the following presents the federal income tax characterization of the distributions paid : replace_table_token_8_th for the year ended december 31 , 2017 , distributions paid to our stockholders were 15.8 % ordinary income , 0 % capital gain , and 84.2 % return of capital/non-dividend distribution . distributions are paid on a monthly basis 46 distributions to stockholders for the year ended december 31 , 2017 were declared and paid monthly based on daily record dates at rates per share per day as follows : replace_table_token_9_th replace_table_token_10_th ( 1 ) the distribution paid per share of class s common stock is net of deferred selling commissions . going forward , we expect our board of directors to continue to declare cash distributions based on daily record dates and to pay these distributions on a monthly basis , and after the offerings to continue to declare stock distributions based on a single record date as of the end of the month , and to pay these dividends on a monthly basis . cash distributions will be determined by our board of directors based on our financial condition and such other factors as our board of directors deems relevant . our board of directors has not pre-established a percentage rate of return for stock dividends or cash distributions to stockholders . we have not established a minimum dividend or distribution level , and our charter does not require that we make dividends or distributions to our stockholders other than as necessary to meet irs reit qualification standards . our operating performance can not be accurately predicted and may deteriorate in the future due to numerous factors , including those discussed under “ risk factors . ” those factors include : our ability to continue to raise capital to make additional investments ; the future operating performance of our current and future real estate investments in the existing real estate and financial environment ; our advisor 's ability to identify additional real estate investments that are suitable to execute our investment objectives ; the success and economic viability of our tenants ; our ability to refinance existing indebtedness at comparable terms ; changes in interest rates on any variable rate debt obligations we incur ; and the level of participation in our dividend reinvestment plan . in the event our cash flow from operations decreases in the future , the level of our distributions may also decrease . in addition , future distributions declared and paid may exceed cash flow from operations , to the extent that the advisor defers payment of fees and reimbursements to which it is entitled . to maintain our qualification as a reit , we must make aggregate annual distributions to our stockholders of at least 90 % of our reit taxable income ( which is computed without regard to the dividends-paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with gaap ) . if we meet the reit qualification requirements , we generally will not be subject to federal income tax on the income that we distribute to our stockholders each year . our board of directors may authorize distributions in excess of those required for us to maintain reit status depending on our financial condition and such other factors as our board of directors deems relevant . share repurchase program our board of directors has authorized a share repurchase program for our class c common stock and a share repurchase program for our class s common stock . 47 in accordance with our share repurchase program for our class c common stock , the per share repurchase price depends on the length of time the redeeming stockholder has held such shares as follows : less than one year from the purchase date , 97 % of the most recently published nav per share ; after at least one year but less than two years from the purchase date , 98 % of the most recently published nav per share ; after at least two years but less than three years from the purchase date , 99 % of the most recently published nav per share ; and after three years from the purchase date , 100 % of the most recently published nav per share . our most recently published nav per share effective as of january 19 , 2018 is $ 10.05. prior to january 19 , 2018 , repurchases under the share repurchase program of shares of our class c common stock were made based on our initial offering price of $ 10.00 per share , subject to the same discounts for the length of time such shares were held as described above . in accordance with our share repurchase program for our class s common stock , shares of class s common stock are not eligible for repurchase unless they have been held for at least one year . after this holding period has been met , class s shares can be redeemed at the most recently published nav , which is currently $ 10.05. as of december 31 , 2017 , 303,004 shares had been tendered for redemption by the company , which represented all redemption