Liberty Property Trust Supplemental Information June 30, 2014

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2 Supplemental Information Page Highlights.. 1 Page 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 $0.59 per share. Operating results include termination fees of $0.2 million. A reconciliation of net income to FFO can be found on page three. The Company brought into service one development property for a total investment of $12.4 million. This property, which contains 227,000 square feet of leasable space, was 100.0% occupied as of. The current yield on this investment is 8.8%. The Company began construction on three properties containing 1.0 million square feet of leasable space at a projected investment of $69.2 million. The estimated yield for the 5.9 million square feet of wholly owned and joint venture properties under development as of June 30, 2014 is 8.3%. The projected cost for these development properties is $482.9 million, and there are signed leases for 59.3% of this space as of. The Company acquired six operating properties for $53.2 million. These properties, which contain 790,000 square feet, are 100.0% leased and have a current yield of 7.5%. The Company sold three operating properties, which contained 603,000 square feet of leasable space for $32.3 million, into a joint venture in which the Company holds a 25% interest. These properties were 61% leased at the time of the sale. In addition, a joint venture in which the Company holds a 25% interest sold 52 acres of land for $10.1 million. Property level operating income for the same store properties (those properties owned as of January 1, 2013 and excluding properties sold through ) decreased by 2.3% on a cash basis and 0.6% on a straight line basis for the quarter ended compared to the quarter ended June 30, Agreements to develop, in a joint venture with Comcast Corporation, a $933 million office and hotel property in Philadelphia were executed. The project will include million square feet of rentable office space and a 222-room Four Seasons Hotel. Construction began in the third quarter. The joint venture will be 20% owned by the Company and the Company's investment in the project is expected to be approximately $185 million. 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 Six months ended June 30, 2013 June 30, 2013 Operating Revenue Rental $ 139,377 $ 106,955 $ 278,311 $ 211,670 Operating expense reimbursement 53,582 44, ,263 86,480 Total operating revenue 192, , , ,150 Operating Expenses Rental property 31,928 26,684 70,489 51,913 Real estate taxes 25,716 18,906 50,217 36,863 General and administrative 14,973 16,455 33,334 36,248 Depreciation and amortization 57,872 37, ,606 74,748 Total operating expenses 130,489 99, , ,772 Operating Income 62,470 51, ,928 98,378 Other Income/Expense Interest and other 3,117 5,352 5,570 9,732 Interest (38,470) (28,133) (77,677) (55,872) Total other income/expense (35,353) (22,781) (72,107) (46,140) Income before property dispositions, income taxes, noncontrolling interest and equity in earnings of unconsolidated joint ventures 27,117 28,671 49,821 52,238 Gain on property dispositions 1,896-1,896 - Income taxes (693) (660) (1,224) (1,151) Equity in earnings of unconsolidated joint ventures 1,546 1,566 5,705 3,323 Income from continuing operations 29,866 29,577 56,198 54,410 Discontinued operations (including net gains on property dispositions of $140 and $7,658 for the quarters ended and 2013, respectively and $46,256 and $49,364 for the six month periods ended and 