references to the statement of operations refer to our consolidated and combined statements of operations for each of the three years in the period ended december 31 , 2017 . references to the statement of cash flows refer to our consolidated and combined statements of cash flows for each of the three years in the period ended december 31 , 2017 . the accompanying financial statements are prepared in accordance with gaap . gaap requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities , and revenue and expenses during the reporting periods . actual results could differ from these estimates . the historical financial results for the vornado included assets reflect charges for certain corporate costs allocated by the former parent which we believe are reasonable . these charges were based on either actual costs incurred or a proportion of costs estimated to be applicable to the vornado included assets based on an analysis of key metrics , including total revenues . such costs do not necessarily reflect what the actual costs would have been if the vornado included assets had been operating as a separate standalone public company . these charges are discussed further in note 18 to the financial statements included herein . we intend to elect to be taxed as a reit under sections 856-860 of the code . under those sections , a reit which distributes at least 90 % of its reit taxable income as dividends to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to its shareholders . prior to the separation , vornado operated as a reit and distributed 100 % of taxable income to its shareholders , accordingly , no provision for federal income taxes has been made in the accompanying financial statements for the periods prior to the separation . we intend to adhere to these requirements and maintain our reit status in future periods . as a reit , we are allowed to reduce taxable income by all or a portion of our distributions to shareholders . future distributions will be declared and paid at the discretion of our board of trustees and will depend upon cash generated by operating activities , 43 our financial condition , capital requirements , annual dividend requirements under the reit provisions of the code , as amended , and such other factors as our board of trustees deems relevant . we also participate in the activities conducted by subsidiary entities which have elected to be treated as trss under the code . as such , we are subject to federal , state , and local taxes on the income from these activities . income taxes attributable to our trss are accounted for under the asset and liability method . under the asset and liability method , deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements , which will result in taxable or deductible amounts in the future . we aggregate our operating segments into three reportable segments ( office , multifamily , and third-party real estate services ) based on the economic characteristics and nature of our assets and services . we compete with a large number of property owners and developers . our success depends upon , among other factors , trends affecting national and local economies , the financial condition and operating results of current and prospective tenants , the availability and cost of capital , interest rates , construction and renovation costs , taxes , governmental regulations and legislation , population trends , zoning laws , and our ability to lease , sublease or sell our assets at profitable levels . our success is also subject to our ability to refinance existing debt on acceptable terms as it comes due . overview we own and operate a portfolio of high-quality office and multifamily assets , many of which are amenitized with ancillary retail . our portfolio reflects our longstanding strategy of owning and operating assets within metro-served submarkets in the washington , dc metropolitan area that have high barriers to entry and key urban amenities , including being within walking distance of a metro station . as of december 31 , 2017 , our operating portfolio consists of 69 operating assets comprising 51 office assets totaling over 13.7 million square feet ( 11.8 million square feet at our share ) , 14 multifamily assets totaling 6,016 units ( 4,232 units at our share ) and four other assets totaling approximately 765,000 square feet ( 348,000 square feet at our share ) . additionally , we have ( i ) ten assets under construction comprising four office assets totaling approximately 1.3 million square feet ( 1.2 million square feet at our share ) , five multifamily assets totaling 1,767 units ( 1,568 units at our share ) and one other asset totaling approximately 41,100 square feet ( 4,100 square feet at our share ) ; and ( iii ) 43 future development assets totaling approximately 21.4 million square feet ( 17.9 million square feet at our share ) of estimated potential development density . key highlights of operating results for the year ended december 31 , 2017 included : a net loss of $ 71.8 million , or $ 0.70 per diluted common share , for the year ended