LIBERTY PROPERTY TRUST (Form: DEF 14A, Received: 04/20/2010 11:56:24)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934
(Amendment No. )


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LIBERTY PROPERTY TRUST
(Name of Registrant as Specified In Its Charter)

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LIBERTY PROPERTY TRUST
500 Chesterfield Parkway
Malvern, Pennsylvania 19355

NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
To be held May 20, 2010

The 2010 ANNUAL MEETING of the shareholders of Liberty Property Trust, a Maryland real estate investment trust (the "Trust"), will be held at The Desmond Hotel, One Liberty Boulevard, Malvern, Pennsylvania 19355, on May 20, 2010 at 11:00 a.m., local time, for the following purposes:

1.: To elect three Class I trustees to hold office until the Annual Meeting of Shareholders to be held in 2013 (or, if the proposal to eliminate the classification of our Board of Trustees is approved, until the Annual Meeting of Shareholders to be held in 2011) and until their successors are duly elected and qualified;
2.: To eliminate the classification of our Board of Trustees;
3.: To ratify the selection of Ernst & Young LLP as the Trust's independent registered public accounting firm for 2010; and
4.: To transact such other business as may properly come before the meeting.

The Board of Trustees of the Trust has fixed the close of business on March 19, 2010 as the record date for the meeting. Only shareholders of record at the close of business on that date are entitled to notice of and to vote at the meeting and any adjournment or postponement thereof.

The accompanying form of proxy is solicited by the Board of Trustees of the Trust. Reference is made to the attached Proxy Statement for further information with respect to the business to be transacted at the meeting.



		By Order of the Board of Trustees,
		James J. Bowes Secretary

Malvern, Pennsylvania
April 20, 2010

Please Complete and Return Your Signed Proxy Card

Please complete and promptly return your proxy in the envelope provided. Doing so will not prevent you from voting in person at the meeting. It will, however, help to assure a quorum and to avoid added proxy solicitation costs.

LIBERTY PROPERTY TRUST

PROXY STATEMENT
ANNUAL MEETING OF SHAREHOLDERS
To Be Held May 20, 2010

GENERAL INFORMATION

This proxy statement is being furnished in connection with the solicitation of proxies by the Board of Trustees (the "Board of Trustees" or the "Board") of Liberty Property Trust, a Maryland real estate investment trust (the "Trust" or the "Company"), for use at the Trust's 2010 Annual Meeting of Shareholders (the "Meeting") to be held at The Desmond Hotel, One Liberty Boulevard, Malvern, Pennsylvania 19355 on May 20, 2010 at 11:00 a.m., local time, and any adjournment or postponement thereof, for the purposes set forth in the foregoing notice and more fully discussed herein. This proxy statement, the foregoing notice and the enclosed proxy are first being mailed to shareholders of the Trust on or about April 20, 2010. Only shareholders of record at the close of business on March 19, 2010 (the "Record Date") shall be entitled to notice of and to vote at the Meeting.

If the enclosed proxy is properly executed and received by the Trust prior to voting at the Meeting, the common shares of beneficial interest, $0.001 par value per share, of the Trust (the "common shares") represented thereby will be voted in accordance with the instructions marked thereon. In the absence of instructions, the common shares represented by the enclosed proxy will be voted FOR the nominees of the Board of Trustees in the election of trustees, FOR the proposal to amend the current Declaration of Trust of the Trust (the "Declaration of Trust") to eliminate the classification of our Board of Trustees, and FOR ratification of the selection of Ernst & Young LLP as the Trust's independent registered public accounting firm for 2010. Management does not intend to bring any matter before the Meeting other than as indicated in the notice and does not know of anyone else who intends to do so. If any other matters properly come before the Meeting, however, the persons named in the enclosed proxy, or their duly constituted substitutes acting at the Meeting, will be authorized to vote or otherwise act thereon in accordance with their judgment on such matters.

Any proxy may be revoked at any time prior to its exercise by notifying the Secretary of the Trust in writing prior to the time of the Meeting, by delivering a duly executed proxy bearing a later date or by attending the Meeting and voting in person.

On the Record Date, the Trust had 112,805,283 common shares outstanding and entitled to vote at the Meeting. Each holder of common shares is entitled to one vote per share held of record by such holder on the Record Date. There must be present at the Meeting in person or by proxy shareholders entitled to cast a majority of all the votes entitled to be cast to constitute a quorum for the Meeting. Common shares represented at the Meeting in person or by proxy but not voted on one or more proposals will be included in determining the presence of a quorum, but will not be considered cast on any proposal on which they were not voted. Thus, abstentions and broker "non-votes" are deemed to be present at the Meeting for the purpose of determining whether a quorum is constituted, but are not deemed to be votes cast at the Meeting. A broker "non-vote" occurs when a nominee holding shares for a beneficial owner does not vote on a particular proposal because the nominee does not have discretionary voting power on that item and has not received instructions from the beneficial owner.

Abstentions and broker "non-votes" will affect each of the proposals described in this proxy as follows:

•: On the proposal to elect three Class I trustees to hold office until the Annual Meeting of Shareholders to be held in 2013 (or, if the proposal to amend the Declaration of Trust to eliminate the classification of our Board of Trustees is approved, until the Annual Meeting of Shareholders to be held in 2011) and until their successors are duly elected and qualified, the vote of a majority of all the votes cast at the Meeting is necessary to elect a trustee. Neither abstentions nor broker non-votes will be counted as votes cast, and therefore, assuming a quorum is achieved, will have no effect on the results of the vote with respect to this proposal.

•: The vote of a majority of the shares outstanding and entitled to vote is necessary to approve the proposal to amend the Declaration of Trust to eliminate the classification of our Board of Trustees. Abstentions and broker non-votes will have the same effect as a vote against this proposal.
•: The vote of a majority of all the votes cast at the Meeting is necessary to ratify the selection of Ernst & Young LLP as the Trust's independent registered public accounting firm for 2010. Neither abstentions nor broker non-votes will be counted as votes cast, and therefore, assuming a quorum is achieved, will have no effect on the results of the vote with respect to this proposal.

A majority of all votes cast in an election for trustees means that the number of shares voted "for" a nominee for trustee must exceed the number of votes cast as "withheld" from that nominee. In addition, the Trust's corporate governance policies provide that if a nominee for trustee who already serves as a trustee is not elected by a majority of the votes cast, the trustee will offer to tender his or her resignation to the Board of Trustees. The Corporate Governance and Nominating Committee of the Board of Trustees will then make a recommendation to the Board of Trustees on whether to accept or reject such resignation, or whether other action should be taken. The Board of Trustees will act on the Corporate Governance and Nominating Committee's recommendation and publicly disclose its decision and the rationale behind it within 90 days from the date of the certification of the election results. Any such trustee who tenders his or her resignation will not participate in the Board of Trustee's decision. There is no cumulative voting in the election of trustees.

A majority of the votes cast at the Meeting shall be sufficient to approve any other matter that may properly come before the Meeting, unless more than a majority of the votes cast is required by the Declaration of Trust or applicable law.

Important Notice Regarding the Availability of
Proxy Materials for the Annual Meeting of Shareholders to be Held on May 20, 2010

This proxy statement and our 2009 annual report to shareholders are available at www.libertyproperty.com in the "Investor Relations" section.

SECURITY OWNERSHIP OF CERTAIN
BENEFICIAL OWNERS AND MANAGEMENT

The following table sets forth certain information, as of March 19, 2010 (except as indicated below), regarding the beneficial ownership, as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), of common shares by each trustee, each nominee for election as trustee, each executive officer listed in the Summary Compensation Table appearing on page 23, all trustees and executive officers as a group, and each person who is known to the Trust to be the beneficial owner of more than five percent of the outstanding common shares. Each person named in the table below has sole voting and investment power with respect to the common shares listed opposite such person's name, except as otherwise noted.

Beneficial Owner

William P. Hankowsky	558,456	(1)	*
George J. Alburger, Jr.	437,392	(2)	*
Robert E. Fenza	487,001	(3)	*
James J. Bowes	239,447	(4)	*
Michael T. Hagan	118,369	(5)	*
Frederick F. Buchholz	70,854	(6)	*
Thomas C. DeLoach, Jr.	60,462	(7)	*
Daniel P. Garton	35,761	(8)	*
J. Anthony Hayden	101,253	(9)	*
M. Leanne Lachman	73,722	(10)	*
David L. Lingerfelt	76,883	(11)	*
Jose A. Mejia	12,709	(12)	*
Stephen B. Siegel	50,672	(13)	*
Stephen D. Steinour	11,055		*
ING Clarion Real Estate Securities, LLC	11,302,583	(14)	10.0	%
BlackRock, Inc.	10,139,979	(15)	9.0	%
The Vanguard Group, Inc.	9,467,818	(16)	8.4	%
All trustees and executive officers as a group (14 persons)	2,334,036	(17)	2.0	%

*: Represents less than one percent of class.
(1): Includes 408,746 common shares subject to options exercisable within 60 days after March 19, 2010.
(2): Includes 277,205 common shares subject to options exercisable within 60 days after March 19, 2010.
(3): Includes 233,213 common shares subject to options exercisable within 60 days after March 19, 2010 and 195,043 common shares issuable upon exchange of units of limited partnership interest ("Units") of Liberty Property Limited Partnership, a Pennsylvania limited partnership (the "Operating Partnership") which, as of December 31, 2009, was 96.6% owned by the Trust. Also includes 700 common shares, held by Mr. Fenza as custodian for his children, or owned directly by such children, as to which Mr. Fenza disclaims beneficial ownership. Includes 110,000 Units pledged by the beneficial owner as security for loans.

