credit conditions have continued to improve with increased access and availability to secured mortgage debt and the unsecured bond and equity markets . lending institutions continue to maintain tighter credit standards for individual and small business lending , making it difficult for individuals and local retailers ( including our tenants ) to obtain financing . in addition , continued depression of home values has caused individuals to utilize home equity as a source of funding for small businesses . this shortage of financing has caused , among other things , some consumers to have less disposable income available for retail spending . the shortage of financing has also made it difficult for some of our tenants to obtain capital to operate their businesses . · lower home values and increased home foreclosures : the decline in u.s. home values started to level out in 2011 , but difficult economic conditions have also contributed to a record number of home foreclosures . the u.s. continues to experience historically high levels of delinquencies and foreclosures . · continued high unemployment rates : the u.s. unemployment rate has declined in recent months ( to 8.3 % in january 2012 ) but continues to be higher than historical levels . continued high unemployment rates could cause further decreases in consumer spending , thereby negatively affecting the businesses of our retail tenants . we continue to focus on markets where household income within a five mile radius of our properties is higher than statewide levels . as an example , the average household income within a five mile radius of our indiana properties is approximately $ 89,000 compared to a statewide average of approximately $ 71,000. during 2011 , job growth and consumer spending improved somewhat from historically low levels experienced during the recent recession . in addition , some retailers reported improving same store sale results during the holiday season . however , it is uncertain if these improvements will continue , level off or reverse themselves . lower consumer spending has a negative impact on the businesses of our retail tenants . while we did experience strong leasing activity in 2011 , to the extent these conditions persist or deteriorate further , our tenants may be required to curtail or cease their operations , which could materially and negatively affect our business in general and our cash flow in particular . impact of economy on reits , including us as an owner and developer of community and neighborhood shopping centers , our operating and financial performance is directly affected by economic conditions in the retail sector of those markets in which our operating centers and development properties are located , including the states of indiana , florida and texas , where the majority of our operating properties are located , and in north carolina , where a significant portion of our development projects are located . as discussed above , due to the challenges facing u.s. consumers , the operations of many of our retail tenants could be negatively affected . this could in turn have a negative impact on our business based on , but not limited to , the following : 42 · difficulty in collecting rent ; rent adjustments . when consumers spend less , our tenants typically experience decreased revenues and cash flows . this makes it more difficult for some of our local and regional tenants to pay their rent obligations , which is the primary source of our revenues . our tenants ' decreased cash flows may be even more pronounced if , given the tight credit markets , they are unable to obtain financing to operate their businesses . the number of tenants requesting decreases or deferrals in their rent obligations declined in 2011 in comparison to 2010 and 2009 ; however , there can be no assurance that this trend will continue . if granted , such decreases or deferrals negatively affect our cash flows . · termination of leases . if our tenants find it difficult to meet their rental obligations , they may be forced to terminate their leases with us . during 2011 , tenants at some of our properties terminated their leases with us . in some cases , we were able to secure replacement tenants at rental rates comparable to or greater than the rates of the terminated tenants . · tenant bankruptcies . the number of bankruptcies by u.s. businesses has decreased from the historically high levels experienced during recent years . while we have seen a decrease over the past year in tenant bankruptcies , we have continued to experience bankruptcy levels higher than our historically normal levels , a trend which may continue into the foreseeable future . for example , sears holdings , which leases 111,000 square feet at sunland town center in texas and accounts for 1.1 % of annualized base rent , has recently announced it is closing 100 stores . the store at our center is not among those identified by sears ; however , there is no assurance that this will continue to be the case in the future . as of january 31 , 2012 , this tenant was current on its rent payments . · decrease in demand for retail space . demand for retail space at our shopping centers and at our in-process developments continued to improve in 2011 , most notably from national and