308 1,447,435
2201 Hanger Place Allentown, PA 129,142 1,398,383 1,527,525
954 Marcon Boulevard Allentown, PA 104,453 1,107,417 1,211,870
57 South Commerce Way Bethlehem, PA 395,459 2,874,187 3,269,646
754 Roble Road Allentown, PA 163,735 1,854,157 2,017,892
894 Marcon Boulevard Allentown, PA 118,304 1,193,344 1,311,648
744 Roble Road Allentown, PA 161,371 1,979,893 2,141,264
944 Marcon Boulevard Allentown, PA 119,711 1,657,396 1,777,107
1685 Valley Center Parkway Bethlehem, PA 198,482 2,054,407 2,252,889
6520 Stonegate Drive Allentown, PA 484,361 1,360,458 1,844,819
7437 Industrial Boulevard Allentown, PA 726,651 6,782,605 7,509,256
2041 Avenue C Allentown, PA 213,879 1,167,074 1,380,953
2124 Avenue C Allentown, PA 289,529 1,524,279 1,813,808
7339 Industrial Boulevard Allentown, PA 1,197,447 5,904,277 7,101,724
7384 Penn Drive Allentown, PA 652,118 2,733,785 3,385,903
7144 Daniels Drive Allentown, PA 1,579,169 6,719,704 8,298,873
7620 Cetronia Road Allentown, PA 1,093,724 4,186,217 5,279,941
939 Marcon Boulevard Allentown, PA 2,220,548 5,382,710 7,603,258
100 Brodhead Road Bethlehem, PA 429,456 3,106,626 3,536,082
1455 Valley Center Parkway Bethlehem, PA 545,172 3,748,822 4,293,994
1640 Valley Center Parkway Bethlehem, PA 190,728 2,580,553 2,771,281
1650 Valley Center Parkway Bethlehem, PA 188,896 2,381,039 2,569,935
1660 Valley Center Parkway Bethlehem, PA 188,721 2,356,514 2,545,235
400 Nestle Way Allentown, PA 8,184,096 26,335,396 34,519,492
83 South Commerce Way Bethlehem, PA 212,744 1,123,746 1,336,490
85 South Commerce Way Bethlehem, PA 237,078 1,102,245 1,339,323
87 South Commerce Way Bethlehem, PA 253,886 1,215,273 1,469,159
115
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
GROSS AMOUNT CARRIED AT CLOSE OF PERIOD
-------------------------------------------------
LAND AND BUILDING AND TOTAL
PROJECT CITY IMPROVEMENTS IMPROVEMENTS @ 12/31/01
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - Continued
89 South Commerce Way Bethlehem, PA 367,706 1,780,306 2,148,012
7248 Industrial Boulevard Allentown, PA 2,670,673 14,035,855 16,706,528
95 Highland Avenue Bethlehem, PA 430,593 3,627,146 4,057,739
236 Brodhead Road Bethlehem, PA 376,962 4,698,328 5,075,290
1525 Valley Center Parkway Bethlehem, PA 804,104 7,131,587 7,935,691
6620 Grant Way Allentown, PA 430,824 1,922,261 2,353,085
700 Nestle Way Allentown, PA 4,174,970 16,214,779 20,389,749
7562 Penn Drive Allentown, PA 269,614 937,333 1,206,947
7277 Williams Avenue Allentown, PA 463,123 1,720,210 2,183,333
7355 Williams Avenue Allentown, PA 489,749 1,810,683 2,300,432
794 Roble Road Allentown, PA 1,147,541 7,224,894 8,372,435
6923 Schantz Spring Road Allentown, PA 1,127,805 3,475,007 4,602,812
7132 Daniels Drive Allentown, PA 1,695,610 7,278,638 8,974,248
3985 Adler Place Bethlehem, PA 705,367 4,387,216 5,092,583
8014 Industrial Boulevard Allentown, PA 3,645,117 9,066,372 12,711,489
705 Boulder Drive Allentown, PA 4,486,836 15,000,502 19,487,338
651 Boulder Drive Allentown, PA 4,308,646 13,108,539 17,417,185
3773 Corporate Parkway Center Valley, PA 794,403 7,385,121 8,179,524
7028 Snowdrift Road Fogelville, PA 524,390 1,086,335 1,610,725
180,190 Cochrane Drive Annapolis, MD 3,752,293 16,721,436 20,473,729
7178-80 Columbia Gateway Columbia, MD 1,571,105 5,430,267 7,001,372
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 2,843,785 3,142,884
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 7,699,505 10,126,570
7317 Parkway Drive Hanover, MD 1,104,359 1,963,990 3,068,349
5950 Symphony Woods Road Columbia, MD 1,462,643 11,442,854 12,905,497
9101,9111,9115 Guilford Road Columbia, MD 765,952 3,238,074 4,004,026
9125,9135,9145 Guilford Road Columbia, MD 920,439 5,434,112 6,354,551
1751 Bluehills Drive Roanoke, VA 1,063,728 8,500,677 9,564,405
4300 Carolina Avenue Richmond, VA 2,009,136 15,256,505 17,265,641
301 Hill Carter Parkway Richmond, VA 659,456 4,836,010 5,495,466
4001 Carolina Avenue Richmond, VA 29,443 280,257 309,700
5600-5626 Eastport Boulevard Richmond, VA 489,941 3,703,958 4,193,899
5650-5674 Eastport Boulevard Richmond, VA 644,384 4,106,792 4,751,176
5700 Eastport Boulevard Richmond, VA 408,729 2,735,914 3,144,643
3432 Holland Road Virginia Beach, VA 173,527 790,515 964,042
4880 Cox Road Glen Allen, VA 743,898 5,626,815 6,370,713
4101- 4127 Carolina Avenue Richmond, VA 310,854 2,350,034 2,660,888
4201-4261 Carolina Avenue Richmond, VA 693,203 5,674,827 6,368,030
4263-4299 Carolina Avenue Richmond, VA 256,203 3,609,045 3,865,248
4301-4335 Carolina Avenue Richmond, VA 223,696 1,761,213 1,984,909
4337-4379 Carolina Avenue Richmond, VA 325,303 3,131,820 3,457,123
4501-4549 Carolina Avenue Richmond, VA 486,166 3,706,534 4,192,700
4551-4593 Carolina Avenue Richmond, VA 474,360 3,606,520 4,080,880
4601-4643 Carolina Avenue Richmond, VA 652,455 5,156,734 5,809,189
4645-4683 Carolina Avenue Richmond, VA 404,616 3,979,291 4,383,907
4447-4491 Carolina Avenue Richmond, VA 454,056 2,836,643 3,290,699
4401-4445 Carolina Avenue Richmond, VA 615,038 4,541,737 5,156,775
12 S. Third Street Richmond, VA 40,539 198,743 239,282
9601 Cosner Drive Fredericksburg, VA 475,262 3,970,255 4,445,517
2300 East Parham Road Richmond, VA 221,947 1,011,088 1,233,035
5601-5659 Eastport Boulevard Richmond, VA 720,100 4,962,065 5,682,165
5900 Eastport Boulevard Richmond, VA 687,898 4,460,256 5,148,154
4717-4729 Eubank Road Richmond, VA 452,263 3,435,575 3,887,838
4263F-N. Carolina Avenue Richmond, VA 91,599 1,631,525 1,723,124
5000 Cox Road Glen Allen, VA 771,029 3,780,402 4,551,431
5500 Cox Road Glen Allen, VA 483,263 2,632,211 3,115,474
510 Eastpark Court Richmond, VA 262,210 2,244,795 2,507,005
520 Eastpark Court Richmond, VA 486,598 4,153,001 4,639,599
13001 Kingston Avenue Richmond, VA 376,701 2,032,055 2,408,756
5701-5799 Eastport Boulevard Richmond, VA 700,503 5,602,691 6,303,194
4801 Cox Road Glen Allen, VA 1,075,620 8,856,012 9,931,632
600 H P Way Chester, VA 501,752 6,442,761 6,944,513
500 H P Way Chester, VA 491,919 5,642,404 6,134,323
701 Liberty Way Richmond, VA 1,188,857 3,991,169 5,180,026
4198 Cox Road Glen Allen, VA 670,292 4,397,913 5,068,205
12730 Kingston Avenue Richmond, VA 1,201,072 7,117,188 8,318,260
4510 Cox Road Glen Allen, VA 1,010,044 7,881,074 8,891,118
2809 South Lynnhaven Road Virginia Beach, VA 953,590 6,697,536 7,651,126
200 Golden Oak Court Virginia Beach, VA 1,116,693 7,355,208 8,471,901
208 Golden Oak Court Virginia Beach, VA 965,177 6,992,262 7,957,439
1 Enterprise Parkway Hampton, VA 974,675 5,938,985 6,913,660
22 Enterprise Parkway Hampton, VA 1,097,368 7,196,450 8,293,818
530 Eastpark Court Richmond, VA 334,772 2,687,645 3,022,417
484 Viking Drive Virginia Beach, VA 891,753 3,757,036 4,648,789
10430 Lakeridge Parkway Ashland, VA 421,267 3,823,595 4,244,862
116
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
GROSS AMOUNT CARRIED AT CLOSE OF PERIOD
-------------------------------------------------
LAND AND BUILDING AND TOTAL
PROJECT CITY IMPROVEMENTS IMPROVEMENTS @ 12/31/01
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - Continued
10456 Lakeridge Parkway Ashland, VA 409,261 3,727,827 4,137,088
3829-3855 Gaskins Road Richmond, VA 364,165 3,270,794 3,634,959
629 Phoenix Drive Virginia Beach, VA 371,694 2,156,125 2,527,819
11838 Rock Landing Drive Newport News, VA 673,942 2,605,823 3,279,765
11844 Rock Landing Drive Newport News, VA 326,774 1,466,452 1,793,226
11846 Rock Landing Drive Newport News, VA 299,066 1,728,499 2,027,565
11832 Rock Landing Drive Newport News, VA 748,582 6,025,561 6,774,143
10800 Nuckols Boulevard Richmond, VA 1,794,162 13,997,242 15,791,404
5700 Cleveland Street Virginia Beach, VA 700,564 10,423,728 11,124,292
801 Liberty Way Richmond, VA 785,057 6,099,551 6,884,608
5 Manhattan Square Hampton, VA 212,694 1,557,477 1,770,171
100 Westgate Parkway Richmond, VA 1,456,084 8,061,649 9,517,733
1309 Executive Boulevard Cheaspeake, VA 955,374 5,030,748 5,986,122
21 Enterprise Parkway Hamton, VA 265,719 8,288,150 8,553,869
4523 Green Point Drive High Point, NC 235,698 2,402,828 2,638,526
4501 Green Point Drive High Point, NC 320,450 2,334,600 2,655,050
4500 Green Point Drive High Point, NC 231,692 2,189,486 2,421,178
2427 Penny Road High Point, NC 1,168,074 6,225,641 7,393,715
4524 Green Point Drive High Point, NC 183,888 2,183,550 2,367,438
4328, 4336 Federal Drive High Point, NC 825,092 6,759,451 7,584,543
200 Centreport Drive Greensboro, NC 332,017 4,186,798 4,518,815
4344 Federal Drive High Point, NC 173,623 2,672,001 2,845,624
202 Centreport Drive Greensboro, NC 549,679 5,932,984 6,482,663
101 Centreport Drive Greensboro, NC 826,237 7,755,692 8,581,929
4000 Piedmont Parkway High Point, NC 597,368 5,250,234 5,847,602
4380 Federal Drive High Point, NC 283,368 2,109,082 2,392,450
4388 Federal Drive High Point, NC 132,655 1,130,336 1,262,991
6532 Judge Adams Road Rock Creek, NC 399,988 3,443,080 3,843,068
6530 Judge Adams Road Rock Creek, NC 335,061 4,428,955 4,764,016
150 Ridgeview Center Drive Duncan, SC 711,353 8,937,767 9,649,120
1320 Garlington Road Greenville, SC 398,539 1,812,646 2,211,185
420 Park Avenue Greenville, SC 522,548 3,280,353 3,802,901
4160 Mendenhall Oaks Parkway High Point, NC 545,627 2,826,348 3,371,975
4194 Mendenhall Oaks Parkway High Point, NC 265,991 2,198,081 2,464,072
4196 Mendenhall Oaks Parkway High Point, NC 173,889 2,001,390 2,175,279
4170 Mendenhall Oaks Parkway High Point, NC 373,502 1,970,828 2,344,330
4180 Mendenhall Oaks Parkway High Point, NC 315,614 1,565,527 1,881,141
4050 Piedmont Parkway High Point, NC 2,042,159 16,919,478 18,961,637
One Independence Pointe Greenville, SC 784,617 6,421,254 7,205,871
55 Beattie Place Greenville, SC 2,645,238 24,267,767 26,913,005
75 Beattie Place Greenville, SC 2,408,577 17,895,870 20,304,447
7736 McCloud Road Greensboro, NC 591,795 6,122,799 6,714,594
15 Brendan Way Greenville, SC 614,192 4,003,758 4,617,950
4300 Federal Drive High Point, NC 276,038 1,609,937 1,885,975
4135 Mendenall Oaks Parkway High Point, NC 500,980 2,710,531 3,211,511
4183 Eagle Hill Drive High Point, NC 526,266 3,358,955 3,885,221
4189 Eagle Hill Drive High Point, NC 431,106 2,535,186 2,966,292
4020 Meeting Way High Point, NC 378,101 1,397,960 1,776,061
170 Ridgeview Drive Duncan, SC 229,443 5,034,680 5,264,123
6509 Franz Warner Parkway Rock Creek, NC 372,494 2,405,221 2,777,715
1730 Stebbins Drive Houston, TX 144,016 477,394 621,410
5911-5925 Richard Street Jacksonville, FL 286,335 498,215 784,550
8383-8385 Baycenter Road Jacksonville, FL 65,329 712,198 777,527
8775 Baypine Road Jacksonville, FL 913,014 3,168,213 4,081,227
6255 Lake Gray Boulevard Jacksonville, FL 812,634 3,552,995 4,365,629
8665,8667,8669 Baypine Road Jacksonville, FL 974,959 4,174,817 5,149,776
1200 Gulf Life Drive Jacksonville, FL 1,046,629 18,387,679 19,434,308
8614 Baymeadows Way Jacksonville, FL 295,063 1,077,776 1,372,839
5941-5975 Richard Street Jacksonville, FL 586,095 1,128,859 1,714,954
7970 Bayberry Road Jacksonville, FL 129,979 1,249,307 1,379,286
6000-6030 Bowdendale Avenue Jacksonville, FL 275,475 1,697,973 1,973,448
7898 Baymeadows Way Jacksonville, FL 568,005 1,945,665 2,513,670
5977-6607 Richard Street Jacksonville, FL 636,901 2,792,897 3,429,798
7910 & 7948 Baymeadows Way Jacksonville, FL 211,449 2,654,205 2,865,654
7954, 7960 Baymeadows Way Jacksonville, FL 292,667 2,944,363 3,237,030
8787 Baypine Road Jacksonville, FL 2,028,593 35,460,631 37,489,224
7077 Bonneval Road Jacksonville, FL 774,020 7,066,343 7,840,363
4190 Belfort Road Jacksonville, FL 827,420 7,695,008 8,522,428
7020 AC Skinner Parkway Jacksonville, FL 749,811 2,109,996 2,859,807
