Exhibit 3.1.3

                         LIBERTY PROPERTY TRUST

                    FIRST AMENDED AND RESTATED BYLAWS
                    ---------------------------------


                                ARTICLE I

                                 OFFICES

Section 1.  PRINCIPAL OFFICES.  A principal office of the Trust shall
be located within the State of Maryland at such place or places as the
Trustees may designate.

Section 2.  ADDITIONAL OFFICES.  The Trust may have additional offices
at such places within or without the State of Maryland as the Trustees
may from time to time determine or the business of the Trust may
require.

                               ARTICLE II

                         MEETINGS OF SHAREHOLDERS

Section 1.  PLACE.  All meetings of shareholders shall be held at the
principal office of the Trust or at such other place within the United
States as shall be stated in the notice of the meeting.

Section 2.  ANNUAL MEETING.  An annual meeting of the shareholders of
the Trust for the election of Trustees and the transaction of any
business within the powers of the Trust shall be held in each calendar
year, commencing with the year 1995, at such time as the Board of
Trustees may determine, or if the Board of Trustees fails to set a
time, on the third Tuesday in April, if not a legal holiday, and if
such day is a legal holiday, then such meeting shall be held on the
next business day.

Section 3.  SPECIAL MEETINGS.  The chairman of the board or the
president or a majority of the Trustees then in office may call special
meetings of the shareholders.  Special meetings of shareholders shall
also be called by the secretary upon the written request of the holders
of shares entitled to cast not less than 50% of all the votes entitled
to be cast at the meeting.  The request shall state the purpose of the
meeting and the matters proposed to be acted on at the meeting.  The
secretary shall inform the shareholders who make the request for the
special meeting of the reasonably estimated cost of preparing and
mailing notice of the meeting and, upon payment to the Trust of such
costs, the secretary shall give notice to each shareholder entitled to
notice of the meeting.  Unless requested by shareholders entitled to
cast a majority of all the votes entitled to be cast at the meeting, a
special meeting need not be called to consider any matter which is
substantially the same  as a matter voted on at any special meeting of
the shareholders held during the preceding twelve months.

Section 4.  NOTICE.  Not less than ten nor more than 90 days before
each meeting of shareholders, the secretary shall give to each
shareholder entitled to vote at the meeting and to each shareholder not
entitled to vote who is entitled to notice of the meeting written or
printed notice stating the time and place of the meeting and, in the
case of a special meeting or as otherwise may be required by statute,
the purpose for which the meeting is called, either by mail or by
presenting it to the shareholder personally or by leaving it at the
shareholder's residence or usual place of business.  If mailed, such
notice shall be deemed to be given when deposited in the United States
mail addressed to the shareholder at the shareholder's post office
address as it appears on the records of the Trust, with postage thereon
prepaid.

Section 5.  SCOPE OF NOTICE.  Any business of the Trust may be
transacted at an annual meeting of shareholders without being
specifically designated in the notice, except such business as is
required by statute to be stated in such notice.  No business shall be
transacted at a special meeting of shareholders except as specifically
designated in the notice.

Section 6.  QUORUM.  At any meeting of shareholders, the presence in
person or by proxy of shareholders entitled to cast a majority of all
the votes entitled to be cast at the meeting shall constitute a quorum;
but this section shall not affect any requirement under any statute or
the Declaration of Trust for the vote necessary for the adoption of any
measure.  If, however, the quorum shall not be present at any meeting
of the shareholders, the shareholders entitled to vote at the meeting,
present in person or by proxy, shall have power to adjourn the meeting
from time to time to a date not more than 120 days after the original
record date without notice other than announcement at the meeting.  At
such adjourned meeting at which a quorum shall be present, any business
may be transacted which might have been transacted at the meeting as
originally notified.

Section 7.  BOARD APPROVAL.  The submission of any action to the
shareholders for their consideration (other than the removal of one or
more Trustees), shall first be approved by the Board of Trustees.

Section 8.  VOTING.  A plurality of all the votes cast at a meeting of
shareholders duly called and at which a quorum is present shall be
sufficient to elect a Trustee.  A majority of the votes cast at a
meeting of shareholders duly called and at which a quorum is present
shall be sufficient to approve any other matter which may properly come
before the meeting, unless more than a majority of the votes cast is
required by statute or by the Declaration of Trust.  Unless otherwise
provided in the Declaration of Trust, each outstanding share,
regardless of class, shall be entitled to one vote on each matter
submitted to a vote at a meeting of shareholders.


Section 9.  PROXIES.  A shareholder may vote shares owned of record by
that shareholder, either in person or by proxy executed in writing by
the shareholder or by a duly authorized attorney in fact.  A proxy
shall be filed with the secretary of the Trust before or at the time of
the meeting.  No proxy shall be valid after eleven months from the date
of its execution, unless otherwise provided in the proxy.

Section 10.  VOTING OF SHARES BY CERTAIN HOLDERS.  Shares registered in
the name of a corporation, partnership, trust or other entity, if
entitled to be voted, may be voted by the president or a vice
president, a general partner or trustee thereof, as the case may be, or
a proxy appointed by any of the foregoing individuals, unless some
other person who has been appointed to vote such shares pursuant to a
bylaw or a resolution of the board of directors of such corporation or
other entity presents a certified copy of such bylaw or resolution, in
which case such person may vote such shares.  Any trustee or other
fiduciary may vote shares registered in the name of that fiduciary,
either in person or by proxy.  A trustee or other fiduciary may vote,
either in person or by proxy, shares registered in the name of another
person on proof of the fact that legal title to the shares has devolved
on that trustee or fiduciary in a fiduciary capacity and that that
trustee or fiduciary is qualified to act in that capacity.
Shares of the Trust directly or indirectly owned by it shall not be
voted at any meeting and shall not be counted in determining the total
number of outstanding shares entitled to be voted at any given time,
unless they are held by it in a fiduciary capacity, in which case they
may be voted and shall be counted in determining the total number of
outstanding shares at any given time.