2013, respectively) ,666 48,015 63,489 Net Income 30,107 43, , ,899 Noncontrolling interest - operating partnerships (821) (3,134) (2,674) (6,551) Noncontrolling interest - consolidated joint ventures (37) - (390) - Net Income available to common shareholders $ 29,249 $ 40,109 $ 101,149 $ 111,348 Net income $ 30,107 $ 43,243 $ 104,213 $ 117,899 Other comprehensive income (loss) - foreign currency translation 6, ,811 (4,812) Other comprehensive loss - change in net unrealized gain on derivative instruments (1,145) - (1,656) - Comprehensive income 35,426 43, , ,087 Less: comprehensive income attributable to noncontrolling interest (983) (3,135) (3,209) (6,406) Comprehensive income attributable to common shareholders $ 34,443 $ 40,148 $ 107,159 $ 106,681 Basic income per common share Continuing operations $ 0.20 $ 0.22 $ 0.37 $ 0.42 Discontinued operations $ - $ 0.11 $ 0.32 $ 0.51 Total basic income per common share $ 0.20 $ 0.33 $ 0.69 $ 0.93 Diluted income per common share Continuing operations $ 0.20 $ 0.22 $ 0.37 $ 0.42 Discontinued operations $ - $ 0.11 $ 0.32 $ 0.51 Total diluted income per common share $ 0.20 $ 0.33 $ 0.69 $ 0.93 Weighted average shares Basic 147, , , ,416 Diluted 147, , , ,229 Amounts attributable to common shareholders Income from continuing operations $ 29,014 $ 26,848 $ 54,262 $ 49,751 Discontinued operations ,261 46,887 61,597 Net income $ 29,249 $ 40,109 $ 101,149 $ 111,348 2

5 Statement of Funds From Operations (Unaudited and in thousands, except per share amounts) Quarter Ended Six months ended June 30, 2013 June 30, 2013 Per Per Per Per Weighted Weighted Weighted Weighted Average Average Average Average Dollars Share Dollars Share Dollars Share Dollars Share Reconciliation of net income to FFO - basic: Basic - income available to common shareholders $ 29,249 $ 0.20 $ 40,109 $ 0.33 $ 101,149 $ 0.69 $ 111,348 $ 0.93 Adjustments: Depreciation and amortization of unconsolidated joint ventures 3,341 3,301 6,632 6,698 Depreciation and amortization 57,509 44, ,616 89,776 Gain on property dispositions (2,085) (7,658) (47,611) (49,364) Noncontrolling interest share in addback for depreciation and amortization and gain on property dispositions (1,380) (1,199) (1,707) (1,399) Funds from operations available to common shareholders - basic $ 86,634 $ 0.59 $ 79,357 $ 0.66 $ 172,079 $ 1.17 $ 157,059 $ 1.32 Reconciliation of net income to FFO - diluted: Diluted - income available to common shareholders $ 29,249 $ 0.20 $ 40,109 $ 0.33 $ 101,149 $ 0.69 $ 111,348 $ 0.93 Adjustments: Depreciation and amortization of unconsolidated joint ventures 3,341 3,301 6,632 6,698 Depreciation and amortization 57,509 44, ,616 89,776 Gain on property dispositions (2,085) (7,658) (47,611) (49,364) Noncontrolling interest excluding preferred unit distributions 703 1,226 2,438 3,432 Funds from operations available to common shareholders - diluted $ 88,717 $ 0.59 $ 81,782 $ 0.66 $ 176,224 $ 1.17 $ 161,890 $ 1.31 Reconciliation of weighted average shares: Weighted average common shares - all basic calculations 147, , , ,416 Dilutive shares for long term compensation plans Diluted shares for net income calculations 147, , , ,229 Weighted average common units 3,551 3,714 3,555 3,714 Diluted shares for Funds from operations calculations 151, , , ,943 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 $ 1,162,397 $ 1,139,455 Building and improvements 5,244,783 5,144,758 Less: accumulated depreciation (1,135,864) (1,057,680) Operating real estate 5,271,316 5,226,533 Development in progress 329, ,187 Land held for development 