in addition , our adr , occupancy percentage and revpar performance is dependent on the continued success of our hotels ' global brands . we also use ebitda , ebitda re , adjusted ebitda , ffo and adjusted ffo as measures of the financial performance of our business . see “ non-gaap financial measures . ” overview of 2018 - 41 - key highlights for 2018 include the following : hotel acquisitions . in march 2018 , we acquired the 77-room landing resort & spa in south lake tahoe , california , for a total contractual purchase price of $ 42 million , and the 242-room hotel palomar in phoenix , arizona , for a total contractual purchase price of $ 80 million . in december 2018 , we acquired the 142-room cavallo point in sausalito , california , for a total contractual purchase price of $ 152 million . financing activity . on october 18 , 2018 , we entered into a new five-year $ 50 million unsecured term loan . on december 5 , 2018 , we drew down the full balance of the term loan in connection with the closing of the cavallo point acquisition . update on insurance claims as previously disclosed , we have insurance claims resulting from hurricanes that impacted frenchman 's reef and the havana cabana key west in 2017 , as well as from the 2017 wildfires in northern california that impacted the lodge at sonoma . the company is insured for up to $ 361 million for each covered event , subject to certain deductibles and other conditions . frenchman 's reef . the hotel was significantly damaged by hurricanes irma and maria in 2017 and is expected to remain closed into 2020. we submitted our insurance claim during the first quarter of 2018 and are continuing to work diligently with our insurance carriers and the u.s. virgin islands government to ensure the best outcome for our stockholders . during the year ended december 31 , 2018 , we recognized $ 16.1 million of business interruption insurance income under the insurance claim . havana cabana key west . we completed a comprehensive renovation and re-positioning of the hotel in connection with the remediation of substantial wind and water-related damage from hurricane irma . the hotel reopened as the havana cabana key west in april 2018. in july 2018 , we settled our insurance claim for the property damage and business interruption for $ 8.3 million , net of deductibles . during the year ended december 31 , 2018 , we recognized $ 2.1 million of business interruption income and a $ 1.7 million gain on the property damage insurance settlement . the lodge at sonoma renaissance resort & spa . in july 2018 , we settled our insurance claim for smoke damage and business interruption for $ 1.3 million , net of deductibles . during the year ended december 31 , 2018 , we recognized $ 1.2 million of business interruption income related to the lodge at sonoma . outlook for 2019 although economic indicators such as gdp growth , corporate earnings , consumer confidence and employment reflect a stable u.s. economy , we expect revpar growth to decelerate in 2019. furthermore we anticipate the u.s. lodging industry will be challenged by rising labor costs . our portfolio is weighted towards top-25 urban markets , which have experienced hotel supply increases in excess of the national average in recent years . however , we expect our resort hotels to continue to outperform the broader u.s. market , with recent repositionings driving value within the portfolio . following $ 115 million of hotel renovations and capital improvements in 2018 , we expect lower renovation disruption in 2019. additionally , we continue to work closely with our hotel managers to control operating costs . despite anticipated deceleration , we enter 2019 with several favorable factors , including : ( 1 ) ownership of a high-quality portfolio concentrated in urban and resort locations ; ( 2 ) increased internal growth from the continuation of our asset management initiatives ; ( 3 ) a low leveraged capital structure relative to our peers ; and ( 4 ) an unrestricted cash balance of $ 44 million and no outstanding borrowings on our $ 300 million senior unsecured credit facility as of december 31 , 2018. results of operations the following table sets forth certain operating information for the year ended december 31 , 2018 for each of the hotels we owned during 2018 . - 42 - replace_table_token_6_th ( 1 ) frenchman 's reef was closed on september 6 , 2017 due to hurricane irma and remains closed . accordingly , there is no operating information for the year ended december 31 , 2018 . ( 2 ) the percentage change from 2017 revpar reflects the comparable period in 2017 to our 2018 ownership period for all hotels . ( 3 ) the operating statistics reflect our ownership period from march 1 , 2018 to december 31 , 2018 . ( 4 ) the operating statistics reflect our ownership period from december 10 , 2018 to december 31 , 2018 . ( 5 ) the hotel closed on september 6 , 2017 due to hurricane irma and reopened in april 2018. accordingly , the operating information reported only includes operations beginning in april 2018 . ( 6 ) the hotel closed on september 4 , 2018 for a comprehensive renovation . accordingly , the operating information presented only includes operations through the closure date . comparison of the year ended december 31 , 2018 to the year ended december 31 , 2017 revenue . story_separator_special_tag some of our mortgage debt agreements contain “ cash trap ” provisions that are triggered when the hotel 's operating results fall below a certain debt service coverage ratio . when these provisions are triggered , all of the excess cash flow generated by the hotel is deposited directly into cash management accounts for the benefit of our lenders until a specified debt service coverage ratio is reached and maintained for a certain period of time . such provisions do not allow the lender the right to accelerate repayment of the underlying debt . our long-term liquidity requirements consist primarily of funds necessary to pay for the costs of acquiring additional hotels , renovations , and other capital expenditures that need to be made periodically to our hotels , scheduled debt payments , debt maturities , redemption of op units and making distributions to our stockholders . we expect to meet our long-term liquidity requirements through various sources of capital , including cash provided by operations , borrowings , issuances of additional equity , including op units , and or debt securities and proceeds from property dispositions . our ability to incur additional debt is dependent upon a number of factors , including the state of the credit markets , our degree of leverage , the value of our unencumbered assets and borrowing restrictions imposed by existing lenders . our ability to raise capital through the issuance of additional equity and or debt securities is also dependent on a number of factors including the current state of the capital markets , investor sentiment and intended use of proceeds . we may need to raise additional capital if we identify acquisition opportunities that meet our investment objectives and require liquidity in excess of existing cash balances . our ability to raise funds through the issuance of equity securities depends on , among other things , general market conditions for hotel companies and reits and market perceptions about us . atm program we have equity distribution agreements , dated august 8 , 2018 , with a number of sales agents ( the “ current atm program `` ) to issue and sell , from time to time , shares of our common stock , par value $ 0.01 per share , having an aggregate offering price of up to $ 200 million ( the “ atm shares ” ) . sales of the atm shares can be made in privately negotiated transactions and or any other method permitted by law , including sales deemed to be an “ at the market ” offering , which includes sales made directly on the new york stock exchange or sales made to or through a market maker other than on an exchange . we have not sold any shares under the current atm program . actual future sales of the atm shares will depend upon a variety of factors , including but not limited to market conditions , the trading price of the company 's common stock and the company 's capital needs . we have no obligation to sell the atm shares under the current atm program . prior to the implementation of the current atm program , the company had a $ 200 million atm program ( the `` prior atm program `` ) , which is no longer active . during the year ended december 31 , 2018 , we sold 7,472,946 shares of common stock at an average price of $ 12.56 for net proceeds of $ 92.9 million under the prior atm program . our financing strategy since our formation in 2004 , we have been committed to a conservative capital structure with prudent leverage . the majority of our outstanding debt is fixed interest rate mortgage debt . we have a preference to maintain a significant portion of our portfolio as unencumbered assets in order to provide balance sheet flexibility . we expect that our strategy will enable us to maintain a balance sheet with an appropriate amount of debt throughout all phases of the lodging cycle . we believe that it is prudent to reduce the inherent risk of highly cyclical lodging fundamentals through a low leverage capital structure . we prefer a relatively simple but efficient capital structure . we have not invested in joint ventures and have not issued any preferred stock . we generally structure our hotel acquisitions to be straightforward and to fit within our capital structure ; however , we will consider a more complex transaction , such as the issuance of op units in connection with the acquisition of cavallo point , if we believe that the projected returns to our stockholders will significantly exceed the returns that would otherwise be available . we believe that we maintain a reasonable amount of debt . as of december 31 , 2018 , we had $ 978.0 million of