10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________________________________________

FORM 10-Q

__________________________________________________________

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2012

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 name 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 of incorporation or organization)	(I.R.S. Employer Identification Number)
500 Chesterfield Parkway Malvern, Pennsylvania	19355
(Address of Principal Executive Offices)	(Zip Code)

Registrants’ Telephone Number, Including Area Code (610) 648-1700

__________________________________________________________

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 twelve (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  o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. (See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act). (Check one):

Large Accelerated Filer	x	Accelerated Filer	o
Non-Accelerated Filer	o (Do not check if a smaller reporting company)	Smaller Reporting Company	o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  o    No  x

On April 30, 2012, 117,337,260 Common Shares of Beneficial Interest, par value $0.001 per share, of Liberty Property Trust were outstanding.

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended March 31, 2012 of Liberty Property Trust and Liberty Property Limited Partnership. Unless stated otherwise or the context otherwise requires, references to the "Trust”, mean Liberty Property Trust and its consolidated subsidiaries; and references to the “Operating Partnership” mean Liberty Property Limited Partnership and its consolidated subsidiaries. The terms the “Company,” “we”, “our” or “us” mean the Trust and the Operating Partnership, collectively.

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, the Operating Partnership, a Pennsylvania limited partnership.

The Trust is the sole general partner and also a limited partner of the Operating Partnership, owning 96.8% of the common equity of the Operating Partnership at March 31, 2012. The common units of limited partnership interest in the Operating Partnership (the “Common Units”), other than those owned by the Trust, are exchangeable on a one-for-one basis (subject to anti-dilution protections) for the Trust's Common Shares of Beneficial Interest, $0.001 par value per share (the "Common Shares"). The Company has issued several series of Cumulative Redeemable Preferred Units of the Operating Partnership (the "Preferred Units"). The outstanding Preferred Units of each series are exchangeable on a one-for-one basis after stated dates into a corresponding series of Cumulative Redeemable Preferred Shares of the Trust except for the Series I-2 Preferred Units, which are not convertible or exchangeable into any other securities. The ownership of the holders of Common and Preferred Units is reflected on the Trust's financial statements as "noncontrolling interest - operating partnership" in mezzanine equity and as a component of total equity as "noncontrolling interest - operating partnership."

The financial results of the Operating Partnership are consolidated into the financial statements of the Trust. The Trust has no significant assets other than its investment in the Operating Partnership. The Trust and the Operating Partnership are managed and operated as one entity. The Trust and the Operating Partnership have the same managers.

The Trust's sole business purpose is to act as the general partner of the Operating Partnership. Net proceeds from equity issuances by the Trust are then contributed to the Operating Partnership in exchange for partnership units. The Trust itself does not issue any indebtedness, but guarantees certain of the unsecured debt of the Operating Partnership.

We believe combining the quarterly reports on Form 10-Q of the Trust and the Operating Partnership into this single report results in the following benefits:

• enhances investors' understanding of the Trust and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;

• eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the Company's disclosure applies to both the Trust and the Operating Partnership; and

• creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.

To help investors understand the significant differences between the Trust and the Operating Partnership, this report presents the following separate sections for each of the Trust and the Operating Partnership:

• consolidated financial statements;

• the following notes to the consolidated financial statements;

◦ Income per Common Share of the Trust and Income per Common Unit of the Operating Partnership;

◦ Other Comprehensive Income of the Trust and Other Comprehensive Income of the Operating Partnership; and

◦ Noncontrolling Interests of the Trust and Limited Partners' Equity of the Operating Partnership.

This report also includes separate Item 4. Controls and Procedures sections and separate Exhibit 31 and 32 certifications for each of the Trust and the Operating Partnership in order to establish that the Chief Executive Officer and the Chief Financial Officer of each entity have made the requisite certifications and that the Trust and Operating Partnership are compliant with Rule 13a-15 and Rule 15d-15 of the Securities Exchange Act of 1934, as amended.

2

Liberty Property Trust/Liberty Property Limited Partnership

Form 10-Q for the period ended March 31, 2012

Index		Page
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements
	Consolidated balance sheets of Liberty Property Trust at March 31, 2012 and December 31, 2011	5
	Consolidated statements of income of Liberty Property Trust for the three months ended March 31, 2012 and March 31, 2011	6
	Consolidated statement of equity of Liberty Property Trust for the three months ended March 31, 2012	7
	Consolidated statements of cash flows of Liberty Property Trust for the three months ended March 31, 2012 and March 31, 2011	8
	Consolidated balance sheets of Liberty Property Limited Partnership at March 31, 2012 and December 31, 2011	9
	Consolidated statements of income of Liberty Property Limited Partnership for the three months ended March 31, 2012 and March 31, 2011	10
	Consolidated statement of owners' equity of Liberty Property Limited Partnership for the three months ended March 31, 2012	11
	Consolidated statements of cash flows of Liberty Property Limited Partnership for the three months ended March 31, 2012 and March 31, 2011	12
	Notes to consolidated financial statements of the Company	13
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	32
Item 4.	Controls and Procedures	32
PART II.	OTHER INFORMATION	33
Item 1.	Legal Proceedings	33
Item 1A.	Risk Factors	33
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	33
Item 3.	Defaults Upon Senior Securities	33

3

Index		Page
Item 4.	Mine Safety Disclosures	33
Item 5.	Other Information	33
Item 6.	Exhibits	34
Signatures for Liberty Property Trust		35
Signatures for Liberty Property Limited Partnership		36
Exhibit Index		37
	STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES
	CERTIFICATION OF CEO OF LIBERTY PROPERTY TRUST REQUIRED BY RULE 13A-14(A)
	CERTIFICATION OF CFO OF LIBERTY PROPERTY TRUST REQUIRED BY RULE 13A-14(A)
	CERTIFICATION OF CEO OF LIBERTY PROPERTY TRUST, IN ITS CAPACITY AS THE GENERAL PARTNER OF LIBERTY PROPERTY LIMITED PARTNERSHIP, REQUIRED BY RULE 13A-14(A)
	CERTIFICATION OF CFO OF LIBERTY PROPERTY TRUST, IN ITS CAPACITY AS THE GENERAL PARTNER OF LIBERTY PROPERTY LIMITED PARTNERSHIP, REQUIRED BY RULE 13A-14(A)
	CERTIFICATION OF CEO OF LIBERTY PROPERTY TRUST REQUIRED BY RULE 13A-14(B)
	CERTIFICATION OF CFO OF LIBERTY PROPERTY TRUST REQUIRED BY RULE 13A-14(B)
	CERTIFICATION OF CEO OF LIBERTY PROPERTY TRUST, IN ITS CAPACITY AS THE GENERAL PARTNER OF LIBERTY PROPERTY LIMITED PARTNERSHIP, REQUIRED BY RULE 13A-14(B)
	CERTIFICATION OF CFO OF LIBERTY PROPERTY TRUST, IN ITS CAPACITY AS THE GENERAL PARTNER OF LIBERTY PROPERTY LIMITED PARTNERSHIP, REQUIRED BY RULE 13A-14(B)
	XBRL Instance Document
	XBRL Taxonomy Extension Schema Document
	XBRL Taxonomy Extension Calculation Linkbase Document
	XBRL Taxonomy Extension Definition Linkbase Document
	XBRL Extension Labels Linkbase
	XBRL Taxonomy Extension Presentation Linkbase Document

4

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

CONSOLIDATED BALANCE SHEETS OF LIBERTY PROPERTY TRUST

(In thousands, except share and unit amounts)

	March 31, 2012			December 31, 2011
	(Unaudited)
ASSETS
Real estate:
Land and land improvements	$	854,972		$	855,213
Building and improvements	4,117,093			4,109,783
Less accumulated depreciation	(1,088,301		)	(1,058,283		)
Operating real estate	3,883,764			3,906,713
Development in progress	138,634			88,848
Land held for development	218,926			219,375
Net real estate	4,241,324			4,214,936
Cash and cash equivalents	27,650			18,204
Restricted cash	39,188			63,659
Accounts receivable	9,210			8,192
Deferred rent receivable	104,502			103,002
Deferred financing and leasing costs, net of accumulated amortization (2012, $128,303; 2011, $123,822)	130,843			130,160
Investments in and advances to unconsolidated joint ventures	174,651			174,687
Assets held for sale	197,737			200,647
Prepaid expenses and other assets	90,189			76,186
Total assets	$	5,015,294		$	4,989,673
LIABILITIES
Mortgage loans	$	282,716		$	290,819
Unsecured notes	1,792,643			1,792,643
Credit facility	293,300			139,400
Accounts payable	32,310			23,418
Accrued interest	33,036			24,147
Dividend and distributions payable	57,393			56,958
Other liabilities	177,590			194,995
Total liabilities	2,668,988			2,522,380
Noncontrolling interest - operating partnership - 301,483 preferred units outstanding as of March 31, 2012 and December 31, 2011	7,537			7,537
EQUITY
Liberty Property Trust shareholders’ equity
Common shares of beneficial interest, $.001 par value, 183,987,000 shares authorized; 118,264,957 (includes 1,249,909 in treasury) and 117,352,353 (includes 1,249,909 in treasury) shares issued and outstanding as of March 31, 2012 and December 31, 2011, respectively	118			117
Additional paid-in capital	2,637,861			2,617,355
Accumulated other comprehensive income (loss)	1,815			(429		)
Distributions in excess of net income	(479,995		)	(461,498		)
Common shares in treasury, at cost, 1,249,909 shares as of March 31, 2012 and December 31, 2011	(51,951		)	(51,951		)
Total Liberty Property Trust shareholders’ equity	2,107,848			2,103,594
Noncontrolling interest – operating partnership
3,808,746 common units outstanding as of March 31, 2012 and December 31, 2011	63,920			64,428
5,290,000 and 9,740,000 preferred units outstanding as of March 31, 2012 and December 31, 2011, respectively	163,226			287,959
Noncontrolling interest – consolidated joint ventures	3,775			3,775
Total equity	2,338,769			2,459,756
Total liabilities, noncontrolling interest - operating partnership and equity	$	5,015,294		$	4,989,673

See accompanying notes.

5

CONSOLIDATED STATEMENTS OF INCOME OF LIBERTY PROPERTY TRUST

(Unaudited and in thousands, except per share amounts)

	Three Months Ended
	March 31, 2012			March 31, 2011
OPERATING REVENUE
Rental	$	119,591		$	114,724
Operating expense reimbursement	50,346			51,410
Total operating revenue	169,937			166,134
OPERATING EXPENSE
Rental property	30,440			31,750
Real estate taxes	20,782			19,489
General and administrative	17,204			15,949
Depreciation and amortization	41,367			39,077
Total operating expenses	109,793			106,265
Operating income	60,144			59,869
OTHER INCOME (EXPENSE)
Interest and other income	2,762			2,589
Interest expense	(28,476		)	(32,889		)
Total other income (expense)	(25,714		)	(30,300		)
Income before gain on property dispositions, income taxes and equity in earnings of unconsolidated joint ventures	34,430			29,569
Gain on property dispositions	523			1,161
Income taxes	(178		)	(550		)
Equity in earnings of unconsolidated joint ventures	916			534
Income from continuing operations	35,691			30,714
Discontinued operations (including net gain on property dispositions of $1,064 and $470 for the three months ended March 31, 2012 and 2011, respectively)	3,911			4,229
Net income	39,602			34,943
Noncontrolling interest – operating partnership	(2,513		)	(6,235		)
Noncontrolling interest – consolidated joint ventures	—			201
Net income available to common shareholders	$	37,089		$	28,909
Net income	$	39,602		$	34,943
Other comprehensive income	2,317			2,144
Comprehensive income	41,919			37,087
Less: comprehensive income attributable to noncontrolling interest	(2,586		)	(6,306		)
Comprehensive income attributable to common shareholders	$	39,333		$	30,781
Earnings per common share
Basic:
Income from continuing operations	$	0.29		$	0.21
Income from discontinued operations	0.03			0.04
Income per common share – basic	$	0.32		$	0.25
Diluted:
Income from continuing operations	$	0.29		$	0.21
Income from discontinued operations	0.03			0.04
Income per common share – diluted	$	0.32		$	0.25
Distributions per common share	$	0.475		$	0.475
Weighted average number of common shares outstanding
Basic	115,972			114,013
Diluted	116,743			114,766
Amounts attributable to common shareholders
Income from continuing operations	$	33,301		$	24,820
Discontinued operations	3,788			4,089
Net income available to common shareholders	$	37,089		$	28,909

See accompanying notes.

6

CONSOLIDATED STATEMENT OF EQUITY OF LIBERTY PROPERTY TRUST

(Unaudited except as noted and in thousands)

	COMMON SHARES OF BENEFICIAL INTEREST		ADDITIONAL PAID-IN CAPITAL		ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)			DISTRIBUTIONS IN EXCESS OF NET INCOME			COMMON SHARES HELD IN TREASURY			TOTAL LIBERTY PROPERTY TRUST SHAREHOLDERS’ EQUITY			NONCONTROLL- ING INTEREST - OPERATING PARTNERSHIP- COMMON			NONCONTROLL- ING INTEREST - OPERATING PARTNERSHIP – PREFERRED			NONCONTROLL- ING INTEREST - CONSOLIDATED JOINT VENTURES		TOTAL EQUITY
Balance at January 1, 2012 (audited)	$	117	$	2,617,355	$	(429	)	$	(461,498	)	$	(51,951	)	$	2,103,594		$	64,428		$	287,959		$	3,775	$	2,459,756
Net proceeds from the issuance of common shares	1		16,196		—			—			—			16,197			—			—			—		16,197
Net income	—		—		—			37,089			—			37,089			1,207			1,306			—		39,602
Distributions	—		—		—			(55,586		)	—			(55,586		)	(1,788		)	(5,035		)	—		(62,409		)
Share-based compensation	—		4,310		—			—			—			4,310			—			—			—		4,310
Foreign currency translation adjustment	—		—		2,244			—			—			2,244			73			—			—		2,317
Redemption of noncontrolling interest - preferred units	—		—		—			—			—			—			—			(124,733		)	—		(124,733		)
Excess of preferred unit carrying amount over redemption	—		—		—			—			—			—			—			3,729			—		3,729
Balance at March 31, 2012	$	118	$	2,637,861	$	1,815		$	(479,995	)	$	(51,951	)	$	2,107,848		$	63,920		$	163,226		$	3,775	$	2,338,769

See accompanying notes.

7

CONSOLIDATED STATEMENTS OF CASH FLOWS OF LIBERTY PROPERTY TRUST

(Unaudited and in thousands)

	Three Months Ended
	March 31, 2012			March 31, 2011
OPERATING ACTIVITIES
Net income	$	39,602		$	34,943
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	41,778			44,764
Amortization of deferred financing costs	1,188			1,521
Equity in earnings of unconsolidated joint ventures	(916		)	(534		)
Distributions from unconsolidated joint ventures	208			305
Gain on property dispositions	(1,587		)	(1,631		)
Share-based compensation	4,310			4,494
Changes in operating assets and liabilities:
Restricted cash	24,604			(5,196		)
Accounts receivable	(1,022		)	(4,804		)
Deferred rent receivable	(1,484		)	(2,678		)
Prepaid expenses and other assets	(6,578		)	4,216
Accounts payable	8,893			3,177
Accrued interest	8,889			3,656
Other liabilities	(25,163		)	(6,246		)
Net cash provided by operating activities	92,722			75,987
INVESTING ACTIVITIES
Investment in operating properties	(13,243		)	(19,058		)
Investments in and advances to unconsolidated joint ventures	(2,702		)	(6,507		)
Distributions from unconsolidated joint ventures	3,610			2,258
Net proceeds from disposition of properties/land	6,237			3,451
Net advances on public reimbursement receivable/escrow	(6,925		)	(631		)
Investment in development in progress	(43,405		)	(4,093		)
Investment in land held for development	(2,648		)	(1,410		)
Investment in deferred leasing costs	(7,983		)	(5,790		)
Net cash used in investing activities	(67,059		)	(31,780		)
FINANCING ACTIVITIES
Net proceeds from issuance of common shares	16,197			12,085
Redemption of preferred units	(121,000		)	—
Repayments of unsecured notes	—			(246,500		)
Proceeds from mortgage loans	11,186			—
Repayments of mortgage loans	(19,288		)	(25,558		)
Proceeds from credit facility	259,650			200,000
Repayments on credit facility	(105,750		)	—
Increase in deferred financing costs	(285		)	(12		)
Distribution paid on common shares	(55,149		)	(54,284		)
Distribution paid on units	(3,883		)	(7,108		)
Net cash used in financing activities	(18,322		)	(121,377		)
Net increase (decrease) in cash and cash equivalents	7,341			(77,170		)
Increase in cash and cash equivalents related to foreign currency translation	2,105			1,472
Cash and cash equivalents at beginning of period	18,204			108,409
Cash and cash equivalents at end of period	$	27,650		$	32,711

See accompanying notes.

8

CONSOLIDATED BALANCE SHEETS OF

LIBERTY PROPERTY LIMITED PARTNERSHIP

(In thousands, except unit amounts)

	March 31, 2012			December 31, 2011
	(Unaudited)
ASSETS
Real estate:
Land and land improvements	$	854,972		$	855,213
Building and improvements	4,117,093			4,109,783
Less accumulated depreciation	(1,088,301		)	(1,058,283		)
Operating real estate	3,883,764			3,906,713
Development in progress	138,634			88,848
Land held for development	218,926			219,375
Net real estate	4,241,324			4,214,936
Cash and cash equivalents	27,650			18,204
Restricted cash	39,188			63,659
Accounts receivable	9,210			8,192
Deferred rent receivable	104,502			103,002
Deferred financing and leasing costs, net of accumulated amortization (2012, $128,303; 2011, $123,822)	130,843			130,160
Investments in and advances to unconsolidated joint ventures	174,651			174,687
Assets held for sale	197,737			200,647
Prepaid expenses and other assets	90,189			76,186
Total assets	$	5,015,294		$	4,989,673
LIABILITIES
Mortgage loans	$	282,716		$	290,819
Unsecured notes	1,792,643			1,792,643
Credit facility	293,300			139,400
Accounts payable	32,310			23,418
Accrued interest	33,036			24,147
Distributions payable	57,393			56,958
Other liabilities	177,590			194,995
Total liabilities	2,668,988			2,522,380
Limited partners' equity - 301,483 preferred units outstanding as of March 31, 2012 and December 31, 2011	7,537			7,537
OWNERS’ EQUITY
General partner’s equity - 117,015,048 (net of 1,249,909 treasury units) and 116,102,444 (net of 1,249,909 treasury units) common units outstanding as of March 31, 2012 and December 31, 2011, respectively	2,107,848			2,103,594
Limited partners’ equity – 3,808,746 common units outstanding as of March 31, 2012 and December 31, 2011	63,920			64,428
Limited partners’ equity – 5,290,000 and 9,740,000 preferred units outstanding as of March 31, 2012 and December 31, 2011, respectively	163,226			287,959
Noncontrolling interest – consolidated joint ventures	3,775			3,775
Total owners’ equity	2,338,769			2,459,756
Total liabilities, limited partners' equity and owners’ equity	$	5,015,294		$	4,989,673

See accompanying notes.

9

CONSOLIDATED STATEMENTS OF INCOME OF

LIBERTY PROPERTY LIMITED PARTNERSHIP

(Unaudited and in thousands, except per unit amounts)

	Three Months Ended
	March 31, 2012			March 31, 2011
OPERATING REVENUE
Rental	$	119,591		$	114,724
Operating expense reimbursement	50,346			51,410
Total operating revenue	169,937			166,134
OPERATING EXPENSE
Rental property	30,440			31,750
Real estate taxes	20,782			19,489
General and administrative	17,204			15,949
Depreciation and amortization	41,367			39,077
Total operating expenses	109,793			106,265
Operating income	60,144			59,869
OTHER INCOME (EXPENSE)
Interest and other income	2,762			2,589
Interest expense	(28,476		)	(32,889		)
Total other income (expense)	(25,714		)	(30,300		)
Income before gain on property dispositions, income taxes and equity in earnings of unconsolidated joint ventures	34,430			29,569
Gain on property dispositions	523			1,161
Income taxes	(178		)	(550		)
Equity in earnings of unconsolidated joint ventures	916			534
Income from continuing operations	35,691			30,714
Discontinued operations (including net gain on property dispositions of $1,064 and $470 for the three months ended March 31, 2012 and 2011, respectively)	3,911			4,229
Net income	39,602			34,943
Noncontrolling interest – consolidated joint ventures	—			201
Preferred unit distributions	(5,035		)	(5,253		)
Excess of preferred unit carrying amount over redemption	3,729			—
Income available to common unitholders	$	38,296		$	29,891
Net income	$	39,602		$	34,943
Other comprehensive income	2,317			2,144
Comprehensive income	$	41,919		$	37,087
Earnings per common unit
Basic:
Income from continuing operations	$	0.29		$	0.21
Income from discontinued operations	0.03			0.04
Income per common unit - basic	$	0.32		$	0.25
Diluted:
Income from continuing operations	$	0.29		$	0.21
Income from discontinued operations	0.03			0.04
Income per common unit - diluted	$	0.32		$	0.25
Distributions per common unit	$	0.475		$	0.475
Weighted average number of common units outstanding
Basic	119,781			117,942
Diluted	120,552			118,695
Net income allocated to general partners	$	37,089		$	28,909
Net income allocated to limited partners	$	2,513		$	6,235

See accompanying notes.