241, ,055 Net real estate 5,842,197 5,668,775 Cash and cash equivalents 228, ,414 Restricted cash 18,980 51,456 Accounts receivable 15,272 13,900 Deferred rent receivable 107,473 99,956 Deferred financing and leasing costs, net of accumulated amortization (2014, $158,313; 2013, $140,958) 221, ,607 Investments in and advances to unconsolidated joint ventures 203, ,655 Assets held for sale - 275,957 Prepaid expenses and other assets 94,142 95,840 Total assets $ 6,731,739 $ 6,775,560 Liabilities Mortgage loans $ 537,338 $ 545,306 Unsecured notes 2,708,668 2,708,213 Credit facility - - Accounts payable 56,073 70,406 Accrued interest 28,530 25,777 Dividend and distributions payable 71,864 71,323 Other liabilities 219, ,819 Total liabilities 3,621,523 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, 283,987,000 shares authorized, 149,008,030 (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 3,709,753 3,669,618 Accumulated other comprehensive income 15,752 9,742 Distributions in excess of net income (630,706) (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 3,042,997 3,035,844 Noncontrolling interest - operating partnership 3,553,566 and 3,556,566 common units outstanding as of and December 31, 2013, respectively 55,763 56,713 Noncontrolling interest - consolidated joint ventures 3,919 3,622 Total equity 3,102,679 3,096,179 Total liabilities, noncontrolling interest - operating partnership & equity $ 6,731,739 $ 6,775,560 4

7 Key Financial Data (Dollars in thousands except per share amounts) 06/30/14 03/31/14 12/31/13 12/31/12 12/31/11 12/31/10 Ratios: Return on operating real estate (1) 8.5% 8.5% 9.1% 9.3% 9.5% 9.7% (Property level operating income / avg. gross operating real estate) Debt to market capitalization 36.1% 36.8% 39.0% 37.4% 35.7% 36.7% Debt to gross assets 41.3% 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) (5) + interest exp. + preferred dividend / interest exp. (including interest capitalized) + preferred dividend) Selected Items: Funds from operations per share (1) $ 0.59 $ 0.58 $ 2.49 $ 2.58 $ 2.61 $ 2.66 Payout ratio - funds from operations (1) (5) 80.5% 81.9% 76.3% 73.6% 72.8% 71.4% Termination fees (1) (4) $ 201 $ 987 $ 3,723 $ 5,025 $ 4,087 $ 6,854 Capitalized interest (1) $ 3,869 $ 2,894 $ 9,618 $ 9,919 $ 3,011 $ 929 Acquisition costs expensed (1) $ 425 $ 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) $ 2,298 $ 2,019 $ 1,506 $ 1,195 $ 1,454 $ 1,573 Straight line rent adjustment (2) (3) (4) $ 4,173 $ 2,836 $ 2,668 $ 2,066 $ 2,845 $ 4,975 Tenant improvement and leasing transaction costs (2) (4) $ 15,702 $ 15,810 $ 14,814 $ 16,406 $ 13,445 $ 18,331 Non-reimbursed capital expenditures (2) (4) $ 3,241 $ 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) 151, , , , , ,209 Market value of common shares and units $ 5,739,264 $ 5,575,231 $ 5,085,682 $ 4,373,001 $ 3,702,852 $ 3,773,231 Preferred units 7,537 7,537 7,537 72, , ,000 Debt 3,246,006 3,251,249 3,253,519 2,653,606 2,219,519 2,355,936 Total market capitalization $ 8,992,807 $ 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 6,582, ,800-6,845, % 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 1,774,342 1,210,775 1,865,985 4,851, % New Jersey 825, , % -Joint Venture 3,672, ,672, % 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 1,182,457 36,303-1,218, % 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 64,782,560 9,041,343 14,587,072 88,410, % Total Joint Ventures 9,872, ,512 4,114,142 14,093, % TOTAL 74,654,688 9,148,855 18,701, ,504, % % of Total Portfolio 72.8% 8.9% 18.3% 100.0% % of