challenging investment environment with $15.0 billion, or 95%, of net inflows coming from institutional clients, with the remaining $0.8 billion, or 5%, generated by retail and HNW clients.
Defined contribution plans of institutional clients remained a significant driver of flows.
This client group added $13.1 billion of net new business in 2012.
During the year, Americas net inflows of $18.5 billion were partially offset by net outflows of $2.6 billion collectively from EMEA and Asia-Pacific clients.
The Company’s multi-asset strategies include the following: ?
Asset allocation and balanced products represented 52%, or $140.2 billion, of multi-asset class AUM at year-end, up $14.1 billion, with growth in AUM driven by net new business of $1.6 billion and $12.4 billion in market and foreign exchange gains.
These strategies combine equity, fixed income and alternative components for investors seeking a tailored solution relative to a specific benchmark and within a risk budget.
In certain cases, these strategies seek to minimize downside risk through diversification, derivatives strategies and tactical asset allocation decisions.  ?
Target date and target risk products ended the year at $69.9 billion, up $20.8 billion, or 42%, since December 31, 2011.
Growth in AUM was driven by net new business of $14.5 billion, a year-over-year organic growth rate of 30%.
Institutional investors represented 90% of target date and target risk AUM, with defined contribution plans accounting for over 80% of AUM.
The remaining 10% of target date and target risk AUM consisted of retail client investments.
Flows were driven by defined contribution investments in our LifePath and LifePath Retirement Income?
offerings, which are qualified investment options under the Pension Protection Act of 2006.
These products utilize a proprietary asset allocation model that seeks to balance risk and return over an investment horizon based on the investor’s expected retirement timing.  ?
Fiduciary management services accounted for 22%, or $57.7 billion, of multi-asset AUM at December 31, 2012 and increased $7.7 billion during the year due to market and foreign exchange gains.
These are complex mandates in which pension plan sponsors retain BlackRock to assume responsibility for some or all aspects of plan management.
These customized services require strong partnership with the clients’ investment staff and trustees in order to tailor investment strategies to meet client-specific risk budgets and return objectives.
Alternatives Component Changes in Alternatives AUM
## Table 0 ##
Alternatives AUM totaled $109.8 billion at year-end 2012, up $4.8 billion, or 5%, reflecting $3.3 billion in portfolio valuation gains and $7.0 billion in new assets related to the acquisitions of SRPEP, which deepened our alternatives footprint in the European and Asian markets, and Claymore.
Core alternative outflows of $3.9 billion were driven almost exclusively by return of capital to clients.
Currency net outflows of $5.0 billion were partially offset by net inflows of $3.5 billion into iShares commodity funds.
We continued to make significant investments in our alternatives platform as demonstrated by our acquisition of SRPEP, successful closes on the renewable power initiative and our build out of an alternatives retail platform, which now stands at nearly $10.0 billion in AUM.
We believe that as alternatives become more conventional and investors adapt their asset allocation strategies to best meet their investment objectives, they will further increase their use of alternative investments to complement core holdings.
Institutional investors represented 69%, or $75.8 billion, of alternatives AUM with retail and HNW investors comprising an additional 9%, or $9.7 billion, at year-end 2012.  iShares commodity products accounted for the remaining $24.3 billion, or 22%, of AUM at year-end.
Alternative clients are geographically diversified with 56%, 26%, and 18% of clients located in the Americas, EMEA and Asia-Pacific, respectively.
The BlackRock Alternative Investors (“BAI”) group coordinates our alternative investment efforts, including
Contractual Obligations As of December 31, 2003, our contractual payment obligations were as follows (amounts in thousands):
## Table 1 ##
As of December 31, 2003, the company had no significant contingent liabilities.
Item 7a.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Our investments are financed by the sale of common and preferred stock, long-term and medium-term debt, internally generated cash flows, and some short-term bank debt.
