seattle acquisition on july 31 , 2013 , the company acquired a 848,001 square-foot office portfolio in seattle , washington from spear street capital for approximately $ 368.4 million ( net of certain credits and before closing costs and prorations ) . the purchase price was paid from a combination of cash-on-hand ( including funds from the 1031 exchange of city plaza ) , borrowings under the company 's corporate unsecured credit facility , and the asset-level financing described below . the seattle portfolio consists of the following : a two-building , 484,463 square-foot waterfront property located in the pioneer square submarket of downtown seattle , referred to as the first & king property . this property is 88.2 % leased to tenants such as capital one/ing direct , emc corporation and nuance communications ; a 189,762 square-foot class-a office building located in the south lake union submarket of downtown seattle , referred to as the met park north property . this building is 94.6 % leased , with 72.4 % of the building to be occupied by amazon.com , inc. under a ten-year lease that commenced in november 2013 ; and a 173,776 square-foot building located in the edmonds/lynnwood submarket of seattle 's northend , referred to as the northview property . this building is 88.6 % leased to tenants such as automatic data processing , inc. and the federal emergency management agency . 1861 bundy acquisition on september 27 , 2013 , the company acquired 1861 bundy drive in los angeles , california for $ 11.5 million ( before closing costs and prorations ) . 1861 bundy drive is expected to consist of approximately 36,474 square feet of creative office space and be part of the company 's element la property . dispositions . we disposed of one property in 2013. city plaza disposition 38 on july 12 , 2013 , the company sold its city plaza property for approximately $ 56.0 million ( before certain credits , prorations , and closing costs ) . proceeds from the disposition were used toward the acquisition of the seattle portfolio pursuant to a like-kind exchange under internal revenue code section 1031. city plaza is a nineteen-story , 333,922 rentable square-foot class-a office building located in orange , california that was acquired by the company 's predecessor in august of 2008 and contributed to the company in connection with its june 29 , 2010 initial public offering . repositionings . we generally select a property for repositioning at the time we purchase it . we often strategically purchase properties with large vacancies or expected near-term lease roll-over and use our knowledge of the property and submarket to determine the optimal use and tenant mix . a repositioning can consist of a range of improvements to a property , and may involve a complete structural renovation of a building to significantly upgrade the character of the property , or it may involve targeted remodeling of common areas and tenant spaces to make the property more attractive to certain identified tenants . because each repositioning effort is unique and determined based on the property , tenants and overall trends in the general market and specific submarket , the results are varying degrees of depressed rental revenue and occupancy levels for the affected property , which impacts our results and , accordingly , comparisons of our performance from period to period . the repositioning process generally occurs over the course of months or even years . although usually associated with newly-acquired properties , repositioning efforts can also occur at properties we already own ; repositioning properties discussed in the context of this paragraph exclude acquisition properties where the plan for improvement is implemented as part of the acquisition . during 2013 , we acquired 3401 exposition blvd . and 1861 bundy drive for purposes of repositioning . financings . 3401 exposition boulevard as part of the acquisition of 3401 exposition blvd . on may 22 , 2013 , the company assumed a loan with an outstanding principal balance of approximately $ 13.2 million . the loan bears interest at a rate equal to one-month libor plus 380 basis points and is scheduled to mature on may 31 , 2014. pinnacle ii as part of the contribution of the pinnacle ii building on june 14 , 2013 , the company 's joint venture with mdp/worthe assumed a loan with an outstanding principal balance of approximately $ 89.1 million . the loan bears interest at a fixed annual rate of 6.313 % and is scheduled to mature on september 6 , 2016. seattle portfolio ( met park north and first & king properties ) in connection with the acquisition of the seattle portfolio , on july 31 , 2013 , the company closed a seven-year loan totaling $ 64.5 million with union bank , n.a . , secured by the company 's met park north property . the loan bears interest at a rate equal to one-month libor plus 155 basis points . the full loan is subject to an interest rate contract that swapped one-month libor to a fixed rate of 