we estimate the fair value of acquired buildings by determining the current cost to build new purpose-built self-storage facilities in the same location , and adjusting those costs for the actual age , quality , condition , amenities , and configuration of the buildings acquired . we estimate the fair value of acquired land by considering the most directly comparable recently transacted land sales ( “ land comps ” ) and adjusting the transacted values for differentials to the acquired land such as location quality , parcel size , and date of sale , in order to derive the estimated value of the underlying acquired land . these adjustments to the land comps require significant judgment , particularly when there is a low volume of land comps or the available land comps lack similarity to the acquired property in proximity , date of sale , or location quality . others could come to materially different conclusions as to the estimated fair values , which would result in different depreciation and amortization expense , gains and losses on sale of real estate assets , as well as the level of land and buildings on our balance sheet . overview during a significant portion of 2020 , the covid pandemic has resulted in cessation , severe curtailment , or impairment of business activities in most sectors of the economy in virtually all markets we operate in , due to governmental “ stay at home ” orders , risk mitigation procedures , closure of businesses not considered to be “ essential , ” as well as other direct and indirect impacts , including a rapid and dramatic increase in unemployment in the u.s. while in certain markets , initial government restrictions were eased in response to reductions in the rate of new infections , there have been increases in the rate of infection in certain markets from time to time and re-imposition of certain restrictions . these restrictions as well as public concerns about the covid pandemic continue to have an ongoing negative impact the economy , with unemployment continuing to be at high levels . our self-storage facilities have been classified as “ essential ” businesses under all applicable business closure orders and thus remained open to all customer activity . we consider the safety of our employees and customers as our first priority , and have accordingly taken significant steps to ensure safety while keeping our services available to the public . these steps include initiating our touchless erental® leasing platform , touchless mobile app allowing customer access to our properties , enforcing social distancing requirements in our property offices and grounds , and providing protective equipment , including face coverings , gloves , and plastic barriers . our corporate offices as well as our call centers migrated to a “ work from home ” environment during the covid pandemic . we expect our corporate employees to return to the corporate office assuming the risk of the covid pandemic continues to recede . however , we expect that our call centers will remain in a “ work from home ” 25 environment due to certain favorable aspects of a distributed call center team . we believe these changes have not resulted in any significant negative impacts to our operations or decision making . it is possible that stricter government restrictions , including stay at home orders , could be instituted or reinstituted in response to increases in infections , the aggregate effect of the covid pandemic and seasonal influenza infections , or if additional pandemics occur . we can not estimate the extent of the covid pandemic 's future negative impacts . the negative impacts of the covid pandemic are described more fully below , as well as throughout our md & a which follows . our self-storage operations generate most of our net income . our earnings growth is most impacted by the level of organic growth in our same store facilities ' revenues . accordingly , a significant portion of management 's time is devoted to maximizing cash flows from our existing self-storage facilities . during the years ended december 31 , 2020 and 2019 , revenues generated by our same store facilities decreased by 1.0 % and increased by 1.5 % , respectively , as compared to the previous year . revenue growth in each year was impacted by increased competition from newly developed facilities . the decrease in revenue in the year ended december 31 , 2020 included the negative impact caused by the covid pandemic including restrictions on rate increases to tenants imposed by local government due to “ states of emergency . ” our trends in revenue have improved in the last half of 2020 , with revenues from our same store facilities increasing 0.8 % during the three months ended december 31 , 2020 as compared to the three months ended december 31 , 2019. at december 31 , 2020 , as compared to december 31 , 2019 , occupancies for our same store facilities was 2.7 % higher , while the contract rent per occupied foot was essentially flat , suggesting continued revenue growth into early 2021. see “ self-storage operations – same store operations ” for further information with respect to our same-store operations , including