<SEC-DOCUMENT>0001171520-12-000544.txt : 20120727
<SEC-HEADER>0001171520-12-000544.hdr.sgml : 20120727
<ACCEPTANCE-DATETIME>20120601101151
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001171520-12-000544
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20120601

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FRANKLIN STREET PROPERTIES CORP /MA/
		CENTRAL INDEX KEY:			0001031316
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				042724223
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		401 EDGEWATER PLACE
		STREET 2:		STE 200
		CITY:			WAKEFIELD
		STATE:			MA
		ZIP:			01880
		BUSINESS PHONE:		7815571300

	MAIL ADDRESS:	
		STREET 1:		401 EDGEWATER PLACE
		STREET 2:		STE 200
		CITY:			WAKEFIELD
		STATE:			MA
		ZIP:			01880

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FRANKLIN STREET PARTNERS LP
		DATE OF NAME CHANGE:	20010301
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt/11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><IMG SRC="image_001.jpg" ALT=""></P>

<P STYLE="font: 12pt/11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/11pt Times New Roman, Times, Serif; margin: 0">June 1, 2012</P>

<P STYLE="font: 12pt/11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/11pt Times New Roman, Times, Serif; margin: 0"><B>VIA EDGAR</B></P>

<P STYLE="font: 12pt/11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Division of Corporation Finance</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">100 F Street, N.E.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Washington, D.C. 20549<BR>
Attention: Kevin Woody, Accounting Branch Chief<BR>
Mail Stop 4561</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; font-weight: bold">Re:</TD>
    <TD STYLE="width: 93%; font-weight: bold">Franklin Street Properties Corp.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">Form 10-K for fiscal year ended December 31, 2011</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">Filed on February 21, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">File No. 001-32470</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Dear Mr. Woody:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Franklin Street
Properties Corp. (&ldquo;we&rdquo;, &ldquo;our&rdquo;, &ldquo;its&rdquo; or the &ldquo;Company&rdquo;) has set forth below responses
to the comments to the Company&rsquo;s Form 10-K for the year ended December 31, 2011 (the &ldquo;10-K&rdquo;) provided by you
to Mr. John G. Demeritt in a letter dated May 14, 2012 (the &ldquo;Letter&rdquo;). The responses are keyed to the numbering of
the comments in the Letter and to the headings used in the Letter.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>FORM 10-K FOR THE YEAR ENDED DECEMBER 31,
2011</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Item 1A. Risk Factors, page 7</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We note that approximately 22% of
the properties in your portfolio are leased to banks and credit services. In future Exchange Act reports, please consider including
a risk factor that highlights this particular risk of tenant-type concentration for your investors.</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal"><U>Response
</U></FONT></P>

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company will include
a risk factor in future Exchange Act reports similar to the paragraph below.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">As of December
31, 2011, approximately 22% of our tenants operated in the banks and credit services industry. An economic downturn in this or
any industry that we have a high concentration of or a significant number of our tenants currently or may in the future operate,
could negatively impact the financial condition of such tenants and cause them to fail to make timely rental payments or default
on lease obligations, fail to renew their leases or renew their leases on terms less favorable to us, become bankrupt or insolvent,
or otherwise become unable to satisfy their obligations to us, which could adversely affect our financial condition and result
of operations.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><FONT STYLE="font-variant: small-caps">FSP
Investments LLC &#9642; FSP Property Management LLC</FONT></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">401 Edgewater Place &#9642; Suite 200 &#9642;
Wakefield, MA 01880 &#9642; Telephone: 781 246 4900 &#9642; Fax: 781 246 2807</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">United States Securities and Exchange Commission<BR>
Attn: Kevin Woody, Accounting Branch Chief<BR>
June 1, 2012<BR>
Page <FONT STYLE="font-family: Times New Roman, Times, Serif">2</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Item 2. Properties, page 14</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We note that you disclose the &ldquo;average
annualized rent per leased square feet.&rdquo; In future Exchange Act filings, please include disclosure that clarifies how these
amounts are calculated. To the extent tenant concessions, such as free rent, or tenant reimbursements are not reflected in the
measure, please expand your disclosure to quantify how concessions and reimbursements would impact the calculations. Furthermore,
please also disclose average annualized rent per leased square feet based on rent for the year ended rather than on rent for the
month ended.</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal"><U>Response
</U></FONT></P>

