we anticipate construction completion for the second tower in the fourth quarter of 2016. by the end of january 2016 , we had signed leases for 55 % of the 12,560 square feet of commercial space in the community , at rents above underwriting . at the sterling , during 2015 , we completed renovation of the common areas and retail space , at a cost consistent with underwriting . based on the success of the lease-up pace and pricing of the apartment homes that have been completed , in the fourth quarter 2015 , we approved a plan to expand the phased redevelopment of the sterling with another five floors containing 20 130 apartment homes . by the end of january 2016 , 62 % of the 409 apartment homes approved for redevelopment were complete , at a cost consistent with underwriting , and we had leased 97 % of the completed apartment homes , with rents above underwriting . we had also signed leases for 84 % of the 19,845 square feet of retail space at rents above underwriting . during 2015 , we also invested a total of $ 116 million in development , about $ 100 million of which was in our one canal property in boston . we expect completion of construction for one canal in april 2016 and we are pre-leasing now . we also invested $ 16 million in the completion of vivo , a community we acquired in cambridge mid-year while under construction . we saw our first move-ins at vivo in october and at the end of january 2016 , the community was 48 % leased at rents above underwriting . see below under the liquidity and capital resources – redevelopment and development heading for additional information regarding our ongoing redevelopment and development projects at december 31 , 2015 . portfolio management average revenue per effective apartment home for our conventional portfolio increased by 10 % , from $ 1,669 for the three months ended december 31 , 2014 , to $ 1,840 for the three months ended december 31 , 2015 , as a result of year-over-year revenue growth of 4.5 % for our conventional same store apartment communities , the sale of conventional apartment communities during 2015 with average revenues per home lower than the apartment communities in our retained portfolio and the reinvestment of the sales proceeds through redevelopment and acquisition of apartment communities with better prospects and higher rents . in total , we sold 11 apartment communities with 3,855 apartment homes during the year ended december 31 , 2015 . these sales represented roughly 4 % of our beginning of year real estate asset value . eight of these communities were from our conventional portfolio , with average monthly revenues per apartment home of $ 1,043 , 43 % below the average of our retained conventional portfolio . among the properties sold , was the last one we held in phoenix . we also continued the sell-down of our affordable portfolio with the sale of three communities . consistent with our paired-trade discipline , proceeds from these sales were reinvested in redevelopment and development projects described above , acquisitions , and property upgrades with a weighted average free cash flow internal rate of return ( defined under the non-gaap performance and liquidity measures heading ) approximately 350 basis points higher than the communities sold to fund them . in addition to our acquisition of the under construction community , vivo , which is described under the redevelopment and development heading above , during 2015 , we purchased two other communities : mezzo , an operating community in atlanta ; and axiom , a lease-up community in cambridge . our total purchase price for these three communities was $ 129 million . at the end of january 2016 , axiom was 89 % leased at rents above underwriting . we expect to reach occupancy stabilization on this community during the second quarter of 2016. in addition to the acquisitions of these three communities , during the year we entered into a contract to acquire an apartment community currently under construction in northern california for $ 320 million . the acquisition is expected to close upon completion of construction in the summer of 2016. we intend to fund the acquisition through a ten-year property loan , with the balance funded primarily by proceeds from the sale of two apartment communities : one in alexandra , virginia ; and our last community in phoenix , which sale closed in december 2015. through our disciplined execution of our portfolio management strategy , over the three year period from december 31 , 2012 to december 31 , 2015 , we : increased our period-end conventional portfolio average revenue per apartment home by 35 % to $ 1,840 . this rate of growth reflects the impact of market rent growth , and more significantly , the impact of portfolio management through dispositions , redevelopment and acquisitions ; increased our conventional portfolio free cash flow margin by 9 % through the sale of lower-rated communities and reinvestment in communities of greater quality commanding