We generally have fixed base rent on our leases; in addition, there can be additional rent based on a percentage of increased revenue over specified base period revenue of the properties and/or increases based on inflation indices or other factors.
Financing costs are comprised of dividends on common and preferred stock, interest on long-term and medium-term debt and short-term interest on bank debt.
On a more limited basis, we have provided mortgage loans to operators of health care facilities in the normal course of business.
All of the mortgage loans receivable have fixed interest rates or interest rates with periodic fixed increases.
Therefore, the mortgage loans receivable are all considered to be fixed rate loans, and the current interest rate (the lowest rate) is used in the computation of market risk provided in the following table if material.
We may assume existing mortgage notes payable as part of an acquisition transaction.
Currently we have two mortgage notes payable with variable interest rates and the remaining mortgage notes payable have fixed interest rates or interest rates with fixed periodic increases.
Our Senior Notes are at fixed rates, with one exception for a $25,000,000 variable rate senior note for which management has fixed the interest rate by means of a swap contract.
The variable rate loans are at interest rates below the current prime rate of 4.00%, and fluctuations are tied to the prime rate or to a rate currently below the prime rate.
At December 31, 2003, we are exposed to market risks related to fluctuations in interest rates on $4,075,000 of variable rate mortgage notes payable and $198,000,000 of variable rate bank debt on our total investment in our properties of $3.4 billion.
Fluctuation in the interest rate environment will not affect our future earnings and cash flows on our fixed rate debt until that debt matures and must be replaced or refinanced.
Interest rate changes will affect the fair value of the fixed rate instruments.
Conversely, changes in interest rates on variable rate debt would change our future earnings and cash flows, but not affect the fair value on those instruments.
Assuming a one percentage point increase in the interest rate related to the variable rate debt including the mortgage notes payable and the bank lines of credit, and assuming no change in the outstanding balance as of year end, interest expense for 2003 would increase by approximately $2,021,000, or $0.02 per common share on a diluted basis.
Life Science 2016 and 2015 Results as of and for the years ended December 31, 2016 and 2015 (dollars and sq.
ft.  in thousands, except per sq.
ft.  data):
## Table 2 ##
(1) Represents rental and related revenues and tenant recoveries.
(2) From our 2015 presentation of SPP, we removed five life science facilities that were sold and four life science facilities that were classified as held for sale.
SPP.
SPP NOI and adjusted NOI increased primarily as a result of mark-to-market lease renewals, new leasing activity and increased occupancy.
Additionally, SPP adjusted NOI increased as a result of annual rent escalations and a decline in rent abatements.
Non-SPP.
Non-SPP NOI and adjusted NOI increased primarily as a result of life science acquisitions in 2015 and 2016 and increased occupancy in a development placed in operation in 2016, partially offset by five life science facilities sold in 2016.
Total Portfolio.
NOI and adjusted NOI increased based on the combined increases to SPP and non-SPP discussed above.
During the year ended December 31, 2016, 1.4 million square feet of new and renewal leases commenced at an average annual base rent of $32.70 per square foot, including 114,000 square feet related to a development placed in service at an average annual base rent of $55.80 per square foot, compared to 1.3 million square feet of expired and terminated leases with an average annual base rent of $26.25 per square foot.
During the year ended December 31, 2016, we classified 324,000 square feet as real estate and related assets held for sale, net with an average annual base rent of $18.81 per square foot, acquired properties with 61,000 occupied square feet with an average annual base rent of $47.79 per square foot and disposed of 535,000 square feet with an average annual base rent of $53.46 per square foot.
