and additional factors as discussed in part i of this annual report on form 10-k , particularly those under “ item 1a . risk factors ” . forward-looking statements and related uncertainties are also included in the notes to consolidated financial statements in this report . overview equity residential ( “ eqr ” ) , a maryland real estate investment trust ( “ reit ” ) formed in march 1993 , is an s & p 500 company focused on the acquisition , development and management of rental apartment properties in urban and high-density suburban coastal gateway markets where today 's affluent renters want to live , work and play . erp operating limited partnership ( “ erpop ” ) , an illinois limited partnership , was formed in may 1993 to conduct the multifamily residential property business of equity residential . eqr has elected to be taxed as a reit . references to the “ company , ” “ we , ” “ us ” or “ our ” mean collectively eqr , erpop and those entities/subsidiaries owned or controlled by eqr and or erpop . references to the “ operating partnership ” mean collectively erpop and those entities/subsidiaries owned or controlled by erpop . eqr is the general partner of , and as of december 31 , 2016 owned an approximate 96.2 % ownership interest in , erpop . all of the company 's property ownership , development and related business operations are conducted through the operating partnership and eqr has no material assets or liabilities other than its investment in erpop . eqr issues equity from time to time , the net proceeds of which it is obligated to contribute to erpop , but does not have any indebtedness as all debt is incurred by the operating partnership . the operating partnership holds substantially all of the assets of the company , including the company 's ownership interests in its joint ventures . the operating partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity . the company 's corporate headquarters is located in chicago , illinois and the company also operates property management offices in each of its six core coastal markets . as of december 31 , 2016 , the company had approximately 2,700 employees who provided real estate operations , leasing , legal , financial , accounting , acquisition , disposition , development and other support functions . 39 business objectives and operating and investing strategies the company invests in apartment communities located in strategically targeted markets with the goal of maximizing our risk adjusted total return ( operating income plus capital appreciation ) on invested capital . we seek to maximize the income and capital appreciation of our properties by investing in markets that are characterized by conditions favorable to multifamily property operations and appreciation . we are focused on the six coastal markets of boston , new york , washington d.c. , southern california ( including los angeles , orange county and san diego ) , san francisco and seattle . these markets generally feature one or more of the following characteristics that allow us to increase rents : high home ownership costs ; strong economic growth leading to job growth and household formation , which in turn leads to high demand for our apartments ; urban core and high-density suburban locations with an attractive quality of life leading to high resident demand and retention ; favorable demographics contributing to a larger pool of target residents with a high propensity to rent apartments ; and higher barriers to entry where , because of land scarcity or government regulation , it is typically more difficult or costly to build new apartment properties , creating limits on new supply . we believe our strategy also capitalizes on the increasing preference of renters of all ages to live in the urban core of cities or dense suburban locations near transit , entertainment and cultural amenities . millennials , the 83 million people between ages 18 and 34 , are a prime apartment rental demographic . reports also show a growing trend among aging baby boomers , a demographic of more than 76 million people between the ages of 53 and 71 , toward apartment rentals . we believe that both groups appreciate the locational values described above as well as the flexibility that rental apartments offer . our operating focus is on balancing occupancy and rental rates to maximize our revenue while exercising tight cost control to generate the highest possible return to our shareholders . revenue is maximized by attracting qualified prospects to our properties , cost-effectively converting these prospects into new residents and keeping our residents satisfied so they will renew their leases upon expiration . while we believe that it is our high-quality , well-located assets that bring our customers to us , it is the customer service and superior value provided by our on-site personnel that keeps them renting with us and recommending us to their friends . we use technology to engage our customers in the way that they want to be engaged . many of our residents utilize our web-based resident portal which allows them to sign and renew their leases , review their accounts and make payments , provide feedback and make service requests on-line . acquisitions and developments may be financed from various sources of capital , which may include retained cash flow , issuance of additional equity and debt , sales of properties and joint venture agreements . in addition , the company may acquire properties in transactions that include the issuance of partnership