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company respectfully
submits that the method of calculation of average annualized rent was disclosed in footnote (c) on page 18 and notes the Staff&rsquo;s
suggestion that we include tenant concessions and reimbursements in the measure and objection to the Company&rsquo;s use of annualizing
rent for the most recent month and preference for the use of a year-ended approach. The Company will modify its definition and
calculations, where applicable, to include tenant concessions and reimbursements in future Exchange Act filings and base our calculations
on historical average rents for the year ended.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Item 7. Management&rsquo;s Discussion and
Analysis of Financial Condition and Results of Operations, page 24</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Overview</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We note your disclosure regarding
your ATM Sales Program. In future Exchange Act reports, please disclose the amount of shares sold, gross proceeds, net proceeds
or offering expenses/commission and the use of proceeds for sales in the reporting period. In addition, please disclose the amount
still available under the program.</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal"><U>Response
</U></FONT></P>

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company respectfully
submits this disclosure appeared on page 38 in more detail under the heading &ldquo;Equity Securities&rdquo;. The Company will
be specific as to use of proceeds and the amount still available under the program in future Exchange Act reports in that section.
&nbsp;The Company plans to delete the paragraph noted on page 24 under the caption &ldquo;Overview&rdquo; in future filings as
it is redundant with what appears under &ldquo;Equity Securities&rdquo;.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">United States Securities and Exchange Commission<BR>
Attn: Kevin Woody, Accounting Branch Chief<BR>
June 1, 2012<BR>
Page <FONT STYLE="font-family: Times New Roman, Times, Serif">3</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Leasing, page 25</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In future Exchange Act reports, please
expand your disclosure of your leasing activities, including a discussion of the volume of new or renewed leases with average rents
or yields, as applicable. Include the impact of tenant improvement costs and leasing commissions. Provide such disclosure on a
square footage basis.</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal"><U>Response
</U></FONT></P>

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company respectfully
submits that increases in rental revenue for 2011 compared to 2010 was primarily from property acquisitions that was disclosed
in Results of Operations on page 29 under the heading &ldquo;Acquisitions of Real Estate&rdquo; and the headings &ldquo;Revenues&rdquo;
under the tables comparing yearly results. The Company&rsquo;s leased percentage has been a point of interest with investors and
is discussed on page 25, though the changes from increased occupancy were not as significant. The Company will include substantially
the following expanded disclosure about leasing activities for the reporting period in future Exchange Act reports:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">During the six
months ended June 30, 2012, we leased XX square feet of office space with a weighted average term of xx years. On average, tenant
improvements for such leases were $x.xx per square foot, lease commissions were $x.xx per square foot and rent concessions were
x.xx per square foot. GAAP base rents under such leases were x.xx per square foot, or x.x% higher/lower than average rents in the
respective properties as applicable compared to the prior period.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In future Exchange Act reports, please
expand your leasing disclosure to compare new rents on renewed leases to prior rent as applicable.</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal"><U>Response
</U></FONT></P>

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company will expand
disclosure by comparing GAAP base rents on new leasing noted in our response to Comment 4 above under such leases on a per square
foot basis to prior rents or average rents in the respective properties as applicable. This metric will take into account the full
economic value of the leases involved, including abatements and rent escalations.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Results of Operations, page 29</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>6. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We note your disclosure on page 25
regarding historical occupancy and rental-rate levels. In future Exchange Act reports, please include disclosure on average rent
trends, adjusted for leasing incentives.</I></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">United States Securities and Exchange Commission<BR>
Attn: Kevin Woody, Accounting Branch Chief<BR>
June 1, 2012<BR>
Page 4</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal"><U>Response
</U></FONT></P>