higher rents ; and increased to 91 % the percentage of our conventional property net operating income earned in our target markets . as a result of these efforts , as of september 30 , 2015 , the most recent period for which market information is available , approximately 51 % , 32 % and 17 % of aimco 's portfolio is invested in “ a , ” “ b ” and “ c+ ” quality apartment homes , respectively , as measured under our portfolio quality rating system discussed in the portfolio management heading in item 1. as we continue to execute our portfolio strategy , we expect to continue to increase conventional portfolio average revenue per apartment home at a rate greater than market rent growth ; to increase further free cash flow margins ; to sell our story_separator_special_tag at december 31 , 2015 , as defined by our segment performance metrics , our affordable portfolio consisted of 45 affordable same store apartment communities with 7,311 apartment homes and two other affordable apartment communities with 595 apartment homes . from december 31 , 2014 , to december 31 , 2015 , on a net basis , our affordable same store portfolio increased by one apartment community with 200 apartment homes that was reclassified to our affordable same store portfolio upon maintaining a stabilized level of occupancy following a casualty event . 26 our affordable results for the years ended december 31 , 2015 and 2014 , presented below are based on the apartment community populations at december 31 , 2015 . replace_table_token_9_th for the year ended december 31 , 2015 , as compared to 2014 , our affordable segment 's proportionate property net operating income increased $ 2.0 million , or 3.5 % . the increase was attributable to a $ 2.0 million increase in rental income driven primarily by higher rental rates of $ 22 per month on apartment homes . at december 31 , 2014 , our affordable portfolio consisted of 44 affordable same store apartment communities with 7,111 apartment homes and three other affordable apartment communities and 795 apartment homes . our affordable results for the years ended december 31 , 2014 and 2013 presented below are based on the apartment community populations at december 31 , 2014 ( excluding amounts related to apartment communities sold or classified as held for sale during 2015 ) . replace_table_token_10_th for the year ended december 31 , 2014 , as compared to 2013 , the proportionate property net operating income of our affordable apartment communities increased $ 0.5 million , or 0.9 % . the increase in proportionate property net operating income was primarily attributable to an increase in rental income driven by higher rental rates , partially offset by an increase in utilities expense . non-segment real estate operations real estate operations net operating income amounts not attributed to our conventional or affordable segments include property management revenues , offsite costs associated with property management , and casualty losses , reported in consolidated amounts , which we do not allocate to our conventional or affordable segments for purposes of evaluating segment performance ( see note 15 to the consolidated financial statements in item 8 ) . we also exclude the results of apartment communities sold and classified as held for sale from our conventional or affordable segments for purposes of evaluating segment performance . 27 for the years ended december 31 , 2015 , 2014 and 2013 , property management expenses , which include offsite costs associated with managing apartment communities we own ( both our share and the share that we allocate to the limited partners in our consolidated partnerships ) , totaled $ 24.7 million , $ 25.3 million and $ 30.7 million , respectively . the decrease in property management expenses in these periods was primarily due to reductions in personnel and related costs based on the reduction in the number of apartment communities we own and manage . for the years ended december 31 , 2015 , 2014 and 2013 , casualty losses totaled $ 8.3 million , $ 11.8 million and $ 6.7 million , respectively . casualty losses during the year ended december 31 , 2015 , included losses resulting from property damage and snow removal costs associated with the severe snow storms in the northeast . casualty losses during the year ended december 31 , 2014 , included losses from the severe weather associated with the 2014 “ polar vortex , ” which affected many of our apartment communities in the northeast and midwest , as well damage to one of our apartment communities resulting from a severe hail storm . tax credit and asset management revenues we sponsor certain consolidated partnerships that acquire , develop and operate qualifying affordable housing apartment communities and are structured to provide for the pass-through of tax credits and deductions to their partners . we recognize income associated with the delivery of tax credits and benefits associated with these partnerships to