if we were unable to acquire and develop sufficient additional properties on favorable terms , or if such investments did not perform as expected , our revenue growth would be limited and our financial condition , results of operations , cash flow and ability to make distributions to our stockholders and unitholders , the market price of the company 's common stock and the market value of the units would be adversely affected . 27 we also generate income from the sale of our properties ( including existing buildings , buildings which we have developed or re-developed on a merchant basis and land ) . the gain or loss on , and fees from , the sale of such properties are included in our income and can be a significant source of funds , in addition to revenues generated from rental income and tenant recoveries . proceeds from sales are used to repay outstanding debt and , market conditions permitting , may be used to fund the acquisition of existing industrial properties , and the acquisition and development of new industrial properties . the sale of properties is impacted , variously , by property specific , market specific , general economic and other conditions , many of which are beyond our control . the sale of properties also entails various risks , including competition from other sellers and the availability of attractive financing for potential buyers of our properties . further , our ability to sell properties is limited by safe harbor rules applying to reits under the code which relate to the number of properties that may be disposed of in a year , their tax bases and the cost of improvements made to the properties , along with other tests which enable a reit to avoid punitive taxation on the sale of assets . if we are unable to sell properties on favorable terms , our income growth would be limited and our financial condition , results of operations , cash flow and ability to make distributions to our stockholders and unitholders , the market price of the company 's common stock and the market value of the units could be adversely affected . we utilize a portion of the net sales proceeds from property sales , borrowings under our unsecured credit facility and proceeds from the issuance , when and as warranted , of additional debt and equity securities to refinance debt and finance future acquisitions and developments . access to external capital on favorable terms plays a key role in our financial condition and results of operations , as it impacts our cost of capital and our ability and cost to refinance existing indebtedness as it matures and our ability to fund acquisitions and developments . our ability to access external capital on favorable terms is dependent on various factors , including general market conditions , interest rates , credit ratings on our debt , the market 's perception of our growth potential , our current and potential future earnings and cash distributions and the market price of the company 's common stock . if we were unable to access external capital on favorable terms , our financial condition , results of operations , cash flow and ability to make distributions to our stockholders and unitholders , the market price of the company 's common stock and the market value of the units could be adversely affected . summary of significant transactions during 2016 during 2016 , we completed the following significant transactions and financing activities : we acquired six industrial properties comprising approximately 0.7 million square feet of gla and several land parcels for an aggregate purchase price of approximately $ 111.1 million , excluding costs incurred in conjunction with the acquisitions . we placed in-service 11 development projects totaling approximately 3.3 million square feet of gla at a total cost of approximately $ 210.1 million . the average occupancy of these 11 development projects is 98 % at december 31 , 2016. we s old 63 industrial properties comprising approximately 3.9 millio n square feet of gla for total gross sales proceeds of approximately $ 169.9 million . we paid off and retired our 2016 notes , at maturity , in the amount of $ 159.7 million . we paid off $ 59.4 million in mortgage loans payable . we issued 5,600,000 shares of the company 's common stock in an underwritten public offering . proceeds to the company , net of the underwriter 's discount , were $ 124.9 million . we declared an annual cash dividend of $ 0.76 per common share or unit , an increase of 49 % from 2015 . 28 results of operations comparison of year ended december 31 , 2016 to year ended december 31 , 2015 the company 's net income was $ 125.7 million and $ 76.7 million for the years ended december 31 , 2016 and 2015 , respectively . the operating partnership 's net income was $ 125.7 million and $ 76.8 million for the years ended december 31 , 2016 and 2015 , respectively . the tables below summarize our revenues , property expenses and depreciation and other amortization by various categories for the years ended december 31 , 2016 and 2015. same store properties are properties owned prior to january 1 , 2015 and held as an in-service property through december 31 , 2016 and developments and redevelopments that were placed in service prior to january 1 , 2015 or were substantially completed for the 12 months prior to january 1 , 2015. properties which are at least 75 % occupied at acquisition are placed in service . acquisitions that are less than 75 % occupied at the date of acquisition , developments and redevelopments are placed in service as they reach the earlier of a ) stabilized occupancy ( generally defined as 90 % occupied ) , or b ) one year subsequent to acquisition or development/redevelopment construction completion . story_separator_special_tag equity in income of joint ventures decreased $ 3.4 million during the year ended december 31 , 2015 as compared to the year ended december 31 , 2014 primarily due to a decrease in our pro rata share of gain and earn outs from the sales of industrial properties from a previous joint venture . the income tax provision is not significant . as discussed in note 2 to the consolidated financial statements , we adopted the new accounting standard relating to discontinued operations on january 1 , 2015. there were no sales of industrial properties during the year ended december 31 , 2015 that met the criteria to be classified as discontinued operations . the industrial properties sold prior to january 1 , 2015 that met the criteria to be classified as discontinued operations continue to be presented as discontinued operations in the consolidated statements of operations . the following table summarizes certain information regarding the industrial properties included in discontinued operations for the year ended december 31 , 2014 . 2014 ( $ in 000 's ) total revenues $ 7,007 property expenses ( 2,784 ) depreciation and amortization ( 2,388 ) gain on sale of real estate 25,988 income from discontinued operations $ 27,823 income from discontinued operations for the year ended december 31 , 2014 reflects the results of operations and gain on sale of real estate relating to 29 industrial properties that were sold during the year ended december 31 , 2014 . 34 critical accounting policies our significant accounting policies are described in more detail in note 2 to the consolidated financial statements . we believe the following critical accounting policies relate to the more significant judgments and estimates used in the preparation of our consolidated financial statements . accounts receivable : we are subject to tenant defaults and bankruptcies that could affect the collection of rent due under our outstanding accounts receivable , including straight-line rent . in order to mitigate these risks , we perform credit reviews and analyses on our major existing tenants and all prospective tenants meeting certain financial thresholds before leases are executed . we maintain an allowance for doubtful accounts which is an estimate that is based on our assessment of various factors including the accounts receivable aging , customer credit-worthiness and historical bad debts . investment in real estate : we allocate purchase price of acquired properties to tangible ( land , building , tenant improvements ) and identified intangible assets ( leasing commissions , in-place leases , tenant relationships , above and below market leases and below market ground lease obligations ) . above-market and below-market lease and below market ground lease obligation values for acquired properties are recorded based on the present value ( using a discount rate which reflects the risks associated with the leases acquired ) of the difference between ( i ) the contractual amounts to be paid pursuant to each in-place lease and ( ii ) our estimate of fair market lease rents for each corresponding in-place lease . leasing commission , in-place lease and tenant relationship values for acquired properties are recorded based on our evaluation of the specific characteristics of each tenant 's lease and our overall relationship with the respective tenant . the value allocated to tenant relationships is amortized to depreciation and amortization expense over the expected term of the relationship , which includes an estimate of the probability of lease renewal and its estimated term . we also allocate purchase price on multi-property portfolios to individual properties . the allocation of purchase price is based on our assessment of various characteristics of the markets where the property is located and the expected cash flows of the property . capitalization of costs : we capitalize costs incurred in developing and expanding real estate assets as part of the investment basis . during the construction period , we capitalize interest costs , real estate taxes and certain costs of the personnel performing development up to the time the property is substantially complete . the interest rate used to capitalize interest is based upon our average borrowing rate on existing debt . costs incurred in making repairs and maintaining real estate assets are expensed as incurred . we also capitalize internal and external costs incurred to successfully originate a lease that result directly from , and are essential to , the acquisition of that lease . leasing costs that meet the requirements for capitalization are presented as a component of prepaid expenses and other assets . the determination and calculation of certain costs requires estimates by us . impairment of real estate assets : we review our real estate assets for possible impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable . we utilize the guidelines established under the financial accounting standards board 