7022 AC Skinner Parkway Jacksonville, FL 853,981 2,950,281 3,804,262
11777 Central Highway Jacksonville, FL 140,426 1,641,401 1,781,827
4345 Southpoint Parkway Jacksonville, FL 418,093 8,316,195 8,734,288
7016 AC Skinner Parkway Jacksonville, FL 602,633 2,320,994 2,923,627
7018 AC Skinner Parkway Jacksonville, FL 846,461 4,076,589 4,923,050
7014 AC Skinner Parkway Jacksonville, FL 780,486 3,142,839 3,923,325
6620 Southpoint Drive Jacksonville, FL 614,602 4,824,977 5,439,579
7980 Bayberry Road Jacksonville, FL 330,726 1,355,877 1,686,603
9600 Satellite Boulevard Orlando, FL 252,850 1,351,982 1,604,832
9700 Satellite Boulevard Orlando, FL 405,362 1,259,931 1,665,293
1902 Cypress Lake Drive Orlando, FL 538,512 4,043,476 4,581,988
9550 Satellite Boulevard Orlando, FL 587,319 2,075,135 2,662,454
8250 & 8256 Exchange Place Orlando, FL 824,530 2,754,051 3,578,581
6600 Southpoint Parkway Jacksonville, FL 1,002,704 4,379,880 5,382,584
117
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
GROSS AMOUNT CARRIED AT CLOSE OF PERIOD
-------------------------------------------------
LAND AND BUILDING AND TOTAL
PROJECT CITY IMPROVEMENTS IMPROVEMENTS @ 12/31/01
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - Continued
6700 Southpoint Parkway Jacksonville, FL 624,215 3,486,969 4,111,184
4801 Executive Park Court - 100 Jacksonville, FL 554,542 3,438,749 3,993,291
4801 Executive Park Court - 200 Jacksonville, FL 370,039 2,018,771 2,388,810
4810 Executive Park Court Jacksonville, FL 370,039 3,093,003 3,463,042
6602 Executive Park Court - 100 Jacksonville, FL 388,541 2,134,229 2,522,770
6602 Executive Park Court - 200 Jacksonville, FL 296,032 1,710,850 2,006,882
6631 Executive Park Court - 100 Jacksonville, FL 251,627 1,361,113 1,612,740
6631 Executive Park Court - 200 Jacksonville, FL 407,043 2,372,959 2,780,002
4815 Executive Park Court - 100 Jacksonville, FL 366,339 1,995,919 2,362,258
4815 Executive Park Court - 200 Jacksonville, FL 462,549 2,681,617 3,144,166
4825 Executive Park Court Jacksonville, FL 601,401 3,254,710 3,856,111
4820 Executive Park Court Jacksonville, FL 555,213 3,284,421 3,839,634
10511 & 10611 Satellite Boulevard Orlando, FL 522,991 2,800,370 3,323,361
1400-1440 Central Florida Parkway Orlando, FL 518,043 2,636,080 3,154,123
6601 Executive Park Circle North Jacksonville, FL 551,250 3,129,001 3,680,251
1300 Riverplace Boulevard Jacksonville, FL 1,804,258 8,755,096 10,559,354
4901 Belfort Road Jacksonville, FL 877,964 4,202,594 5,080,558
16445 Air Center Boulevard Houston, TX 363,339 2,856,657 3,219,996
16405 Air Center Boulevard Houston, TX 438,853 3,136,970 3,575,823
2216 Directors Row Orlando, FL 453,918 2,598,067 3,051,985
7460 Chancellor Drive Orlando, FL 266,555 1,149,201 1,415,756
1901 Summit Tower Boulevard Maitland, FL 6,083,206 12,671,492 18,754,698
3701-3727 Vineland Road Orlando, FL 767,929 2,163,793 2,931,722
4899 Belfort Road Jacksonville, FL 1,299,351 7,859,703 9,159,054
4905 Belfort Street Jacksonville, FL 638,154 3,411,407 4,049,561
16580 Air Center Boulevard Houston, TX 289,000 3,547,695 3,836,695
7251 Salisbury Road Jacksonville, FL 662,559 2,269,503 2,932,062
2400 South Lake Orange Drive Orlando, FL 642,427 2,103,419 2,745,846
10245 Centurion Parkway North Jacksonville, FL 857,704 4,088,052 4,945,756
6501 Lee Vista Boulevard Orlando, FL 925,671 5,493,802 6,419,473
1755 Trans Central Drive Houston, TX 306,147 3,156,970 3,463,117
10771 Palm Bay Drive Orlando, FL 685,383 2,492,044 3,177,427
5501-5519 Pioneer Park Boulevard Tampa, FL 262,416 1,700,585 1,963,001
5690-5694 Crenshaw Street Tampa, FL 181,923 1,953,292 2,135,215
3102,3104,3110 Cherry Palm Drive Tampa, FL 503,767 3,191,300 3,695,067
8401-8408 Benjamin Road Tampa, FL 789,651 4,911,230 5,700,881
3501 Riga Boulevard Tampa, FL 617,289 3,144,217 3,761,506
111 Kelsey Lane Tampa, FL 359,540 1,913,816 2,273,356
7930, 8010-20 Woodland Center Boulevard Tampa, FL 1,408,478 5,491,601 6,900,079
7920 Woodland Center Boulevard Tampa, FL 1,082,648 2,849,780 3,932,428
8154-8198 Woodland Center Boulevard Tampa, FL 399,088 2,912,833 3,311,921
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 2,108,522 2,344,416
7802-50 Woodland Center Boulevard Tampa, FL 506,949 2,392,676 2,899,625
7852-98 Woodland Center Boulevard Tampa, FL 506,949 2,141,789 2,648,738
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 3,008,176 3,779,677
8001 Woodland Center Boulevard Tampa, FL 438,061 2,153,044 2,591,105
4630 Woodland Corporate Boulevard Tampa, FL 1,560,099 11,782,893 13,342,992
701-725 South US Highway 301 Tampa, FL 661,680 3,089,722 3,751,402
4502 Woodland Corporate Boulevard Tampa, FL 1,071,535 2,934,365 4,005,900
9001-9015 Brittany Way Tampa, FL 364,514 1,294,842 1,659,356
4508 Woodland Corporate Boulevard Tampa, FL 556,887 3,024,463 3,581,350
7622 Bald Cypress Place Tampa, FL 300,000 1,039,980 1,339,980
901-933 US Highway 301S Tampa, FL 840,314 2,776,799 3,617,113
1701 Clint Moore Boulevard Boca Raton, FL 1,430,937 3,101,421 4,532,358
5410 - 5430 Northwest 33rd Avenue Ft. Lauderdale, FL 625,111 4,553,669 5,178,780
6500 NW 12th Avenue Ft. Lauderdale, FL - 3,096,090 3,096,090
6600 NW 12th Avenue Ft. Lauderdale, FL - 3,353,646 3,353,646
1500 SW 5th Court Pompano Beach, FL 972,232 3,938,523 4,910,755
1651 SW 5th Court Pompano Beach, FL 203,247 829,485 1,032,732
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 4,693,417 5,850,466
1405 SW 6th Court Pompano Beach, FL 392,138 1,610,908 2,003,046
595 SW 13th Terrace Pompano Beach, FL 359,933 1,482,888 1,842,821
601 SW 13th Terrace Pompano Beach, FL 164,413 680,559 844,972
605 SW 16th Terrace Pompano Beach, FL 310,178 1,268,595 1,578,773
951 Broken Sound Parkway Boca Raton, FL 1,426,251 6,283,049 7,709,300
3400 Lakeside Drive Miramar, FL 2,022,153 11,759,299 13,781,452
3450 Lakeside Drive Miramar, FL 2,022,152 11,554,694 13,576,846
3350 SW 148th Avenue Miramar, FL 2,980,689 17,118,858 20,099,547
13650 NW 8th Street Sunrise, FL 558,251 2,209,009 2,767,260
13630 NW 8th Street Sunrise, FL 659,825 2,742,991 3,402,816
777 Yamato Road Boca Raton, FL 4,501,247 18,354,415 22,855,662
1801 Clint Moore Road Boca Raton, FL 1,065,068 4,714,134 5,779,202
6601-6625 W. 78th Street Bloomington, MN 2,310,246 38,578,584 40,888,830
2905 Northwest Boulevard Plymouth, MN 516,920 5,144,590 5,661,510
2800 Campus Drive Plymouth, MN 395,366 3,891,729 4,287,095
2955 Xenium Lane Plymouth, MN 151,238 1,626,077 1,777,315
118
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
GROSS AMOUNT CARRIED AT CLOSE OF PERIOD
-------------------------------------------------
LAND AND BUILDING AND TOTAL
PROJECT CITY IMPROVEMENTS IMPROVEMENTS @ 12/31/01
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - Continued
9401-9443 Science Center Drive New Hope, MN 510,064 4,054,396 4,564,460
6321-6325 Bury Drive Eden Prairie, MN 462,876 4,332,062 4,794,938
7115-7173 Shady Oak Road Eden Prairie, MN 454,974 4,525,830 4,980,804
7660-7716 Golden Triangle Drive Eden Prairie, MN 1,289,215 5,735,573 7,024,788
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 1,168,868 1,287,168
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 2,812,695 3,098,159
10393-10394 West 70th Street Eden Prairie, MN 264,419 2,677,722 2,942,141
7078 Shady Oak Road Eden Prairie, MN 336,481 3,139,939 3,476,420
10400 Viking Drive Eden Prairie, MN 2,938,372 21,341,495 24,279,867
5600 & 5610 Rowland Road Minnetonka, MN 829,263 8,523,179 9,352,442
2920 Northwest Boulevard Plymouth, MN 384,235 4,094,866 4,479,101
5400-5500 Feltl Road Minnetonka, MN 883,895 8,823,538 9,707,433
10300 Bren Road Minnetonka, MN 344,614 3,264,498 3,609,112
14630-14650 28th Avenue North Plymouth, MN 198,204 2,153,609 2,351,813
7695-7699 Anagram Drive Eden Prairie, MN 760,525 3,280,379 4,040,904
7550 Meridian Circle Maple Grove, MN 513,250 2,821,098 3,334,348
2800 Northwest Boulevard Plymouth, MN 1,934,438 11,027,841 12,962,279
3255 Neil Armstrong Boulevard Eagan, MN 1,131,017 3,377,738 4,508,755
4801 West 81st Street Bloomington, MN 1,624,701 2,944,658 4,569,359
8100 Cedar Avenue Bloomington, MN 501,313 3,700,697 4,202,010
9600 54th Avenue Plymouth, MN 332,317 3,226,870 3,559,187
7800 Equitable Drive Eden Prairie, MN 2,188,525 3,807,690 5,996,215
7905 Fuller Road Eden Prairie, MN 1,230,965 4,083,254 5,314,219
9023 Columbine Road Eden Prairie, MN 1,956,273 4,626,783 6,583,056
6161 Green Valley Drive Bloomington, MN 741,194 4,030,244 4,771,438
4700 Nathan Lane North Minneapolis, MN 1,501,308 8,769,085 10,270,393
8967 Columbine Road Eden Prairie, MN 1,450,000 3,409,410 4,859,410
14390 Huntington Avenue Savage, MN 1,464,521 6,410,037 7,874,558
550-590 Hale Avenue Oakdale, MN 766,390 3,607,189 4,373,579
7777 Golden Triangle Drive Eden Prairie, MN 993,101 3,013,132 4,006,233
8937 Columbine Road Eden Prairie, MN 1,739,966 4,283,816 6,023,782
7615 Smetana Lane Eden Prairie, MN 3,000,000 6,670,095 9,670,095
10801 Nesbitt Avenue South Bloomington, MN 786,382 4,164,907 4,951,289
8995 Columbine Road Eden Prairie, MN 2,055,296 2,524,352 4,579,648
26911-26957 Northwestern Highway Southfield, MI 7,799,515 71,892,433 79,691,948
1650 Research Drive Troy, MI 763,067 7,291,999 8,055,066
1775 Research Drive Troy, MI 331,422 2,838,153 3,169,575
1875 Research Drive Troy, MI 329,863 2,895,205 3,225,068
1850 Research Drive Troy, MI 781,054 7,574,678 8,355,732
1965 Research Drive Troy, MI 419,090 3,682,359 4,101,449
1960 Research Drive Troy, MI 419,146 3,630,052 4,049,198
27260 Haggerty Road Farmington Hills, MI 456,877 4,277,434 4,734,311
27200 Haggerty Road Farmington Hills, MI 382,754 3,597,285 3,980,039
27280 Haggerty Road Farmington Hills, MI 452,860 4,175,371 4,628,231
27220 Haggerty Road Farmington Hills, MI 203,064 1,937,845 2,140,909
27240 Haggerty Road Farmington Hills, MI 171,518 1,601,650 1,773,168
27300 Haggerty Road Farmington Hills, MI 370,378 3,436,575 3,806,953
1101 Allen Drive Troy, MI 98,148 910,814 1,008,962
1151 Allen Drive Troy, MI 164,486 1,695,487 1,859,973
1300 Rankin Street Troy, MI 134,094 1,337,558 1,471,652
1350 Rankin Street Troy, MI 111,779 1,076,015 1,187,794
1376-1400 Rankin Street Troy, MI 134,296 1,340,559 1,474,855
1352-1374 Rankin Street Troy, MI 153,279 1,474,170 1,627,449
1324-1346 Rankin Street Troy, MI 134,094 1,234,951 1,369,045
1301-1307 Rankin Street Troy, MI 111,779 1,069,066 1,180,845
1409 Allen Drive Troy, MI 142,374 1,500,442 1,642,816
1304 E Maple Road Troy, MI 211,236 2,216,007 2,427,243
1334 Maplelawn Road Troy, MI 124,300 1,140,775 1,265,075
1290 Maplelawn Road Troy, MI 85,325 832,635 917,960
1070 Maplelawn Road Troy, MI 68,563 667,800 736,363
950 Maplelawn Road Troy, MI 252,433 2,291,703 2,544,136
894 Maplelawn Road Troy, MI 181,753 1,651,736 1,833,489
1179 Maplelawn Road Troy, MI 87,849 867,250 955,099
1940 Norwood Drive Troy, MI 86,839 828,051 914,890
1311-1331 Maplelawn Road Troy, MI 125,410 1,335,186 1,460,596
2354 Bellingham Street Troy, MI 87,344 809,741 897,085
2360 Bellingham Street Troy, MI 87,344 848,063 935,407
1911 Ring Drive Troy, MI 86,132 856,722 942,854
26442-26450 Haggerty Road Farmington Hills, MI 237,691 2,171,447 2,409,138
26500 Haggerty Road Farmington Hills, MI 311,097 2,843,970 3,155,067
26650 Haggerty Road Farmington Hills, MI 173,170 1,584,198 1,757,368
26700 Haggerty Road Farmington Hills, MI 253,341 2,307,852 2,561,193
26750 Haggerty Road Farmington Hills, MI 292,720 2,792,435 3,085,155
26800 Haggerty Road Farmington Hills, MI 175,492 1,746,488 1,921,980
26842-26850 Haggerty Road Farmington Hills, MI 239,609 2,355,399 2,595,008
26600 Haggerty Road Farmington Hills, MI 537,693 2,442,372 2,980,065
26550 Haggerty Road Farmington Hills, MI 535,179 2,418,861 2,954,040
