further , the impacts of a potential worsening of economic conditions and the continued disruptions to , and volatility in , the credit and financial markets , and consumer spending , as well as other unanticipated consequences , remain unknown . the sections below summarize the typical factors that impact our results of operations , including the actual and potential impacts of the covid-19 pandemic on our results of operations , liquidity and capital resources , during the year ended december 31 , 2020 , as well as management 's view of potential impacts on our future results of operations , liquidity and capital resources . for more discussion on the risks associated with the covid-19 outbreak , see item 1a . “ risk factors ” . 54 factors that impact our result of operations our results of operations and financial condition are affected by numerous factors , many of which are beyond our control . key factors that typically impact our results of operations and financial condition , which may be exacerbated by the covid-19 pandemic , include rental rates and collections , property dispositions , lease renewals and occupancy , acquisition activity , net lease terms , interest expense , general and administrative expenses , tenant bankruptcies , and impairments . rental rates and collections our financial results depend on our ability to timely collect contractual rents due under our long-term net leases . the covid-19 pandemic 's impact on us has primarily manifested through tenant requests for rent relief . in total , we granted partial rent relief requests to 15 tenants related to 93 properties . we evaluated each request for rent relief as a unique situation , employing a rigorous credit and business analysis focusing on , among other things , industry circumstances , the tenant 's financial performance , liquidity position , lease structure , and geographic location , and regulatory impacts on the tenant 's operations ( e.g . , stay-at-home orders , essential v. nonessential business designations ) . based on our analyses , we granted relief on a select basis only to those tenants we determined to be most in need . in cases where we granted rent relief , we focused on negotiating the shortest possible repayment period and , when possible , lease enhancements ( e.g . extensions of term ) . there were several tenants who requested rent relief that we believed were well positioned to continue making rent payments during the pandemic . many of those tenants had strong balance sheets and liquidity positions , had applied for or received paycheck protection program loan funding under the cares act , or were designated as essential businesses and could continue to operate despite restrictions on other businesses . we declined to agree to any rent relief in those circumstances , and in all such cases the tenants continued to pay all rents due as of december 31 , 2020. the rent relief requests we granted included partial deferral of payment of rent with 14 tenants , and a partial abatement of rent with one tenant . as of december 31 , 2020 , all deferral periods have ended , and the balance of rent deferrals yet to be repaid was less than $ 1 million . the abatement period ended subsequent to year-end in january 2021. in circumstances where we agreed to a rent deferral that is to be repaid over a period of time , and where the terms of the lease and amounts paid under the lease were substantially the same , we continued to recognize the same amount of gaap lease revenue each period to the extent the amounts were probable of collection . the amounts we agreed to defer impacted our cash flows from operations . the following chart summarizes our 2020 rent collections : replace_table_token_13_th despite our continued strong rent collections subsequent to the outbreak of the covid-19 pandemic , the duration of the pandemic and the potential ongoing impacts of the virus on our tenants ' ability to conduct their business should additional governmental restrictions be implemented , could have a significant negative impact on our ability to continue to collect future rents . property dispositions from time to time , we strategically dispose of properties , primarily when we believe the risk profile has changed and become misaligned with our then current risk-adjusted return objectives . the resulting gains or losses on dispositions may materially impact our operating results , and the recognition of a gain or loss on the sale of real estate varies from transaction to transaction based on fluctuations in asset prices and demand in the real estate market at the time a property is listed for sale . as a result of the covid-19 pandemic , we have seen a slowdown in real estate transactions and weakening market conditions for several property types resulting from an increase