urban edge properties lp ( “ uelp ” or the “ operating partnership ” ) is a delaware limited partnership formed to serve as ue 's majority-owned partnership subsidiary and to own , through affiliates , all of our real estate properties and other assets . unless the context otherwise requires , references to “ we ” , “ us ” and “ our ” refer to urban edge properties and uelp and their consolidated entities/subsidiaries . the operating partnership 's capital includes general and common limited partnership interests in the operating partnership ( “ op units ” ) . as of december 31 , 2019 , urban edge owned approximately 95.4 % of the outstanding common op units with the remaining limited op units held by members of management , urban edge 's board of trustees and contributors of property interests acquired . urban edge serves as the sole general partner of the operating partnership . the third party unitholders have limited rights over the operating partnership such that they do not have characteristics of a controlling financial interest . as such , the operating partnership is considered a variable interest entity ( “ vie ” ) , and the company is the primary beneficiary that consolidates it . the company 's only investment is the operating partnership . the vie 's assets can be used for purposes other than the settlement of the vie 's obligations and the company 's partnership interest is considered a majority voting interest . as of december 31 , 2019 , our portfolio comprised 74 shopping centers , four malls and a warehouse park totaling approximately 15.2 million square feet . operating strategy . our operating strategy is to maximize the value of our existing assets through proactive management encompassing continuous asset evaluation for highest-and-best-use ; efficient and cost-conscious operations that minimize retailer operating expense and enhance property quality ; and targeted leasing to desirable tenants . during 2019 we : reported a decline in same-property cash net operating income ( “ noi ” ) ( 1 ) by 1.8 % over the year ended december 31 , 2018 ; reported a decline of same-property portfolio occupancy ( 2 ) to 93.4 % from 94.2 % as of december 31 , 2018 ; 26 reported a decline of consolidated portfolio occupancy to 92.9 % from 93.6 % as of december 31 , 2018 due to anchor bankruptcies ; signed 39 new leases totaling 368,779 square feet , including 31 new leases on a same-space ( 3 ) basis totaling 348,760 square feet at an average rental rate of $ 24.12 per square foot on a gaap basis and $ 22.13 per square foot on a cash basis , and resulting in average rent spreads of 18.8 % on a gaap basis and 4.0 % on a cash basis ; and renewed or extended 78 leases totaling 1,118,810 square feet , all on a same-space basis , at an average rental rate of $ 20.25 per square foot on a gaap basis and $ 19.90 per square foot on a cash basis and , generating average rent spreads of 11.6 % on a gaap basis and 7.3 % on a cash basis . investment strategy . our investment strategy is to selectively deploy capital through redevelopment and development of our existing assets and through acquisitions in our target markets that are expected to generate attractive risk-adjusted returns . at the same time , we plan to sell assets that no longer meet our investment criteria . during 2019 , we : advanced six projects with estimated gross costs of $ 38.1 million to active development and redevelopment projects including four anchor backfills ; active projects as of december 31 , 2019 have a total expected investment of $ 65.6 million of which $ 29.9 million remains to be funded ; completed 11 projects with total estimated gross costs of $ 167.2 million , of which $ 3.5 million remains to be funded ; this includes projects at bruckner commons in the bronx , ny , where the shopping center underwent a complete renovation including a new shoprite and burlington , and bergen town center where we added burlington and opened new restaurants , upgrading the food options at the mall ; identified approximately 13 additional development and redevelopment projects expected to be completed over the next several years ; acquired three assets , at an aggregate purchase price of $ 38.5 million and 195,300 sf , comprising one asset located in the boston metropolitan area and two assets adjacent to our existing property , bergen town center ; completed the sale of eight properties and received proceeds of $ 112.8 million , net of selling costs , resulting in a $ 68.6 million net gain on sale of real estate ; and sold our lessee position in a ground lease and received proceeds of $ 6.9 million , net of selling costs , resulting in a gain on sale of lease of $ 1.8 million . capital strategy . our capital strategy is to keep our balance sheet strong , flexible and capable of supporting growth by using cash flow from operations , refinancing