however , the charges may not be indicative of the actual expenses that would have been incurred had wpg operated as an independent , publicly-traded company for the periods presented prior to the separation . wpg now incurs additional costs associated with being an independent , publicly traded company , primarily from newly established or expanded corporate functions . we believe that cash flow from operations will be sufficient to fund these additional corporate expenses . prior to the separation , wpg entered into agreements with spg under which spg provides various services to us , including accounting , asset management , development , human resources , information technology , leasing , legal , marketing , public reporting and tax . the charges for the services are based on an hourly or per transaction fee arrangement and pass-through of out-of-pocket costs . in connection with the separation , we incurred $ 38.9 million of expenses , including investment banking , legal , accounting , tax and other professional fees , which are included in spin-off costs for the year ended december 31 , 2014 in the consolidated and combined statements of operations . at the time of the separation , our assets consisted of interests in 98 shopping centers . in addition to the above properties , the combined historical financial statements include interests in three shopping centers held within a joint venture portfolio of properties which were sold during the first quarter of 2013 as well as one additional shopping center which was sold by that same joint venture on february 28 , 2014. as of december 31 , 2014 , our assets consisted of interests in 97 shopping centers . merger with glimcher realty trust on january 15 , 2015 , the company acquired glimcher realty trust ( `` glimcher `` ) , pursuant to a definitive agreement and plan of merger with glimcher and certain affiliated parties of each dated september 16 , 2014 ( the `` merger agreement `` ) , in a stock and cash transaction valued at approximately $ 4.2 billion , including the assumption of debt ( the `` merger `` ) . under the terms of the merger , which was unanimously approved by the board of directors of the company and the board of trustees of glimcher , glimcher common shareholders received , for each glimcher common share , $ 14.02 consisting of $ 10.40 in cash and 0.1989 of a share of the company 's common stock valued at $ 3.62 per glimcher common share , based on the closing price of the company 's common stock on the merger closing date . approximately 29.9 million shares of wpg common stock were issued to glimcher shareholders in the merger as noted below . additionally included in consideration are operating partnership units and preferred stock as noted below . in connection with the closing of the merger , an indirect subsidiary of wpg was merged into glimcher 's operating partnership . in the merger , we acquired 23 shopping centers comprised of approximately 15.8 million square feet of gross leasable area and assumed additional mortgages on 16 properties with a fair value of approximately $ 1.3 billion . the combined company , to be renamed wp glimcher inc. ( pending shareholder approval ) , is comprised of approximately 68 million square feet of gross leasable area ( compared to approximately 53 million square feet for the company as of december 31 , 2014 ) and has a combined portfolio of approximately 120 properties . as described in amendment no . 1 to our registration statement on form s-4 filed on november 24 , 2014 pertaining to the merger ( the `` form s-4 `` ) , in the merger , the preferred stock of glimcher was converted into preferred stock of wpg and each outstanding unit of glimcher 's operating partnership was converted into 0.7431 of a unit of wpg lp . further , each outstanding stock option in respect of glimcher common stock was converted into a wpg option , and certain other glimcher equity awards were assumed by wpg and converted into equity awards in respect of wpg common shares . concurrent with the execution of the merger agreement , the company entered into a definitive agreement with spg under which spg acquired jersey gardens in elizabeth , new jersey , and university park village in fort worth , texas , properties previously owned by glimcher , for an aggregate purchase 52 price of $ 1.09 billion , including spg 's assumption of $ 405.0 million of associated mortgage indebtedness . completion of the sale of these properties to spg occurred concurrent with the closing of the merger . on september 16 , 2014 , in connection with the execution of the merger agreement , wpg entered into a debt commitment letter , which was amended and restated on september 23 , 2014 pursuant to which the initial commitment parties agreed to provide up to $ 1.25 billion in a senior unsecured bridge loan facility ( the `` bridge loan `` ) , with wpg borrowing $ 1.19 billion under the facility at merger closing . on october 6 , 2014 , certain financial institutions became parties to the debt commitment letter by way of a joinder