in vacant rental space . although we were able to dispose of properties during the year ended december 31 , 2020 at advantageous prices , in the short term , the slowdown in market activity may inhibit our ability to further dispose of properties we have identified for disposition , including those leased by tenants that experience significant credit deterioration as a result of the covid-19 pandemic , and the price at which we are able to sell the properties may be negatively impacted . we will continue to monitor the pandemic 's impact and continue to selectively dispose of properties when advantageous to do so . story_separator_special_tag these borrowings were unhedged and bore interest at a variable rate based on libor , which decreased from 1.76 % at december 31 , 2019 to 0.14 % at december 31 , 2020. as a result , we benefited from declining interest rates during the period of time they were outstanding . the borrowings were fully repaid in september 2020 with proceeds from our ipo . 59 gain on sale of real estate our recognition of a gain or loss on the sale of real estate varies from transaction to transaction based on fluctuations in asset prices and demand in the real estate market . during the year ended december 31 , 2020 , we recognized gains of $ 15.0 million on the sale of 24 properties , compared to gains of $ 29.9 million on the sale of 49 properties during the year ended december 31 , 2019. there was an increase in the sale of properties during 2019 as a result of our deleveraging plans following the significant industrial and office portfolio acquisition in august 2019. the decrease in the sale of properties during 2020 was a result of a shift in our deleveraging to employ proceeds from the ipo , rather than gains on sales of properties , to reduce leverage , as well as a general decrease in market activity resulting from the covid-19 pandemic in 2020. income taxes the decrease in income taxes during 2020 is mainly attributable to federal and state taxes paid in 2019 by our taxable reit subsidiary as a result of our deleveraging plans subsequent to our significant industrial and office portfolio acquisition in august 2019. change in fair value of earnout liability as part of the internalization we may be required to pay additional earnout consideration if certain milestones are achieved during the earnout periods . during 2020 , we recorded the fair value of this contingent consideration in the consolidated balance sheets , and updated the fair value at the end of each reporting period . to the extent the change in fair value relates to a portion of the earnout consideration that is classified as a liability , we record the change through earnings . we estimate the fair value of the earnout liability by considering weighted-average probabilities of likely outcomes , and using a monte carlo simulation and discounted cash flow analysis to estimate fair value . these estimates require the company to make various assumptions about future share prices , and other items that are unobservable and are considered level 3 inputs in the fair value hierarchy . the change in the fair value of the earnout liability during the year ended december 31 , 2020 , reflects changes in share prices and our peer stock price volatility assumption , which are attributable to changes in economic circumstances impacting global equity markets . net income and net earnings per diluted share replace_table_token_18_th the decrease in net income for the year ended december 31 , 2020 , as compared to the year ended december 31 , 2019 , is primarily due to a $ 23.9 million increase in depreciation and amortization expense , a $ 15.6 million increase in impairment charges , a $ 14.9 million decrease in gains on sale of real estate , and a $ 3.6 million increase in interest expense . these factors were partially offset by revenue growth of $ 22.8 million and $ 1.8 million of income from the decrease in the fair value of our earnout liability in 2020 with no comparable adjustment in the prior year . in addition , as a result of the internalization , increased general and administrative expenses of $ 22.5 million were offset by $ 26.4 million lower asset management and property management fees . gaap net income includes items such as gain or loss on sale of real estate and provisions for impairment , among others , which can vary from quarter to quarter and impact period-over-period comparisons . these fluctuations , combined with the increase in our weighted average shares outstanding resulting from the common shares and op units issued in conjunction with the ipo and internalization , contributed to the $ 0.39 decrease in net earnings per diluted share for the year ended december 31 , 2020. liquidity and capital resources general we acquire real estate using a