Liberty Property Trust Supplemental Information March 31, 2014

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2 Supplemental Information Page Page Highlights.. 1 Lease Expirations.. 13 Statement of Operations 2 Completed Development Properties.. 14 Statement of Funds from Operations 3 Balance Sheet. 4 Key Financial Data... 5 Portfolio Profile 6 Building Type by Region Occupancy.. 10 Development Properties.. 15 Acquisition Properties.. 16 Disposition Properties.. 17 Debt and Preferred Unit Analysis.. 18 Debt Covenants.. 19 Same Store Comparison.. 20 New Lease Analysis - Quarterly Comparison 11 Unconsolidated Joint Ventures.. 21 Renewal Analysis - Quarterly Comparison 12 Reconciliation of Non-Gaap Financial Measures 22

3 Highlights Quarter Ended Funds from operations available to common shareholders - diluted (FFO) was $0.58 per share. A reconciliation of net income to FFO can be found on page three. General and administrative expense for the first quarter of 2014 and 2013 includes $3.9 million and $3.8 million, respectively, of additional compensation expense related to the accelerated vesting of long term incentive compensation due to the years of service and ages of certain employees. The Company brought into service three development properties for a total investment of $30.5 million. These properties, which contain 502,000 square feet of leasable space, are 86.4% occupied as of. The current yield on this investment is 7.4% and the projected stabilized yield is 8.4%. The Company began construction on two properties containing 406,000 square feet of leasable space at a projected investment of $61.0 million. The estimated yield for the 5.1 million square feet of wholly owned and joint venture properties under development as of March 31, 2014 is 8.2%. The projected cost for these development properties is $418.1 million, and there are signed leases for 65.4% of this space as of. The Company acquired two operating properties for $37.6 million. These properties, which contain 613,000 square feet, are 14.7% leased and have a projected stabilized yield of 6.2%. In December 2013, the Company entered into an agreement to sell 159 acres of land and 97 operating properties totaling 6.6 million square feet of leasable space. In December, the Company closed on the first installment of the sale which was for 140 acres of land and 49 properties totaling 4.0 million square feet of leasable space for $367.7 million. In January 2014, the remaining 19 acres of land and 48 properties totaling 2.6 million square feet of leasable space were sold for $329.6 million. At the time of sale the combined percentage leased for the 97 properties was 88.2%. In addition, the Company sold one operating property during the quarter, which contained 60,000 square feet of leasable space, for $5.0 million. This property was vacant at the time of the sale. The Company replaced its existing $500 million credit facility which was due November 2015 with a new credit facility. The new facility is for $800 million. It matures in March 2018 and the Company has options to extend the maturity date for up to one additional year. Based upon the Company s current credit ratings, borrowings under the new facility bear interest at LIBOR plus 105 basis points. Property level operating income for the same store properties (those properties owned as of January 1, 2013 and excluding properties sold through ) decreased by 1.4% on a cash basis and 1.8% on a straight line basis for the quarter ended compared to the quarter ended March 31, Matters other than historical facts set forth within this Supplemental Information are forward-looking statements within the meaning of the federal securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which could materially affect actual results, performance or achievements. These factors include, without limitation, the ability to enter into new leases or renew leases on favorable terms, the financial condition of tenants, the uncertainties of real estate development and acquisition activity, the costs and availability of financing, the effects of local economic and market conditions, regulatory changes and other risks and uncertainties detailed from time to time in the Company s filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events. 1

4 Statement of Operations (Unaudited and in thousands, except per share amounts) Quarter Ended March 31, 2013 Operating Revenue Rental $ 138,934 $ 104,716 Operating expense reimbursement 58,681 42,411 Total operating revenue 197, ,127 Operating Expenses Rental property 38,561 25,229 Real estate taxes 24,501 17,957 General and administrative 18,361 19,793 Depreciation and amortization 56,734 37,220 Total operating expenses 138, ,199 Operating Income 59,458 46,928 Other Income/Expense Interest and other 2,535 2,573 Interest (39,207) (27,739) Total other income/expense (36,672) (25,166) Income before property dispositions, income taxes, noncontrolling interest and equity in earnings of unconsolidated joint ventures 22,786 21,762 (Loss) gain on property dispositions (83) 1,800 Income taxes (531) (491) Equity in earnings of unconsolidated joint ventures 4,159 1,757 Income from continuing operations 26,331 24,828 Discontinued operations (including net gains on property dispositions of $46,117 and $41,713 for the quarters ended and 2013, respectively) 47,775 49,828 Net Income 74,106 74,656 Noncontrolling interest - operating partnerships (1,853) (3,417) Noncontrolling interest - consolidated joint ventures (353) - Net Income available to common shareholders $ 71,900 $ 71,239 Net income $ 74,106 $ 74,656 Other comprehensive income (loss) - foreign currency translation 1,346 (4,851) Other comprehensive loss - change in net unrealized gain on derivative instruments (511) - Comprehensive income 74,941 69,805 Less: comprehensive income attributable to noncontrolling interest (2,226) (3,271) Comprehensive income attributable to common shareholders $ 72,715 $ 66,534 Basic income per common share Continuing operations $ 0.17 $ 0.19 Discontinued operations $ 0.32 $ 0.41 Total basic income per common share $ 0.49 $ 0.60 Diluted income per common share Continuing operations $ 0.17 $ 0.19 Discontinued operations $ 0.32 $ 0.41 Total diluted income per common share $ 0.49 $ 0.60 Weighted average shares Basic 146, ,688 Diluted 147, ,532 Amounts attributable to common shareholders Income from continuing operations $ 25,250 $ 22,908 Discontinued operations 46,650 48,331 Net income $ 71,900 $ 71,239 2

