NEWS RELEASE 3 HIGHLIGHTS 6

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2 TABLE OF CONTENTS NEWS RELEASE 3 HIGHLIGHTS 6 FINANCIAL INFORMATION Consolidated Balance Sheets 7 Consolidated Statements of Comprehensive Income 8 Funds from Operations and Adjusted Funds from Operations 9 Adjusted EBITDA 10 Discontinued Operations and Assets Held for Sale 11 OPERATIONS Portfolio Profile 12 Lease Analysis 17 Lease Expirations 20 Top Ten Largest Tenants 22 Same Store Properties 23 Fully Stabilized Properties 24 REAL ESTATE INVESTMENTS Completed Development Properties 25 Development Starts 26 Development Properties 27 Acquisitions 29 Dispositions 30 Unconsolidated Joint Ventures 31 CAPITALIZATION Debt & Preferred Unit Analysis 32 Debt Statistics & Ratios 33 Debt Covenants & Credit Ratings 34 GUIDANCE 35 NET ASSET VALUE COMPONENTS 36 NON-GAAP FINANCIAL MEASURES AND OTHER DEFINED TERMS 37 The statements contained in this supplemental may include forward-looking statements within the meaning of the federal securities law. These forward-looking statements include statements relating to, among others things, achievement of strategic targets, expectations for our operating results, business and financial condition, business and our growth prospects, as well as statements that are generally accompanied by words such as believes, anticipates, expects, estimates, should, seeks, intends, proposed, planned, outlook, remain confident, and goal or similar expressions. Although Liberty believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. As forward-looking statements, these statements involve risks, uncertainties and other factors that could cause actual results to differ materially from the expected results. These risks, uncertainties and other factors include, without limitation, uncertainties affecting real estate business generally (such as entry into new leases, renewals of leases and dependence on tenants business operations), risks relating to the integration of the operations of entities that we have acquired or may acquire, risks relating to our plans for disposing of certain properties, risks relating to financing arrangements and sales of securities, possible environmental liabilities, risks relating to leverage and debt service (including availability of financing terms acceptable to the company and sensitivity of the company s operations and financing arrangements to fluctuations in interest rates), dependence on the primary markets in which the company s properties are located, the existence of complex regulations relating to status as a REIT and the adverse consequences of the failure to qualify as a REIT, risks relating to litigation, including without limitation litigation involving entities that we have a acquired or may acquire, and the potential adverse impact of market interest rates on the market price for the company s securities, and other risks and uncertainties detailed 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. Page 2

3 NEWS RELEASE Inquiries: Jeanne Leonard, Liberty Property Trust, Liberty Property Trust Announces 2017 Fourth Quarter and Full Year Results and Provides Guidance for 2018 Malvern, PA, February 6, Liberty Property Trust (NYSE: LPT) announced financial and operating results for the quarter and year ended December 31, 2017, as well as projections for 2018 performance. Highlights for Fourth Quarter 2017 Net income available to common shareholders $0.87 per diluted share NAREIT Funds from Operations $0.68 per diluted share Same store operating income increased by 5.1% over prior year quarter Same store operating income for the industrial portfolio increased by 4.6% over prior year quarter on a straight line and cash basis Industrial rents increased 14.8% Portfolio occupancy increased to 96.9% $689.9 million in developments delivered 2.1 million square feet of wholly-owned properties and 64 acres of land sold for $325.3 million $195.1 million in asset acquisitions Highlights for Full Year 2017 Net income available to common shareholders $1.91 per diluted share NAREIT Funds from Operations $2.59 per diluted share Same store operating income increased by 3.1% over prior year Same store operating income for the industrial portfolio increased by 3.3% over prior year on a straight line basis and 3.5% on a cash basis Industrial rents increased by 14.9% 2.3 million square feet of wholly-owned properties and 118 acres of land sold for $367.3 million $870.2 million in developments delivered $243.8 million in new developments started $318.6 million in asset sales $271.4 million in asset acquisitions 2018 Guidance Highlights Net income available to common shareholders projected to be $ $3.88 per diluted share NAREIT Funds from Operations expected in range of $ $2.65 per diluted share Same store operating income for the industrial portfolio projected to grow 3% - 4% on a straight line and 4% - 5% on a cash basis Straight line rents for the industrial portfolio projected to grow 12% - 15% Anticipated $500 million - $600 million in development starts of wholly-owned properties Anticipated $600 million - $800 million in asset sales Anticipated $400 million - $600 million in asset acquisitions Financial Results Net income: Net income available to common shareholders for the fourth quarter of 2017 was $128.4 million, or $0.87 per diluted share, compared to $195.4 million, or $1.33 per diluted share, for the fourth quarter of For the year ended December 31, 2017, net income available to common shareholders was $282.3 million, or $1.91 per diluted share, compared to $356.8 million, or $2.43 per diluted share, for the previous year. Net income for the fourth quarter and full year 2017 reflects gains on sale, net of impairments, of $83.4 million and $104.3 million, respectively, compared to $189.7 million and $215.4 million, respectively, for the same periods in Funds from Operations: The company uses the National Association of Real Estate Investment Trusts ( NAREIT ) definition of Funds from Operations ( FFO ) as an operating measure of the company s financial performance. A reconciliation of U.S. GAAP net income to NAREIT FFO is included in the financial data tables accompanying this press release. NAREIT FFO available to common shareholders for the fourth quarter of 2017 was $102.6 million, or $0.68 per diluted share, compared to $62.0 million, or $0.41 per diluted share, for the fourth quarter of NAREIT FFO available to common shareholders for the year ended December 31, 2017 was $390.6 million, or $2.59 per diluted share, compared to $356.9 million, or $2.37 per diluted share, for the previous year.

