references throughout this report to the “ company , ” “ we , ” or “ our , ” include the activity of the predecessor defined above . we have elected to be taxed as a reit under sections 856 through 860 of the code and expect to continue to qualify as a reit . to qualify as a reit , we must meet a number of organizational and operational requirements , including a requirement that we distribute at least 90 % of our reit taxable income to our stockholders . as a reit , we will be subject to federal income tax on our undistributed reit taxable income and net capital gain and to a 4 % nondeductible excise tax on any amount by which distributions we pay with respect to any calendar year are less than the sum of ( 1 ) 85 % of our ordinary income , ( 2 ) 95 % of our capital gain net income and ( 3 ) 100 % of our undistributed income from prior years . we believe we qualify for taxation as a reit under the code , and we intend to continue to operate in such a manner , but no assurance can be given that we will operate in a manner so as to qualify as a reit . beginning in 2016 , taxable income from certain non-reit activities is managed through a trs and is subject to applicable federal , state , and local income and margin taxes . we have no significant taxes associated with our trs for the year ended december 31 , 2016. components of our revenues and expenses revenues rental income . our earnings are primarily attributable to the rental revenue from our multifamily properties . we anticipate that the leases we enter into for our multifamily properties will typically be for one year or less . other income . other income includes ancillary income earned from tenants such as application fees , late fees , laundry fees , utility reimbursements , and other rental related fees charged to tenants . expenses property operating expenses . property operating expenses include property maintenance costs , salary and employee benefit costs , utilities and other property operating costs . acquisition costs . acquisition costs include the costs to acquire additional properties . on october 1 , 2016 , we early adopted asu 2017-01 , which requires an entity to capitalize acquisition costs associated with an acquisition that is determined to be an acquisition of an asset as opposed to an acquisition of a business . prior to our adoption of asu 2017-01 , acquisition costs were expensed as incurred . we believe most future acquisition costs will be capitalized in accordance with asu 2017-01 ( see note 2 to our combined consolidated financial statements ) . real estate taxes and insurance . real estate taxes include the property taxes assessed by local and state authorities depending on the location of each property . insurance includes the cost of commercial , general liability , and other needed insurance for each property . property management fees . property management fees include fees paid to bh management services , llc , or bh , our property manager , or other third party management companies for managing each property ( see note 8 to our combined consolidated financial statements ) . 42 advisory and administrative fees . advisory and administrative fees include the fees paid to our adviser pursuant to the advisory agreement ( see note 8 to our combined consolidated financial stat ements ) . corporate general and administrative expenses . corporate general and administrative expenses include , but are not limited to , payments of reimbursements to the adviser for operating expenses , audit fees , legal fees , listing fees , board of director fees , equity-based compensation expense and investor relations costs . corporate general and administrative expenses and the advisory and administrative fees paid to our adviser ( including advisory and administrative fees on properties defined in the advisory agreement as new assets ) will not exceed 1.5 % of average real estate assets per calendar year ( or part thereof that the advisory agreement is in effect ) , calculated in accordance with the advisory agreement , or the expense cap . the expense cap does not limit the reimbursement by the company of expenses related to securities offerings paid by the adviser . the expense cap also does not apply to legal , accounting , financial , due diligence , and other service fees incurred in connection with mergers and acquisitions , extraordinary litigation , or other events outside the company 's ordinary course of business or any out-of-pocket acquisition or due diligence expenses incurred in connection with the acquisition or disposition of real estate assets . property general and administrative expenses . property general and administrative expenses include the costs of marketing , professional