10

CONSOLIDATED STATEMENT OF OWNERS’ EQUITY OF LIBERTY PROPERTY LIMITED PARTNERSHIP

(Unaudited except as noted and in thousands)

	GENERAL PARTNER’S EQUITY			LIMITED PARTNERS’ EQUITY  – COMMON UNITS			LIMITED PARTNERS’ EQUITY  – PREFERRED UNITS				NONCONTROLLING INTEREST – CONSOLIDATED JOINT VENTURES		TOTAL OWNERS’ EQUITY
Balance at January 1, 2012 (audited)	$	2,103,594		$	64,428		$	287,959		—	$	3,775	$	2,459,756
Contributions from partners	20,507			—			—			—	—		20,507
Distributions to partners	(55,586		)	(1,788		)	(5,035		)	—	—		(62,409		)
Foreign currency translation adjustment	2,244			73			—			—	—		2,317
Net income	37,089			1,207			1,306			—	—		39,602
Redemption of limited partners' preferred units	—			—			(124,733		)		—		(124,733		)
Excess of preferred unit carrying amount over redemption	—			—			3,729				—		3,729
Balance at March 31, 2012	$	2,107,848		$	63,920		$	163,226			$	3,775	$	2,338,769

See accompanying notes.

11

CONSOLIDATED STATEMENTS OF CASH FLOWS OF

LIBERTY PROPERTY LIMITED PARTNERSHIP

(Unaudited and in thousands)

	Three Months Ended
	March 31, 2012			March 31, 2011
OPERATING ACTIVITIES
Net income	$	39,602		$	34,943
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	41,778			44,764
Amortization of deferred financing costs	1,188			1,521
Equity in earnings of unconsolidated joint ventures	(916		)	(534		)
Distributions from unconsolidated joint ventures	208			305
Gain on property dispositions	(1,587		)	(1,631		)
Share-based compensation	4,310			4,494
Changes in operating assets and liabilities:
Restricted cash	24,604			(5,196		)
Accounts receivable	(1,022		)	(4,804		)
Deferred rent receivable	(1,484		)	(2,678		)
Prepaid expenses and other assets	(6,578		)	4,216
Accounts payable	8,893			3,177
Accrued interest	8,889			3,656
Other liabilities	(25,163		)	(6,246		)
Net cash provided by operating activities	92,722			75,987
INVESTING ACTIVITIES
Investment in operating properties	(13,243		)	(19,058		)
Investments in and advances to unconsolidated joint ventures	(2,702		)	(6,507		)
Distributions from unconsolidated joint ventures	3,610			2,258
Net proceeds from disposition of properties/land	6,237			3,451
Net advances on public reimbursement receivable/escrow	(6,925		)	(631		)
Investment in development in progress	(43,405		)	(4,093		)
Investment in land held for development	(2,648		)	(1,410		)
Investment in deferred leasing costs	(7,983		)	(5,790		)
Net cash used in investing activities	(67,059		)	(31,780		)
FINANCING ACTIVITIES
Redemption of preferred units	(121,000		)	—
Repayments of unsecured notes	—			(246,500		)
Proceeds from mortgage loans	11,186			—
Repayments of mortgage loans	(19,288		)	(25,558		)
Proceeds from credit facility	259,650			200,000
Repayments on credit facility	(105,750		)	—
Increase in deferred financing costs	(285		)	(12		)
Capital contributions	16,197			12,085
Distributions to partners	(59,032		)	(61,392		)
Net cash used in financing activities	(18,322		)	(121,377		)
Net increase (decrease) in cash and cash equivalents	7,341			(77,170		)
Increase in cash and cash equivalents related to foreign currency translation	2,105			1,472
Cash and cash equivalents at beginning of period	18,204			108,409
Cash and cash equivalents at end of period	$	27,650		$	32,711

See accompanying notes.

12

Liberty Property Trust and Liberty Property Limited Partnership

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2012

Note 1: Organization and Basis of Presentation

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 their consolidated subsidiaries, the “Company”). The Trust is the sole general partner and also a limited partner of the Operating Partnership, owning 96.8% of the common equity of the Operating Partnership at March 31, 2012. 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 Mid-Atlantic, Southeastern, Midwestern and Southwestern United States and the United Kingdom. Unless otherwise indicated, the notes to the Consolidated Financial Statements apply to both the Trust and the Operating Partnership. The terms the "Company,” “we,” “our” or “us” mean the Trust and Operating Partnership collectively.

Basis of Presentation

The accompanying unaudited consolidated financial statements of Company have been prepared in accordance with United States generally accepted accounting principles (“US GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K of the Company for the year ended December 31, 2011. In the opinion of management, all adjustments (consisting solely of normal recurring adjustments) necessary for a fair presentation of the financial statements for these interim periods have been included. The results of interim periods are not necessarily indicative of the results to be obtained for a full fiscal year. Certain amounts from prior periods have been reclassified to conform to the current period presentation including reclassifying the accompanying consolidated statements of income for discontinued operations.

Recently Issued Accounting Standards

ASU 2011-04

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2011-04, “Fair Value Measurement (Topic 820), Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in US GAAP and IFRS” (“ASU 2011-04”), which amends Accounting Standards Codification ("ASC") 820, “Fair Value Measurement” to converge US GAAP and International Financial Reporting Standards (“IFRS”) requirements for measuring accounts at fair value, including the disclosures regarding these measurements. ASU 2011-04 was effective for the Company beginning January 1, 2012. The Company's adoption of ASU 2011-04 did not have a material impact on its financial position or results of operations.

ASU 2011-05

In June 2011, the FASB issued ASU 2011-05, “Comprehensive Income (Topic 220), Presentation of Comprehensive Income” (“ASU 2011-05”), which will lead to converging guidance under US GAAP and IFRS related to presentation of comprehensive income. ASU 2011-05 was effective for the Company beginning January 1, 2012 and the provisions of ASU 2011-05 were adopted retrospectively. In adopting ASU 2011-05, the Company is required to disclose the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The Company's adoption of ASU 2011-05 did not have a material impact on its financial position or results of operations.

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Note 2: Income per Common Share of the Trust

The following table sets forth the computation of basic and diluted income per common share of the Trust (in thousands except per share amounts):

	For the Three Months Ended					For the Three Months Ended
	March 31, 2012					March 31, 2011
	Income (Numerator)		Weighted Average Shares (Denominator)	Per Share		Income (Numerator)		Weighted Average Shares (Denominator)	Per Share
Basic income from continuing operations
Income from continuing operations net of noncontrolling interest	$	33,301	115,972	$	0.29	$	24,820	114,013	$	0.21
Dilutive shares for long-term compensation plans	—		771			—		753
Diluted income from continuing operations
Income from continuing operations net of noncontrolling interest	33,301		116,743	$	0.29	24,820		114,766	$	0.21
Basic income from discontinued operations
Discontinued operations net of noncontrolling interest	3,788		115,972	$	0.03	4,089		114,013	$	0.04
Dilutive shares for long-term compensation plans	—		771			—		753
Diluted income from discontinued operations
Discontinued operations net of noncontrolling interest	3,788		116,743	$	0.03	4,089		114,766	$	0.04
Basic income per common share
Net income available to common shareholders	37,089		115,972	$	0.32	28,909		114,013	$	0.25
Dilutive shares for long-term compensation plans	—		771			—		753
Diluted income per common share
Net income available to common shareholders	$	37,089	116,743	$	0.32	$	28,909	114,766	$	0.25

Dilutive shares for long-term compensation plans represent the unvested common shares outstanding during the year as well as the dilutive effect of outstanding options. The amounts of anti-dilutive options that were excluded from the computation of diluted income per common share for the three months ended March 31, 2012 was 1,384,000 as compared to 1,219,000 for the same period in 2011.

During the three months ended March 31, 2012, 349,000 common shares were issued upon the exercise of options. During the year ended December 31, 2011, 256,000 common shares were issued upon the exercise of options.

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Note 3: Income per Common Unit of the Operating Partnership

The following table sets forth the computation of basic and diluted income per common unit of the Operating Partnership (in thousands, except per unit amounts):

	For the Three Months Ended						For the Three Months Ended
	March 31, 2012						March 31, 2011
	Income (Numerator)			Weighted Average Units (Denominator)	Per Unit		Income (Numerator)			Weighted Average Units (Denominator)	Per Unit
Income from continuing operations net of noncontrolling interest	$	35,691					$	30,915
Less: Preferred unit distributions	(5,035		)				(5,253		)
Excess of preferred unit carrying amount over redemption	3,729						—
Basic income from continuing operations
Income from continuing operations available to common unitholders	34,385			119,781	$	0.29	25,662			117,942	$	0.21
Dilutive units for long-term compensation plans	—			771			—			753
Diluted income from continuing operations
Income from continuing operations available to common unitholders	34,385			120,552	$	0.29	25,662			118,695	$	0.21
Basic income from discontinued operations
Discontinued operations	3,911			119,781	$	0.03	4,229			117,942	$	0.04
Dilutive units for long-term compensation plans	—			771			—			753
Diluted income from discontinued operations
Discontinued operations	3,911			120,552	$	0.03	4,229			118,695	$	0.04
Basic income per common unit
Income available to common unitholders	38,296			119,781	$	0.32	29,891			117,942	$	0.25
Diluted units for long-term compensation plans	—			771			—			753
Diluted income per common unit
Income available to common unitholders	$	38,296		120,552	$	0.32	$	29,891		118,695	$	0.25

Dilutive units for long-term compensation plans represent the unvested common units outstanding during the year as well as the dilutive effect of outstanding options. The amounts of anti-dilutive options that were excluded from the computation of diluted income per common unit for the three months ended March 31, 2012 was 1,384,000 as compared to 1,219,000 for the same period in 2011.

During the three months ended March 31, 2012, 349,000 common units were issued upon the exercise of options. During the year ended December 31, 2011, 256,000 common units were issued upon the exercise of options.

Note 4: Other Comprehensive Income of the Trust

The functional currency of the Trust's United Kingdom operations is pounds sterling. The Trust translates the financial statements for the United Kingdom operations into US dollars. Gains and losses resulting from this translation are included in comprehensive income and are included in accumulated other comprehensive income (loss) as a separate component of equity. A proportionate amount of gain or loss is allocated to noncontrolling interest-common units. Accumulated other comprehensive income (loss)

15

consists solely of the foreign currency translation adjustments described above. Upon sale or upon complete or substantially complete liquidation of the Trust's foreign investment, the gain or loss on the sale will include the cumulative translation adjustments that have been previously recorded in accumulated other comprehensive income (loss) and noncontrolling interest-common units.

Note 5: Other Comprehensive Income of the Operating Partnership

The functional currency of the Operating Partnership’s United Kingdom operations is pounds sterling. The Operating Partnership translates the financial statements for the United Kingdom operations into US dollars. Gains and losses resulting from this translation are included in other comprehensive income within general partner’s equity – common units and limited partners’ equity-common units. Upon sale or upon complete or substantially complete liquidation of the Operating Partnership's foreign investment, the gain or loss on the sale will include the cumulative translation adjustments that have been previously recorded in general partner’s equity-common units and limited partners’ equity – common units.

Note 6: Segment Information

The Company operates its portfolio of properties primarily throughout the Mid-Atlantic, Southeastern, Midwestern and Southwestern United States. Additionally, the Company owns certain assets in the United Kingdom. The Company reviews the performance of the portfolio on a geographical basis. As such, the following are considered the Company’s reportable segments:

REGIONS	MARKETS
Northeast	Southeastern PA; Lehigh/Central PA; New Jersey; Maryland
Central	Minnesota; Chicago/Milwaukee; Houston; Arizona
South	Richmond/Hampton Roads; Carolinas; Jacksonville; Orlando; South Florida; Tampa
Metro	Philadelphia; Metro Washington, D.C.
United Kingdom	County of Kent; West Midlands

The Company evaluates the performance of its reportable segments based on net operating income. Net operating income includes operating revenue from external customers, real estate taxes, amortization of lease transaction costs and other operating expenses which relate directly to the management and operation of the assets within each reportable segment.

The Company's accounting policies for the segments are the same as those used in the Company's Consolidated Financial Statements. There are no material inter-segment transactions.

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The operating information by reportable segment is as follows (in thousands):

		For the Three Months Ended
		March 31,
		2012			2011
Operating revenue
	Northeast - Southeastern PA	$	42,195		$	45,265
	Northeast - Lehigh / Central PA	24,077			28,200
	Northeast - Other	17,400			18,293
	Central	32,144			31,692
	South	54,012			56,364
	Metro	8,188			7,149
	United Kingdom	1,162			1,132
Segment-level operating revenue		179,178			188,095
Reconciliation to total operating revenues
	Discontinued operations	(9,409		)	(21,961		)
	Other	168			—
Total operating revenue		$	169,937		$	166,134
Net operating income
	Northeast - Southeastern PA	$	25,170		$	25,524
	Northeast - Lehigh / Central PA	16,195			17,449
	Northeast - Other	9,105			9,194
	Central	17,747			17,472
	South	32,654			34,002
	Metro	5,629			5,957
	United Kingdom	(229		)	(49		)
Segment-level net operating income		106,271			109,549
Reconciliation to income from continuing operations
	Interest expense (1)	(30,904		)	(36,169		)
	Depreciation/amortization expense (2)	(25,652		)	(28,406		)
	Gain on property dispositions	523			1,161
	Equity in earnings of unconsolidated joint ventures	916			534
	General and administrative expense (2)	(11,550		)	(10,449		)
	Discontinued operations excluding gain on property dispositions	(2,847		)	(3,759		)
	Income taxes	(178		)	(550		)
	Other	(888		)	(1,197		)
Income from continuing operations		$	35,691		$	30,714

(1) Includes interest on discontinued operations.

(2) Excludes costs which are included in determining segment-level net operating income.

Note 7: Accounting for the Impairment or Disposal of Long-Lived Assets

The operating results and gain/(loss) on disposition of real estate for properties sold and held for sale are reflected in the consolidated statements of income as discontinued operations. Prior period financial statements have been adjusted for discontinued operations. The proceeds from dispositions of operating properties for the three months ended March 31, 2012 were $6.5 million as compared to $3.6 million for the same period in 2011.

Below is a summary of the results of operations for the properties held for sale and disposed of through the respective disposition dates (in thousands):

17

	For the Three Months Ended
	March 31, 2012			March 31, 2011
Revenues	$	9,409		$	21,961
Operating expenses	(4,090		)	(9,555		)
Interest and other income	27			95
Interest expense	(2,428		)	(3,280		)
Depreciation and amortization	(71		)	(5,462		)
Income before gain on property dispositions	2,847			3,759
Gain on property dispositions	1,064			470
Income from discontinued operations	$	3,911		$	4,229

Eighteen properties totaling 957,000 square feet in the Company’s Central reportable segment, 16 properties totaling 980,000 square feet in the Company's South reportable segment and 16 properties totaling 633,000 square feet in the Company's Northeast - Other reportable segment were considered to be held for sale as of March 31, 2012. These properties had an aggregate cost basis of $200.8 million as of March 31, 2012 and were subject to contracts for sale for an aggregate of $199.1 million. Forty-nine of these properties were sold subsequent to March 31, 2012 for proceeds of $195.0 million.

Interest expense is allocated to discontinued operations. The allocation of interest expense to discontinued operations was based on the ratio of net assets sold and held for sale (without continuing involvement) to the sum of total net assets plus consolidated debt.

Asset Impairment

During the three months ended March 31, 2012, the Company recognized $57,000 in impairment in the Company's South reportable segment. This impairment is included in discontinued operations in the Company’s consolidated statements of income. The Company determined this impairment through a comparison of the aggregate future cash flows (including quoted offer prices, a Level I input according to the fair value hierarchy established by the FASB in Topic 820, “Fair Value Measurements and Disclosures”) to be generated by the property to the carrying value of the properties. The Company has evaluated each of the properties and land held for development and has determined that there are no additional valuation adjustments necessary at March 31, 2012. During the three months ended March 31, 2011, the Company recognized an impairment charge of $550,000 related a property in the Central reportable segment. This impairment is included in discontinued operations in the Company's consolidated statements of income.

Note 8: Noncontrolling Interests of the Trust

Noncontrolling interests in the accompanying financial statements represent the interests of the common and preferred units in the Operating Partnership not held by the Trust. In addition, noncontrolling interests include third-party ownership interests in consolidated joint venture investments.

Common units

The common units outstanding of the Operating Partnership not held by the Trust as of March 31, 2012 have the same economic characteristics as common shares of the Trust. The 3,808,746 outstanding common units of the Operating Partnership not held by the Trust share proportionately in the net income or loss and in any distributions of the Operating Partnership. The common units of the Operating Partnership not held by the Trust are redeemable at any time at the option of the holder. The Trust, as the sole general partner of the Operating Partnership, may at its option elect to settle the redemption in cash or through the exchange on a one-for-one basis with unregistered common shares of the Trust. The market value of the 3,808,746 outstanding common units based on the closing price of the common shares of the Company at March 31, 2012 was $136.0 million.

Preferred units

The Trust had outstanding the following cumulative redeemable preferred units of the Operating Partnership (the “Equity Preferred Units”) as of March 31, 2012:

18

ISSUE	AMOUNT		UNITS	LIQUIDATION PREFERENCE		DIVIDEND RATE		REDEEMABLE AS OF	EXCHANGEABLE AFTER
	(in 000’s)
Series E	$	20,000	400		$50	7.00	%	6/16/2010	6/16/15 into Series E Cumulative Redeemable Preferred Shares of the Trust
Series F	$	17,500	350		$50	6.65	%	6/30/2010	12/12/15 into Series F Cumulative Redeemable Preferred Shares of the Trust
Series G	$	27,000	540		$50	6.70	%	12/15/2011	12/15/16 into Series G Cumulative Redeemable Preferred Shares of the Trust
Series H	$	100,000	4,000		$25	7.40	%	8/21/2012	8/21/17 into Series H Cumulative Redeemable Preferred Shares of the Trust

The Equity Preferred Units are callable at the Operating Partnership’s option after a stated period of time. The Trust as the sole general partner of the Operating Partnership may at its option elect to settle the redemption for cash or through the exchange on a one-for-one basis with unregistered preferred shares of the Trust.

During the three months ended March 31, 2012, the Company redeemed $32.5 million of outstanding 6.65% Series F Cumulative Redeemable Preferred Units for $26.0 million. Also, the Company redeemed $95.0 million of outstanding 7.45% Series B Cumulative Redeemable Preferred Units at par. In connection with these redemptions, the Company recognized $3.7 million relating to the excess of preferred unit carrying amount over redemption price net of certain costs, which is included in Noncontrolling interest - operating partnership in the Trust's consolidated statements of income.

Note 9: Limited Partners' Equity of the Operating Partnership

Common units

General and limited partners' equity - common units relates to limited partnership interests of the Operating Partnership issued in connection with the formation of the Operating Partnership and certain subsequent acquisitions. The common units outstanding as of March 31, 2012 have the same economic characteristics as common shares of the Trust. The 3,808,746 outstanding common units are the limited partners' equity - common units held by persons and entities other than the Trust, the general partner of the Operating Partnership, which holds a number of common units equal to the number of outstanding common shares of beneficial interest. Both the common units held by the Trust and the common units held by persons and entities other than the Trust are counted in the weighted average number of common units outstanding during any given period. The common units 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. The market value of the 3,808,746 outstanding common units at March 31, 2012 based on the closing price of the common shares of the Company at March 31, 2012 was $136.0 million.

Preferred units

The following are the Equity Preferred Units as of March 31, 2012:

ISSUE	AMOUNT		UNITS	LIQUIDATION PREFERENCE		DIVIDEND RATE		REDEEMABLE AS OF	EXCHANGEABLE AFTER
	(in 000's)
Series E	$	20,000	400		$50	7.00	%	6/16/2010	6/16/15 into Series E Cumulative Redeemable Preferred Shares of the Trust
Series F	$	17,500	350		$50	6.65	%	6/30/2010	12/12/15 into Series F Cumulative Redeemable Preferred Shares of the Trust
Series G	$	27,000	540		$50	6.70	%	12/15/2011	12/15/16 into Series G Cumulative Redeemable Preferred Shares of the Trust
Series H	$	100,000	4,000		$25	7.40	%	8/21/2012	8/21/17 into Series H Cumulative Redeemable Preferred Shares of the Trust

The Equity Preferred Units are callable at the Operating Partnership's option after a stated period of time. The Trust as the sole general partner of the Operating Partnership may at its option elect to settle the redemption for cash or through the exchange on a one-for-one basis with unregistered preferred shares of the Trust.

During the three months ended March 31, 2012, the Company redeemed $32.5 million of outstanding 6.65% Series F Cumulative Redeemable Preferred Units for $26.0 million. Also, the Company redeemed $95.0 million of outstanding 7.45% Series B

19

Cumulative Redeemable Preferred Units at par. In connection with these redemptions, the Company recognized $3.7 million relating to the excess of preferred unit carrying amount over redemption price net of certain costs.

Note 10: Noncontrolling Interest - Operating Partnership/Limited Partners' Equity - Preferred Units

As of March 31, 2012, the following cumulative preferred units of the Operating Partnership were outstanding:

ISSUE	AMOUNT		UNITS	LIQUIDATION PREFERENCE	DIVIDEND RATE
	(in 000’s)
Series I-2	$	7,537	301	$25	6.25	%

The preferred units are callable at the holder's option at any time and are callable at the Operating Partnership's option after a stated period of time for cash.

Preferred distributions related to these units were $118,000 for the three months ended March 31, 2012.

Note 11: Indebtedness

Mortgage Loans

During the three months ended March 31, 2012, the Company used proceeds from its unsecured credit facility together with available cash on hand to repay mortgage loans totaling $17.9 million bearing interest at an average rate of 7.70%.