Total Portfolio - JV's at equity share 73.3% 9.8% 16.9% 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 47.1% 12.3% 35.1% 94.5% Joint Ventures 1.8% 0.1% 3.6% 5.5% TOTAL 48.9% 12.4% 38.7% 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 $ 4,093, % 1,564, % 1,069, % 495, % - Flex 301, % 46, % 46, % - - Office 20,051, % 1,201, % 1,201, % - - Total 24,446, % 2,813, % 2,317, % 495, % Atlanta Industrial - Distribution $ 7,107, % 2,057, % 1,749, % 307, % - Flex 567, % 159, % 133, % 25, % Total 7,674, % 2,216, % 1,883, % 333, % Carolinas Industrial - Distribution $ 26,647, % 6,582, % 6,503, % 78, % - Flex 1,500, % 262, % 262, % - - Total 28,148, % 6,845, % 6,766, % 78, % Chicago/Milwaukee Industrial - Distribution $ 22,555, % 6,814, % 5,508, % 1,306, % - Flex 270, % 94, % 75, % 18, % Total 22,826, % 6,909, % 5,583, % 1,325, % Cincinnati/Columbus/Indianapolis Industrial - Distribution $ 11,636, % 3,948, % 3,658, % 290, % - Flex Total 11,636, % 3,948, % 3,658, % 290, % Dallas Industrial - Distribution $ 7,217, % 1,785, % 1,709, % 76, % - Flex 447, % 74, % 58, % 15, % Total 7,664, % 1,859, % 1,767, % 92, % Houston Industrial - Distribution $ 24,302, % 5,023, % 4,962, % 61, % - Flex 8,341, % 1,211, % 1,085, % 125, % Total 32,644, % 6,234, % 6,047, % 187, % Lehigh/Central PA Industrial - Distribution $ 84,782, % 18,939, % 18,479, % 460, % - Flex 2,253, % 336, % 336, % - - Office 1,310, % 120, % 112, % 7, % Total 88,346, % 19,396, % 18,928, % 467, % Maryland Industrial - Distribution $ 10,652, % 2,254, % 1,973, % 280, % - Flex 2,456, % 420, % 332, % 88, % Total 13,108, % 2,675, % 2,306, % 368, % Minnesota Industrial - Distribution $ 6,940, % 1,774, % 1,651, % 123, % - Flex 8,931, % 1,210, % 1,111, % 99, % Office 18,451, % 1,865, % 1,491, % 374, % Total 34,323, % 4,851, % 4,253, % 597, % New Jersey Industrial - Distribution $ 1,524, % 825, % 825, % Flex Total 1,524, % 825, % 825, % - - 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 $ 7,023, % 2,031, % 1,925, % 106, % - Flex 6,863, % 921, % 881, % 39, % Office 10,125, % 686, % 662, % 24, % Total 24,012, % 3,640, % 3,469, % 170, % Philadelphia Industrial - Distribution $ 3,714, % 345, % 345, % Flex 3,316, % 204, % 204, % - - Office 17,585, % 589, % 589, % - - Total 24,616, % 1,139, % 1,139, % - - Richmond/Hampton Roads Industrial - Distribution $ 14,890, % 4,020, % 3,856, % 164, % - Flex 1,533, % 261, % 227, % 33, % Office 11,999, % 1,229, % 1,056, % 173, % Total 28,423, % 5,510, % 5,140, % 370, % South Florida Industrial - Distribution $ 9,883, % 1,654, % 1,486, % 167, % - Flex 2,923, % 388, % 340, % 47, % Office 16,032, % 1,235, % 1,079, % 155, % Total 28,838, % 3,277, % 2,906, % 371, % Southeastern PA Industrial - Distribution $ 3,111, % 406, % 384, % 22, % - Flex 15,287, % 1,610, % 1,525, % 85, % Office 75,497, % 5,913, % 4,882, % 1,030, % Total 93,897, % 7,930, % 6,792, % 1,138, % Southern California Industrial - Distribution $ 3,884, % 1,182, % 659, % 522, % - Flex 296, % 36, % 36, % - - Total 4,180, % 1,218, % 695, % 522, % Tampa Industrial - Distribution $ 7,041, % 1,626, % 1,518, % 107, % - Flex 11,661, % 1,358, % 1,126, % 232, % Office 16,628, % 1,216, % 1,200, % 16, % Total 35,331, % 4,201, % 3,844, % 356, % United Kingdom Industrial - Distribution $ 12,029, % 1,380, % 1,380, % Flex 1,346, % 43, % 43, % - - Office 2,728, % 90, % 83, % 6, % Total 16,104, % 1,514, % 1,507, % 6, % Washington DC Industrial - Distribution $ Flex Office 11,981, % 437, % 362, % 75, % Total 11,981, % 437, % 362, % 75, % Other Industrial - Distribution $ 2,070, % 