10-K 1 s10k-f01.txt FORM 10-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) X ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2001 OR __ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to __________________ Commission file numbers: 1-13130 (Liberty Property Trust) 1-13132 (Liberty Property Limited Partnership) ------------------------------------------------------------------------ LIBERTY PROPERTY TRUST LIBERTY PROPERTY LIMITED PARTNERSHIP ------------------------------------------------------------------------ (Exact names of registrants as specified in their governing documents) MARYLAND (Liberty Property Trust) 23-7768996 PENNSYLVANIA (Liberty Property Limited Partnership) 23-2766549 --------------------------------------------------- ---------------- (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification Number) 65 Valley Stream Parkway, Suite 100, Malvern, Pennsylvania 19355 --------------------------------------------------- -------- (Address of Principal Executive Offices) (Zip Code) Registrants' Telephone Number, Including Area Code (610) 648-1700 Securities registered pursuant to Section 12(b) of the Act: NAME OF EACH EXCHANGE TITLE OF EACH CLASS ON WHICH REGISTERED ------------------- ----------------------- Common Shares of Beneficial Interest, $0.001 par value (Liberty Property Trust) New York Stock Exchange ----------------------------------------------- ----------------------- 8.80% Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.001 par value (Liberty Property Trust) New York Stock Exchange ----------------------------------------------- ----------------------- Preferred Share Purchase Rights, $0.0001 par value (Liberty Property Trust) New York Stock Exchange ----------------------------------------------- ----------------------- 2 Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark whether the Registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrants were required to file such reports) and (2) have been subject to such filing requirements for the past ninety (90) days. YES X NO Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulations S-K is not contained herein, and will not be contained, to the best of the Registrants' knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. / / As of March 1, 2002, the aggregate market value of the Common Shares of Beneficial Interest, $0.001 par value (the "Common Shares"), of Liberty Property Trust held by non-affiliates of Liberty Property Trust was approximately $2.2 billion, based upon the closing price of $30.49 on the New York Stock Exchange composite tape on such date. Non-affiliate ownership is calculated by excluding all Common Shares that may be deemed to be beneficially owned by executive officers and trustees, without conceding that any such persons is an "affiliate" for purposes of the federal securities laws. Number of Common Shares outstanding as of March 1, 2002: 74,120,405 Documents Incorporated by Reference Portions of the proxy statement for the annual meeting of shareholders of Liberty Property Trust to be held in 2002 are incorporated by reference into Part III of this Form 10-K. 3 INDEX PAGE PART I Item 1. Business............................................... 5 Item 2. Properties............................................. 17 Item 3. Legal Proceedings...................................... 20 Item 4. Submission of Matters to a Vote of Security Holders.... 20 PART II Item 5. Market for the Registrants' Common Equity and Related Shareholders' Matters.................................. 20 Item 6. Selected Financial Data................................ 22 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.................... 24 Item 7A. Quantitative and Qualitative Disclosures About Market Risk................................................... 33 Item 8. Financial Statements and Supplementary Data............ 34 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.................... 133 PART III Item 10. Directors and Executive Officers of the Registrants.... 133 Item 11. Executive Compensation................................. 133 Item 12. Security Ownership of Certain Beneficial Owners and Management............................................. 133 Item 13. Certain Relationships and Related Transactions......... 133 PART IV Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K............................................ 133 SIGNATURES...................................................... 140 4 --------------------------------- The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this Annual Report on Form 10-K and other materials filed or to be filed by the Company (as defined below) with the Securities and Exchange Commission (as well as information included in oral statements or other written statements made or to be made by the Company) contain statements that are or will be forward-looking, such as statements relating to business development and real estate development activities, acquisitions, dispositions, future capital expenditures, financing sources and availability, and the effects of regulation (including environmental regulation) and competition. Although Liberty Property Trust and Liberty Property Limited Partnership (together, the "Company") believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be achieved. As forward-looking statements, these statements involve important risks, uncertainties and other factors that could cause actual results to differ materially from the expected results and, accordingly, such results may differ from those expressed in any forward-looking statements made by, or on behalf of the Company. These risks, uncertainties and other factors include, without limitation, uncertainties affecting real estate businesses generally (such as entry into new leases, renewals of leases and dependence on tenants' business operations), risks relating to our ability to maintain and increase property occupancy and rental rates, risks relating to construction and development activities, acquisition, disposition, possible environmental liabilities, risks relating to leverage and debt service (including availability of financing terms acceptable to the Company and sensitivity of the Company's operations and financing arrangements to fluctuations in interest rates), dependence on the primary markets in which the Company's properties are located, the existence of complex regulations relating to status as a REIT and the adverse consequences of the failure to qualify as a REIT, and the potential adverse impact of market interest rates on the market price for the Company's securities. See "Management's Discussion and Analysis of Financial Condition and Results of Operations - Forward-Looking Statements." 5 PART I ITEM 1. BUSINESS ---------------- THE COMPANY Liberty Property Trust (the "Trust") is a self-administered and self- managed Maryland real estate investment trust (a "REIT"). Substantially all of the Trust's assets are owned directly or indirectly, and substantially all of the Trust's operations are conducted directly or indirectly, by its subsidiary, Liberty Property Limited Partnership, a Pennsylvania limited partnership (the "Operating Partnership" and, together with the Trust and its consolidated subsidiaries, the "Company"). The Company completed its initial public offering in 1994 to continue and expand the commercial real estate business of Rouse & Associates, a Pennsylvania general partnership, and certain affiliated entities (collectively, the "Predecessor") which was founded in 1972. As of December 31, 2001, the Company's portfolio consisted of 645 industrial and office properties (the "Properties in Operation") totaling approximately 49.8 million square feet. In addition, the Company had 43 properties under development (the "Properties Under Development" and, together with the Properties in Operation, the "Properties"), and owned 1,071 acres of land, all zoned for commercial use. The Company provides leasing, property management, development, acquisition and other tenant-related services for the Properties in Operation. The Company's industrial Properties consist of a variety of warehouse, distribution, service, assembly, light manufacturing and research and development facilities. They include both single-tenant and multi-tenant facilities, with most designed flexibly to accommodate various types of tenants, space requirements and industrial uses. The Company's office Properties are multi-story and single-story office buildings located principally in suburban mixed-use developments or office parks. Substantially all of the Company's Properties are located in prime business locations within established business communities offering excellent access to interstate highway systems. The Trust is the sole general partner and also a limited partner of the Operating Partnership, owning 94.9% of the common equity of the Operating Partnership at December 31, 2001. The common units of limited partnership interest in the Operating Partnership (the "Common Units") are exchangeable on a one-for-one basis (subject to antidilution protections) for the Trust's Common Shares of Beneficial Interest, $0.001 par value per share (the "Common Shares"). The only limited partners of the Operating Partnership who hold Common Units other than the Trust are persons or entities that contributed assets to the Operating Partnership and received Common Units in exchange therefor. The Common Units held by the limited partners other than the Trust were exchangeable for approximately 3.9 million Common Shares on December 31, 2001. The Company has issued Series B and Series C Cumulative Redeemable Preferred Units of the Operating Partnership (the "Preferred Units"). The Preferred Units are exchangeable on a one-for-one basis after a stated date into Cumulative Redeemable Preferred Shares. Collectively, the ownership of the holders of Common and Preferred Units is reflected on the Trust's financial statements as minority interest. 6 The Company's executive offices are located at 65 Valley Stream Parkway, Malvern, Pennsylvania 19355. The telephone number is (610) 648-1700. MANAGEMENT AND EMPLOYEES The Company's 355 employees (as of March 1, 2002) are under the direction of 15 senior executives, who, on average, have been affiliated with the Company and the Predecessor for 14 years. The Company and the Predecessor have developed and managed commercial real estate for the past 29 years. The Company's in-house leasing, marketing and property management staff operates in full-service local offices in markets where it has a significant presence. This structure enables the Company to better understand the particular characteristics of the local markets in which it operates, to respond quickly and directly to tenant needs and to better identify local development and acquisition opportunities. As of December 31, 2001, the Company's principal markets were as follows: Southeastern Pennsylvania; New Jersey; Lehigh Valley, Pennsylvania; Maryland; Virginia; the Carolinas; Jacksonville, Florida; Tampa, Florida; South Florida; Minneapolis, Minnesota; Detroit, Michigan; and the United Kingdom. BUSINESS OBJECTIVE AND STRATEGIES FOR GROWTH The Company's business objective is to maximize long-term profitability for its shareholders by being a recognized leader in commercial real estate serving customers through the ownership, management, development, and acquisition, of superior office and industrial properties. The Company intends to achieve this objective through offering office and industrial properties in multiple markets and operating as a leading landlord in the industry. The Company believes that this objective will provide the benefits of enhanced investment opportunities, economies of scale, risk diversification, access to capital, and the ability to attract and retain personnel. The Company believes that it can achieve these goals through a combination of internal and external growth, while maintaining a conservative balance sheet and pursuing a strategy of financial flexibility. PRODUCTS The Company strives to be a recognized quality provider of five products (industrial, including big box warehouse, multi-tenant industrial, flex/R&D, and office, including single-story office and multi-story office). In delivering these products the Company also strives to be a leading provider of customer service, providing an exceptional and positive customer experience. MARKET The Company operates primarily in suburban markets east of the Mississippi. The Company's goal is to operate in each of its markets with a sufficient level of square feet of office and industrial product, with a demonstrated ability in each market to grow beyond the size of its initial entry into that market. The product mix of office and industrial properties in each market is designed to be appropriately balanced. The Company seeks to have a presence that allows it to be viewed as a significant participant in each market. The Company's efforts are primarily focused on suburban markets and emphasize business park development and asset aggregation. When the Company's marketing efforts identify opportunities, the Company will, in appropriate instances, pursue urban opportunities. 7 The Company conducts research in order to support evaluation of markets and market conditions. ORGANIZATIONAL PLAN The Company seeks to maintain a management organization which facilitates efficient execution of the Company's strategy. As part of this effort, the Company pursues a human resources plan designed to create and maintain a highly regarded real estate company through recruiting, training, and retaining capable people. The structure is designed to support a local office entrepreneurial platform operating within a value-added corporate structure. The Company employs proven information technology to enhance the delivery of the Company's services. INTERNAL GROWTH STRATEGIES The Company seeks to maximize the profitability of the Properties by maintaining high occupancy rates, increasing rental rates, controlling costs, and focusing on customer service efforts. MAINTAIN HIGH OCCUPANCIES The Company believes that the quality and diversity of its tenant base and its strategy of operating in multiple markets has contributed, and will continue to contribute, to its success in maintaining high occupancy levels. The Company targets financially stable tenants in an effort to minimize uncertainty relating to the ability of its tenants to meet their lease obligations. INCREASE RENTAL RATES The Company seeks to generate increased cash flow from the Properties in Operation through annual contractual increases in rental rates under its leases. The leases in effect with respect to the Properties in Operation as of December 31, 2001 provide for contractual rental increases that are expected to contribute an additional $5.5 million to the Company's cash flow for the year ending December 31, 2002. The Company intends to continue to negotiate annual contractual rental rate increases. In addition, the Company generally has been experiencing increases in rental rates in replacement and renewal leases. COST CONTROLS The Company seeks to identify best practices across operating units in order to enhance cost savings and other efficiencies. Many functions are performed in-house rather than by engaging outside third parties. The Company also employs an annual capital improvement and preventative maintenance program designed to reduce the operating costs of the Properties and maintain long-term values. CUSTOMER SERVICE INITIATIVES The Company seeks to achieve high tenant retention through a comprehensive customer service program. In delivering its property management services the Company seeks to be a leading provider of customer service, providing an exceptional and positive customer experience. In attempting to accomplish this goal, the Company seeks to: - enhance performance of the property management team by providing a base line of best practices and service standards; 8 - focus on customer satisfaction by defining a "service level commitment" and implementing a process for receiving and acting on feedback from customers; - work closely with vendors to ensure that they understand and support the Company's commitment to our customers; and - provide appropriate training to employees in order to enhance their ability to deliver exceptional customer service. EXTERNAL GROWTH STRATEGIES The Company seeks to maximize long-term profitability for its shareholders through development, acquisition and disposition of properties. DEVELOPMENT The Company pursues attractive development opportunities, focusing primarily on high-quality suburban industrial and office properties within its existing markets. The Company and its Predecessor have developed over 40 million square feet of commercial real estate during the past 29 years. The Company's development activities fall into two categories: build-to-suit projects and projects built for inventory. The Company develops build-to-suit projects for existing and new tenants. These projects are substantially pre-leased to one or more tenants prior to construction. The Company also builds properties for inventory, typically in high-occupancy markets in which the Company has identified sufficient demand at market rental rates to justify such construction. During the year ended December 31, 2001, the Company completed 13 build- to-suit projects, 13 inventory projects, and one build-to-suit expansion, totaling approximately 3.6 million square feet of leaseable space and representing an aggregate Total Investment, as defined below, of approximately $235.0 million. As of December 31, 2001, these completed development properties were approximately 96.1% leased. The "Total Investment" for a Property is defined as the Property's purchase price plus closing costs and management's estimate, as determined at the time of acquisition, of the cost of necessary building improvements in the case of acquisitions, or land costs and land and building improvement costs in the case of development projects, and, where appropriate, other development costs and carrying costs required to reach rent commencement. As of December 31, 2001, the Company had 43 Properties Under Development which are expected to generate, upon completion, approximately 3.6 million leaseable square feet and are expected to represent a Total Investment of approximately $388.2 million. Approximately 45.3% of such leaseable space was pre-leased as of December 31, 2001. The schedule deliveries of the 3.6 million square feet of leaseable space in Properties Under Development are as follows (in thousands): 9
SQUARE FEET ----------------------------- SCHEDULED IND- IND- PERCENT LEASED TOTAL IN-SERVICE DATE DIST. FLEX OFFICE TOTAL DECEMBER 31, 2001 INVESTMENT ---------------- ------ ------ ------ ------ ----------------- ---------- 1st Quarter 2002 - 392 196 588 66.3% $ 59,994 2nd Quarter 2002 - 170 190 360 54.5% 36,929 3rd Quarter 2002 300 339 406 1,045 27.0% 98,290 4th Quarter 2002 768 - 165 933 57.0% 51,392 Thereafter 55 42 579 676 34.2% 141,583 ------ ------ ------ ------ ------ -------- Total 1,123 943 1,536 3,602 45.3% $388,188 ====== ====== ====== ====== ====== ========
As of December 31, 2001, the Company owned 1,071 acres of land held for development, all zoned for commercial use. Substantially all of the land is located adjacent to or within existing industrial or business parks with site improvements, such as public sewers, water and utilities, available for service. The Company anticipates that the land would support, as and when developed, approximately 11 million leaseable square feet. The Company's investment in land held for development as of December 31, 2001 was $163.5 million. The Company is obligated to purchase an additional $11.7 million in land under contracts entered into with a variety of parties. The Company believes that, because it is a fully integrated real estate firm, its base of commercially zoned land in existing industrial and business parks provides a competitive advantage for future development activities. ACQUISITIONS The Company seeks to acquire properties consistent with its business objectives and strategies. The Company executes its acquisition strategy by purchasing properties which management believes will create shareholder value over the long-term. During the year ended December 31, 2001, the Company acquired four properties comprising approximately 378,000 leaseable square feet for a Total Investment of $36.9 million. The Company conducts market research to determine geographic markets for growth. Growth into new markets could arise from the acquisition of public and private real estate companies. DISPOSITIONS The Company seeks to generate capital through its asset disposition program, pursuant to which Properties in Operation and land held for development which no longer fit within the Company's strategic plan, or with respect to which the Company believes it can optimize cash proceeds are sold and the proceeds from such sales are utilized to fund development and acquisitions. During the year ended December 31, 2001, the Company sold 39 Properties compromising approximately 2.7 million square feet of leaseable space, and eight parcels of land, for $157.1 million. The Company also actively considers joint venture opportunities as a method of generating capital to fund development and acquisitions. 10 INTERNATIONAL OPERATION The Company's international operation includes nine Properties in Operation and one Property Under Development in the County of Kent, England. These properties are located in a 650-acre, mixed commercial and residential community known as "Kings Hill," approximately 25 miles southeast of London. The community has been developed over the past decade as a joint venture between the County of Kent and Rouse Kent Limited. The Company has an option to purchase Rouse Kent Limited, which is currently owned by certain affiliates of the Company, for nominal consideration. The Company provides management services with respect to the joint venture. The Company has accounts receivable and a loan receivable from Rouse Kent Limited and affiliates at December 31, 2001 with outstanding balances of $3.8 million and $17.3 million respectively. The Company also has two Properties under Development in the western London suburbs of Uxbridge and Chertsey. These Properties Under Development, which represent an investment of $56.5 million, are being developed as a joint venture with commercial office developers established in these markets. These entities are consolidated in the accompanying financial statements. The Company intends to continue to pursue its investment in Kings Hill and to attempt to identify development opportunities in Europe. SUBSEQUENT ACTIVITIES The Company intends to continue to pursue its development, acquisition and disposition strategies. The Company is currently in various stages of discussions and negotiations with respect to development, acquisition and disposition projects. The consummation of these or any other future developments, acquisitions or dispositions, if any, and the pace at which developments may be completed and acquisitions and dispositions made cannot be assured. RISK FACTORS The Company's results from operations and the ability to make distributions to our shareholders and debt service on our indebtedness may be affected by the risk factors set forth below. (The Company refers to itself as "we," "us" or "our" in the following risk factors.) RISKS RELATED TO OUR PROPERTIES AND BUSINESS NEGATIVE MARKET CONDITIONS, OR ADVERSE DEVELOPMENTS CONCERNING OUR EXISTING TENANTS, THAT IN EITHER CASE AFFECT OUR ABILITY TO ATTRACT NEW TENANTS, RELET SPACE, COLLECT RENT OR RENEW LEASES, COULD ADVERSELY AFFECT OUR CASH FLOW FROM OPERATIONS AND INHIBIT ITS GROWTH. Our cash flow from operations depends on the ability to lease space to tenants, on economically favorable terms, in our Properties. Therefore, we could be adversely affected by various facts and events over which we have no control, such as: - lack of demand for space in the areas where our Properties are located - inability to retain existing and attract new tenants 11 - economic or physical decline of the areas where our Properties are located - physical damage to our Properties - the national, state and local economic climate and real estate conditions, such as oversupply of or reduced demand for space and changes in market rental rates - the need to periodically renovate and repair our space - defaults by our tenants or their failure to pay rent on a timely basis Furthermore, if our tenants do not renew their leases as they expire, we may not be able to relet the space. Some leases that are renewed, and some new leases for space that are relet, may have terms that are less economically favorable to us than current lease terms, or may require us to incur significant costs, such as for renovations. Any of these events could adversely affect our cash flow from operations and our ability to make expected distributions to shareholders, as well as our ability to grow cash flow from operations. A significant portion of our expenses of real estate investments, such as mortgage and debt service payments, real estate taxes, insurance and maintenance costs, are generally not reduced when circumstances cause a decrease in cash flow from our Properties. WE MAY NOT BE ABLE TO COMPETE SUCCESSFULLY WITH OTHER ENTITIES THAT OPERATE IN OUR INDUSTRY. We experience a great deal of competition in attracting tenants for our Properties and in locating land to develop and properties to acquire. In our effort to lease our Properties, we compete for tenants with a broad spectrum of other landlords in each of our markets. These competitors include, among others, publicly-held REITs, privately-held entities, and individual property owners. Some of these competitors may be able to offer prospective tenants more attractive financial terms than we are able to offer. If the availability of land for development or high quality properties to acquire in our markets diminishes, our operating results could be adversely affected. WE MAY EXPERIENCE INCREASED OPERATING COSTS, WHICH COULD ADVERSELY AFFECT OUR CASH FLOW FROM, AND RESULTS OF, OPERATIONS. Our Properties are subject to increases in operating expenses such as cleaning, electricity, heating, ventilation and air conditioning; elevator repair and maintenance; insurance and administrative costs; and other costs associated with security, landscaping, repairs and maintenance of our Properties. While our current tenants generally are currently obligated to pay a portion of these costs, there is no assurance that these tenants will agree to pay these costs upon renewal or that new tenants will agree to pay these costs initially. If operating expenses increase in some or all of our markets, we may not be able to increase rents in all of these markets so as to meet increased expenses without at the same time decreasing occupancy rates. If this occurs, our ability to pay distributions to shareholders and service our indebtedness could be adversely affected. 12 OUR ABILITY TO ACHIEVE GROWTH IN OPERATING INCOME DEPENDS IN PART ON OUR ABILITY TO DEVELOP AND ACQUIRE PROPERTIES, WHICH MAY SUFFER UNDER CERTAIN CIRCUMSTANCES. We intend to continue to develop and acquire properties. Our acquisition and development activities include the risks that: ?- construction and leasing up of a property may not be completed on schedule, which could result in increased expenses and construction costs, and would result in a reduction in anticipated cash flow from that property - development and acquisition costs may exceed original or budgeted estimates, possibly making the property unprofitable - some acquisitions and developments may fail to perform in accordance with expectations - development projects may have to be abandoned Our development activities are also subject to risks relating to the inability to obtain, or delays in obtaining, all necessary zoning, land- use, building, occupancy and other required governmental permits and authorizations. Any delays in obtaining or failures to obtain these permits and authorizations could result in increased debt service expenses and in reduced cash flow from the affected properties. We anticipate that future acquisitions and development will be financed through proceeds from Property dispositions as well as secured or unsecured financing, including our $450 million unsecured credit facility ("Credit Facility"). Also, we may, if desirable, sell securities in capital markets. It is possible that financing on desirable terms may become unavailable, and that the Company would not be able to continue our acquisitions and development activities. If any particular development Property that we develop is not successful, we could lose the investment in that Property. WE MAY SUFFER ECONOMIC HARM AS A RESULT OF ALLOCATING RESOURCES TO UNPROFITABLE EFFORTS TO ENTER NEW MARKETS. At times we may attempt to expand our operations into markets where we do not currently operate. We may fail to accurately gauge conditions in a new market prior to entering it, and therefore may not achieve anticipated results in the new market. If this occurs, cash flow from operations may be adversely affected. Many of our Properties are concentrated in our primary markets, and we therefore may suffer economic harm as a result of adverse conditions in those markets. Our Properties are located principally in specific geographic areas in the Southeastern, Mid-Atlantic and Midwestern United States. Due to the concentration of our Properties in these areas, performance is dependent on economic conditions in these areas. These areas have experienced periods of economic decline. WE MAY NOT BE ABLE TO ACCESS FINANCIAL MARKETS TO OBTAIN CAPITAL ON A TIMELY BASIS, OR ON ACCEPTABLE TERMS. 13 In order to qualify as a REIT for federal income tax purposes, we are required to distribute 90% of taxable income to shareholders each year, and thus cannot reinvest this portion of income in the business. As a result, we rely on proceeds from Property dispositions and third party capital sources for many of our capital needs, including capital for acquisitions and development. The public debt and equity markets are among the sources we rely on. There is no guarantee that we will be able to access these markets, or any other source of capital. The ability to access the public debt and equity markets depends on a variety of factors, including: - general economic conditions affecting these markets - our own financial structure and performance - the market's opinion of REITs in general - the market's opinion of REITs that own properties like ours WE MAY SUFFER ADVERSE EFFECTS AS A RESULT OF THE DEBT SERVICING TERMS OF AND FINANCIAL COVENANTS RELATING TO OUR INDEBTEDNESS. Required payments on the mortgages and other indebtedness on some of our Properties generally are not reduced if the economic performance of the Property declines. If the economic performance of a Property declines, income, cash flow from operations and cash available for distribution to shareholders will be reduced. If payments on debt cannot be made, we could sustain a loss, suffer foreclosures by mortgagees or suffer judgments. Further, some obligations, including the Credit Facility and unsecured notes, as well as, at December 31, 2001, approximately $132.8 million in outstanding mortgage indebtedness, contain cross-default and/or cross- acceleration provisions, which means that a default on one obligation may constitute a default on other obligations. Finally, we may not be able to obtain funds by selling assets, raising equity or refinancing indebtedness to make required payments on maturing indebtedness. RISKS RELATED TO THE REAL ESTATE INDUSTRY REAL ESTATE INVESTMENTS ARE ILLIQUID, AND WE MAY NOT BE ABLE TO SELL OUR PROPERTIES IF AND WHEN WE DETERMINE IT IS APPROPRIATE TO DO SO. Real estate generally cannot be sold quickly. We may not be able to alter the Properties promptly in response to economic or other conditions. In addition, provisions of the Internal Revenue Code limit a REIT's ability to sell properties in some situations when it may be economically advantageous to do so, thereby adversely affecting returns to shareholders and adversely impacting the ability to meet our obligations to the holders of other securities. WE MAY EXPERIENCE ECONOMIC HARM IF ANY DAMAGE TO OUR PROPERTIES IS NOT COVERED BY INSURANCE. We may suffer losses that are not covered under our comprehensive liability, fire, extended coverage and rental loss insurance policies. For example, we may not be insured for losses resulting from acts of war, or from environmental liabilities. If an uninsured loss or a loss in excess of insured limits should occur, we could lose capital invested in a Property, as well as any future revenue from the Property. We 14 would nevertheless remain obligated on any mortgage indebtedness or other obligations related to the Property. We may incur environmental liability on some of our Properties, and are required to comply with rules and regulations regarding activities on our Properties as they affect the environment. Failure to comply with those requirements could result in difficulty in selling any affected Property or in incurrence of monetary penalties and fines in addition to the costs necessary to attain compliance. RISKS RELATED TO OUR ORGANIZATION AND STRUCTURE WE HAVE ELECTED REIT STATUS UNDER FEDERAL TAX LAWS, AND COULD SUFFER ADVERSE CONSEQUENCES IF WE FAIL TO QUALIFY AS A REIT. We have elected REIT status under federal tax laws and have taken the steps known to us to perfect that status, but we cannot be certain that we qualify, or that we will remain qualified. Qualification as a REIT involves the application of highly technical and complex provisions of the Internal Revenue Code, as to which there are only limited judicial or administrative interpretations. The complexity of these provisions and of the related income tax regulations is greater in the case of a REIT that holds its assets in partnership form, as we do. Moreover, no assurance can be given that new tax laws will not significantly affect our qualification as a REIT or the federal income tax consequences of such qualification. New laws could be applied retroactively, which means that past operations could be found to be in violation, which would have a negative effect on the business. If we fail to qualify as a REIT in any taxable year, the distributions to shareholders would not be deductible when computing taxable income. If this happened, we would be subject to federal income tax on our taxable income at regular corporate rates. Also, we could be prevented from qualifying as a REIT for the four years following the year in which we were disqualified. Further, if we requalified as a REIT after failing to qualify, we might have to pay the full corporate-level tax on any unrealized gain in our assets during the period we were not qualified as a REIT. We would then have to distribute to our shareholders the earnings we accumulated while we were not qualified as a REIT. These additional taxes would reduce our funds available for distribution to our shareholders for each of the years involved. In addition, while we were disqualified as a REIT, we would not be required by the Internal Revenue Code to make distributions to our shareholders. Future economic, market, legal, tax or other considerations may cause our Board of Trustees to revoke our election to qualify as a REIT. This decision requires the consent of the holders of a majority of the voting interests of all of our outstanding Common Shares. CERTAIN OFFICERS AND TRUSTEES OF THE TRUST MAY NOT HAVE THE SAME INTERESTS AS SHAREHOLDERS AS TO CERTAIN TAX LAWS. Certain officers and trustees of the Trust own units of limited partnership interest in the Operating Partnership. These units may be exchanged for our Common Shares. The officers and trustees who own those units and have not yet exchanged them for our Common Shares may suffer different and more adverse tax consequences than holders of our Common Shares suffer in certain situations: - when certain of our Properties are sold - when debt on those Properties is refinanced 15 - if we are involved in a tender offer or merger The Trust also owns units in the Operating Partnership. Because the Trust, as well as the trustees and officers who own units, face different consequences than shareholders do, the Trust and those trustees and officers may have different objectives as to these transactions than shareholders do. CERTAIN ASPECTS OF OUR ORGANIZATION COULD HAVE THE EFFECT OF RESTRICTING OR PREVENTING A CHANGE OF CONTROL OF OUR COMPANY, WHICH COULD HAVE AN ADVERSE EFFECT ON THE PRICE OF OUR SHARES. Our charter contains an ownership limit on shares. To qualify as a REIT, five or fewer individuals cannot own, directly or indirectly, more than 50% in value of the outstanding shares of beneficial interest. To this end, our Declaration of Trust, among other things, generally prohibits any holder of the Trust's shares from owning more than 5.0% of the Trust's outstanding shares of beneficial interest, unless that holder gets the consent from the Board of Trustees. This limitation could prevent the acquisition of control of the Company by a third party without the consent from the Board of Trustees. We have a staggered board and certain restrictive nominating procedures. The Board of Trustees has three classes of trustees. The term of office of one class expires each year. Trustees for each class are elected for three-year terms as that class' term expires. The terms of the Class I, Class II and Class III trustees expire in 2004, 2002 and 2003, respectively. Any nominee for trustee must be selected under the nominating provisions contained in our Declaration of Trust and By-Laws. The staggered terms for trustees and the nominating procedures may affect shareholders' ability to take control of the Company, even if a change in control was in the shareholders' interest. The Board can issue preferred shares. Our Declaration of Trust authorizes the Board of Trustees to issue preferred shares of beneficial interest and to establish the preferences and rights of any shares issued. The issuance of preferred shares could have the effect of delaying, making more difficult or preventing a change of control of the Company, even if a change in control was in the shareholders' interest. We have a poison pill. Under the shareholder rights plan, rights are issued along with each of the Trust's Common Shares. Holders of these rights can purchase, under certain conditions, a portion of a preferred shares of beneficial interest, or receive Common Shares of the Trust, or common shares of an entity acquiring us, or other consideration, having a value equal to twice the exercise price of the right. The exercise price of the right is $200. This arrangement is often called a "poison pill." Our poison pill could have the effect of delaying or preventing a change of control of the Company, even if a change in control was in the shareholders' interest. There are limitations on acquisition of and changes in control pursuant to, and fiduciary protections of The Board under, Maryland law. The Maryland General Corporation Law ("MGCL")contains provisions which are applicable to the Trust as if the Trust were a corporation. Among these provisions is a section, referred to as the "control share acquisition statute," which eliminates the voting rights of shares acquired in quantities so as to constitute "control shares," as defined under the MGCL. The MGCL also contains provisions applicable to us that are referred to as the "business combination statute," which would generally limit business combinations between the Company and any 10% owners of 16 the Trust's shares or any affiliate thereof. Further, Maryland law provides broad discretion to the Board with respect to its fiduciary duties in considering a change in control of our Company, including that the Board is subject to no greater level of scrutiny in considering a change in control transaction than with respect to any other act by the Board. Finally, the "unsolicited takeovers" provisions of the MGCL permit the Board, without shareholder approval and regardless of what is currently provided in the Company's Declaration of Trust or By-Laws, to implement takeover defenses that our Company does not yet have, including: permitting only the Board to fix the size of the Board and permitting only the Board to fill a vacancy on the Board. All of these provisions may have the effect of inhibiting a third party from making an acquisition proposal for our Company or of delaying, deferring or preventing a change in control of the Company under circumstances that otherwise could provide the holders of Common Shares with the opportunity to realize a premium over the then current market price. VARIOUS FACTORS OUT OF OUR CONTROL COULD HURT THE MARKET VALUE OF OUR PUBLICLY TRADED SECURITIES. General market conditions could change for the worse. The value of our publicly traded securities depends on various market conditions, which may change from time to time. In addition to general economic and market conditions and our particular financial condition and performance, the value of our publicly traded securities could be affected by, among other things, the extent of institutional investor interest in us and the market's opinion of REITs in general and, in particular, REITs that own and operate properties similar to ours. The market value of the equity securities of a REIT may be based primarily upon the market's perception of the REIT's growth potential and its current and future cash distributions, and may be secondarily based upon the real estate market value of the underlying assets. The failure to meet the market's expectations with regard to future earnings and cash distributions likely would adversely affect the market price of publicly traded securities. Rising market interest rates could make an investment in publicly traded securities less attractive. If market interest rates increase, purchasers of publicly traded securities may demand a higher annual yield on the price they pay for their securities. This could adversely affect the market price of publicly traded securities. TRANSACTIONS BY THE TRUST OR THE OPERATING PARTNERSHIP COULD ADVERSELY AFFECT DEBT HOLDERS. Except with respect to several covenants limiting the incurrence of indebtedness and a covenant requiring the Operating Partnership to maintain a certain unencumbered total asset value, our indentures do not contain any provisions that would protect holders of the Operating Partnership's debt securities in the event of (i) a highly leveraged or similar transaction involving the Operating Partnership, the management of the Operating Partnership or the Trust, or any affiliate of any these parties, (ii) a change of control, or (iii) certain reorganizations, restructuring, mergers or similar transactions involving the Operating Partnership or the Trust. ENVIRONMENTAL REGULATIONS Under various federal, state and local laws, ordinances and regulations relating to the protection of the environment (collectively, 17 "Environmental Laws"), a current or previous owner or operator of real estate may be liable for the cost of removal or remediation of certain hazardous or toxic substances disposed, stored, released, generated, treated, manufactured or discharged from, on, at, onto, under or in such property. Environmental Laws often impose such liability without regard to whether the owner or operator knew of, or was responsible for, the presence or release of such hazardous or toxic substances. In addition, the presence of any such substances or the failure to properly remediate such substances when present, released or discharged may adversely affect the owner's ability to sell or rent such property or to borrow using such property as collateral. The cost of any required remediation and the liability of the owner or operator therefore as to any property is generally not limited under such Environmental Laws and could exceed the value of the property and/or the aggregate assets of the owner or operator. Persons who arrange for disposal of hazardous or toxic substances may also be liable for the costs of removal or remediation of such substances at a storage, disposal or treatment facility or other facility at which there has been a release or a threatened release of such substances, whether or not such facility is owned or operated by such persons. In addition to any action required by federal, state or local authorities, the presence of hazardous or toxic substances on any of the Properties, or on any properties acquired hereafter, could result in private plaintiffs bringing claims for personal injury or other causes of action. In connection with the ownership and operation of the Properties, and with respect to any properties developed or acquired hereafter, the Company may be potentially liable for removal, remediation, natural resource damages, release or injury to persons or property. Further, various Environmental Laws impose on owners or operators the requirement of ongoing compliance with rules and regulations regarding business-related activities that may affect the environment. Failure to comply with such requirements could result in difficulty in the lease or sale of any affected Property or the imposition of monetary penalties and fines in addition to the costs required to attain compliance. All of the Properties and land have been subject to Phase I Environmental Assessments and when appropriate Phase II Environmental Assessments (collectively, the "Environmental Assessments"). The Environmental Assessments did not reveal, nor is the Company aware of, any non-compliance with Environmental Laws, environmental liability or other environmental claim that the Company believes would likely have a material adverse effect on the Company. Although certain environmental issues have been identified with respect to certain of the Properties, the Company does not believe that any of these issues is likely to materially adversely affect the results of the Company's operations. No assurance can be given that the Environmental Assessments revealed all potential environmental liabilities, that no prior owner or operator created any material adverse environmental condition not known to the Company, that no environmental liabilities have developed since such Environmental Assessments were prepared, that future laws, ordinances or regulations will not impose any material environmental requirement or liability, or that a material adverse environmental condition does not otherwise exist. ITEM 2. PROPERTIES ------------------- The Properties in Operation, as of December 31, 2001, consisted of 414 industrial and 231 office Properties. Single tenants occupy 262 Properties in Operation. The Company generally provides a reduced level 18 of service in connection with the operation or maintenance of these Properties. The remaining 383 of the Company's Properties in Operation are multi-tenant Properties for which the Company renders a range of building, operating and maintenance services. As of December 31, 2001, the industrial Properties were 95.5% leased. The average building size for the industrial Properties is 81,782 leaseable square feet. The average building size for the office Properties is 68,888 leaseable square feet. As of December 31, 2001, the office Properties were approximately 91.3% leased. The table below highlights the Company's top ten industrial tenants and the top ten office tenants.
PERCENTAGE PERCENTAGE OF TOTAL OF TOTAL TOP 10 INDUSTRIAL TENANTS BASE RENT TOP 10 OFFICE TENANTS BASE RENT ---------------------------------------------- ---------- -------------------------------- ---------- The Government of the United States of America 1.2% The Vanguard Group, Inc. 5.1% TJX Corp. 1.2% Aetna U.S. Healthcare, Inc. 1.5% Vistakon Division of Johnson & Johnson 1.2% PNC Bank 1.4% Kellogg USA 1.1% Capital One Services, Inc. 1.3% Dial Corporation 0.8% Diversified Pharmaceutical Svc. 1.1% Hewlett-Packard 0.7% General Motors Acceptance Corp. 1.0% DSC Logistics 0.6% GlaxoSmithKline 1.0% Fieldcrest Cannon SureFit, Inc. 0.6% Citicorp 1.0% Great Springs Waters of America 0.6% Sanofi Winthrop 0.9% Alcoa Fujikura 0.5% Verticalnet, Inc. 0.8% ------ ------ 8.5% 15.1% ====== ======
The table below sets forth certain information on the Company's Properties in Operation as of December 31, 2001. A complete listing of the Properties in Operation appears as Schedule III to the financial statements of the Company included in this report.
TOTAL TOTAL TYPE BASE RENT SQUARE FEET % LEASED ------------------------ -------------- ------------ -------- Southeastern PA Industrial -Distribution $ 13,628,405 2,236,772 97.9% -Flex 20,905,210 2,096,000 92.9% Office 84,538,538 5,770,627 93.1% ------------ ----------- ------ Total $119,072,153 10,103,399 94.1% ============ =========== ====== New Jersey Industrial -Distribution $ 11,094,789 2,613,211 95.4% -Flex 9,326,681 1,164,451 93.1% Office 8,562,570 835,912 83.8% ------------ ----------- ------ Total $ 28,984,040 4,613,574 92.7% ============ =========== ====== Lehigh Valley Industrial -Distribution $ 25,720,419 6,379,642 98.9% -Flex 9,606,980 1,267,790 97.9% Office 7,222,631 610,717 92.0% ------------ ----------- ------ Total $ 42,550,030 8,258,149 98.2% ============ =========== ====== Maryland Industrial -Distribution $ 617,286 139,898 100.0% -Flex 2,991,843 226,165 100.0% Office 7,931,984 625,215 95.0% ------------ ----------- ------ Total $ 11,541,113 991,278 96.9% ============ =========== ====== Virginia Industrial -Distribution $ 17,116,459 4,391,100 95.4% -Flex 4,293,502 569,486 91.8% Office 14,744,840 1,204,649 93.5% ------------ ----------- ------ Total $ 36,154,801 6,165,235 94.7% ============ =========== ====== The Carolinas Industrial -Distribution $ 8,361,006 1,902,081 92.6% -Flex 960,256 152,080 100.0% Office 14,364,317 1,288,405 92.1% ------------ ----------- ------ Total $ 23,685,579 3,342,566 92.7% ============ =========== ====== 19 TOTAL TOTAL TYPE BASE RENT SQUARE FEET % LEASED ------------------------ -------------- ------------ -------- Jacksonville Industrial -Distribution $ 5,122,748 1,249,695 93.8% -Flex 10,429,633 1,729,831 87.9% Office 16,892,044 1,602,623 90.8% ------------ ----------- ------ Total $ 32,444,425 4,582,149 90.5% ============ =========== ====== Tampa Industrial -Distribution $ 1,149,586 294,286 100.0% -Flex 7,611,227 971,030 89.3% Office 3,583,700 325,332 91.9% ------------ ----------- ------ Total $ 12,344,513 1,590,648 91.8% ============ =========== ====== South Florida Industrial -Distribution $ 3,137,570 575,098 99.4% -Flex 1,348,306 194,548 89.4% Office 6,778,505 741,238 61.1% ------------ ----------- ------ Total $ 11,264,381 1,510,884 79.3% ============ =========== ====== Minnesota Industrial -Distribution $ 2,196,685 488,152 100.0% -Flex 14,446,047 1,860,586 95.5% Office 12,621,236 919,051 100.0% ------------ ----------- ------ Total $ 29,263,968 3,267,789 97.4% ============ =========== ====== Michigan Industrial -Distribution $ 5,564,549 1,143,278 96.2% -Flex 16,632,994 2,105,210 94.6% Office 20,977,151 1,797,158 93.1% ------------ ----------- ------ Total $ 43,174,694 5,045,646 94.4% ============ =========== ====== United Kingdom Industrial -Distribution $ - - - -Flex 2,105,458 107,175 100.0% Office 4,524,396 192,265 100.0% ------------ ----------- ------ Total $ 6,629,854 299,440 100.0% ============ =========== ====== TOTAL Industrial -Distribution $ 93,709,502 21,413,213 96.7% -Flex 100,658,137 12,444,352 93.3% Office 202,741,912 15,913,192 91.3% ------------ ----------- ------- Total $397,109,551 49,770,757 94.1% ============ =========== =======
The expiring square feet and annual base rent by year for the above Properties in Operation as of December 31, 2001 are as follows (in thousands):
INDUSTRIAL- DISTRIBUTION INDUSTRIAL-FLEX OFFICE TOTAL ------------------ ------------------ ------------------ ------------------ EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING SQUARE ANNUAL SQUARE ANNUAL SQUARE ANNUAL SQUARE ANNUAL YEAR FEET BASE RENT FEET BASE RENT FEET BASE RENT FEET BASE RENT ---------- -------- ---------- -------- --------- -------- --------- -------- --------- 2002 3,934 $ 16,791 2,246 $ 17,796 2,196 $ 27,821 8,376 $ 62,408 2003 1,804 8,060 2,386 20,917 1,620 23,047 5,810 52,024 2004 2,063 10,449 1,851 16,666 1,616 25,099 5,530 52,214 2005 2,531 13,181 1,384 12,762 2,917 43,071 6,832 69,014 2006 2,709 12,565 1,581 17,713 1,256 19,053 5,546 49,331 2007 845 5,021 423 4,509 480 7,717 1,748 17,247 Thereafter 6,823 39,094 1,740 18,711 4,445 75,652 13,008 133,457 ------ -------- ------ -------- ------ -------- ------ -------- Total 20,709 $105,161 11,611 $109,074 14,530 $221,460 46,850 $435,695 ====== ======== ====== ======== ====== ======== ====== ======== Total Square Feet 21,413 12,445 15,913 49,771 ====== ====== ====== ====== Percent of Total Expiring Annual Base Rent 24.2% 25.0% 50.8% 100.0% ======== ======== ======== ========
20 ITEM 3. LEGAL PROCEEDINGS --------------------------- The ownership of property and provision of services to the public entails an inherent risk of liability. Although the Company is engaged in litigation incidental to its business, there is no legal proceeding to which it is a party which, in the opinion of management, will materially adversely affect the results of the Company's operations. The Company carries liability insurance against certain types of claims that management believes meets industry standards; however, there can be no assurance that any future legal proceedings (including any related judgments, settlements or costs) will not materially adversely affect the Company's financial condition, liquidity, or results of operations. On June 27, 1995, the Environmental Protection Agency ("EPA") notified Willard G. Rouse III, and two former senior executives, together with six other companies or individuals, that they may be potentially responsible, as former owners, for a portion of the response costs for remediation of ground water in part of the North Penn Service Area for certain properties located in Upper Gwynedd Township, Pennsylvania, (the "Church Road Properties"). The Company acquired the Church Road Properties from the Predecessor upon formation of the Company. The Company sold the Church Road Properties in 2000. The Company has not been similarly notified by the EPA; however, as a prior owner of the Church Road Properties, the potential exists for the Company to be named a potentially responsible party if there has been a release from the Church Road Properties of hazardous substances, including trichloroethylene, that requires remediation. In such circumstances, the Company believes it would have claims against other financially responsible parties (including previous owners of the Church Road Properties, such as Zenith and the other parties identified by the EPA as potentially liable) and, consequently, the Company does not believe that its liability with respect to this matter, if any, is likely to be material. In addition, two current and two former senior executives agreed to indemnify the Company for a period of 10 years commencing in June 1994 with respect to material environmental liabilities associated with the Church Road Properties. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS ------------------------------------------------------------- No matters were submitted to a vote of security holders during the fourth quarter of the year ended December 31, 2001. PART II ITEM 5. MARKET FOR THE REGISTRANTS' COMMON EQUITY AND RELATED SHAREHOLDERS' MATTERS -------------------------------------------------------------- The Common Shares are traded on the New York Stock Exchange under the symbol "LRY." There is no established public trading market for the Common Units. The following table sets forth, for the calendar quarters indicated, the high and low closing prices of the Common Shares on the New York Stock Exchange, and the dividends declared per Common Share for such calendar quarter. 21 DIVIDENDS DECLARED PER HIGH LOW COMMON SHARE ------ ------ ------------ 2001 First Quarter $28.24 $26.30 $0.57 Second Quarter 29.86 27.50 0.57 Third Quarter 31.10 27.70 0.59 Fourth Quarter 30.24 25.75 0.59 2000 First Quarter $24.50 $22.00 $0.52 Second Quarter 26.94 23.25 0.52 Third Quarter 28.97 26.13 0.57 Fourth Quarter 28.81 25.44 0.57 As of March 1, 2002, the Common Shares were held by 1,296 holders of record. Since its initial public offering, the Company has paid regular and uninterrupted dividends. Although the Company currently anticipates that comparable cash dividends will continue to be paid in the future, the payment of future dividends by the Company will be at the discretion of the Board of Trustees and will depend on numerous factors including the Company's cash flow, its financial condition, capital requirements, annual distribution requirements under the REIT provisions of the Internal Revenue Code of 1986, as amended, and such other factors as the Board of Trustees deems relevant. 22 ITEM 6. SELECTED FINANCIAL DATA -------------------------------- The following table sets forth Selected Financial Data for Liberty Property Trust and Liberty Property Limited Partnership as of and for the years ended December 31, 2001, 2000, 1999, 1998, and 1997. The information set forth below should be read in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the financial statements and notes thereto appearing elsewhere in this report. Certain amounts from prior years have been reclassified to conform to current-year presentation.
LIBERTY PROPERTY TRUST/LIBERTY PROPERTY LIMITED PARTNERSHIP ------------------------------------------------------------ YEAR ENDED DECEMBER 31, ------------------------------------------------------------ 2001 2000 1999 1998 1997 ---------- ---------- ---------- ---------- ---------- (IN THOUSANDS) OPERATING DATA Total revenue $ 587,165 $ 532,963 $ 472,498 $ 388,378 $ 229,999 Rental and real estate tax expense 167,888 148,739 129,439 108,345 61,079 Interest expense 112,006 108,295 99,663 78,617 51,067 General and administra- tive expenses 21,052 19,260 16,127 15,522 10,650 Depreciation and amortization 102,626 93,472 84,464 67,932 40,752 ---------- ---------- ---------- ---------- ---------- Income before property dispositions, extraordinary item and minority interest 183,593 163,197 142,805 117,962 66,451 Gain (loss) on property dispositions 2,115 18,386 13,188 (1,285) 2,518 ---------- ---------- ---------- ---------- ---------- Income before extraordinary item and minority interest 185,708 181,583 155,993 116,677 68,969 Extraordinary item-loss on extinguishment of debt - 2,103 1,145 - 2,919 ---------- ---------- ---------- ---------- ---------- Income before minority interest 185,708 179,480 154,848 116,677 66,050 Minority interest 19,171 20,209 13,524 8,062 5,606 ---------- ---------- ---------- ---------- ---------- Net income 166,537 159,271 141,324 108,615 60,444 ---------- ---------- ---------- ---------- ---------- Preferred share distributions 11,000 11,000 11,000 11,000 4,247 ---------- ---------- ---------- ---------- ---------- Income available to common shareholders $ 155,537 $ 148,271 $ 130,324 $ 97,615 $ 56,197 ========== ========== ========== ========== ========== Distributions paid on common shares and units $ 171,513 $ 153,657 $ 133,387 $ 109,361 $ 70,615 ========== ========== ========== ========== ========== Distributions paid on preferred shares and units $ 21,613 $ 21,070 $ 14,784 $ 11,000 $ 2,414 ========== ========== ========== ========== ==========
23
LIBERTY PROPERTY TRUST/LIBERTY PROPERTY LIMITED PARTNERSHIP ------------------------------------------------------------- YEAR ENDED DECEMBER 31, ------------------------------------------------------------- 2001 2000 1999 1998 1997 ---------- ---------- ---------- ---------- ---------- (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) PER SHARE DATA Earnings per share Basic: Income per common share before extraordinary item $ 2.19 $ 2.23 $ 1.98 $ 1.60 $ 1.45 Extraordinary item $ - $ (0.03) $ (0.02) $ - $ (0.06) Income per common share $ 2.19 $ 2.20 $ 1.96 $ 1.60 $ 1.39 Diluted: Income per common share before extraordinary item $ 2.15 $ 2.20 $ 1.97 $ 1.59 $ 1.44 Extraordinary item $ - $ (0.03) $ (0.02) $ - $ (0.06) Income per common share $ 2.15 $ 2.17 $ 1.95 $ 1.59 $ 1.38 Distributions paid per common share $ 2.30 $ 2.13 $ 1.87 $ 1.71 $ 1.65 Distributions paid per preferred share $ 2.20 $ 2.20 $ 2.20 $ 2.20 $ 0.48 Weighted average number of shares outstanding - basic 71,184 67,442 66,495 61,036 40,493 Weighted average number of shares outstanding - diluted 73,580 68,173 66,727 61,315 40,806 OTHER DATA Cash provided by opera- ting activities $ 303,697 $ 240,735 $ 212,421 $ 219,223 $ 136,596 Cash used by investing activities (233,198) (308,750) (238,778) (839,542) (864,562) Cash (used) provided by financing activities (55,747) 63,589 21,030 579,631 763,433 Funds from operations 262,782 234,194 210,982 173,829 102,519 BALANCE SHEET DATA Net real estate $3,353,933 $3,208,886 $2,984,577 $2,819,119 $1,956,717 Total assets 3,552,825 3,396,355 3,118,133 2,931,408 2,093,858 Total indebtedness 1,753,131 1,703,896 1,491,238 1,423,843 960,134 Shareholders' and owners' equity 1,423,422 1,320,805 1,294,607 1,267,036 955,595 OTHER DATA Total leaseable square footage of properties at end of period (in thou- sands) 49,771 48,216 46,219 44,168 32,453 Number of properties at end of period 645 652 634 608 441 Percentage leased at end of period 94% 96% 95% 95% 95% Basic weighted average number of shares includes only vested Common Shares outstanding during the year. Diluted weighted average number of shares outstanding includes the dilutive effect of outstanding options and for the year ended December 31, 2001 the dilutive effect of Convertible Debentures. For the years ended December 31, 2000, 1999, 1998 and 1997, such number excludes Common Shares issuable upon conversion of the Convertible Debentures, because to do so would have been antidilutive. "Funds from operations" is defined by the National Association of Real Estate Investment Trusts ("NAREIT") as net income (computed in accordance with generally accepted accounting principles ("GAAP")), excluding gains (or losses) from sales of property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Funds from operations does not represent net income or cash flows from 24 operations as defined by GAAP and does not necessarily indicate that cash flows will be sufficient to fund cash needs. It should not be considered as an alternative to net income as an indicator of the Company's operating performance or to cash flows as a measure of liquidity. Funds from operations also does not represent cash flows generated from operating, investing or financing activities as defined by GAAP.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ------------------------------------------------------------------------ OVERVIEW In 2001, the Company continued to focus on creating value and increasing profitability and cash flow. With respect to its core portfolio of Properties in Operation, the Company endeavors to maintain and increase its occupancy levels while increasing rental rates. The Company pursues development opportunities that it believes will create value and yield high returns. The Company also acquires properties which it believes will provide high returns and create long-term value, and disposes of Properties which no longer fit within the Company's strategic objectives or in situations where it can optimize cash proceeds. The Company's operating results depend primarily upon income from rental operations. This income is substantially influenced by rental demand for the Properties in Operation. The general slowdown in the economy has negatively affected occupancy rates, primarily in the higher paying office portion of the portfolio. The occupancy rate of the Properties in Operation decreased to 94.1% as of December 31, 2001 from 96.1% as of December 31, 2000, and the occupancy rate of the office portfolio decreased to 91.3% as of December 31, 2001 from 94.2% as of December 31, 2000. Rental operations have been negatively impacted by occupancy declines. This decline is partially offset by rental rate increases the Company has realized on renewal and replacement leases. To the extent this trend continues, the Company may experience little to no increase in Same Store property-level operating income. The Company also seeks to achieve growth in operating income from its development pipeline activity. The decline in demand for real estate has also impacted the pre-leasing of the Properties Under Development and has resulted in a decrease in the number of development starts during the year ended December 31, 2001. If this trend continues, the contribution to growth in income from Properties Under Development may decline. The Company anticipates that its development efforts in 2002 will be principally focused on build-to-suit development opportunities. As noted above, the Company also seeks to acquire and dispose of Properties in appropriate circumstances. The Company anticipates that this activity will continue in a manner consistent with the activity in 2001. FORWARD-LOOKING STATEMENTS When used throughout this report, the words "believes," "anticipates," and "expects" and similar expressions are intended to identify forward- looking statements. Such statements indicate that assumptions have been used that are subject to a number of risks and uncertainties which could cause actual financial results or management plans and objectives to differ materially from those projected or expressed herein, including: the effect of national and regional economic conditions; the Company's 25 ability to identify and secure additional properties and sites that meet its criteria for acquisition or development; the availability and cost of capital; and the effect of prevailing market interest rates; and other risks described from time to time in the Company's filings with the Securities and Exchange Commission. Given these uncertainties, readers are cautioned not to place undue reliance on such statements. CRITICAL ACCOUNTING POLICIES The Company's discussion and analysis of its financial condition and results of operations are based upon the Company's consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires the Company to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. The Company bases these estimates, judgments and assumptions on historical experience and on other various factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions. The Company believes the following critical policies affect its more significant estimates and assumptions used in preparation of its consolidated financial statements. CAPITALIZED COSTS Expenditures directly related to acquisition, or improvement of real estate, including interest and other costs capitalized during development, are included in net real estate and are stated at cost. The capitalized costs include pre-construction costs essential to the development of the property, development and construction costs, interest costs, real estate taxes, salaries and other costs incurred during the period of development. Expenditures for maintenance and repairs are charged to operations as incurred. ALLOWANCE FOR DOUBTFUL ACCOUNTS The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its tenants to make required rental payments. IMPAIRMENT OF REAL ESTATE The Company evaluates its real estate investments upon occurrence of significant adverse changes in their operations to assess whether any impairment indicators are present that affect the recovery of the recorded value. If any real estate investment is considered impaired, a loss is provided to reduce the carrying value of the property to its estimated fair value. As of December 31, 2001 and 2000, none of the Company's assets were considered impaired. RESULTS OF OPERATIONS The following discussion is based on the consolidated financial statements of the Company. It compares the results of operations of the Company for the year ended December 31, 2001 with the results of operations of the Company for the year ended December 31, 2000, and the results of operations of the Company for the year ended December 31, 2000 with the results of operations of the Company for the year ended December 31, 1999. As a result of the varying level of development, acquisition and disposition activities by the Company in 2001 and 2000, the overall operating results of the Company during such periods are not 26 directly comparable. However, certain data, including the "Same Store" comparison, do lend themselves to direct comparison. This information should be read in conjunction with the accompanying consolidated financial statements and notes included elsewhere in this report. COMPARISON OF YEAR ENDED DECEMBER 31, 2001 TO YEAR ENDED DECEMBER 31, 2000. Total revenue (principally rental revenue and operating expense reimbursement) increased to $587.2 million for the year ended December 31, 2001 from $533.0 million for the year ended December 31, 2000. This increase was primarily due to the net increased investment in properties developed, acquired, or disposed of during the respective periods. The following is a summary of the Company's acquisition, development and disposition activity for the years ended December 31, 2001 and 2000:
2001 2000 ------------------------ ------------------------ TOTAL TOTAL NO. OF INVESTMENT (1) NO. OF INVESTMENT (1) BLDGS OR PROCEEDS BLDGS OR PROCEEDS ------ ---------------- ------ --------------- Properties owned as of: Beginning January 1 652 634 Acquisitions 4 $ 36.9 14 $105.2 Completed developments 26 230.3 24 173.5 Dispositions (37) (141.2) (20) (104.4) ---- ---- Ending December 31 645 652 ==== ==== (1) The "Total Investment" for a Property is defined as the Property's purchase price plus closing costs and management's estimate, as determined at the time of acquisition, of the cost of necessary building improvements in the case of acquisitions, or land costs and land and building improvement costs in the case of development projects, and where appropriate, other development costs and carrying costs required to reach rent commencement.
Additionally, the Company sold eight parcels of land for approximately $6.7 million during the year ended December 31, 2001 as compared to 11 parcels of land for approximately $18.1 million during the year ended December 31, 2000. The operating expense recovery percentage (the ratio of operating expense reimbursement to rental property expenses and real estate taxes) decreased to 95.7% for the year ended December 31, 2001 from 97.0% for the year ended December 31, 2000, due to the decrease in average occupancy during the year. Rental property and real estate tax expenses increased to $167.9 million for the year ended December 31, 2001 from $148.7 million for the year ended December 31, 2000. This increase is due to the increase in the investment in properties owned during the respective periods. Increases in rental property and real estate tax expense are generally offset by increases in operating expense reimbursements. 27 Property level operating income for the "Same Store" properties (properties owned since January 1, 2000) increased to $343.7 million for the year ended December 31, 2001 from $337.2 million for the year ended December 31, 2000, on a straight line basis (which recognizes rental revenue evenly over the life of the lease), and increased to $337.6 million for the year ended December 31, 2001 from $329.0 million for the year ended December 31, 2000, on a cash basis. These increases of 1.9% and 2.6%, respectively, are primarily due to increases in rental rates, partially offset by a decrease in occupancy, primarily in the office portion of the portfolio. Set forth below is a schedule comparing the property level operating income, on a straight line basis and on a cash basis, for the Same Store properties for the years ended December 31, 2001 and 2000(in thousands).
STRAIGHT LINE BASIS CASH BASIS ---------------------- --------------------- 2001 2000 2001 2000 --------- --------- --------- --------- Rental revenue $ 349,207 $ 340,961 $ 343,075 $ 332,718 Operating expense: Rental property expense 95,862 89,173 95,862 89,173 Real estate taxes 48,339 46,034 48,339 46,034 Operating expense recovery (138,687) (131,483) (138,687) (131,483) --------- --------- --------- --------- Unrecovered operating expenses 5,514 3,724 5,514 3,724 --------- --------- --------- --------- Property level operating income $ 343,693 $ 337,237 $ 337,561 $ 328,994 ========= ========= ========= =========
General and administrative expenses increased to $21.1 million for the year ended December 31, 2001 from $19.3 million for the year ended December 31, 2000. These increases are primarily due to the ongoing funding of initiatives which the Company undertook related to training, internal assurance, property management and marketing. Depreciation and amortization expenses increased to $102.6 million for the year ended December 31, 2001 from $93.5 million for the year ended December 31, 2000. This increase is due to the increase in the investment in properties owned during the respective periods. Interest expense increased to $112.0 million for the year ended December 31, 2001 from $108.3 million for the year ended December 31, 2000. This increase is due to an increase in the average debt outstanding for the respective periods which was $1,747.9 million in 2001 and $1,589.8 million in 2000. This increase was partially offset due to a decrease in the weighted average interest rates for the periods, to 7.46% in 2001 from 7.57% in 2000. Costs directly related to the development of rental properties are capitalized. Capitalized development costs include interest, salaries, property taxes, insurance and other directly identifiable costs during the period of development. Capitalized salaries historically represent approximately 1% of the cost of developed properties brought into service. These amounts are not included in general and administrative expenses as discussed above. Capitalized interest for the year ended December 31, 2001 was $22.3 million as compared to $17.8 million for the year ended December 31, 2000. These costs are not included in the interest expense as discussed above. 28 In 2001, the Company realized a gain on property dispositions of $2.1 million, due to the sale of 37 Properties in Operation, two Properties Under Development and eight parcels of land for an aggregate of $157.1 million. In 2000, the Company realized a gain on property dispositions of $18.4 million, due to the sale of 20 Properties in Operation and 11 parcels of land for an aggregate of $122.5 million. In 2000, the Company repurchased $10.9 million principal amount of its Convertible Debentures resulting in the recognition of an extraordinary loss of $2.1 million. This loss represents the redemption premium and the write-off of related deferred financing costs. As a result of the foregoing, the Company's income before minority interest increased to $185.7 million for the year ended December 31, 2001 from $179.5 million for the year ended December 31, 2000. In addition, net income increased to $166.5 million for the year ended December 31, 2001 from $159.3 million for the year ended December 31, 2000. COMPARISON OF YEAR ENDED DECEMBER 31, 2000 TO YEAR ENDED DECEMBER 31, 1999. Total revenue (principally rental revenue and operating expense reimbursement) increased to $533.0 million for the year ended December 31, 2000 from $472.5 million for the year ended December 31, 1999. This increase was primarily due to the net increased investment in properties developed, acquired or disposed of during the respective periods. The following is a summary of the Company's acquisition, development and disposition activity for the years ended December 31, 2000 and 1999:
2000 1999 -------------------- --------------------- TOTAL TOTAL NO. OF INVESTMENT NO. OF INVESTMENT BLDGS OR PROCEEDS BLDGS OR PROCEEDS ------ ------------ ------ ------------ Properties owned as of: Beginning January 1 634 608 Acquisitions 14 $105.2 13 $ 63.1 Completed developments 24 173.5 41 285.7 Dispositions (20) (104.4) (28) (109.9) ---- ---- Ending December 31 652 634 ==== ====
Additionally, the Company sold 11 parcels of land for approximately $18.1 million during the year ended December 31, 2000 as compared to six parcels of land for approximately $8.8 million during the year ended December 31, 1999. Furthermore, total revenue increased because the operating expense recovery percentage (the ratio of operating expense reimbursement to rental property expenses and real estate taxes) increased to 97.0% for the year ended December 31, 2000 from 95.5% for the year ended December 31, 1999 due to the increase in average occupancy during the year. 29 Rental property and real estate tax expenses increased to $148.7 million for the year ended December 31, 2000 from $129.4 million for the year ended December 31, 1999. This increase is due to the increase in the investment in properties owned during the respective periods. Property level operating income for the "Prior Year Same Store" properties (properties owned since January 1, 1999) increased to $309.2 million for the year ended December 31, 2000 from $298.5 million for the year ended December 31, 1999 on a straight line basis, (which recognizes rental revenue evenly over the life of the lease), and increased to $303.0 million for the year ended December 31, 2000 from $292.3 million for the year ended December 31, 1999, on a cash basis. These increases, each equaling 3.6%, are primarily due to increases in rental rates, and to a modest extent due to increases in occupancy. Set forth below is a schedule comparing the property level operating income, on a straight line basis and on a cash basis, for the Prior Year Same Store properties for the years ended December 31, 2000 and 1999(in thousands).