The table below sets forth information with respect to our debt, excluding premiums, discounts and debt issuance costs (dollars in thousands):

<table><tr><td><i>(Dollar amounts in millions)</i></td><td>12/31/2011</td><td>Net New Business</td><td>Net  Acquired</td><td>Market /FX App (Dep)</td><td>12/31/2012</td></tr><tr><td>Core</td><td>$63,647</td><td>$-3,922</td><td>$6,166</td><td>$2,476</td><td>$68,367</td></tr><tr><td>Currency and commodities</td><td>41,301</td><td>-1,547</td><td>860</td><td>814</td><td>41,428</td></tr><tr><td>Alternatives</td><td>$104,948</td><td>$-5,469</td><td>$7,026</td><td>$3,290</td><td>$109,795</td></tr></table>
<table><tr><td></td><td> Less Than One Year</td><td> 2005-2006 </td><td> 2007-2008 </td><td> More than Five Years </td><td> Total </td></tr><tr><td>Contractual Obligations:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Long-Term Debt</td><td>$105,587</td><td>$389,757</td><td>$164,307</td><td>$553,578</td><td>$1,213,229</td></tr><tr><td>Line of Credit</td><td>—</td><td>198,000</td><td>—</td><td>—</td><td>198,000</td></tr><tr><td>Acquisition and construction commitments</td><td>145,000</td><td>—</td><td>—</td><td>—</td><td>145,000</td></tr><tr><td></td><td>$250,587</td><td>$587,757</td><td>$164,307</td><td>$553,578</td><td>$1,556,229</td></tr></table>
<table><tr><td></td><td colspan="3">SPP</td><td colspan="3">Total Portfolio</td></tr><tr><td></td><td>2016</td><td>2015</td><td>Change</td><td>2016</td><td>2015</td><td>Change</td></tr><tr><td>Rental revenues-1</td><td>$306,317</td><td>$295,515</td><td>$10,802</td><td>$358,537</td><td>$342,984</td><td>$15,553</td></tr><tr><td>HCP share of unconsolidated JV revenues</td><td>7,485</td><td>7,030</td><td>455</td><td>7,599</td><td>7,106</td><td>493</td></tr><tr><td>Operating expenses</td><td>-58,812</td><td>-58,779</td><td>-33</td><td>-72,478</td><td>-70,217</td><td>-2,261</td></tr><tr><td>HCP share of unconsolidated JV share of operating expenses</td><td>-1,601</td><td>-1,612</td><td>11</td><td>-1,601</td><td>-1,612</td><td>11</td></tr><tr><td>NOI</td><td>253,389</td><td>242,154</td><td>11,235</td><td>292,057</td><td>278,261</td><td>13,796</td></tr><tr><td>Non-cash adjustments to NOI</td><td>505</td><td>-6,630</td><td>7,135</td><td>-3,003</td><td>-10,392</td><td>7,389</td></tr><tr><td>Adjusted NOI</td><td>$253,894</td><td>$235,524</td><td>$18,370</td><td>289,054</td><td>267,869</td><td>21,185</td></tr><tr><td>Non-SPP adjusted NOI</td><td></td><td></td><td></td><td>-35,160</td><td>-32,345</td><td>-2,815</td></tr><tr><td>SPP adjusted NOI</td><td></td><td></td><td></td><td>$253,894</td><td>$235,524</td><td>$18,370</td></tr><tr><td>Adjusted NOI % change</td><td></td><td></td><td>7.8%</td><td></td><td></td><td></td></tr><tr><td>Property count-2</td><td>111</td><td>111</td><td></td><td>120</td><td>122</td><td></td></tr><tr><td>Average occupancy</td><td>97.6%</td><td>96.5%</td><td></td><td>97.4%</td><td>96.8%</td><td></td></tr><tr><td>Average occupied sq. ft.</td><td>6,639</td><td>6,559</td><td></td><td>7,594</td><td>7,423</td><td></td></tr><tr><td>Average annual total revenues per occupied sq. ft.</td><td>$47</td><td>$45</td><td></td><td>$48</td><td>$46</td><td></td></tr><tr><td>Average annual rental revenues per occupied sq. ft.</td><td>$39</td><td>$38</td><td></td><td>$40</td><td>$38</td><td></td></tr></table>

Question: What is the growing rate of Adjusted NOI in the years with the least NOI?
Answer: 0.07858