the total number of apartment units under development , costs of development and estimated completion dates are subject to uncertainties arising from changing economic conditions ( such as the cost of labor and construction materials ) , competition and local government regulation ; ▪ debt financing and other capital required by the company may not be available or may only be available on adverse terms ; ▪ labor and materials required for maintenance , repair , capital expenditure or development may be more expensive than anticipated ; ▪ occupancy levels and market rents may be adversely affected by national and local economic and market conditions including , without limitation , new construction and excess inventory of multifamily and single family housing , increasing portions of single family housing stock being converted to rental use , rental housing subsidized by the government , other government programs that favor single family rental housing or owner occupied housing over multifamily rental housing , governmental regulations , slow or negative employment growth and household formation , the availability of low-interest mortgages or the availability of mortgages requiring little or no down payment for single family home buyers , changes in social preferences and the potential for geopolitical instability , all of which are beyond the company 's control ; and ▪ additional factors as discussed in part i of this annual report on form 10-k , particularly those under “ item 1a . risk factors ” . forward-looking statements and related uncertainties are also included in the notes to consolidated financial statements in this report . overview equity residential ( “ eqr ” ) , a maryland real estate investment trust ( “ reit ” ) formed in march 1993 , is an s & p 500 company focused on the acquisition , development and management of high quality apartment properties in top united states growth markets . erp operating limited partnership ( “ erpop ” ) , an illinois limited partnership , was formed in may 1993 to conduct the multifamily residential property business of equity residential . eqr has elected to be taxed as a reit . references to the “ company , ” “ we , ” “ us ” or “ our ” mean collectively eqr , erpop and those entities/subsidiaries owned or controlled by eqr and or erpop . references to the “ operating partnership ” mean collectively erpop and those entities/subsidiaries owned or controlled by erpop . eqr is the general partner of , and as of december 31 , 2015 owned an approximate 96.2 % ownership interest in , erpop . all of the company 's property ownership , development and related business operations are conducted through the operating partnership and eqr has no material assets or liabilities other than its investment in erpop . eqr issues equity from time to time but does not have any indebtedness as all debt is incurred by the operating partnership . the operating partnership holds substantially all of the assets of the company , including the company 's ownership interests in its joint ventures . the operating partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity . the company 's corporate headquarters is located in chicago , illinois and as of december 31 , 2015 , the company also operated property management offices in each of its core markets and two of its non-core markets . as of december 31 , 2015 , the company had approximately 3,500 employees who provided real estate operations , leasing , legal , financial , accounting , acquisition , disposition , development and other support functions . 39 business objectives and operating and investing strategies the company invests in high quality apartment communities located in strategically targeted markets with the goal of maximizing our risk adjusted total return ( operating income plus capital appreciation ) on invested capital . we seek to maximize the income and capital appreciation of our properties by investing in markets that are characterized by conditions favorable to multifamily property operations and appreciation . we are focused on the six core coastal , high barrier to entry markets of boston , new york , washington d.c. , southern california ( including los angeles , orange county and san diego ) , san francisco and seattle . these markets generally feature one or more of the following characteristics that allow us to increase rents : ▪ high barriers to entry where , because of land scarcity or government regulation , it is difficult or costly to build new apartment properties , creating limits on new supply ; ▪ high home ownership costs ; ▪ strong economic growth leading to job growth and household formation , which in turn leads to high demand for our apartments ; ▪ urban core locations with an attractive quality of life leading to high resident demand and retention ; and ▪ favorable demographics contributing to a larger pool of target residents with a high propensity to rent apartments . our operating focus is on balancing occupancy and rental rates to maximize our revenue while exercising tight cost control to generate the highest possible return to our shareholders . revenue is maximized by attracting qualified prospects to our properties , cost-effectively converting these prospects into new residents and keeping our residents satisfied so they will renew their leases upon expiration . while we believe that it is our high-quality , well-located assets that bring our customers to us , it is the customer service and superior value provided by our on-site personnel that keeps