debt when opportunities are favorable , issuing debt when appropriate and reinvesting funds from selective asset sales . during 2019 , we : amended our $ 600 million revolving credit facility , extending the maturity date from march 2021 to january 2024 with two six-month extension options . story_separator_special_tag due to rent abatements in 2018 , recognized at our two malls in puerto rico and at our property in wilkes-barre , pa as a result of natural disasters ; and $ 0.6 million increase in third-party management and development fee income due to higher leasing commissions . depreciation and amortization decreased by $ 5.3 million to $ 94.1 million in the year ended december 31 , 2019 from $ 99.4 million in the year ended december 31 , 2018 . the decrease is primarily attributable to : $ 7.1 million decrease in depreciation and amortization as a result of lower write-offs of existing tenant improvements and intangible assets related to recaptured leases ; and $ 2.1 million decrease as a result of property dispositions , net of acquisitions , partially offset by $ 3.9 million increase from completed development projects and tenant improvements . real estate taxes decreased by $ 3.5 million to $ 60.2 million in the year ended december 31 , 2019 from $ 63.7 million in the year ended december 31 , 2018 . the decrease is primarily attributable to : $ 2.0 million decrease as a result of dispositions , net of acquisitions ; and $ 1.5 million decrease due to successful appeals and tax refunds . property operating expenses decreased by $ 14.3 million to $ 64.1 million in the year ended december 31 , 2019 from $ 78.4 million in the year ended december 31 , 2018 . the decrease is primarily attributable to : $ 15.5 million of lease termination payments to acquire the toys “ r ” us leases at bruckner commons in the bronx , ny and hudson mall in jersey city , nj in 2018 ; $ 4.1 million due to credit losses related to operating lease receivables recognized in property operating expenses in 2018 versus rental revenue in 2019 ; and $ 1.5 million decrease as a result of dispositions , net of acquisitions , partially offset by 31 $ 3.3 million increase in common area maintenance projects and repair costs for vacant spaces ; $ 2.7 million of common area maintenance expenses recognized on a gross basis at tenant-maintained centers in accordance with the new lease accounting standard ; and $ 0.8 million increase in accrued environmental remediation costs . general and administrative expenses increased by $ 3.2 million to $ 38.2 million in the year ended december 31 , 2019 from $ 35.0 million in the year ended december 31 , 2018 . the increase is primarily attributable to : $ 3.4 million increase in share-based compensation expense due to additional equity awards granted ; and $ 1.7 million increase in professional fees for consulting , recruitment and legal services , partially offset by $ 1.0 million decrease due to the recognition of office rent within lease expense in accordance with the lease accounting standard , effective january 1 , 2019 ; and $ 0.9 million net decrease in executive transition costs , severance and other expenses . casualty and impairment losses increased by $ 8.3 million to $ 12.7 million in the year ended december 31 , 2019 from $ 4.4 million in the year ended december 31 , 2018 . the increase is primarily attributable to : $ 20.7 million higher real estate impairment losses recognized in 2019 , partially offset by $ 12.4 million higher proceeds from insurance settlements , net of casualty expenses , for hurricane maria in puerto rico in 2017 and for tornado damage at our shopping center in wilkes-barre , pa in june 2018. lease expense increased by $ 3.0 million to $ 14.5 million in the year ended december 31 , 2019 from $ 11.4 million in the year ended december 31 , 2018 . the increase is primarily attributable to the recognition of office rent and common area maintenance and real estate taxes associated with ground or building leases within lease expense in accordance with the new lease accounting standard , effective january 1 , 2019. we recognized a gain on sale of real estate of $ 68.6 million in the year ended december 31 , 2019 due to the sale of eight operating properties . a gain on sale of real estate of $ 52.6 million was recognized in the year ended december 31 , 2018 comprised of $ 50.4 million as a result of the sale of our property in allentown , pa on april 26 , 2018 and $ 2.2 million as a result of the sale of a 5.7 acre land parcel on july 5 , 2018 at our property , cherry hill commons , in cherry hill , nj . we recognized a gain of $ 1.8 million in the year ended december 31 , 2019 due to the sale of our ground lease in tysons corner , va. interest income increased by $ 1.4 million to $ 9.8 million in the year ended december 31 , 2019 from $ 8.3 million in the year