results of operations 2016 compared to 2015 net income net income decreased $ 17.8 million in 2016 compared to 2015 . in 2016 , we recorded a $ 95.5 million gain on the acquisitions of our venture partners ' equity interests in the westgate and savannah joint ventures , a $ 4.9 million gain on the sale of our outlet center in fort myers , florida and $ 1.4 million gain on the sale of an outparcel at our hwy 501 outlet center in myrtle beach , south carolina . in 2015 , we recorded gains totaling $ 120.4 million related to the sale of our equity interest in the wisconsin dells joint venture , and the sales of our kittery i & ii , tuscola , west branch and barstow outlet centers . in addition , net income in 2016 was impacted by : an increase in operating income due to the opening of one new outlet center , the acquisitions of our partners ' interest in two joint ventures , and the full year impact of the addition of three new consolidated centers in 2015 ; offset by a decrease in operating income due to the properties disposed of in early 2016 and 2015 ; and an increase in interest expense due to higher average borrowing levels and an increase in interest rates . in the tables below , information set forth for new developments includes our foxwoods , grand rapids , southaven and daytona beach outlet centers , which opened in may 2015 , july 2015 , november 2015 and november 2016 , respectively . acquisitions include our westgate and savannah centers , which were previously held in unconsolidated joint ventures prior to our acquisitions of our venture partners ' interest in each venture in june 2016 and august 2016 , respectively . properties disposed includes the kittery i & ii , tuscola , and west branch outlet centers sold in september 2015 , the barstow outlet center sold in october 2015 and the fort myers outlet center sold in january 2016 . 36 base rentals base rentals increased $ 18.7 million , or 6 % , in the 2016 period compared to the 2015 period . the following table sets forth the changes in various components of base rentals ( in thousands ) : replace_table_token_19_th base rental income generated from existing properties in our portfolio increased due to increases in rental rates on lease renewals , incremental rents from re-tenanting vacant spaces and multiple tenant rental step-ups . fees received from the early termination of leases , which are generally based on the lease term remaining at the time of termination , decreased as a result of fewer store closures throughout the portfolio in the 2016 period compared to the 2015 period . at december 31 , 2016 , the combined net value representing the amount of unamortized above market lease assets and below market lease liability values , recorded as a part of the purchase price of acquired properties , was a net below market liability which totaled approximately $ 403,000 . if a tenant terminates its lease prior to the contractual termination of the lease and no rental payments are being made on the lease , any unamortized balance of the related above or below market lease value would be written off and could materially impact our net income positively or negatively . percentage rentals percentage rentals increased $ 1.1 million , or 10 % , in the 2016 period compared to the 2015 period . the following table sets forth the changes in various components of percentage rentals ( in thousands ) : replace_table_token_20_th percentage rentals represents revenues based on a percentage of tenants ' sales volume above their contractual break points . the increase in percentage rentals from existing properties is due to higher sales volume for certain existing tenants and also due to certain new tenants added to the existing properties whose sales exceeded their contractual break point . 37 expense reimbursements expense reimbursements increased $ 7.4 million , or 6 % , in the 2016 period compared to the 2015 period . the following table sets forth the changes in various components of expense reimbursements ( in thousands ) : replace_table_token_21_th expense reimbursements represent the contractual recovery from tenants of certain common area maintenance , insurance , property tax , promotional , advertising and management expenses . for certain tenants , we receive a fixed payment for common area maintenance ( `` cam `` ) with annual escalations . while certain expense reimbursements generally fluctuate consistently with the related expenses , our expense recoveries for cam as a percentage of expenses were higher in 2016 compared to 2015 due to leases with fixed-cam escalations . when not reimbursed by the fixed-cam component , cam expense reimbursements are based on the tenant 's proportionate share of the allocable operating expenses for the property . see `` property operating expenses `` below for a discussion of the increase in operating expenses from our existing properties . most , but not all , leases contain provisions requiring tenants to reimburse a share of our