2 , free cash flow is defined as ebitda ( as defined in our loan agreements ) , less all capital expenditures paid by us on a consolidated basis , less any cash distributions ( except for the payments of accrued but unpaid dividends as a result of any redemptions of our outstanding preferred stock ) . advisory agreement amendment no . 2 , which was effective april 1 , 2012 , superseded a previous amendment to our advisory agreement entered into on april 1 , 2011 , referred to herein as advisory agreement amendment no . 1 , which provided that , as of and for each quarter , the amount of fees and expense reimbursements payable to wells timo were limited to the least of : ( 1 ) an asset management fee equal to one fourth of 1.0 % of asset under management plus reimbursements for all costs and expenses wells timo incurred in fulfilling its duties as the asset manager , ( 2 ) one-fourth of 1.5 % of assets under management , or ( 3 ) free cash flow in excess of an amount equal to 1.05 multiplied by our interest expense . under advisory agreement amendment no . 1 , free cash flow was defined as ebitda ( as defined in our loan agreements ) , less all capital expenditures paid by us on a consolidated basis , less any cash distributions ( except for the payments of accrued but unpaid dividends as a result of any redemptions of our outstanding preferred stock ) , less any cash proceeds from timberland sales equal to the cost basis of the properties sold . the amount of the disposition fees and the reimbursement of organization and offering expenses payable pursuant to the advisory agreement remain unchanged . no payments will be permitted under the amended advisory agreement if they would cause a default under our debt facilities . we began receiving investor proceeds from the sale of our common stock under our initial public offering in may 2007. on july 11 , 2007 , we raised our minimum offering of $ 2.0 million , and thus commenced operations . on august 11 , 2009 , we terminated our initial public offering and began receiving investor proceeds from the sale of our common stock under our follow-on offering on august 12 , 2009. we stopped offering our common stock for sale under our follow-on offering on december 31 , 2011. our 2010 german offering commenced in march 2010 and expired in august 2011. from 2007 through the first quarter of 2012 , we raised approximately $ 307.2 million through the issuance of our common stock in our offerings and approximately $ 43.6 million through the issuance of our preferred stock to wells ref and , along with borrowings , invested those proceeds , net of fees , into timberland properties . subsequent to our fundraising stage , during 2012 , we have concentrated our efforts on actively managing our timber assets and exploring a variety of strategic opportunities focused on enhancing the composition of our portfolio and the total return potential for wells timberland reit . in doing so , we have made and may continue to make strategic acquisitions and dispositions of timberland properties . on september 28 , 2012 , we acquired approximately 30,000 acres of timberland ( the `` property `` ) , for a purchase price of approximately $ 20.5 million , exclusive of closing costs . prior to the acquisition , we held long-term leasehold interest in the property , which is located within the mahrt timberland . in addition , we paid approximately $ 2.0 million to buy out a third-party 's interest in approximately 14,400 acres of timberland , including 12,400 acres within the property and 2,000 acres where we continue to hold long-term leasehold interests . we will also make annual payments on approximately 8,300 acres of the property at a per-acre rate equal to the then-current lease rate to the seller through may 2022. the acquisition was funded with cash on-hand and debt financing . see `` liquidity and capital resources `` . 40 index to consolidated financial statements our operating strategy entails funding expenditures related to the recurring operations of the mahrt timberland , including interest on outstanding indebtedness and certain capital expenditures ( excluding timberland acquisitions ) , with operating cash flows ; assessing the amount of operating cash flows that will be required for redemptions of common stock and additional timberland acquisitions ; and distributing residual operating cash flows , if any , to our stockholders . our most significant risks and challenges include our ability to access a sufficient amount of capital that will allow us to repay or refinance our outstanding debt facility and to further grow and diversify our portfolio of timber assets . to the extent that significant capital is not raised , we may not be able to repay the cobank loan , as defined below , or achieve sufficient economies of scale and diversification to guard against the general economic , industry-specific , financing , and operational risks generally associated with individual investments . general economic conditions and timber market factors impacting our business management reviews a number of economic forecasts and market commentaries in order to evaluate general economic conditions and formulate a view of the current environment ' s effect on the timber markets in which we operate . as measured by the u.s gross domestic product ( “ gdp ” ) , the u.s. economy increased by 2.2 % in 2012 , according to estimates , as compared to an increase of 1.8 % in 2011. the increase in real gdp in 2012 primarily reflected positive contributions from personal consumption expenditures , nonresidential fixed investment , exports , residential fixed investment , and private inventory investment that were partly offset by negative contributions from federal , state and local government spending . story_separator_special_tag our loss on an interest rate swap that does not qualify for hedge accounting treatment decreased by approximately $ 0.3 million to approximately $ 0.1 million in 2012 from approximately $ 0.4 million in 2011. the loss was primarily due to the fact that the variable interest rate incurred on the mahrt loan was lower than the contractual interest rate of the related interest rate swap during the year ended december 31 , 2012 . the decrease in the loss was primarily due to a decrease in the length of time remaining under the swap contract and changes in the outlook of future market interest rates . we do not expect to incur significant gains and losses in connection this interest rate swap in 2013 as it expires on march 28 , 2013. net loss . our net loss decreased to approximately $ 8.9 million for the year ended december 31 , 2012 from approximately $ 11.9 million for the year ended december 31 , 2011 , primarily as a result of an approximately $ 2.4 million improvement in operating loss , an approximately $ 0.4 million decrease in interest expense , and an approximately $ 0.3 million decrease in loss on interest rate swap . our operating loss improved due to an increase in net timber and timberland sales revenue of approximately $ 2.0 million and an approximately $ 0.6 million decrease in land rent expense . we sustained a net loss for the year ended december 31 , 2012 primarily as a result of incurring interest expense of approximately $ 5.0 million in connection with borrowings used to finance the purchase of the mahrt timberland and an operating loss of approximately $ 3.7 million . we opted to leverage the mahrt timberland acquisition with substantial short-term and medium-term borrowings as a result of sourcing this acquisition in advance of raising investor proceeds under our offerings . our net loss per share available to common stockholders for the years ended december 31 , 2012 and 2011 was $ 0.29 and $ 0.47 , respectively . we anticipate future net losses to fluctuate with timber prices , harvest volumes , timberland sales , and interest expense based on our level of current and future borrowings . comparison of the year ended december 31 , 2011 versus the year ended december 31 , 2010 revenue . revenues decreased to approximately $ 40.0 million for the year ended december 31 , 2011 from approximately $ 47.6 million for the year ended december 31 , 2010 due to decreases in timber sales , timberland sales , and other revenues of approximately $ 5.9 million , $ 0.5 million , and $ 1.2 million , respectively . revenue from timber sales decreased due to planned reductions in harvest volumes . revenue from timberland sales decreased as a result of selling fewer acres and reserving more timber on timberland sold during 2011 as compared to 2010. other revenue decreased due to approximately $ 1.1 million of funds received from the biomass crop assistance program ( “ bcap ” ) during 2010 ; no funds were received from bcap in 2011 . 47 index to consolidated financial statements details of timber sales by product for the years ended december 31 , 2010 and 2011 are shown in the following table : replace_table_token_7_th ( 1 ) timber sales are presented on a gross basis . ( 2 ) includes sales of chip-n-saw and sawtimber . operating expenses . contract logging and hauling costs decreased approximately 5 % to approximately $ 20.1 million for the year ended december 31 , 2011 from approximately $ 21.1 million for the year ended december 31 , 2010 due to an approximately 11 % decrease in delivered wood volume , offset by a 7 % increase in our logging rate . logging rate increased due to higher fuel cost . depletion decreased to approximately $ 11.8 million for