business subsequent to the acquisition.
The liabilities for these payments are classified as Level 3 liabilities because the related fair value measurement, which is determined using an income approach, includes significant inputs not observable in the market.
Financial Assets and Liabilities Not Measured at Fair Value Our debt is reflected on the Consolidated Balance Sheets at cost.
Based on market conditions as of December 31, 2018 and 2017, the fair value of our credit agreement borrowings reasonably approximated the carrying values of $1.7 billion and $2.0 billion, respectively.
In addition, based on market conditions, the fair values of the outstanding borrowings under the receivables facility reasonably approximated the carrying values of $110 million and $100 million at December 31, 2018 and December 31, 2017, respectively.
As of December 31, 2018 and December 31, 2017, the fair values of the U. S.  Notes (2023) were approximately $574 million and $615 million, respectively, compared to a carrying value of $600 million at each date.
As of December 31, 2018 and December 31, 2017, the fair values of the Euro Notes (2024) were approximately $586 million and $658 million compared to carrying values of $573 million and $600 million, respectively.
As of December 31, 2018, the fair value of the Euro Notes (2026/28) approximated the carrying value of $1.1 billion.
The fair value measurements of the borrowings under our credit agreement and receivables facility are classified as Level 2 within the fair value hierarchy since they are determined based upon significant inputs observable in the market, including interest rates on recent financing transactions with similar terms and maturities.
We estimated the fair value by calculating the upfront cash payment a market participant would require at December 31, 2018 to assume these obligations.
The fair value of our U. S.  Notes (2023) is classified as Level 1 within the fair value hierarchy since it is determined based upon observable market inputs including quoted market prices in an active market.
The fair values of our Euro Notes (2024) and Euro Notes (2026/28) are determined based upon observable market inputs including quoted market prices in markets that are not active, and therefore are classified as Level 2 within the fair value hierarchy.
Note 13.
Commitments and Contingencies Operating Leases We are obligated under noncancelable operating leases for corporate office space, warehouse and distribution facilities, trucks and certain equipment.
The future minimum lease commitments under these leases at December 31, 2018 are as follows (in thousands):
## Table 0 ##
Rental expense for operating leases was approximately $300 million, $247 million, and $212 million during the years ended December 31, 2018, 2017 and 2016, respectively.
We guarantee the residual values of the majority of our truck and equipment operating leases.
The residual values decline over the lease terms to a defined percentage of original cost.
In the event the lessor does not realize the residual value when a piece of equipment is sold, we would be responsible for a portion of the shortfall.
Similarly, if the lessor realizes more than the residual value when a piece of equipment is sold, we would be paid the amount realized over the residual value.
Had we terminated all of our operating leases subject to these guarantees at December 31, 2018, our portion of the guaranteed residual value would have totaled approximately $76 million.
We have not recorded a liability for the guaranteed residual value of equipment under operating leases as the recovery on disposition of the equipment under the leases is expected to approximate the guaranteed residual value.
Litigation and Related Contingencies We have certain contingencies resulting from litigation, claims and other commitments and are subject to a variety of environmental and pollution control laws and regulations incident to the ordinary course of business.
We currently expect that the resolution of such contingencies will not materially affect our financial position, results of operations or cash flows.
Other collateralized loans attributable to the Financial Services Businesses include $75 million and $93 million of collateralized consumer loans and $4 million and $17 million of loans collateralized by aviation assets as of December 31, 2010 and 2009, respectively.
Composition of Commercial and Agricultural Mortgage Loans The flow of capital to commercial real estate has improved dramatically during 2010 as the adverse market and economic conditions that began in the second half of 2007 have improved.
Portfolio lenders are actively originating loans on the highest quality properties in primary markets, resulting in an increase in the liquidity and availability of capital in the commercial mortgage loan market.
In addition, the commercial banks are selectively more active and there has been an emergence of new loan origination activity by a handful of securitization lenders.
These conditions have led to greater competition for portfolio lenders such as our general account, resulting in a tightening on loan pricing, though underwriting remains conservative.
While there is still weakness in commercial real estate fundamentals, delinquency rates on our commercial mortgage loans remain low and relatively stable.
For certain property types, the market fundamentals are beginning to stabilize, though other property types will lag in terms of rising vacancies or falling rents.
For additional information see “—Realized Investment Gains and Losses.
” Our commercial and agricultural mortgage loan portfolio strategy emphasizes diversification by property type and geographic location.
