`` investment spending overview during 2012 , our total investment spending of $ 298.1 million was an increase of 116 % over our investment spending in 2011. our investment spending in 2011 was lower than it had been historically because of the financial and economic environment at that time . during 2012 , our investment spending in our entertainment segment was $ 121.5 million . as box office performance improved over the latter part of 2011 and 2012 , we were able to find more build-to-suit opportunities available for megaplex theatres at attractive terms with both existing and new tenants . additionally , many megaplex theatre operators are expanding their food and beverage options and are now including in-theatre dining options and alcohol availability . this trend has provided more build-to-suit opportunities for us as well . also , we expanded our investment spending in the family entertainment center category . during 2012 , our investment spending in our education segment was $ 81.4 million and consisted of build-to-suit public charter schools . we continued to establish our position as a leading owner of public charter school real estate and expect this momentum to continue into 2013. we continued to diversify our tenant base , and as of year-end we have 17 different public charter school operators and we expect to continue to expand this number in 2013. as discussed below under `` recent developments , `` certain of our public charter school properties which were operated by our largest tenant in this area , imagine , had their charters revoked and or were closed ; however these events are not expected to impact our ability to collect payments from imagine under their master lease with us . during 2012 , our investment spending in our recreation segment was $ 83.6 million and related primarily to metro ski areas and golf entertainment complexes . we plan to continue to seek attractive investments in this segment in 2013. during the 2011-2012 season , our ski parks experienced unseasonably warm temperatures . while attendance and revenues decreased at our ski parks during the 2011-2012 season , our operator was able to fully fund the off-season reserve for interest payments and continues to perform under the terms of our mortgage note and lease agreements . during 2012 , our investment spending in our other segment was $ 11.6 million and related to our land held for development in sullivan county , new york . as further discussed below under “ recent developments , ” the most recent economic downturn significantly impacted both the planned casino and resort development in sullivan county , new york as well as the performance of our vineyard and winery tenants . while the sullivan county project is subject to an ongoing lawsuit for which we believe we have meritorious defenses , progress is being made with respect to the development of this property . furthermore , progress is also being made in selling our vineyard and winery properties as we sold four such investments in 2011 and 2012. as of december 31 , 2012 , the remaining carrying value of vineyard and winery assets was $ 55.3 million . we expect to continue to pursue sales of additional vineyard and winery assets in 2013. capitalization strategies our property acquisitions and financing commitments are financed by cash from operations , borrowings under our revolving credit facility and term loan , long-term mortgage debt , and the sale of debt and equity securities . during the past three years , we have taken significant steps to implement our strategy of migrating to an unsecured debt structure and maintaining significant liquidity by issuing $ 600.0 million of unsecured notes , entering into a new $ 400.0 million unsecured revolving credit facility and $ 240.0 million unsecured term loan and we paid off $ 171.6 million in secured debt . having enhanced our liquidity position , strengthened our balance sheet and obtained access to the unsecured debt markets , we believe we are better positioned to aggressively pursue investments , acquisitions and financing opportunities that may become available to us from time to time . throughout the remainder of 2013 , we expect to maintain our debt to total gross assets ratio between 35 % and 45 % . depending on our capital needs , we will seek both debt and equity capital and will consider issuing additional shares under the direct share purchase component of our dsp plan . while equity issuances and maintaining lower leverage mitigate the growth in per share results , we believe lower leverage and an emphasis on liquidity are prudent during the current economic environment . 