4 NEWS RELEASE Management Comments Liberty s results reflect a momentum indicative of the strength of the industrial real estate markets and the quality of our national portfolio, said Bill Hankowsky, chairman, president and chief executive officer. We continue to see opportunities to grow our industrial platform, sell non-core suburban office assets, and refine our niche metro office operation. We expect our capital recycling plan and enhanced national industrial platform to result in an increasingly robust cash flow position in Operating Performance Occupancy: At December 31, 2017, Liberty s in-service portfolio of 102 million square feet was 96.9% occupied, compared to 95.9% at the end of the third quarter of During the quarter, Liberty completed lease transactions totaling 6.1 million square feet of space. Liberty leased 25.2 million square feet of space overall in Occupancy of Liberty s 94.2 million square foot industrial portfolio was 97.0% at quarter-end, compared to 96.3% at the end of the third quarter. Industrial rents increased 14.8% on renewal and replacement leases signed during the quarter. 98.2% of these leases have built-in rent escalators. Occupancy of Liberty s 7.4 million square foot office portfolio was 95.6% at quarter-end, up from 91.0% from the end of the third quarter. Office rents increased 22.2% on renewal and replacement leases signed during the quarter, and 100% of these leases contain built-in rent escalators. Same Store Performance: Property level operating income for same store properties increased by 5.1% on a cash and a straight line basis for the fourth quarter of 2017 compared to the same quarter in For the full year ended December 31, 2017, property level operating income for same store properties increased by 3.4% on a cash basis and by 3.1% on a straight line basis, compared to the full year ended December 31, Same store operating income for the industrial portfolio in the quarter increased by 4.6% on a cash and straight line basis, compared to the same period in For the full year ended December 31, 2017, industrial same store operating income increased by 3.5% on a cash basis and 3.3% on a straight line basis, compared to the same period in Same store operating income for the office portfolio in the quarter increased by 8.0% on a cash basis and by 7.9% on a straight line basis, compared to the same period in For the full year ended December 31, 2017, office same store operating income increased by 3.2% on a cash basis and by 1.8% on a straight line basis, compared to the same period in Real Estate Investments Development Deliveries: In the fourth quarter, Liberty brought into service six wholly-owned development properties for a total investment of $78.8 million. The properties contain 960,000 square feet of leasable space and were 80.5% occupied as of the end of the quarter. The projected stabilized yield on these properties at December 31, 2017 was 7.4%. Joint ventures in which Liberty holds an interest brought into service two development properties (or portions thereof) for a total investment of $611.1 million. These properties, which contain 1.2 million square feet of leasable space, were 100% occupied at December 31, 2017 at a current yield of 8.1%. Development Starts: In the fourth quarter, Liberty began development of two wholly-owned properties totaling 705,000 square feet of leasable space at a projected investment of $44.4 million. The properties are: 1814 Highway 146 th South, a 105,000 square foot industrial building in LaPorte, TX 1302 Wharton Weems Boulevard, a 600,000 square foot industrial building in LaPorte, TX Acquisitions: During the fourth quarter, Liberty increased its positions in California, Georgia and New Jersey with the purchase of four buildings totaling 1.4 million square feet for $195.1 million. The buildings are 100% leased. Subsequent to quarter end, Liberty purchased one property in Commerce, California totaling approximately 400,000 square feet of leasable space for $92.7 million. The property was 100% leased at closing. Real Estate Dispositions During the fourth quarter, Liberty sold four properties totaling approximately 2.1 million square feet and 64 acres of land for $325.3 million. These properties were 91.2% leased at the time of the sale. Subsequent to quarter end, Liberty sold a portfolio of 14 properties totaling approximately 641,000 square feet of leasable space for $76.9 million. These properties were 88.3% leased at closing. Capital and Balance Sheet Activity During the fourth quarter, Liberty closed on credit facilities aggregating up to $830 million outstanding at any one time and a delayed draw term loan facility aggregating up to $100 million Outlook For 2018, Liberty expects to report net income available to common shareholders in the range of $3.05-$3.88 per diluted share, and NAREIT FFO in the range of $2.53-$2.65 per diluted share. In 2018, Liberty expects asset sales in the range of $600-$800 million and acquisitions in the range of $400-$600 million. Liberty expects to start development of $500-$600 million in wholly-owned properties. The company expects to deliver $400-$500 million in development properties, at yields in the 7.5%-8.5% range. Liberty anticipates property level operating income for industrial same store properties to grow by 3% to 4% on a straight line basis and 4% to 5% on a cash basis, and industrial rental growth by 12% to 15% in a straight line basis.

5 NEWS RELEASE This outlook also reflects $0.02 per diluted share of costs associated with information system upgrades being undertaken in As is customary the first quarter will reflect approximately $0.04 per diluted share of incremental non-cash expenses due to the accelerated vesting of grants to certain employees under the retirement provisions of our compensation plan. A reconciliation of U.S. GAAP net income available to common shareholders per diluted share to NAREIT FFO per diluted share for 2018 is below (all 2018 amounts projected). Additional information on assumptions underlying this guidance is included in Liberty s fourth quarter 2017 supplemental financial report on the company s website. Projected 2018 Outlook Net income available to common shareholders per diluted share $ $3.88 Depreciation and amortization of unconsolidated joint ventures Depreciation and amortization Gain on property dispositions (1.80) - (2.60) Noncontrolling interest share of addbacks NAREIT FFO, per diluted share $ $2.65 About the Company Liberty Property Trust (NYSE:LPT) is a leader in commercial real estate, serving customers in the United States and United Kingdom, through the development, acquisition, ownership and management of superior industrial and office properties. Liberty's 101 million square foot portfolio includes 561 properties which provide distribution and light manufacturing and facilities to 1,200 tenants. Additional information about the company, including Liberty s Quarterly Supplemental Package with detailed financial information is available in the Investors section of the Company s web site at If you are unable to access the web site, a copy of the supplemental package may be obtained by contacting Liberty by phone at , or by to jleonard@libertyproperty.com. Liberty will host a conference call during which management will discuss fourth quarter, full year results and 2018 guidance, on Tuesday, February 6, 2018, at 1 p.m. Eastern Time. To access the conference call, please dial The passcode needed for access is A replay of the call will be available until March 7, 2018, by dialing using the same passcode as above. The call can also be accessed via the Internet on the Investors page of Liberty s web site at Forward-Looking Statements The statements contained in this press release may include forward-looking statements within the meaning of the federal securities law. These forwardlooking statements include statements relating to, among others things, achievement of strategic targets, expectations for our operating results, business and financial condition, business and our growth prospects, as well as statements that are generally accompanied by words such as believes, anticipates, expects, estimates, should, seeks, intends, proposed, planned, outlook, remain confident, and goal or similar expressions. Although Liberty believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. As forward-looking statements, these statements involve risks, uncertainties and other factors that could cause actual results to differ materially from the expected results. These risks, uncertainties and other factors include, without limitation, uncertainties affecting real estate business generally (such as entry into new leases, renewals of leases and dependence on tenants business operations), risks relating to our ability to maintain and increase property occupancy and rental rates, risks relating to the continued repositioning of the Company's portfolio, risks relating to construction and development activities, risks relating to acquisition and disposition activities, risks relating to the integration of the operations of entities that we have acquired or may acquire, risks relating to joint venture relationships and any possible need to perform under certain guarantees that we have issued or may issue in connection with such relationships, risks related to properties developed by the Company on a fee basis, risks associated with tax abatement, tax credit programs, or other government incentives, possible environmental liabilities, risks relating to leverage and debt service (including availability of financing terms acceptable to the Company and sensitivity of the Company's operations and financing arrangements to fluctuations in interest rates), dependence on the primary markets in which the Company's properties are located, the existence of complex regulations relating to status as a REIT and the adverse consequences of the failure to qualify as a REIT, risks relating to litigation and the potential adverse impact of market interest rates on the market price for the Company's securities, and other risks and uncertainties detailed 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. ###