2.1644 % through the loan 's maturity on august 1 , 2020. proceeds from the loan were used toward the purchase the seattle portfolio . on august 14 , 2013 , the company closed a five-year loan totaling $ 95.0 million with wells fargo bank , n.a . , secured by the company 's first & king property . the loan bears interest at a rate equal to one-month libor plus 160 basis points and is scheduled to mature on august 31 , 2018. proceeds from the loan were used toward the repayment of amounts drawn on our unsecured credit facility in connection with the seattle portfolio acquisition . story_separator_special_tag gains on properties sold are recognized using the full accrual method when ( i ) the collectability of the sales price is reasonably assured , ( ii ) we are not obligated to perform significant activities after the sale , ( iii ) the initial investment from the buyer is sufficient and ( iv ) other profit recognition criteria have been satisfied . gains on sales of properties may be deferred in whole or in part until the requirements for gain recognition have been met . stock-based compensation asc topic 718 , compensation—stock compensation ( referred to as asc topic 718 and formerly known as fasb 123r ) , requires us to recognize an expense for the fair value of equity-based compensation awards . grants of stock options , restricted stock , restricted stock units and performance units under our equity incentive award plans are accounted for under asc topic 718. our compensation committee will regularly consider the accounting implications of significant compensation decisions , especially in connection with decisions that relate to our equity incentive award plans and programs . income taxes our taxable income prior to the completion of our initial public offering is reportable by the members of the limited liability companies that comprise our predecessor . our property-owning subsidiaries are limited liability companies and are treated as pass-through entities for income tax purposes . accordingly , no provision has been made for federal income taxes in the accompanying consolidated financial statements for the activities of these entities . we have elected to be taxed as a reit under the internal revenue code of 1986 , as amended ( the “ code ” ) commencing with our taxable year ended december 31 , 2010. we believe that we have operated in a manner that has allowed us to qualify as a reit for federal income tax purposes commencing with such taxable year , and we intend to continue operating in such manner . to qualify as a reit , we are required to distribute at least 90 % of our net taxable income to our stockholders , excluding net capital gains , and meet the various other requirements imposed by the code relating to such matters as operating results , asset holdings , distribution levels and diversity of stock ownership . provided that we continue to qualify for taxation as a reit , we are generally not subject to corporate level income tax on the earnings distributed currently to our stockholders . if we fail to qualify as a reit in any taxable year , and are unable to avail ourselves of certain savings provisions set forth in the code , all of our taxable income would be subject to federal income tax at regular corporate rates , including any applicable alternative minimum tax . unless entitled to relief under specific statutory provisions , we would be ineligible to elect to be treated as a reit for the four taxable years following the year for which we lose our qualification . it is not possible to state whether in all circumstances we would be entitled to this statutory relief . we have elected to treat one of our subsidiaries as a taxable reit subsidiary . certain activities that we may undertake , such as non-customary services for our tenants and holding assets that we can not hold directly , will be conducted by a taxable reit subsidiary . a taxable reit subsidiary is subject to federal and , where applicable , state income taxes on its net income . we are subject to the statutory requirements of the states in which we conduct business . the company periodically evaluates its tax positions to determine whether it is more likely than not that such positions would be sustained upon examination by a tax authority for all open tax years , as defined by the statute of limitations , based on their technical merits . as of december 31 , 2013 , the company has not established a liability for uncertain tax positions . 43 results of operations the following table identifies each of the properties in our portfolio acquired through december 31 , 2013 and their date of acquisition . replace_table_token_14_th ( 1 ) these properties are owned by our joint venture with mdp/worthe . as of december 31 , 2012 , we owned a 98.25 % interest in the joint venture , which owned pinnacle i as of that date . on june 14 , 2013 , mdp/worthe contributed its interest in pinnacle ii to the joint venture , which reduced our interest in the joint venture to 65.0 % . all amounts and percentages used in this discussion of our results of operations are calculated using the numbers presented in the financial statements contained in this report rather than the rounded numbers appearing in this discussion . 