debt outstanding with a weighted average interest rate of 4.01 % and a weighted average maturity date of approximately 5.5 years . we maintain one of the lowest levered balance sheets among our lodging reit peers . we maintain balance sheet flexibility with limited near-term debt maturities , capacity under our senior unsecured credit facility and 23 of our 31 hotels unencumbered by mortgage debt . we remain committed to our core strategy of prudent leverage . - 50 - information about our financing activities is available in note 8 to the accompanying consolidated financial statements . share repurchase program our board of directors has approved a share repurchase program authorizing us to repurchase shares of our common stock . on november 2 , 2018 , our board of directors increased the authorization under the share repurchase program from $ 150 million to $ 250 million . information about our share repurchase program is found in note 5 to the accompanying consolidated financial statements . during the year ended december 31 , 2018 , we repurchased 3,384,359 shares of our common stock at an average

loss on early extinguishment of debt . we prepaid the $ 170.4 million mortgage loan previously secured by the lexington hotel new york on april 26 , 2017 and recognized a loss on early extinguishment of debt of approximately $ 0.3 million . income taxes . we recorded income tax expense of $ 3.1 million in 2018 and $ 10.2 million in 2017 . the 2018 income tax expense includes $ 2.6 million of income tax expense incurred on the $ 7.9 million pre-tax income of our domestic trss , foreign income tax expense of less than $ 0.1 million incurred on the $ 14.0 million pre-tax income of the trs that owns frenchman 's reef , and $ 0.5 million of corporate state income tax . the 2017 income tax expense includes $ 8.7 million of income tax expense incurred on the $ 26.9 million pre-tax income of our domestic trss and foreign income tax expense of $ 1.5 million incurred on the $ 11.4 million pre-tax income of the trs that owns frenchman 's reef . the 2017 income tax provision included a benefit of $ 4.2 million due to a remeasurement of our net deferred tax liabilities as of december 31 , 2017 as a result of the tcja , which - 46 - lowered the corporate tax rates from a maximum of 35 % to a flat rate of 21 % effective for tax years beginning after december 31 , 2017. comparison of the year ended december 31 , 2017 to the year ended december 31 , 2016 revenue . revenue consists primarily of the room , food and beverage and other operating revenues from our hotels , as follows ( in millions ) : replace_table_token_11_th our total revenues decreased $ 26.6 million from $ 896.6 million for the year ended december 31 , 2016 to $ 870.0 million for the year ended december 31 , 2017 . our total revenues include amounts that are not comparable year-over-year due to acquisitions and dispositions as follows : $ 14.1 million decrease from the orlando airport marriott , which was sold on june 8 , 2016 .


 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.
     ```loss on early extinguishment of debt . we prepaid the $ 170.4 million mortgage loan previously secured by the lexington hotel new york on april 26 , 2017 and recognized a loss on early extinguishment of debt of approximately $ 0.3 million . income taxes . we recorded income tax expense of $ 3.1 million in 2018 and $ 10.2 million in 2017 . the 2018 income tax expense includes $ 2.6 million of income tax expense incurred on the $ 7.9 million pre-tax income of our domestic trss , foreign income tax expense of less than $ 0.1 million incurred on the $ 14.0 million pre-tax income of the trs that owns frenchman 's reef , and $ 0.5 million of corporate state income tax . the 2017 income tax expense includes $ 8.7 million of income tax expense incurred on the $ 26.9 million pre-tax income of our domestic trss and foreign income tax expense of $ 1.5 million incurred on the $ 11.4 million pre-tax income of the trs that owns frenchman 's reef . the 2017 income tax provision included a benefit of $ 4.2 million due to a remeasurement of our net deferred tax liabilities as of december 31 , 2017 as a result of the tcja , which - 46 - lowered the corporate tax rates from a maximum of 35 % to a flat rate of 21 % effective for tax years beginning after december 31 , 2017. comparison of the year ended december 31 , 2017 to the year ended december 31 , 2016 revenue . revenue consists primarily of the room , food and beverage and other operating revenues from our hotels , as follows ( in millions ) : replace_table_token_11_th our total revenues decreased $ 26.6 million from $ 896.6 million for the year ended december 31 , 2016 to $ 870.0 million for the year ended december 31 , 2017 . our total revenues include amounts that are not comparable year-over-year due to acquisitions and dispositions as follows : $ 14.1 million decrease from the orlando airport marriott , which was sold on june 8 , 2016 .