fees , general office supplies , and other administrative related costs of each property . depreciation and amortization . depreciation and amortization costs primarily include depreciation of our multifamily properties and amortization of acquired in-place leases . other income and expense interest expense . interest expense primarily includes the cost of interest expense on debt , the amortization of deferred financing costs , any prepayment penalties we may incur on the early retirement of debt , and the related impact of interest rate derivatives used to manage the company 's interest rate risk . gain on sales of real estate . gain on sales of real estate includes the gain recognized upon sales of properties . gain on sales of real estate is calculated by deducting the carrying value of the real estate and costs incurred to sell the properties from the sales prices of the properties . story_separator_special_tag the decrease in acquisition costs between the periods was due to the lower level of acquisitions completed during the period in 2015. during the years ended december 31 , 2015 and 2014 , we acquired 10 and 31 properties , respectively . acquisition costs depend on the specific circumstances of each closing and are one-time costs associated with each acquisition . 46 real estate taxes and insurance . real estate taxes and insurance costs were $ 15.2 million for the year ended december 31 , 2015 compared to $ 5.7 million for the year ended december 31 , 2014 , which was an increase of approximately $ 9.5 million . the increase between the periods was primarily due to the acquisition of 10 properties during the period in 2015. also , 31 of the 32 properties owned as of december 31 , 2014 were acquired in 2014 and therefore con tributed to real estate taxes and insurance costs for less than a full period in 2014 versus the entire period in 2015. property management fees . property management fees were $ 3.5 million for the year ended december 31 , 2015 compared to $ 1.3 million for the year ended december 31 , 2014 , which was an increase of approximately $ 2.2 million . the increase between the periods was primarily due to the acquisition of 10 properties during the period in 2015. also , 31 of the 32 properties owned as of december 31 , 2014 were acquired in 2014 and therefore contributed to property management fees for less than a full period in 2014 versus the entire period in 2015. advisory and administrative fees . advisory and administrative fees were $ 5.6 million for the year ended december 31 , 2015 compared to $ 1.7 million for the year ended december 31 , 2014 , which was an increase of approximately $ 3.9 million . the increase between the periods was due to the acquisition of 10 properties in 2015 , seven of which are defined as contributed assets and three of which are defined as new assets pursuant to the terms of the advisory agreement , which increases the basis on which the fee is earned . following the spin-off , the amount incurred during the year ended december 31 , 2015 represents the maximum fee allowed on contributed assets under the advisory agreement plus approximately $ 0.2 million of advisory and administrative fees incurred on new assets . corporate general and administrative expenses . prior to the completion of the spin-off , the company did not incur any corporate general and administrative expenses . for the year ended december 31 , 2015 , the company incurred corporate general and administrative expenses of $ 2.5 million . property general and administrative expenses . property general and administrative expenses were $ 5.4 million for the year ended december 31 , 2015 compared to $ 2.1 million for the year ended december 31 , 2014 , which was an increase of approximately $ 3.3 million . the increase between the periods was primarily due to the acquisition of 10 properties during the period in 2015. also , 31 of the 32 properties owned as of december 31 , 2014 were acquired in 2014 and therefore contributed to property general and administrative expenses for less than a full period in 2014 versus the entire period in 2015. depreciation and amortization . depreciation and amortization costs were $ 40.8 million for the year ended december 31 , 2015 compared to $ 21.6 million for the year ended december 31 , 2014 , which was an increase of approximately $ 19.2 million . the increase between the periods was primarily due to the acquisition of 10 properties in 2015. also , 31 of the 32 properties owned as of december 31 , 2014 were acquired in 2014 and therefore contributed to depreciation and amortization costs for less than a full period in 2014 versus the entire period in 2015. other income and expense interest expense . interest