Under Armour, Inc.  and Subsidiaries Notes to the Consolidated Financial Statements—(Continued) (amounts in thousands, except per share and share amounts) Prior to amending and restating the revolving credit facility in September 2005, the Company was party to a revolving credit facility that was to expire April 2007.
From January 2004 through September 2005, this agreement was periodically amended to increase the available borrowings based on eligible inventory and accounts receivable not to exceed $60,000.
Interest rates and covenants under the superseded revolving credit facility were similar to the interest rates and covenants described above.
The weighted average interest rate on the revolving credit facilities for the years ended December 31, 2005 and 2004 was 5.5% and 4.0%, respectively.
During the year ended December 31, 2006, no balance was outstanding.
In March 2005, the Company entered into a loan and security agreement to finance the acquisition of up to $17,000 of qualifying capital investments.
This agreement is collateralized by a first lien on these assets and is otherwise subordinate to the revolving credit facility.
Through December 31, 2006, the Company has financed $7,915 of furniture and fixtures under this agreement.
The weighted average interest rate on borrowings was 6.5% for the year ended December 31, 2006.
At December 31, 2006, the outstanding principal balance was $4,541.
Principal payments due for the years ended December 31, 2007, 2008, 2009, 2010 and 2011 are $2,648, $1,515, $337, $41, and $0, respectively.
In December 2003, the Company entered into a master loan and security agreement that was subordinate to the revolving credit facilities.
Under this agreement the Company borrowed $1,250 for the purchase of qualifying furniture and fixtures.
The interest rate was 6.97% annually, and principal and interest payments were due monthly through February 2006.
The outstanding principal balance was repaid during February 2006.
Interest expense, included in other income (expense), net on the consolidated statements of income for all debt was $597, $3,188 and $1,290 for the years ended December 31, 2006, 2005 and 2004, respectively.
During 2005, in connection with the repayment of debt, $265 in deferred financing costs was written off and included in interest expense.
For the years ended December 31, 2006, 2005 and 2004, the Company amortized and also included in interest expense $178, $57 and $48, respectively, of deferred financing costs.7.
Obligations under Capital and Operating Leases The Company leases warehouse space, office facilities, space for our retail outlet stores and certain equipment under non-cancelable operating and capital leases.
The leases expire at various dates through 2016, excluding extensions at our option, and include provisions for rental adjustments.
The following is a schedule of future minimum lease payments for capital and non-cancelable operating leases as of December 31, 2006:
## Table 0 ##
UNITED DOMINION REALTY, L. P.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) DECEMBER 31, 2017 F - 61 liabilities at the dates of the financial statements and the amounts of revenues and expenses during the reporting periods.
Actual amounts realized or paid could differ from those estimates.
Market Concentration Risk The Operating Partnership is subject to increased exposure from economic and other competitive factors specific to those markets where it holds a significant percentage of the carrying value of its real estate portfolio at December 31, 2017, the Operating Partnership held greater than 10% of the carrying value of its real estate portfolio in each of the San Francisco, California; Orange County, California; Metropolitan D. C.  and New York, New York markets.3.
REAL ESTATE OWNED Real estate assets owned by the Operating Partnership consist of income producing operating properties, properties under development, land held for future development, and sold or held for disposition properties.
At December 31, 2017, the Operating Partnership owned and consolidated 53 communities in nine states plus the District of Columbia totaling 16,698 apartment homes.
The following table summarizes the carrying amounts for our real estate owned (at cost) as of December 31, 2017 and 2016 (dollars in thousands):
## Table 1 ##
Acquisitions In October 2017, the Operating Partnership acquired an operating community located in Denver, Colorado with a total of 218 apartment homes and 17,000 square feet of retail space for a purchase price of approximately $141.5 million.
As a result of the acquisition, the Operating Partnership increased its real estate owned by approximately $139.0 million and recorded approximately $2.5 million of in-place lease intangibles.
The acquisition will be fully or partially funded with tax-deferred like-kind exchanges under Section 1031 of the Internal Revenue Code of 1986 (“Section 1031 exchanges”).
Dispositions In December 2017, the Operating Partnership sold two operating communities with a total of 218 apartment homes in Orange County, California and Carlsbad, California for gross proceeds of $69.0 million, resulting in net proceeds of $68.0 million and a gain of $41.3 million.
During the year ended December 31, 2016, the Operating Partnership sold two operating communities in Baltimore, Maryland with a total of 276 apartment homes for gross proceeds of $45.3 million, resulting in net proceeds of $44.6 million and a gain, net of tax, of $33.2 million.
In February 2018, the Operating Partnership sold an operating community in Orange County, California with a total of 264 apartment homes for gross proceeds of $90.5 million and an expected GAAP gain of $70.3 million.
The proceeds were designated for tax-deferred Section 1031 exchanges.
Other Activity In connection with the acquisition of certain properties, the Operating Partnership agreed to pay certain of the tax liabilities of certain contributors if the Operating Partnership sells one or more of the properties contributed in a taxable transaction prior to the expiration of specified periods of time following the acquisition.
