primarily reflected continued outflows in Zurich-related portfolios.
Investment track records remained strong across one-, three- and five-year periods.
Management believes that operating measures, which exclude net realized gains or losses and integration charges for our Asset Management segment, best reflect the underlying performance of our 2010 and 2009 core operations and facilitate a more meaningful trend analysis.
See our discussion on the use of these non-GAAP measures in the Overview section above.
The following table presents the results of operations of our Asset Management segment:
## Table 0 ##
NM Not Meaningful.
(1) Adjustments include net realized gains or losses and integration charges.
Our Asset Management segment pretax income was $318 million for the year ended December 31, 2010 compared to $60 million for the prior year.
Our Asset Management segment pretax operating income, which excludes net realized gains or losses and integration charges, was $410 million for the year ended December 31, 2010 compared to $93 million for the prior year reflecting eight months of earnings from business acquired in the Columbia Management Acquisition and market appreciation.
Pretax margin for 2010 was 13.4% and operating pretax margin was 17.3%.
Net Revenues Net revenues increased $1.0 billion, or 76%, to $2.4 billion for the year ended December 31, 2010 compared to $1.3 billion for the prior year driven by an increase in asset-based management fees and distribution fees due to growth in assets from the Columbia Management Acquisition and market appreciation.
Management and financial advice fees increased $873 million, or 79%, to $2.0 billion for the year ended December 31, 2010 compared to $1.1 billion for the prior year primarily due to growth in assets from the Columbia Management Acquisition and market appreciation, partially offset by lower hedge fund performance fees.
The daily average S&P 500 Index increased 20% compared to the prior year.
Total Asset Management managed assets increased $213.7 billion, or 88%, to $456.8 billion at December 31, 2010 compared to the prior year primarily due to the Columbia Management Acquisition and market appreciation, partially offset by net outflows.
Distribution fees increased $142 million, or 66%, to $358 million for the year ended December 31, 2010 compared to $216 million for the prior year primarily driven by growth in assets from the Columbia Management Acquisition and market appreciation.
Expenses Total expenses increased $764 million, or 59%, to $2.1 billion for the year ended December 31, 2010 compared to $1.3 billion for the prior year.
Operating expenses, which exclude integration charges, increased $699 million, or 56%, to $2.0 billion for the year ended December 31, 2010 compared to $1.3 billion for the prior year due to an increase in
KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued Investment in Retail Store Leases— The Company has interests in various retail store leases relating to the anchor store premises in neighborhood and community shopping centers.
These premises have been sublet to retailers who lease the stores pursuant to net lease agreements.
Income from the investment in these retail store leases during the years ended December 31, 2010, 2009 and 2008, was approximately $1.6 million, $0.8 million and $2.7 million, respectively.
These amounts represent sublease revenues during the years ended December 31, 2010, 2009 and 2008, of approximately $5.9 million, $5.2 million and $7.1 million, respectively, less related expenses of $4.3 million, $4.4 million and $4.4 million, respectively.
The Company’s future minimum revenues under the terms of all non-cancelable tenant subleases and future minimum obligations through the remaining terms of its retail store leases, assuming no new or renegotiated leases are executed for such premises, for future years are as follows (in millions): 2011, $5.2 and $3.4; 2012, $4.1 and $2.6; 2013, $3.8 and $2.3; 2014, $2.9 and $1.7; 2015, $2.1 and $1.3, and thereafter, $2.8 and $1.6, respectively.
Leveraged Lease— During June 2002, the Company acquired a 90% equity participation interest in an existing leveraged lease of 30 properties.
The properties are leased under a long-term bond-type net lease whose primary term expires in 2016, with the lessee having certain renewal option rights.
The Company’s cash equity investment was approximately $4.0 million.
This equity investment is reported as a net investment in leveraged lease in accordance with the FASB’s Lease guidance.
As of December 31, 2010, 18 of these properties were sold, whereby the proceeds from the sales were used to pay down the mortgage debt by approximately $31.2 million and the remaining 12 properties were encumbered by third-party non-recourse debt of approximately $33.4 million that is scheduled to fully amortize during the primary term of the lease from a portion of the periodic net rents receivable under the net lease.
As an equity participant in the leveraged lease, the Company has no recourse obligation for principal or interest payments on the debt, which is collateralized by a first mortgage lien on the properties and collateral assignment of the lease.