STRAIGHT LINE BASIS CASH BASIS --------------------- -------------------- 2000 1999 2000 1999 --------- --------- --------- --------- Rental revenue $ 312,856 $ 302,665 $ 306,692 $ 296,521 Operating expense: Rental property expense 80,342 77,125 80,342 77,125 Real estate taxes 42,136 37,114 42,136 37,114 Operating expense recovery (118,787) (110,064) (118,787) (110,064) --------- --------- --------- --------- Unrecovered operating expenses 3,691 4,175 3,691 4,175 --------- --------- --------- --------- Property level operating income $ 309,165 $ 298,490 $ 303,001 $ 292,346 ========= ========= ========= =========
General and administrative expenses increased to $19.3 million for the year ended December 31, 2000 from $16.1 million for the year ended December 31, 1999. This $3.2 million increase is due to the increase in personnel and other related overhead costs necessitated by the increase in the number of Properties in Operation during the respective periods, and the funding of initiatives which the Company undertook related to training, internal assurance, property management and marketing. Depreciation and amortization expenses increased to $93.5 million for the year ended December 31, 2000 from $84.5 million for the year ended December 31, 1999. This increase is due to the increase in the investment in properties owned during the respective periods. Interest expense increased to $108.3 million for the year ended December 31, 2000 from $99.7 million for the year ended December 31, 1999. This increase is due to an increase in the average debt outstanding for the respective periods which was $1,589.8 million in 2000 and $1,474.6 million in 1999. This increase is also due to an increase in the weighted average interest rates for the periods, to 7.57% in 2000 from 7.33% in 1999. Costs directly related to the development of rental properties are capitalized. Capitalized development costs include interest, salaries, property taxes, insurance and other directly identifiable costs during the period of development. Capitalized salaries historically represent 30 approximately 1% of the cost of developed properties brought into service. These amounts are not included in general and administrative expenses as discussed above. Capitalized interest for the year ended December 31, 2000 was $17.8 million as compared to $15.3 million for the year ended December 31, 1999. These costs are not included in the interest expense as discussed above. In 2000, the Company realized a gain on property dispositions of $18.4 million, due to the sale of 20 Properties and 11 parcels of land for an aggregate of $122.5 million. In 1999, the Company realized a gain on property dispositions of $13.2 million, due to the sale of 28 Properties and six parcels of land for an aggregate of $118.7 million. In 2000, the Company repurchased $10.9 million principal amount of its Convertible Debentures resulting in the recognition of an extraordinary loss of $2.1 million. In 1999, the Company repurchased $6.6 million principal amount of its Convertible Debentures. This resulted in the recognition of an extraordinary loss in 1999 of $1.1 million. These losses represent the redemption premiums and the write-off of related deferred financing costs. As a result of the foregoing, the Company's income before minority interest increased to $179.5 million for the year ended December 31, 2000 from $154.8 million for the year ended December 31, 1999. In addition, net income increased to $159.3 million for the year ended December 31, 2000 from $141.3 million for the year ended December 31, 1999. LIQUIDITY AND CAPITAL RESOURCES As of December 31, 2001, the Company had cash and cash equivalents of $19.4 million. Net cash flow provided by operating activities increased to $303.7 million for the year ended December 31, 2001 from $240.7 million for the year ended December 31, 2000. This $63.0 million increase was primarily due to the utilization in 2001 of escrowed proceeds from prior year property dispositions. These escrows were established in accordance with Section 1031 of the Internal Revenue Code and were reflected in prepaid and other assets at December 31, 2000. Net cash flow provided by operations is the primary source of liquidity to fund distributions to shareholders and for the recurring capital expenditures and leasing transaction costs for the Company's Properties in Operation. Net cash used in investing activities decreased to $233.2 million for the year ended December 31, 2001 from $308.8 million for the year ended December 31, 2000. The primary reason for this $75.6 million decrease was a decrease in investment in properties and land held for development and an increase in proceeds from dispositions. These amounts were partially offset by an increase in investment in development in progress. Net cash used by financing activities totaled $55.7 million as compared to net cash provided by financing activities of $63.6 million for the year ended December 31, 2000. This $119.3 million decrease is primarily due to a decrease in proceeds from the Credit Facility (as defined below). Net cash provided by financing activities includes proceeds from the issuance of equity and debt net of debt repayments and shareholder distributions. It is a source of capital utilized by the Company to fund investment activities and the decrease in such funding 31 activities for 2001 is consistent with the decrease in the level of the Company's investment activities as described above. The Company believes that its undistributed cash flow from operations is adequate to fund its operating needs. The Company funds its development and acquisitions with long-term capital sources to include proceeds from the disposition of Properties. In 2000, the Company increased its borrowing capacity and obtained a $450 million unsecured credit facility (the "Credit Facility") replacing a $325 million credit facility and a $90 million term loan. The Company uses debt financing to lower its overall cost of capital in an attempt to increase the return to shareholders. The Company staggers its debt maturities and maintains debt levels it considers to be prudent. In determining its debt levels, the Company considers various financial measures to include debt to gross assets and earnings to fixed charges ratios. As of December 31, 2001 the Company's debt to gross assets ratio was 44.3%, and the earnings to fixed charges ratio was 2.54. Debt to gross assets equals total long term debt divided by total assets plus accumulated depreciation. Earnings to fixed charges equals income before extraordinary item and minority interest plus interest expense divided by interest expense, including capitalized interest, plus distributions on preferred shares and units. The interest rate on borrowings under the Credit Facility fluctuates based upon ratings from Moody's, S&P and Fitch. During 2001, Standard and Poor's Ratings Group ("S&P") and Moody's Investors Services, Inc. ("Moody's") raised their corporate credit rating for the Company from BBB- to BBB and from Baa3 to Baa2, respectively. In 2001, Fitch, Inc. ("Fitch") initiated coverage on the Company with a BBB senior debt rating. At the Company's current ratings, the interest rate for borrowings under the Credit Facility is 105 basis points over LIBOR. As of December 31, 2001, $340.1 million in mortgage loans and $1,345.0 million in unsecured notes were outstanding with a weighted average interest rate of 7.4%. The interest rates on $1,669.8 million of mortgage loans and unsecured notes are fixed and range from 6.0% to 8.8%. Interest rates on $15.3 million of mortgage loans float with the base rate of the respective lending bank or a municipal bond index. The weighted average remaining term for the mortgage loans and unsecured notes is 6.9 years. In 2002, $100,000 principal amount of 6.6% unsecured notes will mature. The Company anticipates that it will refinance or retire this maturity through available sources of capital. GENERAL The Company believes that its existing sources of capital will provide sufficient funds to finance its continued development and acquisition activities. The Company's existing sources of capital include the public debt and equity markets, proceeds from Property dispositions and net cash provided from operating activities. Additionally, the Company expects to incur variable rate debt, including borrowings under the Credit Facility from time to time. In 2001, the Company received approximately $246.2 million in net proceeds from the issuance of unsecured notes. The Company used the net proceeds to pay down the Credit Facility, which is used to fund development and acquisition activity. 32 In 2000, the Company received approximately $19.5 million in net proceeds from the issuance of 9.125% Series C Cumulative Redeemable Preferred Units, and approximately $197.1 million in net proceeds from the issuance of unsecured notes. The Company used the aggregate net proceeds from the issuance of preferred units and unsecured notes primarily to pay down the Credit Facility, which is used to fund development and acquisition activity. In October 1999, the Board of Trustees authorized a share repurchase program under which the Company may purchase up to $100 million of the Company's Common Shares, preferred shares or Convertible Debentures. Through December 31, 2001, the Company purchased 59,100 Common Shares and purchased Convertible Debentures exchangeable into 877,950 Common Shares. The total cost for the purchase of the Common Shares and Convertible Debentures was approximately $21.9 million. In July of 2001, the Convertible Debentures matured. Of the remaining $41.7 million outstanding as of June 30, 2001, $41.1 million were converted into Common Shares prior to the maturity date at a rate of one common share for each $20 outstanding, or 2,057,300 Common Shares, and $597,000 was settled in cash. In September 2001, the quarterly Common Share dividend was increased to $0.59 per share from $0.57 per share. The Company's annual Common Share dividend paid was $2.30 per share, $2.13 per share and $1.87 per share in 2001, 2000 and 1999, respectively. In 2001, the Company's dividend payout ratio was approximately 67% of Funds from operations (as defined below) per share. The Company has an effective S-3 shelf registration statement on file with the Securities and Exchange Commission (the "Shelf Registration Statement"). As of March 1, 2002, pursuant to the Shelf Registration Statement, the Trust has the capacity to issue up to $688.4 million in equity securities and the Operating Partnership has the capacity to issue up to $561.1 million in debt securities. RELATED PARTY TRANSACTIONS Pursuant to agreements, the Company has been retained by an affiliate (Rouse Kent Limited) to provide development, management and other services. For the years ended December 31, 2001, 2000, and 1999, the fees for these services were $600,000 per year. The Company had accounts receivable and a loan receivable from Rouse Kent Limited and affiliates with balances of $3.8 million and $17.3 million, respectively, as of December 31, 2001 and $7.5 million and $11.9 million, respectively, as of December 31, 2000. The Company has the option to purchase this affiliate for nominal consideration. In addition, the Company has two joint ventures which it fully consolidates. There are no other off balance sheet structures. CALCULATION OF FUNDS FROM OPERATIONS Management generally considers Funds from operations (as defined below) a useful financial performance measure of the operating performance of an equity REIT, because, together with net income and cash flows, Funds from operations provides investors with an additional basis to evaluate the ability of a REIT to incur and service debt and to fund dividends and ongoing capital expenditures. Funds from operations is defined by NAREIT as net income (computed in accordance with generally accepted accounting principles ("GAAP")), excluding gains (or losses) from sales of property, plus depreciation and amortization, and after adjustments 33 for unconsolidated partnerships and joint ventures. Funds from operations does not represent net income or cash flows from operations as defined by GAAP and does not necessarily indicate that cash flows will be sufficient to fund cash needs. It should not be considered as an alternative to net income as an indicator of the Company's operating performance or to cash flows as a measure of liquidity. Funds from operations also does not represent cash flows generated from operating, investing or financing activities as defined by GAAP. Funds from operations for the years ended December 31, 2001, 2000 and 1999 are as follows:
YEAR ENDED DECEMBER 31, ------------------------------ 2001 2000 1999 -------- -------- -------- (IN THOUSANDS) Income available to common shareholders $155,537 $148,271 $130,324 Adjustments: Minority interest less preferred unit distributions 8,559 10,139 9,741 Depreciation and amortization 100,801 92,067 82,960 Extraordinary item-loss on extinguishment on debt - 2,103 1,145 Gain on disposition of property (2,115) (18,386) (13,188) -------- -------- -------- Funds from operations $262,782 $234,194 $210,982 ======== ======== ========
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK -------------------------------------------------------------------- The following discussion about the Company's risk management includes forward-looking statements that involve risks and uncertainties. Actual results could differ materially from the results discussed in the forward-looking statements. The Company's primary market risk exposure is to changes in interest rates. The Company is exposed to market risk related to its Credit Facility and certain other indebtedness as discussed in "Management's Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources." The interest on the Credit Facility and such other indebtedness is subject to fluctuations in the market. The Company also uses long-term and medium-term debt as a source of capital. These debt instruments are typically issued at fixed interest rates. When these debt instruments mature, the Company typically refinances such debt at then-existing market interest rates which may be more or less than the interest rates on the maturing debt. In addition, the Company may attempt to reduce interest rate risk associated with a forecasted issuance of new debt. In order to reduce interest rate risk associated with these transactions, the Company occasionally enters into interest rate protection agreements. If the interest rates for variable rate debt were 100 basis points higher or lower during 2001, the Company's interest expense would have been increased or decreased by approximately $600,000. If the interest rate for the fixed rate debt maturing in 2002 was 100 basis points higher or lower than its current rate of 6.6%, the Company's interest expense would be increased or decreased by approximately $400,000. 34 Due to the uncertainty of fluctuations in interest rates, the specific actions that might be taken by management to mitigate the impact of such fluctuations and their possible effects, the sensitivity analysis assumes no changes in the Company's financial structure. ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA ----------------------------------------------------- The dual presentation of financial statements for the Company is required by the Securities and Exchange Commission. The Company is comprised of two Securities and Exchange Commission registrants: Liberty Property Trust and Liberty Property Limited Partnership. Accordingly, one set of financial statements are required for each registrant. The financial information contained within the two sets of financial statements is essentially the same, with the exception of reformatting to account for the ownership differences between the entities. 35 MANAGEMENT'S DISCUSSION OF FINANCIAL REPORTING RESPONSIBILITY REPORTS OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS AND CONSOLIDATED FINANCIAL STATEMENTS Management's Discussion of Financial Reporting Responsibility - Liberty Property Trust ------------------------------------------------------------- Report of Independent Auditors - Liberty Property Trust ------------------------------------------------------- Financial Statements - Liberty Property Trust: ---------------------------------------------- Balance Sheets: Liberty Property Trust Consolidated as of December 31, 2001 and 2000 Statements of Operations: Liberty Property Trust Consolidated for the years ended December 31, 2001, 2000 and 1999 Statements of Shareholders' Equity: Liberty Property Trust Consolidated for the years ended December 31, 2001, 2000 and 1999 Statements of Cash Flows: Liberty Property Trust Consolidated for the years ended December 31, 2001, 2000 and 1999 Notes to Consolidated Financial Statements - Liberty Property Trust Financial Statement Schedule - Liberty Property Trust: Schedule III - Real Estate and Accumulated Depreciation as of December 31, 2001 Management's Discussion of Financial Reporting Responsibility - Liberty Property Limited Partnership ------------------------------------------------------------- Report of Independent Auditors - Liberty Property Limited Partnership --------------------------------------------------------------------- Financial Statements - Liberty Property Limited Partnership: ------------------------------------------------------------ Balance Sheets: Liberty Property Limited Partnership Consolidated as of December 31, 2001 and 2000 Statements of Operations: Liberty Property Limited Partnership Consolidated for the years ended December 31, 2001, 2000 and 1999 Statements of Owners' Equity: Liberty Property Limited Partnership Consolidated for the years ended December 31, 2001, 2000 and 1999 Statements of Cash Flows: Liberty Property Limited Partnership Consolidated for the years ended December 31, 2001, 2000 and 1999 Notes to Consolidated Financial Statements - Liberty Property Limited Partnership Financial Statement Schedule - Liberty Property Limited Partnership: Schedule III - Real Estate and Accumulated Depreciation as of December 31, 2001 36 MANAGEMENT'S DISCUSSION OF FINANCIAL REPORTING RESPONSIBILITY The financial statements presented in this Annual Report have been prepared with integrity and are the responsibility of the management of Liberty Property Trust. These financial statements are prepared in conformity with accounting principles generally accepted in the United States and properly reflect certain estimates and judgments based upon the best available information. Management also prepared the other information in the Annual Report and is responsible for its accuracy and consistency with the consolidated financial statements. The Company's system of internal controls is designed to provide reasonable assurance as to the proper authorization of transactions, the safeguarding of Company assets and the accuracy and reliability of the financial records. This system is reviewed and modified in response to changing business conditions and operations, and as a result of recommendations by the external and internal auditors. In addition, the Company has distributed to its employees its policies for conducting business affairs in a lawful and ethical manner. The accounting firm of Ernst & Young LLP has performed an independent audit of the Company's financial statements. Their audit was performed in accordance with auditing standards generally accepted in the United States. Management believes that all representations made to Ernst & Young LLP during its audit were valid and appropriate. The adequacy of the Company's internal controls and the accounting principles employed in financial reporting are under the general oversight of the Audit Committee of the Board of Trustees. The Audit Committee, consisting solely of outside Trustees, meets periodically with the external auditors, the internal auditors and representatives of management to discuss auditing and financial reporting matters. The external auditors and the internal auditors also have full and free access to meet privately with the Audit Committee. /s/ WILLARD G. ROUSE III --------------------------------------------- Willard G. Rouse III Chairman of the Board of Trustees and Chief Executive Officer /s/ GEORGE J. ALBURGER, JR. --------------------------------------------- George J. Alburger, Jr. Executive Vice President and Chief Financial Officer 37 REPORT OF INDEPENDENT AUDITORS To The Board of Trustees and Shareholders Liberty Property Trust We have audited the accompanying consolidated balance sheets of Liberty Property Trust (the "Trust") as of December 31, 2001 and 2000, and the related consolidated statements of operations, shareholders' equity, and cash flows for each of the three years in the period ended December 31, 2001. Our audits also included the financial statement schedule listed in the Index at Item 14(a). These financial statements and schedule are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements and schedule based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of Liberty Property Trust at December 31, 2001 and 2000, and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 31, 2001, in conformity with accounting principles generally accepted in the United States. Also, in our opinion, the related financial statement schedule, when considered in relation to the basic financial statements taken as a whole, presents fairly in all material respects the information set forth therein. Philadelphia, Pennsylvania /s/ ERNST & YOUNG LLP February 5, 2002 38
CONSOLIDATED BALANCE SHEETS OF LIBERTY PROPERTY TRUST (IN THOUSANDS, EXCEPT SHARE AMOUNTS) DECEMBER 31, ------------------------- 2001 2000 ----------- ----------- ASSETS Real estate: Land and land improvements $ 467,311 $ 443,057 Buildings and improvements 2,874,903 2,754,356 Less accumulated depreciation (404,617) (334,415) ---------- ---------- Operating real estate 2,937,597 2,862,998 Development in progress 252,789 208,486 Land held for development 163,547 137,402 ---------- ---------- Net real estate 3,353,933 3,208,886 Cash and cash equivalents 19,390 4,638 Accounts receivable 15,470 12,624 Deferred financing and leasing costs, net of accumulated amortization (2001 $60,488; 2000 $59,071) 68,163 62,871 Prepaid expenses and other assets 95,869 107,336 ---------- ---------- Total assets $3,552,825 $3,396,355 ========== ========== LIABILITIES Mortgage loans $ 340,131 $ 362,025 Unsecured notes 1,345,000 1,095,000 Credit facility 68,000 176,000 Convertible debentures - 70,871 Accounts payable 19,057 15,672 Accrued interest 31,392 29,478 Dividend payable 47,577 43,220 Other liabilities 83,852 84,515 ---------- ---------- Total liabilities 1,935,009 1,876,781 Minority interest 194,394 198,769 SHAREHOLDERS' EQUITY Series A preferred shares, $.001 par value, 5,000,000 shares authorized, issued and outstanding as of December 31, 2001 and 2000 120,814 120,814 Common shares of beneficial interest, $.001 par value, 191,200,000 shares authorized, 73,721,045 (includes 59,100 in treasury) and 68,272,079 (includes 59,100 in treasury) shares issued and outstanding as of December 31, 2001 and 2000, respectively 74 68 Additional paid-in capital 1,336,350 1,223,191 Unearned compensation (1,056) (1,690) Distributions in excess of net income (31,433) (20,251) Common shares in treasury, at cost, 59,100 shares as of December 31, 2001 and 2000 (1,327) (1,327) ---------- ---------- Total shareholders' equity 1,423,422 1,320,805 ---------- ---------- Total liabilities and shareholders' equity $3,552,825 $3,396,355 ========== ==========
See accompanying notes. 39
CONSOLIDATED STATEMENTS OF OPERATIONS OF LIBERTY PROPERTY TRUST (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) YEAR ENDED DECEMBER 31, ----------------------------------------- 2001 2000 1999 ----------- ----------- ----------- REVENUE Rental $ 419,712 $ 384,245 $ 342,931 Operating expense reimbursement 160,596 144,344 123,591 Interest and other 6,857 4,374 5,976 ---------- ---------- ---------- Total revenue 587,165 532,963 472,498 EXPENSES Rental property 111,310 97,181 87,415 Real estate taxes 56,578 51,558 42,024 Interest 112,006 108,295 99,663 General and administrative 21,052 19,260 16,127 Depreciation and amortization 102,626 93,472 84,464 ---------- ---------- ---------- Total expenses 403,572 369,766 329,693 ---------- ---------- ---------- Income before property dispositions, extraordinary item and minority interest 183,593 163,197 142,805 Gain on property dispositions 2,115 18,386 13,188 ---------- ---------- ---------- Income before extraordinary item and minority interest 185,708 181,583 155,993 Extraordinary item-loss on extinguishment of debt - 2,103 1,145 ---------- ---------- ---------- Income before minority interest 185,708 179,480 154,848 Minority interest 19,171 20,209 13,524 ---------- ---------- ---------- Net income 166,537 159,271 141,324 Preferred share distributions 11,000 11,000 11,000 ---------- ---------- ---------- Income available to common shareholders $ 155,537 $ 148,271 $ 130,324 ========== ========== ========== Earnings per share Basic: Income before extraordinary item $ 2.19 $ 2.23 $ 1.98 Extraordinary item - (0.03) (0.02) ---------- ---------- ---------- Income available to common shareholders $ 2.19 $ 2.20 $ 1.96 ========== ========== ========== Diluted: Income before extraordinary item $ 2.15 $ 2.20 $ 1.97 Extraordinary item - (0.03) (0.02) ---------- ---------- ---------- Income available to common shareholders $ 2.15 $ 2.17 $ 1.95 ========== ========== ========== Weighted average number of common shares outstanding Basic 71,184 67,442 66,495 Diluted 73,580 68,173 66,727 ========== ========== ==========
See accompanying notes. 40
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY OF LIBERTY PROPERTY TRUST (IN THOUSANDS) RETAINED COMMON EARNINGS COMMON SHARES OF ADDITIONAL (DISTRIBUTIONS SHARES TOTAL PREFERRED BENEFICIAL PAID-IN UNEARNED IN EXCESS OF HELD IN SHAREHOLDERS' SHARES INTEREST CAPITAL COMPENSATION NET INCOME) TREASURY EQUITY --------- ---------- ----------- ------------ -------------- -------- ------------- Shareholders' equity at January 1, 1999 $ 120,814 $ 66 $1,168,663 $ (562) $ (21,945) $ - $1,267,036 Net proceeds from the issuance of common shares - 1 8,593 - - - 8,594 Conversion of debentures - - 10,344 - - - 10,344 Unearned compensation - - - (181) - - (181) Net income - - - - 141,324 - 141,324 Distributions on common shares - - - - (129,319) - (129,319) Distributions on preferred shares - - - - (11,000) - (11,000) Noncash compensation - - 2,171 - - - 2,171 Minority interest reclassification - - 6,965 - - - 6,965 Purchase of treasury shares - - - - - (1,327) (1,327) --------- -------- ---------- -------- --------- ------- ---------- Balance at December 31, 1999 120,814 67 1,196,736 (743) (20,940) (1,327) 1,294,607 Net proceeds from the issuance of common shares - 1 12,581 - - - 12,582 Conversion of debentures - - 2,605 - - - 2,605 Unearned compensation - - - (947) - - (947) Net income - - - - 159,271 - 159,271 Distributions on common shares - - - - (147,582) - (147,582) Distributions on preferred shares - - - - (11,000) - (11,000) Noncash compensation - - 3,024 - - - 3,024 Minority interest reclassification - - 8,245 - - - 8,245 --------- -------- ---------- -------- --------- ------- ---------- Balance at December 31, 2000 120,814 68 1,223,191 (1,690) (20,251) (1,327) 1,320,805 Net proceeds from the issuance of common shares - 6 31,532 - - - 31,538 Conversion of debentures - - 70,209 - - - 70,209 Unearned compensation - - - 634 - - 634 Net income - - - - 166,537 - 166,537 Distributions on common shares - - - - (166,719) - (166,719) Distributions on preferred shares - - - - (11,000) - (11,000) Noncash compensation - - 1,488 - - - 1,488 Minority interest reclassification - - 9,930 - - - 9,930 --------- -------- ---------- -------- --------- ------- ---------- Balance at December 31, 2001 $ 120,814 $ 74 $1,336,350 $ (1,056) $ (31,433) $(1,327) $1,423,422 ========= ======== ========== ======== ========= ======= ==========
See accompanying notes. 41
CONSOLIDATED STATEMENTS OF CASH FLOWS OF LIBERTY PROPERTY TRUST (IN THOUSANDS) YEAR ENDED DECEMBER 31, --------------------------------- 2001 2000 1999 --------- --------- --------- OPERATING ACTIVITIES Net income $ 166,537 $ 159,271 $ 141,324 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 102,626 93,472 84,464 Amortization of deferred financing costs 4,016 3,888 4,951 Minority interest in net income 19,171 20,209 13,524 Gain on property dispositions (2,115) (18,386) (13,188) Noncash compensation 2,122 2,077 1,990 Changes in operating assets and liabilities: Accounts receivable (2,846) 764 40 Prepaid expenses and other assets 9,550 (44,646) (20,722) Accounts payable 3,385 73 (2,654) Accrued interest 1,914 7,056 4,159 Other liabilities (663) 16,957 (1,467) --------- --------- --------- Net cash provided by operating activities 303,697 240,735 212,421 --------- --------- --------- INVESTING ACTIVITIES Investment in properties (57,332) (118,735) (98,072) Proceeds from disposition of properties/land 151,604 117,009 114,137 Investment in development in progress (255,333) (177,380) (175,447) Investment in land held for development (54,002) (111,685) (63,836) Increase in deferred leasing costs (18,135) (17,959) (15,560) --------- --------- --------- Net cash used in investing activities (233,198) (308,750) (238,778) --------- --------- --------- FINANCING ACTIVITIES Net proceeds from issuance of common shares 31,538 12,582 8,594 Net proceeds from issuance of preferred units - 19,461 93,055 Purchase of treasury shares - - (1,327) Retirement of convertible debentures (597) (10,914) (6,645) Proceeds from issuance of unsecured notes 250,000 200,000 385,000 Repayments of unsecured notes - (90,000) (45,000) Repayments of mortgage loans (31,782) (15,218) (42,217) Proceeds from credit facility 305,200 541,000 162,024 Repayments on credit facility (413,200) (412,000) (379,024) Increase in deferred financing costs (3,758) (6,592) (5,220) Distributions paid on common shares (162,118) (143,560) (124,033) Distributions paid on preferred shares (11,000) (11,000) (11,000) Distributions paid on units (20,030) (20,170) (13,177) --------- --------- --------- Net cash (used) provided by financing activities (55,747) 63,589 21,030 --------- --------- --------- Increase (decrease) in cash and cash equivalents 14,752 (4,426) (5,327) Cash and cash equivalents at beginning of year 4,638 9,064 14,391 --------- --------- --------- Cash and cash equivalents at end of year $ 19,390 $ 4,638 $ 9,064 ========= ========= ========= SUPPLEMENTAL DISCLOSURE OF NONCASH TRANSACTIONS Write-off of fully depreciated property and deferred costs $ 33,567 $ 31,021 $ 18,527 Acquisition of properties (9,888) (2,419) (3,818) Assumption of mortgage loans 9,888 2,419 3,818 Conversion of convertible debentures 70,209 2,605 10,344 ========= ========= =========
See accompanying notes. 42 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF LIBERTY PROPERTY TRUST 1. ORGANIZATION Liberty Property Trust (the "Trust") is a self-administered and self- managed Maryland real estate investment trust (a "REIT"). Substantially all of the Trust's assets are owned directly or indirectly, and substantially all of the Trust's operations are conducted directly or indirectly, by its subsidiary, Liberty Property Limited Partnership, a Pennsylvania limited partnership (the "Operating Partnership" and, together with the Trust and its consolidated subsidiaries, the "Company"). The Trust is the sole general partner and also a limited partner of the Operating Partnership, owning 94.9% of the common equity of the Operating Partnership at December 31, 2001. The Company provides leasing, property management, development, acquisition, and other tenant-related services for a portfolio of industrial and office properties which are located principally within the Southeastern, Mid- Atlantic and Midwestern United States. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Principles of Consolidation The Consolidated Financial Statements of the Company include the accounts of the Trust, the Operating Partnership, the Operating Partnership's consolidated subsidiaries and consolidated joint ventures. All significant intercompany transactions and accounts have been eliminated. Reclassifications Certain amounts from prior years have been restated to conform to current-year presentation. Real Estate and Depreciation The Properties are recorded at the lower of cost or fair value if impaired and are depreciated using the straight line method over their estimated useful lives. The estimated useful lives are as follows: Buildings and improvements 40 years Equipment 5-10 years Tenant improvements Term of the related lease Expenditures directly related to acquisition, or improvement of real estate, including interest and other costs capitalized during development, are included in net real estate and are stated at cost. The capitalized costs include pre-construction costs essential to the development of the property, development and construction costs, interest costs, real estate taxes, salaries and other costs incurred 43 during the period of development. Expenditures for maintenance and repairs are charged to operations as incurred. The Company evaluates its real estate investments upon occurrence of significant adverse changes in their operations to assess whether any impairment indicators are present that affect the recovery of the recorded value. If any real estate investment is considered impaired, a loss is provided to reduce the carrying value of the property to its estimated fair value. As of December 31, 2001 and 2000, none of the Company's assets were considered impaired. Cash and Cash Equivalents Highly liquid investments with a maturity of three months or less when purchased are classified as cash equivalents. The carrying amount of these assets approximates their fair market value. Revenues The Company earns rental income under operating leases with tenants. Rental income is recognized on a straight line basis over the applicable lease term. Deferred Financing and Leasing Costs Costs incurred in connection with financing or leasing are capitalized and amortized over the term of the related loan or lease. Deferred financing cost amortization is reported as interest expense. Income per Common Share The following table sets forth the computation of basic and diluted income per common share (in thousands, except per share amounts):
FOR THE YEAR ENDED DECEMBER 31, 2001 FOR THE YEAR ENDED DECEMBER 31, 2000 ------------------------------------- ------------------------------------- WEIGHTED WEIGHTED AVERAGE AVERAGE INCOME SHARES PER-SHARE INCOME SHARES PER-SHARE (NUMERATOR) (DENOMINATOR) AMOUNT (NUMERATOR) (DENOMINATOR) AMOUNT ----------- ------------- --------- ----------- ------------- --------- Net income $ 166,537 $ 159,271 Less: Preferred dividends (11,000) (11,000) --------- --------- Basic income per common share Income available to common shareholders 155,537 71,184 $ 2.19 148,271 67,442 $ 2.20 ====== ====== Dilutive shares for long-term compensation plans - 1,062 - 731 Convertible debentures 2,587 1,334 - - --------- ------- --------- ------- Diluted income per common share Income available to common shareholders and assumed conversions $ 158,124 73,580 $ 2.15 $ 148,271 68,173 $ 2.17 ========= ======= ====== ========= ======= ====== 44 FOR THE YEAR ENDED DECEMBER 31, 1999 ------------------------------------ WEIGHTED AVERAGE INCOME SHARES PER-SHARE (NUMERATOR) (DENOMINATOR) AMOUNT ----------- ------------- --------- Net income $ 141,324 Less: Preferred dividends (11,000) --------- Basic income per common share Income available to common shareholders 130,324 66,495 $ 1.96 ====== Dilutive shares for long-term compensation plans - 232 --------- ------- Diluted income per common share Income available to common shareholders and assumed conversions $ 130,324 66,727 $ 1.95 ========= ======= ======
Basic income per common share for the years ended December 31, 2001, 2000 and 1999, would be $2.20, $2.19 and $1.96 calculated as if the debenture conversions which occurred in 2001, 2000 and 1999 had occurred on January 1, 2001, 2000 and 1999, respectively. Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code"). As a result, the Company generally is not subject to federal income taxation at the corporate level to the extent it distributes annually at least 90% of its REIT taxable income (95% for the years prior to January 1, 2001), as defined in the Code, to its shareholders and satisfies certain other requirements. The Company has met these requirements and, accordingly, no provision has been made for federal income taxes in the accompanying consolidated financial statements. The Company is subject to certain state and local income, excise and franchise taxes. The provision for such taxes has been reflected in general and administrative expense in the consolidated statements of operations and has not been separately stated since it is not material. The Federal tax cost basis of the real estate at December 31, 2001 was approximately $3.6 billion. Impact of Recently Issued Accounting Standards On June 29, 2001 the FASB issued Statement No. 141, "Business Combinations", which became effective for all business combinations initiated after June 30, 2001. In addition Statement No. 142, "Goodwill and Other Intangible Assets", was issued, which became effective January 1, 2002. The Company does not anticipate that these standards will have a material effect on its results of operations or financial position. In October of 2001, the FASB issued Statement No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets". This Statement addresses the financial accounting and reporting of long-lived assets and for the disposition of long-lived assets. The provisions of this Statement are effective for fiscal years beginning after December 15, 2001. The Company does not anticipate that the adoption of this standard will have a material effect on its results of operations or financial position. 45 3. REAL ESTATE At December 31, 2001 and 2000, the Company owned and operated industrial and office properties located principally in suburban mixed-use developments or business parks. The carrying value of these properties by type is as follows (in thousands):
LAND BUILDINGS AND LAND AND ACCUMULATED IMPROVEMENTS IMPROVEMENTS TOTAL DEPRECIATION ------------ ------------ ---------- ------------ 2001: Industrial properties $ 235,053 $1,343,690 $1,578,743 $ 191,509 Office properties 232,258 1,531,213 1,763,471 213,108 ---------- ---------- ---------- ---------- 2001 Total $ 467,311 $2,874,903 $3,342,214 $ 404,617 ========== ========== ========== ========== 2000: Industrial properties $ 220,406 $1,277,797 $1,498,203 $ 161,931 Office properties 222,651 1,476,559 1,699,210 172,484 ---------- ---------- ---------- ---------- 2000 Total $ 443,057 $2,754,356 $3,197,413 $ 334,415 ========== ========== ========== ==========
Depreciation expense was $88.2 million in 2001, $82.2 million in 2000, and $74.8 million in 1999. As of December 31, 2001, the Company has commenced development on 43 properties, which upon completion are expected to comprise approximately 3.6 million square feet of leaseable space. As of December 31, 2001, approximately $252.8 million has been expended for the development of these projects and an additional $135.4 million is required for completion. 4. RELATED PARTY TRANSACTIONS Pursuant to agreements, the Company has been retained by an affiliate (Rouse Kent Limited) to provide development, management and other services. For the years ended December 31, 2001, 2000, and 1999, the fees for these services were $600,000 per year. The Company had accounts receivable and a loan receivable from Rouse Kent Limited and affiliates with balances of $3.8 million and $17.3 million, respectively, as of December 31, 2001 and $7.5 million and $11.9 million, respectively, as of December 31, 2000. The Company has the option to purchase this affiliate for nominal consideration. 5. INDEBTEDNESS Indebtedness consists generally of mortgage loans, unsecured notes, the Credit Facility, as defined below, and convertible debentures (which matured in 2001). The weighted average interest rates for the years ended December 31, 2001, 2000, and 1999, were approximately 7.5%, 7.6%, and 7.3%, respectively. Interest expense for the years ended December 31, 2001, 2000, and 1999, aggregated $112.0 million, $108.3 million, and $99.7 million, respectively. Interest costs during these periods of $22.3 million, $17.8 million, and $15.3 million, respectively, were capitalized. Cash paid for interest for the years ended December 31, 2001, 2000, and 1999, was $128.4 million, $115.1 million, and $105.8 million, respectively. 46 Some of the debt agreements are subject to financial covenants. Mortgage Loans, Unsecured Notes Mortgage loans with maturities ranging from 2002 to 2012 are collateralized by and in some instances cross-collateralized by properties with a book value of $503.9 million. As of December 31, 2001, $340.1 million in mortgage loans and $1,345.0 million in unsecured notes were outstanding. The interest rates on $1,669.8 million of mortgage loans and unsecured notes are fixed and range from 6.0% to 8.8%. Interest rates on $15.3 million of mortgage loans float with the base rate of the respective lending bank or a municipal bond index. The weighted average remaining term for the mortgage loans and unsecured notes is 6.9 years. The scheduled maturities of principal amortization of the Company's mortgage loans and the unsecured notes outstanding and the related weighted average interest rates are as follows(in thousands):
MORTGAGES ------------------------- WEIGHTED PRINCIPAL PRINCIPAL UNSECURED AVERAGE AMORTIZATION MATURITIES NOTES (1) TOTAL INTEREST RATE ------------ ---------- ---------- ----------- ------------- 2002 $ 8,066 $ - $ 100,000 $ 108,066 6.7% 2003 8,092 26,606 50,000 84,698 7.3% 2004 8,168 25,898 100,000 134,066 6.9% 2005 7,090 115,039 - 122,129 7.6% 2006 5,001 30,079 100,000 135,080 7.2% 2007 4,543 - 100,000 104,543 7.3% 2008 4,238 29,268 - 33,506 7.2% 2009 2,146 42,051 270,000 314,197 7.8% 2010 1,348 - 200,000 201,348 8.5% 2011 1,099 3,533 250,000 254,632 7.3% 2012 192 17,674 - 17,866 7.7% 2013 - - 75,000 75,000 6.4% 2018 - - 100,000 100,000 7.5% -------- -------- ---------- ---------- ------ $ 49,983 $290,148 $1,345,000 $1,685,131 7.4% ======== ======== ========== ========== ====== (1) The $75,000 of unsecured notes due 2013 is putable in 2003.
Credit Facility The Credit Facility is a $450 million unsecured credit facility (the "Credit Facility"). The interest rate on borrowings under the Credit Facility fluctuates, based on senior debt ratings from Moody's Investors Service, Inc. ("Moody's") and Standard & Poor's Ratings Group ("Standard & Poor's") and Fitch, Inc. ("Fitch"). The current ratings for the Company's senior unsecured debt are Baa2, BBB, and BBB from Moody's, Standard & Poor's, and Fitch, respectively. At these ratings, the current interest rate on the Credit Facility is 105 basis points over the LIBOR Rate (3.3% at December 31, 2001). The rate for the Credit Facility at December 31, 2000 was 7.7%. Customary fees apply to the Credit Facility including an annual administrative fee and an unused line fee. The Credit Facility matures on April 25, 2003. Convertible Debentures The Convertible Debentures, which matured on July 1, 2001, were exchangeable for Common Shares of beneficial interest of the Trust (the 47 "Common Shares") at a rate of one Common Share for each $20 outstanding principal amount of Convertible Debentures, subject to certain adjustments. The initial interest rate on the Convertible Debentures was 8.0% and increased with the increases in the distribution payment on the Company's Common Shares. At December 31, 2000, the effective interest rate on the Convertible Debentures was 11.4%. In October 1999, the Board of Trustees authorized a share repurchase plan under which the Company may purchase up to $100 million of the Company's Common Shares, preferred shares or Convertible Debentures. There were no repurchases during 2001. In 2000 and 1999, the Company repurchased $10.9 million and $6.6 million principal amount of the Convertible Debentures, respectively. The repurchase of the Convertible Debentures in 2000 and 1999 resulted in the recognition of an extraordinary loss of $2.1 million and $1.1 million, respectively. These losses represent the redemption premiums and the write-off of related deferred financing costs. At December 31, 2000, the Convertible Debentures were convertible into 3,543,550 Common Shares. The fair values of the mortgages, the unsecured notes and Credit Facility were estimated using discounted cash flow analysis, based on the Company's estimated incremental borrowing rate at December 31, 2001, for similar types of borrowing arrangements. The carrying values of the mortgages, the unsecured notes and the Credit Facility approximate their fair values. 6. LEASING ACTIVITY Future minimum rental payments due from tenants under noncancelable operating leases as of December 31, 2001 are as follows (in thousands): 2002 $ 388,912 2003 339,337 2004 294,388 2005 237,829 2006 178,661 Thereafter 518,259 ---------- TOTAL $1,957,386 ========== In addition to minimum rental payments, most leases require the tenants to pay for their pro rata share of specified operating expenses. These payments are included as operating expense reimbursement in the accompanying statements of operations. 7. SHAREHOLDERS' EQUITY Common Shares The Company paid to holders of Common Shares and holders of Common Units, distributions of $171.5 million, $153.7 million, and $133.4 million, during the years ended December 31, 2001, 2000, and 1999, respectively. On a per share basis, the Company paid Common Share distributions of $2.30, $2.13, and $1.87 during the years ended December 31, 2001, 2000, and 1999, respectively. For federal income tax purposes, the following table summarizes the portions of the Common Share distributions relating to return of capital, ordinary income, and capital gains: 48 2001 2000 1999 ------ ------ ------ Return of capital - - - Ordinary income 95.0% 99.5% 100.0% Capital gains 5.0% .5% - The Company's federal income tax returns are subject to examination by taxing authorities. Because the application of tax laws and regulations is susceptible to varying interpretations, the taxability of distributions could be changed at a later date upon final determination by taxing authorities. Treasury Shares In October 1999, the Board of Trustees authorized a share repurchase plan under which the Company may purchase up to $100 million of the Company's Common Shares, preferred shares (as defined below) or Convertible Debentures. To date, the Company has repurchased 59,100 of its Common Shares for $1.3 million. Preferred Shares The Series A Cumulative Redeemable Preferred Shares (the "Preferred Shares") are non-voting and have a liquidation preference of $25.00 per share. On or after July 30, 2002, the Preferred Shares may be redeemed for cash at the option of the Company. The Company paid preferred share distributions of $11.0 million for each of the three years ended December 31, 2001, 2000 and 1999. On a per share basis, the Company paid preferred share distributions of $2.20 for each of the three years ended December 31, 2001, 2000, and 1999. For federal income tax purposes, the following table summarizes the portions of the preferred shares distributions relating to return of capital, ordinary income and capital gains: 2001 2000 1999 ------ ------ ------ Return of capital - - - Ordinary income 95.1% 99.5% 100.0% Capital gains 4.9% .5% - Minority Interest Minority interest in the accompanying consolidated financial statements relates to limited partnership interests of the Operating Partnership issued in connection with the formation of the Company, certain subsequent acquisitions, and the sale of preferred units. In addition, minority interest includes a $6.2 million joint venture investment in the United Kingdom. No common units were issued in connection with acquisitions in 1999, 2000 or 2001. The common limited partnership interests outstanding as of December 31, 2001 have the same economic characteristics as would 3,920,271 Common Shares. The interests in the Limited Partnership share proportionately in the net income or loss and in any distributions of the Operating Partnership and are exchangeable into the same number of Common Shares of the Trust. On July 28, 1999, the Company issued 3,800,000 Series B Cumulative Redeemable Preferred Units of the Operating Partnership (the "Series B Preferred Units"). The Series B Preferred Units are payable at the rate 49 of 9.25% per annum of the $25 liquidation preference. On or after July 28, 2004, the Series B Preferred Units may be redeemed for cash at the option of the Company. The Series B Preferred Units are exchangeable on a one-for-one basis at any time on or after July 28, 2009 into Series B Cumulative Redeemable Preferred Shares of the Trust. On April 18, 2000, the Company issued 800,000 Series C Cumulative Redeemable Preferred Units of the Operating Partnership (the "Series C Preferred Units", and together with the Series B Preferred Units, the "Preferred Units"). The Series C Preferred Units are payable at a rate of 9.125% per annum of the $25 liquidation preference. On or after April 18, 2005, the Series C Preferred Units may be redeemed for cash at the option of the Company. The Series C Preferred Units are exchangeable on a one-for-one basis at any time on or after April 18, 2010 into Series C Cumulative Redeemable Preferred Shares of the Trust. The Company paid Preferred Unit distributions of $10.6 million, $10.1 million and $3.8 million during the years ended December 31, 2001, 2000 and 1999, respectively. On a per unit basis, the Company paid Preferred Unit distributions of $2.31 per unit on the Series B Preferred Units and $2.28 per unit on the Series C Preferred Units during the year ended December 31, 2001 and $2.31 per unit on the Series B Preferred Units and $1.60 per unit on the Series C Preferred Units for the year ended December 31, 2000. During 1999, the Company paid $1.00 per unit on the Series B Preferred Units. Shareholder Rights Plan In December 1997, the Board of Trustees of the Company adopted a shareholder rights plan (the "Shareholder Rights Plan"). Under the Shareholder Rights Plan, one Right (as defined in the Shareholder Rights Plan) was attached to each outstanding Common Share at the close of business on December 31, 1997. In addition, a Right will be attached to each share of Common Stock issued in the future. Each Right entitles the registered holder to purchase from the Company, under certain conditions, a unit (a "Rights Plan Unit") consisting of one one- thousandth of a share of a Series A Junior Participating Preferred Share, $0.0001 par value, (the "Junior Preferred Stock"), of the Company, for $100 per Rights Plan Unit, subject to adjustment. The Rights become exercisable only if a person or group of affiliated or associated persons (an "Acquiring Person") acquires, or obtains the right to acquire, beneficial ownership of Common Shares or other voting securities ("Voting Stock") that have 10% or more of the voting power of the outstanding shares of Voting Stock, or if an Acquiring Person commences to make a tender offer or exchange offer to acquire beneficial ownership of Voting Stock that has 10% or more of the voting power of the outstanding shares of Voting Stock. The Rights are redeemable by the Company at a price of $0.0001 per Right. If not exercised or redeemed, all Rights will expire on December 31, 2007. Dividend Reinvestment Plan The Company has instituted a Dividend Reinvestment and Share Purchase Plan under which holders of Common Shares may elect to automatically reinvest their distributions in additional Common Shares and may make optional cash payments for additional Common Shares. The Company may issue additional Common Shares or repurchase Common Shares in the open market for purposes of financing its obligations under the Dividend Reinvestment and Share Purchase Plan. During the years ended December 31, 2001, 2000, and 1999, 482,822, 330,612, and 367,263 Common Shares, 50 respectively, were issued through the Dividend Reinvestment and Share Purchase Plan. 8. SHARE OPTIONS The Company has elected to follow Accounting Principles Board Opinion No. 25, "Accounting for Stock Issued to Employees" (APB 25) and related Interpretations in accounting for its employee stock options because, as discussed below, the alternative fair value accounting provided for under FASB Statement No. 123, "Accounting for Stock-Based Compensation," requires use of option valuation models that were not developed for use in valuing employee stock options. Under APB 25, because the exercise price of the Company's employee stock options equals the market price of the underlying stock on the date of grant, no compensation expense is recognized. Under FASB Statement No. 123, the Company would recognize compensation expense equal to the value of such options upon grant date. The Company's Share Incentive Plan ("Share Incentive Plan"), as amended, has authorized the grant of options to executive officers, other key employees, non-employee trustees and consultants of up to 9,926,256 shares of the Company's Common Shares. All options granted have 10-year terms and vest over a 3-year period, with options to purchase up to 20% of the shares exercisable after the first anniversary, up to 50% after the second anniversary and 100% after the third anniversary of the date of grant. Pro forma information regarding net income and earnings per share is required by Statement 123, and has been determined as if the Company had accounted for its employee stock options under the fair value method of that Statement. The fair value for these options was estimated at the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions for 2001, 2000, and 1999: 2001 2000 1999 -------- -------- -------- Risk-free interest rate 5.0% 6.2% 6.6% Dividend yield 7.9% 8.0% 8.4% Volatility factor .175 .179 .174 Weighted-average expected life 8 years 8 years 8 years The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including the expected stock price volatility. Because the Company's employee share options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management's opinion, the existing models do not necessarily provide a reliable single measure of the fair value of its employee share options. For purposes of pro forma disclosures, the estimated fair value of the options determined according to the Black-Scholes option pricing model is amortized to expense over the options' vesting period. The Company's pro forma information follows (in thousands, except for per share amounts): 51 2001 2000 1999 -------- -------- -------- Pro forma income available to common shareholders $153,921 $146,828 $129,317 Pro forma income per common share: Basic $ 2.16 $ 2.18 $ 1.94 Diluted $ 2.13 $ 2.15 $ 1.94 Pro forma disclosures are not likely to be representative of the effects on reported net income for future years because of the staggered vesting periods of the options. A summary of the Company's share option activity, and related information for the years ended December 31, 2001, 2000, and 1999 follows:
2001 2000 1999 ----------------- ----------------- ------------------ WEIGHTED WEIGHTED WEIGHTED AVERAGE AVERAGE AVERAGE OPTIONS EXERCISE OPTIONS EXERCISE OPTIONS EXERCISE (000s) PRICE (000s) PRICE (000s) PRICE ------- -------- ------- -------- --------- -------- Outstanding-beginning of year 4,799 $ 22.78 3,536 $ 22.60 2,745 $ 22.75 Granted 1,014 26.97 1,522 22.79 920 22.00 Exercised (855) 21.86 (223) 21.23 (129) 21.56 Forfeited (11) 22.69 (36) 20.70 - - ------ ------- ------ ------- ------ ------- Outstanding-end of year 4,947 $ 23.86 4,799 $ 22.78 3,536 $ 22.60 ====== ======= ====== ======= ====== ======= Exercisable at end of year 3,393 $ 22.71 2,512 $ 22.30 1,873 $ 21.45 Weighted-average fair value of options granted during the year $ 1.45 $ 1.55 $ 1.37
Exercise prices for options outstanding as of December 31, 2001 ranged from $19.75 to $29.41. The weighted-average remaining contractual life of those options is 7.2 years. An additional 3,376,088, 968,676, and 2,580,168 Common Shares were reserved for issuance for future grants from the Share Incentive Plan at December 31, 2001, 2000 and 1999, respectively. 9. COMMITMENTS AND CONTINGENCIES All of the Properties and land were subject to Phase I Environmental Assessments and when appropriate Phase II Environmental Assessments (collectively, the "Environmental Assessments") obtained in contemplation of their acquisition by the Company. The Environmental Assessments consisted of, among other activities, a visual inspection of each Property and its neighborhood and a check of pertinent public records. The Environmental Assessments did not reveal, nor is the Company aware of, any non-compliance with environmental laws, environmental liability or other environmental claim that the Company believes would likely have a material adverse effect on the Company. 52 Although the Company is engaged in litigation incidental to its business, there is no legal proceeding to which it is a party which, in the opinion of management, will materially adversely affect the results of the Company's operations. 10. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) The following is a summary of quarterly results of operations for the two years ended December 31, 2001 and 2000 (in thousands, except per share amounts):
QUARTER ENDED ---------------------------------------------------------------------------------- DEC. 31, SEPT. 30, JUNE 30, MARCH 31, DEC. 31, SEPT. 30, JUNE 30, MARCH 31, 2001 2001 2001 2001 2000 2000 2000 2000 -------- --------- -------- --------- -------- --------- -------- --------- Rental revenue $106,592 $105,775 $104,759 $102,586 $100,296 $ 97,152 $ 94,825 $ 91,972 ======== ======== ======== ======== ======== ======== ======== ======== Income before extraordinary item and minority interest 45,374 47,089 47,299 45,946 47,195 45,183 45,782 43,423 ======== ======== ======== ======== ======== ======== ======== ======== Extraordinary item-loss on extinguishment of debt - - - - - - 228 1,875 ======== ======== ======== ======== ======== ======== ======== ======== Income before minority interest 45,374 47,089 47,299 45,946 47,195 45,183 45,554 41,548 ======== ======== ======== ======== ======== ======== ======== ======== Income available to common shareholders 37,952 39,564 39,655 38,366 39,230 37,341 37,581 34,119 ======== ======== ======== ======== ======== ======== ======== ======== Income per common share before extraordinary item - basic $ 0.52 $ 0.54 $ 0.56 $ 0.56 $ 0.58 $ 0.55 $ 0.56 $ 0.54 ======== ======== ======== ======== ======== ======== ======== ======== Income per common share before extraordinary item - diluted $ 0.51 $ 0.53 $ 0.56 $ 0.55 $ 0.57 $ 0.54 $ 0.55 $ 0.53 ======== ======== ======== ======== ======== ======== ======== ========
