see notes 4 and 5 to the consolidated financial statements for further discussion related to this note purchase and bankruptcy . acquisition pipeline the company has three properties under definitive purchase agreements for an aggregate purchase price of approximately $ 16.8 million with expected returns ranging from approximately 9.0 % to 9.6 % . the company anticipates these properties will close during the first quarter of 2018. however , the company is currently performing due diligence procedures customary for these types of transactions and can not provide assurance as to the timing of when , or whether , these transactions will actually close . the company also has three properties under definitive purchase agreements , to be acquired after completion and occupancy , for an aggregate expected purchase price of approximately $ 40.4 million . the company expects to close on one of these properties sometime in the first half of 2018 and expects to close on the remaining two properties sometime in the second half of 2018. the company 's expected aggregate return on these investments ranges up to approximately 11 % . however , the company can not provide assurance as to the timing of when , or whether , these transactions will actually close . the company anticipates funding these investments with cash from operations , through proceeds from its credit facility or from net proceeds from additional debt or equity offerings . purchase option provisions certain of the company 's leases provide the lessee with a purchase option or a right of first refusal to purchase the leased property . the purchase option provisions require the lessee to purchase the leased property at an amount greater than the company 's gross investment in the leased property at the time of the purchase . no purchase options were exercised during the year ended december 31 , 2017 . the company had approximately $ 6.3 million in two real estate properties at december 31 , 2017 with purchase options that are exercisable during 2018 . equity offering in july 2017 , the company completed a public offering of 4,887,500 shares of its common stock , including 637,500 shares of common stock issued in connection with the exercise in full of the underwriters ' option to purchase additional shares , and received net proceeds of approximately $ 108.6 million after deducting underwriting discount and commissions and offering expenses paid by the company . proceeds from the offering were used to repay the outstanding balance on our revolving credit facility totaling $ 58.0 million and for additional investments . see note 7 to the consolidated financial statements . second amended and restated credit facility on march 29 , 2017 , we entered into a second amended and restated credit facility ( as amended and restated , the `` credit facility `` ) . the credit facility provides for a $ 150.0 million revolving credit facility ( the `` revolving credit facility `` ) and $ 100.0 million in term loans ( the `` term loans `` ) . the credit facility , through the accordion feature , allows borrowings up to a total of $ 450.0 million , including the ability to add and fund additional term loans . the revolving credit facility matures on august 9 , 2019 and includes two 12-month options to extend the maturity date of the revolving credit facility , subject to the satisfaction of certain conditions . the term loans include a five-year term loan facility in the aggregate principal amount of $ 50.0 million ( the `` 5-year term loan `` ) which matures on march 29 , 2022 and a seven-year term loan facility in the aggregate principal amount of $ 50.0 million ( the `` 7-year term loan `` ) which matures on march 29 , 2024 . upon closing of the credit facility on march 29 , 2017 , the 46 company borrowed $ 30.0 million under each of the 5-year term loan and the 7-year term loan . each of the 5-year term loan and 7-year term loan has a delayed draw feature that is available in up to three draws within 15 months from march 29 , 2017 , subject to a minimum draw of $ 10.0 million and pro forma compliance . see note 5 to the consolidated financial statements . lease expirations we expect that approximately 5 % to 15 % of our leases will expire in each year , given that our leases are generally three to fifteen year leases with physicians or other healthcare providers . based on annualized rent , approximately 9.1 % expire in 2018. management expects that many of the tenants will renew their leases , but in cases where they do not renew , the company believes it will generally be able to re-lease the space to existing or new tenants without significant loss of rental income . contractual obligations the company 's material contractual obligations at december 31 , 2017 are included in the table below . at december 31 , 2017 , the company had no long-term capital lease or purchase obligations . replace_table_token_4_th ( 1 ) the amounts shown include interest at the weighted average interest rate at december 31 , 2017 and the unused fee interest assuming the credit facility remains at $ 34.0 million through its maturity . ( 2 ) the amounts shown include interest at the current fixed rates through the in-place cash flow hedges , and the ticking fees ( or unused interest ) assuming the term loans remain at $ 60.0 million outstanding through maturity . off-balance sheet arrangements we have no off-balance sheet arrangements that are reasonably like to have a material effect on the company 's consolidated financial condition , results of operations or liquidity . inflation we believe inflation will have a minimal impact on the operating performance of our properties . many of our lease agreements contain provisions designed to mitigate the adverse impact of inflation . story_separator_special_tag an acquisition accounted for as a business combination is recorded at fair value and related closing costs are expensed as incurred . an acquisition accounted for as an asset acquisition is recorded at its purchase price , inclusive of acquisition costs , which is allocated among the acquired assets and assumed liabilities based upon their relative fair values at the date of acquisition . the company adopted accounting standards update ( `` asu `` ) no . 