CBRE GROUP, INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) During the year ended December 31, 2012, an additional property was consolidated during the first quarter and subsequently sold in the fourth quarter.
During the year ended December 31, 2013, one of the properties was sold, with the remaining two properties sold in the first half of 2014.
No financial support was provided by the Venture to the Entities during the years ended December 31, 2014 and 2013.
During the year ended December 31, 2012, the Venture funded $0.2 million of financial support to the Entities.
The assets of the Entities were the sole collateral for the mortgage notes payable and other liabilities of the Entities and, as such, the creditors and equity investors of these Entities had no recourse to our assets held outside of these Entities.
Investments in real estate of $39.9 million and nonrecourse mortgage notes payable of $41.7 million ($0.9 million of which is current) attributable to the Entities were included in real estate assets held for sale or investment and notes payable on real estate, respectively, in the accompanying consolidated balance sheets as of December 31, 2013.
In addition, a non-controlling deficit of $1.8 million in the accompanying consolidated balance sheets as of December 31, 2013 was attributable to the Entities.
Operating results relating to the Entities for the years ended December 31, 2014, 2013 and 2012 include the following (dollars in thousands):
## Table 0 ##
In connection with our acquisition of CRES, we acquired CRES co-investments from ING in three funds (CRES Funds) for an aggregate purchase price of $58.6 million.
We determined that the CRES Funds were not VIEs and accordingly determined the method of accounting based upon voting control.
The limited partners/ members of the CRES Funds lack substantive rights that would overcome our presumption of control.
Accordingly, we began consolidating the CRES Funds as of the acquisition date of July 1, 2011.
In January 2012, one of the Clarion Real Estate Securities (CRES) Funds (CBRE Clarion U. S. , L. P. ), which we acquired in connection with our acquisition of CRES on July 1, 2011, was converted to a registered mutual fund, the CBRE Clarion Long/Short Fund (the Fund).
As a result of this triggering event, we determined that the Fund became a VIE and that we were not the primary beneficiary.
Accordingly, in the first quarter of 2012, the Fund was deconsolidated from our consolidated financial statements and we recorded an investment in available for sale securities of $14.3 million.
No gain or loss was recognized in our consolidated statement of operations as a result of this deconsolidation.
Subsequently, in June 2013, we redeemed our investment in the Fund and recorded a gain of $0.1 million.
We also hold variable interests in certain VIEs in our Global Investment Management and Development Services segments which are not consolidated as it was determined that we are not the primary beneficiary.
Our involvement with these entities is in the form of equity co-investments and fee arrangements.
## Table 1 ##
Note: We have not declared any cash dividends on common stock for the periods shown.
(1) On September 1, 2015, CBRE, Inc. , our wholly-owned subsidiary, closed on a Stock and Asset Purchase Agreement with Johnson Controls, Inc.  (JCI) to acquire JCI’s Global Workplace Solutions (JCI-GWS) business (which we refer to as the GWS Acquisition).
The results for the year ended December 31, 2015 include the operations of JCI-GWS from September 1, 2015, the date such business was acquired.
(2) See Income Per Share information in Note 15 of our Notes to Consolidated Financial Statements set forth in Item 8 of this Annual Report.
(3) Includes EBITDA related to discontinued operations of $7.9 million and $5.6 million for the years ended December 31, 2013 and 2012, respectively.
EBITDA and adjusted EBITDA are not recognized measurements under accounting principles generally accepted in the United States, or GAAP.
When analyzing our operating performance, investors should use these measures in addition to, and not as an alternative for, their most directly comparable financial measure calculated and presented in accordance with GAAP.
We generally use these non-GAAP financial measures to evaluate operating performance and for other discretionary purposes.
We believe these measures provide a more complete understanding of ongoing operations, enhance comparability of current results to prior periods and may be useful for investors to analyze our financial performance because they eliminate the impact of selected charges that may obscure trends in the underlying performance of our business.
Because not all companies use identical calculations, our presentation of these measures may not be comparable to similarly titled measures of other companies.
