we maintain control of the physical use of the property under lease if we serve as the general contractor for the tenant . rental revenue is recognized subject to management 's evaluation of tenant credit risk . the extended collection period for accrued straight-line rental revenue along with our evaluation of tenant credit risk may result in the non-recognition of all or a portion of straight-line rental revenue until the collection of such revenue is reasonably assured . general contracting and real estate services revenues we recognize revenue on construction contracts using the percentage-of-completion method . using this method , we recognize revenue and an estimated profit as construction contract costs are incurred based on the proportion of incurred costs to total estimated costs under the contract . provisions for estimated losses on uncompleted contracts are recognized immediately in the period in which such losses are determined . changes in job performance , job conditions , and estimated profitability , including those arising from contract penalty provisions and final contract settlements , may result in revisions to costs and income and are recognized in the period in which they are determined . we include profit incentives in revenues when their realization is probable and the amount can be reasonably estimated . general contracting and real estate services revenue is recognized subject to management 's evaluation of customer credit risk . operating property acquisitions in connection with operating property acquisitions , we identify and recognize all assets acquired and liabilities assumed at their estimated fair values as of the acquisition date . the purchase price allocations to tangible assets , such as land , site improvements and buildings and improvements are presented within income producing property in the consolidated balance sheets and depreciated over their estimated useful lives . acquired lease intangibles are presented within other assets and liabilities in the consolidated balance sheets and amortized over their respective lease terms . the company amortizes in-place lease assets as depreciation and amortization expense on a straight-line basis over the remaining term of the related leases . we amortize above-market lease assets as reductions to rental revenues on a straight-line basis over the remaining term of the related leases . we amortize below-market lease liabilities as increases to rental revenues on a straight-line basis over the remaining term of the related leases . we amortize below-market ground lease assets as increases to rental expenses on a straight-line basis over the remaining term of the related leases . prior to october 1 , 2016 , we expensed all costs incurred related to operating property acquisitions . on october 1 , 2016 , we adopted newly issued accounting guidance that allows capitalization of costs related to operating property acquisitions . we value land based on a market approach , looking to recent sales of similar properties , adjusting for differences due to location , the state of entitlement as well as the shape and size of the parcel . improvements to land are valued using a replacement cost approach . the approach applies industry standard replacement costs adjusted for geographic specific considerations and reduced by estimated depreciation . the value of buildings acquired is estimated using the replacement cost 50 approach , assuming the buildings were vacant at acquisition . the replacement cost approach considers the composition of the structures acquired , adjusted for an estimate of depreciation . the estimate of depreciation is made considering industry standard information and depreciation curves for the identified asset classes . the value of acquired lease intangibles considers the estimated cost of leasing the properties as if the acquired buildings were vacant , as well as the value of the current leases relative to market-rate leases . the in-place lease value is determined using an estimated total lease-up time and lost rental revenues during such time . the value of current leases relative to market-rate leases is based on market rents obtained for market comparables . given the significance of unobservable inputs used in the valuation of acquired real estate assets , we classify them as level 3 inputs in the fair value hierarchy . we value debt assumed in connection with operating property acquisitions based on a discounted cash flow analysis of the expected cash flows of the debt . such analysis considers the contractual terms of the debt , including the period to maturity , and uses observable market-based inputs , including interest rate information as of the acquisition date . we also consider credit valuation adjustments for potential nonperformance risk . we classify the inputs used to value debt assumed in connection with operating property acquisitions as level 2 inputs in the fair value hierarchy as they are predominantly observable and market-based . real estate project costs we capitalize direct and certain indirect costs clearly associated with the development , redevelopment , construction , leasing or expansion of our real estate assets . capitalized project costs include direct material , labor , subcontract costs , real estate taxes , insurance , utilities , ground rent , interest on borrowing obligations and salaries and related personnel costs . we capitalize direct and indirect project costs associated with the initial construction