as a result of uncertainty at the beginning of the pandemic , in march 2020 , we fully drew down on our $ 650.0 million unsecured revolving credit facility , reduced the quarterly cash dividend on our common shares to one penny per share , reduced planned capital expenditures , reduced the compensation of our executive officers , trustees and employees , and , working closely with our hotel operating partners , significantly reduced our hotels ' operating expenses . on june 29 , 2020 , we amended the agreements governing our existing credit facilities , term loan facilities and senior notes . among other things , the amendments extended the maturity of a significant portion of our term loan due in november 2021 to november 2022 , waived existing financial covenants through the end of the first quarter of 2021 and provided substantially less restrictive financial covenants through the end of the second quarter of 2022. in addition , we repaid approximately $ 250.0 million on our unsecured revolving credit facility . in december 2020 , we issued $ 500.0 million of convertible notes and used the proceeds to repay an additional $ 250.0 million of our unsecured revolving credit facility and $ 200.0 million of our unsecured term loans . as of december 31 , 2020 , we had $ 40.0 million of outstanding borrowings $ 6.8 million of outstanding letters of credit and borrowing capacity of $ 603.2 million remaining on our senior unsecured credit facility . during the year ended december 31 , 2020 , other significant transactions included : sold three hotel properties for an aggregate sales price of $ 387.0 million and recognized a gain of $ 117.4 million ; recognized an impairment loss of $ 74.6 million related to two hotels and the retail component of a hotel ; and 41 cancelled ltip class b units and time-based service condition awards granted in february 2020 and incurred full compensation expense of $ 16.0 million . in february 2021 , we issued an additional $ 250.0 million of convertible notes under the same terms as the december 2020 offering . the notes were sold at a 5.5 % premium to par . in connection with the pricing of the notes , we entered into privately negotiated capped call transactions with certain of the underwriters , their respective affiliates and or other counterparties . we used the net proceeds to reduce amounts outstanding under our senior unsecured revolving credit facility , unsecured term loans , and for general corporate purposes . in february 2021 , we further amended the agreements governing our existing credit facilities , term loan facilities and senior notes to , among other items , increase the interest rate spread and waive financial covenants through the end of the first quarter of 2022 except for the minimum fixed charge coverage and minimum unsecured interest coverage ratio , which were extended through december 31 , 2021. refer to `` note 5. debt `` for additional information regarding these amendments and convertible debt . based on these amendments and expense and cash burn rate reductions , we believe that we will have sufficient liquidity to meet our obligations for the next twelve months . while we do not operate our hotel properties , both our asset management team and our executive management team monitor and work cooperatively with our hotel managers by advising and making recommendations in all aspects of our hotels ' operations , including property positioning and repositioning , revenue and expense management , operations analysis , physical design , renovation and capital improvements , guest experience and overall strategic direction . through these efforts , we seek to improve property efficiencies , lower costs , maximize revenues and enhance property operating margins , which we expect will enhance returns to our shareholders . key indicators of financial condition and operating performance we measure hotel results of operations and the operating performance of our business by evaluating financial and non-financial metrics such as room revenue per available room ( `` revpar `` ) ; total revenue per available room ( `` total revpar `` ) ; average daily rate ( `` adr `` ) ; occupancy rate ( `` occupancy `` ) ; funds from operations ( `` ffo `` ) ; earnings before interest , income taxes , depreciation and amortization ( `` ebitda `` ) ; and ebitda for real estate ( `` ebitda re `` ) . we evaluate individual hotel and company-wide performance with comparisons to budgets , prior periods and competing properties . adr , occupancy and revpar may be impacted by macroeconomic factors as well as regional and local economies and events . see `` non-gaap financial matters `` for further discussion of ffo , ebitda and ebidta re . hotel operating statistics the following table represents the key same-property hotel operating statistics for our hotels for the years ended december 31 , 2020 and 2019. replace_table_token_7_th while the operations of many of our hotels were temporarily suspended beginning in march 2020 , the above schedule