30 dispositions during 2014 , the company sold or conveyed the following properties : replace_table_token_15_th ( a ) lender accepted a deed-in-lieu of foreclosure on the property . sales price represents mortgage loan payable , accrued interest and other expenses forgiven upon title transfer . debt on february 11 , 2014 , the company closed $ 150 million of unsecured term loans consisting of a five-year $ 75 million term loan , all of which was borrowed at closing , maturing on february 11 , 2019 , and a seven-year $ 75 million term loan , all of which was borrowed on june 24 , 2014 , maturing on february 11 , 2021. see liquidity and capital resources below for additional details . 31 during 2014 , the company repaid the following mortgage loans payable : replace_table_token_16_th equity in january 2014 , the company concluded a public offering of 6,900,000 shares of its common stock ( including 900,000 shares relating to the exercise of an over-allotment option by the underwriters ) , and realized net proceeds , after offering expenses , of approximately $ 41.3 million . the company has at-the-market offering programs , under which it may offer and sell , from time-to-time , shares of its common and preferred stock . during 2014 , there were no shares sold under these programs . significant transactions  early 2015 on january 12 , 2015 , the company concluded a public offering of 5,750,000 shares of its common stock ( including 750,000 shares relating to the exercise of an over-allotment option by the underwriters ) , and realized net proceeds , after offering expenses , of approximately $ 41.9 million . on february 5 , 2015 , the company amended its existing $ 310 million unsecured credit facility . in addition , the company closed $ 100 million of new unsecured term loans . see liquidity and capital resources below for additional details . summary of critical accounting policies the preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the united states ( gaap ) requires the company to make estimates and judgments that affect the reported amounts of assets and liabilities , revenues and expenses , and related disclosures of contingent assets and liabilities . on an ongoing basis , 32 management evaluates its estimates , including those related to revenue recognition and the allowance for doubtful accounts receivable , real estate investments and purchase accounting allocations related thereto , asset impairment , and derivatives used to hedge interest-rate risks . management 's estimates are based both on information that is currently available and on various other assumptions management believes to be reasonable under the circumstances . actual results could differ from those estimates and those estimates could be different under varying assumptions or conditions . the company has identified the following critical accounting policies , the application of which requires significant judgments and estimates : revenue recognition rental income with scheduled rent increases is recognized using the straight-line method over the respective terms of the leases . the aggregate excess of rental revenue recognized on a straight-line basis over base rents under applicable lease provisions is included in straight-line rents receivable on the consolidated balance sheet . leases also generally contain provisions under which the tenants reimburse the company for a portion of property operating expenses and real estate taxes incurred ; such income is recognized in the periods earned . in addition , certain operating leases contain contingent rent provisions under which tenants are required to pay a percentage of their sales in excess of a specified amount as additional rent . the company defers recognition of contingent rental income until those specified targets are met . the company must make estimates as to the collectability of its accounts receivable related to base rent , straight-line rent , expense reimbursements and other revenues . management analyzes accounts receivable by considering tenant creditworthiness , current economic conditions , and changes in tenants ' payment patterns when evaluating the adequacy of the allowance for doubtful accounts receivable . these estimates have a direct impact on net income , because a higher bad debt allowance would result in lower net income , whereas a lower bad debt allowance would result in higher net income . real estate investments real estate investments are carried at cost less accumulated depreciation . the provision for depreciation is calculated using the straight-line method based on estimated useful lives . expenditures for maintenance , repairs and betterments that do not materially prolong the normal useful life of an asset are charged to operations as incurred . expenditures for betterments that substantially extend the useful lives of real estate assets are capitalized . real estate investments include costs of development and redevelopment activities , and construction in progress . capitalized costs , including interest and other carrying costs during the construction and or renovation periods , are included in the cost of the related asset and charged to operations through depreciation over the asset 's estimated useful life . the company is required