Property Investment We evaluate development and acquisition opportunities based upon market outlook, supply and long-term growth potential.
Our ability to make future property investments is dependent upon our continued access to our longer-term sources of liquidity including the issuances of debt or equity securities as well as generating cash flow by disposing of selected properties.
In light of current economic conditions, management continues to evaluate our investment priorities and is focused on accretive growth.
We have continued to operate at a substantially reduced level of new development activity, as compared to recent years, and are focused on the core operations of our existing base of properties.
Recurring Expenditures One of our principal uses of our liquidity is to fund the recurring leasing/capital expenditures of our real estate investments.
The following is a summary of our recurring capital expenditures for the years ended December 31, 2009, 2008 and 2007, respectively (in thousands):
## Table 0 ##
Dividends and Distributions We are required to meet the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”), in order to maintain our REIT status.
Because depreciation and impairments are non-cash expenses, cash flow will typically be greater than operating income.
We paid dividends per share of $0.76, $1.93 and $1.91 for the years ended December 31, 2009, 2008 and 2007, respectively.
We expect to continue to distribute at least an amount equal to our taxable earnings, to meet the requirements to maintain our REIT status, and additional amounts as determined by our board of directors.
Distributions are declared at the discretion of our board of directors and are subject to actual cash available for distribution, our financial condition, capital requirements and such other factors as our board of directors deems relevant.
At December 31, 2009 we had six series of preferred shares outstanding.
The annual dividend rates on our preferred shares range between 6.5% and 8.375% and are paid in arrears quarterly
Year Ended December 31, 2007 compared with the Year Ended December 31, 2006 — The Company Income from Continuing Operations Income from continuing operations increased by $1,192 million, or 41%, to $4,102 million for the year ended December 31, 2007 from $2,910 million for the comparable 2006 period.
The following table provides the 2007 change in income from continuing operations by segment:
## Table 1 ##
The Institutional segment’s income from continuing operations increased primarily due to an increase in interest margins, an increase in underwriting results, lower net investment losses and the impact of revisions to certain expenses in both periods, partially offset by higher expenses due to an increase in non-deferrable volume-related and corporate support expenses and an increase in DAC amortization resulting from the implementation of SOP 05-1 in 2007.
The Individual segment’s income from continuing operations increased primarily due to a decrease in net investment losses, higher fee income from separate account products, higher net investment income on blocks of business not driven by interest margins and an increase in interest margins, partially offset by higher DAC amortization, unfavorable underwriting results in life products, higher general expenses, the impact of revisions to certain liabilities in both years, the write-off of a receivable in 2007, an increase in the closed blockrelated policyholder dividend obligation, higher annuity benefits, increase in policyholder dividends, and an increase in interest credited to policyholder account balances.
The increase in the International segment’s income from continuing operations was primarily attributable to the following factors: ?
An increase in Argentina’s income from continuing operations primarily due to a net reduction of liabilities resulting from pension reform, a reduction in claim liabilities resulting from experience reviews in both 2007 and 2006 years, higher premiums resulting from higher pension contributions attributable to higher participant salaries, higher net investment income resulting from capital contributions in 2006, and a smaller increase in market indexed policyholder liabilities without a corresponding decrease in net investment income, partially offset by the reduction of cost of insurance fees as a result of the new pension system reform regulation, an increase in retention incentives related to pension reform, as well as lower trading portfolio income.
Argentina also benefited, in both the current and prior years, from the utilization of tax loss carryforwards against which valuation allowances had been previously established.  ?
Mexico’s income from continuing operations increased primarily due to a decrease in certain policyholder liabilities caused by a decrease in the unrealized investment results on invested assets supporting those liabilities relative to 2006, the favorable impact of experience refunds during the first quarter of 2007, a reduction in claim liabilities resulting from experience reviews and the adverse impact in 2006 of an adjustment for experience refunds in its institutional business, a year over year decrease in DAC amortization resulting from management’s update of assumptions used to determine estimated gross profits in both 2006 and 2007, a decrease in liabilities based on a review of outstanding remittances, and growth in its institutional and universal life businesses.
These increases in Mexico’s income from continuing operations were partially offset by lower fees resulting from management’s update of assumptions used to determine estimated gross profits, the favorable impact in 2006 associated with a large group policy that was not renewed by the policyholder, a decrease in various one-time revenue items, lower investment yields, the favorable impact in 2006 of liabilities related to employment matters that were reduced, and the benefit 2006 from the elimination of liabilities for pending claims that were determined to be invalid following a review.  ?
Taiwan’s income from continuing operations increased primarily driven by an increase due to higher DAC amortization in 2006 resulting from a loss recognition adjustment and restructuring costs, partially offset by the favorable impact of liability refinements in 2006, as well as higher policyholder liabilities related to loss recognition in 2006.  ?