potential downside risks to our expectations . in addition to managing our existing facilities for organic growth , we have grown and plan to continue to grow through the acquisition and development of new facilities and expanding our existing self-storage facilities . in the three years ended december 31 , 2020 , we acquired a total of 131 facilities with 9.9 million net rentable square feet from third parties for approximately $ 1.4 billion , and we opened newly developed and expanded self-storage space for a total cost of $ 866.1 million , adding approximately 7.9 million net rentable square feet . story_separator_special_tag the increase in realized rent per occupied foot for the year ended december 31 , 2019 was due primarily to the impact of rate increases to existing long-term tenants . in each of the years ended december 31 , 2020 and 2019 , we had an increased average length of stay . an increased average length of stay supports revenue growth , due to more long-term tenants who are eligible for rate increases , and a reduced requirement to replace vacating tenants with new tenants which can reduce promotional costs and increase our pricing leverage . this trend to an increased length of stay became more pronounced in 2020 due in significant part , we believe , to temporary effects resulting from the covid pandemic such as less consumer mobility . occupancy levels our average square foot occupancy levels increased 1.2 % and 0.4 % on a year over year basis during the years ended december 31 , 2020 and 2019 , respectively . the improvement in occupancy trends in the year ended december 31 , 2020 was due primarily to improved trends in move-outs , with year over year move-outs down 7.4 % in the year ended december 31 , 2020. demand historically has been higher in the summer months than in the winter months and , as a result , rental rates charged to new tenants have typically been higher in the summer months than in the winter months . demand fluctuates due to various local and regional factors , including the overall economy . demand into our system is also impacted by new supply of self-storage space as well as alternatives to self-storage . late charges and administrative fees we experienced a 24.0 % year over year reduction in late charges and administrative fees collected during the year ended december 31 , 2020. this decrease was due primarily to reduced late charges and lien fees beginning with the onset of the covid pandemic in early march 2020 , due to ( i ) an acceleration in average collections whereby a greater percentage of tenants paid their monthly rent promptly to avoid the incurrence of such fees and , to a lesser extent and ( ii ) reduced move-in administrative fees due to lower move-ins . bad debt and collection losses despite consumer stress and temporary delays of auctions due to logistical difficulties or governmental restrictions in year ended december 31 , 2020 , we did not experience a significant increase in bad debt from historical levels because of ( i ) federal government stimulus and supplements to unemployment benefits which mitigated consumer stress , and ( ii ) steps we took to augment our collection efforts and accelerate payment by our customers . selected key statistical data the following table sets forth average annual contract rent per square foot , and total square footage , for tenants moving in and moving out during the years ended december 31 , 2020 , 2019 and 2018. it also includes promotional discounts , which vary based upon the move-in contractual rates , move-in volume , and percentage of tenants moving in who receive the discount . ‎ 34 replace_table_token_5_th revenue expectations at december 31 , 2020 , in place contractual rent was 2.3 % higher on a year-over-year basis ( comprised of a 2.7 % increase in square foot occupancy offset partially by a 0.4 % decrease in annual contract rent per occupied foot ) . as noted above , the covid pandemic resulted in reduced demand , lower rates charged to new tenants on a year over year basis , and curtailed rent increases to existing tenants during the first six months of 2020 , which had continuing negative impact on revenue growth in the remainder of 2020. notwithstanding the decrease in same-store revenue for all of 2020 , revenue growth trends improved steadily in the last half of 2020 , with increased demand for storage space , increased rates charged to new tenants moving in , decreased move-outs , and a resumption of rate increases to existing long-term tenant albeit at a lesser magnitude than in prior years . total revenues increased 0.8 % on a year over year basis in the three months ended december 31 , 2020. we expect continued revenue growth during the first half of 2021 supported by increased customer demand and modest move out activity . there is more uncertainty in the level of growth during the second half of 2021 given challenging comparables over 2020 and risk that customer behavior ( particularly the level of move-out activity ) returns to historical levels . we expect that the impact of reduced late charges noted above will persist on a year over year basis through the quarter ending march 31 , 2021. notwithstanding our expectations , we are in a time of significant uncertainty , and there are reasonably possible circumstances and events which could result in actual future revenues being significantly lower than our expectations , including the following :  storage demand could decline or collection losses could increase due to increased recessionary circumstances , worsening of the covid pandemic , the potential confluence of higher seasonal influenza infections and covid infections , or other factors .  