because each repositioning effort is unique and determined based on the property , tenants and overall trends in the general market and specific submarket , the results are varying degrees of depressed rental revenue and occupancy levels for the affected property , which impacts our results and , accordingly , comparisons of our performance from period to period . the repositioning process generally occurs over the course of months or even years . although usually associated with newly-acquired properties , repositioning efforts can also occur at properties we already own ; repositioning properties discussed in the context of this paragraph exclude acquisition properties where the plan for improvement is implemented as part of the acquisition . during 2011 , we completed our repositioning of our 875 howard street property and acquired 275 brannan for purposes of repositioning . financings . on february 11 , 2011 , we closed a five-year term loan totaling $ 92.0 million with wells fargo bank , n.a . secured by our sunset gower and sunset bronson media and entertainment campuses . proceeds from the loan were used to fully refinance a $ 37.0 million mortgage loan secured by our sunset bronson property that was scheduled to mature on april 30 , 2011. the remaining proceeds were used to partially pay down our $ 200.0 million secured credit facility . on june 1 , 2011 we repaid the $ 14.3 million loan secured by our tierrasanta property , on september 1 , 2011 we repaid the $ 43.0 million loan secured by our first financial property , and on december 12 , 2011 we repaid the $ 30.0 million loan secured by our 10950 washington property . in connection with our acquisitions of the 625 second street and 6922 hollywood boulevard properties , we assumed project-level financing of $ 33.7 million and $ 42.2 million , respectively , the first of which is scheduled to mature on february 1 , 2014 and the second on january 1 , 2015. in connection with the aforementioned loan repayments and our 2011 property acquisitions we drew on our secured revolving credit facility , as follows : $ 10.0 million on august 31 , 2011 , $ 23.0 million on september 1 , 2011 , $ 40.0 million on november 22 , 2011 , $ 38.0 million on december 5 , 2011 and $ 10.0 million on december 27 , 2011 , resulting in a total outstanding balance under our secured revolving credit facility was $ 121.0 million on december 31 , 2011. subsequent to year-end , we completed the financings and public offering described “ —subsequent events ” below and applied proceeds from those to repay indebtedness under its secured revolving credit facility such that there was no outstanding balance under the facility as of the date of this report . we have no financing maturing in the 2012 calendar year . basis of presentation the accompanying consolidated financial statements are the consolidated financial statements of hudson pacific properties , inc. and our subsidiaries , including our operating partnership . the results of the properties described under “ —acquisitions ” above are included in our consolidated results as of the date of their respective acquisition . similarly , the financings described under “ —financings ” above are included in our consolidated results on the date that the asset as to which a loan has been assumed was acquired or as of the date of the applicable loan draw in the case of draws under our secured credit facility . all significant intercompany balances and transactions have been eliminated in our consolidated financial statements . for periods prior to 2010 , we have reclassified certain other property-related revenue and tenant recoveries relating to our media and entertainment properties that had been included as an offset to corresponding operating expenses , such that our media and entertainment rental revenue , other property-related revenue , and tenant recoveries , and our media and entertainment operating expenses reflect the gross revenue and gross expenses , as applicable , without regard to such offset . in addition , for periods prior to 2011 , we have reclassified office related parking revenue from tenant recoveries to parking and other . these reclassifications conform the periods prior to 2011 with the current period presentation . the accompanying financial statements have been prepared pursuant to the rules and regulations of the sec , and they include , in our opinion , all adjustments , consisting of normal recurring adjustments , necessary to present fairly the financial information set forth therein . 