any income earned by our taxable reit subsidiaries will not be included in our taxable income for purposes of the 75 % or 95 % gross income tests , except to the extent such income is distributed to us as a dividend , in which case such dividend income will qualify under the 95 % , but not the 75 % , gross income test . because a taxable reit subsidiary is subject to federal income tax , and state and local income tax ( where applicable ) as a regular corporation , the income earned by our taxable reit subsidiaries generally will be subject to an additional level of tax as compared to the income earned by our other subsidiaries . outlook we seek growth in earnings , funds from operations , and cash flows primarily through a combination of the following : growth in our same-store portfolio , growth in our portfolio from property development and redevelopments and expansion of our portfolio through property acquisitions . our properties are located in some of the nation 's most dynamic , high-barrier-to-entry markets primarily in southern california , northern california , oregon , washington and hawaii , which we believe allow us to take advantage of redevelopment opportunities that enhance our operating performance through renovation , expansion , reconfiguration , and or retenanting . we evaluate our properties on an ongoing basis to identify these types of opportunities . our new development at torrey point ( previously sorrento pointe ) is close in proximity to torrey reserve campus . groundbreaking on torrey point occurred in july 2015 with development plans including two class a office buildings of approximately 88,000 square feet in the aggregate , with panoramic unobstructed views of the torrey pines state park beach , torrey reserve and the pacific ocean . projected costs of the development at torrey point are approximately $ 53 million , of which approximately $ 12 million has been incurred to date . we expect to incur the remaining costs for development of torrey point in 2016 and 2017. we expect the torrey point development to be stabilized in 2018 with an estimated stabilized cash yield of approximately 7.54 % to 8.55 % . we intend to opportunistically pursue other projects in our development pipeline including future phases of lloyd district portfolio , solana beach - highway 101 , as well as other redevelopments at solana beach corporate centre and lomas santa fe plaza . the commencement of these developments is based on , among other things , market conditions and our evaluation of 38 whether such opportunities would generate appropriate risk adjusted financial returns . our redevelopment and development opportunities are subject to various factors , including market conditions and may not ultimately come to fruition . we continue to review acquisition opportunities in our primary markets that would complement our portfolio and provide long-term growth opportunities . some of our acquisitions do not initially contribute significantly to earnings growth ; however , we believe they provide long-term re-leasing growth , redevelopment opportunities and other strategic opportunities . any growth from acquisitions is contingent on our ability to find properties that meet our qualitative standards at prices that meet our financial hurdles . changes in interest rates may affect our success in achieving earnings growth through acquisitions by affecting both the price that must be paid to acquire a property , as well as our ability to economically finance a property acquisition . generally , our acquisitions are initially financed by available cash , mortgage loans and or borrowings under our amended and restated credit facility , which may be repaid later with funds raised through the issuance of new equity or new long-term debt . same-store we have provided certain information on a total portfolio , same-store and redevelopment same-store basis . information provided on a same-store basis includes the results of properties that we owned and operated for the entirety of both periods being compared except for properties for which significant redevelopment or expansion occurred during either of the periods being compared , properties under development , properties classified as held for development and properties classified as discontinued operations . information provided on a redevelopment same-store basis includes the results of properties undergoing significant redevelopment for the entirety or portion of both periods being compared . same-store and redevelopment same-store is considered by management to be an important measure because it assists in eliminating disparities due to the development , acquisition or disposition of properties during the particular period presented , and thus provides a more consistent performance measure for the comparison of the company 's stabilized and redevelopment properties , as applicable . additionally , redevelopment same-store is considered by management to be an important measure because it assists in evaluating the timing of the start and stabilization of our redevelopment opportunities and the impact that these redevelopments have in enhancing our operating performance . while there is judgment surrounding changes in designations , we typically reclassify significant development , redevelopment or expansion properties to same-store properties once they are stabilized . properties are deemed stabilized typically at the earlier of ( 1 ) reaching 90 % occupancy or ( 2 ) four quarters following a property 's inclusion in operating real estate . we typically remove properties from same-store properties when the development , redevelopment or expansion has or is expected to have a significant impact on the property 's annualized base rent , occupancy and operating income within the calendar year . acquired properties are classified to same-store properties once we have owned such properties for the entirety of comparable period ( s ) and the properties are not under significant development or expansion . in our determination of same-store and redevelopment same-store properties , lloyd district portfolio and torrey reserve campus have been identified as redevelopment same-store properties due to the significant construction activity noted above . story_separator_special_tag with respect to the allowance for current uncollectible tenant receivables , we assess the collectability of outstanding receivables by evaluating such factors as nature and age of the receivable , past history and current financial condition of the specific tenant including our assessment of the tenant 's ability to meet its contractual lease obligations , and the status of any pending disputes or lease negotiations with the tenant . a change in the estimate of collectability of a receivable would result in a change to our allowance for doubtful accounts and corresponding bad debt expense and net income . 