During the three months ended March 31, 2012, the Company closed on a mortgage with $45.0 million of available funds bearing interest at 4.84%. As of March 31, 2012, the Company had $11.2 million outstanding on this loan. The net proceeds from this mortgage were used for construction costs on a property under development.

Note 12: Disclosure of Fair Value of Financial Instruments

The following disclosure of estimated fair value was determined by management using available market information and appropriate valuation methodologies. However, considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the following estimates are not necessarily indicative of the amounts the Company could have realized on disposition of the financial instruments at March 31, 2012 and December 31, 2011. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.

The carrying value of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued interest, dividend and distributions payable and other liabilities are reasonable estimates of fair value because of the short-term nature of these instruments. The carrying value of the Company's credit facility is also a reasonable estimate of fair value because interest rates float at a rate based on LIBOR.

The Company used a discounted cash flow model to determine the estimated fair value of its debt as of March 31, 2012.  This is a Level 3 fair value calculation. The inputs used in preparing the discounted cash flow model include actual maturity dates and scheduled cash flows as well as estimates for market value discount rates.  The Company updates the discounted cash flow model on a quarterly basis to reflect any changes in the Company's debt holdings and changes to discount rate assumptions.  

The only significant unobservable input in the discounted cash flow model is the discount rate.  For the fair value of the Company's unsecured notes, the Company uses a discount rate based on the indicative new issue pricing provided by lenders.  For the Company's mortgage loans, the Company uses an estimate based on its knowledge of the mortgage market. The weighted average discount rate for the combined unsecured notes and mortgage loans used as of March 31, 2012 was approximately 3.92%. An increase in the discount rate used in the discounted cash flow model would result in a decrease to the fair value of the Company's long-term debt.  A decrease in the discount rate used in the discounted cash flow model would result in an increase to the fair value of the Company's long-term debt.

The following summarizes the changes in the fair value of the Company's long-term debt from December 31, 2011 to March 31, 2012 (in thousands):

20

	Carrying Value			Fair Value			Fair Value Above (Below) Carrying Value
Long-term debt at December 31, 2011 (1)	$	2,083,462		$	2,215,219		$	131,757
Payoffs and amortization of long-term debt	(19,289		)	(19,289		)
New long-term debt	11,186			11,186
Changes in fair value assumptions				20,377			20,377
Long-term debt at March 31, 2012 (1)	$	2,075,359		$	2,227,493		$	152,134

(1) Does not include the Company's credit facility.

Disclosure about fair value of financial instruments is based on pertinent information available to management as of March 31, 2012 and December 31, 2011. Although as of the date of this report, management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since March 31, 2012 and current estimates of fair value may differ significantly from the amounts presented herein.

Note 13: Commitments and Contingencies

Environmental Matters

Substantially 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 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.

Operating Ground Lease Agreements

Future minimum rental payments under the terms of all non-cancelable operating ground leases under which the Company is the lessee, as of March 31, 2012, were as follows (in thousands):

Year	Amount
2012	$	120
2013	163
2014	158
2015	153
2016	153
2017 though 2054	5,237
Total	$	5,984

Operating ground lease expense during the three months ended March 31, 2012 was $96,000 as compared to $77,000 for the same period in 2011.

Legal Matters

From time to time, the Company is a party to a variety of legal proceedings, claims and assessments arising in the normal course of business. The Company believes that as of March 31, 2012 there were no legal proceedings, claims or assessments expected to have a material adverse effect on the Company’s business or financial statements.

Other

As of March 31, 2012, the Company had miscellaneous guarantees related to its unconsolidated joint ventures for up to a maximum of $350,000.

As of March 31, 2012, the Company had letter of credit obligations of $6.3 million related to development requirements. The Company believes that it is remote that there will be a draw upon these letter of credit obligations.

21

As of March 31, 2012, the Company had initiated the development of 11 buildings. These buildings are expected to contain a total of 3.2 million square feet of leasable space and represent an anticipated aggregate investment of $294.3 million. At March 31, 2012, Development in progress totaled $138.6 million. In addition, as of March 31, 2012, the Company invested $5.2 million in deferred leasing costs related to these development buildings. Also, the Company has a signed commitment for a build-to-suit development not yet commenced for $6.7 million.

As of March 31, 2012, the Company was committed to $2.1 million in improvements on certain land parcels.

As of March 31, 2012, the Company was obligated to pay for tenant improvements not yet completed for a maximum of $23.9 million.

The Company maintains cash and cash equivalents at financial institutions. The combined account balances at each institution typically exceed FDIC insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes the risk is not significant.

Note 14: Supplemental Disclosure to Statements of Cash Flows

The following are supplemental disclosures to the statements of cash flows for the three months ended March 31, 2012 and 2011 (amounts in thousands):

	2012		2011
Write-off of fully depreciated/amortized property and deferred costs	$	7,643	$	14,125
Write-off of depreciated property and deferred costs due to sale	$	3,331	$	—
Write-off of origination costs related to preferred unit redemption	$	2,771	$	—

Amounts paid in cash for deferred leasing costs incurred in connection with signed leases with tenants are paid in conjunction with improving (acquiring) property, plant and equipment. Such costs are not contained within net real estate. However, they are integral to the completion of a tenant lease and ultimately are related to the improvement and thus the value of the Company’s property, plant and equipment. They are therefore included in investing activities in the Company’s statements of cash flows.

Note 15: Subsequent Events

Subsequent to March 31, 2012, the Company completed the sale of 49 properties totaling 2.5 million square feet of leasable space in Wisconsin, Maryland, Virginia, North Carolina and New Jersey for approximately $195 million. The properties consist primarily of single-story and mid-rise office buildings and high-finish flex properties. The properties were 83% leased at the time of the sale. These properties were considered assets held for sale at March 31, 2012 and therefore the results of operations for these properties are included as discontinued operations in the accompanying statements of income.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

OVERVIEW

Liberty Property Trust (the “Trust”) is a self-administered and self-managed Maryland real estate investment trust (“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, collectively with the Trust and their consolidated subsidiaries, the “Company”).

The Company operates primarily in the Mid-Atlantic, Southeastern, Midwestern and Southwestern United States. Additionally, the Company owns certain assets in the United Kingdom.

As of March 31, 2012, the Company owned and operated 331 industrial and 264 office properties (the “Wholly Owned Properties in Operation”) totaling 65.1 million square feet. In addition, as of March 31, 2012, the Company owned 11 properties under development, which when completed are expected to comprise 3.2 million square feet (the “Wholly Owned Properties under Development”) and 1,447 acres of developable land, substantially all of which is zoned for commercial use. Additionally, as of March 31, 2012, the Company had an ownership interest, through unconsolidated joint ventures, in 47 industrial and 49 office properties totaling 14.2 million square feet (the “JV Properties in Operation” and, together with the Wholly Owned Properties in Operation, the “Properties in Operation”). The Company also has an ownership interest through unconsolidated joint ventures in 615 acres of developable land, substantially all of which is zoned for commercial use. The Company refers to the Wholly Owned Properties under Development and the Properties in Operation collectively as the "Properties." On April 3, 2012, the Company completed the sale of 49 properties totaling 2.5 million square feet of leasable space in Wisconsin, Maryland, Virginia, North Carolina and New Jersey for approximately $195 million. The properties consist primarily of single-story and mid-rise office buildings and high-finish flex properties.

The Company focuses on creating value for shareholders and increasing profitability and cash flow. With respect to its Properties in Operation, the Company endeavors to maintain high occupancy levels while maximizing rental rates and controlling costs. The Company pursues development opportunities that it believes will create value and yield acceptable returns. The Company also acquires properties that it believes will create long-term value, and disposes of properties that no longer fit within the Company’s strategic objectives or in situations where it can optimize cash proceeds. The Company’s strategy with respect to product and market selection is expected generally to favor industrial and metro-office properties and markets with strong demographic and economic fundamentals.

The Company’s operating results depend primarily upon income from rental operations and are substantially influenced by rental demand for the Properties in Operation. The economic disruption that commenced in 2008 continues to adversely impact the Company’s business. Although we have seen some improvement in the general economy, the economy as it impacts our business has not returned to pre-recession levels. Rental demand for the Properties in Operation remained relatively flat for the three months ended March 31, 2012 as compared to the three months ended March 31, 2011. During the three months ended March 31, 2012, the Company successfully leased 4.3 million square feet and, as of that date, attained occupancy of 91.2% for the Wholly Owned Properties in Operation and 87.1% for the JV Properties in Operation for a combined occupancy of 90.5% for the Properties in Operation. During the three months ended March 31, 2012, straight line rents on renewal and replacement leases were on average 4.0%lower than rents on expiring leases. At December 31, 2011, occupancy for the Wholly Owned Properties in Operation was 91.9% and for the JV Properties in Operation was 88.7% for a combined occupancy for the Properties in Operation of 91.3%.

Consistent with its strategy, the Company has been an active seller of suburban office properties and it has acquired or commenced development of industrial and metro-office properties. The foregoing activity is anticipated to result in a decline in net cash provided by operating activities until the acquisition properties are stabilized and the development properties are completed and leased. Although the Company anticipates that its investment focus for the remainder of 2012 will be more on acquisitions than dispositions, the Company anticipates that, in the aggregate, for 2012 the net cash provided by operating activities, less customary capital expenditures and leasing transaction costs, will be less than dividend distributions. The Company will continue to evaluate these circumstances in light of its dividend distribution policy.

WHOLLY OWNED CAPITAL ACTIVITY

Acquisitions

During the three months ended March 31, 2012, the Company did not acquire any properties. For 2012, the Company anticipates that wholly owned property acquisitions will range from $100 million to $300 million and believes that certain of its acquired properties will be either vacant or underleased.

Dispositions

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Disposition activity allows the Company to, among other things, (1) reduce its holdings in certain markets and product types within a market consistent with the Company's strategy; (2) lower the average age of the portfolio; (3) optimize the cash proceeds from the sale of certain assets; and (4) obtain funds for investment activities. During the three months ended March 31, 2012, the Company realized proceeds of $6.5 million from the sale of two operating properties representing 105,000 square feet. For 2012, the Company anticipates that wholly owned property dispositions will range from $250 million to $350 million.

Development

During the three months ended March 31, 2012, the Company did not bring any development projects into service but initiated one Wholly Owned Property under Development with a projected Total Investment of $7.8 million. As of March 31, 2012, the Company had 11 Wholly Owned Properties under Development with a projected Total Investment of $294.3 million. For 2012, the Company anticipates that wholly owned development deliveries will total between $30 million and $70 million and that during 2012 it will commence development on properties with an expected aggregate Total Investment in a range from $200 million to $300 million.

“Total Investment” for a property is defined as the property’s purchase price plus closing costs (in the case of acquisitions if vacant) 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.

UNCONSOLIDATED JOINT VENTURE CAPITAL ACTIVITY

The Company periodically enters into unconsolidated joint venture relationships in connection with the execution of its real estate operating strategy.

Acquisitions

During the three months March 31, 2012, none of the unconsolidated joint ventures in which the Company held an interest acquired any properties. The Company does not anticipate that any unconsolidated joint ventures in which the Company holds an interest will acquire any properties in 2012.

Dispositions

During the three months ended March 31, 2012, none of the unconsolidated joint ventures in which the Company held an interest sold any properties. The Company does not anticipate that any unconsolidated joint ventures in which the Company holds an interest will dispose of any properties in 2012.

Development

During the three months ended March 31, 2012, none of the unconsolidated joint ventures in which the Company held an interest brought any properties into service or began any development activities. As of March 31, 2012, the Company has no unconsolidated joint venture properties under development. The Company does not anticipate that any unconsolidated joint ventures in which the Company holds an interest will bring any development properties into service or begin any development activities in 2012.

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PROPERTIES IN OPERATION

The composition of the Company’s Properties in Operation as of March 31, 2012 and 2011 was as follows (square feet in thousands):

	Net Rent Per Square Foot(1)				Straight Line Rent and Operating Expense Reimbursement Per Square Foot(2)				Total Square Feet		Percent Occupied
	March 31,				March 31,				March 31,		March 31,
	2012		2011		2012		2011		2012	2011	2012		2011
Wholly Owned Properties in Operation:
Industrial-Distribution	$	4.43	$	4.51	$	5.80	$	5.81	34,883	32,308	94.2	%	91.2	%
Industrial-Flex	$	9.05	$	9.00	$	13.20	$	12.88	9,975	11,125	87.7	%	87.1	%
Office	$	14.51	$	14.28	$	22.29	$	21.94	20,241	21,779	87.8	%	89.2	%
	$	8.13	$	8.49	$	11.83	$	12.33	65,099	65,212	91.2	%	89.8	%
JV Properties in Operation:
Industrial-Distribution	$	3.86	$	3.84	$	5.52	$	5.60	9,270	9,500	85.4	%	80.7	%
Industrial-Flex	$	26.94	$	27.79	$	25.57	$	26.29	171	171	84.8	%	81.9	%
Office	$	24.18	$	23.37	$	35.09	$	34.35	4,724	4,746	90.6	%	89.1	%
	$	11.18	$	10.98	$	16.02	$	15.94	14,165	14,417	87.1	%	83.5	%
Properties in Operation:
Industrial-Distribution	$	4.32	$	4.37	$	5.75	$	5.77	44,153	41,808	92.3	%	88.8	%
Industrial-Flex	$	9.34	$	9.27	$	13.40	$	13.07	10,146	11,296	87.6	%	87.1	%
Office	$	16.39	$	15.90	$	24.78	$	24.16	24,965	26,525	88.3	%	89.2	%
	$	8.65	$	8.92	$	12.55	$	12.95	79,264	79,629	90.5	%	88.7	%

(1) Net rent represents the contractual rent per square foot at March 31, 2012 or 2011 for tenants in occupancy. Net rent does not include the tenant's obligation to pay property operating expenses and real estate taxes. If a tenant at March 31, 2012 or 2011 was within a free rent period its rent would equal zero for the purposes of this metric.

(2) Straight line rent and operating expense reimbursement represents the straight line rent including operating expense recoveries per square foot at March 31, 2012 or 2011 for tenants in occupancy.

Geographic segment data for the three months ended March 31, 2012 and 2011 are included in Note 6 to the Company’s financial statements.

Forward-Looking Statements

When used throughout this report, the words “believes,” “anticipates,” “estimates” 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 that could cause actual financial results or management plans and objectives to differ materially from those projected or expressed herein, including: the effect of global, national and regional economic conditions; rental demand; the Company’s ability to identify, and enter into agreements with suitable joint venture partners in situations where it believes such arrangements are advantageous; the Company’s ability to identify and secure additional properties and sites, both for itself and the joint ventures to which it is a party, that meet its criteria for acquisition or development; the effect of prevailing market interest rates; risks related to the integration of the operations of entities that we have acquired or may acquire; risks related to litigation; and other risks described from time to time in the Company’s filings with the SEC. Given these uncertainties, readers are cautioned not to place undue reliance on such statements.

Critical Accounting Policies and Estimates

Refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2011 for a discussion of critical accounting policies which include capitalized costs, revenue recognition, allowance for doubtful accounts, impairment of real estate, intangibles and investments in unconsolidated joint ventures. During the three months ended March 31, 2012, there were no material changes to these policies.

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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 three months ended March 31, 2012 with the results of operations of the Company for the three months ended March 31, 2011. As a result of the varying levels of development, acquisition and disposition activities by the Company in 2012 and 2011, the overall operating results of the Company during such periods are not directly comparable. However, certain data, including the Same Store comparison, do lend themselves to direct comparison.

This information should be read in conjunction with the accompanying consolidated financial statements and notes included elsewhere in this report.

Comparison of Three Months Ended March 31, 2012 to Three Months Ended March 31, 2011

Overview

The Company’s average gross investment in operating real estate owned for the three months ended March 31, 2012increased to $4,967.6 million from $4,672.0 million for the three months ended March 31, 2011. This increase in operating real estate resulted in increases in rental revenue, real estate taxes and depreciation and amortization expense. Despite the increase in operating real estate, operating expense reimbursement and rental property expense decreased due to lower weather-related expenses and recovery during the three months ended March 31, 2012 compared to the same period in 2011. Rental property expense includes utilities, insurance, janitorial, landscaping, snow removal and other costs necessary to maintain a property.

Total operating revenue increased to $169.9 million for the three months ended March 31, 2012 from $166.1 million for the three months ended March 31, 2011. The $3.8 millionincrease was primarily due to an increase in rental income, which was primarily due to the increase in operating real estate and an increase in termination fees, which totaled $1.6 million for the three months ended March 31, 2012 compared to $238,000 for the same period in 2011. Termination fees are fees that the Company agrees to accept in consideration for permitting certain tenants to terminate their leases prior to the contractual expiration date. Termination fees are included in rental revenue and if a property is sold, related termination fees are included in discontinued operations. See “Other” below.

Segments

The Company evaluates the performance of the Wholly Owned Properties in Operation in terms of net operating income by reportable segment (see Note 6 to the Company’s financial statements for a reconciliation of this measure to income from continuing operations). The following table identifies changes to net operating income in reportable segments (dollars in thousands):

	THREE MONTHS ENDED						PERCENTAGE INCREASE (DECREASE)
	March 31,
	2012			2011
Northeast
– Southeastern PA	$	25,170		$	25,524		(1.4	%)
– Lehigh/Central PA	16,195			17,449			(7.2	%)
– Other	9,105			9,194			(1.0	%)
Central	17,747			17,472			1.6	%
South	32,654			34,002			(4.0	%)
Metro	5,629			5,957			(5.5	%)
United Kingdom	(229		)	(49		)	367.3	%
Total net operating income	$	106,271		$	109,549		(3.0	%)

Same Store

Property level operating income, exclusive of termination fees, for the Same Store properties was relatively flat at $118.5 million for the three months ended March 31, 2012 compared to $118.9 million for the three months ended March 31, 2011 on a straight line basis (which recognizes rental revenue evenly over the life of the lease), and $117.8 million for the three months ended March 31, 2012 compared to $117.2 million for the three months ended March 31, 2011 on a cash basis. The same store results were affected by one-time reductions in certain operating expense items during the three months ended March 31, 2011 that did not recur during the same period in 2012, decreases in cash and straight line rental rates and an increase in occupancy. The following details the Same Store occupancy and rental rates for the respective periods:

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	MARCH 31,
	2012			2011
Average occupancy %	92.1		%	91.2		%
Rental rate - cash basis (1)	$	8.35		$	8.48
Rental rate - straight line basis (2)	$	12.16		$	12.25

(1) Represents the contractual rent per square foot at March 31, 2012 for tenants in occupancy in Same Store properties. Net rent does not include the tenant's obligation to pay property operating expenses and real estate taxes. If a tenant at March 31, 2012 was within a free rent period its rent would equal zero for purposes of this metric.

(2) Straight line rent and operating expense reimbursement represents the straight line rent including operating expense recoveries per square foot at March 31, 2012 or 2011 for tenants in occupancy.

Management generally considers the performance of the Same Store properties to be a useful financial performance measure because the results are directly comparable from period to period. Management further believes that the performance comparison should exclude termination fees since they are more event-specific and are not representative of ordinary performance results. In addition, Same Store property level operating income and Same Store cash basis property level operating income exclusive of termination fees is considered by management to be a more reliable indicator of the portfolio’s baseline performance. The Same Store properties consist of the 574 properties totaling approximately 60.9 million square feet owned on January 1, 2011. Acquisitions and completed development during the year ended December 31, 2011 and the three months endedMarch 31, 2012 are excluded from the Same Store properties. Acquisitions and completed development are included in Same Store when they have been purchased in the case of acquisitions, and are stabilized in the case of completed development, prior to the beginning of the earliest year presented in the comparison. The 62 properties sold during 2011 and the two properties sold during the three months endedMarch 31, 2012 are also excluded.

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 three months ended March 31, 2012 and 2011. Same Store property level operating income and cash basis property level operating income are non-GAAP measures and do not represent income before property dispositions, income taxes and equity in earnings of unconsolidated joint ventures because they do not reflect the consolidated operations of the Company. Investors should review Same Store results, along with Funds from operations (see “Liquidity and Capital Resources” below), GAAP net income and cash flow from operating activities, investing activities and financing activities when considering the Company’s operating performance. Also set forth below is a reconciliation of Same Store property level operating income and cash basis property level operating income to net income (in thousands).

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	Three Months Ended
	March 31, 2012			March 31, 2011
Same Store:
Rental revenue	$	119,189		$	119,754
Operating expenses:
Rental property expense	32,850			35,566
Real estate taxes	20,233			20,195
Operating expense recovery	(52,376		)	(54,909		)
Unrecovered operating expenses	707			852
Property level operating income	118,482			118,902
Less straight line rent	655			1,716
Cash basis property level operating income	$	117,827		$	117,186
Reconciliation of non-GAAP financial measure – Same Store:
Cash basis property level operating income	$	117,827		$	117,186
Straight line rent	655			1,716
Property level operating income	118,482			118,902
Property level operating income - properties purchased or developed subsequent to January 1, 2011	3,341			276
Less: Property level operating income – properties held for sale at March 31, 2012	(4,755		)	(4,521		)
Termination fees	1,647			238
General and administrative expense	(17,204		)	(15,949		)
Depreciation and amortization expense	(41,367		)	(39,077		)
Other income (expense)	(25,714		)	(30,300		)
Gain on property dispositions	523			1,161
Income taxes	(178		)	(550		)
Equity in earnings of unconsolidated joint ventures	916			534
Discontinued operations (1)	3,911			4,229
Net income	$	39,602		$	34,943

(1) Includes Termination Fees of $534,000 for the three months ended March 31, 2012 and $25,000 for the three months ended March 31, 2011.

