Australia, China, India and Japan, was partially muted by foreign currency translation, which had a $63.9 million negative impact on total revenue during the year ended December 31, 2013 primarily driven by weakness in the Australian dollar, Japanese yen and Indian rupee when converting to U. S.  dollars during the year ended December 31, 2013 versus the year ended December 31, 2012.
Cost of services increased by $45.8 million, or 9.0%, for the year ended December 31, 2013 as compared to the year ended December 31, 2012, driven by increased commission expense resulting from higher sales transaction revenue and higher payroll-related costs due to increased headcount.
Higher salaries and related costs associated with our property, facilities and project management contracts also contributed to the increase.
Foreign currency translation had a $37.5 million positive impact on cost of services during the year ended December 31, 2013.
Cost of services as a percentage of revenue increased to 63.8% for the year ended December 31, 2013 from 62.5% for the year ended December 31, 2012, primarily attributable to a concentration of commissions among higher producing professionals during the year ended December 31, 2013.
Operating, administrative and other expenses increased by $20.7 million, or 9.2%, for the year ended December 31, 2013 as compared to the year ended December 31, 2012.
The increase was primarily driven by higher payroll-related costs, which mainly resulted from increased headcount, primarily in Australia and China, as well as higher consulting, marketing and travel costs.
Foreign currency translation had a $16.6 million positive impact on total operating expenses during the year ended December 31, 2013.
Global Investment Management Revenue increased by $54.5 million, or 11.3%, for the year ended December 31, 2013 as compared to the year ended December 31, 2012, primarily driven by carried interest revenue earned during the year ended December 31, 2013, partially offset by lower asset management fees and rental revenue from consolidated real estate assets.
Foreign currency translation had a $1.7 million positive impact on total revenue during the year ended December 31, 2013.
Operating, administrative and other expenses decreased by $35.2 million, or 9.1%, for the year ended December 31, 2013 as compared to the year ended December 31, 2012.
This decrease was primarily driven by $36.9 million of lower transaction and integration costs associated with the REIM Acquisitions incurred during the year ended December 31, 2013 as well as the impact of $9.3 million of impairment charges incurred during the year ended December 31, 2012, which did not recur during the year ended December 31, 2013.
These items were partially offset by higher bonuses, which resulted from improved operating performance during the year ended December 31, 2013.
Foreign currency translation had a $1.4 million negative impact on total operating expenses during the year ended December 31, 2013.
Total AUM as of December 31, 2013 amounted to $89.1 billion, down 3.2% from year-end 2012, primarily due to asset sales.
A rollforward of our AUM by product type for the year ended December 31, 2013 is as follows (dollars in billions):
## Table 0 ##
Results of Operations The following table sets forth items derived from our consolidated statements of operations for the years ended December 31, 2015, 2014 and 2013:
## Table 1 ##
(1) Includes EBITDA related to discontinued operations of $7.9 million for the year ended December 31, 2013.
EBITDA represents earnings before net interest expense, write-off of financing costs on extinguished debt, income taxes, depreciation and amortization.
Amounts shown for EBITDA, as adjusted (which we also refer to as “Normalized EBITDA”), further remove (from EBITDA) the impact of certain cash and non-cash charges related to acquisitions, as well as certain carried interest incentive compensation expense.
Neither EBITDA nor EBITDA, as adjusted, is a recognized measurement under U. S.  generally accepted accounting principles, or GAAP, and when analyzing our operating performance, investors should use them in addition to, and not as an alternative for, net income as determined in accordance with GAAP.
Because not all companies use identical calculations, our presentation of these measures may not be comparable to similarly titled measures of other companies.
Cost of services increased by $50.2 million, or 9.0%, for the year ended December 31, 2014 as compared to the year ended December 31, 2013, driven by increased commission expense resulting from higher sales and lease transaction revenue as well as a concentration of commissions among higher producing professionals in Australia and Japan.
Higher salaries and related costs associated with our property and facilities management contracts also contributed to an increase in cost of services during the year ended December 31, 2014.
Foreign currency translation had a $26.7 million positive impact on cost of services during the year ended December 31, 2014.
Cost of services as a percentage of revenue decreased to 62.7% for the year ended December 31, 2014 from 63.8% for the year ended December 31, 2013, primarily driven by higher transaction revenue during 2014 in certain countries that have a significant fixed cost compensation structure.
Operating, administrative and other expenses increased by $27.7 million, or 11.3%, for the year ended December 31, 2014 as compared to the year ended December 31, 2013.
