Liberty Property Trust Is - library.corporate-ir.netlibrary.corporate-ir.net/library/96/960/96097/items/314321/2005AR.pdf · Liberty Property Trust’s common shares are traded on

2 0 0 5 A n n u a l R e p o r t

Extraordinary Work Environments

Melvyn AgneStephen Ahern George Alburger Crystal Allen Tracy AllenDrew Allison Philip Almonte Amy Amrich Kimberly Anderson Michelle Anderson Mike Andrews Gretchen ArmstrongEmanuela ArscottRichard Ashburn Chris Babich Geraldine Baker Glenn Baker Emily Ballenger Tony Bamonte Joan Barbeau Seth Barone Carolyn Barr Jennifer Barrett Wendy BarrettSamuel Barth Colleen Bauer Shane Beane Kate Beavers Sarah BeechSarah BennettLynn BergerThomas Berridge Brian BersonLisa Bianchini Karla Billig Caroline Binns Abbigail Black Terrance Blake Andrew Blevins Daniel Blevins James BowesJames BrackenrigJohn Brandon Timothy Braun Jacqueline BrautigamBradford Breitling Nancy Brenek Troy Briggs Jennifer BromwellLaurie Brown Pam Brown Kimberly Browne Joshua Budish Heiko Buehring Anthony BuonadonnaMichelle Burdulis Brad Butler Joseph ButlerHoward Buzzard Gina Bystedt Claire Cahill Rebecca CampbellJohn Carter William Case, Sr. Rick Casey Catherine CatchpoleMichael CedenoBradly ChandlerKathleen Chester Ivan Chin Kirsten Chloupek- Houchin Paul ChoukourianShelby Christensen Rita Christiano Andrea Ciuca Mark Clark Neil Clarke Matt ClymerBrian Cohen

David Colbert Linda Colbert Bryan Coleman Byron Coleman Jeff Compton Nick Condon James Conner Cedrick Cooper Robert Coover Craig Cope Kristin Cope Christopher CorrBrian Cottone Deby Cownden Richard Cross John Crow Adrienne CumminsDenise Currin Dana Dame Jeff Dancho Kris Daniels Amanda DarrenkampJulie Davies Susan Davies Jim Daywalt Robert DeMezzo Joseph DeNicolaJill Denninger Joe Denny Geneva DeSequeira Brian Devlin Cynthia DeVorMarc DiLullo John DiVall Frederick Dougherty Scott Dougherty Salvatore Dragone Mark Drasner Dean Dreisbach Neal Driscoll Kimberly DubasSteven Dunn John Eastman Christopher Eckerd Bryan Emde Joseph Epler Craig Ervin Ellen Everett Tony Ewing Lori Farish Mark FarleyKimberly Farmer Kelly FazakasWilliam Fegley III Joe Fenza Mike Fenza Rob Fenza Amy Field Michele Fillippo Karen FingerWilliam FisherWard Fitzgerald Tina Fleming-Duvall Julie FlickMassie Flippin, Jr. Susan Ford Deborah Frank Ken Freeman John Fuentes Karen Gagnon Stephanie Garcia John Gattuso Barbara Gaudreau Phil Gaudreau Brian Gehris Michele Geilfuss Jeannette GibbonsKeith Gilbert Larry Gildea Margaret Giordani

Vickie Godshall Bob Goldschmidt Mark Goldstein Shannon Gomez Tina Goodman Jennifer Green Bill Gribbin Mike Hagan Donna HaggertyJudith Hahn Richard Hahn Helena HallJessica Hamberger Thomas HampWilliam Hankowsky Lisa Hansen Randal Hansen Ava HarringtonDeborah Harris Steven HartBruce Hartlein Cathy Hawk Samuel HearnMichael HeiseJames Heisey II Dale Heist Jose HernandezNatalie HernandezK. Christopher Herrick Kerry Hewson Maria Hikins Candy HoaggWally HodgesPatricia HoganMary Holtan Jason Honesty Brian Hood Angela Hopper Lloyd Horvath Bruce Hotchkiss Dana HowardEmma HoyerCharles Hughes Dana HughesKelly HustonMark Jackson Todd Jackson Bridgette JajonieLindsay Janek David Jellison Brandon Jenc Owen Jepsen Heather Johnson Jeanine Johnson Randy Johnson Joseph Johnston Denise Jones Kimberly JonesRob Jones Afshan Kaler Sue Kelly Rita Kempski Skip KendallKathy Kiczula Bob Kiel Michelle Kim Simona KingAmy KirkJames Kish Leon KislowskiRalph Kittrell Tonya Klein Christina Knapper Christine Knarr Melanie KnittJanet Kraft Jay Kraft Steven KrauseKathryn KrupiewskiSamantha Lack

Craig LaLoup Jennifer Landis Christopher LanuttiJason Lauzon George Ledwith Jeanne Leonard Gregory LetnaunchynJoanna Leto Benjamin LewisLouis Liakos Alan Lingerfelt Justin LingerfeltJoshua Lipsky Derek LloydKelly LogtermanJill Long Gary Lorgus Crystal Loving-Joyce Gary Lowe Robert Lowery Jim Lubitsky Jim Lutz Lauren LymanJaime MaldonadoScott Mallalieu Carrie Malone Cynthia MaloneWesley Malone Jim Maneri Elizabeth Manning Timothy Mansfield Jackson MartinTommy Martin Butch Martz Julie MaschmeierDustin Mason Judy Mason Ana MattioliKim MaynordJim Mazzarelli Joe McCabe Dan McCall Ian McCauleyJodie McClelland John McCulloughJohn McDermottJanet McElroy Norman McElroy Mary McLean Dawn McPeters Philip Mecum Lynn Medley Buck Mercer Barb Messaros Steve Messaros Leah MeyerBonnie MilavecJohn Miller Michael Miller Tonya MillsHazel MohnRichard Molina Elizabeth MolitorLenore Moor Lauren Moorhouse Pam Morris Mary Beth Morrissey Katherine Mortensen Michael Murphy Laura Nagy Serge NalbantianMichael Nardo Rhonda NaroJennifer NaugleKara Nelson Stephanie NelsonJames Nice Tony Nichols Christopher NortonErin O’Donnell

