year ended december 31 , 2015 financial results summary net income for the year ended december 31 , 2015 was $ 76,907,000 , or $ 15.04 per diluted share , compared to $ 67,925,000 , or $ 13.29 per diluted share for the year ended december 31 , 2014. funds from operations ( “ ffo ” ) for the year ended december 31 , 2015 was $ 107,648,000 , or $ 21.06 per diluted share , compared to $ 96,980,000 , or $ 18.98 per diluted share for the year ended december 31 , 2014. quarter ended december 31 , 2015 financial results summary net income for the quarter ended december 31 , 2015 was $ 23,572,000 , or $ 4.61 per diluted share , compared to $ 18,161,000 , or $ 3.55 per diluted share for the quarter ended december 31 , 2014. ffo for the quarter ended december 31 , 2015 was $ 31,730,000 , or $ 6.21 per diluted share , compared to $ 25,508,000 , or $ 4.99 per diluted share for the quarter ended december 31 , 2014 . 22 overview – continued square footage , occupancy and leasing activity as of december 31 , 2015 our portfolio was comprised of seven properties aggregating 2,437,000 square feet . as of december 31 , 2015 , our office and retail properties had an occupancy rate of 99.7 % and the alexander apartment tower had an occupancy rate of 25.6 % . significant tenants bloomberg l.p. ( “ bloomberg ” ) accounted for $ 94,468,000 , $ 91,109,000 and $ 88,164,000 , or approximately 45 % of our total revenues in each of the years ended december 31 , 2015 , 2014 and 2013 , respectively . no other tenant accounted for more than 10 % of our total revenues . if we were to lose bloomberg as a tenant , or if bloomberg were to be unable to fulfill its obligations under its lease , it would adversely affect our results of operations and financial condition . in order to assist us in our continuing assessment of bloomberg 's creditworthiness , we receive certain confidential financial information and metrics from bloomberg . in addition , we access and evaluate financial information regarding bloomberg from other private sources , as well as publicly available data . in october 2014 , bloomberg exercised its option to extend leases that were scheduled to expire in december 2015 for a term of five years , covering 192,000 square feet of office space at our 731 lexington avenue property . in january 2016 , we entered into a lease amendment with bloomberg which extends the lease term related to this space to be coterminous with the other 697,000 square feet of office space leased by bloomberg through february 2029 , with a ten-year extension option . in connection with the lease amendment , bloomberg provided a $ 200,000,000 letter of credit , which amount may be reduced in certain circumstances . we may draw on this letter of credit subject to certain terms of the lease amendment , including an event of default by bloomberg . financing in august 2015 , we completed a $ 350,000,000 refinancing of the retail portion of 731 lexington avenue . the interest-only loan is at libor plus 1.40 % ( 1.67 % as of december 31 , 2015 ) and matures in august 2020 , with two one-year extension options . critical accounting policies and estimates our financial statements are prepared in conformity with accounting principles generally accepted in the united states of america ( “ gaap ” ) , which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods . actual results could differ from those estimates . set forth below is a summary of our accounting policies that we believe are critical to the preparation of our consolidated financial statements . this summary should be read in conjunction with a more complete discussion of our accounting policies included in note 2 to the consolidated financial statements in this annual report on form 10-k. real estate real estate is carried at cost , net of accumulated depreciation and amortization . as of december 31 , 2015 and 2014 , the carrying amount of our real estate , net of accumulated depreciation and amortization , was $ 803,939,000 and $ 783,902,000 , respectively . maintenance and repairs are expensed as incurred . depreciation requires an estimate by management of the useful life of each property and improvement as well as an allocation of the costs associated with a property to its various components . if we do not allocate these costs appropriately or incorrectly estimate the useful lives of our real estate , depreciation expense may be misstated . we capitalize all property operating expenses directly associated with and attributable to , the development and construction of a project , including interest expense . the capitalization period begins when development activities are underway and ends when it is determined that the asset is substantially complete and ready for its intended use , which is typically evidenced by the receipt of a temporary certificate of occupancy . general and administrative costs are expensed as incurred . 23 critical accounting policies and estimates – continued our properties and related intangible assets , including properties to be developed in the future and currently under development , are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable . story_separator_special_tag for nbcr acts , fnsic is responsible for a $ 275,000 deductible ( $ 348,000 effective january 1 , 2016 ) and 15 % of the balance ( 16 % effective january 1 , 2016 ) of a covered loss , and the federal government is responsible for the remaining 85 % ( 84 % effective january 1 , 2016 ) of a covered loss . we are ultimately responsible for any loss incurred by fnsic . we continue to monitor the state of the insurance market and the scope and costs of coverage for acts of terrorism . however , we can not anticipate what coverage will be available on commercially reasonable terms in the future . we are responsible for deductibles and losses in excess of our insurance coverage , which could be material . our mortgage loans are non-recourse to