11. SEGMENT INFORMATION The Company operates its portfolio of properties throughout the Southeastern, Mid-Atlantic and Midwestern United States. The Company reviews performance of the portfolio on a geographical basis, as such, the following regions are considered the Company's reportable segments: Southeastern Pennsylvania; New Jersey; Lehigh Valley, Pennsylvania; Virginia; the Carolinas; Jacksonville, Florida; Minneapolis, Minnesota; Detroit, Michigan; and all others combined (including Maryland; Tampa, Florida; South Florida; and the United Kingdom). The Company's reportable segments are distinct business units which are each managed separately in order to concentrate market knowledge within a geographical area. Within these reportable segments, the Company derives its revenues from its two product types: industrial properties and office properties. The Company evaluates performance of the reportable segments based on property-level net operating income, which is calculated as rental revenue and operating expense reimbursement less rental property expenses and real estate taxes. The accounting policies of the reportable segments are the same as those for the Company on a consolidated basis. The operating information by segment is as follows (in thousands): 53
FOR THE YEAR ENDED DECEMBER 31, 2001 ----------------------------------------------------------------------------------------------------------------------- SE New Lehigh The Jackson- Minne- All Pennsyl. Jersey Valley Virginia Carolinas ville sota Michigan Others Total -------- -------- -------- -------- --------- -------- -------- -------- -------- ---------- Real estate- related revenues $171,947 $ 44,982 $ 57,645 $ 45,712 $ 45,345 $ 45,257 $ 48,753 $ 60,541 $ 60,126 $ 580,308 Rental property expenses and real estate taxes 49,345 14,353 13,924 11,336 12,721 11,907 18,357 19,622 16,323 167,888 -------- -------- -------- -------- -------- -------- -------- -------- -------- --------- Property-level net operating income 122,602 30,629 43,721 34,376 32,624 33,350 30,396 40,919 43,803 412,420 Other income/ expenses, net 228,827 --------- Income before property dispositions, extraordinary item, and minority interest 183,593 Gain on property dispositions 2,115 Extraordinary item-loss on extinguishment of debt - Minority interest 19,171 Preferred distributions 11,000 --------- Income available to common shareholders $ 155,537 ========= FOR THE YEAR ENDED DECEMBER 31, 2000 ----------------------------------------------------------------------------------------------------------------------- SE New Lehigh The Jackson- Minne- All Pennsyl. Jersey Valley Virginia Carolinas ville sota Michigan Others Total -------- -------- -------- -------- --------- -------- -------- -------- -------- ---------- Real estate- related revenues $147,519 $ 42,794 $ 50,709 $ 42,956 $ 41,542 $ 42,764 $ 42,556 $ 57,353 $ 60,396 $ 528,589 Rental property expenses and real estate taxes 40,954 13,132 11,041 9,674 11,391 10,487 16,339 19,710 16,011 148,739 -------- -------- -------- -------- -------- -------- -------- -------- -------- --------- Property-level net operating income 106,565 29,662 39,668 33,282 30,151 32,277 26,217 37,643 44,385 379,850 Other income/ expenses, net 216,653 --------- Income before property dispositions, extraordinary item, and minority interest 163,197 Gain on property dispositions 18,386 Extraordinary item-loss on extinguishment of debt 2,103 Minority interest 20,209 Preferred distributions 11,000 --------- Income available to common shareholders $ 148,271 =========
54
FOR THE YEAR ENDED DECEMBER 31, 1999 ----------------------------------------------------------------------------------------------------------------------- SE New Lehigh The Jackson- Minne- All Pennsyl. Jersey Valley Virginia Carolinas ville sota Michigan Others Total -------- -------- -------- -------- --------- -------- -------- -------- -------- ---------- Real estate- related revenues $121,060 $ 42,604 $ 44,346 $ 40,114 $ 37,810 $ 40,979 $ 34,286 $ 50,806 $ 54,517 $ 466,522 Rental property expenses and real estate taxes 33,688 12,811 9,588 8,368 11,341 9,968 12,110 17,166 14,399 129,439 -------- -------- -------- -------- -------- -------- -------- -------- -------- --------- Property-level net operating income 87,372 29,793 34,758 31,746 26,469 31,011 22,176 33,640 40,118 337,083 Other income/ expenses, net 194,278 --------- Income before property dispositions, extraordinary items, and minority interest 142,805 Gain on property dispositions 13,188 Extraordinary item-loss on extinguishment of debt 1,145 Minority interest 13,524 Preferred distributions 11,000 --------- Income available to common shareholders $ 130,324 =========
REVENUES YEAR ENDED DECEMBER 31, ---------------------------------------------------------- ---------------------------------- 2001 2000 1999 --------- ---------- ---------- Total real estate-related revenues for reportable segments $ 580,308 $ 528,589 $ 466,522 Interest and other 6,857 4,374 5,976 --------- --------- --------- Total revenues $ 587,165 $ 532,963 $ 472,498 ========= ========= ========= PRODUCT TYPE INFORMATION REAL ESTATE-RELATED REVENUES ---------------------------------------------------------- ---------------------------------- YEAR ENDED DECEMBER 31, ---------------------------------- 2001 2000 1999 --------- --------- --------- Industrial $ 260,232 $ 239,384 $ 225,988 Office 320,076 289,205 240,534 --------- --------- --------- Total real estate-related revenues $ 580,308 $ 528,589 $ 466,522 ========= ========= =========
ROLLFORWARD OF OPERATING REAL ESTATE ASSETS BY REPORTABLE SEGMENT ----------------------------------------------------------------------------------------------------------------------- SE New Lehigh The Jackson- Minne- All Pennsyl. Jersey Valley Virginia Carolinas ville sota Michigan Others Total -------- -------- -------- -------- --------- -------- -------- -------- -------- ---------- January 1, 2001 $819,122 $252,953 $291,242 $303,036 $269,496 $302,523 $236,212 $354,120 $368,709 $3,197,413 Additions 93,719 12,761 32,078 32,500 8,778 13,040 26,451 48,045 27,072 294,444 Dispositions (2,776) (15,704) (2,837) (6,867) (78,290) (16,900) - - (26,269) (149,643) -------- -------- -------- -------- -------- -------- -------- -------- -------- ---------- December 31, 2001 $910,065 $250,010 $320,483 $328,669 $199,984 $298,663 $262,663 $402,165 $369,512 $3,342,214 -------- -------- -------- -------- -------- -------- -------- -------- -------- ---------- Accumulated depreciation (404,617) Development in progress 252,789 Land held for development 163,547 Other assets 198,892 ---------- Total assets December 31, 2001 $3,552,825 ==========
55
ROLLFORWARD OF OPERATING REAL ESTATE ASSETS BY REPORTABLE SEGMENT ----------------------------------------------------------------------------------------------------------------------- SE New Lehigh The Jackson- Minne- All Pennsyl. Jersey Valley Virginia Carolinas ville sota Michigan Others Total -------- -------- -------- -------- --------- -------- -------- -------- -------- ---------- January 1, 2000 $733,465 $262,102 $271,606 $301,997 $250,708 $273,763 $213,276 $333,866 $363,897 $3,004,680 Additions 111,752 3,841 19,636 18,531 24,797 28,760 22,936 29,521 32,289 292,063 Dispositions (26,095) (12,990) - (17,492) (6,009) - - (9,267) (27,477) (99,330) -------- -------- -------- -------- -------- -------- -------- -------- -------- ---------- December 31, 2000 $819,122 $252,953 $291,242 $303,036 $269,496 $302,523 $236,212 $354,120 $368,709 $3,197,413 -------- -------- -------- -------- -------- -------- -------- -------- -------- ---------- Accumulated depreciation (334,415) Development in progress 208,486 Land held for development 137,402 Other assets 187,469 ---------- Total assets December 31, 2000 $3,396,355 ==========
56
LIBERTY PROPERTY TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 COST CAPITALIZED INITIAL COST SUBSEQUENT --------------------------- TO PROJECT CITY ENCUMBRANCES LAND BUILDING ACQUISITION -------------------------------------- ------------------- ------------ ------------ -------------- -------------- OPERATING PROPERTIES 10, 20 Liberty Boulevard Malvern, PA $ - $ 724,058 $ - $ 5,126,705 420 Lapp Road Malvern, PA * 1,054,418 - 6,459,690 747 Dresher Road Horsham, PA - 1,607,238 - 4,115,110 45-67 Great Valley Parkway Malvern, PA * 795,143 - 3,143,793 40 Valley Stream Parkway Malvern, PA * 322,918 - 2,279,699 50 Valley Stream Parkway Malvern, PA - 323,971 - 2,231,098 20 Valley Stream Parkway Malvern, PA * 465,539 - 5,037,619 800 Town Center Drive Langhorne, PA - 1,617,150 - 9,251,450 9, 15, 25 Great Valley Parkway Malvern, PA * 1,837,050 - 15,003,095 257-275 Great Valley Parkway Malvern, PA * 504,611 - 4,365,308 300 Technology Drive Malvern, PA - 368,626 - 1,328,616 277-293 Great Valley Parkway Malvern, PA - 530,729 - 2,064,978 311 Technology Drive Malvern, PA - 397,131 - 2,240,723 325 Technology Drive Malvern, PA * 376,444 - 1,871,527 7 Great Valley Parkway Malvern, PA * 176,435 - 4,471,173 55 Valley Stream Parkway Malvern, PA - 215,005 - 3,374,440 65 Valley Stream Parkway Malvern, PA * 381,544 - 5,039,109 508 Lapp Road Malvern, PA * 331,392 - 1,862,252 10 Valley Stream Parkway Malvern, PA * 509,075 - 3,005,594 333 Phoenixville Pike Malvern, PA 1,947,981 523,530 - 2,917,373 30 Great Valley Parkway Malvern, PA - 128,126 - 385,499 75 Great Valley Parkway Malvern, PA - 143,074 - 698,629 27-43 Great Valley Parkway Malvern, PA * 448,775 - 2,202,097 77-123 Great Valley Parkway Malvern, PA * 887,664 - 4,863,790 260 Great Valley Parkway Malvern, PA - 203,916 - 1,147,879 256 Great Valley Parkway Malvern, PA * 161,098 - 1,785,718 205 Great Valley Parkway Malvern, PA * 1,368,259 - 10,203,456 12,14,16 Great Valley Parkway Malvern, PA - 130,689 - 1,282,818 155 Great Valley Parkway Malvern, PA * 625,147 - 2,298,137 333 Technology Drive Malvern, PA * 157,249 - 2,326,168 510 Lapp Road Malvern, PA * 356,950 - 926,587 181 Wheeler Court Langhorne, PA - 260,000 1,940,000 292,306 1100 Wheeler Way Langhorne, PA - 150,000 1,100,000 90,716 60 Morehall Road Malvern, PA - 865,424 9,285,000 4,759,002 905 Airport Road West Chester, PA - 1,715,000 5,185,000 720,487 1 Country View Road Malvern, PA - 400,000 3,600,000 473,511 2151 Cabot Boulevard Langhorne, PA * 384,100 3,456,900 242,541 170 South Warner Road King of Prussia, PA - 547,800 3,137,400 2,241,631 190 South Warner Road King of Prussia, PA - 552,200 3,162,600 1,376,002 507 Prudential Road Horsham, PA * 644,900 5,804,100 4,431,793 100 Witmer Road Horsham, PA 8,291,833 3,102,784 - 11,820,398 3100 Horizon Drive King of Prussia, PA - 601,956 - 2,004,238 3300 Horizon Drive King of Prussia, PA - 566,403 - 3,404,308 3500 Horizon Drive King of Prussia, PA - 1,204,839 - 2,611,592 200 Chesterfield Parkway Malvern, PA - 495,893 2,739,093 288,204 767 Electronic Drive Horsham, PA * 1,229,685 - 2,764,409 132 Welsh Road Horsham, PA - 1,333,642 - 3,762,707 5 Country View Road Malvern, PA * 785,168 4,678,632 148,617 3200 Horizon Drive King of Prussia, PA * 928,637 - 4,300,975 3000 Horizon Drive King of Prussia, PA * 1,191,449 - 2,295,450 111-195 Witmer Road Horsham, PA - 407,005 3,129,058 (105,055) 300 Welsh Road - Building 3 Horsham, PA - 180,459 1,441,473 205,063 300 Welsh Road - Building 4 Horsham, PA - 282,493 2,256,508 1,075,640 8801 Tinicum Boulevard Philadelphia, PA - 2,474,031 - 43,589,271 440 East Swedesford Road King of Prussia, PA - 717,001 4,816,121 1,568,329 460 East Swedesford Road King of Prussia, PA - 705,317 4,737,487 620,063 50 Morehall Road Malvern, PA - 849,576 - 13,043,717 2 Walnut Grove Drive Horsham, PA - 1,281,870 7,767,374 818,731 5 Walnut Grove Drive Horsham, PA - 1,065,951 - 9,232,036 200 Gibraltar Road Horsham, PA - 638,513 5,811,323 731,720 220 Gibraltar Road Horsham, PA - 629,944 5,733,228 1,053,047 240 Gibraltar Road Horsham, PA - 629,944 5,733,234 52,724 151 South Warner Road King of Prussia, PA - 1,218,086 6,937,866 198,370 1 Walnut Grove Drive Horsham, PA - 1,058,901 5,343,606 1,041,557 3604 Horizon Drive King of Prussia, PA - 397,178 - 1,568,644 3606 Horizon Drive King of Prussia, PA - 789,409 - 1,940,816 650 Swedesford Road King of Prussia, PA - 952,911 6,722,830 7,554,683 680 Swedesford Road King of Prussia, PA - 952,361 6,722,830 7,262,938 761 Fifth Avenue King of Prussia, PA - 256,463 2,061,468 514,373 771 Fifth Avenue King of Prussia, PA - 152,456 1,256,908 261,681 1 Great Valley Parkway Malvern, PA - 419,460 3,792,570 329,957 5 Great Valley Parkway Malvern, PA - 684,200 6,181,661 468,075 311 Sinclair Road Bristol, PA - 277,901 1,576,906 17,598 1001 Cedar Hollow Road Malvern, PA - 1,436,814 - 16,047,698 3 Country View Road Malvern, PA - 814,278 - 4,946,433 425 Technology Drive Malvern, PA - 191,114 - 1,840,489 375 Technology Drive Malvern, PA - 191,114 - 1,770,217 45 Liberty Boulevard Malvern, PA - 4,380,221 - 15,082,343 100 Chesterfield Parkway Malvern, PA - 1,320,625 - 6,608,193 57 LIBERTY PROPERTY TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 COST CAPITALIZED INITIAL COST SUBSEQUENT --------------------------- TO PROJECT CITY ENCUMBRANCES LAND BUILDING ACQUISITION -------------------------------------- ------------------- ------------ ------------ -------------- -------------- OPERATING PROPERTIES - Continued 181-187 Gibraltar Road Horsham, PA - 360,549 3,259,984 477,083 104 Rock Road Horsham, PA - 330,111 2,981,669 114,323 123-135 Rock Road Horsham, PA - 292,360 2,411,677 668,417 111-159 Gibraltar Road Horsham, PA - 489,032 4,126,151 349,953 161-175 Gibraltar Road Horsham, PA - 294,673 2,663,722 526,676 103-109 Gibraltar Road Horsham, PA - 270,906 2,448,500 580,022 261-283 Gibraltar Road Horsham, PA * 464,871 3,951,972 96,999 210-223 Witmer Road Horsham, PA - 270,282 2,441,276 1,456,990 231-237 Gibraltar Road Horsham, PA * 436,952 3,948,963 356,887 100 Gibraltar Road Horsham, PA - 38,729 349,811 8,621 101 Gibraltar Road Horsham, PA - 651,990 5,888,989 208,080 506 Prudential Road Horsham, PA - 208,140 895,470 618,275 113-123 Rock Road Horsham, PA - 351,072 3,171,001 234,092 101-111 Rock Road Horsham, PA - 350,561 3,166,389 235,823 120 Gibraltar Road Horsham, PA - 533,142 4,830,515 144,767 110 Gibraltar Road Horsham, PA - 673,041 5,776,369 294,259 100-107 Lakeside Drive Horsham, PA - 239,528 2,163,498 596,142 200-264 Lakeside Drive Horsham, PA - 502,705 4,540,597 433,681 300-309 Lakeside Drive Horsham, PA - 369,475 3,338,761 1,453,109 400-445 Lakeside Drive Horsham, PA - 543,628 4,910,226 1,532,203 104 Witmer Road Horsham, PA - 1,248,148 - 1,048,517 201 Gibraltar Road Horsham, PA - 380,127 3,433,433 1,033,874 3600 Horizon Drive King of Prussia, PA - 236,432 1,856,252 15,352 3602 Horizon Drive King of Prussia, PA - 217,734 1,759,489 95,452 3 Franklin Plaza Philadelphia, PA - 2,483,144 - 32,056,688 400-500 Brandywine Parkway West Chester, PA - 845,846 6,809,025 364,083 600 Brandywine Parkway West Chester, PA - 664,899 5,352,410 558,165 2700 Horizon Drive King of Prussia, PA - 764,370 - 3,673,277 2900 Horizon Drive King of Prussia, PA - 679,440 - 3,503,064 2500 Renaissance Boulevard King of Prussia, PA - 509,580 - 2,420,478 2300 Renaissance Boulevard King of Prussia, PA - 509,580 - 2,683,201 719 Dresher Road Horsham, PA * 493,426 2,812,067 197,283 2100 Renaissance Boulevard King of Prussia, PA - 1,110,111 - 9,324,220 4 Walnut Grove Horsham, PA * 2,515,115 - 7,324,883 2250 Hickory Road Plymouth Meeting, PA 5,735,000 1,015,851 9,175,555 941,468 3400 Horizon Drive King of Prussia, PA - 776,496 3,139,068 973,848 300 Welsh Road Horsham, PA - 696,061 3,339,991 49,629 600 Chesterfield Parkway Malvern, PA - 2,013,750 - 8,135,324 700 Chesterfield Parkway Malvern, PA - 2,013,750 - 8,096,150 6 Terry Drive Newtown, PA - 622,029 2,228,851 21,322 2520 Renaissance Boulevard King of Prussia, PA - 1,020,000 - 4,158,257 18 Great Valley Parkway Malvern, PA - 394,036 3,976,221 35,251 700 Dresher Road Horsham, PA - 2,551,777 3,020,638 3,091,849 2201 Renaissance Boulevard King of Prussia, PA - - - 15,150,120 2540 Renaissance Boulevard King of Prussia, PA - - - 1,651,574 2560 Renaissance Boulevard King of Prussia, PA - - - 3,729,254 1501-1513 Grundy's Lane Bristol, PA - - - 3,056,112 11 Great Valley Parkway Malvern, PA - 496,297 - 3,257,650 680 Blair Mill Road Horsham, PA - 3,527,151 - 11,997,096 825 Duportail Road Wayne, PA - 5,536,619 16,179,213 499,989 1200 Liberty Ridge Drive Wayne, PA - 6,215,667 - 8,031,552 2760 Red Lion Road Philadelphia, PA - - - 45,099,910 200 Precision Drive Horsham, PA - 1,559,884 4,759,640 2,566,339 40 Liberty Boulevard Malvern, PA - 4,241,137 17,737,090 2,182,841 102 Rock Road Horsham, PA - 1,110,209 2,301,302 419,899 14 Lee Boulevard Malvern, PA * 664,282 - 6,026,477 500 Chesterfield Parkway Malvern, PA * 472,364 - 3,209,019 300-400 Chesterfield Parkway Malvern, PA * 937,212 - 4,881,211 8 Stow Road Marlton, NJ - 172,600 1,704,436 119,073 10 Stow Road Marlton, NJ - 147,000 1,451,536 450,788 12 Stow Road Marlton, NJ - 103,300 1,021,036 227,510 14 Stow Road Marlton, NJ - 93,100 920,336 310,122 701A Route 73 South Marlton, NJ - 264,387 3,772,000 2,391,459 701C Route 73 South Marlton, NJ - 84,949 1,328,000 339,479 1008 Astoria Boulevard Cherry Hill, NJ - 27,120 424,880 377,835 3000 Atrium Way Mt. Laurel, NJ * 500,000 4,500,000 3,523,484 750 Cardinal Drive Bridgeport, NJ - 230,000 2,070,000 655,821 11000, 15000 Commerce Parkway Mt. Laurel, NJ - 310,585 4,394,900 (709,225) 12000, 14000 Commerce Parkway Mt. Laurel, NJ - 361,800 3,285,817 255,412 16000, 18000 Commerce Parkway Mt. Laurel, NJ - 289,700 2,512,683 469,541 400 Lippincott Drive Marlton, NJ - 69,402 - 3,070,977 406 Lippincott Drive Marlton, NJ - 321,455 1,539,871 794,078 234 High Hill Road Bridgeport, NJ * 249,472 1,477,515 348,867 101 Arlington Boulevard Bridgeport, NJ - 6,368 - 4,602,131 100 Berkeley Drive Bridgeport, NJ * 600,508 1,915,215 4,483,338 301 Lippincott Drive Marlton, NJ - 1,069,837 4,780,163 466,123 303 Lippincott Drive Marlton, NJ - 1,069,837 4,780,163 1,326,147 510-512 Sharptown Road Bridgeport, NJ * 125,410 1,072,683 47,779 901 Route 73 Marlton, NJ - 334,411 2,733,314 120,583 1300 Route 73 North Mt. Laurel, NJ * 449,400 3,074,850 719,222 512 Sharptown Road Bridgeport, NJ * 180,468 1,543,617 207,820 201 Berkeley Drive Bridgeport, NJ - 270,880 - 5,124,651 58 LIBERTY PROPERTY TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 COST CAPITALIZED INITIAL COST SUBSEQUENT --------------------------- TO PROJECT CITY ENCUMBRANCES LAND BUILDING ACQUISITION -------------------------------------- ------------------- ------------ ------------ -------------- -------------- OPERATING PROPERTIES - Continued 404 Lippincott Drive Marlton, NJ - 131,896 - 1,650,431 104 Gaither Drive Mt. Laurel, NJ - 132,075 1,151,988 224,926 402 Lippincott Drive Marlton, NJ - 131,896 - 1,632,284 300 Commodore Drive Bridgeport, NJ - 417,695 - 5,290,036 3000 Lincoln Drive Mt. Laurel, NJ - 284,052 2,458,155 1,229,406 6000 Commerce Parkway Mt. Laurel, NJ - 234,151 2,022,683 158,662 7000 Commerce Parkway Mt. Laurel, NJ - 260,014 2,236,684 235,166 8000 Commerce Parkway Mt. Laurel, NJ - 234,814 1,995,098 118,185 9000 Commerce Parkway Mt. Laurel, NJ - 286,587 2,474,820 499,376 1000 Briggs Road Mt. Laurel, NJ - 288,577 2,546,537 875,281 1025 Briggs Road Mt. Laurel, NJ 1,691,019 430,990 3,714,828 409,794 1020 Briggs Road Mt. Laurel, NJ - 494,334 - 2,915,789 9 Stow Road Marlton, NJ - 652,642 1,765,065 381,799 2000 Crawford Place Mt. Laurel, NJ - 310,831 2,797,744 1,748,397 5000 Dearborn Court Mt. Laurel, NJ - 1,057,763 4,191,827 121,424 515 Heron Drive Bridgeport, NJ 1,319,985 334,017 2,367,538 14,286 500 Sharptown Road Bridgeport, NJ 1,244,265 300,404 2,645,235 57,191 625 Heron Drive Bridgeport, NJ * 180,226 908,953 49,751 605 Heron Drive Bridgeport, NJ 545,068 265,381 1,046,866 94,972 510 Heron Drive Bridgeport, NJ 5,824,627 790,335 7,901,878 350,653 522 Pedricktown Road Bridgeport, NJ * 176,309 1,360,293 19,550 530 Pedricktown Road Bridgeport, NJ * 350,813 1,901,471 31,304 540 Pedricktown Road Bridgeport, NJ 3,006,508 531,280 4,532,010 (160,307) 230 High Hill Road Bridgeport, NJ 5,372,430 1,418,000 8,860,843 28,683 3 Mallard Court Bridgeport, NJ * 417,893 2,447,865 9,336 730 Cardinal Drive Bridgeport, NJ * 576,598 1,780,345 46,341 405 Heron Drive Bridgeport, NJ - 2,167,471 18,120,223 137,567 100 Eagle Road Bridgeport, NJ 1,019,294 256,491 1,434,429 20,524 250 High Hill Road Bridgeport, NJ 1,647,337 246,478 2,269,440 173,859 508 Center Square Road Bridgeport, NJ 1,528,989 453,341 3,458,248 940 602 Heron Drive Bridgeport, NJ * 524,728 2,240,478 7,650 300 Eagle Court Bridgeport, NJ - 1,135,989 1,872,753 19,167 500 Center Square Road Bridgeport, NJ - 1,815,403 6,186,541 31,500 1001 Briggs Road Mt. Laurel, NJ - 701,705 3,505,652 874,095 1960 Cuthbert Boulevard Cherry Hill, NJ - 321,699 1,291,557 215,459 1970 Cuthbert Boulevard Cherry Hill, NJ - 321,699 1,291,558 51,634 10000 & 11000 Route 73 Marlton, NJ - 715,705 2,579,524 556,925 800 Arlington Boulevard Bridgeport, NJ - 1,687,500 - 7,572,381 1015 Briggs Road Mt. Laurel, NJ - 356,987 - 3,323,705 17000 Commerce Parkway Mt. Laurel, NJ - 144,515 - 2,735,151 1655 Valley Center Parkway Bethlehem, PA - 214,431 - 1,922,819 6560 Stonegate Drive Allentown, PA - 458,281 - 2,400,722 6370 Hedgewood Drive Allentown, PA - 540,795 - 3,146,969 6390 Hedgewood Drive Allentown, PA - 707,203 - 2,634,253 1495 Valley Center Parkway Bethlehem, PA - 434,640 - 3,657,540 6350 Hedgewood Drive Allentown, PA - 360,027 - 3,380,457 6330 Hedgewood Drive Allentown, PA - 531,268 - 4,527,735 1550 Valley Center Parkway Bethlehem, PA - 196,954 - 3,279,825 1560 Valley Center Parkway Bethlehem, PA - 240,069 - 3,965,513 6580 Snowdrift Road Allentown, PA - 388,328 - 2,669,530 1510 Valley Center Parkway Bethlehem, PA - 312,209 - 3,454,282 1530 Valley Center Parkway Bethlehem, PA - 211,747 - 2,736,186 6540 Stonegate Drive Allentown, PA - 422,042 - 3,644,748 974 Marcon Boulevard Allentown, PA - 143,500 - 2,197,007 964 Marcon Boulevard Allentown, PA - 138,816 - 1,583,747 764 Roble Road Allentown, PA - 141,069 - 819,455 3174 Airport Road Allentown, PA - 98,986 - 1,144,153 2196 Avenue C Allentown, PA - 101,159 - 1,314,509 2202 Hanger Place Allentown, PA - 137,439 - 1,309,996 2201 Hanger Place Allentown, PA - 128,454 - 1,399,071 954 Marcon Boulevard Allentown, PA - 103,665 - 1,108,205 57 South Commerce Way Bethlehem, PA - 390,839 2,701,161 177,646 754 Roble Road Allentown, PA - 162,115 1,731,885 123,892 894 Marcon Boulevard Allentown, PA - 117,134 1,048,866 145,648 744 Roble Road Allentown, PA - 159,771 1,734,229 247,264 944 Marcon Boulevard Allentown, PA - 118,521 1,435,479 223,107 1685 Valley Center Parkway Bethlehem, PA - 244,029 - 2,008,860 6520 Stonegate Drive Allentown, PA - 453,315 - 1,391,503 7437 Industrial Boulevard Allentown, PA - 717,488 5,022,413 1,769,355 2041 Avenue C Allentown, PA * 213,599 1,095,217 72,137 2124 Avenue C Allentown, PA * 289,197 1,039,835 484,776 7339 Industrial Boulevard Allentown, PA - 1,187,776 - 5,913,948 7384 Penn Drive Allentown, PA * 651,696 2,286,518 447,689 7144 Daniels Drive Allentown, PA - 2,390,217 2,342,761 3,565,895 7620 Cetronia Road Allentown, PA - 1,091,806 3,851,456 336,679 939 Marcon Boulevard Allentown, PA * 2,220,414 4,524,393 858,451 100 Brodhead Road Bethlehem, PA * 429,416 2,919,588 187,078 1455 Valley Center Parkway Bethlehem, PA - 670,290 - 3,623,704 1640 Valley Center Parkway Bethlehem, PA - 359,000 - 2,412,281 1650 Valley Center Parkway Bethlehem, PA - 359,000 - 2,210,935 1660 Valley Center Parkway Bethlehem, PA - 359,000 - 2,186,235 400 Nestle Way Allentown, PA 25,878,187 8,065,500 - 26,453,992 59 LIBERTY PROPERTY TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 COST CAPITALIZED INITIAL COST SUBSEQUENT --------------------------- TO PROJECT CITY ENCUMBRANCES LAND BUILDING ACQUISITION -------------------------------------- ------------------- ------------ ------------ -------------- -------------- OPERATING PROPERTIES - Continued 83 South Commerce Way Bethlehem, PA - 143,661 888,128 304,701 85 South Commerce Way Bethlehem, PA - 236,708 987,949 114,665 87 South Commerce Way Bethlehem, PA - 253,886 1,062,881 152,392 89 South Commerce Way Bethlehem, PA - 320,000 - 1,828,012 7248 Industrial Boulevard Allentown, PA - 2,670,849 13,307,408 728,272 95 Highland Avenue Bethlehem, PA - 430,593 3,182,080 445,066 236 Brodhead Road Bethlehem, PA - 376,962 4,672,683 25,646 1525 Valley Center Parkway Bethlehem, PA - 475,686 - 7,460,005 6620 Grant Way Allentown, PA - 430,824 1,915,923 6,338 700 Nestle Way Allentown, PA - 3,473,120 - 16,916,630 7562 Penn Drive Allentown, PA - 269,614 844,069 93,264 7277 Williams Avenue Allentown, PA - 462,964 1,449,009 271,360 7355 Williams Avenue Allentown, PA - 489,749 1,658,091 152,592 794 Roble Road Allentown, PA - 1,147,541 6,088,041 1,136,853 6923 Schantz Spring Road Allentown, PA - 1,127,805 3,309,132 165,875 7132 Daniels Drive Allentown, PA - 1,623,326 3,464,626 3,886,296 3985 Adler Place Bethlehem, PA - 705,367 3,915,820 471,397 8014 Industrial Boulevard Allentown, PA - 4,019,258 - 8,692,231 705 Boulder Drive Allentown, PA 150,000 4,484,096 - 15,003,242 651 Boulder Drive Allentown, PA - 4,308,646 - 13,108,539 3773 Corporate Parkway Center Valley, PA - 738,108 - 7,441,416 7028 Snowdrift Road Fogelville, PA - 520,473 959,279 130,973 180,190 Cochrane Drive Annapolis, MD - 3,670,256 - 16,803,473 7178-80 Columbia Gateway Columbia, MD - 1,569,237 4,786,887 645,248 9770 Patuxent Woods Drive Columbia, MD - 341,663 3,033,309 13,582 9780 Patuxent Woods Drive Columbia, MD - 218,542 1,940,636 7,254 9790 Patuxent Woods Drive Columbia, MD - 243,791 2,164,094 12,536 9810 Patuxent Woods Drive Columbia, MD - 266,684 2,366,901 9,127 9800 Patuxent Woods Drive Columbia, MD - 299,099 2,654,069 189,716 9820 Patuxent Woods Drive Columbia, MD - 237,779 2,110,835 27,196 9830 Patuxent Woods Drive Columbia, MD - 296,262 2,628,933 76,787 9050 Red Branch Road Columbia, MD - 290,950 2,577,153 311,153 4606 Richlynn Drive Belcamp, MD - 299,600 1,818,861 7,108 8945-8975 Guilford Road Columbia, MD - 2,428,795 7,493,740 204,034 7317 Parkway Drive Hanover, MD - 1,104,359 1,959,671 4,319 5950 Symphony Woods Road Columbia, MD - 1,462,762 11,310,187 132,547 9101,9111,9115 Guilford Road Columbia, MD - 758,951 - 3,245,076 9125,9135,9145 Guilford Road Columbia, MD - 900,154 - 5,454,397 1751 Bluehills Drive Roanoke, VA - 1,063,728 8,500,677 - 4300 Carolina Avenue Richmond, VA - 2,007,717 14,927,608 330,317 301 Hill Carter Parkway Richmond, VA - 659,456 4,836,010 - 4001 Carolina Avenue Richmond, VA - 29,443 215,914 64,343 5600-5626 Eastport Boulevard Richmond, VA * 489,941 3,592,900 111,058 5650-5674 Eastport Boulevard Richmond, VA * 644,384 4,025,480 81,312 5700 Eastport Boulevard Richmond, VA * 408,729 2,697,348 38,566 3432 Holland Road Virginia Beach, VA - 173,527 790,515 - 4880 Cox Road Glen Allen, VA * 743,898 4,499,807 1,127,008 4101- 4127 Carolina Avenue Richmond, VA * 310,854 2,279,597 70,437 4201-4261 Carolina Avenue Richmond, VA * 693,203 5,083,493 591,334 4263-4299 Carolina Avenue Richmond, VA - 256,203 2,549,649 1,059,396 4301-4335 Carolina Avenue Richmond, VA - 223,696 1,640,435 120,778 4337-4379 Carolina Avenue Richmond, VA * 325,303 2,385,557 746,263 4501-4549 Carolina Avenue Richmond, VA * 486,166 3,565,211 141,323 4551-4593 Carolina Avenue Richmond, VA * 474,360 3,478,646 127,874 4601-4643 Carolina Avenue Richmond, VA * 652,455 4,784,675 372,059 4645-4683 Carolina Avenue Richmond, VA * 404,616 2,967,187 1,012,104 4447-4491 Carolina Avenue Richmond, VA - 454,056 2,729,742 106,901 4401-4445 Carolina Avenue Richmond, VA * 615,038 4,510,272 31,465 12 S. Third Street Richmond, VA - 40,539 184,682 14,061 9601 Cosner Drive Fredericksburg, VA * 475,262 3,917,234 53,021 2300 East Parham Road Richmond, VA - 221,947 1,011,088 - 5601-5659 Eastport Boulevard Richmond, VA * 705,660 - 4,976,505 5900 Eastport Boulevard Richmond, VA * 676,661 - 4,471,494 4717-4729 Eubank Road Richmond, VA * 449,447 3,294,697 143,694 4263F-N. Carolina Avenue Richmond, VA * 91,476 - 1,631,649 5000 Cox Road Glen Allen, VA * 770,214 3,685,248 95,969 5500 Cox Road Glen Allen, VA * 443,485 - 2,671,989 510 Eastpark Court Richmond, VA * 261,961 2,110,874 134,170 520 Eastpark Court Richmond, VA * 486,118 4,083,582 69,899 13001 Kingston Avenue Richmond, VA - 376,584 - 2,032,172 5701-5799 Eastport Boulevard Richmond, VA - 694,644 - 5,608,550 4801 Cox Road Glen Allen, VA - 1,072,896 - 8,858,737 600 H P Way Chester, VA - 146,126 - 6,798,387 500 H P Way Chester, VA - 142,692 - 5,991,631 701 Liberty Way Richmond, VA * 171,711 - 5,008,315 4198 Cox Road Glen Allen, VA - 670,292 3,839,245 558,668 12730 Kingston Avenue Richmond, VA - 171,053 - 8,147,207 4510 Cox Road Glen Allen, VA - 1,010,024 7,151,729 729,365 2809 South Lynnhaven Road Virginia Beach, VA - 953,590 6,142,742 554,793 200 Golden Oak Court Virginia Beach, VA * 1,116,693 6,770,480 584,728 208 Golden Oak Court Virginia Beach, VA * 965,177 6,728,717 263,545 1 Enterprise Parkway Hampton, VA - 974,675 5,579,869 359,116 60 LIBERTY PROPERTY TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 COST CAPITALIZED INITIAL COST SUBSEQUENT --------------------------- TO PROJECT CITY ENCUMBRANCES LAND BUILDING ACQUISITION -------------------------------------- ------------------- ------------ ------------ -------------- -------------- OPERATING PROPERTIES - Continued 22 Enterprise Parkway Hampton, VA - 1,097,368 6,760,778 435,672 530 Eastpark Court Richmond, VA - 266,883 - 2,755,534 484 Viking Drive Virginia Beach, VA - 891,753 3,607,890 149,146 10430 Lakeridge Parkway Ashland, VA - 421,267 3,770,870 52,726 10456 Lakeridge Parkway Ashland, VA - 409,261 3,663,754 64,073 3829-3855 Gaskins Road Richmond, VA - 364,165 3,264,114 6,679 629 Phoenix Drive Virginia Beach, VA - 371,694 2,108,097 48,028 11838 Rock Landing Drive Newport News, VA - 673,942 2,111,481 494,342 11844 Rock Landing Drive Newport News, VA - 326,774 1,391,561 74,890 11846 Rock Landing Drive Newport News, VA - 299,066 1,419,266 309,233 11832 Rock Landing Drive Newport News, VA - 299,066 1,419,266 5,055,811 10800 Nuckols Boulevard Richmond, VA - 1,432,462 - 14,358,942 5700 Cleveland Street Virginia Beach, VA - 700,112 9,592,721 831,459 801 Liberty Way Richmond, VA * 780,000 - 6,104,608 5 Manhattan Square Hampton, VA - 207,368 - 1,562,803 100 Westgate Parkway Richmond, VA - 1,140,648 101,824 8,275,261 1309 Executive Boulevard Cheaspeake, VA - 926,125 - 5,059,996 21 Enterprise Parkway Hamton, VA - 263,668 8,167,118 123,083 4523 Green Point Drive High Point, NC - 234,564 - 2,403,961 4501 Green Point Drive High Point, NC - 319,289 - 2,335,761 4500 Green Point Drive High Point, NC - 230,622 - 2,190,555 2427 Penny Road High Point, NC - 1,165,664 - 6,228,051 4524 Green Point Drive High Point, NC * 182,810 - 2,184,629 4328, 4336 Federal Drive High Point, NC 5,623,271 521,122 - 7,063,422 200 Centreport Drive Greensboro, NC * 331,400 3,768,600 418,815 4344 Federal Drive High Point, NC * 484,001 - 2,361,623 202 Centreport Drive Greensboro, NC * 549,948 5,360,462 572,253 101 Centreport Drive Greensboro, NC - 826,237 - 7,755,692 4000 Piedmont Parkway High Point, NC * 592,885 4,825,615 429,102 4380 Federal Drive High Point, NC - 282,996 - 2,109,455 4388 Federal Drive High Point, NC - 143,661 - 1,119,330 6532 Judge Adams Road Rock Creek, NC - 354,903 - 3,488,165 6530 Judge Adams Road Rock Creek, NC - 305,821 - 4,458,196 150 Ridgeview Center Drive Duncan, SC - 711,353 8,056,324 881,444 1320 Garlington Road Greenville, SC - 398,539 1,761,533 51,112 420 Park Avenue Greenville, SC * 522,548 2,730,261 550,091 4160 Mendenhall Oaks Parkway High Point, NC - 285,882 - 3,086,093 4194 Mendenhall Oaks Parkway High Point, NC - 102,372 - 2,361,700 4196 Mendenhall Oaks Parkway High Point, NC - 66,731 - 2,108,548 4170 Mendenhall Oaks Parkway High Point, NC - 143,699 - 2,200,631 4180 Mendenhall Oaks Parkway High Point, NC - 121,329 - 1,759,812 4050 Piedmont Parkway High Point, NC - 801,902 - 18,159,735 One Independence Pointe Greenville, SC - 780,881 6,199,230 225,760 55 Beattie Place Greenville, SC - 2,643,105 23,439,801 830,099 75 Beattie Place Greenville, SC * 2,406,646 17,400,939 496,862 7736 McCloud Road Greensboro, NC - 591,795 5,895,312 227,487 15 Brendan Way Greenville, SC - 614,192 3,012,019 991,739 4300 Federal Drive High Point, NC - 264,038 - 1,621,937 4135 Mendenall Oaks Parkway High Point, NC - 499,500 - 2,712,012 4183 Eagle Hill Drive High Point, NC - 122,203 - 3,763,018 4189 Eagle Hill Drive High Point, NC - 100,106 - 2,866,186 4020 Meeting Way High Point, NC - 94,232 - 1,681,829 170 Ridgeview Drive Duncan, SC - 224,162 109,218 4,930,743 6509 Franz Warner Parkway Rock Creek, NC - 360,494 - 2,417,221 1730 Stebbins Drive Houston, TX - 143,258 - 478,152 5911-5925 Richard Street Jacksonville, FL - 275,582 - 508,967 8383-8385 Baycenter Road Jacksonville, FL - 63,703 - 713,824 8775 Baypine Road Jacksonville, FL - 906,804 - 3,174,423 6255 Lake Gray Boulevard Jacksonville, FL - 813,067 - 3,552,562 8665,8667,8669 Baypine Road Jacksonville, FL - 966,552 - 4,183,224 1200 Gulf Life Drive Jacksonville, FL - 1,028,864 - 18,405,444 8614 Baymeadows Way Jacksonville, FL - 290,291 - 1,082,548 5941-5975 Richard Street Jacksonville, FL - 583,622 - 1,131,332 7970 Bayberry Road Jacksonville, FL - 127,520 - 1,251,765 6000-6030 Bowdendale Avenue Jacksonville, FL - 275,475 - 1,697,973 7898 Baymeadows Way Jacksonville, FL - 561,802 - 1,951,868 5977-6607 Richard Street Jacksonville, FL - 180,033 - 3,249,765 7910 & 7948 Baymeadows Way Jacksonville, FL - 210,299 - 2,655,355 7954, 7960 Baymeadows Way Jacksonville, FL - 291,312 - 2,945,718 8787 Baypine Road Jacksonville, FL - 2,076,306 - 35,412,918 7077 Bonneval Road Jacksonville, FL - 768,000 5,789,000 1,283,363 4190 Belfort Road Jacksonville, FL - 821,000 5,866,000 1,835,428 7020 AC Skinner Parkway Jacksonville, FL * 398,257 - 2,461,550 7022 AC Skinner Parkway Jacksonville, FL * 706,934 - 3,097,328 11777 Central Highway Jacksonville, FL - 92,207 429,997 1,259,623 4345 Southpoint Parkway Jacksonville, FL - - - 8,734,288 7016 AC Skinner Parkway Jacksonville, FL - 597,181 - 2,326,445 7018 AC Skinner Parkway Jacksonville, FL - 840,996 - 4,082,054 7014 AC Skinner Parkway Jacksonville, FL - 574,198 - 3,349,127 6620 Southpoint Drive Jacksonville, FL - 614,602 4,267,477 557,500 7980 Bayberry Road Jacksonville, FL - 330,726 1,338,101 17,776 9600 Satellite Boulevard Orlando, FL - 252,850 1,297,923 54,059 61 LIBERTY PROPERTY TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 COST CAPITALIZED INITIAL COST SUBSEQUENT --------------------------- TO PROJECT CITY ENCUMBRANCES LAND BUILDING ACQUISITION -------------------------------------- ------------------- ------------ ------------ -------------- -------------- OPERATING PROPERTIES - Continued 9700 Satellite Boulevard Orlando, FL - 405,362 1,146,546 113,385 1902 Cypress Lake Drive Orlando, FL - 523,512 3,191,790 866,686 9550 Satellite Boulevard Orlando, FL - 574,831 - 2,087,623 8250 & 8256 Exchange Place Orlando, FL - 622,413 2,507,842 448,326 6600 Southpoint Parkway Jacksonville, FL - 998,432 4,055,727 328,425 6700 Southpoint Parkway Jacksonville, FL - 620,719 2,989,746 500,718 4801 Executive Park Court - 100 Jacksonville, FL * 554,993 2,993,277 445,021 4801 Executive Park Court - 200 Jacksonville, FL * 370,017 1,995,518 23,275 4810 Executive Park Court Jacksonville, FL * 369,694 3,045,639 47,709 6602 Executive Park Court - 100 Jacksonville, FL * 388,519 2,095,293 38,958 6602 Executive Park Court - 200 Jacksonville, FL * 296,014 1,596,347 114,520 6631 Executive Park Court - 100 Jacksonville, FL * 251,613 1,356,849 4,278 6631 Executive Park Court - 200 Jacksonville, FL * 406,561 2,195,070 178,372 4815 Executive Park Court - 100 Jacksonville, FL * 366,317 1,975,393 20,549 4815 Executive Park Court - 200 Jacksonville, FL * 462,522 2,494,397 187,247 4825 Executive Park Court Jacksonville, FL * 601,278 3,242,491 12,342 4820 Executive Park Court Jacksonville, FL * 555,173 2,693,130 591,331 10511 & 10611 Satellite Boulevard Orlando, FL - 517,554 2,568,186 237,621 1400-1440 Central Florida Parkway Orlando, FL - 518,043 2,561,938 74,142 6601 Executive Park Circle North Jacksonville, FL - 551,250 3,128,361 640 1300 Riverplace Boulevard Jacksonville, FL - 1,804,258 7,755,572 999,524 4901 Belfort Road Jacksonville, FL - 877,964 2,360,742 1,841,852 16445 Air Center Boulevard Houston, TX - 363,339 2,509,186 347,471 16405 Air Center Boulevard Houston, TX - 438,853 3,030,396 106,575 2216 Directors Row Orlando, FL - 453,918 2,572,202 25,865 7460 Chancellor Drive Orlando, FL - 266,555 902,949 246,252 1901 Summit Tower Boulevard Maitland, FL - 6,078,791 12,348,567 327,340 3701-3727 Vineland Road Orlando, FL - 767,929 2,096,504 67,289 4899 Belfort Road Jacksonville, FL - 1,299,201 - 7,859,853 4905 Belfort Street Jacksonville, FL - 638,154 - 3,411,407 16580 Air Center Boulevard Houston, TX - 289,000 3,559,857 (12,163) 7251 Salisbury Road Jacksonville, FL - - - 2,932,062 2400 South Lake Orange Drive Orlando, FL - 385,964 - 2,359,882 10245 Centurion Parkway North Jacksonville, FL - 852,644 3,510,889 582,223 6501 Lee Vista Boulevard Orlando, FL - 903,701 - 5,515,772 1755 Trans Central Drive Houston, TX - 293,534 3,036,269 133,314 10771 Palm Bay Drive Orlando, FL - 664,605 - 2,512,823 5501-5519 Pioneer Park Boulevard Tampa, FL - 162,000 1,613,000 188,001 5690-5694 Crenshaw Street Tampa, FL - 181,923 1,812,496 140,795 3102,3104,3110 Cherry Palm Drive Tampa, FL - 503,767 2,787,585 403,715 8401-8408 Benjamin Road Tampa, FL - 789,651 4,454,648 456,583 3501 Riga Boulevard Tampa, FL - 617,289 3,048,379 95,839 111 Kelsey Lane Tampa, FL - 359,540 1,461,850 451,966 7930,8010-20 Woodland Center Boulevard Tampa, FL * 1,408,478 5,247,246 244,354 7920 Woodland Center Boulevard Tampa, FL * 1,382,648 2,445,444 104,336 8154-8198 Woodland Center Boulevard Tampa, FL * 399,088 2,868,834 44,000 8112-42 Woodland Center Boulevard Tampa, FL * 513,263 3,230,239 13,495 8212 Woodland Center Boulevard Tampa, FL * 820,882 2,322,720 14,210 131 Kelsey Lane Tampa, FL - 511,463 - 4,450,331 7724 Woodland Center Boulevard Tampa, FL - 235,893 - 2,108,523 7802-50 Woodland Center Boulevard Tampa, FL - 357,364 - 2,542,261 7852-98 Woodland Center Boulevard Tampa, FL - 357,364 - 2,291,373 8921 Brittany Way Tampa, FL - 255,583 1,063,882 827,162 5250 Eagle Trail Drive Tampa, FL - 952,860 - 3,457,917 7725 Woodland Center Boulevard Tampa, FL - 553,335 - 3,226,342 8001 Woodland Center Boulevard Tampa, FL - 350,406 - 2,240,698 4630 Woodland Corporate Boulevard Tampa, FL - 943,169 - 12,399,823 701-725 South US Highway 301 Tampa, FL - 654,259 - 3,097,143 4502 Woodland Corporate Boulevard Tampa, FL - - - 4,005,900 9001-9015 Brittany Way Tampa, FL - 239,034 - 1,420,321 4508 Woodland Corporate Boulevard Tampa, FL - 498,598 - 3,082,752 7622 Bald Cypress Place Tampa, FL - - - 1,339,980 901-933 US Highway 301S Tampa, FL - 570,005 - 3,047,107 1701 Clint Moore Boulevard Boca Raton, FL - 1,430,884 3,043,553 57,921 5410 - 5430 Northwest 33rd Avenue Ft. Lauderdale, FL - 603,776 4,176,238 398,765 6500 NW 12th Avenue Ft. Lauderdale, FL - 7,099 3,046,309 42,682 6600 NW 12th Avenue Ft. Lauderdale, FL - 7,102 3,047,462 299,081 1500 SW 5th Court Pompano Beach, FL - 972,232 3,892,085 46,438 1651 SW 5th Court Pompano Beach, FL - 203,247 811,093 18,392 1601 SW 5th Court Pompano Beach, FL - 203,247 811,093 50,505 1501 SW 5th Court Pompano Beach, FL - 203,247 811,093 22,163 1400 SW 6th Court Pompano Beach, FL - 1,157,049 4,620,956 72,461 1405 SW 6th Court Pompano Beach, FL - 392,138 1,565,787 45,121 595 SW 13th Terrace Pompano Beach, FL - 359,933 1,437,116 45,772 601 SW 13th Terrace Pompano Beach, FL - 164,413 655,933 24,625 605 SW 16th Terrace Pompano Beach, FL - 310,778 1,238,324 29,671 951 Broken Sound Parkway Boca Raton, FL - 1,426,251 6,098,952 184,097 3400 Lakeside Drive Miramar, FL - 2,022,153 11,345,881 413,418 3450 Lakeside Drive Miramar, FL - 2,022,152 11,357,143 197,551 3350 SW 148th Avenue Miramar, FL - 2,960,511 - 17,139,037 13650 NW 8th Street Sunrise, FL - 558,223 2,171,930 37,107 13630 NW 8th Street Sunrise, FL - 659,797 2,596,275 146,745 62 LIBERTY PROPERTY TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 COST CAPITALIZED INITIAL COST SUBSEQUENT --------------------------- TO PROJECT CITY ENCUMBRANCES LAND BUILDING ACQUISITION -------------------------------------- ------------------- ------------ ------------ -------------- -------------- OPERATING PROPERTIES - Continued 777 Yamato Road Boca Raton, FL - 4,101,247 16,077,347 2,677,067 1801 Clint Moore Road Boca Raton, FL - 1,065,068 4,481,644 232,490 6601-6625 W. 78th Street Bloomington, MN - 2,263,060 - 38,625,770 2905 Northwest Boulevard Plymouth, MN - 516,920 4,646,342 498,248 2800 Campus Drive Plymouth, MN - 395,366 3,554,512 337,217 2955 Xenium Lane Plymouth, MN - 151,238 1,370,140 255,937 9401-9443 Science Center Drive New Hope, MN - 431,295 3,888,684 244,480 6321-6325 Bury Drive Eden Prairie, MN - 462,876 4,151,790 180,272 7115-7173 Shady Oak Road Eden Prairie, MN - 454,974 4,089,410 436,419 7660-7716 Golden Triangle Drive Eden Prairie, MN - 568,706 5,115,177 1,340,905 7400 Flying Cloud Drive Eden Prairie, MN - 195,982 1,762,027 55,417 10301-10305 West 70th Street Eden Prairie, MN - 120,622 1,085,226 81,320 10321 West 70th Street Eden Prairie, MN - 145,198 1,305,700 32,908 10333 West 70th Street Eden Prairie, MN - 110,746 995,868 28,179 10349-10357 West 70th Street Eden Prairie, MN - 275,903 2,481,666 259,683 10365-10375 West 70th Street Eden Prairie, MN - 291,077 2,618,194 188,888 10393-10394 West 70th Street Eden Prairie, MN - 269,618 2,423,318 249,205 7078 Shady Oak Road Eden Prairie, MN - 343,093 3,085,795 47,532 10400 Viking Drive Eden Prairie, MN - 2,912,391 - 21,367,477 5600 & 5610 Rowland Road Minnetonka, MN - 828,650 7,399,409 1,124,384 2920 Northwest Boulevard Plymouth, MN - 392,026 3,433,678 653,397 5400-5500 Feltl Road Minnetonka, MN - 883,895 7,983,345 840,193 10300 Bren Road Minnetonka, MN - 344,614 3,110,477 154,021 14630-14650 28th Avenue North Plymouth, MN - 198,205 1,793,422 360,187 7695-7699 Anagram Drive Eden Prairie, MN - 760,525 3,254,758 25,622 7550 Meridian Circle Maple Grove, MN 2,067,139 513,250 2,901,906 (80,807) 2800 Northwest Boulevard Plymouth, MN 4,479,507 1,934,438 10,952,503 75,338 3255 Neil Armstrong Boulevard Eagan, MN - 1,131,017 - 3,377,738 4801 West 81st Street Bloomington, MN 777,917 1,624,701 2,494,368 450,290 8100 Cedar Avenue Bloomington, MN 2,178,012 501,313 3,675,416 25,281 9600 54th Avenue Plymouth, MN - 332,317 3,077,820 149,049 7800 Equitable Drive Eden Prairie, MN - 2,188,525 3,788,762 18,929 7905 Fuller Road Eden Prairie, MN - 1,229,862 4,075,167 9,190 9023 Columbine Road Eden Prairie, MN - 1,956,273 - 4,626,783 6161 Green Valley Drive Bloomington, MN - 740,378 3,311,602 719,459 4700 Nathan Lane North Minneapolis, MN - 1,501,308 8,446,083 323,002 8967 Columbine Road Eden Prairie, MN - 1,450,000 - 3,409,410 14390 Huntington Avenue Savage, MN - 1,463,666 6,271,050 139,842 550-590 Hale Avenue Oakdale, MN - 765,535 3,488,754 119,290 7777 Golden Triangle Drive Eden Prairie, MN - 993,101 2,136,862 876,271 8937 Columbine Road Eden Prairie, MN - 1,325,829 - 4,697,953 7615 Smetana Lane Eden Prairie, MN - 1,011,517 - 8,658,578 10801 Nesbitt Avenue South Bloomington, MN - 784,577 - 4,166,712 8995 Columbine Road Eden Prairie, MN - 1,087,594 - 3,492,053 26911-26957 Northwestern Highway Southfield, MI - 7,799,515 66,268,817 5,623,616 1650 Research Drive Troy, MI - 763,067 7,201,677 90,322 1775 Research Drive Troy, MI - 331,422 2,788,073 50,080 1875 Research Drive Troy, MI - 329,863 2,774,006 121,199 1850 Research Drive Troy, MI - 781,054 7,364,300 210,378 1965 Research Drive Troy, MI - 419,090 3,578,928 103,431 1960 Research Drive Troy, MI - 419,146 3,579,166 50,886 27260 Haggerty Road Farmington Hills, MI - 456,877 4,091,196 186,238 27200 Haggerty Road Farmington Hills, MI - 382,754 3,425,227 172,058 27280 Haggerty Road Farmington Hills, MI - 452,860 4,055,512 119,859 27220 Haggerty Road Farmington Hills, MI - 203,064 1,802,592 135,253 27240 Haggerty Road Farmington Hills, MI - 171,518 1,518,192 83,458 27300 Haggerty Road Farmington Hills, MI - 370,378 3,311,366 125,209 1101 Allen Drive Troy, MI - 98,144 887,935 22,883 1151 Allen Drive Troy, MI - 164,483 1,486,220 209,271 1300 Rankin Street Troy, MI - 134,090 1,212,752 124,810 1350 Rankin Street Troy, MI - 111,776 1,011,497 64,521 1376-1400 Rankin Street Troy, MI - 134,292 1,213,626 126,937 1352-1374 Rankin Street Troy, MI - 153,275 1,385,098 89,075 1324-1346 Rankin Street Troy, MI - 134,090 1,212,214 22,741 1301-1307 Rankin Street Troy, MI - 111,776 1,011,121 57,948 1409 Allen Drive Troy, MI - 142,370 1,286,048 214,397 1304 E Maple Road Troy, MI - 211,233 1,906,786 309,224 1334 Maplelawn Road Troy, MI - 124,296 1,122,802 17,977 1290 Maplelawn Road Troy, MI - 85,321 771,621 61,018 1070 Maplelawn Road Troy, MI - 68,560 620,595 47,208 950 Maplelawn Road Troy, MI - 252,429 2,265,259 26,448 894 Maplelawn Road Troy, MI - 181,749 1,632,243 19,497 1179 Maplelawn Road Troy, MI - 87,845 794,365 72,889 1940 Norwood Drive Troy, MI - 86,836 785,267 42,787 1311-1331 Maplelawn Road Troy, MI - 125,407 1,132,810 202,380 2354 Bellingham Street Troy, MI - 87,340 789,817 19,928 2360 Bellingham Street Troy, MI - 87,340 789,817 58,250 1911 Ring Drive Troy, MI - 86,129 778,900 77,825 26442-26450 Haggerty Road Farmington Hills, MI - 237,687 2,143,478 27,973 26500 Haggerty Road Farmington Hills, MI - 311,093 2,791,804 52,170 26650 Haggerty Road Farmington Hills, MI - 173,166 1,562,704 21,498 26700 Haggerty Road Farmington Hills, MI - 253,338 2,290,696 17,160 63 LIBERTY PROPERTY TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 COST CAPITALIZED INITIAL COST SUBSEQUENT --------------------------- TO PROJECT CITY ENCUMBRANCES LAND BUILDING ACQUISITION -------------------------------------- ------------------- ------------ ------------ -------------- -------------- OPERATING PROPERTIES - Continued 26750 Haggerty Road Farmington Hills, MI - 292,717 2,638,688 153,751 26800 Haggerty Road Farmington Hills, MI - 175,489 1,583,362 163,130 26842-26850 Haggerty Road Farmington Hills, MI - 239,606 2,160,470 194,932 26600 Haggerty Road Farmington Hills, MI - 455,846 - 2,524,219 26550 Haggerty Road Farmington Hills, MI - 368,083 - 2,585,958 50 West Big Beaver Road Troy, MI - 2,159,678 19,481,454 296,560 100 West Big Beaver Road Troy, MI - 2,113,006 19,057,355 377,625 245 Executive Drive Brookfield, WI - 577,067 5,197,903 195,157 8301 West Parkland Court Milwaukee, WI - 358,442 3,233,707 261,263 32991 Hamilton Court Farmington Hills, MI - 1,065,392 3,627,675 947,764 7500 West 110th Street Overland Park, KS - 2,380,493 9,575,474 208,344 7800 N. 113th Street Milwaukee, WI - 1,711,964 6,847,857 51,653 2475-2479 Elliot Avenue Troy, MI - 128,808 516,393 15,137 32661 Edward Avenue Madison Heights, MI - 378,838 2,330,550 4,054 32701 Edward Avenue Madison Heights, MI - 340,398 1,364,777 31,585 32751 Edward Avenue Madison Heights, MI - 151,410 859,462 40,581 32853 Edward Avenue Madison Heights, MI - 138,121 784,426 53,827 555 East Mandoline Avenue Madison Heights, MI - 140,862 799,993 80,328 599 East Mandoline Avenue Madison Heights, MI - 132,164 646,768 73,022 749 East Mandoline Avenue Madison Heights, MI - 144,658 708,054 915 750 East Mandoline Avenue Madison Heights, MI - 151,458 741,185 878 900 East Mandoline Avenue Madison Heights, MI - 157,729 771,872 1,836 949 East Mandoline Avenue Madison Heights, MI - 137,049 778,338 5,751 32090 John Road Madison Heights, MI - 70,351 399,251 6,610 31601 Research Park Drive Madison Heights, MI - 331,179 1,879,812 10,787 31651 Research Park Drive Madison Heights, MI - 194,012 1,101,576 1,132 31700 Research Park Drive Madison Heights, MI - 373,202 1,824,721 3,575 31701 Research Park Drive Madison Heights, MI - 185,845 1,054,681 72,097 31751 Research Park Drive Madison Heights, MI - 194,063 1,300,574 1,822 31800 Research Park Drive Madison Heights, MI - 217,929 1,601,469 14,793 800 Tech Row Madison Heights, MI - 444,977 2,984,811 31,445 900 Tech Row Madison Heights, MI - 155,606 883,725 24,370 1000 Tech Row Madison Heights, MI - 357,897 2,628,029 84,900 31771 Sherman Avenue Madison Heights, MI - 150,944 645,040 11,826 31791 Sherman Avenue Madison Heights, MI - 105,606 649,891 2,327 31811 Sherman Avenue Madison Heights, MI - 207,599 1,179,010 1,363 31831 Sherman Avenue Madison Heights, MI - 158,483 900,064 4,820 31900 Sherman Avenue Madison Heights, MI - 269,293 1,754,498 34,215 800 East Whitcomb Avenue Madison Heights, MI - 151,704 1,294,687 51,306 950 East Whitcomb Avenue Madison Heights, MI - 113,630 2,162,302 8,351 1000 East Whitcomb Avenue Madison Heights, MI - 113,512 1,023,613 51,628 1201 East Whitcomb Avenue Madison Heights, MI - 302,567 1,213,232 2,687 1210 East Whitcomb Avenue Madison Heights, MI - 121,298 329,051 540 1260 Kempar Avenue Madison Heights, MI - 78,720 385,223 20,780 1280 Kempar Avenue Madison Heights, MI - 142,305 536,474 18,700 22515 Heslip Drive Novi, MI - 144,477 338,277 54,151 9801 80th Avenue Pleasant Prairie, WI - 1,692,077 7,934,794 33,848 11950 W. Lake Park Drive Milwaukee, WI - 391,813 2,340,118 158,703 11400 W. Lake Park Drive Milwaukee, WI - 439,595 2,357,904 145,281 11425 W. Lake Park Drive Milwaukee, WI - 382,256 2,350,619 110,138 11301 W. Lake Park Drive Milwaukee, WI - 614,477 2,626,456 92,202 11900 W. Lake Park Drive Milwaukee, WI - 347,853 2,396,887 492,040 38100 Ecorse Road Romulus, MI - 955,063 - 9,253,328 16620-16650 W Bluemound Road Brookfield, WI - 586,665 4,289,907 253,155 1600-1630 East Big Beaver Road Troy, MI - 1,454,406 2,952,884 53,694 11414 West Park Place Milwaukee, WI - 234,443 - 8,958,865 11520 W. Calumet Road Milwaukee, WI - 341,698 1,527,548 48,494 12100 W. Park Place Milwaukee, WI - 534,470 3,239,389 69,540 N26 W23445 Paul Road Pewaukee, WI - 561,904 1,928,064 61,756 11200 W. Plank Court Wauwatosa, WI - 330,829 2,288,853 922,541 11020 W. Plank Court Wauwatosa, WI - 464,246 3,230,511 83,520 38000 Ecourse Road Romulus, MI - 807,660 - 12,395,505 3800 Lapeer Road Auburn Hills, MI - 3,152,801 6,908,519 76,904 50 Gibson Drive West Malling, UK ** - - 3,270,372 2 Kings Hill Avenue West Malling, UK - 785,565 - 3,720,641 50 Kings Hill Avenue West Malling, UK - 1,215,608 - 10,275,261 10 Kings Hill Avenue West Malling, UK - 983,547 - 4,983,912 30 Tower View West Malling, UK - 1,657,321 - 10,574,350 35 Kings Hill Avenue West Malling, UK - 812,193 - 2,510,554 39 Kings Hill Avenue West Malling, UK - 494,508 - 3,064,381 4 Abbey Wood Road West Malling, UK - - - 6,539,398 18 Kings Hill Avenue West Malling, UK - 829,785 - 5,449,322 ------------ ------------ -------------- -------------- Subtotal Operating Real Estate $ 80,328,369 $434,777,444 $1,482,811,958 $1,424,624,357 ============ ============ ============== ============== DEVELOPMENT IN PROGRESS 2301 Renaissance Boulevard King of Prussia, PA $ - $ 1,645,246 $ - $ 7,814,790 1500 Liberty Ridge Drive Wayne, PA - 8,287,555 - 19,709,577 1515 Grundy's Lane Bristol, PA - 457,285 - 1,963,093 3200 Horizon Drive King of Prussia, PA - - - 1,446,119 301 Berkeley Drive Bridgeport, NJ - 150,357 - 1,872,536 >PAGE> 64 LIBERTY PROPERTY TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 COST CAPITALIZED INITIAL COST SUBSEQUENT --------------------------- TO PROJECT CITY ENCUMBRANCES LAND BUILDING ACQUISITION -------------------------------------- ------------------- ------------ ------------ -------------- -------------- DEVELOPMENT IN PROGRESS - Continued 74 West Broad Street Bethlehem, PA - 1,096,127 - 10,870,956 8150 Industrial Boulevard Allentown, PA - 2,564,167 - 8,126,323 8250 Industrial Boulevard Allentown, PA - 1,025,667 - 4,081,839 650 Boulder Drive Allentown, PA - 5,208,248 - 16,497,239 1605 Valley Center Parkway Bethlehem, PA - 729,751 - 7,372,700 3400 High Point Boulevard Bethlehem, PA - 298,227 - 867,429 6250 Old Dobbin Lane Columbia, MD - 958,105 - 2,868,810 6210 Old Dobbin Lane Columbia, MD - 958,105 - 2,461,512 6240 Old Dobbin Lane Columbia, MD - 958,105 - 2,461,525 5715 Old Shakopee Road West Bloomington, MN - 1,263,226 2,360,782 160,031 5735 Old Shakopee Road West Bloomington, MN - 1,263,226 2,360,782 160,822 20 Wright Avenue Hunt Valley, MD - 1,205,946 - 491,726 200 Westgate Parkway Richmond, VA - 1,623,612 - 3,929,550 1305 Executive Boulevard Chesapeake, VA - 861,020 - 3,277,013 1313 Executive Boulevard Chesapeake, VA - 1,180,036 - 3,315,613 3 Independence Pointe Greenville, SC - - - 2,380,402 5 Independence Pointe Greenville, SC - - - 2,926,587 1400 Mendenhall Oaks Parkway High Point, NC - 172,320 - 4,892,529 4191 Mendenhall Oaks Parkway High Point, NC - 217,943 - 2,294,260 979 Batesville Road Greer, SC - 1,190,555 - 3,578,337 4887 Belfort Road Jacksonville, FL - 1,299,202 - 7,177,752 7255 Salisbury Road Jacksonville, FL - 392,060 - 1,986,290 2416 Lake Orange Drive Orlando, FL - 385,964 - 2,534,937 16605 Air Center Boulevard Houston, TX - 298,999 - 2,593,206 4503 Woodland Corporate Boulevard Tampa, FL - - - 2,534,514 4505 Woodland Corporate Boulevard Tampa, FL - - - 2,591,128 4511 Woodland Corporate Boulevard Tampa, FL - - - 2,597,638 7851-61 Woodland Center Parkway Tampa, FL - 202,550 - 1,154,338 7805 Hudson Road Woodbury, MN - 1,279,834 - 6,465,303 4600 Nathan Lane Plymouth, MN - 1,063,558 - 4,743,534 8911 Columbine Road Eden Prairie, MN - 916,687 - 2,812,846 5775 Old Shakopee Road West Bloomington, MN - 2,052,018 3,849,649 2,927,385 2600 Bellingham Drive Troy, MI - 1,796,869 - 3,950,950 2710 Bellingham Drive Troy, MI - 1,796,869 - 2,946,385 10855 West Park Place Milwaukee, WI - 122,894 - 2,235,243 30 Kings Hill Avenue West Malling, UK - - - 2,685,636 Aymer House Chertsey, UK 2,183,878 - - 11,013,828 Uxbridge London, UK 7,375,801 - - 20,522,583 ------------ ------------ -------------- -------------- Subtotal Development in Progress $ 9,559,679 $ 44,922,333 $ 8,571,214 $ 199,294,814 ============ ============ ============== ============== LAND HELD FOR DEVELOPMENT Keystone Industrial Park Land Bristol, PA $ - $ 273,149 $ - $ 106,068 50 Prudential Road Horsham, PA - 183,617 - (183,617) 1710 Arch Street Philadelphia, PA - 7,847,607 - 4,578,739 1722 Arch Street Philadelphia, PA - 290,475 - 31,663 JFK & Arch Parking Lots/Land (East) Philadelphia, PA - 14,291,957 - 1,014,570 JFK & Arch Parking Lots/Land (West) Philadelphia, PA - 4,700,222 - (3,099,176) 425 Privet Road Horsham, PA - 3,326,536 6,080 555,136 425 Privet Road Horsham, PA - 1,855,251 3,420 159,974 Quarry Ridge Land Malvern, PA - 8,398,708 - 1,129,367 Commodore Business Park Logan, NJ - 1,756,748 - 2,931,467 Marlton Executive Park Land Marlton, NJ - 550,664 - 414,256 800 Arlington Boulevard Expansion Land Logan, NJ - 195,686 - (195,686) 300 Fellowship Road Land Mt. Laurel, NJ - 1,512,120 - 103,437 Lehigh Valley Corporate Center Land Bethlehem, PA - 309,058 - (49,263) LVCC Phase 2 Land Bethlehem, PA - 3,944,052 - 2,931,433 650 Boulder Drive Expansion Allentown, PA - 2,861,715 - 1,440,170 9th & Hamilton Streets Allentown, PA - 615,624 - - Columbia Crossing Land Columbia, MD - 3,865,848 - 1,812,683 6250 Old Dobbin Lane Columbia, MD - 958,105 - 508,829 Hunt Valley Land Hunt Valley, MD - 2,166,068 - (15,797) Fairgrounds Distribution Center Land Richmond, VA - 100,000 - (87,019) Rivers' Bend Business Park Chesterfield, VA - 1,695,415 - 3,474,390 Woodlands Center Land Sandston, VA - 928,555 - 758,650 501 H P Way Chesterfield, VA - 165,042 - 484,965 Eastport VII Richmond, VA - 787,091 - 841,227 Eastport VIII Richmond, VA - 379,836 - 6,187 Eastport IX Richmond, VA - 209,856 - 5,096 Westmoreland II Land Virginia Beach, VA - 758,403 - 180,212 Westmoreland III Land Virginia Beach, VA - 645,966 - 129,416 Volvo Center Land Hampton, VA - 1,650,423 - 215,722 Lakefront Plaza II Land Hampton, VA 349,984 132,785 - 17,451 Mendenhall Business Park I High Point, NC - 1,910,135 - 5,714,256 Independence Pointe Land Greenville, SC - 1,304,084 - 1,278,553 Eagle Hill Business Park Land High Point, NC - 201,860 - 668,016 Southpark Business Park Jacksonville, FL - 349,339 - 147,774 Liberty Business Park Land Jacksonville, FL - 448,097 - 89,719 7024 AC Skinner Parkway Jacksonville, FL - 468,643 - 356,308 Silo Bend Land Tampa, FL - 2,816,927 - 1,487,673 Exchange Place Land Orlando, FL - 193,406 - (193,406) 65 LIBERTY PROPERTY TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 COST CAPITALIZED INITIAL COST SUBSEQUENT --------------------------- TO PROJECT CITY ENCUMBRANCES LAND BUILDING ACQUISITION -------------------------------------- ------------------- ------------ ------------ -------------- -------------- LAND HELD FOR DEVELOPMENT - Continued Belfort Road Jacksonville, FL - 468,643 - 104,679 Butler Plaza Land Jacksonville, FL - 1,303,792 - 1,021,075 South Center Land Orlando, FL - 2,496,566 - (333,216) South Center Land Orlando, FL - 479,859 - 117,235 Orlando Corporate Center Land Orlando, FL - 903,701 - (1,808) Salisbury Road Land Jacksonville, FL - 880,828 - 679,090 Central Green Land Houston, TX - 1,095,592 - 531,406 Woodland Corporate Center Land Tampa, FL - - - 1,244,810 6119 W. Linebaugh Avenue Tampa, FL - 175,886 - 22,320 Pompano Bus Park Land-Lots 100,101 Boca Raton, FL - 407,328 - 20,886 Pompano Bus Park Land-Lots 60, 61 Boca Raton, FL - 509,233 - 13,045 Boca Colannade Land Boca Raton, FL - 3,649,792 - 1,112,289 Lake Smetana Business Park Eden Prairie, MN - 4,500,641 - (124,038) 8855 Columbine Road Eden Prairie, MN - 1,400,925 - 2,525,226 5705 Old Shakopee Road W. Land Bloomington, MN - 2,113,223 - 14,071 Romulus Land Romulus, MI - 1,019,013 - 268,497 Big Beaver Airport Land Troy, MI - 8,537,972 - 1,626,725 Park Place South Land Milwaukee, WI - 2,362,904 - 2,632,823 6505 Cogswell Road Romulus, MI - 594,523 - 3,040,404 Northsight Land Scottsdale, AZ - 10,245,763 - 1,077,473 ------------ ------------ -------------- -------------- Subtotal Land Held for Development $ 349,984 $118,195,257 $ 9,500 $ 45,342,435 ============ ============ ============== ============== Total All Properties $ 90,238,032 $597,895,034 $1,491,392,672 $1,669,261,606 ============ ============ ============== ============== * Denotes property is collateralized under mortgages with Nationwide, Principal Mutual, American General, New York Life, and USG Annuity and Life totalling $249.9 million. ** Rouse leases land from Kent County Council
66
