the remaining homesites are anticipated to close in the first half of 2020. in san francisco , in early 2019 , we mutually agreed to unwind the partnership with macerich resulting in us making a principal payment of $ 65.1 million related to an outstanding promissory note . concurrently , we were released from certain obligations , including the obligation to convey certain parcels at candlestick to the partnership , which has allowed us to redesign the property for alternative uses . we recognized a noncash gain in 2019 of $ 64.9 million as a result of the macerich partnership unwind . in the fourth quarter , we received approval from the city of san francisco on our revised development plan for the first phase of candlestick that is currently planned to include approximately 750,000 square feet of office space , 1,600 homes and 300,000 square feet of lifestyle amenities . in 2019 , the great park venture entered into purchase and sale agreements to sell 660 homesites . the great park venture closed escrow on 587 of the homesites in 2019 and 73 of the homesites are anticipated to close in 2020. gross proceeds received by the great park venture on the closed sales were approximately $ 255.4 million . in early 2020 , the great park venture made a distribution of $ 76.3 million to the holders of legacy interests , reducing the remaining aggregate distributions to the holders of legacy interests to approximately $ 134.0 million . of the remaining $ 134.0 million , the first $ 45.0 million will be paid to the holders of legacy interests prior to the commencement of distributions to the holders of percentage interests . see note 4 to our consolidated financial statements included under part ii , item 8 of this report for additional discussion of distribution priorities at the great park venture . liquidity and financing highlights as of december 31 , 2019 , total liquidity of $ 470.8 million was comprised of cash and cash equivalents totaling $ 346.8 million and borrowing availability of $ 124.0 million under our unsecured revolving credit facility . in 2019 , we completed a $ 125.0 million add-on offering of our 2025 senior notes providing us additional liquidity for our operations , including our ability to pursue commercial opportunities . additionally , we amended our revolving credit facility during the year to extend the maturity date to april 2022. factors that may influence our results of operations fluctuations in the economy and market conditions our results of operations are subject to various risks and fluctuations in value and demand , many of which are beyond our control . our business could be impacted by , among other things , downturns in economic conditions at the national , regional or local levels , particularly where our communities are located , inflation and increases in interest rates , significant job losses and unemployment levels , and declines in consumer confidence and spending . supply and demand for residential and commercial properties we generate most of our revenue from land sales , which are dependent on demand from homebuilders , commercial developers and commercial buyers , which is in turn dependent on the prices that homebuyers , commercial buyers and renters are expected to pay . in addition , sales of homesites typically include participation provisions that allow us to share in the profits realized by the homebuilders if the overall profitability of a block of homes exceeds an agreed-upon margin . because our revenue is influenced by the prices that homebuyers and commercial buyers are willing to pay for homes or commercial buildings in our region , our results of operations may be influenced by , among other things , the overall supply and demand for housing and commercial properties , the 43 prevailing interest rates for mortgages , and the availability of mortgage financing for residential and commercial developers and residential and commercial buyers . timing of obtaining the necessary approvals for development activities as a developer of real property in california , we are subject to numerous land use and environmental laws and regulations . before we can begin developing our communities or development areas within them , we must obtain entitlements , permits and approvals . depending upon the type of the approval being sought , we may also need to complete an environmental impact report , remediate environmental impacts or agree to finance or develop public infrastructure within the community or applicable development area , each of which would impose additional costs on us . in the event that we materially modify any of our existing entitlements , approvals or permits , we may also need to go through a discretionary approval process before the relevant governmental authority or go through an additional or supplemental environmental review and certification process . in addition , laws and regulations governing the approval processes provide third parties with the opportunity to challenge our entitlements , permits and approvals . the prospect of these third-party challenges creates additional uncertainty . third-party challenges in the form of litigation can adversely affect the length of time or the cost required to obtain the necessary governmental approvals to develop , or result in the denial of our right to develop the particular community or development area in accordance with our current development plans . furthermore , adverse decisions arising from any litigation can increase the cost or length of time to obtain ultimate approval of a project , if such approval is obtained at all , and can adversely affect the design , scope , plans and profitability of a project , which can negatively affect our financial condition and results of operations . see part i , item 3 , of this report for a discussion of legal proceedings . story_separator_special_tag as a result of the relief of these obligations , we recognized a gain of $ 64.9 million during the year ended december 31 , 2019 . great park segment we have a 37.5 % percentage interest in the great park venture , and we account for our investment using the equity method of accounting . we have a controlling interest in the management company , an entity which performs development management services at great park neighborhoods . we do not include the great park venture as a consolidated subsidiary in our consolidated financial statements . however , because of the relationship between the management company and the great park venture , we assess our