Cora OberstMatthew Olson Kostas Omiridis Joe Onners Osbaldo Ortiz James Osborne Juliana Overdorf Pete Owad, Jr. Pete Owad lll Amy PagelDeborah PalatucciChristopher Panetta Gregory ParenteTashawna Parker Hanita Patel Jeffrey Patti Tracey Peacock Tatiana PedenAndrew PerilleHeather Peterson Stephen PetersonSteven Petrove Sue Petruno Edward PiscopoMark PloorKristy Poh Jaquelin PollockRichard Pritchett Miguel Quinilla Karen Quire Jennifer RadfordHeather Raieta Andrea RainbowCarlton Randolph, Jr.Leslie Rashid Lindsey ReeseDaniel RehgAnn Rhoads Scott Riccio Erik Richards Steven RichmanGregory Riegel Dagmar Rivera Susan Roberts William Robertson Henry Robinson Elizabeth Roche James Rodgers Maria RodriguezJames RoeJoan Rosengarten Darlene Rossi Paul Rubincam III Reed Rummel Bob RustadWilson Santiago Daniel SantingaXiomara SantosLee Schlosser Shannon SchlosserSteven Schneiger Thomas Schoenberger Donald SchoenheiderJenny SchowJim Schow Monica ScottRoxana Scott Leslie Scruggs Bob SekolaRobert Shaw Deb Sheehan Anne Sheppard Emily Shoemaker Elena ShpeAllison SilvaBarbara Smith Kenneth Smith Marilyn Smith Stephen Snyder John Spitz

Penny Stanger Janelle Steckel Steven Stefansky Henry Steinberg Lisa Stenbeck Lori Stevens LuAnn Stiles Jeff Stiras Leroy Stokes Casandra Strawbridge James Strojan Michael Stumpo Lisa SullivanJames Sunday, Jr. Steven SuthersMichelle SwainTonya Swartz Jackson Taunton IV Christina Taylor Kevin Taylor Rita Taylor Vivien Taylor Richard Taylor, Jr. Audra TennysonMarla Thalheimer Curt Thieme Robert Thieme Jonathan Thompson Karen Thorp Krisztina Tischler Henry Tita Anne Toal Cathy TornettaSarah Trelawney Joseph Trinkle Susan Tucker Mark TurcinFlor Turcios Ingrid Twigg Lee Tyler Erica Valencia Edward ValerioBlaine VanceTeresa VanStraaten Tina Veen John Vidor Donna Wagner Bogue Wallin Lynda WallsLori WalmerCarolyn Walsh Thomas WangCraig Waring Clare Warnham June Wasilowsky Beverly Watkins Todd Watson Richard Weiblen Roger WernerJames WersingerStephen Whitley Stephanie WhitmoreMark Wible Lindsey Wilkerson William Wilkerson, Jr. Chris Williams Phillip Williams Rob Williams Kimberly Wilson Scott Wilson Edward WirickSharon WoodMaria Wright Ellen YangJayme Yawney Jennifer YonchukGregory YoumansMichael Yuhasz Kristi ZelenkaSuzanna Zollers

Liberty Property Trust Is

Lib

er

ty

Pr

op

er

ty

Tr

us

t

20

05

An

nu

al

Re

po

rt

To enhance peoples lives through

extraordinary work environments.

Mission

Local Offices

Board of Trustees

Executive Officers

Liberty Property Trust Headquarters500 Chesterfield Parkway Malvern, PA 19355 (610) 648-1700 www.libertyproperty.com

Shareholder ServicesShareholders with questions concerning share certificates, account information, dividend payments or share transfers, or to obtain a prospectus and enrollment information for Liberty Property Trust’s dividend reinvestment and share purchase plan, please contact:

Wells Fargo Shareholder Services P.O. Box 64874 St. Paul, MN 55164-0874 (800) 944-2214

Shareholders are also welcome to call:

Pam Russell-Brown Administrator, Corporate and Shareholder Services (215) 568-4100

Investor RelationsFor help with questions about the company, please contact:

Jeanne A. Leonard Vice President, Investor Relations Liberty Property Trust 500 Chesterfield Parkway Malvern, PA 19355 (610) 648-1704

Stock ListingLiberty Property Trust’s common shares are traded on the New York Stock Exchange under the symbol “LRY.”

In 2005, Liberty submitted to the NYSE certification required by Section 303A.12(a) of the NYSE Listed Company Manual, and also submitted to the SEC all certifications required under the Sarbanes-Oxley Act.

Annual MeetingThe annual meeting of shareholders will be held at 11:00 a.m., May 18, 2006:

The Desmond Hotel One Liberty Blvd. Malvern, PA

Independent AuditorsErnst & Young LLP Two Commerce Square 2001 Market Street Philadelphia, PA 19103

Malvern, PA(610) 648-1700 Jim Mazzarelli, Senior Vice President, Regional Director

Horsham, PA(215) 682-9902 Ward Fitzgerald, Senior Vice President, Regional Director

Philadelphia, PA National and Urban Development (215) 568-4100 John Gattuso, Senior Vice President

Lehigh Valley, PA (610) 867-9100 Bob Kiel, Senior Vice President, Regional Director

Marlton, NJ(856) 722-1000 Rob Jones, Vice President

Columbia, MD(410) 715-3333 Ward Fitzgerald, Senior Vice President, Regional Director

Richmond, VA (804) 644-9111 Alan Lingerfelt, Senior Vice President

Virginia Beach, VA(757) 498-4800 Craig Cope, Vice President

High Point, NC(336) 885-1777 Massie Flippin, Vice President

Greenville, SC(864) 232-8160 Bogue Wallin, Vice President

Houston, TX(281) 955-2000 Bob Goldschmidt, Senior Vice President, Regional Director

Jacksonville, FL(904) 296-1776 Mike Heise, Vice President

Orlando, FL(407) 447-1776 Stephen Whitley, Senior Vice President

Tampa, FL(813) 881-1776 Bob Goldschmidt, Senior Vice President, Regional Director

Boca Raton, FL(561) 999-0310 Ralph Kittrell, Vice President

Frederick F. BuchholzExecutive Vice President, Lend Lease Real Estate Investments (retired)

Daniel P. GartonExecutive Vice President – Marketing, American Airlines

William P. HankowskyChairman, Chief Executive Officer, Liberty Property Trust

J. Anthony HaydenChairman, Beacon Commercial Real Estate, LLC

Tom DeLoachExecutive Vice President, Mobil Oil Corporation (retired)

M. Leanne LachmanPresident, Lachman Associates, LLC

David L. LingerfeltVice President and Commercial Counsel, Land America Family of Title Insurance Companies

Jose A. MejiaPresident, Supply Chain Networks, Lucent Technologies

John A. MillerChairman and Chief Executive Officer, Provident Mutual Life Insurance Company of Philadelphia (retired)

Stephen B. SiegelChairman, Global Brokerage, CB Richard Ellis, Inc.