operating expenses as additional rent . however , substantially all of the leases for our new foxwoods outlet center , which opened in may 2015 , require tenants to pay a single minimum contractual gross rent and , in certain cases , percentage rent ; thus , all minimum rents received for the foxwoods outlet center are recorded as base rent and none are recorded to expense reimbursements . management , leasing and other services management , leasing and other services decreased $ 1.6 million , or 29 % , in the 2016 period compared to the 2015 period . story_separator_special_tag the following table sets forth the changes in various components of equity in earnings of unconsolidated joint ventures ( in thousands ) : replace_table_token_34_th the increase in equity in earnings of unconsolidated joint ventures from new developments is due to the incremental earnings from the charlotte outlet center , which opened during the third quarter of 2014 ; the ottawa outlet center , which opened during the fourth quarter of 2014 ; and the savannah outlet center , which opened in april 2015. the equity in earnings from properties disposed are related to our equity interest in the wisconsin dells joint venture , which we sold in february 2015. liquidity and capital resources of the company in this “ liquidity and capital resources of the company ” section , the term , the company , refers only to tanger factory outlet centers , inc. on an unconsolidated basis , excluding the operating partnership . the company 's business is operated primarily through the operating partnership . the company issues public equity from time to time , but does not otherwise generate any capital itself or conduct any business itself , other than incurring certain expenses in operating as a public company , which are fully reimbursed by the operating partnership . the company does not hold any indebtedness , and its only material asset is its ownership of partnership interests of the operating partnership . the company 's principal funding requirement is the payment of dividends on its common shares . the company 's principal source of funding for its dividend payments is distributions it receives from the operating partnership . 44 through its ownership of the sole general partner of the operating partnership , the company has the full , exclusive and complete responsibility for the operating partnership 's day-to-day management and control . the company causes the operating partnership to distribute all , or such portion as the company may in its discretion determine , of its available cash in the manner provided in the operating partnership 's partnership agreement . the company receives proceeds from equity issuances from time to time , but is required by the operating partnership 's partnership agreement to contribute the proceeds from its equity issuances to the operating partnership in exchange for partnership units of the operating partnership . the company is a well-known seasoned issuer with a shelf registration which expires in june 2018 that allows the company to register unspecified , various classes of equity securities and the operating partnership to register unspecified , various classes of debt securities . as circumstances warrant , the company may issue equity from time to time on an opportunistic basis , dependent upon market conditions and available pricing . the operating partnership may use the proceeds to repay debt , including borrowings under its lines of credit , develop new or existing properties , make acquisitions of properties or portfolios of properties and invest in existing or newly created joint ventures , or for general corporate purposes . the liquidity of the company is dependent on the operating partnership 's ability to make sufficient distributions to the company . the operating partnership is a party to loan agreements with various bank lenders that require the operating partnership to comply with various financial and other covenants before it may make distributions to the company . the company also guarantees some of the operating partnership 's debt . if the operating partnership fails to fulfill its debt requirements , which trigger the company 's guarantee obligations , then the company may be required to fulfill its cash payment commitments under such guarantees . however , the company 's only material asset is its investment in the operating partnership . the company believes the operating partnership 's sources of working capital , specifically its cash flow from operations , and borrowings available under its unsecured credit facilities , are adequate for it to make its distribution payments to the company and , in turn , for the company to make its dividend payments to its shareholders . however , there can be no assurance that the operating partnership 's sources of capital will continue to be available at all or in amounts sufficient to meet its needs , including its ability to make distribution payments to the