agreement and were assigned a portion of the initial commitment parties ' commitments thereunder . the bridge loan matures on january 14 , 2016 , the date that is 364 days following the closing date of the merger . the interest rate payable on amounts outstanding under the facility is equal to three-month libor plus an applicable margin based on wpg 's credit rating , and such interest rate increases on the 180th and 270th days following the consummation of the merger . story_separator_special_tag of the remaining increase , $ 19.5 million was attributable to the property transactions and $ 5.3 million was attributable to the comparable properties primarily resulting from increased snow removal and utility costs due to the harsh winter of 2014. interest expense increased $ 27.4 million , of which $ 15.5 million was attributable to mortgages placed on seven previously unencumbered properties during 2014 , $ 1.6 million was attributable to the prepayment penalty net of interest savings on the sunland park mall mortgage , $ 9.0 million was attributable to borrowings on the revolving credit facility and term loan and $ 2.7 million was attributable to the property transactions . these increases are partially offset by decreases of $ 1.2 million attributable to three fully or partially repaid loans and $ 0.2 million on the remaining properties primarily attributable to lower interest on their amortizing loan balances . the aggregate gain recognized on the property transactions during the 2014 period was $ 111.0 million , including $ 99.4 million from the acquisition of controlling interests in clay terrace , a portfolio of seven open-air shopping centers and whitehall mall , $ 9.0 million from the sale of highland lakes center , $ 2.4 million from the sale of new castle plaza and $ 0.2 million from the sale of our interest in one unconsolidated shopping center . the aggregate gain recognized on the property transactions during the 2013 period was $ 14.2 million from the increase in and subsequent sale of our interests in three unconsolidated shopping centers . 57 year ended december 31 , 2013 vs. year ended december 31 , 2012 minimum rents increased $ 4.1 million and tenant reimbursements increased $ 1.8 million during 2013 , of which the property transactions accounted for the majority of both of the increases . other income decreased $ 4.1 million primarily as a result of decreased land sales in 2013 versus 2012. total operating expenses decreased $ 10.3 million . the reduction was primarily the result of lower property operating costs of $ 2.2 million as a result of our continued cost savings efforts . in addition , depreciation and amortization expense decreased by $ 6.4 million due to amortization related to the property transactions and higher tenant allowance write offs in 2012 versus 2013. our provision for credit losses decreased $ 1.3 million from the prior year period reflecting the overall strong economic health of our tenants . interest expense decreased $ 3.8 million primarily due to a reduction in mortgage debt outstanding as a result of our net financing activity during the comparative periods including unencumbering seven properties through repayment of $ 114.2 million of mortgage loans in 2012. on february 21 , 2013 , spg increased its economic interest in three unconsolidated strip centers and subsequently disposed its interests in those properties . these properties were part of a portfolio of interests in properties , the remainder of which is included within those properties expected to be distributed by spg to wpg . the aggregate gain recognized on this transaction was $ 14.2 million . liquidity and capital resources our primary uses of cash include payment of operating expenses , working capital , debt repayment , including principal and interest , reinvestment in properties , development and redevelopment of properties , tenant allowance and dividends . our primary sources of cash are operating cash flow and borrowings under our debt arrangements . at december 31 , 2014 , our debt arrangements included our senior unsecured revolving credit facility , or revolver , and a senior unsecured term loan , or term loan ( collectively referred to as the `` facility `` ) . as a result of the merger , our indebtedness has increased significantly , including $ 1.19 billion in new borrowings under the bridge loan , as further discussed below . liquidity and capital resources at december 31 , 2014. because we own primarily long-lived income-producing assets , our financing strategy relies on long-term fixed rate mortgage debt as well as floating rate debt . at december 31 , 2014 , floating rate debt comprised 38.9 % of our total consolidated debt . we will continue to monitor our borrowing mix to limit market risk . we derive most of our liquidity from leases that generate positive net cash flow from operations and distributions of capital from unconsolidated entities , the total of which was $ 278.8 million during the year ended december 31 , 2014. our balance of cash and cash