LIBERTY PROPERTY TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 GROSS AMOUNT CARRIED AT CLOSE OF PERIOD ------------------------------------------------- LAND AND BUILDING AND TOTAL PROJECT CITY IMPROVEMENTS IMPROVEMENTS @ 12/31/01 -------------------------------------- --------------------- --------------- --------------- --------------- OPERATING PROPERTIES 10, 20 Liberty Boulevard Malvern, PA $ 724,846 $ 5,125,917 $ 5,850,763 420 Lapp Road Malvern, PA 1,055,243 6,458,865 7,514,108 747 Dresher Road Horsham, PA 1,607,977 4,114,371 5,722,348 45-67 Great Valley Parkway Malvern, PA 795,831 3,143,105 3,938,936 40 Valley Stream Parkway Malvern, PA 325,775 2,276,842 2,602,617 50 Valley Stream Parkway Malvern, PA 323,792 2,231,277 2,555,069 20 Valley Stream Parkway Malvern, PA 466,413 5,036,744 5,503,157 800 Town Center Drive Langhorne, PA 1,619,288 9,249,311 10,868,599 9, 15, 25 Great Valley Parkway Malvern, PA 1,837,878 15,002,267 16,840,145 257-275 Great Valley Parkway Malvern, PA 505,458 4,364,460 4,869,918 300 Technology Drive Malvern, PA 374,497 1,322,745 1,697,242 277-293 Great Valley Parkway Malvern, PA 531,534 2,064,172 2,595,706 311 Technology Drive Malvern, PA 397,948 2,239,906 2,637,854 325 Technology Drive Malvern, PA 385,693 1,862,278 2,247,971 7 Great Valley Parkway Malvern, PA 177,317 4,470,291 4,647,608 55 Valley Stream Parkway Malvern, PA 215,818 3,373,628 3,589,446 65 Valley Stream Parkway Malvern, PA 382,361 5,038,293 5,420,654 508 Lapp Road Malvern, PA 332,216 1,861,427 2,193,643 10 Valley Stream Parkway Malvern, PA 509,899 3,004,770 3,514,669 333 Phoenixville Pike Malvern, PA 524,230 2,916,673 3,440,903 30 Great Valley Parkway Malvern, PA 128,783 384,842 513,625 75 Great Valley Parkway Malvern, PA 143,811 697,892 841,703 27-43 Great Valley Parkway Malvern, PA 449,447 2,201,425 2,650,872 77-123 Great Valley Parkway Malvern, PA 888,359 4,863,095 5,751,454 260 Great Valley Parkway Malvern, PA 212,768 1,139,027 1,351,795 256 Great Valley Parkway Malvern, PA 161,949 1,784,867 1,946,816 205 Great Valley Parkway Malvern, PA 1,369,003 10,202,712 11,571,715 12,14,16 Great Valley Parkway Malvern, PA 128,767 1,284,740 1,413,507 155 Great Valley Parkway Malvern, PA 626,068 2,297,216 2,923,284 333 Technology Drive Malvern, PA 158,077 2,325,340 2,483,417 510 Lapp Road Malvern, PA 357,751 925,786 1,283,537 181 Wheeler Court Langhorne, PA 263,490 2,228,816 2,492,306 1100 Wheeler Way Langhorne, PA 151,500 1,189,216 1,340,716 60 Morehall Road Malvern, PA 884,974 14,024,452 14,909,426 905 Airport Road West Chester, PA 1,735,012 5,885,475 7,620,487 1 Country View Road Malvern, PA 406,421 4,067,090 4,473,511 2151 Cabot Boulevard Langhorne, PA 389,990 3,693,551 4,083,541 170 South Warner Road King of Prussia, PA 458,232 5,468,599 5,926,831 190 South Warner Road King of Prussia, PA 461,909 4,628,893 5,090,802 507 Prudential Road Horsham, PA 652,919 10,227,874 10,880,793 100 Witmer Road Horsham, PA 3,764,784 11,158,399 14,923,183 3100 Horizon Drive King of Prussia, PA 611,436 1,994,758 2,606,194 3300 Horizon Drive King of Prussia, PA 687,878 3,282,832 3,970,710 3500 Horizon Drive King of Prussia, PA 1,223,875 2,592,556 3,816,431 200 Chesterfield Parkway Malvern, PA 544,649 2,978,541 3,523,190 767 Electronic Drive Horsham, PA 1,241,970 2,752,124 3,994,094 132 Welsh Road Horsham, PA 1,408,041 3,688,307 5,096,348 5 Country View Road Malvern, PA 786,235 4,826,181 5,612,416 3200 Horizon Drive King of Prussia, PA 1,210,137 4,019,475 5,229,612 3000 Horizon Drive King of Prussia, PA 946,703 2,540,196 3,486,899 111-195 Witmer Road Horsham, PA 378,205 3,052,803 3,431,008 300 Welsh Road - Building 3 Horsham, PA 180,459 1,646,536 1,826,995 300 Welsh Road - Building 4 Horsham, PA 282,493 3,332,147 3,614,640 8801 Tinicum Boulevard Philadelphia, PA 125,087 45,938,215 46,063,302 440 East Swedesford Road King of Prussia, PA 717,001 6,384,450 7,101,451 460 East Swedesford Road King of Prussia, PA 705,317 5,357,551 6,062,868 50 Morehall Road Malvern, PA 1,337,076 12,556,217 13,893,293 2 Walnut Grove Drive Horsham, PA 1,265,363 8,602,612 9,867,975 5 Walnut Grove Drive Horsham, PA 1,939,712 8,358,275 10,297,987 200 Gibraltar Road Horsham, PA 638,513 6,543,043 7,181,556 220 Gibraltar Road Horsham, PA 629,944 6,786,275 7,416,219 240 Gibraltar Road Horsham, PA 629,944 5,785,958 6,415,902 151 South Warner Road King of Prussia, PA 1,186,972 7,167,350 8,354,322 1 Walnut Grove Drive Horsham, PA 1,058,901 6,385,163 7,444,064 3604 Horizon Drive King of Prussia, PA 350,874 1,614,948 1,965,822 3606 Horizon Drive King of Prussia, PA 815,855 1,914,370 2,730,225 650 Swedesford Road King of Prussia, PA 952,911 14,277,512 15,230,423 680 Swedesford Road King of Prussia, PA 952,361 13,985,768 14,938,129 761 Fifth Avenue King of Prussia, PA 256,463 2,575,841 2,832,304 771 Fifth Avenue King of Prussia, PA 152,456 1,518,589 1,671,045 1 Great Valley Parkway Malvern, PA 419,460 4,122,527 4,541,987 5 Great Valley Parkway Malvern, PA 684,200 6,649,736 7,333,936 311 Sinclair Road Bristol, PA 277,901 1,594,504 1,872,405 1001 Cedar Hollow Road Malvern, PA 1,646,984 15,837,528 17,484,512 3 Country View Road Malvern, PA 1,128,881 4,631,831 5,760,712 425 Technology Drive Malvern, PA 321,473 1,710,131 2,031,604 375 Technology Drive Malvern, PA 234,922 1,726,409 1,961,331 45 Liberty Boulevard Malvern, PA 4,749,748 14,712,816 19,462,564 100 Chesterfield Parkway Malvern, PA 1,349,954 6,578,864 7,928,818 181-187 Gibraltar Road Horsham, PA 360,549 3,737,068 4,097,617 67 LIBERTY PROPERTY TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 GROSS AMOUNT CARRIED AT CLOSE OF PERIOD ------------------------------------------------- LAND AND BUILDING AND TOTAL PROJECT CITY IMPROVEMENTS IMPROVEMENTS @ 12/31/01 -------------------------------------- --------------------- --------------- --------------- --------------- OPERATING PROPERTIES - Continued 104 Rock Road Horsham, PA 330,111 3,095,992 3,426,103 123-135 Rock Road Horsham, PA 393,019 2,979,435 3,372,454 111-159 Gibraltar Road Horsham, PA 489,032 4,476,104 4,965,136 161-175 Gibraltar Road Horsham, PA 294,673 3,190,397 3,485,070 103-109 Gibraltar Road Horsham, PA 270,906 3,028,521 3,299,427 261-283 Gibraltar Road Horsham, PA 464,871 4,048,971 4,513,842 210-223 Witmer Road Horsham, PA 270,282 3,898,266 4,168,548 231-237 Gibraltar Road Horsham, PA 436,952 4,305,850 4,742,802 100 Gibraltar Road Horsham, PA 38,729 358,432 397,161 101 Gibraltar Road Horsham, PA 731,990 6,017,070 6,749,060 506 Prudential Road Horsham, PA 208,140 1,513,745 1,721,885 113-123 Rock Road Horsham, PA 451,731 3,304,433 3,756,164 101-111 Rock Road Horsham, PA 452,251 3,300,522 3,752,773 120 Gibraltar Road Horsham, PA 558,142 4,950,282 5,508,424 110 Gibraltar Road Horsham, PA 673,041 6,070,628 6,743,669 100-107 Lakeside Drive Horsham, PA 255,528 2,743,640 2,999,168 200-264 Lakeside Drive Horsham, PA 502,705 4,974,279 5,476,984 300-309 Lakeside Drive Horsham, PA 376,475 4,784,870 5,161,345 400-445 Lakeside Drive Horsham, PA 583,628 6,402,429 6,986,057 104 Witmer Road Horsham, PA 189,793 2,106,872 2,296,665 201 Gibraltar Road Horsham, PA 380,127 4,467,307 4,847,434 3600 Horizon Drive King of Prussia, PA 236,432 1,871,604 2,108,036 3602 Horizon Drive King of Prussia, PA 217,809 1,854,866 2,072,675 3 Franklin Plaza Philadelphia, PA 2,514,519 32,025,313 34,539,832 400-500 Brandywine Parkway West Chester, PA 845,846 7,173,108 8,018,954 600 Brandywine Parkway West Chester, PA 664,899 5,910,575 6,575,474 2700 Horizon Drive King of Prussia, PA 867,815 3,569,832 4,437,647 2900 Horizon Drive King of Prussia, PA 774,096 3,408,408 4,182,504 2500 Renaissance Boulevard King of Prussia, PA 592,886 2,337,171 2,930,057 2300 Renaissance Boulevard King of Prussia, PA 574,152 2,618,628 3,192,780 719 Dresher Road Horsham, PA 495,112 3,007,664 3,502,776 2100 Renaissance Boulevard King of Prussia, PA 1,132,519 9,301,812 10,434,331 4 Walnut Grove Horsham, PA 2,515,115 7,324,883 9,839,998 2250 Hickory Road Plymouth Meeting, PA 1,015,851 10,117,024 11,132,875 3400 Horizon Drive King of Prussia, PA 776,496 4,112,915 4,889,411 300 Welsh Road Horsham, PA 696,061 3,389,619 4,085,680 600 Chesterfield Parkway Malvern, PA 2,050,555 8,098,519 10,149,074 700 Chesterfield Parkway Malvern, PA 2,037,813 8,072,087 10,109,900 6 Terry Drive Newtown, PA 622,205 2,249,996 2,872,201 2520 Renaissance Boulevard King of Prussia, PA 978,402 4,199,855 5,178,257 18 Great Valley Parkway Malvern, PA 397,293 4,008,215 4,405,508 700 Dresher Road Horsham, PA 2,565,140 6,099,124 8,664,264 2201 Renaissance Boulevard King of Prussia, PA 2,413,514 12,736,606 15,150,120 2540 Renaissance Boulevard King of Prussia, PA 274,341 1,377,233 1,651,574 2560 Renaissance Boulevard King of Prussia, PA 649,792 3,079,462 3,729,254 1501-1513 Grundy's Lane Bristol, PA 559,610 2,496,502 3,056,112 11 Great Valley Parkway Malvern, PA 708,331 3,045,616 3,753,947 680 Blair Mill Road Horsham, PA 4,134,733 11,389,514 15,524,247 825 Duportail Road Wayne, PA 5,539,281 16,676,540 22,215,821 1200 Liberty Ridge Drive Wayne, PA 5,223,660 9,023,558 14,247,218 2760 Red Lion Road Philadelphia, PA 3,687,888 41,412,023 45,099,911 200 Precision Drive Horsham, PA 1,561,474 7,324,388 8,885,862 40 Liberty Boulevard Malvern, PA 4,241,166 19,919,901 24,161,067 102 Rock Road Horsham, PA 1,113,802 2,717,607 3,831,409 14 Lee Boulevard Malvern, PA 643,892 6,046,867 6,690,759 500 Chesterfield Parkway Malvern, PA 473,139 3,208,244 3,681,383 300-400 Chesterfield Parkway Malvern, PA 937,942 4,880,480 5,818,422 8 Stow Road Marlton, NJ 172,945 1,823,164 1,996,109 10 Stow Road Marlton, NJ 147,318 1,902,007 2,049,325 12 Stow Road Marlton, NJ 103,618 1,248,229 1,351,847 14 Stow Road Marlton, NJ 93,418 1,230,141 1,323,559 701A Route 73 South Marlton, NJ 271,743 6,156,103 6,427,846 701C Route 73 South Marlton, NJ 96,161 1,656,267 1,752,428 1008 Astoria Boulevard Cherry Hill, NJ 32,698 797,137 829,835 3000 Atrium Way Mt. Laurel, NJ 512,018 8,011,467 8,523,485 750 Cardinal Drive Bridgeport, NJ 236,190 2,719,631 2,955,821 11000, 15000 Commerce Parkway Mt. Laurel, NJ 311,950 3,684,310 3,996,260 12000, 14000 Commerce Parkway Mt. Laurel, NJ 362,855 3,540,174 3,903,029 16000, 18000 Commerce Parkway Mt. Laurel, NJ 290,545 2,981,379 3,271,924 400 Lippincott Drive Marlton, NJ 317,799 2,822,580 3,140,379 406 Lippincott Drive Marlton, NJ 327,554 2,327,850 2,655,404 234 High Hill Road Bridgeport, NJ 250,444 1,825,410 2,075,854 101 Arlington Boulevard Bridgeport, NJ 374,836 4,233,663 4,608,499 100 Berkeley Drive Bridgeport, NJ 1,254,374 5,744,687 6,999,061 301 Lippincott Drive Marlton, NJ 1,069,838 5,246,286 6,316,124 303 Lippincott Drive Marlton, NJ 1,069,838 6,106,310 7,176,148 510-512 Sharptown Road Bridgeport, NJ 125,410 1,120,462 1,245,872 901 Route 73 Marlton, NJ 334,411 2,853,897 3,188,308 1300 Route 73 North Mt. Laurel, NJ 450,558 3,792,914 4,243,472 512 Sharptown Road Bridgeport, NJ 180,468 1,751,437 1,931,905 201 Berkeley Drive Bridgeport, NJ 515,116 4,880,415 5,395,531 404 Lippincott Drive Marlton, NJ 131,896 1,650,431 1,782,327 104 Gaither Drive Mt. Laurel, NJ 136,446 1,372,543 1,508,989 68 LIBERTY PROPERTY TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 GROSS AMOUNT CARRIED AT CLOSE OF PERIOD ------------------------------------------------- LAND AND BUILDING AND TOTAL PROJECT CITY IMPROVEMENTS IMPROVEMENTS @ 12/31/01 -------------------------------------- --------------------- --------------- --------------- --------------- OPERATING PROPERTIES - Continued 402 Lippincott Drive Marlton, NJ 131,896 1,632,284 1,764,180 300 Commodore Drive Bridgeport, NJ 723,369 4,984,362 5,707,731 3000 Lincoln Drive Mt. Laurel, NJ 284,052 3,687,560 3,971,612 6000 Commerce Parkway Mt. Laurel, NJ 234,151 2,181,344 2,415,495 7000 Commerce Parkway Mt. Laurel, NJ 260,014 2,471,850 2,731,864 8000 Commerce Parkway Mt. Laurel, NJ 234,814 2,113,283 2,348,097 9000 Commerce Parkway Mt. Laurel, NJ 286,587 2,974,195 3,260,782 1000 Briggs Road Mt. Laurel, NJ 288,577 3,421,818 3,710,395 1025 Briggs Road Mt. Laurel, NJ 430,990 4,124,621 4,555,611 1020 Briggs Road Mt. Laurel, NJ 574,983 2,835,141 3,410,124 9 Stow Road Marlton, NJ 654,779 2,144,728 2,799,507 2000 Crawford Place Mt. Laurel, NJ 310,831 4,546,141 4,856,972 5000 Dearborn Court Mt. Laurel, NJ 1,057,763 4,313,251 5,371,014 515 Heron Drive Bridgeport, NJ 334,017 2,381,824 2,715,841 500 Sharptown Road Bridgeport, NJ 302,858 2,699,972 3,002,830 625 Heron Drive Bridgeport, NJ 180,226 958,705 1,138,931 605 Heron Drive Bridgeport, NJ 265,381 1,141,838 1,407,219 510 Heron Drive Bridgeport, NJ 790,335 8,252,530 9,042,865 522 Pedricktown Road Bridgeport, NJ 176,309 1,379,844 1,556,153 530 Pedricktown Road Bridgeport, NJ 350,813 1,932,775 2,283,588 540 Pedricktown Road Bridgeport, NJ 531,280 4,371,703 4,902,983 230 High Hill Road Bridgeport, NJ 1,418,000 8,889,526 10,307,526 3 Mallard Court Bridgeport, NJ 417,893 2,457,201 2,875,094 730 Cardinal Drive Bridgeport, NJ 576,598 1,826,686 2,403,284 405 Heron Drive Bridgeport, NJ 2,167,471 18,257,790 20,425,261 100 Eagle Road Bridgeport, NJ 256,491 1,454,953 1,711,444 250 High Hill Road Bridgeport, NJ 246,478 2,443,300 2,689,778 508 Center Square Road Bridgeport, NJ 453,341 3,459,188 3,912,529 602 Heron Drive Bridgeport, NJ 524,728 2,248,128 2,772,856 300 Eagle Court Bridgeport, NJ 1,135,989 1,891,920 3,027,909 500 Center Square Road Bridgeport, NJ 1,826,143 6,207,302 8,033,445 1001 Briggs Road Mt. Laurel, NJ 701,705 4,379,747 5,081,452 1960 Cuthbert Boulevard Cherry Hill, NJ 321,699 1,507,017 1,828,716 1970 Cuthbert Boulevard Cherry Hill, NJ 321,699 1,343,192 1,664,891 10000 & 11000 Route 73 Marlton, NJ 716,258 3,135,896 3,852,154 800 Arlington Boulevard Bridgeport, NJ 2,545,342 6,714,539 9,259,881 1015 Briggs Road Mt. Laurel, NJ 470,659 3,210,033 3,680,692 17000 Commerce Parkway Mt. Laurel, NJ 144,515 2,735,151 2,879,666 1655 Valley Center Parkway Bethlehem, PA 215,095 1,922,155 2,137,250 6560 Stonegate Drive Allentown, PA 458,945 2,400,058 2,859,003 6370 Hedgewood Drive Allentown, PA 541,459 3,146,306 3,687,765 6390 Hedgewood Drive Allentown, PA 707,867 2,633,589 3,341,456 1495 Valley Center Parkway Bethlehem, PA 435,303 3,656,877 4,092,180 6350 Hedgewood Drive Allentown, PA 560,691 3,179,793 3,740,484 6330 Hedgewood Drive Allentown, PA 532,047 4,526,957 5,059,004 1550 Valley Center Parkway Bethlehem, PA 197,700 3,279,080 3,476,780 1560 Valley Center Parkway Bethlehem, PA 240,732 3,964,850 4,205,582 6580 Snowdrift Road Allentown, PA 389,081 2,668,777 3,057,858 1510 Valley Center Parkway Bethlehem, PA 312,873 3,453,618 3,766,491 1530 Valley Center Parkway Bethlehem, PA 212,492 2,735,442 2,947,934 6540 Stonegate Drive Allentown, PA 422,730 3,644,061 4,066,791 974 Marcon Boulevard Allentown, PA 144,248 2,196,260 2,340,508 964 Marcon Boulevard Allentown, PA 139,480 1,583,083 1,722,563 764 Roble Road Allentown, PA 141,746 818,778 960,524 3174 Airport Road Allentown, PA 98,986 1,144,153 1,243,139 2196 Avenue C Allentown, PA 107,307 1,308,361 1,415,668 2202 Hanger Place Allentown, PA 138,127 1,309,308 1,447,435 2201 Hanger Place Allentown, PA 129,142 1,398,383 1,527,525 954 Marcon Boulevard Allentown, PA 104,453 1,107,417 1,211,870 57 South Commerce Way Bethlehem, PA 395,459 2,874,187 3,269,646 754 Roble Road Allentown, PA 163,735 1,854,157 2,017,892 894 Marcon Boulevard Allentown, PA 118,304 1,193,344 1,311,648 744 Roble Road Allentown, PA 161,371 1,979,893 2,141,264 944 Marcon Boulevard Allentown, PA 119,711 1,657,396 1,777,107 1685 Valley Center Parkway Bethlehem, PA 198,482 2,054,407 2,252,889 6520 Stonegate Drive Allentown, PA 484,361 1,360,458 1,844,819 7437 Industrial Boulevard Allentown, PA 726,651 6,782,605 7,509,256 2041 Avenue C Allentown, PA 213,879 1,167,074 1,380,953 2124 Avenue C Allentown, PA 289,529 1,524,279 1,813,808 7339 Industrial Boulevard Allentown, PA 1,197,447 5,904,277 7,101,724 7384 Penn Drive Allentown, PA 652,118 2,733,785 3,385,903 7144 Daniels Drive Allentown, PA 1,579,169 6,719,704 8,298,873 7620 Cetronia Road Allentown, PA 1,093,724 4,186,217 5,279,941 939 Marcon Boulevard Allentown, PA 2,220,548 5,382,710 7,603,258 100 Brodhead Road Bethlehem, PA 429,456 3,106,626 3,536,082 1455 Valley Center Parkway Bethlehem, PA 545,172 3,748,822 4,293,994 1640 Valley Center Parkway Bethlehem, PA 190,728 2,580,553 2,771,281 1650 Valley Center Parkway Bethlehem, PA 188,896 2,381,039 2,569,935 1660 Valley Center Parkway Bethlehem, PA 188,721 2,356,514 2,545,235 400 Nestle Way Allentown, PA 8,184,096 26,335,396 34,519,492 83 South Commerce Way Bethlehem, PA 212,744 1,123,746 1,336,490 85 South Commerce Way Bethlehem, PA 237,078 1,102,245 1,339,323 87 South Commerce Way Bethlehem, PA 253,886 1,215,273 1,469,159 69 LIBERTY PROPERTY TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 GROSS AMOUNT CARRIED AT CLOSE OF PERIOD ------------------------------------------------- LAND AND BUILDING AND TOTAL PROJECT CITY IMPROVEMENTS IMPROVEMENTS @ 12/31/01 -------------------------------------- --------------------- --------------- --------------- --------------- OPERATING PROPERTIES - Continued 89 South Commerce Way Bethlehem, PA 367,706 1,780,306 2,148,012 7248 Industrial Boulevard Allentown, PA 2,670,673 14,035,855 16,706,528 95 Highland Avenue Bethlehem, PA 430,593 3,627,146 4,057,739 236 Brodhead Road Bethlehem, PA 376,962 4,698,328 5,075,290 1525 Valley Center Parkway Bethlehem, PA 804,104 7,131,587 7,935,691 6620 Grant Way Allentown, PA 430,824 1,922,261 2,353,085 700 Nestle Way Allentown, PA 4,174,970 16,214,779 20,389,749 7562 Penn Drive Allentown, PA 269,614 937,333 1,206,947 7277 Williams Avenue Allentown, PA 463,123 1,720,210 2,183,333 7355 Williams Avenue Allentown, PA 489,749 1,810,683 2,300,432 794 Roble Road Allentown, PA 1,147,541 7,224,894 8,372,435 6923 Schantz Spring Road Allentown, PA 1,127,805 3,475,007 4,602,812 7132 Daniels Drive Allentown, PA 1,695,610 7,278,638 8,974,248 3985 Adler Place Bethlehem, PA 705,367 4,387,216 5,092,583 8014 Industrial Boulevard Allentown, PA 3,645,117 9,066,372 12,711,489 705 Boulder Drive Allentown, PA 4,486,836 15,000,502 19,487,338 651 Boulder Drive Allentown, PA 4,308,646 13,108,539 17,417,185 3773 Corporate Parkway Center Valley, PA 794,403 7,385,121 8,179,524 7028 Snowdrift Road Fogelville, PA 524,390 1,086,335 1,610,725 180,190 Cochrane Drive Annapolis, MD 3,752,293 16,721,436 20,473,729 7178-80 Columbia Gateway Columbia, MD 1,571,105 5,430,267 7,001,372 9770 Patuxent Woods Drive Columbia, MD 341,663 3,046,891 3,388,554 9780 Patuxent Woods Drive Columbia, MD 218,542 1,947,890 2,166,432 9790 Patuxent Woods Drive Columbia, MD 243,791 2,176,630 2,420,421 9810 Patuxent Woods Drive Columbia, MD 266,684 2,376,028 2,642,712 9800 Patuxent Woods Drive Columbia, MD 299,099 2,843,785 3,142,884 9820 Patuxent Woods Drive Columbia, MD 237,779 2,138,031 2,375,810 9830 Patuxent Woods Drive Columbia, MD 296,262 2,705,720 3,001,982 9050 Red Branch Road Columbia, MD 290,950 2,888,306 3,179,256 4606 Richlynn Drive Belcamp, MD 299,600 1,825,969 2,125,569 8945-8975 Guilford Road Columbia, MD 2,427,065 7,699,505 10,126,570 7317 Parkway Drive Hanover, MD 1,104,359 1,963,990 3,068,349 5950 Symphony Woods Road Columbia, MD 1,462,643 11,442,854 12,905,497 9101,9111,9115 Guilford Road Columbia, MD 765,952 3,238,074 4,004,026 9125,9135,9145 Guilford Road Columbia, MD 920,439 5,434,112 6,354,551 1751 Bluehills Drive Roanoke, VA 1,063,728 8,500,677 9,564,405 4300 Carolina Avenue Richmond, VA 2,009,136 15,256,505 17,265,641 301 Hill Carter Parkway Richmond, VA 659,456 4,836,010 5,495,466 4001 Carolina Avenue Richmond, VA 29,443 280,257 309,700 5600-5626 Eastport Boulevard Richmond, VA 489,941 3,703,958 4,193,899 5650-5674 Eastport Boulevard Richmond, VA 644,384 4,106,792 4,751,176 5700 Eastport Boulevard Richmond, VA 408,729 2,735,914 3,144,643 3432 Holland Road Virginia Beach, VA 173,527 790,515 964,042 4880 Cox Road Glen Allen, VA 743,898 5,626,815 6,370,713 4101- 4127 Carolina Avenue Richmond, VA 310,854 2,350,034 2,660,888 4201-4261 Carolina Avenue Richmond, VA 693,203 5,674,827 6,368,030 4263-4299 Carolina Avenue Richmond, VA 256,203 3,609,045 3,865,248 4301-4335 Carolina Avenue Richmond, VA 223,696 1,761,213 1,984,909 4337-4379 Carolina Avenue Richmond, VA 325,303 3,131,820 3,457,123 4501-4549 Carolina Avenue Richmond, VA 486,166 3,706,534 4,192,700 4551-4593 Carolina Avenue Richmond, VA 474,360 3,606,520 4,080,880 4601-4643 Carolina Avenue Richmond, VA 652,455 5,156,734 5,809,189 4645-4683 Carolina Avenue Richmond, VA 404,616 3,979,291 4,383,907 4447-4491 Carolina Avenue Richmond, VA 454,056 2,836,643 3,290,699 4401-4445 Carolina Avenue Richmond, VA 615,038 4,541,737 5,156,775 12 S. Third Street Richmond, VA 40,539 198,743 239,282 9601 Cosner Drive Fredericksburg, VA 475,262 3,970,255 4,445,517 2300 East Parham Road Richmond, VA 221,947 1,011,088 1,233,035 5601-5659 Eastport Boulevard Richmond, VA 720,100 4,962,065 5,682,165 5900 Eastport Boulevard Richmond, VA 687,898 4,460,256 5,148,154 4717-4729 Eubank Road Richmond, VA 452,263 3,435,575 3,887,838 4263F-N. Carolina Avenue Richmond, VA 91,599 1,631,525 1,723,124 5000 Cox Road Glen Allen, VA 771,029 3,780,402 4,551,431 5500 Cox Road Glen Allen, VA 483,263 2,632,211 3,115,474 510 Eastpark Court Richmond, VA 262,210 2,244,795 2,507,005 520 Eastpark Court Richmond, VA 486,598 4,153,001 4,639,599 13001 Kingston Avenue Richmond, VA 376,701 2,032,055 2,408,756 5701-5799 Eastport Boulevard Richmond, VA 700,503 5,602,691 6,303,194 4801 Cox Road Glen Allen, VA 1,075,620 8,856,012 9,931,632 600 H P Way Chester, VA 501,752 6,442,761 6,944,513 500 H P Way Chester, VA 491,919 5,642,404 6,134,323 701 Liberty Way Richmond, VA 1,188,857 3,991,169 5,180,026 4198 Cox Road Glen Allen, VA 670,292 4,397,913 5,068,205 12730 Kingston Avenue Richmond, VA 1,201,072 7,117,188 8,318,260 4510 Cox Road Glen Allen, VA 1,010,044 7,881,074 8,891,118 2809 South Lynnhaven Road Virginia Beach, VA 953,590 6,697,536 7,651,126 200 Golden Oak Court Virginia Beach, VA 1,116,693 7,355,208 8,471,901 208 Golden Oak Court Virginia Beach, VA 965,177 6,992,262 7,957,439 1 Enterprise Parkway Hampton, VA 974,675 5,938,985 6,913,660 22 Enterprise Parkway Hampton, VA 1,097,368 7,196,450 8,293,818 530 Eastpark Court Richmond, VA 334,772 2,687,645 3,022,417 484 Viking Drive Virginia Beach, VA 891,753 3,757,036 4,648,789 10430 Lakeridge Parkway Ashland, VA 421,267 3,823,595 4,244,862 70 LIBERTY PROPERTY TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 GROSS AMOUNT CARRIED AT CLOSE OF PERIOD ------------------------------------------------- LAND AND BUILDING AND TOTAL PROJECT CITY IMPROVEMENTS IMPROVEMENTS @ 12/31/01 -------------------------------------- --------------------- --------------- --------------- --------------- OPERATING PROPERTIES - Continued 10456 Lakeridge Parkway Ashland, VA 409,261 3,727,827 4,137,088 3829-3855 Gaskins Road Richmond, VA 364,165 3,270,794 3,634,959 629 Phoenix Drive Virginia Beach, VA 371,694 2,156,125 2,527,819 11838 Rock Landing Drive Newport News, VA 673,942 2,605,823 3,279,765 11844 Rock Landing Drive Newport News, VA 326,774 1,466,452 1,793,226 11846 Rock Landing Drive Newport News, VA 299,066 1,728,499 2,027,565 11832 Rock Landing Drive Newport News, VA 748,582 6,025,561 6,774,143 10800 Nuckols Boulevard Richmond, VA 1,794,162 13,997,242 15,791,404 5700 Cleveland Street Virginia Beach, VA 700,564 10,423,728 11,124,292 801 Liberty Way Richmond, VA 785,057 6,099,551 6,884,608 5 Manhattan Square Hampton, VA 212,694 1,557,477 1,770,171 100 Westgate Parkway Richmond, VA 1,456,084 8,061,649 9,517,733 1309 Executive Boulevard Cheaspeake, VA 955,374 5,030,748 5,986,122 21 Enterprise Parkway Hamton, VA 265,719 8,288,150 8,553,869 4523 Green Point Drive High Point, NC 235,698 2,402,828 2,638,526 4501 Green Point Drive High Point, NC 320,450 2,334,600 2,655,050 4500 Green Point Drive High Point, NC 231,692 2,189,486 2,421,178 2427 Penny Road High Point, NC 1,168,074 6,225,641 7,393,715 4524 Green Point Drive High Point, NC 183,888 2,183,550 2,367,438 4328, 4336 Federal Drive High Point, NC 825,092 6,759,451 7,584,543 200 Centreport Drive Greensboro, NC 332,017 4,186,798 4,518,815 4344 Federal Drive High Point, NC 173,623 2,672,001 2,845,624 202 Centreport Drive Greensboro, NC 549,679 5,932,984 6,482,663 101 Centreport Drive Greensboro, NC 826,237 7,755,692 8,581,929 4000 Piedmont Parkway High Point, NC 597,368 5,250,234 5,847,602 4380 Federal Drive High Point, NC 283,368 2,109,082 2,392,450 4388 Federal Drive High Point, NC 132,655 1,130,336 1,262,991 6532 Judge Adams Road Rock Creek, NC 399,988 3,443,080 3,843,068 6530 Judge Adams Road Rock Creek, NC 335,061 4,428,955 4,764,016 150 Ridgeview Center Drive Duncan, SC 711,353 8,937,767 9,649,120 1320 Garlington Road Greenville, SC 398,539 1,812,646 2,211,185 420 Park Avenue Greenville, SC 522,548 3,280,353 3,802,901 4160 Mendenhall Oaks Parkway High Point, NC 545,627 2,826,348 3,371,975 4194 Mendenhall Oaks Parkway High Point, NC 265,991 2,198,081 2,464,072 4196 Mendenhall Oaks Parkway High Point, NC 173,889 2,001,390 2,175,279 4170 Mendenhall Oaks Parkway High Point, NC 373,502 1,970,828 2,344,330 4180 Mendenhall Oaks Parkway High Point, NC 315,614 1,565,527 1,881,141 4050 Piedmont Parkway High Point, NC 2,042,159 16,919,478 18,961,637 One Independence Pointe Greenville, SC 784,617 6,421,254 7,205,871 55 Beattie Place Greenville, SC 2,645,238 24,267,767 26,913,005 75 Beattie Place Greenville, SC 2,408,577 17,895,870 20,304,447 7736 McCloud Road Greensboro, NC 591,795 6,122,799 6,714,594 15 Brendan Way Greenville, SC 614,192 4,003,758 4,617,950 4300 Federal Drive High Point, NC 276,038 1,609,937 1,885,975 4135 Mendenall Oaks Parkway High Point, NC 500,980 2,710,531 3,211,511 4183 Eagle Hill Drive High Point, NC 526,266 3,358,955 3,885,221 4189 Eagle Hill Drive High Point, NC 431,106 2,535,186 2,966,292 4020 Meeting Way High Point, NC 378,101 1,397,960 1,776,061 170 Ridgeview Drive Duncan, SC 229,443 5,034,680 5,264,123 6509 Franz Warner Parkway Rock Creek, NC 372,494 2,405,221 2,777,715 1730 Stebbins Drive Houston, TX 144,016 477,394 621,410 5911-5925 Richard Street Jacksonville, FL 286,335 498,215 784,550 8383-8385 Baycenter Road Jacksonville, FL 65,329 712,198 777,527 8775 Baypine Road Jacksonville, FL 913,014 3,168,213 4,081,227 6255 Lake Gray Boulevard Jacksonville, FL 812,634 3,552,995 4,365,629 8665,8667,8669 Baypine Road Jacksonville, FL 974,959 4,174,817 5,149,776 1200 Gulf Life Drive Jacksonville, FL 1,046,629 18,387,679 19,434,308 8614 Baymeadows Way Jacksonville, FL 295,063 1,077,776 1,372,839 5941-5975 Richard Street Jacksonville, FL 586,095 1,128,859 1,714,954 7970 Bayberry Road Jacksonville, FL 129,979 1,249,307 1,379,286 6000-6030 Bowdendale Avenue Jacksonville, FL 275,475 1,697,973 1,973,448 7898 Baymeadows Way Jacksonville, FL 568,005 1,945,665 2,513,670 5977-6607 Richard Street Jacksonville, FL 636,901 2,792,897 3,429,798 7910 & 7948 Baymeadows Way Jacksonville, FL 211,449 2,654,205 2,865,654 7954, 7960 Baymeadows Way Jacksonville, FL 292,667 2,944,363 3,237,030 8787 Baypine Road Jacksonville, FL 2,028,593 35,460,631 37,489,224 7077 Bonneval Road Jacksonville, FL 774,020 7,066,343 7,840,363 4190 Belfort Road Jacksonville, FL 827,420 7,695,008 8,522,428 7020 AC Skinner Parkway Jacksonville, FL 749,811 2,109,996 2,859,807 7022 AC Skinner Parkway Jacksonville, FL 853,981 2,950,281 3,804,262 11777 Central Highway Jacksonville, FL 140,426 1,641,401 1,781,827 4345 Southpoint Parkway Jacksonville, FL 418,093 8,316,195 8,734,288 7016 AC Skinner Parkway Jacksonville, FL 602,633 2,320,994 2,923,627 7018 AC Skinner Parkway Jacksonville, FL 846,461 4,076,589 4,923,050 7014 AC Skinner Parkway Jacksonville, FL 780,486 3,142,839 3,923,325 6620 Southpoint Drive Jacksonville, FL 614,602 4,824,977 5,439,579 7980 Bayberry Road Jacksonville, FL 330,726 1,355,877 1,686,603 9600 Satellite Boulevard Orlando, FL 252,850 1,351,982 1,604,832 9700 Satellite Boulevard Orlando, FL 405,362 1,259,931 1,665,293 1902 Cypress Lake Drive Orlando, FL 538,512 4,043,476 4,581,988 9550 Satellite Boulevard Orlando, FL 587,319 2,075,135 2,662,454 8250 & 8256 Exchange Place Orlando, FL 824,530 2,754,051 3,578,581 6600 Southpoint Parkway Jacksonville, FL 1,002,704 4,379,880 5,382,584 71 LIBERTY PROPERTY TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 GROSS AMOUNT CARRIED AT CLOSE OF PERIOD ------------------------------------------------- LAND AND BUILDING AND TOTAL PROJECT CITY IMPROVEMENTS IMPROVEMENTS @ 12/31/01 -------------------------------------- --------------------- --------------- --------------- --------------- OPERATING PROPERTIES - Continued 6700 Southpoint Parkway Jacksonville, FL 624,215 3,486,969 4,111,184 4801 Executive Park Court - 100 Jacksonville, FL 554,542 3,438,749 3,993,291 4801 Executive Park Court - 200 Jacksonville, FL 370,039 2,018,771 2,388,810 4810 Executive Park Court Jacksonville, FL 370,039 3,093,003 3,463,042 6602 Executive Park Court - 100 Jacksonville, FL 388,541 2,134,229 2,522,770 6602 Executive Park Court - 200 Jacksonville, FL 296,032 1,710,850 2,006,882 6631 Executive Park Court - 100 Jacksonville, FL 251,627 1,361,113 1,612,740 6631 Executive Park Court - 200 Jacksonville, FL 407,043 2,372,959 2,780,002 4815 Executive Park Court - 100 Jacksonville, FL 366,339 1,995,919 2,362,258 4815 Executive Park Court - 200 Jacksonville, FL 462,549 2,681,617 3,144,166 4825 Executive Park Court Jacksonville, FL 601,401 3,254,710 3,856,111 4820 Executive Park Court Jacksonville, FL 555,213 3,284,421 3,839,634 10511 & 10611 Satellite Boulevard Orlando, FL 522,991 2,800,370 3,323,361 1400-1440 Central Florida Parkway Orlando, FL 518,043 2,636,080 3,154,123 6601 Executive Park Circle North Jacksonville, FL 551,250 3,129,001 3,680,251 1300 Riverplace Boulevard Jacksonville, FL 1,804,258 8,755,096 10,559,354 4901 Belfort Road Jacksonville, FL 877,964 4,202,594 5,080,558 16445 Air Center Boulevard Houston, TX 363,339 2,856,657 3,219,996 16405 Air Center Boulevard Houston, TX 438,853 3,136,970 3,575,823 2216 Directors Row Orlando, FL 453,918 2,598,067 3,051,985 7460 Chancellor Drive Orlando, FL 266,555 1,149,201 1,415,756 1901 Summit Tower Boulevard Maitland, FL 6,083,206 12,671,492 18,754,698 3701-3727 Vineland Road Orlando, FL 767,929 2,163,793 2,931,722 4899 Belfort Road Jacksonville, FL 1,299,351 7,859,703 9,159,054 4905 Belfort Street Jacksonville, FL 638,154 3,411,407 4,049,561 16580 Air Center Boulevard Houston, TX 289,000 3,547,695 3,836,695 7251 Salisbury Road Jacksonville, FL 662,559 2,269,503 2,932,062 2400 South Lake Orange Drive Orlando, FL 642,427 2,103,419 2,745,846 10245 Centurion Parkway North Jacksonville, FL 857,704 4,088,052 4,945,756 6501 Lee Vista Boulevard Orlando, FL 925,671 5,493,802 6,419,473 1755 Trans Central Drive Houston, TX 306,147 3,156,970 3,463,117 10771 Palm Bay Drive Orlando, FL 685,383 2,492,044 3,177,427 5501-5519 Pioneer Park Boulevard Tampa, FL 262,416 1,700,585 1,963,001 5690-5694 Crenshaw Street Tampa, FL 181,923 1,953,292 2,135,215 3102,3104,3110 Cherry Palm Drive Tampa, FL 503,767 3,191,300 3,695,067 8401-8408 Benjamin Road Tampa, FL 789,651 4,911,230 5,700,881 3501 Riga Boulevard Tampa, FL 617,289 3,144,217 3,761,506 111 Kelsey Lane Tampa, FL 359,540 1,913,816 2,273,356 7930, 8010-20 Woodland Center Boulevard Tampa, FL 1,408,478 5,491,601 6,900,079 7920 Woodland Center Boulevard Tampa, FL 1,082,648 2,849,780 3,932,428 8154-8198 Woodland Center Boulevard Tampa, FL 399,088 2,912,833 3,311,921 8112-42 Woodland Center Boulevard Tampa, FL 513,263 3,243,734 3,756,997 8212 Woodland Center Boulevard Tampa, FL 820,882 2,336,931 3,157,813 131 Kelsey Lane Tampa, FL 559,527 4,402,267 4,961,794 7724 Woodland Center Boulevard Tampa, FL 235,894 2,108,522 2,344,416 7802-50 Woodland Center Boulevard Tampa, FL 506,949 2,392,676 2,899,625 7852-98 Woodland Center Boulevard Tampa, FL 506,949 2,141,789 2,648,738 8921 Brittany Way Tampa, FL 254,493 1,892,134 2,146,627 5250 Eagle Trail Drive Tampa, FL 952,860 3,457,917 4,410,777 7725 Woodland Center Boulevard Tampa, FL 771,501 3,008,176 3,779,677 8001 Woodland Center Boulevard Tampa, FL 438,061 2,153,044 2,591,105 4630 Woodland Corporate Boulevard Tampa, FL 1,560,099 11,782,893 13,342,992 701-725 South US Highway 301 Tampa, FL 661,680 3,089,722 3,751,402 4502 Woodland Corporate Boulevard Tampa, FL 1,071,535 2,934,365 4,005,900 9001-9015 Brittany Way Tampa, FL 364,514 1,294,842 1,659,356 4508 Woodland Corporate Boulevard Tampa, FL 556,887 3,024,463 3,581,350 7622 Bald Cypress Place Tampa, FL 300,000 1,039,980 1,339,980 901-933 US Highway 301S Tampa, FL 840,314 2,776,799 3,617,113 1701 Clint Moore Boulevard Boca Raton, FL 1,430,937 3,101,421 4,532,358 5410 - 5430 Northwest 33rd Avenue Ft. Lauderdale, FL 625,111 4,553,669 5,178,780 6500 NW 12th Avenue Ft. Lauderdale, FL - 3,096,090 3,096,090 6600 NW 12th Avenue Ft. Lauderdale, FL - 3,353,646 3,353,646 1500 SW 5th Court Pompano Beach, FL 972,232 3,938,523 4,910,755 1651 SW 5th Court Pompano Beach, FL 203,247 829,485 1,032,732 1601 SW 5th Court Pompano Beach, FL 203,247 861,598 1,064,845 1501 SW 5th Court Pompano Beach, FL 203,247 833,257 1,036,504 1400 SW 6th Court Pompano Beach, FL 1,157,049 4,693,417 5,850,466 1405 SW 6th Court Pompano Beach, FL 392,138 1,610,908 2,003,046 595 SW 13th Terrace Pompano Beach, FL 359,933 1,482,888 1,842,821 601 SW 13th Terrace Pompano Beach, FL 164,413 680,559 844,972 605 SW 16th Terrace Pompano Beach, FL 310,178 1,268,595 1,578,773 951 Broken Sound Parkway Boca Raton, FL 1,426,251 6,283,049 7,709,300 3400 Lakeside Drive Miramar, FL 2,022,153 11,759,299 13,781,452 3450 Lakeside Drive Miramar, FL 2,022,152 11,554,694 13,576,846 3350 SW 148th Avenue Miramar, FL 2,980,689 17,118,858 20,099,547 13650 NW 8th Street Sunrise, FL 558,251 2,209,009 2,767,260 13630 NW 8th Street Sunrise, FL 659,825 2,742,991 3,402,816 777 Yamato Road Boca Raton, FL 4,501,247 18,354,415 22,855,662 1801 Clint Moore Road Boca Raton, FL 1,065,068 4,714,134 5,779,202 6601-6625 W. 78th Street Bloomington, MN 2,310,246 38,578,584 40,888,830 2905 Northwest Boulevard Plymouth, MN 516,920 5,144,590 5,661,510 2800 Campus Drive Plymouth, MN 395,366 3,891,729 4,287,095 2955 Xenium Lane Plymouth, MN 151,238 1,626,077 1,777,315 72 LIBERTY PROPERTY TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 GROSS AMOUNT CARRIED AT CLOSE OF PERIOD ------------------------------------------------- LAND AND BUILDING AND TOTAL PROJECT CITY IMPROVEMENTS IMPROVEMENTS @ 12/31/01 -------------------------------------- --------------------- --------------- --------------- --------------- OPERATING PROPERTIES - Continued 9401-9443 Science Center Drive New Hope, MN 510,064 4,054,396 4,564,460 6321-6325 Bury Drive Eden Prairie, MN 462,876 4,332,062 4,794,938 7115-7173 Shady Oak Road Eden Prairie, MN 454,974 4,525,830 4,980,804 7660-7716 Golden Triangle Drive Eden Prairie, MN 1,289,215 5,735,573 7,024,788 7400 Flying Cloud Drive Eden Prairie, MN 195,982 1,817,445 2,013,427 10301-10305 West 70th Street Eden Prairie, MN 118,300 1,168,868 1,287,168 10321 West 70th Street Eden Prairie, MN 142,399 1,341,407 1,483,806 10333 West 70th Street Eden Prairie, MN 108,610 1,026,183 1,134,793 10349-10357 West 70th Street Eden Prairie, MN 270,584 2,746,668 3,017,252 10365-10375 West 70th Street Eden Prairie, MN 285,464 2,812,695 3,098,159 10393-10394 West 70th Street Eden Prairie, MN 264,419 2,677,722 2,942,141 7078 Shady Oak Road Eden Prairie, MN 336,481 3,139,939 3,476,420 10400 Viking Drive Eden Prairie, MN 2,938,372 21,341,495 24,279,867 5600 & 5610 Rowland Road Minnetonka, MN 829,263 8,523,179 9,352,442 2920 Northwest Boulevard Plymouth, MN 384,235 4,094,866 4,479,101 5400-5500 Feltl Road Minnetonka, MN 883,895 8,823,538 9,707,433 10300 Bren Road Minnetonka, MN 344,614 3,264,498 3,609,112 14630-14650 28th Avenue North Plymouth, MN 198,204 2,153,609 2,351,813 7695-7699 Anagram Drive Eden Prairie, MN 760,525 3,280,379 4,040,904 7550 Meridian Circle Maple Grove, MN 513,250 2,821,098 3,334,348 2800 Northwest Boulevard Plymouth, MN 1,934,438 11,027,841 12,962,279 3255 Neil Armstrong Boulevard Eagan, MN 1,131,017 3,377,738 4,508,755 4801 West 81st Street Bloomington, MN 1,624,701 2,944,658 4,569,359 8100 Cedar Avenue Bloomington, MN 501,313 3,700,697 4,202,010 9600 54th Avenue Plymouth, MN 332,317 3,226,870 3,559,187 7800 Equitable Drive Eden Prairie, MN 2,188,525 3,807,690 5,996,215 7905 Fuller Road Eden Prairie, MN 1,230,965 4,083,254 5,314,219 9023 Columbine Road Eden Prairie, MN 1,956,273 4,626,783 6,583,056 6161 Green Valley Drive Bloomington, MN 741,194 4,030,244 4,771,438 4700 Nathan Lane North Minneapolis, MN 1,501,308 8,769,085 10,270,393 8967 Columbine Road Eden Prairie, MN 1,450,000 3,409,410 4,859,410 14390 Huntington Avenue Savage, MN 1,464,521 6,410,037 7,874,558 550-590 Hale Avenue Oakdale, MN 766,390 3,607,189 4,373,579 7777 Golden Triangle Drive Eden Prairie, MN 993,101 3,013,132 4,006,233 8937 Columbine Road Eden Prairie, MN 1,739,966 4,283,816 6,023,782 7615 Smetana Lane Eden Prairie, MN 3,000,000 6,670,095 9,670,095 10801 Nesbitt Avenue South Bloomington, MN 786,382 4,164,907 4,951,289 8995 Columbine Road Eden Prairie, MN 2,055,296 2,524,352 4,579,648 26911-26957 Northwestern Highway Southfield, MI 7,799,515 71,892,433 79,691,948 1650 Research Drive Troy, MI 763,067 7,291,999 8,055,066 1775 Research Drive Troy, MI 331,422 2,838,153 3,169,575 1875 Research Drive Troy, MI 329,863 2,895,205 3,225,068 1850 Research Drive Troy, MI 781,054 7,574,678 8,355,732 1965 Research Drive Troy, MI 419,090 3,682,359 4,101,449 1960 Research Drive Troy, MI 419,146 3,630,052 4,049,198 27260 Haggerty Road Farmington Hills, MI 456,877 4,277,434 4,734,311 27200 Haggerty Road Farmington Hills, MI 382,754 3,597,285 3,980,039 27280 Haggerty Road Farmington Hills, MI 452,860 4,175,371 4,628,231 27220 Haggerty Road Farmington Hills, MI 203,064 1,937,845 2,140,909 27240 Haggerty Road Farmington Hills, MI 171,518 1,601,650 1,773,168 27300 Haggerty Road Farmington Hills, MI 370,378 3,436,575 3,806,953 1101 Allen Drive Troy, MI 98,148 910,814 1,008,962 1151 Allen Drive Troy, MI 164,486 1,695,487 1,859,973 1300 Rankin Street Troy, MI 134,094 1,337,558 1,471,652 1350 Rankin Street Troy, MI 111,779 1,076,015 1,187,794 1376-1400 Rankin Street Troy, MI 134,296 1,340,559 1,474,855 1352-1374 Rankin Street Troy, MI 153,279 1,474,170 1,627,449 1324-1346 Rankin Street Troy, MI 134,094 1,234,951 1,369,045 1301-1307 Rankin Street Troy, MI 111,779 1,069,066 1,180,845 1409 Allen Drive Troy, MI 142,374 1,500,442 1,642,816 1304 E Maple Road Troy, MI 211,236 2,216,007 2,427,243 1334 Maplelawn Road Troy, MI 124,300 1,140,775 1,265,075 1290 Maplelawn Road Troy, MI 85,325 832,635 917,960 1070 Maplelawn Road Troy, MI 68,563 667,800 736,363 950 Maplelawn Road Troy, MI 252,433 2,291,703 2,544,136 894 Maplelawn Road Troy, MI 181,753 1,651,736 1,833,489 1179 Maplelawn Road Troy, MI 87,849 867,250 955,099 1940 Norwood Drive Troy, MI 86,839 828,051 914,890 1311-1331 Maplelawn Road Troy, MI 125,410 1,335,186 1,460,596 2354 Bellingham Street Troy, MI 87,344 809,741 897,085 2360 Bellingham Street Troy, MI 87,344 848,063 935,407 1911 Ring Drive Troy, MI 86,132 856,722 942,854 26442-26450 Haggerty Road Farmington Hills, MI 237,691 2,171,447 2,409,138 26500 Haggerty Road Farmington Hills, MI 311,097 2,843,970 3,155,067 26650 Haggerty Road Farmington Hills, MI 173,170 1,584,198 1,757,368 26700 Haggerty Road Farmington Hills, MI 253,341 2,307,852 2,561,193 26750 Haggerty Road Farmington Hills, MI 292,720 2,792,435 3,085,155 26800 Haggerty Road Farmington Hills, MI 175,492 1,746,488 1,921,980 26842-26850 Haggerty Road Farmington Hills, MI 239,609 2,355,399 2,595,008 26600 Haggerty Road Farmington Hills, MI 537,693 2,442,372 2,980,065 26550 Haggerty Road Farmington Hills, MI 535,179 2,418,861 2,954,040 50 West Big Beaver Road Troy, MI 2,159,678 19,778,014 21,937,692 100 West Big Beaver Road Troy, MI 2,113,006 19,434,979 21,547,985 73 LIBERTY PROPERTY TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 GROSS AMOUNT CARRIED AT CLOSE OF PERIOD ------------------------------------------------- LAND AND BUILDING AND TOTAL PROJECT CITY IMPROVEMENTS IMPROVEMENTS @ 12/31/01 -------------------------------------- --------------------- --------------- --------------- --------------- OPERATING PROPERTIES - Continued 245 Executive Drive Brookfield, WI 577,067 5,393,060 5,970,127 8301 West Parkland Court Milwaukee, WI 358,442 3,494,969 3,853,411 32991 Hamilton Court Farmington Hills, MI 1,065,392 4,575,439 5,640,831 7500 West 110th Street Overland Park, KS 2,380,493 9,783,818 12,164,311 7800 N. 113th Street Milwaukee, WI 1,711,964 6,899,510 8,611,474 2475-2479 Elliot Avenue Troy, MI 128,808 531,531 660,339 32661 Edward Avenue Madison Heights, MI 378,838 2,334,604 2,713,442 32701 Edward Avenue Madison Heights, MI 340,398 1,396,362 1,736,760 32751 Edward Avenue Madison Heights, MI 151,410 900,043 1,051,453 32853 Edward Avenue Madison Heights, MI 138,121 838,253 976,374 555 East Mandoline Avenue Madison Heights, MI 140,862 880,321 1,021,183 599 East Mandoline Avenue Madison Heights, MI 132,164 719,789 851,953 749 East Mandoline Avenue Madison Heights, MI 144,658 708,968 853,626 750 East Mandoline Avenue Madison Heights, MI 151,458 742,062 893,520 900 East Mandoline Avenue Madison Heights, MI 157,729 773,708 931,437 949 East Mandoline Avenue Madison Heights, MI 137,049 784,089 921,138 32090 John Road Madison Heights, MI 70,351 405,861 476,212 31601 Research Park Drive Madison Heights, MI 331,179 1,890,599 2,221,778 31651 Research Park Drive Madison Heights, MI 194,012 1,102,708 1,296,720 31700 Research Park Drive Madison Heights, MI 373,203 1,828,295 2,201,498 31701 Research Park Drive Madison Heights, MI 185,845 1,126,778 1,312,623 31751 Research Park Drive Madison Heights, MI 194,063 1,302,396 1,496,459 31800 Research Park Drive Madison Heights, MI 217,929 1,616,262 1,834,191 800 Tech Row Madison Heights, MI 444,977 3,016,255 3,461,232 900 Tech Row Madison Heights, MI 155,606 908,095 1,063,701 1000 Tech Row Madison Heights, MI 357,897 2,712,929 3,070,826 31771 Sherman Avenue Madison Heights, MI 150,944 656,866 807,810 31791 Sherman Avenue Madison Heights, MI 105,606 652,218 757,824 31811 Sherman Avenue Madison Heights, MI 207,599 1,180,373 1,387,972 31831 Sherman Avenue Madison Heights, MI 158,483 904,885 1,063,368 31900 Sherman Avenue Madison Heights, MI 269,293 1,788,713 2,058,006 800 East Whitcomb Avenue Madison Heights, MI 151,704 1,345,993 1,497,697 950 East Whitcomb Avenue Madison Heights, MI 113,630 2,170,653 2,284,283 1000 East Whitcomb Avenue Madison Heights, MI 113,512 1,075,241 1,188,753 1201 East Whitcomb Avenue Madison Heights, MI 302,567 1,215,920 1,518,487 1210 East Whitcomb Avenue Madison Heights, MI 121,298 329,592 450,890 1260 Kempar Avenue Madison Heights, MI 78,720 406,003 484,723 1280 Kempar Avenue Madison Heights, MI 142,305 555,174 697,479 22515 Heslip Drive Novi, MI 144,477 392,429 536,906 9801 80th Avenue Pleasant Prairie, WI 1,689,726 7,970,993 9,660,719 11950 W. Lake Park Drive Milwaukee, WI 394,938 2,495,696 2,890,634 11400 W. Lake Park Drive Milwaukee, WI 443,101 2,499,679 2,942,780 11425 W. Lake Park Drive Milwaukee, WI 385,305 2,457,708 2,843,013 11301 W. Lake Park Drive Milwaukee, WI 619,465 2,713,670 3,333,135 11900 W. Lake Park Drive Milwaukee, WI 350,628 2,886,153 3,236,781 38100 Ecorse Road Romulus, MI 853,063 9,355,328 10,208,391 16620-16650 W Bluemound Road Brookfield, WI 586,665 4,543,062 5,129,727 1600-1630 East Big Beaver Road Troy, MI 1,458,737 3,002,247 4,460,984 11414 West Park Place Milwaukee, WI 491,531 8,701,778 9,193,309 11520 W. Calumet Road Milwaukee, WI 341,698 1,576,042 1,917,740 12100 W. Park Place Milwaukee, WI 532,370 3,311,029 3,843,399 N26 W23445 Paul Road Pewaukee, WI 561,904 1,989,820 2,551,724 11200 W. Plank Court Wauwatosa, WI 330,829 3,211,394 3,542,223 11020 W. Plank Court Wauwatosa, WI 464,246 3,314,031 3,778,277 38000 Ecourse Road Romulus, MI 1,053,337 12,149,828 13,203,165 3800 Lapeer Road Auburn Hills, MI 3,154,272 6,983,952 10,138,224 50 Gibson Drive West Malling, UK - 3,270,372 3,270,372 2 Kings Hill Avenue West Malling, UK 745,416 3,760,790 4,506,206 50 Kings Hill Avenue West Malling, UK 1,637,852 9,853,018 11,490,870 10 Kings Hill Avenue West Malling, UK 870,859 5,096,600 5,967,459 30 Tower View West Malling, UK 1,467,467 10,764,204 12,231,671 35 Kings Hill Avenue West Malling, UK 719,481 2,603,265 3,322,746 39 Kings Hill Avenue West Malling, UK 675,365 2,883,524 3,558,889 4 Abbey Wood Road West Malling, UK 1,805,152 4,734,246 6,539,398 18 Kings Hill Avenue West Malling, UK 1,837,471 4,441,637 6,279,108 --------------- --------------- --------------- Subtotal Operating Real Estate $ 467,310,411 $ 2,874,903,350 $ 3,342,213,761 =============== =============== =============== DEVELOPMENT IN PROGRESS 2301 Renaissance Boulevard King of Prussia, PA $ 3,659,475 $ 5,800,561 $ 9,460,036 1500 Liberty Ridge Drive Wayne, PA 11,566,033 16,431,099 27,997,132 1515 Grundy's Lane Bristol, PA 560,680 1,859,698 2,420,378 3200 Horizon Drive King of Prussia, PA - 1,446,119 1,446,119 301 Berkeley Drive Bridgeport, NJ 320,265 1,702,629 2,022,894 74 West Broad Street Bethlehem, PA 1,099,079 10,868,005 11,967,084 8150 Industrial Boulevard Allentown, PA 2,571,466 8,119,025 10,690,491 8250 Industrial Boulevard Allentown, PA 1,035,854 4,071,652 5,107,506 650 Boulder Drive Allentown, PA 5,242,428 16,463,060 21,705,488 1605 Valley Center Parkway Bethlehem, PA 1,766,196 6,336,255 8,102,451 3400 High Point Boulevard Bethlehem, PA 662,809 502,847 1,165,656 6250 Old Dobbin Lane Columbia, MD 1,295,000 2,531,915 3,826,915 6210 Old Dobbin Lane Columbia, MD 1,295,000 2,124,618 3,419,618 74 LIBERTY PROPERTY TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 GROSS AMOUNT CARRIED AT CLOSE OF PERIOD ------------------------------------------------- LAND AND BUILDING AND TOTAL PROJECT CITY IMPROVEMENTS IMPROVEMENTS @ 12/31/01 -------------------------------------- --------------------- --------------- --------------- --------------- DEVELOPMENT IN PROGRESS - Continued 6240 Old Dobbin Lane Columbia, MD 1,295,000 2,124,630 3,419,630 5715 Old Shakopee Road West Bloomington, MN 1,264,758 2,519,281 3,784,039 5735 Old Shakopee Road West Bloomington, MN 1,264,758 2,520,072 3,784,830 20 Wright Avenue Hunt Valley, MD 1,575,000 122,672 1,697,672 200 Westgate Parkway Richmond, VA 1,072,459 4,480,703 5,553,162 1305 Executive Boulevard Chesapeake, VA 1,129,850 3,008,182 4,138,032 1313 Executive Boulevard Chesapeake, VA 1,708,050 2,787,599 4,495,649 3 Independence Pointe Greenville, SC 467,438 1,912,964 2,380,402 5 Independence Pointe Greenville, SC 467,438 2,459,149 2,926,587 1400 Mendenhall Oaks Parkway High Point, NC 984,672 4,080,177 5,064,849 4191 Mendenhall Oaks Parkway High Point, NC 611,166 1,901,037 2,512,203 979 Batesville Road Greer, SC 1,190,431 3,578,461 4,768,892 4887 Belfort Road Jacksonville, FL 1,665,915 6,811,038 8,476,953 7255 Salisbury Road Jacksonville, FL 680,766 1,697,584 2,378,350 2416 Lake Orange Drive Orlando, FL 704,800 2,216,100 2,920,900 16605 Air Center Boulevard Houston, TX 391,186 2,501,019 2,892,205 4503 Woodland Corporate Boulevard Tampa, FL 619,913 1,914,601 2,534,514 4505 Woodland Corporate Boulevard Tampa, FL 716,594 1,874,534 2,591,128 4511 Woodland Corporate Boulevard Tampa, FL 686,594 1,911,044 2,597,638 7851-61 Woodland Center Parkway Tampa, FL 295,005 1,061,883 1,356,888 7805 Hudson Road Woodbury, MN 1,381,234 6,363,903 7,745,137 4600 Nathan Lane Plymouth, MN 1,038,197 4,768,895 5,807,092 8911 Columbine Road Eden Prairie, MN 1,718,407 2,011,126 3,729,533 5775 Old Shakopee Road West Bloomington, MN 2,058,185 6,770,867 8,829,052 2600 Bellingham Drive Troy, MI 1,938,746 3,809,073 5,747,819 2710 Bellingham Drive Troy, MI 1,938,746 2,804,508 4,743,254 10855 West Park Place Milwaukee, WI 424,710 1,933,427 2,358,137 30 Kings Hill Avenue West Malling, UK - 2,685,636 2,685,636 Aymer House Chertsey, UK 11,013,828 - 11,013,828 Uxbridge London, UK 20,522,583 - 20,522,583 --------------- --------------- --------------- Subtotal Development in Progress $ 91,900,714 $ 160,887,648 $ 252,788,362 =============== =============== =============== LAND HELD FOR DEVELOPMENT Keystone Industrial Park Land Bristol, PA $ 379,217 $ - $ 379,217 50 Prudential Road Horsham, PA - - - 1710 Arch Street Philadelphia, PA 12,426,346 - 12,426,346 1722 Arch Street Philadelphia, PA 322,137 - 322,137 JFK & Arch Parking Lots/Land (East) Philadelphia, PA 15,306,526 - 15,306,526 JFK & Arch Parking Lots/Land (West) Philadelphia, PA 1,601,047 - 1,601,047 425 Privet Road Horsham, PA 3,697,150 190,601 3,887,751 425 Privet Road Horsham, PA 2,015,225 3,420 2,018,645 Quarry Ridge Land Malvern, PA 9,528,074 - 9,528,074 Commodore Business Park Logan, NJ 4,480,965 207,250 4,688,215 Marlton Executive Park Land Marlton, NJ 964,921 - 964,921 800 Arlington Boulevard Expansion Land Logan, NJ - - - 300 Fellowship Road Land Mt. Laurel, NJ 1,615,557 - 1,615,557 Lehigh Valley Corporate Center Land Bethlehem, PA 227,357 32,438 259,795 LVCC Phase 2 Land Bethlehem, PA 6,676,985 198,500 6,875,485 650 Boulder Drive Expansion Allentown, PA 4,301,885 - 4,301,885 9th & Hamilton Streets Allentown, PA 615,624 - 615,624 Columbia Crossing Land Columbis, MD 5,678,531 - 5,678,531 6250 Old Dobbin Lane Columbia, MD 1,466,934 - 1,466,934 Hunt Valley Land Hunt Valley, MD 2,150,271 - 2,150,271 Fairgrounds Distribution Center Land Richmond, VA 12,981 - 12,981 Rivers' Bend Business Park Chesterfield, VA (1,106,508) 6,276,313 5,169,805 Woodlands Center Land Sandston, VA 1,687,205 - 1,687,205 501 H P Way Chesterfield, VA 650,007 - 650,007 Eastport VII Richmond, VA 1,628,318 - 1,628,318 Eastport VIII Richmond, VA 386,023 - 386,023 Eastport IX Richmond, VA 214,952 - 214,952 Westmoreland II Land Virginia Beach, VA 938,616 - 938,616 Westmoreland III Land Virginia Beach, VA 775,382 - 775,382 Volvo Center Land Hampton, VA 1,866,146 - 1,866,146 Lakefront Plaza II Land Hampton, VA 150,236 - 150,236 Mendenhall Business Park I High Point, NC 7,603,264 21,127 7,624,391 Independence Pointe Land Greenville, SC 2,582,637 - 2,582,637 Eagle Hill Business Park Land High Point, NC 849,876 20,000 869,876 Southpark Business Park Jacksonville, FL 497,113 - 497,113 7024 AC Skinner Parkway Jacksonville, FL 824,952 - 824,952 Silo Bend Land Tampa, FL 4,304,601 - 4,304,601 Exchange Place Land Orlando, FL - - - Belfort Road Jacksonville, FL 573,322 - 573,322 Butler Plaza Land Jacksonville, FL 2,324,867 - 2,324,867 South Center Land Orlando, FL 2,163,350 - 2,163,350 South Center Land Orlando, FL 597,094 - 597,094 Orlando Corporate Center Land Orlando, FL 901,893 - 901,893 Salisbury Road Land Jacksonville, FL 1,559,918 - 1,559,918 Central Green Land Houston, TX 1,626,998 - 1,626,998 Woodland Corporate Center Land Tampa, FL 1,244,810 - 1,244,810 6119 W. Linebaugh Avenue Tampa, FL 198,205 - 198,205 Pompano Bus Park Land-Lots 100,101 Boca Raton, FL 428,214 - 428,214 75 LIBERTY PROPERTY TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 GROSS AMOUNT CARRIED AT CLOSE OF PERIOD ------------------------------------------------- LAND AND BUILDING AND TOTAL PROJECT CITY IMPROVEMENTS IMPROVEMENTS @ 12/31/01 -------------------------------------- --------------------- --------------- --------------- --------------- LAND HELD FOR DEVELOPMENT - Continued Pompano Bus Park Land-Lots 60, 61 Boca Raton, FL 522,278 - 522,278 Boca Colannade Land Boca Raton, FL 4,762,081 - 4,762,081 Lake Smetana Business Park Eden Prairie, MN 4,376,603 - 4,376,603 8855 Columbine Road Eden Prairie, MN 2,502,716 1,423,435 3,926,151 5705 Old Shakopee Road W. Land Bloomington, MN 2,127,294 - 2,127,294 Romulus Land Romulus, MI 1,287,510 - 1,287,510 Big Beaver Airport Land Troy, MI 10,164,697 - 10,164,697 Park Place South Land Milwaukee, WI 4,988,302 7,425 4,995,727 6505 Cogswell Road Romulus, MI 784,080 2,850,847 3,634,927 Liberty Business Park Land Jacksonville, FL 537,816 - 537,816 Northsight Land Scottsdale, AZ 11,323,236 - 11,323,236 --------------- --------------- --------------- Subtotal Land Held for Development $ 152,315,837 $ 11,231,356 $ 163,547,193 =============== =============== =============== Total All Properties $ 711,526,962 $ 3,047,022,354 $ 3,758,549,316 =============== =============== ===============
76
