submarket in greater boston , respectively ; improvement of initial stabilized cash yield to 7.7 % from 7.3 % as initially disclosed ; 63 64,378 rsf at 430 east 29th street in our manhattan submarket in new york city ; improvement of initial stabilized cash yield to 7.0 % from 6.6 % as initially disclosed ; 61,755 rsf , 100 % leased to otonomy , inc. at 4796 executive drive in our university town center submarket in san diego ; improvement of initial stabilized cash yield to 7.0 % from 6.8 % as initially disclosed ; and 59,783 rsf , 100 % leased to editas medicine , inc. at 11 hurley street in our cambridge submarket in greater boston ; improvement of initial stabilized cash yield to 8.8 % from 7.9 % as initially disclosed . executed a 293,855 rsf 15-year build-to-suit lease with merck & co. , inc. at 213 east grand avenue in our south san francisco submarket ; we anticipate commencing development in the second quarter of 2017. increased common stock dividend common stock dividend for the year ended december 31 , 2016 , of $ 3.23 per common share , up 18 cent s , or 6 % , over the year ended december 31 , 2015 ; continuation of our strategy to share growth in cash flows from operating activities with our stockholders while also retaining a significant portion for reinvestment . operating results replace_table_token_19_th replace_table_token_20_th core operating metrics and internal growth percentage of annual rental revenue from investment-grade tenants in effect as of december 31 , 2016 : 49 % percentage of annual rental revenue from class a properties in aaa locations in effect as of december 31 , 2016 : 79 % occupancy for operating properties in north america at 96.6 % as of december 31 , 2016 operating margin at 70 % for the year ended december 31 , 2016 adjusted ebitda margin at 66 % for the year ended december 31 , 2016 see “ solid internal growth ” in the above section for information on our leasing activity and same property net operating income growth 64 external growth disciplined allocation of capital to visible , multiyear , highly leased value-creation pipeline refer to “ executive summary ” within this item 7 in this annual report on form 10-k for information . strategic acquisitions in november 2016 , we acquired the remaining 49 % interest in our real estate joint venture with uber technologies , inc. for $ 90.1 million . the real estate joint venture owned land parcels located at 1455 and 1515 third street and a parking garage structure in our mission bay/soma submarket of san francisco . the former real estate joint venture was expected to complete the development of two new class a properties in 2018 , pursuant to leases with uber . as a result of the acquisition of the remaining 49 % ownership interest , we own a 100 % fee simple interest in both land parcels and the parking garage and are no longer obligated to fund the development of the two class a properties . in connection with the acquisition of the remaining interest in the land and parking garage , we leased these assets to uber for 75 years , beginning in november 2016. uber will develop and own 100 % of the two class a properties on the land parcels . the $ 90.1 million purchase price includes $ 56.8 million payable in 2017. initial stabilized yields on our total project investment of $ 155.0 million ( including our investment in our initial 51 % interest ) are 14.4 % and 7.0 % ( cash basis ) . cash rents for the parking structure and land commence in february 2017 , and november 2017 , respectively . in november 2016 , we acquired one kendall square , a 644,771 rsf , nine-building collaborative life science and technology campus located in the east side of our cambridge submarket of greater boston , for a purchase price of $ 725.0 million , including the assumption of a $ 203.0 million secured note payable . the campus is 97.3 % occupied , and we expect to achieve an initial stabilized yield ( cash basis ) of 6.2 % upon completion of near-term renewals and re-leasing of space ( see below ) . this acquisition provides us with a significant opportunity to increase cash flows through the following : $ 47/rsf average in-place annual rents ( mix of office gross rents and lab triple net rents ) , significantly below-market ; 55 % contractual lease expirations through 2019 ; conversion of campus office space into office/laboratory space through redevelopment ; and entitled land parcel for near-term ground-up development of an additional building aggregating 172,500 square feet . in october 2016 , we acquired the torrey ridge science center , a 294,993 rsf , three-building collaborative life science campus located in the heart of our torrey pines submarket of san diego , for a purchase price of $ 182.5 million . the campus is 87.1 % occupied , and we expect to achieve an initial stabilized yield ( cash basis ) of 6.8 % at stabilization in the first half of 2018 upon completion of near-term renewals/re-leasing of acquired below-market leases and the conversion of 75,953 