Exhibit 99.1

News Release

Inquiries: Jeanne Leonard, Liberty Property Trust, 610.648.1704

Liberty Property Trust Announces Third Quarter 2019 Results

Wayne, PA, October 27, 2019 - Liberty Property Trust (NYSE: LPT) announced financial and operating results for the third quarter of 2019.

Financial Results

Net Income: Net income available to common shareholders was $0.66 per diluted share for the third quarter of 2019, compared to $1.01 per diluted share for the same period in 2018. For the nine months ended September 30, 2019, net income available to common shareholders was $1.70 per diluted share, compared to $2.09 per diluted share for the same period in 2018.

Net income for the third quarter and first nine months of 2019 reflects gain on property dispositions net of impairments (including the Company’s share of impairment in unconsolidated joint ventures) of $49.8 million and $109.3 million, respectively, as compared to $96.9 million and $239.4 million, respectively, for the comparative periods in 2018. Net income for first nine months of 2018 includes $86.0 million in charges for the Comcast Technology Center and Camden Waterfront projects.

NAREIT FFO* available to common shareholders was $0.69 per diluted share for the third quarters of both 2019 and 2018. FFO for the third quarter of 2019 includes gains on sales of non-depreciable assets, partially offset by expensed pursuit costs, totaling $6.4 million, or $0.04 per diluted share.

NAREIT FFO* available to common shareholders for the nine months ended September 30, 2019 was $2.00 per diluted share, compared to $1.46 per diluted share for the first nine months of 2018. FFO for the first nine months of 2018 includes $86.0 million, or $0.57 per diluted share, in charges for the Comcast and Camden projects discussed above.

Industrial Operating Performance

Occupancy: At September 30, 2019, Liberty’s in-service operating portfolio of 107.0 million square feet was 94.6% occupied, compared to 95.2% at the end of the second quarter of 2019.

Leasing Activity: During the quarter, Liberty completed core lease transactions totaling 6.2 million square feet. Rents on retention and replacement leases commenced during the quarter increased 5.4% on a cash basis (16.0% GAAP).

Liberty Property Trust Announces 3Q 2019 Results		Page 1 of 6

Same Store Performance: Property level operating income for same store properties increased by 0.1% on a cash basis (0.3% GAAP) for the third quarter of 2019, compared to the same quarter in 2018.

Real Estate Investments

Development Deliveries: Liberty brought into service six industrial properties for a total investment of $193.6 million. The properties contain 3.0 million square feet and were 59.5% occupied as of the end of the quarter. Completed development also includes a 219-room Four Seasons Hotel for a total investment of $231.9 million which was developed by a joint venture in which Liberty has a 20% interest.

Development Starts: Development commenced on five industrial properties totaling 1.1 million square feet at a projected investment of $99.2 million.

Acquisitions: Liberty acquired a fully leased industrial property in the South Bay submarket of Los Angeles, totaling 203,000 square feet for $55.5 million.

Real Estate Dispositions

Liberty sold six properties totaling 763,000 square feet for $197.3 million. The properties sold included two flex industrial properties in suburban Philadelphia for $30 million and a 136,000 square foot industrial building in Morrisville, NC, sold to the user for $14.1 million. The remaining dispositions were office properties including a 291,000 square foot office building in Washington DC for $92.5 million, and two office buildings at the Philadelphia Navy Yard totaling 156,000 square feet for $60.7 million.

Subsequent to quarter end, Liberty sold 7075 Flying Cloud Drive, a 345,000 square foot office property in (plus 17 acres of adjacent land), Eden Prairie, MN for $28.6 million.

Balance Sheet Management

In September 2019, Liberty completed the sale of 9.2 million common shares, generating proceeds of $447.9 million. Proceeds of the offering were used to fund the early redemption on October 12 of Liberty’s $350 million 4.75% senior notes due October 2020. In conjunction with such early redemption, the Company incurred charges of approximately $9 million.

Third Quarter Conference Call and Earnings Guidance

Due to Liberty’s proposed merger announced today, Liberty’s third quarter 2019 conference call is canceled, and the Company will no longer provide earnings guidance. 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.

Liberty Property Trust Announces 3Q 2019 Results		Page 2 of 6

*Funds from Operations: Liberty uses the National Association of Real Estate Investment Trusts’ (“NAREIT”) definition of Funds from Operations (“FFO”) as an operating measure of the company’s financial performance. A reconciliation of U.S. GAAP (“GAAP”) net income to NAREIT FFO is included in the financial data tables accompanying this press release.

About the Company

Liberty Property Trust 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 logistics, warehouse, manufacturing, and R&D facilities in key markets. Liberty's 112 million square foot operating portfolio provides productive work environments to 1,200 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.

