UPDATE: Morgan Stanley Initiates Coverage on Select Income REIT

According to a research report published earlier today, Morgan Stanley has initiated Select Income REIT

with an Equal-weight rating and $24 PT. In the report, Morgan Stanley said, "Select Income REIT has a stable NOI base and a high and well covered dividend. Investors may face dilution over time as SIR implements a permanent capital structure, but acquisitions and internal growth can offset dilution. Following SIR's outperformance since IPO, the risk-reward looks balanced." Select Income REIT closed Friday at $23.01.