6 HIGHLIGHTS EARNINGS Quarter Ended Year Ended 12/31/ /31/ /31/ /31/2016 Net income per share - diluted $ 0.87 $ 1.33 $ 1.91 $ 2.43 NAREIT FFO per share - diluted $ 0.68 $ 0.41 $ 2.59 $ 2.37 Dividend per share $ 0.40 $ $ 1.60 $ 1.90 OPERATIONS Quarter ended 12/31/2017 Straight Line Year Ended 12/31/2017 Quarter ended 12/31/2017 Cash Year Ended 12/31/2017 Same store NOI growth 5.1% 3.1% 5.1% 3.4 % Same store NOI growth - Industrial 4.6% 3.3% 4.6% 3.5 % Same store NOI growth- Office 7.9% 1.8% 8.0% 3.2 % Rent growth 15.5% 14.2% 9.6% 6.4 % Rent growth - Industrial 14.8% 14.9% 10.5% 7.7 % Rent growth - Office 22.2% 9.9% 3.6% (1.3)% OCCUPANCY (includes joint ventures at 100%) 12/31/2017 9/30/2017 6/30/2017 3/31/2017 Total Company 96.9% 95.9% 95.6% 96.1 % Industrial 97.0% 96.3% 95.9% 96.6 % Office 95.6% 91.0% 91.5% 88.4 % REAL ESTATE INVESTMENTS (includes joint ventures at 100%) Quarter ended 12/31/2017 # of bldgs Square Feet Occupancy Investment (in 000s) Development starts (1) 2 705,345 % $ 44,365 Development completions 8 2,197, % 689,932 Acquisitions 4 1,406, % 195,050 Dispositions 4 2,080, % 299,898 12/31/2017 # of bldgs Square Feet Percent Leased Investment (in 000s) Development under construction 23 6,182, % $ 901,869 (1) Occupancy for development starts represents percent pre-leased. Page 6

7 CONSOLIDATED BALANCE SHEETS (unaudited and in thousands) December 31, 2017 December 31, 2016 Assets Real estate: Land and land improvements $ 1,153,680 $ 1,060,065 Building and improvements 4,443,583 4,298,012 Less: accumulated depreciation (940,613) (847,106) Operating real estate 4,656,650 4,510,971 Development in progress 378, ,450 Land held for development 330, ,569 Net real estate 5,365,870 5,114,990 Cash and cash equivalents 11,882 43,642 Restricted cash 13,803 12,383 Accounts receivable 11,230 13,365 Deferred rent receivable 115, ,878 Deferred financing and leasing costs, net 159, ,038 Investments in and advances to unconsolidated joint ventures 288, ,078 Assets held for sale 182, ,888 Prepaid expenses and other assets 291, ,551 Total assets $ 6,439,757 $ 5,992,813 Liabilities Mortgage loans, net $ 267,093 $ 276,650 Unsecured notes, net 2,283,513 2,280,286 Credit facilities 358,939 Accounts payable 79,605 64,951 Accrued interest 21,796 21,878 Dividend and distributions payable 60,330 71,501 Other liabilities 208, ,008 Liabilities held for sale 4,551 8,079 Total liabilities 3,283,854 2,922,353 Noncontrolling interest 7,537 7,537 Equity Shareholders' equity Common shares of beneficial interest Additional paid-in capital 3,674,978 3,655,910 Accumulated other comprehensive loss (37,797) (56,031) Distributions in excess of net income (549,970) (596,635) Total shareholders' equity 3,087,358 3,003,391 Noncontrolling interest - operating partnership 56,159 54,631 Noncontrolling interest - consolidated joint ventures 4,849 4,901 Total equity 3,148,366 3,062,923 Total liabilities, noncontrolling interest - operating partnership and equity $ 6,439,757 $ 5,992,813 Page 7