35 factors that may influence our operating results business and strategy we focus our investment strategy on office properties located in submarkets with growth potential as well as on underperforming properties or portfolios that provide opportunities to implement a value-add strategy to increase occupancy rates and cash flow . additionally , we intend to acquire properties or portfolios that are distressed due to near-term debt maturities or underperforming properties where we believe better management , focused leasing efforts and or capital improvements would improve the property 's operating performance and value . our strategy also includes active management , aggressive leasing efforts , focused capital improvement programs , the reduction and containment of operating costs and an emphasis on tenant satisfaction , which we believe will minimize turnover costs and improve occupancy . from the acquisition of our first property in february 2007 through december 2011 , we have acquired or developed properties totaling an aggregate of approximately 4.4 million square feet . we intend to pursue acquisitions of additional properties as a key part of our growth strategy , often including properties that may have substantial vacancy , which enables us to increase cash flow through lease-up . we expect to continue to acquire properties subject to existing mortgage financing and other indebtedness or to incur indebtedness in connection with acquiring or refinancing these properties . story_separator_special_tag total office rental revenue increased $ 53.1 million , or 238.7 % , to $ 75.3 million for the year ended december 31 , 2011 compared to $ 22.2 million for the year ended december 31 , 2010 . the increase in rental revenue from a year ago was primarily the result of rental revenue from office properties acquired during the third and fourth quarters of 2010 and 2011. office tenant recoveries . office tenant recoveries increased $ 19.0 million , or 609.5 % , to $ 22.1 million for the year ended december 31 , 2011 compared to $ 3.1 million for the year ended december 31 , 2010 . the increase in tenant recoveries was primarily the result of recoveries from office properties acquired during the third and fourth quarters of 2010 and 2011. office parking and other revenue . parking and other revenue increased $ 6.6 million , or 580.4 % , to $ 7.8 million for the year ended december 31 , 2011 compared to $ 1.1 million for the year ended december 31 , 2010 . the increase in parking and other revenue was primarily the result of the parking revenues from offices acquired during the third and fourth quarters of 2010 and 2011 and the early lease termination revenue from a single floor tenant at our city plaza project . total media & entertainment revenue . total media and entertainment revenue consists of rental revenue , tenant recoveries , other property-related revenue and other revenue . total media and entertainment revenues increased $ 2.8 million , or 8.3 % , to $ 37.0 million for the year ended december 31 , 2011 compared to $ 34.1 million for the year ended december 31 , 2010 . the period over period changes in the items that comprise total media and entertainment revenue are primarily attributable to the factors discussed below . media & entertainment rental revenue . media and entertainment rental revenue includes rental revenues from our media and entertainment properties and percentage rent on retail space contained within those properties . total media and entertainment rental revenue increased $ 0.7 million , or 3.3 % , to $ 21.6 million for the year ended december 31 , 2011 as compared to $ 20.9 million for the year ended december 31 , 2010 . the increase in rental revenue was primarily due to improved rental rates at our media and entertainment properties and improved occupancy at our sunset bronson property , partially offset by lower occupancy at our sunset gower property . media & entertainment tenant recoveries . tenant recoveries remained relatively flat at $ 1.5 million for the year ended december 31 , 2011 as compared to $ 1.6 million for the year ended december 31 , 2010 . media & entertainment other property-related revenue . other property-related revenue is revenue that is derived from the tenants ' rental of lighting and other equipment , parking , power , hvac and telecommunications ( telephone and internet services ) . total other property-related revenue increased $ 2.2 million , or 19.7 % , to $ 13.6 million for the year ended december 31 , 2011 compared to $ 11.4 million for the year ended december 31 , 2010 . the increase in other property-related revenue was primarily due to an increase in lighting equipment rental revenue , parking revenue and telecom revenue relating to higher production activity associated with improved tenant concentration at our media and entertainment properties . operating expenses total operating expenses . total operating expenses consist of property operating expenses , as well as property-level general and administrative expenses , other property-related expenses , management fees and depreciation and amortization . total operating expenses increased $ 74.5 million , or 147.6 % , to $ 124.9 million for the year ended december 31 , 2011 compared to $ 50.4 million for the year ended december 31 , 2010 . changes in total operating expenses are primarily attributable to the factors discussed below . office operating expenses . office operating expenses increased $ 34.5 million , or 338.1 % , to $ 44.7 million for the year ended december 31 , 2011 compared to $ 10.2 million for the year ended december 31 , 2010 . the increase in office operating expenses