new risk factors emerge from time to time and it is not possible for management to predict all such risk factors , nor can we assess the impact of all such risk factors on our business or the extent to which any factor , or combination of factors , may cause actual results to differ materially from those contained in any forward-looking statements . given these risks and uncertainties , investors should not place undue reliance on forward-looking statements as a prediction of actual results . investors should also refer to our quarterly reports on form 10-q for future periods and current reports on form 8-k as we file them with the sec , and to other materials we may furnish to the public from time to time through forms 8-k or otherwise . overview we are an externally advised and managed real estate investment company that owns a diverse portfolio of income-producing properties and land held for development . the company 's portfolio of income-producing properties includes residential apartment communities , office buildings and other commercial properties . our investment strategy includes acquiring existing income-producing properties as well as developing new properties on land already owned or acquired for a specific development project . we acquire land primarily in in-fill locations or high-growth suburban markets . we are an active buyer and seller of real estate and during 2015 we acquired $ 130 million and sold $ 118 million of land and income-producing properties . as of december 31 , 2015 , we owned 7,983 units in 48 residential apartment communities , eight commercial properties comprising approximately 1.9 million rentable square feet , and a golf course . in addition , we own 3,665 acres of land held for development . the company currently owns income-producing properties and land in ten states as well as in the u.s. virgin islands . 20 we finance our acquisitions primarily through operating cash flow , proceeds from the sale of land and income-producing properties and debt financing primarily in the form of property-specific first-lien mortgage loans from commercial banks and institutional lenders . we finance our development projects principally with short-term , variable interest rate construction loans that are converted to long-term , fixed rate amortizing mortgages when the development project is completed and occupancy has been stabilized . the company will , from time to time , also enter into partnerships with various investors to acquire income-producing properties or land and to sell interests in certain of its wholly-owned properties . when the company sells assets , it may carry a portion of the sales price generally in the form of a short-term , interest bearing seller-financed note receivable . the company generates operating revenues primarily by leasing apartment units to residents and leasing office , retail and industrial space to commercial tenants . the company has historically engaged in and may continue to engage in certain business transactions with related parties , including but not limited to asset acquisition and dispositions . transactions involving related parties can not be presumed to be carried out on an arm 's length basis due to the absence of free market forces that naturally exist in business dealings between two or more unrelated entities . related party transactions may not always be favorable to our business and may include terms , conditions and agreements that are not necessarily beneficial to or in our best interest . since april 30 , 2011 , pillar is the company 's external advisor and cash manager under a contractual arrangement that is reviewed annually by our board of directors . pillar 's duties include , but are not limited to , locating , evaluating and recommending real estate and real estate-related investment opportunities . pillar also arranges , for tci 's benefit , debt and equity financing with third party lenders and investors . pillar also serves as an advisor and cash manager to arl and iot . as the contractual advisor , pillar is compensated by tci under an advisory agreement that is more fully described in part iii , item 10 . “ directors , executive officers and corporate governance – the advisor ” . tci has no employees . employees of pillar render services to tci in accordance with the terms of the advisory agreement . effective since january 1 , 2011 , regis manages our commercial properties and provides brokerage services . regis is entitled to receive a fee for its property management and brokerage services . see part iii , item 10 . “ directors , executive officers and corporate governance – property management and real estate brokerage ” . the company contracts with third-party companies to lease and manage our apartment communities . critical accounting policies we present our financial statements in accordance with generally accepted accounting principles in the united states ( “ gaap ” ) . the accompanying consolidated financial statements include our accounts , our subsidiaries , generally all of which are wholly-owned , and all entities in which we have a controlling interest . arrangements that are not controlled through voting or similar rights are accounted for as a variable interest entity ( vie ) , in accordance with the provisions and guidance of asc topic 810 “ consolidation ” , whereby we have determined that we are a primary beneficiary of the vie and meet certain criteria of a sole general partner or managing member as identified in accordance with emerging issues task force ( “ eitf ” ) issue 04-5 , investor 's accounting for an investment in a limited partnership when the investor is the sole general partner and the limited partners have certain rights ( “ eitf 04-5 ” ) . story_separator_special_tag the acquired property portfolio consists of properties that we acquired but have not held for the entire period for both periods being compared . developed properties in the lease-up phase consist of completed projects that are being leased-up . as we complete each phase of the project , we lease-up that phase and include those revenues in our continued operations . once a developed property becomes leased-up ( 80 % or more ) and is held the entire period for both years under comparison , it is considered to be included in the same property portfolio . income-producing properties that we have sold during the year are reclassified to discontinued operations for all periods presented . the other segment consists of revenue and operating expenses related to the notes receivable and corporate entities . the following discussion is based on our consolidated statements of operations for the twelve months ended december 31 , 2015 , 2014 , and 2013 as included in item 8 . “ financial statements and supplementary data ” . the prior year 's property portfolios have been adjusted for subsequent sales . continuing operations relates to income-producing properties that were held during those years as adjusted for sales in the subsequent years . 