On July 22, 2019, Land & Buildings Investment Management, LLC announced that it has delivered a letter to the Board of Directors of Liberty Property Trust highlighting the need for the Company to undertake a full review of strategic alternatives given the substantial and persistent discount to net asset value of the Company’s shares. Land & Buildings expressed its view that the Board should undertake a robust review of strategic alternatives given the Company’s substantial and persistent discount to Net Asset Value and estimates the Company’s Net Asset Value to be in excess of $60 per share, representing 25%+ upside to current share price, based on more than $20 billion of recent comparable transactions. In addition, Land & Buildings expressed its views that focusing on other priorities ahead of strategic alternatives, such as CEO succession planning could delay value being realized and would not be in best interest of shareholders.