50 West Big Beaver Road Troy, MI 2,159,678 19,778,014 21,937,692
100 West Big Beaver Road Troy, MI 2,113,006 19,434,979 21,547,985
119
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
GROSS AMOUNT CARRIED AT CLOSE OF PERIOD
-------------------------------------------------
LAND AND BUILDING AND TOTAL
PROJECT CITY IMPROVEMENTS IMPROVEMENTS @ 12/31/01
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - Continued
245 Executive Drive Brookfield, WI 577,067 5,393,060 5,970,127
8301 West Parkland Court Milwaukee, WI 358,442 3,494,969 3,853,411
32991 Hamilton Court Farmington Hills, MI 1,065,392 4,575,439 5,640,831
7500 West 110th Street Overland Park, KS 2,380,493 9,783,818 12,164,311
7800 N. 113th Street Milwaukee, WI 1,711,964 6,899,510 8,611,474
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 151,410 900,043 1,051,453
32853 Edward Avenue Madison Heights, MI 138,121 838,253 976,374
555 East Mandoline Avenue Madison Heights, MI 140,862 880,321 1,021,183
599 East Mandoline Avenue Madison Heights, MI 132,164 719,789 851,953
749 East Mandoline Avenue Madison Heights, MI 144,658 708,968 853,626
750 East Mandoline Avenue Madison Heights, MI 151,458 742,062 893,520
900 East Mandoline Avenue Madison Heights, MI 157,729 773,708 931,437
949 East Mandoline Avenue Madison Heights, MI 137,049 784,089 921,138
32090 John 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 1,126,778 1,312,623
31751 Research Park Drive Madison Heights, MI 194,063 1,302,396 1,496,459
31800 Research Park Drive Madison Heights, MI 217,929 1,616,262 1,834,191
800 Tech Row Madison Heights, MI 444,977 3,016,255 3,461,232
900 Tech Row Madison Heights, MI 155,606 908,095 1,063,701
1000 Tech Row Madison Heights, MI 357,897 2,712,929 3,070,826
31771 Sherman Avenue Madison Heights, MI 150,944 656,866 807,810
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 1,788,713 2,058,006
800 East Whitcomb Avenue Madison Heights, MI 151,704 1,345,993 1,497,697
950 East Whitcomb Avenue Madison Heights, MI 113,630 2,170,653 2,284,283
1000 East Whitcomb Avenue Madison Heights, MI 113,512 1,075,241 1,188,753
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 Novi, MI 144,477 392,429 536,906
9801 80th Avenue Pleasant Prairie, WI 1,689,726 7,970,993 9,660,719
11950 W. Lake Park Drive Milwaukee, WI 394,938 2,495,696 2,890,634
11400 W. Lake Park Drive Milwaukee, WI 443,101 2,499,679 2,942,780
11425 W. Lake Park Drive Milwaukee, WI 385,305 2,457,708 2,843,013
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 9,355,328 10,208,391
16620-16650 W Bluemound Road Brookfield, WI 586,665 4,543,062 5,129,727
1600-1630 East Big Beaver Road Troy, MI 1,458,737 3,002,247 4,460,984
11414 West Park Place Milwaukee, WI 491,531 8,701,778 9,193,309
11520 W. Calumet Road Milwaukee, WI 341,698 1,576,042 1,917,740
12100 W. Park Place Milwaukee, WI 532,370 3,311,029 3,843,399
N26 W23445 Paul Road Pewaukee, WI 561,904 1,989,820 2,551,724
11200 W. Plank Court Wauwatosa, WI 330,829 3,211,394 3,542,223
11020 W. Plank Court Wauwatosa, WI 464,246 3,314,031 3,778,277
38000 Ecourse Road Romulus, MI 1,053,337 12,149,828 13,203,165
3800 Lapeer Road Auburn Hills, MI 3,154,272 6,983,952 10,138,224
50 Gibson Drive West Malling, UK - 3,270,372 3,270,372
2 Kings Hill Avenue West Malling, UK 745,416 3,760,790 4,506,206
50 Kings Hill Avenue West Malling, UK 1,637,852 9,853,018 11,490,870
10 Kings Hill Avenue West Malling, UK 870,859 5,096,600 5,967,459
30 Tower View West Malling, UK 1,467,467 10,764,204 12,231,671
35 Kings Hill Avenue West Malling, UK 719,481 2,603,265 3,322,746
39 Kings Hill Avenue West Malling, UK 675,365 2,883,524 3,558,889
4 Abbey Wood Road West Malling, UK 1,805,152 4,734,246 6,539,398
18 Kings Hill Avenue West Malling, UK 1,837,471 4,441,637 6,279,108
--------------- --------------- ---------------
Subtotal Operating Real Estate $ 467,310,411 $ 2,874,903,350 $ 3,342,213,761
=============== =============== ===============
DEVELOPMENT IN PROGRESS
2301 Renaissance Boulevard King of Prussia, PA $ 3,659,475 $ 5,800,561 $ 9,460,036
1500 Liberty Ridge Drive Wayne, PA 11,566,033 16,431,099 27,997,132
1515 Grundy's Lane Bristol, PA 560,680 1,859,698 2,420,378
3200 Horizon Drive King of Prussia, PA - 1,446,119 1,446,119
301 Berkeley Drive Bridgeport, NJ 320,265 1,702,629 2,022,894
74 West Broad Street Bethlehem, PA 1,099,079 10,868,005 11,967,084
8150 Industrial Boulevard Allentown, PA 2,571,466 8,119,025 10,690,491
8250 Industrial Boulevard Allentown, PA 1,035,854 4,071,652 5,107,506
650 Boulder Drive Allentown, PA 5,242,428 16,463,060 21,705,488
1605 Valley Center Parkway Bethlehem, PA 1,766,196 6,336,255 8,102,451
3400 High Point Boulevard Bethlehem, PA 662,809 502,847 1,165,656
6250 Old Dobbin Lane Columbia, MD 1,295,000 2,531,915 3,826,915
6210 Old Dobbin Lane Columbia, MD 1,295,000 2,124,618 3,419,618
120
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
GROSS AMOUNT CARRIED AT CLOSE OF PERIOD
-------------------------------------------------
LAND AND BUILDING AND TOTAL
PROJECT CITY IMPROVEMENTS IMPROVEMENTS @ 12/31/01
- -------------------------------------- --------------------- --------------- --------------- ---------------
DEVELOPMENT IN PROGRESS - Continued
6240 Old Dobbin Lane Columbia, MD 1,295,000 2,124,630 3,419,630
5715 Old Shakopee Road West Bloomington, MN 1,264,758 2,519,281 3,784,039
5735 Old Shakopee Road West Bloomington, MN 1,264,758 2,520,072 3,784,830
20 Wright Avenue Hunt Valley, MD 1,575,000 122,672 1,697,672
200 Westgate Parkway Richmond, VA 1,072,459 4,480,703 5,553,162
1305 Executive Boulevard Chesapeake, VA 1,129,850 3,008,182 4,138,032
1313 Executive Boulevard Chesapeake, VA 1,708,050 2,787,599 4,495,649
3 Independence Pointe Greenville, SC 467,438 1,912,964 2,380,402
5 Independence Pointe Greenville, SC 467,438 2,459,149 2,926,587
1400 Mendenhall Oaks Parkway High Point, NC 984,672 4,080,177 5,064,849
4191 Mendenhall Oaks Parkway High Point, NC 611,166 1,901,037 2,512,203
979 Batesville Road Greer, SC 1,190,431 3,578,461 4,768,892
4887 Belfort Road Jacksonville, FL 1,665,915 6,811,038 8,476,953
7255 Salisbury Road Jacksonville, FL 680,766 1,697,584 2,378,350
2416 Lake Orange Drive Orlando, FL 704,800 2,216,100 2,920,900
16605 Air Center Boulevard Houston, TX 391,186 2,501,019 2,892,205
4503 Woodland Corporate Boulevard Tampa, FL 619,913 1,914,601 2,534,514
4505 Woodland Corporate Boulevard Tampa, FL 716,594 1,874,534 2,591,128
4511 Woodland Corporate Boulevard Tampa, FL 686,594 1,911,044 2,597,638
7851-61 Woodland Center Parkway Tampa, FL 295,005 1,061,883 1,356,888
7805 Hudson Road Woodbury, MN 1,381,234 6,363,903 7,745,137
4600 Nathan Lane Plymouth, MN 1,038,197 4,768,895 5,807,092
8911 Columbine Road Eden Prairie, MN 1,718,407 2,011,126 3,729,533
5775 Old Shakopee Road West Bloomington, MN 2,058,185 6,770,867 8,829,052
2600 Bellingham Drive Troy, MI 1,938,746 3,809,073 5,747,819
2710 Bellingham Drive Troy, MI 1,938,746 2,804,508 4,743,254
10855 West Park Place Milwaukee, WI 424,710 1,933,427 2,358,137
30 Kings Hill Avenue West Malling, UK - 2,685,636 2,685,636
Aymer House Chertsey, UK 11,013,828 - 11,013,828
Uxbridge London, UK 20,522,583 - 20,522,583
--------------- --------------- ---------------
Subtotal Development in Progress $ 91,900,714 $ 160,887,648 $ 252,788,362
=============== =============== ===============
LAND HELD FOR DEVELOPMENT
Keystone Industrial Park Land Bristol, PA $ 379,217 $ - $ 379,217
50 Prudential Road Horsham, PA - - -
1710 Arch Street Philadelphia, PA 12,426,346 - 12,426,346
1722 Arch Street Philadelphia, PA 322,137 - 322,137
JFK & Arch Parking Lots/Land (East) Philadelphia, PA 15,306,526 - 15,306,526
JFK & Arch Parking Lots/Land (West) Philadelphia, PA 1,601,047 - 1,601,047
425 Privet Road Horsham, PA 3,697,150 190,601 3,887,751
425 Privet Road Horsham, PA 2,015,225 3,420 2,018,645
Quarry Ridge Land Malvern, PA 9,528,074 - 9,528,074
Commodore Business Park Logan, NJ 4,480,965 207,250 4,688,215
Marlton Executive Park Land Marlton, NJ 964,921 - 964,921
800 Arlington Boulevard Expansion Land Logan, NJ - - -
300 Fellowship Road Land Mt. Laurel, NJ 1,615,557 - 1,615,557
Lehigh Valley Corporate Center Land Bethlehem, PA 227,357 32,438 259,795
LVCC Phase 2 Land Bethlehem, PA 6,676,985 198,500 6,875,485
650 Boulder Drive Expansion Allentown, PA 4,301,885 - 4,301,885
9th & Hamilton Streets Allentown, PA 615,624 - 615,624
Columbia Crossing Land Columbis, MD 5,678,531 - 5,678,531
6250 Old Dobbin Lane Columbia, MD 1,466,934 - 1,466,934
Hunt Valley Land Hunt Valley, MD 2,150,271 - 2,150,271
Fairgrounds Distribution Center Land Richmond, VA 12,981 - 12,981
Rivers' Bend Business Park Chesterfield, VA (1,106,508) 6,276,313 5,169,805
Woodlands Center Land Sandston, VA 1,687,205 - 1,687,205
501 H P Way Chesterfield, VA 650,007 - 650,007
Eastport VII 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 II Land Virginia Beach, VA 938,616 - 938,616
Westmoreland III Land Virginia Beach, VA 775,382 - 775,382
Volvo Center Land Hampton, VA 1,866,146 - 1,866,146
Lakefront Plaza II Land Hampton, VA 150,236 - 150,236
Mendenhall Business Park I High Point, NC 7,603,264 21,127 7,624,391
Independence Pointe Land Greenville, SC 2,582,637 - 2,582,637
Eagle Hill Business Park Land High Point, NC 849,876 20,000 869,876
Southpark Business Park Jacksonville, FL 497,113 - 497,113
7024 AC Skinner Parkway Jacksonville, FL 824,952 - 824,952
Silo Bend Land Tampa, FL 4,304,601 - 4,304,601
Exchange Place Land Orlando, FL - - -
Belfort Road Jacksonville, FL 573,322 - 573,322
Butler Plaza Land Jacksonville, FL 2,324,867 - 2,324,867
South Center Land Orlando, FL 2,163,350 - 2,163,350
South Center Land Orlando, FL 597,094 - 597,094
Orlando Corporate Center Land Orlando, FL 901,893 - 901,893
Salisbury Road Land Jacksonville, FL 1,559,918 - 1,559,918
Central Green Land Houston, TX 1,626,998 - 1,626,998
Woodland Corporate Center Land Tampa, FL 1,244,810 - 1,244,810
6119 W. Linebaugh Avenue Tampa, FL 198,205 - 198,205
Pompano Bus Park Land-Lots 100,101 Boca Raton, FL 428,214 - 428,214
121
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
GROSS AMOUNT CARRIED AT CLOSE OF PERIOD
-------------------------------------------------
LAND AND BUILDING AND TOTAL
PROJECT CITY IMPROVEMENTS IMPROVEMENTS @ 12/31/01
- -------------------------------------- --------------------- --------------- --------------- ---------------
LAND HELD FOR DEVELOPMENT - Continued
Pompano Bus Park Land-Lots 60, 61 Boca Raton, FL 522,278 - 522,278
Boca Colannade Land Boca Raton, FL 4,762,081 - 4,762,081
Lake Smetana Business Park Eden Prairie, MN 4,376,603 - 4,376,603
8855 Columbine Road Eden Prairie, MN 2,502,716 1,423,435 3,926,151
5705 Old Shakopee Road W. Land Bloomington, MN 2,127,294 - 2,127,294
Romulus Land Romulus, MI 1,287,510 - 1,287,510
Big Beaver Airport Land Troy, MI 10,164,697 - 10,164,697
Park Place South Land Milwaukee, WI 4,988,302 7,425 4,995,727
6505 Cogswell Road Romulus, MI 784,080 2,850,847 3,634,927
Liberty Business Park Land Jacksonville, FL 537,816 - 537,816
Northsight Land Scottsdale, AZ 11,323,236 - 11,323,236
--------------- --------------- ---------------
Subtotal Land Held for Development $ 152,315,837 $ 11,231,356 $ 163,547,193
=============== =============== ===============
Total All Properties $ 711,526,962 $ 3,047,022,354 $ 3,758,549,316
=============== =============== ===============
122
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
ACCUMULATED DATE OF
DEPRECIATION CONSTRUCTION DEPRECIABLE
PROJECT CITY @ 12/31/01 OR ACQUISITION LIFE (YEARS)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES
10, 20 Liberty Boulevard Malvern, PA $ 1,556,970 1985 40 yrs.