Accordingly, this obligation has been offset against the related net rental receivable under the lease.
At December 31, 2010 and 2009, the Company’s net investment in the leveraged lease consisted of the following (in millions):
## Table 1 ##
10.
Variable Interest Entities: Consolidated Operating Properties— Included within the Company’s consolidated operating properties at December 31, 2010 are four consolidated entities that are VIEs and for which the Company is the primary beneficiary.
All of these entities have been established to own and operate real estate property.
The Company’s involvement with these entities is through its majority ownership of the properties.
These entities were deemed VIEs primarily based on the fact that the voting rights of the equity investors are not proportional to their obligation to absorb expected losses or receive the expected residual returns of the entity and substantially all of the entity’s activities are conducted on behalf of the investor which has disproportionately fewer voting rights.
The Company determined that it was the primary beneficiary of these VIEs as a result of its controlling financial interest.
During 2010, the Company sold two consolidated VIE’s which the Company was the primary beneficiary.
Contractual Obligations ____________________________________________________________________________________________ In the normal course of business, we enter into various contractual obligations that require future cash payments.
Our future cash payments associated with our contractual obligations at December 31, 2015 are summarized below.
## Table 2 ##
(1) Savings accounts (including money market accounts), brokered network deposits sweeps, and non-interest-bearing deposits are assumed for purposes of this table to be due in 2016 because they may be withdrawn at any time without payment of any penalty.
(2) Deposits do not include interest payments because the amount and timing of these payments cannot be reasonably estimated as certain deposits have early withdrawal rights and also the option to roll interest payments into the balance.
The average interest rate on our interest-bearing deposits for the year ended December 31, 2015 was 1.6%.
See Note 7.
Deposits to our consolidated and combined financial statements.
(3) These amounts shown exclude interest on floating rate securitized borrowings.
The average interest rate for the year ended December 31, 2015 was 1.6%.
See Note 8.
Borrowings to our consolidated and combined financial statements.
(4) The amounts shown exclude interest as payments of interest on these borrowings are based on floating rates.
The average interest rate for the year ended December 31, 2015 was 2.5% for the Bank Term Loan.
See Note 8.
Borrowings to our consolidated and combined financial statements.
(5) The amounts shown exclude interest for the $250 million senior unsecured debt due 2020 as payments of interest on this senior unsecured note are based on floating rates.
(6) The table above does not include estimated payments of liabilities associated with uncertain income tax positions.
The inherent complexity and uncertainty around the timing and amount of future outflows for uncertain tax positions do not permit a reasonably reliable estimate of payments, if any, to be made in connection with these liabilities.
At December 31, 2015, we had gross unrecognized tax benefits of $327 million, excluding related interest and penalties.
See Note 14.
Income Taxes to the consolidated and combined financial statements.
(7) The table above excludes our reimbursement obligations to GE for certain retiree benefits obligations of $166 million at December 31, 2015.
See Note 11.
Employee Benefit Plans to the consolidated and combined financial statements for additional information.
Critical Accounting Estimates ____________________________________________________________________________________________ In preparing our consolidated and combined financial statements, we have identified certain accounting estimates and assumptions that we consider to be the most critical to an understanding of our financial statements because they involve significant judgments and uncertainties.
The critical accounting estimates we have identified relate to allowance for loan losses, asset impairment, income taxes and fair value measurements.
All of these estimates reflect our best judgment about current, and for some estimates future, economic and market conditions and their effects based on information available as of the date of these financial statements.
If these conditions change from those expected, it is reasonably possible that these judgments and estimates could change, which may result in incremental losses on loan receivables, future impairments of investment securities, goodwill and intangible assets, and the establishment of valuation allowances on deferred tax assets and increases in our tax liabilities, among other effects.
See Note 2.
Basis of Presentation and Summary of Significant Accounting Policies to our consolidated and combined financial statements, which discusses the significant accounting policies related to these estimates.

