SUPPLEMENTAL INFORMATION MARCH 31, Page. Page. Renewal Analysis Quarterly Comparison..12 Renewal Analysis by Region.13. Highlights...

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1 SUPPLEMENTAL INFORMATION MARCH 31, 2012 Page Highlights...1 Statement of Operations..2 Statement of Funds from Operations..3 Balance Sheet..4 Ratios...5 Portfolio Profile...6 Building Type by Region.7-8 Occupancy New Lease Analysis Quarterly Comparison..10 New Lease Analysis by Region Page Renewal Analysis Quarterly Comparison..12 Renewal Analysis by Region.13 Lease Expirations..14 Lease Expirations by Region Completed Development Properties..17 Development Properties 18 Acquisition Properties..19 Debt and Preferred Unit Analysis.20 Same Store Comparison Unconsolidated Joint Ventures Reconciliation of Non-GAAP Financial Measures...23

2 Highlights Quarter Ended Funds from operations available to common shareholders - diluted (FFO) was $.68 per share. Operating results include termination fees of $2.2 million. A reconciliation of net income to FFO can be found on page three. General and administrative expense for the first quarter of 2012 and 2011 includes $3.2 million and $2.7 million, respectively, of additional compensation expense due to the accelerated vesting of long term incentive compensation due to the years of service and ages of certain employees. The Company redeemed $32.5 million of its outstanding 6.65% Series F Cumulative Redeemable Preferred Units for $26.0 million, and redeemed the entire $95.0 million of 7.45% Series B Cumulative Redeemable Preferred Units at par. The $6.5 million discount net of the write off of $2.8 million of origination costs is included in FFO. The Company began construction on one wholly owned property containing 126,000 square feet of leasable space at a projected investment of $7.8 million. The estimated yield for the 3.2 million square feet of wholly owned properties under development at is 9.9%. The projected cost for these development properties is $294.3 million and there are signed leases for 24.8% of this space as of. The Company did not acquire any properties. The Company sold two operating properties, which contained 105,383 square feet of leasable space for $6.5 million. These properties were 76.6% leased at the time of the sale. Property level operating income for the same store properties (those properties owned as of January 1, 2011 and excluding properties sold through ) increased by 0.5% on a cash basis and decreased by 0.4% on a straight line basis for the quarter ended, compared to the quarter ended March 31, Subsequent to the end of the quarter, 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. 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

3 Statement of Operations (Unaudited and in thousands, except per share amounts) Quarter Ended March 31, 2011 Operating Revenue Rental $ 119,591 $ 114,724 Operating expense reimbursement 50,346 51,410 Total operating revenue 169, ,134 Operating Expenses 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, ,265 Operating Income 60,144 59,869 Other Income/Expense Interest and other 2,762 2,589 Interest (28,476) (32,889) Total other income/expense (25,714) (30,300) Income before property dispositions, income taxes, noncontrolling interest 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 Income from continuing operations 35,691 30,714 Discontinued operations (including net gain on property dispositions of $1,064 and $470 for the quarters ended and 2011, respectively) 3,911 4,229 Net Income 39,602 34,943 Noncontrolling interest - operating partnerships (2,513) (6,235) Noncontrolling interest - consolidated joint ventures 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 Basic income per common share Continuing operations $ 0.29 $ 0.21 Discontinued operations $ 0.03 $ 0.04 Total basic income per common share $ 0.32 $ 0.25 Diluted income per common share Continuing operations $ 0.29 $ 0.21 Discontinued operations $ 0.03 $ 0.04 Total diluted income per common share $ 0.32 $ 0.25 Weighted average shares Basic 115, ,013 Diluted 116, ,766 Amounts attributable to common shareholders Income from continuing operations $ 33,301 $ 24,820 Discontinued operations 3,788 4,089 Net income $ 37,089 $ 28,909 2

4 Statement of Funds From Operations (Unaudited and in thousands, except per share amounts) Quarter Ended March 31, 2011 Per Per Weighted Weighted Average Average Dollars Share Dollars Share Reconciliation of net income to FFO - basic: Basic - income available to common shareholders $ 37,089 $ 0.32 $ 28,909 $ 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 $ 0.68 $ 74,471 $ 0.65 Reconciliation of net income to FFO - diluted: Diluted - income available to common shareholders $ 37,089 $ 0.32 $ 28,909 $ 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 excluding preferred unit distributions 1, Funds from operations available to common shareholders - diluted $ 81,854 $ 0.68 $ 77,011 $ 0.65 Reconciliation of weighted average shares: Weighted average common shares - all basic calculations 115, ,013 Dilutive shares for long term compensation plans Diluted shares for net income calculations 116, ,766 Weighted average common units 3,809 3,929 Diluted shares for Funds from operations calculations 120, ,695 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

5 Balance Sheet (In thousands, except share and unit amounts) December 31, 2011 Assets (unaudited) 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, ,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, ,002 Deferred financing and leasing costs, net of accumulated amortization (2012, $128,303; 2011, $123,822) 130, ,160 Investments in and advances to unconsolidated joint ventures 174, ,687 Assets held for sale 197, ,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, ,400 Accounts payable 32,310 23,418 Accrued interest 33,036 24,147 Dividend and distributions payable 57,393 56,958 Other liabilities 177, ,995 Total liabilities 2,668,988 2,522,380 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, 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 and December 31, 2011, respectively Additional paid-in capital 2,637,861 2,617,355 Accumulated other comprehensive loss 1,814 (429) Distributions in excess of net income (479,994) (461,498) Common shares in treasury, at cost, 1,249,909 shares as of and December 31, 2011 (51,951) (51,951) Total shareholders' equity 2,107,848 2,103,594 Noncontrolling interest - operating partnership 3,808,746 common units outstanding as of and December 31, ,920 64,428 5,290,000 and 9,740,000 preferred units outstanding as of and December 31, 2011, respectively 163, ,959 Noncontrolling interest - consolidated joint ventures 3,775 3,775 Total equity 2,338,769 2,459,756 Total liabilities, noncontrolling interest - operating partnership & equity $ 5,015,294 $ 4,989,673 4

