during 2018 , we entered into five separate interest rate swaps with rabobank with a total notional amount of $ 200.0 million to mitigate exposure to changing interest rates on our variable rate debts . as of december 31 , 2018 , we effectively fixed interest rates on $ 350.0 million of our $ 478.6 million outstanding debt balance at 4.26 % . see note 6 — interest rate swaps to our accompanying financial statements footnotes for further details on our interest rate swaps . during 2018 , we paid $ 25.6 million of dividends to our stockholders and repurchased $ 1.0 million of shares of common stock under our share purchase program . segment information we have three reportable segments : harvest , real estate and investment management . our harvest segment includes wholly-owned timber assets and associated timber sales , other revenues and related expenses . our real estate segment includes timberland sales , cost of timberland sales and large dispositions . our investment management segment includes investments in and income ( loss ) from unconsolidated joint ventures and asset management fee revenues earned for the management of these joint ventures . general and administrative expenses , along with other expense and income items , are not allocated among segments . for additional information , see note 15 - segment information to our accompanying consolidated financial statements . timber agreements a substantial portion of our timber sales is derived from the mahrt timber agreements under which we sell specified amounts of timber to westrock subject to market pricing adjustments . during the year ended december 31 , 2018 , westrock purchased approximately 479,000 tons under the mahrt timber agreements , which exceeded the minimum requirement of 408,000 tons . for each of the years ended december 31 , 2018 , 2017 and 2016 , approximately 17 % of our net timber sales revenue was derived from the mahrt timber agreements . see note 7 — commitments and contingencies to our accompanying consolidated financial statements for additional information regarding the material terms of the mahrt timber agreements . in connection with the carolinas midlands iii transaction that closed in june 2016 , we assumed the carolinas supply agreement which requires us to harvest and sell agreed-upon pulpwood volumes to ip , and ip is required to purchase such volume at defined market prices . during the year ended december 31 , 2018 , we sold approximately 145,000 tons under the carolinas supply agreement , which exceeded the 137,000 tons requirement . for the year ended december 31 , 2018 , approximately 5 % of our net timber sales revenue was derived from the carolinas supply agreement . general economic conditions and timber market factors impacting our business our operating results are influenced by a variety of factors , including timber prices ; the demand for pulp and paper products , lumber , panel , and other wood-related products ; the supply of timber ; and competition . timber prices can experience significant variations and have been historically volatile . the demand for timber and wood products is affected primarily by the level of new residential construction activity , repair and remodeling activity , the supply of manufactured timber products including imports , and , to a lesser extent , other commercial and industrial uses . the demand for timber also is affected by the demand for wood chips in the pulp and paper markets and for hardwood in the furniture and other hardwood industries . 37 the u.s. economy continued to improve in 2018 , finishing the tenth year of expansion . according to the u.s. bureau of economic analysis , the real gross domestic product increased 2.9 % in 2018 , up from a 2.2 % in 2017. housing supply lagged in 2018. in december 2018 , the u.s. census bureau estimated privately-owned housing starts to be 1.1 million for 2018 , 10.9 % below the 2017 level as estimated in december 2017. the supply of existing homes continued to tighten in 2018 and stayed below the long-term equilibrium level . demand for housing is expected to increase over the next few years due to stronger economic growth , pent-up demand , and improved demographics . according to the joint center for housing studies of harvard university , the total baseline demand for new housing in 2018-2028 is projected to be 15.1 million additional units , averaging 1.5 million units per year , well exceeding the current level of housing starts . we believe that the housing market will show modest improvement in 2019. previously announced capital improvements and expansions of mills in our regions are beginning to pay off with improved production levels and demand for our products , however , the surplus log inventory in the southern market will likely not allow for significant improvement in the south-wide average sawtimber pricing . we expect our 2019 harvest volumes to be up slightly from 2018 and our pulpwood and