          The Trustees may adopt by resolution a procedure by which a
shareholder may certify in writing to the Trust that any shares
registered in the name of the shareholder are held for the account of a
specified person other than the shareholder.  The resolution shall set
forth the class of shareholders who may make the certification, the
purpose for which the certification may be made, the form of
certification and the information to be contained in it; if the
certification is with respect to a record date or closing of the share
transfer books, the time after the record date or closing of the share
transfer books within which the certification must be received by the
Trust; and any other provisions with respect to the procedure which the
Trustees considers necessary or desirable.  On receipt of such
certification, the person specified in the certification shall be
regarded, for the purposes set forth in the certification, as the
shareholder of record of the specified shares in place of the
shareholder who makes the certification.

          Notwithstanding any other provision of the Declaration of
Trust or these Bylaws, Title 3, Subtitle 7 of the Corporations and
Associations Article of the Annotated Code of Maryland (or any
successor statute) shall not apply to any acquisition by any Rouse
Affiliate (as defined in the Declaration of Trust).

Section 11.  INSPECTORS.  In advance of any meeting of the shareholders
of the Trust, the Trustees may appoint, or at any meeting of
shareholders, the chairman of the meeting may, or upon the request of
any shareholder shall, appoint one or more persons, who need not be
shareholders, as inspectors for such meeting.  The inspectors shall
ascertain and report the number of shares represented at the meeting
based upon their determination of the validity and effect of proxies,
count all votes, report the results and perform such other acts as are
proper to conduct the election and voting with impartiality and
fairness to all the shareholders.  A person who is a candidate for
office to be filled at the meeting shall not act as an inspector at the
same meeting.

          Each report of an inspector shall be in writing and signed by
the inspector or by a majority of them if there is more than one
inspector acting at the meeting.  If there is more than one inspector,
the report of a majority shall be the report of the inspectors.  The
report of the inspector or inspectors on the number of shares
represented at the meeting and the results of the voting shall be prima
facie evidence thereof.

Section 12.  REPORTS TO SHAREHOLDERS.

     (a)  Annual Statements.  Not later than 90 days after the close of
each fiscal year of the Trust, the Trustees shall deliver or cause to
be delivered a report of the business and operations of the Trust
during such fiscal year to the shareholders, containing a balance sheet
and a statement of income and surplus of the Trust, accompanied by the
certification of an independent certified public accountant, and such
further information as the Trustees may determine is required pursuant
to any law or regulation to which the Trust is subject.  A signed copy
of the annual report and the accountant's certificate shall be filed by
the Trustees with the State Department of Assessments and Taxation of
Maryland, and with such other governmental agencies as may be required
by law and as the Trustees may deem appropriate.

     (b)  Quarterly Statements.  Not later than 45 days after the end
of each of the first three quarterly periods of each fiscal year, the
Trustees shall deliver or cause to be delivered an interim report to
the shareholders containing  unaudited financial statements for such
quarter and for the period from the beginning of the fiscal year to the
end of such quarter, and such further information as the Trustees may
determine is required pursuant to any law or regulation to which the
Trust is subject.

     (c)  Compliance with Exchange Act.  Notwithstanding anything in
Paragraphs (a) or (b) of this 0 to the contrary, compliance by the
Trust with the reporting requirements of 0 or 15(d) of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), shall be deemed
compliance by the Trust with the preparation and delivery to
shareholders of reports required by this 0.

Section 13.  NOMINATIONS AND SHAREHOLDER BUSINESS.

     (a)  Annual Meetings of Shareholders.

          (1)  Nominations of persons for election to the Board of
Trustees and the proposal of business to be considered by the
shareholders may be made at an annual meeting of shareholders (i)
pursuant to the Trust's notice of meeting, (ii) by or at the direction
of the Trustees or (iii) by any shareholder of the Trust who was a
shareholder of record at the time of giving of notice provided for in
this Section 13(a), who is entitled to vote at the meeting and who has
complied with the notice procedures set forth in this 0(a).

          (2)  For nominations or other business to be properly brought
before an annual meeting by a shareholder pursuant to clause (iii) of
Paragraph (a)(1) of this Section 13, the shareholder must have given
timely notice thereof in writing to the secretary of the Trust.  To be
timely, a shareholder's notice shall be delivered to the secretary at
the principal executive offices of the Trust not less than 60 days nor
more than 90 days prior to the first anniversary of the preceding
year's annual meeting; provided, however, that in the event that the
date of the annual meeting is advanced by more than 30 days or delayed
by more than 60 days from such anniversary date, notice by the
shareholder to be timely must be so delivered not earlier than the 90th
day prior to such annual meeting and not later than the close of
business on the later of the 60th day prior to such annual meeting or
the tenth day following the day on which public announcement of the
date of such meeting is first made.  The shareholder's notice shall set
forth (i) as to each person whom the shareholder proposes to nominate
for election or reelection as a Trustee, all information relating to
such person that is required to be disclosed in solicitations of
proxies for election of Trustees, or is otherwise required, in each
case pursuant to Regulation 14A under the Exchange Act (including such
person's written consent to being named in the proxy statement as a
nominee and to serving as a Trustee if elected); (ii) as to any other
business that the shareholder proposes to bring before the meeting, a
brief description of the business desired to be brought before the
meeting, the reasons for conducting such business at the meeting and
any material interest in such business of the shareholder and of the
beneficial owner, if any, on whose behalf the proposal is made; and
(iii) as to the shareholder giving the notice and the beneficial owner,
if any, on whose behalf the nomination or proposal is made, (x) the
name and address of such shareholder, as they appear on the Trust's
books, and of such beneficial owner and (y) the class and number of
shares of the Trust which are owned beneficially and of record by such
shareholder and such beneficial owner.

