Entergy Louisiana, Inc.  Management's Financial Discussion and Analysis 204 setting any of Entergy Louisiana's rates.
Therefore, to the extent Entergy Louisiana's use of the proceeds would ordinarily have reduced its rate base, no change in rate base shall be reflected for ratemaking purposes.
The SEC approval for additional return of equity capital is now expired.
Entergy Louisiana's receivables from or (payables to) the money pool were as follows as of December 31 for each of the following years:
## Table 0 ##
Money pool activity used $81.9 million of Entergy Louisiana's operating cash flow in 2004, provided $60.2 million in 2003, and used $15.0 million in 2002.
See Note 4 to the domestic utility companies and System Energy financial statements for a description of the money pool.
Investing Activities The decrease of $25.1 million in net cash used by investing activities in 2004 was primarily due to decreased spending on customer service projects, partially offset by increases in spending on transmission projects and fossil plant projects.
The increase of $56.0 million in net cash used by investing activities in 2003 was primarily due to increased spending on customer service, transmission, and nuclear projects.
Financing Activities The decrease of $404.4 million in net cash used by financing activities in 2004 was primarily due to: ?
the net issuance of $98.0 million of long-term debt in 2004 compared to the retirement of $261.0 million in 2003; ?
a principal payment of $14.8 million in 2004 for the Waterford Lease Obligation compared to a principal payment of $35.4 million in 2003; and ?
a decrease of $29.0 million in common stock dividends paid.
The decrease of $105.5 million in net cash used by financing activities in 2003 was primarily due to: ?
a decrease of $125.9 million in common stock dividends paid; and ?
the repurchase of $120 million of common stock from Entergy Corporation in 2002.
The decrease in net cash used in 2003 was partially offset by the following: ?
the retirement in 2003 of $150 million of 8.5% Series First Mortgage Bonds compared to the net retirement of $134.6 million of First Mortgage Bonds in 2002; and ?
principal payments of $35.4 million in 2003 for the Waterford 3 Lease Obligation compared to principal payments of $15.9 million in 2002.
See Note 5 to the domestic utility companies and System Energy financial statements for details of long-term debt.
Uses of Capital Entergy Louisiana requires capital resources for: ?
construction and other capital investments; ?
debt and preferred stock maturities; ?
working capital purposes, including the financing of fuel and purchased power costs; and ?
dividend and interest payments.
HCR ManorCare Acquisition, the $11 million write-off of unamortized loan fees related to an expired bridge loan commitment and the consolidation of HCP Ventures II on January 14, 2011 that included the consolidation of $635 million of mortgage debt, which increases were partially offset by the impact of repayments of mortgage debt related to contractual maturities and senior unsecured notes during 2010 and 2011 and lower interest rates during 2011 as compared to 2010.
Our exposure to expense fluctuations related to our variable rate indebtedness is substantially mitigated by our interest rate swap contracts.
For a more detailed discussion of our interest rate risk, see ‘‘Quantitative and Qualitative Disclosures About Market Risk’’ in Item 7A.
The table below sets forth information with respect to our debt, excluding premiums and discounts (dollars in thousands):
## Table 1 ##
(1) December 31, 2011 and 2010 excludes $88 million and $92 million, respectively, of other debt that represents non-interest bearing life care bonds and occupancy fee deposits at certain of our senior housing facilities, which have no scheduled maturities.
At December 31, 2011, $88 million of variable-rate mortgages are presented as fixed-rate debt as the interest payments under such debt have been swapped (pay fixed and receive float).
At December 31, 2010, $250 million of fixed-rate senior unsecured notes are presented as variable-rate debt as the interest payments under such debt has been swapped (pay float and receive fixed) and $60 million of variable-rate mortgages are presented as fixed-rate debt as the interest payments under such debt have been swapped (pay fixed and receive float); the interest rates for swapped debt are presented at the swapped rates.
Depreciation and amortization expense.
Depreciation and amortization expenses increased $43 million to $350 million for the year ended December 31, 2011.
