Exhibit 99.1

LIBERTY PROPERTY TRUST ANNOUNCES SECOND QUARTER RESULTS

Malvern, PA, July 24, 2012 — Liberty Property Trust (NYSE:LRY) reported that funds from operations available to common shareholders (diluted) (“FFO”) for the second quarter of 2012 was $0.63 per share, compared to $0.69 per share for the same period in 2011. Funds from operations for the second quarter of 2012 include lease termination fees of $0.7 million.

FFO per share for the six-month period ended June 30, 2012 was $1.31, compared to $1.34 per share for the same period in 2011.

Net income per common share (diluted) was $0.29 per share for the quarter ended June 30, 2012, compared to $0.74 per share (diluted) for the quarter ended June 30, 2011. Net income for the six-month period ended June 30, 2012 was $0.61 per share, compared with $0.99 per share for the same period in 2011. Net income for the three months ended June 30, 2012 and June 30, 2011 includes net gains on property dispositions of $3.3 million ($0.03 per share) and $50.5 million ($0.44 per share) respectively, and net income for the six months ended June 30, 2012 and June 30, 2011 includes net gains on property dispositions of $4.9 million ($0.04 per share) and $52.1 million ($0.45 per share), respectively.

“Liberty’s execution in the second quarter was exceptional on all fronts,” said Bill Hankowsky, chairman and chief executive officer. “We took steps to enhance the future profitability of our portfolio through the sale of a significant amount of commodity office space, we leased over five million square feet of space, and we enhanced our already outstanding balance sheet with well-timed capital events.”

Portfolio Performance

Leasing: At June 30, 2012 Liberty’s in-service portfolio of 77 million square feet was 90.7% occupied, compared to 90.5% at the end of the first quarter. During the second quarter, Liberty completed lease transactions totaling 5.5 million square feet of space.

Same Store Performance: Property level operating income for same store properties decreased by 0.6% on a cash basis and decreased by 1.0% on a straight line basis for the second quarter of 2012 compared to the same quarter in 2011.

Portfolio Activity

During the second quarter, Liberty furthered the execution of its portfolio repositioning strategy through property sales and acquisitions.

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Liberty Property Trust

Second Quarter 2012 Earnings

Dispositions: During the quarter, Liberty sold 54 operating properties containing 2.7 million square feet, and 58 acres of land for $208.6 million. The properties were 82.3% leased, and consisted primarily of single-story and mid-rise suburban office and high-finish flex product in Wisconsin, Maryland, Virginia, North Carolina and New Jersey.

Acquisitions: Liberty acquired four properties during the quarter for a purchase price of $29.3 million. The properties total 603,000 square feet of leasable space and are 58% leased. The current yield on these properties is 2.9%, and the projected stabilized yield is 8.2%.

The properties acquired consist of a fully leased, 128,000 square foot multi-tenant industrial building in Eagan, Minnesota; a 219,225 square foot distribution building in Tolleson, Arizona that is 39% leased; a 184,096 square foot distribution building, also in Tolleson, that is 74% leased; and a 71,550 square foot office building in Phoenix, which was 0% leased at purchase but for which Liberty has since secured a tenant for 41% of the building.

Development: Liberty brought into service one development property representing a total investment of $6.6 million. The 128,000 square foot industrial property in Houston is 100% leased. The current yield on this investment is 12.1%.

Liberty commenced development of three properties totaling 246,000 square feet at a projected investment of $23.5 million. The new development properties include two industrial buildings in Houston, Texas totaling 199,000 square feet, of which 74% of the space is pre-leased, and 46,000 square foot build-to-suit office building in Jacksonville, Florida.

Balance Sheet and Capital Management

During the quarter, Liberty:

·                  Redeemed $100 million of its outstanding 7.40% Series H Cumulative Redeemable Preferred Units at par.

·                  Issued $400 million of ten-year 4.125% Senior Unsecured Notes.

About the Company

Liberty Property Trust (NYSE:LRY) is a leader in commercial real estate, serving customers in the United States and United Kingdom, through the development, acquisition, ownership and management of superior office and industrial properties.  Liberty’s 77 million square foot portfolio consists of 650 properties providing office, distribution and light manufacturing facilities to 1,700 tenants.

Additional information about the Company, including Liberty’s Quarterly Supplemental Package with detailed financial information is available in the Investors section of the Company’s web site at www.libertyproperty.com. If you are unable to access the web site, a copy of the supplemental package may be obtained by contacting Liberty by phone at 610-648-1704, or by e-mail to jleonard@libertyproperty.com.

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Liberty will host a conference call during which management will discuss second quarter results on Tuesday, July 24, 2012, at 1 p.m. Eastern Time.  To access the conference call, please dial 1-888-870-2815. The passcode needed for access is 98243676. A replay of the call will be available until August 17, 2012, by dialing 1-855-859-2056 using the same passcode as above. The call can also be accessed via the Internet on the Investors page of Liberty’s web site at www.libertyproperty.com.

The statements contained in this press release may include forward-looking statements within the meaning of the federal securities law. Although Liberty believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. As forward-looking statements, these statements involve risks, uncertainties and other factors that could cause actual results to differ materially from the expected results. These factors include, without limitation, the uncertainties affecting real estate businesses generally (such as entry into new leases, renewals of leases and dependence on tenants’ business operations), risks relating to our ability to maintain and increase property occupancy and rental rates, the financial condition of tenants, the uncertainties of real estate development and construction activity, the costs and availability of financing, the effects of local economic and market conditions, regulatory changes, potential liability relative to environmental matters and other risks and uncertainties detailed in the company’s filings with the Securities and Exchange Commission. The company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

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Liberty Property Trust

Statement of Operations

June 30, 2012

(Unaudited and in thousands, except per share amounts)

Liberty Property Trust

Statement of Funds From Operations

June 30, 2012

(Unaudited and in thousands, except per share amounts)

The Company believes that the calculation of Funds from operations is helpful to investors and management as it is a measure of the Company’s operating performance that excludes depreciation and amortization and gains and losses from property dispositions.  As a result, year over year comparison of Funds from operations reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, development activities, general and administrative expenses, and interest costs, providing perspective not immediately apparent from net income.  In addition, management believes that Funds from operations provides useful information to the investment community about the Company’s financial performance when compared to other REITs since Funds from operations is generally recognized as the standard for reporting the operating performance of a REIT.  Funds from operations available to common shareholders is defined by NAREIT as net income (computed in accordance with generally accepted accounting principles (“GAAP”)), excluding gains (or losses) from sales of property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Funds from operations available to common shareholders 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 available to common shareholders also does not represent cash flows generated from operating, investing or financing activities as defined by GAAP.

Liberty Property Trust

Balance Sheet

June 30, 2012

(In thousands, except share and unit amounts)