NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) December 31, 2001 (Dollars in thousands, except per share data) 2007, with a mandatory redemption on April 15, 2008 at a price of $25.00 per share.
The PIERS were recorded net of underwriters discount and issuance costs.
These costs are being accreted over the expected term of the PIERS using the interest method.
Rights Plan On February 16, 2000, the Board of Directors of the Company authorized a distribution of one preferred share purchase right (“Right”) for each outstanding share of common stock which was distributed to all holders of record of the common stock on March 31, 2000.
Each Right entitles the registered holder to purchase from the Company one one-hundredth of a share of Series B junior participating preferred stock, par value $0.01 per share (“Preferred Shares”), at a price of $60.00 per one one-hundredth of a Preferred Share (“Purchase Price”), subject to adjustment as provided in the rights agreement.
The Rights expire on March 5, 2010, unless the expiration date is extended or the Right is redeemed or exchanged earlier by the Company.
The Rights are attached to each share of common stock.
The Rights are generally exercisable only if a person or group becomes the beneficial owner of 17% or more of the outstanding common stock or announces a tender offer for 17% or more of the outstanding stock (“Acquiring Person”).
In the event that a person or group becomes an Acquiring Person, each holder of a Right, excluding the Acquiring Person, will have the right to receive, upon exercise, common stock having a market value equal to two times the Purchase Price of the Preferred Shares.
Dividend Reinvestment and Stock Purchase Plan The Company filed a registration statement with the SEC for the Company’s dividend reinvestment and stock purchase plan (“DRIP”) which was declared effective on September 10, 2001, and commenced on September 24, 2001.
The Company registered 3,000,000 shares of common stock under the DRIP.
During the year ended December 31, 2001, no shares were issued and no proceeds were received from dividend reinvestments and/or stock purchases under the DRIP.
Stock Option Plan During August 1997, the Company instituted the 1997 Stock Option and Incentive Plan (the “Stock Option Plan”).
The Stock Option Plan was amended in December 1997, March 1998 and March 1999.
The Stock Option Plan, as amended, authorizes (i) the grant of stock options that qualify as incentive stock options under Section 422 of the Code (“ISOs”), (ii) the grant of stock options that do not qualify (“NQSOs”), (iii) the grant of stock options in lieu of cash Directors’ fees and (iv) grants of shares of restricted and unrestricted common stock.
The exercise price of stock options will be determined by the Compensation Committee, but may not be less than 100% of the fair market value of the shares of Common Stock on the date of grant.
At December 31, 2001, approximately 3,008,875 shares of common stock were reserved for issuance under the Plan.
Options granted under the Stock Option Plan are exercisable at the fair market value on the date of grant and, subject to termination of employment, expire ten years from the date of grant, are not transferable other than on death, and are generally exercisable in three equal annual installments commencing one year from the date of grant (with the exception of 10,000 options which had a vesting period of one year).
The Company applies APB No.25 and related interpretations in accounting for its plan.
Statement of Financial Accounting Standards No.123 (“SFAS 123”) was issued by the Financial Accounting Standards Board in 1995 and, if fully adopted, changes the methods for recognition of cost on plans similar to that of the Company.
Adoption of SFAS 123 is optional, however, pro forma disclosure, as if the Company adopted the cost recognition requirements under SFAS 123, is presented below.
The Company did not record any compensation expense under APB 25.
A summary of the status of the Company’s stock options as of December 31, 2001, 2000 and 1999 and changes during the years then ended are presented below:
## Table 0 ##
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) December 31, 2001 (Dollars in thousands, except per share data) 18.
FINANCIAL INSTRUMENTS: DERIVATIVES AND HEDGING Financial Accounting Standards Board’s Statement No.133, “Accounting for Derivative Instruments and Hedging Activities,” (“SFAS 133”) which became effective January 1, 2001 requires the Company to recognize all derivatives on the balance sheet at fair value.
Derivatives that are not hedges must be adjusted to fair value through income.
If a derivative is a hedge, depending on the nature of the hedge, changes in the fair value of the derivative will either be offset against the change in fair value of the hedged asset, liability, or firm commitment through earnings, or recognized in other comprehensive income until the hedged item is recognized in earnings.