them renting with us and recommending us to their friends . we use technology to engage our customers in the way that they want to be engaged . many of our residents utilize our web-based resident portal which allows them to sign and renew their leases , review their accounts and make payments , provide feedback and make service requests on-line . story_separator_special_tag results of operations in conjunction with our business objectives and operating strategy , the company continued to invest in apartment properties located in our high barrier to entry/core markets and sell apartment properties located in our low barrier to entry/non-core markets during the years ended december 31 , 2015 and december 31 , 2014 . in summary , we : year ended december 31 , 2015 : ▪ acquired four consolidated apartment properties consisting of 625 apartment units for $ 296.0 million at a weighted average cap rate ( see definition below ) of 4.5 % and three contiguous land parcels for $ 27.8 million ; and ▪ sold eight consolidated apartment properties consisting of 1,857 apartments units as well as a 193,230 square foot medical office building for $ 513.3 million at a weighted average cap rate of 5.3 % generating an unlevered internal rate of return ( `` irr `` ) , inclusive of indirect management costs , of 13.4 % . year ended december 31 , 2014 : ▪ acquired four consolidated apartment properties consisting of 1,011 apartment units for $ 363.2 million at a weighted average cap rate of 4.8 % and two land parcels for $ 28.8 million ; ▪ acquired two consolidated apartment properties , one that had just completed lease up and the other which was still in lease up , consisting of 342 apartment units for $ 106.6 million and are expected to stabilize at a 6.4 % yield on cost and a 4.9 % yield on cost , respectively ; ▪ acquired the 95 % equity interest it did not own in one previously unconsolidated development project with a stabilized real estate value of $ 87.5 million and an adjusted purchase price of $ 64.2 million ; ▪ sold ten consolidated apartment properties consisting of 3,092 apartments units for $ 467.0 million at a weighted average cap rate of 6.1 % generating an unlevered irr , inclusive of management costs , of 8.9 % and three land parcels for $ 62.6 million ; and ▪ sold one unconsolidated property for $ 62.5 million ( sales price listed is the gross sales price and eqr owned an 85 % interest ) . the company 's primary financial measure for evaluating each of its apartment communities is net operating income ( “ noi ” ) . noi represents rental income less direct property operating expenses ( including real estate taxes and insurance ) as well as an allocation of indirect property management costs . the company believes that noi is helpful to investors as a supplemental measure of its operating performance because it is a direct measure of the actual operating results of the company 's apartment communities . the cap rate is generally the first year noi yield ( net of replacements ) on the company 's investment . properties that the company owned and were stabilized ( see definition below ) for all of both 2015 and 2014 ( the “ 2015 same store properties ” ) , which represented 96,286 apartment units , impacted the company 's results of operations . properties that the company owned for all of both 2014 and 2013 as well as the 18,465 stabilized apartment units acquired in the archstone 43 acquisition that are owned and managed by the company ( the “ 2014 same store properties ” ) , which represented 97,911 apartment units , also impacted the company 's results of operations . both the 2015 same store properties and 2014 same store properties are discussed in the following paragraphs . the following tables provide a rollforward of the apartment units included in same store properties and a reconciliation of apartment units included in same store properties to those included in total properties for the year ended december 31 , 2015 : replace_table_token_9_th replace_table_token_10_th note : properties are considered `` stabilized `` when they have achieved 90 % occupancy for three consecutive months . properties are included in same store when they are stabilized for all of the current and comparable periods presented . ( 1 ) represents one property containing 285 apartment units ( playa pacifica in hermosa beach , ca ) which was removed from the same store portfolio due to a major renovation in which significant portions of the property are being taken offline for extended time periods . as of december 31 , 2015 , the property had 129 apartment units removed from service and an occupancy of only 27.9 % . this property will not return to the same store portfolio until it is stabilized for all of the current and comparable periods presented . ( 2 ) includes properties in various stages of lease-up and properties where lease-up has been completed but the properties were not stabilized for the comparable periods presented . ( 3 ) includes three properties containing 853 apartment units acquired on february 27 , 2013 in conjunction with the archstone acquisition that are owned by the company but the entire projects are master leased to a third party corporate housing provider and the company earns monthly net rental income . the company 's acquisition , disposition and completed development activities also impacted overall results of operations for the years ended december 31 , 2015 and 2014 . the impacts of these activities are discussed in greater detail in the following paragraphs . comparison of the year ended december 31 , 2015 to the year ended december 31 , 2014 for the year ended december 31 , 2015 , the company reported diluted earnings per share/unit of $ 2.36 compared to $ 1.73 44 per share/unit for the year ended december 31 , 2014 . the difference is primarily due to approximately $ 122.3 million in higher gains on property sales as well as improved operations in 2015 vs. 2014 . for the year ended december 31 , 2015 , income from continuing operations increased approximately $ 250.5 million when compared to the year