563, % 461, % 101, % - Flex 2,649, % 400, % 386, % 13, % Total 4,719, % 963, % 848, % 115, % WHOLLY OWNED - TOTAL Industrial - Distribution $ 271,109, % 64,782, % 60,109, % 4,673, % - Flex 70,947, % 9,041, % 8,216, % 825, % Office 202,392, % 14,587, % 12,721, % 1,865, % Total 544,449, % 88,410, % 81,047, % 7,363, % 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 $ 16,246, % 5,063, % 4,872, % 190, % - Flex Total 16,246, % 5,063, % 4,872, % 190, % New Jersey Industrial - Distribution $ 14,134, % 3,672, % 3,265, % 407, % - Flex Total 14,134, % 3,672, % 3,265, % 407, % Northern Virginia Industrial - Distribution $ Flex Office 28,765, % 1,971, % 1,587, % 384, % Total 28,765, % 1,971, % 1,587, % 384, % Orlando Industrial - Distribution $ 5,961, % 1,136, % 1,136, % Flex Total 5,961, % 1,136, % 1,136, % - - Philadelphia Industrial - Distribution $ Flex Office 39,050, % 1,253, % 1,236, % 17, % Total 39,050, % 1,253, % 1,236, % 17, % United Kingdom Industrial - Distribution $ Flex 2,941, % 107, % 100, % 7, % Office 8,083, % 437, % 288, % 148, % Total 11,025, % 544, % 389, % 155, % Washington DC Industrial - Distribution $ Flex Office 15,049, % 451, % 451, % - - Total 15,049, % 451, % 451, % - - Joint Ventures Total Industrial - Distribution $ 36,342, % 9,872, % 9,273, % 598, % - Flex 2,941, % 107, % 100, % 7, % Office 90,949, % 4,114, % 3,563, % 550, % Total 130,234, % 14,093, % 12,938, % 1,155, % PORTFOLIO - TOTAL Industrial - Distribution $ 307,452, % 74,654, % 69,383, % 5,271, % - Flex 73,889, % 9,148, % 8,316, % 832, % Office 293,342, % 18,701, % 16,285, % 2,415, % Total $ 674,684, % 102,504, % 93,985, % 8,519, % 9

12 Occupancy March 31, 2014 December 31, 2013 September 30, 2013 June 30, 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 55,231, % 59,442,455 54,897, % 62,029,129 58,315, % 66,212,858 61,671, % 66,210,032 61,567, % 1st Quarter, , , % 207, , % 207, , % 207, , % 207, , % 2nd Quarter, , , % 430, , % 430, , % 430, , % 430, , % 3rd Quarter, ,099,909 2,232, % 3,099,909 2,085, % 3,099, , % 3,099, , % 4th Quarter, ,099,057 21,488, % 23,701,666 21,775, % 23,761,176 22,099, % 1st Quarter, ,114, , % 1,114, , % 2nd Quarter, ,017,119 1,017, % 88,410,975 81,047, % 87,996,465 79,853, % 89,528,158 81,872, % 69,950,711 63,129, % 66,847,976 62,140, % Industrial - Distribution 64,782,560 60,109, % 64,368,050 58,947, % 63,313,069 58,537, % 42,369,246 38,591, % 39,417,319 37,777, % Industrial - Flex 9,041,343 8,216, % 9,041,343 8,122, % 9,509,410 8,510, % 8,952,651 8,010, % 8,952,651 8,081, % Office 14,587,072 12,721, % 14,587,072 12,783, % 16,705,679 14,824, % 18,628,814 16,526, % 18,478,006 16,280, % Wholly Owned Properties - Total 88,410,975 81,047, % 87,996,465 79,853, % 89,528,158 81,872, % 69,950,711 63,129, % 66,847,976 62,140, % Joint Ventures Chicago 5,063,551 4,872, % 5,063,551 4,847, % 5,063,551 4,912, % 5,063,551 4,938, % 5,063,631 4,970, % New Jersey 3,672,402 3,265, % 3,069,794 2,848, % 3,069,794 2,736, % 3,069,794 2,736, % 3,069,794 2,661, % Northern Virginia 1,971,596 1,587, % 1,971,596 1,573, % 1,971,595 1,581, % 2,142,535 1,778, % 2,141,819 1,779, % Orlando 1,136,175 1,136, % 1,136,175 1,136, % 1,136,175 1,136, % 1,136,175 1,113, % 1,136,175 1,113, % Philadelphia 1,253,876 1,236, % 1,253,876 1,240, % 1,253,876 1,240, % 1,253,876 1,252, % 1,253,876 1,252, % United Kingdom 544, , % 544, , % 544, , % 588, , % 588, , % Washington DC 451, , % 451, , % 451, , % 451, , , , % Joint Ventures - Total 14,093,782 12,938, % 13,491,174 12,489, % 13,491,173 12,446, % 13,705,848 12,676, % 13,705,212 12,634, % Portfolio Total 102,504,757 93,985, % 101,487,639 92,343, % 103,019,331 94,319, % 83,656,559 75,806, % 80,553,188 74,774, % (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 6/30/2014 Industrial - Distribution , ,816 $ 3.54 $ $ % 76.2% $ Flex 23 52, ,699 $ $ $ % 95.1% $ 2.13 Office ,175 $ 3.69 $ $ % 90.8% $ 3.21 Total ,836 1,196,690 $ 4.00 $ $ % 81.9% $ 0.85 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% $

