capital expenditures ( excluding timberland acquisitions ) for 2016 are expected to be between $ 3.5 million and $ 4.5 million . we will continue our deliberate growth strategy for new acquisitions , focusing at present in the u.s. south , by targeting : markets that demonstrate favorable long-term demand and allow for superior merchandizing to mill customers ; timberland properties with superior productivity characteristics from soil attributes and forest genetics which can provide durable harvest revenue and sustain long-term growth ; and properties with trees at the right age classes to complement existing holdings and support sustainable harvest volumes . we believe that we have access to adequate capital resources to achieve our growth targets for 2016 with the credit facilities available under the 2014 amended credit agreement ( see liquidity and capital resources for details ) . general economic conditions and timber market factors impacting our business our operating results are influenced by a variety of factors , including timber prices ; the demand for pulp and paper products , lumber , panel , and other wood-related products ; the supply of timber ; and competition . timber prices can experience significant variations and have been historically volatile . the demand for timber and wood products is 33 affected primarily by the level of new residential construction activity , repair and remodeling activity , the supply of manufactured timber products including imports , and , to a lesser extent , other commercial and industrial uses . the demand for timber also is affected by the demand for wood chips in the pulp and paper markets and for hardwood in the furniture and other hardwood industries . the u.s. economy as well as the housing market continued to recover in 2015. according to the u.s. bureau of economic analysis , the real gross domestic product increased by 2.4 % in 2015 , which is comparable to the increase of 2.4 % in 2014. the u.s. census bureau estimated that 1.1 million housing units were started in 2015 as compared to 1.0 million housing units in 2014 , up by 10.8 % . the continued recovery of the housing market helped strengthen our product mix and our net timber pricing . in the markets in which we operate , average timber prices continued the upward trend and all categories increased in 2015 as compared to 2014 , with the exception of hardwood pulpwood pricing . hardwood pulpwood pricing returned to near-normal pricing in 2015 , primarily due to above average pricing realized in 2014 as a result of unusually wet weather at the beginning of 2014. pine pulpwood prices increased and are near the highest level in a decade primarily as a result of unusually wet weather . upturns in housing starts and housing completions drove up lumber production in the region which contributed to higher sawlog prices . for 2016 , we anticipate pulpwood and sawtimber prices to remain steady . 34 index to consolidated financial statements liquidity and capital resources overview cash flows generated from our operations are primarily used to fund recurring expenditures and distributions to our stockholders . we maintained a quarterly stockholder distribution rate of $ 0.50 per share throughout 2015 , totaling $ 19.6 million . during the same period , we generated net cash from operations of $ 28.5 million . the amount of distributions to common stockholders is determined by our board of directors and is dependent upon a number of factors , including funds deemed available for distribution based principally on our current and future projected operating cash flows , reduced by capital requirements necessary to maintain our existing timberland portfolio . in determining the amount of distributions to common stockholders , we also consider our financial condition , our expectations of future sources of liquidity , current and future economic conditions , market demand for timber and timberlands , and tax conditions , including the annual distribution requirements necessary to maintain our status as a reit under the code . in determining how to allocate cash resources in the future , we will initially consider the source of the cash . we anticipate using a portion of cash generated from operations , after payments of periodic operating expenses and interest expense , to fund certain capital expenditures required for our timberlands . any remaining cash generated from operations may be used to partially fund timberland acquisitions and pay distributions to stockholders . therefore , to the extent that cash flows from operations are lower , timberland acquisitions and stockholder distributions are anticipated to be lower as well . capital expenditures , including new timberland acquisitions , are generally funded with cash from operations or existing debt availability ; however , proceeds from future debt financings and equity offerings may be used to fund capital expenditures , acquire new timberland properties and pay down existing and future borrowings . short-term liquidity and capital resources for the year ended december 31 , 2015 , net cash provided by operating activities was $ 28.5 million , a $ 8.6 million increase from the year ended december 31 , 2014 , primarily driven by a $ 9.6 million increase in net cash receipts from timber sales as a result of an increase in harvest volume due to recent acquisitions and a $ 0.8 million increase in net cash receipts from timberland sales due to an increase in the number of acres sold , offset by an approximately $ 1.5 million increase in cash paid for interest and increases in general and administrative expenses , other operating expenses , and forestry management expenses due to the growth of our business . for the year ended december 31 , 2015 , we used $ 75.8 million ( including transaction costs ) to acquire approximately 42,900 acres of timberland properties with proceeds from borrowings under our credit facilities and cash on-hand . story_separator_special_tag 41 index to consolidated financial statements interest expense . interest expense decreased to $ 2.6 million for the year ended december 31 , 2014 from $ 4.7 million for the year ended december 31 , 2013 , primarily due to more favorable interest rates , a lower average outstanding debt balance , and a decrease in non-cash interest expense , offset by an increase in unused commitment fees to lenders . our cash paid for interest , without consideration for unused commitment fees , decreased by $ 1.7 million due to a lower outstanding debt balance and more favorable interest rate during the fiscal year 2014. our non-cash interest expense decreased by $ 0.6 million due to a lower amount of non-recurring write-off of deferred financing costs . these decreases were offset by a $ 0.4 million increase in unused commitment fees charged by our lenders . net income . we generated $ 0.7 million of net income for the year ended december 31 , 2014 as compared to a net loss of $ 13.2 million for the year ended december 31 , 2013 due to a $ 11.7 million increase in our operating income , a $ 2.1 million decrease in our interest expense , and a $ 0.2 million increase in interest income . we generated operating income of $ 3.1 million for the year ended december 31 , 2014 , which is an improvement of $ 11.7 million over the year ended december 31 , 2013 , due to a $ 3.9 million increase in timber sales revenue net of contract logging and hauling and depletion expense , a $ 4.3 million increase in net revenue generated from timberland sales , coupled with a $ 4.0 million decrease in general and administrative expenses . we generated net income for the year ended 2014 primarily as a result of generating operating income of $ 3.1 million , receiving interest income of $ 0.2 million , and incurring interest expense of approximately $ 2.6 million . our net income per share available to common stockholders increased to $ 0.02 for the year ended december 31 , 2014 from a net loss per share available to common stockholders of $ 1.03 for the year ended december 31 , 2013. adjusted ebitda the discussion below is intended to enhance the reader 's understanding of our operating performance and ability to satisfy lender requirements . earnings from continuing operations before interest , taxes , depletion , and amortization ( “ ebitda ” ) is a non-gaap measure of operating performance and cash generating capacity . ebitda is defined by the sec ; however , we have excluded certain other expenses due to their non-cash nature , and we refer to this measure as adjusted ebitda . as such , our adjusted ebitda may not be comparable to similarly titled measures reported by other companies and should not be viewed as an alternative to net income or cash from operations as measurements of our operating performance . due to the significant amount of timber assets subject to depletion and the significant amount of financing subject to interest and amortization expense , management considers adjusted ebitda to be an important measure of our financial condition and cash generating ability . our credit agreements contains a minimum debt service coverage ratio based , in part , on adjusted ebitda since this measure is representative of adjusted income available for interest payments . for the year ended december 31 , 2015 , adjusted ebitda was $ 32.2 million , a $ 8.5 million increase from the year ended december 31 , 2014 , primarily due to a $ 9.6 million increase in net timber sales , a $ 0.8 million increase in revenue from net timberland sales , and a $ 1.4 million increase in other revenues , offset by increases in cash paid for general and administrative expenses , other operating expenses , and forestry management fees . our reconciliation of net income ( loss ) to adjusted ebitda for the years ended december 31 , 2015 , 2014 , and 2013 follows : 42 index to consolidated