rsf of existing shell and office space into office/laboratory space . dispositions during the three months ended december 31 , 2016 , we completed the dispositions of our remaining operating properties and land parcels in india for an aggregate sales price of approximately $ 53.4 million . as of december 31 , 2016 , we had no remaining investments in real estate in india . story_separator_special_tag additionally , the resulting improvement in our balance sheet leverage ratio should allow us to access diverse sources of capital , strengthen our credit profile , and reduce our cost of capital . in addition , we expect to continue to maintain a significant proportion of unencumbered net operating income . for the year ended december 31 , 2016 , our unencumbered net operating income as a percentage of total net operating income was 85 % . 75 investments we hold equity investments in certain publicly traded companies , privately held entities , and limited partnerships primarily involved in the life science and technology industries . as of december 31 , 2016 , our investments aggregated $ 342.5 million , or approximately 3.3 % of our total assets . the charts and table below present selected investment statistics as of december 31 , 2016 ( dollars in thousands , unless stated otherwise ) : replace_table_token_27_th 76 results of operations favorable lease structure ( 1 ) same property net operating income increase percentage of triple net leases 97 % stable cash flows percentage of leases containing annual rent escalations 96 % increasing cash flows percentage of leases providing for the recapture of capital expenditures 95 % lower capex burden margins ( 2 ) rental rate increases : renewed/re-leased space adjusted ebitda operating 66 % 70 % ( 1 ) percentages calculated based on rsf . ( 2 ) represents the year ended december 31 , 2016 . 77 same properties as a result of changes within our total property portfolio during the comparative periods presented , including changes from assets acquired or sold , properties placed into development or redevelopment , and development and or redevelopment properties recently placed into service , the consolidated total rental revenues , tenant recoveries , and rental operating expenses in our operating results can show significant changes from period to period . in order to supplement an evaluation of our results of operations over a given period , we analyze the operating performance for all properties that were fully operating for the entirety of the comparative periods presented , referred to as same properties . these properties are analyzed separately from properties acquired subsequent to the first day in the earliest comparable period presented , properties that underwent development or redevelopment at any time during the comparative periods and corporate entities ( legal entities performing general and administrative functions ) , which are excluded from same property results . additionally , rental revenues from lease termination fees , if any , are excluded from the results of the same properties . the following table presents information regarding our same properties as of december 31 , 2016 and 2015 : replace_table_token_28_th the following table reconciles the number of same properties to total properties for the year ended december 31 , 2016 : replace_table_token_29_th replace_table_token_30_th ( 1 ) represents two land parcels and a parking garage 100 % leased to uber . 78 comparison of results for the year ended december 31 , 2016 , to the year ended december 31 , 2015 the following table presents a comparison of the components of net operating income for our same properties and non-same properties for the year ended december 31 , 2016 , compared to the year ended december 31 , 2015 . for a reconciliation of net operating income to income from continuing operations , the most directly comparable financial measure presented in accordance with gaap , refer to “ non-gaap measures ” within this item 7 of this annual report on form 10-k. replace_table_token_31_th rental revenues total rental revenues for the year ended december 31 , 2016 , increased by $ 65.0 million , or 10.7 % , to $ 673.8 million , compared to $ 608.8 million for the year ended december 31 , 2015 . the increase was primarily due to rental revenues from our non-same properties totaling $ 45.8 million primarily due to placing into service , subsequent to january 1 , 2015 , highly leased development and redevelopment projects , aggregating 3,174,458 rsf , and 13 operating properties acquired subsequent to january 1 , 2015 . rental revenues from our same properties for the year ended december 31 , 2016 , increased by $ 19.2 million , or 3.7 % , to $ 541.2 million , compared to $ 522.0 million for the year ended december 31 , 2015 . the increase was primarily due to significant rental rate increases on lease renewals and re-leasing of space since january 1 , 2015 , as well as an increase in occupancy for same properties to 97.1 % for the year ended december 31 , 2016 , from 96.3 % for the year ended december 31 , 2015 . 