The increase in depreciation and amortization expense was primarily related to: (i) a $37 million increase as a result of the consolidation of HCP Ventures II on January 14, 2011 and (ii) a $12 million increase from the additive effect of our other property acquisitions during 2010 and 2011.
General and administrative expenses.
General and administrative expenses increased $13 million to $96 million for the year ended December 31, 2011.
The increase in general and administrative expenses was a result of increases in acquisition costs, primarily attributable to our HCR ManorCare Acquisition and compensation related expenses.
These increases were partially offset by a decrease in legal fees associated with litigation matters (see the information set forth under the heading ‘‘Legal Proceedings’’ of Note 12 to the Consolidated Financial Statements).
Litigation settlement and provision.
On November 9, 2011, we entered into an agreement with Ventas to settle all remaining claims relating to Ventas’s litigation against us arising out of Ventas’s 2007 acquisition of Sunrise Senior Living REIT.
As part of the settlement, we paid $125 million to
Equity income from unconsolidated joint ventures.
For the year ended December 31, 2014, equity income from unconsolidated joint ventures decreased $15 million to $50 million.
The decrease in equity income from unconsolidated joint ventures was primarily the result of: (i) our share of losses from the CCRC JV investment formed in 2014; (ii) the decline in operating performance of our HCRMC equity interest; and (iii) a 2013 one-time distribution received from a senior housing joint venture that exceeded our investment balance.
Impairment of investments in unconsolidated joint ventures.
During the year ended December 31, 2014, we recognized an impairment of $36 million related to our 9.4% equity ownership interest in HCRMC (see Notes 8 and 17 to the Consolidated Financial Statements).
Gain on sales of real estate (continued and discontinued).
During the year ended December 31, 2014, we sold five properties for total gain on sales of real estate of $31 million.
During the year ended December 31, 2013, we sold 13 properties for total gain on sales of real estate of $70 million (see Note 5 to the Consolidated Financial Statements).
Comparison of the Year Ended December 31, 2013 to the Year Ended December 31, 2012 Overview(1) Results are for the years ended December 31, 2013 and 2012 (dollars in thousands except per share data):
## Table 2 ##
(1) For the reconciliation, see ‘‘Non-GAAP Financial Measures—FFO and FAD’’ section beginning on page 63.
FFO, FFO as adjusted and EPS each increased $0.23 per share primarily resulting from: (i) real estate acquisitions, property developments placed in service and debt investments (e. g. , the BlackStone JV acquisition, Tandem Health Care loan facility, and Four Seasons debt investment); (ii) par payoff of our Barchester debt investments; (iii) gain from sales of marketable equity securities and (iv) increased NOI from our SPP.
FAD increased $0.31 per share primarily as a result of the aforementioned benefits impacting FFO, FFO as adjusted and EPS and growth in cash-based rents.
Segment NOI and Adjusted NOI The tables below provide selected operating information for our SPP and total property portfolio for each of our five business segments.
Our consolidated SPP consists of 909 properties representing properties acquired or placed in service and stabilized on or prior to January 1, 2012 and that remained in operations under a consistent reporting structure through December 31, 2013.
Our consolidated total property portfolio represents 1,079 and 1,071 properties at December 31, 2013 and 2012, respectively, and excludes properties classified as discontinued operations.
Senior Housing During the fourth quarter of 2012 and first quarter of 2013, we acquired a portfolio of 133 senior housing communities from the Blackstone JV (see Note 4 to the Consolidated Financial Statements).
The transaction closed in two stages: (i) 129 senior housing facilities during the fourth quarter of 2012 for $1.7 billion; and (ii) four senior housing facilities during the first quarter of 2013 for $38 million.
The results of operations from the acquisitions are reflected in our consolidated financial statements from those respective dates.
## Table 3 ##
(1) For the year ended December 31, 2016, transaction-related items primarily relate to the Spin-Off.
For the year ended December 31, 2015, transaction-related items primarily relate to acquisition and pursuit costs.
For the year ended December 31, 2014, transaction-related items include a net benefit from the 2014 Brookdale transaction, partially offset by acquisition and pursuit costs.
