sales of shares of common stock under the atm program , if any , may be made in transactions that are deemed to be “ at the market ” offerings , as defined in rule 415 under the securities act of 1933 , as amended , including , without limitation , sales made by means of ordinary brokers ' transactions on the new york stock exchange , to or through a market maker at market prices prevailing at the time of sale , at prices related to prevailing market prices or at negotiated prices based on prevailing market prices . in addition to the issuance and sale of shares of common stock , the company may enter into forward sale agreements with each of jefferies and raymond james , or their respective affiliates , through the atm program . during the three months ended december 31 , 2019 , the company issued 445,835 shares of common stock at an average price of $ 47.82 per share , for gross proceeds of approximately $ 21.3 million and paid approximately $ 0.3 million in fees to the sales agents . during the year ended december 31 , 2019 , the company issued 1,565,322 shares of common stock at an average price of $ 45.98 per share , for gross proceeds of approximately $ 72.0 million . the company paid approximately $ 1.1 million in fees to the sales agents with respect to such sales and incurred other issuance costs of approximately $ 1.0 million , both of which were netted against the gross proceeds and recorded in additional paid in capital . the atm program may be terminated by the company at any time and expires automatically once aggregate sales under the atm program reach $ 100,000,000 ( see note 8 to our consolidated financial statements ) . 42 we have elected to be taxed as a reit under sections 856 through 860 of the code , and expect to continue to qualify as a reit . to qualify as a reit , we must meet a number of organizational and operational requirements , including a requirement that we distribute at least 90 % of our reit taxable income to our sto ckholders . as a reit , we will be subject to federal income tax on our undistributed reit taxable income and net capital gain and to a 4 % nondeductible excise tax on any amount by which distributions we pay with respect to any calendar year are less than th e sum of ( 1 ) 85 % of our ordinary income , ( 2 ) 95 % of our capital gain net income and ( 3 ) 100 % of our undistributed income from prior years . we believe we qualify for taxation as a reit under the code , and we intend to continue to operate in such a manner , b ut no assurance can be given that we will operate in a manner so as to qualify as a reit . taxable income from certain non-reit activities is managed through a trs and is subject to applicable federal , state , and local income and margin taxes . we had no sig nificant taxes associated with our trs for the years ended december 31 , 2019 , 2018 and 2017 . components of our revenues and expenses revenues rental income . our earnings are primarily attributable to the rental revenue from our multifamily properties . we anticipate that the leases we enter into for our multifamily properties will typically be for one year or less on average . also included are utility reimbursements , late fees , pet fees , and other rental fees charged to tenants . other income . other income includes ancillary income earned from tenants such as non-refundable fees , application fees , laundry fees , cable tv income , and other miscellaneous fees charged to tenants . expenses property operating expenses . property operating expenses include property maintenance costs , salary and employee benefit costs , utilities , casualty-related expenses and recoveries and other property operating costs . real estate taxes and insurance . real estate taxes include the property taxes assessed by local and state authorities depending on the location of each property . insurance includes the cost of commercial , general liability , and other needed insurance for each property . property management fees . property management fees include fees paid to bh , our property manager , or other third party management companies for managing each property ( see note 10 to our consolidated financial statements ) . advisory and administrative fees . advisory and administrative fees include the fees paid to our adviser pursuant to the advisory agreement ( see note 11 to our consolidated financial statements ) . corporate general and administrative expenses . corporate general and administrative expenses include , but are not limited to , audit fees , legal fees , listing fees , board of director fees , equity-based compensation expense , investor relations costs and payments of reimbursements to our adviser for operating expenses . corporate general and administrative expenses and the advisory and administrative fees paid to our adviser ( including advisory