sale of vacation ownership products we recognize revenues from the sale of vacation ownership products when all of the following conditions exist : a binding sales contract has been executed ; the statutory rescission period has expired ; the receivable is deemed collectible ; the criteria for percentage of completion accounting are met ; and the remainder of our obligations are substantially completed . 31 sales of vacation ownership products may be made for cash or we may provide financing . for sales where we provide financing , we defer revenue recognition until we receive a minimum down payment equal to ten percent of the purchase price plus the fair value of certain sales incentives provided to the purchaser . these sales incentives typically include marriott rewards points or an alternative sales incentive that we refer to as plus points . these plus points are redeemable for stays at our resorts , generally within one to two years from the date of issuance . sales incentives are only awarded if the sale is closed . as a result of the down payment requirements with respect to financed sales and the statutory rescission periods , we often defer revenues associated with the sale of vacation ownership products from the date of the purchase agreement to a future period . when comparing results year-over-year , this deferral frequently generates significant variances , which we refer to as the impact of revenue reportability . finally , as more fully described in the financing section below , we record an estimate of expected uncollectibility on all vacation ownership notes receivable ( also known as a vacation ownership notes receivable reserve or a sales reserve ) from vacation ownership purchases as a reduction of revenues from the sale of vacation ownership products at the time we recognize revenues from a sale . we report , on a supplemental basis , contract sales for each of our four segments . contract sales represent the total amount of vacation ownership product sales from purchase agreements signed during the period where we have received a down payment of at least ten percent of the contract price , reduced by actual rescissions during the period . contract sales differ from revenues from the sale of vacation ownership products that we report in our statements of operations due to the requirements for revenue recognition described above . we consider contract sales to be an important operating measure because it reflects the pace of sales in our business . total contract sales include sales from company-owned projects and , prior to 2012 , also included sales generated under a marketing and sales arrangement with a joint venture . prior to 2011 , we established cancellation allowances for previously reported contract sales in anticipation that a portion of these contract sales would not be realized due to contract cancellations prior to closing . these cancellation allowances related mainly to our luxury segment where we were selling vacation ownership products well in advance of completion of construction . given the significant amount of time that often existed between the date of a purchase agreement and the closing of the related sale , as well as significant weakness in the overall economic environment and , in particular , the luxury real estate market at that time , many customers decided not to complete their purchases . revenue associated with the company-owned contract sales is reflected as sales of vacation ownership products while revenue associated with joint venture contract sales is reflected on the equity in earnings ( losses ) line on the statements of operations , included herein . cost of vacation ownership products includes costs to develop and construct the project ( also known as real estate inventory costs ) as well as other non-capitalizable costs associated with the overall project development process . for each project , we expense real estate inventory costs in the same proportion as the revenue recognized . consistent with the applicable accounting guidance , to the extent there is a change in the estimated sales revenues or real estate inventory costs for the project in a period , a non-cash adjustment is recorded in our statements of operations to true-up revenues and costs in that period to those that would have been recorded historically if the revised estimates had been used . these true-ups , which we refer to as product cost true-ups , will have a positive or negative impact on our statements of operations . we refer to revenues from the sale of vacation ownership products less the cost of vacation ownership products and marketing and sales costs as development margin . development margin percentage is calculated by dividing development margin by revenues from the sale of vacation ownership products . resort management and other services our resort management and other services revenues includes revenues we earn for managing our resorts , for providing ancillary offerings including food and beverage , retail , and golf and spa offerings , from annual club dues and certain transaction-based fees charged to owners and other third parties for services , and for providing other services to our guests . we provide day-to-day-management services , including housekeeping services , operation of reservation systems , maintenance , and certain accounting and administrative services for property owners ' associations . we receive compensation for such management services ; this compensation is generally based on either a percentage of total costs to operate the resorts or a fixed fee arrangement . we earn these fees regardless of usage or occupancy . resort management and other services expenses include costs to operate the food and beverage and other ancillary operations and overall customer support services , including reservations . 