expense was $ 18.5 million for the year ended december 31 , 2015 compared to $ 7.3 million for the year ended december 31 , 2014 , which was an increase of approximately $ 11.2 million . the increase between the periods was primarily due to the acquisition of 10 properties in 2015 and prepayment penalties of approximately $ 0.7 million we incurred in connection with refinancing one of our fixed rate loans with a floating rate loan . also , 31 of the 32 properties owned as of december 31 , 2014 were acquired in 2014 and therefore contributed to interest expense for less than a full period in 2014 versus the entire period in 2015 . the following is a table that details the various costs included in interest expense for the years ended december 31 , 2015 and 2014 ( in thousands ) : replace_table_token_18_th 47 non-gaap measurements net operating income and same store net operating income noi is a non-gaap financial measure of performance . noi is used by investors and our management to evaluate and compare the performance of our properties to other comparable properties , to determine trends in earnings and to compute the fair value of our properties as noi is not affected by ( 1 ) the cost of funds , ( 2 ) acquisition costs , ( 3 ) advisory and administrative fees , ( 4 ) the impact of depreciation and amortization expenses as well as gains or losses from the sale of operating real estate assets that are included in net income computed in accordance with gaap , ( 5 ) corporate general and administrative expenses , ( 6 ) other gains and losses that are specific to us , and ( 7 ) expenses that are not reflective of the ongoing operations of the properties or are incurred on behalf of the company at the property for expenses such as legal ,

cash flows from operating activities . during the year ended december 31 , 2016 , net cash provided by operating activities was $ 33.8 million compared to net cash provided by operating activities of $ 34.5 million for the year ended december 31 , 2015. the decrease in net cash from operating activities was mainly due to changes in net income ( loss ) , offset by changes in noncash items such as gain on sales of real estate , depreciation and amortization . cash flows from investing activities . during the year ended december 31 , 2016 , net cash used in investing activities was $ 51.9 million compared to net cash used in investing activities of $ 283.0 million for the year ended december 31 , 2015. the change in cash flows from investing activities was mainly due to the acquisition of four properties for a combined purchase price of approximately $ 175.1 million and sales of seven properties for net proceeds of approximately $ 131.8 million during the period in 2016 , compared to 56 the acquisition of 10 properties for a combined purchase price of approximately $ 277.4 million and no sales of properties during the period in 2015. the change in cash flows from investing activi ties was also due to additions to real estate investments , primarily related to our value-add program , of approximately $ 24.3 million during the period in 2016 compared to approximately $ 39.4 million during the period in 2015. cash flows from financing activities .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```cash flows from operating activities . during the year ended december 31 , 2016 , net cash provided by operating activities was $ 33.8 million compared to net cash provided by operating activities of $ 34.5 million for the year ended december 31 , 2015. the decrease in net cash from operating activities was mainly due to changes in net income ( loss ) , offset by changes in noncash items such as gain on sales of real estate , depreciation and amortization . cash flows from investing activities . during the year ended december 31 , 2016 , net cash used in investing activities was $ 51.9 million compared to net cash used in investing activities of $ 283.0 million for the year ended december 31 , 2015. the change in cash flows from investing activities was mainly due to the acquisition of four properties for a combined purchase price of approximately $ 175.1 million and sales of seven properties for net proceeds of approximately $ 131.8 million during the period in 2016 , compared to 56 the acquisition of 10 properties for a combined purchase price of approximately $ 277.4 million and no sales of properties during the period in 2015. the change in cash flows from investing activi ties was also due to additions to real estate investments , primarily related to our value-add program , of approximately $ 24.3 million during the period in 2016 compared to approximately $ 39.4 million during the period in 2015. cash flows from financing activities .