General and Administrative

General and administrative expenses increased to $17.2 million for the three months ended March 31, 2012 compared to $15.9 million for the three months ended March 31, 2011. This increase was primarily due to increases in incentive compensation. General and administrative expenses include salaries, wages and incentive compensation for general and administrative staff along with related costs, consulting, marketing, public company expenses, costs associated with the acquisition of properties and other general and administrative costs.

Depreciation and Amortization

Depreciation and amortization increased to $41.4 million for the three months ended March 31, 2012 from $39.1 million for the three months ended March 31, 2011. This increase was primarily due to the increased investment in operating real estate.

Interest Expense

Interest expense decreased to $28.5 million for the three months ended March 31, 2012 from $32.9 million for the three months ended March 31, 2011. The decrease was primarily due to the decrease in the average debt outstanding to $2,295.8 million for the three months ended March 31, 2012 from $2,323.8 million for the three months ended March 31, 2011 as well as a decrease in

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the weighted average interest rate to 5.4% for the three months ended March 31, 2012 from 5.8% for the three months ended March 31, 2011. The decrease was also partially due to an increase in interest capitalized during the three months ended March 31, 2012 due to an increase in development activity.

Interest expense allocated to discontinued operations for the three months ended March 31, 2012 and 2011 was $2.4 million and $3.3 million, respectively. This decrease was due to the level of dispositions in 2012 and 2011.

Other

Gain on property dispositions decreased to $523,000 for the three months ended March 31, 2012 from $1.2 million for the three months ended March 31, 2011.

Income from discontinued operations decreased to $3.9 million for the three months ended March 31, 2012 from $4.2 million for the three months ended March 31, 2011. This decrease was due to lower operating income related to properties in discontinued operations for the three months ended March 31, 2012 and was partially offset by an increase in gains recognized on sales (net of impairment charges) which were $1.1 million for the three months ended March 31, 2012 compared to $470,000 for the same period in 2011.

As a result of the foregoing, the Company’s net income increased to $39.6 million for the three months ended March 31, 2012 from $34.9 million for the three months ended March 31, 2011.

Liquidity and Capital Resources

Overview

The Company seeks to maintain a conservative balance sheet and pursue a strategy of financial flexibility. The Company expects to expend $250 million to $350 million to fund its investment in development properties in 2012. The Company’s remaining 2012 debt maturities total approximately $245.9 million. The Company anticipates that it will invest $100 million to $300 million in acquisitions in 2012. The Company expects to realize approximately $250 million to $350 million in proceeds from asset sales in 2012. The Company believes that proceeds from asset sales, its available cash, borrowing capacity from its Credit Facility (as defined below) and its other sources of capital including the public debt and equity markets will provide it with sufficient funds to satisfy these obligations.

Activity

As of March 31, 2012, the Company had cash and cash equivalents of $66.8 million, including $39.2 million in restricted cash.

Net cash flow provided by operating activities increased to $92.7 million for the three months ended March 31, 2012 from $76.0 million for the three months ended March 31, 2011. This $16.7 millionincrease was primarily due to the decrease in restricted cash. Restricted cash decreased in 2012 due to the distribution of proceeds from the sale of land parcels in the United Kingdom. Net cash flow provided by operating activities is the primary source of liquidity to fund distributions to shareholders and for recurring capital expenditures and leasing transaction costs for the Company’s Wholly Owned Properties in Operation.

Net cash used in investing activities increased to $67.1 million for the three months ended March 31, 2012 compared to $31.8 million for the three months ended March 31, 2011. This $35.3 millionincrease primarily resulted from an increase in investment in development in progress.

Net cash used in financing activities was $18.3 million for the three months ended March 31, 2012 compared to $121.4 million for the three months ended March 31, 2011. This $103.1 milliondecrease was primarily due to the net changes in the Company’s debt during the respective periods which is reflective of the investment activity in development in progress described above. Such amounts were offset by the redemption of preferred units during 2012. Net cash used in financing activities includes proceeds from the issuance of equity and debt, net of debt repayments, equity repurchases and distributions.

The Company funds its development activities and acquisitions with long-term capital sources and proceeds from the disposition of properties. For the three months ended March 31, 2012, a portion of these activities were funded through a $500 million Credit Facility (the “Credit Facility”). The interest rate on borrowings under the Credit Facility fluctuates based upon ratings from Moody’s Investors Service, Inc., Standard and Poor’s Ratings Group and Fitch, Inc. Based on the Company’s existing ratings, the interest rate for borrowings under the Credit Facility at March 31, 2012 was LIBOR plus 107.5 basis points.

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 including the debt to gross assets ratio and the fixed charge coverage ratio. As of

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March 31, 2012, the Company’s debt to gross assets ratio was 38.3% and for the three months ended March 31, 2012, the fixed charge coverage ratio was 3.0x. Debt to gross assets equals total long-term debt and borrowings under the Credit Facility divided by total assets plus accumulated depreciation including accumulated depreciation on assets held for sale. The fixed charge coverage ratio equals income from continuing operations before gain on property dispositions, including operating activity from discontinued operations, plus interest expense and depreciation and amortization, divided by interest expense, including capitalized interest, plus distributions on preferred units.

As of March 31, 2012, $282.7 million in mortgage loans and $1,792.6 million in unsecured notes were outstanding with a weighted average interest rate of 5.83%. The interest rates on $2,059.4 million of mortgage loans and unsecured notes are fixed and range from 4.5% to 7.5%. The weighted average remaining term for the mortgage loans and unsecured notes is 4.6 years.

The scheduled principal amortization and maturities of the Company’s mortgage loans, unsecured notes and the Credit Facility and the related weighted average interest rates as of March 31, 2012 are as follows (in thousands, except percentages):

	MORTGAGES										WEIGHTED AVERAGE INTEREST RATE
	PRINCIPAL AMORTIZATION		PRINCIPAL MATURITIES		UNSECURED NOTES		CREDIT FACILITY		TOTAL
2012	$	3,542	$	12,210	$	230,100	$	—	$	245,852	6.38	%
2013	4,583		4,510		—		—		9,093		5.73	%
2014	4,966		2,684		200,000		—		207,650		5.66	%
2015	4,512		44,468		316,000		293,300		658,280		3.58	%
2016	3,298		182,318		300,000		—		485,616		6.10	%
2017	2,090		2,349		296,543		—		300,982		6.61	%
2018	—		—		100,000		—		100,000		7.50	%
2019	—		—		—		—		—		—
2020 & thereafter	—		11,186		350,000		—		361,186		4.75	%
	$	22,991	$	259,725	$	1,792,643	$	293,300	$	2,368,659	5.31	%

General

The Company has an effective S-3 shelf registration statement on file with the SEC pursuant to which the Trust and the Operating Partnership may issue an unlimited amount of equity securities and debt securities.

Calculation of Funds from Operations

The National Association of Real Estate Investment Trusts (“NAREIT”) has issued a standard definition for Funds from operations (as defined below). The SEC has agreed to the disclosure of this non-GAAP financial measure on a per share basis in its Release No. 34-47226, Conditions for Use of Non-GAAP Financial Measures. The Company believes that the calculation of Funds from operations is helpful to investors and management as it is a measure of the Company’s operating performance that excludes depreciation and amortization and gains and losses from operating property dispositions. As a result, year over year comparison of Funds from operations reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, development activities, general and administrative expenses, and interest costs, providing perspective not immediately apparent from net income. In addition, management believes that Funds from operations provides useful information to the investment community about the Company’s financial performance when compared to other REITs since Funds from operations is generally recognized as the standard for reporting the operating performance of a REIT. Funds from operations available to common shareholders is defined by NAREIT as net income (computed in accordance with generally accepted accounting principles (“GAAP”)), excluding gains (or losses) from sales of property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Funds from operations available to common shareholders does not represent net income or cash flows from operations as defined by GAAP and does not necessarily indicate that cash flows will be sufficient to fund cash needs. It should not be considered as an alternative to net income as an indicator of the Company’s operating performance or to cash flows as a measure of liquidity. Funds from operations available to common shareholders also does not represent cash flows generated from operating, investing or financing activities as defined by GAAP. Historically the Company included impairment charges in this computation. However, excluding impairment charges from the computation of Funds from operations is consistent with NAREIT's reaffirmation in November 2011 of its July 2000 guidance on NAREIT-defined Funds from operations, which indicated that impairment write-downs of depreciable real estate should be excluded in the computation of Funds from operations. Accordingly, Funds from operations have been restated for prior periods.

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Funds from operations (“FFO”) available to common shareholders for the three months ended March 31, 2012 and 2011 are as follows (in thousands, except per share amounts):

	Three Months Ended
	March 31, 2012			March 31, 2011
Reconciliation of net income to FFO - basic:
Net Income available to common shareholders	$	37,089		$	28,909
Basic - Income available to common shareholders	37,089			28,909
Basic - income available to common shareholders per weighted average share	$	0.32		$	0.25
Adjustments:
Depreciation and amortization of unconsolidated joint ventures	3,616			3,649
Depreciation and amortization	41,046			43,971
Gain on property dispositions	(1,104		)	(500		)
Noncontrolling interest share in addback for depreciation and amortization and gain on property dispositions	(1,373		)	(1,558		)
Funds from operations available to common shareholders – basic	$	79,274		$	74,471
Basic Funds from operations available to common shareholders per weighted average share	$	0.68		$	0.65
Reconciliation of net income to FFO - diluted:
Net Income available to common shareholders	$	37,089		$	28,909
Diluted - income available to common shareholders	37,089			28,909
Diluted - income available to common shareholders per weighted average share	$	0.32		$	0.25
Adjustments:
Depreciation and amortization of unconsolidated joint ventures	3,616			3,649
Depreciation and amortization	41,046			43,971
Gain on property dispositions	(1,104		)	(500		)
Noncontrolling interest less preferred share distributions	1,207			982
Funds from operations available to common shareholders - diluted	$	81,854		$	77,011
Diluted Funds from operations available to common shareholders per weighted average share	$	0.68		$	0.65
Reconciliation of weighted average shares:
Weighted average common shares - all basic calculations	115,972			114,013
Dilutive shares for long term compensation plans	771			753
Diluted shares for net income calculations	116,743			114,766
Weighted average common units	3,809			3,929
Diluted shares for Funds from operations calculations	120,552			118,695

Inflation

Inflation has remained relatively low in recent years, and as a result, it has not had a significant impact on the Company during this period. To the extent an increase in inflation would result in increased operating costs, such as insurance, real estate taxes and utilities, substantially all of the tenants’ leases require the tenants to absorb these costs as part of their rental obligations. In

31

addition, inflation also may have the effect of increasing market rental rates.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

There have been no material changes to the Company’s exposure to market risk since its Annual Report on Form 10-K for the year ended December 31, 2011.

Item 4. Controls and Procedures

Controls and Procedures with respect to the Trust

(a) Evaluation of Disclosure Controls and Procedures

The Trust’s management, with the participation of its Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of its disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report. Based on this evaluation, the Trust’s Chief Executive Officer and Chief Financial Officer have concluded that the Trust’s disclosure controls and procedures, as of the end of the period covered by this report, were effective to provide reasonable assurance that information required to be disclosed by the Trust in its reports filed or submitted under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in SEC’s rules and forms and (ii) accumulated and communicated to the Trust’s management, including its principal executive and principal financial officers, or persons performing similar function, as appropriate to allow timely decisions regarding required disclosure.

(b) Changes in Internal Control Over Financial Reporting

There were no changes in the Trust’s internal control over financial reporting during the quarter ended March 31, 2012 that have materially affected or are reasonable likely to materially affect the Company’s internal control over financial reporting.

Controls and Procedures with respect to the Operating Partnership

(a) Evaluation of Disclosure Controls and Procedures

The Trust’s management, with the participation of its Chief Executive Officer and Chief Financial Officer, on behalf of the Trust in its capacity as the general partner of the Operating Partnership, evaluated the effectiveness of its disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report. Based on this evaluation, the Trust’s Chief Executive Officer and Chief Financial Officer have concluded that the Operating Partnership’s disclosure controls and procedures, as of the end of the period covered by this report, were effective to provide reasonable assurance that information required to be disclosed by the Operating Partnership in its reports filed or submitted under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in SEC’s rules and forms and (ii) accumulated and communicated to the Trust’s management, including its principal executive and principal financial officers, or persons performing similar function, as appropriate to allow timely decisions regarding required disclosure.

(b) Changes in Internal Control Over Financial Reporting

There were no changes in the Operating Partnership’s internal control over financial reporting during the quarter ended March 31, 2012 that have materially affected or are reasonable likely to materially affect the Operating Partnership’s internal control over financial reporting.

32

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

The Company is not a party to any material litigation as of March 31, 2012.

Item 1A. Risk Factors

There have been no material changes to the risk factors disclosed in Item 1A of Part 1 “Risk Factors,” in our Form 10-K for the year ended December 31, 2011.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

33

Item 6. Exhibits

12.1*	Statement Re: Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges.
31.1*	Certification of the Chief Executive Officer of Liberty Property Trust required by Rule 13a-14(a) under the Securities Exchange Act of 1934.
31.2*	Certification of the Chief Financial Officer of Liberty Property Trust required by Rule 13a-14(a) under the Securities Exchange Act of 1934.
31.3*	Certification of the Chief Executive Officer of Liberty Property Trust, in its capacity as the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(a) under the Securities Exchange Act of 1934.
31.4*	Certification of the Chief Financial Officer of Liberty Property Trust, in its capacity as the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(a) under the Securities Exchange Act of 1934.
32.1*	Certification of the Chief Executive Officer of Liberty Property Trust required under Rule 13a-14(b) of the Securities Exchange Act of 1934, as amended. (This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. Further, this exhibit shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.)
32.2*	Certification of the Chief Financial Officer of Liberty Property Trust required by Rule 13a-14(b) under the Securities Exchange Act of 1934, as amended. (This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. Further, this exhibit shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.)
32.3*	Certification of the Chief Executive Officer of Liberty Property Trust, in its capacity as the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(b) under the Securities Exchange Act of 1934, as amended. (This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. Further, this exhibit shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.)
32.4*	Certification of the Chief Financial Officer of Liberty Property Trust, in its capacity as the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(b) under the Securities Exchange Act of 1934, as amended. (This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. Further, this exhibit shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.)
101.INS	XBRL Instance Document (furnished herewith).
101.SCH	XBRL Taxonomy Extension Schema Document (furnished herewith).
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document (furnished herewith).
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document (furnished herewith).
101.LAB	XBRL Extension Labels Linkbase (furnished herewith).
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document (furnished herewith).

________________________

*    Filed herewith

34

SIGNATURES

Pursuant to the requirements of the Securities 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

/s/ WILLIAM P. HANKOWSKY	May 1, 2012
William P. Hankowsky	Date
Chairman of the Board of Trustees, President and Chief Executive Officer (Principal Executive Officer)
/s/ GEORGE J. ALBURGER, JR.	May 1, 2012
George J. Alburger, Jr.	Date
Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer)

35

SIGNATURES

Pursuant to the requirements of the Securities 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
/s/ WILLIAM P. HANKOWSKY		May 1, 2012
William P. Hankowsky		Date
Chairman of the Board of Trustees, President and Chief Executive Officer (Principal Executive Officer)
/s/ GEORGE J. ALBURGER, JR.		May 1, 2012
George J. Alburger, Jr.		Date
Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer)

36

EXHIBIT INDEX

EXHIBIT NO.
12.1	Statement Re: Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges.
31.1	Certification of the Chief Executive Officer of Liberty Property Trust required by Rule 13a-14(a) under the Securities Exchange Act of 1934.
31.2	Certification of the Chief Financial Officer of Liberty Property Trust required by Rule 13a-14(a) under the Securities Exchange Act of 1934.
31.3	Certification of the Chief Executive Officer of Liberty Property Trust, in its capacity as the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(a) under the Securities Exchange Act of 1934.
31.4	Certification of the Chief Financial Officer of Liberty Property Trust, in its capacity as the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(a) under the Securities Exchange Act of 1934.
32.1	Certification of the Chief Executive Officer of Liberty Property Trust required under Rule 13a-14(b) of the Securities Exchange Act of 1934, as amended. (This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. Further, this exhibit shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.)
32.2	Certification of the Chief Financial Officer of Liberty Property Trust required by Rule 13a-14(b) under the Securities Exchange Act of 1934, as amended. (This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. Further, this exhibit shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.)
32.3	Certification of the Chief Executive Officer of Liberty Property Trust, in its capacity as the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(b) under the Securities Exchange Act of 1934, as amended. (This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. Further, this exhibit shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.)
32.4	Certification of the Chief Financial Officer of Liberty Property Trust, in its capacity as the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(b) under the Securities Exchange Act of 1934, as amended. (This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. Further, this exhibit shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.)
101.INS	XBRL Instance Document (furnished herewith).
101.SCH	XBRL Taxonomy Extension Schema Document (furnished herewith).
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document (furnished herewith).
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document (furnished herewith).
101.LAB	XBRL Extension Labels Linkbase (furnished herewith).
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document (furnished herewith).

______________________

37

EX-12.1

EXHIBIT 12.1 - STATEMENT RE: COMPUTATION OF RATIO
OF EARNINGS TO FIXED CHARGES
AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES
LIBERTY PROPERTY TRUST / LIBERTY PROPERTY LIMITED PARTNERSHIP
(Amounts in thousands except ratio amounts)
		Three months ended March 31, 2012
Earnings before fixed charges:
Income before allocation of noncontrolling interest
and income from investments in unconsolidated
subsidiaries		$	38,593
Add:	Interest expense	27,340
	Depreciation expense on capitalized interest	405
	Amortization of deferred
	financing costs	1,136
Earnings before fixed charges		$	67,474
Fixed charges:
Interest expense		$	27,340
Amortization of deferred financing charges		1,136
Capitalized interest		1,664
Fixed charges		30,140
Preferred unit distributions		5,035
Combined fixed charges		$	35,175
Ratio of earnings to fixed charges		2.24
Ratio of earnings to combined fixed charges		1.92

EX-31.1

Exhibit 31.1

LIBERTY PROPERTY TRUST

CERTIFICATIONS REQUIRED BY

RULE 13a-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934

I, William P. Hankowsky, certify that:

1. I have reviewed this Form 10-Q of Liberty Property Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting,

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	May 1, 2012	By: /s/ WILLIAM P. HANKOWSKY
		William P. Hankowsky
		Chairman, President and Chief Executive Officer

EX-31.2

Exhibit 31.2

LIBERTY PROPERTY TRUST

CERTIFICATIONS REQUIRED BY

RULE 13a-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934

I, George J. Alburger, Jr., certify that:

1. I have reviewed this Form 10-Q of Liberty Property Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting,

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	May 1, 2012	By: /s/ GEORGE J. ALBURGER, JR.
		George J. Alburger, Jr.
		Executive Vice President and Chief Financial Officer

EX-31.3

Exhibit 31.3

LIBERTY PROPERTY LIMITED PARTNERSHIP

CERTIFICATIONS REQUIRED BY

RULE 13a-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934

I, William P. Hankowsky, certify that:

1. I have reviewed this Form 10-Q of Liberty Property Limited Partnership;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting,

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	May 1, 2012	By: /s/ WILLIAM P. HANKOWSKY
		William P. Hankowsky
		Chairman, President and Chief Executive Officer of
		Liberty Property Trust, the Registrant’s sole general partner

EX-31.4

Exhibit 31.4

LIBERTY PROPERTY LIMITED PARTNERSHIP

CERTIFICATIONS REQUIRED BY

RULE 13a-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934

I, George J. Alburger, Jr., certify that:

1. I have reviewed this Form 10-Q of Liberty Property Limited Partnership;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting,

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	May 1, 2012	By: /s/ GEORGE J. ALBURGER, JR.
		George J. Alburger, Jr.
		Executive Vice President and Chief Financial Officer of Liberty Property Trust, the Registrant’s sole general partner

EX-32.1

Exhibit 32.1

LIBERTY PROPERTY TRUST

CERTIFICATIONS REQUIRED BY

RULE 13a-14(b) UNDER THE SECURITIES EXCHANGE ACT OF 1934

In connection with the Quarterly Report of Liberty Property Trust (the “Company”) on Form 10-Q for the quarterly period ended June 30, 2011 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, WILLIAM P. HANKOWSKY, President and Chief Executive Officer of the Company, certify in connection with Rule 13a-14(b) under the Securities Exchange Act of 1934, as amended, that based on my knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

/s/ WILLIAM P. HANKOWSKY
William P. Hankowsky
Chairman, President and Chief Executive Officer
Date:	May 1, 2012

EX-32.2

Exhibit 32.2

LIBERTY PROPERTY TRUST

CERTIFICATIONS REQUIRED BY

RULE 13a-14(b) UNDER THE SECURITIES EXCHANGE ACT OF 1934

In connection with the Quarterly Report of Liberty Property Trust (the “Company”) on Form 10-Q for the quarterly period ended June 30, 2011, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, GEORGE J. ALBURGER, JR., Executive Vice President and Chief Financial Officer of the Company, certify in connection with Rule 13a-14(b) under the Securities Exchange Act of 1934, as amended, that based on my knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

/s/ GEORGE J. ALBURGER, JR.
George J. Alburger, Jr.
Executive Vice President and Chief Financial Officer
Date:	May 1, 2012