2017-01 , business combinations ( topic 805 ) : clarifying the definition of a business , on january 1 , 2017 , and company expects that substantially all of its acquisitions will be accounted for as asset acquisitions . 55 the allocation of real estate property acquisitions may include land and land improvements , building and building improvements , personal property , and identified intangible assets and liabilities ( consisting of above- and below-market leases , in-place leases , and tenant relationships ) based on the evaluation of information and estimates available at that date , and we allocate the purchase price based on these assessments . we make estimates of the acquisition date fair value of the tangible and intangible assets and acquired liabilities using information obtained from multiple sources as a result of pre-acquisition due diligence , tax records , and other sources . based on these estimates , we recognize the acquired assets and liabilities at their estimated fair values . we expense transaction costs associated with business combinations in the period incurred . the fair value of tangible property assets acquired considers the value of the property as if vacant determined by comparable sales and other relevant data . the determination of fair value involves the use of significant judgment and estimation . we value land based on various inputs , which may include internal analysis of recently acquired properties , existing comparable properties within our portfolio , or third party appraisals or valuations based on comparable sales . in recognizing identified intangible assets and liabilities of an acquired property , the value of above- or below-market leases is estimated based on the present value ( using a discount rate which reflects the risks associated with the leases acquired ) of the difference between contractual amounts to be received pursuant to the leases and management 's estimate of market lease rates measured over a period equal to the estimated remaining term of the lease . in the case of a below-market lease , the company would also evaluate any renewal options associated with that lease to determine if the intangible should include those periods . the capitalized above-market or below-market lease intangibles are amortized as a reduction from or an addition to rental income over the estimated remaining term of the respective leases . in determining the value of in-place leases and tenant relationships , management considers current market conditions and costs to execute similar leases in arriving at an estimate of the carrying costs during the expected lease-up period from vacant to existing occupancy . in estimating carrying costs , management includes real estate taxes , insurance , other property operating expenses , estimates of lost rental revenue during the expected lease-up periods , and costs to execute similar leases , including leasing commissions . the values assigned to in-place leases and tenant relationships are amortized over the estimated remaining term of the lease . if a lease terminates prior to its scheduled expiration , all unamortized costs related to that lease are written off . asset impairments the company may need to assess the potential for impairment of identifiable , definite-lived , intangible assets and long-lived assets , including real estate properties , whenever events occur or a change in circumstances indicates that the carrying value might not be fully recoverable . indicators of impairment may include significant under-performance of an asset relative to historical or expected operating results ; significant changes in the company 's use of assets or the strategy for its overall business ; plans to sell an asset before its depreciable life has ended ; the expiration of a significant portion of leases in a property ; or significant negative economic trends or negative industry trends for the company or its operators . in addition , the company 's review for possible impairment may include those assets subject to purchase options and those impacted by casualties , such as tornadoes and hurricanes . if management determines that the carrying value of the company 's assets may not be fully recoverable based on the existence of any of the factors above , or others , management would measure and record an impairment charge based on the estimated fair value of the property or the estimated fair value less costs to sell the property . revenue recognition the company derives most of its revenues from its real estate property and mortgage and other notes portfolio . the company 's rental and mortgage