in april 2017 , we drew $ 150.0 million under the unsecured revolving credit facility to fund the acquisition . ( 3 ) on july 1 , 2016 , we purchased a partial interest in land held as a tenancy in common in conjunction with our acquisition of the 11601 wilshire property . the land interest held as a tenancy in common was accounted for as an equity method investment . on june 15 , 2017 , we purchased the remaining interest , which was fair valued and allocated to land and building . ( 4 ) this parcel is adjacent to the sunset las palmas studios property . dispositions we disposed of four office properties during 2017 that were non-strategic assets in our portfolio . these dispositions resulted in $ 45.6 million of gains . the following table summarizes the properties sold in 2017 : replace_table_token_17_th _ ( 1 ) represents gross sales price before certain credits , prorations and closing costs . ( 2 ) the consolidated joint venture that owned pinnacle i and pinnacle ii sold the properties to affiliates of blackstone . in conjunction with the sale , the $ 216.0 million debt secured by these properties was assumed by the purchasers . held for sale as of december 31 , 2017 , we had four properties that met the criteria to be classified as held for sale . the following table summarizes properties classified as held for sale as of december 31 , 2017 : replace_table_token_18_th ( 1 ) represents gross sales price before certain credits , prorations and closing costs . redevelopment/development properties are selected for redevelopment when we believe the result of doing so will render a higher economic return . we may engage in the development or redevelopment of office properties when market conditions support a favorable risk-adjusted return . a redevelopment can consist of a range of improvements to a property , and may constitute a complete structural renovation of a building or remodeling select areas to make the property more attractive to tenants . redevelopment and development properties are excluded from our in-service portfolio to maintain consistency in evaluating our performance from period to period . the redevelopment and development process is generally capital-intensive and occurs over the course of several months or years . commonly associated with newly-acquired properties , redevelopment efforts may also occur at properties we currently own . at december 31 , 2017 , there were a total of four properties included in property under development in our consolidated balance sheets : 95 jackson ( formerly merrill place theater building ) , maxwell , cue and epic . financings in january 2017 , we completed an underwritten public offering of 8,881,575 shares of common stock for total proceeds , net of transaction costs , of approximately $ 310.9 million . proceeds were used to repurchase 8,881,575 common units in the operating partnership from blackstone and farallon capital management , llc ( “ the farallon funds ” ) . 46 in march 2017 , we completed an underwritten public offering of 9,775,000 shares of common stock for total proceeds , net of transaction costs , of approximately $ 337.5 million . proceeds from the offering were used to fully repay a $ 255.0 million balance outstanding under our unsecured revolving credit facility and for our acquisition of sunset las palmas . in october 2017 , we completed our inaugural public offering of $ 400.0 million registered senior notes due november 1 , 2027. the net proceeds from the offering , after deducting the underwriting discounts and offering expenses , were approximately $ 396.7 million and were used to repay $ 150.0 million of our 5-year term loan due april 2020 with the remainder of the net proceeds , together with cash on hand , used to repay $ 250.0 million outstanding under our unsecured revolving credit facility . in november 2017 , the consolidated joint venture that owned pinnacle i and pinnacle ii sold the properties to affiliates of blackstone for $ 350.0 million . in conjunction with the sale , the $ 216.0 million debt secured by these properties was assumed by the purchasers . additionally , we used proceeds from the sale and cash on hand to repay $ 100.0 million of our 5-year term loan due november 2020. factors that may influence our operating results business and strategy we invest in class-a office and media and entertainment properties located in high barrier-to-entry , innovation-centric submarkets with significant growth potential . our positioning within these submarkets allows us to attract and retain quality growth companies as tenants , many of which are in the technology and media and entertainment sectors . the purchase of properties with a value-add component , typically through off-market transactions , also facilitates our growth . these types of assets afford us the opportunity to capture embedded rent growth and occupancy upside , and to strategically invest capital to reposition and redevelop assets to generate additional cash flow . we take a more measured approach to ground-up development , with most under-construction , planned or potential projects located on ancillary sites part of existing operating assets . management expertise across disciplines supports execution at all levels of our operations . in particular , aggressive leasing and proactive asset management , combined with a focus on conservatively managing our balance sheet , are central to our strategy . rental revenue the amount of net rental revenue generated by the properties in our portfolio depends principally on our ability to maintain the occupancy rates of currently leased space and to lease currently available space and space that becomes available from lease terminations . as of december 31 , 2017 , the percent leased for our in-service office properties was approximately 92.1 % ( or 90.3 % , excluding leases signed but not commenced as of that date ) . story_separator_special_tag the stock-based compensation is amortized through the final vesting period on a straight-line basis and graded vesting basis for time-based awards and performance-based awards , respectively . pursuant to the adoption of asu 2016-09 , we account for forfeitures of awards as they occur . 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 property-owning subsidiaries are limited liability companies and are treated as pass-through entities or disregarded entities ( or , in the case of the entities that own the 1455 market and hill7 properties , reits ) for federal 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 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 , excluding net capital gains , to our stockholders 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 corporate income tax , including any applicable alternative minimum tax for taxable years prior to 2018. 