customary conditions.
We will retain a 20% equity interest in the joint venture.
As of December 31, 2008, the joint venture has acquired seven properties from us and we received year-to-date net sale proceeds and financing distributions of approximately $251.6 million.
In January 2008, we sold a tract of land to an unconsolidated joint venture in which we hold a 50% equity interest and received a distribution, commensurate to our partner’s 50% ownership interest, of approximately $38.3 million.
In November 2008, that unconsolidated joint venture entered a loan agreement with a consortium of banks and distributed a portion of the loan proceeds to us and our partner, with our share of the distribution totaling $20.4 million.
Uses of Liquidity Our principal uses of liquidity include the following: ?
Property investment; ?
Recurring leasing/capital costs; ?
Dividends and distributions to shareholders and unitholders; ?
Long-term debt maturities; ?
Opportunistic repurchases of outstanding debt; and ?
Other contractual obligations.
Property Investment We evaluate development and acquisition opportunities based upon market outlook, supply and long-term growth potential.
Our ability to make future property investments is dependent upon our continued access to our longer-term sources of liquidity including the issuances of debt or equity securities as well as disposing of selected properties.
In light of current economic conditions, management continues to evaluate our investment priorities and we are limiting new development expenditures.
Recurring Expenditures One of our principal uses of our liquidity is to fund the recurring leasing/capital expenditures of our real estate investments.
The following is a summary of our recurring capital expenditures for the years ended December 31, 2008, 2007 and 2006, respectively (in thousands):
## Table 0 ##
Dividends and Distributions In order to qualify as a REIT for federal income tax purposes, we must currently distribute at least 90% of our taxable income to shareholders.
Because depreciation is a non-cash expense, cash flow will typically be greater than operating income.
We paid dividends per share of $1.93, $1.91 and $1.89 for the years ended December 31, 2008, 2007 and 2006, respectively.
We expect to continue to distribute taxable earnings to meet the requirements to maintain our REIT status.
However, distributions are declared at the discretion of our board of directors and are subject to actual cash available for distribution, our financial condition, capital requirements and such other factors as our board of directors deems relevant.
In January 2009, our board of directors resolved to decrease our annual dividend from $1.94 per share to $1.00 per share in order to retain additional cash to help meet our capital needs.
We anticipate retaining additional cash of approximately $145.2 million per year, when compared to an annual dividend of $1.94 per share, as the result of this action.
At December 31, 2008 we had six series of preferred shares outstanding.
The annual dividend rates on our preferred shares range between 6.5% and 8.375% and are paid in arrears quarterly
Real Estate and Real Estate Joint Ventures The Company’s real estate and real estate joint venture investments consist of commercial properties located primarily in the United States.
At December 31, 2006 and 2005, the carrying value of the Company’s real estate, real estate joint ventures and real estate held-for-sale was $5.0 billion and $4.7 billion, respectively, or 1.5% and 1.5%, of total cash and invested assets, respectively.
The carrying value of real estate is stated at depreciated cost net of impairments and valuation allowances.
The carrying value of real estate joint ventures is stated at the Company’s equity in the real estate joint ventures net of impairments and valuation allowances.
The following table presents the carrying value of the Company’s real estate, real estate joint ventures, real estate held-for-sale and real estate acquired upon foreclosure at:
## Table 1 ##
The Company’s carrying value of real estate held-for-sale was $7 million and $755 million at December 31, 2006 and 2005, respectively.
Real estate and real estate joint ventures held-for-sale recognized impairments of $8 million and $5 million for the years ended December 31, 2006 and 2005, respectively.
The carrying value of non-income producing real estate and real estate joint ventures was $8 million and $37 million at December 31, 2006 and 2005, respectively.
The Company owned real estate acquired in satisfaction of debt of $3 million and $4 million at December 31, 2006 and 2005, respectively.
The Company records real estate acquired upon foreclosure of commercial and agricultural mortgage loans at the lower of estimated fair value or the carrying value of the mortgage loan at the date of foreclosure.
Real estate and real estate joint ventures were categorized as follows:
## Table 2 ##
The Company’s real estate holdings are primarily located in the United States.
At December 31, 2006, 26%, 15% and 15% of the Company’s real estate holdings were located in New York, Texas and California, respectively.
Certain of the Company’s investments in real estate joint ventures meet the definition of a variable interest entity (“VIE”) under FIN No.46, Consolidation of Variable Interest Entities — An Interpretation of Accounting Research Bulletin No.51, and its December 2003 revision (“FIN 46(r)”).
See “— Variable Interest Entities.
” In the fourth quarter of 2006, the Company closed the sale of its Peter Cooper Village and Stuyvesant Town properties located in Manhattan, New York for $5.4 billion.
The Peter Cooper Village and Stuyvesant Town properties together make up the largest apartment complex in Manhattan, New York totaling over 11,000 units, spread over 80 contiguous acres.
The properties were owned by the Holding Company’s subsidiary, MTL.
The sale resulted in a gain of $3 billion, net of income tax, and is included in income from discontinued operations in the consolidated statements of income.
In the second quarter of 2005, the Company sold its One Madison Avenue and 200 Park Avenue properties in Manhattan, New York for $918 million and $1.72 billion, respectively, resulting in gains, net of income tax, of $431 million and $762 million, respectively, and is included in income from discontinued operations in the consolidated statements of income.