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 Suspicious Activity Report : references throughout this report to the “ company , ” “ we , ” or “ our , ” include the activity of the predecessor defined above . we have elected to be taxed as a reit under sections 856 through 860 of the code and expect to continue to qualify as a reit . to qualify as a reit , we must meet a number of organizational and operational requirements , including a requirement that we distribute at least 90 % of our reit taxable income to our stockholders . as a reit , we will be subject to federal income tax on our undistributed reit taxable income and net capital gain and to a 4 % nondeductible excise tax on any amount by which distributions we pay with respect to any calendar year are less than the sum of ( 1 ) 85 % of our ordinary income , ( 2 ) 95 % of our capital gain net income and ( 3 ) 100 % of our undistributed income from prior years . we believe we qualify for taxation as a reit under the code , and we intend to continue to operate in such a manner , but no assurance can be given that we will operate in a manner so as to qualify as a reit . beginning in 2016 , taxable income from certain non-reit activities is managed through a trs and is subject to applicable federal , state , and local income and margin taxes . we have no significant taxes associated with our trs for the year ended december 31 , 2016. components of our revenues and expenses revenues rental income . our earnings are primarily attributable to the rental revenue from our multifamily properties . we anticipate that the leases we enter into for our multifamily properties will typically be for one year or less . other income . other income includes ancillary income earned from tenants such as application fees , late fees , laundry fees , utility reimbursements , and other rental related fees charged to tenants . expenses property operating expenses . property operating expenses include property maintenance costs , salary and employee benefit costs , utilities and other property operating costs . acquisition costs . acquisition costs include the costs to acquire additional properties . on october 1 , 2016 , we early adopted asu 2017-01 , which requires an entity to capitalize acquisition costs associated with an acquisition that is determined to be an acquisition of an asset as opposed to an acquisition of a business . prior to our adoption of asu 2017-01 , acquisition costs were expensed as incurred . we believe most future acquisition costs will be capitalized in accordance with asu 2017-01 ( see note 2 to our combined consolidated financial statements ) . real estate taxes and insurance . real estate taxes include the property taxes assessed by local and state authorities depending on the location of each property . insurance includes the cost of commercial , general liability , and other needed insurance for each property . property management fees . property management fees include fees paid to bh management services , llc , or bh , our property manager , or other third party management companies for managing each property ( see note 8 to our combined consolidated financial statements ) . 42 advisory and administrative fees . advisory and administrative fees include the fees paid to our adviser pursuant to the advisory agreement ( see note 8 to our combined consolidated financial stat ements ) . corporate general and administrative expenses . corporate general and administrative expenses include , but are not limited to , payments of reimbursements to the adviser for operating expenses , audit fees , legal fees , listing fees , board of director fees , equity-based compensation expense and investor relations costs . corporate general and administrative expenses and the advisory and administrative fees paid to our adviser ( including advisory and administrative fees on properties defined in the advisory agreement as new assets ) will not exceed 1.5 % of average real estate assets per calendar year ( or part thereof that the advisory agreement is in effect ) , calculated in accordance with the advisory agreement , or the expense cap . the expense cap does not limit the reimbursement by the company of expenses related to securities offerings paid by the adviser . the expense cap also does not apply to legal , accounting , financial , due diligence , and other service fees incurred in connection with mergers and acquisitions , extraordinary litigation , or other events outside the company 's ordinary course of business or any out-of-pocket acquisition or due diligence expenses incurred in connection with the acquisition or disposition of real estate assets . property general and administrative expenses . property general and administrative expenses include the costs of marketing , professional fees , general office supplies , and other administrative related costs of each property . depreciation and amortization . depreciation and amortization costs primarily include depreciation of our multifamily properties and amortization of acquired in-place leases . other income and expense interest expense . interest expense primarily includes the cost of interest expense on debt , the amortization of deferred financing costs , any prepayment penalties we may incur on the early retirement of debt , and the related impact of interest rate derivatives used to manage the company 's interest rate risk . gain on sales of real estate . gain on sales of real estate includes the gain recognized upon sales of properties . gain on sales of real estate is calculated by deducting the carrying value of the real estate and costs incurred to sell the properties from the sales prices of the properties . story_separator_special_tag the decrease in acquisition costs between the periods was due to the lower level of acquisitions completed during the period in 2015. during the years ended december 31 , 2015 and 2014 , we acquired 10 and 31 properties , respectively . acquisition costs depend on the specific circumstances of each closing and are one-time costs associated with each acquisition . 