CBRE GROUP, INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2013 (Dollars in thousands)
## Table 0 ##
Use of Estimates The preparation of the financial statements requires management to make a number of estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period.
Actual results could differ from those estimates.
(3) Significant Acquisitions and Dispositions Acquisitions We acquired total income producing real estate related assets of $219.9 million, $948.4 million and $295.6 million in 2007, 2006 and 2005, respectively.
In December 2007, in order to further establish our property positions around strategic port locations, we purchased a portfolio of five industrial buildings, in Seattle, Virginia and Houston, as well as approximately 161 acres of undeveloped land and a 12-acre container storage facility in Houston.
The total price was $89.7 million and was financed in part through assumption of secured debt that had a fair value of $34.3 million.
Of the total purchase price, $66.1 million was allocated to in-service real estate assets, $20.0 million was allocated to undeveloped land and the container storage facility, $3.3 million was allocated to lease related intangible assets, and the remaining amount was allocated to acquired working capital related assets and liabilities.
This allocation of purchase price based on the fair value of assets acquired is preliminary.
The results of operations for the acquired properties since the date of acquisition have been included in continuing rental operations in our consolidated financial statements.
In February 2007, we completed the acquisition of Bremner Healthcare Real Estate (“Bremner”), a national health care development and management firm.
The primary reason for the acquisition was to expand our development capabilities within the health care real estate market.
The initial consideration paid to the sellers totaled $47.1 million, and the sellers may be eligible for further contingent payments over the next three years.
Approximately $39.0 million of the total purchase price was allocated to goodwill, which is attributable to the value of Bremner’s overall development capabilities and its in-place workforce.
The results of operations for Bremner since the date of acquisition have been included in continuing operations in our consolidated financial statements.
In February 2006, we acquired the majority of a Washington, D. C.  metropolitan area portfolio of suburban office and light industrial properties (the “Mark Winkler Portfolio”).
The assets acquired for a purchase price of approximately $867.6 million are comprised of 32 in-service properties with approximately 2.9 million square feet for rental, 166 acres of undeveloped land, as well as certain related assets of the Mark Winkler Company, a real estate management company.
The acquisition was financed primarily through assumed mortgage loans and new borrowings.
The assets acquired and liabilities assumed were recorded at their estimated fair value at the date of acquisition, as summarized below (in thousands):
## Table 1 ##
FAIR VALUE MEASUREMENTS The fair value estimates used in allocating the aggregate purchase price of each acquisition among the individual components of real estate assets and liabilities were determined primarily through calculating the "as-if vacant" value of each building, using the income approach, and relied significantly upon internally determined assumptions.
We have determined these estimates to have been primarily based upon Level 3 inputs, which are unobservable inputs based on our own assumptions.
The range of most significant assumptions utilized in making the lease-up and future disposition estimates used in calculating the "as-if vacant" value of each building acquired during 2013 and 2012 are as follows:
## Table 2 ##
ACQUISITION-RELATED ACTIVITY The acquisition-related activity in our consolidated Statements of Operations and Comprehensive Income consisted of transaction costs for completed acquisitions, which are expensed as incurred, as well as gains or losses related to acquisitions where we had a pre-existing non-controlling ownership interest.
Acquisition-related activity for the years ended December 31, 2013, 2012 and 2011 includes transaction costs of $4.1 million, $4.2 million and $2.3 million, respectively.
In 2013 and 2011, we recognized gains of $962,000 and $1.1 million, respectively, related to acquisitions of properties from unconsolidated joint ventures.
DISPOSITIONS We disposed of income-producing real estate assets and undeveloped land and received net cash proceeds of $740.0 million, $138.1 million and $1.57 billion in 2013, 2012 and 2011, respectively.
Included in the building dispositions in 2013is the sale of 18 medical office properties in various markets, which totaled 1.1 millionsquare feet and were sold for $285.9 million.
The properties sold were in markets, or were associated with health systems, where we did not believe there to be significant future growth potential.
During the year ended December 31, 2013, 19 office properties and one industrial property were sold from certain of our unconsolidated joint ventures for which our capital distributions totaled $92.3 million.
Our share of gains from joint venture property sales, which are included in equity in earnings, related almost entirely to these sales and totaled $51.2 million.
Included in the building dispositions in 2011 is the sale of substantially all of our wholly-owned suburban office real estate properties in Atlanta, Chicago, Columbus, Dallas, Minneapolis, Orlando and Tampa, consisting of 79 buildings that had an aggregate of 9.8 million square feet, to affiliates of Blackstone Real Estate Partners.
