executed new construction loans aggregating $ 91.5 million to fund our development pipeline . capital activity completed our ipo in may 2013 raising net proceeds of $ 192.0 million after deducting the underwriting discount and offering expenses . entered into a credit facility with an aggregate capacity of $ 155.0 million of which $ 70.0 million was borrowed as of december 31 , 2013. retired $ 182.5 million of debt . refinanced $ 28.5 million of secured debt to remove the recourse components , lower the interest rates and extend the maturity dates to 2018. amended $ 24.8 million of secured debt to extend the maturity date to 2017. declared cash dividends of $ 0.40 per share covering the period may 13 , 2013 to december 31 , 2013. operating results net income of $ 14.5 million compared to $ 8.9 million for the year ended december 31 , 2012. ffo of $ 19.8 million compared to $ 21.9 million for the year ended december 31 , 2012. ffo for 2013 includes losses on debt extinguishments of $ 2.4 million and noncash stock compensation expense of $ 1.2 million . see non-gaap financial measures . net income attributable to stockholders of $ 7.3 million , or $ 0.39 per share . net operating income of $ 42.1 million compared to $ 40.8 million for the year ended december 31 , 2012. cash from operations of $ 22.2 million compared to $ 22.3 million during the year ended december 31 , 2012. weighted average occupancy of 94.4 % as of december 31 , 2013 compared to 94.2 % as of december 31 , 2012. approximately 242,000 square feet of new and renewal leases executed in our office and retail property portfolios . new construction contracts of $ 64.7 million . third-party construction backlog of $ 46.4 million as of december 31 , 2013. we view 2013 as a year in which we laid a solid foundation for sustained future net operating income and asset value growth . we accomplished what we set out to do in 2013 including : transitioning to a publicly traded company , executing on development opportunities , identifying attractive opportunities for the next generation pipeline , and positioning our income portfolio for further growth . development pipeline in addition to the projects in our development pipeline , in november 2012 , we were selected by johns hopkins university , after an extensive competitive selection process , to join with the university in the redevelopment of a 1.12 acre property adjacent to the university 's homewood campus in baltimore , maryland . this mixed-use development will include student housing , retail space , restaurants and parking . the goal of the completed project will be to complement the homewood campus and nearby charles village neighborhood and 51 provide a catalyst for future development in the area . the johns hopkins project continues to progress , with the program now defined and strong interest from retailers for the ground floor commercial space . our development pipeline consists of the following office , retail and multifamily properties ( $ in thousands ) : replace_table_token_11_th replace_table_token_12_th ( 1 ) represents estimates that may change as the development process proceeds . ( 2 ) this property will be located in the town center of virginia beach . ( 3 ) approximately 83,000 square feet is leased to clark nexsen , an architectural firm and approximately 23,000 square feet is leased to the city of virginia beach development authority . ( 4 ) the principal tenant lease has not been signed as of the date of this annual report on form 10-k. ( 5 ) the company has a contract to sell walmart a pad-ready site adjacent to greentree shopping center . ( 6 ) reflects actual purchase price of the acquisition , which occurred in january 2014 . ( 7 ) reflects the current development program as of the date of this annual report on form 10-k. our execution on all of the projects identified in the preceding table and the johns hopkins project are subject to , among other factors , regulatory approvals , financing availability and suitable market conditions . excluding the total consideration paid for liberty apartments , the total estimated costs of the projects identified in the preceding table are approximately $ 165.0 million , of which approximately $ 137.9 million represent hard costs for land and construction and $ 27.1 million represent soft costs for architecture , engineering , real estate taxes , insurance , interest and compensation and overhead related to our development team . during the year ended december 31 , 2013 , we capitalized approximately $ 1.6 million of development-related compensation and overhead . 4525 main street is our most recent addition to the town center of virginia beach and is located across from the cosmopolitan , one columbus and armada hoffler tower . this 15-story office tower is the future home of clark nexsen , an international architecture and engineering firm , which has agreed to lease approximately 83,000 square feet . additionally , the city of virginia beach development authority has agreed to lease approximately 23,000 square feet of office space . 4525 main street will also feature approximately 21,000 square feet of ground floor retail space . on july 30 , 2013 , we closed on a $ 63.0 million loan of which $ 37.8 million is available to fund our construction of 4525 main street . 