2016 activity on june 20 , 2016 , the company announced the following leadership changes : ( 1 ) the resignation of mr. michael p. glimcher as the company 's chief executive officer and vice chairman of the board ; ( 2 ) the appointment of mr. louis g. conforti , a current board member , as interim chief executive officer ; ( 3 ) the resignation of mr. mark s. ordan as non-executive chairman of the board ; and ( 4 ) the resignation of mr. niles c. overly from the board . in july of 2016 , the company terminated some additional executive and non-executive personnel as part of an effort to reduce overhead costs . on october 6 , 2016 , the company announced that mr. conforti would serve as the company 's chief executive officer for a term ending december 31 , 2019 , subject to early termination clauses and automatic renewals pursuant to his employment agreement . in connection with and as part of the aforementioned management changes , the company recorded aggregate charges of $ 29.6 million during the year ended december 31 , 2016 , of which $ 25.5 million related to severance and restructuring-related costs , including $ 9.5 million of non-cash stock compensation for accelerated vesting of equity incentive awards , and $ 4.1 million related to fees and expenses incurred in connection with the company 's investigation of various strategic alternatives , which costs are included in merger , restructuring and transaction costs in the consolidated statements of operations and comprehensive income . 42 the facility on january 22 , 2018 , wpg l.p. amended and restated $ 1.0 billion of the existing unsecured revolving credit facility , or `` revolver `` and unsecured term loan , or `` term loan `` ( collectively known as the `` facility `` ) . the recasted facility can be increased to $ 1.5 billion through currently uncommitted facility commitments . excluding the accordion feature , the recasted facility includes a $ 650.0 million revolver and $ 350.0 million term loan . the interest rates for the revolver and term loan remained substantially consistent with the previous terms . when considering extension options , the recasted facility will mature on december 30 , 2022. the $ 350.0 million term loan was fully funded at closing , and the company used the proceeds to repay the $ 270.0 million outstanding on the june 2015 term loan and to pay down the revolver . southgate mall on april 24 , 2018 , the company closed on the acquisition of southgate mall , located in missoula , montana , for $ 58.0 million . the enclosed retail property contains approximately 631,000 square feet of gla and is anchored by a recently constructed amc theater , a new lucky 's market grocer that replaced a portion of a former sears , j.c. penney ( non-owned ) and dillard 's ( non-owned ) and is the dominant retail center in this secondary market , with no competitive destination retail property located within 130 miles . on september 27 , 2018 , an affiliate of wpg inc. closed on a $ 35.0 million full-recourse mortgage note payable with a three-year term and a fixed rate of 4.48 % secured by southgate mall . the mortgage note payable requires interest only payments and will initially mature on september 27 , 2021 , subject to two one-year extensions available at our option subject to compliance with the terms of the underlying loan agreement and payment of customary extension fees . the proceeds were used to reduce corporate debt and for ongoing redevelopment efforts . sears parcel acquisitions on april 11 , 2018 , we acquired , through a sale-leaseback transaction , four sears department stores and adjacent sears auto centers at longview mall , located in longview , texas ; polaris fashion place® , located in columbus , ohio ; southern hills mall , located in sioux city , iowa ; and town center at aurora , located in aurora , colorado . the purchase price was approximately $ 28.5 million and was funded by a combination of $ 13.4 million from our facility , $ 9.7 million from the first tranche of the four corners transaction , as discussed in `` overview - basis of presentation - outparcel sale , `` and $ 5.4 million from our joint venture partner related to their pro-rata share of the joint venture that owns polaris fashion place® . we have control of these stores for future redevelopment and sears , depending on the outcome of their bankruptcy proceedings , will continue to operate under new leases , providing aggregate minimum rent under these leases of approximately $ 1.25 million per annum . in addition , under the terms of these leases , sears is responsible for paying common area maintenance charges , taxes , insurance and utilities while they operate the stores . other than the store at town center at aurora , sears has announced plans to close the remaining three stores in the first quarter of 2019. sears bankruptcy on october 15 , 2018 , sears holdings filed voluntary petitions under chapter 11 of the united states bankruptcy code and announced additional store closings . as of december 31 , 2018 , we had 35 sears stores totaling approximately 4.9 million