Sec Form 4 Filing - FENZA ROBERT E @ LIBERTY PROPERTY TRUST - 2012-01-03

Insider filing report for Changes in Beneficial Ownership
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FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person
FENZA ROBERT E
2. Issuer Name and Ticker or Trading Symbol
LIBERTY PROPERTY TRUST [ LRY]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
X __ Officer (give title below) _____ Other (specify below)
Exec. VP, COO
(Last) (First) (Middle)
C/O LIBERTY PROPERTY TRUST, 500 CHESTERFIELD PARKWAY
3. Date of Earliest Transaction (MM/DD/YY)
01/03/2012
(Street)
MALVERN, PA19355
4. If Amendment, Date Original Filed (MM/DD/YY)
6. Individual or Joint/Group Filing (Check Applicable Line)
__ X __ Form filed by One Reporting Person
_____ Form filed by More than One Reporting Person
(City) (State) (Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Shares of Beneficial Interest ($0.001 par value) 07/13/2011 G V 300 D $ 0 253,943 ( 1 ) D
Common Shares of Beneficial Interest ($0.001 par value) 08/22/2011 G V 100 D $ 0 253,843 ( 1 ) D
Common Shares of Beneficial Interest ($0.001 par value) 12/29/2011 G V 660 D $ 0 253,183 ( 1 ) D
Common Shares of Beneficial Interest ($0.001 par value) 12/29/2011 G V 230 D $ 0 252,953 ( 1 ) D
Common Shares of Beneficial Interest ($0.001 par value) 01/03/2012 M 19,449 A $ 30.1 272,402 ( 1 ) D
Common Shares of Beneficial Interest ($0.001 par value) 01/03/2012 S 19,449 D $ 31.61 ( 2 ) 252,953 ( 1 ) D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(MM/DD/YY)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option (right to buy) $ 30.1 01/03/2012 M 19,449 ( 3 ) 02/28/2012 Common Shares 19,449 ( 4 ) 88,200 D
Reporting Owners
Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
FENZA ROBERT E
C/O LIBERTY PROPERTY TRUST
500 CHESTERFIELD PARKWAY
MALVERN, PA19355
Exec. VP, COO
Signatures
Robert E. Fenza by James J. Bowes as Attorney-in-Fact 01/05/2012
Signature of Reporting Person Date
Explanation of Responses:
( 1 )Includes 700 shares held by reporting person as custodian for reporting person's children. This reporting person disclaims beneficial ownership of these shares. Includes 195,043 common shares issuable upon exchange of limited partnership interests of Liberty Property Limited Partnership.
( 2 )Represents the weighted average of a range of sale prices per share from $31.50 to $31.71. The reporting person undertakes to provide to the Staff of the Securities and Exchange Commission, the Company or any shareholder of the Company, upon request, full information regarding the number of common shares sold at each separate price.
( 3 )Options became exercisable 20% after the first anniversary of the date of the grant, 50% after the second anniversary and fully after the third anniversary.
( 4 )Options received in 2002 as employment compensation.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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