Charges from suppliers for the firm purchase of gas, which are based on formulas or indexes or are subject to negotiation, are generally designed to approximate market prices.
The gas supply contracts are for various terms extending to 2012.
The Utilities have contracts with interstate pipeline companies for the purchase of firm transportation from upstream points where gas has been purchased to the Utilities’ distribution systems, and for upstream storage services.
Charges under these transportation and storage contracts are approved by the FERC.
Such contracts are for various terms extending to 2023.
The Utilities are required to pay certain fixed charges under the supply, transportation and storage contracts whether or not the contracted capacity is actually used.
These fixed charges amounted to approximately $277 million in 2009, including $272 million for CECONY.
See “Contractual Obligations” below.
In Steam Sales and Deliveries CECONY’s steam sales and deliveries for the last five years wer addition, the Utilities purchase gas on the spot market and contract for interruptible gas transportation.
See “Recoverable Energy Costs” in Note A to the financial statements in Item 8.
Steam Operations Steam Facilities CECONY’s capitalized costs for utility plant, net of accumulated depreciation for steam facilities were $1,555 million and $1,512 million at December 31, 2009 and 2008, respectively.
CECONY generates steam at one steam-electric generating station and five steam-only generating stations and distributes steam to its customers through approximately 105 miles of transmission, distribution, and service piping
## Table 0 ##
For further discussion of the company’s steam operating revenues and its steam results, see “Results of Operations” in Item 7.
For additional segment information, see Note N to the financial statements in Item 8.
Steam Peak Demand and Capacity Demand for steam in CECONY’s service area peaks during the winter heating season.
The one-hour peak demand during the winter of 2009/2010 (through January 31, 2010) occurred on January 4, 2010 when the demand reached 8.0 MMlbs per hour.
The company’s estimate for the winter of 2010/2011 peak demand of its steam customers is 9.6 MMlbs per hour under design criteria, which assumes severe weather.
On December 31, 2009, the steam system had the capability of delivering approximately 13.2 MMlbs of steam per hour and CECONY estimates that the system will have the capability to deliver this capacity in the 2010/2011 winter.
Steam Supply Fifty-two percent of the steam produced by CECONY in 2009 was supplied by the company’s steam-only generating assets; 31 percent was produced by the company’s steam-electric generating assets, where steam and electricity are primarily cogenerated; and 17 percent was purchased under an agreement with Brooklyn Navy Yard Cogeneration Partners L. P.  O&R Electric Operations Electric Facilities O&R’s capitalized costs for utility plant, net of accumulated depreciation, for distribution facilities were $618 million and $588 million at December 31, 2009 and 2008, respectively.
For its transmission facilities, the costs for utility plant, net of accumulated depreciation, were $137 million and $136 million at December 31, 2009 and 2008, respectively.
the Company had federal net operating loss carry-forwards of $93 million, which expire in 2014 through 2030, state net operating loss carry-forwards of $336 million, which expire in 2013 through 2032, and foreign net operating loss carry-forwards of $55 million, $13 million of which expire in 2016 through 2032 and the remainder of which do not expire.7.
Employee Stock and Savings Plans Stock Plans The Company recognizes the fair value of share-based compensation granted to employees in cost of processing and services, cost of product and selling, general and administrative expense in its consolidated statements of income.
The Company’s share-based compensation primarily consists of the following: Stock Options – The Company generally grants stock options to employees and non-employee directors at exercise prices equal to the fair market value of the Company’s stock on the dates of grant, which are typically in the first quarter of the year.
Stock options generally vest over a three year period beginning on the first anniversary of the grant.
All stock options expire ten years from the date of the award.
The Company recognizes compensation expense for the fair value of the stock options over the requisite service period of the stock option award.
Restricted Stock Units – The Company awards restricted stock units to employees and non-employee directors.
The Company recognizes compensation expense for restricted stock units based on the market price of the common stock on the date of award over the period during which the awards vest.
Employee Stock Purchase Plan – The Company maintains an employee stock purchase plan that allows eligible employees to purchase a limited number of shares of common stock each quarter through payroll deductions at 85% of the closing price of the Company’s common stock on the last business day of each calendar quarter.
The Company recognizes compensation expense related to the 15% discount on the purchase date.
Share-based compensation expense was $44 million in 2012 and $39 million in each of 2011 and 2010.
The income tax benefits related to share-based compensation totaled $15 million, $14 million and $13 million in 2012, 2011 and 2010, respectively.
At December 31, 2012, the total remaining unrecognized compensation cost for unvested stock options and restricted stock units, net of estimated forfeitures, of $53 million is expected to be recognized over a weighted-average period of 2.3 years.
The weighted-average estimated fair value of stock options granted during 2012, 2011 and 2010 was $21.71, $22.68 and $17.46 per share, respectively.
The fair values of stock options granted were estimated on the date of grant using a binomial option-pricing model with the following assumptions:
## Table 1 ##
The Company determined the expected life of stock options using historical data adjusted for known factors that would alter historical exercise behavior.
The risk-free interest rate is based on the U. S.  treasury yield curve in effect as of the grant date.
Expected volatility is determined using weighted-average implied market volatility combined with historical volatility.
The Company believes that a blend of historical volatility and implied volatility better reflects future market conditions and better indicates expected volatility than purely historical volatility.
