as a result of the availability of debt and equity capital , a multitude of buyers seeking investment opportunities , including unlisted reits and private equity funds , threaten to result in an oversold market and have led nhi to more value-based investment judgments . as capitalization rates have fallen for existing healthcare facilities , there has been increased interest in constructing new facilities in hopes of generating better returns on invested capital . using our relationship-driven model , we look for opportunities to support new and existing tenants and borrowers , with the capital needed to expand existing facilities and to initiate ground-up development of new facilities in markets where there is demonstrated demand for a particular product type . the projects we agree to finance have attractive upside potential and are expected to provide above-average returns to our shareholders to mitigate the risks inherent with property development and construction . for the year ended december 31 , 2014 , approximately 37 % of our revenue from continuing operations has come from operators of our skilled nursing facilities that receive a significant portion of their revenue from governmental payors , primarily medicare and medicaid . such revenues are subject annually to statutory and regulatory changes , and in recent years , have been reduced due to federal and state budgetary pressures . in 2009 , we began to diversify our portfolio by directing a significant portion of our investments into properties which do not rely primarily on medicare and medicaid reimbursement , but rather on private pay sources . while we will occasionally acquire skilled nursing facilities in good physical condition with a proven operator and strong local market fundamentals , our recent investment focus has been on acquiring need-driven and senior housing assets ( including assisted living and memory care facilities , senior living campuses , independent living facilities and entrance-fee communities ) . as a result of the holiday investment we made in december 2013 , our revenue from skilled nursing facilities , as a percentage of continuing operations revenue , has continued to decline . our december 2014 acquisition of eight senior living communities further broadens the private payor model within our portfolio and reduces our exposure to the government single-payor model . these acquisitions represent continued diversification across asset types and further exemplify our strategy of focusing on well-established tenants who are recognized leaders in their industries . considering individual tenant lease revenue as a percentage of total revenue , bickford senior living is our largest assisted living/memory care tenant , an affiliate of holiday retirement is our largest independent living tenant , national healthcare corporation is our largest skilled nursing tenant and for 2015 senior living communities is expected to be our largest entrance-fee community tenant . our shift toward private payor facilities , as well as our recent expansion into the discretionary senior housing market , has resulted in a portfolio that is relatively balanced between medical facilities , need-driven senior housing and discretionary senior housing . the following table illustrates this shift by comparing our total lease revenue for 2013 compared to a full year of lease revenue for leases in place as of december 31 , 2014 ( in thousands ) : 28 replace_table_token_7_th * this is the lease revenue our portfolio would generate if all lease contracts were in effect for the twelve-month calendar year , regardless of the commencement date , maturity date , or renewals . therefore , this amount is used for financial analysis purposes , and is not indicative of actual or expected results . if longer term borrowing rates increase as we expect , there will be pressure on the spread between our cost of capital and the returns we earn . we expect that pressure to be partially mitigated by market forces that have led to an increase in asset prices and likely will lead to increased lease rates , as well . our cost of capital has increased as we execute our plan to transition some of our short term revolving borrowings into debt instruments with longer maturities and fixed interest rates . managing risk involves trade-offs with the competing goal of maximizing short-term profitability . our intention is to strike an appropriate balance between these competing interests within the context of our investor profile . in 2015 , we plan to announce our participation in an at-the market ( `` atm `` ) equity program whereby we may sell our common shares on as as-needed basis . atms are a type of shelf-based offering which provide issuers the ability to sell publicly traded shares at the prevailing market price at the time and amount of their choosing . an atm program offers an effective way to match-fund our smaller acquisitions by exercising control over the timing and size of transactions at a more favorable cost of capital as