5 Statement of Funds From Operations (Unaudited and in thousands, except per share amounts) Quarter Ended March 31, 2013 Per Per Weighted Weighted Average Average Dollars Share Dollars Share Reconciliation of net income to FFO - basic: Basic - income available to common shareholders $ 71,900 $ 0.49 $ 71,239 $ 0.60 Adjustments: Depreciation and amortization of unconsolidated joint ventures 3,291 3,397 Depreciation and amortization 56,107 44,972 Gain on property dispositions (45,526) (41,706) Noncontrolling interest share in addback for depreciation and amortization and gain on property dispositions (327) (200) Funds from operations available to common shareholders - basic $ 85,445 $ 0.58 $ 77,702 $ 0.65 Reconciliation of net income to FFO - diluted: Diluted - income available to common shareholders $ 71,900 $ 0.49 $ 71,239 $ 0.60 Adjustments: Depreciation and amortization of unconsolidated joint ventures 3,291 3,397 Depreciation and amortization 56,107 44,972 Gain on property dispositions (45,526) (41,706) Noncontrolling interest excluding preferred unit distributions 1,735 2,206 Funds from operations available to common shareholders - diluted $ 87,507 $ 0.58 $ 80,108 $ 0.65 Reconciliation of weighted average shares: Weighted average common shares - all basic calculations 146, ,688 Dilutive shares for long term compensation plans Diluted shares for net income calculations 147, ,532 Weighted average common units 3,556 3,714 Diluted shares for Funds from operations calculations 150, ,246 The Company believes that the calculation of Funds from operations is helpful to investors and management as it is a measure of the Company s operating performance that excludes depreciation and amortization and gains and losses from property dispositions. As a result, year over year comparison of Funds from operations reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, development activities, general and administrative expenses, and interest costs, providing perspective not immediately apparent from net income. In addition, management believes that Funds from operations provides useful information to the investment community about the Company s financial performance when compared to other REITs since Funds from operations is generally recognized as the standard for reporting the operating performance of a REIT. Funds from operations available to common shareholders is defined by NAREIT as net income (computed in accordance with generally accepted accounting principles ( GAAP )), excluding gains (or losses) from sales of property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Funds from operations available to common shareholders does not represent net income or cash flows from operations as defined by GAAP and does not necessarily indicate that cash flows will be sufficient to fund cash needs. It should not be considered as an alternative to net income as an indicator of the Company s operating performance or to cash flows as a measure of liquidity. Funds from operations available to common shareholders also does not represent cash flows generated from operating, investing or financing activities as defined by GAAP. 3

6 Balance Sheet (Unaudited and in thousands, except share and unit amounts) December 31, 2013 Assets Real estate: Land and land improvements $ 1,149,233 $ 1,139,455 Building and improvements 5,206,349 5,144,758 Less: accumulated depreciation (1,094,397) (1,057,680) Operating real estate 5,261,185 5,226,533 Development in progress 242, ,187 Land held for development 239, ,055 Net real estate 5,743,711 5,668,775 Cash and cash equivalents 370, ,414 Restricted cash 20,041 51,456 Accounts receivable 17,963 13,900 Deferred rent receivable 102,729 99,956 Deferred financing and leasing costs, net of accumulated amortization (2014, $150,476; 2013, $140,958) 222, ,607 Investments in and advances to unconsolidated joint ventures 181, ,655 Assets held for sale - 275,957 Prepaid expenses and other assets 103,587 95,840 Total assets $ 6,762,665 $ 6,775,560 Liabilities Mortgage loans $ 542,809 $ 545,306 Unsecured notes 2,708,440 2,708,213 Credit facility - - Accounts payable 53,458 70,406 Accrued interest 42,218 25,777 Dividend and distributions payable 71,653 71,323 Other liabilities 215, ,819 Total liabilities 3,633,831 3,671,844 Noncontrolling interest - operating partnership - 301,483 preferred units outstanding as of and December 31, ,537 7,537 Equity Shareholders' equity: Common shares of beneficial interest, $.001 par value, 183,987,000 shares authorized, 148,541,749 (includes 1,249,909 in treasury) and 147,846,801 (includes 1,249,909 in treasury) shares issued and outstanding as of and December 31, 2013, respectively Additional paid-in capital 3,691,717 3,669,618 Accumulated other comprehensive income 10,558 9,742 Distributions in excess of net income (589,775) (591,713) Common shares in treasury, at cost, 1,249,909 shares as of and December 31, 2013 (51,951) (51,951) Total shareholders' equity 3,060,698 3,035,844 Noncontrolling interest - operating partnership 3,553,566 and 3,556,566 common units outstanding as of and December 31, 2013, respectively 56,681 56,713 Noncontrolling interest - consolidated joint ventures 3,918 3,622 Total equity 3,121,297 3,096,179 Total liabilities, noncontrolling interest - operating partnership & equity $ 6,762,665 $ 6,775,560 4