equivalents increased $ 82.9 million during 2014 to $ 108.8 million as of december 31 , 2014. the increase was primarily due to operating cash flow from the properties , balances acquired in business combinations and proceeds from sale of assets . see `` cash flows `` below for more information . on december 31 , 2014 , we had an aggregate available borrowing capacity of $ 486.2 million under the facility , net of outstanding borrowings of $ 913.8 million . the weighted average interest rate on the facility was 1.3 % for the period from initial borrowing concurrent with the may 28 , 2014 separation through december 31 , 2014. liquidity and capital resources following the merger . our pro forma indebtedness as of december 31 , 2014 , after giving effect to the merger and other transactions contemplated by the merger agreement and the anticipated incurrence and extinguishment of indebtedness in connection therewith , was approximately $ 4.8 billion , compared to approximately $ 2.3 billion at december 31 , 2014 on a historical basis . thus , following completion of the merger our indebtedness has increased significantly . this could have the effect , among other things , of reducing our flexibility to respond to changing business 58 and economic conditions and increasing our interest expense . our increased indebtedness following the merger is described in greater detail under `` financing and debt `` below . the additional

mortgage debt total fixed-rate mortgage indebtedness at december 31 , 2014 and 2013 was as follows ( in thousands ) : december 31 , 2014 december 31 , 2013 face amount of mortgage loans $ 1,431,516 $ 917,532 premiums , net 3,598 1,082 ​ ​ ​ ​ ​ ​ ​ ​ carrying value of mortgage loans $ 1,435,114 $ 918,614 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ on december 1 , 2014 , resulting from our acquisition of the controlling interest in whitehall mall ( see `` acquisitions and dispositions '' below ) , we consolidated an additional mortgage with a fair value of $ 11.6 million . on december 1 , 2014 , the company repaid the $ 29.9 million mortgage on village park plaza and $ 24.8 million mortgage on the plaza at buckland hills through a $ 55.0 million borrowing under the revolver . on october 29 , 2014 , the company repaid the $ 15.3 million mortgage on lake view plaza and $ 2.2 million mortgage on dekalb plaza through a $ 18.0 million borrowing under the revolver . on october 10 , 2014 , the company restructured the $ 94.0 million mortgage on rushmore mall , splitting the principal balance into an `` a note '' of $ 58.0 million and a `` b note '' of $ 36.0 million . the maturity date of both notes was extended from june 1 , 2016 to february 1 , 2019 and the interest rate of both notes remains at 5.79 % . interest accrues on both notes , with payment due currently on the a note and at maturity on the b note . under a sale or refinance , amounts of principal and interest due on the b note may be forgiven , if the sale or refinance proceeds are insufficient to repay the b note . at closing , the company contributed $ 11.6 million to be applied towards closing costs and lender-held reserves , primarily for the funding of capital expenditures at the property .


 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.
     ```mortgage debt total fixed-rate mortgage indebtedness at december 31 , 2014 and 2013 was as follows ( in thousands ) : december 31 , 2014 december 31 , 2013 face amount of mortgage loans $ 1,431,516 $ 917,532 premiums , net 3,598 1,082 ​ ​ ​ ​ ​ ​ ​ ​ carrying value of mortgage loans $ 1,435,114 $ 918,614 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ on december 1 , 2014 , resulting from our acquisition of the controlling interest in whitehall mall ( see `` acquisitions and dispositions '' below ) , we consolidated an additional mortgage with a fair value of $ 11.6 million . on december 1 , 2014 , the company repaid the $ 29.9 million mortgage on village park plaza and $ 24.8 million mortgage on the plaza at buckland hills through a $ 55.0 million borrowing under the revolver . on october 29 , 2014 , the company repaid the $ 15.3 million mortgage on lake view plaza and $ 2.2 million mortgage on dekalb plaza through a $ 18.0 million borrowing under the revolver . on october 10 , 2014 , the company restructured the $ 94.0 million mortgage on rushmore mall , splitting the principal balance into an `` a note '' of $ 58.0 million and a `` b note '' of $ 36.0 million . the maturity date of both notes was extended from june 1 , 2016 to february 1 , 2019 and the interest rate of both notes remains at 5.79 % . interest accrues on both notes , with payment due currently on the a note and at maturity on the b note . under a sale or refinance , amounts of principal and interest due on the b note may be forgiven , if the sale or refinance proceeds are insufficient to repay the b note . at closing , the company contributed $ 11.6 million to be applied towards closing costs and lender-held reserves , primarily for the funding of capital expenditures at the property .