46 real estate taxes and insurance . real estate taxes and insurance costs were $ 15.2 million for the year ended december 31 , 2015 compared to $ 5.7 million for the year ended december 31 , 2014 , which was an increase of approximately $ 9.5 million . the increase between the periods was primarily due to the acquisition of 10 properties during the period in 2015. also , 31 of the 32 properties owned as of december 31 , 2014 were acquired in 2014 and therefore con tributed to real estate taxes and insurance costs for less than a full period in 2014 versus the entire period in 2015. property management fees . property management fees were $ 3.5 million for the year ended december 31 , 2015 compared to $ 1.3 million for the year ended december 31 , 2014 , which was an increase of approximately $ 2.2 million . the increase between the periods was primarily due to the acquisition of 10 properties during the period in 2015. also , 31 of the 32 properties owned as of december 31 , 2014 were acquired in 2014 and therefore contributed to property management fees for less than a full period in 2014 versus the entire period in 2015. advisory and administrative fees . advisory and administrative fees were $ 5.6 million for the year ended december 31 , 2015 compared to $ 1.7 million for the year ended december 31 , 2014 , which was an increase of approximately $ 3.9 million . the increase between the periods was due to the acquisition of 10 properties in 2015 , seven of which are defined as contributed assets and three of which are defined as new assets pursuant to the terms of the advisory agreement , which increases the basis on which the fee is earned . following the spin-off , the amount incurred during the year ended december 31 , 2015 represents the maximum fee allowed on contributed assets under the advisory agreement plus approximately $ 0.2 million of advisory and administrative fees incurred on new assets . corporate general and administrative expenses . prior to the completion of the spin-off , the company did not incur any corporate general and administrative expenses . for the year ended december 31 , 2015 , the company incurred corporate general and administrative expenses of $ 2.5 million . property general and administrative expenses . property general and administrative expenses were $ 5.4 million for the year ended december 31 , 2015 compared to $ 2.1 million for the year ended december 31 , 2014 , which was an increase of approximately $ 3.3 million . the increase between the periods was primarily due to the acquisition of 10 properties during the period in 2015. also , 31 of the 32 properties owned as of december 31 , 2014 were acquired in 2014 and therefore contributed to property general and administrative expenses for less than a full period in 2014 versus the entire period in 2015. depreciation and amortization . depreciation and amortization costs were $ 40.8 million for the year ended december 31 , 2015 compared to $ 21.6 million for the year ended december 31 , 2014 , which was an increase of approximately $ 19.2 million . the increase between the periods was primarily due to the acquisition of 10 properties in 2015. also , 31 of the 32 properties owned as of december 31 , 2014 were acquired in 2014 and therefore contributed to depreciation and amortization costs for less than a full period in 2014 versus the entire period in 2015. other income and expense interest expense . interest expense was $ 18.5 million for the year ended december 31 , 2015 compared to $ 7.3 million for the year ended december 31 , 2014 , which was an increase of approximately $ 11.2 million . the increase between the periods was primarily due to the acquisition of 10 properties in 2015 and prepayment penalties of approximately $ 0.7 million we incurred in connection with refinancing one of our fixed rate loans with a floating rate loan . also , 31 of the 32 properties owned as of december 31 , 2014 were acquired in 2014 and therefore contributed to interest expense for less than a full period in 2014 versus the entire period in 2015 . the following is a table that details the various costs included in interest expense for the years ended december 31 , 2015 and 2014 ( in thousands ) : replace_table_token_18_th 47 non-gaap measurements net operating income and same store net operating income noi is a non-gaap financial measure of performance . noi is used by investors and our management to evaluate and compare the performance of our properties to other comparable properties , to determine trends in earnings and to compute the fair value of our properties as noi is not affected by ( 1 ) the cost of funds , ( 2 ) acquisition costs , ( 3 ) advisory and administrative fees , ( 4 ) the impact of depreciation and amortization expenses as well as gains or losses from the sale of operating real estate assets that are included in net income computed in accordance with gaap , ( 5 ) corporate general and administrative expenses , ( 6 ) other gains and losses that are specific to us , and ( 7 ) expenses that are not reflective of the ongoing operations of the properties or are incurred on behalf of the company at the property for expenses such as legal ,