44 comparison of the year ended december 31 , 2013 to the year ended december 31 , 2012 revenue total office revenue . total office revenue consists of rental revenue , tenant recoveries , and parking and other revenue . total office revenues increased $ 45.1 million , or 37.5 % , to $ 165.4 million for the twelve months ended december 31 , 2013 compared to $ 120.3 million for the twelve months ended december 31 , 2012 . the period-over-period changes in the items that comprise total revenue are attributable primarily to the factors discussed below . during the twelve months ended december 31 , 2013 , the company entered into an agreement to sell its city plaza property in orange , california . accordingly , the city plaza property was reclassified as held for sale and its financial results are accounted for as discontinued operations for the twelve months ended december 31 , 2013 and december 31 , 2012 . office rental revenue . office rental revenue includes rental revenues from our office properties and percentage rent on retail space contained within those properties . total

analysis of liquidity and capital resources we had approximately $ 30.4 million of cash and cash equivalents at december 31 , 2013 . in addition , the lead arrangers for our unsecured revolving credit facility have secured commitments that will allow borrowings of up to $ 250.0 million . as of december 31 , 2013 , we had total borrowing capacity of approximately $ 250.0 million under our unsecured revolving credit facility , $ 155.0 million of which had been drawn . on january 28 , 2014 , we closed the public offering of 9,487,500 shares of our common stock . we used $ 155.0 million of proceeds from that stock offering to fully pay down the $ 155.0 million outstanding balance on our unsecured credit facility . on february 10 , 2014 we drew $ 15.0 million in connection with our acquisition of the merrill place property . on february 27 , 2014 we drew $ 20.0 million in connection with our acquisition of the 3402 pico boulevard property . as a result , we have total borrowing capacity of approximately $ 250.0 million under our unsecured revolving credit facility , $ 35.0 million of which has been drawn . we have an at-the-market , or atm , program which allows us to sell up to $ 125.0 million of common stock , $ 12.6 million of which has been sold as of december 31 , 2013 . we intend to use the unsecured revolving credit facility and atm program , among other things , to finance the acquisition of other properties , to provide funds for tenant improvements and capital expenditures and to provide for working capital and other corporate purposes . based on the closing price of our common stock of $ 21.87 as of december 31 , 2013 , our ratio of debt to total market capitalization was approximately 39.2 % ( counting series a preferred units as debt ) as of december 31 , 2013 .


 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.
     ```analysis of liquidity and capital resources we had approximately $ 30.4 million of cash and cash equivalents at december 31 , 2013 . in addition , the lead arrangers for our unsecured revolving credit facility have secured commitments that will allow borrowings of up to $ 250.0 million . as of december 31 , 2013 , we had total borrowing capacity of approximately $ 250.0 million under our unsecured revolving credit facility , $ 155.0 million of which had been drawn . on january 28 , 2014 , we closed the public offering of 9,487,500 shares of our common stock . we used $ 155.0 million of proceeds from that stock offering to fully pay down the $ 155.0 million outstanding balance on our unsecured credit facility . on february 10 , 2014 we drew $ 15.0 million in connection with our acquisition of the merrill place property . on february 27 , 2014 we drew $ 20.0 million in connection with our acquisition of the 3402 pico boulevard property . as a result , we have total borrowing capacity of approximately $ 250.0 million under our unsecured revolving credit facility , $ 35.0 million of which has been drawn . we have an at-the-market , or atm , program which allows us to sell up to $ 125.0 million of common stock , $ 12.6 million of which has been sold as of december 31 , 2013 . we intend to use the unsecured revolving credit facility and atm program , among other things , to finance the acquisition of other properties , to provide funds for tenant improvements and capital expenditures and to provide for working capital and other corporate purposes . based on the closing price of our common stock of $ 21.87 as of december 31 , 2013 , our ratio of debt to total market capitalization was approximately 39.2 % ( counting series a preferred units as debt ) as of december 31 , 2013 .