LIBERTY PROPERTY TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 ACCUMULATED DATE OF DEPRECIATION CONSTRUCTION DEPRECIABLE PROJECT CITY @ 12/31/01 OR ACQUISITION LIFE (YEARS) -------------------------------------- ------------------- ------------ -------------- ------------ OPERATING PROPERTIES 10, 20 Liberty Boulevard Malvern, PA $ 1,556,970 1985 40 yrs. 420 Lapp Road Malvern, PA 1,925,774 1989 40 yrs. 747 Dresher Road Horsham, PA 1,241,487 1988 40 yrs. 45-67 Great Valley Parkway Malvern, PA 1,624,828 1974 40 yrs. 40 Valley Stream Parkway Malvern, PA 808,022 1987 40 yrs. 50 Valley Stream Parkway Malvern, PA 794,557 1987 40 yrs. 20 Valley Stream Parkway Malvern, PA 1,881,114 1987 40 yrs. 800 Town Center Drive Langhorne, PA 3,459,238 1987 40 yrs. 9, 15, 25 Great Valley Parkway Malvern, PA 8,654,601 1986 40 yrs. 257-275 Great Valley Parkway Malvern, PA 2,046,465 1983 40 yrs. 300 Technology Drive Malvern, PA 477,422 1985 40 yrs. 277-293 Great Valley Parkway Malvern, PA 870,219 1984 40 yrs. 311 Technology Drive Malvern, PA 936,742 1984 40 yrs. 325 Technology Drive Malvern, PA 790,659 1984 40 yrs. 7 Great Valley Parkway Malvern, PA 1,836,656 1985 40 yrs. 55 Valley Stream Parkway Malvern, PA 1,387,591 1983 40 yrs. 65 Valley Stream Parkway Malvern, PA 2,051,771 1983 40 yrs. 508 Lapp Road Malvern, PA 776,745 1984 40 yrs. 10 Valley Stream Parkway Malvern, PA 1,218,205 1984 40 yrs. 333 Phoenixville Pike Malvern, PA 1,184,280 1985 40 yrs. 30 Great Valley Parkway Malvern, PA 230,178 1975 40 yrs. 75 Great Valley Parkway Malvern, PA 210,243 1977 40 yrs. 27-43 Great Valley Parkway Malvern, PA 1,216,584 1977 40 yrs. 77-123 Great Valley Parkway Malvern, PA 2,410,524 1978 40 yrs. 260 Great Valley Parkway Malvern, PA 402,234 1979 40 yrs. 256 Great Valley Parkway Malvern, PA 904,369 1980 40 yrs. 205 Great Valley Parkway Malvern, PA 4,867,531 1981 40 yrs. 12,14,16 Great Valley Parkway Malvern, PA 585,422 1982 40 yrs. 155 Great Valley Parkway Malvern, PA 1,074,999 1981 40 yrs. 333 Technology Drive Malvern, PA 1,296,887 1987 40 yrs. 510 Lapp Road Malvern, PA 416,120 1983 40 yrs. 181 Wheeler Court Langhorne, PA 412,325 1979 40 yrs. 1100 Wheeler Way Langhorne, PA 220,801 1979 40 yrs. 60 Morehall Road Malvern, PA 3,252,334 1989 40 yrs. 905 Airport Road West Chester, PA 1,210,040 1988 40 yrs. 1 Country View Road Malvern, PA 738,218 1982 40 yrs. 2151 Cabot Boulevard Langhorne, PA 662,841 1982 40 yrs. 170 South Warner Road King of Prussia, PA 1,807,126 1980 40 yrs. 190 South Warner Road King of Prussia, PA 1,132,106 1980 40 yrs. 507 Prudential Road Horsham, PA 1,176,586 1988 40 yrs. 100 Witmer Road Horsham, PA 1,437,650 1996 40 yrs. 3100 Horizon Drive King of Prussia, PA 397,457 1995 40 yrs. 3300 Horizon Drive King of Prussia, PA 504,196 1996 40 yrs. 3500 Horizon Drive King of Prussia, PA 369,051 1996 40 yrs. 200 Chesterfield Parkway Malvern, PA 1,510,386 1989 40 yrs. 767 Electronic Drive Horsham, PA 805,011 1996 40 yrs. 132 Welsh Road Horsham, PA 526,260 1998 40 yrs. 5 Country View Road Malvern, PA 793,380 1985 40 yrs. 3200 Horizon Drive King of Prussia, PA 789,885 1996 40 yrs. 3000 Horizon Drive King of Prussia, PA 238,781 1997 40 yrs. 111-195 Witmer Road Horsham, PA 454,855 1987 40 yrs. 300 Welsh Road - Building 3 Horsham, PA 257,843 1983 40 yrs. 300 Welsh Road - Building 4 Horsham, PA 572,469 1983 40 yrs. 8801 Tinicum Boulevard Philadelphia, PA 4,921,344 1997 40 yrs. 440 East Swedesford Road King of Prussia, PA 1,472,666 1988 40 yrs. 460 East Swedesford Road King of Prussia, PA 912,452 1988 40 yrs. 50 Morehall Road Malvern, PA 2,035,479 1997 40 yrs. 2 Walnut Grove Drive Horsham, PA 1,412,210 1989 40 yrs. 5 Walnut Grove Drive Horsham, PA 347,591 2000 40 yrs. 200 Gibraltar Road Horsham, PA 966,326 1990 40 yrs. 220 Gibraltar Road Horsham, PA 813,155 1990 40 yrs. 240 Gibraltar Road Horsham, PA 732,117 1990 40 yrs. 151 South Warner Road King of Prussia, PA 885,944 1980 40 yrs. 1 Walnut Grove Drive Horsham, PA 1,235,005 1986 40 yrs. 3604 Horizon Drive King of Prussia, PA 460,445 1998 40 yrs. 3606 Horizon Drive King of Prussia, PA 360,848 1997 40 yrs. 650 Swedesford Road King of Prussia, PA 2,596,663 1971 40 yrs. 680 Swedesford Road King of Prussia, PA 2,612,374 1971 40 yrs. 761 Fifth Avenue King of Prussia, PA 297,222 1977 40 yrs. 771 Fifth Avenue King of Prussia, PA 193,751 1977 40 yrs. 1 Great Valley Parkway Malvern, PA 529,250 1982 40 yrs. 5 Great Valley Parkway Malvern, PA 795,062 1983 40 yrs. 311 Sinclair Road Bristol, PA 159,316 1997 40 yrs. 1001 Cedar Hollow Road Malvern, PA 2,018,731 1998 40 yrs. 3 Country View Road Malvern, PA 405,299 1998 40 yrs. 425 Technology Drive Malvern, PA 348,852 1998 40 yrs. 375 Technology Drive Malvern, PA 237,101 1998 40 yrs. 45 Liberty Boulevard Malvern, PA 1,525,278 1999 40 yrs. 100 Chesterfield Parkway Malvern, PA 940,309 1998 40 yrs. 181-187 Gibraltar Road Horsham, PA 472,764 1982 40 yrs. 104 Rock Road Horsham, PA 307,508 1974 40 yrs. 77 LIBERTY PROPERTY TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 ACCUMULATED DATE OF DEPRECIATION CONSTRUCTION DEPRECIABLE PROJECT CITY @ 12/31/01 OR ACQUISITION LIFE (YEARS) -------------------------------------- ------------------- ------------ -------------- ------------ OPERATING PROPERTIES - Continued 123-135 Rock Road Horsham, PA 459,278 1975 40 yrs. 111-159 Gibraltar Road Horsham, PA 528,910 1981 40 yrs. 161-175 Gibraltar Road Horsham, PA 337,166 1976 40 yrs. 103-109 Gibraltar Road Horsham, PA 361,939 1978 40 yrs. 261-283 Gibraltar Road Horsham, PA 422,165 1978 40 yrs. 210-223 Witmer Road Horsham, PA 394,915 1972 40 yrs. 231-237 Gibraltar Road Horsham, PA 526,546 1981 40 yrs. 100 Gibraltar Road Horsham, PA 36,470 1975 40 yrs. 101 Gibraltar Road Horsham, PA 620,421 1977 40 yrs. 506 Prudential Road Horsham, PA 158,533 1973 40 yrs. 113-123 Rock Road Horsham, PA 337,132 1975 40 yrs. 101-111 Rock Road Horsham, PA 378,429 1975 40 yrs. 120 Gibraltar Road Horsham, PA 547,338 1980 40 yrs. 110 Gibraltar Road Horsham, PA 645,282 1979 40 yrs. 100-107 Lakeside Drive Horsham, PA 376,425 1982 40 yrs. 200-264 Lakeside Drive Horsham, PA 707,557 1982 40 yrs. 300-309 Lakeside Drive Horsham, PA 592,273 1982 40 yrs. 400-445 Lakeside Drive Horsham, PA 953,445 1981 40 yrs. 104 Witmer Road Horsham, PA 260,226 1997 40 yrs. 201 Gibraltar Road Horsham, PA 402,648 1983 40 yrs. 3600 Horizon Drive King of Prussia, PA 192,128 1989 40 yrs. 3602 Horizon Drive King of Prussia, PA 233,015 1989 40 yrs. 3 Franklin Plaza Philadelphia, PA 1,931,024 1999 40 yrs. 400-500 Brandywine Parkway West Chester, PA 761,558 1988 40 yrs. 600 Brandywine Parkway West Chester, PA 585,443 1988 40 yrs. 2700 Horizon Drive King of Prussia, PA 448,744 1998 40 yrs. 2900 Horizon Drive King of Prussia, PA 366,194 1998 40 yrs. 2500 Renaissance Boulevard King of Prussia, PA 276,877 1999 40 yrs. 2300 Renaissance Boulevard King of Prussia, PA 261,883 1999 40 yrs. 719 Dresher Road Horsham, PA 288,844 1987 40 yrs. 2100 Renaissance Boulevard King of Prussia, PA 855,859 1999 40 yrs. 4 Walnut Grove Horsham, PA 487,393 1999 40 yrs. 2250 Hickory Road Plymouth Meeting, PA 1,026,973 1985 40 yrs. 3400 Horizon Drive King of Prussia, PA 444,695 1995 40 yrs. 300 Welsh Road Horsham, PA 288,415 1985 40 yrs. 600 Chesterfield Parkway Malvern, PA 822,929 1999 40 yrs. 700 Chesterfield Parkway Malvern, PA 817,751 1999 40 yrs. 6 Terry Drive Newtown, PA 182,332 1981 40 yrs. 2520 Renaissance Boulevard King of Prussia, PA 369,633 1999 40 yrs. 18 Great Valley Parkway Malvern, PA 292,294 1980 40 yrs. 700 Dresher Road Horsham, PA 778,649 1987 40 yrs. 2201 Renaissance Boulevard King of Prussia, PA 878,480 2000 40 yrs. 2540 Renaissance Boulevard King of Prussia, PA 87,683 2000 40 yrs. 2560 Renaissance Boulevard King of Prussia, PA 193,053 2000 40 yrs. 1501-1513 Grundy's Lane Bristol, PA 118,850 2000 40 yrs. 11 Great Valley Parkway Malvern, PA 92,249 2001 40 yrs. 680 Blair Mill Road Horsham, PA 155,300 2001 40 yrs. 825 Duportail Road Wayne, PA 870,011 1979 40 yrs. 1200 Liberty Ridge Drive Wayne, PA 343,064 2001 40 yrs. 2760 Red Lion Road Philadelphia, PA 528,764 2001 40 yrs. 200 Precision Drive Horsham, PA 268,730 1997 40 yrs. 40 Liberty Boulevard Malvern, PA 1,063,455 1989 40 yrs. 102 Rock Road Horsham, PA 52,368 1985 40 yrs. 14 Lee Boulevard Malvern, PA 1,714,806 1988 40 yrs. 500 Chesterfield Parkway Malvern, PA 1,015,243 1988 40 yrs. 300-400 Chesterfield Parkway Malvern, PA 1,582,069 1988 40 yrs. 8 Stow Road Marlton, NJ 403,975 1988 40 yrs. 10 Stow Road Marlton, NJ 381,457 1988 40 yrs. 12 Stow Road Marlton, NJ 325,754 1988 40 yrs. 14 Stow Road Marlton, NJ 320,252 1988 40 yrs. 701A Route 73 South Marlton, NJ 1,749,459 1987 40 yrs. 701C Route 73 South Marlton, NJ 410,970 1987 40 yrs. 1008 Astoria Boulevard Cherry Hill, NJ 254,135 1973 40 yrs. 3000 Atrium Way Mt. Laurel, NJ 2,525,396 1987 40 yrs. 750 Cardinal Drive Bridgeport, NJ 465,221 1989 40 yrs. 11000, 15000 Commerce Parkway Mt. Laurel, NJ 892,488 1985 40 yrs. 12000, 14000 Commerce Parkway Mt. Laurel, NJ 649,502 1985 40 yrs. 16000, 18000 Commerce Parkway Mt. Laurel, NJ 674,270 1985 40 yrs. 400 Lippincott Drive Marlton, NJ 224,896 1999 40 yrs. 406 Lippincott Drive Marlton, NJ 606,482 1990 40 yrs. 234 High Hill Road Bridgeport, NJ 361,669 1987 40 yrs. 101 Arlington Boulevard Bridgeport, NJ 577,106 1996 40 yrs. 100 Berkeley Drive Bridgeport, NJ 340,055 1990 40 yrs. 301 Lippincott Drive Marlton, NJ 883,229 1988 40 yrs. 303 Lippincott Drive Marlton, NJ 950,047 1988 40 yrs. 510-512 Sharptown Road Bridgeport, NJ 173,052 1984 40 yrs. 901 Route 73 Marlton, NJ 410,882 1985 40 yrs. 1300 Route 73 North Mt. Laurel, NJ 692,228 1988 40 yrs. 512 Sharptown Road Bridgeport, NJ 256,548 1984 40 yrs. 201 Berkeley Drive Bridgeport, NJ 442,360 1999 40 yrs. 404 Lippincott Drive Marlton, NJ 311,170 1997 40 yrs. 104 Gaither Drive Mt. Laurel, NJ 172,592 1975 40 yrs. 402 Lippincott Drive Marlton, NJ 251,556 1997 40 yrs. 300 Commodore Drive Bridgeport, NJ 545,581 1999 40 yrs. 78 LIBERTY PROPERTY TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 ACCUMULATED DATE OF DEPRECIATION CONSTRUCTION DEPRECIABLE PROJECT CITY @ 12/31/01 OR ACQUISITION LIFE (YEARS) -------------------------------------- ------------------- ------------ -------------- ------------ OPERATING PROPERTIES - Continued 3000 Lincoln Drive Mt. Laurel, NJ 689,691 1983 40 yrs. 6000 Commerce Parkway Mt. Laurel, NJ 304,990 1985 40 yrs. 7000 Commerce Parkway Mt. Laurel, NJ 327,727 1984 40 yrs. 8000 Commerce Parkway Mt. Laurel, NJ 242,670 1983 40 yrs. 9000 Commerce Parkway Mt. Laurel, NJ 321,204 1983 40 yrs. 1000 Briggs Road Mt. Laurel, NJ 391,726 1986 40 yrs. 1025 Briggs Road Mt. Laurel, NJ 522,082 1987 40 yrs. 1020 Briggs Road Mt. Laurel, NJ 280,260 1999 40 yrs. 9 Stow Road Marlton, NJ 270,466 1998 40 yrs. 2000 Crawford Place Mt. Laurel, NJ 785,860 1986 40 yrs. 5000 Dearborn Court Mt. Laurel, NJ 422,530 1988 40 yrs. 515 Heron Drive Bridgeport, NJ 223,053 1980 40 yrs. 500 Sharptown Road Bridgeport, NJ 230,108 1984 40 yrs. 625 Heron Drive Bridgeport, NJ 89,390 1980 40 yrs. 605 Heron Drive Bridgeport, NJ 105,766 1980 40 yrs. 510 Heron Drive Bridgeport, NJ 788,746 1990 40 yrs. 522 Pedricktown Road Bridgeport, NJ 128,989 1988 40 yrs. 530 Pedricktown Road Bridgeport, NJ 180,731 1993 40 yrs. 540 Pedricktown Road Bridgeport, NJ 427,827 1987 40 yrs. 230 High Hill Road Bridgeport, NJ 831,380 1985 40 yrs. 3 Mallard Court Bridgeport, NJ 230,102 1989 40 yrs. 730 Cardinal Drive Bridgeport, NJ 173,453 1989 40 yrs. 405 Heron Drive Bridgeport, NJ 1,718,650 1990 40 yrs. 100 Eagle Road Bridgeport, NJ 135,990 1995 40 yrs. 250 High Hill Road Bridgeport, NJ 377,569 1995 40 yrs. 508 Center Square Road Bridgeport, NJ 324,637 1995 40 yrs. 602 Heron Drive Bridgeport, NJ 210,512 1995 40 yrs. 300 Eagle Court Bridgeport, NJ 176,577 1996 40 yrs. 500 Center Square Road Bridgeport, NJ 585,541 1997 40 yrs. 1001 Briggs Road Mt. Laurel, NJ 460,436 1986 40 yrs. 1960 Cuthbert Boulevard Cherry Hill, NJ 173,264 1985 40 yrs. 1970 Cuthbert Boulevard Cherry Hill, NJ 119,833 1985 40 yrs. 10000 & 11000 Route 73 Marlton, NJ 392,888 1984 40 yrs. 800 Arlington Boulevard Bridgeport, NJ 539,702 1999 40 yrs. 1015 Briggs Road Mt. Laurel, NJ 169,157 2000 40 yrs. 17000 Commerce Parkway Mt. Laurel, NJ 165,909 2001 40 yrs. 1655 Valley Center Parkway Bethlehem, PA 611,485 1993 40 yrs. 6560 Stonegate Drive Allentown, PA 711,254 1989 40 yrs. 6370 Hedgewood Drive Allentown, PA 854,360 1990 40 yrs. 6390 Hedgewood Drive Allentown, PA 859,564 1990 40 yrs. 1495 Valley Center Parkway Bethlehem, PA 975,110 1990 40 yrs. 6350 Hedgewood Drive Allentown, PA 934,757 1989 40 yrs. 6330 Hedgewood Drive Allentown, PA 1,571,394 1988 40 yrs. 1550 Valley Center Parkway Bethlehem, PA 919,337 1988 40 yrs. 1560 Valley Center Parkway Bethlehem, PA 1,190,764 1988 40 yrs. 6580 Snowdrift Road Allentown, PA 865,223 1988 40 yrs. 1510 Valley Center Parkway Bethlehem, PA 1,122,540 1988 40 yrs. 1530 Valley Center Parkway Bethlehem, PA 808,250 1988 40 yrs. 6540 Stonegate Drive Allentown, PA 1,160,494 1988 40 yrs. 974 Marcon Boulevard Allentown, PA 786,473 1987 40 yrs. 964 Marcon Boulevard Allentown, PA 653,372 1985 40 yrs. 764 Roble Road Allentown, PA 299,385 1985 40 yrs. 3174 Airport Road Allentown, PA 544,941 1979 40 yrs. 2196 Avenue C Allentown, PA 527,505 1980 40 yrs. 2202 Hanger Place Allentown, PA 613,360 1981 40 yrs. 2201 Hanger Place Allentown, PA 645,145 1987 40 yrs. 954 Marcon Boulevard Allentown, PA 407,464 1981 40 yrs. 57 South Commerce Way Bethlehem, PA 547,909 1986 40 yrs. 754 Roble Road Allentown, PA 372,982 1986 40 yrs. 894 Marcon Boulevard Allentown, PA 215,266 1986 40 yrs. 744 Roble Road Allentown, PA 388,557 1986 40 yrs. 944 Marcon Boulevard Allentown, PA 329,933 1986 40 yrs. 1685 Valley Center Parkway Bethlehem, PA 379,870 1996 40 yrs. 6520 Stonegate Drive Allentown, PA 293,256 1996 40 yrs. 7437 Industrial Boulevard Allentown, PA 1,415,814 1976 40 yrs. 2041 Avenue C Allentown, PA 205,754 1990 40 yrs. 2124 Avenue C Allentown, PA 184,527 1990 40 yrs. 7339 Industrial Boulevard Allentown, PA 815,953 1996 40 yrs. 7384 Penn Drive Allentown, PA 493,612 1988 40 yrs. 7144 Daniels Drive Allentown, PA 1,004,907 1975 40 yrs. 7620 Cetronia Road Allentown, PA 767,389 1990 40 yrs. 939 Marcon Boulevard Allentown, PA 874,707 1980 40 yrs. 100 Brodhead Road Bethlehem, PA 518,801 1990 40 yrs. 1455 Valley Center Parkway Bethlehem, PA 942,735 1997 40 yrs. 1640 Valley Center Parkway Bethlehem, PA 589,762 1996 40 yrs. 1650 Valley Center Parkway Bethlehem, PA 531,404 1997 40 yrs. 1660 Valley Center Parkway Bethlehem, PA 350,066 1998 40 yrs. 400 Nestle Way Allentown, PA 3,542,766 1997 40 yrs. 83 South Commerce Way Bethlehem, PA 203,442 1989 40 yrs. 85 South Commerce Way Bethlehem, PA 153,878 1989 40 yrs. 87 South Commerce Way Bethlehem, PA 170,627 1989 40 yrs. 89 South Commerce Way Bethlehem, PA 268,327 1998 40 yrs. 7248 Industrial Boulevard Allentown, PA 1,896,986 1988 40 yrs. 95 Highland Avenue Bethlehem, PA 412,478 1985 40 yrs. 79 LIBERTY PROPERTY TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 ACCUMULATED DATE OF DEPRECIATION CONSTRUCTION DEPRECIABLE PROJECT CITY @ 12/31/01 OR ACQUISITION LIFE (YEARS) -------------------------------------- ------------------- ------------ -------------- ------------ OPERATING PROPERTIES - Continued 236 Brodhead Road Bethlehem, PA 568,568 1994 40 yrs. 1525 Valley Center Parkway Bethlehem, PA 746,292 1999 40 yrs. 6620 Grant Way Allentown, PA 224,411 1989 40 yrs. 700 Nestle Way Allentown, PA 1,585,157 1998 40 yrs. 7562 Penn Drive Allentown, PA 97,555 1989 40 yrs. 7277 Williams Avenue Allentown, PA 198,018 1989 40 yrs. 7355 Williams Avenue Allentown, PA 178,768 1998 40 yrs. 794 Roble Road Allentown, PA 607,995 1985 40 yrs. 6923 Schantz Spring Road Allentown, PA 323,339 1993 40 yrs. 7132 Daniels Drive Allentown, PA 627,069 1997 40 yrs. 3985 Adler Place Bethlehem, PA 430,542 1987 40 yrs. 8014 Industrial Boulevard Allentown, PA 585,147 1999 40 yrs. 705 Boulder Drive Allentown, PA 584,586 2001 40 yrs. 651 Boulder Drive Allentown, PA 783,176 2000 40 yrs. 3773 Corporate Parkway Center Valley, PA 224,882 2001 40 yrs. 7028 Snowdrift Road Fogelville, PA 45,518 2001 40 yrs. 180,190 Cochrane Drive Annapolis, MD 5,062,988 1988 40 yrs. 7178-80 Columbia Gateway Columbia, MD 1,197,206 1987 40 yrs. 9770 Patuxent Woods Drive Columbia, MD 355,719 1986 40 yrs. 9780 Patuxent Woods Drive Columbia, MD 227,507 1986 40 yrs. 9790 Patuxent Woods Drive Columbia, MD 254,102 1986 40 yrs. 9810 Patuxent Woods Drive Columbia, MD 277,758 1986 40 yrs. 9800 Patuxent Woods Drive Columbia, MD 343,560 1988 40 yrs. 9820 Patuxent Woods Drive Columbia, MD 257,078 1988 40 yrs. 9830 Patuxent Woods Drive Columbia, MD 308,596 1986 40 yrs. 9050 Red Branch Road Columbia, MD 312,441 1972 40 yrs. 4606 Richlynn Drive Belcamp, MD 167,357 1988 40 yrs. 8945-8975 Guilford Road Columbia, MD 677,612 1986 40 yrs. 7317 Parkway Drive Hanover, MD 151,245 1983 40 yrs. 5950 Symphony Woods Road Columbia, MD 118,531 1986 40 yrs. 9101,9111,9115 Guilford Road Columbia, MD 1,379,816 1984 40 yrs. 9125,9135,9145 Guilford Road Columbia, MD 2,423,406 1983 40 yrs. 1751 Bluehills Drive Roanoke, VA 1,435,999 1991 40 yrs. 4300 Carolina Avenue Richmond, VA 2,577,334 1985 40 yrs. 301 Hill Carter Parkway Richmond, VA 826,014 1989 40 yrs. 4001 Carolina Avenue Richmond, VA 53,764 1935 40 yrs. 5600-5626 Eastport Boulevard Richmond, VA 669,005 1989 40 yrs. 5650-5674 Eastport Boulevard Richmond, VA 762,775 1990 40 yrs. 5700 Eastport Boulevard Richmond, VA 468,152 1990 40 yrs. 3432 Holland Road Virginia Beach, VA 135,024 1989 40 yrs. 4880 Cox Road Glen Allen, VA 416,118 1995 40 yrs. 4101- 4127 Carolina Avenue Richmond, VA 392,212 1973 40 yrs. 4201-4261 Carolina Avenue Richmond, VA 966,255 1975 40 yrs. 4263-4299 Carolina Avenue Richmond, VA 529,453 1976 40 yrs. 4301-4335 Carolina Avenue Richmond, VA 292,813 1978 40 yrs. 4337-4379 Carolina Avenue Richmond, VA 659,969 1979 40 yrs. 4501-4549 Carolina Avenue Richmond, VA 626,210 1981 40 yrs. 4551-4593 Carolina Avenue Richmond, VA 619,697 1982 40 yrs. 4601-4643 Carolina Avenue Richmond, VA 955,692 1985 40 yrs. 4645-4683 Carolina Avenue Richmond, VA 1,276,006 1985 40 yrs. 4447-4491 Carolina Avenue Richmond, VA 484,139 1987 40 yrs. 4401-4445 Carolina Avenue Richmond, VA 773,102 1988 40 yrs. 12 S. Third Street Richmond, VA 32,335 1900 40 yrs. 9601 Cosner Drive Fredericksburg, VA 662,050 1995 40 yrs. 2300 East Parham Road Richmond, VA 172,699 1988 40 yrs. 5601-5659 Eastport Boulevard Richmond, VA 908,224 1996 40 yrs. 5900 Eastport Boulevard Richmond, VA 540,431 1997 40 yrs. 4717-4729 Eubank Road Richmond, VA 547,915 1978 40 yrs. 4263F-N. Carolina Avenue Richmond, VA 235,560 1975 40 yrs. 5000 Cox Road Glen Allen, VA 494,901 1990 40 yrs. 5500 Cox Road Glen Allen, VA 289,152 1999 40 yrs. 510 Eastpark Court Richmond, VA 283,430 1989 40 yrs. 520 Eastpark Court Richmond, VA 549,384 1989 40 yrs. 13001 Kingston Avenue Richmond, VA 240,515 1998 40 yrs. 5701-5799 Eastport Boulevard Richmond, VA 693,620 1998 40 yrs. 4801 Cox Road Glen Allen, VA 809,854 1998 40 yrs. 600 H P Way Chester, VA 564,256 1997 40 yrs. 500 H P Way Chester, VA 444,485 1997 40 yrs. 701 Liberty Way Richmond, VA 339,379 1999 40 yrs. 4198 Cox Road Glen Allen, VA 520,752 1984 40 yrs. 12730 Kingston Avenue Richmond, VA 73,022 2001 40 yrs. 4510 Cox Road Glen Allen, VA 885,403 1990 40 yrs. 2809 South Lynnhaven Road Virginia Beach, VA 690,821 1987 40 yrs. 200 Golden Oak Court Virginia Beach, VA 770,735 1988 40 yrs. 208 Golden Oak Court Virginia Beach, VA 720,062 1989 40 yrs. 1 Enterprise Parkway Hampton, VA 692,434 1987 40 yrs. 22 Enterprise Parkway Hampton, VA 776,959 1990 40 yrs. 530 Eastpark Court Richmond, VA 437,612 1997 40 yrs. 484 Viking Drive Virginia Beach, VA 387,398 1987 40 yrs. 10430 Lakeridge Parkway Ashland, VA 375,717 1989 40 yrs. 10456 Lakeridge Parkway Ashland, VA 368,247 1991 40 yrs. 3829-3855 Gaskins Road Richmond, VA 313,368 1988 40 yrs. 629 Phoenix Drive Virginia Beach, VA 203,996 1996 40 yrs. 11838 Rock Landing Drive Newport News, VA 268,662 1986 40 yrs. 80 LIBERTY PROPERTY TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 ACCUMULATED DATE OF DEPRECIATION CONSTRUCTION DEPRECIABLE PROJECT CITY @ 12/31/01 OR ACQUISITION LIFE (YEARS) -------------------------------------- ------------------- ------------ -------------- ------------ OPERATING PROPERTIES - Continued 11844 Rock Landing Drive Newport News, VA 149,749 1989 40 yrs. 11846 Rock Landing Drive Newport News, VA 160,551 1989 40 yrs. 11832 Rock Landing Drive Newport News, VA 431,803 1988 40 yrs. 10800 Nuckols Boulevard Richmond, VA 672,556 1988 40 yrs. 5700 Cleveland Street Virginia Beach, VA 993,051 1985 40 yrs. 801 Liberty Way Richmond, VA 417,875 1999 40 yrs. 5 Manhattan Square Hampton, VA 97,557 1999 40 yrs. 100 Westgate Parkway Richmond, VA 109,257 2001 40 yrs. 1309 Executive Boulevard Cheaspeake, VA 189,367 2001 40 yrs. 21 Enterprise Parkway Hamton, VA 170,167 1999 40 yrs. 4523 Green Point Drive High Point, NC 639,487 1988 40 yrs. 4501 Green Point Drive High Point, NC 648,182 1989 40 yrs. 4500 Green Point Drive High Point, NC 631,930 1989 40 yrs. 2427 Penny Road High Point, NC 1,687,417 1990 40 yrs. 4524 Green Point Drive High Point, NC 611,652 1989 40 yrs. 4328, 4336 Federal Drive High Point, NC 1,887,987 1995 40 yrs. 200 Centreport Drive Greensboro, NC 772,948 1986 40 yrs. 4344 Federal Drive High Point, NC 448,913 1996 40 yrs. 202 Centreport Drive Greensboro, NC 953,023 1990 40 yrs. 101 Centreport Drive Greensboro, NC 799,417 1998 40 yrs. 4000 Piedmont Parkway High Point, NC 843,969 1995 40 yrs. 4380 Federal Drive High Point, NC 424,176 1997 40 yrs. 4388 Federal Drive High Point, NC 213,215 1997 40 yrs. 6532 Judge Adams Road Rock Creek, NC 386,215 1997 40 yrs. 6530 Judge Adams Road Rock Creek, NC 335,157 1999 40 yrs. 150 Ridgeview Center Drive Duncan, SC 1,181,708 1984 40 yrs. 1320 Garlington Road Greenville, SC 230,473 1986 40 yrs. 420 Park Avenue Greenville, SC 524,586 1986 40 yrs. 4160 Mendenhall Oaks Parkway High Point, NC 289,126 1998 40 yrs. 4194 Mendenhall Oaks Parkway High Point, NC 265,686 1999 40 yrs. 4196 Mendenhall Oaks Parkway High Point, NC 306,303 1999 40 yrs. 4170 Mendenhall Oaks Parkway High Point, NC 175,066 1999 40 yrs. 4180 Mendenhall Oaks Parkway High Point, NC 208,697 1999 40 yrs. 4050 Piedmont Parkway High Point, NC 1,445,535 1998 40 yrs. One Independence Pointe Greenville, SC 647,807 1982 40 yrs. 55 Beattie Place Greenville, SC 2,523,388 1986 40 yrs. 75 Beattie Place Greenville, SC 1,882,732 1987 40 yrs. 7736 McCloud Road Greensboro, NC 630,532 1998 40 yrs. 15 Brendan Way Greenville, SC 463,830 1988 40 yrs. 4300 Federal Drive High Point, NC 131,591 1998 40 yrs. 4135 Mendenall Oaks Parkway High Point, NC 144,085 2000 40 yrs. 4183 Eagle Hill Drive High Point, NC 185,585 2001 40 yrs. 4189 Eagle Hill Drive High Point, NC 4,812 2001 40 yrs. 4020 Meeting Way High Point, NC 57,204 2001 40 yrs. 170 Ridgeview Drive Duncan, SC 53,020 2001 40 yrs. 6509 Franz Warner Parkway Rock Creek, NC 12,290 2001 40 yrs. 1730 Stebbins Drive Houston, TX 281,929 1973 40 yrs. 5911-5925 Richard Street Jacksonville, FL 269,472 1977 40 yrs. 8383-8385 Baycenter Road Jacksonville, FL 352,176 1973 40 yrs. 8775 Baypine Road Jacksonville, FL 949,706 1989 40 yrs. 6255 Lake Gray Boulevard Jacksonville, FL 1,201,100 1987 40 yrs. 8665,8667,8669 Baypine Road Jacksonville, FL 1,354,693 1987 40 yrs. 1200 Gulf Life Drive Jacksonville, FL 7,243,375 1985 40 yrs. 8614 Baymeadows Way Jacksonville, FL 490,637 1986 40 yrs. 5941-5975 Richard Street Jacksonville, FL 623,130 1978 40 yrs. 7970 Bayberry Road Jacksonville, FL 768,502 1978 40 yrs. 6000-6030 Bowdendale Avenue Jacksonville, FL 812,306 1979 40 yrs. 7898 Baymeadows Way Jacksonville, FL 909,860 1978 40 yrs. 5977-6607 Richard Street Jacksonville, FL 960,933 1980 40 yrs. 7910 & 7948 Baymeadows Way Jacksonville, FL 1,192,063 1981 40 yrs. 7954, 7960 Baymeadows Way Jacksonville, FL 1,244,833 1982 40 yrs. 8787 Baypine Road Jacksonville, FL 17,813,274 1990 40 yrs. 7077 Bonneval Road Jacksonville, FL 1,983,085 1988 40 yrs. 4190 Belfort Road Jacksonville, FL 2,190,177 1986 40 yrs. 7020 AC Skinner Parkway Jacksonville, FL 458,301 1996 40 yrs. 7022 AC Skinner Parkway Jacksonville, FL 780,030 1996 40 yrs. 11777 Central Highway Jacksonville, FL 629,617 1985 40 yrs. 4345 Southpoint Parkway Jacksonville, FL 942,860 1998 40 yrs. 7016 AC Skinner Parkway Jacksonville, FL 522,678 1996 40 yrs. 7018 AC Skinner Parkway Jacksonville, FL 952,780 1997 40 yrs. 7014 AC Skinner Parkway Jacksonville, FL 388,673 1999 40 yrs. 6620 Southpoint Drive Jacksonville, FL 722,622 1984 40 yrs. 7980 Bayberry Road Jacksonville, FL 149,812 1978 40 yrs. 9600 Satellite Boulevard Orlando, FL 156,740 1989 40 yrs. 9700 Satellite Boulevard Orlando, FL 136,141 1989 40 yrs. 1902 Cypress Lake Drive Orlando, FL 466,383 1989 40 yrs. 9550 Satellite Boulevard Orlando, FL 246,957 1999 40 yrs. 8250 & 8256 Exchange Place Orlando, FL 318,715 1985 40 yrs. 6600 Southpoint Parkway Jacksonville, FL 618,689 1986 40 yrs. 6700 Southpoint Parkway Jacksonville, FL 474,948 1987 40 yrs. 4801 Executive Park Court - 100 Jacksonville, FL 394,293 1990 40 yrs. 4801 Executive Park Court - 200 Jacksonville, FL 201,048 1990 40 yrs. 4810 Executive Park Court Jacksonville, FL 317,972 1990 40 yrs. 6602 Executive Park Court - 100 Jacksonville, FL 253,484 1993 40 yrs. 81 LIBERTY PROPERTY TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 ACCUMULATED DATE OF DEPRECIATION CONSTRUCTION DEPRECIABLE PROJECT CITY @ 12/31/01 OR ACQUISITION LIFE (YEARS) -------------------------------------- ------------------- ------------ -------------- ------------ OPERATING PROPERTIES - Continued 6602 Executive Park Court - 200 Jacksonville, FL 173,628 1993 40 yrs. 6631 Executive Park Court - 100 Jacksonville, FL 135,346 1994 40 yrs. 6631 Executive Park Court - 200 Jacksonville, FL 242,703 1994 40 yrs. 4815 Executive Park Court - 100 Jacksonville, FL 203,559 1995 40 yrs. 4815 Executive Park Court - 200 Jacksonville, FL 306,468 1995 40 yrs. 4825 Executive Park Court Jacksonville, FL 324,970 1996 40 yrs. 4820 Executive Park Court Jacksonville, FL 358,711 1997 40 yrs. 10511 & 10611 Satellite Boulevard Orlando, FL 345,419 1985 40 yrs. 1400-1440 Central Florida Parkway Orlando, FL 262,290 1962 40 yrs. 6601 Executive Park Circle North Jacksonville, FL 312,700 1992 40 yrs. 1300 Riverplace Boulevard Jacksonville, FL 826,247 1980 40 yrs. 4901 Belfort Road Jacksonville, FL 833,751 1998 40 yrs. 16445 Air Center Boulevard Houston, TX 274,656 1989 40 yrs. 16405 Air Center Boulevard Houston, TX 324,462 1997 40 yrs. 2216 Directors Row Orlando, FL 231,022 1997 40 yrs. 7460 Chancellor Drive Orlando, FL 122,748 1998 40 yrs. 1901 Summit Tower Boulevard Maitland, FL 1,132,409 1998 40 yrs. 3701-3727 Vineland Road Orlando, FL 205,295 1985 40 yrs. 4899 Belfort Road Jacksonville, FL 492,767 2000 40 yrs. 4905 Belfort Street Jacksonville, FL 159,687 2000 40 yrs. 16580 Air Center Boulevard Houston, TX 229,578 1997 40 yrs. 7251 Salisbury Road Jacksonville, FL 52,199 2000 40 yrs. 2400 South Lake Orange Drive Orlando, FL 67,258 2001 40 yrs. 10245 Centurion Parkway North Jacksonville, FL 184,815 1996 40 yrs. 6501 Lee Vista Boulevard Orlando, FL 54,304 2001 40 yrs. 1755 Trans Central Drive Houston, TX 95,800 1999 40 yrs. 10771 Palm Bay Drive Orlando, FL 105,202 2001 40 yrs. 5501-5519 Pioneer Park Boulevard Tampa, FL 337,507 1981 40 yrs. 5690-5694 Crenshaw Street Tampa, FL 339,928 1979 40 yrs. 3102,3104,3110 Cherry Palm Drive Tampa, FL 554,185 1986 40 yrs. 8401-8408 Benjamin Road Tampa, FL 791,102 1986 40 yrs. 3501 Riga Boulevard Tampa, FL 419,246 1987 40 yrs. 111 Kelsey Lane Tampa, FL 307,503 1990 40 yrs. 7930, 8010-20 Woodland Center Boulevard Tampa, FL 649,184 1990 40 yrs. 7920 Woodland Center Boulevard Tampa, FL 402,889 1997 40 yrs. 8154-8198 Woodland Center Boulevard Tampa, FL 359,203 1988 40 yrs. 8112-42 Woodland Center Boulevard Tampa, FL 383,962 1995 40 yrs. 8212 Woodland Center Boulevard Tampa, FL 271,719 1996 40 yrs. 131 Kelsey Lane Tampa, FL 683,453 1985 40 yrs. 7724 Woodland Center Boulevard Tampa, FL 266,326 1998 40 yrs. 7802-50 Woodland Center Boulevard Tampa, FL 440,797 1999 40 yrs. 7852-98 Woodland Center Boulevard Tampa, FL 452,794 1999 40 yrs. 8921 Brittany Way Tampa, FL 174,982 1998 40 yrs. 5250 Eagle Trail Drive Tampa, FL 281,715 1998 40 yrs. 7725 Woodland Center Boulevard Tampa, FL 203,066 1999 40 yrs. 8001 Woodland Center Boulevard Tampa, FL 155,272 1999 40 yrs. 4630 Woodland Corporate Boulevard Tampa, FL 687,528 2000 40 yrs. 701-725 South US Highway 301 Tampa, FL 316,134 2000 40 yrs. 4502 Woodland Corporate Boulevard Tampa, FL 161,078 1999 40 yrs. 9001-9015 Brittany Way Tampa, FL 82,536 2000 40 yrs. 4508 Woodland Corporate Boulevard Tampa, FL 110,730 2000 40 yrs. 7622 Bald Cypress Place Tampa, FL 35,290 2000 40 yrs. 901-933 US Highway 301S Tampa, FL 101,674 2001 40 yrs. 1701 Clint Moore Boulevard Boca Raton, FL 347,419 1985 40 yrs. 5410 - 5430 Northwest 33rd Avenue Ft. Lauderdale, FL 478,403 1985 40 yrs. 6500 NW 12th Avenue Ft. Lauderdale, FL 298,657 1989 40 yrs. 6600 NW 12th Avenue Ft. Lauderdale, FL 338,734 1989 40 yrs. 1500 SW 5th Court Pompano Beach, FL 395,747 1957 40 yrs. 1651 SW 5th Court Pompano Beach, FL 81,152 1990 40 yrs. 1601 SW 5th Court Pompano Beach, FL 83,757 1990 40 yrs. 1501 SW 5th Court Pompano Beach, FL 85,778 1990 40 yrs. 1400 SW 6th Court Pompano Beach, FL 460,189 1986 40 yrs. 1405 SW 6th Court Pompano Beach, FL 161,884 1985 40 yrs. 595 SW 13th Terrace Pompano Beach, FL 142,346 1984 40 yrs. 601 SW 13th Terrace Pompano Beach, FL 66,133 1984 40 yrs. 605 SW 16th Terrace Pompano Beach, FL 121,790 1965 40 yrs. 951 Broken Sound Parkway Boca Raton, FL 657,641 1986 40 yrs. 3400 Lakeside Drive Miramar, FL 1,208,857 1990 40 yrs. 3450 Lakeside Drive Miramar, FL 1,197,693 1990 40 yrs. 3350 SW 148th Avenue Miramar, FL 979,379 2000 40 yrs. 13650 NW 8th Street Sunrise, FL 209,744 1991 40 yrs. 13630 NW 8th Street Sunrise, FL 276,214 1991 40 yrs. 777 Yamato Road Boca Raton, FL 1,565,561 1986 40 yrs. 1801 Clint Moore Road Boca Raton, FL 448,568 1986 40 yrs. 6601-6625 W. 78th Street Bloomington, MN 3,068,383 1998 40 yrs. 2905 Northwest Boulevard Plymouth, MN 681,080 1983 40 yrs. 2800 Campus Drive Plymouth, MN 442,072 1985 40 yrs. 2955 Xenium Lane Plymouth, MN 270,240 1985 40 yrs. 9401-9443 Science Center Drive New Hope, MN 501,068 1989 40 yrs. 6321-6325 Bury Drive Eden Prairie, MN 554,514 1988 40 yrs. 7115-7173 Shady Oak Road Eden Prairie, MN 561,832 1984 40 yrs. 7660-7716 Golden Triangle Drive Eden Prairie, MN 1,011,359 1988 40 yrs. 7400 Flying Cloud Drive Eden Prairie, MN 212,746 1987 40 yrs. 10301-10305 West 70th Street Eden Prairie, MN 138,220 1984 40 yrs. 82 LIBERTY PROPERTY TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 ACCUMULATED DATE OF DEPRECIATION CONSTRUCTION DEPRECIABLE PROJECT CITY @ 12/31/01 OR ACQUISITION LIFE (YEARS) -------------------------------------- ------------------- ------------ -------------- ------------ OPERATING PROPERTIES - Continued 10321 West 70th Street Eden Prairie, MN 158,929 1984 40 yrs. 10333 West 70th Street Eden Prairie, MN 121,555 1984 40 yrs. 10349-10357 West 70th Street Eden Prairie, MN 327,003 1985 40 yrs. 10365-10375 West 70th Street Eden Prairie, MN 336,824 1985 40 yrs. 10393-10394 West 70th Street Eden Prairie, MN 322,892 1985 40 yrs. 7078 Shady Oak Road Eden Prairie, MN 369,321 1985 40 yrs. 10400 Viking Drive Eden Prairie, MN 2,193,834 1999 40 yrs. 5600 & 5610 Rowland Road Minnetonka, MN 984,522 1988 40 yrs. 2920 Northwest Boulevard Plymouth, MN 526,811 1997 40 yrs. 5400-5500 Feltl Road Minnetonka, MN 846,919 1985 40 yrs. 10300 Bren Road Minnetonka, MN 381,729 1981 40 yrs. 14630-14650 28th Avenue North Plymouth, MN 238,096 1978 40 yrs. 7695-7699 Anagram Drive Eden Prairie, MN 300,426 1997 40 yrs. 7550 Meridian Circle Maple Grove, MN 260,543 1989 40 yrs. 2800 Northwest Boulevard Plymouth, MN 983,674 1995 40 yrs. 3255 Neil Armstrong Boulevard Eagan, MN 253,311 1998 40 yrs. 4801 West 81st Street Bloomington, MN 258,411 1984 40 yrs. 8100 Cedar Avenue Bloomington, MN 323,589 1983 40 yrs. 9600 54th Avenue Plymouth, MN 282,834 1998 40 yrs. 7800 Equitable Drive Eden Prairie, MN 319,399 1993 40 yrs. 7905 Fuller Road Eden Prairie, MN 321,367 1994 40 yrs. 9023 Columbine Road Eden Prairie, MN 305,991 1999 40 yrs. 6161 Green Valley Drive Bloomington, MN 235,177 1992 40 yrs. 4700 Nathan Lane North Minneapolis, MN 616,074 1996 40 yrs. 8967 Columbine Road Eden Prairie, MN 162,344 2000 40 yrs. 14390 Huntington Avenue Savage, MN 288,818 1988 40 yrs. 550-590 Hale Avenue Oakdale, MN 173,088 1996 40 yrs. 7777 Golden Triangle Drive Eden Prairie, MN 105,943 2000 40 yrs. 8937 Columbine Road Eden Prairie, MN 111,032 2001 40 yrs. 7615 Smetana Lane Eden Prairie, MN 185,923 2001 40 yrs. 10801 Nesbitt Avenue South Bloomington, MN 206,889 2001 40 yrs. 8995 Columbine Road Eden Prairie, MN 43,108 2001 40 yrs. 26911-26957 Northwestern Highway Southfield, MI 8,275,494 1985 40 yrs. 1650 Research Drive Troy, MI 818,770 1985 40 yrs. 1775 Research Drive Troy, MI 325,556 1985 40 yrs. 1875 Research Drive Troy, MI 339,842 1986 40 yrs. 1850 Research Drive Troy, MI 913,182 1986 40 yrs. 1965 Research Drive Troy, MI 433,774 1987 40 yrs. 1960 Research Drive Troy, MI 411,830 1987 40 yrs. 27260 Haggerty Road Farmington Hills, MI 518,692 1983 40 yrs. 27200 Haggerty Road Farmington Hills, MI 424,673 1983 40 yrs. 27280 Haggerty Road Farmington Hills, MI 471,599 1983 40 yrs. 27220 Haggerty Road Farmington Hills, MI 234,324 1985 40 yrs. 27240 Haggerty Road Farmington Hills, MI 188,186 1985 40 yrs. 27300 Haggerty Road Farmington Hills, MI 409,924 1985 40 yrs. 1101 Allen Drive Troy, MI 96,156 1974 40 yrs. 1151 Allen Drive Troy, MI 214,004 1974 40 yrs. 1300 Rankin Street Troy, MI 170,677 1979 40 yrs. 1350 Rankin Street Troy, MI 122,589 1979 40 yrs. 1376-1400 Rankin Street Troy, MI 149,294 1979 40 yrs. 1352-1374 Rankin Street Troy, MI 169,489 1979 40 yrs. 1324-1346 Rankin Street Troy, MI 134,470 1979 40 yrs. 1301-1307 Rankin Street Troy, MI 124,944 1978 40 yrs. 1409 Allen Drive Troy, MI 169,134 1978 40 yrs. 1304 E Maple Road Troy, MI 229,710 1971 40 yrs. 1334 Maplelawn Road Troy, MI 125,102 1983 40 yrs. 1290 Maplelawn Road Troy, MI 87,398 1984 40 yrs. 1070 Maplelawn Road Troy, MI 69,810 1982 40 yrs. 950 Maplelawn Road Troy, MI 243,546 1982 40 yrs. 894 Maplelawn Road Troy, MI 175,547 1986 40 yrs. 1179 Maplelawn Road Troy, MI 95,334 1984 40 yrs. 1940 Norwood Drive Troy, MI 91,569 1983 40 yrs. 1311-1331 Maplelawn Road Troy, MI 139,673 1986 40 yrs. 2354 Bellingham Street Troy, MI 86,611 1990 40 yrs. 2360 Bellingham Street Troy, MI 88,115 1985 40 yrs. 1911 Ring Drive Troy, MI 88,112 1986 40 yrs. 26442-26450 Haggerty Road Farmington Hills, MI 230,643 1988 40 yrs. 26500 Haggerty Road Farmington Hills, MI 304,777 1986 40 yrs. 26650 Haggerty Road Farmington Hills, MI 168,727 1988 40 yrs. 26700 Haggerty Road Farmington Hills, MI 245,076 1986 40 yrs. 26750 Haggerty Road Farmington Hills, MI 326,159 1988 40 yrs. 26800 Haggerty Road Farmington Hills, MI 187,722 1986 40 yrs. 26842-26850 Haggerty Road Farmington Hills, MI 282,648 1988 40 yrs. 26600 Haggerty Road Farmington Hills, MI 254,561 1999 40 yrs. 26550 Haggerty Road Farmington Hills, MI 215,894 2000 40 yrs. 50 West Big Beaver Road Troy, MI 2,058,518 1987 40 yrs. 100 West Big Beaver Road Troy, MI 1,993,633 1987 40 yrs. 245 Executive Drive Brookfield, WI 515,672 1984 40 yrs. 8301 West Parkland Court Milwaukee, WI 323,179 1982 40 yrs. 32991 Hamilton Court Farmington Hills, MI 303,217 1989 40 yrs. 7500 West 110th Street Overland Park, KS 915,335 1983 40 yrs. 7800 N. 113th Street Milwaukee, WI 602,859 1991 40 yrs. 2475-2479 Elliot Avenue Troy, MI 50,563 1984 40 yrs. 32661 Edward Avenue Madison Heights, MI 199,379 1976 40 yrs. 83 LIBERTY PROPERTY TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 ACCUMULATED DATE OF DEPRECIATION CONSTRUCTION DEPRECIABLE PROJECT CITY @ 12/31/01 OR ACQUISITION LIFE (YEARS) -------------------------------------- ------------------- ------------ -------------- ------------ OPERATING PROPERTIES - Continued 32701 Edward Avenue Madison Heights, MI 128,114 1976 40 yrs. 32751 Edward Avenue Madison Heights, MI 86,662 1969 40 yrs. 32853 Edward Avenue Madison Heights, MI 85,843 1973 40 yrs. 555 East Mandoline Avenue Madison Heights, MI 75,209 1979 40 yrs. 599 East Mandoline Avenue Madison Heights, MI 74,071 1979 40 yrs. 749 East Mandoline Avenue Madison Heights, MI 60,726 1974 40 yrs. 750 East Mandoline Avenue Madison Heights, MI 63,376 1969 40 yrs. 900 East Mandoline Avenue Madison Heights, MI 66,001 1972 40 yrs. 949 East Mandoline Avenue Madison Heights, MI 67,802 1974 40 yrs. 32090 John Road Madison Heights, MI 34,625 1980 40 yrs. 31601 Research Park Drive Madison Heights, MI 161,116 1985 40 yrs. 31651 Research Park Drive Madison Heights, MI 94,179 1985 40 yrs. 31700 Research Park Drive Madison Heights, MI 156,151 1988 40 yrs. 31701 Research Park Drive Madison Heights, MI 94,839 1985 40 yrs. 31751 Research Park Drive Madison Heights, MI 111,238 1985 40 yrs. 31800 Research Park Drive Madison Heights, MI 136,963 1986 40 yrs. 800 Tech Row Madison Heights, MI 256,146 1986 40 yrs. 900 Tech Row Madison Heights, MI 85,016 1986 40 yrs. 1000 Tech Row Madison Heights, MI 229,472 1987 40 yrs. 31771 Sherman Avenue Madison Heights, MI 55,157 1982 40 yrs. 31791 Sherman Avenue Madison Heights, MI 56,629 1983 40 yrs. 31811 Sherman Avenue Madison Heights, MI 100,811 1983 40 yrs. 31831 Sherman Avenue Madison Heights, MI 78,562 1984 40 yrs. 31900 Sherman Avenue Madison Heights, MI 166,703 1984 40 yrs. 800 East Whitcomb Avenue Madison Heights, MI 136,008 1987 40 yrs. 950 East Whitcomb Avenue Madison Heights, MI 185,064 1988 40 yrs. 1000 East Whitcomb Avenue Madison Heights, MI 93,218 1980 40 yrs. 1201 East Whitcomb Avenue Madison Heights, MI 103,839 1980 40 yrs. 1210 East Whitcomb Avenue Madison Heights, MI 28,148 1983 40 yrs. 1260 Kempar Avenue Madison Heights, MI 35,145 1981 40 yrs. 1280 Kempar Avenue Madison Heights, MI 48,983 1983 40 yrs. 22515 Heslip Drive Novi, MI 34,168 1975 40 yrs. 9801 80th Avenue Pleasant Prairie, WI 715,970 1994 40 yrs. 11950 W. Lake Park Drive Milwaukee, WI 195,026 1986 40 yrs. 11400 W. Lake Park Drive Milwaukee, WI 204,410 1986 40 yrs. 11425 W. Lake Park Drive Milwaukee, WI 182,706 1987 40 yrs. 11301 W. Lake Park Drive Milwaukee, WI 202,527 1987 40 yrs. 11900 W. Lake Park Drive Milwaukee, WI 484,734 1987 40 yrs. 38100 Ecorse Road Romulus, MI 282,516 2000 40 yrs. 16620-16650 W Bluemound Road Brookfield, WI 250,032 1999 40 yrs. 1600-1630 East Big Beaver Road Troy, MI 162,424 1982 40 yrs. 11414 West Park Place Milwaukee, WI 284,243 2001 40 yrs. 11520 W. Calumet Road Milwaukee, WI 75,006 1995 40 yrs. 12100 W. Park Place Milwaukee, WI 157,714 1984 40 yrs. N26 W23445 Paul Road Pewaukee, WI 90,824 1985 40 yrs. 11200 W. Plank Court Wauwatosa, WI 208,745 1988 40 yrs. 11020 W. Plank Court Wauwatosa, WI 131,870 1985 40 yrs. 38000 Ecourse Road Romulus, MI 370,733 2001 40 yrs. 3800 Lapeer Road Auburn Hills, MI 132,180 1989 40 yrs. 50 Gibson Drive West Malling, UK 609,610 1996 40 yrs. 2 Kings Hill Avenue West Malling, UK 565,544 1996 40 yrs. 50 Kings Hill Avenue West Malling, UK 1,311,057 1996 40 yrs. 10 Kings Hill Avenue West Malling, UK 545,499 1998 40 yrs. 30 Tower View West Malling, UK 662,747 1999 40 yrs. 35 Kings Hill Avenue West Malling, UK 224,322 1999 40 yrs. 39 Kings Hill Avenue West Malling, UK 201,524 1999 40 yrs. 4 Abbey Wood Road West Malling, UK 155,053 2001 40 yrs. 18 Kings Hill Avenue West Malling, UK 397,746 1999 40 yrs. ------------ Subtotal Operating Real Estate $404,617,087 ============ DEVELOPMENT IN PROGRESS 2301 Renaissance Boulevard King of Prussia, PA $ - 2001 N/A 1500 Liberty Ridge Drive Wayne, PA - 2001 N/A 1515 Grundy's Lane Bristol, PA - 2001 N/A 3200 Horizon Drive King of Prussia, PA - 2001 N/A 301 Berkeley Drive Bridgeport, NJ - 2001 N/A 74 West Broad Street Bethlehem, PA - 2000 N/A 8150 Industrial Boulevard Allentown, PA - 2000 N/A 8250 Industrial Boulevard Allentown, PA - 2000 N/A 650 Boulder Drive Allentown, PA - 2000 N/A 1605 Valley Center Parkway Bethlehem, PA - 2001 N/A 3400 High Point Boulevard Bethlehem, PA - 2001 N/A 6250 Old Dobbin Lane Columbia, MD - 2000 N/A 6210 Old Dobbin Lane Columbia, MD - 2000 N/A 6240 Old Dobbin Lane Columbia, MD - 2000 N/A 5715 Old Shakopee Road West Bloomington, MN - 2001 N/A 5735 Old Shakopee Road West Bloomington, MN - 2001 N/A 20 Wright Avenue Hunt Valley, MD - 2001 N/A 200 Westgate Parkway Richmond, VA - 2001 N/A 1305 Executive Boulevard Chesapeake, VA - 2001 N/A 1313 Executive Boulevard Chesapeake, VA - 2001 N/A 3 Independence Pointe Greenville, SC - 2000 N/A 84 LIBERTY PROPERTY TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 ACCUMULATED DATE OF DEPRECIATION CONSTRUCTION DEPRECIABLE PROJECT CITY @ 12/31/01 OR ACQUISITION LIFE (YEARS) -------------------------------------- ------------------- ------------ -------------- ------------ DEVELOPMENT IN PROGRESS - Continued 5 Independence Pointe Greenville, SC - 2000 N/A 1400 Mendenhall Oaks Parkway High Point, NC - 2001 N/A 4191 Mendenhall Oaks Parkway High Point, NC - 2000 N/A 979 Batesville Road Greer, SC - 2001 N/A 4887 Belfort Road Jacksonville, FL - 2000 N/A 7255 Salisbury Road Jacksonville, FL - 2000 N/A 2416 Lake Orange Drive Orlando, FL - 2000 N/A 16605 Air Center Boulevard Houston, TX - 2001 N/A 4503 Woodland Corporate Boulevard Tampa, FL - 2000 N/A 4505 Woodland Corporate Boulevard Tampa, FL - 2000 N/A 4511 Woodland Corporate Boulevard Tampa, FL - 2000 N/A 7851-61 Woodland Center Parkway Tampa, FL - 2001 N/A 7805 Hudson Road Woodbury, MN - 2000 N/A 4600 Nathan Lane Plymouth, MN - 2000 N/A 8911 Columbine Road Eden Prairie, MN - 2000 N/A 5775 Old Shakopee Road West Bloomington, MN - 2001 N/A 2600 Bellingham Drive Troy, MI - 2000 N/A 2710 Bellingham Drive Troy, MI - 2000 N/A 10855 West Park Place Milwaukee, WI - 2001 N/A 30 Kings Hill Avenue West Malling, UK - 2001 N/A Aymer House Chertsey, UK - 2001 N/A Uxbridge London, UK - 2001 N/A ------------ Subtotal Development in Progress $ - ============ LAND HELD FOR DEVELOPMENT Keystone Industrial Park Land Bristol, PA $ - 1999 N/A 50 Prudential Road Horsham, PA - 1999 N/A 1710 Arch Street Philadelphia, PA - 2000 N/A 1722 Arch Street Philadelphia, PA - 2000 N/A JFK & Arch Parking Lots/Land (East) Philadelphia, PA - 2000 N/A JFK & Arch Parking Lots/Land (West) Philadelphia, PA - 2000 N/A 425 Privet Road Horsham, PA - 2001 N/A 425 Privet Road Horsham, PA - 2001 N/A Quarry Ridge Land Malvern, PA - 2001 N/A Commodore Business Park Logan, NJ - 1995 N/A Marlton Executive Park Land Marlton, NJ - 1994 N/A 800 Arlington Boulevard Expansion Land Logan, NJ - 1999 N/A 300 Fellowship Road Land Mt. Laurel, NJ - 2001 N/A Lehigh Valley Corporate Center Land Bethlehem, PA - 1987 N/A LVCC Phase 2 Land Bethlehem, PA - 1998 N/A 650 Boulder Drive Expansion Allentown, PA - 2001 N/A 9th & Hamilton Streets Allentown, PA - 2001 N/A Columbia Crossing Land Columbis, MD - 2000 N/A 6250 Old Dobbin Lane Columbia, MD - 2000 N/A Hunt Valley Land Hunt Valley, MD - 2001 N/A Fairgrounds Distribution Center Land Richmond, VA - 1995 N/A Rivers' Bend Business Park Chesterfield, VA - 1995 N/A Woodlands Center Land Sandston, VA - 1996 N/A 501 H P Way Chesterfield, VA - 1996 N/A Eastport VII Richmond, VA - 1997 N/A Eastport VIII Richmond, VA - 1997 N/A Eastport IX Richmond, VA - 1997 N/A Westmoreland II Land Virginia Beach, VA - 1998 N/A Westmoreland III Land Virginia Beach, VA - 1998 N/A Volvo Center Land Hampton, VA - 2000 N/A Lakefront Plaza II Land Hampton, VA - 2001 N/A Mendenhall Business Park I High Point, NC - 1995 N/A Independence Pointe Land Greenville, SC - 1997 N/A Eagle Hill Business Park Land High Point, NC - 1999 N/A Southpark Business Park Jacksonville, FL - 1994 N/A Liberty Business Park Land Jacksonville, FL - 1995 N/A 7024 AC Skinner Parkway Jacksonville, FL - 1995 N/A Silo Bend Land Tampa, FL - 1996 N/A Exchange Place Land Orlando, FL - 1997 N/A Belfort Road Jacksonville, FL - 1998 N/A Butler Plaza Land Jacksonville, FL - 1998 N/A South Center Land Orlando, FL - 1999 N/A South Center Land Orlando, FL - 1999 N/A Orlando Corporate Center Land Orlando, FL - 2000 N/A Salisbury Road Land Jacksonville, FL - 2000 N/A Central Green Land Houston, TX - 2001 N/A Woodland Corporate Center Land Tampa, FL - 1998 N/A 6119 W. Linebaugh Avenue Tampa, FL - 2000 N/A Pompano Bus Park Land-Lots 100,101 Boca Raton, FL - 1998 N/A Pompano Bus Park Land-Lots 60, 61 Boca Raton, FL - 1998 N/A Boca Colannade Land Boca Raton, FL - 1998 N/A Lake Smetana Business Park Eden Prairie, MN - 1998 N/A 8855 Columbine Road Eden Prairie, MN - 2000 N/A 5705 Old Shakopee Road W. Land Bloomington, MN - 2001 N/A Romulus Land Romulus, MI - 1998 N/A Big Beaver Airport Land Troy, MI - 1999 N/A Park Place South Land Milwaukee, WI - 1999 N/A 85 LIBERTY PROPERTY TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 ACCUMULATED DATE OF DEPRECIATION CONSTRUCTION DEPRECIABLE PROJECT CITY @ 12/31/01 OR ACQUISITION LIFE (YEARS) -------------------------------------- ------------------- ------------ -------------- ------------ LAND HELD FOR DEVELOPMENT - Continued 6505 Cogswell Road Romulus, MI - 2000 N/A Northsight Land Scottsdale, AZ - 2000 N/A ------------ Subtotal Land Held for Development $ - ------------ Total All Properties $404,617,087 ============
86 SCHEDULE III LIBERTY PROPERTY TRUST REAL ESTATE AND ACCUMULATED DEPRECIATION (In thousands) A summary of activity for real estate and accumulated depreciation is as follows: FOR THE YEARS ENDED DECEMBER 31, ---------------------------------- 2001 2000 1999 ---------- ---------- ---------- REAL ESTATE: Balance at beginning of year $3,543,301 $3,254,751 $3,028,142 Additions 377,237 406,429 339,738 Disposition of property (161,988) (117,879) (113,129) ---------- ---------- ---------- Balance at end of year $3,758,550 $3,543,301 $3,254,751 ========== ========== ========== ACCUMULATED DEPRECIATION: Balance at beginning of year $ 334,415 $ 270,174 $ 209,023 Depreciation expense 88,193 82,223 74,765 Disposition of property (17,991) (17,982) (13,614) ---------- ---------- ---------- Balance at end of year $ 404,617 $ 334,415 $ 270,174 ========== ========== ========== 87 MANAGEMENT'S DISCUSSION OF FINANCIAL REPORTING RESPONSIBILITY The financial statements presented in this Annual Report have been prepared with integrity and are the responsibility of the management of Liberty Property Limited Partnership. These financial statements are prepared in conformity with accounting principles generally accepted in the United States and properly reflect certain estimates and judgments based upon the best available information. Management also prepared the other information in the Annual Report and is responsible for its accuracy and consistency with the consolidated financial statements. The Operating Partnership's system of internal controls is designed to provide reasonable assurance as to the proper authorization of transactions, the safeguarding of Company assets and the accuracy and reliability of the financial records. This system is reviewed and modified in response to changing business conditions and operations, and as a result of recommendations by the external and internal auditors. In addition, the Company has distributed to its employees its policies for conducting business affairs in a lawful and ethical manner. The accounting firm of Ernst & Young LLP has performed an independent audit of the Company's financial statements. Their audit was performed in accordance with auditing standards generally accepted in the United States. Management believes that all representations made to Ernst & Young LLP during its audit were valid and appropriate. The adequacy of the Company's internal controls and the accounting principles employed in financial reporting are under the general oversight of the Audit Committee of the Board of Trustees. The Audit Committee, consisting solely of outside Trustees, meets periodically with the external auditors, the internal auditors and representatives of management to discuss auditing and financial reporting matters. The external auditors and the internal auditors also have full and free access to meet privately with the Audit Committee. /s/ WILLARD G. ROUSE III --------------------------------------------- Willard G. Rouse III Chairman of the Board of Trustees and Chief Executive Officer /s/ GEORGE J. ALBURGER, JR. --------------------------------------------- George J. Alburger, Jr. Chief Financial Officer and Executive Vice President 88 REPORT OF INDEPENDENT AUDITORS To The Partners Liberty Property Limited Partnership We have audited the accompanying consolidated balance sheets of Liberty Property Limited Partnership ("the Operating Partnership") as of December 31, 2001 and 2000, and the related consolidated statements of operations, owners' equity, and cash flows for each of the three years in the period ended December 31, 2001. Our audits also included the financial statement schedule listed in the Index at Item 14(a). These financial statements and schedule are the responsibility of the Operating Partnership's management. Our responsibility is to express an opinion on these financial statements and schedule based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of Liberty Property Limited Partnership at December 31, 2001 and 2000, and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 31, 2001, in conformity with accounting principles generally accepted in the United States. Also, in our opinion, the related financial statement schedule, when considered in relation to the basic financial statements taken as a whole, presents fairly in all material respects the information set forth therein. Philadelphia, Pennsylvania /s/ ERNST & YOUNG LLP February 5, 2002, 89
CONSOLIDATED BALANCE SHEETS OF LIBERTY PROPERTY LIMITED PARTNERSHIP (IN THOUSANDS) DECEMBER 31, ------------------------ 2001 2000 ---------- ---------- ASSETS Real estate: Land and land improvements $ 467,311 $ 443,057 Buildings and improvements 2,874,903 2,754,356 Less accumulated depreciation (404,617) (334,415) ---------- ---------- Operating real estate 2,937,597 2,862,998 Development in progress 252,789 208,486 Land held for development 163,547 137,402 ---------- ---------- Net real estate 3,353,933 3,208,886 Cash and cash equivalents 19,390 4,638 Accounts receivable 15,470 12,624 Deferred financing and leasing costs, net of accumulated amortization (2001, $60,488; 2000, $59,071) 68,163 62,871 Prepaid expenses and other assets 95,869 107,336 ---------- ---------- Total assets $3,552,825 $3,396,355 ========== ========== LIABILITIES Mortgage loans $ 340,131 $ 362,025 Unsecured notes 1,345,000 1,095,000 Credit facility 68,000 176,000 Convertible debentures - 70,871 Accounts payable 19,057 15,672 Accrued interest 31,392 29,478 Distribution payable 47,577 43,220 Other liabilities 83,852 84,515 ---------- ---------- Total liabilities 1,935,009 1,876,781 Minority interest 6,173 - OWNERS' EQUITY General partner's equity - preferred units 120,814 120,814 - common units 1,302,608 1,199,991 Limited partners' equity - preferred units 112,516 112,516 - common units 75,705 86,253 ---------- ---------- Total owners' equity 1,611,643 1,519,574 ---------- ---------- Total liabilities and owners' equity $3,552,825 $3,396,355 ========== ==========
See accompanying notes. 90
CONSOLIDATED STATEMENTS OF OPERATIONS OF LIBERTY PROPERTY LIMITED PARTNERSHIP (IN THOUSANDS) YEAR ENDED DECEMBER 31, ----------------------------------------- 2001 2000 1999 ----------- ----------- ----------- REVENUE Rental $ 419,712 $ 384,245 $ 342,931 Operating expense reimbursement 160,596 144,344 123,591 Interest and other 6,857 4,374 5,976 ---------- ---------- ---------- Total revenue 587,165 532,963 472,498 EXPENSES Rental property 111,310 97,181 87,415 Real estate taxes 56,578 51,558 42,024 Interest expense 112,006 108,295 99,663 General and administrative 21,052 19,260 16,127 Depreciation and amortization 102,626 93,472 84,464 ---------- ---------- ---------- Total expenses 403,572 369,766 329,693 ---------- ---------- ---------- Income before property dispositions and extraordinary item 183,593 163,197 142,805 Gain on property dispositions 2,115 18,386 13,188 ---------- ---------- ---------- Income before extraordinary item 185,708 181,583 155,993 Extraordinary item-loss on extinguishment of debt - 2,103 1,145 ---------- ---------- ---------- Net income $ 185,708 $ 179,480 $ 154,848 ========== ========== ========== Net income allocated to general partner $ 166,537 $ 159,271 $ 141,324 ========== ========== ========== Net income allocated to limited partners $ 19,171 $ 20,209 $ 13,524 ========== ========== ==========
See accompanying notes. 91
CONSOLIDATED STATEMENTS OF OWNERS' EQUITY OF LIBERTY PROPERTY LIMITED PARTNERSHIP (IN THOUSANDS) GENERAL LIMITED PARTNER'S PARTNERS' TOTAL OWNERS' EQUITY EQUITY EQUITY ---------- ----------- ------------- Owners' equity at January 1, 1999 $1,267,036 $ 101,254 $1,368,290 Contributions from partners 26,566 (6,965) 19,601 Distributions to partners (140,319) (13,357) (153,676) Issuance of Operating Partnership Units - 93,055 93,055 Net income 141,324 13,524 154,848 ---------- --------- ---------- Balance at December 31, 1999 1,294,607 187,511 1,482,118 Contributions from partners 25,509 (8,245) 17,264 Distributions to partners (158,582) (20,167) (178,749) Issuance of Operating Partnership Units - 19,461 19,461 Net income 159,271 20,209 179,480 ---------- --------- ---------- Balance at December 31, 2000 1,320,805 198,769 1,519,574 Contributions from partners 113,799 (9,915) 103,884 Distributions to partners (177,719) (19,804) (197,523) Net income 166,537 19,171 185,708 ---------- --------- ---------- Balance at December 31, 2001 $1,423,422 $ 188,221 $1,611,643 ========== ========= ==========
See accompanying notes. 92
CONSOLIDATED STATEMENTS OF CASH FLOWS OF LIBERTY PROPERTY LIMITED PARTNERSHIP (IN THOUSANDS) YEAR ENDED DECEMBER 31, ----------------------------------- 2001 2000 1999 --------- ---------- ---------- OPERATING ACTIVITIES Net income $ 185,708 $ 179,480 $ 154,848 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 102,626 93,472 84,464 Amortization of deferred financing costs 4,016 3,888 4,951 Gain on property dispositions (2,115) (18,386) (13,188) Noncash compensation 2,122 2,077 1,990 Changes in operating assets and liabilities: Accounts receivable (2,846) 764 40 Prepaid expenses and other assets 9,550 (44,646) (20,722) Accounts payable 3,385 73 (2,654) Accrued interest 1,914 7,056 4,159 Other liabilities (663) 16,957 (1,467) --------- ---------- ---------- Net cash provided by operating activities 303,697 240,735 212,421 --------- ---------- ---------- INVESTING ACTIVITIES Investment in properties (57,332) (118,735) (98,072) Proceeds from disposition of properties/land 151,604 117,009 114,137 Investment in development in progress (255,333) (177,380) (175,447) Increase in land held for development (54,002) (111,685) (63,836) Increase in deferred leasing costs (18,135) (17,959) (15,560) --------- ---------- ---------- Net cash used in investing activities (233,198) (308,750) (238,778) --------- ---------- ---------- FINANCING ACTIVITIES Retirement of convertible debentures (597) (10,914) (6,645) Proceeds from issuance of unsecured notes 250,000 200,000 385,000 Repayment of unsecured notes - (90,000) (45,000) Repayments of mortgage loans (31,782) (15,218) (42,217) Proceeds from credit facility 305,200 541,000 162,024 Repayments on credit facility (413,200) (412,000) (379,024) Increase in deferred financing costs (3,758) (6,592) (5,220) Capital contributions 31,538 32,043 100,322 Distributions to partners (193,148) (174,730) (148,210) --------- ---------- ---------- Net cash (used) provided by financing activities (55,747) 63,589 21,030 --------- ---------- ---------- Increase (decrease) in cash and cash equivalents 14,752 (4,426) (5,327) Cash and cash equivalents at beginning of year 4,638 9,064 14,391 --------- ---------- ---------- Cash and cash equivalents at end of year $ 19,390 $ 4,638 $ 9,064 ========= ========== ========== SUPPLEMENTAL DISCLOSURE OF NONCASH TRANSACTIONS Write-off of fully depreciated property and deferred costs $ 33,567 $ 31,021 $ 18,527 Acquisition of properties (9,888) (2,419) (3,818) Assumption of mortgage loans 9,888 2,419 3,818 Conversion of convertible debentures 70,209 2,605 10,344 ========= ========== ==========
See accompanying notes. 93 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF LIBERTY PROPERTY LIMITED PARTNERSHIP 1. ORGANIZATION Liberty Property Trust (the "Trust") is a self-administered and self- managed Maryland real estate investment trust (a "REIT"). Substantially all of the Trust's assets are owned directly or indirectly, and substantially all of the Trust's operations are conducted directly or indirectly, by its subsidiary, Liberty Property Limited Partnership, a Pennsylvania limited partnership (the "Operating Partnership" and, together with the Trust and its consolidated subsidiaries, the "Company"). The Trust is the sole general partner and also a limited partner of the Operating Partnership, owning 94.9% of the common equity of the Operating Partnership at December 31, 2001. The Company provides leasing, property management, development, acquisition, and other tenant-related services for a portfolio of industrial and office properties which are located principally within the Southeastern, Mid- Atlantic and Midwestern United States. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Principles of Consolidation The Consolidated Financial Statements of the Company include the accounts of the Operating Partnership, the Operating Partnership's consolidated subsidiaries and consolidated joint ventures. All significant intercompany transactions and accounts have been eliminated. Reclassifications Certain amounts from prior years have been restated to conform to current-year presentation. Real Estate and Depreciation The Properties are recorded at the lower of cost or fair value if impaired and are depreciated using the straight line method over their estimated useful lives. The estimated lives are as follows: Buildings and improvements 40 years Equipment 5-10 years Tenant improvements Term of the related lease Expenditures directly related to acquisition, or improvement of real estate, including interest and other costs capitalized during development, are included in net real estate and are stated at cost. The capitalized costs include pre-construction costs essential to the development of the property, development and construction costs, interest costs, real estate taxes, salaries and other costs incurred during the period of development. Expenditures for maintenance and repairs are charged to operations as incurred. 94 The Company evaluates its real estate investments upon occurrence of significant adverse changes in their operations to assess whether any impairment indicators are present that affect the recovery of the recorded value. If any real estate investment is considered impaired, a loss is provided to reduce the carrying value of the property to its estimated fair value. As of December 31, 2001, and 2000 none of the Company's assets was considered impaired. Cash and Cash Equivalents Highly liquid investments with a maturity of three months or less when purchased are classified as cash equivalents. The carrying amount of these assets approximates their fair market value. Revenues The Company earns rental income under operating leases with tenants. Rental income is recognized on a straight line basis over the applicable lease term. Deferred Financing and Leasing Costs Costs incurred in connection with financing or leasing are capitalized and amortized over the term of the related loan or lease. Amortization of deferred financing costs is reported as interest expense. Income Taxes In conformity with the Internal Revenue Code and applicable state and local tax statutes, taxable income or loss of the Operating Partnership is required to be reported in the tax returns of the partners in accordance with the terms of the Partnership Agreement and, accordingly, no provision has been made in the accompanying financial statements for any federal, state, or local income taxes. Impact of Recently Issued Accounting Standards On June 29, 2001 the FASB issued Statement No. 141, "Business Combinations", which became effective for all business combinations initiated after June 30, 2001. In addition Statement No. 142, "Goodwill and Other Intangible Assets", was issued, which became effective January 1, 2002. The Company does not anticipate that these standards will have a material effect on its results of operations or financial position. In October of 2001, the FASB issued Statement No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets". This Statement addresses the financial accounting and reporting of long-lived assets and for the disposition of long-lived assets. The provisions of this Statement are effective for fiscal years beginning after December 15, 2001. The Company does not anticipate that the adoption of this standard will have a material effect on its results of operations or financial position. 3. REAL ESTATE At December 31, 2001 and 2000, the Company owned and operated industrial and office properties located principally in suburban mixed-use developments or business parks. The carrying value of these properties by type is as follows (in thousands): 95
LAND BUILDINGS AND LAND AND ACCUMULATED IMPROVEMENTS IMPROVEMENTS TOTAL DEPRECIATION ------------ ------------ ----------- ------------ 2001: Industrial properties $ 235,053 $1,343,690 $1,578,743 $ 191,509 Office properties 232,258 1,531,213 1,763,471 213,108 --------- ---------- ---------- ---------- 2001 Total $ 467,311 $2,874,903 $3,342,214 $ 404,617 ========= ========== ========== ========== 2000: Industrial properties $ 220,406 $1,277,797 $1,498,203 $ 161,931 Office properties 222,651 1,476,559 1,699,210 172,484 --------- ---------- ---------- ---------- 2000 Total $ 443,057 $2,754,356 $3,197,413 $ 334,415 ========= ========== ========== ==========
Depreciation expense was $88.2 million in 2001, $82.2 million in 2000, and $74.8 million in 1999. As of December 31, 2001, the Company has commenced development on 43 properties, which upon completion are expected to comprise approximately 3.6 million square feet of leaseable space. As of December 31, 2001 approximately $252.8 million has been expended for the development of these projects and an additional $135.4 million is required for completion. 4. RELATED PARTY TRANSACTIONS Pursuant to agreements, the Company has been retained by an affiliate (Rouse Kent Limited) to provide development, management and other services. For the years ended December 31, 2001, 2000, and 1999, the fees for these services were $600,000 per year. The Company had accounts receivable and a loan receivable from Rouse Kent Limited and affiliates with balances of $3.8 million and $17.3 million, respectively, as of December 31, 2001 and $7.5 million and $11.9 million, respectively, as of December 31, 2000. The Company has the option to purchase this affiliate for nominal consideration. 5. INDEBTEDNESS Indebtedness consists generally of mortgage loans, unsecured notes, the Credit Facility, as defined below, and convertible debentures (which matured in 2001). The weighted average interest rates for the years ended December 31, 2001, 2000, and 1999, were approximately 7.5%, 7.6%, and 7.3%, respectively. Interest expense for the years ended December 31, 2001, 2000, and 1999, aggregated $112.0 million, $108.3 million, and $99.7 million, respectively. Interest costs during these periods of $22.3 million, $17.8 million, and $15.3 million, respectively, were capitalized. Cash paid for interest for the years ended December 31, 2001, 2000, and 1999, was $128.4 million, $115.1 million, and $105.8 million, respectively. Some of the debt agreements are subject to financial covenants. Mortgage Loans, Unsecured Notes Mortgage loans with maturities ranging from 2002 to 2012 are collateralized by and in some instances cross-collateralized by properties with a book value of $503.9 million. 96 As of December 31, 2001, $340.1 million in mortgage loans and $1,345.0 million in unsecured notes were outstanding. The interest rates on $1,669.8 million of mortgage loans and unsecured notes are fixed and range from 6.0% to 8.8%. Interest rates on $15.3 million of mortgage loans float with the base rate of the respective lending bank or a municipal bond index. The weighted average remaining term for the mortgage loans and unsecured notes is 6.9 years. The scheduled maturities of principal amortization of the Company's mortgage loans and unsecured notes outstanding and the related weighted average interest rates are as follows (in thousands):
MORTGAGES ------------------------- WEIGHTED PRINCIPAL PRINCIPAL UNSECURED AVERAGE AMORTIZATION MATURITIES NOTES (1) TOTAL INTEREST RATE ------------ ---------- ---------- ----------- ------------- 2002 $ 8,066 $ - $ 100,000 $ 108,066 6.7% 2003 8,092 26,606 50,000 84,698 7.3% 2004 8,168 25,898 100,000 134,066 6.9% 2005 7,090 115,039 - 122,129 7.6% 2006 5,001 30,079 100,000 135,080 7.2% 2007 4,543 - 100,000 104,543 7.3% 2008 4,238 29,268 - 33,506 7.2% 2009 2,146 42,051 270,000 314,197 7.8% 2010 1,348 - 200,000 201,348 8.5% 2011 1,099 3,533 250,000 254,632 7.3% 2012 192 17,674 - 17,866 7.7% 2013 - - 75,000 75,000 6.4% 2018 - - 100,000 100,000 7.5% -------- -------- ---------- ---------- ------ $ 49,983 $290,148 $1,345,000 $1,685,131 7.4% ======== ======== ========== ========== ====== (1) The $75,000 of unsecured notes due 2013 is putable in 2003.
