in general , we prefer to utilize local third-party property managers for day-to-day property management and as a source of acquisition opportunities . we believe outsourcing property management is cost effective and provides us with operational flexibility . we may directly manage properties in the future if we determine such direct property management is in our best interest . we have no current intention to acquire undeveloped or unimproved industrial land or to pursue greenfield ground up development . nevertheless , we pursue redevelopment , renovation and expansion opportunities of properties that we own , acquire properties and improved land parcels with the intent to redevelop in the near-term , and acquire adjacent land to expand our existing facilities . we expect that we will continue to acquire the significant majority of our investments as equity interests in individual properties or portfolios of properties . we may acquire industrial properties through the acquisition of other corporations or entities that own industrial real estate . we will opportunistically make investments in debt secured by industrial real estate that would otherwise meet our investment criteria with the intention of ultimately acquiring the underlying real estate . we currently do not intend to target specific percentages of holdings of particular types of industrial properties . this expectation is based upon prevailing market conditions and may change over time in response to different prevailing market conditions . 28 the properties we acquire may be stabilized ( fully leased ) or unstabilized ( have near term lease expirations , be partially or fully vacant and may require physical repositioning ) . we sell properties from time to time when we believe the prospective total return from a property is particularly low relative to its market value and or the market value of the property is significantly greater than its estimated replacement cost . capital from such sales is reinvested into properties that are expected to provide better prospective returns or returned to shareholders . we have disposed of 23 properties since inception in 2010 for an aggregate sales price of approximately $ 364.7 million and a total gain of approximately $ 119.9 million . 2020 developments covid-19 the covid-19 pandemic , and mitigation measures put in place by governments to slow it , have caused significant economic disruption . we are headquartered in san francisco and our employees have been working remotely in accordance with recommendations by the city of san francisco since march 2020. we utilize local , third-party property managers , and they are generally working remotely , as recommended by their municipalities . we have business continuity and communication plans that have allowed , and we believe , although there can be no assurance , will continue to allow us to operate and manage our portfolio effectively during such disruptions . we expect that we will , for the intermediate term , employ lower density work arrangements consistent with social distancing and our business continuity plan . while the impact of the covid-19 pandemic on our business is not possible to predict accurately , we continue to work with our customers who have been forced to close or otherwise limit operations or whose businesses have been adversely impacted during the covid-19 pandemic to , on a case-by-case basis , provide rent deferments . through february 8 , 2021 , we have granted rent deferrals to 62 tenants aggregating approximately 2.8 % of annualized base rent . no rent abatements were granted . for the 62 rent deferrals granted : 17 tenants aggregating 0.3 % of annualized base rent ( 11.0 % of total deferrals ) have completed their rent deferral period and have fully repaid the deferral amounts ; 31 tenants aggregating 2.1 % of annualized base rent ( 73.6 % of total deferrals ) have not completed their rent deferral repayment period and are fulfilling the terms of their deferral agreements ; and 14 tenants aggregating 0.4 % of annualized base rent ( 15.4 % of total deferrals ) have defaulted on their rent deferral repayments . the acquisition and disposition markets slowed in the early months of the covid-19 pandemic as market participants searched for price discovery . while transaction markets have returned to more normal volumes , our acquisition volume will remain dependent on both the quality and pricing of the opportunity set and the price of our stock relative to net asset value per share . we believe , although there can be no assurance , that our balance sheet is well positioned to make opportunistic acquisitions as we have only $ 11.3 million of debt maturities expiring in 2021 and no balance outstanding on our $ 250 million revolving credit facility . in addition , we had a cash balance of approximately $ 107.2 million as of december 31 , 2020. see “ item 1a - risk factors ” in this annual report on form 10-k for additional discussion regarding the risks to which we are and may be subject as a result of the covid-19 pandemic . acquisition activity during 2020 , we acquired six industrial buildings containing approximately 0.2 million square feet and five improved land parcels containing approximately 12.0 acres for a total purchase price of approximately $ 96.7 million . the buildings and improved