```    
 Suspicious Activity Report : however , the charges may not be indicative of the actual expenses that would have been incurred had wpg operated as an independent , publicly-traded company for the periods presented prior to the separation . wpg now incurs additional costs associated with being an independent , publicly traded company , primarily from newly established or expanded corporate functions . we believe that cash flow from operations will be sufficient to fund these additional corporate expenses . prior to the separation , wpg entered into agreements with spg under which spg provides various services to us , including accounting , asset management , development , human resources , information technology , leasing , legal , marketing , public reporting and tax . the charges for the services are based on an hourly or per transaction fee arrangement and pass-through of out-of-pocket costs . in connection with the separation , we incurred $ 38.9 million of expenses , including investment banking , legal , accounting , tax and other professional fees , which are included in spin-off costs for the year ended december 31 , 2014 in the consolidated and combined statements of operations . at the time of the separation , our assets consisted of interests in 98 shopping centers . in addition to the above properties , the combined historical financial statements include interests in three shopping centers held within a joint venture portfolio of properties which were sold during the first quarter of 2013 as well as one additional shopping center which was sold by that same joint venture on february 28 , 2014. as of december 31 , 2014 , our assets consisted of interests in 97 shopping centers . merger with glimcher realty trust on january 15 , 2015 , the company acquired glimcher realty trust ( `` glimcher `` ) , pursuant to a definitive agreement and plan of merger with glimcher and certain affiliated parties of each dated september 16 , 2014 ( the `` merger agreement `` ) , in a stock and cash transaction valued at approximately $ 4.2 billion , including the assumption of debt ( the `` merger `` ) . under the terms of the merger , which was unanimously approved by the board of directors of the company and the board of trustees of glimcher , glimcher common shareholders received , for each glimcher common share , $ 14.02 consisting of $ 10.40 in cash and 0.1989 of a share of the company 's common stock valued at $ 3.62 per glimcher common share , based on the closing price of the company 's common stock on the merger closing date . approximately 29.9 million shares of wpg common stock were issued to glimcher shareholders in the merger as noted below . additionally included in consideration are operating partnership units and preferred stock as noted below . in connection with the closing of the merger , an indirect subsidiary of wpg was merged into glimcher 's operating partnership . in the merger , we acquired 23 shopping centers comprised of approximately 15.8 million square feet of gross leasable area and assumed additional mortgages on 16 properties with a fair value of approximately $ 1.3 billion . the combined company , to be renamed wp glimcher inc. ( pending shareholder approval ) , is comprised of approximately 68 million square feet of gross leasable area ( compared to approximately 53 million square feet for the company as of december 31 , 2014 ) and has a combined portfolio of approximately 120 properties . as described in amendment no . 1 to our registration statement on form s-4 filed on november 24 , 2014 pertaining to the merger ( the `` form s-4 `` ) , in the merger , the preferred stock of glimcher was converted into preferred stock of wpg and each outstanding unit of glimcher 's operating partnership was converted into 0.7431 of a unit of wpg lp . further , each outstanding stock option in respect of glimcher common stock was converted into a wpg option , and certain other glimcher equity awards were assumed by wpg and converted into equity awards in respect of wpg common shares . concurrent with the execution of the merger agreement , the company entered into a definitive agreement with spg under which spg acquired jersey gardens in elizabeth , new jersey , and university park village in fort worth , texas , properties previously owned by glimcher , for an aggregate purchase 52 price of $ 1.09 billion , including spg 's assumption of $ 405.0 million of associated mortgage indebtedness . completion of the sale of these properties to spg occurred concurrent with the closing of the merger . on september 16 , 2014 , in connection with the execution of the merger agreement , wpg entered into a debt commitment letter , which was amended and restated on september 23 , 2014 pursuant to which the initial commitment parties agreed to provide up to $ 1.25 billion in a senior unsecured bridge loan facility ( the `` bridge loan `` ) , with wpg borrowing $ 1.19 billion under the facility at merger closing . on october 6 , 2014 , certain financial institutions became parties to the debt commitment letter by way of a joinder agreement and were assigned a portion of the initial commitment parties ' commitments thereunder . the bridge loan matures on january 14 , 2016 , the date that is 364 days following the closing date of the merger . the interest rate payable on amounts outstanding under the facility is equal to three-month libor plus an applicable margin based on wpg 's credit rating , and such interest rate increases on the 180th and 270th days following the consummation of the merger . story_separator_special_tag of the remaining increase , $ 19.5 million was attributable to the property transactions and $ 5.3 million was attributable to the comparable properties primarily resulting from increased snow