results from operations in our real estate ownership segment benefited from income generated from and gains recognized on the properties we purchased from cpa ® :14 in connection with the cpa ® :14 asset sales as well as income generated from our equity interests in the reits as a result of our $ 121.0 million incremental investment in cpa ® :16  global in connection with the cpa ® :14/16 merger . w. p. carey 2011 10-k  24 cash flow from operating activities decreased in 2011 as compared to 2010 , primarily due to a decrease in cash received from providing asset-based management services to the reits as we no longer receive cash asset management fees from cpa ® :14 and cpa ® :16  global subsequent to the cpa ® :14/16 merger , partially offset by the disposition revenues received , net of income taxes paid , in connection with providing a liquidity event to cpa ® :14 shareholders through the cpa ® :14/16 merger . distributions paid decreased in 2011 as compared to 2010 , primarily due to a special distribution of $ 0.30 per share paid in january 2010 to shareholders of record at december 31 , 2009. our affo supplemental measure increased in 2011 as compared to 2010. affo attributable to our investment management segment benefited from the incentive , termination and subordinated disposition revenue recognized in connection with providing a liquidity event for cpa ® :14 shareholders in may 2011. affo attributable to our real estate ownership segment increased in the current year as a result of increased income generated from our equity interests in the reits due to our $ 121.0 million incremental investment in cpa ® :16  global in connection with the cpa ® :14/16 merger as well as investments that we entered into during 2011 and 2010 , including the properties that we purchased from cpa ® :14 in connection with the cpa ® :14 asset sales . adjusted cash flow from operating activities increased in 2011 as compared to 2010 as a result of the $ 1.00 per share special distribution received from cpa ® :14 in connection with the cpa ® :14/16 merger , higher cash distributions received from cpa ® :17  global 's operating partnership as a result of new investments entered into during 2010 and 2011 , and the initial distributions of available cash received from the cpa ® :16  global 's operating partnership . these increases were partially offset by the fact that we no longer receive cash asset management fees from cpa ® :14 and cpa ® :16  global subsequent to the cpa ® :14/16 merger . significant developments proposed merger as discussed in note 19 to the consolidated financial statements , on february 17 , 2012 , we and cpa ® :15 entered into a definitive agreement pursuant to which cpa ® :15 will merge with and into one of our subsidiaries for a combination of cash and shares of our common stock as described below . in connection with the proposed merger , we plan to file a registration statement with the sec regarding the shares of our common stock to be issued to shareholders of cpa ® :15 in the proposed merger . special meetings will be scheduled to obtain the approval of cpa ® :15 's shareholders of the proposed merger and the approval of our shareholders of the proposed merger and the proposed reit reorganization . the closing of the proposed merger is also subject to customary closing conditions . if the proposed merger is approved and the other closing conditions are met , we currently expect that the closing will occur by the third quarter of 2012 , although there can be no assurance of such timing . changes in management on january 2 , 2012 , our founder and chairman , wm . polk carey , passed away . following the passing of mr. carey , on january 4 , 2012 , the board of directors elected benjamin h. griswold , iv as non-executive chairman of the board . mr. griswold has been a director since 2006 and served as lead director from 2010. he also serves as chairman of the compensation committee . current trends general economic environment we and our managed funds are impacted by macro-economic environmental factors , the capital markets , and general conditions in the commercial real estate market , both in the u.s. and globally . during 2011 , we saw slow improvement in the u.s. economy following the significant distress experienced in 2008 and 2009. towards the end of 2011 , however , there was an increase in international economic uncertainty as a result of the sovereign debt crisis and a deterioration of economic fundamentals in europe . currently , conditions in the u.s. appear to have stabilized , while the situation in europe remains uncertain . it is not possible to predict with certainty the outcome of these trends . nevertheless , our views of the effects of the current financial and economic trends on our business , as well as our response to those trends , are presented below . foreign exchange