420 Lapp Road Malvern, PA 1,925,774 1989 40 yrs.
747 Dresher Road Horsham, PA 1,241,487 1988 40 yrs.
45-67 Great Valley Parkway Malvern, PA 1,624,828 1974 40 yrs.
40 Valley Stream Parkway Malvern, PA 808,022 1987 40 yrs.
50 Valley Stream Parkway Malvern, PA 794,557 1987 40 yrs.
20 Valley Stream Parkway Malvern, PA 1,881,114 1987 40 yrs.
800 Town Center Drive Langhorne, PA 3,459,238 1987 40 yrs.
9, 15, 25 Great Valley Parkway Malvern, PA 8,654,601 1986 40 yrs.
257-275 Great Valley Parkway Malvern, PA 2,046,465 1983 40 yrs.
300 Technology Drive Malvern, PA 477,422 1985 40 yrs.
277-293 Great Valley Parkway Malvern, PA 870,219 1984 40 yrs.
311 Technology Drive Malvern, PA 936,742 1984 40 yrs.
325 Technology Drive Malvern, PA 790,659 1984 40 yrs.
7 Great Valley Parkway Malvern, PA 1,836,656 1985 40 yrs.
55 Valley Stream Parkway Malvern, PA 1,387,591 1983 40 yrs.
65 Valley Stream Parkway Malvern, PA 2,051,771 1983 40 yrs.
508 Lapp Road Malvern, PA 776,745 1984 40 yrs.
10 Valley Stream Parkway Malvern, PA 1,218,205 1984 40 yrs.
333 Phoenixville Pike Malvern, PA 1,184,280 1985 40 yrs.
30 Great Valley Parkway Malvern, PA 230,178 1975 40 yrs.
75 Great Valley Parkway Malvern, PA 210,243 1977 40 yrs.
27-43 Great Valley Parkway Malvern, PA 1,216,584 1977 40 yrs.
77-123 Great Valley Parkway Malvern, PA 2,410,524 1978 40 yrs.
260 Great Valley Parkway Malvern, PA 402,234 1979 40 yrs.
256 Great Valley Parkway Malvern, PA 904,369 1980 40 yrs.
205 Great Valley Parkway Malvern, PA 4,867,531 1981 40 yrs.
12,14,16 Great Valley Parkway Malvern, PA 585,422 1982 40 yrs.
155 Great Valley Parkway Malvern, PA 1,074,999 1981 40 yrs.
333 Technology Drive Malvern, PA 1,296,887 1987 40 yrs.
510 Lapp Road Malvern, PA 416,120 1983 40 yrs.
181 Wheeler Court Langhorne, PA 412,325 1979 40 yrs.
1100 Wheeler Way Langhorne, PA 220,801 1979 40 yrs.
60 Morehall Road Malvern, PA 3,252,334 1989 40 yrs.
905 Airport Road West Chester, PA 1,210,040 1988 40 yrs.
1 Country View Road Malvern, PA 738,218 1982 40 yrs.
2151 Cabot Boulevard Langhorne, PA 662,841 1982 40 yrs.
170 South Warner Road King of Prussia, PA 1,807,126 1980 40 yrs.
190 South Warner Road King of Prussia, PA 1,132,106 1980 40 yrs.
507 Prudential Road Horsham, PA 1,176,586 1988 40 yrs.
100 Witmer Road Horsham, PA 1,437,650 1996 40 yrs.
3100 Horizon Drive King of Prussia, PA 397,457 1995 40 yrs.
3300 Horizon Drive King of Prussia, PA 504,196 1996 40 yrs.
3500 Horizon Drive King of Prussia, PA 369,051 1996 40 yrs.
200 Chesterfield Parkway Malvern, PA 1,510,386 1989 40 yrs.
767 Electronic Drive Horsham, PA 805,011 1996 40 yrs.
132 Welsh Road Horsham, PA 526,260 1998 40 yrs.
5 Country View Road Malvern, PA 793,380 1985 40 yrs.
3200 Horizon Drive King of Prussia, PA 789,885 1996 40 yrs.
3000 Horizon Drive King of Prussia, PA 238,781 1997 40 yrs.
111-195 Witmer Road Horsham, PA 454,855 1987 40 yrs.
300 Welsh Road - Building 3 Horsham, PA 257,843 1983 40 yrs.
300 Welsh Road - Building 4 Horsham, PA 572,469 1983 40 yrs.
8801 Tinicum Boulevard Philadelphia, PA 4,921,344 1997 40 yrs.
440 East Swedesford Road King of Prussia, PA 1,472,666 1988 40 yrs.
460 East Swedesford Road King of Prussia, PA 912,452 1988 40 yrs.
50 Morehall Road Malvern, PA 2,035,479 1997 40 yrs.
2 Walnut Grove Drive Horsham, PA 1,412,210 1989 40 yrs.
5 Walnut Grove Drive Horsham, PA 347,591 2000 40 yrs.
200 Gibraltar Road Horsham, PA 966,326 1990 40 yrs.
220 Gibraltar Road Horsham, PA 813,155 1990 40 yrs.
240 Gibraltar Road Horsham, PA 732,117 1990 40 yrs.
151 South Warner Road King of Prussia, PA 885,944 1980 40 yrs.
1 Walnut Grove Drive Horsham, PA 1,235,005 1986 40 yrs.
3604 Horizon Drive King of Prussia, PA 460,445 1998 40 yrs.
3606 Horizon Drive King of Prussia, PA 360,848 1997 40 yrs.
650 Swedesford Road King of Prussia, PA 2,596,663 1971 40 yrs.
680 Swedesford Road King of Prussia, PA 2,612,374 1971 40 yrs.
761 Fifth Avenue King of Prussia, PA 297,222 1977 40 yrs.
771 Fifth Avenue King of Prussia, PA 193,751 1977 40 yrs.
1 Great Valley Parkway Malvern, PA 529,250 1982 40 yrs.
5 Great Valley Parkway Malvern, PA 795,062 1983 40 yrs.
311 Sinclair Road Bristol, PA 159,316 1997 40 yrs.
1001 Cedar Hollow Road Malvern, PA 2,018,731 1998 40 yrs.
3 Country View Road Malvern, PA 405,299 1998 40 yrs.
425 Technology Drive Malvern, PA 348,852 1998 40 yrs.
375 Technology Drive Malvern, PA 237,101 1998 40 yrs.
45 Liberty Boulevard Malvern, PA 1,525,278 1999 40 yrs.
100 Chesterfield Parkway Malvern, PA 940,309 1998 40 yrs.
181-187 Gibraltar Road Horsham, PA 472,764 1982 40 yrs.
104 Rock Road Horsham, PA 307,508 1974 40 yrs.
123
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
ACCUMULATED DATE OF
DEPRECIATION CONSTRUCTION DEPRECIABLE
PROJECT CITY @ 12/31/01 OR ACQUISITION LIFE (YEARS)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES - Continued
123-135 Rock Road Horsham, PA 459,278 1975 40 yrs.
111-159 Gibraltar Road Horsham, PA 528,910 1981 40 yrs.
161-175 Gibraltar Road Horsham, PA 337,166 1976 40 yrs.
103-109 Gibraltar Road Horsham, PA 361,939 1978 40 yrs.
261-283 Gibraltar Road Horsham, PA 422,165 1978 40 yrs.
210-223 Witmer Road Horsham, PA 394,915 1972 40 yrs.
231-237 Gibraltar Road Horsham, PA 526,546 1981 40 yrs.
100 Gibraltar Road Horsham, PA 36,470 1975 40 yrs.
101 Gibraltar Road Horsham, PA 620,421 1977 40 yrs.
506 Prudential Road Horsham, PA 158,533 1973 40 yrs.
113-123 Rock Road Horsham, PA 337,132 1975 40 yrs.
101-111 Rock Road Horsham, PA 378,429 1975 40 yrs.
120 Gibraltar Road Horsham, PA 547,338 1980 40 yrs.
110 Gibraltar Road Horsham, PA 645,282 1979 40 yrs.
100-107 Lakeside Drive Horsham, PA 376,425 1982 40 yrs.
200-264 Lakeside Drive Horsham, PA 707,557 1982 40 yrs.
300-309 Lakeside Drive Horsham, PA 592,273 1982 40 yrs.
400-445 Lakeside Drive Horsham, PA 953,445 1981 40 yrs.
104 Witmer Road Horsham, PA 260,226 1997 40 yrs.
201 Gibraltar Road Horsham, PA 402,648 1983 40 yrs.
3600 Horizon Drive King of Prussia, PA 192,128 1989 40 yrs.
3602 Horizon Drive King of Prussia, PA 233,015 1989 40 yrs.
3 Franklin Plaza Philadelphia, PA 1,931,024 1999 40 yrs.
400-500 Brandywine Parkway West Chester, PA 761,558 1988 40 yrs.
600 Brandywine Parkway West Chester, PA 585,443 1988 40 yrs.
2700 Horizon Drive King of Prussia, PA 448,744 1998 40 yrs.
2900 Horizon Drive King of Prussia, PA 366,194 1998 40 yrs.
2500 Renaissance Boulevard King of Prussia, PA 276,877 1999 40 yrs.
2300 Renaissance Boulevard King of Prussia, PA 261,883 1999 40 yrs.
719 Dresher Road Horsham, PA 288,844 1987 40 yrs.
2100 Renaissance Boulevard King of Prussia, PA 855,859 1999 40 yrs.
4 Walnut Grove Horsham, PA 487,393 1999 40 yrs.
2250 Hickory Road Plymouth Meeting, PA 1,026,973 1985 40 yrs.
3400 Horizon Drive King of Prussia, PA 444,695 1995 40 yrs.
300 Welsh Road Horsham, PA 288,415 1985 40 yrs.
600 Chesterfield Parkway Malvern, PA 822,929 1999 40 yrs.
700 Chesterfield Parkway Malvern, PA 817,751 1999 40 yrs.
6 Terry Drive Newtown, PA 182,332 1981 40 yrs.
2520 Renaissance Boulevard King of Prussia, PA 369,633 1999 40 yrs.
18 Great Valley Parkway Malvern, PA 292,294 1980 40 yrs.
700 Dresher Road Horsham, PA 778,649 1987 40 yrs.
2201 Renaissance Boulevard King of Prussia, PA 878,480 2000 40 yrs.
2540 Renaissance Boulevard King of Prussia, PA 87,683 2000 40 yrs.
2560 Renaissance Boulevard King of Prussia, PA 193,053 2000 40 yrs.
1501-1513 Grundy's Lane Bristol, PA 118,850 2000 40 yrs.
11 Great Valley Parkway Malvern, PA 92,249 2001 40 yrs.
680 Blair Mill Road Horsham, PA 155,300 2001 40 yrs.
825 Duportail Road Wayne, PA 870,011 1979 40 yrs.
1200 Liberty Ridge Drive Wayne, PA 343,064 2001 40 yrs.
2760 Red Lion Road Philadelphia, PA 528,764 2001 40 yrs.
200 Precision Drive Horsham, PA 268,730 1997 40 yrs.
40 Liberty Boulevard Malvern, PA 1,063,455 1989 40 yrs.
102 Rock Road Horsham, PA 52,368 1985 40 yrs.
14 Lee Boulevard Malvern, PA 1,714,806 1988 40 yrs.
500 Chesterfield Parkway Malvern, PA 1,015,243 1988 40 yrs.
300-400 Chesterfield Parkway Malvern, PA 1,582,069 1988 40 yrs.
8 Stow Road Marlton, NJ 403,975 1988 40 yrs.
10 Stow Road Marlton, NJ 381,457 1988 40 yrs.
12 Stow Road Marlton, NJ 325,754 1988 40 yrs.
14 Stow Road Marlton, NJ 320,252 1988 40 yrs.
701A Route 73 South Marlton, NJ 1,749,459 1987 40 yrs.
701C Route 73 South Marlton, NJ 410,970 1987 40 yrs.
1008 Astoria Boulevard Cherry Hill, NJ 254,135 1973 40 yrs.
3000 Atrium Way Mt. Laurel, NJ 2,525,396 1987 40 yrs.
750 Cardinal Drive Bridgeport, NJ 465,221 1989 40 yrs.
11000, 15000 Commerce Parkway Mt. Laurel, NJ 892,488 1985 40 yrs.
12000, 14000 Commerce Parkway Mt. Laurel, NJ 649,502 1985 40 yrs.
16000, 18000 Commerce Parkway Mt. Laurel, NJ 674,270 1985 40 yrs.
400 Lippincott Drive Marlton, NJ 224,896 1999 40 yrs.
406 Lippincott Drive Marlton, NJ 606,482 1990 40 yrs.
234 High Hill Road Bridgeport, NJ 361,669 1987 40 yrs.
101 Arlington Boulevard Bridgeport, NJ 577,106 1996 40 yrs.
100 Berkeley Drive Bridgeport, NJ 340,055 1990 40 yrs.
301 Lippincott Drive Marlton, NJ 883,229 1988 40 yrs.
303 Lippincott Drive Marlton, NJ 950,047 1988 40 yrs.
510-512 Sharptown Road Bridgeport, NJ 173,052 1984 40 yrs.