december 31 , 2017 as compared to net income of $ 62.0 million , or $ 0.62 per diluted common share , for the year ended december 31 , 2016 . story_separator_special_tag cash flow projections for the investments consider property level factors such as expected future operating income , trends and prospects , as well as the effects of demand , competition and other factors . we consider various qualitative factors to determine if a decrease in the value of our investment is other-than-temporary . these factors include age of the venture , our intent and ability to retain our investment in the entity , financial condition and long-term prospects of the entity and relationships with our partners and banks . if we believe that the decline in the fair value of the investment is temporary , no impairment charge is recorded . if our analysis indicates that there is an other-than temporary impairment related to the investment in a particular real estate venture , the carrying value of the venture will be adjusted to an amount that reflects the estimated fair value of the investment . revenue recognition property rentals income includes base rents that each tenant pays in accordance with the terms of its respective lease and is reported on a straight-line basis over the non-cancellable term of the lease , which includes the effects of periodic step-ups in rent and rent abatements under the leases . we commence rental revenue recognition when the tenant takes possession of the leased space or controls the physical use of the leased space and the leased space is substantially ready for its intended use . in circumstances where we provide a tenant improvement allowance for improvements that are owned by the tenant , we recognize the allowance as a reduction of property rentals revenue on a straight-line basis over the term of the lease . differences between rental income recognized and amounts due under the respective lease agreements are recorded as an increase or decrease to `` deferred rent receivable , net `` on our balance sheets . property rentals also includes the amortization/accretion of acquired above-and below-market leases . tenant reimbursements provide for the recovery of all or a portion of the operating expenses and real estate taxes of the respective assets . tenant reimbursements are accrued in the same periods as the related expenses are incurred . third-party real estate services revenue , including reimbursements , is determined in accordance with the terms specific to each arrangement and may include property and asset management fees or transactional fees for leasing , acquisition , development and construction , financing , and legal services provided . these fees are determined in accordance with the terms specific to each arrangement and are recognized as the related services are performed . development and construction fees earned from providing services to our unconsolidated real estate ventures are recorded on a percentage of completion basis . 47 share-based compensation we granted op units , formation awards ( `` formation awards `` ) , long-term incentive partnership units ( `` ltip units `` ) , ltip units with time-based vesting requirements ( “ time-based ltip units ” ) and performance-based ltip units to our trustees , management and employees in connection with the separation and combination . fair value is determined , depending on the type of award , using the monte carlo method or post-vesting restriction periods , which is intended to estimate the fair value of the awards at the grant date using dividend yields and expected volatilities that are primarily based on available implied data and peer group companies ' historical data . the risk-free interest rate is based on the u.s. treasury yield curve in effect at the time of grant . the shortcut method is used for determining the expected life used in the valuation method . compensation expense is based on the fair value of our common shares at the date of the grant and is recognized ratably over the vesting period using a graded vesting attribution model . we account for forfeitures as they occur . recent accounting pronouncements see note 2 to the financial statements for a description of the potential impact of the adoption of any new accounting pronouncements . results of operations comparison of the year ended december 31 , 2017 to 2016 the following summarizes certain line items from our statements of operations that we believe are important in understanding our operations and or those items which significantly changed in the year ended december 31 , 2017 as compared to the same period in 2016 : replace_table_token_14_th * not meaningful . property rentals revenue increased by approximately $ 35.0 million , or 8.7 % , to $ 436.6 million in 2017 from $ 401.6 million in 2016 . the increase was primarily due to revenues of $ 31.4 million associated with the jbg assets acquired in the combination and an increase of $ 3.6 million in revenues associated with the vornado included assets that were the existing assets in the prior period . the $ 3.6 million increase in revenues associated with existing assets is primarily due to an increase in occupancy and associated rentals at the bartlett multifamily asset as the property was placed into service in the second quarter of 2016 and rent commencements at 1215 s. clark st , partially offset by a decrease in revenues at 1700 m street and 1770 crystal drive , which were taken out of service . 