of hotel results for the years ended december 31 includes information from all hotels owned as of december 31 , 2020 , except for hotel zena washington dc ( formerly donovan hotel ) for the first , second and fourth quarters in both 2020 and 2019 , because it was closed for renovations in the fourth quarter of 2019 and the first and second quarters of 2020. results of operations this section includes comparisons of certain 2020 financial information to the same information for 2019. year-to-year comparisons of the 2019 financial information to the same information for 2018 are contained in item 7 of the company 's annual report on form 10-k for the year ended december 31 , 2019 filed with the sec on february 20 , 2020 . story_separator_special_tag we also have a $ 25.0 million unsecured revolving credit facility ( the `` phl credit facility `` ) to be used for phl 's working capital and general corporate purposes . this credit facility has substantially similar terms as our senior unsecured revolving credit facility and matures in january 2022. borrowings under the phl credit facility bear interest at libor plus an applicable margin , depending on our leverage ratio . as a result of the amendments described in `` note 5. debt , `` the spread on the borrowings is fixed at 2.25 % during the waiver period . as of december 31 , 2020 , we had no borrowings under the phl credit facility . unsecured term loan facilities we are party to senior unsecured term loans with different maturities . each unsecured term loan bears interest at a variable rate of a benchmark interest rate plus an applicable margin , depending on our leverage ratio . we entered into interest rate swap agreements to fix the libor rate on a portion of these unsecured term loans . information about our senior unsecured term loans is found in the table above and `` note 5. debt `` to the accompanying consolidated financial statements . convertible senior notes in december 2020 , the company issued $ 500.0 million aggregate principal amount of 1.75 % convertible senior notes maturing in december 2026 ( the `` convertible notes `` ) . the convertible notes are governed by an indenture ( the “ base indenture ” ) between the company and the bank of new york mellon trust company , n.a . , as trustee . the net proceeds from the offering of the notes were approximately $ 487.3 million after deducting the underwriting fees and other expenses paid by the company . interest is payable semi-annually in arrears on june 15th and december 15th of each year , beginning on june 15 , 2021. the company recorded coupon interest expense of $ 0.4 million for the year ended december 31 , 2020. the company separated the convertible notes into liability and equity components . the initial carrying amount of the liability component was $ 386.1 million and was calculated using a discount rate of 6.25 % . the discount rate was based on the terms of debt instruments that were similar to the convertible notes without an equity component . the carrying amount of the equity component representing the conversion option was determined by deducting the fair value of the liability component from the principal amount of the convertible notes , or $ 113.9 million . the amount recorded in equity is not subject to remeasurement or amortization . the $ 113.9 million also represents the initial discount recorded on the convertible notes . the discount is accreted to interest expense using the effective interest rate method over the contractual term of the convertible notes . the company recorded interest expense related to the accretion of the discount and the amortization of the debt issuance costs of $ 0.9 million for the year ended december 31 , 2020. prior to june 15 , 2026 , the convertible notes will be convertible only upon certain circumstances . on and after june 15 , 2026 , holders may convert any of their convertible notes into the company 's common shares , at the applicable conversion rate at any time at their election two days prior to the maturity date . the initial conversion rate is 39.2549 common shares per $ 1,000 principal amount of convertible notes , which represents an initial conversion price of approximately $ 25.47 per share . the conversion rate is subject to adjustment in certain circumstances . the company may redeem for cash all or a portion of the convertible notes , at its option , on or after december 20 , 2023 upon certain circumstances . the redemption price will be equal to 100 % of the principal amount of the convertible notes to be redeemed , plus accrued and unpaid interest to , but excluding , the redemption date . if certain make-whole fundamental changes occur , the conversion rate for the convertible notes may be increased . 