the moderation of below-trend move-outs noted above could be sudden and dramatic , and or disproportionally involve long-term tenants with higher rental rates .  it is possible that the covid pandemic could impact current seasonal demand trends in the short or long term , due to changes in certain factors impacting moving trends , such as potentially fewer college students living on-campus in favor of online learning or an increase in working from home reducing the necessity of moving for employment reasons . 35 analysis of same store cost of operations costs of operations cost of operations ( excluding depreciation and amortization ) increased 2.7 % in 2020 as compared to 2019 , and 4.2 % in 2019 as compared to 2018 ,

liquidity and capital resource analysis : we believe that our net cash provided by our operating activities will continue to be sufficient to enable us to meet our ongoing requirements for principal payments on debt , maintenance capital expenditures and distributions to our shareholders for the foreseeable future . as of december 31 , 2020 , we expect capital resources over the next year of approximately $ 1.5 billion , which exceeds our currently identified capital needs of approximately $ 1.3 billion . our expected capital resources include : ( i ) $ 257.6 million of cash as of december 31 , 2020 , ( ii ) $ 475.7 million of available borrowing capacity on our revolving line of credit , ( iii ) $ 496.2 million in net proceeds from the public issuance of senior note due 2026 on january 14 , 2021 , and ( iv ) approximately $ 250 million to $ 300 million of expected retained operating cash flow in 2021. retained operating cash flow represents our expected cash flow provided by operating activities , less shareholder distributions and capital expenditures . our currently identified capital needs consist primarily of ( i ) $ 580.1 million in property acquisitions currently under contract , ( ii ) $ 373.3 million of remaining spending on our current development pipeline , which will be incurred primarily in the next 18 to 24 months and ( iii ) $ 300 million for the redemption of our series b preferred shares . we have no substantial principal payments on debt until 2022. we expect our capital needs to increase over the next year as we add projects to our development pipeline and acquire additional properties . additional potential capital needs could result from various activities including the redemption of outstanding preferred securities , repurchases of common stock , or mergers and acquisition activities ; however , there can be no assurance of any such activities transpiring in the near or longer term .


 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.
     ```liquidity and capital resource analysis : we believe that our net cash provided by our operating activities will continue to be sufficient to enable us to meet our ongoing requirements for principal payments on debt , maintenance capital expenditures and distributions to our shareholders for the foreseeable future . as of december 31 , 2020 , we expect capital resources over the next year of approximately $ 1.5 billion , which exceeds our currently identified capital needs of approximately $ 1.3 billion . our expected capital resources include : ( i ) $ 257.6 million of cash as of december 31 , 2020 , ( ii ) $ 475.7 million of available borrowing capacity on our revolving line of credit , ( iii ) $ 496.2 million in net proceeds from the public issuance of senior note due 2026 on january 14 , 2021 , and ( iv ) approximately $ 250 million to $ 300 million of expected retained operating cash flow in 2021. retained operating cash flow represents our expected cash flow provided by operating activities , less shareholder distributions and capital expenditures . our currently identified capital needs consist primarily of ( i ) $ 580.1 million in property acquisitions currently under contract , ( ii ) $ 373.3 million of remaining spending on our current development pipeline , which will be incurred primarily in the next 18 to 24 months and ( iii ) $ 300 million for the redemption of our series b preferred shares . we have no substantial principal payments on debt until 2022. we expect our capital needs to increase over the next year as we add projects to our development pipeline and acquire additional properties . additional potential capital needs could result from various activities including the redemption of outstanding preferred securities , repurchases of common stock , or mergers and acquisition activities ; however , there can be no assurance of any such activities transpiring in the near or longer term .