rates fluctuations in foreign currency exchange rates impact both our real estate ownership and investment management segments . in our real estate ownership segment , we are impacted through our ownership of properties in the european union , primarily france , and through our equity ownership in the cpa ® reits , which each have significant foreign investments , primarily in euro denominated countries and to a lesser extent in other currencies . in our investment management segment , significant unhedged foreign currency exchange rate fluctuations would impact the asset management revenue we receive for managing the portfolios of the cpa ® reits as well as the quarterly distributions of available cash we receive from the operating partnerships of cpa ® :16  global and cpa ® :17  global . w. p. story_separator_special_tag accounting from the existing model . these changes would impact most companies but are particularly applicable to those that are significant users of real estate . the proposal outlines a completely new model for accounting by lessees , whereby their rights and obligations under all leases , existing and new , would be capitalized and recorded on the balance sheet . for some companies , the new accounting guidance may influence whether or not , or the extent to which , they may enter into the type of sale-leaseback transactions in which we specialize . the fasb and iasb met during july 2011 and voted to re-expose the proposed standard . a revised exposure draft for public comment is currently expected to be issued in the first half of 2012 , and a final standard is currently expected to be issued by the end of 2012. the boards also reached decisions , which are tentative and subject to change , on a single lessor accounting model and the accounting for variable lease payments , along with several presentation and disclosure issues . as of the date of this report , the proposed guidance has not yet been finalized , and as such we are unable to determine whether this proposal will have a material impact on our business . in october 2011 , the fasb issued an exposure draft that proposes a new accounting standard for investment property entities. currently , an entity that invests in real estate properties , but is not an investment company under the definition set forth by gaap , is required to measure its real estate properties at cost . the proposed amendments would require all entities that meet the criteria to be investment property entities to follow the proposed guidance , under which investment properties acquired by an investment property entity would initially be measured at transaction price , including transaction costs , and subsequently measured at fair value with all changes in fair value recognized in net income . a detailed analysis is required to determine whether an entity is within the scope of the amendments in this proposed update . an entity in which substantially all of its business activities are investing in a real estate property or properties for total return , including an objective to realize capital appreciation ( including certain real estate investment trusts and real estate funds ) would be affected by the proposed amendments . the proposed amendments also would introduce additional presentation and disclosure requirements for an investment property entity . as of the date of this report , the proposed guidance has not yet been finalized , and as such we are unable to determine whether we meet the definition of a real estate property entity and if the proposal will have a material impact on our business . how we evaluate results of operations we evaluate our results of operations with a primary focus on increasing and enhancing the value , quality and amount of assets under management by our investment management segment and seeking to increase value in our real estate ownership segment . we focus our efforts on improving underperforming assets through re-leasing efforts , including negotiation of lease renewals , or selectively selling assets in order to increase value in our real estate portfolio . the ability to increase assets under management by structuring investments on behalf of the reits is affected , among other things , by the reits ' ability to raise capital and our ability to identify and enter into appropriate investments and financing . our evaluation of operating results includes our ability to generate necessary cash flow in order to fund distributions to our shareholders . as a result , our assessment of operating results gives less emphasis to the effects of unrealized gains and losses , which may cause fluctuations in net income for comparable periods but have no impact on cash flows , and to other non-cash charges such as depreciation and impairment charges . we do not consider unrealized gains and losses resulting from short-term