George J. Alburger, Jr.Executive Vice President, Chief Financial Officer

James J. BowesSecretary, General Counsel

Robert E. FenzaExecutive Vice President, Chief Operating Officer

Michael T. HaganSenior Vice President, Chief Investment Officer

William P. HankowskyChairman, Chief Executive Officer

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Certain information included in this Annual Report contains statements that are forward-looking, such as statements relating to rental operations, development activities, joint venture relationships, acquisitions, dispositions, future capital expenditures, financing sources and availability, and the effects of regulation (including environmental regulation) and competition. Such forward-looking information involves important risks, uncertainties and other factors that could cause actual results to differ materially from the expected results, and, accordingly, such results may differ from those expressed in any forward-looking statements made by the Company. These risks, uncertainties, and other factors include, without limitation, uncertainties affecting real estate businesses 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 construction and development activities, risks relating to acquisition and disposition activities, 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, 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, and the potential adverse impact of market interest rates on the market price for the Company’s securities.D

esig

n: C

reat

ive

Stra

tegy

Gro

up |

csg-

desig

n.co

m

Chicago, IL(847) 698-8140 Don Schoenheider, Vice President

Eden Prairie, MN(952) 947-1100 David Jellison, Vice President

Southfield, MI(248) 262-1010 Joe Trinkle, Vice President

Milwaukee, WI(414) 979-0222 John DiVall, Vice President

LIBERTY UKWest Malling, UK011-44-1-732-870-375 Nick Condon, Project Director

London, UK011-44-207-299-2540 Andrew Blevins, Managing Director

Corporate Information

Liberty Property Trust is a leader

in commercial real estate, serving

customers in the United States and the

United Kingdom through the development,

acquisition, ownership and management of

superior office and industrial properties.

Profile

L i b e r t y P r o p e r t y Tr u s t

Platform

470 Real Estate Professionals

21 Offices

718 Properties

64 Million Square Feet

$816 Million Development Pipeline

1,410 Acres of Developable Land

$6.4 Billion Market Capitalization

Investment Grade Rating

Financial PerformanceOperating revenue increased from $628 million in 2004 to $681 million in 2005. Net income increased from $1.88 per share to $2.82 per share. Revenue rose due to the increased size of the portfolio, and due to an increase in lease termination fees. The significant increase in net income was primarily due to more than $100 million in gains we realized from the sale of properties.

Funds From Operations decreased from $3.25 per share in 2004 to $3.20 per share in 2005.

The FFO decrease was primarily due to a decrease in office occupancy, much of which is attributable to early termination of leases for which we received lease termination fees. I’ll talk about this in more detail a little later.

Dividend IncreasedWe increased our annualized dividend by $.02 per share. Liberty’s results have enabled us to increase our dividend every year for the past decade.

William P. HankowskyChairman and Chief Executive Officer

1

2 0 0 5 A n n u a l R e p o r t

We utilize unique knowledge of

real estate from both broad and

local perspectives to create a

product of enduring value.

To Our Shareholders

2005 was a very interesting year in real estate. We heard lots of noise concerning real estate bubbles, M&A, privatization, acquisition, cap rates, interest rates, and rising construction and land costs.

With all this as a backdrop, Liberty went quietly about its business of being a real estate operating company, the essence of which is value creation. We utilize unique knowledge of real estate from both broad and local perspectives to create a product of enduring value — real estate that supports our customers’ business objectives and creates value for our shareholders.

Examples of this value creation are very easy to identify in our activities in 2005. We realized $75 million in profits when we sold our existing properties at Kings Hill in the United Kingdom into a joint venture. This transaction monetized the extraordinary value we’ve created at Kings Hill while allowing us to continue this success by developing the remaining one million square feet at Kings Hill.

Growing opportunities in the distribution arena play right to our strengths on both a local and national level, and to our 35 years of experience as an industrial developer. We bought a 700,000 square foot empty building in Harrisburg in June, turned right around and leased it in August. It took us only 45 days after completion to lease our first inventory development in Chicago. We landed a one million square foot build-to-suit deal in the Lehigh Valley, a deal seen by nobody else in the market, and had it built and occupied in eight months.

2005 was a breakthrough year for Comcast Center, which is rising and filling. We started construction in January and by the end of the year the project was 73% leased.

Our property management teams were again recognized for superior customer service, and demonstrated their commitment to progressive operations by significantly expanding our “green” management program, a program that reduces tenants’ operating expenses and minimizes the environmental impact of our daily operations.

We also made some hard decisions, decisions that impacted our short-term financial results but that will create long-term value for our shareholders.


2

Operating PerformanceLiberty’s operating properties contribute over 95% of our revenue, so the performance of our core portfolio is the primary driver of our results.

Core PortfolioOur leasing teams produced great results, as usual, leasing more than 14 million square feet of space in the core and over 18 million square feet overall, and our property management teams continued to set the standard for service. The result of this activity was relatively unchanged occupancy in the core portfolio. But office occupancy, which contributes more revenue due to higher rents, decreased 1.7%. New leases were signed at rents averaging 1.2% less than the expiring leases, although the gap between the two narrowed during the year. The result was a 1.2% decrease in same store net operating income.

Also affecting Liberty’s overall performance was a sharp increase in lease termination fees. These are fees we voluntarily choose to accept from tenants as a buyout of their lease obligations, and our decisions to accept these fees were some of the hard choices we made during the year. When we terminate leases, what was previously rent-paying space becomes vacant, reducing our revenue and diluting our earnings until the space is again leased. But the termination fees we received were sufficient to cover 17 months of rent and operating expense for the space that was terminated, and because the quality of the space is high and is located in an improving market, we are confident in our ability to lease the space. At a time when we are

actively buying vacancy, being paid to accept vacancy of our choosing is a good strategic move, and we believe these decisions will maximize our long-term profits.