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company respectfully
submits that increases in rental revenue for 2011 compared to 2010 was primarily from property acquisitions that was disclosed
in Results of Operations on page 29 under the heading &ldquo;Acquisitions of Real Estate&rdquo; and the headings &ldquo;Revenues&rdquo;
under the tables comparing yearly results. The Company&rsquo;s leased percentage has been a point of interest with investors and
is discussed on page 25, though the changes from increased occupancy were not as significant to results of operations. As noted
in our response to Comments 4 and 5 above, in future Exchange Act filings, the Company will provide comparisons of GAAP base rents
on new leasing to prior rents or average rents in the respective properties. The Company mentioned moderate improvement in rental-rate
levels in the disclosure on page 25, which was based in part on some national real estate reports and other market information
and was disclosed in that sentence as management&rsquo;s belief. The Staff has previously indicated that citing rental rates without
also citing sources is not acceptable. Because the Company&rsquo;s statements regarding rental rates reflect management&rsquo;s
belief based on management&rsquo;s general knowledge of the marketplace, in future filings the Company will compare new leasing
to the prior year, which will reflect actual changes, and no longer comment on rental-rate trends unless their source can be cited.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Non-GAAP Financial Measures, page 35</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>7. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We note that for FFO purposes you
add back acquisition costs of newly acquired properties that are not capitalized. It is not clear how this adjustment is consistent
with the standards established by NAREIT. Please clarify and/or revise future periodic filings to label this measure as &ldquo;Modified&rdquo;
or &ldquo;Adjusted&rdquo; FFO and provide reconciliation between this measure and FFO calculated consistent with the standards
established by NAREIT.</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal"><U>Response
</U></FONT></P>

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company understands
the Staff&rsquo;s position to include more non-GAAP measures in Exchange Act filings, however the Company has used its definition
for some time and submits that a number of peers define FFO differently, which was noted for the reader in the paragraph prior
to the table. &nbsp;The Company has noted in its filings that NAREIT may define this in a different manner and respectfully requests
to reconcile its FFO table to the NAREIT definition through the use of a subtotal with the defined term of NAREIT FFO before the
add back of acquisition costs on newly acquired properties. The Company will also include where NAREIT is discussed that &ldquo;Other
REITs may not define FFO in accordance with the current NAREIT definition or may interpret the current NAREIT definition differently
than we do.&rdquo; The Company believes this approach will more clearly present the difference in future Exchange Act reports.
The presentation of the FFO table would appear as follows:</P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">United States Securities and Exchange Commission<BR>
Attn: Kevin Woody, Accounting Branch Chief<BR>
June 1, 2012<BR>
Page 5</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">Our calculation of FFO is shown
in the following table along with a reconciliation of FFO to the standards for this calculation established by the National Association
of Real Estate Investment Trusts, or NAREIT.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center">For the Year Ended December 31,</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 2.5pt double">(in thousands):</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2.5pt double">2011</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2.5pt double">2010</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2.5pt double">2009</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold">Year ended December 31, 2011:</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 61%; text-align: left">&nbsp;&nbsp;&nbsp;Net income</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">43,524</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">22,093</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">27,872</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;Gain on sale of land</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(21,939</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(424</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;Equity in earnings of non-consolidated REITs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,490</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,190</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,012</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;Distribution from non-consolidated REITs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,056</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,170</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,628</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;Depreciation and amortization</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">48,439</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">40,724</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">39,652</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">NAREIT FFO</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">70,590</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">66,797</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">70,716</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;Acquisition costs</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">620</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">125</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">643</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double">Funds From Operations</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">71,210</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">66,922</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">71,359</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>8. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In future Exchange Act reports, please
include Property NOI. In addition, with respect to Property NOI, provide a definition of how you determine Property NOI. For example,
describe if you include properties not owned in both periods. Please also describe in additional detail the income and expenditures
included in Property NOI, such as ground rent, tenant improvement and leasing commissions, lease termination fees and property
marketing costs.</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal"><U>Response
</U></FONT></P>