or redevelopment of a property up to the time the property is substantially complete and ready for its intended use . we believe the completion of the building shell is the proper basis for determining substantial completion of initial construction . we also capitalize direct and indirect costs , including interest costs , on vacant space during extended lease-up periods after construction of the building shell has been completed if costs are being incurred to prepare the vacant space for its intended use . if costs and activities incurred to prepare the vacant space for its intended use cease , then cost capitalization is also discontinued until such activities are resumed . once necessary work has been completed on a vacant space , project costs are no longer capitalized . story_separator_special_tag multifamily real estate taxes increased because of the reassessment of encore apartments , the cosmopolitan and the delivery of johns hopkins village in august 2016. real estate taxes increased $ 2.0 million during the year ended december 31 , 2015 compared to the year ended december 31 , 2014 . office real estate taxes increased primarily because of the full year operation of 4525 main street . 58 retail real estate taxes increased because of property acquisitions and new real estate placed into service . multifamily real estate taxes increased because of the reassessment of encore apartments . general contracting and real estate services expenses . general contracting and real estate services expenses for the years ended december 31 , 2016 and 2015 decreased $ 12.0 million and increased $ 66.6 million compared to the respective prior years , because of lower volume on our construction contracts , primarily due to the completion of the exelon construction project in 2016. depreciation and amortization . depreciation and amortization for the year ended december 31 , 2016 increased $ 12.2 million compared to the year ended december 31 , 2015 . the increase was attributable to property acquisitions and new real estate placed into service . depreciation and amortization for the year ended december 31 , 2015 increased $ 5.6 million compared to the year ended december 31 , 2014 . the increase was attributable to property acquisitions and new real estate placed into service . general and administrative expenses . general and administrative expenses for the years ended december 31 , 2016 and 2015 increased $ 1.2 million and $ 0.7 million , respectively , compared to the respective prior years , because of higher regulatory and compliance costs as well as higher compensation and benefit costs from increased employee headcount . acquisition , development and other pursuit costs . during the year ended december 31 , 2016 , we recognized $ 1.6 million of costs primarily attributable to our acquisitions of an 11-property retail portfolio , southgate square and southshore shops . we adopted new accounting guidance on october 1 , 2016 which allowed us to capitalize $ 0.7 million in costs related to the acquisitions of renaissance square and columbus village ii . during the year ended december 31 , 2015 , we recognized $ 1.9 million of costs primarily attributable to our acquisitions of perry hall marketplace , stone house square , socastee commons , columbus village , providence plaza and an 11-property retail portfolio . during the year ended december 31 , 2014 , we recognized $ 0.2 million of costs related primarily to our acquisition of dimmock square . impairment charges . impairment charges during the year ended december 31 , 2016 were $ 0.4 million , primarily related to tenants who vacated prior to their lease expiration . impairment charges during the years ended december 31 , 2015 and 2014 were nominal . interest income . interest income is attributable to our investment in the annapolis junction and point street apartments projects through our loans to the respective mezzanine borrowers . as of december 31 , 2016 , we had funded $ 59.5 million through our mezzanine loan program . interest expense . interest expense for the year ended december 31 , 2016 increased $ 3.1 million compared to the year ended december 31 , 2015 because of new real estate placed into service , increased borrowing on our credit facility and additional debt assumed in connection with operating property acquisitions . interest expense for the year ended december 31 , 2015 increased $ 2.7 million compared to the year ended december 31 , 2014 because of new real estate placed into service and additional debt assumed in connection with operating property acquisitions , in addition to rising interest rates . loss on extinguishment of debt . during the year ended december 31 , 2016 , we recognized a $ 0.1 million loss on extinguishment of debt representing the unamortized debt issuance costs associated with our refinancing of the mortgages secured by 249 central park retail , south retail , fountain plaza , 4525 main street and encore apartments . during the year ended december 31 , 2015 , we recognized a $ 0.5 million loss on extinguishment of debt representing the unamortized debt issuance costs associated with our refinancing of the mortgage secured by smith 's landing as well as our repayment of the whetstone apartments and oceaneering construction loans . gain on real estate dispositions and acquisitions . during the year ended december 31 , 2016 , we recognized gains on real estate acquisitions of $ 30.5 million compared to $ 18.4 million for the year ended