79 tenant recoveries tenant recoveries for the year ended december 31 , 2016 , increased by $ 14.6 million , or 7.0 % , to $ 223.7 million , compared to $ 209.1 million for the year ended december 31 , 2015 . this increase is relatively consistent with the increase in our rental operating expenses of $ 17.2 million , or 6.6 % , as discussed under “ rental operating expenses ” below . same properties ' tenant recoveries increased by $ 5.4 million , or 2.9 % , primarily due to the increase in occupancy for same properties , as discussed above . other income other income for the years ended december 31 , 2016 and 2015 , consisted of the following ( in thousands ) : replace_table_token_32_th rental operating expenses total rental operating expenses for the year ended december 31 , 2016 , increased by $ 17.2 million , or 6.6 % , to $ 278.4 million , compared to $ 261.2 million for the year ended december 31 , 2015 . approximately $ 15.8 million of the increase was due to an increase in rental operating expenses from our non-same properties , primarily related to development and redevelopment projects placed into

loss on early extinguishment of debt during the year ended december 31 , 2016 , we recognized a loss on early extinguishment of debt related to the write-off of a portion of unamortized loan fees totaling $ 2.4 million upon the amendment of our unsecured senior line of credit in july 2016. in addition , we completed a partial principal repayment of $ 200 million of our 2019 unsecured senior bank term loan and recognized a loss on early extinguishment of debt of $ 869 thousand related to the write-off of unamortized loan fees . during the year ended december 31 , 2015 , we recognized a loss on early extinguishment of debt to expense a portion of unamortized loan fees aggregating $ 189 thousand upon our $ 25.0 million partial principal repayment under our 2019 unsecured senior bank term loan . 81 equity in ( losses ) earnings of unconsolidated real estate joint venture equity in losses of unconsolidated real estate joint venture of $ 184 thousand and equity in earnings of unconsolidated real estate joint venture of $ 1.7 million for the years ended december 31 , 2016 and 2015 , respectively , primarily include our 27.5 % share of the operating results of our property at 360 longwood avenue in our longwood medical area submarket of greater boston . the results include depreciation and amortization expense from placing into service additional rsf at this development property . as of december 31 , 2016 , we had 413,799 rsf , or 100 % , of this property in service at 76 % occupancy . gain on sales of real estate – rental properties during the year ended december 31 , 2016 , we recognized an aggregate gain of $ 3.7 million from three properties sold for a total consideration of $ 43.4 million , which included a gain of $ 2.4 million on the sale of a property located in our canada market in north america at 7990 enterprise street for $ 13.8 million .


 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.
     ```loss on early extinguishment of debt during the year ended december 31 , 2016 , we recognized a loss on early extinguishment of debt related to the write-off of a portion of unamortized loan fees totaling $ 2.4 million upon the amendment of our unsecured senior line of credit in july 2016. in addition , we completed a partial principal repayment of $ 200 million of our 2019 unsecured senior bank term loan and recognized a loss on early extinguishment of debt of $ 869 thousand related to the write-off of unamortized loan fees . during the year ended december 31 , 2015 , we recognized a loss on early extinguishment of debt to expense a portion of unamortized loan fees aggregating $ 189 thousand upon our $ 25.0 million partial principal repayment under our 2019 unsecured senior bank term loan . 81 equity in ( losses ) earnings of unconsolidated real estate joint venture equity in losses of unconsolidated real estate joint venture of $ 184 thousand and equity in earnings of unconsolidated real estate joint venture of $ 1.7 million for the years ended december 31 , 2016 and 2015 , respectively , primarily include our 27.5 % share of the operating results of our property at 360 longwood avenue in our longwood medical area submarket of greater boston . the results include depreciation and amortization expense from placing into service additional rsf at this development property . as of december 31 , 2016 , we had 413,799 rsf , or 100 % , of this property in service at 76 % occupancy . gain on sales of real estate – rental properties during the year ended december 31 , 2016 , we recognized an aggregate gain of $ 3.7 million from three properties sold for a total consideration of $ 43.4 million , which included a gain of $ 2.4 million on the sale of a property located in our canada market in north america at 7990 enterprise street for $ 13.8 million .
