Interest Rate Derivatives.
In connection with the issuance of floating rate debt in August and October 2008, the company entered into three interest rate swap contracts, designated as cash flow hedges, for purposes of hedging against a change in interest payments due to fluctuations in the underlying benchmark rate.
In December 2010, the company approved a plan to refinance the term loan in January 2011 resulting in an $8.6 million loss on derivative instruments as a result of ineffectiveness on the associated interest rate swap contract.
To mitigate counterparty credit risk, the interest rate swap contracts required collateralization by both counterparties for the swaps’ aggregate net fair value during their respective terms.
Collateral was maintained in the form of cash and adjusted on a daily basis.
In February 2010, the company entered into a forward starting interest rate swap contract, designated as a cash flow hedge, for purposes of hedging against a change in interest payments due to fluctuations in the underlying benchmark rate between the date of the swap and the forecasted issuance of fixed rate debt in March 2010.
The swap was highly effective.
Foreign Currency Derivatives.
In connection with its purchase of BM&FBOVESPA stock in February 2008, CME Group purchased a put option to hedge against changes in the fair value of BM&FBOVESPA stock resulting from foreign currency rate fluctuations between the U. S.  dollar and the Brazilian real (BRL) beyond the option’s exercise price.
Lehman Brothers Special Financing Inc.  (LBSF) was the sole counterparty to this option contract.
On September 15, 2008, Lehman Brothers Holdings Inc.  (Lehman) filed for protection under Chapter 11 of the United States Bankruptcy Code.
The bankruptcy filing of Lehman was an event of default that gave the company the right to immediately terminate the put option agreement with LBSF.
In March 2010, the company recognized a $6.0 million gain on derivative instruments as a result of a settlement from the Lehman bankruptcy proceedings.21.
CAPITAL STOCK Shares Outstanding.
The following table presents information regarding capital stock:
## Table 0 ##
CME Group has no shares of preferred stock issued and outstanding.
Associated Trading Rights.
Members of CME, CBOT, NYMEX and COMEX own or lease trading rights which entitle them to access the trading floors, discounts on trading fees and the right to vote on certain exchange matters as provided for by the rules of the particular exchange and CME Group’s or the subsidiaries’ organizational documents.
Each class of CME Group Class B common stock is associated with a membership in a specific division for trading at CME.
A CME trading right is a separate asset that is not part of or evidenced by the associated share of Class B common stock of CME Group.
The Class B common stock of CME Group is intended only to ensure that the Class B shareholders of CME Group retain rights with respect to representation on the board of directors and approval rights with respect to the core rights described below.
Trading rights at CBOT are evidenced by Class B memberships in CBOT, at NYMEX by Class A memberships in NYMEX and at COMEX by COMEX Division Memberships in COMEX.
Members of the CBOT, NYMEX and COMEX exchanges do not have any rights to elect members of the board of directors and are not entitled to receive dividends or other distributions on their memberships.
The company is, however, required to have at least 10 CBOT directors (as defined by its bylaws) until its 2012 annual meeting.
ITEM 6.
SELECTED FINANCIAL DATA The following table includes certain financial information on a consolidated historical basis.
You should read this section in conjunction with “Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Item 8.
Financial Statements and Supplementary Data.
”
## Table 1 ##
As of December 31,
## Table 2 ##
(1) Property operating income is a non-GAAP measure that consists of rental income, other property income and mortgage interest income, less rental expenses and real estate taxes.
This measure is used internally to evaluate the performance of property operations and we consider it to be a significant measure.
Property operating income should not be considered an alternative measure of operating results or cash flow from operations as determined in accordance with GAAP.
REIT Qualification We intend to maintain our qualification as a REIT under Section 856(c) of the Code.
As a REIT, we generally will not be subject to corporate federal income taxes on income we distribute to our shareholders as long as we satisfy certain technical requirements of the Code, including the requirement to distribute at least 90% of our taxable income to our shareholders.
Funds From Operations Funds from operations (“FFO”) is a supplemental non-GAAP financial measure of real estate companies’ operating performance.