52 sandbridge commons continues our long-standing relationship with harris teeter , which has agreed to anchor the shopping center . in addition to a 53,000 square foot harris teeter grocery store , sandbridge commons will include approximately 22,000 square feet of small shop retail space . on august 27 , 2013 , we purchased the underlying land for $ 5.2 million . the site includes two outparcels that we plan to either lease or sell . story_separator_special_tag releasing spreads on retail leases renewed during the year ended december 31 , 2013 were $ ( 0.17 ) per square foot on a gaap basis and $ ( 1.94 ) per square foot on a cash basis . while we seek to obtain rents that are higher than amounts within our expiring leases , there are many variables and uncertainties that can significantly affect the leasing market at any given time . as such , we can not guarantee that future leases will continue to be signed for rents that are equal to or higher than current amounts . 57 rental revenues increased $ 1.1 million and noi increased $ 0.2 million during the year ended december 31 , 2012 compared to the year ended december 31 , 2011. the increases in rental revenues and noi resulted from our completion and concurrent stabilization of courthouse 7-eleven in the first quarter of 2012 and tyre neck harris teeter in the second quarter of 2012. also contributing to the increases in rental revenues and noi was commerce street retail , which reached 100 % occupancy at the end of the second quarter of 2011. during the year ended december 31 , 2012 , we executed new retail leases aggregating approximately 9,000 square feet . the total leasing costs associated with new retail leases were approximately $ 0.2 million , or $ 17.89 per square foot . during the year ended december 31 , 2012 we renewed expiring retail leases aggregating approximately 55,000 square feet . the total leasing costs associated with renewed office leases were approximately $ 0.1 million , or $ 2.39 per square foot . retail same store results retail same store rental revenues , property expenses and noi for the comparative years ended december 31 , 2013 and 2012 and december 31 , 2012 and 2011 were as follows : replace_table_token_16_th ( 1 ) same store results exclude bermuda crossroads , which was an unconsolidated property prior to may 13 , 2013 . ( 2 ) same store results exclude tyre neck harris teeter , which was in lease-up during the comparative period . ( 3 ) same store results exclude courthouse 7-eleven , which was in lease-up during the comparative period . same store rental revenues decreased $ 0.9 million and same store noi decreased $ 0.7 million during the year ended december 31 , 2013 compared to the year ended december 31 , 2012. the decreases in same store rental revenues and same store noi resulted from declines in occupancy at south retail in the town center of virginia beach and dick 's at town center . same store rental revenues increased $ 0.5 million while same store noi decreased $ 0.1 million during the year ended december 31 , 2012 compared to the year ended december 31 , 2011. commerce street retail reached 100 % occupancy at the end of the second quarter of 2011 and generated the increase in same store rental revenues , which was offset by increased operating expenses across our same store retail portfolio . multifamily segment data replace_table_token_17_th ( 1 ) includes smith 's landing beginning may 13 , 2013 . ( 2 ) as of the end of the periods presented . 58 rental revenues increased $ 2.5 million and noi increased $ 1.2 million during the year ended december 31 , 2013 compared to the year ended december 31 , 2012 due to our consolidation of smith 's landing upon completion of our ipo and the formation transactions on may 13 , 2013. rental revenues decreased $ 0.3 million and noi decreased slightly during the year ended december 31 , 2012 compared to the year ended december 31 , 2011. higher vacancy and rent concessions during the year ended december 31 , 2012 at the cosmopolitan caused the decreases in rental revenues and noi . multifamily same store results multifamily same store rental revenues , property expenses and noi for the comparative years ended december 31 , 2013 and 2012 and december 31 , 2012 and 2011 were as follows : replace_table_token_18_th ( 1 ) same store results exclude smith 's landing , which was an unconsolidated property prior to may 13 , 2013. same store rental revenues increased slightly while same store noi decreased $ 0.2 million during the year ended december 31 , 2013 compared to the year ended december 31 , 2012. the increase in same store rental revenues resulted from increased ground floor retail occupancy at the cosmopolitan , which helped to offset residential occupancy declines . increased operating expenses at the cosmopolitan caused the decrease in same store noi during the year ended december 31 , 2013. same store rental revenues decreased $ 0.3 million while same store noi decreased slightly during the year ended december 31 , 2012 compared to the year ended december 31 , 2011. higher vacancy and rent concessions during the year ended december 31 , 2012 at the cosmopolitan caused the decreases in same store rental revenues and same store noi . general contracting and real estate services segment data replace_table_token_19_th segment revenues for the year ended december 31 , 2013 increased $ 28.5 million compared to the year ended december 31 , 2012. the increase in segment revenues was driven primarily by our progress and completion of the newport news apprentice school of shipbuilding , liberty apartments and the biomedical research laboratory at hampton university . noi decreased $ 0.2 million during the year ended december 31 , 2013 compared to the year ended december 31 , 2012 as we experienced tighter operating margins during 2013 . 