and administrative fees on properties defined in the advisory agreement as new assets ) will not exceed 1.5 % of average real estate assets per calendar year ( or part thereof that the advisory agreement is in effect ) , calculated in accordance with the advisory agreement , or the expense cap . the expense cap does not limit the reimbursement by us of expenses related to securities offerings paid by our adviser . story_separator_special_tag the amount incurred during the years ended december 31 , 2018 and 2017 represents the maximum fe e allowed on properties defined as contributed assets under the advisory agreement plus approximately $ 2.1 million and $ 2.0 million , respectively , of advisory and administrative fees incurred on certain properties defined as new assets . for the year ended december 31 , 2018 , our adviser elected to voluntarily waive the advisory and administrative fees incurred on the eight properties we acquired subsequent to october 2016 , which totaled approximately $ 4.1 million . for the year ended december 31 , 2017 , our ad viser elected to voluntarily waive the advisory and administrative fees incurred on the five properties we acquired subsequent to october 2016 , which totaled approximately $ 2.4 million . the advisory and administrative fees waived by our adviser for the yea rs ended december 31 , 2018 and 2017 are considered to be permanently waived for the periods . our adviser is not contractually obligated to waive fees on new assets in the future and may cease waiving fees on new assets at its discretion . advisory and admin istrative fees may increase in future periods as we acquire additional properties , which will be classified as new assets . corporate general and administrative expenses . corporate general and administrative expenses were $ 7.8 million for the year ended december 31 , 2018 compared to $ 6.3 million for the year ended december 31 , 2017 , which was an increase of approximately $ 1.5 million . the increase between the periods was primarily due to approximately $ 4.2 million of equity-based compensation expense recognized during the year ended december 31 , 2018 related to the grants of restricted stock units to our directors , officers , employees and certain key employees of our adviser pursuant to our 2016 ltip , compared to $ 3.1 million of equity-based compensation expense recognized during the year ended december 31 , 2017 ( see note 8 to our consolidated financial statements ) . subject to the expense cap , corporate general and administrative expenses may increase in future periods as we acquire additional properties . property general and administrative expenses . property general and administrative expenses were $ 6.1 million for the year ended december 31 , 2018 compared to $ 6.2 million for the year ended december 31 , 2017 , which was a decrease of approximately $ 0.1 million . the decrease between the periods was primarily due to our acquisition and disposition activity in 2017 and 2018 and the timing of the transactions , as described above . depreciation and amortization . depreciation and amortization costs were $ 47.5 million for the year ended december 31 , 2018 compared to $ 48.8 million for the year ended december 31 , 2017 , which was a decrease of approximately $ 1.3 million . the decrease between the periods was primarily due to the amortization of intangible lease assets of $ 2.5 million related to four properties for the year ended december 31 , 2018 compared to $ 8.9 million related to seven properties for the year ended december 31 , 2017 , which was a decrease of approximately $ 6.4 million . the decrease between the periods was partially offset by a $ 5.1 million increase in depreciation expense , primarily due to our acquisition activity in 2017 and 2018 and the timing of the transactions , as described above . the amortization of intangible lease assets over a six-month period from the date of acquisition is expected to increase the amortization expense during the initial year of operations for each property . other income and expense interest expense . interest expense was $ 28.6 million for the year ended december 31 , 2018 compared to $ 29.6 million for the year ended december 31 , 2017 , which was a decrease of approximately $ 1.0 million . the decrease between the periods was primarily due to an increase in gain recognized related to the effective portion of changes in fair value of our interest rate swap derivatives designated as cash flow hedges of approximately $ 5.3 million ( see “ debt , derivatives and hedging activity – interest rate swap agreements ” below ) . the decrease between the periods was partially offset by an increase in interest on debt of approximately $ 4.6 million . the following table details the various costs included in interest expense for the years ended december 31 , 2018 and 2017 ( in thousands ) : replace_table_token_11_th ( 1 ) prior to our adoption of asu 2017-12 , derivatives and hedging ( topic 815 ) ( “ asu 2017-12 ” ) on january 1 , 2018 , the ineffective portion of changes in the fair value of our derivatives designated as cash flow hedges was recognized directly in net income ( loss ) as interest expense . the adoption of asu 2017-12 eliminates the separate measurement of effectiveness and ineffectiveness , and all changes in the fair value of derivatives that are designated as cash flow hedges are recorded directly in other comprehensive income ( “ oci ” ) . see notes 2 and 7 to our consolidated financial statements for additional information . 