901 Route 73 Marlton, NJ 410,882 1985 40 yrs.
1300 Route 73 North Mt. Laurel, NJ 692,228 1988 40 yrs.
512 Sharptown Road Bridgeport, NJ 256,548 1984 40 yrs.
201 Berkeley Drive Bridgeport, NJ 442,360 1999 40 yrs.
404 Lippincott Drive Marlton, NJ 311,170 1997 40 yrs.
104 Gaither Drive Mt. Laurel, NJ 172,592 1975 40 yrs.
402 Lippincott Drive Marlton, NJ 251,556 1997 40 yrs.
300 Commodore Drive Bridgeport, NJ 545,581 1999 40 yrs.
124
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
ACCUMULATED DATE OF
DEPRECIATION CONSTRUCTION DEPRECIABLE
PROJECT CITY @ 12/31/01 OR ACQUISITION LIFE (YEARS)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES - Continued
3000 Lincoln Drive Mt. Laurel, NJ 689,691 1983 40 yrs.
6000 Commerce Parkway Mt. Laurel, NJ 304,990 1985 40 yrs.
7000 Commerce Parkway Mt. Laurel, NJ 327,727 1984 40 yrs.
8000 Commerce Parkway Mt. Laurel, NJ 242,670 1983 40 yrs.
9000 Commerce Parkway Mt. Laurel, NJ 321,204 1983 40 yrs.
1000 Briggs Road Mt. Laurel, NJ 391,726 1986 40 yrs.
1025 Briggs Road Mt. Laurel, NJ 522,082 1987 40 yrs.
1020 Briggs Road Mt. Laurel, NJ 280,260 1999 40 yrs.
9 Stow Road Marlton, NJ 270,466 1998 40 yrs.
2000 Crawford Place Mt. Laurel, NJ 785,860 1986 40 yrs.
5000 Dearborn Court Mt. Laurel, NJ 422,530 1988 40 yrs.
515 Heron Drive Bridgeport, NJ 223,053 1980 40 yrs.
500 Sharptown Road Bridgeport, NJ 230,108 1984 40 yrs.
625 Heron Drive Bridgeport, NJ 89,390 1980 40 yrs.
605 Heron Drive Bridgeport, NJ 105,766 1980 40 yrs.
510 Heron Drive Bridgeport, NJ 788,746 1990 40 yrs.
522 Pedricktown Road Bridgeport, NJ 128,989 1988 40 yrs.
530 Pedricktown Road Bridgeport, NJ 180,731 1993 40 yrs.
540 Pedricktown Road Bridgeport, NJ 427,827 1987 40 yrs.
230 High Hill Road Bridgeport, NJ 831,380 1985 40 yrs.
3 Mallard Court Bridgeport, NJ 230,102 1989 40 yrs.
730 Cardinal Drive Bridgeport, NJ 173,453 1989 40 yrs.
405 Heron Drive Bridgeport, NJ 1,718,650 1990 40 yrs.
100 Eagle Road Bridgeport, NJ 135,990 1995 40 yrs.
250 High Hill Road Bridgeport, NJ 377,569 1995 40 yrs.
508 Center Square Road Bridgeport, NJ 324,637 1995 40 yrs.
602 Heron Drive Bridgeport, NJ 210,512 1995 40 yrs.
300 Eagle Court Bridgeport, NJ 176,577 1996 40 yrs.
500 Center Square Road Bridgeport, NJ 585,541 1997 40 yrs.
1001 Briggs Road Mt. Laurel, NJ 460,436 1986 40 yrs.
1960 Cuthbert Boulevard Cherry Hill, NJ 173,264 1985 40 yrs.
1970 Cuthbert Boulevard Cherry Hill, NJ 119,833 1985 40 yrs.
10000 & 11000 Route 73 Marlton, NJ 392,888 1984 40 yrs.
800 Arlington Boulevard Bridgeport, NJ 539,702 1999 40 yrs.
1015 Briggs Road Mt. Laurel, NJ 169,157 2000 40 yrs.
17000 Commerce Parkway Mt. Laurel, NJ 165,909 2001 40 yrs.
1655 Valley Center Parkway Bethlehem, PA 611,485 1993 40 yrs.
6560 Stonegate Drive Allentown, PA 711,254 1989 40 yrs.
6370 Hedgewood Drive Allentown, PA 854,360 1990 40 yrs.
6390 Hedgewood Drive Allentown, PA 859,564 1990 40 yrs.
1495 Valley Center Parkway Bethlehem, PA 975,110 1990 40 yrs.
6350 Hedgewood Drive Allentown, PA 934,757 1989 40 yrs.
6330 Hedgewood Drive Allentown, PA 1,571,394 1988 40 yrs.
1550 Valley Center Parkway Bethlehem, PA 919,337 1988 40 yrs.
1560 Valley Center Parkway Bethlehem, PA 1,190,764 1988 40 yrs.
6580 Snowdrift Road Allentown, PA 865,223 1988 40 yrs.
1510 Valley Center Parkway Bethlehem, PA 1,122,540 1988 40 yrs.
1530 Valley Center Parkway Bethlehem, PA 808,250 1988 40 yrs.
6540 Stonegate Drive Allentown, PA 1,160,494 1988 40 yrs.
974 Marcon Boulevard Allentown, PA 786,473 1987 40 yrs.
964 Marcon Boulevard Allentown, PA 653,372 1985 40 yrs.
764 Roble Road Allentown, PA 299,385 1985 40 yrs.
3174 Airport Road Allentown, PA 544,941 1979 40 yrs.
2196 Avenue C Allentown, PA 527,505 1980 40 yrs.
2202 Hanger Place Allentown, PA 613,360 1981 40 yrs.
2201 Hanger Place Allentown, PA 645,145 1987 40 yrs.
954 Marcon Boulevard Allentown, PA 407,464 1981 40 yrs.
57 South Commerce Way Bethlehem, PA 547,909 1986 40 yrs.
754 Roble Road Allentown, PA 372,982 1986 40 yrs.
894 Marcon Boulevard Allentown, PA 215,266 1986 40 yrs.
744 Roble Road Allentown, PA 388,557 1986 40 yrs.
944 Marcon Boulevard Allentown, PA 329,933 1986 40 yrs.
1685 Valley Center Parkway Bethlehem, PA 379,870 1996 40 yrs.
6520 Stonegate Drive Allentown, PA 293,256 1996 40 yrs.
7437 Industrial Boulevard Allentown, PA 1,415,814 1976 40 yrs.
2041 Avenue C Allentown, PA 205,754 1990 40 yrs.
2124 Avenue C Allentown, PA 184,527 1990 40 yrs.
7339 Industrial Boulevard Allentown, PA 815,953 1996 40 yrs.
7384 Penn Drive Allentown, PA 493,612 1988 40 yrs.
7144 Daniels Drive Allentown, PA 1,004,907 1975 40 yrs.
7620 Cetronia Road Allentown, PA 767,389 1990 40 yrs.
939 Marcon Boulevard Allentown, PA 874,707 1980 40 yrs.
100 Brodhead Road Bethlehem, PA 518,801 1990 40 yrs.
1455 Valley Center Parkway Bethlehem, PA 942,735 1997 40 yrs.
1640 Valley Center Parkway Bethlehem, PA 589,762 1996 40 yrs.
1650 Valley Center Parkway Bethlehem, PA 531,404 1997 40 yrs.
1660 Valley Center Parkway Bethlehem, PA 350,066 1998 40 yrs.
400 Nestle Way Allentown, PA 3,542,766 1997 40 yrs.
83 South Commerce Way Bethlehem, PA 203,442 1989 40 yrs.
85 South Commerce Way Bethlehem, PA 153,878 1989 40 yrs.
87 South Commerce Way Bethlehem, PA 170,627 1989 40 yrs.
89 South Commerce Way Bethlehem, PA 268,327 1998 40 yrs.
7248 Industrial Boulevard Allentown, PA 1,896,986 1988 40 yrs.
95 Highland Avenue Bethlehem, PA 412,478 1985 40 yrs.
125
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
ACCUMULATED DATE OF
DEPRECIATION CONSTRUCTION DEPRECIABLE
PROJECT CITY @ 12/31/01 OR ACQUISITION LIFE (YEARS)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES - Continued
236 Brodhead Road Bethlehem, PA 568,568 1994 40 yrs.
1525 Valley Center Parkway Bethlehem, PA 746,292 1999 40 yrs.
6620 Grant Way Allentown, PA 224,411 1989 40 yrs.
700 Nestle Way Allentown, PA 1,585,157 1998 40 yrs.
7562 Penn Drive Allentown, PA 97,555 1989 40 yrs.
7277 Williams Avenue Allentown, PA 198,018 1989 40 yrs.
7355 Williams Avenue Allentown, PA 178,768 1998 40 yrs.
794 Roble Road Allentown, PA 607,995 1985 40 yrs.
6923 Schantz Spring Road Allentown, PA 323,339 1993 40 yrs.
7132 Daniels Drive Allentown, PA 627,069 1997 40 yrs.
3985 Adler Place Bethlehem, PA 430,542 1987 40 yrs.
8014 Industrial Boulevard Allentown, PA 585,147 1999 40 yrs.
705 Boulder Drive Allentown, PA 584,586 2001 40 yrs.
651 Boulder Drive Allentown, PA 783,176 2000 40 yrs.
3773 Corporate Parkway Center Valley, PA 224,882 2001 40 yrs.
7028 Snowdrift Road Fogelville, PA 45,518 2001 40 yrs.
180,190 Cochrane Drive Annapolis, MD 5,062,988 1988 40 yrs.
7178-80 Columbia Gateway Columbia, MD 1,197,206 1987 40 yrs.
9770 Patuxent Woods Drive Columbia, MD 355,719 1986 40 yrs.
9780 Patuxent Woods Drive Columbia, MD 227,507 1986 40 yrs.
9790 Patuxent Woods Drive Columbia, MD 254,102 1986 40 yrs.
9810 Patuxent Woods Drive Columbia, MD 277,758 1986 40 yrs.
9800 Patuxent Woods Drive Columbia, MD 343,560 1988 40 yrs.
9820 Patuxent Woods Drive Columbia, MD 257,078 1988 40 yrs.
9830 Patuxent Woods Drive Columbia, MD 308,596 1986 40 yrs.
9050 Red Branch Road Columbia, MD 312,441 1972 40 yrs.
4606 Richlynn Drive Belcamp, MD 167,357 1988 40 yrs.
8945-8975 Guilford Road Columbia, MD 677,612 1986 40 yrs.
7317 Parkway Drive Hanover, MD 151,245 1983 40 yrs.
5950 Symphony Woods Road Columbia, MD 118,531 1986 40 yrs.
9101,9111,9115 Guilford Road Columbia, MD 1,379,816 1984 40 yrs.
9125,9135,9145 Guilford Road Columbia, MD 2,423,406 1983 40 yrs.
1751 Bluehills Drive Roanoke, VA 1,435,999 1991 40 yrs.
4300 Carolina Avenue Richmond, VA 2,577,334 1985 40 yrs.
301 Hill Carter Parkway Richmond, VA 826,014 1989 40 yrs.
4001 Carolina Avenue Richmond, VA 53,764 1935 40 yrs.
5600-5626 Eastport Boulevard Richmond, VA 669,005 1989 40 yrs.
5650-5674 Eastport Boulevard Richmond, VA 762,775 1990 40 yrs.
5700 Eastport Boulevard Richmond, VA 468,152 1990 40 yrs.
3432 Holland Road Virginia Beach, VA 135,024 1989 40 yrs.
4880 Cox Road Glen Allen, VA 416,118 1995 40 yrs.
4101- 4127 Carolina Avenue Richmond, VA 392,212 1973 40 yrs.
4201-4261 Carolina Avenue Richmond, VA 966,255 1975 40 yrs.
4263-4299 Carolina Avenue Richmond, VA 529,453 1976 40 yrs.
4301-4335 Carolina Avenue Richmond, VA 292,813 1978 40 yrs.
4337-4379 Carolina Avenue Richmond, VA 659,969 1979 40 yrs.
4501-4549 Carolina Avenue Richmond, VA 626,210 1981 40 yrs.
4551-4593 Carolina Avenue Richmond, VA 619,697 1982 40 yrs.
4601-4643 Carolina Avenue Richmond, VA 955,692 1985 40 yrs.
4645-4683 Carolina Avenue Richmond, VA 1,276,006 1985 40 yrs.
4447-4491 Carolina Avenue Richmond, VA 484,139 1987 40 yrs.
4401-4445 Carolina Avenue Richmond, VA 773,102 1988 40 yrs.
12 S. Third Street Richmond, VA 32,335 1900 40 yrs.
9601 Cosner Drive Fredericksburg, VA 662,050 1995 40 yrs.
2300 East Parham Road Richmond, VA 172,699 1988 40 yrs.
5601-5659 Eastport Boulevard Richmond, VA 908,224 1996 40 yrs.
5900 Eastport Boulevard Richmond, VA 540,431 1997 40 yrs.
4717-4729 Eubank Road Richmond, VA 547,915 1978 40 yrs.
4263F-N. Carolina Avenue Richmond, VA 235,560 1975 40 yrs.
5000 Cox Road Glen Allen, VA 494,901 1990 40 yrs.
5500 Cox Road Glen Allen, VA 289,152 1999 40 yrs.
510 Eastpark Court Richmond, VA 283,430 1989 40 yrs.
520 Eastpark Court Richmond, VA 549,384 1989 40 yrs.
13001 Kingston Avenue Richmond, VA 240,515 1998 40 yrs.
5701-5799 Eastport Boulevard Richmond, VA 693,620 1998 40 yrs.
4801 Cox Road Glen Allen, VA 809,854 1998 40 yrs.
600 H P Way Chester, VA 564,256 1997 40 yrs.
500 H P Way Chester, VA 444,485 1997 40 yrs.
701 Liberty Way Richmond, VA 339,379 1999 40 yrs.
4198 Cox Road Glen Allen, VA 520,752 1984 40 yrs.
12730 Kingston Avenue Richmond, VA 73,022 2001 40 yrs.
4510 Cox Road Glen Allen, VA 885,403 1990 40 yrs.
2809 South Lynnhaven Road Virginia Beach, VA 690,821 1987 40 yrs.
200 Golden Oak Court Virginia Beach, VA 770,735 1988 40 yrs.
208 Golden Oak Court Virginia Beach, VA 720,062 1989 40 yrs.
1 Enterprise Parkway Hampton, VA 692,434 1987 40 yrs.
22 Enterprise Parkway Hampton, VA 776,959 1990 40 yrs.
530 Eastpark Court Richmond, VA 437,612 1997 40 yrs.
484 Viking Drive Virginia Beach, VA 387,398 1987 40 yrs.
10430 Lakeridge Parkway Ashland, VA 375,717 1989 40 yrs.
10456 Lakeridge Parkway Ashland, VA 368,247 1991 40 yrs.
3829-3855 Gaskins Road Richmond, VA 313,368 1988 40 yrs.
