continue to be deployed as wireless service providers are beginning their investments in 3G data networks.
Similarly, in Ghana and Uganda, wireless service providers continue to build out their voice and data networks in order to satisfy increasing demand for wireless services.
In South Africa, where voice networks are in a more advanced stage of development, carriers are beginning to deploy 3G data networks across spectrum acquired in recent spectrum auctions.
In Mexico and Brazil, where nationwide voice networks have also been deployed, some incumbent wireless service providers continue to invest in their 3G data networks, and recent spectrum auctions have enabled other incumbent wireless service providers to begin their initial investments in 3G data networks.
In markets such as Chile, Peru and Colombia, recent or anticipated spectrum auctions are expected to drive investment in nationwide voice and 3G data networks.
In Germany, our most mature international wireless market, demand is currently being driven by a government-mandated rural fourth generation network build-out, as well as other tenant initiatives to deploy next generation wireless services.
We believe incremental demand for our tower sites will continue in our international markets as wireless service providers seek to remain competitive by increasing the coverage of their networks while also investing in next generation data networks.
Rental and Management Operations New Site Revenue Growth.
During the year ended December 31, 2012, we grew our portfolio of communications real estate through acquisitions and construction activities, including the acquisition and construction of approximately 8,810 sites.
In a majority of our international markets, the acquisition or construction of new sites results in increased pass-through revenues and expenses.
We continue to evaluate opportunities to acquire larger communications real estate portfolios, both domestically and internationally, to determine whether they meet our risk adjusted hurdle rates and whether we believe we can effectively integrate them into our existing portfolio.
## Table 0 ##
(1) The majority of sites acquired or constructed in 2012 were in Brazil, Germany, India and Uganda; in 2011 were in Brazil, Colombia, Ghana, India, Mexico and South Africa; and in 2010 were in Chile, Colombia, India and Peru.
Network Development Services Segment Revenue Growth.
As we continue to focus on growing our rental and management operations, we anticipate that our network development services revenue will continue to represent a relatively small percentage of our total revenues.
Through our network development services segment, we offer tower-related services, including site acquisition, zoning and permitting services and structural analysis services, which primarily support our site leasing business and the addition of new tenants and equipment on our sites, including in connection with provider network upgrades.
Rental and Management Operations Expenses.
Direct operating expenses incurred by our domestic and international rental and management segments include direct site level expenses and consist primarily of ground rent, property taxes, repairs and maintenance, security and power and fuel costs, some of which may be passed through to our tenants.
These segment direct operating expenses exclude all segment and corporate selling, general, administrative and development expenses, which are aggregated into one line item entitled selling, general, administrative and development expense in our consolidated statements of operations.
In general, our domestic and international rental and management segments selling, general, administrative and development expenses do not significantly increase as a result of adding incremental tenants to our legacy sites and typically increase only modestly year-over-year.
As a result, leasing additional space to new tenants on our legacy sites provides significant incremental cash flow.
We may incur additional segment selling, general, administrative and development expenses as we increase our presence in geographic areas where we have recently launched operations or are focused on expanding our portfolio.
Our profit margin growth is therefore positively impacted by the addition of new tenants to our legacy sites and can be temporarily diluted by our development activities.
## Table 1 ##
Note: We have not declared any cash dividends on common stock for the periods shown.
(1) On September 1, 2015, CBRE, Inc. , our wholly-owned subsidiary, closed on a Stock and Asset Purchase Agreement with Johnson Controls, Inc.  (JCI) to acquire JCI’s Global Workplace Solutions (GWS) business (which we refer to as the GWS Acquisition).
The results for the year ended December 31, 2015 include the operations of GWS from September 1, 2015, the date such business was acquired.
(2) In 2011, we acquired the majority of the real estate investment management business of Netherlands-based ING Group N. V.  (ING).
The acquisitions included substantially all of ING’s Real Estate Investment Management (REIM) operations in Europe and Asia as well as substantially all of Clarion Real Estate Securities (CRES), its U. S. -based global real estate listed securities business (collectively referred to as ING REIM) along with certain CRES co-investments from ING and additional interests in other funds managed by ING REIM Europe and ING REIM Asia.
On July 1, 2011, we completed the acquisition of CRES for $332.8 million and CRES co-investments from ING for an aggregate amount of $58.6 million.
On October 3, 2011, we completed the acquisition of ING REIM Asia for $45.3 million and three ING REIM Asia co-investments from ING for an aggregate amount of $13.9 million.
On October 31, 2011, we completed the acquisition of ING REIM Europe for $441.5 million and one co-investment from ING for $7.4 million.
During the year ended December 31, 2012, we also funded nine additional co-investments for an aggregate amount of $34.5 million related to ING REIM Europe.
The results for the year ended December 31, 2011 include the operations of CRES, ING REIM Asia and ING REIM Europe from July 1, 2011, October 3, 2011 and October 31, 2011, respectively, the dates each respective business was acquired.