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 Suspicious Activity Report : we estimate the fair value of acquired buildings by determining the current cost to build new purpose-built self-storage facilities in the same location , and adjusting those costs for the actual age , quality , condition , amenities , and configuration of the buildings acquired . we estimate the fair value of acquired land by considering the most directly comparable recently transacted land sales ( “ land comps ” ) and adjusting the transacted values for differentials to the acquired land such as location quality , parcel size , and date of sale , in order to derive the estimated value of the underlying acquired land . these adjustments to the land comps require significant judgment , particularly when there is a low volume of land comps or the available land comps lack similarity to the acquired property in proximity , date of sale , or location quality . others could come to materially different conclusions as to the estimated fair values , which would result in different depreciation and amortization expense , gains and losses on sale of real estate assets , as well as the level of land and buildings on our balance sheet . overview during a significant portion of 2020 , the covid pandemic has resulted in cessation , severe curtailment , or impairment of business activities in most sectors of the economy in virtually all markets we operate in , due to governmental “ stay at home ” orders , risk mitigation procedures , closure of businesses not considered to be “ essential , ” as well as other direct and indirect impacts , including a rapid and dramatic increase in unemployment in the u.s. while in certain markets , initial government restrictions were eased in response to reductions in the rate of new infections , there have been increases in the rate of infection in certain markets from time to time and re-imposition of certain restrictions . these restrictions as well as public concerns about the covid pandemic continue to have an ongoing negative impact the economy , with unemployment continuing to be at high levels . our self-storage facilities have been classified as “ essential ” businesses under all applicable business closure orders and thus remained open to all customer activity . we consider the safety of our employees and customers as our first priority , and have accordingly taken significant steps to ensure safety while keeping our services available to the public . these steps include initiating our touchless erental® leasing platform , touchless mobile app allowing customer access to our properties , enforcing social distancing requirements in our property offices and grounds , and providing protective equipment , including face coverings , gloves , and plastic barriers . our corporate offices as well as our call centers migrated to a “ work from home ” environment during the covid pandemic . we expect our corporate employees to return to the corporate office assuming the risk of the covid pandemic continues to recede . however , we expect that our call centers will remain in a “ work from home ” 25 environment due to certain favorable aspects of a distributed call center team . we believe these changes have not resulted in any significant negative impacts to our operations or decision making . it is possible that stricter government restrictions , including stay at home orders , could be instituted or reinstituted in response to increases in infections , the aggregate effect of the covid pandemic and seasonal influenza infections , or if additional pandemics occur . we can not estimate the extent of the covid pandemic 's future negative impacts . the negative impacts of the covid pandemic are described more fully below , as well as throughout our md & a which follows . our self-storage operations generate most of our net income . our earnings growth is most impacted by the level of organic growth in our same store facilities ' revenues . accordingly , a significant portion of management 's time is devoted to maximizing cash flows from our existing self-storage facilities . during the years ended december 31 , 2020 and 2019 , revenues generated by our same store facilities decreased by 1.0 % and increased by 1.5 % , respectively , as compared to the previous year . revenue growth in each year was impacted by increased competition from newly developed facilities . the decrease in revenue in the year ended december 31 , 2020 included the negative impact caused by the covid pandemic including restrictions on rate increases to tenants imposed by local government due to “ states of emergency . ” our trends in revenue have improved in the last half of 2020 , with revenues from our same store facilities increasing 0.8 % during the three months ended december 31 , 2020 as compared to the three months ended december 31 , 2019. at december 31 , 2020 , as compared to december 31 , 2019 , occupancies for our same store facilities was 2.7 % higher , while the contract rent per occupied foot was essentially flat , suggesting continued revenue growth into early 2021. see “ self-storage operations – same store operations ” for further information with respect to our same-store operations , including potential downside risks to our expectations . in addition to managing our existing facilities for organic growth , we have grown and plan to continue to grow through the acquisition and development of new facilities and expanding our existing self-storage facilities . in the three years ended december 31 , 2020 , we acquired a total of 131 facilities with 9.9 million net rentable square feet from third parties for approximately $ 1.4 billion , and we opened newly developed and expanded self-storage space for a total cost of $ 866.1 million , adding approximately 7.9 million net