regional retailers . demand from local , small shop merchants has remained soft , reflecting the difficulty such potential tenants have securing financing for working capital and expansion plans . while our leasing activity remained high and the overall leased percentage of our retail shopping centers increased in 2011 overall demand for retail space may not continue and may decline in the future until financial markets , consumer confidence , and the economy stabilize for an extended period of time . story_separator_special_tag comparison of operating results for the years ended december 31 , 2011 and 2010 the following table reflects income statement line items from our consolidated statements of operations for the years ended december 31 , 2011 and 2010 : 50 replace_table_token_24_th rental income ( including tenant reimbursements ) increased between years by $ 7.8 million , or 8.7 % , due to the following : replace_table_token_25_th excluding the changes due to transitioned development properties , acquired properties , and the properties under redevelopment , the net $ 3.1 million increase in rental income for our properties was primarily related to the following : · $ 1.4 million increase in base rental revenue due to improved occupancy levels at operating properties along with improved rent spreads on new and renewal leases . in addition , to the increased rent payments from these new and existing tenants , these commencements met co-tenancy requirements at two operating properties , favorably impacting billable rents to other tenants ; and 51 · $ 1.7 million increase in recovery income due to increase in recoverable expenses of $ 1.7 million along with improvement in recovery rates due to improved occupancy levels . for the overall portfolio , the gross recovery ratio improved from 71.8 % in 2010 to 74.3 % in 2011 , primarily due to the improved occupancy level of the operating portfolio . the gross recovery ratio is computed by dividing tenant reimbursements by the sum of recoverable property operating expense and real estate tax expense . other property related revenue primarily consists of parking revenues , percentage rent , lease settlement income and gains from land sales . this revenue decreased $ 0.8 million , or 16 % , primarily as a result of lower gains on land sales of $ 2.4 million due to lower volume of residential land sales at eddy street commons in 2011 and no retail outlot sales in 2011 as compared to three outlot sales in 2010. this decrease was partially offset by an increase in termination fees of $ 0.7 million and insurance recovery income of $ 0.7 million . the majority of the termination fee relates to the previous tenant at oleander pointe . construction revenue and service fees decreased by $ 6.5 million , or 95 % , as a result of a decline in third party construction contracts and construction management fees due to our strategic decision to reduce third party construction activity . property operating expenses increased between years by $ 0.9 million , or 5.2 % , due to the following : replace_table_token_26_th excluding the changes due to transitioned development properties , acquired properties , and the properties under redevelopment , the net $ 0.2 million decrease in property operating expenses for our properties was primarily due to the following : · $ 0.2 million net decrease in bad debt expense at a number of our operating properties reflecting a general recovery in the economic condition of our tenants ; · $ 0.2 million decrease in snow removal costs offset by $ 0.1 million increases in repairs and maintenance and $ 0.1 million increase in landscaping costs ; and · the change in other categories of expense were not individually significant . real estate taxes increased $ 1.8 million , or 14.8 % , due to the following : replace_table_token_27_th 52 excluding the changes due to transitioned development properties , acquired properties , and the properties under redevelopment , the net $ 1.0 million increase in real estate taxes for our properties was primarily due to increased assessments of the taxable value at a number of our operating properties . the majority of the increases and decreases in our real estate tax expense from increased assessments and subsequent appeals is recoverable from ( or reimbursable to ) tenants and , therefore , reflected in tenant reimbursement revenue . cost of construction and services decreased $ 5.8 million , or 95 % , as a result of a decline in third party construction contracts and construction management fees due to our strategic decision to reduce third party construction activity . general , administrative and other expenses increased $ 0.9 million , or 17 % , due to an increase in personnel-related expenses along with an increase in other public company related costs . depreciation and amortization expense decreased $ 3.7 million , or 9 % , due to the following : replace_table_token_28_th accelerated depreciation and amortization expense of $ 5.7 million was recorded in the prior year due to the commencement of redevelopment at rivers edge and coral springs plaza . redevelopment plans for these properties were finalized during the second quarter of 2010 , resulting in a reduction of useful lives of certain assets that were scheduled