59 segment revenues for the year ended december 31 , 2012 decreased $ 23.6 million compared to the year ended december 31 , 2011 as because we had lower construction volume during 2012 as a result of our substantial completion of a number of construction projects during the year ended december 31 , 2011. noi decreased $ 1.5 million during

cash flows comparison of the years ended december 31 , 2013 and 2012. replace_table_token_29_th net cash provided by operating activities decreased slightly for the year ended december 31 , 2013 compared to the year ended december 31 , 2012. the less than 1.0 % change resulted from increased net income adjusted for noncash items offset by cash used for operating assets and liabilities . net income adjusted for noncash items increased $ 2.0 million during the year ended december 31 , 2013 while cash used for operating assets and liabilities increased at a slightly higher rate . we made significant progress on executing on the opportunities in our development pipeline during the year ended december 31 , 2013 and , as a result , net cash used for investing activities increased $ 43.2 million during the year . during the year ended december 31 , 2013 , we invested $ 41.3 million of cash on new real estate development compared to $ 2.7 million during the year ended december 31 , 2012. during the year ended december 31 , 2013 , we began construction of the following properties in our development pipeline : ( i ) 4525 main street , ( ii ) encore apartments , ( iii ) whetstone apartments , ( iv ) sandbridge commons , ( v ) greentree shopping center and ( vi ) the oceaneering international facility . during the year ended december 31 , 2013 , we invested $ 3.9 million in tenant and building improvements compared to $ 2.3 million during the year ended december 31 , 2012. in connection with our formation transactions , we paid $ 2.1 million of cash to acquire controlling interests in bermuda crossroads and smith 's landing . leasing costs and leasing incentives paid during the year ended december 31 , 2013 were $ 1.4 million compared to $ 1.2 million during the year ended december 31 , 2012. net proceeds from our ipo in may 2013 and borrowings under our credit facility offset by debt repayments resulted in the overall $ 56.9 million increase in cash provided by financing activities during the year ended december 31 , 2013 .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```cash flows comparison of the years ended december 31 , 2013 and 2012. replace_table_token_29_th net cash provided by operating activities decreased slightly for the year ended december 31 , 2013 compared to the year ended december 31 , 2012. the less than 1.0 % change resulted from increased net income adjusted for noncash items offset by cash used for operating assets and liabilities . net income adjusted for noncash items increased $ 2.0 million during the year ended december 31 , 2013 while cash used for operating assets and liabilities increased at a slightly higher rate . we made significant progress on executing on the opportunities in our development pipeline during the year ended december 31 , 2013 and , as a result , net cash used for investing activities increased $ 43.2 million during the year . during the year ended december 31 , 2013 , we invested $ 41.3 million of cash on new real estate development compared to $ 2.7 million during the year ended december 31 , 2012. during the year ended december 31 , 2013 , we began construction of the following properties in our development pipeline : ( i ) 4525 main street , ( ii ) encore apartments , ( iii ) whetstone apartments , ( iv ) sandbridge commons , ( v ) greentree shopping center and ( vi ) the oceaneering international facility . during the year ended december 31 , 2013 , we invested $ 3.9 million in tenant and building improvements compared to $ 2.3 million during the year ended december 31 , 2012. in connection with our formation transactions , we paid $ 2.1 million of cash to acquire controlling interests in bermuda crossroads and smith 's landing . leasing costs and leasing incentives paid during the year ended december 31 , 2013 were $ 1.4 million compared to $ 1.2 million during the year ended december 31 , 2012. net proceeds from our ipo in may 2013 and borrowings under our credit facility offset by debt repayments resulted in the overall $ 56.9 million increase in cash provided by financing activities during the year ended december 31 , 2013 .