square feet of gla within the portfolio of properties we manage , which were responsible for approximately 0.8 % of our total annualized base minimum rents . we own 17 of the stores , sears owns eight stores and third parties ( including seritage growth properties ) own 10 stores . story_separator_special_tag enclosed retail property tiers the following table categorizes the enclosed retail properties into the respective tiers as of december 31 , 2018 : tier 1 tier 2 noncore arbor hills morgantown mall anderson mall towne west square arboretum , the northtown mall boynton beach mall west ridge mall ashland town center northwoods mall charlottesville fashion square ( 2 ) bowie town center oklahoma city properties chautauqua mall brunswick square orange park mall indian mound mall clay terrace paddock mall lima mall cottonwood mall pearlridge center lincolnwood town center ( 1 ) dayton mall polaris fashion place maplewood mall edison mall port charlotte town center muncie mall ( 2 ) grand central mall scottsdale quarter new towne mall great lakes mall southern hills mall oak court mall irving mall southern park mall rolling oaks mall jefferson valley mall southgate mall seminole towne center ( 2 ) lindale mall the outlet collection | seattle sunland park mall longview mall town center at aurora malibu lumber yard town center crossing & plaza mall at fairfield commons , the waterford lakes town center mall at johnson city , the weberstown mall markland mall westminster mall melbourne square westshore plaza mesa mall 1 property has been identified to change tiers in 2019 . 2 reclassified as noncore properties in 2019. critical accounting policies the preparation of financial statements in conformity with gaap requires management to use judgment in the application of accounting policies , including making estimates and assumptions . we base our estimates on historical experience and on various other assumptions believed to be reasonable under the circumstances . these judgments affect the reported amounts of assets and liabilities , disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods . if our judgment or interpretation of the facts and circumstances relating to various transactions had been different , it is possible that different accounting policies would have been applied resulting in a different presentation of our financial statements . 47 from time to time , we reevaluate our estimates and assumptions . in the event estimates or assumptions prove to be different from actual results , adjustments are made in subsequent periods to reflect more current information . below is a discussion of accounting policies that we consider critical in that they may require complex judgment in their application or require estimates about matters that are inherently uncertain . for a summary of our significant accounting policies , please refer to note 3 of the notes to the consolidated financial statements . we , as a lessor , retain substantially all of the risks and benefits of ownership of the investment properties and account for our leases as operating leases . we generally accrue minimum rents on a straight-line basis over the terms of their respective leases . many of our retail tenants are also required to pay overage rents based on sales over a stated amount during the lease year . we recognize overage rents only when each tenant 's sales exceed its sales threshold as defined in their lease . we amortize any tenant inducements as a reduction of revenue utilizing the straight-line method over the term of the related lease or occupancy term of the tenant , if shorter . we review investment properties for impairment on a property-by-property basis whenever events or changes in circumstances indicate that the carrying value of investment properties may not be recoverable . these circumstances include , but are not limited to , a decline in a property 's cash flows , ending occupancy , estimated market values or our decision to dispose of a property before the end of its estimated useful life . furthermore , this evaluation is conducted no less frequently than quarterly , irrespective of changes in circumstances . we measure any impairment of investment property when the estimated undiscounted operating income before depreciation and amortization plus its residual value is less than the carrying value of the property . to the extent impairment has occurred , we charge to expense the excess of carrying value of the property over its estimated fair value . we estimate fair value using unobservable data such as operating income , estimated capitalization rates , leasing prospects and local market information . we may decide to sell properties that are held for use and the sale prices of these properties may differ from their carrying values . we also review our investments , including investments in unconsolidated entities , if events or circumstances change indicating that the carrying amount of our investments may not be recoverable . we will record an impairment charge if we determine that a decline in the fair value of the investments below carrying value is other-than-temporary . changes in economic and operating conditions that occur subsequent to our review of recoverability of investment property and other investments could impact the assumptions used in that assessment and could result in future charges to earnings if assumptions regarding those investments differ from actual results . to maintain its status as a reit , wpg inc. must distribute at least 90 % of its reit taxable income , exclusive of net capital gains in any given year and meet certain asset and income tests . we monitor our business and transactions that may potentially impact wpg inc. 