combination of debt and equity capital and with cash from operations that is not otherwise distributed to our stockholders . our focus is on maximizing the risk-adjusted return to our stockholders through an appropriate balance of debt and equity in our capital structure . we are committed to maintaining an investment grade balance sheet through active management of our leverage profile and overall liquidity position . we believe our leverage strategy has allowed us to take advantage of the lower cost of debt while simultaneously strengthening our balance sheet , as evidenced by our investment grade credit rating of baa3 from moody 's investors service ( “ moody 's ” ) , which was reaffirmed in july 2020 , and our initial credit rating of bbb from s & p in january 2021. we manage our leverage profile using a ratio of net debt to annualized adjusted ebitdare , a non-gaap financial measure , which we believe is a useful measure of our ability to repay debt and a relative measure of leverage , and is used in communications with lenders and with rating agencies regarding our credit rating . we seek to maintain on a sustained basis a net debt to annualized adjusted ebitdare ratio that is generally less than 6.0x . as of december 31 , 2020 , we had total debt outstanding of $ 1.5 billion , net debt of $ 1.4 billion , and a net debt to annualized adjusted ebitdare ratio of approximately 5.15x . 60 net debt and annualized adjusted ebitdare are non-gaap financial measures , and annualized adjusted ebitdare is calculated based upon ebitda , ebitdare

equity capital resources on september 21 , 2020 , we completed our ipo and issued 37 million shares of stock for net proceeds of $ 588.3 million , including shares issued subsequently pursuant to the underwriters ' partial exercise of their over-allotment option . we used $ 216.5 million of the net proceeds to fully repay the outstanding borrowings and accrued interest under our then existing revolving credit agreement and $ 240.2 million of the proceeds to fully repay the outstanding principal and accrued interest associated with an unsecured term loan . as we deploy our net proceeds from our successful ipo and continue to invest in accretive real estate properties , we expect to continue to balance our debt and equity capitalization , while maintaining a net debt to annualized adjusted ebitdare ratio below 6.0x on a sustained basis , through the anticipated use of follow-on equity offerings and an at-the-market ( “ atm ” ) program . prior to the ipo , equity capital for our real estate acquisition activity was provided by proceeds from our private offering , including distributions reinvested through our drip . we suspended our private offering on january 10 , 2020 , and did not raise any equity through our private offering during the year ended december 31 , 2020. during the year ended december 31 , 2020 , we raised approximately $ 5.9 million in equity capital through our drip . for the year ended december 31 , 2019 , we raised $ 394.4 million in equity capital , of which $ 329.8 million was received through new cash investments and $ 64.6 million was raised through our drip .


 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.
     ```equity capital resources on september 21 , 2020 , we completed our ipo and issued 37 million shares of stock for net proceeds of $ 588.3 million , including shares issued subsequently pursuant to the underwriters ' partial exercise of their over-allotment option . we used $ 216.5 million of the net proceeds to fully repay the outstanding borrowings and accrued interest under our then existing revolving credit agreement and $ 240.2 million of the proceeds to fully repay the outstanding principal and accrued interest associated with an unsecured term loan . as we deploy our net proceeds from our successful ipo and continue to invest in accretive real estate properties , we expect to continue to balance our debt and equity capitalization , while maintaining a net debt to annualized adjusted ebitdare ratio below 6.0x on a sustained basis , through the anticipated use of follow-on equity offerings and an at-the-market ( “ atm ” ) program . prior to the ipo , equity capital for our real estate acquisition activity was provided by proceeds from our private offering , including distributions reinvested through our drip . we suspended our private offering on january 10 , 2020 , and did not raise any equity through our private offering during the year ended december 31 , 2020. during the year ended december 31 , 2020 , we raised approximately $ 5.9 million in equity capital through our drip . for the year ended december 31 , 2019 , we raised $ 394.4 million in equity capital , of which $ 329.8 million was received through new cash investments and $ 64.6 million was raised through our drip .