investment in the great park venture based on the financial information for the great park venture in its entirety , and not just our equity interest in it . as a result , our great park segment consists of the operations of both the great park venture and the development management services provided by the management company at the great park venture . great park neighborhoods consists of approximately 2,100 acres in orange county and is being built around the approximately 1,300 acre orange county great park , a metropolitan public park that is under construction . in the first quarter of 2019 , great park neighborhoods received approval to develop an additional 1,056 homesites . as a result of the approval , great park neighborhoods is now designed to include approximately 10,500 homesites and approximately 4.9 million square feet of commercial space . the great park venture sold the first homesites in april 2013 and , as of december 31 , 2019 , had sold 6,161 homesites ( including 709 affordable homesites ) and commercial land allowing for development of up to 2 million square feet of commercial ( research and development ) space for aggregate consideration of approximately $ 2.6 billion . interests in the great park venture are either “ percentage interests ” or “ legacy interests . ” holders of the legacy interests are entitled to receive priority distributions in an amount up to $ 565.0 million , and holders of percentage interests are entitled to all other distributions . as of december 31 , 2019 , aggregate distributions to holders of legacy interests totaled $ 355.0 million . in early 2020 , the great park venture made a distribution of $ 76.3 million to the holders of legacy interests , reducing the remaining aggregate distributions to the holders of legacy interests to approximately $ 134.0 million . of the remaining $ 134.0 million , the first $ 45.0 million will be paid to the holders of legacy interests prior to the commencement of distributions to the holders of percentage interests . see note 4 to our consolidated financial statements included under part ii , item 8 of this report for additional discussion of distribution priorities at the great park venture . 50 the following table summarizes the results of operations of our great park segment for the years ended december 31 , 2019 and 2018 . replace_table_token_5_th revenues . revenues increased by $ 97.1 million , or 46.1 % , to $ 307.8 million for the year ended december 31 , 2019 from $ 210.8 million for the year ended december 31 , 2018 . the increase was primarily attributable to the recognition of revenue from the sale of land entitled for an aggregate of 587 homesites on approximately 48 acres during the year ended december 31 , 2019 compared to the recognition of revenue from the sale of land entitled for an aggregate of 536 homesites on approximately 33 acres during the same period in 2018. initial gross proceeds from the 2019 sale were $ 255.4 million , representing the base purchase price . we also recognized $ 6.0 million in the transaction price as an estimate of the amount of variable consideration from marketing fees that we expect to be entitled to receive . initial gross proceeds from the 2018 sale were $ 166.0 million , representing the base purchase price . we also recognized $ 4.0 million in the transaction price as an estimate of the amount of variable consideration from marketing fees that we expect to be entitled to receive . during the years ended december 31 , 2019 and 2018 , revenues also included changes in estimates of variable consideration , including profit participation , from those amounts previously recorded by the great park venture in accordance with the application of the new revenue guidance , as well as revenues generated by the management company from development management services provided to the great park venture . cost of land sales . cost of land sales in 2019 and 2018 was $ 179.8 million and $ 118.1 million , or 66.4 % and 67.2 % of total land sales revenues , respectively . the cost of land sales includes both actual and estimated future capitalized costs allocated based upon relative sales values . since this method requires the great park venture to estimate the expected sales prices for the entire project , the profit margin on subsequent parcels sold will be affected by both changes in the estimated total revenues , as well as any changes in the estimated total cost of the project . management services costs and expenses . included within management services costs and expenses are general and administrative costs and expenses incurred directly by the management company 's project team that is managing the development of the great park neighborhoods . we also include amortization expense related to the intangible asset attributable to the incentive compensation provisions of the development management agreement with the great park venture . corporate and non-project team salaries and overhead are not allocated to management services costs and expenses or to our reportable segments and are reported in selling , general , and administrative 51 costs in the consolidated statement of operations . during the year ended

cash flows from operating activities . cash flows from operating activities are primarily comprised of cash inflows from land sales , management services and operating property results . cash outflows are comprised primarily of cash outlays for horizontal development costs , employee compensation , and selling , general , and administrative costs . our operating cash flows may vary significantly each year due to the timing of land sales and the development efforts related to our master-planned communities . net cash used in operating activities decreased by $ 111.3 million for the year ended december 31 , 2019 , compared to the year ended december 31 , 2018 due to $ 135.2 million in net proceeds received upon closing escrow from land sales at our valencia segment offset by net cash used for operating activities during the year ended december 31 , 2019 . we did not have any significant land sale proceeds during the year ended december 31 , 2018 . during the years ended december 31 , 2019 and 2018 , we made total interest payments of $ 42.4 million and $ 38.6 million , respectively on our senior notes . major components of operating cash used in both periods consist of our continued investment in horizontal development at our communities and selling , general , and administrative costs . cash flows from investing activities .