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 own and may acquire direct or indirect interests in one or more subsidiary reits . a subsidiary reit is subject to the various reit qualification requirements and other limitations described herein that are applicable to us . if a subsidiary reit were to fail to qualify as a reit , then ( i ) that subsidiary reit would become subject to federal income tax , ( ii ) shares in such reit would cease to be qualifying assets for purposes of the asset tests applicable to reits and ( iii ) it is possible that we would fail certain of the asset tests applicable to reits , in which event we would fail to qualify as a reit unless we could avail ourselves of certain relief provisions . we believe that our operating partnership is properly treated as a partnership for federal income tax purposes . as a partnership , our operating partnership is not subject to federal income tax on its income . instead , each of its partners , including us , is allocated , and may be required to pay tax with respect to , its share of our operating partnership 's income . as such , no provision for federal income taxes has been included for the operating partnership . we have elected , together with one of our subsidiaries , to treat such subsidiary as a taxable reit subsidiary ( “ trs ” ) for federal income tax purposes . certain activities that we may undertake , such as non-customary services for our tenants and 51 holding assets that we can not hold directly , will be conducted by a trs . a trs is subject to federal and , where applicable , state and local income taxes on its net income . we are subject to the statutory requirements of the states in which we conduct business . we periodically evaluate our 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 , 2017 , we have not established a liability for uncertain tax positions . we and our trs file income tax returns with the u.s. federal government and various state and local jurisdictions . we and our trs are no longer subject to tax examinations by tax authorities for years prior to 2012. generally , we have assessed our tax positions for all open years , which include 2012 to 2016 , and concluded that there are no material uncertainties to be recognized . 52 results of operations the following table identifies the properties in our portfolio as of december 31 , 2017 : replace_table_token_19_th _ ( 1 ) we acquired this property in august 2007 and completed its development in june 2008 . ( 2 ) this property was classified as held for sale as of december 31 , 2017 and the sale is expected to close during the first quarter of 2018 . ( 3 ) we have a 55 % ownership interest in the consolidated joint venture that owns the 1455 market property . ( 4 ) this development was completed in the second quarter of 2017 . ( 5 ) we estimate this development will be completed in the fourth quarter of 2018 and stabilized in the second quarter of 2019. as a result of this development , the estimated rentable square footage increased to 99,090 .

liquidity sources we had approximately $ 78.9 million of cash and cash equivalents at december 31 , 2017 . our principal source of operating cash flow is related to leasing and operating the properties in our portfolio . our properties provide a relatively consistent stream of cash flow that provides us with resources to pay operating expenses , debt service and fund quarterly dividend and distribution requirements . our ability to access the equity capital markets will be dependent on a number of factors as well , including general market conditions for reits and market perceptions about us . we have an atm program that allows us to sell up to $ 125.0 million of common stock , $ 20.1 million of which has been sold through december 31 , 2017 . any future sales will depend on several factors , including , but not limited to , market conditions , the trading price of our common stock and our capital needs . we have no obligation to sell the remaining shares available for sale under this program . as of december 31 , 2017 , we had total borrowing capacity of $ 400.0 million under our unsecured revolving credit facility , $ 100.0 million of which had been drawn . our ability to incur additional debt will be dependent on a number of factors , including our degree of leverage , the value of our unencumbered assets and borrowing restrictions that may be imposed by lenders . if we incur additional debt , the risks associated with our leverage , including our ability to service our debt , would increase . based on the closing price of our common stock of $ 34.25 as of december 31 , 2017 , our ratio of debt to total market capitalization was approximately 31.2 % ( counting series a preferred units as debt ) as of december 31 , 2017 .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity sources we had approximately $ 78.9 million of cash and cash equivalents at december 31 , 2017 . our principal source of operating cash flow is related to leasing and operating the properties in our portfolio . our properties provide a relatively consistent stream of cash flow that provides us with resources to pay operating expenses , debt service and fund quarterly dividend and distribution requirements . our ability to access the equity capital markets will be dependent on a number of factors as well , including general market conditions for reits and market perceptions about us . we have an atm program that allows us to sell up to $ 125.0 million of common stock , $ 20.1 million of which has been sold through december 31 , 2017 . any future sales will depend on several factors , including , but not limited to , market conditions , the trading price of our common stock and our capital needs . we have no obligation to sell the remaining shares available for sale under this program . as of december 31 , 2017 , we had total borrowing capacity of $ 400.0 million under our unsecured revolving credit facility , $ 100.0 million of which had been drawn . our ability to incur additional debt will be dependent on a number of factors , including our degree of leverage , the value of our unencumbered assets and borrowing restrictions that may be imposed by lenders . if we incur additional debt , the risks associated with our leverage , including our ability to service our debt , would increase . based on the closing price of our common stock of $ 34.25 as of december 31 , 2017 , our ratio of debt to total market capitalization was approximately 31.2 % ( counting series a preferred units as debt ) as of december 31 , 2017 .
