In February 2008, we issued $300.0 million of 8.375% Series O Cumulative Redeemable Preferred Shares.
The indentures (and related supplemental indentures) governing our outstanding series of notes also require us to comply with financial ratios and other covenants regarding our operations.
We were in compliance with all such covenants as of December 31, 2007.
Sale of Real Estate Assets We utilize sales of real estate assets as an additional source of liquidity.
We pursue opportunities to sell real estate assets at favorable prices to capture value created by us as well as to improve the overall quality of our portfolio by recycling sale proceeds into new properties with greater value creation opportunities.
Uses of Liquidity Our principal uses of liquidity include the following: ?
Property investments; ?
Recurring leasing/capital costs; ?
Dividends and distributions to shareholders and unitholders; ?
Long-term debt maturities; and ?
Other contractual obligations Property Investments We evaluate development and acquisition opportunities based upon market outlook, supply and long-term growth potential.
Recurring Expenditures One of our principal uses of our liquidity is to fund the recurring leasing/capital expenditures of our real estate investments.
The following is a summary of our recurring capital expenditures for the years ended December 31, 2007, 2006 and 2005, respectively (in thousands):
## Table 0 ##
Dividends and Distributions In order to qualify as a REIT for federal income tax purposes, we must currently distribute at least 90% of our taxable income to shareholders.
We paid dividends per share of $1.91, $1.89 and $1.87 for the years ended December 31, 2007, 2006 and 2005, respectively.
We also paid a one-time special dividend of $1.05 per share in 2005 as a result of the significant gain realized from an industrial portfolio sale.
We expect to continue to distribute taxable earnings to meet the requirements to maintain our REIT status.
However, distributions are declared at the discretion of our board of directors and are subject to actual cash available for distribution, our financial condition, capital requirements and such other factors as our board of directors deems relevant.
Debt Maturities Debt outstanding at December 31, 2007 totaled $4.3 billion with a weighted average interest rate of 5.74% maturing at various dates through 2028.
We had $3.2 billion of unsecured notes, $546.1 million outstanding on our unsecured lines of credit and $524.4 million of secured debt outstanding at December 31, 2007.
Scheduled principal amortization and maturities of such debt totaled $249.8 million for the year ended December 31, 2007 and $146.4 million of secured debt was transferred to unconsolidated subsidiaries in connection with the contribution of properties in 2007.
Results of Operations – Emerging Markets
## Table 1 ##
Year ended September 30, 2007 Compared with the Year ended September 30, 2006 – Emerging Markets This segment consists of the results of the Company’s joint ventures in Argentina, Uruguay and Turkey.
Securities commissions declined in Turkey, increased in Argentina, and the joint venture in India generated $2 million in commissions in fiscal 2006 whereas none were included in fiscal 2007 due to the Company’s sale of its interest in this joint venture early in 2007.
Investment banking revenues were flat.
Trading profits increased $3.5 million in Argentina, stemming from a large volume of ADR trades.
Other income includes the $2.5 million gain on the sale of the Company’s interest in its joint venture in India.
The $2 million increase in expense is predominantly related to the accrual of estimated tax liabilities in Turkey.
Year ended September 30, 2006 Compared with the Year ended September 30, 2005 – Emerging Markets This segment consists of the results of the Company’s joint ventures in India, Argentina, Uruguay and Turkey.
Securities commissions increased $9 million or 31% over the prior year.
The vast majority of this increase was in the Company’s joint venture in Turkey.
Investment banking revenues were $2.7 million, primarily from a single large Latin American underwriting fee.
Investment Advisory fees declined as the Company generated $1 million less in asset management fees in India.
The $20 million increase in expense is made up predominantly of a $10 million increase in compensation related to increased revenues and increased other expense related to the accrual of an estimated tax liability in Turkey.
