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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
X ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1998
OR
__ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from _______________ to __________________
Commission file numbers: 1-13130 (Liberty Property Trust)
1-13132 (Liberty Property Limited Partnership)
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LIBERTY PROPERTY TRUST
LIBERTY PROPERTY LIMITED PARTNERSHIP
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(Exact names of registrants as specified in their governing documents)
MARYLAND (Liberty Property Trust) 23-7768996
PENNSYLVANIA (Liberty Property Limited Partnership) 23-2766549
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(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification
Number)
65 Valley Stream Parkway, Suite 100,
Malvern, Pennsylvania 19355
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(Address of Principal Executive Offices) (Zip Code)
Registrants' Telephone Number, Including Area Code (610) 648-1700
Securities registered pursuant to Section 12(b) of the Act:
NAME OF EACH EXCHANGE
TITLE OF EACH CLASS ON WHICH REGISTERED
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Common Shares of Beneficial Interest,
$0.001 par value
(Liberty Property Trust) New York Stock Exchange
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Convertible Subordinated Debentures due 2001
(Liberty Property Limited Partnership) New York Stock Exchange
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8.80% Series A Cumulative Redeemable Preferred
Shares of Beneficial Interest, $0.001 par value
(Liberty Property Trust) New York Stock Exchange
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Preferred Share Purchase Rights,
$0.0001 par value
(Liberty Property Trust) New York Stock Exchange
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Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrants (1) have filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter
period that the Registrants were required to file such reports) and (2)
have been subject to such filing requirements for the past ninety (90)
days. YES X NO
Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulations S-K is not contained herein, and will not be
contained, to the best of the Registrants' knowledge, in definitive
proxy or information statements incorporated by reference in Part III of
this Form 10-K or any amendment to this Form 10-K. / X /
As of February 22, 1999, the aggregate market value of the Common Shares
of Beneficial Interest, $0.001 par value (the "Common Shares"), of
Liberty Property Trust held by non-affiliates of Liberty Property Trust
was approximately $1.5 billion, based upon the closing price of $23.44
on the New York Stock Exchange composite tape on such date. Non-
affiliate ownership is calculated by excluding all Common Shares that
may be deemed to be beneficially owned by executive officers and
trustees, without conceding that any such persons is an "affiliate" for
purposes of the federal securities laws.
Number of Common Shares outstanding as of February 22, 1999: 66,002,751
Documents Incorporated by Reference
Portions of the proxy statement for the annual meeting of shareholders
of Liberty Property Trust to be held in 1999 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............................................. 11
Item 3. Legal Proceedings...................................... 19
Item 4. Submission of Matters to a Vote of Security Holders.... 19
PART II
Item 5. Market for the Registrants' Common Equity and Related
Shareholders' Matters.................................. 21
Item 6. Selected Financial Data................................ 21
Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations.................... 23
Item 7A. Quantitative and Qualitative Disclosures About Market
Risk................................................... 34
Item 8. Financial Statements and Supplementary Data............ 35
Item 9. Changes in and Disagreements with Accountants on
Accounting and Financial Disclosure.................... 35
PART III
Item 10. Directors and Executive Officers of the Registrants.... 123
Item 11. Executive Compensation................................. 123
Item 12. Security Ownership of Certain Beneficial Owners and
Management............................................. 123
Item 13. Certain Relationships and Related Transactions......... 123
PART IV
Item 14. Exhibits, Financial Statement Schedules and Reports
on Form 8-K............................................ 123
SIGNATURES...................................................... 130
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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
acquisitions (including related pro forma financial information) and
other business development and development activities, future capital
expenditures, the costs and risks associated with the Year 2000 issue,
financing sources and availability, and the effects of regulation
(including environmental regulation) and competition. Such
forward-looking information involves important risks and uncertainties
that could significantly affect anticipated results in the future and,
accordingly, such results may differ from those expressed in any
forward-looking statements made by, or on behalf of, Liberty Property
Trust and Liberty Property Limited Partnership (together, the "Company").
These risks and uncertainties include, but are not limited to,
uncertainties affecting real estate businesses generally (such as entry
into new leases, renewals of leases and dependence on tenants' business
operations), risks relating to acquisition, construction and development
activities, possible environmental liabilities, risks relating to
leverage and debt service (including availability of financing terms
acceptable to the Company and sensitivity of the Company's operations and
financing arrangements to fluctuations in interest rates), the potential
for the use of borrowings to make distributions necessary to qualify as a
REIT, dependence on the primary markets in which the Company's properties
are located, the existence of complex regulations relating to status as a
REIT and the adverse consequences of the failure to qualify as a REIT,
the potential adverse impact of market interest rates on the market price
for the Company's securities and risks relating to the Year 2000 issue.
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 was formed to continue and expand the
commercial real estate business of Rouse & Associates, a Pennsylvania
general partnership, and certain affiliated entities (collectively, the
"Predecessor"). Founded in 1972, the Predecessor developed and managed
commercial real estate in the Southeastern, Mid-Atlantic and West Coast
markets.
The Company provides leasing, property management, acquisition,
development, construction management, design management and other
related services for a portfolio which, as of December 31, 1998,
consisted of 608 industrial and office properties (the "Properties in
Operation") totalling approximately 44.2 million leaseable square feet.
As of December 31, 1998, the Properties in Operation were approximately
95.0% leased to over 1,900 tenants. As of December 31, 1998, the
Company also had 45 properties under development (the "Properties Under
Development" and, together with the Properties in Operation, the
"Properties"). The Properties Under Development are expected to
generate, upon completion, approximately four million leaseable square
feet. The Properties are located principally within the Southeastern,
Mid-Atlantic and Midwestern United States. As of December 31, 1998, the
Company also owned 1,113 acres of land, all zoned for commercial use,
which the Company anticipates are capable of supporting, as and when
developed, approximately nine million leaseable square feet.
During the year ended December 31, 1998, through Total Investments (as
defined below) aggregating $863.6 million, the Company increased its
total leaseable square footage of industrial and office space
approximately 36.1% by acquiring 144 properties totalling approximately
8.6 million leaseable square feet and by developing 34 properties
totalling approximately 3.5 million leaseable square feet. The "Total
Investment" for a property is defined as the property's purchase price
plus closing costs and management's estimate, as determined at the time
of acquisition, of the cost of necessary building improvements in the
case of acquisitions, or land costs and land and building improvement
costs in the case of development projects, and, where appropriate, other
development costs and carrying costs required to reach rent
commencement.
The Properties in Operation, as of December 31, 1998, consisted of 424
industrial and 184 office properties. Single tenants occupied 241 of
the Properties in Operation. The remaining 367 of the Properties in
Operation are multiple tenant properties for which the Company renders a
range of building, operating and maintenance services.
The Company's industrial properties consist of a variety of warehouse,
distribution, service, assembly, light manufacturing and research and
development facilities. Substantially all of the Company's industrial
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properties are located in suburban, mixed-use developments or business
parks. They include both single-tenant and multi-tenant facilities,
with most designed flexibly to accommodate various types of tenants,
space requirements and industrial uses in an effort to increase re-
leasing opportunities and control re-leasing costs. The Company's
office properties are mid-rise and single-story office buildings,
located principally in suburban mixed-use developments or office parks.
Substantially all of the Company's properties are located in prime
business locations within established business communities offering
excellent access to interstate highway systems.
The Trust is the sole general partner and also a limited partner of the
Operating Partnership, with a combined equity interest in the Operating
Partnership of 92.6% at December 31, 1998. The units of limited
partnership interest in the Operating Partnership (the "Units") are
exchangeable on a one-for-one basis (subject to antidilution
protections) for the Common Shares of Beneficial Interest, $0.001 par
value per share (the "Common Shares"), of the Trust, typically after the
first anniversary of the issuance of any such Units. The only limited
partners of the Operating Partnership other than the Trust are persons
or entities that contributed assets to the Operating Partnership and
received Units in exchange therefor. The Units held by the limited
partners other than the Trust (that is, the minority interest reflected
in the Trust's financial statements) were exchangeable for approximately
5.2 million Common Shares on December 31, 1998. Certain holders of
Units issued in connection with the contribution of assets to the
Operating Partnership have the right to require the Company to register
the issuance or resale of the Common Shares underlying their Units upon
exchange for the Units, in order to afford such holders liquidity with
respect to their investment.
The Company's executive offices are located at 65 Valley Stream Parkway,
Malvern, Pennsylvania 19355. The telephone number is (610) 648-1700.
The Company maintains offices in each of its principal markets. As of
December 31, 1998 the Company's principal markets were as follows:
Southeastern Pennsylvania; New Jersey/Delaware; Lehigh Valley,
Pennsylvania; Maryland; Virginia; the Carolinas; Jacksonville, Florida;
Tampa, Florida; South Florida; Minneapolis, Minnesota; Detroit,
Michigan; and the United Kingdom. Additionally, the Company owns and
operates properties in the Orlando, Florida and Milwaukee, Wisconsin
markets. For further detail regarding the Company's properties in
particular markets, please refer to Item 2. Properties and Notes 11 and
10 of the Notes to the Liberty Property Trust and the Liberty Property
Limited Partnership Financial Statements, respectively.
MANAGEMENT AND EMPLOYEES
The Company's 331 employees (as of February 22, 1999) are under the
direction of 19 senior executives, who have developed and managed
commercial real estate during the past 26 years and who, on average,
have been affiliated with the Company and/or the Predecessor for 13
years. The Company's in-house leasing, marketing and property management
staff operates in full-service local offices in markets where it has a
significant presence. This structure enables the Company to better
understand the particular characteristics of the local markets in which
it operates, to respond quickly and directly to tenant needs and to
better identify local development and acquisition opportunities. The
Company considers its relations with its employees to be good.
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BUSINESS OBJECTIVES AND STRATEGIES FOR GROWTH
The Company's business objective is to maximize long-term profitability
for its shareholders by (i) maintaining and increasing property
occupancy and rental rates through the effective management of the
Properties, and (ii) developing and acquiring high-quality properties.
In accomplishing these objectives the Company also intends to maintain a
conservative and flexible capital structure.
INTERNAL GROWTH STRATEGIES
Management believes that the Properties offer significant opportunities
for the Company to increase its rental revenues and cash flow over the
long term. The Company seeks to increase cash flow by continuing its
practice of negotiating for annual contractual rental increases that
take effect during the terms of its leases. In addition, the Company
seeks to increase rental revenues through the renewal or replacement of
expiring leases at rental rates which are higher than the rates under
expiring leases and by improving the occupancy rates of its portfolio.
Finally, the Company intends to maximize earnings through controlling
costs.
NEW LEASES AND LEASE RENEWALS. In the past year, the Company generally
has been experiencing increases in rental rates in replacement and
renewal leases. Although no assurance can be given, the Company expects
that in the near term, replacement and renewal leases will continue to
reflect rental rates which are higher than the rates under expiring
leases.
CONTRACTUAL INCREASES. The Company seeks to generate increased cash
flow from the Properties in Operation through annual contractual
increases in rental rates under its leases. The leases in effect with
respect to the Properties in Operation as of December 31, 1998 provide
for contractual rental increases that are expected to contribute an
additional $5.0 million to the Company's cash flow for the year ending
December 31, 1999. The Company intends to continue seeking to negotiate
annual contractual rent increases that take effect during the terms of
its leases.
MAINTAINING HIGH OCCUPANCIES. The Company believes that the quality and
diversity of its tenant base and its strategy of operating in multiple
markets has contributed, and will continue to contribute, to its success
in obtaining increases in rental rates and maintaining high occupancy
levels. The Company targets financially stable tenants in an effort to
minimize uncertainty relating to the ability of its tenants to meet
their lease obligations.
COST CONTROLS. The Company monitors and controls its operating and
administrative costs by performing many functions in-house rather than
by engaging outside third parties. For example, although construction
and design services typically are provided by third parties, the
Company's in-house construction and design management staff closely
supervises construction and design activities in an effort to control
costs, minimize cost overruns, ensure timely delivery of tenant space
and maximize productivity and efficiencies. The Company also employs an
annual capital improvement and preventive maintenance program designed
to reduce the operating costs of the Properties and maintain long-term
values.
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DEVELOPMENT
STRATEGY. The Company pursues selective development opportunities,
focusing primarily on high-quality suburban industrial and office
properties within its existing markets. The Company has developed over
38 million square feet of commercial real estate during the past 26
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. The
buildings in 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.
COMPLETED PROPERTY DEVELOPMENTS. During the year ended December 31,
1998, the Company completed 12 build-to-suit and 22 inventory
projects, totalling approximately 3.5 million square feet of leaseable
space and representing an aggregate Total Investment of approximately
$237.3 million. As of December 31, 1998, these completed development
properties were 94.5% leased.
PROPERTIES UNDER DEVELOPMENT. As of December 31, 1998, the Company had
45 Properties Under Development in 11 markets which, upon completion,
are expected to generate approximately four million leaseable square
feet. Approximately 56.8% of such leaseable space was pre-leased as of
December 31, 1998. The Properties Under Development as of December 31,
1998 are expected to represent a Total Investment of $367.8 million.
Six of these properties are 100% pre-leased under net leases as build-
to-suit projects. The Company is scheduled to complete development of 30
properties (totalling approximately 2.9 million leaseable square feet)
in the year ending December 31, 1999 representing a Total Investment of
$229.0 million.
ACQUISITIONS
STRATEGY
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.
The Company has identified the following general categories of
properties for acquisition:
Stabilized Acquisitions - consist of properties which are typically
at high occupancy levels upon acquisition.
Entrepreneurial Acquisitions - consist of properties which are
typically either vacant or at low occupancy levels and can be purchased
substantially below replacement cost, thereby offering the opportunity
for above-average returns when fully renovated and leased.
During the year ended December 31, 1998, the Company acquired 144
properties comprising approximately 8.6 million leaseable square feet
for a Total Investment of $626.3 million. The following sets forth
certain information with respect to such acquisitions:
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Stabilized Acquisitions. During the year ended December 31, 1998
the Company completed stabilized acquisitions of 136 properties
aggregating approximately 8.2 million leaseable square feet of
industrial and office space for a Total Investment of $587.7 million.
Entrepreneurial Acquisitions. During the year ended December 31,
1998, the Company completed entrepreneurial acquisitions of eight
properties aggregating approximately 450,000 leaseable square feet of
industrial and office space for a Total Investment of $38.6 million.
LAND. As of December 31, 1997, the Company owned 957 acres of land for
development, all zoned for commercial use. During the year ended
December 31, 1998, the Company purchased an additional 472 acres of land
for development, utilized 259 acres in development projects and sold 57
acres. Substantially all of the remaining 1,113 acres owned as of
December 31, 1998 are located adjacent to or within existing industrial
or business parks with site improvements, such as public sewers, water
and utilities, available for service. The Company anticipates that the
land would support, as and when developed, approximately nine million
leaseable square feet. The Company's investment in land held for
development as of December 31, 1998 was $75.5 million. The Company is
obligated to purchase, over a 10-year period ending in 2007,
approximately 775 acres of land for commercial development for $16.2
million as of December 31, 1998. The Company believes the land will
support, as and when developed, approximately eight million leaseable
square feet of industrial or office space. This land is located in the
Charleston, Columbia and Greenville, South Carolina and Tampa, Florida
markets. 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.
INTERNATIONAL OPERATION. The Company's international operation includes
five Properties in Operation in the County of Kent, England. In
addition, the Company provides management services with respect to a
joint venture between Rouse Kent Limited, which is owned by certain
senior executives of the Company, and the County of Kent, England to
develop a 650-acre, mixed-use park approximately 25 miles southeast of
London. The Company has an option to purchase Rouse Kent Limited for
nominal consideration. The Company has a loan receivable from Rouse
Kent Limited at December 31, 1998, with an outstanding balance of $5.9
million.
SUBSEQUENT ACTIVITIES
Since December 31, 1998, and through February 22, 1999, the Company has
completed development of seven industrial and office properties
containing approximately 415,000 leaseable square feet for a Total
Investment of $23.2 million. In addition, during such period the
Company has purchased seven industrial and office properties containing
approximately 275,000 leaseable square feet for a Total Investment of
$26.3 million.
On January 15, 1999 the Company closed a $135 million, two-year
unsecured term loan. The interest rate for the loan is 135 basis points
over LIBOR.
The Company intends to continue to pursue its development and
acquisition strategies. The Company is currently in various stages of
discussions and negotiations with respect to development and acquisition
projects with a Total Investment of approximately $150.0 million. The
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consummation of these or any other future developments or acquisitions,
if any, and the pace at which developments may be completed and
acquisitions made, cannot be assured.
COMPETITION
The Company faces competition as a lessor, buyer, and developer of
properties and will likely face competition as a seller of
properties to the extent that properties are sold. The Company believes
that its responsiveness to tenant needs will enable it to attract and
retain high quality tenants in the markets in which the Properties in
Operation are located. However, the number of competitive properties in
any particular market in which the Company's Properties are located
could have a material adverse effect on both the Company's ability to
lease space and on rental rates at the Properties. There are numerous
other entities, including but not limited to other REITs, that compete
with the Company in seeking to acquire the limited number of properties
available for sale that meet the Company's criteria. However, the
Company believes that its management, its capital base, its existing
sources of credit and its access to capital will provide the Company
with competitive advantages.
ENVIRONMENTAL REGULATIONS
Under various federal, state and local laws, ordinances and regulations
relating to the protection of the environment (collectively,
"Environmental Laws"), a current or previous owner or operator of real
estate may be liable for the cost of removal or remediation of certain
hazardous or toxic substances disposed, stored, released, generated,
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 disposal or treatment facility, 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 acquired hereafter, the Company may be
potentially liable for remediation, release or injury. 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 ("Phase I Assessments"). The Phase I
Assessments did not reveal, nor is the Company aware of, any non-
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compliance with Environmental Laws, environmental liability or other
environmental claim that the Company believes would likely have a
material adverse effect on the Company. Although certain environmental
issues have been identified with respect to certain of the Properties,
the Company does not believe that any of these issues is likely to
materially adversely affect the results of the Company's operations. No
assurance can be given that the Phase I Assessments revealed all
potential environmental liabilities, that no prior owner or operator
created any material adverse environmental condition not known to the
Company, that no environmental liabilities have developed since such
Phase I Assessments were prepared, that future laws, ordinances or
regulations will not impose any material environmental requirement or
liability, or that a material adverse environmental condition does not
otherwise exist.
ITEM 2. PROPERTIES
The Properties in Operation, as of December 31, 1998, consisted of 424
industrial and 184 office properties.
Single tenants occupy 241 Properties in Operation. The Company provides
a reduced level of service in connection with the operation or
maintenance of these properties. The remaining 367 of the Company's
Properties in Operation are multiple tenant properties for which the
Company renders a range of building, operating and maintenance services.
The Company's industrial properties consist of a variety of warehouse,
distribution, service, assembly, light manufacturing, and research and
development facilities. Substantially all of the Company's industrial
properties are located in suburban, mixed-use developments or business
parks and all are well-maintained facilities. They include both single-
tenant and multi-tenant facilities, with most designed flexibly to
accommodate various types of tenants, space requirements, and industrial
uses to increase re-leasing opportunities and control re-leasing costs.
The average building size of the industrial properties is 75,094
leaseable square feet. As of December 31, 1998, the Company's
industrial properties were 94.8% leased. Major industrial tenants,
based upon annual base rent, include the Government of the United States
of America, DSC Logistics, Inc., Hewlett-Packard Company and General
Electric Company. None of the industrial tenants accounts for more than
2% of the Company's total annual base rent.
The Company's office properties are mid-rise and single story office
buildings principally located in suburban, mixed-use developments or
office parks. All of the Company's office properties are well-
maintained facilities. Substantially all are located in prime business
locations within established business communities offering excellent
access to interstate highway systems. As of December 31, 1998, the
office properties were approximately 95.6% leased. The average building
size of the office properties is 67,002 leaseable square feet. Major
office tenants, based upon annual base rent, include The Vanguard Group,
AT&T Resource Management, Corp., SmithKline Beecham, the Prudential
Insurance Company, PNC Bank and Sanofi Winthrop, Inc. None of the
office tenants accounts for more than 4% of the Company's total annual
base rent.
The table on the following pages sets forth certain information on the
Company's Properties in Operation as of December 31, 1998.
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LIBERTY PROPERTY TRUST/LIBERTY PROPERTY LIMITED PARTNERSHIP
PROPERTY LIST
PERCENT
LEASED AT
BUILDING YEAR LEASEABLE DEC. 31, NO. OF
PROJECT NAME TYPE DVLP. SQ.FT.(1) 1998 (2) LEASES MAJOR TENANT
- --------------------------------- --------- ----- ---------- --------- ------ -------------------------------
SOUTHEASTERN PENNSYLVANIA
10, 20 Liberty Boulevard Ofc. 1985 62,237 90.7% 21 Great Valley Health Club
420 Lapp Road Ind.-Flex 1989 92,250 99.6% 7 Innovative Solutions & Support
747 Dresher Road Ofc. 1988 53,200 100.0% 2 Axon Communications, Inc.
45-67 Great Valley Parkway Ind.-Dist. 1974 128,001 100.0% 7 Taylor Publishing Company
1180 Church Road Ind.-Dist. 1986 454,646 100.0% 4 Merck & Co., Inc.
40 Valley Stream Parkway Ofc. 1987 31,092 100.0% 1 Sanchez Computer Associates
50 Valley Stream Parkway Ofc. 1987 31,000 78.6% 2 Sanchez Computer Associates
20 Valley Stream Parkway Ofc. 1987 58,837 88.1% 8 Shared Medical Systems
800 Town Center Drive Ind.-Flex 1987 141,714 100.0% 16 ICT Group, Inc.
11, 15 Great Valley Parkway Ofc. 1986 158,900 100.0% 2 Sanofi Winthrop, Inc.
257-275 Great Valley Parkway Ind.-Flex 1983 71,345 88.8% 6 JSP International
300 Technology Drive Ind.-Dist. 1985 22,500 100.0% 1 Nilfisk-Advance America, Inc.
277-293 Great Valley Parkway Ind.-Flex 1984 28,800 100.0% 5 Alpha Scientific Corporation
311 Technology Drive Ofc. 1984 29,350 100.0% 3 Sherwin-Williams Co.
325 Technology Drive Ofc. 1984 25,000 100.0% 1 Analytical Graphics, Inc.
7 Great Valley Parkway Ofc. 1985 59,021 97.3% 12 Executive Office Link
55 Valley Stream Parkway Ofc. 1983 40,057 100.0% 2 First Union National Bank
65 Valley Stream Parkway Ofc. 1983 58,220 100.0% 9 Liberty Property Trust
508 Lapp Road Ind.-Dist. 1984 50,200 100.0% 1 Numar Corporation
10 Valley Stream Parkway Ofc. 1984 33,027 100.0% 8 Quadritek Systems, Inc.
333 Phoenixville Pike Ind.-Dist. 1985 84,000 100.0% 1 Veterans Life Insurance Co.
30 Great Valley Parkway Ind.-Dist. 1975 12,000 100.0% 1 Sanofi Winthrop, Inc.
75 Great Valley Parkway Ind.-Dist. 1977 11,600 100.0% 1 York International Corp
27-43 Great Valley Parkway Ind.-Flex 1977 60,623 100.0% 5 Sanofi Winthrop, Inc.
77-123 Great Valley Parkway Ind.-Flex 1978 104,095 86.7% 18 U.S. Geological Survey
260 Great Valley Parkway Ind.-Dist. 1979 50,000 100.0% 1 American Parts Systems
256 Great Valley Parkway Ind.-Dist. 1980 56,160 100.0% 1 Centocor, Inc.
205 Great Valley Parkway Ind.-Dist. 1981 184,500 100.0% 5 General Electric Company
12,14,16 Great Valley Parkway Ofc. 1982 20,547 100.0% 3 Sanofi Pharmaceuticals, Inc.
155 Great Valley Parkway Ind.-Dist. 1981 71,200 100.0% 1 Ensoniq Corporation
333 Technology Drive Ofc. 1987 39,769 100.0% 1 Premier Solutions, Ltd.
510 Lapp Road Ind.-Dist. 1983 27,167 100.0% 1 Trugreen
181 Wheeler Court Ind.-Dist. 1979 100,000 100.0% 3 Pet Valu International, Inc.
1100 Wheeler Way Ind.-Dist. 1979 40,915 100.0% 1 National Business Services, Inc.
60 Morehall Road Ofc. 1989 117,000 100.0% 1 The Vanguard Group
905 Airport Road Ind.-Dist. 1988 128,588 100.0% 6 Arco Chemical Company
16 Cabot Boulevard Ind.-Dist. 1972 299,192 100.0% 1 White Consolidated Industries
1 Country View Road Ofc. 1982 48,900 100.0% 1 Systems & Computer Technology
2151 Cabot Boulevard Ind.-Dist. 1982 114,760 100.0% 1 Thrift Drug
170 S Warner Road Ofc. 1980 87,685 100.0% 6 AT&T Resource Management Corp.
190 S Warner Road Ofc. 1980 87,500 100.0% 1 Electronic Data Systems Corp.
507 Prudential Road Ind.-Flex 1988 105,500 100.0% 1 Prudential Insurance Company
100 Witmer Road Ofc. 1995 139,546 100.0% 1 GMAC Mortgage Corporation
3100 Horizon Drive Ind.-Flex 1995 41,000 100.0% 1 Vtel Corporation
3300 Horizon Drive Ind.-Dist. 1996 92,000 100.0% 1 Central National-Gottesman, Inc.
3500 Horizon Drive Ind.-Flex 1996 65,579 100.0% 1 SmithKline Beecham Clinical
200 Chester Field Parkway Ofc. 1989 28,919 100.0% 3 Waverly, Inc.
767 Electronic Drive Ind.-Flex 1996 45,000 100.0% 1 Diversified Pharmaceutical Svs.
132 Welsh Road Ofc. 1998 45,000 100.0% 5 Deutsche Bank AG
5 Country View Road Ofc. 1985 63,170 100.0% 2 HBO & Company of Georgia
3200 Horizon Boulevard Ind.-Flex 1996 60,000 100.0% 1 Fund/Plan Services, Inc.
3000 Horizon Boulevard Ind.-Flex 1997 43,235 100.0% 1 Nanosystems L.L.C
111-195 Witmer Road Ofc. 1987 55,354 83.8% 13 Kulick & Soffa Industries, Inc.
300 Welsh Road Ofc. 1983 23,461 100.0% 5 Delta Information Systems, Inc.
400 Welsh Road Ofc. 1983 36,725 100.0% 4 Trans Union Corporation
8801 Tinicum Boulevard Ofc. 1997 280,000 100.0% 1 PNC Bank
440 E. Swedesford Road Ofc. 1988 72,336 92.7% 7 Genex Services, Inc.
460 E. Swedesford Road Ofc. 1988 73,217 87.8% 8 Johnson Matthey, Inc.
50 Morehall Road Ofc. 1997 117,000 100.0% 1 The Vanguard Group
2 Walnut Grove Drive Ofc. 1989 81,856 100.0% 12 Toyota Motor Credit Corp.
200 Gibraltar Road Ofc. 1990 64,452 81.1% 10 Great West Life Assurance
220 Gibraltar Road Ofc. 1990 63,587 100.0% 1 Prudential Insurance Company
240 Gibraltar Road Ofc. 1990 63,587 100.0% 1 Prudential Insurance Company
151 S Warner Road Ofc. 1980 84,066 99.4% 10 Paging Network of Philadelphia
1 Walnut Grove Drive Ofc. 1986 66,372 100.0% 1 Merck and Company, Inc.
3604 Horizon Drive Ind.-Flex 1998 22,497 100.0% 2 New Horizons Computer Learning
3606 Horizon Drive Ind.-Flex 1997 31,000 100.0% 1 Spectaguard, Inc.
650 Swedesford Road Ofc. 1971 100,000 100.0% 1 The Vanguard Group
680 Swedesford Road Ofc. 1971 100,000 100.0% 1 The Vanguard Group
761 Fifth Avenue Ind.-Flex 1977 51,283 100.0% 4 DHL Airways, Inc.
771 Fifth Avenue Ofc. 1977 30,000 100.0% 5 Havpak, Inc.
1 Great Valley Parkway Ind.-Flex 1982 60,880 100.0% 3 American Home Products
5 Great Valley Parkway Ofc. 1983 65,629 100.0% 11 Our Freedom, Inc.
311 Sinclair Road Ind.-Dist. 1997 40,304 100.0% 1 Stores Automated Systems, Inc.
1001 Cedar Hollow Road Ofc. 1998 133,000 100.0% 1 The Vanguard Group
3 Country View Road Ofc. 1998 70,000 100.0% 1 Systems & Computer Technology
425 Technology Drive Ind.-Flex 1998 22,407 100.0% 2 Chrysler Corporation
375 Technology Drive Ofc. 1998 16,500 100.0% 1 Triton Management Corporation
100 Chesterfield Parkway Ofc. 1998 66,906 100.0% 1 The Vanguard Group
181-187 Gibraltar Road Ind.-Flex 1982 48,870 100.0% 1 Solid State Equipment Corp.
104 Rock Road Ind.-Flex 1974 51,375 100.0% 1 Alliant Techsystems
123-135 Rock Road Ind.-Flex 1975 37,500 26.7% 1 Reed Technology & Information
111-159 Gibraltar Road Ind.-Flex 1981 62,992 93.1% 7 Bio/Data Corporation
161-175 Gibraltar Road Ind.-Flex 1976 49,732 75.5% 5 Oppenheimer Precision Products
125-137 Gibraltar Road Ind.-Flex 1978 42,000 - -
261-283 Gibraltar Road Ind.-Flex 1978 60,000 79.8% 2 Reed Technology & Information
210-223 Witmer Road Ind.-Flex 1972 60,000 83.3% 6 The Butler Company
231-237 Gibraltar Road Ind.-Flex 1981 60,000 80.0% 3 Proctor & Schwartz
100 Gibraltar Road Ofc. 1975 2,800 100.0% 2 Federal Express Corporation
101 Gibraltar Road Ofc. 1977 56,845 100.0% 1 Advanta Corporation
- -12-
PERCENT
LEASED AT
BUILDING YEAR LEASEABLE DEC. 31, NO. OF
PROJECT NAME TYPE DVLP. SQ.FT.(1) 1998 (2) LEASES MAJOR TENANT
- ---------------------------------- --------- ----- ---------- --------- ------ -------------------------------
SOUTHEASTERN PENNSYLVANIA - CONT'D
506 Prudential Road Ofc. 1973 18,200 100.0% 1 Flam & Russell
113-123 Rock Road Ofc. 1975 37,500 100.0% 1 Penn Mutual
101-111 Rock Road Ofc. 1975 37,884 100.0% 3 Ivax Industries, Inc.
120 Gibraltar Road Ofc. 1980 49,118 100.0% 11 Complete Care Services, Inc.
110 Gibraltar Road Ofc. 1979 59,220 100.0% 12 National Benefits, Inc.
100-107 Lakeside Drive Ofc. 1982 27,465 - -
200-264 Lakeside Drive Ofc. 1982 54,623 94.3% 11 Merrill Lynch, Pierce & Fenner
300-309 Lakeside Drive Ofc. 1982 43,832 100.0% 1 TVSM, Inc.
400-445 Lakeside Drive Ofc. 1981 62,123 95.1% 4 Prudential Property & Casualty
104 Witmer Road Ofc. 1998 24,300 - -
201 Gibraltar Road Ofc. 1983 46,697 100.0% 3 Prudential Insurance Company
3600 Horizon Drive Ind.-Flex 1989 34,353 100.0% 1 Premier Dental Products Co., Inc.
3602 Horizon Drive Ind.-Flex 1989 22,820 100.0% 2 Bell Atlantic Network
400-500 Brandywine Parkway Ind.-Flex 1988 101,536 92.5% 8 Bell Atlantic Teleproducts
600 Brandywine Parkway Ind.-Flex 1988 79,815 98.8% 9 First Union National Bank
2700 Horizon Drive Ofc. 1998 45,000 100.0% 1 Affiliated Distributors, Inc.
2900 Horizon Drive Ofc. 1998 50,000 100.0% 1 Merion Publications, Inc.
719 Dresher Road Ofc. 1987 35,212 100.0% 1 Federal Express Corporation
2250 Hickory Road Ofc. 1985 83,000 95.3% 10 St. Paul Fire & Marine Insurance
3400 Horizon Drive Ind.-Flex 1995 72,727 10.0% 1 Rehab Clinics, Inc.
One Ridgewood Place Ind.-Flex 1991 38,400 74.5% 4 Chester County Mutual Insurance
300 Welsh Road Ofc. 1985 33,205 100.0% 1 Advanta, Corp.
6 Terry Drive Ind.-Flex 1981 32,925 100.0% 1 ATI Research, Inc.
14 Lee Boulevard Ind.-Flex 1988 89,026 100.0% 2 The Vanguard Group
500 Chester Field Parkway Ofc. 1988 30,815 100.0% 2 Becket, Watkins and Associates
300-400 Chester Field Parkway Ofc. 1988 50,383 75.7% 2 Amerisource Corporation
---------- -----
Total Southeastern Pennsylvania 7,789,259 95.4%
========== =====
NEW JERSEY/DELAWARE
1805 Underwood Boulevard Ind.-Dist. 1973 14,383 100.0% 1 Uniscore, Inc.
150 Mid-Atlantic Parkway Ind.-Dist. 1973 30,873 100.0% 1 Phoenix Display and Packaging
18 Boulden Circle Ind.-Flex 1989 76,000 89.6% 8 Custom Computer Services, Inc.
501 Delran Parkway Ind.-Flex 1988 49,500 100.0% 2 RMH Teleservices, Inc.
600 Delran Parkway Ind.-Dist. 1988 119,290 100.0% 2 Computer & Communication Info
1607 Imperial Way Ind.-Dist. 1973 80,000 - -
1 Boulden Circle Ind.-Dist. 1986 43,200 100.0% 1 Norel Paper Corporation
31-55 Read's Way Ind.-Flex 1986 78,009 100.0% 2 Cigna Corporation
3 Boulden Circle Ind.-Dist. 1987 60,812 100.0% 1 Pack & Process, Inc.
5 Boulden Circle Ind.-Dist. 1987 119,653 100.0% 1 Brundage Distribution Corp.
601 Delran Parkway Ind.-Dist. 1988 57,930 100.0% 1 Keymar Warehouse, Inc.
51 Haddonfield Road Ofc. 1986 94,187 92.5% 20 Lehigh Press, Inc.
57 Read's Way Ind.-Flex 1985 53,600 100.0% 2 Wachovia Bank of Georgia
1370 Imperial Way Ind.-Dist. 1978 179,785 100.0% 1 Emery Worldwide Airlines, Inc.
8 Stow Road Ind.-Flex 1988 34,911 88.1% 4 Krone, Inc.
10 Stow Road Ind.-Flex 1988 29,722 100.0% 2 Trans World Airlines, Inc.
12 Stow Road Ind.-Flex 1988 21,200 63.0% 4 Bell & Howell Phillipsburg Co.
14 Stow Road Ind.-Flex 1988 18,821 100.0% 2 Wiltel Communications Sys, Inc.
1300 Metropolitan Avenue Ind.-Dist. 1972 76,196 100.0% 1 Phoenix Display & Packaging
701A Route 73 South Ofc. 1987 94,521 99.1% 9 Fluor Daniel, Inc.
701C Route 73 South Ofc. 1987 27,813 87.6% 5 Prudential Property & Casualty
1008 Astoria Boulevard Ind.-Flex 1973 37,400 79.6% 5 Fujitsu Network Communications
1475 Imperial Way Ind.-Dist. 1976 60,000 100.0% 1 Knauf Fiberglass, Inc.
3000 Atrium Way Ofc. 1987 110,240 91.9% 16 Atrium Executive Center, Inc.
750 Cardinal Drive Ind.-Dist. 1989 81,348 - -
11000,15000,17000 Commerce Parkway Ind.-Flex 1985 98,441 96.8% 5 Cendant Mortgage Corporation
12000,14000 Commerce Parkway Ind.-Flex 1985 68,000 99.6% 8 Simirex, Inc.
16000,18000 Commerce Parkway Ind.-Flex 1985 52,000 98.2% 4 Cendant Mortgage Corporation
406 Lippincott Drive Ofc. 1990 40,218 100.0% 6 Logs Group, L.L.C.
234 High Hill Road Ind.-Dist. 1987 60,000 100.0% 1 Skyway Freight Systems, Inc.
231 Lake Drive Ind.-Dist. 1997 130,800 100.0% 3 Astropower, Inc.
101 Arlington Boulevard Ind.-Dist. 1996 154,675 100.0% 2 Heinz Bakery Products
100 Berkeley Drive Ind.-Dist. 1990 67,000 100.0% 1 MCR Direct Mail, Inc.
301 Lippincott Drive Ofc. 1988 82,482 100.0% 2 Fluor Daniel, Inc.
303 Lippincott Drive Ofc. 1988 82,541 99.8% 4 Fluor Daniel, Inc.
510 Sharptown Road Ind.-Dist. 1984 40,156 100.0% 1 Day Products, Inc.
901 Route 73 Ofc. 1985 39,434 99.3% 3 Teknion, Inc.
1500 Route 73 North Ofc. 1988 61,687 93.9% 15 Prudential Securities, Inc.
512 Sharptown Road Ind.-Dist. 1984 58,000 100.0% 1 Trek Bicycle Corporation
15 Boulden Circle Ind.-Dist. 1997 170,425 100.0% 1 Ryder Integrated Logistics, Inc.
404 Lippincott Drive Ind.-Flex 1997 26,600 100.0% 1 State Farm Mutual Automobile
263 Quigley Boulevard Ind.-Dist. 1987 42,891 85.7% 7 Lamont Television Systems, Inc.
34 Blevins Drive Ind.-Flex 1987 50,022 72.8% 5 Panelmatic, Inc.
104 Gaither Drive Ind.-Dist. 1975 45,390 100.0% 1 Eptech Corporation
2 Lukens Drive Ind.-Flex 1988 43,315 100.0% 3 Ameristar Technologies
402 Lippincott Drive Ind.-Flex 1997 26,000 100.0% 1 First Trenton Indemnity
3000 Lincoln Drive Ind.-Flex 1983 65,547 89.9% 3 ACSIS, Inc.
6000 Commerce Parkway Ind.-Flex 1985 54,000 100.0% 7 Information Access Company
7000 Commerce Parkway Ind.-Flex 1984 60,000 100.0% 3 Sagot Office Interiors, Inc.
8000 Commerce Parkway Ind.-Flex 1983 54,185 79.2% 1 Simirex, Inc.
9000 Commerce Parkway Ind.-Flex 1983 66,164 100.0% 4 Cendant Mortgage
1000 Briggs Road Ind.-Flex 1986 40,946 100.0% 1 Bluestone Consulting, Inc.
1025 Briggs Road Ind.-Flex 1987 61,019 82.3% 4 Dale, Gesek, McWilliams & Sherman
9 Stow Road Ind.-Flex 1989 54,945 85.6% 5 KI Management, Inc.
2000 Crawford Place Ind.-Flex 1986 73,453 65.6% 4 CME Information Services, Inc.
1351 Metropolitan Avenue Ind.-Dist. 1986 43,755 100.0% 1 Owens Corning, Inc.
650 Grove Road Ind.-Flex 1986 57,400 68.7% 6 Montgomery Kone, Inc.
400 Grove Road Ofc. 1986 19,200 77.4% 4 Huntsman Polypropylene Corp.
5000 Dearborn Court Ofc. 1988 55,365 100.0% 3 Ford Motor Company
515 Heron Drive Ind.-Dist. 1980 61,500 100.0% 1 Copperfield Chimney Supply
500 Sharptown Road Ind.-Dist. 1984 63,913 100.0% 1 Heritage Bag Company
625 Heron Drive Ind.-Dist. 1980 15,934 100.0% 1 Hassett Air Express Magazine
605 Heron Drive Ind.-Dist. 1980 25,106 100.0% 1 Jafra Cosmetics, Inc.
510 Heron Drive Ind.-Flex 1990 124,399 87.7% 29 Glouchester County College
- -13-
PERCENT
LEASED AT
BUILDING YEAR LEASEABLE DEC. 31, NO. OF
PROJECT NAME TYPE DVLP. SQ.FT.(1) 1998 (2) LEASES MAJOR TENANT
- --------------------------------- --------- ----- ---------- --------- ------ -------------------------------
NEW JERSEY/DELAWARE - CONT'D
522 Pedricktown Road Ind.-Dist. 1988 32,724 100.0% 1 PEP Boys
530 Pedricktown Road Ind.-Dist. 1993 48,000 100.0% 1 USCO Contract Log, LLC
540 Pedricktown Road Ind.-Dist. 1987 108,000 85.2% 2 Wellman, Inc.
230 High Hill Road Ind.-Dist. 1985 231,080 100.0% 1 Johnson & Johnson Hospital
3 Mallard Court Ind.-Dist. 1989 55,392 100.0% 1 Pro Bakers, Ltd
730 Cardinal Drive Ind.-Dist. 1989 51,200 100.0% 2 Dedicated Delivery Service
405 Heron Drive Ind.-Dist. 1990 254,250 100.0% 1 General Electric Company
100 Eagle Road Ind.-Dist. 1995 38,400 100.0% 1 Lanier Worldwide
250 High Hill Road Ind.-Dist. 1995 54,320 100.0% 1 Neuhauser USA Corp.
508 Center Square Road Ind.-Dist. 1995 80,300 100.0% 1 Missa Bay Citrus Company
602 Heron Drive Ind.-Flex 1996 26,450 100.0% 1 C W I, Inc.
300 Eagle Court Ind.-Dist. 1997 100,000 100.0% 2 Del Monte Corporation
500 Center Square Road Ind.-Dist. 1997 246,091 100.0% 1 Emery Worldwide Airlines, Inc.
1001 Briggs Road Ind.-Flex 1986 63,545 80.3% 7 Burlington County College
1960 Cuthbert Boulevard Ind.-Flex 1985 45,000 50.0% 3 Rescued from Retail, Inc.
1970 Cuthbert Boulevard Ind.-Flex 1985 45,000 100.0% 2 Angelica Uniform Group
10000 & 11000 Route 73 Ofc. 1984 46,660 54.9% 9 Greentree Mortgage Company
---------- ------
Total New Jersey/Delaware 5,612,714 92.7%
========== ======
LEHIGH VALLEY
1655 Valley Center Parkway Ofc. 1993 28,300 100.0% 2 Allstate Insurance Company
6560 Stonegate Drive Ind.-Dist. 1989 80,000 100.0% 2 Vitra Seating, Inc.
6370 Hedgewood Drive Ind.-Dist. 1990 110,000 100.0% 2 Caterpillar Logistics Svc, Inc.
6390 Hedgewood Drive Ind.-Dist. 1990 69,000 100.0% 2 Behr Process Corporation
1495 Valley Center Parkway Ofc. 1990 43,770 100.0% 2 Ingersoll-Rand Corporation
6350 Hedgewood Drive Ind.-Dist. 1989 121,000 100.0% 2 Organon, Inc.
6330 Hedgewood Drive Ind.-Flex 1988 89,700 100.0% 8 Submicron Systems, Inc.
1550 Valley Center Parkway Ind.-Flex 1988 43,400 90.3% 6 TIG Insurance Company
1560 Valley Center Parkway Ind.-Flex 1988 51,400 100.0% 1 Guardian Life Insurance
6580 Snowdrift Road Ind.-Dist. 1988 104,000 - -
1510 Valley Center Parkway Ind.-Flex 1988 48,208 100.0% 7 Visiting Nurses Association
1530 Valley Center Parkway Ind.-Flex 1988 46,400 100.0% 1 SKF USA, Inc.
6540 Stonegate Drive Ind.-Dist. 1988 120,000 100.0% 1 SKF USA, Inc.
974 Marcon Boulevard Ind.-Flex 1987 39,200 78.0% 4 Inter-Media Marketing
964 Marcon Boulevard Ind.-Flex 1985 39,200 100.0% 5 Health Spectrum Medical
764 Roble Road Ind.-Flex 1985 21,860 100.0% 1 Chemlawn Corporate Center
3174 Airport Road Ind.-Flex 1979 42,000 100.0% 1 Allentech, Inc.
2196 Avenue C Ind.-Flex 1980 31,140 100.0% 1 Lehigh University
2202 Hangar Place Ind.-Flex 1981 66,495 100.0% 3 Lofts Seed, Inc.
2201 Hangar Place Ind.-Flex 1987 52,300 100.0% 6 Pacesetter Enterprises, Inc.
954 Marcon Boulevard Ind.-Dist. 1981 30,140 100.0% 1 Telerx Marketing, Inc.
57 South Commerce Way Ind.-Flex 1986 76,400 95.9% 4 SKF USA, Inc.
754 Roble Road Ind.-Flex 1986 46,800 48.7% 4 Community Foundation
894 Marcon Boulevard Ind.-Flex 1986 28,800 92.4% 9 Spalding Company, Inc.
744 Roble Road Ind.-Flex 1986 46,800 96.6% 7 Fluoro-Seal, Inc.
944 Marcon Boulevard Ind.-Flex 1986 38,400 96.8% 11 Ultratech Stepper, Inc.
1685 Valley Center Parkway Ofc. 1996 27,200 100.0% 2 General Accident Insurance Co
6520 Stonegate Drive Ind.-Flex 1996 43,200 100.0% 4 Hub City, Inc.
7437 Industrial Boulevard Ind.-Dist. 1976 191,330 100.0% 2 Stuart Medical, Inc.
2041 Avenue C Ind.-Flex 1990 30,400 100.0% 3 BEF Corporation
2124 Avenue C Ind.-Dist. 1990 36,000 100.0% 1 Graybar Electric Co., Inc.
7339 Industrial Boulevard Ind.-Dist. 1996 215,000 100.0% 1 Cott Beverages USA, Inc.
7384 Penn Drive Ind.-Dist. 1988 112,000 100.0% 1 Wing Industries, Inc.
7144 Daniels Drive Ind.-Dist. 1975 300,312 100.0% 2 Simpson Paper Company
7620 Cetronia Road Ind.-Dist. 1990 155,060 59.6% 3 Flurotek Compounding, Inc.
939 Marcon Boulevard Ind.-Dist. 1980 315,000 100.0% 1 Fieldcrest Cannon Sure Fit, Inc.
100 Brodhead Road Ofc. 1990 47,765 100.0% 8 Summit Bank
1455 Valley Center Parkway Ind.-Flex 1997 54,118 100.0% 2 Life Insurance Co. of No. America
1640 Valley Center Parkway Ofc. 1996 30,850 100.0% 1 Pennsylvania Cellular
1650 Valley Center Parkway Ofc. 1997 29,150 100.0% 3 Pennsylvania Cellular
1660 Valley Center Parkway Ofc. 1998 27,500 92.0% 4 New York Life Insurance Co.
400 Nestle Way Ind.-Dist. 1997 1,190,000 100.0% 1 DSC Logistics, Inc.
83 South Commerce Way Ofc. 1989 18,983 82.5% 3 Nationwide Insurance
85 South Commerce Way Ofc. 1989 21,119 72.0% 1 Penn Del Directory Co.
87 South Commerce Way Ofc. 1989 22,653 100.0% 4 Versyss, Inc.
89 South Commerce Way Ind.-Flex 1998 43,200 100.0% 2 Reborn Enterprises, Inc.
7248 Industrial Boulevard Ind.-Dist. 1988 497,000 67.5% 3 S.D. Warren Company
95 Highland Avenue Ofc. 1985 73,000 95.1% 4 Omnipoint Communications
236 Brodhead Road Ofc. 1994 45,097 100.0% 1 Fireman's Fund Insurance Co.
6620 Grant Way Ind.-Flex 1989 30,204 100.0% 1 Computer Hardware
700 Nestle Way Ind.-Dist. 1998 800,000 100.0% 2 Dial Corporation
7562 Penn Drive Ind.-Flex 1989 26,950 100.0% 5 Reliable Miller Casket Company
7277 Williams Avenue Ind.-Flex 1989 41,040 100.0% 3 National Packaging Systems, Inc.
7355 Williams Avenue Ind.-Flex 1988 43,425 100.0% 6 Teco-Westinghouse Motor
794 Roble Boulevard Ind.-Flex 1985 101,750 100.0% 1 Day-Timers, Inc.
6923 Schantz Spring Road Ind.-Dist. 1993 100,000 100.0% 1 ABX Air, Inc.
2600 Beltline Avenue Ind.-Dist. 1987 69,190 100.0% 2 United Computer Supplies, Inc.
7132 Daniels Drive Ind.-Dist. 1988 289,800 100.0% 1 Russell-Stanley Corporation
3985 Adler Place Ofc. 1988 49,330 89.0% 10 Henry S. Lehr, Inc.
---------- ------
Total Lehigh Valley 6,592,339 94.0%
========== ======
MARYLAND
180 Admiral Cochrane Drive Ofc. 1989 128,242 100.0% 10 Columbia Medical Plan, Inc.
12000,001,040 Indian Creek Court Ind.-Flex 1986 185,776 82.4% 8 Biospherics Incorporated
190 Admiral Cochrane Drive Ofc. 1988 72,085 98.3% 10 State of Maryland
8280 Patuxent Range Drive Ind.-Dist. 1978 60,079 100.0% 2 Alcore, Inc.
7178-7180 Columbia Gateway Ind.-Flex 1987 88,895 100.0% 3 Amerix Corporation
8730 Bollman Place Ind.-Dist. 1984 98,745 100.0% 1 Kraft Foodservice, Inc.
9770 Patuxent Woods Drive Ofc. 1986 35,520 100.0% 1 Delaware Coca-Cola
9780 Patuxent Woods Drive Ofc. 1986 22,720 100.0% 1 BBN Corporation
- -14-
PERCENT
LEASED AT
BUILDING YEAR LEASEABLE DEC. 31, NO. OF
PROJECT NAME TYPE DVLP. SQ.FT.(1) 1998 (2) LEASES MAJOR TENANT
- --------------------------------- --------- ----- ---------- --------- ------ -------------------------------
MARYLAND - CONT'D
9790 Patuxent Woods Drive Ofc. 1986 25,345 100.0% 2 GTE Government Systems Corp.
9810 Patuxent Woods Drive Ofc. 1986 27,725 100.0% 2 Bolt, Beranek and Newman
9800 Patuxent Woods Drive Ofc. 1988 31,095 100.0% 3 Coca-Cola Company
9820 Patuxent Woods Drive Ofc. 1988 24,720 100.0% 1 Kraft Foods, Inc.
9830 Patuxent Woods Drive Ofc. 1986 30,800 100.0% 1 JP Foodservice, Inc.
9050 Red Branch Road Ind.-Dist. 1972 89,898 100.0% 8 Kemi Laboratories, Inc.
4606 Richlynn Drive Ind.-Dist. 1985 50,000 100.0% 1 CMB Enterprises, Inc.
8945-8975 Guilford Ofc. 1986 101,402 100.0% 22 Communications Systems Technology
7317 Parkway Drive Ofc. 1983 30,000 100.0% 1 Baltimore Gas & Electric Co.
9101,9111,9115 Guilford Road Ind.-Flex 1984 52,004 90.6% 5 Wyle Electronics
9125,9135,9145 Guilford Road Ind.-Flex 1983 85,804 96.8% 7 Federal Express Corporation
---------- ------
Total Maryland 1,240,855 96.6%
========== ======
VIRGINIA
10 South Third Street Ofc. 1930 4,900 100.0% 1 Scribner, Messer, Brady & Wade
1751 Bluehills Drive Ind.-Dist. 1991 265,082 100.0% 1 Conopco, Inc.
4300 Carolina Avenue Ind.-Dist. 1985 218,554 100.0% 1 United States of America
301 Hill Carter Parkway Ind.-Dist. 1989 80,000 100.0% 1 Philip Morris Incorporated
4001 Carolina Avenue Ind.-Dist. 1935 35,300 100.0% 7 Modular Installations, LLC
5600-5626 Eastport Boulevard Ind.-Flex 1989 71,227 100.0% 5 American Honda Motor Co., Inc.
5650-5674 Eastport Boulevard Ind.-Dist. 1990 150,867 100.0% 4 Sterilization Services of VA
5700 Eastport Boulevard Ind.-Dist. 1990 100,336 100.0% 1 Merisel, Inc.
11020 Hull Street Road Ofc. 1987 5,172 100.0% 1 Patient First Corporation
3432 Holland Road Ofc. 1989 5,688 100.0% 1 Patient First Corporation
4880 Cox Road Ofc. 1995 59,948 100.0% 2 Saxon Mortgage, Inc.
5162 Valleypointe Parkway Ind.-Flex 1993 25,000 100.0% 1 United States of America
4101-4127 Carolina Avenue Ind.-Dist. 1973 126,000 100.0% 1 Cascade Sonoco, Inc.
4201-4261 Carolina Avenue Ind.-Dist. 1975 288,000 100.0% 9 Crestar Bank
4263-4299 Carolina Avenue Ind.-Dist. 1976 180,000 100.0% 1 Open Plan Systems, Inc.
4301-4335 Carolina Avenue Ind.-Dist. 1978 162,000 100.0% 1 Smurfit Stone Container
4337-4379 Carolina Avenue Ind.-Dist. 1979 198,000 40.9% 2 S.P. Richards Company
4501-4549 Carolina Avenue Ind.-Dist. 1981 150,000 100.0% 2 McKesson Corporation
4551-4593 Carolina Avenue Ind.-Dist. 1982 151,800 100.0% 3 A.H. Robins Company, Inc.
4601-4643 Carolina Avenue Ind.-Dist. 1985 151,800 100.0% 2 T.E.U. Incorporated
4645-4683 Carolina Avenue Ind.-Dist. 1985 120,000 100.0% 1 Owens & Minor Medical, Inc.
4447-4491 Carolina Avenue Ind.-Dist. 1987 158,700 100.0% 1 Shelcore, Inc.
4401-4445 Carolina Avenue Ind.-Dist. 1988 158,700 100.0% 2 Media Post Marketing
12 S. Third Street Ofc. 1900 5,735 100.0% 1 Liberty Property Trust
9601 Cosner Drive Ind.-Dist. 1995 128,500 100.0% 1 Simmons Company
315 Cardiff Valley Road Ind.-Dist. 1994 151,200 100.0% 1 Caterpillar, Inc.
2300 East Parham Road Ofc. 1988 5,172 100.0% 1 Patient First Corporation
1347 Diamond Springs Road Ind.-Dist. 1980 99,260 100.0% 3 Wetsel Seed Company
5221 Valleypark Drive Ind.-Flex 1988 17,007 100.0% 1 RBX Holdings, Inc.
5228 Valleypointe Parkway Ind.-Flex 1988 14,977 100.0% 4 Simplex Corporation
5238 Valleypark Drive Ind.-Flex 1989 17,062 91.1% 5 MCI Telecommunications Corp.
5601-5609 Eastport Boulevard Ind.-Dist. 1996 150,000 100.0% 2 General Medical Corporation
5900 Eastport Boulevard Ind.-Dist. 1997 142,800 100.0% 1 Hewlett-Packard Company
4717-4729 Eubank Road Ind.-Dist. 1978 141,313 79.6% 3 Whitehall-Robins
5251 Concourse Drive Ofc. 1997 19,680 89.9% 3 Acadia Elastomers Corporation
4263F Carolina Avenue Ind.-Dist. 1975 57,600 100.0% 3 Heflebower Transfer & Storage
4200 Oakleys Court Ind.-Dist. 1990 80,000 100.0% 1 Multiton Mic Corporation
1821 Battery Dantzler Road Ind.-Dist. 1990 129,600 100.0% 3 Flare Corporation
5000 Cox Road Ind.-Flex 1990 58,367 100.0% 6 Patient First Corporation
510 Eastpark Court Ind.-Flex 1989 51,874 100.0% 4 Power Distribution, Inc.
520 Eastpark Court Ind.-Dist. 1989 144,228 100.0% 4 Bunzl-Richmond, Inc.
13001 Kingston Avenue Ind.-Flex 1998 40,000 100.0% 3 Carl Zeiss Optical, Inc.
5701-5799 Eastport Boulevard Ind.-Dist. 1991 174,720 100.0% 2 Menlo Logistics, Inc.
4801 Cox Road Ofc. 1998 83,535 99.5% 2 Capital One Services, Inc.
600 HP Way Ind.-Dist. 1997 158,400 100.0% 1 Hewlett-Packard Company
500 HP Way Ind.-Dist. 1997 146,000 100.0% 1 Hewlett-Packard Company
4198 Cox Road Ofc. 1984 43,387 100.0% 10 Insurance Co. of North America
5310 Valley Park Drive Ind.-Flex 1998 17,425 100.0% 1 ITT Industries, Inc.
4510 Cox Road Ofc. 1990 72,509 100.0% 12 Massachusetts Mutual
2809 South Lynnhaven Road Ofc. 1987 62,924 94.9% 11 Connecticut General Life
200 Golden Oak Court Ofc. 1988 73,676 100.0% 12 Metro Information Services
208 Golden Oak Court Ofc. 1989 63,696 100.0% 12 Prudential Bache
1 Enterprise Parkway Ofc. 1987 64,297 97.9% 14 SAIC
22 Enterprise Parkway Ofc. 1990 72,444 95.0% 14 SAIC
484 Viking Drive Ofc. 1987 39,804 98.1% 12 Logicon Syscon, Inc.
10430 Lakeridge Parkway Ind.-Flex 1989 71,230 100.0% 4 Naito America Corporation
10456 Lakeridge Parkway Ind.-Flex 1991 69,200 100.0% 5 Baxter Healthcare Corporation
3829-3855 Gaskins Road Ind.-Flex 1988 44,926 100.0% 1 First Union National Bank
629 Phoenix Drive Ind.-Flex 1996 24,549 100.0% 5 Nationwide Mutual Insurance
11838 Rock Landing Drive Ofc. 1986 33,224 97.0% 6 Professional Software Engineering
11844 Rock Landing Drive Ind.-Flex 1989 18,125 97.3% 2 Allstate Insurance Co.
11846 Rock Landing Drive Ind.-Flex 1989 18,125 100.0% 2 United States Postal Service
5700 Cleveland Street Ofc. 1989 85,450 96.5% 21 HDR Engineering, Inc.
---------- ------
Total Virginia 5,759,095 97.2%
========== ======
THE CAROLINAS
4523 Green Point Drive Ind.-Dist. 1988 85,830 100.0% 1 Triangle Warehouse
4501 Green Point Drive Ind.-Dist. 1989 90,049 100.0% 4 New Breed Leasing Corporation
4500 Green Point Drive Ind.-Dist. 1989 71,040 100.0% 6 Corporate Express Office
2427 Penny Road Ind.-Dist. 1990 270,000 100.0% 1 Furnishings International, Inc.
4524 Green Point Drive Ind.-Dist. 1989 74,587 100.0% 4 Standard Register Company
4328,4336 Federal Drive Ind.-Dist. 1995 177,600 100.0% 2 United Parcel Service, Inc.
200 Centreport Drive Ofc. 1986 47,190 94.3% 15 MCI Telecommunications Corp.
4344 Federal Drive Ind.-Dist. 1996 92,425 100.0% 4 MAC Papers, Inc.
202 Centreport Drive Ofc. 1990 62,664 97.5% 4 Key Risk Management Svs, Inc.
101 Centreport Drive Ofc. 1998 81,681 33.7% 6 Price Waterhouse LLP
- -15-
PERCENT
LEASED AT
BUILDING YEAR LEASEABLE DEC. 31, NO. OF
PROJECT NAME TYPE DVLP. SQ.FT.(1) 1998 (2) LEASES MAJOR TENANT
- --------------------------------- --------- ----- ---------- --------- ------ -------------------------------
THE CAROLINAS - CONT'D
4000 Piedmont Parkway Ofc. 1989 60,383 84.9% 17 New Breed Leasing Corporation
4380 Federal Drive Ind.-Dist. 1997 79,200 100.0% 3 Triad Health Alliance, Inc.
4388 Federal Drive Ind.-Flex 1997 32,400 100.0% 1 Abacon Telecommunications, Inc.
6532 Judge Adams Road Ind.-Dist. 1997 151,600 100.0% 1 Iomega Corporation
3860 Faber Place Ind.-Flex 1995 42,500 100.0% 3 Scientific Research Corp.
4055 Faber Place Ofc. 1989 53,304 97.0% 12 Allstate Insurance Company
3820 Faber Place Ind.-Flex 1993 39,422 83.6% 6 Executone Information Sys, Inc.
3875 Faber Place Ofc. 1998 64,113 97.3% 5 Blackbaud, Inc.
440 Knox Abbott Drive Ofc. 1989 50,248 97.5% 12 SCE&G Company
150 Ridgeview Center Drive Ind.-Dist. 1984 222,670 100.0% 1 Alcoa Fujikura
1320 Garlington Road Ind.-Dist. 1986 72,000 100.0% 1 Perrigo Company
420 Park Avenue Ofc. 1986 46,489 99.7% 7 Geraghty & Miller, Inc.
1 Alliance Drive Ind.-Dist. 1998 103,684 - -
111 Southchase Boulevard Ind.-Dist. 1989 169,510 100.0% 1 Eybl Cartex, Inc.
300 International Boulevard Ind.-Flex 1995 103,684 100.0% 1 Ronald and Carolyn Jones
4160 Mendenhall Oaks Parkway Ind.-Dist. 1998 107,480 100.0% 1 Genco I, Inc.
1208 Eastchester Drive Ofc. 1988 57,496 64.3% 13 L.M. Berry & Company
4050 Piedmont Parkway Ofc. 1998 220,562 94.0% 1 Aetna Life Insurance Company
One Independence Pointe Ofc. 1982 87,754 100.0% 8 Builder Marts of America, Inc.
55 Beattie Place Ofc. 1986 242,535 99.9% 18 Insignia Financial Group
75 Beattie Place Ofc. 1987 177,985 95.2% 28 Law Building
7736 McCloud Road Ofc. 1986 71,759 100.0% 5 Galey & Lord, Inc.
15 Brendan Way Ofc. 1988 39,834 100.0% 1 Rust Environmental
200 Meeting Street Ofc. 1990 144,046 95.3% 14 Nationsbank of South Carolina
7500 West 110th Street Ofc. 1983 108,177 98.7% 2 Sprint Communications Company
8035 Quivira Road Ind.-Flex 1998 65,000 100.0% 1 ADS Alliance Data Systems, Inc.
4300 Federal Drive Ind.-Flex 1998 43,200 100.0% 1 Viewpoint Studios, Inc.
---------- ------
Total The Carolinas 3,710,101 93.7%
========== ======
JACKSONVILLE
1730 Stebbins Drive Ind.-Dist. 1973 40,000 100.0% 1 Atlas Bag, Inc.
5911-5925 Richard Street Ind.-Flex 1977 40,000 100.0% 1 Vistakon Div. - Johnson & Johnson
8383-8385 Baycenter Road Ind.-Dist. 1973 40,000 100.0% 1 Parts House, Inc.
8775 Baypine Road Ofc. 1989 50,000 100.0% 1 AT&T Resource Management Corp.
8539 Western Way Ind.-Flex 1987 66,930 100.0% 1 First Union National Bank
6255 Lake Grey Boulevard Ind.-Flex 1987 94,174 91.2% 5 U.S. Telecom Inc. (Sprint)
6600-6660 Suemac Place Ind.-Dist. 1973 103,404 100.0% 5 American Flat Glass
6800-6850 Suemac Place Ind.-Dist. 1973 60,000 - -
8665, 8667, 8669 Baypine Road Ofc. 1987 63,118 100.0% 5 Blue Cross and Blue Shield
8540 Baycenter Road Ind.-Flex 1984 30,028 100.0% 1 Reichhold Chemicals
1200 Riverplace Boulevard Ofc. 1985 179,274 84.4% 17 Stein Mart, Inc.
8400 Baymeadows Way Ind.-Flex 1987 43,547 100.0% 4 Respiflow, Inc. & M.K. Diabetics
8614 Baymeadows Way Ofc. 1986 16,000 100.0% 1 Allstate Insurance Company
5941-5975 Richard Street Ind.-Flex 1978 86,660 100.0% 1 Vistakon Div. - Johnson & Johnson
7970 Bayberry Road Ind.-Flex 1978 55,000 81.8% 4 Norandex, Inc.
6000-6030 Bowdendale Avenue Ind.-Flex 1979 83,330 100.0% 5 Vistakon Div. - Johnson & Johnson
7898 Baymeadows Way Ofc. 1979 42,149 100.0% 2 Matrixx Marketing, Inc. (AT&T)
5977-6607 Richard Street Ind.-Flex 1980 73,333 100.0% 1 Vistakon Div. - Johnson & Johnson
7910 & 7948 Baymeadows Way Ofc. 1981 52,505 100.0% 3 Matrixx Marketing, Inc. (AT&T)
7954 & 7960 Baymeadows Way Ofc. 1982 52,608 100.0% 2 Matrixx Marketing, Inc. (AT&T)
8787 Baypine Road Ofc. 1990 220,000 100.0% 1 AT&T Universal Card Services
7077 Bonneval Road Ofc. 1988 104,746 98.5% 22 Florida Windstorm Underwriting
4190 Belfort Road Ofc. 1986 105,664 98.6% 25 Executive Business Centers, Inc.
8011, 8021, 8031 Phillips Highway Ofc. 1987 82,867 95.4% 11 Southwest Signal Engineering
7020 AC Skinner Parkway Ind.-Flex 1996 42,184 100.0% 6 Intermedia Communications, Inc.
7022 AC Skinner Parkway Ind.-Dist. 1996 88,200 100.0% 2 Microtek Medical, Inc.
11777 Central Highway Ind.-Dist. 1985 50,000 100.0% 1 Airborne Freight Corporation
4345 Southpoint Parkway Ofc. 1998 104,358 99.7% 9 Physician Sales & Service, Inc.
7016 AC Skinner Parkway Ind.-Flex 1996 39,350 100.0% 1 Georgia-Pacific Corporation
7018 AC Skinner Parkway Ind.-Flex 1997 92,815 100.0% 10 Physician Sales and Service
6620 Southpoint Drive Ofc. 1984 59,926 92.5% 19 LC Footwear, LLC
7980 Bayberry Road Ind.-Dist. 1978 50,000 100.0% 3 Blue Cross & Blue Shield
9600 Satellite Boulevard Ind.-Dist. 1989 48,000 100.0% 1 United Exposition Service Company
9700 Satellite Boulevard Ind.-Dist. 1989 48,000 87.5% 2 Tilecera, Inc.
1902 Cypress Lake Drive Ind.-Dist. 1989 120,360 66.5% 1 Production Resource Group, LLC
8250 & 8256 Exchange Place Ind.-Flex 1985 52,380 100.0% 8 Colorvision International, Inc.
6600 Southpoint Parkway Ofc. 1986 56,460 100.0% 1 Humana Health Insurance Company
6700 Southpoint Parkway Ofc. 1987 46,500 99.2% 7 Atlantic Mortgage and Investment
4801 Executive Park Court - 100 Ind.-Flex 1990 60,000 100.0% 1 The Hamilton Group, Inc.
4801 Executive Park Court - 200 Ind.-Flex 1990 40,000 100.0% 6 The Florida Times-Union
4810 Executive Park Court Ind.-Flex 1990 40,000 100.0% 2 The Hamilton Group, Inc.
6602 Executive Park Court - 100 Ind.-Flex 1993 42,000 57.1% 1 Norandex, Inc.
6602 Executive Park Court - 200 Ind.-Flex 1993 32,000 100.0% 4 US Automated Pro
6631 Executive Park Court - 100 Ind.-Flex 1994 27,200 100.0% 1 Continental Cablevision
6631 Executive Park Court - 200 Ind.-Flex 1994 44,000 100.0% 4 AT&T Resource Management Corp.
4815 Executive Park Court - 100 Ind.-Flex 1995 39,600 100.0% 5 Lucent Technologies
4815 Executive Park Court - 200 Ind.-Flex 1995 50,000 90.0% 3 Drake Studios
4825 Executive Park Court Ind.-Flex 1996 65,000 100.0% 5 Communication Test Design
4820 Executive Park Court Ind.-Flex 1997 60,000 50.5% 2 Deka Medical, Inc.
10511 & 10611 Satellite Boulevard Ind.-Flex 1985 76,800 100.0% 6 Fast Forward Transportation Svs.
1400-1440 Central Florida Parkway Ind.-Dist. 1962 121,225 67.0% 2 Sealy Mattress Company, Inc.
6601 Executive Park Circle North Ind.-Flex 1992 80,000 100.0% 1 Perdue, Inc.
1300 Riverplace Boulevard Ofc. 1980 110,332 99.4% 17 United States Postal Service
4901 Belfort Land Ind.-Flex 1986 78,930 100.0% 3 CSX Transportion, Inc.
16445 Air Center Boulevard Ind.-Dist. 1997 70,060 100.0% 3 Skyway Freight Systems, Inc.
16405 Air Center Boulevard Ind.-Dist. 1997 84,630 100.0% 3 Intermodal Terminal, Inc.
2216 Directors Row Ind.-Dist. 1998 118,500 100.0% 1 ITCO Holding Company, Inc.
7460 Chancellor Drive Ind.-Dist. 1998 48,000 100.0% 1 Baker Manufacturing, Inc.
1901 Summit Tower Boulevard Ofc. 1998 119,870 100.0% 2 Acana Corporation
3701-3727 Vineland Road Ind.-Flex 1985 83,583 100.0% 8 Genesis 2000, Inc.
---------- ------
Total Jacksonville 4,175,600 93.8%
========== ======
- -16-
PERCENT
LEASED AT
BUILDING YEAR LEASEABLE DEC. 31, NO. OF
PROJECT NAME TYPE DVLP. SQ.FT.(1) 1998 (2) LEASES MAJOR TENANT
- --------------------------------- --------- ----- ---------- --------- ------ -------------------------------
TAMPA
4001, 4051, 4101 Fowler Avenue Ind.-Flex 1987 101,227 100.0% 17 Musculoskeletal Institute
5502 Pioneer Park Boulevard Ind.-Dist. 1981 48,375 100.0% 5 Premdor Corporation
5501 Pioneer Park Boulevard Ind.-Dist. 1981 61,416 73.1% 3 Premdor Corporation
5690-5694 Crenshaw Street Ind.-Dist. 1979 87,095 100.0% 3 Florida Flooring Products, Inc.
3102,3104,3110 Cherry Palm Drive Ind.-Flex 1986 74,339 100.0% 11 Groundwater Technology, Inc.
8401-8408 Benjamin Road Ind.-Flex 1986 127,566 100.0% 14 Merck-Medco Rx Services
3501 Riga Boulevard Ind.-Flex 1987 57,220 100.0% 2 Customer Communications Center
111 Kelsey Lane Ind.-Flex 1990 60,200 100.0% 3 Westinghouse Electric Corp.
7930, 8010-20 Woodland Center Ind.-Flex 1990 89,758 81.6% 11 Intertel Communications, Inc.