The Operating
UDR, INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued) DECEMBER 31, 2018
## Table 2 ##
For the Year Ended December 31, 2016

<table><tr><td></td><td> Operating</td><td>Capital</td></tr><tr><td>2007</td><td>$5,340</td><td>$874</td></tr><tr><td>2008</td><td>5,403</td><td>508</td></tr><tr><td>2009</td><td>4,690</td><td>378</td></tr><tr><td>2010</td><td>3,128</td><td>99</td></tr><tr><td>2011</td><td>2,676</td><td>—</td></tr><tr><td>Total future minimum lease payments</td><td>$21,237</td><td>1,859</td></tr><tr><td>Less amount representing interest</td><td></td><td>-143</td></tr><tr><td>Present value of future minimum capital lease payments</td><td></td><td>1,716</td></tr><tr><td>Less current maturities of obligations under capital leases</td><td></td><td>-794</td></tr><tr><td>Long term lease obligations</td><td></td><td>$922</td></tr></table>
<table><tr><td></td><td>December 31, 2017</td><td>December 31, 2016</td></tr><tr><td>Land</td><td>$719,410</td><td>$751,981</td></tr><tr><td>Depreciable property — held and used:</td><td></td><td></td></tr><tr><td>Land improvements</td><td>89,331</td><td>84,663</td></tr><tr><td>Buildings, improvements, and furniture, fixtures and equipment</td><td>3,008,215</td><td>2,838,060</td></tr><tr><td>Real estate owned</td><td>3,816,956</td><td>3,674,704</td></tr><tr><td>Accumulated depreciation</td><td>-1,543,652</td><td>-1,408,815</td></tr><tr><td>Real estate owned, net</td><td>$2,273,304</td><td>$2,265,889</td></tr></table>
<table><tr><td>As of and For the</td><td rowspan="2">UDR/ MetLife I</td><td rowspan="2">UDR/ MetLife II</td><td rowspan="2">Other UDR/MetLife Joint Ventures</td><td rowspan="2">UDR/ MetLife Vitruvian Park®</td><td></td><td rowspan="2">West Coast Development Joint Ventures</td><td></td></tr><tr><td>Year Ended December 31, 2017</td><td>UDR/KFH</td><td>Total</td></tr><tr><td>Condensed Statements of Operations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total revenues</td><td>$—</td><td>$156,920</td><td>$48,032</td><td>$23,025</td><td>$20,327</td><td>$18,812</td><td>$267,116</td></tr><tr><td>Property operating expenses</td><td>93</td><td>52,450</td><td>21,908</td><td>11,839</td><td>8,159</td><td>9,520</td><td>103,969</td></tr><tr><td>Real estate depreciation and amortization</td><td>—</td><td>45,144</td><td>32,625</td><td>7,169</td><td>14,480</td><td>7,387</td><td>106,805</td></tr><tr><td>Gain/(loss) on the sale of real estate</td><td>-17</td><td>-609</td><td>—</td><td>—</td><td>—</td><td>72,216</td><td>71,590</td></tr><tr><td>Operating income/(loss)</td><td>-110</td><td>58,717</td><td>-6,501</td><td>4,017</td><td>-2,312</td><td>74,121</td><td>127,932</td></tr><tr><td>Interest expense</td><td>—</td><td>-50,603</td><td>-13,894</td><td>-5,030</td><td>-5,264</td><td>-4,038</td><td>-78,829</td></tr><tr><td>Net income attributable to noncontrolling interest</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>439</td><td>439</td></tr><tr><td>Net income/(loss)</td><td>$-110</td><td>$8,114</td><td>$-20,395</td><td>$-1,013</td><td>$-7,576</td><td>$69,644</td><td>$48,664</td></tr><tr><td>Condensed Balance Sheets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total real estate, net</td><td>$108,958</td><td>$1,641,338</td><td>$687,492</td><td>$299,420</td><td>$195,625</td><td>$252,352</td><td>$3,185,185</td></tr><tr><td>Cash and cash equivalents</td><td>514</td><td>11,947</td><td>8,596</td><td>7,612</td><td>829</td><td>4,214</td><td>33,712</td></tr><tr><td>Other assets</td><td>2</td><td>15,037</td><td>4,290</td><td>1,972</td><td>905</td><td>979</td><td>23,185</td></tr><tr><td>Total assets</td><td>109,474</td><td>1,668,322</td><td>700,378</td><td>309,004</td><td>197,359</td><td>257,545</td><td>3,242,082</td></tr><tr><td>Third party debt, net</td><td>30,555</td><td>1,108,156</td><td>443,147</td><td>131,281</td><td>165,801</td><td>126,626</td><td>2,005,566</td></tr><tr><td>Accounts payable and accrued liabilities</td><td>12,700</td><td>19,477</td><td>15,003</td><td>16,931</td><td>1,745</td><td>17,389</td><td>83,245</td></tr><tr><td>Total liabilities</td><td>43,255</td><td>1,127,633</td><td>458,150</td><td>148,212</td><td>167,546</td><td>144,015</td><td>2,088,811</td></tr><tr><td>Total equity</td><td>$66,219</td><td>$540,689</td><td>$242,228</td><td>$160,792</td><td>$29,813</td><td>$113,530</td><td>$1,153,271</td></tr></table>

Question: What is the ratio of all Property operating expenses that are smaller than 10000 to the sum of Property operating expenses, in 2017? (in %)