until the date ( the `` nav pricing date `` ) on which we file our second quarterly financial filing with the sec , pursuant to the securities exchange act of 1934 , as amended ( the `` exchange act `` ) , following the earlier to occur of ( i ) our acquisition of at least $ 1.4 billion in total portfolio assets and ( ii ) april 4 , 2015 , which is two years from the effective date of our ipo , the purchase price per share for shares issued pursuant to the drip are initially equal to $ 23.75 per share , or 95.0 % of the purchase price of shares of common stock in our ipo . thereafter , the per share purchase price pursuant to the drip will vary quarterly and will be equal to our net asset value ( `` nav `` ) divided by the number of shares outstanding as of the end of business on the first day of each fiscal quarter after giving effect to any share purchases or repurchases effected in the prior quarter or per share nav . we were formed to acquire a diversified portfolio of commercial properties comprised primarily of freestanding single-tenant retail properties that are net leased to investment grade and other creditworthy tenants . all such properties may be acquired and operated by us alone or jointly with another party . we may also originate or acquire first mortgage loans secured by real estate . we purchased our first property and commenced active operations on april 29 , 2013 . as of december 31 , 2013 , we owned 239 properties with an aggregate purchase price of $ 1.1 billion , comprised of 7.5 million rentable square feet which were 100.0 % leased with a weighted-average remaining lease term of 12.1 years . substantially all of our business is conducted through american realty capital operating partnership v , l.p. ( the `` op `` ) , a delaware limited partnership . we are the sole general partner and hold substantially all the units of limited partner interests in the op ( `` op units `` ) . american realty capital trust v special limited partner , llc ( the `` special limited partner `` ) , an entity wholly owned by ar capital , llc ( the `` sponsor `` ) , contributed $ 2,020 to the op in exchange for 90 op units , which represents a nominal percentage of the aggregate op ownership . after holding the op units for a period of one year , or upon liquidation of the op or sale of substantially all of the assets of the op , holders of op units have the right to convert op units for the cash value of a corresponding number of shares of the company 's common stock or , at the option of the op , a corresponding number of shares of the company 's common stock , in accordance with the limited partnership agreement of the op . the remaining rights of the limited partner interests are limited , however , and do not include the ability to replace the general partner or to approve the sale , purchase or refinancing of the op 's assets . 47 we have no employees . american realty capital advisors v , llc ( the `` advisor `` ) is our affiliated external advisor , which we have retained to manage our affairs on a day-to-day basis . american realty capital properties v , llc ( the `` property manager `` ) serves as our property manager . realty capital securities , llc ( the `` dealer manager `` ) served as the dealer manager of our ipo . the advisor and the property manager are wholly owned subsidiaries of , and the dealer manager is under common ownership with , the sponsor , as a result of which they are related parties of ours . each has received and or may receive compensation , fees and other expense reimbursements for services related to our ipo and the investment and management of our assets . such entities have received or may receive , as applicable , fees during the offering , acquisition , operational and liquidation stages . significant accounting estimates and critical accounting policies set forth below is a summary of the significant accounting estimates and critical accounting policies that management believes are important to the preparation of our financial statements . certain of our accounting estimates are particularly important for an understanding of our financial position and results of operations and require the application of significant judgment by our management . as a result , these estimates are subject to a degree of uncertainty . these significant accounting estimates and critical accounting policies include : offering and related costs offering and related costs include all expenses incurred in connection with our ipo . offering costs ( other than selling commissions and the dealer manager fee ) include costs that may be paid by the advisor , the dealer manager or their affiliates on our behalf . these costs include but are not limited to ( i ) legal , accounting , printing , mailing , and filing fees ; ( ii ) escrow related fees ; ( iii ) reimbursement of the dealer manager for amounts it may pay to reimburse bona fide