8 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited and in thousands, except per share amounts) December 31, 2017 Quarter Ended December 31, 2016 December 31, 2017 Year Ended December 31, 2016 Operating Revenue Rental $ 124,619 $ 118,215 $ 486,195 $ 519,368 Operating expense reimbursement 39,431 38, , ,389 Development service fee income 28,753 12,941 82,673 12,941 Total operating revenue 192, , , ,698 Operating Expenses Rental property 16,581 20,323 66,018 94,177 Real estate taxes 23,901 22,039 90,187 95,202 General and administrative 13,062 15,264 56,975 67,088 Expensed pursuit costs ,066 1,016 Depreciation and amortization 42,847 48, , ,705 Development service fee expense 33,308 12,165 85,805 12,165 Impairment charges - real estate assets 11 3,879 3,946 3,879 Total operating expenses 129, , , ,232 Operating Income 62,984 47, , ,466 Other Income/Expense Interest and other income 2,263 1,111 7,778 13,817 Loss on debt extinguishment (49) (23,605) (49) (27,099) Interest expense (23,245) (23,387) (88,857) (112,299) Total other income/expense (21,031) (45,881) (81,128) (125,581) Income before gain on property dispositions, income taxes, noncontrolling interest and equity in earnings of unconsolidated joint ventures 41,953 1, , ,885 Gain on property dispositions 69, , , ,270 Income taxes (464) (338) (1,992) (1,971) Equity in earnings of unconsolidated joint ventures 3,129 2,430 17,155 21,970 Income from continuing operations 114, , , ,154 Discontinued operations (including net gain on property dispositions of $14,578 for the quarter and year ended December 31, 2017) 17,361 3,253 18,979 11,991 Net Income 131, , , ,145 Noncontrolling interest - operating partnerships (3,180) (4,820) (7,224) (9,070) Noncontrolling interest - consolidated joint ventures (286) (88) (481) (258) Net Income available to common shareholders $ 128,358 $ 195,383 $ 282,340 $ 356,817 Net income $ 131,824 $ 200,291 $ 290,045 $ 366,145 Other comprehensive gain (loss) - foreign currency translation 1,752 (11,741) 18,066 (34,744) Other comprehensive gain (loss) - derivative instruments 239 1, Comprehensive income 133, , , ,811 Less: comprehensive income attributable to noncontrolling interest (3,513) (4,668) (8,142) (8,519) Comprehensive income attributable to common shareholders $ 130,302 $ 185,424 $ 300,574 $ 323,292 Basic income per common share Continuing operations $ 0.76 $ 1.31 $ 1.79 $ 2.36 Discontinued operations $ 0.11 $ 0.02 $ 0.13 $ 0.08 Basic income per common share $ 0.87 $ 1.33 $ 1.92 $ 2.44 Diluted income per common share Continuing operations $ 0.76 $ 1.31 $ 1.78 $ 2.35 Discontinued operations $ 0.11 $ 0.02 $ 0.13 $ 0.08 Diluted income per common share $ 0.87 $ 1.33 $ 1.91 $ 2.43 Weighted average shares Basic 146, , , ,204 Diluted 147, , , ,889 Page 8

9 FUNDS FROM OPERATIONS ADJUSTED FUNDS FROM OPERATIONS (in thousands, except per share amounts) NAREIT FFO December 31, 2017 Quarter Ended December 31, 2016 December 31, 2017 Year Ended December 31, 2016 Reconciliation of net income available to common shareholders to NAREIT FFO available to common shareholders: Net income available to common shareholders $ 128,358 $ 195,383 $ 282,340 $ 356,817 Adjustments: Depreciation and amortization of unconsolidated joint ventures 2,958 2,308 10,155 11,014 Depreciation and amortization 43,501 50, , ,626 Gain on property dispositions / impairment - depreciable real estate assets of unconsolidated joint ventures 2,972 (25) 2,972 (7,012) Gain on property dispositions / impairment - depreciable real estate assets continuing operations (64,679) (190,477) (83,800) (216,148) Gain on property dispositions / impairment - depreciable real estate assets discontinued operations (13,607) (7,892) Noncontrolling interest share in addback for depreciation and amortization and gain on property dispositions / impairment - depreciable real estate 672 3,244 (2,379) 192 assets NAREIT FFO available to common shareholders - basic 100,175 60, , ,489 Noncontrolling interest share in addback for depreciation and amortization and gain on property dispositions / impairment - depreciable real estate (672) (3,244) 2,379 (192) assets Noncontrolling interest excluding preferred unit distributions 3,062 4,702 6,752 8,598 NAREIT FFO available to common shareholders - diluted $ 102,565 $ 62,046 $ 390,644 $ 356,895 NAREIT FFO available to common shareholders - basic per share $ 0.68 $ 0.41 $ 2.60 $ 2.38 NAREIT FFO available to common shareholders - diluted per share $ 0.68 $ 0.41 $ 2.59 $ 2.37 AFFO NAREIT FFO available to common shareholders - diluted $ 102,565 $ 62,046 $ 390,644 $ 356,895 Straight line rent adjustment, net of related bad debt expense (5,093) (3,203) (19,830) (14,080) Share - based compensation expense 1,833 1,476 12,808 11,947 Tenant Improvements and Lease Transaction Costs (10,476) (8,317) (52,375) (56,632) Non-reimbursed Capital Expenditures (6,268) (7,343) (21,746) (20,103) Gain on sale / impairment of non-depreciable assets (5,155) 503 (12,671) 503 Loss on debt extinguishment 49 23, ,857 AFFO available to common shareholders - diluted $ 77,455 $ 68,768 $ 296,879 $ 301,387 Reconciliation of weighted average shares: Weighted average common shares - all basic calculations 146, , , ,204 Dilutive shares for long term compensation plans Diluted shares for net income calculations 147, , , ,889 Weighted average common units 3,525 3,530 3,528 3,536 Diluted shares for NAREIT FFO calculations 151, , , ,425 Page 9

10 ADJUSTED EBITDA (in thousands) Quarter Ended Year Ended December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2016 Net Income $ 131,824 $ 200,291 $ 290,045 $ 366,145 Depreciation and amortization expense - continuing operations 42,847 48, , ,705 Depreciation and amortization expense - discontinued operations 1,212 1,846 6,753 8,385 Impairment charges - real estate assets - continuing operations 11 3,879 3,946 3,879 Impairment charges - real estate assets - discontinued operations 971 6,686 Loss on debt extinguishment 49 23, ,099 Interest expense - continuing operations 23,245 23,387 88, ,299 Interest expense - discontinued operations ,239 2,778 Gain on property dispositions - continuing operations (69,845) (193,599) (100,387) (219,270) Gain on property dispositions - discontinued operations (14,578) (14,578) Income taxes ,992 1,971 Share-based compensation expense 1,833 1,476 12,808 11,947 Adjusted EBITDA $ 118,539 $ 110,543 $ 473,547 $ 511,938 Page 10

11 DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE ( $ in thousands) Quarter Ended Year Ended December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2016 Discontinued Operations Income Statement Revenues $ 8,861 $ 9,324 $ 34,035 $ 36,010 Operating expenses (3,377) (3,702) (14,014) (12,989) Depreciation and amortization (1,212) (1,846) (6,753) (8,385) Impairment charges - real estate assets (971) (6,686) Operating income 3,301 3,776 6,582 14,636 Interest and other income (12) Interest expense (506) (619) (2,239) (2,778) Gain on property dispositions 14,578 14,578 Income from discontinued operations $ 17,361 $ 3,253 $ 18,979 $ 11,991 Assets Held for Sale Number of Properties Square Feet Percent Leased Net Book Value Continuing operations 2 343, % $ 79,499 Discontinued operations 25 1,600, % 101,589 Land held for development 1,140 Total assets held for sale $ 182,228 Page 11