6 Ratios (Dollars in thousands except per share amounts) 03/31/12 12/31/11 12/31/10 12/31/09 12/31/08 Return on operating real estate (2) 9.5% 9.5% 9.7% 10.1% 10.2% (Property level operating income / avg. gross operating real estate) Interest coverage ratio (2) (Funds from operations (1) (5) + interest exp. / interest exp.) Interest and preferred coverage ratio (2) (Funds from operations (1) (5) + interest exp. + preferred dividend / interest exp. (including interest capitalized) + preferred dividend) Debt to market capitalization 34.5% 35.8% 36.7% 37.9% 49.5% Debt to gross assets 38.3% 36.3% 38.3% 39.6% 41.8% Net debt to adjusted EBITDA (2) (Debt - cash / property level operating income - general and administrative exp. + equity in earnings of unconsolidated joint ventures + management fees and other miscellaneous income) Funds from operations per share $ 0.68 $ 0.63 $ 0.65 $ 0.54 $ 0.83 Payout ratio - funds from operations (2) (5) 69.9% 72.8% 71.4% 65.3% 72.8% Common share distribution $ $ $ $ $ Market price of shares at period end $ $ $ $ $ Shares and units outstanding at period end - basic (000s) 120, , , , ,859 Market value of common shares and units $ 4,315,833 $ 3,702,852 $ 3,773,231 $ 3,733,550 $ 2,348,271 Preferred units 172, , , , ,000 Debt 2,368,659 2,222,862 2,359,822 2,456,875 2,590,167 Total market capitalization $ 6,856,529 $ 6,217,714 $ 6,425,053 $ 6,482,425 $ 5,230,438 Principal amortization on debt (2) $ 1,280 $ 1,454 $ 1,606 $ 1,641 $ 2,081 Straight line rent adjustment (2) (3) (4) $ 1,643 $ 2,845 $ 4,975 $ 5,268 $ 4,878 Tenant improvement and leasing transaction costs (2) (4) $ 17,474 $ 13,445 $ 18,331 $ 15,114 $ 17,251 Non-reimbursed capital expenditures (2) (4) $ 1,123 $ 3,189 $ 3,137 $ 2,286 $ 3,566 (1) Funds from operations before debt extinguishment gain and discount on preferred unit redemption net of origination costs. (2) Amounts for 2011, 2010, 2009 and 2008 are annual calculations or quarterly averages as appropriate. (3) Includes amortization of lease incentives and market rent intangible. (4) Includes pro rata portion for joint ventures. (5) For the year ended December 31, 2009, reflects funds from operations before $15.7 million non-cash impairment charge. 5

7 Portfolio Profile Leasable Square Footage of Properties by Region and Building Type Industrial - Industrial - Percentage Region Distribution Flex Office Total of Total Northeast Southeastern PA 597,275 1,662,121 6,997,192 9,256, % Lehigh/Central PA 15,620, , ,777 16,178, % Maryland 1,040, ,865 1,467,561 2,960, % New Jersey - 622, ,202 1,572, % Total Northeast 17,257,387 3,175,551 9,535,732 29,968, % Central Minnesota 776,120 1,846,014 1,865,985 4,488, % Chicago/Milwaukee 1,518, , ,019 2,490, % Houston 3,586, ,823-4,017, % Arizona 227,259 46, ,039 1,265, % Total Central 6,107,619 2,713,678 3,439,043 12,260, % South Carolinas 4,924, , ,677 5,782, % Richmond/Hampton Roads 3,662, ,048 1,605,006 5,528, % Jacksonville 173,580 1,010, ,953 2,178, % Orlando 1,676, , ,810 3,285, % South Florida 441, ,019 1,283,348 1,837, % Tampa 294,286 1,191,005 1,216,734 2,702, % Total South 11,172,520 3,940,788 6,201,528 21,314, % Metro Philadelphia/Washington DC 345, , ,444 1,421, % Total Metro 345, , ,444 1,421, % United Kingdom - 43,717 90, , % TOTAL - Wholly Owned 34,883,026 9,975,078 20,240,760 65,098, % % of Wholly Owned 53.6% 15.3% 31.1% 100.0% Joint Ventures Liberty Venture I, LP 3,069, ,069,794 Liberty Illinois, LP 5,063, ,063,551 Liberty AIPO, LP 1,136, ,136,175 Liberty Washington, LP - - 2,593,091 2,593,091 Liberty/Commerz 1701 JFK Blvd LP - - 1,253,876 1,253,876 Kings Hill Unit Trust - 170, , ,463 Blythe Valley JV Sarl , ,472 Silversword Properties Ltd ,510 54,510 Total Joint Ventures 9,269, ,668 4,723,744 14,163,932 TOTAL 44,152,546 10,145,746 24,964,504 79,262,796 % of Total Portfolio 55.7% 12.8% 31.5% 100.0% Percentage of Annual Net Rent by Region and Building Type Industrial - Industrial - Percentage Region Distribution Flex Office of Total Northeast 12.3% 4.5% 19.4% 36.2% Central 4.0% 3.3% 6.3% 13.6% South 6.6% 4.5% 12.7% 23.8% Metro 0.6% 0.3% 2.6% 3.5% United Kingdom - 0.2% 0.5% 0.7% Joint Ventures 4.9% 0.6% 16.7% 22.2% Percentage of Total Portfolio 28.4% 13.4% 58.2% 100.0% 6

