2315.1 Significance - General Compare the registrant's investment in the property to the registrant's total assets at the latest audited fiscal year end filed with the SEC (except as noted in Section 2320 for individually insignificant acquisitions and Section 2335 for REIT formation transactions). The investment includes any debt secured by the property that is assumed by the purchaser.

2315.2 Significance Implementation - In Existence for Less Than One Year If the company has not completed its first fiscal year, use the most recent audited balance sheet filed with the SEC.

2315.3 Significance Implementation - Form 10-K Filed Subsequent to Acquisition If the acquisition was made after the most recent fiscal year and the registrant files its Form 10-K for that year before the due date of the Form 8-K (including the 71 calendar day extension), the staff has not objected if significance is evaluated relative to the most recently completed fiscal year.

2315.4 Significance Implementation — Using Pro Forma Financial Statements (Last updated: 3/31/2013)

If the acquisition was made after reporting an individually significant acquisition in an Item 2.01 Form 8-K that included historical audited S-X 3-14 financial statements, the registrant may evaluate significance using the registrant's pro forma financial information included in that Form 8-K for the acquisition rather than historical pre-acquisition financial statements. The pro forma effects of any other transaction should be excluded. If the registrant chooses to compute significance using pro forma information, the staff would expect the registrant to consistently apply that methodology for evaluating all subsequent acquisitions for the remainder of the fiscal year.