The following tables set forth the breakdown of the gross carrying values of our general account investments in commercial and agricultural mortgage loans by geographic region and property type as of the dates indicated.
## Table 1 ##
December 31, 2010
## Table 2 ##
Loan-to-value and debt service coverage ratios are measures commonly used to assess the quality of commercial and agricultural mortgage loans.
The loan-to-value ratio compares the amount of the loan to the fair value of the underlying property collateralizing the loan, and is commonly expressed as a percentage.
Loan-to-value ratios greater than 100% percent indicate that the loan amount is greater than the collateral value.
A smaller loan-to-value ratio indicates a greater excess of collateral value over the loan amount.
The debt service
PRUDENTIAL FINANCIAL, INC.  Notes to Consolidated Financial Statements 16.
EARNINGS PER SHARE (continued) For the year ended December 31, 2010, 10.5 million options, weighted for the portion of the period they were outstanding, with a weighted average exercise price of $71.67 per share, were excluded from the computation of diluted earnings per share because the options, based on application of the treasury stock method, were antidilutive.
For the year ended December 31, 2009, 13.2 million options, weighted for the portion of the period they were outstanding, with a weighted average exercise price of $64.80 per share, were excluded from the computation of diluted earnings per share because the options, based on application of the treasury stock method, were antidilutive.
For the year ended December 31, 2008, 17.9 million options and 4.3 million shares related to deferred and long-term compensation programs, weighted for the portion of the period they were outstanding, are considered antidilutive as a result of the loss from continuing operations available to holders of Common Stock after direct equity adjustment.
In September 2009, the Company issued $500 million of surplus notes with an interest rate of 5.36% per annum which are exchangeable at the option of the note holders for shares of Common Stock.
The exchange rate used in the diluted earnings per share calculation for the surplus notes is 10.1235 shares of Common Stock per each $1,000 principal amount of surplus notes.
In calculating diluted earnings per share under the if-converted method, the potential shares that would be issued assuming a hypothetical exchange, weighted for the period the notes are outstanding, is added to the denominator, and interest expense, net of tax, is added to the numerator, if the overall effect is dilutive.
See Note 14 for additional information regarding the exchangeable surplus notes.
The Company’s convertible senior notes provide for the Company to issue shares of its Common Stock as a component of the conversion of the notes.
As of December 31, 2010, $0.4 million of senior notes related to the $2.0 billion December 2006 issuance remain outstanding.
These will be dilutive to earnings per share if the average market price of the Common Stock for a particular period is above the initial conversion price of $104.21.
Class B Stock Income (loss) from continuing operations per share of Class B Stock for the years ended December 31, are presented below.
There are no potentially dilutive shares associated with the Class B Stock.
## Table 3 ##
17.
SHARE-BASED PAYMENTS Omnibus Incentive Plan In March 2003, the Company’s Board of Directors adopted the Prudential Financial, Inc.
Omnibus Incentive Plan (as subsequently amended and restated, the “Omnibus Plan”).
Upon adoption of the Omnibus Plan, the Prudential Financial, Inc.  Stock Option Plan previously adopted by the Company on January 9, 2001 (the “Option Plan”) was merged into the Omnibus Plan.
The nature of stock based awards provided under the Omnibus Plan are stock options, stock appreciation rights, restricted stock shares, restricted stock units, stock settled performance shares, and cash settled performance units.
Dividend equivalents are generally provided on restricted stock shares and restricted stock units outstanding as of the record date.
Dividend equivalents are generally accrued on target performance shares and units outstanding as of the record date.
These dividend equivalents are paid only on the shares and units released up to a maximum of the target number of shares and units awarded.
Generally, the requisite service period is the vesting period.
As of December 31, 2010, 25,951,113 authorized shares remain available for grant under the Omnibus Plan including previously authorized but unissued shares under the Option Plan.
Compensation Costs Compensation cost for employee stock options is based on the fair values estimated on the grant date, while compensation cost for non-employee stock options is re-estimated at each period-end through the vesting date, using the approach and assumptions described below.
Compensation cost for restricted stock shares, restricted stock units and performance shares and units granted to employees is measured by the share price of the underlying Common Stock at the date of grant.
Compensation cost for restricted stock shares and restricted stock units granted to non-employees is measured by the share price as of the balance sheet date for unvested shares and the share price at the vesting date for vested shares.
policy charges and fee income, which include long-term care and dental products, increased by $25 million, from $1,121 million in 2009 to $1,146 million in 2010.