8 Building Type by Region Total % of Total % of Leased % Vacant % Type Net Rent Total Square Feet Total Square Feet Leased Square Feet Vacant Northeast Southeastern PA Industrial - Distribution $ 4,130, % 597, % 513, % 83, % - Flex 14,935, % 1,662, % 1,444, % 217, % Office 89,636, % 6,997, % 5,939, % 1,057, % Total 108,703, % 9,256, % 7,897, % 1,358, % Lehigh/Central PA Industrial - Distribution $ 68,574, % 15,620, % 15,454, % 165, % - Flex 3,616, % 437, % 437, % - - Office 1,261, % 120, % 116, % 4, % Total 73,452, % 16,178, % 16,008, % 170, % New Jersey Industrial - Distribution $ Flex 5,744, % 622, % 558, % 64, % Office 10,818, % 950, % 801, % 148, % Total 16,563, % 1,572, % 1,360, % 212, % Maryland Industrial - Distribution $ 3,691, % 1,040, % 733, % 306, % - Flex 3,303, % 452, % 362, % 90, % Office 18,820, % 1,467, % 1,296, % 171, % Total 25,814, % 2,960, % 2,392, % 567, % Northeast Total $ 224,533, % 29,968, % 27,658, % 2,309, % Central Minnesota Industrial - Distribution $ 3,521, % 776, % 670, % 105, % - Flex 13,721, % 1,846, % 1,525, % 320, % Office 17,415, % 1,865, % 1,472, % 393, % Total 34,658, % 4,488, % 3,669, % 818, % Chicago/Milwaukee Industrial - Distribution $ 4,391, % 1,518, % 1,397, % 120, % - Flex 2,921, % 390, % 359, % 30, % Office 5,208, % 582, % 463, % 118, % Total 12,521, % 2,490, % 2,220, % 270, % Houston Industrial - Distribution $ 16,045, % 3,586, % 3,431, % 154, % - Flex 3,570, % 430, % 430, % - - Office Total 19,615, % 4,017, % 3,862, % 154, % Arizona Industrial - Distribution $ 1,107, % 227, % 227, % Flex , % , % Office 16,742, % 991, % 991, % - - Total 17,850, % 1,265, % 1,218, % 46, % Central Total $ 84,645, % 12,260, % 10,970, % 1,289, % South Carolinas Industrial - Distribution $ 17,954, % 4,924, % 4,452, % 471, % - Flex 1,728, % 443, % 333, % 110, % Office 4,426, % 414, % 373, % 41, % Total 24,108, % 5,782, % 5,159, % 623, % Richmond/Hampton Roads Industrial - Distribution $ 12,727, % 3,662, % 3,271, % 390, % - Flex 1,603, % 261, % 237, % 23, % Office 16,689, % 1,605, % 1,358, % 246, % Total 31,020, % 5,528, % 4,867, % 660, % Jacksonville Industrial - Distribution $ 777, % 173, % 147, % 25, % - Flex 5,485, % 1,010, % 886, % 123, % Office 11,605, % 994, % 923, % 70, % Total 17,869, % 2,178, % 1,958, % 220, % Orlando Industrial - Distribution $ 5,648, % 1,676, % 1,580, % 96, % - Flex 5,930, % 921, % 814, % 106, % Office 10,486, % 686, % 681, % 4, % Total 22,065, % 3,285, % 3,077, % 207, % South Florida Industrial - Distribution $ 2,394, % 441, % 397, % 44, % - Flex 1,036, % 113, % 89, % 23, % Office 19,115, % 1,283, % 1,119, % 163, % Total 22,546, % 1,837, % 1,606, % 231, % 7