Acquisitions and DispositionsThe market for properties continued at a frenzied pace, which caused us to change our game plan and become net sellers. This shift has had a modestly dilutive effect on our short-term earnings, but it was the right course for us to take, and positions us well to take advantage of improving market fundamentals. Our sales and acquisitions activity resulted in an upgrade of our portfolio, as the buildings we sold in 2005 were an average of 13 years older than those we acquired.

It was very difficult to source acquisitions that made sense for our shareholders, and we did so primarily by continuing our longstanding practice of purchasing underleased properties. In a market where competition for properties is almost manic, but where fundamentals are improving, purchasing underleased properties is an attractive way for us to set the stage for our future growth. We acquired 23 properties for $300 million in 2005. We increased the leasing of these properties from 57% at acquisition to 77% by year-end.

We sold 36 properties and 107 acres of land for $204 million. We also sold 15 Kings Hill properties in the United Kingdom to a joint venture in which Liberty retains a 20% interest, for $220 million, and another Liberty joint venture sold three properties for proceeds of $21 million. These sales were profitable, and allowed us to harvest embedded value.

DevelopmentWe completed 1.8 million square feet of development at an average yield of 10.3%. We started 5.6 million square feet of new development. Our rapidly expanding development pipeline can definitely be interpreted as a signal of our confidence in the coming years.

Our rapidly expanding development

pipeline can definitely be interpreted

as a signal of our confidence in

the coming years.

2 0 0 5 A n n u a l R e p o r t

3

Since I walked in the door five years ago, I’ve been amazed by the acumen and execution of our financial team. I thank those of you in the investment community who routinely point out the value the team brings to the organization. With a billion dollar capital plan in 2006, including additional expected joint ventures and other planned capital events, they have their work cut out for them, but rest assured that the execution will be outstanding, as usual.

All of this activity will set a very solid foundation for 2007 and the following years.

Board and Management StrengthenedJose A. Mejia, president of supply chain networks at Lucent Technologies, joined Liberty’s independent and experienced board of trustees. Logistics practices are constantly evolving, and having supply chain expertise at the board level is tremendously valuable to the company. Mike Hagan, an asset to the company for 17 years, joined the executive team as chief investment officer. Mike’s counsel on all matters affecting performance has strengthened our decision making process.

FarewellsAlthough Liberty has more than 400 people in 18 markets, we are a close group, bound by a deep culture. We foster cross-region communication, and many of our employees move within the organization in pursuit of opportunity. Last year we all grieved at the loss of two wonderful colleagues. Ken Dardes was a great guy who served in several offices in his 18-year career with Liberty. Jane Nelson was a warm and caring administrative assistant with our New Jersey property management team. Ken and Jane are sorely missed by the Liberty team.

Sincerely yours,

William P. HankowskyChairman and Chief Executive Officer

2006 and BeyondWe approach 2006 with certain assumptions. Market fundamentals in the vast majority of markets will continue to strengthen, slowly. There is a great deal of optimistic talk about pricing power returning to landlords, however, this is evident in only a handful of markets nationwide. But barring some unfortunate economic event, the worst is behind us. We believe we will increase occupancy this year, and with less effect from rent rolldowns than in recent years, the arrows are pointing in the right direction.

The demand for commercial real estate assets is not weakening, and we should be a net seller again in 2006. We will continue to use our disposition activity to both harvest value, upgrade our portfolio, and form relationships with quality capital partners. This environment also makes it easier to reposition the portfolio, and tactical repositioning may alter our geographic profile. We do and will exit markets and submarkets if the time is right and the momentum has shifted. We will also grow to ensure that we are operating in those markets where we can best serve our customers. We have grown the company to a portfolio of over 60 million square feet and will continue this growth in 2006 and beyond.

We are at a point in the cycle when available inventory is shrinking and our customers are again valuing flexibility over cost of occupancy. Companies such as Liberty, with development expertise and the ability to add inventory appropriately, have a great advantage. We’ll continue to buy land and add to our development pipeline, particularly where we find building new product more economically prudent than acquiring.

We are at a point in the cycle when

available inventory is shrinking and

our customers are again valuing

flexibility over cost of occupancy.


Flying Cloud Corporate Campus and the renovated Whitewater Office Center in Minnesota are honored for excellence by the National Association of Industrial and Office Parks (NAIOP).

February

4

Philadelphia’s Skyline to ExpandOn the first workday of the new year, Liberty and Comcast Corporation announced that Comcast will locate its corporate headquarters in Liberty’s planned office tower in Philadelphia. Comcast signed a 15.5 year lease for 534,000 square feet of the 1.25 million square foot skyscraper, kicking off construction of the 57-story tower, which is now named Comcast Center. In August, Comcast leased 338,000 additional square feet and by the end of the year additional tenants brought leasing to 73%. The project will be ready for initial occupancy in late 2007.

Pennsylvania Distribution The Lehigh Valley is a picturesque valley in eastern Pennsylvania consisting of the communities of Allentown, Bethlehem and Easton. When Liberty began developing here in 1980, the area was suffering from the decline of its traditional mining and steel manufacturing industries, and was just learning to market its assets, which include great access to New York and Philadelphia and a highly-skilled labor force. Twenty-five years later, the Lehigh Valley has not only successfully transformed itself for today’s service economy, it has become a dynamic and growing distribution hub for the east coast and beyond.

Today, Liberty is the largest commercial landlord in the Lehigh Valley. In 2005 we added to our massive distribution portfolio with the construction of a one million square foot warehouse for Wakefern Food Corporation, and started construction of a speculative, 726,000 square foot facility.

We also expanded our Lehigh Valley operation to the next growing distribution hub in the Harrisburg, Pennsylvania area. Liberty acquired a vacant, 705,000 square foot industrial distribution building in June, and when the property was fully leased by August, we began construction of a speculative, 800,000 square foot distribution building.

Growing in ChicagolandThe fledgling Chicago operation had been run from Milwaukee, but by 2005 a critical mass of properties and prospects warranted a fully-staffed local office. In August, Liberty completed construction of our first Chicago development, a speculative 600,000 square foot distribution facility, and by October, the new Chicago team had the project leased. Liberty also acquired two additional industrial buildings in the market.