<table><tr><td> </td><td colspan="6">Years Ended December 31,</td><td></td><td></td></tr><tr><td> </td><td colspan="3">2010 </td><td colspan="3">2009 </td><td></td><td></td></tr><tr><td> </td><td>GAAP </td><td>Less: Adjustments -1</td><td>Operating </td><td>GAAP </td><td>Less: Adjustments -1</td><td>Operating </td><td colspan="2">Operating Change</td></tr><tr><td> </td><td colspan="8">(in millions, except percentages)</td></tr><tr><td> Revenues</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Management and financial advice fees</td><td>$1,979</td><td>$—</td><td>$1,979</td><td>$1,106</td><td>$—</td><td>$1,106</td><td>$873</td><td>79%</td></tr><tr><td>Distribution fees</td><td>358</td><td>—</td><td>358</td><td>216</td><td>—</td><td>216</td><td>142</td><td>66</td></tr><tr><td>Net investment income</td><td>17</td><td>3</td><td>14</td><td>18</td><td>-3</td><td>21</td><td>-7</td><td>-33</td></tr><tr><td>Other revenues</td><td>15</td><td>—</td><td>15</td><td>8</td><td>—</td><td>8</td><td>7</td><td>88</td></tr><tr><td>Total revenues</td><td>2,369</td><td>3</td><td>2,366</td><td>1,348</td><td>-3</td><td>1,351</td><td>1,015</td><td>75</td></tr><tr><td>Banking and deposit interest expense</td><td>1</td><td>—</td><td>1</td><td>2</td><td>—</td><td>2</td><td>-1</td><td>-50</td></tr><tr><td>Total net revenues</td><td>2,368</td><td>3</td><td>2,365</td><td>1,346</td><td>-3</td><td>1,349</td><td>1,016</td><td>75</td></tr><tr><td> Expenses</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Distribution expenses</td><td>734</td><td>—</td><td>734</td><td>371</td><td>—</td><td>371</td><td>363</td><td>98</td></tr><tr><td>Amortization of deferred acquisition costs</td><td>20</td><td>—</td><td>20</td><td>21</td><td>—</td><td>21</td><td>-1</td><td>-5</td></tr><tr><td>General and administrative expense</td><td>1,296</td><td>95</td><td>1,201</td><td>894</td><td>30</td><td>864</td><td>337</td><td>39</td></tr><tr><td>Total expenses</td><td>2,050</td><td>95</td><td>1,955</td><td>1,286</td><td>30</td><td>1,256</td><td>699</td><td>56%</td></tr><tr><td>Pretax income</td><td>$318</td><td>$-92</td><td>$410</td><td>$60</td><td>$-33</td><td>$93</td><td>$317</td><td>NM</td></tr></table>
<table><tr><td></td><td>2010</td><td>2009</td></tr><tr><td>Remaining net rentals</td><td>$37.6</td><td>$44.1</td></tr><tr><td>Estimated unguaranteed residual value</td><td>31.7</td><td>31.7</td></tr><tr><td>Non-recourse mortgage debt</td><td>-30.1</td><td>-34.5</td></tr><tr><td>Unearned and deferred income</td><td>-34.2</td><td>-37.0</td></tr><tr><td>Net investment in leveraged lease</td><td>$5.0</td><td>$4.3</td></tr></table>
<table><tr><td></td><td colspan="5">Payments Due by Period</td></tr><tr><td>($ in millions)</td><td>Total</td><td>2016</td><td>2017 - 2018</td><td>2019 - 2020</td><td>2021 and Thereafter</td></tr><tr><td>Deposits<sup>-1(2)</sup></td><td>$43,447</td><td>$27,187</td><td>$6,946</td><td>$6,733</td><td>$2,581</td></tr><tr><td>Securitized financings<sup>-3</sup></td><td>13,931</td><td>962</td><td>10,363</td><td>2,606</td><td>—</td></tr><tr><td>Bank term loan<sup>-4</sup></td><td>4,151</td><td>—</td><td>—</td><td>4,151</td><td>—</td></tr><tr><td>Senior unsecured notes<sup>-5</sup></td><td>7,943</td><td>215</td><td>917</td><td>3,396</td><td>3,415</td></tr><tr><td>Operating leases</td><td>204</td><td>35</td><td>62</td><td>51</td><td>56</td></tr><tr><td>Total contractual obligations<sup>-6(7)</sup></td><td>$69,676</td><td>$28,399</td><td>$18,288</td><td>$16,937</td><td>$6,052</td></tr></table>

Question: What is the proportion of distribution fees of GAAP to the total revenues of GAAP in 2010?
Answer: 0.15112