629 Phoenix Drive Virginia Beach, VA 203,996 1996 40 yrs.
11838 Rock Landing Drive Newport News, VA 268,662 1986 40 yrs.
126
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
ACCUMULATED DATE OF
DEPRECIATION CONSTRUCTION DEPRECIABLE
PROJECT CITY @ 12/31/01 OR ACQUISITION LIFE (YEARS)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES - Continued
11844 Rock Landing Drive Newport News, VA 149,749 1989 40 yrs.
11846 Rock Landing Drive Newport News, VA 160,551 1989 40 yrs.
11832 Rock Landing Drive Newport News, VA 431,803 1988 40 yrs.
10800 Nuckols Boulevard Richmond, VA 672,556 1988 40 yrs.
5700 Cleveland Street Virginia Beach, VA 993,051 1985 40 yrs.
801 Liberty Way Richmond, VA 417,875 1999 40 yrs.
5 Manhattan Square Hampton, VA 97,557 1999 40 yrs.
100 Westgate Parkway Richmond, VA 109,257 2001 40 yrs.
1309 Executive Boulevard Cheaspeake, VA 189,367 2001 40 yrs.
21 Enterprise Parkway Hamton, VA 170,167 1999 40 yrs.
4523 Green Point Drive High Point, NC 639,487 1988 40 yrs.
4501 Green Point Drive High Point, NC 648,182 1989 40 yrs.
4500 Green Point Drive High Point, NC 631,930 1989 40 yrs.
2427 Penny Road High Point, NC 1,687,417 1990 40 yrs.
4524 Green Point Drive High Point, NC 611,652 1989 40 yrs.
4328, 4336 Federal Drive High Point, NC 1,887,987 1995 40 yrs.
200 Centreport Drive Greensboro, NC 772,948 1986 40 yrs.
4344 Federal Drive High Point, NC 448,913 1996 40 yrs.
202 Centreport Drive Greensboro, NC 953,023 1990 40 yrs.
101 Centreport Drive Greensboro, NC 799,417 1998 40 yrs.
4000 Piedmont Parkway High Point, NC 843,969 1995 40 yrs.
4380 Federal Drive High Point, NC 424,176 1997 40 yrs.
4388 Federal Drive High Point, NC 213,215 1997 40 yrs.
6532 Judge Adams Road Rock Creek, NC 386,215 1997 40 yrs.
6530 Judge Adams Road Rock Creek, NC 335,157 1999 40 yrs.
150 Ridgeview Center Drive Duncan, SC 1,181,708 1984 40 yrs.
1320 Garlington Road Greenville, SC 230,473 1986 40 yrs.
420 Park Avenue Greenville, SC 524,586 1986 40 yrs.
4160 Mendenhall Oaks Parkway High Point, NC 289,126 1998 40 yrs.
4194 Mendenhall Oaks Parkway High Point, NC 265,686 1999 40 yrs.
4196 Mendenhall Oaks Parkway High Point, NC 306,303 1999 40 yrs.
4170 Mendenhall Oaks Parkway High Point, NC 175,066 1999 40 yrs.
4180 Mendenhall Oaks Parkway High Point, NC 208,697 1999 40 yrs.
4050 Piedmont Parkway High Point, NC 1,445,535 1998 40 yrs.
One Independence Pointe Greenville, SC 647,807 1982 40 yrs.
55 Beattie Place Greenville, SC 2,523,388 1986 40 yrs.
75 Beattie Place Greenville, SC 1,882,732 1987 40 yrs.
7736 McCloud Road Greensboro, NC 630,532 1998 40 yrs.
15 Brendan Way Greenville, SC 463,830 1988 40 yrs.
4300 Federal Drive High Point, NC 131,591 1998 40 yrs.
4135 Mendenall Oaks Parkway High Point, NC 144,085 2000 40 yrs.
4183 Eagle Hill Drive High Point, NC 185,585 2001 40 yrs.
4189 Eagle Hill Drive High Point, NC 4,812 2001 40 yrs.
4020 Meeting Way High Point, NC 57,204 2001 40 yrs.
170 Ridgeview Drive Duncan, SC 53,020 2001 40 yrs.
6509 Franz Warner Parkway Rock Creek, NC 12,290 2001 40 yrs.
1730 Stebbins Drive Houston, TX 281,929 1973 40 yrs.
5911-5925 Richard Street Jacksonville, FL 269,472 1977 40 yrs.
8383-8385 Baycenter Road Jacksonville, FL 352,176 1973 40 yrs.
8775 Baypine Road Jacksonville, FL 949,706 1989 40 yrs.
6255 Lake Gray Boulevard Jacksonville, FL 1,201,100 1987 40 yrs.
8665,8667,8669 Baypine Road Jacksonville, FL 1,354,693 1987 40 yrs.
1200 Gulf Life Drive Jacksonville, FL 7,243,375 1985 40 yrs.
8614 Baymeadows Way Jacksonville, FL 490,637 1986 40 yrs.
5941-5975 Richard Street Jacksonville, FL 623,130 1978 40 yrs.
7970 Bayberry Road Jacksonville, FL 768,502 1978 40 yrs.
6000-6030 Bowdendale Avenue Jacksonville, FL 812,306 1979 40 yrs.
7898 Baymeadows Way Jacksonville, FL 909,860 1978 40 yrs.
5977-6607 Richard Street Jacksonville, FL 960,933 1980 40 yrs.
7910 & 7948 Baymeadows Way Jacksonville, FL 1,192,063 1981 40 yrs.
7954, 7960 Baymeadows Way Jacksonville, FL 1,244,833 1982 40 yrs.
8787 Baypine Road Jacksonville, FL 17,813,274 1990 40 yrs.
7077 Bonneval Road Jacksonville, FL 1,983,085 1988 40 yrs.
4190 Belfort Road Jacksonville, FL 2,190,177 1986 40 yrs.
7020 AC Skinner Parkway Jacksonville, FL 458,301 1996 40 yrs.
7022 AC Skinner Parkway Jacksonville, FL 780,030 1996 40 yrs.
11777 Central Highway Jacksonville, FL 629,617 1985 40 yrs.
4345 Southpoint Parkway Jacksonville, FL 942,860 1998 40 yrs.
7016 AC Skinner Parkway Jacksonville, FL 522,678 1996 40 yrs.
7018 AC Skinner Parkway Jacksonville, FL 952,780 1997 40 yrs.
7014 AC Skinner Parkway Jacksonville, FL 388,673 1999 40 yrs.
6620 Southpoint Drive Jacksonville, FL 722,622 1984 40 yrs.
7980 Bayberry Road Jacksonville, FL 149,812 1978 40 yrs.
9600 Satellite Boulevard Orlando, FL 156,740 1989 40 yrs.
9700 Satellite Boulevard Orlando, FL 136,141 1989 40 yrs.
1902 Cypress Lake Drive Orlando, FL 466,383 1989 40 yrs.
9550 Satellite Boulevard Orlando, FL 246,957 1999 40 yrs.
8250 & 8256 Exchange Place Orlando, FL 318,715 1985 40 yrs.
6600 Southpoint Parkway Jacksonville, FL 618,689 1986 40 yrs.
6700 Southpoint Parkway Jacksonville, FL 474,948 1987 40 yrs.
4801 Executive Park Court - 100 Jacksonville, FL 394,293 1990 40 yrs.
4801 Executive Park Court - 200 Jacksonville, FL 201,048 1990 40 yrs.
4810 Executive Park Court Jacksonville, FL 317,972 1990 40 yrs.
6602 Executive Park Court - 100 Jacksonville, FL 253,484 1993 40 yrs.
127
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
ACCUMULATED DATE OF
DEPRECIATION CONSTRUCTION DEPRECIABLE
PROJECT CITY @ 12/31/01 OR ACQUISITION LIFE (YEARS)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES - Continued
6602 Executive Park Court - 200 Jacksonville, FL 173,628 1993 40 yrs.
6631 Executive Park Court - 100 Jacksonville, FL 135,346 1994 40 yrs.
6631 Executive Park Court - 200 Jacksonville, FL 242,703 1994 40 yrs.
4815 Executive Park Court - 100 Jacksonville, FL 203,559 1995 40 yrs.
4815 Executive Park Court - 200 Jacksonville, FL 306,468 1995 40 yrs.
4825 Executive Park Court Jacksonville, FL 324,970 1996 40 yrs.
4820 Executive Park Court Jacksonville, FL 358,711 1997 40 yrs.
10511 & 10611 Satellite Boulevard Orlando, FL 345,419 1985 40 yrs.
1400-1440 Central Florida Parkway Orlando, FL 262,290 1962 40 yrs.
6601 Executive Park Circle North Jacksonville, FL 312,700 1992 40 yrs.
1300 Riverplace Boulevard Jacksonville, FL 826,247 1980 40 yrs.
4901 Belfort Road Jacksonville, FL 833,751 1998 40 yrs.
16445 Air Center Boulevard Houston, TX 274,656 1989 40 yrs.
16405 Air Center Boulevard Houston, TX 324,462 1997 40 yrs.
2216 Directors Row Orlando, FL 231,022 1997 40 yrs.
7460 Chancellor Drive Orlando, FL 122,748 1998 40 yrs.
1901 Summit Tower Boulevard Maitland, FL 1,132,409 1998 40 yrs.
3701-3727 Vineland Road Orlando, FL 205,295 1985 40 yrs.
4899 Belfort Road Jacksonville, FL 492,767 2000 40 yrs.
4905 Belfort Street Jacksonville, FL 159,687 2000 40 yrs.
16580 Air Center Boulevard Houston, TX 229,578 1997 40 yrs.
7251 Salisbury Road Jacksonville, FL 52,199 2000 40 yrs.
2400 South Lake Orange Drive Orlando, FL 67,258 2001 40 yrs.
10245 Centurion Parkway North Jacksonville, FL 184,815 1996 40 yrs.
6501 Lee Vista Boulevard Orlando, FL 54,304 2001 40 yrs.
1755 Trans Central Drive Houston, TX 95,800 1999 40 yrs.
10771 Palm Bay Drive Orlando, FL 105,202 2001 40 yrs.
5501-5519 Pioneer Park Boulevard Tampa, FL 337,507 1981 40 yrs.
5690-5694 Crenshaw Street Tampa, FL 339,928 1979 40 yrs.
3102,3104,3110 Cherry Palm Drive Tampa, FL 554,185 1986 40 yrs.
8401-8408 Benjamin Road Tampa, FL 791,102 1986 40 yrs.
3501 Riga Boulevard Tampa, FL 419,246 1987 40 yrs.
111 Kelsey Lane Tampa, FL 307,503 1990 40 yrs.
7930, 8010-20 Woodland Center Boulevard Tampa, FL 649,184 1990 40 yrs.
7920 Woodland Center Boulevard Tampa, FL 402,889 1997 40 yrs.
8154-8198 Woodland Center Boulevard Tampa, FL 359,203 1988 40 yrs.
8112-42 Woodland Center Boulevard Tampa, FL 383,962 1995 40 yrs.
8212 Woodland Center Boulevard Tampa, FL 271,719 1996 40 yrs.
131 Kelsey Lane Tampa, FL 683,453 1985 40 yrs.
7724 Woodland Center Boulevard Tampa, FL 266,326 1998 40 yrs.
7802-50 Woodland Center Boulevard Tampa, FL 440,797 1999 40 yrs.
7852-98 Woodland Center Boulevard Tampa, FL 452,794 1999 40 yrs.
8921 Brittany Way Tampa, FL 174,982 1998 40 yrs.
5250 Eagle Trail Drive Tampa, FL 281,715 1998 40 yrs.
7725 Woodland Center Boulevard Tampa, FL 203,066 1999 40 yrs.
8001 Woodland Center Boulevard Tampa, FL 155,272 1999 40 yrs.
4630 Woodland Corporate Boulevard Tampa, FL 687,528 2000 40 yrs.
701-725 South US Highway 301 Tampa, FL 316,134 2000 40 yrs.
4502 Woodland Corporate Boulevard Tampa, FL 161,078 1999 40 yrs.
9001-9015 Brittany Way Tampa, FL 82,536 2000 40 yrs.
4508 Woodland Corporate Boulevard Tampa, FL 110,730 2000 40 yrs.
7622 Bald Cypress Place Tampa, FL 35,290 2000 40 yrs.
901-933 US Highway 301S Tampa, FL 101,674 2001 40 yrs.
1701 Clint Moore Boulevard Boca Raton, FL 347,419 1985 40 yrs.
5410 - 5430 Northwest 33rd Avenue Ft. Lauderdale, FL 478,403 1985 40 yrs.
6500 NW 12th Avenue Ft. Lauderdale, FL 298,657 1989 40 yrs.
6600 NW 12th Avenue Ft. Lauderdale, FL 338,734 1989 40 yrs.
1500 SW 5th Court Pompano Beach, FL 395,747 1957 40 yrs.
1651 SW 5th Court Pompano Beach, FL 81,152 1990 40 yrs.
1601 SW 5th Court Pompano Beach, FL 83,757 1990 40 yrs.
1501 SW 5th Court Pompano Beach, FL 85,778 1990 40 yrs.
1400 SW 6th Court Pompano Beach, FL 460,189 1986 40 yrs.
1405 SW 6th Court Pompano Beach, FL 161,884 1985 40 yrs.
595 SW 13th Terrace Pompano Beach, FL 142,346 1984 40 yrs.
601 SW 13th Terrace Pompano Beach, FL 66,133 1984 40 yrs.
605 SW 16th Terrace Pompano Beach, FL 121,790 1965 40 yrs.
951 Broken Sound Parkway Boca Raton, FL 657,641 1986 40 yrs.
3400 Lakeside Drive Miramar, FL 1,208,857 1990 40 yrs.
3450 Lakeside Drive Miramar, FL 1,197,693 1990 40 yrs.
3350 SW 148th Avenue Miramar, FL 979,379 2000 40 yrs.
13650 NW 8th Street Sunrise, FL 209,744 1991 40 yrs.
13630 NW 8th Street Sunrise, FL 276,214 1991 40 yrs.
777 Yamato Road Boca Raton, FL 1,565,561 1986 40 yrs.
1801 Clint Moore Road Boca Raton, FL 448,568 1986 40 yrs.
6601-6625 W. 78th Street Bloomington, MN 3,068,383 1998 40 yrs.