compared to larger follow-on offerings . by raising funds through the atm along with borrowings from our credit facility , we expect to continue to maintain our leverage ratio as one of the lowest in our peer group . we continue to explore other various funding sources including bank term loans , convertible debt , traditional equity placement , unsecured bonds and senior notes , debt private placement and secured government agency financing . we manage our business with a goal of increasing the regular annual dividends paid to shareholders . our board of directors approves a regular quarterly dividend which is reflective of expected taxable income on a recurring basis . our transactions that are infrequent and non-recurring that generate additional taxable income have been distributed to shareholders in the form of special dividends . taxable income is determined in accordance with the internal revenue code and differs from net income for financial statements purposes determined in accordance with u.s. generally accepted accounting principles . story_separator_special_tag these facilities are leased to nhc under the terms an amended master lease agreement dated october 17 , 1991 ( `` the 1991 lease `` ) which includes our 35 remaining legacy properties and a master lease agreement dated august 30 , 2013 ( `` the 2013 lease `` ) , discussed below , which includes seven skilled nursing facilities acquired from eldertrust on august 31 , 2013. the 1991 lease has been amended to extend the lease expiration to december 31 , 2026. there are two additional 5-year renewal options , each at fair rental value of such leased property as negotiated between the parties and determined without including the value attributable to any improvements to the leased property voluntarily made by nhc at its expense . under the terms of the 1991 lease , the base annual rental is $ 30,750,000 and rent escalates by 4 % of the increase , if any , in each facility 's revenue over 32 a 2007 base year . the 2013 lease provides for a base annual rental of $ 3,450,000 and has a lease expiration of august 2028. under the terms of the 2013 lease , rent escalates 4 % of the increase in each facility 's revenue over the 2014 base year . for both the 1991 lease and the 2013 lease , we refer to this additional rent component as “ percentage rent . ” during the last three years of the 2013 lease , nhc will have the option to purchase the facilities for $ 49,000,000. the following table summarizes the percentage rent received and recognized from nhc ( in thousands ) : replace_table_token_9_th 1 for purposes of the percentage rent calculation described in the master lease agreement , nhc 's annual revenue by facility for a given year is certified to nhi by march 31st of the following year . of our total revenue from continuing operations , $ 36,446,000 ( 21 % ) , $ 34,756,000 ( 29 % ) and $ 33,056,000 ( 35 % ) in 2014 , 2013 and 2012 , respectively , were derived from nhc . bickford as of december 31 , 2014 , we owned an 85 % equity interest and an affiliate of bickford , sycamore street , llc ( `` sycamore `` ) , owned a 15 % equity interest in our consolidated subsidiary ( `` propco `` ) which owns 31 assisted living/memory care facilities . the facilities are leased to an operating company , ( `` opco `` ) , in which we retain a non-controlling 85 % ownership interest . our joint venture is structured to comply with the provisions of ridea . on october 31 , 2014 , our subsidiary , propco , acquired a 101 -unit assisted living facility located in middletown , ohio for $ 16,488,000 , including $ 65,000 in transaction costs and assumption of secured debt at an interest rate of 2.9 % with an outstanding principal balance of $ 9,535,000 and an estimated fair value of $ 7,858,000 . the facility was leased to opco under an existing master lease and provides for fixed annual escalators . because the facility was owner-occupied , the acquisition was accounted for as an asset purchase . the current annual contractual rent from opco to propco is $ 22,595,000 , plus fixed annual escalators . during the quarter ended december 31 , 2014 , propco completed major construction and received a certificate of occupancy on an assisted living facility which had been under development . under the terms of the current development lease agreement , nhi continues to receive rent of 9 % on the total amount of development costs , including land , which totaled $ 7,811,000 at december 31 , 2014 . opco is continuing the lease-up of 3 facilities , 2 of which opened in the fourth quarter of 2013. once the facilities stabilize , an annual rental amount will be determined between the parties . nhi has an exclusive right to bickford 's future acquisitions , development projects and refinancing transactions . on february 5 , 2015 , we announced a new development program pursuant to which our ridea joint venture with bickford will develop five senior housing communities in illinois and virginia . construction is slated to start in early 2015 with openings