the year ended december 31 , 2011 from approximately $ 14.3 million for the year ended december 31 , 2010 due to lower harvest volumes . cost of timberland sales decreased to approximately $ 1.3 million in 2011 from approximately $ 1.6 million in 2010 , primarily as a result of selling fewer acres and reserving more timber on timberland sold in 2011. forestry management fees decreased approximately $ 0.2 million primarily due to a decrease in incentive fees as a result of lower net operating revenue , as defined in the timber operating agreement . other operating expenses decreased by approximately $ 0.3 million due to lower timber taxes as a result of harvest reduction . advisor fees and expense reimbursements . advisor fees and expense reimbursements decreased approximately $ 2.8 million to approximately $ 3.3 million for the year ended december 31 , 2011 from approximately $ 6.1 million for the year ended december 31 , 2010 due to advisory agreement amendment no . 1 that limited the amounts of advisor fees and expense reimbursements to the least of ( 1 ) an asset management fee equal to one-fourth of 1.0 % of assets under management plus reimbursements for all costs and expenses wells timo incurred in fulfilling its duties as the asset manager ; ( 2 ) one quarter of 1.5 % of assets under management , or ( 3 ) free cash flow ( as defined ) in excess of an amount equal to 1.05 multiplied by interest on outstanding debt . from the second quarter of 2011 to the fourth quarter of 2011 , we incurred approximately $ 1.7 million of advisor fees and expense reimbursements pursuant to advisory agreement amendment no . 1 , which became effective on april 1 , 2011 , a decrease of approximately $ 3.0 million from the same period in 2010. see `` overview `` above for additional information regarding the advisory agreement and its amendments . general and administrative expenses . general and administrative expenses of approximately $ 2.1 million for the

liquidity and capital resources overview we ceased offering shares for sale under the follow-on offering effective december 31 , 2011. between january 1 , 2012 and february 13 , 2012 , we accepted gross offering proceeds of approximately $ 4.1 million from the sale of shares of our common stock under the follow-on offering , which sales were agreed to by the investors on or before december 31 , 2011. we may offer shares to our existing stockholders through our drp to the extent we make future cash distributions to our stockholders . on september 28 , 2012 , we entered into a first mortgage loan agreement ( the `` cobank loan '' ) with a syndicate of banks with cobank , acb ( `` cobank '' ) serving as administrative agent . the cobank loan amended and restated the five -year senior loan agreement for $ 211.0 million entered into on march 24 , 2010 and its amendments ( the `` mahrt loan '' ) . proceeds from the cobank term loan of $ 133.0 million were used to pay off the outstanding balance of the mahrt loan , fund costs associated with closing the cobank loan , and partially fund the property acquisition . under the cobank loan , we can initially borrow up to $ 148.0 million in principal , including $ 133.0 million through a term loan facility ( the `` cobank term loan '' ) , and up to $ 15.0 million through a revolving credit facility ( the `` cobank revolver '' ) .


 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 overview we ceased offering shares for sale under the follow-on offering effective december 31 , 2011. between january 1 , 2012 and february 13 , 2012 , we accepted gross offering proceeds of approximately $ 4.1 million from the sale of shares of our common stock under the follow-on offering , which sales were agreed to by the investors on or before december 31 , 2011. we may offer shares to our existing stockholders through our drp to the extent we make future cash distributions to our stockholders . on september 28 , 2012 , we entered into a first mortgage loan agreement ( the `` cobank loan '' ) with a syndicate of banks with cobank , acb ( `` cobank '' ) serving as administrative agent . the cobank loan amended and restated the five -year senior loan agreement for $ 211.0 million entered into on march 24 , 2010 and its amendments ( the `` mahrt loan '' ) . proceeds from the cobank term loan of $ 133.0 million were used to pay off the outstanding balance of the mahrt loan , fund costs associated with closing the cobank loan , and partially fund the property acquisition . under the cobank loan , we can initially borrow up to $ 148.0 million in principal , including $ 133.0 million through a term loan facility ( the `` cobank term loan '' ) , and up to $ 15.0 million through a revolving credit facility ( the `` cobank revolver '' ) .