company . the unavailability of capital could adversely affect the operating partnership 's ability to pay its distributions to the company , which will in turn , adversely affect the company 's ability to pay cash dividends to its shareholders . for the company to maintain its qualification as a real estate investment trust , it must pay dividends to its shareholders aggregating annually at least 90 % of its taxable income . while historically the company has satisfied this distribution requirement by making cash distributions to its shareholders , it may choose to satisfy this requirement by making distributions of cash or other property , including , in limited circumstances , the company 's own shares . based on our 2016 estimated taxable income to shareholders , we were required to distribute approximately $ 98.4 million to our shareholders in order to maintain our reit status as described above . we distributed approximately $ 120.0 million during 2016 , which excludes a special dividend paid in january 2016 related to the 2015 tax year , to shareholders , which exceeded our required distributions . as a result of this distribution requirement , the operating partnership can not rely on retained earnings to fund its on-going operations to the same extent that other companies whose parent companies are not real estate investment trusts can . the company may need to continue to raise capital in the equity markets to fund the operating partnership 's working capital needs , as well as potential developments of new or existing properties , acquisitions or investments in existing or newly created joint ventures . 45 the company currently consolidates the operating partnership because

liquidity line and a $ 500.0 million syndicated line . the syndicated line may be increased up to $ 1.0 billion through an accordion feature in certain circumstances . the unsecured lines of credit have an expiration date of october 24 , 2019 with an option for a one year extension . the company guarantees the operating partnership 's obligations under these lines . as of december 31 , 2016 , we had $ 453.6 million available under our unsecured lines of credit after considering outstanding letters of credit of $ 5.4 million . 2016 transactions deer park debt repayment in january 2016 , we used restricted cash and unsecured lines of credit to repay our $ 150.0 million floating rate mortgage loan , which had an original maturity date in august 2018 , and our $ 28.4 million deferred financing obligation , both of which are related to our 749,000 square foot outlet center in deer park , ny . these transactions allowed us to unencumber the deer park asset while simultaneously deferring a significant portion of the gains related to the assets sold in 2015 for tax purposes . 50 unsecured term note repayment in february 2016 , we repaid our $ 7.5 million unsecured term note , which had an original maturity date in august 2017. unsecured term loan in april 2016 , we amended our unsecured term loan to increase the size of the loan from $ 250.0 million to $ 325.0 million , extend the maturity date from february 2019 to april 2021 , reduce the interest rate spread over libor from 1.05 % to 0.95 % , and increase the incremental loan availability through an accordion feature from $ 150.0 million to $ 175.0 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.
     ```liquidity line and a $ 500.0 million syndicated line . the syndicated line may be increased up to $ 1.0 billion through an accordion feature in certain circumstances . the unsecured lines of credit have an expiration date of october 24 , 2019 with an option for a one year extension . the company guarantees the operating partnership 's obligations under these lines . as of december 31 , 2016 , we had $ 453.6 million available under our unsecured lines of credit after considering outstanding letters of credit of $ 5.4 million . 2016 transactions deer park debt repayment in january 2016 , we used restricted cash and unsecured lines of credit to repay our $ 150.0 million floating rate mortgage loan , which had an original maturity date in august 2018 , and our $ 28.4 million deferred financing obligation , both of which are related to our 749,000 square foot outlet center in deer park , ny . these transactions allowed us to unencumber the deer park asset while simultaneously deferring a significant portion of the gains related to the assets sold in 2015 for tax purposes . 50 unsecured term note repayment in february 2016 , we repaid our $ 7.5 million unsecured term note , which had an original maturity date in august 2017. unsecured term loan in april 2016 , we amended our unsecured term loan to increase the size of the loan from $ 250.0 million to $ 325.0 million , extend the maturity date from february 2019 to april 2021 , reduce the interest rate spread over libor from 1.05 % to 0.95 % , and increase the incremental loan availability through an accordion feature from $ 150.0 million to $ 175.0 million .
