LIBERTY PROPERTY TRUST BUYS $1.5B VALUE FUND

MALVERN, PA. — Liberty Property Trust has completed the operating partnership of Cabot Industrial Value Fund III for $1.5 billion. The transaction has increased Liberty's industrial platform by approximately 23 million square feet and added 177 properties in 24 new and existing Liberty industrial markets. Approximately 58 percent of the total portfolio is located in existing Liberty industrial markets, including Chicago, South Florida, Houston, New Jersey, Maryland and Central Pennsylvania. The remaining approximately 10 million square feet is located in 10 markets in which Liberty does not currently have a presence, including Atlanta, Dallas/Fort Worth and Southern California. The acquisition was funded through a combination of sources including proceeds of $834.1 million from an offering of 24.2 million common shares, $450 million of 4.4 percent senior notes due 2024 and the assumption of $230 million in mortgage debt.