sawtimber prices to remain steady or improve modestly . we will continue to build on market and business diversity and leverage our relationships in key markets to garner additional quota and delivery opportunities . liquidity and capital resources overview cash flows generated from our operations are primarily used to fund recurring expenditures and distributions to our stockholders . the amount of distributions to common stockholders is determined by our board of directors and is dependent upon a number of factors , including funds deemed available for distribution based principally on our current and future projected operating cash flows , less capital requirements necessary to maintain our existing timberland portfolio . story_separator_special_tag other operating expenses increased to $ 6.3 million for the year ended december 31 , 2018 from $ 5.3 million for the year ended december 31 , 2017 , primarily as a result of a $ 0.4 million increase in cost basis removed related to expired leases and timber reservations , a $ 0.3 million increase in replanting costs on leased tracts , and a $ 0.3 million increase in road maintenance expenses . interest expense . interest expense increased to $ 16.3 million for the year ended december 31 , 2018 from $ 11.2 million for the year ended december 31 , 2017 primarily due to a $ 5.3 million net increase in interest and unused commitment fees on our variable rate debt , and a $ 1.7 million write-off of deferred financing costs due to debt repayment and the amendment of our credit agreement in august 2018 , offset by a $ 0.6 million decrease in interest rate swap payments and a $ 1.0 million increase in accrued patronage dividends . interest on outstanding debt increased primarily due to a 23 % increase in our weighted-average outstanding debt balance and higher libor rates . the higher average debt balance was mainly a result of borrowing $ 200.0 million to fund our investment in the triple t joint venture . see note 5 – notes payable and lines of credit to our accompanying consolidated financial statements for additional information regarding patronage refunds and the 2018 amended credit agreement . income ( loss ) from unconsolidated joint ventures . for the year ended december 31 , 2018 , we recognized $ 2.6 million of income from the dawsonville bluffs joint venture , which represents our portion of the joint venture 's net income of $ 5.3 million , generated primarily through the sale of hbu timberland and mitigation bank credits . for the year ended december 31 , 2018 , we recognized a $ 109.6 million loss from the triple t joint venture under the hlbv method of accounting . we expect the dawsonville bluffs joint venture will continue to generate earnings and cash flow over the near term as we continue to monetize this finite-life , $ 10.0 million investment . under hlbv , we anticipate incurring losses from the unconsolidated triple t joint venture equal to our book basis in the near term . net loss . our net loss increased to $ 122.0 million for the year ended december 31 , 2018 from $ 13.5 million for the year ended december 31 , 2017 primarily due to the $ 109.6 million loss allocated from the triple t joint venture , and a $ 5.1 million increase in interest expense , offset by a $ 4.9 million increase in operating income . our net loss per share for the years ended december 31 , 2018 and 2017 was $ 2.55 and $ 0.34 , respectively . we anticipate future net income or losses to fluctuate with timber prices , harvest volumes and mix , depletion rates , timberland sales , the performance of our joint ventures and interest expense based on our level and costs of current and future borrowings . comparison of the year ended december 31 , 2017 versus the year ended december 31 , 2016 revenues . revenues increased to $ 91.3 million for the year ended december 31 , 2017 from $ 81.9 million for the year ended december 31 , 2016 primarily due to an increase in timber sales revenue of $ 6.3 million and an increase in timberland sales revenue of $ 2.3 million , and an increase in other revenues of $ 0.9 million . gross timber sales revenue increased by 10 % , mainly due to a 6 % increase in harvest volume as well as an increase in delivered sales as a percentage of total volume . 