and other notes interest income is recognized based on contractual arrangements with its tenants and borrowers . the company recognizes rental revenue when it is realized or realizable and earned , in accordance with asc 840 , leases , or asc 840. there are four criteria that must all be met before a company may recognize revenue , including persuasive evidence of an arrangement exists , delivery has occurred or services have been rendered ( i.e . , the tenant has taken possession of and controls the physical use of the leased asset ) , the price has been fixed or is determinable , 56 and collectability is reasonably assured . asc 840 also requires that rental revenue , less lease inducements , be recognized on a straight-line basis over the term of the lease . recognizing rental revenue on a straight-line basis for leases may result in recognizing revenue in amounts more or less than amounts currently due from tenants . if management determines that the collectability of straight-line rents is not

sources and uses of cash the company derives most of its revenues from its real estate property and mortgage notes portfolio , collecting rental income , operating expense reimbursements and mortgage interest based on contractual arrangements with its tenants and borrowers . these sources of revenue represent our primary source of liquidity to fund our dividends , 51 general and administrative expenses , property operating expenses , interest expense on our credit facility and other expenses incurred related to managing our existing portfolio and investing in additional properties . to the extent additional resources are needed , the company will fund its investment activity generally through equity or debt issuances either in the public or private markets or through proceeds from our credit facility . the company expects to meet its liquidity needs through cash on hand , cash flows from operations and cash flows from sources discussed above . the company believes that its liquidity and sources of capital are adequate to satisfy its cash requirements . the company can not , however , be certain that these sources of funds will be available at a time and upon terms acceptable to the company in sufficient amounts to meet its liquidity needs . operating activities cash flows provided by operating activities for the years ended december 31 , 2017 , 2016 and 2015 were approximately $ 22.1 million , $ 14.9 million , and $ 3.0 million , respectively . cash flows provided by operating activities for the years ended december 31 , 2017 , 2016 and 2015 were generally provided by contractual rents and mortgage interest , net of property operating expenses not reimbursed by the tenants and general and administrative expenses . investing activities cash flows used in investing activities for the years ended december 31 , 2017 , 2016 and 2015 were approximately $ 147.6 million , $ 117.1 million , and $ 140.6 million , respectively . during 2017 , the company invested in 28 real estate properties and acquired a property adjacent to its corporate office for cash consideration of approximately $ 133.5 million , and funded or purchased notes totaling approximately $ 13.8 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.
     ```sources and uses of cash the company derives most of its revenues from its real estate property and mortgage notes portfolio , collecting rental income , operating expense reimbursements and mortgage interest based on contractual arrangements with its tenants and borrowers . these sources of revenue represent our primary source of liquidity to fund our dividends , 51 general and administrative expenses , property operating expenses , interest expense on our credit facility and other expenses incurred related to managing our existing portfolio and investing in additional properties . to the extent additional resources are needed , the company will fund its investment activity generally through equity or debt issuances either in the public or private markets or through proceeds from our credit facility . the company expects to meet its liquidity needs through cash on hand , cash flows from operations and cash flows from sources discussed above . the company believes that its liquidity and sources of capital are adequate to satisfy its cash requirements . the company can not , however , be certain that these sources of funds will be available at a time and upon terms acceptable to the company in sufficient amounts to meet its liquidity needs . operating activities cash flows provided by operating activities for the years ended december 31 , 2017 , 2016 and 2015 were approximately $ 22.1 million , $ 14.9 million , and $ 3.0 million , respectively . cash flows provided by operating activities for the years ended december 31 , 2017 , 2016 and 2015 were generally provided by contractual rents and mortgage interest , net of property operating expenses not reimbursed by the tenants and general and administrative expenses . investing activities cash flows used in investing activities for the years ended december 31 , 2017 , 2016 and 2015 were approximately $ 147.6 million , $ 117.1 million , and $ 140.6 million , respectively . during 2017 , the company invested in 28 real estate properties and acquired a property adjacent to its corporate office for cash consideration of approximately $ 133.5 million , and funded or purchased notes totaling approximately $ 13.8 million .