diligence expenses of broker-dealers ; and ( iv ) reimbursement to the advisor for the salaries of its employees and other costs in connection with preparing supplemental sales materials and related offering activities . story_separator_special_tag pursuant to certain of our lease agreements , tenants are required to reimburse us for certain property operating expenses , in addition to base rent , whereas under certain other lease agreements , the tenants are directly responsible for all operating costs of the respective properties . property operating expenses property operating expenses were $ 2.8 million for the period from january 22 , 2013 ( date of inception ) to december 31 , 2013 . these costs primarily related to ground lease rent and real estate taxes on our properties . acquisition and transaction related costs acquisition and transaction related costs for the period from january 22 , 2013 ( date of inception ) to december 31 , 2013 were $ 26.9 million . these expenses related to acquisition fees , legal fees and other closing costs associated with our purchase of 239 properties with an aggregate purchase price of $ 1.1 billion . general and administrative expenses general and administrative expenses of $ 2.4 million for the period from january 22 , 2013 ( date of inception ) to december 31 , 2013 primarily included board member compensation , insurance expense , state taxes and professional fees . general and administrative expense includes costs absorbed by our advisor of $ 0.1 million for the period from january 22 , 2013 ( date of inception ) to december 31 , 2013 . depreciation and amortization expense depreciation and amortization expense of $ 14.9 million for the period from january 22 , 2013 ( date of inception ) to december 31 , 2013 related to the properties acquired since we commenced active operations on april 29 , 2013 . the purchase price of acquired properties is allocated to tangible and identifiable intangible assets and depreciated or amortized over their estimated useful lives . interest expense interest expense for the period from january 22 , 2013 ( date of inception ) to december 31 , 2013 of $ 0.5 million related to interest , unused fees and amortization of deferred financing costs associated with our revolving credit facility and mortgage note payable . 51 income from investments income from investments for the period from january 22 , 2013 ( date of inception ) to december 31 , 2013 of $ 2.3 million related to income earned on our investments in redeemable preferred stock and senior notes . other income other income of $ 0.1 million for the period from january 22 , 2013 ( date of inception ) to december 31 , 2013 related to interest earned on our cash and cash equivalents , which was $ 101.2 million as of december 31 , 2013 . we had no other income during the period from january 22 , 2013 ( date of inception ) to december 31 , 2013 . gain on sale of investment securities gain on sale of investment securities of $ 0.1 million for the period from january 22 , 2013 ( date of inception ) to december 31 , 2013 resulted from selling an investment in common stock that we held . story_separator_special_tag style= `` font-family : inherit ; font-size:10pt ; color : # 000000 ; text-decoration : none ; `` > december 31 , 2013 : number of requests number of shares weighted-average price per share cumulative repurchase requests as of december 31 , 2013 ( 1 ) 10 8,082 $ 24.98 _ ( 1 ) includes four unfulfilled repurchase requests consisting of 4,566 shares at a weighted-average repurchase price per share of $ 24.99 , which were approved for repurchase as of december 31 , 2013 and completed during the first quarter of 2014. this liability is included in accounts payable and accrued expenses on our consolidated balance sheet . acquisitions our advisor evaluates potential acquisitions of real estate and real estate related assets and engages in negotiations with sellers and borrowers on our behalf . investors should be aware that after a purchase contract is executed that contains specific terms , the property will not be purchased until the successful completion of due diligence and negotiation of final binding agreements . during this period , we may decide to temporarily invest any unused proceeds from common stock offerings in certain investments that could yield lower returns than the properties . these lower returns may affect our ability to make distributions . 