The Company notes the Staffs comment and respectfully advises the Staff that all of the Companys acquired businesses since the Companys inception have included existing lease agreements of such acquired businesses, and as a result, the Company did not have to pay for leasing costs and tenant improvements typically associated with the purchase of vacant properties. Since the Companys inception, excluding avoided leasing costs and tenant improvements recognized in connection with the purchase price allocations for acquired businesses, the Company has not paid leasing commissions or tenant improvements in connection with any new lease procurement or lease renewal because all of its original lessees continue to occupy the Companys properties under the original acquired lease agreements. The Company paid $138,587 for improvements made on its rental properties not related to lease procurement or lease renewal. The Company considers such amount nominal to its total assets. As such, the Company has not provided for additional disclosures on this matter in its financial statements.