AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) As of December 31, 2006, the Company held a total of ten interest rate swap agreements to manage exposure to variable rate interest obligations under its AMT OpCo and SpectraSite credit facilities and four forward starting interest rate swap agreements to manage exposure to variability in cash flows relating to forecasted interest payments in connection with the Securitization which the Company designated as cash flow hedges.
The eight American Tower swaps had an aggregate notional amount of $450.0 million and fixed rates ranging between 4.63% and 4.88% and the two SpectraSite swaps have an aggregate notional amount of $100.0 million and a fixed rate of 4.95%.
The four forward starting interest rate swap agreements had an aggregate notional amount of $900.0 million, fixed rates ranging between 4.73% and 5.10%.
As of December 31, 2006, the Company also held three interest rate swap instruments and one interest rate cap instrument that were acquired in the SpectraSite, Inc.  merger in August 2005 and were not designated as cash flow hedges.
The three interest rate swaps, which had a fair value of $6.7 million at the date of acquisition, have an aggregate notional amount of $300.0 million, a fixed rate of 3.88%.
The interest rate cap had a notional amount of $175.0 million, a fixed rate of 7.0%, and expired in February 2006.
As of December 31, 2006, other comprehensive income includes unrealized gains on short term available-for-sale securities of $10.4 million and unrealized gains related to the interest rate swap agreements in the table above of $5.7 million, net of tax.
During the year ended December 31, 2006, the Company recorded a net unrealized gain of approximately $6.5 million (net of a tax provision of approximately $3.5 million) in other comprehensive loss for the change in fair value of interest rate swaps designated as cash flow hedges and reclassified $0.7 million (net of an income tax benefit of $0.2 million) into results of operations during the year ended December 31, 2006.9.
COMMITMENTS AND CONTINGENCIES Lease Obligations—The Company leases certain land, office and tower space under operating leases that expire over various terms.
Many of the leases contain renewal options with specified increases in lease payments upon exercise of the renewal option.
Escalation clauses present in operating leases, excluding those tied to CPI or other inflation-based indices, are recognized on a straight-line basis over the non-cancelable term of the lease.
(See note 1. )
Future minimum rental payments under non-cancelable operating leases include payments for certain renewal periods at the Company’s option because failure to renew could result in a loss of the applicable tower site and related revenues from tenant leases, thereby making it reasonably assured that the Company will renew the lease.
Such payments in effect at December 31, 2007 are as follows (in thousands):
## Table 0 ##
Aggregate rent expense (including the effect of straight-line rent expense) under operating leases for the years ended December 31, 2007, 2006 and 2005 approximated $246.4 million, $237.0 million and $168.7 million, respectively.
Table of Contents funding investments, repurchasing shares and other capital needs, without incurring undue cost or risk, or causing a disruption to normal operating conditions.
We regularly assess the amount and likelihood of projected funding requirements through a review of factors such as historical deposit volatility and funding patterns, present and forecasted market and economic conditions, individual client funding needs, and existing and planned business activities.
Our Asset/Liability Committee (“ALCO”), which is a management committee, provides oversight to the liquidity management process and recommends policy guidelines, subject to the approval of the Finance Committee of our Board of Directors, and courses of action to address our actual and projected liquidity needs.
Historically, we have attracted a stable, low-cost deposit base, which has been our primary source of liquidity.
From time to time, depending on market conditions, prevailing interest rates or our introduction of additional interest-bearing deposit products, our deposit levels and cost of deposits may fluctuate.
We introduced an interest-bearing sweep deposit product in 2007, which increased by $955.5 million to $2.3 billion at December 31, 2009, compared to $1.3 billion at December 31, 2008.
Additionally, we grew our noninterest-bearing demand deposits by $1.9 billion to $6.3 billion at December 31, 2009, compared to $4.4 billion as of December 31, 2008.
The overall increase in our deposits was primarily the result of our clients’ preference for the security provided by the FDIC and their desire to maintain short-term liquidity, the continued low interest rate environment, and our efforts in late 2008 and early 2009 to migrate client sweep balances from our off-balance sheet product to our on-balance sheet products.
The FDIC’s insurance coverage of noninterest-bearing accounts is currently expected to expire on June 30, 2010.