48 tenant reimbursements revenue increased by approximately $ 324,000 , or 0.9 % , to $ 38.0 million in 2017 from $ 37.7 million in 2016 . revenue associated with existing assets decreased by $ 2.8 million , primarily due to lower construction services provided to tenants and lower operating expenses , partially offset by an increase of $ 3.1 million associated with the assets acquired in the combination . third-party real estate services revenue , including reimbursements , increased by approximately $ 29.4 million , or 86.6 % , to $ 63.2 million in 2017 from $ 33.9 million in 2016 . the increase was primarily due to the real estate

cash flows for the year ended december 31 , 2017 cash and cash equivalents and restricted cash were $ 338.6 million at december 31 , 2017 , compared to $ 32.3 million at december 31 , 2016 , an increase of $ 306.3 million . this increase resulted from $ 74.2 million of net cash provided by operating activities , $ 7.7 million of net cash used in investing activities and $ 239.8 million of net cash provided by financing activities . our outstanding debt was $ 2.2 billion at december 31 , 2017 , a $ 1.0 billion increase from the balance at december 31 , 2016 primarily from mortgages payable assumed in the combination and borrowings under our credit facility . net cash provided by operating activities of $ 74.2 million primarily comprised : ( i ) $ 88.4 million of net income ( before $ 191.9 million of non-cash items and $ 24.4 million gain on bargain purchase ) and ( ii ) $ 2.6 million of return on capital from unconsolidated real estate ventures , partially offset by ( iii ) $ 16.8 million of net change in operating assets and liabilities . non-cash adjustments of $ 191.9 million primarily include depreciation and amortization , share-based compensation expense , deferred rent , deferred income tax benefit , net loss from unconsolidated real estate ventures , bad debt expense and other non-cash items . net cash used in investing activities of $ 7.7 million primarily comprised : ( i ) $ 210.6 million of development costs , construction in progress and real estate additions , ( ii ) $ 16.3 million of investments in and advances to unconsolidated real estate ventures , ( iii ) $ 8.8 million of acquisition of interests in unconsolidated real estate ventures , net of cash acquired , and ( iv ) $ 2.2 million of other investments , partially offset by ( v ) $ 97.4 million of net cash consideration received in connection with the combination , ( vi ) $ 75.0 million of proceeds from the repayment of a receivable by our former parent , and ( vii ) $ 50.9 million repayment of notes receivable .


 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 for the year ended december 31 , 2017 cash and cash equivalents and restricted cash were $ 338.6 million at december 31 , 2017 , compared to $ 32.3 million at december 31 , 2016 , an increase of $ 306.3 million . this increase resulted from $ 74.2 million of net cash provided by operating activities , $ 7.7 million of net cash used in investing activities and $ 239.8 million of net cash provided by financing activities . our outstanding debt was $ 2.2 billion at december 31 , 2017 , a $ 1.0 billion increase from the balance at december 31 , 2016 primarily from mortgages payable assumed in the combination and borrowings under our credit facility . net cash provided by operating activities of $ 74.2 million primarily comprised : ( i ) $ 88.4 million of net income ( before $ 191.9 million of non-cash items and $ 24.4 million gain on bargain purchase ) and ( ii ) $ 2.6 million of return on capital from unconsolidated real estate ventures , partially offset by ( iii ) $ 16.8 million of net change in operating assets and liabilities . non-cash adjustments of $ 191.9 million primarily include depreciation and amortization , share-based compensation expense , deferred rent , deferred income tax benefit , net loss from unconsolidated real estate ventures , bad debt expense and other non-cash items . net cash used in investing activities of $ 7.7 million primarily comprised : ( i ) $ 210.6 million of development costs , construction in progress and real estate additions , ( ii ) $ 16.3 million of investments in and advances to unconsolidated real estate ventures , ( iii ) $ 8.8 million of acquisition of interests in unconsolidated real estate ventures , net of cash acquired , and ( iv ) $ 2.2 million of other investments , partially offset by ( v ) $ 97.4 million of net cash consideration received in connection with the combination , ( vi ) $ 75.0 million of proceeds from the repayment of a receivable by our former parent , and ( vii ) $ 50.9 million repayment of notes receivable .