The ineffective portion of a derivative’s change in fair value will be immediately recognized in earnings.
The Company recorded a cumulative effect adjustment upon the adoption of SFAS 133.
This cumulative effect adjustment, of which the intrinsic value of the hedge was recorded in other comprehensive income ($811) and the time value component was recorded in the statement of income ($532), was an unrealized loss of $1,343.
The transition amounts were determined based on the interpretive guidance issued by the FASB at that date.
The FASB continues to issue interpretive guidance that could require changes in the Company’s application of the standard and adjustments to the transition amounts.
SFAS 133 may increase or decrease reported net income and stockholders’ equity prospectively, depending on future levels of interest rates and other variables affecting the fair values of derivative instruments and hedged items, but will have no effect on cash flows.
The following table summarizes the notional and fair value of the Company’s derivative financial instruments at December 31, 2001.
The notional is an indication of the extent of the Company’s involvement in these instruments at that time, but does not represent exposure to credit, interest rate or market risks.
## Table 1 ##
On December 31, 2001, the derivative instruments were reported as an obligation at their fair value of $3,205.
Offsetting adjustments are represented as deferred gains or losses in Accumulated Other Comprehensive Loss of $2,911.
Currently, all derivative instruments are designated as hedging instruments.
Over time, the unrealized gains and losses held in Accumulated Other Comprehensive Loss will be reclassified into earnings as interest expense in the same periods in which the hedged interest payments affect earnings.
The Company estimates that approximately $1,093 of the current balance held in Accumulated Other Comprehensive Loss will be reclassified into earnings within the next twelve months.
The Company is not currently hedging exposure to variability in future cash flows for forecasted transactions other than anticipated future interest payments on existing debt.19.
ENVIRONMENTAL MATTERS Management of the Company believes that the properties are in compliance in all material respects with applicable Federal, state and local ordinances and regulations regarding environmental issues.
Management is not aware of any environmental liability that it believes would have a materially adverse impact on the Company’s financial position, results of operations or cash flows.
Management is unaware of any instances in which it would incur significant environmental cost if any of the properties were sold.20.
SEGMENT INFORMATION The Company is a REIT engaged in owning, managing, leasing and repositioning office properties in Manhattan and has two reportable segments, office real estate and structured finance investments.
The Company evaluates real estate performance and allocates resources based on net operating income.
The Company’s real estate portfolio is located in one geographical market of Manhattan.
The primary sources of revenue are generated from tenant rents and escalations and reimbursement revenue.
Real estate property operating expenses consist primarily of security, maintenance, utility costs, real estate taxes and ground rent expense (at certain applicable properties).
At December 31, 2001 and 2000, of the total assets of $1,371,577 and $1,161,154, $1,182,939 and $1,109,861 represented real estate assets and $188,638 and $51,293 represented structured finance investments, respectively.
For the years ended December 31, 2001, 2000 and 1999, of the total revenues of $257,685, $230,323 and $206,017, $240,316, $217,052 and $200,751 represented total revenues from real estate assets and $17,369, $13,271 and $5,266 represented total revenues from structured finance investments.
For the years ended December 31, 2001, 2000 and 1999, of the total net operating income of $63,607, $53,152 and $48,966, $46,238, $39,881 and $43,700 represented net operating income from real estate assets and $17,369, $13,271 and $5,266 represents net operating income from structured finance investments, respectively.
The Company does not allocate marketing, general and administrative expenses or interest expense to the structured finance segment, since it bases performance on the individual segments prior to allocating marketing, general and administrative expenses and interest expense.
All other expenses relate solely to the real estate assets.
There were no transactions between the above two segments.
Cash flow from operations is primarily dependent upon the occupancy level of our portfolio, the net effective rental rates achieved on our leases, the collectability of rent and operating escalations and recoveries from our tenants and the level of operating and other costs.
Additionally, we believe that our joint venture investment programs will also continue to serve as a source of capital.