to make subjective estimates as to the useful lives of its real estate assets for purposes of determining the amount of depreciation to reflect on an annual basis . these assessments have a direct impact on net income . a shorter estimate of the useful life of an asset would have the effect of increasing depreciation expense and lowering net income , whereas a longer estimate of the useful life of an asset would have the effect of reducing depreciation expense and increasing net income . story_separator_special_tag for variable-rate debt , the rate in effect at december 31 , 2014 is assumed to remain in effect until the maturities of the respective obligations . net cash flows replace_table_token_23_th operating activities net cash provided by operating activities , before net changes in operating assets and liabilities , was $ 57.3 million and $ 53.2 million for 2014 and 2013 , respectively . the $ 4.1 million increase was primarily attributable to a reduction in interest expense of $ 3.8 million , as property operating income contributed by acquisitions , net of acquisition costs , was substantially offset by a reduction in property operating income associated with properties sold . the net change in operating assets and liabilities from 2014 to 2013 was $ 2.7 million , primarily due from the timing of collections of receivables and payments of accounts payable and accrued liabilities . net cash provided by operating activities , before net changes in operating assets and liabilities , was $ 53.2 million and $ 53.2 million for 2013 and 2012 , respectively . these results remained consistent , as property operating income contributed by acquisitions , net of acquisition costs , and reductions in interest expense and property-level and general administrative overhead savings resulting from employee headcount reductions implemented by management in the latter part of 2012 was substantially offset by a reduction in property operating income associated with properties sold . the net change in operating assets and liabilities from 2013 to 2012 was a $ 0.9 million decrease , primarily due from the timing of collections of receivables and payments of accounts payable and accrued liabilities . 44 investing activitie s net cash flows provided ( used ) by investing activities were primarily the result of the company 's property disposition activities , property acquisitions and expenditures for property improvements . during 2014 , the company received $ 102.1 million in proceeds from sales of properties classified as held for sale/conveyance and received $ 2.1 million in construction escrows and other , offset by the purchase of a shopping center for $ 38.9 million , and expenditures of $ 16.3 million for property improvements . during 2013 , the company purchased a shopping center for $ 32.8 million , had expenditures of $ 20.3 million for property improvements , offset by $ 34.7 million in proceeds from sales of properties classified as held for sale/conveyance , $ 2.2 million in proceeds from construction escrows and other , and a $ 1.1 million repayment of a note receivable . during 2012 , the company received $ 41.6 million in proceeds from the exit of the cedar/riocan unconsolidated joint venture , $ 34.9 million from sales of properties classified as held for sale/conveyance , $ 2.8 million in distributions from the cedar/riocan unconsolidated joint venture , and $ 2.4 million in construction escrows and other , offset by expenditures of $ 31.3 million for property improvements . financing activities during 2014 , the company made $ 177.1 million of repayments of mortgage loans payable , $ 81.5 million of net repayments under the revolving credit facility , $ 30.2 million of preferred and common stock distributions , $ 1.3 million in payments of debt financing costs , $ 1.0 million of distributions to consolidated joint venture minority interests and limited partners , and a $ 0.4 million payment for the redemption of op units , offset by borrowings of $ 150.0 million under new term loans and net proceeds of $ 41.2 million from the sale of common stock . during 2013 , the company made $ 77.1 million of repayments of mortgage loans payable , a $ 75.0 million repayment of a term loan , $ 35.0 million for the redemption of the 8.875 % series a cumulative redeemable preferred stock , $ 28.9 million of preferred and common stock distributions , $ 1.9 million in payments of debt financing costs , a $ 1.6 million payment for the purchase of the remaining minority interest in a consolidated joint venture , $ 0.7 million of distributions to consolidated joint venture minority interests and limited partners , and a $ 0.2 million payment for the redemption of op units , offset by $ 72.5 million of net advances under the revolving credit facility , $ 59.8 million of net proceeds from the sale of shares of its 7.25 % series b cumulative redeemable preferred stock , and a $ 50.0 million advance under a term loan . during 2012 , the company paid $ 124.9 million for redemptions and repurchases of shares of its 8.875 % series a cumulative redeemable preferred stock , made $ 85.3 million of net repayments under the revolving credit facility , $ 79.6 million of repayments of mortgage loans payable , $ 29.2 million of preferred