7 Key Financial Data (Dollars in thousands except per share amounts) 03/31/14 12/31/13 12/31/12 12/31/11 12/31/10 Ratios: Return on operating real estate (1) 8.5% 9.1% 9.3% 9.5% 9.7% (Property level operating income / avg. gross operating real estate) Debt to market capitalization 36.8% 39.0% 37.4% 35.7% 36.7% Debt to gross assets 41.4% 40.9% 41.9% 36.3% 38.3% Average net debt to adjusted EBITDA (1) (Average debt - average cash / property level operating income - general and administrative exp. + equity in earnings of unconsolidated joint ventures + management fees and other miscellaneous income) Interest and preferred coverage ratio (1) (Funds from operations (1) + interest exp. + preferred dividend / interest exp. (including interest capitalized) + preferred dividend) Selected Items: Funds from operations per share (1) $ 0.58 $ 2.49 $ 2.58 $ 2.61 $ 2.66 Payout ratio - funds from operations (1) 81.9% 76.3% 73.6% 72.8% 71.4% Termination fees (1) (4) $ 987 $ 3,723 $ 5,025 $ 4,087 $ 6,854 Capitalized interest (1) $ 2,894 $ 9,618 $ 9,919 $ 3,011 $ 929 Acquisition costs expensed (1) $ 190 $ 10,155 $ 2,856 $ 2,566 $ 295 Capitalization: Common share distributions per share (1) $ $ 1.90 $ 1.90 $ 1.90 $ 1.90 Principal amortization on debt (2) $ 2,269 $ 1,446 $ 1,194 $ 1,454 $ 1,606 Straight line rent adjustment (2) (3) (4) $ 2,836 $ 2,668 $ 2,066 $ 2,845 $ 4,975 Tenant improvement and leasing transaction costs (2) (4) $ 15,810 $ 14,814 $ 16,406 $ 13,445 $ 18,331 Non-reimbursed capital expenditures (2) (4) $ 2,288 $ 3,447 $ 3,710 $ 3,189 $ 3,137 Market price of shares at period end $ $ $ $ $ Shares and units outstanding at period end (000s) 150, , , , ,209 Market value of common shares and units $ 5,575,231 $ 5,085,682 $ 4,373,001 $ 3,702,852 $ 3,773,231 Preferred units 7,537 7,537 72, , ,000 Debt 3,251,249 3,253,519 2,653,606 2,219,519 2,355,936 Total market capitalization $ 8,834,017 $ 8,346,738 $ 7,098,644 $ 6,214,371 $ 6,421,167 (1) Amounts for 2013, 2012, 2011, and 2010 are annual calculations. (2) Amounts for 2013, 2012, 2011, and 2010 are quarterly averages. (3) Includes amortization of lease incentives and market rent intangible. (4) Includes pro rata portion for joint ventures. 5

8 Portfolio Profile Leasable Square Footage of Properties by City and Building Type with Joint Venture Properties at 100% Industrial - Industrial - Percentage City Distribution Flex Office Total of Total Arizona 1,564,545 46,725 1,201,992 2,813, % Atlanta 2,057, ,703-2,216, % Carolinas 5,877, ,800-6,139, % Chicago/Milwaukee 6,814,825 94,487-6,909, % -Joint Venture 5,063, ,063, % Cincinnati/Columbus/Indianapolis 3,948, ,948, % Dallas 1,785,942 74,038-1,859, % Houston 5,023,598 1,211,199-6,234, % Lehigh/Central PA 18,939, , ,777 19,396, % Maryland 2,254, ,833-2,675, % Minnesota 1,547,288 1,210,775 1,865,985 4,624, % New Jersey 1,428, ,428, % -Joint Venture 3,069, ,069, % Northern Virginia - Joint Venture - - 1,971,596 1,971, % Orlando 2,031, , ,810 3,640, % -Joint Venture 1,136, ,136, % Philadelphia 345, , ,055 1,139, % -Joint Venture - - 1,253,876 1,253, % Richmond/Hampton Roads 4,020, ,048 1,229,558 5,510, % South Florida 1,654, ,432 1,235,442 3,277, % Southeastern PA 406,678 1,610,746 5,913,472 7,930, % Southern California 1,097,757 36,303-1,134, % Tampa 1,626,318 1,358,165 1,216,734 4,201, % United Kingdom 1,380,878 43,717 90,013 1,514, % -Joint Venture - 107, , , % Washington DC , , % -Joint Venture , , % Other 563, , , % Total Wholly Owned 64,368,050 9,041,343 14,587,072 87,996, % Total Joint Ventures 9,269, ,512 4,114,142 13,491, % TOTAL 73,637,570 9,148,855 18,701, ,487, % % of Total Portfolio 72.6% 9.0% 18.4% 100.0% % of Total Portfolio - JV's at equity share 73.1% 9.9% 17.0% 100.0% Percentage of Annual Net Rent by Building Type with Joint Venture Properties at Equity Share Industrial - Industrial - Distribution Flex Office Total Wholly Owned 46.8% 12.2% 35.7% 94.7% Joint Ventures 1.7% 0.1% 3.5% 5.3% TOTAL 48.5% 12.3% 39.2% 100.0% 6

9 Building Type by Region Total % of Total % of Leased % Vacant % Type Net Rent Total Square Feet Total Square Feet Leased Square Feet Vacant Wholly Owned Arizona Industrial - Distribution $ 3,962, % 1,564, % 897, % 667, % - Flex 301, % 46, % 46, % - - Office 20,051, % 1,201, % 1,201, % - - Total 24,315, % 2,813, % 2,145, % 667, % Atlanta Industrial - Distribution $ 7,024, % 2,057, % 1,743, % 313, % - Flex 545, % 159, % 128, % 31, % Total 7,570, % 2,216, % 1,872, % 344, % Carolinas Industrial - Distribution $ 23,310, % 5,877, % 5,853, % 24, % - Flex 1,494, % 262, % 262, % - - Total 24,804, % 6,139, % 6,115, % 24, % Chicago/Milwaukee Industrial - Distribution $ 22,453, % 6,814, % 5,508, % 1,306, % - Flex 299, % 94, % 82, % 12, % Total 22,753, % 6,909, % 5,590, % 1,319, % Cincinnati/Columbus/Indianapolis Industrial - Distribution $ 12,130, % 3,948, % 3,865, % 82, % - Flex Total 12,130, % 3,948, % 3,865, % 82, % Dallas Industrial - Distribution $ 7,092, % 1,785, % 1,745, % 40, % - Flex 561, % 74, % 74, % - - Total 7,653, % 1,859, % 1,819, % 40, % Houston Industrial - Distribution $ 23,796, % 5,023, % 4,965, % 57, % - Flex 7,834, % 1,211, % 1,033, % 177, % Total 31,631, % 6,234, % 5,999, % 235, % Lehigh/Central PA Industrial - Distribution $ 84,005, % 18,939, % 18,442, % 497, % - Flex 2,232, % 336, % 336, % - - Office 1,309, % 120, % 112, % 7, % Total 87,547, % 19,396, % 18,891, % 504, % Maryland Industrial - Distribution $ 10,386, % 2,254, % 1,973, % 280, % - Flex 2,371, % 420, % 318, % 101, % Total 12,758, % 2,675, % 2,292, % 382, % Minnesota Industrial - Distribution $ 6,509, % 1,547, % 1,398, % 149, % - Flex 8,291, % 1,210, % 1,108, % 102, % Office 17,371, % 1,865, % 1,516, % 349, % Total 32,172, % 4,624, % 4,022, % 601, % New Jersey Industrial - Distribution $ 4,250, % 1,428, % 1,010, % 418, % - Flex Total 4,250, % 1,428, % 1,010, % 418, % 7