9 Building Type by Region Total % of Total % of Leased % Vacant % Type Net Rent Total Square Feet Total Square Feet Leased Square Feet Vacant Tampa Industrial - Distribution $ 997, % 294, % 229, % 65, % - Flex 12,417, % 1,191, % 1,120, % 70, % Office 16,846, % 1,216, % 1,192, % 24, % Total 30,261, % 2,702, % 2,541, % 160, % South Total $ 147,872, % 21,314, % 19,211, % 2,103, % Metro Philadelphia/Washington DC Industrial - Distribution $ 3,569, % 345, % 345, % Flex 1,852, % 101, % 101, % - - Office 16,009, % 974, % 949, % 24, % Total 21,431, % 1,421, % 1,396, % 24, % United Kingdom Industrial - Distribution $ Flex 1,259, % 43, % 43, % - - Office 2,800, % 90, % 88, % 1, % Total 4,060, % 133, % 131, % 1, % WHOLLY OWNED - TOTAL Industrial - Distribution $ 145,530, % 34,883, % 32,853, % 2,029, % - Flex 79,128, % 9,975, % 8,746, % 1,228, % Office 257,884, % 20,240, % 17,768, % 2,471, % Total 482,543, % 65,098, % 59,368, % 5,730, % Joint Ventures Liberty Venture I, LP (New Jersey) Industrial - Distribution $ 11,037, % 3,069, % 2,475, % 594, % - Flex Office Total 11,037, % 3,069, % 2,475, % 594, % Liberty Illinois, LP (Chicago) Industrial - Distribution $ 14,251, % 5,063, % 4,366, % 697, % - Flex Office Total 14,251, % 5,063, % 4,366, % 697, % Liberty AIPO, LP (Orlando) Industrial - Distribution $ 5,231, % 1,136, % 1,071, % 64, % - Flex Office Total 5,231, % 1,136, % 1,071, % 64, % Liberty Washington, LP (Washington DC) Industrial - Distribution $ Flex Office 46,494, % 2,593, % 2,306, % 286, % Total 46,494, % 2,593, % 2,306, % 286, % Liberty/Commerz 1701 JFK Blvd, LP Industrial - Distribution $ (Philadelphia) - Flex Office 37,371, % 1,253, % 1,252, % 1, % Total 37,371, % 1,253, % 1,252, % 1, % Kings Hill Unit Trust (UK) Industrial - Distribution $ Flex 3,906, % 170, % 144, % 26, % Office 7,159, % 364, % 260, % 103, % Total 11,065, % 535, % 405, % 129, % Blythe Valley JV Sarl (UK) Industrial - Distribution $ Flex Office 12,025, % 457, % 433, % 23, % Total 12,025, % 457, % 433, % 23, % Silversword Properties Ltd. (UK) Industrial - Distribution $ Flex Office 482, % 54, % 27, % 26, % Total 482, % 54, % 27, % 26, % Joint Ventures Total $ 137,960, % 14,163, % 12,339, % 1,824, % PORTFOLIO - TOTAL Industrial - Distribution $ 176,050, % 44,152, % 40,766, % 3,386, % - Flex 83,034, % 10,145, % 8,891, % 1,254, % Office 361,418, % 24,964, % 22,051, % 2,913, % Total $ 620,503, % 79,262, % 71,708, % 7,554, % 8

10 Occupancy December 31, 2011 September 30, 2011 June 30, 2011 March 31, 2011 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) 60,914,830 55,891, % 61,022,792 56,440, % 61,504,953 56,454, % 62,157,723 56,793, % 65,212,112 58,580, % 1st Quarter, nd Quarter, , , % 713, , % 713, , % 713, , % 3rd Quarter, ,922,194 1,464, % 1,917,676 1,354, % 1,917,676 1,054, % 4th Quarter, ,548,082 1,298, % 1,548,082 1,401, % 1st Quarter, ,098,864 59,368, % 65,202,308 59,910, % 64,136,387 57,884, % 62,871,481 56,972, % 65,212,112 58,580, % Industrial - Distribution 34,883,026 32,853, % 34,878,830 32,708, % 34,007,485 30,830, % 32,439,692 29,463, % 32,307,833 29,458, % Industrial - Flex 9,975,078 8,746, % 10,020,078 8,964, % 9,973,353 8,874, % 10,053,413 8,894, % 11,125,305 9,693, % Office 20,240,760 17,768, % 20,303,400 18,237, % 20,155,549 18,179, % 20,378,376 18,615, % 21,778,974 19,428, % Wholly Owned Properties - Total 65,098,864 59,368, % 65,202,308 59,910, % 64,136,387 57,884, % 62,871,481 56,972, % 65,212,112 58,580, % Joint Ventures Liberty Venture I, LP - Industrial - Distribution 3,069,794 2,475, % 3,069,794 2,835, % 3,069,794 2,899, % 3,069,794 2,756, % 3,300,874 2,698, % Liberty Illinois, LP - Industrial - Distribution 5,063,551 4,366, % 5,063,551 4,322, % 5,062,987 4,189, % 5,062,987 3,859, % 5,062,987 3,940, % Liberty AIPO, LP - Industrial - Distribution 1,136,175 1,071, % 1,136,175 1,026, % 1,136,175 1,026, % 1,136,175 1,026, % 1,136,175 1,026, % Liberty Washington, LP - Office 2,593,091 2,306, % 2,593,091 2,252, % 2,593,091 2,236, % 2,593,091 2,213, % 2,593,091 2,212, % Liberty/Commerz 1701 JFK Blvd, LP - Office 1,253,876 1,252, % 1,253,876 1,252, % 1,253,876 1,252, % 1,253,876 1,252, % 1,253,876 1,252, % Kings Hill Unit Trust - Industrial - Flex 170, , % 170, , % 170, , % 170, , % 170, , % - Office 364, , % 364, , % 364, , % 364, , % 364, , % Blythe Valley JV Sarl - Office 457, , % 457, , % 457, , % 457, , % 479, , % Silversword Properties Ltd. - Office 54,510 27, % 54,510 27, % 54,510 27, % 54,510 27, % 54,510 27, % Joint Ventures - Total 14,163,932 12,339, % 14,163,932 12,563, % 14,163,330 12,505, % 14,163,330 12,008, % 14,416,850 12,034, % Portfolio Total 79,262,796 71,708, % 79,366,240 72,473, % 78,299,717 70,390, % 77,034,811 68,981, % 79,628,962 70,614, % (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. 9