EX-32.3

Exhibit 32.3

LIBERTY PROPERTY LIMITED PARTNERSHIP

CERTIFICATIONS REQUIRED BY

RULE 13a-14(b) UNDER THE SECURITIES EXCHANGE ACT OF 1934

In connection with the Quarterly Report of Liberty Property Limited Partnership (the “Company”) on Form 10-Q for the quarterly period ended June 30, 2011, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, WILLIAM P. HANKOWSKY, President and Chief Executive Officer of Liberty Property Trust (the sole general partner of the Company), certify in connection with Rule 13a-14(b) under the Securities Exchange Act of 1934, as amended, that based on my knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

/s/ WILLIAM P. HANKOWSKY
William P. Hankowsky
Chairman, President and Chief Executive Officer of Liberty Property Trust, the Company’s sole general partner
Date:	May 1, 2012

EX-32.4

Exhibit 32.4

LIBERTY PROPERTY LIMITED PARTNERSHIP

CERTIFICATIONS REQUIRED BY

RULE 13a-14(b) UNDER THE SECURITIES EXCHANGE ACT OF 1934

In connection with the Quarterly Report of Liberty Property Limited Partnership (the “Company”) on Form 10-Q for the quarterly period ended June 30, 2011, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, GEORGE J. ALBURGER, JR., Executive Vice President and Chief Financial Officer of Liberty Property Trust (the sole general partner of the Company), certify in connection with Rule 13a-14(b) under the Securities Exchange Act of 1934, as amended, that based on my knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

/s/ GEORGE J. ALBURGER, JR.
George J. Alburger, Jr.
Executive Vice President and Chief Financial Officer of Liberty Property Trust, the Company’s sole general partner
Date:	May 1, 2012

XML

Accounting for the Impairment or Disposal of Long-Lived Assets - Results of Operations for the Properties Held for Sale and Disposed (Details) (USD $)	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Property, Plant and Equipment Impairment or Disposal [Abstract]
Revenues	$ 9,409,000	$ 21,961,000
Operating expenses	(4,090,000)	(9,555,000)
Interest and other income	27,000	95,000
Interest expense	(2,428,000)	(3,280,000)
Depreciation and amortization	(71,000)	(5,462,000)
Income before property dispositions	2,847,000	3,759,000
Gain on property dispositions	1,064,000	470,000
Net income	3,911,000	4,229,000
Proceeds from Sale of Property, Plant, and Equipment	$ 6,500,000	$ 3,600,000

XML

Commitments and Contingencies - Narrative (Details) (USD $)	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011	Dec. 31, 2011
Commitments And Contingencies [Line Items]
Operating ground lease expense	$ 96,000	$ 77,000
Letter of credit obligations	6,289,000
Potential payments for tenant allowances	23,900,000
Development in Process	138,634,000		88,848,000
Maximum [Member]
Commitments And Contingencies [Line Items]
Other miscellaneous guarantees related to unconsolidated joint ventures	350,000
Development Not Yet Commenced [Member]
Commitments And Contingencies [Line Items]
Anticipated aggregate investment	6,700,000
Land Improvements	2,100,000
Development in Progress [Member]
Commitments And Contingencies [Line Items]
Number of Real Estate Properties	11
Leasable space of buildings	3,200,000
Anticipated aggregate investment	294,300,000
Deferred Costs, Leasing, Gross	$ 5,200,000

XML

Indebtedness (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011	Dec. 31, 2011
Debt Instrument [Line Items]
Repayments of mortgage loans	$ 19,288	$ 25,558
Proceeds from Issuance of Secured Debt	11,186	0
Secured Debt	282,716		290,819
Issuance of Debt [Member]
Debt Instrument [Line Items]
Interest rate on debt	4.84%
Proceeds from Issuance of Secured Debt	45,000
Secured Debt	11,200
Repayment of Debt [Member]
Debt Instrument [Line Items]
Repayments of mortgage loans	$ 17,900
Interest rate on debt	7.70%

XML

Supplemental Disclosure to Statements of Cash Flows (Tables)

3 Months Ended

Mar. 31, 2012

Supplemental Disclosure to Statements of Cash Flows [Abstract]

Supplemental Disclosure to Statements of Cash Flows

	2012		2011
Write-off of fully depreciated/amortized property and deferred costs	$	7,643	$	14,125
Write-off of depreciated property and deferred costs due to sale	$	3,331	$	—
Write-off of origination costs related to preferred unit redemption	$	2,771	$	—

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Income per Common Unit of the Operating Partnership (Tables)

3 Months Ended

Mar. 31, 2012

Income Per Common Unit [Line Items]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	For the Three Months Ended					For the Three Months Ended
	March 31, 2012					March 31, 2011
	Income (Numerator)		Weighted Average Shares (Denominator)	Per Share		Income (Numerator)		Weighted Average Shares (Denominator)	Per Share
Basic income from continuing operations
Income from continuing operations net of noncontrolling interest	$	33,301	115,972	$	0.29	$	24,820	114,013	$	0.21
Dilutive shares for long-term compensation plans	—		771			—		753
Diluted income from continuing operations
Income from continuing operations net of noncontrolling interest	33,301		116,743	$	0.29	24,820		114,766	$	0.21
Basic income from discontinued operations
Discontinued operations net of noncontrolling interest	3,788		115,972	$	0.03	4,089		114,013	$	0.04
Dilutive shares for long-term compensation plans	—		771			—		753
Diluted income from discontinued operations
Discontinued operations net of noncontrolling interest	3,788		116,743	$	0.03	4,089		114,766	$	0.04
Basic income per common share
Net income available to common shareholders	37,089		115,972	$	0.32	28,909		114,013	$	0.25
Dilutive shares for long-term compensation plans	—		771			—		753
Diluted income per common share
Net income available to common shareholders	$	37,089	116,743	$	0.32	$	28,909	114,766	$	0.25

Liberty Property Limited Partnership [Member]

Income Per Common Unit [Line Items]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	For the Three Months Ended						For the Three Months Ended
	March 31, 2012						March 31, 2011
	Income (Numerator)			Weighted Average Units (Denominator)	Per Unit		Income (Numerator)			Weighted Average Units (Denominator)	Per Unit
Income from continuing operations net of noncontrolling interest	$	35,691					$	30,915
Less: Preferred unit distributions	(5,035		)				(5,253		)
Excess of preferred unit carrying amount over redemption	3,729						—
Basic income from continuing operations
Income from continuing operations available to common unitholders	34,385			119,781	$	0.29	25,662			117,942	$	0.21
Dilutive units for long-term compensation plans	—			771			—			753
Diluted income from continuing operations
Income from continuing operations available to common unitholders	34,385			120,552	$	0.29	25,662			118,695	$	0.21
Basic income from discontinued operations
Discontinued operations	3,911			119,781	$	0.03	4,229			117,942	$	0.04
Dilutive units for long-term compensation plans	—			771			—			753
Diluted income from discontinued operations
Discontinued operations	3,911			120,552	$	0.03	4,229			118,695	$	0.04
Basic income per common unit
Income available to common unitholders	38,296			119,781	$	0.32	29,891			117,942	$	0.25
Diluted units for long-term compensation plans	—			771			—			753
Diluted income per common unit
Income available to common unitholders	$	38,296		120,552	$	0.32	$	29,891		118,695	$	0.25

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Supplemental Disclosure to Statements of Cash Flows (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Supplemental Disclosure to Statements of Cash Flows [Abstract]
Write-off of fully depreciated property and deferred costs	$ 7,643	$ 14,125
Write Off Of Depreciated Property And Deferred Costs Due To Sale	3,331	0
writeoff origination cost	(2,771)	0
Preferred Stock Redemption Discount	$ 2,771	$ 0

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Noncontrolling Interests - Outstanding Cumulative Redeemable Preferred Units (Details) (USD $)	3 Months Ended
	Mar. 31, 2012	Dec. 31, 2011
Preferred Units [Line Items]
Preferred Units, Outstanding	5,290,000	9,740,000
Preferred Unit Redemptions [Abstract]
Preferred Stock Redemption Discount	$ 3,729,000
Series E Preferred Stock [Member]
Preferred Units [Line Items]
Noncontrolling Interest in Operating Partnerships	20,000,000
Preferred Units, Outstanding	400,000
Preferred Stock, Liquidation Preference	50
Preferred Stock, Dividend Rate	7.00%
Preferred Stock Redeemable As Of	Jun. 16, 2010
Preferred Stock, Exchangeable After	6/16/15 into Series E Cumulative Redeemable Preferred Shares of the Trust
Series F Preferred Stock [Member]
Preferred Units [Line Items]
Noncontrolling Interest in Operating Partnerships	17,500,000
Preferred Units, Outstanding	350,000
Preferred Stock, Liquidation Preference	50
Preferred Stock, Dividend Rate	6.65%
Preferred Stock Redeemable As Of	Jun. 30, 2010
Preferred Stock, Exchangeable After	12/12/15 into Series F Cumulative Redeemable Preferred Shares of the Trust
Preferred Unit Redemptions [Abstract]
Preferred Stock, Redemption Amount	32,500,000
Payments for Repurchase of Preferred Stock and Preference Stock	26,000,000
Series G Preferred Stock [Member]
Preferred Units [Line Items]
Noncontrolling Interest in Operating Partnerships	27,000,000
Preferred Units, Outstanding	540,000
Preferred Stock, Liquidation Preference	50
Preferred Stock, Dividend Rate	6.70%
Preferred Stock Redeemable As Of	Dec. 15, 2011
Preferred Stock, Exchangeable After	12/15/16 into Series G Cumulative Redeemable Preferred Shares of the Trust
Series H Preferred Stock [Member]
Preferred Units [Line Items]
Noncontrolling Interest in Operating Partnerships	100,000,000
Preferred Units, Outstanding	4,000,000
Preferred Stock, Liquidation Preference	25
Preferred Stock, Dividend Rate	7.40%
Preferred Stock Redeemable As Of	Aug. 21, 2012
Preferred Stock, Exchangeable After	8/21/17 into Series H Cumulative Redeemable Preferred Shares of the Trust
Series B Preferred Stock [Member]
Preferred Units [Line Items]
Preferred Stock, Dividend Rate	7.45%
Preferred Unit Redemptions [Abstract]
Preferred Stock, Redemption Amount	$ 95,000,000

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Segment Information - Performance of the Reportable Segments Based on Property Level Operating Income (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2012		Mar. 31, 2011
Segment Reporting Information [Line Items]
Operating revenue	$ (169,937)		$ (166,134)
Interest expense	(28,476)		(32,889)
Equity in earnings of unconsolidated joint ventures	916		534
Income tax expense	(178)		(550)
Income (Loss) from continuing operations before income taxes	35,691		30,714
Northeast Southeastern PA [Member] | Segment, Geographical, Domestic [Member]
Segment Reporting Information [Line Items]
Operating revenue	(42,195)		(45,265)
Net Operating Income	25,170		25,524
Northeast Lehigh/Central PA [Member] | Segment, Geographical, Domestic [Member]
Segment Reporting Information [Line Items]
Operating revenue	(24,077)		(28,200)
Net Operating Income	16,195		17,449
Northeast Other [Member] | Segment, Geographical, Domestic [Member]
Segment Reporting Information [Line Items]
Operating revenue	(17,400)		(18,293)
Net Operating Income	9,105		9,194
Central Region [Member] | Segment, Geographical, Domestic [Member]
Segment Reporting Information [Line Items]
Operating revenue	(32,144)		(31,692)
Net Operating Income	17,747		17,472
South Region [Member] | Segment, Geographical, Domestic [Member]
Segment Reporting Information [Line Items]
Operating revenue	(54,012)		(56,364)
Net Operating Income	32,654		34,002
Metro [Member] | Segment, Geographical, Domestic [Member]
Segment Reporting Information [Line Items]
Operating revenue	(8,188)		(7,149)
Net Operating Income	5,629		5,957
United Kingdom [Member] | Statement, Geographical, Foreign [Member]
Segment Reporting Information [Line Items]
Operating revenue	(1,162)		(1,132)
Net Operating Income	(229)		(49)
Operating Segments [Member]
Segment Reporting Information [Line Items]
Operating revenue	(179,178)		(188,095)
Net Operating Income	106,271		109,549
Discontinued Operations [Member]
Segment Reporting Information [Line Items]
Operating revenue	(9,409)		(21,961)
Corporate Elimination [Member]
Segment Reporting Information [Line Items]
Operating revenue	(168)		0
Significant Reconciling Items [Member]
Segment Reporting Information [Line Items]
Interest expense	(30,904)	[1]	(36,169)	[1]
Depreciation and amortization	(25,652)	[2]	(28,406)	[2]
Gain on property dispositions	523		1,161
Equity in earnings of unconsolidated joint ventures	916		534
General and administrative	(11,550)	[2]	(10,449)	[2]
Discontinued Operations excluding gain on property dispositions	(2,847)		(3,759)
Income tax expense	(178)		(550)
Other reconciling items to Total Income before income taxes	$ (888)		$ (1,197)

[1] Includes interest on discontinued operations.

[2] Excludes costs which are included in determining segment-level net operating income.

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Disclosure of Fair Value of Financial Instruments Disclosure of Fair Value of Financial Instruments - Level 3 Rollforward (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2012
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Calculation, Input, Discount Rate	3.92%
Long-tern Debt [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Long-term debt at December 31, 2011	2,215,219	[1]
Payoffs and amortization of long-term debt	(19,289)
New long-term debt	11,186
Changes in fair value inputs	20,377
Long-term debt at March 31, 2012	2,227,493	[1]
Carrying Value of Debt to be Fair Valued [Roll Forward]
Long-term Debt	2,083,462	[1]
Repayments of Long-term Debt	(19,289)
Proceeds from Issuance of Long-term Debt	11,186
Long-term Debt	2,075,359	[1]
Fair Value Above (Below) Carrying Value [Roll Forward]
Fair Value of Debt, Greater than Aggregate Carrying Value	131,757	[1]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Period Increase (Decrease)	20,377
Fair Value of Debt, Greater than Aggregate Carrying Value	152,134	[1]

[1] Does not include the Company's credit facility.

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Income per Common Share of the Trust

3 Months Ended

Mar. 31, 2012

Income per Common Share of the Trust [Abstract]

Earnings Per Share [Text Block]

Income per Common Share of the Trust

The following table sets forth the computation of basic and diluted income per common share of the Trust (in thousands except per share amounts):

	For the Three Months Ended					For the Three Months Ended
	March 31, 2012					March 31, 2011
	Income (Numerator)		Weighted Average Shares (Denominator)	Per Share		Income (Numerator)		Weighted Average Shares (Denominator)	Per Share
Basic income from continuing operations
Income from continuing operations net of noncontrolling interest	$	33,301	115,972	$	0.29	$	24,820	114,013	$	0.21
Dilutive shares for long-term compensation plans	—		771			—		753
Diluted income from continuing operations
Income from continuing operations net of noncontrolling interest	33,301		116,743	$	0.29	24,820		114,766	$	0.21
Basic income from discontinued operations
Discontinued operations net of noncontrolling interest	3,788		115,972	$	0.03	4,089		114,013	$	0.04
Dilutive shares for long-term compensation plans	—		771			—		753
Diluted income from discontinued operations
Discontinued operations net of noncontrolling interest	3,788		116,743	$	0.03	4,089		114,766	$	0.04
Basic income per common share
Net income available to common shareholders	37,089		115,972	$	0.32	28,909		114,013	$	0.25
Dilutive shares for long-term compensation plans	—		771			—		753
Diluted income per common share
Net income available to common shareholders	$	37,089	116,743	$	0.32	$	28,909	114,766	$	0.25

Dilutive shares for long-term compensation plans represent the unvested common shares outstanding during the year as well as the dilutive effect of outstanding options. The amounts of anti-dilutive options that were excluded from the computation of diluted income per common share for the three months ended March 31, 2012 was 1,384,000 as compared to 1,219,000 for the same period in 2011.

During the three months ended March 31, 2012, 349,000 common shares were issued upon the exercise of options. During the year ended December 31, 2011, 256,000 common shares were issued upon the exercise of options.

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Limited Partners' Equity of the Operating Partnership Limited Partners' Equity of the Operating Partnership - Narrative (Details) (USD $) In Millions, except Share data, unless otherwise specified	Mar. 31, 2012	Dec. 31, 2011
Limited Partners' Capital Account [Line Items]
market value of the outstanding common units	$ 136.0
Liberty Property Limited Partnership [Member]
Limited Partners' Capital Account [Line Items]
Limited Partners' Capital Account, Units Issued	3,808,746	3,808,746
market value of the outstanding common units	$ 136.0

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Limited Partners' Equity of the Operating Partnership (Tables)

3 Months Ended

Mar. 31, 2012

Preferred Units [Line Items]

Temporary Equity [Table Text Block]

ISSUE	AMOUNT		UNITS	LIQUIDATION PREFERENCE		DIVIDEND RATE		REDEEMABLE AS OF	EXCHANGEABLE AFTER
	(in 000’s)
Series E	$	20,000	400		$50	7.00	%	6/16/2010	6/16/15 into Series E Cumulative Redeemable Preferred Shares of the Trust
Series F	$	17,500	350		$50	6.65	%	6/30/2010	12/12/15 into Series F Cumulative Redeemable Preferred Shares of the Trust
Series G	$	27,000	540		$50	6.70	%	12/15/2011	12/15/16 into Series G Cumulative Redeemable Preferred Shares of the Trust
Series H	$	100,000	4,000		$25	7.40	%	8/21/2012	8/21/17 into Series H Cumulative Redeemable Preferred Shares of the Trust

Liberty Property Limited Partnership [Member]

Preferred Units [Line Items]

Temporary Equity [Table Text Block]

ISSUE	AMOUNT		UNITS	LIQUIDATION PREFERENCE		DIVIDEND RATE		REDEEMABLE AS OF	EXCHANGEABLE AFTER
	(in 000's)
Series E	$	20,000	400		$50	7.00	%	6/16/2010	6/16/15 into Series E Cumulative Redeemable Preferred Shares of the Trust
Series F	$	17,500	350		$50	6.65	%	6/30/2010	12/12/15 into Series F Cumulative Redeemable Preferred Shares of the Trust
Series G	$	27,000	540		$50	6.70	%	12/15/2011	12/15/16 into Series G Cumulative Redeemable Preferred Shares of the Trust
Series H	$	100,000	4,000		$25	7.40	%	8/21/2012	8/21/17 into Series H Cumulative Redeemable Preferred Shares of the Trust

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Noncontrolling Interests (Tables)

3 Months Ended

Mar. 31, 2012

Stockholders' Equity Attributable to Noncontrolling Interest [Abstract]

Outstanding Cumulative Redeemable Preferred Units

ISSUE	AMOUNT		UNITS	LIQUIDATION PREFERENCE		DIVIDEND RATE		REDEEMABLE AS OF	EXCHANGEABLE AFTER
	(in 000’s)
Series E	$	20,000	400		$50	7.00	%	6/16/2010	6/16/15 into Series E Cumulative Redeemable Preferred Shares of the Trust
Series F	$	17,500	350		$50	6.65	%	6/30/2010	12/12/15 into Series F Cumulative Redeemable Preferred Shares of the Trust
Series G	$	27,000	540		$50	6.70	%	12/15/2011	12/15/16 into Series G Cumulative Redeemable Preferred Shares of the Trust
Series H	$	100,000	4,000		$25	7.40	%	8/21/2012	8/21/17 into Series H Cumulative Redeemable Preferred Shares of the Trust