7920 Woodland Center Boulevard Ind.-Flex 1997 52,627 100.0% 2 Promus Hotels
8154-8198 Woodland Center Ind.-Flex 1988 45,382 100.0% 15 Williams Telecommunication
8112-42 Woodland Center Ind.-Flex 1995 39,155 100.0% 2 American Express Travel
8212 Woodland Center Ind.-Flex 1996 39,155 100.0% 1 Metropolitan Fiber Systems
131 Kelsey Lane Ind.-Flex 1985 89,290 100.0% 1 Pharmerica, Inc.
7724 Woodland Center Boulevard Ofc. 1998 29,350 100.0% 3 Option One Mortgage Corp.
8921 Brittany Way Ind.-Flex 1998 32,000 100.0% 1 American Management Group, Inc.
5250 Eagle Trail Drive Ind.-Dist. 1998 97,400 100.0% 1 Graebel/Tampa Bay Movers, Inc.
---------- ------
Total Tampa 1,131,555 97.1%
========== ======
SOUTH FLORIDA
1701 Clint Moore Boulevard Ind.-Flex 1985 80,060 100.0% 2 Amitek Corporation
4555 Riverside Drive Ofc. 1988 67,056 100.0% 1 Implant Innovations, Inc.
2500 Metrocentre Boulevard Ofc. 1988 18,012 100.0% 2 Parent-Child Study
2540 Metrocentre Boulevard Ofc. 1988 12,419 13.3% 1 Flagship Financial Services, Inc.
2541 Metrocentre Boulevard Ofc. 1988 10,964 100.0% 2 Centex Real Estate Corp.
2580 Metrocentre Boulevard Ofc. 1988 19,381 45.8% 1 Comprehensive Aids Program
2581 Metrocentre Boulevard Ofc. 1988 14,309 37.5% 2 Petsche & Associates, Inc.
1101 Northpoint Parkway Ind.-Flex 1990 36,400 98.8% 2 R.H.M.A.
3223 Commerce Place Ind.-Flex 1990 20,125 100.0% 2 Nationwide Mutual Insurance Co.
801 Northpoint Parkway Ind.-Dist. 1991 28,500 100.0% 1 AT&T Wireless Services
5410-5430 Northwest 33rd Avenue Ind.-Flex 1985 65,868 96.2% 9 Da Vinci Systems, Inc.
6500 NW 12th Avenue Ind.-Dist. 1989 66,000 90.9% 8 Lucent Technology
6600 NW 12th Avenue Ind.-Dist. 1989 66,025 90.9% 7 Brink's Incorporated
1500 SW 5th Court Ind.-Dist. 1957 120,544 91.5% 8 Central Sprinkler Company
1651 SW 5th Court Ind.-Dist. 1990 25,200 100.0% 2 Berwin, Inc.
1601 SW 5th Court Ind.-Dist. 1990 25,200 100.0% 1 Berwin, Inc.
1501 SW 5th Court Ind.-Dist. 1990 25,200 99.7% 4 U.S. Power, Inc.
1400 SW 6th Court Ind.-Dist. 1986 143,459 100.0% 5 Suddath Relocation Systems
1405 SW 6th Court Ind.-Flex 1985 48,620 100.0% 8 Fat Free Food Corporation
595 SW 13th Terrace Ind.-Dist. 1984 44,627 100.0% 3 Man Engines & Components, Inc.
601 SW 13th Terrace Ind.-Dist. 1984 20,385 100.0% 1 Taylor Corp. d/b/a Sunset Thermo
605 SW 16th Terrace Ind.-Dist. 1965 38,458 100.0% 1 Parlux Fragrances, Inc.
2440-2478 Metrocentre Boulevard Ofc. 1988 30,238 91.8% 7 State of Florida Dept. of Revenue
951 Broken Sound Parkway Ofc. 1986 86,500 100.0% 12 Siemens Telecom Networks
3400 Lakeside Drive Ofc. 1990 121,290 95.3% 10 Humana Medical Plan, Inc.
3450 Lakeside Drive Ofc. 1990 120,347 91.6% 6 Electronic Data Systems Corp.
13650 NW 8th Street Ofc. 1991 24,732 100.0% 5 Allstate Insurance Company
13630 NW 8th Street Ofc. 1991 30,093 100.0% 3 Lucent Technologies, Inc.
777 Yamato Road Ofc. 1987 156,024 96.7% 12 National Council on Compensation
1801 Clint Moore Boulevard Ofc. 1986 47,938 85.7% 15 Noble International Investment
---------- ------
Total South Florida 1,613,974 94.7%
========== ======
MINNESOTA
6601-6625 W. 78th Street Ofc. 1998 325,000 100.0% 1 Diversified Pharmaceutical Svs.
2905 Northwest Boulevard Ind.-Flex 1983 84,765 100.0% 9 Deltak LLC
2800 Campus Drive Ind.-Flex 1985 64,852 99.7% 5 Ciprico, Inc.
2955 Xenium Lane Ind.-Flex 1985 24,800 59.9% 1 Van Sickle, Allen & Assoc., Inc.
9401-9443 Science Center Drive Ind.-Flex 1989 73,908 100.0% 7 Ameridata, Inc.
6321-6325 Bury Drive Ind.-Flex 1988 72,965 100.0% 5 Ontrack Computer Systems
7115-7173 Shady Oak Road Ind.-Flex 1984 78,051 92.3% 15 Core Group Marketing, Inc.
7660-7716 Golden Triangle Drive Ind.-Flex 1988 89,672 91.9% 7 Achieve Software Corporation
7400 Flying Cloud Drive Ind.-Flex 1987 32,137 100.0% 1 Mamac Systems, Inc.
330 Second Avenue Ofc. 1980 197,100 81.7% 43 General Services Administration
10301-10305 West 70th Street Ind.-Flex 1984 23,547 100.0% 3 Sci-Com Data Services, Ltd.
10321 West 70th Street Ind.-Flex 1984 28,372 100.0% 1 Pattern Processing, Inc.
10333 West 70th Street Ind.-Flex 1984 21,640 100.0% 1 Arcadia Financial, Ltd.
10349-10357 West 70th Street Ind.-Flex 1985 53,912 100.0% 2 Augustine Medical, Inc.
10365-10375 West 70th Street Ind.-Flex 1985 56,877 100.0% 2 Viking Press
10393-10394 West 70th Street Ind.-Flex 1985 52,684 100.0% 2 Augustine Medical, Inc.
7078 Shady Oak Road Ind.-Flex 1985 67,041 100.0% 1 Laser Master Corp.
5600 & 5610 Rowland Road Ind.-Flex 1988 119,394 97.6% 12 GN Danavox, Inc.
2920 Northwest Boulevard Ind.-Flex 1997 81,935 99.8% 5 Priority Envelope, Inc.
5400-5500 Feltl Road Ind.-Flex 1985 135,089 100.0% 7 Comdisco, Inc.
10300 Bren Road Ind.-Flex 1981 50,156 100.0% 2 Electrosonic Systems, Inc.
14630-14650 28th Avenue North Ind.-Dist. 1978 56,100 100.0% 2 Triarco Arts & Crafts, Inc.
7695-7699 Anagram Drive Ind.-Flex 1997 39,390 100.0% 2 Arrow Electronics, Inc.
7550 Meridian Circle Ind.-Flex 1989 49,827 100.0% 4 Silent Knight, LLC
2800 Northwest Boulevard Ind.-Flex 1995 164,122 100.0% 2 Nellcor Puritan Bennett
3255 Neil Armstrong Boulevard Ind.-Dist. 1998 87,402 100.0% 1 Metz Baking Company
4801 West 81st Street Ind.-Flex 1984 58,810 100.0% 12 Suburban Radiologic Consultant
8100 Cedar Avenue Ind.-Flex 1983 62,596 100.0% 1 Automatic Data Processing
9600 54th Avenue Ind.-Flex 1998 50,021 100.0% 1 Entronix International, Inc.
7800 Equitable Drive Ofc. 1998 43,426 100.0% 4 Rollerblade, Inc.
7905 Fuller Road Ind.-Flex 1998 74,224 100.0% 1 JASC Software, Inc.
---------- ------
Total Minnesota 2,419,815 97.4%
========== ======
- -17-
PERCENT
LEASED AT
BUILDING YEAR LEASEABLE DEC. 31, NO. OF
PROJECT NAME TYPE DVLP. SQ.FT.(1) 1998 (2) LEASES MAJOR TENANT
- --------------------------------- --------- ----- ---------- --------- ------ -------------------------------
MICHIGAN
26911-26957 Northwestern Highway Ofc. 1985 634,470 97.4% 36 RL Polk & Co.
1650 Research Drive Ofc. 1985 71,247 100.0% 6 Hughes Aircraft Company
1775 Research Drive Ofc. 1985 30,450 100.0% 1 New Venture Gear, Inc.
1875 Research Drive Ofc. 1986 30,305 100.0% 3 Avery International, Inc.
1850 Research Drive Ofc. 1986 72,229 95.6% 3 Budd Company, Inc.
1965 Research Drive Ofc. 1987 38,600 100.0% 3 Porsche Engineering Services
1960 Research Drive Ofc. 1987 38,600 100.0% 2 Square D Company
27260 Haggerty Road Ind.-Flex 1983 50,391 100.0% 14 Farmers Insurance Exchange
27200 Haggerty Road Ind.-Flex 1983 42,156 100.0% 6 Automotive Systems Laboratories
27280 Haggerty Road Ind.-Flex 1983 49,944 95.2% 16 Ecova, Inc.
27220 Haggerty Road Ind.-Flex 1985 22,175 100.0% 1 Automotive Systems Laboratories
27240 Haggerty Road Ind.-Flex 1985 18,665 100.0% 3 Automotive Systems Laboratories
27300 Haggerty Road Ind.-Flex 1985 40,779 100.0% 8 Atoma International of America
1101 Allen Drive Ind.-Flex 1974 24,582 100.0% 1 Goldon Windows & Mirrors, Inc.
1151 Allen Drive Ind.-Flex 1974 41,200 100.0% 1 Effective Mailers, Inc.
1300 Rankin Street Ind.-Flex 1979 33,600 100.0% 1 Connolly N.A., LLC
1350 Rankin Street Ind.-Flex 1979 28,000 100.0% 1 PPG Industries, Inc.
1376-1400 Rankin Street Ind.-Flex 1979 33,640 100.0% 5 Seaman-Patrick Paper Co.
1352-1374 Rankin Street Ind.-Flex 1979 38,400 100.0% 4 Ambrosi & Associates
1324-1346 Rankin Street Ind.-Flex 1979 33,600 100.0% 2 Coolridge Glass Company, Inc.
1301-1307 Rankin Street Ind.-Flex 1978 28,000 57.1% 1 Michelin North America, Inc.
1409 Allen Drive Ind.-Flex 1978 40,000 90.0% 8 Detroit Legal News Publishing
1304 E. Maple Road Ind.-Flex 1971 60,667 - -
1334 Maplelawn Road Ind.-Flex 1983 28,122 100.0% 1 Ovonic Battery Company
1290 Maplelawn Road Ind.-Flex 1984 19,314 100.0% 1 AIP, Inc.
1070 Maplelawn Road Ind.-Flex 1982 15,520 100.0% 1 J. Austin Oil Company of Flint
950 Maplelawn Road Ind.-Flex 1982 32,980 100.0% 1 EG&G Structural Kinematics
894 Maplelawn Road Ind.-Flex 1986 32,868 100.0% 1 EG&G Structural Kinematics
1179 Maplelawn Road Ind.-Flex 1984 19,873 100.0% 1 The Stanley Works
1940 Norwood Drive Ind.-Flex 1983 19,644 100.0% 1 Olga's Kitchen, Inc.
1311-1331 Maplelawn Road Ind.-Flex 1986 28,384 100.0% 1 Sweet Ideas LP
2354 Bellingham Street Ind.-Flex 1990 19,775 100.0% 1 PGF Industries, Inc.
2360 Bellingham Street Ind.-Flex 1985 19,775 100.0% 1 United States Postal Service
1911 Ring Drive Ind.-Flex 1986 19,500 100.0% 1 Fitzpatrick Manufacturing Company
26442-26450 Haggerty Road Ind.-Flex 1988 29,800 100.0% 2 The Office Connection
26500 Haggerty Road Ind.-Flex 1986 52,000 100.0% 2 Cooper Tire & Rubber Company
26650 Haggerty Road Ind.-Flex 1988 26,800 100.0% 1 Inalfa Hollandia
26700 Haggerty Road Ind.-Flex 1986 39,200 100.0% 1 Inalfa Hollandia
26750 Haggerty Road Ind.-Flex 1988 29,800 100.0% 1 North American Lighting, Inc.
26800 Haggerty Road Ind.-Flex 1986 22,000 100.0% 1 Fata Hunter, Inc.
26842-26850 Haggerty Road Ind.-Flex 1988 24,400 100.0% 2 Akebono BSEC, Inc.
50 West Big Bear Road Ofc. 1987 142,290 98.8% 23 USA Federal Credit Union
100 West Big Bear Road Ofc. 1987 139,215 96.6% 21 American Communications Network
245 Executive Drive Ofc. 1984 60,003 97.6% 6 Continental Casualty Company
8301 West Parkland Court Ind.-Dist. 1982 119,040 100.0% 4 Ryan & Sons, Inc.
4701 West Schroeder Drive Ind.-Flex 1985 40,370 100.0% 6 U.S. Processing, Inc.
4555 West Schroeder Drive Ind.-Flex 1989 53,978 100.0% 11 U.S. Processing, Inc.
32991 Hamilton Court Ofc. 1989 70,505 53.0% 1 Medview Services, Inc.
7800 N. 113th Street Ofc. 1991 80,212 100.0% 1 Aqua-Chem, Inc.
2475-2479 Elliot Avenue Ind.-Flex 1984 10,481 100.0% 1 Pastel Photo Labs, Inc.
32661 Edward Avenue Ind.-Flex 1976 32,025 100.0% 1 Bell Atlantic Network
32701 Edward Avenue Ind.-Flex 1976 28,800 100.0% 1 Design Origins, Inc.
32751 Edward Avenue Ind.-Flex 1969 13,700 100.0% 1 Home I.V. Care, Inc.
32853 Edward Avenue Ind.-Flex 1973 16,226 100.0% 1 Triad Services Group, Inc.
555 East Mandoline Avenue Ind.-Flex 1979 16,548 100.0% 1 DHL Airways, Inc.
599 East Mandoline Avenue Ind.-Flex 1979 13,700 100.0% 1 Muller Weingarten
749 East Mandoline Avenue Ind.-Flex 1974 16,350 100.0% 1 Rheem Manufacturing Company
750 East Mandoline Avenue Ind.-Flex 1969 15,700 100.0% 1 Triad Services Group, Inc.
900 East Mandoline Avenue Ind.-Flex 1972 16,350 100.0% 1 MGA Research Corporation
949 East Mandoline Avenue Ind.-Flex 1974 16,100 100.0% 1 Baron Industries
32390-32400 Howard Avenue Ind.-Flex 1978 13,092 - -
32090 John Road Ind.-Flex 1980 5,520 100.0% 1 Kitchen & Bath by Rite-Way
31601 Research Park Drive Ind.-Flex 1985 29,220 100.0% 1 Eftec North America, Inc.
31651 Research Park Drive Ind.-Flex 1985 20,272 100.0% 1 JAC Products, Inc.
31700 Research Park Drive Ind.-Flex 1988 23,980 100.0% 1 Valenite, Inc.
31701 Research Park Drive Ind.-Flex 1985 14,582 100.0% 1 EDAG, Inc.
31751 Research Park Drive Ind.-Flex 1985 17,569 100.0% 1 Valenite, Inc.
31800 Research Park Drive Ind.-Flex 1986 32,000 100.0% 1 Valenite, Inc.
800 Tech Row Ind.-Flex 1986 63,470 100.0% 1 Motor City Electric Company
900 Tech Row Ind.-Flex 1986 18,280 100.0% 1 Cincinnati Milacron Marketing
1000 Tech Row Ind.-Flex 1987 33,260 100.0% 1 General Motors Corporation
31771 Sherman Avenue Ind.-Flex 1982 14,000 100.0% 1 Valeron Corporation
31791 Sherman Avenue Ind.-Flex 1983 11,011 100.0% 1 Dover Resources, Inc.
31811 Sherman Avenue Ind.-Flex 1983 24,388 100.0% 1 De-Sta-Co, Division
31831 Sherman Avenue Ind.-Flex 1984 18,618 100.0% 1 Jomar International, Ltd.
31900 Sherman Avenue Ind.-Flex 1984 21,950 100.0% 1 American District Telegraph
800 East Whitcomb Avenue Ind.-Flex 1987 15,700 100.0% 1 Structural Dynamics Research
950 East Whitcomb Avenue Ind.-Flex 1988 42,120 100.0% 1 Code Alarm, Inc.
1000 East Whitcomb Avenue Ind.-Flex 1980 20,000 100.0% 1 Code Alarm, Inc.
1100 East Whitcomb Avenue Ind.-Flex 1980 17,011 100.0% 2 Data Imaging Specialists
1201 East Whitcomb Avenue Ind.-Flex 1980 26,660 100.0% 1 Danse Manufacturing Corp.
1210 East Whitcomb Avenue Ind.-Flex 1983 9,690 85.1% 1 Erman & Son
1260 Kempar Avenue Ind.-Flex 1981 8,160 100.0% 1 Bradford Company
1280 Kempar Avenue Ind.-Flex 1983 10,244 100.0% 1 Midland Design Service, Inc.
1001 East Lincoln Avenue Ind.-Flex 1987 44,508 100.0% 1 Galco Industrial Electronics
1201 East Lincoln Avenue Ind.-Flex 1986 65,942 100.0% 1 Champion International Corp.
22515 Heslip Drive Ind.-Flex 1975 10,380 100.0% 1 Sport Academy, Inc.
8400 Lakeview Parkway Ind.-Flex 1991 84,250 100.0% 9 Tetra Pak, Inc.
8401 Lakeview Parkway Ind.-Flex 1993 72,351 100.0% 3 Moore Business Forms
9801 80th Avenue Ind.-Dist. 1994 277,454 100.0% 2 Unified Solutions, Inc.
---------- ------
Total Michigan 3,948,730 96.1%
========== ======
- -18-
PERCENT
LEASED AT
BUILDING YEAR LEASEABLE DEC. 31, NO. OF
PROJECT NAME TYPE DVLP. SQ.FT.(1) 1998 (2) LEASES MAJOR TENANT
- --------------------------------- --------- ----- ---------- --------- ------ -------------------------------
UNITED KINGDOM
10 Kings Hill Avenue Ind.-Flex 1998 36,447 75.4% 4 CFS International, Ltd.
25 Kings Hill Avenue Ofc. 1996 35,231 100.0% 2 Charities Aid Foundation
2 Kings Hill Avenue Ind.-Flex 1996 34,600 100.0% 6 Canon, Ltd.
50 Gibson Drive Ofc. 1996 18,000 100.0% 1 Genzyme Biochemicals
50 Kings Hill Avenue Ofc. 1996 50,000 100.0% 1 Rhone-Poulenc Rorer
---------- ------
Total United Kingdom 174,278 94.8%
========== ======
TOTAL COMPANY 44,168,315 95.0%
========== ======
(1) Based on net leaseable building area at December 31, 1998. Some
buildings have been expanded since their original acquisition or
development.
(2) Based on rent commencement date.
ITEM 3. LEGAL PROCEEDINGS
The Trust is not a party to any material legal proceedings. In the
ordinary course of business, the Operating Partnership is party to
routine litigation incidental to its business, including routine actions
for negligence, personal injury or other claims, many of which are
expected to be covered by liability insurance and in the aggregate are
not expected to have a material effect on the business or financial
condition of the Company.
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 has not been similarly notified by the EPA; however, as the
present owner of the Church Road Properties, the potential exists for
the Company to be named a potentially responsible party if there has
been a release from the Church Road Properties of hazardous substances,
including trichloroethylene, that requires remediation. In such
circumstances, the Company believes it would have claims against other
financially responsible parties (including previous owners of the Church
Road Properties, such as Zenith and the other parties identified by the
EPA as potentially liable) and, consequently, the Company does not
believe that its liability with respect to this matter, if any, is
likely to be material. In addition, Mr. Rouse, Joseph P. Denny and two
former senior executives agreed to indemnify the Company for a period of
10 years commencing in June 1994 with respect to material environmental
liabilities associated with the Church Road Properties.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matters were submitted to a vote of security holders during the
fourth quarter of the year ended December 31, 1998.
- -19-
EXECUTIVE OFFICERS
The following persons are the executive officers of the Trust, which is
the sole general partner of the Operating Partnership:
AGE AT
FEBRUARY POSITION
NAME 22, 1999
- ----------------------- -------- -----------------------------------------------
Willard G. Rouse III 56 Chairman of the Board of Trustees
and Chief Executive Officer
Joseph P. Denny 52 President, Chief Operating Officer and Trustee
George J. Alburger, Jr. 51 Chief Financial Officer and Treasurer
Robert E. Fenza 41 Executive Vice President
James J. Bowes 45 Secretary and General Counsel
Each officer was elected as such in July 1994 with the exception of Mr.
Alburger, who was elected Chief Financial Officer and Treasurer in May
1995, and Mr. Bowes, who was elected Secretary in December 1996. Each
officer will serve until the first meeting of the Board of Trustees
after the next annual meeting of shareholders or until the officer
resigns or is removed from office by the Board of Trustees.
Willard G. Rouse III has served as Chairman of the Board of Trustees and
Chief Executive Officer of the Company since March 1994. Mr. Rouse had
been a General Partner of the Predecessor since its founding in 1972.
Mr. Rouse has served as Chairman of each of the Pennsylvania Convention
Center Authority, Foundation for Architecture, We the People 2000 and
the Philadelphia Children's Network and as President of the Fellowship
Commission. Mr. Rouse is currently Chair of The Philadelphia Regional
Performing Arts Center, which is constructing a performing arts center
in Philadelphia, Pennsylvania.
Joseph P. Denny has served as President and Chief Operating Officer of
the Company and a trustee of the Trust since March 1994. Mr. Denny
joined the Predecessor in 1979 and served as a Regional Manager. In
these capacities, he was responsible for developing approximately one
billion dollars of projects, primarily large urban projects. Mr. Denny
is a Vice Chairman of the Industrial and Office Park Council of the
Urban Land Institute and serves on the Advisory Board of the Wharton
Business School's Real Estate Center and the NAREIT Legislative Advisory
Council.
George J. Alburger, Jr. became Chief Financial Officer and Treasurer of
the Company in May 1995. For more than five years prior to joining the
Company, Mr. Alburger served as Executive Vice President of EBL&S
Property Management, Inc., an owner and manager of approximately 200
shopping centers aggregating 30 million square feet of retail space.
Mr. Alburger is a certified public accountant and was formerly a Senior
Manager with Price Waterhouse LLP.
Robert E. Fenza has served as an Executive Vice President of the Company
since March 1994, with principal responsibility for operations, property
management and asset management. Mr. Fenza joined the Predecessor in
1984 and advanced to Regional Manager in 1987 and to Northern Division
Manager in 1991.
- -20-
James J. Bowes has served as General Counsel and Secretary of the
Company since December 1996. Prior to joining the Company, Mr. Bowes
was a partner in the law firm of Blank Rome Comisky & McCauley.
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
Units. The following table sets forth, for the calendar quarters
indicated, the high and low closing prices of the Common Shares on the
New York Stock Exchange, and the dividends declared per Common Share for
such calendar quarter.
DIVIDENDS
DECLARED PER
HIGH LOW COMMON SHARE
---- --- -------------
1998
First Quarter $28 3/8 $25 $0.42
Second Quarter 27 24 1/2 0.42
Third Quarter 26 3/16 21 1/2 0.45
Fourth Quarter 25 20 13/16 0.45
1997
First Quarter $26 1/8 $23 3/4 $0.41
Second Quarter 25 1/2 23 5/8 0.41
Third Quarter 27 1/8 24 3/4 0.42
Fourth Quarter 28 7/8 25 1/2 0.42
As of February 22, 1999, the Common Shares were held by 1,062 holders of
record. Since its initial public offering, the Company has paid regular
and uninterrupted dividends.
Although the Company currently anticipates that comparable cash
dividends will continue to be paid in the future, the payment of future
dividends by the Company will be at the discretion of the Board of
Trustees and will depend on numerous factors including the Company's
cash flow, its financial condition, capital requirements, annual
distribution requirements under the REIT provisions of the Internal
Revenue Code of 1986, as amended, and such other factors as the Board of
Trustees deems relevant.
ITEM 6. SELECTED FINANCIAL DATA
The following table sets forth Selected Financial Data for Liberty
Property Trust and Liberty Property Limited Partnership as of and for
the years ended December 31, 1998, 1997, 1996 and 1995 and for the
period from June 23, 1994 to December 31, 1994, for Liberty Property
Trust, Liberty Property Limited Partnership and the Predecessor combined
as of and for the year ended December 31, 1994, and for the Predecessor
for the period from January 1, 1994 to June 22, 1994. The information
set forth below should be read in conjunction with "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" and the financial statements and notes thereto appearing
elsewhere in this report. Certain amounts from prior periods have been
restated to conform to current-year-presentation.
- -21-
LIBERTY PROPERTY TRUST/LIBERTY PROPERTY LIMITED PARTNERSHIP
AND PREDECESSOR (COMBINED)
LIBERTY
PROPERTY
TRUST/
LIBERTY
PROPERTY
LIMITED
PARTNERSHIP/
LIBERTY PROPERTY TRUST/ PREDECESSOR
LIBERTY PROPERTY LIMITED PARTNERSHIP PREDECESSOR (COMBINED)
------------------------------------------------------------ ----------- -----------
YEAR ENDED JUNE 23, JANUARY 1,
----------------------------------------------- 1994 TO 1994 to YEAR ENDED
DECEMBER DECEMBER DECEMBER DECEMBER DECEMBER JUNE DECEMBER
31, 1998 31, 1997 31, 1996 31, 1995 31, 1994 22, 1994 31, 1994
---------- ---------- ---------- ---------- ----------- ----------- -----------
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
OPERATING DATA
Total revenue $ 387,093 $ 232,517 $ 154,265 $ 117,041 $ 46,638 $ 36,384 $ 83,022
Rental and real estate
tax expense 108,345 61,079 40,853 29,314 11,377 10,373 21,750
General and administra-
tive expenses 15,522 10,650 8,023 5,212 2,273 2,439 4,712
Depreciation and
amortization 67,932 40,752 28,203 22,518 8,294 6,438 14,732
---------- ---------- ---------- --------- --------- -------- ---------
Operating income 195,294 120,036 77,186 59,997 24,694 17,134 41,828
Premium on debenture
conversions - 98 1,027 - - - -
Interest expense 78,617 53,888 38,528 37,688 13,826 20,417 34,243
---------- ---------- ---------- --------- --------- -------- ---------
Income (loss) before
minority interest and
extraordinary item 116,677 66,050 37,631 22,309 10,868 (3,283) 7,585
Minority interest 8,062 5,606 3,891 2,843 7,664 - 7,664
Extraordinary item-gain
on extinguishment of
debt - - - - 52,677 3,084 55,761
---------- ---------- ---------- --------- --------- -------- ---------
Net income (loss) 108,615 60,444 33,740 19,466 55,881 (199) 55,682
---------- ---------- ---------- --------- --------- -------- ---------
Preferred distributions 11,000 4,247 - - - - -
---------- ---------- ---------- --------- --------- -------- ---------
Income (loss) available
to common shareholders $ 97,615 $ 56,197 $ 33,740 $ 19,466 $ 55,881 $ (199) $ 55,682
========== ========== ========== ========= ========= ======== =========
Distributions paid on
common shares and units $ 109,361 $ 70,615 $ 52,569 $ 38,683 $ 10,219 - -
========== ========== ========== ========= =========
Distributions paid on
preferred shares $ 11,000 $ 2,414 - - - - -
========== ==========
PER SHARE DATA
Income per common share
before extraordinary
item - basic $ 1.60 $ 1.39 $ 1.14 $ 0.89 $ 0.46 - -
Income per common share -
basic $ 1.60 $ 1.39 $ 1.14 $ 0.89 $ 2.67 - -
Income per common share
before extraordinary
item - diluted $ 1.59 $ 1.38 $ 1.14 $ 0.89 $ 0.27 - -
Income per common share -
diluted $ 1.59 $ 1.38 $ 1.14 $ 0.89 $ 1.91 - -
Distributions paid per
common share $ 1.71 $ 1.65 $ 1.61 $ 1.60 $ 0.43 - -
Distributions paid per
preferred share $ 2.20 $ 0.48 - - - - -
Weighted average number
of shares outstanding -
basic 61,036 40,493 29,603 21,833 20,965 - -
Weighted average number
of shares outstanding -
diluted 61,315 40,806 29,678 21,838 35,386 - -
OTHER DATA
Cash provided by opera-
ting activities $ 219,223 $ 136,596 $ 68,643 $ 68,186 $ 9,082 $ 7,050 $ 16,132
Cash used by investing
activities (839,542) (864,562) (267,099) (281,862) (154,273) (2,009) (156,282)
Cash provided by
financing activities 579,631 763,433 207,439 199,136 159,585 5,526 165,111
Funds from operations 173,829 102,617 65,944 44,606 19,082 3,075 22,517
- -22-
LIBERTY PROPERTY TRUST/
LIBERTY PROPERTY LIMITED PARTNERSHIP
------------------------------------------------------------------------
DECEMBER 31,
------------------------------------------------------------------------
1998 1997 1996 1995 1994
------------ ------------ ------------ ------------ ------------
(DOLLARS IN THOUSANDS)
BALANCE SHEET DATA
Net real estate $ 2,819,119 $ 1,956,717 $ 1,061,234 $ 826,289 $ 512,619
Total assets 2,933,371 2,094,337 1,152,612 898,102 602,981
Total indebtedness 1,423,843 960,134 678,709 473,909 320,857
Shareholders' and owners'
equity 1,267,036 955,595 375,532 335,521 229,667
OTHER DATA
Total leaseable square foot-
age of properties at end
of period (in thousands) 44,168 32,453 20,617 16,693 11,090
Number of properties at
the end of period 608 441 259 208 151
Percentage leased at end
of period 95% 95% 93% 92% 88%
Basic weighted average number of shares includes only Common
Shares outstanding during the year.
Diluted weighted average number of shares outstanding includes the
dilutive effect of outstanding options, and excludes Common Shares
issuable upon conversion of Units, and upon the exchange of Convertible
Debentures, because to do so would have been antidilutive for the
periods presented, with the exception of the period June 23, 1994 to
December 31, 1994. The diluted weighted average shares for this period
includes the dilutive effect of all of the aforementioned securities.
"Funds from operations" is defined by the National Association of
Real Estate Investment Trusts ("NAREIT") as net income or loss after
preferred dividends (computed in accordance with generally accepted
accounting principles ("GAAP")), excluding gains (or losses) from debt
restructuring and sales of property, plus real estate-related
depreciation and amortization and minority interest, and excluding
significant non-recurring events that materially distort the comparative
measurement of Company performance over time. Funds from operations
does not represent cash generated from operating activities in
accordance with GAAP and is not necessarily indicative of cash available
to fund cash needs.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
OVERVIEW
The following discussion and analysis is based on a consolidated view of
the Company. Geographic segment data for the years ended December 31,
1998, 1997 and 1996 is included in Notes 11 and 10 of the Notes to the
Liberty Property Trust and the Liberty Property Limited Partnership Financial
Statements, respectively.
In 1998, the Company continued to pursue development and acquisition
opportunities and continued to focus on increasing the cash flow from
its Properties in Operation by increasing property occupancy and
increasing rental rates. The Company also continued to strengthen its
balance sheet and its capital structure.
The Company's operating results depend primarily upon income from the
rental operations of the Properties in Operation. This income is
substantially influenced by the demand for the Properties in Operation.
- -23-
In addition, the Company's continued growth is dependent upon its
ability to maintain property occupancy rates and increase rental rates
on the Properties in Operation and to continue the development and
acquisition of additional properties. The occupancy rate of the
Properties in Operation has increased during each of the last three
years and was 95.0% at December 31, 1998. The Company will seek to
maintain and increase its overall occupancy and also will seek to
increase rental rates in replacement and renewal leases. Stable or
increased occupancy, along with increasing rental rates, would allow the
Properties in Operation to continue to provide a comparable or
increasing level of income from rental operations.
The Company also will seek to achieve growth in income from rental
operations through (i) growth of its core portfolio by maintaining high
levels of occupancies and obtaining increases in rental rates upon
expirations of leases, (ii) the maintenance and expansion of its
development pipeline, (iii) the acquisition of additional rental
properties where the Company has identified opportunities to add value,
and (iv) selected disposition of properties.
The Company increased its level of development activity in 1998. The
Company completed development of 34 properties totalling approximately
3.5 million leaseable square feet for a Total Investment of $237.3
million. In 1997, the Company completed development of 20 properties
totalling approximately 2.9 million leaseable square feet for a Total
Investment of $143.5 million. In addition, as of December 31, 1998, the
Company had 45 Properties Under Development expected to generate, upon
completion, approximately four million leaseable square feet of suburban
office and industrial space for a Total Investment of approximately
$367.8 million. The Company expects to complete the Properties Under
Development over the next eight quarters.
The Company acquired 144 properties consisting of approximately 8.6
million leaseable square feet during 1998 as compared to the acquisition
of 170 properties consisting of approximately 9.5 million leaseable
square feet during 1997. The Company will seek, through its active
pursuit of acquisitions in its multiple markets, to continue to achieve
attractive returns on acquisitions. However, the Company anticipates
that given current market conditions, that the pace of acquisitions of
rental properties in 1999 will be slower than in 1998.
In 1998, the Company disposed of ten properties totalling approximately
412,000 leaseable square feet for $18.9 million. In 1997, the Company
disposed of eight properties totalling approximately 635,000 leaseable
square feet for $35.4 million. The Company anticipates the selective
disposition of properties to continue as strategic opportunities arise.
The Company continued to strengthen its balance sheet in 1998 by
accessing both the public and private equity markets and the public debt
market. The Company raised approximately $296.3 million through the
issuance of Common Shares. In addition, over the course of the year,
the Company issued $295.0 million of investment grade rated unsecured
notes with maturities ranging from 4 to 15 years.
- -24-
The composition of the Properties in Operation as of December 31, 1998
and 1997 is as follows (in thousands):
TOTAL PERCENT OF TOTAL
SQUARE FEET SQUARE FEET PERCENT OCCUPIED
----------------- ---------------- -----------------
DECEMBER 31, DECEMBER 31, DECEMBER 31,
TYPE 1998 1997 1998 1997 1998 1997
- ------------------------- ------- ------- ------- ------- ------- -------
Industrial - Distribution 19,069 14,390 43.2% 44.3% 95.0% 94.6%
Industrial - Flex 12,771 9,300 28.9% 28.7% 94.4% 94.8%
Office 12,328 8,763 27.9% 27.0% 95.6% 94.5%
------- ------ ------- ------- ------- -------
Total 44,168 32,453 100.0% 100.0% 95.0% 94.6%
======= ====== ====== ====== ====== ======
The expiring square feet and annual base rent by year for the above
Properties in Operation as of December 31, 1998 are as follows (in
thousands):
INDUSTRIAL-
DISTRIBUTION INDUSTRIAL-FLEX OFFICE TOTAL
------------------ ------------------ ------------------ ------------------
SQUARE ANNUAL SQUARE ANNUAL SQUARE ANNUAL SQUARE ANNUAL
YEAR FEET BASE RENT FEET BASE RENT FEET BASE RENT FEET BASE RENT
- ---------- ------ --------- ------ --------- ------ --------- ------ ---------
1999 3,196 $ 14,267 2,656 $ 18,615 2,363 $ 26,179 8,215 $ 59,061
2000 2,054 9,165 2,223 16,404 1,959 23,972 6,236 49,541
2001 2,961 13,283 2,181 15,669 1,504 19,016 6,646 47,968
2002 3,053 12,713 1,304 10,334 937 11,430 5,294 34,477
2003 1,650 8,020 1,785 16,478 1,076 14,319 4,511 38,817
2004 583 3,370 291 2,752 271 4,073 1,145 10,195
Thereafter 4,625 23,390 1,616 16,557 3,680 52,833 9,921 92,780
------ -------- ------ -------- ------- -------- ------ --------
Total 18,122 $ 84,208 12,056 $ 96,809 11,790 $151,822 41,968 $332,839
====== ======== ====== ======== ======= ======== ====== ========
Percent of
Total Annual
Base Rent 25.4% 29.1% 45.5% 100.0%
======== ======== ======== ========
The scheduled deliveries of the four million square feet of Properties
Under Development as of December 31, 1998 are as follows (in thousands):
SQUARE FEET
-----------------------------
SCHEDULED IND- IND- PERCENT LEASED
IN-SERVICE DATE DIST. FLEX OFFICE TOTAL DECEMBER 31, 1998 TOTAL INVESTMENT
- ---------------- ------ ------ ------- ------ ----------------- ----------------
1st Quarter 1999 151 293 119 563 41.3% $ 36,611
2nd Quarter 1999 540 81 362 983 85.6% 76,834
3rd Quarter 1999 530 123 62 715 84.6% 33,078
4th Quarter 1999 170 - 435 605 49.5% 82,524
Thereafter - 134 1,008 1,142 26.0% 138,772
------ ------ ------- ------ ------ ----------
Total 1,391 631 1,986 4,008 56.8% $ 367,819
====== ====== ======= ====== ====== ==========
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:
- -25-
the effect of national and regional economic conditions; the Company's
ability to identify and secure additional properties and sites that meet
its criteria for acquisition or development; the availability of
capital; and the effect of prevailing market interest rates; and other
risks described from time to time in the Company's filings with the
Securities and Exchange Commission. Given these uncertainties, readers
are cautioned not to place undue reliance on such statements. The
Company undertakes no obligation to update statements that may be made
to reflect any future events or circumstances.
RESULTS OF OPERATIONS
The following discussion is based on the consolidated financial
statements of the Company. It compares the results of operations of the
Company for the year ended December 31, 1998 with the results of
operations of the Company for the year ended December 31, 1997, and the
results of operations of the Company for the year ended December 31,
1997 with the results of operations of the Company for the year ended
December 31, 1996. As a result of the significant level of acquisition
and development activities by the Company in 1998 and 1997, the overall
operating results of the Company during such periods are not directly
comparable. However, certain data, including the "Same Store"
comparison, do lend themselves to direct comparison.
This information should be read in conjunction with the accompanying
consolidated financial statements and notes included elsewhere in this
report.
COMPARISON OF YEAR ENDED DECEMBER 31, 1998 TO YEAR ENDED DECEMBER 31,
1997.
Total revenue (principally rental revenue and operating expense
reimbursement) increased to $387.1 million for the year ended December
31, 1998 from $232.5 million for the year ended December 31, 1997. This
increase was primarily due to the increase in the number of Properties
in Operation owned during the respective periods. As of January 1, 1997,
the Company owned 259 properties and, through December 31, 1997,
acquired 170 additional properties and completed development on 20
properties for a Total Investment (as defined below) of $871.5 million
and disposed of eight properties for $35.4 million. As of January 1,
1998, the Company owned 441 properties, and, through December 31, 1998,
acquired 144 additional properties and completed the development on 34
properties for a Total Investment of $863.6 million, and disposed 10
properties for $18.9 million. Furthermore, total revenue increased
because the operating expense recovery percentage (the ratio of
operating expense reimbursement to rental property expenses and real
estate taxes) increased to 93.4% for the year ended December 31, 1998
from 90.9% for the year ended December 31, 1997 due to the increase in
occupancy. 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.
Rental property and real estate tax expenses increased to $108.3 million
for the year ended December 31, 1998 from $61.1 million for the year
ended December 31, 1997. This increase is due to the increase in the
number of properties owned.
- -26-
Property level operating income for the "Same Store" properties
(properties owned since January 1, 1997) increased to $129.7 million for
the year ended December 31, 1998 from $124.2 million for the year ended
December 31, 1997, with straightlining (which recognizes rental revenue
evenly over the life of the lease), and increased to $129.3 million for
the year ended December 31, 1998 from $122.8 million for the year ended
December 31, 1997, without straightlining. These increases of 4.4%, and
5.3%, respectively are due to increases in rental rates and increases in
occupancy.
Set forth below is a schedule comparing the property level operating
income, with and without straightlining, for the Same Store properties
for the years ended December 31, 1998 and 1997.
WITH STRAIGHTLINING WITHOUT STRAIGHTLINING
------------------- ----------------------
1998 1997 1998 1997
-------- -------- --------- ---------
(IN THOUSANDS) (IN THOUSANDS)
------------------- ----------------------
Rental revenue $132,434 $128,430 $132,118 $127,093
Operating expense reimbursement 41,739 39,522 41,739 39,522
-------- -------- -------- --------
174,173 167,952 173,857 166,615
Rental property expenses 31,862 31,837 31,862 31,837
Real estate taxes 12,660 11,965 12,660 11,965
-------- -------- -------- --------
Property level operating income $129,651 $124,150 $129,335 $122,813
======== ======== ======== ========
General and administrative expenses increased to $15.5 million for the
year ended December 31, 1998 from $10.7 million for the year ended
December 31, 1997. This $4.8 million increase is due to the increase in
personnel and other related overhead costs necessitated by the increase
in the number of properties owned during the respective periods. The
increase is somewhat mitigated by the benefit of certain economies of
scale experienced by the Company in owning and operating the increased
number of properties. Additionally, the year ended December 31, 1998
reflects the expensing of internal acquisition costs as of January 1,
1998 in compliance with EITF 97-11, whereas these costs of $1.2 million
were capitalized in 1997.
Depreciation and amortization expenses increased to $67.9 million for
the year ended December 31, 1998 from $40.8 million for the year ended
December 31, 1997. This increase is due to the increase in the number
of properties owned during the respective periods.
Interest expense increased to $78.6 million for the year ended December
31, 1998 from $53.9 million for the year ended December 31, 1997. This
increase is due to an increase in the average debt outstanding for the
respective periods which was $1,233.3 million in 1998 and $787.7 million
in 1997. This increase is also due to an increase in the weighted
average interest rates for the periods, to 7.5% in 1998 from 7.3% in
1997.
As a result of the foregoing, the Company's operating income increased
to $195.3 million for the year ended December 31, 1998 from $120.0
million for the year ended December 31, 1997. In addition, income
before minority interest increased to $116.7 million for the year ended
- -27-
December 31, 1998 from $66.1 million for the year ended December 31,
1997.
COMPARISON OF YEAR ENDED DECEMBER 31, 1997 TO YEAR ENDED DECEMBER 31,
1996.
Total revenue (principally rental revenue and operating expense
reimbursement) increased to $232.5 million for the year ended December
31, 1997 from $154.3 million for the year ended December 31, 1996. This
increase was primarily due to the increase in the number of properties
owned during the respective periods. As of January 1, 1996, the Company
owned 208 properties and, through December 31, 1996, acquired 33
additional properties and completed development on 19 properties for a
Total Investment of $232.2 million. As of January 1, 1997, the Company
owned 259 properties, and, through December 31, 1997, acquired 170
additional properties and completed the development on 20 properties for
a Total Investment of $871.5 million, and disposed of eight properties
for $35.4 million. Furthermore, total revenue increased because the
operating expense recovery percentage (the ratio of operating expense
reimbursement to rental property expenses and real estate taxes)
increased to 90.9% for the year ended December 31, 1997 from 87.8% for
the year ended December 31, 1996 due to the increase in occupancy.
Rental property and real estate tax expenses increased to $61.1 million
for the year ended December 31, 1997 from $40.9 million for the year
ended December 31, 1996. This increase is due to the increase in the
number of properties owned.
Property level operating income for the "Same Store" properties
(properties owned since January 1, 1996) increased to $98.8 million for
the year ended December 31, 1997 from $94.1 million for the year ended
December 31, 1996, with straightlining (which recognizes rental revenue
evenly over the life the lease), and increased to $98.3 million for the
year ended December 31, 1997 from $93.0 million for the year ended
December 31, 1996, without straightlining. These increases of 5.0%, and
5.7%, respectively are due to increases in rental rates and increases in
occupancy.
Set forth below is a schedule comparing the property level operating
income, with and without straightlining, for the Same Store properties
for the years ended December 31, 1997 and 1996.
WITH STRAIGHTLINING WITHOUT STRAIGHTLINING
--------------------- ----------------------
1997 1996 1997 1996
-------- -------- --------- --------
(IN THOUSANDS) (IN THOUSANDS)
--------------------- ----------------------
Rental revenue $102,501 $ 98,275 $101,996 $ 97,144
Operating expense reimbursement 30,000 29,757 30,000 29,757
-------- -------- -------- --------
132,501 128,032 131,996 126,901
Rental property expenses 24,221 24,480 24,221 24,480
Real estate taxes 9,437 9,426 9,437 9,426
-------- -------- -------- --------
Property level operating income $ 98,843 $ 94,126 $ 98,338 $ 92,995
======== ======== ======== ========
General and administrative expenses increased to $10.7 million for the
year ended December 31, 1997 from $8.0 million for the year ended
- -28-
December 31, 1996. This $2.7 million increase is due to the increase in
personnel and other related overhead costs necessitated by the increase
in the number of properties owned during the respective periods. This
increase is somewhat mitigated by the benefit of certain economies of
scale experienced by the Company in owning and operating the Properties.
Depreciation and amortization expenses increased to $40.8 million for
the year ended December 31, 1997 from $28.2 million for the year ended
December 31, 1996. This increase is due to the increase in the number
of properties owned during the respective periods.
Interest expense increased to $53.9 million for the year ended December
31, 1997 from $38.5 million for the year ended December 31, 1996. This
increase is due to an increase in the average debt outstanding for the
respective periods which was $552.4 million in 1996 and $787.7 million
in 1997. This increase is partly offset by the lower interest rates on
the outstanding debt. The reduction in interest rates was partially the
result of the Company receiving investment grade ratings from both
Standard & Poor's Ratings Group ("S&P") and Moody's Investors Service,
Inc. ("Moody's") during the year which enabled the Company to access
public debt markets more economically.
As a result of the foregoing, the Company's operating income increased
to $120.0 million for the year ended December 31, 1997 from $77.2
million for the year ended December 31, 1996. In addition, income
before minority interest increased to $66.1 million for the year ended
December 31, 1997 from $37.6 million for the year ended December 31,
1996.
LIQUIDITY AND CAPITAL RESOURCES
As of December 31, 1998, the Company had cash and cash equivalents of
$14.4 million.
Net cash flow provided by operating activities increased to $219.2
million for the year ended December 31, 1998 from $136.6 million for the
year ended December 31, 1997. This $82.6 million increase was primarily
due to the additional cash flow generated by the greater number of
properties in service during the latter period as discussed above under
"Results of Operations". Net cash flow provided by operations is the
primary source of liquidity to fund distributions to shareholders and
for the recurring capital expenditures and re-leasing costs for the
Company's properties.
Net cash used in investing activities decreased to $839.5 million for
the year ended December 31, 1998 from $864.6 million for the year ended
December 31, 1997. This $25.1 million decrease was a result of the
decrease in net investment in Operating Properties partially offset by
an increase in investment in development and land held for development.
Net cash provided by financing activities decreased by $183.8 million to
$579.6 million for the year ended December 31, 1998 from $763.4 million
for the year ended December 31, 1997. Net cash provided by financing
activities includes proceeds from the issuance of equity and debt net of
debt repayments and shareholder distributions. It is the Company's
primary source of capital to fund its investment activities. Although
the Company's level of investment activities was relatively constant
between 1997 and 1998, the Company decreased its financing activities
because of additional cash flow provided by operations in 1998 and
because it utilized $40.7 million of its cash balance during 1998.
- -29-
The Company believes that its undistributed cash flow from operations is
adequate to fund its short-term liquidity requirements.
The Company funds its acquisitions and completed development with long-
term capital sources. These activities may be funded on a temporary
basis through its $325.0 million unsecured line of credit (the "Credit
Facility"), which matures May, 1999, and can be extended for one year
for $650,000.
The interest rate on borrowings under the Credit Facility fluctuates
based upon the Company's leverage levels or ratings from Moody's and
S&P. On June 23, 1997, Moody's raised its prospective senior debt rating
of the Company to Baa3 from Ba2 and on July 22, 1997, S&P assigned a
BBB- prospective senior debt rating to the Company. At these ratings,
the interest rate for borrowings under the Credit Facility is 110 basis
points over LIBOR.
As of December 31, 1998, $413.2 million in mortgage loans and $645.0
million in unsecured notes were outstanding. The interest rates on
$1,041.6 million of mortgage loans and unsecured notes are fixed and
range from 5.0% to 9.1%. Interest rates on $16.6 million of mortgage
loans float with LIBOR, prime or a municipal bond index, $10.0 million
of which is subject to certain caps. The weighted average remaining
term for the mortgage loans and unsecured notes is 8.5 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:
MORTGAGES
------------------------- WEIGHTED
PRINCIPAL PRINCIPAL UNSECURED AVERAGE
AMORTIZATION MATURITIES NOTES TOTAL INTEREST RATE
------------ ---------- --------- ----------- -------------
1999 $ 8,521 $ 16,412 $ - $ 24,933 6.7%
2000 9,228 30,215 - 39,443 8.1%
2001 8,860 23,298 - 32,158 7.1%
2002 7,676 - 100,000 107,676 6.7%
2003 7,621 26,606 50,000 84,227 7.2%
2004 7,662 15,910 100,000 123,572 7.0%
2005 6,847 99,018 - 105,865 7.6%
2006 5,544 30,078 100,000 135,622 7.2%
2007 5,133 - 100,000 105,133 7.3%
2008 4,868 28,835 - 33,703 7.2%
2009 2,586 42,097 20,000 64,683 8.1%
2010 1,608 - - 1,608 7.8%
2011 1,365 3,303 - 4,668 7.7%
2012 480 17,674 - 18,154 7.7%
2013 208 1,571 75,000 76,779 6.4%
2018 - - 100,000 100,000 7.5%
-------- -------- -------- ---------- -----
$ 78,207 $335,017 $645,000 $1,058,224 7.2%
======== ======== ======== ========== =====
On January 15, 1999 the Company closed a $135 million, two-year
unsecured term loan. The interest rate for the loan is 135 basis points
over LIBOR.
- -30-
GENERAL
The Company believes that its existing sources of capital will provide
sufficient funds to finance its continued development and acquisition
activities. The Company's need for capital in 1998 was somewhat reduced
by a decline in acquisition activity, resulting from a general
marketplace decline during that period in initial returns on
acquisitions. The Company's existing sources of capital include the
public debt and equity markets, proceeds from property dispositions and
net cash provided from its operating activities. Additionally, the
Company expects to incur variable rate debt, including borrowings under
the Credit Facility, from time to time.
In 1998, the Company received $296.3 million in aggregate net proceeds
from the issuance of Common Shares and $292.1 million in aggregate net
proceeds from the issuance of unsecured notes. The Company used the
aggregate net proceeds from the sale of Common Shares and the unsecured
notes to fund the Company's activities, including paying down the Credit
Facility, which funds acquisition and development activity.
In 1997, the Company received $433.9 million in aggregate net proceeds
from the issuance of Common Shares; $120.8 million in aggregate net
proceeds from the issuance of preferred shares and $347.0 million in
aggregate net proceeds from the issuance of unsecured notes. The
Company used the aggregate net proceeds from issuance of the Common
Shares, the preferred shares and unsecured notes to fund the Company's
activities, including paying down the Credit Facility, which funds
acquisition and development activity.
In connection with the acquisition of properties during the years ended
December 31, 1998 and 1997, the Company issued 1,049,846 and 1,197,739
Units, respectively.
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, 1999, pursuant to the Shelf Registration
Statement, the Trust has the capacity to issue up to $696.4 million in
equity securities and the Operating Partnership has the capacity to
issue up to $356.1 million in debt securities.
CALCULATION OF FUNDS FROM OPERATIONS
Management generally considers Funds from operations (as defined below)
a useful financial performance measure of the operating performance of
an equity REIT, because, together with net income and cash flows, Funds
from operations provides investors with an additional basis to evaluate
the ability of a REIT to incur and service debt and to fund acquisitions
and capital expenditures. Funds from operations is defined by NAREIT as
net income or loss after preferred dividends (computed in accordance
with generally accepted accounting principals ("GAAP")), excluding gains
(or losses) from debt restructuring and sales of property, plus real-
estate related depreciation and amortization and minority interest and
excluding significant non-recurring events that materially distort the
comparative measurement of the Company's performance over time. 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
- -31-
by GAAP. Funds from operations for the years ended December 31, 1998,
1997, and 1996 are as follows:
YEAR ENDED DECEMBER 31,
------------------------------
1998 1997 1996
-------- -------- --------
(IN THOUSANDS)
Income available to
common shareholders $ 97,615 $ 56,197 $ 33,740
Addback:
Minority interest 8,062 5,606 3,891
Depreciation and amortization 66,867 40,315 27,863
Premium on debenture conversion - 98 1,027
Write off of deferred financing costs - 2,919 -
Loss(gain) on sale 1,285 (2,518) (577)
-------- -------- --------
Funds from operations $173,829 $102,617 $ 65,944
======== ======== ========
YEAR 2000 READINESS DISCLOSURE
Background
In the past, many computer software programs were written using two
digits rather than four to define the applicable year. As a result,
date-sensitive computer software may recognize a date using "00" as the
year 1900 rather than the year 2000. This is generally referred to as
the Year 2000 issue. If this situation occurs, the potential exists for
computer system failures or miscalculations by computer programs, which
could disrupt operations.
Approach
The Company has established a group to coordinate the Company's response
to the Year 2000 issue. This group, which reports to the President and
Chief Operating Officer, includes the Company's MIS Director, a Vice-
President-Property Management and its General Counsel, as well as
support staff. The Company is in the process of implementing a Year
2000 compliance program at the Company's offices and properties
consisting of the following phases:
PHASE 1 Compilation of an inventory of information technology
(IT) and non-IT systems that may be sensitive to the Year 2000 problem.
PHASE 2 Identification and prioritization of the critical systems
from the systems inventory compiled in Phase 1 and inquiries of third
parties with whom the Company does significant business (i.e., vendors,
service providers and tenants) as to the state of their Year 2000
readiness.
PHASE 3 Analysis of critical systems to determine which systems
are not Year 2000 compliant and evaluation of the costs to repair or
replace those systems.
PHASE 4 Repair or replace noncompliant systems and testing of
critical systems.
- -32-
Status
The Company's property management and accounting system uses four digit
year fields and consequently is believed to be Year 2000 compliant.
Phases 1, 2 and 3 are substantially complete but for the process of
following up on inquiries of significant third parties as to their Year
2000 readiness, which is currently ongoing.
Phase 4 is ongoing and will continue through the first half of calendar
1999. It is the Company's goal to have this project completed by
mid-1999. Based upon the analysis conducted to date, the Company
believes the major critical systems at the Company's properties are
currently compliant or will be compliant by mid-1999.
Costs
The total cost to the Company of making its systems Year 2000 compliant
is currently estimated to be in the range of $200,000-$300,000. The
majority of this cost relates to repairing certain software, testing
systems and retrofiting or replacing energy management systems at
certain of the properties. The cost for the replacement of the
equipment and the software will be capitalized and depreciated over
their expected useful life. To the extent existing hardware or software
is replaced, the Company will write-off the cost incurred. This write-
off is included in the above cost estimate. Furthermore, all costs
related to software modification, as well as all costs associated with
the Company's administration of its Year 2000 project, are being
expensed as incurred and are likewise included in the cost estimate
above.
Risks Associated with the Year 2000 Problem
The Company utilizes computer systems in many aspects of its business.
As noted, the Company's property management and accounting systems use
four digit year fields and are believed to be Year 2000 compliant.
Additionally, with respect to the hardware and software systems utilized
by the Company in its management information systems, the Company's
assessment to date indicates that these systems are Year 2000 compliant
or can readily be made Year 2000 compliant on a stand-alone basis.
Testing of this preliminary assessment and of the operation of these
systems together is ongoing.
The Company also utilizes microprocessors which are imbedded in systems
which are part of the building operations (e.g., microprocessors
contained within the buildings' energy management systems or fire and
life safety systems.) In particular, Year 2000 Problems in the HVAC,
security or other such systems at the properties could disrupt
operations at the affected properties. The Properties generally consist
of suburban office and industrial Properties. The Properties are also
principally single-story and low-rise buildings. The Company has
reviewed its building operating systems on a building by building basis.
At this point, based on the status of its assessment the Company does
not believe a material number of these systems are non-compliant.
Additionally, many of these systems, which operate automatically, can be
operated manually and consequently in the event these systems experience
a failure as a result of the Year 2000 problem, the disruption caused by
such failure should not be material to the Company's operations.
The Company is also exposed to the risk that one or more of its vendors
or service providers could experience Year 2000 problems that impact the
- -33-
ability of such vendor or service provider to provide goods and
services. Though this is not considered as significant a risk with
respect to the suppliers of goods, due to the availability of
alternative suppliers, the disruption of certain services, such as
utilities, could, depending upon the extent of the disruption, have a
material adverse impact on the Company's operations. To date, the
Company is not aware of any vendor or service provider Year 2000 issue
that management believes would have a material adverse impact on the
Company's operations. However, the Company has no means of ensuring
that its vendors or service providers will be Year 2000 ready. The
inability of vendors or service providers to complete their Year 2000
resolution process in a timely fashion could have a adverse impact on
the Company. The effect of non-compliance by vendors or service
providers is not determinable at this time.
In addition, the Company is exposed to the risk that one or more of its
tenants could experience Year 2000 problems that impact the ability of
such tenant to pay its rent to the Company in a timely fashion. The
Company does not believe that such a problem is likely to affect enough
tenants to pose a material problem for the Company. To date, the
Company is not aware of any tenant Year 2000 issue that would have a
material adverse impact on the Company's operations. However, the
Company has no means of ensuring that their tenants will be Year 2000
ready. The inability of tenants to complete their Year 2000 resolution
process in a timely fashion could have an adverse impact on the Company.
The effect of non-compliance by tenants is not determinable at this
time.
Widespread disruptions in the national or international economy,
including disruptions affecting the financial markets, resulting from
Year 2000 issues, or in certain industries, such as commercial or
investment banks, could also have an adverse impact on the Company. The
likelihood and effect of such disruptions is not determinable at this
time.
Readers are cautioned that forward-looking statements contained in the
Year 2000 discussion should be read in conjunction with the Company's
disclosures regarding forward-looking statements previously disclosed.
INFLATION
Inflation has remained relatively low during the last three years, and
as a result, has not had a significant impact on the Company during this
period. The Credit Facility and certain other indebtedness bear
interest at a variable rate; therefore, the amount of interest payable
under the Credit Facility and such other indebtedness will be influenced
by changes in short-term interest rates, which tend to be sensitive to
inflation. To the extent an increase in inflation would result in
increased operating costs, such as in insurance, real estate taxes or
utilities, substantially all of the tenant's leases require the tenants
to absorb these costs as part of their rental obligations. In addition,
inflation also may have the effect of increasing market rental rates.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
- --------------------------------------------------------------------
The following discussion about the Company's risk management includes
forward-looking statements that involve risks and uncertainties. Actual
results could differ materially from the results discussed in the
forward-looking statements.
- -34-
The Company's primary market risk exposure is to changes in interest
rates.
The Company is exposed to market risk related to its Credit Facility and
certain other indebtedness as discussed in "Management's Discussion and
Analysis of Financial Condition and Results of Operation - Liquidity and
Capital Resources and Inflation". The interest on the Credit Facility
and such other indebtedness is subject to fluctuations in the market.
The Company also uses long-term and medium-term debt as a source of
capital. These debt instruments are typically issued at fixed interest
rates. When these debt instruments mature, the Company typically
refinances such debt at then-existing market interest rates which may be
more or less than the interest rates on the maturing debt. In addition,
the Company may attempt to reduce interest rate risk associated with a
forecasted issuance of new debt. In order to reduce interest rate risk
associated with these transactions, the Company occasionally enters into
interest rate protection agreements.
If the interest rate for variable rate debt was 100 basis points higher
or lower during 1998, the Company's interest expense net of amounts
capitalized would have been increased or decreased by approximately $1.5
million. If interest rates for fixed rate debt maturing and to be
refinanced in 1999 is 100 basis points higher or lower than its current
weighted average rate of 6.3%, the Company's interest expense would be
increased or decreased by approximately $75,000.
Due to the uncertainty of fluctuations in interest rates, the specific
actions that might be taken by management to mitigate the impact of such
fluctuations and their possible effects, the sensitivity analysis
assumes no changes in the Company's financial structure.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
- -----------------------------------------------------
The dual presentation of financial statements for the Company is
required by the Securities and Exchange Commission. The Company is
comprised of two Securities and Exchange Commission registrants: Liberty
Property Trust and Liberty Property Limited Partnership. Accordingly,
one set of financial statements are required for each registrant. The
financial information contained within the two sets of financial
statements is essentially the same, with the exception of reformatting
to account for the ownership differences between the entities.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
- ------------------------------------------------------------------------
None.
- -35-
REPORTS OF ERNST & YOUNG LLP, INDEPENDENT
AUDITORS AND CONSOLIDATED FINANCIAL STATEMENTS
Report of Independent Auditors - Liberty Property Trust
- -------------------------------------------------------
Financial Statements - Liberty Property Trust:
- ----------------------------------------------
Balance Sheets:
Liberty Property Trust Consolidated as of December 31, 1998 and 1997
Statements of Operations:
Liberty Property Trust Consolidated for the years ended December 31,
1998, 1997 and 1996
Statements of Shareholders' Equity:
Liberty Property Trust Consolidated for the years ended December 31,
1998, 1997 and 1996
Statements of Cash Flows:
Liberty Property Trust Consolidated for the years ended December 31,
1998, 1997 and 1996
Notes to Financial Statements - Liberty Property Trust
Financial Statement Schedule - Liberty Property Trust:
Schedule III - Real Estate and Accumulated Depreciation as of December
31, 1998
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,
1998 and 1997
Statements of Operations:
Liberty Property Limited Partnership Consolidated for the years ended
December 31, 1998, 1997 and 1996
Statements of Owners' Equity:
Liberty Property Limited Partnership Consolidated for the years ended
December 31, 1998, 1997 and 1996
Statements of Cash Flows:
Liberty Property Limited Partnership Consolidated for the years ended
December 31, 1998, 1997 and 1996
Notes to Financial Statements - Liberty Property Limited Partnership
Financial Statement Schedule - Liberty Property Limited Partnership:
Schedule III - Real Estate and Accumulated Depreciation as of
December 31, 1998
- -36-
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, 1998 and 1997, and the
related consolidated statements of operations, shareholders' equity, and
cash flows for each of the three years in the period ended December 31,
1998. 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 generally accepted auditing
standards. 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, 1998 and 1997, and
the consolidated results of its operations and its cash flows for each
of the three years in the period ended December 31, 1998 in conformity
with generally accepted accounting principles. 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 12, 1999
- -37-
CONSOLIDATED BALANCE SHEETS OF LIBERTY PROPERTY TRUST
(IN THOUSANDS, EXCEPT SHARE AMOUNTS)
DECEMBER 31,
-------------------------
1998 1997
---------- ----------
ASSETS
Real estate:
Land and land improvements $ 366,853 $ 238,519
Buildings and improvements 2,378,272 1,649,512
Less accumulated depreciation (209,023) (149,311)
---------- ----------
Operating real estate 2,536,102 1,738,720
Development in progress 207,563 156,093
Land held for development 75,454 61,904
---------- ----------
Net real estate 2,819,119 1,956,717
Cash and cash equivalents 14,391 55,079
Accounts receivable 15,391 6,517
Deferred financing and leasing costs,
net of accumulated amortization
(1998 $49,390; 1997 $40,560) 39,475 32,536
Prepaid expenses and other assets 44,995 43,488
---------- ----------
Total assets $2,933,371 $2,094,337
========== ==========
LIABILITIES
Mortgage loans $ 413,224 $ 363,591
Unsecured notes 645,000 350,000
Credit facility 264,000 135,000
Convertible debentures 101,619 111,543
Accounts payable 20,216 14,544
Accrued interest 18,263 10,960
Dividend payable 33,734 25,927
Other liabilities 69,025 42,499
---------- ----------
Total liabilities 1,565,081 1,054,064
Minority interest 101,254 84,678
SHAREHOLDERS' EQUITY
8.8% Series A cumulative redeemable
preferred shares, $.001 par value,
5,000,000 shares authorized, 5,000,000
shares issued and outstanding as of
December 31, 1998 and 1997 120,814 120,814
Common shares of beneficial interest,
$.001 par value, 200,000,000 shares
authorized, 65,645,340 and 52,692,940
shares issued and outstanding as of
December 31, 1998 and 1997, respectively 66 53
Additional paid-in capital 1,168,663 846,949
Unearned compensation (562) (985)
Distributions in excess of net income (21,945) (11,236)
---------- ----------
Total shareholders' equity 1,267,036 955,595
---------- ----------
Total liabilities and shareholders' equity $2,933,371 $2,094,337
========== ==========
See accompanying notes.
- -38-
CONSOLIDATED STATEMENTS OF OPERATIONS OF LIBERTY PROPERTY TRUST
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
YEAR ENDED DECEMBER 31,
------------------------------------------
1998 1997 1996
------------ ------------ ------------
REVENUE
Rental $ 281,732 $ 169,859 $ 112,841
Operating expense reimbursement 101,248 55,502 35,886
Management fees 597 673 1,340
Interest and other 3,516 6,483 4,198
------------ ----------- -----------
Total revenue 387,093 232,517 154,265
OPERATING EXPENSES
Rental property 74,007 43,118 29,624
Real estate taxes 34,338 17,961 11,229
General and administrative 15,522 10,650 8,023
Depreciation and amortization 67,932 40,752 28,203
------------ ----------- -----------
Total operating expenses 191,799 112,481 77,079
------------ ----------- -----------
Operating income 195,294 120,036 77,186
Premium on debenture conversions - 98 1,027
Interest expense 78,617 53,888 38,528
------------ ----------- -----------
Income before minority
interest 116,677 66,050 37,631
Minority interest 8,062 5,606 3,891
------------ ----------- -----------
Net income 108,615 60,444 33,740
Preferred distributions 11,000 4,247 -
------------ ----------- -----------
Income available to common shareholders $ 97,615 $ 56,197 $ 33,740
============ =========== ===========
Income per common share - basic $ 1.60 $ 1.39 $ 1.14
============ =========== ===========
Income per common share - diluted $ 1.59 $ 1.38 $ 1.14
============ =========== ===========
Weighted average number of
common shares outstanding - basic 61,036 40,493 29,603
============ =========== ===========
Weighted average number of common shares
outstanding - diluted 61,315 40,806 29,678
============ =========== ===========
See accompanying notes.
- -39-
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY OF LIBERTY PROPERTY TRUST
(IN THOUSANDS)
RETAINED/
COMMON EARNINGS
SHARES OF ADDITIONAL (DISTRIBUTIONS TOTAL
PREFERRED BENEFICIAL PAID-IN UNEARNED IN EXCESS OF SHAREHOLDERS'
SHARES INTEREST CAPITAL COMPENSATION NET INCOME) EQUITY
---------- --------- ------------ ------------ -------------- -------------
Shareholders' equity
at January 1, 1996 $ 28 $ 314,407 $ 21,086 $ 335,521
Conversion of debentures 3 55,802 - 55,805
Unearned compensation - 2,112 $ (1,408) - 704
Net income - - - 33,740 33,740
Distributions on common
shares and units - - - (48,730) (48,730)
Noncash compensation - 370 - - 370
Minority interest reclassifcation - (1,878) - - (1,878)
--------- ---------- ----------- ------------- -----------
Balance at December 31, 1996 31 370,813 (1,408) 6,096 375,532
Net proceeds from the issuance
of common shares 19 434,053 - - 434,072
Net proceeds from the
issuance of preferred shares $ 120,814 - - - - 120,814
Conversion of debentures - 3 57,263 - - 57,266
Unearned compensation - - - 423 - 423
Net income - - - - 60,444 60,444
Distributions on common
shares and units - - - - (73,529) (73,529)
Distributions on preferred shares - - - - (4,247) (4,247)
Noncash compensation - - 802 - - 802
Minority interest reclass-
ification - - (15,982) - - (15,982)
---------- ---------- ---------- ----------- ------------- -----------
Balance at December 31, 1997 120,814 53 846,949 (985) (11,236) 955,595
Net proceeds from the issuance
of common shares - 13 300,860 - - 300,873
Conversion of debentures - - 9,630 - - 9,630
Unearned compensation - - - 423 - 423
Net income - - - - 108,615 108,615
Distributions on common
shares and units - - - - (108,324) (108,324)
Distributions on preferred shares - - - - (11,000) (11,000)
Noncash compensation - - 1,083 - - 1,083
Minority interest reclassification - - 10,141 - - 10,141
---------- ---------- ---------- ----------- ------------- -----------
Balance at December 31, 1998 $ 120,814 $ 66 $1,168,663 $ (562) $ (21,945) $ 1,267,036
========== ========== ========== =========== ============= ===========
See accompanying notes.
- -40-
CONSOLIDATED STATEMENTS OF CASH FLOWS OF LIBERTY PROPERTY TRUST
(IN THOUSANDS)
YEAR ENDED DECEMBER 31,
----------------------------------------
1998 1997 1996
------------ ------------ ------------
OPERATING ACTIVITIES
Net income $ 108,615 $ 60,444 $ 33,740
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation and amortization 67,932 40,752 28,203
Amortization of deferred financing costs 4,462 7,367 4,561
Minority interest 8,062 5,606 3,891
Loss (gain) on sale 1,285 (2,518) (577)
Noncash compensation 1,506 1,225 1,074
Changes in operating assets and liabilities:
Accounts receivable (8,874) 490 (1,399)
Prepaid expenses and other assets (3,266) (2,145) (8,632)
Accounts payable 5,672 8,250 1,717
Accrued interest 7,303 3,549 (2,028)
Other liabilities 26,526 13,576 8,093
------------ ----------- -----------
Net cash provided by operating activities 219,223 136,596 68,643
------------ ----------- -----------
INVESTING ACTIVITIES
Investment in properties (521,221) (648,845) (109,424)
Proceeds from disposition of properties 20,752 36,732 2,247
Investment in development in progress (277,722) (206,593) (126,392)
Investment in land held for development (45,201) (37,214) (25,942)
Increase in deferred leasing costs (16,150) (8,642) (7,588)
------------ ----------- -----------
Net cash used in investing activities (839,542) (864,562) (267,099)
------------ ----------- -----------
FINANCING ACTIVITIES
Net proceeds from issuance of common stock 300,873 434,072 -
Net proceeds from issuance of preferred shares - 120,814 -
Proceeds from issuance of unsecured notes 295,000 350,000 -
Proceeds from mortgage loans - 124,815 77,605
Repayments of mortgage loans (23,954) (50,340) (8,917)
Proceeds from lines of credit 633,000 776,017 237,191
Repayments on lines of credit (504,000) (907,709) (42,393)
Increase in deferred financing costs (733) (10,941) (3,469)
Distributions paid on common shares (100,915) (64,568) (47,190)
Distributions paid on preferred shares (11,000) (2,414) -
Distributions paid on units (8,640) (6,313) (5,388)
------------ ----------- -----------
Net cash provided by financing activities 579,631 763,433 207,439
Increase (decrease) in cash and
cash equivalents (40,688) 35,467 8,983
Cash and cash equivalents at
beginning of year 55,079 19,612 10,629
------------ ----------- -----------
Cash and cash equivalents at end of year $ 14,391 $ 55,079 $ 19,612
============ =========== ===========
SUPPLEMENTAL DISCLOSURE OF NONCASH TRANSACTIONS
Write-off of fully depreciated
property and deferred costs $ 2,958 $ 7,892 $ 487
Acquisition of properties (101,281) (77,105) -
Assumption of mortgage loans 73,587 48,313 -
Issuance of operating partnership units 27,694 28,792 -
Conversion of convertible debentures 9,630 57,266 55,805
============ =========== ===========
See accompanying notes.
- -41-
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF LIBERTY PROPERTY TRUST
1. ORGANIZATION
Liberty Property Trust (the "Trust") is a self-administered and self-
managed Maryland real estate investment trust (a "REIT"). Substantially
all of the Trust's assets are owned directly or indirectly, and
substantially all of the Trust's operations are conducted directly or
indirectly, by its subsidiary, Liberty Property Limited Partnership, a
Pennsylvania limited partnership (the "Operating Partnership" and,
together with the Trust and its consolidated subsidiaries, the
"Company"). The Trust is the sole general partner and also a limited
partner of the Operating Partnership, with a combined equity interest in
the Operating Partnership of 92.6% at December 31, 1998. The Company
provides leasing, property management, acquisition, development,
construction management, and design management for a portfolio of
industrial and office properties which are located principally within
the Southeastern, Mid-Atlantic and Midwestern United States.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect amounts reported in the financial statements and
accompanying notes. Actual results could differ from those estimates.