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal; font-style: normal; text-underline-style: none">The
Company respectfully submits the chief decision maker generally does not use NOI as a key performance measure to manage its business.
Because some investors request this information, we do include it (including the related definitions) in our Supplemental Operating
and Financial Data, which we file with the Commission on Form 8-K.</FONT></P>

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal; font-style: normal; text-underline-style: none">For
us, &ldquo;net operating income&rdquo; and &ldquo;same store NOI&rdquo; are of limited utility in making management decisions since
they (i) combine the results of our properties, which are geographically diversified and could be misleading when viewed in the
aggregate and (ii) combine the results of our properties and all categories of revenue and expense, so that individual results
and responsibility may be disguised. Thus, a report that our combined NOI or same store NOI is up or down does not provide a complete
understanding of whether and how to make changes at one or more properties. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We do recognize that many
investors consider these metrics, and accordingly we prepare them to facilitate discussions for investor relations purposes and
include them in our Supplemental Operating and Financial Data (along with the definitions we use in calculating them). &nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">United States Securities and Exchange Commission<BR>
Attn: Kevin Woody, Accounting Branch Chief<BR>
June 1, 2012<BR>
Page 6</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Liquidity and Capital Resources, page 36</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>9. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please tell us if management uses
any metrics to evaluate dividend coverage.</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal"><U>Response
</U></FONT></P>

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Management has disclosed
it believes FFO is the most accurate measure of activity and is the basis for distributions paid to equity holders. The Company
has also disclosed that FFO should not be considered as an alternative to GAAP measures or as a measure of liquidity. The Company
also considers taxable income in determining distributions, including capital gains, which were significant for 2011, and cash
flow from operating activities as metrics to evaluate dividend coverage. The Company notes that dividend coverage is a subject
that analysts and investors occasionally ask about and the Company generally will address this by discussing the percentage of
the dividend over FFO for the period reported, which appears to be industry practice.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Loans to Sponsored REITs, page 39</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>10. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In future Exchange Act reports,
please expand your disclosure regarding your financing business to more fully describe such assets. For example, please also disclose
the credit quality of the assets, the collateral type and the geographic diversification of collateral of your loan portfolio.</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal"><U>Response
</U></FONT></P>

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company will update
its loan table to include in the table provided on page 40 the geographic location for each loan in the portfolio and will clarify
the collateral type in future Exchange Act reports. &nbsp;The Company notes that the collateral type was disclosed on page 39 under
the heading Sponsored REIT Loans, however the added disclosure to the table will clarify this for the reader. The Company will
add disclosure for significant loans relating to tenant credit quality or other aspects considered.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Financial Statements and Notes</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Note 2 &ndash; Significant Accounting Policies</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Real Estate and Depreciation, page F-12</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>11. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We note your disclosure on page
40 where you indicate that for properties located in Southfield Michigan, Englewood, Colorado and Federal Way, Washington, expenses
for these properties exceeded rental income. In addition, we note that the occupancy for these three properties were 39%, 49%,
and 47%, respectively. Please clarify whether these properties were evaluated for impairment and the results of such assessment.
Your response should address the factors considered by management in determining no impairment existed or why no impairment evaluation
was required for these three properties.</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">United States Securities and Exchange Commission<BR>
Attn: Kevin Woody, Accounting Branch Chief<BR>
June 1, 2012<BR>
Page 7</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal"><U>Response
</U></FONT></P>

