notes to consolidated financial statements of annual compensation was made .for the years ended december 31 , 2009 , 2008 and , 2007 , we made matching contributions of approxi- mately $ 450000 , $ 503000 and $ 457000 , respectively .note 17 / commitments and contingencies we and our operating partnership are not presently involved in any mate- rial litigation nor , to our knowledge , is any material litigation threatened against us or our properties , other than routine litigation arising in the ordinary course of business .management believes the costs , if any , incurred by us and our operating partnership related to this litigation will not materially affect our financial position , operating results or liquidity .we have entered into employment agreements with certain executives , which expire between june 2010 and january 2013 .the minimum cash-based compensation , including base salary and guaran- teed bonus payments , associated with these employment agreements totals approximately $ 7.8 million for 2010 .in march 1998 , we acquired an operating sub-leasehold posi- tion at 420 lexington avenue .the operating sub-leasehold position required annual ground lease payments totaling $ 6.0 million and sub- leasehold position payments totaling $ 1.1 million ( excluding an operating sub-lease position purchased january 1999 ) .in june 2007 , we renewed and extended the maturity date of the ground lease at 420 lexington avenue through december 31 , 2029 , with an option for further exten- sion through 2080 .ground lease rent payments through 2029 will total approximately $ 10.9 million per year .thereafter , the ground lease will be subject to a revaluation by the parties thereto .in june 2009 , we acquired an operating sub-leasehold posi- tion at 420 lexington avenue for approximately $ 7.7 million .these sub-leasehold positions were scheduled to mature in december 2029 .in october 2009 , we acquired the remaining sub-leasehold position for $ 7.6 million .the property located at 711 third avenue operates under an operating sub-lease , which expires in 2083 .under the sub-lease , we are responsible for ground rent payments of $ 1.55 million annually through july 2011 on the 50% ( 50 % ) portion of the fee we do not own .the ground rent is reset after july 2011 based on the estimated fair market value of the property .we have an option to buy out the sub-lease at a fixed future date .the property located at 461 fifth avenue operates under a ground lease ( approximately $ 2.1 million annually ) with a term expiration date of 2027 and with two options to renew for an additional 21 years each , followed by a third option for 15 years .we also have an option to purchase the ground lease for a fixed price on a specific date .the property located at 625 madison avenue operates under a ground lease ( approximately $ 4.6 million annually ) with a term expiration date of 2022 and with two options to renew for an additional 23 years .the property located at 1185 avenue of the americas oper- ates under a ground lease ( approximately $ 8.5 million in 2010 and $ 6.9 million annually thereafter ) with a term expiration of 2020 and with an option to renew for an additional 23 years .in april 1988 , the sl green predecessor entered into a lease agreement for the property at 673 first avenue , which has been capitalized for financial statement purposes .land was estimated to be approximately 70% ( 70 % ) of the fair market value of the property .the portion of the lease attributed to land is classified as an operating lease and the remainder as a capital lease .the initial lease term is 49 years with an option for an additional 26 years .beginning in lease years 11 and 25 , the lessor is entitled to additional rent as defined by the lease agreement .we continue to lease the 673 first avenue property , which has been classified as a capital lease with a cost basis of $ 12.2 million and cumulative amortization of $ 5.5 million and $ 5.2 million at december 31 , 2009 and 2008 , respectively .the following is a schedule of future minimum lease payments under capital leases and noncancellable operating leases with initial terms in excess of one year as of december 31 , 2009 ( in thousands ) : non-cancellable december 31 , capital lease operating leases .
[['december 31,', 'capital lease', 'non-cancellable operating leases'], ['2010', '$ 1451', '$ 31347'], ['2011', '1555', '28929'], ['2012', '1555', '28179'], ['2013', '1555', '28179'], ['2014', '1555', '28179'], ['thereafter', '45649', '580600'], ['total minimum lease payments', '53320', '$ 725413'], ['less amount representing interest', '-36437 ( 36437 )', ''], ['present value of net minimum lease payments', '$ 16883', '']]
note 18 / financial instruments : derivatives and hedging we recognize all derivatives on the balance sheet at fair value .derivatives that are not hedges must be adjusted to fair value through income .if a derivative is a hedge , depending on the nature of the hedge , changes in the fair value of the derivative will either be offset against the change in fair value of the hedged asset , liability , or firm commitment through earn- ings , or recognized in other comprehensive income until the hedged item is recognized in earnings .the ineffective portion of a derivative 2019s change in fair value will be immediately recognized in earnings .reported net income and stockholders 2019 equity may increase or decrease prospectively , depending on future levels of interest rates and other variables affecting the fair values of derivative instruments and hedged items , but will have no effect on cash flows. .

Question: what percent of total minimum lease payments are due after 5 years?
Answer: 85.6%