A Soaring Tribute to Bill Rouse At Kings Hill, the Duke of Kent unveiled a sculpture dedicated to Liberty’s founder, Bill Rouse. The very appropriately conceived artwork, The Sky’s the Limit, features three stainless steel figures soaring skyward in a spirit of celebration.

Growing the Florida OperationUnder a joint venture agreement with the owners of Airport International Park of Orlando, Liberty will develop about three million square feet of distribution and flex space over the next seven years.

Also in Orlando, Liberty purchased Maitland Summit Park — two Class-A office properties totaling 257,000 square feet and 10 acres of developable land for additional office product. Elsewhere in Florida, Liberty continued building a highly-successful flex portfolio in Tampa with development commencing on two properties. In Jacksonville, construction started on a 150,000 square foot build-to-suit office for PHH Corporation.

Liberty is recognized for outstanding customer service for fourth straight year.

Lakeside One is named North Carolina’s office building of the year by the Building Owners and Managers Association (BOMA).

Jose A. Mejia joins Liberty’s independent and experienced board of trustees.

BOMA honors Great Valley Corporate Center as international office park of the year.

March April June

2 0 0 5 Y E A R I N R E V I E W

Suburban RedevelopmentLiberty acquired and demolished a vacant 35,000 square foot distribution building in Newtown, Pennsylvania, and began construction of a 110,000 square foot office building, designed to achieve LEED certification. Liberty continued the rejuvenation of the Fort Washington Business Campus in Fort Washington, Pennsylvania; completed development of a build-to-suit office for URS Corporation; and commenced development of a 77,000 square foot office building anchored by McNeil Pharmaceuticals.

Second Annual Bill Rouse Day of CaringHundreds of Liberty employees turned out to honor Bill Rouse and help our communities. Our “skilled and unskilled” labor tackled everything from rebuilding homes through various programs, as well as carpentry, landscaping and clean-up at community centers, homeless shelters, facilities for the disabled, playgrounds, and elementary schools.

Wisconsin Grows GreenLiberty boosted its investment in Milwaukee-area industrial product with the purchase of three flex buildings totaling 118,000 square feet. In November, Liberty purchased four office buildings in Crossroads Corporate Center, adding 314,000 square feet of

prime Class-A space to its Brookfield portfolio. State Farm Insurance signed on as anchor tenant at the newly renovated 245 Executive Drive, also in Brookfield. The renovation was one of only nine buildings in the country to be pre-certified with a LEED Silver designation.

2 0 0 5 A n n u a l R e p o r t

5

10 Years in VirginiaAlthough Liberty’s predecessor, Rouse & Associates, had operated in northern Virginia during the 1970s and ’80s, we had never done business elsewhere in the state until we teamed up with the Lingerfelt Development Corporation, a Richmond-based industrial developer, in 1995. Ten years later, the Richmond team entered the southside Richmond office market with the acquisition of three office buildings at Boulders Office Park and further increased its office presence with construction of a 78,000 square foot office building.

In one of the most active markets in Liberty’s portfolio, the Hampton Roads team exited the Newport News submarket with the sale of Liberty’s office portfolio, acquired three office buildings totaling 222,000 square feet in Chesapeake, and completed construction of Liberty’s first industrial distribution product in the market, a 130,000 square foot multi-tenant building.

Hurricane Katrina ReliefLiberty employees dug deep for donations to the American Red Cross Hurricane Katrina relief fund, and the company provided matching funds. Liberty’s home office employees also responded with truckloads of school supplies driven by a Liberty employee directly to the Gulf. When 36 families were relocated from to the Philadelphia area, Liberty employees made weekly visits with donated clothing and supplies.

First Green Office Building in ScottsdaleLiberty broke ground on the first Green Office Building in Scottsdale, Arizona, a 123,000 square foot facility for the Vanguard Group.

Michigan RepositioningIn suburban Detroit, we sold 16 flex buildings in Madison Heights as we shifted our focus from flex product to big-box distribution in the Detroit Metro Airport area.

The North Carolina team delivers a 104,000 distribution building, 100% pre-leased to Huntington Furniture Industries.

Liberty increases its dividend for the tenth straight year.

1500–1550 Liberty Ridge named Philadelphia office building of the year by BOMA.

$600 million unsecured revolving credit facility replaces $450 million facility.

September October

Liberty completes joint venture of 15 United Kingdom properties.

121,000 square foot build-to-suit for Bosch Rexroth Corporation completed in Greenville, South Carolina.

December

A Growing Concern – Building Green


6

What makes One Crescent Drive “Gold Certifi ed”?

As a leader in the high-performance, green building movement, we get a lot of questions about the LEED program. We also get a lot of questions about the waterless urinals. So we’ll get that out of the way — no they don’t smell, and to cite just one example, at the Plaza at PPL Center they save 500,000 gallons of water each year.

The LEED (Leadership in Energy and Environmental Design) Green Building Rating System® is a voluntary national standard for developing high-performance, sustainable buildings. Projects are certifi ed at different levels (Certifi ed, Silver, Gold or Platinum) depending on the sustainable features incorporated in the building’s design.

The growing focus on sustainability in corporate America is sometimes portrayed as a public relations issue rather than a fi nancial issue. This cynicism misses the mark entirely. Business no longer has to sacrifi ce profi t to reduce environmental impact, because the new generation of green buildings succeeds in decreasing costs and increasing productivity.

But how does Liberty profi t? After all, the primary benefi ts of building green — reduced energy consumption, water use and waste; lower operations and maintenance costs; and increased occupant productivity, retention and health — are benefi ts that accrue primarily

to the occupant of the building, not the developer or owner of the building. In fact, there is often a premium to be paid by the developer to build green, although that premium is generally small and is shrinking as more green building products are developed.

The answer is that Liberty’s business model is particularly well-suited to embracing sustainability. Liberty is both a long-term holder of an extensive portfolio of real estate, and a proactive provider of value-adding real estate solutions for our customers. As such, our interests are more closely aligned with our customers than many development companies. Our model values long-term return on investment over initial return. The single most profi table thing we can do is keep a property tenanted, and properties offering tenants enhanced benefi ts are more easily leased. This is why Liberty has more properties designed to achieve LEED certifi cation than any other developer.