(3) See Income Per Share information in Note 15 of our Notes to Consolidated Financial Statements set forth in Item 8 of this Annual Report.
(4) Includes EBITDA related to discontinued operations of $7.9 million, $5.6 million and $14.1 million for the years ended December 31, 2013, 2012 and 2011, respectively.
EBITDA represents earnings before net interest expense, write-off of financing costs on extinguished debt, income taxes, depreciation and amortization.
EBITDA is not a recognized measurement under U. S.  generally accepted accounting principles (GAAP) and when analyzing our operating performance, investors should use EBITDA 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 EBITDA may not be comparable to similarly titled measures of other companies.
We generally use EBITDA to evaluate operating performance and for other discretionary purposes, and we believe that this measure provides a more complete understanding of ongoing operations and enhances comparability of current results to prior periods.
We further believe that investors may find EBITDA useful in evaluating our operating performance compared to that of other companies in our industry because EBITDA calculations generally eliminate the effects of acquisitions, which would include impairment charges of goodwill and intangibles created from acquisitions, the effects of financings and income taxes and the accounting effects of capital spending.
EBITDA may vary for different companies for reasons unrelated to overall operating performance.
EBITDA is not intended to be a measure of free cash flow for our discretionary use because it does not consider certain cash requirements such as tax and debt service payments.
EBITDA may also differ from the amount calculated under similarly titled definitions in our debt instruments, which amounts are further adjusted to reflect certain other cash and non-cash charges and are used by us to determine compliance with financial covenants therein and our ability to engage in certain activities, such as incurring additional debt and making certain restricted payments.
The following table summarizes the key characteristics of the Company’s credit derivative portfolio by counterparty at December 31, 2013 and December 31, 2012.
The fair values shown are before the application of any counterparty or cash collateral netting.
For additional credit exposure information on the Company’s credit derivative portfolio, see Note 12 to the consolidated financial statements in Item 8.
## Table 2 ##
(1) The Company’s CDS are classified in both Level 2 and Level 3 of the fair value hierarchy.
Approximately 5% of receivable fair values and 5% of payable fair values represent Level 3 amounts (see Note 4 to the consolidated financial statements in Item 8).

<table><tr><td>New Sites (Acquired or Constructed)</td><td>2012</td><td>2011</td><td>2010</td></tr><tr><td>Domestic</td><td>960</td><td>470</td><td>950</td></tr><tr><td>International-1</td><td>7,850</td><td>10,000</td><td>6,870</td></tr></table>
<table><tr><td></td><td colspan="5"> As of December 31,</td></tr><tr><td></td><td> 2015</td><td> 2014</td><td> 2013</td><td> 2012</td><td> 2011</td></tr><tr><td></td><td></td><td colspan="4"> (Dollars in thousands)</td></tr><tr><td> BALANCE SHEET DATA:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash and cash equivalents</td><td>$540,403</td><td>$740,884</td><td>$491,912</td><td>$1,089,297</td><td>$1,093,182</td></tr><tr><td>Total assets -5</td><td>11,017,943</td><td>7,568,010</td><td>6,998,414</td><td>7,809,542</td><td>7,219,143</td></tr><tr><td>Long-term debt, including current portion, net -5</td><td>2,679,539</td><td>1,851,012</td><td>1,840,680</td><td>2,427,605</td><td>2,472,686</td></tr><tr><td>Notes payable on real estate, net -5</td><td>38,258</td><td>41,445</td><td>130,472</td><td>326,012</td><td>372,912</td></tr><tr><td>Total liabilities -5</td><td>8,258,873</td><td>5,266,612</td><td>5,062,408</td><td>6,127,730</td><td>5,801,980</td></tr><tr><td>Total CBRE Group, Inc. stockholders’ equity</td><td>2,712,652</td><td>2,259,830</td><td>1,895,785</td><td>1,539,211</td><td>1,151,481</td></tr></table>
<table><tr><td></td><td colspan="5"> At December 31, 2013</td></tr><tr><td></td><td colspan="3"> Fair Values-1</td><td colspan="2"> Notionals</td></tr><tr><td></td><td> Receivable</td><td> Payable</td><td> Net</td><td> Beneficiary</td><td> Guarantor</td></tr><tr><td></td><td colspan="5"> (dollars in millions)</td></tr><tr><td>Banks and securities firms</td><td>$36,316</td><td>$35,005</td><td>$1,311</td><td>$1,126,688</td><td>$1,093,906</td></tr><tr><td>Insurance and other financial institutions</td><td>7,877</td><td>7,515</td><td>362</td><td>265,958</td><td>302,835</td></tr><tr><td>Non-financial entities</td><td>153</td><td>106</td><td>47</td><td>4,732</td><td>4,049</td></tr><tr><td>Total</td><td>$44,346</td><td>$42,626</td><td>$1,720</td><td>$1,397,378</td><td>$1,400,790</td></tr></table>

Question: What is the proportion of Cash and cash equivalents to the total in 2015 ?
Answer: 0.19922