land parcels were acquired from unrelated third parties using existing cash on hand , net proceeds from dispositions and net proceeds from the issuance of common stock . the following table sets forth the industrial buildings and improved land parcels we acquired during 2020 : 29 replace_table_token_6_th 1 the total aggregate initial investment was approximately $ 100.4 million , including $ 1.7 million in closing costs and acquisition costs . additionally , we assumed $ 2.1 million in intangible liabilities . story_separator_special_tag acquisition costs increased $ 0.2 million for the year ended december 31 , 2020 compared to the year ended december 31 , 2019 primarily due to dead deal costs incurred during 2020 with respect to potential acquisitions that did not close . interest and other income . interest and other income decreased approximately $ 2.9 million for the year ended december 31 , 2020 compared to the prior year primarily due to lower interest and fees earned on our senior secured loan , offset by interest earned on higher cash balances held during the year ended december 31 , 2020. interest expense , including amortization . interest expense decreased approximately $ 0.3 million for the year ended december 31 , 2020 compared to the prior year due primarily to lower average interest rate on our term loan and lower average outstanding borrowings on our mortgage loans payable , offset by a decrease of $ 0.1 million in capitalized interest compared to the prior year . gain on sales of real estate investments . gain on sales of real estate investments increased approximately $ 17.4 million for the year ended december 31 , 2020 compared to the prior year . the aggregate sales price for property sales for the year ended december 31 , 2020 was approximately $ 73.5 million as compared to approximately $ 48.9 million for the prior year . the following analysis of our results below for the years ended december 31 , 2019 and 2018 includes the changes attributable to same store properties . the same store pool for the comparison of the 2019 and 2018 fiscal years includes all properties that were owned and in operation as of december 31 , 2019 and since january 1 , 2018 and excludes properties that were either disposed of prior to , held for sale to a third-party or in redevelopment as of december 31 , 2019. as of december 31 , 2019 , the same store pool consisted of 187 buildings aggregating approximately 11.8 million square feet representing approximately 88.6 % of our total square feet owned and ten improved land parcels consisting of approximately 47.2 acres . as of december 31 , 2019 , the non-same store properties , which we acquired or sold during 2018 and 2019 , were held for sale ( if any ) or in redevelopment as of december 31 , 2019 , consisted of 33 buildings aggregating approximately $ 1.5 million square feet , nine improved land parcels consisting of approximately 30.4 acres and four properties under redevelopment expected to contain approximately 0.5 million square feet upon completion . as of december 31 , 2019 and 2018 , our consolidated same store pool occupancy was approximately 98.4 % and 99.1 % , respectively . 35 comparison of the year ended december 31 , 2019 to the year ended december 31 , 2018 : replace_table_token_11_th 1 on january 1 , 2019 , we adopted the practical expedient under asu no . 2018-11 , leases ( topic 842 ) , targeted improvements , which allows us to elect not to separate lease and non-lease rental income . all rental income earned pursuant to tenant leases is reflected as one line , “ rental revenues and tenant expense reimbursements ” on our accompanying consolidated statements of operations . we believe that the above presentation of rental revenues and tenant expense reimbursements is not , and is not intended to be , a presentation in accordance with gaap . we believe this information is frequently used by management , investors , and other interested parties to evaluate our performance . see “ note 2 - significant accounting policies ” in our condensed notes to consolidated financial statements for more information regarding our adoption of this standard . 2 includes 2018 and 2019 acquisitions and dispositions , nine improved land parcels and four properties under redevelopment as of december 31 , 2019 . 3 includes straight-line rents and amortization of lease intangibles . see “ non-gaap financial measures ” in this annual report on form 10-k for a reconciliation of net operating income and same store net operating income from net income and a discussion of why we believe net operating income and same store net operating income are useful supplemental measures of our operating performance . 