1

NAREITJune 2017

2

Forward-looking Statements

The statements contained in this presentation may include forward-looking statements within the meaning of the federalsecurities law.  These forward-looking statements include statements relating to, among others things, achievement ofstrategic targets, expectations for our operating results, business and financial condition, business and our growthprospects, 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 similarexpressions. Although Liberty believes that the expectations reflected in such forward-looking statements are based onreasonable 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 theexpected results.  These risks, uncertainties and other factors include, without limitation, uncertainties affecting real estatebusiness 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 continuedrepositioning of the Company's portfolio, risks relating to construction and development activities, risks relating toacquisition and disposition activities, risks relating to the integration of the operations of entities that we have acquired ormay acquire, risks relating to joint venture relationships and any possible need to perform under certain guarantees that wehave issued or may issue in connection with such relationships, risks related to properties developed by the Company on afee basis, risks associated with tax abatement, tax credit programs, or other government incentives, possible environmentalliabilities, risks relating to leverage and debt service (including availability of financing terms acceptable to the Companyand sensitivity of the Company's operations and financing arrangements to fluctuations in interest rates), dependence onthe primary markets in which the Company's properties are located, the existence of complex regulations relating to statusas a REIT and the adverse consequences of the failure to qualify as a REIT, risks relating to litigation and the potentialadverse impact of market interest rates on the market price for the Company's securities, and other risks and uncertaintiesdetailed in the company’s filings with the Securities and Exchange Commission.  The company assumes no obligation toupdate or supplement forward-looking statements that become untrue because of subsequent events.

3

Platform for Growth

A national platform ▪ Market capitalization approximately $8.5 billion▪ 558 industrial and office properties totaling 98 million square feet▪ National industrial platform and a focused office player▪ High quality, diverse tenant base

A company with a compelling history▪ 45-year track record of real estate innovation and excellence▪ 23 years operating as a public company

A unique provider of high-value corporate real estate solutions▪ An industry leader in development, leasing and tenant service▪ Pioneered development and management of sustainable real estate

A financially conservative company▪ Superior access to capital▪ Rated Baa1 by Moody’s, BBB by S&P and BBB by Fitch

A transparent company▪ Superior disclosure▪ Uncomplicated structure/operation

4

Liberty's Strategic Direction

Industrial Goal▪ National industrial platform with multi-tenant industrial product in all markets and

big-box where appropriate

Office Goal▪ Focused office player in a few markets with a development emphasis

5

Portfolio

Industrial Office

Assets 490 properties 68 properties

Total Square Feet 91.7 million 6.6 million

Average Size 187,000 sf 97,000 sf

Average Lease 77,000 sf 24,000 sf

Average Rent (PSF) $4.87 $24.14

Average Age 16 years 16 years

% Sustainable (SF) 27% 65%

Largest Tenants

Uline, Inc. The Vanguard Group, Inc.Amazon.com Comcast Corporation

Home Depot U.S.A., Inc. GlaxoSmithKline LLCThe Procter & Gamble Distributing LLC United States of America

Kellogg Sales Company The Pennsylvania Hospital

6

Reshaped portfolio to capture stability of a national industrial platform and value-creating opportunities of a highly focused office operation

Evolution of the Platform

Completed five-year strategic plan

IndustrialDistribution 34% 46% 51% 58% 80%

Flex 14% 12% 12% 12% _

Suburban Office 47% 35% 30% 23% 11%

Metro Office 5% 7% 7% 7% 9%

12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016

RENT - JVs AT EQUITY SHARE

7

High Quality Portfolio in Key Industrial Markets

Liberty is active in 13 of the top 15 industrial markets and has access to 61% of thenation's industrial business*