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 Suspicious Activity Report : references to the statement of operations refer to our consolidated and combined statements of operations for each of the three years in the period ended december 31 , 2017 . references to the statement of cash flows refer to our consolidated and combined statements of cash flows for each of the three years in the period ended december 31 , 2017 . the accompanying financial statements are prepared in accordance with gaap . gaap requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities , and revenue and expenses during the reporting periods . actual results could differ from these estimates . the historical financial results for the vornado included assets reflect charges for certain corporate costs allocated by the former parent which we believe are reasonable . these charges were based on either actual costs incurred or a proportion of costs estimated to be applicable to the vornado included assets based on an analysis of key metrics , including total revenues . such costs do not necessarily reflect what the actual costs would have been if the vornado included assets had been operating as a separate standalone public company . these charges are discussed further in note 18 to the financial statements included herein . we intend to elect to be taxed as a reit under sections 856-860 of the code . under those sections , a reit which distributes at least 90 % of its reit taxable income as dividends to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to its shareholders . prior to the separation , vornado operated as a reit and distributed 100 % of taxable income to its shareholders , accordingly , no provision for federal income taxes has been made in the accompanying financial statements for the periods prior to the separation . we intend to adhere to these requirements and maintain our reit status in future periods . as a reit , we are allowed to reduce taxable income by all or a portion of our distributions to shareholders . future distributions will be declared and paid at the discretion of our board of trustees and will depend upon cash generated by operating activities , 43 our financial condition , capital requirements , annual dividend requirements under the reit provisions of the code , as amended , and such other factors as our board of trustees deems relevant . we also participate in the activities conducted by subsidiary entities which have elected to be treated as trss under the code . as such , we are subject to federal , state , and local taxes on the income from these activities . income taxes attributable to our trss are accounted for under the asset and liability method . under the asset and liability method , deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements , which will result in taxable or deductible amounts in the future . we aggregate our operating segments into three reportable segments ( office , multifamily , and third-party real estate services ) based on the economic characteristics and nature of our assets and services . we compete with a large number of property owners and developers . our success depends upon , among other factors , trends affecting national and local economies , the financial condition and operating results of current and prospective tenants , the availability and cost of capital , interest rates , construction and renovation costs , taxes , governmental regulations and legislation , population trends , zoning laws , and our ability to lease , sublease or sell our assets at profitable levels . our success is also subject to our ability to refinance existing debt on acceptable terms as it comes due . overview we own and operate a portfolio of high-quality office and multifamily assets , many of which are amenitized with ancillary retail . our portfolio reflects our longstanding strategy of owning and operating assets within metro-served submarkets in the washington , dc metropolitan area that have high barriers to entry and key urban amenities , including being within walking distance of a metro station . as of december 31 , 2017 , our operating portfolio consists of 69 operating assets comprising 51 office assets totaling over 13.7 million square feet ( 11.8 million square feet at our share ) , 14 multifamily assets totaling 6,016 units ( 4,232 units at our share ) and four other assets totaling approximately 765,000 square feet ( 348,000 square feet at our share ) . additionally , we have ( i ) ten assets under construction comprising four office assets totaling approximately 1.3 million square feet ( 1.2 million square feet at our share ) , five multifamily assets totaling 1,767 units ( 1,568 units at our share ) and one other asset totaling approximately 41,100 square feet ( 4,100 square feet at our share ) ; and ( iii ) 43 future development assets totaling approximately 21.4 million square feet ( 17.9 million square feet at our share ) of estimated potential development density . key highlights of operating results for the year ended december 31 , 2017 included : a net loss of $ 71.8 million , or $ 0.70 per diluted common share , for the year ended december 31 , 2017 as compared to net income of $ 62.0 million , or $ 0.62 per diluted common share , for the year ended december 31 , 2016 . story_separator_special_tag cash flow projections for the investments consider property level factors such as expected future operating income , trends and prospects , as well as the effects of demand , competition and other factors . we consider various qualitative factors to determine if a decrease in the value of our investment is