(4): Includes 202,501 common shares subject to options exercisable within 60 days after March 19, 2010.
(5): Includes 64,655 common shares subject to options exercisable within 60 days after March 19, 2010 and 14,491 common shares issuable upon exchange of Units.
(6): Includes 38,500 common shares subject to options exercisable within 60 days after March 19, 2010.
(7): Includes 16,000 common shares subject to options exercisable within 60 days after March 19, 2010.
(8): Includes 28,500 common shares subject to options exercisable within 60 days after March 19, 2010.
(9): Includes 38,500 common shares subject to options exercisable within 60 days after March 19, 2010.
(10): Includes 33,500 common shares subject to options exercisable within 60 days after March 19, 2010.
(11): Includes 33,500 common shares subject to options exercisable within 60 days after March 19, 2010 and 30,674 common shares issuable upon exchange of Units.
(12): Includes 8,500 common shares subject to options exercisable within 60 days after March 19, 2010.
(13): Includes 15,000 common shares subject to options exercisable within 60 days after March 19, 2010.
(14): ING Clarion Real Estate Securities, L.P. ("ING") has sole dispositive power and sole or shared voting power over 11,302,583 and 5,203,463 common shares, respectively. This information is as of, and based solely on a review of an amendment to Schedule 13G filed by ING with the Securities and Exchange Commission on, March 4, 2010. ING's address is 201 King of Prussia Road, Suite 600, Radnor, PA 19087.
(15): As of December 31, 2009, BlackRock, Inc. and certain of its affiliates (collectively, "BlackRock") had sole dispositive power and sole voting power over 10,139,979 common shares. This information is based solely on a review of a Schedule 13G filed by BlackRock with the Securities and Exchange Commission on January 29, 2010. BlackRock's address is 40 East 52nd Street, New York, NY 10022.
(16): As of December 31, 2009, The Vanguard Group, Inc. ("Vanguard") had sole or shared dispositive power and sole voting power over 9,467,818 and 68,853 common shares, respectively. This information is based solely on a review of an amendment to Schedule 13G filed by Vanguard with the Securities and Exchange Commission on February 3, 2010. Vanguard's address is 100 Vanguard Boulevard, Malvern, PA 19355.
(17): Includes 1,398,320 common shares subject to options exercisable within 60 days after March 19, 2010 and 240,208 common shares issuable upon exchange of Units. Also includes 110,000 Units pledged as security for loans.

PROPOSAL 1—ELECTION OF TRUSTEES AND CONTINUING TRUSTEES

In accordance with the Declaration of Trust and the First Amended and Restated Bylaws of the Trust, the Board of Trustees has fixed the total number of trustees at nine. The Board is divided into three classes serving staggered three-year terms, the term of one class of trustees to expire in each successive year. Three Class I trustees will be elected at the Meeting to serve until the Annual Meeting of Shareholders to be held in 2013 (subject to the following paragraph) and until their successors are duly elected and qualified. Each of the nominees for election as trustee currently serves as a trustee of the Trust.

If the proposal to amend the Declaration of Trust to eliminate the classification of our Board of Trustees is approved by the shareholders, then, beginning with the members of our Board elected at the Meeting, the members of our Board will serve one-year terms. The terms of those trustees currently scheduled to expire in 2011 and 2012 will continue until the scheduled expiration time.

A proxy signed in the enclosed form will be voted FOR the election of the nominees named below, unless a contrary instruction is given.

Management believes that each of its nominees is willing and able to serve the Trust as trustee. If any nominee at the time of election is unable or unwilling to serve or is otherwise unavailable for election, and as a consequence thereof other nominees are designated, the persons named in the proxy or their substitutes will have the discretion and authority to vote or to refrain from voting for other nominees in accordance with their judgment.

The following is a brief description of the nominees for election as trustee and of the other continuing trustees of the Trust. The descriptions for the trustees set forth the experience, qualifications, attributes and skills that have led the Board to conclude that these nominees should serve as trustees of the Trust.

Recommendation and Required Vote

The Board of Trustees recommends a vote FOR the election of each nominee. Assuming a quorum is present at the Meeting, a majority of all the votes cast at the Meeting shall be sufficient to elect a trustee.

Nominations for Election as Class I Trustees with Terms to Expire in 2013 (or, if the proposal to amend the Declaration of Trust to eliminate the classification of our Board of Trustees is approved, in 2011)

J. Anthony Hayden , age 66, has served as a trustee of the Trust since June 1994. Mr. Hayden is Chairman of Hayden Real Estate Investments, LLC, a privately-held commercial real estate investment and acquisition firm. Prior to forming Hayden Real Estate Investments, LLC Mr. Hayden was Chairman of Beacon Commercial Real Estate LLC. The company was formed as Hayden Real Estate in 1996. Prior to forming Hayden Real Estate, Mr. Hayden spent more than 21 years at Cushman & Wakefield where he was a member of the Board of Directors. When he resigned as Executive Vice President in 1996 he was responsible for ten offices in the Mid-Atlantic/Mid-West region. Mr. Hayden is a member of the Society of Industrial & Office Realtors, serving in 1982 as President of the Philadelphia Chapter. He is also a member of the Philadelphia Board of Realtors and was President in 1985. In the past he has served on the boards of Pierce Leahy Corporation, Founders Bank and TeleSpectrum Worldwide. Mr. Hayden currently serves on the boards of a variety of not-for-profit entities, including LaSalle University.

Mr. Hayden's commercial real estate career, with extensive background in brokerage and real estate investments, and extensive knowledge of the Philadelphia market, one of the Trust's principal markets, enables him to make meaningful contributions to the Board's oversight of the Trust's principle business activity. Mr. Hayden's prior Board experience also allows him to provide valuable insight in his capacity as a member of the Corporate Governance and Nominating Committee.

M. Leanne Lachman , age 67, has served as a trustee of the Trust since June 1994. Ms. Lachman is the President of Lachman Associates, LLC, a real estate consulting firm, and is an Executive-in-Residence at Columbia Business School. Until October 2003, Ms. Lachman was a Managing Director of Lend Lease Real Estate Investment Management, a pension fund advisor. From 1987 forward, Ms. Lachman has specialized in real estate investment management for institutions. Ms. Lachman is a director and Chair of the Audit Committee of Lincoln National Corporation and a director of Lincoln Life & Annuity of New York, a subsidiary of Lincoln National Corporation.

Ms. Lachman's extensive experience as a specialist in real estate investment management and her ongoing work enable Ms. Lachman to make valuable contributions to the Board, particularly in the area of strategic real estate investment analysis. Additionally, her experience as a director of another public company gives her insight into governance and related best practices, which enable her to make significant contributions as a Board member.

Stephen D. Steinour , age 51, has served as a trustee of the Trust since February 11, 2010. In January 2009, Mr. Steinour was elected the Chairman, President and Chief Executive Officer of Huntington Bancshares Incorporated, a $53 billion regional bank holding company. Previously, he was the Chairman

and Managing Partner of CrossHarbor Capital Partners, a private equity firm (2008–January 2009). From 2006 to 2008, he was President and CEO of Citizens Financial Group, Inc., a multistate commercial bank holding company. Prior to that, Mr. Steinour served as Vice Chairman and Chief Executive Officer of Citizens Mid-States regional banking (2005–2006). He served as Vice Chairman and Chief Executive Officer of Citizens Mid-Atlantic Region (2001–2005). At the beginning of his career, Mr. Steinour was an analyst for the U.S. Treasury Department and subsequently worked for the Federal Deposit Insurance Corporation. Mr. Steinour is also a director of Exelon Corporation and he serves on its audit committee and compensation committee. Mr. Steinour is a member of council of The Pennsylvania Society. He also serves as a trustee of the National Constitution Center and the Eisenhower Fellowships. Mr. Steinour also served as a member on the policy and legal affairs committees of the Pennsylvania Business Roundtable. He also has served on the board of and as the chairman of the Greater Philadelphia Chamber of Commerce.

Mr. Steinour's experience in the banking industry with strong credit and risk management experience and knowledge of credit and capital markets, and his experience as Chairman, President and CEO of Huntington Bank and a director of Exelon enhance Mr. Steinour's value to the Board and to the Audit Committee. Additionally, his extensive involvement in the business community and exposure to several of the Trust's principal markets allow him to understand the point of view of customers of the Trust.

Continuing Class II Trustees with Terms to Expire in 2011

Frederick F. Buchholz , age 64, has served as a trustee of the Trust since June 1994. Mr. Buchholz was with Lend Lease Real Estate Investments or its predecessors from 1968 until retiring in June 1998. Since his retirement, Mr. Buchholz has served as an independent real estate consultant. He was appointed a Senior Vice President of Equitable Real Estate in December 1990 and Executive Vice President in 1992. At various times, Mr. Buchholz was also the officer in charge of Equitable Real Estate's New York and Washington, D.C. regional offices. Prior to his retirement, Mr. Buchholz was the officer in charge of the Lend Lease Philadelphia region, supervising new business, asset management and restructuring/workout activities on behalf of a diversified regional mortgage and equity portfolio. Mr. Buchholz is a member of the Appraisal Institute and the Investment Review Committee of the Delaware Valley Real Estate Investment Fund, L.P.

Mr. Buchholz's lengthy real estate career as a senior officer of a major institutional real estate owner and lender enables Mr. Buchholz to contribute significantly, particularly in connection with the review and analysis of the Trust's real estate transactions. Additionally, Mr. Buchholz's past experience as a board member of another real estate company provides Mr. Buchholz with important insights as to the governance of the Trust.

Thomas C. DeLoach, Jr. , age 62, has served as a trustee of the Trust since May 1999. Beginning in 1998, Mr. DeLoach served as an Executive Vice President of Mobil Oil Corporation and the President of Global Midstream, both wholly owned subsidiaries of Mobil Corporation (now Exxon Mobil Corporation), a global energy company, prior to his retirement in March 2000. Mr. DeLoach joined Mobil Corporation in 1969 as a chemical engineer and advanced through various positions in manufacturing, marketing, planning and supply. From December 1994 until his election as President of Global Midstream, Mr. DeLoach served as Chief Financial Officer and Senior Vice President of Mobil Corporation and Mobil Oil Corporation. From 1991 until his retirement in 2000, Mr. DeLoach served as a director of Mobil Oil Corporation. Mr. DeLoach was a partner in a Penske Racing, LLC from 2000 until 2002 and has been the Managing Partner of PIT Instruction & Training, LLC since 2003 and Red Horse Racing II, LLC since 2005. Mr. DeLoach is also a member of the Board of Directors of Asbury Automotive Group (NYSE:ABG), and serves on its Audit Committee and chairs its Finance and Risk Committee.