The increase was primarily driven by higher payroll-related (including bonuses), occupancy and consulting costs.
Foreign currency translation had an $11.2 million positive impact on total operating expenses during the year ended December 31, 2014.
Global Investment Management Revenue decreased by $68.2 million, or 12.7%, for the year ended December 31, 2014 as compared to the year ended December 31, 2013, primarily driven by reduced carried interest revenue.
Lower asset management fees, which reflect the sale of assets in 2013 to harvest gains for fund investors (which generated the carried interest in 2013), lower fees on some AUM in EMEA, and our exiting the management of a private REIT, also contributed to the decline during the year ended December 31, 2014.
These reductions were partially offset by higher acquisition fees during the year ended December 31, 2014 as well as foreign currency translation, which had a $4.5 million positive impact on total revenue during the year ended December 31, 2014.
Operating, administrative and other expenses increased by $21.6 million, or 6.1%, for the year ended December 31, 2014 as compared to the year ended December 31, 2013, primarily due to higher carried interest expense incurred in 2014.
Foreign currency translation also had a $2.7 million negative impact on total operating expenses during the year ended December 31, 2014.
These increases were partially offset by lower costs due to the sale of assets and internalization of the management of the private REIT discussed above.
This business transitioned from gain-harvesting in 2013 to capital-deployment in 2014.
Total AUM as of December 31, 2014 rose to $90.6 billion.
A rollforward of our AUM by product type for the year ended December 31, 2014 is as follows (dollars in billions):
## Table 2 ##
We describe above how we calculate AUM.
Also as noted above, our calculation of AUM may differ from the calculations of other asset managers, and as a result, this measure may not be comparable to similar measures presented by other asset managers.
Development Services Revenue increased by $11.9 million, or 22.4%, for the year ended December 31, 2014 as compared to the year ended December 31, 2013, primarily due to higher development fees during the year ended December 31, 2014 due to an increase in new projects started.
Performance Graph The following graph compares the total return, assuming reinvestment of dividends, on an investment in the Company, based on performance of the Company's common stock, with the total return of the Standard & Poor's 500 Composite Stock Index and the Dow Jones United States Travel and Leisure Index for a five year period by measuring the changes in common stock prices from December 31, 2011 to December 31, 2016.
## Table 3 ##
The stock performance graph assumes for comparison that the value of the Company's common stock and of each index was $100 on December 31, 2011 and that all dividends were reinvested.
Past performance is not necessarily an indicator of future results.

<table><tr><td></td><td>Funds</td><td>Separate Accounts</td><td>Securities</td><td>Consolidated</td></tr><tr><td>Balance at January 1, 2013</td><td>$35.8</td><td>$32.6</td><td>$23.6</td><td>$92.0</td></tr><tr><td>Inflows</td><td>3.1</td><td>1.8</td><td>5.3</td><td>10.2</td></tr><tr><td>Outflows</td><td>-6.9</td><td>-2.9</td><td>-6.6</td><td>-16.4</td></tr><tr><td>Market appreciation</td><td>0.8</td><td>2.0</td><td>0.5</td><td>3.3</td></tr><tr><td>Balance at December 31, 2013</td><td>$32.8</td><td>$33.5</td><td>$22.8</td><td>$89.1</td></tr></table>