The National Association of Real Estate Investment Trusts (“NAREIT”) defines FFO as follows: net income, computed in accordance with U. S.  GAAP, plus real estate related depreciation and amortization and excluding extraordinary items and gains and losses on the sale of real estate, and impairment write-downs of depreciable real estate.
We compute FFO in accordance with the NAREIT definition, and we have historically reported our FFO available for common shareholders in addition to our net income and net cash provided by operating activities.
It should be noted that FFO: .
does not represent cash flows from operating activities in accordance with GAAP (which, unlike FFO, generally reflects all cash effects of transactions and other events in the determination of net income); .
should not be considered an alternative to net income as an indication of our performance; and .
is not necessarily indicative of cash flow as a measure of liquidity or ability to fund cash needs, including the payment of dividends.
We consider FFO available for common shareholders a meaningful, additional measure of operating performance primarily because it excludes the assumption that the value of the real estate assets diminishes predictably over time, as implied by the historical cost convention of GAAP and the recording of depreciation.
We use FFO primarily as one of several means of assessing our operating performance in comparison with other REITs.
Comparison of our presentation of FFO to similarly titled measures for other REITs may not necessarily be meaningful due to possible differences in the application of the NAREIT definition used by such REITs.
An increase or decrease in FFO available for common shareholders does not necessarily result in an increase or decrease in aggregate distributions because our Board of Trustees is not required to increase distributions on a quarterly basis unless necessary for us to maintain REIT status.
However, we must distribute at least 90% of our taxable income to remain qualified as a REIT.
Therefore, a significant increase in FFO will generally require an increase in distributions to shareholders although not necessarily on a proportionate basis.
The reconciliation of net income to FFO available for common shareholders is as follows:
## Table 3 ##
(1) For the year ended December 31, 2017, dividends on our Series 1 preferred stock are not deducted in the calculation of FFO available to common shareholders, as the related shares are dilutive and included in "weighted average common shares, diluted. "
The weighted average common shares used to compute FFO per diluted common share also includes
Future minimum lease payments and their present value for property under capital leases as of December 31, 2017, are as follows:
## Table 4 ##
NOTE 6—FAIR VALUE OF FINANCIAL INSTRUMENTS A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction.
The hierarchy for inputs used in measuring fair value are as follows: 1.
Level 1 Inputs—quoted prices in active markets for identical assets or liabilities 2.
Level 2 Inputs—observable inputs other than quoted prices in active markets for identical assets and liabilities 3.
Level 3 Inputs—prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy.
In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement.
Except as disclosed below, the carrying amount of our financial instruments approximates their fair value.
The fair value of our mortgages payable, notes payable and senior notes and debentures is sensitive to fluctuations in interest rates.
Quoted market prices (Level 1) were used to estimate the fair value of our marketable senior notes and debentures and discounted cash flow analysis (Level 2) is generally used to estimate the fair value of our mortgages and notes payable.
Considerable judgment is necessary to estimate the fair value of financial instruments.
The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments.