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 6/30/2014 Industrial - Distribution 54 5,072, ,999, % % 93.2% $ 0.74 $ Flex , , % % 71.2% $ 3.27 $ 0.76 Office , , % % 94.5% $ $ 1.55 Total 156 6,226, ,814, % % 92.0% $ 2.09 $ 0.45 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 Average 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 $

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 ,997,355 1,850, , ,694 $ 7.17 $ 4.18 $ 7.91 $ ,389,488 9,399,195 1,129,154 1,861,139 $ 6.18 $ 4.41 $ 8.26 $ ,372,387 9,375,178 1,498,754 1,498,455 $ 6.90 $ 4.90 $ 8.61 $ ,412,525 10,188,674 1,302,122 1,921,729 $ 6.69 $ 4.62 $ 8.26 $ ,357,400 9,155, ,350 1,311,000 $ 6.75 $ 5.08 $ 8.88 $ ,229,724 6,241,451 1,054,586 1,933,687 $ 8.62 $ 4.98 $ $ Thereafter 19,288,429 13,899,157 1,873,370 3,515,902 $ 9.55 $ 5.87 $ $ Total 81,047,308 60,109,440 8,216,262 12,721,606 $ 7.57 $ 5.01 $ 9.69 $ Total Square Feet 88,410,975 64,782,560 9,041,343 14,587,072 Joint Ventures , , ,737 $ $ 4.59 $ - $ , ,868 9, ,787 $ $ 4.54 $ $ ,141,031 1,685,553 38, ,696 $ 8.80 $ 4.37 $ $ ,590,175 1,254,182 45, ,142 $ 8.37 $ 4.16 $ $ ,885,741 1,749,744 6, ,388 $ 6.65 $ 4.65 $ $ ,061, , ,364 $ $ 5.48 $ - $ Thereafter 4,810,996 3,128,488-1,682,508 $ $ 4.39 $ - $ Total 12,938,026 9,273, ,499 3,563,622 $ $ 4.50 $ $ Total Square Feet 14,093,782 9,872, ,512 4,114,142 PORTFOLIO - TOTAL ,871,444 2,304, ,926 1,100,431 $ 8.90 $ 4.26 $ 7.91 $ ,964,400 9,733,063 1,138,411 2,092,926 $ 6.43 $ 4.41 $ 8.42 $ ,513,418 11,060,731 1,537,536 1,915,151 $ 7.18 $ 4.82 $ 9.15 $ ,002,700 11,442,856 1,347,973 2,211,871 $ 6.86 $ 4.57 $ 9.02 $ ,243,141 10,904, ,959 1,440,388 $ 6.74 $ 5.01 $ 9.02 $ ,290,806 6,910,169 1,054,586 2,326,051 $ 9.08 $ 5.02 $ $ Thereafter 24,099,425 17,027,645 1,873,370 5,198,410 $ $ 5.60 $ $ Total 93,985,334 69,383,345 8,316,761 16,285,228 $ 8.16 $ 4.94 $ 9.94 $ Total Square Feet 102,504,757 74,654,688 9,148,855 18,701,214 13

16 Completed Development Properties Total Inventory/ Building Total Square Occupancy No. of Start Shell Operating Stabilized Address Location Build-to-Suit Type Costs Feet 6/30/2014 Tenants Major Tenant Date Comp Date As Of: Yield Wholly Owned: (in'000s) Brockton Lane Rogers, MN Inventory ID $ 12, , % 1 Graco, Inc. Oct-13 Jun-14 Jun-14 Totals: $ 12, , % 8.8% 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 Liberty Property Trust Development Properties (000's) 3rd Quarter, Old Morehall Road Malvern, PA Build-to-Suit O $ 51, % 200, % 1 The Vanguard Group 1467 Perryman Road Aberdeen, MD Build-to-Suit ID 50, % 945, % 1 Clorox Manufacturing Company 9300 Olde Scotland Road Shippensburg, PA Build-to-Suit ID 96, % 1,692, % 1 The Procter and Gamble Distributing, LLC 197, % 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, % 162,780-47, % 465, % 2nd Quarter, NW 122 Street Medley, FL Inventory ID 13, % 147, % 3 Global Food Corp Fallbrook Drive Houston, TX Inventory ID 23, % 400, S. 26th Street Philadelphia, PA Inventory IF 12, % 75, % 3 Wuxi 49, % 623, % 3rd Quarter, New Ridge Road Hanover, MD Inventory ID 12, % 117, % 1 Kawneer Company, Inc New Ridge Road Hanover, MD Inventory ID 12, % 126,000-25, % 243, % 