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">At December 31,
2011 and 2010, we considered both the current occupancy levels and our ability to lease the vacant space as described in the Company&rsquo;s
critical accounting policies. In consideration of the occupancy level and economic factors noted in the 10-K, we performed an impairment
analysis and confirmed that the sum of undiscounted expected future cash flows based on management&rsquo;s expectations regarding
time to re-lease, rental rates and cost to re-lease the vacancy and net proceeds from sale at the end of management&rsquo;s expected
hold period exceeded the carrying value of the properties in each analysis.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We believe that
it is important to note that the Company has the ability to hold the properties over the ten-year hold period management used in
these analyses and that there is no property specific debt on any of the Company&rsquo;s properties. Because the Company has no
property specific debt, there is not a debt maturity factor that could affect hold periods that other companies might need to consider
in such an analysis. The Company notes that management&rsquo;s view of the hold period of these assets is reviewed from time-to-time.
For example, the Company may pursue a sale of one or more of these properties or other properties in its portfolio. Should management
make a definitive change to its expected hold period of an asset, that change will be reflected in the undiscounted expected future
cash flows used in evaluating potential impairment losses.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We considered these facts
in estimating our hold period and evaluated market conditions and determined that an impairment charge was not appropriate at each
reporting date that is the subject of the Letter.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Acquired Unfavorable Real Estate Leases
and Amortization, page F-13</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>12. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please tell us how you considered
any fixed rate renewal options into the calculation of the fair value of the below market lease intangibles and the period over
which your below market lease intangibles are amortized. Your response should also discuss how you determine the likelihood that
a lessee will execute a below-market lease renewal, and how you consider the likelihood, if at all, in determining the amortization
period.</I></P>

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">United States Securities and Exchange Commission<BR>
Attn: Kevin Woody, Accounting Branch Chief<BR>
June 1, 2012<BR>
Page 8</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal"><U>Response
</U></FONT></P>