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 Suspicious Activity Report : further , the impacts of a potential worsening of economic conditions and the continued disruptions to , and volatility in , the credit and financial markets , and consumer spending , as well as other unanticipated consequences , remain unknown . the sections below summarize the typical factors that impact our results of operations , including the actual and potential impacts of the covid-19 pandemic on our results of operations , liquidity and capital resources , during the year ended december 31 , 2020 , as well as management 's view of potential impacts on our future results of operations , liquidity and capital resources . for more discussion on the risks associated with the covid-19 outbreak , see item 1a . “ risk factors ” . 54 factors that impact our result of operations our results of operations and financial condition are affected by numerous factors , many of which are beyond our control . key factors that typically impact our results of operations and financial condition , which may be exacerbated by the covid-19 pandemic , include rental rates and collections , property dispositions , lease renewals and occupancy , acquisition activity , net lease terms , interest expense , general and administrative expenses , tenant bankruptcies , and impairments . rental rates and collections our financial results depend on our ability to timely collect contractual rents due under our long-term net leases . the covid-19 pandemic 's impact on us has primarily manifested through tenant requests for rent relief . in total , we granted partial rent relief requests to 15 tenants related to 93 properties . we evaluated each request for rent relief as a unique situation , employing a rigorous credit and business analysis focusing on , among other things , industry circumstances , the tenant 's financial performance , liquidity position , lease structure , and geographic location , and regulatory impacts on the tenant 's operations ( e.g . , stay-at-home orders , essential v. nonessential business designations ) . based on our analyses , we granted relief on a select basis only to those tenants we determined to be most in need . in cases where we granted rent relief , we focused on negotiating the shortest possible repayment period and , when possible , lease enhancements ( e.g . extensions of term ) . there were several tenants who requested rent relief that we believed were well positioned to continue making rent payments during the pandemic . many of those tenants had strong balance sheets and liquidity positions , had applied for or received paycheck protection program loan funding under the cares act , or were designated as essential businesses and could continue to operate despite restrictions on other businesses . we declined to agree to any rent relief in those circumstances , and in all such cases the tenants continued to pay all rents due as of december 31 , 2020. the rent relief requests we granted included partial deferral of payment of rent with 14 tenants , and a partial abatement of rent with one tenant . as of december 31 , 2020 , all deferral periods have ended , and the balance of rent deferrals yet to be repaid was less than $ 1 million . the abatement period ended subsequent to year-end in january 2021. in circumstances where we agreed to a rent deferral that is to be repaid over a period of time , and where the terms of the lease and amounts paid under the lease were substantially the same , we continued to recognize the same amount of gaap lease revenue each period to the extent the amounts were probable of collection . the amounts we agreed to defer impacted our cash flows from operations . the following chart summarizes our 2020 rent collections : replace_table_token_13_th despite our continued strong rent collections subsequent to the outbreak of the covid-19 pandemic , the duration of the pandemic and the potential ongoing impacts of the virus on our tenants ' ability to conduct their business should additional governmental restrictions be implemented , could have a significant negative impact on our ability to continue to collect future rents . property dispositions from time to time , we strategically dispose of properties , primarily when we believe the risk profile has changed and become misaligned with our then current risk-adjusted return objectives . the resulting gains or losses on dispositions may materially impact our operating results , and the recognition of a gain or loss on the sale of real estate varies from transaction to transaction based on fluctuations in asset prices and demand in the real estate market at the time a property is listed for sale . as a result of the covid-19 pandemic , we have seen a slowdown in real estate transactions and weakening market conditions for several property types resulting from an increase in vacant rental space . although we were able to dispose of properties during the year ended december 31 , 2020 at advantageous prices , in the short term , the slowdown in market activity may inhibit our ability to further dispose of properties we have identified for disposition , including those leased by tenants that experience significant credit deterioration as a result of the covid-19 pandemic , and the price at which we are able to sell the properties may be negatively impacted . we will continue to monitor the pandemic 's impact and continue to selectively dispose of properties when advantageous to do so . story_separator_special_tag these borrowings were unhedged and bore interest at a variable rate based on libor , which decreased from 1.76 % at december 31 , 2019 to 0.14 % at december 31 , 2020. as a result , we benefited from declining interest rates during the period of time they were outstanding . the borrowings were fully repaid in september 2020 with proceeds from our ipo . 