The sales price was approximately $1.06 billion which, after settlement of certain working capital items and the payment of applicable transaction costs, was received in a combination of approximately $1.02 billion in cash and the assumption by the buyer of mortgage debt with a face value of approximately $24.9 million.
Also included in the building dispositions in 2011 is the sale of 13 suburban office buildings, totaling over 2.0 million square feet, to an existing 20%-owned unconsolidated joint venture.
These buildings were sold to the unconsolidated joint venture for an agreed value of $342.8 million, of which our 80% share of proceeds totaled $273.7 million.
All other dispositions were not individually material.
UNITED PARCEL SERVICE, INC.  AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 43 Income Tax Expense The following table sets forth income tax expense and our effective tax rate for the years ended December 31, 2017, 2016 and 2015 (in millions):

<table><tr><td></td><td>Parent</td><td>CBRE</td><td>Guarantor Subsidiaries</td><td>Nonguarantor Subsidiaries</td><td>Consolidated Total</td></tr><tr><td> CASH FLOWS PROVIDED BY OPERATING ACTIVITIES:</td><td>$24,043</td><td>$5,366</td><td>$663,640</td><td>$52,059</td><td>$745,108</td></tr><tr><td> CASH FLOWS FROM INVESTING ACTIVITIES:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital expenditures</td><td>—</td><td>—</td><td>-112,528</td><td>-43,830</td><td>-156,358</td></tr><tr><td>Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired</td><td>—</td><td>—</td><td>-67,095</td><td>-437,052</td><td>-504,147</td></tr><tr><td>Contributions to unconsolidated subsidiaries</td><td>—</td><td>—</td><td>-49,721</td><td>127</td><td>-49,594</td></tr><tr><td>Distributions from unconsolidated subsidiaries</td><td>—</td><td>—</td><td>63,049</td><td>19,181</td><td>82,230</td></tr><tr><td>Net proceeds from disposition of real estate held for investment</td><td>—</td><td>—</td><td>—</td><td>113,241</td><td>113,241</td></tr><tr><td>Additions to real estate held for investment</td><td>—</td><td>—</td><td>—</td><td>-2,559</td><td>-2,559</td></tr><tr><td>Proceeds from the sale of servicing rights and other assets</td><td>—</td><td>—</td><td>15,537</td><td>16,479</td><td>32,016</td></tr><tr><td>(Increase) decrease in restricted cash</td><td>—</td><td>-8</td><td>1,510</td><td>6,967</td><td>8,469</td></tr><tr><td>Purchase of available for sale securities</td><td>—</td><td>—</td><td>-65,111</td><td>—</td><td>-65,111</td></tr><tr><td>Proceeds from the sale of available for sale securities</td><td>—</td><td>—</td><td>66,222</td><td>3,466</td><td>69,688</td></tr><tr><td>Other investing activities, net</td><td>—</td><td>—</td><td>4,441</td><td>2,690</td><td>7,131</td></tr><tr><td>Net cash used in investing activities</td><td>—</td><td>-8</td><td>-143,696</td><td>-321,290</td><td>-464,994</td></tr><tr><td> CASH FLOWS FROM FINANCING ACTIVITIES:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Proceeds from senior secured term loans</td><td>—</td><td>715,000</td><td>—</td><td>—</td><td>715,000</td></tr><tr><td>Repayment of senior secured term loans</td><td>—</td><td>-1,382,237</td><td>—</td><td>-256,780</td><td>-1,639,017</td></tr><tr><td>Proceeds from revolving credit facility</td><td>—</td><td>439,000</td><td>—</td><td>171,562</td><td>610,562</td></tr><tr><td>Repayment of revolving credit facility</td><td>—</td><td>-421,000</td><td>—</td><td>-121,150</td><td>-542,150</td></tr><tr><td>Proceeds from issuance of 5.00% senior notes</td><td>—</td><td>800,000</td><td>—</td><td>—</td><td>800,000</td></tr><tr><td>Repayment of 11.625% senior subordinated notes</td><td>—</td><td>-450,000</td><td>—</td><td>—</td><td>-450,000</td></tr><tr><td>Proceeds from notes payable on real estate held for investment</td><td>—</td><td>—</td><td>—</td><td>2,762</td><td>2,762</td></tr><tr><td>Repayment