32 financing we offer financing to qualified customers for the purchase of most types of our vacation ownership products . story_separator_special_tag these increases were partially offset by $ 8 million of lower resales revenues due to a decrease in resales activity and $ 1 million of lower fees earned on lower contract closings under a marketing and sales arrangement with a joint venture . the improvement in the resort management and other services margin reflects $ 6 million of additional annual club dues earned in connection with the mvcd program net of expenses and a $ 3 million increase in management fees . 38 financing revenues , expenses and margin 2012 compared to 2011 replace_table_token_16_th the decrease in financing revenues is due to a $ 138 million decline in the average gross vacation ownership notes receivable balance . this decline reflects our continued collection of existing vacation ownership notes receivable at a faster pace than our origination of new vacation ownership notes receivable . the $ 16 million decrease in financing margin from the prior year reflected the lower interest income , partially offset by nearly $ 2 million of lower expenses due to lower foreclosure costs as a result of lower foreclosure activity . financing margin net of consumer financing interest expense declined $ 10 million to $ 84 million in 2012 from $ 94 million in the prior year . see interest expense below for a discussion of consumer financing interest expense . 2011 compared to 2010 replace_table_token_17_th the decrease in financing revenues is due to a $ 164 million decline in the average gross vacation ownership notes receivable balance . this decline reflects our continued collection of existing vacation ownership notes receivable at a faster pace than our origination of new vacation ownership notes receivable . the $ 21 million decrease in financing margin from the prior year reflected the lower interest income and $ 2 million of higher expenses due to higher foreclosure costs as a result of higher foreclosure activity . financing margin net of consumer financing interest expense declined $ 12 million to $ 94 million in 2011 from $ 106 million in the prior year . see interest expense below for a discussion of consumer financing interest expense . rental revenues , expenses and margin 2012 compared to 2011 replace_table_token_18_th replace_table_token_19_th 39 the increase in rental revenues is due to $ 15 million from a company-wide 9 percent increase in transient keys rented , which were primarily sourced from a nearly 6 percent increase in available keys ( 95,000 additional available keys ) due to more owners choosing to exchange their vacation ownership interests for alternative usage options , and more than $ 2 million from a company-wide 1 percent increase in average transient rate driven by stronger consumer demand and mix of available inventory . these increases were offset by $ 4 million of lower plus points revenue ( which is recognized upon utilization of plus points for stays at our resorts or upon expiration of the points ) . the increase in rental margin reflects $ 12 million of higher rental revenues net of direct variable expenses ( such as housekeeping ) and expenses incurred due to owners choosing alternative usage options due to stronger rental demand and more effective monetization of the increased available keys , $ 5 million of lower maintenance fees on unsold inventory , and $ 2 million of lower subsidy costs . these increases were partially offset by $ 7 million of higher than expected costs in 2012 associated with the redemption of marriott rewards points issued prior to the spin-off and $ 4 million of lower plus points revenue . 2011 compared to 2010 replace_table_token_20_th replace_table_token_21_th the increase in rental revenues is due to the recognition of nearly $ 27 million of higher plus points revenue ( which is recognized upon utilization of plus points for stays at our resorts or upon expiration of the points ) , nearly $ 4 million from a company-wide 2 percent increase in average transient rate driven by stronger consumer demand and mix of available inventory , and more than $ 3 million from a company-wide 2 percent increase in transient keys rented , which were primarily sourced from a 3 percent increase in available keys ( 53,000 additional available keys ) due to more owners choosing to exchange their vacation ownership interests for alternative usage options ( primarily usage for our explorer program ) . these increases were partially offset by $ 9 million of lower revenues from the loss of rental units in our asia pacific segment due to the disposition in 2010 of an operating hotel that we originally acquired for conversion into vacation ownership products . the decrease in rental margin reflects $ 22 million of lower rental revenues net of direct variable expenses ( such as housekeeping ) and expenses incurred due to owners choosing alternative usage options , as well as a $ 12 million favorable adjustment in 2010 to the marriott rewards customer loyalty program liability resulting from lower than anticipated cost of redemptions of marriott rewards points . partially offsetting the decreases were the $ 27 million increase in plus points revenue , $ 3 million of lower maintenance fees on unsold inventory and $ 3 million of lower subsidy costs in our luxury segment . other 2012 compared to 2011 replace_table_token_22_th other revenues net of expenses remained in line with 2011 due to $ 1 million of higher external exchange company and settlement revenues and $ 1 million of higher expenses . the increase in expenses resulted from a $ 2 million favorable true-up in the prior year related to the 2010 bonus accrual following final bonus payouts totaling less than the amount accrued , partially offset by $ 1 million of lower miscellaneous expenses in 2012 over the prior year . 40 2011 compared to 2010 replace_table_token_23_th other revenues net of expenses increased primarily due to $ 3 million of lower miscellaneous expenses in 2011 over the prior year and a $ 2 million favorable true-up in 2011 related to

cash from investing activities replace_table_token_59_th capital expenditures for property and equipment capital expenditures for property and equipment relates to spending for technology development , buildings and equipment used at sales locations , and ancillary offerings at resorts such as food and beverage locations . in 2012 , capital expenditures for property and equipment of $ 17 million included $ 12 million spent to support normal business operations , including $ 9 million for ancillary and operations assets and $ 3 million for sales locations , as well as $ 5 million for technology spending ( including $ 2 million for spin-off related initiatives ) . in 2011 , capital expenditures for property and equipment of $ 15 million included $ 10 million for technology spending , of which $ 7 million related to systems enhancements supporting the mvcd program and $ 2 million to spin-off related initiatives , and $ 5 million to support normal business operations ( e.g . , sales locations and ancillary assets ) . in 2010 , capital expenditures for property and equipment of $ 24 million included $ 16 million for technology spending , of which $ 14 million was spent to facilitate and support the launch of the mvcd program in 2010 , and roughly $ 8 million was spent to support normal business operations ( such as sales locations and ancillary assets ) . dispositions dispositions of property and assets generated cash proceeds of $ 8 million in 2012 , $ 19 million in 2011 and $ 46 million in 2010. the 2012 dispositions primarily related to a disposition of a golf course and related assets at one of our luxury projects , which was classified as property and equipment and other liabilities within our luxury segment for cash of $ 5 million which generated a net gain of $ 8 million . the $ 19 million of dispositions in 2011 primarily related to the bulk sale of excess land and developed inventory , which were classified as inventory within our luxury segment .


 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 from investing activities replace_table_token_59_th capital expenditures for property and equipment capital expenditures for property and equipment relates to spending for technology development , buildings and equipment used at sales locations , and ancillary offerings at resorts such as food and beverage locations . in 2012 , capital expenditures for property and equipment of $ 17 million included $ 12 million spent to support normal business operations , including $ 9 million for ancillary and operations assets and $ 3 million for sales locations , as well as $ 5 million for technology spending ( including $ 2 million for spin-off related initiatives ) . in 2011 , capital expenditures for property and equipment of $ 15 million included $ 10 million for technology spending , of which $ 7 million related to systems enhancements supporting the mvcd program and $ 2 million to spin-off related initiatives , and $ 5 million to support normal business operations ( e.g . , sales locations and ancillary assets ) . in 2010 , capital expenditures for property and equipment of $ 24 million included $ 16 million for technology spending , of which $ 14 million was spent to facilitate and support the launch of the mvcd program in 2010 , and roughly $ 8 million was spent to support normal business operations ( such as sales locations and ancillary assets ) . dispositions dispositions of property and assets generated cash proceeds of $ 8 million in 2012 , $ 19 million in 2011 and $ 46 million in 2010. the 2012 dispositions primarily related to a disposition of a golf course and related assets at one of our luxury projects , which was classified as property and equipment and other liabilities within our luxury segment for cash of $ 5 million which generated a net gain of $ 8 million . the $ 19 million of dispositions in 2011 primarily related to the bulk sale of excess land and developed inventory , which were classified as inventory within our luxury segment .