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 Suspicious Activity Report : see notes 4 and 5 to the consolidated financial statements for further discussion related to this note purchase and bankruptcy . acquisition pipeline the company has three properties under definitive purchase agreements for an aggregate purchase price of approximately $ 16.8 million with expected returns ranging from approximately 9.0 % to 9.6 % . the company anticipates these properties will close during the first quarter of 2018. however , the company is currently performing due diligence procedures customary for these types of transactions and can not provide assurance as to the timing of when , or whether , these transactions will actually close . the company also has three properties under definitive purchase agreements , to be acquired after completion and occupancy , for an aggregate expected purchase price of approximately $ 40.4 million . the company expects to close on one of these properties sometime in the first half of 2018 and expects to close on the remaining two properties sometime in the second half of 2018. the company 's expected aggregate return on these investments ranges up to approximately 11 % . however , the company can not provide assurance as to the timing of when , or whether , these transactions will actually close . the company anticipates funding these investments with cash from operations , through proceeds from its credit facility or from net proceeds from additional debt or equity offerings . purchase option provisions certain of the company 's leases provide the lessee with a purchase option or a right of first refusal to purchase the leased property . the purchase option provisions require the lessee to purchase the leased property at an amount greater than the company 's gross investment in the leased property at the time of the purchase . no purchase options were exercised during the year ended december 31 , 2017 . the company had approximately $ 6.3 million in two real estate properties at december 31 , 2017 with purchase options that are exercisable during 2018 . equity offering in july 2017 , the company completed a public offering of 4,887,500 shares of its common stock , including 637,500 shares of common stock issued in connection with the exercise in full of the underwriters ' option to purchase additional shares , and received net proceeds of approximately $ 108.6 million after deducting underwriting discount and commissions and offering expenses paid by the company . proceeds from the offering were used to repay the outstanding balance on our revolving credit facility totaling $ 58.0 million and for additional investments . see note 7 to the consolidated financial statements . second amended and restated credit facility on march 29 , 2017 , we entered into a second amended and restated credit facility ( as amended and restated , the `` credit facility `` ) . the credit facility provides for a $ 150.0 million revolving credit facility ( the `` revolving credit facility `` ) and $ 100.0 million in term loans ( the `` term loans `` ) . the credit facility , through the accordion feature , allows borrowings up to a total of $ 450.0 million , including the ability to add and fund additional term loans . the revolving credit facility matures on august 9 , 2019 and includes two 12-month options to extend the maturity date of the revolving credit facility , subject to the satisfaction of certain conditions . the term loans include a five-year term loan facility in the aggregate principal amount of $ 50.0 million ( the `` 5-year term loan `` ) which matures on march 29 , 2022 and a seven-year term loan facility in the aggregate principal amount of $ 50.0 million ( the `` 7-year term loan `` ) which matures on march 29 , 2024 . upon closing of the credit facility on march 29 , 2017 , the 46 company borrowed $ 30.0 million under each of the 5-year term loan and the 7-year term loan . each of the 5-year term loan and 7-year term loan has a delayed draw feature that is available in up to three draws within 15 months from march 29 , 2017 , subject to a minimum draw of $ 10.0 million and pro forma compliance . see note 5 to the consolidated financial statements . lease expirations we expect that approximately 5 % to 15 % of our leases will expire in each year , given that our leases are generally three to fifteen year leases with physicians or other healthcare providers . based on annualized rent , approximately 9.1 % expire in 2018. management expects that many of the tenants will renew their leases , but in cases where they do not renew , the company believes it will generally be able to re-lease the space to existing or new tenants without significant loss of rental income . contractual obligations the company 's material contractual obligations at december 31 , 2017 are included in the table below . at december 31 , 2017 , the company had no long-term capital lease or purchase obligations . replace_table_token_4_th ( 1 ) the amounts shown include interest at the weighted average interest rate at december 31 , 2017 and the unused fee interest assuming the credit facility remains at $ 34.0 million through its maturity . ( 2 ) the amounts shown include interest at the current fixed rates through the in-place cash flow hedges , and the ticking fees ( or unused interest ) assuming the term loans remain at $ 60.0 million outstanding through maturity . off-balance sheet arrangements we have no off-balance sheet arrangements that are reasonably like to have a material effect on the company 's consolidated financial condition , results of operations or liquidity . inflation we believe inflation will have a minimal impact on the operating performance of our properties . many of our lease agreements contain provisions designed to mitigate the adverse impact of inflation . story_separator_special_tag an acquisition accounted for as a business combination is recorded at fair value and related closing costs are expensed as incurred . an acquisition accounted for as an asset acquisition is recorded at its purchase price , inclusive of acquisition costs , which is allocated among the acquired assets and assumed liabilities based upon their relative fair values at the date of acquisition . the company adopted accounting standards update ( `` asu `` ) no . 