financial statements replace_table_token_15_th ( 1 ) for the purpose of the above reconciliation , amortization includes amortization of deferred financing costs , amortization of intangible lease assets , and amortization of mainline road costs , which are included in either interest expense , land rent expense , or other operating expenses in the accompanying consolidated statements of operations . portfolio information as of december 31 , 2015 , we owned interests in 425,000 acres of timberland in the u.s. south , consisting of 401,200 acres held in fee-simple interests and 23,800 acres held in leasehold interests . as of december 31 , 2015 , our timberlands comprised of approximately 74 % pine stands and 26 % hardwood stands ( by acreage ) and contained an estimated 16.8 million tons of merchantable inventory . for more information on our portfolio , see item 2 – properties . election as a reit we have elected to be taxed as a reit under the code , and have operated as such beginning with our taxable year ended december 31 , 2009. to qualify to be taxed as a reit , we must meet certain organizational and operational requirements , including a requirement to distribute at least 90 % of our adjusted taxable income , as defined in the code , to our stockholders , computed without regard to the dividends-paid deduction and by excluding our net capital gain . as a reit , we generally will not be subject to federal income tax on taxable income that we distribute to our stockholders . if we fail to qualify to be taxed as a reit in any taxable year , we will then be subject to federal income taxes on our taxable income at regular corporate rates and will not be permitted to qualify for treatment as a reit for federal

debt covenants the 2014 amended credit agreement contains , among others , the following financial covenants : limits the ltv ratio to 45 % at the end of each fiscal quarter and upon the sale or acquisition of any property ; and requires that we maintain a fixed coverage charge ratio of not less than 1.05:1. we were in compliance with the financial covenants of the 2014 amended credit agreement as of december 31 , 2015 . shelf registration on june 20 , 2014 , we filed a universal shelf registration statement ( the `` shelf registration '' ) on form s-3 with the sec , which was declared effective on july 2 , 2014. the shelf registration provides us with future flexibility to offer , from time-to-time , of up to $ 600 million in an undefined combination of common stock , preferred stock , debt securities , depositary shares , or warrants . the terms of any such future offerings would be established at the time of an offering . as of december 31 , 2015 , we have approximately $ 431.1 million of potential , future offerings remaining under the shelf registration . share repurchase program on august 7 , 2015 , our board of directors approved a stock repurchase program for up to $ 30.0 million of our common stock at management 's discretion . the program has no set duration and the board may discontinue or suspend the 37 index to consolidated financial statements program at any time . during the year ended december 31 , 2015 , we repurchased 584,356 shares of our common stock at an average price of $ 10.25 per share for a total of approximately $ 6.0 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.
     ```debt covenants the 2014 amended credit agreement contains , among others , the following financial covenants : limits the ltv ratio to 45 % at the end of each fiscal quarter and upon the sale or acquisition of any property ; and requires that we maintain a fixed coverage charge ratio of not less than 1.05:1. we were in compliance with the financial covenants of the 2014 amended credit agreement as of december 31 , 2015 . shelf registration on june 20 , 2014 , we filed a universal shelf registration statement ( the `` shelf registration '' ) on form s-3 with the sec , which was declared effective on july 2 , 2014. the shelf registration provides us with future flexibility to offer , from time-to-time , of up to $ 600 million in an undefined combination of common stock , preferred stock , debt securities , depositary shares , or warrants . the terms of any such future offerings would be established at the time of an offering . as of december 31 , 2015 , we have approximately $ 431.1 million of potential , future offerings remaining under the shelf registration . share repurchase program on august 7 , 2015 , our board of directors approved a stock repurchase program for up to $ 30.0 million of our common stock at management 's discretion . the program has no set duration and the board may discontinue or suspend the 37 index to consolidated financial statements program at any time . during the year ended december 31 , 2015 , we repurchased 584,356 shares of our common stock at an average price of $ 10.25 per share for a total of approximately $ 6.0 million .