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 Suspicious Activity Report : results of operations 2016 compared to 2015 net income net income decreased $ 17.8 million in 2016 compared to 2015 . in 2016 , we recorded a $ 95.5 million gain on the acquisitions of our venture partners ' equity interests in the westgate and savannah joint ventures , a $ 4.9 million gain on the sale of our outlet center in fort myers , florida and $ 1.4 million gain on the sale of an outparcel at our hwy 501 outlet center in myrtle beach , south carolina . in 2015 , we recorded gains totaling $ 120.4 million related to the sale of our equity interest in the wisconsin dells joint venture , and the sales of our kittery i & ii , tuscola , west branch and barstow outlet centers . in addition , net income in 2016 was impacted by : an increase in operating income due to the opening of one new outlet center , the acquisitions of our partners ' interest in two joint ventures , and the full year impact of the addition of three new consolidated centers in 2015 ; offset by a decrease in operating income due to the properties disposed of in early 2016 and 2015 ; and an increase in interest expense due to higher average borrowing levels and an increase in interest rates . in the tables below , information set forth for new developments includes our foxwoods , grand rapids , southaven and daytona beach outlet centers , which opened in may 2015 , july 2015 , november 2015 and november 2016 , respectively . acquisitions include our westgate and savannah centers , which were previously held in unconsolidated joint ventures prior to our acquisitions of our venture partners ' interest in each venture in june 2016 and august 2016 , respectively . properties disposed includes the kittery i & ii , tuscola , and west branch outlet centers sold in september 2015 , the barstow outlet center sold in october 2015 and the fort myers outlet center sold in january 2016 . 36 base rentals base rentals increased $ 18.7 million , or 6 % , in the 2016 period compared to the 2015 period . the following table sets forth the changes in various components of base rentals ( in thousands ) : replace_table_token_19_th base rental income generated from existing properties in our portfolio increased due to increases in rental rates on lease renewals , incremental rents from re-tenanting vacant spaces and multiple tenant rental step-ups . fees received from the early termination of leases , which are generally based on the lease term remaining at the time of termination , decreased as a result of fewer store closures throughout the portfolio in the 2016 period compared to the 2015 period . at december 31 , 2016 , the combined net value representing the amount of unamortized above market lease assets and below market lease liability values , recorded as a part of the purchase price of acquired properties , was a net below market liability which totaled approximately $ 403,000 . if a tenant terminates its lease prior to the contractual termination of the lease and no rental payments are being made on the lease , any unamortized balance of the related above or below market lease value would be written off and could materially impact our net income positively or negatively . percentage rentals percentage rentals increased $ 1.1 million , or 10 % , in the 2016 period compared to the 2015 period . the following table sets forth the changes in various components of percentage rentals ( in thousands ) : replace_table_token_20_th percentage rentals represents revenues based on a percentage of tenants ' sales volume above their contractual break points . the increase in percentage rentals from existing properties is due to higher sales volume for certain existing tenants and also due to certain new tenants added to the existing properties whose sales exceeded their contractual break point . 37 expense reimbursements expense reimbursements increased $ 7.4 million , or 6 % , in the 2016 period compared to the 2015 period . the following table sets forth the changes in various components of expense reimbursements ( in thousands ) : replace_table_token_21_th expense reimbursements represent the contractual recovery from tenants of certain common area maintenance , insurance , property tax , promotional , advertising and management expenses . for certain tenants , we receive a fixed payment for common area maintenance ( `` cam `` ) with annual escalations . while certain expense reimbursements generally fluctuate consistently with the related expenses , our expense recoveries for cam as a percentage of expenses were higher in 2016 compared to 2015 due to leases with fixed-cam escalations . when not reimbursed by the fixed-cam component , cam expense reimbursements are based on the tenant 's proportionate share of the allocable operating expenses for the property . see `` property operating expenses `` below for a discussion of the increase in operating expenses from our existing properties . most , but not all , leases contain provisions requiring tenants to reimburse a share of our operating expenses as additional rent . however , substantially all of the leases for our new foxwoods outlet center , which opened in may 2015 , require tenants to pay a single minimum contractual gross rent and , in certain cases , percentage rent ; thus , all minimum rents received for the foxwoods outlet center are recorded as base rent and none are recorded to expense reimbursements . management , leasing and other services management , leasing and other services decreased $ 1.6 million , or 29 % , in the 2016 period compared to the 2015 period . story_separator_special_tag the following table sets forth the changes in various components of equity in earnings of unconsolidated joint ventures ( in thousands ) : replace_table_token_34_th the increase in equity in earnings of unconsolidated joint ventures