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 Suspicious Activity Report : 2 , free cash flow is defined as ebitda ( as defined in our loan agreements ) , less all capital expenditures paid by us on a consolidated basis , less any cash distributions ( except for the payments of accrued but unpaid dividends as a result of any redemptions of our outstanding preferred stock ) . advisory agreement amendment no . 2 , which was effective april 1 , 2012 , superseded a previous amendment to our advisory agreement entered into on april 1 , 2011 , referred to herein as advisory agreement amendment no . 1 , which provided that , as of and for each quarter , the amount of fees and expense reimbursements payable to wells timo were limited to the least of : ( 1 ) an asset management fee equal to one fourth of 1.0 % of asset under management plus reimbursements for all costs and expenses wells timo incurred in fulfilling its duties as the asset manager , ( 2 ) one-fourth of 1.5 % of assets under management , or ( 3 ) free cash flow in excess of an amount equal to 1.05 multiplied by our interest expense . under advisory agreement amendment no . 1 , free cash flow was defined as ebitda ( as defined in our loan agreements ) , less all capital expenditures paid by us on a consolidated basis , less any cash distributions ( except for the payments of accrued but unpaid dividends as a result of any redemptions of our outstanding preferred stock ) , less any cash proceeds from timberland sales equal to the cost basis of the properties sold . the amount of the disposition fees and the reimbursement of organization and offering expenses payable pursuant to the advisory agreement remain unchanged . no payments will be permitted under the amended advisory agreement if they would cause a default under our debt facilities . we began receiving investor proceeds from the sale of our common stock under our initial public offering in may 2007. on july 11 , 2007 , we raised our minimum offering of $ 2.0 million , and thus commenced operations . on august 11 , 2009 , we terminated our initial public offering and began receiving investor proceeds from the sale of our common stock under our follow-on offering on august 12 , 2009. we stopped offering our common stock for sale under our follow-on offering on december 31 , 2011. our 2010 german offering commenced in march 2010 and expired in august 2011. from 2007 through the first quarter of 2012 , we raised approximately $ 307.2 million through the issuance of our common stock in our offerings and approximately $ 43.6 million through the issuance of our preferred stock to wells ref and , along with borrowings , invested those proceeds , net of fees , into timberland properties . subsequent to our fundraising stage , during 2012 , we have concentrated our efforts on actively managing our timber assets and exploring a variety of strategic opportunities focused on enhancing the composition of our portfolio and the total return potential for wells timberland reit . in doing so , we have made and may continue to make strategic acquisitions and dispositions of timberland properties . on september 28 , 2012 , we acquired approximately 30,000 acres of timberland ( the `` property `` ) , for a purchase price of approximately $ 20.5 million , exclusive of closing costs . prior to the acquisition , we held long-term leasehold interest in the property , which is located within the mahrt timberland . in addition , we paid approximately $ 2.0 million to buy out a third-party 's interest in approximately 14,400 acres of timberland , including 12,400 acres within the property and 2,000 acres where we continue to hold long-term leasehold interests . we will also make annual payments on approximately 8,300 acres of the property at a per-acre rate equal to the then-current lease rate to the seller through may 2022. the acquisition was funded with cash on-hand and debt financing . see `` liquidity and capital resources `` . 40 index to consolidated financial statements our operating strategy entails funding expenditures related to the recurring operations of the mahrt timberland , including interest on outstanding indebtedness and certain capital expenditures ( excluding timberland acquisitions ) , with operating cash flows ; assessing the amount of operating cash flows that will be required for redemptions of common stock and additional timberland acquisitions ; and distributing residual operating cash flows , if any , to our stockholders . our most significant risks and challenges include our ability to access a sufficient amount of capital that will allow us to repay or refinance our outstanding debt facility and to further grow and diversify our portfolio of timber assets . to the extent that significant capital is not raised , we may not be able to repay the cobank loan , as defined below , or achieve sufficient economies of scale and diversification to guard against the general economic , industry-specific , financing , and operational risks generally associated with individual investments . general economic conditions and timber market factors impacting our business management reviews a number of economic forecasts and market commentaries in order to evaluate general economic conditions and formulate a view of the current environment ' s effect on the timber markets in which we operate . as measured by the u.s gross domestic product ( “ gdp ” ) , the u.s. economy increased by 2.2 % in 2012 , according to estimates , as compared to an increase of 1.8 % in 2011. the increase in real gdp in 2012 primarily reflected positive contributions from personal consumption expenditures , nonresidential fixed investment , exports , residential fixed investment , and private inventory investment that were partly