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Liberty Property Trust (the Trust) is a self-administered and self-managed Maryland real estate investment trust (REIT). All of the Trust’s assets are owned directly or indirectly, and substantially all of the Trust’s operations are conducted directly or indirectly, by its subsidiary, Liberty Property Limited Partnership. In addition, as of December 31, 2007, the Company owned 28 properties under development (the Wholly Owned Properties under Development) and 1,384 acres of developable land, substantially all of which is zoned for commercial use. Additionally, as of December 31, 2007, the Company had an ownership interest, through unconsolidated joint ventures, in 44 industrial and 47 office properties totaling 11.5 million square feet (Properties in Operation), four properties under development (Properties), and 715 acres of developable land, all of which is zoned for commercial use.(Source: 10-K)