MARKET PRICE AND DIVIDENDS D UKE R E A LT Y C O R P O RAT I O N 38 2002 A NNUAL R EPORT The Company’s common shares are listed for trading on the New York Stock Exchange, symbol DRE.
The following table sets forth the high and low sales prices of the common stock for the periods indicated and the dividend paid per share during each such period.
Comparable cash dividends are expected in the future.
## Table 0 ##
On January 29, 2003, the Company declared a quarterly cash dividend of $.455 per share, payable on February 28, 2003, to common shareholders of record on February 14, 2003.
MetLife, Inc.  Notes to Consolidated Financial Statements — (Continued) Casualty Insurance Company intends to vigorously defend these matters.
However, any adverse rulings could result in an increase in the Company’s hurricane-related claim exposure and losses.
Based on information known by management, it does not believe that additional claim losses resulting from Hurricane Katrina will have a material adverse impact on the Company’s consolidated financial statements.
Argentina The Argentinean economic, regulatory and legal environment, including interpretations of laws and regulations by regulators and courts, is uncertain.
Potential legal or governmental actions related to pension reform, fiduciary responsibilities, performance guarantees and tax rulings could adversely affect the results of the Company.
Upon acquisition of Citigroup’s insurance operations in Argentina, the Company established insurance liabilities, most significantly death and disability policy liabilities, based upon its interpretation of Argentinean law at the time and the Company’s best estimate of its obligations under such law.
In 2006, a decree was issued by the Argentine Government regarding the taxability of pesification-related gains resulting in the reduction of certain tax liabilities.
In 2007, pension reform legislation in Argentina was enacted which changed the Company’s obligations and resulted in the elimination of the death and disability liabilities and the establishment of a liability for servicing obligations.
Commitments Leases In accordance with industry practice, certain of the Company’s income from lease agreements with retail tenants are contingent upon the level of the tenants’ sales revenues.
Additionally, the Company, as lessee, has entered into various lease and sublease agreements for office space, data processing and other equipment.
Future minimum rental and sublease income, and minimum gross rental payments relating to these lease agreements are as follows:
## Table 1 ##
Commitments to Fund Partnership Investments The Company makes commitments to fund partnership investments in the normal course of business.
The amounts of these unfunded commitments were $5.3 billion and $3.0 billion at December 31, 2007 and 2006, respectively.
The Company anticipates that these amounts will be invested in partnerships over the next five years.
Mortgage Loan Commitments The Company commits to lend funds under mortgage loan commitments.
The amounts of these mortgage loan commitments were $4.0 billion at both December 31, 2007 and 2006.
Commitments to Fund Bank Credit Facilities, Bridge Loans and Private Corporate Bond Investments The Company commits to lend funds under bank credit facilities, bridge loans and private corporate bond investments.
The amounts of these unfunded commitments were $1.2 billion and $1.9 billion at December 31, 2007 and 2006, respectively.
Other Commitments In December 2005, RGA repurchased 1.6 million shares of its outstanding common stock at an aggregate price of $76 million under an accelerated share repurchase agreement with a major bank.
The bank borrowed the stock sold to RGA from third parties and purchased the shares in the open market over the subsequent few months to return to the lenders.
RGA would either pay or receive an amount based on the actual amount paid by the bank to purchase the shares.
These repurchases resulted in an increase in the Company’s ownership percentage of RGA to approximately 53% at December 31, 2005 from approximately 52% at December 31, 2004.
In February 2006, the final purchase price was determined, resulting in a cash settlement substantially equal to the aggregate cost.
RGA recorded the initial repurchase of shares as treasury stock and recorded the amount received as an adjustment to the cost of the treasury stock.
At December 31, 2007, the Company’s ownership was approximately 52% of RGA.
Guarantees In the normal course of its business, the Company has provided certain indemnities, guarantees and commitments to third parties pursuant to which it may be required to make payments now or in the future.
In the context of acquisition, disposition, investment and other transactions, the Company has provided indemnities and guarantees, including those related to tax, environmental and other specific liabilities, and other indemnities and guarantees that are triggered by, among other things, breaches of representations, warranties or covenants provided by the Company.
In addition, in the normal course of business, the Company provides indemnifications to counterparties in contracts with triggers similar to the foregoing, as well as for certain other liabilities, such as third party lawsuits.
These obligations are often subject to time limitations that vary in duration, including contractual limitations and those that arise by operation of law, such as applicable statutes of limitation.
In some cases, the maximum potential obligation under the indemnities and guarantees is subject to a contractual limitation ranging from less than $1 million to $800 million, with a cumulative maximum of $2.3 billion, while in other cases such limitations are not specified or applicable.
Since certain of these obligations are not subject to limitations, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these guarantees in the future.
As described more fully in “— Liquidity and Capital Resources — The Company — Liquidity Sources — Debt Issuances”: ?