interests in the operating partnership ( “ op units ” ) as consideration for the acquired properties . such transactions may , in certain circumstances , enable the sellers to defer , in whole or in part , the recognition of taxable income or gain that might otherwise result from the sales . story_separator_special_tag strong demand is being driven by the continued growth in technology jobs in the market . while new supply remains elevated in this market , the strong job growth has enabled that supply to be fully absorbed with little disruption . therefore , we would expect seattle to perform well through 2017 , producing same store revenue growth of 43 approximately 4.25 % . san francisco experienced significant volatility during peak leasing season as certain submarkets experienced elevated levels of new luxury supply combined with slower job growth in the technology sector . currently , the market seems relatively stable , though with minimal pricing power on new leases . the market still features good demand as evidenced by how rapidly our newly completed development projects are leasing up . however , consumers have more choices as new supply continues to be delivered into most of our submarkets during 2017 , limiting our pricing power . as a result , we expect to produce same store revenue growth of approximately 1.0 % in this market in 2017. los angeles is performing well and is positioned to be one of our better performing markets in 2017. widely dispersed new supply , very good economic growth and a high level of job growth in the market are driving strong revenue growth . we expect to produce same store revenue growth of approximately 3.6 % in this market in 2017. we expect our remaining markets in southern california ( orange county and san diego ) to perform slightly better than los angeles . same store expenses increased 3.3 % during the year ended december 31 , 2016 as compared to the same period in 2015 . the full year 2016 results were slightly worse than our original expectations due to the following items : real estate taxes increased 5.9 % for the full year 2016 primarily due to rate and value increases in certain states and municipalities , reflecting those states ' and municipalities ' continued economic challenges and the dramatic improvement in apartment values and fundamentals , the contractual annual reduction in the benefits of 421-a tax abatements in new york city and an adverse legal decision regarding the calculation of property taxes for certain properties in new jersey ; and payroll costs increased by 3.1 % in 2016 over 2015 primarily due to an increase in on-site staffing to remain competitive within challenging markets , as well as higher on-site wages due to competition from new supply . we anticipate same store expense increases ranging from 3.0 % to 4.0 % for 2017 as compared to 2016 due to the following items : real estate taxes are estimated to increase between 4.0 % and 5.0 % due primarily to increased values in most markets partially offset by declining rates . we expect 1.8 percentage points of the increase coming from 421-a tax abatement benefits expiring in new york ; payroll costs are estimated to increase between 4.0 % and 5.0 % primarily due to an increase in on-site staffing to remain competitive within challenging markets , as well as higher on-site wages due to competition from new supply ; utilities are estimated to increase approximately 2.0 % primarily due to moderate increases in natural gas costs ; and repair and maintenance expenses are estimated to be approximately $ 1.0 million higher due to increases in the minimum wage that impact our outside cleaning and landscaping vendors . we anticipate same store noi increases ranging from 0.0 % to 2.0 % for 2017 as compared to 2016 as a result of the above same store revenue and expense expectations . the company expects total overhead costs ( property management expense and general and administrative expense ) to decline approximately $ 3.0 million in 2017 over 2016 as we have largely completed right sizing our overhead platform to our smaller asset size . as certain of the company 's overhead costs are fixed and or not quickly scalable , the company anticipates overhead costs as a percentage of total revenues will remain elevated as compared to 2015 levels , though slightly lower as compared to 2016 levels . we believe that the company is well-positioned in the long-term as a result of favorable demographics and increasing consumer preferences for the flexibility of rental housing . as of december 31 , 2016 , the company 's same store occupancy was 95.7 % and its total portfolio-wide occupancy was 94.6 % . we believe our markets/metro areas will continue to see increased luxury multifamily supply , especially in our urban core locations , and there will continue to be periods of disruption as new development projects lease up . we believe over the longer term that our markets will absorb future supply because of the strong long-term demand in these markets as exhibited by our current high occupancy levels and increasing household formations . we have seen evidence of this in seattle as elevated levels of new supply have been absorbed and rental rates continue to grow . we also anticipate supply declining in our markets beginning in 2018 , with the possible exception of new york , because of high construction costs , lower revenue growth and development lenders materially reducing their lending activities due to regulatory pressures and concerns over markets being overbuilt . the current environment information presented above is based on current expectations and is forward-looking . 44 results of operations in conjunction with our business objectives and operating strategy , the company continued to invest in apartment properties located in our six coastal markets and sell apartment properties located primarily in the less dense portion of suburban markets during the years ended december 31 , 2016 and december 31 , 2015 . in summary , we : year ended december 31 , 2016 : acquired four consolidated apartment properties consisting of 573 apartment units for $ 249.3 million at a weighted average acquisition cap rate ( see definition below )