<table><tr><td></td><td colspan="6"> Year Ended December 31,</td></tr><tr><td></td><td colspan="2">2015</td><td colspan="2">2014</td><td colspan="2"> 2013</td></tr><tr><td></td><td colspan="6"> (Dollars in thousands)</td></tr><tr><td>Revenue</td><td>$10,855,810</td><td>100.0%</td><td>$9,049,918</td><td>100.0%</td><td>$7,184,794</td><td>100.0%</td></tr><tr><td>Costs and expenses:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cost of services</td><td>7,082,932</td><td>65.2</td><td>5,611,262</td><td>62.0</td><td>4,189,389</td><td>58.3</td></tr><tr><td>Operating, administrative and other</td><td>2,633,609</td><td>24.3</td><td>2,438,960</td><td>27.0</td><td>2,104,310</td><td>29.3</td></tr><tr><td>Depreciation and amortization</td><td>314,096</td><td>2.9</td><td>265,101</td><td>2.9</td><td>190,390</td><td>2.6</td></tr><tr><td>Non-amortizable intangible asset impairment</td><td>—</td><td>—</td><td>—</td><td>—</td><td>98,129</td><td>1.4</td></tr><tr><td>Total costs and expenses</td><td>10,030,637</td><td>92.4</td><td>8,315,323</td><td>91.9</td><td>6,582,218</td><td>91.6</td></tr><tr><td>Gain on disposition of real estate</td><td>10,771</td><td>0.1</td><td>57,659</td><td>0.7</td><td>13,552</td><td>0.2</td></tr><tr><td>Operating income</td><td>835,944</td><td>7.7</td><td>792,254</td><td>8.8</td><td>616,128</td><td>8.6</td></tr><tr><td>Equity income from unconsolidated subsidiaries</td><td>162,849</td><td>1.5</td><td>101,714</td><td>1.1</td><td>64,422</td><td>0.9</td></tr><tr><td>Other (loss) income</td><td>-3,809</td><td>—</td><td>12,183</td><td>0.1</td><td>13,523</td><td>0.2</td></tr><tr><td>Interest income</td><td>6,311</td><td>—</td><td>6,233</td><td>0.1</td><td>6,289</td><td>0.1</td></tr><tr><td>Interest expense</td><td>118,880</td><td>1.1</td><td>112,035</td><td>1.2</td><td>135,082</td><td>1.9</td></tr><tr><td>Write-off of financing costs on extinguished debt</td><td>2,685</td><td>—</td><td>23,087</td><td>0.3</td><td>56,295</td><td>0.8</td></tr><tr><td>Income from continuing operations before provision for income taxes</td><td>879,730</td><td>8.1</td><td>777,262</td><td>8.6</td><td>508,985</td><td>7.1</td></tr><tr><td>Provision for income taxes</td><td>320,853</td><td>3.0</td><td>263,759</td><td>2.9</td><td>187,187</td><td>2.6</td></tr><tr><td>Income from continuing operations</td><td>558,877</td><td>5.1</td><td>513,503</td><td>5.7</td><td>321,798</td><td>4.5</td></tr><tr><td>Income from discontinued operations, net of income taxes</td><td>—</td><td>—</td><td>—</td><td>—</td><td>26,997</td><td>0.4</td></tr><tr><td>Net income</td><td>558,877</td><td>5.1</td><td>513,503</td><td>5.7</td><td>348,795</td><td>4.9</td></tr><tr><td>Less: Net income attributable to non-controlling interests</td><td>11,745</td><td>0.1</td><td>29,000</td><td>0.3</td><td>32,257</td><td>0.5</td></tr><tr><td>Net income attributable to CBRE Group, Inc.</td><td>$547,132</td><td>5.0%</td><td>$484,503</td><td>5.4%</td><td>$316,538</td><td>4.4%</td></tr><tr><td>EBITDA -1</td><td>$1,297,335</td><td>12.0%</td><td>$1,142,252</td><td>12.6%</td><td>$982,883</td><td>13.7%</td></tr><tr><td>EBITDA, as adjusted -1</td><td>$1,412,724</td><td>13.0%</td><td>$1,166,125</td><td>12.9%</td><td>$1,022,255</td><td>14.2%</td></tr></table>
<table><tr><td></td><td>Funds</td><td>Separate Accounts</td><td>Securities</td><td>Consolidated</td></tr><tr><td>Balance at January 1, 2014</td><td>$32.8</td><td>$33.5</td><td>$22.8</td><td>$89.1</td></tr><tr><td>Inflows</td><td>2.7</td><td>6.5</td><td>4.9</td><td>14.1</td></tr><tr><td>Outflows</td><td>-5.8</td><td>-3.4</td><td>-6.2</td><td>-15.4</td></tr><tr><td>Market (depreciation) appreciation</td><td>-0.9</td><td>0.4</td><td>3.3</td><td>2.8</td></tr><tr><td>Balance at December 31, 2014</td><td>$28.8</td><td>$37.0</td><td>$24.8</td><td>$90.6</td></tr></table>
<table><tr><td></td><td>12/11</td><td>12/12</td><td>12/13</td><td>12/14</td><td>12/15</td><td>12/16</td></tr><tr><td>Royal Caribbean Cruises Ltd.</td><td>100.00</td><td>139.36</td><td>198.03</td><td>350.40</td><td>437.09</td><td>362.38</td></tr><tr><td>S&P 500</td><td>100.00</td><td>116.00</td><td>153.58</td><td>174.60</td><td>177.01</td><td>198.18</td></tr><tr><td>Dow Jones US Travel & Leisure</td><td>100.00</td><td>113.33</td><td>164.87</td><td>191.85</td><td>203.17</td><td>218.56</td></tr></table>

Question: what is the percentage increase of the s&p 500 from 2011 to 2016?