          (3)  Notwithstanding anything in the second sentence of
Paragraph (a)(2) of this 0 to the contrary, in the event that the
number of Trustees to be elected to the Board of Trustees is increased
and there is no public announcement naming all of the nominees for
Trustee or specifying the size of the increased Board of Trustees made
by the Trust at least 70 days prior to the first anniversary of the
preceding year's annual meeting, a shareholder's notice required by
this 0(a) shall also be considered timely, but only with respect to
nominees for any new positions created by such increase, if it shall be
delivered to the secretary at the principal executive offices of the
Trust not later than the close of business on the tenth day following
the day on which such public announcement is first made by the Trust.

     (b)  Special Meetings of Shareholders.  Only such business shall
be conducted at a special meeting of shareholders as shall have been
brought before the meeting pursuant to the Trust's notice of meeting.
Nominations of persons for election to the Board of Trustees may be
made at a special meeting of shareholders at which Trustees are to be
elected pursuant to the Trust's notice of meeting (i) by or at the
direction of the Board of Trustees or (ii) provided that the Board of
Trustees has determined that Trustees shall be elected at such special
meeting, by any shareholder of the Trust who is a shareholder of record
at the time of giving of notice provided for in this 0(b), who is
entitled to vote at the meeting and who has complied with the notice
procedures set forth in this 0(b).  In the event the Trust calls a
special meeting of shareholders for the purpose of electing one or more
Trustees to the Board of Trustees, any  such shareholder may nominate a
person or persons (as the case may be) for election to such position as
specified in the Trust's notice of meeting, if the shareholder's notice
required by paragraph (a)(2) of this 0 shall be delivered to the
secretary at the principal executive offices of the Trust not earlier
than the 90th day prior to such special meeting and not later than the
close of business on the later of the 60th day prior to such special
meeting or the tenth day following the day on which public announcement
is first made of the date of the special meeting and of the nominees
proposed by the Trustees to be elected at such meeting.

     (c)  General.

          (1)  Only persons who are nominated in accordance with the
procedures set forth in this Section 13 shall be eligible to serve as
Trustees and only such business shall be conducted at a meeting of
shareholders as shall have been brought before the meeting in
accordance with the procedures set forth in this 0.  The presiding
officer of the meeting shall have the power and duty to determine
whether a nomination or any business proposed to be brought before the
meeting was made in accordance with the procedures set forth in this
Section 13 and, if any proposed nomination or business is not in
compliance with this Section 13 to declare that such defective
nomination or proposal be disregarded.

          (2)  For purposes of this Section 13, "public announcement"
shall mean disclosure in a press release reported by the Dow Jones News
Service, Associated Press or comparable news service or in a document
publicly filed by the Trust with the Securities and Exchange Commission
pursuant to Section 13, 14 or 15(d) of the Exchange Act.

          (3)  Notwithstanding the foregoing provisions of this 0, a
shareholder shall also comply with all applicable requirements of state
law and of the Exchange Act and  the rules and regulations thereunder
with respect to the matters set forth in this Section 13.  Nothing in
this Section 13 shall be deemed to affect any rights of shareholders to
request inclusion of proposals in the Trust's proxy statement pursuant
to Rule 14a-8 under the Exchange Act.

Section 14.  INFORMAL ACTION BY SHAREHOLDERS.  Any action required or
permitted to be taken at a meeting of shareholders may be taken without
a meeting if a consent in writing, setting forth such action, is signed
by each shareholder entitled to vote on the matter and any other
shareholder entitled to notice of a meeting of shareholders (but not to
vote thereat) has waived in writing any right to dissent from such
action, and such consent and waiver are filed with the minutes of
proceedings of the shareholders.

Section 15.  VOTING BY BALLOT.  Voting on any question or in any
election may be via voce unless the presiding officer shall order or
any shareholder shall demand that voting be by ballot.

                             ARTICLE III

                              TRUSTEES

Section 1.  GENERAL POWERS; QUALIFICATIONS.  The business and affairs
of the Trust shall be managed under the direction of its Board of
Trustees.  A Trustee shall be an individual at least 18 years of age
who is not under legal disability.

Section 2.  ANNUAL AND REGULAR MEETINGS.  An annual meeting of the
Trustees shall be held immediately after and at the same place as the
annual meeting of shareholders, no notice other than this Bylaw being
necessary.  The Trustees may provide, by resolution, the time and
place, either within or without the State of Maryland, for the holding
of regular meetings of the Trustees without other notice than such
resolution.

Section 3.  SPECIAL MEETINGS.  Special meetings of the Trustees may be
called by or at the request of the chairman of the board or the
president or by a majority of the Trustees then in office.  The person
or persons authorized to call special meetings of the Trustees may fix
any place, either within or without the State of Maryland, as the place
for holding any special meeting of the Trustees called by them.