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 Suspicious Activity Report : in april 2017 , we drew $ 150.0 million under the unsecured revolving credit facility to fund the acquisition . ( 3 ) on july 1 , 2016 , we purchased a partial interest in land held as a tenancy in common in conjunction with our acquisition of the 11601 wilshire property . the land interest held as a tenancy in common was accounted for as an equity method investment . on june 15 , 2017 , we purchased the remaining interest , which was fair valued and allocated to land and building . ( 4 ) this parcel is adjacent to the sunset las palmas studios property . dispositions we disposed of four office properties during 2017 that were non-strategic assets in our portfolio . these dispositions resulted in $ 45.6 million of gains . the following table summarizes the properties sold in 2017 : replace_table_token_17_th _ ( 1 ) represents gross sales price before certain credits , prorations and closing costs . ( 2 ) the consolidated joint venture that owned pinnacle i and pinnacle ii sold the properties to affiliates of blackstone . in conjunction with the sale , the $ 216.0 million debt secured by these properties was assumed by the purchasers . held for sale as of december 31 , 2017 , we had four properties that met the criteria to be classified as held for sale . the following table summarizes properties classified as held for sale as of december 31 , 2017 : replace_table_token_18_th ( 1 ) represents gross sales price before certain credits , prorations and closing costs . redevelopment/development properties are selected for redevelopment when we believe the result of doing so will render a higher economic return . we may engage in the development or redevelopment of office properties when market conditions support a favorable risk-adjusted return . a redevelopment can consist of a range of improvements to a property , and may constitute a complete structural renovation of a building or remodeling select areas to make the property more attractive to tenants . redevelopment and development properties are excluded from our in-service portfolio to maintain consistency in evaluating our performance from period to period . the redevelopment and development process is generally capital-intensive and occurs over the course of several months or years . commonly associated with newly-acquired properties , redevelopment efforts may also occur at properties we currently own . at december 31 , 2017 , there were a total of four properties included in property under development in our consolidated balance sheets : 95 jackson ( formerly merrill place theater building ) , maxwell , cue and epic . financings in january 2017 , we completed an underwritten public offering of 8,881,575 shares of common stock for total proceeds , net of transaction costs , of approximately $ 310.9 million . proceeds were used to repurchase 8,881,575 common units in the operating partnership from blackstone and farallon capital management , llc ( “ the farallon funds ” ) . 46 in march 2017 , we completed an underwritten public offering of 9,775,000 shares of common stock for total proceeds , net of transaction costs , of approximately $ 337.5 million . proceeds from the offering were used to fully repay a $ 255.0 million balance outstanding under our unsecured revolving credit facility and for our acquisition of sunset las palmas . in october 2017 , we completed our inaugural public offering of $ 400.0 million registered senior notes due november 1 , 2027. the net proceeds from the offering , after deducting the underwriting discounts and offering expenses , were approximately $ 396.7 million and were used to repay $ 150.0 million of our 5-year term loan due april 2020 with the remainder of the net proceeds , together with cash on hand , used to repay $ 250.0 million outstanding under our unsecured revolving credit facility . in november 2017 , the consolidated joint venture that owned pinnacle i and pinnacle ii sold the properties to affiliates of blackstone for $ 350.0 million . in conjunction with the sale , the $ 216.0 million debt secured by these properties was assumed by the purchasers . additionally , we used proceeds from the sale and cash on hand to repay $ 100.0 million of our 5-year term loan due november 2020. factors that may influence our operating results business and strategy we invest in class-a office and media and entertainment properties located in high barrier-to-entry , innovation-centric submarkets with significant growth potential . our positioning within these submarkets allows us to attract and retain quality growth companies as tenants , many of which are in the technology and media and entertainment sectors . the purchase of properties with a value-add component , typically through off-market transactions , also facilitates our growth . these types of assets afford us the opportunity to capture embedded rent growth and occupancy upside , and