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Limited Partners' Equity of the Operating Partnership Limited Partners' Equity of the Operating Partnership - Outstanding Cumulative Redeemable Preferred Stock(Details) (USD $)	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011	Dec. 31, 2011
Preferred Units [Line Items]
Preferred Units, Outstanding	5,290,000		9,740,000
Preferred Unit Redemptions [Abstract]
Preferred Stock Redemption Discount	$ 3,729,000
Liberty Property Limited Partnership [Member]
Preferred Units [Line Items]
Preferred Units, Outstanding	5,290,000		9,740,000
Preferred Unit Redemptions [Abstract]
Preferred Stock Redemption Discount	3,729,000	0
Series B Preferred Stock [Member]
Preferred Units [Line Items]
Preferred Stock Dividends Rate Percentage Or Per Dollar Amount	7.45%
Preferred Unit Redemptions [Abstract]
Preferred Stock, Redemption Amount	95,000,000
Series B Preferred Stock [Member] | Liberty Property Limited Partnership [Member]
Preferred Units [Line Items]
Preferred Stock Dividends Rate Percentage Or Per Dollar Amount	7.45%
Preferred Unit Redemptions [Abstract]
Preferred Stock, Redemption Amount	95,000,000
Series E Preferred Stock [Member]
Preferred Units [Line Items]
Noncontrolling Interest in Operating Partnerships	20,000,000
Preferred Units, Outstanding	400,000
Redeemable Preferred Units Liquidation Preference	50
Preferred Stock Dividends Rate Percentage Or Per Dollar Amount	7.00%
preferred units redeemable date	Jun. 16, 2010
Redeemable preferred units Exchangeable date	6/16/15 into Series E Cumulative Redeemable Preferred Shares of the Trust
Series E Preferred Stock [Member] | Liberty Property Limited Partnership [Member]
Preferred Units [Line Items]
Noncontrolling Interest in Operating Partnerships	20,000,000
Preferred Units, Outstanding	400,000
Redeemable Preferred Units Liquidation Preference	50
Preferred Stock Dividends Rate Percentage Or Per Dollar Amount	7.00%
preferred units redeemable date	Jun. 16, 2010
Redeemable preferred units Exchangeable date	6/16/15 into Series E Cumulative Redeemable Preferred Shares of the Trust
Series F Preferred Stock [Member]
Preferred Units [Line Items]
Noncontrolling Interest in Operating Partnerships	17,500,000
Preferred Units, Outstanding	350,000
Redeemable Preferred Units Liquidation Preference	50
Preferred Stock Dividends Rate Percentage Or Per Dollar Amount	6.65%
preferred units redeemable date	Jun. 30, 2010
Redeemable preferred units Exchangeable date	12/12/15 into Series F Cumulative Redeemable Preferred Shares of the Trust
Preferred Unit Redemptions [Abstract]
Preferred Stock, Redemption Amount	32,500,000
Payments for Repurchase of Preferred Stock and Preference Stock	26,000,000
Series F Preferred Stock [Member] | Liberty Property Limited Partnership [Member]
Preferred Units [Line Items]
Noncontrolling Interest in Operating Partnerships	17,500,000
Preferred Units, Outstanding	350,000
Redeemable Preferred Units Liquidation Preference	50
Preferred Stock Dividends Rate Percentage Or Per Dollar Amount	6.65%
preferred units redeemable date	Jun. 30, 2010
Redeemable preferred units Exchangeable date	12/12/15 into Series F Cumulative Redeemable Preferred Shares of the Trust
Preferred Unit Redemptions [Abstract]
Preferred Stock, Redemption Amount	32,500,000
Payments for Repurchase of Preferred Stock and Preference Stock	26,000,000
Series G Preferred Stock [Member]
Preferred Units [Line Items]
Noncontrolling Interest in Operating Partnerships	27,000,000
Preferred Units, Outstanding	540,000
Redeemable Preferred Units Liquidation Preference	50
Preferred Stock Dividends Rate Percentage Or Per Dollar Amount	6.70%
preferred units redeemable date	Dec. 15, 2011
Redeemable preferred units Exchangeable date	12/15/16 into Series G Cumulative Redeemable Preferred Shares of the Trust
Series G Preferred Stock [Member] | Liberty Property Limited Partnership [Member]
Preferred Units [Line Items]
Noncontrolling Interest in Operating Partnerships	27,000,000
Preferred Units, Outstanding	540,000
Redeemable Preferred Units Liquidation Preference	50
Preferred Stock Dividends Rate Percentage Or Per Dollar Amount	6.70%
preferred units redeemable date	Dec. 15, 2011
Redeemable preferred units Exchangeable date	12/15/16 into Series G Cumulative Redeemable Preferred Shares of the Trust
Series H Preferred Stock [Member]
Preferred Units [Line Items]
Noncontrolling Interest in Operating Partnerships	100,000,000
Preferred Units, Outstanding	4,000,000
Redeemable Preferred Units Liquidation Preference	25
Preferred Stock Dividends Rate Percentage Or Per Dollar Amount	7.40%
preferred units redeemable date	Aug. 21, 2012
Redeemable preferred units Exchangeable date	8/21/17 into Series H Cumulative Redeemable Preferred Shares of the Trust
Series H Preferred Stock [Member] | Liberty Property Limited Partnership [Member]
Preferred Units [Line Items]
Noncontrolling Interest in Operating Partnerships	100,000,000
Preferred Units, Outstanding	4,000,000
Redeemable Preferred Units Liquidation Preference	$ 25
Preferred Stock Dividends Rate Percentage Or Per Dollar Amount	7.40%
preferred units redeemable date	Aug. 21, 2012
Redeemable preferred units Exchangeable date	8/21/17 into Series H Cumulative Redeemable Preferred Shares of the Trust

XML

Noncontrolling Interest - Operating Partnership/Limited Partners' Equity - Preferred Units (Tables)

3 Months Ended

Mar. 31, 2012

Limited Partners' Capital Account - Preferred Units [Line Items]

Schedule of Preferred Units [Table Text Block]

ISSUE	AMOUNT		UNITS	LIQUIDATION PREFERENCE	DIVIDEND RATE
	(in 000’s)
Series I-2	$	7,537	301	$25	6.25	%

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Disclosure of Fair Value of Financial Instruments Disclosure of Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2012

Disclosure of Fair Value of Financial Instruments [Abstract]

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

	Carrying Value			Fair Value			Fair Value Above (Below) Carrying Value
Long-term debt at December 31, 2011 (1)	$	2,083,462		$	2,215,219		$	131,757
Payoffs and amortization of long-term debt	(19,289		)	(19,289		)
New long-term debt	11,186			11,186
Changes in fair value assumptions				20,377			20,377
Long-term debt at March 31, 2012 (1)	$	2,075,359		$	2,227,493		$	152,134

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Organization and Basis of Presentation

3 Months Ended

Mar. 31, 2012

Organization and Basis of Presentation [Abstract]

Organization and Basis of Presentation

Organization and Basis of Presentation

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 their consolidated subsidiaries, the “Company”). The Trust is the sole general partner and also a limited partner of the Operating Partnership, owning 96.8% of the common equity of the Operating Partnership at March 31, 2012. 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 Mid-Atlantic, Southeastern, Midwestern and Southwestern United States and the United Kingdom. Unless otherwise indicated, the notes to the Consolidated Financial Statements apply to both the Trust and the Operating Partnership. The terms the "Company,” “we,” “our” or “us” mean the Trust and Operating Partnership collectively.

Basis of Presentation

The accompanying unaudited consolidated financial statements of Company have been prepared in accordance with United States generally accepted accounting principles (“US GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K of the Company for the year ended December 31, 2011. In the opinion of management, all adjustments (consisting solely of normal recurring adjustments) necessary for a fair presentation of the financial statements for these interim periods have been included. The results of interim periods are not necessarily indicative of the results to be obtained for a full fiscal year. Certain amounts from prior periods have been reclassified to conform to the current period presentation including reclassifying the accompanying consolidated statements of income for discontinued operations.

Recently Issued Accounting Standards

ASU 2011-04

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2011-04, “Fair Value Measurement (Topic 820), Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in US GAAP and IFRS” (“ASU 2011-04”), which amends Accounting Standards Codification ("ASC") 820, “Fair Value Measurement” to converge US GAAP and International Financial Reporting Standards (“IFRS”) requirements for measuring accounts at fair value, including the disclosures regarding these measurements. ASU 2011-04 was effective for the Company beginning January 1, 2012. The Company's adoption of ASU 2011-04 did not have a material impact on its financial position or results of operations.

ASU 2011-05

In June 2011, the FASB issued ASU 2011-05, “Comprehensive Income (Topic 220), Presentation of Comprehensive Income” (“ASU 2011-05”), which will lead to converging guidance under US GAAP and IFRS related to presentation of comprehensive income. ASU 2011-05 was effective for the Company beginning January 1, 2012 and the provisions of ASU 2011-05 were adopted retrospectively. In adopting ASU 2011-05, the Company is required to disclose the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The Company's adoption of ASU 2011-05 did not have a material impact on its financial position or results of operations.

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Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2012

Commitments and Contingencies [Abstract]

Future Minimum Rental Payments

Year	Amount
2012	$	120
2013	163
2014	158
2015	153
2016	153
2017 though 2054	5,237
Total	$	5,984

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Accounting for the Impairment or Disposal of Long-Lived Assets Accounting for the Impairment or Disposal of Long-Lived Assets - Assets Held for Sale (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2012 sqft properties
Long Lived Assets Held-for-sale [Line Items]
Assets Held-for-sale, Long Lived	200.8
Long Lived Assets Held-for-sale, Proceeds from Sale	199.1
Real Estate Properties Held-for-sale [Member] | Central Region [Member]
Long Lived Assets Held-for-sale [Line Items]
Number Properties Held For Sale	18
Property Square Feet Held For Sale	957,000
Real Estate Properties Held-for-sale [Member] | South Region [Member]
Long Lived Assets Held-for-sale [Line Items]
Number Properties Held For Sale	16
Property Square Feet Held For Sale	980,000
Real Estate Properties Held-for-sale [Member] | Northeast Other [Member]
Long Lived Assets Held-for-sale [Line Items]
Number Properties Held For Sale	16
Property Square Feet Held For Sale	633,000
Sold as of financial statement release date [Member]
Long Lived Assets Held-for-sale [Line Items]
Number Properties Held For Sale	49
Long Lived Assets Held-for-sale, Proceeds from Sale	195.0

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Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 31, 2012	Dec. 31, 2011
ASSETS
Land and land improvements	$ 854,972	$ 855,213
Building and improvements	4,117,093	4,109,783
Less accumulated depreciation	(1,088,301)	(1,058,283)
Operating real estate	3,883,764	3,906,713
Development in progress	138,634	88,848
Land held for development	218,926	219,375
Net real estate	4,241,324	4,214,936
Cash and cash equivalents	27,650	18,204
Restricted cash	39,188	63,659
Accounts receivable	9,210	8,192
Deferred rent receivable	104,502	103,002
Deferred financing and leasing costs, net of accumulated amortization (2012, $128,303; 2011, $123,822)	130,843	130,160
Investments in and advances to unconsolidated joint ventures	174,651	174,687
Assets held for sale	197,737	200,647
Prepaid expenses and other assets	90,189	76,186
Total assets	5,015,294	4,989,673
LIABILITIES
Mortgage loans	282,716	290,819
Unsecured notes	1,792,643	1,792,643
Credit facility	293,300	139,400
Accounts payable	32,310	23,418
Accrued interest	33,036	24,147
Dividend and distributions payable	57,393	56,958
Other liabilities	177,590	194,995
Total liabilities	2,668,988	2,522,380
Noncontrolling Interest - operating partnership - 301,483 preferred units outstanding as of March 31, 2012 and December 31, 2011	7,537	7,537
EQUITY
Common shares of beneficial interest, $.001 par value, 183,987,000 shares authorized; 118,264,957 (includes 1,249,909 in treasury) and 117,352,353 (includes 1,249,909 in treasury) shares issued and outstanding as of March 31, 2012 and December 31, 2011, respectively	118	117
Additional paid-in capital	2,637,861	2,617,355
Accumulated other comprehensive loss	1,815	(429)
Distributions in excess of net income	(479,995)	(461,498)
Common shares in treasury, at cost, 1,249,909 shares as of March 31, 2012 and December 31, 2011	(51,951)	(51,951)
Total Liberty Property Trust shareholders' equity	2,107,848	2,103,594
Noncontrolling interest - operating partnership
Noncontrolling interest - consolidated joint ventures	3,775	3,775
Total equity	2,338,769	2,459,756
Total liabilities, noncontrolling interest - operating partnership and equity	5,015,294	4,989,673
3,808,746 common units outstanding as of March 31, 2012 and December 31, 2011, respectively
Noncontrolling interest - operating partnership
Noncontrolling interest - operating partnerships	63,920	64,428
5,290,000 and 9,740,000 preferred units outstanding as of March 31, 2012 and December 31, 2011, respectively
Noncontrolling interest - operating partnership
Noncontrolling interest - operating partnerships	163,226	287,959
Liberty Property Limited Partnership [Member]
ASSETS
Land and land improvements	854,972	855,213
Building and improvements	4,117,093	4,109,783
Less accumulated depreciation	(1,088,301)	(1,058,283)
Operating real estate	3,883,764	3,906,713
Development in progress	138,634	88,848
Land held for development	218,926	219,375
Net real estate	4,241,324	4,214,936
Cash and cash equivalents	27,650	18,204
Restricted cash	39,188	63,659
Accounts receivable	9,210	8,192
Deferred rent receivable	104,502	103,002
Deferred financing and leasing costs, net of accumulated amortization (2012, $128,303; 2011, $123,822)	130,843	130,160
Investments in and advances to unconsolidated joint ventures	174,651	174,687
Assets held for sale	197,737	200,647
Prepaid expenses and other assets	90,189	76,186
Total assets	5,015,294	4,989,673
LIABILITIES
Mortgage loans	282,716	290,819
Unsecured notes	1,792,643	1,792,643
Credit facility	293,300	139,400
Accounts payable	32,310	23,418
Accrued interest	33,036	24,147
Dividend and distributions payable	57,393	56,958
Other liabilities	177,590	194,995
Total liabilities	2,668,988	2,522,380
Noncontrolling Interest - operating partnership - 301,483 preferred units outstanding as of March 31, 2012 and December 31, 2011	7,537	7,537
EQUITY
General patner's equity - 117,015,048 (net of 1,249,909 treasury units) and 116,102,444 (net of 1,249,909 treasury units) common units outstanding as of March 31, 2012 and December 31, 2011, respectively	2,107,848	2,103,594
Noncontrolling interest - operating partnership
Noncontrolling interest - consolidated joint ventures	3,775	3,775
Total equity	2,338,769	2,459,756
Total liabilities, noncontrolling interest - operating partnership and equity	5,015,294	4,989,673
Liberty Property Limited Partnership [Member] | 3,808,746 common units outstanding as of March 31, 2012 and December 31, 2011, respectively
EQUITY
Limited partners' equity	63,920	64,428
Liberty Property Limited Partnership [Member] | 5,290,000 and 9,740,000 preferred units outstanding as of March 31, 2012 and December 31, 2011, respectively
EQUITY
Limited partners' equity	$ 163,226	$ 287,959

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Noncontrolling Interest - Operating Partnership/Limited Partners' Equity - Preferred Units (Details) (USD $)					3 Months Ended
	Mar. 31, 2012	Dec. 31, 2011	Mar. 31, 2012 Series I-2 [Member]	Dec. 31, 2011 Series I-2 [Member]	Mar. 31, 2012 Unredeemed [Member] Series I-2 [Member]
Limited Partners' Capital Account - Preferred Units [Line Items]
Preferred unit distributions, cash					$ 118,000
Noncontrolling Interest in Operating Partnerships					7,537,000
Preferred Units, Outstanding	5,290,000	9,740,000	301,483	301,483	301,000
Redeemable Preferred Units Liquidation Preference					$ 25
Preferred Stock Dividends Rate Percentage Or Per Dollar Amount					6.25%

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Consolidated Statement of Equity (USD $) In Thousands	Total	Common Shares Of Beneficial Interest [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Income [Member]	Distributions in Excess of Net Income [Member]	Common Shares Held in Treasury [Member]	Total Liberty Property Trust Shareholders' Equity [Member]	Noncontrolling interest operating partnership-Common [Member]	Noncontrolling interest operating partnership-Preferred [Member]	Noncontrolling interest-consolidated joint ventures [Member]	Liberty Property Limited Partnership [Member]	Liberty Property Limited Partnership [Member] General Partners Equity [Member]	Liberty Property Limited Partnership [Member] Noncontrolling interest operating partnership-Common [Member]	Liberty Property Limited Partnership [Member] Noncontrolling interest operating partnership-Preferred [Member]	Liberty Property Limited Partnership [Member] Noncontrolling interest-consolidated joint ventures [Member]
Beginning Balance at Dec. 31, 2011	$ 2,459,756	$ 117	$ 2,617,355	$ (429)	$ (461,498)	$ (51,951)	$ 2,103,594	$ 64,428	$ 287,959	$ 3,775	$ 2,459,756	$ 2,103,594	$ 64,428	$ 287,959	$ 3,775
Net proceeds from the issuance of common shares	16,197	1	16,196				16,197
Net income	39,602				37,089		37,089	1,207	1,306	0	39,602	37,089	1,207	1,306	0
Contributions from partners											20,507	20,507
Distributions to partners											(62,409)	(55,586)	(1,788)	(5,035)
Distributions	(62,409)				(55,586)		(55,586)	(1,788)	(5,035)
Noncash compensation	4,310		4,310				4,310
Foreign currency translation adjustment	2,317			2,244			2,244	73			2,317	2,244	73
Redemption of noncontrolling interests - common units	(124,733)								(124,733)		(124,733)			(124,733)
Preferred Stock Redemption Discount	3,729								3,729		3,729			3,729
Ending Balance at Mar. 31, 2012	$ 2,338,769	$ 118	$ 2,637,861	$ 1,815	$ (479,995)	$ (51,951)	$ 2,107,848	$ 63,920	$ 163,226	$ 3,775	$ 2,338,769	$ 2,107,848	$ 63,920	$ 163,226	$ 3,775

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Income per Common Share of the Trust (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		12 Months Ended
	Mar. 31, 2012	Mar. 31, 2011	Dec. 31, 2011
Dilutive Shares, Shares Issued, Shares Acquired on Exchange [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,384,000	1,219,000
Stock Issued During Period, Shares, Stock Options Exercised	349,000		256,000
Income per Common Share of the Trust [Abstract]
Income from continuing operations net of noncontrolling interest	$ 33,301	$ 24,820
Weighted Average Number of Shares Outstanding, Basic	115,972,000	114,013,000
Income (Loss) from Continuing Operations, Per Basic Share	$ 0.29	$ 0.21
Dilutive shares for long-term compensation plans	771,000	753,000
Weighted Average Number of Shares Outstanding, Diluted	116,743,000	114,766,000
Income (Loss) from Continuing Operations, Per Diluted Share	$ 0.29	$ 0.21
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent	3,788	4,089
Income (Loss) from Discontinued Operations, Net of Tax, Per Basic Share	$ 0.03	$ 0.04
Discontinued operations net of noncontrolling interest, Per Diluted Share	$ 0.03	$ 0.04
Net Income (Loss) Available to Common Stockholders, Basic	$ 37,089	$ 28,909
Earnings Per Share, Basic	$ 0.32	$ 0.25
Earnings Per Share, Diluted	$ 0.32	$ 0.25

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Subsequent Events

3 Months Ended

Mar. 31, 2012

Subsequent Events [Abstract]

Subsequent Events [Text Block]

Subsequent Events

Subsequent to March 31, 2012, the Company completed the sale of 49 properties totaling 2.5 million square feet of leasable space in Wisconsin, Maryland, Virginia, North Carolina and New Jersey for approximately $195 million. The properties consist primarily of single-story and mid-rise office buildings and high-finish flex properties. The properties were 83% leased at the time of the sale. These properties were considered assets held for sale at March 31, 2012 and therefore the results of operations for these properties are included as discontinued operations in the accompanying statements of income.

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Income per Common Unit of the Operating Partnership (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		12 Months Ended
	Mar. 31, 2012	Mar. 31, 2011	Dec. 31, 2011
Income Per Common Unit [Line Items]
Income from continuing operations net of noncontrolling interest	$ 33,301	$ 24,820
Preferred Stock Redemption Discount	3,729
Weighted Average Number of Shares Outstanding, Basic	115,972,000	114,013,000
Income (Loss) from Continuing Operations, Per Basic Share	$ 0.29	$ 0.21
Dilutive units for long-term compensation plans	771,000	753,000
Weighted Average Number of Shares Outstanding, Diluted	116,743,000	114,766,000
Income (Loss) from Continuing Operations, Per Diluted Share	$ 0.29	$ 0.21
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	3,911	4,229
Income (Loss) from Discontinued Operations, Net of Tax, Per Basic Share	$ 0.03	$ 0.04
Income (Loss) from Discontinued Operations, Net of Tax, Per Diluted Share	$ 0.03	$ 0.04
Net Income (Loss) Available to Common Stockholders, Basic	37,089	28,909
Earnings Per Share, Basic	$ 0.32	$ 0.25
Earnings Per Share, Diluted	$ 0.32	$ 0.25
Dilutive Shares, Shares Issued, Shares Acquired on Exchange [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,384,000	1,219,000
Stock Issued During Period, Shares, Stock Options Exercised	349,000		256,000
Liberty Property Limited Partnership [Member]
Income Per Common Unit [Line Items]
Income from continuing operations net of noncontrolling interest	35,691	30,915
Less: Preferred unit distributions	(5,035)	(5,253)
Preferred Stock Redemption Discount	3,729	0
Income from Continuing Operations available to Common Unitholders	34,385	25,662
Weighted Average Number of Shares Outstanding, Basic	119,781,000	117,942,000
Income (Loss) from Continuing Operations, Per Basic Share	$ 0.29	$ 0.21
Dilutive units for long-term compensation plans	771,000	753,000
Weighted Average Number of Shares Outstanding, Diluted	120,552,000	118,695,000
Income (Loss) from Continuing Operations, Per Diluted Share	$ 0.29	$ 0.21
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	3,911	4,229
Income (Loss) from Discontinued Operations, Net of Tax, Per Basic Share	$ 0.03	$ 0.04
Income (Loss) from Discontinued Operations, Net of Tax, Per Diluted Share	$ 0.03	$ 0.04
Net Income (Loss) Available to Common Stockholders, Basic	$ 38,296	$ 29,891
Earnings Per Share, Basic	$ 0.32	$ 0.25
Earnings Per Share, Diluted	$ 0.32	$ 0.25
Dilutive Shares, Shares Issued, Shares Acquired on Exchange [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,384,000	1,219,000
Stock Issued During Period, Shares, Stock Options Exercised	349,000		256,000

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Income per Common Share of the Trust (Tables)

3 Months Ended

Mar. 31, 2012

Income per Common Share of the Trust [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	For the Three Months Ended					For the Three Months Ended
	March 31, 2012					March 31, 2011
	Income (Numerator)		Weighted Average Shares (Denominator)	Per Share		Income (Numerator)		Weighted Average Shares (Denominator)	Per Share
Basic income from continuing operations
Income from continuing operations net of noncontrolling interest	$	33,301	115,972	$	0.29	$	24,820	114,013	$	0.21
Dilutive shares for long-term compensation plans	—		771			—		753
Diluted income from continuing operations
Income from continuing operations net of noncontrolling interest	33,301		116,743	$	0.29	24,820		114,766	$	0.21
Basic income from discontinued operations
Discontinued operations net of noncontrolling interest	3,788		115,972	$	0.03	4,089		114,013	$	0.04
Dilutive shares for long-term compensation plans	—		771			—		753
Diluted income from discontinued operations
Discontinued operations net of noncontrolling interest	3,788		116,743	$	0.03	4,089		114,766	$	0.04
Basic income per common share
Net income available to common shareholders	37,089		115,972	$	0.32	28,909		114,013	$	0.25
Dilutive shares for long-term compensation plans	—		771			—		753
Diluted income per common share
Net income available to common shareholders	$	37,089	116,743	$	0.32	$	28,909	114,766	$	0.25