ended december 31 , 2018 . the increase is attributable to an increase in interest rates and higher invested cash balances . interest and debt expense increased by $ 1.8 million to $ 66.6 million in the year ended december 31 , 2019 from $ 64.9 million in the year ended december 31 , 2018 . the increase is primarily attributable to : $ 1.8 million decrease in capitalized interest due to the completion of development projects ; and $ 0.4 million increase resulting from higher interest rates on variable rate debt , partially offset by $ 0.4 million decrease due to lower principal balances from monthly payments on fixed rate debt . we recognized a $ 2.5 million gain on extinguishment of debt in the year ended december 31 , 2018 as a result of the foreclosure sale and forgiveness of the $ 11.5 million mortgage debt secured by our property in englewood , nj . income tax expense decreased by $ 2.2 million to $

net cash used in investing activities of $ 2.5 million for the year ended december 31 , 2019 , increased by $ 62.3 million compared to net cash used in investing activities of $ 64.8 million as of december 31 , 2018 due to a ( i ) $ 58.9 million increase in cash provided by the sale of properties , ( ii ) $ 27.5 million decrease in cash used for real estate development and capital improvements at existing properties , ( iii ) $ 11.4 million increase in cash from insurance proceeds for physical property damages received in the year ended december 31 , 2019 , and ( iv ) $ 6.9 million increase due to the sale of an operating lease , partially offset by ( v ) $ 42.4 million increase in cash used for acquisitions . financing activities net cash flow used in or provided by financing activities is impacted by the timing and extent of issuances of debt and equity securities , distributions paid to common shareholders and unitholders of the operating partnership as well as principal and other payments associated with our outstanding indebtedness . net cash used in financing activities of $ 126.3 million for the year ended december 31 , 2019 , increased by $ 10.7 million from $ 115.6 million for the year ended december 31 , 2018 due to ( i ) $ 6.0 million paid to redeem units in 2019 , ( ii ) $ 2.6 million of cash used to amend our revolving credit agreement in 2019 , ( iii ) $ 1.3 million increase in debt repayments , ( iv ) $ 0.5 million increase in distributions to shareholders and unitholders and ( v ) $ 0.2 million increase in tax withholdings on vested restricted stock . financing activities and contractual obligations below is a summary of our outstanding debt and weighted average interest rate as of december 31 , 2019 . replace_table_token_20_th ( 1 ) as of december 31 , 2019 , $ 80.5 million of our variable rate debt bears interest at one month libor plus 190 bps and $ 89.0 million bears interest at one month libor plus 160 bps .


 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 used in investing activities of $ 2.5 million for the year ended december 31 , 2019 , increased by $ 62.3 million compared to net cash used in investing activities of $ 64.8 million as of december 31 , 2018 due to a ( i ) $ 58.9 million increase in cash provided by the sale of properties , ( ii ) $ 27.5 million decrease in cash used for real estate development and capital improvements at existing properties , ( iii ) $ 11.4 million increase in cash from insurance proceeds for physical property damages received in the year ended december 31 , 2019 , and ( iv ) $ 6.9 million increase due to the sale of an operating lease , partially offset by ( v ) $ 42.4 million increase in cash used for acquisitions . financing activities net cash flow used in or provided by financing activities is impacted by the timing and extent of issuances of debt and equity securities , distributions paid to common shareholders and unitholders of the operating partnership as well as principal and other payments associated with our outstanding indebtedness . net cash used in financing activities of $ 126.3 million for the year ended december 31 , 2019 , increased by $ 10.7 million from $ 115.6 million for the year ended december 31 , 2018 due to ( i ) $ 6.0 million paid to redeem units in 2019 , ( ii ) $ 2.6 million of cash used to amend our revolving credit agreement in 2019 , ( iii ) $ 1.3 million increase in debt repayments , ( iv ) $ 0.5 million increase in distributions to shareholders and unitholders and ( v ) $ 0.2 million increase in tax withholdings on vested restricted stock . financing activities and contractual obligations below is a summary of our outstanding debt and weighted average interest rate as of december 31 , 2019 . replace_table_token_20_th ( 1 ) as of december 31 , 2019 , $ 80.5 million of our variable rate debt bears interest at one month libor plus 190 bps and $ 89.0 million bears interest at one month libor plus 160 bps .