53 funds from operations and modified funds from operations due to certain unique operating characteristics of real estate companies , as discussed below , the national association of real estate investment trusts ( `` nareit `` ) , an industry trade group , has promulgated a measure known as funds from operations ( `` ffo `` ) , which we believe to be an appropriate supplemental measure to reflect the operating performance of a reit . the use of ffo is recommended by the reit industry as a supplemental performance measure . ffo is not equivalent to net income or loss as determined under accounting principles generally accepted in the united states ( `` gaap `` ) . we define ffo , a non-gaap measure , consistent with the standards established by the white paper on ffo approved by the board of governors of nareit , as revised in february 2004 ( the `` white paper `` ) . the white paper defines ffo as net income or loss computed in accordance with gaap , excluding gains or losses from sales of property and asset impairment writedowns , plus depreciation and amortization , and after adjustments for unconsolidated partnerships and joint ventures . adjustments for unconsolidated partnerships and joint ventures are calculated to reflect ffo . our ffo calculation complies with nareit 's policy described above . the historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements , which implies that the value of real estate assets diminishes predictably over time , especially if such assets are not adequately maintained or repaired and renovated as required by

cash flows for the period from january 22 , 2013 ( date of inception ) to december 31 , 2013 during the period from january 22 , 2013 ( date of inception ) to december 31 , 2013 , we had cash flows used in operating activities of $ 13.6 million . the level of cash flows used in or provided by operating activities is affected by the amount of acquisition and transaction related costs incurred , as well as the receipt of scheduled rent payments . cash flows used in operating activities during the period from january 22 , 2013 ( date of inception ) to december 31 , 2013 include $ 26.9 million of acquisition costs . cash flows during the period from january 22 , 2013 ( date of inception ) to december 31 , 2013 included a net loss adjusted for non-cash items of $ 5.6 million ( net loss of $ 20.8 million adjusted for non-cash items , including depreciation and amortization of tangible and intangible real estate assets , share based compensation and gain on sale of investments , of $ 15.2 million ) , an increase in prepaid and other assets of $ 14.5 million , due to rent receivables and unbilled rent receivables recorded in accordance with straight-line basis accounting , prepaid insurance and accrued income for real estate tax reimbursements . these cash outflows were partially offset by an increase of $ 5.2 million in accounts payable and accrued expenses and an increase of $ 1.2 million in deferred rent . the net cash used in investing activities during the period from january 22 , 2013 ( date of inception ) to december 31 , 2013 of $ 1.2 billion related to the acquisition of 239 properties with an aggregate purchase price of $ 1.1 billion , payments for investment securities of $ 116.6 million and deposits for real estate acquisitions of $ 33.0 million . these cash outflows were partially offset by proceeds from investment securities of $ 51.2 million .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```cash flows for the period from january 22 , 2013 ( date of inception ) to december 31 , 2013 during the period from january 22 , 2013 ( date of inception ) to december 31 , 2013 , we had cash flows used in operating activities of $ 13.6 million . the level of cash flows used in or provided by operating activities is affected by the amount of acquisition and transaction related costs incurred , as well as the receipt of scheduled rent payments . cash flows used in operating activities during the period from january 22 , 2013 ( date of inception ) to december 31 , 2013 include $ 26.9 million of acquisition costs . cash flows during the period from january 22 , 2013 ( date of inception ) to december 31 , 2013 included a net loss adjusted for non-cash items of $ 5.6 million ( net loss of $ 20.8 million adjusted for non-cash items , including depreciation and amortization of tangible and intangible real estate assets , share based compensation and gain on sale of investments , of $ 15.2 million ) , an increase in prepaid and other assets of $ 14.5 million , due to rent receivables and unbilled rent receivables recorded in accordance with straight-line basis accounting , prepaid insurance and accrued income for real estate tax reimbursements . these cash outflows were partially offset by an increase of $ 5.2 million in accounts payable and accrued expenses and an increase of $ 1.2 million in deferred rent . the net cash used in investing activities during the period from january 22 , 2013 ( date of inception ) to december 31 , 2013 of $ 1.2 billion related to the acquisition of 239 properties with an aggregate purchase price of $ 1.1 billion , payments for investment securities of $ 116.6 million and deposits for real estate acquisitions of $ 33.0 million . these cash outflows were partially offset by proceeds from investment securities of $ 51.2 million .