was primarily due to the acquisitions of office properties during the third and fourth quarters of 2010 and 40 2011 , which was partially offset by certain property tax reassessment savings , mostly associated with our city plaza property . media & entertainment operating expenses . media and entertainment operating expenses increased $ 2.6 million , or 13.3 % , to $ 22.4 million for the year ended december 31 , 2011 compared to $ 19.8 million for the year ended december 31 , 2010 . the increase in operating expenses was due to an increase in other property-related expenses , primarily lighting and other equipment rental expenses , resulting from higher production activity at our media and entertainment properties . the operating expenses for the year ended december 31 , 2010 also reflects $ 1.1 million of property tax reassessment savings that did not recur in 2011. general and administrative expenses . general and administrative expenses includes wages and salaries for corporate-level employees , accounting , legal and other professional services , office supplies , entertainment , travel , and automobile expenses , telecommunications and computer-related expenses , and other miscellaneous items . since the ipo , 2010 private placement and formation transactions did not occur until june 29 , 2010 , the year ended december 31 , 2010 only includes general and administrative expenses for corporate-level operations beginning june 29 , 2010 and thereafter . we incurred $ 13.0 million of general and administration expenses for our corporate-level operations for the year ended december 31 , 2011 compared to $ 4.5 million of expenses for our corporate-level operations over the period commencing on june 29 , 2010 and ending

analysis of liquidity and capital resources we had approximately $ 13.7 million of cash and cash equivalents at december 31 , 2011 . in addition , the lead arrangers for our secured revolving credit facility have secured commitments that will allow borrowings of up to $ 200.0 million . as of december 31 , 2011 , we had total borrowing capacity of approximately $ 159.9 million on our secured credit facility , of which $ 121.0 million had been drawn . on january 19 , 2012 , we closed a ten-year term loan totaling $ 43.0 million with pnc bank , national association secured by the first financial plaza property . on january 23 , 2012 we closed the public offering of 2,300,000 shares of our 8.375 % series b cumulative preferred stock with a liquidation preference of $ 25.00 per share . on february 11 , 2012 , we closed a 10-year term loan totaling $ 30.0 million with cantor commercial real estate lending , l.p. , secured by our 10950 washington property . we used $ 40.0 million of proceeds from the first financial plaza financing , $ 56.0 million of proceeds from the series b preferred stock offering and $ 25.0 million of proceeds from the 10950 washington financing , to fully pay down our $ 200.0 million secured credit facility . as a result , as of the filing of this report we have capacity of approximately $ 159.9 million on our secured credit facility , none of which has been drawn . we intend to use the secured revolving credit facility , among other things , to finance the acquisition of other properties , to provide funds for tenant improvements and capital expenditures and to provide for working capital and other corporate purposes .


 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.
     ```analysis of liquidity and capital resources we had approximately $ 13.7 million of cash and cash equivalents at december 31 , 2011 . in addition , the lead arrangers for our secured revolving credit facility have secured commitments that will allow borrowings of up to $ 200.0 million . as of december 31 , 2011 , we had total borrowing capacity of approximately $ 159.9 million on our secured credit facility , of which $ 121.0 million had been drawn . on january 19 , 2012 , we closed a ten-year term loan totaling $ 43.0 million with pnc bank , national association secured by the first financial plaza property . on january 23 , 2012 we closed the public offering of 2,300,000 shares of our 8.375 % series b cumulative preferred stock with a liquidation preference of $ 25.00 per share . on february 11 , 2012 , we closed a 10-year term loan totaling $ 30.0 million with cantor commercial real estate lending , l.p. , secured by our 10950 washington property . we used $ 40.0 million of proceeds from the first financial plaza financing , $ 56.0 million of proceeds from the series b preferred stock offering and $ 25.0 million of proceeds from the 10950 washington financing , to fully pay down our $ 200.0 million secured credit facility . as a result , as of the filing of this report we have capacity of approximately $ 159.9 million on our secured credit facility , none of which has been drawn . we intend to use the secured revolving credit facility , among other things , to finance the acquisition of other properties , to provide funds for tenant improvements and capital expenditures and to provide for working capital and other corporate purposes .