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 Suspicious Activity Report : sale of vacation ownership products we recognize revenues from the sale of vacation ownership products when all of the following conditions exist : a binding sales contract has been executed ; the statutory rescission period has expired ; the receivable is deemed collectible ; the criteria for percentage of completion accounting are met ; and the remainder of our obligations are substantially completed . 31 sales of vacation ownership products may be made for cash or we may provide financing . for sales where we provide financing , we defer revenue recognition until we receive a minimum down payment equal to ten percent of the purchase price plus the fair value of certain sales incentives provided to the purchaser . these sales incentives typically include marriott rewards points or an alternative sales incentive that we refer to as plus points . these plus points are redeemable for stays at our resorts , generally within one to two years from the date of issuance . sales incentives are only awarded if the sale is closed . as a result of the down payment requirements with respect to financed sales and the statutory rescission periods , we often defer revenues associated with the sale of vacation ownership products from the date of the purchase agreement to a future period . when comparing results year-over-year , this deferral frequently generates significant variances , which we refer to as the impact of revenue reportability . finally , as more fully described in the financing section below , we record an estimate of expected uncollectibility on all vacation ownership notes receivable ( also known as a vacation ownership notes receivable reserve or a sales reserve ) from vacation ownership purchases as a reduction of revenues from the sale of vacation ownership products at the time we recognize revenues from a sale . we report , on a supplemental basis , contract sales for each of our four segments . contract sales represent the total amount of vacation ownership product sales from purchase agreements signed during the period where we have received a down payment of at least ten percent of the contract price , reduced by actual rescissions during the period . contract sales differ from revenues from the sale of vacation ownership products that we report in our statements of operations due to the requirements for revenue recognition described above . we consider contract sales to be an important operating measure because it reflects the pace of sales in our business . total contract sales include sales from company-owned projects and , prior to 2012 , also included sales generated under a marketing and sales arrangement with a joint venture . prior to 2011 , we established cancellation allowances for previously reported contract sales in anticipation that a portion of these contract sales would not be realized due to contract cancellations prior to closing . these cancellation allowances related mainly to our luxury segment where we were selling vacation ownership products well in advance of completion of construction . given the significant amount of time that often existed between the date of a purchase agreement and the closing of the related sale , as well as significant weakness in the overall economic environment and , in particular , the luxury real estate market at that time , many customers decided not to complete their purchases . revenue associated with the company-owned contract sales is reflected as sales of vacation ownership products while revenue associated with joint venture contract sales is reflected on the equity in earnings ( losses ) line on the statements of operations , included herein . cost of vacation ownership products includes costs to develop and construct the project ( also known as real estate inventory costs ) as well as other non-capitalizable costs associated with the overall project development process . for each project , we expense real estate inventory costs in the same proportion as the revenue recognized . consistent with the applicable accounting guidance , to the extent there is a change in the estimated sales revenues or real estate inventory costs for the project in a period , a non-cash adjustment is recorded in our statements of operations to true-up revenues and costs in that period to those that would have been recorded historically if the revised estimates had been used . these true-ups , which we refer to as product cost true-ups , will have a positive or negative impact on our statements of operations . we refer to revenues from the sale of vacation ownership products less the cost of vacation ownership products and marketing and sales costs as development margin . development margin percentage is calculated by dividing development margin by revenues from the sale of vacation ownership products . resort management and other services our resort management and other services revenues includes revenues we earn for managing our resorts , for providing ancillary offerings including food and beverage , retail , and golf and spa offerings , from annual club dues and certain transaction-based fees charged to owners and other third parties for services , and for providing other services to our guests . we provide day-to-day-management services , including housekeeping services , operation of reservation systems , maintenance , and certain accounting and administrative services for property owners ' associations . we receive compensation for such management services ; this compensation is generally based on either a percentage of total costs to operate the resorts or a fixed fee arrangement . we earn these fees regardless of usage or occupancy . resort management and other services expenses include costs to operate the food and beverage and other ancillary operations and overall customer support services , including reservations . 