We continue to expand on opportunities to increase our liquidity and take steps to carefully manage our liquidity.
Our liquidity requirements can also be met through the use of our portfolio of liquid assets.
Our definition of liquid assets includes cash and cash equivalents in excess of the minimum levels necessary to carry out normal business operations, investment securities maturing within six months, investment securities eligible and available for financing or pledging purposes with a maturity in excess of six months and anticipated near-term cash flows from investments.
On a stand-alone basis, SVB Financial’s primary liquidity channels include dividends from the Bank, its investment portfolio assets, and its ability to raise debt and capital.
The ability of the Bank to pay dividends is subject to certain regulations described in “Business—Supervision and Regulation— Restriction on Dividends” under Part I, Item 1 in this report.
Consolidated Summary of Cash Flows Below is a summary of our average cash position and statement of cash flows for 2009, 2008 and 2007, respectively.
## Table 1 ##
Table of Contents Consolidated Summary of Cash Flows Below is a summary of our average cash position and statement of cash flows for 2011, 2010 and 2009, respectively:
## Table 2 ##
In analyzing our liquidity for 2011, 2010 and 2009, reference is made to our consolidated statements of cash flows for the years ended December 31, 2011, 2010 and 2009; see “Consolidated Financial Statements and Supplemental Data” under Part II, Item 8 in this report.
Average cash and cash equivalents decreased by $1.8 billion to $2.3 billion in 2011, compared to $4.1 billion in 2010.
The decrease was primarily due to the investment of cash and cash equivalents into available-for-sale securities and to fund loan growth.2011 Cash provided by operating activities was $166.3 million in 2011, which included net income before noncontrolling interests of $282.8 million.
Significant adjustments for items that increased cash provided by operating activities included $62.7 million of net foreign exchange spot contracts, a $35.4 million increase in accrued compensation, $27.8 million of amortization of premiums on available-for-sale securities, $27.5 million of depreciation and amortization and $18.2 million of amortization of share-based compensation.
Significant adjustments for items that decreased cash provided by operating activities included $195.0 million of net gains on investment securities (which is inclusive of noncontrolling interests), $61.2 million of deferred loan fee amortization, a $38.8 million increase in accounts receivable and $26.2 million of net changes in the fair value of derivatives.
Cash used for investing activities was $4.0 billion in 2011.
Net cash outflows included purchases of available-for-sale securities of $7.1 billion, a net increase in loans of $1.4 billion, purchases of non-marketable securities of $224.0 million and purchases of premises and equipment of $30.8 million.
Net cash inflows included proceeds from the sales, maturities and pay downs of available-for-sale securities of $4.6 billion, sales or distributions of non-marketable securities of $117.3 million and recoveries of $25.1 million from loans previously charged-off.
Cash provided by financing activities was $1.9 billion in 2011.
Net cash inflows included increases in deposits of $2.4 billion, capital contributions (net of distributions) from noncontrolling interests of $96.2 million, proceeds of $37.0 million from the termination of portions of interest rate swaps associated with our 5.70% Senior Notes and 6.05% Subordinated Notes and proceeds from issuance of common stock and ESPP of $36.9 million.
Net cash outflows included payments of $346.4 million (including repurchase premiums and associated fees) for the repurchase of portions of our 5.70% Senior Notes and 6.05% Subordinated Notes, settlement of the maturity of $250.0 million of our 3.875% Convertible Notes, and a decrease in short-term borrowings of $37.2 million due to the return of collateral to our counterparties that we had previously held related to our interest rate swaps.
Cash and cash equivalents at December 31, 2011 were $1.1 billion.
The following table provides a summary of gross loans by size and category.
The breakout of the categories is based on total client balances (individually or in the aggregate) as of December 31, 2017 :
## Table 3 ##
At December 31, 2017 , gross loans equal to or greater than $20 million to any single client (individually or in the aggregate) totaled $10.5 billion , or 45.3 percent of our portfolio.
These loans represented 277 clients, and of these loans, $52 million were on nonaccrual status as of December 31, 2017 .
The following table provides a summary of gross loans by size and category.