10 Building Type by Region Total % of Total % of Leased % Vacant % Type Net Rent Total Square Feet Total Square Feet Leased Square Feet Vacant Wholly Owned (continued) Orlando Industrial - Distribution $ 6,935, % 2,031, % 1,836, % 194, % - Flex 6,494, % 921, % 834, % 86, % Office 11,009, % 686, % 681, % 4, % Total 24,439, % 3,640, % 3,353, % 286, % Philadelphia Industrial - Distribution $ 3,714, % 345, % 345, % Flex 3,260, % 204, % 204, % - - Office 17,430, % 589, % 589, % - - Total 24,405, % 1,139, % 1,139, % - - Richmond/Hampton Roads Industrial - Distribution $ 14,310, % 4,020, % 3,628, % 391, % - Flex 1,597, % 261, % 227, % 33, % Office 12,641, % 1,229, % 1,064, % 165, % Total 28,548, % 5,510, % 4,919, % 590, % South Florida Industrial - Distribution $ 9,562, % 1,654, % 1,401, % 252, % - Flex 3,169, % 388, % 340, % 47, % Office 17,197, % 1,235, % 1,091, % 143, % Total 29,929, % 3,277, % 2,833, % 444, % Southeastern PA Industrial - Distribution $ 3,092, % 406, % 384, % 22, % - Flex 15,188, % 1,610, % 1,525, % 85, % Office 75,475, % 5,913, % 4,888, % 1,025, % Total 93,756, % 7,930, % 6,797, % 1,132, % Southern California Industrial - Distribution $ 3,262, % 1,097, % 509, % 588, % - Flex 296, % 36, % 36, % - - Total 3,559, % 1,134, % 545, % 588, % Tampa Industrial - Distribution $ 7,583, % 1,626, % 1,595, % 31, % - Flex 11,548, % 1,358, % 1,132, % 225, % Office 17,011, % 1,216, % 1,187, % 28, % Total 36,143, % 4,201, % 3,915, % 285, % United Kingdom Industrial - Distribution $ 11,718, % 1,380, % 1,380, % Flex 1,311, % 43, % 43, % - - Office 2,657, % 90, % 83, % 6, % Total 15,687, % 1,514, % 1,507, % 6, % Washington DC Industrial - Distribution $ Flex Office 11,213, % 437, % 365, % 71, % Total 11,213, % 437, % 365, % 71, % Other Industrial - Distribution $ 1,960, % 563, % 461, % 101, % - Flex 2,623, % 400, % 386, % 13, % Total 4,584, % 963, % 848, % 115, % WHOLLY OWNED - TOTAL Industrial - Distribution $ 267,063, % 64,368, % 58,947, % 5,420, % - Flex 69,422, % 9,041, % 8,122, % 918, % Office 203,371, % 14,587, % 12,783, % 1,803, % Total 539,858, % 87,996, % 79,853, % 8,143, % 8

11 Building Type by Region Total % of Total % of Leased % Vacant % Type Net Rent Total Square Feet Total Square Feet Leased Square Feet Vacant Joint Ventures (at 100%) Chicago/Milwaukee Industrial - Distribution $ 15,759, % 5,063, % 4,847, % 215, % - Flex Total 15,759, % 5,063, % 4,847, % 215, % New Jersey Industrial - Distribution $ 11,881, % 3,069, % 2,848, % 221, % - Flex Total 11,881, % 3,069, % 2,848, % 221, % Northern Virginia Industrial - Distribution $ Flex Office 27,947, % 1,971, % 1,573, % 398, % Total 27,947, % 1,971, % 1,573, % 398, % Orlando Industrial - Distribution $ 5,852, % 1,136, % 1,136, % Flex Total 5,852, % 1,136, % 1,136, % - - Philadelphia Industrial - Distribution $ Flex Office 39,149, % 1,253, % 1,240, % 13, % Total 39,149, % 1,253, % 1,240, % 13, % United Kingdom Industrial - Distribution $ Flex 2,840, % 107, % 105, % 2, % Office 6,432, % 437, % 288, % 148, % Total 9,273, % 544, % 393, % 151, % Washington DC Industrial - Distribution $ Flex Office 14,942, % 451, % 449, % 1, % Total 14,942, % 451, % 449, % 1, % Joint Ventures Total Industrial - Distribution $ 33,493, % 9,269, % 8,832, % 437, % - Flex 2,840, % 107, % 105, % 2, % Office 88,471, % 4,114, % 3,552, % 561, % Total 124,806, % 13,491, % 12,489, % 1,001, % PORTFOLIO - TOTAL Industrial - Distribution $ 300,557, % 73,637, % 67,779, % 5,857, % - Flex 72,263, % 9,148, % 8,227, % 921, % Office 291,843, % 18,701, % 16,335, % 2,365, % Total $ 664,664, % 101,487, % 92,343, % 9,144, % 9