Our combined aggregate principal maturities of our property mortgages, corporate obligations and our share of joint venture debt, including as-of-right extension options, as of December 31, 2009 are as follows (in thousands):
## Table 2 ##
As of December 31, 2009, we had approximately $402.5 million of cash on hand, inclusive of approximately $58.8 million of marketable securities.
In May 2009, we reduced the dividend on our common stock from an annualized rate of $1.50 per share to $0.40 per share.
In addition, we expect to generate positive cash flow from operations for the foreseeable future.
We also have the ability to access private and public debt and equity capital when the opportunity presents itself, although there is no guarantee that this capital will be made available to us.
Management believes that these sources of liquidity if we are able to access them, along with potential refinancing opportunities for secured debt and continued repurchases of our senior unsecured notes at discounted prices, will allow us to satisfy our debt obligations, as described above, upon maturity, if not before.
We also have investments in several real estate joint ventures with various partners who we consider to be financially stable and who have the ability to fund a capital call when needed.
Most of our joint ventures are financed with non-recourse debt.
We believe that property level cash flows along with unfunded committed indebtedness and proceeds from the refinancing of outstanding secured indebtedness will be sufficient to fund the capital needs of our joint venture properties.
We continue to monitor closely the financial viability of our largest tenant, Citigroup, which accounted for approximately 8.2% of our annualized rent as of December 31, 2009, paying particular attention to the potentially negative effects of its capital position and reductions in its headcount on its tenancy in our portfolio.
During 2008 and 2009, Citigroup benefited from substantial U. S.  government financial investments, including (i) raising capital through the sale of Citigroup non-voting perpetual, cumulative preferred stock and warrants to purchase common stock issued to the U. S.  Department of the Treasury, (ii) entering into a loss-sharing agreement with various U. S.  government entities covering certain of Citigroup assets, and (iii) issuing senior unsecured debt guaranteed by the Federal Deposit Insurance Corporation.
Most significantly, in December 2009 Citigroup issued approximately $17 billion of common stock and approximately $3.5 billion of tangible equity units representing the largest public equity offering in U. S.  capital markets history.
The proceeds from this offering were then used to repay the $20 billion Citigroup received from the U. S.  government under the Troubled Assets Relief Program, or TARP, and served to significantly improve Citigroup’s TIER 1 capital ratio.
We believe that these actions by Citigroup and the U. S.  government have served to bolster Citigroup’s viability as a tenant and significantly mitigated its short-term capital needs.
In addition, while Citigroup has reduced its overall employee base, it has relocated personnel from other New York City properties not owned by us into the two properties where we have the largest exposure to Citigroup, 388–390 Greenwich Street, Manhattan and One Court Square in Queens.
Both of these properties are held in joint ventures, however, thereby reducing our exposure to Citigroup from what it would have been had we been the sole owner of these properties.
CASH FLOWS The following summary discussion of our cash flows is based on our consolidated statements of cash flows in Financial Statements and is not meant to be an all-inclusive discussion of the changes in our cash flows for the periods presented below.
Cash and cash equivalents were $343.7 million and $726.9 million at December 31, 2009 and December 31, 2008, respectively, representing a decrease of $383.2 million.
The increase was a result of the following increases and decreases in cash flows (in thousands):
## Table 3 ##
Notes to Consolidated Financial Statements December?31, 2010, approximately 47,900 shares of our common stock had been issued under the ESPP.
SECOND AMENDED AND RESTATED 2005 STOCK OPTION AND INCENTIVE PLAN We have a stock option and incentive plan.
The second amended and restated 2005 Stock Option and Incentive Plan, or the 2005 Plan, was approved by our board of directors in April 2010 and our stockholders in June 2010 at our annual meeting of stockholders.
The 2005 Plan authorizes the issuance of stock options, stock appreciation rights, unrestricted and restricted stock, phantom shares, dividend equivalent rights and other equity-based awards.
Subject to adjustments upon certain corporate transactions or events, awards with respect to up to a maximum of 10,730,000 fungible units may be granted under the 2005 Plan.