their partners . for the year ended december 31 , 2015 , as compared to the year ended december 31 , 2014 , tax credit and asset management revenues decreased $ 7.2 million . this decrease was attributable to a decrease in amortization of deferred tax credit income due to delivery of substantially all of the tax credits on various apartment communities during 2014 and 2015 , and a decrease in disposition and other transactional fees earned in 2015 as compared to 2014. for the year ended december 31 , 2014 , as compared to the year ended december 31 , 2013 , tax credit and asset management revenues decreased $ 3.3 million . this decrease was attributable to a decrease in amortization of tax credit income , and a decrease in disposition and other transactional fees earned in 2014 , as compared to 2013. certain of the apartment communities within our tax credit partnerships have delivered substantially all of the tax credits , or are anticipated to deliver substantially all of the tax credits during 2016. as the tax credit delivery and compliance periods for these apartment communities expire , amortization of deferred income associated with the delivery of tax credits and benefits decreases . we expect amortization of deferred tax credit income to decrease from $ 24.1 million in the year ended december 31 , 2015 , to approximately $ 19 million for the year ending december 31 , 2016. investment management expenses for the year ended december 31 , 2015 , compared to the year ended december 31 , 2014 , investment management expenses decreased $ 1.5 million primarily due to decreases in acquisition and other costs , partially offset by an increase in personnel and related costs . for the year ended december 31 , 2014 , compared to the

liquidity and capital resources liquidity is the ability to meet present and future financial obligations . our primary source of liquidity is cash flow from our operations . additional sources are proceeds from sales of apartment communities , proceeds from refinancings of existing property debt , borrowings under new property debt , borrowings under our credit agreement and proceeds from equity offerings . our principal uses for liquidity include normal operating activities , payments of principal and interest on outstanding property debt , dividends paid to stockholders , distributions paid to noncontrolling interest partners and acquisitions of , and investments in , apartment communities , including redevelopment , development and other capital spending . we use our cash and cash equivalents and our cash provided by operating activities to meet short-term liquidity needs . in the event that our cash and cash equivalents and cash provided by operating activities are not sufficient to cover our short-term liquidity needs , we have additional means , such as short-term borrowing availability and proceeds from apartment community sales and refinancings . we may use our credit agreement for working capital and other short-term purposes , such as funding investments on an interim basis . we expect to meet our long-term liquidity requirements , such as debt maturities and apartment community acquisitions , through long-term borrowings , primarily non-recourse , the issuance of equity securities ( including op units ) , the sale of apartment communities , and cash generated from operations .


 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 liquidity is the ability to meet present and future financial obligations . our primary source of liquidity is cash flow from our operations . additional sources are proceeds from sales of apartment communities , proceeds from refinancings of existing property debt , borrowings under new property debt , borrowings under our credit agreement and proceeds from equity offerings . our principal uses for liquidity include normal operating activities , payments of principal and interest on outstanding property debt , dividends paid to stockholders , distributions paid to noncontrolling interest partners and acquisitions of , and investments in , apartment communities , including redevelopment , development and other capital spending . we use our cash and cash equivalents and our cash provided by operating activities to meet short-term liquidity needs . in the event that our cash and cash equivalents and cash provided by operating activities are not sufficient to cover our short-term liquidity needs , we have additional means , such as short-term borrowing availability and proceeds from apartment community sales and refinancings . we may use our credit agreement for working capital and other short-term purposes , such as funding investments on an interim basis . we expect to meet our long-term liquidity requirements , such as debt maturities and apartment community acquisitions , through long-term borrowings , primarily non-recourse , the issuance of equity securities ( including op units ) , the sale of apartment communities , and cash generated from operations .