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 Suspicious Activity Report : capital expenditures ( excluding timberland acquisitions ) for 2016 are expected to be between $ 3.5 million and $ 4.5 million . we will continue our deliberate growth strategy for new acquisitions , focusing at present in the u.s. south , by targeting : markets that demonstrate favorable long-term demand and allow for superior merchandizing to mill customers ; timberland properties with superior productivity characteristics from soil attributes and forest genetics which can provide durable harvest revenue and sustain long-term growth ; and properties with trees at the right age classes to complement existing holdings and support sustainable harvest volumes . we believe that we have access to adequate capital resources to achieve our growth targets for 2016 with the credit facilities available under the 2014 amended credit agreement ( see liquidity and capital resources for details ) . general economic conditions and timber market factors impacting our business our operating results are influenced by a variety of factors , including timber prices ; the demand for pulp and paper products , lumber , panel , and other wood-related products ; the supply of timber ; and competition . timber prices can experience significant variations and have been historically volatile . the demand for timber and wood products is 33 affected primarily by the level of new residential construction activity , repair and remodeling activity , the supply of manufactured timber products including imports , and , to a lesser extent , other commercial and industrial uses . the demand for timber also is affected by the demand for wood chips in the pulp and paper markets and for hardwood in the furniture and other hardwood industries . the u.s. economy as well as the housing market continued to recover in 2015. according to the u.s. bureau of economic analysis , the real gross domestic product increased by 2.4 % in 2015 , which is comparable to the increase of 2.4 % in 2014. the u.s. census bureau estimated that 1.1 million housing units were started in 2015 as compared to 1.0 million housing units in 2014 , up by 10.8 % . the continued recovery of the housing market helped strengthen our product mix and our net timber pricing . in the markets in which we operate , average timber prices continued the upward trend and all categories increased in 2015 as compared to 2014 , with the exception of hardwood pulpwood pricing . hardwood pulpwood pricing returned to near-normal pricing in 2015 , primarily due to above average pricing realized in 2014 as a result of unusually wet weather at the beginning of 2014. pine pulpwood prices increased and are near the highest level in a decade primarily as a result of unusually wet weather . upturns in housing starts and housing completions drove up lumber production in the region which contributed to higher sawlog prices . for 2016 , we anticipate pulpwood and sawtimber prices to remain steady . 34 index to consolidated financial statements liquidity and capital resources overview cash flows generated from our operations are primarily used to fund recurring expenditures and distributions to our stockholders . we maintained a quarterly stockholder distribution rate of $ 0.50 per share throughout 2015 , totaling $ 19.6 million . during the same period , we generated net cash from operations of $ 28.5 million . the amount of distributions to common stockholders is determined by our board of directors and is dependent upon a number of factors , including funds deemed available for distribution based principally on our current and future projected operating cash flows , reduced by capital requirements necessary to maintain our existing timberland portfolio . in determining the amount of distributions to common stockholders , we also consider our financial condition , our expectations of future sources of liquidity , current and future economic conditions , market demand for timber and timberlands , and tax conditions , including the annual distribution requirements necessary to maintain our status as a reit under the code . in determining how to allocate cash resources in the future , we will initially consider the source of the cash . we anticipate using a portion of cash generated from operations , after payments of periodic operating expenses and interest expense , to fund certain capital expenditures required for our timberlands . any remaining cash generated from operations may be used to partially fund timberland acquisitions and pay distributions to stockholders . therefore , to the extent that cash flows from operations are lower , timberland acquisitions and stockholder distributions are anticipated to be lower as well . capital expenditures , including new timberland acquisitions , are generally funded with cash from operations or existing debt availability ; however , proceeds from future debt financings and equity offerings may be used to fund capital expenditures , acquire new timberland properties and pay down existing and future borrowings . short-term liquidity and capital resources for the year ended december 31 , 2015 , net cash provided by operating activities was $ 28.5 million , a $ 8.6 million increase from the year ended december 31 , 2014 , primarily driven by a $ 9.6 million increase in net cash receipts from timber sales as a result of an increase in harvest volume due to recent acquisitions and a $ 0.8 million increase in net cash receipts from timberland sales due to an increase in the number of acres sold , offset by an approximately $ 1.5 million increase in cash paid for interest and increases in general and administrative expenses , other operating expenses , and forestry management expenses due to the growth of our business . for the year ended december 31 , 