Principles of Consolidation
The Consolidated Financial Statements of the Company include the
accounts of the Trust, the Operating Partnership and the Operating
Partnership's consolidated subsidiaries. All significant intercompany
transactions and accounts have been eliminated.
Certain amounts from prior periods have been restated to conform to
current year presentation.
Real Estate and Depreciation
The Properties are recorded at the lower of cost or fair value if
impaired and are depreciated using the straight-line method over their
estimated useful lives. The estimated useful lives are as follows:
Building and improvements 40 years
Equipment 10 years
Tenant improvements Term of the related lease
Expenditures directly related to acquisition, development or improvement
of real estate are capitalized as a cost of the property. Expenditures
for maintenance and repairs are charged to operations as incurred.
The Company evaluates its real estate investments upon occurrence of
significant adverse changes in their operations to assess whether any
impairment indications 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.
- -42-
Cash and Cash Equivalents
Highly liquid investments with a maturity of three months or less when
purchased are classified as cash equivalents. The carrying amount of
these assets approximates their fair market value.
Revenues
The Company earns rental income under operating leases with tenants.
Rental income is recognized on a straight-line basis over the applicable
lease term.
Deferred Financing and Leasing Costs
Costs incurred in connection with financing or leasing are capitalized
and amortized over the term of the related loan or lease. Amortization
of deferred financing costs is reported as interest expense.
Income per Common Share
The following table sets forth the computation of basic and diluted
income per common share:
FOR THE YEAR ENDED 1998 FOR THE YEAR ENDED 1997
------------------------------------- -------------------------------------
WEIGHTED WEIGHTED
AVERAGE AVERAGE
INCOME SHARES PER-SHARE INCOME SHARES PER-SHARE
(NUMERATOR) (DENOMINATOR) AMOUNT (NUMERATOR) (DENOMINATOR) AMOUNT
----------- ------------- --------- ----------- ------------- ---------
Net income $108,615 $ 60,444
Less: Preferred dividends (11,000) 4,247
--------- -----------
BASIC income per common share
Income available to
common shareholders 97,615 61,036 $ 1.60 56,197 40,493 $ 1.39
========= =========
EFFECT OF DILUTIVE SECURITIES
Options - 279 - 313
--------- --------- ----------- -------------
DILUTED income per common share
Income available to common
shareholders and assumed
conversions $ 97,615 61,315 $ 1.59 $ 56,197 40,806 $ 1.38
========= ========= ========= =========== ============= ========
FOR THE YEAR ENDED 1996
-------------------------------------
WEIGHTED
AVERAGE
INCOME SHARES PER-SHARE
(NUMERATOR) (DENOMINATOR) AMOUNT
----------- ------------- ---------
Net income $ 33,740
Less: Preferred dividends -
-----------
BASIC income per common share
Income available to
common shareholders 33,740 29,603 $ 1.14
=========
EFFECT OF DILUTIVE SECURITIES
Options - 75
----------- ------------
DILUTED income per common share
Income available to common
shareholders and assumed
conversions $ 33,740 29,678 $ 1.14
=========== ============ =========
- -43-
Diluted income per common share includes the weighted average common
shares and dilutive effect of the outstanding options, and excludes the
effects of the conversion of the Units and Convertible Debentures into
common shares, as to do so would have been antidilutive for the periods
presented. The securities excluded from the diluted calculation could
potentially dilute basic income per common share in the future.
Basic income per common share would be $1.60 calculated as if the
debenture conversions which occurred in 1998 had occurred on January 1,
1998.
Income Taxes
The Company has elected to be taxed as a REIT under Section 856 through
860 of the Internal Revenue Code of 1986, as amended (the "Code"). As a
result, the Company generally is not subject to federal income taxation
at the corporate level to the extent it distributes annually at least
95% of its REIT taxable income, as defined in the Code, to its
shareholders and satisfies certain other requirements. The Company has
met these requirements, and accordingly, no provision has been made for
federal income taxes in the accompanying consolidated financial
statements.
The Company and certain of its subsidiaries are subject to certain state
and local income, excise and franchise taxes. The provision for such
state and local 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, 1998 was
approximately $2.9 billion.
Impact of Recently Issued Accounting Standards
In June 1998, the FASB issued Statement No. 133, "Accounting for
Derivative Instruments and Hedging Activities". The Company expects to
adopt the new Statement effective January 1, 2000. The Statement will
require the Company to recognize all derivatives on the balance sheet at
fair value. The Company does not anticipate that the adoption of this
statement will have a significant effect on its results of operations or
financial position.
3. REAL ESTATE
At December 31, 1998 and 1997, the Company owned and operated industrial
and office properties located principally in suburban mixed use
- -44-
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
------------ ------------ --------- ------------
1998:
Industrial properties $ 207,067 $1,243,194 $1,450,261 $ 112,166
Office properties 159,786 1,135,078 1,294,864 96,857
--------- ----------- ---------- -----------
1998 Total $ 366,853 $2,378,272 $2,745,125 $ 209,023
========= =========== ========== ===========
1997:
Industrial properties $ 140,793 $ 883,598 $1,024,391 $ 81,774
Office properties 97,726 765,914 863,640 67,537
---------- ----------- ---------- -----------
1997 Total $ 238,519 $1,649,512 $1,888,031 $ 149,311
========== =========== ========== ===========
Depreciation expense was $61.7 million in 1998, $36.0 million in 1997,
and $25.0 million in 1996.
As of December 31, 1998, the Company has commenced development on 45
properties in 11 markets, which upon completion are expected to comprise
approximately four million square feet of leaseable space. As of
December 31, 1998, approximately $207.6 million has been expended for
the development of these projects and an additional $160.2 million is
required for completion.
4. RELATED PARTY TRANSACTIONS
Pursuant to agreements, the Company has been retained by an affiliate
(Rouse Kent Limited) to provide development, management and other
services. For the years ended December 31, 1998, 1997 and 1996
the fees for these services were $600,000 per year. The Company has a
loan receivable from to Rouse Kent Limited with a balance of $5.9
million and $5.5 million as of December 31, 1998 and 1997, respectively.
5. INDEBTEDNESS
Indebtedness consists generally of mortgage loans, unsecured notes, the
credit facility, and convertible debentures. The weighted average
interest rates as of December 31, 1998, 1997 and 1996, were
approximately 7.2%, 7.5% and 7.6%, respectively. Interest expense for
the years ended December 31, 1998, 1997 and 1996, aggregated $78.6
million, $53.9 million and $38.5 million, respectively. Interest costs
during these periods of $16.3 million, $11.8 million and $7.7 million,
were capitalized. Cash paid for interest for the years ended December
31, 1998, 1997 and 1996, was $83.2 million, $54.9 million and $43.7
million, respectively.
Mortgage Loans, Unsecured Notes
Mortgage loans with maturities ranging from 1999 to 2013 are
collateralized by and in some instances cross-collateralized by
properties with a book value of $602.6 million.
- -45-
As of December 31, 1998, $413.2 million in mortgage loans and $645.0
million in unsecured notes were outstanding. The interest rates on
$1,041.6 million of mortgage loans and unsecured notes are fixed and
range from 5.0% to 9.1%. Interest rates on $16.6 million of mortgage
loans float with LIBOR, prime or a municipal bond index, $10.0 million
of which is subject to certain caps. The weighted average remaining
term for the mortgage loans and unsecured notes is 8.5 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:
MORTGAGES
------------------------- WEIGHTED
PRINCIPAL PRINCIPAL UNSECURED AVERAGE
AMORTIZATION MATURITIES NOTES TOTAL INTEREST RATE
------------ ---------- --------- ----------- -------------
1999 $ 8,521 $ 16,412 $ - $ 24,933 6.7%
2000 9,228 30,215 - 39,443 8.1%
2001 8,860 23,298 - 32,158 7.1%
2002 7,676 - 100,000 107,676 6.7%
2003 7,621 26,606 50,000 84,227 7.2%
2004 7,662 15,910 100,000 123,572 7.0%
2005 6,847 99,018 - 105,865 7.6%
2006 5,544 30,078 100,000 135,622 7.2%
2007 5,133 - 100,000 105,133 7.3%
2008 4,868 28,835 - 33,703 7.2%
2009 2,586 42,097 20,000 64,683 8.1%
2010 1,608 - - 1,608 7.8%
2011 1,365 3,303 - 4,668 7.7%
2012 480 17,674 - 18,154 7.7%
2013 208 1,571 75,000 76,779 6.4%
2018 - - 100,000 100,000 7.5%
-------- -------- -------- ---------- -----
$ 78,207 $335,017 $645,000 $1,058,224 7.2%
======== ======== ======== ========== =====
Credit Facility
The credit facility is a $325 million unsecured credit facility (the
"Credit Facility") which replaced two existing secured lines of credit
aggregating $350 million in May 1997. Coincident with the replacement
of the lines of credit, $2.9 million of related deferred financing costs
were charged to interest expense. The interest rate on borrowings under
the Credit Facility fluctuates, based on the Company's leverage levels
and senior debt ratings from Moody's Investors Service, Inc. ("Moody's")
and Standard & Poor's Ratings Group ("Standard & Poor's"). The current
ratings for the Company's senior unsecured debt are Baa3 and BBB- from
Moody's and Standard & Poor's, respectively. At these ratings, the
current interest rate on the Credit Facility is 110 basis points over
the LIBOR Rate (6.67% at December 31, 1998). The rate for the Credit
Facility at December 31, 1997 was 7.09%. Customary fees apply to the
Credit Facility including an annual administrative fee and an unused
line fee. The Credit Facility matures on May 20, 1999, and can be
extended for one year for $650,000.
On January 15, 1999 the Company closed a $135 million, two-year
unsecured term loan. The interest rate for the loan is 135 basis points
over LIBOR.
- -46-
Convertible Debentures
The convertible debentures are due on June 23, 2001 and are exchangeable
for common shares of beneficial interest of the Trust (the "Common
Shares") at a rate of one Common Share for each $20 outstanding
principal amount of convertible debentures, subject to certain
adjustments. The initial interest rate on the convertible debentures
was 8.0% and increases with increases in the dividend payment on the
Company's Common Shares. At the current $.45 per common share per
quarter dividend payment rate, the effective interest rate on the
convertible debentures is 9.0%. At December 31, 1997, the effective
interest rate on the convertible debentures was 8.4%. During the year
ended December 31, 1997, the Company paid sums aggregating $98,000 to
facilitate the conversion of $17.3 million of convertible debentures
into 862,650 Common Shares. There was no such expense in 1998. At
December 31, 1998 and 1997 the convertible debentures were convertible
into 5,080,950 and 5,577,150 Common Shares, respectively.
The fair value of the convertible debentures at December 31, 1998 was
$125.1 million based on the closing bid price of the Company's Common
Shares on the New York Stock Exchange. The fair values of the
mortgages, the unsecured notes and Credit Facility were estimated using
discounted cash flow analysis, based on the Company's estimated
incremental borrowing rate at December 31, 1998, 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 non-cancellable
operating leases as of December 31, 1998 are as follows (in thousands):
1999 $ 306,662
2000 267,891
2001 218,764
2002 180,641
2003 144,407
Thereafter 508,082
----------
TOTAL $1,626,447
==========
In addition to minimum rental payments, tenants pay for their pro rata
share of specified operating expenses. These amounts are included as
operating expense reimbursement in the accompanying statements of
operations.
7. SHAREHOLDERS' EQUITY
Common Shares
The Company paid to common shareholders and to unitholders distributions
of $109.4 million, $70.6 million, and $52.6 million, during the years
ended December 31, 1998, 1997 and 1996. On a per share basis, the
Company paid common share distributions of $1.71, $1.65 and $1.61 during
the years ended December 31, 1998, 1997 and 1996.
- -47-
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:
1998 1997 1996
------ ------ ------
Return of capital - 30.4% 29.9%
Ordinary income 100.0% 68.4% 70.1%
Capital gains - 1.2% -
The Company's federal income tax returns are subject to examination by
taxing authorities. Because the application of tax laws and regulations
is susceptible to varying interpretations, the taxability of
distributions could be changed at a later date upon final determination
by taxing authorities.
Preferred Shares
On August 11, 1997 the Company issued 5,000,000 Series A Cumulative
Redeemable Preferred Shares (the "Preferred Shares"). The Preferred
Shares are non-voting and have a liquidation preference of $25.00 per
share. On or after July 30, 2002, the Preferred Shares may be redeemed
for cash at the option of the Company.
The Company paid preferred share distributions of $11.0 million and $2.4
million during the years ended December 31, 1998 and 1997. On a per
share basis, the Company paid preferred share distributions of $2.20 and
$0.48 during the years ended December 31, 1998 and 1997.
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:
1998 1997
------ ------
Return of capital - -
Ordinary income 100.0% 95.3%
Capital gains - 4.7%
Minority Interest
Minority interest in the accompanying consolidated financial statements
relates to limited partnership interests of the Operating Partnership
issued in connection with the formation of the Company and certain
subsequent acquisitions. In connection with the acquisition of
properties for the years ended 1998 and 1997, the Company issued
1,049,846 and 1,197,739 units, respectively. The limited partnership
interests outstanding as of December 31, 1998 have the same economic
characteristics as would 5,245,220 Common Shares, inasmuch as they share
proportionately in the net income or loss and in any distributions of
the Operating Partnership and such interests are exchangeable into the
same number of Common Shares of the Trust.
Shareholder Rights Plan
In December 1997, the Board of Directors 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
- -48-
business on December 31, 1997. In addition, a Right will be attached to
each share of Common Stock issued in the future. Each Right entitles
the registered holder to purchase from the Company, under certain
conditions, a unit (a "Rights Plan Unit") consisting of one one-
thousandth of a share of a Series A Junior Participating Preferred
Share, $0.0001 par value, (the "Junior Preferred Stock"), of the
Company, for $100 per Rights Plan Unit, subject to adjustment. The
Rights become exercisable only if a person or group of affiliated or
associated persons (an "Acquiring Person") acquires, or obtains the
right to acquire, beneficial ownership of Common Shares or other voting
securities ("Voting Stock") that have 10% or more of the voting power of
the outstanding shares of Voting Stock, or if an Acquiring Person
commences with or makes an announcement of an intention to make a tender
offer or exchange offer to acquire beneficial ownership of Voting Stock
that have 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.
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") has
authorized the grant of options to executive officers, other key
employees, non-employee trustees and consultants of up to 4,033,535
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 1998, 1997 and 1996,
respectively: risk-free interest rate of 4.7%, 5.5% and 6.2%;
dividend yield of 7.3%, 6.0% and 7.0%; volatility factor of the expected
market price of the Common Shares of .159, .155 and .164; and a
- -49-
weighted-average expected life of the option of 8 years, 3 years and 3
years.
The Black-Scholes option valuation model was developed for use in
estimating the fair value of traded options which have no vesting
restrictions and are fully transferable. In addition, option valuation
models require the input of highly subjective assumptions including the
expected stock price volatility. Because the Company's employee share
options have characteristics significantly different from those of
traded options, and because changes in the subjective input assumptions
can materially affect the fair value estimate, in management's opinion,
the existing models do not necessarily provide a reliable single measure
of the fair value of its employee share options.
For purposes of pro forma disclosures, the estimated fair value of the
options determined according to the Black-Scholes Option pricing model
is amortized to expense over the options' vesting period. The
Company's pro forma information follows (in thousands, except for per
share amounts):
1998 1997 1996
--------- --------- --------
Pro forma income available to
common shareholders $ 96,673 $ 55,538 $ 33,359
Pro forma income per common share:
Basic $ 1.58 $ 1.37 $ 1.13
Diluted $ 1.58 $ 1.36 $ 1.12
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, 1998, 1997 and 1996
follows:
1998 1997 1996
----------------- ----------------- ------------------
WEIGHTED WEIGHTED WEIGHTED
AVERAGE AVERAGE AVERAGE
OPTIONS EXERCISE OPTIONS EXERCISE OPTIONS EXERCISE
(000s) PRICE (000s) PRICE (000s) PRICE
------- -------- ------- -------- --------- --------
Outstanding-beginning of year 1,963 $ 21.70 1,470 $ 20.28 1,468 $20.26
Granted 825 25.37 542 25.66 166 20.77
Exercised (43) 25.03 (49) 23.00 (118) 20.77
Forfeited - - - - (46) 20.00
------- ------- ------- ------- ------- -------
Outstanding-end of year 2,745 $ 22.75 1,963 $ 21.70 1,470 $20.28
======= ======= ======= ======= ======= =======
Exercisable at end of year 1,545 $ 20.63 1,081 $ 20.18 501 $20.15
Weighted-average fair
value of options granted
during the year $ 1.50 $ 2.05 $ 1.62
Exercise prices for options outstanding as of December 31, 1998 ranged
from $19.75 to $26.95. The weighted-average remaining contractual life
of those options is 7.4 years.
- -50-
An additional 1,033,276, 1,858,502, and 511,887 Common Shares were
reserved for issuance for future grants from the Share Incentive Plan at
December 31, 1998, 1997 and 1996, respectively.
9. COMMITMENTS AND CONTINGENCIES
All of the Properties and land were subject to Phase I Environmental
Assessments ("Phase I Assessments") obtained in contemplation of their
acquisition by the Company. The Phase I Assessments consisted of, among
other activities, a visual inspection of each Property and its
neighborhood and a check of pertinent public records. The Phase I
Assessments did not reveal, nor is the Company aware of, any non-
compliance with environmental laws, environmental liability or other
environmental claim that the Company believes would likely have a
material adverse effect on the Company.
In connection with one of the 1997 acquisitions, the Company is
obligated to purchase, over a 10-year period ending in 2007,
approximately 775 acres of land for commercial development. The
purchase price of the land as of December 31, 1998 is $16.2 million.
The Trust is not a party to any material legal proceedings. In the
ordinary course of business, the Operating Partnership is party to
routine litigation incidental to its business and in addition
it is covered by insurance.
10. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
The following is a summary of quarterly results of operations for the
two years ended December 31, 1998 and 1997 (in thousands, except per
share amounts):
QUARTER ENDED
----------------------------------------------------------------------------------
DEC. 31, SEPT. 30, JUNE 30, MARCH 31, DEC. 31, SEPT. 30, JUNE 30, MARCH 31,
1998 1998 1998 1998 1997 1997 1997 1997
-------- --------- -------- --------- -------- --------- -------- ---------
Rental revenue $ 78,435 $ 74,264 $ 68,018 $ 61,015 $ 50,636 $ 45,241 $ 39,341 $ 34,641
======== ======== ======== ======== ======== ========= ======== =========
Operating income 53,490 51,739 46,950 43,115 38,467 31,363 26,100 24,106
======== ======== ======== ======== ======== ========= ======== =========
Income before
minority interest 31,128 30,903 28,097 26,549 24,750 17,571 12,205 11,524
======== ======== ======== ======== ======== ========= ======== =========
Income available to
common shareholders 26,278 26,061 23,286 21,990 20,209 14,484 10,955 10,549
======== ======== ======== ======== ======== ========= ======== =========
Income per common share -
basic $ 0.40 $ 0.41 $ 0.39 $ 0.40 $ 0.44 $ 0.36 $ 0.27 $ 0.32
======== ======== ======== ======== ======== ========= ======== =========
Income per common share -
diluted $ 0.39 $ 0.41 $ 0.39 $ 0.40 $ 0.44 $ 0.35 $ 0.27 $ 0.32
======== ======== ======== ======== ======== ========= ======== =========
11. SEGMENT INFORMATION
Liberty Property Trust 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/Delaware; Lehigh
Valley, Pennsylvania; Maryland; Virginia; the Carolinas; Jacksonville,
Florida; Tampa, Florida; South Florida; Minneapolis, Minnesota; Detroit,
Michigan; and the United Kingdom. The Company's reportable segments are
distinct business units which are each managed separately in order to
- -51-
concentrate and hone market knowledge within a geographical area.
Within these reportable segments, the Company derives its revenues from
its two product types: industrial and office properties.
The Company evaluates performance of the reportable segments based on
property level net operating income, which is calculated as rental
revenue and operating expense reimbursement less rental expenses and
real estate taxes. The accounting policies of the reportable segments
are the same as those described in the summary of significant accounting
policies.
REAL ESTATE RELATED REVENUES PROPERTY LEVEL NET OPERATING INCOME
YEAR ENDED DECEMBER 31, YEAR ENDED DECEMBER 31,
---------------------------------- -----------------------------------
1998 1997 1996 1998 1997 1996
---------- ---------- ---------- ---------- ---------- -----------
Southeastern Pennsylvania $ 97,372 $ 63,499 $ 45,880 $ 69,269 $ 44,559 $ 31,465
New Jersey/Delaware 40,383 27,366 20,602 28,948 18,522 13,316
Lehigh Valley 37,966 30,419 18,843 30,163 23,806 14,431
Virginia 35,233 22,639 18,019 27,231 18,570 14,848
The Carolinas 33,683 12,745 6,943 24,084 9,834 5,436
Jacksonville 36,373 24,088 19,934 27,391 18,281 15,425
Michigan 38,865 11,641 - 23,986 7,418 -
All Others 63,105 32,964 18,506 43,563 23,292 12,953
---------- ---------- ---------- ---------- ---------- -----------
Total $ 382,980 $ 225,361 $ 148,727 $ 274,635 $ 164,282 $ 107,874
========== ========== ========== ========== ========== ===========
REVENUES YEAR ENDED DECEMBER 31,
- ---------------------------------------------------------- -----------------------------------
1998 1997 1996
---------- ---------- -----------
Total real estate related revenues for reportable segments $ 382,980 $ 225,361 $ 148,727
Management fees 597 673 1,340
Interest and other 3,516 6,483 4,198
---------- ---------- -----------
Total revenues $ 387,093 $ 232,517 $ 154,265
========== ========== ===========
INCOME AVAILABLE TO COMMON SHAREHOLDERS YEAR ENDED DECEMBER 31,
- ---------------------------------------------------------- -----------------------------------
1998 1997 1996
---------- ---------- -----------
Total property level net operating
income for reportable segments $ 274,635 $ 164,282 $ 107,874
Other expenses 157,958 98,232 70,243
--------- ---------- ----------
Income before minority interest 116,677 66,050 37,631
Minority interest 8,062 5,606 3,891
Preferred distributions 11,000 4,247 -
---------- ---------- -----------
Total income available to common shareholders $ 97,615 $ 56,197 $ 33,740
========== ========== ===========
PRODUCT TYPE INFORMATION REAL ESTATE RELATED REVENUES
- ---------------------------------------------------------- -----------------------------------
YEAR ENDED DECEMBER 31,
-----------------------------------
1998 1997 1996
---------- ---------- -----------
Industrial $ 192,548 $ 123,024 $ 83,930
Office 190,432 102,337 64,797
---------- ---------- -----------
Total real estate related revenues $ 382,980 $ 225,361 $ 148,727
========== ========== ===========
- -52-
ROLLFORWARD OF OPERATING REAL ESTATE ASSETS BY REPORTABLE SEGMENT
- -----------------------------------------------------------------------------------------------------
New
SE Jersey/ Lehigh The
Pennsyl. Delaware Valley Virginia Carolinas Jacksonville Michigan All Others Total
-------- -------- -------- -------- --------- ------------ -------- ---------- ----------
January 1, 1997 $328,146 $128,345 $136,077 $147,867 $ 42,839 $125,729 $ - $140,028 $1,049,031
Additions 208,799 43,829 57,688 76,028 105,573 69,853 172,332 145,048 879,150
Disposals (9,186) - - - - - - (30,964) (40,150)
-------- -------- -------- -------- -------- -------- -------- -------- ----------
December 31, 1997 527,759 172,174 193,765 223,895 148,412 195,582 172,332 254,112 1,888,031
Additions 86,865 109,715 56,463 56,381 106,886 65,746 146,166 248,758 876,980
Disposals (10,736) - - (2,203) (4,843) (2,104) - - (19,886)
-------- -------- -------- -------- -------- -------- -------- -------- ----------
December 31, 1998 $603,888 $281,889 $250,228 $278,073 $250,455 $259,224 $318,498 $502,870 $2,745,125
======== ======== ======== ======== ======== ======== ======== ======== ==========
TOTAL ASSETS YEAR ENDED DECEMBER 31,
- ---------------------------------------------------------- -----------------------
1998 1997
---------- ----------
Total operating real estate assets for reportable segments $2,745,125 $1,888,031
Accumulated depreciation (209,023) (149,311)
Development in progress 207,563 156,093
Land held for development 75,454 61,904
Other assets 114,252 137,620
---------- ----------
Total assets $2,933,371 $2,094,337
========== ==========
12. PRO FORMA INFORMATION (UNAUDITED)
The following unaudited pro forma information has been prepared assuming
the common and preferred shares offerings which were consummated in 1997
and 1998 and the acquisitions of 170 properties acquired in 1997, and
137 properties acquired in 1998 had occurred at January 1, 1997. The
1997 acquisitions were acquired for a total investment of $727.9 million
and the 1998 acquisitions were acquired for a total investment of $580.2
million.
YEAR ENDED DECEMBER 31,
-----------------------
1998 1997
-------- ---------
(IN THOUSANDS,
EXCEPT PER SHARE AMOUNTS)
------------------------
Total revenues $ 408,279 $ 358,974
Income available to common shareholders 104,371 92,181
Income per share - basic $ 1.59 $ 1.40
Income per share - diluted 1.58 1.40
This pro forma information is not necessarily indicative of what the
actual results of operations of the Company would have been, assuming
the Company had completed the common and preferred shares offerings and
completed the 1997 and 1998 acquisitions as of January 1, 1997, nor do
they purport to represent the results of operations of the Company for
future periods.
- -53-
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Cost
Capitalized
Initial Cost Subsequent
---------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES
10,20 Liberty Boulevard Malvern, PA $ - $ 724,058 $ - $ 4,941,858
420 Lapp Road Malvern, PA 4,300,000 1,054,418 - 6,284,410
747 Dresher Road Horsham, PA - 1,607,238 - 3,948,168
45-67 Great Valley Parkway Malvern, PA 3,800,000 795,143 - 2,930,842
1180 Church Road Lansdale, PA - 2,357,045 10,041,340 5,604,945
40 Valley Stream Parkway Malvern, PA 1,600,000 322,918 - 2,208,989
50 Valley Stream Parkway Malvern, PA - 323,971 - 2,384,185
20 Valley Stream Parkway Malvern, PA 2,900,000 465,539 - 5,053,133
800 Town Center Drive Langhorne, PA - 1,617,150 - 8,989,725
9, 15 Great Valley Parkway Malvern, PA 3,489,451 1,837,050 - 15,156,712
257-275 Great Valley Parkway Malvern, PA 2,100,000 504,611 - 4,424,881
300 Technology Drive Malvern, PA - 368,626 - 1,299,996
277-293 Great Valley Parkway Malvern, PA - 530,729 - 1,914,647
311 Technology Drive Malvern, PA - 397,131 - 2,236,843
325 Technology Drive Malvern, PA 3,489,451 376,444 - 1,851,241
7 Great Valley Parkway Malvern, PA 2,900,000 176,435 - 4,267,283
55 Valley Stream Parkway Malvern, PA - 215,005 - 3,304,913
65 Valley Stream Parkway Malvern, PA 2,900,000 381,544 - 4,728,607
508 Lapp Road Malvern, PA 1,500,000 331,392 - 1,730,134
10 Valley Stream Parkway Malvern, PA 3,489,451 509,075 - 2,664,060
333 Phoenixville Pike Malvern, PA 2,104,169 523,530 - 3,083,945
30 Great Valley Parkway Malvern, PA - 128,126 - 355,565
75 Great Valley Parkway Malvern, PA - 143,074 - 418,889
27-43 Great Valley Parkway Malvern, PA 1,800,000 448,775 - 2,116,317
77-123 Great Valley Parkway Malvern, PA 3,100,000 887,664 - 4,582,078
260 Great Valley Parkway Malvern, PA 1,500,000 203,916 - 849,011
256 Great Valley Parkway Malvern, PA 2,800,000 161,098 - 1,888,761
205 Great Valley Parkway Malvern, PA 6,600,000 1,368,259 - 9,599,597
12,14,16 Great Valley Parkway Malvern, PA - 130,689 - 1,202,040
155 Great Valley Parkway Malvern, PA 2,100,000 625,147 - 2,258,481
333 Technology Drive Malvern, PA 1,900,000 157,249 - 2,310,848
510 Lapp Road Malvern, PA 3,489,451 356,950 - 865,960
181 Wheeler Court Langhorne, PA - 260,000 1,940,000 153,187
1100 Wheeler Way Langhorne, PA - 150,000 1,100,000 90,717
60 Morehall Road Malvern, PA - 865,424 9,285,000 4,724,203
905 Airport Road West Chester, PA - 1,715,000 5,185,000 204,530
16 Cabot Boulevard Langhorne, PA 5,900,000 648,889 5,851,112 74,975
1 Country View Road Malvern, PA - 400,000 3,600,000 453,338
2151 Cabot Boulevard Langhorne, PA 2,300,000 384,100 3,456,900 263,500
170 South Warner Road King of Prussia, PA - 547,800 3,137,400 2,084,352
190 South Warner Road King of Prussia, PA - 552,200 3,162,600 1,178,932
507 Prudential Road Horsham, PA 2,700,000 644,900 5,804,100 232,868
100 Witmer Road Horsham, PA 9,396,622 3,102,784 - 9,685,657
3100 Horizon Drive King of Prussia, PA - 601,956 - 2,007,248
3300 Horizon Drive King of Prussia, PA - 566,403 - 3,265,294
3500 Horizon Drive King of Prussia, PA - 1,204,839 - 2,531,137
200 Chester Field Parkway Malvern, PA - 495,893 2,739,093 123,186
767 Electronic Drive Horsham, PA - 1,229,685 - 2,938,838
132 Welsh Road Horsham, PA - 1,333,642 - 3,857,166
5 Country View Road Malvern, PA 3,489,451 785,168 4,678,632 134,612
3200 Horizon Drive King of Prussia, PA - 928,637 - 4,291,310
3000 Horizon Drive King of Prussia, PA - 1,191,449 - 1,853,063
111-195 Witmer Road Horsham, PA - 407,005 3,129,058 116,065
300 Welsh Road Horsham, PA - 180,459 1,441,473 64,628
400 Welsh Road Horsham, PA - 282,493 2,256,508 994,521
8801 Tinicum Boulevard Philadelphia, PA - 2,474,031 - 24,209,285
440 East Swedesford Road King of Prussia, PA - 717,001 4,816,121 1,453,936
460 East Swedesford Road King of Prussia, PA - 705,317 4,737,487 380,643
50 Morehall Road Malvern, PA - 849,576 - 13,046,717
2 Walnut Grove Drive Horsham, PA - 1,281,870 7,767,374 770,540
200 Gibraltar Road Horsham, PA - 638,513 5,811,323 102,509
220 Gibraltar Road Horsham, PA - 629,944 5,733,228 18,746
240 Gibraltar Road Horsham, PA - 629,944 5,733,234 18,789
151 S. Warner Road King of Prussia, PA - 1,218,086 6,937,866 114,003
1 Walnut Grove Drive Horsham, PA - 1,058,901 5,343,606 856,952
3604 Horizon Drive King of Prussia, PA - 397,178 - 1,576,394
3606 Horizon Drive King of Prussia, PA - 789,409 - 1,940,816
650 Swedesford Road King of Prussia, PA - 952,911 6,722,830 8,375,600
680 Swedesford Road King of Prussia, PA - 952,361 6,722,830 6,365,874
761 Fifth Avenue King of Prussia, PA - 256,463 2,061,468 221,653
771 Fifth Avenue King of Prussia, PA - 152,456 1,256,908 177,379
1 Great Valley Parkway Malvern, PA - 419,460 3,792,570 178,659
5 Great Valley Parkway Malvern, PA - 684,200 6,181,661 239,075
311 Sinclair Road Bristol, PA - 277,901 1,576,906 11,547
100 Cedar Hollow Road Malvern, PA - 1,436,814 - 15,984,594
3 Country View Road Malvern, PA - 814,278 - 4,773,575
425 Technology Drive Malvern, PA - 191,114 - 1,836,299
375 Technology Drive Malvern, PA - 191,114 - 1,797,871
100 Chesterfield Parkway Malvern, PA - 1,320,625 - 6,531,599
181-187 Gibraltar Road Horsham, PA - 360,549 3,259,984 430,483
104 Rock Road Horsham, PA - 330,111 2,981,669 22,012
123-135 Rock Road Horsham, PA - 292,360 2,411,677 27,255
111-159 Gibraltar Road Horsham, PA - 489,032 4,126,151 30,525
161-175 Gibraltar Road Horsham, PA - 294,673 2,663,722 431,257
125-137 Gibraltar Road Horsham, PA - 270,906 2,448,500 263,500
261-283 Gibraltar Road Horsham, PA - 464,871 3,951,972 38,336
- -54-
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Cost
Capitalized
Initial Cost Subsequent
---------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - CONTINUED
210-223 Witmer Road Horsham, PA - 270,282 2,441,276 1,366,734
231-237 Gibraltar Road Horsham, PA - 436,952 3,948,963 266,870
100 Gibraltar Road Horsham, PA - 38,729 349,811 8,621
101 Gibraltar Road Horsham, PA - 651,990 5,888,989 134,789
506 Prudential Road Horsham, PA - 208,140 895,470 617,165
113-123 Rock Road Horsham, PA - 351,072 3,171,001 21,292
101-111 Rock Road Horsham, PA - 350,561 3,166,389 21,866
120 Gibraltar Road Horsham, PA - 533,142 4,830,515 102,817
110 Gibraltar Road Horsham, PA - 673,041 5,776,369 53,020
100-107 Lakeside Drive Horsham, PA - 239,528 2,163,498 191,520
200-264 Lakeside Drive Horsham, PA - 502,705 4,540,597 402,390
300-309 Lakeside Drive Horsham, PA - 369,475 3,338,761 125,473
400-445 Lakeside Drive Horsham, PA - 543,628 4,910,226 1,084,058
104 Witmer Road Horsham, PA - 1,248,148 - 436,403
201 Gibraltar Road Horsham, PA - 380,127 3,433,433 547,979
3600 Horizon Drive King of Prussia, PA - 236,432 1,856,252 23,195
3602 Horizon Drive King of Prussia, PA - 217,734 1,759,489 95,837
400-500 Brandywine Parkway West Chester, PA - 845,846 6,809,025 319,103
600 Brandywine Parkway West Chester, PA - 664,899 5,352,410 166,337
2700 Horizon Drive King of Prussia, PA - 764,370 - 3,561,424
2900 Horizon Drive King of Prussia, PA - 679,440 - 3,446,580
719 Dresher Road Horsham, PA - 493,426 2,812,067 63,597
2250 Hickory Road Plymouth Meeting, PA 6,540,000 1,015,851 9,175,555 168,195
3400 Horizon Drive King of Prussia, PA - 776,496 3,139,068 97,269
One Ridgewood Place Downingtown, PA - 422,460 2,337,195 4,204
300 Welsh Road Horsham, PA - 696,061 3,339,991 653
6 Terry Drive Newtown, PA - 622,029 2,228,851 721
14 Lee Boulevard Malvern, PA 2,700,000 664,282 - 6,316,902
500 Chester Field Parkway Malvern, PA 1,500,000 472,364 - 2,876,942
300-400 Chester Field Parkway Malvern, PA 2,500,000 937,212 - 4,488,377
1805 Underwood Boulevard Delran, NJ - 188,610 612,736 17,699
150 Mid-Atlantic Parkway West Deptford, NJ - 86,968 304,672 204,565
18 Boulden Circle New Castle, DE - 188,144 - 3,916,666
501 Delran Parkway Delran, NJ - 182,192 - 2,933,026
600 Delran Parkway Delran, NJ - 368,843 - 5,945,538
1607 Imperial Way West Deptford, NJ - 286,413 - 2,972,362
1 Boulden Circle New Castle, DE - 88,397 - 1,342,750
31-55 Read's Way New Castle, DE - 901,391 - 5,606,409
3 Boulden Circle New Castle, DE - 119,802 - 2,132,940
5 Boulden Circle New Castle, DE - 219,641 - 3,514,502
601 Delran Parkway Delran, NJ - 193,794 - 1,637,185
51 Haddonfield Road Cherry Hill, NJ - 251,443 - 9,356,642
57 Read's Way New Castle, DE 2,365,494 253,119 - 2,857,794
1370 Imperial Way West Deptford, NJ - 297,000 4,373,155 43,783
8 Stow Road Marlton, NJ - 172,600 1,704,436 93,639
10 Stow Road Marlton, NJ - 147,000 1,451,536 69,149
12 Stow Road Marlton, NJ - 103,300 1,021,036 163,507
14 Stow Road Marlton, NJ - 93,100 920,336 135,399
1300 Metropolitan Avenue West Deptford, NJ - 220,000 1,980,000 37,266
701A Route 73 South Marlton, NJ - 264,387 3,772,000 1,770,674
701C Route 73 South Marlton, NJ - 84,949 1,328,000 247,365
1008 Astoria Boulevard Cherry Hill, NJ - 27,120 424,880 428,595
1475 Imperial Way West Deptford, NJ - 54,000 846,000 189,508
3000 Atrium Way Mt. Laurel, NJ 4,270,113 500,000 4,500,000 3,051,549
750 Cardinal Drive Bridgeport, NJ - 230,000 2,070,000 546,696
11000, 15000, 17000 Commerce Parkway Mt. Laurel, NJ - 455,100 4,394,900 507,564
12000, 14000 Commerce Parkway Mt. Laurel, NJ - 361,800 3,285,817 145,266
16000, 18000 Commerce Parkway Mt. Laurel, NJ - 289,700 2,512,683 331,592
406 Lippincott Drive Marlton, NJ - 321,455 1,539,871 786,108
234 High Hill Road Bridgeport, NJ 1,552,768 249,472 1,477,515 335,497
231 Lake Drive New Castle, DE - 623,043 - 4,023,066
100 Arlington Boulevard Bridgeport, NJ - 6,368 - 4,613,489
100 Berkeley Drive Swedesboro, NJ 1,829,355 395,160 1,915,215 222,541
301 Lippincott Drive Marlton, NJ - 1,069,837 4,780,163 405,532
303 Lippincott Drive Marlton, NJ - 1,069,837 4,780,163 370,228
510-512 Sharptown Road Bridgeport, NJ 786,089 125,410 1,072,683 34,802
901 Route 73 Marlton, NJ - 334,411 2,733,314 93,664
Four Greentree Center Marlton, NJ 2,668,821 449,400 3,074,850 594,791
512 Sharptown Road Bridgeport, NJ 1,188,838 180,468 1,543,617 49,193
15 Boulden Circle New Castle, DE - 406,064 - 5,340,744
404 Lippincott Drive Marlton, NJ - 131,896 - 1,672,248
263 Quigley Boulevard New Castle, DE - 170,386 1,302,739 109,801
34 Blevins Drive New Castle, DE - 195,932 1,498,061 46,334
104 Gaither Drive Mt Laurel, NJ - 132,075 1,151,988 221,476
2 Lukens Drive New Castle, DE - 169,050 1,290,150 100,264
402 Lippincott Drive Marlton, NJ - 131,896 - 1,629,153
3000 Lincoln Drive Mt. Laurel, NJ - 284,052 2,458,155 1,128,512
6000 Commerce Parkway Mt. Laurel, NJ - 234,151 2,022,683 131,971
7000 Commerce Parkway Mt. Laurel, NJ - 260,014 2,236,684 70,246
8000 Commerce Parkway Mt. Laurel, NJ - 234,814 1,995,098 66,344
9000 Commerce Parkway Mt. Laurel, NJ - 286,587 2,474,820 54,496
1000 Briggs Road Mt. Laurel, NJ - 288,577 2,546,537 234,140
1025 Briggs Road Mt. Laurel, NJ 2,077,321 430,990 3,714,828 16,424
9 Stow Road Marlton, NJ - 652,642 1,765,065 157,746
2000 Crawford Place Mt. Laurel, NJ - 310,831 2,797,744 710,016
1351 Metropolitan Avenue Pureland, NJ - 189,465 1,728,789 26,638
650 Grove Road Pureland, NJ - 267,214 2,438,323 123,920
400 Grove Road Pureland, NJ - 145,009 1,323,085 55,733
5000 Dearborn Court Mt. Laurel, NJ - 1,057,763 4,191,827 30,948
- -55-
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Cost
Capitalized
Initial Cost Subsequent
---------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - CONTINUED
515 Heron Drive Bridgeport, NJ 1,451,118 334,017 2,367,538 8,042
500 Sharptown Road Pureland, NJ 1,415,327 300,404 2,645,235 30,993
625 Heron Drive Bridgeport, NJ 482,963 180,226 908,953 4,487
605 Heron Drive Bridgeport, NJ 633,271 265,381 1,046,866 4,528
510 Heron Drive Bridgeport, NJ 5,990,523 790,335 7,901,878 75,418
522 Pedricktown Road Bridgeport, NJ 879,853 176,309 1,360,293 16,414
530 Pedricktown Road Bridgeport, NJ 1,281,524 350,813 1,901,471 29,853
540 Pedricktown Road Bridgeport, NJ 3,194,248 531,280 4,532,010 21,538
230 High Hill Road Bridgeport, NJ 5,945,992 1,418,000 8,860,843 5,313
3 Mallard Court Bridgeport, NJ 2,137,468 417,893 2,447,865 4,665
730 Cardinal Drive Bridgeport, NJ 1,405,851 576,598 1,780,345 37,135
405 Heron Drive Bridgeport, NJ 11,608,812 2,167,471 18,120,223 1,125,857
100 Eagle Road Bridgeport, NJ 1,079,560 256,491 1,434,429 17,816
250 High Hill Road Bridgeport, NJ 1,799,724 246,478 2,269,440 170,934
508 Center Square Road Bridgeport, NJ 1,619,362 453,341 3,458,248 940
602 Heron Drive Bridgeport, NJ 1,530,178 524,728 2,240,478 4,534
300 Eagle Court Bridgeport, NJ - 1,135,989 1,872,753 6,676
500 Center Square Road Bridgeport, NJ - 1,338,839 6,186,541 12,759
1001 Briggs Road Marlton, NJ - 701,705 3,505,652 214,261
1960 Cuthbert Boulevard Cherry Hill, NJ - 321,699 1,291,557 22,670
1970 Cuthbert Boulevard Cherry Hill, NJ - 321,699 1,291,558 18,402
10000 & 11000 Route 73 Marlton, NJ - 715,705 2,579,524 81,945
1655 Valley Center Parkway Bethlehem, PA 1,821,799 214,431 - 1,867,129
6560 Stonegate Drive Allentown, PA - 458,281 - 2,310,959
6370 Hedgewood Drive Allentown, PA - 540,795 - 2,996,787
6390 Hedgewood Drive Allentown, PA - 707,203 - 2,501,156
1495 Valley Center Parkway Bethlehem, PA 4,166,495 434,640 - 3,586,015
6350 Hedgewood Drive Allentown, PA - 360,027 - 3,243,444
6330 Hedgewood Drive Allentown, PA - 531,268 - 4,230,513
1550 Valley Center Parkway Bethlehem, PA - 196,954 - 3,162,582
1560 Valley Center Parkway Bethlehem, PA - 240,069 - 3,878,108
6580 Snowdrift Road Allentown, PA - 388,328 - 2,457,991
1510 Valley Center Parkway Bethlehem, PA 3,379,289 312,209 - 3,303,351
1530 Valley Center Parkway Bethlehem, PA - 211,747 - 2,572,949
6540 Stonegate Drive Allentown, PA - 422,042 - 3,597,764
974 Marcon Boulevard Allentown, PA - 143,500 - 2,128,439
964 Marcon Street Allentown, PA 1,051,463 138,816 - 1,492,059
764 Roble Road Allentown, PA 752,410 141,069 - 794,167
3174 Airport Road Allentown, PA - 98,986 - 1,105,398
2196 Avenue C Allentown, PA - 101,159 - 1,201,733
2202 Hanger Place Allentown, PA - 137,439 - 1,291,510
2201 Hanger Place Allentown, PA - 128,454 - 1,408,249
954 Marcon Boulevard Allentown, PA - 103,665 - 1,160,635
57 South Commerce Way Allentown, PA - 390,839 2,701,161 262,948
754 Roble Road Allentown, PA - 162,115 1,731,885 88,842
894 Marcon Boulevard Allentown, PA - 117,134 1,048,866 28,576
744 Roble Road Allentown, PA - 159,771 1,734,229 143,948
944 Marcon Boulevard Allentown, PA - 118,521 1,435,479 154,891
1685 Valley Center Parkway Allentown, PA - 244,029 - 2,051,109
6520 Stonegate Drive Allentown, PA - 453,315 - 1,825,129
7437 Industrial Boulevard Allentown, PA - 717,488 5,022,413 1,410,165
2041 Avenue C Allentown, PA 700,000 213,599 1,095,217 71,893
2124 Avenue C Allentown, PA 800,000 289,197 1,039,835 54,349
7339 Industrial Boulevard Allentown, PA - 1,187,776 - 5,647,219
7384 Penn Drive Allentown, PA 4,379,122 651,696 2,286,518 413,492
7144 Daniels Drive Allentown, PA - 2,390,217 2,342,761 3,424,554
7620 Cetronia Road Allentown, PA - 1,091,806 3,851,456 173,944
939 Marcon Boulevard Allentown, PA 4,379,122 2,220,414 4,524,393 734,002
100 Brodhead Road Allentown, PA 2,700,170 429,416 2,919,588 180,343
1455 Valley Center Parkway Bethlehem, PA - 670,290 - 3,634,924
1640 Valley Center Parkway Bethlehem, PA - 359,000 - 2,412,319
1650 Valley Center Parkway Allentown, PA - 359,000 - 2,220,365
1660 Valley Center Parkway Bethlehem, PA - 359,000 - 2,059,742
400 Nestle Way Allentown, PA 27,306,503 8,065,500 - 26,414,687
83 South Commerce Way Bethlehem, PA - 143,661 888,128 198,098
85 South Commerce Way Bethlehem, PA - 236,708 987,949 81,386
87 South Commerce Way Bethlehem, PA - 253,886 1,062,881 75,930
89 South Commerce Way Bethlehem, PA - 320,000 - 1,929,169
7339 Industrial Boulevard Allentown, PA - 2,670,849 13,307,408 681,221
95 Highland Avenue Bethlehem, PA - 430,593 3,182,080 300,436
236 Brodhead Road Bethlehem, PA - 376,962 4,672,683 24,861
6620 Grant Way Allentown, PA - 430,824 1,915,923 6,338
700 Nestle Way Allentown, PA - 3,473,120 - 16,841,369
7562 Penn Drive Allentown, PA - 269,614 844,069 78,851
7277 Williams Avenue Allentown, PA - 462,964 1,449,009 114,008
7355 Williams Avenue Allentown, PA - 489,749 1,658,091 111,842
794 Roble Boulevard Allentown, PA - 1,147,541 6,088,041 56,406
6923 Schantz Spring Road Allentown, PA - 1,127,805 3,309,132 38,265
2600 Beltline Avenue Reading, PA - 558,903 2,234,167 13,160
7132 Daniels Drive Allentown, PA - 1,623,326 3,464,626 3,734,559
3985 Adler Place Bethlehem, PA - 705,367 3,915,820 146,727
12000,001,040 Indian Creek Court Beltsville, MD 6,358,900 2,659,431 - 10,589,712
8280 Patuxent Range Drive Columbia, MD - 181,601 - 1,297,559
7178-80 Columbia Gateway Columbia, MD - 1,569,237 4,786,887 403,549
8730 Bollman Place Columbia, MD 2,942,495 624,131 4,576,964 77,839
9770 Patuxent Woods Drive Columbia, MD - 341,663 3,033,309 10,308
9780 Patuxent Woods Drive Columbia, MD - 218,542 1,940,636 6,598
9790 Patuxent Woods Drive Columbia, MD - 243,791 2,164,094 11,654
9810 Patuxent Woods Drive Columbia, MD - 266,684 2,366,901 8,040
- -56-
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Cost
Capitalized
Initial Cost Subsequent
---------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - CONTINUED
9800 Patuxent Woods Drive Columbia, MD - 299,099 2,654,069 8,022
9820 Patuxent Woods Drive Columbia, MD - 237,779 2,110,835 8,752
9830 Patuxent Woods Drive Columbia, MD - 296,262 2,628,933 13,474
9050 Red Branch Road Columbia, MD - 290,950 2,577,153 7,422
4606 Richlynn Drive Belcamp, MD - 299,600 1,818,861 9,828
8945-8975 Guilford Columbia, MD - 2,428,795 7,493,740 10,943
7317 Parkway Drive Hanover, MD - 1,104,359 1,959,671 297
180,190 Cochrane Drive Annapolis, MD - 3,670,256 - 16,134,498
9101,9111,9115 Guilford Road Columbia, MD - 758,951 - 3,331,729
9125,9135,9145 Guilford Road Columbia, MD - 900,154 - 5,786,760
10 South Third Street Richmond, VA - 27,970 127,419 45,962
1751 Bluehills Drive Roanoke, VA - 1,063,728 8,500,677 101,951
4300 Carolina Avenue Richmond, VA - 2,007,717 14,927,608 411,598
301 Hill Carter Parkway Richmond, VA - 659,456 4,836,010 63,204
4001 Carolina Avenue Richmond, VA - 29,443 215,914 32,683
5600-5626 Eastport Boulevard Richmond, VA 2,566,667 489,941 3,592,900 182,341
5650-5674 Eastport Boulevard Richmond, VA 2,566,667 644,384 4,025,480 135,951
5700 Eastport Boulevard Richmond, VA 2,566,667 408,729 2,697,348 43,619
11020 Hull Street Road Richmond, VA - 139,887 637,261 8,938
3432 Holland Road Virginia Beach, VA - 173,527 790,515 11,088
4880 Cox Road Richmond, VA 3,100,000 743,898 4,499,807 1,165,166
5162 Valleypointe Parkway Roanoke, VA 1,300,000 551,483 2,612,312 35,237
4101- 4127 Carolina Avenue Richmond, VA 1,310,951 310,854 2,279,597 57,138
4201-4261 Carolina Avenue Richmond, VA 2,996,458 693,203 5,083,493 179,673
4263-4299 Carolina Avenue Richmond, VA 1,872,786 256,203 2,549,649 669,468
4301-4335 Carolina Avenue Richmond, VA - 223,696 1,640,435 116,604
4337-4379 Carolina Avenue Richmond, VA 2,060,065 325,303 2,385,557 418,235
4501-4549 Carolina Avenue Richmond, VA 2,658,415 486,166 3,565,211 130,933
4551-4593 Carolina Avenue Richmond, VA 2,690,316 474,360 3,478,646 93,388
4601-4643 Carolina Avenue Richmond, VA 2,690,316 652,455 4,784,675 284,717
4645-4683 Carolina Avenue Richmond, VA 2,126,732 404,616 2,967,187 797,642
4447-4491 Carolina Avenue Richmond, VA 2,812,603 454,056 2,729,742 72,274
4401-4445 Carolina Avenue Richmond, VA 3,200,000 615,038 4,510,272 84,893
12 S. Third Street Richmond, VA - 40,539 184,682 6,125
9601 Cosner Drive Fredericksburg, VA 2,600,000 475,262 3,917,234 152,182
315 Cardiff Valley Road Knoxville, TN - 443,305 2,950,903 42,487
2300 East Parham Road Richmond, VA - 221,947 1,011,088 14,181
1347 Diamond Springs Road Virginia Beach, VA - 436,898 3,203,919 159,512
5221 Valleypark Drive - Bldg A Roanoke, VA 1,264,321 285,008 998,370 224,335
5228 Valleypointe Parkway - Bldg B Roanoke, VA 1,086,930 218,663 796,133 97,364
5238 Valleypark Drive - Bldg C Roanoke, VA 1,267,441 416,375 1,896,832 91,730
5601-5659 Eastport Boulevard Richmond, VA 3,115,580 705,660 - 5,190,010
5900 Eastport Boulevard Richmond, VA 4,076,017 676,661 - 5,767,095
4717-4729 Eubank Road Richmond, VA 3,115,580 449,447 3,294,697 91,775
5251 Concourse Drive Roanoke, VA - 2,813 - 1,786,306
4263F-N. Carolina Ave Richmond, VA 1,281,034 91,476 - 1,622,797
4200 Oakleys Court Richmond, VA 1,552,768 459,090 2,468,454 33,041
1821 Battery Dantzler Road Richmond, VA - 394,212 3,035,113 24,814
5000 Cox Road Glen Allen, VA 2,620,297 770,214 3,685,248 26,510
510 Eastpark Court Richmond, VA 1,455,720 261,961 2,110,874 36,598
520 Eastpark Court Richmond, VA 3,163,766 486,118 4,083,582 51,759
13001 Kingston Avenue Chester, VA - 376,584 - 2,003,110
5701-5799 Eastport Boulevard Richmond, VA - 694,644 - 5,087,258
4801 Cox Road Richmond, VA - 1,072,896 - 8,837,667
600 HP Way Richmond, VA - 146,126 - 8,176,262
500 HP Way Richmond, VA - 142,692 - 6,859,186
4198 Cox Road Glen Allen, VA - 670,292 3,839,245 25,091
5310 Valley Park Drive Roanoke, VA - 149,933 - 1,110,755
4510 Cox Road Glen Allen, VA - 1,010,024 7,469,828 64,568
2809 South Lynnhaven Road Virginia Beach, VA - 953,590 6,142,742 319,273
200 Golden Oak Court Virginia Beach, VA 3,315,000 1,116,693 6,770,480 175,321
208 Golden Oak Court Virginia Beach, VA 3,185,000 965,177 6,728,717 114,727
1 Enterprise Parkway Hampton, VA - 974,675 5,579,869 166,337
22 Enterprise Parkway Hampton, VA - 1,097,368 6,760,778 216,121
484 Viking Drive Virginia Beach, VA - 891,753 3,607,890 87,426
10430 Lakeridge Parkway Richmond, VA 2,296,557 421,267 3,770,870 57,444
10456 Lakeridge Parkway Richmond, VA 2,231,356 409,261 3,663,754 60,002
3829-3855 Gaskins Road Richmond, VA - 364,165 3,264,114 5,174
629 Phoenix Drive Virginia Beach, VA - 371,694 2,108,097 16,966
11838 Rock Landing Drive Newport News, VA - 673,942 2,111,481 59,462
11844 Rock Landing Drive Newport News, VA - 326,774 1,391,561 31,762
11846 Rock Landing Drive Newport News, VA - 299,066 1,419,266 31,288
5700 Cleveland Street Virginia Beach, VA - 700,112 9,592,721 210,107
4523 Green Point Drive High Point, NC 878,460 234,564 - 2,012,820
4501 Green Point Drive High Point, NC 1,126,325 319,289 - 2,233,645
4500 Green Point Drive High Point, NC 923,415 230,622 - 2,015,519
2427 Penny Road High Point, NC 6,232,330 1,165,664 - 6,187,028
4524 Green Point Drive High Point, NC 2,121,627 182,810 - 2,104,406
4328, 4336 Federal Drive High Point, NC 6,106,615 521,122 - 7,680,076
200 Centreport Drive Greensboro, NC 3,375,316 331,400 3,768,600 260,361
4344 Federal Drive High Point, NC 2,603,815 484,001 - 2,324,091
202 Centreport Drive Greensboro, NC 3,761,066 549,948 5,360,462 177,333
101 Centreport Drive Greensboro, NC - 826,237 - 6,566,167
4000 Piedmont Parkway High Point, NC 3,761,066 592,885 4,825,615 194,568
4380 Federal Drive High Point, NC - 282,996 - 2,887,702
4388 Federal Drive High Point, NC - 143,661 - 1,114,693
6532 Judge Adams Road Rock Creek, NC - 354,903 - 3,489,265
3860 Faber Place N. Charleston, SC 2,996,353 796,655 1,974,359 99,873
4055 Faber Place N. Charleston, SC 3,490,849 882,352 4,794,144 43,911
- -57-
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Cost
Capitalized
Initial Cost Subsequent
---------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - CONTINUED
3820 Faber Place N. Charleston, SC 2,435,565 506,558 2,365,146 62,765
3875 Faber Place N. Charleston, SC 4,847,726 1,164,530 - 5,702,849
440 Knox Abbott Drive Cayce, SC - 576,767 3,395,168 205,343
150 Ridgeview Center Drive Duncan, SC 6,438,241 711,353 8,056,324 14,641
1320 Garlington Road Greenville, SC 1,224,000 398,539 1,761,533 55,781
420 Park Avenue Greenville, SC 2,056,320 522,548 2,730,261 560,968
1 Alliance Drive Goose Creek, SC - 662,422 - 1,714,203
111 Southchase Boulevard. Fountain Inn, SC - 499,065 4,570,357 442,624
300 International Boulevard Fountain Inn, SC - 180,560 639,305 516
4160 Mendenhall Oaks Parkway High Point, NC - 285,882 - 3,108,469
1208 Eastchester Drive High Point, NC - 487,209 4,200,817 176,811
7720 Mendenhall Oaks Parkway High Point, NC - 801,902 - 17,816,078
One Independence Pointe Greenville, SC - 780,881 6,199,230 154,472
55 Beattie Place Greenville, SC - 2,643,105 23,439,801 364,261
75 Beattie Place Greenville, SC 10,722,438 2,406,646 17,400,939 208,194
7736 McCloud Road Greensboro, NC - 591,795 5,895,312 151,947
15 Brendan Way Greenville, SC - 614,192 3,012,019 1,665
200 Meeting Street Charleston, SC - 4,027,428 29,542,711 719,255
7500 West 110th Street Overland Park, KS - 2,380,493 9,575,474 84,744
8035 Quivira Road Lenexa, KS - 1,180,181 4,737,816 154
4300 Federal Drive High Point, NC - 264,038 - 1,602,008
1730 Stebbins Drive Houston, TX - 143,258 - 413,414
5911-5925 Richard Street Jacksonville, FL - 275,582 - 508,059
8383-8385 Baycenter Road Jacksonville, FL - 63,703 - 612,320
8775 Baypine Road Jacksonville, FL - 906,804 - 3,142,795
8539 Western Way Jacksonville, FL - 328,133 - 3,172,380
6255 Lake Gray Boulevard Jacksonville, FL - 813,067 - 3,293,572
6600-6660 Suemac Place Jacksonville, FL - 210,804 - 1,894,774
6800-6850 Suemac Place Jacksonville, FL - 121,077 - 978,170
8665,8667,8669 Baypine Road Jacksonville, FL - 966,552 - 3,924,841
8540 Baycenter Road Jacksonville, FL - 445,603 - 1,371,536
1200 Riverplace Boulevard Jacksonville, FL - 1,028,864 - 16,927,899
8400 Baymeadows Way Jacksonville, FL - 557,682 - 2,332,209
8614 Baymeadows Way Jacksonville, FL - 290,291 - 1,110,880
5941-5975 Richard Street Jacksonville, FL - 583,622 - 1,113,225
7970 Bayberry Road Jacksonville, FL - 127,520 - 1,249,635
6000-6030 Bowdendale Avenue Jacksonville, FL - 275,475 - 1,592,174
7898 Baymeadows Way Jacksonville, FL - 561,802 - 1,972,330
5977-6607 Richard Street Jacksonville, FL - 180,033 - 1,565,681
7910 & 7948 Baymeadows Way Jacksonville, FL - 210,299 - 2,679,151
7954 & 7960 Baymeadows Way Jacksonville, FL - 291,312 - 2,980,181
8787 Baypine Road Jacksonville, FL - 2,076,306 - 35,605,962
7077 Bonneval Road Jacksonville, FL - 768,000 5,789,000 1,007,066
4190 Belfort Road Jacksonville, FL - 821,000 5,866,000 1,517,110
8011, 8021, 8031 Phillips Highway Jacksonville, FL - 626,250 3,548,750 852,736
7020 AC Skinner Parkway Jacksonville, FL 3,278,878 398,257 - 2,454,352
7040 AC Skinner Parkway Jacksonville, FL 2,314,502 706,934 - 3,109,161
11777 Central Highway Jacksonville, FL - 92,207 429,997 1,925,123
4345 Southpoint Parkway Jacksonville, FL - - - 8,094,976
7016 AC Skinner Parkway Jacksonville, FL - 597,181 - 2,326,445
7018 AC Skinner Parkway Jacksonville, FL - 840,996 - 4,081,086
6620 Southpoint Drive Jacksonville, FL - 614,602 4,267,477 305,862
7980 Bayberry Road Jacksonville, FL - 330,726 1,338,101 20,157
9600 Satellite Boulevard Orlando, FL - 252,850 1,297,923 13,374
9700 Satellite Boulevard Orlando, FL - 405,362 1,146,546 12,238
1902 Cypress Lake Drive Orlando, FL - 523,512 3,191,790 542,241
8250 & 8256 Exchange Place Orlando, FL - 622,413 2,507,842 53,905
6600 Southpoint Parkway Jacksonville, FL - 998,432 4,055,727 22,716
6700 Southpoint Parkway Jacksonville, FL - 620,719 3,178,610 27,782
4801 Executive Park Court - 100 Jacksonville, FL 2,471,784 554,993 2,993,277 -
4801 Executive Park Court - 200 Jacksonville, FL 1,108,892 370,017 1,995,518 47
4810 Executive Park Court Jacksonville, FL 1,108,892 369,694 3,045,639 -
6602 Executive Park Court - 100 Jacksonville, FL 1,164,046 388,519 2,095,293 56,292
6602 Executive Park Court - 200 Jacksonville, FL 886,823 296,014 1,596,347 -
6631 Executive Park Court - 100 Jacksonville, FL 754,743 251,613 1,356,849 -
6631 Executive Park Court - 200 Jacksonville, FL 1,219,201 406,561 2,195,070 9,284
4815 Executive Park Court - 100 Jacksonville, FL 1,097,280 366,317 1,975,393 -
4815 Executive Park Court - 200 Jacksonville, FL 1,386,115 462,522 2,494,397 17,120
4825 Executive Park Court Jacksonville, FL 1,801,224 601,278 3,242,491 -
4820 Executive Park Court Jacksonville, FL 1,515,292 555,173 2,693,130 415,050
10511 & 10611 Satellite Boulevard Orlando, FL - 517,554 2,568,186 84,579
1400-1440 Central Florida Parkway Orlando, FL - 518,043 2,561,938 35,915
6601 Executive Park Circle North Jacksonville, FL - 551,250 3,128,361 640
1300 Riverplace Boulevard Jacksonville, FL - 1,804,258 7,755,572 221,985
4901 Belfort Land Jacksonville, FL - 877,964 2,360,742 1,871,609
16445 Air Center Boulevard Houston, TX - 363,339 2,509,186 582
16405 Air Center Boulevard Houston, TX - 438,853 3,030,396 1,162
2216 Directors Row Orlando, FL - 453,918 2,572,202 268
7460 Chancellor Drive Orlando, FL - 266,555 902,949 231,466
1901 Summit Tower Boulevard Maitland, FL - 6,078,791 12,348,567 350,031
3701-3727 Vineland Road Orlando, FL - 767,929 2,096,504 46,316
4001,4051,4101 Fowler Avenue Tampa, FL - 1,299,310 - 4,752,467
5501-5502 Pioneer Park Boulevard Tampa, FL - 162,000 1,613,000 150,458
5690-5694 Crenshaw Street Tampa, FL - 181,923 1,812,496 142,834
3102,3104,3110 Cherry Palm Drive Tampa, FL - 503,767 2,787,585 75,673
8401-8408 Benjamin Road Tampa, FL - 789,651 4,454,648 227,424
3501 Riga Boulevard Tampa, FL - 617,289 3,048,379 184,586
111 Kelsey Lane Tampa, FL - 359,540 1,461,850 164,325
7930, 8010-20 Woodland Center Tampa, FL 4,876,417 1,408,478 5,247,246 158,689
- -58-
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Cost
Capitalized
Initial Cost Subsequent
---------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - CONTINUED
7920 Woodland Center Boulevard Tampa, FL 2,918,017 1,382,648 2,445,444 404,336
8154-8198 Woodland Center Tampa, FL 2,467,584 399,088 2,868,834 12,512
8112-42 Woodland Center Tampa, FL 2,545,920 513,263 3,230,239 4,600
8212 Woodland Center Tampa, FL 1,940,579 820,882 2,322,720 14,211
131 Kelsey Lane Tampa, FL - 511,463 - 4,466,826
7724 Woodland Center Boulevard Tampa, FL - 235,893 - 2,094,260
8921 Brittany Way Tampa, FL - 255,583 1,063,882 849,197
5250 Eagle Trail Drive Tampa, FL - 952,860 - 3,457,117
1701 Clint Moore Boulevard Boca Raton, FL - 1,430,884 3,043,553 39,852
4555 Riverside Drive Beach Gardens, FL - 805,672 5,782,360 16,244
2500 Metrocentre Boulevard West Palm Beach, FL - 238,362 1,534,926 20,400
2540 Metrocentre Boulevard West Palm Beach, FL - 165,071 1,058,736 32,530
2541 Metrocentre Boulevard West Palm Beach, FL - 145,091 379,318 568,206
2580 Metrocentre Boulevard West Palm Beach, FL - 256,478 1,651,602 21,571
2581 Metrocentre Boulevard West Palm Beach, FL - 189,359 1,218,712 16,634
1101 Northpoint Parkway West Palm Beach, FL - 258,606 1,462,432 47,614
3223 Commerce Place West Palm Beach, FL - 501,843 2,012,290 20,403
801 Northpoint Parkway West Palm Beach, FL - 459,284 2,597,108 7,888
5410 - 5430 Northwest 33rd Avenue Ft. Lauderdale, FL - 603,776 4,176,238 102,827
6500 NW 12th Avenue Ft. Lauderdale, FL - 7,099 3,046,309 26,716
6600 NW 12th Avenue Ft. Lauderdale, FL - 7,102 3,047,462 31,244
1500 SW 5th Court Pompano Beach, FL - 972,232 3,892,085 5,159
1651 SW 5th Court Pompano Beach, FL - 203,247 811,093 9,515
1601 SW 5th Court Pompano Beach, FL - 203,247 811,093 50,505
1501 SW 5th Court Pompano Beach, FL - 203,247 811,093 10,134
1400 SW 6th Court Pompano Beach, FL - 1,157,049 4,620,956 40,900
1405 SW 6th Court Pompano Beach, FL - 392,138 1,565,787 9,515
595 SW 13th Terrace Pompano Beach, FL - 359,933 1,437,116 3,806
601 SW 13th Terrace Pompano Beach, FL - 164,413 655,933 9,767
605 SW 16th Terrace Pompano Beach, FL - 310,778 1,238,324 1,046
2440-2478 Metrocentre Boulevard West Palm Beach, FL - 470,214 2,120,555 27,939
951 Broken Sound Parkway Boca Raton, FL 3,082,573 1,426,251 6,098,952 100,627
3400 Lakeside Drive Miramar, FL - 2,022,153 11,345,881 304,395
3450 Lakeside Drive Miramar, FL - 2,022,152 11,357,143 104,662
13650 NW 8th Street Sunrise, FL - 558,223 2,171,930 17,591
13630 NW 8th Street Sunrise, FL - 659,797 2,596,275 118,812
777 Yamato Road Boca Raton, FL - 4,101,247 16,077,347 1,723
1801 Clint Moore Boulevard Boca Raton, FL - 1,065,068 4,481,644 59,032
6601-6625 W. 78th Street Bloomington, MN - 2,263,060 - 38,510,925
2905 Northwest Boulevard Plymouth, MN - 516,920 4,646,342 484,398
2800 Campus Drive Plymouth, MN - 395,366 3,554,512 145,676
2955 Xenium Lane Plymouth, MN - 151,238 1,370,140 73,250
9401-9443 Science Center Drive New Hope, MN - 431,295 3,888,684 130,008
6321-6325 Bury Drive Eden Prairie, MN - 462,876 4,151,790 15,393
7115-7173 Shady Oak Road Eden Prairie, MN - 454,974 4,089,410 107,771
7660-7716 Golden Triangle Drive Eden Prairie, MN - 568,706 5,115,177 671,719
7400 Flying Cloud Drive Eden Prairie, MN - 195,982 1,762,027 18,678
330 Second Avenue Minneapolis, MN - 1,481,560 13,043,160 1,561,621
10301-10305 West 70th Street Eden Prairie, MN - 120,622 1,085,226 71,595
10321 West 70th Street Eden Prairie, MN - 145,198 1,305,700 31,000
10333 West 70th Street Eden Prairie, MN - 110,746 995,868 26,724
10349-10357 West 70th Street Eden Prairie, MN - 275,903 2,481,666 256,059
10365-10375 West 70th Street Eden Prairie, MN - 291,077 2,618,194 151,644
10393-10394 West 70th Street Eden Prairie, MN - 269,618 2,423,318 225,206
7078 Shady Oak Road Eden Prairie, MN - 343,093 3,085,795 1,690
5600 & 5610 Rowland Road Minnetonka, MN - 828,650 7,399,409 58,135
2920 Northwest Boulevard Plymouth, MN - 392,026 3,433,678 651,380
5400-5500 Feltl Road Minnetonka, MN - 883,895 7,983,345 132,901
10300 Bren Road Minnetonka, MN - 344,614 3,110,477 176,864
14630-14650 28th Avenue North Plymouth, MN - 198,205 1,793,422 50,930
7695-7699 Anagram Drive Eden Prairie, MN - 760,525 3,254,758 25,128