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 Suspicious Activity Report : executed new construction loans aggregating $ 91.5 million to fund our development pipeline . capital activity completed our ipo in may 2013 raising net proceeds of $ 192.0 million after deducting the underwriting discount and offering expenses . entered into a credit facility with an aggregate capacity of $ 155.0 million of which $ 70.0 million was borrowed as of december 31 , 2013. retired $ 182.5 million of debt . refinanced $ 28.5 million of secured debt to remove the recourse components , lower the interest rates and extend the maturity dates to 2018. amended $ 24.8 million of secured debt to extend the maturity date to 2017. declared cash dividends of $ 0.40 per share covering the period may 13 , 2013 to december 31 , 2013. operating results net income of $ 14.5 million compared to $ 8.9 million for the year ended december 31 , 2012. ffo of $ 19.8 million compared to $ 21.9 million for the year ended december 31 , 2012. ffo for 2013 includes losses on debt extinguishments of $ 2.4 million and noncash stock compensation expense of $ 1.2 million . see non-gaap financial measures . net income attributable to stockholders of $ 7.3 million , or $ 0.39 per share . net operating income of $ 42.1 million compared to $ 40.8 million for the year ended december 31 , 2012. cash from operations of $ 22.2 million compared to $ 22.3 million during the year ended december 31 , 2012. weighted average occupancy of 94.4 % as of december 31 , 2013 compared to 94.2 % as of december 31 , 2012. approximately 242,000 square feet of new and renewal leases executed in our office and retail property portfolios . new construction contracts of $ 64.7 million . third-party construction backlog of $ 46.4 million as of december 31 , 2013. we view 2013 as a year in which we laid a solid foundation for sustained future net operating income and asset value growth . we accomplished what we set out to do in 2013 including : transitioning to a publicly traded company , executing on development opportunities , identifying attractive opportunities for the next generation pipeline , and positioning our income portfolio for further growth . development pipeline in addition to the projects in our development pipeline , in november 2012 , we were selected by johns hopkins university , after an extensive competitive selection process , to join with the university in the redevelopment of a 1.12 acre property adjacent to the university 's homewood campus in baltimore , maryland . this mixed-use development will include student housing , retail space , restaurants and parking . the goal of the completed project will be to complement the homewood campus and nearby charles village neighborhood and 51 provide a catalyst for future development in the area . the johns hopkins project continues to progress , with the program now defined and strong interest from retailers for the ground floor commercial space . our development pipeline consists of the following office , retail and multifamily properties ( $ in thousands ) : replace_table_token_11_th replace_table_token_12_th ( 1 ) represents estimates that may change as the development process proceeds . ( 2 ) this property will be located in the town center of virginia beach . ( 3 ) approximately 83,000 square feet is leased to clark nexsen , an architectural firm and approximately 23,000 square feet is leased to the city of virginia beach development authority . ( 4 ) the principal tenant lease has not been signed as of the date of this annual report on form 10-k. ( 5 ) the company has a contract to sell walmart a pad-ready site adjacent to greentree shopping center . ( 6 ) reflects actual purchase price of the acquisition , which occurred in january 2014 . ( 7 ) reflects the current development program as of the date of this annual report on form 10-k. our execution on all of the projects identified in the preceding table and the johns hopkins project are subject to , among other factors , regulatory approvals , financing availability and suitable market conditions . excluding the total consideration paid for liberty apartments , the total estimated costs of the projects identified in the preceding table are approximately $ 165.0 million , of which approximately $ 137.9 million represent hard costs for land and construction and $ 27.1 million represent soft costs for architecture , engineering , real estate taxes , insurance , interest and compensation and overhead related to our development team . during the year ended december 31 , 2013 , we capitalized approximately $ 1.6 million of development-related compensation and overhead . 4525 main street is our most recent addition to the town center of virginia beach and is located across from the cosmopolitan , one columbus and armada hoffler tower . this 15-story office tower is the future home of clark nexsen , an international architecture and engineering firm , which has agreed to lease approximately 83,000 square feet . additionally , the city of virginia beach development authority has agreed to lease approximately 23,000 square feet of office space . 4525 main street will also feature approximately 21,000 square feet of ground floor retail space . on july 30 , 2013 , we closed on a $ 63.0 million loan of which $ 37.8 million is available to fund our construction of 4525 main street . 