74 % of our 2017 harvest volume came from delivered sales as compared to 64 % in 2016. details of timber sales by product for the years ended december 31 , 2016 and 2017 are shown in the following table : 46 replace_table_token_15_th ( 1 ) timber sales are presented on a gross basis . ( 2 ) includes chip-n-saw and sawtimber . ( 3 ) changes in timber sales revenue related to properties acquired or disposed within the last 12 months are attributed to volume change . timberland sales revenue increased to $ 14.8 million in 2017 from $ 12.5 million in 2016 as we sold more acres in 2017 at a higher sales price per acre . other revenues increased to $ 5.2 million in 2017 from $ 4.3 million due to $ 0.4 million of lease termination revenue received for terminating 1,100 acres of long-term timber leases and higher hunting lease income as result of prior year acquisitions . operating expenses . contract logging and hauling costs increased to $ 31.1 million for the year ended december 31 , 2017 from $ 25.9 million for the year ended december 31 , 2016 , an increase of 20 % , primarily as a result of a 22 % increase in delivered sales volume . depletion expense for 2017 was $ 29.0 million , comparable to 2016 , as a result of a 6 % increase in harvest volume offset by lower blended depletion rates . other operating expenses increased to $ 5.3 million for the year ended december 31 , 2017 from $ 5.0 million for the year ended december 31 , 2016 , primarily as a result of increases in property taxes due to having more acres under management . forestry management expenses increased to $ 6.8 million for the year ended december 31 , 2017 from $ 6.1 million for the year ended december 31 , 2016 due to increases in third-party manager costs as well as in operational staff compensation costs , reflecting the additional resources dedicated to managing a growing portfolio . general and administrative expenses

debt covenants the 2018 amended credit agreement contains , among others , the following financial covenants which : limit the ltv ratio to ( i ) 50 % at any time prior to the last day of the fiscal quarter corresponding to december 1 , 2021 , and ( ii ) 45 % at any time thereafter ; require that we maintain a fccr of not less than 1.05:1:00 ; require maintenance of a minimum liquidity balance of no less than $ 25.0 million at any time ; and limit the aggregate capital expenditures to 1 % of the value of the timberlands during any fiscal year . we were in compliance with the financial covenants of the 2018 amended credit agreement as of december 31 , 2018 . share repurchase program on august 7 , 2015 , our board of directors approved a share repurchase program for up to $ 30.0 million of our common stock at management 's discretion ( the `` srp '' ) . the program has no set duration and the board may discontinue or suspend the program at any time . during the year ended december 31 , 2018 , we repurchased 98,459 shares of our common stock at an average price of $ 10.16 per share for a total of approximately $ 1.0 million under the srp . all common stock purchases under the srp were made in open-market transactions and were funded with cash on-hand . as of december 31 , 2018 , we had 49.1 million shares of common stock outstanding and may repurchase up to an additional $ 18.7 million under the srp . we can borrow up to $ 30.0 million under the multi-draw term facility to repurchase our common stock . management believes that opportunistic repurchases of our common stock are a prudent use of capital resources . short-term liquidity and capital resources for the year ended december 31 , 2018 , net cash provided by operating activities was $ 29.8 million , a $ 2.4 million increase from the year ended december 31 , 2017 .


 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.
     ```debt covenants the 2018 amended credit agreement contains , among others , the following financial covenants which : limit the ltv ratio to ( i ) 50 % at any time prior to the last day of the fiscal quarter corresponding to december 1 , 2021 , and ( ii ) 45 % at any time thereafter ; require that we maintain a fccr of not less than 1.05:1:00 ; require maintenance of a minimum liquidity balance of no less than $ 25.0 million at any time ; and limit the aggregate capital expenditures to 1 % of the value of the timberlands during any fiscal year . we were in compliance with the financial covenants of the 2018 amended credit agreement as of december 31 , 2018 . share repurchase program on august 7 , 2015 , our board of directors approved a share repurchase program for up to $ 30.0 million of our common stock at management 's discretion ( the `` srp '' ) . the program has no set duration and the board may discontinue or suspend the program at any time . during the year ended december 31 , 2018 , we repurchased 98,459 shares of our common stock at an average price of $ 10.16 per share for a total of approximately $ 1.0 million under the srp . all common stock purchases under the srp were made in open-market transactions and were funded with cash on-hand . as of december 31 , 2018 , we had 49.1 million shares of common stock outstanding and may repurchase up to an additional $ 18.7 million under the srp . we can borrow up to $ 30.0 million under the multi-draw term facility to repurchase our common stock . management believes that opportunistic repurchases of our common stock are a prudent use of capital resources . short-term liquidity and capital resources for the year ended december 31 , 2018 , net cash provided by operating activities was $ 29.8 million , a $ 2.4 million increase from the year ended december 31 , 2017 .