Currently, different types of awards count against the limit on the number of fungible units differently, with (1)?full-value awards (i. e. ,?those that deliver the full value of the award upon vesting, such as restricted stock) counting as 1.65 fungible units per share subject to such award (2)?
stock options, stock appreciation rights and other awards that do not deliver full value and expire five years from the date of grant counting as 0.79 fungible units per share subject to such award and (3)?
all other awards (e. g. ,?ten-year stock options) counting as 1.0 fungible unit per share subject to such award.
Awards granted under the 2005 Plan prior to the approval of the second amendment and restatement in June 2010 continue to count against the fungible unit limit based on the ratios that were in effect at the time such awards were granted, which may be different than the current ratios.
As a result, depending on the types of awards issued, the 2005 Plan may result in the issuance of more or less than 10,730,000 shares.
If a stock option or other award granted under the 2005 Plan expires or terminates, the common stock subject to any portion of the award that expires or terminates without having been exercised or paid, as the case may be, will again become available for the issuance of additional awards.
Shares of our common stock distributed under the 2005 Plan may be treasury shares or authorized but unissued shares.
Currently, unless the 2005 Plan has been previously terminated by the Board, new awards may be granted under the 2005 Plan until June?15, 2020, which is the tenth anniversary of the date that the 2005 Plan was most recently approved by our stockholders.
At December?31, 2010, approximately 5.0?million fungible units were available for issuance under the 2005 Plan, or 6.3?million if all fungible units available under the 2005 Plan were issued as five-year stock options.
Options are granted under the plan at the fair market value on the date of grant and, subject to termination of employment, generally expire ten years from the date of grant, are not transferable other than on death, and generally vest in one to five years commencing one year from the date of grant.
A summary of the status of our stock options as of December?31, 2010, 2009 and 2008 and changes during the years then ended are presented below:
## Table 4 ##
All options were granted within a price range of $20.67 to $137.18.
The remaining weighted average contractual life of the options outstanding and exercisable was 4.7?years and 4.4?years, respectively During the fourth quarter of 2008, we and certain of our employees agreed to cancel, without compensation, certain employee stock options.
These cancellations resulted in a non-cash charge of approximately $8.8?million.
During the years ended December?31, 2010, 2009, and 2008, we recognized $4.4?million, $2.8?million and $16.5?million of compensation expense, respectively, for these options.
As of December?31, 2010 there was approximately $9.4?million of total unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted average period of 3?years.
STOCK-BASED COMPENSATION Effective January?1, 1999, we implemented a deferred compensation plan, or the Deferred Plan, covering certain of our employees, including our executives.
The shares issued under the Deferred Plan were granted to certain employees, including our executives and vesting will occur annually upon the completion of a service period or our meeting established financial performance criteria.
Annual vesting occurs at rates ranging from 15% to 35% once performance criteria are reached.
A summary of our restricted stock as of December?31, 2010, 2009 and 2008 and charges during the years then ended are presented below:

<table><tr><td></td><td colspan="2"> 2001</td><td colspan="2"> 2000</td><td colspan="2"> 1999</td></tr><tr><td></td><td>Options Outstanding</td><td> Weighted Average Exercise Price</td><td>Options Outstanding</td><td> Weighted Average Exercise Price</td><td>Options Outstanding</td><td> Weighted Average Exercise Price</td></tr><tr><td>Balance at beginning of year</td><td>2,371,820</td><td>$21.94</td><td>2,002,334</td><td>$20.84</td><td>1,798,000</td><td>$21.19</td></tr><tr><td>Granted</td><td>561,000</td><td>$29.28</td><td>633,000</td><td>$24.95</td><td>612,000</td><td>$20.59</td></tr><tr><td>Exercised</td><td>-260,090</td><td>$20.33</td><td>-206,035</td><td>$20.99</td><td>—</td><td>—</td></tr><tr><td>Lapsed or cancelled</td><td>-74,664</td><td>$19.49</td><td>-57,479</td><td>$19.97</td><td>-407,666</td><td>$22.05</td></tr><tr><td>Balance at end of year</td><td>2,598,066</td><td>$23.76</td><td>2,371,820</td><td>$21.94</td><td>2,002,334</td><td>$20.84</td></tr><tr><td>Options exercisable at end of year</td><td>1,022,641</td><td>$21.85</td><td>726,847</td><td>$20.95</td><td>542,031</td><td>$21.03</td></tr><tr><td>Weighted average fair value of options granted during the year</td><td>$1,817</td><td></td><td>$2,405</td><td></td><td>$2,300</td><td></td></tr></table>
<table><tr><td></td><td>Notional Value</td><td>Strike Rate</td><td>Maturity</td><td>Fair Value</td></tr><tr><td>Interest Rate Collar</td><td>$70,000</td><td>6.580%</td><td>11/2004</td><td>$-4,096</td></tr><tr><td>Interest Rate Swap</td><td>$65,000</td><td>4.010</td><td>8/2005</td><td>$891</td></tr></table>
<table><tr><td> </td><td> 2010</td><td> 2011</td><td> 2012</td><td> 2013</td><td> 2014</td><td> Thereafter</td><td> Total</td></tr><tr><td>Property Mortgages</td><td>$28,557</td><td>$269,185</td><td>$149,975</td><td>$454,396</td><td>$30,052</td><td>$1,663,387</td><td>$2,595,552</td></tr><tr><td>Corporate obligations</td><td>114,821</td><td>123,607</td><td>1,533,981</td><td>—</td><td>150,000</td><td>374,727</td><td>2,297,136</td></tr><tr><td>Joint venture debt-our share</td><td>115,130</td><td>206,951</td><td>60,759</td><td>6,684</td><td>334,499</td><td>1,124,699</td><td>1,848,722</td></tr><tr><td>Total</td><td>$258,508</td><td>$599,743</td><td>$1,744,715</td><td>$461,080</td><td>$514,551</td><td>$3,162,813</td><td>$6,741,410</td></tr></table>
<table><tr><td></td><td colspan="3">Year ended December 31,</td></tr><tr><td></td><td>2009</td><td>2008</td><td>Increase (Decrease)</td></tr><tr><td>Net cash provided by operating activities</td><td>$275,211</td><td>$296,011</td><td>$-20,800</td></tr><tr><td>Net cash (used in) provided by investing activities</td><td>$-345,379</td><td>$396,219</td><td>$-741,598</td></tr><tr><td>Net cash (used in) provided by financing activities</td><td>$-313,006</td><td>$-11,305</td><td>$-301,701</td></tr></table>
<table><tr><td> </td><td colspan="2"> 2010</td><td colspan="2"> 2009</td><td colspan="2"> 2008</td></tr><tr><td> </td><td>Options Outstanding</td><td> Weighted Average Exercise Price</td><td>Options Outstanding</td><td> Weighted Average Exercise Price</td><td>Options Outstanding</td><td> Weighted Average Exercise Price</td></tr><tr><td>Balance at beginning of year</td><td>1,324,221</td><td>$56.74</td><td>937,706</td><td>$61.33</td><td>1,774,385</td><td>$88.21</td></tr><tr><td>Granted</td><td>180,250</td><td>$62.00</td><td>443,850</td><td>$46.08</td><td>446,500</td><td>$65.51</td></tr><tr><td>Exercised</td><td>-109,636</td><td>$31.49</td><td>-22,000</td><td>$28.17</td><td>-195,680</td><td>$36.08</td></tr><tr><td>Lapsed or cancelled</td><td>-41,833</td><td>$77.33</td><td>-35,335</td><td>$62.75</td><td>-1,087,499</td><td>$111.23</td></tr><tr><td>Balance at end of year</td><td>1,353,002</td><td>$58.85</td><td>1,324,221</td><td>$56.74</td><td>937,706</td><td>$61.33</td></tr><tr><td>Options exercisable at end of year</td><td>631,224</td><td>$69.42</td><td>595,851</td><td>$62.17</td><td>474,592</td><td>$52.55</td></tr><tr><td>Weighted average fair value of options granted during the year</td><td>$4,333,281</td><td></td><td>$8,276,500</td><td></td><td>$5,163,000</td><td></td></tr></table>

Question: what was the average total revenue in 1999 , 2000 and 2001?
Answer: 231341.66667