december 31 , 2015 . the 2016 gains consisted of a $ 26.2 million gain on the sale of richmond tower , $ 3.8 million gain on oyster point and a $ 0.4 million gain on the newport news economic development authority building . during the year ended december 31 , 2015 , we recognized gains on real estate dispositions of $ 18.4 million compared to $ 2.2 million of gains on real estate dispositions for the year ended december 31 , 2014 . during the year ended december 31 , 2015 , we recognized a $ 6.2 million gain on our sale of the sentara williamsburg medical office building , a $ 7.2 million gain on our sale of whetstone apartments and a $ 5.0 million gain on our sale of the oceaneering building . on november 20 , 2014 , we completed the sale of the virginia natural gas office building and recognized a gain on disposition of $ 2.2 million . 59 change in fair value of interest rate derivatives . during the year ended december 31 , 2016 , we recognized losses on changes in fair value of interest rate derivatives of $ 0.9 million , compared to $ 0.2 million for the year ended december 31 , 2015. the increase is

liquidity and capital resources overview we believe our primary short-term liquidity requirements consist of general contractor expenses , operating expenses and other expenditures associated with our properties , including tenant improvements , leasing commissions and leasing incentives , dividend payments to our stockholders required to maintain our reit qualification , debt service , capital expenditures , new real estate development projects and strategic acquisitions . we expect to meet our short-term liquidity requirements through net cash provided by operations , reserves established from existing cash , borrowings under construction loans to fund new real estate development and construction and borrowings available under our credit facility and proceeds from the sale of common stock through our 2016 at-the-market continuous equity offering program ( “ 2016 atm equity offering program ” ) . our long-term liquidity needs consist primarily of funds necessary for the repayment of debt at or prior to maturity , general contracting expenses , property development and acquisitions , tenant improvements and capital improvements . we expect to meet our long-term liquidity requirements with net cash from operations , long-term secured and unsecured indebtedness and the issuance of equity and debt securities . we also may fund property development and acquisitions and capital improvements using our credit facility pending long-term financing . as of december 31 , 2016 , we had unrestricted cash and cash equivalents of $ 21.9 million and restricted cash in escrow of $ 3.3 million available for both current liquidity needs as well as development activities . as of december 31 , 2016 , we had $ 43.0 million available under our credit facility and $ 19.1 million available for future issuance under our 2016 atm equity offering program to meet our short-term liquidity requirements . on february 1 , 2017 , we increased the borrowings under the senior unsecured term loan facility to $ 125.0 million and increased the total capacity of the senior unsecured credit facility to $ 275.0 million , pursuant to the accordion feature of the credit facility .


 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.
     ```liquidity and capital resources overview we believe our primary short-term liquidity requirements consist of general contractor expenses , operating expenses and other expenditures associated with our properties , including tenant improvements , leasing commissions and leasing incentives , dividend payments to our stockholders required to maintain our reit qualification , debt service , capital expenditures , new real estate development projects and strategic acquisitions . we expect to meet our short-term liquidity requirements through net cash provided by operations , reserves established from existing cash , borrowings under construction loans to fund new real estate development and construction and borrowings available under our credit facility and proceeds from the sale of common stock through our 2016 at-the-market continuous equity offering program ( “ 2016 atm equity offering program ” ) . our long-term liquidity needs consist primarily of funds necessary for the repayment of debt at or prior to maturity , general contracting expenses , property development and acquisitions , tenant improvements and capital improvements . we expect to meet our long-term liquidity requirements with net cash from operations , long-term secured and unsecured indebtedness and the issuance of equity and debt securities . we also may fund property development and acquisitions and capital improvements using our credit facility pending long-term financing . as of december 31 , 2016 , we had unrestricted cash and cash equivalents of $ 21.9 million and restricted cash in escrow of $ 3.3 million available for both current liquidity needs as well as development activities . as of december 31 , 2016 , we had $ 43.0 million available under our credit facility and $ 19.1 million available for future issuance under our 2016 atm equity offering program to meet our short-term liquidity requirements . on february 1 , 2017 , we increased the borrowings under the senior unsecured term loan facility to $ 125.0 million and increased the total capacity of the senior unsecured credit facility to $ 275.0 million , pursuant to the accordion feature of the credit facility .