2017-01 , business combinations ( topic 805 ) : clarifying the definition of a business , on january 1 , 2017 , and company expects that substantially all of its acquisitions will be accounted for as asset acquisitions . 55 the allocation of real estate property acquisitions may include land and land improvements , building and building improvements , personal property , and identified intangible assets and liabilities ( consisting of above- and below-market leases , in-place leases , and tenant relationships ) based on the evaluation of information and estimates available at that date , and we allocate the purchase price based on these assessments . we make estimates of the acquisition date fair value of the tangible and intangible assets and acquired liabilities using information obtained from multiple sources as a result of pre-acquisition due diligence , tax records , and other sources . based on these estimates , we recognize the acquired assets and liabilities at their estimated fair values . we expense transaction costs associated with business combinations in the period incurred . the fair value of tangible property assets acquired considers the value of the property as if vacant determined by comparable sales and other relevant data . the determination of fair value involves the use of significant judgment and estimation . we value land based on various inputs , which may include internal analysis of recently acquired properties , existing comparable properties within our portfolio , or third party appraisals or valuations based on comparable sales . in recognizing identified intangible assets and liabilities of an acquired property , the value of above- or below-market leases is estimated based on the present value ( using a discount rate which reflects the risks associated with the leases acquired ) of the difference between contractual amounts to be received pursuant to the leases and management 's estimate of market lease rates measured over a period equal to the estimated remaining term of the lease . in the case of a below-market lease , the company would also evaluate any renewal options associated with that lease to determine if the intangible should include those periods . the capitalized above-market or below-market lease intangibles are amortized as a reduction from or an addition to rental income over the estimated remaining term of the respective leases . in determining the value of in-place leases and tenant relationships , management considers current market conditions and costs to execute similar leases in arriving at an estimate of the carrying costs during the expected lease-up period from vacant to existing occupancy . in estimating carrying costs , management includes real estate taxes , insurance , other property operating expenses , estimates of lost rental revenue during the expected lease-up periods , and costs to execute similar leases , including leasing commissions . the values assigned to in-place leases and tenant relationships are amortized over the estimated remaining term of the lease . if a lease terminates prior to its scheduled expiration , all unamortized costs related to that lease are written off . asset impairments the company may need to assess the potential for impairment of identifiable , definite-lived , intangible assets and long-lived assets , including real estate properties , whenever events occur or a change in circumstances indicates that the carrying value might not be fully recoverable . indicators of impairment may include significant under-performance of an asset relative to historical or expected operating results ; significant changes in the company 's use of assets or the strategy for its overall business ; plans to sell an asset before its depreciable life has ended ; the expiration of a significant portion of leases in a property ; or significant negative economic trends or negative industry trends for the company or its operators . in addition , the company 's review for possible impairment may include those assets subject to purchase options and those impacted by casualties , such as tornadoes and hurricanes . if management determines that the carrying value of the company 's assets may not be fully recoverable based on the existence of any of the factors above , or others , management would measure and record an impairment charge based on the estimated fair value of the property or the estimated fair value less costs to sell the property . revenue recognition the company derives most of its revenues from its real estate property and mortgage and other notes portfolio . the company 's rental and mortgage and other notes interest income is recognized based on contractual arrangements with its tenants and borrowers . the company recognizes rental revenue when it is realized or realizable and earned , in accordance with asc 840 , leases , or asc 840. there are four criteria that must all be met before a company may recognize revenue , including persuasive evidence of an arrangement exists , delivery has occurred or services have been rendered ( i.e . , the tenant has taken possession of and controls the physical use of the leased asset ) , the price has been fixed or is determinable , 56 and collectability is reasonably assured . asc 840 also requires that rental revenue , less lease inducements , be recognized on a straight-line basis over the term of the lease . recognizing rental revenue on a straight-line basis for leases may result in recognizing revenue in amounts more or less than amounts currently due from tenants . if management determines that the collectability of straight-line rents is not