36 critical accounting policies the preparation of financial statements in conformity with accounting principles generally accepted in the united states ( “ gaap ” ) requires management to make estimates and assumptions in certain circumstances that affect amounts reported in the accompanying consolidated financial statements and related notes . in preparing these financial statements , management has made its best estimates and assumptions that affect the reported assets and liabilities . the most significant assumptions and estimates relate to consolidation , revenue recognition , depreciable lives of the real estate , the valuation of real estate , accounting for real estate acquisitions , estimating reserves for uncollectible receivables and the accounting for mortgage and other notes receivable . application of these assumptions requires the exercise of judgment as to future uncertainties and , as a result , actual results could differ from these estimates . consolidation we consolidate certain entities if we are deemed to be the primary beneficiary in a variable interest entity ( `` vie `` ) , as defined in financial accounting standards board ( `` fasb `` ) accounting standards codification ( `` asc `` ) topic on consolidation . the topic on consolidation requires the consolidation of vies in which an enterprise has a controlling financial interest . story_separator_special_tag 41 our property operating expense totaled $ 25.3 million for the year ended december 31 , 2012 compared to $ 24.2 million for the year ended december 31 , 2011 . these property operating expenses arise from the operations of our retail centers and other specialty properties . the $ 1.1 million increase resulted primarily due to increased bad debt expense at multi-tenant properties during 2012 , less collections of previously reserved vineyard and winery tenant receivables , and increases in property operating expenses at our retail centers in ontario , canada . our general and administrative expense totaled $ 23.2 million for the year ended december 31 , 2012 compared to $ 20.2 million for the year ended december 31 , 2011 . the increase of $ 3.0 million is primarily due to an increase in payroll related expenses , travel costs , professional fees , insurance costs and franchise taxes . costs associated with loan refinancing or payoff , net were $ 0.6 million for the year ended december 31 , 2012 and related to the prepayment of our mortgage notes payable totaling $ 171.6 million . costs associated with loan refinancing or payoff , net were $ 3.7 million for the year ended december 31 , 2011 and related to the termination of our eight term loans outstanding under the vineyard and winery facility . in connection with the payment in full of these term loans , the related interest rate swaps were terminated at a cost of $ 4.6 million ( including $ 2.3 million which is classified within discontinued operations ) and deferred financing costs , net of accumulated amortization , of $ 1.8 million were written off . these costs were partially offset by a gain of $ 0.4 million on the settlement of a capital lease obligation related to the planned casino and resort development in sullivan county , new york . our net interest expense increased by $ 5.2 million to $ 76.7 million for the year ended december 31 , 2012 from $ 71.5 million for the year ended december 31 , 2011 . this increase resulted primarily from an increase in average borrowings and was partially offset by a decrease in the weighted average interest rate used to finance our real estate acquisitions and fund our mortgage notes receivable . transaction costs totaled $ 0.4 million for the year ended december 31 , 2012 compared to $ 1.7 million for the year ended december 31 , 2011 . the decrease of $ 1.3 million is due to less write off of costs associated with terminated transactions . impairment charges for the year ended december 31 , 2012 were $ 10.9 million compared to $ 18.7 million for the year ended december 31 , 2011 and related to certain of our vineyard and winery properties . depreciation and amortization expense totaled $ 50.3 million for the year ended december 31 , 2012 compared to $ 45.8 million for the year ended december 31 , 2011 . the $ 4.5 million increase resulted primarily from asset acquisitions completed in 2012 and 2011. equity in income from joint ventures totaled $ 1.0 million for the year ended december 31 , 2012 compared to $ 2.8 million for the year ended december 31 , 2011 . the $ 1.8 million decrease is primarily due to the january 1 , 2012 conversion of $ 14.9 million of equity in atlantic-epr i , which earned a preferred return of 15 % , into a loan from us at a rate of 9.5 % . additionally , the decrease resulted from a lease amendment on the underlying theatre property held by atlantic-epr i , which reduced the theatre square footage and annual rent . this decrease was partially offset by an increase in income of $ 0.4 million from our joint venture projects located in china . loss from discontinued operations totaled $ 12.2 million for the year ended december 31 , 2012 and included the operations of pope valley which was held for sale at december 31 , 2012 ( including $ 1.9 million in impairment charges ) as well as the operations of the buena vista winery and vineyards ( including $ 11.1 million in impairment charges ) and the carneros custom crush facility , which were sold during 2012. loss from discontinued operations totaled $ 17.7 million for the year ended december 31 , 2011 related to the operations of the prior mentioned properties ( including impairment charges of $ 8.4 million related to buena vista and $ 1.8 million related to pope valley and costs associated with loan refinancing of $ 2.1 million related to buena vista ) as well as the operations of the toronto dundas square property which was sold on march 29 , 2011 , the operations of the gary farrell ( including a $ 1.0 million lease termination fee and $ 0.2 million in costs associated with loan refinancing or payoff ) and eos wineries and vineyards ( including a $ 7.2 million impairment charge ) sold during 2011. for further detail , see note 21 to the consolidated financial statements included in this annual report form 10-k for further details . loss on sale or acquisition of real estate from discontinued operations was $ 0.01 million for the year ended december 31 , 2012 and was due to the sale of our buena vista winery and vineyards and the carneros custom crush facility for a total net loss of $ 0.3 million , which was partially offset by the settlement of certain reserves established with the march 29 , 2011 sale of toronto dundas 42 square . gain on sale or acquisition of real estate from discontinued operations for the year ended december 31 , 2011 was due to a $ 19.5 million gain on sale of toronto dundas square as well a $ 0.02 million gain on the sale of the eos wineries and vineyards . for

debt financing on january 5 , 2012 , we entered into a new $ 240.0 million five-year unsecured term loan facility . the loan matures on january 5 , 2017. the facility is priced based on a grid related to our senior unsecured credit ratings , with pricing at closing of libor plus 175 basis points . we also entered into interest rate swaps that effectively mitigate our risk to variable interest rates and provide a fixed interest stream ( when cash flows from the debt and interest rate swaps are combined ) at 2.66 % for 4 years . the new facility also contains an “ accordion ” feature allowing it to be increased by up to an additional $ 110.0 million upon satisfaction of certain conditions . the net proceeds from this new unsecured term loan facility were primarily utilized to reduce the outstanding balance of our unsecured revolving credit facility to zero at closing . 38 on august 8 , 2012 , we issued $ 350.0 million in senior notes due on august 15 , 2022. the notes bear interest at 5.75 % . interest is payable on february 15 and august 15 of each year beginning on february 15 , 2013 until the stated maturity date of august 15 , 2022. the notes are unsecured and guaranteed by certain of our subsidiaries . during the year ended december 31 , 2012 , we prepaid in full our mortgage notes payable totaling $ 171.6 million , which were secured by sixteen theatre properties and two entertainment retail centers .


 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.
     ```debt financing on january 5 , 2012 , we entered into a new $ 240.0 million five-year unsecured term loan facility . the loan matures on january 5 , 2017. the facility is priced based on a grid related to our senior unsecured credit ratings , with pricing at closing of libor plus 175 basis points . we also entered into interest rate swaps that effectively mitigate our risk to variable interest rates and provide a fixed interest stream ( when cash flows from the debt and interest rate swaps are combined ) at 2.66 % for 4 years . the new facility also contains an “ accordion ” feature allowing it to be increased by up to an additional $ 110.0 million upon satisfaction of certain conditions . the net proceeds from this new unsecured term loan facility were primarily utilized to reduce the outstanding balance of our unsecured revolving credit facility to zero at closing . 38 on august 8 , 2012 , we issued $ 350.0 million in senior notes due on august 15 , 2022. the notes bear interest at 5.75 % . interest is payable on february 15 and august 15 of each year beginning on february 15 , 2013 until the stated maturity date of august 15 , 2022. the notes are unsecured and guaranteed by certain of our subsidiaries . during the year ended december 31 , 2012 , we prepaid in full our mortgage notes payable totaling $ 171.6 million , which were secured by sixteen theatre properties and two entertainment retail centers .