2905 Northwest Boulevard Plymouth, MN 681,080 1983 40 yrs.
2800 Campus Drive Plymouth, MN 442,072 1985 40 yrs.
2955 Xenium Lane Plymouth, MN 270,240 1985 40 yrs.
9401-9443 Science Center Drive New Hope, MN 501,068 1989 40 yrs.
6321-6325 Bury Drive Eden Prairie, MN 554,514 1988 40 yrs.
7115-7173 Shady Oak Road Eden Prairie, MN 561,832 1984 40 yrs.
7660-7716 Golden Triangle Drive Eden Prairie, MN 1,011,359 1988 40 yrs.
7400 Flying Cloud Drive Eden Prairie, MN 212,746 1987 40 yrs.
10301-10305 West 70th Street Eden Prairie, MN 138,220 1984 40 yrs.
128
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
ACCUMULATED DATE OF
DEPRECIATION CONSTRUCTION DEPRECIABLE
PROJECT CITY @ 12/31/01 OR ACQUISITION LIFE (YEARS)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES - Continued
10321 West 70th Street Eden Prairie, MN 158,929 1984 40 yrs.
10333 West 70th Street Eden Prairie, MN 121,555 1984 40 yrs.
10349-10357 West 70th Street Eden Prairie, MN 327,003 1985 40 yrs.
10365-10375 West 70th Street Eden Prairie, MN 336,824 1985 40 yrs.
10393-10394 West 70th Street Eden Prairie, MN 322,892 1985 40 yrs.
7078 Shady Oak Road Eden Prairie, MN 369,321 1985 40 yrs.
10400 Viking Drive Eden Prairie, MN 2,193,834 1999 40 yrs.
5600 & 5610 Rowland Road Minnetonka, MN 984,522 1988 40 yrs.
2920 Northwest Boulevard Plymouth, MN 526,811 1997 40 yrs.
5400-5500 Feltl Road Minnetonka, MN 846,919 1985 40 yrs.
10300 Bren Road Minnetonka, MN 381,729 1981 40 yrs.
14630-14650 28th Avenue North Plymouth, MN 238,096 1978 40 yrs.
7695-7699 Anagram Drive Eden Prairie, MN 300,426 1997 40 yrs.
7550 Meridian Circle Maple Grove, MN 260,543 1989 40 yrs.
2800 Northwest Boulevard Plymouth, MN 983,674 1995 40 yrs.
3255 Neil Armstrong Boulevard Eagan, MN 253,311 1998 40 yrs.
4801 West 81st Street Bloomington, MN 258,411 1984 40 yrs.
8100 Cedar Avenue Bloomington, MN 323,589 1983 40 yrs.
9600 54th Avenue Plymouth, MN 282,834 1998 40 yrs.
7800 Equitable Drive Eden Prairie, MN 319,399 1993 40 yrs.
7905 Fuller Road Eden Prairie, MN 321,367 1994 40 yrs.
9023 Columbine Road Eden Prairie, MN 305,991 1999 40 yrs.
6161 Green Valley Drive Bloomington, MN 235,177 1992 40 yrs.
4700 Nathan Lane North Minneapolis, MN 616,074 1996 40 yrs.
8967 Columbine Road Eden Prairie, MN 162,344 2000 40 yrs.
14390 Huntington Avenue Savage, MN 288,818 1988 40 yrs.
550-590 Hale Avenue Oakdale, MN 173,088 1996 40 yrs.
7777 Golden Triangle Drive Eden Prairie, MN 105,943 2000 40 yrs.
8937 Columbine Road Eden Prairie, MN 111,032 2001 40 yrs.
7615 Smetana Lane Eden Prairie, MN 185,923 2001 40 yrs.
10801 Nesbitt Avenue South Bloomington, MN 206,889 2001 40 yrs.
8995 Columbine Road Eden Prairie, MN 43,108 2001 40 yrs.
26911-26957 Northwestern Highway Southfield, MI 8,275,494 1985 40 yrs.
1650 Research Drive Troy, MI 818,770 1985 40 yrs.
1775 Research Drive Troy, MI 325,556 1985 40 yrs.
1875 Research Drive Troy, MI 339,842 1986 40 yrs.
1850 Research Drive Troy, MI 913,182 1986 40 yrs.
1965 Research Drive Troy, MI 433,774 1987 40 yrs.
1960 Research Drive Troy, MI 411,830 1987 40 yrs.
27260 Haggerty Road Farmington Hills, MI 518,692 1983 40 yrs.
27200 Haggerty Road Farmington Hills, MI 424,673 1983 40 yrs.
27280 Haggerty Road Farmington Hills, MI 471,599 1983 40 yrs.
27220 Haggerty Road Farmington Hills, MI 234,324 1985 40 yrs.
27240 Haggerty Road Farmington Hills, MI 188,186 1985 40 yrs.
27300 Haggerty Road Farmington Hills, MI 409,924 1985 40 yrs.
1101 Allen Drive Troy, MI 96,156 1974 40 yrs.
1151 Allen Drive Troy, MI 214,004 1974 40 yrs.
1300 Rankin Street Troy, MI 170,677 1979 40 yrs.
1350 Rankin Street Troy, MI 122,589 1979 40 yrs.
1376-1400 Rankin Street Troy, MI 149,294 1979 40 yrs.
1352-1374 Rankin Street Troy, MI 169,489 1979 40 yrs.
1324-1346 Rankin Street Troy, MI 134,470 1979 40 yrs.
1301-1307 Rankin Street Troy, MI 124,944 1978 40 yrs.
1409 Allen Drive Troy, MI 169,134 1978 40 yrs.
1304 E Maple Road Troy, MI 229,710 1971 40 yrs.
1334 Maplelawn Road Troy, MI 125,102 1983 40 yrs.
1290 Maplelawn Road Troy, MI 87,398 1984 40 yrs.
1070 Maplelawn Road Troy, MI 69,810 1982 40 yrs.
950 Maplelawn Road Troy, MI 243,546 1982 40 yrs.
894 Maplelawn Road Troy, MI 175,547 1986 40 yrs.
1179 Maplelawn Road Troy, MI 95,334 1984 40 yrs.
1940 Norwood Drive Troy, MI 91,569 1983 40 yrs.
1311-1331 Maplelawn Road Troy, MI 139,673 1986 40 yrs.
2354 Bellingham Street Troy, MI 86,611 1990 40 yrs.
2360 Bellingham Street Troy, MI 88,115 1985 40 yrs.
1911 Ring Drive Troy, MI 88,112 1986 40 yrs.
26442-26450 Haggerty Road Farmington Hills, MI 230,643 1988 40 yrs.
26500 Haggerty Road Farmington Hills, MI 304,777 1986 40 yrs.
26650 Haggerty Road Farmington Hills, MI 168,727 1988 40 yrs.
26700 Haggerty Road Farmington Hills, MI 245,076 1986 40 yrs.
26750 Haggerty Road Farmington Hills, MI 326,159 1988 40 yrs.
26800 Haggerty Road Farmington Hills, MI 187,722 1986 40 yrs.
26842-26850 Haggerty Road Farmington Hills, MI 282,648 1988 40 yrs.
26600 Haggerty Road Farmington Hills, MI 254,561 1999 40 yrs.
26550 Haggerty Road Farmington Hills, MI 215,894 2000 40 yrs.
50 West Big Beaver Road Troy, MI 2,058,518 1987 40 yrs.
100 West Big Beaver Road Troy, MI 1,993,633 1987 40 yrs.
245 Executive Drive Brookfield, WI 515,672 1984 40 yrs.
8301 West Parkland Court Milwaukee, WI 323,179 1982 40 yrs.
32991 Hamilton Court Farmington Hills, MI 303,217 1989 40 yrs.
7500 West 110th Street Overland Park, KS 915,335 1983 40 yrs.
7800 N. 113th Street Milwaukee, WI 602,859 1991 40 yrs.
2475-2479 Elliot Avenue Troy, MI 50,563 1984 40 yrs.
32661 Edward Avenue Madison Heights, MI 199,379 1976 40 yrs.
129
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
ACCUMULATED DATE OF
DEPRECIATION CONSTRUCTION DEPRECIABLE
PROJECT CITY @ 12/31/01 OR ACQUISITION LIFE (YEARS)
- -------------------------------------- ------------------- ------------ -------------- ------------
OPERATING PROPERTIES - Continued
32701 Edward Avenue Madison Heights, MI 128,114 1976 40 yrs.
32751 Edward Avenue Madison Heights, MI 86,662 1969 40 yrs.
32853 Edward Avenue Madison Heights, MI 85,843 1973 40 yrs.
555 East Mandoline Avenue Madison Heights, MI 75,209 1979 40 yrs.
599 East Mandoline Avenue Madison Heights, MI 74,071 1979 40 yrs.
749 East Mandoline Avenue Madison Heights, MI 60,726 1974 40 yrs.
750 East Mandoline Avenue Madison Heights, MI 63,376 1969 40 yrs.
900 East Mandoline Avenue Madison Heights, MI 66,001 1972 40 yrs.
949 East Mandoline Avenue Madison Heights, MI 67,802 1974 40 yrs.
32090 John Road Madison Heights, MI 34,625 1980 40 yrs.
31601 Research Park Drive Madison Heights, MI 161,116 1985 40 yrs.
31651 Research Park Drive Madison Heights, MI 94,179 1985 40 yrs.
31700 Research Park Drive Madison Heights, MI 156,151 1988 40 yrs.
31701 Research Park Drive Madison Heights, MI 94,839 1985 40 yrs.
31751 Research Park Drive Madison Heights, MI 111,238 1985 40 yrs.
31800 Research Park Drive Madison Heights, MI 136,963 1986 40 yrs.
800 Tech Row Madison Heights, MI 256,146 1986 40 yrs.
900 Tech Row Madison Heights, MI 85,016 1986 40 yrs.
1000 Tech Row Madison Heights, MI 229,472 1987 40 yrs.
31771 Sherman Avenue Madison Heights, MI 55,157 1982 40 yrs.
31791 Sherman Avenue Madison Heights, MI 56,629 1983 40 yrs.
31811 Sherman Avenue Madison Heights, MI 100,811 1983 40 yrs.
31831 Sherman Avenue Madison Heights, MI 78,562 1984 40 yrs.
31900 Sherman Avenue Madison Heights, MI 166,703 1984 40 yrs.
800 East Whitcomb Avenue Madison Heights, MI 136,008 1987 40 yrs.
950 East Whitcomb Avenue Madison Heights, MI 185,064 1988 40 yrs.
1000 East Whitcomb Avenue Madison Heights, MI 93,218 1980 40 yrs.
1201 East Whitcomb Avenue Madison Heights, MI 103,839 1980 40 yrs.
1210 East Whitcomb Avenue Madison Heights, MI 28,148 1983 40 yrs.
1260 Kempar Avenue Madison Heights, MI 35,145 1981 40 yrs.
1280 Kempar Avenue Madison Heights, MI 48,983 1983 40 yrs.
22515 Heslip Drive Novi, MI 34,168 1975 40 yrs.
9801 80th Avenue Pleasant Prairie, WI 715,970 1994 40 yrs.
11950 W. Lake Park Drive Milwaukee, WI 195,026 1986 40 yrs.
11400 W. Lake Park Drive Milwaukee, WI 204,410 1986 40 yrs.
11425 W. Lake Park Drive Milwaukee, WI 182,706 1987 40 yrs.
11301 W. Lake Park Drive Milwaukee, WI 202,527 1987 40 yrs.
11900 W. Lake Park Drive Milwaukee, WI 484,734 1987 40 yrs.
38100 Ecorse Road Romulus, MI 282,516 2000 40 yrs.
16620-16650 W Bluemound Road Brookfield, WI 250,032 1999 40 yrs.
1600-1630 East Big Beaver Road Troy, MI 162,424 1982 40 yrs.
11414 West Park Place Milwaukee, WI 284,243 2001 40 yrs.
11520 W. Calumet Road Milwaukee, WI 75,006 1995 40 yrs.
12100 W. Park Place Milwaukee, WI 157,714 1984 40 yrs.
N26 W23445 Paul Road Pewaukee, WI 90,824 1985 40 yrs.