Forward-Looking Statements

The statements contained in this press release may include forward-looking statements within the meaning of the federal securities law. These forward-looking statements include statements relating to, among other things, achievement of strategic targets, expectations for our operating results, business and financial condition, business and our growth prospects, as well as statements that are generally accompanied by words such as “believes,” “anticipates,” “expects,” “estimates,” “should,” “seeks,” “intends,” “proposed,” “planned,” “outlook,” “remain confident,” and “goal” or similar expressions. 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 risks, uncertainties and other factors include, without limitation, uncertainties affecting real estate business 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, risks relating to the continued repositioning of the Company's portfolio, risks relating to construction and development activities, risks relating to acquisition and disposition activities, risks relating to the integration of the operations of entities that we have acquired or may acquire, risks relating to joint venture relationships and any possible need to perform under certain guarantees that we have issued or may issue in connection with such relationships, risks related to properties developed by the Company on a fee basis, risks associated with tax abatement, tax credit programs, or other government incentives, possible environmental liabilities, risks relating to leverage and debt service (including availability of financing terms acceptable to the Company and sensitivity of the Company's operations and financing arrangements to fluctuations in interest rates), dependence on the primary markets in which the Company's properties are located, the existence of complex regulations relating to status as a REIT and the adverse consequences of the failure to qualify as a REIT, risks relating to litigation and the potential adverse impact of market interest rates on the market price for the Company's securities, 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.

# # #

Liberty Property Trust Announces 3Q 2019 Results		Page 3 of 6

Liberty Property Trust

Balance Sheet

September 30, 2019

(Unaudited and in thousands)

	September 30, 2019			December 31, 2018
Assets
Real estate:
Land and land improvements	$	1,393,474		$	1,236,514
Building and improvements		4,785,171			4,397,049
Less: accumulated depreciation		(1,040,249	)		(941,299	)

Operating real estate		5,138,396			4,692,264

Development in progress		323,790			462,572
Land held for development		303,440			296,244

Net real estate		5,765,626			5,451,080

Cash and cash equivalents		514,882			84,923
Restricted cash		14,006			10,899
Accounts receivable		16,975			14,109
Deferred rent receivable		124,509			111,372
Deferred financing and leasing costs, net		162,235			157,823
Investments in and advances to unconsolidated joint ventures		347,880			350,981
Assets held for sale		226,504			502,207
Right of use asset		17,664			—
Prepaid expenses and other assets		148,451			251,000

Total assets	$	7,338,732		$	6,934,394

Liabilities

Mortgage loans, net	$	297,326		$	395,202
Unsecured notes, net		2,633,941			2,285,698
Credit facilities		100,000			411,846
Accounts payable		54,953			62,943
Accrued interest		36,530			22,309
Dividend and distributions payable		65,921			60,560
Lease liability		18,379			—
Other liabilities		204,963			270,396
Liabilities held for sale		15,939			21,131
Total liabilities		3,427,952			3,530,085

Noncontrolling interest		5,337			7,537

Equity
Shareholders' equity
Common shares of beneficial interest		158			148
Additional paid-in capital		4,145,822			3,691,778
Accumulated other comprehensive loss		(64,496	)		(55,243	)
Distributions in excess of net income		(238,629	)		(306,822	)
Total shareholders' equity		3,842,855			3,329,861

Noncontrolling interest - operating partnership		62,308			61,471
Noncontrolling interest - consolidated joint ventures		280			5,440

Total equity		3,905,443			3,396,772

Total liabilities, noncontrolling interest - operating partnership and equity	$	7,338,732		$	6,934,394

Liberty Property Trust Announces 3Q 2019 Results		Page 4 of 6

Liberty Property Trust

Statement of Operations

September 30, 2019

(Unaudited and in thousands, except per share amounts)

	Quarter Ended						Nine Months Ended
	September 30, 2019			September 30, 2018			September 30, 2019			September 30, 2018
Revenue
Rental revenue	$	162,912		$	148,330		$	479,644		$	439,812
Development service fee income		257			12,956			2,099			59,132
Total revenue		163,169			161,286			481,743			498,944

Expenses
Rental property		12,012			12,871			39,780			39,340
Real estate taxes		23,001			22,693			68,862			65,988
General and administrative		10,186			9,807			35,483			32,747
Leasing expense		3,082			2,610			9,608			8,189
Other operating expenses		3,166			3,169			8,690			7,467
Interest expense		25,791			23,133			76,644			66,189
Depreciation and amortization		43,972			41,004			130,402			120,586
Development service fee expense		168			12,924			1,848			120,799
Impairment charges - real estate assets		—			—			99			26,000
Total expenses		121,378			128,211			371,416			487,305

Interest and other income		2,630			3,474			13,887			8,737
Gain on property dispositions		15,168			2,002			21,125			54,705
Equity in earnings of unconsolidated joint ventures		1,776			6,766			10,966			20,958
Income from continuing operations before income taxes		61,365			45,317			156,305			96,039

Income taxes		(878	)		(444	)		(1,449	)		(1,884	)

Income from continuing operations		60,487			44,873			154,856			94,155
Discontinued operations (including gain on asset sales, net of impairments and debt extinguishment loss, of $37.2 million and $87.4 million for the three and nine months ended September 30, 2019, respectively, and $94.9 million and $184.7 million and for the three and nine months ended September 30, 2018, respectively)		42,189			109,198			105,905			224,531
Net Income		102,676			154,071			260,761			318,686
Noncontrolling interest - operating partnerships		(2,309	)		(3,696	)		(6,126	)		(7,738	)
Noncontrolling interest - consolidated joint ventures		(3	)		(232	)		(170	)		(1,010	)
Net Income available to common shareholders	$	100,364		$	150,143		$	254,465		$	309,938