• Urban reuse site takes advantage of existing infrastructure.

• Access to public transportation.

• Over 95% of constructionwaste recycled.

• Carbon dioxide emissions during construction reduced by 40%.

• Over 40% of construction materials of local origin.

• Over 30% of construction materials consist of recycled content.

• HVAC systems use 50% less energy than comparable buildings.

• Shading devices reduce solar gain.

• Refl ective roof reduces heat absorption.

• Trees and shade reduce cooling needs.

• Wind-generated energy powers all common areas.

• Water usage is reduced by 30%.

• Abundant natural light reduces energy consumption, increases occupant comfort.

• Low VOC materials in interior fi nishes minimize airborne toxins.

• Native landscaping eliminates permanent irrigation.

• Stormwater management systems reduce burden on sewer system.

Liberty has made a greater commitment

to sustainable development through

the LEED program than any other

commercial developer.

one crescent drive philadelphia, pa

2005 2004 2003 2002 2001Operating Revenue $ 680,730 $ 628,327 $ 593,886 $ 561,578 $ 541,941

Net Income Available to Common Shareholders $ 249,351 $ 161,443 $ 163,610 $ 150,237 $ 155,537

Net Income per Share (Diluted) $ 2.82 $ 1.88 $ 2.05 $ 1.97 $ 2.15

Depreciation and Amortization 1.69 1.58 1.52 1.43 1.37

Gain on Disposition of Properties (1.29) (0.16) (0.15) (0.08) (0.03)

Convertible Debentures — — — — (0.02)

Minority Interest Share of Addbacks (0.02) (0.05) (0.06) (0.06) (0.05)

FFO per Share (Diluted) $ 3.20 $ 3.25 $ 3.36 $ 3.26 $ 3.42

Number of Properties Owned 718 723 702 680 645

Real Estate Assets before Depreciation $4,844,020 $4,491,412 $4,129,270 $3,858,298 $3,621,189

Total Assets $4,497,529 $4,162,827 $3,832,553 $3,625,099 $3,552,825

Our Largest Tenants (as of 12/31)

(in thousands, except per share amounts and number of properties)


Market Diversification(by rent)

Delaware Valley 31.2%

Midwest 31.3%

Mid-Atlantic 17.6%

Florida 14.1%

Joint Ventures and United Kingdom 5.8%

Product Diversification(by rent)

Distribution 25%

Flex 22%

Office 53%

The Vanguard Group

GlaxoSmithKline

Sanofi Winthrop

Wakefern Food Corp.

PNC Bank

Express Scripts

TJX Companies

GMAC Mortgage Corp.

Kellogg USA, Inc.

PPL EnergyPlus

Financial Highlightsincluding reconciliation of FFO per share to net income per share

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

7

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

Financial Highlightsincluding reconciliation of FFO per share to net income per share

Market Capitalization(in billions as of 12/31)

Debt to MarketCapitalization(as of 12/31)

Returnon Assets

Dividend Growth(per share annualizedas of 12/31)

Payout Ratio-FFO

Square Feet(in millions)

Occupancy

1 Year

Total Return Liberty NAREIT Equity Index S&P 500

(as of 12/31/05)

2 0 0 5 A n n u a l R e p o r t

3 Year 5 Year

Fin

anci

al H

igh

ligh

ts

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

Source: NAREIT

Liberty NAREIT Equity Index S&P 500Liberty NAREIT Equity Index S&P 500Liberty NAREIT Equity Index S&P 500Liberty NAREIT Equity Index S&P 500

To enhance peoples lives through

extraordinary work environments.

Mission

Local Offices

Board of Trustees

Executive Officers

Liberty Property Trust Headquarters500 Chesterfield Parkway Malvern, PA 19355 (610) 648-1700 www.libertyproperty.com

Shareholder ServicesShareholders with questions concerning share certificates, account information, dividend payments or share transfers, or to obtain a prospectus and enrollment information for Liberty Property Trust’s dividend reinvestment and share purchase plan, please contact:

Wells Fargo Shareholder Services P.O. Box 64874 St. Paul, MN 55164-0874 (800) 944-2214

Shareholders are also welcome to call:

Pam Russell-Brown Administrator, Corporate and Shareholder Services (215) 568-4100

Investor RelationsFor help with questions about the company, please contact:

Jeanne A. Leonard Vice President, Investor Relations Liberty Property Trust 500 Chesterfield Parkway Malvern, PA 19355 (610) 648-1704

Stock ListingLiberty Property Trust’s common shares are traded on the New York Stock Exchange under the symbol “LRY.”

In 2005, Liberty submitted to the NYSE certification required by Section 303A.12(a) of the NYSE Listed Company Manual, and also submitted to the SEC all certifications required under the Sarbanes-Oxley Act.

Annual MeetingThe annual meeting of shareholders will be held at 11:00 a.m., May 18, 2006:

The Desmond Hotel One Liberty Blvd. Malvern, PA

Independent AuditorsErnst & Young LLP Two Commerce Square 2001 Market Street Philadelphia, PA 19103

Malvern, PA(610) 648-1700 Jim Mazzarelli, Senior Vice President, Regional Director

Horsham, PA(215) 682-9902 Ward Fitzgerald, Senior Vice President, Regional Director

Philadelphia, PA National and Urban Development (215) 568-4100 John Gattuso, Senior Vice President

Lehigh Valley, PA (610) 867-9100 Bob Kiel, Senior Vice President, Regional Director

Marlton, NJ(856) 722-1000 Rob Jones, Vice President

Columbia, MD(410) 715-3333 Ward Fitzgerald, Senior Vice President, Regional Director

Richmond, VA (804) 644-9111 Alan Lingerfelt, Senior Vice President

Virginia Beach, VA(757) 498-4800 Craig Cope, Vice President

High Point, NC(336) 885-1777 Massie Flippin, Vice President

Greenville, SC(864) 232-8160 Bogue Wallin, Vice President

Houston, TX(281) 955-2000 Bob Goldschmidt, Senior Vice President, Regional Director