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 Suspicious Activity Report : because each repositioning effort is unique and determined based on the property , tenants and overall trends in the general market and specific submarket , the results are varying degrees of depressed rental revenue and occupancy levels for the affected property , which impacts our results and , accordingly , comparisons of our performance from period to period . the repositioning process generally occurs over the course of months or even years . although usually associated with newly-acquired properties , repositioning efforts can also occur at properties we already own ; repositioning properties discussed in the context of this paragraph exclude acquisition properties where the plan for improvement is implemented as part of the acquisition . during 2011 , we completed our repositioning of our 875 howard street property and acquired 275 brannan for purposes of repositioning . financings . on february 11 , 2011 , we closed a five-year term loan totaling $ 92.0 million with wells fargo bank , n.a . secured by our sunset gower and sunset bronson media and entertainment campuses . proceeds from the loan were used to fully refinance a $ 37.0 million mortgage loan secured by our sunset bronson property that was scheduled to mature on april 30 , 2011. the remaining proceeds were used to partially pay down our $ 200.0 million secured credit facility . on june 1 , 2011 we repaid the $ 14.3 million loan secured by our tierrasanta property , on september 1 , 2011 we repaid the $ 43.0 million loan secured by our first financial property , and on december 12 , 2011 we repaid the $ 30.0 million loan secured by our 10950 washington property . in connection with our acquisitions of the 625 second street and 6922 hollywood boulevard properties , we assumed project-level financing of $ 33.7 million and $ 42.2 million , respectively , the first of which is scheduled to mature on february 1 , 2014 and the second on january 1 , 2015. in connection with the aforementioned loan repayments and our 2011 property acquisitions we drew on our secured revolving credit facility , as follows : $ 10.0 million on august 31 , 2011 , $ 23.0 million on september 1 , 2011 , $ 40.0 million on november 22 , 2011 , $ 38.0 million on december 5 , 2011 and $ 10.0 million on december 27 , 2011 , resulting in a total outstanding balance under our secured revolving credit facility was $ 121.0 million on december 31 , 2011. subsequent to year-end , we completed the financings and public offering described “ —subsequent events ” below and applied proceeds from those to repay indebtedness under its secured revolving credit facility such that there was no outstanding balance under the facility as of the date of this report . we have no financing maturing in the 2012 calendar year . basis of presentation the accompanying consolidated financial statements are the consolidated financial statements of hudson pacific properties , inc. and our subsidiaries , including our operating partnership . the results of the properties described under “ —acquisitions ” above are included in our consolidated results as of the date of their respective acquisition . similarly , the financings described under “ —financings ” above are included in our consolidated results on the date that the asset as to which a loan has been assumed was acquired or as of the date of the applicable loan draw in the case of draws under our secured credit facility . all significant intercompany balances and transactions have been eliminated in our consolidated financial statements . for periods prior to 2010 , we have reclassified certain other property-related revenue and tenant recoveries relating to our media and entertainment properties that had been included as an offset to corresponding operating expenses , such that our media and entertainment rental revenue , other property-related revenue , and tenant recoveries , and our media and entertainment operating expenses reflect the gross revenue and gross expenses , as applicable , without regard to such offset . in addition , for periods prior to 2011 , we have reclassified office related parking revenue from tenant recoveries to parking and other . these reclassifications conform the periods prior to 2011 with the current period presentation . the accompanying financial statements have been prepared pursuant to the rules and regulations of the sec , and they include , in our opinion , all adjustments , consisting of normal recurring adjustments , necessary to present fairly the financial information set forth therein . 35 factors that may influence our operating results business and strategy we focus our investment strategy on office properties located in submarkets with growth potential as well as on underperforming properties or portfolios that provide opportunities to implement a value-add strategy to increase occupancy rates and cash flow . additionally , we intend to acquire properties or portfolios that are distressed due to near-term debt maturities or underperforming properties where we believe better management , focused leasing efforts and or capital improvements would improve the property 's operating performance and value . our strategy also includes active management , aggressive leasing efforts , focused capital improvement programs , the reduction and containment of operating costs and an emphasis on tenant satisfaction , which we believe will minimize turnover costs and improve occupancy . from the acquisition of our first property in february 2007 through december 2011 , we have acquired or developed properties totaling an aggregate of approximately 4.4 million square feet . we intend to pursue acquisitions of additional properties as a key part of our growth strategy , often including properties that may have substantial vacancy , which enables us to increase cash flow through lease-up . we expect to continue to acquire properties subject to existing mortgage financing and