48 loss on extinguishment of debt and modification costs . loss on extinguishment of debt and modification costs was $ 3.6 mil lion for the year ended december 31 , 2018 compared to $ 5.7 million for the year ended december 31 , 2017 , which was a decrease of approximately $ 2.1 million . the decrease between the periods was primarily due to decreases in debt modification and other exti nguishment costs of approximately $ 1.5 million and prepayment penalties and defeasance costs of approximately $ 1.0 million . the following table details the various costs included in loss on extinguishment of debt and modification costs for the years ended december 31 , 2018

cash flows from operating activities . during the year ended december 31 , 2019 , net cash provided by operating activities was $ 51.4 million compared to net cash provided by operating activities of $ 41.7 million for the year ended december 31 , 2018. the change in cash flows from operating activities was mainly due to an increase in total revenues , partially offset by an increase in total property operating expenses . cash flows from investing activities . during the year ended december 31 , 2019 , net cash used in investing activities was $ 553.1 million compared to net cash used in investing activities of $ 135.2 million for the year ended december 31 , 2018. the change in cash flows from investing activities was mainly due to an increase in acquisitions , partially offset by an increase in dispositions . we sold six properties for net proceeds of approximately $ 286.5 million and acquired 11 properties for a combined purchase price of approximately $ 876.7 million during the period in 2019 ; we sold one property for net proceeds of approximately $ 29.6 million and acquired three properties for a combined purchase price of approximately $ 131.0 million during 2018. cash flows from financing activities . during the year ended december 31 , 2019 , net cash provided by financing activities was $ 529.8 million compared to net cash provided by financing activities of $ 93.4 million for the year ended december 31 , 2018. the change in cash flows from financing activities was mainly due to a net increase in debt of approximately $ 450.6 million between the periods . the year ended december 31 , 2018 as compared to the year ended december 31 , 2017 cash flows from operating activities .


 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 from operating activities . during the year ended december 31 , 2019 , net cash provided by operating activities was $ 51.4 million compared to net cash provided by operating activities of $ 41.7 million for the year ended december 31 , 2018. the change in cash flows from operating activities was mainly due to an increase in total revenues , partially offset by an increase in total property operating expenses . cash flows from investing activities . during the year ended december 31 , 2019 , net cash used in investing activities was $ 553.1 million compared to net cash used in investing activities of $ 135.2 million for the year ended december 31 , 2018. the change in cash flows from investing activities was mainly due to an increase in acquisitions , partially offset by an increase in dispositions . we sold six properties for net proceeds of approximately $ 286.5 million and acquired 11 properties for a combined purchase price of approximately $ 876.7 million during the period in 2019 ; we sold one property for net proceeds of approximately $ 29.6 million and acquired three properties for a combined purchase price of approximately $ 131.0 million during 2018. cash flows from financing activities . during the year ended december 31 , 2019 , net cash provided by financing activities was $ 529.8 million compared to net cash provided by financing activities of $ 93.4 million for the year ended december 31 , 2018. the change in cash flows from financing activities was mainly due to a net increase in debt of approximately $ 450.6 million between the periods . the year ended december 31 , 2018 as compared to the year ended december 31 , 2017 cash flows from operating activities .