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Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
OPERATING ACTIVITIES
Net income	$ 39,602	$ 34,943
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	41,778	44,764
Amortization of deferred financing costs	1,188	1,521
Equity in earnings of unconsolidated joint ventures	(916)	(534)
Distributions from unconsolidated joint ventures	208	305
Gain on property dispositions	(1,587)	(1,631)
Noncash compensation	4,310	4,494
Changes in operating assets and liabilities:
Restricted cash	24,604	(5,196)
Accounts receivable	(1,022)	(4,804)
Deferred rent receivable	(1,484)	(2,678)
Prepaid expenses and other assets	(6,578)	4,216
Accounts payable	8,893	3,177
Accrued interest	8,889	3,656
Other liabilities	(25,163)	(6,246)
Net cash provided by operating activities	92,722	75,987
INVESTING ACTIVITIES
Investment in properties - other	(13,243)	(19,058)
Investments in and advances to unconsolidated joint ventures	(2,702)	(6,507)
Distributions from unconsolidated joint ventures	3,610	2,258
Net proceeds from disposition of properties/land	6,237	3,451
Net proceeds from public reimbursement receivable/escrow	(6,925)	(631)
Investment in development in progress	(43,405)	(4,093)
Investment in land held for development	(2,648)	(1,410)
Investment in deferred leasing costs	(7,983)	(5,790)
Net cash provided by (used in) investing activities	(67,059)	(31,780)
FINANCING ACTIVITIES
Net proceeds from issuance of Common Shares	16,197	12,085
Payments for Repurchase of Redeemable Preferred Stock	(121,000)	0
Repayments of unsecured notes	0	(246,500)
Proceeds from mortgage loans	11,186	0
Repayments of mortgage loans	(19,288)	(25,558)
Proceeds from credit facility	259,650	200,000
Repayments on credit facility	(105,750)	0
Increase in deferred financing costs	(285)	(12)
Distribution paid on Common Shares	(55,149)	(54,284)
Distribution paid on units	(3,883)	(7,108)
Net cash used in financing activities	(18,322)	(121,377)
Net decrease in cash and cash equivalents	7,341	(77,170)
Increase (decrease) in cash and cash equivalents related to foreign currency translation	2,105	1,472
Cash and cash equivalents at beginning of period	18,204	108,409
Cash and cash equivalents at end of period	27,650	32,711
Liberty Property Limited Partnership [Member]
OPERATING ACTIVITIES
Net income	39,602	34,943
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	41,778	44,764
Amortization of deferred financing costs	1,188	1,521
Equity in earnings of unconsolidated joint ventures	(916)	(534)
Distributions from unconsolidated joint ventures	208	305
Gain on property dispositions	(1,587)	(1,631)
Noncash compensation	4,310	4,494
Changes in operating assets and liabilities:
Restricted cash	24,604	(5,196)
Accounts receivable	(1,022)	(4,804)
Deferred rent receivable	(1,484)	(2,678)
Prepaid expenses and other assets	(6,578)	4,216
Accounts payable	8,893	3,177
Accrued interest	8,889	3,656
Other liabilities	(25,163)	(6,246)
Net cash provided by operating activities	92,722	75,987
INVESTING ACTIVITIES
Investment in properties - other	(13,243)	(19,058)
Investments in and advances to unconsolidated joint ventures	(2,702)	(6,507)
Distributions from unconsolidated joint ventures	3,610	2,258
Net proceeds from disposition of properties/land	6,237	3,451
Net proceeds from public reimbursement receivable/escrow	(6,925)	(631)
Investment in development in progress	(43,405)	(4,093)
Investment in land held for development	(2,648)	(1,410)
Investment in deferred leasing costs	(7,983)	(5,790)
Net cash provided by (used in) investing activities	(67,059)	(31,780)
FINANCING ACTIVITIES
Payments for Repurchase of Redeemable Preferred Stock	(121,000)	0
Repayments of unsecured notes	0	(246,500)
Proceeds from mortgage loans	11,186	0
Repayments of mortgage loans	(19,288)	(25,558)
Proceeds from credit facility	259,650	200,000
Repayments on credit facility	(105,750)	0
Increase in deferred financing costs	(285)	(12)
Capital contributions	16,197	12,085
Distributions to partners	(59,032)	(61,392)
Net cash used in financing activities	(18,322)	(121,377)
Net decrease in cash and cash equivalents	7,341	(77,170)
Increase (decrease) in cash and cash equivalents related to foreign currency translation	2,105	1,472
Cash and cash equivalents at beginning of period	18,204	108,409
Cash and cash equivalents at end of period	$ 27,650	$ 32,711

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Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2012	Dec. 31, 2011
Accumulated amortization on deferred financing and leasing costs	$ 128,303,000	$ 123,822,000
Common shares, par value	$ 0.001	$ 0.001
Common shares, shares authorized	183,987,000	183,987,000
Common shares, shares issued	118,264,957	117,352,353
Common shares, shares outstanding	118,264,957	117,352,353
Treasury stock, shares	1,249,909	1,249,909
Noncontrolling Interest Operating Partnership Common Units Outstanding	3,808,746	3,808,746
Preferred stock, units outstanding	5,290,000	9,740,000
Liberty Property Limited Partnership [Member]
Accumulated amortization on deferred financing and leasing costs	$ 128,303,000	$ 123,822,000
Common shares, shares outstanding	117,015,048	116,102,444
Treasury stock, shares	1,249,909	1,249,909
Preferred stock, units outstanding	5,290,000	9,740,000
Limited Partners' Capital Account, Units Issued	3,808,746	3,808,746
Series I-2 [Member]
Preferred stock, units outstanding	301,483	301,483
Series I-2 [Member] | Liberty Property Limited Partnership [Member]
Preferred stock, units outstanding	301,483	301,483

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Noncontrolling Interest - Operating Partnership/Limited Partners' Equity - Preferred Units

3 Months Ended

Mar. 31, 2012

Limited Partners' Capital Account - Preferred Units [Line Items]

Schedule of Limited Partners' Capital Account by Class [Table Text Block]

Noncontrolling Interest - Operating Partnership/Limited Partners' Equity - Preferred Units

As of March 31, 2012, the following cumulative preferred units of the Operating Partnership were outstanding:

ISSUE	AMOUNT		UNITS	LIQUIDATION PREFERENCE	DIVIDEND RATE
	(in 000’s)
Series I-2	$	7,537	301	$25	6.25	%

The preferred units are callable at the holder's option at any time and are callable at the Operating Partnership's option after a stated period of time for cash.

Preferred distributions related to these units were $118,000 for the three months ended March 31, 2012.

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Document and Entity Information	3 Months Ended
	Mar. 31, 2012	Apr. 30, 2012
Entity Registrant Name	LIBERTY PROPERTY TRUST
Entity Central Index Key	0000921112
Document Type	10-Q
Document Period End Date	Mar. 31, 2012
Amendment Flag	false
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		117,337,260
Liberty Property Limited Partnership [Member]
Entity Registrant Name	LIBERTY PROPERTY LIMITED PARTNERSHIP
Entity Central Index Key	0000921113

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Indebtedness

3 Months Ended

Mar. 31, 2012

Indebtedness [Abstract]

Indebtedness

Indebtedness

Mortgage Loans

During the three months ended March 31, 2012, the Company used proceeds from its unsecured credit facility together with available cash on hand to repay mortgage loans totaling $17.9 million bearing interest at an average rate of 7.70%.

During the three months ended March 31, 2012, the Company closed on a mortgage with $45.0 million of available funds bearing interest at 4.84%. As of March 31, 2012, the Company had $11.2 million outstanding on this loan. The net proceeds from this mortgage were used for construction costs on a property under development.

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Consolidated Statements of Income (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
OPERATING REVENUE
Rental	$ 119,591	$ 114,724
Operating expense reimbursement	50,346	51,410
Total operating revenue	169,937	166,134
OPERATING EXPENSE
Rental property	30,440	31,750
Real estate taxes	20,782	19,489
General and administrative	17,204	15,949
Depreciation and amortization	41,367	39,077
Total operating expenses	109,793	106,265
Operating income	60,144	59,869
OTHER INCOME (EXPENSE)
Interest and other income	2,762	2,589
Interest expense	(28,476)	(32,889)
Total other income (expense)	(25,714)	(30,300)
Income before property dispositions, income taxes and equity in earnings of unconsolidated joint ventures	34,430	29,569
Gain on property dispositions	523	1,161
Income taxes	(178)	(550)
Equity in earnings of unconsolidated joint ventures	916	534
Income from continuing operations	35,691	30,714
Discontinued operations	3,911	4,229
Net income	39,602	34,943
Noncontrolling interest – operating partnership	(2,513)	(6,235)
Noncontrolling interest - consolidated joint ventures	0	201
Preferred Stock Redemption Discount	3,729
Net income available to common shareholders	37,089	28,909
Comprehensive Income (Loss), Net of Tax, Attributable to Common Shareholders [Abstract]
Other comprehensive income	2,317	2,144
Comprehensive Income	41,919	37,087
Less: comprehensive income attributable to noncontrolling interest	(2,586)	(6,306)
Comprehensive income attributable to common shareholders	39,333	30,781
Basic:
Income from continuing operations	$ 0.29	$ 0.21
Income from discontinued operations	$ 0.03	$ 0.04
Income per common share - basic	$ 0.32	$ 0.25
Diluted:
Income from continuing operations	$ 0.29	$ 0.21
Income from discontinued operations	$ 0.03	$ 0.04
Income per common share - diluted	$ 0.32	$ 0.25
Common Stock, Dividends, Per Share, Declared	$ 0.475	$ 0.475
Weighted average number of common shares outstanding
Basic	115,972	114,013
Diluted	116,743	114,766
Amounts attributable to common shareholders
Income from continuing operations	33,301	24,820
Discontinued operations	3,788	4,089
Net income available to common shareholders	37,089	28,909
Liberty Property Limited Partnership [Member]
OPERATING REVENUE
Rental	119,591	114,724
Operating expense reimbursement	50,346	51,410
Total operating revenue	169,937	166,134
OPERATING EXPENSE
Rental property	30,440	31,750
Real estate taxes	20,782	19,489
General and administrative	17,204	15,949
Depreciation and amortization	41,367	39,077
Total operating expenses	109,793	106,265
Operating income	60,144	59,869
OTHER INCOME (EXPENSE)
Interest and other income	2,762	2,589
Interest expense	(28,476)	(32,889)
Total other income (expense)	(25,714)	(30,300)
Income before property dispositions, income taxes and equity in earnings of unconsolidated joint ventures	34,430	29,569
Gain on property dispositions	523	1,161
Income taxes	(178)	(550)
Equity in earnings of unconsolidated joint ventures	916	534
Income from continuing operations	35,691	30,714
Discontinued operations	3,911	4,229
Net income	39,602	34,943
Noncontrolling interest - consolidated joint ventures	0	201
Preferred unit distributions	(5,035)	(5,253)
Preferred Stock Redemption Discount	3,729	0
Net income available to common shareholders	38,296	29,891
Comprehensive Income (Loss), Net of Tax, Attributable to Common Shareholders [Abstract]
Other comprehensive income	2,317	2,144
Comprehensive Income	41,919	37,087
Basic:
Income from continuing operations	$ 0.29	$ 0.21
Income from discontinued operations	$ 0.03	$ 0.04
Income per common share - basic	$ 0.32	$ 0.25
Diluted:
Income from continuing operations	$ 0.29	$ 0.21
Income from discontinued operations	$ 0.03	$ 0.04
Income per common share - diluted	$ 0.32	$ 0.25
Common Stock, Dividends, Per Share, Declared	$ 0.475	$ 0.475
Weighted average number of common shares outstanding
Basic	119,781	117,942
Diluted	120,552	118,695
Net Income (Loss) Allocated to General Partners	37,089	28,909
Net Income (Loss) Allocated to Limited Partners	2,513	6,235
Amounts attributable to common shareholders
Income from continuing operations	35,691	30,915
Net income available to common shareholders	$ 38,296	$ 29,891

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Other Comprehensive Income of the Operating Partnership

3 Months Ended

Mar. 31, 2012

Other Comprehensive Income [Line Items]

Comprehensive Income (Loss) Note [Text Block]

Other Comprehensive Income of the Trust

The functional currency of the Trust's United Kingdom operations is pounds sterling. The Trust translates the financial statements for the United Kingdom operations into US dollars. Gains and losses resulting from this translation are included in comprehensive income and are included in accumulated other comprehensive income (loss) as a separate component of equity. A proportionate amount of gain or loss is allocated to noncontrolling interest-common units. Accumulated other comprehensive income (loss) consists solely of the foreign currency translation adjustments described above. Upon sale or upon complete or substantially complete liquidation of the Trust's foreign investment, the gain or loss on the sale will include the cumulative translation adjustments that have been previously recorded in accumulated other comprehensive income (loss) and noncontrolling interest-common units.

Liberty Property Limited Partnership [Member]

Other Comprehensive Income [Line Items]

Comprehensive Income (Loss) Note [Text Block]

Other Comprehensive Income of the Operating Partnership

The functional currency of the Operating Partnership’s United Kingdom operations is pounds sterling. The Operating Partnership translates the financial statements for the United Kingdom operations into US dollars. Gains and losses resulting from this translation are included in other comprehensive income within general partner’s equity – common units and limited partners’ equity-common units. Upon sale or upon complete or substantially complete liquidation of the Operating Partnership's foreign investment, the gain or loss on the sale will include the cumulative translation adjustments that have been previously recorded in general partner’s equity-common units and limited partners’ equity – common units.

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Other Comprehensive Income of the Trust

3 Months Ended

Mar. 31, 2012

Other Comprehensive Income of the Trust [Abstract]

Comprehensive Income (Loss) Note [Text Block]

Other Comprehensive Income of the Trust

The functional currency of the Trust's United Kingdom operations is pounds sterling. The Trust translates the financial statements for the United Kingdom operations into US dollars. Gains and losses resulting from this translation are included in comprehensive income and are included in accumulated other comprehensive income (loss) as a separate component of equity. A proportionate amount of gain or loss is allocated to noncontrolling interest-common units. Accumulated other comprehensive income (loss) consists solely of the foreign currency translation adjustments described above. Upon sale or upon complete or substantially complete liquidation of the Trust's foreign investment, the gain or loss on the sale will include the cumulative translation adjustments that have been previously recorded in accumulated other comprehensive income (loss) and noncontrolling interest-common units.

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Organization and Basis of Presentation (Policy)

3 Months Ended

Mar. 31, 2012

Organization and Basis of Presentation [Abstract]

Organization

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 their consolidated subsidiaries, the “Company”). The Trust is the sole general partner and also a limited partner of the Operating Partnership, owning 96.8% of the common equity of the Operating Partnership at March 31, 2012. 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 Mid-Atlantic, Southeastern, Midwestern and Southwestern United States and the United Kingdom. Unless otherwise indicated, the notes to the Consolidated Financial Statements apply to both the Trust and the Operating Partnership. The terms the "Company,” “we,” “our” or “us” mean the Trust and Operating Partnership collectively.

Basis of Presentation

Basis of Presentation

The accompanying unaudited consolidated financial statements of Company have been prepared in accordance with United States generally accepted accounting principles (“US GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K of the Company for the year ended December 31, 2011. In the opinion of management, all adjustments (consisting solely of normal recurring adjustments) necessary for a fair presentation of the financial statements for these interim periods have been included. The results of interim periods are not necessarily indicative of the results to be obtained for a full fiscal year. Certain amounts from prior periods have been reclassified to conform to the current period presentation including reclassifying the accompanying consolidated statements of income for discontinued operations.

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Disclosure of Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2012

Disclosure of Fair Value of Financial Instruments [Abstract]

Disclosure of Fair Value of Financial Instruments

Disclosure of Fair Value of Financial Instruments

The following disclosure of estimated fair value was determined by management using available market information and appropriate valuation methodologies. However, considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the following estimates are not necessarily indicative of the amounts the Company could have realized on disposition of the financial instruments at March 31, 2012 and December 31, 2011. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.

The carrying value of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued interest, dividend and distributions payable and other liabilities are reasonable estimates of fair value because of the short-term nature of these instruments. The carrying value of the Company's credit facility is also a reasonable estimate of fair value because interest rates float at a rate based on LIBOR.

The Company used a discounted cash flow model to determine the estimated fair value of its debt as of March 31, 2012.  This is a Level 3 fair value calculation. The inputs used in preparing the discounted cash flow model include actual maturity dates and scheduled cash flows as well as estimates for market value discount rates.  The Company updates the discounted cash flow model on a quarterly basis to reflect any changes in the Company's debt holdings and changes to discount rate assumptions.  

The only significant unobservable input in the discounted cash flow model is the discount rate.  For the fair value of the Company's unsecured notes, the Company uses a discount rate based on the indicative new issue pricing provided by lenders.  For the Company's mortgage loans, the Company uses an estimate based on its knowledge of the mortgage market. The weighted average discount rate for the combined unsecured notes and mortgage loans used as of March 31, 2012 was approximately 3.92%. An increase in the discount rate used in the discounted cash flow model would result in a decrease to the fair value of the Company's long-term debt.  A decrease in the discount rate used in the discounted cash flow model would result in an increase to the fair value of the Company's long-term debt.

The following summarizes the changes in the fair value of the Company's long-term debt from December 31, 2011 to March 31, 2012 (in thousands):

	Carrying Value			Fair Value			Fair Value Above (Below) Carrying Value
Long-term debt at December 31, 2011 (1)	$	2,083,462		$	2,215,219		$	131,757
Payoffs and amortization of long-term debt	(19,289		)	(19,289		)
New long-term debt	11,186			11,186
Changes in fair value assumptions				20,377			20,377
Long-term debt at March 31, 2012 (1)	$	2,075,359		$	2,227,493		$	152,134

(1) Does not include the Company's credit facility.

Disclosure about fair value of financial instruments is based on pertinent information available to management as of March 31, 2012 and December 31, 2011. Although as of the date of this report, management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since March 31, 2012 and current estimates of fair value may differ significantly from the amounts presented herein.

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Noncontrolling Interests

3 Months Ended

Mar. 31, 2012

Stockholders' Equity Attributable to Noncontrolling Interest [Abstract]

Noncontrolling Interests

Noncontrolling Interests of the Trust

Noncontrolling interests in the accompanying financial statements represent the interests of the common and preferred units in the Operating Partnership not held by the Trust. In addition, noncontrolling interests include third-party ownership interests in consolidated joint venture investments.

Common units

The common units outstanding of the Operating Partnership not held by the Trust as of March 31, 2012 have the same economic characteristics as common shares of the Trust. The 3,808,746 outstanding common units of the Operating Partnership not held by the Trust share proportionately in the net income or loss and in any distributions of the Operating Partnership. The common units of the Operating Partnership not held by the Trust are redeemable at any time at the option of the holder. The Trust, as the sole general partner of the Operating Partnership, may at its option elect to settle the redemption in cash or through the exchange on a one-for-one basis with unregistered common shares of the Trust. The market value of the 3,808,746 outstanding common units based on the closing price of the common shares of the Company at March 31, 2012 was $136.0 million.

Preferred units

The Trust had outstanding the following cumulative redeemable preferred units of the Operating Partnership (the “Equity Preferred Units”) as of March 31, 2012:

ISSUE	AMOUNT		UNITS	LIQUIDATION PREFERENCE		DIVIDEND RATE		REDEEMABLE AS OF	EXCHANGEABLE AFTER
	(in 000’s)
Series E	$	20,000	400		$50	7.00	%	6/16/2010	6/16/15 into Series E Cumulative Redeemable Preferred Shares of the Trust
Series F	$	17,500	350		$50	6.65	%	6/30/2010	12/12/15 into Series F Cumulative Redeemable Preferred Shares of the Trust
Series G	$	27,000	540		$50	6.70	%	12/15/2011	12/15/16 into Series G Cumulative Redeemable Preferred Shares of the Trust
Series H	$	100,000	4,000		$25	7.40	%	8/21/2012	8/21/17 into Series H Cumulative Redeemable Preferred Shares of the Trust

The Equity Preferred Units are callable at the Operating Partnership’s option after a stated period of time. The Trust as the sole general partner of the Operating Partnership may at its option elect to settle the redemption for cash or through the exchange on a one-for-one basis with unregistered preferred shares of the Trust.

During the three months ended March 31, 2012, the Company redeemed $32.5 million of outstanding 6.65% Series F Cumulative Redeemable Preferred Units for $26.0 million. Also, the Company redeemed $95.0 million of outstanding 7.45% Series B Cumulative Redeemable Preferred Units at par. In connection with these redemptions, the Company recognized $3.7 million relating to the excess of preferred unit carrying amount over redemption price net of certain costs, which is included in Noncontrolling interest - operating partnership in the Trust's consolidated statements of income.