foreign currency fluctuations when evaluating our ability to fund distributions . our evaluation of our potential for generating cash flow includes an assessment of the long-term sustainability of both our real estate portfolio and the assets we manage on behalf of the reits . w. p. carey 2011 10-k  29 we consider cash flows from operating activities , cash flows from investing activities , cash flows from financing activities and certain non-gaap performance metrics to be important measures in the evaluation of our results of operations , liquidity and capital resources . cash flows from operating activities are sourced primarily by revenues earned from structuring investments and providing asset-based management services on behalf of the reits we manage and long-term lease contracts from our real estate ownership . our evaluation of the amount and expected fluctuation of cash flows from operating activities is essential in evaluating our ability to fund operating expenses , service debt and fund distributions to shareholders . we consider adjusted cash flows from operating activities as a supplemental measure of liquidity in evaluating our ability to sustain distributions to shareholders . we consider this measure useful as a supplemental measure to the extent the source of distributions in excess of equity income is the result of non-cash charges , such as depreciation and amortization , because it allows us to evaluate the cash flows from consolidated and unconsolidated investments in a comparable manner . in deriving this measure , we exclude cash distributions from equity investments in real estate and the reits that are sourced from sales of equity investee 's assets or refinancing of debt because they are deemed to be returns on our investment . we focus on measures of cash flows from investing activities and cash flows from financing activities in our evaluation of our capital resources . investing activities typically consist of the acquisition or disposition of investments in real

cash requirements during 2012 , we expect that cash payments will include paying distributions to our shareholders and to our affiliates who hold noncontrolling interests in entities we control and making scheduled mortgage loan principal payments , including mortgage balloon payments totaling $ 28.3 million , as well as other normal recurring operating expenses . we expect to fund future investments , any capital expenditures on existing properties and scheduled debt maturities on non-recourse mortgage loans through cash generated from operations , the use of our cash reserves or unused amount on our line of credit . expected impact of proposed merger if consummated , we currently expect the proposed merger to have the following impact on our liquidity and results of operations by the third quarter of 2012 ; however there can be no assurance that the transaction will be completed during this time frame or at all . the estimated total proposed merger consideration includes the cash of approximately $ 151.8 million and the issuance of approximately 28,241,000 of our shares , based on the total shares of cpa ® :15 outstanding of 131,566,206 , of which 10,153,074 shares were owned by us , on february 17 , 2012. we have obtained a commitment for a $ 175.0 million term loan as part of our credit facility in order to pay for the cash portion of the consideration in the proposed merger .


 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 requirements during 2012 , we expect that cash payments will include paying distributions to our shareholders and to our affiliates who hold noncontrolling interests in entities we control and making scheduled mortgage loan principal payments , including mortgage balloon payments totaling $ 28.3 million , as well as other normal recurring operating expenses . we expect to fund future investments , any capital expenditures on existing properties and scheduled debt maturities on non-recourse mortgage loans through cash generated from operations , the use of our cash reserves or unused amount on our line of credit . expected impact of proposed merger if consummated , we currently expect the proposed merger to have the following impact on our liquidity and results of operations by the third quarter of 2012 ; however there can be no assurance that the transaction will be completed during this time frame or at all . the estimated total proposed merger consideration includes the cash of approximately $ 151.8 million and the issuance of approximately 28,241,000 of our shares , based on the total shares of cpa ® :15 outstanding of 131,566,206 , of which 10,153,074 shares were owned by us , on february 17 , 2012. we have obtained a commitment for a $ 175.0 million term loan as part of our credit facility in order to pay for the cash portion of the consideration in the proposed merger .