liquidity and capital resources eqr issues public equity from time to time and guarantees certain debt of the operating partnership . eqr does not have any indebtedness as all debt is incurred by the operating partnership . as of january 1 , 2015 , the company had approximately $ 40.1 million of cash and cash equivalents and it had $ 2.12 billion available under its revolving credit facility ( net of $ 43.8 million which was restricted/dedicated to support letters of credit and net of $ 333.0 million outstanding ) . after taking into effect the various transactions discussed in the following paragraphs and the net cash provided by operating activities , the company 's cash and cash equivalents balance at december 31 , 2015 was approximately $ 42.3 million and the amount available on its revolving credit facility was $ 2.07 billion ( net of $ 45.1 million which was restricted/dedicated to support letters of credit and net of $ 387.5 million outstanding on the commercial paper program ) . during the year ended december 31 , 2015 , the company generated proceeds from various transactions , which included the following : ▪ disposed of eight consolidated properties and a 193,230 square foot medical office building , receiving net proceeds of approximately $ 504.7 million ; ▪ issued $ 450.0 million of ten-year 3.375 % fixed rate public notes , receiving net proceeds of $ 447.5 million before underwriting fees , hedge termination costs and other expenses , at an all-in effective interest rate of 3.81 % ; ▪ issued $ 300.0 million of thirty-year 4.50 % fixed rate public notes , receiving net proceeds of $ 298.9 million before 50 underwriting fees and other expenses , at an all-in effective interest rate of 4.55 % ; ▪ received approximately $ 51.0 million in distributions from the residual jv as a result of the winddown/sale of remaining assets owned by the residual jv and litigation settlements received by the residual jv ; and ▪ issued approximately 1.5 million common shares related to share option exercises and espp purchases and received net proceeds of $ 63.9 million , which were contributed to the capital of the operating partnership in exchange for


 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 eqr issues public equity from time to time and guarantees certain debt of the operating partnership . eqr does not have any indebtedness as all debt is incurred by the operating partnership . as of january 1 , 2015 , the company had approximately $ 40.1 million of cash and cash equivalents and it had $ 2.12 billion available under its revolving credit facility ( net of $ 43.8 million which was restricted/dedicated to support letters of credit and net of $ 333.0 million outstanding ) . after taking into effect the various transactions discussed in the following paragraphs and the net cash provided by operating activities , the company 's cash and cash equivalents balance at december 31 , 2015 was approximately $ 42.3 million and the amount available on its revolving credit facility was $ 2.07 billion ( net of $ 45.1 million which was restricted/dedicated to support letters of credit and net of $ 387.5 million outstanding on the commercial paper program ) . during the year ended december 31 , 2015 , the company generated proceeds from various transactions , which included the following : ▪ disposed of eight consolidated properties and a 193,230 square foot medical office building , receiving net proceeds of approximately $ 504.7 million ; ▪ issued $ 450.0 million of ten-year 3.375 % fixed rate public notes , receiving net proceeds of $ 447.5 million before underwriting fees , hedge termination costs and other expenses , at an all-in effective interest rate of 3.81 % ; ▪ issued $ 300.0 million of thirty-year 4.50 % fixed rate public notes , receiving net proceeds of $ 298.9 million before 50 underwriting fees and other expenses , at an all-in effective interest rate of 4.55 % ; ▪ received approximately $ 51.0 million in distributions from the residual jv as a result of the winddown/sale of remaining assets owned by the residual jv and litigation settlements received by the residual jv ; and ▪ issued approximately 1.5 million common shares related to share option exercises and espp purchases and received net proceeds of $ 63.9 million , which were contributed to the capital of the operating partnership in exchange for