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 Suspicious Activity Report : sales of shares of common stock under the atm program , if any , may be made in transactions that are deemed to be “ at the market ” offerings , as defined in rule 415 under the securities act of 1933 , as amended , including , without limitation , sales made by means of ordinary brokers ' transactions on the new york stock exchange , to or through a market maker at market prices prevailing at the time of sale , at prices related to prevailing market prices or at negotiated prices based on prevailing market prices . in addition to the issuance and sale of shares of common stock , the company may enter into forward sale agreements with each of jefferies and raymond james , or their respective affiliates , through the atm program . during the three months ended december 31 , 2019 , the company issued 445,835 shares of common stock at an average price of $ 47.82 per share , for gross proceeds of approximately $ 21.3 million and paid approximately $ 0.3 million in fees to the sales agents . during the year ended december 31 , 2019 , the company issued 1,565,322 shares of common stock at an average price of $ 45.98 per share , for gross proceeds of approximately $ 72.0 million . the company paid approximately $ 1.1 million in fees to the sales agents with respect to such sales and incurred other issuance costs of approximately $ 1.0 million , both of which were netted against the gross proceeds and recorded in additional paid in capital . the atm program may be terminated by the company at any time and expires automatically once aggregate sales under the atm program reach $ 100,000,000 ( see note 8 to our consolidated financial statements ) . 42 we have elected to be taxed as a reit under sections 856 through 860 of the code , and expect to continue to qualify as a reit . to qualify as a reit , we must meet a number of organizational and operational requirements , including a requirement that we distribute at least 90 % of our reit taxable income to our sto ckholders . as a reit , we will be subject to federal income tax on our undistributed reit taxable income and net capital gain and to a 4 % nondeductible excise tax on any amount by which distributions we pay with respect to any calendar year are less than th e sum of ( 1 ) 85 % of our ordinary income , ( 2 ) 95 % of our capital gain net income and ( 3 ) 100 % of our undistributed income from prior years . we believe we qualify for taxation as a reit under the code , and we intend to continue to operate in such a manner , b ut no assurance can be given that we will operate in a manner so as to qualify as a reit . taxable income from certain non-reit activities is managed through a trs and is subject to applicable federal , state , and local income and margin taxes . we had no sig nificant taxes associated with our trs for the years ended december 31 , 2019 , 2018 and 2017 . components of our revenues and expenses revenues rental income . our earnings are primarily attributable to the rental revenue from our multifamily properties . we anticipate that the leases we enter into for our multifamily properties will typically be for one year or less on average . also included are utility reimbursements , late fees , pet fees , and other rental fees charged to tenants . other income . other income includes ancillary income earned from tenants such as non-refundable fees , application fees , laundry fees , cable tv income , and other miscellaneous fees charged to tenants . expenses property operating expenses . property operating expenses include property maintenance costs , salary and employee benefit costs , utilities , casualty-related expenses and recoveries and other property operating costs . real estate taxes and insurance . real estate taxes include the property taxes assessed by local and state authorities depending on the location of each property . insurance includes the cost of commercial , general liability , and other needed insurance for each property . property management fees . property management fees include fees paid to bh , our property manager , or other third party management companies for managing each property ( see note 10 to our consolidated financial statements ) . advisory and administrative fees . advisory and administrative fees include the fees paid to our adviser pursuant to the advisory agreement ( see note 11 to our consolidated financial statements ) . corporate general and administrative expenses . corporate general and administrative expenses include , but are not limited to , audit fees , legal fees , listing fees , board of director fees , equity-based compensation expense , investor relations costs and payments of reimbursements to our adviser for operating expenses . corporate general and administrative expenses and the advisory and administrative fees paid to our adviser ( including advisory and administrative fees on properties defined in the advisory agreement as new assets ) will not exceed 1.5 % of average real estate assets per calendar year ( or part thereof that the advisory agreement is in effect ) , calculated in accordance with the advisory agreement , or the expense cap . the expense cap does not limit the reimbursement by us of expenses related to securities offerings paid by our adviser . story_separator_special_tag the amount incurred during the years ended december 31 , 2018 and 2017 represents the maximum fe e allowed on properties defined as contributed assets under the advisory agreement plus approximately $ 2.1 