rentable square feet . story_separator_special_tag the increase in realized rent per occupied foot for the year ended december 31 , 2019 was due primarily to the impact of rate increases to existing long-term tenants . in each of the years ended december 31 , 2020 and 2019 , we had an increased average length of stay . an increased average length of stay supports revenue growth , due to more long-term tenants who are eligible for rate increases , and a reduced requirement to replace vacating tenants with new tenants which can reduce promotional costs and increase our pricing leverage . this trend to an increased length of stay became more pronounced in 2020 due in significant part , we believe , to temporary effects resulting from the covid pandemic such as less consumer mobility . occupancy levels our average square foot occupancy levels increased 1.2 % and 0.4 % on a year over year basis during the years ended december 31 , 2020 and 2019 , respectively . the improvement in occupancy trends in the year ended december 31 , 2020 was due primarily to improved trends in move-outs , with year over year move-outs down 7.4 % in the year ended december 31 , 2020. demand historically has been higher in the summer months than in the winter months and , as a result , rental rates charged to new tenants have typically been higher in the summer months than in the winter months . demand fluctuates due to various local and regional factors , including the overall economy . demand into our system is also impacted by new supply of self-storage space as well as alternatives to self-storage . late charges and administrative fees we experienced a 24.0 % year over year reduction in late charges and administrative fees collected during the year ended december 31 , 2020. this decrease was due primarily to reduced late charges and lien fees beginning with the onset of the covid pandemic in early march 2020 , due to ( i ) an acceleration in average collections whereby a greater percentage of tenants paid their monthly rent promptly to avoid the incurrence of such fees and , to a lesser extent and ( ii ) reduced move-in administrative fees due to lower move-ins . bad debt and collection losses despite consumer stress and temporary delays of auctions due to logistical difficulties or governmental restrictions in year ended december 31 , 2020 , we did not experience a significant increase in bad debt from historical levels because of ( i ) federal government stimulus and supplements to unemployment benefits which mitigated consumer stress , and ( ii ) steps we took to augment our collection efforts and accelerate payment by our customers . selected key statistical data the following table sets forth average annual contract rent per square foot , and total square footage , for tenants moving in and moving out during the years ended december 31 , 2020 , 2019 and 2018. it also includes promotional discounts , which vary based upon the move-in contractual rates , move-in volume , and percentage of tenants moving in who receive the discount . ‎ 34 replace_table_token_5_th revenue expectations at december 31 , 2020 , in place contractual rent was 2.3 % higher on a year-over-year basis ( comprised of a 2.7 % increase in square foot occupancy offset partially by a 0.4 % decrease in annual contract rent per occupied foot ) . as noted above , the covid pandemic resulted in reduced demand , lower rates charged to new tenants on a year over year basis , and curtailed rent increases to existing tenants during the first six months of 2020 , which had continuing negative impact on revenue growth in the remainder of 2020. notwithstanding the decrease in same-store revenue for all of 2020 , revenue growth trends improved steadily in the last half of 2020 , with increased demand for storage space , increased rates charged to new tenants moving in , decreased move-outs , and a resumption of rate increases to existing long-term tenant albeit at a lesser magnitude than in prior years . total revenues increased 0.8 % on a year over year basis in the three months ended december 31 , 2020. we expect continued revenue growth during the first half of 2021 supported by increased customer demand and modest move out activity . there is more uncertainty in the level of growth during the second half of 2021 given challenging comparables over 2020 and risk that customer behavior ( particularly the level of move-out activity ) returns to historical levels . we expect that the impact of reduced late charges noted above will persist on a year over year basis through the quarter ending march 31 , 2021. notwithstanding our expectations , we are in a time of significant uncertainty , and there are reasonably possible circumstances and events which could result in actual future revenues being significantly lower than our expectations , including the following :  storage demand could decline or collection losses could increase due to increased recessionary circumstances , worsening of the covid pandemic , the potential confluence of higher seasonal influenza infections and covid infections , or other factors .  the moderation of below-trend move-outs noted above could be sudden and dramatic , and or disproportionally involve long-term tenants with higher rental rates .  it is possible that the covid pandemic could impact current seasonal demand trends in the short or long term , due to changes in certain factors impacting moving trends , such as potentially fewer college students living on-campus in favor of online learning or an increase in working from home reducing the necessity of moving for employment reasons . 35 analysis of same store cost of operations costs of operations cost of operations ( excluding depreciation and amortization ) increased 2.7 % in 2020 as compared to 2019 , and 4.2 % in 2019 as compared to 2018 ,

