PART II net price of $28.27 for net proceeds of $154 million.
At December?31, 2018, $594 million of our common stock remained available for sale under the ATM Program.
There was no activity during the years ended December 31, 2017 and 2016.
Forward Equity Offering In December 2018, the Company entered into a forward equity sales agreement to sell up to an aggregate of 15.25 million shares of its common stock (including shares issued through the exercise of underwriters’ options) at an initial net price of $28.60 per share, after underwriting discounts and commissions.
The agreement has a one year term and expires on December 13, 2019.
The forward sale price that the Company expects to receive upon settlement of the agreement will be subject to adjustments for: (i) the forward purchasers’ stock borrowing costs and (ii) certain fixed price reductions during the term of the agreement.
At December?31, 2018, no shares have been issued under the forward equity sales agreement.
In December 2018, contemporaneous with the forward equity offering discussed above, the Company completed an offering of two million shares of common stock at a net price of $28.60 per share, resulting in net proceeds of $57 million.
The following table summarizes the Company’s other common stock activities (shares in thousands):
## Table 0 ##
Accumulated Other Comprehensive Loss The following table summarizes the Company’s accumulated other comprehensive loss (in thousands):
## Table 1 ##
(1) See Notes 5 and 19 for a discussion of the U. K.  JV transaction. ?
Noncontrolling Interests At December?31, 2018, there were four million DownREIT units (seven million shares of HCP common stock are issuable upon conversion) outstanding in five DownREIT?LLCs, all of which the Company is the managing member of.
At December?31, 2018, the carrying and market values of the four million DownREIT units were $177 million and $185 million, respectively.
See Notes 3, 4 and 5 for transactions involving noncontrolling interests.
Note 13.
Segment Disclosures The Company evaluates its business and allocates resources based on its reportable business segments: (i)?senior housing triple-net, (ii) SHOP, (iii) life science and (iv) medical office.
The Company has non-reportable segments that are comprised primarily of the Company’s debt investments, hospital properties, unconsolidated joint ventures, and U. K.  investments.
The accounting policies of the segments are the same as those described under Summary of Significant Accounting Policies (see Note?2).
During the years ended December?31, 2018, 2017 and 2016, 22, 25 and 17 senior housing triple-net facilities, respectively, were transferred to the Company’s SHOP segment.
When an asset is transferred from one segment to another, the results associated with that asset are included in the original segment until the date of transfer.
Results generated after the transfer date are included in the new segment.
GBP-denominated borrowings due primarily to fluctuations in the GBP to USD exchange rate are reported in accumulated other comprehensive income (loss) as the hedging relationship is considered to be effective.
The balance in accumulated other comprehensive income (loss) (loss of $2 million at December 31, 2018) will be reclassified to earnings when the Company sells its remaining U. K. ?investments.
Note 23.
Selected Quarterly Financial Data (Unaudited) The following table summarizes selected quarterly information for the years ended December 31, 2018 and 2017 (in?thousands, except per share amounts):
## Table 2 ##
Three Months Ended 2017
## Table 3 ##
The above selected quarterly financial data includes the following significant transactions: 2018 .
During the quarter ended December 31, 2018, the Company sold its Shoreline Technology Center life science campus for $1.0 billion and recognized a gain on?sale of $726 million.  . During the quarter ended December 31, 2018, the Company acquired the outstanding equity interests in three life science joint ventures for $92 million and recognized a gain on consolidation of $50 million.  . During the quarter ended December 31, 2018, the Company sold 19 senior housing assets (11 senior housing triple-net assets and eight SHOP assets) for $377 million and recognized gain on sales of $40 million.  . During the quarter ended December 31, 2018, the Company recognized impairment charges of $33 million related to four underperforming SHOP assets.  . During the quarter ended September 30, 2018, the Company repurchased $700 million of its 5.375% senior?notes due 2021 and recorded a $44 million loss on?debt extinguishment.  . During the quarter ended March 31, 2018, The Company recognized a ￡29 million ($41 million) loss?on consolidation related to the U. K.  Bridge Loan (see?Notes?7 and 19).2017 .