24 at december 31 , 2015 , 2014 and 2013 , we owned or had interests in a portfolio of 57 , 45 and 45 income-producing properties , respectively . the total property portfolio represents all income-producing properties held as of december 31 for the year presented . sales subsequent to year end represent properties that were held as of year-end for the years presented , but sold in subsequent years . continued operations represents all properties that have not been reclassed to discontinued operations as of december 31 , 2015 for the year presented . the table below shows the number of income-producing properties held by year : replace_table_token_10_th comparison of the year ended december 31 , 2015 to the same year ended 2014 : for the twelve months ended december 31 , 2015 , we reported net loss applicable to common shares of ( $ 8.5 ) million or ( $ 0.98 ) per diluted earnings per share , as compared to a net income applicable to common shares of $ 40.6 million or $ 4.74 per diluted earnings per share for the same year ended 2014. the current year net loss applicable to common shares of ( $ 8.5 ) million includes gain on land sales of $ 18.9 million and net income from discontinued operations of $ .9 million , as compared to the prior year net income applicable to common shares of $ 40.6 million which includes gain on land sales of $ 0.6 million and net income from discontinued operations of $ 37.9 million . revenues rental and other property revenues were $ 102.2 million for the twelve months ended december 31 , 2015. this represents an increase of $ 26.3 million , as compared to the prior year revenues of $ 75.9 million . this increase in revenues is mainly due to the addition of several properties to the apartment portfolio and the commercial portfolio . the change by segment is reflected in an increase in the apartment portfolio of $ 16.1 million and an increase in the commercial portfolio of $ 10.2 million . our apartment portfolio continues to excel in the current economic conditions with occupancies averaging over 94 % and increasing rental rates . we have been able to surpass expectations due to the high-quality product offered , strength of our management team and our commitment to our tenants . the increase in the commercial segment is due to a high rise in the occupancy rate of the commercial complexes , in 2015 the average occupancy rate was over 86 % . our commercial portfolio is performing significantly better than in previous periods and we anticipate that it will continue to improve as the company has been successful in attracting high-quality tenants and expects to continue to see the benefits of those new leases in the future . we continue to work aggressively to attract new tenants and strive for continuous improvement of our properties in order to maintain our existing tenants . expenses property operating expenses were $ 52.3 million for the twelve months ended december 31 , 2015 . this represents an increase of $ 12.9 million , as compared to the prior year operating expenses of $ 39.4 million . this change , by segment , is an increase in the apartment portfolio of $ 8.3 million and an increase in the commercial portfolio of $ 4.6 million . within the apartment portfolio there was an increase of $ 5.9 million in the acquired properties portfolio and an increase of $ 2.4 million in the same property portfolio . within the commercial portfolio there was an increase of $ 3.6 million in the acquired properties portfolio and an increase of $ 1.0 million in the same store properties . the increase in the apartment portfolio was due to the acquisition of new properties throughout the year . the increase in the commercial portfolio was due to an acquisition of a property within the year and an increase in real estate taxes . depreciation and amortization expenses were $ 21.3 million for the twelve months ended december 31 , 2015. this represents an increase of $ 3.9 million as compared to prior year depreciation of $ 17.4 million . within the apartment and commercial portfolios , the majority of this change is due to the acquisition of new properties and an increase in tenant improvements and repairs projects . general and administrative expenses were $ 5.5 million dollars for the twelve months ended december 31 , 2015. this represents a decrease of $ 1.7 million , as compared to the prior year general and administrative expenses of $ 7.2 million . this change is mainly due to a decrease in the

cash flow summary the following summary discussion of our cash flows is based on the consolidated statements of cash flows in part ii , item 8 . “ consolidated financial statements and supplementary data ” and is not meant to be an all-inclusive discussion of the changes in our cash flows for the periods presented below ( dollars in thousands ) : replace_table_token_13_th the primary use of cash for operations is daily operating costs , general and administrative expenses , advisory fees , and land holding costs . our primary source of cash from operating activities is from rental income on properties . our primary cash outlays for investing activities are for construction and development , acquisition of land and income-producing properties , and capital improvements to existing properties . our primary sources of cash from investing activities are from the proceeds on the sale of land and income-producing properties . we received more proceeds from land sales in the current period than in the prior period . in addition , we acquired 12 residential properties and one commercial property . our primary sources of cash from financing activities are from proceeds on notes payables . our primary cash outlays are for recurring debt payments and payments on maturing notes payable . the proceeds from new financings in the current period allowed us to pay down more debt , as compared to the prior period .