us and contain customary covenants requiring us to maintain insurance . although we believe that we have adequate insurance coverage for purposes of these agreements , we may not be able to obtain an equivalent amount of coverage at reasonable costs in the future . if lenders insist on greater coverage than we are able to obtain , it could adversely affect our ability to finance our properties . rego park i litigation on june 24 , 2014 , sears roebuck and co. ( “ sears ” ) filed a lawsuit in the supreme court of the state of new york against vornado and us ( and certain of our subsidiaries ) with regard to space that sears leases at our rego park i property . sears alleges that the defendants are liable for harm sears has suffered as a result of ( a ) water intrusions into the premises , ( b ) two fires in february 2014 that caused damages to those premises , and ( c ) alleged violations of the americans with disabilities act in the premises ' parking garage . sears asserts various causes of actions for damages and seeks to compel compliance with landlord 's obligations to repair the premises and to provide security , and to compel us to abate a nuisance that sears claims was a cause of the water intrusions into its premises . in addition to injunctive relief , sears seeks , among other things , damages of not less than $ 4 million and future damages it estimates will not be less than $ 25 million . we intend to defend the claims vigorously . the amount or range of reasonable possible losses , if any , can not be estimated . paramus in 2001 , we leased 30.3 acres of land located in paramus , new jersey to ikea property , inc. the lease has a purchase option in 2021 for $ 75,000,000. the property is encumbered by a $ 68,000,000 interest-only mortgage loan with a fixed rate of 2.90 % , which matures in october 2018. the annual triple-net rent is the sum of $ 700,000 plus the amount of debt service on the mortgage loan . if the purchase option is exercised , we will receive net cash proceeds of approximately $ 7,000,000 and recognize a gain on sale of land of approximately $ 60,000,000. if the purchase option is not exercised , the triple-net rent for the last 20 years would include debt service sufficient to fully amortize $ 68,000,000 over the remaining 20-year lease term . letters of credit approximately $ 2,074,000 of standby letters of credit were outstanding as of december 31 , 2015. other in october 2015 , the new york city department of finance ( “ nyc dof ” ) issued a notice of determination to us assessing an additional $ 20,300,000 of transfer taxes ( including interest and penalties ) in connection with the sale of kings plaza in november 2012. we believe that the nyc dof 's claim is without merit and intend to vigorously contest this assessment . we have determined that the likelihood of a loss related to this issue is not probable and , after consultation with legal counsel , that the outcome of this assessment is not expected to have a material adverse effect on our financial position , results of operations or cash flows . 29 liquidity and capital resources – continued other – continued in october 2015 , we entered into a settlement agreement with a former bankrupt tenant at our rego park i property . during the fourth quarter of 2015 , we received approximately $ 2,100,000 from the bankruptcy estate , which is included as “ interest and other income , net ” in our consolidated statement of income for the year ended december 31 , 2015. there are various other legal actions against us in the ordinary course of business . in our opinion , the outcome of such matters in the aggregate will not have a material effect on our financial position , results of operations or cash flows . story_separator_special_tag face= `` times new roman `` lang= `` en-us `` style= `` font-size : 10pt `` > ffo is computed in accordance with the definition adopted by the board of governors of the national association of real estate investment trusts ( “ nareit ” ) . nareit defines ffo as gaap net income or loss adjusted to exclude net gains from sales of depreciated real estate assets , real estate impairment losses , depreciation and amortization expense from real estate assets and other specified non-cash items , including the pro rata share of such adjustments of unconsolidated subsidiaries . ffo and ffo per diluted share are used by management , investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers because it excludes the effect of real estate depreciation and amortization and net gains on sales , which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time , rather than

cash flows cash and cash equivalents were $ 259,349,000 at december 31 , 2015 , compared to $ 227,815,000 at december 31 , 2014 , an increase of $ 31,534,000. this increase resulted from ( i ) $ 106,201,000 of net cash provided by operating activities partially offset by ( ii ) $ 48,839,000 of net cash used in financing activities and ( iii ) $ 25,828,000 of net cash used in investing activities . year ended december 31 , 2015 net cash provided by operating activities of $ 106,201,000 was comprised of net income of $ 76,907,000 and $ 32,853,000 of adjustments for non-cash items , partially offset by $ 3,559,000 for the net change in operating assets and liabilities . the adjustments for non-cash items were primarily comprised of depreciation and amortization of $ 33,671,000 , partially offset by straight-lining of rental income of $ 1,418,000. net cash used in investing activities of $ 25,828,000 was primarily comprised of construction in progress and real estate additions of $ 50,121,000 ( primarily related to the alexander apartment tower ) partially offset by proceeds of $ 24,998,000 from short-term investments that matured during the second quarter of 2015. net cash used in financing activities of $ 48,839,000