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 Suspicious Activity Report : seattle acquisition on july 31 , 2013 , the company acquired a 848,001 square-foot office portfolio in seattle , washington from spear street capital for approximately $ 368.4 million ( net of certain credits and before closing costs and prorations ) . the purchase price was paid from a combination of cash-on-hand ( including funds from the 1031 exchange of city plaza ) , borrowings under the company 's corporate unsecured credit facility , and the asset-level financing described below . the seattle portfolio consists of the following : a two-building , 484,463 square-foot waterfront property located in the pioneer square submarket of downtown seattle , referred to as the first & king property . this property is 88.2 % leased to tenants such as capital one/ing direct , emc corporation and nuance communications ; a 189,762 square-foot class-a office building located in the south lake union submarket of downtown seattle , referred to as the met park north property . this building is 94.6 % leased , with 72.4 % of the building to be occupied by amazon.com , inc. under a ten-year lease that commenced in november 2013 ; and a 173,776 square-foot building located in the edmonds/lynnwood submarket of seattle 's northend , referred to as the northview property . this building is 88.6 % leased to tenants such as automatic data processing , inc. and the federal emergency management agency . 1861 bundy acquisition on september 27 , 2013 , the company acquired 1861 bundy drive in los angeles , california for $ 11.5 million ( before closing costs and prorations ) . 1861 bundy drive is expected to consist of approximately 36,474 square feet of creative office space and be part of the company 's element la property . dispositions . we disposed of one property in 2013. city plaza disposition 38 on july 12 , 2013 , the company sold its city plaza property for approximately $ 56.0 million ( before certain credits , prorations , and closing costs ) . proceeds from the disposition were used toward the acquisition of the seattle portfolio pursuant to a like-kind exchange under internal revenue code section 1031. city plaza is a nineteen-story , 333,922 rentable square-foot class-a office building located in orange , california that was acquired by the company 's predecessor in august of 2008 and contributed to the company in connection with its june 29 , 2010 initial public offering . repositionings . we generally select a property for repositioning at the time we purchase it . we often strategically purchase properties with large vacancies or expected near-term lease roll-over and use our knowledge of the property and submarket to determine the optimal use and tenant mix . a repositioning can consist of a range of improvements to a property , and may involve a complete structural renovation of a building to significantly upgrade the character of the property , or it may involve targeted remodeling of common areas and tenant spaces to make the property more attractive to certain identified tenants . because each repositioning effort is unique and determined based on the property , tenants and overall trends in the general market and specific submarket , the results are varying degrees of depressed rental revenue and occupancy levels for the affected property , which impacts our results and , accordingly , comparisons of our performance from period to period . the repositioning process generally occurs over the course of months or even years . although usually associated with newly-acquired properties , repositioning efforts can also occur at properties we already own ; repositioning properties discussed in the context of this paragraph exclude acquisition properties where the plan for improvement is implemented as part of the acquisition . during 2013 , we acquired 3401 exposition blvd . and 1861 bundy drive for purposes of repositioning . financings . 3401 exposition boulevard as part of the acquisition of 3401 exposition blvd . on may 22 , 2013 , the company assumed a loan with an outstanding principal balance of approximately $ 13.2 million . the loan bears interest at a rate equal to one-month libor plus 380 basis points and is scheduled to mature on may 31 , 2014. pinnacle ii as part of the contribution of the pinnacle ii building on june 14 , 2013 , the company 's joint venture with mdp/worthe assumed a loan with an outstanding principal balance of approximately $ 89.1 million . the loan bears interest at a fixed annual rate of 6.313 % and is scheduled to mature on september 6 , 2016. seattle portfolio ( met park north and first & king properties ) in connection with the acquisition of the seattle portfolio , on july 31 , 2013 , the company closed a seven-year loan totaling $ 64.5 million with union bank , n.a . , secured by the company 's met park north property . the loan bears interest at a rate equal to one-month libor plus 155 basis points . the full loan is subject to an interest rate contract that swapped one-month libor to a fixed rate of 2.1644 % through the loan 's maturity on august 1 , 2020. proceeds from the loan were used toward the purchase the seattle portfolio . on august 14 , 2013 , the company closed a five-year loan totaling $ 95.0 million with wells fargo bank , n.a . , secured by the company 's first & king property . the loan bears interest at a rate equal to one-month libor plus 160 basis points and is scheduled to mature on august 31 , 2018. proceeds from the loan were used toward the repayment of amounts drawn on our unsecured credit facility in connection with the seattle portfolio acquisition . story_separator_special_tag gains on properties