removal and utility costs due to the harsh winter of 2014. interest expense increased $ 27.4 million , of which $ 15.5 million was attributable to mortgages placed on seven previously unencumbered properties during 2014 , $ 1.6 million was attributable to the prepayment penalty net of interest savings on the sunland park mall mortgage , $ 9.0 million was attributable to borrowings on the revolving credit facility and term loan and $ 2.7 million was attributable to the property transactions . these increases are partially offset by decreases of $ 1.2 million attributable to three fully or partially repaid loans and $ 0.2 million on the remaining properties primarily attributable to lower interest on their amortizing loan balances . the aggregate gain recognized on the property transactions during the 2014 period was $ 111.0 million , including $ 99.4 million from the acquisition of controlling interests in clay terrace , a portfolio of seven open-air shopping centers and whitehall mall , $ 9.0 million from the sale of highland lakes center , $ 2.4 million from the sale of new castle plaza and $ 0.2 million from the sale of our interest in one unconsolidated shopping center . the aggregate gain recognized on the property transactions during the 2013 period was $ 14.2 million from the increase in and subsequent sale of our interests in three unconsolidated shopping centers . 57 year ended december 31 , 2013 vs. year ended december 31 , 2012 minimum rents increased $ 4.1 million and tenant reimbursements increased $ 1.8 million during 2013 , of which the property transactions accounted for the majority of both of the increases . other income decreased $ 4.1 million primarily as a result of decreased land sales in 2013 versus 2012. total operating expenses decreased $ 10.3 million . the reduction was primarily the result of lower property operating costs of $ 2.2 million as a result of our continued cost savings efforts . in addition , depreciation and amortization expense decreased by $ 6.4 million due to amortization related to the property transactions and higher tenant allowance write offs in 2012 versus 2013. our provision for credit losses decreased $ 1.3 million from the prior year period reflecting the overall strong economic health of our tenants . interest expense decreased $ 3.8 million primarily due to a reduction in mortgage debt outstanding as a result of our net financing activity during the comparative periods including unencumbering seven properties through repayment of $ 114.2 million of mortgage loans in 2012. on february 21 , 2013 , spg increased its economic interest in three unconsolidated strip centers and subsequently disposed its interests in those properties . these properties were part of a portfolio of interests in properties , the remainder of which is included within those properties expected to be distributed by spg to wpg . the aggregate gain recognized on this transaction was $ 14.2 million . liquidity and capital resources our primary uses of cash include payment of operating expenses , working capital , debt repayment , including principal and interest , reinvestment in properties , development and redevelopment of properties , tenant allowance and dividends . our primary sources of cash are operating cash flow and borrowings under our debt arrangements . at december 31 , 2014 , our debt arrangements included our senior unsecured revolving credit facility , or revolver , and a senior unsecured term loan , or term loan ( collectively referred to as the `` facility `` ) . as a result of the merger , our indebtedness has increased significantly , including $ 1.19 billion in new borrowings under the bridge loan , as further discussed below . liquidity and capital resources at december 31 , 2014. because we own primarily long-lived income-producing assets , our financing strategy relies on long-term fixed rate mortgage debt as well as floating rate debt . at december 31 , 2014 , floating rate debt comprised 38.9 % of our total consolidated debt . we will continue to monitor our borrowing mix to limit market risk . we derive most of our liquidity from leases that generate positive net cash flow from operations and distributions of capital from unconsolidated entities , the total of which was $ 278.8 million during the year ended december 31 , 2014. our balance of cash and cash equivalents increased $ 82.9 million during 2014 to $ 108.8 million as of december 31 , 2014. the increase was primarily due to operating cash flow from the properties , balances acquired in business combinations and proceeds from sale of assets . see `` cash flows `` below for more information . on december 31 , 2014 , we had an aggregate available borrowing capacity of $ 486.2 million under the facility , net of outstanding borrowings of $ 913.8 million . the weighted average interest rate on the facility was 1.3 % for the period from initial borrowing concurrent with the may 28 , 2014 separation through december 31 , 2014. liquidity and capital resources following the merger . our pro forma indebtedness as of december 31 , 2014 , after giving effect to the merger and other transactions contemplated by the merger agreement and the anticipated incurrence and extinguishment of indebtedness in connection therewith , was approximately $ 4.8 billion , compared to approximately $ 2.3 billion at december 31 , 2014 on a historical basis . thus , following completion of the merger our indebtedness has increased significantly . this could have the effect , among other things , of reducing our flexibility to respond to changing business 58 and economic conditions and increasing our interest expense . our increased indebtedness following the merger is described in greater detail under `` financing and debt `` below . the additional