48 in connection with the convertible notes , the company entered into privately negotiated capped call transactions ( the “ capped call transactions ” ) with certain of the underwriters of the offering of the convertible notes or their respective affiliates and other financial institutions ( the “ capped call counterparties ” ) . the capped call transactions initially cover , subject to anti-dilution adjustments substantially similar to those applicable to the convertible notes , the number of common shares underlying the convertible notes . the capped call transactions are expected generally to reduce the potential dilution to holders of common shares upon conversion of the convertible notes and or offset the potential cash payments that the company could be required to make in excess of the principal amount of any converted convertible notes upon conversion thereof , with such reduction and or offset subject to a cap . the upper strike price of the capped call transactions is $ 33.0225 per share . the cost of the capped call transactions was $ 38.3 million and was recorded within additional paid-in capital . senior unsecured notes we have two unsecured notes outstanding , $ 60.0 million of senior unsecured notes bearing a fixed interest rate of 4.70 % per annum and maturing in december 2023 ( the `` series a notes `` ) and $ 40.0 million of senior unsecured notes bearing a fixed interest rate of 4.93 % per annum and maturing in december 2025 ( the `` series b notes `` ) . the terms of the series a notes and the series b notes are substantially similar to those of our senior unsecured revolving credit facility , as amended and restated . issuance of shares of beneficial interest on february 22 , 2016 , we

sources and uses of cash our principal sources of cash are cash from operations , borrowings under mortgage financings and other debt , draws on our credit facilities , proceeds from offerings of our equity securities , debt securities and hotel property sales . our principal uses of cash are asset acquisitions , debt service , capital investments , operating costs , corporate expenses and dividends . cash ( used in ) and provided by operations . our cash used in operating activities was $ 201.8 million for the year ended december 31 , 2020. our cash from operations includes the operating activities of the 53 hotels we owned as of december 31 , 2020 , offset by corporate expenses . the negative cash flow from operations during the year and decline from the prior year is due to the temporary suspension and reduced operations at our hotels as a result of covid-19 . our cash provided by operating activities was $ 395.2 million for the year ended december 31 , 2019. our cash from operations includes the operating activities of the 56 hotels we owned as of december 31 , 2019 , offset by corporate expenses . cash provided by investing activities . our cash provided by investing activities was $ 250.1 million for the year ended december 31 , 2020. during the year ended december 31 , 2020 , we invested $ 125.0 million in improvements to our hotel properties and received $ 375.1 million from sales of hotel properties . our cash provided by investing activities was $ 300.0 million for the year ended december 31 , 2019. during the year ended december 31 , 2019 , we invested $ 169.6 million in improvements to our hotel properties and received $ 470.4 million from sales of hotel properties . cash provided by and ( used in ) financing activities .


 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.
     ```sources and uses of cash our principal sources of cash are cash from operations , borrowings under mortgage financings and other debt , draws on our credit facilities , proceeds from offerings of our equity securities , debt securities and hotel property sales . our principal uses of cash are asset acquisitions , debt service , capital investments , operating costs , corporate expenses and dividends . cash ( used in ) and provided by operations . our cash used in operating activities was $ 201.8 million for the year ended december 31 , 2020. our cash from operations includes the operating activities of the 53 hotels we owned as of december 31 , 2020 , offset by corporate expenses . the negative cash flow from operations during the year and decline from the prior year is due to the temporary suspension and reduced operations at our hotels as a result of covid-19 . our cash provided by operating activities was $ 395.2 million for the year ended december 31 , 2019. our cash from operations includes the operating activities of the 56 hotels we owned as of december 31 , 2019 , offset by corporate expenses . cash provided by investing activities . our cash provided by investing activities was $ 250.1 million for the year ended december 31 , 2020. during the year ended december 31 , 2020 , we invested $ 125.0 million in improvements to our hotel properties and received $ 375.1 million from sales of hotel properties . our cash provided by investing activities was $ 300.0 million for the year ended december 31 , 2019. during the year ended december 31 , 2019 , we invested $ 169.6 million in improvements to our hotel properties and received $ 470.4 million from sales of hotel properties . cash provided by and ( used in ) financing activities .