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">None
of the leases represented in the acquired unfavorable real estate leases had fixed rate renewal options or an option to renew at
a rate less than market. When presented with a lease that has a fixed rate renewal option or an option to renew at a rate less
than market, we determine if the renewal rate is significantly below market. We evaluate leases with renewal options at 90% of
market and believe that a renewal rate at 85% or less of market is significantly below market. If not presented with specific credible
information that the tenant is unlikely to renew, we value the lease including the below market renewal option and the amortization
period reflects the renewal option period. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">The
Company hereby acknowledges that:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.4in"><FONT STYLE="font-size: 12pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">it is responsible for the adequacy and accuracy of the disclosure
in the filings;</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.4in"><FONT STYLE="font-size: 12pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Staff comments or changes to disclosures in response to Staff comments
do not foreclose the Commission from taking any action with respect to the filings; and</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.4in"><FONT STYLE="font-size: 12pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">the Company may not assert Staff comments as a defense in any proceeding
initiated by the Commission or any person under the federal securities laws of the United States.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Please feel free
to call me at (781) 557-1341 with any questions or comments concerning these responses.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify">Very truly yours,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><I>/s/ John G. Demeritt </I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">John G. Demeritt</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Chief Financial Officer</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; font-size: 12pt">cc:</TD>
    <TD STYLE="width: 93%; font-size: 12pt">Scott H. Carter, Esq., General Counsel, Franklin Street Properties Corp.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">Kenneth A. Hoxsie, Esq., WilmerHale</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">David A. McKay, Partner, Ernst &amp; Young LLP</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!PD'!@H)"`D+"PH,#QD0#PX.