Credit Facility The Credit Facility is a $450 million unsecured credit facility (the "Credit Facility"). The interest rate on borrowings under the Credit Facility fluctuates, based on senior debt ratings from Moody's Investors Service, Inc. ("Moody's"), Standard & Poor's Ratings Group ("Standard & Poor's"), and Fitch, Inc. ("Fitch"). The current ratings for the Company's senior unsecured debt are Baa2, BBB and BBB from Moody's, Standard & Poor's, and Fitch respectively. At these ratings, the current interest rate on the Credit Facility is 105 basis points over the LIBOR (3.3% at December 31, 2001). The rate for the Credit Facility at December 31, 2000 was 7.7%. Customary fees apply to the Credit Facility including an annual administrative fee and an unused line fee. The Credit Facility matures on April 25, 2003. Convertible Debentures The Convertible Debentures, which matured on July 1, 2001, were exchangeable for Common Shares of beneficial interest of the Trust (the "Common Shares") at a rate of one Common Share for each $20 outstanding principal amount of Convertible Debentures, subject to certain adjustments. The initial interest rate on the Convertible Debentures was 8.0% and increased with the increases in the distribution payment on the Company's Common Shares. At December 31, 2000, the effective interest rate on the Convertible Debentures was 11.4%. 97 In October 1999, the Board of Trustees authorized a share repurchase plan under which the Company may purchase up to $100 million of the Company's Common Shares, Preferred Shares or Convertible Debentures. There were no repurchases during 2001. In 2000 and 1999, the Company repurchased $10.9 million and $6.6 million principal amount of the Convertible Debentures, respectively. The repurchase of the Convertible Debentures in 2000 and 1999 resulted in the recognition of an extraordinary loss of $2.1 million and $1.1 million, respectively. These losses represent the redemption premiums and the write-off of related deferred financing costs. At December 31, 2000, the Convertible Debentures were convertible into 3,543,550 Common Shares. The fair values of the mortgages, the unsecured notes and Credit Facility were estimated using discounted cash flow analysis, based on the Company's estimated incremental borrowing rate at December 31, 2001, for similar types of borrowing arrangements. The carrying values of the mortgages, the unsecured notes and the Credit Facility approximate their fair values. 6. LEASING ACTIVITY Future minimum rental payments due from tenants under noncancelable operating leases as of December 31, 2001 are as follows (in thousands): 2002 $ 388,912 2003 339,337 2004 294,388 2005 237,829 2006 178,661 Thereafter 518,259 ---------- TOTAL $1,957,386 ========== In addition to minimum rental payments, most leases require the tenants to pay for their pro rata share of specified operating expenses. These payments are included as operating expense reimbursement in the accompanying statements of operations. 7. PREFERRED UNITS On July 28, 1999, the Company issued 3,800,000 Series B Cumulative Redeemable Preferred Units (the "Series B Preferred Units"). All of the Series B Preferred Units are held by the limited partners. The Series B Preferred Units are non-voting and have a liquidation preference of $25.00 per unit and a preferential cash distribution rate of 9.25%. On or after July 28, 2004, the Series B Preferred Units may be redeemed for cash at the option of the Company. The Series B Preferred Units are exchangeable on a one-for-one basis at any time on or after July 28, 2009 into Series B Cumulative Redeemable Preferred Shares of the Trust. On April 18, 2000, the Company issued 800,000 Series C Cumulative Redeemable Preferred Units (the "Series C Preferred Units"). All of the Series C Preferred Units are held by limited partners. The Series C Preferred Units are non-voting and have a cash liquidation preference of $25.00 per unit and a preferential cash distribution rate of 9.125%. On or after April 18, 2005, the Series C Preferred Units may be redeemed for cash at the option of the Company. The Series C Preferred Units are exchangeable on a one-for-one basis at any time on or after April 18, 2010 into Series C Cumulative Redeemable Preferred Shares of the Trust. 98 The Company paid Preferred Unit distributions of $10.6 million, $10.1 million and $3.8 million during the years ended December 31, 2001, 2000 and 1999, respectively. On a per unit basis, the Company paid Preferred Unit distributions of $2.31 per unit on the Series B Preferred Units and $2.28 per unit on the Series C Preferred Units during the year ended December 31, 2001 and $2.31 per unit on the Series B Preferred Units and $1.60 per unit on the Series C Preferred Units for the year ended December 31, 2000. During 1999, the Company paid $1.00 per unit on the Series B Preferred Units. 8. COMMITMENTS AND CONTINGENCIES All of the Properties and land were subject to Phase I Environmental Assessments and when appropriate Phase II Environmental Assessments (collectively, the "Environmental Assessments") obtained in contemplation of their acquisition by the Company. The Environmental Assessments consisted of, among other activities, a visual inspection of each Property and its neighborhood and a check of pertinent public records. The Environmental Assessments did not reveal, nor is the Company aware of, any non-compliance with environmental laws, environmental liability or other environmental claim that the Company believes would likely have a material adverse effect on the Company. Although the Company is engaged in litigation incidental to its business, there is no legal proceeding to which it is a party which, in the opinion of management, will materially adversely affect the results of the Company's operations. 9. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) The following is a summary of quarterly results of operations for the two years ended December 31, 2001 and 2000 (in thousands, except per share amounts):
QUARTER ENDED ---------------------------------------------------------------------------------- DEC. 31, SEPT. 30, JUNE 30, MARCH 31, DEC. 31, SEPT. 30, JUNE 30, MARCH 31, 2001 2001 2001 2001 2000 2000 2000 2000 -------- --------- -------- --------- -------- --------- -------- --------- Rental revenue $106,592 $105,775 $104,759 $102,586 $100,296 $ 97,152 $ 94,825 $ 91,972 ======== ======== ======== ======== ======== ======== ======== ======== Income before extraordinary item 45,374 47,089 47,299 45,946 47,195 45,183 45,782 43,423 ======== ======== ======== ======== ======== ======== ======== ======== Extraordinary item-loss on extinguishment of debt - - - - - - 228 1,875 ======== ======== ======== ======== ======== ======== ======== ======== Net income 45,374 47,089 47,299 45,946 47,195 45,183 45,554 41,548 ======== ======== ======== ======== ======== ======== ======== ======== Net income allocated to general partner 40,702 42,314 42,405 41,116 41,980 40,091 40,331 36,869 ======== ======== ======== ======== ======== ======== ======== ======== Net income allocated to limited partner 4,672 4,775 4,894 4,830 5,215 5,092 5,223 4,679 ======== ======== ======== ======== ======== ======== ======== ========
10. SEGMENT INFORMATION The Company operates its portfolio of properties throughout the Southeastern, Mid-Atlantic and Midwestern United States. The Company reviews performance of the portfolio on a geographical basis, as such, the following regions are considered the Company's reportable segments: Southeastern Pennsylvania; New Jersey; Lehigh Valley, Pennsylvania; Virginia; the Carolinas; Jacksonville, Florida; Minneapolis, Minnesota; Detroit, Michigan; and all others combined (including Maryland; Tampa, Florida; South Florida; and the United Kingdom). The Company's 99 reportable segments are distinct business units which are each managed separately in order to concentrate market knowledge within a geographical area. Within these reportable segments, the Company derives its revenues from its two product types: industrial properties and office properties. The Company evaluates performance of the reportable segments based on property-level net operating income, which is calculated as rental revenue and operating expense reimbursement less rental expenses and real estate taxes. The accounting policies of the reportable segments are the same as those for the Company on a consolidated basis. The operating information by segment is as follows (in thousands):
FOR THE YEAR ENDED DECEMBER 31, 2001 ------------------------------------------------------------------------------------------------------------------------ SE New Lehigh The Jackson- Minne- All Pennsyl. Jersey Valley Virginia Carolinas ville sota Michigan Others Total -------- -------- -------- -------- --------- -------- -------- -------- -------- ---------- Real estate- related revenues $171,947 $ 44,982 $ 57,645 $ 45,712 $ 45,345 $ 45,257 $ 48,753 $ 60,541 $ 60,126 $ 580,308 Rental property expenses and real estate taxes 49,345 14,353 13,924 11,336 12,721 11,907 18,357 19,622 16,323 167,888 -------- -------- -------- -------- -------- -------- -------- -------- -------- --------- Property-level net operating income 122,602 30,629 43,721 34,376 32,624 33,350 30,396 40,919 43,803 412,420 Other income/ expenses, net 228,827 --------- Income before property dispositions, extraordinary item, and minority interest 183,593 Gain on property dispositions 2,115 Extraordinary item-loss on extinguishment of debt - --------- Net income $ 185,708 ========= Net income allocated to general partner $ 166,537 ========= Net income allocated to limited partners $ 19,171 ========= FOR THE YEAR ENDED DECEMBER 31, 2000 ---------------------------------------------------------------------------------------------------------------------- SE New Lehigh The Jackson- Minne- All Pennsyl. Jersey Valley Virginia Carolinas ville sota Michigan Others Total -------- -------- -------- -------- --------- -------- -------- -------- -------- ---------- Real estate- related revenues $147,519 $ 42,794 $ 50,709 $ 42,956 $ 41,542 $ 42,764 $ 42,556 $ 57,353 $ 60,396 $ 528,589 Rental property expenses and real estate taxes 40,954 13,132 11,041 9,674 11,391 10,487 16,339 19,710 16,011 148,739 -------- -------- -------- -------- -------- -------- -------- -------- -------- --------- Property-level net operating income 106,565 29,662 39,668 33,282 30,151 32,277 26,217 37,643 44,385 379,850 Other income/ expenses, net 216,653 --------- Income before property dispositions, extraordinary item, and minority interest 163,197 Gain on property dispositions 18,386 Extraordinary item-loss on extinguishment of debt 2,103 --------- Net income $ 179,480 ========= Net income allocated to general partner $ 159,271 ========= Net income allocated to limited partners $ 20,209 =========
100
FOR THE YEAR ENDED DECEMBER 31, 1999 ------------------------------------------------------------------------------------------------------------------------ SE New Lehigh The Jackson- Minne- All Pennsyl. Jersey Valley Virginia Carolinas ville sota Michigan Others Total -------- -------- -------- -------- --------- -------- -------- -------- -------- ---------- Real estate- related revenues $121,060 $ 42,604 $ 44,346 $ 40,114 $ 37,810 $ 40,979 $ 34,286 $ 50,806 $ 54,517 $ 466,522 Rental property expenses and real estate taxes 33,688 12,811 9,588 8,368 11,341 9,968 12,110 17,166 14,399 129,439 -------- -------- -------- -------- -------- -------- -------- -------- -------- --------- Property-level net operating income 87,372 29,793 34,758 31,746 26,469 31,011 22,176 33,640 40,118 337,083 Other income/ expenses, net 194,278 --------- Income before property dispositions and extraordinary item 142,805 Gain on property dispositions 13,188 Extraordinary item-loss on extinguishment of debt 1,145 --------- Net income $ 154,848 ========= Net income allocated to general partner $ 141,324 ========= Net income allocated to limited partners $ 13,524 =========
REVENUES YEAR ENDED DECEMBER 31, ---------------------------------------------------------- ----------------------------------- 2001 2000 1999 ---------- ---------- ----------- Total real estate-related revenues for reportable segments $ 580,308 $ 528,589 $ 466,522 Interest and other 6,857 4,374 5,976 --------- --------- ---------- Total revenues $ 587,165 $ 532,963 $ 472,498 ========= ========= ========== PRODUCT TYPE INFORMATION REAL ESTATE-RELATED REVENUES ---------------------------------------------------------- ----------------------------------- YEAR ENDED DECEMBER 31, ----------------------------------- 2001 2000 1999 --------- --------- ---------- Industrial $ 260,232 $ 239,384 $ 225,988 Office 320,076 289,205 240,534 --------- --------- ---------- Total real estate-related revenues $ 580,308 $ 528,589 $ 466,522 ========== ========= ==========
ROLLFORWARD OF OPERATING REAL ESTATE ASSETS BY REPORTABLE SEGMENT ------------------------------------------------------------------------------------------------------------------------------ SE New Lehigh The Jackson- Minne- All Pennsyl. Jersey Valley Virginia Carolinas ville sota Michigan Others Total -------- -------- -------- -------- --------- -------- -------- -------- -------- ---------- January 1, 2001 $819,122 $252,953 $291,242 $303,036 $269,496 $302,523 $236,212 $354,120 $368,709 $3,197,413 Additions 93,719 12,761 32,078 32,500 8,778 13,040 26,451 48,045 27,072 294,444 Dispositions (2,776) (15,704) (2,837) (6,867) (78,290) (16,900) - - (26,269) (149,643) -------- -------- -------- -------- -------- -------- -------- -------- -------- ---------- December 31, 2001 $910,065 $250,010 $320,483 $328,669 $199,984 $298,663 $262,663 $402,165 $369,512 $3,342,214 -------- -------- -------- -------- -------- -------- -------- -------- -------- ---------- Accumulated depreciation (404,617) Development in progress 252,789 Land held for development 163,547 Other assets 198,892 ---------- Total assets December 31, 2001 $3,552,825 ==========
101
ROLLFORWARD OF OPERATING REAL ESTATE ASSETS BY REPORTABLE SEGMENT ------------------------------------------------------------------------------------------------------------------------------ SE New Lehigh The Jackson- Minne- All Pennsyl. Jersey Valley Virginia Carolinas ville sota Michigan Others Total -------- -------- -------- -------- --------- -------- -------- -------- -------- ---------- January 1, 2000 $733,465 $262,102 $271,606 $301,997 $250,708 $273,763 $213,276 $333,866 $363,897 $3,004,680 Additions 111,752 3,841 19,636 18,531 24,797 28,760 22,936 29,521 32,289 292,063 Dispositions (26,095) (12,990) - (17,492) (6,009) - - (9,267) (27,477) (99,330) -------- -------- -------- -------- -------- -------- -------- -------- -------- ---------- December 31, 2000 $819,122 $252,953 $291,242 $303,036 $269,496 $302,523 $236,212 $354,120 $368,709 $3,197,413 -------- -------- -------- -------- -------- -------- -------- -------- -------- ---------- Accumulated depreciation (334,415) Development in progress 208,486 Land held for development 137,402 Other assets 187,469 ---------- Total assets December 31, 2000 $3,396,355 ==========
102
LIBERTY PROPERTY LIMITED PARTNERSHIP REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 COST CAPITALIZED INITIAL COST SUBSEQUENT --------------------------- TO PROJECT CITY ENCUMBRANCES LAND BUILDING ACQUISITION -------------------------------------- ------------------- ------------ ------------ -------------- -------------- OPERATING PROPERTIES 10, 20 Liberty Boulevard Malvern, PA $ - $ 724,058 $ - $ 5,126,705 420 Lapp Road Malvern, PA * 1,054,418 - 6,459,690 747 Dresher Road Horsham, PA - 1,607,238 - 4,115,110 45-67 Great Valley Parkway Malvern, PA * 795,143 - 3,143,793 40 Valley Stream Parkway Malvern, PA * 322,918 - 2,279,699 50 Valley Stream Parkway Malvern, PA - 323,971 - 2,231,098 20 Valley Stream Parkway Malvern, PA * 465,539 - 5,037,619 800 Town Center Drive Langhorne, PA - 1,617,150 - 9,251,450 9, 15, 25 Great Valley Parkway Malvern, PA * 1,837,050 - 15,003,095 257-275 Great Valley Parkway Malvern, PA * 504,611 - 4,365,308 300 Technology Drive Malvern, PA - 368,626 - 1,328,616 277-293 Great Valley Parkway Malvern, PA - 530,729 - 2,064,978 311 Technology Drive Malvern, PA - 397,131 - 2,240,723 325 Technology Drive Malvern, PA * 376,444 - 1,871,527 7 Great Valley Parkway Malvern, PA * 176,435 - 4,471,173 55 Valley Stream Parkway Malvern, PA - 215,005 - 3,374,440 65 Valley Stream Parkway Malvern, PA * 381,544 - 5,039,109 508 Lapp Road Malvern, PA * 331,392 - 1,862,252 10 Valley Stream Parkway Malvern, PA * 509,075 - 3,005,594 333 Phoenixville Pike Malvern, PA 1,947,981 523,530 - 2,917,373 30 Great Valley Parkway Malvern, PA - 128,126 - 385,499 75 Great Valley Parkway Malvern, PA - 143,074 - 698,629 27-43 Great Valley Parkway Malvern, PA * 448,775 - 2,202,097 77-123 Great Valley Parkway Malvern, PA * 887,664 - 4,863,790 260 Great Valley Parkway Malvern, PA - 203,916 - 1,147,879 256 Great Valley Parkway Malvern, PA * 161,098 - 1,785,718 205 Great Valley Parkway Malvern, PA * 1,368,259 - 10,203,456 12,14,16 Great Valley Parkway Malvern, PA - 130,689 - 1,282,818 155 Great Valley Parkway Malvern, PA * 625,147 - 2,298,137 333 Technology Drive Malvern, PA * 157,249 - 2,326,168 510 Lapp Road Malvern, PA * 356,950 - 926,587 181 Wheeler Court Langhorne, PA - 260,000 1,940,000 292,306 1100 Wheeler Way Langhorne, PA - 150,000 1,100,000 90,716 60 Morehall Road Malvern, PA - 865,424 9,285,000 4,759,002 905 Airport Road West Chester, PA - 1,715,000 5,185,000 720,487 1 Country View Road Malvern, PA - 400,000 3,600,000 473,511 2151 Cabot Boulevard Langhorne, PA * 384,100 3,456,900 242,541 170 South Warner Road King of Prussia, PA - 547,800 3,137,400 2,241,631 190 South Warner Road King of Prussia, PA - 552,200 3,162,600 1,376,002 507 Prudential Road Horsham, PA * 644,900 5,804,100 4,431,793 100 Witmer Road Horsham, PA 8,291,833 3,102,784 - 11,820,398 3100 Horizon Drive King of Prussia, PA - 601,956 - 2,004,238 3300 Horizon Drive King of Prussia, PA - 566,403 - 3,404,308 3500 Horizon Drive King of Prussia, PA - 1,204,839 - 2,611,592 200 Chesterfield Parkway Malvern, PA - 495,893 2,739,093 288,204 767 Electronic Drive Horsham, PA * 1,229,685 - 2,764,409 132 Welsh Road Horsham, PA - 1,333,642 - 3,762,707 5 Country View Road Malvern, PA * 785,168 4,678,632 148,617 3200 Horizon Drive King of Prussia, PA * 928,637 - 4,300,975 3000 Horizon Drive King of Prussia, PA * 1,191,449 - 2,295,450 111-195 Witmer Road Horsham, PA - 407,005 3,129,058 (105,055) 300 Welsh Road - Building 3 Horsham, PA - 180,459 1,441,473 205,063 300 Welsh Road - Building 4 Horsham, PA - 282,493 2,256,508 1,075,640 8801 Tinicum Boulevard Philadelphia, PA - 2,474,031 - 43,589,271 440 East Swedesford Road King of Prussia, PA - 717,001 4,816,121 1,568,329 460 East Swedesford Road King of Prussia, PA - 705,317 4,737,487 620,063 50 Morehall Road Malvern, PA - 849,576 - 13,043,717 2 Walnut Grove Drive Horsham, PA - 1,281,870 7,767,374 818,731 5 Walnut Grove Drive Horsham, PA - 1,065,951 - 9,232,036 200 Gibraltar Road Horsham, PA - 638,513 5,811,323 731,720 220 Gibraltar Road Horsham, PA - 629,944 5,733,228 1,053,047 240 Gibraltar Road Horsham, PA - 629,944 5,733,234 52,724 151 South Warner Road King of Prussia, PA - 1,218,086 6,937,866 198,370 1 Walnut Grove Drive Horsham, PA - 1,058,901 5,343,606 1,041,557 3604 Horizon Drive King of Prussia, PA - 397,178 - 1,568,644 3606 Horizon Drive King of Prussia, PA - 789,409 - 1,940,816 650 Swedesford Road King of Prussia, PA - 952,911 6,722,830 7,554,683 680 Swedesford Road King of Prussia, PA - 952,361 6,722,830 7,262,938 761 Fifth Avenue King of Prussia, PA - 256,463 2,061,468 514,373 771 Fifth Avenue King of Prussia, PA - 152,456 1,256,908 261,681 1 Great Valley Parkway Malvern, PA - 419,460 3,792,570 329,957 5 Great Valley Parkway Malvern, PA - 684,200 6,181,661 468,075 311 Sinclair Road Bristol, PA - 277,901 1,576,906 17,598 1001 Cedar Hollow Road Malvern, PA - 1,436,814 - 16,047,698 3 Country View Road Malvern, PA - 814,278 - 4,946,433 425 Technology Drive Malvern, PA - 191,114 - 1,840,489 375 Technology Drive Malvern, PA - 191,114 - 1,770,217 45 Liberty Boulevard Malvern, PA - 4,380,221 - 15,082,343 100 Chesterfield Parkway Malvern, PA - 1,320,625 - 6,608,193 103 LIBERTY PROPERTY LIMITED PARTNERSHIP REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 COST CAPITALIZED INITIAL COST SUBSEQUENT --------------------------- TO PROJECT CITY ENCUMBRANCES LAND BUILDING ACQUISITION -------------------------------------- ------------------- ------------ ------------ -------------- -------------- OPERATING PROPERTIES - Continued 181-187 Gibraltar Road Horsham, PA - 360,549 3,259,984 477,083 104 Rock Road Horsham, PA - 330,111 2,981,669 114,323 123-135 Rock Road Horsham, PA - 292,360 2,411,677 668,417 111-159 Gibraltar Road Horsham, PA - 489,032 4,126,151 349,953 161-175 Gibraltar Road Horsham, PA - 294,673 2,663,722 526,676 103-109 Gibraltar Road Horsham, PA - 270,906 2,448,500 580,022 261-283 Gibraltar Road Horsham, PA * 464,871 3,951,972 96,999 210-223 Witmer Road Horsham, PA - 270,282 2,441,276 1,456,990 231-237 Gibraltar Road Horsham, PA * 436,952 3,948,963 356,887 100 Gibraltar Road Horsham, PA - 38,729 349,811 8,621 101 Gibraltar Road Horsham, PA - 651,990 5,888,989 208,080 506 Prudential Road Horsham, PA - 208,140 895,470 618,275 113-123 Rock Road Horsham, PA - 351,072 3,171,001 234,092 101-111 Rock Road Horsham, PA - 350,561 3,166,389 235,823 120 Gibraltar Road Horsham, PA - 533,142 4,830,515 144,767 110 Gibraltar Road Horsham, PA - 673,041 5,776,369 294,259 100-107 Lakeside Drive Horsham, PA - 239,528 2,163,498 596,142 200-264 Lakeside Drive Horsham, PA - 502,705 4,540,597 433,681 300-309 Lakeside Drive Horsham, PA - 369,475 3,338,761 1,453,109 400-445 Lakeside Drive Horsham, PA - 543,628 4,910,226 1,532,203 104 Witmer Road Horsham, PA - 1,248,148 - 1,048,517 201 Gibraltar Road Horsham, PA - 380,127 3,433,433 1,033,874 3600 Horizon Drive King of Prussia, PA - 236,432 1,856,252 15,352 3602 Horizon Drive King of Prussia, PA - 217,734 1,759,489 95,452 3 Franklin Plaza Philadelphia, PA - 2,483,144 - 32,056,688 400-500 Brandywine Parkway West Chester, PA - 845,846 6,809,025 364,083 600 Brandywine Parkway West Chester, PA - 664,899 5,352,410 558,165 2700 Horizon Drive King of Prussia, PA - 764,370 - 3,673,277 2900 Horizon Drive King of Prussia, PA - 679,440 - 3,503,064 2500 Renaissance Boulevard King of Prussia, PA - 509,580 - 2,420,478 2300 Renaissance Boulevard King of Prussia, PA - 509,580 - 2,683,201 719 Dresher Road Horsham, PA * 493,426 2,812,067 197,283 2100 Renaissance Boulevard King of Prussia, PA - 1,110,111 - 9,324,220 4 Walnut Grove Horsham, PA * 2,515,115 - 7,324,883 2250 Hickory Road Plymouth Meeting, PA 5,735,000 1,015,851 9,175,555 941,468 3400 Horizon Drive King of Prussia, PA - 776,496 3,139,068 973,848 300 Welsh Road Horsham, PA - 696,061 3,339,991 49,629 600 Chesterfield Parkway Malvern, PA - 2,013,750 - 8,135,324 700 Chesterfield Parkway Malvern, PA - 2,013,750 - 8,096,150 6 Terry Drive Newtown, PA - 622,029 2,228,851 21,322 2520 Renaissance Boulevard King of Prussia, PA - 1,020,000 - 4,158,257 18 Great Valley Parkway Malvern, PA - 394,036 3,976,221 35,251 700 Dresher Road Horsham, PA - 2,551,777 3,020,638 3,091,849 2201 Renaissance Boulevard King of Prussia, PA - - - 15,150,120 2540 Renaissance Boulevard King of Prussia, PA - - - 1,651,574 2560 Renaissance Boulevard King of Prussia, PA - - - 3,729,254 1501-1513 Grundy's Lane Bristol, PA - - - 3,056,112 11 Great Valley Parkway Malvern, PA - 496,297 - 3,257,650 680 Blair Mill Road Horsham, PA - 3,527,151 - 11,997,096 825 Duportail Road Wayne, PA - 5,536,619 16,179,213 499,989 1200 Liberty Ridge Drive Wayne, PA - 6,215,667 - 8,031,552 2760 Red Lion Road Philadelphia, PA - - - 45,099,910 200 Precision Drive Horsham, PA - 1,559,884 4,759,640 2,566,339 40 Liberty Boulevard Malvern, PA - 4,241,137 17,737,090 2,182,841 102 Rock Road Horsham, PA - 1,110,209 2,301,302 419,899 14 Lee Boulevard Malvern, PA * 664,282 - 6,026,477 500 Chesterfield Parkway Malvern, PA * 472,364 - 3,209,019 300-400 Chesterfield Parkway Malvern, PA * 937,212 - 4,881,211 8 Stow Road Marlton, NJ - 172,600 1,704,436 119,073 10 Stow Road Marlton, NJ - 147,000 1,451,536 450,788 12 Stow Road Marlton, NJ - 103,300 1,021,036 227,510 14 Stow Road Marlton, NJ - 93,100 920,336 310,122 701A Route 73 South Marlton, NJ - 264,387 3,772,000 2,391,459 701C Route 73 South Marlton, NJ - 84,949 1,328,000 339,479 1008 Astoria Boulevard Cherry Hill, NJ - 27,120 424,880 377,835 3000 Atrium Way Mt. Laurel, NJ * 500,000 4,500,000 3,523,484 750 Cardinal Drive Bridgeport, NJ - 230,000 2,070,000 655,821 11000, 15000 Commerce Parkway Mt. Laurel, NJ - 310,585 4,394,900 (709,225) 12000, 14000 Commerce Parkway Mt. Laurel, NJ - 361,800 3,285,817 255,412 16000, 18000 Commerce Parkway Mt. Laurel, NJ - 289,700 2,512,683 469,541 400 Lippincott Drive Marlton, NJ - 69,402 - 3,070,977 406 Lippincott Drive Marlton, NJ - 321,455 1,539,871 794,078 234 High Hill Road Bridgeport, NJ * 249,472 1,477,515 348,867 101 Arlington Boulevard Bridgeport, NJ - 6,368 - 4,602,131 100 Berkeley Drive Bridgeport, NJ * 600,508 1,915,215 4,483,338 301 Lippincott Drive Marlton, NJ - 1,069,837 4,780,163 466,123 303 Lippincott Drive Marlton, NJ - 1,069,837 4,780,163 1,326,147 510-512 Sharptown Road Bridgeport, NJ * 125,410 1,072,683 47,779 901 Route 73 Marlton, NJ - 334,411 2,733,314 120,583 1300 Route 73 North Mt. Laurel, NJ * 449,400 3,074,850 719,222 512 Sharptown Road Bridgeport, NJ * 180,468 1,543,617 207,820 201 Berkeley Drive Bridgeport, NJ - 270,880 - 5,124,651 104 LIBERTY PROPERTY LIMITED PARTNERSHIP REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 COST CAPITALIZED INITIAL COST SUBSEQUENT --------------------------- TO PROJECT CITY ENCUMBRANCES LAND BUILDING ACQUISITION -------------------------------------- ------------------- ------------ ------------ -------------- -------------- OPERATING PROPERTIES - Continued 404 Lippincott Drive Marlton, NJ - 131,896 - 1,650,431 104 Gaither Drive Mt. Laurel, NJ - 132,075 1,151,988 224,926 402 Lippincott Drive Marlton, NJ - 131,896 - 1,632,284 300 Commodore Drive Bridgeport, NJ - 417,695 - 5,290,036 3000 Lincoln Drive Mt. Laurel, NJ - 284,052 2,458,155 1,229,406 6000 Commerce Parkway Mt. Laurel, NJ - 234,151 2,022,683 158,662 7000 Commerce Parkway Mt. Laurel, NJ - 260,014 2,236,684 235,166 8000 Commerce Parkway Mt. Laurel, NJ - 234,814 1,995,098 118,185 9000 Commerce Parkway Mt. Laurel, NJ - 286,587 2,474,820 499,376 1000 Briggs Road Mt. Laurel, NJ - 288,577 2,546,537 875,281 1025 Briggs Road Mt. Laurel, NJ 1,691,019 430,990 3,714,828 409,794 1020 Briggs Road Mt. Laurel, NJ - 494,334 - 2,915,789 9 Stow Road Marlton, NJ - 652,642 1,765,065 381,799 2000 Crawford Place Mt. Laurel, NJ - 310,831 2,797,744 1,748,397 5000 Dearborn Court Mt. Laurel, NJ - 1,057,763 4,191,827 121,424 515 Heron Drive Bridgeport, NJ 1,319,985 334,017 2,367,538 14,286 500 Sharptown Road Bridgeport, NJ 1,244,265 300,404 2,645,235 57,191 625 Heron Drive Bridgeport, NJ * 180,226 908,953 49,751 605 Heron Drive Bridgeport, NJ 545,068 265,381 1,046,866 94,972 510 Heron Drive Bridgeport, NJ 5,824,627 790,335 7,901,878 350,653 522 Pedricktown Road Bridgeport, NJ * 176,309 1,360,293 19,550 530 Pedricktown Road Bridgeport, NJ * 350,813 1,901,471 31,304 540 Pedricktown Road Bridgeport, NJ 3,006,508 531,280 4,532,010 (160,307) 230 High Hill Road Bridgeport, NJ 5,372,430 1,418,000 8,860,843 28,683 3 Mallard Court Bridgeport, NJ * 417,893 2,447,865 9,336 730 Cardinal Drive Bridgeport, NJ * 576,598 1,780,345 46,341 405 Heron Drive Bridgeport, NJ - 2,167,471 18,120,223 137,567 100 Eagle Road Bridgeport, NJ 1,019,294 256,491 1,434,429 20,524 250 High Hill Road Bridgeport, NJ 1,647,337 246,478 2,269,440 173,859 508 Center Square Road Bridgeport, NJ 1,528,989 453,341 3,458,248 940 602 Heron Drive Bridgeport, NJ * 524,728 2,240,478 7,650 300 Eagle Court Bridgeport, NJ - 1,135,989 1,872,753 19,167 500 Center Square Road Bridgeport, NJ - 1,815,403 6,186,541 31,500 1001 Briggs Road Mt. Laurel, NJ - 701,705 3,505,652 874,095 1960 Cuthbert Boulevard Cherry Hill, NJ - 321,699 1,291,557 215,459 1970 Cuthbert Boulevard Cherry Hill, NJ - 321,699 1,291,558 51,634 10000 & 11000 Route 73 Marlton, NJ - 715,705 2,579,524 556,925 800 Arlington Boulevard Bridgeport, NJ - 1,687,500 - 7,572,381 1015 Briggs Road Mt. Laurel, NJ - 356,987 - 3,323,705 17000 Commerce Parkway Mt. Laurel, NJ - 144,515 - 2,735,151 1655 Valley Center Parkway Bethlehem, PA - 214,431 - 1,922,819 6560 Stonegate Drive Allentown, PA - 458,281 - 2,400,722 6370 Hedgewood Drive Allentown, PA - 540,795 - 3,146,969 6390 Hedgewood Drive Allentown, PA - 707,203 - 2,634,253 1495 Valley Center Parkway Bethlehem, PA - 434,640 - 3,657,540 6350 Hedgewood Drive Allentown, PA - 360,027 - 3,380,457 6330 Hedgewood Drive Allentown, PA - 531,268 - 4,527,735 1550 Valley Center Parkway Bethlehem, PA - 196,954 - 3,279,825 1560 Valley Center Parkway Bethlehem, PA - 240,069 - 3,965,513 6580 Snowdrift Road Allentown, PA - 388,328 - 2,669,530 1510 Valley Center Parkway Bethlehem, PA - 312,209 - 3,454,282 1530 Valley Center Parkway Bethlehem, PA - 211,747 - 2,736,186 6540 Stonegate Drive Allentown, PA - 422,042 - 3,644,748 974 Marcon Boulevard Allentown, PA - 143,500 - 2,197,007 964 Marcon Boulevard Allentown, PA - 138,816 - 1,583,747 764 Roble Road Allentown, PA - 141,069 - 819,455 3174 Airport Road Allentown, PA - 98,986 - 1,144,153 2196 Avenue C Allentown, PA - 101,159 - 1,314,509 2202 Hanger Place Allentown, PA - 137,439 - 1,309,996 2201 Hanger Place Allentown, PA - 128,454 - 1,399,071 954 Marcon Boulevard Allentown, PA - 103,665 - 1,108,205 57 South Commerce Way Bethlehem, PA - 390,839 2,701,161 177,646 754 Roble Road Allentown, PA - 162,115 1,731,885 123,892 894 Marcon Boulevard Allentown, PA - 117,134 1,048,866 145,648 744 Roble Road Allentown, PA - 159,771 1,734,229 247,264 944 Marcon Boulevard Allentown, PA - 118,521 1,435,479 223,107 1685 Valley Center Parkway Bethlehem, PA - 244,029 - 2,008,860 6520 Stonegate Drive Allentown, PA - 453,315 - 1,391,503 7437 Industrial Boulevard Allentown, PA - 717,488 5,022,413 1,769,355 2041 Avenue C Allentown, PA * 213,599 1,095,217 72,137 2124 Avenue C Allentown, PA * 289,197 1,039,835 484,776 7339 Industrial Boulevard Allentown, PA - 1,187,776 - 5,913,948 7384 Penn Drive Allentown, PA * 651,696 2,286,518 447,689 7144 Daniels Drive Allentown, PA - 2,390,217 2,342,761 3,565,895 7620 Cetronia Road Allentown, PA - 1,091,806 3,851,456 336,679 939 Marcon Boulevard Allentown, PA * 2,220,414 4,524,393 858,451 100 Brodhead Road Bethlehem, PA * 429,416 2,919,588 187,078 1455 Valley Center Parkway Bethlehem, PA - 670,290 - 3,623,704 1640 Valley Center Parkway Bethlehem, PA - 359,000 - 2,412,281 1650 Valley Center Parkway Bethlehem, PA - 359,000 - 2,210,935 1660 Valley Center Parkway Bethlehem, PA - 359,000 - 2,186,235 400 Nestle Way Allentown, PA 25,878,187 8,065,500 - 26,453,992 105 LIBERTY PROPERTY LIMITED PARTNERSHIP REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 COST CAPITALIZED INITIAL COST SUBSEQUENT --------------------------- TO PROJECT CITY ENCUMBRANCES LAND BUILDING ACQUISITION -------------------------------------- ------------------- ------------ ------------ -------------- -------------- OPERATING PROPERTIES - Continued 83 South Commerce Way Bethlehem, PA - 143,661 888,128 304,701 85 South Commerce Way Bethlehem, PA - 236,708 987,949 114,665 87 South Commerce Way Bethlehem, PA - 253,886 1,062,881 152,392 89 South Commerce Way Bethlehem, PA - 320,000 - 1,828,012 7248 Industrial Boulevard Allentown, PA - 2,670,849 13,307,408 728,272 95 Highland Avenue Bethlehem, PA - 430,593 3,182,080 445,066 236 Brodhead Road Bethlehem, PA - 376,962 4,672,683 25,646 1525 Valley Center Parkway Bethlehem, PA - 475,686 - 7,460,005 6620 Grant Way Allentown, PA - 430,824 1,915,923 6,338 700 Nestle Way Allentown, PA - 3,473,120 - 16,916,630 7562 Penn Drive Allentown, PA - 269,614 844,069 93,264 7277 Williams Avenue Allentown, PA - 462,964 1,449,009 271,360 7355 Williams Avenue Allentown, PA - 489,749 1,658,091 152,592 794 Roble Road Allentown, PA - 1,147,541 6,088,041 1,136,853 6923 Schantz Spring Road Allentown, PA - 1,127,805 3,309,132 165,875 7132 Daniels Drive Allentown, PA - 1,623,326 3,464,626 3,886,296 3985 Adler Place Bethlehem, PA - 705,367 3,915,820 471,397 8014 Industrial Boulevard Allentown, PA - 4,019,258 - 8,692,231 705 Boulder Drive Allentown, PA 150,000 4,484,096 - 15,003,242 651 Boulder Drive Allentown, PA - 4,308,646 - 13,108,539 3773 Corporate Parkway Center Valley, PA - 738,108 - 7,441,416 7028 Snowdrift Road Fogelville, PA - 520,473 959,279 130,973 180,190 Cochrane Drive Annapolis, MD - 3,670,256 - 16,803,473 7178-80 Columbia Gateway Columbia, MD - 1,569,237 4,786,887 645,248 9770 Patuxent Woods Drive Columbia, MD - 341,663 3,033,309 13,582 9780 Patuxent Woods Drive Columbia, MD - 218,542 1,940,636 7,254 9790 Patuxent Woods Drive Columbia, MD - 243,791 2,164,094 12,536 9810 Patuxent Woods Drive Columbia, MD - 266,684 2,366,901 9,127 9800 Patuxent Woods Drive Columbia, MD - 299,099 2,654,069 189,716 9820 Patuxent Woods Drive Columbia, MD - 237,779 2,110,835 27,196 9830 Patuxent Woods Drive Columbia, MD - 296,262 2,628,933 76,787 9050 Red Branch Road Columbia, MD - 290,950 2,577,153 311,153 4606 Richlynn Drive Belcamp, MD - 299,600 1,818,861 7,108 8945-8975 Guilford Road Columbia, MD - 2,428,795 7,493,740 204,034 7317 Parkway Drive Hanover, MD - 1,104,359 1,959,671 4,319 5950 Symphony Woods Road Columbia, MD - 1,462,762 11,310,187 132,547 9101,9111,9115 Guilford Road Columbia, MD - 758,951 - 3,245,076 9125,9135,9145 Guilford Road Columbia, MD - 900,154 - 5,454,397 1751 Bluehills Drive Roanoke, VA - 1,063,728 8,500,677 - 4300 Carolina Avenue Richmond, VA - 2,007,717 14,927,608 330,317 301 Hill Carter Parkway Richmond, VA - 659,456 4,836,010 - 4001 Carolina Avenue Richmond, VA - 29,443 215,914 64,343 5600-5626 Eastport Boulevard Richmond, VA * 489,941 3,592,900 111,058 5650-5674 Eastport Boulevard Richmond, VA * 644,384 4,025,480 81,312 5700 Eastport Boulevard Richmond, VA * 408,729 2,697,348 38,566 3432 Holland Road Virginia Beach, VA - 173,527 790,515 - 4880 Cox Road Glen Allen, VA * 743,898 4,499,807 1,127,008 4101- 4127 Carolina Avenue Richmond, VA * 310,854 2,279,597 70,437 4201-4261 Carolina Avenue Richmond, VA * 693,203 5,083,493 591,334 4263-4299 Carolina Avenue Richmond, VA - 256,203 2,549,649 1,059,396 4301-4335 Carolina Avenue Richmond, VA - 223,696 1,640,435 120,778 4337-4379 Carolina Avenue Richmond, VA * 325,303 2,385,557 746,263 4501-4549 Carolina Avenue Richmond, VA * 486,166 3,565,211 141,323 4551-4593 Carolina Avenue Richmond, VA * 474,360 3,478,646 127,874 4601-4643 Carolina Avenue Richmond, VA * 652,455 4,784,675 372,059 4645-4683 Carolina Avenue Richmond, VA * 404,616 2,967,187 1,012,104 4447-4491 Carolina Avenue Richmond, VA - 454,056 2,729,742 106,901 4401-4445 Carolina Avenue Richmond, VA * 615,038 4,510,272 31,465 12 S. Third Street Richmond, VA - 40,539 184,682 14,061 9601 Cosner Drive Fredericksburg, VA * 475,262 3,917,234 53,021 2300 East Parham Road Richmond, VA - 221,947 1,011,088 - 5601-5659 Eastport Boulevard Richmond, VA * 705,660 - 4,976,505 5900 Eastport Boulevard Richmond, VA * 676,661 - 4,471,494 4717-4729 Eubank Road Richmond, VA * 449,447 3,294,697 143,694 4263F-N. Carolina Avenue Richmond, VA * 91,476 - 1,631,649 5000 Cox Road Glen Allen, VA * 770,214 3,685,248 95,969 5500 Cox Road Glen Allen, VA * 443,485 - 2,671,989 510 Eastpark Court Richmond, VA * 261,961 2,110,874 134,170 520 Eastpark Court Richmond, VA * 486,118 4,083,582 69,899 13001 Kingston Avenue Richmond, VA - 376,584 - 2,032,172 5701-5799 Eastport Boulevard Richmond, VA - 694,644 - 5,608,550 4801 Cox Road Glen Allen, VA - 1,072,896 - 8,858,737 600 H P Way Chester, VA - 146,126 - 6,798,387 500 H P Way Chester, VA - 142,692 - 5,991,631 701 Liberty Way Richmond, VA * 171,711 - 5,008,315 4198 Cox Road Glen Allen, VA - 670,292 3,839,245 558,668 12730 Kingston Avenue Richmond, VA - 171,053 - 8,147,207 4510 Cox Road Glen Allen, VA - 1,010,024 7,151,729 729,365 2809 South Lynnhaven Road Virginia Beach, VA - 953,590 6,142,742 554,793 200 Golden Oak Court Virginia Beach, VA * 1,116,693 6,770,480 584,728 208 Golden Oak Court Virginia Beach, VA * 965,177 6,728,717 263,545 1 Enterprise Parkway Hampton, VA - 974,675 5,579,869 359,116 106 LIBERTY PROPERTY LIMITED PARTNERSHIP REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 COST CAPITALIZED INITIAL COST SUBSEQUENT --------------------------- TO PROJECT CITY ENCUMBRANCES LAND BUILDING ACQUISITION -------------------------------------- ------------------- ------------ ------------ -------------- -------------- OPERATING PROPERTIES - Continued 22 Enterprise Parkway Hampton, VA - 1,097,368 6,760,778 435,672 530 Eastpark Court Richmond, VA - 266,883 - 2,755,534 484 Viking Drive Virginia Beach, VA - 891,753 3,607,890 149,146 10430 Lakeridge Parkway Ashland, VA - 421,267 3,770,870 52,726 10456 Lakeridge Parkway Ashland, VA - 409,261 3,663,754 64,073 3829-3855 Gaskins Road Richmond, VA - 364,165 3,264,114 6,679 629 Phoenix Drive Virginia Beach, VA - 371,694 2,108,097 48,028 11838 Rock Landing Drive Newport News, VA - 673,942 2,111,481 494,342 11844 Rock Landing Drive Newport News, VA - 326,774 1,391,561 74,890 11846 Rock Landing Drive Newport News, VA - 299,066 1,419,266 309,233 11832 Rock Landing Drive Newport News, VA - 299,066 1,419,266 5,055,811 10800 Nuckols Boulevard Richmond, VA - 1,432,462 - 14,358,942 5700 Cleveland Street Virginia Beach, VA - 700,112 9,592,721 831,459 801 Liberty Way Richmond, VA * 780,000 - 6,104,608 5 Manhattan Square Hampton, VA - 207,368 - 1,562,803 100 Westgate Parkway Richmond, VA - 1,140,648 101,824 8,275,261 1309 Executive Boulevard Cheaspeake, VA - 926,125 - 5,059,996 21 Enterprise Parkway Hamton, VA - 263,668 8,167,118 123,083 4523 Green Point Drive High Point, NC - 234,564 - 2,403,961 4501 Green Point Drive High Point, NC - 319,289 - 2,335,761 4500 Green Point Drive High Point, NC - 230,622 - 2,190,555 2427 Penny Road High Point, NC - 1,165,664 - 6,228,051 4524 Green Point Drive High Point, NC * 182,810 - 2,184,629 4328, 4336 Federal Drive High Point, NC 5,623,271 521,122 - 7,063,422 200 Centreport Drive Greensboro, NC * 331,400 3,768,600 418,815 4344 Federal Drive High Point, NC * 484,001 - 2,361,623 202 Centreport Drive Greensboro, NC * 549,948 5,360,462 572,253 101 Centreport Drive Greensboro, NC - 826,237 - 7,755,692 4000 Piedmont Parkway High Point, NC * 592,885 4,825,615 429,102 4380 Federal Drive High Point, NC - 282,996 - 2,109,455 4388 Federal Drive High Point, NC - 143,661 - 1,119,330 6532 Judge Adams Road Rock Creek, NC - 354,903 - 3,488,165 6530 Judge Adams Road Rock Creek, NC - 305,821 - 4,458,196 150 Ridgeview Center Drive Duncan, SC - 711,353 8,056,324 881,444 1320 Garlington Road Greenville, SC - 398,539 1,761,533 51,112 420 Park Avenue Greenville, SC * 522,548 2,730,261 550,091 4160 Mendenhall Oaks Parkway High Point, NC - 285,882 - 3,086,093 4194 Mendenhall Oaks Parkway High Point, NC - 102,372 - 2,361,700 4196 Mendenhall Oaks Parkway High Point, NC - 66,731 - 2,108,548 4170 Mendenhall Oaks Parkway High Point, NC - 143,699 - 2,200,631 4180 Mendenhall Oaks Parkway High Point, NC - 121,329 - 1,759,812 4050 Piedmont Parkway High Point, NC - 801,902 - 18,159,735 One Independence Pointe Greenville, SC - 780,881 6,199,230 225,760 55 Beattie Place Greenville, SC - 2,643,105 23,439,801 830,099 75 Beattie Place Greenville, SC * 2,406,646 17,400,939 496,862 7736 McCloud Road Greensboro, NC - 591,795 5,895,312 227,487 15 Brendan Way Greenville, SC - 614,192 3,012,019 991,739 4300 Federal Drive High Point, NC - 264,038 - 1,621,937 4135 Mendenall Oaks Parkway High Point, NC - 499,500 - 2,712,012 4183 Eagle Hill Drive High Point, NC - 122,203 - 3,763,018 4189 Eagle Hill Drive High Point, NC - 100,106 - 2,866,186 4020 Meeting Way High Point, NC - 94,232 - 1,681,829 170 Ridgeview Drive Duncan, SC - 224,162 109,218 4,930,743 6509 Franz Warner Parkway Rock Creek, NC - 360,494 - 2,417,221 1730 Stebbins Drive Houston, TX - 143,258 - 478,152 5911-5925 Richard Street Jacksonville, FL - 275,582 - 508,967 8383-8385 Baycenter Road Jacksonville, FL - 63,703 - 713,824 8775 Baypine Road Jacksonville, FL - 906,804 - 3,174,423 6255 Lake Gray Boulevard Jacksonville, FL - 813,067 - 3,552,562 8665,8667,8669 Baypine Road Jacksonville, FL - 966,552 - 4,183,224 1200 Gulf Life Drive Jacksonville, FL - 1,028,864 - 18,405,444 8614 Baymeadows Way Jacksonville, FL - 290,291 - 1,082,548 5941-5975 Richard Street Jacksonville, FL - 583,622 - 1,131,332 7970 Bayberry Road Jacksonville, FL - 127,520 - 1,251,765 6000-6030 Bowdendale Avenue Jacksonville, FL - 275,475 - 1,697,973 7898 Baymeadows Way Jacksonville, FL - 561,802 - 1,951,868 5977-6607 Richard Street Jacksonville, FL - 180,033 - 3,249,765 7910 & 7948 Baymeadows Way Jacksonville, FL - 210,299 - 2,655,355 7954, 7960 Baymeadows Way Jacksonville, FL - 291,312 - 2,945,718 8787 Baypine Road Jacksonville, FL - 2,076,306 - 35,412,918 7077 Bonneval Road Jacksonville, FL - 768,000 5,789,000 1,283,363 4190 Belfort Road Jacksonville, FL - 821,000 5,866,000 1,835,428 7020 AC Skinner Parkway Jacksonville, FL * 398,257 - 2,461,550 7022 AC Skinner Parkway Jacksonville, FL * 706,934 - 3,097,328 11777 Central Highway Jacksonville, FL - 92,207 429,997 1,259,623 4345 Southpoint Parkway Jacksonville, FL - - - 8,734,288 7016 AC Skinner Parkway Jacksonville, FL - 597,181 - 2,326,445 7018 AC Skinner Parkway Jacksonville, FL - 840,996 - 4,082,054 7014 AC Skinner Parkway Jacksonville, FL - 574,198 - 3,349,127 6620 Southpoint Drive Jacksonville, FL - 614,602 4,267,477 557,500 7980 Bayberry Road Jacksonville, FL - 330,726 1,338,101 17,776 9600 Satellite Boulevard Orlando, FL - 252,850 1,297,923 54,059 107 LIBERTY PROPERTY LIMITED PARTNERSHIP REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 COST CAPITALIZED INITIAL COST SUBSEQUENT --------------------------- TO PROJECT CITY ENCUMBRANCES LAND BUILDING ACQUISITION -------------------------------------- ------------------- ------------ ------------ -------------- -------------- OPERATING PROPERTIES - Continued 9700 Satellite Boulevard Orlando, FL - 405,362 1,146,546 113,385 1902 Cypress Lake Drive Orlando, FL - 523,512 3,191,790 866,686 9550 Satellite Boulevard Orlando, FL - 574,831 - 2,087,623 8250 & 8256 Exchange Place Orlando, FL - 622,413 2,507,842 448,326 6600 Southpoint Parkway Jacksonville, FL - 998,432 4,055,727 328,425 6700 Southpoint Parkway Jacksonville, FL - 620,719 2,989,746 500,718 4801 Executive Park Court - 100 Jacksonville, FL * 554,993 2,993,277 445,021 4801 Executive Park Court - 200 Jacksonville, FL * 370,017 1,995,518 23,275 4810 Executive Park Court Jacksonville, FL * 369,694 3,045,639 47,709 6602 Executive Park Court - 100 Jacksonville, FL * 388,519 2,095,293 38,958 6602 Executive Park Court - 200 Jacksonville, FL * 296,014 1,596,347 114,520 6631 Executive Park Court - 100 Jacksonville, FL * 251,613 1,356,849 4,278 6631 Executive Park Court - 200 Jacksonville, FL * 406,561 2,195,070 178,372 4815 Executive Park Court - 100 Jacksonville, FL * 366,317 1,975,393 20,549 4815 Executive Park Court - 200 Jacksonville, FL * 462,522 2,494,397 187,247 4825 Executive Park Court Jacksonville, FL * 601,278 3,242,491 12,342 4820 Executive Park Court Jacksonville, FL * 555,173 2,693,130 591,331 10511 & 10611 Satellite Boulevard Orlando, FL - 517,554 2,568,186 237,621 1400-1440 Central Florida Parkway Orlando, FL - 518,043 2,561,938 74,142 6601 Executive Park Circle North Jacksonville, FL - 551,250 3,128,361 640 1300 Riverplace Boulevard Jacksonville, FL - 1,804,258 7,755,572 999,524 4901 Belfort Road Jacksonville, FL - 877,964 2,360,742 1,841,852 16445 Air Center Boulevard Houston, TX - 363,339 2,509,186 347,471 16405 Air Center Boulevard Houston, TX - 438,853 3,030,396 106,575 2216 Directors Row Orlando, FL - 453,918 2,572,202 25,865 7460 Chancellor Drive Orlando, FL - 266,555 902,949 246,252 1901 Summit Tower Boulevard Maitland, FL - 6,078,791 12,348,567 327,340 3701-3727 Vineland Road Orlando, FL - 767,929 2,096,504 67,289 4899 Belfort Road Jacksonville, FL - 1,299,201 - 7,859,853 4905 Belfort Street Jacksonville, FL - 638,154 - 3,411,407 16580 Air Center Boulevard Houston, TX - 289,000 3,559,857 (12,163) 7251 Salisbury Road Jacksonville, FL - - - 2,932,062 2400 South Lake Orange Drive Orlando, FL - 385,964 - 2,359,882 10245 Centurion Parkway North Jacksonville, FL - 852,644 3,510,889 582,223 6501 Lee Vista Boulevard Orlando, FL - 903,701 - 5,515,772 1755 Trans Central Drive Houston, TX - 293,534 3,036,269 133,314 10771 Palm Bay Drive Orlando, FL - 664,605 - 2,512,823 5501-5519 Pioneer Park Boulevard Tampa, FL - 162,000 1,613,000 188,001 5690-5694 Crenshaw Street Tampa, FL - 181,923 1,812,496 140,795 3102,3104,3110 Cherry Palm Drive Tampa, FL - 503,767 2,787,585 403,715 8401-8408 Benjamin Road Tampa, FL - 789,651 4,454,648 456,583 3501 Riga Boulevard Tampa, FL - 617,289 3,048,379 95,839 111 Kelsey Lane Tampa, FL - 359,540 1,461,850 451,966 7930,8010-20 Woodland Center Boulevard Tampa, FL * 1,408,478 5,247,246 244,354 7920 Woodland Center Boulevard Tampa, FL * 1,382,648 2,445,444 104,336 8154-8198 Woodland Center Boulevard Tampa, FL * 399,088 2,868,834 44,000 8112-42 Woodland Center Boulevard Tampa, FL * 513,263 3,230,239 13,495 8212 Woodland Center Boulevard Tampa, FL * 820,882 2,322,720 14,210 131 Kelsey Lane Tampa, FL - 511,463 - 4,450,331 7724 Woodland Center Boulevard Tampa, FL - 235,893 - 2,108,523 7802-50 Woodland Center Boulevard Tampa, FL - 357,364 - 2,542,261 7852-98 Woodland Center Boulevard Tampa, FL - 357,364 - 2,291,373 8921 Brittany Way Tampa, FL - 255,583 1,063,882 827,162 5250 Eagle Trail Drive Tampa, FL - 952,860 - 3,457,917 7725 Woodland Center Boulevard Tampa, FL - 553,335 - 3,226,342 8001 Woodland Center Boulevard Tampa, FL - 350,406 - 2,240,698 4630 Woodland Corporate Boulevard Tampa, FL - 943,169 - 12,399,823 701-725 South US Highway 301 Tampa, FL - 654,259 - 3,097,143 4502 Woodland Corporate Boulevard Tampa, FL - - - 4,005,900 9001-9015 Brittany Way Tampa, FL - 239,034 - 1,420,321 4508 Woodland Corporate Boulevard Tampa, FL - 498,598 - 3,082,752 7622 Bald Cypress Place Tampa, FL - - - 1,339,980 901-933 US Highway 301S Tampa, FL - 570,005 - 3,047,107 1701 Clint Moore Boulevard Boca Raton, FL - 1,430,884 3,043,553 57,921 5410 - 5430 Northwest 33rd Avenue Ft. Lauderdale, FL - 603,776 4,176,238 398,765 6500 NW 12th Avenue Ft. Lauderdale, FL - 7,099 3,046,309 42,682 6600 NW 12th Avenue Ft. Lauderdale, FL - 7,102 3,047,462 299,081 1500 SW 5th Court Pompano Beach, FL - 972,232 3,892,085 46,438 1651 SW 5th Court Pompano Beach, FL - 203,247 811,093 18,392 1601 SW 5th Court Pompano Beach, FL - 203,247 811,093 50,505 1501 SW 5th Court Pompano Beach, FL - 203,247 811,093 22,163 1400 SW 6th Court Pompano Beach, FL - 1,157,049 4,620,956 72,461 1405 SW 6th Court Pompano Beach, FL - 392,138 1,565,787 45,121 595 SW 13th Terrace Pompano Beach, FL - 359,933 1,437,116 45,772 601 SW 13th Terrace Pompano Beach, FL - 164,413 655,933 24,625 605 SW 16th Terrace Pompano Beach, FL - 310,778 1,238,324 29,671 951 Broken Sound Parkway Boca Raton, FL - 1,426,251 6,098,952 184,097 3400 Lakeside Drive Miramar, FL - 2,022,153 11,345,881 413,418 3450 Lakeside Drive Miramar, FL - 2,022,152 11,357,143 197,551 3350 SW 148th Avenue Miramar, FL - 2,960,511 - 17,139,037 13650 NW 8th Street Sunrise, FL - 558,223 2,171,930 37,107 13630 NW 8th Street Sunrise, FL - 659,797 2,596,275 146,745 108 LIBERTY PROPERTY LIMITED PARTNERSHIP REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 COST CAPITALIZED INITIAL COST SUBSEQUENT --------------------------- TO PROJECT CITY ENCUMBRANCES LAND BUILDING ACQUISITION -------------------------------------- ------------------- ------------ ------------ -------------- -------------- OPERATING PROPERTIES - Continued 777 Yamato Road Boca Raton, FL - 4,101,247 16,077,347 2,677,067 1801 Clint Moore Road Boca Raton, FL - 1,065,068 4,481,644 232,490 6601-6625 W. 78th Street Bloomington, MN - 2,263,060 - 38,625,770 2905 Northwest Boulevard Plymouth, MN - 516,920 4,646,342 498,248 2800 Campus Drive Plymouth, MN - 395,366 3,554,512 337,217 2955 Xenium Lane Plymouth, MN - 151,238 1,370,140 255,937 9401-9443 Science Center Drive New Hope, MN - 431,295 3,888,684 244,480 6321-6325 Bury Drive Eden Prairie, MN - 462,876 4,151,790 180,272 7115-7173 Shady Oak Road Eden Prairie, MN - 454,974 4,089,410 436,419 7660-7716 Golden Triangle Drive Eden Prairie, MN - 568,706 5,115,177 1,340,905 7400 Flying Cloud Drive Eden Prairie, MN - 195,982 1,762,027 55,417 10301-10305 West 70th Street Eden Prairie, MN - 120,622 1,085,226 81,320 10321 West 70th Street Eden Prairie, MN - 145,198 1,305,700 32,908 10333 West 70th Street Eden Prairie, MN - 110,746 995,868 28,179 10349-10357 West 70th Street Eden Prairie, MN - 275,903 2,481,666 259,683 10365-10375 West 70th Street Eden Prairie, MN - 291,077 2,618,194 188,888 10393-10394 West 70th Street Eden Prairie, MN - 269,618 2,423,318 249,205 7078 Shady Oak Road Eden Prairie, MN - 343,093 3,085,795 47,532 10400 Viking Drive Eden Prairie, MN - 2,912,391 - 21,367,477 5600 & 5610 Rowland Road Minnetonka, MN - 828,650 7,399,409 1,124,384 2920 Northwest Boulevard Plymouth, MN - 392,026 3,433,678 653,397 5400-5500 Feltl Road Minnetonka, MN - 883,895 7,983,345 840,193 10300 Bren Road Minnetonka, MN - 344,614 3,110,477 154,021 14630-14650 28th Avenue North Plymouth, MN - 198,205 1,793,422 360,187 7695-7699 Anagram Drive Eden Prairie, MN - 760,525 3,254,758 25,622 7550 Meridian Circle Maple Grove, MN 2,067,139 513,250 2,901,906 (80,807) 2800 Northwest Boulevard Plymouth, MN 4,479,507 1,934,438 10,952,503 75,338 3255 Neil Armstrong Boulevard Eagan, MN - 1,131,017 - 3,377,738 4801 West 81st Street Bloomington, MN 777,917 1,624,701 2,494,368 450,290 8100 Cedar Avenue Bloomington, MN 2,178,012 501,313 3,675,416 25,281 9600 54th Avenue Plymouth, MN - 332,317 3,077,820 149,049 7800 Equitable Drive Eden Prairie, MN - 2,188,525 3,788,762 18,929 7905 Fuller Road Eden Prairie, MN - 1,229,862 4,075,167 9,190 9023 Columbine Road Eden Prairie, MN - 1,956,273 - 4,626,783 6161 Green Valley Drive Bloomington, MN - 740,378 3,311,602 719,459 4700 Nathan Lane North Minneapolis, MN - 1,501,308 8,446,083 323,002 8967 Columbine Road Eden Prairie, MN - 1,450,000 - 3,409,410 14390 Huntington Avenue Savage, MN - 1,463,666 6,271,050 139,842 550-590 Hale Avenue Oakdale, MN - 765,535 3,488,754 119,290 7777 Golden Triangle Drive Eden Prairie, MN - 993,101 2,136,862 876,271 8937 Columbine Road Eden Prairie, MN - 1,325,829 - 4,697,953 7615 Smetana Lane Eden Prairie, MN - 1,011,517 - 8,658,578 10801 Nesbitt Avenue South Bloomington, MN - 784,577 - 4,166,712 8995 Columbine Road Eden Prairie, MN - 1,087,594 - 3,492,053 26911-26957 Northwestern Highway Southfield, MI - 7,799,515 66,268,817 5,623,616 1650 Research Drive Troy, MI - 763,067 7,201,677 90,322 1775 Research Drive Troy, MI - 331,422 2,788,073 50,080 1875 Research Drive Troy, MI - 329,863 2,774,006 121,199 1850 Research Drive Troy, MI - 781,054 7,364,300 210,378 1965 Research Drive Troy, MI - 419,090 3,578,928 103,431 1960 Research Drive Troy, MI - 419,146 3,579,166 50,886 27260 Haggerty Road Farmington Hills, MI - 456,877 4,091,196 186,238 27200 Haggerty Road Farmington Hills, MI - 382,754 3,425,227 172,058 27280 Haggerty Road Farmington Hills, MI - 452,860 4,055,512 119,859 27220 Haggerty Road Farmington Hills, MI - 203,064 1,802,592 135,253 27240 Haggerty Road Farmington Hills, MI - 171,518 1,518,192 83,458 27300 Haggerty Road Farmington Hills, MI - 370,378 3,311,366 125,209 1101 Allen Drive Troy, MI - 98,144 887,935 22,883 1151 Allen Drive Troy, MI - 164,483 1,486,220 209,271 1300 Rankin Street Troy, MI - 134,090 1,212,752 124,810 1350 Rankin Street Troy, MI - 111,776 1,011,497 64,521 1376-1400 Rankin Street Troy, MI - 134,292 1,213,626 126,937 1352-1374 Rankin Street Troy, MI - 153,275 1,385,098 89,075 1324-1346 Rankin Street Troy, MI - 134,090 1,212,214 22,741 1301-1307 Rankin Street Troy, MI - 111,776 1,011,121 57,948 1409 Allen Drive Troy, MI - 142,370 1,286,048 214,397 1304 E Maple Road Troy, MI - 211,233 1,906,786 309,224 1334 Maplelawn Road Troy, MI - 124,296 1,122,802 17,977 1290 Maplelawn Road Troy, MI - 85,321 771,621 61,018 1070 Maplelawn Road Troy, MI - 68,560 620,595 47,208 950 Maplelawn Road Troy, MI - 252,429 2,265,259 26,448 894 Maplelawn Road Troy, MI - 181,749 1,632,243 19,497 1179 Maplelawn Road Troy, MI - 87,845 794,365 72,889 1940 Norwood Drive Troy, MI - 86,836 785,267 42,787 1311-1331 Maplelawn Road Troy, MI - 125,407 1,132,810 202,380 2354 Bellingham Street Troy, MI - 87,340 789,817 19,928 2360 Bellingham Street Troy, MI - 87,340 789,817 58,250 1911 Ring Drive Troy, MI - 86,129 778,900 77,825 26442-26450 Haggerty Road Farmington Hills, MI - 237,687 2,143,478 27,973 26500 Haggerty Road Farmington Hills, MI - 311,093 2,791,804 52,170 26650 Haggerty Road Farmington Hills, MI - 173,166 1,562,704 21,498 26700 Haggerty Road Farmington Hills, MI - 253,338 2,290,696 17,160 109 LIBERTY PROPERTY LIMITED PARTNERSHIP REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 COST CAPITALIZED INITIAL COST SUBSEQUENT --------------------------- TO PROJECT CITY ENCUMBRANCES LAND BUILDING ACQUISITION -------------------------------------- ------------------- ------------ ------------ -------------- -------------- OPERATING PROPERTIES - Continued 26750 Haggerty Road Farmington Hills, MI - 292,717 2,638,688 153,751 26800 Haggerty Road Farmington Hills, MI - 175,489 1,583,362 163,130 26842-26850 Haggerty Road Farmington Hills, MI - 239,606 2,160,470 194,932 26600 Haggerty Road Farmington Hills, MI - 455,846 - 2,524,219 26550 Haggerty Road Farmington Hills, MI - 368,083 - 2,585,958 50 West Big Beaver Road Troy, MI - 2,159,678 19,481,454 296,560 100 West Big Beaver Road Troy, MI - 2,113,006 19,057,355 377,625 245 Executive Drive Brookfield, WI - 577,067 5,197,903 195,157 8301 West Parkland Court Milwaukee, WI - 358,442 3,233,707 261,263 32991 Hamilton Court Farmington Hills, MI - 1,065,392 3,627,675 947,764 7500 West 110th Street Overland Park, KS - 2,380,493 9,575,474 208,344 7800 N. 113th Street Milwaukee, WI - 1,711,964 6,847,857 51,653 2475-2479 Elliot Avenue Troy, MI - 128,808 516,393 15,137 32661 Edward Avenue Madison Heights, MI - 378,838 2,330,550 4,054 32701 Edward Avenue Madison Heights, MI - 340,398 1,364,777 31,585 32751 Edward Avenue Madison Heights, MI - 151,410 859,462 40,581 32853 Edward Avenue Madison Heights, MI - 138,121 784,426 53,827 555 East Mandoline Avenue Madison Heights, MI - 140,862 799,993 80,328 599 East Mandoline Avenue Madison Heights, MI - 132,164 646,768 73,022 749 East Mandoline Avenue Madison Heights, MI - 144,658 708,054 915 750 East Mandoline Avenue Madison Heights, MI - 151,458 741,185 878 900 East Mandoline Avenue Madison Heights, MI - 157,729 771,872 1,836 949 East Mandoline Avenue Madison Heights, MI - 137,049 778,338 5,751 32090 John Road Madison Heights, MI - 70,351 399,251 6,610 31601 Research Park Drive Madison Heights, MI - 331,179 1,879,812 10,787 31651 Research Park Drive Madison Heights, MI - 194,012 1,101,576 1,132 31700 Research Park Drive Madison Heights, MI - 373,202 1,824,721 3,575 31701 Research Park Drive Madison Heights, MI - 185,845 1,054,681 72,097 31751 Research Park Drive Madison Heights, MI - 194,063 1,300,574 1,822 31800 Research Park Drive Madison Heights, MI - 217,929 1,601,469 14,793 800 Tech Row Madison Heights, MI - 444,977 2,984,811 31,445 900 Tech Row Madison Heights, MI - 155,606 883,725 24,370 1000 Tech Row Madison Heights, MI - 357,897 2,628,029 84,900 31771 Sherman Avenue Madison Heights, MI - 150,944 645,040 11,826 31791 Sherman Avenue Madison Heights, MI - 105,606 649,891 2,327 31811 Sherman Avenue Madison Heights, MI - 207,599 1,179,010 1,363 31831 Sherman Avenue Madison Heights, MI - 158,483 900,064 4,820 31900 Sherman Avenue Madison Heights, MI - 269,293 1,754,498 34,215 800 East Whitcomb Avenue Madison Heights, MI - 151,704 1,294,687 51,306 950 East Whitcomb Avenue Madison Heights, MI - 113,630 2,162,302 8,351 1000 East Whitcomb Avenue Madison Heights, MI - 113,512 1,023,613 51,628 1201 East Whitcomb Avenue Madison Heights, MI - 302,567 1,213,232 2,687 1210 East Whitcomb Avenue Madison Heights, MI - 121,298 329,051 540 1260 Kempar Avenue Madison Heights, MI - 78,720 385,223 20,780 1280 Kempar Avenue Madison Heights, MI - 142,305 536,474 18,700 22515 Heslip Drive Novi, MI - 144,477 338,277 54,151 9801 80th Avenue Pleasant Prairie, WI - 1,692,077 7,934,794 33,848 11950 W. Lake Park Drive Milwaukee, WI - 391,813 2,340,118 158,703 11400 W. Lake Park Drive Milwaukee, WI - 439,595 2,357,904 145,281 11425 W. Lake Park Drive Milwaukee, WI - 382,256 2,350,619 110,138 11301 W. Lake Park Drive Milwaukee, WI - 614,477 2,626,456 92,202 11900 W. Lake Park Drive Milwaukee, WI - 347,853 2,396,887 492,040 38100 Ecorse Road Romulus, MI - 955,063 - 9,253,328 16620-16650 W Bluemound Road Brookfield, WI - 586,665 4,289,907 253,155 1600-1630 East Big Beaver Road Troy, MI - 1,454,406 2,952,884 53,694 11414 West Park Place Milwaukee, WI - 234,443 - 8,958,865 11520 W. Calumet Road Milwaukee, WI - 341,698 1,527,548 48,494 12100 W. Park Place Milwaukee, WI - 534,470 3,239,389 69,540 N26 W23445 Paul Road Pewaukee, WI - 561,904 1,928,064 61,756 11200 W. Plank Court Wauwatosa, WI - 330,829 2,288,853 922,541 11020 W. Plank Court Wauwatosa, WI - 464,246 3,230,511 83,520 38000 Ecourse Road Romulus, MI - 807,660 - 12,395,505 3800 Lapeer Road Auburn Hills, MI - 3,152,801 6,908,519 76,904 50 Gibson Drive West Malling, UK ** - - 3,270,372 2 Kings Hill Avenue West Malling, UK - 785,565 - 3,720,641 50 Kings Hill Avenue West Malling, UK - 1,215,608 - 10,275,261 10 Kings Hill Avenue West Malling, UK - 983,547 - 4,983,912 30 Tower View West Malling, UK - 1,657,321 - 10,574,350 35 Kings Hill Avenue West Malling, UK - 812,193 - 2,510,554 39 Kings Hill Avenue West Malling, UK - 494,508 - 3,064,381 4 Abbey Wood Road West Malling, UK - - - 6,539,398 18 Kings Hill Avenue West Malling, UK - 829,785 - 5,449,322 ------------ ------------ -------------- -------------- Subtotal Operating Real Estate $ 80,328,369 $434,777,444 $1,482,811,958 $1,424,624,357 ============ ============ ============== ============== DEVELOPMENT IN PROGRESS 2301 Renaissance Boulevard King of Prussia, PA $ - $ 1,645,246 $ - $ 7,814,790 1500 Liberty Ridge Drive Wayne, PA - 8,287,555 - 19,709,577 1515 Grundy's Lane Bristol, PA - 457,285 - 1,963,093 3200 Horizon Drive King of Prussia, PA - - - 1,446,119 301 Berkeley Drive Bridgeport, NJ - 150,357 - 1,872,536 110 LIBERTY PROPERTY LIMITED PARTNERSHIP REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 COST CAPITALIZED INITIAL COST SUBSEQUENT --------------------------- TO PROJECT CITY ENCUMBRANCES LAND BUILDING ACQUISITION -------------------------------------- ------------------- ------------ ------------ -------------- -------------- DEVELOPMENT IN PROGRESS - Continued 74 West Broad Street Bethlehem, PA - 1,096,127 - 10,870,956 8150 Industrial Boulevard Allentown, PA - 2,564,167 - 8,126,323 8250 Industrial Boulevard Allentown, PA - 1,025,667 - 4,081,839 650 Boulder Drive Allentown, PA - 5,208,248 - 16,497,239 1605 Valley Center Parkway Bethlehem, PA - 729,751 - 7,372,700 3400 High Point Boulevard Bethlehem, PA - 298,227 - 867,429 6250 Old Dobbin Lane Columbia, MD - 958,105 - 2,868,810 6210 Old Dobbin Lane Columbia, MD - 958,105 - 2,461,512 6240 Old Dobbin Lane Columbia, MD - 958,105 - 2,461,525 5715 Old Shakopee Road West Bloomington, MN - 1,263,226 2,360,782 160,031 5735 Old Shakopee Road West Bloomington, MN - 1,263,226 2,360,782 160,822 20 Wright Avenue Hunt Valley, MD - 1,205,946 - 491,726 200 Westgate Parkway Richmond, VA - 1,623,612 - 3,929,550 1305 Executive Boulevard Chesapeake, VA - 861,020 - 3,277,013 1313 Executive Boulevard Chesapeake, VA - 1,180,036 - 3,315,613 3 Independence Pointe Greenville, SC - - - 2,380,402 5 Independence Pointe Greenville, SC - - - 2,926,587 1400 Mendenhall Oaks Parkway High Point, NC - 172,320 - 4,892,529 4191 Mendenhall Oaks Parkway High Point, NC - 217,943 - 2,294,260 979 Batesville Road Greer, SC - 1,190,555 - 3,578,337 4887 Belfort Road Jacksonville, FL - 1,299,202 - 7,177,752 7255 Salisbury Road Jacksonville, FL - 392,060 - 1,986,290 2416 Lake Orange Drive Orlando, FL - 385,964 - 2,534,937 16605 Air Center Boulevard Houston, TX - 298,999 - 2,593,206 4503 Woodland Corporate Boulevard Tampa, FL - - - 2,534,514 4505 Woodland Corporate Boulevard Tampa, FL - - - 2,591,128 4511 Woodland Corporate Boulevard Tampa, FL - - - 2,597,638 7851-61 Woodland Center Parkway Tampa, FL - 202,550 - 1,154,338 7805 Hudson Road Woodbury, MN - 1,279,834 - 6,465,303 4600 Nathan Lane Plymouth, MN - 1,063,558 - 4,743,534 8911 Columbine Road Eden Prairie, MN - 916,687 - 2,812,846 5775 Old Shakopee Road West Bloomington, MN - 2,052,018 3,849,649 2,927,385 2600 Bellingham Drive Troy, MI - 1,796,869 - 3,950,950 2710 Bellingham Drive Troy, MI - 1,796,869 - 2,946,385 10855 West Park Place Milwaukee, WI - 122,894 - 2,235,243 30 Kings Hill Avenue West Malling, UK - - - 2,685,636 Aymer House Chertsey, UK 2,183,878 - - 11,013,828 Uxbridge London, UK 7,375,801 - - 20,522,583 ------------ ------------ -------------- -------------- Subtotal Development in Progress $ 9,559,679 $ 44,922,333 $ 8,571,214 $ 199,294,814 ============ ============ ============== ============== LAND HELD FOR DEVELOPMENT Keystone Industrial Park Land Bristol, PA $ - $ 273,149 $ - $ 106,068 50 Prudential Road Horsham, PA - 183,617 - (183,617) 1710 Arch Street Philadelphia, PA - 7,847,607 - 4,578,739 1722 Arch Street Philadelphia, PA - 290,475 - 31,663 JFK & Arch Parking Lots/Land (East) Philadelphia, PA - 14,291,957 - 1,014,570 JFK & Arch Parking Lots/Land (West) Philadelphia, PA - 4,700,222 - (3,099,176) 425 Privet Road Horsham, PA - 3,326,536 6,080 555,136 425 Privet Road Horsham, PA - 1,855,251 3,420 159,974 Quarry Ridge Land Malvern, PA - 8,398,708 - 1,129,367 Commodore Business Park Logan, NJ - 1,756,748 - 2,931,467 Marlton Executive Park Land Marlton, NJ - 550,664 - 414,256 800 Arlington Boulevard Expansion Land Logan, NJ - 195,686 - (195,686) 300 Fellowship Road Land Mt. Laurel, NJ - 1,512,120 - 103,437 Lehigh Valley Corporate Center Land Bethlehem, PA - 309,058 - (49,263) LVCC Phase 2 Land Bethlehem, PA - 3,944,052 - 2,931,433 650 Boulder Drive Expansion Allentown, PA - 2,861,715 - 1,440,170 9th & Hamilton Streets Allentown, PA - 615,624 - - Columbia Crossing Land Columbia, MD - 3,865,848 - 1,812,683 6250 Old Dobbin Lane Columbia, MD - 958,105 - 508,829 Hunt Valley Land Hunt Valley, MD - 2,166,068 - (15,797) Fairgrounds Distribution Center Land Richmond, VA - 100,000 - (87,019) Rivers' Bend Business Park Chesterfield, VA - 1,695,415 - 3,474,390 Woodlands Center Land Sandston, VA - 928,555 - 758,650 501 H P Way Chesterfield, VA - 165,042 - 484,965 Eastport VII Richmond, VA - 787,091 - 841,227 Eastport VIII Richmond, VA - 379,836 - 6,187 Eastport IX Richmond, VA - 209,856 - 5,096 Westmoreland II Land Virginia Beach, VA - 758,403 - 180,212 Westmoreland III Land Virginia Beach, VA - 645,966 - 129,416 Volvo Center Land Hampton, VA - 1,650,423 - 215,722 Lakefront Plaza II Land Hampton, VA 349,984 132,785 - 17,451 Mendenhall Business Park I High Point, NC - 1,910,135 - 5,714,256 Independence Pointe Land Greenville, SC - 1,304,084 - 1,278,553 Eagle Hill Business Park Land High Point, NC - 201,860 - 668,016 Southpark Business Park Jacksonville, FL - 349,339 - 147,774 Liberty Business Park Land Jacksonville, FL - 448,097 - 89,719 7024 AC Skinner Parkway Jacksonville, FL - 468,643 - 356,308 Silo Bend Land Tampa, FL - 2,816,927 - 1,487,673 Exchange Place Land Orlando, FL - 193,406 - (193,406) 111 LIBERTY PROPERTY LIMITED PARTNERSHIP REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 COST CAPITALIZED INITIAL COST SUBSEQUENT --------------------------- TO PROJECT CITY ENCUMBRANCES LAND BUILDING ACQUISITION -------------------------------------- ------------------- ------------ ------------ -------------- -------------- LAND HELD FOR DEVELOPMENT - Continued Belfort Road Jacksonville, FL - 468,643 - 104,679 Butler Plaza Land Jacksonville, FL - 1,303,792 - 1,021,075 South Center Land Orlando, FL - 2,496,566 - (333,216) South Center Land Orlando, FL - 479,859 - 117,235 Orlando Corporate Center Land Orlando, FL - 903,701 - (1,808) Salisbury Road Land Jacksonville, FL - 880,828 - 679,090 Central Green Land Houston, TX - 1,095,592 - 531,406 Woodland Corporate Center Land Tampa, FL - - - 1,244,810 6119 W. Linebaugh Avenue Tampa, FL - 175,886 - 22,320 Pompano Bus Park Land-Lots 100,101 Boca Raton, FL - 407,328 - 20,886 Pompano Bus Park Land-Lots 60, 61 Boca Raton, FL - 509,233 - 13,045 Boca Colannade Land Boca Raton, FL - 3,649,792 - 1,112,289 Lake Smetana Business Park Eden Prairie, MN - 4,500,641 - (124,038) 8855 Columbine Road Eden Prairie, MN - 1,400,925 - 2,525,226 5705 Old Shakopee Road W. Land Bloomington, MN - 2,113,223 - 14,071 Romulus Land Romulus, MI - 1,019,013 - 268,497 Big Beaver Airport Land Troy, MI - 8,537,972 - 1,626,725 Park Place South Land Milwaukee, WI - 2,362,904 - 2,632,823 6505 Cogswell Road Romulus, MI - 594,523 - 3,040,404 Northsight Land Scottsdale, AZ - 10,245,763 - 1,077,473 ------------ ------------ -------------- -------------- Subtotal Land Held for Development $ 349,984 $118,195,257 $ 9,500 $ 45,342,435 ============ ============ ============== ============== Total All Properties $ 90,238,032 $597,895,034 $1,491,392,672 $1,669,261,606 ============ ============ ============== ============== * Denotes property is collateralized under mortgages with Nationwide, Principal Mutual, American General, New York Life, and USG Annuity and Life totalling $249.9 million. ** Rouse leases land from Kent County Council