and common stock distributions , a $ 6.1 million payment for the purchase of the remaining minority interest in a consolidated joint venture , $ 4.9 million in payments of debt financing costs , and $ 4.3 million of distributions to consolidated joint venture minority interests and limited partners , offset by $ 124.4 million of net proceeds from the sale of shares of its 7.25 % series b cumulative redeemable preferred stock , a $ 75.0 million advance under a term loan , and $ 30.0 million in proceeds from mortgage refinancings . funds from operations funds from operations ( ffo ) is a widely-recognized non-gaap financial measure for reits that the company believes , when considered with financial statements prepared in accordance with gaap , is useful to investors in understanding financial performance and 45 providing a relevant basis for comparison among reits . in addition , ffo is useful to investors as it captures features particular to real estate performance by recognizing that real estate generally appreciates over time or maintains residual value to a much greater extent than do other depreciable assets . investors should review ffo , along with gaap

liquidity and capital resources the company funds operating expenses and other short-term liquidity requirements , including debt service , tenant improvements , leasing commissions , preferred and common dividend distributions and distributions to minority interest partners , if made , primarily from its operations . the company may also use its revolving credit facility for these purposes . the company expects to fund long-term liquidity requirements for property acquisitions , redevelopment costs , capital improvements , and maturing debt initially with its revolving credit facility , and ultimately through a combination of issuing and or assuming additional debt , the sale of equity securities , the issuance of additional op units , and or the sale of properties . although the company believes it has access to secured and unsecured financing , there can be no assurance that the company will have the availability of financing on completed development projects , additional construction financing , or proceeds from the refinancing of existing debt . on february 5 , 2015 , the company amended its existing $ 310 million unsecured credit facility , which consists of ( 1 ) a $ 260 million revolving credit facility , expiring on february 5 , 2019 , and ( 2 ) a $ 50 million term loan , expiring on february 5 , 2020. the revolving credit facility may be extended , at the company 's option , for an additional one-year period , subject to customary conditions . under an accordion feature , the facility can be increased to $ 750 million , subject to customary conditions and lending commitments . borrowings under the revolving credit facility component can range from libor plus 135 bps to 195 bps ( 150 bps on february 5 , 2015 ) and borrowing under the term loan component can range from 130 to 190 bps ( 145 bps on february 5 , 2015 ) , based on the company 's leverage ratio . as of december 31 , 2014 , the company had $ 187.7 million available for additional borrowings under the revolving credit facility .


 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.
     ```liquidity and capital resources the company funds operating expenses and other short-term liquidity requirements , including debt service , tenant improvements , leasing commissions , preferred and common dividend distributions and distributions to minority interest partners , if made , primarily from its operations . the company may also use its revolving credit facility for these purposes . the company expects to fund long-term liquidity requirements for property acquisitions , redevelopment costs , capital improvements , and maturing debt initially with its revolving credit facility , and ultimately through a combination of issuing and or assuming additional debt , the sale of equity securities , the issuance of additional op units , and or the sale of properties . although the company believes it has access to secured and unsecured financing , there can be no assurance that the company will have the availability of financing on completed development projects , additional construction financing , or proceeds from the refinancing of existing debt . on february 5 , 2015 , the company amended its existing $ 310 million unsecured credit facility , which consists of ( 1 ) a $ 260 million revolving credit facility , expiring on february 5 , 2019 , and ( 2 ) a $ 50 million term loan , expiring on february 5 , 2020. the revolving credit facility may be extended , at the company 's option , for an additional one-year period , subject to customary conditions . under an accordion feature , the facility can be increased to $ 750 million , subject to customary conditions and lending commitments . borrowings under the revolving credit facility component can range from libor plus 135 bps to 195 bps ( 150 bps on february 5 , 2015 ) and borrowing under the term loan component can range from 130 to 190 bps ( 145 bps on february 5 , 2015 ) , based on the company 's leverage ratio . as of december 31 , 2014 , the company had $ 187.7 million available for additional borrowings under the revolving credit facility .