 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 cash and cash equivalents were $ 259,349,000 at december 31 , 2015 , compared to $ 227,815,000 at december 31 , 2014 , an increase of $ 31,534,000. this increase resulted from ( i ) $ 106,201,000 of net cash provided by operating activities partially offset by ( ii ) $ 48,839,000 of net cash used in financing activities and ( iii ) $ 25,828,000 of net cash used in investing activities . year ended december 31 , 2015 net cash provided by operating activities of $ 106,201,000 was comprised of net income of $ 76,907,000 and $ 32,853,000 of adjustments for non-cash items , partially offset by $ 3,559,000 for the net change in operating assets and liabilities . the adjustments for non-cash items were primarily comprised of depreciation and amortization of $ 33,671,000 , partially offset by straight-lining of rental income of $ 1,418,000. net cash used in investing activities of $ 25,828,000 was primarily comprised of construction in progress and real estate additions of $ 50,121,000 ( primarily related to the alexander apartment tower ) partially offset by proceeds of $ 24,998,000 from short-term investments that matured during the second quarter of 2015. net cash used in financing activities of $ 48,839,000
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 Suspicious Activity Report : year ended december 31 , 2015 financial results summary net income for the year ended december 31 , 2015 was $ 76,907,000 , or $ 15.04 per diluted share , compared to $ 67,925,000 , or $ 13.29 per diluted share for the year ended december 31 , 2014. funds from operations ( “ ffo ” ) for the year ended december 31 , 2015 was $ 107,648,000 , or $ 21.06 per diluted share , compared to $ 96,980,000 , or $ 18.98 per diluted share for the year ended december 31 , 2014. quarter ended december 31 , 2015 financial results summary net income for the quarter ended december 31 , 2015 was $ 23,572,000 , or $ 4.61 per diluted share , compared to $ 18,161,000 , or $ 3.55 per diluted share for the quarter ended december 31 , 2014. ffo for the quarter ended december 31 , 2015 was $ 31,730,000 , or $ 6.21 per diluted share , compared to $ 25,508,000 , or $ 4.99 per diluted share for the quarter ended december 31 , 2014 . 22 overview – continued square footage , occupancy and leasing activity as of december 31 , 2015 our portfolio was comprised of seven properties aggregating 2,437,000 square feet . as of december 31 , 2015 , our office and retail properties had an occupancy rate of 99.7 % and the alexander apartment tower had an occupancy rate of 25.6 % . significant tenants bloomberg l.p. ( “ bloomberg ” ) accounted for $ 94,468,000 , $ 91,109,000 and $ 88,164,000 , or approximately 45 % of our total revenues in each of the years ended december 31 , 2015 , 2014 and 2013 , respectively . no other tenant accounted for more than 10 % of our total revenues . if we were to lose bloomberg as a tenant , or if bloomberg were to be unable to fulfill its obligations under its lease , it would adversely affect our results of operations and financial condition . in order to assist us in our continuing assessment of bloomberg 's creditworthiness , we receive certain confidential financial information and metrics from bloomberg . in addition , we access and evaluate financial information regarding bloomberg from other private sources , as well as publicly available data . in october 2014 , bloomberg exercised its option to extend leases that were scheduled to expire in december 2015 for a term of five years , covering 192,000 square feet of office space at our 731 lexington avenue property . in january 2016 , we entered into a lease amendment with bloomberg which extends the lease term related to this space to be coterminous with the other 697,000 square feet of office space leased by bloomberg through february 2029 , with a ten-year extension option . in connection with the lease amendment , bloomberg provided a $ 200,000,000 letter of credit , which amount may be reduced in certain circumstances . we may draw on this letter of credit subject to certain terms of the lease amendment , including an event of default by bloomberg . financing in august 2015 , we completed a $ 350,000,000 refinancing of the retail portion of 731 lexington avenue . the interest-only loan is at libor plus 1.40 % ( 1.67 % as of december 31 , 2015 ) and matures in august 2020 , with two one-year extension options . critical accounting policies and estimates our financial statements are prepared in conformity with accounting principles generally accepted in the united states of america ( “ gaap ” ) , which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods . actual results could differ from those estimates . set forth below is a summary of our accounting policies that we believe are critical to the preparation of our consolidated financial statements . this summary should be read in conjunction with a more complete discussion of our accounting policies included in note 2 to the consolidated financial statements in this annual report on form 10-k. real estate real estate is carried at cost , net of accumulated depreciation and amortization . as of december 31 , 2015 and 2014 , the carrying amount of our real estate , net of accumulated depreciation and amortization , was $ 803,939,000 and $ 783,902,000 , respectively . maintenance and repairs are expensed as incurred . depreciation requires an estimate by management of the useful life of each property and improvement as well as an allocation of the costs associated with a property to its various components . if we do not allocate these costs appropriately or incorrectly estimate the useful lives of our real estate , depreciation expense may be misstated . we capitalize all property operating expenses directly associated with and attributable to , the development and construction of a project , including interest expense . the capitalization period begins when development activities are underway and ends when it is determined that the asset is substantially complete and ready for its intended use , which is typically evidenced by the receipt of a temporary certificate of occupancy . general and administrative costs are expensed as incurred . 