Jacksonville, FL(904) 296-1776 Mike Heise, Vice President

Orlando, FL(407) 447-1776 Stephen Whitley, Senior Vice President

Tampa, FL(813) 881-1776 Bob Goldschmidt, Senior Vice President, Regional Director

Boca Raton, FL(561) 999-0310 Ralph Kittrell, Vice President

Frederick F. BuchholzExecutive Vice President, Lend Lease Real Estate Investments (retired)

Daniel P. GartonExecutive Vice President – Marketing, American Airlines

William P. HankowskyChairman, Chief Executive Officer, Liberty Property Trust

J. Anthony HaydenChairman, Beacon Commercial Real Estate, LLC

Tom DeLoachExecutive Vice President, Mobil Oil Corporation (retired)

M. Leanne LachmanPresident, Lachman Associates, LLC

David L. LingerfeltVice President and Commercial Counsel, Land America Family of Title Insurance Companies

Jose A. MejiaPresident, Supply Chain Networks, Lucent Technologies

John A. MillerChairman and Chief Executive Officer, Provident Mutual Life Insurance Company of Philadelphia (retired)

Stephen B. SiegelChairman, Global Brokerage, CB Richard Ellis, Inc.

George J. Alburger, Jr.Executive Vice President, Chief Financial Officer

James J. BowesSecretary, General Counsel

Robert E. FenzaExecutive Vice President, Chief Operating Officer

Michael T. HaganSenior Vice President, Chief Investment Officer

William P. HankowskyChairman, Chief Executive Officer

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Certain information included in this Annual Report contains statements that are forward-looking, such as statements relating to rental operations, development activities, joint venture relationships, acquisitions, dispositions, future capital expenditures, financing sources and availability, and the effects of regulation (including environmental regulation) and competition. Such forward-looking information involves important risks, uncertainties and other factors that could cause actual results to differ materially from the expected results, and, accordingly, such results may differ from those expressed in any forward-looking statements made by the Company. These risks, uncertainties, and other factors include, without limitation, uncertainties affecting real estate businesses 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 construction and development activities, risks relating to acquisition and disposition activities, 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, 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, and the potential adverse impact of market interest rates on the market price for the Company’s securities.D

esig

n: C

reat

ive

Stra

tegy

Gro

up |

csg-

desig

n.co

m

Chicago, IL(847) 698-8140 Don Schoenheider, Vice President

Eden Prairie, MN(952) 947-1100 David Jellison, Vice President

Southfield, MI(248) 262-1010 Joe Trinkle, Vice President

Milwaukee, WI(414) 979-0222 John DiVall, Vice President

LIBERTY UKWest Malling, UK011-44-1-732-870-375 Nick Condon, Project Director

London, UK011-44-207-299-2540 Andrew Blevins, Managing Director

Corporate Information

Liberty Property Trust is a leader

in commercial real estate, serving

customers in the United States and the

United Kingdom through the development,

acquisition, ownership and management of

superior office and industrial properties.

Profile


Platform

470 Real Estate Professionals

21 Offices

718 Properties

64 Million Square Feet

$816 Million Development Pipeline

1,410 Acres of Developable Land

$6.4 Billion Market Capitalization

Investment Grade Rating

2 0 0 5 A n n u a l R e p o r t

Extraordinary Work Environments

Melvyn AgneStephen Ahern George Alburger Crystal Allen Tracy AllenDrew Allison Philip Almonte Amy Amrich Kimberly Anderson Michelle Anderson Mike Andrews Gretchen ArmstrongEmanuela ArscottRichard Ashburn Chris Babich Geraldine Baker Glenn Baker Emily Ballenger Tony Bamonte Joan Barbeau Seth Barone Carolyn Barr Jennifer Barrett Wendy BarrettSamuel Barth Colleen Bauer Shane Beane Kate Beavers Sarah BeechSarah BennettLynn BergerThomas Berridge Brian BersonLisa Bianchini Karla Billig Caroline Binns Abbigail Black Terrance Blake Andrew Blevins Daniel Blevins James BowesJames BrackenrigJohn Brandon Timothy Braun Jacqueline BrautigamBradford Breitling Nancy Brenek Troy Briggs Jennifer BromwellLaurie Brown Pam Brown Kimberly Browne Joshua Budish Heiko Buehring Anthony BuonadonnaMichelle Burdulis Brad Butler Joseph ButlerHoward Buzzard Gina Bystedt Claire Cahill Rebecca CampbellJohn Carter William Case, Sr. Rick Casey Catherine CatchpoleMichael CedenoBradly ChandlerKathleen Chester Ivan Chin Kirsten Chloupek- Houchin Paul ChoukourianShelby Christensen Rita Christiano Andrea Ciuca Mark Clark Neil Clarke Matt ClymerBrian Cohen

David Colbert Linda Colbert Bryan Coleman Byron Coleman Jeff Compton Nick Condon James Conner Cedrick Cooper Robert Coover Craig Cope Kristin Cope Christopher CorrBrian Cottone Deby Cownden Richard Cross John Crow Adrienne CumminsDenise Currin Dana Dame Jeff Dancho Kris Daniels Amanda DarrenkampJulie Davies Susan Davies Jim Daywalt Robert DeMezzo Joseph DeNicolaJill Denninger Joe Denny Geneva DeSequeira Brian Devlin Cynthia DeVorMarc DiLullo John DiVall Frederick Dougherty Scott Dougherty Salvatore Dragone Mark Drasner Dean Dreisbach Neal Driscoll Kimberly DubasSteven Dunn John Eastman Christopher Eckerd Bryan Emde Joseph Epler Craig Ervin Ellen Everett Tony Ewing Lori Farish Mark FarleyKimberly Farmer Kelly FazakasWilliam Fegley III Joe Fenza Mike Fenza Rob Fenza Amy Field Michele Fillippo Karen FingerWilliam FisherWard Fitzgerald Tina Fleming-Duvall Julie FlickMassie Flippin, Jr. Susan Ford Deborah Frank Ken Freeman John Fuentes Karen Gagnon Stephanie Garcia John Gattuso Barbara Gaudreau Phil Gaudreau Brian Gehris Michele Geilfuss Jeannette GibbonsKeith Gilbert Larry Gildea Margaret Giordani