12 Occupancy December 31, 2013 September 30, 2013 June 30, 2013 March 31, 2013 Total Leased Total Leased Total Leased Total Leased Total Leased Square Square Percent Square Square Percent Square Square Percent Square Square Percent Square Square Percent Feet Feet Leased Feet Feet Leased Feet Feet Leased Feet Feet Leased Feet Feet Leased Same Store (1) 59,442,455 54,897, % 62,029,129 58,315, % 66,212,858 61,671, % 66,210,032 61,567, % 66,697,975 61,800, % 1st Quarter, , , % 207, , % 207, , % 207, , % 207, , % 2nd Quarter, , , % 430, , % 430, , % 430, , % 3rd Quarter, ,099,909 2,085, % 3,099, , % 3,099, , % 4th Quarter, ,701,666 21,775, % 23,761,176 22,099, % 1st Quarter, ,114, , % 87,996,465 79,853, % 89,528,158 81,872, % 69,950,711 63,129, % 66,847,976 62,140, % 66,905,754 62,007, % Industrial - Distribution 64,368,050 58,947, % 63,313,069 58,537, % 42,369,246 38,591, % 39,417,319 37,777, % 39,417,319 37,535, % Industrial - Flex 9,041,343 8,122, % 9,509,410 8,510, % 8,952,651 8,010, % 8,952,651 8,081, % 9,033,286 8,180, % Office 14,587,072 12,783, % 16,705,679 14,824, % 18,628,814 16,526, % 18,478,006 16,280, % 18,455,149 16,291, % Wholly Owned Properties - Total 87,996,465 79,853, % 89,528,158 81,872, % 69,950,711 63,129, % 66,847,976 62,140, % 66,905,754 62,007, % Joint Ventures Chicago 5,063,551 4,847, % 5,063,551 4,912, % 5,063,551 4,938, % 5,063,631 4,970, % 5,063,551 4,796, % New Jersey 3,069,794 2,848, % 3,069,794 2,736, % 3,069,794 2,736, % 3,069,794 2,661, % 3,069,794 2,706, % Northern Virginia 1,971,596 1,573, % 1,971,595 1,581, % 2,142,535 1,778, % 2,141,819 1,779, % 2,141,819 1,932, % Orlando 1,136,175 1,136, % 1,136,175 1,136, % 1,136,175 1,113, % 1,136,175 1,113, % 1,136,175 1,113, % Philadelphia 1,253,876 1,240, % 1,253,876 1,240, % 1,253,876 1,252, % 1,253,876 1,252, % 1,253,876 1,252, % United Kingdom 544, , % 544, , % 588, , % 588, , % 588, , % Washington DC 451, , % 451, , % 451, , , , % 451, , % Joint Ventures - Total 13,491,174 12,489, % 13,491,173 12,446, % 13,705,848 12,676, % 13,705,212 12,634, % 13,704,960 12,663, % Portfolio Total 101,487,639 92,343, % 103,019,331 94,319, % 83,656,559 75,806, % 80,553,188 74,774, % 80,610,714 74,671, % (1) Same Store properties are those properties which were owned as of January 1, Historical numbers have not been adjusted for property sales in subsequent periods. 10

13 New Lease Analysis - Quarterly Comparison Average Average Percentage Average Square Feet Square Feet Cap Exp Cap Exp New Leases Cap. Exp. Number of First of Second of First of Second Average Average Growth in with Per Sq. Ft. of New Generation Generation Generation Generation Lease Term Straight Line Straight Line Built In per Lease Type Leases Spaces Spaces Spaces Spaces in Years Rent Rent Increases Term Quarter Ended 3/31/2014 Industrial - Distribution , ,038 $ 3.69 $ $ % 47.6% $ Flex 23 29, ,036 $ $ $ % 99.5% $ 1.56 Office 34 43, ,402 $ $ $ % 92.1% $ 3.48 Total ,151 1,331,476 $ 7.47 $ $ % 79.4% $ 1.98 Quarter Ended 12/31/2013 Industrial - Distribution , ,242 $ 3.06 $ $ % 85.1% $ Flex 33 60, ,827 $ 1.70 $ $ % 89.8% $ 2.49 Office ,086 $ - $ $ % 73.3% $ 3.45 Total , ,155 $ 2.73 $ $ % 82.9% $ 1.61 Quarter Ended 9/30/2013 Industrial - Distribution 24 87, ,948 $ 6.06 $ $ % 75.4% $ Flex 16 6, ,713 $ $ $ % 96.6% $ 2.67 Office 47 6, ,291 $ $ $ % 86.1% $ 2.79 Total ,239 1,111,952 $ $ $ % 83.7% $ 1.74 Quarter Ended 6/30/2013 Industrial - Distribution ,580 1,088,967 $ 2.12 $ $ % 70.5% $ Flex 19 8, ,606 $ $ $ % 91.4% $ 2.30 Office 31 3, ,835 $ $ $ % 87.5% $ 3.24 Total ,106 1,541,408 $ 3.83 $ $ % 81.1% $ 1.58 Quarter Ended 3/31/2013 Industrial - Distribution 26 63,704 1,016,038 $ 1.11 $ $ % 82.2% $ Flex 23 51, ,967 $ $ $ % 79.7% $ 2.07 Office 34 14, ,116 $ $ $ % 97.6% $ 4.29 Total ,662 1,402,121 $ $ $ % 85.2% $

14 Renewal Analysis - Quarterly Comparison Percentage Growth in Renewal Cap. Exp. Percentage Average Straight Leases with Average Per Sq. Ft. Expiring Leases Leases Renewed Square Feet Lease Term Line Built In Cap. Exp. per Lease Type Number Square Feet Number Square Feet Renewed in Years Rent Increases Per Sq. Ft. Term Quarter Ended 3/31/2014 Industrial - Distribution 69 5,117, ,824, % % 89.3% $ 1.90 $ Flex , , % % 96.3% $ 6.28 $ 1.09 Office , , % % 77.6% $ 7.61 $ 2.52 Total 196 6,531, ,552, % % 87.6% $ 2.94 $ 0.49 Quarter Ended 12/31/2013 Industrial - Distribution 60 3,612, ,163, % % 85.5% $ 1.38 $ Flex , , % % 50.0% $ 2.21 $ 0.87 Office , , % % 90.4% $ 4.53 $ 1.20 Total 181 5,187, ,099, % % 85.4% $ 1.97 $ 0.38 Quarter Ended 9/30/2013 Industrial - Distribution 57 4,316, ,681, % % 94.9% $ 1.04 $ Flex , , % % 66.0% $ 2.52 $ 0.51 Office , , % % 95.1% $ 8.08 $ 1.94 Total 178 5,766, ,704, % % 91.2% $ 2.07 $ 0.48 Quarter Ended 6/30/2013 Industrial - Distribution 45 3,327, ,427, % % 81.6% $ 0.63 $ Flex , , % % 90.3% $ 2.04 $ 0.83 Office 92 1,327, , % % 91.4% $ 4.39 $ 0.90 Total 176 5,128, ,504, % % 87.5% $ 1.71 $ 0.57 Quarter Ended 3/31/2013 Industrial - Distribution 45 3,287, ,650, % % 80.0% $ 0.91 $ Flex , , % % 78.9% $ 4.31 $ 1.13 Office , , % % 87.6% $ 9.16 $ 1.54 Total 155 4,720, ,638, % % 83.4% $ 2.82 $ 0.62 Average 12