to be demolished . these decreases in depreciation and amortization were partially offset by an increase of $ 2.0 million related to acquired properties , transition of development properties to the operating portfolio , and timing of lease commencement at fully operational properties . of this $ 2.0 million , $ 1.5 million was due to accelerated depreciation on the redevelopment of oleander pointe that commenced in the second quarter of 2011. interest expense decreased $ 3.2 million , or 11 % . this decrease was primarily due to reduction of indebtedness from the proceeds of our december 2010 preferred stock issuance . this decrease was partially offset by a higher interest rate on the company 's line of credit and increased amortization of deferred financing fees related to current year borrowings and the company 's objective of terming out debt on recently completed projects . income tax benefit ( expense ) of our taxable reit subsidiary changed from an expense of $ 266,000 in 2010 to a benefit of $ 1,000 in 2011. the 2010 expense was due to income to our taxable reit subsidiary related to the sale of residential assets at the eddy street commons development in 2010. the slight benefit in

primarily debt 52,000 lithia crossing tampa , fl june 2011 13.3 primarily debt 81,504 1 this property was purchased with the intent to redevelop ; therefore , it is included in our redevelopment activities , as discussed below . however , for purposes of the comparison of operating results , this property is classified as property acquired during 2011 in the comparison of operating results tables below . 2 upon completion of redevelopment activities , the owned gla is expected to be 43,800 square feet . operating property disposition activities during the year ended december 31 , 2011 , we sold the operating properties listed in the table below . we did not sell any operating properties in the years ended december 31 , 2010 and 2009. however , in 2009 , we conveyed the title on the galleria plaza operating property in dallas , texas to the ground lessor and recognized a non-cash impairment charge of $ 5.4 million . the operating results of galleria plaza are reflected as discontinued operations in the accompanying consolidated statements of operations . 47 property name msa disposition date owned gla martinsville shops 1 indianapolis , in december 2011 10,886 eddy street commons limited service hotel 2 south bend , in november 2011 n/a 1 we realized net proceeds of $ 1.5 million from the sale of this property and recognized a loss on the sale of $ 0.4 million . the majority of the net proceeds from the sale of this property were used to pay down borrowings under our unsecured revolving credit facility . 2 we held a 50 % interest in this unconsolidated joint venture . in november 2011 , the joint venture sold this property for $ 17.5 million , resulting in a total gain on sale of $ 8.3 million . a portion of the net proceeds from the sale of this property were utilized to retire the $ 9.5 million construction loan , and the remaining proceeds were distributed to the partners . we used our share of the net proceeds to pay down borrowings under our unsecured revolving credit facility .


 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.
     ```primarily debt 52,000 lithia crossing tampa , fl june 2011 13.3 primarily debt 81,504 1 this property was purchased with the intent to redevelop ; therefore , it is included in our redevelopment activities , as discussed below . however , for purposes of the comparison of operating results , this property is classified as property acquired during 2011 in the comparison of operating results tables below . 2 upon completion of redevelopment activities , the owned gla is expected to be 43,800 square feet . operating property disposition activities during the year ended december 31 , 2011 , we sold the operating properties listed in the table below . we did not sell any operating properties in the years ended december 31 , 2010 and 2009. however , in 2009 , we conveyed the title on the galleria plaza operating property in dallas , texas to the ground lessor and recognized a non-cash impairment charge of $ 5.4 million . the operating results of galleria plaza are reflected as discontinued operations in the accompanying consolidated statements of operations . 47 property name msa disposition date owned gla martinsville shops 1 indianapolis , in december 2011 10,886 eddy street commons limited service hotel 2 south bend , in november 2011 n/a 1 we realized net proceeds of $ 1.5 million from the sale of this property and recognized a loss on the sale of $ 0.4 million . the majority of the net proceeds from the sale of this property were used to pay down borrowings under our unsecured revolving credit facility . 2 we held a 50 % interest in this unconsolidated joint venture . in november 2011 , the joint venture sold this property for $ 17.5 million , resulting in a total gain on sale of $ 8.3 million . a portion of the net proceeds from the sale of this property were utilized to retire the $ 9.5 million construction loan , and the remaining proceeds were distributed to the partners . we used our share of the net proceeds to pay down borrowings under our unsecured revolving credit facility .