A summary of the carrying amount and fair value of our mortgages payable, notes payable and senior notes and debentures is as follows:

<table><tr><td></td><td>December 31,</td></tr><tr><td>(in thousands)</td><td>2010</td><td>2009</td></tr><tr><td>Shares authorized</td><td>1,000,000</td><td>1,000,000</td></tr><tr><td>Class A common stock</td><td>66,847</td><td>66,511</td></tr><tr><td>Class B-1 common stock</td><td>0.6</td><td>0.6</td></tr><tr><td>Class B-2 common stock</td><td>0.8</td><td>0.8</td></tr><tr><td>Class B-3 common stock</td><td>1.3</td><td>1.3</td></tr><tr><td>Class B-4 common stock</td><td>0.4</td><td>0.4</td></tr></table>
<table><tr><td rowspan="3"></td><td colspan="9">Year Ended December 31,</td></tr><tr><td>2017</td><td></td><td>2016</td><td></td><td>2015</td><td></td><td>2014</td><td></td><td>2013</td></tr><tr><td colspan="9">(In thousands, except per share data and ratios)</td></tr><tr><td>Operating Data:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Rental income</td><td>$841,461</td><td></td><td>$786,583</td><td></td><td>$727,812</td><td></td><td>$666,322</td><td></td><td>$620,089</td></tr><tr><td>Property operating income-1</td><td>$584,619</td><td></td><td>$547,979</td><td></td><td>$510,595</td><td></td><td>$474,167</td><td></td><td>$446,959</td></tr><tr><td>Operating income</td><td>$332,288</td><td></td><td>$320,995</td><td></td><td>$300,154</td><td></td><td>$271,037</td><td></td><td>$254,161</td></tr><tr><td>Income from continuing operations</td><td>$219,948</td><td></td><td>$226,425</td><td></td><td>$190,094</td><td></td><td>$167,888</td><td></td><td>$137,811</td></tr><tr><td>Gain on sale of real estate and change in control of interests, net</td><td>$77,922</td><td></td><td>$32,458</td><td></td><td>$28,330</td><td></td><td>$4,401</td><td></td><td>$28,855</td></tr><tr><td>Net income</td><td>$297,870</td><td></td><td>$258,883</td><td></td><td>$218,424</td><td></td><td>$172,289</td><td></td><td>$167,608</td></tr><tr><td>Net income available for common shareholders</td><td>$287,456</td><td></td><td>$249,369</td><td></td><td>$209,678</td><td></td><td>$163,994</td><td></td><td>$162,140</td></tr><tr><td>Net cash provided by operating activities</td><td>$459,177</td><td></td><td>$423,705</td><td></td><td>$369,046</td><td></td><td>$349,465</td><td></td><td>$316,340</td></tr><tr><td>Net cash used in investing activities</td><td>$-836,802</td><td></td><td>$-590,221</td><td></td><td>$-353,763</td><td></td><td>$-396,150</td><td></td><td>$-345,198</td></tr><tr><td>Net cash provided by (used in) financing activities</td><td>$369,445</td><td></td><td>$168,838</td><td></td><td>$-42,188</td><td></td><td>$5,709</td><td></td><td>$80,797</td></tr><tr><td>Earnings per common share, basic:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net income available to common shareholders</td><td>$3.97</td><td></td><td>$3.51</td><td></td><td>$3.04</td><td></td><td>$2.42</td><td></td><td>$2.47</td></tr><tr><td>Weighted average number of common shares, basic</td><td>72,117</td><td></td><td>70,877</td><td></td><td>68,797</td><td></td><td>67,322</td><td></td><td>65,331</td></tr><tr><td>Earnings per common share, diluted:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net income available to common shareholders</td><td>$3.97</td><td></td><td>$3.50</td><td></td><td>$3.03</td><td></td><td>$2.41</td><td></td><td>$2.46</td></tr><tr><td>Weighted average number of common shares, diluted</td><td>72,233</td><td></td><td>71,049</td><td></td><td>68,981</td><td></td><td>67,492</td><td></td><td>65,483</td></tr><tr><td>Dividends declared per common share</td><td>$3.96</td><td></td><td>$3.84</td><td></td><td>$3.62</td><td></td><td>$3.30</td><td></td><td>$3.02</td></tr><tr><td>Other Data:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Funds from operations available to common