's ( the `` fasb `` ) guidance for accounting for the impairment of long lived assets to determine if impairment conditions exist . we review the expected undiscounted cash flows of the property to determine if there are any indications of impairment . if the expected undiscounted cash flows of a particular property are less than the net book basis of the property , we will recognize an impairment charge equal to the amount of carrying value of the property that exceeds the fair value of the property . fair value is generally determined by discounting the future expected cash flows of the property . the preparation of the undiscounted cash flows and the calculation of fair value involve subjective assumptions such as estimated occupancy , rental rates , ultimate residual value and hold period . the discount rate used to present value the cash flows for determining fair value is also subjective . to the extent applicable marketplace data is available , we generally use the market approach in estimating the fair value of undeveloped land . real estate assets that are classified as held-for-sale are reported

liquidity and capital resources at december 31 , 2016 , our cash and cash equivalents and restricted cash were approximately $ 9.9 million and $ 11.6 million , respectively . restricted cash is comprised of gross proceeds from the sales of certain industrial properties . these sale proceeds will be disbursed as we exchange industrial properties under section 1031 of the code . we also had $ 433.8 million available for additional borrowings under our unsecured credit facility as of december 31 , 2016. we have considered our short-term ( through december 31 , 2017 ) liquidity needs and the adequacy of our estimated cash flow from operations and other expected liquidity sources to meet these needs . our 5.95 % 2017 ii notes and our 7.50 % 2017 notes , ( each described in note 4 to the consolidated financial statements ) , in the aggregate principal amount of $ 101.9 million and $ 55.0 million , respectively , are due may 15 , 2017 and december 1 , 2017 , respectively . also , we have $ 36.1 million in mortgage loans payable outstanding at december 31 , 2016 that we anticipate prepaying prior to december 31 , 2017. we expect to satisfy these payment obligations on or prior to the maturity dates with borrowings under our unsecured credit facility and the issuance of unsecured debt securities . with the exception of these payment obligations , we believe that our principal short-term liquidity needs are to fund normal recurring expenses , property acquisitions , developments , renovations , expansions and other nonrecurring capital improvements , debt service requirements , the minimum distributions required to maintain the company 's reit qualification under the code and distributions approved by the company 's board of directors . we anticipate that these needs will be met with cash flows provided by operating activities as well as the disposition of select assets . these needs may also be met by the issuance of additional equity or debt securities or long-term unsecured indebtedness , subject to market conditions and contractual restrictions or borrowings under our unsecured credit facility .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources at december 31 , 2016 , our cash and cash equivalents and restricted cash were approximately $ 9.9 million and $ 11.6 million , respectively . restricted cash is comprised of gross proceeds from the sales of certain industrial properties . these sale proceeds will be disbursed as we exchange industrial properties under section 1031 of the code . we also had $ 433.8 million available for additional borrowings under our unsecured credit facility as of december 31 , 2016. we have considered our short-term ( through december 31 , 2017 ) liquidity needs and the adequacy of our estimated cash flow from operations and other expected liquidity sources to meet these needs . our 5.95 % 2017 ii notes and our 7.50 % 2017 notes , ( each described in note 4 to the consolidated financial statements ) , in the aggregate principal amount of $ 101.9 million and $ 55.0 million , respectively , are due may 15 , 2017 and december 1 , 2017 , respectively . also , we have $ 36.1 million in mortgage loans payable outstanding at december 31 , 2016 that we anticipate prepaying prior to december 31 , 2017. we expect to satisfy these payment obligations on or prior to the maturity dates with borrowings under our unsecured credit facility and the issuance of unsecured debt securities . with the exception of these payment obligations , we believe that our principal short-term liquidity needs are to fund normal recurring expenses , property acquisitions , developments , renovations , expansions and other nonrecurring capital improvements , debt service requirements , the minimum distributions required to maintain the company 's reit qualification under the code and distributions approved by the company 's board of directors . we anticipate that these needs will be met with cash flows provided by operating activities as well as the disposition of select assets . these needs may also be met by the issuance of additional equity or debt securities or long-term unsecured indebtedness , subject to market conditions and contractual restrictions or borrowings under our unsecured credit facility .