Mr. DeLoach's experience in various senior positions at a major American corporation with highly sophisticated processes and procedures in a capital intensive industry has given Mr. DeLoach strong

insights which enable him to contribute to the Trust in a variety of areas, including in finance, human resources and internal operations. Mr. DeLoach's membership on the board of another public company also enables him to share best practices observed from his other experiences.

Daniel P. Garton , age 52, has served as a trustee of the Trust since December 2001. Since September 2002, Mr. Garton has served as Executive Vice President—Marketing of AMR Corporation's American Airlines unit. In that position, Mr. Garton oversees American Airlines' activities with respect to reservations, flight service, sales, its travel awards program, advertising and corporate communications. Previously, Mr. Garton served as Senior Vice President and then Executive Vice President of American Airlines Customer Service beginning September 1998 and served as President of American Eagle Airlines for three years beginning in July 1995. American Eagle Airlines is a wholly owned subsidiary of AMR Corporation. Mr. Garton joined AMR Corporation in 1984 as an analyst in the finance department and advanced through various positions to the office of Vice President—Financial Planning and Analysis in 1992. Mr. Garton left AMR Corporation in 1993 to become Senior Vice President and Chief Financial Officer of Continental Airlines. He returned to AMR Corporation two years later when he assumed the presidency of American Eagle Airlines.

Mr. Garton's extensive experience in customer service, operations, finance and financial markets in a major American corporation with highly sophisticated processes and procedures has enabled him to make valuable contributions to the Trust as a Board member. His strong financial background has also allowed him to provide valuable service as a member of the Audit Committee.

Stephen B. Siegel , age 65, has served as a trustee of the Trust since May 1995. Mr. Siegel is Chairman of Global Brokerage Services of CB Richard Ellis, one of the world's premier full service real estate companies. Prior to its merger with CB Richard Ellis, Mr. Siegel was the Chairman and Chief Executive Officer of Insignia/ESG, Inc., one of the premier commercial real estate companies in the United States, with significant international operations in the United Kingdom, Europe, Asia and Latin America. Mr. Siegel became the President and Chief Executive Officer of Insignia/ESG, Inc.'s predecessor company, Edward S. Gordon Company ("ESG"), in 1992. Prior to joining ESG, Mr. Siegel spent more than 27 years at Cushman & Wakefield, including as Chief Executive Officer. Mr. Siegel left Cushman & Wakefield in late 1988 and entered a joint venture with the Chubb Corporation where he worked for several years to develop and acquire investment-grade office buildings throughout the United States. Mr. Siegel is also involved in a number of charitable and civic affairs. He is the General Chairman of the Association for the Help of Retarded Children. In addition, Mr. Siegel is the President of the Board of the American Friends of Rabin Medical Center, and is a board member for the City Center 55th Street Theater Foundation and the Greater New York Council of the Boy Scouts of America.

Mr. Siegel's long experience as a chief executive officer in a number of premier real estate service companies has enabled him to bring an expert perspective to the Board. His real estate acumen and sophisticated transactional experience have allowed him to provide significant contributions to the Trust as a Board member.

Continuing Class III Trustees with Terms to Expire in 2012

William P. Hankowsky , age 59, has served as a trustee of the Trust since May 2003. Mr. Hankowsky joined the Trust on January 1, 2001 as Executive Vice President and Chief Investment Officer and was promoted to the position of President on March 12, 2002. Mr. Hankowsky became the Chief Executive Officer of the Trust on January 21, 2003 and Chairman on June 10, 2003. Prior to joining the Trust, Mr. Hankowsky served as President of the Philadelphia Industrial Development Corporation ("PIDC") from 1989 through 2000. As the chief executive officer of PIDC, he oversaw the City of Philadelphia's economic development agency. Prior to that time, Mr. Hankowsky served as an executive with a variety of economic development projects and agencies. Mr. Hankowsky currently serves on the boards of Aqua America, Inc. (NYSE:WTR), Citizens Financial Group, NASDAQ OMX Futures Exchange, Philadelphia

Convention and Visitors Bureau, Greater Philadelphia Chamber of Commerce, National Association of Real Estate Investment Trusts and the Kimmel Center for the Performing Arts.

Mr. Hankowsky's executive experience and economic development background provided compelling attributes which have contributed to his transition to chief executive officer of the Trust. His leadership roles in both the not-for-profit and public company arenas has provided him with valuable opportunities to interact with business and government leaders in market segments of importance to the Trust's business and, as a result, to better understand the needs of its customers.

David L. Lingerfelt , age 57, has served as a trustee of the Trust since May 1995. Mr. Lingerfelt is of counsel to the firm of Parker, Pollard, Wilton & Peaden, P.C., in Richmond, Virginia, where his practice focuses on commercial real estate and taxation. His practice includes consulting with respect to the structuring of tax-deferred exchanges. Until November 2008, Mr. Lingerfelt was Vice President and Commercial Counsel for the exchange subsidiary of LandAmerica Financial Group and Director of its Reverse Exchange Division. Prior to joining LandAmerica, Mr. Lingerfelt served as Director of Property Administration and Counsel for Best Products Co., Inc., and was a partner in the Virginia law firm of Coates & Davenport, focusing on commercial transactions.

Mr. Lingerfelt's training as an attorney, together with his experience as a commercial lawyer with significant experience in real estate and tax practice areas, has allowed Mr. Lingerfelt to provide significant insights to the Trust in his capacity as a Board member.

Additional Executive Officers

George J. Alburger, Jr. , age 62, became Chief Financial Officer and Treasurer of the Trust in May 1995. Effective October 24, 2000, Mr. Alburger assumed the additional title of Executive Vice President. Prior to joining the Trust, Mr. Alburger served as Executive Vice President of EBL&S Property Management, Inc., an owner and manager of approximately 200 shopping centers aggregating 30 million square feet of retail space. Mr. Alburger was formerly a Senior Manager with PriceWaterhouse, LLP.

Robert E. Fenza , age 53, has served as an Executive Vice President of the Trust since March 1994, with principal responsibility for operations, property management and asset management. Effective April 1, 2000, Mr. Fenza assumed the additional title of Chief Operating Officer of the Trust. Mr. Fenza joined Rouse & Associates in 1984. Mr. Fenza serves on the Board of the Charter High School for Architecture and Design in Philadelphia. Mr. Fenza also chairs the Advisory Board for the College of Arts & Architecture at the Pennsylvania State University and is a member of the Advisory Board of FM Global, a leading provider of commercial property insurance and risk management services.

James J. Bowes , age 56, has served as General Counsel and Secretary of the Trust since December 1996. Mr. Bowes joined the Trust from the law firm of Blank Rome LLP, where he was a partner in the Corporate Department. Prior to joining Blank Rome, he served with the Securities and Exchange Commission.

Michael T. Hagan , age 52, has served as Chief Investment Officer of the Trust since May 2005. Mr. Hagan joined the Trust in 1989 and has served the Trust in a number of capacities, including, prior to his appointment as Chief Investment Officer, as Senior Vice President—Acquisitions. Prior to joining the Trust, Mr. Hagan served in a variety of accounting positions.

Each officer will serve until the first meeting of the Board after the next annual meeting of shareholders or until the officer resigns or is removed from office by the Board.

Committees of the Board of Trustees

Audit Committee. The Board's Audit Committee, which has been established in accordance with Section 3(a)(58)(A) of the Exchange Act, provides assistance to the trustees in fulfilling their responsibility to the shareholders and investment community relating to corporate accounting and the quality and integrity of financial reports of the Trust. The Board's Audit Committee currently consists of four independent trustees, as independence is defined by the applicable listing standards of the New York Stock Exchange. The members of the Audit Committee are Messrs. DeLoach (Chair), Garton and Steinour (who joined the Audit Committee upon his election to the Board in February 2010) and Ms. Lachman. Mr. Miller also served as a member of the Audit Committee until he left the Board at the 2009 Annual Meeting of Shareholders. Mr. DeLoach is an "audit committee financial expert" as defined by the Securities and Exchange Commission. The Audit Committee met 10 times, including five times by teleconference, during the last fiscal year. See "Report of the Audit Committee."

Compensation Committee. The Board's Compensation Committee (the "Compensation Committee") is empowered to determine compensation for the Trust's executive officers and to administer the Trust's Amended and Restated Share Incentive Plan (the "Share Incentive Plan"). Members of the Compensation Committee are Ms. Lachman (Chair) and Messrs. Buchholz and DeLoach, all of whom are independent, as independence is defined by the applicable listing standards of the New York Stock Exchange. Mr. Mejia also served on the Compensation Committee prior to leaving the Board on January 21, 2010. The Compensation Committee met six times, including one time by teleconference, during the last fiscal year. See "Report of the Compensation Committee."

Corporate Governance and Nominating Committee. The Board's Corporate Governance and Nominating Committee meets to address matters regarding corporate governance and makes recommendations to the Board regarding nominees for positions on the Board. In making such recommendations, the Corporate Governance and Nominating Committee seeks nominees who have the highest personal and professional character and integrity, who possess appropriate characteristics, skills, experience and time to make a significant contribution to the Board of Trustees, the Trust and its shareholders, who have demonstrated exceptional ability and judgment, and who will be most effective, in the context of the whole Board of Trustees and other nominees to the Board, in perpetuating the success of the Trust and in representing the interests of its shareholders. In accordance with its charter, the Corporate Governance and Nominating Committee considers diversity in identifying nominees, though it does not have a formal policy of assessing diversity with respect to any particular qualities or attributes. The Corporate Governance and Nominating Committee has and may continue to employ professional search firms (for which it pays a fee) to assist it in identifying potential members of the Board of Trustees with the desired skills and disciplines. The Corporate Governance and Nominating Committee will consider nominees for trustee proposed by shareholders in accordance with the procedures set forth in this proxy statement under "Corporate Governance—Shareholder Nominations for Trustees." Nominees proposed by shareholders will be considered using the same criteria and in the same manner as all other nominees are considered.