7550 Meridian Circle Maple Grove, MN 2,308,128 513,250 2,901,906 9,347
2800 Northwest Boulevard Plymouth, MN 4,897,625 1,934,438 10,952,503 5,932
3255 Neil Armstrong Boulevard Eagan, MN - 1,131,017 - 3,308,121
4801 West 81st Street Bloomington, MN 823,752 1,624,701 2,494,368 32,421
8100 Cedar Avenue Bloomington, MN 2,306,339 501,313 3,675,416 23,271
9600 54th Avenue Plymouth, MN - 332,317 3,077,820 32,259
7800 Equitable Drive Eden Prairie, MN - 2,188,525 3,788,762 286
7905 Fuller Road Eden Prairie, MN - 1,229,862 4,075,167 15,211
26911-26957 Northwestern Highway Southfield, MI - 7,799,515 66,268,817 4,465,604
1650 Research Drive Troy, MI - 763,067 7,201,677 55,753
1775 Research Drive Troy, MI - 331,422 2,788,073 39,623
1875 Research Drive Troy, MI - 329,863 2,774,006 39,601
1850 Research Drive Troy, MI - 781,054 7,364,300 114,580
1965 Research Drive Troy, MI - 419,090 3,578,928 40,911
1960 Research Drive Troy, MI - 419,146 3,579,166 46,843
27260 Haggerty Road Farmington Hills, MI - 456,877 4,091,196 32,732
27200 Haggerty Road Farmington Hills, MI - 382,754 3,425,227 36,627
27280 Haggerty Road Farmington Hills, MI - 452,860 4,055,512 28,347
27220 Haggerty Road Farmington Hills, MI - 203,064 1,802,592 18,135
27240 Haggerty Road Farmington Hills, MI - 171,518 1,518,192 17,271
27300 Haggerty Road Farmington Hills, MI - 370,378 3,311,366 74,634
1101 Allen Drive Troy, MI - 98,144 887,935 14,992
1151 Allen Drive Troy, MI - 164,483 1,486,220 14,798
1300 Rankin Street Troy, MI - 134,090 1,212,752 24,040
1350 Rankin Street Troy, MI - 111,776 1,011,497 21,743
1376-1400 Rankin Street Troy, MI - 134,292 1,213,626 65,236
1352-1374 Rankin Street Troy, MI - 153,275 1,385,098 27,412
1324-1346 Rankin Street Troy, MI - 134,090 1,212,214 9,081
- -59-
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Cost
Capitalized
Initial Cost Subsequent
---------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - CONTINUED
1301-1307 Rankin Street Troy, MI - 111,776 1,011,121 15,664
1409 Allen Drive Troy, MI - 142,370 1,286,048 73,662
1304 E. Maple Road Troy, MI - 211,233 1,906,786 284,660
1334 Maplelawn Road Troy, MI - 124,296 1,122,802 824
1290 Maplelawn Road Troy, MI - 85,321 771,621 58,817
1070 Maplelawn Road Troy, MI - 68,560 620,595 40,673
950 Maplelawn Road Troy, MI - 252,429 2,265,259 24,248
894 Maplelawn Road Troy, MI - 181,749 1,632,243 17,270
1179 Maplelawn Road Troy, MI - 87,845 794,365 52,384
1940 Norwood Drive Troy, MI - 86,836 785,267 6,916
1311-1331 Maplelawn Road Troy, MI - 125,407 1,132,810 6,991
2354 Bellingham Street Troy, MI - 87,340 789,817 12,654
2360 Bellingham Street Troy, MI - 87,340 789,817 10,864
1911 Ring Drive Troy, MI - 86,129 778,900 10,825
26442-26450 Haggerty Road Farmington Hills, MI - 237,687 2,143,478 14,134
26500 Haggerty Road Farmington Hills, MI - 311,093 2,791,804 35,322
26650 Haggerty Road Farmington Hills, MI - 173,166 1,562,704 12,574
26700 Haggerty Road Farmington Hills, MI - 253,338 2,290,696 9,091
26750 Haggerty Road Farmington Hills, MI - 292,717 2,638,688 26,851
26800 Haggerty Road Farmington Hills, MI - 175,489 1,583,362 12,422
26842-26850 Haggerty Road Farmington Hills, MI - 239,606 2,160,470 13,974
50 West Big Bear Road Troy, MI - 2,159,678 19,481,454 143,132
100 West Big Bear Road Troy, MI - 2,113,006 19,057,355 67,593
245 Executive Drive Brookfield, WI - 577,067 5,197,903 118,305
8301 West Parkland Court Milwaukee, WI - 358,442 3,233,707 10,954
4701 West Schroeder Road Brown Deer, WI - 300,385 2,709,137 24,441
4555 West Schroeder Drive Brown Deer, WI - 401,290 3,616,779 358,503
32991 Hamilton Court Farmington Hills, MI - 1,065,392 3,627,675 -
7800 N. 113th Street Milwaukee, WI - 1,711,964 6,847,857 32,255
2475-2479 Elliot Avenue Troy, MI - 128,808 516,393 587
32661 Edward Avenue Madison Heights, MI - 378,838 2,330,550 4,054
32701 Edward Avenue Madison Heights, MI - 340,398 1,364,777 3,043
32751 Edward Avenue Madison Heights, MI - 151,410 859,462 69,415
32853 Edward Avenue Madison Heights, MI - 138,121 784,426 52,277
555 East Mandoline Avenue Madison Heights, MI - 140,862 799,993 924
599 East Mandoline Avenue Madison Heights, MI - 132,164 646,768 35,517
749 East Mandoline Avenue Madison Heights, MI - 144,658 708,054 915
750 East Mandoline Avenue Madison Heights, MI - 151,458 741,185 878
900 East Mandoline Avenue Madison Heights, MI - 157,729 771,872 915
949 East Mandoline Avenue Madison Heights, MI - 137,049 778,338 901
32390-32400 Howard Avenue Madison Heights, MI - 148,582 595,776 730
32090 John R. Road Madison Heights, MI - 70,351 399,251 6,610
31601 Research Park Drive Madison Heights, MI - 331,179 1,879,812 4,119
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 55,613
31751 Research Park Drive Madison Heights, MI - 194,063 1,300,574 979
31800 Research Park Drive Madison Heights, MI - 217,929 1,601,469 1,788
800 Tech Row Madison Heights, MI - 444,977 2,984,811 6,322
900 Tech Row Madison Heights, MI - 155,606 883,725 1,021
1000 Tech Row Madison Heights, MI - 357,897 2,628,029 1,857
31771 Sherman Avenue Madison Heights, MI - 150,944 645,040 781
31791 Sherman Avenue Madison Heights, MI - 105,606 649,891 614
31811 Sherman Avenue Madison Heights, MI - 207,599 1,179,010 1,363
31831 Sherman Avenue Madison Heights, MI - 158,483 900,064 1,039
31900 Sherman Avenue Madison Heights, MI - 269,293 1,804,498 1,224
800 East Whitcomb Avenue Madison Heights, MI - 151,704 1,294,687 878
950 East Whitcomb Avenue Madison Heights, MI - 113,630 2,162,302 2,351
1000 East Whitcomb Avenue Madison Heights, MI - 113,512 1,023,613 37,918
1100 East Whitcomb Avenue Madison Heights, MI - 135,152 832,031 952
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 2,473
1280 Kempar Avenue Madison Heights, MI - 142,305 536,474 4,431
1001 East Lincoln Avenue Madison Heights, MI - 479,874 2,050,674 4,550
1201 East Lincoln Avenue Madison Heights, MI - 710,614 2,139,273 3,677
22515 Heslip Drive Madison Heights, MI - 144,477 338,277 573
8400 Lakeview Parkway Pleasant Prairie, WI - 892,146 4,032,027 93
8401 Lakeview Parkway Pleasant Prairie, WI - 649,631 3,462,362 81
9801 80th Avenue Pleasant Prairie, WI - 1,692,077 7,947,278 -
50 Gibson Drive West Malling, UK - - - 3,717,031
25 Kings Hill Avenue West Malling, UK 5,808,250 1,105,380 - 8,134,990
2 Kings Hill Avenue West Malling, UK - 785,565 - 5,452,826
50 Kings Hill Avenue West Malling, UK - 1,215,608 - 12,704,406
10 Kings Hill Avenue West Malling, UK - 983,547 - 6,444,987
------------ ------------ -------------- --------------
Subtotal Operating Properties $408,150,780 $358,513,838 $1,514,674,421 $ 871,936,713
============ ============ ============== ==============
- -60-
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Cost
Capitalized
Initial Cost Subsequent
---------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
DEVELOPMENT IN PROGRESS
45 Liberty Boulevard Malvern, PA $ - $ 4,380,221 $ - $ 7,598,428
3 Franklin Plaza Philadelphia, PA - 2,483,144 - 15,725,040
2500 Renaissance Boulevard King of Prussia, PA - 509,580 - 2,223,822
2300 Renaissance Boulevard King of Prussia, PA - 509,580 - 1,480,204
2100 Renaissance Boulevard King of Prussia, PA - 1,110,111 - 4,245,745
4 Walnut Grove Horsham, PA - 2,515,115 - 7,678,725
PNC Bank - Phase II Construction Philadelphia, PA - 0 - 4,728,357
600 Chesterfield Parkway Malvern, PA - 2,013,750 - 3,577,910
700 Chesterfield Parkway Malvern, PA - 2,013,750 - 2,953,064
2520 Renaissance Boulevard King of Prussia, PA - 1,020,000 - 174,503
201 Berkeley Drive Bridgeport, NJ - 270,880 - 3,910,471
300 Commodore Drive Bridgeport, NJ - 417,695 - 5,071,799
1020 Briggs Road Land Mt. Laurel, NJ - 494,334 - 711,586
800 Arlington Boulevard Logan, NJ - 1,687,500 - 596,860
1525 Valley Center Parkway Allentown, PA - 475,686 - 5,622,852
Lehigh Valley West Land - Lot 4 Upper Macungie, PA - 4,019,258 - 2,756,541
5500 Cox Road Glen Allen, VA - 443,485 - 2,126,243
701 Liberty Way Richmond, VA - 171,711 - 4,348,619
5305 Valley Park Drive Roanoke, VA - 266,948 - 1,635,361
530 Eastpark Court Richmond, VA - 266,883 - 2,365,724
801 Liberty Way Richmond, VA - 780,000 - 4,730,570
6532 Judge Adams Road Whitsett, NC - 305,821 - 3,634,907
4194 Mendenhall Oaks Parkway High Point, NC - 102,372 - 2,110,706
4196 Mendenhall Oaks Parkway High Point, NC - 66,731 - 1,613,085
4170 Mendenhall Oaks Parkway High Point, NC - 143,699 - 1,702,981
4180 Mendenhall Oaks Parkway High Point, NC - 121,329 - 1,598,881
3955 Faber Place Charleston, SC - 381,887 - 2,024,369
7014 AC Skinner Parkway Jacksonville, FL - 574,198 - 2,346,101
9550 Satellite Boulevard Orlando, FL - 574,831 - 1,991,248
Butler Plaza Jacksonville, FL - 1,299,201 - 2,318,280
7802-50 Woodland Center Boulevard Tampa, FL - 357,364 - 2,291,538
7852-98 Woodland Center Boulevard Tampa, FL - 357,364 - 2,318,800
7725 Woodland Center Boulevard Tampa, FL - 553,335 - 2,097,015
8001 Woodland Center Boulevard Tampa, FL - 350,406 - 1,004,824
4630 Woodland Corporate Boulevard Tampa, FL - 943,169 - 749,925
Silo Bend 12 Tampa, FL - 654,259 - 462,544
Huntington Square Land Miramar, FL - 2,960,511 - 9,176,081
10400 Southwest Crossing Eden Prairie, MN - 2,912,391 - 18,373,466
9023 Columbine Road Eden Prairie, MN - 1,956,273 - 920,540
West Tech Park Land (Lot B) Farmington Hills, MI - 455,846 - 952,812
West Tech Park Land (Lot C) Farmington Hills, MI - 368,083 - 1,035,182
30 Tower View West Malling, UK - 1,657,321 - 9,317,334
35 Kings Hill Avenue West Malling, UK - 812,193 - 2,798,320
39 Kings Hill Avenue West Malling, UK - 494,508 - 2,886,006
18 Kings Hill Avenue West Malling, UK - 829,785 - 4,493,008
------------ ------------ -------------- --------------
Subtotal Development in Progress $ - $ 45,082,508 $ - $ 162,480,377
============ ============ ============== ==============
- -61-
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Cost
Capitalized
Initial Cost Subsequent
---------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
LAND HELD FOR DEVELOPMENT
Gwynedd North Bus Camp Land Lansdale, PA $ - $ - $ - $ 260,415
Three Country View Road Malvern, PA - (178,752) - 184,929
550 Lapp Road Malvern, PA - (159,445) - 162,020
Cedar Hollow Road Land Malvern, PA - (157,681) - 157,681
Walnut Grove Land Horsham, PA - 1,065,951 - 523,497
35 Liberty Boulevard Land Malvern, PA - - - -
Great Valley Land Malvern, PA - 658,754 - 931,225
10 Matthews Rd South Land Malvern, PA - 578,804 - 30,191
Renaissance Park Land King of Prussia, PA 3,548,488 3,805,664 - 783,621
Swedes Run Business Park Land Delran, NJ - 1,057,204 - 558,201
Marlton Crossing Land Marlton, NJ - 69,402 - 239,260
Commodore Business Park Logan Township, NJ - 2,903,914 - 460,285
Boulden Land New Castle, DE - - - 1,560
Marlton Executive Park Land Marlton, NJ - 550,664 - 215,198
1015 Briggs Road Land Mt. Laurel, NJ - 356,987 - 65,900
Lehigh Valley Corporate Center Land Bethlehem, PA - (2,926,976) - 4,347,527
Lehigh Valley West Lots 13,14,15 Allentown, PA - - - 30,900
LVCC Phase 2 Land Bethlehem, PA 1,525,000 1,959,495 - 1,183,936
LV West Land - Lot 5A Upper Macungie, PA - 519,208 - 35,281
Park at Valleypointe Land Roanoke, VA - 238,545 - 406,297
Fairgrounds Distribution Center Land Richmond, VA - 100,000 - 30,304
Rivers' Bend Land Richmond, VA - 1,172,108 - 7,677,781
Oakleys Center Land Richmond, VA - - - -
Woodlands Center Land Richmond, VA - 734,787 - 311,819
501 Liberty Way Richmond, VA - 441,188 - 208,819
601 HP Way Richmond, VA - 171,024 - 460,882
6000-98 Eastport Boulevard Richmond, VA - 787,091 - 85,812
Eastport VIII Richmond, VA - 379,836 - 2,862
Eastport IX Richmond, VA - 209,856 - 1,771
Brill 2 Land Richmond, VA - 1,432,462 - 293,528
Westmoreland Land Virginia Beach, VA - 758,403 - 31,279
Westmoreland III Land Virginia Beach, VA - 645,966 - 28,933
Mendenhall Land High Point, NC - 2,528,914 - 2,146,962
Independence Pointe Land Greenville, SC - 1,304,084 - 14,855
Executive Park at Faber Place Land Charleston, SC - 452 - 40,320
Northpoint Industrial Park Land Columbia, SC - - - 72,284
Overlook Business Center Land Columbia, SC - - - -
Ridgeview Center Land Greenville, SC - - - -
Southchase Business Park Land Greenville, SC - - - 77,082
Woodfield Land Greenville, SC - 1,719 - 68,958
Southpoint Business Park Land Jacksonville, FL - 349,339 - 88,772
Liberty Business Park Land Jacksonville, FL - (313,180) - 1,336,260
7024 AC Skinner Parkway Jacksonville, FL - 539,554 - 146,494
Silo Bend Land (LPDC) Tampa, FL - 4,104,030 - 299,559
Exchange Place Land Orlando, FL - 193,406 - 8,711
Belfort Road Jacksonville, FL - 375,740 - 73,042
Butler Plaza Land Jacksonville, FL - 2,602,994 - 195,872
Central Green Land Houston, TX - 1,394,592 - 10,084
Salisbury Road Land Jacksonville, FL - 1,605,907 - 30,437
Airport West Tampa, FL - - - 481
Woodland Corporate Center Land Tampa, FL - 21,832 - 207,195
Pompano Business Park Land - Parcel 2 Boca Raton, FL - 407,328 - -
Pompano Business Park Land - Parcel 3 Boca Raton, FL - 509,233 - -
Boca Colannade Land - Yamato Road Boca Raton, FL - 4,055,325 - 183,210
Klodt Land Eden Prairie, MN - 5,694,963 - 434,065
Flying Cloud Land Eden Prairie, MN - 6,347,575 - 390,574
Romulus Land Romulus, MI - 909,282 - 40,340
4 ABW West Malling, UK - - - 68,982
------------ ------------ -------------- --------------
Subtotal Land Held for Development $ 5,073,488 $ 49,807,545 $ 0 $ 25,646,257
============ ============ ============== ==============
TOTAL ALL PROPERTIES $413,224,268 453,403,891 1,514,674,421 $1,060,063,346
============ ============ ============== ==============
** Rouse leases land from Kent County Council
- -62-
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/98
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES
10,20 Liberty Boulevard Malvern, PA $ 645,318 $ 5,020,598 $ 5,665,916
420 Lapp Road Malvern, PA 1,049,243 6,289,585 7,338,828
747 Dresher Road Horsham, PA 1,611,977 3,943,429 5,555,406
45-67 Great Valley Parkway Malvern, PA 795,831 2,930,154 3,725,985
1180 Church Road Lansdale, PA 2,391,036 15,612,294 18,003,330
40 Valley Stream Parkway Malvern, PA 323,792 2,208,115 2,531,907
50 Valley Stream Parkway Malvern, PA 371,068 2,337,088 2,708,156
20 Valley Stream Parkway Malvern, PA 466,413 5,052,259 5,518,672
800 Town Center Drive Langhorne, PA 1,619,288 8,987,586 10,606,875
9, 15 Great Valley Parkway Malvern, PA 1,837,878 15,155,884 16,993,762
257-275 Great Valley Parkway Malvern, PA 505,458 4,424,034 4,929,492
300 Technology Drive Malvern, PA 374,497 1,294,125 1,668,622
277-293 Great Valley Parkway Malvern, PA 531,534 1,913,842 2,445,376
311 Technology Drive Malvern, PA 348,099 2,285,875 2,633,974
325 Technology Drive Malvern, PA 385,693 1,841,992 2,227,685
7 Great Valley Parkway Malvern, PA 177,317 4,266,401 4,443,718
55 Valley Stream Parkway Malvern, PA 215,818 3,304,100 3,519,918
65 Valley Stream Parkway Malvern, PA 382,361 4,727,790 5,110,151
508 Lapp Road Malvern, PA 263,116 1,798,410 2,061,526
10 Valley Stream Parkway Malvern, PA 465,135 2,708,000 3,173,135
333 Phoenixville Pike Malvern, PA 524,229 3,083,246 3,607,475
30 Great Valley Parkway Malvern, PA 128,783 354,908 483,691
75 Great Valley Parkway Malvern, PA 143,811 418,152 561,963
27-43 Great Valley Parkway Malvern, PA 449,447 2,115,645 2,565,092
77-123 Great Valley Parkway Malvern, PA 888,359 4,581,383 5,469,742
260 Great Valley Parkway Malvern, PA 212,768 840,159 1,052,927
256 Great Valley Parkway Malvern, PA 161,949 1,887,910 2,049,859
205 Great Valley Parkway Malvern, PA 1,369,003 9,598,853 10,967,856
12,14,16 Great Valley Parkway Malvern, PA 131,517 1,201,212 1,332,729
155 Great Valley Parkway Malvern, PA 626,068 2,257,560 2,883,628
333 Technology Drive Malvern, PA 90,952 2,377,145 2,468,097
510 Lapp Road Malvern, PA 325,415 897,495 1,222,910
181 Wheeler Court Langhorne, PA 263,490 2,089,697 2,353,187
1100 Wheeler Way Langhorne, PA 151,500 1,189,217 1,340,717
60 Morehall Road Malvern, PA 884,974 13,989,653 14,874,627
905 Airport Road West Chester, PA 1,735,012 5,369,518 7,104,530
16 Cabot Boulevard Langhorne, PA 649,743 5,925,232 6,574,975
1 Country View Road Malvern, PA 406,421 4,046,917 4,453,338
2151 Cabot Boulevard Langhorne, PA 389,990 3,714,510 4,104,500
170 South Warner Road King of Prussia, PA 555,911 5,213,641 5,769,552
190 South Warner Road King of Prussia, PA 560,373 4,333,359 4,893,732
507 Prudential Road Horsham, PA 652,919 6,028,949 6,681,868
100 Witmer Road Horsham, PA 3,133,783 9,654,658 12,788,441
3100 Horizon Drive King of Prussia, PA 611,435 1,997,769 2,609,205
3300 Horizon Drive King of Prussia, PA 687,878 3,143,819 3,831,697
3500 Horizon Drive King of Prussia, PA 1,223,875 2,512,100 3,735,976
200 Chester Field Parkway Malvern, PA 495,893 2,862,279 3,358,172
767 Electronic Drive Horsham, PA 1,241,970 2,926,553 4,168,523
132 Welsh Road Horsham, PA 1,408,042 3,782,765 5,190,807
5 Country View Road Malvern, PA 786,235 4,812,177 5,598,412
3200 Horizon Drive King of Prussia, PA 1,210,136 4,009,811 5,219,947
3000 Horizon Drive King of Prussia, PA 946,703 2,097,809 3,044,511
111-195 Witmer Road Horsham, PA 407,205 3,244,924 3,652,128
300 Welsh Road Horsham, PA 180,459 1,506,101 1,686,559
400 Welsh Road Horsham, PA 282,493 3,251,028 3,533,521
8801 Tinicum Boulevard Philadelphia, PA 124,062 26,559,254 26,683,316
440 East Swedesford Road King of Prussia, PA 717,001 6,270,057 6,987,058
460 East Swedesford Road King of Prussia, PA 705,317 5,118,131 5,823,447
50 Morehall Road Malvern, PA 1,337,076 12,559,217 13,896,293
2 Walnut Grove Drive Horsham, PA 1,265,363 8,554,421 9,819,784
200 Gibraltar Road Horsham, PA 638,513 5,913,832 6,552,345
220 Gibraltar Road Horsham, PA 629,944 5,751,974 6,381,918
240 Gibraltar Road Horsham, PA 629,944 5,752,023 6,381,967
151 S. Warner Road King of Prussia, PA 1,218,086 7,051,869 8,269,955
1 Walnut Grove Drive Horsham, PA 1,058,901 6,200,558 7,259,459
3604 Horizon Drive King of Prussia, PA 350,873 1,622,699 1,973,572
3606 Horizon Drive King of Prussia, PA 815,855 1,914,370 2,730,225
650 Swedesford Road King of Prussia, PA 952,911 15,098,429 16,051,340
680 Swedesford Road King of Prussia, PA 952,361 13,088,704 14,041,065
761 Fifth Avenue King of Prussia, PA 256,463 2,283,121 2,539,584
771 Fifth Avenue King of Prussia, PA 152,456 1,434,287 1,586,743
1 Great Valley Parkway Malvern, PA 419,460 3,971,229 4,390,689
5 Great Valley Parkway Malvern, PA 684,200 6,420,736 7,104,936
311 Sinclair Road Bristol, PA 277,901 1,588,453 1,866,354
100 Cedar Hollow Road Malvern, PA 1,646,985 15,774,424 17,421,408
3 Country View Road Malvern, PA 1,128,880 4,458,972 5,587,853
425 Technology Drive Malvern, PA 321,473 1,705,940 2,027,413
375 Technology Drive Malvern, PA 234,922 1,754,063 1,988,985
100 Chesterfield Parkway Malvern, PA 1,349,954 6,502,270 7,852,224
181-187 Gibraltar Road Horsham, PA 360,549 3,690,467 4,051,016
104 Rock Road Horsham, PA 330,111 3,003,681 3,333,792
123-135 Rock Road Horsham, PA 292,360 2,438,931 2,731,291
111-159 Gibraltar Road Horsham, PA 489,032 4,156,675 4,645,707
161-175 Gibraltar Road Horsham, PA 294,673 3,094,979 3,389,652
125-137 Gibraltar Road Horsham, PA 270,906 2,712,000 2,982,906
261-283 Gibraltar Road Horsham, PA 464,871 3,990,308 4,455,179
210-223 Witmer Road Horsham, PA 270,282 3,808,010 4,078,292
- -63-
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/98
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - CONTINUED
231-237 Gibraltar Road Horsham, PA 436,952 4,215,833 4,652,785
100 Gibraltar Road Horsham, PA 38,729 358,432 397,161
101 Gibraltar Road Horsham, PA 731,990 5,943,778 6,675,768
506 Prudential Road Horsham, PA 208,140 1,512,635 1,720,775
113-123 Rock Road Horsham, PA 351,072 3,192,293 3,543,365
101-111 Rock Road Horsham, PA 350,561 3,188,255 3,538,816
120 Gibraltar Road Horsham, PA 558,142 4,908,332 5,466,474
110 Gibraltar Road Horsham, PA 673,041 5,829,389 6,502,430
100-107 Lakeside Drive Horsham, PA 255,528 2,339,018 2,594,546
200-264 Lakeside Drive Horsham, PA 502,705 4,942,987 5,445,692
300-309 Lakeside Drive Horsham, PA 376,475 3,457,234 3,833,709
400-445 Lakeside Drive Horsham, PA 583,628 5,954,284 6,537,912
104 Witmer Road Horsham, PA 124,565 1,559,986 1,684,551
201 Gibraltar Road Horsham, PA 380,127 3,981,412 4,361,539
3600 Horizon Drive King of Prussia, PA 236,432 1,879,447 2,115,879
3602 Horizon Drive King of Prussia, PA 217,734 1,855,326 2,073,060
400-500 Brandywine Parkway West Chester, PA 845,846 7,128,128 7,973,974
600 Brandywine Parkway West Chester, PA 664,899 5,518,747 6,183,646
2700 Horizon Drive King of Prussia, PA 867,666 3,458,128 4,325,794
2900 Horizon Drive King of Prussia, PA 773,946 3,352,074 4,126,020
719 Dresher Road Horsham, PA 495,112 2,873,978 3,369,091
2250 Hickory Road Plymouth Meeting, PA 1,015,851 9,343,751 10,359,602
3400 Horizon Drive King of Prussia, PA 776,496 3,236,337 4,012,833
One Ridgewood Place Downingtown, PA 422,460 2,341,399 2,763,859
300 Welsh Road Horsham, PA 696,061 3,340,643 4,036,704
6 Terry Drive Newtown, PA 622,029 2,229,572 2,851,601
14 Lee Boulevard Malvern, PA 665,053 6,316,131 6,981,184
500 Chester Field Parkway Malvern, PA 473,139 2,876,167 3,349,306
300-400 Chester Field Parkway Malvern, PA 931,212 4,494,377 5,425,589
1805 Underwood Boulevard Delran, NJ 196,901 622,144 819,045
150 Mid-Atlantic Parkway West Deptford, NJ 88,153 508,052 596,205
18 Boulden Circle New Castle, DE 198,062 3,906,748 4,104,810
501 Delran Parkway Delran, NJ 184,162 2,931,056 3,115,218
600 Delran Parkway Delran, NJ 372,719 5,941,662 6,314,381
1607 Imperial Way West Deptford, NJ 288,280 2,970,495 3,258,775
1 Boulden Circle New Castle, DE 93,309 1,337,838 1,431,147
31-55 Read's Way New Castle, DE 972,159 5,535,641 6,507,800
3 Boulden Circle New Castle, DE 126,701 2,126,041 2,252,742
5 Boulden Circle New Castle, DE 232,274 3,501,869 3,734,143
601 Delran Parkway Delran, NJ 193,336 1,637,643 1,830,979
51 Haddonfield Road Cherry Hill, NJ 248,326 9,359,759 9,608,085
57 Read's Way New Castle, DE 352,736 2,758,177 3,110,913
1370 Imperial Way West Deptford, NJ 298,010 4,415,928 4,713,938
8 Stow Road Marlton, NJ 172,945 1,797,730 1,970,675
10 Stow Road Marlton, NJ 147,318 1,520,368 1,667,686
12 Stow Road Marlton, NJ 103,618 1,184,226 1,287,844
14 Stow Road Marlton, NJ 93,418 1,055,417 1,148,835
1300 Metropolitan Avenue West Deptford, NJ 221,218 2,016,048 2,237,266
701A Route 73 South Marlton, NJ 271,743 5,535,318 5,807,061
701C Route 73 South Marlton, NJ 96,161 1,564,153 1,660,314
1008 Astoria Boulevard Cherry Hill, NJ 32,698 847,897 880,595
1475 Imperial Way West Deptford, NJ 58,606 1,030,902 1,089,508
3000 Atrium Way Mt. Laurel, NJ 512,018 7,539,531 8,051,549
750 Cardinal Drive Bridgeport, NJ 236,190 2,610,506 2,846,696
11000, 15000, 17000 Commerce Parkway Mt. Laurel, NJ 456,465 4,901,099 5,357,564
12000, 14000 Commerce Parkway Mt. Laurel, NJ 362,855 3,430,028 3,792,883
16000, 18000 Commerce Parkway Mt. Laurel, NJ 290,545 2,843,430 3,133,975
406 Lippincott Drive Marlton, NJ 327,554 2,319,880 2,647,434
234 High Hill Road Bridgeport, NJ 250,445 1,812,039 2,062,484
231 Lake Drive New Castle, DE 623,043 4,023,065 4,646,108
100 Arlington Boulevard Bridgeport, NJ 374,836 4,245,021 4,619,857
100 Berkeley Drive Swedesboro, NJ 401,254 2,131,662 2,532,916
301 Lippincott Drive Marlton, NJ 1,069,837 5,185,695 6,255,532
303 Lippincott Drive Marlton, NJ 1,069,837 5,150,391 6,220,228
510-512 Sharptown Road Bridgeport, NJ 125,410 1,107,485 1,232,895
901 Route 73 Marlton, NJ 334,411 2,826,977 3,161,389
Four Greentree Center Marlton, NJ 450,558 3,668,483 4,119,041
512 Sharptown Road Bridgeport, NJ 180,468 1,592,810 1,773,278
15 Boulden Circle New Castle, DE 833,364 4,913,444 5,746,808
404 Lippincott Drive Marlton, NJ 131,896 1,672,248 1,804,144
263 Quigley Boulevard New Castle, DE 171,167 1,411,759 1,582,926
34 Blevins Drive New Castle, DE 196,396 1,543,931 1,740,327
104 Gaither Drive Mt. Laurel, NJ 136,446 1,369,093 1,505,539
2 Lukens Drive New Castle, DE 169,118 1,390,346 1,559,464
402 Lippincott Drive Marlton, NJ 131,896 1,629,153 1,761,049
3000 Lincoln Drive Mt. Laurel, NJ 284,052 3,586,667 3,870,719
6000 Commerce Parkway Mt. Laurel, NJ 234,151 2,154,654 2,388,805
7000 Commerce Parkway Mt. Laurel, NJ 260,014 2,306,930 2,566,944
8000 Commerce Parkway Mt. Laurel, NJ 234,814 2,061,442 2,296,256
9000 Commerce Parkway Mt. Laurel, NJ 286,587 2,529,316 2,815,903
1000 Briggs Road Mt. Laurel, NJ 288,577 2,780,677 3,069,254
1025 Briggs Road Mt. Laurel, NJ 430,990 3,731,252 4,162,242
9 Stow Road Marlton, NJ 654,728 1,920,725 2,575,453
2000 Crawford Place Mt. Laurel, NJ 310,831 3,507,760 3,818,591
1351 Metropolitan Avenue Pureland, NJ 189,465 1,755,427 1,944,892
650 Grove Road Pureland, NJ 267,214 2,562,243 2,829,457
400 Grove Road Pureland, NJ 145,009 1,378,818 1,523,827
5000 Dearborn Court Mt. Laurel, NJ 1,057,763 4,222,775 5,280,538
515 Heron Drive Bridgeport, NJ 334,017 2,375,580 2,709,597
500 Sharptown Road Pureland, NJ 302,858 2,673,774 2,976,632
- -64-
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/98
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - CONTINUED
625 Heron Drive Bridgeport, NJ 180,226 913,440 1,093,666
605 Heron Drive Bridgeport, NJ 265,381 1,051,394 1,316,775
510 Heron Drive Bridgeport, NJ 790,335 7,977,296 8,767,631
522 Pedricktown Road Bridgeport, NJ 176,309 1,376,708 1,553,017
530 Pedricktown Road Bridgeport, NJ 350,813 1,931,324 2,282,138
540 Pedricktown Road Bridgeport, NJ 531,280 4,553,548 5,084,828
230 High Hill Road Bridgeport, NJ 1,418,000 8,866,156 10,284,156
3 Mallard Court Bridgeport, NJ 417,893 2,452,530 2,870,422
730 Cardinal Drive Bridgeport, NJ 576,598 1,817,480 2,394,078
405 Heron Drive Bridgeport, NJ 2,167,471 19,246,081 21,413,552
100 Eagle Road Bridgeport, NJ 256,491 1,452,245 1,708,736
250 High Hill Road Bridgeport, NJ 246,478 2,440,375 2,686,853
508 Center Square Road Bridgeport, NJ 453,341 3,459,188 3,912,528
602 Heron Drive Bridgeport, NJ 524,728 2,245,012 2,769,740
300 Eagle Court Bridgeport, NJ 1,135,989 1,879,429 3,015,418
500 Center Square Road Bridgeport, NJ 1,338,839 6,199,301 7,538,139
1001 Briggs Road Marlton, NJ 701,705 3,719,913 4,421,618
1960 Cuthbert Boulevard Cherry Hill, NJ 321,699 1,314,227 1,635,926
1970 Cuthbert Boulevard Cherry Hill, NJ 321,699 1,309,960 1,631,659
10000 & 11000 Route 73 Marlton, NJ 715,705 2,661,469 3,377,174
1655 Valley Center Parkway Bethlehem, PA 215,095 1,866,465 2,081,560
6560 Stonegate Drive Allentown, PA 437,122 2,332,118 2,769,240
6370 Hedgewood Drive Allentown, PA 515,707 3,021,875 3,537,582
6390 Hedgewood Drive Allentown, PA 670,819 2,537,540 3,208,359
1495 Valley Center Parkway Bethlehem, PA 258,014 3,762,641 4,020,655
6350 Hedgewood Drive Allentown, PA 370,318 3,233,153 3,603,471
6330 Hedgewood Drive Allentown, PA 499,720 4,262,061 4,761,781
1550 Valley Center Parkway Bethlehem, PA 188,320 3,171,216 3,359,536
1560 Valley Center Parkway Bethlehem, PA 229,301 3,888,876 4,118,177
6580 Snowdrift Road Allentown, PA 367,377 2,478,942 2,846,319
1510 Valley Center Parkway Bethlehem, PA 312,873 3,302,687 3,615,560
1530 Valley Center Parkway Bethlehem, PA 212,491 2,572,205 2,784,696
6540 Stonegate Drive Allentown, PA 422,730 3,597,076 4,019,806
974 Marcon Boulevard Allentown, PA 144,248 2,127,691 2,271,939
964 Marcon Street Allentown, PA 139,480 1,491,395 1,630,875
764 Roble Road Allentown, PA 141,746 793,490 935,236
3174 Airport Road Allentown, PA 98,986 1,105,398 1,204,384
2196 Avenue C Allentown, PA 107,307 1,195,585 1,302,892
2202 Hanger Place Allentown, PA 138,127 1,290,822 1,428,949
2201 Hanger Place Allentown, PA 129,142 1,407,561 1,536,703
954 Marcon Boulevard Allentown, PA 104,452 1,159,848 1,264,300
57 South Commerce Way Allentown, PA 395,459 2,959,489 3,354,948
754 Roble Road Allentown, PA 163,735 1,819,107 1,982,842
894 Marcon Boulevard Allentown, PA 118,304 1,076,272 1,194,576
744 Roble Road Allentown, PA 161,371 1,876,577 2,037,948
944 Marcon Boulevard Allentown, PA 119,711 1,589,180 1,708,891
1685 Valley Center Parkway Allentown, PA 198,482 2,096,656 2,295,138
6520 Stonegate Drive Allentown, PA 948,395 1,330,049 2,278,444
7437 Industrial Boulevard Allentown, PA 726,651 6,423,415 7,150,066
2041 Avenue C Allentown, PA 213,879 1,166,830 1,380,709
2124 Avenue C Allentown, PA 289,529 1,093,852 1,383,381
7339 Industrial Boulevard Allentown, PA 1,197,448 5,637,547 6,834,995
7384 Penn Drive Allentown, PA 652,118 2,699,588 3,351,706
7144 Daniels Drive Allentown, PA 1,579,169 6,578,363 8,157,532
7620 Cetronia Road Allentown, PA 1,093,724 4,023,482 5,117,206
939 Marcon Boulevard Allentown, PA 2,220,548 5,258,261 7,478,809
100 Brodhead Road Allentown, PA 429,456 3,099,891 3,529,347
1455 Valley Center Parkway Bethlehem, PA 545,173 3,760,041 4,305,214
1640 Valley Center Parkway Bethlehem, PA 190,728 2,580,591 2,771,319
1650 Valley Center Parkway Allentown, PA 188,896 2,390,469 2,579,365
1660 Valley Center Parkway Bethlehem, PA 188,721 2,230,021 2,418,742
400 Nestle Way Allentown, PA 8,184,096 26,296,091 34,480,187
83 South Commerce Way Bethlehem, PA 212,744 1,017,143 1,229,887
85 South Commerce Way Bethlehem, PA 237,078 1,068,965 1,306,043
87 South Commerce Way Bethlehem, PA 253,886 1,138,811 1,392,696
89 South Commerce Way Bethlehem, PA 368,019 1,881,150 2,249,169
7339 Industrial Boulevard Allentown, PA 2,670,673 13,988,804 16,659,477
95 Highland Avenue Bethlehem, PA 430,593 3,482,516 3,913,109
236 Brodhead Road Bethlehem, PA 376,962 4,697,544 5,074,506
6620 Grant Way Allentown, PA 430,824 1,922,261 2,353,085
700 Nestle Way Allentown, PA 4,174,970 16,139,519 20,314,489
7562 Penn Drive Allentown, PA 269,614 922,920 1,192,534
7277 Williams Avenue Allentown, PA 463,124 1,562,858 2,025,981
7355 Williams Avenue Allentown, PA 489,749 1,769,932 2,259,682
794 Roble Boulevard Allentown, PA 1,147,541 6,144,447 7,291,988
6923 Schantz Spring Road Allentown, PA 1,127,805 3,347,397 4,475,202
2600 Beltline Avenue Reading, PA 558,903 2,247,326 2,806,229
7132 Daniels Drive Allentown, PA 1,696,470 7,126,040 8,822,510
3985 Adler Place Bethlehem, PA 705,367 4,062,547 4,767,914
12000,001,040 Indian Creek Court Beltsville, MD 2,665,835 10,583,308 13,249,143
8280 Patuxent Range Drive Columbia, MD 181,601 1,297,559 1,479,160
7178-80 Columbia Gateway Columbia, MD 1,571,105 5,188,568 6,759,673
8730 Bollman Place Columbia, MD 626,269 4,652,665 5,278,934
9770 Patuxent Woods Drive Columbia, MD 341,663 3,043,617 3,385,280
9780 Patuxent Woods Drive Columbia, MD 218,542 1,947,234 2,165,775
9790 Patuxent Woods Drive Columbia, MD 243,791 2,175,748 2,419,539
9810 Patuxent Woods Drive Columbia, MD 266,684 2,374,941 2,641,625
9800 Patuxent Woods Drive Columbia, MD 299,099 2,662,092 2,961,191
9820 Patuxent Woods Drive Columbia, MD 237,779 2,119,587 2,357,366
9830 Patuxent Woods Drive Columbia, MD 296,262 2,642,407 2,938,669
- -65-
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/98
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - CONTINUED
9050 Red Branch Road Columbia, MD 290,950 2,584,575 2,875,525
4606 Richlynn Drive Belcamp, MD 299,600 1,828,689 2,128,289
8945-8975 Guilford Columbia, MD 2,427,065 7,506,413 9,933,478
7317 Parkway Drive Hanover, MD 1,104,359 1,959,967 3,064,327
180,190 Cochrane Drive Annapolis, MD 3,752,293 16,052,461 19,804,754
9101,9111,9115 Guilford Road Columbia, MD 765,953 3,324,727 4,090,680
9125,9135,9145 Guilford Road Columbia, MD 920,439 5,766,475 6,686,914
10 South Third Street Richmond, VA 27,970 173,381 201,351
1751 Bluehills Drive Roanoke, VA 1,063,728 8,602,628 9,666,356
4300 Carolina Avenue Richmond, VA 2,009,136 15,337,786 17,346,923
301 Hill Carter Parkway Richmond, VA 659,456 4,899,214 5,558,670
4001 Carolina Avenue Richmond, VA 29,443 248,597 278,040
5600-5626 Eastport Boulevard Richmond, VA 489,941 3,775,241 4,265,182
5650-5674 Eastport Boulevard Richmond, VA 644,384 4,161,431 4,805,815
5700 Eastport Boulevard Richmond, VA 408,729 2,740,967 3,149,696
11020 Hull Street Road Richmond, VA 139,887 646,199 786,086
3432 Holland Road Virginia Beach, VA 173,527 801,603 975,130
4880 Cox Road Richmond, VA 743,898 5,664,973 6,408,871
5162 Valleypointe Parkway Roanoke, VA 551,483 2,647,549 3,199,032
4101- 4127 Carolina Avenue Richmond, VA 310,854 2,336,735 2,647,589
4201-4261 Carolina Avenue Richmond, VA 693,203 5,263,166 5,956,369
4263-4299 Carolina Avenue Richmond, VA 256,203 3,219,117 3,475,320
4301-4335 Carolina Avenue Richmond, VA 223,696 1,757,039 1,980,735
4337-4379 Carolina Avenue Richmond, VA 325,203 2,803,892 3,129,095
4501-4549 Carolina Avenue Richmond, VA 486,166 3,696,144 4,182,310
4551-4593 Carolina Avenue Richmond, VA 474,360 3,572,034 4,046,394
4601-4643 Carolina Avenue Richmond, VA 652,455 5,069,392 5,721,847
4645-4683 Carolina Avenue Richmond, VA 404,616 3,764,829 4,169,445
4447-4491 Carolina Avenue Richmond, VA 454,056 2,802,016 3,256,072
4401-4445 Carolina Avenue Richmond, VA 615,038 4,595,165 5,210,203
12 S. Third Street Richmond, VA 40,539 190,807 231,346
9601 Cosner Drive Fredericksburg, VA 476,262 4,068,416 4,544,678
315 Cardiff Valley Road Knoxville, TN 443,305 2,993,390 3,436,695
2300 East Parham Road Richmond, VA 221,947 1,025,269 1,247,216
1347 Diamond Springs Road Virginia Beach, VA 436,898 3,363,431 3,800,329
5221 Valleypark Drive - Bldg A Roanoke, VA 285,008 1,222,705 1,507,713
5228 Valleypointe Parkway - Bldg B Roanoke, VA 218,663 893,497 1,112,160
5238 Valleypark Drive - Bldg C Roanoke, VA 416,375 1,988,562 2,404,937
5601-5659 Eastport Boulevard Richmond, VA 720,100 5,175,570 5,895,670
5900 Eastport Boulevard Richmond, VA 687,898 5,755,857 6,443,756
4717-4729 Eubank Road Richmond, VA 452,263 3,383,656 3,835,919
5251 Concourse Drive Roanoke, VA 217,690 1,571,429 1,789,119
4263F Carolina Avenue Richmond, VA 91,599 1,622,673 1,714,273
4200 Oakleys Court Richmond, VA 459,653 2,500,932 2,960,585
1821 Battery Dantzler Road Richmond, VA 392,332 3,061,807 3,454,139
5000 Cox Road Glen Allen, VA 771,029 3,710,943 4,481,972
510 Eastpark Court Richmond, VA 262,210 2,147,223 2,409,433
520 Eastpark Court Richmond, VA 486,598 4,134,861 4,621,459
13001 Kingston Avenue Chester, VA 376,700 2,002,994 2,379,694
5701-5799 Eastport Boulevard Richmond, VA 700,503 5,081,400 5,781,902
4801 Cox Road Richmond, VA 1,075,620 8,834,943 9,910,563
600 Liberty Way Richmond, VA 501,752 7,820,637 8,322,388
500 Liberty Way Richmond, VA 491,919 6,509,959 7,001,878
4198 Cox Road Glen Allen, VA 670,292 3,864,336 4,534,628
5310 Valley Park Drive Roanoke, VA 129,220 1,131,468 1,260,688
4510 Cox Road Glen Allen, VA 1,010,044 7,534,375 8,544,420
2809 South Lynnhaven Road Virginia Beach, VA 953,590 6,462,015 7,415,605
200 Golden Oak Court Virginia Beach, VA 1,116,693 6,945,801 8,062,493
208 Golden Oak Court Virginia Beach, VA 965,177 6,843,444 7,808,621
1 Enterprise Parkway Hampton, VA 974,675 5,746,206 6,720,881
22 Enterprise Parkway Hampton, VA 1,097,368 6,976,899 8,074,267
484 Viking Drive Virginia Beach, VA 891,753 3,695,316 4,587,068
10430 Lakeridge Parkway Richmond, VA 421,267 3,828,314 4,249,581
10456 Lakeridge Parkway Richmond, VA 409,261 3,723,757 4,133,017
3829-3855 Gaskins Road Richmond, VA 364,165 3,269,288 3,633,454
629 Phoenix Drive Virginia Beach, VA 371,694 2,125,063 2,496,757
11838 Rock Landing Drive Newport News, VA 673,942 2,170,944 2,844,885
11844 Rock Landing Drive Newport News, VA 326,774 1,423,323 1,750,097
11846 Rock Landing Drive Newport News, VA 299,066 1,450,554 1,749,620
5700 Cleveland Street Virginia Beach, VA 700,564 9,802,375 10,502,940
4523 Green Point Drive High Point, NC 223,614 2,023,770 2,247,384
4501 Green Point Drive High Point, NC 320,450 2,232,484 2,552,934
4500 Green Point Drive High Point, NC 231,692 2,014,449 2,246,141
2427 Penny Road High Point, NC 1,168,074 6,184,618 7,352,692
4524 Green Point Drive High Point, NC 183,888 2,103,328 2,287,216
4328, 4336 Federal Drive High Point, NC 825,092 7,376,106 8,201,198
200 Centreport Drive Greensboro, NC 332,017 4,028,344 4,360,361
4344 Federal Drive High Point, NC 173,623 2,634,469 2,808,092
202 Centreport Drive Greensboro, NC 549,679 5,538,064 6,087,743
101 Centreport Drive Greensboro, NC 826,237 6,566,166 7,392,403
4000 Piedmont Parkway High Point, NC 597,368 5,015,701 5,613,069
4380 Federal Drive High Point, NC 283,368 2,887,330 3,170,698
4388 Federal Drive High Point, NC 132,655 1,125,699 1,258,354
6532 Judge Adams Road Rock Creek, NC 399,988 3,444,180 3,844,168
3860 Faber Place N. Charleston, SC 796,655 2,074,232 2,870,887
4055 Faber Place N. Charleston, SC 882,352 4,838,055 5,720,407
3820 Faber Place N. Charleston, SC 506,558 2,427,911 2,934,469
3875 Faber Place N. Charleston, SC 1,166,052 5,701,327 6,867,379
440 Knox Abbott Drive Cayce, SC 576,767 3,600,511 4,177,278
150 Ridgeview Center Drive Duncan, SC 711,353 8,070,965 8,782,318
- -66-
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/98
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - CONTINUED
1320 Garlington Road Greenville, SC 398,539 1,817,314 2,215,853
420 Park Avenue Greenville, SC 522,548 3,291,229 3,813,777
1 Alliance Drive Goose Creek, SC 662,422 1,714,203 2,376,625
111 Southchase Boulevard Fountain Inn, SC 499,065 5,012,981 5,512,046
300 International Boulevard Fountain Inn, SC 180,560 639,821 820,381
4160 Mendenhall Oaks Parkway High Point, NC 545,627 2,848,724 3,394,351
1208 Eastchester Drive High Point, NC 487,209 4,377,628 4,864,837
7720 Mendenhall Oaks Parkway High Point, NC 2,041,816 16,576,164 18,617,980
One Independence Pointe Greenville, SC 784,617 6,349,966 7,134,583
55 Beattie Place Greenville, SC 2,645,238 23,801,929 26,447,167
75 Beattie Place Greenville, SC 2,408,577 17,607,202 20,015,779
7736 McCloud Road Greensboro, NC 591,795 6,047,259 6,639,054
15 Brendan Way Greenville, SC 614,192 3,013,684 3,627,876
200 Meeting Street Charleston, SC 4,027,428 30,261,967 34,289,395
7500 West 110th Street Overland Park, KS 2,380,493 9,660,218 12,040,710
8035 Quivira Road Lenexa, KS 1,180,181 4,737,971 5,918,152
4300 Federal Drive High Point, NC 276,038 1,590,008 1,866,045
1730 Stebbins Drive Houston, TX 144,016 412,656 556,672
5911-5925 Richard Street Jacksonville, FL 286,335 497,306 783,641
8383-8385 Baycenter Road Jacksonville, FL 65,329 610,694 676,023
8775 Baypine Road Jacksonville, FL 913,264 3,136,335 4,049,599
8539 Western Way Jacksonville, FL 631,558 2,868,955 3,500,513
6255 Lake Gray Boulevard Jacksonville, FL 811,963 3,294,676 4,106,639
6600-6660 Suemac Place Jacksonville, FL 216,014 1,889,564 2,105,578
6800-6850 Suemac Place Jacksonville, FL 125,576 973,671 1,099,247
8665,8667,8669 Baypine Road Jacksonville, FL 1,023,514 3,867,879 4,891,393
8540 Baycenter Road Jacksonville, FL 450,431 1,366,708 1,817,139
1200 Riverplace Boulevard Jacksonville, FL 1,035,091 16,921,672 17,956,763
8400 Baymeadows Way Jacksonville, FL 566,370 2,323,521 2,889,891
8614 Baymeadows Way Jacksonville, FL 312,761 1,088,410 1,401,171
5941-5975 Richard Street Jacksonville, FL 585,280 1,111,567 1,696,847
7970 Bayberry Road Jacksonville, FL 129,979 1,247,176 1,377,155
6000-6030 Bowdendale Avenue Jacksonville, FL 275,475 1,592,174 1,867,649
7898 Baymeadows Way Jacksonville, FL 568,005 1,966,127 2,534,132
5977-6607 Richard Street Jacksonville, FL 182,747 1,562,967 1,745,714
7910 & 7948 Baymeadows Way Jacksonville, FL 211,449 2,678,001 2,889,450
7954 & 7960 Baymeadows Way Jacksonville, FL 292,667 2,978,826 3,271,493
8787 Baypine Road Jacksonville, FL 2,045,574 35,636,694 37,682,268
7077 Bonneval Road Jacksonville, FL 774,020 6,790,046 7,564,066
4190 Belfort Road Jacksonville, FL 827,420 7,376,690 8,204,110
8011, 8021, 8031 Phillips Highway Jacksonville, FL 628,437 4,399,299 5,027,736
7020 AC Skinner Parkway Jacksonville, FL 749,811 2,102,798 2,852,609
7040 AC Skinner Parkway Jacksonville, FL 853,981 2,962,115 3,816,095
11777 Central Highway Jacksonville, FL 192,004 2,255,323 2,447,327
4345 Southpoint Parkway Jacksonville, FL 418,093 7,676,883 8,094,976
7016 AC Skinner Parkway Jacksonville, FL 602,633 2,320,994 2,923,626
7018 AC Skinner Parkway Jacksonville, FL 846,433 4,075,649 4,922,082
6620 Southpoint Drive Jacksonville, FL 614,602 4,573,339 5,187,941
7980 Bayberry Road Jacksonville, FL 330,726 1,358,258 1,688,984
9600 Satellite Boulevard Orlando, FL 252,850 1,311,297 1,564,147
9700 Satellite Boulevard Orlando, FL 405,362 1,158,784 1,564,146
1902 Cypress Lake Drive Orlando, FL 538,512 3,719,031 4,257,543
8250 & 8256 Exchange Place Orlando, FL 622,413 2,561,747 3,184,160
6600 Southpoint Parkway Jacksonville, FL 1,002,704 4,074,170 5,076,875
6700 Southpoint Parkway Jacksonville, FL 624,214 3,202,897 3,827,111
4801 Executive Park Court - 100 Jacksonville, FL 554,542 2,993,728 3,548,270
4801 Executive Park Court - 200 Jacksonville, FL 370,039 1,995,543 2,365,582
4810 Executive Park Court Jacksonville, FL 370,039 3,045,294 3,415,333
6602 Executive Park Court - 100 Jacksonville, FL 388,541 2,151,563 2,540,104
6602 Executive Park Court - 200 Jacksonville, FL 296,032 1,596,329 1,892,361
6631 Executive Park Court - 100 Jacksonville, FL 251,627 1,356,835 1,608,462
6631 Executive Park Court - 200 Jacksonville, FL 407,043 2,203,872 2,610,915
4815 Executive Park Court - 100 Jacksonville, FL 366,339 1,975,371 2,341,710
4815 Executive Park Court - 200 Jacksonville, FL 462,549 2,511,490 2,974,039
4825 Executive Park Court Jacksonville, FL 601,314 3,242,455 3,843,769
4820 Executive Park Court Jacksonville, FL 555,213 3,108,140 3,663,353
10511 & 10611 Satellite Boulevard Orlando, FL 522,992 2,647,328 3,170,319
1400-1440 Central Florida Parkway Orlando, FL 518,043 2,597,853 3,115,896
6601 Executive Park Circle North Jacksonville, FL 551,250 3,129,001 3,680,251
1300 Riverplace Boulevard Jacksonville, FL 1,804,258 7,977,558 9,781,815
4901 Belfort Land Jacksonville, FL 877,964 4,232,351 5,110,315
16445 Air Center Boulevard Houston, TX 363,339 2,509,768 2,873,107
16405 Air Center Boulevard Houston, TX 438,853 3,031,557 3,470,410
2216 Directors Row Orlando, FL 453,918 2,572,471 3,026,389
7460 Chancellor Drive Orlando, FL 266,555 1,134,415 1,400,970
1901 Summit Tower Boulevard Maitland, FL 6,083,206 12,694,184 18,777,390
3701-3727 Vineland Road Orlando, FL 767,929 2,142,820 2,910,749
4001,4051,4101 Fowler Avenue Tampa, FL 1,321,109 4,730,668 6,051,777
5501-5502 Pioneer Park Boulevard Tampa, FL 262,416 1,663,042 1,925,458
5690-5694 Crenshaw Street Tampa, FL 181,923 1,955,330 2,137,253
3102,3104,3110 Cherry Palm Drive Tampa, FL 503,767 2,863,258 3,367,025
8401-8408 Benjamin Road Tampa, FL 789,652 4,682,071 5,471,723
3501 Riga Boulevard Tampa, FL 617,289 3,232,964 3,850,254
111 Kelsey Lane Tampa, FL 359,540 1,626,176 1,985,715
7930, 8010-20 Woodland Center Tampa, FL 1,408,478 5,405,935 6,814,413
7920 Woodland Center Boulevard Tampa, FL 1,382,648 2,849,780 4,232,428
8154-8198 Woodland Center Boulevard Tampa, FL 399,088 2,881,346 3,280,434
8112-42 Woodland Center Boulevard Tampa, FL 513,263 3,234,839 3,748,102
8212 Woodland Center Boulevard Tampa, FL 820,882 2,336,931 3,157,813
131 Kelsey Lane Tampa, FL 559,528 4,418,761 4,978,289
- -67-
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/98
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - CONTINUED
7724 Woodland Center Boulevard Tampa, FL 235,894 2,094,259 2,330,153
8921 Brittany Way Tampa, FL 254,493 1,914,169 2,168,662
5250 Eagle Trail Drive Tampa, FL 952,860 3,457,117 4,409,977
1701 Clint Moore Boulevard Boca Raton, FL 1,430,937 3,083,352 4,514,289
4555 Riverside Drive Beach Gardens, FL 806,405 5,797,871 6,604,276
2500 Metrocentre Boulevard West Palm Beach, FL 238,362 1,555,326 1,793,688
2540 Metrocentre Boulevard West Palm Beach, FL 165,071 1,091,266 1,256,337
2541 Metrocentre Boulevard West Palm Beach, FL 145,091 947,524 1,092,615
2580 Metrocentre Boulevard West Palm Beach, FL 256,478 1,673,173 1,929,651
2581 Metrocentre Boulevard West Palm Beach, FL 189,359 1,235,346 1,424,705
1101 Northpoint Parkway West Palm Beach, FL 258,606 1,510,046 1,768,653
3223 Commerce Place West Palm Beach, FL 501,843 2,032,693 2,534,536
801 Northpoint Parkway West Palm Beach, FL 459,284 2,604,996 3,064,280
5410 - 5430 Northwest 33rd Avenue Ft. Lauderdale, FL 625,110 4,257,730 4,882,841
6500 NW 12th Avenue Ft. Lauderdale, FL - 3,080,124 3,080,124
6600 NW 12th Avenue Ft. Lauderdale, FL - 3,085,808 3,085,808
1500 SW 5th Court Pompano Beach, FL 972,232 3,897,245 4,869,476
1651 SW 5th Court Pompano Beach, FL 203,247 820,608 1,023,856
1601 SW 5th Court Pompano Beach, FL 203,247 861,598 1,064,846
1501 SW 5th Court Pompano Beach, FL 203,247 821,228 1,024,475
1400 SW 6th Court Pompano Beach, FL 1,157,049 4,661,855 5,818,905
1405 SW 6th Court Pompano Beach, FL 392,138 1,575,303 1,967,441
595 SW 13th Terrace Pompano Beach, FL 359,933 1,440,922 1,800,855
601 SW 13th Terrace Pompano Beach, FL 164,413 665,701 830,113
605 SW 16th Terrace Pompano Beach, FL 310,178 1,239,970 1,550,148
2440-2478 Metrocentre Bouulevard West Palm Beach, FL 470,214 2,148,494 2,618,708
951 Broken Sound Parkway Boca Raton, FL 1,426,251 6,199,579 7,625,830
3400 Lakeside Drive Miramar, FL 2,022,153 11,650,276 13,672,429
3450 Lakeside Drive Miramar, FL 2,022,152 11,461,805 13,483,957
13650 NW 8th Street Sunrise, FL 558,223 2,189,521 2,747,744
13630 NW 8th Street Sunrise, FL 659,797 2,715,086 3,374,883
777 Yamato Road Boca Raton, FL 4,101,247 16,079,071 20,180,317
1801 Clint Moore Boulevard. Boca Raton, FL 1,065,068 4,540,676 5,605,744
6601-6625 W. 78th Street Bloomington, MN 2,310,246 38,463,739 40,773,985
2905 Northwest Boulevard Plymouth, MN 516,920 5,130,740 5,647,660
2800 Campus Drive Plymouth, MN 395,366 3,700,188 4,095,554
2955 Xenium Lane Plymouth, MN 151,238 1,443,390 1,594,628
9401-9443 Science Center Drive New Hope, MN 509,272 3,940,715 4,449,987
6321-6325 Bury Drive Eden Prairie, MN 462,876 4,167,183 4,630,059
7115-7173 Shady Oak Road Eden Prairie, MN 454,974 4,197,181 4,652,155
7660-7716 Golden Triangle Drive Eden Prairie, MN 724,615 5,630,987 6,355,602
7400 Flying Cloud Drive Eden Prairie, MN 195,982 1,780,705 1,976,687
330 Second Avenue Minneapolis, MN 2,169,548 13,916,793 16,086,341
10301-10305 West 70th Street Eden Prairie, MN 118,300 1,159,143 1,277,443
10321 West 70th Street Eden Prairie, MN 142,399 1,339,499 1,481,898
10333 West 70th Street Eden Prairie, MN 108,610 1,024,728 1,133,338
10349-10357 West 70th Street Eden Prairie, MN 270,584 2,743,044 3,013,628
10365-10375 West 70th Street Eden Prairie, MN 285,464 2,775,451 3,060,915
10393-10394 West 70th Street Eden Prairie, MN 264,419 2,653,723 2,918,142
7078 Shady Oak Road Eden Prairie, MN 336,481 3,094,097 3,430,578
5600 & 5610 Rowland Road Minnetonka, MN 829,263 7,456,931 8,286,194
2920 Northwest Boulevard Plymouth, MN 384,236 4,092,849 4,477,084
5400-5500 Feltl Road Minnetonka, MN 883,895 8,116,246 9,000,141
10300 Bren Road Minnetonka, MN 344,614 3,287,341 3,631,955
14630-14650 28th Avenue North Plymouth, MN 198,205 1,844,351 2,042,556
7695-7699 Anagram Drive Eden Prairie, MN 760,525 3,279,886 4,040,411
7550 Meridian Circle Maple Grove, MN 513,250 2,911,252 3,424,502
2800 Northwest Boulevard Plymouth, MN 1,934,438 10,958,435 12,892,873
3255 Neil Armstrong Boulevard Eagan, MN 1,131,017 3,308,121 4,439,138
4801 West 81st Street Bloomington, MN 1,624,701 2,526,789 4,151,490
8100 Cedar Avenue Bloomington, MN 501,313 3,698,687 4,200,000
9600 54th Avenue Plymouth, MN 332,317 3,110,079 3,442,396
7800 Equitable Drive Eden Prairie, MN 2,188,525 3,789,047 5,977,572
7905 Fuller Road Eden Prairie, MN 1,229,862 4,090,378 5,320,240
26911-26957 Northwestern Highway Southfield, MI 11,305,367 67,228,569 78,533,936
1650 Research Drive Troy, MI 763,067 7,257,430 8,020,497
1775 Research Drive Troy, MI 331,422 2,827,696 3,159,119
1875 Research Drive Troy, MI 329,863 2,813,607 3,143,469
1850 Research Drive Troy, MI 781,054 7,478,880 8,259,934
1965 Research Drive Troy, MI 419,090 3,619,839 4,038,929
1960 Research Drive Troy, MI 419,146 3,626,009 4,045,155
27260 Haggerty Road Farmington Hills, MI 456,877 4,123,929 4,580,806
27200 Haggerty Road Farmington Hills, MI 382,754 3,461,854 3,844,608
27280 Haggerty Road Farmington Hills, MI 452,860 4,083,859 4,536,718
27220 Haggerty Road Farmington Hills, MI 203,064 1,820,727 2,023,791
27240 Haggerty Road Farmington Hills, MI 171,518 1,535,463 1,706,981
27300 Haggerty Road Farmington Hills, MI 370,378 3,386,000 3,756,378
1101 Allen Drive Troy, MI 98,148 902,924 1,001,072
1151 Allen Drive Troy, MI 164,487 1,501,015 1,665,501
1300 Rankin Street Troy, MI 134,094 1,236,789 1,370,882
1350 Rankin Street Troy, MI 111,780 1,033,236 1,145,016
1376-1400 Rankin Street Troy, MI 134,296 1,278,858 1,413,154
1352-1374 Rankin Street Troy, MI 153,279 1,412,506 1,565,785
1324-1346 Rankin Street Troy, MI 134,094 1,221,292 1,355,385
1301-1307 Rankin Street Troy, MI 111,780 1,026,782 1,138,561
1409 Allen Drive Troy, MI 142,374 1,359,707 1,502,080
1304 E. Maple Road Troy, MI 211,237 2,191,442 2,402,679
1334 Maplelawn Road Troy, MI 124,300 1,123,622 1,247,922
1290 Maplelawn Road Troy, MI 85,325 830,435 915,759
1070 Maplelawn Road Troy, MI 68,564 661,264 729,828
- -68-
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/98
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - CONTINUED
950 Maplelawn Road Troy, MI 252,433 2,289,503 2,541,936
894 Maplelawn Road Troy, MI 181,753 1,649,509 1,831,262
1179 Maplelawn Road Troy, MI 87,849 846,745 934,594
1940 Norwood Drive Troy, MI 86,840 792,180 879,019
1311-1331 Maplelawn Road Troy, MI 125,411 1,139,798 1,265,208
2354 Bellingham Street Troy, MI 87,344 802,467 889,811
2360 Bellingham Street Troy, MI 87,344 800,677 888,021
1911 Ring Drive Troy, MI 86,133 789,722 875,854
26442-26450 Haggerty Road Farmington Hills, MI 237,691 2,157,608 2,395,299
26500 Haggerty Road Farmington Hills, MI 311,097 2,827,122 3,138,219
26650 Haggerty Road Farmington Hills, MI 173,170 1,575,274 1,748,444
26700 Haggerty Road Farmington Hills, MI 253,342 2,299,784 2,553,125
26750 Haggerty Road Farmington Hills, MI 292,721 2,665,536 2,958,256
26800 Haggerty Road Farmington Hills, MI 175,493 1,595,780 1,771,273
26842-26850 Haggerty Road Farmington Hills, MI 239,610 2,174,440 2,414,050
50 West Big Bear Road Troy, MI 2,159,678 19,624,586 21,784,264
100 West Big Bear Road Troy, MI 2,113,006 19,124,948 21,237,953
245 Executive Drive Brookfield, WI 577,067 5,316,208 5,893,275
8301 West Parkland Court Milwaukee, WI 358,442 3,244,661 3,603,102
4701 West Schroeder Drive Brown Deer, WI 300,385 2,733,579 3,033,964
4555 West Schroeder Drive Brown Deer, WI 401,290 3,975,282 4,376,572
32991 Hamilton Court Farmington Hills, MI 1,065,392 3,627,675 4,693,068
7800 N. 113th Street Milwaukee, WI 1,711,964 6,880,112 8,592,076
2475-2479 Elliot Avenue Troy, MI 128,808 516,980 645,787
32661 Edward Avenue Madison Heights, MI 378,838 2,334,604 2,713,442
32701 Edward Avenue Madison Heights, MI 340,398 1,367,820 1,708,218
32751 Edward Avenue Madison Heights, MI 151,410 928,877 1,080,287
32853 Edward Avenue Madison Heights, MI 138,121 836,703 974,824
555 East Mandoline Avenue Madison Heights, MI 140,862 800,917 941,779
599 East Mandoline Avenue Madison Heights, MI 132,164 682,284 814,449
749 East Mandoline Avenue Madison Heights, MI 144,658 708,968 853,626
750 East Mandoline Avenue Madison Heights, MI 151,458 742,062 893,521
900 East Mandoline Avenue Madison Heights, MI 157,729 772,787 930,516
949 East Mandoline Avenue Madison Heights, MI 137,049 779,239 916,288
32390-32400 Howard Avenue Madison Heights, MI 148,582 596,506 745,088
32090 John R. Road Madison Heights, MI 70,351 405,861 476,212
31601 Research Park Drive Madison Heights, MI 331,179 1,883,931 2,215,110
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 1,110,294 1,296,139
31751 Research Park Drive Madison Heights, MI 194,063 1,301,553 1,495,617
31800 Research Park Drive Madison Heights, MI 217,929 1,603,256 1,821,186
800 Tech Row Madison Heights, MI 444,977 2,991,132 3,436,110
900 Tech Row Madison Heights, MI 155,606 884,746 1,040,351
1000 Tech Row Madison Heights, MI 357,897 2,629,886 2,987,783
31771 Sherman Avenue Madison Heights, MI 150,944 645,820 796,764
31791 Sherman Avenue Madison Heights, MI 105,606 650,505 756,111
31811 Sherman Avenue Madison Heights, MI 207,599 1,180,373 1,387,972
31831 Sherman Avenue Madison Heights, MI 158,483 901,104 1,059,586
31900 Sherman Avenue Madison Heights, MI 269,293 1,805,722 2,075,015
800 East Whitcomb Avenue Madison Heights, MI 151,704 1,295,565 1,447,269
950 East Whitcomb Avenue Madison Heights, MI 113,630 2,164,653 2,278,283
1000 East Whitcomb Avenue Madison Heights, MI 113,512 1,061,531 1,175,043
1100 East Whitcomb Avenue Madison Heights, MI 135,152 832,983 968,135
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 78,720 387,696 466,416
1280 Kempar Avenue Madison Heights, MI 142,305 540,905 683,210
1001 East Lincoln Avenue Madison Heights, MI 479,874 2,055,224 2,535,098
1201 East Lincoln Avenue Madison Heights, MI 710,614 2,142,950 2,853,564
22515 Heslip Drive Madison Heights, MI 144,477 338,850 483,327
8400 Lakeview Parkway Pleasant Prairie, WI 892,146 4,032,120 4,924,266
8401 Lakeview Parkway Pleasant Prairie, WI 649,631 3,462,443 4,112,074
9801 80th Avenue Pleasant Prairie, WI 1,692,077 7,947,278 9,639,355
50 Gibson Drive West Malling, UK 0 3,717,031 3,717,031
25 Kings Hill Avenue West Malling, UK 1,345,194 7,895,176 9,240,370
2 Kings Hill Avenue West Malling, UK 889,039 5,349,352 6,238,391
50 Kings Hill Avenue West Malling, UK 1,383,301 12,536,713 13,920,014
10 Kings Hill Avenue West Malling, UK 1,028,202 6,400,331 7,428,534
-------------- -------------- --------------
Subtotal Operating Properties $366,853,030 $2,378,271,941 $2,745,124,972
============== ============== ==============
- -69-
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/98
- -------------------------------------- --------------------- --------------- --------------- ---------------
DEVELOPMENT IN PROGRESS
45 Liberty Boulevard Malvern, PA $ 4,749,747 $ 7,228,901 $ 11,978,649
3 Franklin Plaza Philadelphia, PA 2,514,519 15,693,665 18,208,184
2500 Renaissance Boulevard King of Prussia, PA 592,737 2,140,665 2,733,402
2300 Renaissance Boulevard King of Prussia, PA 574,004 1,415,780 1,989,784
2100 Renaissance Boulevard King of Prussia, PA 1,132,519 4,223,337 5,355,857
4 Walnut Grove Horsham, PA 2,515,115 7,678,725 10,193,840
PNC Bank - Phase II Construction Philadelphia, PA - 4,728,357 4,728,357
600 Chesterfield Parkway Malvern, PA 2,037,813 3,553,848 5,591,660
700 Chesterfield Parkway Malvern, PA 2,037,813 2,929,001 4,966,814
2520 Renaissance Boulevard King of Prussia, PA 1,020,000 174,503 1,194,503
201 Berkeley Drive Bridgeport, NJ 514,243 3,667,109 4,181,351
300 Commodore Drive Bridgeport, NJ 723,369 4,766,125 5,489,494
1020 Briggs Road Land Mt. Laurel, NJ 578,443 627,477 1,205,920
800 Arlington Boulevard Logan, NJ 1,687,500 596,860 2,284,360
1525 Valley Center Parkway Allentown, PA 804,104 5,294,434 6,098,538
Lehigh Valley West Land - Lot 4 Upper Macungie, PA 3,720,118 3,055,681 6,775,799
5500 Cox Road Richmond, VA 483,263 2,086,464 2,569,728
701 Liberty Way Richmond, VA 545,275 3,975,055 4,520,330
5305 Valley Park Drive Roanoke, VA 232,074 1,670,235 1,902,309
530 Eastpark Court Richmond, VA 333,597 2,299,010 2,632,607
801 Liberty Way Richmond, VA 780,000 4,730,570 5,510,570
6532 Judge Adams Road Whitsett, NC 335,061 3,605,667 3,940,728
4194 Mendenhall Oaks Parkway High Point, NC 265,991 1,947,087 2,213,078
4196 Mendenhall Oaks Parkway High Point, NC 173,889 1,505,927 1,679,816
4170 Mendenhall Oaks Parkway High Point, NC 372,953 1,473,727 1,846,680
4180 Mendenhall Oaks Parkway High Point, NC 315,064 1,405,146 1,720,210
3955 Faber Place Charleston, SC 382,890 2,023,367 2,406,256
7014 AC Skinner Parkway Jacksonville, FL 780,486 2,139,813 2,920,299
9550 Satellite Boulevard Orlando, FL 587,320 1,978,759 2,566,079
Butler Plaza Jacksonville, FL 1,299,201 2,318,280 3,617,481
7802-50 Woodland Center Boulevard Tampa, FL 357,428 2,291,474 2,648,902
7852-98 Woodland Center Boulevard Tampa, FL 357,428 2,318,736 2,676,164
7725 Woodland Center Boulevard Tampa, FL 557,828 2,092,522 2,650,350
8001 Woodland Center Boulevard Tampa, FL 352,213 1,003,018 1,355,230
4630 Woodland Corporate Boulevard Tampa, FL 943,169 749,925 1,693,094
Silo Bend 12 Tampa, FL 654,259 462,544 1,116,803
Huntington Square Land Miramar, FL 2,980,848 9,155,743 12,136,592
10400 Southwest Crossing Eden Prairie, MN 2,938,372 18,347,485 21,285,857
9023 Columbine Road Eden Prairie, MN 1,956,273 920,540 2,876,813
West Tech Park Land (Lot B) Farmington Hills, MI 537,047 871,611 1,408,658
West Tech Park Land (Lot C) Farmington Hills, MI 534,558 868,708 1,403,265
30 Tower View West Malling, UK 1,666,055 9,308,600 10,974,655
35 Kings Hill Avenue West Malling, UK 816,474 2,794,039 3,610,513
39 Kings Hill Avenue West Malling, UK 600,739 2,779,775 3,380,514
18 Kings Hill Avenue West Malling, UK 1,382,042 3,940,752 5,322,793
------------ -------------- --------------
Subtotal Development in Progress $ 48,723,840 $ 158,839,045 $ 207,562,885
============ ============== ==============
- -70-
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/98
- -------------------------------------- --------------------- --------------- --------------- ---------------
LAND HELD FOR DEVELOPMENT
Gwynedd North Bus Camp Land Lansdale, PA $ 260,415 $ - $ 260,415
Three Country View Road Malvern, PA - 6,177 6,177
550 Lapp Road Malvern, PA - 2,575 2,574
Cedar Hollow Road Land Malvern, PA - - -
Walnut Grove Land Horsham, PA 1,589,448 - 1,589,448
35 Liberty Boulevard Land Malvern, PA - - -
Great Valley Land Malvern, PA 1,589,979 - 1,589,979
10 Matthews Rd South Land Malvern, PA 608,995 - 608,995
Renaissance Park Land King of Prussia, PA 4,121,341 467,944 4,589,285
Swedes Run Business Park Land Delran, NJ 1,615,405 - 1,615,405
Marlton Crossing Land Marlton, NJ 297,913 10,749 308,662
Commodore Business Park Logan Twp., NJ 3,343,747 20,451 3,364,198
Boulden Land New Castle, DE 1,560 - 1,560
Marlton Executive Park Land Marlton, NJ 765,862 - 765,862
1015 Briggs Road Land Mt. Laurel, NJ 422,887 - 422,887
Lehigh Valley Corporate Center Land Bethlehem, PA 1,391,009 29,542 1,420,551
Lehigh Valley West Lots 13,14,15 Allentown, PA (7) 30,907 30,900
LVCC Phase 2 Land Bethlehem, PA 2,984,430 159,000 3,143,430
LV West Land - Lot 5A Upper Macungie, PA 554,490 - 554,490
Park at Valleypointe Land Roanoke, VA 640,121 4,722 644,842
Fairgrounds Distribution Center Land Richmond, VA 129,107 1,197 130,304
Rivers' Bend Land Richmond, VA 2,806,390 6,043,499 8,849,890
Oakleys Center Land Richmond, VA - - -
Woodlands Center Land Richmond, VA 1,046,606 - 1,046,606
501 Liberty Way Richmond, VA 650,007 - 650,007
601 HP Way (HP3) Richmond, VA 631,906 - 631,906
6000-98 Eastport Boulevard Richmond, VA 872,903 - 872,903
Eastport VIII Richmond, VA 382,698 - 382,698
Eastport IX Richmond, VA 211,627 - 211,627
Brill 2 Land Richmond, VA 1,725,990 - 1,725,990
Westmoreland Land Virginia Beach, VA 789,682 - 789,682
Westmoreland III Land Virginia Beach, VA 674,899 - 674,899
Mendenhall Land High Point, NC 4,664,944 10,931 4,675,875
Independence Pointe Land Greenville, SC 1,318,939 - 1,318,939
Executive Park at Faber Place Land Charleston, SC 40,772 - 40,772
Northpoint Industrial Park Land Columbia, SC 72,284 - 72,284
Overlook Business Center Land Columbia, SC - - -
Ridgeview Center Land Greenville, SC - - -
Southchase Business Park Land Greenville, SC 77,082 - 77,082
Woodfield Land Greenville, SC 70,677 - 70,677
Southpoint Business Park Land Jacksonville, FL 438,111 - 438,111
Liberty Business Park Land Jacksonville, FL 995,519 27,561 1,023,080
7024 AC Skinner Parkway Jacksonville, FL 686,049 - 686,049
Silo Bend Land (LPDC) Tampa, FL 4,403,589 - 4,403,589
Exchange Place Land Orlando, FL 202,117 - 202,117
Belfort Road Jacksonville, FL 448,782 - 448,782
Butler Plaza Land Jacksonville, FL 2,798,865 - 2,798,865
Central Green Land Houston, TX 1,404,676 - 1,404,676
Salisbury Road Land Jacksonville, FL 1,636,345 - 1,636,345
Airport West Tampa, FL - 482 481
Woodland Corporate Center Land Tampa, FL 229,028 - 229,028
Pompano Business Park Land - Parcel 2 Boca Raton, FL 407,328 - 407,328
Pompano Business Park Land - Parcel 3 Boca Raton, FL 509,233 - 509,233
Boca Colannade Land - Yamato Road Boca Raton, FL 4,238,535 - 4,238,535
Klodt Land Eden Prairie, MN 6,129,028 - 6,129,028
Flying Cloud Land Eden Prairie, MN 6,738,148 - 6,738,148
Romulus Land Romulus, MI 949,622 - 949,622
4 ABW West Malling, UK 22,015 46,967 68,982
------------ -------------- --------------
Subtotal Land Held for Development $ 68,591,098 $ 6,862,704 $ 75,453,802
============ ============== ==============
TOTAL ALL PROPERTIES $484,167,968 $2,543,973,690 $3,028,141,659
============ ============== ==============
- -71-
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Accumulated
Depreciation Date of Depreciable
Project City @ 12/31/98 Construction Life (years)
- -------------------------------------- ------------------- ------------ ------------ ------------
OPERATING PROPERTIES
10,20 Liberty Boulevard Malvern, PA $ 1,066,641 1985 40 yrs.