offset by negative contributions from federal , state and local government spending . story_separator_special_tag our loss on an interest rate swap that does not qualify for hedge accounting treatment decreased by approximately $ 0.3 million to approximately $ 0.1 million in 2012 from approximately $ 0.4 million in 2011. the loss was primarily due to the fact that the variable interest rate incurred on the mahrt loan was lower than the contractual interest rate of the related interest rate swap during the year ended december 31 , 2012 . the decrease in the loss was primarily due to a decrease in the length of time remaining under the swap contract and changes in the outlook of future market interest rates . we do not expect to incur significant gains and losses in connection this interest rate swap in 2013 as it expires on march 28 , 2013. net loss . our net loss decreased to approximately $ 8.9 million for the year ended december 31 , 2012 from approximately $ 11.9 million for the year ended december 31 , 2011 , primarily as a result of an approximately $ 2.4 million improvement in operating loss , an approximately $ 0.4 million decrease in interest expense , and an approximately $ 0.3 million decrease in loss on interest rate swap . our operating loss improved due to an increase in net timber and timberland sales revenue of approximately $ 2.0 million and an approximately $ 0.6 million decrease in land rent expense . we sustained a net loss for the year ended december 31 , 2012 primarily as a result of incurring interest expense of approximately $ 5.0 million in connection with borrowings used to finance the purchase of the mahrt timberland and an operating loss of approximately $ 3.7 million . we opted to leverage the mahrt timberland acquisition with substantial short-term and medium-term borrowings as a result of sourcing this acquisition in advance of raising investor proceeds under our offerings . our net loss per share available to common stockholders for the years ended december 31 , 2012 and 2011 was $ 0.29 and $ 0.47 , respectively . we anticipate future net losses to fluctuate with timber prices , harvest volumes , timberland sales , and interest expense based on our level of current and future borrowings . comparison of the year ended december 31 , 2011 versus the year ended december 31 , 2010 revenue . revenues decreased to approximately $ 40.0 million for the year ended december 31 , 2011 from approximately $ 47.6 million for the year ended december 31 , 2010 due to decreases in timber sales , timberland sales , and other revenues of approximately $ 5.9 million , $ 0.5 million , and $ 1.2 million , respectively . revenue from timber sales decreased due to planned reductions in harvest volumes . revenue from timberland sales decreased as a result of selling fewer acres and reserving more timber on timberland sold during 2011 as compared to 2010. other revenue decreased due to approximately $ 1.1 million of funds received from the biomass crop assistance program ( “ bcap ” ) during 2010 ; no funds were received from bcap in 2011 . 47 index to consolidated financial statements details of timber sales by product for the years ended december 31 , 2010 and 2011 are shown in the following table : replace_table_token_7_th ( 1 ) timber sales are presented on a gross basis . ( 2 ) includes sales of chip-n-saw and sawtimber . operating expenses . contract logging and hauling costs decreased approximately 5 % to approximately $ 20.1 million for the year ended december 31 , 2011 from approximately $ 21.1 million for the year ended december 31 , 2010 due to an approximately 11 % decrease in delivered wood volume , offset by a 7 % increase in our logging rate . logging rate increased due to higher fuel cost . depletion decreased to approximately $ 11.8 million for the year ended december 31 , 2011 from approximately $ 14.3 million for the year ended december 31 , 2010 due to lower harvest volumes . cost of timberland sales decreased to approximately $ 1.3 million in 2011 from approximately $ 1.6 million in 2010 , primarily as a result of selling fewer acres and reserving more timber on timberland sold in 2011. forestry management fees decreased approximately $ 0.2 million primarily due to a decrease in incentive fees as a result of lower net operating revenue , as defined in the timber operating agreement . other operating expenses decreased by approximately $ 0.3 million due to lower timber taxes as a result of harvest reduction . advisor fees and expense reimbursements . advisor fees and expense reimbursements decreased approximately $ 2.8 million to approximately $ 3.3 million for the year ended december 31 , 2011 from approximately $ 6.1 million for the year ended december 31 , 2010 due to advisory agreement amendment no . 1 that limited the amounts of advisor fees and expense reimbursements to the least of ( 1 ) an asset management fee equal to one-fourth of 1.0 % of assets under management plus reimbursements for all costs and expenses wells timo incurred in fulfilling its duties as the asset manager ; ( 2 ) one quarter of 1.5 % of assets under management , or ( 3 ) free cash flow ( as defined ) in excess of an amount equal to 1.05 multiplied by interest on outstanding debt . from the second quarter of 2011 to the fourth quarter of 2011 , we incurred approximately $ 1.7 million of advisor fees and expense reimbursements pursuant to advisory agreement amendment no . 1 , which became effective on april 1 , 2011 , a decrease of approximately $ 3.0 million from the same period in 2010. see `` overview `` above for additional information regarding the advisory agreement and its amendments . general and administrative expenses . general and administrative expenses of approximately $ 2.1 million for the