2015 , we used $ 75.8 million ( including transaction costs ) to acquire approximately 42,900 acres of timberland properties with proceeds from borrowings under our credit facilities and cash on-hand . story_separator_special_tag 41 index to consolidated financial statements interest expense . interest expense decreased to $ 2.6 million for the year ended december 31 , 2014 from $ 4.7 million for the year ended december 31 , 2013 , primarily due to more favorable interest rates , a lower average outstanding debt balance , and a decrease in non-cash interest expense , offset by an increase in unused commitment fees to lenders . our cash paid for interest , without consideration for unused commitment fees , decreased by $ 1.7 million due to a lower outstanding debt balance and more favorable interest rate during the fiscal year 2014. our non-cash interest expense decreased by $ 0.6 million due to a lower amount of non-recurring write-off of deferred financing costs . these decreases were offset by a $ 0.4 million increase in unused commitment fees charged by our lenders . net income . we generated $ 0.7 million of net income for the year ended december 31 , 2014 as compared to a net loss of $ 13.2 million for the year ended december 31 , 2013 due to a $ 11.7 million increase in our operating income , a $ 2.1 million decrease in our interest expense , and a $ 0.2 million increase in interest income . we generated operating income of $ 3.1 million for the year ended december 31 , 2014 , which is an improvement of $ 11.7 million over the year ended december 31 , 2013 , due to a $ 3.9 million increase in timber sales revenue net of contract logging and hauling and depletion expense , a $ 4.3 million increase in net revenue generated from timberland sales , coupled with a $ 4.0 million decrease in general and administrative expenses . we generated net income for the year ended 2014 primarily as a result of generating operating income of $ 3.1 million , receiving interest income of $ 0.2 million , and incurring interest expense of approximately $ 2.6 million . our net income per share available to common stockholders increased to $ 0.02 for the year ended december 31 , 2014 from a net loss per share available to common stockholders of $ 1.03 for the year ended december 31 , 2013. adjusted ebitda the discussion below is intended to enhance the reader 's understanding of our operating performance and ability to satisfy lender requirements . earnings from continuing operations before interest , taxes , depletion , and amortization ( “ ebitda ” ) is a non-gaap measure of operating performance and cash generating capacity . ebitda is defined by the sec ; however , we have excluded certain other expenses due to their non-cash nature , and we refer to this measure as adjusted ebitda . as such , our adjusted ebitda may not be comparable to similarly titled measures reported by other companies and should not be viewed as an alternative to net income or cash from operations as measurements of our operating performance . due to the significant amount of timber assets subject to depletion and the significant amount of financing subject to interest and amortization expense , management considers adjusted ebitda to be an important measure of our financial condition and cash generating ability . our credit agreements contains a minimum debt service coverage ratio based , in part , on adjusted ebitda since this measure is representative of adjusted income available for interest payments . for the year ended december 31 , 2015 , adjusted ebitda was $ 32.2 million , a $ 8.5 million increase from the year ended december 31 , 2014 , primarily due to a $ 9.6 million increase in net timber sales , a $ 0.8 million increase in revenue from net timberland sales , and a $ 1.4 million increase in other revenues , offset by increases in cash paid for general and administrative expenses , other operating expenses , and forestry management fees . our reconciliation of net income ( loss ) to adjusted ebitda for the years ended december 31 , 2015 , 2014 , and 2013 follows : 42 index to consolidated financial statements replace_table_token_15_th ( 1 ) for the purpose of the above reconciliation , amortization includes amortization of deferred financing costs , amortization of intangible lease assets , and amortization of mainline road costs , which are included in either interest expense , land rent expense , or other operating expenses in the accompanying consolidated statements of operations . portfolio information as of december 31 , 2015 , we owned interests in 425,000 acres of timberland in the u.s. south , consisting of 401,200 acres held in fee-simple interests and 23,800 acres held in leasehold interests . as of december 31 , 2015 , our timberlands comprised of approximately 74 % pine stands and 26 % hardwood stands ( by acreage ) and contained an estimated 16.8 million tons of merchantable inventory . for more information on our portfolio , see item 2 – properties . election as a reit we have elected to be taxed as a reit under the code , and have operated as such beginning with our taxable year ended december 31 , 2009. to qualify to be taxed as a reit , we must meet certain organizational and operational requirements , including a requirement to distribute at least 90 % of our adjusted taxable income , as defined in the code , to our stockholders , computed without regard to the dividends-paid deduction and by excluding our net capital gain . as a reit , we generally will not be subject to federal income tax on taxable income that we distribute to our stockholders . if we fail to qualify to be taxed as a reit in any taxable year , we will then be subject to federal income taxes on our taxable income at regular corporate rates and will not be permitted to qualify for treatment as a reit for federal