Section 4.  NOTICE.  Notice of any special meeting shall be given by
written notice delivered personally, telegraphed, telecopied or mailed
to each Trustee at the Trustee's business or residence address.
Personally delivered, telegraphed or telecopied notices shall be given
at least two days prior to the meeting.  Notice by mail shall be given
at least five days prior to the meeting.  If mailed, the notice shall
be deemed to be given when deposited in the United States mail properly
addressed, with postage thereon prepaid.  If given by telegram, the
notice shall be deemed to be given when the telegram is delivered to
the telegraph company.  If given by telecopy, the notice shall be
deemed to be given upon receipt by the sender of a confirmation of
transmission. Neither the business to be transacted at, nor the purpose
of, any annual, regular or special meeting of the Trustees need be
stated in the notice, unless specifically required by statute or these
Bylaws.

Section 5.  QUORUM.  A majority of the Trustees shall constitute a
quorum for transaction of business at any meeting of the Trustees,
provided that, if less than a majority of the Trustees are present at
the meeting, a majority of the Trustees present may adjourn the meeting
from time to time without further notice.

          The Trustees present at a meeting which has been duly called
and convened may continue to transact business until adjournment,
notwithstanding the withdrawal of enough Trustees to leave less than a
quorum.

Section 6.  VOTING.  The action of the majority of the Trustees present
at a meeting at which a quorum is present shall be the action of the
Trustees, unless the concurrence of a greater proportion is required
for such action by applicable statute or by the Declaration of Trust.

Section 7.  TELEPHONE MEETINGS.  Trustees may participate in a meeting
by means of a conference telephone or similar communications equipment
if all persons participating in the meeting can hear each other at the
same time.  Participation in a meeting by these means shall constitute
presence in person at the meeting.

Section 8.  INFORMAL ACTION BY TRUSTEES.  Any action required or
permitted to be taken at any meeting of the Trustees may be taken
without a meeting, if a consent in writing to such action is signed by
each Trustee and the written consent is filed with the minutes of
proceedings of the Trustees.

Section 9.  VACANCIES.  If for any reason any or all the Trustees cease
to be Trustees, such event shall not terminate the Trust or affect
these Bylaws or the powers of the remaining Trustees hereunder (even if
fewer than three Trustees remain). Any vacancy (other than a vacancy
created by an increase in the number of Trustees) may be filled by a
majority of the remaining Trustees, whether or not sufficient to
constitute a quorum.  Any vacancy created by an increase in the number
of Trustees shall be filled, at any regular meeting or at any special
meeting called for that purpose, by a majority of the Trustees.  Any
individual so elected as Trustee shall hold office for the unexpired
term of the Trustee he is replacing.

Section 10.  COMPENSATION.  Trustees shall not receive any stated
salary for their services as Trustees but, by resolution of the
Trustees, may be paid fixed sums per year and/or per meeting and/or a
fixed number of shares of beneficial interest per year and/or per
meeting.  Expenses of attendance, if any, may be allowed to Trustees
for attendance at each annual, regular or special meeting of the
Trustees or of any committee thereof; but nothing herein contained
shall be construed (i) to preclude any Trustees from serving the Trust
in any other capacity and receiving compensation therefor or (ii) from
participating in any stock option plan.

Section 11.  REMOVAL OF TRUSTEES.  The shareholders may, at any time,
remove any Trustee in the manner provided in the Declaration of Trust.

Section 12.  LOSS OF DEPOSITS.  No Trustee shall be liable for any loss
which may occur by reason of the failure of the bank, trust company,
savings and loan association, or other institution with whom moneys or
shares have been deposited.

Section 13.  SURETY BONDS.  Unless required by law, no Trustee shall be
obligated to give any bond or surety or other security for the
performance of any of his duties.

Section 14.  RELIANCE.  Each Trustee, officer, employee and agent of
the Trust, in the performance of his duties with respect to the Trust,
shall be fully justified and protected with regard to any act or
failure to act in reliance in good faith upon any information, opinion,
report, or statement, including any financial statement or other
financial data, prepared or presented by: (1) an officer or employee of
the Trust whom the Trustee reasonably believes to be reliable and
competent in the matters presented; (ii) a lawyer, certified public
accountant, or other person, as to a matter which the Trustee
reasonably believes to be within the person's professional or expert
competence; or (iii) a committee of the board on which the Trustee does
not serve, as to a matter within its designated authority, if the
Trustee reasonably believes the committee to merit confidence.

Section 15.  CERTAIN RIGHTS OF TRUSTEES, OFFICERS, EMPLOYEES AND
AGENTS.  The Trustees shall have no responsibility to devote their full
time to the affairs of the Trust.  Any Trustee or officer, employee or
agent of the Trust, in a personal capacity or in a capacity as an
affiliate, employee, or agent of any other person, or otherwise, may
have business interests and engage in business activities similar to or
in addition to those of or relating to the Trust.

Section 16.  TRANSACTIONS BETWEEN THE TRUST AND ITS TRUSTEES, OFFICERS,
EMPLOYEES AND AGENTS.  In addition to any procedures contained in the
Declaration of Trust, no agreement or transaction between the Trust and
any Trustee, officer, employee or agent of the Trust, or any other
person, corporation, association, company, trust, partnership (limited
or general) or other organization or entity in which any trustee,
officer, employee or agent of the Trust has a material financial
interest, shall be invalidated or rendered void or voidable solely by
reason of the existence of such relationship if such agreement or
transaction would have been valid if the Trust were a Maryland
corporation under any of the procedures set forth in Section 2-419 of
the Maryland General Corporation Law ("MGCL"), as amended from time to
time.  The Trust and any Trustee, officer, employee or agent of the
Trust shall be entitled to assert any defense and to the benefit of any
provisions, set forth in Section 2-419 of the MGCL, as that Section is
amended from time, including any shifts in the burden of proof, as if
the Trust were a Maryland corporation, the Trustees were directors of a
Maryland corporation and the officers, employees and agents of the
Trust were officers, employees or agents of a Maryland corporation.