The members of the Corporate Governance and Nominating Committee are Messrs. Buchholz (Chair), Hayden and Siegel, all of whom are independent, as independence is defined by the applicable listing standards of the New York Stock Exchange. Mr. Mejia also served on the Corporate Governance and Nominating Committee prior to leaving the Board on January 21, 2010, and Mr. Miller also served as a member of the Corporate Governance and Nominating Committee until he left the Board at the 2009 Annual Meeting of Shareholders. The Corporate Governance and Nominating Committee met five times during the last fiscal year. See "Report of the Corporate Governance and Nominating Committee."

Committee Charters

Copies of the written charters of the Audit, Compensation and Corporate Governance and Nominating Committees are posted under the "Investor Information" section of the Trust's web site at www.libertyproperty.com, and are also available without charge at the written request of any shareholder of the Trust. Such requests should be directed to the Vice President of Investor Relations at the address of the Trust appearing on the Notice of Annual Meeting that accompanies this proxy statement.

Trustees' Attendance at Meetings

The Board of Trustees held six meetings last year, including one by teleconference. Additionally, the Board conducted three informational calls. Each trustee of the Trust attended at least 75% of the meetings of the Board of Trustees and meetings held by all committees on which such trustee served during the time such trustee served.

Trustees' Compensation

The 2010 compensation policy for trustees who are not also officers and full-time employees of the Trust is the same as the policy that was in place in 2009. Under this policy, these trustees receive an annual trustee fee in the amount of $21,500 in cash, and restricted common shares with a grant date fair value of $34,500. Additionally, trustees receive a fee of $1,500 for each Board meeting that such trustee attends in person; however, trustees receive a fee of $500 for teleconference Board meetings if such meetings address only routine matters. Trustees also receive a fee of $500 for participation in any informational call held to supplement the regularly scheduled Board meetings. Trustees will be entitled to receive a fee of $1,000 for each committee on which they serve, a fee of $1,000 for each committee meeting such trustee attends in person and a fee of $500 for each committee meeting attended by teleconference. The Chair of the Audit Committee receives an additional annual fee of $10,000. The Chairs of the Corporate Governance and Nominating Committee and the Compensation Committee each receive an additional annual fee of $6,000. Additionally, all trustees are entitled to be reimbursed for travel and lodging expenses associated with attending Board and committee meetings. Trustees who are officers and full-time employees of the Trust are not entitled to receive any separate compensation for service as a trustee or committee member.

Pursuant to the Trust's Share Incentive Plan, each non-employee trustee is entitled to receive an annual grant of a 10-year option to purchase 5,000 common shares, exercisable at a price equal to the fair market value of the common shares on June 23rd of each year. Such options vest over a three-year period beginning with the date of grant as follows: 20% after the first year; 50% after two years; and 100% after three years.

PROPOSAL 2—ELIMINATION OF THE
CLASSIFICATION OF OUR BOARD OF TRUSTEES

The Board of Trustees has unanimously adopted, and now recommends for your approval, a proposal to amend Article II, Section 2.2 of the Declaration of Trust to eliminate the classification of our Board of Trustees, beginning with the trustees nominated for election at the Meeting. Article II, Section 2.2 of the Declaration of Trust currently provides for the classification of our Board of Trustees into three classes and, at each annual meeting of shareholders, the members of one class are elected to three-year terms as Trustees.

If the proposed amendment to the Declaration of Trust is approved by our shareholders, the classification of the Board of Trustees will be eliminated and, at the Meeting and at each annual meeting of shareholders thereafter, trustees will be elected for one-year terms. In such case, the term of each Trustee elected at this Meeting will end at the 2011 annual meeting of shareholders and Trustees elected thereafter at each annual meeting of shareholders will be elected for one-year terms. Furthermore, any Trustee chosen as a result of a newly created Trusteeship or to fill a vacancy on the Board of Trustees will hold

office until the next annual meeting of shareholders. The terms of the members of Class II and Class III of the Board of Trustees will expire as scheduled, in 2011 and 2012, respectively.

If the proposed amendment to the Declaration of Trust is not approved by shareholders, the Board of Trustees will remain classified, and the three Trustees elected at this Annual Meeting will each serve until the 2013 Annual Meeting of Shareholders and until their respective successors are duly elected and qualified.

In late 2009, a shareholder submitted a non-binding proposal to eliminate the classification of our Board of Trustees to be included in the proxy materials for the Meeting, but has withdrawn it as a result of this proposal being sponsored by the Board of Trustees.

The text of the proposed amendment to the Declaration of Trust is attached as Annex A to this proxy statement.

If approved by shareholders, the proposed amendment to the Declaration of Trust will be effective when we file a Certificate of Amendment to the Declaration of Trust with the State of Maryland Department of Assessments and Taxation.

Recommendation and Required Vote

The Board of Trustees recommends a vote FOR the proposal to amend our Declaration of Trust to eliminate the classification of our Board of Trustees. Assuming a quorum is present at the Meeting, a majority of the shares outstanding and entitled to vote is necessary to approve this proposal.

COMPENSATION OF EXECUTIVE OFFICERS

Compensation Discussion and Analysis

Introduction

Our Compensation Discussion and Analysis addresses the compensation paid or awarded to our executive officers listed in the Summary Compensation Table that immediately follows this discussion. We refer to these executive officers as our "named executive officers."

2009 Compensation

General

As is its practice, the Compensation Committee made its final compensation determinations for 2009 at a meeting held early the following year, in this case on March 16, 2010. This meeting followed several preliminary meetings of the Compensation Committee regarding 2009 compensation that were held during 2009 and early in 2010. These meetings led to final determinations of cash bonuses and long-term incentive awards. At the March 16, 2010 meeting, the Compensation Committee set base salaries and bonus and long-term incentive targets for 2010.

Compensation Objectives

The compensation paid or awarded to our named executive officers for 2009 was designed to meet the following objectives:

•: Provide competitive levels of compensation for executive officers, taking into account the size of our company and the compensation paid by members of a peer group consisting of selected REITs in our market sectors. We refer to this objective as "competitive compensation."
•: Create a compensation structure under which a meaningful portion of total compensation relates to the Trust's actual performance, including long-term performance. We refer to this objective as "performance incentives."
•: Encourage the aggregation and maintenance of meaningful equity ownership, and alignment of executive and shareholder interests, by providing compensation that ties the interests of executive officers to those of the Trust's shareholders by linking a portion of executive compensation directly to changes in shareholder value. We refer to this objective as "stakeholder incentives."
•: Provide compensation and benefits that will attract, motivate and retain superior talent over the long-term. We refer to this objective as "retention incentives."

We fashioned various components of our 2009 compensation payments and awards to meet these objectives as follows:

Type of Compensation		Objectives Addressed

Salary		Competitive Compensation
Bonus		Performance Incentives Competitive Compensation Retention Incentives
Long-Term Incentive Compensation — Restricted Share Awards, Restricted Stock Units and Options to Purchase Shares		Stakeholder Incentives Competitive Compensation Retention Incentives Performance Incentives

Determination of Competitive Compensation

In assessing competitive compensation, we relied on data provided to us by our independent compensation consultant, Towers Watson. The compensation consultant provides these data to us on a regular basis. The compensation consultant employed its standard methodology to develop competitive compensation levels for seasoned executives having similar responsibilities, using comparative industry data derived from its executive compensation database, the NAREIT Compensation Survey and proxy data from a peer group (the "Peer Group") consisting of certain office and industrial REITs. We believe that data regarding this peer group are useful with regard to an assessment of compensation for our named executive officers because they reflect industry practices and provide comparisons as to individual positions. The REITs that comprised the peer group for making decisions with respect to annual bonus and long-term incentive compensation are generally those that appear in the NAREIT Index as either

"Industrial/Office" or "Diversified" and meet an appropriate market capitalization threshold. These REITs are listed below:


Alexandria Real Estate Equities, Inc.		Franklin Street Properties Corp.
AMB Property Corporation		Highwoods Properties, Inc.
BioMed Realty Trust, Inc.		HRPT Properties Trust
Boston Properties, Inc.		Kilroy Realty Corporation
Brandywine Realty Trust		Mack-Cali Realty Corporation
Corporate Office Properties Trust		Maguire Properties, Inc.
Cousins Properties Incorporated		Parkway Properties, Inc.
DCT Industrial Trust		ProLogis
Douglas Emmett, Inc.		PS Business Parks, Inc.
Duke Realty Corporation		SL Green Realty Corp.
EastGroup Properties, Inc.		Washington Real Estate Investment Trust
First Industrial Realty Trust, Inc.

We have historically sought to maintain named executive officers' salaries at or below the median of salaries for comparable executives based on trailing proxy data. Additionally, we have set our bonus and long-term incentive targets for named executive officers based on a review of the same type of data noted in the preceding paragraph. We check annually to see if our total cash compensation and total direct compensation are in line with the aforementioned industry data.

A comparison of the data to the Company's 2009 salaries and target 2009 total compensation indicated that:

•: In general, salaries for named executive officers were within 20% of median peer data.
•: In general, total direct compensation of named executive officers was within 20% of median peer data.

Salaries

Base salaries are set by the Compensation Committee and are designed to be competitive with the salaries paid by peer group members. Changes in individual base salaries are based in part on the review of the report prepared by the independent compensation consultant, which includes a review of peer group practices and other compensation data, as well as the individual's responsibility, experience and performance and increases in cost of living indices. The weight given such factors by the Compensation Committee may vary from individual to individual. Base salaries are reviewed for adjustment annually. Based on the considerations described above and the current economic environment, no adjustments were

made to the salaries of our named executive officers, and 2009 salaries were continued at 2008 levels as follows:

Name	Salary

William P. Hankowsky	$	525,000
George J. Alburger, Jr.	$	400,000
Robert F. Fenza.	$	370,000
James J. Bowes	$	325,000
Michael T. Hagan	$	320,000

All named executive officers' salaries were within a range deemed appropriate by the Compensation Committee for comparable executives derived from the peer group discussed above, and in consideration of the individual's performance and experience.