's reit status . in the unlikely event that wpg inc. fails to maintain reit status , and available relief provisions do not apply , then it would be required to pay federal income taxes at regular corporate income tax rates during the period it did not qualify as a reit . if wpg inc. lost its reit status , it could not elect to be taxed as a reit for four years unless its failure was due to reasonable cause and certain other conditions were met . as a result , failing to maintain reit status would result in

financing and debt mortgage debt total mortgage indebtedness at december 31 , 2018 and 2017 was as follows ( in thousands ) : replace_table_token_18_th a roll forward of mortgage indebtedness from december 31 , 2017 to december 31 , 2018 is summarized as follows ( in thousands ) : replace_table_token_19_th on october 23 , 2018 , the $ 94.0 million mortgage on rushmore mall was canceled upon a deed-in-lieu of foreclosure agreement ( see `` covenants '' section below for additional details ) . 54 on october 2 , 2018 , an affiliate of wpg inc. repaid the $ 8.3 million mortgage loan on whitehall mall , located in whitehall , pennsylvania . this repayment was funded by cash on hand . on september 27 , 2018 , an affiliate of wpg inc. closed on a $ 35.0 million full-recourse note payable secured by southgate mall ( see details under `` overview - basis of presentation - southgate '' ) . on june 8 , 2018 , the company exercised the first of three options to extend the maturity date of the $ 65.0 million term loan secured by weberstown mall , located in stockton , california , for one year . the extended maturity date is june 8 , 2019 , subject to two one year extensions available at our option subject to compliance with the terms of the underlying loan agreement and payment of customary extension fees . on january 19 , 2018 , an affiliate of wpg inc. repaid the $ 86.5 million mortgage loan on the outlet collection ® | seattle . this repayment was funded by borrowings on the revolver ( as defined below ) . on december 29 , 2017 , an affiliate of wpg inc. repaid the $ 11.7 million mortgage loan secured by henderson square , located in king of prussia , pennsylvania . this repayment was funded by cash on hand . on october 17 , 2017 , an affiliate of wpg inc. completed a discounted payoff of the $ 99.7 million mortgage loan secured by southern hills mall for $ 55.0 million ( see `` covenants '' section below for additional details ) .


 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.
     ```financing and debt mortgage debt total mortgage indebtedness at december 31 , 2018 and 2017 was as follows ( in thousands ) : replace_table_token_18_th a roll forward of mortgage indebtedness from december 31 , 2017 to december 31 , 2018 is summarized as follows ( in thousands ) : replace_table_token_19_th on october 23 , 2018 , the $ 94.0 million mortgage on rushmore mall was canceled upon a deed-in-lieu of foreclosure agreement ( see `` covenants '' section below for additional details ) . 54 on october 2 , 2018 , an affiliate of wpg inc. repaid the $ 8.3 million mortgage loan on whitehall mall , located in whitehall , pennsylvania . this repayment was funded by cash on hand . on september 27 , 2018 , an affiliate of wpg inc. closed on a $ 35.0 million full-recourse note payable secured by southgate mall ( see details under `` overview - basis of presentation - southgate '' ) . on june 8 , 2018 , the company exercised the first of three options to extend the maturity date of the $ 65.0 million term loan secured by weberstown mall , located in stockton , california , for one year . the extended maturity date is june 8 , 2019 , subject to two one year extensions available at our option subject to compliance with the terms of the underlying loan agreement and payment of customary extension fees . on january 19 , 2018 , an affiliate of wpg inc. repaid the $ 86.5 million mortgage loan on the outlet collection ® | seattle . this repayment was funded by borrowings on the revolver ( as defined below ) . on december 29 , 2017 , an affiliate of wpg inc. repaid the $ 11.7 million mortgage loan secured by henderson square , located in king of prussia , pennsylvania . this repayment was funded by cash on hand . on october 17 , 2017 , an affiliate of wpg inc. completed a discounted payoff of the $ 99.7 million mortgage loan secured by southern hills mall for $ 55.0 million ( see `` covenants '' section below for additional details ) .