36 revenues . total revenues increased approximately $ 19.4 million for the year ended december 31 , 2019 compared to the prior year due primarily to property acquisitions during 2019 and 2018 and increased revenue on new and renewed leases . cash rents on new and renewed leases totaling 0.2 million square feet commencing during the year ended december 31 , 2019 increased approximately 17.3 % compared to the same period from the prior year . for the three months and year ended december 31 , 2019 , approximately $ 0.3 million and $ 2.0 million , respectively , was recorded in straight-line rental revenues related to contractual rent abatements given to certain tenants . property operating expenses . total property operating expenses increased approximately $ 4.2 million during the year ended december 31 , 2019 compared to the prior year . the increase in total property operating expenses was due primarily to an increase of approximately $ 3.5 million attributable to property acquisitions during 2019 and 2018. depreciation and amortization . depreciation and amortization increased approximately $ 3.2 million during the year ended december 31 , 2019 compared to the prior year due to property acquisitions during 2019 and 2018. general and administrative expenses . general and administrative expenses increased approximately $ 2.4 million for the year ended december 31 , 2019 compared to the prior year due primarily to increased compensation expense , bonus expense , accounting service fees , and performance share award expense . the increase in performance share award expense primarily related to the expense for performance share awards granted prior to january 1 , 2019 , which varies quarter to quarter based on our

liquidity and capital resources the primary objective of our financing strategy is to maintain financial flexibility with a conservative capital structure using retained cash flows , proceeds from dispositions of properties , long-term debt and the issuance of common and perpetual preferred stock to finance our growth . over the long-term , we intend to : limit the sum of the outstanding principal amount of our consolidated indebtedness and the liquidation preference of any outstanding perpetual preferred stock to less than 35 % of our total enterprise value ; maintain a fixed charge coverage ratio in excess of 2.0x ; maintain a debt-to-adjusted ebitda ratio below 6.0x ; limit the principal amount of our outstanding floating rate debt to less than 20 % of our total consolidated indebtedness ; and have staggered debt maturities that are aligned to our expected average lease term ( 5-7 years ) , positioning us to re-price parts of our capital structure as our rental rates change with market conditions . we intend to preserve a flexible capital structure with a long-term goal to maintain our investment grade rating and be in a position to issue additional unsecured debt and perpetual preferred stock . fitch ratings assigned us an issuer rating of bbb with a stable outlook . a security rating is not a recommendation to buy , sell or hold securities and may be subject to revision or withdrawal at any time by the assigning rating agency . there can be no assurance that we will be able to maintain our current credit rating . our credit rating can affect the amount and type of capital we can access , as well as the terms of any financings we may obtain . in the event our current credit rating is downgraded , it may become difficult or expensive to obtain additional 37 financing or refinance existing obligations and commitments . we intend to primarily utilize senior unsecured notes , term loans , credit facilities , dispositions of properties , common stock and perpetual preferred stock . we may also assume debt in connection with property acquisitions which may have a higher loan-to-value ratio .


 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 primary objective of our financing strategy is to maintain financial flexibility with a conservative capital structure using retained cash flows , proceeds from dispositions of properties , long-term debt and the issuance of common and perpetual preferred stock to finance our growth . over the long-term , we intend to : limit the sum of the outstanding principal amount of our consolidated indebtedness and the liquidation preference of any outstanding perpetual preferred stock to less than 35 % of our total enterprise value ; maintain a fixed charge coverage ratio in excess of 2.0x ; maintain a debt-to-adjusted ebitda ratio below 6.0x ; limit the principal amount of our outstanding floating rate debt to less than 20 % of our total consolidated indebtedness ; and have staggered debt maturities that are aligned to our expected average lease term ( 5-7 years ) , positioning us to re-price parts of our capital structure as our rental rates change with market conditions . we intend to preserve a flexible capital structure with a long-term goal to maintain our investment grade rating and be in a position to issue additional unsecured debt and perpetual preferred stock . fitch ratings assigned us an issuer rating of bbb with a stable outlook . a security rating is not a recommendation to buy , sell or hold securities and may be subject to revision or withdrawal at any time by the assigning rating agency . there can be no assurance that we will be able to maintain our current credit rating . our credit rating can affect the amount and type of capital we can access , as well as the terms of any financings we may obtain . in the event our current credit rating is downgraded , it may become difficult or expensive to obtain additional 37 financing or refinance existing obligations and commitments . we intend to primarily utilize senior unsecured notes , term loans , credit facilities , dispositions of properties , common stock and perpetual preferred stock . we may also assume debt in connection with property acquisitions which may have a higher loan-to-value ratio .