For the years ended December 31, 2013 and 2012, transaction-related items primarily relate to acquisition and pursuit costs.
(2) For the year ended December 31, 2015, other impairments, net include impairment charges of: (i) $1.3 billion related to our HCRMC DFL investments, (ii) $112 million related to our Four Seasons Notes and (iii) $46 million related to our equity investment in HCRMC, partially offset by an impairment recovery of $6 million related to a loan payoff.
For the year ended December 31, 2014, the other impairment relates to our equity investment in HCRMC.
(3) Represents penalties of $46 million from the prepayment of $1.1 billion of senior unsecured notes and $108 million of mortgage debt using proceeds from the Spin-Off.
(4) For the year ended December 31, 2016, severance-related charges primarily relate to the departure of our former President and CEO.
For the year ended December 31, 2015, the severance-related charge relates to the departure of our former Executive Vice President and Chief Investment Officer.
For the year ended December 31, 2013, the severance-related charge relates to the departure of our former Chairman, CEO and President.
(5) Our weighted average shares for the year ended December 31, 2012 used to calculate diluted FFO as adjusted eliminate the impact of 22 million shares from our common stock offering completed on October 19, 2012; proceeds from this offering were used to fund the Blackstone JV acquisition.
(6) Excludes $7 million primarily related to the acceleration of deferred compensation for restricted stock units that vested upon the departure of our former President and CEO, which is included in the severance-related charges for the year ended December 31, 2016.
Excludes $3 million related to the acceleration of deferred compensation for restricted stock units and stock options that vested upon the departure of our former Executive Vice President and Chief Investment Officer, which is included in the severance-related charge for year ended December 31, 2015.
Excludes $17 million related to the acceleration of deferred compensation for restricted stock units and options that vested upon the departure of our former CEO, which is included in severance-related charges for the year ended December 31, 2013.
(7) Our equity investment in HCRMC was accounted for using the equity method, which required an elimination of DFL income that is proportional to our ownership in HCRMC.
Further, our share of earnings from HCRMC (equity income) increased for the corresponding elimination of related lease expense recognized at the HCRMC entity level, which we presented as a non-cash joint venture FAD adjustment.
Beginning in January 2016, as a result of placing our equity investment in HCRMC on a cash basis method of accounting, we no longer eliminated our proportional ownership share of income from DFLs to equity income (loss) from unconsolidated joint ventures.
See Note 5 to the Consolidated Financial Statements for additional discussion.
Critical Accounting Policies The preparation of financial statements in conformity with U. S.  GAAP requires our management to use judgment in the application of accounting policies, including making estimates and assumptions.
We base estimates on the best information available to us at the time, our experience and on various other assumptions believed to be reasonable under the circumstances.
These estimates affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods.
If our

<table><tr><td>2004</td><td>2003</td><td>2002</td><td>2001</td></tr><tr><td>(In Thousands)</td></tr><tr><td>$40,549</td><td>-$41,317</td><td>$18,854</td><td>$3,812</td></tr></table>
