Liberty Property Trust (the Trust) is a self-administered and self-managed Maryland real estate investment trust (REIT). Substantially 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 the Trust's subsidiary, Liberty Property Limited Partnership, a limited partnership (the Operating Partnership). The Trust is the sole general partner and also a limited partner of the Operating Partnership, owning 97.0% of the common equity of the Operating Partnership as of December 31, 2012. The Trust operates primarily in the Mid-Atlantic, Southeastern, Midwestern and Southwestern United States. In addition, the Trust owns certain assets in the United Kingdom. Effective June 12, 2014, Liberty Property Trust acquired five Class A industrial buildings, located in Durham, North Carolina.