liquidity and capital resources eqr issues public equity from time to time and guarantees certain debt of the operating partnership . eqr does not have any indebtedness as all debt is incurred by the operating partnership . as of january 1 , 2016 , the company had approximately $ 42.3 million of cash and cash equivalents and the amount available on its revolving credit facility was $ 2.07 billion ( net of $ 45.1 million which was restricted/dedicated to support letters of credit and net of $ 387.5 million outstanding on the commercial paper program ) . after taking into effect the various transactions discussed in the following paragraphs and the net cash provided by operating activities , the company 's cash and cash equivalents balance at december 31 , 2016 was approximately $ 77.2 million and the amount available on its revolving credit facility was $ 1.96 billion ( net of $ 20.6 million which was restricted/dedicated to support letters of credit and net of the $ 20.0 million outstanding on the commercial paper program ) . during the year ended december 31 , 2016 , the company generated proceeds from various transactions , which included the following : disposed of 98 consolidated rental properties ( including the starwood portfolio ) and three land parcels , receiving net proceeds of approximately $ 6.8 billion ; disposed of one unconsolidated rental property , receiving net proceeds of approximately $ 12.4 million ; disposed of its entire interest in the management contracts and related rights associated with the military housing ventures at joint base lewis mcchord along with the sale of certain 421-a real estate tax certificates , receiving net proceeds of approximately $ 72.8 million ; issued $ 500.0 million of ten-year 2.85 % fixed rate public notes , receiving net proceeds of $ 496.7 million before underwriting fees , hedge termination costs and other expenses , at an all-in effective interest rate of approximately 3.10 % ; and issued approximately 0.9 million common shares related


 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 eqr issues public equity from time to time and guarantees certain debt of the operating partnership . eqr does not have any indebtedness as all debt is incurred by the operating partnership . as of january 1 , 2016 , the company had approximately $ 42.3 million of cash and cash equivalents and the amount available on its revolving credit facility was $ 2.07 billion ( net of $ 45.1 million which was restricted/dedicated to support letters of credit and net of $ 387.5 million outstanding on the commercial paper program ) . after taking into effect the various transactions discussed in the following paragraphs and the net cash provided by operating activities , the company 's cash and cash equivalents balance at december 31 , 2016 was approximately $ 77.2 million and the amount available on its revolving credit facility was $ 1.96 billion ( net of $ 20.6 million which was restricted/dedicated to support letters of credit and net of the $ 20.0 million outstanding on the commercial paper program ) . during the year ended december 31 , 2016 , the company generated proceeds from various transactions , which included the following : disposed of 98 consolidated rental properties ( including the starwood portfolio ) and three land parcels , receiving net proceeds of approximately $ 6.8 billion ; disposed of one unconsolidated rental property , receiving net proceeds of approximately $ 12.4 million ; disposed of its entire interest in the management contracts and related rights associated with the military housing ventures at joint base lewis mcchord along with the sale of certain 421-a real estate tax certificates , receiving net proceeds of approximately $ 72.8 million ; issued $ 500.0 million of ten-year 2.85 % fixed rate public notes , receiving net proceeds of $ 496.7 million before underwriting fees , hedge termination costs and other expenses , at an all-in effective interest rate of approximately 3.10 % ; and issued approximately 0.9 million common shares related