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 Suspicious Activity Report : the total number of apartment units under development , costs of development and estimated completion dates are subject to uncertainties arising from changing economic conditions ( such as the cost of labor and construction materials ) , competition and local government regulation ; ▪ debt financing and other capital required by the company may not be available or may only be available on adverse terms ; ▪ labor and materials required for maintenance , repair , capital expenditure or development may be more expensive than anticipated ; ▪ occupancy levels and market rents may be adversely affected by national and local economic and market conditions including , without limitation , new construction and excess inventory of multifamily and single family housing , increasing portions of single family housing stock being converted to rental use , rental housing subsidized by the government , other government programs that favor single family rental housing or owner occupied housing over multifamily rental housing , governmental regulations , slow or negative employment growth and household formation , the availability of low-interest mortgages or the availability of mortgages requiring little or no down payment for single family home buyers , changes in social preferences and the potential for geopolitical instability , all of which are beyond the company 's control ; and ▪ additional factors as discussed in part i of this annual report on form 10-k , particularly those under “ item 1a . risk factors ” . forward-looking statements and related uncertainties are also included in the notes to consolidated financial statements in this report . overview equity residential ( “ eqr ” ) , a maryland real estate investment trust ( “ reit ” ) formed in march 1993 , is an s & p 500 company focused on the acquisition , development and management of high quality apartment properties in top united states growth markets . erp operating limited partnership ( “ erpop ” ) , an illinois limited partnership , was formed in may 1993 to conduct the multifamily residential property business of equity residential . eqr has elected to be taxed as a reit . references to the “ company , ” “ we , ” “ us ” or “ our ” mean collectively eqr , erpop and those entities/subsidiaries owned or controlled by eqr and or erpop . references to the “ operating partnership ” mean collectively erpop and those entities/subsidiaries owned or controlled by erpop . eqr is the general partner of , and as of december 31 , 2015 owned an approximate 96.2 % ownership interest in , erpop . all of the company 's property ownership , development and related business operations are conducted through the operating partnership and eqr has no material assets or liabilities other than its investment in erpop . eqr issues equity from time to time but does not have any indebtedness as all debt is incurred by the operating partnership . the operating partnership holds substantially all of the assets of the company , including the company 's ownership interests in its joint ventures . the operating partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity . the company 's corporate headquarters is located in chicago , illinois and as of december 31 , 2015 , the company also operated property management offices in each of its core markets and two of its non-core markets . as of december 31 , 2015 , the company had approximately 3,500 employees who provided real estate operations , leasing , legal , financial , accounting , acquisition , disposition , development and other support functions . 39 business objectives and operating and investing strategies the company invests in high quality apartment communities located in strategically targeted markets with the goal of maximizing our risk adjusted total return ( operating income plus capital appreciation ) on invested capital . we seek to maximize the income and capital appreciation of our properties by investing in markets that are characterized by conditions favorable to multifamily property operations and appreciation . we are focused on the six core coastal , high barrier to entry markets of boston , new york , washington d.c. , southern california ( including los angeles , orange county and san diego ) , san francisco and seattle . these markets generally feature one or more of the following characteristics that allow us to increase rents : ▪ high barriers to entry where , because of land scarcity or government regulation , it is difficult or costly to build new apartment properties , creating limits on new supply ; ▪ high home ownership costs ; ▪ strong economic growth leading to job growth and household formation , which in turn leads to high demand for our apartments ; ▪ urban core locations with an attractive quality of life leading to high resident demand and retention ; and ▪ favorable demographics contributing to a larger pool of target residents with a high propensity to rent apartments . our operating focus is on balancing occupancy and rental rates to maximize our revenue while exercising tight cost control to generate the highest possible return to our shareholders . revenue is maximized by attracting qualified prospects to our properties , cost-effectively converting these prospects into new residents and keeping our residents satisfied so they will renew their leases upon expiration . while we believe that it is our high-quality , well-located assets that bring our customers to us , it is the customer service and superior value provided by our on-site personnel that keeps them renting with us and recommending us to their friends . we use technology to engage our customers in the way that they want to be engaged . many of our residents utilize our web-based resident portal which allows them to sign and renew their leases , review their accounts and make payments , provide feedback and make service requests on-line . story_separator_special_tag results of operations in conjunction with our business objectives and operating strategy , the company continued to invest in apartment properties located in our high barrier