15 Lease Expirations SQUARE FEET NET RENT PER SQUARE FOOT Industrial Industrial Year of Expiration Total Distribution Flex Office Total Distribution Flex Office WHOLLY OWNED - TOTAL ,616,277 4,828, ,963 1,123,598 $ 6.15 $ 3.92 $ 7.99 $ ,649,877 9,477,650 1,156,687 2,015,540 $ 6.41 $ 4.48 $ 8.39 $ ,867,912 9,784,231 1,509,196 1,574,485 $ 6.91 $ 4.90 $ 8.61 $ ,320,477 8,318,249 1,218,256 1,783,972 $ 7.09 $ 4.85 $ 8.24 $ ,003,784 8,847, ,972 1,299,148 $ 6.77 $ 5.07 $ 8.92 $ ,760,626 5,953, ,741 1,821,733 $ 8.61 $ 4.93 $ $ Thereafter 16,634,379 11,737,718 1,731,766 3,164,895 $ 9.84 $ 5.91 $ $ Total 79,853,332 58,947,380 8,122,581 12,783,371 $ 7.57 $ 4.97 $ 9.67 $ Total Square Feet 87,996,465 64,368,050 9,041,343 14,587,072 Joint Ventures , ,037 25, ,186 $ $ 5.09 $ $ , ,868 9, ,249 $ $ 4.54 $ $ ,878,209 1,426,642 38, ,785 $ 9.30 $ 4.35 $ $ ,562,068 1,254,182 25, ,626 $ 8.01 $ 4.16 $ $ ,843,088 1,705,259 6, ,220 $ 6.62 $ 4.56 $ $ ,041, , ,291 $ $ 5.50 $ - $ Thereafter 4,701,704 3,019,798-1,681,906 $ $ 4.31 $ - $ Total 12,489,916 8,832, ,149 3,552,263 $ $ 4.48 $ $ Total Square Feet 13,491,174 9,269, ,512 4,114,142 PORTFOLIO - TOTAL ,506,741 5,264, ,204 1,552,784 $ 7.25 $ 4.02 $ 8.79 $ ,223,251 9,811,518 1,165,944 2,245,789 $ 6.66 $ 4.48 $ 8.54 $ ,746,121 11,210,873 1,547,978 1,987,270 $ 7.21 $ 4.83 $ 9.12 $ ,882,545 9,572,431 1,243,516 2,066,598 $ 7.20 $ 4.76 $ 8.68 $ ,846,872 10,552, ,581 1,430,368 $ 6.75 $ 4.99 $ 9.05 $ ,801,635 6,609, ,741 2,206,024 $ 9.08 $ 4.99 $ $ Thereafter 21,336,083 14,757,516 1,731,766 4,846,801 $ $ 5.58 $ $ Total 92,343,248 67,779,884 8,227,730 16,335,634 $ 8.18 $ 4.91 $ 9.92 $ Total Square Feet 101,487,639 73,637,570 9,148,855 18,701,214 13

16 Completed Development Properties Total Inventory/ Building Total Square Occupancy No. of Operating Current Stabilized Address Location Build-to-Suit Type Costs Feet 3/31/2014 Tenants Major Tenant As Of: Yield Yield Wholly Owned: (in'000s) Wilfred Lane Rogers, MN Inventory ID $ 12, , % 4 ADO Products, LLC. Jan Hollister Road Houston, TX Build-to-Suit ID 7, , % 1 Wayne Enterprises, Inc. Jan Central Green Boulevard Houston, TX Inventory ID 10, , % 2 Hydraquip Distribution, Inc. Jan-14 Totals: $ 30, , % 7.4% 8.4% 14

17 Total Construction Leasable Projected Inventory/ Building Projected Percentage Square Percent No. of SL Address City, State Build-to-Suit Type Costs Complete (1) Feet Pre-Leased Tenants Major Tenant Yield SORTED BY QUARTER PROJECT IS ANTICIPATED TO COME INTO SERVICE (2) Wholly Owned Development (000's) Liberty Property Trust Development Properties 2nd Quarter, Brockton Lane Rogers, MN Inventory ID $ 12, % 227, % 1 Graco, Inc. 12, % 227, % 3rd Quarter, Old Morehall Road Malvern, PA Build-to-Suit O 50, % 200, % 1 The Vanguard Group 1467 Perryman Road Aberdeen, MD Build-to-Suit ID 49, % 945, % 1 Clorox Manufacturing Company 9300 Olde Scotland Road Shippensburg, PA Build-to-Suit ID 92, % 1,691, % 1 The Procter and Gamble Distributing, LLC 192, % 2,838, % 1st Quarter, Rouse Blvd Philadelphia, PA Build-to-Suit O 25, % 80, % 1 Franklin Square Holdings 110 Caliber Ridge Drive Greer, SC Inventory ID 7, % 156, % 1 A.L. Industries Inc Greens Parkway Houston, TX Inventory ID 5, % 66, % 1 TFE Group, Inc Ella Boulevard Houston, TX Inventory ID 9, % 162,780-48, % 465, % 2nd Quarter, NW 122 Street Medley, FL Inventory ID 13, % 147, Fallbrook Drive Houston, TX Inventory ID 23, % 400, New Ridge Road Hanover, MD Inventory ID 12, % 117, % 1 Kawneer Company, Inc New Ridge Road Hanover, MD Inventory ID 12, % 126,000-62, % 791, % 3rd Quarter, South Royal Lane Coppell, TX Inventory ID 13, % 198,819-13, % 198,819-4th Quarter, W. Rio Salado Parkway Tempe, AZ Inventory O 29, % 154, % 1 WageWorks, Inc. 29, % 154, % 1st Quarter, West Sam Houston Pkwy N Houston, TX Inventory O 47, % 206,754-47, % 206,754 - Total Wholly Owned Development: $ 406, % 4,882, % 8.3% Joint Ventures (3) 3rd Quarter, Center Square Road Logan Twp, NJ Inventory ID $ 12, % 203,250-12, % 203,250 - Total Joint Venture Development: $ 12, % 203, % Total Development: $ 418, % 5,085, % 8.2% (1) Calculated according to the percentage of the project incurred as of. (2) Project will come into service at the earlier of standard construction/lease-up periods or rent commencement on 90% of space. (3) Amounts shown are 100% of development property value. 15