In December 2007, the Holding Company, in connection with the collateral financing arrangement associated with MRC’s reinsurance of the closed block liabilities, entered into an agreement with an unaffiliated financial institution under which the Holding Company is entitled to the interest paid by MRC on the surplus notes of 3-month LIBOR plus 55 basis points in exchange for the payment of 3-month LIBOR plus 112 basis points, payable quarterly.
Under this agreement, the Holding Company may also be required to make payments to the unaffiliated financial institution related to any decline in the market value of the surplus notes and in connection with any early termination of this agreement.
The Holding Company’s net cost of 57 basis points has been allocated to MRC.
For the year ended December 31, 2007, this amount was immaterial.  ?
In May 2007, the Holding Company, in connection with the collateral financing arrangement associated with MRSC’s reinsurance of universal life secondary guarantees, entered into an agreement with an unaffiliated financial institution under which the Holding Company is entitled to the return on the investment portfolio held by the trust established in connection with this collateral financing arrangement in exchange for the payment of a stated rate of return to the unaffiliated financial institution of 3-month LIBOR plus 70 basis points, payable quarterly.
The Holding Company may also be required to make payments to the unaffiliated financial institution, for deposit into the trust, related to any decline in the market value of the assets held by the trust, as well as amounts outstanding upon maturity or early termination of the collateral financing arrangement.
As a result of this agreement, the Holding Company effectively assumed the $2.4 billion liability under the collateral financing arrangement along with a beneficial interest in the trust holding the associated assets.
The Holding Company simultaneously contributed to MRSC its beneficial interest in the trust, along with any return to be received on the investment portfolio held by the trust.
The Holding Company allocates the financing costs associated with the collateral financing arrangement to MRSC.
In December 2006, the Holding Company issued junior subordinated debentures with a face amount of $1.25 billion.
See “— Liquidity and Capital Resources — The Company — Liquidity Sources — Debt Issuances” for further information.
In September 2006, the Holding Company issued $204 million of affiliated long-term debt with an interest rate of 6.07% maturing in 2016.
In March 2006, the Holding Company issued $10 million of affiliated long-term debt with an interest rate of 5.70% maturing in 2016.
In December 2005, the Holding Company issued $286 million of affiliated long-term debt with an interest rate of 5.24% maturing in 2015.
In June 2005, the Holding Company issued $1.0 billion aggregate principal amount of 5.00% senior notes due June 15, 2015 at a discount of $2.7 million ($997.3 million), and $1.0 billion aggregate principal amount of 5.70% senior notes due June 15, 2035 at a discount of $2.4 million ($997.6 million).
In June 2005, the Holding Company issued 400 million pounds sterling ($729.2 million at issuance) aggregate principal amount of 5.25% senior notes due June 29, 2020 at a discount of 4.5 million pounds sterling ($8.1 million at issuance), for aggregate proceeds of 395.5 million pounds sterling ($721.1 million at issuance).
These notes were initially offered and sold outside the United States in reliance upon Regulation S under the Securities Act.
The following table summarizes the Holding Company’s outstanding senior notes issuances, excluding any premium or discount:
## Table 2 ##
(1) This amount represents the translation of pounds sterling into U. S.  dollars using the noon buying rate on December 31, 2007 of $1.9843 as announced by the Federal Reserve Bank of New York.
See also “— Liquidity and Capital Resources — The Holding Company — Liquidity Sources — Common Equity Units” for a description of $2,134 million of junior subordinated debt securities issued in connection with the issuance of common equity units.
Preferred Stock.
During the year ended December 31, 2007, the Holding Company issued no new preferred stock.
In June 2005, the Holding Company issued 24 million shares of Floating Rate Non-Cumulative Preferred Stock, Series A (the “Series A preferred shares”) with a $0.01 par value per share, and a liquidation preference of $25 per share, for aggregate proceeds of $600 million.
In June 2005, the Holding Company issued 60 million shares of 6.50% Non-Cumulative Preferred Stock, Series B (the “Series B preferred shares,” together with the Series A preferred shares, collectively, the “Preferred Shares”) with a $0.01 par value per share, and a liquidation preference of $25 per share for aggregate proceeds of $1.5 billion.
The Preferred Shares rank senior to the common stock with respect to dividends and liquidation rights.
Dividends on the Preferred Shares are not cumulative.
Holders of the Preferred Shares will be entitled to receive dividend payments only when, as and if declared by the Holding Company’s Board of Directors or a duly authorized committee of the board.
If dividends are declared on the Series A preferred shares, they will be payable quarterly, in arrears, at an annual rate of the greater of: (i) 1.00% above 3-month LIBOR on the related LIBOR determination date; or (ii) 4.00%.
Any dividends declared on the Series B preferred shares will be payable quarterly, in arrears, at an annual fixed rate of 6.50%.