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 Suspicious Activity Report : during 2018 , we entered into five separate interest rate swaps with rabobank with a total notional amount of $ 200.0 million to mitigate exposure to changing interest rates on our variable rate debts . as of december 31 , 2018 , we effectively fixed interest rates on $ 350.0 million of our $ 478.6 million outstanding debt balance at 4.26 % . see note 6 — interest rate swaps to our accompanying financial statements footnotes for further details on our interest rate swaps . during 2018 , we paid $ 25.6 million of dividends to our stockholders and repurchased $ 1.0 million of shares of common stock under our share purchase program . segment information we have three reportable segments : harvest , real estate and investment management . our harvest segment includes wholly-owned timber assets and associated timber sales , other revenues and related expenses . our real estate segment includes timberland sales , cost of timberland sales and large dispositions . our investment management segment includes investments in and income ( loss ) from unconsolidated joint ventures and asset management fee revenues earned for the management of these joint ventures . general and administrative expenses , along with other expense and income items , are not allocated among segments . for additional information , see note 15 - segment information to our accompanying consolidated financial statements . timber agreements a substantial portion of our timber sales is derived from the mahrt timber agreements under which we sell specified amounts of timber to westrock subject to market pricing adjustments . during the year ended december 31 , 2018 , westrock purchased approximately 479,000 tons under the mahrt timber agreements , which exceeded the minimum requirement of 408,000 tons . for each of the years ended december 31 , 2018 , 2017 and 2016 , approximately 17 % of our net timber sales revenue was derived from the mahrt timber agreements . see note 7 — commitments and contingencies to our accompanying consolidated financial statements for additional information regarding the material terms of the mahrt timber agreements . in connection with the carolinas midlands iii transaction that closed in june 2016 , we assumed the carolinas supply agreement which requires us to harvest and sell agreed-upon pulpwood volumes to ip , and ip is required to purchase such volume at defined market prices . during the year ended december 31 , 2018 , we sold approximately 145,000 tons under the carolinas supply agreement , which exceeded the 137,000 tons requirement . for the year ended december 31 , 2018 , approximately 5 % of our net timber sales revenue was derived from the carolinas supply agreement . general economic conditions and timber market factors impacting our business our operating results are influenced by a variety of factors , including timber prices ; the demand for pulp and paper products , lumber , panel , and other wood-related products ; the supply of timber ; and competition . timber prices can experience significant variations and have been historically volatile . the demand for timber and wood products is affected primarily by the level of new residential construction activity , repair and remodeling activity , the supply of manufactured timber products including imports , and , to a lesser extent , other commercial and industrial uses . the demand for timber also is affected by the demand for wood chips in the pulp and paper markets and for hardwood in the furniture and other hardwood industries . 37 the u.s. economy continued to improve in 2018 , finishing the tenth year of expansion . according to the u.s. bureau of economic analysis , the real gross domestic product increased 2.9 % in 2018 , up from a 2.2 % in 2017. housing supply lagged in 2018. in december 2018 , the u.s. census bureau estimated privately-owned housing starts to be 1.1 million for 2018 , 10.9 % below the 2017 level as estimated in december 2017. the supply of existing homes continued to tighten in 2018 and stayed below the long-term equilibrium level . demand for housing is expected to increase over the next few years due to stronger economic growth , pent-up demand , and improved demographics . according to the joint center for housing studies of harvard university , the total baseline demand for new housing in 2018-2028 is projected to be 15.1 million additional units , averaging 1.5 million units per year , well exceeding the current level of housing starts . we believe that the housing market will show modest improvement in 2019. previously announced capital improvements and expansions of mills in our regions are beginning to pay off with improved production levels and demand for our products , however , the surplus log inventory in the southern market will likely not allow for significant improvement in the south-wide average sawtimber pricing . we expect our 2019 harvest volumes to be up slightly from 2018 and our pulpwood and sawtimber prices to remain steady or improve modestly . we will continue to build on market and business diversity and leverage our relationships in key markets to garner additional quota and delivery opportunities . liquidity and capital resources overview cash flows generated from our operations are primarily used to fund recurring expenditures and distributions to our stockholders . the amount of distributions to common stockholders is determined by our board of directors and is dependent upon a number of factors , including funds deemed available for distribution