Annual Bonus Program

While the principal objective of our annual non-equity incentive compensation program, which we refer to as our annual bonus program, is to provide a short-term performance incentive, we nevertheless consider competitive factors, including total cash compensation of peers.

For 2009, each named executive officer was eligible for a cash bonus award equal to a specified percentage of the officer's annual salary (the "Base Bonus Percentage") multiplied by a percentage (the "Bonus Multiplier"). For 2009, Base Bonus Percentages were 105% for the Chief Executive Officer and 85% for the other named executive officers. The achievement of the bonus was based on a two step process. The first step in the process required the Compensation Committee to consider the Trust's achievement of its FFO per share goals. The second step required the Compensation Committee to allocate the bonus in accordance with a bonus score card. The score card set forth a number of goals, which included metrics with respect to growth in the Trust's Funds from Operations per common share ("FFO") relative to the growth in FFO per share of the Peer Group. At the time it established the FFO goals, the Compensation Committee determined that for purposes of the 2009 Award, the Trust's FFO calculation would not reflect impairments or dilution from capital transactions. With respect to this goal, the Trust's actual growth in FFO per share for 2009 was zero considering adjustments for impairments and dilution, while the Peer Group's median growth in FFO per share for 2009 was a negative 6.6%. The score card also measured the Trust's performance against a broad group of operational metrics approved by the Compensation Committee, including the Trust's performance against projected FFO per common share, net operating income and general and administrative expenses, as well as execution of the Trust's capital plan, with respect to acquisitions, dispositions, development and equity and debt financing activities.

With respect to these measures, the goals pre-established by the Compensation Committee for 2009, and the actual performance by the Trust for 2009, considering adjustments for impairments and dilution, were as follows: FFO per common share (projected $3.00 to $3.20; performance $3.20); core net operating income (target $454.8 million; actual $453.4 million); general and administrative expenses (target $54.7 million; actual $51.3 million). The Trust's execution of its capital plan was deemed by the Compensation Committee to be satisfactory. Finally, the score card measured individual performance relative to established goals approved by the Compensation Committee. To determine the bonus, the Committee applied an 80% weighting to the overall Trust-based part of the formula and a 20% weighting to the individual part of the formula.

The Compensation Committee, after considering the formula described above, determined that the named executive officers were entitled to the following annual bonus awards for 2009:

Name	Amount

William P. Hankowsky	$	549,045
George J. Alburger, Jr.	$	340,000
Robert E. Fenza	$	308,210
James J. Bowes	$	274,040
Michael T. Hagan	$	268,736

However, in light of current economic conditions and in order to further align the named executive officers interests with those of shareholders, the Compensation Committee reduced the amounts of the annual bonus awards payable in cash to the Named Executive Officers by 20%. The Compensation Committee directed that the amounts of the cash bonus reductions instead be awarded to each of the named executive officers in the form of options to purchase common shares, with such options to be determined based on a per option value of $4.98, the Black-Scholes value of the option as of March 16, 2010, and to have an exercise price of $32.71, the closing price of the common shares on the New York Stock Exchange on March 16, 2010, the date of grant.

As a result, the Compensation Committee made the following annual bonus awards to the named executive officers in 2009:

Name	Amount

William P. Hankowsky	$	439,215	22,054
George J. Alburger, Jr.	$	272,000	13,655
Robert E. Fenza	$	246,568	12,378
James J. Bowes	$	219,245	11,003
Michael T. Hagan	$	214,976	10,795

Additionally, on March 16, 2010, Messrs. Alburger and Hagan were awarded, respectively, 25,000 and 3,500 restricted common shares under the Share Incentive Plan. The purpose of Mr. Alburger's award was to design an incentive that would enhance the ability of the Trust to retain the services of Mr. Alburger, and the purpose of Mr. Hagan's award was to recognize the successful outcome of a particular transaction. The restrictions on these shares will lapse as to all such shares on the third anniversary of the date of grant, provided that Mr. Alburger or Mr. Hagan, as the case may be, continues to be employed by, or is in the service of, the Trust as of such date. The shares will also vest upon Mr. Alburger's or Mr. Hagan's death or Disability (as defined in the Share Incentive Plan), as the case may be, should either occur prior to the date described in the preceding sentence. Dividends will be paid on the full amount of the shares, without regard to vesting, from the date of grant, and will be automatically reinvested, through the Trust's Dividend Reinvestment and Share Purchase Plan, in common shares, which will also be subject to the restrictions described above.

Consistent with a long-standing policy adopted by the Compensation Committee for all employees, our named executive officers have the option of taking common shares in lieu of a cash bonus awarded to them at the rate of shares equal to 120% of the cash value of the bonus or the portion thereof for which common shares are substituted, less applicable withholding tax. These shares are subject to restrictions on sale for one year after issuance. We believe that this inducement encourages share ownership, further aligns employee and shareholder interests and further supports our objective of retention, since the shares are restricted. Dividends are paid on common shares issued pursuant to such awards for 2009 performance and contractual restrictions on sale related to such awards will expire on March 16, 2011.

The annual bonus award payments are reflected in two separate columns of the Summary Compensation Table. The portion of the payment taken by the named executive officer in cash appears in the "Non-Equity Incentive Plan Compensation" column, while the portion which the named executive officer elected to take in common shares appears in the "Share Awards" column.

Long-Term Incentive Program — Equity-Based Compensation

Historically, the Compensation Committee has operated a long-term incentive compensation ("LTI") program for named executive officers.

Under this program, each named executive officer is eligible pursuant to our LTI program to receive an LTI payment that is a function of salary, with each named executive officer able to earn a targeted percentage of salary (240% at target for chief executive officer and 145% at target for chief operating officer, chief financial officer, chief investment officer and chief legal officer), subject to adjustment based on performance.

At a meeting held on March 27, 2008, the Compensation Committee approved the Liberty Property Trust 2008 Long-Term Incentive Plan (the "2008 Plan"), with the purpose of enhancing and refining the performance incentives provided to the named executive officers. The 2008 Plan provides for an annual aggregate award (each, an "Award" and collectively, the "Awards") composed of (i) a grant of restricted stock units (approximately two-thirds of the total targeted expected value of the Award) and (ii) a grant of stock options (approximately one-third of the total targeted expected value of the Award). When the Trust's common shares are issued with respect to the Awards they underlie, they will be issued under the Share Incentive Plan, and shall generally be subject to the terms and conditions of that plan.

Awards under the 2008 Plan have the following general features:

Restricted Stock Units . A "restricted stock unit" (or "RSU") under the 2008 Plan consists of a legally-binding promise to pay the executive a certain number of the common shares at the end of the Award Period (as defined below), to the extent certain annual performance criteria are met or exceeded.

The RSUs shall be eligible to be earned over the three-year period beginning on the date of grant (the "Award Period"), and shall be further subdivided into (i) a portion earned ratably over the Award Period on a year-by-year basis (each year constituting a related "Performance Period"), using a specific performance measure (the "First Portion"), and (ii) a portion earned over the full Award Period, using another specific performance measure (the "Second Portion"). Neither portion, however, would be payable until the end of the three-year Award Period. Any dividends that accumulate prior to the end of the Award Period will be paid if and when the related RSUs are redeemed and paid.

Under the 2008 Plan, the Compensation Committee has the ability to utilize a wide variety of performance measures on which to base each particular year's grant of RSUs, and will act each year to designate the specific performance measures for that year. For the Awards granted under the 2008 Plan for 2009, as discussed more specifically below, these two measures were based, respectively, on the amount of the Trust's "funds from operations" (the "FFO Portion") for the First Portion of the Award, and its total shareholder return (the "TSR Portion") as compared to a relevant peer group for the Second Portion of the Award. The Compensation Committee adopted a performance metrics schedule for the 2009 Award, listing the threshold at which actual FFO Portion and TSR Portion will accrue, in relation to the specified target levels. These levels provide for specified awards upon attainment of stipulated percentages of the target level with a maximum of 200%, with the Compensation Committee retaining discretion to reduce the Award from the prescribed level as it deems fit.

The RSUs that comprise the First Portion will be split into three equal pieces, corresponding to each of the three years in the relevant Award Period. Depending on how each year's performance compares to the projected performance for that year using an annually-determined performance schedule, a portion of the related RSUs will be deemed earned for that year, and will be payable to the participant in common

shares (under the terms of the Share Incentive Plan) at the end of the Award Period. The RSUs that comprise the Second Portion are eligible to be earned on the basis of total shareholder return for the relevant Award Period, using a pre-determined performance schedule. The Second Portion will be deemed earned and payable to the participant in common shares (under the terms of the Share Incentive Plan) at the end of the Award Period.

If a recipient of an Award quits or is discharged for cause prior to the end of the Award Period, all RSUs will be forfeited, even if they have (in the case of the First Portion that accrues on a year-by-year basis) already been earned. If the recipient of the Award is, instead, terminated without cause, or terminates by reason of death, disability or "Retirement" (as defined in Share Incentive Plan) prior to the end of the Award Period, units would be payable at the end of the Award Period based on actual attainment within each Performance Period, and would not, in the cases of death, disability or termination without cause, be pro-rated for short service. The 2008 Plan also includes several common restrictive covenants and other provisions, subject to the Compensation Committee's discretion, that would trigger forfeiture of an Award.

Options . Stock options granted under the 2008 Plan will be vested (and thus exercisable) solely on the basis of time and continued employment, with no regard to any performance criteria, at a rate of 20% of the total option component at the end of the first anniversary of the date of grant, 30% on the second anniversary, and the remainder on the third anniversary. In addition, they will become immediately vested and exercisable in full if the optionee ceases to be employed by, or provide services to, the Trust by reason of death or disability or, subject to a sliding scale, Retirement. These terms and conditions are, generally, the terms and conditions that currently govern options granted to employees as part of the Trust's LTI program.