 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 flow summary the following summary discussion of our cash flows is based on the consolidated statements of cash flows in part ii , item 8 . “ consolidated financial statements and supplementary data ” and is not meant to be an all-inclusive discussion of the changes in our cash flows for the periods presented below ( dollars in thousands ) : replace_table_token_13_th the primary use of cash for operations is daily operating costs , general and administrative expenses , advisory fees , and land holding costs . our primary source of cash from operating activities is from rental income on properties . our primary cash outlays for investing activities are for construction and development , acquisition of land and income-producing properties , and capital improvements to existing properties . our primary sources of cash from investing activities are from the proceeds on the sale of land and income-producing properties . we received more proceeds from land sales in the current period than in the prior period . in addition , we acquired 12 residential properties and one commercial property . our primary sources of cash from financing activities are from proceeds on notes payables . our primary cash outlays are for recurring debt payments and payments on maturing notes payable . the proceeds from new financings in the current period allowed us to pay down more debt , as compared to the prior period .
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 Suspicious Activity Report : new risk factors emerge from time to time and it is not possible for management to predict all such risk factors , nor can we assess the impact of all such risk factors on our business or the extent to which any factor , or combination of factors , may cause actual results to differ materially from those contained in any forward-looking statements . given these risks and uncertainties , investors should not place undue reliance on forward-looking statements as a prediction of actual results . investors should also refer to our quarterly reports on form 10-q for future periods and current reports on form 8-k as we file them with the sec , and to other materials we may furnish to the public from time to time through forms 8-k or otherwise . overview we are an externally advised and managed real estate investment company that owns a diverse portfolio of income-producing properties and land held for development . the company 's portfolio of income-producing properties includes residential apartment communities , office buildings and other commercial properties . our investment strategy includes acquiring existing income-producing properties as well as developing new properties on land already owned or acquired for a specific development project . we acquire land primarily in in-fill locations or high-growth suburban markets . we are an active buyer and seller of real estate and during 2015 we acquired $ 130 million and sold $ 118 million of land and income-producing properties . as of december 31 , 2015 , we owned 7,983 units in 48 residential apartment communities , eight commercial properties comprising approximately 1.9 million rentable square feet , and a golf course . in addition , we own 3,665 acres of land held for development . the company currently owns income-producing properties and land in ten states as well as in the u.s. virgin islands . 20 we finance our acquisitions primarily through operating cash flow , proceeds from the sale of land and income-producing properties and debt financing primarily in the form of property-specific first-lien mortgage loans from commercial banks and institutional lenders . we finance our development projects principally with short-term , variable interest rate construction loans that are converted to long-term , fixed rate amortizing mortgages when the development project is completed and occupancy has been stabilized . the company will , from time to time , also enter into partnerships with various investors to acquire income-producing properties or land and to sell interests in certain of its wholly-owned properties . when the company sells assets , it may carry a portion of the sales price generally in the form of a short-term , interest bearing seller-financed note receivable . the company generates operating revenues primarily by leasing apartment units to residents and leasing office , retail and industrial space to commercial tenants . the company has historically engaged in and may continue to engage in certain business transactions with related parties , including but not limited to asset acquisition and dispositions . transactions involving related parties can not be presumed to be carried out on an arm 's length basis due to the absence of free market forces that naturally exist in business dealings between two or more unrelated entities . related party transactions may not always be favorable to our business and may include terms , conditions and agreements that are not necessarily beneficial to or in our best interest . since april 30 , 2011 , pillar is the company 's external advisor and cash manager under a contractual arrangement that is reviewed annually by our board of directors . pillar 's duties include , but are not limited to , locating , evaluating and recommending real estate and real estate-related investment opportunities . pillar also arranges , for tci 's benefit , debt and equity financing with third party lenders and investors . pillar also serves as an advisor and cash manager to arl and iot . as the contractual advisor , pillar is compensated by tci under an advisory agreement that is more fully described in part iii , item 10 . “ directors , executive officers and corporate governance – the advisor ” . tci has no employees . employees of pillar render services to tci in accordance with the terms of the advisory agreement . effective since january 1 , 2011 , regis manages our commercial properties and provides brokerage services . regis is entitled to receive a fee for its property management and brokerage services . see part iii , item 10 . “ directors , executive officers and corporate governance – property management and real estate brokerage ” . the company contracts with third-party companies to lease and manage our apartment communities . critical accounting policies we present our financial statements in accordance with generally accepted accounting principles in the united states ( “ gaap ” ) . the accompanying consolidated