```    
 Suspicious Activity Report : submarket in greater boston , respectively ; improvement of initial stabilized cash yield to 7.7 % from 7.3 % as initially disclosed ; 63 64,378 rsf at 430 east 29th street in our manhattan submarket in new york city ; improvement of initial stabilized cash yield to 7.0 % from 6.6 % as initially disclosed ; 61,755 rsf , 100 % leased to otonomy , inc. at 4796 executive drive in our university town center submarket in san diego ; improvement of initial stabilized cash yield to 7.0 % from 6.8 % as initially disclosed ; and 59,783 rsf , 100 % leased to editas medicine , inc. at 11 hurley street in our cambridge submarket in greater boston ; improvement of initial stabilized cash yield to 8.8 % from 7.9 % as initially disclosed . executed a 293,855 rsf 15-year build-to-suit lease with merck & co. , inc. at 213 east grand avenue in our south san francisco submarket ; we anticipate commencing development in the second quarter of 2017. increased common stock dividend common stock dividend for the year ended december 31 , 2016 , of $ 3.23 per common share , up 18 cent s , or 6 % , over the year ended december 31 , 2015 ; continuation of our strategy to share growth in cash flows from operating activities with our stockholders while also retaining a significant portion for reinvestment . operating results replace_table_token_19_th replace_table_token_20_th core operating metrics and internal growth percentage of annual rental revenue from investment-grade tenants in effect as of december 31 , 2016 : 49 % percentage of annual rental revenue from class a properties in aaa locations in effect as of december 31 , 2016 : 79 % occupancy for operating properties in north america at 96.6 % as of december 31 , 2016 operating margin at 70 % for the year ended december 31 , 2016 adjusted ebitda margin at 66 % for the year ended december 31 , 2016 see “ solid internal growth ” in the above section for information on our leasing activity and same property net operating income growth 64 external growth disciplined allocation of capital to visible , multiyear , highly leased value-creation pipeline refer to “ executive summary ” within this item 7 in this annual report on form 10-k for information . strategic acquisitions in november 2016 , we acquired the remaining 49 % interest in our real estate joint venture with uber technologies , inc. for $ 90.1 million . the real estate joint venture owned land parcels located at 1455 and 1515 third street and a parking garage structure in our mission bay/soma submarket of san francisco . the former real estate joint venture was expected to complete the development of two new class a properties in 2018 , pursuant to leases with uber . as a result of the acquisition of the remaining 49 % ownership interest , we own a 100 % fee simple interest in both land parcels and the parking garage and are no longer obligated to fund the development of the two class a properties . in connection with the acquisition of the remaining interest in the land and parking garage , we leased these assets to uber for 75 years , beginning in november 2016. uber will develop and own 100 % of the two class a properties on the land parcels . the $ 90.1 million purchase price includes $ 56.8 million payable in 2017. initial stabilized yields on our total project investment of $ 155.0 million ( including our investment in our initial 51 % interest ) are 14.4 % and 7.0 % ( cash basis ) . cash rents for the parking structure and land commence in february 2017 , and november 2017 , respectively . in november 2016 , we acquired one kendall square , a 644,771 rsf , nine-building collaborative life science and technology campus located in the east side of our cambridge submarket of greater boston , for a purchase price of $ 725.0 million , including the assumption of a $ 203.0 million secured note payable . the campus is 97.3 % occupied , and we expect to achieve an initial stabilized yield ( cash basis ) of 6.2 % upon completion of near-term renewals and re-leasing of space ( see below ) . this acquisition provides us with a significant opportunity to increase cash flows through the following : $ 47/rsf average in-place annual rents ( mix of office gross rents and lab triple net rents ) , significantly below-market ; 55 % contractual lease expirations through 2019 ; conversion of campus office space into office/laboratory space through redevelopment ; and entitled land parcel for near-term ground-up development of an additional building aggregating 172,500 square feet . in october 2016 , we acquired the torrey ridge science center , a 294,993 rsf , three-building collaborative life science campus located in the heart of our torrey pines submarket of san diego , for a purchase price of $ 182.5 million . the campus is 87.1 % occupied , and we expect to achieve an initial stabilized yield ( cash basis ) of 6.8 % at stabilization in the first half of 2018 upon completion of near-term renewals/re-leasing of acquired below-market leases and the conversion of 75,953 rsf of existing shell and office space into office/laboratory space . dispositions during the three months ended december 31 , 2016 , we completed the dispositions of our remaining operating properties and land parcels in india for an aggregate sales price of approximately $ 53.4 million . as of december 31 , 2016 , we had no remaining investments in real estate in india . story_separator_special_tag additionally , the resulting improvement in our balance sheet leverage ratio should allow us to access diverse sources of capital , strengthen our credit profile , and reduce our cost of capital . in addition , we expect to continue to maintain a significant proportion of unencumbered net operating income . for the year ended december 31 , 2016 , our unencumbered net operating income as a percentage of total net operating income was 85 % . 