2009 Awards Under Year 1 of the 2009 Award . On March 18, 2009, the Compensation Committee made the following awards under the 2008 Plan:

Name

William P. Hankowsky	104,992	20,648	20,649
George J. Alburger, Jr.	48,285	9,505	9,505
Robert E. Fenza	44,664	8,792	8,792
James J. Bowes	39,232	7,722	7,723
Michael T. Hagan	38,628	7,604	7,604

(1): The options have an exercise price of $20.32, the closing price of the common shares on the New York Stock Exchange on March 18, 2009, the date of grant. The options will be vested solely on the basis of time and continued employment with no regard to any performance criteria, at a rate of 20% of the total option component at the end of the first anniversary of the date of grant, 30% on the second anniversary, and the remainder on the third anniversary.
(2): As described above, the RSUs constituting the First Portion are split into three equal pieces, corresponding to each of the three years in the relevant Award Period. One-third of the RSUs may be earned (subject to increase or decrease based on performance) with respect each year in the Award Period, but will be payable to the participant at the end of the Award Period.
(3): As described above, the RSUs constituting the Second Portion are eligible to be earned on the basis of relative TSR for the full Award Period. The determination of whether the Second Portion is earned (subject to increase or decrease based on performance) and payable shall be made at the end of the Award Period.

In accordance with the terms of the program, the named executive officers earned the numbers of RSUs for the 2009 period set forth in the following table, all of which were earned with respect to the First Portion of Award for 2009 and the goals set for 2009, the first year during the three year period relating to the Award made in 2009. The number of RSUs earned by each of the named executive officers, as described below, equals one-third of the First Portion of the 2009 Awards, as increased by a multiplier. In addition, a number of common shares are awarded with respect to the earned one-third of the First Portion under the Trust's dividend reinvestment plan.

The number of RSUs earned with respect to 2009 performance was a function of the Company's 2009 FFO as a percentage of target FFO in accordance with the table set forth below. Achievement of FFO between the targets set forth below would have resulted in a percent of RSUs between the corresponding percentages being applied. At the time it established the FFO goals, the Compensation Committee determined that for purposes of the 2009 Award the Trust's FFO calculation would not reflect impairments or dilution from capital transactions.

		Final FFO as a Percentage of Target FFO		Percent of RSUs Underlying the FFO Portion Deemed Earned

		$2.90		50%
		$3.10		100%
		$3.20		200%

The Trust's FFO for 2009 was $3.20 per share considering adjustments for impairments and dilution; this resulted in a percent of RSUs earned of 200%. However, the Compensation Committee exercised its negative discretion to reduce the amount earned to 130%, an amount which it thought more fairly reflected the Trust's performance. The numbers of RSUs earned by the named executive officers for the 2009 period are as follows:

	Number of RSUs Earned

Name	RSU Award		Resulting from Application of Percent Multiplier		Dividends		Total
William P. Hankowsky		6,883		2,065		443		9,391
George J. Alburger, Jr.		3,168		950		204		4,322
Robert E. Fenza		2,931		879		189		3,999
James J. Bowes		2,574		772		166		3,512
Michael T. Hagan		2,535		761		163		3,459

2009 Awards Under Year 2 of the 2008 Award . These performance parameters also determined the number of RSUs earned for the second year of the 2008 Award under the 2008 Plan. As a result, the following RSUs were earned:

	Number of RSUs Earned

Name	RSU Award		Resulting from Application of Percent Multiplier		Dividends		Total
William P. Hankowsky		4,487		1,346		375		6,208
George J. Alburger, Jr.		2,066		620		173		2,859
Robert E. Fenza		1,911		573		160		2,644
James J. Bowes		1,678		503		140		2,321
Michael T. Hagan		1,652		496		138		2,286

2010 Awards Under 2008 Plan . Also on March 16, 2010 the Compensation Committee made Awards under the 2008 Plan for 2010. The Awards consisted of the following:

Name

William P. Hankowsky	84,337	12,840	12,840
George J. Alburger, Jr.	38,822	5,910	5,910
Robert E. Fenza	35,910	5,467	5,467
James J. Bowes	31,543	4,802	4,802
Michael T. Hagan	31,057	4,728	4,728

(1): The options have an exercise price of $32.71, the closing price of the common shares on the New York Stock Exchange on March 16, 2010, the date of grant. The Compensation Committee directed that the number of options be determined based on a per option value of $4.98, the Black-Scholes value of the option as of March 16, 2010.
(2): As described above, the RSUs constituting the First Portion are split into three equal pieces, corresponding to each of the three years in the relevant Award Period. One-third of the RSUs may be earned with respect to each year in the Award Period, but will be payable to the participant at the end of the Award Period.
(3): As described above, the RSUs constituting the Second Portion are eligible to be earned on the basis of TSR for the full Award Period. The determination of whether the Second Portion is earned and payable shall be made at the end of the Award Period.

Additionally, the Committee determined that Year 3 of the 2008 Performance Period Award and Year 2 of the 2009 Performance Period Award will follow the same schedule as set forth with respect to Year 1 of the 2010 Performance Period Award, and will once again be based on the Trust's achievement of FFO goals, which will be calculated without taking into account impairments or dilution from capital transactions.

Overall 2009 Compensation

The tables that follow this Compensation Discussion and Analysis set forth the compensation that our named executive officers were paid in 2009. In certain cases, however, decisions regarding compensation

for 2009 services performed by our named executive officers were made in March 2010. In order to provide additional clarification on all compensation paid in consideration of 2009 performance, we are providing the following table. It should not be read as a replacement of the tables appearing following this Compensation Discussion and Analysis, but as a supplement thereto. The amounts reflected in this table include:

•: 2009 annual salary;
•: 2009 annual bonus award (bonus paid in cash in 2010 in consideration of 2009 performance);
•: RSUs earned in 2009 under the 2009 and 2008 awards made under the 2008 Plan;
•: Options granted in 2009; and
•: Other compensation paid in 2009.

This table includes amounts received by the named executive officers as dividends relating to RSUs earned in 2009, but does not include dividends earned on retention awards, that are shown as compensation in the Summary Compensation Table. It also does not include the options that were awarded on March 16, 2010, which are described below under "2010 Compensation Developments—2010 Awards Under 2008 Plan."

Name	Salary		Annual Bonus(a)(b)		All Other Compensation(c)		Total Cash Compensation

William P. Hankowsky	$	525,000	$	439,215	$	3,176	$	967,391	104,992	6,208	9,391
George J. Alburger, Jr.	$	400,000	$	272,000	$	1,598	$	673,598	48,285	2,859	4,322
Robert E. Fenza	$	370,000	$	246,568	$	1,598	$	618,166	44,664	2,644	3,999
James J. Bowes	$	325,000	$	219,245	$	1,598	$	545,843	39,232	2,321	3,512
Michael T. Hagan	$	320,000	$	214,976	$	1,598	$	536,574	38,628	2,286	3,459

(a): Consistent with a policy adopted by the Compensation Committee for all employees, our named executive officers have the option of taking common shares in lieu of a cash bonus awarded to them at the rate of shares equal to 120% of the cash value of the bonus or the portion thereof for which common shares are substituted, less applicable withholding tax. Messrs. Hankowsky, Alburger, Fenza and Hagan exercised this option as to all or a portion of their entire annual bonuses and were awarded 4,877, 7,025, 3,184 and 5,521 common shares, respectively.
(b): As discussed above under "Annual Bonus Program," the Compensation Committee reduced the amounts of the annual bonus awards for 2009 payable in cash to the Named Executive Officers by 20%. The amounts of the cash bonus reductions were instead awarded to each of the named executive officers in the form of options to purchase common shares with an exercise price equal to the closing price of the common shares on the New York Stock Exchange on March 16, 2010, the date of grant. Accordingly, in addition to the cash amounts set forth in this column, Messrs. Hankowsky, Alburger, Fenza, Bowes and Hagan received as part of their annual bonus awards for 2009 options to purchase 22,054, 13,655, 12,378, 11,033 and 10,795 common shares, respectively.
(c): Includes (i) amounts paid by the Trust to purchase term life insurance policies for the Messrs. Hankowsky, Alburger, Fenza, Bowes and Hagan as follows: $1,098, $1,098, $1,098, $1,098 and $1,098, respectively; (ii) $1,578 in payments made to provide a car service to Mr. Hankowsky from time to time and (iii) $500 paid to each named executive officer as a holiday bonus; this amount is paid to each employee of the Trust.

Share-Based Award Grant Practices

In 2009, we followed practices for the grant of share-based awards consistent with the manner in which we have historically granted such awards. Among other things, these practices encompass the following principles:

•: Share-based awards are to be approved annually by the Compensation Committee at a meeting set once the data required by the compensation formula are available, which generally occurs in the second half of March of each year.
•: The annual share-based awards will not be made when the Compensation Committee is aware that executive officers or non-employee trustees are in possession of material, non-public information.
•: While share-based awards other than annual awards may be granted, such awards will not be made to executive officers if the Compensation Committee is aware that they are in possession of material, non-public information.
•: The Compensation Committee has established that options are granted only on the date the Compensation Committee meets to approve the grant and with an exercise price equal to the fair market value on the date of grant.
•: Backdating of options is prohibited.

Management Severance Plan

We have a management severance plan for a group of senior officers, including our named executive officers. Various aspects of this plan are described under "Payments upon Termination Events, Including Following a Change of Control." The management severance plan provides for payments and other benefits to each of the named executive officers if we terminate the executive's employment without cause or if the executive terminates employment for "good reason" within two years following a change of control. The management severance plan also provides that if the total payments to any of our named executive officers under the terms of the management severance plan are subject to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the "Code"), we will make an additional payment to the named executive officer, which payment is designed so that, after payment of all excise taxes and any other taxes payable in respect of the additional payment, the named executive officer will retain the same amount as if no excise tax had been imposed. See "Tax Considerations" below for further information regarding the excise tax reimbursement.