112
LIBERTY PROPERTY LIMITED PARTNERSHIP REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 GROSS AMOUNT CARRIED AT CLOSE OF PERIOD ------------------------------------------------- LAND AND BUILDING AND TOTAL PROJECT CITY IMPROVEMENTS IMPROVEMENTS @ 12/31/01 -------------------------------------- --------------------- --------------- --------------- --------------- OPERATING PROPERTIES 10, 20 Liberty Boulevard Malvern, PA $ 724,846 $ 5,125,917 $ 5,850,763 420 Lapp Road Malvern, PA 1,055,243 6,458,865 7,514,108 747 Dresher Road Horsham, PA 1,607,977 4,114,371 5,722,348 45-67 Great Valley Parkway Malvern, PA 795,831 3,143,105 3,938,936 40 Valley Stream Parkway Malvern, PA 325,775 2,276,842 2,602,617 50 Valley Stream Parkway Malvern, PA 323,792 2,231,277 2,555,069 20 Valley Stream Parkway Malvern, PA 466,413 5,036,744 5,503,157 800 Town Center Drive Langhorne, PA 1,619,288 9,249,311 10,868,599 9, 15, 25 Great Valley Parkway Malvern, PA 1,837,878 15,002,267 16,840,145 257-275 Great Valley Parkway Malvern, PA 505,458 4,364,460 4,869,918 300 Technology Drive Malvern, PA 374,497 1,322,745 1,697,242 277-293 Great Valley Parkway Malvern, PA 531,534 2,064,172 2,595,706 311 Technology Drive Malvern, PA 397,948 2,239,906 2,637,854 325 Technology Drive Malvern, PA 385,693 1,862,278 2,247,971 7 Great Valley Parkway Malvern, PA 177,317 4,470,291 4,647,608 55 Valley Stream Parkway Malvern, PA 215,818 3,373,628 3,589,446 65 Valley Stream Parkway Malvern, PA 382,361 5,038,293 5,420,654 508 Lapp Road Malvern, PA 332,216 1,861,427 2,193,643 10 Valley Stream Parkway Malvern, PA 509,899 3,004,770 3,514,669 333 Phoenixville Pike Malvern, PA 524,230 2,916,673 3,440,903 30 Great Valley Parkway Malvern, PA 128,783 384,842 513,625 75 Great Valley Parkway Malvern, PA 143,811 697,892 841,703 27-43 Great Valley Parkway Malvern, PA 449,447 2,201,425 2,650,872 77-123 Great Valley Parkway Malvern, PA 888,359 4,863,095 5,751,454 260 Great Valley Parkway Malvern, PA 212,768 1,139,027 1,351,795 256 Great Valley Parkway Malvern, PA 161,949 1,784,867 1,946,816 205 Great Valley Parkway Malvern, PA 1,369,003 10,202,712 11,571,715 12,14,16 Great Valley Parkway Malvern, PA 128,767 1,284,740 1,413,507 155 Great Valley Parkway Malvern, PA 626,068 2,297,216 2,923,284 333 Technology Drive Malvern, PA 158,077 2,325,340 2,483,417 510 Lapp Road Malvern, PA 357,751 925,786 1,283,537 181 Wheeler Court Langhorne, PA 263,490 2,228,816 2,492,306 1100 Wheeler Way Langhorne, PA 151,500 1,189,216 1,340,716 60 Morehall Road Malvern, PA 884,974 14,024,452 14,909,426 905 Airport Road West Chester, PA 1,735,012 5,885,475 7,620,487 1 Country View Road Malvern, PA 406,421 4,067,090 4,473,511 2151 Cabot Boulevard Langhorne, PA 389,990 3,693,551 4,083,541 170 South Warner Road King of Prussia, PA 458,232 5,468,599 5,926,831 190 South Warner Road King of Prussia, PA 461,909 4,628,893 5,090,802 507 Prudential Road Horsham, PA 652,919 10,227,874 10,880,793 100 Witmer Road Horsham, PA 3,764,784 11,158,399 14,923,183 3100 Horizon Drive King of Prussia, PA 611,436 1,994,758 2,606,194 3300 Horizon Drive King of Prussia, PA 687,878 3,282,832 3,970,710 3500 Horizon Drive King of Prussia, PA 1,223,875 2,592,556 3,816,431 200 Chesterfield Parkway Malvern, PA 544,649 2,978,541 3,523,190 767 Electronic Drive Horsham, PA 1,241,970 2,752,124 3,994,094 132 Welsh Road Horsham, PA 1,408,041 3,688,307 5,096,348 5 Country View Road Malvern, PA 786,235 4,826,181 5,612,416 3200 Horizon Drive King of Prussia, PA 1,210,137 4,019,475 5,229,612 3000 Horizon Drive King of Prussia, PA 946,703 2,540,196 3,486,899 111-195 Witmer Road Horsham, PA 378,205 3,052,803 3,431,008 300 Welsh Road - Building 3 Horsham, PA 180,459 1,646,536 1,826,995 300 Welsh Road - Building 4 Horsham, PA 282,493 3,332,147 3,614,640 8801 Tinicum Boulevard Philadelphia, PA 125,087 45,938,215 46,063,302 440 East Swedesford Road King of Prussia, PA 717,001 6,384,450 7,101,451 460 East Swedesford Road King of Prussia, PA 705,317 5,357,551 6,062,868 50 Morehall Road Malvern, PA 1,337,076 12,556,217 13,893,293 2 Walnut Grove Drive Horsham, PA 1,265,363 8,602,612 9,867,975 5 Walnut Grove Drive Horsham, PA 1,939,712 8,358,275 10,297,987 200 Gibraltar Road Horsham, PA 638,513 6,543,043 7,181,556 220 Gibraltar Road Horsham, PA 629,944 6,786,275 7,416,219 240 Gibraltar Road Horsham, PA 629,944 5,785,958 6,415,902 151 South Warner Road King of Prussia, PA 1,186,972 7,167,350 8,354,322 1 Walnut Grove Drive Horsham, PA 1,058,901 6,385,163 7,444,064 3604 Horizon Drive King of Prussia, PA 350,874 1,614,948 1,965,822 3606 Horizon Drive King of Prussia, PA 815,855 1,914,370 2,730,225 650 Swedesford Road King of Prussia, PA 952,911 14,277,512 15,230,423 680 Swedesford Road King of Prussia, PA 952,361 13,985,768 14,938,129 761 Fifth Avenue King of Prussia, PA 256,463 2,575,841 2,832,304 771 Fifth Avenue King of Prussia, PA 152,456 1,518,589 1,671,045 1 Great Valley Parkway Malvern, PA 419,460 4,122,527 4,541,987 5 Great Valley Parkway Malvern, PA 684,200 6,649,736 7,333,936 311 Sinclair Road Bristol, PA 277,901 1,594,504 1,872,405 1001 Cedar Hollow Road Malvern, PA 1,646,984 15,837,528 17,484,512 3 Country View Road Malvern, PA 1,128,881 4,631,831 5,760,712 425 Technology Drive Malvern, PA 321,473 1,710,131 2,031,604 375 Technology Drive Malvern, PA 234,922 1,726,409 1,961,331 45 Liberty Boulevard Malvern, PA 4,749,748 14,712,816 19,462,564 100 Chesterfield Parkway Malvern, PA 1,349,954 6,578,864 7,928,818 181-187 Gibraltar Road Horsham, PA 360,549 3,737,068 4,097,617 113 LIBERTY PROPERTY LIMITED PARTNERSHIP REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 GROSS AMOUNT CARRIED AT CLOSE OF PERIOD ------------------------------------------------- LAND AND BUILDING AND TOTAL PROJECT CITY IMPROVEMENTS IMPROVEMENTS @ 12/31/01 -------------------------------------- --------------------- --------------- --------------- --------------- OPERATING PROPERTIES - Continued 104 Rock Road Horsham, PA 330,111 3,095,992 3,426,103 123-135 Rock Road Horsham, PA 393,019 2,979,435 3,372,454 111-159 Gibraltar Road Horsham, PA 489,032 4,476,104 4,965,136 161-175 Gibraltar Road Horsham, PA 294,673 3,190,397 3,485,070 103-109 Gibraltar Road Horsham, PA 270,906 3,028,521 3,299,427 261-283 Gibraltar Road Horsham, PA 464,871 4,048,971 4,513,842 210-223 Witmer Road Horsham, PA 270,282 3,898,266 4,168,548 231-237 Gibraltar Road Horsham, PA 436,952 4,305,850 4,742,802 100 Gibraltar Road Horsham, PA 38,729 358,432 397,161 101 Gibraltar Road Horsham, PA 731,990 6,017,070 6,749,060 506 Prudential Road Horsham, PA 208,140 1,513,745 1,721,885 113-123 Rock Road Horsham, PA 451,731 3,304,433 3,756,164 101-111 Rock Road Horsham, PA 452,251 3,300,522 3,752,773 120 Gibraltar Road Horsham, PA 558,142 4,950,282 5,508,424 110 Gibraltar Road Horsham, PA 673,041 6,070,628 6,743,669 100-107 Lakeside Drive Horsham, PA 255,528 2,743,640 2,999,168 200-264 Lakeside Drive Horsham, PA 502,705 4,974,279 5,476,984 300-309 Lakeside Drive Horsham, PA 376,475 4,784,870 5,161,345 400-445 Lakeside Drive Horsham, PA 583,628 6,402,429 6,986,057 104 Witmer Road Horsham, PA 189,793 2,106,872 2,296,665 201 Gibraltar Road Horsham, PA 380,127 4,467,307 4,847,434 3600 Horizon Drive King of Prussia, PA 236,432 1,871,604 2,108,036 3602 Horizon Drive King of Prussia, PA 217,809 1,854,866 2,072,675 3 Franklin Plaza Philadelphia, PA 2,514,519 32,025,313 34,539,832 400-500 Brandywine Parkway West Chester, PA 845,846 7,173,108 8,018,954 600 Brandywine Parkway West Chester, PA 664,899 5,910,575 6,575,474 2700 Horizon Drive King of Prussia, PA 867,815 3,569,832 4,437,647 2900 Horizon Drive King of Prussia, PA 774,096 3,408,408 4,182,504 2500 Renaissance Boulevard King of Prussia, PA 592,886 2,337,171 2,930,057 2300 Renaissance Boulevard King of Prussia, PA 574,152 2,618,628 3,192,780 719 Dresher Road Horsham, PA 495,112 3,007,664 3,502,776 2100 Renaissance Boulevard King of Prussia, PA 1,132,519 9,301,812 10,434,331 4 Walnut Grove Horsham, PA 2,515,115 7,324,883 9,839,998 2250 Hickory Road Plymouth Meeting, PA 1,015,851 10,117,024 11,132,875 3400 Horizon Drive King of Prussia, PA 776,496 4,112,915 4,889,411 300 Welsh Road Horsham, PA 696,061 3,389,619 4,085,680 600 Chesterfield Parkway Malvern, PA 2,050,555 8,098,519 10,149,074 700 Chesterfield Parkway Malvern, PA 2,037,813 8,072,087 10,109,900 6 Terry Drive Newtown, PA 622,205 2,249,996 2,872,201 2520 Renaissance Boulevard King of Prussia, PA 978,402 4,199,855 5,178,257 18 Great Valley Parkway Malvern, PA 397,293 4,008,215 4,405,508 700 Dresher Road Horsham, PA 2,565,140 6,099,124 8,664,264 2201 Renaissance Boulevard King of Prussia, PA 2,413,514 12,736,606 15,150,120 2540 Renaissance Boulevard King of Prussia, PA 274,341 1,377,233 1,651,574 2560 Renaissance Boulevard King of Prussia, PA 649,792 3,079,462 3,729,254 1501-1513 Grundy's Lane Bristol, PA 559,610 2,496,502 3,056,112 11 Great Valley Parkway Malvern, PA 708,331 3,045,616 3,753,947 680 Blair Mill Road Horsham, PA 4,134,733 11,389,514 15,524,247 825 Duportail Road Wayne, PA 5,539,281 16,676,540 22,215,821 1200 Liberty Ridge Drive Wayne, PA 5,223,660 9,023,558 14,247,218 2760 Red Lion Road Philadelphia, PA 3,687,888 41,412,023 45,099,911 200 Precision Drive Horsham, PA 1,561,474 7,324,388 8,885,862 40 Liberty Boulevard Malvern, PA 4,241,166 19,919,901 24,161,067 102 Rock Road Horsham, PA 1,113,802 2,717,607 3,831,409 14 Lee Boulevard Malvern, PA 643,892 6,046,867 6,690,759 500 Chesterfield Parkway Malvern, PA 473,139 3,208,244 3,681,383 300-400 Chesterfield Parkway Malvern, PA 937,942 4,880,480 5,818,422 8 Stow Road Marlton, NJ 172,945 1,823,164 1,996,109 10 Stow Road Marlton, NJ 147,318 1,902,007 2,049,325 12 Stow Road Marlton, NJ 103,618 1,248,229 1,351,847 14 Stow Road Marlton, NJ 93,418 1,230,141 1,323,559 701A Route 73 South Marlton, NJ 271,743 6,156,103 6,427,846 701C Route 73 South Marlton, NJ 96,161 1,656,267 1,752,428 1008 Astoria Boulevard Cherry Hill, NJ 32,698 797,137 829,835 3000 Atrium Way Mt. Laurel, NJ 512,018 8,011,467 8,523,485 750 Cardinal Drive Bridgeport, NJ 236,190 2,719,631 2,955,821 11000, 15000 Commerce Parkway Mt. Laurel, NJ 311,950 3,684,310 3,996,260 12000, 14000 Commerce Parkway Mt. Laurel, NJ 362,855 3,540,174 3,903,029 16000, 18000 Commerce Parkway Mt. Laurel, NJ 290,545 2,981,379 3,271,924 400 Lippincott Drive Marlton, NJ 317,799 2,822,580 3,140,379 406 Lippincott Drive Marlton, NJ 327,554 2,327,850 2,655,404 234 High Hill Road Bridgeport, NJ 250,444 1,825,410 2,075,854 101 Arlington Boulevard Bridgeport, NJ 374,836 4,233,663 4,608,499 100 Berkeley Drive Bridgeport, NJ 1,254,374 5,744,687 6,999,061 301 Lippincott Drive Marlton, NJ 1,069,838 5,246,286 6,316,124 303 Lippincott Drive Marlton, NJ 1,069,838 6,106,310 7,176,148 510-512 Sharptown Road Bridgeport, NJ 125,410 1,120,462 1,245,872 901 Route 73 Marlton, NJ 334,411 2,853,897 3,188,308 1300 Route 73 North Mt. Laurel, NJ 450,558 3,792,914 4,243,472 512 Sharptown Road Bridgeport, NJ 180,468 1,751,437 1,931,905 201 Berkeley Drive Bridgeport, NJ 515,116 4,880,415 5,395,531 404 Lippincott Drive Marlton, NJ 131,896 1,650,431 1,782,327 104 Gaither Drive Mt. Laurel, NJ 136,446 1,372,543 1,508,989 114 LIBERTY PROPERTY LIMITED PARTNERSHIP REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 GROSS AMOUNT CARRIED AT CLOSE OF PERIOD ------------------------------------------------- LAND AND BUILDING AND TOTAL PROJECT CITY IMPROVEMENTS IMPROVEMENTS @ 12/31/01 -------------------------------------- --------------------- --------------- --------------- --------------- OPERATING PROPERTIES - Continued 402 Lippincott Drive Marlton, NJ 131,896 1,632,284 1,764,180 300 Commodore Drive Bridgeport, NJ 723,369 4,984,362 5,707,731 3000 Lincoln Drive Mt. Laurel, NJ 284,052 3,687,560 3,971,612 6000 Commerce Parkway Mt. Laurel, NJ 234,151 2,181,344 2,415,495 7000 Commerce Parkway Mt. Laurel, NJ 260,014 2,471,850 2,731,864 8000 Commerce Parkway Mt. Laurel, NJ 234,814 2,113,283 2,348,097 9000 Commerce Parkway Mt. Laurel, NJ 286,587 2,974,195 3,260,782 1000 Briggs Road Mt. Laurel, NJ 288,577 3,421,818 3,710,395 1025 Briggs Road Mt. Laurel, NJ 430,990 4,124,621 4,555,611 1020 Briggs Road Mt. Laurel, NJ 574,983 2,835,141 3,410,124 9 Stow Road Marlton, NJ 654,779 2,144,728 2,799,507 2000 Crawford Place Mt. Laurel, NJ 310,831 4,546,141 4,856,972 5000 Dearborn Court Mt. Laurel, NJ 1,057,763 4,313,251 5,371,014 515 Heron Drive Bridgeport, NJ 334,017 2,381,824 2,715,841 500 Sharptown Road Bridgeport, NJ 302,858 2,699,972 3,002,830 625 Heron Drive Bridgeport, NJ 180,226 958,705 1,138,931 605 Heron Drive Bridgeport, NJ 265,381 1,141,838 1,407,219 510 Heron Drive Bridgeport, NJ 790,335 8,252,530 9,042,865 522 Pedricktown Road Bridgeport, NJ 176,309 1,379,844 1,556,153 530 Pedricktown Road Bridgeport, NJ 350,813 1,932,775 2,283,588 540 Pedricktown Road Bridgeport, NJ 531,280 4,371,703 4,902,983 230 High Hill Road Bridgeport, NJ 1,418,000 8,889,526 10,307,526 3 Mallard Court Bridgeport, NJ 417,893 2,457,201 2,875,094 730 Cardinal Drive Bridgeport, NJ 576,598 1,826,686 2,403,284 405 Heron Drive Bridgeport, NJ 2,167,471 18,257,790 20,425,261 100 Eagle Road Bridgeport, NJ 256,491 1,454,953 1,711,444 250 High Hill Road Bridgeport, NJ 246,478 2,443,300 2,689,778 508 Center Square Road Bridgeport, NJ 453,341 3,459,188 3,912,529 602 Heron Drive Bridgeport, NJ 524,728 2,248,128 2,772,856 300 Eagle Court Bridgeport, NJ 1,135,989 1,891,920 3,027,909 500 Center Square Road Bridgeport, NJ 1,826,143 6,207,302 8,033,445 1001 Briggs Road Mt. Laurel, NJ 701,705 4,379,747 5,081,452 1960 Cuthbert Boulevard Cherry Hill, NJ 321,699 1,507,017 1,828,716 1970 Cuthbert Boulevard Cherry Hill, NJ 321,699 1,343,192 1,664,891 10000 & 11000 Route 73 Marlton, NJ 716,258 3,135,896 3,852,154 800 Arlington Boulevard Bridgeport, NJ 2,545,342 6,714,539 9,259,881 1015 Briggs Road Mt. Laurel, NJ 470,659 3,210,033 3,680,692 17000 Commerce Parkway Mt. Laurel, NJ 144,515 2,735,151 2,879,666 1655 Valley Center Parkway Bethlehem, PA 215,095 1,922,155 2,137,250 6560 Stonegate Drive Allentown, PA 458,945 2,400,058 2,859,003 6370 Hedgewood Drive Allentown, PA 541,459 3,146,306 3,687,765 6390 Hedgewood Drive Allentown, PA 707,867 2,633,589 3,341,456 1495 Valley Center Parkway Bethlehem, PA 435,303 3,656,877 4,092,180 6350 Hedgewood Drive Allentown, PA 560,691 3,179,793 3,740,484 6330 Hedgewood Drive Allentown, PA 532,047 4,526,957 5,059,004 1550 Valley Center Parkway Bethlehem, PA 197,700 3,279,080 3,476,780 1560 Valley Center Parkway Bethlehem, PA 240,732 3,964,850 4,205,582 6580 Snowdrift Road Allentown, PA 389,081 2,668,777 3,057,858 1510 Valley Center Parkway Bethlehem, PA 312,873 3,453,618 3,766,491 1530 Valley Center Parkway Bethlehem, PA 212,492 2,735,442 2,947,934 6540 Stonegate Drive Allentown, PA 422,730 3,644,061 4,066,791 974 Marcon Boulevard Allentown, PA 144,248 2,196,260 2,340,508 964 Marcon Boulevard Allentown, PA 139,480 1,583,083 1,722,563 764 Roble Road Allentown, PA 141,746 818,778 960,524 3174 Airport Road Allentown, PA 98,986 1,144,153 1,243,139 2196 Avenue C Allentown, PA 107,307 1,308,361 1,415,668 2202 Hanger Place Allentown, PA 138,127 1,309,308 1,447,435 2201 Hanger Place Allentown, PA 129,142 1,398,383 1,527,525 954 Marcon Boulevard Allentown, PA 104,453 1,107,417 1,211,870 57 South Commerce Way Bethlehem, PA 395,459 2,874,187 3,269,646 754 Roble Road Allentown, PA 163,735 1,854,157 2,017,892 894 Marcon Boulevard Allentown, PA 118,304 1,193,344 1,311,648 744 Roble Road Allentown, PA 161,371 1,979,893 2,141,264 944 Marcon Boulevard Allentown, PA 119,711 1,657,396 1,777,107 1685 Valley Center Parkway Bethlehem, PA 198,482 2,054,407 2,252,889 6520 Stonegate Drive Allentown, PA 484,361 1,360,458 1,844,819 7437 Industrial Boulevard Allentown, PA 726,651 6,782,605 7,509,256 2041 Avenue C Allentown, PA 213,879 1,167,074 1,380,953 2124 Avenue C Allentown, PA 289,529 1,524,279 1,813,808 7339 Industrial Boulevard Allentown, PA 1,197,447 5,904,277 7,101,724 7384 Penn Drive Allentown, PA 652,118 2,733,785 3,385,903 7144 Daniels Drive Allentown, PA 1,579,169 6,719,704 8,298,873 7620 Cetronia Road Allentown, PA 1,093,724 4,186,217 5,279,941 939 Marcon Boulevard Allentown, PA 2,220,548 5,382,710 7,603,258 100 Brodhead Road Bethlehem, PA 429,456 3,106,626 3,536,082 1455 Valley Center Parkway Bethlehem, PA 545,172 3,748,822 4,293,994 1640 Valley Center Parkway Bethlehem, PA 190,728 2,580,553 2,771,281 1650 Valley Center Parkway Bethlehem, PA 188,896 2,381,039 2,569,935 1660 Valley Center Parkway Bethlehem, PA 188,721 2,356,514 2,545,235 400 Nestle Way Allentown, PA 8,184,096 26,335,396 34,519,492 83 South Commerce Way Bethlehem, PA 212,744 1,123,746 1,336,490 85 South Commerce Way Bethlehem, PA 237,078 1,102,245 1,339,323 87 South Commerce Way Bethlehem, PA 253,886 1,215,273 1,469,159 115 LIBERTY PROPERTY LIMITED PARTNERSHIP REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 GROSS AMOUNT CARRIED AT CLOSE OF PERIOD ------------------------------------------------- LAND AND BUILDING AND TOTAL PROJECT CITY IMPROVEMENTS IMPROVEMENTS @ 12/31/01 -------------------------------------- --------------------- --------------- --------------- --------------- OPERATING PROPERTIES - Continued 89 South Commerce Way Bethlehem, PA 367,706 1,780,306 2,148,012 7248 Industrial Boulevard Allentown, PA 2,670,673 14,035,855 16,706,528 95 Highland Avenue Bethlehem, PA 430,593 3,627,146 4,057,739 236 Brodhead Road Bethlehem, PA 376,962 4,698,328 5,075,290 1525 Valley Center Parkway Bethlehem, PA 804,104 7,131,587 7,935,691 6620 Grant Way Allentown, PA 430,824 1,922,261 2,353,085 700 Nestle Way Allentown, PA 4,174,970 16,214,779 20,389,749 7562 Penn Drive Allentown, PA 269,614 937,333 1,206,947 7277 Williams Avenue Allentown, PA 463,123 1,720,210 2,183,333 7355 Williams Avenue Allentown, PA 489,749 1,810,683 2,300,432 794 Roble Road Allentown, PA 1,147,541 7,224,894 8,372,435 6923 Schantz Spring Road Allentown, PA 1,127,805 3,475,007 4,602,812 7132 Daniels Drive Allentown, PA 1,695,610 7,278,638 8,974,248 3985 Adler Place Bethlehem, PA 705,367 4,387,216 5,092,583 8014 Industrial Boulevard Allentown, PA 3,645,117 9,066,372 12,711,489 705 Boulder Drive Allentown, PA 4,486,836 15,000,502 19,487,338 651 Boulder Drive Allentown, PA 4,308,646 13,108,539 17,417,185 3773 Corporate Parkway Center Valley, PA 794,403 7,385,121 8,179,524 7028 Snowdrift Road Fogelville, PA 524,390 1,086,335 1,610,725 180,190 Cochrane Drive Annapolis, MD 3,752,293 16,721,436 20,473,729 7178-80 Columbia Gateway Columbia, MD 1,571,105 5,430,267 7,001,372 9770 Patuxent Woods Drive Columbia, MD 341,663 3,046,891 3,388,554 9780 Patuxent Woods Drive Columbia, MD 218,542 1,947,890 2,166,432 9790 Patuxent Woods Drive Columbia, MD 243,791 2,176,630 2,420,421 9810 Patuxent Woods Drive Columbia, MD 266,684 2,376,028 2,642,712 9800 Patuxent Woods Drive Columbia, MD 299,099 2,843,785 3,142,884 9820 Patuxent Woods Drive Columbia, MD 237,779 2,138,031 2,375,810 9830 Patuxent Woods Drive Columbia, MD 296,262 2,705,720 3,001,982 9050 Red Branch Road Columbia, MD 290,950 2,888,306 3,179,256 4606 Richlynn Drive Belcamp, MD 299,600 1,825,969 2,125,569 8945-8975 Guilford Road Columbia, MD 2,427,065 7,699,505 10,126,570 7317 Parkway Drive Hanover, MD 1,104,359 1,963,990 3,068,349 5950 Symphony Woods Road Columbia, MD 1,462,643 11,442,854 12,905,497 9101,9111,9115 Guilford Road Columbia, MD 765,952 3,238,074 4,004,026 9125,9135,9145 Guilford Road Columbia, MD 920,439 5,434,112 6,354,551 1751 Bluehills Drive Roanoke, VA 1,063,728 8,500,677 9,564,405 4300 Carolina Avenue Richmond, VA 2,009,136 15,256,505 17,265,641 301 Hill Carter Parkway Richmond, VA 659,456 4,836,010 5,495,466 4001 Carolina Avenue Richmond, VA 29,443 280,257 309,700 5600-5626 Eastport Boulevard Richmond, VA 489,941 3,703,958 4,193,899 5650-5674 Eastport Boulevard Richmond, VA 644,384 4,106,792 4,751,176 5700 Eastport Boulevard Richmond, VA 408,729 2,735,914 3,144,643 3432 Holland Road Virginia Beach, VA 173,527 790,515 964,042 4880 Cox Road Glen Allen, VA 743,898 5,626,815 6,370,713 4101- 4127 Carolina Avenue Richmond, VA 310,854 2,350,034 2,660,888 4201-4261 Carolina Avenue Richmond, VA 693,203 5,674,827 6,368,030 4263-4299 Carolina Avenue Richmond, VA 256,203 3,609,045 3,865,248 4301-4335 Carolina Avenue Richmond, VA 223,696 1,761,213 1,984,909 4337-4379 Carolina Avenue Richmond, VA 325,303 3,131,820 3,457,123 4501-4549 Carolina Avenue Richmond, VA 486,166 3,706,534 4,192,700 4551-4593 Carolina Avenue Richmond, VA 474,360 3,606,520 4,080,880 4601-4643 Carolina Avenue Richmond, VA 652,455 5,156,734 5,809,189 4645-4683 Carolina Avenue Richmond, VA 404,616 3,979,291 4,383,907 4447-4491 Carolina Avenue Richmond, VA 454,056 2,836,643 3,290,699 4401-4445 Carolina Avenue Richmond, VA 615,038 4,541,737 5,156,775 12 S. Third Street Richmond, VA 40,539 198,743 239,282 9601 Cosner Drive Fredericksburg, VA 475,262 3,970,255 4,445,517 2300 East Parham Road Richmond, VA 221,947 1,011,088 1,233,035 5601-5659 Eastport Boulevard Richmond, VA 720,100 4,962,065 5,682,165 5900 Eastport Boulevard Richmond, VA 687,898 4,460,256 5,148,154 4717-4729 Eubank Road Richmond, VA 452,263 3,435,575 3,887,838 4263F-N. Carolina Avenue Richmond, VA 91,599 1,631,525 1,723,124 5000 Cox Road Glen Allen, VA 771,029 3,780,402 4,551,431 5500 Cox Road Glen Allen, VA 483,263 2,632,211 3,115,474 510 Eastpark Court Richmond, VA 262,210 2,244,795 2,507,005 520 Eastpark Court Richmond, VA 486,598 4,153,001 4,639,599 13001 Kingston Avenue Richmond, VA 376,701 2,032,055 2,408,756 5701-5799 Eastport Boulevard Richmond, VA 700,503 5,602,691 6,303,194 4801 Cox Road Glen Allen, VA 1,075,620 8,856,012 9,931,632 600 H P Way Chester, VA 501,752 6,442,761 6,944,513 500 H P Way Chester, VA 491,919 5,642,404 6,134,323 701 Liberty Way Richmond, VA 1,188,857 3,991,169 5,180,026 4198 Cox Road Glen Allen, VA 670,292 4,397,913 5,068,205 12730 Kingston Avenue Richmond, VA 1,201,072 7,117,188 8,318,260 4510 Cox Road Glen Allen, VA 1,010,044 7,881,074 8,891,118 2809 South Lynnhaven Road Virginia Beach, VA 953,590 6,697,536 7,651,126 200 Golden Oak Court Virginia Beach, VA 1,116,693 7,355,208 8,471,901 208 Golden Oak Court Virginia Beach, VA 965,177 6,992,262 7,957,439 1 Enterprise Parkway Hampton, VA 974,675 5,938,985 6,913,660 22 Enterprise Parkway Hampton, VA 1,097,368 7,196,450 8,293,818 530 Eastpark Court Richmond, VA 334,772 2,687,645 3,022,417 484 Viking Drive Virginia Beach, VA 891,753 3,757,036 4,648,789 10430 Lakeridge Parkway Ashland, VA 421,267 3,823,595 4,244,862 116 LIBERTY PROPERTY LIMITED PARTNERSHIP REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 GROSS AMOUNT CARRIED AT CLOSE OF PERIOD ------------------------------------------------- LAND AND BUILDING AND TOTAL PROJECT CITY IMPROVEMENTS IMPROVEMENTS @ 12/31/01 -------------------------------------- --------------------- --------------- --------------- --------------- OPERATING PROPERTIES - Continued 10456 Lakeridge Parkway Ashland, VA 409,261 3,727,827 4,137,088 3829-3855 Gaskins Road Richmond, VA 364,165 3,270,794 3,634,959 629 Phoenix Drive Virginia Beach, VA 371,694 2,156,125 2,527,819 11838 Rock Landing Drive Newport News, VA 673,942 2,605,823 3,279,765 11844 Rock Landing Drive Newport News, VA 326,774 1,466,452 1,793,226 11846 Rock Landing Drive Newport News, VA 299,066 1,728,499 2,027,565 11832 Rock Landing Drive Newport News, VA 748,582 6,025,561 6,774,143 10800 Nuckols Boulevard Richmond, VA 1,794,162 13,997,242 15,791,404 5700 Cleveland Street Virginia Beach, VA 700,564 10,423,728 11,124,292 801 Liberty Way Richmond, VA 785,057 6,099,551 6,884,608 5 Manhattan Square Hampton, VA 212,694 1,557,477 1,770,171 100 Westgate Parkway Richmond, VA 1,456,084 8,061,649 9,517,733 1309 Executive Boulevard Cheaspeake, VA 955,374 5,030,748 5,986,122 21 Enterprise Parkway Hamton, VA 265,719 8,288,150 8,553,869 4523 Green Point Drive High Point, NC 235,698 2,402,828 2,638,526 4501 Green Point Drive High Point, NC 320,450 2,334,600 2,655,050 4500 Green Point Drive High Point, NC 231,692 2,189,486 2,421,178 2427 Penny Road High Point, NC 1,168,074 6,225,641 7,393,715 4524 Green Point Drive High Point, NC 183,888 2,183,550 2,367,438 4328, 4336 Federal Drive High Point, NC 825,092 6,759,451 7,584,543 200 Centreport Drive Greensboro, NC 332,017 4,186,798 4,518,815 4344 Federal Drive High Point, NC 173,623 2,672,001 2,845,624 202 Centreport Drive Greensboro, NC 549,679 5,932,984 6,482,663 101 Centreport Drive Greensboro, NC 826,237 7,755,692 8,581,929 4000 Piedmont Parkway High Point, NC 597,368 5,250,234 5,847,602 4380 Federal Drive High Point, NC 283,368 2,109,082 2,392,450 4388 Federal Drive High Point, NC 132,655 1,130,336 1,262,991 6532 Judge Adams Road Rock Creek, NC 399,988 3,443,080 3,843,068 6530 Judge Adams Road Rock Creek, NC 335,061 4,428,955 4,764,016 150 Ridgeview Center Drive Duncan, SC 711,353 8,937,767 9,649,120 1320 Garlington Road Greenville, SC 398,539 1,812,646 2,211,185 420 Park Avenue Greenville, SC 522,548 3,280,353 3,802,901 4160 Mendenhall Oaks Parkway High Point, NC 545,627 2,826,348 3,371,975 4194 Mendenhall Oaks Parkway High Point, NC 265,991 2,198,081 2,464,072 4196 Mendenhall Oaks Parkway High Point, NC 173,889 2,001,390 2,175,279 4170 Mendenhall Oaks Parkway High Point, NC 373,502 1,970,828 2,344,330 4180 Mendenhall Oaks Parkway High Point, NC 315,614 1,565,527 1,881,141 4050 Piedmont Parkway High Point, NC 2,042,159 16,919,478 18,961,637 One Independence Pointe Greenville, SC 784,617 6,421,254 7,205,871 55 Beattie Place Greenville, SC 2,645,238 24,267,767 26,913,005 75 Beattie Place Greenville, SC 2,408,577 17,895,870 20,304,447 7736 McCloud Road Greensboro, NC 591,795 6,122,799 6,714,594 15 Brendan Way Greenville, SC 614,192 4,003,758 4,617,950 4300 Federal Drive High Point, NC 276,038 1,609,937 1,885,975 4135 Mendenall Oaks Parkway High Point, NC 500,980 2,710,531 3,211,511 4183 Eagle Hill Drive High Point, NC 526,266 3,358,955 3,885,221 4189 Eagle Hill Drive High Point, NC 431,106 2,535,186 2,966,292 4020 Meeting Way High Point, NC 378,101 1,397,960 1,776,061 170 Ridgeview Drive Duncan, SC 229,443 5,034,680 5,264,123 6509 Franz Warner Parkway Rock Creek, NC 372,494 2,405,221 2,777,715 1730 Stebbins Drive Houston, TX 144,016 477,394 621,410 5911-5925 Richard Street Jacksonville, FL 286,335 498,215 784,550 8383-8385 Baycenter Road Jacksonville, FL 65,329 712,198 777,527 8775 Baypine Road Jacksonville, FL 913,014 3,168,213 4,081,227 6255 Lake Gray Boulevard Jacksonville, FL 812,634 3,552,995 4,365,629 8665,8667,8669 Baypine Road Jacksonville, FL 974,959 4,174,817 5,149,776 1200 Gulf Life Drive Jacksonville, FL 1,046,629 18,387,679 19,434,308 8614 Baymeadows Way Jacksonville, FL 295,063 1,077,776 1,372,839 5941-5975 Richard Street Jacksonville, FL 586,095 1,128,859 1,714,954 7970 Bayberry Road Jacksonville, FL 129,979 1,249,307 1,379,286 6000-6030 Bowdendale Avenue Jacksonville, FL 275,475 1,697,973 1,973,448 7898 Baymeadows Way Jacksonville, FL 568,005 1,945,665 2,513,670 5977-6607 Richard Street Jacksonville, FL 636,901 2,792,897 3,429,798 7910 & 7948 Baymeadows Way Jacksonville, FL 211,449 2,654,205 2,865,654 7954, 7960 Baymeadows Way Jacksonville, FL 292,667 2,944,363 3,237,030 8787 Baypine Road Jacksonville, FL 2,028,593 35,460,631 37,489,224 7077 Bonneval Road Jacksonville, FL 774,020 7,066,343 7,840,363 4190 Belfort Road Jacksonville, FL 827,420 7,695,008 8,522,428 7020 AC Skinner Parkway Jacksonville, FL 749,811 2,109,996 2,859,807 7022 AC Skinner Parkway Jacksonville, FL 853,981 2,950,281 3,804,262 11777 Central Highway Jacksonville, FL 140,426 1,641,401 1,781,827 4345 Southpoint Parkway Jacksonville, FL 418,093 8,316,195 8,734,288 7016 AC Skinner Parkway Jacksonville, FL 602,633 2,320,994 2,923,627 7018 AC Skinner Parkway Jacksonville, FL 846,461 4,076,589 4,923,050 7014 AC Skinner Parkway Jacksonville, FL 780,486 3,142,839 3,923,325 6620 Southpoint Drive Jacksonville, FL 614,602 4,824,977 5,439,579 7980 Bayberry Road Jacksonville, FL 330,726 1,355,877 1,686,603 9600 Satellite Boulevard Orlando, FL 252,850 1,351,982 1,604,832 9700 Satellite Boulevard Orlando, FL 405,362 1,259,931 1,665,293 1902 Cypress Lake Drive Orlando, FL 538,512 4,043,476 4,581,988 9550 Satellite Boulevard Orlando, FL 587,319 2,075,135 2,662,454 8250 & 8256 Exchange Place Orlando, FL 824,530 2,754,051 3,578,581 6600 Southpoint Parkway Jacksonville, FL 1,002,704 4,379,880 5,382,584 117 LIBERTY PROPERTY LIMITED PARTNERSHIP REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 GROSS AMOUNT CARRIED AT CLOSE OF PERIOD ------------------------------------------------- LAND AND BUILDING AND TOTAL PROJECT CITY IMPROVEMENTS IMPROVEMENTS @ 12/31/01 -------------------------------------- --------------------- --------------- --------------- --------------- OPERATING PROPERTIES - Continued 6700 Southpoint Parkway Jacksonville, FL 624,215 3,486,969 4,111,184 4801 Executive Park Court - 100 Jacksonville, FL 554,542 3,438,749 3,993,291 4801 Executive Park Court - 200 Jacksonville, FL 370,039 2,018,771 2,388,810 4810 Executive Park Court Jacksonville, FL 370,039 3,093,003 3,463,042 6602 Executive Park Court - 100 Jacksonville, FL 388,541 2,134,229 2,522,770 6602 Executive Park Court - 200 Jacksonville, FL 296,032 1,710,850 2,006,882 6631 Executive Park Court - 100 Jacksonville, FL 251,627 1,361,113 1,612,740 6631 Executive Park Court - 200 Jacksonville, FL 407,043 2,372,959 2,780,002 4815 Executive Park Court - 100 Jacksonville, FL 366,339 1,995,919 2,362,258 4815 Executive Park Court - 200 Jacksonville, FL 462,549 2,681,617 3,144,166 4825 Executive Park Court Jacksonville, FL 601,401 3,254,710 3,856,111 4820 Executive Park Court Jacksonville, FL 555,213 3,284,421 3,839,634 10511 & 10611 Satellite Boulevard Orlando, FL 522,991 2,800,370 3,323,361 1400-1440 Central Florida Parkway Orlando, FL 518,043 2,636,080 3,154,123 6601 Executive Park Circle North Jacksonville, FL 551,250 3,129,001 3,680,251 1300 Riverplace Boulevard Jacksonville, FL 1,804,258 8,755,096 10,559,354 4901 Belfort Road Jacksonville, FL 877,964 4,202,594 5,080,558 16445 Air Center Boulevard Houston, TX 363,339 2,856,657 3,219,996 16405 Air Center Boulevard Houston, TX 438,853 3,136,970 3,575,823 2216 Directors Row Orlando, FL 453,918 2,598,067 3,051,985 7460 Chancellor Drive Orlando, FL 266,555 1,149,201 1,415,756 1901 Summit Tower Boulevard Maitland, FL 6,083,206 12,671,492 18,754,698 3701-3727 Vineland Road Orlando, FL 767,929 2,163,793 2,931,722 4899 Belfort Road Jacksonville, FL 1,299,351 7,859,703 9,159,054 4905 Belfort Street Jacksonville, FL 638,154 3,411,407 4,049,561 16580 Air Center Boulevard Houston, TX 289,000 3,547,695 3,836,695 7251 Salisbury Road Jacksonville, FL 662,559 2,269,503 2,932,062 2400 South Lake Orange Drive Orlando, FL 642,427 2,103,419 2,745,846 10245 Centurion Parkway North Jacksonville, FL 857,704 4,088,052 4,945,756 6501 Lee Vista Boulevard Orlando, FL 925,671 5,493,802 6,419,473 1755 Trans Central Drive Houston, TX 306,147 3,156,970 3,463,117 10771 Palm Bay Drive Orlando, FL 685,383 2,492,044 3,177,427 5501-5519 Pioneer Park Boulevard Tampa, FL 262,416 1,700,585 1,963,001 5690-5694 Crenshaw Street Tampa, FL 181,923 1,953,292 2,135,215 3102,3104,3110 Cherry Palm Drive Tampa, FL 503,767 3,191,300 3,695,067 8401-8408 Benjamin Road Tampa, FL 789,651 4,911,230 5,700,881 3501 Riga Boulevard Tampa, FL 617,289 3,144,217 3,761,506 111 Kelsey Lane Tampa, FL 359,540 1,913,816 2,273,356 7930, 8010-20 Woodland Center Boulevard Tampa, FL 1,408,478 5,491,601 6,900,079 7920 Woodland Center Boulevard Tampa, FL 1,082,648 2,849,780 3,932,428 8154-8198 Woodland Center Boulevard Tampa, FL 399,088 2,912,833 3,311,921 8112-42 Woodland Center Boulevard Tampa, FL 513,263 3,243,734 3,756,997 8212 Woodland Center Boulevard Tampa, FL 820,882 2,336,931 3,157,813 131 Kelsey Lane Tampa, FL 559,527 4,402,267 4,961,794 7724 Woodland Center Boulevard Tampa, FL 235,894 2,108,522 2,344,416 7802-50 Woodland Center Boulevard Tampa, FL 506,949 2,392,676 2,899,625 7852-98 Woodland Center Boulevard Tampa, FL 506,949 2,141,789 2,648,738 8921 Brittany Way Tampa, FL 254,493 1,892,134 2,146,627 5250 Eagle Trail Drive Tampa, FL 952,860 3,457,917 4,410,777 7725 Woodland Center Boulevard Tampa, FL 771,501 3,008,176 3,779,677 8001 Woodland Center Boulevard Tampa, FL 438,061 2,153,044 2,591,105 4630 Woodland Corporate Boulevard Tampa, FL 1,560,099 11,782,893 13,342,992 701-725 South US Highway 301 Tampa, FL 661,680 3,089,722 3,751,402 4502 Woodland Corporate Boulevard Tampa, FL 1,071,535 2,934,365 4,005,900 9001-9015 Brittany Way Tampa, FL 364,514 1,294,842 1,659,356 4508 Woodland Corporate Boulevard Tampa, FL 556,887 3,024,463 3,581,350 7622 Bald Cypress Place Tampa, FL 300,000 1,039,980 1,339,980 901-933 US Highway 301S Tampa, FL 840,314 2,776,799 3,617,113 1701 Clint Moore Boulevard Boca Raton, FL 1,430,937 3,101,421 4,532,358 5410 - 5430 Northwest 33rd Avenue Ft. Lauderdale, FL 625,111 4,553,669 5,178,780 6500 NW 12th Avenue Ft. Lauderdale, FL - 3,096,090 3,096,090 6600 NW 12th Avenue Ft. Lauderdale, FL - 3,353,646 3,353,646 1500 SW 5th Court Pompano Beach, FL 972,232 3,938,523 4,910,755 1651 SW 5th Court Pompano Beach, FL 203,247 829,485 1,032,732 1601 SW 5th Court Pompano Beach, FL 203,247 861,598 1,064,845 1501 SW 5th Court Pompano Beach, FL 203,247 833,257 1,036,504 1400 SW 6th Court Pompano Beach, FL 1,157,049 4,693,417 5,850,466 1405 SW 6th Court Pompano Beach, FL 392,138 1,610,908 2,003,046 595 SW 13th Terrace Pompano Beach, FL 359,933 1,482,888 1,842,821 601 SW 13th Terrace Pompano Beach, FL 164,413 680,559 844,972 605 SW 16th Terrace Pompano Beach, FL 310,178 1,268,595 1,578,773 951 Broken Sound Parkway Boca Raton, FL 1,426,251 6,283,049 7,709,300 3400 Lakeside Drive Miramar, FL 2,022,153 11,759,299 13,781,452 3450 Lakeside Drive Miramar, FL 2,022,152 11,554,694 13,576,846 3350 SW 148th Avenue Miramar, FL 2,980,689 17,118,858 20,099,547 13650 NW 8th Street Sunrise, FL 558,251 2,209,009 2,767,260 13630 NW 8th Street Sunrise, FL 659,825 2,742,991 3,402,816 777 Yamato Road Boca Raton, FL 4,501,247 18,354,415 22,855,662 1801 Clint Moore Road Boca Raton, FL 1,065,068 4,714,134 5,779,202 6601-6625 W. 78th Street Bloomington, MN 2,310,246 38,578,584 40,888,830 2905 Northwest Boulevard Plymouth, MN 516,920 5,144,590 5,661,510 2800 Campus Drive Plymouth, MN 395,366 3,891,729 4,287,095 2955 Xenium Lane Plymouth, MN 151,238 1,626,077 1,777,315 118 LIBERTY PROPERTY LIMITED PARTNERSHIP REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 GROSS AMOUNT CARRIED AT CLOSE OF PERIOD ------------------------------------------------- LAND AND BUILDING AND TOTAL PROJECT CITY IMPROVEMENTS IMPROVEMENTS @ 12/31/01 -------------------------------------- --------------------- --------------- --------------- --------------- OPERATING PROPERTIES - Continued 9401-9443 Science Center Drive New Hope, MN 510,064 4,054,396 4,564,460 6321-6325 Bury Drive Eden Prairie, MN 462,876 4,332,062 4,794,938 7115-7173 Shady Oak Road Eden Prairie, MN 454,974 4,525,830 4,980,804 7660-7716 Golden Triangle Drive Eden Prairie, MN 1,289,215 5,735,573 7,024,788 7400 Flying Cloud Drive Eden Prairie, MN 195,982 1,817,445 2,013,427 10301-10305 West 70th Street Eden Prairie, MN 118,300 1,168,868 1,287,168 10321 West 70th Street Eden Prairie, MN 142,399 1,341,407 1,483,806 10333 West 70th Street Eden Prairie, MN 108,610 1,026,183 1,134,793 10349-10357 West 70th Street Eden Prairie, MN 270,584 2,746,668 3,017,252 10365-10375 West 70th Street Eden Prairie, MN 285,464 2,812,695 3,098,159 10393-10394 West 70th Street Eden Prairie, MN 264,419 2,677,722 2,942,141 7078 Shady Oak Road Eden Prairie, MN 336,481 3,139,939 3,476,420 10400 Viking Drive Eden Prairie, MN 2,938,372 21,341,495 24,279,867 5600 & 5610 Rowland Road Minnetonka, MN 829,263 8,523,179 9,352,442 2920 Northwest Boulevard Plymouth, MN 384,235 4,094,866 4,479,101 5400-5500 Feltl Road Minnetonka, MN 883,895 8,823,538 9,707,433 10300 Bren Road Minnetonka, MN 344,614 3,264,498 3,609,112 14630-14650 28th Avenue North Plymouth, MN 198,204 2,153,609 2,351,813 7695-7699 Anagram Drive Eden Prairie, MN 760,525 3,280,379 4,040,904 7550 Meridian Circle Maple Grove, MN 513,250 2,821,098 3,334,348 2800 Northwest Boulevard Plymouth, MN 1,934,438 11,027,841 12,962,279 3255 Neil Armstrong Boulevard Eagan, MN 1,131,017 3,377,738 4,508,755 4801 West 81st Street Bloomington, MN 1,624,701 2,944,658 4,569,359 8100 Cedar Avenue Bloomington, MN 501,313 3,700,697 4,202,010 9600 54th Avenue Plymouth, MN 332,317 3,226,870 3,559,187 7800 Equitable Drive Eden Prairie, MN 2,188,525 3,807,690 5,996,215 7905 Fuller Road Eden Prairie, MN 1,230,965 4,083,254 5,314,219 9023 Columbine Road Eden Prairie, MN 1,956,273 4,626,783 6,583,056 6161 Green Valley Drive Bloomington, MN 741,194 4,030,244 4,771,438 4700 Nathan Lane North Minneapolis, MN 1,501,308 8,769,085 10,270,393 8967 Columbine Road Eden Prairie, MN 1,450,000 3,409,410 4,859,410 14390 Huntington Avenue Savage, MN 1,464,521 6,410,037 7,874,558 550-590 Hale Avenue Oakdale, MN 766,390 3,607,189 4,373,579 7777 Golden Triangle Drive Eden Prairie, MN 993,101 3,013,132 4,006,233 8937 Columbine Road Eden Prairie, MN 1,739,966 4,283,816 6,023,782 7615 Smetana Lane Eden Prairie, MN 3,000,000 6,670,095 9,670,095 10801 Nesbitt Avenue South Bloomington, MN 786,382 4,164,907 4,951,289 8995 Columbine Road Eden Prairie, MN 2,055,296 2,524,352 4,579,648 26911-26957 Northwestern Highway Southfield, MI 7,799,515 71,892,433 79,691,948 1650 Research Drive Troy, MI 763,067 7,291,999 8,055,066 1775 Research Drive Troy, MI 331,422 2,838,153 3,169,575 1875 Research Drive Troy, MI 329,863 2,895,205 3,225,068 1850 Research Drive Troy, MI 781,054 7,574,678 8,355,732 1965 Research Drive Troy, MI 419,090 3,682,359 4,101,449 1960 Research Drive Troy, MI 419,146 3,630,052 4,049,198 27260 Haggerty Road Farmington Hills, MI 456,877 4,277,434 4,734,311 27200 Haggerty Road Farmington Hills, MI 382,754 3,597,285 3,980,039 27280 Haggerty Road Farmington Hills, MI 452,860 4,175,371 4,628,231 27220 Haggerty Road Farmington Hills, MI 203,064 1,937,845 2,140,909 27240 Haggerty Road Farmington Hills, MI 171,518 1,601,650 1,773,168 27300 Haggerty Road Farmington Hills, MI 370,378 3,436,575 3,806,953 1101 Allen Drive Troy, MI 98,148 910,814 1,008,962 1151 Allen Drive Troy, MI 164,486 1,695,487 1,859,973 1300 Rankin Street Troy, MI 134,094 1,337,558 1,471,652 1350 Rankin Street Troy, MI 111,779 1,076,015 1,187,794 1376-1400 Rankin Street Troy, MI 134,296 1,340,559 1,474,855 1352-1374 Rankin Street Troy, MI 153,279 1,474,170 1,627,449 1324-1346 Rankin Street Troy, MI 134,094 1,234,951 1,369,045 1301-1307 Rankin Street Troy, MI 111,779 1,069,066 1,180,845 1409 Allen Drive Troy, MI 142,374 1,500,442 1,642,816 1304 E Maple Road Troy, MI 211,236 2,216,007 2,427,243 1334 Maplelawn Road Troy, MI 124,300 1,140,775 1,265,075 1290 Maplelawn Road Troy, MI 85,325 832,635 917,960 1070 Maplelawn Road Troy, MI 68,563 667,800 736,363 950 Maplelawn Road Troy, MI 252,433 2,291,703 2,544,136 894 Maplelawn Road Troy, MI 181,753 1,651,736 1,833,489 1179 Maplelawn Road Troy, MI 87,849 867,250 955,099 1940 Norwood Drive Troy, MI 86,839 828,051 914,890 1311-1331 Maplelawn Road Troy, MI 125,410 1,335,186 1,460,596 2354 Bellingham Street Troy, MI 87,344 809,741 897,085 2360 Bellingham Street Troy, MI 87,344 848,063 935,407 1911 Ring Drive Troy, MI 86,132 856,722 942,854 26442-26450 Haggerty Road Farmington Hills, MI 237,691 2,171,447 2,409,138 26500 Haggerty Road Farmington Hills, MI 311,097 2,843,970 3,155,067 26650 Haggerty Road Farmington Hills, MI 173,170 1,584,198 1,757,368 26700 Haggerty Road Farmington Hills, MI 253,341 2,307,852 2,561,193 26750 Haggerty Road Farmington Hills, MI 292,720 2,792,435 3,085,155 26800 Haggerty Road Farmington Hills, MI 175,492 1,746,488 1,921,980 26842-26850 Haggerty Road Farmington Hills, MI 239,609 2,355,399 2,595,008 26600 Haggerty Road Farmington Hills, MI 537,693 2,442,372 2,980,065 26550 Haggerty Road Farmington Hills, MI 535,179 2,418,861 2,954,040 50 West Big Beaver Road Troy, MI 2,159,678 19,778,014 21,937,692 100 West Big Beaver Road Troy, MI 2,113,006 19,434,979 21,547,985 119 LIBERTY PROPERTY LIMITED PARTNERSHIP REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 GROSS AMOUNT CARRIED AT CLOSE OF PERIOD ------------------------------------------------- LAND AND BUILDING AND TOTAL PROJECT CITY IMPROVEMENTS IMPROVEMENTS @ 12/31/01 -------------------------------------- --------------------- --------------- --------------- --------------- OPERATING PROPERTIES - Continued 245 Executive Drive Brookfield, WI 577,067 5,393,060 5,970,127 8301 West Parkland Court Milwaukee, WI 358,442 3,494,969 3,853,411 32991 Hamilton Court Farmington Hills, MI 1,065,392 4,575,439 5,640,831 7500 West 110th Street Overland Park, KS 2,380,493 9,783,818 12,164,311 7800 N. 113th Street Milwaukee, WI 1,711,964 6,899,510 8,611,474 2475-2479 Elliot Avenue Troy, MI 128,808 531,531 660,339 32661 Edward Avenue Madison Heights, MI 378,838 2,334,604 2,713,442 32701 Edward Avenue Madison Heights, MI 340,398 1,396,362 1,736,760 32751 Edward Avenue Madison Heights, MI 151,410 900,043 1,051,453 32853 Edward Avenue Madison Heights, MI 138,121 838,253 976,374 555 East Mandoline Avenue Madison Heights, MI 140,862 880,321 1,021,183 599 East Mandoline Avenue Madison Heights, MI 132,164 719,789 851,953 749 East Mandoline Avenue Madison Heights, MI 144,658 708,968 853,626 750 East Mandoline Avenue Madison Heights, MI 151,458 742,062 893,520 900 East Mandoline Avenue Madison Heights, MI 157,729 773,708 931,437 949 East Mandoline Avenue Madison Heights, MI 137,049 784,089 921,138 32090 John Road Madison Heights, MI 70,351 405,861 476,212 31601 Research Park Drive Madison Heights, MI 331,179 1,890,599 2,221,778 31651 Research Park Drive Madison Heights, MI 194,012 1,102,708 1,296,720 31700 Research Park Drive Madison Heights, MI 373,203 1,828,295 2,201,498 31701 Research Park Drive Madison Heights, MI 185,845 1,126,778 1,312,623 31751 Research Park Drive Madison Heights, MI 194,063 1,302,396 1,496,459 31800 Research Park Drive Madison Heights, MI 217,929 1,616,262 1,834,191 800 Tech Row Madison Heights, MI 444,977 3,016,255 3,461,232 900 Tech Row Madison Heights, MI 155,606 908,095 1,063,701 1000 Tech Row Madison Heights, MI 357,897 2,712,929 3,070,826 31771 Sherman Avenue Madison Heights, MI 150,944 656,866 807,810 31791 Sherman Avenue Madison Heights, MI 105,606 652,218 757,824 31811 Sherman Avenue Madison Heights, MI 207,599 1,180,373 1,387,972 31831 Sherman Avenue Madison Heights, MI 158,483 904,885 1,063,368 31900 Sherman Avenue Madison Heights, MI 269,293 1,788,713 2,058,006 800 East Whitcomb Avenue Madison Heights, MI 151,704 1,345,993 1,497,697 950 East Whitcomb Avenue Madison Heights, MI 113,630 2,170,653 2,284,283 1000 East Whitcomb Avenue Madison Heights, MI 113,512 1,075,241 1,188,753 1201 East Whitcomb Avenue Madison Heights, MI 302,567 1,215,920 1,518,487 1210 East Whitcomb Avenue Madison Heights, MI 121,298 329,592 450,890 1260 Kempar Avenue Madison Heights, MI 78,720 406,003 484,723 1280 Kempar Avenue Madison Heights, MI 142,305 555,174 697,479 22515 Heslip Drive Novi, MI 144,477 392,429 536,906 9801 80th Avenue Pleasant Prairie, WI 1,689,726 7,970,993 9,660,719 11950 W. Lake Park Drive Milwaukee, WI 394,938 2,495,696 2,890,634 11400 W. Lake Park Drive Milwaukee, WI 443,101 2,499,679 2,942,780 11425 W. Lake Park Drive Milwaukee, WI 385,305 2,457,708 2,843,013 11301 W. Lake Park Drive Milwaukee, WI 619,465 2,713,670 3,333,135 11900 W. Lake Park Drive Milwaukee, WI 350,628 2,886,153 3,236,781 38100 Ecorse Road Romulus, MI 853,063 9,355,328 10,208,391 16620-16650 W Bluemound Road Brookfield, WI 586,665 4,543,062 5,129,727 1600-1630 East Big Beaver Road Troy, MI 1,458,737 3,002,247 4,460,984 11414 West Park Place Milwaukee, WI 491,531 8,701,778 9,193,309 11520 W. Calumet Road Milwaukee, WI 341,698 1,576,042 1,917,740 12100 W. Park Place Milwaukee, WI 532,370 3,311,029 3,843,399 N26 W23445 Paul Road Pewaukee, WI 561,904 1,989,820 2,551,724 11200 W. Plank Court Wauwatosa, WI 330,829 3,211,394 3,542,223 11020 W. Plank Court Wauwatosa, WI 464,246 3,314,031 3,778,277 38000 Ecourse Road Romulus, MI 1,053,337 12,149,828 13,203,165 3800 Lapeer Road Auburn Hills, MI 3,154,272 6,983,952 10,138,224 50 Gibson Drive West Malling, UK - 3,270,372 3,270,372 2 Kings Hill Avenue West Malling, UK 745,416 3,760,790 4,506,206 50 Kings Hill Avenue West Malling, UK 1,637,852 9,853,018 11,490,870 10 Kings Hill Avenue West Malling, UK 870,859 5,096,600 5,967,459 30 Tower View West Malling, UK 1,467,467 10,764,204 12,231,671 35 Kings Hill Avenue West Malling, UK 719,481 2,603,265 3,322,746 39 Kings Hill Avenue West Malling, UK 675,365 2,883,524 3,558,889 4 Abbey Wood Road West Malling, UK 1,805,152 4,734,246 6,539,398 18 Kings Hill Avenue West Malling, UK 1,837,471 4,441,637 6,279,108 --------------- --------------- --------------- Subtotal Operating Real Estate $ 467,310,411 $ 2,874,903,350 $ 3,342,213,761 =============== =============== =============== DEVELOPMENT IN PROGRESS 2301 Renaissance Boulevard King of Prussia, PA $ 3,659,475 $ 5,800,561 $ 9,460,036 1500 Liberty Ridge Drive Wayne, PA 11,566,033 16,431,099 27,997,132 1515 Grundy's Lane Bristol, PA 560,680 1,859,698 2,420,378 3200 Horizon Drive King of Prussia, PA - 1,446,119 1,446,119 301 Berkeley Drive Bridgeport, NJ 320,265 1,702,629 2,022,894 74 West Broad Street Bethlehem, PA 1,099,079 10,868,005 11,967,084 8150 Industrial Boulevard Allentown, PA 2,571,466 8,119,025 10,690,491 8250 Industrial Boulevard Allentown, PA 1,035,854 4,071,652 5,107,506 650 Boulder Drive Allentown, PA 5,242,428 16,463,060 21,705,488 1605 Valley Center Parkway Bethlehem, PA 1,766,196 6,336,255 8,102,451 3400 High Point Boulevard Bethlehem, PA 662,809 502,847 1,165,656 6250 Old Dobbin Lane Columbia, MD 1,295,000 2,531,915 3,826,915 6210 Old Dobbin Lane Columbia, MD 1,295,000 2,124,618 3,419,618 120 LIBERTY PROPERTY LIMITED PARTNERSHIP REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 GROSS AMOUNT CARRIED AT CLOSE OF PERIOD ------------------------------------------------- LAND AND BUILDING AND TOTAL PROJECT CITY IMPROVEMENTS IMPROVEMENTS @ 12/31/01 -------------------------------------- --------------------- --------------- --------------- --------------- DEVELOPMENT IN PROGRESS - Continued 6240 Old Dobbin Lane Columbia, MD 1,295,000 2,124,630 3,419,630 5715 Old Shakopee Road West Bloomington, MN 1,264,758 2,519,281 3,784,039 5735 Old Shakopee Road West Bloomington, MN 1,264,758 2,520,072 3,784,830 20 Wright Avenue Hunt Valley, MD 1,575,000 122,672 1,697,672 200 Westgate Parkway Richmond, VA 1,072,459 4,480,703 5,553,162 1305 Executive Boulevard Chesapeake, VA 1,129,850 3,008,182 4,138,032 1313 Executive Boulevard Chesapeake, VA 1,708,050 2,787,599 4,495,649 3 Independence Pointe Greenville, SC 467,438 1,912,964 2,380,402 5 Independence Pointe Greenville, SC 467,438 2,459,149 2,926,587 1400 Mendenhall Oaks Parkway High Point, NC 984,672 4,080,177 5,064,849 4191 Mendenhall Oaks Parkway High Point, NC 611,166 1,901,037 2,512,203 979 Batesville Road Greer, SC 1,190,431 3,578,461 4,768,892 4887 Belfort Road Jacksonville, FL 1,665,915 6,811,038 8,476,953 7255 Salisbury Road Jacksonville, FL 680,766 1,697,584 2,378,350 2416 Lake Orange Drive Orlando, FL 704,800 2,216,100 2,920,900 16605 Air Center Boulevard Houston, TX 391,186 2,501,019 2,892,205 4503 Woodland Corporate Boulevard Tampa, FL 619,913 1,914,601 2,534,514 4505 Woodland Corporate Boulevard Tampa, FL 716,594 1,874,534 2,591,128 4511 Woodland Corporate Boulevard Tampa, FL 686,594 1,911,044 2,597,638 7851-61 Woodland Center Parkway Tampa, FL 295,005 1,061,883 1,356,888 7805 Hudson Road Woodbury, MN 1,381,234 6,363,903 7,745,137 4600 Nathan Lane Plymouth, MN 1,038,197 4,768,895 5,807,092 8911 Columbine Road Eden Prairie, MN 1,718,407 2,011,126 3,729,533 5775 Old Shakopee Road West Bloomington, MN 2,058,185 6,770,867 8,829,052 2600 Bellingham Drive Troy, MI 1,938,746 3,809,073 5,747,819 2710 Bellingham Drive Troy, MI 1,938,746 2,804,508 4,743,254 10855 West Park Place Milwaukee, WI 424,710 1,933,427 2,358,137 30 Kings Hill Avenue West Malling, UK - 2,685,636 2,685,636 Aymer House Chertsey, UK 11,013,828 - 11,013,828 Uxbridge London, UK 20,522,583 - 20,522,583 --------------- --------------- --------------- Subtotal Development in Progress $ 91,900,714 $ 160,887,648 $ 252,788,362 =============== =============== =============== LAND HELD FOR DEVELOPMENT Keystone Industrial Park Land Bristol, PA $ 379,217 $ - $ 379,217 50 Prudential Road Horsham, PA - - - 1710 Arch Street Philadelphia, PA 12,426,346 - 12,426,346 1722 Arch Street Philadelphia, PA 322,137 - 322,137 JFK & Arch Parking Lots/Land (East) Philadelphia, PA 15,306,526 - 15,306,526 JFK & Arch Parking Lots/Land (West) Philadelphia, PA 1,601,047 - 1,601,047 425 Privet Road Horsham, PA 3,697,150 190,601 3,887,751 425 Privet Road Horsham, PA 2,015,225 3,420 2,018,645 Quarry Ridge Land Malvern, PA 9,528,074 - 9,528,074 Commodore Business Park Logan, NJ 4,480,965 207,250 4,688,215 Marlton Executive Park Land Marlton, NJ 964,921 - 964,921 800 Arlington Boulevard Expansion Land Logan, NJ - - - 300 Fellowship Road Land Mt. Laurel, NJ 1,615,557 - 1,615,557 Lehigh Valley Corporate Center Land Bethlehem, PA 227,357 32,438 259,795 LVCC Phase 2 Land Bethlehem, PA 6,676,985 198,500 6,875,485 650 Boulder Drive Expansion Allentown, PA 4,301,885 - 4,301,885 9th & Hamilton Streets Allentown, PA 615,624 - 615,624 Columbia Crossing Land Columbis, MD 5,678,531 - 5,678,531 6250 Old Dobbin Lane Columbia, MD 1,466,934 - 1,466,934 Hunt Valley Land Hunt Valley, MD 2,150,271 - 2,150,271 Fairgrounds Distribution Center Land Richmond, VA 12,981 - 12,981 Rivers' Bend Business Park Chesterfield, VA (1,106,508) 6,276,313 5,169,805 Woodlands Center Land Sandston, VA 1,687,205 - 1,687,205 501 H P Way Chesterfield, VA 650,007 - 650,007 Eastport VII Richmond, VA 1,628,318 - 1,628,318 Eastport VIII Richmond, VA 386,023 - 386,023 Eastport IX Richmond, VA 214,952 - 214,952 Westmoreland II Land Virginia Beach, VA 938,616 - 938,616 Westmoreland III Land Virginia Beach, VA 775,382 - 775,382 Volvo Center Land Hampton, VA 1,866,146 - 1,866,146 Lakefront Plaza II Land Hampton, VA 150,236 - 150,236 Mendenhall Business Park I High Point, NC 7,603,264 21,127 7,624,391 Independence Pointe Land Greenville, SC 2,582,637 - 2,582,637 Eagle Hill Business Park Land High Point, NC 849,876 20,000 869,876 Southpark Business Park Jacksonville, FL 497,113 - 497,113 7024 AC Skinner Parkway Jacksonville, FL 824,952 - 824,952 Silo Bend Land Tampa, FL 4,304,601 - 4,304,601 Exchange Place Land Orlando, FL - - - Belfort Road Jacksonville, FL 573,322 - 573,322 Butler Plaza Land Jacksonville, FL 2,324,867 - 2,324,867 South Center Land Orlando, FL 2,163,350 - 2,163,350 South Center Land Orlando, FL 597,094 - 597,094 Orlando Corporate Center Land Orlando, FL 901,893 - 901,893 Salisbury Road Land Jacksonville, FL 1,559,918 - 1,559,918 Central Green Land Houston, TX 1,626,998 - 1,626,998 Woodland Corporate Center Land Tampa, FL 1,244,810 - 1,244,810 6119 W. Linebaugh Avenue Tampa, FL 198,205 - 198,205 Pompano Bus Park Land-Lots 100,101 Boca Raton, FL 428,214 - 428,214 121 LIBERTY PROPERTY LIMITED PARTNERSHIP REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 GROSS AMOUNT CARRIED AT CLOSE OF PERIOD ------------------------------------------------- LAND AND BUILDING AND TOTAL PROJECT CITY IMPROVEMENTS IMPROVEMENTS @ 12/31/01 -------------------------------------- --------------------- --------------- --------------- --------------- LAND HELD FOR DEVELOPMENT - Continued Pompano Bus Park Land-Lots 60, 61 Boca Raton, FL 522,278 - 522,278 Boca Colannade Land Boca Raton, FL 4,762,081 - 4,762,081 Lake Smetana Business Park Eden Prairie, MN 4,376,603 - 4,376,603 8855 Columbine Road Eden Prairie, MN 2,502,716 1,423,435 3,926,151 5705 Old Shakopee Road W. Land Bloomington, MN 2,127,294 - 2,127,294 Romulus Land Romulus, MI 1,287,510 - 1,287,510 Big Beaver Airport Land Troy, MI 10,164,697 - 10,164,697 Park Place South Land Milwaukee, WI 4,988,302 7,425 4,995,727 6505 Cogswell Road Romulus, MI 784,080 2,850,847 3,634,927 Liberty Business Park Land Jacksonville, FL 537,816 - 537,816 Northsight Land Scottsdale, AZ 11,323,236 - 11,323,236 --------------- --------------- --------------- Subtotal Land Held for Development $ 152,315,837 $ 11,231,356 $ 163,547,193 =============== =============== =============== Total All Properties $ 711,526,962 $ 3,047,022,354 $ 3,758,549,316 =============== =============== ===============
122