```    
 Suspicious Activity Report : credit conditions have continued to improve with increased access and availability to secured mortgage debt and the unsecured bond and equity markets . lending institutions continue to maintain tighter credit standards for individual and small business lending , making it difficult for individuals and local retailers ( including our tenants ) to obtain financing . in addition , continued depression of home values has caused individuals to utilize home equity as a source of funding for small businesses . this shortage of financing has caused , among other things , some consumers to have less disposable income available for retail spending . the shortage of financing has also made it difficult for some of our tenants to obtain capital to operate their businesses . · lower home values and increased home foreclosures : the decline in u.s. home values started to level out in 2011 , but difficult economic conditions have also contributed to a record number of home foreclosures . the u.s. continues to experience historically high levels of delinquencies and foreclosures . · continued high unemployment rates : the u.s. unemployment rate has declined in recent months ( to 8.3 % in january 2012 ) but continues to be higher than historical levels . continued high unemployment rates could cause further decreases in consumer spending , thereby negatively affecting the businesses of our retail tenants . we continue to focus on markets where household income within a five mile radius of our properties is higher than statewide levels . as an example , the average household income within a five mile radius of our indiana properties is approximately $ 89,000 compared to a statewide average of approximately $ 71,000. during 2011 , job growth and consumer spending improved somewhat from historically low levels experienced during the recent recession . in addition , some retailers reported improving same store sale results during the holiday season . however , it is uncertain if these improvements will continue , level off or reverse themselves . lower consumer spending has a negative impact on the businesses of our retail tenants . while we did experience strong leasing activity in 2011 , to the extent these conditions persist or deteriorate further , our tenants may be required to curtail or cease their operations , which could materially and negatively affect our business in general and our cash flow in particular . impact of economy on reits , including us as an owner and developer of community and neighborhood shopping centers , our operating and financial performance is directly affected by economic conditions in the retail sector of those markets in which our operating centers and development properties are located , including the states of indiana , florida and texas , where the majority of our operating properties are located , and in north carolina , where a significant portion of our development projects are located . as discussed above , due to the challenges facing u.s. consumers , the operations of many of our retail tenants could be negatively affected . this could in turn have a negative impact on our business based on , but not limited to , the following : 42 · difficulty in collecting rent ; rent adjustments . when consumers spend less , our tenants typically experience decreased revenues and cash flows . this makes it more difficult for some of our local and regional tenants to pay their rent obligations , which is the primary source of our revenues . our tenants ' decreased cash flows may be even more pronounced if , given the tight credit markets , they are unable to obtain financing to operate their businesses . the number of tenants requesting decreases or deferrals in their rent obligations declined in 2011 in comparison to 2010 and 2009 ; however , there can be no assurance that this trend will continue . if granted , such decreases or deferrals negatively affect our cash flows . · termination of leases . if our tenants find it difficult to meet their rental obligations , they may be forced to terminate their leases with us . during 2011 , tenants at some of our properties terminated their leases with us . in some cases , we were able to secure replacement tenants at rental rates comparable to or greater than the rates of the terminated tenants . · tenant bankruptcies . the number of bankruptcies by u.s. businesses has decreased from the historically high levels experienced during recent years . while we have seen a decrease over the past year in tenant bankruptcies , we have continued to experience bankruptcy levels higher than our historically normal levels , a trend which may continue into the foreseeable future . for example , sears holdings , which leases 111,000 square feet at sunland town center in texas and accounts for 1.1 % of annualized base rent , has recently announced it is closing 100 stores . the store at our center is not among those identified by sears ; however , there is no assurance that this will continue to be the case in the future . as of january 31 , 2012 , this tenant was current on its rent payments . · decrease in demand for retail space . demand for retail space at our shopping centers and at our in-process developments continued to improve in 2011 , most notably from national and regional retailers . demand from local , small shop merchants has remained soft , reflecting the difficulty such potential tenants have securing financing for working capital and expansion plans . while our leasing activity remained high and the overall leased percentage of our retail shopping centers increased in 2011 overall demand for retail space may not continue and may decline in the future until financial markets , consumer confidence , and the economy stabilize for an extended period of time . story_separator_special_tag comparison of operating results for the years ended