Accordingly, in the event that dividends are not declared on the Preferred Shares for payment on any dividend payment date, then those dividends will cease to accrue and be payable.
If a dividend is not declared before the dividend payment date, the Holding
## Table 3 ##
(1) Equity securities primarily consist of investments in common and preferred stocks and mutual fund interests.
Such securities include private equity securities with an estimated fair value of $599 million and $238 million at December 31, 2007 and 2006, respectively.
The Company is not exposed to any significant concentrations of credit risk in its equity securities portfolio.
The Company is exposed to concentrations of credit risk related to U. S.  Treasury securities and obligations of U. S.  government corporations and agencies.
Additionally, at December 31, 2007 and 2006, the Company had exposure to fixed maturity securities backed by sub-prime mortgages with estimated fair values of $2.2 billion and $3.0 billion, respectively, and unrealized losses of $219 million and $5 million, respectively.
These securities are classified within asset-backed securities in the immediately preceding table.
At December 31, 2007, 32% have been guaranteed by financial guarantors, of which 55% was guaranteed by financial guarantors who remain Aaa rated in 2008.
Overall, at December 31, 2007, $6.7 billion of the estimated fair value of the Company’s fixed maturity securities were credit enhanced by financial guarantors of which $2.5 billion, $2.5 billion and $1.7 billion at December 31, 2007, are included within state and political subdivisions, corporate securities and asset-backed securities, respectively, and 80% were guaranteed by financial guarantors who remain Aaa rated in 2008.
Fixed Maturity and Equity Security Impairment.
The Company classifies all of its fixed maturity and equity securities as available-forsale and marks them to market through other comprehensive income, except for non-marketable private equities, which are generally carried at cost and trading securities which are carried at fair value with subsequent changes in fair value recognized in net investment income.
All securities with gross unrealized losses at the consolidated balance sheet date are subjected to the Company’s process for identifying other-than-temporary impairments.
The Company writes down to fair value securities that it deems to be other-than-temporarily impaired in the period the securities are deemed to be so impaired.
The assessment of whether such impairment has occurred is based on management’s case-by-case evaluation of the underlying reasons for the decline in fair value.
Management considers a wide range of factors, as described in “— Summary of Critical Accounting Estimates — Investments,” about the security issuer and uses its best judgment in evaluating the cause of the decline in the estimated fair value of the security and in assessing the prospects for near-term recovery.
Inherent in management’s evaluation of the security are assumptions and estimates about the operations of the issuer and its future earnings potential.
The Company’s review of its fixed maturity and equity securities for impairments includes an analysis of the total gross unrealized losses by three categories of securities: (i) securities where the estimated fair value had declined and remained below cost or amortized cost by less than 20%; (ii) securities where the estimated fair value had declined and remained below cost or amortized cost by 20% or more for less than six months; and (iii) securities where the estimated fair value had declined and remained below cost or amortized cost by 20% or more for six months or greater.
While all of these securities are monitored for potential impairment, the Company’s experience indicates that the first two categories do not present as great a risk of impairment and, often, fair values recover over time as the factors that caused the declines improve.
The Company records impairments as investment losses and adjusts the cost basis of the fixed maturity and equity securities accordingly.
The Company does not change the revised cost basis for subsequent recoveries in value.
Impairments of fixed maturity and equity securities were $106 million, $82 million and $64 million for the years ended December 31, 2007, 2006 and 2005, respectively.
The Company’s credit-related impairments of fixed maturity and equity securities were $86 million, $82 million and $64 million for the years ended December 31, 2007, 2006 and 2005, respectively.
The Company’s three largest impairments totaled $19 million, $33 million and $40 million for the years ended December 31, 2007, 2006 and 2005, respectively.
The circumstances that gave rise to these impairments were financial restructurings, bankruptcy filings or difficult underlying operating environments for the entities concerned.
During the years ended December 31, 2007, 2006 and 2005, the Company sold or disposed of fixed maturity and equity securities at a loss that had a fair value of $46.8 billion, $70.3 billion and $93.9 billion, respectively.