4th Quarter, W. Rio Salado Parkway Tempe, AZ Inventory O 29, % 154, % 1 WageWorks, Inc. 10 Emery Street Bethlehem, PA Inventory ID 48, % 800, South Royal Lane Coppell, TX Inventory ID 13, % 198, Eastport Boulevard Richmond, VA Inventory ID 8, % 129,660-99, % 1,282, % 1st Quarter, West Sam Houston Pkwy N Houston, TX Inventory O 47, % 206,754-47, % 206,754 - Total Wholly Owned Development: $ 467, % 5,660, % 8.2% Joint Ventures (3) 4th Quarter, Center Square Road Bridgeport, NJ Inventory ID $ 15, % 203, % 1 15, % 203, % Total Joint Venture Development: $ 15, % 203, % 8.9% Total Development: $ 482, % 5,863, % 8.3% (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 Leasable Percent Purchase Date Product Square Price Current Project Acquired City/State Type Footage 6/30/2014 (in 000s) Yield Wholly Owned: 4226 Surles Court 06/12/14 Durham, NC ID 150, % $ 9, Surles Court 06/12/14 Durham, NC ID 123, % 7, Durles Court 06/12/14 Durham, NC ID 150, % 9, Emperor Center 06/12/14 Durham, NC ID 111, % 6, Parliament Court 06/12/14 Durham, NC ID 169, % 10, Pala Drive 06/26/14 Garden Grove, CA ID 84, % 8,978 Total Portfolio: 790, % $ 53, % 16

19 Disposition Properties Wholly Owned: Leasable Sales Date Product Square Percent Proceeds Project Sold City/State Type Feet Leased (in 000s) 2145 Center Square Road 6/27/2014 Logan Township, NJ ID 197,894 - $ 6, Dartmouth Drive 6/27/2014 Swedesboro, NJ ID 213, % 15, Gloucester Court 6/27/2014 Swedesboro, NJ ID 191, % 10,256 Total Wholly Owned: 602, % $ 32,249 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 $ 5,817 $ - $ 199,991 $ - $ 205, % ,138 44, , , % , , , , % ,916 2, , , % ,730 27,051 99, , % ,680 50, , % ,280 67, , , % ,716 65, , % , , , % 2023 and thereafter 29,625 1, , , % $ 96,794 $ 440,544 $ 2,708,668 $ - $ 3,246, % (1) Mortgages comprise $537,338 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 4.944% (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 6/30/2014 3/31/ /31/ /31/12 12/31/11 12/31/10 12/31/09 Covenant (a) (b) Debt/Total Assets < 60% 41% 42% 42% 42% 37% 38% 39% Annual Service Charge Coverage > Secured Debt < 40% 7% 7% 7% 5% 5% 5% 7% Unencumbered Total Asset Value/Unsecured Debt > UNSECURED LINE OF CREDIT Covenant (a) (b) Unsecured Debt : Unencumbered Properties <= 60% 49% 48% 49% 49% 40% 43% 44% Unencumbered NOI : Unsecured Interest Expense >= Total Debt : Total Assets <= 60% 41% 40% 46% 50% 43% 46% 45% Secured Debt : Total Assets <=35% 7% 7% 10% 10% 10% 11% 13% EBITDA : Fixed Charges >= Dividend : FFO <= 90% 78% 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 Six Months Ended Percentage 6/30/2014 6/30/2013 Change 6/30/2014 6/30/2013 Change Rental Revenue $ 103,498 $ 102, % $ 206,266 $ 205, % Operating Expenses: Rental Property Expense 27,137 26, % 59,623 52, % Real Estate Taxes 17,929 17, % 35,469 35, % Operating Expense Recovery (42,757) (43,167) -0.9% (90,359) (85,355) 5.9% Unrecovered Operating Expenses 2,309 1, % 4,733 2, % Property Level Operating Income 101, , % 201, , % Less Straight Line Rent 2, % 2,905 1, % Cash Basis Property Level Operating Income $ 98,889 $ 101, % $ 198,628 $ 202, % Same Store properties are those which were owned at January 1, 2013 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 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 Six 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 $ 161,835 $ 190,759 $ 261,782 $ 52,945 $ 891,467 $ 494,859 $ 17,904 $ 2,071,551 Accumulated depreciation (34,974) (27,757) (46,473) (6,779) (142,098) (90,459) (2,557) (351,097) Real estate assets, net 126, , ,309 