```    
 Suspicious Activity Report : 30 dispositions during 2014 , the company sold or conveyed the following properties : replace_table_token_15_th ( a ) lender accepted a deed-in-lieu of foreclosure on the property . sales price represents mortgage loan payable , accrued interest and other expenses forgiven upon title transfer . debt on february 11 , 2014 , the company closed $ 150 million of unsecured term loans consisting of a five-year $ 75 million term loan , all of which was borrowed at closing , maturing on february 11 , 2019 , and a seven-year $ 75 million term loan , all of which was borrowed on june 24 , 2014 , maturing on february 11 , 2021. see liquidity and capital resources below for additional details . 31 during 2014 , the company repaid the following mortgage loans payable : replace_table_token_16_th equity in january 2014 , the company concluded a public offering of 6,900,000 shares of its common stock ( including 900,000 shares relating to the exercise of an over-allotment option by the underwriters ) , and realized net proceeds , after offering expenses , of approximately $ 41.3 million . the company has at-the-market offering programs , under which it may offer and sell , from time-to-time , shares of its common and preferred stock . during 2014 , there were no shares sold under these programs . significant transactions  early 2015 on january 12 , 2015 , the company concluded a public offering of 5,750,000 shares of its common stock ( including 750,000 shares relating to the exercise of an over-allotment option by the underwriters ) , and realized net proceeds , after offering expenses , of approximately $ 41.9 million . on february 5 , 2015 , the company amended its existing $ 310 million unsecured credit facility . in addition , the company closed $ 100 million of new unsecured term loans . see liquidity and capital resources below for additional details . summary of critical accounting policies the preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the united states ( gaap ) requires the company to make estimates and judgments that affect the reported amounts of assets and liabilities , revenues and expenses , and related disclosures of contingent assets and liabilities . on an ongoing basis , 32 management evaluates its estimates , including those related to revenue recognition and the allowance for doubtful accounts receivable , real estate investments and purchase accounting allocations related thereto , asset impairment , and derivatives used to hedge interest-rate risks . management 's estimates are based both on information that is currently available and on various other assumptions management believes to be reasonable under the circumstances . actual results could differ from those estimates and those estimates could be different under varying assumptions or conditions . the company has identified the following critical accounting policies , the application of which requires significant judgments and estimates : revenue recognition rental income with scheduled rent increases is recognized using the straight-line method over the respective terms of the leases . the aggregate excess of rental revenue recognized on a straight-line basis over base rents under applicable lease provisions is included in straight-line rents receivable on the consolidated balance sheet . leases also generally contain provisions under which the tenants reimburse the company for a portion of property operating expenses and real estate taxes incurred ; such income is recognized in the periods earned . in addition , certain operating leases contain contingent rent provisions under which tenants are required to pay a percentage of their sales in excess of a specified amount as additional rent . the company defers recognition of contingent rental income until those specified targets are met . the company must make estimates as to the collectability of its accounts receivable related to base rent , straight-line rent , expense reimbursements and other revenues . management analyzes accounts receivable by considering tenant creditworthiness , current economic conditions , and changes in tenants ' payment patterns when evaluating the adequacy of the allowance for doubtful accounts receivable . these estimates have a direct impact on net income , because a higher bad debt allowance would result in lower net income , whereas a lower bad debt allowance would result in higher net income . real estate investments real estate investments are carried at cost less accumulated depreciation . the provision for depreciation is calculated using the straight-line method based on estimated useful lives . expenditures for maintenance , repairs and betterments that do not materially prolong the normal useful life of an asset are charged to operations as incurred . expenditures for betterments that substantially extend the useful lives of real estate assets are capitalized . real estate investments include costs of development and redevelopment activities , and construction in progress . capitalized costs , including interest and other carrying costs during the construction and or renovation periods , are included in the cost of the related asset and charged to operations through depreciation over the asset 's estimated useful life . the company is required to make subjective estimates as to the useful lives of its real estate assets for purposes of determining the amount of depreciation to reflect on an annual basis . these assessments have a direct impact on net income . a shorter estimate of the useful life of an asset would have the effect of increasing depreciation expense and lowering net income , whereas a longer estimate of the useful life of an asset would have the effect of reducing depreciation expense and increasing net income . story_separator_special_tag for variable-rate debt , the rate in effect at