shareholders-2</td><td>$419,977</td><td></td><td>$406,359</td><td></td><td>$352,857</td><td></td><td>$327,597</td><td></td><td>$289,938</td></tr><tr><td>EBITDA-3</td><td>$627,656</td><td></td><td>$547,088</td><td></td><td>$504,696</td><td></td><td>$447,495</td><td></td><td>$446,555</td></tr><tr><td>Adjusted EBITDA-3</td><td>$548,311</td><td></td><td>$514,630</td><td></td><td>$476,366</td><td></td><td>$443,094</td><td></td><td>$417,700</td></tr><tr><td>Ratio of EBITDA to combined fixed charges and preferred share dividends-3(4)</td><td>4.4</td><td>x</td><td>4.8</td><td>x</td><td>3.9</td><td>x</td><td>3.5</td><td>x</td><td>3.3</td></tr><tr><td>Ratio of Adjusted EBITDA to combined fixed charges and preferred share dividends-3(4)</td><td>3.9</td><td>x</td><td>4.5</td><td>x</td><td>3.6</td><td>x</td><td>3.5</td><td>x</td><td>3.1</td></tr></table>
<table><tr><td rowspan="3"></td><td colspan="5">As of December 31,</td></tr><tr><td>2017</td><td>2016</td><td>2015</td><td>2014</td><td>2013</td></tr><tr><td colspan="5">(In thousands)</td></tr><tr><td>Balance Sheet Data:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Real estate, at cost</td><td>$7,635,061</td><td>$6,759,073</td><td>$6,064,406</td><td>$5,608,998</td><td>$5,149,463</td></tr><tr><td>Total assets</td><td>$6,275,755</td><td>$5,423,279</td><td>$4,896,559</td><td>$4,534,237</td><td>$4,208,727</td></tr><tr><td>Total debt</td><td>$3,284,766</td><td>$2,798,452</td><td>$2,627,216</td><td>$2,397,043</td><td>$2,311,294</td></tr><tr><td>Total shareholders’ equity</td><td>$2,391,514</td><td>$2,075,835</td><td>$1,781,931</td><td>$1,692,556</td><td>$1,471,297</td></tr><tr><td>Number of common shares outstanding</td><td>73,091</td><td>71,996</td><td>69,493</td><td>68,606</td><td>66,701</td></tr></table>
<table><tr><td></td><td colspan="3">Year Ended December 31,</td></tr><tr><td></td><td>2017</td><td>2016</td><td>2015</td></tr><tr><td></td><td colspan="3">(In thousands, except per share data)</td></tr><tr><td>Net income</td><td>$297,870</td><td>$258,883</td><td>$218,424</td></tr><tr><td>Net income attributable to noncontrolling interests</td><td>-7,956</td><td>-8,973</td><td>-8,205</td></tr><tr><td>Gain on sale of real estate and change in control of interests, net</td><td>-77,632</td><td>-31,133</td><td>-28,330</td></tr><tr><td>Depreciation and amortization of real estate assets</td><td>188,719</td><td>169,198</td><td>154,232</td></tr><tr><td>Amortization of initial direct costs of leases</td><td>19,124</td><td>16,875</td><td>15,026</td></tr><tr><td>Funds from operations</td><td>420,125</td><td>404,850</td><td>351,147</td></tr><tr><td>Dividends on preferred shares -1</td><td>-1,917</td><td>-541</td><td>-541</td></tr><tr><td>Income attributable to operating partnership units</td><td>3,143</td><td>3,145</td><td>3,398</td></tr><tr><td>Income attributable to unvested shares</td><td>-1,374</td><td>-1,095</td><td>-1,147</td></tr><tr><td>Funds from operations available for common shareholders -2</td><td>$419,977</td><td>$406,359</td><td>$352,857</td></tr><tr><td>Weighted average number of common shares, diluted -1</td><td>73,122</td><td>71,869</td><td>69,920</td></tr><tr><td>Funds from operations available for common shareholders, per diluted share -2</td><td>$5.74</td><td>$5.65</td><td>$5.05</td></tr></table>
<table><tr><td></td><td>(In thousands)</td></tr><tr><td>Year ending December 31,</td><td></td></tr><tr><td>2018</td><td>$5,800</td></tr><tr><td>2019</td><td>5,800</td></tr><tr><td>2020</td><td>5,800</td></tr><tr><td>2021</td><td>5,800</td></tr><tr><td>2022</td><td>5,810</td></tr><tr><td>Thereafter</td><td>142,425</td></tr><tr><td></td><td>171,435</td></tr><tr><td>Less amount representing interest</td><td>-99,879</td></tr><tr><td>Present value</td><td>$71,556</td></tr></table>

Question: Which year is the value of Total assets the highest?
Answer: 2017