18 Acquisition Properties acq work ricks acq work acq work acq work acq work acq work sum Leasable Percent Purchase Total Projected Date Product Square Price Investment Current Stabilized Project Acquired City/State Type Footage 3/31/2014 (in 000s) (in 000s) Yield Yield Wholly Owned: 25 Brookfield Oaks Drive 01/16/14 Greenville, SC ID 90, % $ 4,050 $ 4, Cactus Avenue 03/20/14 Moreno Valley, CA ID 522,772-33,585 36,862 Total Portfolio: 612, % $ 37,635 $ 40, % 6.2% 16

19 Disposition Properties Leasable Sales Date Product Square Percent Proceeds Project Sold City/State Type Feet Leased (in 000s) Wholly Owned: Various Portfolio Sale 1/30/2014 Various Various 2,592, % $ 320,077 (1) Other 8720 Rochester Avenue 3/4/2014 Rancho Cucamonga, CA ID 59,510-5,030 Total Wholly Owned: 2,652, % $ 325,107 (1) Excludes 19 acres of land for proceeds of $9.5 million. 17

20 Debt & Preferred Unit Analysis (Dollars in Thousands) Debt Maturities: Weighted Mortgages (1) Unsecured Average Amortization Maturities Notes (2) Credit Facility (3) Total Interest Rate 2014 $ 8,591 $ 2,696 $ 199,972 $ - $ 211, % ,138 44, , , % , , , , % ,916 2, , , % ,730 27,051 99, , % ,680 50, , % ,280 67, , , % ,716 65, , % , , , % 2023 and thereafter 29,625 1, , , % $ 99,568 $ 443,241 $ 2,708,440 $ - $ 3,251, % (1) Mortgages comprise $542,809 fixed rate debt bearing interest at a weighted average interest rate of 5.57%. Preferred Units: (2) The unsecured notes include $200,000 principal bearing interest at 5.65%, $300,000 principal bearing interest at 5.125%, $16,000 principal bearing interest at 3.435%, $300,000 principal bearing interest at 5.50%, $296,543 principal bearing interest at 6.625%, $100,000 principal bearing interest at 7.50%, $350,000 principal bearing interest at 4.75%, $400,000 principal bearing interest at 4.125%, $300,000 principal bearing interest at 3.375% and $450,000 principal bearing interest at 4.40% for a blended weighted average interest rate of 4.945% (3) The $800 million credit facility bears interest at LIBOR basis points and expires on March 26, Dividend Liquidation Optional Security Rate Preference Redemption Date Series I % 7,537 November July

21 Debt Covenants SENIOR UNSECURED NOTES Required Former Terms 3/31/ /31/ /31/12 12/31/11 12/31/10 12/31/09 Covenant (a) (b) Debt/Total Assets < 60% 42% 42% 42% 37% 38% 39% Annual Service Charge Coverage > Secured Debt < 40% 7% 7% 5% 5% 5% 7% Unencumbered Total Asset Value/Unsecured Debt > UNSECURED LINE OF CREDIT Covenant (a) (b) Unsecured Debt : Unencumbered Properties <= 60% 48% 49% 49% 40% 43% 44% Unencumbered NOI : Unsecured Interest Expense >= Total Debt : Total Assets (Gross) <= 60% 40% 46% 50% 43% 46% 45% Secured Debt : Total Assets (Gross) <=35% 7% 10% 10% 10% 11% 13% EBITDA : Fixed Charges >= Dividend : FFO <= 90% 78% 78% 74% 73% 72% Waived (a) Defined terms used in the above covenant calculations may differ between the Senior Unsecured Notes and the Unsecured Line of Credit. (b) Ratios use calculations that are defined in the Trust Indenture or Credit Facility Credit Agreement as appropriate. 19

22 Same Store Comparison (Dollars in thousands) Quarter Ended Percentage 3/31/2014 3/31/2013 Change Rental Revenue $ 102,740 $ 102, % Operating Expenses: Rental Property Expense 32,545 25, % (1) Real Estate Taxes 17,540 17, % Operating Expense Recovery (47,634) (42,216) 12.8% Unrecovered Operating Expenses 2, % Property Level Operating Income 100, , % Less Straight Line Rent 605 1, % Cash Basis Property Level Operating Income $ 99,684 $ 101, % Same Store properties are those which were owned at January 1, 2013 and excluding properties sold through. Rental revenue does not include termination fees. (1) Includes $7.5 million in snow-related expenses for the quarter ended compared to $2.1 million for the quarter ended March 31, 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 exclusive of Termination Fees is considered by management to be a more reliable indicator of the portfolio s baseline performance. Same Store property level income is a non-gaap measure and does not represent income before property dispositions, income taxes and noncontrolling interest because it does not reflect the consolidated operations of the Company. Investors should review Same Store results, along with Funds from operations (see page 3), GAAP net income and cash flow from operating activities, investing activities and financing activities when trying to understand the equity REIT s operating performance. 20

