investment management , property services and research fees - investment management , property services , and research fees are primarily comprised of base asset management fees , and acquisition fees generated by our investment management division , property management fees generated by our property services division , leasing fees and sales commissions generated by our brokerage and auction divisions , and consulting fees generated by meyers research until the company 's sale of meyers research in the fourth quarter of 2018. fees earned from consolidated investments are eliminated in consolidation with the amount relating to our equity partners being recognized through income attributable to noncontrolling interests . expenses rental - rental expenses consists of the expenses of our consolidated real estate investments , including items such as property taxes , insurance , maintenance and repairs , utilities , supplies , salaries and management fees . hotel - hotel expenses consists of expenses of our consolidated hotel investments , including items such as property taxes , insurance , maintenance and repairs , utilities , supplies , salaries and management fees . 31 commission and marketing - commission and marketing expenses includes fees paid to third party sales and leasing agents as well as business development costs necessary to generate revenues . compensation and related - compensation and related expenses include : ( a ) employee compensation , comprising of salary , bonus , employer payroll taxes and benefits paid on behalf of employees and ( b ) share-based compensation associated with the grants of share-based awards . general and administrative - general and administrative expenses represent administrative costs necessary to run kennedy wilson 's businesses and include things such as occupancy and equipment expenses , professional fees , public company costs , travel and related expenses , and communications and information services . depreciation and amortization - depreciation and amortization is comprised of depreciation expense which is recognized ratably over the useful life of an asset and amortization expense which primarily consist of the amortization of assets allocated to the value of in-place leases upon acquisition of a consolidated real estate asset . income from unconsolidated investments - income from unconsolidated investments consists of the company 's share of income or loss earned on investments in which the company can exercise significant influence but does not have control . income from unconsolidated investments includes income from ordinary course operations of the underlying investment , gains on sale , fair value gains and losses and performance-based fees . acquisition-related expenses - acquisition-related expenses consists of the costs incurred to acquire assets . generally , the majority of these expenses relate to stamp duty taxes on foreign transactions . acquisition-related expenses may also include any professional fees associated with closing the transactions and the write off of any costs associated with acquisitions which did not materialize . after the adoption of 2017-01 , business combinations ( topic 805 ) : clarifying the definition of a business ( asu 2017-01 ) on january 1 , 2018 , acquisition-related costs on successful acquisitions are now capitalized as the company 's real estate acquisitions generally qualify as asset acquisitions instead of business combinations . gain on sale of real estate , net - gain on sale of real estate , net relates to the amount received over the carrying value of assets sold that met the definition of a business under u.s. gaap . interest expense - interest expense represents interest costs associated with our senior notes payable , revolving credit facility , mortgages on our consolidated real estate , and unsecured debt held by kwe . other income ( expense ) - other income ( expense ) includes the realized foreign currency exchange income or loss relating to the settlement of foreign transactions during the year which arise due to changes in currency exchange rates , realized gains or losses related to the settlement of derivative instruments , the gain or loss on the sale of marketable securities , and interest income on bank deposits . income taxes - the company 's services business operates globally as corporate entities subject to federal , state , and local income taxes and the investment business operates through various partnership structures to acquire wholly-owned or jointly-owned investments in multifamily , commercial , residential and development properties . the company 's distributive share of income from its partnership investments will be subject to federal , state , and local taxes at the entity level and the related tax provision attributable to the company 's share of the income tax is reflected in the consolidated financial statements . noncontrolling interests - noncontrolling interests represents income or loss attributable to equity partners for their ownership in investments which the company controls . income or loss is attributed to noncontrolling interest partners based on their respective ownership interest in an investment . accumulated other comprehensive income - accumulated other comprehensive income represents the company 's share of foreign currency movement on translating kennedy wilson 's foreign subsidiaries from their functional currency into the company 's reporting currency . these amounts are offset by kennedy wilson 's effective portion of currency related hedge instruments . foreign currency as of december 31 , 2019 , approximately 46 % of our investment account is invested through our foreign platforms in their local currencies . investment level debt is generally incurred in local currencies and therefore we consider the carrying value of our equity investment as the appropriate exposure to evaluate for hedging purposes . fluctuations in foreign exchange rates may have a significant impact on the results of our operations . in order to manage the effect of these fluctuations , we generally hedge our book equity exposure to foreign currencies through currency forward contracts and options . please see the section titled `` qualitative and quantitative disclosures about market risk - currency risk - foreign currencies `` for a detailed discussion with respect to foreign currency . story_separator_special_tag the increase of $ 6.0 million in base management fees period-over-period is primarily due to fees earned from the axa joint venture , which was established during the second quarter of 2018 , as well as additional fees relating to kw fund vi , which closed fund raising during the fourth quarter of 2019 after securing $ 775 million in total commitments . 39 during the year ended december 31 , 2019 , we received performance fees from the sale of ownership interests in the state street office building , capital dock office building and capital dock residential building to the axa joint venture , the sale of the ritz carlton , lake tahoe hotel and the sale of a multifamily portfolio in the western united states . we also recorded an increase in the accrual for performance fees related to the increase in the underlying fair value of assets held by fund v , fund vi and the axa joint venture . during the year ended december 31 , 2018 we recorded performance fees relating to fund v and the sale of multifamily assets from dublin , ireland into the axa joint venture . acquisition/disposition fees relate to fees earned for acquisitions of properties in our separate account platforms . we had increased fees in the current period due to increased activity in our separate account platforms including the new joint venture platform with security benefit life insurance . property services real estate related services fees decreased slightly to $ 16.5 million during the year ended december 31 , 2019 as compared to $ 16.9 million for december 31 , 2018 , primarily due to lower property management fees from fewer assets under management . research we sold meyers research in the fourth quarter of 2018 which resulted in the loss of research fees . during the year ended december 31 , 2018 we earned $ 15.1 million of research fees . expenses investments segment expenses rental expenses decreased to $ 152.9 million for the year ended december 31 , 2019 as compared to $ 160.8 million for the year ended december 31 , 2018 . the decrease is primarily due to the axa transactions . as the assets are now treated as unconsolidated investments ( with our ownership percentage remaining the same with respect to certain assets and our ownership percentage dropping with respect to certain assets ) , our share of rental expenses is part of income from unconsolidated investments in the current period and is no longer treated as consolidated rental expense . we have also been a net seller of assets during the current and prior period which has led to a decrease in rental expense . hotel expenses decreased to $ 60.1 million for the year ended december 31 , 2019 as compared to $ 121.5 million for the year ended december 31 , 2018 primarily due to the sale of the ritz carlton , lake tahoe hotel during the first quarter of 2019 and the sale of the portmarnock and fairmont st andrews during the fourth quarter of 2019. we also sold six park inn hotels located in the united kingdom during the fourth quarter of 2018. during the year ended december 31 , 2019 , we recognized minimal additional costs to complete 200 capital dock . during the year ended december 31 , 2018 , we recognized $ 52.5 million in sale-related costs on 200 capital dock . depreciation and amortization decreased by $ 18.5 million primarily due to the axa transactions and the company being a net seller of assets in 2018 and 2019. compensation expense decreased to $ 72.2 million for the year ended december 31 , 2019 as compared to $ 73.5 million for the year ended december 31 , 2018 primarily due to one-time incentive payments during the prior period . general expenses decreased to $ 27.6 million for year ended december 31 , 2019 as compared to $ 31.6 million for the year ended december 31 , 2018 due to higher travel-related expenses and charitable contributions in our european businesses in the prior year . investment management and services segment expenses expenses for the year ended december 31 , 2019 decreased to $ 34.5 million as compared to $ 51.8 million for the year ended december 31 , 2018 primarily due to lower compensation and general and administrative expenses as a result of the sale of the meyers research , which reduced our employee headcount by 140 people period-over-period . corporate expenses expenses for the year ended december 31 , 2019 were approximately $ 63.7 million as compared to $ 68.9 million for the year ended december 31 , 2018 . compensation and related expenses decreased by $ 5.1 million due to lower share-based compensation