46, , ,400 15,347 1,720,454 Development in progress 6, ,629 Land held for development 2,842-33,843 14,435 2,000-79, ,303 Other assets 15,173 17,844 32,390 6,059 56,920 51,518 38, ,195 Total assets $ 151,505 $ 180,846 $ 281,542 $ 66,660 $ 808,289 $ 455,918 $ 132,821 $ 2,077,581 Debt 72, , ,400 42, , , ,721 Other liabilities 5, ,859 7, ,843 9,032 11, ,112 Equity 73,412 (23,324) 133,229 23, , , , ,748 Total liabilities and equity $ 151,505 $ 180,846 $ 281,542 $ 66,660 $ 808,289 $ 455,918 $ 132,821 $ 2,077,581 LPT's ownership percentage 25% 20% 25% 50% 25% 20% 20%-50% LPT's share of equity $ 16,942 $ 12,988 $ 21,923 $ 12,034 $ 71,724 $ 24,096 $ 44,169 $ 203,876 RESULTS OF OPERATIONS (A) Total revenue $ 8,710 $ 6,750 $ 12,506 $ 3,662 $ 36,381 $ 32,081 $ 772 $ 100,862 Operating expenses 2,874 2,701 4, ,692 11, ,038 SUBTOTAL 5,836 4,049 7,991 2,861 22,689 20, ,824 Interest 2,533 3,138 4,131 1,436 9,276 10,038-30,552 Depreciation and amortization 2,723 2,133 3, ,491 7, ,309 Other (income)/expense UNCO 29 (25) (6) (6) (133) 177 (5,456) (5,420) Gain (loss) on sale NET INCOME $ 551 $ (1,197) $ 378 $ 679 $ 55 $ 2,751 $ 5,360 $ 8,577 LPT's share of net income $ 259 $ (173) $ 363 $ 445 $ 1,246 $ 868 $ 2,697 $ 5,705 LPT's share of depreciation and amortization ,864 1, ,632 LPT's share of funds from operations (FFO) $ 940 $ 220 $ 1,141 $ 821 $ 4,110 $ 2,306 $ 2,799 $ 12,337 DEBT Interest rate 2.13% % 3.02% % 5.72% % 6.42% % 2.50% % 6.15% - LPT's share of debt $ 18,092 $ 20,062 $ 35,100 $ 21,362 $ 79,779 $ 63,961 $ - $ 238,356 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 LPT Share 2014 $ 4,129 $ 1, ,838 14, ,636 89, ,378 32, ,236 77,677 Thereafter 74,504 22,387 $ 994,721 $ 238,356 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 March 31, 2014 December 31, 2013 December 31, 2012 December 31, 2011 December 31, 2010 Property level operating income $ 135,420 $ 136,751 $ 523,223 $ 478,721 $ 494,917 $ 508,221 General and administrative expense (14,973) (18,361) (74,564) (64,686) (59,186) (52,710) Equity in earnings of unconsolidated joint ventures excluding gain on sale 1,497 1,426 6,569 4,599 3,496 2,296 Management fees and other miscellaneous income 1,844 2,076 8,164 7,220 5,963 6,895 Adjusted EBITDA 123, , , , , ,702 Depreciation and amortization expense (57,872) (56,734) (173,784) (135,523) (126,218) (119,653) Interest, net (38,068) (38,748) (125,400) (101,838) (99,814) (109,645) Gain on property dispositions 1,896-8,676 3,080 5,025 4,616 Income taxes (693) (531) (2,799) (976) (1,020) (1,736) Discontinued operations (not including property level operating income) ,577 50,011 (37,566) (12,453) (84,531) Other 920 2,650 (502) (5,280) - (378) Net Income $ 30,107 $ 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 June 30, 2013 June 30, 2013 Same store property level operating income - cash basis $ 98,889 $ 101,237 $ 198,628 $ 202,379 Same store straight line rent 2, ,905 1,579 Same store property level operating income - GAAP basis 101, , , ,958 Non-same store property level operating income - continuing operations 33,998 3,354 67,378 4,831 Termination fees General and administrative expense (14,973) (16,455) (33,334) (36,248) Depreciation and amortization expense (57,872) (37,527) (114,606) (74,748) Other income (expense) (35,353) (22,781) (72,107) (46,140) Gain on property dispositions 1,896-1,896 - Income taxes (693) (660) (1,224) (1,151) Equity in earnings of unconsolidated joint ventures 1,546 1,566 5,705 3,323 Discontinued operations ,666 48,015 63,489 Net income $ 30,107 $ 43,243 $ 104,213 $ 117,899 22