EBITDA represents earnings before net interest expense, write-off of financing costs on extinguished debt, income taxes, depreciation and amortization.
Amounts shown for adjusted EBITDA further remove (from EBITDA) the impact of certain cash and non-cash charges related to acquisitions, cost-elimination expenses and certain carried interest incentive compensation (reversal) expense to align with the timing of associated revenue.
We believe that investors may find these measures useful in evaluating our operating performance compared to that of other companies in our industry because their calculations generally eliminate the effects of acquisitions, which would include impairment charges of goodwill and intangibles created from acquisitions, the effects of financings and income taxes and the accounting effects of capital spending.
EBITDA and adjusted EBITDA are not intended to be measures of free cash flow for our discretionary use because they do not consider certain cash requirements such as tax and debt service payments.
These measures may also differ from the amounts calculated under similarly titled definitions in our debt instruments, which amounts are further adjusted to reflect certain other cash and non-cash charges and are used by us to determine compliance with financial covenants therein and our ability to engage in certain activities, such as incurring additional debt and making certain restricted payments.
We also use adjusted EBITDA as a significant component when measuring our operating performance under our employee incentive compensation programs.
expenditures and acquisitions of leased properties are funded by the original contributor of the assets, but no change in ownership interest may result from these contributions.
An excess of Ashland funded improvements over Marathon funded improvements results in a net gain and an excess of Marathon funded improvements over Ashland funded improvements results in a net loss.
Cost of revenues increased by $8.718 billion in 2003 from 2002 and $367 million in 2002 from 2001.
The increases in the OERB segment were primarily a result of higher natural gas and liquid hydrocarbon costs.
The increases in the RM&T segment primarily reflected higher acquisition costs for crude oil, refined products, refinery charge and blend feedstocks and increased manufacturing expenses.
Selling, general and administrative expenses increased by $107 million in 2003 from 2002 and $125 million in 2002 from 2001.
The increase in 2003 was primarily a result of increased employee benefits (caused by increased pension expense resulting from changes in actuarial assumptions and a decrease in realized returns on plan assets) and other employee related costs.
Also, Marathon changed assumptions in the health care cost trend rate from 7.5% to 10%, resulting in higher retiree health care costs.
Additionally, during 2003, Marathon recorded a charge of $24 million related to organizational and business process changes.
The increase in 2002 primarily reflected increased employee related costs.
Inventory market valuation reserve is established to reduce the cost basis of inventories to current market value.
The 2002 results of operations include credits to income from operations of $71 million, reversing the IMV reserve at December 31, 2001.
For additional information on this adjustment, see “Management’s Discussion and Analysis of Critical Accounting Estimates – Net Realizable Value of Inventories” on page 31.
Net interest and other financial costs decreased by $82 million in 2003 from 2002, following an increase of $96 million in 2002 from 2001.
The decrease in 2003 is primarily due to an increase in capitalized interest related to increased long-term construction projects, the favorable effect of interest rate swaps, the favorable effect of interest on tax deficiencies and increased interest income on investments.
The increase in 2002 was primarily due to higher average debt levels resulting from acquisitions and the Separation.
Additionally, included in net interest and other financing costs are foreign currency gains of $13 million and $8 million for 2003 and 2002 and losses of $5 million for 2001.
Loss from early extinguishment of debt in 2002 was attributable to the retirement of $337 million aggregate principal amount of debt, resulting in a loss of $53 million.
As a result of the adoption of Statement of Financial Accounting Standards No.145 “Rescission of FASB Statements No.4, 44, and 64, Amendment of FASB Statement No.13, and Technical Corrections” (“SFAS No.145”), the loss from early extinguishment of debt that was previously reported as an extraordinary item (net of taxes of $20 million) has been reclassified into income before income taxes.
The adoption of SFAS No.145 had no impact on net income for 2002.
Minority interest in income of MAP, which represents Ashland’s 38 percent ownership interest, increased by $129 million in 2003 from 2002, following a decrease of $531 million in 2002 from 2001.