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 Suspicious Activity Report : and additional factors as discussed in part i of this annual report on form 10-k , particularly those under “ item 1a . risk factors ” . forward-looking statements and related uncertainties are also included in the notes to consolidated financial statements in this report . overview equity residential ( “ eqr ” ) , a maryland real estate investment trust ( “ reit ” ) formed in march 1993 , is an s & p 500 company focused on the acquisition , development and management of rental apartment properties in urban and high-density suburban coastal gateway markets where today 's affluent renters want to live , work and play . erp operating limited partnership ( “ erpop ” ) , an illinois limited partnership , was formed in may 1993 to conduct the multifamily residential property business of equity residential . eqr has elected to be taxed as a reit . references to the “ company , ” “ we , ” “ us ” or “ our ” mean collectively eqr , erpop and those entities/subsidiaries owned or controlled by eqr and or erpop . references to the “ operating partnership ” mean collectively erpop and those entities/subsidiaries owned or controlled by erpop . eqr is the general partner of , and as of december 31 , 2016 owned an approximate 96.2 % ownership interest in , erpop . all of the company 's property ownership , development and related business operations are conducted through the operating partnership and eqr has no material assets or liabilities other than its investment in erpop . eqr issues equity from time to time , the net proceeds of which it is obligated to contribute to erpop , but does not have any indebtedness as all debt is incurred by the operating partnership . the operating partnership holds substantially all of the assets of the company , including the company 's ownership interests in its joint ventures . the operating partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity . the company 's corporate headquarters is located in chicago , illinois and the company also operates property management offices in each of its six core coastal markets . as of december 31 , 2016 , the company had approximately 2,700 employees who provided real estate operations , leasing , legal , financial , accounting , acquisition , disposition , development and other support functions . 39 business objectives and operating and investing strategies the company invests in apartment communities located in strategically targeted markets with the goal of maximizing our risk adjusted total return ( operating income plus capital appreciation ) on invested capital . we seek to maximize the income and capital appreciation of our properties by investing in markets that are characterized by conditions favorable to multifamily property operations and appreciation . we are focused on the six coastal markets of boston , new york , washington d.c. , southern california ( including los angeles , orange county and san diego ) , san francisco and seattle . these markets generally feature one or more of the following characteristics that allow us to increase rents : high home ownership costs ; strong economic growth leading to job growth and household formation , which in turn leads to high demand for our apartments ; urban core and high-density suburban locations with an attractive quality of life leading to high resident demand and retention ; favorable demographics contributing to a larger pool of target residents with a high propensity to rent apartments ; and higher barriers to entry where , because of land scarcity or government regulation , it is typically more difficult or costly to build new apartment properties , creating limits on new supply . we believe our strategy also capitalizes on the increasing preference of renters of all ages to live in the urban core of cities or dense suburban locations near transit , entertainment and cultural amenities . millennials , the 83 million people between ages 18 and 34 , are a prime apartment rental demographic . reports also show a growing trend among aging baby boomers , a demographic of more than 76 million people between the ages of 53 and 71 , toward apartment rentals . we believe that both groups appreciate the locational values described above as well as the flexibility that rental apartments offer . our operating focus is on balancing occupancy and rental rates to maximize our revenue while exercising tight cost control to generate the highest possible return to our shareholders . revenue is maximized by attracting qualified prospects to our properties , cost-effectively converting these prospects into new residents and keeping our residents satisfied so they will renew their leases upon expiration . while we believe that it is our high-quality , well-located assets that bring our customers to us , it is the customer service and superior value provided by our on-site personnel that keeps them renting with us and recommending us to their friends . we use technology to engage our customers in the way that they want to be engaged . many of our residents utilize our web-based resident portal which allows them to sign and renew their leases , review their accounts and make payments , provide feedback and make service requests on-line . acquisitions and developments may be financed from various sources of capital , which may include retained cash flow , issuance of additional equity and debt , sales of properties and joint venture agreements . in addition , the company may acquire properties in transactions that include the issuance of partnership interests in the operating partnership ( “ op units ” ) as consideration for the acquired properties . such transactions may , in certain circumstances , enable the sellers to defer , in whole or in part , the recognition of taxable income or gain that might otherwise result from the sales . story_separator_special_tag strong demand is being driven by the continued growth in technology jobs in the market . while new supply remains elevated in this market , the strong job growth has enabled that supply to be fully absorbed with little disruption . therefore , we would expect seattle to perform well through 2017 , producing same store revenue growth of 43 approximately 4.25 % . san francisco