23 Unconsolidated Joint Ventures As of and for the Three Months Ended (Dollars in Thousands) Liberty Kings Hill Liberty Liberty Liberty Liberty Venture I, LP Unit Trust Illinois, LP AIPO LP Washington, LP Commerz LP Other Total BALANCE SHEET (A) Real estate assets $ 130,552 $ 184,505 $ 261,465 $ 52,944 $ 889,120 $ 494,171 $ 17,442 $ 2,030,199 Accumulated depreciation (33,777) (26,107) (44,888) (6,477) (136,495) (86,980) (2,394) (337,118) Real estate assets, net 96, , ,577 46, , ,191 15,048 1,693,081 Development in progress 2, ,866 Land held for development 2,842-42,772 14,435 2,000-34,523 96,572 Other assets 10,779 18,036 22,544 5,897 59,034 51,670 8, ,379 Total assets $ 113,262 $ 176,434 $ 281,893 $ 66,799 $ 813,659 $ 458,861 $ 57,990 $ 1,968,898 Debt 71,782 97, ,400 42, , ,691 - $ 992,999 Other liabilities 3, ,093 8, ,476 9,511 3, ,021 Equity 37,548 (21,378) 132,959 23, , ,659 54, ,878 Total liabilities and equity $ 113,262 $ 176,434 $ 281,893 $ 66,799 $ 813,659 $ 458,861 $ 57,990 $ 1,968,898 LRY's ownership percentage 25% 20% 25% 50% 25% 20% 50% LRY's share of equity $ 8,640 $ 12,746 $ 21,788 $ 12,109 $ 72,120 $ 24,398 $ 29,448 $ 181,249 RESULTS OF OPERATIONS (A) Total revenue $ 4,294 $ 3,300 $ 6,462 $ 1,833 $ 18,042 $ 16,300 $ 379 $ 50,610 Operating expenses 1,320 1,347 2, ,046 5, ,711 SUBTOTAL 2,974 1,953 4,025 1,423 10,996 10, ,899 Interest 1,277 1,544 2, ,645 5,000-15,269 Depreciation and amortization 1,338 1,056 1, ,660 3, ,058 Other (income)/expense UNCO (6) (11) (2) (4) (66) 253 (5,464) (5,300) NET INCOME $ 365 $ (636) $ 108 $ 335 $ (243) $ 1,530 $ 5,413 $ 6,872 LRY's share of net income $ 147 $ (94) $ 161 $ 220 $ 551 $ 464 $ 2,710 $ 4,159 LRY's share of depreciation and amortization , ,291 LRY's share of funds from operations (FFO) $ 482 $ 101 $ 548 $ 408 $ 1,962 $ 1,189 $ 2,760 $ 7,450 DEBT Interest rate 4.50% % 3.02% % 5.72% % 6.42% % 2.69% % 6.15% - LRY's share of debt $ 17,946 $ 19,544 $ 35,100 $ 21,468 $ 79,868 $ 64,138 $ - $ 238,064 Debt maturity date (B) 10/15-7/16 1/16 5/16-10/17 9/17-11/19 6/15-7/24 4/18 - (A) Reported at 100% of joint venture. (B) The maturity dates and corresponding future maturities are shown at the debt's first call date. JV DEBT MATURITIES (INCLUDING AMORTIZATION) (In 000'S) Total LRY Share 2014 $ 5,913 $ 1, ,875 14, ,108 88, ,377 32, ,222 77,674 Thereafter 74,504 22,387 $ 992,999 $ 238,064 21

24 Reconciliation of Non-GAAP Financial Measures (Unaudited and in thousands) Property Level Operating Income and Adjusted EBITDA to Net Income Quarter Ended Year Ended December 31, 2013 December 31, 2012 December 31, 2011 December 31, 2010 Property level operating income $ 136,751 $ 523,223 $ 478,721 $ 494,917 $ 508,221 General and administrative expense (18,361) (74,564) (64,686) (59,186) (52,710) Equity in earnings of unconsolidated joint ventures 1,426 6,569 4,599 3,496 2,296 Management fees and other miscellaneous income 2,076 8,164 7,220 5,963 6,895 Adjusted EBITDA 121, , , , ,702 Depreciation and amortization expense (56,734) (173,784) (135,523) (126,218) (119,653) Interest, net (38,748) (125,400) (101,838) (99,814) (109,645) Gain on property dispositions (83) 8,676 3,080 5,025 4,616 Income taxes (531) (2,799) (976) (1,020) (1,736) Discontinued operations (not including property level operating income) 45,577 50,011 (37,566) (12,453) (84,531) Other 2,733 (502) (5,280) - (378) Net Income $ 74,106 $ 219,594 $ 147,751 $ 210,710 $ 153,375 Same Store Property Level Net Operating Income to Net Income Quarter Ended Six Months Ended March 31, 2013 December 31, 2013 December 31, 2012 Same store property level operating income - cash basis $ 99,684 $ 101,092 $ (605) $ (1,014) Same store straight line rent 605 1, ,014 Same store property level operating income - GAAP basis 100, , Non-same store property level operating income - continuing operations 33,435 1, , ,041 Termination fees General and administrative expense (18,361) (19,793) (74,564) (64,686) Depreciation and amortization expense (56,734) (37,220) (173,784) (135,523) Other income (expense) (36,672) (25,166) (117,236) (94,618) (Loss) gain on property dispositions (83) 1,800 8,676 3,080 Income taxes (531) (491) (2,799) (976) Equity in earnings of unconsolidated joint ventures 4,159 1,757 6,067 (681) Discontinued operations 47,775 49, ,839 51,004 Net income $ 74,106 $ 74,656 $ 219,594 $ 147,751 22