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 Suspicious Activity Report : results from operations in our real estate ownership segment benefited from income generated from and gains recognized on the properties we purchased from cpa ® :14 in connection with the cpa ® :14 asset sales as well as income generated from our equity interests in the reits as a result of our $ 121.0 million incremental investment in cpa ® :16  global in connection with the cpa ® :14/16 merger . w. p. carey 2011 10-k  24 cash flow from operating activities decreased in 2011 as compared to 2010 , primarily due to a decrease in cash received from providing asset-based management services to the reits as we no longer receive cash asset management fees from cpa ® :14 and cpa ® :16  global subsequent to the cpa ® :14/16 merger , partially offset by the disposition revenues received , net of income taxes paid , in connection with providing a liquidity event to cpa ® :14 shareholders through the cpa ® :14/16 merger . distributions paid decreased in 2011 as compared to 2010 , primarily due to a special distribution of $ 0.30 per share paid in january 2010 to shareholders of record at december 31 , 2009. our affo supplemental measure increased in 2011 as compared to 2010. affo attributable to our investment management segment benefited from the incentive , termination and subordinated disposition revenue recognized in connection with providing a liquidity event for cpa ® :14 shareholders in may 2011. affo attributable to our real estate ownership segment increased in the current year as a result of increased income generated from our equity interests in the reits due to our $ 121.0 million incremental investment in cpa ® :16  global in connection with the cpa ® :14/16 merger as well as investments that we entered into during 2011 and 2010 , including the properties that we purchased from cpa ® :14 in connection with the cpa ® :14 asset sales . adjusted cash flow from operating activities increased in 2011 as compared to 2010 as a result of the $ 1.00 per share special distribution received from cpa ® :14 in connection with the cpa ® :14/16 merger , higher cash distributions received from cpa ® :17  global 's operating partnership as a result of new investments entered into during 2010 and 2011 , and the initial distributions of available cash received from the cpa ® :16  global 's operating partnership . these increases were partially offset by the fact that we no longer receive cash asset management fees from cpa ® :14 and cpa ® :16  global subsequent to the cpa ® :14/16 merger . significant developments proposed merger as discussed in note 19 to the consolidated financial statements , on february 17 , 2012 , we and cpa ® :15 entered into a definitive agreement pursuant to which cpa ® :15 will merge with and into one of our subsidiaries for a combination of cash and shares of our common stock as described below . in connection with the proposed merger , we plan to file a registration statement with the sec regarding the shares of our common stock to be issued to shareholders of cpa ® :15 in the proposed merger . special meetings will be scheduled to obtain the approval of cpa ® :15 's shareholders of the proposed merger and the approval of our shareholders of the proposed merger and the proposed reit reorganization . the closing of the proposed merger is also subject to customary closing conditions . if the proposed merger is approved and the other closing conditions are met , we currently expect that the closing will occur by the third quarter of 2012 , although there can be no assurance of such timing . changes in management on january 2 , 2012 , our founder and chairman , wm . polk carey , passed away . following the passing of mr. carey , on january 4 , 2012 , the board of directors elected benjamin h. griswold , iv as non-executive chairman of the board . mr. griswold has been a director since 2006 and served as lead director from 2010. he also serves as chairman of the compensation committee . current trends general economic environment we and our managed funds are impacted by macro-economic environmental factors , the capital markets , and general conditions in the commercial real estate market , both in the u.s. and globally . during 2011 , we saw slow improvement in the u.s. economy following the significant distress experienced in 2008 and 2009. towards the end of 2011 , however , there was an increase in international economic uncertainty as a result of the sovereign debt crisis and a deterioration of economic fundamentals in europe . currently , conditions in the u.s. appear to have stabilized , while the situation in europe remains uncertain . it is not possible to predict with certainty the outcome of these trends . nevertheless , our views of the effects of the current financial and economic trends on our business , as well as our response to those trends , are presented below . foreign exchange rates fluctuations in foreign currency exchange rates impact both our real estate ownership and investment management segments . in our real estate ownership segment , we are impacted through our ownership of properties in the european union , primarily france , and through our equity ownership in the cpa ® reits , which each have significant foreign investments , primarily in euro denominated countries and to a lesser extent in other currencies . in our investment management segment , significant unhedged foreign currency exchange rate fluctuations would impact the asset management revenue we receive for managing the portfolios of the cpa ® reits as well as the quarterly distributions of available cash we receive from the operating partnerships of cpa ® :16  global and cpa ® :17  global . w. p. story_separator_special_tag accounting from the existing model . these changes would impact most companies but are particularly applicable to those that are