23 critical accounting policies and estimates – continued our properties and related intangible assets , including properties to be developed in the future and currently under development , are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable . story_separator_special_tag for nbcr acts , fnsic is responsible for a $ 275,000 deductible ( $ 348,000 effective january 1 , 2016 ) and 15 % of the balance ( 16 % effective january 1 , 2016 ) of a covered loss , and the federal government is responsible for the remaining 85 % ( 84 % effective january 1 , 2016 ) of a covered loss . we are ultimately responsible for any loss incurred by fnsic . we continue to monitor the state of the insurance market and the scope and costs of coverage for acts of terrorism . however , we can not anticipate what coverage will be available on commercially reasonable terms in the future . we are responsible for deductibles and losses in excess of our insurance coverage , which could be material . our mortgage loans are non-recourse to us and contain customary covenants requiring us to maintain insurance . although we believe that we have adequate insurance coverage for purposes of these agreements , we may not be able to obtain an equivalent amount of coverage at reasonable costs in the future . if lenders insist on greater coverage than we are able to obtain , it could adversely affect our ability to finance our properties . rego park i litigation on june 24 , 2014 , sears roebuck and co. ( “ sears ” ) filed a lawsuit in the supreme court of the state of new york against vornado and us ( and certain of our subsidiaries ) with regard to space that sears leases at our rego park i property . sears alleges that the defendants are liable for harm sears has suffered as a result of ( a ) water intrusions into the premises , ( b ) two fires in february 2014 that caused damages to those premises , and ( c ) alleged violations of the americans with disabilities act in the premises ' parking garage . sears asserts various causes of actions for damages and seeks to compel compliance with landlord 's obligations to repair the premises and to provide security , and to compel us to abate a nuisance that sears claims was a cause of the water intrusions into its premises . in addition to injunctive relief , sears seeks , among other things , damages of not less than $ 4 million and future damages it estimates will not be less than $ 25 million . we intend to defend the claims vigorously . the amount or range of reasonable possible losses , if any , can not be estimated . paramus in 2001 , we leased 30.3 acres of land located in paramus , new jersey to ikea property , inc. the lease has a purchase option in 2021 for $ 75,000,000. the property is encumbered by a $ 68,000,000 interest-only mortgage loan with a fixed rate of 2.90 % , which matures in october 2018. the annual triple-net rent is the sum of $ 700,000 plus the amount of debt service on the mortgage loan . if the purchase option is exercised , we will receive net cash proceeds of approximately $ 7,000,000 and recognize a gain on sale of land of approximately $ 60,000,000. if the purchase option is not exercised , the triple-net rent for the last 20 years would include debt service sufficient to fully amortize $ 68,000,000 over the remaining 20-year lease term . letters of credit approximately $ 2,074,000 of standby letters of credit were outstanding as of december 31 , 2015. other in october 2015 , the new york city department of finance ( “ nyc dof ” ) issued a notice of determination to us assessing an additional $ 20,300,000 of transfer taxes ( including interest and penalties ) in connection with the sale of kings plaza in november 2012. we believe that the nyc dof 's claim is without merit and intend to vigorously contest this assessment . we have determined that the likelihood of a loss related to this issue is not probable and , after consultation with legal counsel , that the outcome of this assessment is not expected to have a material adverse effect on our financial position , results of operations or cash flows . 29 liquidity and capital resources – continued other – continued in october 2015 , we entered into a settlement agreement with a former bankrupt tenant at our rego park i property . during the fourth quarter of 2015 , we received approximately $ 2,100,000 from the bankruptcy estate , which is included as “ interest and other income , net ” in our consolidated statement of income for the year ended december 31 , 2015. there are various other legal actions against us in the ordinary course of business . in our opinion , the outcome of such matters in the aggregate will not have a material effect on our financial position , results of operations or cash flows . story_separator_special_tag face= `` times new roman `` lang= `` en-us `` style= `` font-size : 10pt `` > ffo is computed in accordance with the definition adopted by the board of governors of the national association of real estate investment trusts ( “ nareit ” ) . nareit defines ffo as gaap net income or loss adjusted to exclude net gains from sales of depreciated real estate assets , real estate impairment losses , depreciation and amortization expense from real estate assets and other specified non-cash items , including the pro rata share of such adjustments of unconsolidated subsidiaries . ffo and ffo per diluted share are used by management , investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers because it excludes the effect of real estate depreciation and amortization and net gains on sales , which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time , rather than

