we intend to maximize shareholder value through a well-defined business strategy that incorporates the following elements : · leasing and managing our shopping centers to increase occupancy , maximize rental income , and control operating expenses and capital expenditures ; · redeveloping our centers to increase gross leasable area , reconfigure space for credit tenants , create outparcels , sell excess land , and generally make the centers more desirable for our tenants and their shoppers ; · acquiring new shopping centers that are located in targeted metropolitan markets and that provide opportunities to add value through intensive leasing , management , or redevelopment ; · developing our land held for development into income-producing investment property , subject to market demand , availability of capital and adequate returns on our incremental capital ; · selling non-core shopping centers and redeploying the proceeds into investments that meet our criteria ; · selling available-for-sale land parcels and using the proceeds to pay down debt or reinvest in our business ; · maintaining a strong and flexible balance sheet by capitalizing our company with a moderate ratio of debt to equity and by financing our investment activities with various forms and sources of capital ; and · managing our overall enterprise to create an efficient organization with a strong corporate culture and transparent disclosure for all stakeholders . 23 the economic performance and value of our shopping centers are dependent on various factors . the general economic environment in the united states and credit availability began to see improvement during 2011 but continued high unemployment and the slower rate of growth may affect our tenant 's abilities to pay base rent , percentage rent or other charges , which may adversely affect our financial condition and results of operations . further , our ability to re-lease vacant spaces may be negatively impacted by the slow national economic recovery . these factors may impact the valuation of certain long-lived or intangible assets that are subject to impairment testing , potentially resulting in impairment provisions which may be material to our financial condition or results of operations . while we believe the locations of our centers and our diverse tenant base should mitigate the negative impact of the economic environment , we may experience an increase in vacancy that will have a negative impact on our revenue and bad debt expense . we continue to monitor our tenants ' operating performance as well as trends in the retail industry to evaluate any future impact . significant operating , investing and financing transactions operating activity during 2011 , we improved our portfolio of shopping centers through aggressive leasing . specifically , we completed the following : · renewed 82 % of the leases that expired during the year , comprised of 233 renewal leases totaling 1.2 million square feet at an average base rent of $ 13.25 per square foot , a 1.5 % increase over the average expiring base rent ; · executed 152 new leases comprised of 0.9 million square feet at an average base rent of $ 12.20 per square foot . for new leases for space which had previously been leased on a comparable basis , the average base rent was $ 12.78 per square foot , a 10.5 % decrease over the prior rent period ; · reduced the number of vacant anchor spaces ( spaces ≥ 19,000 square feet ) from fifteen to eight ; and · reduced the number of anchor tenants that were lease obligated , but not in occupancy , from nine to six . also , during 2011 , we continued our strategy of redeveloping centers on a selective basis . in particular , we completed two redevelopment projects for which our proportionate share of costs was $ 15.6 million and commenced two redevelopment projects for which our proportionate share of cost to be $ 2.4 million . we expect to identify new redevelopment projects periodically provided such projects are driven by market demand and generate suitable returns on our investment . investment activity during 2011 , we entered st. louis , missouri , a new market for us , through the acquisition of two high-quality grocery-anchored shopping centers located in high-income trade areas for an aggregate investment of $ 77.3 million . specifically , we acquired : · town and country crossing , a 141,996 square foot grocery-anchored shopping center located in suburban st. louis , missouri for $ 37.9 million ; and · heritage place , a 269,254 square foot grocery-anchored shopping center located in suburban st. louis , missouri for $ 39.4 million . also during 2011 , we sold three shopping centers and three outparcels where we believed we had maximized value for aggregate net proceeds to us of $ 28.8 million . specifically , we sold : · a shopping center located in tamarac , florida for $ 15.0 million , resulting in a small loss while generating approximately $ 14.3 million in net cash proceeds ; · a shopping center located in lantana , florida for $ 16.9 million , resulting in a net gain of $ 6.2 million and generating $ 6.9 million in net proceeds ; · a shopping center located in taylors , south carolina for $ 4.3 million , resulting in a net gain of $ 1.0 million and generating $ 3.8 million in net proceeds ; and · three outparcels located in florida for an aggregate of approximately $ 4.0 million , resulting in a net gain of $ 2.4 million and generating $ 3.8 million in net proceeds . 