to strategically invest capital to reposition and redevelop assets to generate additional cash flow . we take a more measured approach to ground-up development , with most under-construction , planned or potential projects located on ancillary sites part of existing operating assets . management expertise across disciplines supports execution at all levels of our operations . in particular , aggressive leasing and proactive asset management , combined with a focus on conservatively managing our balance sheet , are central to our strategy . rental revenue the amount of net rental revenue generated by the properties in our portfolio depends principally on our ability to maintain the occupancy rates of currently leased space and to lease currently available space and space that becomes available from lease terminations . as of december 31 , 2017 , the percent leased for our in-service office properties was approximately 92.1 % ( or 90.3 % , excluding leases signed but not commenced as of that date ) . story_separator_special_tag the stock-based compensation is amortized through the final vesting period on a straight-line basis and graded vesting basis for time-based awards and performance-based awards , respectively . pursuant to the adoption of asu 2016-09 , we account for forfeitures of awards as they occur . 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 property-owning subsidiaries are limited liability companies and are treated as pass-through entities or disregarded entities ( or , in the case of the entities that own the 1455 market and hill7 properties , reits ) for federal 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 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 , excluding net capital gains , to our stockholders 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 corporate income tax , including any applicable alternative minimum tax for taxable years prior to 2018. 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 own and may acquire direct or indirect interests in one or more subsidiary reits . a subsidiary reit is subject to the various reit qualification requirements and other limitations described herein that are applicable to us . if a subsidiary reit were to fail to qualify as a reit , then ( i ) that subsidiary reit would become subject to federal income tax , ( ii ) shares in such reit would cease to be qualifying assets for purposes of the asset tests applicable to reits and ( iii ) it is possible that we would fail certain of the asset tests applicable to reits , in which event we would fail to qualify as a reit unless we could avail ourselves of certain relief provisions . we believe that our operating partnership is properly treated as a partnership for federal income tax purposes . as a partnership , our operating partnership is not subject to federal income tax on its income . instead , each of its partners , including us , is allocated , and may be required to pay tax with respect to , its share of our operating partnership 's income . as such , no provision for federal income taxes has been included for the operating partnership . we have elected , together with one of our subsidiaries , to treat such subsidiary as a taxable reit subsidiary ( “ trs ” ) for federal income tax purposes . certain activities that we may undertake , such as non-customary services for our tenants and 51 holding assets that we can not hold directly , will be conducted by a trs . a trs is subject to federal and , where applicable , state and local income taxes on its net income . we are subject to the statutory requirements of the states in which we conduct business . we periodically evaluate our 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 , 2017 , we have not established a liability for uncertain tax positions . we and our trs file income tax returns with the u.s. federal government and various state and local jurisdictions . we and our trs are no longer subject to tax examinations by tax authorities for years prior to 2012. generally , we have assessed our tax positions for all open years , which include 2012 to 2016 , and concluded that there are no material uncertainties to be recognized . 52 results of operations the following table identifies the properties in our portfolio as of december 31 , 2017 : replace_table_token_19_th _ ( 1 ) we acquired this property in august 2007 and completed its development in june 2008 . ( 2 ) this property was classified as held for sale as of december 31 , 2017 and the sale is expected to close during the first quarter of 2018 . ( 3 ) we have a 55 % ownership interest in the consolidated joint venture that owns the 1455 market property . ( 4 ) this development was completed in the second quarter of 2017 . ( 5 ) we estimate this development will be completed in the fourth quarter of 2018 and stabilized in the second quarter of 2019. as a result of this development , the estimated rentable square footage increased to 99,090 .