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 Suspicious Activity Report : in addition , our adr , occupancy percentage and revpar performance is dependent on the continued success of our hotels ' global brands . we also use ebitda , ebitda re , adjusted ebitda , ffo and adjusted ffo as measures of the financial performance of our business . see “ non-gaap financial measures . ” overview of 2018 - 41 - key highlights for 2018 include the following : hotel acquisitions . in march 2018 , we acquired the 77-room landing resort & spa in south lake tahoe , california , for a total contractual purchase price of $ 42 million , and the 242-room hotel palomar in phoenix , arizona , for a total contractual purchase price of $ 80 million . in december 2018 , we acquired the 142-room cavallo point in sausalito , california , for a total contractual purchase price of $ 152 million . financing activity . on october 18 , 2018 , we entered into a new five-year $ 50 million unsecured term loan . on december 5 , 2018 , we drew down the full balance of the term loan in connection with the closing of the cavallo point acquisition . update on insurance claims as previously disclosed , we have insurance claims resulting from hurricanes that impacted frenchman 's reef and the havana cabana key west in 2017 , as well as from the 2017 wildfires in northern california that impacted the lodge at sonoma . the company is insured for up to $ 361 million for each covered event , subject to certain deductibles and other conditions . frenchman 's reef . the hotel was significantly damaged by hurricanes irma and maria in 2017 and is expected to remain closed into 2020. we submitted our insurance claim during the first quarter of 2018 and are continuing to work diligently with our insurance carriers and the u.s. virgin islands government to ensure the best outcome for our stockholders . during the year ended december 31 , 2018 , we recognized $ 16.1 million of business interruption insurance income under the insurance claim . havana cabana key west . we completed a comprehensive renovation and re-positioning of the hotel in connection with the remediation of substantial wind and water-related damage from hurricane irma . the hotel reopened as the havana cabana key west in april 2018. in july 2018 , we settled our insurance claim for the property damage and business interruption for $ 8.3 million , net of deductibles . during the year ended december 31 , 2018 , we recognized $ 2.1 million of business interruption income and a $ 1.7 million gain on the property damage insurance settlement . the lodge at sonoma renaissance resort & spa . in july 2018 , we settled our insurance claim for smoke damage and business interruption for $ 1.3 million , net of deductibles . during the year ended december 31 , 2018 , we recognized $ 1.2 million of business interruption income related to the lodge at sonoma . outlook for 2019 although economic indicators such as gdp growth , corporate earnings , consumer confidence and employment reflect a stable u.s. economy , we expect revpar growth to decelerate in 2019. furthermore we anticipate the u.s. lodging industry will be challenged by rising labor costs . our portfolio is weighted towards top-25 urban markets , which have experienced hotel supply increases in excess of the national average in recent years . however , we expect our resort hotels to continue to outperform the broader u.s. market , with recent repositionings driving value within the portfolio . following $ 115 million of hotel renovations and capital improvements in 2018 , we expect lower renovation disruption in 2019. additionally , we continue to work closely with our hotel managers to control operating costs . despite anticipated deceleration , we enter 2019 with several favorable factors , including : ( 1 ) ownership of a high-quality portfolio concentrated in urban and resort locations ; ( 2 ) increased internal growth from the continuation of our asset management initiatives ; ( 3 ) a low leveraged capital structure relative to our peers ; and ( 4 ) an unrestricted cash balance of $ 44 million and no outstanding borrowings on our $ 300 million senior unsecured credit facility as of december 31 , 2018. results of operations the following table sets forth certain operating information for the year ended december 31 , 2018 for each of the hotels we owned during 2018 . - 42 - replace_table_token_6_th ( 1 ) frenchman 's reef was closed on september 6 , 2017 due to hurricane irma and remains closed . accordingly , there is no operating information for the year ended december 31 , 2018 . ( 2 ) the percentage change from 2017 revpar reflects the comparable period in 2017 to our 2018 ownership period for all hotels . ( 3 ) the operating statistics reflect our ownership period from march 1 , 2018 to december 31 , 2018 . ( 4 ) the operating statistics reflect our ownership period from december 10 , 2018 to december 31 , 2018 . ( 5 ) the hotel closed on september 6 , 2017 due to hurricane irma and reopened in april 2018. accordingly , the operating information reported only includes operations beginning in april 2018 . ( 6 ) the hotel closed on september 4 , 2018 for a comprehensive renovation . accordingly , the operating information presented only includes operations through the closure date . comparison of the year ended december 31 , 2018 to the year ended december 31 , 2017 revenue . story_separator_special_tag some of our mortgage debt agreements contain “ cash trap ” provisions that are triggered when the hotel 's operating results