other-than-temporary . these factors include age of the venture , our intent and ability to retain our investment in the entity , financial condition and long-term prospects of the entity and relationships with our partners and banks . if we believe that the decline in the fair value of the investment is temporary , no impairment charge is recorded . if our analysis indicates that there is an other-than temporary impairment related to the investment in a particular real estate venture , the carrying value of the venture will be adjusted to an amount that reflects the estimated fair value of the investment . revenue recognition property rentals income includes base rents that each tenant pays in accordance with the terms of its respective lease and is reported on a straight-line basis over the non-cancellable term of the lease , which includes the effects of periodic step-ups in rent and rent abatements under the leases . we commence rental revenue recognition when the tenant takes possession of the leased space or controls the physical use of the leased space and the leased space is substantially ready for its intended use . in circumstances where we provide a tenant improvement allowance for improvements that are owned by the tenant , we recognize the allowance as a reduction of property rentals revenue on a straight-line basis over the term of the lease . differences between rental income recognized and amounts due under the respective lease agreements are recorded as an increase or decrease to `` deferred rent receivable , net `` on our balance sheets . property rentals also includes the amortization/accretion of acquired above-and below-market leases . tenant reimbursements provide for the recovery of all or a portion of the operating expenses and real estate taxes of the respective assets . tenant reimbursements are accrued in the same periods as the related expenses are incurred . third-party real estate services revenue , including reimbursements , is determined in accordance with the terms specific to each arrangement and may include property and asset management fees or transactional fees for leasing , acquisition , development and construction , financing , and legal services provided . these fees are determined in accordance with the terms specific to each arrangement and are recognized as the related services are performed . development and construction fees earned from providing services to our unconsolidated real estate ventures are recorded on a percentage of completion basis . 47 share-based compensation we granted op units , formation awards ( `` formation awards `` ) , long-term incentive partnership units ( `` ltip units `` ) , ltip units with time-based vesting requirements ( “ time-based ltip units ” ) and performance-based ltip units to our trustees , management and employees in connection with the separation and combination . fair value is determined , depending on the type of award , using the monte carlo method or post-vesting restriction periods , which is intended to estimate the fair value of the awards at the grant date using dividend yields and expected volatilities that are primarily based on available implied data and peer group companies ' historical data . the risk-free interest rate is based on the u.s. treasury yield curve in effect at the time of grant . the shortcut method is used for determining the expected life used in the valuation method . compensation expense is based on the fair value of our common shares at the date of the grant and is recognized ratably over the vesting period using a graded vesting attribution model . we account for forfeitures as they occur . recent accounting pronouncements see note 2 to the financial statements for a description of the potential impact of the adoption of any new accounting pronouncements . results of operations comparison of the year ended december 31 , 2017 to 2016 the following summarizes certain line items from our statements of operations that we believe are important in understanding our operations and or those items which significantly changed in the year ended december 31 , 2017 as compared to the same period in 2016 : replace_table_token_14_th * not meaningful . property rentals revenue increased by approximately $ 35.0 million , or 8.7 % , to $ 436.6 million in 2017 from $ 401.6 million in 2016 . the increase was primarily due to revenues of $ 31.4 million associated with the jbg assets acquired in the combination and an increase of $ 3.6 million in revenues associated with the vornado included assets that were the existing assets in the prior period . the $ 3.6 million increase in revenues associated with existing assets is primarily due to an increase in occupancy and associated rentals at the bartlett multifamily asset as the property was placed into service in the second quarter of 2016 and rent commencements at 1215 s. clark st , partially offset by a decrease in revenues at 1700 m street and 1770 crystal drive , which were taken out of service . 48 tenant reimbursements revenue increased by approximately $ 324,000 , or 0.9 % , to $ 38.0 million in 2017 from $ 37.7 million in 2016 . revenue associated with existing assets decreased by $ 2.8 million , primarily due to lower construction services provided to tenants and lower operating expenses , partially offset by an increase of $ 3.1 million associated with the assets acquired in the combination . third-party real estate services revenue , including reimbursements , increased by approximately $ 29.4 million , or 86.6 % , to $ 63.2 million in 2017 from $ 33.9 million in 2016 . the increase was primarily due to the real estate