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis is based primarily on the consolidated financial statements of Welltower Inc.  for the periods presented and should be read together with the notes thereto contained in this Annual Report on Form 10-K.  Other important factors are identified in “Item 1 — Business” and “Item 1A — Risk Factors” above.
Executive Summary Company Overview Welltower Inc.  (NYSE: HCN), an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure.
The Company invests with leading seniors housing operators, postacute providers and health systems to fund the real estate and infrastructure needed to scale innovative care delivery models and improve people’s wellness and overall health care experience.
WelltowerTM, a real estate investment trust (“REIT”), owns interests in properties concentrated in major, high-growth markets in the United States, Canada and the United Kingdom, consisting of seniors housing and post-acute communities and outpatient medical properties.
Our capital programs, when combined with comprehensive planning, development and property management services, make us a single-source solution for acquiring, planning, developing, managing, repositioning and monetizing real estate assets.
The following table summarizes our consolidated portfolio for the year ended December 31, 2016 (dollars in thousands):
## Table 2 ##
(1) Excludes our share of investments in unconsolidated entities and non-segment/corporate NOI.
Entities in which we have a joint venture with a minority partner are shown at 100% of the joint venture amount.
Business Strategy Our primary objectives are to protect stockholder capital and enhance stockholder value.
We seek to pay consistent cash dividends to stockholders and create opportunities to increase dividend payments to stockholders as a result of annual increases in net operating income and portfolio growth.
To meet these objectives, we invest across the full spectrum of seniors housing and health care real estate and diversify our investment portfolio by property type, relationship and geographic location.
Substantially all of our revenues are derived from operating lease rentals, resident fees and services, and interest earned on outstanding loans receivable.
These items represent our primary sources of liquidity to fund distributions and depend upon the continued ability of our obligors to make contractual rent and interest payments to us and the profitability of our operating properties.
To the extent that our customers/partners experience operating difficulties and become unable to generate sufficient cash to make payments to us, there could be a material adverse impact on our consolidated results of operations, liquidity and/or financial condition.
To mitigate this risk, we monitor our investments through a variety of methods determined by the type of property.
Our proactive and comprehensive asset management process for seniors housing properties generally includes review of monthly financial statements and other operating data for each property, review of obligor/ partner creditworthiness, property inspections, and review of covenant compliance relating to licensure, real estate taxes, letters of credit and other collateral.
Our internal property management division actively manages and monitors the outpatient medical portfolio with a comprehensive process including review of tenant relations, lease expirations, the mix of health service providers, hospital/health system relationships, property performance,

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="5"> Year Ended December 31,</td></tr><tr><td></td><td> 2005</td><td> 2006</td><td> 2007</td><td> 2008</td><td> 2009</td></tr><tr><td> Steam Sold (MMlbs)</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>General</td><td>655</td><td>515</td><td>589</td><td>785</td><td>786</td></tr><tr><td>Apartment house</td><td>7,748</td><td>6,774</td><td>7,519</td><td>6,614</td><td>5,962</td></tr><tr><td>Annual power</td><td>18,474</td><td>15,961</td><td>17,696</td><td>16,577</td><td>16,269</td></tr><tr><td> Total Steam Delivered to CECONY Customers</td><td>26,877</td><td>23,250</td><td>25,804</td><td>23,976</td><td>23,017</td></tr><tr><td> Steam Sold ($ in millions)</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>General</td><td>$22</td><td>$21</td><td>$23</td><td>$23</td><td>$28</td></tr><tr><td>Apartment house</td><td>173</td><td>174</td><td>188</td><td>186</td><td>165</td></tr><tr><td>Annual power</td><td>417</td><td>405</td><td>443</td><td>468</td><td>446</td></tr><tr><td>Other operating revenues</td><td>37</td><td>23</td><td>32</td><td>30</td><td>22</td></tr><tr><td> Total Steam Delivered to CECONY Customers</td><td>$649</td><td>$623</td><td>$686</td><td>$707</td><td>$661</td></tr><tr><td> Average Revenue per Mlb Sold</td><td>$22.77</td><td>$25.81</td><td>$25.34</td><td>$28.24</td><td>$27.76</td></tr></table>
<table><tr><td></td><td>2012</td><td>2011</td><td> 2010</td></tr><tr><td>Expected life (in years)</td><td>6.5</td><td>6.6</td><td>6.6</td></tr><tr><td>Average risk-free interest rate</td><td>1.3%</td><td>2.9%</td><td>3.3%</td></tr><tr><td>Expected volatility</td><td>31.1%</td><td>31.0%</td><td>31.9%</td></tr><tr><td>Expected dividend yield</td><td>0%</td><td>0%</td><td>0%</td></tr></table>
<table><tr><td>Type of Property</td><td>Net Operating Income (NOI)<sup>(1)</sup></td><td>Percentage of NOI</td><td>Number of Properties</td></tr><tr><td>Triple-net</td><td>$1,208,860</td><td>50.3%</td><td>631</td></tr><tr><td>Seniors housing operating</td><td>814,114</td><td>33.9%</td><td>420</td></tr><tr><td>Outpatient medical</td><td>380,264</td><td>15.8%</td><td>262</td></tr><tr><td>Totals</td><td>$2,403,238</td><td>100.0%</td><td>1,313</td></tr></table>

Question: What's the average of Annual power in 2005? (in MMlbs)
Answer: 18474