<table><tr><td> </td><td colspan="2"> As of December 31,<sup>-1</sup></td></tr><tr><td> </td><td>2011</td><td> 2010</td></tr><tr><td> Balance:</td><td></td><td></td></tr><tr><td>Fixed rate</td><td>$7,166,349</td><td>$4,260,027</td></tr><tr><td>Variable rate</td><td>502,919</td><td>306,290</td></tr><tr><td>Total</td><td>$7,669,268</td><td>$4,566,317</td></tr><tr><td> Percent of total debt:</td><td></td><td></td></tr><tr><td>Fixed rate</td><td>93%</td><td>93%</td></tr><tr><td>Variable rate</td><td>7</td><td>7</td></tr><tr><td>Total</td><td>100%</td><td>100%</td></tr><tr><td> Weighted average interest rate at end of period:</td><td></td><td></td></tr><tr><td>Fixed rate</td><td>5.83%</td><td>6.35%</td></tr><tr><td>Variable rate</td><td>2.19%</td><td>4.03%</td></tr><tr><td>Total weighted average rate</td><td>5.59%</td><td>6.19%</td></tr></table>
<table><tr><td></td><td colspan="2">Year Ended December 31, 2013</td><td colspan="2">Year Ended December 31, 2012</td><td>Per Share</td></tr><tr><td></td><td>Amount</td><td>Per Share</td><td>Amount</td><td>Per Share</td><td>Change</td></tr><tr><td>FFO</td><td>$1,349,264</td><td>$2.95</td><td>$1,166,508</td><td>$2.72</td><td>$0.23</td></tr><tr><td>FFO as adjusted</td><td>1,382,699</td><td>3.02</td><td>1,195,799</td><td>2.79</td><td>0.23</td></tr><tr><td>FAD</td><td>1,158,082</td><td>2.54</td><td>954,645</td><td>2.23</td><td>0.31</td></tr><tr><td>Netincome</td><td>969,103</td><td>2.13</td><td>812,289</td><td>1.90</td><td>0.23</td></tr></table>
<table><tr><td></td><td colspan="5">Year Ended December 31,</td></tr><tr><td></td><td>2016</td><td>2015</td><td>2014</td><td>2013</td><td>2012</td></tr><tr><td>FFO as adjusted applicable to common shares</td><td>$1,282,390</td><td>$1,470,167</td><td>$1,398,691</td><td>$1,382,699</td><td>$1,195,799</td></tr><tr><td>Amortization of market lease intangibles, net</td><td>-1,197</td><td>-1,295</td><td>-949</td><td>-6,646</td><td>-2,232</td></tr><tr><td>Amortization of deferred compensation-6</td><td>15,581</td><td>23,233</td><td>21,885</td><td>23,327</td><td>23,277</td></tr><tr><td>Amortization of deferred financing costs</td><td>20,014</td><td>20,222</td><td>19,260</td><td>18,541</td><td>16,501</td></tr><tr><td>Straight-line rents</td><td>-18,003</td><td>-28,859</td><td>-41,032</td><td>-39,587</td><td>-47,311</td></tr><tr><td>DFL non-cash interest-7</td><td>2,600</td><td>-87,861</td><td>-77,568</td><td>-86,055</td><td>-94,240</td></tr><tr><td>Other depreciation and amortization</td><td>-11,919</td><td>-22,223</td><td>-18,864</td><td>-14,326</td><td>-12,756</td></tr><tr><td>Deferred revenues – tenant improvement related</td><td>-1,883</td><td>-2,594</td><td>-2,306</td><td>-2,906</td><td>-1,570</td></tr><tr><td>Deferred revenues – additional rents</td><td>-76</td><td>-219</td><td>422</td><td>63</td><td>-85</td></tr><tr><td>Leasing costs and tenant and capital improvements</td><td>-88,953</td><td>-82,072</td><td>-74,464</td><td>-64,557</td><td>-61,440</td></tr><tr><td>Lease restructure payments</td><td>16,604</td><td>22,657</td><td>9,425</td><td>—</td><td>—</td></tr><tr><td>Joint venture adjustments – CCRC entrance fees</td><td>29,998</td><td>30,918</td><td>11,443</td><td>—</td><td>—</td></tr><tr><td>Joint venture and other FAD adjustments-7</td><td>-29,460</td><td>-80,225</td><td>-67,121</td><td>-52,471</td><td>-61,298</td></tr><tr><td>FAD applicable to common shares</td><td>$1,215,696</td><td>$1,261,849</td><td>$1,178,822</td><td>$1,158,082</td><td>$954,645</td></tr><tr><td>Distributions on dilutive convertible units</td><td>13,088</td><td>14,230</td><td>13,799</td><td>13,276</td><td>7,714</td></tr><tr><td>Diluted FAD applicable to common shares</td><td>$1,228,784</td><td>$1,276,079</td><td>$1,192,621</td><td>$1,171,358</td><td>$962,359</td></tr></table>

Question: Which year is FFO as adjusted applicable to common shares the most?
Answer: 2015