Brazil’s income from continuing operations increased due to the unfavorable impact of increases in policyholder liabilities due to higher than expected mortality on specific blocks of business and an increase in litigation liabilities in 2006, the unfavorable impact of the reversal of a tax credit in 2006 as well as growth of the in-force business.  ?
Japan’s income from continuing operations increased due to improved hedge results and business growth, partially offset by the impact of foreign currency transaction losses.  ?
Ireland’s income from continuing operations increased primarily due to the utilization of net operating losses for which a valuation allowance had been previously established, higher investment income, partially offset by higher start-up expenses and currency transaction losses.  ?
Hong Kong’s income from continuing operations increased due to the acquisition of the remaining 50% interest in MetLife Fubon and the resulting consolidation of the operation, as well as business growth.  ?
Chile’s income from continuing operations increased primarily due to growth of the in-force business, higher joint venture income and higher returns on inflation indexed securities, partially offset by higher compensation, infrastructure and marketing expenses.  ?
Income from continuing operations increased in the United Kingdom due to a reduction of claim liabilities resulting from an experience review, offset by an unearned premium calculation refinement.  ?
Australia’s income from continuing operations increased due to changes in foreign currency exchange rates and business growth.  ?
These increases in income from continuing operations were partially offset by a decrease in the home office due to higher economic capital charges and investment expenses, an increase in contingent tax expenses in 2007, as well as higher spending due to growth
Fixed Maturity Securities Credit Enhanced by Financial Guarantee Insurers.
At December 31, 2008, $4.9 billion of the estimated fair value of the Company’s fixed maturity securities were credit enhanced by financial guarantee insurers of which $2.0 billion, $2.0 billion and $0.9 billion, are included within state and political subdivision securities, U. S.  corporate securities, and asset-backed securities, respectively, and 15% and 68% were guaranteed by financial guarantee insurers who were Aa and Baa rated, respectively.
As described below, all of the asset-backed securities that are credit enhanced by financial guarantee insurers are asset-backed securities which are backed by sub-prime mortgage loans.
Gross Unrealized Gains and Losses.
The following tables present the cost or amortized cost, gross unrealized gain and loss, estimated fair value of the Company’s fixed maturity and equity securities, and the percentage that each sector represents by the respective total holdings at:
## Table 2 ##
December 31, 2007
## Table 3 ##
(1) Equity securities primarily consist of investments in common and preferred stocks and mutual fund interests.
Such securities include common stock of privately held companies with an estimated fair value of $1.1 billion and $569 million at December 31, 2008 and 2007, respectively.
(2) The Company classifies perpetual securities that have attributes of both debt and equity as fixed maturity securities if the security has a punitive interest rate step-up feature as it believes in most instances this feature will compel the issuer to redeem the security at the specified call date.
Perpetual securities that do not have a punitive interest rate step-up feature are classified as non-redeemable preferred stock.
Many of such securities have been issued by non-U.
S.  financial institutions that are accorded Tier 1 and Upper Tier 2 capital treatment by their respective regulatory bodies and are commonly referred to as “perpetual hybrid securities.
” Perpetual hybrid securities classified as non-redeemable preferred stock held by the Company at December 31, 2008 and 2007 had an estimated fair value of $1,224 million and $2,051 million respectively.
In addition, the Company held $288 million and $923 million at estimated fair value, respectively, at December 31, 2008 and 2007 of other perpetual hybrid securities, primarily U. S.  financial institutions, also included in non-redeemable preferred stock.