million and $ 2.0 million , respectively , of advisory and administrative fees incurred on certain properties defined as new assets . for the year ended december 31 , 2018 , our adviser elected to voluntarily waive the advisory and administrative fees incurred on the eight properties we acquired subsequent to october 2016 , which totaled approximately $ 4.1 million . for the year ended december 31 , 2017 , our ad viser elected to voluntarily waive the advisory and administrative fees incurred on the five properties we acquired subsequent to october 2016 , which totaled approximately $ 2.4 million . the advisory and administrative fees waived by our adviser for the yea rs ended december 31 , 2018 and 2017 are considered to be permanently waived for the periods . our adviser is not contractually obligated to waive fees on new assets in the future and may cease waiving fees on new assets at its discretion . advisory and admin istrative fees may increase in future periods as we acquire additional properties , which will be classified as new assets . corporate general and administrative expenses . corporate general and administrative expenses were $ 7.8 million for the year ended december 31 , 2018 compared to $ 6.3 million for the year ended december 31 , 2017 , which was an increase of approximately $ 1.5 million . the increase between the periods was primarily due to approximately $ 4.2 million of equity-based compensation expense recognized during the year ended december 31 , 2018 related to the grants of restricted stock units to our directors , officers , employees and certain key employees of our adviser pursuant to our 2016 ltip , compared to $ 3.1 million of equity-based compensation expense recognized during the year ended december 31 , 2017 ( see note 8 to our consolidated financial statements ) . subject to the expense cap , corporate general and administrative expenses may increase in future periods as we acquire additional properties . property general and administrative expenses . property general and administrative expenses were $ 6.1 million for the year ended december 31 , 2018 compared to $ 6.2 million for the year ended december 31 , 2017 , which was a decrease of approximately $ 0.1 million . the decrease between the periods was primarily due to our acquisition and disposition activity in 2017 and 2018 and the timing of the transactions , as described above . depreciation and amortization . depreciation and amortization costs were $ 47.5 million for the year ended december 31 , 2018 compared to $ 48.8 million for the year ended december 31 , 2017 , which was a decrease of approximately $ 1.3 million . the decrease between the periods was primarily due to the amortization of intangible lease assets of $ 2.5 million related to four properties for the year ended december 31 , 2018 compared to $ 8.9 million related to seven properties for the year ended december 31 , 2017 , which was a decrease of approximately $ 6.4 million . the decrease between the periods was partially offset by a $ 5.1 million increase in depreciation expense , primarily due to our acquisition activity in 2017 and 2018 and the timing of the transactions , as described above . the amortization of intangible lease assets over a six-month period from the date of acquisition is expected to increase the amortization expense during the initial year of operations for each property . other income and expense interest expense . interest expense was $ 28.6 million for the year ended december 31 , 2018 compared to $ 29.6 million for the year ended december 31 , 2017 , which was a decrease of approximately $ 1.0 million . the decrease between the periods was primarily due to an increase in gain recognized related to the effective portion of changes in fair value of our interest rate swap derivatives designated as cash flow hedges of approximately $ 5.3 million ( see “ debt , derivatives and hedging activity – interest rate swap agreements ” below ) . the decrease between the periods was partially offset by an increase in interest on debt of approximately $ 4.6 million . the following table details the various costs included in interest expense for the years ended december 31 , 2018 and 2017 ( in thousands ) : replace_table_token_11_th ( 1 ) prior to our adoption of asu 2017-12 , derivatives and hedging ( topic 815 ) ( “ asu 2017-12 ” ) on january 1 , 2018 , the ineffective portion of changes in the fair value of our derivatives designated as cash flow hedges was recognized directly in net income ( loss ) as interest expense . the adoption of asu 2017-12 eliminates the separate measurement of effectiveness and ineffectiveness , and all changes in the fair value of derivatives that are designated as cash flow hedges are recorded directly in other comprehensive income ( “ oci ” ) . see notes 2 and 7 to our consolidated financial statements for additional information . 48 loss on extinguishment of debt and modification costs . loss on extinguishment of debt and modification costs was $ 3.6 mil lion for the year ended december 31 , 2018 compared to $ 5.7 million for the year ended december 31 , 2017 , which was a decrease of approximately $ 2.1 million . the decrease between the periods was primarily due to decreases in debt modification and other exti nguishment costs of approximately $ 1.5 million and prepayment penalties and defeasance costs of approximately $ 1.0 million . the following table details the various costs included in loss on extinguishment of debt and modification costs for the years ended december 31 , 2018