december 31 , 2011 and 2010 the following table reflects income statement line items from our consolidated statements of operations for the years ended december 31 , 2011 and 2010 : 50 replace_table_token_24_th rental income ( including tenant reimbursements ) increased between years by $ 7.8 million , or 8.7 % , due to the following : replace_table_token_25_th excluding the changes due to transitioned development properties , acquired properties , and the properties under redevelopment , the net $ 3.1 million increase in rental income for our properties was primarily related to the following : · $ 1.4 million increase in base rental revenue due to improved occupancy levels at operating properties along with improved rent spreads on new and renewal leases . in addition , to the increased rent payments from these new and existing tenants , these commencements met co-tenancy requirements at two operating properties , favorably impacting billable rents to other tenants ; and 51 · $ 1.7 million increase in recovery income due to increase in recoverable expenses of $ 1.7 million along with improvement in recovery rates due to improved occupancy levels . for the overall portfolio , the gross recovery ratio improved from 71.8 % in 2010 to 74.3 % in 2011 , primarily due to the improved occupancy level of the operating portfolio . the gross recovery ratio is computed by dividing tenant reimbursements by the sum of recoverable property operating expense and real estate tax expense . other property related revenue primarily consists of parking revenues , percentage rent , lease settlement income and gains from land sales . this revenue decreased $ 0.8 million , or 16 % , primarily as a result of lower gains on land sales of $ 2.4 million due to lower volume of residential land sales at eddy street commons in 2011 and no retail outlot sales in 2011 as compared to three outlot sales in 2010. this decrease was partially offset by an increase in termination fees of $ 0.7 million and insurance recovery income of $ 0.7 million . the majority of the termination fee relates to the previous tenant at oleander pointe . construction revenue and service fees decreased by $ 6.5 million , or 95 % , as a result of a decline in third party construction contracts and construction management fees due to our strategic decision to reduce third party construction activity . property operating expenses increased between years by $ 0.9 million , or 5.2 % , due to the following : replace_table_token_26_th excluding the changes due to transitioned development properties , acquired properties , and the properties under redevelopment , the net $ 0.2 million decrease in property operating expenses for our properties was primarily due to the following : · $ 0.2 million net decrease in bad debt expense at a number of our operating properties reflecting a general recovery in the economic condition of our tenants ; · $ 0.2 million decrease in snow removal costs offset by $ 0.1 million increases in repairs and maintenance and $ 0.1 million increase in landscaping costs ; and · the change in other categories of expense were not individually significant . real estate taxes increased $ 1.8 million , or 14.8 % , due to the following : replace_table_token_27_th 52 excluding the changes due to transitioned development properties , acquired properties , and the properties under redevelopment , the net $ 1.0 million increase in real estate taxes for our properties was primarily due to increased assessments of the taxable value at a number of our operating properties . the majority of the increases and decreases in our real estate tax expense from increased assessments and subsequent appeals is recoverable from ( or reimbursable to ) tenants and , therefore , reflected in tenant reimbursement revenue . cost of construction and services decreased $ 5.8 million , or 95 % , as a result of a decline in third party construction contracts and construction management fees due to our strategic decision to reduce third party construction activity . general , administrative and other expenses increased $ 0.9 million , or 17 % , due to an increase in personnel-related expenses along with an increase in other public company related costs . depreciation and amortization expense decreased $ 3.7 million , or 9 % , due to the following : replace_table_token_28_th accelerated depreciation and amortization expense of $ 5.7 million was recorded in the prior year due to the commencement of redevelopment at rivers edge and coral springs plaza . redevelopment plans for these properties were finalized during the second quarter of 2010 , resulting in a reduction of useful lives of certain assets that were scheduled to be demolished . these decreases in depreciation and amortization were partially offset by an increase of $ 2.0 million related to acquired properties , transition of development properties to the operating portfolio , and timing of lease commencement at fully operational properties . of this $ 2.0 million , $ 1.5 million was due to accelerated depreciation on the redevelopment of oleander pointe that commenced in the second quarter of 2011. interest expense decreased $ 3.2 million , or 11 % . this decrease was primarily due to reduction of indebtedness from the proceeds of our december 2010 preferred stock issuance . this decrease was partially offset by a higher interest rate on the company 's line of credit and increased amortization of deferred financing fees related to current year borrowings and the company 's objective of terming out debt on recently completed projects . income tax benefit ( expense ) of our taxable reit subsidiary changed from an expense of $ 266,000 in 2010 to a benefit of $ 1,000 in 2011. the 2010 expense was due to income to our taxable reit subsidiary related to the sale of residential assets at the eddy street commons development in 2010. the slight benefit in

