Exhibit 99.1

		Press Release

For Immediate Release		Inquiries:		Jeanne A. Leonard Liberty Property Trust 610/648-1704

LIBERTY PROPERTY TRUST ANNOUNCES
FOURTH QUARTER AND FULL YEAR RESULTS

Malvern, PA, February 8, 2011 — Liberty Property Trust (NYSE:LRY) reported that funds from operations available to common shareholders (diluted) (“FFO”) for the fourth quarter of 2010 was $0.65 per share, compared to a loss of $0.14 per share for the fourth quarter of 2009. FFO for the fourth quarter of 2009 included a $94.5 million, non-cash impairment charge. Excluding this impairment charge, FFO for the fourth quarter of 2009 would be $0.67 per share. Funds from operations for the fourth quarter of 2010 include termination fees of $1.3 million.

For the year ended December 31, 2010, FFO per share was $2.65, and included $6.5 million in termination fees. This compares to FFO of $1.98 per share for 2009. Excluding the $94.5 million non-cash impairment charge, FFO for the year ended December 31, 2009 would be $2.83 per share.

Net income per common share (diluted) was $0.26 per share for the quarter ended December 31, 2010, compared to a net loss of $0.46 per share (diluted) for the quarter ended December 31, 2009. Net income for the full year 2010 was $1.12 per common share, compared with $0.52 per share for 2009. Adjusting for the non-cash impairment charge of $94.5 million, net income for the quarter ended December 31, 2009 would be $0.35 per share, and for the year ended December 31, 2009 it would be $1.37 per share.

“We are encouraged by the recent signs of economic progress in our markets,” said Bill Hankowsky, chairman and CEO. “Prospect activity and customer decisiveness have both increased since the beginning of the year. Industrial market strength continues to outpace the office sector, but both are up. We believe 2011 will present new opportunities to add value to our portfolio though acquisitions, sales and developments.”

Portfolio Performance

Leasing: At December 31, 2010, Liberty’s in-service portfolio of 79.7 million square feet was 88.7% occupied, compared to 89.0% at the end of the third quarter. During the quarter, Liberty completed lease transactions totaling 2.7 million square feet of space. Liberty leased a record 17 million square feet in 2010.

Same Store Performance: Property level operating income for same store properties decreased by 2.3% on a cash basis and by 2.5% on a straight line basis for the fourth quarter of 2010 compared to the same quarter in 2009 and decreased by 2.0% on a cash basis and 3.2% on a straight line basis for the full year 2010 compared to 2009.

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Liberty Property Trust 4Q 2010 Results -2-

Capital Activities and Balance Sheet Management

Property Sales: During the fourth quarter, Liberty sold five operating properties, which contained 308,000 square feet of leaseable space, for $11.5 million.

Real Estate Investments

Acquisitions: During the quarter, Liberty acquired two multi-tenant industrial properties located in North Carolina, for $10.2 million. The properties total 215,000 square feet and are 59.6% leased. The current yield on these acquisitions is 4.9%, and Liberty expects to achieve an 8.4% return upon stabilization.

Development: No development commenced during the quarter.

Subsequent Events

Liberty has commenced development of two flex buildings totaling 103,000 square feet and representing an investment of $15 million, located at the Philadelphia Navy Yard.

About the Company

Liberty Property Trust (NYSE:LRY) is a leader in commercial real estate, serving customers in the United States and United Kingdom, through the development, acquisition, ownership and management of superior office and industrial properties. Liberty’s 80 million square foot portfolio includes more than 700 properties which provide office, distribution and light manufacturing facilities to 2,000 tenants.

Additional information about the Company, including Liberty’s Quarterly Supplemental Package with detailed financial information is available in the Investors section of the Company’s web site at www.libertyproperty.com. If you are unable to access the web site, a copy of the supplemental package may be obtained by contacting Liberty by phone at 610-648-1704, or by e-mail to jleonard@libertyproperty.com.

Liberty will host a conference call during which management will discuss fourth quarter results, on Tuesday, February 8, 2011, at 1 p.m. eastern time. To access the conference call in the United States or Canada, please dial 1-888-870-2815. For international access, dial 706-643-7691. The passcode needed for access is 39135760. A replay of the call will be available by dialing 1-800-642-1687 for US/Canada participants or 706-645-9291 for international participant, using the same passcode as above. The call can also be accessed via the Internet on the Investors page of Liberty’s web site at www.libertyproperty.com for two weeks following the call.