420 Lapp Road Malvern, PA 1,333,375 1989 40 yrs.
747 Dresher Road Horsham, PA 900,307 1988 40 yrs.
45-67 Great Valley Parkway Malvern, PA 1,502,849 1974 40 yrs.
1180 Church Road Lansdale, PA 4,110,327 1986 40 yrs.
40 Valley Stream Parkway Malvern, PA 611,320 1987 40 yrs.
50 Valley Stream Parkway Malvern, PA 707,684 1987 40 yrs.
20 Valley Stream Parkway Malvern, PA 1,420,002 1987 40 yrs.
800 Town Center Drive Langhorne, PA 2,490,165 1987 40 yrs.
9, 15 Great Valley Parkway Malvern, PA 7,907,150 1986 40 yrs.
257-275 Great Valley Parkway Malvern, PA 1,563,528 1983 40 yrs.
300 Technology Drive Malvern, PA 374,779 1985 40 yrs.
277-293 Great Valley Parkway Malvern, PA 645,103 1984 40 yrs.
311 Technology Drive Malvern, PA 730,218 1984 40 yrs.
325 Technology Drive Malvern, PA 614,412 1984 40 yrs.
7 Great Valley Parkway Malvern, PA 1,382,438 1985 40 yrs.
55 Valley Stream Parkway Malvern, PA 998,346 1983 40 yrs.
65 Valley Stream Parkway Malvern, PA 1,595,854 1983 40 yrs.
508 Lapp Road Malvern, PA 604,433 1984 40 yrs.
10 Valley Stream Parkway Malvern, PA 960,799 1984 40 yrs.
333 Phoenixville Pike Malvern, PA 959,541 1985 40 yrs.
30 Great Valley Parkway Malvern, PA 211,310 1975 40 yrs.
75 Great Valley Parkway Malvern, PA 184,513 1977 40 yrs.
27-43 Great Valley Parkway Malvern, PA 1,019,062 1977 40 yrs.
77-123 Great Valley Parkway Malvern, PA 1,959,583 1978 40 yrs.
260 Great Valley Parkway Malvern, PA 322,650 1979 40 yrs.
256 Great Valley Parkway Malvern, PA 772,366 1980 40 yrs.
205 Great Valley Parkway Malvern, PA 3,843,533 1981 40 yrs.
12,14,16 Great Valley Parkway Malvern, PA 502,305 1982 40 yrs.
155 Great Valley Parkway Malvern, PA 861,324 1981 40 yrs.
333 Technology Drive Malvern, PA 1,030,881 1987 40 yrs.
510 Lapp Road Malvern, PA 350,661 1983 40 yrs.
181 Wheeler Court Langhorne, PA 252,003 1979 40 yrs.
1100 Wheeler Way Langhorne, PA 131,609 1979 40 yrs.
60 Morehall Road Malvern, PA 1,493,484 1989 40 yrs.
905 Airport Road West Chester, PA 647,345 1988 40 yrs.
16 Cabot Boulevard Langhorne, PA 642,072 1972 40 yrs.
1 Country View Road Malvern, PA 422,419 1982 40 yrs.
2151 Cabot Boulevard Langhorne, PA 383,209 1982 40 yrs.
170 South Warner Road King of Prussia, PA 1,044,311 1980 40 yrs.
190 South Warner Road King of Prussia, PA 585,331 1980 40 yrs.
507 Prudential Road Horsham, PA 601,394 1988 40 yrs.
100 Witmer Road Horsham, PA 624,119 1995 40 yrs.
3100 Horizon Drive King of Prussia, PA 180,358 1995 40 yrs.
3300 Horizon Drive King of Prussia, PA 256,780 1996 40 yrs.
3500 Horizon Drive King of Prussia, PA 175,442 1996 40 yrs.
200 Chester Field Parkway Malvern, PA 1,280,232 1989 40 yrs.
767 Electronic Drive Horsham, PA 383,906 1996 40 yrs.
132 Welsh Road Horsham, PA 126,348 1997 40 yrs.
5 Country View Road Malvern, PA 404,531 1985 40 yrs.
3200 Horizon Drive King of Prussia, PA 329,912 1996 40 yrs.
3000 Horizon Drive King of Prussia, PA 70,586 1997 40 yrs.
111-195 Witmer Road Horsham, PA 220,150 1996 40 yrs.
300 Welsh Road Horsham, PA 103,271 1983 40 yrs.
400 Welsh Road Horsham, PA 223,798 1983 40 yrs.
8801 Tinicum Boulevard Philadelphia, PA 1,054,960 1997 40 yrs.
440 East Swedesford Road King of Prussia, PA 596,394 1988 40 yrs.
460 East Swedesford Road King of Prussia, PA 380,722 1988 40 yrs.
50 Morehall Road Malvern, PA 650,142 1997 40 yrs.
2 Walnut Grove Drive Horsham, PA 554,959 1989 40 yrs.
200 Gibraltar Road Horsham, PA 306,410 1990 40 yrs.
220 Gibraltar Road Horsham, PA 287,319 1990 40 yrs.
240 Gibraltar Road Horsham, PA 287,305 1990 40 yrs.
151 S. Warner Road King of Prussia, PA 352,300 1980 40 yrs.
1 Walnut Grove Drive Horsham, PA 478,655 1986 40 yrs.
3604 Horizon Drive King of Prussia, PA 106,706 1997 40 yrs.
3606 Horizon Drive King of Prussia, PA 114,422 1997 40 yrs.
650 Swedesford Road King of Prussia, PA 771,000 1971 40 yrs.
680 Swedesford Road King of Prussia, PA 815,844 1971 40 yrs.
761 Fifth Avenue King of Prussia, PA 73,679 1977 40 yrs.
771 Fifth Avenue King of Prussia, PA 45,469 1977 40 yrs.
1 Great Valley Parkway Malvern, PA 154,474 1982 40 yrs.
5 Great Valley Parkway Malvern, PA 254,423 1983 40 yrs.
311 Sinclair Road Bristol, PA 39,754 1997 40 yrs.
100 Cedar Hollow Road Malvern, PA 249,325 1997 40 yrs.
3 Country View Road Malvern, PA 57,731 1997 40 yrs.
425 Technology Drive Malvern, PA 84,307 1997 40 yrs.
375 Technology Drive Malvern, PA 33,703 1997 40 yrs.
100 Chesterfield Parkway Malvern, PA 157,277 1997 40 yrs.
181-187 Gibraltar Road Horsham, PA 103,594 1982 40 yrs.
104 Rock Road Horsham, PA 81,448 1974 40 yrs.
123-135 Rock Road Horsham, PA 72,285 1975 40 yrs.
111-159 Gibraltar Road Horsham, PA 121,328 1981 40 yrs.
161-175 Gibraltar Road Horsham, PA 76,944 1976 40 yrs.
125-137 Gibraltar Road Horsham, PA 70,257 1978 40 yrs.
261-283 Gibraltar Road Horsham, PA 117,065 1978 40 yrs.
210-223 Witmer Road Horsham, PA 67,164 1972 40 yrs.
231-237 Gibraltar Road Horsham, PA 120,155 1981 40 yrs.
- -72-
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Accumulated
Depreciation Date of Depreciable
Project City @ 12/31/98 Construction Life (years)
- -------------------------------------- ------------------- ------------ ------------ ------------
OPERATING PROPERTIES - CONTINUED
100 Gibraltar Road Horsham, PA 9,587 1975 40 yrs.
101 Gibraltar Road Horsham, PA 175,681 1977 40 yrs.
506 Prudential Road Horsham, PA 44,979 1973 40 yrs.
113-123 Rock Road Horsham, PA 89,566 1975 40 yrs.
101-111 Rock Road Horsham, PA 86,478 1975 40 yrs.
120 Gibraltar Road Horsham, PA 152,385 1980 40 yrs.
110 Gibraltar Road Horsham, PA 165,142 1979 40 yrs.
100-107 Lakeside Drive Horsham, PA 62,134 1982 40 yrs.
200-264 Lakeside Drive Horsham, PA 169,707 1982 40 yrs.
300-309 Lakeside Drive Horsham, PA 92,711 1982 40 yrs.
400-445 Lakeside Drive Horsham, PA 167,543 1981 40 yrs.
104 Witmer Road Horsham, PA 39,593 1997 40 yrs.
201 Gibraltar Road Horsham, PA 109,224 1983 40 yrs.
3600 Horizon Drive King of Prussia, PA 51,693 1989 40 yrs.
3602 Horizon Drive King of Prussia, PA 54,012 1989 40 yrs.
400-500 Brandywine Parkway West Chester, PA 171,709 1988 40 yrs.
600 Brandywine Parkway West Chester, PA 130,529 1988 40 yrs.
2700 Horizon Drive King of Prussia, PA 50,713 1997 40 yrs.
2900 Horizon Drive King of Prussia, PA 27,667 1997 40 yrs.
719 Dresher Road Horsham, PA 71,849 1998 40 yrs.
2250 Hickory Road Plymouth Meeting, PA 174,106 1998 40 yrs.
3400 Horizon Drive King of Prussia, PA 58,859 1998 40 yrs.
One Ridgewood Place Downingtown, PA 34,101 1998 40 yrs.
300 Welsh Road Horsham, PA 34,957 1998 40 yrs.
6 Terry Drive Newtown, PA 13,899 1998 40 yrs.
14 Lee Boulevard Malvern, PA 1,208,859 1988 40 yrs.
500 Chester Field Parkway Malvern, PA 711,879 1988 40 yrs.
300-400 Chester Field Parkway Malvern, PA 1,113,378 1988 40 yrs.
1805 Underwood Boulevard Delran, NJ 141,408 1973 40 yrs.
150 Mid-Atlantic Parkway West Deptford, NJ 221,654 1973 40 yrs.
18 Boulden Circle New Castle, DE 838,137 1989 40 yrs.
501 Delran Parkway Delran, NJ 742,016 1988 40 yrs.
600 Delran Parkway Delran, NJ 1,371,860 1988 40 yrs.
1607 Imperial Way West Deptford, NJ 1,067,956 1973 40 yrs.
1 Boulden Circle New Castle, DE 373,619 1986 40 yrs.
31-55 Read's Way New Castle, DE 1,481,280 1986 40 yrs.
3 Boulden Circle New Castle, DE 535,782 1987 40 yrs.
5 Boulden Circle New Castle, DE 825,780 1987 40 yrs.
601 Delran Parkway Delran, NJ 429,948 1988 40 yrs.
51 Haddonfield Road Cherry Hill, NJ 2,723,650 1986 40 yrs.
57 Read's Way New Castle, DE 827,683 1985 40 yrs.
1370 Imperial Way West Deptford, NJ 494,478 1978 40 yrs.
8 Stow Road Marlton, NJ 242,315 1988 40 yrs.
10 Stow Road Marlton, NJ 166,287 1988 40 yrs.
12 Stow Road Marlton, NJ 194,615 1988 40 yrs.
14 Stow Road Marlton, NJ 204,702 1988 40 yrs.
1300 Metropolitan Avenue West Deptford, NJ 214,193 1972 40 yrs.
701A Route 73 South Marlton, NJ 891,234 1987 40 yrs.
701C Route 73 South Marlton, NJ 200,069 1987 40 yrs.
1008 Astoria Boulevard Cherry Hill, NJ 150,247 1973 40 yrs.
1475 Imperial Way West Deptford, NJ 112,002 1976 40 yrs.
3000 Atrium Way Mt. Laurel, NJ 1,478,788 1987 40 yrs.
750 Cardinal Drive Bridgeport, NJ 427,063 1989 40 yrs.
11000, 15000, 17000 Commerce Parkway Mt. Laurel, NJ 587,072 1985 40 yrs.
12000, 14000 Commerce Parkway Mt. Laurel, NJ 347,420 1985 40 yrs.
16000, 18000 Commerce Parkway Mt. Laurel, NJ 340,318 1985 40 yrs.
406 Lippincott Drive Marlton, NJ 288,261 1990 40 yrs.
234 High Hill Road Bridgeport, NJ 197,804 1987 40 yrs.
231 Lake Drive New Castle, DE 260,466 1997 40 yrs.
100 Arlington Boulevard Bridgeport, NJ 294,057 1996 40 yrs.
100 Berkeley Drive Swedesboro, NJ 156,494 1990 40 yrs.
301 Lippincott Drive Marlton, NJ 477,064 1988 40 yrs.
303 Lippincott Drive Marlton, NJ 436,651 1988 40 yrs.
510-512 Sharptown Road Bridgeport, NJ 79,234 1984 40 yrs.
901 Route 73 Marlton, NJ 194,328 1985 40 yrs.
Four Greentree Center Marlton, NJ 266,408 1988 40 yrs.
512 Sharptown Road Bridgeport, NJ 107,604 1984 40 yrs.
15 Boulden Circle New Castle, DE 99,350 1997 40 yrs.
404 Lippincott Drive Marlton, NJ 96,468 1997 40 yrs.
263 Quigley Boulevard New Castle, DE 81,625 1987 40 yrs.
34 Blevins Drive New Castle, DE 87,069 1987 40 yrs.
104 Gaither Drive Mt. Laurel, NJ 69,871 1975 40 yrs.
2 Lukens Drive New Castle, DE 82,568 1988 40 yrs.
402 Lippincott Drive Marlton, NJ 90,116 1997 40 yrs.
3000 Lincoln Drive Mt. Laurel, NJ 154,762 1983 40 yrs.
6000 Commerce Parkway Mt. Laurel, NJ 96,692 1985 40 yrs.
7000 Commerce Parkway Mt. Laurel, NJ 91,007 1984 40 yrs.
8000 Commerce Parkway Mt. Laurel, NJ 81,052 1983 40 yrs.
9000 Commerce Parkway Mt. Laurel, NJ 100,238 1983 40 yrs.
1000 Briggs Road Mt. Laurel, NJ 114,279 1986 40 yrs.
1025 Briggs Road Mt. Laurel, NJ 149,673 1987 40 yrs.
9 Stow Road Marlton, NJ 46,343 1998 40 yrs.
2000 Crawford Place Mt. Laurel, NJ 116,103 1986 40 yrs.
1351 Metropolitan Avenue Pureland, NJ 54,794 1986 40 yrs.
650 Grove Road Pureland, NJ 81,573 1986 40 yrs.
400 Grove Road Pureland, NJ 45,730 1986 40 yrs.
5000 Dearborn Court Mt. Laurel, NJ 87,628 1998 40 yrs.
515 Heron Drive Bridgeport, NJ 43,875 1998 40 yrs.
500 Sharptown Road Pureland, NJ 27,694 1998 40 yrs.
625 Heron Drive Bridgeport, NJ 17,032 1998 40 yrs.
605 Heron Drive Bridgeport, NJ 19,286 1998 40 yrs.
- -73-
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Accumulated
Depreciation Date of Depreciable
Project City @ 12/31/98 Construction Life (years)
- -------------------------------------- ------------------- ------------ ------------ ------------
OPERATING PROPERTIES - CONTINUED
510 Heron Drive Bridgeport, NJ 147,110 1998 40 yrs.
522 Pedricktown Road Bridgeport, NJ 25,581 1998 40 yrs.
530 Pedricktown Road Bridgeport, NJ 35,747 1998 40 yrs.
540 Pedricktown Road Bridgeport, NJ 85,096 1998 40 yrs.
230 High Hill Road Bridgeport, NJ 166,050 1998 40 yrs.
3 Mallard Court Bridgeport, NJ 45,869 1998 40 yrs.
730 Cardinal Drive Bridgeport, NJ 33,496 1998 40 yrs.
405 Heron Drive Bridgeport, NJ 341,945 1998 40 yrs.
100 Eagle Road Bridgeport, NJ 26,916 1998 40 yrs.
250 High Hill Road Bridgeport, NJ 58,972 1998 40 yrs.
508 Center Square Road Bridgeport, NJ 64,825 1998 40 yrs.
602 Heron Drive Bridgeport, NJ 41,979 1998 40 yrs.
300 Eagle Court Bridgeport, NJ 35,106 1998 40 yrs.
500 Center Square Road Bridgeport, NJ 115,980 1998 40 yrs.
1001 Briggs Road Marlton, NJ 58,262 1998 40 yrs.
1960 Cuthbert Boulevard Cherry Hill, NJ 14,495 1998 40 yrs.
1970 Cuthbert Boulevard Cherry Hill, NJ 16,213 1998 40 yrs.
10000 & 11000 Route 73 Marlton, NJ 35,350 1998 40 yrs.
1655 Valley Center Parkway Bethlehem, PA 270,601 1993 40 yrs.
6560 Stonegate Drive Allentown, PA 532,695 1989 40 yrs.
6370 Hedgewood Drive Allentown, PA 562,975 1990 40 yrs.
6390 Hedgewood Drive Allentown, PA 596,203 1990 40 yrs.
1495 Valley Center Parkway Bethlehem, PA 705,691 1990 40 yrs.
6350 Hedgewood Drive Allentown, PA 694,919 1989 40 yrs.
6330 Hedgewood Drive Allentown, PA 1,182,887 1988 40 yrs.
1550 Valley Center Parkway Bethlehem, PA 666,867 1988 40 yrs.
1560 Valley Center Parkway Bethlehem, PA 842,314 1988 40 yrs.
6580 Snowdrift Road Allentown, PA 632,437 1988 40 yrs.
1510 Valley Center Parkway Bethlehem, PA 785,974 1988 40 yrs.
1530 Valley Center Parkway Bethlehem, PA 612,279 1988 40 yrs.
6540 Stonegate Drive Allentown, PA 884,223 1988 40 yrs.
974 Marcon Boulevard Allentown, PA 610,833 1987 40 yrs.
964 Marcon Street Allentown, PA 513,208 1985 40 yrs.
764 Roble Road Allentown, PA 248,251 1985 40 yrs.
3174 Airport Road Allentown, PA 448,601 1979 40 yrs.
2196 Avenue C Allentown, PA 437,852 1980 40 yrs.
2202 Hanger Place Allentown, PA 516,071 1981 40 yrs.
2201 Hanger Place Allentown, PA 540,809 1987 40 yrs.
954 Marcon Boulevard Allentown, PA 349,146 1981 40 yrs.
57 South Commerce Way Allentown, PA 325,392 1986 40 yrs.
754 Roble Road Allentown, PA 210,150 1986 40 yrs.
894 Marcon Boulevard Allentown, PA 123,387 1986 40 yrs.
744 Roble Road Allentown, PA 223,063 1986 40 yrs.
944 Marcon Boulevard Allentown, PA 196,238 1986 40 yrs.
1685 Valley Center Parkway Allentown, PA 194,585 1996 40 yrs.
6520 Stonegate Drive Allentown, PA 91,305 1996 40 yrs.
7437 Industrial Boulevard Allentown, PA 719,127 1976 40 yrs.
2041 Avenue C Allentown, PA 111,411 1990 40 yrs.
2124 Avenue C Allentown, PA 101,280 1990 40 yrs.
7339 Industrial Boulevard Allentown, PA 314,442 1996 40 yrs.
7384 Penn Drive Allentown, PA 252,082 1988 40 yrs.
7144 Daniels Drive Allentown, PA 511,397 1975 40 yrs.
7620 Cetronia Road Allentown, PA 342,686 1990 40 yrs.
939 Marcon Boulevard Allentown, PA 467,166 1980 40 yrs.
100 Brodhead Road Allentown, PA 255,788 1990 40 yrs.
1455 Valley Center Parkway Bethlehem, PA 264,883 1997 40 yrs.
1640 Valley Center Parkway Bethlehem, PA 252,324 1996 40 yrs.
1650 Valley Center Parkway Allentown, PA 232,257 1997 40 yrs.
1660 Valley Center Parkway Bethlehem, PA 78,446 1996 40 yrs.
400 Nestle Way Allentown, PA 1,384,476 1997 40 yrs.
83 South Commerce Way Bethlehem, PA 67,321 1989 40 yrs.
85 South Commerce Way Bethlehem, PA 66,404 1989 40 yrs.
87 South Commerce Way Bethlehem, PA 70,312 1989 40 yrs.
89 South Commerce Way Bethlehem, PA 79,181 1997 40 yrs.
7339 Industrial Boulevard Allentown, PA 802,426 1988 40 yrs.
95 Highland Avenue Bethlehem, PA 148,682 1985 40 yrs.
236 Brodhead Road Bethlehem, PA 206,412 1994 40 yrs.
6620 Grant Way Allentown, PA 80,242 1989 40 yrs.
700 Nestle Way Allentown, PA 363,736 1997 40 yrs.
7562 Penn Drive Allentown, PA 22,368 1989 40 yrs.
7277 Williams Avenue Allentown, PA 37,848 1989 40 yrs.
7355 Williams Avenue Allentown, PA 36,861 1998 40 yrs.
794 Roble Boulevard Allentown, PA 124,199 1998 40 yrs.
6923 Schantz Spring Road Allentown, PA 71,984 1998 40 yrs.
2600 Beltline Avenue Reading, PA 46,748 1998 40 yrs.
7132 Daniels Drive Allentown, PA 80,706 1998 40 yrs.
3985 Adler Place Bethlehem, PA 59,043 1998 40 yrs.
12000,001,040 Indian Creek Court Beltsville, MD 2,664,578 1986 40 yrs.
8280 Patuxent Range Drive Columbia, MD 574,630 1978 40 yrs.
7178-80 Columbia Gateway Columbia, MD 598,024 1987 40 yrs.
8730 Bollman Place Columbia, MD 439,998 1984 40 yrs.
9770 Patuxent Woods Drive Columbia, MD 127,258 1986 40 yrs.
9780 Patuxent Woods Drive Columbia, MD 81,396 1986 40 yrs.
9790 Patuxent Woods Drive Columbia, MD 90,818 1986 40 yrs.
9810 Patuxent Woods Drive Columbia, MD 99,375 1986 40 yrs.
9800 Patuxent Woods Drive Columbia, MD 111,322 1988 40 yrs.
9820 Patuxent Woods Drive Columbia, MD 88,544 1988 40 yrs.
9830 Patuxent Woods Drive Columbia, MD 110,297 1986 40 yrs.
9050 Red Branch Road Columbia, MD 97,282 1972 40 yrs.
4606 Richlynn Drive Belcamp, MD 30,401 1998 40 yrs.
8945-8975 Guilford Columbia, MD 93,355 1998 40 yrs.
- -74-
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Accumulated
Depreciation Date of Depreciable
Project City @ 12/31/98 Construction Life (years)
- -------------------------------------- ------------------- ------------ ------------ ------------
OPERATING PROPERTIES - CONTINUED
7317 Parkway Drive Hanover, MD 11,693 1998 40 yrs.
180,190 Cochrane Drive Annapolis, MD 3,312,052 1989 40 yrs.
9101,9111,9115 Guilford Road Columbia, MD 1,008,825 1984 40 yrs.
9125,9135,9145 Guilford Road Columbia, MD 1,673,490 1983 40 yrs.
10 South Third Street Richmond, VA 15,059 1930 40 yrs.
1751 Bluehills Drive Roanoke, VA 798,386 1991 40 yrs.
4300 Carolina Avenue Richmond, VA 1,439,109 1985 40 yrs.
301 Hill Carter Parkway Richmond, VA 463,313 1989 40 yrs.
4001 Carolina Avenue Richmond, VA 33,866 1935 40 yrs.
5600-5626 Eastport Boulevard Richmond, VA 372,272 1989 40 yrs.
5650-5674 Eastport Boulevard Richmond, VA 432,009 1990 40 yrs.
5700 Eastport Boulevard Richmond, VA 265,517 1990 40 yrs.
11020 Hull Street Road Richmond, VA 61,054 1987 40 yrs.
3432 Holland Road Virginia Beach, VA 75,736 1989 40 yrs.
4880 Cox Road Richmond, VA 218,920 1995 40 yrs.
5162 Valleypointe Parkway Roanoke, VA 247,981 1993 40 yrs.
4101- 4127 Carolina Avenue Richmond, VA 219,107 1973 40 yrs.
4201-4261 Carolina Avenue Richmond, VA 495,582 1975 40 yrs.
4263-4299 Carolina Avenue Richmond, VA 261,077 1976 40 yrs.
4301-4335 Carolina Avenue Richmond, VA 161,914 1978 40 yrs.
4337-4379 Carolina Avenue Richmond, VA 243,384 1979 40 yrs.
4501-4549 Carolina Avenue Richmond, VA 343,968 1981 40 yrs.
4551-4593 Carolina Avenue Richmond, VA 355,541 1982 40 yrs.
4601-4643 Carolina Avenue Richmond, VA 528,072 1985 40 yrs.
4645-4683 Carolina Avenue Richmond, VA 818,691 1985 40 yrs.
4447-4491 Carolina Avenue Richmond, VA 276,058 1987 40 yrs.
4401-4445 Carolina Avenue Richmond, VA 432,781 1988 40 yrs.
12 S. Third Street Richmond, VA 17,903 1900 40 yrs.
9601 Cosner Drive Fredericksburg, VA 364,233 1995 40 yrs.
315 Cardiff Valley Road Knoxville, TN 289,579 1994 40 yrs.
2300 East Parham Road Richmond, VA 96,866 1988 40 yrs.
1347 Diamond Springs Road Virginia Beach, VA 311,762 1980 40 yrs.
5221 Valleypark Drive - Bldg A Roanoke, VA 180,344 1988 40 yrs.
5228 Valleypointe Parkway - Bldg B Roanoke, VA 103,115 1988 40 yrs.
5238 Valleypark Drive - Bldg C Roanoke, VA 202,173 1989 40 yrs.
5601-5659 Eastport Boulevard Richmond, VA 470,350 1996 40 yrs.
5900 Eastport Boulevard Richmond, VA 209,603 1997 40 yrs.
4717-4729 Eubank Road Richmond, VA 272,230 1978 40 yrs.
5251 Concourse Drive Roanoke, VA 145,421 1997 40 yrs.
4263F Carolina Avenue Richmond, VA 104,855 1975 40 yrs.
4200 Oakleys Court Richmond, VA 140,668 1990 40 yrs.
1821 Battery Dantzler Road Richmond, VA 171,294 1990 40 yrs.
5000 Cox Road Glen Allen, VA 209,624 1990 40 yrs.
510 Eastpark Court Richmond, VA 122,294 1989 40 yrs.
520 Eastpark Court Richmond, VA 233,889 1989 40 yrs.
13001 Kingston Avenue Chester, VA 49,506 1997 40 yrs.
5701-5799 Eastport Boulevard Richmond, VA 129,614 1996 40 yrs.
4801 Cox Road Richmond, VA 109,422 1997 40 yrs.
600 Liberty Way Richmond, VA 195,185 1997 40 yrs.
500 Liberty Way Richmond, VA 123,804 1997 40 yrs.
4198 Cox Road Glen Allen, VA 135,709 1984 40 yrs.
5310 Valley Park Drive Roanoke, VA 78,104 1997 40 yrs.
4510 Cox Road Glen Allen, VA 251,142 1990 40 yrs.
2809 South Lynnhaven Road Virginia Beach, VA 162,483 1987 40 yrs.
200 Golden Oak Court Virginia Beach, VA 172,603 1988 40 yrs.
208 Golden Oak Court Virginia Beach, VA 171,308 1989 40 yrs.
1 Enterprise Parkway Hampton, VA 142,622 1987 40 yrs.
22 Enterprise Parkway Hampton, VA 173,121 1990 40 yrs.
484 Viking Drive Virginia Beach, VA 88,554 1998 40 yrs.
10430 Lakeridge Parkway Richmond, VA 87,185 1998 40 yrs.
10456 Lakeridge Parkway Richmond, VA 85,107 1998 40 yrs.
3829-3855 Gaskins Road Richmond, VA 68,058 1998 40 yrs.
629 Phoenix Drive Virginia Beach, VA 39,661 1998 40 yrs.
11838 Rock Landing Drive Newport News, VA 40,403 1998 40 yrs.
11844 Rock Landing Drive Newport News, VA 26,334 1998 40 yrs.
11846 Rock Landing Drive Newport News, VA 26,865 1998 40 yrs.
5700 Cleveland Street Virginia Beach, VA 121,519 1998 40 yrs.
4523 Green Point Drive High Point, NC 458,307 1988 40 yrs.
4501 Green Point Drive High Point, NC 456,402 1989 40 yrs.
4500 Green Point Drive High Point, NC 471,659 1989 40 yrs.
2427 Penny Road High Point, NC 1,225,430 1990 40 yrs.
4524 Green Point Drive High Point, NC 458,617 1989 40 yrs.
4328, 4336 Federal Drive High Point, NC 1,016,982 1995 40 yrs.
200 Centreport Drive Greensboro, NC 418,046 1986 40 yrs.
4344 Federal Drive High Point, NC 199,963 1996 40 yrs.
202 Centreport Drive Greensboro, NC 443,629 1990 40 yrs.
101 Centreport Drive Greensboro, NC 153,222 1996 40 yrs.
4000 Piedmont Parkway High Point, NC 387,313 1997 40 yrs.
4380 Federal Drive High Point, NC 149,935 1997 40 yrs.
4388 Federal Drive High Point, NC 72,247 1997 40 yrs.
6532 Judge Adams Road Rock Creek, NC 126,542 1997 40 yrs.
3860 Faber Place N. Charleston, SC 89,246 1995 40 yrs.
4055 Faber Place N. Charleston, SC 208,987 1989 40 yrs.
3820 Faber Place N. Charleston, SC 147,332 1993 40 yrs.
3875 Faber Place N. Charleston, SC 151,811 1997 40 yrs.
440 Knox Abbott Drive Cayce, SC 172,824 1989 40 yrs.
150 Ridgeview Center Drive Duncan, SC 337,530 1984 40 yrs.
1320 Garlington Road Greenville, SC 83,698 1986 40 yrs.
420 Park Avenue Greenville, SC 180,690 1986 40 yrs.
1 Alliance Drive Goose Creek, SC 24,076 1997 40 yrs.
111 Southchase Boulevard Fountain Inn, SC 204,524 1989 40 yrs.
- -75-
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Accumulated
Depreciation Date of Depreciable
Project City @ 12/31/98 Construction Life (years)
- -------------------------------------- ------------------- ------------ ------------ ------------
OPERATING PROPERTIES - CONTINUED
300 International Boulevard Fountain Inn, SC 26,597 1995 40 yrs.
4160 Mendenhall Oaks Parkway High Point, NC 44,077 1997 40 yrs.
1208 Eastchester Drive High Point, NC 199,866 1988 40 yrs.
7720 Mendenhall Oaks Parkway High Point, NC 172,218 1997 40 yrs.
One Independence Pointe Greenville, SC 171,074 1982 40 yrs.
55 Beattie Place Greenville, SC 643,645 1986 40 yrs.
75 Beattie Place Greenville, SC 480,694 1987 40 yrs.
7736 McCloud Road Greensboro, NC 149,963 1998 40 yrs.
15 Brendan Way Greenville, SC 56,300 1998 40 yrs.
200 Meeting Street Charleston, SC 625,087 1998 40 yrs.
7500 West 110th Street Overland Park, KS 158,794 1998 40 yrs.
8035 Quivira Road Lenexa, KS 78,518 1998 40 yrs.
4300 Federal Drive High Point, NC 11,292 1998 40 yrs.
1730 Stebbins Drive Houston, TX 241,809 1973 40 yrs.
5911-5925 Richard Street Jacksonville, FL 230,680 1977 40 yrs.
8383-8385 Baycenter Road Jacksonville, FL 255,735 1973 40 yrs.
8775 Baypine Road Jacksonville, FL 619,310 1989 40 yrs.
8539 Western Way Jacksonville, FL 837,304 1987 40 yrs.
6255 Lake Gray Boulevard Jacksonville, FL 872,423 1987 40 yrs.
6600-6660 Suemac Place Jacksonville, FL 838,207 1987 40 yrs.
6800-6850 Suemac Place Jacksonville, FL 476,617 1973 40 yrs.
8665,8667,8669 Baypine Road Jacksonville, FL 1,045,560 1987 40 yrs.
8540 Baycenter Road Jacksonville, FL 470,653 1984 40 yrs.
1200 Riverplace Boulevard Jacksonville, FL 5,506,045 1985 40 yrs.
8400 Baymeadows Way Jacksonville, FL 604,642 1987 40 yrs.
8614 Baymeadows Way Jacksonville, FL 343,109 1986 40 yrs.
5941-5975 Richard Street Jacksonville, FL 541,616 1978 40 yrs.
7970 Bayberry Road Jacksonville, FL 461,626 1978 40 yrs.
6000-6030 Bowdendale Avenue Jacksonville, FL 675,973 1979 40 yrs.
7898 Baymeadows Way Jacksonville, FL 767,045 1978 40 yrs.
5977-6607 Richard Street Jacksonville, FL 827,643 1980 40 yrs.
7910 & 7948 Baymeadows Way Jacksonville, FL 994,555 1981 40 yrs.
7954 & 7960 Baymeadows Way Jacksonville, FL 1,025,493 1982 40 yrs.
8787 Baypine Road Jacksonville, FL 13,846,990 1990 40 yrs.
7077 Bonneval Road Jacksonville, FL 1,123,290 1988 40 yrs.
4190 Belfort Road Jacksonville, FL 1,234,606 1986 40 yrs.
8011, 8021, 8031 Phillips Highway Jacksonville, FL 470,497 1987 40 yrs.
7020 AC Skinner Parkway Jacksonville, FL 212,821 1996 40 yrs.
7040 AC Skinner Parkway Jacksonville, FL 393,078 1996 40 yrs.
11777 Central Highway Jacksonville, FL 380,748 1985 40 yrs.
4345 Southpoint Parkway Jacksonville, FL 200,886 1996 40 yrs.
7016 AC Skinner Parkway Jacksonville, FL 208,107 1996 40 yrs.
7018 AC Skinner Parkway Jacksonville, FL 281,234 1997 40 yrs.
6620 Southpoint Drive Jacksonville, FL 233,653 1984 40 yrs.
7980 Bayberry Road Jacksonville, FL 48,050 1978 40 yrs.
9600 Satellite Boulevard Orlando, FL 49,318 1989 40 yrs.
9700 Satellite Boulevard Orlando, FL 43,599 1989 40 yrs.
1902 Cypress Lake Drive Orlando, FL 112,532 1989 40 yrs.
8250 & 8256 Exchange Place Orlando, FL 79,556 1985 40 yrs.
6600 Southpoint Parkway Jacksonville, FL 127,580 1986 40 yrs.
6700 Southpoint Parkway Jacksonville, FL 101,292 1987 40 yrs.
4801 Executive Park Court - 100 Jacksonville, FL 98,251 1990 40 yrs.
4801 Executive Park Court - 200 Jacksonville, FL 49,391 1990 40 yrs.
4810 Executive Park Court Jacksonville, FL 60,325 1990 40 yrs.
6602 Executive Park Court - 100 Jacksonville, FL 53,870 1993 40 yrs.
6602 Executive Park Court - 200 Jacksonville, FL 39,511 1993 40 yrs.
6631 Executive Park Court - 100 Jacksonville, FL 33,584 1994 40 yrs.
6631 Executive Park Court - 200 Jacksonville, FL 55,325 1994 40 yrs.
4815 Executive Park Court - 100 Jacksonville, FL 48,894 1995 40 yrs.
4815 Executive Park Court - 200 Jacksonville, FL 61,800 1995 40 yrs.
4825 Executive Park Court Jacksonville, FL 80,256 1996 40 yrs.
4820 Executive Park Court Jacksonville, FL 74,174 1997 40 yrs.
10511 & 10611 Satellite Boulevard Orlando, FL 67,784 1985 40 yrs.
1400-1440 Central Florida Parkway Orlando, FL 64,986 1962 40 yrs.
6601 Executive Park Circle North Jacksonville, FL 78,025 1998 40 yrs.
1300 Riverplace Boulevard Jacksonville, FL 165,243 1998 40 yrs.
4901 Belfort Land Jacksonville, FL 68,475 1998 40 yrs.
16445 Air Center Boulevard Houston, TX 38,383 1998 40 yrs.
16405 Air Center Boulevard Houston, TX 46,371 1998 40 yrs.
2216 Directors Row Orlando, FL 37,515 1998 40 yrs.
7460 Chancellor Drive Orlando, FL 20,847 1998 40 yrs.
1901 Summit Tower Boulevard Maitland, FL 183,500 1998 40 yrs.
3701-3727 Vineland Road Orlando, FL 30,854 1998 40 yrs.
4001,4051,4101 Fowler Avenue Tampa, FL 1,150,267 1988 40 yrs.
5501-5502 Pioneer Park Boulevard Tampa, FL 192,999 1981 40 yrs.
5690-5694 Crenshaw Street Tampa, FL 187,513 1979 40 yrs.
3102,3104,3110 Cherry Palm Drive Tampa, FL 257,549 1986 40 yrs.
8401-8408 Benjamin Road Tampa, FL 372,321 1986 40 yrs.
3501 Riga Boulevard Tampa, FL 184,628 1983 40 yrs.
111 Kelsey Lane Tampa, FL 105,277 1990 40 yrs.
7930, 8010-20 Woodland Center Tampa, FL 224,458 1990 40 yrs.
7920 Woodland Center Boulevard Tampa, FL 141,285 1997 40 yrs.
8154-8198 Woodland Center Boulevard Tampa, FL 122,088 1988 40 yrs.
8112-42 Woodland Center Boulevard Tampa, FL 135,308 1995 40 yrs.
8212 Woodland Center Boulevard Tampa, FL 96,449 1996 40 yrs.
131 Kelsey Lane Tampa, FL 58,108 1998 40 yrs.
7724 Woodland Center Boulevard Tampa, FL 47,183 1997 40 yrs.
8921 Brittany Way Tampa, FL 21,500 1997 40 yrs.
5250 Eagle Trail Drive Tampa, FL 22,890 1998 40 yrs.
1701 Clint Moore Boulevard Boca Raton, FL 115,673 1985 40 yrs.
4555 Riverside Drive Beach Gardens, FL 194,123 1988 40 yrs.
- -76-
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Accumulated
Depreciation Date of Depreciable
Project City @ 12/31/98 Construction Life (years)
- -------------------------------------- ------------------- ------------ ------------ ------------
OPERATING PROPERTIES - CONTINUED
2500 Metrocentre Boulevard West Palm Beach, FL 51,770 1988 40 yrs.
2540 Metrocentre Boulevard West Palm Beach, FL 35,718 1988 40 yrs.
2541 Metrocentre Boulevard West Palm Beach, FL 31,489 1988 40 yrs.
2580 Metrocentre Boulevard West Palm Beach, FL 55,625 1988 40 yrs.
2581 Metrocentre Boulevard West Palm Beach, FL 41,049 1988 40 yrs.
1101 Northpoint Parkway West Palm Beach, FL 37,144 1998 40 yrs.
3223 Commerce Place West Palm Beach, FL 37,935 1998 40 yrs.
801 Northpoint Parkway West Palm Beach, FL 65,072 1998 40 yrs.
5410 - 5430 Northwest 33rd Avenue Ft. Lauderdale, FL 114,952 1985 40 yrs.
6500 NW 12th Avenue Ft. Lauderdale, FL 66,204 1998 40 yrs.
6600 NW 12th Avenue Ft. Lauderdale, FL 67,173 1998 40 yrs.
1500 SW 5th Court Pompano Beach, FL 89,267 1998 40 yrs.
1651 SW 5th Court Pompano Beach, FL 18,704 1998 40 yrs.
1601 SW 5th Court Pompano Beach, FL 19,137 1998 40 yrs.
1501 SW 5th Court Pompano Beach, FL 18,687 1998 40 yrs.
1400 SW 6th Court Pompano Beach, FL 106,196 1998 40 yrs.
1405 SW 6th Court Pompano Beach, FL 35,975 1998 40 yrs.
595 SW 13th Terrace Pompano Beach, FL 32,966 1998 40 yrs.
601 SW 13th Terrace Pompano Beach, FL 15,159 1998 40 yrs.
605 SW 16th Terrace Pompano Beach, FL 30,930 1998 40 yrs.
2440-2478 Metrocentre Bouulevard West Palm Beach, FL 53,485 1998 40 yrs.
951 Broken Sound Parkway Boca Raton, FL 154,481 1998 40 yrs.
3400 Lakeside Drive Miramar, FL 289,411 1998 40 yrs.
3450 Lakeside Drive Miramar, FL 285,712 1998 40 yrs.
13650 NW 8th Street Sunrise, FL 40,900 1998 40 yrs.
13630 NW 8th Street Sunrise, FL 54,375 1998 40 yrs.
777 Yamato Road Boca Raton, FL 200,773 1998 40 yrs.
1801 Clint Moore Boulevard. Boca Raton, FL 56,315 1998 40 yrs.
6601-6625 W. 78th Street Bloomington, MN 163,732 1997 40 yrs.
2905 Northwest Boulevard Plymouth, MN 225,672 1983 40 yrs.
2800 Campus Drive Plymouth, MN 162,318 1985 40 yrs.
2955 Xenium Lane Plymouth, MN 69,102 1985 40 yrs.
9401-9443 Science Center Drive New Hope, MN 177,557 1989 40 yrs.
6321-6325 Bury Drive Eden Prairie, MN 182,981 1988 40 yrs.
7115-7173 Shady Oak Road Eden Prairie, MN 188,693 1984 40 yrs.
7660-7716 Golden Triangle Drive Eden Prairie, MN 275,256 1988 40 yrs.
7400 Flying Cloud Drive Eden Prairie, MN 77,867 1987 40 yrs.
330 Second Avenue Minneapolis, MN 838,293 1980 40 yrs.
10301-10305 West 70th Street Eden Prairie, MN 49,733 1984 40 yrs.
10321 West 70th Street Eden Prairie, MN 58,367 1984 40 yrs.
10333 West 70th Street Eden Prairie, MN 44,611 1984 40 yrs.
10349-10357 West 70th Street Eden Prairie, MN 118,271 1985 40 yrs.
10365-10375 West 70th Street Eden Prairie, MN 115,676 1985 40 yrs.
10393-10394 West 70th Street Eden Prairie, MN 114,884 1985 40 yrs.
7078 Shady Oak Road Eden Prairie, MN 135,908 1985 40 yrs.
5600 & 5610 Rowland Road Minnetonka, MN 282,072 1988 40 yrs.
2920 Northwest Boulevard Plymouth, MN 125,225 1997 40 yrs.
5400-5500 Feltl Road Minnetonka, MN 171,811 1998 40 yrs.
10300 Bren Road Minnetonka, MN 84,656 1998 40 yrs.
14630-14650 28th Avenue North Plymouth, MN 37,803 1998 40 yrs.
7695-7699 Anagram Drive Eden Prairie, MN 54,388 1998 40 yrs.
7550 Meridian Circle Maple Grove, MN 42,459 1998 40 yrs.
2800 Northwest Boulevard Plymouth, MN 159,738 1998 40 yrs.
3255 Neil Armstrong Boulevard Eagan, MN 1,557 1998 40 yrs.
4801 West 81st Street Bloomington, MN 31,450 1998 40 yrs.
8100 Cedar Avenue Bloomington, MN 45,970 1998 40 yrs.
9600 54th Avenue Plymouth, MN 45,148 1998 40 yrs.
7800 Equitable Drive Eden Prairie, MN 23,627 1998 40 yrs.
7905 Fuller Road Eden Prairie, MN 12,773 1998 40 yrs.
26911-26957 Northwestern Highway Southfield, MI 2,866,873 1985 40 yrs.
1650 Research Drive Troy, MI 271,625 1985 40 yrs.
1775 Research Drive Troy, MI 106,453 1985 40 yrs.
1875 Research Drive Troy, MI 105,953 1986 40 yrs.
1850 Research Drive Troy, MI 282,592 1986 40 yrs.
1965 Research Drive Troy, MI 136,185 1987 40 yrs.
1960 Research Drive Troy, MI 136,748 1987 40 yrs.
27260 Haggerty Road Farmington Hills, MI 155,683 1983 40 yrs.
27200 Haggerty Road Farmington Hills, MI 130,504 1983 40 yrs.
27280 Haggerty Road Farmington Hills, MI 145,610 1983 40 yrs.
27220 Haggerty Road Farmington Hills, MI 68,292 1985 40 yrs.
27240 Haggerty Road Farmington Hills, MI 57,709 1985 40 yrs.
27300 Haggerty Road Farmington Hills, MI 131,148 1985 40 yrs.
1101 Allen Drive Troy, MI 28,195 1974 40 yrs.
1151 Allen Drive Troy, MI 46,958 1974 40 yrs.
1300 Rankin Street Troy, MI 38,501 1979 40 yrs.
1350 Rankin Street Troy, MI 32,129 1979 40 yrs.
1376-1400 Rankin Street Troy, MI 39,331 1979 40 yrs.
1352-1374 Rankin Street Troy, MI 43,988 1979 40 yrs.
1324-1346 Rankin Street Troy, MI 38,288 1979 40 yrs.
1301-1307 Rankin Street Troy, MI 31,995 1978 40 yrs.
1409 Allen Drive Troy, MI 41,375 1978 40 yrs.
1304 E. Maple Road Troy, MI 62,835 1971 40 yrs.
1334 Maplelawn Road Troy, MI 35,313 1983 40 yrs.
1290 Maplelawn Road Troy, MI 24,950 1984 40 yrs.
1070 Maplelawn Road Troy, MI 20,029 1982 40 yrs.
950 Maplelawn Road Troy, MI 71,668 1982 40 yrs.
894 Maplelawn Road Troy, MI 51,663 1986 40 yrs.
1179 Maplelawn Road Troy, MI 25,652 1984 40 yrs.
1940 Norwood Drive Troy, MI 24,776 1983 40 yrs.
1311-1331 Maplelawn Road Troy, MI 35,679 1986 40 yrs.
2354 Bellingham Street Troy, MI 25,018 1990 40 yrs.
- -77-
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Accumulated
Depreciation Date of Depreciable
Project City @ 12/31/98 Construction Life (years)
- -------------------------------------- ------------------- ------------ ------------ ------------
OPERATING PROPERTIES - CONTINUED
2360 Bellingham Street Troy, MI 24,979 1985 40 yrs.
1911 Ring Drive Troy, MI 24,688 1986 40 yrs.
26442-26450 Haggerty Road Farmington Hills, MI 67,655 1988 40 yrs.
26500 Haggerty Road Farmington Hills, MI 88,481 1986 40 yrs.
26650 Haggerty Road Farmington Hills, MI 49,382 1988 40 yrs.
26700 Haggerty Road Farmington Hills, MI 72,101 1986 40 yrs.
26750 Haggerty Road Farmington Hills, MI 83,376 1988 40 yrs.
26800 Haggerty Road Farmington Hills, MI 50,032 1986 40 yrs.
26842-26850 Haggerty Road Farmington Hills, MI 68,190 1988 40 yrs.
50 West Big Bear Road Troy, MI 490,985 1998 40 yrs.
100 West Big Bear Road Troy, MI 477,423 1998 40 yrs.
245 Executive Drive Brookfield, WI 108,756 1998 40 yrs.
8301 West Parkland Court Milwaukee, WI 67,759 1998 40 yrs.
4701 West Schroeder Drive Brown Deer, WI 59,838 1998 40 yrs.
4555 West Schroeder Drive Brown Deer, WI 103,497 1998 40 yrs.
32991 Hamilton Court Farmington Hills, MI 76,669 1998 40 yrs.
7800 N. 113th Street Milwaukee, WI 85,670 1998 40 yrs.
2475-2479 Elliot Avenue Troy, MI 5,379 1998 40 yrs.
32661 Edward Avenue Madison Heights, MI 24,275 1998 40 yrs.
32701 Edward Avenue Madison Heights, MI 14,215 1998 40 yrs.
32751 Edward Avenue Madison Heights, MI 10,381 1998 40 yrs.
32853 Edward Avenue Madison Heights, MI 9,054 1998 40 yrs.
555 East Mandoline Avenue Madison Heights, MI 8,432 1998 40 yrs.
599 East Mandoline Avenue Madison Heights, MI 6,776 1998 40 yrs.
749 East Mandoline Avenue Madison Heights, MI 7,375 1998 40 yrs.
750 East Mandoline Avenue Madison Heights, MI 7,720 1998 40 yrs.
900 East Mandoline Avenue Madison Heights, MI 8,040 1998 40 yrs.
949 East Mandoline Avenue Madison Heights, MI 8,107 1998 40 yrs.
32390-32400 Howard Avenue Madison Heights, MI 6,205 1998 40 yrs.
32090 John R. Road Madison Heights, MI 4,185 1998 40 yrs.
31601 Research Park Drive Madison Heights, MI 19,580 1998 40 yrs.
31651 Research Park Drive Madison Heights, MI 11,474 1998 40 yrs.
31700 Research Park Drive Madison Heights, MI 19,012 1998 40 yrs.
31701 Research Park Drive Madison Heights, MI 11,214 1998 40 yrs.
31751 Research Park Drive Madison Heights, MI 13,547 1998 40 yrs.
31800 Research Park Drive Madison Heights, MI 16,681 1998 40 yrs.
800 Tech Row Madison Heights, MI 31,112 1998 40 yrs.
900 Tech Row Madison Heights, MI 9,205 1998 40 yrs.
1000 Tech Row Madison Heights, MI 27,374 1998 40 yrs.
31771 Sherman Avenue Madison Heights, MI 6,719 1998 40 yrs.
31791 Sherman Avenue Madison Heights, MI 6,769 1998 40 yrs.
31811 Sherman Avenue Madison Heights, MI 12,280 1998 40 yrs.
31831 Sherman Avenue Madison Heights, MI 9,375 1998 40 yrs.
31900 Sherman Avenue Madison Heights, MI 18,796 1998 40 yrs.
800 East Whitcomb Avenue Madison Heights, MI 13,486 1998 40 yrs.
950 East Whitcomb Avenue Madison Heights, MI 22,522 1998 40 yrs.
1000 East Whitcomb Avenue Madison Heights, MI 10,815 1998 40 yrs.
1100 East Whitcomb Avenue Madison Heights, MI 8,666 1998 40 yrs.
1201 East Whitcomb Avenue Madison Heights, MI 12,642 1998 40 yrs.
1210 East Whitcomb Avenue Madison Heights, MI 3,428 1998 40 yrs.
1260 Kempar Avenue Madison Heights, MI 4,046 1998 40 yrs.
1280 Kempar Avenue Madison Heights, MI 5,608 1998 40 yrs.
1001 East Lincoln Avenue Madison Heights, MI 21,363 1998 40 yrs.
1201 East Lincoln Avenue Madison Heights, MI 22,281 1998 40 yrs.
22515 Heslip Drive Madison Heights, MI 3,523 1998 40 yrs.
8400 Lakeview Parkway Pleasant Prairie, WI 2,800 1998 40 yrs.
8401 Lakeview Parkway Pleasant Prairie, WI 2,404 1998 40 yrs.
9801 80th Avenue Pleasant Prairie, WI 5,519 1998 40 yrs.
50 Gibson Drive West Malling, UK 635,610 1996 40 yrs.
25 Kings Hill Avenue West Malling, UK 826,438 1996 40 yrs.
2 Kings Hill Avenue West Malling, UK 521,574 1996 40 yrs.
50 Kings Hill Avenue West Malling, UK 969,612 1996 40 yrs.
10 Kings Hill Avenue West Malling, UK 100,337 1997 40 yrs.
------------
Subtotal Operating Properties $209,023,187
============
- -78-
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Accumulated
Depreciation Date of Depreciable
Project City @ 12/31/98 Construction Life (years)
- -------------------------------------- ------------------- ------------ ------------ ------------
DEVELOPMENT IN PROGRESS
45 Liberty Boulevard Malvern, PA $ - 1997 N/A
3 Franklin Plaza Philadelphia, PA - 1997 N/A
2500 Renaissance Boulevard King of Prussia, PA - 1997 N/A
2300 Renaissance Boulevard King of Prussia, PA - 1997 N/A
2100 Renaissance Boulevard King of Prussia, PA - 1998 N/A
4 Walnut Grove Horsham, PA - 1998 N/A
PNC Bank - Phase II Construction Philadelphia, PA - 1998 N/A
600 Chesterfield Parkway Malvern, PA - 1998 N/A
700 Chesterfield Parkway Malvern, PA - 1998 N/A
2520 Renaissance Boulevard King of Prussia, PA - 1998 N/A
201 Berkeley Drive Bridgeport, NJ - 1997 N/A
300 Commodore Drive Bridgeport, NJ - 1997 N/A
1020 Briggs Road Land Mt. Laurel, NJ - 1997 N/A
800 Arlington Boulevard Logan, NJ - 1998 N/A
1525 Valley Center Parkway Allentown, PA - 1997 N/A
Lehigh Valley West Land - Lot 4 Upper Macungie, PA - 1998 N/A
5500 Cox Road Richmond, VA - 1997 N/A
701 Liberty Way Richmond, VA - 1997 N/A
5305 Valley Park Drive Roanoke, VA - 1997 N/A
530 Eastpark Court Richmond, VA - 1997 N/A
801 Liberty Way Richmond, VA - 1998 N/A
6532 Judge Adams Road Whitsett, NC - 1997 N/A
4194 Mendenhall Oaks Parkway High Point, NC - 1997 N/A
4196 Mendenhall Oaks Parkway High Point, NC - 1997 N/A
4170 Mendenhall Oaks Parkway High Point, NC - 1997 N/A
4180 Mendenhall Oaks Parkway High Point, NC - 1997 N/A
3955 Faber Place Charleston, SC - 1998 N/A
7014 AC Skinner Parkway Jacksonville, FL - 1996 N/A
9550 Satellite Boulevard Orlando, FL - 1997 N/A
Butler Plaza Jacksonville, FL - 1998 N/A
7802-50 Woodland Center Boulevard Tampa, FL - 1997 N/A
7852-98 Woodland Center Boulevard Tampa, FL - 1997 N/A
7725 Woodland Center Boulevard Tampa, FL - 1998 N/A
8001 Woodland Center Boulevard Tampa, FL - 1998 N/A
4630 Woodland Corporate Boulevard Tampa, FL - 1998 N/A
Silo Bend 12 Tampa, FL - 1998 N/A
Huntington Square Land Miramar, FL - 1998 N/A
10400 Southwest Crossing Eden Prairie, MN - 1997 N/A
9023 Columbine Road Eden Prairie, MN - 1998 N/A
West Tech Park Land (Lot B) Farmington Hills, MI - 1997 N/A
West Tech Park Land (Lot C) Farmington Hills, MI - 1997 N/A
30 Tower View West Malling, UK - 1997 N/A
35 Kings Hill Avenue West Malling, UK - 1997 N/A
39 Kings Hill Avenue West Malling, UK - 1997 N/A
18 Kings Hill Avenue West Malling, UK - 1997 N/A
------------
Subtotal Development in Progress $ -
============
- -79-
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Accumulated
Depreciation Date of Depreciable
Project City @ 12/31/98 Construction Life (years)
- -------------------------------------- ------------------- ------------ ------------ ------------
LAND HELD FOR DEVELOPMENT
Gwynedd North Bus Camp Land Lansdale, PA $ - 1989 N/A
Three Country View Road Malvern, PA - 1995 N/A
550 Lapp Road Malvern, PA - 1995 N/A
Cedar Hollow Road Land Malvern, PA - 1996 N/A
Walnut Grove Land Horsham, PA - 1996 N/A
35 Liberty Boulevard Land Malvern, PA - 1997 N/A
Great Valley Land Malvern, PA - 1997 N/A
10 Matthews Rd South Land Malvern, PA - 1997 N/A
Renaissance Park Land King of Prussia, PA - 1998 N/A
Swedes Run Business Park Land Delran, NJ - 1992 N/A
Marlton Crossing Land Marlton, NJ - 1994 N/A
Commodore Business Park Logan Twp., NJ - 1995 N/A
Boulden Land New Castle, DE - 1995 N/A
Marlton Executive Park Land Marlton, NJ - 1994 N/A
1015 Briggs Road Land Mt. Laurel, NJ - 1997 N/A
Lehigh Valley Corporate Center Land Bethlehem, PA - 1987 N/A
Lehigh Valley West Lots 13,14,15 Allentown, PA - 1995 N/A
LVCC Phase 2 Land Bethlehem, PA - 1998 N/A
LV West Land - Lot 5A Upper Macungie, PA - 1998 N/A
Park at Valleypointe Land Roanoke, VA - 1995 N/A
Fairgrounds Distribution Center Land Richmond, VA - 1995 N/A
Rivers' Bend Land Richmond, VA - 1995 N/A
Oakleys Center Land Richmond, VA - 1996 N/A
Woodlands Center Land Richmond, VA - 1996 N/A
501 Liberty Way Richmond, VA - 1996 N/A
601 HP Way (HP3) Richmond, VA - 1997 N/A
6000-98 Eastport Boulevard Richmond, VA - 1997 N/A
Eastport VIII Richmond, VA - 1997 N/A
Eastport IX Richmond, VA - 1997 N/A
Brill 2 Land Richmond, VA - 1998 N/A
Westmoreland Land Virginia Beach, VA - 1998 N/A
Westmoreland III Land Virginia Beach, VA - 1998 N/A
Mendenhall Land High Point, NC - 1995 N/A
Independence Pointe Land Greenville, SC - 1997 N/A
Executive Park at Faber Place Land Charleston, SC - 1998 N/A
Northpoint Industrial Park Land Columbia, SC - 1998 N/A
Overlook Business Center Land Columbia, SC - 1998 N/A
Ridgeview Center Land Greenville, SC - 1998 N/A
Southchase Business Park Land Greenville, SC - 1998 N/A
Woodfield Land Greenville, SC - 1998 N/A
Southpoint Business Park Land Jacksonville, FL - 1994 N/A
Liberty Business Park Land Jacksonville, FL - 1995 N/A
7024 AC Skinner Parkway Jacksonville, FL - 1995 N/A
Silo Bend Land (LPDC) Tampa, FL - 1996 N/A
Exchange Place Land Orlando, FL - 1997 N/A
Belfort Road Jacksonville, FL - 1998 N/A
Butler Plaza Land Jacksonville, FL - 1998 N/A
Central Green Land Houston, TX - 1998 N/A
Salisbury Road Land Jacksonville, FL - 1998 N/A
Airport West Tampa, FL - 1995 N/A
Woodland Corporate Center Land Tampa, FL - 1998 N/A
Pompano Business Park Land - Parcel 2 Boca Raton, FL - 1998 N/A
Pompano Business Park Land - Parcel 3 Boca Raton, FL - 1998 N/A
Boca Colannade Land - Yamato Road Boca Raton, FL - 1998 N/A
Klodt Land Eden Prairie, MN - 1998 N/A
Flying Cloud Land Eden Prairie, MN - 1998 N/A
Romulus Land Romulus, MI - 1998 N/A
4 ABW West Malling, UK - 1998 N/A
------------
Subtotal Land Held for Development $ -
============
TOTAL ALL PROPERTIES $209,023,187
============
- -80-
SCHEDULE III
LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
(In thousands)
A summary of activity for real estate and accumulated depreciation is as
follows:
FOR THE YEARS ENDED DECEMBER 31,
--------------------------------
1998 1997 1996
--------- ---------- ----------
REAL ESTATE:
Balance at beginning of year $2,106,028 $1,180,385 $ 920,472
Additions 944,794 968,567 269,496
Disposition of property (22,680) (42,924) (9,583)
---------- ---------- ----------
Balance at end of year $3,028,142 $2,106,028 $1,180,385
========== ========== ==========
ACCUMULATED DEPRECIATION:
Balance at beginning of year $ 149,311 $ 119,151 $ 94,183
Depreciation expense 61,679 35,981 24,968
Disposition of property (1,967) (5,821) -
---------- ---------- ----------
Balance at end of year $ 209,023 $ 149,311 $ 119,151
========== ========== ==========
- -81-
REPORT OF INDEPENDENT AUDITORS
To The Partners
Liberty Property Limited Partnership
We have audited the accompanying consolidated balance sheets of Liberty
Property Limited Partnership ("the Operating Partnership") as of
December 31, 1998, and 1997, and the related consolidated statements of
operations, owners' equity, and cash flows for each of the three years
in the period ended December 31, 1998. 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 generally accepted auditing
standards. 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, 1998
and 1997, and the consolidated results of its operations and its cash
flows for each of the three years in the period ended December 31, 1998,
in conformity with generally accepted accounting principles. 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 12, 1999
- -82-
CONSOLIDATED BALANCE SHEETS OF LIBERTY PROPERTY LIMITED PARTNERSHIP
(IN THOUSANDS)
DECEMBER 31,
-------------------------
1998 1997
---------- -----------
ASSETS
Real estate:
Land and land improvements $ 366,853 $ 238,519
Buildings and improvements 2,378,272 1,649,512
Less accumulated depreciation (209,023) (149,311)
---------- ----------
Operating real estate 2,536,102 1,738,720
Development in progress 207,563 156,093
Land held for development 75,454 61,904
---------- ----------
Net real estate 2,819,119 1,956,717
Cash and cash equivalents 14,391 55,079
Accounts receivable 15,391 6,517
Deferred financing and leasing costs,
net of accumulated amortization
(1998, $49,390; 1997, $40,560) 39,475 32,536
Prepaid expenses and other assets 44,995 43,488
---------- ----------
Total assets $2,933,371 $2,094,337
========== ==========
LIABILITIES
Mortgage loans $ 413,224 $ 363,591
Unsecured notes 645,000 350,000
Credit facility 264,000 135,000
Convertible debentures 101,619 111,543
Accounts payable 20,216 14,544
Accrued interest 18,263 10,960
Distribution payable 33,734 25,927
Other liabilities 69,025 42,499
---------- ----------
Total liabilities 1,565,081 1,054,064
OWNERS' EQUITY
General partner's equity - preferred units 120,814 120,814
- common units 1,146,222 834,781
Limited partners' equity 101,254 84,678
---------- ----------
Total owners' equity 1,368,290 1,040,273
---------- ----------
Total liabilities and owners' equity $2,933,371 $2,094,337
========== ==========
See accompanying notes.
- -83-
CONSOLIDATED STATEMENTS OF OPERATIONS OF LIBERTY PROPERTY LIMITED PARTNERSHIP
(IN THOUSANDS)
YEAR ENDED DECEMBER 31,
------------------------------------------
1998 1997 1996
------------ ------------ ------------
REVENUE
Rental $ 281,732 $ 169,859 $ 112,841
Operating expense reimbursement 101,248 55,502 35,886
Management fees 597 673 1,340
Interest and other 3,516 6,483 4,198
------------ ----------- -----------
Total revenue 387,093 232,517 154,265
OPERATING EXPENSES
Rental property 74,007 43,118 29,624
Real estate taxes 34,338 17,961 11,229
General and administrative 15,522 10,650 8,023
Depreciation and amortization 67,932 40,752 28,203
------------ ----------- -----------
Total operating expenses 191,799 112,481 77,079
------------ ----------- -----------
Operating income 195,294 120,036 77,186
Premium on debenture conversions - 98 1,027
Interest expense 78,617 53,888 38,528
------------ ----------- -----------
Net income 116,677 66,050 37,631
Net income allocated to general
partner - preferred units 11,000 4,247 -
------------ ----------- -----------
Net income available to partners
- common interest $ 105,677 $ 61,803 $ 37,631
=========== =========== ===========
Net income allocated to general
partner - common units $ 97,615 $ 56,197 $ 33,740
============ =========== ===========
Net income allocated
to limited partners $ 8,062 $ 5,606 $ 3,891
============ =========== ===========
See accompanying notes.
- -84-
CONSOLIDATED STATEMENTS OF OWNERS' EQUITY OF
LIBERTY PROPERTY LIMITED PARTNERSHIP
(IN THOUSANDS)
GENERAL LIMITED
PARTNER'S PARTNERS' TOTAL OWNERS'
EQUITY EQUITY EQUITY
---------- ---------- -------------
Owners' equity at January 1, 1996 $ 335,521 $ 41,153 $ 376,674
Contributions from partners 55,001 1,878 56,879
Distributions to partners (48,730) (5,427) (54,157)
Net income 33,740 3,891 37,631
---------- ----------- ------------
Balance at December 31, 1996 375,532 41,495 417,027
Contributions from partners 597,395 15,982 613,377
Distributions to partners (77,776) (7,197) (84,973)
Issuance of Operating Partnership Units - 28,792 28,792
Net income 60,444 5,606 66,050
---------- ----------- ------------
Balance at December 31, 1997 $ 955,595 $ 84,678 $ 1,040,273
Contributions from partners 322,150 (10,141) 312,009
Distributions to partners (119,324) (9,039) (128,363)
Issuance of Operating Partnership Units - 27,694 27,694
Net income 108,615 8,062 116,677
---------- ----------- ------------
Balance at December 31, 1998 $1,267,036 $ 101,254 $ 1,368,290
========== =========== ============
See accompanying notes.
- -85-
CONSOLIDATED STATEMENTS OF CASH FLOWS OF LIBERTY PROPERTY LIMITED PARTNERSHIP
(IN THOUSANDS)
YEAR ENDED DECEMBER 31,
----------------------------------------
1998 1997 1996
------------ ------------ ------------
OPERATING ACTIVITIES
Net income $ 116,677 $ 66,050 $ 37,631
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 67,932 40,752 28,203
Amortization of deferred financing costs 4,462 7,367 4,561
(Loss) gain on sale 1,285 (2,518) (577)
Noncash compensation 1,506 1,225 1,074
Changes in operating assets
and liabilities:
Accounts receivable (8,874) 490 (1,399)
Prepaid expenses and other assets (3,266) (2,145) (8,632)
Accounts payable 5,672 8,250 1,717
Accrued interest 7,303 3,549 (2,028)
Other liabilities 26,526 13,576 8,093
------------ ------------ ------------
Net cash provided by operating activities 219,223 136,596 68,643
------------ ------------ ------------
INVESTING ACTIVITIES
Investment in properties (521,221) (648,845) (109,424)
Proceeds from disposition of properties 20,752 36,732 2,247
Investment in development in progress (277,722) (206,593) (126,392)
Increase in land held for development (45,201) (37,214) (25,942)
Increase in deferred leasing costs (16,150) (8,642) (7,588)
------------ ------------ ------------
Net cash used in investing activities (839,542) (864,562) (267,099)
------------ ------------ ------------
FINANCING ACTIVITIES
Proceeds from issuance of unsecured notes 295,000 350,000 -
Proceeds from mortgage loans - 124,815 77,605
Repayments of mortgage loans (23,954) (50,340) (8,917)
Proceeds from lines of credit 633,000 776,017 237,191
Repayments on lines of credit (504,000) (907,709) (42,393)
Increase in deferred financing costs (733) (10,941) (3,469)
Capital contributions 300,873 554,886 -
Distributions to partners (120,555) (73,295) (52,578)
------------ ------------ ------------
Net cash provided by financing activities 579,631 763,433 207,439
Increase (decrease) in cash and
cash equivalents (40,688) 35,467 8,983
Cash and cash equivalents at
beginning of year 55,079 19,612 10,629
------------ ------------ ------------
Cash and cash equivalents at end of year $ 14,391 $ 55,079 $ 19,612
============ =========== ===========
SUPPLEMENTAL DISCLOSURE OF
NONCASH TRANSACTIONS
Write-off of fully depreciated
property and deferred costs $ 2,958 $ 7,892 $ 487
Acquisition of properties (101,281) (77,105) -
Assumption of mortgage loans 73,587 48,313 -
Issuance of operating partnership units 27,694 28,792 -
Conversion of convertible debentures 9,630 57,266 55,805
============ ============ ============
See accompanying notes.