                              ARTICLE IV

                              COMMITTEES

Section 1.  NUMBER, TENURE AND QUALIFICATIONS.  The Trustees may
appoint from among its members an Executive Committee, an Audit
Committee, a Compensation Committee, a Nominating Committee and other
committees, composed of one or more Trustees, to serve at the pleasure
of the Trustees.  Each of the Audit Committee and the Compensation
Committee shall consist of at least two Trustees, with the Trustees who
are not executive officers or employees of the Trust constituting a
majority of the members of each such committee.

Section 2.  POWERS; COMMITTEE ACTION.  The Trustees may delegate to
committees appointed under Section 1 of this Article any of the powers
of the Trustees, except as prohibited by law.

Section 3.  TELEPHONE MEETINGS.  Members of a committee of the Trustees
may participate in a meeting by means of a conference telephone or
similar communications equipment if all persons participating in the
meeting can hear each other at the same time.  Participation in a
meeting by these means shall constitute presence in person at the
meeting.

Section 4.  INFORMAL ACTION BY COMMITTEES.  Any action required or
permitted to be taken at any meeting of a committee of the Trustees may
be taken without a meeting, if a consent in writing to such action is
signed by each member of the committee and such written consent is
filed with the minutes of proceedings of such committee.

                               ARTICLE V

                               OFFICERS

Section 1.  GENERAL PROVISIONS.  The officers of the Trust shall
consist of a president, a secretary and a treasurer and may consist of
a chairman of the board, a vice chairman of the board, one or more vice
presidents, one or more assistant treasurers, and one or more assistant
secretaries.  In addition, the Trustees may from time to time appoint
such other officers with such powers and duties as they shall deem
necessary or desirable.  The officers of the Trust shall be elected
annually by the Trustees at the first meeting of the Trustees held
after each annual meeting of shareholders.  If the election of officers
shall not be held at such meeting, the election shall be held as soon
thereafter as may be convenient.  Each officer shall hold office until
the officer's successor is elected and qualifies or until the officer's
death, resignation or removal in the manner hereinafter provided.  Any
two or more offices except president and vice president may be held by
the same person.  In their discretion, the Trustees may leave unfilled
any office except that of president, treasurer, and secretary.
Election of an officer or agent shall not of itself create contract
rights between the Trust and that officer or agent.

Section 2.  REMOVAL AND RESIGNATION.  Any officer or agent of the Trust
may be removed by the Trustees if in their judgment the best interests
of the Trust would be served thereby, but such removal shall be without
prejudice to the contract  rights, if any, of the person so removed.
Any officer of the Trust may resign at any time by giving written
notice of the resignation to the Trustees, the chairman of the board,
the president or the secretary.  Any resignation shall take effect at
any time subsequent to the time specified therein or, if the time when
it shall become effective is not specified therein, immediately upon
its receipt.  The acceptance of a resignation shall not be necessary to
make it effective unless otherwise stated in the resignation.

Section 3.  VACANCIES.  A vacancy in any office may be filled by the
Trustees for the balance of the term.

Section 4.  CHIEF EXECUTIVE OFFICER.  The Board of Trustees may
designate a chief executive officer.  The chief executive officer shall
have responsibility for implementing the policies of the Trust, as
determined by the Board of Trustees, and for administering the Trust's
business and affairs.

Section 5.  CHIEF OPERATING OFFICER.  The Board of Trustees may
designate a chief operating officer.  That officer will have the
responsibility and duties as set forth by the Board of Trustees or the
chief executive officer.

Section 6.  CHIEF FINANCIAL OFFICER.  The Board of Trustees may
designate a chief financial officer.  That officer will have the
responsibility and duties as set forth by the Board of Trustees or the
chief executive officer.

Section 7.  CHAIRMAN AND VICE CHAIRMAN OF THE BOARD.  The chairman of
the board shall preside over the meetings of the Board of Trustees and
of the stockholders.  In the absence of the chairman of the board, the
vice chairman of the board shall preside at those meetings.  The
chairman of the board and the vice chairman of the board shall,
respectively, perform all other duties assigned by the Board of
Trustees.

Section 8.  PRESIDENT.  The president shall in general supervise and
control all of the business and affairs of the Trust.  Unless the
president is not a member of the Board of Trustees, in the absence of
both the chairman and vice chairman of the board, the president shall
preside at all meetings of the Board of Trustees and of the
stockholders.  If a chief executive officer has not been designated by
the Board of Trustees, the president shall be the chief executive
officer.  The president may execute any deed, mortgage, bond, contract
or other instrument which the Board of Trustees has authorized to be
executed, except in cases where execution shall be expressly delegated
by the Board of Trustees or by these bylaws to some other officer or
agent of the Trust or shall be required by law to be otherwise
executed; and in general shall perform all duties incident to the
office of president and any other duties prescribed by the Board of
Trustees from time to time.

Section 9.  VICE PRESIDENTS.  In the absence of the president or in the
event of a vacancy in that office, the vice president (or if there is
more than one vice president, the vice presidents in the order
designated at the time of their election or, in the absence of any
designation, then in the order of their election) shall perform the
duties of the president and when so acting shall have all the powers of
and be subject to all the restrictions upon the president; and shall
perform all other duties assigned from time to time by the president or
by the Board of Trustees.  The Board of Trustees may designate one or
more vice presidents as executive vice president, senior vice
president, or vice president for particular areas of responsibility.