of notes payable on real estate held for investment</td><td>—</td><td>—</td><td>—</td><td>-74,544</td><td>-74,544</td></tr><tr><td>Proceeds from notes payable on real estate held for sale and under development</td><td>—</td><td>—</td><td>—</td><td>9,526</td><td>9,526</td></tr><tr><td>Repayment of notes payable on real estate held for sale and under development</td><td>—</td><td>—</td><td>—</td><td>-136,528</td><td>-136,528</td></tr><tr><td>Shares repurchased for payment of taxes on stock awards</td><td>-16,628</td><td>—</td><td>—</td><td>—</td><td>-16,628</td></tr><tr><td>Proceeds from exercise of stock options</td><td>5,780</td><td>—</td><td>—</td><td>—</td><td>5,780</td></tr><tr><td>Incremental tax benefit from stock options exercised</td><td>9,891</td><td>—</td><td>—</td><td>—</td><td>9,891</td></tr><tr><td>Non-controlling interests contributions</td><td>—</td><td>—</td><td>—</td><td>1,092</td><td>1,092</td></tr><tr><td>Non-controlling interests distributions</td><td>—</td><td>—</td><td>—</td><td>-128,168</td><td>-128,168</td></tr><tr><td>Payment of financing costs</td><td>—</td><td>-28,995</td><td>—</td><td>-327</td><td>-29,322</td></tr><tr><td>(Increase) decrease in intercompany receivables, net</td><td>-23,086</td><td>316,147</td><td>-1,104,501</td><td>811,440</td><td>—</td></tr><tr><td>Other financing activities, net</td><td>—</td><td>—</td><td>-4,311</td><td>-226</td><td>-4,537</td></tr><tr><td>Net cash (used in) provided by financing activities</td><td>-24,043</td><td>-12,085</td><td>-1,108,812</td><td>278,659</td><td>-866,281</td></tr><tr><td>Effect of currency exchange rate changes on cash and cash equivalents</td><td>—</td><td>—</td><td>—</td><td>-11,218</td><td>-11,218</td></tr><tr><td> NET DECREASE IN CASH AND CASH EQUIVALENTS</td><td>—</td><td>-6,727</td><td>-588,868</td><td>-1,790</td><td>-597,385</td></tr><tr><td> CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD</td><td>5</td><td>18,312</td><td>680,112</td><td>390,868</td><td>1,089,297</td></tr><tr><td> CASH AND CASH EQUIVALENTS, AT END OF PERIOD</td><td>$5</td><td>$11,585</td><td>$91,244</td><td>$389,078</td><td>$491,912</td></tr><tr><td> SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash paid during the period for:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest</td><td>$—</td><td>$106,433</td><td>$450</td><td>$10,267</td><td>$117,150</td></tr><tr><td>Income tax payments, net</td><td>$—</td><td>$—</td><td>$113,090</td><td>$90,312</td><td>$203,402</td></tr></table>
<table><tr><td>Operating rental properties</td><td>$602,011</td></tr><tr><td>Land held for development</td><td>154,300</td></tr><tr><td>Total real estate investments</td><td>756,311</td></tr><tr><td>Other assets</td><td>10,478</td></tr><tr><td>Lease related intangible assets</td><td>86,047</td></tr><tr><td>Goodwill</td><td>14,722</td></tr><tr><td>Total assets acquired</td><td>867,558</td></tr><tr><td>Debt assumed</td><td>-148,527</td></tr><tr><td>Other liabilities assumed</td><td>-5,829</td></tr><tr><td>Purchase price, net of assumed liabilities</td><td>$713,202</td></tr></table>
<table><tr><td></td><td colspan="2">2013</td><td colspan="2">2012</td></tr><tr><td></td><td>Low</td><td>High</td><td>Low</td><td>High</td></tr><tr><td>Discount rate</td><td>6.49%</td><td>9.67%</td><td>7.13%</td><td>10.78%</td></tr><tr><td>Exit capitalization rate</td><td>5.09%</td><td>7.67%</td><td>5.75%</td><td>8.88%</td></tr><tr><td>Lease-up period (months)</td><td>12</td><td>24</td><td>6</td><td>36</td></tr><tr><td>Net rental rate per square foot - Industrial</td><td>$2.90</td><td>$8.28</td><td>$2.75</td><td>$7.62</td></tr><tr><td>Net rental rate per square foot - Medical Office</td><td>$18.00</td><td>$18.00</td><td>$13.20</td><td>$26.14</td></tr></table>

Question: goodwill comprises what percentage of total assets acquired?
Answer: 1.69695