planned for 2016. the total estimated project cost is $ 55,000,000. each community will consist of 60 private-pay assisted living and memory care units managed by bickford senior living . of our total revenue from continuing operations , $ 21,421,000 ( 12 % ) , $ 14,586,000 ( 12 % ) and $ 5,164,000 ( 6 % ) were recorded as rental income from bickford for the years ended december 31 , 2014 , 2013 , and 2012 , respectively . as of december 31 , 2014 , the carrying value of our investment in the operating company , opco , was $ 9,424,000 . the excess of the original purchase price over the fair value of identified tangible assets at acquisition of $ 8,986,000 is treated as implied goodwill and is subject to periodic review for impairment in conjunction with our equity method investment as a whole . with propco 's acquisition of additional bickford properties in june 2013 , an assignment was entered into whereby the operations of the 17 newly acquired facilities were conveyed by an affiliate of bickford to opco . the transaction mandated the effective cut-off of operating revenues and expenses and the settlement of operating assets and liabilities at the acquisition date . specified remaining net tangible assets were assigned to opco at the transferor 's carryover basis resulting in an adjustment , through nhi 's capital in excess of par value to our equity method investment in opco , of $ 817,000 . 33 the results of operations for opco include the impact of startup operations for the newly constructed facilities currently in lease-up which are expected

liquidity at december 31 , 2014 , $ 94,790,000 was available in cash , highly-liquid marketable securities and borrowing capacity on our revolving credit facility . as of january 15 , 2015 , with the placement of $ 225,000,000 in senior unsecured notes and the use of the proceeds to free availability on our revolving credit facility , further discussed below , we had approximately $ 320,000,000 available in cash , highly-liquid marketable securities and borrowing capacity on our revolving credit facility . in addition , our investment in ltc preferred stock is convertible into 2,000,000 shares of common stock whose per share price ranged between $ 37 and $ 44 during the quarter ended december 31 , 2014 . cash collected from our loans and leases is used to pay debt service , the expenses of operating the reit , our dividends to stockholders and to make new real estate investments . in march 2014 we issued $ 200,000,000 of 3.25 % senior unsecured convertible notes due april 2021 ( the `` notes '' ) . interest is payable april 1st and october 1st of each year . the notes are convertible at an initial conversion rate of 13.926 shares of common stock per $ 1,000 principal amount , representing a conversion price of approximately $ 71.81 per share for a total of approximately 2,785,200 underlying shares . the conversion rate is subject to adjustment upon the occurrence of certain events , as defined in the indenture governing the notes , but will not be adjusted for any accrued and unpaid interest except in limited circumstances . upon conversion , nhi 's conversion obligation may be satisfied , at our option , in cash , shares of common stock or a combination of cash and shares of common stock .


 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 at december 31 , 2014 , $ 94,790,000 was available in cash , highly-liquid marketable securities and borrowing capacity on our revolving credit facility . as of january 15 , 2015 , with the placement of $ 225,000,000 in senior unsecured notes and the use of the proceeds to free availability on our revolving credit facility , further discussed below , we had approximately $ 320,000,000 available in cash , highly-liquid marketable securities and borrowing capacity on our revolving credit facility . in addition , our investment in ltc preferred stock is convertible into 2,000,000 shares of common stock whose per share price ranged between $ 37 and $ 44 during the quarter ended december 31 , 2014 . cash collected from our loans and leases is used to pay debt service , the expenses of operating the reit , our dividends to stockholders and to make new real estate investments . in march 2014 we issued $ 200,000,000 of 3.25 % senior unsecured convertible notes due april 2021 ( the `` notes '' ) . interest is payable april 1st and october 1st of each year . the notes are convertible at an initial conversion rate of 13.926 shares of common stock per $ 1,000 principal amount , representing a conversion price of approximately $ 71.81 per share for a total of approximately 2,785,200 underlying shares . the conversion rate is subject to adjustment upon the occurrence of certain events , as defined in the indenture governing the notes , but will not be adjusted for any accrued and unpaid interest except in limited circumstances . upon conversion , nhi 's conversion obligation may be satisfied , at our option , in cash , shares of common stock or a combination of cash and shares of common stock .