Section 10.  SECRETARY.  The secretary shall (a) keep the minutes of
the proceedings of the stockholders, the Board of Trustees and
committees of the Board of Trustees in one or more books provided for
that purpose; (b) see that all notices are duly given in accordance
with the provisions of these bylaws or as required by law; (c) be
custodian of the Trust's records and of the seal of the Trust; (d) keep
a register of the post office address, telephone number and facsimile
number of each stockholder, which shall be furnished to the secretary
by the stockholder; (e) have general charge of the stock transfer books
of the Trust; and (f) in general perform all other duties assigned from
time to time by the president or by the Board of Trustees.

Section 11.  TREASURER. The treasurer shall have the custody of the
Trust's funds and securities and shall keep full and accurate accounts
of receipts and disbursements in books belonging to the Trust and shall
deposit all moneys and other valuable effects in the name and to the
credit of the Trust in those depositories designated by the Board of
Trustees.  Unless the Board of Trustees provides otherwise, the
treasurer shall be the chief financial officer if the Board of Trustees
designates a chief financial officer position.

          The treasurer shall disburse the funds of the Trust as may be
ordered by the Board of Trustees, taking proper vouchers for the
disbursements, and shall render to the president and Board of Trustees,
at the regular meetings of the Board of Trustees or whenever they may
require it, an account of all transactions as treasurer and of the
financial condition of the Trust.

          If required by the Board of Trustees, the treasurer shall
give the Trust a bond in an amount and with a surety or sureties which
are satisfactory to the Board of Trustees for the faithful performance
of the duties of this office and for the restoration to the Trust, in
case of the treasurer's death, resignation, retirement or removal from
office, of all books, papers, vouchers, moneys and other property of
whatever kind in the treasurer's possession or control belonging to the
Trust.

Section 12.  ASSISTANT SECRETARIES AND ASSISTANT TREASURERS.  The
assistant secretaries and assistant treasurers, in general, shall
perform the duties assigned to them by the secretary or treasurer,
respectively, or by the president or the Board of Trustees.  The
assistant treasurers shall, if required by the Board of Trustees, give
bonds for the faithful performance of their duties in amounts and with
a surety or sureties which are satisfactory to the Board of Trustees.

Section 13.  DELEGATION OF OFFICE.  The Board of Trustees may delegate
the powers or duties of any officer of the Trust to any other person
from time to time.

Section 14.  SALARIES.  The salaries of the officers shall be fixed
from time to time by the Trustees and no officer shall be prevented
from receiving such salary by reason of the fact that that officer is
also a Trustee.

                               ARTICLE VI

                   CONTRACTS, LOANS, CHECKS AND DEPOSITS

Section 1.  CONTRACTS. The Trustees may authorize any officer or agent
to enter into any contract or to execute and deliver any instrument in
the name of and on behalf of the Trust and such authority may be
general or confined to specific instances.  Any agreement, deed,
mortgage, lease or other document executed by one or more of the
Trustees or by an authorized person shall be valid and binding upon the
Trustees and upon the Trust when authorized or ratified by action of
the Trustees.

Section 2.  CHECKS AND DRAFTS.  All checks, drafts or other orders for
the payment of money, notes or other evidences of indebtedness issued
in the name of the Trust shall be signed by such officer or officers,
agent or agents of the Trust and in such manner as shall from time to
time be determined by the Trustees.

Section 3.  DEPOSITS.  All funds of the Trust not otherwise employed
shall be deposited from time to time to the credit of the Trust in such
banks, trust companies or other depositories as the Trustees may
designate.


                              ARTICLE VII

                                SHARES

Section 1.  CERTIFICATES.  Each shareholder shall be entitled to a
certificate or certificates which shall represent and certify the
number of shares of each class of beneficial interests held by the
shareholder in the Trust.  Each certificate shall be signed by the
president or a vice president and countersigned by the secretary or an
assistant secretary or the treasurer or an assistant treasurer and may
be sealed with the seal, if any, of the Trust.  The signatures may be
either manual or facsimile. Certificates shall be consecutively
numbered; and if the Trust shall, from time to time, issue several
classes of shares, each class may have its own series number.  A
certificate is valid and may be issued whether or not an officer who
signed it is still an officer when it is issued so long as that officer
was the proper officer at the time the officer signed the certificate.
Each certificate representing shares which are restricted as to their
transferability or voting powers, which are preferred or limited as to
their dividends or as to their allocable portion of the assets upon
liquidation or which are redeemable at the option of the Trust, shall
have a statement of such restriction, limitation, preference or
redemption provision, or a summary thereof, plainly stated on the
certificate.  In lieu of such statement or summary, the Trust may set
forth upon the face or back of the certificate a statement that the
Trust will furnish to any shareholder, upon request and without charge,
a full statement of such information.

Section 2.  TRANSFERS.  Certificates shall be treated as negotiable and
title thereto and to the shares they represent shall be transferred by
delivery thereof to the same extent as those of a Maryland stock
corporation.  Upon surrender to the Trust or the transfer agent of the
Trust of a share certificate duly endorsed or accompanied by proper
evidence of succession, assignment or authority to transfer,  the Trust
shall issue a new certificate to the person entitled thereto, cancel
the old certificate and record the transaction upon its books.