Net income	$	102,676		$	154,071		$	260,761		$	318,686
Other comprehensive (loss) - foreign currency translation		(7,056	)		(3,015	)		(7,574	)		(9,221	)
Other comprehensive income (loss) - derivative instruments		83			6			(1,887	)		493
Comprehensive income		95,703			151,062			251,300			309,958
Less: comprehensive income attributable to noncontrolling interest		(2,463	)		(3,858	)		(1,536	)		(8,545	)
Comprehensive income attributable to common shareholders	$	93,240		$	147,204		$	249,764		$	301,413

Basic income per common share
Continuing operations	$	0.39		$	0.30		$	1.02		$	0.62
Discontinued operations	$	0.28		$	0.72		$	0.69		$	1.48
Basic income per common share	$	0.67		$	1.02		$	1.71		$	2.10

Diluted income per common share
Continuing operations	$	0.39		$	0.29		$	1.01		$	0.61
Discontinued operations	$	0.27		$	0.72		$	0.69		$	1.48
Diluted income per common share	$	0.66		$	1.01		$	1.70		$	2.09

Weighted average shares
Basic		150,140			147,324			148,532			147,241
Diluted		150,979			148,271			149,383			148,160

Liberty Property Trust Announces 3Q 2019 Results		Page 5 of 6

Liberty Property Trust

Statement of Funds from Operations

September 30, 2019

(Unaudited and in thousands, except per share amounts)

	Quarter Ended						Nine Months Ended
	September 30, 2019			September 30, 2018			September 30, 2019			September 30, 2018
NAREIT FFO
Reconciliation of net income available to common shareholders to NAREIT FFO available to common shareholders:
Net income available to common shareholders	$	100,364		$	150,143		$	254,465		$	309,938

Adjustments:
Depreciation and amortization of unconsolidated joint ventures		3,249			3,193			9,407			9,631
Depreciation and amortization		43,593			43,112			131,330			130,284
Loss on property dispositions / impairment - depreciable real estate assets of unconsolidated joint ventures		2,569			—			6,667			—
(Gain) on property dispositions / impairment - depreciable real estate assets continuing operations		(8,127	)		(17	)		(8,162	)		(51,227	)
(Gain) on property dispositions / impairment - depreciable real estate assets discontinued operations		(37,238	)		(94,878	)		(94,534	)		(184,689	)
Noncontrolling interest share in addback for depreciation and amortization and gain on property dispositions / impairment - depreciable real estate assets		(88	)		1,131			(1,032	)		2,234
NAREIT FFO available to common shareholders - basic		104,322			102,684			298,141			216,171

Noncontrolling interest share in addback for depreciation and amortization and gain on property dispositions / impairment - depreciable real estate assets		88			(1,131	)		1,032			(2,234	)
Noncontrolling interest excluding preferred unit distributions		2,226			3,578			5,875			7,384
NAREIT FFO available to common shareholders - diluted	$	106,636		$	105,131		$	305,048		$	221,321

NAREIT FFO available to common shareholders - basic per share	$	0.69		$	0.70		$	2.01		$	1.47
NAREIT FFO available to common shareholders - diluted per share	$	0.69		$	0.69		$	2.00		$	1.46

Reconciliation of weighted average shares:
Weighted average common shares - all basic calculations		150,140			147,324			148,532			147,241
Dilutive shares for long term compensation plans		839			947			851			919
Diluted shares for net income calculations		150,979			148,271			149,383			148,160
Weighted average common units		3,506			3,520			3,513			3,520
Diluted shares for NAREIT FFO calculations		154,485			151,791			152,896			151,680

NAREIT Funds from Operations available to common shareholders is defined by NAREIT as net income (computed in accordance with U.S. GAAP), excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. The SEC has agreed to the disclosure of this non-GAAP financial measure on a per share basis in its Release No. 34-47226, Conditions for Use of Non-GAAP Financial Measures. The Company has opted to include gains and losses from the sale of assets incidental to its main business as a REIT. The Company believes that the calculation of NAREIT FFO 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 operating property dispositions. As a result, year over year comparison of NAREIT FFO 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 NAREIT FFO provides useful information to the investment community about the Company’s financial performance when compared to other REITs since NAREIT FFO is generally recognized as the standard for reporting the operating performance of a REIT. NAREIT FFO available to common shareholders does not represent net income or cash flows from operations as defined by U.S. 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. NAREIT FFO available to common shareholders also does not represent cash flows generated from operating, investing or financing activities as defined by U.S. GAAP. The Company believes that the line on its consolidated statements of comprehensive income entitled “net income available to common shareholders” is the most directly comparable U.S. GAAP measure to FFO.

Liberty Property Trust Announces 3Q 2019 Results		Page 6 of 6

LIBERTY PROPERTY TRUST 8-K