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 Suspicious Activity Report : we maintain control of the physical use of the property under lease if we serve as the general contractor for the tenant . rental revenue is recognized subject to management 's evaluation of tenant credit risk . the extended collection period for accrued straight-line rental revenue along with our evaluation of tenant credit risk may result in the non-recognition of all or a portion of straight-line rental revenue until the collection of such revenue is reasonably assured . general contracting and real estate services revenues we recognize revenue on construction contracts using the percentage-of-completion method . using this method , we recognize revenue and an estimated profit as construction contract costs are incurred based on the proportion of incurred costs to total estimated costs under the contract . provisions for estimated losses on uncompleted contracts are recognized immediately in the period in which such losses are determined . changes in job performance , job conditions , and estimated profitability , including those arising from contract penalty provisions and final contract settlements , may result in revisions to costs and income and are recognized in the period in which they are determined . we include profit incentives in revenues when their realization is probable and the amount can be reasonably estimated . general contracting and real estate services revenue is recognized subject to management 's evaluation of customer credit risk . operating property acquisitions in connection with operating property acquisitions , we identify and recognize all assets acquired and liabilities assumed at their estimated fair values as of the acquisition date . the purchase price allocations to tangible assets , such as land , site improvements and buildings and improvements are presented within income producing property in the consolidated balance sheets and depreciated over their estimated useful lives . acquired lease intangibles are presented within other assets and liabilities in the consolidated balance sheets and amortized over their respective lease terms . the company amortizes in-place lease assets as depreciation and amortization expense on a straight-line basis over the remaining term of the related leases . we amortize above-market lease assets as reductions to rental revenues on a straight-line basis over the remaining term of the related leases . we amortize below-market lease liabilities as increases to rental revenues on a straight-line basis over the remaining term of the related leases . we amortize below-market ground lease assets as increases to rental expenses on a straight-line basis over the remaining term of the related leases . prior to october 1 , 2016 , we expensed all costs incurred related to operating property acquisitions . on october 1 , 2016 , we adopted newly issued accounting guidance that allows capitalization of costs related to operating property acquisitions . we value land based on a market approach , looking to recent sales of similar properties , adjusting for differences due to location , the state of entitlement as well as the shape and size of the parcel . improvements to land are valued using a replacement cost approach . the approach applies industry standard replacement costs adjusted for geographic specific considerations and reduced by estimated depreciation . the value of buildings acquired is estimated using the replacement cost 50 approach , assuming the buildings were vacant at acquisition . the replacement cost approach considers the composition of the structures acquired , adjusted for an estimate of depreciation . the estimate of depreciation is made considering industry standard information and depreciation curves for the identified asset classes . the value of acquired lease intangibles considers the estimated cost of leasing the properties as if the acquired buildings were vacant , as well as the value of the current leases relative to market-rate leases . the in-place lease value is determined using an estimated total lease-up time and lost rental revenues during such time . the value of current leases relative to market-rate leases is based on market rents obtained for market comparables . given the significance of unobservable inputs used in the valuation of acquired real estate assets , we classify them as level 3 inputs in the fair value hierarchy . we value debt assumed in connection with operating property acquisitions based on a discounted cash flow analysis of the expected cash flows of the debt . such analysis considers the contractual terms of the debt , including the period to maturity , and uses observable market-based inputs , including interest rate information as of the acquisition date . we also consider credit valuation adjustments for potential nonperformance risk . we classify the inputs used to value debt assumed in connection with operating property acquisitions as level 2 inputs in the fair value hierarchy as they are predominantly observable and market-based . real estate project costs we capitalize direct and certain indirect costs clearly associated with the development , redevelopment , construction , leasing or expansion of our real estate assets . capitalized project costs include direct material , labor , subcontract costs , real estate taxes , insurance , utilities , ground rent , interest on borrowing obligations and salaries and related personnel costs . we capitalize direct and indirect project costs associated with the initial construction or redevelopment of a property up to the time the property is substantially complete and ready for its intended use . we believe the completion of the building shell is the proper basis for determining substantial completion of initial construction . we also capitalize direct and indirect costs , including interest costs , on vacant space during extended lease-up periods after construction of the building shell has been completed if costs are being incurred to prepare the vacant space for its intended use . if costs and activities incurred to prepare the vacant space for its intended use cease , then cost capitalization is also discontinued until such activities are resumed . once necessary work has been completed on a vacant space , project costs are no longer capitalized . story_separator_special_tag multifamily real estate taxes increased because of the reassessment of encore apartments , the cosmopolitan and the delivery of johns hopkins village in august 2016. real estate taxes increased $ 2.0 million during the year ended december 31 , 2015 compared to the year ended december 31 , 2014 . office real estate taxes increased primarily because of the full year operation of 4525 main street . 