# MarketTotal SF(000)'s

1 Lehigh Valley/Central PA 25,920,067

2 Chicago/Milwaukee 12,079,591

3 Carolinas 8,037,114

4 Houston 7,232,311

5 New Jersey 5,328,263

6 Richmond/Hampton Roads 4,519,206

7 Cincinnati/Columbus/Indianapolis 3,948,376

8 Maryland 3,708,262

9 Orlando 3,705,534

10 Minnesota 2,639,807

11 South Florida 2,437,157

12 Southern California 2,089,212

13 Atlanta 1,969,831

14 Dallas 1,861,199

15 Arizona 1,821,010

16 Tampa 1,805,494

17 United Kingdom 1,380,878

18 Southeastern PA/Philadelphia 1,178,368

Aurora - 900 Bilter Road

Philadelphia - 4300 S. 26tth Street

Houston - 8103 Fallbrook Drive

Tempe - 2040 W. Rio Salado Pkwy

LPT DATA AS OF 3/31/17. *CUSHMAN & WAKEFIELD'S TOP 40 INDUSTRIAL MARKETS.

8

Strong Operating Performance

Occupancy

12/31/13 12/31/14 12/31/15 12/31/16 03/31/17

91.6%

93.0%93.7%

95.5%96.1%

Leasing Volume (000's)

Rental Increases (s/l)

1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17

2.4%

5.0%

8.1% 7.7%

10.2%9.1%

7.3%

12.0%

17.5%

Leasing Costs

2013 2014 2015 2016 1Q2017

26,82425,005

29,19226,089

6,681

2013 2014 2015 2016 1Q2017

$3.19$3.76

$3.33$2.91

$2.59

9

Same Store Performance

Liberty Industrial Same Store Growth

2013 2014 2015 2016 1Q2017

4.4%

1.1%

3.6%

5.1%

2.4%

Executed Industrial Leases with RentEscalations (SF)

Average Industrial Escalations

2013 2014 2015 2016 1Q2017

89.3%

93.1%

96.5% 96.6%

99.6%

2013 2014 2015 2016 1Q2017

2.0%

2.6%2.5% 2.5% 2.5%

SOURCE: LPT INTERNAL DATA. ALL CASH BASIS.

10

Geographically Diversified Industrial Markets

Arizona: 1.4%United Kingdom: 1.6%

Atlanta: 1.9%New Jersey: 2.2%

Tampa: 2.2%Dallas: 2.2%

Minnesota: 2.3%

Southern California: 2.4%

Cincy/Indy/Col: 3.3%

Philly/Southeastern PA: 3.8%

Orlando: 4.3%

South FL: 4.3%

Maryland: 4.6%

Richmond/HamptonRoads: 5.0%

Chicago: 8.3%Carolinas: 8.7%

Houston: 9.9%

Lehigh Valley/Central PA: 31.6%

11

Lehi

ghVa

lley/

Cent

ral P

AHo

usto

nCa

rolin

asCh

icag

oRi

ch/H

ampt

onRd

sM

aryl

and

Sout

hFL

Orla

ndo

Phill

y/So

uthe

aste

rnPA

Cinc

y/In

dy/C

olSo

uthe

rnCa

lifor

nia

Min

neso

ta

Dalla

s

Tam

paN

ewJe

rsey

Atla

nta

Uni

ted

King

dom

Arizo

na

Lehigh Valley/Central PA Industrial

Percent of Industrial Rent (1)

Vacancy Rates Liberty achieves the market's highest average rents

LPT Market

$4.87

$4.49

26 million square foot portfolio

LPT DRE FR PLD DCT Market

0.2%1.2%

3.2%

6.0%

4.6%

6.3%

SOURCES: COMPANY FINANCIAL SUPPLEMENTAL PACKAGES. MARKET INFO: CBRE INDUSTRIAL MARKET REPORT AS OF 3/31/17. (1) LPT JOINT VENTURES AT EQUITY SHARE.