M#QX6%Q(9)"`F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$!`)C!&2T4^2CD_0#W_
MVP!#`0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P``1"`!9`'X#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BO,M&T*
MQNK6:]N+.&XN)+J9%,V2HQ(V6;UP,`"M-M`TH6GFM:Z9&P(#;[7*G.<8(Y'3
MN*U]D^YE[5'=45Y]_8^G9Y@T''KY7_UJ\U\4Z5;V'A2]O[=G%TNO26JRI(X7
MR=FX*%S@#/MFIG3<=RHU%+8^BZ*\OT'X/Z5<:19W5]J6K233PI(ZK.%4$J"0
M.,]_6M,_!WP\1_Q\:J/?[6?\*@L[VBO./`_A;2;73=:@UBUAG;3M0FB\^Y&Y
MO*"JRDD]MIS63_9-OXN\0'3M,T^VL;>)%GF81X,,;<IOP06D8?,$R%4==QX`
M!Z[17%CX5>'FA"3"\D<#[_VED/Y+@?I7)ZO\-K;PWXFT&Y@O+NZT^ZOTMYK>
MY;<!N!(Y&,C@]10![!17+W?PW\,7A);3?+8]X9Y(_P!%8"O%?%FCPZ/X8MKF
MV>X6Z.IW=J[F=SE(W(48SCM0!])45X=:^!K%(HVDN[^1RH)W3<9QZ8IL_A6V
M$\4"S-9S3-LM[L,S0F0_=CFC8G`8\!E.,]16LJ,HJ[,HUHR=D>YT5X+HTUK=
MRW^EZKID-KJ]DKB1!G#8XR.?I^>17L_AHD^%M))))-E#DGO\@J90Y4G?<J,K
MMJVQQF@7ZVUG+#,&\MKB9@RC)4^:XZ=P?Z"M*^83Z?%]C62032$N?+P?EX`P
M,X'S&N?L/^/9O^N\W_HUZZJUOK@V-A;VZPHSK)RP./E[X!ZFNRUDFOZT.2]V
MT_ZU,?\`LZ](S]DGQ_US-<-XZB:'P'>(ZE6_X2(DAA@\VX->GQW5[,MB5D@W
M7988:$87!KS;XB3O<^"+N63&YO$'..G_`![@5E7DW'4UHI*6A[9IZ"/3;5!T
M6)!^@JS7#Z9\3]#DL(%,>I;UC4-BQD;G'J`:S?&'Q.TV3PY>6NG+?K=W"B%&
MDM7C5=Q`))8#'!-<ITG2^+[*.U\+ZY<PA@URBO<8/55"JQ_[X!_*N5\&:Q%H
M_P`3_$^CZBPCFU&Y%Q:NQXD!R54'_=88^A%>F21)-$\4J*\;J596&00>H->4
M^,/!5OY,-KJ<SV\-O\FFZP,GR%S\L%Q_L@\*_P">#U`/6:JW^GPZC'"DX/[F
M>.=".H9&##^6/QKRG2?B'KO@B\BTGQU;236Y'[G4(_F++V.>CC_Q[US7J^GZ
MA::K91WEA<1W%O*,I)&<@_Y]*`+->#?$J+&AP1@==>O?U?/]:]YKPOXF?\@N
MV_[#UW_Z$*`.IQCCTXJOJ-JM[IMS;OP)(V`/H<<'Z@X/X59;[QJGJ,K^0;6V
M*F\N$98@3@(,<R,>R*.23Z>IKU)-)79YD4V]#F?$TC2>.?#FJKQ/JFEQ2W&!
M]YBC*Q_(#\J]H\,_\BKI'_7E#_Z`*\B6WCUKQ$VJ6^XZ5I=D+#3W88,P12"X
M'IDM^8KUWPS_`,BKI'_7E#_Z`*\Z2:BKGH1:<G8\_P!/_P"/9O\`KO-_Z->N
MDT_B32Q_TSG/_H5<WI__`![-_P!=YO\`T:]=)8\7&EC_`*82G]7KM?P+^NAQ
MKXW_`%U'V/\`S`?]Z3^=>9>/#GP%=?\`8PG_`-)Q7IMC_P`P'_>D_G7EWC5]
M_@"]/IXD<?E#BL*VW]=V;T=_Z[(]WL1ML+<>D2C]!5'Q1H_]O^&[[3<@-/'\
MA/0,"&7]0*MZ7)YNDV<@Z/`C?FHJU7,=`E))&DL;1R*KHP*LK#((/8BL_6-7
M32#8-(H*75VEJ3G[I<$*?^^L#\:TJ`.,UGPB+;3Y8;*U74-(;F72)C]S_:MV
M/*,.RYQZ;:X'2KF3X:^)+"ZT^[DNO"FLOMQ)P8FS@AAV=#U]0".HX]QKQ[XB
MVR75AJ>GV@5FNM=@2V1?^>S0KYF/Q(S[DT`>PUX7\2^=+MO^P]=_^A"O<HUV
M1JN<[0!GUKP7XC3;_#MO*.G]O7Q'X2'_``H`Z:ZL9IW8IJ-U`"<XC"?S*YJ!
M="MF#+<R37*.0721L*Y'3<!C=]&R*TLY`/J,T5ZCBGN>8I-;$<P"VDBJ``(V
M``&`!BN[\,_\BKI'_7E#_P"@"N%N/^/:;_KFW\J[KPS_`,BKI'_7E#_Z`*YL
M5T.G#=3S^"*\M5DADTK5"RSRG*6;L"#(Q!!`Y&"*V+;4'CN+%FTO5PL,#(_^
M@2<$[O;W%7]`DU?5+[5DN=8F2.SN1!&J0Q#(V*Q))4]VIWBB[U?1O",EY#?_
M`.F0!LR>4A5Q\VTD8Z_=Z5E[:5K&OL8WN8_]N3V::9L\/Z].UJ7+B.Q8=3Q@
ML17`ZQINOZEX2GTM/#6L+<2ZQ)J&YK<[`C*5`SUW?ABO7M4U&^\/W=C)-<B[
ML[B9+>17C574NP4,"H&>2,C'3-='42FY;EQ@H['#^'?%]Q:Z-8V=_P"&?$,4