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 Suspicious Activity Report : `` investment spending overview during 2012 , our total investment spending of $ 298.1 million was an increase of 116 % over our investment spending in 2011. our investment spending in 2011 was lower than it had been historically because of the financial and economic environment at that time . during 2012 , our investment spending in our entertainment segment was $ 121.5 million . as box office performance improved over the latter part of 2011 and 2012 , we were able to find more build-to-suit opportunities available for megaplex theatres at attractive terms with both existing and new tenants . additionally , many megaplex theatre operators are expanding their food and beverage options and are now including in-theatre dining options and alcohol availability . this trend has provided more build-to-suit opportunities for us as well . also , we expanded our investment spending in the family entertainment center category . during 2012 , our investment spending in our education segment was $ 81.4 million and consisted of build-to-suit public charter schools . we continued to establish our position as a leading owner of public charter school real estate and expect this momentum to continue into 2013. we continued to diversify our tenant base , and as of year-end we have 17 different public charter school operators and we expect to continue to expand this number in 2013. as discussed below under `` recent developments , `` certain of our public charter school properties which were operated by our largest tenant in this area , imagine , had their charters revoked and or were closed ; however these events are not expected to impact our ability to collect payments from imagine under their master lease with us . during 2012 , our investment spending in our recreation segment was $ 83.6 million and related primarily to metro ski areas and golf entertainment complexes . we plan to continue to seek attractive investments in this segment in 2013. during the 2011-2012 season , our ski parks experienced unseasonably warm temperatures . while attendance and revenues decreased at our ski parks during the 2011-2012 season , our operator was able to fully fund the off-season reserve for interest payments and continues to perform under the terms of our mortgage note and lease agreements . during 2012 , our investment spending in our other segment was $ 11.6 million and related to our land held for development in sullivan county , new york . as further discussed below under “ recent developments , ” the most recent economic downturn significantly impacted both the planned casino and resort development in sullivan county , new york as well as the performance of our vineyard and winery tenants . while the sullivan county project is subject to an ongoing lawsuit for which we believe we have meritorious defenses , progress is being made with respect to the development of this property . furthermore , progress is also being made in selling our vineyard and winery properties as we sold four such investments in 2011 and 2012. as of december 31 , 2012 , the remaining carrying value of vineyard and winery assets was $ 55.3 million . we expect to continue to pursue sales of additional vineyard and winery assets in 2013. capitalization strategies our property acquisitions and financing commitments are financed by cash from operations , borrowings under our revolving credit facility and term loan , long-term mortgage debt , and the sale of debt and equity securities . during the past three years , we have taken significant steps to implement our strategy of migrating to an unsecured debt structure and maintaining significant liquidity by issuing $ 600.0 million of unsecured notes , entering into a new $ 400.0 million unsecured revolving credit facility and $ 240.0 million unsecured term loan and we paid off $ 171.6 million in secured debt . having enhanced our liquidity position , strengthened our balance sheet and obtained access to the unsecured debt markets , we believe we are better positioned to aggressively pursue investments , acquisitions and financing opportunities that may become available to us from time to time . throughout the remainder of 2013 , we expect to maintain our debt to total gross assets ratio between 35 % and 45 % . depending on our capital needs , we will seek both debt and equity capital and will consider issuing additional shares under the direct share purchase component of our dsp plan . while equity issuances and maintaining lower leverage mitigate the growth in per share results , we believe lower leverage and an emphasis on liquidity are prudent during the current economic environment . 36 critical accounting policies the preparation of financial statements in conformity with accounting principles generally accepted in the united states ( “ gaap ” ) requires management to make estimates and assumptions in certain circumstances that affect amounts reported in the accompanying consolidated financial statements and related notes . in preparing these financial statements , management has made its best estimates and assumptions that affect the reported assets and liabilities . the most significant assumptions and estimates relate to consolidation , revenue recognition , depreciable lives of the real estate , the valuation of real estate , accounting for real estate acquisitions , estimating reserves for uncollectible receivables and the accounting for mortgage and other notes receivable . application of these assumptions requires the exercise of judgment as to future uncertainties and , as a result , actual results could differ from these estimates . consolidation we consolidate certain entities if we are deemed to be the primary beneficiary in a variable interest entity ( `` vie `` ) , as defined in financial accounting standards board ( `` fasb `` ) accounting standards codification ( `` asc `` ) topic on consolidation . the topic on consolidation requires the consolidation of vies in which an enterprise has a controlling financial interest . story_separator_special_tag 41 our property operating expense totaled $ 25.3 million for the year ended december 31 , 2012 compared to $ 24.2 million for the year ended december 31 , 2011 . these property operating expenses arise from the operations of our retail centers and other specialty properties . the $ 1.1 million increase resulted primarily due to increased bad debt expense at multi-tenant properties during 2012 , less collections of previously reserved vineyard and winery tenant receivables , and increases in property operating expenses at our retail centers in ontario , canada . our general and administrative expense totaled $ 23.2 million for the year ended december 31 , 2012 compared to $ 20.2 million for the year ended december 31 , 2011 . the increase of $ 3.0 million is primarily due to an increase in payroll related expenses , travel costs , professional fees , insurance costs and franchise taxes . costs associated with loan refinancing or payoff , net were $ 0.6 million for the year ended december 31 , 2012 and related to the prepayment of our mortgage notes payable totaling $ 171.6 million . costs associated with loan refinancing or payoff , net were $ 3.7 million for the year ended december 31 , 2011 and related to the termination of our eight term loans outstanding under the vineyard and winery facility . in connection with the payment in full of these term loans , the related interest rate swaps were terminated at a cost of $ 4.6 million ( including $ 2.3 million which is classified within discontinued operations ) and deferred financing costs , net of accumulated amortization , of $ 1.8 million were written off . these costs were partially offset by a gain of $ 0.4 million on the settlement of a capital lease obligation related to the planned casino and resort development in sullivan county , new york . our net interest expense increased by $ 5.2 million to $ 76.7 million for the year ended december 31 , 2012 from $ 71.5 million for the year ended december 31 , 2011 . this increase resulted primarily from an increase in average borrowings and was partially offset by a decrease in the weighted average interest rate used to finance our real estate acquisitions and fund our mortgage notes receivable . transaction costs totaled $ 0.4 million for the year ended december 31 , 2012 compared to $ 1.7 million for the year ended december 31 , 2011 . the decrease of $ 1.3 million is due to less write off of costs associated with terminated transactions . impairment charges for the year ended december 31 , 2012 were $ 10.9 million compared to $ 18.7 million for the year ended december 31 , 2011 and related to certain of our vineyard and winery properties . depreciation and amortization expense totaled $ 50.3 million for the year ended december 31 , 2012 compared to $ 45.8 million for the year ended december 31 , 2011 . the $ 4.5 million increase resulted primarily from asset acquisitions completed in 2012 and 2011. equity in income from joint ventures totaled $ 1.0 million for the year ended december 31 , 2012 compared to $ 2.8 million for the year ended december 31 , 2011 . the $ 1.8 million decrease is primarily due to the january 1 , 2012 conversion of $ 14.9 million of equity in atlantic-epr i , which earned a preferred return of 15 % , into a loan from us at a rate of 9.5 % . additionally , the decrease resulted from a lease amendment on the underlying theatre property held by atlantic-epr i , which reduced the theatre square footage and annual rent . this decrease was partially offset by an increase in income of $ 0.4 million from our joint venture projects located in china . loss from discontinued operations totaled $ 12.2 million for the year ended december 31 , 2012 and included the operations of pope valley which was held for sale at december 31 , 2012 ( including $ 1.9 million in impairment charges ) as well as the operations of the buena vista winery and vineyards ( including $ 11.1 million in impairment charges ) and the carneros custom crush facility , which were sold during 2012. loss from discontinued operations totaled $ 17.7 million for the year ended december 31 , 2011 related to the operations of the prior mentioned properties ( including impairment charges of $ 8.4 million related to buena vista and $ 1.8 million related to pope valley and costs associated with loan refinancing of $ 2.1 million related to buena vista ) as well as the operations of the toronto dundas square property which was sold on march 29 , 2011 , the operations of the gary farrell ( including a $ 1.0 million lease termination fee and $ 0.2 million in costs associated with loan refinancing or payoff ) and eos wineries and vineyards ( including a $ 7.2 million impairment charge ) sold during 2011. for further detail , see note 21 to the consolidated financial statements included in this annual report form 10-k for further details . loss on sale or acquisition of real estate from discontinued operations was $ 0.01 million for the year ended december 31 , 2012 and was due to the sale of our buena vista winery and vineyards and the carneros custom crush facility for a total net loss of $ 0.3 million , which was partially offset by the settlement of certain reserves established with the march 29 , 2011 sale of toronto dundas 42 square . gain on sale or acquisition of real estate from discontinued operations for the year ended december 31 , 2011 was due to a $ 19.5 million gain on sale of toronto dundas square as well a $ 0.02 million gain on the sale of the eos wineries and vineyards . for

