UPDATE: Morgan Stanley Reiterates On Liberty Property Trust As Strategic Shift Continues With Industrial Acquisition

In a report published Monday, Morgan Stanley analyst Vance H. Edelson reiterated an Overweight rating on Liberty Property Trust LPT, but removed the $42.00 price target. In the report, Morgan Stanley noted, “LPT announced the acquisition of five well located, 100% occupied Class-A multi-tenant industrial buildings in Durham, NC for $44 million. The buildings total more than 705,000 square feet, doubling the company's exposure in the Triangle market which now totals 1.4 million square feet. The purchase price equates to $62 per square foot and a cap rate of 6-7%.” Liberty Property Trust closed on Friday at $37.83.