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 Suspicious Activity Report : as a result of uncertainty at the beginning of the pandemic , in march 2020 , we fully drew down on our $ 650.0 million unsecured revolving credit facility , reduced the quarterly cash dividend on our common shares to one penny per share , reduced planned capital expenditures , reduced the compensation of our executive officers , trustees and employees , and , working closely with our hotel operating partners , significantly reduced our hotels ' operating expenses . on june 29 , 2020 , we amended the agreements governing our existing credit facilities , term loan facilities and senior notes . among other things , the amendments extended the maturity of a significant portion of our term loan due in november 2021 to november 2022 , waived existing financial covenants through the end of the first quarter of 2021 and provided substantially less restrictive financial covenants through the end of the second quarter of 2022. in addition , we repaid approximately $ 250.0 million on our unsecured revolving credit facility . in december 2020 , we issued $ 500.0 million of convertible notes and used the proceeds to repay an additional $ 250.0 million of our unsecured revolving credit facility and $ 200.0 million of our unsecured term loans . as of december 31 , 2020 , we had $ 40.0 million of outstanding borrowings $ 6.8 million of outstanding letters of credit and borrowing capacity of $ 603.2 million remaining on our senior unsecured credit facility . during the year ended december 31 , 2020 , other significant transactions included : sold three hotel properties for an aggregate sales price of $ 387.0 million and recognized a gain of $ 117.4 million ; recognized an impairment loss of $ 74.6 million related to two hotels and the retail component of a hotel ; and 41 cancelled ltip class b units and time-based service condition awards granted in february 2020 and incurred full compensation expense of $ 16.0 million . in february 2021 , we issued an additional $ 250.0 million of convertible notes under the same terms as the december 2020 offering . the notes were sold at a 5.5 % premium to par . in connection with the pricing of the notes , we entered into privately negotiated capped call transactions with certain of the underwriters , their respective affiliates and or other counterparties . we used the net proceeds to reduce amounts outstanding under our senior unsecured revolving credit facility , unsecured term loans , and for general corporate purposes . in february 2021 , we further amended the agreements governing our existing credit facilities , term loan facilities and senior notes to , among other items , increase the interest rate spread and waive financial covenants through the end of the first quarter of 2022 except for the minimum fixed charge coverage and minimum unsecured interest coverage ratio , which were extended through december 31 , 2021. refer to `` note 5. debt `` for additional information regarding these amendments and convertible debt . based on these amendments and expense and cash burn rate reductions , we believe that we will have sufficient liquidity to meet our obligations for the next twelve months . while we do not operate our hotel properties , both our asset management team and our executive management team monitor and work cooperatively with our hotel managers by advising and making recommendations in all aspects of our hotels ' operations , including property positioning and repositioning , revenue and expense management , operations analysis , physical design , renovation and capital improvements , guest experience and overall strategic direction . through these efforts , we seek to improve property efficiencies , lower costs , maximize revenues and enhance property operating margins , which we expect will enhance returns to our shareholders . key indicators of financial condition and operating performance we measure hotel results of operations and the operating performance of our business by evaluating financial and non-financial metrics such as room revenue per available room ( `` revpar `` ) ; total revenue per available room ( `` total revpar `` ) ; average daily rate ( `` adr `` ) ; occupancy rate ( `` occupancy `` ) ; funds from operations ( `` ffo `` ) ; earnings before interest , income taxes , depreciation and amortization ( `` ebitda `` ) ; and ebitda for real estate ( `` ebitda re `` ) . we evaluate individual hotel and company-wide performance with comparisons to budgets , prior periods and competing properties . adr , occupancy and revpar may be impacted by macroeconomic factors as well as regional and local economies and events . see `` non-gaap financial matters `` for further discussion of ffo , ebitda and ebidta re . hotel operating statistics the following table represents the key same-property hotel operating statistics for our hotels for the years ended december 31 , 2020 and 2019. replace_table_token_7_th while the operations of many of our hotels were temporarily suspended beginning in march 2020 , the above schedule of hotel results for the years ended december 31 includes information from all hotels owned as of december 31 , 2020 , except for hotel zena washington dc ( formerly donovan hotel ) for the first , second and fourth quarters in both 2020 and 2019 , because it was closed for renovations in the fourth quarter of 2019 and the first and second quarters of 2020. results of operations this section includes comparisons of certain 2020 financial information to the same information for 2019. year-to-year comparisons of the 2019 financial information to the same information for 2018 are contained in item 7 of the company 's annual report on form 10-k for the year ended december 31 , 2019 