32 financing we offer financing to qualified customers for the purchase of most types of our vacation ownership products . story_separator_special_tag these increases were partially offset by $ 8 million of lower resales revenues due to a decrease in resales activity and $ 1 million of lower fees earned on lower contract closings under a marketing and sales arrangement with a joint venture . the improvement in the resort management and other services margin reflects $ 6 million of additional annual club dues earned in connection with the mvcd program net of expenses and a $ 3 million increase in management fees . 38 financing revenues , expenses and margin 2012 compared to 2011 replace_table_token_16_th the decrease in financing revenues is due to a $ 138 million decline in the average gross vacation ownership notes receivable balance . this decline reflects our continued collection of existing vacation ownership notes receivable at a faster pace than our origination of new vacation ownership notes receivable . the $ 16 million decrease in financing margin from the prior year reflected the lower interest income , partially offset by nearly $ 2 million of lower expenses due to lower foreclosure costs as a result of lower foreclosure activity . financing margin net of consumer financing interest expense declined $ 10 million to $ 84 million in 2012 from $ 94 million in the prior year . see interest expense below for a discussion of consumer financing interest expense . 2011 compared to 2010 replace_table_token_17_th the decrease in financing revenues is due to a $ 164 million decline in the average gross vacation ownership notes receivable balance . this decline reflects our continued collection of existing vacation ownership notes receivable at a faster pace than our origination of new vacation ownership notes receivable . the $ 21 million decrease in financing margin from the prior year reflected the lower interest income and $ 2 million of higher expenses due to higher foreclosure costs as a result of higher foreclosure activity . financing margin net of consumer financing interest expense declined $ 12 million to $ 94 million in 2011 from $ 106 million in the prior year . see interest expense below for a discussion of consumer financing interest expense . rental revenues , expenses and margin 2012 compared to 2011 replace_table_token_18_th replace_table_token_19_th 39 the increase in rental revenues is due to $ 15 million from a company-wide 9 percent increase in transient keys rented , which were primarily sourced from a nearly 6 percent increase in available keys ( 95,000 additional available keys ) due to more owners choosing to exchange their vacation ownership interests for alternative usage options , and more than $ 2 million from a company-wide 1 percent increase in average transient rate driven by stronger consumer demand and mix of available inventory . these increases were offset by $ 4 million of lower plus points revenue ( which is recognized upon utilization of plus points for stays at our resorts or upon expiration of the points ) . the increase in rental margin reflects $ 12 million of higher rental revenues net of direct variable expenses ( such as housekeeping ) and expenses incurred due to owners choosing alternative usage options due to stronger rental demand and more effective monetization of the increased available keys , $ 5 million of lower maintenance fees on unsold inventory , and $ 2 million of lower subsidy costs . these increases were partially offset by $ 7 million of higher than expected costs in 2012 associated with the redemption of marriott rewards points issued prior to the spin-off and $ 4 million of lower plus points revenue . 2011 compared to 2010 replace_table_token_20_th replace_table_token_21_th the increase in rental revenues is due to the recognition of nearly $ 27 million of higher plus points revenue ( which is recognized upon utilization of plus points for stays at our resorts or upon expiration of the points ) , nearly $ 4 million from a company-wide 2 percent increase in average transient rate driven by stronger consumer demand and mix of available inventory , and more than $ 3 million from a company-wide 2 percent increase in transient keys rented , which were primarily sourced from a 3 percent increase in available keys ( 53,000 additional available keys ) due to more owners choosing to exchange their vacation ownership interests for alternative usage options ( primarily usage for our explorer program ) . these increases were partially offset by $ 9 million of lower revenues from the loss of rental units in our asia pacific segment due to the disposition in 2010 of an operating hotel that we originally acquired for conversion into vacation ownership products . the decrease in rental margin reflects $ 22 million of lower rental revenues net of direct variable expenses ( such as housekeeping ) and expenses incurred due to owners choosing alternative usage options , as well as a $ 12 million favorable adjustment in 2010 to the marriott rewards customer loyalty program liability resulting from lower than anticipated cost of redemptions of marriott rewards points . partially offsetting the decreases were the $ 27 million increase in plus points revenue , $ 3 million of lower maintenance fees on unsold inventory and $ 3 million of lower subsidy costs in our luxury segment . other 2012 compared to 2011 replace_table_token_22_th other revenues net of expenses remained in line with 2011 due to $ 1 million of higher external exchange company and settlement revenues and $ 1 million of higher expenses . the increase in expenses resulted from a $ 2 million favorable true-up in the prior year related to the 2010 bonus accrual following final bonus payouts totaling less than the amount accrued , partially offset by $ 1 million of lower miscellaneous expenses in 2012 over the prior year . 40 2011 compared to 2010 replace_table_token_23_th other revenues net of expenses increased primarily due to $ 3 million of lower miscellaneous expenses in 2011 over the prior year and a $ 2 million favorable true-up in 2011 related to