requests received in good order and eligible for redemption through december 31 , 2017. all of these shares had been redeemed except for the 39,731 of shares in connection with the repurchase requests that were made in december 2017 and were repurchased on january 4 , 2018. these shares were repurchased with the proceeds from reinvested dividends at 97 % of the pre-nav $ 10.00 price per share during the 12-month period and 98 % of the pre-nav $ 10.00 price per share during the 12- to 24-month period following a stockholder 's investment in the shares . story_separator_special_tag although we have no plans at this time to change any of our investment objectives , our board of directors may change any and all such investment objectives , including our focus on single tenant properties , if it believes such changes are in the best interests of our stockholders . through december 31 , 2017 , the company had sold 9,055,175 shares of its class c common stock pursuant to the registered offering for aggregate gross offering proceeds of $ 90,551,752 and 3,000 shares of its class s common stock pursuant to the class s offering for aggregate gross offering proceeds of $ 30,000. rich uncles nnn reit operator , llc , our advisor , will make recommendations on all investments to our board of directors . all proposed real estate investments must be approved by at least a majority of our board of directors subject to guidelines established by our board of directors . as we accept subscriptions for shares in the offerings , we will transfer substantially all of the net proceeds of the offerings to our operating partnership as a capital contribution in exchange for units of general partnership and or limited partnership interest that will be held by our wholly-owned subsidiary , rich uncles nnn lp , llc ; however , we will be deemed to have made capital contributions to the operating partnership in the amount of the gross offering proceeds received from investors . the reit will be deemed to have simultaneously reimbursed the sponsor for the costs associated with the offerings , subject to a maximum of 3 % of the gross offering proceeds . because we plan to conduct substantially all of our operations through the operating partnership , we are considered an umbrella partnership real estate investment trust , or upreit . using an upreit structure may give us an advantage in acquiring properties from persons who might not otherwise sell their properties because of unfavorable tax results . generally , a sale of property directly to a reit , or a contribution in exchange for reit shares , is a taxable transaction to the selling property owner . however , in an upreit structure , a seller of a property who desires to defer taxable gain on the sale of property may transfer the property to the operating partnership in exchange for partnership interests in the operating partnership without recognizing gain for tax purposes . we intend to present our financial statements and operating partnership income , expenses and depreciation on a consolidated basis . all items of income , gain , deduction ( including depreciation ) , loss and credit flow through the operating partnership to us as all subsidiary entities are disregarded for federal tax purposes . these tax items do not generally flow through us to our stockholders . rather , our net income and net capital gain effectively flow through us to our stockholders as and when we pay distributions . liquidity and capital resources the company 's proceeds from shares sold in the offerings have been , and will continue to be , primarily for ( i ) property acquisitions ; ( ii ) capital expenditures ; ( iii ) payment of principal on our outstanding indebtedness and ( iv ) payment of fees to advisor . our cash needs for the purchase of real estate properties and other real estate investments will be funded primarily from the sale of our shares , including those offered for sale through our dividend reinvestment plan , and from debt proceeds . we expect that once we have fully invested the proceeds of the offerings and other potential subsequent offerings , our debt financing and other liabilities , including our pro rata share of the debt financing of entities in which we invest , will be approximately 50 % of the cost of our tangible assets ( before deducting depreciation or other non-cash reserves and without taking into account borrowings relating to the initial acquisition of properties that are outstanding under a revolving credit facility or similar agreement ) . our aggregate borrowings , secured and unsecured , must be reasonable in relation to our net assets . we intend to limit our leverage to 50 % of the cost of acquiring our tangible assets ( before deducting depreciation or other non-cash reserves and without taking into account borrowings relating to the initial acquisition of properties that are outstanding under a revolving