The breakout of the categories is based on total client balances (individually or in the aggregate) as of December 31, 2016 :
## Table 4 ##
At December 31, 2016 , gross loans equal to or greater than $20 million to any single client (individually or in the aggregate) totaled $8.9 billion , or 44.4 percent of our portfolio.
These loans represented 233 clients, and of these loans, $80 million were on nonaccrual status as of December 31, 2016 .

<table><tr><td>2008</td><td>$217,969</td></tr><tr><td>2009</td><td>215,763</td></tr><tr><td>2010</td><td>208,548</td></tr><tr><td>2011</td><td>199,024</td></tr><tr><td>2012</td><td>190,272</td></tr><tr><td>Thereafter</td><td>2,451,496</td></tr><tr><td>Total</td><td>$3,483,072</td></tr></table>
<table><tr><td></td><td colspan="3">Year ended December 31,</td></tr><tr><td> (Dollars in thousands)</td><td> 2010</td><td> 2009</td><td>% Change</td></tr><tr><td>Accrued compensation</td><td>$79,068</td><td>$37,873</td><td>108.8%</td></tr><tr><td>Foreign exchange spot contract liabilities, gross</td><td>16,705</td><td>19,638</td><td>-14.9</td></tr><tr><td>Derivative liabilities, gross -1</td><td>10,267</td><td>15,870</td><td>-35.3</td></tr><tr><td>Reserve for unfunded credit commitments</td><td>17,414</td><td>13,331</td><td>30.6</td></tr><tr><td>Other</td><td>72,583</td><td>53,235</td><td>36.3</td></tr><tr><td>Total other liabilities</td><td>$196,037</td><td>$139,947</td><td>40.1</td></tr></table>
<table><tr><td></td><td colspan="3">Year ended December 31,</td></tr><tr><td> (Dollars in thousands)</td><td>2011</td><td>2010</td><td>2009</td></tr><tr><td>Average cash and cash equivalents</td><td>$2,257,597</td><td>$4,101,839</td><td>$3,572,093</td></tr><tr><td>Percentage of total average assets</td><td>12.1%</td><td>27.6%</td><td>31.5%</td></tr><tr><td>Net cash provided by operating activities</td><td>$166,287</td><td>$163,228</td><td>$86,963</td></tr><tr><td>Net cash used for investing activities</td><td>-4,038,851</td><td>-5,052,707</td><td>-1,857,466</td></tr><tr><td>Net cash provided by financing activities</td><td>1,911,080</td><td>4,453,058</td><td>2,846,631</td></tr><tr><td>Net (decrease) increase in cash and cash equivalents</td><td>$-1,961,484</td><td>$-436,421</td><td>$1,076,128</td></tr></table>
<table><tr><td></td><td colspan="6">December 31, 2017</td></tr><tr><td>(Dollars in thousands)</td><td>Less thanFive Million</td><td>Five to TenMillion</td><td>Ten to TwentyMillion</td><td>Twenty to Thirty Million</td><td>Thirty Millionor More</td><td>Total</td></tr><tr><td>Commercial loans:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Software/internet</td><td>$1,558,717</td><td>$974,959</td><td>$1,545,194</td><td>$1,190,247</td><td>$963,608</td><td>$6,232,725</td></tr><tr><td>Hardware</td><td>258,586</td><td>138,254</td><td>253,978</td><td>217,425</td><td>332,657</td><td>1,200,900</td></tr><tr><td>Private equity/venture capital</td><td>697,427</td><td>807,596</td><td>1,617,121</td><td>1,142,818</td><td>5,696,159</td><td>9,961,121</td></tr><tr><td>Life science/healthcare</td><td>321,738</td><td>450,445</td><td>576,926</td><td>313,656</td><td>205,195</td><td>1,867,960</td></tr><tr><td>Premium wine</td><td>60,663</td><td>37,845</td><td>64,062</td><td>32,423</td><td>9,264</td><td>204,257</td></tr><tr><td>Other</td><td>149,825</td><td>23,096</td><td>103,989</td><td>25,599</td><td>76,922</td><td>379,431</td></tr><tr><td>Commercial