Results of Operations – Stock Loan/Borrow
## Table 2 ##
NOTE 21 – EARNINGS PER SHARE: The following table presents the computation of basic and diluted earnings per share:

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td>2007</td><td>2006</td><td>2005</td></tr><tr><td>Recurring tenant improvements</td><td>$45,296</td><td>$41,895</td><td>$60,633</td></tr><tr><td>Recurring leasing costs</td><td>32,238</td><td>32,983</td><td>33,175</td></tr><tr><td>Building improvements</td><td>8,402</td><td>8,122</td><td>15,232</td></tr><tr><td>Totals</td><td>$85,936</td><td>$83,000</td><td>$109,040</td></tr></table>
<table><tr><td></td><td colspan="5">Year Ended</td></tr><tr><td></td><td>September 30, 2007</td><td>% Incr. (Decr.)</td><td>September 30, 2006</td><td>% Incr. (Decr.)</td><td>September 30, 2005</td></tr><tr><td></td><td colspan="5">($ in 000's)</td></tr><tr><td>Revenues</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Securities Commissions and</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Investment Banking Fees</td><td>$ 41,879</td><td>-4%</td><td>$ 43,703</td><td>46%</td><td>$ 29,928</td></tr><tr><td>Investment Advisory Fees</td><td>2,846</td><td>48%</td><td>1,919</td><td>-34%</td><td>2,890</td></tr><tr><td>Interest Income</td><td>4,042</td><td>11%</td><td>3,647</td><td>90%</td><td>1,919</td></tr><tr><td>Trading Profits</td><td>5,254</td><td>41%</td><td>3,720</td><td>18%</td><td>3,141</td></tr><tr><td>Other</td><td>5,062</td><td>123%</td><td>2,274</td><td>156%</td><td>890</td></tr><tr><td>Total Revenues</td><td>59,083</td><td>7%</td><td>55,263</td><td>43%</td><td>38,768</td></tr><tr><td>Interest Expense</td><td>1,075</td><td>-27%</td><td>1,467</td><td>195%</td><td>497</td></tr><tr><td>Net Revenues</td><td>58,008</td><td>8%</td><td>53,796</td><td>41%</td><td>38,271</td></tr><tr><td>Non-Interest Expense</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Compensation Expense</td><td>28,071</td><td>-4%</td><td>29,185</td><td>48%</td><td>19,758</td></tr><tr><td>Other Expense</td><td>23,302</td><td>17%</td><td>19,867</td><td>93%</td><td>10,294</td></tr><tr><td>Total Non-Interest Expense</td><td>51,373</td><td>5%</td><td>49,052</td><td>63%</td><td>30,052</td></tr><tr><td>Minority Interest</td><td>2,995</td><td></td><td>1,887</td><td></td><td>2,292</td></tr><tr><td>Pre-tax Earnings</td><td>$ 3,640</td><td>27%</td><td>$ 2,857</td><td>-52%</td><td>$ 5,927</td></tr></table>
<table><tr><td></td><td colspan="5">Year Ended</td></tr><tr><td></td><td>September 30, 2007</td><td>% Incr. (Decr.)</td><td>September 30, 2006</td><td>% Incr. (Decr.)</td><td>September 30, 2005</td></tr><tr><td></td><td colspan="5">($ in 000's)</td></tr><tr><td>Interest Income and Expense</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest Income</td><td>$ 68,685</td><td>15%</td><td>$ 59,947</td><td>88%</td><td>$ 31,876</td></tr><tr><td>Interest Expense</td><td>59,276</td><td>25%</td><td>47,593</td><td>108%</td><td>22,873</td></tr><tr><td>Net Interest Income</td><td>9,409</td><td>-24%</td><td>12,354</td><td>37%</td><td>9,003</td></tr><tr><td>Expenses</td><td>4,406</td><td>1%</td><td>4,353</td><td>43%</td><td>3,041</td></tr><tr><td>Pre-tax Earnings</td><td>$ 5,003</td><td>-37%</td><td>$ 8,001</td><td>34%</td><td>$ 5,962</td></tr></table>

Question: Does Investment Banking Fees keeps increasing each year between 2006 and 2007 ?
Answer: no