42 additionally , our assessment of our tenants ' abilities to meet their contractual lease obligations includes consideration of the status of collectability of current cash rents receivable , tenants ' recent and historical financial and operating results , changes in our tenants ' credit ratings , communications between our operating personnel and tenants and the extent of security deposits and letters of credits held with respect to tenants . due to the nature of the accounts receivable from straight-line rents , the collection period of these amounts typically extends beyond one year . our experience relative to unbilled straight-line rents is that a portion of the amounts otherwise recognizable as revenue is never billed to or collected from tenants due to early lease terminations , lease modifications , bankruptcies and other factors . accordingly , the extended collection period for straight-line rents along with our evaluation of tenant credit risk may result in the nonrecognition of a portion of straight-line rental income until the collection of such income is reasonably assured . if our evaluation of tenant credit risk changes indicating more straight-line revenue is reasonably collectible than previously estimated and realized , the additional straight-line rental income is recognized as revenue . if our evaluation of tenant credit risk changes indicating a portion of realized straight-line rental income is no longer collectible , a reserve and bad debt expense is recorded . correspondingly , these estimates of collectability have a direct impact on our net income . real estate depreciation and maintenance costs relating to our properties constitute substantial costs for us . land , buildings and improvements are recorded at cost . depreciation is computed using the straight-line method . estimated useful lives range generally from 30 years to a maximum of 40 years on buildings and major improvements . minor improvements , furniture and equipment are capitalized and depreciated over useful lives ranging from 3 to 15 years . maintenance and repairs that do not improve or extend the useful lives of the related assets are charged to operations as incurred . tenant improvements are capitalized and depreciated over the life of the related lease or their estimated useful life , whichever is shorter . if a tenant vacates its space prior to contractual termination of its lease , the undepreciated balance of any tenant improvements are written off if they are replaced or have no future value . our estimates of useful lives have a direct impact on our net income . if expected useful lives of our real estate assets were shortened , we would depreciate the assets over a shorter time period , resulting in an increase to depreciation expense and a corresponding decrease to net income on an annual basis . acquisitions of properties are accounted for in accordance with the authoritative accounting guidance on acquisitions and business combinations . our methodology of allocating the cost of acquisitions to assets acquired and liabilities assumed is based on estimated fair values , replacement cost and appraised values . when we acquire operating real estate properties , the purchase price is allocated to land and buildings , intangibles such as in-place leases , and to current assets and liabilities acquired , if any . such valuations include a consideration of the noncancelable terms of the respective leases as well as any applicable renewal period ( s ) . the fair values associated with below market renewal options are determined based on a review of several qualitative and quantitative factors on a lease-by-lease basis at acquisition to determine whether it is probable that the tenant would exercise its option to renew the lease agreement . these factors include : ( 1 ) the type of tenant in relation to the property it occupies , ( 2 ) the quality of the tenant , including the tenant 's long term business prospects , and ( 3 ) whether the fixed rate renewal option was sufficiently lower than the fair rental of the property at the date the option becomes exercisable such that it would appear to be reasonably assured that the tenant would exercise the option to renew . each of these estimates requires a great deal of judgment , and some of the estimates involve complex calculations . these allocation assessments have a direct impact on our results of operations because if we were to allocate more value to land , there would be no depreciation with respect to such amount . if we were to allocate more value to the buildings , as opposed to allocating to the value of tenant leases , this amount would be recognized as an expense over a much longer period of time , since the amounts allocated to buildings are depreciated over the estimated lives of the buildings whereas amounts allocated to tenant leases are amortized over the remaining terms of the leases . the value allocated to in-place leases is amortized over the related lease term and reflected as depreciation and amortization in the statement of operations . the value of above and below market leases associated with the original noncancelable lease terms are amortized to rental income over the terms of the respective noncancelable lease periods and are reflected as either an increase ( for below market leases ) or a decrease ( for above market leases ) to rental income in the statement of operations .