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 Suspicious Activity Report : we anticipate construction completion for the second tower in the fourth quarter of 2016. by the end of january 2016 , we had signed leases for 55 % of the 12,560 square feet of commercial space in the community , at rents above underwriting . at the sterling , during 2015 , we completed renovation of the common areas and retail space , at a cost consistent with underwriting . based on the success of the lease-up pace and pricing of the apartment homes that have been completed , in the fourth quarter 2015 , we approved a plan to expand the phased redevelopment of the sterling with another five floors containing 20 130 apartment homes . by the end of january 2016 , 62 % of the 409 apartment homes approved for redevelopment were complete , at a cost consistent with underwriting , and we had leased 97 % of the completed apartment homes , with rents above underwriting . we had also signed leases for 84 % of the 19,845 square feet of retail space at rents above underwriting . during 2015 , we also invested a total of $ 116 million in development , about $ 100 million of which was in our one canal property in boston . we expect completion of construction for one canal in april 2016 and we are pre-leasing now . we also invested $ 16 million in the completion of vivo , a community we acquired in cambridge mid-year while under construction . we saw our first move-ins at vivo in october and at the end of january 2016 , the community was 48 % leased at rents above underwriting . see below under the liquidity and capital resources – redevelopment and development heading for additional information regarding our ongoing redevelopment and development projects at december 31 , 2015 . portfolio management average revenue per effective apartment home for our conventional portfolio increased by 10 % , from $ 1,669 for the three months ended december 31 , 2014 , to $ 1,840 for the three months ended december 31 , 2015 , as a result of year-over-year revenue growth of 4.5 % for our conventional same store apartment communities , the sale of conventional apartment communities during 2015 with average revenues per home lower than the apartment communities in our retained portfolio and the reinvestment of the sales proceeds through redevelopment and acquisition of apartment communities with better prospects and higher rents . in total , we sold 11 apartment communities with 3,855 apartment homes during the year ended december 31 , 2015 . these sales represented roughly 4 % of our beginning of year real estate asset value . eight of these communities were from our conventional portfolio , with average monthly revenues per apartment home of $ 1,043 , 43 % below the average of our retained conventional portfolio . among the properties sold , was the last one we held in phoenix . we also continued the sell-down of our affordable portfolio with the sale of three communities . consistent with our paired-trade discipline , proceeds from these sales were reinvested in redevelopment and development projects described above , acquisitions , and property upgrades with a weighted average free cash flow internal rate of return ( defined under the non-gaap performance and liquidity measures heading ) approximately 350 basis points higher than the communities sold to fund them . in addition to our acquisition of the under construction community , vivo , which is described under the redevelopment and development heading above , during 2015 , we purchased two other communities : mezzo , an operating community in atlanta ; and axiom , a lease-up community in cambridge . our total purchase price for these three communities was $ 129 million . at the end of january 2016 , axiom was 89 % leased at rents above underwriting . we expect to reach occupancy stabilization on this community during the second quarter of 2016. in addition to the acquisitions of these three communities , during the year we entered into a contract to acquire an apartment community currently under construction in northern california for $ 320 million . the acquisition is expected to close upon completion of construction in the summer of 2016. we intend to fund the acquisition through a ten-year property loan , with the balance funded primarily by proceeds from the sale of two apartment communities : one in alexandra , virginia ; and our last community in phoenix , which sale closed in december 2015. through our disciplined execution of our portfolio management strategy , over the three year period from december 31 , 2012 to december 31 , 2015 , we : increased our period-end conventional portfolio average revenue per apartment home by 35 % to $ 1,840 . this rate of growth reflects the impact of market rent growth , and more significantly , the impact of portfolio management through dispositions , redevelopment and acquisitions ; increased our conventional portfolio free cash flow margin by 9 % through the sale of lower-rated communities and reinvestment in communities of greater quality commanding higher rents ; and increased to 91 % the percentage of our conventional property net operating income earned in our target markets . as a result of these efforts , as of september 30 , 2015 , the most recent period for which market information is available , approximately 51 % , 32 % and 17 % of aimco 's portfolio is invested in “ a , ” “ b ” and “ c+ ” quality apartment homes , respectively , as measured under our portfolio quality rating system discussed in the portfolio management heading in item 1. as we continue to execute our portfolio strategy , we expect to continue to increase conventional portfolio average revenue per apartment home at a rate greater than market rent growth ; to increase further free cash flow margins ; to sell our story_separator_special_tag at december 31 , 2015 , as defined by our segment performance metrics , our affordable portfolio consisted of 45 affordable same store apartment communities with 7,311 apartment homes and two other affordable apartment communities with 595 apartment homes . from december 31 , 2014 , to december 31 , 2015 , on a net basis , our affordable same store portfolio increased by one apartment community with 200 apartment homes that was reclassified to our affordable same store portfolio upon maintaining a stabilized level of occupancy following a casualty event . 