Gross losses excluding impairments for fixed maturity and equity securities were $1.2 billion, $1.5 billion and $1.4 billion for the years ended December 31, 2007, 2006 and 2005, respectively

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td>2002</td><td>2001</td></tr><tr><td>Quarter Ended</td><td>High</td><td>Low</td><td>Dividend</td><td>High</td><td>Low</td><td>Dividend</td></tr><tr><td>December 31</td><td>$25.84</td><td>$21.50</td><td>$.455</td><td>$24.80</td><td>$22.00</td><td>$.45</td></tr><tr><td>September 30</td><td>28.88</td><td>21.40</td><td>.455</td><td>26.17</td><td>21.60</td><td>.45</td></tr><tr><td>June 30</td><td>28.95</td><td>25.46</td><td>.450</td><td>24.99</td><td>22.00</td><td>.43</td></tr><tr><td>March 31</td><td>26.50</td><td>22.92</td><td>.450</td><td>25.44</td><td>21.85</td><td>.43</td></tr></table>
<table><tr><td></td><td></td><td></td><td> Gross </td></tr><tr><td></td><td> Rental </td><td rowspan="2"> Sublease   Income  (In millions)</td><td> Rental </td></tr><tr><td></td><td> Income</td><td> Payments</td></tr><tr><td>2008</td><td>$455</td><td>$21</td><td>$254</td></tr><tr><td>2009</td><td>$421</td><td>$13</td><td>$234</td></tr><tr><td>2010</td><td>$368</td><td>$8</td><td>$208</td></tr><tr><td>2011</td><td>$292</td><td>$8</td><td>$177</td></tr><tr><td>2012</td><td>$217</td><td>$7</td><td>$139</td></tr><tr><td>Thereafter</td><td>$766</td><td>$7</td><td>$1,155</td></tr></table>
<table><tr><td> Issue Date</td><td> Principal  (In millions)</td><td> Interest Rate</td><td> Maturity</td></tr><tr><td>June 2005</td><td>$1,000</td><td>5.00%</td><td>2015</td></tr><tr><td>June 2005</td><td>$1,000</td><td>5.70%</td><td>2035</td></tr><tr><td>June 2005 -1</td><td>$794</td><td>5.25%</td><td>2020</td></tr><tr><td>December 2004 -1</td><td>$695</td><td>5.38%</td><td>2024</td></tr><tr><td>June 2004</td><td>$350</td><td>5.50%</td><td>2014</td></tr><tr><td>June 2004</td><td>$750</td><td>6.38%</td><td>2034</td></tr><tr><td>November 2003</td><td>$500</td><td>5.00%</td><td>2013</td></tr><tr><td>November 2003</td><td>$200</td><td>5.88%</td><td>2033</td></tr><tr><td>December 2002</td><td>$400</td><td>5.38%</td><td>2012</td></tr><tr><td>December 2002</td><td>$600</td><td>6.50%</td><td>2032</td></tr><tr><td>November 2001</td><td>$750</td><td>6.13%</td><td>2011</td></tr></table>
<table><tr><td></td><td colspan="5"> December 31, 2006</td></tr><tr><td></td><td> Cost or </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td> Amortized </td><td colspan="2"> Gross Unrealized</td><td> Estimated </td><td> % of </td></tr><tr><td></td><td> Cost</td><td> Gain</td><td> Loss</td><td> Fair Value</td><td> Total</td></tr><tr><td></td><td colspan="4"> (In millions)</td><td></td></tr><tr><td>U.S. corporate securities</td><td>$74,010</td><td>$2,047</td><td>$983</td><td>$75,074</td><td>31.0%</td></tr><tr><td>Residential mortgage-backed securities</td><td>51,602</td><td>385</td><td>321</td><td>51,666</td><td>21.4</td></tr><tr><td>Foreign corporate securities</td><td>33,029</td><td>1,687</td><td>378</td><td>34,338</td><td>14.2</td></tr><tr><td>U.S. Treasury/agency securities</td><td>29,897</td><td>984</td><td>248</td><td>30,633</td><td>12.7</td></tr><tr><td>Commercial mortgage-backed securities</td><td>16,467</td><td>193</td><td>138</td><td>16,522</td><td>6.8</td></tr><tr><td>Foreign government securities</td><td>11,406</td><td>1,835</td><td>34</td><td>13,207</td><td>5.4</td></tr><tr><td>Asset-backed securities</td><td>13,851</td><td>75</td><td>53</td><td>13,873</td><td>5.7</td></tr><tr><td>State and political subdivision securities</td><td>6,121</td><td>230</td><td>51</td><td>6,300</td><td>2.6</td></tr><tr><td>Other fixed maturity securities</td><td>385</td><td>7</td><td>77</td><td>315</td><td>0.2</td></tr><tr><td>Total fixed maturity securities</td><td>$236,768</td><td>$7,443</td><td>$2,283</td><td>$241,928</td><td>100.0%</td></tr><tr><td>Common stock</td><td>$1,798</td><td>$487</td><td>$16</td><td>$2,269</td><td>44.5%</td></tr><tr><td>Non-redeemable preferred stock</td><td>2,751</td><td>103</td><td>29</td><td>2,825</td><td>55.5</td></tr><tr><td>Total equity securities</td><td>$4,549</td><td>$590</td><td>$45</td><td>$5,094</td><td>100.0%</td></tr></table>

Question: What do all Gain sum up in 2006 , excluding Common stock and Non-redeemable preferred stock? (in million)
Answer: 7443