cash flows comparison of the year ended december 31 , 2015 to the year ended december 31 , 2014 cash and cash equivalents were $ 39.9 million and $ 59.4 million at december 31 , 2015 and 2014 , respectively . net cash provided by operating activities increased $ 5.1 million to $ 110.7 million for the year ended december 31 , 2015 , compared to $ 105.6 million for the year ended december 31 , 2014 . the increase was primarily the result of an increase in cash net operating income from office and retail properties due to an increase in the percentage leased and a decrease in interest expense due to increased capitalized interest related to our development and redevelopment activities at torrey reserve campus , lloyd district portfolio and torrey point . net cash used in investing activities decreased $ 25.5 million to $ 127.3 million for the year ended december 31 , 2015 , compared to $ 152.8 million for the year ended december 31 , 2014 . this decrease was primarily attributable to a decrease in capital expenditures of our development and redevelopment activities at torrey reserve campus and lloyd district portfolio , which were completed in 2015 , and proceeds from the sale of rancho carmel plaza on august 6 , 2015. net cash used by financing activities was $ 2.9 million for the year ended december 31 , 2015 compared to net cash provided in financing activities of $ 57.6 million for the year ended december 31 , 2014 . the decrease in cash provided by financing activities is primarily due to repayment of our secured notes payable at the shops at kalakaua , the landmark at one market and del monte center , partially offset by proceeds from the issuance of senior guaranteed notes , series b and series c. the decrease is also attributed to less proceeds from the issuance of common stock under the atm equity program .


 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 year ended december 31 , 2015 to the year ended december 31 , 2014 cash and cash equivalents were $ 39.9 million and $ 59.4 million at december 31 , 2015 and 2014 , respectively . net cash provided by operating activities increased $ 5.1 million to $ 110.7 million for the year ended december 31 , 2015 , compared to $ 105.6 million for the year ended december 31 , 2014 . the increase was primarily the result of an increase in cash net operating income from office and retail properties due to an increase in the percentage leased and a decrease in interest expense due to increased capitalized interest related to our development and redevelopment activities at torrey reserve campus , lloyd district portfolio and torrey point . net cash used in investing activities decreased $ 25.5 million to $ 127.3 million for the year ended december 31 , 2015 , compared to $ 152.8 million for the year ended december 31 , 2014 . this decrease was primarily attributable to a decrease in capital expenditures of our development and redevelopment activities at torrey reserve campus and lloyd district portfolio , which were completed in 2015 , and proceeds from the sale of rancho carmel plaza on august 6 , 2015. net cash used by financing activities was $ 2.9 million for the year ended december 31 , 2015 compared to net cash provided in financing activities of $ 57.6 million for the year ended december 31 , 2014 . the decrease in cash provided by financing activities is primarily due to repayment of our secured notes payable at the shops at kalakaua , the landmark at one market and del monte center , partially offset by proceeds from the issuance of senior guaranteed notes , series b and series c. the decrease is also attributed to less proceeds from the issuance of common stock under the atm equity program .