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 Suspicious Activity Report : if we were unable to acquire and develop sufficient additional properties on favorable terms , or if such investments did not perform as expected , our revenue growth would be limited and our financial condition , results of operations , cash flow and ability to make distributions to our stockholders and unitholders , the market price of the company 's common stock and the market value of the units would be adversely affected . 27 we also generate income from the sale of our properties ( including existing buildings , buildings which we have developed or re-developed on a merchant basis and land ) . the gain or loss on , and fees from , the sale of such properties are included in our income and can be a significant source of funds , in addition to revenues generated from rental income and tenant recoveries . proceeds from sales are used to repay outstanding debt and , market conditions permitting , may be used to fund the acquisition of existing industrial properties , and the acquisition and development of new industrial properties . the sale of properties is impacted , variously , by property specific , market specific , general economic and other conditions , many of which are beyond our control . the sale of properties also entails various risks , including competition from other sellers and the availability of attractive financing for potential buyers of our properties . further , our ability to sell properties is limited by safe harbor rules applying to reits under the code which relate to the number of properties that may be disposed of in a year , their tax bases and the cost of improvements made to the properties , along with other tests which enable a reit to avoid punitive taxation on the sale of assets . if we are unable to sell properties on favorable terms , our income growth would be limited and our financial condition , results of operations , cash flow and ability to make distributions to our stockholders and unitholders , the market price of the company 's common stock and the market value of the units could be adversely affected . we utilize a portion of the net sales proceeds from property sales , borrowings under our unsecured credit facility and proceeds from the issuance , when and as warranted , of additional debt and equity securities to refinance debt and finance future acquisitions and developments . access to external capital on favorable terms plays a key role in our financial condition and results of operations , as it impacts our cost of capital and our ability and cost to refinance existing indebtedness as it matures and our ability to fund acquisitions and developments . our ability to access external capital on favorable terms is dependent on various factors , including general market conditions , interest rates , credit ratings on our debt , the market 's perception of our growth potential , our current and potential future earnings and cash distributions and the market price of the company 's common stock . if we were unable to access external capital on favorable terms , our financial condition , results of operations , cash flow and ability to make distributions to our stockholders and unitholders , the market price of the company 's common stock and the market value of the units could be adversely affected . summary of significant transactions during 2016 during 2016 , we completed the following significant transactions and financing activities : we acquired six industrial properties comprising approximately 0.7 million square feet of gla and several land parcels for an aggregate purchase price of approximately $ 111.1 million , excluding costs incurred in conjunction with the acquisitions . we placed in-service 11 development projects totaling approximately 3.3 million square feet of gla at a total cost of approximately $ 210.1 million . the average occupancy of these 11 development projects is 98 % at december 31 , 2016. we s old 63 industrial properties comprising approximately 3.9 millio n square feet of gla for total gross sales proceeds of approximately $ 169.9 million . we paid off and retired our 2016 notes , at maturity , in the amount of $ 159.7 million . we paid off $ 59.4 million in mortgage loans payable . we issued 5,600,000 shares of the company 's common stock in an underwritten public offering . proceeds to the company , net of the underwriter 's discount , were $ 124.9 million . we declared an annual cash dividend of $ 0.76 per common share or unit , an increase of 49 % from 2015 . 28 results of operations comparison of year ended december 31 , 2016 to year ended december 31 , 2015 the company 's net income was $ 125.7 million and $ 76.7 million for the years ended december 31 , 2016 and 2015 , respectively . the operating partnership 's net income was $ 125.7 million and $ 76.8 million for the years ended december 31 , 2016 and 2015 , respectively . the tables below summarize our revenues , property expenses and depreciation and other amortization by various categories for the years ended december 31 , 2016 and 2015. same store properties are properties owned prior to january 1 , 2015 and held as an in-service property through december 31 , 2016 and developments and redevelopments that were placed in service prior to january 1 , 2015 or were substantially completed for the 12 months prior to january 1 , 2015. properties which are at least 75 % occupied at acquisition are placed in service . acquisitions that are less than 75 % occupied at the date of acquisition , developments and redevelopments are placed in service as they reach the earlier of a ) stabilized occupancy ( generally defined as 90 % occupied ) , or b ) one year subsequent to acquisition or development/redevelopment construction completion . story_separator_special_tag equity in income of joint ventures decreased $ 3.4 million during the year ended december 31 , 2015 as compared to the year