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 Suspicious Activity Report : in general , we prefer to utilize local third-party property managers for day-to-day property management and as a source of acquisition opportunities . we believe outsourcing property management is cost effective and provides us with operational flexibility . we may directly manage properties in the future if we determine such direct property management is in our best interest . we have no current intention to acquire undeveloped or unimproved industrial land or to pursue greenfield ground up development . nevertheless , we pursue redevelopment , renovation and expansion opportunities of properties that we own , acquire properties and improved land parcels with the intent to redevelop in the near-term , and acquire adjacent land to expand our existing facilities . we expect that we will continue to acquire the significant majority of our investments as equity interests in individual properties or portfolios of properties . we may acquire industrial properties through the acquisition of other corporations or entities that own industrial real estate . we will opportunistically make investments in debt secured by industrial real estate that would otherwise meet our investment criteria with the intention of ultimately acquiring the underlying real estate . we currently do not intend to target specific percentages of holdings of particular types of industrial properties . this expectation is based upon prevailing market conditions and may change over time in response to different prevailing market conditions . 28 the properties we acquire may be stabilized ( fully leased ) or unstabilized ( have near term lease expirations , be partially or fully vacant and may require physical repositioning ) . we sell properties from time to time when we believe the prospective total return from a property is particularly low relative to its market value and or the market value of the property is significantly greater than its estimated replacement cost . capital from such sales is reinvested into properties that are expected to provide better prospective returns or returned to shareholders . we have disposed of 23 properties since inception in 2010 for an aggregate sales price of approximately $ 364.7 million and a total gain of approximately $ 119.9 million . 2020 developments covid-19 the covid-19 pandemic , and mitigation measures put in place by governments to slow it , have caused significant economic disruption . we are headquartered in san francisco and our employees have been working remotely in accordance with recommendations by the city of san francisco since march 2020. we utilize local , third-party property managers , and they are generally working remotely , as recommended by their municipalities . we have business continuity and communication plans that have allowed , and we believe , although there can be no assurance , will continue to allow us to operate and manage our portfolio effectively during such disruptions . we expect that we will , for the intermediate term , employ lower density work arrangements consistent with social distancing and our business continuity plan . while the impact of the covid-19 pandemic on our business is not possible to predict accurately , we continue to work with our customers who have been forced to close or otherwise limit operations or whose businesses have been adversely impacted during the covid-19 pandemic to , on a case-by-case basis , provide rent deferments . through february 8 , 2021 , we have granted rent deferrals to 62 tenants aggregating approximately 2.8 % of annualized base rent . no rent abatements were granted . for the 62 rent deferrals granted : 17 tenants aggregating 0.3 % of annualized base rent ( 11.0 % of total deferrals ) have completed their rent deferral period and have fully repaid the deferral amounts ; 31 tenants aggregating 2.1 % of annualized base rent ( 73.6 % of total deferrals ) have not completed their rent deferral repayment period and are fulfilling the terms of their deferral agreements ; and 14 tenants aggregating 0.4 % of annualized base rent ( 15.4 % of total deferrals ) have defaulted on their rent deferral repayments . the acquisition and disposition markets slowed in the early months of the covid-19 pandemic as market participants searched for price discovery . while transaction markets have returned to more normal volumes , our acquisition volume will remain dependent on both the quality and pricing of the opportunity set and the price of our stock relative to net asset value per share . we believe , although there can be no assurance , that our balance sheet is well positioned to make opportunistic acquisitions as we have only $ 11.3 million of debt maturities expiring in 2021 and no balance outstanding on our $ 250 million revolving credit facility . in addition , we had a cash balance of approximately $ 107.2 million as of december 31 , 2020. see “ item 1a - risk factors ” in this annual report on form 10-k for additional discussion regarding the risks to which we are and may be subject as a result of the covid-19 pandemic . acquisition activity during 2020 , we acquired six industrial buildings containing approximately 0.2 million square feet and five improved land parcels containing approximately 12.0 acres for a total purchase price of approximately $ 96.7 million . the buildings and improved land parcels were acquired from unrelated third parties using existing cash on hand , net proceeds from dispositions and net proceeds from the issuance of common stock . the following table sets forth the industrial buildings and improved land parcels we acquired during 2020 : 29 replace_table_token_6_th 1 the total aggregate initial investment was approximately $ 100.4 million , including $ 1.7 million in closing costs and acquisition costs . additionally , we assumed $ 2.1 million in intangible