Press Releases

Liberty Property Trust Named NAIOP 2008 Developer of the Year
Commitment to sustainability and diverse development portfolio contribute to firm's selection

July 7, 2008

Washington, D.C. — The National Association of Industrial and Office Properties (NAIOP), the leading trade association for developers, owners, investors and other professionals in industrial, office and mixed-use commercial real estate, announced today that Liberty Property Trust is the winner of NAIOP's coveted Developer of the Year award.

Liberty Property Trust is a leading real estate investment trust (REIT) headquartered in Malvern, Penn. Founded in 1972 as Rouse & Associates, the company became Liberty Property Trust in 1994 with a public offering. Subsequent growth has made Liberty Property Trust one of the nation's largest office and industrial real estate companies, with more than 70 million square feet of office and industrial properties in 20 markets, and an additional $700 million in properties under development.

"Liberty Property Trust is acknowledged throughout the industry for its exceptional development and commitment to sustainability, and it is NAIOP's privilege to recognize this company for its contributions to both the real estate development community and NAIOP," said Thomas J. Bisacquino, NAIOP president.

NAIOP will present the 2008 Developer of the Year award to William P. Hankowsky, chairman and chief executive officer, and members of Liberty's senior management team on Wednesday, October 22, during NAIOP's conference, development '08: the annual meeting for commercial real estate, in Las Vegas.

Presented annually to one member-developer company that best exemplifies leadership and innovation in the commercial real estate industry, the Developer of the Year award is determined by a five-member selection committee of industry peers that uses six criteria to evaluate entries: industry and business leadership; involvement in NAIOP; quality of products and services; financial consistency and stability; ability to adapt to market conditions; and social consciousness. Past winners of the award include Ryan Companies US, Inc., Bentall Capital, ProLogis, Colonial Properties Trust and Lowe Enterprises.

"During the 36 years that Liberty and our predecessor company, Rouse & Associates, have been developing office and industrial properties, NAIOP has been a champion of the industry and a valuable partner in our business," said William P. Hankowsky, chairman and CEO. "Liberty is profoundly honored to be chosen as NAIOP's Developer of the Year."

Company Focuses on Sustainability, Quality Products
Liberty Property Trust is consistently recognized for quality products that incorporate sustainable green building design and construction techniques. An early proponent of the U.S. Green Building Council's LEED standards, Liberty has been commended for its commitment to using LEED to create environmentally responsible office buildings, distribution centers, warehouses and interiors, and for greening its operation in its offices worldwide.

Liberty is developing all new office buildings to LEED standards; is incorporating sustainable green building design and construction techniques into industrial development projects wherever feasible; has introduced high-performance green buildings in 17 markets; is providing green training programs for all property managers, building technicians, project managers and leasing representatives; and is investigating alternative energy opportunities - including solar, wind and co-generation - both for tenants' and Liberty's benefit.

Recent developments that exemplify Liberty's commitment to excellence in sustainability include the spectacular addition to Philadelphia's skyline, Comcast Center; the JohnsonDiversy Distribution Center, Sturtevant, Wis., a LEED Gold certified building and winner of NAIOP's 2007 Green Development Award; 8501 East Raintree Drive, developed for The Vanguard Group in Scottsdale, Ariz., a LEED Gold certified project; and One Crescent Drive, Philadelphia, the first speculative office building in the world to achieve LEED Platinum certification.

With more than 35 years of development expertise, Liberty has completed more than 170 build-to-suit projects for its corporate customers and hundreds of speculative office, flex and industrial properties

The Developer of the Year is also recognized for its demonstration of a strong commitment to its local communities and the NAIOP association, both on the local and national levels. Community involvement is a Liberty Property Trust tradition and an important part of the company's corporate culture. Many of Liberty's employees also serve on NAIOP's local and national boards and committees, and are active members in multiple markets across the country.

About NAIOP: The National Association of Industrial and Office Properties is the nation's leading trade association for developers, owners, investors and other professionals in industrial, office and mixed-use commercial real estate. Founded in 1967, NAIOP comprises 16,500+ members in 55 chapters throughout the United States and Canada. NAIOP provides networking opportunities, educational programs, research on trends and innovations and strong legislative representation. For more information, visit www.naiop.org.

About Liberty Property Trust: Liberty Property Trust (NYSE:LRY), headquartered in Malvern, Penn., is dedicated to enhancing people's lives through extraordinary work environments. The real estate investment trust (REIT) serves customers in the United States and United Kingdom through the development, acquisition, ownership and management of superior office and industrial properties. Liberty's 74 million square foot portfolio offers exceptional locations and flexible design to more than 2,100 tenants at 700 office, distribution and light manufacturing facilities. The company is a leader in the development of high performance green buildings. www.libertyproperty.com

FOR IMMEDIATE RELEASE

CONTACTS:
NAIOP: Kathryn Hamilton, Vice President for Marketing and Communications
(703) 904-7100, ext. 165

Liberty Property Trust: Jeanne Leonard, Vice President, Investor Relations
(610) 648-1704