12 PORTFOLIO PROFILE - TOTAL COMPANY Markets Number of Properties Square Feet Percent of SF Occupancy Net Rent Net Rent per Occupied SF Percent of Net Rent WHOLLY OWNED Operating: Arizona 2,613, % 93.6% $ 17,499,664 $ % Atlanta 2,450, % 92.6% 9,615, % Carolinas 8,533, % 94.3% 38,058, % Chicago/Milwaukee 7,222, % 99.7% 32,319, % Cincinnati/Columbus/Indianapolis 3,948, % 100.0% 13,291, % Dallas 2,399, % 95.9% 10,319, % Houston 7,647, % 92.7% 39,608, % Lehigh Valley/Central PA 24,236, % 100.0% 116,764, % Maryland 3,708, % 94.0% 19,256, % Minnesota 2,879, % 92.5% 12,753, % New Jersey 1,400, % 100.0% 7,056, % Orlando 2,349, % 99.6% 16,654, % Philadelphia 1,509, % 97.9% 33,951, % Richmond/Hampton Roads 4,519, % 98.7% 20,246, % South Florida 2,814, % 93.3% 19,531, % Southeastern PA 2,400, % 94.3% 38,227, % Southern California 3,151, % 94.9% 16,842, % Tampa 1,805, % 99.5% 9,190, % United Kingdom 1,566, % 98.7% 13,236, % Washington D.C. 146, % 64.4% 2,551, % Total Operating Properties ,302, % 97.0% $ 486,974,647 $ % Development: Arizona 671, % Carolinas 435, % Chicago/Milwaukee 95, % Dallas 365, % Houston 783, % Lehigh Valley/Central PA 1,905, % Maryland 436, % New Jersey 182, % Philadelphia 175, % South Florida 159, % Southern California 256, % United Kingdom 163, % Total Development Properties 20 5,629, % Redevelopment: Atlanta 247, % Maryland 125, % Southeastern PA 380, % Washington D.C. 290, % Total Redevelopment Properties 10 1,044, % Total Wholly Owned Properties ,976, % Page 12

13 PORTFOLIO PROFILE - TOTAL COMPANY Markets JOINT VENTURES AT 100% Number of Properties Percent Owned Square Feet Percent of SF Occupancy Net Rent Net Rent per Occupied SF Percent of Net Rent Operating: Chicago/Milwaukee 25% 4,857, % 94.1 % $ 16,875,057 $ % New Jersey 25% 4,502, % 98.4 % 22,339, % Orlando 50% 1,659, % 97.3 % 8,462, % Philadelphia 20% 2,336, % 99.8 % 70,390, % United Kingdom 20% 489, % 87.5 % 10,161, % Washington D.C. 25% 451, % 93.3 % 16,384, % Total Operating Properties 65 14,296, % 96.5 % $ 144,614,018 $ % Development: New Jersey 25% 302, % Philadelphia 20% 249, % Total Development Properties 3 552, % Redevelopment: Philadelphia 20% 48, % Total Redevelopment Properties 1 48, % Total Joint Venture Properties 69 14,896, % SUMMARY Operating properties ,598, % 96.9 % $ 631,588,665 $ 6.41 Development properties 23 6,182, % Redevelopment 11 1,092, % Total Company ,873, % Joint ventures at 100% Page 13

14 PORTFOLIO PROFILE - INDUSTRIAL PROPERTIES Markets WHOLLY OWNED Number of Properties Square Feet Percent of SF Occupancy Net Rent Net Rent per Occupied SF Percent of Net Rent Operating: Arizona 2,043, % 91.9% $ 7,987,989 $ % Atlanta 2,450, % 92.6% 9,615, % Carolinas 8,533, % 94.3% 38,058, % Chicago/Milwaukee 7,222, % 99.7% 32,319, % Cincinnati/Columbus/Indianapolis 3,948, % 100.0% 13,291, % Dallas 2,399, % 95.9% 10,319, % Houston 7,647, % 92.7% 39,608, % Lehigh Valley/Central PA 24,236, % 100.0% 116,764, % Maryland 3,708, % 94.0% 19,256, % Minnesota 2,534, % 91.5% 11,291, % New Jersey 1,400, % 100.0% 7,056, % Orlando 2,198, % 99.6% 14,564, % Philadelphia 625, % 100.0% 8,767, % Richmond/Hampton Roads 4,519, % 98.7% 20,246, % South Florida 2,814, % 93.3% 19,531, % Southeastern PA 552, % 97.4% 6,755, % Southern California 3,151, % 94.9% 16,842, % Tampa 1,805, % 99.5% 9,190, % United Kingdom 1,428, % 100.0% 10,586, % Total Industrial Operating Properties ,220, % 97.1% $ 412,054,306 $ % Development: Arizona 435, % Carolinas 435, % Chicago/Milwaukee 95, % Dallas 365, % Houston 783, % Lehigh Valley/Central PA 1,905, % Maryland 436, % New Jersey 182, % South Florida 159, % Southern California 256, % United Kingdom 163, % Total Industrial Development Properties 18 5,218, % Redevelopment: Atlanta 247, % Maryland 125, % Total Industrial Redevelopment Properties 2 372, % Total Wholly Owned Industrial Properties ,811, % Page 14

15 PORTFOLIO PROFILE - INDUSTRIAL PROPERTIES Markets JOINT VENTURES AT 100% Number of Properties Percent Owned Square Feet Percent of SF Occupancy Net Rent Net Rent per Occupied SF Percent of Net Rent Operating: Chicago/Milwaukee 25% 4,857, % 94.1% $ 16,875,057 $ % New Jersey 25% 4,502, % 98.4% 22,339, % Orlando 50% 1,659, % 97.3% 8,462, % Total Industrial Operating Properties 47 11,019, % 96.3% $ 47,677,471 $ % Development: New Jersey 25% 302, % Total Industrial Development Properties 1 302, % Total Joint Venture Industrial Properties 48 11,321, % SUMMARY Operating properties ,239, % 97.0% $459,731,777 $ 5.03 Development properties 19 5,521, % Redevelopment properties 2 372, % Total Industrial Properties ,133, % Joint ventures at 100% Page 15