expense driven by a smaller pool of employees being granted shares . income from unconsolidated investments during the year ended december 31 , 2019 , income from unconsolidated investments was $ 179.7 million as compared to $ 78.7 million for the year ended december 31 , 2018 . the following table presents income from unconsolidated investments recognized by kennedy wilson during the years ended december 31 , 2019 and 2018 : 40 replace_table_token_15_th the $ 16.7 million increase in operating performance is due to the axa transactions which resulted in certain assets that were previously consolidated now being accounted for as unconsolidated investments . the increase in realized gains of $ 31.4 million primarily relates to the sale of multifamily properties in the western united states . the net fair value gain of $ 64.7 million is comprised of $ 68.6 million of fair value increases in the underlying investments and associated debt offset by $ 11.8 million of currency translation adjustment losses due to the 2 % decrease in the euro compared to the prior period . we hedge the impact of currency fluctuations and have $ 7.9 million of hedge income related to these investments included in the operating performance

net cash provided by investing activities totaled $ 593.1 million for the year ended december 31 , 2018 . during the year ended december 31 , 2018 , we had $ 571.8 million of purchases and additions to real estate primarily for additions to real estate in our mountain states multifamily portfolio and a multifamily property in cork , ireland and $ 396.1 million contributions to unconsolidated investments which mainly related to our new axa joint venture platform and to fund new investments and capital expenditures which included acquisitions in fund vi . the cash used in the aforementioned investing activities was offset by receipt of $ 1,386.1 million , mainly from sales of multifamily properties in the western united states ( which were then tax deferred and exchanged into higher quality multifamily properties in the western united states ) , non-core commercial properties in the united kingdom , ireland and italy as well as assets into the axa joint venture platform . on our capital dock development , we spent $ 29.1 million and received $ 81.0 million for reaching completion milestones . we received $ 63.7 million in investing distributions on unconsolidated investments primarily relating to resyndications in our vhh portfolio and property sales . the sale of our research subsidiary , meyers research , generated $ 43.4 million in proceeds . we also received $ 7.4 million from the liquidation of our marketable securities portfolio . net cash used in investing activities totaled $ 70.2 million for the year ended december 31 , 2017. during the year ended december 31 , 2017 , we had $ 814.3 million of purchases and additions to real estate and $ 79.9 million contributions to new and existing unconsolidated investments . the cash used in the aforementioned investing activities was offset by receipt of $ 659.1 million , mainly from sales of multifamily properties in the western united states which were then tax deferred exchanged into higher quality multifamily properties in the western united states and non-core commercial properties in the united kingdom and ireland .


 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.
     ```net cash provided by investing activities totaled $ 593.1 million for the year ended december 31 , 2018 . during the year ended december 31 , 2018 , we had $ 571.8 million of purchases and additions to real estate primarily for additions to real estate in our mountain states multifamily portfolio and a multifamily property in cork , ireland and $ 396.1 million contributions to unconsolidated investments which mainly related to our new axa joint venture platform and to fund new investments and capital expenditures which included acquisitions in fund vi . the cash used in the aforementioned investing activities was offset by receipt of $ 1,386.1 million , mainly from sales of multifamily properties in the western united states ( which were then tax deferred and exchanged into higher quality multifamily properties in the western united states ) , non-core commercial properties in the united kingdom , ireland and italy as well as assets into the axa joint venture platform . on our capital dock development , we spent $ 29.1 million and received $ 81.0 million for reaching completion milestones . we received $ 63.7 million in investing distributions on unconsolidated investments primarily relating to resyndications in our vhh portfolio and property sales . the sale of our research subsidiary , meyers research , generated $ 43.4 million in proceeds . we also received $ 7.4 million from the liquidation of our marketable securities portfolio . net cash used in investing activities totaled $ 70.2 million for the year ended december 31 , 2017. during the year ended december 31 , 2017 , we had $ 814.3 million of purchases and additions to real estate and $ 79.9 million contributions to new and existing unconsolidated investments . the cash used in the aforementioned investing activities was offset by receipt of $ 659.1 million , mainly from sales of multifamily properties in the western united states which were then tax deferred exchanged into higher quality multifamily properties in the western united states and non-core commercial properties in the united kingdom and ireland .