```    
 Suspicious Activity Report : as a result of the availability of debt and equity capital , a multitude of buyers seeking investment opportunities , including unlisted reits and private equity funds , threaten to result in an oversold market and have led nhi to more value-based investment judgments . as capitalization rates have fallen for existing healthcare facilities , there has been increased interest in constructing new facilities in hopes of generating better returns on invested capital . using our relationship-driven model , we look for opportunities to support new and existing tenants and borrowers , with the capital needed to expand existing facilities and to initiate ground-up development of new facilities in markets where there is demonstrated demand for a particular product type . the projects we agree to finance have attractive upside potential and are expected to provide above-average returns to our shareholders to mitigate the risks inherent with property development and construction . for the year ended december 31 , 2014 , approximately 37 % of our revenue from continuing operations has come from operators of our skilled nursing facilities that receive a significant portion of their revenue from governmental payors , primarily medicare and medicaid . such revenues are subject annually to statutory and regulatory changes , and in recent years , have been reduced due to federal and state budgetary pressures . in 2009 , we began to diversify our portfolio by directing a significant portion of our investments into properties which do not rely primarily on medicare and medicaid reimbursement , but rather on private pay sources . while we will occasionally acquire skilled nursing facilities in good physical condition with a proven operator and strong local market fundamentals , our recent investment focus has been on acquiring need-driven and senior housing assets ( including assisted living and memory care facilities , senior living campuses , independent living facilities and entrance-fee communities ) . as a result of the holiday investment we made in december 2013 , our revenue from skilled nursing facilities , as a percentage of continuing operations revenue , has continued to decline . our december 2014 acquisition of eight senior living communities further broadens the private payor model within our portfolio and reduces our exposure to the government single-payor model . these acquisitions represent continued diversification across asset types and further exemplify our strategy of focusing on well-established tenants who are recognized leaders in their industries . considering individual tenant lease revenue as a percentage of total revenue , bickford senior living is our largest assisted living/memory care tenant , an affiliate of holiday retirement is our largest independent living tenant , national healthcare corporation is our largest skilled nursing tenant and for 2015 senior living communities is expected to be our largest entrance-fee community tenant . our shift toward private payor facilities , as well as our recent expansion into the discretionary senior housing market , has resulted in a portfolio that is relatively balanced between medical facilities , need-driven senior housing and discretionary senior housing . the following table illustrates this shift by comparing our total lease revenue for 2013 compared to a full year of lease revenue for leases in place as of december 31 , 2014 ( in thousands ) : 28 replace_table_token_7_th * this is the lease revenue our portfolio would generate if all lease contracts were in effect for the twelve-month calendar year , regardless of the commencement date , maturity date , or renewals . therefore , this amount is used for financial analysis purposes , and is not indicative of actual or expected results . if longer term borrowing rates increase as we expect , there will be pressure on the spread between our cost of capital and the returns we earn . we expect that pressure to be partially mitigated by market forces that have led to an increase in asset prices and likely will lead to increased lease rates , as well . our cost of capital has increased as we execute our plan to transition some of our short term revolving borrowings into debt instruments with longer maturities and fixed interest rates . managing risk involves trade-offs with the competing goal of maximizing short-term profitability . our intention is to strike an appropriate balance between these competing interests within the context of our investor profile . in 2015 , we plan to announce our participation in an at-the market ( `` atm `` ) equity program whereby we may sell our common shares on as as-needed basis . atms are a type of shelf-based offering which provide issuers the ability to sell publicly traded shares at the prevailing market price at the time and amount of their choosing . an atm program offers an effective way to match-fund our smaller acquisitions by exercising control over the timing and size of transactions at a more favorable cost of capital as compared to larger follow-on offerings . by raising funds through the atm along with borrowings from our credit facility , we expect to continue to maintain our leverage ratio as one of the lowest in our peer group . we continue to explore other various funding sources including bank term loans , convertible debt , traditional equity placement , unsecured bonds and senior notes , debt private placement and secured government agency financing . we manage our business with a goal of increasing the regular annual dividends paid to shareholders . our board of directors approves a regular quarterly dividend which is reflective of expected taxable income on a recurring basis . our transactions that are infrequent and non-recurring that generate additional taxable income