75 investments we hold equity investments in certain publicly traded companies , privately held entities , and limited partnerships primarily involved in the life science and technology industries . as of december 31 , 2016 , our investments aggregated $ 342.5 million , or approximately 3.3 % of our total assets . the charts and table below present selected investment statistics as of december 31 , 2016 ( dollars in thousands , unless stated otherwise ) : replace_table_token_27_th 76 results of operations favorable lease structure ( 1 ) same property net operating income increase percentage of triple net leases 97 % stable cash flows percentage of leases containing annual rent escalations 96 % increasing cash flows percentage of leases providing for the recapture of capital expenditures 95 % lower capex burden margins ( 2 ) rental rate increases : renewed/re-leased space adjusted ebitda operating 66 % 70 % ( 1 ) percentages calculated based on rsf . ( 2 ) represents the year ended december 31 , 2016 . 77 same properties as a result of changes within our total property portfolio during the comparative periods presented , including changes from assets acquired or sold , properties placed into development or redevelopment , and development and or redevelopment properties recently placed into service , the consolidated total rental revenues , tenant recoveries , and rental operating expenses in our operating results can show significant changes from period to period . in order to supplement an evaluation of our results of operations over a given period , we analyze the operating performance for all properties that were fully operating for the entirety of the comparative periods presented , referred to as same properties . these properties are analyzed separately from properties acquired subsequent to the first day in the earliest comparable period presented , properties that underwent development or redevelopment at any time during the comparative periods and corporate entities ( legal entities performing general and administrative functions ) , which are excluded from same property results . additionally , rental revenues from lease termination fees , if any , are excluded from the results of the same properties . the following table presents information regarding our same properties as of december 31 , 2016 and 2015 : replace_table_token_28_th the following table reconciles the number of same properties to total properties for the year ended december 31 , 2016 : replace_table_token_29_th replace_table_token_30_th ( 1 ) represents two land parcels and a parking garage 100 % leased to uber . 78 comparison of results for the year ended december 31 , 2016 , to the year ended december 31 , 2015 the following table presents a comparison of the components of net operating income for our same properties and non-same properties for the year ended december 31 , 2016 , compared to the year ended december 31 , 2015 . for a reconciliation of net operating income to income from continuing operations , the most directly comparable financial measure presented in accordance with gaap , refer to “ non-gaap measures ” within this item 7 of this annual report on form 10-k. replace_table_token_31_th rental revenues total rental revenues for the year ended december 31 , 2016 , increased by $ 65.0 million , or 10.7 % , to $ 673.8 million , compared to $ 608.8 million for the year ended december 31 , 2015 . the increase was primarily due to rental revenues from our non-same properties totaling $ 45.8 million primarily due to placing into service , subsequent to january 1 , 2015 , highly leased development and redevelopment projects , aggregating 3,174,458 rsf , and 13 operating properties acquired subsequent to january 1 , 2015 . rental revenues from our same properties for the year ended december 31 , 2016 , increased by $ 19.2 million , or 3.7 % , to $ 541.2 million , compared to $ 522.0 million for the year ended december 31 , 2015 . the increase was primarily due to significant rental rate increases on lease renewals and re-leasing of space since january 1 , 2015 , as well as an increase in occupancy for same properties to 97.1 % for the year ended december 31 , 2016 , from 96.3 % for the year ended december 31 , 2015 . 79 tenant recoveries tenant recoveries for the year ended december 31 , 2016 , increased by $ 14.6 million , or 7.0 % , to $ 223.7 million , compared to $ 209.1 million for the year ended december 31 , 2015 . this increase is relatively consistent with the increase in our rental operating expenses of $ 17.2 million , or 6.6 % , as discussed under “ rental operating expenses ” below . same properties ' tenant recoveries increased by $ 5.4 million , or 2.9 % , primarily due to the increase in occupancy for same properties , as discussed above . other income other income for the years ended december 31 , 2016 and 2015 , consisted of the following ( in thousands ) : replace_table_token_32_th rental operating expenses total rental operating expenses for the year ended december 31 , 2016 , increased by $ 17.2 million , or 6.6 % , to $ 278.4 million , compared to $ 261.2 million for the year ended december 31 , 2015 . approximately $ 15.8 million of the increase was due to an increase in rental operating expenses from our non-same properties , primarily related to development and redevelopment projects placed into