other indebtedness or to incur indebtedness in connection with acquiring or refinancing these properties . story_separator_special_tag total office rental revenue increased $ 53.1 million , or 238.7 % , to $ 75.3 million for the year ended december 31 , 2011 compared to $ 22.2 million for the year ended december 31 , 2010 . the increase in rental revenue from a year ago was primarily the result of rental revenue from office properties acquired during the third and fourth quarters of 2010 and 2011. office tenant recoveries . office tenant recoveries increased $ 19.0 million , or 609.5 % , to $ 22.1 million for the year ended december 31 , 2011 compared to $ 3.1 million for the year ended december 31 , 2010 . the increase in tenant recoveries was primarily the result of recoveries from office properties acquired during the third and fourth quarters of 2010 and 2011. office parking and other revenue . parking and other revenue increased $ 6.6 million , or 580.4 % , to $ 7.8 million for the year ended december 31 , 2011 compared to $ 1.1 million for the year ended december 31 , 2010 . the increase in parking and other revenue was primarily the result of the parking revenues from offices acquired during the third and fourth quarters of 2010 and 2011 and the early lease termination revenue from a single floor tenant at our city plaza project . total media & entertainment revenue . total media and entertainment revenue consists of rental revenue , tenant recoveries , other property-related revenue and other revenue . total media and entertainment revenues increased $ 2.8 million , or 8.3 % , to $ 37.0 million for the year ended december 31 , 2011 compared to $ 34.1 million for the year ended december 31 , 2010 . the period over period changes in the items that comprise total media and entertainment revenue are primarily attributable to the factors discussed below . media & entertainment rental revenue . media and entertainment rental revenue includes rental revenues from our media and entertainment properties and percentage rent on retail space contained within those properties . total media and entertainment rental revenue increased $ 0.7 million , or 3.3 % , to $ 21.6 million for the year ended december 31 , 2011 as compared to $ 20.9 million for the year ended december 31 , 2010 . the increase in rental revenue was primarily due to improved rental rates at our media and entertainment properties and improved occupancy at our sunset bronson property , partially offset by lower occupancy at our sunset gower property . media & entertainment tenant recoveries . tenant recoveries remained relatively flat at $ 1.5 million for the year ended december 31 , 2011 as compared to $ 1.6 million for the year ended december 31 , 2010 . media & entertainment other property-related revenue . other property-related revenue is revenue that is derived from the tenants ' rental of lighting and other equipment , parking , power , hvac and telecommunications ( telephone and internet services ) . total other property-related revenue increased $ 2.2 million , or 19.7 % , to $ 13.6 million for the year ended december 31 , 2011 compared to $ 11.4 million for the year ended december 31 , 2010 . the increase in other property-related revenue was primarily due to an increase in lighting equipment rental revenue , parking revenue and telecom revenue relating to higher production activity associated with improved tenant concentration at our media and entertainment properties . operating expenses total operating expenses . total operating expenses consist of property operating expenses , as well as property-level general and administrative expenses , other property-related expenses , management fees and depreciation and amortization . total operating expenses increased $ 74.5 million , or 147.6 % , to $ 124.9 million for the year ended december 31 , 2011 compared to $ 50.4 million for the year ended december 31 , 2010 . changes in total operating expenses are primarily attributable to the factors discussed below . office operating expenses . office operating expenses increased $ 34.5 million , or 338.1 % , to $ 44.7 million for the year ended december 31 , 2011 compared to $ 10.2 million for the year ended december 31 , 2010 . the increase in office operating expenses was primarily due to the acquisitions of office properties during the third and fourth quarters of 2010 and 40 2011 , which was partially offset by certain property tax reassessment savings , mostly associated with our city plaza property . media & entertainment operating expenses . media and entertainment operating expenses increased $ 2.6 million , or 13.3 % , to $ 22.4 million for the year ended december 31 , 2011 compared to $ 19.8 million for the year ended december 31 , 2010 . the increase in operating expenses was due to an increase in other property-related expenses , primarily lighting and other equipment rental expenses , resulting from higher production activity at our media and entertainment properties . the operating expenses for the year ended december 31 , 2010 also reflects $ 1.1 million of property tax reassessment savings that did not recur in 2011. general and administrative expenses . general and administrative expenses includes wages and salaries for corporate-level employees , accounting , legal and other professional services , office supplies , entertainment , travel , and automobile expenses , telecommunications and computer-related expenses , and other miscellaneous items . since the ipo , 2010 private placement and formation transactions did not occur until june 29 , 2010 , the year ended december 31 , 2010 only includes general and administrative expenses for corporate-level operations beginning june 29 , 2010 and thereafter . we incurred $ 13.0 million of general and administration expenses for our corporate-level operations for the year ended december 31 , 2011 compared to $ 4.5 million of expenses for our corporate-level operations over the period commencing on june 29 , 2010 and ending