During the quarter ended December 31, 2017, the Company recognized a $20 million net reduction of rental and related revenues and $35 million of operating expense related to the Brookdale Transactions.  . During the quarter ended December 31, 2017, the Company recorded an impairment charge of $84 million related to the Tandem Mezzanine Loan.  . During the quarter ended December 31, 2017, the Company recognized a tax expense of $17 million due to a remeasurement of deferred tax assets and liabilities.  . During the quarter ended September 30, 2017, the Company repurchased $500 million of its 5.375% senior notes due 2021 and recorded a $54 million loss on debt extinguishment.
Segment Analysis The tables below provide selected operating information for our SPP and total property portfolio for each of our reportable segments.
For the year ended December 31, 2018, our SPP consists of 522 properties representing properties acquired or placed in service and stabilized on or prior to January 1, 2017 and that remained in operations under a consistent reporting structure through December 31, 2018.
For the year ended December 31, 2017, our SPP consisted of 617 properties acquired or placed in service and stabilized on or prior to January 1, 2016 and that remained in operations under a consistent reporting structure through December 31, 2017.
Our total consolidated property portfolio consisted of 645, 744 and 851 properties at December 31, 2018, 2017 and 2016, respectively, excluding properties in the Spin-Off.
Senior Housing Triple-Net 2018 and 2017 The following table summarizes results at and for the years ended December 31, 2018 and 2017 (dollars in thousands except per unit data):
## Table 4 ##
(1) Total Portfolio includes results of operations from disposed properties and properties that transitioned segments through the disposition or transition date.
(2) Represents rental and related revenues and income from DFLs.
(3) From our 2017 presentation of SPP, we removed 11 senior housing triple-net properties that were sold and 22 senior housing triple-net properties that were transitioned to our SHOP segment.
(4) Represents average capacity as reported by the respective tenants or operators for the 12-month period and a quarter in arrears from the periods presented.
SPP NOI and Adjusted NOI SPP NOI and Adjusted NOI increased primarily as a result of annual rent escalations.
The increase in Adjusted NOI was partially offset by rent reductions under the 2017 Brookdale Transactions.
Total Portfolio NOI and Adjusted NOI decreased primarily as a result of the following Non-SPP impacts: ?
decreased NOI from senior housing triple-net facilities sold during 2017 and 2018; and ?
decreased NOI from the transfer of 25 and 22 senior housing triple-net facilities to our SHOP segment during 2017 and 2018, respectively.
The decrease in Total Portfolio NOI and Adjusted NOI is partially offset by the aforementioned increases to SPP.
The decrease in Total Portfolio NOI was further offset by the net charge of triple-net lease terminations from the 2017 Brookdale Transactions.
does not believe are in our and our stockholders’ best interest.
The Rights Plan is intended to protect stockholders in the event of an unfair or coercive offer to acquire the Company and to provide our board of directors with adequate time to evaluate unsolicited offers.
The Rights Plan may prevent or make takeovers or unsolicited corporate transactions with respect to our company more difficult, even if stockholders may consider such transactions favorable, possibly including transactions in which stockholders might otherwise receive a premium for their shares.
Item 1B.
Unresolved Staff Comments None.
Item 2.