24 financing activity during 2011 , we strengthened our capital structure by raising common and preferred equity , replacing short-term secured bank debt with longer-term unsecured bank debt , lengthening our debt maturities , and locking in interest rates for 5-7 years through interest rate swaps that qualify as cash flow hedges . story_separator_special_tag because we can influence but not make significant decisions without our partner 's approval these investments are accounted for under the equity method of accounting . we provide leasing , development , asset and property management services to these joint ventures for which we are paid fees . entities identified as variable interest entities are consolidated if we are determined to be the primary beneficiary of the partially owned real estate joint venture . refer to note 8 of the notes to the consolidated financial statements for further information . we review our equity investments in unconsolidated entities for impairment on a venture-by-venture basis whenever events of changes in circumstances indicate that the carrying value of the equity investment may not be recoverable . these changes in circumstances include , but are not limited to , declines in real estate values in general , increases in interest rates in general , or decreases in net operating income and occupancy of the properties held in the unconsolidated joint venture . in testing for impairment of equity investments in unconsolidated entities , we primarily use cash flow models , discount rates , and capitalization rates to estimate the fair values of properties held in joint ventures , and mark the debt of the joint ventures to market . determining whether an equity investment in an unconsolidated entity is impaired and , if so , the amount of the impairment requires considerable management judgment . changes to assumptions regarding cash flows , discount rates , or capitalization rates could be material to our consolidated financial statements . we record an impairment provision when it is determined that a decline in value is other than temporary . in 2011 , we recorded a non-cash impairment provision of $ 9.6 million resulting from other-than-temporary declines in the fair market value of various equity investments in unconsolidated joint ventures . refer to note 7 of the notes to the consolidated financial statements for further information . fair value measurements certain financial instruments , estimates and transactions are required to be calculated , reported and or recorded at fair value . the estimated fair values of such financial items , including , debt instruments , impairments , acquisitions and derivatives , have been determined using a market-based measurement . this measurement is determined based on the assumptions that management believes market participants would use in pricing an asset or liability . as a basis for considering market participant assumptions in fair value measurements , gaap establishes three fair value levels , based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value . the assessed inputs used in determining any fair value measurement could result in incorrect valuations that could be material to our consolidated financial statements . these levels are : level 1 valuation is based upon quoted prices for identical instruments traded in active markets . level 2 valuation is based upon quoted prices for similar instruments in active markets , quoted prices for identical or similar instruments in markets that are not active , and model-based valuation techniques for which all significant assumptions are observable in the market . level 3 valuation is generated from model-based techniques that use at least one significant assumption not observable in the market . these unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability . 28 we utilize fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures . derivative instruments ( interest rate swaps ) are recorded at fair value on a recurring basis . additionally , from time to time , we may be required to record certain assets , such as impaired real estate assets , at fair value on a nonrecurring basis . deferred charges debt financing costs are amortized primarily on a straight-line basis , which approximates the effective interest method , over the terms of the debt . lease costs represent the initial direct costs incurred in origination , negotiation and processing of a lease agreement . such costs include outside broker commissions , legal , and other independent third party costs , as well as salaries and benefits , travel , and other internal costs directly related to completing a lease and are amortized over the life of the lease on a straight-line basis . costs related to supervision , administration , unsuccessful originations efforts and other activities not directly related to the execution of leases are charged to expense as incurred . results of operations comparison of the year ended december 31 , 2011 to the year ended december 31 , 2010 the following summarizes certain line items from our audited statements of operations which we believe are important in understanding our operations and or those items that have significantly changed during the year ended december 31 , 2011 as compared to 2010 : replace_table_token_12_th nm - not meaningful total revenue increased $ 8.1 million , or 7.2 % , to $ 121.3 million for the year ended december 31 , 2011 from $ 113.2 million in 2010. the increase is primarily due to the following : · $ 7.0 million increase in minimum rent and tenant recovery income primarily related to our acquisitions in 2011 and 2010 ; and · $ 1.1 million increase in lease termination income . 