59 gain on sale of real estate our recognition of a gain or loss on the sale of real estate varies from transaction to transaction based on fluctuations in asset prices and demand in the real estate market . during the year ended december 31 , 2020 , we recognized gains of $ 15.0 million on the sale of 24 properties , compared to gains of $ 29.9 million on the sale of 49 properties during the year ended december 31 , 2019. there was an increase in the sale of properties during 2019 as a result of our deleveraging plans following the significant industrial and office portfolio acquisition in august 2019. the decrease in the sale of properties during 2020 was a result of a shift in our deleveraging to employ proceeds from the ipo , rather than gains on sales of properties , to reduce leverage , as well as a general decrease in market activity resulting from the covid-19 pandemic in 2020. income taxes the decrease in income taxes during 2020 is mainly attributable to federal and state taxes paid in 2019 by our taxable reit subsidiary as a result of our deleveraging plans subsequent to our significant industrial and office portfolio acquisition in august 2019. change in fair value of earnout liability as part of the internalization we may be required to pay additional earnout consideration if certain milestones are achieved during the earnout periods . during 2020 , we recorded the fair value of this contingent consideration in the consolidated balance sheets , and updated the fair value at the end of each reporting period . to the extent the change in fair value relates to a portion of the earnout consideration that is classified as a liability , we record the change through earnings . we estimate the fair value of the earnout liability by considering weighted-average probabilities of likely outcomes , and using a monte carlo simulation and discounted cash flow analysis to estimate fair value . these estimates require the company to make various assumptions about future share prices , and other items that are unobservable and are considered level 3 inputs in the fair value hierarchy . the change in the fair value of the earnout liability during the year ended december 31 , 2020 , reflects changes in share prices and our peer stock price volatility assumption , which are attributable to changes in economic circumstances impacting global equity markets . net income and net earnings per diluted share replace_table_token_18_th the decrease in net income for the year ended december 31 , 2020 , as compared to the year ended december 31 , 2019 , is primarily due to a $ 23.9 million increase in depreciation and amortization expense , a $ 15.6 million increase in impairment charges , a $ 14.9 million decrease in gains on sale of real estate , and a $ 3.6 million increase in interest expense . these factors were partially offset by revenue growth of $ 22.8 million and $ 1.8 million of income from the decrease in the fair value of our earnout liability in 2020 with no comparable adjustment in the prior year . in addition , as a result of the internalization , increased general and administrative expenses of $ 22.5 million were offset by $ 26.4 million lower asset management and property management fees . gaap net income includes items such as gain or loss on sale of real estate and provisions for impairment , among others , which can vary from quarter to quarter and impact period-over-period comparisons . these fluctuations , combined with the increase in our weighted average shares outstanding resulting from the common shares and op units issued in conjunction with the ipo and internalization , contributed to the $ 0.39 decrease in net earnings per diluted share for the year ended december 31 , 2020. liquidity and capital resources general we acquire real estate using a combination of debt and equity capital and with cash from operations that is not otherwise distributed to our stockholders . our focus is on maximizing the risk-adjusted return to our stockholders through an appropriate balance of debt and equity in our capital structure . we are committed to maintaining an investment grade balance sheet through active management of our leverage profile and overall liquidity position . we believe our leverage strategy has allowed us to take advantage of the lower cost of debt while simultaneously strengthening our balance sheet , as evidenced by our investment grade credit rating of baa3 from moody 's investors service ( “ moody 's ” ) , which was reaffirmed in july 2020 , and our initial credit rating of bbb from s & p in january 2021. we manage our leverage profile using a ratio of net debt to annualized adjusted ebitdare , a non-gaap financial measure , which we believe is a useful measure of our ability to repay debt and a relative measure of leverage , and is used in communications with lenders and with rating agencies regarding our credit rating . we seek to maintain on a sustained basis a net debt to annualized adjusted ebitdare ratio that is generally less than 6.0x . as of december 31 , 2020 , we had total debt outstanding of $ 1.5 billion , net debt of $ 1.4 billion , and a net debt to annualized adjusted ebitdare ratio of approximately 5.15x . 60 net debt and annualized adjusted ebitdare are non-gaap financial measures , and annualized adjusted ebitdare is calculated based upon ebitda , ebitdare