financial statements include our accounts , our subsidiaries , generally all of which are wholly-owned , and all entities in which we have a controlling interest . arrangements that are not controlled through voting or similar rights are accounted for as a variable interest entity ( vie ) , in accordance with the provisions and guidance of asc topic 810 “ consolidation ” , whereby we have determined that we are a primary beneficiary of the vie and meet certain criteria of a sole general partner or managing member as identified in accordance with emerging issues task force ( “ eitf ” ) issue 04-5 , investor 's accounting for an investment in a limited partnership when the investor is the sole general partner and the limited partners have certain rights ( “ eitf 04-5 ” ) . story_separator_special_tag the acquired property portfolio consists of properties that we acquired but have not held for the entire period for both periods being compared . developed properties in the lease-up phase consist of completed projects that are being leased-up . as we complete each phase of the project , we lease-up that phase and include those revenues in our continued operations . once a developed property becomes leased-up ( 80 % or more ) and is held the entire period for both years under comparison , it is considered to be included in the same property portfolio . income-producing properties that we have sold during the year are reclassified to discontinued operations for all periods presented . the other segment consists of revenue and operating expenses related to the notes receivable and corporate entities . the following discussion is based on our consolidated statements of operations for the twelve months ended december 31 , 2015 , 2014 , and 2013 as included in item 8 . “ financial statements and supplementary data ” . the prior year 's property portfolios have been adjusted for subsequent sales . continuing operations relates to income-producing properties that were held during those years as adjusted for sales in the subsequent years . 24 at december 31 , 2015 , 2014 and 2013 , we owned or had interests in a portfolio of 57 , 45 and 45 income-producing properties , respectively . the total property portfolio represents all income-producing properties held as of december 31 for the year presented . sales subsequent to year end represent properties that were held as of year-end for the years presented , but sold in subsequent years . continued operations represents all properties that have not been reclassed to discontinued operations as of december 31 , 2015 for the year presented . the table below shows the number of income-producing properties held by year : replace_table_token_10_th comparison of the year ended december 31 , 2015 to the same year ended 2014 : for the twelve months ended december 31 , 2015 , we reported net loss applicable to common shares of ( $ 8.5 ) million or ( $ 0.98 ) per diluted earnings per share , as compared to a net income applicable to common shares of $ 40.6 million or $ 4.74 per diluted earnings per share for the same year ended 2014. the current year net loss applicable to common shares of ( $ 8.5 ) million includes gain on land sales of $ 18.9 million and net income from discontinued operations of $ .9 million , as compared to the prior year net income applicable to common shares of $ 40.6 million which includes gain on land sales of $ 0.6 million and net income from discontinued operations of $ 37.9 million . revenues rental and other property revenues were $ 102.2 million for the twelve months ended december 31 , 2015. this represents an increase of $ 26.3 million , as compared to the prior year revenues of $ 75.9 million . this increase in revenues is mainly due to the addition of several properties to the apartment portfolio and the commercial portfolio . the change by segment is reflected in an increase in the apartment portfolio of $ 16.1 million and an increase in the commercial portfolio of $ 10.2 million . our apartment portfolio continues to excel in the current economic conditions with occupancies averaging over 94 % and increasing rental rates . we have been able to surpass expectations due to the high-quality product offered , strength of our management team and our commitment to our tenants . the increase in the commercial segment is due to a high rise in the occupancy rate of the commercial complexes , in 2015 the average occupancy rate was over 86 % . our commercial portfolio is performing significantly better than in previous periods and we anticipate that it will continue to improve as the company has been successful in attracting high-quality tenants and expects to continue to see the benefits of those new leases in the future . we continue to work aggressively to attract new tenants and strive for continuous improvement of our properties in order to maintain our existing tenants . expenses property operating expenses were $ 52.3 million for the twelve months ended december 31 , 2015 . this represents an increase of $ 12.9 million , as compared to the prior year operating expenses of $ 39.4 million . this change , by segment , is an increase in the apartment portfolio of $ 8.3 million and an increase in the commercial portfolio of $ 4.6 million . within the apartment portfolio there was an increase of $ 5.9 million in the acquired properties portfolio and an increase of $ 2.4 million in the same property portfolio . within the commercial portfolio there was an increase of $ 3.6 million in the acquired properties portfolio and an increase of $ 1.0 million in the same store properties . the increase in the apartment portfolio was due to the acquisition of new properties throughout the year . the increase in the commercial portfolio was due to an acquisition of a property within the year and an increase in real estate taxes . depreciation and amortization expenses were $ 21.3 million for the twelve months ended december 31 , 2015. this represents an increase of $ 3.9 million as compared to prior year depreciation of $ 17.4 million . within the apartment and commercial portfolios , the majority of this change is due to the acquisition of new properties and an increase in tenant improvements and repairs projects . general and administrative expenses were $ 5.5 million dollars for the twelve months ended december 31 , 2015. this represents a decrease of $ 1.7 million , as compared to the prior year general and administrative expenses of $ 7.2 million . this change is mainly due to a decrease in the