11 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 3/31/2012 Industrial - Distribution , ,827 $ - $ $ % 39.1% $ Flex 21 43, ,965 $ $ $ % 96.6% $ 1.83 Office 56 28, ,836 $ $ $ % 90.3% $ 4.99 Total ,133 1,130,628 $ $ $ % 76.3% $ 2.73 Quarter Ended 12/31/2011 Industrial - Distribution 34 1,058, ,194 $ $ $ % 81.9% $ Flex 20 45, ,214 $ $ $ % 84.4% $ 2.26 Office 48 15, ,615 $ $ $ % 95.6% $ 3.77 Total 102 1,118,471 1,147,023 $ $ $ % 85.3% $ 1.24 Quarter Ended 9/30/2011 Industrial - Distribution , ,979 $ 4.87 $ $ % 81.8% $ Flex ,168 $ - $ $ % 89.2% $ 1.40 Office 57 32, ,233 $ $ $ % 94.6% $ 4.29 Total ,329 1,433,380 $ 7.75 $ $ % 88.2% $ 1.43 Quarter Ended 6/30/2011 Industrial - Distribution , ,625 $ 4.97 $ $ % 69.4% $ Flex ,661 $ - $ $ % 95.0% $ 1.90 Office , ,902 $ $ $ % 97.6% $ 3.69 Total ,652 1,309,188 $ $ $ % 91.2% $ 2.07 Quarter Ended 3/31/2011 Industrial - Distribution 18 57, ,533 $ 3.23 $ $ % 83.8% $ Flex 27 34, ,582 $ 0.68 $ $ % 93.1% $ 2.08 Office 60 91, ,569 $ $ $ % 95.5% $ 6.68 Total ,920 1,237,684 $ $ $ % 91.9% $

12 New Lease Analysis by Region 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 Northeast Industrial - Distribution 4-128,510 $ - $ $ % 84.1% $ Flex 7-88,747 $ - $ $ % 100.0% $ 1.95 Office 30 5, ,242 $ $ $ % 88.6% $ 4.00 Total 41 5, ,499 $ $ $ % 90.3% $ 2.63 Central Industrial - Distribution 1 230,830 - $ - $ $ % 0.0% $ - - Flex 3-21,171 $ - $ $ % 100.0% $ 1.42 Office 2-34,109 $ - $ $ % 100.0% $ 4.89 Total 6 230,830 55,280 $ - $ $ % 47.1% $ 3.79 South Industrial - Distribution ,099 $ - $ $ % 44.8% $ Flex 11 43,200 61,047 $ $ $ % 90.9% $ 1.76 Office 15 4,843 59,444 $ $ $ % 97.4% $ 2.95 Total 38 48, ,590 $ $ $ % 69.9% $ 1.39 Metro Industrial - Distribution $ - $ - - $ $ - - Flex $ - $ - - $ $ - Office $ - $ - - $ $ - Total $ - $ - - $ $ - United Kingdom Industrial - Distribution $ - $ - - $ $ - - Flex $ - $ - - $ $ - Office 1-1,155 $ - $ $ % 100.0% $ 1.50 Total 1-1,155 $ - $ $ % 100.0% $ 1.50 Joint Ventures Industrial - Distribution 4-140,218 $ - $ $ % 25.9% $ Flex $ - $ - - $ $ - Office 8 17,539 46,886 $ $ $ % 86.4% $ 8.10 Total 12 17, ,104 $ $ $ % 76.3% $

13 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 3/31/2012 Industrial - Distribution 38 2,405, ,404, % % 87.7% $ 0.64 $ Flex , , % % 88.2% $ 1.82 $ 0.45 Office 141 1,752, ,017, % % 78.7% $ 7.24 $ 0.96 Total 239 4,785, ,662, % % 82.0% $ 3.27 $ 0.71 Average Quarter Ended 12/31/2011 Industrial - Distribution 33 1,823, ,146, % % 62.3% $ 1.13 $ Flex , , % % 89.5% $ 2.41 $ 0.67 Office , , % % 74.3% $ 6.50 $ 1.43 Total 168 3,040, ,975, % % 72.0% $ 3.00 $ 0.69 Quarter Ended 9/30/2011 Industrial - Distribution 32 1,533, , % % 63.0% $ 1.04 $ Flex , , % % 91.9% $ 1.86 $ 0.65 Office 106 1,040, , % % 86.1% $ 6.34 $ 1.28 Total 192 3,261, ,150, % % 82.7% $ 2.99 $ 0.84 Quarter Ended 6/30/2011 Industrial - Distribution 27 1,364, , % % 87.1% $ 1.12 $ Flex , , % % 88.9% $ 5.65 $ 1.42 Office , , % % 80.7% $ 4.01 $ 1.31 Total 182 2,593, ,749, % % 83.4% $ 2.70 $ 0.81 Quarter Ended 3/31/2011 Industrial - Distribution 38 1,435, , % % 81.3% $ 1.34 $ Flex , , % % 87.5% $ 4.93 $ 1.16 Office 124 1,275, , % % 58.4% $ 4.64 $ 1.20 Total 205 3,189, ,730, % % 65.7% $ 3.23 $