credit facility or similar agreement ) . this is an overall target . our borrowings on one or more individual properties may exceed 50 % of their individual cost , so long as our overall leverage does not exceed 50 % . our charter limits our borrowing to 50 % of our net assets ( equivalent to 50 % of the cost of our assets ) unless any excess borrowing is approved by a majority of our conflicts committee and is disclosed to our stockholders in our next quarterly report , along with the justification for such excess . when calculating our use of leverage , we will not include borrowings relating to the initial acquisition of properties and that are outstanding under a revolving credit facility ( or similar agreement ) . there is no limitation on the amount we may borrow for the purchase of any single asset . 52 we may borrow amounts from our advisor or sponsor if such loan is approved by a majority of our directors , including a majority of our conflicts committee , not otherwise interested in the transaction , as being fair , competitive , commercially reasonable and no less favorable to us than comparable loans between unaffiliated parties under the circumstances . any such loan will be included in determining whether we have complied with the borrowing limit in our charter . neither our advisor nor our sponsor has any obligation to make any loans to us . debt financing for acquisitions and investments may

cash flows from investing activities net cash used in investing activities was $ 115,593,935 for the year ended december 31 , 2017 and consisted primarily of the following : · $ 100,458,868 for the acquisition of nine real estate investments ; · $ 685,160 for improvements to real estate ; · $ 3,935,884 for payment of acquisition fees to affiliate ; and · $ 10,542,594 investments in unconsolidated entities ( tic investment in a property located in santa clara , ca ) . net cash used in investing activities was $ 37,155,065 for the year ended december 31 , 2016 and consisted primarily of the following : · $ 32,754,452 for the acquisition of nine real estate investments ; · $ 231,408 for payment of acquisition fees to affiliates ; · $ 3,640,634 for the investment in rich uncles real estate investment trust i ( rich uncles reit i ) ; and · $ 500,000 received for escrow deposits for future real estate purchases . cash flows from financing activities net cash provided by financing activities was $ 112,308,480 for the year ended december 31 , 2017 and consisted primarily of the following : · $ 60,505,707 of net cash provided by the issuance of common stock and investor deposits related to our offerings , net of payments of organization and offering costs of $ 2,049,847 ; · $ 55,390,000 from borrowings from our unsecured credit facility , partially offset by payments on unsecured credit facility of $ 53,547,803 ; · $ 53,165,056 of net cash provided by debt financing as a result from mortgage notes payable of $ 55,369,988 , partially offset by principal payments of $ 407,725 , refundable loan deposits of $ 40,000 , deferred financing costs to third parties of $ 1,430,607 , and financing fees to affiliates of $ 326,600 .


 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 investing activities net cash used in investing activities was $ 115,593,935 for the year ended december 31 , 2017 and consisted primarily of the following : · $ 100,458,868 for the acquisition of nine real estate investments ; · $ 685,160 for improvements to real estate ; · $ 3,935,884 for payment of acquisition fees to affiliate ; and · $ 10,542,594 investments in unconsolidated entities ( tic investment in a property located in santa clara , ca ) . net cash used in investing activities was $ 37,155,065 for the year ended december 31 , 2016 and consisted primarily of the following : · $ 32,754,452 for the acquisition of nine real estate investments ; · $ 231,408 for payment of acquisition fees to affiliates ; · $ 3,640,634 for the investment in rich uncles real estate investment trust i ( rich uncles reit i ) ; and · $ 500,000 received for escrow deposits for future real estate purchases . cash flows from financing activities net cash provided by financing activities was $ 112,308,480 for the year ended december 31 , 2017 and consisted primarily of the following : · $ 60,505,707 of net cash provided by the issuance of common stock and investor deposits related to our offerings , net of payments of organization and offering costs of $ 2,049,847 ; · $ 55,390,000 from borrowings from our unsecured credit facility , partially offset by payments on unsecured credit facility of $ 53,547,803 ; · $ 53,165,056 of net cash provided by debt financing as a result from mortgage notes payable of $ 55,369,988 , partially offset by principal payments of $ 407,725 , refundable loan deposits of $ 40,000 , deferred financing costs to third parties of $ 1,430,607 , and financing fees to affiliates of $ 326,600 .