december 31 , 2014 is assumed to remain in effect until the maturities of the respective obligations . net cash flows replace_table_token_23_th operating activities net cash provided by operating activities , before net changes in operating assets and liabilities , was $ 57.3 million and $ 53.2 million for 2014 and 2013 , respectively . the $ 4.1 million increase was primarily attributable to a reduction in interest expense of $ 3.8 million , as property operating income contributed by acquisitions , net of acquisition costs , was substantially offset by a reduction in property operating income associated with properties sold . the net change in operating assets and liabilities from 2014 to 2013 was $ 2.7 million , primarily due from the timing of collections of receivables and payments of accounts payable and accrued liabilities . net cash provided by operating activities , before net changes in operating assets and liabilities , was $ 53.2 million and $ 53.2 million for 2013 and 2012 , respectively . these results remained consistent , as property operating income contributed by acquisitions , net of acquisition costs , and reductions in interest expense and property-level and general administrative overhead savings resulting from employee headcount reductions implemented by management in the latter part of 2012 was substantially offset by a reduction in property operating income associated with properties sold . the net change in operating assets and liabilities from 2013 to 2012 was a $ 0.9 million decrease , primarily due from the timing of collections of receivables and payments of accounts payable and accrued liabilities . 44 investing activitie s net cash flows provided ( used ) by investing activities were primarily the result of the company 's property disposition activities , property acquisitions and expenditures for property improvements . during 2014 , the company received $ 102.1 million in proceeds from sales of properties classified as held for sale/conveyance and received $ 2.1 million in construction escrows and other , offset by the purchase of a shopping center for $ 38.9 million , and expenditures of $ 16.3 million for property improvements . during 2013 , the company purchased a shopping center for $ 32.8 million , had expenditures of $ 20.3 million for property improvements , offset by $ 34.7 million in proceeds from sales of properties classified as held for sale/conveyance , $ 2.2 million in proceeds from construction escrows and other , and a $ 1.1 million repayment of a note receivable . during 2012 , the company received $ 41.6 million in proceeds from the exit of the cedar/riocan unconsolidated joint venture , $ 34.9 million from sales of properties classified as held for sale/conveyance , $ 2.8 million in distributions from the cedar/riocan unconsolidated joint venture , and $ 2.4 million in construction escrows and other , offset by expenditures of $ 31.3 million for property improvements . financing activities during 2014 , the company made $ 177.1 million of repayments of mortgage loans payable , $ 81.5 million of net repayments under the revolving credit facility , $ 30.2 million of preferred and common stock distributions , $ 1.3 million in payments of debt financing costs , $ 1.0 million of distributions to consolidated joint venture minority interests and limited partners , and a $ 0.4 million payment for the redemption of op units , offset by borrowings of $ 150.0 million under new term loans and net proceeds of $ 41.2 million from the sale of common stock . during 2013 , the company made $ 77.1 million of repayments of mortgage loans payable , a $ 75.0 million repayment of a term loan , $ 35.0 million for the redemption of the 8.875 % series a cumulative redeemable preferred stock , $ 28.9 million of preferred and common stock distributions , $ 1.9 million in payments of debt financing costs , a $ 1.6 million payment for the purchase of the remaining minority interest in a consolidated joint venture , $ 0.7 million of distributions to consolidated joint venture minority interests and limited partners , and a $ 0.2 million payment for the redemption of op units , offset by $ 72.5 million of net advances under the revolving credit facility , $ 59.8 million of net proceeds from the sale of shares of its 7.25 % series b cumulative redeemable preferred stock , and a $ 50.0 million advance under a term loan . during 2012 , the company paid $ 124.9 million for redemptions and repurchases of shares of its 8.875 % series a cumulative redeemable preferred stock , made $ 85.3 million of net repayments under the revolving credit facility , $ 79.6 million of repayments of mortgage loans payable , $ 29.2 million of preferred and common stock distributions , a $ 6.1 million payment for the purchase of the remaining minority interest in a consolidated joint venture , $ 4.9 million in payments of debt financing costs , and $ 4.3 million of distributions to consolidated joint venture minority interests and limited partners , offset by $ 124.4 million of net proceeds from the sale of shares of its 7.25 % series b cumulative redeemable preferred stock , a $ 75.0 million advance under a term loan , and $ 30.0 million in proceeds from mortgage refinancings . funds from operations funds from operations ( ffo ) is a widely-recognized non-gaap financial measure for reits that the company believes , when considered with financial statements prepared in accordance with gaap , is useful to investors in understanding financial performance and 45 providing a relevant basis for comparison among reits . in addition , ffo is useful to investors as it captures features particular to real estate performance by recognizing that real estate generally appreciates over time or maintains residual value to a much greater extent than do other depreciable assets . investors should review ffo , along with gaap