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Segment Information

3 Months Ended

Mar. 31, 2012

Segment Reporting, Measurement Disclosures [Abstract]

Segment Information

Segment Information

The Company operates its portfolio of properties primarily throughout the Mid-Atlantic, Southeastern, Midwestern and Southwestern United States. Additionally, the Company owns certain assets in the United Kingdom. The Company reviews the performance of the portfolio on a geographical basis. As such, the following are considered the Company’s reportable segments:

REGIONS	MARKETS
Northeast	Southeastern PA; Lehigh/Central PA; New Jersey; Maryland
Central	Minnesota; Chicago/Milwaukee; Houston; Arizona
South	Richmond/Hampton Roads; Carolinas; Jacksonville; Orlando; South Florida; Tampa
Metro	Philadelphia; Metro Washington, D.C.
United Kingdom	County of Kent; West Midlands

The Company evaluates the performance of its reportable segments based on net operating income. Net operating income includes operating revenue from external customers, real estate taxes, amortization of lease transaction costs and other operating expenses which relate directly to the management and operation of the assets within each reportable segment.

The Company's accounting policies for the segments are the same as those used in the Company's Consolidated Financial Statements. There are no material inter-segment transactions.

		For the Three Months Ended
		March 31,
		2012			2011
Operating revenue
	Northeast - Southeastern PA	$	42,195		$	45,265
	Northeast - Lehigh / Central PA	24,077			28,200
	Northeast - Other	17,400			18,293
	Central	32,144			31,692
	South	54,012			56,364
	Metro	8,188			7,149
	United Kingdom	1,162			1,132
Segment-level operating revenue		179,178			188,095
Reconciliation to total operating revenues
	Discontinued operations	(9,409		)	(21,961		)
	Other	168			—
Total operating revenue		$	169,937		$	166,134
Net operating income
	Northeast - Southeastern PA	$	25,170		$	25,524
	Northeast - Lehigh / Central PA	16,195			17,449
	Northeast - Other	9,105			9,194
	Central	17,747			17,472
	South	32,654			34,002
	Metro	5,629			5,957
	United Kingdom	(229		)	(49		)
Segment-level net operating income		106,271			109,549
Reconciliation to income from continuing operations
	Interest expense (1)	(30,904		)	(36,169		)
	Depreciation/amortization expense (2)	(25,652		)	(28,406		)
	Gain on property dispositions	523			1,161
	Equity in earnings of unconsolidated joint ventures	916			534
	General and administrative expense (2)	(11,550		)	(10,449		)
	Discontinued operations excluding gain on property dispositions	(2,847		)	(3,759		)
	Income taxes	(178		)	(550		)
	Other	(888		)	(1,197		)
Income from continuing operations		$	35,691		$	30,714

(1) Includes interest on discontinued operations.

(2) Excludes costs which are included in determining segment-level net operating income.

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Accounting for the Impairment or Disposal of Long-Lived Assets

3 Months Ended

Mar. 31, 2012

Accounting for the Impairment or Disposal of Long-Lived Assets [Abstract]

Accounting for the Impairment or Disposal of Long-Lived Assets

Accounting for the Impairment or Disposal of Long-Lived Assets

The operating results and gain/(loss) on disposition of real estate for properties sold and held for sale are reflected in the consolidated statements of income as discontinued operations. Prior period financial statements have been adjusted for discontinued operations. The proceeds from dispositions of operating properties for the three months ended March 31, 2012 were $6.5 million as compared to $3.6 million for the same period in 2011.

Below is a summary of the results of operations for the properties held for sale and disposed of through the respective disposition dates (in thousands):

	For the Three Months Ended
	March 31, 2012			March 31, 2011
Revenues	$	9,409		$	21,961
Operating expenses	(4,090		)	(9,555		)
Interest and other income	27			95
Interest expense	(2,428		)	(3,280		)
Depreciation and amortization	(71		)	(5,462		)
Income before gain on property dispositions	2,847			3,759
Gain on property dispositions	1,064			470
Income from discontinued operations	$	3,911		$	4,229

Eighteen properties totaling 957,000 square feet in the Company’s Central reportable segment, 16 properties totaling 980,000 square feet in the Company's South reportable segment and 16 properties totaling 633,000 square feet in the Company's Northeast - Other reportable segment were considered to be held for sale as of March 31, 2012. These properties had an aggregate cost basis of $200.8 million as of March 31, 2012 and were subject to contracts for sale for an aggregate of $199.1 million. Forty-nine of these properties were sold subsequent to March 31, 2012 for proceeds of $195.0 million.

Interest expense is allocated to discontinued operations. The allocation of interest expense to discontinued operations was based on the ratio of net assets sold and held for sale (without continuing involvement) to the sum of total net assets plus consolidated debt.

Asset Impairment

During the three months ended March 31, 2012, the Company recognized $57,000 in impairment in the Company's South reportable segment. This impairment is included in discontinued operations in the Company’s consolidated statements of income. The Company determined this impairment through a comparison of the aggregate future cash flows (including quoted offer prices, a Level I input according to the fair value hierarchy established by the FASB in Topic 820, “Fair Value Measurements and Disclosures”) to be generated by the property to the carrying value of the properties. The Company has evaluated each of the properties and land held for development and has determined that there are no additional valuation adjustments necessary at March 31, 2012. During the three months ended March 31, 2011, the Company recognized an impairment charge of $550,000 related a property in the Central reportable segment. This impairment is included in discontinued operations in the Company's consolidated statements of income.

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Limited Partners' Equity of the Operating Partnership

3 Months Ended

Mar. 31, 2012

Preferred Units [Line Items]

Noncontrolling Interest Disclosure [Text Block]

Noncontrolling Interests of the Trust

Noncontrolling interests in the accompanying financial statements represent the interests of the common and preferred units in the Operating Partnership not held by the Trust. In addition, noncontrolling interests include third-party ownership interests in consolidated joint venture investments.

Common units

The common units outstanding of the Operating Partnership not held by the Trust as of March 31, 2012 have the same economic characteristics as common shares of the Trust. The 3,808,746 outstanding common units of the Operating Partnership not held by the Trust share proportionately in the net income or loss and in any distributions of the Operating Partnership. The common units of the Operating Partnership not held by the Trust are redeemable at any time at the option of the holder. The Trust, as the sole general partner of the Operating Partnership, may at its option elect to settle the redemption in cash or through the exchange on a one-for-one basis with unregistered common shares of the Trust. The market value of the 3,808,746 outstanding common units based on the closing price of the common shares of the Company at March 31, 2012 was $136.0 million.

Preferred units

The Trust had outstanding the following cumulative redeemable preferred units of the Operating Partnership (the “Equity Preferred Units”) as of March 31, 2012:

ISSUE	AMOUNT		UNITS	LIQUIDATION PREFERENCE		DIVIDEND RATE		REDEEMABLE AS OF	EXCHANGEABLE AFTER
	(in 000’s)
Series E	$	20,000	400		$50	7.00	%	6/16/2010	6/16/15 into Series E Cumulative Redeemable Preferred Shares of the Trust
Series F	$	17,500	350		$50	6.65	%	6/30/2010	12/12/15 into Series F Cumulative Redeemable Preferred Shares of the Trust
Series G	$	27,000	540		$50	6.70	%	12/15/2011	12/15/16 into Series G Cumulative Redeemable Preferred Shares of the Trust
Series H	$	100,000	4,000		$25	7.40	%	8/21/2012	8/21/17 into Series H Cumulative Redeemable Preferred Shares of the Trust

The Equity Preferred Units are callable at the Operating Partnership’s option after a stated period of time. The Trust as the sole general partner of the Operating Partnership may at its option elect to settle the redemption for cash or through the exchange on a one-for-one basis with unregistered preferred shares of the Trust.

During the three months ended March 31, 2012, the Company redeemed $32.5 million of outstanding 6.65% Series F Cumulative Redeemable Preferred Units for $26.0 million. Also, the Company redeemed $95.0 million of outstanding 7.45% Series B Cumulative Redeemable Preferred Units at par. In connection with these redemptions, the Company recognized $3.7 million relating to the excess of preferred unit carrying amount over redemption price net of certain costs, which is included in Noncontrolling interest - operating partnership in the Trust's consolidated statements of income.

Liberty Property Limited Partnership [Member]

Preferred Units [Line Items]

Noncontrolling Interest Disclosure [Text Block]

Limited Partners' Equity of the Operating Partnership

Common units

General and limited partners' equity - common units relates to limited partnership interests of the Operating Partnership issued in connection with the formation of the Operating Partnership and certain subsequent acquisitions. The common units outstanding as of March 31, 2012 have the same economic characteristics as common shares of the Trust. The 3,808,746 outstanding common units are the limited partners' equity - common units held by persons and entities other than the Trust, the general partner of the Operating Partnership, which holds a number of common units equal to the number of outstanding common shares of beneficial interest. Both the common units held by the Trust and the common units held by persons and entities other than the Trust are counted in the weighted average number of common units outstanding during any given period. The common units 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. The market value of the 3,808,746 outstanding common units at March 31, 2012 based on the closing price of the common shares of the Company at March 31, 2012 was $136.0 million.

Preferred units

The following are the Equity Preferred Units as of March 31, 2012:

ISSUE	AMOUNT		UNITS	LIQUIDATION PREFERENCE		DIVIDEND RATE		REDEEMABLE AS OF	EXCHANGEABLE AFTER
	(in 000's)
Series E	$	20,000	400		$50	7.00	%	6/16/2010	6/16/15 into Series E Cumulative Redeemable Preferred Shares of the Trust
Series F	$	17,500	350		$50	6.65	%	6/30/2010	12/12/15 into Series F Cumulative Redeemable Preferred Shares of the Trust
Series G	$	27,000	540		$50	6.70	%	12/15/2011	12/15/16 into Series G Cumulative Redeemable Preferred Shares of the Trust
Series H	$	100,000	4,000		$25	7.40	%	8/21/2012	8/21/17 into Series H Cumulative Redeemable Preferred Shares of the Trust

The Equity Preferred Units are callable at the Operating Partnership's option after a stated period of time. The Trust as the sole general partner of the Operating Partnership may at its option elect to settle the redemption for cash or through the exchange on a one-for-one basis with unregistered preferred shares of the Trust.

During the three months ended March 31, 2012, the Company redeemed $32.5 million of outstanding 6.65% Series F Cumulative Redeemable Preferred Units for $26.0 million. Also, the Company redeemed $95.0 million of outstanding 7.45% Series B Cumulative Redeemable Preferred Units at par. In connection with these redemptions, the Company recognized $3.7 million relating to the excess of preferred unit carrying amount over redemption price net of certain costs.

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Organization and Basis of Presentation (Narrative) (Details)	Mar. 31, 2012
Organization and Basis of Presentation [Abstract]
Ownership interest in operating partnership - Limited Partnership	96.80%

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Subsequent Events Subsequent Events (Details) (Discontinued Operation or Asset Disposal [Member], USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2012 sqft properties
Discontinued Operation or Asset Disposal [Member]
Subsequent Event [Line Items]
Number of Real Estate Properties	49
Square Footage of Real Estate Property	2,500,000
Proceeds from Sale of Real Estate	$ 195
Occupancy Percentage	83.00%

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Supplemental Disclosure to Statements of Cash Flows

3 Months Ended

Mar. 31, 2012

Supplemental Disclosure to Statements of Cash Flows [Abstract]

Supplemental Disclosure to Statements of Cash Flows

Supplemental Disclosure to Statements of Cash Flows

The following are supplemental disclosures to the statements of cash flows for the three months ended March 31, 2012 and 2011 (amounts in thousands):

	2012		2011
Write-off of fully depreciated/amortized property and deferred costs	$	7,643	$	14,125
Write-off of depreciated property and deferred costs due to sale	$	3,331	$	—
Write-off of origination costs related to preferred unit redemption	$	2,771	$	—

Amounts paid in cash for deferred leasing costs incurred in connection with signed leases with tenants are paid in conjunction with improving (acquiring) property, plant and equipment. Such costs are not contained within net real estate. However, they are integral to the completion of a tenant lease and ultimately are related to the improvement and thus the value of the Company’s property, plant and equipment. They are therefore included in investing activities in the Company’s statements of cash flows.

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Segment Information (Tables)

3 Months Ended

Mar. 31, 2012

Mar. 31, 2011

Segment Reporting, Measurement Disclosures [Abstract]

Company's Reportable Segments [Table Text Block]

REGIONS	MARKETS
Northeast	Southeastern PA; Lehigh/Central PA; New Jersey; Maryland
Central	Minnesota; Chicago/Milwaukee; Houston; Arizona
South	Richmond/Hampton Roads; Carolinas; Jacksonville; Orlando; South Florida; Tampa
Metro	Philadelphia; Metro Washington, D.C.
United Kingdom	County of Kent; West Midlands

N

Schedule of Segment Reporting Information, by Segment, Revenue and Net Operating Income [Table Text Block]

		For the Three Months Ended
		March 31,
		2012			2011
Operating revenue
	Northeast - Southeastern PA	$	42,195		$	45,265
	Northeast - Lehigh / Central PA	24,077			28,200
	Northeast - Other	17,400			18,293
	Central	32,144			31,692
	South	54,012			56,364
	Metro	8,188			7,149
	United Kingdom	1,162			1,132
Segment-level operating revenue		179,178			188,095
Reconciliation to total operating revenues
	Discontinued operations	(9,409		)	(21,961		)
	Other	168			—
Total operating revenue		$	169,937		$	166,134
Net operating income
	Northeast - Southeastern PA	$	25,170		$	25,524
	Northeast - Lehigh / Central PA	16,195			17,449
	Northeast - Other	9,105			9,194
	Central	17,747			17,472
	South	32,654			34,002
	Metro	5,629			5,957
	United Kingdom	(229		)	(49		)
Segment-level net operating income		106,271			109,549
Reconciliation to income from continuing operations
	Interest expense (1)	(30,904		)	(36,169		)
	Depreciation/amortization expense (2)	(25,652		)	(28,406		)
	Gain on property dispositions	523			1,161
	Equity in earnings of unconsolidated joint ventures	916			534
	General and administrative expense (2)	(11,550		)	(10,449		)
	Discontinued operations excluding gain on property dispositions	(2,847		)	(3,759		)
	Income taxes	(178		)	(550		)
	Other	(888		)	(1,197		)
Income from continuing operations		$	35,691		$	30,714

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Commitments and Contingencies - Future Minimum Rental Payments (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2012
Commitments and Contingencies [Abstract]
2012	$ 120
2013	163
2014	158
2015	153
2016	153
2017 through 2054	5,237
Total	$ 5,984

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Noncontrolling Interests - Narrative (Details) (USD $) In Millions, except Share data, unless otherwise specified	Mar. 31, 2012	Dec. 31, 2011
Stockholders' Equity Attributable to Noncontrolling Interest [Abstract]
Common units, units outstanding	3,808,746	3,808,746
Market value of common units based on closing price	$ 136.0

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Consolidated Statements of Operations (Parenthetical) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Net gain on property dispositions included in discontinued operation	$ 1,064	$ 470
Liberty Property Limited Partnership [Member]
Net gain on property dispositions included in discontinued operation	$ 1,064	$ 470

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Income per Common Unit of the Operating Partnership

3 Months Ended

Mar. 31, 2012

Income Per Common Unit [Line Items]

Earnings Per Share [Text Block]

Income per Common Share of the Trust

The following table sets forth the computation of basic and diluted income per common share of the Trust (in thousands except per share amounts):

	For the Three Months Ended					For the Three Months Ended
	March 31, 2012					March 31, 2011
	Income (Numerator)		Weighted Average Shares (Denominator)	Per Share		Income (Numerator)		Weighted Average Shares (Denominator)	Per Share
Basic income from continuing operations
Income from continuing operations net of noncontrolling interest	$	33,301	115,972	$	0.29	$	24,820	114,013	$	0.21
Dilutive shares for long-term compensation plans	—		771			—		753
Diluted income from continuing operations
Income from continuing operations net of noncontrolling interest	33,301		116,743	$	0.29	24,820		114,766	$	0.21
Basic income from discontinued operations
Discontinued operations net of noncontrolling interest	3,788		115,972	$	0.03	4,089		114,013	$	0.04
Dilutive shares for long-term compensation plans	—		771			—		753
Diluted income from discontinued operations
Discontinued operations net of noncontrolling interest	3,788		116,743	$	0.03	4,089		114,766	$	0.04
Basic income per common share
Net income available to common shareholders	37,089		115,972	$	0.32	28,909		114,013	$	0.25
Dilutive shares for long-term compensation plans	—		771			—		753
Diluted income per common share
Net income available to common shareholders	$	37,089	116,743	$	0.32	$	28,909	114,766	$	0.25

Dilutive shares for long-term compensation plans represent the unvested common shares outstanding during the year as well as the dilutive effect of outstanding options. The amounts of anti-dilutive options that were excluded from the computation of diluted income per common share for the three months ended March 31, 2012 was 1,384,000 as compared to 1,219,000 for the same period in 2011.

During the three months ended March 31, 2012, 349,000 common shares were issued upon the exercise of options. During the year ended December 31, 2011, 256,000 common shares were issued upon the exercise of options.

Liberty Property Limited Partnership [Member]

Income Per Common Unit [Line Items]

Earnings Per Share [Text Block]

Income per Common Unit of the Operating Partnership

The following table sets forth the computation of basic and diluted income per common unit of the Operating Partnership (in thousands, except per unit amounts):

	For the Three Months Ended						For the Three Months Ended
	March 31, 2012						March 31, 2011
	Income (Numerator)			Weighted Average Units (Denominator)	Per Unit		Income (Numerator)			Weighted Average Units (Denominator)	Per Unit
Income from continuing operations net of noncontrolling interest	$	35,691					$	30,915
Less: Preferred unit distributions	(5,035		)				(5,253		)
Excess of preferred unit carrying amount over redemption	3,729						—
Basic income from continuing operations
Income from continuing operations available to common unitholders	34,385			119,781	$	0.29	25,662			117,942	$	0.21
Dilutive units for long-term compensation plans	—			771			—			753
Diluted income from continuing operations
Income from continuing operations available to common unitholders	34,385			120,552	$	0.29	25,662			118,695	$	0.21
Basic income from discontinued operations
Discontinued operations	3,911			119,781	$	0.03	4,229			117,942	$	0.04
Dilutive units for long-term compensation plans	—			771			—			753
Diluted income from discontinued operations
Discontinued operations	3,911			120,552	$	0.03	4,229			118,695	$	0.04
Basic income per common unit
Income available to common unitholders	38,296			119,781	$	0.32	29,891			117,942	$	0.25
Diluted units for long-term compensation plans	—			771			—			753
Diluted income per common unit
Income available to common unitholders	$	38,296		120,552	$	0.32	$	29,891		118,695	$	0.25

Dilutive units for long-term compensation plans represent the unvested common units outstanding during the year as well as the dilutive effect of outstanding options. The amounts of anti-dilutive options that were excluded from the computation of diluted income per common unit for the three months ended March 31, 2012 was 1,384,000 as compared to 1,219,000 for the same period in 2011.

During the three months ended March 31, 2012, 349,000 common units were issued upon the exercise of options. During the year ended December 31, 2011, 256,000 common units were issued upon the exercise of options.

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Accounting for the Impairment or Disposal of Long-Lived Assets (Tables)

3 Months Ended

Mar. 31, 2012

Property, Plant and Equipment Impairment or Disposal [Abstract]

Results of Operations for the Properties Held for Sale and Disposed

	For the Three Months Ended
	March 31, 2012			March 31, 2011
Revenues	$	9,409		$	21,961
Operating expenses	(4,090		)	(9,555		)
Interest and other income	27			95
Interest expense	(2,428		)	(3,280		)
Depreciation and amortization	(71		)	(5,462		)
Income before gain on property dispositions	2,847			3,759
Gain on property dispositions	1,064			470
Income from discontinued operations	$	3,911		$	4,229

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Accounting for the Impairment or Disposal of Long-Lived Assets - Impairment (Details) (USD $)	3 Months Ended
	Mar. 31, 2012 South Region [Member]	Mar. 31, 2011 Central Region [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment charges	$ 57,000	$ 550,000

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2012

Commitments and Contingencies [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Environmental Matters

Substantially 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 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.

Operating Ground Lease Agreements

Future minimum rental payments under the terms of all non-cancelable operating ground leases under which the Company is the lessee, as of March 31, 2012, were as follows (in thousands):

Year	Amount
2012	$	120
2013	163
2014	158
2015	153
2016	153
2017 though 2054	5,237
Total	$	5,984

Operating ground lease expense during the three months ended March 31, 2012 was $96,000 as compared to $77,000 for the same period in 2011.

Legal Matters

From time to time, the Company is a party to a variety of legal proceedings, claims and assessments arising in the normal course of business. The Company believes that as of March 31, 2012 there were no legal proceedings, claims or assessments expected to have a material adverse effect on the Company’s business or financial statements.

Other

As of March 31, 2012, the Company had miscellaneous guarantees related to its unconsolidated joint ventures for up to a maximum of $350,000.

As of March 31, 2012, the Company had letter of credit obligations of $6.3 million related to development requirements. The Company believes that it is remote that there will be a draw upon these letter of credit obligations.

As of March 31, 2012, the Company had initiated the development of 11 buildings. These buildings are expected to contain a total of 3.2 million square feet of leasable space and represent an anticipated aggregate investment of $294.3 million. At March 31, 2012, Development in progress totaled $138.6 million. In addition, as of March 31, 2012, the Company invested $5.2 million in deferred leasing costs related to these development buildings. Also, the Company has a signed commitment for a build-to-suit development not yet commenced for $6.7 million.

As of March 31, 2012, the Company was committed to $2.1 million in improvements on certain land parcels.

As of March 31, 2012, the Company was obligated to pay for tenant improvements not yet completed for a maximum of $23.9 million.

The Company maintains cash and cash equivalents at financial institutions. The combined account balances at each institution typically exceed FDIC insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes the risk is not significant.