ended december 31 , 2014 primarily due to a decrease in our pro rata share of gain and earn outs from the sales of industrial properties from a previous joint venture . the income tax provision is not significant . as discussed in note 2 to the consolidated financial statements , we adopted the new accounting standard relating to discontinued operations on january 1 , 2015. there were no sales of industrial properties during the year ended december 31 , 2015 that met the criteria to be classified as discontinued operations . the industrial properties sold prior to january 1 , 2015 that met the criteria to be classified as discontinued operations continue to be presented as discontinued operations in the consolidated statements of operations . the following table summarizes certain information regarding the industrial properties included in discontinued operations for the year ended december 31 , 2014 . 2014 ( $ in 000 's ) total revenues $ 7,007 property expenses ( 2,784 ) depreciation and amortization ( 2,388 ) gain on sale of real estate 25,988 income from discontinued operations $ 27,823 income from discontinued operations for the year ended december 31 , 2014 reflects the results of operations and gain on sale of real estate relating to 29 industrial properties that were sold during the year ended december 31 , 2014 . 34 critical accounting policies our significant accounting policies are described in more detail in note 2 to the consolidated financial statements . we believe the following critical accounting policies relate to the more significant judgments and estimates used in the preparation of our consolidated financial statements . accounts receivable : we are subject to tenant defaults and bankruptcies that could affect the collection of rent due under our outstanding accounts receivable , including straight-line rent . in order to mitigate these risks , we perform credit reviews and analyses on our major existing tenants and all prospective tenants meeting certain financial thresholds before leases are executed . we maintain an allowance for doubtful accounts which is an estimate that is based on our assessment of various factors including the accounts receivable aging , customer credit-worthiness and historical bad debts . investment in real estate : we allocate purchase price of acquired properties to tangible ( land , building , tenant improvements ) and identified intangible assets ( leasing commissions , in-place leases , tenant relationships , above and below market leases and below market ground lease obligations ) . above-market and below-market lease and below market ground lease obligation values for acquired properties are recorded based on the present value ( using a discount rate which reflects the risks associated with the leases acquired ) of the difference between ( i ) the contractual amounts to be paid pursuant to each in-place lease and ( ii ) our estimate of fair market lease rents for each corresponding in-place lease . leasing commission , in-place lease and tenant relationship values for acquired properties are recorded based on our evaluation of the specific characteristics of each tenant 's lease and our overall relationship with the respective tenant . the value allocated to tenant relationships is amortized to depreciation and amortization expense over the expected term of the relationship , which includes an estimate of the probability of lease renewal and its estimated term . we also allocate purchase price on multi-property portfolios to individual properties . the allocation of purchase price is based on our assessment of various characteristics of the markets where the property is located and the expected cash flows of the property . capitalization of costs : we capitalize costs incurred in developing and expanding real estate assets as part of the investment basis . during the construction period , we capitalize interest costs , real estate taxes and certain costs of the personnel performing development up to the time the property is substantially complete . the interest rate used to capitalize interest is based upon our average borrowing rate on existing debt . costs incurred in making repairs and maintaining real estate assets are expensed as incurred . we also capitalize internal and external costs incurred to successfully originate a lease that result directly from , and are essential to , the acquisition of that lease . leasing costs that meet the requirements for capitalization are presented as a component of prepaid expenses and other assets . the determination and calculation of certain costs requires estimates by us . impairment of real estate assets : we review our real estate assets for possible impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable . we utilize the guidelines established under the financial accounting standards board 's ( the `` fasb `` ) guidance for accounting for the impairment of long lived assets to determine if impairment conditions exist . we review the expected undiscounted cash flows of the property to determine if there are any indications of impairment . if the expected undiscounted cash flows of a particular property are less than the net book basis of the property , we will recognize an impairment charge equal to the amount of carrying value of the property that exceeds the fair value of the property . fair value is generally determined by discounting the future expected cash flows of the property . the preparation of the undiscounted cash flows and the calculation of fair value involve subjective assumptions such as estimated occupancy , rental rates , ultimate residual value and hold period . the discount rate used to present value the cash flows for determining fair value is also subjective . to the extent applicable marketplace data is available , we generally use the market approach in estimating the fair value of undeveloped land . real estate assets that are classified as held-for-sale are reported