Tax Considerations

Under Section 162(m) of the Code, a publicly-held corporation may not deduct more than $1 million in a taxable year for certain forms of compensation made to the chief executive officer and certain other officers listed on the Summary Compensation Table. Our policy is to seek to preserve the federal income tax deductibility of compensation paid to our executives, and our annual bonus and equity awards have generally been structured to preserve deductibility under Section 162(m). Nevertheless, we retain the flexibility to authorize compensation that may not be deductible if it is in the best interests of our company. We believe that the compensation paid to our executives in 2009 was deductible.

As noted above, under the management severance plan, we will make additional payments to our named executive officers if payments to them resulting from a change of control are subject to the excise tax imposed by Section 4999 of the Code. We included this provision in the management severance plan in order to enhance the motivation of our named executive officers to further increase shareholder value while remaining employed by us. We believe that these incentives would be frustrated by the possible imposition of the need for our executive officers to pay an excise tax upon the receipt of their change of control benefit under the management severance plan, and we do not believe that the provisions of the

management severance plan should provide even a potential disincentive to our named executive officers' pursuit of a change of control that otherwise might be in the best interests of the Trust and its shareholders. Accordingly, we determined to provide payment to reimburse our named executive officers for any excise taxes payable in connection with the change-in-control payment, as well as any taxes that accrue as a result of our reimbursement. We believe that this determination is appropriate given our named executive officers' collective record in seeking to enhance shareholder value.

Role of Executive Officers in Determining Executive Compensation for Named Executive Officers

In connection with our 2009 compensation, Towers Watson provided data and Mr. Bowes provided general support to the Compensation Committee to assist it in determining compensation levels. Mr. Hankowsky made recommendations as to named executive officers but not as to his own compensation. While the Compensation Committee utilized this information, and valued Mr. Hankowsky's observations with regard to other executive officers, the ultimate decisions regarding executive compensation were made by the Compensation Committee.

Share Ownership Guidelines

Share Ownership of Senior Officers

Consistent with an emphasis on higher standards of corporate governance, we believe that the investment community values share ownership by senior management and that, by holding an equity position in the Trust, officers demonstrate their commitment to and belief in the long-term profitability of the Trust. Accordingly, the Board believes that ownership of Company shares by officers should be encouraged, and has established ownership guidelines applicable to the Trust's officers at the Senior Vice President level and above.

The policy states that each covered officer should seek to acquire and maintain a level of ownership of Company common shares (determined based on the fair market value of such shares from time to time as a multiple of the officer's base salary) as follows: Chief Executive Officer: 5x; Chief Operating Officer, Chief Financial Officer, Chief Investment Officer and General Counsel: 3x; and Senior Vice Presidents: 1x.

The policy stipulates that the covered officers should work toward achieving these levels of ownership with the objective of meeting the requirements within five years of becoming subject to these requirements. Once a covered officer has achieved the targeted level of share ownership, the policy states that he or she (i) should maintain at least that level of ownership for the duration of his or her tenure with the Trust and (ii) should, within three years after receiving an increase in salary or a promotion, seek to achieve the resulting greater target level of ownership.

The policy recognizes the following sources of share ownership for purposes of determining whether the above ownership target is satisfied:

•: Company common shares acquired by a covered officer, including unvested restricted share awards;
•: Units of limited partnership interest in Liberty Property Limited Partnership; and
•: Company common shares owned directly by a covered officer's spouse or minor children who reside with the covered officer, or held in a trust established for estate and/or tax planning purposes that is revocable by the covered officer and/or his or her spouse.

For purposes of determining whether the ownership target is satisfied, shares underlying outstanding options are not included.

The policy further mandates that until such time as a covered officer has attained the applicable target ownership level, he or she must retain common shares obtained as a result of a share award, unless the Board otherwise permits.

Share Ownership of Trustees

The Board believes that trustees should be shareholders and have a financial stake in the Trust. In furtherance of this belief, non-management trustees are paid a portion of their annual fees in the Trust's common shares.

Additionally, the trustees are expected to own an amount of Company common shares equal in value to five times the annual cash retainer paid to trustees. The target date for acquiring such ownership is May 2010. All trustees (except for Mr. Steinour, who recently joined the Board and will have an appropriate amount of time to attain the prescribed level) are in compliance with this requirement.

Perquisites and Other Personal Benefits

In addition to the components noted above, our compensation program may also include various benefits, such as health insurance plans and pension, profit sharing and retirement plans in which substantially all of the Trust's employees participate. At the present time, the only plans in effect are health, dental, life and disability insurance plans, a 401(k) plan, a flexible spending insurance program, an employee share purchase plan and the severance plan for certain senior officers of the Trust described under "Management Severance Plan."

In addition, in 2009 we reimbursed Mr. Hankowsky for the occasional use of a car service. The Company reimbursed Mr. Hankowsky for the car service because it determined that in those instances it was economically more productive for him to be able to continue to work while traveling in the car rather than be occupied by the task of driving.

Summary Compensation Table

The following table shows, for the years ended December 31, 2009, 2008 and 2007, the compensation paid or accrued by the Trust and its subsidiaries, including the Operating Partnership, to our named executive officers.

Name and Principal Position			Salary		Bonus		Share Awards(1)		Option Awards(2)		Non-Equity Incentive Plan Compensation(3)		All Other Compensation(4)		Total

William P. Hankowsky		2009	$	525,000	$	500	$	1,113,349	$	530,220	$	239,215	$	219,798	$	2,628,082
	President and Chief	2008	$	525,000	$	500	$	998,789	$	420,000	$	308,700	$	194,057	$	2,447,055
	Executive Officer	2007	$	525,000	$	500	$	728,149	$	107,500	$	248,456	$	170,570	$	1,780,175
George J. Alburger, Jr.		2009	$	400,000	$	500	$	728,424	$	244,140	$	—	$	91,573	$	1,464,637
	Executive Vice President	2008	$	400,000	$	500	$	733,493	$	193,333	$	—	$	120,671	$	1,447,997
	and Chief Financial	2007	$	400,000	$	500	$	569,599	$	45,500	$	—	$	92,669	$	1,108,268
	Officer
Robert E. Fenza		2009	$	370,000	$	500	$	520,970	$	225,264	$	123,284	$	61,638	$	1,301,656
	Executive Vice President	2008	$	370,000	$	500	$	357,677	$	178,833	$	264,117	$	39,012	$	1,210,139
	and Chief Operating	2007	$	370,000	$	500	$	184,585	$	46,150	$	297,480	$	34,346	$	933,061
	Officer
James J. Bowes		2009	$	325,000	$	500	$	326,631	$	198,032	$	219,245	$	54,060	$	1,123,468
	General Counsel	2008	$	325,000	$	500	$	314,184	$	157,083	$	232,934	$	34,014	$	1,063,715
		2007	$	325,000	$	500	$	158,621	$	39,650	$	261,462	$	27,442	$	812,675
Michael T. Hagan		2009	$	320,000	$	500	$	580,133	$	194,904	$	—	$	53,571	$	1,149,108
	Chief Investment Officer	2008	$	320,000	$	500	$	583,982	$	154,667	$	—	$	32,756	$	1,091,905
		2007	$	320,000	$	500	$	452,161	$	35,750	$	—	$	21,251	$	829,662

(1): A portion of the amounts shown in this column reflects the elections by Messrs. Hankowsky, Alburger, Fenza and Hagan, consistent with a policy adopted by the Trust's Compensation Committee with respect to employee annual performance non-equity incentive compensation, which we sometimes refer to as annual bonus, to receive common shares in lieu of cash for all or part of their annual bonus compensation for 2009, 2008 or 2007. By making such elections, these individuals received shares equal to 120% of the cash value of such bonus or portion thereof, less applicable withholding tax (the "Bonus Value"). Each executive received the number of common shares able to be purchased with the dollar amount of the Bonus Value based on the closing price of the common shares on the New York Stock Exchange on March 16, 2010 ($32.71) for bonuses included in 2009 compensation, March 18, 2009 ($20.32) for bonuses included in 2008 compensation or March 28, 2008 ($31.20) for bonuses included in 2007 compensation. Pursuant to these elections, Messrs. Hankowsky, Alburger, Fenza and Hagan were awarded 4,877, 7,025, 3,184 and 5,521 common shares, respectively, as 2009 compensation, and Messrs. Hankowsky, Alburger and Hagan were awarded 5,195, 12,008 and 9,445 common shares, respectively, as 2008 compensation and 6,327, 8,749 and 6,978 common shares, respectively, as 2007 compensation. Dividends will be paid on the common shares issued pursuant to such awards. The contractual restrictions on sale related to such awards will expire on March 16, 2011 for the awards made as 2009 compensation and expired on March 18, 2010 for the awards made as 2008 compensation and on March 28, 2009 for the awards made as 2007 compensation.
(2): For information regarding the assumptions made in the valuations of these amounts, see Footnote 9 to the Trust's financial statements for the year ended December 31, 2009 included in the Trust's Annual Report on Form 10-K for that year.
(3): This column shows amounts of annual performance non-equity incentive compensation for 2009, 2008 and 2007 taken by the named executive officers in cash.
(4): Consists of amounts paid by the Trust to purchase term life insurance policies for the Messrs. Hankowsky, Alburger, Fenza, Bowes and Hagan as follows: (i) $1,098, $1,098, $1,098, $1,098 and $1,098, respectively for each of 2009 and 2008; and $1,433, $1,433, $1,433, $1,433 and $1,433, respectively, for 2007. Includes dividends paid on unvested shares to Messrs. Hankowsky, Alburger, Fenza, Bowes and Hagan as follows: $22,709, $9,567, $9,776, $8,372 and $8,571, respectively for 2009; $33,609, $14,233, $14,629, $12,461 and $11,520, respectively for 2008; and $59,642, $31,601, $32,913, $26,010 and $19,819, respectively, for 2007. Includes unvested reinvested dividends paid on unvested restricted shares on previously disclosed retention awards made to Messrs. Hankowsky and Alburger as follows: $75,190 and $26,026, respectively, for 2009; $90,618 and $80,165, respectively, for 2008; and $84,154 and $59,635, respectively, for 2007. Includes unvested reinvested dividends paid on RSUs issued to Messrs. Hankowsky, Alburger, Fenza, Bowes and Hagan as follows: $119,223, $54,882, $50,764, $44,590 and $43,903. Includes $1,578, $14,042 and $25,341 in payments made during 2009, 2008 and 2007, respectively, to provide a car service to Mr. Hankowsky from time to time.