MT%O'$[BR+H2J@$C!SCCTKMD??&K@,-P!PPP1]17,:?XCNIO%\EM<`#3;H/'8
MG`Y>+[QSW#?/C/\`SS]ZUO$!NHM%NKBRNFMYH(FE4A58-M&<$$'@XQQZU!1B
M?$W3M0U/P>\6D0O->QW$4L2IURK`Y_"J5EXY\111`:QX)U-9`.6LRLH/X9X_
M,UK>'==NVN1I6N[4U`KYD$@`"W"=>,<;ESR!U'([@7I6N_\`A*((%O)%M7M9
M)6BVI]Y70#G&<88T`8=UXKUV^C\G2O#>I6\CC_6W$:J5^@8A<^Y./8]*3PUX
M+G@U"#5=<9&N+8,+2U1S(EN7.7D9R`7E8DDM@#T[8N-?WT/C9[*?4673TLGN
M6W)&,8:,<MMZ?,U7K%]0U+4&O1<2V^F;<0P-&N^8_P!\Y&57T'4]3CI0!#?^
M+DLI7C31==NF0D?N+%B#CT)P"/>O'O$6F:]K/ABTL(_#FL+=1W]S=2%K8[=L
MC9`!]>:]<\6WFHZ?)IK6%X\0N;R*WD7RT8;6=5.,CK@FNC52J!2[,0/O'&30
M!Y197-^\$:3Z!K<+J@#;K-B,@<\BK6^Y_P"@3J__`(`R?X5U,%WJ)\>2Z:]\
M[6269G"^6F=VY0!G;TY:JVK:CKNDZ^YMI&O[&&))Y;<H@<HQ92JD`9(V[AGK
MT/4$="Q,S#ZO`YR8W302*-)U;)0@?Z#)Z?2O0?#T,EOX;TR&9&CECM(E=&&"
MI"`$&GI>1:KHXN]-NOW<L9>*5`#^A'KU!';%-T&2>?0K&>[G::>:".21BH`W
M%03@`#C-9U*CGN7"FH;'-^'-/CU'4?$C?:KN+-]MQ#.R`?NH^<#O[U/X\B%K
M\/[FWWD[(1&&/4X4\_I5S2[;3=+N9)=-M[YOM3DNX9G21E^7/)]!UXZ4E^-,
M\36LL-W;7TENCO%(GS(NX`[@<$9XR*S-#-UZWN-&UBRUC4;F74=,@?YTE51]
ME/\`SV`4`';U.0>,D<CGHM;O9+?1Y'LRK7,^(K;YN&D?A3GT&<_0&F65W8ZE
M9I;CSI$FA$JK.#F2,]\GKU'N,BLVTMM(%E;O;Q:@MMI[2&#YWVQE0RL`">PW
M`9[<"@"IKVGZBNA6PM-/ABDTPI+`PN=Q!3H,;1G.,'V)K9O=0@U3P9=7ULV8
M9[%Y%)[`H3S[T^2]@U*R1/(OC%/'N!12I9"/7/'7Z\U1T?3])N]%-E8PWR:=
M=+(VUW<*P8G>,DY&22<<=Z`+>IZ'#K>CP1LS13QJKP3H</$X'#`]C_GID5E:
M%JMW>>*$L]4A,>H6EE*LKJN(Y@7CPZ^F<'*]CZC!.O;ZI962RVV;A4M9%A=Y
M06"$@;1N/;D<^])!>Z;<:H+D))'<Y>S$CJ5!(()7TSQQ]#B@#GM:T>U\0^/7
ML;LN8_[-D.U7*@G?%C..N,Y^N#U`K6\.ZO/'<OH6L29U&W&8I6X^U1C^+_>&
M1N'T/0\+]CTI-4EU6,7CSQ!HI+E'=E4<;EQG!'RKG`.-M-U6TT?4M5MY+F.Z
MFN4B^TP20.X"JI^\I4_[7XY/:@"/QHX#Z(IZG4[<_P#D5/\`&NEDE2%-TC!5
MR%R?4G`'YD5S5_;:-X@ECBN$OKH111W"-')(H"DY5@5(YRN?7BG16VDM=HLD
MFI.;:Y$:^?<S-&)@`5'+$$\C&>,^]`#('!^*%PO<:9_[.O\`C6FF&\6W"G!_
MT&/(_P"!R5GQP:9#X@%TMMJ7]I20,^XLY+1@KD8SCKMXJ5[C3;:^OM4<7HGM
M41)VRQ&P_,HVYP1\Q/`[T`4-2@F\(75QJ%E&\NDW.6O+9!DQL1_K4'KZCN.>
MH^;?\/$'PWIA'0VD7_H`I;B^@EC-O-;S,TH(\DIRXQR1SC'/K5BQCBBL+>.!
M&2)(E5%?.Y5`X!SSF@#,TVU>#4S-:)/!:3HSSV\H^5)"0<H.Q/S9QP>M+I"3
M0V6I&6WE1GNII$4KRZD\$?6MJB@#F-%LKS3SID\T4TJ-:+;R(X&ZU8`$X`_A
M)&#U.0O:BPCGBTV[1[:_$SM<D1L/DPS,5/X\?F:Z>B@#'T`-!IT,<D5ZKI;Q
MAQ,.`0,$+[_3VI_AF*6#P]:17$3PRHI#(XY')K5HH`P[2Q-UJ.J_:H9E@>Y1
MT5AA90J(,^N,KT]JH16-ZDKWP@G=8=0DE-JX`WHW`=?]H#D`GU[XKJZ*`,72
MUGTG2_L36LLTD3/Y94#$H+$@D]NO.?>J>G:3<65]86S^=LBL)(WGC'RAV=6V
M@GZ''TKIJ*`.<^S&TUV7RK:]2VCM88HC`/E8JSDK^HZ^IJ!["]:XO+N.&9A%
MJ`N%M7P%G0(@R/\`:!!(R<9`KJJ*`,DK*_BBWF$$OD_8W0R%>`Q="`??`-9N
MJ6]U-:^(4CM)V,X18<+_`*SY0#BNHHH`P+NWCO8]ABU-)8R9(+G!#QOC&![>
BQX/-;-GY_P!CA^U[?M&Q?,V]-V.<?C4U,3[\GU'\J`/_V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