14 Renewal Analysis by Region Percentage Average Renewal Cap. Exp. Percentage Average Growth in Leases with Average Per Sq. Ft. Expiring Leases Leases Renewed Square Feet Lease Term Straight Line Built In Cap. Exp. Per Lease Type Number Square Feet Number Square Feet Renewed in Years Rent Increases Per Sq. Ft. Term Northeast Industrial - Distribution 9 903, , % % 82.2% $ 0.45 $ Flex , , % % 100.0% $ 2.51 $ 0.66 Office , , % % 81.6% $ 9.12 $ 2.49 Total 96 1,847, ,239, % % 83.1% $ 2.80 $ 1.08 Central Industrial - Distribution 5 238, , % % 100.0% $ 2.72 $ Flex 4 69, , % % 100.0% $ $ 2.40 Office , , % % 60.5% $ 6.56 $ 1.62 Total , , % % 71.9% $ 4.81 $ 1.22 South Industrial - Distribution , , % % 98.7% $ 0.65 $ Flex , , % % 82.6% $ 1.41 $ 0.34 Office , , % % 81.9% $ 6.14 $ 2.00 Total 96 1,404, , % % 88.9% $ 1.55 $ 0.46 Metro Industrial - Distribution $ - $ - - Flex $ - $ - Office 3 447, , % % 100.0% $ 7.14 $ 0.55 Total 3 447, , % % 100.0% $ 7.14 $ 0.55 United Kingdom Industrial - Distribution $ - $ - - Flex $ - $ - Office $ - $ - Total $ - $ - Joint Ventures Industrial - Distribution 5 456, $ - $ - - Flex $ - $ - Office 17 89, , % % 17.9% $ 1.67 $ 1.19 Total , , % % 17.9% $ 1.67 $

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 ,648,075 2,615,556 1,007,800 1,024,719 $ 6.75 $ 3.74 $ 9.18 $ ,364,632 5,296,817 1,761,468 2,306,347 $ 8.01 $ 4.31 $ 9.10 $ ,675,153 4,488,033 1,230,648 2,956,472 $ 9.05 $ 4.56 $ 9.02 $ ,616,254 5,282,936 1,118,564 2,214,754 $ 7.63 $ 4.39 $ 9.89 $ ,840,518 3,765,631 1,098,004 1,976,883 $ 9.09 $ 4.55 $ $ ,406,060 2,924, ,009 1,570,901 $ 9.47 $ 5.12 $ $ Thereafter 15,817,957 8,480,124 1,618,944 5,718,889 $ $ 6.50 $ $ Total 59,368,649 32,853,247 8,746,437 17,768,965 $ 9.18 $ 4.98 $ $ Total Square Feet 65,098,864 34,883,026 9,975,078 20,240,760 Joint Ventures , ,793 53, ,562 $ $ 3.14 $ $ ,532,689 1,258, ,560 $ 6.88 $ 3.62 $ - $ ,732,371 1,233,827 25, ,303 $ $ 4.60 $ $ , ,764 4, ,522 $ $ 4.15 $ $ ,677,654 1,084,721 36, ,490 $ $ 4.79 $ $ ,547,035 1,241,196 25, ,579 $ 8.28 $ 4.37 $ $ Thereafter 4,456,374 2,261,329-2,195,045 $ $ 5.05 $ - $ Total 12,339,458 7,912, ,638 4,282,061 $ $ 4.46 $ $ Total Square Feet 14,163,932 9,269, ,668 4,723,744 PORTFOLIO - TOTAL ,387,463 3,019,349 1,060,833 1,307,281 $ 7.53 $ 3.66 $ $ ,897,321 6,554,946 1,761,468 2,580,907 $ 7.85 $ 4.18 $ 9.10 $ ,407,524 5,721,860 1,255,889 3,429,775 $ 9.31 $ 4.57 $ 9.42 $ ,270,201 5,712,700 1,123,225 2,434,276 $ 7.83 $ 4.37 $ 9.96 $ ,518,172 4,850,352 1,134,447 2,533,373 $ 9.71 $ 4.61 $ $ ,953,095 4,165, ,269 1,851,480 $ 9.21 $ 4.89 $ $ Thereafter 20,274,331 10,741,453 1,618,944 7,913,934 $ $ 6.20 $ $ Total 71,708,107 40,766,006 8,891,075 22,051,026 $ 9.90 $ 4.88 $ $ Total Square Feet 79,262,796 44,152,546 10,145,746 24,964,504 14

16 Lease Expirations by Region SQUARE FEET NET RENT PER SQUARE FOOT Industrial Industrial Year of Expiration Total Distribution Flex Office Total Distribution Flex Office Northeast ,374, , , ,298 $ 6.52 $ 4.06 $ $ ,724,448 2,874, ,602 1,193,436 $ 7.85 $ 4.29 $ $ ,169,042 1,752, ,808 1,042,557 $ 9.79 $ 4.99 $ 8.49 $ ,178,810 2,821, , ,601 $ 7.39 $ 4.29 $ $ ,277,848 1,229, , ,304 $ 9.45 $ 5.09 $ $ ,010,714 1,728, ,022 1,007,232 $ 9.72 $ 5.16 $ $ Thereafter 8,923,794 5,511, ,445 2,793,635 $ $ 6.04 $ $ Total 27,658,763 16,701,587 2,803,113 8,154,063 $ 9.14 $ 5.08 $ $ Total Square Feet 29,968,670 17,257,387 3,175,551 9,535,732 Central ,422, , , ,369 $ 6.01 $ 3.55 $ 9.64 $ ,430, , , ,278 $ 6.60 $ 4.95 $ 8.01 $ ,864, , , ,112 $ 7.76 $ 3.70 $ 9.21 $ ,360, , , ,286 $ 8.27 $ 5.62 $ 8.03 $ ,850,891 1,174, , ,510 $ 8.42 $ 4.50 $ $ , , ,371 94,953 $ 8.26 $ 5.06 $ $ Thereafter 2,183, , ,562 1,148,430 $ $ 6.34 $ 8.64 $ Total 10,970,386 5,727,426 2,316,022 2,926,938 $ 8.57 $ 4.70 $ 9.43 $ Total Square Feet 12,260,340 6,107,619 2,713,678 3,439,043 South ,812, , , ,005 $ 7.10 $ 3.67 $ 8.42 $ ,957,042 1,554, , ,046 $ 7.55 $ 4.00 $ 8.09 $ ,590,724 1,756, ,727 1,288,264 $ 8.79 $ 4.62 $ 9.29 $ ,066,023 1,880, , ,216 $ 7.59 $ 4.15 $ 8.86 $ ,676,254 1,361, , ,544 $ 8.92 $ 4.12 $ 9.36 $ ,494, , , ,744 $ 9.14 $ 5.07 $ $ Thereafter 3,614,168 1,819, ,876 1,171,286 $ $ 5.26 $ 9.56 $ Total 19,211,080 10,078,734 3,482,241 5,650,105 $ 8.55 $ 4.43 $ 9.02 $ Total Square Feet 21,314,836 11,172,520 3,940,788 6,201,528 15