fall below a certain debt service coverage ratio . when these provisions are triggered , all of the excess cash flow generated by the hotel is deposited directly into cash management accounts for the benefit of our lenders until a specified debt service coverage ratio is reached and maintained for a certain period of time . such provisions do not allow the lender the right to accelerate repayment of the underlying debt . our long-term liquidity requirements consist primarily of funds necessary to pay for the costs of acquiring additional hotels , renovations , and other capital expenditures that need to be made periodically to our hotels , scheduled debt payments , debt maturities , redemption of op units and making distributions to our stockholders . we expect to meet our long-term liquidity requirements through various sources of capital , including cash provided by operations , borrowings , issuances of additional equity , including op units , and or debt securities and proceeds from property dispositions . our ability to incur additional debt is dependent upon a number of factors , including the state of the credit markets , our degree of leverage , the value of our unencumbered assets and borrowing restrictions imposed by existing lenders . our ability to raise capital through the issuance of additional equity and or debt securities is also dependent on a number of factors including the current state of the capital markets , investor sentiment and intended use of proceeds . we may need to raise additional capital if we identify acquisition opportunities that meet our investment objectives and require liquidity in excess of existing cash balances . our ability to raise funds through the issuance of equity securities depends on , among other things , general market conditions for hotel companies and reits and market perceptions about us . atm program we have equity distribution agreements , dated august 8 , 2018 , with a number of sales agents ( the “ current atm program `` ) to issue and sell , from time to time , shares of our common stock , par value $ 0.01 per share , having an aggregate offering price of up to $ 200 million ( the “ atm shares ” ) . sales of the atm shares can be made in privately negotiated transactions and or any other method permitted by law , including sales deemed to be an “ at the market ” offering , which includes sales made directly on the new york stock exchange or sales made to or through a market maker other than on an exchange . we have not sold any shares under the current atm program . actual future sales of the atm shares will depend upon a variety of factors , including but not limited to market conditions , the trading price of the company 's common stock and the company 's capital needs . we have no obligation to sell the atm shares under the current atm program . prior to the implementation of the current atm program , the company had a $ 200 million atm program ( the `` prior atm program `` ) , which is no longer active . during the year ended december 31 , 2018 , we sold 7,472,946 shares of common stock at an average price of $ 12.56 for net proceeds of $ 92.9 million under the prior atm program . our financing strategy since our formation in 2004 , we have been committed to a conservative capital structure with prudent leverage . the majority of our outstanding debt is fixed interest rate mortgage debt . we have a preference to maintain a significant portion of our portfolio as unencumbered assets in order to provide balance sheet flexibility . we expect that our strategy will enable us to maintain a balance sheet with an appropriate amount of debt throughout all phases of the lodging cycle . we believe that it is prudent to reduce the inherent risk of highly cyclical lodging fundamentals through a low leverage capital structure . we prefer a relatively simple but efficient capital structure . we have not invested in joint ventures and have not issued any preferred stock . we generally structure our hotel acquisitions to be straightforward and to fit within our capital structure ; however , we will consider a more complex transaction , such as the issuance of op units in connection with the acquisition of cavallo point , if we believe that the projected returns to our stockholders will significantly exceed the returns that would otherwise be available . we believe that we maintain a reasonable amount of debt . as of december 31 , 2018 , we had $ 978.0 million of debt outstanding with a weighted average interest rate of 4.01 % and a weighted average maturity date of approximately 5.5 years . we maintain one of the lowest levered balance sheets among our lodging reit peers . we maintain balance sheet flexibility with limited near-term debt maturities , capacity under our senior unsecured credit facility and 23 of our 31 hotels unencumbered by mortgage debt . we remain committed to our core strategy of prudent leverage . - 50 - information about our financing activities is available in note 8 to the accompanying consolidated financial statements . share repurchase program our board of directors has approved a share repurchase program authorizing us to repurchase shares of our common stock . on november 2 , 2018 , our board of directors increased the authorization under the share repurchase program from $ 150 million to $ 250 million . information about our share repurchase program is found in note 5 to the accompanying consolidated financial statements . during the year ended december 31 , 2018 , we repurchased 3,384,359 shares of our common stock at an average