16 PORTFOLIO PROFILE - OFFICE PROPERTIES Markets Number of Properties Percent Owned Square Feet Percent of SF Occupancy Net Rent Net Rent per Occupied SF Percent of Net Rent WHOLLY OWNED Operating: Arizona 569, % 100.0% $ 9,511,675 $ % Minnesota 345, % 100.0% 1,462, % Orlando 150, % 100.0% 2,089, % Philadelphia 884, % 96.4% 25,184, % Southeastern PA 1,848, % 93.4% 31,471, % United Kingdom 138, % 85.1% 2,649, % Washington D.C. 146, % 64.4% 2,551, % Total Office Operating Properties 48 4,082, % 94.4% $ 74,920,340 $ % Development: Arizona 236, % Philadelphia 175, % Total Office Development properties 2 411, % Redevelopment: Southeastern PA 380, % Washington D.C. 290, % Total Office Redevelopment Properties 8 671, % Total Office Wholly Owned Properties 58 5,165, % JOINT VENTURES AT 100% Operating: Philadelphia 20% 2,336, % 99.8% $ 70,390,449 $ % United Kingdom 20% 489, % 87.5% 10,161, % Washington D.C. 25% 451, % 93.3% 16,384, % Total Office Operating Properties 18 3,276, % 97.1% $ 96,936,547 $ % Development: Philadelphia 20% 249, % Total Office Development Properties 2 249, % Redevelopment: Philadelphia 20% 48, % Total Office Redevelopment properties 1 48, % Total Joint Venture Office Properties 21 3,574, % SUMMARY Operating properties 66 7,359, % 95.6% $ 171,856,887 $ Development properties 4 660, % Redevelopment properties 9 719, % Total Office Properties 79 8,739, % Joint Ventures at 100% Page 16

17 LEASE ANALYSIS - NEW NEW LEASE ANALYSIS Type Number of New Leases Square Feet of First Generation Spaces Square Feet of Second Generation Spaces Cap Ex Per Square Foot of First Generation Spaces Cap Ex Per Square Foot of Second Generation Spaces Lease Term in Years Growth in Straight Line Rent Percentage Leases with Built in Increases Cap Ex Per Square Foot per Lease Term Year Ended 12/31/2017 Industrial ,790 5,495,159 $ 6.77 $ % 99.3 % $ 0.74 Office 20 64, ,118 $ $ % % $ 4.11 Total ,409 5,762,277 $ $ % 99.4 % $ 1.02 Quarter Ended 12/31/2017 Industrial ,173 1,392,551 $ $ % 97.6 % $ 0.87 Office 8 45,615 43,547 $ $ % % $ 3.90 Total ,788 1,436,098 $ $ % 98.1 % $ 1.14 Quarter Ended 9/30/2017 Industrial 44 19,487 2,086,242 $ 1.80 $ % % $ 0.61 Office 5 22,922 $ $ % % $ 0.66 Total 49 19,487 2,109,164 $ 1.80 $ % % $ 0.61 Quarter Ended 6/30/2017 Industrial 29 67, ,176 $ 3.70 $ % % $ 0.97 Office 4 19, ,636 $ $ (3.1 )% % $ 4.33 Total 33 86,454 1,071,812 $ 9.50 $ % % $ 1.88 Quarter Ended 3/31/17 Industrial ,680 1,122,190 $ 3.95 $ % % $ 0.63 Office 3 23,013 $ $ % % $ 4.92 Total ,680 1,145,203 $ 3.95 $ % % $ 0.69 Page 17

18 LEASE ANALYSIS - RENEWAL RENEWAL ANALYSIS Type Number Expiring Leases Square Feet Leases Renewed Number Square Feet Percentage Square Feet Renewed Cap Ex per Square Foot Lease Term in Years Growth in Straight Line Rent Percentage Leases with Built in Increases Cap Ex Per Square Foot per Lease Term Year Ended 12/31/2017 Industrial ,067, ,878, % $ % 98.2% $ 0.30 Office , , % $ % 95.4% $ 1.46 Total ,846, ,247, % $ % 97.8% $ 0.37 Quarter Ended 12/31/2017 Industrial 63 3,744, ,716, % $ % 98.8% $ 0.22 Office 13 98, , % $ % 100.0% $ 1.81 Total 76 3,842, ,777, % $ % 98.9% $ 0.27 Quarter Ended 9/30/2017 Industrial 61 4,040, ,645, % $ % 100.0% $ 0.29 Office 13 80, , % $ % 92.5% $ 2.32 Total 74 4,120, ,704, % $ % 99.1% $ 0.38 Quarter Ended 6/30/2017 Industrial 69 4,765, ,668, % $ % 94.3% $ 0.31 Office , , % $ % 94.9% $ 1.16 Total 88 5,075, ,898, % $ % 94.5% $ 0.44 Quarter Ended 3/31/2017 Industrial 91 4,518, ,847, % $ % 99.3% $ 0.36 Office 8 288, , % $ % 100.0% $ 1.45 Total 99 4,806, ,867, % $ % 99.3% $ 0.36 Page 18

19 LEASE ANALYSIS - COMBINED SECOND GENERATION AND RENEWAL ANALYSIS Type Total Square Feet Cap Ex per Square Foot Growth in Straight Line Rent Percentage Leases with Built in Increases Year ended 12/31/2017 Industrial 16,373,485 $ % 98.5% Office 636,439 $ % 97.2% Total 17,009,924 $ % 98.3% Quarter ended 12/31/2017 Industrial 4,109,392 $ % 98.2% Office 104,197 $ % 100.0% Total 4,213,589 $ % 98.4% Quarter ended 9/30/2017 Industrial 4,732,120 $ % 100.0% Office 81,820 $ % 94.4% Total 4,813,940 $ % 99.5% Quarter ended 6/30/2017 Industrial 3,562,514 $ % 95.9% Office 407,587 $ % 96.8% Total 3,970,101 $ % 96.2% Quarter ended 3/31/2017 Industrial 3,969,459 $ % 99.5% Office 42,835 $ % 100.0% Total 4,012,294 $ % 99.5% Page 19