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 Suspicious Activity Report : urban edge properties lp ( “ uelp ” or the “ operating partnership ” ) is a delaware limited partnership formed to serve as ue 's majority-owned partnership subsidiary and to own , through affiliates , all of our real estate properties and other assets . unless the context otherwise requires , references to “ we ” , “ us ” and “ our ” refer to urban edge properties and uelp and their consolidated entities/subsidiaries . the operating partnership 's capital includes general and common limited partnership interests in the operating partnership ( “ op units ” ) . as of december 31 , 2019 , urban edge owned approximately 95.4 % of the outstanding common op units with the remaining limited op units held by members of management , urban edge 's board of trustees and contributors of property interests acquired . urban edge serves as the sole general partner of the operating partnership . the third party unitholders have limited rights over the operating partnership such that they do not have characteristics of a controlling financial interest . as such , the operating partnership is considered a variable interest entity ( “ vie ” ) , and the company is the primary beneficiary that consolidates it . the company 's only investment is the operating partnership . the vie 's assets can be used for purposes other than the settlement of the vie 's obligations and the company 's partnership interest is considered a majority voting interest . as of december 31 , 2019 , our portfolio comprised 74 shopping centers , four malls and a warehouse park totaling approximately 15.2 million square feet . operating strategy . our operating strategy is to maximize the value of our existing assets through proactive management encompassing continuous asset evaluation for highest-and-best-use ; efficient and cost-conscious operations that minimize retailer operating expense and enhance property quality ; and targeted leasing to desirable tenants . during 2019 we : reported a decline in same-property cash net operating income ( “ noi ” ) ( 1 ) by 1.8 % over the year ended december 31 , 2018 ; reported a decline of same-property portfolio occupancy ( 2 ) to 93.4 % from 94.2 % as of december 31 , 2018 ; 26 reported a decline of consolidated portfolio occupancy to 92.9 % from 93.6 % as of december 31 , 2018 due to anchor bankruptcies ; signed 39 new leases totaling 368,779 square feet , including 31 new leases on a same-space ( 3 ) basis totaling 348,760 square feet at an average rental rate of $ 24.12 per square foot on a gaap basis and $ 22.13 per square foot on a cash basis , and resulting in average rent spreads of 18.8 % on a gaap basis and 4.0 % on a cash basis ; and renewed or extended 78 leases totaling 1,118,810 square feet , all on a same-space basis , at an average rental rate of $ 20.25 per square foot on a gaap basis and $ 19.90 per square foot on a cash basis and , generating average rent spreads of 11.6 % on a gaap basis and 7.3 % on a cash basis . investment strategy . our investment strategy is to selectively deploy capital through redevelopment and development of our existing assets and through acquisitions in our target markets that are expected to generate attractive risk-adjusted returns . at the same time , we plan to sell assets that no longer meet our investment criteria . during 2019 , we : advanced six projects with estimated gross costs of $ 38.1 million to active development and redevelopment projects including four anchor backfills ; active projects as of december 31 , 2019 have a total expected investment of $ 65.6 million of which $ 29.9 million remains to be funded ; completed 11 projects with total estimated gross costs of $ 167.2 million , of which $ 3.5 million remains to be funded ; this includes projects at bruckner commons in the bronx , ny , where the shopping center underwent a complete renovation including a new shoprite and burlington , and bergen town center where we added burlington and opened new restaurants , upgrading the food options at the mall ; identified approximately 13 additional development and redevelopment projects expected to be completed over the next several years ; acquired three assets , at an aggregate purchase price of $ 38.5 million and 195,300 sf , comprising one asset located in the boston metropolitan area and two assets adjacent to our existing property , bergen town center ; completed the sale of eight properties and received proceeds of $ 112.8 million , net of selling costs , resulting in a $ 68.6 million net gain on sale of real estate ; and sold our lessee position in a ground lease and received proceeds of $ 6.9 million , net of selling costs , resulting in a gain on sale of lease of $ 1.8 million . capital strategy . our capital strategy is to keep our balance sheet strong , flexible and capable of supporting growth by using cash flow from operations , refinancing debt when opportunities are favorable , issuing debt when appropriate and reinvesting funds from selective asset sales . during 2019 , we : amended our $ 600 million revolving credit facility , extending the maturity date from march 2021 to january 2024 with two six-month extension options . story_separator_special_tag due to rent abatements in 2018 , recognized at our two malls in puerto rico and at our property