Vickie Godshall Bob Goldschmidt Mark Goldstein Shannon Gomez Tina Goodman Jennifer Green Bill Gribbin Mike Hagan Donna HaggertyJudith Hahn Richard Hahn Helena HallJessica Hamberger Thomas HampWilliam Hankowsky Lisa Hansen Randal Hansen Ava HarringtonDeborah Harris Steven HartBruce Hartlein Cathy Hawk Samuel HearnMichael HeiseJames Heisey II Dale Heist Jose HernandezNatalie HernandezK. Christopher Herrick Kerry Hewson Maria Hikins Candy HoaggWally HodgesPatricia HoganMary Holtan Jason Honesty Brian Hood Angela Hopper Lloyd Horvath Bruce Hotchkiss Dana HowardEmma HoyerCharles Hughes Dana HughesKelly HustonMark Jackson Todd Jackson Bridgette JajonieLindsay Janek David Jellison Brandon Jenc Owen Jepsen Heather Johnson Jeanine Johnson Randy Johnson Joseph Johnston Denise Jones Kimberly JonesRob Jones Afshan Kaler Sue Kelly Rita Kempski Skip KendallKathy Kiczula Bob Kiel Michelle Kim Simona KingAmy KirkJames Kish Leon KislowskiRalph Kittrell Tonya Klein Christina Knapper Christine Knarr Melanie KnittJanet Kraft Jay Kraft Steven KrauseKathryn KrupiewskiSamantha Lack

Craig LaLoup Jennifer Landis Christopher LanuttiJason Lauzon George Ledwith Jeanne Leonard Gregory LetnaunchynJoanna Leto Benjamin LewisLouis Liakos Alan Lingerfelt Justin LingerfeltJoshua Lipsky Derek LloydKelly LogtermanJill Long Gary Lorgus Crystal Loving-Joyce Gary Lowe Robert Lowery Jim Lubitsky Jim Lutz Lauren LymanJaime MaldonadoScott Mallalieu Carrie Malone Cynthia MaloneWesley Malone Jim Maneri Elizabeth Manning Timothy Mansfield Jackson MartinTommy Martin Butch Martz Julie MaschmeierDustin Mason Judy Mason Ana MattioliKim MaynordJim Mazzarelli Joe McCabe Dan McCall Ian McCauleyJodie McClelland John McCulloughJohn McDermottJanet McElroy Norman McElroy Mary McLean Dawn McPeters Philip Mecum Lynn Medley Buck Mercer Barb Messaros Steve Messaros Leah MeyerBonnie MilavecJohn Miller Michael Miller Tonya MillsHazel MohnRichard Molina Elizabeth MolitorLenore Moor Lauren Moorhouse Pam Morris Mary Beth Morrissey Katherine Mortensen Michael Murphy Laura Nagy Serge NalbantianMichael Nardo Rhonda NaroJennifer NaugleKara Nelson Stephanie NelsonJames Nice Tony Nichols Christopher NortonErin O’Donnell

Cora OberstMatthew Olson Kostas Omiridis Joe Onners Osbaldo Ortiz James Osborne Juliana Overdorf Pete Owad, Jr. Pete Owad lll Amy PagelDeborah PalatucciChristopher Panetta Gregory ParenteTashawna Parker Hanita Patel Jeffrey Patti Tracey Peacock Tatiana PedenAndrew PerilleHeather Peterson Stephen PetersonSteven Petrove Sue Petruno Edward PiscopoMark PloorKristy Poh Jaquelin PollockRichard Pritchett Miguel Quinilla Karen Quire Jennifer RadfordHeather Raieta Andrea RainbowCarlton Randolph, Jr.Leslie Rashid Lindsey ReeseDaniel RehgAnn Rhoads Scott Riccio Erik Richards Steven RichmanGregory Riegel Dagmar Rivera Susan Roberts William Robertson Henry Robinson Elizabeth Roche James Rodgers Maria RodriguezJames RoeJoan Rosengarten Darlene Rossi Paul Rubincam III Reed Rummel Bob RustadWilson Santiago Daniel SantingaXiomara SantosLee Schlosser Shannon SchlosserSteven Schneiger Thomas Schoenberger Donald SchoenheiderJenny SchowJim Schow Monica ScottRoxana Scott Leslie Scruggs Bob SekolaRobert Shaw Deb Sheehan Anne Sheppard Emily Shoemaker Elena ShpeAllison SilvaBarbara Smith Kenneth Smith Marilyn Smith Stephen Snyder John Spitz

Penny Stanger Janelle Steckel Steven Stefansky Henry Steinberg Lisa Stenbeck Lori Stevens LuAnn Stiles Jeff Stiras Leroy Stokes Casandra Strawbridge James Strojan Michael Stumpo Lisa SullivanJames Sunday, Jr. Steven SuthersMichelle SwainTonya Swartz Jackson Taunton IV Christina Taylor Kevin Taylor Rita Taylor Vivien Taylor Richard Taylor, Jr. Audra TennysonMarla Thalheimer Curt Thieme Robert Thieme Jonathan Thompson Karen Thorp Krisztina Tischler Henry Tita Anne Toal Cathy TornettaSarah Trelawney Joseph Trinkle Susan Tucker Mark TurcinFlor Turcios Ingrid Twigg Lee Tyler Erica Valencia Edward ValerioBlaine VanceTeresa VanStraaten Tina Veen John Vidor Donna Wagner Bogue Wallin Lynda WallsLori WalmerCarolyn Walsh Thomas WangCraig Waring Clare Warnham June Wasilowsky Beverly Watkins Todd Watson Richard Weiblen Roger WernerJames WersingerStephen Whitley Stephanie WhitmoreMark Wible Lindsey Wilkerson William Wilkerson, Jr. Chris Williams Phillip Williams Rob Williams Kimberly Wilson Scott Wilson Edward WirickSharon WoodMaria Wright Ellen YangJayme Yawney Jennifer YonchukGregory YoumansMichael Yuhasz Kristi ZelenkaSuzanna Zollers

Liberty Property Trust Is

Lib

er

ty

Pr

op

er

ty

Tr

us

t

20

05

An

nu

al

Re

po

rt

Documents

Liberty Property Trust Is - library.corporate-ir.netlibrary.corporate-ir.net/library/96/960/96097/items/314321/2005AR.pdf · Liberty Property Trust’s common shares are traded on