Grants of Plan Based Awards

The following table summarizes plan based awards made to each of the named executive officers for 2009 under the Trust's compensation plans:

													Grant Date Fair Value of Share and Option Awards(5)

			Estimated Possible Payouts Under Non-Equity Incentive Plan Awards(2)								Exercise or Base Price of Option Awards
Name	Grant Date(1)		Threshold		Target		Maximum				Exercise or Base Price of Option Awards
William P. Hankowsky		N/A	$	275,625	$	551,250	$	826,875	—	—		—		—
		3/18/2009		—		—		—	42,980	—		—	$	873,354
		3/18/2009		—		—		—	—	132,555	$	20.32	$	530,220
George J. Alburger, Jr.		N/A	$	170,000	$	340,000	$	510,000	—	—		—		—
		3/18/2009		—		—		—	19,785	—		—	$	402,031
		3/18/2009		—		—		—	—	61,035	$	20.32	$	244,140
Robert E. Fenza.		N/A	$	157,250	$	314,500	$	471,750	—	—		—		—
		3/18/2009		—		—		—	18,301	—		—	$	371,876
		3/18/2009		—		—		—	—	56,316	$	20.32	$	225,264
James J. Bowes		N/A	$	138,125	$	276,250	$	414,375	—	—		—		—
		3/18/2009		—		—		—	16,074	—		—	$	326,624
		3/18/2009		—		—		—	—	49,508	$	20.32	$	198,032
Michael T. Hagan		N/A	$	136,000	$	272,000	$	408,000	—	—		—		—
		3/18/2009		—		—		—	15,828	—		—	$	321,624
		3/18/2009		—		—		—	—	48,726	$	20.32	$	194,904

(1): March 18, 2009 represents the date on which the Board of Trustees (i) set the range of potential annual bonus awards for 2009 performance by named executive officers, and (ii) made Awards under the 2008 Plan to the named executive officers in 2008. These Awards were determined in reference to the performance established by the Board at its March 18, 2009 meeting. At the March 18, 2009 meeting, the Board also established the range of potential Awards under the 2008 Plan for 2009 performance.
(2): This award reflects the range of potential annual bonus available to be earned by the named executive officer for 2009. The actual amounts earned for 2009 pursuant to the annual bonus program are set forth in the Summary Compensation Table under "Non-Equity Incentive Plan Compensation" (or, where the Named Executive chose to take all or a portion of his annual bonus in the form of restricted shares, under "Share Awards"), and are also set forth in the table below. Each named executive officer's annual bonus is a function of salary, with each named executive officer able to earn a specified percentage of his salary (105% for chief executive officer and 85% for chief operating officer, chief financial officer, chief investment officer and chief legal officer), subject to adjustment based on performance. The base amount of the bonus was calculated in accordance with the two step process discussed under "Compensation Discussion and Analysis—Annual Bonus Program."

The dollar amounts of the actual awards under the annual bonus program for 2009 performance, determined by the Board at its March 16, 2010 meeting, were as follows:

Name	Dollar Value(a)

William P. Hankowsky	$	439,215
George J. Alburger, Jr.	$	272,000
Robert E. Fenza	$	246,568
James J. Bowes	$	219,245
Michael T. Hagan	$	214,976

(a): See footnote (1) to the Summary Compensation Table for a discussion of the election by some of the named executive officers to receive common shares in lieu of cash for all or part of their annual bonus compensation for 2009.

(3): This column shows the restricted share component of the Awards made under the 2008 Plan on March 18, 2009.
(4): This column shows the share option component of the Awards made under the 2008 Plan on March 18, 2009.
(5): The value of the restricted share awards was based on the closing price of the common shares on the New York Stock Exchange on March 18, 2009 of $20.32. The value of the share options reflects a per option value of the greater of the Black-Scholes value of the option as of March 18, 2009 or $4.00. The Black-Scholes valuation was $2.26 based upon the following assumptions:

•: 5 year expected life
•: 32.4% expected volatility
•: 1.54% risk free interest rate
•: 8.5% dividend yield

Outstanding Equity Awards at Fiscal Year-End

The following table contains information concerning outstanding equity awards held by each of the named executive officers as of December 31, 2009:

												Share Awards

																				Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested(1)
	Option Awards
	Option Awards																Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested
						Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options
															Market Value of Shares or Units of Shares That Have Not Vested(1)
												Number of Shares or Units of Shares That Have Not Vested
	Number of Securities Underlying Unexercised Options
	Number of Securities Underlying Unexercised Options							Option Exercise Price		Option Expiration Date
Name	Exercisable		Unexercisable					Option Exercise Price		Option Expiration Date
William P. Hankowsky		50,000		—			—	$	27.875		1/2/2011		—			—		—			—
		100,362		—			—	$	30.10		2/28/2012		—			—		—			—
		34,909		—			—	$	31.22		2/28/2013		—			—		—			—
		49,172		—			—	$	43.45		3/16/2014		—			—		—			—
		30,550		—			—	$	40.35		3/16/2015		—			—		—			—
		14,982		—			—	$	48.54		3/16/2016		—			—		—			—
		9,463		9,463	(2)		—	$	49.74		3/19/2017		—			—		—			—
		33,333		133,334	(3)		—	$	31.20		3/28/2018		—			—		—			—
		—		132,555	(4)			$	20.32		3/18/2019		—			—		—			—
		—		—			—		—		—		63,862	(5)	$	2,044,223		69,829	(10)	$	2,235,226

												Share Awards

																				Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested(1)
	Option Awards
	Option Awards																Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested
						Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options
															Market Value of Shares or Units of Shares That Have Not Vested(1)
												Number of Shares or Units of Shares That Have Not Vested
	Number of Securities Underlying Unexercised Options
	Number of Securities Underlying Unexercised Options							Option Exercise Price		Option Expiration Date
Name	Exercisable		Unexercisable					Option Exercise Price		Option Expiration Date
George J. Alburger, Jr.		51,674		—			—	$	26.77		3/16/2011		—			—		—			—
		100,362		—			—	$	30.10		2/28/2012		—			—		—			—
		25,649		—			—	$	31.22		2/28/2013		—			—		—			—
		22,083		—			—	$	43.45		3/16/2014		—			—		—			—
		12,590		—			—	$	40.35		3/16/2015		—			—		—			—
		6,269		—			—	$	48.54		3/16/2016		—			—		—			—
		4,005		4,006	(2)		—	$	49.74		3/19/2017		—			—		—			—
		15,344		61,376	(3)		—	$	31.20		3/28/2018		—			—		—			—
		—		61,035	(4)		—	$	20.32		3/18/2019		—			—		—			—
		—		—			—		—		—		19,476	(6)	$	623,427		32,144	(11)	$	1,028,929
Robert E. Fenza		107,649		—			—	$	30.10		2/28/2012		—			—		—			—
		27,768		—			—	$	31.22		2/28/2013		—			—		—			—
		23,603		—			—	$	43.45		3/16/2014		—			—		—			—
		12,899		—			—	$	40.35		3/16/2015		—			—		—			—
		6,423		—			—	$	48.54		3/16/2016		—			—		—			—
		4,062		4,063	(2)		—	$	49.74		3/19/2017		—			—		—			—
		14,193		56,773	(3)		—	$	31.20		3/28/2018		—			—		—			—
		—		56,316	(4)		—	$	20.32		3/18/2019		—			—		—			—
		—		—					—		—		7,299	(7)	$	233,641		29,733	(12)	$	951,753
James J. Bowes		19,085		—			—	$	26.77		3/16/2011		—			—		—			—
		83,333		—			—	$	30.10		2/28/2012		—			—		—			—
		16,119		—			—	$	31.22		2/28/2013		—			—		—			—
		19,371		—			—	$	43.45		3/16/2014		—			—		—			—
		11,044		—			—	$	40.35		3/16/2015		—			—		—			—
		5,499		—			—	$	48.54		3/16/2016		—			—		—			—
		3,490		3,491	(2)		—	$	49.74		3/19/2017		—			—		—			—
		12,467		49,868	(3)		—	$	31.20		3/28/2018		—			—		—			—
		—		49,508	(4)		—	$	20.32		3/18/2019		—			—		—			—
		—		—			—		—		—		6,330	(8)	$	202,623		26,116	(13)	$	835,973
Michael T. Hagan		8,940		—			—	$	43.45		3/16/2014		—			—		—			—
		5,071		—			—	$	40.35		3/16/2015		—			—		—			—
		3,917		—			—	$	48.54		3/16/2016		—			—		—			—
		3,147		3,147	(2)		—	$	49.74		3/19/2017		—			—		—			—
		12,275		49,101	(3)		—	$	31.20		3/28/2018		—			—		—			—
		—		48,726	(4)		—	$	20.32		3/18/2019		—			—		—			—
		—		—			—		—		—		16,040	(9)	$	513,440		25,714	(14)	$	823,105

(1): Value is calculated by multiplying the number of shares subject to vesting by $32.01, the closing price of the common shares on the New York Stock Exchange on December 31, 2009.
(2): Represents options granted on March 19, 2007 with respect to the fiscal year ended December 31, 2006. Such options became exercisable up to 20% after one year, 50% after two years and will become exercisable 100% after three years.
(3): Represents options granted on March 28, 2008 with respect to the fiscal year ended December 31, 2007. Such options became exercisable up to 20% after one year and will become exercisable 50% after two years and 100% after three years.
(4): Represents options granted on March 18, 2009 with respect to the fiscal year ended December 31, 2008. Such options will become exercisable up to 20% after one year, 50% after two years and 100% after three years.

(5)