11200 W. Plank Court Wauwatosa, WI 208,745 1988 40 yrs.
11020 W. Plank Court Wauwatosa, WI 131,870 1985 40 yrs.
38000 Ecourse Road Romulus, MI 370,733 2001 40 yrs.
3800 Lapeer Road Auburn Hills, MI 132,180 1989 40 yrs.
50 Gibson Drive West Malling, UK 609,610 1996 40 yrs.
2 Kings Hill Avenue West Malling, UK 565,544 1996 40 yrs.
50 Kings Hill Avenue West Malling, UK 1,311,057 1996 40 yrs.
10 Kings Hill Avenue West Malling, UK 545,499 1998 40 yrs.
30 Tower View West Malling, UK 662,747 1999 40 yrs.
35 Kings Hill Avenue West Malling, UK 224,322 1999 40 yrs.
39 Kings Hill Avenue West Malling, UK 201,524 1999 40 yrs.
4 Abbey Wood Road West Malling, UK 155,053 2001 40 yrs.
18 Kings Hill Avenue West Malling, UK 397,746 1999 40 yrs.
------------
Subtotal Operating Real Estate $404,617,087
============
DEVELOPMENT IN PROGRESS
2301 Renaissance Boulevard King of Prussia, PA $ - 2001 N/A
1500 Liberty Ridge Drive Wayne, PA - 2001 N/A
1515 Grundy's Lane Bristol, PA - 2001 N/A
3200 Horizon Drive King of Prussia, PA - 2001 N/A
301 Berkeley Drive Bridgeport, NJ - 2001 N/A
74 West Broad Street Bethlehem, PA - 2000 N/A
8150 Industrial Boulevard Allentown, PA - 2000 N/A
8250 Industrial Boulevard Allentown, PA - 2000 N/A
650 Boulder Drive Allentown, PA - 2000 N/A
1605 Valley Center Parkway Bethlehem, PA - 2001 N/A
3400 High Point Boulevard Bethlehem, PA - 2001 N/A
6250 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
5715 Old Shakopee Road West Bloomington, MN - 2001 N/A
5735 Old Shakopee Road West Bloomington, MN - 2001 N/A
20 Wright Avenue Hunt Valley, MD - 2001 N/A
200 Westgate Parkway Richmond, VA - 2001 N/A
1305 Executive Boulevard Chesapeake, VA - 2001 N/A
1313 Executive Boulevard Chesapeake, VA - 2001 N/A
3 Independence Pointe Greenville, SC - 2000 N/A
130
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
ACCUMULATED DATE OF
DEPRECIATION CONSTRUCTION DEPRECIABLE
PROJECT CITY @ 12/31/01 OR ACQUISITION LIFE (YEARS)
- -------------------------------------- ------------------- ------------ -------------- ------------
DEVELOPMENT IN PROGRESS - Continued
5 Independence Pointe Greenville, SC - 2000 N/A
1400 Mendenhall Oaks Parkway High Point, NC - 2001 N/A
4191 Mendenhall Oaks Parkway High Point, NC - 2000 N/A
979 Batesville Road Greer, SC - 2001 N/A
4887 Belfort Road Jacksonville, FL - 2000 N/A
7255 Salisbury Road Jacksonville, FL - 2000 N/A
2416 Lake Orange Drive Orlando, FL - 2000 N/A
16605 Air Center Boulevard Houston, TX - 2001 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
7851-61 Woodland Center Parkway Tampa, FL - 2001 N/A
7805 Hudson Road Woodbury, MN - 2000 N/A
4600 Nathan Lane Plymouth, MN - 2000 N/A
8911 Columbine Road Eden Prairie, MN - 2000 N/A
5775 Old Shakopee Road West Bloomington, MN - 2001 N/A
2600 Bellingham Drive Troy, MI - 2000 N/A
2710 Bellingham Drive Troy, MI - 2000 N/A
10855 West Park Place Milwaukee, WI - 2001 N/A
30 Kings Hill Avenue West Malling, UK - 2001 N/A
Aymer House Chertsey, UK - 2001 N/A
Uxbridge London, UK - 2001 N/A
------------
Subtotal Development in Progress $ -
============
LAND HELD FOR DEVELOPMENT
Keystone Industrial Park Land Bristol, PA $ - 1999 N/A
50 Prudential Road Horsham, PA - 1999 N/A
1710 Arch Street Philadelphia, PA - 2000 N/A
1722 Arch Street Philadelphia, PA - 2000 N/A
JFK & Arch Parking Lots/Land (East) Philadelphia, PA - 2000 N/A
JFK & Arch Parking Lots/Land (West) Philadelphia, PA - 2000 N/A
425 Privet Road Horsham, PA - 2001 N/A
425 Privet Road Horsham, PA - 2001 N/A
Quarry Ridge Land Malvern, PA - 2001 N/A
Commodore Business Park Logan, NJ - 1995 N/A
Marlton Executive Park Land Marlton, NJ - 1994 N/A
800 Arlington Boulevard Expansion Land Logan, NJ - 1999 N/A
300 Fellowship Road Land Mt. Laurel, NJ - 2001 N/A
Lehigh Valley Corporate Center Land Bethlehem, PA - 1987 N/A
LVCC Phase 2 Land Bethlehem, PA - 1998 N/A
650 Boulder Drive Expansion Allentown, PA - 2001 N/A
9th & Hamilton Streets Allentown, PA - 2001 N/A
Columbia Crossing Land Columbis, MD - 2000 N/A
6250 Old Dobbin Lane Columbia, MD - 2000 N/A
Hunt Valley Land Hunt Valley, MD - 2001 N/A
Fairgrounds Distribution Center Land Richmond, VA - 1995 N/A
Rivers' Bend Business Park Chesterfield, VA - 1995 N/A
Woodlands Center Land Sandston, VA - 1996 N/A
501 H P Way Chesterfield, VA - 1996 N/A
Eastport VII Richmond, VA - 1997 N/A
Eastport VIII Richmond, VA - 1997 N/A
Eastport IX Richmond, VA - 1997 N/A
Westmoreland II Land Virginia Beach, VA - 1998 N/A
Westmoreland III Land Virginia Beach, VA - 1998 N/A
Volvo Center Land Hampton, VA - 2000 N/A
Lakefront Plaza II Land Hampton, VA - 2001 N/A
Mendenhall Business Park I High Point, NC - 1995 N/A
Independence Pointe Land Greenville, SC - 1997 N/A
Eagle Hill Business Park Land High Point, NC - 1999 N/A
Southpark Business Park 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
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
Central Green Land Houston, TX - 2001 N/A
Woodland Corporate Center Land Tampa, FL - 1998 N/A
6119 W. Linebaugh Avenue Tampa, FL - 2000 N/A
Pompano Bus Park Land-Lots 100,101 Boca Raton, FL - 1998 N/A
Pompano Bus Park Land-Lots 60, 61 Boca Raton, FL - 1998 N/A
Boca Colannade Land Boca Raton, FL - 1998 N/A
Lake Smetana Business Park Eden Prairie, MN - 1998 N/A
8855 Columbine Road Eden Prairie, MN - 2000 N/A
5705 Old Shakopee Road W. Land Bloomington, MN - 2001 N/A
Romulus Land Romulus, MI - 1998 N/A
Big Beaver Airport Land Troy, MI - 1999 N/A
Park Place South Land Milwaukee, WI - 1999 N/A
131
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001
ACCUMULATED DATE OF
DEPRECIATION CONSTRUCTION DEPRECIABLE
PROJECT CITY @ 12/31/01 OR ACQUISITION LIFE (YEARS)
- -------------------------------------- ------------------- ------------ -------------- ------------
LAND HELD FOR DEVELOPMENT - Continued
6505 Cogswell Road Romulus, MI - 2000 N/A
Northsight Land Scottsdale, AZ - 2000 N/A
------------
Subtotal Land Held for Development $ -
============
Total All Properties $404,617,087
============
132
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,
----------------------------------
2001 2000 1999
---------- ---------- ----------
REAL ESTATE:
Balance at beginning of year $3,543,301 $3,254,751 $3,028,142
Additions 377,237 406,429 339,738
Disposition of property (161,988) (117,879) (113,129)
---------- ---------- ----------
Balance at end of year $3,758,550 $3,543,301 $3,254,751
========== ========== ==========
ACCUMULATED DEPRECIATION:
Balance at beginning of year $ 334,415 $ 270,174 $ 209,023
Depreciation expense 88,193 82,223 74,765
Disposition of property (17,991) (17,982) (13,614)
---------- ---------- ----------
Balance at end of year $ 404,617 $ 334,415 $ 270,174
========== ========== ==========
133
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
- ------------------------------------------------------------------------
None.
PART III
ITEM 10. TRUSTEES AND EXECUTIVE OFFICERS OF THE REGISTRANTS
- -------------------------------------------------------------
The information concerning the Company's trustees and executive officers
required by Item 10 shall be included in the Proxy Statement to be filed
relating to the Company's 2002 Annual Meeting of Shareholders and is
incorporated herein by reference.
ITEM 11. EXECUTIVE COMPENSATION
- ---------------------------------
The information concerning the Company's executive compensation required
by Item 11 shall be included in the Proxy Statement to be filed relating
to the Company's 2002 Annual Meeting of Shareholders and is incorporated
herein by reference.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT
- --------------------------------------------------------------
The information concerning the Company's trustees and executive officers
required by Item 12 shall be included in the Proxy Statement to be filed
relating to the Company's 2002 Annual Meeting of Shareholders and is
incorporated herein by reference.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
- ---------------------------------------------------------
The information concerning the Company's trustees and executive officers
required by Item 13 shall be included in the Proxy Statement to be filed
relating to the Company's 2002 Annual Meeting of Shareholders and is
incorporated herein by reference.
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
- -------------------------------------------------------
134
Financial Statements - Liberty Property Trust
- ---------------------------------------------
Balance Sheets:
Liberty Property Trust Consolidated as of December 31, 2001 and 2000
Statements of Operations:
Liberty Property Trust Consolidated for the years ended December 31,
2001, 2000 and 1999
Statements of Shareholders' Equity:
Liberty Property Trust Consolidated for the years ended December 31,
2001, 2000 and 1999
Statements of Cash Flows:
Liberty Property Trust Consolidated for the years ended December 31,
2001, 2000 and 1999
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,
2001 and 2000
Statements of Operations:
Liberty Property Limited Partnership Consolidated for the years ended
December 31, 2001, 2000 and 1999
Statements of Owners' Equity:
Liberty Property Limited Partnership Consolidated for the years ended
December 31, 2001, 2000 and 1999
Statements of Cash Flows:
Liberty Property Limited Partnership Consolidated for the years ended
December 31, 2001, 2000 and 1999
Notes to Consolidated Financial Statements - Liberty Property Limited
Partnership
2. FINANCIAL STATEMENT SCHEDULES:
Schedule III -- Real Estate and Accumulated Depreciation as of December
31, 2001 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, 2001 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.
135
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")).
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).
136
EXHIBIT NO. DESCRIPTION
- ------------- --------------------------------------------------
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")).
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 (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).
4.3 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).
4.4 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).
4.5 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).
137
EXHIBIT NO. DESCRIPTION
- ------------- --------------------------------------------------
4.6 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)).
4.7 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")).
4.8 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).
4.9 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.
4.10 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). (Incorporated by
reference to Exhibit 4.10 filed with the
Registrant's Annual Report on Form 10-K for the
year ended December 31, 2001.)
138
EXHIBIT NO. DESCRIPTION
- ------------- --------------------------------------------------
4.11 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).
4.12 Note, Relating to the Issuance by the Operating
Partnership, on June 5, 1998, of $100 Million
Principal Amount of its 6.60% Medium-Term Notes
due 2002. (Incorporated by reference to Exhibit 4
filed with the Registrants' Quarterly Report on
Form 10-Q for the fiscal quarter ended June 30,
1998 (the "Second Quarter 1998 Form 10-Q")).
4.13 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 4 filed with the Registration Statement on
S-8 filed with the Commission on June 7, 2001.)
10.2 Contribution Agreement (Incorporated by reference
to Exhibit 10.5 filed with the Form S-11).
10.3 Amended and Restated Limited Partnership
Agreements of Pre-existing Pennsylvania
Partnerships (Incorporated by reference to Exhibit
10.6 filed with the Form S-11).
10.4 Agreement of Sale for the Acquisition Properties
(Incorporated by reference to Exhibit 10.7 filed
with the Form S-11).
10.5 Option Agreement and Right of First Offer
(Incorporated by reference to Exhibit 10.8 filed
with the Form S-11).
10.6 Form of Indemnity Agreement (Incorporated by
reference to Exhibit 10.9 filed with the Form S-
11).
10.7 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).
139
EXHIBIT NO. DESCRIPTION
- ------------- --------------------------------------------------
10.8 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).
10.9 * Liberty Property Trust - Amended Management
Severance Plan.
10.10 * Liberty Property Trust - Employee Stock Purchase
Plan. (Incorporated by reference to Exhibit 10.10
filed with the Registrant's Annual Report on Form
10-K for the year ended December 31, 2000).
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
140
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 18, 2002 By: /s/ WILLARD G. ROUSE III
--------------------------------------
WILLARD G. ROUSE III
CHIEF EXECUTIVE OFFICER
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of
the Registrant in the capacities and on the dates indicated.
Chairman of the Board
of Trustees and Chief Executive
Officer
/s/ WILLARD G. ROUSE III (Principal Executive Officer) March 18, 2002
- ---------------------------
Willard G. Rouse III
Executive Vice President and
Chief Financial Officer
(Principal Financial and
/s/ GEORGE J. ALBURGER, JR. Accounting Officer) March 18, 2002
- ---------------------------
George J. Alburger, Jr.
/s/ JOSEPH P. DENNY Trustee March 18, 2002
- ---------------------------
Joseph P. Denny
/s/ M. LEANNE LACHMAN Trustee March 18, 2002
- ---------------------------
M. Leanne Lachman
/s/ FREDERICK F. BUCHHOLZ Trustee March 18, 2002
- ---------------------------
Frederick F. Buchholz
/s/ J. ANTHONY HAYDEN Trustee March 18, 2002
- ---------------------------
J. Anthony Hayden
/s/ DAVID L. LINGERFELT Trustee March 18, 2002
- ---------------------------
David L. Lingerfelt
/s/ JOHN A. MILLER, CLU Trustee March 18, 2002
- ---------------------------
John A. Miller, CLU
/s/ STEPHEN B. SIEGEL Trustee March 18, 2002
- ---------------------------
Stephen B. Siegel
/s/ THOMAS C. DELOACH, JR. Trustee March 18, 2002
- ---------------------------
Thomas C. DeLoach, Jr.
/s/ DANIEL P. GARTON Trustee March 18, 2002
- ---------------------------
Daniel P. Garton
141
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 18, 2002 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 18, 2002
- ---------------------------
Joseph P. Denny
Trustee of the
/s/ M. LEANNE LACHMAN General Partner March 18, 2002
- ---------------------------
M. Leanne Lachman
Trustee of the
/s/ FREDERICK F. BUCHHOLZ General Partner March 18, 2002
- ---------------------------
Frederick F. Buchholz
Trustee of the
/s/ J. ANTHONY HAYDEN General Partner March 18, 2002
- ---------------------------
J. Anthony Hayden
Trustee of the
/s/ DAVID L. LINGERFELT General Partner March 18, 2002
- ---------------------------
David L. Lingerfelt
Trustee of the
/s/ JOHN A. MILLER, CLU General Partner March 18, 2002
- ---------------------------
John A. Miller, CLU
Trustee of the
/s/ STEPHEN B. SIEGEL General Partner March 18, 2002
- ---------------------------
Stephen B. Siegel
Trustee of the
/s/ THOMAS C. DELOACH, JR. General Partner March 18, 2002
- ---------------------------
Thomas C. DeLoach, Jr.
Trustee of the
/s/ DANIEL P. GARTON General Partner March 18, 2002
- ---------------------------
Daniel P. Garton
142
EXHIBIT INDEX
-------------
EXHIBIT NO. DESCRIPTION
- ------------- --------------------------------------------------
3.1.9 Amendment and Restated Schedule A to the Second
Restated and Amended Agreement of Limited
Partnership of the Operating Partnership.
10.9 Liberty Property Trust - Amended Management
Severance Plan.
10.10 Liberty Property Trust - Employee Stock Purchase
Plan. (Incorporated by reference to Exhibit 10.11
filed with the Registrant's Annual Report on Form
10-K for the year ended December 31, 2000).
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
2