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 Suspicious Activity Report : any income earned by our taxable reit subsidiaries will not be included in our taxable income for purposes of the 75 % or 95 % gross income tests , except to the extent such income is distributed to us as a dividend , in which case such dividend income will qualify under the 95 % , but not the 75 % , gross income test . because a taxable reit subsidiary is subject to federal income tax , and state and local income tax ( where applicable ) as a regular corporation , the income earned by our taxable reit subsidiaries generally will be subject to an additional level of tax as compared to the income earned by our other subsidiaries . outlook we seek growth in earnings , funds from operations , and cash flows primarily through a combination of the following : growth in our same-store portfolio , growth in our portfolio from property development and redevelopments and expansion of our portfolio through property acquisitions . our properties are located in some of the nation 's most dynamic , high-barrier-to-entry markets primarily in southern california , northern california , oregon , washington and hawaii , which we believe allow us to take advantage of redevelopment opportunities that enhance our operating performance through renovation , expansion , reconfiguration , and or retenanting . we evaluate our properties on an ongoing basis to identify these types of opportunities . our new development at torrey point ( previously sorrento pointe ) is close in proximity to torrey reserve campus . groundbreaking on torrey point occurred in july 2015 with development plans including two class a office buildings of approximately 88,000 square feet in the aggregate , with panoramic unobstructed views of the torrey pines state park beach , torrey reserve and the pacific ocean . projected costs of the development at torrey point are approximately $ 53 million , of which approximately $ 12 million has been incurred to date . we expect to incur the remaining costs for development of torrey point in 2016 and 2017. we expect the torrey point development to be stabilized in 2018 with an estimated stabilized cash yield of approximately 7.54 % to 8.55 % . we intend to opportunistically pursue other projects in our development pipeline including future phases of lloyd district portfolio , solana beach - highway 101 , as well as other redevelopments at solana beach corporate centre and lomas santa fe plaza . the commencement of these developments is based on , among other things , market conditions and our evaluation of 38 whether such opportunities would generate appropriate risk adjusted financial returns . our redevelopment and development opportunities are subject to various factors , including market conditions and may not ultimately come to fruition . we continue to review acquisition opportunities in our primary markets that would complement our portfolio and provide long-term growth opportunities . some of our acquisitions do not initially contribute significantly to earnings growth ; however , we believe they provide long-term re-leasing growth , redevelopment opportunities and other strategic opportunities . any growth from acquisitions is contingent on our ability to find properties that meet our qualitative standards at prices that meet our financial hurdles . changes in interest rates may affect our success in achieving earnings growth through acquisitions by affecting both the price that must be paid to acquire a property , as well as our ability to economically finance a property acquisition . generally , our acquisitions are initially financed by available cash , mortgage loans and or borrowings under our amended and restated credit facility , which may be repaid later with funds raised through the issuance of new equity or new long-term debt . same-store we have provided certain information on a total portfolio , same-store and redevelopment same-store basis . information provided on a same-store basis includes the results of properties that we owned and operated for the entirety of both periods being compared except for properties for which significant redevelopment or expansion occurred during either of the periods being compared , properties under development , properties classified as held for development and properties classified as discontinued operations . information provided on a redevelopment same-store basis includes the results of properties undergoing significant redevelopment for the entirety or portion of both periods being compared . same-store and redevelopment same-store is considered by management to be an important measure because it assists in eliminating disparities due to the development , acquisition or disposition of properties during the particular period presented , and thus provides a more consistent performance measure for the comparison of the company 's stabilized and redevelopment properties , as applicable . additionally , redevelopment same-store is considered by management to be an important measure because it assists in evaluating the timing of the start and stabilization of our redevelopment opportunities and the impact that these redevelopments have in enhancing our operating performance . while there is judgment surrounding changes in designations , we typically reclassify significant development , redevelopment or expansion properties to same-store properties once they are stabilized . properties are deemed stabilized typically at the earlier of ( 1 ) reaching 90 % occupancy or ( 2 ) four quarters following a property 's inclusion in operating real estate . we typically remove properties from same-store properties when the development , redevelopment or expansion has or is expected to have a significant impact on the property 's annualized base rent , occupancy and operating income within the calendar year . acquired properties are classified to same-store properties once we have owned such properties for the entirety of comparable period ( s ) and the properties are not under significant development or expansion . in our determination of same-store and redevelopment same-store properties , lloyd district portfolio and torrey reserve campus have been identified as redevelopment same-store properties due to the significant construction activity noted above . story_separator_special_tag with respect to the allowance for current uncollectible tenant receivables , we assess the collectability of outstanding receivables by evaluating such factors as nature and age of the receivable , past history and current financial condition of the specific tenant including our assessment of the tenant 's ability to meet its contractual lease obligations , and the status of any pending disputes or lease negotiations with the tenant . a change in the estimate of collectability of a receivable would result in a change to our allowance for doubtful accounts and corresponding bad debt expense and net income . 