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Liberty Property Trust 4Q 2010 Results -3-

The statements contained in this press release may include forward-looking statements within the meaning of the federal securities law. Although Liberty believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. As forward-looking statements, these statements involve risks, uncertainties and other factors that could cause actual results to differ materially from the expected results. These factors include, without limitation, the uncertainties affecting real estate businesses generally (such as entry into new leases, renewals of leases and dependence on tenants’ business operations), risks relating to our ability to maintain and increase property occupancy and rental rates, the financial condition of tenants, the uncertainties of real estate development and construction activity, the costs and availability of financing, the effects of local economic and market conditions, regulatory changes, potential liability relative to environmental matters and other risks and uncertainties detailed in the company’s filings with the Securities and Exchange Commission. The company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

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Liberty Property Trust

		Quarter Ended								Year Ended
		December 31, 2010				December 31, 2009				December 31, 2010				December 31, 2009
		(unaudited)
Operating Revenue
Rental		$	131,284			$	130,984			$	522,263			$	516,538
Operating expense reimbursement			54,608				55,355				224,567				222,841
Total operating revenue			185,892				186,339				746,830				739,379
Operating Expenses
Rental property			42,541				39,825				155,294				148,392
Real estate taxes			17,793				19,836				85,139				85,968
General and administrative			12,776				12,791				52,850				51,237
Depreciation and amortization			43,756				42,571				173,402				169,818
Total operating expenses			116,866				115,023				466,685				455,415
Operating Income			69,026				71,316				280,145				283,964
Other Income/Expense
Interest and other			2,087				3,249				10,039				11,472
Debt extinguishment gain			—				—				—				1,547
Interest			(36,865	)			(38,117	)			(149,320	)			(148,902	)
Total other income/expense			(34,778	)			(34,868	)			(139,281	)			(135,883	)
Income before property dispositions, income taxes, minority interest and equity in earnings of unconsolidated joint ventures			34,248				36,448				140,864				148,081
Gain on property dispositions			622				626				4,616				1,687
Income taxes			(306	)			(64	)			(1,736	)			(494	)
Equity in earnings of unconsolidated joint ventures			734				37				2,296				2,161
Impairment charges — investment in unconsolidated joint ventures and other			(85	)			(79,247	)			(378	)			(82,552	)
— goodwill			—				(15,700	)			—				(15,700	)
Income from continuing operations			35,213				(57,900	)			145,662				53,183
Discontinued operations (including net gain on property dispositions of $1,366 and $8,859 for the quarters ended December 31, 2010 and 2009 and $6,857 and $17,859 for the years ended December 31, 2010 and 2009)			1,320				9,094				7,713				25,809
Net Income			36,533				(48,806	)			153,375				78,992
Noncontrolling interest — operating partnerships			(6,293	)			(3,393	)			(25,448	)			(23,125	)
Noncontrolling interest — consolidated joint ventures			(118	)			112				(165	)			509
Net Income available to common shareholders		$	30,122			$	(52,087	)		$	127,762			$	56,376
Basic income per common share
Continuing operations		$	0.26			$	(0.54	)		$	1.06			$	0.29
Discontinued operations		$	0.01			$	0.08			$	0.07			$	0.23
Total basic income per common share		$	0.27			$	(0.46	)		$	1.13			$	0.52
Diluted income per common share
Continuing operations		$	0.25			$	(0.54	)		$	1.05			$	0.29
Discontinued operations		$	0.01			$	0.08			$	0.07			$	0.23
Total diluted income per common share		$	0.26			$	(0.46	)		$	1.12			$	0.52
Weighted average shares
Basic			113,550				112,159				112,924				107,550
Diluted			114,342				112,722				113,606				108,002
Amounts attributable to common shareholders
Income from continuing operations		$	28,846			$	(60,868	)		$	120,307			$	31,478
Discontinued operations			1,276				8,781				7,455				24,898
Net income		$	30,122			$	(52,087	)		$	127,762			$	56,376