experienced significant volatility during peak leasing season as certain submarkets experienced elevated levels of new luxury supply combined with slower job growth in the technology sector . currently , the market seems relatively stable , though with minimal pricing power on new leases . the market still features good demand as evidenced by how rapidly our newly completed development projects are leasing up . however , consumers have more choices as new supply continues to be delivered into most of our submarkets during 2017 , limiting our pricing power . as a result , we expect to produce same store revenue growth of approximately 1.0 % in this market in 2017. los angeles is performing well and is positioned to be one of our better performing markets in 2017. widely dispersed new supply , very good economic growth and a high level of job growth in the market are driving strong revenue growth . we expect to produce same store revenue growth of approximately 3.6 % in this market in 2017. we expect our remaining markets in southern california ( orange county and san diego ) to perform slightly better than los angeles . same store expenses increased 3.3 % during the year ended december 31 , 2016 as compared to the same period in 2015 . the full year 2016 results were slightly worse than our original expectations due to the following items : real estate taxes increased 5.9 % for the full year 2016 primarily due to rate and value increases in certain states and municipalities , reflecting those states ' and municipalities ' continued economic challenges and the dramatic improvement in apartment values and fundamentals , the contractual annual reduction in the benefits of 421-a tax abatements in new york city and an adverse legal decision regarding the calculation of property taxes for certain properties in new jersey ; and payroll costs increased by 3.1 % in 2016 over 2015 primarily due to an increase in on-site staffing to remain competitive within challenging markets , as well as higher on-site wages due to competition from new supply . we anticipate same store expense increases ranging from 3.0 % to 4.0 % for 2017 as compared to 2016 due to the following items : real estate taxes are estimated to increase between 4.0 % and 5.0 % due primarily to increased values in most markets partially offset by declining rates . we expect 1.8 percentage points of the increase coming from 421-a tax abatement benefits expiring in new york ; payroll costs are estimated to increase between 4.0 % and 5.0 % primarily due to an increase in on-site staffing to remain competitive within challenging markets , as well as higher on-site wages due to competition from new supply ; utilities are estimated to increase approximately 2.0 % primarily due to moderate increases in natural gas costs ; and repair and maintenance expenses are estimated to be approximately $ 1.0 million higher due to increases in the minimum wage that impact our outside cleaning and landscaping vendors . we anticipate same store noi increases ranging from 0.0 % to 2.0 % for 2017 as compared to 2016 as a result of the above same store revenue and expense expectations . the company expects total overhead costs ( property management expense and general and administrative expense ) to decline approximately $ 3.0 million in 2017 over 2016 as we have largely completed right sizing our overhead platform to our smaller asset size . as certain of the company 's overhead costs are fixed and or not quickly scalable , the company anticipates overhead costs as a percentage of total revenues will remain elevated as compared to 2015 levels , though slightly lower as compared to 2016 levels . we believe that the company is well-positioned in the long-term as a result of favorable demographics and increasing consumer preferences for the flexibility of rental housing . as of december 31 , 2016 , the company 's same store occupancy was 95.7 % and its total portfolio-wide occupancy was 94.6 % . we believe our markets/metro areas will continue to see increased luxury multifamily supply , especially in our urban core locations , and there will continue to be periods of disruption as new development projects lease up . we believe over the longer term that our markets will absorb future supply because of the strong long-term demand in these markets as exhibited by our current high occupancy levels and increasing household formations . we have seen evidence of this in seattle as elevated levels of new supply have been absorbed and rental rates continue to grow . we also anticipate supply declining in our markets beginning in 2018 , with the possible exception of new york , because of high construction costs , lower revenue growth and development lenders materially reducing their lending activities due to regulatory pressures and concerns over markets being overbuilt . the current environment information presented above is based on current expectations and is forward-looking . 44 results of operations in conjunction with our business objectives and operating strategy , the company continued to invest in apartment properties located in our six coastal markets and sell apartment properties located primarily in the less dense portion of suburban markets during the years ended december 31 , 2016 and december 31 , 2015 . in summary , we : year ended december 31 , 2016 : acquired four consolidated apartment properties consisting of 573 apartment units for $ 249.3 million at a weighted average acquisition cap rate ( see definition below )