          The Trust shall be entitled to treat the holder of record of
any share or shares as the holder in fact thereof and, accordingly,
shall not be bound to recognize any equitable or other claim to or
interest in the share or shares on the part of any other person,
whether or not it shall have express or other notice thereof, except as
otherwise provided by the laws of the State of Maryland.

          Notwithstanding the foregoing, transfer of shares of any
class of stock shall be subject in all respects to the provisions of
Article VII of the Declaration of Trust.

Section 3.  LOST CERTIFICATE.  The Trustees may direct a new
certificate to be issued in place of any certificate previously issued
by the Trust alleged to have been lost, stolen or destroyed upon the
making of an affidavit of that fact by the person claiming the
certificate to be lost, stolen or destroyed. When authorizing the
issuance of a new certificate, the Trustees may, in their discretion
and as a condition precedent to the issuance thereof, require the owner
of the lost, stolen or destroyed certificate or his legal
representative to advertise the same in such manner as they shall
require and/or to give bond, with sufficient surety, to the Trust to
indemnify it against any loss or claim which may arise as a result of
the issuance of a new certificate, and to satisfy such other
requirements as may be imposed by the Trust.

Section 4.  CLOSING OF TRANSFER BOOKS OR FIXING OF RECORD DATE.  The
Trustees may set, in advance, a record date for the purpose of
determining shareholders entitled to notice of or to vote at any
meeting of shareholders, or shareholders entitled to receive payment of
any dividend or the allotment of any other rights, or in order to make
a determination of shareholders for any other proper purpose.  The
date, in any case, shall not be prior to the close of business on the
day the record date is fixed and shall be not more than 90 days and, in
the case of a meeting of shareholders not less than ten days, before
the date on which the meeting or particular action requiring the
determination of shareholders is to be held or taken.  Notwithstanding
the establishment by the Trustees of a record date for determining
shareholders entitled to notice of or to vote at any meeting of
shareholders, the Trustees may change the record date to another date
and may vest in one or more officers of the Trust the authority to
change the record date to another date, which other date may be such
other date as the Trustees, or the officer or officers in whom such
authority is vested, shall determine in their sole discretion.

          In lieu of fixing a record date, the Trustees may provide
that the share transfer books shall be closed for a stated period but
not longer than 20 days.  If the share transfer books are closed for
the purpose of determining shareholders entitled to notice of or to
vote at a meeting of shareholders, the books shall be closed for at
least ten days before the date of the meeting.

          If no record date is fixed and the share transfer books are
not closed for the determination of shareholders, (a) the record date
for the determination of shareholders entitled to notice of or to vote
at a meeting of shareholders shall be at the close of business on the
day on which the notice of meeting is mailed or the 30th day before the
meeting, whichever is the closer date to the meeting; and (b) the
record date for the determination of shareholders entitled to receive
payment of a dividend or an allotment of any other rights shall be the
close of business on the day on which the resolution of the Trustees,
declaring the dividend or allotment of rights, is adopted.

          When a determination of shareholders entitled to vote at any
meeting of shareholders has been made as provided in this section, then
if the meeting is convened, such determination shall apply to any
adjournment thereof, except where the determination has been made
through the closing of the transfer books and the stated period of
closing has expired.

Section 5.  SHARE LEDGER.  The Trust shall maintain at its principal
office or at the office of its counsel, accountants or transfer agent,
an original or duplicate share ledger containing the name and address
of each shareholder and the number of shares of each class held by such
shareholder.

Section 6.  FRACTIONAL SHARES; ISSUANCE OF UNITS.  The Trustees may
issue fractional shares or provide for the issuance of scrip, all on
such terms and under such conditions as they may determine.
Notwithstanding any other provision of the Declaration of Trust or
these Bylaws, the Trustees may issue units consisting of different
securities of the Trust.  Any security issued in a unit shall have the
same characteristics as any identical securities issued by the Trust,
except that the Trustees may provide that for a specified period
securities of the Trust issued in such unit may be transferred on the
books of the Trust only in such unit.

                              ARTICLE VIII

                               FISCAL YEAR

     The Trustees shall have the power, from time to time, to fix the
fiscal year of the Trust by a duly adopted resolution.


                               ARTICLE IX

                                DIVIDENDS

Section 1.  DECLARATION.  Dividends upon the shares of the Trust may be
declared by the Trustees, subject to the provisions of law and the
Declaration of Trust.  Dividends may be paid in cash, property or
shares of the Trust, subject to the provisions of law and the
Declaration of Trust.

Section 2.  CONTINGENCIES.  Before payment of any dividends, there may
be set aside out of any funds of the Trust available for dividends such
sum or sums as the Trustees may from time to time, in its absolute
discretion, think proper as a reserve fund for contingencies, for
equalizing dividends, for repairing or maintaining any property of the
Trust or for such other purpose as the Trustees shall determine to be
in the best interest of the Trust, and the Trustees may modify or
abolish any such reserve in the manner in which it was created.