have been distributed to shareholders in the form of special dividends . taxable income is determined in accordance with the internal revenue code and differs from net income for financial statements purposes determined in accordance with u.s. generally accepted accounting principles . story_separator_special_tag these facilities are leased to nhc under the terms an amended master lease agreement dated october 17 , 1991 ( `` the 1991 lease `` ) which includes our 35 remaining legacy properties and a master lease agreement dated august 30 , 2013 ( `` the 2013 lease `` ) , discussed below , which includes seven skilled nursing facilities acquired from eldertrust on august 31 , 2013. the 1991 lease has been amended to extend the lease expiration to december 31 , 2026. there are two additional 5-year renewal options , each at fair rental value of such leased property as negotiated between the parties and determined without including the value attributable to any improvements to the leased property voluntarily made by nhc at its expense . under the terms of the 1991 lease , the base annual rental is $ 30,750,000 and rent escalates by 4 % of the increase , if any , in each facility 's revenue over 32 a 2007 base year . the 2013 lease provides for a base annual rental of $ 3,450,000 and has a lease expiration of august 2028. under the terms of the 2013 lease , rent escalates 4 % of the increase in each facility 's revenue over the 2014 base year . for both the 1991 lease and the 2013 lease , we refer to this additional rent component as “ percentage rent . ” during the last three years of the 2013 lease , nhc will have the option to purchase the facilities for $ 49,000,000. the following table summarizes the percentage rent received and recognized from nhc ( in thousands ) : replace_table_token_9_th 1 for purposes of the percentage rent calculation described in the master lease agreement , nhc 's annual revenue by facility for a given year is certified to nhi by march 31st of the following year . of our total revenue from continuing operations , $ 36,446,000 ( 21 % ) , $ 34,756,000 ( 29 % ) and $ 33,056,000 ( 35 % ) in 2014 , 2013 and 2012 , respectively , were derived from nhc . bickford as of december 31 , 2014 , we owned an 85 % equity interest and an affiliate of bickford , sycamore street , llc ( `` sycamore `` ) , owned a 15 % equity interest in our consolidated subsidiary ( `` propco `` ) which owns 31 assisted living/memory care facilities . the facilities are leased to an operating company , ( `` opco `` ) , in which we retain a non-controlling 85 % ownership interest . our joint venture is structured to comply with the provisions of ridea . on october 31 , 2014 , our subsidiary , propco , acquired a 101 -unit assisted living facility located in middletown , ohio for $ 16,488,000 , including $ 65,000 in transaction costs and assumption of secured debt at an interest rate of 2.9 % with an outstanding principal balance of $ 9,535,000 and an estimated fair value of $ 7,858,000 . the facility was leased to opco under an existing master lease and provides for fixed annual escalators . because the facility was owner-occupied , the acquisition was accounted for as an asset purchase . the current annual contractual rent from opco to propco is $ 22,595,000 , plus fixed annual escalators . during the quarter ended december 31 , 2014 , propco completed major construction and received a certificate of occupancy on an assisted living facility which had been under development . under the terms of the current development lease agreement , nhi continues to receive rent of 9 % on the total amount of development costs , including land , which totaled $ 7,811,000 at december 31 , 2014 . opco is continuing the lease-up of 3 facilities , 2 of which opened in the fourth quarter of 2013. once the facilities stabilize , an annual rental amount will be determined between the parties . nhi has an exclusive right to bickford 's future acquisitions , development projects and refinancing transactions . on february 5 , 2015 , we announced a new development program pursuant to which our ridea joint venture with bickford will develop five senior housing communities in illinois and virginia . construction is slated to start in early 2015 with openings planned for 2016. the total estimated project cost is $ 55,000,000. each community will consist of 60 private-pay assisted living and memory care units managed by bickford senior living . of our total revenue from continuing operations , $ 21,421,000 ( 12 % ) , $ 14,586,000 ( 12 % ) and $ 5,164,000 ( 6 % ) were recorded as rental income from bickford for the years ended december 31 , 2014 , 2013 , and 2012 , respectively . as of december 31 , 2014 , the carrying value of our investment in the operating company , opco , was $ 9,424,000 . the excess of the original purchase price over the fair value of identified tangible assets at acquisition of $ 8,986,000 is treated as implied goodwill and is subject to periodic review for impairment in conjunction with our equity method investment as a whole . with propco 's acquisition of additional bickford properties in june 2013 , an assignment was entered into whereby the operations of the 17 newly acquired facilities were conveyed by an affiliate of bickford to opco . the transaction mandated the effective cut-off of operating revenues and expenses and the settlement of operating assets and liabilities at the acquisition date . specified remaining net tangible assets were assigned to opco at the transferor 's carryover basis resulting in an adjustment , through nhi 's capital in excess of par value to our equity method investment in opco , of $ 817,000 . 33 the results of operations for opco include the impact of startup operations for the newly constructed facilities currently in lease-up which are expected