20 LEASE EXPIRATIONS (by type) Square Feet Net Rent per Square Foot (at end of lease term) Year of Expiration Total Industrial Office Total Industrial Office WHOLLY OWNED - TOTAL ,727,621 8,441, ,244 $ 5.30 $ 4.87 $ ,104,515 11,867, , ,897,788 14,567, , ,322,980 8,146, , ,472,613 13,018, , Thereafter 27,154,707 24,784,514 2,370, Total Leased Square Feet 84,680,224 80,825,311 3,854,913 $ 6.60 $ 5.79 $ Total Square Feet 87,302,836 83,220,584 4,082,252 JOINT VENTURES - TOTAL ,393,211 1,971, ,173 $ 9.16 $ 4.33 $ , ,062 72, ,265,144 2,215,317 49, , ,746 81, ,250,243 2,133, , Thereafter 5,423,870 2,984,885 2,438, Total Leased Square Feet 13,794,568 10,613,721 3,180,847 $ $ 5.04 $ Total Square Feet 14,296,112 11,019,210 3,276,902 PORTFOLIO - TOTAL ,120,832 10,412, ,417 $ 6.13 $ 4.77 $ ,959,683 12,650, , ,162,932 16,782, , ,929,912 8,672, , ,722,856 15,151, , Thereafter 32,578,577 27,769,399 4,809, Total Leased Square Feet 98,474,792 91,439,032 7,035,760 $ 7.63 $ 5.70 $ Total Square Feet 101,598,948 94,239,794 7,359,154 Page 20

21 LEASE EXPIRATIONS (by city) SQUARE FEET Markets Thereafter WHOLLY OWNED Arizona 83, ,544 49, , ,411 1,475,681 Atlanta 459, , , , , ,409 Carolinas 801,272 1,135,705 1,258,203 1,220,365 1,115,583 2,514,986 Chicago/Milwaukee 826, ,733 2,617, ,668 1,245,444 1,893,851 Cincinnati/Columbus/Indianapolis 1,515,445 1,032, , , , ,511 Dallas 274, , , , , ,273 Houston 851,263 1,623, , ,520 1,248,780 2,223,093 Lehigh Valley/Central PA 253,078 3,675,083 6,103,271 2,471,595 3,776,044 7,949,120 Maryland 396, , ,610 54, ,437 1,613,904 Minnesota 227, , , , , ,218 New Jersey 24, , ,106 32, , ,879 Orlando 332, , , , , ,121 Philadelphia 2,162 28,276 22,170 3,769 98,017 1,323,249 Richmond/Hampton Roads 1,027,733 1,011, , , , ,944 South Florida 154, , , , , ,910 Southeastern PA 223, , , , , ,941 Southern California 44, , , , ,847 1,810,115 Tampa 361,835 96, , , , ,869 United Kingdom 856,677 12,024 6, ,716 8, ,760 Washington D.C. 11,152 27,379 33,893 6,962 14,873 Total Leased Square Feet 8,727,621 12,104,515 14,897,788 8,322,980 13,472,613 27,154,707 JOINT VENTURES Chicago/Milwaukee 1,118,396 54,375 2,083, , , ,567 New Jersey 741, , , ,223 1,242,379 1,843,444 Orlando 111, ,000 33, , ,874 Philadelphia 41,132 17,291 1, ,271,691 United Kingdom 125,330 54,815 49,827 42,329 93,024 62,724 Washington D.C. 255,711 37,734 22, ,570 Total Leased Square Feet 2,393, ,168 2,265, ,932 2,250,243 5,423,870 Page 21

22 TOP TEN LARGEST TENANTS (by type) Square Feet (1) Percent of Net Rent (2) INDUSTRIAL TENANTS Amazon.com 2,710, % Home Depot U.S.A., Inc. 1,318, % The Procter & Gamble Distributing LLC 1,692, % XPO Last Mile, Inc. 1,874, % Ryder Integrated Logistics, Inc. 1,200, % Wakefern Food Corp. 1,029, % Kellogg Sales Company 1,405, % Geodis Logistics LLC 1,317, % Broder Bros., Co. 1,140, % The Clorox Company 1,081, % 14,770, % OFFICE TENANTS The Vanguard Group, Inc. 1,094, % Comcast Corporation 2,296, % GlaxoSmithKline LLC 207, % United States of America 733, % The Pennsylvania Hospital 153, % Yellow Book USA, Inc. 154, % Deutsche Post DHL Group 312, % Centene Management Company, LLC 146, % Franklin Square Holdings, LP 80, % Thomas Jefferson University Hospitals 77, % 5,257, % TOTAL 20,028, % (1) Joint Ventures included at 100% (2) Joint Ventures included at equity share. Page 22

