-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Hnekc6F11iUT+CeV86ayoq4zODVQfZV5lle/8XCGSX0IGoUOlBa0F71A7I7+LfJV +5DBq7ZDSa/mCFgFXhFv4g== 0000893220-06-000620.txt : 20060320 0000893220-06-000620.hdr.sgml : 20060320 20060320154541 ACCESSION NUMBER: 0000893220-06-000620 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20060315 ITEM INFORMATION: Entry into a Material Definitive Agreement FILED AS OF DATE: 20060320 DATE AS OF CHANGE: 20060320 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LIBERTY PROPERTY LIMITED PARTNERSHIP CENTRAL INDEX KEY: 0000921113 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 232766549 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13132 FILM NUMBER: 06698670 BUSINESS ADDRESS: STREET 1: 500 CHESTERFIELD PARKWAY CITY: MALVERN STATE: PA ZIP: 19355 BUSINESS PHONE: 6106481700 MAIL ADDRESS: STREET 1: 500 CHESTERFIELD PARKWAY CITY: MALVERN STATE: PA ZIP: 19355 FORMER COMPANY: FORMER CONFORMED NAME: ROUSE & ASSOCIATES LTD PART DATE OF NAME CHANGE: 19940331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LIBERTY PROPERTY TRUST CENTRAL INDEX KEY: 0000921112 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 237768996 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13130 FILM NUMBER: 06698669 BUSINESS ADDRESS: STREET 1: 500 CHESTERFIELD PARKWAY CITY: MALVERN STATE: PA ZIP: 19355 BUSINESS PHONE: 6106481700 MAIL ADDRESS: STREET 1: 500 CHESTERFIELD PARKWAY CITY: MALVERN STATE: PA ZIP: 19355 FORMER COMPANY: FORMER CONFORMED NAME: ROUSE & ASSOCIATES PROPERTY TRUST DATE OF NAME CHANGE: 19940421 8-K 1 w18880e8vk.htm FORM 8-K e8vk
 

 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
     
Date of Report (Date of earliest event reported):
  March 15, 2006
 
   
LIBERTY PROPERTY TRUST
LIBERTY PROPERTY LIMITED PARTNERSHIP
 
(Exact name of registrant specified in its charter)
         
Maryland
Pennsylvania 		  1-13130
1-13132 		  23-7768996
23-2766549
         
(State or other jurisdiction of incorporation)   (Commission File Number)   (I.R.S. Employer Identification No.)
     
500 Chesterfield Parkway
Malvern, PA 		 
19355
     
(Address of principal executive offices)   (Zip Code)
Registrants’ telephone, including area code:      (610) 648-1700
 
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o   Written communications pursuant to Rule 425 under the Section Act (17 CFR 230.425).
 
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).
 
o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240-14d-2(b)).
 
o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c)).
 
 

 

 

Item 1.01 Entry Into a Material Definitive Agreement.
     At a meeting held on March 15, 2006, the Compensation Committee (the “Committee”) of the Board of Trustees of Liberty Property Trust (the “Trust”) approved cash bonus awards and long-term incentive compensation for the year ended December 31, 2005 for the Trust’s named executive officers, in accordance with criteria previously established by the Committee. The Committee also approved the performance criteria that will be used to determine executive officer cash bonus awards and long-term incentive compensation for the year ending December 31, 2006.
     Cash bonus awards to named executive officers for the year ended December 31, 2005 were as follows: William P. Hankowsky, $349,758; Robert E. Fenza, $199,933; George J. Alburger, Jr., $195,141; James J. Bowes, $171,176; and Michael T. Hagan, $121,920.
     Long-term incentive awards to named executive officers for the fiscal year ended December 31, 2005 were granted in the following dollar values, payable 80% in restricted shares and 20% in options: William P. Hankowsky, $385,790; Robert E. Fenza, $165,397; George J. Alburger, Jr., $161,433; James J. Bowes, $141,607; and Michael T. Hagan, $100,860.
     Base salaries for 2006 were established as follows: William P. Hankowsky, $500,000; Robert E. Fenza, $355,000; George J. Alburger, Jr., $350,000; James J. Bowes, $305,000; and Michael T. Hagan, $275,000.
     In 2006, each executive officer of the Trust will be eligible for a cash bonus award equal to a specified percentage of the officer’s annual salary (the “Base Bonus Percentage”) multiplied by a percentage (the “Bonus Multiplier”) based upon the growth of Funds from Operations of the Trust per common share (“FFO”) measured relative to the corresponding performance of a peer group determined by the Compensation Committee (the “Peer Group”). 2006 Base Bonus Percentages are 105% for the Chief Executive Officer and 85% for the other executive officers. The Bonus Multiplier will range from zero to 150%, based upon FFO growth performance relative to that of the Peer Group.
     As in previous years, executive officers will continue to be eligible to receive awards pursuant to the Trust’s Long-Term Incentive Compensation program. Long-term incentive compensation for Trust employees is provided through the grant of share options (20%) and restricted share awards (80%). In 2006, each executive officer will be eligible for a long-term incentive award equal to a specified percentage of the officer’s salary (the “Base LTI Percentage”) multiplied by a percentage (the “LTI Multiplier”) based upon total shareholder return as measured against total shareholder return for the Peer Group. 2006 Base LTI Percentages are 215% for the Chief Executive Officer and 130% for the other executive officers. The LTI Multiplier will range from zero to 150%, based upon total shareholder return relative to that of the Peer Group.
     Notwithstanding the foregoing criteria, actual bonuses and long-term incentive compensation will be subject to adjustments and caps imposed by the Committee.

 

 

SIGNATURES
     Pursuant to the requirements of the Securities Exchange Act of 1934, each Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
         
  LIBERTY PROPERTY TRUST
 		  
  By:   /s/ James J. Bowes    
    James J. Bowes   
    Secretary and General Counsel   
 
  LIBERTY PROPERTY
LIMITED PARTNERSHIP
 		  
  By:   Liberty Property Trust, its sole    
    General Partner   
       
 
  By:   /s/ James J. Bowes    
    James J. Bowes   
    Secretary and General Counsel   
 
Dated: March 20, 2006

 

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