```    
 Suspicious Activity Report : the following presents the federal income tax characterization of the distributions paid : replace_table_token_8_th for the year ended december 31 , 2017 , distributions paid to our stockholders were 15.8 % ordinary income , 0 % capital gain , and 84.2 % return of capital/non-dividend distribution . distributions are paid on a monthly basis 46 distributions to stockholders for the year ended december 31 , 2017 were declared and paid monthly based on daily record dates at rates per share per day as follows : replace_table_token_9_th replace_table_token_10_th ( 1 ) the distribution paid per share of class s common stock is net of deferred selling commissions . going forward , we expect our board of directors to continue to declare cash distributions based on daily record dates and to pay these distributions on a monthly basis , and after the offerings to continue to declare stock distributions based on a single record date as of the end of the month , and to pay these dividends on a monthly basis . cash distributions will be determined by our board of directors based on our financial condition and such other factors as our board of directors deems relevant . our board of directors has not pre-established a percentage rate of return for stock dividends or cash distributions to stockholders . we have not established a minimum dividend or distribution level , and our charter does not require that we make dividends or distributions to our stockholders other than as necessary to meet irs reit qualification standards . our operating performance can not be accurately predicted and may deteriorate in the future due to numerous factors , including those discussed under “ risk factors . ” those factors include : our ability to continue to raise capital to make additional investments ; the future operating performance of our current and future real estate investments in the existing real estate and financial environment ; our advisor 's ability to identify additional real estate investments that are suitable to execute our investment objectives ; the success and economic viability of our tenants ; our ability to refinance existing indebtedness at comparable terms ; changes in interest rates on any variable rate debt obligations we incur ; and the level of participation in our dividend reinvestment plan . in the event our cash flow from operations decreases in the future , the level of our distributions may also decrease . in addition , future distributions declared and paid may exceed cash flow from operations , to the extent that the advisor defers payment of fees and reimbursements to which it is entitled . to maintain our qualification as a reit , we must make aggregate annual distributions to our stockholders of at least 90 % of our reit taxable income ( which is computed without regard to the dividends-paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with gaap ) . if we meet the reit qualification requirements , we generally will not be subject to federal income tax on the income that we distribute to our stockholders each year . our board of directors may authorize distributions in excess of those required for us to maintain reit status depending on our financial condition and such other factors as our board of directors deems relevant . share repurchase program our board of directors has authorized a share repurchase program for our class c common stock and a share repurchase program for our class s common stock . 47 in accordance with our share repurchase program for our class c common stock , the per share repurchase price depends on the length of time the redeeming stockholder has held such shares as follows : less than one year from the purchase date , 97 % of the most recently published nav per share ; after at least one year but less than two years from the purchase date , 98 % of the most recently published nav per share ; after at least two years but less than three years from the purchase date , 99 % of the most recently published nav per share ; and after three years from the purchase date , 100 % of the most recently published nav per share . our most recently published nav per share effective as of january 19 , 2018 is $ 10.05. prior to january 19 , 2018 , repurchases under the share repurchase program of shares of our class c common stock were made based on our initial offering price of $ 10.00 per share , subject to the same discounts for the length of time such shares were held as described above . in accordance with our share repurchase program for our class s common stock , shares of class s common stock are not eligible for repurchase unless they have been held for at least one year . after this holding period has been met , class s shares can be redeemed at the most recently published nav , which is currently $ 10.05. as of december 31 , 2017 , 303,004 shares had been tendered for redemption by the company , which represented all redemption requests received in good order and eligible for redemption through december 31 , 2017. all of these shares had been redeemed except for the 39,731 of shares in connection with the repurchase requests that were made in december 2017 and were repurchased on january 4 , 2018. these shares were repurchased with the proceeds from reinvested dividends at 97 % of the pre-nav $ 10.00 price per share during the 12-month period and 98 % of the pre-nav $ 10.00 price per share during the 12- to 24-month period following a stockholder 's investment in the shares . story_separator_special_tag although we have no plans at this time to change any of our investment objectives , our board of directors