- -86-
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF
LIBERTY PROPERTY LIMITED PARTNERSHIP
1. ORGANIZATION
Liberty Property Trust (the "Trust") is a self-administered and self-
managed Maryland real estate investment trust (a "REIT"). Substantially
all of the Trust's assets are owned directly or indirectly, and
substantially all of the Trust's operations are conducted directly or
indirectly, by its subsidiary, Liberty Property Limited Partnership, a
Pennsylvania limited partnership (the "Operating Partnership" and,
together with the Trust and its consolidated subsidiaries, the
"Company"). The Trust is the sole general partner and also a limited
partner of the Operating Partnership, with a combined equity interest in
the Operating Partnership of 92.6% at December 31, 1998. The Company
provides leasing, property management, acquisition, development,
construction management, and design management for a portfolio of
industrial and office properties which are located principally within
the Southeastern, Mid-Atlantic and Midwestern United States.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect amounts reported in the financial statements and
accompanying notes. Actual results could differ from those estimates.
Principles of Consolidation
The Consolidated Financial Statements of the Company include the
accounts of the Operating Partnership and the Operating Partnership's
consolidated subsidiaries. All significant intercompany transactions and
accounts have been eliminated.
Certain amounts from prior periods have been restated to conform to
current year presentation.
Real Estate and Depreciation
The Properties are recorded at the lower of cost or fair value if
impaired and are depreciated using the straight-line method over their
estimated useful lives. The estimated lives are as follows:
Building and improvements 40 years
Equipment 10 years
Tenant improvements Term of the related lease
Expenditures directly related to acquisition, development or improvement
of real estate are capitalized as a cost of the property. Expenditures
for maintenance and repairs are charged to operations as incurred.
The Company evaluates its real estate investments upon occurrence of
significant adverse changes in their operations to assess whether any
impairment indications 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.
- -87-
Cash and Cash Equivalents
Highly liquid investments with a maturity of three months or less when
purchased are classified as cash equivalents. The carrying amount of
these assets approximates their fair market value.
Revenues
The Company earns rental income under operating leases with tenants.
Rental income is recognized on a straight-line basis over the applicable
lease term.
Deferred Financing and Leasing Costs
Costs incurred in connection with financing or leasing are capitalized
and amortized over the term of the related loan or lease. Amortization
of deferred financing costs is reported as interest expense.
Income Taxes
In conformity with the Internal Revenue Code and applicable state and
local tax statutes, taxable income or loss of the Operating Partnership
is required to be reported in the tax returns of the partners in
accordance with the terms of the Partnership Agreement and, accordingly,
no provision has been made in the accompanying financial statements for
any federal, state, or local income taxes.
Impact of Recently Issued Accounting Standards
In June 1998, the FASB issued Statement No. 133, "Accounting for
Derivative Instruments and Hedging Activities". The Company expects to
adopt the new Statement effective January 1, 2000. The Statement will
require the Company to recognize all derivatives on the balance sheet at
fair value. The Company does not anticipate that the adoption of this
statement will have a significant effect on its results of operations or
financial position.
3. REAL ESTATE
At December 31, 1998 and 1997, 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
------------ ------------ ----------- ------------
1998:
Industrial properties $ 207,067 $1,243,194 $1,450,261 $ 112,166
Office properties 159,786 1,135,078 1,294,864 96,857
----------- ----------- ----------- ------------
1998 Total $ 366,853 $2,378,272 $2,745,125 $ 209,023
=========== =========== =========== ============
1997:
Industrial properties $ 140,793 $ 883,598 $1,024,391 $ 81,774
Office properties 97,726 765,914 863,640 67,537
------------ ----------- ----------- ------------
1997 Total $ 238,519 $1,649,512 $1,888,031 $ 149,311
============ =========== =========== ============
- -88-
Depreciation expense was $61.7 million in 1998, $36.0 million in 1997
and $25.0 million in 1996.
As of December 31, 1998, the Company has commenced development on 45
properties in 11 markets, which upon completion are expected to comprise
approximately four million square feet of leaseable space. As of
December 31, 1998 approximately $207.6 million has been expended for the
development of these projects and an additional $160.2 million is
required for completion.
4. RELATED PARTY TRANSACTIONS
Pursuant to agreements, the Company has been retained by an affiliate
(Rouse Kent Limited) to provide development, management and other
services. For the years ended December 31, 1998, 1997 and 1996
the fees for these services were $600,000 per year. The Company has a
loan receivable from Rouse Kent Limited with a balance of $5.9 million
and $5.5 million as of December 31, 1998 and 1997, respectively.
5. INDEBTEDNESS
Indebtedness consists generally of mortgage loans, unsecured notes, the
credit facility, and convertible debentures. The weighted average
interest rates as of December 31, 1998, 1997 and 1996, were
approximately 7.2%, 7.5% and 7.6%, respectively. Interest expense for
the years ended December 31, 1998, 1997 and 1996, aggregated $78.6
million, $53.9 million and $38.5 million, respectively. Interest costs
during these periods of $16.3 million, $11.8 million and $7.7 million,
were capitalized. Cash paid for interest for the years ended December
31, 1998, 1997 and 1996, was $83.2 million, $54.9 million and $43.7
million, respectively.
Mortgage Loans, Unsecured Notes
Mortgage loans with maturities ranging from 1999 to 2013 are
collateralized by and in some instances cross-collateralized by
properties with a book value of $602.6 million.
As of December 31, 1998, $413.2 million in mortgage loans and $645.0
million in unsecured notes were outstanding. The interest rates on
$1,041.6 million of mortgage loans and unsecured notes are fixed and
range from 5.0% to 9.1%. Interest rates on $16.6 million of mortgage
loans float with LIBOR, prime or a municipal bond index, $10.0 million
of which is subject to certain caps. The weighted average remaining
term for the mortgage loans and unsecured notes is 8.5 years. The
scheduled maturities of principal amortization of the Company's mortgage
- -89-
loans and unsecured notes outstanding and the related weighted average
interest rates are as follows:
MORTGAGES
------------------------- WEIGHTED
PRINCIPAL PRINCIPAL UNSECURED AVERAGE
AMORTIZATION MATURITIES NOTES TOTAL INTEREST RATE
------------ ---------- --------- ----------- -------------
1999 $ 8,521 $ 16,412 $ - $ 24,933 6.7%
2000 9,228 30,215 - 39,443 8.1%
2001 8,860 23,298 - 32,158 7.1%
2002 7,676 - 100,000 107,676 6.7%
2003 7,621 26,606 50,000 84,227 7.2%
2004 7,662 15,910 100,000 123,572 7.0%
2005 6,847 99,018 - 105,865 7.6%
2006 5,544 30,078 100,000 135,622 7.2%
2007 5,133 - 100,000 105,133 7.3%
2008 4,868 28,835 - 33,703 7.2%
2009 2,586 42,097 20,000 64,683 8.1%
2010 1,608 - - 1,608 7.8%
2011 1,365 3,303 - 4,668 7.7%
2012 480 17,674 - 18,154 7.7%
2013 208 1,571 75,000 76,779 6.4%
2018 - - 100,000 100,000 7.5%
-------- -------- -------- ---------- -----
$ 78,207 $335,017 $645,000 $1,058,224 7.2%
======== ======== ======== ========== =====
Credit Facility
The credit facility is a $325 million unsecured credit facility (the
"Credit Facility") which replaced two existing secured lines of credit
aggregating $350 million in May 1997. Coincident with the replacement
of the lines of credit, $2.9 million of related deferred financing costs
were charged to interest expense. The interest rate on borrowings under
the Credit Facility fluctuates, based on the Company's leverage levels
and senior debt ratings from Moody's Investors Service, Inc. ("Moody's")
and Standard & Poor's Ratings Group ("Standard & Poor's"). The current
ratings for the Company's senior unsecured debt are Baa3 and BBB- from
Moody's and Standard & Poor's, respectively. At these ratings, the
current interest rate on the Credit Facility is 110 basis points over
the LIBOR (6.67% at December 31, 1998). The rate for the Credit
Facility at December 31, 1997 was 7.09%. Customary fees apply to the
Credit Facility including an annual administrative fee and an unused
line fee. The Credit Facility matures on May 20, 1999, and can be
extended for one year for $650,000.
On January 15, 1999 the Company closed a $135 million, two-year
unsecured term loan. The interest rate for the loan is 135 basis points
over LIBOR.
Convertible Debentures
The convertible debentures are due on June 23, 2001 and are exchangeable
for common shares of beneficial interest of the Trust (the "Common
Shares") at a rate of one Common Share for each $20 outstanding
principal amount of convertible debentures, subject to certain
adjustments. The initial interest rate on the convertible debentures
was 8.0% and increases with increases in the dividend payment on the
Company's Common Shares. At the current $.45 per common share per
quarter dividend payment rate, the effective interest rate on the
- -90-
convertible debentures is 9.0%. At December 31, 1997, the effective
interest rate on the convertible debentures was 8.4%. During the year
ended December 31, 1997, the Company paid sums aggregating $98,000 to
facilitate the conversion of $17.3 million of convertible debentures
into 862,650 Common Shares. There was no such expense in 1998. At
December 31, 1998 and 1997 the convertible debentures were convertible
into 5,080,950 and 5,577,150 Common Shares, respectively.
The fair value of the convertible debentures at December 31, 1998 was
$125.1 million based on the closing bid price of the Company's Common
Shares on the New York Stock Exchange. The fair values of the
mortgages, the unsecured notes and Credit Facility were estimated using
discounted cash flow analysis, based on the Company's estimated
incremental borrowing rate at December 31, 1998, 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 non-cancellable
operating leases as of December 31, 1998 are as follows (in thousands):
1999 $ 306,662
2000 267,891
2001 218,764
2002 180,641
2003 144,407
Thereafter 508,082
----------
TOTAL $1,626,447
==========
In addition to minimum rental payments, tenants pay for their pro rata
share of specified operating expenses. These amounts are included as
operating expense reimbursement in the accompanying statements of
operations.
7. PREFERRED UNITS
On August 11, 1997 the Company issued 5,000,000 Series A Cumulative
Redeemable Preferred Units (the "Preferred Units"). All of the
Preferred Units are held by the Trust. The Preferred Units are non-
voting and have a liquidation preference of $25.00 per unit and a
preferential cash distribution rate of 8.8%. On or after July 30, 2002,
the Preferred Units may be redeemed for cash at the option of the
Company.
8. COMMITMENTS AND CONTINGENCIES
All of the Properties and land were subject to Phase I Environmental
Assessments ("Phase I Assessments") obtained in contemplation their
acquisition by the Company. The Phase I Assessments consisted of, among
other activities, a visual inspection of each Property and its
neighborhood and a check of pertinent public records. The Phase I
Assessments did not reveal, nor is the Company aware of, any non-
compliance with environmental laws, environmental liability or other
environmental claim that the Company believes would likely have a
material adverse effect on the Company.
In connection with one of the 1997 acquisitions, the Company is
obligated to purchase, over a 10-year period ending in 2007,
- -91-
approximately 775 acres of land for commercial development. The
purchase price of the land as of December 31, 1998 is $16.2 million.
The Operating Partnership is not a party to any material legal
proceedings. In the ordinary course of business, the Operating
Partnership is party to routine litigation incidental to its business
and in addition it is covered by insurance.
9. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
The following is a summary of quarterly results of operations for the
two years ended December 31, 1998 and 1997 (in thousands, except per
share amounts):
QUARTER ENDED
----------------------------------------------------------------------------------
DEC. 31, SEPT. 30, JUNE 30, MARCH 31, DEC. 31, SEPT. 30, JUNE 30, MARCH 31,
1998 1998 1998 1998 1997 1997 1997 1997
-------- --------- -------- --------- -------- --------- -------- ---------
Rental revenue $ 78,435 $ 74,264 $ 68,018 $ 61,015 $ 50,636 $ 45,241 $ 39,341 $ 34,641
======== ======== ======== ======== ======== ========= ======== =========
Operating income 53,490 51,739 46,950 43,115 38,467 31,363 26,100 24,106
======== ======== ======== ======== ======== ========= ======== =========
Net income 31,128 30,903 28,097 26,549 24,750 17,571 12,205 11,524
======== ======== ======== ======== ======== ========= ======== =========
Net income allocated to
general partner -
common units 26,278 26,061 23,286 21,990 20,209 14,484 10,955 10,549
======== ======== ======== ======== ======== ========= ======== =========
10. SEGMENT INFORMATION
Liberty Property Trust 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/Delaware; Lehigh
Valley, Pennsylvania; Maryland; Virginia; the Carolinas; Jacksonville,
Florida; Tampa, Florida; South Florida; Minneapolis, Minnesota; Detroit,
Michigan; and the United Kingdom. The Company's reportable segments are
distinct business units which are each managed separately in order to
concentrate and hone market knowledge within a geographical area.
Within these reportable segments, the Company derives its revenues from
its two product types: industrial and office properties.
The Company evaluates performance of the reportable segments based on
property level net operating income, which is calculated as rental
revenue and operating expense reimbursement less rental expenses and
real estate taxes. The accounting policies of the reportable segments
are the same as those described in the summary of significant accounting
policies.
REAL ESTATE RELATED REVENUES PROPERTY LEVEL NET OPERATING INCOME
YEAR ENDED DECEMBER 31, YEAR ENDED DECEMBER 31,
---------------------------------- -----------------------------------
1998 1997 1996 1998 1997 1996
---------- ---------- ---------- ---------- ---------- -----------
Southeastern Pennsylvania $ 97,372 $ 63,499 $ 45,880 $ 69,269 $ 44,559 $ 31,465
New Jersey/Delaware 40,383 27,366 20,602 28,948 18,522 13,316
Lehigh Valley 37,966 30,419 18,843 30,163 23,806 14,431
Virginia 35,233 22,639 18,019 27,231 18,570 14,848
The Carolinas 33,683 12,745 6,943 24,084 9,834 5,436
Jacksonville 36,373 24,088 19,934 27,391 18,281 15,425
Michigan 38,865 11,641 - 23,986 7,418 -
All Others 63,105 32,964 18,506 43,563 23,292 12,953
---------- ---------- ---------- ---------- ---------- -----------
Total $ 382,980 $ 225,361 $ 148,727 $ 274,635 $ 164,282 $ 107,874
========== ========== ========== ========== ========== ===========
- -92-
REVENUES YEAR ENDED DECEMBER 31,
- ---------------------------------------------------------- -----------------------------------
1998 1997 1996
---------- ---------- -----------
Total real estate related revenues for reportable segments $ 382,980 $ 225,361 $ 148,727
Management fees 597 673 1,340
Interest and other 3,516 6,483 4,198
---------- ---------- -----------
Total revenues $ 387,093 $ 232,517 $ 154,265
========== ========== ===========
NET INCOME YEAR ENDED DECEMBER 31,
- ---------------------------------------------------------- -----------------------------------
1998 1997 1996
---------- ---------- -----------
Total property level net operating
income for reportable segments $ 274,635 $ 164,282 $ 107,874
Other expenses 157,958 98,232 70,243
---------- ---------- -----------
Net income 116,677 66,050 37,631
Net income allocated to general partner - preferred units 11,000 4,247 -
---------- ---------- ----------
Net income available to partners - common interest $ 105,677 $ 61,803 $ 37,631
========= ========== ==========
Net income allocated to general partner - common units $ 97,615 $ 56,197 $ 33,740
========== ========== ==========
Net income allocated to limited partners $ 8,062 $ 5,606 $ 3,891
========== ========== ==========
PRODUCT TYPE INFORMATION REAL ESTATE RELATED REVENUES
- ---------------------------------------------------------- -----------------------------------
YEAR ENDED DECEMBER 31,
-----------------------------------
1998 1997 1996
---------- ---------- -----------
Industrial $ 192,548 $ 123,024 $ 83,930
Office 190,432 102,337 64,797
---------- ---------- -----------
Total real estate related revenues $ 382,980 $ 225,361 $ 148,727
========== ========== ===========
ROLLFORWARD OF OPERATING REAL ESTATE ASSETS BY REPORTABLE SEGMENT
- -----------------------------------------------------------------------------------------------------
New
SE Jersey/ Lehigh The
Pennsyl. Delaware Valley Virginia Carolinas Jacksonville Michigan All Others Total
-------- -------- -------- -------- --------- ------------ -------- ---------- ----------
December 31, 1996 Operating
Real Estate Assets $328,146 $128,345 $136,077 $147,867 $ 42,839 $125,729 $ - $140,028 $1,049,031
Additions 208,799 43,829 57,688 76,028 105,573 69,853 172,332 145,048 879,150
Disposals (9,186) - - - - - - (30,964) (40,150)
-------- -------- -------- -------- -------- -------- -------- -------- ----------
December 31, 1997 Operating
Real Estate Assets 527,759 172,174 193,765 223,895 148,412 195,582 172,332 254,112 1,888,031
Additions 86,865 109,715 56,463 56,381 106,886 65,746 146,166 248,758 876,980
Disposals (10,736) - - (2,203) (4,843) (2,104) - - (19,886)
-------- -------- -------- -------- -------- -------- -------- -------- ----------
December 31, 1998 Operating
Real Estate Assets $603,888 $281,889 $250,228 $278,073 $250,455 $259,224 $318,498 $502,870 $2,745,125
======== ======== ======== ======== ======== ======== ======== ======== ==========
TOTAL ASSETS YEAR ENDED DECEMBER 31,
- ---------------------------------------------------------- -----------------------
1998 1997
---------- ----------
Total operating real estate assets for reportable segments $2,745,125 $1,888,031
Accumulated depreciation (209,023) (149,311)
Development in progress 207,563 156,093
Land held for development 75,454 61,904
Other assets 114,252 137,620
---------- ----------
Total assets $2,933,371 $2,094,337
========== ==========
- -93-
11. PRO FORMA INFORMATION (UNAUDITED)
The following unaudited pro forma information has been prepared assuming
the common and preferred shares offerings which were consummated in 1997
and 1998 and the acquisitions of 170 properties acquired in 1997, and
137 properties acquired in 1998 had occurred at January 1, 1997. The
1997 acquisitions were acquired for a total investment of $727.9 million
and the 1998 acquisitions were acquired for a total investment of $580.2
million.
YEAR ENDED DECEMBER 31,
-----------------------
1998 1997
-------- ---------
(IN THOUSANDS,
EXCEPT PER SHARE AMOUNTS)
------------------------
Total revenues $ 408,279 $ 358,974
Net income 123,712 110,548
This pro forma information is not necessarily indicative of what the
actual results of operations of the Company would have been, assuming
the Company had completed the common and preferred shares offerings and
completed the 1997 and 1998 acquisitions as of January 1, 1997, nor do
they purport to represent the results of operations of the Company for
future periods.
- -94-
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Cost
Capitalized
Initial Cost Subsequent
---------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES
10,20 Liberty Boulevard Malvern, PA $ - $ 724,058 $ - $ 4,941,858
420 Lapp Road Malvern, PA 4,300,000 1,054,418 - 6,284,410
747 Dresher Road Horsham, PA - 1,607,238 - 3,948,168
45-67 Great Valley Parkway Malvern, PA 3,800,000 795,143 - 2,930,842
1180 Church Road Lansdale, PA - 2,357,045 10,041,340 5,604,945
40 Valley Stream Parkway Malvern, PA 1,600,000 322,918 - 2,208,989
50 Valley Stream Parkway Malvern, PA - 323,971 - 2,384,185
20 Valley Stream Parkway Malvern, PA 2,900,000 465,539 - 5,053,133
800 Town Center Drive Langhorne, PA - 1,617,150 - 8,989,725
9, 15 Great Valley Parkway Malvern, PA 3,489,451 1,837,050 - 15,156,712
257-275 Great Valley Parkway Malvern, PA 2,100,000 504,611 - 4,424,881
300 Technology Drive Malvern, PA - 368,626 - 1,299,996
277-293 Great Valley Parkway Malvern, PA - 530,729 - 1,914,647
311 Technology Drive Malvern, PA - 397,131 - 2,236,843
325 Technology Drive Malvern, PA 3,489,451 376,444 - 1,851,241
7 Great Valley Parkway Malvern, PA 2,900,000 176,435 - 4,267,283
55 Valley Stream Parkway Malvern, PA - 215,005 - 3,304,913
65 Valley Stream Parkway Malvern, PA 2,900,000 381,544 - 4,728,607
508 Lapp Road Malvern, PA 1,500,000 331,392 - 1,730,134
10 Valley Stream Parkway Malvern, PA 3,489,451 509,075 - 2,664,060
333 Phoenixville Pike Malvern, PA 2,104,169 523,530 - 3,083,945
30 Great Valley Parkway Malvern, PA - 128,126 - 355,565
75 Great Valley Parkway Malvern, PA - 143,074 - 418,889
27-43 Great Valley Parkway Malvern, PA 1,800,000 448,775 - 2,116,317
77-123 Great Valley Parkway Malvern, PA 3,100,000 887,664 - 4,582,078
260 Great Valley Parkway Malvern, PA 1,500,000 203,916 - 849,011
256 Great Valley Parkway Malvern, PA 2,800,000 161,098 - 1,888,761
205 Great Valley Parkway Malvern, PA 6,600,000 1,368,259 - 9,599,597
12,14,16 Great Valley Parkway Malvern, PA - 130,689 - 1,202,040
155 Great Valley Parkway Malvern, PA 2,100,000 625,147 - 2,258,481
333 Technology Drive Malvern, PA 1,900,000 157,249 - 2,310,848
510 Lapp Road Malvern, PA 3,489,451 356,950 - 865,960
181 Wheeler Court Langhorne, PA - 260,000 1,940,000 153,187
1100 Wheeler Way Langhorne, PA - 150,000 1,100,000 90,717
60 Morehall Road Malvern, PA - 865,424 9,285,000 4,724,203
905 Airport Road West Chester, PA - 1,715,000 5,185,000 204,530
16 Cabot Boulevard Langhorne, PA 5,900,000 648,889 5,851,112 74,975
1 Country View Road Malvern, PA - 400,000 3,600,000 453,338
2151 Cabot Boulevard Langhorne, PA 2,300,000 384,100 3,456,900 263,500
170 South Warner Road King of Prussia, PA - 547,800 3,137,400 2,084,352
190 South Warner Road King of Prussia, PA - 552,200 3,162,600 1,178,932
507 Prudential Road Horsham, PA 2,700,000 644,900 5,804,100 232,868
100 Witmer Road Horsham, PA 9,396,622 3,102,784 - 9,685,657
3100 Horizon Drive King of Prussia, PA - 601,956 - 2,007,248
3300 Horizon Drive King of Prussia, PA - 566,403 - 3,265,294
3500 Horizon Drive King of Prussia, PA - 1,204,839 - 2,531,137
200 Chester Field Parkway Malvern, PA - 495,893 2,739,093 123,186
767 Electronic Drive Horsham, PA - 1,229,685 - 2,938,838
132 Welsh Road Horsham, PA - 1,333,642 - 3,857,166
5 Country View Road Malvern, PA 3,489,451 785,168 4,678,632 134,612
3200 Horizon Drive King of Prussia, PA - 928,637 - 4,291,310
3000 Horizon Drive King of Prussia, PA - 1,191,449 - 1,853,063
111-195 Witmer Road Horsham, PA - 407,005 3,129,058 116,065
300 Welsh Road Horsham, PA - 180,459 1,441,473 64,628
400 Welsh Road Horsham, PA - 282,493 2,256,508 994,521
8801 Tinicum Boulevard Philadelphia, PA - 2,474,031 - 24,209,285
440 East Swedesford Road King of Prussia, PA - 717,001 4,816,121 1,453,936
460 East Swedesford Road King of Prussia, PA - 705,317 4,737,487 380,643
50 Morehall Road Malvern, PA - 849,576 - 13,046,717
2 Walnut Grove Drive Horsham, PA - 1,281,870 7,767,374 770,540
200 Gibraltar Road Horsham, PA - 638,513 5,811,323 102,509
220 Gibraltar Road Horsham, PA - 629,944 5,733,228 18,746
240 Gibraltar Road Horsham, PA - 629,944 5,733,234 18,789
151 S. Warner Road King of Prussia, PA - 1,218,086 6,937,866 114,003
1 Walnut Grove Drive Horsham, PA - 1,058,901 5,343,606 856,952
3604 Horizon Drive King of Prussia, PA - 397,178 - 1,576,394
3606 Horizon Drive King of Prussia, PA - 789,409 - 1,940,816
650 Swedesford Road King of Prussia, PA - 952,911 6,722,830 8,375,600
680 Swedesford Road King of Prussia, PA - 952,361 6,722,830 6,365,874
761 Fifth Avenue King of Prussia, PA - 256,463 2,061,468 221,653
771 Fifth Avenue King of Prussia, PA - 152,456 1,256,908 177,379
1 Great Valley Parkway Malvern, PA - 419,460 3,792,570 178,659
5 Great Valley Parkway Malvern, PA - 684,200 6,181,661 239,075
311 Sinclair Road Bristol, PA - 277,901 1,576,906 11,547
100 Cedar Hollow Road Malvern, PA - 1,436,814 - 15,984,594
3 Country View Road Malvern, PA - 814,278 - 4,773,575
425 Technology Drive Malvern, PA - 191,114 - 1,836,299
375 Technology Drive Malvern, PA - 191,114 - 1,797,871
100 Chesterfield Parkway Malvern, PA - 1,320,625 - 6,531,599
181-187 Gibraltar Road Horsham, PA - 360,549 3,259,984 430,483
104 Rock Road Horsham, PA - 330,111 2,981,669 22,012
123-135 Rock Road Horsham, PA - 292,360 2,411,677 27,255
111-159 Gibraltar Road Horsham, PA - 489,032 4,126,151 30,525
161-175 Gibraltar Road Horsham, PA - 294,673 2,663,722 431,257
125-137 Gibraltar Road Horsham, PA - 270,906 2,448,500 263,500
261-283 Gibraltar Road Horsham, PA - 464,871 3,951,972 38,336
- -95-
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Cost
Capitalized
Initial Cost Subsequent
---------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - CONTINUED
210-223 Witmer Road Horsham, PA - 270,282 2,441,276 1,366,734
231-237 Gibraltar Road Horsham, PA - 436,952 3,948,963 266,870
100 Gibraltar Road Horsham, PA - 38,729 349,811 8,621
101 Gibraltar Road Horsham, PA - 651,990 5,888,989 134,789
506 Prudential Road Horsham, PA - 208,140 895,470 617,165
113-123 Rock Road Horsham, PA - 351,072 3,171,001 21,292
101-111 Rock Road Horsham, PA - 350,561 3,166,389 21,866
120 Gibraltar Road Horsham, PA - 533,142 4,830,515 102,817
110 Gibraltar Road Horsham, PA - 673,041 5,776,369 53,020
100-107 Lakeside Drive Horsham, PA - 239,528 2,163,498 191,520
200-264 Lakeside Drive Horsham, PA - 502,705 4,540,597 402,390
300-309 Lakeside Drive Horsham, PA - 369,475 3,338,761 125,473
400-445 Lakeside Drive Horsham, PA - 543,628 4,910,226 1,084,058
104 Witmer Road Horsham, PA - 1,248,148 - 436,403
201 Gibraltar Road Horsham, PA - 380,127 3,433,433 547,979
3600 Horizon Drive King of Prussia, PA - 236,432 1,856,252 23,195
3602 Horizon Drive King of Prussia, PA - 217,734 1,759,489 95,837
400-500 Brandywine Parkway West Chester, PA - 845,846 6,809,025 319,103
600 Brandywine Parkway West Chester, PA - 664,899 5,352,410 166,337
2700 Horizon Drive King of Prussia, PA - 764,370 - 3,561,424
2900 Horizon Drive King of Prussia, PA - 679,440 - 3,446,580
719 Dresher Road Horsham, PA - 493,426 2,812,067 63,597
2250 Hickory Road Plymouth Meeting, PA 6,540,000 1,015,851 9,175,555 168,195
3400 Horizon Drive King of Prussia, PA - 776,496 3,139,068 97,269
One Ridgewood Place Downingtown, PA - 422,460 2,337,195 4,204
300 Welsh Road Horsham, PA - 696,061 3,339,991 653
6 Terry Drive Newtown, PA - 622,029 2,228,851 721
14 Lee Boulevard Malvern, PA 2,700,000 664,282 - 6,316,902
500 Chester Field Parkway Malvern, PA 1,500,000 472,364 - 2,876,942
300-400 Chester Field Parkway Malvern, PA 2,500,000 937,212 - 4,488,377
1805 Underwood Boulevard Delran, NJ - 188,610 612,736 17,699
150 Mid-Atlantic Parkway West Deptford, NJ - 86,968 304,672 204,565
18 Boulden Circle New Castle, DE - 188,144 - 3,916,666
501 Delran Parkway Delran, NJ - 182,192 - 2,933,026
600 Delran Parkway Delran, NJ - 368,843 - 5,945,538
1607 Imperial Way West Deptford, NJ - 286,413 - 2,972,362
1 Boulden Circle New Castle, DE - 88,397 - 1,342,750
31-55 Read's Way New Castle, DE - 901,391 - 5,606,409
3 Boulden Circle New Castle, DE - 119,802 - 2,132,940
5 Boulden Circle New Castle, DE - 219,641 - 3,514,502
601 Delran Parkway Delran, NJ - 193,794 - 1,637,185
51 Haddonfield Road Cherry Hill, NJ - 251,443 - 9,356,642
57 Read's Way New Castle, DE 2,365,494 253,119 - 2,857,794
1370 Imperial Way West Deptford, NJ - 297,000 4,373,155 43,783
8 Stow Road Marlton, NJ - 172,600 1,704,436 93,639
10 Stow Road Marlton, NJ - 147,000 1,451,536 69,149
12 Stow Road Marlton, NJ - 103,300 1,021,036 163,507
14 Stow Road Marlton, NJ - 93,100 920,336 135,399
1300 Metropolitan Avenue West Deptford, NJ - 220,000 1,980,000 37,266
701A Route 73 South Marlton, NJ - 264,387 3,772,000 1,770,674
701C Route 73 South Marlton, NJ - 84,949 1,328,000 247,365
1008 Astoria Boulevard Cherry Hill, NJ - 27,120 424,880 428,595
1475 Imperial Way West Deptford, NJ - 54,000 846,000 189,508
3000 Atrium Way Mt. Laurel, NJ 4,270,113 500,000 4,500,000 3,051,549
750 Cardinal Drive Bridgeport, NJ - 230,000 2,070,000 546,696
11000, 15000, 17000 Commerce Parkway Mt. Laurel, NJ - 455,100 4,394,900 507,564
12000, 14000 Commerce Parkway Mt. Laurel, NJ - 361,800 3,285,817 145,266
16000, 18000 Commerce Parkway Mt. Laurel, NJ - 289,700 2,512,683 331,592
406 Lippincott Drive Marlton, NJ - 321,455 1,539,871 786,108
234 High Hill Road Bridgeport, NJ 1,552,768 249,472 1,477,515 335,497
231 Lake Drive New Castle, DE - 623,043 - 4,023,066
100 Arlington Boulevard Bridgeport, NJ - 6,368 - 4,613,489
100 Berkeley Drive Swedesboro, NJ 1,829,355 395,160 1,915,215 222,541
301 Lippincott Drive Marlton, NJ - 1,069,837 4,780,163 405,532
303 Lippincott Drive Marlton, NJ - 1,069,837 4,780,163 370,228
510-512 Sharptown Road Bridgeport, NJ 786,089 125,410 1,072,683 34,802
901 Route 73 Marlton, NJ - 334,411 2,733,314 93,664
Four Greentree Center Marlton, NJ 2,668,821 449,400 3,074,850 594,791
512 Sharptown Road Bridgeport, NJ 1,188,838 180,468 1,543,617 49,193
15 Boulden Circle New Castle, DE - 406,064 - 5,340,744
404 Lippincott Drive Marlton, NJ - 131,896 - 1,672,248
263 Quigley Boulevard New Castle, DE - 170,386 1,302,739 109,801
34 Blevins Drive New Castle, DE - 195,932 1,498,061 46,334
104 Gaither Drive Mt Laurel, NJ - 132,075 1,151,988 221,476
2 Lukens Drive New Castle, DE - 169,050 1,290,150 100,264
402 Lippincott Drive Marlton, NJ - 131,896 - 1,629,153
3000 Lincoln Drive Mt. Laurel, NJ - 284,052 2,458,155 1,128,512
6000 Commerce Parkway Mt. Laurel, NJ - 234,151 2,022,683 131,971
7000 Commerce Parkway Mt. Laurel, NJ - 260,014 2,236,684 70,246
8000 Commerce Parkway Mt. Laurel, NJ - 234,814 1,995,098 66,344
9000 Commerce Parkway Mt. Laurel, NJ - 286,587 2,474,820 54,496
1000 Briggs Road Mt. Laurel, NJ - 288,577 2,546,537 234,140
1025 Briggs Road Mt. Laurel, NJ 2,077,321 430,990 3,714,828 16,424
9 Stow Road Marlton, NJ - 652,642 1,765,065 157,746
2000 Crawford Place Mt. Laurel, NJ - 310,831 2,797,744 710,016
1351 Metropolitan Avenue Pureland, NJ - 189,465 1,728,789 26,638
650 Grove Road Pureland, NJ - 267,214 2,438,323 123,920
400 Grove Road Pureland, NJ - 145,009 1,323,085 55,733
5000 Dearborn Court Mt. Laurel, NJ - 1,057,763 4,191,827 30,948
- -96-
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Cost
Capitalized
Initial Cost Subsequent
---------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - CONTINUED
515 Heron Drive Bridgeport, NJ 1,451,118 334,017 2,367,538 8,042
500 Sharptown Road Pureland, NJ 1,415,327 300,404 2,645,235 30,993
625 Heron Drive Bridgeport, NJ 482,963 180,226 908,953 4,487
605 Heron Drive Bridgeport, NJ 633,271 265,381 1,046,866 4,528
510 Heron Drive Bridgeport, NJ 5,990,523 790,335 7,901,878 75,418
522 Pedricktown Road Bridgeport, NJ 879,853 176,309 1,360,293 16,414
530 Pedricktown Road Bridgeport, NJ 1,281,524 350,813 1,901,471 29,853
540 Pedricktown Road Bridgeport, NJ 3,194,248 531,280 4,532,010 21,538
230 High Hill Road Bridgeport, NJ 5,945,992 1,418,000 8,860,843 5,313
3 Mallard Court Bridgeport, NJ 2,137,468 417,893 2,447,865 4,665
730 Cardinal Drive Bridgeport, NJ 1,405,851 576,598 1,780,345 37,135
405 Heron Drive Bridgeport, NJ 11,608,812 2,167,471 18,120,223 1,125,857
100 Eagle Road Bridgeport, NJ 1,079,560 256,491 1,434,429 17,816
250 High Hill Road Bridgeport, NJ 1,799,724 246,478 2,269,440 170,934
508 Center Square Road Bridgeport, NJ 1,619,362 453,341 3,458,248 940
602 Heron Drive Bridgeport, NJ 1,530,178 524,728 2,240,478 4,534
300 Eagle Court Bridgeport, NJ - 1,135,989 1,872,753 6,676
500 Center Square Road Bridgeport, NJ - 1,338,839 6,186,541 12,759
1001 Briggs Road Marlton, NJ - 701,705 3,505,652 214,261
1960 Cuthbert Boulevard Cherry Hill, NJ - 321,699 1,291,557 22,670
1970 Cuthbert Boulevard Cherry Hill, NJ - 321,699 1,291,558 18,402
10000 & 11000 Route 73 Marlton, NJ - 715,705 2,579,524 81,945
1655 Valley Center Parkway Bethlehem, PA 1,821,799 214,431 - 1,867,129
6560 Stonegate Drive Allentown, PA - 458,281 - 2,310,959
6370 Hedgewood Drive Allentown, PA - 540,795 - 2,996,787
6390 Hedgewood Drive Allentown, PA - 707,203 - 2,501,156
1495 Valley Center Parkway Bethlehem, PA 4,166,495 434,640 - 3,586,015
6350 Hedgewood Drive Allentown, PA - 360,027 - 3,243,444
6330 Hedgewood Drive Allentown, PA - 531,268 - 4,230,513
1550 Valley Center Parkway Bethlehem, PA - 196,954 - 3,162,582
1560 Valley Center Parkway Bethlehem, PA - 240,069 - 3,878,108
6580 Snowdrift Road Allentown, PA - 388,328 - 2,457,991
1510 Valley Center Parkway Bethlehem, PA 3,379,289 312,209 - 3,303,351
1530 Valley Center Parkway Bethlehem, PA - 211,747 - 2,572,949
6540 Stonegate Drive Allentown, PA - 422,042 - 3,597,764
974 Marcon Boulevard Allentown, PA - 143,500 - 2,128,439
964 Marcon Street Allentown, PA 1,051,463 138,816 - 1,492,059
764 Roble Road Allentown, PA 752,410 141,069 - 794,167
3174 Airport Road Allentown, PA - 98,986 - 1,105,398
2196 Avenue C Allentown, PA - 101,159 - 1,201,733
2202 Hanger Place Allentown, PA - 137,439 - 1,291,510
2201 Hanger Place Allentown, PA - 128,454 - 1,408,249
954 Marcon Boulevard Allentown, PA - 103,665 - 1,160,635
57 South Commerce Way Allentown, PA - 390,839 2,701,161 262,948
754 Roble Road Allentown, PA - 162,115 1,731,885 88,842
894 Marcon Boulevard Allentown, PA - 117,134 1,048,866 28,576
744 Roble Road Allentown, PA - 159,771 1,734,229 143,948
944 Marcon Boulevard Allentown, PA - 118,521 1,435,479 154,891
1685 Valley Center Parkway Allentown, PA - 244,029 - 2,051,109
6520 Stonegate Drive Allentown, PA - 453,315 - 1,825,129
7437 Industrial Boulevard Allentown, PA - 717,488 5,022,413 1,410,165
2041 Avenue C Allentown, PA 700,000 213,599 1,095,217 71,893
2124 Avenue C Allentown, PA 800,000 289,197 1,039,835 54,349
7339 Industrial Boulevard Allentown, PA - 1,187,776 - 5,647,219
7384 Penn Drive Allentown, PA 4,379,122 651,696 2,286,518 413,492
7144 Daniels Drive Allentown, PA - 2,390,217 2,342,761 3,424,554
7620 Cetronia Road Allentown, PA - 1,091,806 3,851,456 173,944
939 Marcon Boulevard Allentown, PA 4,379,122 2,220,414 4,524,393 734,002
100 Brodhead Road Allentown, PA 2,700,170 429,416 2,919,588 180,343
1455 Valley Center Parkway Bethlehem, PA - 670,290 - 3,634,924
1640 Valley Center Parkway Bethlehem, PA - 359,000 - 2,412,319
1650 Valley Center Parkway Allentown, PA - 359,000 - 2,220,365
1660 Valley Center Parkway Bethlehem, PA - 359,000 - 2,059,742
400 Nestle Way Allentown, PA 27,306,503 8,065,500 - 26,414,687
83 South Commerce Way Bethlehem, PA - 143,661 888,128 198,098
85 South Commerce Way Bethlehem, PA - 236,708 987,949 81,386
87 South Commerce Way Bethlehem, PA - 253,886 1,062,881 75,930
89 South Commerce Way Bethlehem, PA - 320,000 - 1,929,169
7339 Industrial Boulevard Allentown, PA - 2,670,849 13,307,408 681,221
95 Highland Avenue Bethlehem, PA - 430,593 3,182,080 300,436
236 Brodhead Road Bethlehem, PA - 376,962 4,672,683 24,861
6620 Grant Way Allentown, PA - 430,824 1,915,923 6,338
700 Nestle Way Allentown, PA - 3,473,120 - 16,841,369
7562 Penn Drive Allentown, PA - 269,614 844,069 78,851
7277 Williams Avenue Allentown, PA - 462,964 1,449,009 114,008
7355 Williams Avenue Allentown, PA - 489,749 1,658,091 111,842
794 Roble Boulevard Allentown, PA - 1,147,541 6,088,041 56,406
6923 Schantz Spring Road Allentown, PA - 1,127,805 3,309,132 38,265
2600 Beltline Avenue Reading, PA - 558,903 2,234,167 13,160
7132 Daniels Drive Allentown, PA - 1,623,326 3,464,626 3,734,559
3985 Adler Place Bethlehem, PA - 705,367 3,915,820 146,727
12000,001,040 Indian Creek Court Beltsville, MD 6,358,900 2,659,431 - 10,589,712
8280 Patuxent Range Drive Columbia, MD - 181,601 - 1,297,559
7178-80 Columbia Gateway Columbia, MD - 1,569,237 4,786,887 403,549
8730 Bollman Place Columbia, MD 2,942,495 624,131 4,576,964 77,839
9770 Patuxent Woods Drive Columbia, MD - 341,663 3,033,309 10,308
9780 Patuxent Woods Drive Columbia, MD - 218,542 1,940,636 6,598
9790 Patuxent Woods Drive Columbia, MD - 243,791 2,164,094 11,654
9810 Patuxent Woods Drive Columbia, MD - 266,684 2,366,901 8,040
- -97-
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Cost
Capitalized
Initial Cost Subsequent
---------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - CONTINUED
9800 Patuxent Woods Drive Columbia, MD - 299,099 2,654,069 8,022
9820 Patuxent Woods Drive Columbia, MD - 237,779 2,110,835 8,752
9830 Patuxent Woods Drive Columbia, MD - 296,262 2,628,933 13,474
9050 Red Branch Road Columbia, MD - 290,950 2,577,153 7,422
4606 Richlynn Drive Belcamp, MD - 299,600 1,818,861 9,828
8945-8975 Guilford Columbia, MD - 2,428,795 7,493,740 10,943
7317 Parkway Drive Hanover, MD - 1,104,359 1,959,671 297
180,190 Cochrane Drive Annapolis, MD - 3,670,256 - 16,134,498
9101,9111,9115 Guilford Road Columbia, MD - 758,951 - 3,331,729
9125,9135,9145 Guilford Road Columbia, MD - 900,154 - 5,786,760
10 South Third Street Richmond, VA - 27,970 127,419 45,962
1751 Bluehills Drive Roanoke, VA - 1,063,728 8,500,677 101,951
4300 Carolina Avenue Richmond, VA - 2,007,717 14,927,608 411,598
301 Hill Carter Parkway Richmond, VA - 659,456 4,836,010 63,204
4001 Carolina Avenue Richmond, VA - 29,443 215,914 32,683
5600-5626 Eastport Boulevard Richmond, VA 2,566,667 489,941 3,592,900 182,341
5650-5674 Eastport Boulevard Richmond, VA 2,566,667 644,384 4,025,480 135,951
5700 Eastport Boulevard Richmond, VA 2,566,667 408,729 2,697,348 43,619
11020 Hull Street Road Richmond, VA - 139,887 637,261 8,938
3432 Holland Road Virginia Beach, VA - 173,527 790,515 11,088
4880 Cox Road Richmond, VA 3,100,000 743,898 4,499,807 1,165,166
5162 Valleypointe Parkway Roanoke, VA 1,300,000 551,483 2,612,312 35,237
4101- 4127 Carolina Avenue Richmond, VA 1,310,951 310,854 2,279,597 57,138
4201-4261 Carolina Avenue Richmond, VA 2,996,458 693,203 5,083,493 179,673
4263-4299 Carolina Avenue Richmond, VA 1,872,786 256,203 2,549,649 669,468
4301-4335 Carolina Avenue Richmond, VA - 223,696 1,640,435 116,604
4337-4379 Carolina Avenue Richmond, VA 2,060,065 325,303 2,385,557 418,235
4501-4549 Carolina Avenue Richmond, VA 2,658,415 486,166 3,565,211 130,933
4551-4593 Carolina Avenue Richmond, VA 2,690,316 474,360 3,478,646 93,388
4601-4643 Carolina Avenue Richmond, VA 2,690,316 652,455 4,784,675 284,717
4645-4683 Carolina Avenue Richmond, VA 2,126,732 404,616 2,967,187 797,642
4447-4491 Carolina Avenue Richmond, VA 2,812,603 454,056 2,729,742 72,274
4401-4445 Carolina Avenue Richmond, VA 3,200,000 615,038 4,510,272 84,893
12 S. Third Street Richmond, VA - 40,539 184,682 6,125
9601 Cosner Drive Fredericksburg, VA 2,600,000 475,262 3,917,234 152,182
315 Cardiff Valley Road Knoxville, TN - 443,305 2,950,903 42,487
2300 East Parham Road Richmond, VA - 221,947 1,011,088 14,181
1347 Diamond Springs Road Virginia Beach, VA - 436,898 3,203,919 159,512
5221 Valleypark Drive - Bldg A Roanoke, VA 1,264,321 285,008 998,370 224,335
5228 Valleypointe Parkway - Bldg B Roanoke, VA 1,086,930 218,663 796,133 97,364
5238 Valleypark Drive - Bldg C Roanoke, VA 1,267,441 416,375 1,896,832 91,730
5601-5659 Eastport Boulevard Richmond, VA 3,115,580 705,660 - 5,190,010
5900 Eastport Boulevard Richmond, VA 4,076,017 676,661 - 5,767,095
4717-4729 Eubank Road Richmond, VA 3,115,580 449,447 3,294,697 91,775
5251 Concourse Drive Roanoke, VA - 2,813 - 1,786,306
4263F-N. Carolina Ave Richmond, VA 1,281,034 91,476 - 1,622,797
4200 Oakleys Court Richmond, VA 1,552,768 459,090 2,468,454 33,041
1821 Battery Dantzler Road Richmond, VA - 394,212 3,035,113 24,814
5000 Cox Road Glen Allen, VA 2,620,297 770,214 3,685,248 26,510
510 Eastpark Court Richmond, VA 1,455,720 261,961 2,110,874 36,598
520 Eastpark Court Richmond, VA 3,163,766 486,118 4,083,582 51,759
13001 Kingston Avenue Chester, VA - 376,584 - 2,003,110
5701-5799 Eastport Boulevard Richmond, VA - 694,644 - 5,087,258
4801 Cox Road Richmond, VA - 1,072,896 - 8,837,667
600 HP Way Richmond, VA - 146,126 - 8,176,262
500 HP Way Richmond, VA - 142,692 - 6,859,186
4198 Cox Road Glen Allen, VA - 670,292 3,839,245 25,091
5310 Valley Park Drive Roanoke, VA - 149,933 - 1,110,755
4510 Cox Road Glen Allen, VA - 1,010,024 7,469,828 64,568
2809 South Lynnhaven Road Virginia Beach, VA - 953,590 6,142,742 319,273
200 Golden Oak Court Virginia Beach, VA 3,315,000 1,116,693 6,770,480 175,321
208 Golden Oak Court Virginia Beach, VA 3,185,000 965,177 6,728,717 114,727
1 Enterprise Parkway Hampton, VA - 974,675 5,579,869 166,337
22 Enterprise Parkway Hampton, VA - 1,097,368 6,760,778 216,121
484 Viking Drive Virginia Beach, VA - 891,753 3,607,890 87,426
10430 Lakeridge Parkway Richmond, VA 2,296,557 421,267 3,770,870 57,444
10456 Lakeridge Parkway Richmond, VA 2,231,356 409,261 3,663,754 60,002
3829-3855 Gaskins Road Richmond, VA - 364,165 3,264,114 5,174
629 Phoenix Drive Virginia Beach, VA - 371,694 2,108,097 16,966
11838 Rock Landing Drive Newport News, VA - 673,942 2,111,481 59,462
11844 Rock Landing Drive Newport News, VA - 326,774 1,391,561 31,762
11846 Rock Landing Drive Newport News, VA - 299,066 1,419,266 31,288
5700 Cleveland Street Virginia Beach, VA - 700,112 9,592,721 210,107
4523 Green Point Drive High Point, NC 878,460 234,564 - 2,012,820
4501 Green Point Drive High Point, NC 1,126,325 319,289 - 2,233,645
4500 Green Point Drive High Point, NC 923,415 230,622 - 2,015,519
2427 Penny Road High Point, NC 6,232,330 1,165,664 - 6,187,028
4524 Green Point Drive High Point, NC 2,121,627 182,810 - 2,104,406
4328, 4336 Federal Drive High Point, NC 6,106,615 521,122 - 7,680,076
200 Centreport Drive Greensboro, NC 3,375,316 331,400 3,768,600 260,361
4344 Federal Drive High Point, NC 2,603,815 484,001 - 2,324,091
202 Centreport Drive Greensboro, NC 3,761,066 549,948 5,360,462 177,333
101 Centreport Drive Greensboro, NC - 826,237 - 6,566,167
4000 Piedmont Parkway High Point, NC 3,761,066 592,885 4,825,615 194,568
4380 Federal Drive High Point, NC - 282,996 - 2,887,702
4388 Federal Drive High Point, NC - 143,661 - 1,114,693
6532 Judge Adams Road Rock Creek, NC - 354,903 - 3,489,265
3860 Faber Place N. Charleston, SC 2,996,353 796,655 1,974,359 99,873
4055 Faber Place N. Charleston, SC 3,490,849 882,352 4,794,144 43,911
- -98-
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Cost
Capitalized
Initial Cost Subsequent
---------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - CONTINUED
3820 Faber Place N. Charleston, SC 2,435,565 506,558 2,365,146 62,765
3875 Faber Place N. Charleston, SC 4,847,726 1,164,530 - 5,702,849
440 Knox Abbott Drive Cayce, SC - 576,767 3,395,168 205,343
150 Ridgeview Center Drive Duncan, SC 6,438,241 711,353 8,056,324 14,641
1320 Garlington Road Greenville, SC 1,224,000 398,539 1,761,533 55,781
420 Park Avenue Greenville, SC 2,056,320 522,548 2,730,261 560,968
1 Alliance Drive Goose Creek, SC - 662,422 - 1,714,203
111 Southchase Boulevard. Fountain Inn, SC - 499,065 4,570,357 442,624
300 International Boulevard Fountain Inn, SC - 180,560 639,305 516
4160 Mendenhall Oaks Parkway High Point, NC - 285,882 - 3,108,469
1208 Eastchester Drive High Point, NC - 487,209 4,200,817 176,811
7720 Mendenhall Oaks Parkway High Point, NC - 801,902 - 17,816,078
One Independence Pointe Greenville, SC - 780,881 6,199,230 154,472
55 Beattie Place Greenville, SC - 2,643,105 23,439,801 364,261
75 Beattie Place Greenville, SC 10,722,438 2,406,646 17,400,939 208,194
7736 McCloud Road Greensboro, NC - 591,795 5,895,312 151,947
15 Brendan Way Greenville, SC - 614,192 3,012,019 1,665
200 Meeting Street Charleston, SC - 4,027,428 29,542,711 719,255
7500 West 110th Street Overland Park, KS - 2,380,493 9,575,474 84,744
8035 Quivira Road Lenexa, KS - 1,180,181 4,737,816 154
4300 Federal Drive High Point, NC - 264,038 - 1,602,008
1730 Stebbins Drive Houston, TX - 143,258 - 413,414
5911-5925 Richard Street Jacksonville, FL - 275,582 - 508,059
8383-8385 Baycenter Road Jacksonville, FL - 63,703 - 612,320
8775 Baypine Road Jacksonville, FL - 906,804 - 3,142,795
8539 Western Way Jacksonville, FL - 328,133 - 3,172,380
6255 Lake Gray Boulevard Jacksonville, FL - 813,067 - 3,293,572
6600-6660 Suemac Place Jacksonville, FL - 210,804 - 1,894,774
6800-6850 Suemac Place Jacksonville, FL - 121,077 - 978,170
8665,8667,8669 Baypine Road Jacksonville, FL - 966,552 - 3,924,841
8540 Baycenter Road Jacksonville, FL - 445,603 - 1,371,536
1200 Riverplace Boulevard Jacksonville, FL - 1,028,864 - 16,927,899
8400 Baymeadows Way Jacksonville, FL - 557,682 - 2,332,209
8614 Baymeadows Way Jacksonville, FL - 290,291 - 1,110,880
5941-5975 Richard Street Jacksonville, FL - 583,622 - 1,113,225
7970 Bayberry Road Jacksonville, FL - 127,520 - 1,249,635
6000-6030 Bowdendale Avenue Jacksonville, FL - 275,475 - 1,592,174
7898 Baymeadows Way Jacksonville, FL - 561,802 - 1,972,330
5977-6607 Richard Street Jacksonville, FL - 180,033 - 1,565,681
7910 & 7948 Baymeadows Way Jacksonville, FL - 210,299 - 2,679,151
7954 & 7960 Baymeadows Way Jacksonville, FL - 291,312 - 2,980,181
8787 Baypine Road Jacksonville, FL - 2,076,306 - 35,605,962
7077 Bonneval Road Jacksonville, FL - 768,000 5,789,000 1,007,066
4190 Belfort Road Jacksonville, FL - 821,000 5,866,000 1,517,110
8011, 8021, 8031 Phillips Highway Jacksonville, FL - 626,250 3,548,750 852,736
7020 AC Skinner Parkway Jacksonville, FL 3,278,878 398,257 - 2,454,352
7040 AC Skinner Parkway Jacksonville, FL 2,314,502 706,934 - 3,109,161
11777 Central Highway Jacksonville, FL - 92,207 429,997 1,925,123
4345 Southpoint Parkway Jacksonville, FL - - - 8,094,976
7016 AC Skinner Parkway Jacksonville, FL - 597,181 - 2,326,445
7018 AC Skinner Parkway Jacksonville, FL - 840,996 - 4,081,086
6620 Southpoint Drive Jacksonville, FL - 614,602 4,267,477 305,862
7980 Bayberry Road Jacksonville, FL - 330,726 1,338,101 20,157
9600 Satellite Boulevard Orlando, FL - 252,850 1,297,923 13,374
9700 Satellite Boulevard Orlando, FL - 405,362 1,146,546 12,238
1902 Cypress Lake Drive Orlando, FL - 523,512 3,191,790 542,241
8250 & 8256 Exchange Place Orlando, FL - 622,413 2,507,842 53,905
6600 Southpoint Parkway Jacksonville, FL - 998,432 4,055,727 22,716
6700 Southpoint Parkway Jacksonville, FL - 620,719 3,178,610 27,782
4801 Executive Park Court - 100 Jacksonville, FL 2,471,784 554,993 2,993,277 -
4801 Executive Park Court - 200 Jacksonville, FL 1,108,892 370,017 1,995,518 47
4810 Executive Park Court Jacksonville, FL 1,108,892 369,694 3,045,639 -
6602 Executive Park Court - 100 Jacksonville, FL 1,164,046 388,519 2,095,293 56,292
6602 Executive Park Court - 200 Jacksonville, FL 886,823 296,014 1,596,347 -
6631 Executive Park Court - 100 Jacksonville, FL 754,743 251,613 1,356,849 -
6631 Executive Park Court - 200 Jacksonville, FL 1,219,201 406,561 2,195,070 9,284
4815 Executive Park Court - 100 Jacksonville, FL 1,097,280 366,317 1,975,393 -
4815 Executive Park Court - 200 Jacksonville, FL 1,386,115 462,522 2,494,397 17,120
4825 Executive Park Court Jacksonville, FL 1,801,224 601,278 3,242,491 -
4820 Executive Park Court Jacksonville, FL 1,515,292 555,173 2,693,130 415,050
10511 & 10611 Satellite Boulevard Orlando, FL - 517,554 2,568,186 84,579
1400-1440 Central Florida Parkway Orlando, FL - 518,043 2,561,938 35,915
6601 Executive Park Circle North Jacksonville, FL - 551,250 3,128,361 640
1300 Riverplace Boulevard Jacksonville, FL - 1,804,258 7,755,572 221,985
4901 Belfort Land Jacksonville, FL - 877,964 2,360,742 1,871,609
16445 Air Center Boulevard Houston, TX - 363,339 2,509,186 582
16405 Air Center Boulevard Houston, TX - 438,853 3,030,396 1,162
2216 Directors Row Orlando, FL - 453,918 2,572,202 268
7460 Chancellor Drive Orlando, FL - 266,555 902,949 231,466
1901 Summit Tower Boulevard Maitland, FL - 6,078,791 12,348,567 350,031
3701-3727 Vineland Road Orlando, FL - 767,929 2,096,504 46,316
4001,4051,4101 Fowler Avenue Tampa, FL - 1,299,310 - 4,752,467
5501-5502 Pioneer Park Boulevard Tampa, FL - 162,000 1,613,000 150,458
5690-5694 Crenshaw Street Tampa, FL - 181,923 1,812,496 142,834
3102,3104,3110 Cherry Palm Drive Tampa, FL - 503,767 2,787,585 75,673
8401-8408 Benjamin Road Tampa, FL - 789,651 4,454,648 227,424
3501 Riga Boulevard Tampa, FL - 617,289 3,048,379 184,586
111 Kelsey Lane Tampa, FL - 359,540 1,461,850 164,325
7930, 8010-20 Woodland Center Tampa, FL 4,876,417 1,408,478 5,247,246 158,689
- -99-
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Cost
Capitalized
Initial Cost Subsequent
---------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - CONTINUED
7920 Woodland Center Boulevard Tampa, FL 2,918,017 1,382,648 2,445,444 404,336
8154-8198 Woodland Center Tampa, FL 2,467,584 399,088 2,868,834 12,512
8112-42 Woodland Center Tampa, FL 2,545,920 513,263 3,230,239 4,600
8212 Woodland Center Tampa, FL 1,940,579 820,882 2,322,720 14,211
131 Kelsey Lane Tampa, FL - 511,463 - 4,466,826
7724 Woodland Center Boulevard Tampa, FL - 235,893 - 2,094,260
8921 Brittany Way Tampa, FL - 255,583 1,063,882 849,197
5250 Eagle Trail Drive Tampa, FL - 952,860 - 3,457,117
1701 Clint Moore Boulevard Boca Raton, FL - 1,430,884 3,043,553 39,852
4555 Riverside Drive Beach Gardens, FL - 805,672 5,782,360 16,244
2500 Metrocentre Boulevard West Palm Beach, FL - 238,362 1,534,926 20,400
2540 Metrocentre Boulevard West Palm Beach, FL - 165,071 1,058,736 32,530
2541 Metrocentre Boulevard West Palm Beach, FL - 145,091 379,318 568,206
2580 Metrocentre Boulevard West Palm Beach, FL - 256,478 1,651,602 21,571
2581 Metrocentre Boulevard West Palm Beach, FL - 189,359 1,218,712 16,634
1101 Northpoint Parkway West Palm Beach, FL - 258,606 1,462,432 47,614
3223 Commerce Place West Palm Beach, FL - 501,843 2,012,290 20,403
801 Northpoint Parkway West Palm Beach, FL - 459,284 2,597,108 7,888
5410 - 5430 Northwest 33rd Avenue Ft. Lauderdale, FL - 603,776 4,176,238 102,827
6500 NW 12th Avenue Ft. Lauderdale, FL - 7,099 3,046,309 26,716
6600 NW 12th Avenue Ft. Lauderdale, FL - 7,102 3,047,462 31,244
1500 SW 5th Court Pompano Beach, FL - 972,232 3,892,085 5,159
1651 SW 5th Court Pompano Beach, FL - 203,247 811,093 9,515
1601 SW 5th Court Pompano Beach, FL - 203,247 811,093 50,505
1501 SW 5th Court Pompano Beach, FL - 203,247 811,093 10,134
1400 SW 6th Court Pompano Beach, FL - 1,157,049 4,620,956 40,900
1405 SW 6th Court Pompano Beach, FL - 392,138 1,565,787 9,515
595 SW 13th Terrace Pompano Beach, FL - 359,933 1,437,116 3,806
601 SW 13th Terrace Pompano Beach, FL - 164,413 655,933 9,767
605 SW 16th Terrace Pompano Beach, FL - 310,778 1,238,324 1,046
2440-2478 Metrocentre Boulevard West Palm Beach, FL - 470,214 2,120,555 27,939
951 Broken Sound Parkway Boca Raton, FL 3,082,573 1,426,251 6,098,952 100,627
3400 Lakeside Drive Miramar, FL - 2,022,153 11,345,881 304,395
3450 Lakeside Drive Miramar, FL - 2,022,152 11,357,143 104,662
13650 NW 8th Street Sunrise, FL - 558,223 2,171,930 17,591
13630 NW 8th Street Sunrise, FL - 659,797 2,596,275 118,812
777 Yamato Road Boca Raton, FL - 4,101,247 16,077,347 1,723
1801 Clint Moore Boulevard Boca Raton, FL - 1,065,068 4,481,644 59,032
6601-6625 W. 78th Street Bloomington, MN - 2,263,060 - 38,510,925
2905 Northwest Boulevard Plymouth, MN - 516,920 4,646,342 484,398
2800 Campus Drive Plymouth, MN - 395,366 3,554,512 145,676
2955 Xenium Lane Plymouth, MN - 151,238 1,370,140 73,250
9401-9443 Science Center Drive New Hope, MN - 431,295 3,888,684 130,008
6321-6325 Bury Drive Eden Prairie, MN - 462,876 4,151,790 15,393
7115-7173 Shady Oak Road Eden Prairie, MN - 454,974 4,089,410 107,771
7660-7716 Golden Triangle Drive Eden Prairie, MN - 568,706 5,115,177 671,719
7400 Flying Cloud Drive Eden Prairie, MN - 195,982 1,762,027 18,678
330 Second Avenue Minneapolis, MN - 1,481,560 13,043,160 1,561,621
10301-10305 West 70th Street Eden Prairie, MN - 120,622 1,085,226 71,595
10321 West 70th Street Eden Prairie, MN - 145,198 1,305,700 31,000
10333 West 70th Street Eden Prairie, MN - 110,746 995,868 26,724
10349-10357 West 70th Street Eden Prairie, MN - 275,903 2,481,666 256,059
10365-10375 West 70th Street Eden Prairie, MN - 291,077 2,618,194 151,644
10393-10394 West 70th Street Eden Prairie, MN - 269,618 2,423,318 225,206
7078 Shady Oak Road Eden Prairie, MN - 343,093 3,085,795 1,690
5600 & 5610 Rowland Road Minnetonka, MN - 828,650 7,399,409 58,135
2920 Northwest Boulevard Plymouth, MN - 392,026 3,433,678 651,380
5400-5500 Feltl Road Minnetonka, MN - 883,895 7,983,345 132,901
10300 Bren Road Minnetonka, MN - 344,614 3,110,477 176,864
14630-14650 28th Avenue North Plymouth, MN - 198,205 1,793,422 50,930
7695-7699 Anagram Drive Eden Prairie, MN - 760,525 3,254,758 25,128
7550 Meridian Circle Maple Grove, MN 2,308,128 513,250 2,901,906 9,347
2800 Northwest Boulevard Plymouth, MN 4,897,625 1,934,438 10,952,503 5,932
3255 Neil Armstrong Boulevard Eagan, MN - 1,131,017 - 3,308,121
4801 West 81st Street Bloomington, MN 823,752 1,624,701 2,494,368 32,421
8100 Cedar Avenue Bloomington, MN 2,306,339 501,313 3,675,416 23,271
9600 54th Avenue Plymouth, MN - 332,317 3,077,820 32,259
7800 Equitable Drive Eden Prairie, MN - 2,188,525 3,788,762 286
7905 Fuller Road Eden Prairie, MN - 1,229,862 4,075,167 15,211
26911-26957 Northwestern Highway Southfield, MI - 7,799,515 66,268,817 4,465,604
1650 Research Drive Troy, MI - 763,067 7,201,677 55,753
1775 Research Drive Troy, MI - 331,422 2,788,073 39,623
1875 Research Drive Troy, MI - 329,863 2,774,006 39,601
1850 Research Drive Troy, MI - 781,054 7,364,300 114,580
1965 Research Drive Troy, MI - 419,090 3,578,928 40,911
1960 Research Drive Troy, MI - 419,146 3,579,166 46,843
27260 Haggerty Road Farmington Hills, MI - 456,877 4,091,196 32,732
27200 Haggerty Road Farmington Hills, MI - 382,754 3,425,227 36,627
27280 Haggerty Road Farmington Hills, MI - 452,860 4,055,512 28,347
27220 Haggerty Road Farmington Hills, MI - 203,064 1,802,592 18,135
27240 Haggerty Road Farmington Hills, MI - 171,518 1,518,192 17,271
27300 Haggerty Road Farmington Hills, MI - 370,378 3,311,366 74,634
1101 Allen Drive Troy, MI - 98,144 887,935 14,992
1151 Allen Drive Troy, MI - 164,483 1,486,220 14,798
1300 Rankin Street Troy, MI - 134,090 1,212,752 24,040
1350 Rankin Street Troy, MI - 111,776 1,011,497 21,743
1376-1400 Rankin Street Troy, MI - 134,292 1,213,626 65,236
1352-1374 Rankin Street Troy, MI - 153,275 1,385,098 27,412
1324-1346 Rankin Street Troy, MI - 134,090 1,212,214 9,081
- -100-
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Cost
Capitalized
Initial Cost Subsequent
---------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
OPERATING PROPERTIES - CONTINUED
1301-1307 Rankin Street Troy, MI - 111,776 1,011,121 15,664
1409 Allen Drive Troy, MI - 142,370 1,286,048 73,662
1304 E. Maple Road Troy, MI - 211,233 1,906,786 284,660
1334 Maplelawn Road Troy, MI - 124,296 1,122,802 824
1290 Maplelawn Road Troy, MI - 85,321 771,621 58,817
1070 Maplelawn Road Troy, MI - 68,560 620,595 40,673
950 Maplelawn Road Troy, MI - 252,429 2,265,259 24,248
894 Maplelawn Road Troy, MI - 181,749 1,632,243 17,270
1179 Maplelawn Road Troy, MI - 87,845 794,365 52,384
1940 Norwood Drive Troy, MI - 86,836 785,267 6,916
1311-1331 Maplelawn Road Troy, MI - 125,407 1,132,810 6,991
2354 Bellingham Street Troy, MI - 87,340 789,817 12,654
2360 Bellingham Street Troy, MI - 87,340 789,817 10,864
1911 Ring Drive Troy, MI - 86,129 778,900 10,825
26442-26450 Haggerty Road Farmington Hills, MI - 237,687 2,143,478 14,134
26500 Haggerty Road Farmington Hills, MI - 311,093 2,791,804 35,322
26650 Haggerty Road Farmington Hills, MI - 173,166 1,562,704 12,574
26700 Haggerty Road Farmington Hills, MI - 253,338 2,290,696 9,091
26750 Haggerty Road Farmington Hills, MI - 292,717 2,638,688 26,851
26800 Haggerty Road Farmington Hills, MI - 175,489 1,583,362 12,422
26842-26850 Haggerty Road Farmington Hills, MI - 239,606 2,160,470 13,974
50 West Big Bear Road Troy, MI - 2,159,678 19,481,454 143,132
100 West Big Bear Road Troy, MI - 2,113,006 19,057,355 67,593
245 Executive Drive Brookfield, WI - 577,067 5,197,903 118,305
8301 West Parkland Court Milwaukee, WI - 358,442 3,233,707 10,954
4701 West Schroeder Road Brown Deer, WI - 300,385 2,709,137 24,441
4555 West Schroeder Drive Brown Deer, WI - 401,290 3,616,779 358,503
32991 Hamilton Court Farmington Hills, MI - 1,065,392 3,627,675 -
7800 N. 113th Street Milwaukee, WI - 1,711,964 6,847,857 32,255
2475-2479 Elliot Avenue Troy, MI - 128,808 516,393 587
32661 Edward Avenue Madison Heights, MI - 378,838 2,330,550 4,054
32701 Edward Avenue Madison Heights, MI - 340,398 1,364,777 3,043
32751 Edward Avenue Madison Heights, MI - 151,410 859,462 69,415
32853 Edward Avenue Madison Heights, MI - 138,121 784,426 52,277
555 East Mandoline Avenue Madison Heights, MI - 140,862 799,993 924
599 East Mandoline Avenue Madison Heights, MI - 132,164 646,768 35,517
749 East Mandoline Avenue Madison Heights, MI - 144,658 708,054 915
750 East Mandoline Avenue Madison Heights, MI - 151,458 741,185 878
900 East Mandoline Avenue Madison Heights, MI - 157,729 771,872 915
949 East Mandoline Avenue Madison Heights, MI - 137,049 778,338 901
32390-32400 Howard Avenue Madison Heights, MI - 148,582 595,776 730
32090 John R. Road Madison Heights, MI - 70,351 399,251 6,610
31601 Research Park Drive Madison Heights, MI - 331,179 1,879,812 4,119
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 55,613
31751 Research Park Drive Madison Heights, MI - 194,063 1,300,574 979