sold are recognized using the full accrual method when ( i ) the collectability of the sales price is reasonably assured , ( ii ) we are not obligated to perform significant activities after the sale , ( iii ) the initial investment from the buyer is sufficient and ( iv ) other profit recognition criteria have been satisfied . gains on sales of properties may be deferred in whole or in part until the requirements for gain recognition have been met . stock-based compensation asc topic 718 , compensation—stock compensation ( referred to as asc topic 718 and formerly known as fasb 123r ) , requires us to recognize an expense for the fair value of equity-based compensation awards . grants of stock options , restricted stock , restricted stock units and performance units under our equity incentive award plans are accounted for under asc topic 718. our compensation committee will regularly consider the accounting implications of significant compensation decisions , especially in connection with decisions that relate to our equity incentive award plans and programs . income taxes our taxable income prior to the completion of our initial public offering is reportable by the members of the limited liability companies that comprise our predecessor . our property-owning subsidiaries are limited liability companies and are treated as pass-through entities for income tax purposes . accordingly , no provision has been made for federal income taxes in the accompanying consolidated financial statements for the activities of these entities . we have elected to be taxed as a reit under the internal revenue code of 1986 , as amended ( the “ code ” ) commencing with our taxable year ended december 31 , 2010. we believe that we have operated in a manner that has allowed us to qualify as a reit for federal income tax purposes commencing with such taxable year , and we intend to continue operating in such manner . to qualify as a reit , we are required to distribute at least 90 % of our net taxable income to our stockholders , excluding net capital gains , and meet the various other requirements imposed by the code relating to such matters as operating results , asset holdings , distribution levels and diversity of stock ownership . provided that we continue to qualify for taxation as a reit , we are generally not subject to corporate level income tax on the earnings distributed currently to our stockholders . if we fail to qualify as a reit in any taxable year , and are unable to avail ourselves of certain savings provisions set forth in the code , all of our taxable income would be subject to federal income tax at regular corporate rates , including any applicable alternative minimum tax . unless entitled to relief under specific statutory provisions , we would be ineligible to elect to be treated as a reit for the four taxable years following the year for which we lose our qualification . it is not possible to state whether in all circumstances we would be entitled to this statutory relief . we have elected to treat one of our subsidiaries as a taxable reit subsidiary . certain activities that we may undertake , such as non-customary services for our tenants and holding assets that we can not hold directly , will be conducted by a taxable reit subsidiary . a taxable reit subsidiary is subject to federal and , where applicable , state income taxes on its net income . we are subject to the statutory requirements of the states in which we conduct business . the company periodically evaluates its tax positions to determine whether it is more likely than not that such positions would be sustained upon examination by a tax authority for all open tax years , as defined by the statute of limitations , based on their technical merits . as of december 31 , 2013 , the company has not established a liability for uncertain tax positions . 43 results of operations the following table identifies each of the properties in our portfolio acquired through december 31 , 2013 and their date of acquisition . replace_table_token_14_th ( 1 ) these properties are owned by our joint venture with mdp/worthe . as of december 31 , 2012 , we owned a 98.25 % interest in the joint venture , which owned pinnacle i as of that date . on june 14 , 2013 , mdp/worthe contributed its interest in pinnacle ii to the joint venture , which reduced our interest in the joint venture to 65.0 % . all amounts and percentages used in this discussion of our results of operations are calculated using the numbers presented in the financial statements contained in this report rather than the rounded numbers appearing in this discussion . 44 comparison of the year ended december 31 , 2013 to the year ended december 31 , 2012 revenue total office revenue . total office revenue consists of rental revenue , tenant recoveries , and parking and other revenue . total office revenues increased $ 45.1 million , or 37.5 % , to $ 165.4 million for the twelve months ended december 31 , 2013 compared to $ 120.3 million for the twelve months ended december 31 , 2012 . the period-over-period changes in the items that comprise total revenue are attributable primarily to the factors discussed below . during the twelve months ended december 31 , 2013 , the company entered into an agreement to sell its city plaza property in orange , california . accordingly , the city plaza property was reclassified as held for sale and its financial results are accounted for as discontinued operations for the twelve months ended december 31 , 2013 and december 31 , 2012 . office rental revenue . office rental revenue includes rental revenues from our office properties and percentage rent on retail space contained within those properties . total