MAP income was higher in 2003 compared to 2002 as discussed below in the RM&T segment.
MAP income was significantly lower in 2002 compared to 2001 as discussed below in the RM&T segment.
Provision for income taxes increased by $215 million in 2003 from 2002, following a decrease of $458 million in 2002 from 2001, primarily due to $720 million increase and $1.356 billion decrease in income before income taxes.
The effective tax rate for 2003 was 36.6% compared to 42.1% and 37.1% for 2002 and 2001.
The higher rate in 2002 was due to the United Kingdom enactment of a supplementary 10 percent tax on profits from the North Sea oil and gas production, retroactively effective to April 17, 2002.
In 2002, Marathon recognized a one-time noncash deferred tax adjustment of $61 million as a result of the rate increase.
The following is an analysis of the effective tax rate for the periods presented:
## Table 2 ##
(a) The deferred tax effect related to the enactment of a supplemental tax in the U. K.  increased the effective tax rate 7.0 percent in 2002.

<table><tr><td></td><td colspan="3">Year Ended December 31,</td></tr><tr><td></td><td> 2014</td><td> 2013</td><td>2012</td></tr><tr><td>Revenue</td><td>$3,561</td><td>$8,222</td><td>$13,359</td></tr><tr><td>Operating, administrative and other expenses</td><td>$2,588</td><td>$4,289</td><td>$7,961</td></tr><tr><td>Gain on disposition of real estate</td><td>$23,028</td><td>$—</td><td>$—</td></tr><tr><td>Income (loss) from discontinued operations, net of income taxes</td><td>$—</td><td>$15,236</td><td>$-1,408</td></tr><tr><td>Net income (loss) attributable to non-controlling interests</td><td>$21,724</td><td>$13,805</td><td>$-5,227</td></tr></table>
<table><tr><td></td><td colspan="5"> As of December 31,</td></tr><tr><td></td><td> 2016</td><td> 2015</td><td> 2014</td><td> 2013</td><td> 2012</td></tr><tr><td></td><td colspan="5"> (Dollars in thousands)</td></tr><tr><td> BALANCE SHEET DATA:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash and cash equivalents</td><td>$762,576</td><td>$540,403</td><td>$740,884</td><td>$491,912</td><td>$1,089,297</td></tr><tr><td>Total assets -4</td><td>10,779,587</td><td>11,017,943</td><td>7,568,010</td><td>6,998,414</td><td>7,809,542</td></tr><tr><td>Long-term debt, including current portion, net -4</td><td>2,548,137</td><td>2,679,539</td><td>1,851,012</td><td>1,840,680</td><td>2,427,605</td></tr><tr><td>Notes payable on real estate, net -4</td><td>25,969</td><td>38,258</td><td>41,445</td><td>130,472</td><td>326,012</td></tr><tr><td>Total liabilities -4</td><td>7,722,342</td><td>8,258,873</td><td>5,266,612</td><td>5,062,408</td><td>6,127,730</td></tr><tr><td>Total CBRE Group, Inc. stockholders’ equity</td><td>3,014,487</td><td>2,712,652</td><td>2,259,830</td><td>1,895,785</td><td>1,539,211</td></tr></table>
<table><tr><td></td><td>2003</td><td>2002</td><td>2001</td></tr><tr><td>Statutory tax rate</td><td>35.0%</td><td>35.0%</td><td>35.0%</td></tr><tr><td>Effects of foreign operations<sup>(a)</sup></td><td>-0.4</td><td>5.6</td><td>-0.7</td></tr><tr><td>State and local income taxes after federal income tax effects</td><td>2.2</td><td>3.9</td><td>3.0</td></tr><tr><td>Other federal tax effects</td><td>-0.2</td><td>-2.4</td><td>-0.2</td></tr><tr><td>Effective tax rate</td><td>36.6%</td><td>42.1%</td><td>37.1%</td></tr></table>

Question: In the year with the most Total assets, what is the growth rate of Total liabilities?