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 Suspicious Activity Report : investment management , property services and research fees - investment management , property services , and research fees are primarily comprised of base asset management fees , and acquisition fees generated by our investment management division , property management fees generated by our property services division , leasing fees and sales commissions generated by our brokerage and auction divisions , and consulting fees generated by meyers research until the company 's sale of meyers research in the fourth quarter of 2018. fees earned from consolidated investments are eliminated in consolidation with the amount relating to our equity partners being recognized through income attributable to noncontrolling interests . expenses rental - rental expenses consists of the expenses of our consolidated real estate investments , including items such as property taxes , insurance , maintenance and repairs , utilities , supplies , salaries and management fees . hotel - hotel expenses consists of expenses of our consolidated hotel investments , including items such as property taxes , insurance , maintenance and repairs , utilities , supplies , salaries and management fees . 31 commission and marketing - commission and marketing expenses includes fees paid to third party sales and leasing agents as well as business development costs necessary to generate revenues . compensation and related - compensation and related expenses include : ( a ) employee compensation , comprising of salary , bonus , employer payroll taxes and benefits paid on behalf of employees and ( b ) share-based compensation associated with the grants of share-based awards . general and administrative - general and administrative expenses represent administrative costs necessary to run kennedy wilson 's businesses and include things such as occupancy and equipment expenses , professional fees , public company costs , travel and related expenses , and communications and information services . depreciation and amortization - depreciation and amortization is comprised of depreciation expense which is recognized ratably over the useful life of an asset and amortization expense which primarily consist of the amortization of assets allocated to the value of in-place leases upon acquisition of a consolidated real estate asset . income from unconsolidated investments - income from unconsolidated investments consists of the company 's share of income or loss earned on investments in which the company can exercise significant influence but does not have control . income from unconsolidated investments includes income from ordinary course operations of the underlying investment , gains on sale , fair value gains and losses and performance-based fees . acquisition-related expenses - acquisition-related expenses consists of the costs incurred to acquire assets . generally , the majority of these expenses relate to stamp duty taxes on foreign transactions . acquisition-related expenses may also include any professional fees associated with closing the transactions and the write off of any costs associated with acquisitions which did not materialize . after the adoption of 2017-01 , business combinations ( topic 805 ) : clarifying the definition of a business ( asu 2017-01 ) on january 1 , 2018 , acquisition-related costs on successful acquisitions are now capitalized as the company 's real estate acquisitions generally qualify as asset acquisitions instead of business combinations . gain on sale of real estate , net - gain on sale of real estate , net relates to the amount received over the carrying value of assets sold that met the definition of a business under u.s. gaap . interest expense - interest expense represents interest costs associated with our senior notes payable , revolving credit facility , mortgages on our consolidated real estate , and unsecured debt held by kwe . other income ( expense ) - other income ( expense ) includes the realized foreign currency exchange income or loss relating to the settlement of foreign transactions during the year which arise due to changes in currency exchange rates , realized gains or losses related to the settlement of derivative instruments , the gain or loss on the sale of marketable securities , and interest income on bank deposits . income taxes - the company 's services business operates globally as corporate entities subject to federal , state , and local income taxes and the investment business operates through various partnership structures to acquire wholly-owned or jointly-owned investments in multifamily , commercial , residential and development properties . the company 's distributive share of income from its partnership investments will be subject to federal , state , and local taxes at the entity level and the related tax provision attributable to the company 's share of the income tax is reflected in the consolidated financial statements . noncontrolling interests - noncontrolling interests represents income or loss attributable to equity partners for their ownership in investments which the company controls . income or loss is attributed to noncontrolling interest partners based on their respective ownership interest in an investment . accumulated other comprehensive income - accumulated other comprehensive income represents the company 's share of foreign currency movement on translating kennedy wilson 's foreign subsidiaries from their functional currency into the company 's reporting currency . these amounts are offset by kennedy wilson 's effective portion of currency related hedge instruments . foreign currency as of december 31 , 2019 , approximately 46 % of our investment account is invested through our foreign platforms in their local currencies . investment level debt is generally incurred in local currencies and therefore we consider the carrying value of our equity investment as the appropriate exposure to evaluate for hedging purposes . fluctuations in foreign exchange rates may have a significant impact on the results of our operations . in order to manage the effect of these fluctuations , we generally hedge our book equity exposure to foreign currencies through currency forward contracts and options . please see the section titled `` qualitative and quantitative disclosures about market risk - currency risk - foreign currencies `` for a detailed discussion with respect to foreign currency . story_separator_special_tag the increase of $ 6.0 million in base management fees period-over-period is primarily due to fees earned from the axa joint venture , which was established during the second quarter of 2018 , as well as additional fees relating to kw fund vi , which closed fund raising during the fourth quarter of 2019 after securing $ 775 million in total commitments . 