Liberty Property Trust (NYSE:LPT) delivered the following letter to the Board of Directors 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 Liberty’s shares. As a result of this substantial discount and the high-quality industrial portfolio the Company possesses, we believe the Board should immediately undertake a robust review of strategic alternatives – particularly in light of the announcements over the past two months of more than $20 billion of industrial assets being bought by Blackstone and Prologis in two separate large portfolio transactions.