23 SAME STORE PROPERTIES (dollars in thousands) TOTAL COMPANY Quarter Ended Year Ended 12/31/ /31/2016 % Change 12/31/ /31/2016 % Change Number of Properties Square Feet 78,752,633 78,752,633 78,752,633 78,752,633 Average Occupancy 97.0% 97.0% 96.5% 96.3% Rental Revenue $ 112,496 $ 108, % $ 442,269 $ 432, % Operating Expenses: Rental Property Expense 16,314 18,030 67,241 70,324 Real Estate Taxes 19,815 19,559 76,232 74,685 Operating Expense Recovery (37,007) (36,995) (144,008) (142,082) Unrecovered Operating Expenses (878) 594 (535) 2,927 NOI - Straight Line Basis 113, , % 442, , % Less Straight Line Rent 2,149 2,036 10,593 11,663 NOI - Cash Basis $ 111,225 $ 105, % $ 432,211 $ 417, % INDUSTRIAL Quarter Ended Year Ended 12/31/ /31/2016 % Change 12/31/ /31/2016 % Change Number of Properties Square Feet 75,182,028 75,182,028 75,182,028 75,182,028 Average Occupancy 97.1% 97.0% 96.6% 96.5% Rental Revenue $ 94,967 $ 91, % $ 373,743 $ 364, % Operating Expenses: Rental Property Expense 13,557 13,258 50,148 51,543 Real Estate Taxes 17,776 17,562 68,011 66,767 Operating Expense Recovery (31,036) (29,975) (117,231) (115,032) Unrecovered Operating Expenses ,278 NOI - Straight Line Basis 94,670 90, % 372, , % Less Straight Line Rent 1,402 1,324 7,939 8,219 NOI - Cash Basis $ 93,268 $ 89, % $ 364,876 $ 352, % OFFICE Quarter Ended Year Ended 12/31/ /31/2016 % Change 12/31/ /31/2016 % Change Number of Properties Square Feet 3,570,605 3,570,605 3,570,605 3,570,605 Average Occupancy 94.5% 95.9% 94.4% 92.7% Rental Revenue $ 17,529 $ 17, % $ 68,526 $ 68, % Operating Expenses: Rental Property Expense 2,757 4,772 17,093 18,781 Real Estate Taxes 2,039 1,997 8,221 7,918 Operating Expense Recovery (5,971) (7,020) (26,777) (27,050) Unrecovered Operating Expenses (1,175) (251) (1,463) (351) NOI - Straight Line Basis 18,704 17, % 69,989 68, % Less Straight Line Rent ,654 3,444 NOI - Cash Basis $ 17,957 $ 16, % $ 67,335 $ 65, % Page 23

24 FULLY STABILIZED PROPERTIES (dollars in thousands) TOTAL COMPANY Quarter Ended Year Ended 12/31/ /31/2016 % Change 12/31/ /31/2016 % Change Number of Properties Square Feet 81,168,020 81,168,020 80,213,073 80,213,073 Average Occupancy 96.7% 96.2% 96.3% 95.5% Rental Revenue $ 116,262 $ 111, % $ 450,936 $ 438, % Operating Expenses: Rental Property Expense 16,834 18,365 68,403 70,940 Real Estate Taxes 20,480 20,089 78,214 76,444 Operating Expense Recovery (38,101) (37,727) (146,729) (143,600) Unrecovered Operating Expenses (787) 727 (112) 3,784 NOI - Straight Line Basis 117, , % 451, , % Less Straight Line Rent 2,313 2,627 11,014 12,842 NOI - Cash Basis $ 114,736 $ 108, % $ 440,034 $ 422, % INDUSTRIAL Quarter Ended Year Ended 12/31/ /31/2016 % Change 12/31/ /31/2016 % Change Number of Properties Square Feet 77,178,807 77,178,807 76,299,637 76,299,637 Average Occupancy 97.0% 96.5% 96.6% 95.9% Rental Revenue $ 97,644 $ 93, % $ 379,533 $ 367, % Operating Expenses: Rental Property Expense 13,891 13,449 50,800 51,635 Real Estate Taxes 18,342 17,970 69,524 68,039 Operating Expense Recovery (31,875) (30,495) (119,338) (116,052) Unrecovered Operating Expenses ,622 NOI - Straight Line Basis 97,286 92, % 378, , % Less Straight Line Rent 1,537 1,763 8,255 8,975 NOI - Cash Basis $ 95,749 $ 90, % $ 370,292 $ 355, % OFFICE Quarter Ended Year Ended 12/31/ /31/2016 % Change 12/31/ /31/2016 % Change Number of Properties Square Feet 3,989,213 3,989,213 3,913,436 3,913,436 Average Occupancy 90.4% 90.4% 89.5% 87.4% Rental Revenue $ 18,618 $ 18, % $ 71,403 $ 70, % Operating Expenses: Rental Property Expense 2,943 4,916 17,603 19,305 Real Estate Taxes 2,138 2,119 8,690 8,405 Operating Expense Recovery (6,226) (7,232) (27,391) (27,548) Unrecovered Operating Expenses (1,145) (197) (1,098) 162 NOI - Straight Line Basis 19,763 18, % 72,501 70, % Less Straight Line Rent ,759 3,867 NOI - Cash Basis $ 18,987 $ 17, % $ 69,742 $ 66, % Page 24

25 COMPLETED DEVELOPMENT PROPERTIES (dollars in thousands) WHOLLY OWNED DEVELOPMENT COMPLETIONS r Projected Stabilized Investment Square Feet Occupancy 12/31/2017 Yield First Quarter 2017 $ 16, , % 10.3% Second Quarter , , % 7.9% Third Quarter , , % 8.0% Fourth Quarter , , % 7.4% Year Ended 2017 $ 259,025 2,893, % 7.9% JOINT VENTURE DEVELOPMENT COMPLETIONS Investment Square Feet Occupancy 12/31/2017 Projected Stabilized Yield First Quarter 2017 $ % % Second Quarter 2017 % % Third Quarter 2017 % % Fourth Quarter ,147 1,237, % 8.1% Year Ended 2017 $ 611,147 1,237, % 8.1% COMPLETED DEVELOPMENT IN FOURTH QUARTER 2017 Address Wholly Owned: 1951 TW Alexander Drive Inv. or BTS Bldg Type Invest. Square Feet Occupancy % Own Shell Comp Date Operating as of: Durham, NC Inv I $ 4,913 58, % 100% Jan-17 Nov Southern Blvd West Palm Beach, FL Inv I 8,771 77, % 100% Nov-16 Nov Southern Blvd West Palm Beach, FL Inv I 14, , % 100% Nov-16 Nov W Buckeye Rd Phoenix, AZ Inv I 14, , % 100% Nov-16 Nov-17 Worcester 1 - Plot 4 Worcester, UK Inv I 5,162 45, % 100% Jul-17 Nov South 16th Street LaPorte, TX Inv I 31, , % 100% Dec-16 Dec-17 Current Yield Projected Stabilized Yield Total Wholly Owned $ 78, , % 6.3% 7.4% Joint Venture (1): 2904 Tradeport Drive Orlando, FL BTS I $ 11, , % 50% Dec-17 Dec-17 Liberty Property 18th & Arch Philadelphia, PA BTS O $599,579 1,082, % 20% Jul-17 Nov-17 Total Joint Venture $611,147 1,237, % 8.1% 8.1% Totals: $689,932 2,197, % 7.9% 8.0% (1) Amounts shown are 100% of development property value. Page 25