```    
 Suspicious Activity Report : 2016 activity on june 20 , 2016 , the company announced the following leadership changes : ( 1 ) the resignation of mr. michael p. glimcher as the company 's chief executive officer and vice chairman of the board ; ( 2 ) the appointment of mr. louis g. conforti , a current board member , as interim chief executive officer ; ( 3 ) the resignation of mr. mark s. ordan as non-executive chairman of the board ; and ( 4 ) the resignation of mr. niles c. overly from the board . in july of 2016 , the company terminated some additional executive and non-executive personnel as part of an effort to reduce overhead costs . on october 6 , 2016 , the company announced that mr. conforti would serve as the company 's chief executive officer for a term ending december 31 , 2019 , subject to early termination clauses and automatic renewals pursuant to his employment agreement . in connection with and as part of the aforementioned management changes , the company recorded aggregate charges of $ 29.6 million during the year ended december 31 , 2016 , of which $ 25.5 million related to severance and restructuring-related costs , including $ 9.5 million of non-cash stock compensation for accelerated vesting of equity incentive awards , and $ 4.1 million related to fees and expenses incurred in connection with the company 's investigation of various strategic alternatives , which costs are included in merger , restructuring and transaction costs in the consolidated statements of operations and comprehensive income . 42 the facility on january 22 , 2018 , wpg l.p. amended and restated $ 1.0 billion of the existing unsecured revolving credit facility , or `` revolver `` and unsecured term loan , or `` term loan `` ( collectively known as the `` facility `` ) . the recasted facility can be increased to $ 1.5 billion through currently uncommitted facility commitments . excluding the accordion feature , the recasted facility includes a $ 650.0 million revolver and $ 350.0 million term loan . the interest rates for the revolver and term loan remained substantially consistent with the previous terms . when considering extension options , the recasted facility will mature on december 30 , 2022. the $ 350.0 million term loan was fully funded at closing , and the company used the proceeds to repay the $ 270.0 million outstanding on the june 2015 term loan and to pay down the revolver . southgate mall on april 24 , 2018 , the company closed on the acquisition of southgate mall , located in missoula , montana , for $ 58.0 million . the enclosed retail property contains approximately 631,000 square feet of gla and is anchored by a recently constructed amc theater , a new lucky 's market grocer that replaced a portion of a former sears , j.c. penney ( non-owned ) and dillard 's ( non-owned ) and is the dominant retail center in this secondary market , with no competitive destination retail property located within 130 miles . on september 27 , 2018 , an affiliate of wpg inc. closed on a $ 35.0 million full-recourse mortgage note payable with a three-year term and a fixed rate of 4.48 % secured by southgate mall . the mortgage note payable requires interest only payments and will initially mature on september 27 , 2021 , subject to two one-year extensions available at our option subject to compliance with the terms of the underlying loan agreement and payment of customary extension fees . the proceeds were used to reduce corporate debt and for ongoing redevelopment efforts . sears parcel acquisitions on april 11 , 2018 , we acquired , through a sale-leaseback transaction , four sears department stores and adjacent sears auto centers at longview mall , located in longview , texas ; polaris fashion place® , located in columbus , ohio ; southern hills mall , located in sioux city , iowa ; and town center at aurora , located in aurora , colorado . the purchase price was approximately $ 28.5 million and was funded by a combination of $ 13.4 million from our facility , $ 9.7 million from the first tranche of the four corners transaction , as discussed in `` overview - basis of presentation - outparcel sale , `` and $ 5.4 million from our joint venture partner related to their pro-rata share of the joint venture that owns polaris fashion place® . we have control of these stores for future redevelopment and sears , depending on the outcome of their bankruptcy proceedings , will continue to operate under new leases , providing aggregate minimum rent under these leases of approximately $ 1.25 million per annum . in addition , under the terms of these leases , sears is responsible for paying common area maintenance charges , taxes , insurance and utilities while they operate the stores . other than the store at town center at aurora , sears has announced plans to close the remaining three stores in the first quarter of 2019. sears bankruptcy on october 15 , 2018 , sears holdings filed voluntary petitions under chapter 11 of the united states bankruptcy code and announced additional store closings . as of december 31 , 2018 , we had 35 sears stores totaling approximately 4.9 million square feet of gla within the portfolio of properties we manage , which were responsible for approximately 0.8 % of our total annualized base minimum rents . we own 17 of the stores , sears owns eight stores and third parties ( including seritage growth properties ) own 10 stores . story_separator_special_tag enclosed retail property tiers the following table categorizes the enclosed retail properties into the respective tiers as of december 31 , 2018 : tier 1 tier 2 noncore arbor hills morgantown mall anderson mall towne west square arboretum , the