the company monitors the financial health and stability of its lenders under the revolving credit and long term debt facilities , however during any period of significant instability in the credit markets lenders could be negatively impacted in their ability to perform under these facilities . in july 2011 , in connection with the company 2019s acquisition of its corporate headquarters , the company assumed a $ 38.6 million nonrecourse loan secured by a mortgage on the acquired property . the acquisition of the company 2019s corporate headquarters was accounted for as a business combination , and the carrying value of the loan secured by the acquired property approximates fair value . the assumed loan had an original term of approximately ten years with a scheduled maturity date of march 1 , 2013 . the loan includes a balloon payment of $ 37.3 million due at maturity , and may not be prepaid . the assumed loan is nonrecourse with the lender 2019s remedies for non-performance limited to action against the acquired property and certain required reserves and a cash collateral account , except for nonrecourse carve outs related to fraud , breaches of certain representations , warranties or covenants , including those related to environmental matters , and other standard carve outs for a loan of this type . the loan requires certain minimum cash flows and financial results from the property , and if those requirements are not met , additional reserves may be required . the assumed loan requires prior approval of the lender for certain matters related to the property , including material leases , changes to property management , transfers of any part of the property and material alterations to the property . the loan has an interest rate of 6.73% ( 6.73 % ) . in connection with the assumed loan , the company incurred and capitalized $ 0.8 million in deferred financing costs . as of december 31 , 2011 , the outstanding balance on the loan was $ 38.2 million . in addition , in connection with the assumed loan for the acquisition of its corporate headquarters , the company was required to set aside amounts in reserve and cash collateral accounts . as of december 31 , 2011 , $ 2.0 million of restricted cash was included in prepaid expenses and other current assets , and the remaining $ 3.0 million of restricted cash was included in other long term assets . interest expense was $ 3.9 million , $ 2.3 million and $ 2.4 million for the years ended december 31 , 2011 , 2010 and 2009 , respectively . interest expense includes the amortization of deferred financing costs and interest expense under the credit and long term debt facilities , as well as the assumed loan discussed above . 8 . commitments and contingencies obligations under operating leases the company leases warehouse space , office facilities , space for its retail stores and certain equipment under non-cancelable operating leases . the leases expire at various dates through 2023 , excluding extensions at the company 2019s option , and include provisions for rental adjustments . the table below includes executed lease agreements for factory house stores that the company did not yet occupy as of december 31 , 2011 and does not include contingent rent the company may incur at its retail stores based on future sales above a specified limit . the following is a schedule of future minimum lease payments for non-cancelable real property operating leases as of december 31 , 2011 : ( in thousands ) operating .

Table: ( in thousands ) operating 2012 $ 22926 2013 23470 2014 26041 2015 24963 2016 18734 2017 and thereafter 69044 total future minimum lease payments $ 185178

included in selling , general and administrative expense was rent expense of $ 26.7 million , $ 21.3 million and $ 14.1 million for the years ended december 31 , 2011 , 2010 and 2009 , respectively , under non-cancelable .

Question: as of december 312012 what was the percent of the schedule of future minimum lease payments for non-cancelable real property operating as part of the total
Answer: 12.4%
Calculation: divide(22926, 185178)