to entry/core markets and sell apartment properties located in our low barrier to entry/non-core markets during the years ended december 31 , 2015 and december 31 , 2014 . in summary , we : year ended december 31 , 2015 : ▪ acquired four consolidated apartment properties consisting of 625 apartment units for $ 296.0 million at a weighted average cap rate ( see definition below ) of 4.5 % and three contiguous land parcels for $ 27.8 million ; and ▪ sold eight consolidated apartment properties consisting of 1,857 apartments units as well as a 193,230 square foot medical office building for $ 513.3 million at a weighted average cap rate of 5.3 % generating an unlevered internal rate of return ( `` irr `` ) , inclusive of indirect management costs , of 13.4 % . year ended december 31 , 2014 : ▪ acquired four consolidated apartment properties consisting of 1,011 apartment units for $ 363.2 million at a weighted average cap rate of 4.8 % and two land parcels for $ 28.8 million ; ▪ acquired two consolidated apartment properties , one that had just completed lease up and the other which was still in lease up , consisting of 342 apartment units for $ 106.6 million and are expected to stabilize at a 6.4 % yield on cost and a 4.9 % yield on cost , respectively ; ▪ acquired the 95 % equity interest it did not own in one previously unconsolidated development project with a stabilized real estate value of $ 87.5 million and an adjusted purchase price of $ 64.2 million ; ▪ sold ten consolidated apartment properties consisting of 3,092 apartments units for $ 467.0 million at a weighted average cap rate of 6.1 % generating an unlevered irr , inclusive of management costs , of 8.9 % and three land parcels for $ 62.6 million ; and ▪ sold one unconsolidated property for $ 62.5 million ( sales price listed is the gross sales price and eqr owned an 85 % interest ) . the company 's primary financial measure for evaluating each of its apartment communities is net operating income ( “ noi ” ) . noi represents rental income less direct property operating expenses ( including real estate taxes and insurance ) as well as an allocation of indirect property management costs . the company believes that noi is helpful to investors as a supplemental measure of its operating performance because it is a direct measure of the actual operating results of the company 's apartment communities . the cap rate is generally the first year noi yield ( net of replacements ) on the company 's investment . properties that the company owned and were stabilized ( see definition below ) for all of both 2015 and 2014 ( the “ 2015 same store properties ” ) , which represented 96,286 apartment units , impacted the company 's results of operations . properties that the company owned for all of both 2014 and 2013 as well as the 18,465 stabilized apartment units acquired in the archstone 43 acquisition that are owned and managed by the company ( the “ 2014 same store properties ” ) , which represented 97,911 apartment units , also impacted the company 's results of operations . both the 2015 same store properties and 2014 same store properties are discussed in the following paragraphs . the following tables provide a rollforward of the apartment units included in same store properties and a reconciliation of apartment units included in same store properties to those included in total properties for the year ended december 31 , 2015 : replace_table_token_9_th replace_table_token_10_th note : properties are considered `` stabilized `` when they have achieved 90 % occupancy for three consecutive months . properties are included in same store when they are stabilized for all of the current and comparable periods presented . ( 1 ) represents one property containing 285 apartment units ( playa pacifica in hermosa beach , ca ) which was removed from the same store portfolio due to a major renovation in which significant portions of the property are being taken offline for extended time periods . as of december 31 , 2015 , the property had 129 apartment units removed from service and an occupancy of only 27.9 % . this property will not return to the same store portfolio until it is stabilized for all of the current and comparable periods presented . ( 2 ) includes properties in various stages of lease-up and properties where lease-up has been completed but the properties were not stabilized for the comparable periods presented . ( 3 ) includes three properties containing 853 apartment units acquired on february 27 , 2013 in conjunction with the archstone acquisition that are owned by the company but the entire projects are master leased to a third party corporate housing provider and the company earns monthly net rental income . the company 's acquisition , disposition and completed development activities also impacted overall results of operations for the years ended december 31 , 2015 and 2014 . the impacts of these activities are discussed in greater detail in the following paragraphs . comparison of the year ended december 31 , 2015 to the year ended december 31 , 2014 for the year ended december 31 , 2015 , the company reported diluted earnings per share/unit of $ 2.36 compared to $ 1.73 44 per share/unit for the year ended december 31 , 2014 . the difference is primarily due to approximately $ 122.3 million in higher gains on property sales as well as improved operations in 2015 vs. 2014 . for the year ended december 31 , 2015 , income from continuing operations increased approximately $ 250.5 million when compared to the year