29 recoverable operating expenses increased by $ 2.1 million , or 6.8 % , to $ 32.7 million in 2011 from $ 30.6 million in 2010 , primarily due to our acquisitions in 2011 and 2010. other non-recoverable operating expenses increased $ 0.5 million , or 17.3 % , to $ 3.7 million in 2011 from $ 3.2 million . the increase was primarily due to our acquisitions in 2010 and 2011. depreciation and amortization expense increased by $ 5.7 million , or 18.5 % , to $ 36.3 million in

debt the following financing activity occurred during 2011 : · a new seven-year $ 60.0 million unsecured term loan . the net proceeds were used to repay four property mortgages aggregating approximately $ 22.0 million and to repay the $ 33.0 million outstanding balance ( as of september 30 , 2011 ) on our unsecured revolving line of credit ; · closed a new $ 24.7 million mortgage secured by the jackson crossing shopping center in jackson , michigan . the mortgage bears a fixed rate of 5.8 % and matures in april 2018 ; · repaid in full the $ 30.0 million secured term loan facility from borrowings under our secured credit facility , and used net proceeds from our cumulative convertible perpetual preferred share offering to repay our $ 30.0 million secured bridge loan and reduce borrowings on our credit facility ; and · repaid three wholly owned property mortgages secured by our lakeshore marketplace , beacon square , and gaines marketplace shopping centers and three land loans totaling $ 38.6 million . additionally , a $ 9.1 million non-recourse mortgage note that was secured by our wholly-owned madison center property located in madison heights , michigan , was due may 1 , 2011. the note entered default status in may when we did not repay the note at maturity . on october 19 , 2011 we conveyed titled to and our interest in the madison center property to the lender and were released of our obligation . it is anticipated that funds borrowed under our credit facilities will be used for general corporate purposes , including working capital , capital expenditures , the repayment of indebtedness or other corporate activities . for further information on the credit facilities and other debt , refer to note 11 of the consolidated financial statements . at december 31 , 2011 , we had four interest rate swap agreements in effect for an aggregate notional amount of $ 135.0 million converting our floating rate corporate debt to fixed rate debt .


 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.
     ```debt the following financing activity occurred during 2011 : · a new seven-year $ 60.0 million unsecured term loan . the net proceeds were used to repay four property mortgages aggregating approximately $ 22.0 million and to repay the $ 33.0 million outstanding balance ( as of september 30 , 2011 ) on our unsecured revolving line of credit ; · closed a new $ 24.7 million mortgage secured by the jackson crossing shopping center in jackson , michigan . the mortgage bears a fixed rate of 5.8 % and matures in april 2018 ; · repaid in full the $ 30.0 million secured term loan facility from borrowings under our secured credit facility , and used net proceeds from our cumulative convertible perpetual preferred share offering to repay our $ 30.0 million secured bridge loan and reduce borrowings on our credit facility ; and · repaid three wholly owned property mortgages secured by our lakeshore marketplace , beacon square , and gaines marketplace shopping centers and three land loans totaling $ 38.6 million . additionally , a $ 9.1 million non-recourse mortgage note that was secured by our wholly-owned madison center property located in madison heights , michigan , was due may 1 , 2011. the note entered default status in may when we did not repay the note at maturity . on october 19 , 2011 we conveyed titled to and our interest in the madison center property to the lender and were released of our obligation . it is anticipated that funds borrowed under our credit facilities will be used for general corporate purposes , including working capital , capital expenditures , the repayment of indebtedness or other corporate activities . for further information on the credit facilities and other debt , refer to note 11 of the consolidated financial statements . at december 31 , 2011 , we had four interest rate swap agreements in effect for an aggregate notional amount of $ 135.0 million converting our floating rate corporate debt to fixed rate debt .