58 retail real estate taxes increased because of property acquisitions and new real estate placed into service . multifamily real estate taxes increased because of the reassessment of encore apartments . general contracting and real estate services expenses . general contracting and real estate services expenses for the years ended december 31 , 2016 and 2015 decreased $ 12.0 million and increased $ 66.6 million compared to the respective prior years , because of lower volume on our construction contracts , primarily due to the completion of the exelon construction project in 2016. depreciation and amortization . depreciation and amortization for the year ended december 31 , 2016 increased $ 12.2 million compared to the year ended december 31 , 2015 . the increase was attributable to property acquisitions and new real estate placed into service . depreciation and amortization for the year ended december 31 , 2015 increased $ 5.6 million compared to the year ended december 31 , 2014 . the increase was attributable to property acquisitions and new real estate placed into service . general and administrative expenses . general and administrative expenses for the years ended december 31 , 2016 and 2015 increased $ 1.2 million and $ 0.7 million , respectively , compared to the respective prior years , because of higher regulatory and compliance costs as well as higher compensation and benefit costs from increased employee headcount . acquisition , development and other pursuit costs . during the year ended december 31 , 2016 , we recognized $ 1.6 million of costs primarily attributable to our acquisitions of an 11-property retail portfolio , southgate square and southshore shops . we adopted new accounting guidance on october 1 , 2016 which allowed us to capitalize $ 0.7 million in costs related to the acquisitions of renaissance square and columbus village ii . during the year ended december 31 , 2015 , we recognized $ 1.9 million of costs primarily attributable to our acquisitions of perry hall marketplace , stone house square , socastee commons , columbus village , providence plaza and an 11-property retail portfolio . during the year ended december 31 , 2014 , we recognized $ 0.2 million of costs related primarily to our acquisition of dimmock square . impairment charges . impairment charges during the year ended december 31 , 2016 were $ 0.4 million , primarily related to tenants who vacated prior to their lease expiration . impairment charges during the years ended december 31 , 2015 and 2014 were nominal . interest income . interest income is attributable to our investment in the annapolis junction and point street apartments projects through our loans to the respective mezzanine borrowers . as of december 31 , 2016 , we had funded $ 59.5 million through our mezzanine loan program . interest expense . interest expense for the year ended december 31 , 2016 increased $ 3.1 million compared to the year ended december 31 , 2015 because of new real estate placed into service , increased borrowing on our credit facility and additional debt assumed in connection with operating property acquisitions . interest expense for the year ended december 31 , 2015 increased $ 2.7 million compared to the year ended december 31 , 2014 because of new real estate placed into service and additional debt assumed in connection with operating property acquisitions , in addition to rising interest rates . loss on extinguishment of debt . during the year ended december 31 , 2016 , we recognized a $ 0.1 million loss on extinguishment of debt representing the unamortized debt issuance costs associated with our refinancing of the mortgages secured by 249 central park retail , south retail , fountain plaza , 4525 main street and encore apartments . during the year ended december 31 , 2015 , we recognized a $ 0.5 million loss on extinguishment of debt representing the unamortized debt issuance costs associated with our refinancing of the mortgage secured by smith 's landing as well as our repayment of the whetstone apartments and oceaneering construction loans . gain on real estate dispositions and acquisitions . during the year ended december 31 , 2016 , we recognized gains on real estate acquisitions of $ 30.5 million compared to $ 18.4 million for the year ended december 31 , 2015 . the 2016 gains consisted of a $ 26.2 million gain on the sale of richmond tower , $ 3.8 million gain on oyster point and a $ 0.4 million gain on the newport news economic development authority building . during the year ended december 31 , 2015 , we recognized gains on real estate dispositions of $ 18.4 million compared to $ 2.2 million of gains on real estate dispositions for the year ended december 31 , 2014 . during the year ended december 31 , 2015 , we recognized a $ 6.2 million gain on our sale of the sentara williamsburg medical office building , a $ 7.2 million gain on our sale of whetstone apartments and a $ 5.0 million gain on our sale of the oceaneering building . on november 20 , 2014 , we completed the sale of the virginia natural gas office building and recognized a gain on disposition of $ 2.2 million . 59 change in fair value of interest rate derivatives . during the year ended december 31 , 2016 , we recognized losses on changes in fair value of interest rate derivatives of $ 0.9 million , compared to $ 0.2 million for the year ended december 31 , 2015. the increase is