 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 from operating activities . cash flows from operating activities are primarily comprised of cash inflows from land sales , management services and operating property results . cash outflows are comprised primarily of cash outlays for horizontal development costs , employee compensation , and selling , general , and administrative costs . our operating cash flows may vary significantly each year due to the timing of land sales and the development efforts related to our master-planned communities . net cash used in operating activities decreased by $ 111.3 million for the year ended december 31 , 2019 , compared to the year ended december 31 , 2018 due to $ 135.2 million in net proceeds received upon closing escrow from land sales at our valencia segment offset by net cash used for operating activities during the year ended december 31 , 2019 . we did not have any significant land sale proceeds during the year ended december 31 , 2018 . during the years ended december 31 , 2019 and 2018 , we made total interest payments of $ 42.4 million and $ 38.6 million , respectively on our senior notes . major components of operating cash used in both periods consist of our continued investment in horizontal development at our communities and selling , general , and administrative costs . cash flows from investing activities .
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 Suspicious Activity Report : the remaining homesites are anticipated to close in the first half of 2020. in san francisco , in early 2019 , we mutually agreed to unwind the partnership with macerich resulting in us making a principal payment of $ 65.1 million related to an outstanding promissory note . concurrently , we were released from certain obligations , including the obligation to convey certain parcels at candlestick to the partnership , which has allowed us to redesign the property for alternative uses . we recognized a noncash gain in 2019 of $ 64.9 million as a result of the macerich partnership unwind . in the fourth quarter , we received approval from the city of san francisco on our revised development plan for the first phase of candlestick that is currently planned to include approximately 750,000 square feet of office space , 1,600 homes and 300,000 square feet of lifestyle amenities . in 2019 , the great park venture entered into purchase and sale agreements to sell 660 homesites . the great park venture closed escrow on 587 of the homesites in 2019 and 73 of the homesites are anticipated to close in 2020. gross proceeds received by the great park venture on the closed sales were approximately $ 255.4 million . in early 2020 , the great park venture made a distribution of $ 76.3 million to the holders of legacy interests , reducing the remaining aggregate distributions to the holders of legacy interests to approximately $ 134.0 million . of the remaining $ 134.0 million , the first $ 45.0 million will be paid to the holders of legacy interests prior to the commencement of distributions to the holders of percentage interests . see note 4 to our consolidated financial statements included under part ii , item 8 of this report for additional discussion of distribution priorities at the great park venture . liquidity and financing highlights as of december 31 , 2019 , total liquidity of $ 470.8 million was comprised of cash and cash equivalents totaling $ 346.8 million and borrowing availability of $ 124.0 million under our unsecured revolving credit facility . in 2019 , we completed a $ 125.0 million add-on offering of our 2025 senior notes providing us additional liquidity for our operations , including our ability to pursue commercial opportunities . additionally , we amended our revolving credit facility during the year to extend the maturity date to april 2022. factors that may influence our results of operations fluctuations in the economy and market conditions our results of operations are subject to various risks and fluctuations in value and demand , many of which are beyond our control . our business could be impacted by , among other things , downturns in economic conditions at the national , regional or local levels , particularly where our communities are located , inflation and increases in interest rates , significant job losses and unemployment levels , and declines in consumer confidence and spending . supply and demand for residential and commercial properties we generate most of our revenue from land sales , which are dependent on demand from homebuilders , commercial developers and commercial buyers , which is in turn dependent on the prices that homebuyers , commercial buyers and renters are expected to pay . in addition , sales of homesites typically include participation provisions that allow us to share in the profits realized by the homebuilders if the overall profitability of a block of homes exceeds an agreed-upon margin . because our revenue is influenced by the prices that homebuyers and commercial buyers are willing to pay for homes or commercial buildings in our region , our results of operations may be influenced by , among other things , the overall supply and demand for housing and commercial properties , the 43 prevailing interest rates for mortgages , and the availability of mortgage financing for residential and commercial developers and residential and commercial buyers . timing of obtaining the necessary approvals for development activities as a developer of real property in california , we are subject to numerous land use and environmental laws and regulations . before we can begin developing our communities or development areas within them , we must obtain entitlements , permits and approvals . depending upon the type of the approval being sought , we may also need to complete an environmental impact report , remediate environmental impacts or agree to finance or develop public infrastructure within the community or applicable development area , each of which would impose additional costs on us . in the event that we materially modify any of our existing entitlements , approvals or permits , we may also need to go through a discretionary approval process before the relevant governmental authority or go through an additional or supplemental environmental review and certification process . in addition , laws and regulations governing the approval processes provide third parties with the opportunity to challenge our entitlements , permits and approvals . the prospect of these third-party challenges creates additional uncertainty . third-party