LIBERTY PROPERTY LIMITED PARTNERSHIP REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 ACCUMULATED DATE OF DEPRECIATION CONSTRUCTION DEPRECIABLE PROJECT CITY @ 12/31/01 OR ACQUISITION LIFE (YEARS) -------------------------------------- ------------------- ------------ -------------- ------------ OPERATING PROPERTIES 10, 20 Liberty Boulevard Malvern, PA $ 1,556,970 1985 40 yrs. 420 Lapp Road Malvern, PA 1,925,774 1989 40 yrs. 747 Dresher Road Horsham, PA 1,241,487 1988 40 yrs. 45-67 Great Valley Parkway Malvern, PA 1,624,828 1974 40 yrs. 40 Valley Stream Parkway Malvern, PA 808,022 1987 40 yrs. 50 Valley Stream Parkway Malvern, PA 794,557 1987 40 yrs. 20 Valley Stream Parkway Malvern, PA 1,881,114 1987 40 yrs. 800 Town Center Drive Langhorne, PA 3,459,238 1987 40 yrs. 9, 15, 25 Great Valley Parkway Malvern, PA 8,654,601 1986 40 yrs. 257-275 Great Valley Parkway Malvern, PA 2,046,465 1983 40 yrs. 300 Technology Drive Malvern, PA 477,422 1985 40 yrs. 277-293 Great Valley Parkway Malvern, PA 870,219 1984 40 yrs. 311 Technology Drive Malvern, PA 936,742 1984 40 yrs. 325 Technology Drive Malvern, PA 790,659 1984 40 yrs. 7 Great Valley Parkway Malvern, PA 1,836,656 1985 40 yrs. 55 Valley Stream Parkway Malvern, PA 1,387,591 1983 40 yrs. 65 Valley Stream Parkway Malvern, PA 2,051,771 1983 40 yrs. 508 Lapp Road Malvern, PA 776,745 1984 40 yrs. 10 Valley Stream Parkway Malvern, PA 1,218,205 1984 40 yrs. 333 Phoenixville Pike Malvern, PA 1,184,280 1985 40 yrs. 30 Great Valley Parkway Malvern, PA 230,178 1975 40 yrs. 75 Great Valley Parkway Malvern, PA 210,243 1977 40 yrs. 27-43 Great Valley Parkway Malvern, PA 1,216,584 1977 40 yrs. 77-123 Great Valley Parkway Malvern, PA 2,410,524 1978 40 yrs. 260 Great Valley Parkway Malvern, PA 402,234 1979 40 yrs. 256 Great Valley Parkway Malvern, PA 904,369 1980 40 yrs. 205 Great Valley Parkway Malvern, PA 4,867,531 1981 40 yrs. 12,14,16 Great Valley Parkway Malvern, PA 585,422 1982 40 yrs. 155 Great Valley Parkway Malvern, PA 1,074,999 1981 40 yrs. 333 Technology Drive Malvern, PA 1,296,887 1987 40 yrs. 510 Lapp Road Malvern, PA 416,120 1983 40 yrs. 181 Wheeler Court Langhorne, PA 412,325 1979 40 yrs. 1100 Wheeler Way Langhorne, PA 220,801 1979 40 yrs. 60 Morehall Road Malvern, PA 3,252,334 1989 40 yrs. 905 Airport Road West Chester, PA 1,210,040 1988 40 yrs. 1 Country View Road Malvern, PA 738,218 1982 40 yrs. 2151 Cabot Boulevard Langhorne, PA 662,841 1982 40 yrs. 170 South Warner Road King of Prussia, PA 1,807,126 1980 40 yrs. 190 South Warner Road King of Prussia, PA 1,132,106 1980 40 yrs. 507 Prudential Road Horsham, PA 1,176,586 1988 40 yrs. 100 Witmer Road Horsham, PA 1,437,650 1996 40 yrs. 3100 Horizon Drive King of Prussia, PA 397,457 1995 40 yrs. 3300 Horizon Drive King of Prussia, PA 504,196 1996 40 yrs. 3500 Horizon Drive King of Prussia, PA 369,051 1996 40 yrs. 200 Chesterfield Parkway Malvern, PA 1,510,386 1989 40 yrs. 767 Electronic Drive Horsham, PA 805,011 1996 40 yrs. 132 Welsh Road Horsham, PA 526,260 1998 40 yrs. 5 Country View Road Malvern, PA 793,380 1985 40 yrs. 3200 Horizon Drive King of Prussia, PA 789,885 1996 40 yrs. 3000 Horizon Drive King of Prussia, PA 238,781 1997 40 yrs. 111-195 Witmer Road Horsham, PA 454,855 1987 40 yrs. 300 Welsh Road - Building 3 Horsham, PA 257,843 1983 40 yrs. 300 Welsh Road - Building 4 Horsham, PA 572,469 1983 40 yrs. 8801 Tinicum Boulevard Philadelphia, PA 4,921,344 1997 40 yrs. 440 East Swedesford Road King of Prussia, PA 1,472,666 1988 40 yrs. 460 East Swedesford Road King of Prussia, PA 912,452 1988 40 yrs. 50 Morehall Road Malvern, PA 2,035,479 1997 40 yrs. 2 Walnut Grove Drive Horsham, PA 1,412,210 1989 40 yrs. 5 Walnut Grove Drive Horsham, PA 347,591 2000 40 yrs. 200 Gibraltar Road Horsham, PA 966,326 1990 40 yrs. 220 Gibraltar Road Horsham, PA 813,155 1990 40 yrs. 240 Gibraltar Road Horsham, PA 732,117 1990 40 yrs. 151 South Warner Road King of Prussia, PA 885,944 1980 40 yrs. 1 Walnut Grove Drive Horsham, PA 1,235,005 1986 40 yrs. 3604 Horizon Drive King of Prussia, PA 460,445 1998 40 yrs. 3606 Horizon Drive King of Prussia, PA 360,848 1997 40 yrs. 650 Swedesford Road King of Prussia, PA 2,596,663 1971 40 yrs. 680 Swedesford Road King of Prussia, PA 2,612,374 1971 40 yrs. 761 Fifth Avenue King of Prussia, PA 297,222 1977 40 yrs. 771 Fifth Avenue King of Prussia, PA 193,751 1977 40 yrs. 1 Great Valley Parkway Malvern, PA 529,250 1982 40 yrs. 5 Great Valley Parkway Malvern, PA 795,062 1983 40 yrs. 311 Sinclair Road Bristol, PA 159,316 1997 40 yrs. 1001 Cedar Hollow Road Malvern, PA 2,018,731 1998 40 yrs. 3 Country View Road Malvern, PA 405,299 1998 40 yrs. 425 Technology Drive Malvern, PA 348,852 1998 40 yrs. 375 Technology Drive Malvern, PA 237,101 1998 40 yrs. 45 Liberty Boulevard Malvern, PA 1,525,278 1999 40 yrs. 100 Chesterfield Parkway Malvern, PA 940,309 1998 40 yrs. 181-187 Gibraltar Road Horsham, PA 472,764 1982 40 yrs. 104 Rock Road Horsham, PA 307,508 1974 40 yrs. 123 LIBERTY PROPERTY LIMITED PARTNERSHIP REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 ACCUMULATED DATE OF DEPRECIATION CONSTRUCTION DEPRECIABLE PROJECT CITY @ 12/31/01 OR ACQUISITION LIFE (YEARS) -------------------------------------- ------------------- ------------ -------------- ------------ OPERATING PROPERTIES - Continued 123-135 Rock Road Horsham, PA 459,278 1975 40 yrs. 111-159 Gibraltar Road Horsham, PA 528,910 1981 40 yrs. 161-175 Gibraltar Road Horsham, PA 337,166 1976 40 yrs. 103-109 Gibraltar Road Horsham, PA 361,939 1978 40 yrs. 261-283 Gibraltar Road Horsham, PA 422,165 1978 40 yrs. 210-223 Witmer Road Horsham, PA 394,915 1972 40 yrs. 231-237 Gibraltar Road Horsham, PA 526,546 1981 40 yrs. 100 Gibraltar Road Horsham, PA 36,470 1975 40 yrs. 101 Gibraltar Road Horsham, PA 620,421 1977 40 yrs. 506 Prudential Road Horsham, PA 158,533 1973 40 yrs. 113-123 Rock Road Horsham, PA 337,132 1975 40 yrs. 101-111 Rock Road Horsham, PA 378,429 1975 40 yrs. 120 Gibraltar Road Horsham, PA 547,338 1980 40 yrs. 110 Gibraltar Road Horsham, PA 645,282 1979 40 yrs. 100-107 Lakeside Drive Horsham, PA 376,425 1982 40 yrs. 200-264 Lakeside Drive Horsham, PA 707,557 1982 40 yrs. 300-309 Lakeside Drive Horsham, PA 592,273 1982 40 yrs. 400-445 Lakeside Drive Horsham, PA 953,445 1981 40 yrs. 104 Witmer Road Horsham, PA 260,226 1997 40 yrs. 201 Gibraltar Road Horsham, PA 402,648 1983 40 yrs. 3600 Horizon Drive King of Prussia, PA 192,128 1989 40 yrs. 3602 Horizon Drive King of Prussia, PA 233,015 1989 40 yrs. 3 Franklin Plaza Philadelphia, PA 1,931,024 1999 40 yrs. 400-500 Brandywine Parkway West Chester, PA 761,558 1988 40 yrs. 600 Brandywine Parkway West Chester, PA 585,443 1988 40 yrs. 2700 Horizon Drive King of Prussia, PA 448,744 1998 40 yrs. 2900 Horizon Drive King of Prussia, PA 366,194 1998 40 yrs. 2500 Renaissance Boulevard King of Prussia, PA 276,877 1999 40 yrs. 2300 Renaissance Boulevard King of Prussia, PA 261,883 1999 40 yrs. 719 Dresher Road Horsham, PA 288,844 1987 40 yrs. 2100 Renaissance Boulevard King of Prussia, PA 855,859 1999 40 yrs. 4 Walnut Grove Horsham, PA 487,393 1999 40 yrs. 2250 Hickory Road Plymouth Meeting, PA 1,026,973 1985 40 yrs. 3400 Horizon Drive King of Prussia, PA 444,695 1995 40 yrs. 300 Welsh Road Horsham, PA 288,415 1985 40 yrs. 600 Chesterfield Parkway Malvern, PA 822,929 1999 40 yrs. 700 Chesterfield Parkway Malvern, PA 817,751 1999 40 yrs. 6 Terry Drive Newtown, PA 182,332 1981 40 yrs. 2520 Renaissance Boulevard King of Prussia, PA 369,633 1999 40 yrs. 18 Great Valley Parkway Malvern, PA 292,294 1980 40 yrs. 700 Dresher Road Horsham, PA 778,649 1987 40 yrs. 2201 Renaissance Boulevard King of Prussia, PA 878,480 2000 40 yrs. 2540 Renaissance Boulevard King of Prussia, PA 87,683 2000 40 yrs. 2560 Renaissance Boulevard King of Prussia, PA 193,053 2000 40 yrs. 1501-1513 Grundy's Lane Bristol, PA 118,850 2000 40 yrs. 11 Great Valley Parkway Malvern, PA 92,249 2001 40 yrs. 680 Blair Mill Road Horsham, PA 155,300 2001 40 yrs. 825 Duportail Road Wayne, PA 870,011 1979 40 yrs. 1200 Liberty Ridge Drive Wayne, PA 343,064 2001 40 yrs. 2760 Red Lion Road Philadelphia, PA 528,764 2001 40 yrs. 200 Precision Drive Horsham, PA 268,730 1997 40 yrs. 40 Liberty Boulevard Malvern, PA 1,063,455 1989 40 yrs. 102 Rock Road Horsham, PA 52,368 1985 40 yrs. 14 Lee Boulevard Malvern, PA 1,714,806 1988 40 yrs. 500 Chesterfield Parkway Malvern, PA 1,015,243 1988 40 yrs. 300-400 Chesterfield Parkway Malvern, PA 1,582,069 1988 40 yrs. 8 Stow Road Marlton, NJ 403,975 1988 40 yrs. 10 Stow Road Marlton, NJ 381,457 1988 40 yrs. 12 Stow Road Marlton, NJ 325,754 1988 40 yrs. 14 Stow Road Marlton, NJ 320,252 1988 40 yrs. 701A Route 73 South Marlton, NJ 1,749,459 1987 40 yrs. 701C Route 73 South Marlton, NJ 410,970 1987 40 yrs. 1008 Astoria Boulevard Cherry Hill, NJ 254,135 1973 40 yrs. 3000 Atrium Way Mt. Laurel, NJ 2,525,396 1987 40 yrs. 750 Cardinal Drive Bridgeport, NJ 465,221 1989 40 yrs. 11000, 15000 Commerce Parkway Mt. Laurel, NJ 892,488 1985 40 yrs. 12000, 14000 Commerce Parkway Mt. Laurel, NJ 649,502 1985 40 yrs. 16000, 18000 Commerce Parkway Mt. Laurel, NJ 674,270 1985 40 yrs. 400 Lippincott Drive Marlton, NJ 224,896 1999 40 yrs. 406 Lippincott Drive Marlton, NJ 606,482 1990 40 yrs. 234 High Hill Road Bridgeport, NJ 361,669 1987 40 yrs. 101 Arlington Boulevard Bridgeport, NJ 577,106 1996 40 yrs. 100 Berkeley Drive Bridgeport, NJ 340,055 1990 40 yrs. 301 Lippincott Drive Marlton, NJ 883,229 1988 40 yrs. 303 Lippincott Drive Marlton, NJ 950,047 1988 40 yrs. 510-512 Sharptown Road Bridgeport, NJ 173,052 1984 40 yrs. 901 Route 73 Marlton, NJ 410,882 1985 40 yrs. 1300 Route 73 North Mt. Laurel, NJ 692,228 1988 40 yrs. 512 Sharptown Road Bridgeport, NJ 256,548 1984 40 yrs. 201 Berkeley Drive Bridgeport, NJ 442,360 1999 40 yrs. 404 Lippincott Drive Marlton, NJ 311,170 1997 40 yrs. 104 Gaither Drive Mt. Laurel, NJ 172,592 1975 40 yrs. 402 Lippincott Drive Marlton, NJ 251,556 1997 40 yrs. 300 Commodore Drive Bridgeport, NJ 545,581 1999 40 yrs. 124 LIBERTY PROPERTY LIMITED PARTNERSHIP REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 ACCUMULATED DATE OF DEPRECIATION CONSTRUCTION DEPRECIABLE PROJECT CITY @ 12/31/01 OR ACQUISITION LIFE (YEARS) -------------------------------------- ------------------- ------------ -------------- ------------ OPERATING PROPERTIES - Continued 3000 Lincoln Drive Mt. Laurel, NJ 689,691 1983 40 yrs. 6000 Commerce Parkway Mt. Laurel, NJ 304,990 1985 40 yrs. 7000 Commerce Parkway Mt. Laurel, NJ 327,727 1984 40 yrs. 8000 Commerce Parkway Mt. Laurel, NJ 242,670 1983 40 yrs. 9000 Commerce Parkway Mt. Laurel, NJ 321,204 1983 40 yrs. 1000 Briggs Road Mt. Laurel, NJ 391,726 1986 40 yrs. 1025 Briggs Road Mt. Laurel, NJ 522,082 1987 40 yrs. 1020 Briggs Road Mt. Laurel, NJ 280,260 1999 40 yrs. 9 Stow Road Marlton, NJ 270,466 1998 40 yrs. 2000 Crawford Place Mt. Laurel, NJ 785,860 1986 40 yrs. 5000 Dearborn Court Mt. Laurel, NJ 422,530 1988 40 yrs. 515 Heron Drive Bridgeport, NJ 223,053 1980 40 yrs. 500 Sharptown Road Bridgeport, NJ 230,108 1984 40 yrs. 625 Heron Drive Bridgeport, NJ 89,390 1980 40 yrs. 605 Heron Drive Bridgeport, NJ 105,766 1980 40 yrs. 510 Heron Drive Bridgeport, NJ 788,746 1990 40 yrs. 522 Pedricktown Road Bridgeport, NJ 128,989 1988 40 yrs. 530 Pedricktown Road Bridgeport, NJ 180,731 1993 40 yrs. 540 Pedricktown Road Bridgeport, NJ 427,827 1987 40 yrs. 230 High Hill Road Bridgeport, NJ 831,380 1985 40 yrs. 3 Mallard Court Bridgeport, NJ 230,102 1989 40 yrs. 730 Cardinal Drive Bridgeport, NJ 173,453 1989 40 yrs. 405 Heron Drive Bridgeport, NJ 1,718,650 1990 40 yrs. 100 Eagle Road Bridgeport, NJ 135,990 1995 40 yrs. 250 High Hill Road Bridgeport, NJ 377,569 1995 40 yrs. 508 Center Square Road Bridgeport, NJ 324,637 1995 40 yrs. 602 Heron Drive Bridgeport, NJ 210,512 1995 40 yrs. 300 Eagle Court Bridgeport, NJ 176,577 1996 40 yrs. 500 Center Square Road Bridgeport, NJ 585,541 1997 40 yrs. 1001 Briggs Road Mt. Laurel, NJ 460,436 1986 40 yrs. 1960 Cuthbert Boulevard Cherry Hill, NJ 173,264 1985 40 yrs. 1970 Cuthbert Boulevard Cherry Hill, NJ 119,833 1985 40 yrs. 10000 & 11000 Route 73 Marlton, NJ 392,888 1984 40 yrs. 800 Arlington Boulevard Bridgeport, NJ 539,702 1999 40 yrs. 1015 Briggs Road Mt. Laurel, NJ 169,157 2000 40 yrs. 17000 Commerce Parkway Mt. Laurel, NJ 165,909 2001 40 yrs. 1655 Valley Center Parkway Bethlehem, PA 611,485 1993 40 yrs. 6560 Stonegate Drive Allentown, PA 711,254 1989 40 yrs. 6370 Hedgewood Drive Allentown, PA 854,360 1990 40 yrs. 6390 Hedgewood Drive Allentown, PA 859,564 1990 40 yrs. 1495 Valley Center Parkway Bethlehem, PA 975,110 1990 40 yrs. 6350 Hedgewood Drive Allentown, PA 934,757 1989 40 yrs. 6330 Hedgewood Drive Allentown, PA 1,571,394 1988 40 yrs. 1550 Valley Center Parkway Bethlehem, PA 919,337 1988 40 yrs. 1560 Valley Center Parkway Bethlehem, PA 1,190,764 1988 40 yrs. 6580 Snowdrift Road Allentown, PA 865,223 1988 40 yrs. 1510 Valley Center Parkway Bethlehem, PA 1,122,540 1988 40 yrs. 1530 Valley Center Parkway Bethlehem, PA 808,250 1988 40 yrs. 6540 Stonegate Drive Allentown, PA 1,160,494 1988 40 yrs. 974 Marcon Boulevard Allentown, PA 786,473 1987 40 yrs. 964 Marcon Boulevard Allentown, PA 653,372 1985 40 yrs. 764 Roble Road Allentown, PA 299,385 1985 40 yrs. 3174 Airport Road Allentown, PA 544,941 1979 40 yrs. 2196 Avenue C Allentown, PA 527,505 1980 40 yrs. 2202 Hanger Place Allentown, PA 613,360 1981 40 yrs. 2201 Hanger Place Allentown, PA 645,145 1987 40 yrs. 954 Marcon Boulevard Allentown, PA 407,464 1981 40 yrs. 57 South Commerce Way Bethlehem, PA 547,909 1986 40 yrs. 754 Roble Road Allentown, PA 372,982 1986 40 yrs. 894 Marcon Boulevard Allentown, PA 215,266 1986 40 yrs. 744 Roble Road Allentown, PA 388,557 1986 40 yrs. 944 Marcon Boulevard Allentown, PA 329,933 1986 40 yrs. 1685 Valley Center Parkway Bethlehem, PA 379,870 1996 40 yrs. 6520 Stonegate Drive Allentown, PA 293,256 1996 40 yrs. 7437 Industrial Boulevard Allentown, PA 1,415,814 1976 40 yrs. 2041 Avenue C Allentown, PA 205,754 1990 40 yrs. 2124 Avenue C Allentown, PA 184,527 1990 40 yrs. 7339 Industrial Boulevard Allentown, PA 815,953 1996 40 yrs. 7384 Penn Drive Allentown, PA 493,612 1988 40 yrs. 7144 Daniels Drive Allentown, PA 1,004,907 1975 40 yrs. 7620 Cetronia Road Allentown, PA 767,389 1990 40 yrs. 939 Marcon Boulevard Allentown, PA 874,707 1980 40 yrs. 100 Brodhead Road Bethlehem, PA 518,801 1990 40 yrs. 1455 Valley Center Parkway Bethlehem, PA 942,735 1997 40 yrs. 1640 Valley Center Parkway Bethlehem, PA 589,762 1996 40 yrs. 1650 Valley Center Parkway Bethlehem, PA 531,404 1997 40 yrs. 1660 Valley Center Parkway Bethlehem, PA 350,066 1998 40 yrs. 400 Nestle Way Allentown, PA 3,542,766 1997 40 yrs. 83 South Commerce Way Bethlehem, PA 203,442 1989 40 yrs. 85 South Commerce Way Bethlehem, PA 153,878 1989 40 yrs. 87 South Commerce Way Bethlehem, PA 170,627 1989 40 yrs. 89 South Commerce Way Bethlehem, PA 268,327 1998 40 yrs. 7248 Industrial Boulevard Allentown, PA 1,896,986 1988 40 yrs. 95 Highland Avenue Bethlehem, PA 412,478 1985 40 yrs. 125 LIBERTY PROPERTY LIMITED PARTNERSHIP REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 ACCUMULATED DATE OF DEPRECIATION CONSTRUCTION DEPRECIABLE PROJECT CITY @ 12/31/01 OR ACQUISITION LIFE (YEARS) -------------------------------------- ------------------- ------------ -------------- ------------ OPERATING PROPERTIES - Continued 236 Brodhead Road Bethlehem, PA 568,568 1994 40 yrs. 1525 Valley Center Parkway Bethlehem, PA 746,292 1999 40 yrs. 6620 Grant Way Allentown, PA 224,411 1989 40 yrs. 700 Nestle Way Allentown, PA 1,585,157 1998 40 yrs. 7562 Penn Drive Allentown, PA 97,555 1989 40 yrs. 7277 Williams Avenue Allentown, PA 198,018 1989 40 yrs. 7355 Williams Avenue Allentown, PA 178,768 1998 40 yrs. 794 Roble Road Allentown, PA 607,995 1985 40 yrs. 6923 Schantz Spring Road Allentown, PA 323,339 1993 40 yrs. 7132 Daniels Drive Allentown, PA 627,069 1997 40 yrs. 3985 Adler Place Bethlehem, PA 430,542 1987 40 yrs. 8014 Industrial Boulevard Allentown, PA 585,147 1999 40 yrs. 705 Boulder Drive Allentown, PA 584,586 2001 40 yrs. 651 Boulder Drive Allentown, PA 783,176 2000 40 yrs. 3773 Corporate Parkway Center Valley, PA 224,882 2001 40 yrs. 7028 Snowdrift Road Fogelville, PA 45,518 2001 40 yrs. 180,190 Cochrane Drive Annapolis, MD 5,062,988 1988 40 yrs. 7178-80 Columbia Gateway Columbia, MD 1,197,206 1987 40 yrs. 9770 Patuxent Woods Drive Columbia, MD 355,719 1986 40 yrs. 9780 Patuxent Woods Drive Columbia, MD 227,507 1986 40 yrs. 9790 Patuxent Woods Drive Columbia, MD 254,102 1986 40 yrs. 9810 Patuxent Woods Drive Columbia, MD 277,758 1986 40 yrs. 9800 Patuxent Woods Drive Columbia, MD 343,560 1988 40 yrs. 9820 Patuxent Woods Drive Columbia, MD 257,078 1988 40 yrs. 9830 Patuxent Woods Drive Columbia, MD 308,596 1986 40 yrs. 9050 Red Branch Road Columbia, MD 312,441 1972 40 yrs. 4606 Richlynn Drive Belcamp, MD 167,357 1988 40 yrs. 8945-8975 Guilford Road Columbia, MD 677,612 1986 40 yrs. 7317 Parkway Drive Hanover, MD 151,245 1983 40 yrs. 5950 Symphony Woods Road Columbia, MD 118,531 1986 40 yrs. 9101,9111,9115 Guilford Road Columbia, MD 1,379,816 1984 40 yrs. 9125,9135,9145 Guilford Road Columbia, MD 2,423,406 1983 40 yrs. 1751 Bluehills Drive Roanoke, VA 1,435,999 1991 40 yrs. 4300 Carolina Avenue Richmond, VA 2,577,334 1985 40 yrs. 301 Hill Carter Parkway Richmond, VA 826,014 1989 40 yrs. 4001 Carolina Avenue Richmond, VA 53,764 1935 40 yrs. 5600-5626 Eastport Boulevard Richmond, VA 669,005 1989 40 yrs. 5650-5674 Eastport Boulevard Richmond, VA 762,775 1990 40 yrs. 5700 Eastport Boulevard Richmond, VA 468,152 1990 40 yrs. 3432 Holland Road Virginia Beach, VA 135,024 1989 40 yrs. 4880 Cox Road Glen Allen, VA 416,118 1995 40 yrs. 4101- 4127 Carolina Avenue Richmond, VA 392,212 1973 40 yrs. 4201-4261 Carolina Avenue Richmond, VA 966,255 1975 40 yrs. 4263-4299 Carolina Avenue Richmond, VA 529,453 1976 40 yrs. 4301-4335 Carolina Avenue Richmond, VA 292,813 1978 40 yrs. 4337-4379 Carolina Avenue Richmond, VA 659,969 1979 40 yrs. 4501-4549 Carolina Avenue Richmond, VA 626,210 1981 40 yrs. 4551-4593 Carolina Avenue Richmond, VA 619,697 1982 40 yrs. 4601-4643 Carolina Avenue Richmond, VA 955,692 1985 40 yrs. 4645-4683 Carolina Avenue Richmond, VA 1,276,006 1985 40 yrs. 4447-4491 Carolina Avenue Richmond, VA 484,139 1987 40 yrs. 4401-4445 Carolina Avenue Richmond, VA 773,102 1988 40 yrs. 12 S. Third Street Richmond, VA 32,335 1900 40 yrs. 9601 Cosner Drive Fredericksburg, VA 662,050 1995 40 yrs. 2300 East Parham Road Richmond, VA 172,699 1988 40 yrs. 5601-5659 Eastport Boulevard Richmond, VA 908,224 1996 40 yrs. 5900 Eastport Boulevard Richmond, VA 540,431 1997 40 yrs. 4717-4729 Eubank Road Richmond, VA 547,915 1978 40 yrs. 4263F-N. Carolina Avenue Richmond, VA 235,560 1975 40 yrs. 5000 Cox Road Glen Allen, VA 494,901 1990 40 yrs. 5500 Cox Road Glen Allen, VA 289,152 1999 40 yrs. 510 Eastpark Court Richmond, VA 283,430 1989 40 yrs. 520 Eastpark Court Richmond, VA 549,384 1989 40 yrs. 13001 Kingston Avenue Richmond, VA 240,515 1998 40 yrs. 5701-5799 Eastport Boulevard Richmond, VA 693,620 1998 40 yrs. 4801 Cox Road Glen Allen, VA 809,854 1998 40 yrs. 600 H P Way Chester, VA 564,256 1997 40 yrs. 500 H P Way Chester, VA 444,485 1997 40 yrs. 701 Liberty Way Richmond, VA 339,379 1999 40 yrs. 4198 Cox Road Glen Allen, VA 520,752 1984 40 yrs. 12730 Kingston Avenue Richmond, VA 73,022 2001 40 yrs. 4510 Cox Road Glen Allen, VA 885,403 1990 40 yrs. 2809 South Lynnhaven Road Virginia Beach, VA 690,821 1987 40 yrs. 200 Golden Oak Court Virginia Beach, VA 770,735 1988 40 yrs. 208 Golden Oak Court Virginia Beach, VA 720,062 1989 40 yrs. 1 Enterprise Parkway Hampton, VA 692,434 1987 40 yrs. 22 Enterprise Parkway Hampton, VA 776,959 1990 40 yrs. 530 Eastpark Court Richmond, VA 437,612 1997 40 yrs. 484 Viking Drive Virginia Beach, VA 387,398 1987 40 yrs. 10430 Lakeridge Parkway Ashland, VA 375,717 1989 40 yrs. 10456 Lakeridge Parkway Ashland, VA 368,247 1991 40 yrs. 3829-3855 Gaskins Road Richmond, VA 313,368 1988 40 yrs. 629 Phoenix Drive Virginia Beach, VA 203,996 1996 40 yrs. 11838 Rock Landing Drive Newport News, VA 268,662 1986 40 yrs. 126 LIBERTY PROPERTY LIMITED PARTNERSHIP REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 ACCUMULATED DATE OF DEPRECIATION CONSTRUCTION DEPRECIABLE PROJECT CITY @ 12/31/01 OR ACQUISITION LIFE (YEARS) -------------------------------------- ------------------- ------------ -------------- ------------ OPERATING PROPERTIES - Continued 11844 Rock Landing Drive Newport News, VA 149,749 1989 40 yrs. 11846 Rock Landing Drive Newport News, VA 160,551 1989 40 yrs. 11832 Rock Landing Drive Newport News, VA 431,803 1988 40 yrs. 10800 Nuckols Boulevard Richmond, VA 672,556 1988 40 yrs. 5700 Cleveland Street Virginia Beach, VA 993,051 1985 40 yrs. 801 Liberty Way Richmond, VA 417,875 1999 40 yrs. 5 Manhattan Square Hampton, VA 97,557 1999 40 yrs. 100 Westgate Parkway Richmond, VA 109,257 2001 40 yrs. 1309 Executive Boulevard Cheaspeake, VA 189,367 2001 40 yrs. 21 Enterprise Parkway Hamton, VA 170,167 1999 40 yrs. 4523 Green Point Drive High Point, NC 639,487 1988 40 yrs. 4501 Green Point Drive High Point, NC 648,182 1989 40 yrs. 4500 Green Point Drive High Point, NC 631,930 1989 40 yrs. 2427 Penny Road High Point, NC 1,687,417 1990 40 yrs. 4524 Green Point Drive High Point, NC 611,652 1989 40 yrs. 4328, 4336 Federal Drive High Point, NC 1,887,987 1995 40 yrs. 200 Centreport Drive Greensboro, NC 772,948 1986 40 yrs. 4344 Federal Drive High Point, NC 448,913 1996 40 yrs. 202 Centreport Drive Greensboro, NC 953,023 1990 40 yrs. 101 Centreport Drive Greensboro, NC 799,417 1998 40 yrs. 4000 Piedmont Parkway High Point, NC 843,969 1995 40 yrs. 4380 Federal Drive High Point, NC 424,176 1997 40 yrs. 4388 Federal Drive High Point, NC 213,215 1997 40 yrs. 6532 Judge Adams Road Rock Creek, NC 386,215 1997 40 yrs. 6530 Judge Adams Road Rock Creek, NC 335,157 1999 40 yrs. 150 Ridgeview Center Drive Duncan, SC 1,181,708 1984 40 yrs. 1320 Garlington Road Greenville, SC 230,473 1986 40 yrs. 420 Park Avenue Greenville, SC 524,586 1986 40 yrs. 4160 Mendenhall Oaks Parkway High Point, NC 289,126 1998 40 yrs. 4194 Mendenhall Oaks Parkway High Point, NC 265,686 1999 40 yrs. 4196 Mendenhall Oaks Parkway High Point, NC 306,303 1999 40 yrs. 4170 Mendenhall Oaks Parkway High Point, NC 175,066 1999 40 yrs. 4180 Mendenhall Oaks Parkway High Point, NC 208,697 1999 40 yrs. 4050 Piedmont Parkway High Point, NC 1,445,535 1998 40 yrs. One Independence Pointe Greenville, SC 647,807 1982 40 yrs. 55 Beattie Place Greenville, SC 2,523,388 1986 40 yrs. 75 Beattie Place Greenville, SC 1,882,732 1987 40 yrs. 7736 McCloud Road Greensboro, NC 630,532 1998 40 yrs. 15 Brendan Way Greenville, SC 463,830 1988 40 yrs. 4300 Federal Drive High Point, NC 131,591 1998 40 yrs. 4135 Mendenall Oaks Parkway High Point, NC 144,085 2000 40 yrs. 4183 Eagle Hill Drive High Point, NC 185,585 2001 40 yrs. 4189 Eagle Hill Drive High Point, NC 4,812 2001 40 yrs. 4020 Meeting Way High Point, NC 57,204 2001 40 yrs. 170 Ridgeview Drive Duncan, SC 53,020 2001 40 yrs. 6509 Franz Warner Parkway Rock Creek, NC 12,290 2001 40 yrs. 1730 Stebbins Drive Houston, TX 281,929 1973 40 yrs. 5911-5925 Richard Street Jacksonville, FL 269,472 1977 40 yrs. 8383-8385 Baycenter Road Jacksonville, FL 352,176 1973 40 yrs. 8775 Baypine Road Jacksonville, FL 949,706 1989 40 yrs. 6255 Lake Gray Boulevard Jacksonville, FL 1,201,100 1987 40 yrs. 8665,8667,8669 Baypine Road Jacksonville, FL 1,354,693 1987 40 yrs. 1200 Gulf Life Drive Jacksonville, FL 7,243,375 1985 40 yrs. 8614 Baymeadows Way Jacksonville, FL 490,637 1986 40 yrs. 5941-5975 Richard Street Jacksonville, FL 623,130 1978 40 yrs. 7970 Bayberry Road Jacksonville, FL 768,502 1978 40 yrs. 6000-6030 Bowdendale Avenue Jacksonville, FL 812,306 1979 40 yrs. 7898 Baymeadows Way Jacksonville, FL 909,860 1978 40 yrs. 5977-6607 Richard Street Jacksonville, FL 960,933 1980 40 yrs. 7910 & 7948 Baymeadows Way Jacksonville, FL 1,192,063 1981 40 yrs. 7954, 7960 Baymeadows Way Jacksonville, FL 1,244,833 1982 40 yrs. 8787 Baypine Road Jacksonville, FL 17,813,274 1990 40 yrs. 7077 Bonneval Road Jacksonville, FL 1,983,085 1988 40 yrs. 4190 Belfort Road Jacksonville, FL 2,190,177 1986 40 yrs. 7020 AC Skinner Parkway Jacksonville, FL 458,301 1996 40 yrs. 7022 AC Skinner Parkway Jacksonville, FL 780,030 1996 40 yrs. 11777 Central Highway Jacksonville, FL 629,617 1985 40 yrs. 4345 Southpoint Parkway Jacksonville, FL 942,860 1998 40 yrs. 7016 AC Skinner Parkway Jacksonville, FL 522,678 1996 40 yrs. 7018 AC Skinner Parkway Jacksonville, FL 952,780 1997 40 yrs. 7014 AC Skinner Parkway Jacksonville, FL 388,673 1999 40 yrs. 6620 Southpoint Drive Jacksonville, FL 722,622 1984 40 yrs. 7980 Bayberry Road Jacksonville, FL 149,812 1978 40 yrs. 9600 Satellite Boulevard Orlando, FL 156,740 1989 40 yrs. 9700 Satellite Boulevard Orlando, FL 136,141 1989 40 yrs. 1902 Cypress Lake Drive Orlando, FL 466,383 1989 40 yrs. 9550 Satellite Boulevard Orlando, FL 246,957 1999 40 yrs. 8250 & 8256 Exchange Place Orlando, FL 318,715 1985 40 yrs. 6600 Southpoint Parkway Jacksonville, FL 618,689 1986 40 yrs. 6700 Southpoint Parkway Jacksonville, FL 474,948 1987 40 yrs. 4801 Executive Park Court - 100 Jacksonville, FL 394,293 1990 40 yrs. 4801 Executive Park Court - 200 Jacksonville, FL 201,048 1990 40 yrs. 4810 Executive Park Court Jacksonville, FL 317,972 1990 40 yrs. 6602 Executive Park Court - 100 Jacksonville, FL 253,484 1993 40 yrs. 127 LIBERTY PROPERTY LIMITED PARTNERSHIP REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 ACCUMULATED DATE OF DEPRECIATION CONSTRUCTION DEPRECIABLE PROJECT CITY @ 12/31/01 OR ACQUISITION LIFE (YEARS) -------------------------------------- ------------------- ------------ -------------- ------------ OPERATING PROPERTIES - Continued 6602 Executive Park Court - 200 Jacksonville, FL 173,628 1993 40 yrs. 6631 Executive Park Court - 100 Jacksonville, FL 135,346 1994 40 yrs. 6631 Executive Park Court - 200 Jacksonville, FL 242,703 1994 40 yrs. 4815 Executive Park Court - 100 Jacksonville, FL 203,559 1995 40 yrs. 4815 Executive Park Court - 200 Jacksonville, FL 306,468 1995 40 yrs. 4825 Executive Park Court Jacksonville, FL 324,970 1996 40 yrs. 4820 Executive Park Court Jacksonville, FL 358,711 1997 40 yrs. 10511 & 10611 Satellite Boulevard Orlando, FL 345,419 1985 40 yrs. 1400-1440 Central Florida Parkway Orlando, FL 262,290 1962 40 yrs. 6601 Executive Park Circle North Jacksonville, FL 312,700 1992 40 yrs. 1300 Riverplace Boulevard Jacksonville, FL 826,247 1980 40 yrs. 4901 Belfort Road Jacksonville, FL 833,751 1998 40 yrs. 16445 Air Center Boulevard Houston, TX 274,656 1989 40 yrs. 16405 Air Center Boulevard Houston, TX 324,462 1997 40 yrs. 2216 Directors Row Orlando, FL 231,022 1997 40 yrs. 7460 Chancellor Drive Orlando, FL 122,748 1998 40 yrs. 1901 Summit Tower Boulevard Maitland, FL 1,132,409 1998 40 yrs. 3701-3727 Vineland Road Orlando, FL 205,295 1985 40 yrs. 4899 Belfort Road Jacksonville, FL 492,767 2000 40 yrs. 4905 Belfort Street Jacksonville, FL 159,687 2000 40 yrs. 16580 Air Center Boulevard Houston, TX 229,578 1997 40 yrs. 7251 Salisbury Road Jacksonville, FL 52,199 2000 40 yrs. 2400 South Lake Orange Drive Orlando, FL 67,258 2001 40 yrs. 10245 Centurion Parkway North Jacksonville, FL 184,815 1996 40 yrs. 6501 Lee Vista Boulevard Orlando, FL 54,304 2001 40 yrs. 1755 Trans Central Drive Houston, TX 95,800 1999 40 yrs. 10771 Palm Bay Drive Orlando, FL 105,202 2001 40 yrs. 5501-5519 Pioneer Park Boulevard Tampa, FL 337,507 1981 40 yrs. 5690-5694 Crenshaw Street Tampa, FL 339,928 1979 40 yrs. 3102,3104,3110 Cherry Palm Drive Tampa, FL 554,185 1986 40 yrs. 8401-8408 Benjamin Road Tampa, FL 791,102 1986 40 yrs. 3501 Riga Boulevard Tampa, FL 419,246 1987 40 yrs. 111 Kelsey Lane Tampa, FL 307,503 1990 40 yrs. 7930, 8010-20 Woodland Center Boulevard Tampa, FL 649,184 1990 40 yrs. 7920 Woodland Center Boulevard Tampa, FL 402,889 1997 40 yrs. 8154-8198 Woodland Center Boulevard Tampa, FL 359,203 1988 40 yrs. 8112-42 Woodland Center Boulevard Tampa, FL 383,962 1995 40 yrs. 8212 Woodland Center Boulevard Tampa, FL 271,719 1996 40 yrs. 131 Kelsey Lane Tampa, FL 683,453 1985 40 yrs. 7724 Woodland Center Boulevard Tampa, FL 266,326 1998 40 yrs. 7802-50 Woodland Center Boulevard Tampa, FL 440,797 1999 40 yrs. 7852-98 Woodland Center Boulevard Tampa, FL 452,794 1999 40 yrs. 8921 Brittany Way Tampa, FL 174,982 1998 40 yrs. 5250 Eagle Trail Drive Tampa, FL 281,715 1998 40 yrs. 7725 Woodland Center Boulevard Tampa, FL 203,066 1999 40 yrs. 8001 Woodland Center Boulevard Tampa, FL 155,272 1999 40 yrs. 4630 Woodland Corporate Boulevard Tampa, FL 687,528 2000 40 yrs. 701-725 South US Highway 301 Tampa, FL 316,134 2000 40 yrs. 4502 Woodland Corporate Boulevard Tampa, FL 161,078 1999 40 yrs. 9001-9015 Brittany Way Tampa, FL 82,536 2000 40 yrs. 4508 Woodland Corporate Boulevard Tampa, FL 110,730 2000 40 yrs. 7622 Bald Cypress Place Tampa, FL 35,290 2000 40 yrs. 901-933 US Highway 301S Tampa, FL 101,674 2001 40 yrs. 1701 Clint Moore Boulevard Boca Raton, FL 347,419 1985 40 yrs. 5410 - 5430 Northwest 33rd Avenue Ft. Lauderdale, FL 478,403 1985 40 yrs. 6500 NW 12th Avenue Ft. Lauderdale, FL 298,657 1989 40 yrs. 6600 NW 12th Avenue Ft. Lauderdale, FL 338,734 1989 40 yrs. 1500 SW 5th Court Pompano Beach, FL 395,747 1957 40 yrs. 1651 SW 5th Court Pompano Beach, FL 81,152 1990 40 yrs. 1601 SW 5th Court Pompano Beach, FL 83,757 1990 40 yrs. 1501 SW 5th Court Pompano Beach, FL 85,778 1990 40 yrs. 1400 SW 6th Court Pompano Beach, FL 460,189 1986 40 yrs. 1405 SW 6th Court Pompano Beach, FL 161,884 1985 40 yrs. 595 SW 13th Terrace Pompano Beach, FL 142,346 1984 40 yrs. 601 SW 13th Terrace Pompano Beach, FL 66,133 1984 40 yrs. 605 SW 16th Terrace Pompano Beach, FL 121,790 1965 40 yrs. 951 Broken Sound Parkway Boca Raton, FL 657,641 1986 40 yrs. 3400 Lakeside Drive Miramar, FL 1,208,857 1990 40 yrs. 3450 Lakeside Drive Miramar, FL 1,197,693 1990 40 yrs. 3350 SW 148th Avenue Miramar, FL 979,379 2000 40 yrs. 13650 NW 8th Street Sunrise, FL 209,744 1991 40 yrs. 13630 NW 8th Street Sunrise, FL 276,214 1991 40 yrs. 777 Yamato Road Boca Raton, FL 1,565,561 1986 40 yrs. 1801 Clint Moore Road Boca Raton, FL 448,568 1986 40 yrs. 6601-6625 W. 78th Street Bloomington, MN 3,068,383 1998 40 yrs. 2905 Northwest Boulevard Plymouth, MN 681,080 1983 40 yrs. 2800 Campus Drive Plymouth, MN 442,072 1985 40 yrs. 2955 Xenium Lane Plymouth, MN 270,240 1985 40 yrs. 9401-9443 Science Center Drive New Hope, MN 501,068 1989 40 yrs. 6321-6325 Bury Drive Eden Prairie, MN 554,514 1988 40 yrs. 7115-7173 Shady Oak Road Eden Prairie, MN 561,832 1984 40 yrs. 7660-7716 Golden Triangle Drive Eden Prairie, MN 1,011,359 1988 40 yrs. 7400 Flying Cloud Drive Eden Prairie, MN 212,746 1987 40 yrs. 10301-10305 West 70th Street Eden Prairie, MN 138,220 1984 40 yrs. 128 LIBERTY PROPERTY LIMITED PARTNERSHIP REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 ACCUMULATED DATE OF DEPRECIATION CONSTRUCTION DEPRECIABLE PROJECT CITY @ 12/31/01 OR ACQUISITION LIFE (YEARS) -------------------------------------- ------------------- ------------ -------------- ------------ OPERATING PROPERTIES - Continued 10321 West 70th Street Eden Prairie, MN 158,929 1984 40 yrs. 10333 West 70th Street Eden Prairie, MN 121,555 1984 40 yrs. 10349-10357 West 70th Street Eden Prairie, MN 327,003 1985 40 yrs. 10365-10375 West 70th Street Eden Prairie, MN 336,824 1985 40 yrs. 10393-10394 West 70th Street Eden Prairie, MN 322,892 1985 40 yrs. 7078 Shady Oak Road Eden Prairie, MN 369,321 1985 40 yrs. 10400 Viking Drive Eden Prairie, MN 2,193,834 1999 40 yrs. 5600 & 5610 Rowland Road Minnetonka, MN 984,522 1988 40 yrs. 2920 Northwest Boulevard Plymouth, MN 526,811 1997 40 yrs. 5400-5500 Feltl Road Minnetonka, MN 846,919 1985 40 yrs. 10300 Bren Road Minnetonka, MN 381,729 1981 40 yrs. 14630-14650 28th Avenue North Plymouth, MN 238,096 1978 40 yrs. 7695-7699 Anagram Drive Eden Prairie, MN 300,426 1997 40 yrs. 7550 Meridian Circle Maple Grove, MN 260,543 1989 40 yrs. 2800 Northwest Boulevard Plymouth, MN 983,674 1995 40 yrs. 3255 Neil Armstrong Boulevard Eagan, MN 253,311 1998 40 yrs. 4801 West 81st Street Bloomington, MN 258,411 1984 40 yrs. 8100 Cedar Avenue Bloomington, MN 323,589 1983 40 yrs. 9600 54th Avenue Plymouth, MN 282,834 1998 40 yrs. 7800 Equitable Drive Eden Prairie, MN 319,399 1993 40 yrs. 7905 Fuller Road Eden Prairie, MN 321,367 1994 40 yrs. 9023 Columbine Road Eden Prairie, MN 305,991 1999 40 yrs. 6161 Green Valley Drive Bloomington, MN 235,177 1992 40 yrs. 4700 Nathan Lane North Minneapolis, MN 616,074 1996 40 yrs. 8967 Columbine Road Eden Prairie, MN 162,344 2000 40 yrs. 14390 Huntington Avenue Savage, MN 288,818 1988 40 yrs. 550-590 Hale Avenue Oakdale, MN 173,088 1996 40 yrs. 7777 Golden Triangle Drive Eden Prairie, MN 105,943 2000 40 yrs. 8937 Columbine Road Eden Prairie, MN 111,032 2001 40 yrs. 7615 Smetana Lane Eden Prairie, MN 185,923 2001 40 yrs. 10801 Nesbitt Avenue South Bloomington, MN 206,889 2001 40 yrs. 8995 Columbine Road Eden Prairie, MN 43,108 2001 40 yrs. 26911-26957 Northwestern Highway Southfield, MI 8,275,494 1985 40 yrs. 1650 Research Drive Troy, MI 818,770 1985 40 yrs. 1775 Research Drive Troy, MI 325,556 1985 40 yrs. 1875 Research Drive Troy, MI 339,842 1986 40 yrs. 1850 Research Drive Troy, MI 913,182 1986 40 yrs. 1965 Research Drive Troy, MI 433,774 1987 40 yrs. 1960 Research Drive Troy, MI 411,830 1987 40 yrs. 27260 Haggerty Road Farmington Hills, MI 518,692 1983 40 yrs. 27200 Haggerty Road Farmington Hills, MI 424,673 1983 40 yrs. 27280 Haggerty Road Farmington Hills, MI 471,599 1983 40 yrs. 27220 Haggerty Road Farmington Hills, MI 234,324 1985 40 yrs. 27240 Haggerty Road Farmington Hills, MI 188,186 1985 40 yrs. 27300 Haggerty Road Farmington Hills, MI 409,924 1985 40 yrs. 1101 Allen Drive Troy, MI 96,156 1974 40 yrs. 1151 Allen Drive Troy, MI 214,004 1974 40 yrs. 1300 Rankin Street Troy, MI 170,677 1979 40 yrs. 1350 Rankin Street Troy, MI 122,589 1979 40 yrs. 1376-1400 Rankin Street Troy, MI 149,294 1979 40 yrs. 1352-1374 Rankin Street Troy, MI 169,489 1979 40 yrs. 1324-1346 Rankin Street Troy, MI 134,470 1979 40 yrs. 1301-1307 Rankin Street Troy, MI 124,944 1978 40 yrs. 1409 Allen Drive Troy, MI 169,134 1978 40 yrs. 1304 E Maple Road Troy, MI 229,710 1971 40 yrs. 1334 Maplelawn Road Troy, MI 125,102 1983 40 yrs. 1290 Maplelawn Road Troy, MI 87,398 1984 40 yrs. 1070 Maplelawn Road Troy, MI 69,810 1982 40 yrs. 950 Maplelawn Road Troy, MI 243,546 1982 40 yrs. 894 Maplelawn Road Troy, MI 175,547 1986 40 yrs. 1179 Maplelawn Road Troy, MI 95,334 1984 40 yrs. 1940 Norwood Drive Troy, MI 91,569 1983 40 yrs. 1311-1331 Maplelawn Road Troy, MI 139,673 1986 40 yrs. 2354 Bellingham Street Troy, MI 86,611 1990 40 yrs. 2360 Bellingham Street Troy, MI 88,115 1985 40 yrs. 1911 Ring Drive Troy, MI 88,112 1986 40 yrs. 26442-26450 Haggerty Road Farmington Hills, MI 230,643 1988 40 yrs. 26500 Haggerty Road Farmington Hills, MI 304,777 1986 40 yrs. 26650 Haggerty Road Farmington Hills, MI 168,727 1988 40 yrs. 26700 Haggerty Road Farmington Hills, MI 245,076 1986 40 yrs. 26750 Haggerty Road Farmington Hills, MI 326,159 1988 40 yrs. 26800 Haggerty Road Farmington Hills, MI 187,722 1986 40 yrs. 26842-26850 Haggerty Road Farmington Hills, MI 282,648 1988 40 yrs. 26600 Haggerty Road Farmington Hills, MI 254,561 1999 40 yrs. 26550 Haggerty Road Farmington Hills, MI 215,894 2000 40 yrs. 50 West Big Beaver Road Troy, MI 2,058,518 1987 40 yrs. 100 West Big Beaver Road Troy, MI 1,993,633 1987 40 yrs. 245 Executive Drive Brookfield, WI 515,672 1984 40 yrs. 8301 West Parkland Court Milwaukee, WI 323,179 1982 40 yrs. 32991 Hamilton Court Farmington Hills, MI 303,217 1989 40 yrs. 7500 West 110th Street Overland Park, KS 915,335 1983 40 yrs. 7800 N. 113th Street Milwaukee, WI 602,859 1991 40 yrs. 2475-2479 Elliot Avenue Troy, MI 50,563 1984 40 yrs. 32661 Edward Avenue Madison Heights, MI 199,379 1976 40 yrs. 129 LIBERTY PROPERTY LIMITED PARTNERSHIP REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 ACCUMULATED DATE OF DEPRECIATION CONSTRUCTION DEPRECIABLE PROJECT CITY @ 12/31/01 OR ACQUISITION LIFE (YEARS) -------------------------------------- ------------------- ------------ -------------- ------------ OPERATING PROPERTIES - Continued 32701 Edward Avenue Madison Heights, MI 128,114 1976 40 yrs. 32751 Edward Avenue Madison Heights, MI 86,662 1969 40 yrs. 32853 Edward Avenue Madison Heights, MI 85,843 1973 40 yrs. 555 East Mandoline Avenue Madison Heights, MI 75,209 1979 40 yrs. 599 East Mandoline Avenue Madison Heights, MI 74,071 1979 40 yrs. 749 East Mandoline Avenue Madison Heights, MI 60,726 1974 40 yrs. 750 East Mandoline Avenue Madison Heights, MI 63,376 1969 40 yrs. 900 East Mandoline Avenue Madison Heights, MI 66,001 1972 40 yrs. 949 East Mandoline Avenue Madison Heights, MI 67,802 1974 40 yrs. 32090 John Road Madison Heights, MI 34,625 1980 40 yrs. 31601 Research Park Drive Madison Heights, MI 161,116 1985 40 yrs. 31651 Research Park Drive Madison Heights, MI 94,179 1985 40 yrs. 31700 Research Park Drive Madison Heights, MI 156,151 1988 40 yrs. 31701 Research Park Drive Madison Heights, MI 94,839 1985 40 yrs. 31751 Research Park Drive Madison Heights, MI 111,238 1985 40 yrs. 31800 Research Park Drive Madison Heights, MI 136,963 1986 40 yrs. 800 Tech Row Madison Heights, MI 256,146 1986 40 yrs. 900 Tech Row Madison Heights, MI 85,016 1986 40 yrs. 1000 Tech Row Madison Heights, MI 229,472 1987 40 yrs. 31771 Sherman Avenue Madison Heights, MI 55,157 1982 40 yrs. 31791 Sherman Avenue Madison Heights, MI 56,629 1983 40 yrs. 31811 Sherman Avenue Madison Heights, MI 100,811 1983 40 yrs. 31831 Sherman Avenue Madison Heights, MI 78,562 1984 40 yrs. 31900 Sherman Avenue Madison Heights, MI 166,703 1984 40 yrs. 800 East Whitcomb Avenue Madison Heights, MI 136,008 1987 40 yrs. 950 East Whitcomb Avenue Madison Heights, MI 185,064 1988 40 yrs. 1000 East Whitcomb Avenue Madison Heights, MI 93,218 1980 40 yrs. 1201 East Whitcomb Avenue Madison Heights, MI 103,839 1980 40 yrs. 1210 East Whitcomb Avenue Madison Heights, MI 28,148 1983 40 yrs. 1260 Kempar Avenue Madison Heights, MI 35,145 1981 40 yrs. 1280 Kempar Avenue Madison Heights, MI 48,983 1983 40 yrs. 22515 Heslip Drive Novi, MI 34,168 1975 40 yrs. 9801 80th Avenue Pleasant Prairie, WI 715,970 1994 40 yrs. 11950 W. Lake Park Drive Milwaukee, WI 195,026 1986 40 yrs. 11400 W. Lake Park Drive Milwaukee, WI 204,410 1986 40 yrs. 11425 W. Lake Park Drive Milwaukee, WI 182,706 1987 40 yrs. 11301 W. Lake Park Drive Milwaukee, WI 202,527 1987 40 yrs. 11900 W. Lake Park Drive Milwaukee, WI 484,734 1987 40 yrs. 38100 Ecorse Road Romulus, MI 282,516 2000 40 yrs. 16620-16650 W Bluemound Road Brookfield, WI 250,032 1999 40 yrs. 1600-1630 East Big Beaver Road Troy, MI 162,424 1982 40 yrs. 11414 West Park Place Milwaukee, WI 284,243 2001 40 yrs. 11520 W. Calumet Road Milwaukee, WI 75,006 1995 40 yrs. 12100 W. Park Place Milwaukee, WI 157,714 1984 40 yrs. N26 W23445 Paul Road Pewaukee, WI 90,824 1985 40 yrs. 11200 W. Plank Court Wauwatosa, WI 208,745 1988 40 yrs. 11020 W. Plank Court Wauwatosa, WI 131,870 1985 40 yrs. 38000 Ecourse Road Romulus, MI 370,733 2001 40 yrs. 3800 Lapeer Road Auburn Hills, MI 132,180 1989 40 yrs. 50 Gibson Drive West Malling, UK 609,610 1996 40 yrs. 2 Kings Hill Avenue West Malling, UK 565,544 1996 40 yrs. 50 Kings Hill Avenue West Malling, UK 1,311,057 1996 40 yrs. 10 Kings Hill Avenue West Malling, UK 545,499 1998 40 yrs. 30 Tower View West Malling, UK 662,747 1999 40 yrs. 35 Kings Hill Avenue West Malling, UK 224,322 1999 40 yrs. 39 Kings Hill Avenue West Malling, UK 201,524 1999 40 yrs. 4 Abbey Wood Road West Malling, UK 155,053 2001 40 yrs. 18 Kings Hill Avenue West Malling, UK 397,746 1999 40 yrs. ------------ Subtotal Operating Real Estate $404,617,087 ============ DEVELOPMENT IN PROGRESS 2301 Renaissance Boulevard King of Prussia, PA $ - 2001 N/A 1500 Liberty Ridge Drive Wayne, PA - 2001 N/A 1515 Grundy's Lane Bristol, PA - 2001 N/A 3200 Horizon Drive King of Prussia, PA - 2001 N/A 301 Berkeley Drive Bridgeport, NJ - 2001 N/A 74 West Broad Street Bethlehem, PA - 2000 N/A 8150 Industrial Boulevard Allentown, PA - 2000 N/A 8250 Industrial Boulevard Allentown, PA - 2000 N/A 650 Boulder Drive Allentown, PA - 2000 N/A 1605 Valley Center Parkway Bethlehem, PA - 2001 N/A 3400 High Point Boulevard Bethlehem, PA - 2001 N/A 6250 Old Dobbin Lane Columbia, MD - 2000 N/A 6210 Old Dobbin Lane Columbia, MD - 2000 N/A 6240 Old Dobbin Lane Columbia, MD - 2000 N/A 5715 Old Shakopee Road West Bloomington, MN - 2001 N/A 5735 Old Shakopee Road West Bloomington, MN - 2001 N/A 20 Wright Avenue Hunt Valley, MD - 2001 N/A 200 Westgate Parkway Richmond, VA - 2001 N/A 1305 Executive Boulevard Chesapeake, VA - 2001 N/A 1313 Executive Boulevard Chesapeake, VA - 2001 N/A 3 Independence Pointe Greenville, SC - 2000 N/A 130 LIBERTY PROPERTY LIMITED PARTNERSHIP REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 ACCUMULATED DATE OF DEPRECIATION CONSTRUCTION DEPRECIABLE PROJECT CITY @ 12/31/01 OR ACQUISITION LIFE (YEARS) -------------------------------------- ------------------- ------------ -------------- ------------ DEVELOPMENT IN PROGRESS - Continued 5 Independence Pointe Greenville, SC - 2000 N/A 1400 Mendenhall Oaks Parkway High Point, NC - 2001 N/A 4191 Mendenhall Oaks Parkway High Point, NC - 2000 N/A 979 Batesville Road Greer, SC - 2001 N/A 4887 Belfort Road Jacksonville, FL - 2000 N/A 7255 Salisbury Road Jacksonville, FL - 2000 N/A 2416 Lake Orange Drive Orlando, FL - 2000 N/A 16605 Air Center Boulevard Houston, TX - 2001 N/A 4503 Woodland Corporate Boulevard Tampa, FL - 2000 N/A 4505 Woodland Corporate Boulevard Tampa, FL - 2000 N/A 4511 Woodland Corporate Boulevard Tampa, FL - 2000 N/A 7851-61 Woodland Center Parkway Tampa, FL - 2001 N/A 7805 Hudson Road Woodbury, MN - 2000 N/A 4600 Nathan Lane Plymouth, MN - 2000 N/A 8911 Columbine Road Eden Prairie, MN - 2000 N/A 5775 Old Shakopee Road West Bloomington, MN - 2001 N/A 2600 Bellingham Drive Troy, MI - 2000 N/A 2710 Bellingham Drive Troy, MI - 2000 N/A 10855 West Park Place Milwaukee, WI - 2001 N/A 30 Kings Hill Avenue West Malling, UK - 2001 N/A Aymer House Chertsey, UK - 2001 N/A Uxbridge London, UK - 2001 N/A ------------ Subtotal Development in Progress $ - ============ LAND HELD FOR DEVELOPMENT Keystone Industrial Park Land Bristol, PA $ - 1999 N/A 50 Prudential Road Horsham, PA - 1999 N/A 1710 Arch Street Philadelphia, PA - 2000 N/A 1722 Arch Street Philadelphia, PA - 2000 N/A JFK & Arch Parking Lots/Land (East) Philadelphia, PA - 2000 N/A JFK & Arch Parking Lots/Land (West) Philadelphia, PA - 2000 N/A 425 Privet Road Horsham, PA - 2001 N/A 425 Privet Road Horsham, PA - 2001 N/A Quarry Ridge Land Malvern, PA - 2001 N/A Commodore Business Park Logan, NJ - 1995 N/A Marlton Executive Park Land Marlton, NJ - 1994 N/A 800 Arlington Boulevard Expansion Land Logan, NJ - 1999 N/A 300 Fellowship Road Land Mt. Laurel, NJ - 2001 N/A Lehigh Valley Corporate Center Land Bethlehem, PA - 1987 N/A LVCC Phase 2 Land Bethlehem, PA - 1998 N/A 650 Boulder Drive Expansion Allentown, PA - 2001 N/A 9th & Hamilton Streets Allentown, PA - 2001 N/A Columbia Crossing Land Columbis, MD - 2000 N/A 6250 Old Dobbin Lane Columbia, MD - 2000 N/A Hunt Valley Land Hunt Valley, MD - 2001 N/A Fairgrounds Distribution Center Land Richmond, VA - 1995 N/A Rivers' Bend Business Park Chesterfield, VA - 1995 N/A Woodlands Center Land Sandston, VA - 1996 N/A 501 H P Way Chesterfield, VA - 1996 N/A Eastport VII Richmond, VA - 1997 N/A Eastport VIII Richmond, VA - 1997 N/A Eastport IX Richmond, VA - 1997 N/A Westmoreland II Land Virginia Beach, VA - 1998 N/A Westmoreland III Land Virginia Beach, VA - 1998 N/A Volvo Center Land Hampton, VA - 2000 N/A Lakefront Plaza II Land Hampton, VA - 2001 N/A Mendenhall Business Park I High Point, NC - 1995 N/A Independence Pointe Land Greenville, SC - 1997 N/A Eagle Hill Business Park Land High Point, NC - 1999 N/A Southpark Business Park Jacksonville, FL - 1994 N/A Liberty Business Park Land Jacksonville, FL - 1995 N/A 7024 AC Skinner Parkway Jacksonville, FL - 1995 N/A Silo Bend Land Tampa, FL - 1996 N/A Exchange Place Land Orlando, FL - 1997 N/A Belfort Road Jacksonville, FL - 1998 N/A Butler Plaza Land Jacksonville, FL - 1998 N/A South Center Land Orlando, FL - 1999 N/A South Center Land Orlando, FL - 1999 N/A Orlando Corporate Center Land Orlando, FL - 2000 N/A Salisbury Road Land Jacksonville, FL - 2000 N/A Central Green Land Houston, TX - 2001 N/A Woodland Corporate Center Land Tampa, FL - 1998 N/A 6119 W. Linebaugh Avenue Tampa, FL - 2000 N/A Pompano Bus Park Land-Lots 100,101 Boca Raton, FL - 1998 N/A Pompano Bus Park Land-Lots 60, 61 Boca Raton, FL - 1998 N/A Boca Colannade Land Boca Raton, FL - 1998 N/A Lake Smetana Business Park Eden Prairie, MN - 1998 N/A 8855 Columbine Road Eden Prairie, MN - 2000 N/A 5705 Old Shakopee Road W. Land Bloomington, MN - 2001 N/A Romulus Land Romulus, MI - 1998 N/A Big Beaver Airport Land Troy, MI - 1999 N/A Park Place South Land Milwaukee, WI - 1999 N/A 131 LIBERTY PROPERTY LIMITED PARTNERSHIP REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2001 ACCUMULATED DATE OF DEPRECIATION CONSTRUCTION DEPRECIABLE PROJECT CITY @ 12/31/01 OR ACQUISITION LIFE (YEARS) -------------------------------------- ------------------- ------------ -------------- ------------ LAND HELD FOR DEVELOPMENT - Continued 6505 Cogswell Road Romulus, MI - 2000 N/A Northsight Land Scottsdale, AZ - 2000 N/A ------------ Subtotal Land Held for Development $ - ============ Total All Properties $404,617,087 ============
132 SCHEDULE III LIBERTY PROPERTY LIMITED PARTNERSHIP REAL ESTATE AND ACCUMULATED DEPRECIATION (In thousands) A summary of activity for real estate and accumulated depreciation is as follows: FOR THE YEARS ENDED DECEMBER 31, ---------------------------------- 2001 2000 1999 ---------- ---------- ---------- REAL ESTATE: Balance at beginning of year $3,543,301 $3,254,751 $3,028,142 Additions 377,237 406,429 339,738 Disposition of property (161,988) (117,879) (113,129) ---------- ---------- ---------- Balance at end of year $3,758,550 $3,543,301 $3,254,751 ========== ========== ========== ACCUMULATED DEPRECIATION: Balance at beginning of year $ 334,415 $ 270,174 $ 209,023 Depreciation expense 88,193 82,223 74,765 Disposition of property (17,991) (17,982) (13,614) ---------- ---------- ---------- Balance at end of year $ 404,617 $ 334,415 $ 270,174 ========== ========== ========== 133 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE ------------------------------------------------------------------------ None. PART III ITEM 10. TRUSTEES AND EXECUTIVE OFFICERS OF THE REGISTRANTS ------------------------------------------------------------- The information concerning the Company's trustees and executive officers required by Item 10 shall be included in the Proxy Statement to be filed relating to the Company's 2002 Annual Meeting of Shareholders and is incorporated herein by reference. ITEM 11. EXECUTIVE COMPENSATION --------------------------------- The information concerning the Company's executive compensation required by Item 11 shall be included in the Proxy Statement to be filed relating to the Company's 2002 Annual Meeting of Shareholders and is incorporated herein by reference. ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT -------------------------------------------------------------- The information concerning the Company's trustees and executive officers required by Item 12 shall be included in the Proxy Statement to be filed relating to the Company's 2002 Annual Meeting of Shareholders and is incorporated herein by reference. ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS --------------------------------------------------------- The information concerning the Company's trustees and executive officers required by Item 13 shall be included in the Proxy Statement to be filed relating to the Company's 2002 Annual Meeting of Shareholders and is incorporated herein by reference. PART IV ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K ---------------------------------------------------------------------- The following consolidated Financial Statements of Liberty Property Trust and Liberty Property Limited Partnership are included in Item 8. (A) 1. REPORTS OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS AND CONSOLIDATED FINANCIAL STATEMENTS Report of Independent Auditors - Liberty Property Trust ------------------------------------------------------- 134 Financial Statements - Liberty Property Trust --------------------------------------------- Balance Sheets: Liberty Property Trust Consolidated as of December 31, 2001 and 2000 Statements of Operations: Liberty Property Trust Consolidated for the years ended December 31, 2001, 2000 and 1999 Statements of Shareholders' Equity: Liberty Property Trust Consolidated for the years ended December 31, 2001, 2000 and 1999 Statements of Cash Flows: Liberty Property Trust Consolidated for the years ended December 31, 2001, 2000 and 1999 Notes to Consolidated Financial Statements - Liberty Property Trust Report of Independent Auditors - Liberty Property Limited Partnership --------------------------------------------------------------------- Financial Statements - Liberty Property Limited Partnership ----------------------------------------------------------- Balance Sheets: Liberty Property Limited Partnership Consolidated as of December 31, 2001 and 2000 Statements of Operations: Liberty Property Limited Partnership Consolidated for the years ended December 31, 2001, 2000 and 1999 Statements of Owners' Equity: Liberty Property Limited Partnership Consolidated for the years ended December 31, 2001, 2000 and 1999 Statements of Cash Flows: Liberty Property Limited Partnership Consolidated for the years ended December 31, 2001, 2000 and 1999 Notes to Consolidated Financial Statements - Liberty Property Limited Partnership 2. FINANCIAL STATEMENT SCHEDULES: Schedule III -- Real Estate and Accumulated Depreciation as of December 31, 2001 for Liberty Property Trust All other schedules are omitted because they are not required or the required information is shown in the financial statements or notes thereto. Schedule III -- Real Estate and Accumulated Depreciation as of December 31, 2001 for Liberty Property Limited Partnership All other schedules are omitted because they are not required or the required information is shown in the financial statements or notes thereto. 135 3. EXHIBITS The following exhibits are filed herewith or are incorporated by reference to exhibits previously filed. EXHIBIT NO. DESCRIPTION ------------- -------------------------------------------------- 3.1.2 Articles Supplementary to the Amended and Restated Declaration of Trust of the Trust Establishing and Fixing the Rights and Preferences of a Series of Preferred Shares of Beneficial Interest (Incorporated by reference to Exhibit 1 filed with the Trust's Registration Statement on Form 8- A filed with the Commission on August 8, 1997 (the "August 1997 Form 8-A")). 3.1.3 Articles Supplementary to the Amended and Restated Declaration of Trust of the Trust Relating to Designation, Preferences, and Rights of Series A Junior Participating Preferred Shares of the Trust. (Incorporated by reference to Exhibit 3.1.3 filed with the Registrants' Annual Report on Form 10-K for the fiscal year ended December 3l, 1997.) 3.1.4 Articles Supplementary to the Amended and Restated Declaration of Trust of the Trust relating to the 9.25% Series B Cumulative Redeemable Preferred Shares of Beneficial Interest (Incorporated by reference to Exhibit 3.1.2 filed with the Registrant's Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 1999 (the "Second Quarter 1999 Form 10-Q")). 3.1.5 Articles Supplementary to the Amended and Restated Declaration of Trust of the Trust relating to the 9.125% Series C Cumulative Redeemable Preferred Shares of Beneficial Interest. (Incorporated by reference to Exhibit 3.1.1 to the Quarterly Report on Form 10-Q of the Trust and Operating Partnership for the fiscal quarter ended March 31, 2000 (the "First Quarter 2000 Form 10-Q")). 3.1.6 Second Restated and Amended Agreement of Limited Partnership of the Operating Partnership, dated as of October 22, 1997 (Incorporated by reference to Exhibit 3.1.1 filed with the Registrants' Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 1997 (the "Third Quarter 1997 Form 10-Q")). 3.1.7 First Amendment to Second Restated and Amended Agreement of Limited Partnership of the Operating Partnership (Incorporated by reference to Exhibit 3.1.1 filed with the Second Quarter 1999 Form 10-Q). 136 EXHIBIT NO. DESCRIPTION ------------- -------------------------------------------------- 3.1.8 Second Amendment to Second Restated and Amended Agreement of Limited Partnership of the Operating Partnership. (Incorporated by reference to Exhibit 3.1.2 to the First Quarter 2000 Form 10-Q). 3.1.9 * Amended and Restated Schedule A to the Second Restated and Amended Agreement of Limited Partnership of the Operating Partnership. 3.2 Amended and Restated By-Laws of the Trust. (Incorporated by reference to Exhibit 3.1.3 to the Quarterly Report Form 10-Q of the Trust and Operating Partnership for the fiscal quarter ended June 30, 2000 (the "Second Quarter 2000 Form 10-Q")). 4.1 Rights Agreement, dated as of December 17, 1997, by and between the Trust and the Rights Agent (Incorporated by reference to Exhibit 1 filed with the Trust's Registration Statement on Form 8-A filed with the Commission on December 23, 1997). 4.2 Indenture (the "First Indenture"), dated as of August 14, 1997, between the Operating Partnership, as Obligor, and The First National Bank of Chicago ("First Chicago"), as Trustee (Incorporated by reference to Exhibit 10.1 filed with the Third Quarter 1997 Form 10-Q). 4.3 First Supplemental Indenture, dated as of August 14, 1997, between the Operating Partnership, as Issuer, and First Chicago, as Trustee, supplementing the First Indenture and relating to $100,000,000 principal amount of the 7.10% Senior Notes due 2004 and $100,000,000 principal amount of the 7.25% Senior Notes due 2007 of the Operating Partnership (Incorporated by reference to Exhibit 10.2 filed with the Third Quarter 1997 Form 10-Q). 4.4 Senior Indenture (the "Second Indenture"), dated as of October 24, 1997, between the Operating Partnership, as Obligor, and First Chicago, as Trustee (Incorporated by reference to Exhibit 10.3 filed with the Third Quarter 1997 Form 10-Q). 4.5 First Supplemental Indenture, dated as of October 24, 1997, between the Operating Partnership, as Issuer, and First Chicago, as Trustee, supplementing the Second Indenture and relating to the Fixed Rate and Floating Rate Medium-Term Notes due Nine Months or More from Date of Issue of the Operating Partnership (Incorporated by reference to Exhibit 10.4 filed with the Third Quarter 1997 Form 10-Q). 137 EXHIBIT NO. DESCRIPTION ------------- -------------------------------------------------- 4.6 Second Supplemental Indenture, dated as of January 12, 1998, between the Operating Partnership, as Issuer, and First Chicago, as Trustee, supplementing the Second Indenture, and relating to the Fixed Rate and Floating Rate Medium-Term Notes due Nine Months or more from Date of Issue of the Operating Partnership (Incorporated by reference to Exhibit 4.1 filed with the Registrants' Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 1998 (the "First Quarter 1998 Form 10-Q)). 4.7 Third Supplemental Indenture, dated as of April 20, 1999, between the Operating Partnership, as Issuer, and the First National Bank of Chicago, as Trustee, supplementing the Second Indenture and relating to the $250,000,000 principal amount of 7.75% Senior Notes, due 2009 of the Operating Partnership(Incorporated by reference to Exhibit 4 filed with the Registrants' Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 1999 (the "First Quarter 1999 Form 10-Q")). 4.8 Fourth Supplemental Indenture, dated as of July 26, 2000, between the Operating Partnership, as Issuer, and Bank One Trust Company, N.A., as Trustee, supplementing the Senior Indenture, dated as of October 24, 1997, between the Operating Partnership, as Obligor, and Bank One Trust Company, N.A. (as successor to the First National Bank of Chicago), as Trustee, and relating to $200,000,000 principal amount of 8.5% Senior Notes due 2010 of the Operating Partnership. (Incorporated by reference to Exhibit 4 to the Second Quarter 2000 Form 10-Q). 4.9 Fifth Supplemental Indenture, dated as of March 14, 2001, between the Operating Partnership, as Issuer, and Bank One Trust Company, N.A., as Trustee, supplementing the Senior Indenture, dated as of October 24, 1997, between the Operating Partnership, as Obligor, and Bank One Trust Company, N.A. (as successor to the First National Bank of Chicago), as Trustee, and relating to $250,000,000 principal amount of 7.25% Senior Notes due 2011 of the Operating Partnership. 4.10 Note, Relating to the Issuance by the Operating Partnership, on January 22, 1998, of $75 Million Principal Amount of its 6.375% Medium-Term Notes due 2013, Putable/Callable 2003 (Incorporated by reference to Exhibit 4.2 filed with the First Quarter 1998 Form 10-Q). (Incorporated by reference to Exhibit 4.10 filed with the Registrant's Annual Report on Form 10-K for the year ended December 31, 2001.) 138 EXHIBIT NO. DESCRIPTION ------------- -------------------------------------------------- 4.11 Note, Relating to the Issuance by the Operating Partnership, on January 23, 1998, of $100 Million Principal Amount of its 7.50% Medium-Term Notes due 2018 (Incorporated by reference to Exhibit 4.3 filed with the First Quarter 1998 Form 10-Q). 4.12 Note, Relating to the Issuance by the Operating Partnership, on June 5, 1998, of $100 Million Principal Amount of its 6.60% Medium-Term Notes due 2002. (Incorporated by reference to Exhibit 4 filed with the Registrants' Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 1998 (the "Second Quarter 1998 Form 10-Q")). 4.13 Note, Relating to the Issuance by the Operating Partnership on November 24, 1998, of $20 Million Principal Amount of its 8.125% Medium-Term Notes due January 15, 2009 (Incorporated by reference to Exhibit 4.11 filed with the Registrants' Annual Report on Form 10-K for the fiscal year ended December 31, 1998). 10.1 Liberty Property Trust Amended and Restated Share Incentive Plan (Incorporated by reference to Exhibit 4 filed with the Registration Statement on S-8 filed with the Commission on June 7, 2001.) 10.2 Contribution Agreement (Incorporated by reference to Exhibit 10.5 filed with the Form S-11). 10.3 Amended and Restated Limited Partnership Agreements of Pre-existing Pennsylvania Partnerships (Incorporated by reference to Exhibit 10.6 filed with the Form S-11). 10.4 Agreement of Sale for the Acquisition Properties (Incorporated by reference to Exhibit 10.7 filed with the Form S-11). 10.5 Option Agreement and Right of First Offer (Incorporated by reference to Exhibit 10.8 filed with the Form S-11). 10.6 Form of Indemnity Agreement (Incorporated by reference to Exhibit 10.9 filed with the Form S- 11). 10.7 Contribution Agreement among the Trust, the Operating Partnership and the Contributing Owners described therein, related to the Lingerfelt Properties (Incorporated by reference to Exhibit 10.1 filed with the Registrants' Current Report on Form 8-K filed with the Commission on March 3, 1995). 139 EXHIBIT NO. DESCRIPTION ------------- -------------------------------------------------- 10.8 Credit Agreement, dated as of April 25, 2000, by and among the Operating Partnership, the Trust, the Banks named therein and Fleet National Bank, as agent for itself and the other lending institutions. (Incorporated by reference to Exhibit 10.1 to the First Quarter 2000 Form 10-Q). 10.9 * Liberty Property Trust - Amended Management Severance Plan. 10.10 * Liberty Property Trust - Employee Stock Purchase Plan. (Incorporated by reference to Exhibit 10.10 filed with the Registrant's Annual Report on Form 10-K for the year ended December 31, 2000). 12.1 * Ratio of Earnings to Combined Fixed Charges and Ratio of Earnings to Fixed Charges. 21 * Subsidiaries. 23.1 * Consent of Ernst & Young LLP relating to financial statements of the Trust. 23.2 * Consent of Ernst & Young LLP relating to financial statements of the Operating Partnership. (B) REPORTS ON FORM 8-K None. * Filed herewith 140 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. LIBERTY PROPERTY TRUST Date: March 18, 2002 By: /s/ WILLARD G. ROUSE III -------------------------------------- WILLARD G. ROUSE III CHIEF EXECUTIVE OFFICER Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant in the capacities and on the dates indicated. Chairman of the Board of Trustees and Chief Executive Officer /s/ WILLARD G. ROUSE III (Principal Executive Officer) March 18, 2002 --------------------------- Willard G. Rouse III Executive Vice President and Chief Financial Officer (Principal Financial and /s/ GEORGE J. ALBURGER, JR. Accounting Officer) March 18, 2002 --------------------------- George J. Alburger, Jr. /s/ JOSEPH P. DENNY Trustee March 18, 2002 --------------------------- Joseph P. Denny /s/ M. LEANNE LACHMAN Trustee March 18, 2002 --------------------------- M. Leanne Lachman /s/ FREDERICK F. BUCHHOLZ Trustee March 18, 2002 --------------------------- Frederick F. Buchholz /s/ J. ANTHONY HAYDEN Trustee March 18, 2002 --------------------------- J. Anthony Hayden /s/ DAVID L. LINGERFELT Trustee March 18, 2002 --------------------------- David L. Lingerfelt /s/ JOHN A. MILLER, CLU Trustee March 18, 2002 --------------------------- John A. Miller, CLU /s/ STEPHEN B. SIEGEL Trustee March 18, 2002 --------------------------- Stephen B. Siegel /s/ THOMAS C. DELOACH, JR. Trustee March 18, 2002 --------------------------- Thomas C. DeLoach, Jr. /s/ DANIEL P. GARTON Trustee March 18, 2002 --------------------------- Daniel P. Garton
141 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. LIBERTY PROPERTY LIMITED PARTNERSHIP BY: Liberty Property Trust General Partner Date: March 18, 2002 By: /s/ WILLARD G. ROUSE III -------------------------------------- WILLARD G. ROUSE III CHIEF EXECUTIVE OFFICER Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant in the capacities and on the dates indicated. Trustee of the /s/ JOSEPH P. DENNY General Partner March 18, 2002 --------------------------- Joseph P. Denny Trustee of the /s/ M. LEANNE LACHMAN General Partner March 18, 2002 --------------------------- M. Leanne Lachman Trustee of the /s/ FREDERICK F. BUCHHOLZ General Partner March 18, 2002 --------------------------- Frederick F. Buchholz Trustee of the /s/ J. ANTHONY HAYDEN General Partner March 18, 2002 --------------------------- J. Anthony Hayden Trustee of the /s/ DAVID L. LINGERFELT General Partner March 18, 2002 --------------------------- David L. Lingerfelt Trustee of the /s/ JOHN A. MILLER, CLU General Partner March 18, 2002 --------------------------- John A. Miller, CLU Trustee of the /s/ STEPHEN B. SIEGEL General Partner March 18, 2002 --------------------------- Stephen B. Siegel Trustee of the /s/ THOMAS C. DELOACH, JR. General Partner March 18, 2002 --------------------------- Thomas C. DeLoach, Jr. Trustee of the /s/ DANIEL P. GARTON General Partner March 18, 2002 --------------------------- Daniel P. Garton
142 EXHIBIT INDEX ------------- EXHIBIT NO. DESCRIPTION ------------- -------------------------------------------------- 3.1.9 Amendment and Restated Schedule A to the Second Restated and Amended Agreement of Limited Partnership of the Operating Partnership. 10.9 Liberty Property Trust - Amended Management Severance Plan. 10.10 Liberty Property Trust - Employee Stock Purchase Plan. (Incorporated by reference to Exhibit 10.11 filed with the Registrant's Annual Report on Form 10-K for the year ended December 31, 2000). 12.1 Ratio of Earnings to Combined Fixed Charges and Ratio of Earnings to Fixed Charges. 21 Subsidiaries. 23.1 Consent of Ernst & Young LLP relating to financial statements of the Trust. 23.2 Consent of Ernst & Young LLP relating to financial statements of the Operating Partnership. 57 2