On September 9, 2019, Land & Buildings Investment Management, LLC issued a statement commenting on Liberty Property Trust’s recent decision to issue $404 million of common stock. Land & Buildings stated that the Company’s decision to issue $404 million of stock is disappointing as this offering is below the Company’s net asset value and will dilute existing shareholders. Land & Buildings stated that it has disappointed by the Company’s decision to issue stock at $50.50 per share which is below the Company’s net asset value. In addition, Land & Buildings stated that it was contacted after the equity offering by a credible source that a buyer is interested in buying the Company at $60 per share. Land & Buildings also stated that it intends to continue its dialogue with management and the board in an effort to maximize long-term shareholder value and will utilize any avenues available to continue to advocate for shareholders’ best interests.