from new developments is due to the incremental earnings from the charlotte outlet center , which opened during the third quarter of 2014 ; the ottawa outlet center , which opened during the fourth quarter of 2014 ; and the savannah outlet center , which opened in april 2015. the equity in earnings from properties disposed are related to our equity interest in the wisconsin dells joint venture , which we sold in february 2015. liquidity and capital resources of the company in this “ liquidity and capital resources of the company ” section , the term , the company , refers only to tanger factory outlet centers , inc. on an unconsolidated basis , excluding the operating partnership . the company 's business is operated primarily through the operating partnership . the company issues public equity from time to time , but does not otherwise generate any capital itself or conduct any business itself , other than incurring certain expenses in operating as a public company , which are fully reimbursed by the operating partnership . the company does not hold any indebtedness , and its only material asset is its ownership of partnership interests of the operating partnership . the company 's principal funding requirement is the payment of dividends on its common shares . the company 's principal source of funding for its dividend payments is distributions it receives from the operating partnership . 44 through its ownership of the sole general partner of the operating partnership , the company has the full , exclusive and complete responsibility for the operating partnership 's day-to-day management and control . the company causes the operating partnership to distribute all , or such portion as the company may in its discretion determine , of its available cash in the manner provided in the operating partnership 's partnership agreement . the company receives proceeds from equity issuances from time to time , but is required by the operating partnership 's partnership agreement to contribute the proceeds from its equity issuances to the operating partnership in exchange for partnership units of the operating partnership . the company is a well-known seasoned issuer with a shelf registration which expires in june 2018 that allows the company to register unspecified , various classes of equity securities and the operating partnership to register unspecified , various classes of debt securities . as circumstances warrant , the company may issue equity from time to time on an opportunistic basis , dependent upon market conditions and available pricing . the operating partnership may use the proceeds to repay debt , including borrowings under its lines of credit , develop new or existing properties , make acquisitions of properties or portfolios of properties and invest in existing or newly created joint ventures , or for general corporate purposes . the liquidity of the company is dependent on the operating partnership 's ability to make sufficient distributions to the company . the operating partnership is a party to loan agreements with various bank lenders that require the operating partnership to comply with various financial and other covenants before it may make distributions to the company . the company also guarantees some of the operating partnership 's debt . if the operating partnership fails to fulfill its debt requirements , which trigger the company 's guarantee obligations , then the company may be required to fulfill its cash payment commitments under such guarantees . however , the company 's only material asset is its investment in the operating partnership . the company believes the operating partnership 's sources of working capital , specifically its cash flow from operations , and borrowings available under its unsecured credit facilities , are adequate for it to make its distribution payments to the company and , in turn , for the company to make its dividend payments to its shareholders . however , there can be no assurance that the operating partnership 's sources of capital will continue to be available at all or in amounts sufficient to meet its needs , including its ability to make distribution payments to the company . the unavailability of capital could adversely affect the operating partnership 's ability to pay its distributions to the company , which will in turn , adversely affect the company 's ability to pay cash dividends to its shareholders . for the company to maintain its qualification as a real estate investment trust , it must pay dividends to its shareholders aggregating annually at least 90 % of its taxable income . while historically the company has satisfied this distribution requirement by making cash distributions to its shareholders , it may choose to satisfy this requirement by making distributions of cash or other property , including , in limited circumstances , the company 's own shares . based on our 2016 estimated taxable income to shareholders , we were required to distribute approximately $ 98.4 million to our shareholders in order to maintain our reit status as described above . we distributed approximately $ 120.0 million during 2016 , which excludes a special dividend paid in january 2016 related to the 2015 tax year , to shareholders , which exceeded our required distributions . as a result of this distribution requirement , the operating partnership can not rely on retained earnings to fund its on-going operations to the same extent that other companies whose parent companies are not real estate investment trusts can . the company may need to continue to raise capital in the equity markets to fund the operating partnership 's working capital needs , as well as potential developments of new or existing properties , acquisitions or investments in existing or newly created joint ventures . 45 the company currently consolidates the operating partnership because