31800 Research Park Drive Madison Heights, MI - 217,929 1,601,469 1,788
800 Tech Row Madison Heights, MI - 444,977 2,984,811 6,322
900 Tech Row Madison Heights, MI - 155,606 883,725 1,021
1000 Tech Row Madison Heights, MI - 357,897 2,628,029 1,857
31771 Sherman Avenue Madison Heights, MI - 150,944 645,040 781
31791 Sherman Avenue Madison Heights, MI - 105,606 649,891 614
31811 Sherman Avenue Madison Heights, MI - 207,599 1,179,010 1,363
31831 Sherman Avenue Madison Heights, MI - 158,483 900,064 1,039
31900 Sherman Avenue Madison Heights, MI - 269,293 1,804,498 1,224
800 East Whitcomb Avenue Madison Heights, MI - 151,704 1,294,687 878
950 East Whitcomb Avenue Madison Heights, MI - 113,630 2,162,302 2,351
1000 East Whitcomb Avenue Madison Heights, MI - 113,512 1,023,613 37,918
1100 East Whitcomb Avenue Madison Heights, MI - 135,152 832,031 952
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 2,473
1280 Kempar Avenue Madison Heights, MI - 142,305 536,474 4,431
1001 East Lincoln Avenue Madison Heights, MI - 479,874 2,050,674 4,550
1201 East Lincoln Avenue Madison Heights, MI - 710,614 2,139,273 3,677
22515 Heslip Drive Madison Heights, MI - 144,477 338,277 573
8400 Lakeview Parkway Pleasant Prairie, WI - 892,146 4,032,027 93
8401 Lakeview Parkway Pleasant Prairie, WI - 649,631 3,462,362 81
9801 80th Avenue Pleasant Prairie, WI - 1,692,077 7,947,278 -
50 Gibson Drive West Malling, UK - - - 3,717,031
25 Kings Hill Avenue West Malling, UK 5,808,250 1,105,380 - 8,134,990
2 Kings Hill Avenue West Malling, UK - 785,565 - 5,452,826
50 Kings Hill Avenue West Malling, UK - 1,215,608 - 12,704,406
10 Kings Hill Avenue West Malling, UK - 983,547 - 6,444,987
------------ ------------ -------------- --------------
Subtotal Operating Properties $408,150,780 $358,513,838 $1,514,674,421 $ 871,936,713
============ ============ ============== ==============
- -101-
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Cost
Capitalized
Initial Cost Subsequent
---------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
DEVELOPMENT IN PROGRESS
45 Liberty Boulevard Malvern, PA $ - $ 4,380,221 $ - $ 7,598,428
3 Franklin Plaza Philadelphia, PA - 2,483,144 - 15,725,040
2500 Renaissance Boulevard King of Prussia, PA - 509,580 - 2,223,822
2300 Renaissance Boulevard King of Prussia, PA - 509,580 - 1,480,204
2100 Renaissance Boulevard King of Prussia, PA - 1,110,111 - 4,245,745
4 Walnut Grove Horsham, PA - 2,515,115 - 7,678,725
PNC Bank - Phase II Construction Philadelphia, PA - 0 - 4,728,357
600 Chesterfield Parkway Malvern, PA - 2,013,750 - 3,577,910
700 Chesterfield Parkway Malvern, PA - 2,013,750 - 2,953,064
2520 Renaissance Boulevard King of Prussia, PA - 1,020,000 - 174,503
201 Berkeley Drive Bridgeport, NJ - 270,880 - 3,910,471
300 Commodore Drive Bridgeport, NJ - 417,695 - 5,071,799
1020 Briggs Road Land Mt. Laurel, NJ - 494,334 - 711,586
800 Arlington Boulevard Logan, NJ - 1,687,500 - 596,860
1525 Valley Center Parkway Allentown, PA - 475,686 - 5,622,852
Lehigh Valley West Land - Lot 4 Upper Macungie, PA - 4,019,258 - 2,756,541
5500 Cox Road Glen Allen, VA - 443,485 - 2,126,243
701 Liberty Way Richmond, VA - 171,711 - 4,348,619
5305 Valley Park Drive Roanoke, VA - 266,948 - 1,635,361
530 Eastpark Court Richmond, VA - 266,883 - 2,365,724
801 Liberty Way Richmond, VA - 780,000 - 4,730,570
6532 Judge Adams Road Whitsett, NC - 305,821 - 3,634,907
4194 Mendenhall Oaks Parkway High Point, NC - 102,372 - 2,110,706
4196 Mendenhall Oaks Parkway High Point, NC - 66,731 - 1,613,085
4170 Mendenhall Oaks Parkway High Point, NC - 143,699 - 1,702,981
4180 Mendenhall Oaks Parkway High Point, NC - 121,329 - 1,598,881
3955 Faber Place Charleston, SC - 381,887 - 2,024,369
7014 AC Skinner Parkway Jacksonville, FL - 574,198 - 2,346,101
9550 Satellite Boulevard Orlando, FL - 574,831 - 1,991,248
Butler Plaza Jacksonville, FL - 1,299,201 - 2,318,280
7802-50 Woodland Center Boulevard Tampa, FL - 357,364 - 2,291,538
7852-98 Woodland Center Boulevard Tampa, FL - 357,364 - 2,318,800
7725 Woodland Center Boulevard Tampa, FL - 553,335 - 2,097,015
8001 Woodland Center Boulevard Tampa, FL - 350,406 - 1,004,824
4630 Woodland Corporate Boulevard Tampa, FL - 943,169 - 749,925
Silo Bend 12 Tampa, FL - 654,259 - 462,544
Huntington Square Land Miramar, FL - 2,960,511 - 9,176,081
10400 Southwest Crossing Eden Prairie, MN - 2,912,391 - 18,373,466
9023 Columbine Road Eden Prairie, MN - 1,956,273 - 920,540
West Tech Park Land (Lot B) Farmington Hills, MI - 455,846 - 952,812
West Tech Park Land (Lot C) Farmington Hills, MI - 368,083 - 1,035,182
30 Tower View West Malling, UK - 1,657,321 - 9,317,334
35 Kings Hill Avenue West Malling, UK - 812,193 - 2,798,320
39 Kings Hill Avenue West Malling, UK - 494,508 - 2,886,006
18 Kings Hill Avenue West Malling, UK - 829,785 - 4,493,008
------------ ------------ -------------- --------------
Subtotal Development in Progress $ - $ 45,082,508 $ - $ 162,480,377
============ ============ ============== ==============
- -102-
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Cost
Capitalized
Initial Cost Subsequent
---------------------------- to
Project City Encumbrances Land Building Acquisition
- -------------------------------------- ------------------- ------------ ------------ -------------- --------------
LAND HELD FOR DEVELOPMENT
Gwynedd North Bus Camp Land Lansdale, PA $ - $ - $ - $ 260,415
Three Country View Road Malvern, PA - (178,752) - 184,929
550 Lapp Road Malvern, PA - (159,445) - 162,020
Cedar Hollow Road Land Malvern, PA - (157,681) - 157,681
Walnut Grove Land Horsham, PA - 1,065,951 - 523,497
35 Liberty Boulevard Land Malvern, PA - - - -
Great Valley Land Malvern, PA - 658,754 - 931,225
10 Matthews Rd South Land Malvern, PA - 578,804 - 30,191
Renaissance Park Land King of Prussia, PA 3,548,488 3,805,664 - 783,621
Swedes Run Business Park Land Delran, NJ - 1,057,204 - 558,201
Marlton Crossing Land Marlton, NJ - 69,402 - 239,260
Commodore Business Park Logan Township, NJ - 2,903,914 - 460,285
Boulden Land New Castle, DE - - - 1,560
Marlton Executive Park Land Marlton, NJ - 550,664 - 215,198
1015 Briggs Road Land Mt. Laurel, NJ - 356,987 - 65,900
Lehigh Valley Corporate Center Land Bethlehem, PA - (2,926,976) - 4,347,527
Lehigh Valley West Lots 13,14,15 Allentown, PA - - - 30,900
LVCC Phase 2 Land Bethlehem, PA 1,525,000 1,959,495 - 1,183,936
LV West Land - Lot 5A Upper Macungie, PA - 519,208 - 35,281
Park at Valleypointe Land Roanoke, VA - 238,545 - 406,297
Fairgrounds Distribution Center Land Richmond, VA - 100,000 - 30,304
Rivers' Bend Land Richmond, VA - 1,172,108 - 7,677,781
Oakleys Center Land Richmond, VA - - - -
Woodlands Center Land Richmond, VA - 734,787 - 311,819
501 Liberty Way Richmond, VA - 441,188 - 208,819
601 HP Way Richmond, VA - 171,024 - 460,882
6000-98 Eastport Boulevard Richmond, VA - 787,091 - 85,812
Eastport VIII Richmond, VA - 379,836 - 2,862
Eastport IX Richmond, VA - 209,856 - 1,771
Brill 2 Land Richmond, VA - 1,432,462 - 293,528
Westmoreland Land Virginia Beach, VA - 758,403 - 31,279
Westmoreland III Land Virginia Beach, VA - 645,966 - 28,933
Mendenhall Land High Point, NC - 2,528,914 - 2,146,962
Independence Pointe Land Greenville, SC - 1,304,084 - 14,855
Executive Park at Faber Place Land Charleston, SC - 452 - 40,320
Northpoint Industrial Park Land Columbia, SC - - - 72,284
Overlook Business Center Land Columbia, SC - - - -
Ridgeview Center Land Greenville, SC - - - -
Southchase Business Park Land Greenville, SC - - - 77,082
Woodfield Land Greenville, SC - 1,719 - 68,958
Southpoint Business Park Land Jacksonville, FL - 349,339 - 88,772
Liberty Business Park Land Jacksonville, FL - (313,180) - 1,336,260
7024 AC Skinner Parkway Jacksonville, FL - 539,554 - 146,494
Silo Bend Land (LPDC) Tampa, FL - 4,104,030 - 299,559
Exchange Place Land Orlando, FL - 193,406 - 8,711
Belfort Road Jacksonville, FL - 375,740 - 73,042
Butler Plaza Land Jacksonville, FL - 2,602,994 - 195,872
Central Green Land Houston, TX - 1,394,592 - 10,084
Salisbury Road Land Jacksonville, FL - 1,605,907 - 30,437
Airport West Tampa, FL - - - 481
Woodland Corporate Center Land Tampa, FL - 21,832 - 207,195
Pompano Business Park Land - Parcel 2 Boca Raton, FL - 407,328 - -
Pompano Business Park Land - Parcel 3 Boca Raton, FL - 509,233 - -
Boca Colannade Land - Yamato Road Boca Raton, FL - 4,055,325 - 183,210
Klodt Land Eden Prairie, MN - 5,694,963 - 434,065
Flying Cloud Land Eden Prairie, MN - 6,347,575 - 390,574
Romulus Land Romulus, MI - 909,282 - 40,340
4 ABW West Malling, UK - - - 68,982
------------ ------------ -------------- --------------
Subtotal Land Held for Development $ 5,073,488 $ 49,807,545 $ 0 $ 25,646,257
============ ============ ============== ==============
TOTAL ALL PROPERTIES $413,224,268 453,403,891 1,514,674,421 $1,060,063,346
============ ============ ============== ==============
** Rouse leases land from Kent County Council
- -103-
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/98
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES
10,20 Liberty Boulevard Malvern, PA $ 645,318 $ 5,020,598 $ 5,665,916
420 Lapp Road Malvern, PA 1,049,243 6,289,585 7,338,828
747 Dresher Road Horsham, PA 1,611,977 3,943,429 5,555,406
45-67 Great Valley Parkway Malvern, PA 795,831 2,930,154 3,725,985
1180 Church Road Lansdale, PA 2,391,036 15,612,294 18,003,330
40 Valley Stream Parkway Malvern, PA 323,792 2,208,115 2,531,907
50 Valley Stream Parkway Malvern, PA 371,068 2,337,088 2,708,156
20 Valley Stream Parkway Malvern, PA 466,413 5,052,259 5,518,672
800 Town Center Drive Langhorne, PA 1,619,288 8,987,586 10,606,875
9, 15 Great Valley Parkway Malvern, PA 1,837,878 15,155,884 16,993,762
257-275 Great Valley Parkway Malvern, PA 505,458 4,424,034 4,929,492
300 Technology Drive Malvern, PA 374,497 1,294,125 1,668,622
277-293 Great Valley Parkway Malvern, PA 531,534 1,913,842 2,445,376
311 Technology Drive Malvern, PA 348,099 2,285,875 2,633,974
325 Technology Drive Malvern, PA 385,693 1,841,992 2,227,685
7 Great Valley Parkway Malvern, PA 177,317 4,266,401 4,443,718
55 Valley Stream Parkway Malvern, PA 215,818 3,304,100 3,519,918
65 Valley Stream Parkway Malvern, PA 382,361 4,727,790 5,110,151
508 Lapp Road Malvern, PA 263,116 1,798,410 2,061,526
10 Valley Stream Parkway Malvern, PA 465,135 2,708,000 3,173,135
333 Phoenixville Pike Malvern, PA 524,229 3,083,246 3,607,475
30 Great Valley Parkway Malvern, PA 128,783 354,908 483,691
75 Great Valley Parkway Malvern, PA 143,811 418,152 561,963
27-43 Great Valley Parkway Malvern, PA 449,447 2,115,645 2,565,092
77-123 Great Valley Parkway Malvern, PA 888,359 4,581,383 5,469,742
260 Great Valley Parkway Malvern, PA 212,768 840,159 1,052,927
256 Great Valley Parkway Malvern, PA 161,949 1,887,910 2,049,859
205 Great Valley Parkway Malvern, PA 1,369,003 9,598,853 10,967,856
12,14,16 Great Valley Parkway Malvern, PA 131,517 1,201,212 1,332,729
155 Great Valley Parkway Malvern, PA 626,068 2,257,560 2,883,628
333 Technology Drive Malvern, PA 90,952 2,377,145 2,468,097
510 Lapp Road Malvern, PA 325,415 897,495 1,222,910
181 Wheeler Court Langhorne, PA 263,490 2,089,697 2,353,187
1100 Wheeler Way Langhorne, PA 151,500 1,189,217 1,340,717
60 Morehall Road Malvern, PA 884,974 13,989,653 14,874,627
905 Airport Road West Chester, PA 1,735,012 5,369,518 7,104,530
16 Cabot Boulevard Langhorne, PA 649,743 5,925,232 6,574,975
1 Country View Road Malvern, PA 406,421 4,046,917 4,453,338
2151 Cabot Boulevard Langhorne, PA 389,990 3,714,510 4,104,500
170 South Warner Road King of Prussia, PA 555,911 5,213,641 5,769,552
190 South Warner Road King of Prussia, PA 560,373 4,333,359 4,893,732
507 Prudential Road Horsham, PA 652,919 6,028,949 6,681,868
100 Witmer Road Horsham, PA 3,133,783 9,654,658 12,788,441
3100 Horizon Drive King of Prussia, PA 611,435 1,997,769 2,609,205
3300 Horizon Drive King of Prussia, PA 687,878 3,143,819 3,831,697
3500 Horizon Drive King of Prussia, PA 1,223,875 2,512,100 3,735,976
200 Chester Field Parkway Malvern, PA 495,893 2,862,279 3,358,172
767 Electronic Drive Horsham, PA 1,241,970 2,926,553 4,168,523
132 Welsh Road Horsham, PA 1,408,042 3,782,765 5,190,807
5 Country View Road Malvern, PA 786,235 4,812,177 5,598,412
3200 Horizon Drive King of Prussia, PA 1,210,136 4,009,811 5,219,947
3000 Horizon Drive King of Prussia, PA 946,703 2,097,809 3,044,511
111-195 Witmer Road Horsham, PA 407,205 3,244,924 3,652,128
300 Welsh Road Horsham, PA 180,459 1,506,101 1,686,559
400 Welsh Road Horsham, PA 282,493 3,251,028 3,533,521
8801 Tinicum Boulevard Philadelphia, PA 124,062 26,559,254 26,683,316
440 East Swedesford Road King of Prussia, PA 717,001 6,270,057 6,987,058
460 East Swedesford Road King of Prussia, PA 705,317 5,118,131 5,823,447
50 Morehall Road Malvern, PA 1,337,076 12,559,217 13,896,293
2 Walnut Grove Drive Horsham, PA 1,265,363 8,554,421 9,819,784
200 Gibraltar Road Horsham, PA 638,513 5,913,832 6,552,345
220 Gibraltar Road Horsham, PA 629,944 5,751,974 6,381,918
240 Gibraltar Road Horsham, PA 629,944 5,752,023 6,381,967
151 S. Warner Road King of Prussia, PA 1,218,086 7,051,869 8,269,955
1 Walnut Grove Drive Horsham, PA 1,058,901 6,200,558 7,259,459
3604 Horizon Drive King of Prussia, PA 350,873 1,622,699 1,973,572
3606 Horizon Drive King of Prussia, PA 815,855 1,914,370 2,730,225
650 Swedesford Road King of Prussia, PA 952,911 15,098,429 16,051,340
680 Swedesford Road King of Prussia, PA 952,361 13,088,704 14,041,065
761 Fifth Avenue King of Prussia, PA 256,463 2,283,121 2,539,584
771 Fifth Avenue King of Prussia, PA 152,456 1,434,287 1,586,743
1 Great Valley Parkway Malvern, PA 419,460 3,971,229 4,390,689
5 Great Valley Parkway Malvern, PA 684,200 6,420,736 7,104,936
311 Sinclair Road Bristol, PA 277,901 1,588,453 1,866,354
100 Cedar Hollow Road Malvern, PA 1,646,985 15,774,424 17,421,408
3 Country View Road Malvern, PA 1,128,880 4,458,972 5,587,853
425 Technology Drive Malvern, PA 321,473 1,705,940 2,027,413
375 Technology Drive Malvern, PA 234,922 1,754,063 1,988,985
100 Chesterfield Parkway Malvern, PA 1,349,954 6,502,270 7,852,224
181-187 Gibraltar Road Horsham, PA 360,549 3,690,467 4,051,016
104 Rock Road Horsham, PA 330,111 3,003,681 3,333,792
123-135 Rock Road Horsham, PA 292,360 2,438,931 2,731,291
111-159 Gibraltar Road Horsham, PA 489,032 4,156,675 4,645,707
161-175 Gibraltar Road Horsham, PA 294,673 3,094,979 3,389,652
125-137 Gibraltar Road Horsham, PA 270,906 2,712,000 2,982,906
261-283 Gibraltar Road Horsham, PA 464,871 3,990,308 4,455,179
210-223 Witmer Road Horsham, PA 270,282 3,808,010 4,078,292
- -104-
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/98
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - CONTINUED
231-237 Gibraltar Road Horsham, PA 436,952 4,215,833 4,652,785
100 Gibraltar Road Horsham, PA 38,729 358,432 397,161
101 Gibraltar Road Horsham, PA 731,990 5,943,778 6,675,768
506 Prudential Road Horsham, PA 208,140 1,512,635 1,720,775
113-123 Rock Road Horsham, PA 351,072 3,192,293 3,543,365
101-111 Rock Road Horsham, PA 350,561 3,188,255 3,538,816
120 Gibraltar Road Horsham, PA 558,142 4,908,332 5,466,474
110 Gibraltar Road Horsham, PA 673,041 5,829,389 6,502,430
100-107 Lakeside Drive Horsham, PA 255,528 2,339,018 2,594,546
200-264 Lakeside Drive Horsham, PA 502,705 4,942,987 5,445,692
300-309 Lakeside Drive Horsham, PA 376,475 3,457,234 3,833,709
400-445 Lakeside Drive Horsham, PA 583,628 5,954,284 6,537,912
104 Witmer Road Horsham, PA 124,565 1,559,986 1,684,551
201 Gibraltar Road Horsham, PA 380,127 3,981,412 4,361,539
3600 Horizon Drive King of Prussia, PA 236,432 1,879,447 2,115,879
3602 Horizon Drive King of Prussia, PA 217,734 1,855,326 2,073,060
400-500 Brandywine Parkway West Chester, PA 845,846 7,128,128 7,973,974
600 Brandywine Parkway West Chester, PA 664,899 5,518,747 6,183,646
2700 Horizon Drive King of Prussia, PA 867,666 3,458,128 4,325,794
2900 Horizon Drive King of Prussia, PA 773,946 3,352,074 4,126,020
719 Dresher Road Horsham, PA 495,112 2,873,978 3,369,091
2250 Hickory Road Plymouth Meeting, PA 1,015,851 9,343,751 10,359,602
3400 Horizon Drive King of Prussia, PA 776,496 3,236,337 4,012,833
One Ridgewood Place Downingtown, PA 422,460 2,341,399 2,763,859
300 Welsh Road Horsham, PA 696,061 3,340,643 4,036,704
6 Terry Drive Newtown, PA 622,029 2,229,572 2,851,601
14 Lee Boulevard Malvern, PA 665,053 6,316,131 6,981,184
500 Chester Field Parkway Malvern, PA 473,139 2,876,167 3,349,306
300-400 Chester Field Parkway Malvern, PA 931,212 4,494,377 5,425,589
1805 Underwood Boulevard Delran, NJ 196,901 622,144 819,045
150 Mid-Atlantic Parkway West Deptford, NJ 88,153 508,052 596,205
18 Boulden Circle New Castle, DE 198,062 3,906,748 4,104,810
501 Delran Parkway Delran, NJ 184,162 2,931,056 3,115,218
600 Delran Parkway Delran, NJ 372,719 5,941,662 6,314,381
1607 Imperial Way West Deptford, NJ 288,280 2,970,495 3,258,775
1 Boulden Circle New Castle, DE 93,309 1,337,838 1,431,147
31-55 Read's Way New Castle, DE 972,159 5,535,641 6,507,800
3 Boulden Circle New Castle, DE 126,701 2,126,041 2,252,742
5 Boulden Circle New Castle, DE 232,274 3,501,869 3,734,143
601 Delran Parkway Delran, NJ 193,336 1,637,643 1,830,979
51 Haddonfield Road Cherry Hill, NJ 248,326 9,359,759 9,608,085
57 Read's Way New Castle, DE 352,736 2,758,177 3,110,913
1370 Imperial Way West Deptford, NJ 298,010 4,415,928 4,713,938
8 Stow Road Marlton, NJ 172,945 1,797,730 1,970,675
10 Stow Road Marlton, NJ 147,318 1,520,368 1,667,686
12 Stow Road Marlton, NJ 103,618 1,184,226 1,287,844
14 Stow Road Marlton, NJ 93,418 1,055,417 1,148,835
1300 Metropolitan Avenue West Deptford, NJ 221,218 2,016,048 2,237,266
701A Route 73 South Marlton, NJ 271,743 5,535,318 5,807,061
701C Route 73 South Marlton, NJ 96,161 1,564,153 1,660,314
1008 Astoria Boulevard Cherry Hill, NJ 32,698 847,897 880,595
1475 Imperial Way West Deptford, NJ 58,606 1,030,902 1,089,508
3000 Atrium Way Mt. Laurel, NJ 512,018 7,539,531 8,051,549
750 Cardinal Drive Bridgeport, NJ 236,190 2,610,506 2,846,696
11000, 15000, 17000 Commerce Parkway Mt. Laurel, NJ 456,465 4,901,099 5,357,564
12000, 14000 Commerce Parkway Mt. Laurel, NJ 362,855 3,430,028 3,792,883
16000, 18000 Commerce Parkway Mt. Laurel, NJ 290,545 2,843,430 3,133,975
406 Lippincott Drive Marlton, NJ 327,554 2,319,880 2,647,434
234 High Hill Road Bridgeport, NJ 250,445 1,812,039 2,062,484
231 Lake Drive New Castle, DE 623,043 4,023,065 4,646,108
100 Arlington Boulevard Bridgeport, NJ 374,836 4,245,021 4,619,857
100 Berkeley Drive Swedesboro, NJ 401,254 2,131,662 2,532,916
301 Lippincott Drive Marlton, NJ 1,069,837 5,185,695 6,255,532
303 Lippincott Drive Marlton, NJ 1,069,837 5,150,391 6,220,228
510-512 Sharptown Road Bridgeport, NJ 125,410 1,107,485 1,232,895
901 Route 73 Marlton, NJ 334,411 2,826,977 3,161,389
Four Greentree Center Marlton, NJ 450,558 3,668,483 4,119,041
512 Sharptown Road Bridgeport, NJ 180,468 1,592,810 1,773,278
15 Boulden Circle New Castle, DE 833,364 4,913,444 5,746,808
404 Lippincott Drive Marlton, NJ 131,896 1,672,248 1,804,144
263 Quigley Boulevard New Castle, DE 171,167 1,411,759 1,582,926
34 Blevins Drive New Castle, DE 196,396 1,543,931 1,740,327
104 Gaither Drive Mt. Laurel, NJ 136,446 1,369,093 1,505,539
2 Lukens Drive New Castle, DE 169,118 1,390,346 1,559,464
402 Lippincott Drive Marlton, NJ 131,896 1,629,153 1,761,049
3000 Lincoln Drive Mt. Laurel, NJ 284,052 3,586,667 3,870,719
6000 Commerce Parkway Mt. Laurel, NJ 234,151 2,154,654 2,388,805
7000 Commerce Parkway Mt. Laurel, NJ 260,014 2,306,930 2,566,944
8000 Commerce Parkway Mt. Laurel, NJ 234,814 2,061,442 2,296,256
9000 Commerce Parkway Mt. Laurel, NJ 286,587 2,529,316 2,815,903
1000 Briggs Road Mt. Laurel, NJ 288,577 2,780,677 3,069,254
1025 Briggs Road Mt. Laurel, NJ 430,990 3,731,252 4,162,242
9 Stow Road Marlton, NJ 654,728 1,920,725 2,575,453
2000 Crawford Place Mt. Laurel, NJ 310,831 3,507,760 3,818,591
1351 Metropolitan Avenue Pureland, NJ 189,465 1,755,427 1,944,892
650 Grove Road Pureland, NJ 267,214 2,562,243 2,829,457
400 Grove Road Pureland, NJ 145,009 1,378,818 1,523,827
5000 Dearborn Court Mt. Laurel, NJ 1,057,763 4,222,775 5,280,538
515 Heron Drive Bridgeport, NJ 334,017 2,375,580 2,709,597
500 Sharptown Road Pureland, NJ 302,858 2,673,774 2,976,632
- -105-
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/98
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - CONTINUED
625 Heron Drive Bridgeport, NJ 180,226 913,440 1,093,666
605 Heron Drive Bridgeport, NJ 265,381 1,051,394 1,316,775
510 Heron Drive Bridgeport, NJ 790,335 7,977,296 8,767,631
522 Pedricktown Road Bridgeport, NJ 176,309 1,376,708 1,553,017
530 Pedricktown Road Bridgeport, NJ 350,813 1,931,324 2,282,138
540 Pedricktown Road Bridgeport, NJ 531,280 4,553,548 5,084,828
230 High Hill Road Bridgeport, NJ 1,418,000 8,866,156 10,284,156
3 Mallard Court Bridgeport, NJ 417,893 2,452,530 2,870,422
730 Cardinal Drive Bridgeport, NJ 576,598 1,817,480 2,394,078
405 Heron Drive Bridgeport, NJ 2,167,471 19,246,081 21,413,552
100 Eagle Road Bridgeport, NJ 256,491 1,452,245 1,708,736
250 High Hill Road Bridgeport, NJ 246,478 2,440,375 2,686,853
508 Center Square Road Bridgeport, NJ 453,341 3,459,188 3,912,528
602 Heron Drive Bridgeport, NJ 524,728 2,245,012 2,769,740
300 Eagle Court Bridgeport, NJ 1,135,989 1,879,429 3,015,418
500 Center Square Road Bridgeport, NJ 1,338,839 6,199,301 7,538,139
1001 Briggs Road Marlton, NJ 701,705 3,719,913 4,421,618
1960 Cuthbert Boulevard Cherry Hill, NJ 321,699 1,314,227 1,635,926
1970 Cuthbert Boulevard Cherry Hill, NJ 321,699 1,309,960 1,631,659
10000 & 11000 Route 73 Marlton, NJ 715,705 2,661,469 3,377,174
1655 Valley Center Parkway Bethlehem, PA 215,095 1,866,465 2,081,560
6560 Stonegate Drive Allentown, PA 437,122 2,332,118 2,769,240
6370 Hedgewood Drive Allentown, PA 515,707 3,021,875 3,537,582
6390 Hedgewood Drive Allentown, PA 670,819 2,537,540 3,208,359
1495 Valley Center Parkway Bethlehem, PA 258,014 3,762,641 4,020,655
6350 Hedgewood Drive Allentown, PA 370,318 3,233,153 3,603,471
6330 Hedgewood Drive Allentown, PA 499,720 4,262,061 4,761,781
1550 Valley Center Parkway Bethlehem, PA 188,320 3,171,216 3,359,536
1560 Valley Center Parkway Bethlehem, PA 229,301 3,888,876 4,118,177
6580 Snowdrift Road Allentown, PA 367,377 2,478,942 2,846,319
1510 Valley Center Parkway Bethlehem, PA 312,873 3,302,687 3,615,560
1530 Valley Center Parkway Bethlehem, PA 212,491 2,572,205 2,784,696
6540 Stonegate Drive Allentown, PA 422,730 3,597,076 4,019,806
974 Marcon Boulevard Allentown, PA 144,248 2,127,691 2,271,939
964 Marcon Street Allentown, PA 139,480 1,491,395 1,630,875
764 Roble Road Allentown, PA 141,746 793,490 935,236
3174 Airport Road Allentown, PA 98,986 1,105,398 1,204,384
2196 Avenue C Allentown, PA 107,307 1,195,585 1,302,892
2202 Hanger Place Allentown, PA 138,127 1,290,822 1,428,949
2201 Hanger Place Allentown, PA 129,142 1,407,561 1,536,703
954 Marcon Boulevard Allentown, PA 104,452 1,159,848 1,264,300
57 South Commerce Way Allentown, PA 395,459 2,959,489 3,354,948
754 Roble Road Allentown, PA 163,735 1,819,107 1,982,842
894 Marcon Boulevard Allentown, PA 118,304 1,076,272 1,194,576
744 Roble Road Allentown, PA 161,371 1,876,577 2,037,948
944 Marcon Boulevard Allentown, PA 119,711 1,589,180 1,708,891
1685 Valley Center Parkway Allentown, PA 198,482 2,096,656 2,295,138
6520 Stonegate Drive Allentown, PA 948,395 1,330,049 2,278,444
7437 Industrial Boulevard Allentown, PA 726,651 6,423,415 7,150,066
2041 Avenue C Allentown, PA 213,879 1,166,830 1,380,709
2124 Avenue C Allentown, PA 289,529 1,093,852 1,383,381
7339 Industrial Boulevard Allentown, PA 1,197,448 5,637,547 6,834,995
7384 Penn Drive Allentown, PA 652,118 2,699,588 3,351,706
7144 Daniels Drive Allentown, PA 1,579,169 6,578,363 8,157,532
7620 Cetronia Road Allentown, PA 1,093,724 4,023,482 5,117,206
939 Marcon Boulevard Allentown, PA 2,220,548 5,258,261 7,478,809
100 Brodhead Road Allentown, PA 429,456 3,099,891 3,529,347
1455 Valley Center Parkway Bethlehem, PA 545,173 3,760,041 4,305,214
1640 Valley Center Parkway Bethlehem, PA 190,728 2,580,591 2,771,319
1650 Valley Center Parkway Allentown, PA 188,896 2,390,469 2,579,365
1660 Valley Center Parkway Bethlehem, PA 188,721 2,230,021 2,418,742
400 Nestle Way Allentown, PA 8,184,096 26,296,091 34,480,187
83 South Commerce Way Bethlehem, PA 212,744 1,017,143 1,229,887
85 South Commerce Way Bethlehem, PA 237,078 1,068,965 1,306,043
87 South Commerce Way Bethlehem, PA 253,886 1,138,811 1,392,696
89 South Commerce Way Bethlehem, PA 368,019 1,881,150 2,249,169
7339 Industrial Boulevard Allentown, PA 2,670,673 13,988,804 16,659,477
95 Highland Avenue Bethlehem, PA 430,593 3,482,516 3,913,109
236 Brodhead Road Bethlehem, PA 376,962 4,697,544 5,074,506
6620 Grant Way Allentown, PA 430,824 1,922,261 2,353,085
700 Nestle Way Allentown, PA 4,174,970 16,139,519 20,314,489
7562 Penn Drive Allentown, PA 269,614 922,920 1,192,534
7277 Williams Avenue Allentown, PA 463,124 1,562,858 2,025,981
7355 Williams Avenue Allentown, PA 489,749 1,769,932 2,259,682
794 Roble Boulevard Allentown, PA 1,147,541 6,144,447 7,291,988
6923 Schantz Spring Road Allentown, PA 1,127,805 3,347,397 4,475,202
2600 Beltline Avenue Reading, PA 558,903 2,247,326 2,806,229
7132 Daniels Drive Allentown, PA 1,696,470 7,126,040 8,822,510
3985 Adler Place Bethlehem, PA 705,367 4,062,547 4,767,914
12000,001,040 Indian Creek Court Beltsville, MD 2,665,835 10,583,308 13,249,143
8280 Patuxent Range Drive Columbia, MD 181,601 1,297,559 1,479,160
7178-80 Columbia Gateway Columbia, MD 1,571,105 5,188,568 6,759,673
8730 Bollman Place Columbia, MD 626,269 4,652,665 5,278,934
9770 Patuxent Woods Drive Columbia, MD 341,663 3,043,617 3,385,280
9780 Patuxent Woods Drive Columbia, MD 218,542 1,947,234 2,165,775
9790 Patuxent Woods Drive Columbia, MD 243,791 2,175,748 2,419,539
9810 Patuxent Woods Drive Columbia, MD 266,684 2,374,941 2,641,625
9800 Patuxent Woods Drive Columbia, MD 299,099 2,662,092 2,961,191
9820 Patuxent Woods Drive Columbia, MD 237,779 2,119,587 2,357,366
9830 Patuxent Woods Drive Columbia, MD 296,262 2,642,407 2,938,669
- -106-
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/98
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - CONTINUED
9050 Red Branch Road Columbia, MD 290,950 2,584,575 2,875,525
4606 Richlynn Drive Belcamp, MD 299,600 1,828,689 2,128,289
8945-8975 Guilford Columbia, MD 2,427,065 7,506,413 9,933,478
7317 Parkway Drive Hanover, MD 1,104,359 1,959,967 3,064,327
180,190 Cochrane Drive Annapolis, MD 3,752,293 16,052,461 19,804,754
9101,9111,9115 Guilford Road Columbia, MD 765,953 3,324,727 4,090,680
9125,9135,9145 Guilford Road Columbia, MD 920,439 5,766,475 6,686,914
10 South Third Street Richmond, VA 27,970 173,381 201,351
1751 Bluehills Drive Roanoke, VA 1,063,728 8,602,628 9,666,356
4300 Carolina Avenue Richmond, VA 2,009,136 15,337,786 17,346,923
301 Hill Carter Parkway Richmond, VA 659,456 4,899,214 5,558,670
4001 Carolina Avenue Richmond, VA 29,443 248,597 278,040
5600-5626 Eastport Boulevard Richmond, VA 489,941 3,775,241 4,265,182
5650-5674 Eastport Boulevard Richmond, VA 644,384 4,161,431 4,805,815
5700 Eastport Boulevard Richmond, VA 408,729 2,740,967 3,149,696
11020 Hull Street Road Richmond, VA 139,887 646,199 786,086
3432 Holland Road Virginia Beach, VA 173,527 801,603 975,130
4880 Cox Road Richmond, VA 743,898 5,664,973 6,408,871
5162 Valleypointe Parkway Roanoke, VA 551,483 2,647,549 3,199,032
4101- 4127 Carolina Avenue Richmond, VA 310,854 2,336,735 2,647,589
4201-4261 Carolina Avenue Richmond, VA 693,203 5,263,166 5,956,369
4263-4299 Carolina Avenue Richmond, VA 256,203 3,219,117 3,475,320
4301-4335 Carolina Avenue Richmond, VA 223,696 1,757,039 1,980,735
4337-4379 Carolina Avenue Richmond, VA 325,203 2,803,892 3,129,095
4501-4549 Carolina Avenue Richmond, VA 486,166 3,696,144 4,182,310
4551-4593 Carolina Avenue Richmond, VA 474,360 3,572,034 4,046,394
4601-4643 Carolina Avenue Richmond, VA 652,455 5,069,392 5,721,847
4645-4683 Carolina Avenue Richmond, VA 404,616 3,764,829 4,169,445
4447-4491 Carolina Avenue Richmond, VA 454,056 2,802,016 3,256,072
4401-4445 Carolina Avenue Richmond, VA 615,038 4,595,165 5,210,203
12 S. Third Street Richmond, VA 40,539 190,807 231,346
9601 Cosner Drive Fredericksburg, VA 476,262 4,068,416 4,544,678
315 Cardiff Valley Road Knoxville, TN 443,305 2,993,390 3,436,695
2300 East Parham Road Richmond, VA 221,947 1,025,269 1,247,216
1347 Diamond Springs Road Virginia Beach, VA 436,898 3,363,431 3,800,329
5221 Valleypark Drive - Bldg A Roanoke, VA 285,008 1,222,705 1,507,713
5228 Valleypointe Parkway - Bldg B Roanoke, VA 218,663 893,497 1,112,160
5238 Valleypark Drive - Bldg C Roanoke, VA 416,375 1,988,562 2,404,937
5601-5659 Eastport Boulevard Richmond, VA 720,100 5,175,570 5,895,670
5900 Eastport Boulevard Richmond, VA 687,898 5,755,857 6,443,756
4717-4729 Eubank Road Richmond, VA 452,263 3,383,656 3,835,919
5251 Concourse Drive Roanoke, VA 217,690 1,571,429 1,789,119
4263F Carolina Avenue Richmond, VA 91,599 1,622,673 1,714,273
4200 Oakleys Court Richmond, VA 459,653 2,500,932 2,960,585
1821 Battery Dantzler Road Richmond, VA 392,332 3,061,807 3,454,139
5000 Cox Road Glen Allen, VA 771,029 3,710,943 4,481,972
510 Eastpark Court Richmond, VA 262,210 2,147,223 2,409,433
520 Eastpark Court Richmond, VA 486,598 4,134,861 4,621,459
13001 Kingston Avenue Chester, VA 376,700 2,002,994 2,379,694
5701-5799 Eastport Boulevard Richmond, VA 700,503 5,081,400 5,781,902
4801 Cox Road Richmond, VA 1,075,620 8,834,943 9,910,563
600 Liberty Way Richmond, VA 501,752 7,820,637 8,322,388
500 Liberty Way Richmond, VA 491,919 6,509,959 7,001,878
4198 Cox Road Glen Allen, VA 670,292 3,864,336 4,534,628
5310 Valley Park Drive Roanoke, VA 129,220 1,131,468 1,260,688
4510 Cox Road Glen Allen, VA 1,010,044 7,534,375 8,544,420
2809 South Lynnhaven Road Virginia Beach, VA 953,590 6,462,015 7,415,605
200 Golden Oak Court Virginia Beach, VA 1,116,693 6,945,801 8,062,493
208 Golden Oak Court Virginia Beach, VA 965,177 6,843,444 7,808,621
1 Enterprise Parkway Hampton, VA 974,675 5,746,206 6,720,881
22 Enterprise Parkway Hampton, VA 1,097,368 6,976,899 8,074,267
484 Viking Drive Virginia Beach, VA 891,753 3,695,316 4,587,068
10430 Lakeridge Parkway Richmond, VA 421,267 3,828,314 4,249,581
10456 Lakeridge Parkway Richmond, VA 409,261 3,723,757 4,133,017
3829-3855 Gaskins Road Richmond, VA 364,165 3,269,288 3,633,454
629 Phoenix Drive Virginia Beach, VA 371,694 2,125,063 2,496,757
11838 Rock Landing Drive Newport News, VA 673,942 2,170,944 2,844,885
11844 Rock Landing Drive Newport News, VA 326,774 1,423,323 1,750,097
11846 Rock Landing Drive Newport News, VA 299,066 1,450,554 1,749,620
5700 Cleveland Street Virginia Beach, VA 700,564 9,802,375 10,502,940
4523 Green Point Drive High Point, NC 223,614 2,023,770 2,247,384
4501 Green Point Drive High Point, NC 320,450 2,232,484 2,552,934
4500 Green Point Drive High Point, NC 231,692 2,014,449 2,246,141
2427 Penny Road High Point, NC 1,168,074 6,184,618 7,352,692
4524 Green Point Drive High Point, NC 183,888 2,103,328 2,287,216
4328, 4336 Federal Drive High Point, NC 825,092 7,376,106 8,201,198
200 Centreport Drive Greensboro, NC 332,017 4,028,344 4,360,361
4344 Federal Drive High Point, NC 173,623 2,634,469 2,808,092
202 Centreport Drive Greensboro, NC 549,679 5,538,064 6,087,743
101 Centreport Drive Greensboro, NC 826,237 6,566,166 7,392,403
4000 Piedmont Parkway High Point, NC 597,368 5,015,701 5,613,069
4380 Federal Drive High Point, NC 283,368 2,887,330 3,170,698
4388 Federal Drive High Point, NC 132,655 1,125,699 1,258,354
6532 Judge Adams Road Rock Creek, NC 399,988 3,444,180 3,844,168
3860 Faber Place N. Charleston, SC 796,655 2,074,232 2,870,887
4055 Faber Place N. Charleston, SC 882,352 4,838,055 5,720,407
3820 Faber Place N. Charleston, SC 506,558 2,427,911 2,934,469
3875 Faber Place N. Charleston, SC 1,166,052 5,701,327 6,867,379
440 Knox Abbott Drive Cayce, SC 576,767 3,600,511 4,177,278
150 Ridgeview Center Drive Duncan, SC 711,353 8,070,965 8,782,318
- -107-
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/98
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - CONTINUED
1320 Garlington Road Greenville, SC 398,539 1,817,314 2,215,853
420 Park Avenue Greenville, SC 522,548 3,291,229 3,813,777
1 Alliance Drive Goose Creek, SC 662,422 1,714,203 2,376,625
111 Southchase Boulevard Fountain Inn, SC 499,065 5,012,981 5,512,046
300 International Boulevard Fountain Inn, SC 180,560 639,821 820,381
4160 Mendenhall Oaks Parkway High Point, NC 545,627 2,848,724 3,394,351
1208 Eastchester Drive High Point, NC 487,209 4,377,628 4,864,837
7720 Mendenhall Oaks Parkway High Point, NC 2,041,816 16,576,164 18,617,980
One Independence Pointe Greenville, SC 784,617 6,349,966 7,134,583
55 Beattie Place Greenville, SC 2,645,238 23,801,929 26,447,167
75 Beattie Place Greenville, SC 2,408,577 17,607,202 20,015,779
7736 McCloud Road Greensboro, NC 591,795 6,047,259 6,639,054
15 Brendan Way Greenville, SC 614,192 3,013,684 3,627,876
200 Meeting Street Charleston, SC 4,027,428 30,261,967 34,289,395
7500 West 110th Street Overland Park, KS 2,380,493 9,660,218 12,040,710
8035 Quivira Road Lenexa, KS 1,180,181 4,737,971 5,918,152
4300 Federal Drive High Point, NC 276,038 1,590,008 1,866,045
1730 Stebbins Drive Houston, TX 144,016 412,656 556,672
5911-5925 Richard Street Jacksonville, FL 286,335 497,306 783,641
8383-8385 Baycenter Road Jacksonville, FL 65,329 610,694 676,023
8775 Baypine Road Jacksonville, FL 913,264 3,136,335 4,049,599
8539 Western Way Jacksonville, FL 631,558 2,868,955 3,500,513
6255 Lake Gray Boulevard Jacksonville, FL 811,963 3,294,676 4,106,639
6600-6660 Suemac Place Jacksonville, FL 216,014 1,889,564 2,105,578
6800-6850 Suemac Place Jacksonville, FL 125,576 973,671 1,099,247
8665,8667,8669 Baypine Road Jacksonville, FL 1,023,514 3,867,879 4,891,393
8540 Baycenter Road Jacksonville, FL 450,431 1,366,708 1,817,139
1200 Riverplace Boulevard Jacksonville, FL 1,035,091 16,921,672 17,956,763
8400 Baymeadows Way Jacksonville, FL 566,370 2,323,521 2,889,891
8614 Baymeadows Way Jacksonville, FL 312,761 1,088,410 1,401,171
5941-5975 Richard Street Jacksonville, FL 585,280 1,111,567 1,696,847
7970 Bayberry Road Jacksonville, FL 129,979 1,247,176 1,377,155
6000-6030 Bowdendale Avenue Jacksonville, FL 275,475 1,592,174 1,867,649
7898 Baymeadows Way Jacksonville, FL 568,005 1,966,127 2,534,132
5977-6607 Richard Street Jacksonville, FL 182,747 1,562,967 1,745,714
7910 & 7948 Baymeadows Way Jacksonville, FL 211,449 2,678,001 2,889,450
7954 & 7960 Baymeadows Way Jacksonville, FL 292,667 2,978,826 3,271,493
8787 Baypine Road Jacksonville, FL 2,045,574 35,636,694 37,682,268
7077 Bonneval Road Jacksonville, FL 774,020 6,790,046 7,564,066
4190 Belfort Road Jacksonville, FL 827,420 7,376,690 8,204,110
8011, 8021, 8031 Phillips Highway Jacksonville, FL 628,437 4,399,299 5,027,736
7020 AC Skinner Parkway Jacksonville, FL 749,811 2,102,798 2,852,609
7040 AC Skinner Parkway Jacksonville, FL 853,981 2,962,115 3,816,095
11777 Central Highway Jacksonville, FL 192,004 2,255,323 2,447,327
4345 Southpoint Parkway Jacksonville, FL 418,093 7,676,883 8,094,976
7016 AC Skinner Parkway Jacksonville, FL 602,633 2,320,994 2,923,626
7018 AC Skinner Parkway Jacksonville, FL 846,433 4,075,649 4,922,082
6620 Southpoint Drive Jacksonville, FL 614,602 4,573,339 5,187,941
7980 Bayberry Road Jacksonville, FL 330,726 1,358,258 1,688,984
9600 Satellite Boulevard Orlando, FL 252,850 1,311,297 1,564,147
9700 Satellite Boulevard Orlando, FL 405,362 1,158,784 1,564,146
1902 Cypress Lake Drive Orlando, FL 538,512 3,719,031 4,257,543
8250 & 8256 Exchange Place Orlando, FL 622,413 2,561,747 3,184,160
6600 Southpoint Parkway Jacksonville, FL 1,002,704 4,074,170 5,076,875
6700 Southpoint Parkway Jacksonville, FL 624,214 3,202,897 3,827,111
4801 Executive Park Court - 100 Jacksonville, FL 554,542 2,993,728 3,548,270
4801 Executive Park Court - 200 Jacksonville, FL 370,039 1,995,543 2,365,582
4810 Executive Park Court Jacksonville, FL 370,039 3,045,294 3,415,333
6602 Executive Park Court - 100 Jacksonville, FL 388,541 2,151,563 2,540,104
6602 Executive Park Court - 200 Jacksonville, FL 296,032 1,596,329 1,892,361
6631 Executive Park Court - 100 Jacksonville, FL 251,627 1,356,835 1,608,462
6631 Executive Park Court - 200 Jacksonville, FL 407,043 2,203,872 2,610,915
4815 Executive Park Court - 100 Jacksonville, FL 366,339 1,975,371 2,341,710
4815 Executive Park Court - 200 Jacksonville, FL 462,549 2,511,490 2,974,039
4825 Executive Park Court Jacksonville, FL 601,314 3,242,455 3,843,769
4820 Executive Park Court Jacksonville, FL 555,213 3,108,140 3,663,353
10511 & 10611 Satellite Boulevard Orlando, FL 522,992 2,647,328 3,170,319
1400-1440 Central Florida Parkway Orlando, FL 518,043 2,597,853 3,115,896
6601 Executive Park Circle North Jacksonville, FL 551,250 3,129,001 3,680,251
1300 Riverplace Boulevard Jacksonville, FL 1,804,258 7,977,558 9,781,815
4901 Belfort Land Jacksonville, FL 877,964 4,232,351 5,110,315
16445 Air Center Boulevard Houston, TX 363,339 2,509,768 2,873,107
16405 Air Center Boulevard Houston, TX 438,853 3,031,557 3,470,410
2216 Directors Row Orlando, FL 453,918 2,572,471 3,026,389
7460 Chancellor Drive Orlando, FL 266,555 1,134,415 1,400,970
1901 Summit Tower Boulevard Maitland, FL 6,083,206 12,694,184 18,777,390
3701-3727 Vineland Road Orlando, FL 767,929 2,142,820 2,910,749
4001,4051,4101 Fowler Avenue Tampa, FL 1,321,109 4,730,668 6,051,777
5501-5502 Pioneer Park Boulevard Tampa, FL 262,416 1,663,042 1,925,458
5690-5694 Crenshaw Street Tampa, FL 181,923 1,955,330 2,137,253
3102,3104,3110 Cherry Palm Drive Tampa, FL 503,767 2,863,258 3,367,025
8401-8408 Benjamin Road Tampa, FL 789,652 4,682,071 5,471,723
3501 Riga Boulevard Tampa, FL 617,289 3,232,964 3,850,254
111 Kelsey Lane Tampa, FL 359,540 1,626,176 1,985,715
7930, 8010-20 Woodland Center Tampa, FL 1,408,478 5,405,935 6,814,413
7920 Woodland Center Boulevard Tampa, FL 1,382,648 2,849,780 4,232,428
8154-8198 Woodland Center Boulevard Tampa, FL 399,088 2,881,346 3,280,434
8112-42 Woodland Center Boulevard Tampa, FL 513,263 3,234,839 3,748,102
8212 Woodland Center Boulevard Tampa, FL 820,882 2,336,931 3,157,813
131 Kelsey Lane Tampa, FL 559,528 4,418,761 4,978,289
- -108-
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/98
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - CONTINUED
7724 Woodland Center Boulevard Tampa, FL 235,894 2,094,259 2,330,153
8921 Brittany Way Tampa, FL 254,493 1,914,169 2,168,662
5250 Eagle Trail Drive Tampa, FL 952,860 3,457,117 4,409,977
1701 Clint Moore Boulevard Boca Raton, FL 1,430,937 3,083,352 4,514,289
4555 Riverside Drive Beach Gardens, FL 806,405 5,797,871 6,604,276
2500 Metrocentre Boulevard West Palm Beach, FL 238,362 1,555,326 1,793,688
2540 Metrocentre Boulevard West Palm Beach, FL 165,071 1,091,266 1,256,337
2541 Metrocentre Boulevard West Palm Beach, FL 145,091 947,524 1,092,615
2580 Metrocentre Boulevard West Palm Beach, FL 256,478 1,673,173 1,929,651
2581 Metrocentre Boulevard West Palm Beach, FL 189,359 1,235,346 1,424,705
1101 Northpoint Parkway West Palm Beach, FL 258,606 1,510,046 1,768,653
3223 Commerce Place West Palm Beach, FL 501,843 2,032,693 2,534,536
801 Northpoint Parkway West Palm Beach, FL 459,284 2,604,996 3,064,280
5410 - 5430 Northwest 33rd Avenue Ft. Lauderdale, FL 625,110 4,257,730 4,882,841
6500 NW 12th Avenue Ft. Lauderdale, FL - 3,080,124 3,080,124
6600 NW 12th Avenue Ft. Lauderdale, FL - 3,085,808 3,085,808
1500 SW 5th Court Pompano Beach, FL 972,232 3,897,245 4,869,476
1651 SW 5th Court Pompano Beach, FL 203,247 820,608 1,023,856
1601 SW 5th Court Pompano Beach, FL 203,247 861,598 1,064,846
1501 SW 5th Court Pompano Beach, FL 203,247 821,228 1,024,475
1400 SW 6th Court Pompano Beach, FL 1,157,049 4,661,855 5,818,905
1405 SW 6th Court Pompano Beach, FL 392,138 1,575,303 1,967,441
595 SW 13th Terrace Pompano Beach, FL 359,933 1,440,922 1,800,855
601 SW 13th Terrace Pompano Beach, FL 164,413 665,701 830,113
605 SW 16th Terrace Pompano Beach, FL 310,178 1,239,970 1,550,148
2440-2478 Metrocentre Bouulevard West Palm Beach, FL 470,214 2,148,494 2,618,708
951 Broken Sound Parkway Boca Raton, FL 1,426,251 6,199,579 7,625,830
3400 Lakeside Drive Miramar, FL 2,022,153 11,650,276 13,672,429
3450 Lakeside Drive Miramar, FL 2,022,152 11,461,805 13,483,957
13650 NW 8th Street Sunrise, FL 558,223 2,189,521 2,747,744
13630 NW 8th Street Sunrise, FL 659,797 2,715,086 3,374,883
777 Yamato Road Boca Raton, FL 4,101,247 16,079,071 20,180,317
1801 Clint Moore Boulevard. Boca Raton, FL 1,065,068 4,540,676 5,605,744
6601-6625 W. 78th Street Bloomington, MN 2,310,246 38,463,739 40,773,985
2905 Northwest Boulevard Plymouth, MN 516,920 5,130,740 5,647,660
2800 Campus Drive Plymouth, MN 395,366 3,700,188 4,095,554
2955 Xenium Lane Plymouth, MN 151,238 1,443,390 1,594,628
9401-9443 Science Center Drive New Hope, MN 509,272 3,940,715 4,449,987
6321-6325 Bury Drive Eden Prairie, MN 462,876 4,167,183 4,630,059
7115-7173 Shady Oak Road Eden Prairie, MN 454,974 4,197,181 4,652,155
7660-7716 Golden Triangle Drive Eden Prairie, MN 724,615 5,630,987 6,355,602
7400 Flying Cloud Drive Eden Prairie, MN 195,982 1,780,705 1,976,687
330 Second Avenue Minneapolis, MN 2,169,548 13,916,793 16,086,341
10301-10305 West 70th Street Eden Prairie, MN 118,300 1,159,143 1,277,443
10321 West 70th Street Eden Prairie, MN 142,399 1,339,499 1,481,898
10333 West 70th Street Eden Prairie, MN 108,610 1,024,728 1,133,338
10349-10357 West 70th Street Eden Prairie, MN 270,584 2,743,044 3,013,628
10365-10375 West 70th Street Eden Prairie, MN 285,464 2,775,451 3,060,915
10393-10394 West 70th Street Eden Prairie, MN 264,419 2,653,723 2,918,142
7078 Shady Oak Road Eden Prairie, MN 336,481 3,094,097 3,430,578
5600 & 5610 Rowland Road Minnetonka, MN 829,263 7,456,931 8,286,194
2920 Northwest Boulevard Plymouth, MN 384,236 4,092,849 4,477,084
5400-5500 Feltl Road Minnetonka, MN 883,895 8,116,246 9,000,141
10300 Bren Road Minnetonka, MN 344,614 3,287,341 3,631,955
14630-14650 28th Avenue North Plymouth, MN 198,205 1,844,351 2,042,556
7695-7699 Anagram Drive Eden Prairie, MN 760,525 3,279,886 4,040,411
7550 Meridian Circle Maple Grove, MN 513,250 2,911,252 3,424,502
2800 Northwest Boulevard Plymouth, MN 1,934,438 10,958,435 12,892,873
3255 Neil Armstrong Boulevard Eagan, MN 1,131,017 3,308,121 4,439,138
4801 West 81st Street Bloomington, MN 1,624,701 2,526,789 4,151,490
8100 Cedar Avenue Bloomington, MN 501,313 3,698,687 4,200,000
9600 54th Avenue Plymouth, MN 332,317 3,110,079 3,442,396
7800 Equitable Drive Eden Prairie, MN 2,188,525 3,789,047 5,977,572
7905 Fuller Road Eden Prairie, MN 1,229,862 4,090,378 5,320,240
26911-26957 Northwestern Highway Southfield, MI 11,305,367 67,228,569 78,533,936
1650 Research Drive Troy, MI 763,067 7,257,430 8,020,497
1775 Research Drive Troy, MI 331,422 2,827,696 3,159,119
1875 Research Drive Troy, MI 329,863 2,813,607 3,143,469
1850 Research Drive Troy, MI 781,054 7,478,880 8,259,934
1965 Research Drive Troy, MI 419,090 3,619,839 4,038,929
1960 Research Drive Troy, MI 419,146 3,626,009 4,045,155
27260 Haggerty Road Farmington Hills, MI 456,877 4,123,929 4,580,806
27200 Haggerty Road Farmington Hills, MI 382,754 3,461,854 3,844,608
27280 Haggerty Road Farmington Hills, MI 452,860 4,083,859 4,536,718
27220 Haggerty Road Farmington Hills, MI 203,064 1,820,727 2,023,791
27240 Haggerty Road Farmington Hills, MI 171,518 1,535,463 1,706,981
27300 Haggerty Road Farmington Hills, MI 370,378 3,386,000 3,756,378
1101 Allen Drive Troy, MI 98,148 902,924 1,001,072
1151 Allen Drive Troy, MI 164,487 1,501,015 1,665,501
1300 Rankin Street Troy, MI 134,094 1,236,789 1,370,882
1350 Rankin Street Troy, MI 111,780 1,033,236 1,145,016
1376-1400 Rankin Street Troy, MI 134,296 1,278,858 1,413,154
1352-1374 Rankin Street Troy, MI 153,279 1,412,506 1,565,785
1324-1346 Rankin Street Troy, MI 134,094 1,221,292 1,355,385
1301-1307 Rankin Street Troy, MI 111,780 1,026,782 1,138,561
1409 Allen Drive Troy, MI 142,374 1,359,707 1,502,080
1304 E. Maple Road Troy, MI 211,237 2,191,442 2,402,679
1334 Maplelawn Road Troy, MI 124,300 1,123,622 1,247,922
1290 Maplelawn Road Troy, MI 85,325 830,435 915,759
1070 Maplelawn Road Troy, MI 68,564 661,264 729,828
- -109-
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/98
- -------------------------------------- --------------------- --------------- --------------- ---------------
OPERATING PROPERTIES - CONTINUED
950 Maplelawn Road Troy, MI 252,433 2,289,503 2,541,936
894 Maplelawn Road Troy, MI 181,753 1,649,509 1,831,262
1179 Maplelawn Road Troy, MI 87,849 846,745 934,594
1940 Norwood Drive Troy, MI 86,840 792,180 879,019
1311-1331 Maplelawn Road Troy, MI 125,411 1,139,798 1,265,208
2354 Bellingham Street Troy, MI 87,344 802,467 889,811
2360 Bellingham Street Troy, MI 87,344 800,677 888,021
1911 Ring Drive Troy, MI 86,133 789,722 875,854
26442-26450 Haggerty Road Farmington Hills, MI 237,691 2,157,608 2,395,299
26500 Haggerty Road Farmington Hills, MI 311,097 2,827,122 3,138,219
26650 Haggerty Road Farmington Hills, MI 173,170 1,575,274 1,748,444
26700 Haggerty Road Farmington Hills, MI 253,342 2,299,784 2,553,125
26750 Haggerty Road Farmington Hills, MI 292,721 2,665,536 2,958,256
26800 Haggerty Road Farmington Hills, MI 175,493 1,595,780 1,771,273
26842-26850 Haggerty Road Farmington Hills, MI 239,610 2,174,440 2,414,050
50 West Big Bear Road Troy, MI 2,159,678 19,624,586 21,784,264
100 West Big Bear Road Troy, MI 2,113,006 19,124,948 21,237,953
245 Executive Drive Brookfield, WI 577,067 5,316,208 5,893,275
8301 West Parkland Court Milwaukee, WI 358,442 3,244,661 3,603,102
4701 West Schroeder Drive Brown Deer, WI 300,385 2,733,579 3,033,964
4555 West Schroeder Drive Brown Deer, WI 401,290 3,975,282 4,376,572
32991 Hamilton Court Farmington Hills, MI 1,065,392 3,627,675 4,693,068
7800 N. 113th Street Milwaukee, WI 1,711,964 6,880,112 8,592,076
2475-2479 Elliot Avenue Troy, MI 128,808 516,980 645,787
32661 Edward Avenue Madison Heights, MI 378,838 2,334,604 2,713,442
32701 Edward Avenue Madison Heights, MI 340,398 1,367,820 1,708,218
32751 Edward Avenue Madison Heights, MI 151,410 928,877 1,080,287
32853 Edward Avenue Madison Heights, MI 138,121 836,703 974,824
555 East Mandoline Avenue Madison Heights, MI 140,862 800,917 941,779
599 East Mandoline Avenue Madison Heights, MI 132,164 682,284 814,449
749 East Mandoline Avenue Madison Heights, MI 144,658 708,968 853,626
750 East Mandoline Avenue Madison Heights, MI 151,458 742,062 893,521
900 East Mandoline Avenue Madison Heights, MI 157,729 772,787 930,516
949 East Mandoline Avenue Madison Heights, MI 137,049 779,239 916,288
32390-32400 Howard Avenue Madison Heights, MI 148,582 596,506 745,088
32090 John R. Road Madison Heights, MI 70,351 405,861 476,212
31601 Research Park Drive Madison Heights, MI 331,179 1,883,931 2,215,110
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 1,110,294 1,296,139
31751 Research Park Drive Madison Heights, MI 194,063 1,301,553 1,495,617
31800 Research Park Drive Madison Heights, MI 217,929 1,603,256 1,821,186
800 Tech Row Madison Heights, MI 444,977 2,991,132 3,436,110
900 Tech Row Madison Heights, MI 155,606 884,746 1,040,351
1000 Tech Row Madison Heights, MI 357,897 2,629,886 2,987,783
31771 Sherman Avenue Madison Heights, MI 150,944 645,820 796,764
31791 Sherman Avenue Madison Heights, MI 105,606 650,505 756,111
31811 Sherman Avenue Madison Heights, MI 207,599 1,180,373 1,387,972
31831 Sherman Avenue Madison Heights, MI 158,483 901,104 1,059,586
31900 Sherman Avenue Madison Heights, MI 269,293 1,805,722 2,075,015
800 East Whitcomb Avenue Madison Heights, MI 151,704 1,295,565 1,447,269
950 East Whitcomb Avenue Madison Heights, MI 113,630 2,164,653 2,278,283
1000 East Whitcomb Avenue Madison Heights, MI 113,512 1,061,531 1,175,043
1100 East Whitcomb Avenue Madison Heights, MI 135,152 832,983 968,135
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 78,720 387,696 466,416
1280 Kempar Avenue Madison Heights, MI 142,305 540,905 683,210
1001 East Lincoln Avenue Madison Heights, MI 479,874 2,055,224 2,535,098
1201 East Lincoln Avenue Madison Heights, MI 710,614 2,142,950 2,853,564
22515 Heslip Drive Madison Heights, MI 144,477 338,850 483,327
8400 Lakeview Parkway Pleasant Prairie, WI 892,146 4,032,120 4,924,266
8401 Lakeview Parkway Pleasant Prairie, WI 649,631 3,462,443 4,112,074
9801 80th Avenue Pleasant Prairie, WI 1,692,077 7,947,278 9,639,355
50 Gibson Drive West Malling, UK 0 3,717,031 3,717,031
25 Kings Hill Avenue West Malling, UK 1,345,194 7,895,176 9,240,370
2 Kings Hill Avenue West Malling, UK 889,039 5,349,352 6,238,391
50 Kings Hill Avenue West Malling, UK 1,383,301 12,536,713 13,920,014
10 Kings Hill Avenue West Malling, UK 1,028,202 6,400,331 7,428,534
-------------- -------------- --------------
Subtotal Operating Properties $366,853,030 $2,378,271,941 $2,745,124,972
============== ============== ==============
- -110-
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/98
- -------------------------------------- --------------------- --------------- --------------- ---------------
DEVELOPMENT IN PROGRESS
45 Liberty Boulevard Malvern, PA $ 4,749,747 $ 7,228,901 $ 11,978,649
3 Franklin Plaza Philadelphia, PA 2,514,519 15,693,665 18,208,184
2500 Renaissance Boulevard King of Prussia, PA 592,737 2,140,665 2,733,402
2300 Renaissance Boulevard King of Prussia, PA 574,004 1,415,780 1,989,784
2100 Renaissance Boulevard King of Prussia, PA 1,132,519 4,223,337 5,355,857
4 Walnut Grove Horsham, PA 2,515,115 7,678,725 10,193,840
PNC Bank - Phase II Construction Philadelphia, PA - 4,728,357 4,728,357
600 Chesterfield Parkway Malvern, PA 2,037,813 3,553,848 5,591,660
700 Chesterfield Parkway Malvern, PA 2,037,813 2,929,001 4,966,814
2520 Renaissance Boulevard King of Prussia, PA 1,020,000 174,503 1,194,503
201 Berkeley Drive Bridgeport, NJ 514,243 3,667,109 4,181,351
300 Commodore Drive Bridgeport, NJ 723,369 4,766,125 5,489,494
1020 Briggs Road Land Mt. Laurel, NJ 578,443 627,477 1,205,920
800 Arlington Boulevard Logan, NJ 1,687,500 596,860 2,284,360
1525 Valley Center Parkway Allentown, PA 804,104 5,294,434 6,098,538
Lehigh Valley West Land - Lot 4 Upper Macungie, PA 3,720,118 3,055,681 6,775,799
5500 Cox Road Richmond, VA 483,263 2,086,464 2,569,728
701 Liberty Way Richmond, VA 545,275 3,975,055 4,520,330
5305 Valley Park Drive Roanoke, VA 232,074 1,670,235 1,902,309
530 Eastpark Court Richmond, VA 333,597 2,299,010 2,632,607
801 Liberty Way Richmond, VA 780,000 4,730,570 5,510,570
6532 Judge Adams Road Whitsett, NC 335,061 3,605,667 3,940,728
4194 Mendenhall Oaks Parkway High Point, NC 265,991 1,947,087 2,213,078
4196 Mendenhall Oaks Parkway High Point, NC 173,889 1,505,927 1,679,816
4170 Mendenhall Oaks Parkway High Point, NC 372,953 1,473,727 1,846,680
4180 Mendenhall Oaks Parkway High Point, NC 315,064 1,405,146 1,720,210
3955 Faber Place Charleston, SC 382,890 2,023,367 2,406,256
7014 AC Skinner Parkway Jacksonville, FL 780,486 2,139,813 2,920,299
9550 Satellite Boulevard Orlando, FL 587,320 1,978,759 2,566,079
Butler Plaza Jacksonville, FL 1,299,201 2,318,280 3,617,481
7802-50 Woodland Center Boulevard Tampa, FL 357,428 2,291,474 2,648,902
7852-98 Woodland Center Boulevard Tampa, FL 357,428 2,318,736 2,676,164
7725 Woodland Center Boulevard Tampa, FL 557,828 2,092,522 2,650,350
8001 Woodland Center Boulevard Tampa, FL 352,213 1,003,018 1,355,230
4630 Woodland Corporate Boulevard Tampa, FL 943,169 749,925 1,693,094
Silo Bend 12 Tampa, FL 654,259 462,544 1,116,803
Huntington Square Land Miramar, FL 2,980,848 9,155,743 12,136,592
10400 Southwest Crossing Eden Prairie, MN 2,938,372 18,347,485 21,285,857
9023 Columbine Road Eden Prairie, MN 1,956,273 920,540 2,876,813
West Tech Park Land (Lot B) Farmington Hills, MI 537,047 871,611 1,408,658
West Tech Park Land (Lot C) Farmington Hills, MI 534,558 868,708 1,403,265
30 Tower View West Malling, UK 1,666,055 9,308,600 10,974,655
35 Kings Hill Avenue West Malling, UK 816,474 2,794,039 3,610,513
39 Kings Hill Avenue West Malling, UK 600,739 2,779,775 3,380,514
18 Kings Hill Avenue West Malling, UK 1,382,042 3,940,752 5,322,793
------------ -------------- --------------
Subtotal Development in Progress $ 48,723,840 $ 158,839,045 $ 207,562,885
============ ============== ==============
- -111-
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Gross Amount Carried at Close of Period
-------------------------------------------------
Land and Building and Total
Project City Improvements Improvements @ 12/31/98
- -------------------------------------- --------------------- --------------- --------------- ---------------
LAND HELD FOR DEVELOPMENT
Gwynedd North Bus Camp Land Lansdale, PA $ 260,415 $ - $ 260,415
Three Country View Road Malvern, PA - 6,177 6,177
550 Lapp Road Malvern, PA - 2,575 2,574
Cedar Hollow Road Land Malvern, PA - - -
Walnut Grove Land Horsham, PA 1,589,448 - 1,589,448
35 Liberty Boulevard Land Malvern, PA - - -
Great Valley Land Malvern, PA 1,589,979 - 1,589,979
10 Matthews Rd South Land Malvern, PA 608,995 - 608,995
Renaissance Park Land King of Prussia, PA 4,121,341 467,944 4,589,285
Swedes Run Business Park Land Delran, NJ 1,615,405 - 1,615,405
Marlton Crossing Land Marlton, NJ 297,913 10,749 308,662
Commodore Business Park Logan Twp., NJ 3,343,747 20,451 3,364,198
Boulden Land New Castle, DE 1,560 - 1,560
Marlton Executive Park Land Marlton, NJ 765,862 - 765,862
1015 Briggs Road Land Mt. Laurel, NJ 422,887 - 422,887
Lehigh Valley Corporate Center Land Bethlehem, PA 1,391,009 29,542 1,420,551
Lehigh Valley West Lots 13,14,15 Allentown, PA (7) 30,907 30,900
LVCC Phase 2 Land Bethlehem, PA 2,984,430 159,000 3,143,430
LV West Land - Lot 5A Upper Macungie, PA 554,490 - 554,490
Park at Valleypointe Land Roanoke, VA 640,121 4,722 644,842
Fairgrounds Distribution Center Land Richmond, VA 129,107 1,197 130,304
Rivers' Bend Land Richmond, VA 2,806,390 6,043,499 8,849,890
Oakleys Center Land Richmond, VA - - -
Woodlands Center Land Richmond, VA 1,046,606 - 1,046,606
501 Liberty Way Richmond, VA 650,007 - 650,007
601 HP Way (HP3) Richmond, VA 631,906 - 631,906
6000-98 Eastport Boulevard Richmond, VA 872,903 - 872,903
Eastport VIII Richmond, VA 382,698 - 382,698
Eastport IX Richmond, VA 211,627 - 211,627
Brill 2 Land Richmond, VA 1,725,990 - 1,725,990
Westmoreland Land Virginia Beach, VA 789,682 - 789,682
Westmoreland III Land Virginia Beach, VA 674,899 - 674,899
Mendenhall Land High Point, NC 4,664,944 10,931 4,675,875
Independence Pointe Land Greenville, SC 1,318,939 - 1,318,939
Executive Park at Faber Place Land Charleston, SC 40,772 - 40,772
Northpoint Industrial Park Land Columbia, SC 72,284 - 72,284
Overlook Business Center Land Columbia, SC - - -
Ridgeview Center Land Greenville, SC - - -
Southchase Business Park Land Greenville, SC 77,082 - 77,082
Woodfield Land Greenville, SC 70,677 - 70,677
Southpoint Business Park Land Jacksonville, FL 438,111 - 438,111
Liberty Business Park Land Jacksonville, FL 995,519 27,561 1,023,080
7024 AC Skinner Parkway Jacksonville, FL 686,049 - 686,049
Silo Bend Land (LPDC) Tampa, FL 4,403,589 - 4,403,589
Exchange Place Land Orlando, FL 202,117 - 202,117
Belfort Road Jacksonville, FL 448,782 - 448,782
Butler Plaza Land Jacksonville, FL 2,798,865 - 2,798,865
Central Green Land Houston, TX 1,404,676 - 1,404,676
Salisbury Road Land Jacksonville, FL 1,636,345 - 1,636,345
Airport West Tampa, FL - 482 481
Woodland Corporate Center Land Tampa, FL 229,028 - 229,028
Pompano Business Park Land - Parcel 2 Boca Raton, FL 407,328 - 407,328
Pompano Business Park Land - Parcel 3 Boca Raton, FL 509,233 - 509,233
Boca Colannade Land - Yamato Road Boca Raton, FL 4,238,535 - 4,238,535
Klodt Land Eden Prairie, MN 6,129,028 - 6,129,028
Flying Cloud Land Eden Prairie, MN 6,738,148 - 6,738,148
Romulus Land Romulus, MI 949,622 - 949,622
4 ABW West Malling, UK 22,015 46,967 68,982
------------ -------------- --------------
Subtotal Land Held for Development $ 68,591,098 $ 6,862,704 $ 75,453,802
============ ============== ==============
TOTAL ALL PROPERTIES $484,167,968 $2,543,973,690 $3,028,141,659
============ ============== ==============
- -112-
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Accumulated
Depreciation Date of Depreciable
Project City @ 12/31/98 Construction Life (years)
- -------------------------------------- ------------------- ------------ ------------ ------------
OPERATING PROPERTIES
10,20 Liberty Boulevard Malvern, PA $ 1,066,641 1985 40 yrs.
420 Lapp Road Malvern, PA 1,333,375 1989 40 yrs.
747 Dresher Road Horsham, PA 900,307 1988 40 yrs.
45-67 Great Valley Parkway Malvern, PA 1,502,849 1974 40 yrs.
1180 Church Road Lansdale, PA 4,110,327 1986 40 yrs.
40 Valley Stream Parkway Malvern, PA 611,320 1987 40 yrs.
50 Valley Stream Parkway Malvern, PA 707,684 1987 40 yrs.
20 Valley Stream Parkway Malvern, PA 1,420,002 1987 40 yrs.
800 Town Center Drive Langhorne, PA 2,490,165 1987 40 yrs.
9, 15 Great Valley Parkway Malvern, PA 7,907,150 1986 40 yrs.
257-275 Great Valley Parkway Malvern, PA 1,563,528 1983 40 yrs.
300 Technology Drive Malvern, PA 374,779 1985 40 yrs.
277-293 Great Valley Parkway Malvern, PA 645,103 1984 40 yrs.
311 Technology Drive Malvern, PA 730,218 1984 40 yrs.
325 Technology Drive Malvern, PA 614,412 1984 40 yrs.
7 Great Valley Parkway Malvern, PA 1,382,438 1985 40 yrs.
55 Valley Stream Parkway Malvern, PA 998,346 1983 40 yrs.
65 Valley Stream Parkway Malvern, PA 1,595,854 1983 40 yrs.
508 Lapp Road Malvern, PA 604,433 1984 40 yrs.
10 Valley Stream Parkway Malvern, PA 960,799 1984 40 yrs.
333 Phoenixville Pike Malvern, PA 959,541 1985 40 yrs.
30 Great Valley Parkway Malvern, PA 211,310 1975 40 yrs.
75 Great Valley Parkway Malvern, PA 184,513 1977 40 yrs.
27-43 Great Valley Parkway Malvern, PA 1,019,062 1977 40 yrs.
77-123 Great Valley Parkway Malvern, PA 1,959,583 1978 40 yrs.
260 Great Valley Parkway Malvern, PA 322,650 1979 40 yrs.
256 Great Valley Parkway Malvern, PA 772,366 1980 40 yrs.
205 Great Valley Parkway Malvern, PA 3,843,533 1981 40 yrs.
12,14,16 Great Valley Parkway Malvern, PA 502,305 1982 40 yrs.