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 Suspicious Activity Report : we intend to maximize shareholder value through a well-defined business strategy that incorporates the following elements : · leasing and managing our shopping centers to increase occupancy , maximize rental income , and control operating expenses and capital expenditures ; · redeveloping our centers to increase gross leasable area , reconfigure space for credit tenants , create outparcels , sell excess land , and generally make the centers more desirable for our tenants and their shoppers ; · acquiring new shopping centers that are located in targeted metropolitan markets and that provide opportunities to add value through intensive leasing , management , or redevelopment ; · developing our land held for development into income-producing investment property , subject to market demand , availability of capital and adequate returns on our incremental capital ; · selling non-core shopping centers and redeploying the proceeds into investments that meet our criteria ; · selling available-for-sale land parcels and using the proceeds to pay down debt or reinvest in our business ; · maintaining a strong and flexible balance sheet by capitalizing our company with a moderate ratio of debt to equity and by financing our investment activities with various forms and sources of capital ; and · managing our overall enterprise to create an efficient organization with a strong corporate culture and transparent disclosure for all stakeholders . 23 the economic performance and value of our shopping centers are dependent on various factors . the general economic environment in the united states and credit availability began to see improvement during 2011 but continued high unemployment and the slower rate of growth may affect our tenant 's abilities to pay base rent , percentage rent or other charges , which may adversely affect our financial condition and results of operations . further , our ability to re-lease vacant spaces may be negatively impacted by the slow national economic recovery . these factors may impact the valuation of certain long-lived or intangible assets that are subject to impairment testing , potentially resulting in impairment provisions which may be material to our financial condition or results of operations . while we believe the locations of our centers and our diverse tenant base should mitigate the negative impact of the economic environment , we may experience an increase in vacancy that will have a negative impact on our revenue and bad debt expense . we continue to monitor our tenants ' operating performance as well as trends in the retail industry to evaluate any future impact . significant operating , investing and financing transactions operating activity during 2011 , we improved our portfolio of shopping centers through aggressive leasing . specifically , we completed the following : · renewed 82 % of the leases that expired during the year , comprised of 233 renewal leases totaling 1.2 million square feet at an average base rent of $ 13.25 per square foot , a 1.5 % increase over the average expiring base rent ; · executed 152 new leases comprised of 0.9 million square feet at an average base rent of $ 12.20 per square foot . for new leases for space which had previously been leased on a comparable basis , the average base rent was $ 12.78 per square foot , a 10.5 % decrease over the prior rent period ; · reduced the number of vacant anchor spaces ( spaces ≥ 19,000 square feet ) from fifteen to eight ; and · reduced the number of anchor tenants that were lease obligated , but not in occupancy , from nine to six . also , during 2011 , we continued our strategy of redeveloping centers on a selective basis . in particular , we completed two redevelopment projects for which our proportionate share of costs was $ 15.6 million and commenced two redevelopment projects for which our proportionate share of cost to be $ 2.4 million . we expect to identify new redevelopment projects periodically provided such projects are driven by market demand and generate suitable returns on our investment . investment activity during 2011 , we entered st. louis , missouri , a new market for us , through the acquisition of two high-quality grocery-anchored shopping centers located in high-income trade areas for an aggregate investment of $ 77.3 million . specifically , we acquired : · town and country crossing , a 141,996 square foot grocery-anchored shopping center located in suburban st. louis , missouri for $ 37.9 million ; and · heritage place , a 269,254 square foot grocery-anchored shopping center located in suburban st. louis , missouri for $ 39.4 million . also during 2011 , we sold three shopping centers and three outparcels where we believed we had maximized value for aggregate net proceeds to us of $ 28.8 million . specifically , we sold : · a shopping center located in tamarac , florida for $ 15.0 million , resulting in a small loss while generating approximately $ 14.3 million in net cash proceeds ; · a shopping center located in lantana , florida for $ 16.9 million , resulting in a net gain of $ 6.2 million and generating $ 6.9 million in net proceeds ; · a shopping center located in taylors , south carolina for $ 4.3 million , resulting in a net gain of $ 1.0 million and generating $ 3.8 million in net proceeds ; and · three outparcels located in florida for an aggregate of approximately $ 4.0 million , resulting in a net gain of $ 2.4 million and generating $ 3.8 million in net proceeds . 