This increase primarily reflects higher premiums due to growth of business in force resulting from new sales, and continued strong persistency of 92.1% in 2010 compared to 90.9% in 2009, partially offset by a decrease in premiums associated with the assumption of existing liabilities from third parties.2009 to 2008 Annual Comparison.
Revenues increased by $325 million, from $4,960 million in 2008 to $5,285 million in 2009.
Group life premiums and policy charges and fee income, increased by $182 million, from $3,232 million in 2008 to $3,414 million in 2009.
This increase primarily reflects growth of business in force resulting from new sales, and continued strong persistency of 94.3% in 2009 compared to 93.3% in 2008.
Also contributing to this increase were higher premiums from retrospectively experience-rated group life business resulting from the increase in policyholder benefits on these contracts, as discussed below.
Partially offsetting the increase in group life premiums is the premium adjustment recorded in 2008 as discussed above.
Group disability premiums and policy charges and fee income, which include long-term care products, increased by $126 million, from $995 million in 2008 to $1,121 million in 2009.
This increase primarily reflects growth of business in force resulting from new sales, and continued strong persistency of 90.9% in 2009 compared to 85.6% in 2008.
Benefits and Expenses The following table sets forth the Group Insurance segment’s benefits and administrative operating expense ratios for the periods indicated.

<table><tr><td>2019</td><td>$294,269</td></tr><tr><td>2020</td><td>256,172</td></tr><tr><td>2021</td><td>210,632</td></tr><tr><td>2022</td><td>158,763</td></tr><tr><td>2023</td><td>131,518</td></tr><tr><td>Thereafter</td><td>777,165</td></tr><tr><td>Future Minimum Lease Payments</td><td>$1,828,519</td></tr></table>
<table><tr><td></td><td colspan="4">December 31, 2010</td><td colspan="4"> December 31, 2009</td></tr><tr><td></td><td colspan="2">Financial Services Businesses</td><td colspan="2">Closed Block Business</td><td colspan="2">Financial Services Businesses</td><td colspan="2"> Closed Block Business</td></tr><tr><td></td><td> Gross Carrying Value</td><td>% of Total</td><td> Gross Carrying Value</td><td>% of Total</td><td> Gross Carrying Value</td><td>% of Total</td><td> Gross Carrying Value</td><td> % of Total</td></tr><tr><td></td><td colspan="8"> ($ in millions)</td></tr><tr><td> Commercial and agricultural mortgage loans by region:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. Regions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Pacific</td><td>$5,845</td><td>29.5%</td><td>$2,861</td><td>33.2%</td><td>$5,744</td><td>29.7%</td><td>$2,834</td><td>33.4%</td></tr><tr><td>South Atlantic</td><td>4,612</td><td>23.3</td><td>1,739</td><td>20.2</td><td>4,530</td><td>23.4</td><td>1,687</td><td>19.9</td></tr><tr><td>Middle Atlantic</td><td>3,122</td><td>15.8</td><td>1,959</td><td>22.8</td><td>2,909</td><td>15.1</td><td>1,837</td><td>21.6</td></tr><tr><td>East North Central</td><td>1,607</td><td>8.1</td><td>356</td><td>4.1</td><td>1,649</td><td>8.5</td><td>448</td><td>5.3</td></tr><tr><td>West South Central</td><td>1,541</td><td>7.8</td><td>676</td><td>7.9</td><td>1,370</td><td>7.1</td><td>653</td><td>7.7</td></tr><tr><td>Mountain</td><td>1,081</td><td>5.5</td><td>358</td><td>4.2</td><td>1,070</td><td>5.6</td><td>398</td><td>4.7</td></tr><tr><td>New England</td><td>623</td><td>3.1</td><td>269</td><td>3.1</td><td>775</td><td>4.0</td><td>214</td><td>2.5</td></tr><tr><td>West North Central</td><td>516</td><td>2.6</td><td>183</td><td>2.1</td><td>563</td><td>2.9</td><td>196</td><td>2.3</td></tr><tr><td>East South Central</td><td>317</td><td>1.6</td><td>156</td><td>1.8</td><td>367</td><td>1.9</td><td>163</td><td>1.9</td></tr><tr><td>Subtotal—U.S.