155 Great Valley Parkway Malvern, PA 861,324 1981 40 yrs.
333 Technology Drive Malvern, PA 1,030,881 1987 40 yrs.
510 Lapp Road Malvern, PA 350,661 1983 40 yrs.
181 Wheeler Court Langhorne, PA 252,003 1979 40 yrs.
1100 Wheeler Way Langhorne, PA 131,609 1979 40 yrs.
60 Morehall Road Malvern, PA 1,493,484 1989 40 yrs.
905 Airport Road West Chester, PA 647,345 1988 40 yrs.
16 Cabot Boulevard Langhorne, PA 642,072 1972 40 yrs.
1 Country View Road Malvern, PA 422,419 1982 40 yrs.
2151 Cabot Boulevard Langhorne, PA 383,209 1982 40 yrs.
170 South Warner Road King of Prussia, PA 1,044,311 1980 40 yrs.
190 South Warner Road King of Prussia, PA 585,331 1980 40 yrs.
507 Prudential Road Horsham, PA 601,394 1988 40 yrs.
100 Witmer Road Horsham, PA 624,119 1995 40 yrs.
3100 Horizon Drive King of Prussia, PA 180,358 1995 40 yrs.
3300 Horizon Drive King of Prussia, PA 256,780 1996 40 yrs.
3500 Horizon Drive King of Prussia, PA 175,442 1996 40 yrs.
200 Chester Field Parkway Malvern, PA 1,280,232 1989 40 yrs.
767 Electronic Drive Horsham, PA 383,906 1996 40 yrs.
132 Welsh Road Horsham, PA 126,348 1997 40 yrs.
5 Country View Road Malvern, PA 404,531 1985 40 yrs.
3200 Horizon Drive King of Prussia, PA 329,912 1996 40 yrs.
3000 Horizon Drive King of Prussia, PA 70,586 1997 40 yrs.
111-195 Witmer Road Horsham, PA 220,150 1996 40 yrs.
300 Welsh Road Horsham, PA 103,271 1983 40 yrs.
400 Welsh Road Horsham, PA 223,798 1983 40 yrs.
8801 Tinicum Boulevard Philadelphia, PA 1,054,960 1997 40 yrs.
440 East Swedesford Road King of Prussia, PA 596,394 1988 40 yrs.
460 East Swedesford Road King of Prussia, PA 380,722 1988 40 yrs.
50 Morehall Road Malvern, PA 650,142 1997 40 yrs.
2 Walnut Grove Drive Horsham, PA 554,959 1989 40 yrs.
200 Gibraltar Road Horsham, PA 306,410 1990 40 yrs.
220 Gibraltar Road Horsham, PA 287,319 1990 40 yrs.
240 Gibraltar Road Horsham, PA 287,305 1990 40 yrs.
151 S. Warner Road King of Prussia, PA 352,300 1980 40 yrs.
1 Walnut Grove Drive Horsham, PA 478,655 1986 40 yrs.
3604 Horizon Drive King of Prussia, PA 106,706 1997 40 yrs.
3606 Horizon Drive King of Prussia, PA 114,422 1997 40 yrs.
650 Swedesford Road King of Prussia, PA 771,000 1971 40 yrs.
680 Swedesford Road King of Prussia, PA 815,844 1971 40 yrs.
761 Fifth Avenue King of Prussia, PA 73,679 1977 40 yrs.
771 Fifth Avenue King of Prussia, PA 45,469 1977 40 yrs.
1 Great Valley Parkway Malvern, PA 154,474 1982 40 yrs.
5 Great Valley Parkway Malvern, PA 254,423 1983 40 yrs.
311 Sinclair Road Bristol, PA 39,754 1997 40 yrs.
100 Cedar Hollow Road Malvern, PA 249,325 1997 40 yrs.
3 Country View Road Malvern, PA 57,731 1997 40 yrs.
425 Technology Drive Malvern, PA 84,307 1997 40 yrs.
375 Technology Drive Malvern, PA 33,703 1997 40 yrs.
100 Chesterfield Parkway Malvern, PA 157,277 1997 40 yrs.
181-187 Gibraltar Road Horsham, PA 103,594 1982 40 yrs.
104 Rock Road Horsham, PA 81,448 1974 40 yrs.
123-135 Rock Road Horsham, PA 72,285 1975 40 yrs.
111-159 Gibraltar Road Horsham, PA 121,328 1981 40 yrs.
161-175 Gibraltar Road Horsham, PA 76,944 1976 40 yrs.
125-137 Gibraltar Road Horsham, PA 70,257 1978 40 yrs.
261-283 Gibraltar Road Horsham, PA 117,065 1978 40 yrs.
210-223 Witmer Road Horsham, PA 67,164 1972 40 yrs.
231-237 Gibraltar Road Horsham, PA 120,155 1981 40 yrs.
- -113-
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Accumulated
Depreciation Date of Depreciable
Project City @ 12/31/98 Construction Life (years)
- -------------------------------------- ------------------- ------------ ------------ ------------
OPERATING PROPERTIES - CONTINUED
100 Gibraltar Road Horsham, PA 9,587 1975 40 yrs.
101 Gibraltar Road Horsham, PA 175,681 1977 40 yrs.
506 Prudential Road Horsham, PA 44,979 1973 40 yrs.
113-123 Rock Road Horsham, PA 89,566 1975 40 yrs.
101-111 Rock Road Horsham, PA 86,478 1975 40 yrs.
120 Gibraltar Road Horsham, PA 152,385 1980 40 yrs.
110 Gibraltar Road Horsham, PA 165,142 1979 40 yrs.
100-107 Lakeside Drive Horsham, PA 62,134 1982 40 yrs.
200-264 Lakeside Drive Horsham, PA 169,707 1982 40 yrs.
300-309 Lakeside Drive Horsham, PA 92,711 1982 40 yrs.
400-445 Lakeside Drive Horsham, PA 167,543 1981 40 yrs.
104 Witmer Road Horsham, PA 39,593 1997 40 yrs.
201 Gibraltar Road Horsham, PA 109,224 1983 40 yrs.
3600 Horizon Drive King of Prussia, PA 51,693 1989 40 yrs.
3602 Horizon Drive King of Prussia, PA 54,012 1989 40 yrs.
400-500 Brandywine Parkway West Chester, PA 171,709 1988 40 yrs.
600 Brandywine Parkway West Chester, PA 130,529 1988 40 yrs.
2700 Horizon Drive King of Prussia, PA 50,713 1997 40 yrs.
2900 Horizon Drive King of Prussia, PA 27,667 1997 40 yrs.
719 Dresher Road Horsham, PA 71,849 1998 40 yrs.
2250 Hickory Road Plymouth Meeting, PA 174,106 1998 40 yrs.
3400 Horizon Drive King of Prussia, PA 58,859 1998 40 yrs.
One Ridgewood Place Downingtown, PA 34,101 1998 40 yrs.
300 Welsh Road Horsham, PA 34,957 1998 40 yrs.
6 Terry Drive Newtown, PA 13,899 1998 40 yrs.
14 Lee Boulevard Malvern, PA 1,208,859 1988 40 yrs.
500 Chester Field Parkway Malvern, PA 711,879 1988 40 yrs.
300-400 Chester Field Parkway Malvern, PA 1,113,378 1988 40 yrs.
1805 Underwood Boulevard Delran, NJ 141,408 1973 40 yrs.
150 Mid-Atlantic Parkway West Deptford, NJ 221,654 1973 40 yrs.
18 Boulden Circle New Castle, DE 838,137 1989 40 yrs.
501 Delran Parkway Delran, NJ 742,016 1988 40 yrs.
600 Delran Parkway Delran, NJ 1,371,860 1988 40 yrs.
1607 Imperial Way West Deptford, NJ 1,067,956 1973 40 yrs.
1 Boulden Circle New Castle, DE 373,619 1986 40 yrs.
31-55 Read's Way New Castle, DE 1,481,280 1986 40 yrs.
3 Boulden Circle New Castle, DE 535,782 1987 40 yrs.
5 Boulden Circle New Castle, DE 825,780 1987 40 yrs.
601 Delran Parkway Delran, NJ 429,948 1988 40 yrs.
51 Haddonfield Road Cherry Hill, NJ 2,723,650 1986 40 yrs.
57 Read's Way New Castle, DE 827,683 1985 40 yrs.
1370 Imperial Way West Deptford, NJ 494,478 1978 40 yrs.
8 Stow Road Marlton, NJ 242,315 1988 40 yrs.
10 Stow Road Marlton, NJ 166,287 1988 40 yrs.
12 Stow Road Marlton, NJ 194,615 1988 40 yrs.
14 Stow Road Marlton, NJ 204,702 1988 40 yrs.
1300 Metropolitan Avenue West Deptford, NJ 214,193 1972 40 yrs.
701A Route 73 South Marlton, NJ 891,234 1987 40 yrs.
701C Route 73 South Marlton, NJ 200,069 1987 40 yrs.
1008 Astoria Boulevard Cherry Hill, NJ 150,247 1973 40 yrs.
1475 Imperial Way West Deptford, NJ 112,002 1976 40 yrs.
3000 Atrium Way Mt. Laurel, NJ 1,478,788 1987 40 yrs.
750 Cardinal Drive Bridgeport, NJ 427,063 1989 40 yrs.
11000, 15000, 17000 Commerce Parkway Mt. Laurel, NJ 587,072 1985 40 yrs.
12000, 14000 Commerce Parkway Mt. Laurel, NJ 347,420 1985 40 yrs.
16000, 18000 Commerce Parkway Mt. Laurel, NJ 340,318 1985 40 yrs.
406 Lippincott Drive Marlton, NJ 288,261 1990 40 yrs.
234 High Hill Road Bridgeport, NJ 197,804 1987 40 yrs.
231 Lake Drive New Castle, DE 260,466 1997 40 yrs.
100 Arlington Boulevard Bridgeport, NJ 294,057 1996 40 yrs.
100 Berkeley Drive Swedesboro, NJ 156,494 1990 40 yrs.
301 Lippincott Drive Marlton, NJ 477,064 1988 40 yrs.
303 Lippincott Drive Marlton, NJ 436,651 1988 40 yrs.
510-512 Sharptown Road Bridgeport, NJ 79,234 1984 40 yrs.
901 Route 73 Marlton, NJ 194,328 1985 40 yrs.
Four Greentree Center Marlton, NJ 266,408 1988 40 yrs.
512 Sharptown Road Bridgeport, NJ 107,604 1984 40 yrs.
15 Boulden Circle New Castle, DE 99,350 1997 40 yrs.
404 Lippincott Drive Marlton, NJ 96,468 1997 40 yrs.
263 Quigley Boulevard New Castle, DE 81,625 1987 40 yrs.
34 Blevins Drive New Castle, DE 87,069 1987 40 yrs.
104 Gaither Drive Mt. Laurel, NJ 69,871 1975 40 yrs.
2 Lukens Drive New Castle, DE 82,568 1988 40 yrs.
402 Lippincott Drive Marlton, NJ 90,116 1997 40 yrs.
3000 Lincoln Drive Mt. Laurel, NJ 154,762 1983 40 yrs.
6000 Commerce Parkway Mt. Laurel, NJ 96,692 1985 40 yrs.
7000 Commerce Parkway Mt. Laurel, NJ 91,007 1984 40 yrs.
8000 Commerce Parkway Mt. Laurel, NJ 81,052 1983 40 yrs.
9000 Commerce Parkway Mt. Laurel, NJ 100,238 1983 40 yrs.
1000 Briggs Road Mt. Laurel, NJ 114,279 1986 40 yrs.
1025 Briggs Road Mt. Laurel, NJ 149,673 1987 40 yrs.
9 Stow Road Marlton, NJ 46,343 1998 40 yrs.
2000 Crawford Place Mt. Laurel, NJ 116,103 1986 40 yrs.
1351 Metropolitan Avenue Pureland, NJ 54,794 1986 40 yrs.
650 Grove Road Pureland, NJ 81,573 1986 40 yrs.
400 Grove Road Pureland, NJ 45,730 1986 40 yrs.
5000 Dearborn Court Mt. Laurel, NJ 87,628 1998 40 yrs.
515 Heron Drive Bridgeport, NJ 43,875 1998 40 yrs.
500 Sharptown Road Pureland, NJ 27,694 1998 40 yrs.
625 Heron Drive Bridgeport, NJ 17,032 1998 40 yrs.
605 Heron Drive Bridgeport, NJ 19,286 1998 40 yrs.
- -114-
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Accumulated
Depreciation Date of Depreciable
Project City @ 12/31/98 Construction Life (years)
- -------------------------------------- ------------------- ------------ ------------ ------------
OPERATING PROPERTIES - CONTINUED
510 Heron Drive Bridgeport, NJ 147,110 1998 40 yrs.
522 Pedricktown Road Bridgeport, NJ 25,581 1998 40 yrs.
530 Pedricktown Road Bridgeport, NJ 35,747 1998 40 yrs.
540 Pedricktown Road Bridgeport, NJ 85,096 1998 40 yrs.
230 High Hill Road Bridgeport, NJ 166,050 1998 40 yrs.
3 Mallard Court Bridgeport, NJ 45,869 1998 40 yrs.
730 Cardinal Drive Bridgeport, NJ 33,496 1998 40 yrs.
405 Heron Drive Bridgeport, NJ 341,945 1998 40 yrs.
100 Eagle Road Bridgeport, NJ 26,916 1998 40 yrs.
250 High Hill Road Bridgeport, NJ 58,972 1998 40 yrs.
508 Center Square Road Bridgeport, NJ 64,825 1998 40 yrs.
602 Heron Drive Bridgeport, NJ 41,979 1998 40 yrs.
300 Eagle Court Bridgeport, NJ 35,106 1998 40 yrs.
500 Center Square Road Bridgeport, NJ 115,980 1998 40 yrs.
1001 Briggs Road Marlton, NJ 58,262 1998 40 yrs.
1960 Cuthbert Boulevard Cherry Hill, NJ 14,495 1998 40 yrs.
1970 Cuthbert Boulevard Cherry Hill, NJ 16,213 1998 40 yrs.
10000 & 11000 Route 73 Marlton, NJ 35,350 1998 40 yrs.
1655 Valley Center Parkway Bethlehem, PA 270,601 1993 40 yrs.
6560 Stonegate Drive Allentown, PA 532,695 1989 40 yrs.
6370 Hedgewood Drive Allentown, PA 562,975 1990 40 yrs.
6390 Hedgewood Drive Allentown, PA 596,203 1990 40 yrs.
1495 Valley Center Parkway Bethlehem, PA 705,691 1990 40 yrs.
6350 Hedgewood Drive Allentown, PA 694,919 1989 40 yrs.
6330 Hedgewood Drive Allentown, PA 1,182,887 1988 40 yrs.
1550 Valley Center Parkway Bethlehem, PA 666,867 1988 40 yrs.
1560 Valley Center Parkway Bethlehem, PA 842,314 1988 40 yrs.
6580 Snowdrift Road Allentown, PA 632,437 1988 40 yrs.
1510 Valley Center Parkway Bethlehem, PA 785,974 1988 40 yrs.
1530 Valley Center Parkway Bethlehem, PA 612,279 1988 40 yrs.
6540 Stonegate Drive Allentown, PA 884,223 1988 40 yrs.
974 Marcon Boulevard Allentown, PA 610,833 1987 40 yrs.
964 Marcon Street Allentown, PA 513,208 1985 40 yrs.
764 Roble Road Allentown, PA 248,251 1985 40 yrs.
3174 Airport Road Allentown, PA 448,601 1979 40 yrs.
2196 Avenue C Allentown, PA 437,852 1980 40 yrs.
2202 Hanger Place Allentown, PA 516,071 1981 40 yrs.
2201 Hanger Place Allentown, PA 540,809 1987 40 yrs.
954 Marcon Boulevard Allentown, PA 349,146 1981 40 yrs.
57 South Commerce Way Allentown, PA 325,392 1986 40 yrs.
754 Roble Road Allentown, PA 210,150 1986 40 yrs.
894 Marcon Boulevard Allentown, PA 123,387 1986 40 yrs.
744 Roble Road Allentown, PA 223,063 1986 40 yrs.
944 Marcon Boulevard Allentown, PA 196,238 1986 40 yrs.
1685 Valley Center Parkway Allentown, PA 194,585 1996 40 yrs.
6520 Stonegate Drive Allentown, PA 91,305 1996 40 yrs.
7437 Industrial Boulevard Allentown, PA 719,127 1976 40 yrs.
2041 Avenue C Allentown, PA 111,411 1990 40 yrs.
2124 Avenue C Allentown, PA 101,280 1990 40 yrs.
7339 Industrial Boulevard Allentown, PA 314,442 1996 40 yrs.
7384 Penn Drive Allentown, PA 252,082 1988 40 yrs.
7144 Daniels Drive Allentown, PA 511,397 1975 40 yrs.
7620 Cetronia Road Allentown, PA 342,686 1990 40 yrs.
939 Marcon Boulevard Allentown, PA 467,166 1980 40 yrs.
100 Brodhead Road Allentown, PA 255,788 1990 40 yrs.
1455 Valley Center Parkway Bethlehem, PA 264,883 1997 40 yrs.
1640 Valley Center Parkway Bethlehem, PA 252,324 1996 40 yrs.
1650 Valley Center Parkway Allentown, PA 232,257 1997 40 yrs.
1660 Valley Center Parkway Bethlehem, PA 78,446 1996 40 yrs.
400 Nestle Way Allentown, PA 1,384,476 1997 40 yrs.
83 South Commerce Way Bethlehem, PA 67,321 1989 40 yrs.
85 South Commerce Way Bethlehem, PA 66,404 1989 40 yrs.
87 South Commerce Way Bethlehem, PA 70,312 1989 40 yrs.
89 South Commerce Way Bethlehem, PA 79,181 1997 40 yrs.
7339 Industrial Boulevard Allentown, PA 802,426 1988 40 yrs.
95 Highland Avenue Bethlehem, PA 148,682 1985 40 yrs.
236 Brodhead Road Bethlehem, PA 206,412 1994 40 yrs.
6620 Grant Way Allentown, PA 80,242 1989 40 yrs.
700 Nestle Way Allentown, PA 363,736 1997 40 yrs.
7562 Penn Drive Allentown, PA 22,368 1989 40 yrs.
7277 Williams Avenue Allentown, PA 37,848 1989 40 yrs.
7355 Williams Avenue Allentown, PA 36,861 1998 40 yrs.
794 Roble Boulevard Allentown, PA 124,199 1998 40 yrs.
6923 Schantz Spring Road Allentown, PA 71,984 1998 40 yrs.
2600 Beltline Avenue Reading, PA 46,748 1998 40 yrs.
7132 Daniels Drive Allentown, PA 80,706 1998 40 yrs.
3985 Adler Place Bethlehem, PA 59,043 1998 40 yrs.
12000,001,040 Indian Creek Court Beltsville, MD 2,664,578 1986 40 yrs.
8280 Patuxent Range Drive Columbia, MD 574,630 1978 40 yrs.
7178-80 Columbia Gateway Columbia, MD 598,024 1987 40 yrs.
8730 Bollman Place Columbia, MD 439,998 1984 40 yrs.
9770 Patuxent Woods Drive Columbia, MD 127,258 1986 40 yrs.
9780 Patuxent Woods Drive Columbia, MD 81,396 1986 40 yrs.
9790 Patuxent Woods Drive Columbia, MD 90,818 1986 40 yrs.
9810 Patuxent Woods Drive Columbia, MD 99,375 1986 40 yrs.
9800 Patuxent Woods Drive Columbia, MD 111,322 1988 40 yrs.
9820 Patuxent Woods Drive Columbia, MD 88,544 1988 40 yrs.
9830 Patuxent Woods Drive Columbia, MD 110,297 1986 40 yrs.
9050 Red Branch Road Columbia, MD 97,282 1972 40 yrs.
4606 Richlynn Drive Belcamp, MD 30,401 1998 40 yrs.
8945-8975 Guilford Columbia, MD 93,355 1998 40 yrs.
- -115-
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Accumulated
Depreciation Date of Depreciable
Project City @ 12/31/98 Construction Life (years)
- -------------------------------------- ------------------- ------------ ------------ ------------
OPERATING PROPERTIES - CONTINUED
7317 Parkway Drive Hanover, MD 11,693 1998 40 yrs.
180,190 Cochrane Drive Annapolis, MD 3,312,052 1989 40 yrs.
9101,9111,9115 Guilford Road Columbia, MD 1,008,825 1984 40 yrs.
9125,9135,9145 Guilford Road Columbia, MD 1,673,490 1983 40 yrs.
10 South Third Street Richmond, VA 15,059 1930 40 yrs.
1751 Bluehills Drive Roanoke, VA 798,386 1991 40 yrs.
4300 Carolina Avenue Richmond, VA 1,439,109 1985 40 yrs.
301 Hill Carter Parkway Richmond, VA 463,313 1989 40 yrs.
4001 Carolina Avenue Richmond, VA 33,866 1935 40 yrs.
5600-5626 Eastport Boulevard Richmond, VA 372,272 1989 40 yrs.
5650-5674 Eastport Boulevard Richmond, VA 432,009 1990 40 yrs.
5700 Eastport Boulevard Richmond, VA 265,517 1990 40 yrs.
11020 Hull Street Road Richmond, VA 61,054 1987 40 yrs.
3432 Holland Road Virginia Beach, VA 75,736 1989 40 yrs.
4880 Cox Road Richmond, VA 218,920 1995 40 yrs.
5162 Valleypointe Parkway Roanoke, VA 247,981 1993 40 yrs.
4101- 4127 Carolina Avenue Richmond, VA 219,107 1973 40 yrs.
4201-4261 Carolina Avenue Richmond, VA 495,582 1975 40 yrs.
4263-4299 Carolina Avenue Richmond, VA 261,077 1976 40 yrs.
4301-4335 Carolina Avenue Richmond, VA 161,914 1978 40 yrs.
4337-4379 Carolina Avenue Richmond, VA 243,384 1979 40 yrs.
4501-4549 Carolina Avenue Richmond, VA 343,968 1981 40 yrs.
4551-4593 Carolina Avenue Richmond, VA 355,541 1982 40 yrs.
4601-4643 Carolina Avenue Richmond, VA 528,072 1985 40 yrs.
4645-4683 Carolina Avenue Richmond, VA 818,691 1985 40 yrs.
4447-4491 Carolina Avenue Richmond, VA 276,058 1987 40 yrs.
4401-4445 Carolina Avenue Richmond, VA 432,781 1988 40 yrs.
12 S. Third Street Richmond, VA 17,903 1900 40 yrs.
9601 Cosner Drive Fredericksburg, VA 364,233 1995 40 yrs.
315 Cardiff Valley Road Knoxville, TN 289,579 1994 40 yrs.
2300 East Parham Road Richmond, VA 96,866 1988 40 yrs.
1347 Diamond Springs Road Virginia Beach, VA 311,762 1980 40 yrs.
5221 Valleypark Drive - Bldg A Roanoke, VA 180,344 1988 40 yrs.
5228 Valleypointe Parkway - Bldg B Roanoke, VA 103,115 1988 40 yrs.
5238 Valleypark Drive - Bldg C Roanoke, VA 202,173 1989 40 yrs.
5601-5659 Eastport Boulevard Richmond, VA 470,350 1996 40 yrs.
5900 Eastport Boulevard Richmond, VA 209,603 1997 40 yrs.
4717-4729 Eubank Road Richmond, VA 272,230 1978 40 yrs.
5251 Concourse Drive Roanoke, VA 145,421 1997 40 yrs.
4263F Carolina Avenue Richmond, VA 104,855 1975 40 yrs.
4200 Oakleys Court Richmond, VA 140,668 1990 40 yrs.
1821 Battery Dantzler Road Richmond, VA 171,294 1990 40 yrs.
5000 Cox Road Glen Allen, VA 209,624 1990 40 yrs.
510 Eastpark Court Richmond, VA 122,294 1989 40 yrs.
520 Eastpark Court Richmond, VA 233,889 1989 40 yrs.
13001 Kingston Avenue Chester, VA 49,506 1997 40 yrs.
5701-5799 Eastport Boulevard Richmond, VA 129,614 1996 40 yrs.
4801 Cox Road Richmond, VA 109,422 1997 40 yrs.
600 Liberty Way Richmond, VA 195,185 1997 40 yrs.
500 Liberty Way Richmond, VA 123,804 1997 40 yrs.
4198 Cox Road Glen Allen, VA 135,709 1984 40 yrs.
5310 Valley Park Drive Roanoke, VA 78,104 1997 40 yrs.
4510 Cox Road Glen Allen, VA 251,142 1990 40 yrs.
2809 South Lynnhaven Road Virginia Beach, VA 162,483 1987 40 yrs.
200 Golden Oak Court Virginia Beach, VA 172,603 1988 40 yrs.
208 Golden Oak Court Virginia Beach, VA 171,308 1989 40 yrs.
1 Enterprise Parkway Hampton, VA 142,622 1987 40 yrs.
22 Enterprise Parkway Hampton, VA 173,121 1990 40 yrs.
484 Viking Drive Virginia Beach, VA 88,554 1998 40 yrs.
10430 Lakeridge Parkway Richmond, VA 87,185 1998 40 yrs.
10456 Lakeridge Parkway Richmond, VA 85,107 1998 40 yrs.
3829-3855 Gaskins Road Richmond, VA 68,058 1998 40 yrs.
629 Phoenix Drive Virginia Beach, VA 39,661 1998 40 yrs.
11838 Rock Landing Drive Newport News, VA 40,403 1998 40 yrs.
11844 Rock Landing Drive Newport News, VA 26,334 1998 40 yrs.
11846 Rock Landing Drive Newport News, VA 26,865 1998 40 yrs.
5700 Cleveland Street Virginia Beach, VA 121,519 1998 40 yrs.
4523 Green Point Drive High Point, NC 458,307 1988 40 yrs.
4501 Green Point Drive High Point, NC 456,402 1989 40 yrs.
4500 Green Point Drive High Point, NC 471,659 1989 40 yrs.
2427 Penny Road High Point, NC 1,225,430 1990 40 yrs.
4524 Green Point Drive High Point, NC 458,617 1989 40 yrs.
4328, 4336 Federal Drive High Point, NC 1,016,982 1995 40 yrs.
200 Centreport Drive Greensboro, NC 418,046 1986 40 yrs.
4344 Federal Drive High Point, NC 199,963 1996 40 yrs.
202 Centreport Drive Greensboro, NC 443,629 1990 40 yrs.
101 Centreport Drive Greensboro, NC 153,222 1996 40 yrs.
4000 Piedmont Parkway High Point, NC 387,313 1997 40 yrs.
4380 Federal Drive High Point, NC 149,935 1997 40 yrs.
4388 Federal Drive High Point, NC 72,247 1997 40 yrs.
6532 Judge Adams Road Rock Creek, NC 126,542 1997 40 yrs.
3860 Faber Place N. Charleston, SC 89,246 1995 40 yrs.
4055 Faber Place N. Charleston, SC 208,987 1989 40 yrs.
3820 Faber Place N. Charleston, SC 147,332 1993 40 yrs.
3875 Faber Place N. Charleston, SC 151,811 1997 40 yrs.
440 Knox Abbott Drive Cayce, SC 172,824 1989 40 yrs.
150 Ridgeview Center Drive Duncan, SC 337,530 1984 40 yrs.
1320 Garlington Road Greenville, SC 83,698 1986 40 yrs.
420 Park Avenue Greenville, SC 180,690 1986 40 yrs.
1 Alliance Drive Goose Creek, SC 24,076 1997 40 yrs.
111 Southchase Boulevard Fountain Inn, SC 204,524 1989 40 yrs.
- -116-
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Accumulated
Depreciation Date of Depreciable
Project City @ 12/31/98 Construction Life (years)
- -------------------------------------- ------------------- ------------ ------------ ------------
OPERATING PROPERTIES - CONTINUED
300 International Boulevard Fountain Inn, SC 26,597 1995 40 yrs.
4160 Mendenhall Oaks Parkway High Point, NC 44,077 1997 40 yrs.
1208 Eastchester Drive High Point, NC 199,866 1988 40 yrs.
7720 Mendenhall Oaks Parkway High Point, NC 172,218 1997 40 yrs.
One Independence Pointe Greenville, SC 171,074 1982 40 yrs.
55 Beattie Place Greenville, SC 643,645 1986 40 yrs.
75 Beattie Place Greenville, SC 480,694 1987 40 yrs.
7736 McCloud Road Greensboro, NC 149,963 1998 40 yrs.
15 Brendan Way Greenville, SC 56,300 1998 40 yrs.
200 Meeting Street Charleston, SC 625,087 1998 40 yrs.
7500 West 110th Street Overland Park, KS 158,794 1998 40 yrs.
8035 Quivira Road Lenexa, KS 78,518 1998 40 yrs.
4300 Federal Drive High Point, NC 11,292 1998 40 yrs.
1730 Stebbins Drive Houston, TX 241,809 1973 40 yrs.
5911-5925 Richard Street Jacksonville, FL 230,680 1977 40 yrs.
8383-8385 Baycenter Road Jacksonville, FL 255,735 1973 40 yrs.
8775 Baypine Road Jacksonville, FL 619,310 1989 40 yrs.
8539 Western Way Jacksonville, FL 837,304 1987 40 yrs.
6255 Lake Gray Boulevard Jacksonville, FL 872,423 1987 40 yrs.
6600-6660 Suemac Place Jacksonville, FL 838,207 1987 40 yrs.
6800-6850 Suemac Place Jacksonville, FL 476,617 1973 40 yrs.
8665,8667,8669 Baypine Road Jacksonville, FL 1,045,560 1987 40 yrs.
8540 Baycenter Road Jacksonville, FL 470,653 1984 40 yrs.
1200 Riverplace Boulevard Jacksonville, FL 5,506,045 1985 40 yrs.
8400 Baymeadows Way Jacksonville, FL 604,642 1987 40 yrs.
8614 Baymeadows Way Jacksonville, FL 343,109 1986 40 yrs.
5941-5975 Richard Street Jacksonville, FL 541,616 1978 40 yrs.
7970 Bayberry Road Jacksonville, FL 461,626 1978 40 yrs.
6000-6030 Bowdendale Avenue Jacksonville, FL 675,973 1979 40 yrs.
7898 Baymeadows Way Jacksonville, FL 767,045 1978 40 yrs.
5977-6607 Richard Street Jacksonville, FL 827,643 1980 40 yrs.
7910 & 7948 Baymeadows Way Jacksonville, FL 994,555 1981 40 yrs.
7954 & 7960 Baymeadows Way Jacksonville, FL 1,025,493 1982 40 yrs.
8787 Baypine Road Jacksonville, FL 13,846,990 1990 40 yrs.
7077 Bonneval Road Jacksonville, FL 1,123,290 1988 40 yrs.
4190 Belfort Road Jacksonville, FL 1,234,606 1986 40 yrs.
8011, 8021, 8031 Phillips Highway Jacksonville, FL 470,497 1987 40 yrs.
7020 AC Skinner Parkway Jacksonville, FL 212,821 1996 40 yrs.
7040 AC Skinner Parkway Jacksonville, FL 393,078 1996 40 yrs.
11777 Central Highway Jacksonville, FL 380,748 1985 40 yrs.
4345 Southpoint Parkway Jacksonville, FL 200,886 1996 40 yrs.
7016 AC Skinner Parkway Jacksonville, FL 208,107 1996 40 yrs.
7018 AC Skinner Parkway Jacksonville, FL 281,234 1997 40 yrs.
6620 Southpoint Drive Jacksonville, FL 233,653 1984 40 yrs.
7980 Bayberry Road Jacksonville, FL 48,050 1978 40 yrs.
9600 Satellite Boulevard Orlando, FL 49,318 1989 40 yrs.
9700 Satellite Boulevard Orlando, FL 43,599 1989 40 yrs.
1902 Cypress Lake Drive Orlando, FL 112,532 1989 40 yrs.
8250 & 8256 Exchange Place Orlando, FL 79,556 1985 40 yrs.
6600 Southpoint Parkway Jacksonville, FL 127,580 1986 40 yrs.
6700 Southpoint Parkway Jacksonville, FL 101,292 1987 40 yrs.
4801 Executive Park Court - 100 Jacksonville, FL 98,251 1990 40 yrs.
4801 Executive Park Court - 200 Jacksonville, FL 49,391 1990 40 yrs.
4810 Executive Park Court Jacksonville, FL 60,325 1990 40 yrs.
6602 Executive Park Court - 100 Jacksonville, FL 53,870 1993 40 yrs.
6602 Executive Park Court - 200 Jacksonville, FL 39,511 1993 40 yrs.
6631 Executive Park Court - 100 Jacksonville, FL 33,584 1994 40 yrs.
6631 Executive Park Court - 200 Jacksonville, FL 55,325 1994 40 yrs.
4815 Executive Park Court - 100 Jacksonville, FL 48,894 1995 40 yrs.
4815 Executive Park Court - 200 Jacksonville, FL 61,800 1995 40 yrs.
4825 Executive Park Court Jacksonville, FL 80,256 1996 40 yrs.
4820 Executive Park Court Jacksonville, FL 74,174 1997 40 yrs.
10511 & 10611 Satellite Boulevard Orlando, FL 67,784 1985 40 yrs.
1400-1440 Central Florida Parkway Orlando, FL 64,986 1962 40 yrs.
6601 Executive Park Circle North Jacksonville, FL 78,025 1998 40 yrs.
1300 Riverplace Boulevard Jacksonville, FL 165,243 1998 40 yrs.
4901 Belfort Land Jacksonville, FL 68,475 1998 40 yrs.
16445 Air Center Boulevard Houston, TX 38,383 1998 40 yrs.
16405 Air Center Boulevard Houston, TX 46,371 1998 40 yrs.
2216 Directors Row Orlando, FL 37,515 1998 40 yrs.
7460 Chancellor Drive Orlando, FL 20,847 1998 40 yrs.
1901 Summit Tower Boulevard Maitland, FL 183,500 1998 40 yrs.
3701-3727 Vineland Road Orlando, FL 30,854 1998 40 yrs.
4001,4051,4101 Fowler Avenue Tampa, FL 1,150,267 1988 40 yrs.
5501-5502 Pioneer Park Boulevard Tampa, FL 192,999 1981 40 yrs.
5690-5694 Crenshaw Street Tampa, FL 187,513 1979 40 yrs.
3102,3104,3110 Cherry Palm Drive Tampa, FL 257,549 1986 40 yrs.
8401-8408 Benjamin Road Tampa, FL 372,321 1986 40 yrs.
3501 Riga Boulevard Tampa, FL 184,628 1983 40 yrs.
111 Kelsey Lane Tampa, FL 105,277 1990 40 yrs.
7930, 8010-20 Woodland Center Tampa, FL 224,458 1990 40 yrs.
7920 Woodland Center Boulevard Tampa, FL 141,285 1997 40 yrs.
8154-8198 Woodland Center Boulevard Tampa, FL 122,088 1988 40 yrs.
8112-42 Woodland Center Boulevard Tampa, FL 135,308 1995 40 yrs.
8212 Woodland Center Boulevard Tampa, FL 96,449 1996 40 yrs.
131 Kelsey Lane Tampa, FL 58,108 1998 40 yrs.
7724 Woodland Center Boulevard Tampa, FL 47,183 1997 40 yrs.
8921 Brittany Way Tampa, FL 21,500 1997 40 yrs.
5250 Eagle Trail Drive Tampa, FL 22,890 1998 40 yrs.
1701 Clint Moore Boulevard Boca Raton, FL 115,673 1985 40 yrs.
4555 Riverside Drive Beach Gardens, FL 194,123 1988 40 yrs.
- -117-
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Accumulated
Depreciation Date of Depreciable
Project City @ 12/31/98 Construction Life (years)
- -------------------------------------- ------------------- ------------ ------------ ------------
OPERATING PROPERTIES - CONTINUED
2500 Metrocentre Boulevard West Palm Beach, FL 51,770 1988 40 yrs.
2540 Metrocentre Boulevard West Palm Beach, FL 35,718 1988 40 yrs.
2541 Metrocentre Boulevard West Palm Beach, FL 31,489 1988 40 yrs.
2580 Metrocentre Boulevard West Palm Beach, FL 55,625 1988 40 yrs.
2581 Metrocentre Boulevard West Palm Beach, FL 41,049 1988 40 yrs.
1101 Northpoint Parkway West Palm Beach, FL 37,144 1998 40 yrs.
3223 Commerce Place West Palm Beach, FL 37,935 1998 40 yrs.
801 Northpoint Parkway West Palm Beach, FL 65,072 1998 40 yrs.
5410 - 5430 Northwest 33rd Avenue Ft. Lauderdale, FL 114,952 1985 40 yrs.
6500 NW 12th Avenue Ft. Lauderdale, FL 66,204 1998 40 yrs.
6600 NW 12th Avenue Ft. Lauderdale, FL 67,173 1998 40 yrs.
1500 SW 5th Court Pompano Beach, FL 89,267 1998 40 yrs.
1651 SW 5th Court Pompano Beach, FL 18,704 1998 40 yrs.
1601 SW 5th Court Pompano Beach, FL 19,137 1998 40 yrs.
1501 SW 5th Court Pompano Beach, FL 18,687 1998 40 yrs.
1400 SW 6th Court Pompano Beach, FL 106,196 1998 40 yrs.
1405 SW 6th Court Pompano Beach, FL 35,975 1998 40 yrs.
595 SW 13th Terrace Pompano Beach, FL 32,966 1998 40 yrs.
601 SW 13th Terrace Pompano Beach, FL 15,159 1998 40 yrs.
605 SW 16th Terrace Pompano Beach, FL 30,930 1998 40 yrs.
2440-2478 Metrocentre Bouulevard West Palm Beach, FL 53,485 1998 40 yrs.
951 Broken Sound Parkway Boca Raton, FL 154,481 1998 40 yrs.
3400 Lakeside Drive Miramar, FL 289,411 1998 40 yrs.
3450 Lakeside Drive Miramar, FL 285,712 1998 40 yrs.
13650 NW 8th Street Sunrise, FL 40,900 1998 40 yrs.
13630 NW 8th Street Sunrise, FL 54,375 1998 40 yrs.
777 Yamato Road Boca Raton, FL 200,773 1998 40 yrs.
1801 Clint Moore Boulevard. Boca Raton, FL 56,315 1998 40 yrs.
6601-6625 W. 78th Street Bloomington, MN 163,732 1997 40 yrs.
2905 Northwest Boulevard Plymouth, MN 225,672 1983 40 yrs.
2800 Campus Drive Plymouth, MN 162,318 1985 40 yrs.
2955 Xenium Lane Plymouth, MN 69,102 1985 40 yrs.
9401-9443 Science Center Drive New Hope, MN 177,557 1989 40 yrs.
6321-6325 Bury Drive Eden Prairie, MN 182,981 1988 40 yrs.
7115-7173 Shady Oak Road Eden Prairie, MN 188,693 1984 40 yrs.
7660-7716 Golden Triangle Drive Eden Prairie, MN 275,256 1988 40 yrs.
7400 Flying Cloud Drive Eden Prairie, MN 77,867 1987 40 yrs.
330 Second Avenue Minneapolis, MN 838,293 1980 40 yrs.
10301-10305 West 70th Street Eden Prairie, MN 49,733 1984 40 yrs.
10321 West 70th Street Eden Prairie, MN 58,367 1984 40 yrs.
10333 West 70th Street Eden Prairie, MN 44,611 1984 40 yrs.
10349-10357 West 70th Street Eden Prairie, MN 118,271 1985 40 yrs.
10365-10375 West 70th Street Eden Prairie, MN 115,676 1985 40 yrs.
10393-10394 West 70th Street Eden Prairie, MN 114,884 1985 40 yrs.
7078 Shady Oak Road Eden Prairie, MN 135,908 1985 40 yrs.
5600 & 5610 Rowland Road Minnetonka, MN 282,072 1988 40 yrs.
2920 Northwest Boulevard Plymouth, MN 125,225 1997 40 yrs.
5400-5500 Feltl Road Minnetonka, MN 171,811 1998 40 yrs.
10300 Bren Road Minnetonka, MN 84,656 1998 40 yrs.
14630-14650 28th Avenue North Plymouth, MN 37,803 1998 40 yrs.
7695-7699 Anagram Drive Eden Prairie, MN 54,388 1998 40 yrs.
7550 Meridian Circle Maple Grove, MN 42,459 1998 40 yrs.
2800 Northwest Boulevard Plymouth, MN 159,738 1998 40 yrs.
3255 Neil Armstrong Boulevard Eagan, MN 1,557 1998 40 yrs.
4801 West 81st Street Bloomington, MN 31,450 1998 40 yrs.
8100 Cedar Avenue Bloomington, MN 45,970 1998 40 yrs.
9600 54th Avenue Plymouth, MN 45,148 1998 40 yrs.
7800 Equitable Drive Eden Prairie, MN 23,627 1998 40 yrs.
7905 Fuller Road Eden Prairie, MN 12,773 1998 40 yrs.
26911-26957 Northwestern Highway Southfield, MI 2,866,873 1985 40 yrs.
1650 Research Drive Troy, MI 271,625 1985 40 yrs.
1775 Research Drive Troy, MI 106,453 1985 40 yrs.
1875 Research Drive Troy, MI 105,953 1986 40 yrs.
1850 Research Drive Troy, MI 282,592 1986 40 yrs.
1965 Research Drive Troy, MI 136,185 1987 40 yrs.
1960 Research Drive Troy, MI 136,748 1987 40 yrs.
27260 Haggerty Road Farmington Hills, MI 155,683 1983 40 yrs.
27200 Haggerty Road Farmington Hills, MI 130,504 1983 40 yrs.
27280 Haggerty Road Farmington Hills, MI 145,610 1983 40 yrs.
27220 Haggerty Road Farmington Hills, MI 68,292 1985 40 yrs.
27240 Haggerty Road Farmington Hills, MI 57,709 1985 40 yrs.
27300 Haggerty Road Farmington Hills, MI 131,148 1985 40 yrs.
1101 Allen Drive Troy, MI 28,195 1974 40 yrs.
1151 Allen Drive Troy, MI 46,958 1974 40 yrs.
1300 Rankin Street Troy, MI 38,501 1979 40 yrs.
1350 Rankin Street Troy, MI 32,129 1979 40 yrs.
1376-1400 Rankin Street Troy, MI 39,331 1979 40 yrs.
1352-1374 Rankin Street Troy, MI 43,988 1979 40 yrs.
1324-1346 Rankin Street Troy, MI 38,288 1979 40 yrs.
1301-1307 Rankin Street Troy, MI 31,995 1978 40 yrs.
1409 Allen Drive Troy, MI 41,375 1978 40 yrs.
1304 E. Maple Road Troy, MI 62,835 1971 40 yrs.
1334 Maplelawn Road Troy, MI 35,313 1983 40 yrs.
1290 Maplelawn Road Troy, MI 24,950 1984 40 yrs.
1070 Maplelawn Road Troy, MI 20,029 1982 40 yrs.
950 Maplelawn Road Troy, MI 71,668 1982 40 yrs.
894 Maplelawn Road Troy, MI 51,663 1986 40 yrs.
1179 Maplelawn Road Troy, MI 25,652 1984 40 yrs.
1940 Norwood Drive Troy, MI 24,776 1983 40 yrs.
1311-1331 Maplelawn Road Troy, MI 35,679 1986 40 yrs.
2354 Bellingham Street Troy, MI 25,018 1990 40 yrs.
- -118-
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Accumulated
Depreciation Date of Depreciable
Project City @ 12/31/98 Construction Life (years)
- -------------------------------------- ------------------- ------------ ------------ ------------
OPERATING PROPERTIES - CONTINUED
2360 Bellingham Street Troy, MI 24,979 1985 40 yrs.
1911 Ring Drive Troy, MI 24,688 1986 40 yrs.
26442-26450 Haggerty Road Farmington Hills, MI 67,655 1988 40 yrs.
26500 Haggerty Road Farmington Hills, MI 88,481 1986 40 yrs.
26650 Haggerty Road Farmington Hills, MI 49,382 1988 40 yrs.
26700 Haggerty Road Farmington Hills, MI 72,101 1986 40 yrs.
26750 Haggerty Road Farmington Hills, MI 83,376 1988 40 yrs.
26800 Haggerty Road Farmington Hills, MI 50,032 1986 40 yrs.
26842-26850 Haggerty Road Farmington Hills, MI 68,190 1988 40 yrs.
50 West Big Bear Road Troy, MI 490,985 1998 40 yrs.
100 West Big Bear Road Troy, MI 477,423 1998 40 yrs.
245 Executive Drive Brookfield, WI 108,756 1998 40 yrs.
8301 West Parkland Court Milwaukee, WI 67,759 1998 40 yrs.
4701 West Schroeder Drive Brown Deer, WI 59,838 1998 40 yrs.
4555 West Schroeder Drive Brown Deer, WI 103,497 1998 40 yrs.
32991 Hamilton Court Farmington Hills, MI 76,669 1998 40 yrs.
7800 N. 113th Street Milwaukee, WI 85,670 1998 40 yrs.
2475-2479 Elliot Avenue Troy, MI 5,379 1998 40 yrs.
32661 Edward Avenue Madison Heights, MI 24,275 1998 40 yrs.
32701 Edward Avenue Madison Heights, MI 14,215 1998 40 yrs.
32751 Edward Avenue Madison Heights, MI 10,381 1998 40 yrs.
32853 Edward Avenue Madison Heights, MI 9,054 1998 40 yrs.
555 East Mandoline Avenue Madison Heights, MI 8,432 1998 40 yrs.
599 East Mandoline Avenue Madison Heights, MI 6,776 1998 40 yrs.
749 East Mandoline Avenue Madison Heights, MI 7,375 1998 40 yrs.
750 East Mandoline Avenue Madison Heights, MI 7,720 1998 40 yrs.
900 East Mandoline Avenue Madison Heights, MI 8,040 1998 40 yrs.
949 East Mandoline Avenue Madison Heights, MI 8,107 1998 40 yrs.
32390-32400 Howard Avenue Madison Heights, MI 6,205 1998 40 yrs.
32090 John R. Road Madison Heights, MI 4,185 1998 40 yrs.
31601 Research Park Drive Madison Heights, MI 19,580 1998 40 yrs.
31651 Research Park Drive Madison Heights, MI 11,474 1998 40 yrs.
31700 Research Park Drive Madison Heights, MI 19,012 1998 40 yrs.
31701 Research Park Drive Madison Heights, MI 11,214 1998 40 yrs.
31751 Research Park Drive Madison Heights, MI 13,547 1998 40 yrs.
31800 Research Park Drive Madison Heights, MI 16,681 1998 40 yrs.
800 Tech Row Madison Heights, MI 31,112 1998 40 yrs.
900 Tech Row Madison Heights, MI 9,205 1998 40 yrs.
1000 Tech Row Madison Heights, MI 27,374 1998 40 yrs.
31771 Sherman Avenue Madison Heights, MI 6,719 1998 40 yrs.
31791 Sherman Avenue Madison Heights, MI 6,769 1998 40 yrs.
31811 Sherman Avenue Madison Heights, MI 12,280 1998 40 yrs.
31831 Sherman Avenue Madison Heights, MI 9,375 1998 40 yrs.
31900 Sherman Avenue Madison Heights, MI 18,796 1998 40 yrs.
800 East Whitcomb Avenue Madison Heights, MI 13,486 1998 40 yrs.
950 East Whitcomb Avenue Madison Heights, MI 22,522 1998 40 yrs.
1000 East Whitcomb Avenue Madison Heights, MI 10,815 1998 40 yrs.
1100 East Whitcomb Avenue Madison Heights, MI 8,666 1998 40 yrs.
1201 East Whitcomb Avenue Madison Heights, MI 12,642 1998 40 yrs.
1210 East Whitcomb Avenue Madison Heights, MI 3,428 1998 40 yrs.
1260 Kempar Avenue Madison Heights, MI 4,046 1998 40 yrs.
1280 Kempar Avenue Madison Heights, MI 5,608 1998 40 yrs.
1001 East Lincoln Avenue Madison Heights, MI 21,363 1998 40 yrs.
1201 East Lincoln Avenue Madison Heights, MI 22,281 1998 40 yrs.
22515 Heslip Drive Madison Heights, MI 3,523 1998 40 yrs.
8400 Lakeview Parkway Pleasant Prairie, WI 2,800 1998 40 yrs.
8401 Lakeview Parkway Pleasant Prairie, WI 2,404 1998 40 yrs.
9801 80th Avenue Pleasant Prairie, WI 5,519 1998 40 yrs.
50 Gibson Drive West Malling, UK 635,610 1996 40 yrs.
25 Kings Hill Avenue West Malling, UK 826,438 1996 40 yrs.
2 Kings Hill Avenue West Malling, UK 521,574 1996 40 yrs.
50 Kings Hill Avenue West Malling, UK 969,612 1996 40 yrs.
10 Kings Hill Avenue West Malling, UK 100,337 1997 40 yrs.
------------
Subtotal Operating Properties $209,023,187
============
- -119-
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Accumulated
Depreciation Date of Depreciable
Project City @ 12/31/98 Construction Life (years)
- -------------------------------------- ------------------- ------------ ------------ ------------
DEVELOPMENT IN PROGRESS
45 Liberty Boulevard Malvern, PA $ - 1997 N/A
3 Franklin Plaza Philadelphia, PA - 1997 N/A
2500 Renaissance Boulevard King of Prussia, PA - 1997 N/A
2300 Renaissance Boulevard King of Prussia, PA - 1997 N/A
2100 Renaissance Boulevard King of Prussia, PA - 1998 N/A
4 Walnut Grove Horsham, PA - 1998 N/A
PNC Bank - Phase II Construction Philadelphia, PA - 1998 N/A
600 Chesterfield Parkway Malvern, PA - 1998 N/A
700 Chesterfield Parkway Malvern, PA - 1998 N/A
2520 Renaissance Boulevard King of Prussia, PA - 1998 N/A
201 Berkeley Drive Bridgeport, NJ - 1997 N/A
300 Commodore Drive Bridgeport, NJ - 1997 N/A
1020 Briggs Road Land Mt. Laurel, NJ - 1997 N/A
800 Arlington Boulevard Logan, NJ - 1998 N/A
1525 Valley Center Parkway Allentown, PA - 1997 N/A
Lehigh Valley West Land - Lot 4 Upper Macungie, PA - 1998 N/A
5500 Cox Road Richmond, VA - 1997 N/A
701 Liberty Way Richmond, VA - 1997 N/A
5305 Valley Park Drive Roanoke, VA - 1997 N/A
530 Eastpark Court Richmond, VA - 1997 N/A
801 Liberty Way Richmond, VA - 1998 N/A
6532 Judge Adams Road Whitsett, NC - 1997 N/A
4194 Mendenhall Oaks Parkway High Point, NC - 1997 N/A
4196 Mendenhall Oaks Parkway High Point, NC - 1997 N/A
4170 Mendenhall Oaks Parkway High Point, NC - 1997 N/A
4180 Mendenhall Oaks Parkway High Point, NC - 1997 N/A
3955 Faber Place Charleston, SC - 1998 N/A
7014 AC Skinner Parkway Jacksonville, FL - 1996 N/A
9550 Satellite Boulevard Orlando, FL - 1997 N/A
Butler Plaza Jacksonville, FL - 1998 N/A
7802-50 Woodland Center Boulevard Tampa, FL - 1997 N/A
7852-98 Woodland Center Boulevard Tampa, FL - 1997 N/A
7725 Woodland Center Boulevard Tampa, FL - 1998 N/A
8001 Woodland Center Boulevard Tampa, FL - 1998 N/A
4630 Woodland Corporate Boulevard Tampa, FL - 1998 N/A
Silo Bend 12 Tampa, FL - 1998 N/A
Huntington Square Land Miramar, FL - 1998 N/A
10400 Southwest Crossing Eden Prairie, MN - 1997 N/A
9023 Columbine Road Eden Prairie, MN - 1998 N/A
West Tech Park Land (Lot B) Farmington Hills, MI - 1997 N/A
West Tech Park Land (Lot C) Farmington Hills, MI - 1997 N/A
30 Tower View West Malling, UK - 1997 N/A
35 Kings Hill Avenue West Malling, UK - 1997 N/A
39 Kings Hill Avenue West Malling, UK - 1997 N/A
18 Kings Hill Avenue West Malling, UK - 1997 N/A
------------
Subtotal Development in Progress $ -
============
- -120-
LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1998
Accumulated
Depreciation Date of Depreciable
Project City @ 12/31/98 Construction Life (years)
- -------------------------------------- ------------------- ------------ ------------ ------------
LAND HELD FOR DEVELOPMENT
Gwynedd North Bus Camp Land Lansdale, PA $ - 1989 N/A
Three Country View Road Malvern, PA - 1995 N/A
550 Lapp Road Malvern, PA - 1995 N/A
Cedar Hollow Road Land Malvern, PA - 1996 N/A
Walnut Grove Land Horsham, PA - 1996 N/A
35 Liberty Boulevard Land Malvern, PA - 1997 N/A
Great Valley Land Malvern, PA - 1997 N/A
10 Matthews Rd South Land Malvern, PA - 1997 N/A
Renaissance Park Land King of Prussia, PA - 1998 N/A
Swedes Run Business Park Land Delran, NJ - 1992 N/A
Marlton Crossing Land Marlton, NJ - 1994 N/A
Commodore Business Park Logan Twp., NJ - 1995 N/A
Boulden Land New Castle, DE - 1995 N/A
Marlton Executive Park Land Marlton, NJ - 1994 N/A
1015 Briggs Road Land Mt. Laurel, NJ - 1997 N/A
Lehigh Valley Corporate Center Land Bethlehem, PA - 1987 N/A
Lehigh Valley West Lots 13,14,15 Allentown, PA - 1995 N/A
LVCC Phase 2 Land Bethlehem, PA - 1998 N/A
LV West Land - Lot 5A Upper Macungie, PA - 1998 N/A
Park at Valleypointe Land Roanoke, VA - 1995 N/A
Fairgrounds Distribution Center Land Richmond, VA - 1995 N/A
Rivers' Bend Land Richmond, VA - 1995 N/A
Oakleys Center Land Richmond, VA - 1996 N/A
Woodlands Center Land Richmond, VA - 1996 N/A
501 Liberty Way Richmond, VA - 1996 N/A
601 HP Way (HP3) Richmond, VA - 1997 N/A
6000-98 Eastport Boulevard Richmond, VA - 1997 N/A
Eastport VIII Richmond, VA - 1997 N/A
Eastport IX Richmond, VA - 1997 N/A
Brill 2 Land Richmond, VA - 1998 N/A
Westmoreland Land Virginia Beach, VA - 1998 N/A
Westmoreland III Land Virginia Beach, VA - 1998 N/A
Mendenhall Land High Point, NC - 1995 N/A
Independence Pointe Land Greenville, SC - 1997 N/A
Executive Park at Faber Place Land Charleston, SC - 1998 N/A
Northpoint Industrial Park Land Columbia, SC - 1998 N/A
Overlook Business Center Land Columbia, SC - 1998 N/A
Ridgeview Center Land Greenville, SC - 1998 N/A
Southchase Business Park Land Greenville, SC - 1998 N/A
Woodfield Land Greenville, SC - 1998 N/A
Southpoint Business Park Land Jacksonville, FL - 1994 N/A
Liberty Business Park Land Jacksonville, FL - 1995 N/A
7024 AC Skinner Parkway Jacksonville, FL - 1995 N/A
Silo Bend Land (LPDC) Tampa, FL - 1996 N/A
Exchange Place Land Orlando, FL - 1997 N/A
Belfort Road Jacksonville, FL - 1998 N/A
Butler Plaza Land Jacksonville, FL - 1998 N/A
Central Green Land Houston, TX - 1998 N/A
Salisbury Road Land Jacksonville, FL - 1998 N/A
Airport West Tampa, FL - 1995 N/A
Woodland Corporate Center Land Tampa, FL - 1998 N/A
Pompano Business Park Land - Parcel 2 Boca Raton, FL - 1998 N/A
Pompano Business Park Land - Parcel 3 Boca Raton, FL - 1998 N/A
Boca Colannade Land - Yamato Road Boca Raton, FL - 1998 N/A
Klodt Land Eden Prairie, MN - 1998 N/A
Flying Cloud Land Eden Prairie, MN - 1998 N/A
Romulus Land Romulus, MI - 1998 N/A
4 ABW West Malling, UK - 1998 N/A
------------
Subtotal Land Held for Development $ -
============
TOTAL ALL PROPERTIES $209,023,187
============
- -121-
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,
--------------------------------
1998 1997 1996
---------- ---------- ----------
REAL ESTATE:
Balance at beginning of year $2,106,028 $1,180,385 $ 920,472
Additions 944,794 968,567 269,496
Disposition of property (22,680) (42,924) (9,583)
---------- ---------- ----------
Balance at end of year $3,028,142 $2,106,028 $1,180,385
========== ========== ==========
ACCUMULATED DEPRECIATION:
Balance at beginning of year $ 149,311 $ 119,151 $ 94,183
Depreciation expense 61,679 35,981 24,968
Disposition of property (1,967) (5,821) -
---------- ---------- ----------
Balance at end of year $ 209,023 $ 149,311 $ 119,151
========== ========== ==========
- -122-
PART III
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANTS
- -------------------------------------------------------------
ITEM 11. EXECUTIVE COMPENSATION
- ---------------------------------
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
- --------------------------------------------------------------
MANAGEMENT
- ----------
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
- ---------------------------------------------------------
Except as set forth under the caption "Executive Officers" in Part I,
the information required by Part III, Items 10, 11, 12 and 13 of Form
10-K, is hereby incorporated by reference to the Trust's definitive
proxy statement for its Annual Meeting of Shareholders (other than the
information called for by Item 402(i), (k) and (l) of Regulation S-K,
which is not incorporated herein by reference) presently scheduled for
May 19, 1999, which proxy statement will be filed pursuant to Regulation
14A under the Securities Exchange Act of 1934, as amended not later than
April 30, 1999, in accordance with General Instruction G(3) to Form 10-
K.
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON
FORM 8-K
- ------------------------------------------------------------------
The following consolidated Financial Statements of Liberty Property
Trust and Liberty Property Limited Partnership are included in Item 8.
(A) 1. REPORTS OF ERNST & YOUNG LLP,
INDEPENDENT AUDITORS AND CONSOLIDATED FINANCIAL STATEMENTS
Report of Independent Auditors - Liberty Property Trust
- -------------------------------------------------------
Financial Statements - Liberty Property Trust
- ---------------------------------------------
Balance Sheets:
Liberty Property Trust Consolidated as of December 31, 1998 and 1997
Statements of Operations:
Liberty Property Trust Consolidated for the years ended December 31,
1998, 1997 and 1996
Statements of Shareholders' Equity:
Liberty Property Trust Consolidated for the years ended December 31,
1998, 1997 and 1996
Statements of Cash Flows:
Liberty Property Trust Consolidated for the years ended December 31,
1998, 1997 and 1996
Notes to Financial Statements - Liberty Property Trust
Report of Independent Auditors - Liberty Property Limited Partnership
- ---------------------------------------------------------------------
- -123-
Financial Statements - Liberty Property Limited Partnership
- -----------------------------------------------------------
Balance Sheets:
Liberty Property Limited Partnership Consolidated as of December 31,
1998 and 1997
Statements of Operations:
Liberty Property Limited Partnership Consolidated for the years ended
December 31, 1998, 1997 and 1996
Statements of Owners' Equity:
Liberty Property Limited Partnership Consolidated for the years ended
December 31, 1998, 1997 and 1996
Statements of Cash Flows:
Liberty Property Limited Partnership Consolidated for the years ended
December 31, 1998, 1997 and 1996
Notes to Financial Statements - Liberty Property Limited Partnership
2. FINANCIAL STATEMENT SCHEDULES:
Schedule III -- Real Estate and Accumulated Depreciation as of December
31, 1998 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, 1998 for Liberty Property Limited Partnership
All other schedules are omitted because they are not required or the
required information is shown in the financial statements or notes
thereto.
3. EXHIBITS
The following exhibits are filed herewith or are incorporated by
reference to exhibits previously filed.
EXHIBIT NO. DESCRIPTION
- ------------- --------------------------------------------------
3.1.1 Amended and Restated Declaration of Trust of the
Trust (Incorporated by reference to Exhibit 3.1.1
filed with the Registrants' Current Report on Form
8-K filed with the Commission on June 25, 1997
(the "June 25, 1997 Form 8-K")).
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").
- -124-
EXHIBIT NO. DESCRIPTION
- ------------- --------------------------------------------------
3.1.3 Articles Supplementary to the Amended and Restated
Declaration of Trust of the Trust Relating to
Designation, Preferences, and Rights of Series A
Junior Participating Preferred Shares of the
Trust. (Incorporated by reference to Exhibit
3.1.3 filed with the Registrants' Annual Report on
Form 10-K for the fiscal year ended December 3l,
1997.
3.1.4 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")).
3.1.5 Amended and Restated Exhibit 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 3.2 filed
with the Trust's Registration Statement on Form S-
11, filed with the Commission on March 30, 1994
(the "Form S-11")).
4.1 Rights Agreement, dated as of December 17, 1997,
by and between the Trust and the Rights Agent
(Incorporated by reference to Exhibit 1 filed with
the Trust's Registration Statement on Form 8-A
filed with the Commission on December 23, 1997).
4.2 Indenture between the Operating Partnership and
Bank of Boston, as Trustee, including Guaranty
Provisions and Form of Debenture (Incorporated by
reference to Exhibit 4.1 filed with the Form S-
11).
4.3 Indenture (the "First Indenture"), dated as of
August 14, 1997, between the Operating
Partnership, as Obligor, and The First National
Bank of Chicago ("First Chicago"), as Trustee
(Incorporated by reference to Exhibit 10.1 filed
with the Third Quarter 1997 Form 10-Q).
4.4 First Supplemental Indenture, dated as of August
14, 1997, between the Operating Partnership, as
Issuer, and First Chicago, as Trustee,
supplementing the First Indenture and relating to
$100,000,000 principal amount of the 7.10% Senior
Notes due 2004 and $100,000,000 principal amount
of the 7.25% Senior Notes due 2007 of the
Operating Partnership (Incorporated by reference
to Exhibit 10.2 filed with the Third Quarter 1997
Form 10-Q).
- -125-
EXHIBIT NO. DESCRIPTION
- ------------- --------------------------------------------------
4.5 Senior Indenture (the "Second Indenture"), dated
as of October 24, 1997, between the Operating
Partnership, as Obligor, and First Chicago, as
Trustee (Incorporated by reference to Exhibit 10.3
filed with the Third Quarter 1997 Form 10-Q).
4.6 First Supplemental Indenture, dated as of October
24, 1997, between the Operating Partnership, as
Issuer, and First Chicago, as Trustee,
supplementing the Second Indenture and relating to
the Fixed Rate and Floating Rate Medium-Term Notes
due Nine Months or More from Date of Issue of the
Operating Partnership (Incorporated by reference
to Exhibit 10.4 filed with the Third Quarter 1997
Form 10-Q).
4.7 Second Supplemental Indenture, dated as of January
12, 1998, between the Operating Partnership, as
Issuer, and First Chicago, as Trustee,
supplementing the Senior Indenture, dated as of
October 24, 1997, between the Operating
Partnership, as Obligor, and First Chicago, as
Trustee, 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)).
4.8 Note, Relating to the Issuance by the Operating
Partnership, on January 22, 1998, of $75 Million
Principal Amount of its 6.375% Medium-Term Notes
due 2013, Putable/Callable 2003 (Incorporated by
reference to Exhibit 4.2 filed with the First
Quarter 1998 10-Q).
4.9 Note, Relating to the Issuance by the Operating
Partnership, on January 23, 1998, of $100 Million
Principal Amount of its 7.50% Medium-Term Notes
due 2018 (Incorporated by reference to Exhibit 4.3
filed with the First Quarter 1998 10-Q).
4.10 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 Registrant's Quarterly Report on
Form 10-Q for the fiscal quarter ended June 30,
1998 (the "Second Quarter 1998 Form 10-Q)).
4.11 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.
- -126-
EXHIBIT NO. DESCRIPTION
- ------------- --------------------------------------------------
10.1 Liberty Property Trust Amended and Restated Share
Incentive Plan (Incorporated by reference to
Exhibit 10.1 filed with the June 25, 1997 Form 8-
K).
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).
10.8 Amended and Restated Loan Agreement, dated as of
June 16, 1997, by and among the Operating
Partnership, the Trust, the Banks named therein
and Bank Boston, N.A., as agent for itself and the
other lending institutions (Incorporated by
reference to Exhibit 10 filed with the August 1997
Form 8-A).
10.9 First Amendment to Amended and Restated Loan
Agreement, dated as of March 10, 1998, by and
among the Operating Partnership, the Trust, the
Banks named therein and Bank Boston, N.A., as
agent for itself and the other lending
institutions. (Incorporated by reference to
Exhibit 10 filed with the First Quarter 1998 10-
Q).
10.10 Term Loan Agreement, dated as of January 15, 1999,
among the Operating Partnership, the Trust, the
Banks named therein and BankBoston, N.A., as agent
for itself and the other lending institutions.
- -127-
EXHIBIT NO. DESCRIPTION
- ------------- --------------------------------------------------
10.11 Senior Management Change of Control Severance
Plan. (Incorporated by reference to Exhibit 10
filed with the Registrants' Quarterly Report on
Form 10-Q for the fiscal quarter ended September
30, 1998.)
21 Subsidiaries.
23.1 Consent of Ernst & Young LLP relating to financial
statements of the Trust.
23.2 Consent of Ernst & Young LLP relating to financial
statements of the Operating Partnership.
27 Financial Data Schedule (EDGAR version only).
(B) REPORTS ON FORM 8-K
REPORTS ON FORM 8-K
-------------------
Report on Form 8-K dated January 15, 1998 reporting Items 5 and 7
and containing as Exhibits the Distribution Agreement dated January 12,
1998 between the Registrants and the Agents (as defined therein) and the
Underwriting Agreement dated January 14, 1998 among the Registrants and
the Underwriters (as defined therein).
Report on Form 8-K dated January 16, 1998 reporting Items 5 and 7
and containing the Statement of Operating Revenues and Certain Operating
Expenses for the Liberty Center Properties (as defined therein) and
certain pro forma financial information.
Report on Form 8-K dated February 13, 1998 reporting Items 5 and 7
and containing the Statement of Operating Revenues and Certain Operating
Expenses for the Pompano/Cypress Park Properties (as defined therein)
and certain pro forma financial information.
Report on Form 8-K dated February 13, 1998 reporting Items 5 and 7
and containing Historical Summaries of Gross Income and Direct Operating
Expenses for the First Industrial Properties (as defined therein) for
the nine months ended September 30, 1997 (unaudited) and for the year
ended December 31, 1996 and certain pro forma financial information.
Report on Form 8-K dated February 20, 1998 reporting Items 5 and 7
and containing as Exhibits the Underwriting Agreement dated February 18,
1998 among the Registrants and the Underwriters (as defined therein).
Report on Form 8-K dated March 5, 1998 reporting Items 5 and 7 and
containing Historical Summaries of Gross Income and Direct Operating
Expenses for the First Industrial Properties (as defined therein) for
the year ended December 31, 1997 and certain pro forma financial
information.
Report on Form 8-K dated March 12, 1998 reporting Items 5 and 7
and containing the Statement of Operating Revenues and Certain Operating
Expenses for the Acquisition Properties (as defined therein) and certain
pro forma financial information.
- -128-
Report on Form 8-K dated April 16, 1998 reporting Items 5 and 7
and containing the Statement of Operating Revenues and Certain Operating
Expenses for the Pureland Park (as defined therein) and certain pro
forma financial information.
Report on Form 8-K dated June 11, 1998 reporting Items 5 and 7 and
containing the Statement of Operating Revenues and Certain Operating
Expenses for 2800 Northwest Boulevard (as defined therein) and certain
pro forma financial information.
Report on Form 8-K dated June 24, 1998 reporting Items 5 and 7 and
containing the Statement of Operating Revenues and Certain Operating
Expenses for Boca Colonnade (as defined therein) and certain pro forma
financial information.
Report on Form 8-K dated July 13, 1998 reporting Items 5 and 7 and
containing the Statement of Operating Revenues and Certain Operating
Expenses for the Acquisition Properties (as defined therein) and certain
pro forma financial information.
Report on Form 8-K dated December 22, 1998 reporting Items 5 and 7
and containing the Statement of Operating Revenues and Certain Operating
Expenses for the Wispark Properties (as defined therein) and certain pro
forma financial information.
- -129-
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
and Exchange Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.
LIBERTY PROPERTY TRUST
Date: February 25, 1999 By: /s/ WILLARD G. ROUSE III
--------------------------------------
WILLARD G. ROUSE III
CHIEF EXECUTIVE OFFICER
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of
the Registrant in the capacities and on the dates indicated.
Chairman of the Board
of Trustees and Chief
Executive Officer
(Principal Executive
/s/ Willard G. Rouse III Officer) February 25, 1999
- ---------------------------
Willard G. Rouse III
Chief Financial Officer
and Treasurer (Principal
Financial and Accounting
/s/ George J. Alburger, Jr. Officer) February 25, 1999
- ---------------------------
George J. Alburger, Jr.
/s/ Joseph P. Denny Trustee February 25, 1999
- ---------------------------
Joseph P. Denny
/s/ M. Leanne Lachman Trustee February 25, 1999
- ---------------------------
M. Leanne Lachman
/s/ Frederick F. Buchholz Trustee February 25, 1999
- ---------------------------
Frederick F. Buchholz
/s/ J. Anthony Hayden Trustee February 25, 1999
- ---------------------------
J. Anthony Hayden
/s/ David L. Lingerfelt Trustee February 25, 1999
- ---------------------------
David L. Lingerfelt
/s/ John A. Miller Trustee February 25, 1999
- ---------------------------
John A. Miller, CLU
/s/ Stephen B. Siegel Trustee February 25, 1999
- ---------------------------
Stephen B. Siegel
- -130-
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
and Exchange Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.
LIBERTY PROPERTY LIMITED PARTNERSHIP
BY: Liberty Property Trust
General Partner
Date: February 25, 1999 By: /s/ WILLARD G. ROUSE III
--------------------------------------
WILLARD G. ROUSE III
CHIEF EXECUTIVE OFFICER
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of
the Registrant in the capacities and on the dates indicated.
Trustee of the
/s/ Joseph P. Denny General Partner February 25, 1999
- ---------------------------
Joseph P. Denny
Trustee of the
/s/ M. Leanne Lachman General Partner February 25, 1999
- ---------------------------
M. Leanne Lachman
Trustee of the
/s/ Frederick F. Buchholz General Partner February 25, 1999
- ---------------------------
Frederick F. Buchholz
Trustee of the
/s/ J. Anthony Hayden General Partner February 25, 1999
- ---------------------------
J. Anthony Hayden
Trustee of the
/s/ David L. Lingerfelt General Partner February 25, 1999
- ---------------------------
David L. Lingerfelt
Trustee of the
/s/ John A. Miller General Partner February 25, 1999
- ---------------------------
John A. Miller, CLU
Trustee of the
/s/ Stephen B. Siegel General Partner February 25, 1999
- ---------------------------
Stephen B. Siegel
- -131-
EXHIBIT INDEX
-------------
EXHIBIT NO. DESCRIPTION
- ------------- --------------------------------------------------
3.1.5 Amended and Restated Exhibit A to the Second
Restated and Amended Agreement of Limited
Partnership of the Operating Partnership.
4.11 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 2009.
10.10 Term Loan Agreement, dated as of January 15, 1999,
among the Operating Partnership, the Trust, the
Banks named therein and BankBoston, N.A., as agent
for itself and the other lending institutions.
21 Subsidiaries.
23.1 Consent of Ernst & Young LLP relating to financial
statements of the Trust.
23.2 Consent of Ernst & Young LLP relating to financial
statements of the Operating Partnership.
27 Financial Data Schedule (EDGAR version only).
- -132-