Perpetual hybrid securities held by the Company and included within fixed maturity securities (primarily within foreign corporate securities) at December 31, 2008 and 2007 had an estimated fair value of $2,110 million and $3,896 million,

<table><tr><td></td><td>2009</td><td>2008</td><td>2007</td></tr><tr><td>Recurring tenant improvements</td><td>$29,321</td><td>$36,885</td><td>$45,296</td></tr><tr><td>Recurring leasing costs</td><td>40,412</td><td>28,205</td><td>32,238</td></tr><tr><td>Building improvements</td><td>9,321</td><td>9,724</td><td>8,402</td></tr><tr><td>Totals</td><td>$79,054</td><td>$74,814</td><td>$85,936</td></tr></table>
<table><tr><td></td><td></td><td> % of Total </td></tr><tr><td></td><td> $ Change  (In millions)</td><td> $ Change</td></tr><tr><td>Institutional</td><td>$317</td><td>26%</td></tr><tr><td>Individual</td><td>99</td><td>8</td></tr><tr><td>International</td><td>472</td><td>40</td></tr><tr><td>Auto & Home</td><td>20</td><td>2</td></tr><tr><td>Corporate & Other</td><td>284</td><td>24</td></tr><tr><td>Total change, net of income tax</td><td>$1,192</td><td>100%</td></tr></table>
<table><tr><td></td><td colspan="5"> December 31, 2008</td></tr><tr><td></td><td> Cost or </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td> Amortized </td><td colspan="2"> Gross Unrealized</td><td> Estimated </td><td> % of </td></tr><tr><td></td><td> Cost</td><td> Gain</td><td> Loss</td><td> Fair Value</td><td> Total</td></tr><tr><td></td><td colspan="4"> (In millions)</td><td></td></tr><tr><td>U.S. corporate securities</td><td>$72,211</td><td>$994</td><td>$9,902</td><td>$63,303</td><td>33.6%</td></tr><tr><td>Residential mortgage-backed securities</td><td>39,995</td><td>753</td><td>4,720</td><td>36,028</td><td>19.2</td></tr><tr><td>Foreign corporate securities</td><td>34,798</td><td>565</td><td>5,684</td><td>29,679</td><td>15.8</td></tr><tr><td>U.S. Treasury/agency securities</td><td>17,229</td><td>4,082</td><td>1</td><td>21,310</td><td>11.3</td></tr><tr><td>Commercial mortgage-backed securities</td><td>16,079</td><td>18</td><td>3,453</td><td>12,644</td><td>6.7</td></tr><tr><td>Asset-backed securities</td><td>14,246</td><td>16</td><td>3,739</td><td>10,523</td><td>5.6</td></tr><tr><td>Foreign government securities</td><td>9,474</td><td>1,056</td><td>377</td><td>10,153</td><td>5.4</td></tr><tr><td>State and political subdivision securities</td><td>5,419</td><td>80</td><td>942</td><td>4,557</td><td>2.4</td></tr><tr><td>Other fixed maturity securities</td><td>57</td><td>—</td><td>3</td><td>54</td><td>—</td></tr><tr><td>Total fixed maturity securities -1, (2)</td><td>$209,508</td><td>$7,564</td><td>$28,821</td><td>$188,251</td><td>100.0%</td></tr><tr><td>Common stock</td><td>$1,778</td><td>$40</td><td>$133</td><td>$1,685</td><td>52.7%</td></tr><tr><td>Non-redeemable preferred stock -1</td><td>2,353</td><td>4</td><td>845</td><td>1,512</td><td>47.3</td></tr><tr><td>Total equity securities</td><td>$4,131</td><td>$44</td><td>$978</td><td>$3,197</td><td>100.0%</td></tr></table>
<table><tr><td></td><td colspan="5"> December 31, 2007</td></tr><tr><td></td><td> Cost or </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td> Amortized </td><td colspan="2"> Gross Unrealized</td><td> Estimated </td><td> % of </td></tr><tr><td></td><td> Cost</td><td> Gain</td><td> Loss</td><td> Fair Value</td><td> Total</td></tr><tr><td></td><td colspan="4"> (In millions)</td><td></td></tr><tr><td>U.S. corporate securities</td><td>$74,310</td><td>$1,685</td><td>$2,076</td><td>$73,919</td><td>31.8%</td></tr><tr><td>Residential mortgage-backed securities</td><td>54,773</td><td>598</td><td>376</td><td>54,995</td><td>23.7</td></tr><tr><td>Foreign corporate securities</td><td>36,232</td><td>1,701</td><td>767</td><td>37,166</td><td>16.0</td></tr><tr><td>U.S. Treasury/agency securities</td><td>19,723</td><td>1,482</td><td>13</td><td>21,192</td><td>9.1</td></tr><tr><td>Commercial mortgage-backed securities</td><td>16,946</td><td>241</td><td>194</td><td>16,993</td><td>7.3</td></tr><tr><td>Asset-backed securities</td><td>11,048</td><td>40</td><td>516</td><td>10,572</td><td>4.6</td></tr><tr><td>Foreign government securities</td><td>11,645</td><td>1,350</td><td>182</td><td>12,813</td><td>5.5</td></tr><tr><td>State and political subdivision securities</td><td>4,342</td><td>140</td><td>114</td><td>4,368</td><td>1.9</td></tr><tr><td>Other fixed maturity securities</td><td>335</td><td>13</td><td>30</td><td>318</td><td>0.1</td></tr><tr><td>Total fixed maturity securities -1,(2)</td><td>$229,354</td><td>$7,250</td><td>$4,268</td><td>$232,336</td><td>100.0%</td></tr><tr><td>Common stock</td><td>$2,477</td><td>$568</td><td>$108</td><td>$2,937</td><td>49.7%</td></tr><tr><td>Non-redeemable preferred stock -1</td><td>3,255</td><td>60</td><td>341</td><td>2,974</td><td>50.3</td></tr><tr><td>Total equity securities</td><td>$5,732</td><td>$628</td><td>$449</td><td>$5,911</td><td>100.0%</td></tr></table>

Question: What is the largest value of Gross Unrealized Gain at December 31, 2008? (in million)