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 Suspicious Activity Report : until the date ( the `` nav pricing date `` ) on which we file our second quarterly financial filing with the sec , pursuant to the securities exchange act of 1934 , as amended ( the `` exchange act `` ) , following the earlier to occur of ( i ) our acquisition of at least $ 1.4 billion in total portfolio assets and ( ii ) april 4 , 2015 , which is two years from the effective date of our ipo , the purchase price per share for shares issued pursuant to the drip are initially equal to $ 23.75 per share , or 95.0 % of the purchase price of shares of common stock in our ipo . thereafter , the per share purchase price pursuant to the drip will vary quarterly and will be equal to our net asset value ( `` nav `` ) divided by the number of shares outstanding as of the end of business on the first day of each fiscal quarter after giving effect to any share purchases or repurchases effected in the prior quarter or per share nav . we were formed to acquire a diversified portfolio of commercial properties comprised primarily of freestanding single-tenant retail properties that are net leased to investment grade and other creditworthy tenants . all such properties may be acquired and operated by us alone or jointly with another party . we may also originate or acquire first mortgage loans secured by real estate . we purchased our first property and commenced active operations on april 29 , 2013 . as of december 31 , 2013 , we owned 239 properties with an aggregate purchase price of $ 1.1 billion , comprised of 7.5 million rentable square feet which were 100.0 % leased with a weighted-average remaining lease term of 12.1 years . substantially all of our business is conducted through american realty capital operating partnership v , l.p. ( the `` op `` ) , a delaware limited partnership . we are the sole general partner and hold substantially all the units of limited partner interests in the op ( `` op units `` ) . american realty capital trust v special limited partner , llc ( the `` special limited partner `` ) , an entity wholly owned by ar capital , llc ( the `` sponsor `` ) , contributed $ 2,020 to the op in exchange for 90 op units , which represents a nominal percentage of the aggregate op ownership . after holding the op units for a period of one year , or upon liquidation of the op or sale of substantially all of the assets of the op , holders of op units have the right to convert op units for the cash value of a corresponding number of shares of the company 's common stock or , at the option of the op , a corresponding number of shares of the company 's common stock , in accordance with the limited partnership agreement of the op . the remaining rights of the limited partner interests are limited , however , and do not include the ability to replace the general partner or to approve the sale , purchase or refinancing of the op 's assets . 47 we have no employees . american realty capital advisors v , llc ( the `` advisor `` ) is our affiliated external advisor , which we have retained to manage our affairs on a day-to-day basis . american realty capital properties v , llc ( the `` property manager `` ) serves as our property manager . realty capital securities , llc ( the `` dealer manager `` ) served as the dealer manager of our ipo . the advisor and the property manager are wholly owned subsidiaries of , and the dealer manager is under common ownership with , the sponsor , as a result of which they are related parties of ours . each has received and or may receive compensation , fees and other expense reimbursements for services related to our ipo and the investment and management of our assets . such entities have received or may receive , as applicable , fees during the offering , acquisition , operational and liquidation stages . significant accounting estimates and critical accounting policies set forth below is a summary of the significant accounting estimates and critical accounting policies that management believes are important to the preparation of our financial statements . certain of our accounting estimates are particularly important for an understanding of our financial position and results of operations and require the application of significant judgment by our management . as a result , these estimates are subject to a degree of uncertainty . these significant accounting estimates and critical accounting policies include : offering and related costs offering and related costs include all expenses incurred in connection with our ipo . offering costs ( other than selling commissions and the dealer manager fee ) include costs that may be paid by the advisor , the dealer manager or their affiliates on our behalf . these costs include but are not limited to ( i ) legal , accounting , printing , mailing , and filing fees ; ( ii ) escrow related fees ; ( iii ) reimbursement of the dealer manager for amounts it may pay to reimburse bona fide diligence expenses of broker-dealers ; and ( iv ) reimbursement to the advisor for the salaries of its employees and other costs in connection with preparing supplemental sales materials and related offering activities . story_separator_special_tag pursuant to certain of our lease agreements , tenants are required to reimburse us for certain property operating expenses , in addition to base rent , whereas under certain other lease agreements , the tenants are directly responsible for all operating costs of the