26 our affordable results for the years ended december 31 , 2015 and 2014 , presented below are based on the apartment community populations at december 31 , 2015 . replace_table_token_9_th for the year ended december 31 , 2015 , as compared to 2014 , our affordable segment 's proportionate property net operating income increased $ 2.0 million , or 3.5 % . the increase was attributable to a $ 2.0 million increase in rental income driven primarily by higher rental rates of $ 22 per month on apartment homes . at december 31 , 2014 , our affordable portfolio consisted of 44 affordable same store apartment communities with 7,111 apartment homes and three other affordable apartment communities and 795 apartment homes . our affordable results for the years ended december 31 , 2014 and 2013 presented below are based on the apartment community populations at december 31 , 2014 ( excluding amounts related to apartment communities sold or classified as held for sale during 2015 ) . replace_table_token_10_th for the year ended december 31 , 2014 , as compared to 2013 , the proportionate property net operating income of our affordable apartment communities increased $ 0.5 million , or 0.9 % . the increase in proportionate property net operating income was primarily attributable to an increase in rental income driven by higher rental rates , partially offset by an increase in utilities expense . non-segment real estate operations real estate operations net operating income amounts not attributed to our conventional or affordable segments include property management revenues , offsite costs associated with property management , and casualty losses , reported in consolidated amounts , which we do not allocate to our conventional or affordable segments for purposes of evaluating segment performance ( see note 15 to the consolidated financial statements in item 8 ) . we also exclude the results of apartment communities sold and classified as held for sale from our conventional or affordable segments for purposes of evaluating segment performance . 27 for the years ended december 31 , 2015 , 2014 and 2013 , property management expenses , which include offsite costs associated with managing apartment communities we own ( both our share and the share that we allocate to the limited partners in our consolidated partnerships ) , totaled $ 24.7 million , $ 25.3 million and $ 30.7 million , respectively . the decrease in property management expenses in these periods was primarily due to reductions in personnel and related costs based on the reduction in the number of apartment communities we own and manage . for the years ended december 31 , 2015 , 2014 and 2013 , casualty losses totaled $ 8.3 million , $ 11.8 million and $ 6.7 million , respectively . casualty losses during the year ended december 31 , 2015 , included losses resulting from property damage and snow removal costs associated with the severe snow storms in the northeast . casualty losses during the year ended december 31 , 2014 , included losses from the severe weather associated with the 2014 “ polar vortex , ” which affected many of our apartment communities in the northeast and midwest , as well damage to one of our apartment communities resulting from a severe hail storm . tax credit and asset management revenues we sponsor certain consolidated partnerships that acquire , develop and operate qualifying affordable housing apartment communities and are structured to provide for the pass-through of tax credits and deductions to their partners . we recognize income associated with the delivery of tax credits and benefits associated with these partnerships to their partners . for the year ended december 31 , 2015 , as compared to the year ended december 31 , 2014 , tax credit and asset management revenues decreased $ 7.2 million . this decrease was attributable to a decrease in amortization of deferred tax credit income due to delivery of substantially all of the tax credits on various apartment communities during 2014 and 2015 , and a decrease in disposition and other transactional fees earned in 2015 as compared to 2014. for the year ended december 31 , 2014 , as compared to the year ended december 31 , 2013 , tax credit and asset management revenues decreased $ 3.3 million . this decrease was attributable to a decrease in amortization of tax credit income , and a decrease in disposition and other transactional fees earned in 2014 , as compared to 2013. certain of the apartment communities within our tax credit partnerships have delivered substantially all of the tax credits , or are anticipated to deliver substantially all of the tax credits during 2016. as the tax credit delivery and compliance periods for these apartment communities expire , amortization of deferred income associated with the delivery of tax credits and benefits decreases . we expect amortization of deferred tax credit income to decrease from $ 24.1 million in the year ended december 31 , 2015 , to approximately $ 19 million for the year ending december 31 , 2016. investment management expenses for the year ended december 31 , 2015 , compared to the year ended december 31 , 2014 , investment management expenses decreased $ 1.5 million primarily due to decreases in acquisition and other costs , partially offset by an increase in personnel and related costs . for the year ended december 31 , 2014 , compared to the