12

Focused Office in Four Core Markets

Philadelphia

SoutheasternPennsylvania

(Vanguard + KOP) Washington D.C. Arizona United Kingdom

Total SF 2,046,158 2,128,482 597,756 433,952 627,683

Number of Properties 9 26 3 3 21

Number of Tenants 43 51 45 4 69

Average Size of Properties (SF) 227,000 82,000 199,000 145,000 30,000

Average Lease Size (SF) 44,000 28,000 11,000 83,000 7,000

Occupancy 98.7% 82.2% 93.4% 95.6% 84.8%

Average Age 8 20 27 5 16

Major Tenants

Comcast Corporation The Vanguard Group, Inc. United States of America The Vanguard Group, Inc. Cabot Financial (Europe) LTD

GlaxoSmithKline LLC Yellow Book USA, Inc. National Assoc. of County & CityHealth DHL Express, (USA), Inc. AB World Foods Ltd

The Pennsylvania Hospital United States of America The Corporate Council on Africa Centene Management Company,LLC MDA Searchflow Ltd

Franklin Square Holdings, LP SunGard Data Systems, Inc. Puerto Rico Federal Affairs Adm. WageWorks, Inc. Sterling Insurance Group Ltd

Adaptimmune, LLC GENEX Services, Inc. Conference of State BankSupervisors Aecom Professional Services LLP

DATA AS OF 3/31/17. DOES NOT INCLUDE 733,675 SF OF NON-CORE OFFICE. JVs at 100%.

13

Financial Strength

Shares/Units: 68.5%

Unsecured Debt:26.9%

Mortgage Debt: 3.2%

Credit Facility: 1.4%

Market Capitalization (3.31.17)

Schedule of Maturities (3.31.17)

Debt to Gross Assets

2013 2014 2015 2016 1Q2017

40.9% 40.5% 40.8%

36.9%37.9%

Debt to EBITDA

Mortgages Unsecured Notes Credit Facility

400

200

02017 2018 2019 2020 2021 2022 2023 2024 2025 2026

2013 2014 2015 2016 1Q2017

5.65.9 6.0

6.2

5.5

& after

14

Growth & Value Creation - Development

Development Pipeline ($m) Development Deliveries ($m)

2013 2014 (1) 2015 (1) 2016 (1) 1Q2017 (1)

$393

$1,431

$1,703

$1,490$1,568

2013 2014 2015 2016 1Q2017

$281$314

$251

$622

$16

JOINT VENTURES AT 100%. (1) INCLUDES COMCAST TECHNOLOGY CENTER

Est. Remainder

15

BTS Office (2): 65.8%Inventory Office: 4.1%

BTS Industrial: 3.2%

Inventory Industrial: 26.9%

Growth & Value Creation - Development

$1.6B Development Pipeline (1)

Pipeline Yield

Inventory Industrial: 66.6%

BTS Industrial: 6.4%

BTS Office: 16.2%

Inventory Office: 10.8%

$601.4M Development Pipeline (1) (3)

2013 2014 2015 2016 1Q2017

8.1% 8.1%8.2%

8.0% 8.0%

JOINT VENTURES AT 100%. (1) DATA AS OF 3/31/17. (2) INCLUDES COMCAST TECHNOLOGY CENTER. (3) WHOLLY OWNED ONLY

16

Growth & Value Creation - Development

Industrial Pipeline by SF

WHOLLY OWNED ONLY. DATA AS OF 3/31/17.

Chicago: 1.7%

California: 2.8%New Jersey: 3.3%

United Kingdom: 3.7%

Maryland: 3.9%

Atlanta: 6.4%

Houston: 7.5%

South Florida: 9.7%

Arizona: 11.9%Carolinas: 12.7%

Dallas: 16.4%

Lehigh Valley/CentralPA: 19.9%

Industrial Pipeline byProjected Investment

Chicago: 2.7%

California: 3.5%

New Jersey: 3.9%

United Kingdom: 4.3%

Atlanta: 4.9%

Maryland: 5.1%

Houston: 5.8%

Arizona: 9.4%

Carolinas: 10.8%South Florida: 13.7%

Dallas: 16.3%

Lehigh Valley/CentralPA: 19.5%

17