significant users of real estate . the proposal outlines a completely new model for accounting by lessees , whereby their rights and obligations under all leases , existing and new , would be capitalized and recorded on the balance sheet . for some companies , the new accounting guidance may influence whether or not , or the extent to which , they may enter into the type of sale-leaseback transactions in which we specialize . the fasb and iasb met during july 2011 and voted to re-expose the proposed standard . a revised exposure draft for public comment is currently expected to be issued in the first half of 2012 , and a final standard is currently expected to be issued by the end of 2012. the boards also reached decisions , which are tentative and subject to change , on a single lessor accounting model and the accounting for variable lease payments , along with several presentation and disclosure issues . as of the date of this report , the proposed guidance has not yet been finalized , and as such we are unable to determine whether this proposal will have a material impact on our business . in october 2011 , the fasb issued an exposure draft that proposes a new accounting standard for investment property entities. currently , an entity that invests in real estate properties , but is not an investment company under the definition set forth by gaap , is required to measure its real estate properties at cost . the proposed amendments would require all entities that meet the criteria to be investment property entities to follow the proposed guidance , under which investment properties acquired by an investment property entity would initially be measured at transaction price , including transaction costs , and subsequently measured at fair value with all changes in fair value recognized in net income . a detailed analysis is required to determine whether an entity is within the scope of the amendments in this proposed update . an entity in which substantially all of its business activities are investing in a real estate property or properties for total return , including an objective to realize capital appreciation ( including certain real estate investment trusts and real estate funds ) would be affected by the proposed amendments . the proposed amendments also would introduce additional presentation and disclosure requirements for an investment property entity . as of the date of this report , the proposed guidance has not yet been finalized , and as such we are unable to determine whether we meet the definition of a real estate property entity and if the proposal will have a material impact on our business . how we evaluate results of operations we evaluate our results of operations with a primary focus on increasing and enhancing the value , quality and amount of assets under management by our investment management segment and seeking to increase value in our real estate ownership segment . we focus our efforts on improving underperforming assets through re-leasing efforts , including negotiation of lease renewals , or selectively selling assets in order to increase value in our real estate portfolio . the ability to increase assets under management by structuring investments on behalf of the reits is affected , among other things , by the reits ' ability to raise capital and our ability to identify and enter into appropriate investments and financing . our evaluation of operating results includes our ability to generate necessary cash flow in order to fund distributions to our shareholders . as a result , our assessment of operating results gives less emphasis to the effects of unrealized gains and losses , which may cause fluctuations in net income for comparable periods but have no impact on cash flows , and to other non-cash charges such as depreciation and impairment charges . we do not consider unrealized gains and losses resulting from short-term foreign currency fluctuations when evaluating our ability to fund distributions . our evaluation of our potential for generating cash flow includes an assessment of the long-term sustainability of both our real estate portfolio and the assets we manage on behalf of the reits . w. p. carey 2011 10-k  29 we consider cash flows from operating activities , cash flows from investing activities , cash flows from financing activities and certain non-gaap performance metrics to be important measures in the evaluation of our results of operations , liquidity and capital resources . cash flows from operating activities are sourced primarily by revenues earned from structuring investments and providing asset-based management services on behalf of the reits we manage and long-term lease contracts from our real estate ownership . our evaluation of the amount and expected fluctuation of cash flows from operating activities is essential in evaluating our ability to fund operating expenses , service debt and fund distributions to shareholders . we consider adjusted cash flows from operating activities as a supplemental measure of liquidity in evaluating our ability to sustain distributions to shareholders . we consider this measure useful as a supplemental measure to the extent the source of distributions in excess of equity income is the result of non-cash charges , such as depreciation and amortization , because it allows us to evaluate the cash flows from consolidated and unconsolidated investments in a comparable manner . in deriving this measure , we exclude cash distributions from equity investments in real estate and the reits that are sourced from sales of equity investee 's assets or refinancing of debt because they are deemed to be returns on our investment . we focus on measures of cash flows from investing activities and cash flows from financing activities in our evaluation of our capital resources . investing activities typically consist of the acquisition or disposition of investments in real