39 during the year ended december 31 , 2019 , we received performance fees from the sale of ownership interests in the state street office building , capital dock office building and capital dock residential building to the axa joint venture , the sale of the ritz carlton , lake tahoe hotel and the sale of a multifamily portfolio in the western united states . we also recorded an increase in the accrual for performance fees related to the increase in the underlying fair value of assets held by fund v , fund vi and the axa joint venture . during the year ended december 31 , 2018 we recorded performance fees relating to fund v and the sale of multifamily assets from dublin , ireland into the axa joint venture . acquisition/disposition fees relate to fees earned for acquisitions of properties in our separate account platforms . we had increased fees in the current period due to increased activity in our separate account platforms including the new joint venture platform with security benefit life insurance . property services real estate related services fees decreased slightly to $ 16.5 million during the year ended december 31 , 2019 as compared to $ 16.9 million for december 31 , 2018 , primarily due to lower property management fees from fewer assets under management . research we sold meyers research in the fourth quarter of 2018 which resulted in the loss of research fees . during the year ended december 31 , 2018 we earned $ 15.1 million of research fees . expenses investments segment expenses rental expenses decreased to $ 152.9 million for the year ended december 31 , 2019 as compared to $ 160.8 million for the year ended december 31 , 2018 . the decrease is primarily due to the axa transactions . as the assets are now treated as unconsolidated investments ( with our ownership percentage remaining the same with respect to certain assets and our ownership percentage dropping with respect to certain assets ) , our share of rental expenses is part of income from unconsolidated investments in the current period and is no longer treated as consolidated rental expense . we have also been a net seller of assets during the current and prior period which has led to a decrease in rental expense . hotel expenses decreased to $ 60.1 million for the year ended december 31 , 2019 as compared to $ 121.5 million for the year ended december 31 , 2018 primarily due to the sale of the ritz carlton , lake tahoe hotel during the first quarter of 2019 and the sale of the portmarnock and fairmont st andrews during the fourth quarter of 2019. we also sold six park inn hotels located in the united kingdom during the fourth quarter of 2018. during the year ended december 31 , 2019 , we recognized minimal additional costs to complete 200 capital dock . during the year ended december 31 , 2018 , we recognized $ 52.5 million in sale-related costs on 200 capital dock . depreciation and amortization decreased by $ 18.5 million primarily due to the axa transactions and the company being a net seller of assets in 2018 and 2019. compensation expense decreased to $ 72.2 million for the year ended december 31 , 2019 as compared to $ 73.5 million for the year ended december 31 , 2018 primarily due to one-time incentive payments during the prior period . general expenses decreased to $ 27.6 million for year ended december 31 , 2019 as compared to $ 31.6 million for the year ended december 31 , 2018 due to higher travel-related expenses and charitable contributions in our european businesses in the prior year . investment management and services segment expenses expenses for the year ended december 31 , 2019 decreased to $ 34.5 million as compared to $ 51.8 million for the year ended december 31 , 2018 primarily due to lower compensation and general and administrative expenses as a result of the sale of the meyers research , which reduced our employee headcount by 140 people period-over-period . corporate expenses expenses for the year ended december 31 , 2019 were approximately $ 63.7 million as compared to $ 68.9 million for the year ended december 31 , 2018 . compensation and related expenses decreased by $ 5.1 million due to lower share-based compensation expense driven by a smaller pool of employees being granted shares . income from unconsolidated investments during the year ended december 31 , 2019 , income from unconsolidated investments was $ 179.7 million as compared to $ 78.7 million for the year ended december 31 , 2018 . the following table presents income from unconsolidated investments recognized by kennedy wilson during the years ended december 31 , 2019 and 2018 : 40 replace_table_token_15_th the $ 16.7 million increase in operating performance is due to the axa transactions which resulted in certain assets that were previously consolidated now being accounted for as unconsolidated investments . the increase in realized gains of $ 31.4 million primarily relates to the sale of multifamily properties in the western united states . the net fair value gain of $ 64.7 million is comprised of $ 68.6 million of fair value increases in the underlying investments and associated debt offset by $ 11.8 million of currency translation adjustment losses due to the 2 % decrease in the euro compared to the prior period . we hedge the impact of currency fluctuations and have $ 7.9 million of hedge income related to these investments included in the operating performance