</td><td>19,264</td><td>97.3</td><td>8,557</td><td>99.4</td><td>18,977</td><td>98.2</td><td>8,430</td><td>99.3</td></tr><tr><td>Asia</td><td>224</td><td>1.1</td><td>0</td><td>0.0</td><td>11</td><td>0.1</td><td>0</td><td>0.0</td></tr><tr><td>Other</td><td>308</td><td>1.6</td><td>51</td><td>0.6</td><td>334</td><td>1.7</td><td>56</td><td>0.7</td></tr><tr><td>Total commercial and agricultural mortgage loans</td><td>$19,796</td><td>100.0%</td><td>$8,608</td><td>100.0%</td><td>$19,322</td><td>100.0%</td><td>$8,486</td><td>100.0%</td></tr></table>
<table><tr><td></td><td colspan="4">December 31, 2010</td><td colspan="4"> December 31, 2009</td></tr><tr><td></td><td colspan="2">Financial Services Businesses</td><td colspan="2">Closed Block Business</td><td colspan="2">Financial Services Businesses</td><td colspan="2"> Closed Block Business</td></tr><tr><td></td><td> Gross Carrying Value</td><td>% of Total</td><td> Gross Carrying Value</td><td>% of Total</td><td> Gross Carrying Value</td><td>% of Total</td><td> Gross Carrying Value</td><td> % of Total</td></tr><tr><td></td><td colspan="8"> ($ in millions)</td></tr><tr><td> Commercial and agricultural mortgage loans by property type:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Industrial buildings</td><td>$4,627</td><td>23.4%</td><td>$1,910</td><td>22.2%</td><td>$4,290</td><td>22.2%</td><td>$1,861</td><td>21.9%</td></tr><tr><td>Retail stores</td><td>4,276</td><td>21.6</td><td>1,938</td><td>22.5</td><td>4,123</td><td>21.3</td><td>1,677</td><td>19.8</td></tr><tr><td>Office buildings</td><td>3,676</td><td>18.5</td><td>1,900</td><td>22.1</td><td>4,001</td><td>20.7</td><td>1,859</td><td>21.9</td></tr><tr><td>Apartments/Multi-family</td><td>3,004</td><td>15.2</td><td>1,321</td><td>15.3</td><td>2,881</td><td>14.9</td><td>1,376</td><td>16.2</td></tr><tr><td>Other</td><td>1,882</td><td>9.5</td><td>452</td><td>5.3</td><td>1,809</td><td>9.4</td><td>550</td><td>6.5</td></tr><tr><td>Hospitality</td><td>1,126</td><td>5.7</td><td>407</td><td>4.7</td><td>1,137</td><td>5.9</td><td>453</td><td>5.3</td></tr><tr><td>Agricultural properties</td><td>1,205</td><td>6.1</td><td>680</td><td>7.9</td><td>1,081</td><td>5.6</td><td>710</td><td>8.4</td></tr><tr><td>Total commercial and agricultural mortgage loans</td><td>$19,796</td><td>100.0%</td><td>$8,608</td><td>100.0%</td><td>$19,322</td><td>100.0%</td><td>$8,486</td><td>100.0%</td></tr></table>
<table><tr><td></td><td colspan="3"> 2010</td><td colspan="3">2009</td><td colspan="3">2008</td></tr><tr><td></td><td> Income</td><td> Weighted Average Shares</td><td> Per Share Amount</td><td>Income</td><td> Weighted Average Shares</td><td>Per Share Amount</td><td>Income</td><td> Weighted Average Shares</td><td>Per Share Amount</td></tr><tr><td></td><td colspan="9">(in millions, except per share amounts)</td></tr><tr><td> Basic earnings per share</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income (loss) from continuing operations attributable to the Closed Block Business</td><td>$480</td><td></td><td></td><td>$-287</td><td></td><td></td><td>$23</td><td></td><td></td></tr><tr><td>Less: Direct equity adjustment</td><td>36</td><td></td><td></td><td>43</td><td></td><td></td><td>55</td><td></td><td></td></tr><tr><td>Income (loss) from continuing operations attributable to the Closed Block Business available to holders of Class B Stock afterdirect equity adjustment</td><td>$444</td><td>2.0</td><td>$222.00</td><td>$-330</td><td>2.0</td><td>$-165.00</td><td>$-32</td><td>2.0</td><td>$-16.00</td></tr></table>

Question: What's the growth rate of the Gross Carrying Value in terms of Financial Services Businesses for Commercial and agricultural mortgage loans by property type:Retail stores on December 31 in 2010?
Answer: 0.03711