Liberty Property Trust

		Quarter Ended																Year Ended
		December 31, 2010								December 31, 2009								December 31, 2010								December 31, 2009
						Per								Per								Per								Per
						Weighted								Weighted								Weighted								Weighted
						Average								Average								Average								Average
		Dollars				Share				Dollars				Share				Dollars				Share				Dollars				Share
Reconciliation of net income to FFO — basic:
Basic — income available to common shareholders		$	30,122			$	0.27			$	(52,087	)		$	(0.46	)		$	127,762			$	1.13			$	56,376			$	0.52
Adjustments:
Depreciation and amortization of unconsolidated joint ventures			3,674								4,067								14,927								16,180
Depreciation and amortization			43,439								42,206								171,682								170,633
Gain on property dispositions			(1,590	)							(8,380	)							(7,626	)							(23,197	)
Noncontrolling interest share in addback for depreciation and amortization and gain on property dispositions			(1,513	)							(1,304	)							(5,998	)							(5,801	)
Funds from operations available to common shareholders — basic		$	74,132			$	0.65			$	(15,498	)		$	(0.14	)		$	300,747			$	2.66			$	214,191			$	1.99
Reconciliation of net income to FFO — diluted:
Diluted — income available to common shareholders		$	30,122			$	0.26			$	(52,087	)		$	(0.46	)		$	127,762			$	1.12			$	56,376			$	0.52
Adjustments:
Depreciation and amortization of unconsolidated joint ventures			3,674								4,067								14,927								16,180
Depreciation and amortizaton			43,439								42,206								171,682								170,633
Gain on property dispositions			(1,590	)							(8,380	)							(7,626	)							(23,197	)
Noncontrolling interest excluding preferred unit distributions			1,040								(1,860	)							4,436								2,114
Funds from operations available to common shareholders — diluted		$	76,685			$	0.65			$	(16,054	)		$	(0.14	) (1)		$	311,181			$	2.65			$	222,106			$	1.98	(1)
Reconciliation of weighted average shares:
Weighted average common shares — all basic calculations			113,550								112,159								112,924								107,550
Dilutive shares for long term compensation plans			792								563								682								452
Diluted shares for net income calculations			114,342								112,722								113,606								108,002
Weighted average common units			3,942								4,016								3,947								4,018
Diluted shares for funds from operations calculations			118,284								116,738								117,553								112,020

The Company believes that the calculation of Funds from operations is helpful to investors and management as it is a measure of the Company’s operating performance that excludes depreciation and amortization and gains and losses from property dispositions. As a result, year over year comparison of Funds from operations reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, development activities, general and administrative expenses, and interest costs, providing perspective not immediately apparent from net income. In addition, management believes that Funds from operations provides useful information to the investment community about the Company’s financial performance when compared to other REITs since Funds from operations is generally recognized as the standard for reporting the operating performance of a REIT. Funds from operations available to common shareholders is defined by NAREIT as net income (computed in accordance with generally accepted accounting principles (“GAAP”)), excluding gains (or losses) from sales of property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Funds from operations available to common shareholders does not represent net income or cash flows from operations as defined by GAAP and does not necessarily indicate that cash flows will be sufficient to fund cash needs. It should not be considered as an alternative to net income as an indicator of the Company’s operating performance or to cash flows as a measure of liquidity. Funds from operations available to common shareholders also does not represent cash flows generated from operating, investing or financing activities as defined by GAAP.

Liberty Property Trust

		December 31, 2010				December 31, 2009
Assets
Real estate:
Land and land improvements		$	864,797			$	848,988
Building and improvements			4,420,662				4,283,250
Less: accumulated depreciation			(1,090,685	)			(970,935	)
Operating real estate			4,194,774				4,161,303
Development in progress			—				66,714
Land held for development			209,253				218,633
Net real estate			4,404,027				4,446,650
Cash and cash equivalents			108,409				237,446
Restricted cash			49,526				42,232
Accounts receivable			6,898				6,057
Deferred rent receivable			108,933				95,527
Deferred financing and leasing costs, net of accumulated amortization (2010, $121,794; 2009, $108,390)			141,464				134,309
Investments in and advances to unconsolidated joint ventures			171,916				175,584
Assets held for sale			—				5,564
Prepaid expenses and other assets			71,660				85,574
Total assets		$	5,062,833			$	5,228,943
Liabilities
Mortgage loans		$	320,679			$	473,993
Unsecured notes			2,039,143				1,842,882
Credit facility			—				140,000
Accounts payable			23,652				31,195
Accrued interest			29,821				31,251
Dividend and distributions payable			56,149				55,402
Other liabilities			154,837				171,051
Total liabilities			2,624,281				2,745,774
Equity
Shareholders’ equity:
Common shares of beneficial interest, $.001 par value, 183,987,000 shares authorized, 115,530,608 (includes 1,249,909 in treasury) and 113,875,211 (includes 1,249,909 in treasury) shares issued and outstanding as of December 31, 2010 and 2009, respectively			116				114
Additional paid-in capital			2,560,193				2,509,704
Accumulated other comprehensive (loss) income			(155	)			2,339
Distributions in excess of net income			(426,017	)			(337,911	)
Common shares in treasury, at cost, 1,249,909 shares as of Deptember 31, 2010 and 2009			(51,951	)			(51,951	)
Total shareholders’ equity			2,082,186				2,122,295
Noncontrolling interest — operating partnership
3,928,733 and 4,011,354 common units outstanding as of December 31, 2010 and 2009, respectively			67,621				72,294
9,740,000 preferred units outstanding as of December 31, 2010 and December 31, 2009			287,959				287,959
Noncontrolling interest — consolidated joint ventures			786				621
Total equity			2,438,552				2,483,169
Total liabilities & equity		$	5,062,833			$	5,228,943