respective properties . property operating expenses property operating expenses were $ 2.8 million for the period from january 22 , 2013 ( date of inception ) to december 31 , 2013 . these costs primarily related to ground lease rent and real estate taxes on our properties . acquisition and transaction related costs acquisition and transaction related costs for the period from january 22 , 2013 ( date of inception ) to december 31 , 2013 were $ 26.9 million . these expenses related to acquisition fees , legal fees and other closing costs associated with our purchase of 239 properties with an aggregate purchase price of $ 1.1 billion . general and administrative expenses general and administrative expenses of $ 2.4 million for the period from january 22 , 2013 ( date of inception ) to december 31 , 2013 primarily included board member compensation , insurance expense , state taxes and professional fees . general and administrative expense includes costs absorbed by our advisor of $ 0.1 million for the period from january 22 , 2013 ( date of inception ) to december 31 , 2013 . depreciation and amortization expense depreciation and amortization expense of $ 14.9 million for the period from january 22 , 2013 ( date of inception ) to december 31 , 2013 related to the properties acquired since we commenced active operations on april 29 , 2013 . the purchase price of acquired properties is allocated to tangible and identifiable intangible assets and depreciated or amortized over their estimated useful lives . interest expense interest expense for the period from january 22 , 2013 ( date of inception ) to december 31 , 2013 of $ 0.5 million related to interest , unused fees and amortization of deferred financing costs associated with our revolving credit facility and mortgage note payable . 51 income from investments income from investments for the period from january 22 , 2013 ( date of inception ) to december 31 , 2013 of $ 2.3 million related to income earned on our investments in redeemable preferred stock and senior notes . other income other income of $ 0.1 million for the period from january 22 , 2013 ( date of inception ) to december 31 , 2013 related to interest earned on our cash and cash equivalents , which was $ 101.2 million as of december 31 , 2013 . we had no other income during the period from january 22 , 2013 ( date of inception ) to december 31 , 2013 . gain on sale of investment securities gain on sale of investment securities of $ 0.1 million for the period from january 22 , 2013 ( date of inception ) to december 31 , 2013 resulted from selling an investment in common stock that we held . story_separator_special_tag style= `` font-family : inherit ; font-size:10pt ; color : # 000000 ; text-decoration : none ; `` > december 31 , 2013 : number of requests number of shares weighted-average price per share cumulative repurchase requests as of december 31 , 2013 ( 1 ) 10 8,082 $ 24.98 _ ( 1 ) includes four unfulfilled repurchase requests consisting of 4,566 shares at a weighted-average repurchase price per share of $ 24.99 , which were approved for repurchase as of december 31 , 2013 and completed during the first quarter of 2014. this liability is included in accounts payable and accrued expenses on our consolidated balance sheet . acquisitions our advisor evaluates potential acquisitions of real estate and real estate related assets and engages in negotiations with sellers and borrowers on our behalf . investors should be aware that after a purchase contract is executed that contains specific terms , the property will not be purchased until the successful completion of due diligence and negotiation of final binding agreements . during this period , we may decide to temporarily invest any unused proceeds from common stock offerings in certain investments that could yield lower returns than the properties . these lower returns may affect our ability to make distributions . 53 funds from operations and modified funds from operations due to certain unique operating characteristics of real estate companies , as discussed below , the national association of real estate investment trusts ( `` nareit `` ) , an industry trade group , has promulgated a measure known as funds from operations ( `` ffo `` ) , which we believe to be an appropriate supplemental measure to reflect the operating performance of a reit . the use of ffo is recommended by the reit industry as a supplemental performance measure . ffo is not equivalent to net income or loss as determined under accounting principles generally accepted in the united states ( `` gaap `` ) . we define ffo , a non-gaap measure , consistent with the standards established by the white paper on ffo approved by the board of governors of nareit , as revised in february 2004 ( the `` white paper `` ) . the white paper defines ffo as net income or loss computed in accordance with gaap , excluding gains or losses from sales of property and asset impairment writedowns , plus depreciation and amortization , and after adjustments for unconsolidated partnerships and joint ventures . adjustments for unconsolidated partnerships and joint ventures are calculated to reflect ffo . our ffo calculation complies with nareit 's policy described above . the historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements , which implies that the value of real estate assets diminishes predictably over time , especially if such assets are not adequately maintained or repaired and renovated as required by