northtown mall boynton beach mall west ridge mall ashland town center northwoods mall charlottesville fashion square ( 2 ) bowie town center oklahoma city properties chautauqua mall brunswick square orange park mall indian mound mall clay terrace paddock mall lima mall cottonwood mall pearlridge center lincolnwood town center ( 1 ) dayton mall polaris fashion place maplewood mall edison mall port charlotte town center muncie mall ( 2 ) grand central mall scottsdale quarter new towne mall great lakes mall southern hills mall oak court mall irving mall southern park mall rolling oaks mall jefferson valley mall southgate mall seminole towne center ( 2 ) lindale mall the outlet collection | seattle sunland park mall longview mall town center at aurora malibu lumber yard town center crossing & plaza mall at fairfield commons , the waterford lakes town center mall at johnson city , the weberstown mall markland mall westminster mall melbourne square westshore plaza mesa mall 1 property has been identified to change tiers in 2019 . 2 reclassified as noncore properties in 2019. critical accounting policies the preparation of financial statements in conformity with gaap requires management to use judgment in the application of accounting policies , including making estimates and assumptions . we base our estimates on historical experience and on various other assumptions believed to be reasonable under the circumstances . these judgments affect the reported amounts of assets and liabilities , disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods . if our judgment or interpretation of the facts and circumstances relating to various transactions had been different , it is possible that different accounting policies would have been applied resulting in a different presentation of our financial statements . 47 from time to time , we reevaluate our estimates and assumptions . in the event estimates or assumptions prove to be different from actual results , adjustments are made in subsequent periods to reflect more current information . below is a discussion of accounting policies that we consider critical in that they may require complex judgment in their application or require estimates about matters that are inherently uncertain . for a summary of our significant accounting policies , please refer to note 3 of the notes to the consolidated financial statements . we , as a lessor , retain substantially all of the risks and benefits of ownership of the investment properties and account for our leases as operating leases . we generally accrue minimum rents on a straight-line basis over the terms of their respective leases . many of our retail tenants are also required to pay overage rents based on sales over a stated amount during the lease year . we recognize overage rents only when each tenant 's sales exceed its sales threshold as defined in their lease . we amortize any tenant inducements as a reduction of revenue utilizing the straight-line method over the term of the related lease or occupancy term of the tenant , if shorter . we review investment properties for impairment on a property-by-property basis whenever events or changes in circumstances indicate that the carrying value of investment properties may not be recoverable . these circumstances include , but are not limited to , a decline in a property 's cash flows , ending occupancy , estimated market values or our decision to dispose of a property before the end of its estimated useful life . furthermore , this evaluation is conducted no less frequently than quarterly , irrespective of changes in circumstances . we measure any impairment of investment property when the estimated undiscounted operating income before depreciation and amortization plus its residual value is less than the carrying value of the property . to the extent impairment has occurred , we charge to expense the excess of carrying value of the property over its estimated fair value . we estimate fair value using unobservable data such as operating income , estimated capitalization rates , leasing prospects and local market information . we may decide to sell properties that are held for use and the sale prices of these properties may differ from their carrying values . we also review our investments , including investments in unconsolidated entities , if events or circumstances change indicating that the carrying amount of our investments may not be recoverable . we will record an impairment charge if we determine that a decline in the fair value of the investments below carrying value is other-than-temporary . changes in economic and operating conditions that occur subsequent to our review of recoverability of investment property and other investments could impact the assumptions used in that assessment and could result in future charges to earnings if assumptions regarding those investments differ from actual results . to maintain its status as a reit , wpg inc. must distribute at least 90 % of its reit taxable income , exclusive of net capital gains in any given year and meet certain asset and income tests . we monitor our business and transactions that may potentially impact wpg inc. 's reit status . in the unlikely event that wpg inc. fails to maintain reit status , and available relief provisions do not apply , then it would be required to pay federal income taxes at regular corporate income tax rates during the period it did not qualify as a reit . if wpg inc. lost its reit status , it could not elect to be taxed as a reit for four years unless its failure was due to reasonable cause and certain other conditions were met . as a result , failing to maintain reit status would result in