17 Lease Expirations by Region SQUARE FEET NET RENT PER SQUARE FOOT Industrial Industrial Year of Expiration Total Distribution Flex Office Total Distribution Flex Office Metro , ,150 $ $ - $ - $ , ,512 $ $ - $ - $ , ,872 $ $ - $ - $ , ,875 $ $ - $ - $ , ,454 $ $ - $ - $ , ,972 $ $ - $ - $ Thereafter 1,027, , , ,865 $ $ $ $ Total 1,396, , , ,700 $ $ $ $ Total Square Feet 1,421, , , ,444 UK , ,897 $ $ - $ - $ , ,075 $ $ - $ - $ $ $ - $ - $ , ,776 $ $ - $ - $ , ,071 $ $ - $ - $ $ - $ - $ - $ - Thereafter 68,390-43,717 24,673 $ $ - $ $ Total 131,876-43,717 88,159 $ $ - $ $ Total Square Feet 133,730-43,717 90,013 Joint Ventures , ,793 53, ,562 $ $ 3.14 $ $ ,532,689 1,258, ,560 $ 6.88 $ 3.62 $ - $ ,732,371 1,233,827 25, ,303 $ $ 4.60 $ $ , ,764 4, ,522 $ $ 4.15 $ $ ,677,654 1,084,721 36, ,490 $ $ 4.79 $ $ ,547,035 1,241,196 25, ,579 $ 8.28 $ 4.37 $ $ Thereafter 4,456,374 2,261,329-2,195,045 $ $ 5.05 $ - $ Total 12,339,458 7,912, ,638 4,282,061 $ $ 4.46 $ $ Total Square Feet 14,163,932 9,269, ,668 4,723,744 16

18 Completed Development Properties Total Stabilized Inventory/ Building Total Square Occupancy No. of Operating Current SL Address Location Build-to-Suit Type Costs Feet 3/31/2012 Tenants Major Tenant As Of: Yield Yield (in'000s) There were no completed development properties during the three months ended 17

19 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 Liberty Property Trust Development Properties (000's) 2nd Quarter, Hollister Road (3) Houston, TX Inventory ID $ 6, % 128,000 - (3) 6, % 128,000-3rd Quarter, Perimeter West Drive Charlotte, NC Build-to-Suit ID 8, % 156, % 1 American Tire Distributors 6920 Harborview Blvd. Suffolk, VA Build-to-Suit ID 7, % 126, % 1 Dana Limited 16, % 282, % 4th Quarter, S. 26th Street Philadelphia, PA Inventory IF 7, % 51, % 2 The Fretz Corporation 4020 S. 26th Street Philadelphia, PA Inventory IF 7, % 51, Diagonal Blvd. Philadelphia, PA Build-to-Suit O 15, % 56, % 1 Iroko Pharmaceuticals, LLC 30, % 159, % 1st Quarter, N. Sam Houston Parkway Houston, TX Inventory IF 8, % 84, % 2 Clearwater International LLC 5 Crescent Drive Philadelphia, PA Build-to-Suit O 80, % 205, % 1 GlaxoSmithKline, LLC 88, % 289, % 3rd Quarter, Logistics Drive Carlisle, PA Inventory ID 44, % 972, Commerce Center Boulevard Bethlehem, PA Inventory ID 60, % 1,200,000-8th and Walnut Street Philadelphia, PA Build-to-Suit O 48, % 153, % 1 The Pennsylvania Hospital 153, % 2,325, % Total Wholly Owned Development: $ 294, % 3,183, % 9.9% Total Development: $ 294, % 3,183, % 9.9% (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) National Oil Varco L.P. signed a lease on April 10, 2012 for 100% of this building. 18

20 Acquisition Properties acq work ricks acq work acq work acq work acq work prior file acq work sum Leasable Percent Percent Purchase Total Date Product Square Price Investment Current Project Acquired City/State Type Footage 3/31/2012 Acquisition (in 000s) (in 000s) Yield There were no properties acquired during the three months ended. 19