24 financing activity during 2011 , we strengthened our capital structure by raising common and preferred equity , replacing short-term secured bank debt with longer-term unsecured bank debt , lengthening our debt maturities , and locking in interest rates for 5-7 years through interest rate swaps that qualify as cash flow hedges . story_separator_special_tag because we can influence but not make significant decisions without our partner 's approval these investments are accounted for under the equity method of accounting . we provide leasing , development , asset and property management services to these joint ventures for which we are paid fees . entities identified as variable interest entities are consolidated if we are determined to be the primary beneficiary of the partially owned real estate joint venture . refer to note 8 of the notes to the consolidated financial statements for further information . we review our equity investments in unconsolidated entities for impairment on a venture-by-venture basis whenever events of changes in circumstances indicate that the carrying value of the equity investment may not be recoverable . these changes in circumstances include , but are not limited to , declines in real estate values in general , increases in interest rates in general , or decreases in net operating income and occupancy of the properties held in the unconsolidated joint venture . in testing for impairment of equity investments in unconsolidated entities , we primarily use cash flow models , discount rates , and capitalization rates to estimate the fair values of properties held in joint ventures , and mark the debt of the joint ventures to market . determining whether an equity investment in an unconsolidated entity is impaired and , if so , the amount of the impairment requires considerable management judgment . changes to assumptions regarding cash flows , discount rates , or capitalization rates could be material to our consolidated financial statements . we record an impairment provision when it is determined that a decline in value is other than temporary . in 2011 , we recorded a non-cash impairment provision of $ 9.6 million resulting from other-than-temporary declines in the fair market value of various equity investments in unconsolidated joint ventures . refer to note 7 of the notes to the consolidated financial statements for further information . fair value measurements certain financial instruments , estimates and transactions are required to be calculated , reported and or recorded at fair value . the estimated fair values of such financial items , including , debt instruments , impairments , acquisitions and derivatives , have been determined using a market-based measurement . this measurement is determined based on the assumptions that management believes market participants would use in pricing an asset or liability . as a basis for considering market participant assumptions in fair value measurements , gaap establishes three fair value levels , based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value . the assessed inputs used in determining any fair value measurement could result in incorrect valuations that could be material to our consolidated financial statements . these levels are : level 1 valuation is based upon quoted prices for identical instruments traded in active markets . level 2 valuation is based upon quoted prices for similar instruments in active markets , quoted prices for identical or similar instruments in markets that are not active , and model-based valuation techniques for which all significant assumptions are observable in the market . level 3 valuation is generated from model-based techniques that use at least one significant assumption not observable in the market . these unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability . 28 we utilize fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures . derivative instruments ( interest rate swaps ) are recorded at fair value on a recurring basis . additionally , from time to time , we may be required to record certain assets , such as impaired real estate assets , at fair value on a nonrecurring basis . deferred charges debt financing costs are amortized primarily on a straight-line basis , which approximates the effective interest method , over the terms of the debt . lease costs represent the initial direct costs incurred in origination , negotiation and processing of a lease agreement . such costs include outside broker commissions , legal , and other independent third party costs , as well as salaries and benefits , travel , and other internal costs directly related to completing a lease and are amortized over the life of the lease on a straight-line basis . costs related to supervision , administration , unsuccessful originations efforts and other activities not directly related to the execution of leases are charged to expense as incurred . results of operations comparison of the year ended december 31 , 2011 to the year ended december 31 , 2010 the following summarizes certain line items from our audited statements of operations which we believe are important in understanding our operations and or those items that have significantly changed during the year ended december 31 , 2011 as compared to 2010 : replace_table_token_12_th nm - not meaningful total revenue increased $ 8.1 million , or 7.2 % , to $ 121.3 million for the year ended december 31 , 2011 from $ 113.2 million in 2010. the increase is primarily due to the following : · $ 7.0 million increase in minimum rent and tenant recovery income primarily related to our acquisitions in 2011 and 2010 ; and · $ 1.1 million increase in lease termination income . 29 recoverable operating expenses increased by $ 2.1 million , or 6.8 % , to $ 32.7 million in 2011 from $ 30.6 million in 2010 , primarily due to our acquisitions in 2011 and 2010. other non-recoverable operating expenses increased $ 0.5 million , or 17.3 % , to $ 3.7 million in 2011 from $ 3.2 million . the increase was primarily due to our acquisitions in 2010 and 2011. depreciation and amortization expense increased by $ 5.7 million , or 18.5 % , to $ 36.3 million in