may change any and all such investment objectives , including our focus on single tenant properties , if it believes such changes are in the best interests of our stockholders . through december 31 , 2017 , the company had sold 9,055,175 shares of its class c common stock pursuant to the registered offering for aggregate gross offering proceeds of $ 90,551,752 and 3,000 shares of its class s common stock pursuant to the class s offering for aggregate gross offering proceeds of $ 30,000. rich uncles nnn reit operator , llc , our advisor , will make recommendations on all investments to our board of directors . all proposed real estate investments must be approved by at least a majority of our board of directors subject to guidelines established by our board of directors . as we accept subscriptions for shares in the offerings , we will transfer substantially all of the net proceeds of the offerings to our operating partnership as a capital contribution in exchange for units of general partnership and or limited partnership interest that will be held by our wholly-owned subsidiary , rich uncles nnn lp , llc ; however , we will be deemed to have made capital contributions to the operating partnership in the amount of the gross offering proceeds received from investors . the reit will be deemed to have simultaneously reimbursed the sponsor for the costs associated with the offerings , subject to a maximum of 3 % of the gross offering proceeds . because we plan to conduct substantially all of our operations through the operating partnership , we are considered an umbrella partnership real estate investment trust , or upreit . using an upreit structure may give us an advantage in acquiring properties from persons who might not otherwise sell their properties because of unfavorable tax results . generally , a sale of property directly to a reit , or a contribution in exchange for reit shares , is a taxable transaction to the selling property owner . however , in an upreit structure , a seller of a property who desires to defer taxable gain on the sale of property may transfer the property to the operating partnership in exchange for partnership interests in the operating partnership without recognizing gain for tax purposes . we intend to present our financial statements and operating partnership income , expenses and depreciation on a consolidated basis . all items of income , gain , deduction ( including depreciation ) , loss and credit flow through the operating partnership to us as all subsidiary entities are disregarded for federal tax purposes . these tax items do not generally flow through us to our stockholders . rather , our net income and net capital gain effectively flow through us to our stockholders as and when we pay distributions . liquidity and capital resources the company 's proceeds from shares sold in the offerings have been , and will continue to be , primarily for ( i ) property acquisitions ; ( ii ) capital expenditures ; ( iii ) payment of principal on our outstanding indebtedness and ( iv ) payment of fees to advisor . our cash needs for the purchase of real estate properties and other real estate investments will be funded primarily from the sale of our shares , including those offered for sale through our dividend reinvestment plan , and from debt proceeds . we expect that once we have fully invested the proceeds of the offerings and other potential subsequent offerings , our debt financing and other liabilities , including our pro rata share of the debt financing of entities in which we invest , will be approximately 50 % of the cost of our tangible assets ( before deducting depreciation or other non-cash reserves and without taking into account borrowings relating to the initial acquisition of properties that are outstanding under a revolving credit facility or similar agreement ) . our aggregate borrowings , secured and unsecured , must be reasonable in relation to our net assets . we intend to limit our leverage to 50 % of the cost of acquiring our tangible assets ( before deducting depreciation or other non-cash reserves and without taking into account borrowings relating to the initial acquisition of properties that are outstanding under a revolving credit facility or similar agreement ) . this is an overall target . our borrowings on one or more individual properties may exceed 50 % of their individual cost , so long as our overall leverage does not exceed 50 % . our charter limits our borrowing to 50 % of our net assets ( equivalent to 50 % of the cost of our assets ) unless any excess borrowing is approved by a majority of our conflicts committee and is disclosed to our stockholders in our next quarterly report , along with the justification for such excess . when calculating our use of leverage , we will not include borrowings relating to the initial acquisition of properties and that are outstanding under a revolving credit facility ( or similar agreement ) . there is no limitation on the amount we may borrow for the purchase of any single asset . 52 we may borrow amounts from our advisor or sponsor if such loan is approved by a majority of our directors , including a majority of our conflicts committee , not otherwise interested in the transaction , as being fair , competitive , commercially reasonable and no less favorable to us than comparable loans between unaffiliated parties under the circumstances . any such loan will be included in determining whether we have complied with the borrowing limit in our charter . neither our advisor nor our sponsor has any obligation to make any loans to us . debt financing for acquisitions and investments may