filed with the sec on february 20 , 2020 . story_separator_special_tag we also have a $ 25.0 million unsecured revolving credit facility ( the `` phl credit facility `` ) to be used for phl 's working capital and general corporate purposes . this credit facility has substantially similar terms as our senior unsecured revolving credit facility and matures in january 2022. borrowings under the phl credit facility bear interest at libor plus an applicable margin , depending on our leverage ratio . as a result of the amendments described in `` note 5. debt , `` the spread on the borrowings is fixed at 2.25 % during the waiver period . as of december 31 , 2020 , we had no borrowings under the phl credit facility . unsecured term loan facilities we are party to senior unsecured term loans with different maturities . each unsecured term loan bears interest at a variable rate of a benchmark interest rate plus an applicable margin , depending on our leverage ratio . we entered into interest rate swap agreements to fix the libor rate on a portion of these unsecured term loans . information about our senior unsecured term loans is found in the table above and `` note 5. debt `` to the accompanying consolidated financial statements . convertible senior notes in december 2020 , the company issued $ 500.0 million aggregate principal amount of 1.75 % convertible senior notes maturing in december 2026 ( the `` convertible notes `` ) . the convertible notes are governed by an indenture ( the “ base indenture ” ) between the company and the bank of new york mellon trust company , n.a . , as trustee . the net proceeds from the offering of the notes were approximately $ 487.3 million after deducting the underwriting fees and other expenses paid by the company . interest is payable semi-annually in arrears on june 15th and december 15th of each year , beginning on june 15 , 2021. the company recorded coupon interest expense of $ 0.4 million for the year ended december 31 , 2020. the company separated the convertible notes into liability and equity components . the initial carrying amount of the liability component was $ 386.1 million and was calculated using a discount rate of 6.25 % . the discount rate was based on the terms of debt instruments that were similar to the convertible notes without an equity component . the carrying amount of the equity component representing the conversion option was determined by deducting the fair value of the liability component from the principal amount of the convertible notes , or $ 113.9 million . the amount recorded in equity is not subject to remeasurement or amortization . the $ 113.9 million also represents the initial discount recorded on the convertible notes . the discount is accreted to interest expense using the effective interest rate method over the contractual term of the convertible notes . the company recorded interest expense related to the accretion of the discount and the amortization of the debt issuance costs of $ 0.9 million for the year ended december 31 , 2020. prior to june 15 , 2026 , the convertible notes will be convertible only upon certain circumstances . on and after june 15 , 2026 , holders may convert any of their convertible notes into the company 's common shares , at the applicable conversion rate at any time at their election two days prior to the maturity date . the initial conversion rate is 39.2549 common shares per $ 1,000 principal amount of convertible notes , which represents an initial conversion price of approximately $ 25.47 per share . the conversion rate is subject to adjustment in certain circumstances . the company may redeem for cash all or a portion of the convertible notes , at its option , on or after december 20 , 2023 upon certain circumstances . the redemption price will be equal to 100 % of the principal amount of the convertible notes to be redeemed , plus accrued and unpaid interest to , but excluding , the redemption date . if certain make-whole fundamental changes occur , the conversion rate for the convertible notes may be increased . 48 in connection with the convertible notes , the company entered into privately negotiated capped call transactions ( the “ capped call transactions ” ) with certain of the underwriters of the offering of the convertible notes or their respective affiliates and other financial institutions ( the “ capped call counterparties ” ) . the capped call transactions initially cover , subject to anti-dilution adjustments substantially similar to those applicable to the convertible notes , the number of common shares underlying the convertible notes . the capped call transactions are expected generally to reduce the potential dilution to holders of common shares upon conversion of the convertible notes and or offset the potential cash payments that the company could be required to make in excess of the principal amount of any converted convertible notes upon conversion thereof , with such reduction and or offset subject to a cap . the upper strike price of the capped call transactions is $ 33.0225 per share . the cost of the capped call transactions was $ 38.3 million and was recorded within additional paid-in capital . senior unsecured notes we have two unsecured notes outstanding , $ 60.0 million of senior unsecured notes bearing a fixed interest rate of 4.70 % per annum and maturing in december 2023 ( the `` series a notes `` ) and $ 40.0 million of senior unsecured notes bearing a fixed interest rate of 4.93 % per annum and maturing in december 2025 ( the `` series b notes `` ) . the terms of the series a notes and the series b notes are substantially similar to those of our senior unsecured revolving credit facility , as amended and restated . issuance of shares of beneficial interest on february 22 , 2016 , we