In connection with the sale of the 200 Park Avenue property, the Company has retained rights to existing signage and is leasing space for associates in the property for 20 years with optional renewal periods through 2205.
MetLife, Inc.  Notes to Consolidated Financial Statements — (Continued) The following table presents changes in fair value related to derivatives that do not qualify for hedge accounting:
## Table 3 ##
(1) Changes in fair value related to economic hedges of equity method investment in joint ventures that do not qualify for hedge accounting and changes in fair value related to derivatives held in relation to trading portfolios.
Embedded Derivatives The Company has certain embedded derivatives that are required to be separated from their host contracts and accounted for as derivatives.
These host contracts include guaranteed minimum withdrawal contracts, guaranteed minimum accumulation contracts and modified coinsurance contracts.
The following table presents the fair value of the Company’s embedded derivatives at:
## Table 4 ##
Years Ended December 31,

<table><tr><td></td><td>2008</td><td>2007</td><td>2006</td></tr><tr><td>Recurring tenant improvements</td><td>$36,885</td><td>$45,296</td><td>$41,895</td></tr><tr><td>Recurring leasing costs</td><td>28,205</td><td>32,238</td><td>32,983</td></tr><tr><td>Building improvements</td><td>9,724</td><td>8,402</td><td>8,122</td></tr><tr><td>Totals</td><td>$74,814</td><td>$85,936</td><td>$83,000</td></tr></table>
<table><tr><td></td><td colspan="2">December 31, 2006</td><td colspan="2"> December 31, 2005</td></tr><tr><td> Type</td><td> Carrying   Value</td><td>% of Total</td><td> Carrying   Value</td><td> % of   Total</td></tr><tr><td></td><td colspan="4"> (In millions)</td></tr><tr><td>Real estateheld-for-investment</td><td>$3,499</td><td>70.2%</td><td>$2,980</td><td>63.9%</td></tr><tr><td>Real estate joint venturesheld-for-investment</td><td>1,477</td><td>29.6</td><td>926</td><td>19.8</td></tr><tr><td>Foreclosed real estateheld-for-investment</td><td>3</td><td>0.1</td><td>4</td><td>0.1</td></tr><tr><td></td><td>4,979</td><td>99.9</td><td>3,910</td><td>83.8</td></tr><tr><td>Real estateheld-for-sale</td><td>7</td><td>0.1</td><td>755</td><td>16.2</td></tr><tr><td>Total real estate, real estate joint ventures and real estateheld-for-sale</td><td>$4,986</td><td>100.0%</td><td>$4,665</td><td>100.0%</td></tr></table>
<table><tr><td></td><td colspan="4"> December 31,</td></tr><tr><td></td><td colspan="2">2006</td><td colspan="2"> 2005</td></tr><tr><td></td><td> Amount</td><td>Percent</td><td> Amount</td><td> Percent</td></tr><tr><td></td><td colspan="4"> (In millions)</td></tr><tr><td>Office</td><td>$2,709</td><td>55%</td><td>$2,597</td><td>56%</td></tr><tr><td>Apartments</td><td>739</td><td>15</td><td>889</td><td>19</td></tr><tr><td>Retail</td><td>513</td><td>10</td><td>612</td><td>13</td></tr><tr><td>Developmental joint ventures</td><td>169</td><td>3</td><td>—</td><td>—</td></tr><tr><td>Real estate investment funds</td><td>401</td><td>8</td><td>45</td><td>1</td></tr><tr><td>Industrial</td><td>291</td><td>6</td><td>284</td><td>6</td></tr><tr><td>Land</td><td>71</td><td>1</td><td>43</td><td>1</td></tr><tr><td>Agriculture</td><td>32</td><td>1</td><td>32</td><td>1</td></tr><tr><td>Other</td><td>61</td><td>1</td><td>163</td><td>3</td></tr><tr><td>Total</td><td>$4,986</td><td>100%</td><td>$4,665</td><td>100%</td></tr></table>
<table><tr><td></td><td colspan="3"> Years Ended December 31,</td></tr><tr><td></td><td> 2007</td><td> 2006</td><td> 2005</td></tr><tr><td></td><td colspan="3"> (In millions)</td></tr><tr><td>Net investment gains (losses), excluding embedded derivatives</td><td>$-232</td><td>$-685</td><td>$299</td></tr><tr><td>Policyholder benefits and claims</td><td>$7</td><td>$-33</td><td>$2</td></tr><tr><td>Net investment income-1</td><td>$31</td><td>$-40</td><td>$-38</td></tr></table>
<table><tr><td></td><td colspan="2"> December 31,</td></tr><tr><td></td><td> 2007</td><td> 2006</td></tr><tr><td></td><td colspan="2"> (In millions)</td></tr><tr><td>Embedded derivative assets</td><td>$72</td><td>$180</td></tr><tr><td>Embedded derivative liabilities</td><td>$980</td><td>$169</td></tr></table>

Question: What is the growing rate of Carrying Value of Real estateheld-for-investment in the year with the least Carrying Value of Real estateheld-for-sale?
Answer: 0.17416