liabilities . story_separator_special_tag acquisition costs increased $ 0.2 million for the year ended december 31 , 2020 compared to the year ended december 31 , 2019 primarily due to dead deal costs incurred during 2020 with respect to potential acquisitions that did not close . interest and other income . interest and other income decreased approximately $ 2.9 million for the year ended december 31 , 2020 compared to the prior year primarily due to lower interest and fees earned on our senior secured loan , offset by interest earned on higher cash balances held during the year ended december 31 , 2020. interest expense , including amortization . interest expense decreased approximately $ 0.3 million for the year ended december 31 , 2020 compared to the prior year due primarily to lower average interest rate on our term loan and lower average outstanding borrowings on our mortgage loans payable , offset by a decrease of $ 0.1 million in capitalized interest compared to the prior year . gain on sales of real estate investments . gain on sales of real estate investments increased approximately $ 17.4 million for the year ended december 31 , 2020 compared to the prior year . the aggregate sales price for property sales for the year ended december 31 , 2020 was approximately $ 73.5 million as compared to approximately $ 48.9 million for the prior year . the following analysis of our results below for the years ended december 31 , 2019 and 2018 includes the changes attributable to same store properties . the same store pool for the comparison of the 2019 and 2018 fiscal years includes all properties that were owned and in operation as of december 31 , 2019 and since january 1 , 2018 and excludes properties that were either disposed of prior to , held for sale to a third-party or in redevelopment as of december 31 , 2019. as of december 31 , 2019 , the same store pool consisted of 187 buildings aggregating approximately 11.8 million square feet representing approximately 88.6 % of our total square feet owned and ten improved land parcels consisting of approximately 47.2 acres . as of december 31 , 2019 , the non-same store properties , which we acquired or sold during 2018 and 2019 , were held for sale ( if any ) or in redevelopment as of december 31 , 2019 , consisted of 33 buildings aggregating approximately $ 1.5 million square feet , nine improved land parcels consisting of approximately 30.4 acres and four properties under redevelopment expected to contain approximately 0.5 million square feet upon completion . as of december 31 , 2019 and 2018 , our consolidated same store pool occupancy was approximately 98.4 % and 99.1 % , respectively . 35 comparison of the year ended december 31 , 2019 to the year ended december 31 , 2018 : replace_table_token_11_th 1 on january 1 , 2019 , we adopted the practical expedient under asu no . 2018-11 , leases ( topic 842 ) , targeted improvements , which allows us to elect not to separate lease and non-lease rental income . all rental income earned pursuant to tenant leases is reflected as one line , “ rental revenues and tenant expense reimbursements ” on our accompanying consolidated statements of operations . we believe that the above presentation of rental revenues and tenant expense reimbursements is not , and is not intended to be , a presentation in accordance with gaap . we believe this information is frequently used by management , investors , and other interested parties to evaluate our performance . see “ note 2 - significant accounting policies ” in our condensed notes to consolidated financial statements for more information regarding our adoption of this standard . 2 includes 2018 and 2019 acquisitions and dispositions , nine improved land parcels and four properties under redevelopment as of december 31 , 2019 . 3 includes straight-line rents and amortization of lease intangibles . see “ non-gaap financial measures ” in this annual report on form 10-k for a reconciliation of net operating income and same store net operating income from net income and a discussion of why we believe net operating income and same store net operating income are useful supplemental measures of our operating performance . 36 revenues . total revenues increased approximately $ 19.4 million for the year ended december 31 , 2019 compared to the prior year due primarily to property acquisitions during 2019 and 2018 and increased revenue on new and renewed leases . cash rents on new and renewed leases totaling 0.2 million square feet commencing during the year ended december 31 , 2019 increased approximately 17.3 % compared to the same period from the prior year . for the three months and year ended december 31 , 2019 , approximately $ 0.3 million and $ 2.0 million , respectively , was recorded in straight-line rental revenues related to contractual rent abatements given to certain tenants . property operating expenses . total property operating expenses increased approximately $ 4.2 million during the year ended december 31 , 2019 compared to the prior year . the increase in total property operating expenses was due primarily to an increase of approximately $ 3.5 million attributable to property acquisitions during 2019 and 2018. depreciation and amortization . depreciation and amortization increased approximately $ 3.2 million during the year ended december 31 , 2019 compared to the prior year due to property acquisitions during 2019 and 2018. general and administrative expenses . general and administrative expenses increased approximately $ 2.4 million for the year ended december 31 , 2019 compared to the prior year due primarily to increased compensation expense , bonus expense , accounting service fees , and performance share award expense . the increase in performance share award expense primarily related to the expense for performance share awards granted prior to january 1 , 2019 , which varies quarter to quarter based on our