in wilkes-barre , pa as a result of natural disasters ; and $ 0.6 million increase in third-party management and development fee income due to higher leasing commissions . depreciation and amortization decreased by $ 5.3 million to $ 94.1 million in the year ended december 31 , 2019 from $ 99.4 million in the year ended december 31 , 2018 . the decrease is primarily attributable to : $ 7.1 million decrease in depreciation and amortization as a result of lower write-offs of existing tenant improvements and intangible assets related to recaptured leases ; and $ 2.1 million decrease as a result of property dispositions , net of acquisitions , partially offset by $ 3.9 million increase from completed development projects and tenant improvements . real estate taxes decreased by $ 3.5 million to $ 60.2 million in the year ended december 31 , 2019 from $ 63.7 million in the year ended december 31 , 2018 . the decrease is primarily attributable to : $ 2.0 million decrease as a result of dispositions , net of acquisitions ; and $ 1.5 million decrease due to successful appeals and tax refunds . property operating expenses decreased by $ 14.3 million to $ 64.1 million in the year ended december 31 , 2019 from $ 78.4 million in the year ended december 31 , 2018 . the decrease is primarily attributable to : $ 15.5 million of lease termination payments to acquire the toys “ r ” us leases at bruckner commons in the bronx , ny and hudson mall in jersey city , nj in 2018 ; $ 4.1 million due to credit losses related to operating lease receivables recognized in property operating expenses in 2018 versus rental revenue in 2019 ; and $ 1.5 million decrease as a result of dispositions , net of acquisitions , partially offset by 31 $ 3.3 million increase in common area maintenance projects and repair costs for vacant spaces ; $ 2.7 million of common area maintenance expenses recognized on a gross basis at tenant-maintained centers in accordance with the new lease accounting standard ; and $ 0.8 million increase in accrued environmental remediation costs . general and administrative expenses increased by $ 3.2 million to $ 38.2 million in the year ended december 31 , 2019 from $ 35.0 million in the year ended december 31 , 2018 . the increase is primarily attributable to : $ 3.4 million increase in share-based compensation expense due to additional equity awards granted ; and $ 1.7 million increase in professional fees for consulting , recruitment and legal services , partially offset by $ 1.0 million decrease due to the recognition of office rent within lease expense in accordance with the lease accounting standard , effective january 1 , 2019 ; and $ 0.9 million net decrease in executive transition costs , severance and other expenses . casualty and impairment losses increased by $ 8.3 million to $ 12.7 million in the year ended december 31 , 2019 from $ 4.4 million in the year ended december 31 , 2018 . the increase is primarily attributable to : $ 20.7 million higher real estate impairment losses recognized in 2019 , partially offset by $ 12.4 million higher proceeds from insurance settlements , net of casualty expenses , for hurricane maria in puerto rico in 2017 and for tornado damage at our shopping center in wilkes-barre , pa in june 2018. lease expense increased by $ 3.0 million to $ 14.5 million in the year ended december 31 , 2019 from $ 11.4 million in the year ended december 31 , 2018 . the increase is primarily attributable to the recognition of office rent and common area maintenance and real estate taxes associated with ground or building leases within lease expense in accordance with the new lease accounting standard , effective january 1 , 2019. we recognized a gain on sale of real estate of $ 68.6 million in the year ended december 31 , 2019 due to the sale of eight operating properties . a gain on sale of real estate of $ 52.6 million was recognized in the year ended december 31 , 2018 comprised of $ 50.4 million as a result of the sale of our property in allentown , pa on april 26 , 2018 and $ 2.2 million as a result of the sale of a 5.7 acre land parcel on july 5 , 2018 at our property , cherry hill commons , in cherry hill , nj . we recognized a gain of $ 1.8 million in the year ended december 31 , 2019 due to the sale of our ground lease in tysons corner , va. interest income increased by $ 1.4 million to $ 9.8 million in the year ended december 31 , 2019 from $ 8.3 million in the year ended december 31 , 2018 . the increase is attributable to an increase in interest rates and higher invested cash balances . interest and debt expense increased by $ 1.8 million to $ 66.6 million in the year ended december 31 , 2019 from $ 64.9 million in the year ended december 31 , 2018 . the increase is primarily attributable to : $ 1.8 million decrease in capitalized interest due to the completion of development projects ; and $ 0.4 million increase resulting from higher interest rates on variable rate debt , partially offset by $ 0.4 million decrease due to lower principal balances from monthly payments on fixed rate debt . we recognized a $ 2.5 million gain on extinguishment of debt in the year ended december 31 , 2018 as a result of the foreclosure sale and forgiveness of the $ 11.5 million mortgage debt secured by our property in englewood , nj . income tax expense decreased by $ 2.2 million to $