based principally on our current and future projected operating cash flows , less capital requirements necessary to maintain our existing timberland portfolio . story_separator_special_tag other operating expenses increased to $ 6.3 million for the year ended december 31 , 2018 from $ 5.3 million for the year ended december 31 , 2017 , primarily as a result of a $ 0.4 million increase in cost basis removed related to expired leases and timber reservations , a $ 0.3 million increase in replanting costs on leased tracts , and a $ 0.3 million increase in road maintenance expenses . interest expense . interest expense increased to $ 16.3 million for the year ended december 31 , 2018 from $ 11.2 million for the year ended december 31 , 2017 primarily due to a $ 5.3 million net increase in interest and unused commitment fees on our variable rate debt , and a $ 1.7 million write-off of deferred financing costs due to debt repayment and the amendment of our credit agreement in august 2018 , offset by a $ 0.6 million decrease in interest rate swap payments and a $ 1.0 million increase in accrued patronage dividends . interest on outstanding debt increased primarily due to a 23 % increase in our weighted-average outstanding debt balance and higher libor rates . the higher average debt balance was mainly a result of borrowing $ 200.0 million to fund our investment in the triple t joint venture . see note 5 – notes payable and lines of credit to our accompanying consolidated financial statements for additional information regarding patronage refunds and the 2018 amended credit agreement . income ( loss ) from unconsolidated joint ventures . for the year ended december 31 , 2018 , we recognized $ 2.6 million of income from the dawsonville bluffs joint venture , which represents our portion of the joint venture 's net income of $ 5.3 million , generated primarily through the sale of hbu timberland and mitigation bank credits . for the year ended december 31 , 2018 , we recognized a $ 109.6 million loss from the triple t joint venture under the hlbv method of accounting . we expect the dawsonville bluffs joint venture will continue to generate earnings and cash flow over the near term as we continue to monetize this finite-life , $ 10.0 million investment . under hlbv , we anticipate incurring losses from the unconsolidated triple t joint venture equal to our book basis in the near term . net loss . our net loss increased to $ 122.0 million for the year ended december 31 , 2018 from $ 13.5 million for the year ended december 31 , 2017 primarily due to the $ 109.6 million loss allocated from the triple t joint venture , and a $ 5.1 million increase in interest expense , offset by a $ 4.9 million increase in operating income . our net loss per share for the years ended december 31 , 2018 and 2017 was $ 2.55 and $ 0.34 , respectively . we anticipate future net income or losses to fluctuate with timber prices , harvest volumes and mix , depletion rates , timberland sales , the performance of our joint ventures and interest expense based on our level and costs of current and future borrowings . comparison of the year ended december 31 , 2017 versus the year ended december 31 , 2016 revenues . revenues increased to $ 91.3 million for the year ended december 31 , 2017 from $ 81.9 million for the year ended december 31 , 2016 primarily due to an increase in timber sales revenue of $ 6.3 million and an increase in timberland sales revenue of $ 2.3 million , and an increase in other revenues of $ 0.9 million . gross timber sales revenue increased by 10 % , mainly due to a 6 % increase in harvest volume as well as an increase in delivered sales as a percentage of total volume . 74 % of our 2017 harvest volume came from delivered sales as compared to 64 % in 2016. details of timber sales by product for the years ended december 31 , 2016 and 2017 are shown in the following table : 46 replace_table_token_15_th ( 1 ) timber sales are presented on a gross basis . ( 2 ) includes chip-n-saw and sawtimber . ( 3 ) changes in timber sales revenue related to properties acquired or disposed within the last 12 months are attributed to volume change . timberland sales revenue increased to $ 14.8 million in 2017 from $ 12.5 million in 2016 as we sold more acres in 2017 at a higher sales price per acre . other revenues increased to $ 5.2 million in 2017 from $ 4.3 million due to $ 0.4 million of lease termination revenue received for terminating 1,100 acres of long-term timber leases and higher hunting lease income as result of prior year acquisitions . operating expenses . contract logging and hauling costs increased to $ 31.1 million for the year ended december 31 , 2017 from $ 25.9 million for the year ended december 31 , 2016 , an increase of 20 % , primarily as a result of a 22 % increase in delivered sales volume . depletion expense for 2017 was $ 29.0 million , comparable to 2016 , as a result of a 6 % increase in harvest volume offset by lower blended depletion rates . other operating expenses increased to $ 5.3 million for the year ended december 31 , 2017 from $ 5.0 million for the year ended december 31 , 2016 , primarily as a result of increases in property taxes due to having more acres under management . forestry management expenses increased to $ 6.8 million for the year ended december 31 , 2017 from $ 6.1 million for the year ended december 31 , 2016 due to increases in third-party manager costs as well as in operational staff compensation costs , reflecting the additional resources dedicated to managing a growing portfolio . general and administrative expenses