challenges in the form of litigation can adversely affect the length of time or the cost required to obtain the necessary governmental approvals to develop , or result in the denial of our right to develop the particular community or development area in accordance with our current development plans . furthermore , adverse decisions arising from any litigation can increase the cost or length of time to obtain ultimate approval of a project , if such approval is obtained at all , and can adversely affect the design , scope , plans and profitability of a project , which can negatively affect our financial condition and results of operations . see part i , item 3 , of this report for a discussion of legal proceedings . story_separator_special_tag as a result of the relief of these obligations , we recognized a gain of $ 64.9 million during the year ended december 31 , 2019 . great park segment we have a 37.5 % percentage interest in the great park venture , and we account for our investment using the equity method of accounting . we have a controlling interest in the management company , an entity which performs development management services at great park neighborhoods . we do not include the great park venture as a consolidated subsidiary in our consolidated financial statements . however , because of the relationship between the management company and the great park venture , we assess our investment in the great park venture based on the financial information for the great park venture in its entirety , and not just our equity interest in it . as a result , our great park segment consists of the operations of both the great park venture and the development management services provided by the management company at the great park venture . great park neighborhoods consists of approximately 2,100 acres in orange county and is being built around the approximately 1,300 acre orange county great park , a metropolitan public park that is under construction . in the first quarter of 2019 , great park neighborhoods received approval to develop an additional 1,056 homesites . as a result of the approval , great park neighborhoods is now designed to include approximately 10,500 homesites and approximately 4.9 million square feet of commercial space . the great park venture sold the first homesites in april 2013 and , as of december 31 , 2019 , had sold 6,161 homesites ( including 709 affordable homesites ) and commercial land allowing for development of up to 2 million square feet of commercial ( research and development ) space for aggregate consideration of approximately $ 2.6 billion . interests in the great park venture are either “ percentage interests ” or “ legacy interests . ” holders of the legacy interests are entitled to receive priority distributions in an amount up to $ 565.0 million , and holders of percentage interests are entitled to all other distributions . as of december 31 , 2019 , aggregate distributions to holders of legacy interests totaled $ 355.0 million . in early 2020 , the great park venture made a distribution of $ 76.3 million to the holders of legacy interests , reducing the remaining aggregate distributions to the holders of legacy interests to approximately $ 134.0 million . of the remaining $ 134.0 million , the first $ 45.0 million will be paid to the holders of legacy interests prior to the commencement of distributions to the holders of percentage interests . see note 4 to our consolidated financial statements included under part ii , item 8 of this report for additional discussion of distribution priorities at the great park venture . 50 the following table summarizes the results of operations of our great park segment for the years ended december 31 , 2019 and 2018 . replace_table_token_5_th revenues . revenues increased by $ 97.1 million , or 46.1 % , to $ 307.8 million for the year ended december 31 , 2019 from $ 210.8 million for the year ended december 31 , 2018 . the increase was primarily attributable to the recognition of revenue from the sale of land entitled for an aggregate of 587 homesites on approximately 48 acres during the year ended december 31 , 2019 compared to the recognition of revenue from the sale of land entitled for an aggregate of 536 homesites on approximately 33 acres during the same period in 2018. initial gross proceeds from the 2019 sale were $ 255.4 million , representing the base purchase price . we also recognized $ 6.0 million in the transaction price as an estimate of the amount of variable consideration from marketing fees that we expect to be entitled to receive . initial gross proceeds from the 2018 sale were $ 166.0 million , representing the base purchase price . we also recognized $ 4.0 million in the transaction price as an estimate of the amount of variable consideration from marketing fees that we expect to be entitled to receive . during the years ended december 31 , 2019 and 2018 , revenues also included changes in estimates of variable consideration , including profit participation , from those amounts previously recorded by the great park venture in accordance with the application of the new revenue guidance , as well as revenues generated by the management company from development management services provided to the great park venture . cost of land sales . cost of land sales in 2019 and 2018 was $ 179.8 million and $ 118.1 million , or 66.4 % and 67.2 % of total land sales revenues , respectively . the cost of land sales includes both actual and estimated future capitalized costs allocated based upon relative sales values . since this method requires the great park venture to estimate the expected sales prices for the entire project , the profit margin on subsequent parcels sold will be affected by both changes in the estimated total revenues , as well as any changes in the estimated total cost of the project . management services costs and expenses . included within management services costs and expenses are general and administrative costs and expenses incurred directly by the management company 's project team that is managing the development of the great park neighborhoods . we also include amortization expense related to the intangible asset attributable to the incentive compensation provisions of the development management agreement with the great park venture . corporate and non-project team salaries and overhead are not allocated to management services costs and expenses or to our reportable segments and are reported in selling , general , and administrative 51 costs in the consolidated statement of operations . during the year ended