                               ARTICLE X

                   PROHIBITED INVESTMENTS AND ACTIVITIES

     The Trust shall not make any acquisition which the Trustees do not
believe is in the best interests of the Trust, and will not, without
the approval of a majority of the disinterested Trustees even if the
disinterested Trustees constitute less than a quorum, (i) acquire from
or sell to any Trustee, officer or employee of the Trust, any
corporation, partnership, joint venture, trust, employee benefit plan
or other enterprise in which a Trustee, officer or employee of the
Trust owns more than a one percent interest or any affiliate of any of
the foregoing, any of the assets or other property of the Trust, except
for the acquisition of certain properties in connection with the
initial public offering of shares by the Trust, which properties shall
be described in the prospectus relating to such initial public
offering, or (ii) make any loan to or borrow from any of the foregoing
persons.  Each such transaction will be in all respects on such terms
as are, at the time of the transaction and under the circumstances then
prevailing, fair and reasonable to the Trust, and prior to any action
in respect thereof, the nature of the common trusteeship or interest
shall be disclosed or known by the Board of Trustees.  The Trust shall
not engage in any other transaction with any Trustee, officer or
employee of the Trust or any corporation, partnership, joint venture,
trust, employee benefit plan or other organization or entity in which a
Trustee, officer or employee owns more than one percent interest or any
affiliate of any of the foregoing unless the Trust shall have complied
with one or more of the procedures of Section 2-419 of the MGCL as
amended from time to time, as if the Trust were a Maryland corporation
and the Trustees, officers and employees of the Trust were directors,
officers or employees of a Maryland corporation.

                             ARTICLE XI

                                SEAL

Section 1. SEAL.  The Trustees may authorize the adoption of a seal by
the Trust.  The seal shall have inscribed thereon the name of the Trust
and the year of its organization. The Trustees may authorize one or
more duplicate seals and provide for the custody thereof.

Section 2.  AFFIXING SEAL.  Whenever the Trust is required to place its
seal to a document, it shall be sufficient to meet the requirements of
any law, rule or regulation relating to a seal to place the word
"(SEAL)" adjacent to the signature of the person authorized to execute
the document on behalf of the Trust.

                            ARTICLE XII

                          INDEMNIFICATION

     To the maximum extent permitted by Maryland law in effect from
time to time, the Trust, without requiring a preliminary determination
of the ultimate entitlement to indemnification, shall indemnify (a) any
Trustee, officer or shareholder or any former Trustee, officer or
shareholder (including among the foregoing, for all purposes of this
Article XII and without limitation, any individual who, while a
Trustee, officer or shareholder and at the request of the Trust, serves
or has served another corporation, partnership, joint venture, trust,
employee benefit plan or any other enterprise as a director, officer,
partner or trustee of such corporation, partnership, joint venture,
trust, employee benefit plan or other enterprise), who has been
successful, on the merits or otherwise, in the defense of a proceeding
to which he was made a party by reason of such status, against
reasonable expenses incurred by him in connection with the proceeding,
(b) any Trustee or officer or any former Trustee or officer against any
claim or liability to which he may become subject by reason of such
status unless it is established that (i) his act or omission was
committed in bad faith or was the result of active and deliberate
dishonesty, (ii) he actually received an improper personal benefit in
money, property or services, (iii) in the case of a criminal
proceeding, he had reasonable cause  to believe that his act or
omission was unlawful and (c) each shareholder or former shareholder
against any claim or liability to which he may become subject by reason
of his status as a shareholder or former shareholder.

          In addition, the Trust shall pay or reimburse, in advance of
final disposition of a proceeding, reasonable expenses incurred by a
Trustee, officer or shareholder or former Trustee, officer or
shareholder made a party to a proceeding by reason of his status as a
Trustee, officer or shareholder provided that, in the case of a Trustee
or officer, the Trust shall have received (i) a written affirmation by
the Trustee or officer of his good faith belief that he has met the
applicable standard of conduct necessary for indemnification by the
Trust as authorized by these Bylaws and (ii) a written undertaking by
or on his behalf to repay the amount paid or reimbursed by the Trust if
it shall ultimately be determined that the applicable standard of
conduct was not met.  The Trust may, with the approval of its Trustees,
provide such indemnification and payment or reimbursement of expenses
to any Trustee, officer or shareholder or any former Trustee, officer
or shareholder who served a predecessor of the Trust and to any
employee or agent of the Trust or a predecessor of the Trust.

          Neither the amendment nor repeal of this Section, nor the
adoption or amendment of any other provision of the Declaration of
Trust or these Bylaws inconsistent with this Section, shall apply to or
affect in any respect the applicability of this paragraph with respect
to any act or failure to act which occurred prior to that amendment,
repeal or adoption.

          Any indemnification or payment or reimbursement of the
expenses permitted by these Bylaws shall be furnished in accordance
with the procedures provided for indemnification and payment or
reimbursement of expenses under Section 2-418 of the MGCL for directors
of Maryland corporations.  The Trust may provide to Trustees, officers
and shareholders such other and further indemnification or payment or
reimbursement of expenses as may be permitted by the MGCL, as in effect
from time to time, for directors of Maryland corporations.

                              ARTICLE XIII

                            WAIVER OF NOTICE

     Whenever any notice is required to be given pursuant to the
Declaration of Trust or Bylaws or pursuant to applicable law, a waiver
thereof in writing, signed by the person or persons entitled to the
notice, whether before or after the time stated therein, shall be
deemed equivalent to the giving of the notice. Neither the business to
be transacted at nor the purpose of any  meeting need be set forth in
the waiver of notice, unless specifically required by statute.  The
attendance of any person at any meeting shall constitute a waiver of
notice of the meeting, except where the person attends the meeting for
the express purpose of objecting to the transaction of any business on
the ground that the meeting is not lawfully called or convened.


                              ARTICLE XIV

                          AMENDMENT OF BYLAWS

     The Trustees shall have the exclusive power to adopt, alter or
repeal any provision of these Bylaws and to make new Bylaws.


     The foregoing are certified as the First Amended and Restated
Bylaws of the Trust adopted by the Trustees on _________________, 2000.


__________________________________________
James J. Bowes, Secretary