42 additionally , our assessment of our tenants ' abilities to meet their contractual lease obligations includes consideration of the status of collectability of current cash rents receivable , tenants ' recent and historical financial and operating results , changes in our tenants ' credit ratings , communications between our operating personnel and tenants and the extent of security deposits and letters of credits held with respect to tenants . due to the nature of the accounts receivable from straight-line rents , the collection period of these amounts typically extends beyond one year . our experience relative to unbilled straight-line rents is that a portion of the amounts otherwise recognizable as revenue is never billed to or collected from tenants due to early lease terminations , lease modifications , bankruptcies and other factors . accordingly , the extended collection period for straight-line rents along with our evaluation of tenant credit risk may result in the nonrecognition of a portion of straight-line rental income until the collection of such income is reasonably assured . if our evaluation of tenant credit risk changes indicating more straight-line revenue is reasonably collectible than previously estimated and realized , the additional straight-line rental income is recognized as revenue . if our evaluation of tenant credit risk changes indicating a portion of realized straight-line rental income is no longer collectible , a reserve and bad debt expense is recorded . correspondingly , these estimates of collectability have a direct impact on our net income . real estate depreciation and maintenance costs relating to our properties constitute substantial costs for us . land , buildings and improvements are recorded at cost . depreciation is computed using the straight-line method . estimated useful lives range generally from 30 years to a maximum of 40 years on buildings and major improvements . minor improvements , furniture and equipment are capitalized and depreciated over useful lives ranging from 3 to 15 years . maintenance and repairs that do not improve or extend the useful lives of the related assets are charged to operations as incurred . tenant improvements are capitalized and depreciated over the life of the related lease or their estimated useful life , whichever is shorter . if a tenant vacates its space prior to contractual termination of its lease , the undepreciated balance of any tenant improvements are written off if they are replaced or have no future value . our estimates of useful lives have a direct impact on our net income . if expected useful lives of our real estate assets were shortened , we would depreciate the assets over a shorter time period , resulting in an increase to depreciation expense and a corresponding decrease to net income on an annual basis . acquisitions of properties are accounted for in accordance with the authoritative accounting guidance on acquisitions and business combinations . our methodology of allocating the cost of acquisitions to assets acquired and liabilities assumed is based on estimated fair values , replacement cost and appraised values . when we acquire operating real estate properties , the purchase price is allocated to land and buildings , intangibles such as in-place leases , and to current assets and liabilities acquired , if any . such valuations include a consideration of the noncancelable terms of the respective leases as well as any applicable renewal period ( s ) . the fair values associated with below market renewal options are determined based on a review of several qualitative and quantitative factors on a lease-by-lease basis at acquisition to determine whether it is probable that the tenant would exercise its option to renew the lease agreement . these factors include : ( 1 ) the type of tenant in relation to the property it occupies , ( 2 ) the quality of the tenant , including the tenant 's long term business prospects , and ( 3 ) whether the fixed rate renewal option was sufficiently lower than the fair rental of the property at the date the option becomes exercisable such that it would appear to be reasonably assured that the tenant would exercise the option to renew . each of these estimates requires a great deal of judgment , and some of the estimates involve complex calculations . these allocation assessments have a direct impact on our results of operations because if we were to allocate more value to land , there would be no depreciation with respect to such amount . if we were to allocate more value to the buildings , as opposed to allocating to the value of tenant leases , this amount would be recognized as an expense over a much longer period of time , since the amounts allocated to buildings are depreciated over the estimated lives of the buildings whereas amounts allocated to tenant leases are amortized over the remaining terms of the leases . the value allocated to in-place leases is amortized over the related lease term and reflected as depreciation and amortization in the statement of operations . the value of above and below market leases associated with the original noncancelable lease terms are amortized to rental income over the terms of the respective noncancelable lease periods and are reflected as either an increase ( for below market leases ) or a decrease ( for above market leases ) to rental income in the statement of operations .