52 sandbridge commons continues our long-standing relationship with harris teeter , which has agreed to anchor the shopping center . in addition to a 53,000 square foot harris teeter grocery store , sandbridge commons will include approximately 22,000 square feet of small shop retail space . on august 27 , 2013 , we purchased the underlying land for $ 5.2 million . the site includes two outparcels that we plan to either lease or sell . story_separator_special_tag releasing spreads on retail leases renewed during the year ended december 31 , 2013 were $ ( 0.17 ) per square foot on a gaap basis and $ ( 1.94 ) per square foot on a cash basis . while we seek to obtain rents that are higher than amounts within our expiring leases , there are many variables and uncertainties that can significantly affect the leasing market at any given time . as such , we can not guarantee that future leases will continue to be signed for rents that are equal to or higher than current amounts . 57 rental revenues increased $ 1.1 million and noi increased $ 0.2 million during the year ended december 31 , 2012 compared to the year ended december 31 , 2011. the increases in rental revenues and noi resulted from our completion and concurrent stabilization of courthouse 7-eleven in the first quarter of 2012 and tyre neck harris teeter in the second quarter of 2012. also contributing to the increases in rental revenues and noi was commerce street retail , which reached 100 % occupancy at the end of the second quarter of 2011. during the year ended december 31 , 2012 , we executed new retail leases aggregating approximately 9,000 square feet . the total leasing costs associated with new retail leases were approximately $ 0.2 million , or $ 17.89 per square foot . during the year ended december 31 , 2012 we renewed expiring retail leases aggregating approximately 55,000 square feet . the total leasing costs associated with renewed office leases were approximately $ 0.1 million , or $ 2.39 per square foot . retail same store results retail same store rental revenues , property expenses and noi for the comparative years ended december 31 , 2013 and 2012 and december 31 , 2012 and 2011 were as follows : replace_table_token_16_th ( 1 ) same store results exclude bermuda crossroads , which was an unconsolidated property prior to may 13 , 2013 . ( 2 ) same store results exclude tyre neck harris teeter , which was in lease-up during the comparative period . ( 3 ) same store results exclude courthouse 7-eleven , which was in lease-up during the comparative period . same store rental revenues decreased $ 0.9 million and same store noi decreased $ 0.7 million during the year ended december 31 , 2013 compared to the year ended december 31 , 2012. the decreases in same store rental revenues and same store noi resulted from declines in occupancy at south retail in the town center of virginia beach and dick 's at town center . same store rental revenues increased $ 0.5 million while same store noi decreased $ 0.1 million during the year ended december 31 , 2012 compared to the year ended december 31 , 2011. commerce street retail reached 100 % occupancy at the end of the second quarter of 2011 and generated the increase in same store rental revenues , which was offset by increased operating expenses across our same store retail portfolio . multifamily segment data replace_table_token_17_th ( 1 ) includes smith 's landing beginning may 13 , 2013 . ( 2 ) as of the end of the periods presented . 58 rental revenues increased $ 2.5 million and noi increased $ 1.2 million during the year ended december 31 , 2013 compared to the year ended december 31 , 2012 due to our consolidation of smith 's landing upon completion of our ipo and the formation transactions on may 13 , 2013. rental revenues decreased $ 0.3 million and noi decreased slightly during the year ended december 31 , 2012 compared to the year ended december 31 , 2011. higher vacancy and rent concessions during the year ended december 31 , 2012 at the cosmopolitan caused the decreases in rental revenues and noi . multifamily same store results multifamily same store rental revenues , property expenses and noi for the comparative years ended december 31 , 2013 and 2012 and december 31 , 2012 and 2011 were as follows : replace_table_token_18_th ( 1 ) same store results exclude smith 's landing , which was an unconsolidated property prior to may 13 , 2013. same store rental revenues increased slightly while same store noi decreased $ 0.2 million during the year ended december 31 , 2013 compared to the year ended december 31 , 2012. the increase in same store rental revenues resulted from increased ground floor retail occupancy at the cosmopolitan , which helped to offset residential occupancy declines . increased operating expenses at the cosmopolitan caused the decrease in same store noi during the year ended december 31 , 2013. same store rental revenues decreased $ 0.3 million while same store noi decreased slightly during the year ended december 31 , 2012 compared to the year ended december 31 , 2011. higher vacancy and rent concessions during the year ended december 31 , 2012 at the cosmopolitan caused the decreases in same store rental revenues and same store noi . general contracting and real estate services segment data replace_table_token_19_th segment revenues for the year ended december 31 , 2013 increased $ 28.5 million compared to the year ended december 31 , 2012. the increase in segment revenues was driven primarily by our progress and completion of the newport news apprentice school of shipbuilding , liberty apartments and the biomedical research laboratory at hampton university . noi decreased $ 0.2 million during the year ended december 31 , 2013 compared to the year ended december 31 , 2012 as we experienced tighter operating margins during 2013 . 59 segment revenues for the year ended december 31 , 2012 decreased $ 23.6 million compared to the year ended december 31 , 2011 as because we had lower construction volume during 2012 as a result of our substantial completion of a number of construction projects during the year ended december 31 , 2011. noi decreased $ 1.5 million during