21 Debt & Preferred Unit Analysis (Dollars in Thousands) Debt Maturities: Weighted Mortgages (1) Unsecured Average Amortization Maturities Notes (2) Credit Facility (3) Total Interest Rate 2012 $ 3,542 $ 12,210 $ 230,100 $ - $ 245, % ,583 4, , % ,966 2, , , % ,512 44, , , , % , , , , % ,090 2, , , % , , % % , , , % $ 22,991 $ 259,725 $ 1,792,643 $ 293,300 $ 2,368, % (1) Mortgages comprise $282,716 fixed rate debt bearing interest at a weighted average interest rate of 6.68%. (2) (3) The unsecured notes are fixed $230,100 principal bears interest at 6.375%, $200,000 principal bears interest at 5.65%, $300,000 principal bears interest at 5.125%, $300,000 principal bears interest at 5.50%, $296,543 principal bears interest at 6.625%, $100,000 principal bears interest at 7.50%, $350,000 principal bears interest at 4.75% and $16,000 principal bears interest at 3.435% for a blended weighted average interest rate of 5.70%. The $500 million credit facility bears interest at LIBOR basis points and expires on November 1, Preferred Units: Dividend Liquidation Optional Security Rate Preference Redemption Date Series E 7.00% $ 20,000 June 16, 2010 Series F 6.65% 17,500 June 30, 2010 Series G 6.70% 27,000 December 15, 2011 Series H 7.40% 100,000 August 21, 2012 Series I % 7,537 November July 2027 Weighted Average 7.12% $ 172,037 20

22 Same Store Comparison (Dollars in thousands) Quarter Ended Percentage 3/31/2012 3/31/2011 Change Rental Revenue $ 119,189 $ 119, % Operating Expenses: Rental Property Expense 32,850 35, % Real Estate Taxes 20,233 20, % Operating Expense Recovery (52,376) (54,909) -4.6% Unrecovered Operating Expenses % Property Level Operating Income 118, , % Less Straight Line Rent 655 1, % Cash Basis Property Level Operating Income $ 117,827 $ 117, % Same Store properties are those which were owned at January 1, 2011 and excluding properties sold through. Rental revenue does not include termination fees. 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 minority 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 4), GAAP net income and cash flow from operating activities, investing activities and financing activities when trying to understand the equity REIT s operating performance. 21

23 Unconsolidated Joint Ventures As of and for the Three Months Ended (Dollars in Thousands) Liberty Kings Hill Liberty Liberty Silversword Cambridge Blythe Valley Liberty Liberty Venture I, LP Unit Trust Illinois, LP AIPO LP Properties Ltd Medipark Ltd JV Sarl Washington, LP Commerz LP Total BALANCE SHEET (A) Real estate assets $ 126,958 $ 188,788 $ 256,503 $ 52,595 $ 16,678 $ - $ 198,684 $ 921,006 $ 493,753 $ 2,254,965 Accumulated depreciation (26,312) (19,875) (32,195) (4,100) (1,556) - (20,483) (99,150) (59,066) (262,737) Real estate assets, net 100, , ,308 48,495 15, , , ,687 1,992,228 Land held for development 2,760-42,698 14, ,017 2, ,418 Other assets 9,221 11,504 15,727 7,454 1,483 17,001 11,307 62,648 47, ,030 Total assets $ 112,627 $ 180,417 $ 282,733 $ 70,384 $ 17,113 $ 17,001 $ 227,525 $ 886,504 $ 482,372 $ 2,276,676 Debt $ 74,352 $ 115,611 $ 140,400 $ 44,506 $ - $ - $ 190,014 $ 349,381 $ 324,000 $ 1,238,264 Other liabilities 2,386 73,938 8,889 1, ,449 77,736 25,310 7, ,211 Equity 35,889 (9,132) 133,444 24,767 16,177 9,552 (40,225) 511, , ,201 Total liabilities and equity $ 112,627 $ 180,417 $ 282,733 $ 70,384 $ 17,113 $ 17,001 $ 227,525 $ 886,504 $ 482,372 $ 2,276,676 LRY's ownership percentage 25% 20% 25% 50% 50% 50% 20% 25% 20% LRY's share of equity $ 8,221 $ 9,957 $ 21,261 $ 12,758 $ 8,863 $ 3,729 $ 5,211 $ 75,532 $ 29,119 $ 174,651 RESULTS OF OPERATIONS (A) Total revenue $ 3,922 $ 3,721 $ 5,349 $ 1,739 $ 135 $ - $ 3,702 $ 20,142 $ 15,814 $ 54,524 Operating expenses 1,031 1,001 2, ,619 5,454 17,648 SUBTOTAL 2,891 2,720 3,279 1, ,734 13,523 10,360 36,876 Interest 1,358 1,627 2, ,668 5,604 5,098 20,189 Depreciation and amortization , ,158 7,367 3,884 16,581 Other (income)/expense (12) (7) (56) NET INCOME $ 555 $ 69 $ (645) $ 220 $ (95) $ - $ (2,160) $ 608 $ 792 $ (656) LRY's share of net income $ 115 $ 54 $ (34) $ 157 $ (52) $ - $ (400) $ 765 $ 311 $ 916 LRY's share of depreciation and amortization , ,616 LRY's share of funds from operations (FFO) $ 363 $ 217 $ 351 $ 331 $ 2 $ - $ (178) $ 2,372 $ 1,074 $ 4,532 DEBT Interest rate 4.50% % 3.59% % 5.72% % 6.42% % % % 2.71% % 6.15% LRY's share of debt $ 18,588 $ 23,122 $ 35,100 $ 22,253 $ - $ - $ 38,003 $ 87,345 $ 64,800 $ 289,211 Debt maturity date (B) 10/15-7/16 1/16 5/16-10/17 9/17-11/ /12 7/12-8/18 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 FUTURE MATURITIES (INCLUDING AMORTIZATION) (In 000'S) Total LRY Share 2012 $ 322,146 $ 71, , ,108 2, ,015 2, ,167 75,252 Thereafter 569, ,386 $ 1,238,264 $ 289,211 22