loans</td><td>3,046,956</td><td>2,432,195</td><td>4,161,270</td><td>2,922,168</td><td>7,283,805</td><td>19,846,394</td></tr><tr><td>Real estate secured loans:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Premium wine</td><td>150,563</td><td>187,272</td><td>220,062</td><td>89,561</td><td>22,654</td><td>670,112</td></tr><tr><td>Consumer loans</td><td>1,989,973</td><td>224,825</td><td>83,059</td><td>—</td><td>—</td><td>2,297,857</td></tr><tr><td>Other</td><td>7,763</td><td>—</td><td>14,134</td><td>20,333</td><td>—</td><td>42,230</td></tr><tr><td>Real estate secured loans</td><td>2,148,299</td><td>412,097</td><td>317,255</td><td>109,894</td><td>22,654</td><td>3,010,199</td></tr><tr><td>Construction loans</td><td>12,178</td><td>34,029</td><td>—</td><td>22,901</td><td>—</td><td>69,108</td></tr><tr><td>Consumer loans</td><td>146,395</td><td>49,921</td><td>17,120</td><td>78,742</td><td>36,274</td><td>328,452</td></tr><tr><td>Total gross loans</td><td>$5,353,828</td><td>$2,928,242</td><td>$4,495,645</td><td>$3,133,705</td><td>$7,342,733</td><td>$23,254,153</td></tr></table>
<table><tr><td></td><td colspan="6">December 31, 2016</td></tr><tr><td>(Dollars in thousands)</td><td>Less thanFive Million</td><td>Five to TenMillion</td><td>Ten to TwentyMillion</td><td>Twenty to Thirty Million</td><td>Thirty Millionor More</td><td>Total</td></tr><tr><td>Commercial loans:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Software/internet</td><td>$1,317,707</td><td>$779,986</td><td>$1,657,760</td><td>$1,021,486</td><td>$891,639</td><td>$5,668,578</td></tr><tr><td>Hardware</td><td>252,339</td><td>160,534</td><td>223,781</td><td>244,988</td><td>307,472</td><td>1,189,114</td></tr><tr><td>Private equity/venture capital</td><td>635,838</td><td>668,998</td><td>1,182,427</td><td>888,916</td><td>4,371,732</td><td>7,747,911</td></tr><tr><td>Life science/healthcare</td><td>328,942</td><td>372,171</td><td>457,833</td><td>420,580</td><td>287,159</td><td>1,866,685</td></tr><tr><td>Premium wine</td><td>76,400</td><td>25,209</td><td>76,609</td><td>15,902</td><td>7,514</td><td>201,634</td></tr><tr><td>Other</td><td>124,650</td><td>40,950</td><td>61,228</td><td>26,320</td><td>143,310</td><td>396,458</td></tr><tr><td>Commercial loans</td><td>2,735,876</td><td>2,047,848</td><td>3,659,638</td><td>2,618,192</td><td>6,008,826</td><td>17,070,380</td></tr><tr><td>Real estate secured loans:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Premium wine</td><td>151,759</td><td>172,975</td><td>229,750</td><td>101,387</td><td>22,874</td><td>678,745</td></tr><tr><td>Consumer loans</td><td>1,664,432</td><td>196,345</td><td>64,843</td><td>—</td><td>—</td><td>1,925,620</td></tr><tr><td>Other</td><td>8,014</td><td>—</td><td>14,660</td><td>21,133</td><td>—</td><td>43,807</td></tr><tr><td>Real estate secured loans</td><td>1,824,205</td><td>369,320</td><td>309,253</td><td>122,520</td><td>22,874</td><td>2,648,172</td></tr><tr><td>Construction loans</td><td>23,976</td><td>6,685</td><td>14,016</td><td>20,280</td><td>—</td><td>64,957</td></tr><tr><td>Consumer loans</td><td>99,119</td><td>29,092</td><td>9,473</td><td>29,089</td><td>74,380</td><td>241,153</td></tr><tr><td>Total gross loans</td><td>$4,683,176</td><td>$2,452,945</td><td>$3,992,380</td><td>$2,790,081</td><td>$6,106,080</td><td>$20,024,662</td></tr></table>

Question: what is the percentage change in aggregate rent expense from 2005 to 2006?
Answer: 0.40486