to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 2017 notes were issued at a discount of $ 6 million , which is being amortized over their ten-year term . the company incurred approximately $ 4 million of debt issuance costs , which are being amortized over ten years . at december 31 , 2013 , $ 2 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition . 13 . commitments and contingencies operating lease commitments the company leases its primary office spaces under agreements that expire through 2035 . future minimum commitments under these operating leases are as follows : ( in millions ) .

Table: year amount 2014 $ 135 2015 127 2016 110 2017 109 2018 106 thereafter 699 total $ 1286

rent expense and certain office equipment expense under agreements amounted to $ 137 million , $ 133 million and $ 154 million in 2013 , 2012 and 2011 , respectively . investment commitments . at december 31 , 2013 , the company had $ 216 million of various capital commitments to fund sponsored investment funds , including funds of private equity funds , real estate funds , infrastructure funds , opportunistic funds and distressed credit funds . this amount excludes additional commitments made by consolidated funds of funds to underlying third-party funds as third-party noncontrolling interest holders have the legal obligation to fund the respective commitments of such funds of funds . generally , the timing of the funding of these commitments is unknown and the commitments are callable on demand at any time prior to the expiration of the commitment . these unfunded commitments are not recorded on the consolidated statements of financial condition . these commitments do not include potential future commitments approved by the company , but which are not yet legally binding . the company intends to make additional capital commitments from time to time to fund additional investment products for , and with , its clients . contingencies contingent payments . the company acts as the portfolio manager in a series of credit default swap transactions and has a maximum potential exposure of $ 17 million under a credit default swap between the company and counterparty . see note 7 , derivatives and hedging , for further discussion . contingent payments related to business acquisitions . in connection with the credit suisse etf transaction , blackrock is required to make contingent payments annually to credit suisse , subject to achieving specified thresholds during a seven-year period , subsequent to the acquisition date . in addition , blackrock is required to make contingent payments related to the mgpa transaction during a five-year period , subject to achieving specified thresholds , subsequent to the acquisition date . the fair value of the contingent payments at december 31 , 2013 is not significant to the consolidated statement of financial condition and is included in other liabilities . legal proceedings . from time to time , blackrock receives subpoenas or other requests for information from various u.s . federal , state governmental and domestic and international regulatory authorities in connection with certain industry-wide or other investigations or proceedings . it is blackrock 2019s policy to cooperate fully with such inquiries . the company and certain of its subsidiaries have been named as defendants in various legal actions , including arbitrations and other litigation arising in connection with blackrock 2019s activities . additionally , certain blackrock- sponsored investment funds that the company manages are subject to lawsuits , any of which potentially could harm the investment returns of the applicable fund or result in the company being liable to the funds for any resulting damages . management , after consultation with legal counsel , currently does not anticipate that the aggregate liability , if any , arising out of regulatory matters or lawsuits will have a material effect on blackrock 2019s results of operations , financial position , or cash flows . however , there is no assurance as to whether any such pending or threatened matters will have a material effect on blackrock 2019s results of operations , financial position or cash flows in any future reporting period . due to uncertainties surrounding the outcome of these matters , management cannot reasonably estimate the possible loss or range of loss that may arise from these matters . indemnifications . in the ordinary course of business or in connection with certain acquisition agreements , blackrock enters into contracts pursuant to which it may agree to indemnify third parties in certain circumstances . the terms of these indemnities vary from contract to contract and the amount of indemnification liability , if any , cannot be determined or the likelihood of any liability is considered remote . consequently , no liability has been recorded on the consolidated statement of financial condition . in connection with securities lending transactions , blackrock has issued certain indemnifications to certain securities lending clients against potential loss resulting from a borrower 2019s failure to fulfill its obligations under the securities lending agreement should the value of the collateral pledged by the borrower at the time of default be insufficient to cover the borrower 2019s obligation under the securities lending agreement . at december 31 , 2013 , the company indemnified certain of its clients for their securities lending loan balances of approximately $ 118.3 billion . the company held as agent , cash and securities totaling $ 124.6 billion as collateral for indemnified securities on loan at december 31 , 2013 . the fair value of these indemnifications was not material at december 31 , 2013. .

Question: what is the growth rate in rent expense and certain office equipment expense in 2012 compare to 2011?
Answer: -13.6%
Calculation: divide(subtract(133, 154), 154)