Properties As of December 31, 2016, our significant properties used in connection with switching centers, data centers, call centers and warehouses were as follows:

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="3">Year Ended December 31,</td></tr><tr><td></td><td>2018</td><td>2017</td><td>2016</td></tr><tr><td>Dividend Reinvestment and Stock Purchase Plan</td><td>237</td><td>983</td><td>2,021</td></tr><tr><td>Conversion of DownREIT units</td><td>3</td><td>78</td><td>145</td></tr><tr><td>Exercise of stock options</td><td>120</td><td>32</td><td>133</td></tr><tr><td>Vesting of restricted stock units</td><td>401</td><td>419</td><td>529</td></tr><tr><td>Repurchase of common stock</td><td>141</td><td>157</td><td>237</td></tr></table>
<table><tr><td></td><td colspan="2">December 31,</td></tr><tr><td></td><td>2018</td><td>2017</td></tr><tr><td>Cumulative foreign currency translation adjustment<sup>-1</sup></td><td>$-1,683</td><td>$-6,955</td></tr><tr><td>Unrealized gains (losses) on derivatives, net</td><td>-467</td><td>-13,950</td></tr><tr><td>Supplemental Executive Retirement plan minimum liability and other</td><td>-2,558</td><td>-3,119</td></tr><tr><td>Total accumulated other comprehensive income (loss)</td><td>$-4,708</td><td>$-24,024</td></tr></table>
<table><tr><td></td><td colspan="4">Three Months Ended 2018</td></tr><tr><td></td><td>March 31</td><td>June 30</td><td>September 30</td><td>December 31</td></tr><tr><td>Total revenues</td><td>$479,197</td><td>$469,551</td><td>$456,022</td><td>$441,919</td></tr><tr><td>Income (loss) before income taxes and equity income from investments in unconsolidated joint ventures</td><td>37,331</td><td>88,375</td><td>98,908</td><td>833,600</td></tr><tr><td>Net income (loss)</td><td>43,237</td><td>92,928</td><td>102,926</td><td>834,383</td></tr><tr><td>Net income (loss) applicable to HCP, Inc.</td><td>40,232</td><td>89,942</td><td>99,371</td><td>831,548</td></tr><tr><td>Dividends paid per common share</td><td>0.37</td><td>0.37</td><td>0.37</td><td>0.37</td></tr><tr><td>Basic earnings per common share</td><td>0.08</td><td>0.19</td><td>0.21</td><td>1.75</td></tr><tr><td>Diluted earnings per common share</td><td>0.08</td><td>0.19</td><td>0.21</td><td>1.73</td></tr></table>
<table><tr><td></td><td colspan="4">Three Months Ended 2017</td></tr><tr><td></td><td>March 31</td><td>June 30</td><td>September 30</td><td>December 31</td></tr><tr><td>Total revenues</td><td>$492,168</td><td>$458,928</td><td>$454,023</td><td>$443,259</td></tr><tr><td>Income (loss) before income taxes and equity income from investments in unconsolidated joint ventures</td><td>454,746</td><td>18,874</td><td>-12,263</td><td>-50,957</td></tr><tr><td>Net (loss) income</td><td>464,177</td><td>22,101</td><td>-5,720</td><td>-57,924</td></tr><tr><td>Net (loss) income applicable to HCP, Inc.</td><td>461,145</td><td>19,383</td><td>-7,657</td><td>-58,702</td></tr><tr><td>Dividends paid per common share</td><td>0.37</td><td>0.37</td><td>0.37</td><td>0.37</td></tr><tr><td>Basic earnings per common share</td><td>0.98</td><td>0.04</td><td>-0.02</td><td>-0.13</td></tr><tr><td>Diluted earnings per common share</td><td>0.97</td><td>0.04</td><td>-0.02</td><td>-0.13</td></tr></table>
<table><tr><td></td><td colspan="3">SPP</td><td colspan="3">Total Portfolio<sup>-1</sup></td></tr><tr><td></td><td>2018</td><td>2017</td><td>Change</td><td>2018</td><td>2017</td><td>Change</td></tr><tr><td>Real estate revenues<sup>-2</sup></td><td>$245,737</td><td>$239,273</td><td>$6,464</td><td>$276,091</td><td>$313,547</td><td>$-37,456</td></tr><tr><td>Operating expenses</td><td>-377</td><td>-371</td><td>-6</td><td>-3,618</td><td>-3,819</td><td>201</td></tr><tr><td>NOI</td><td>245,360</td><td>238,902</td><td>6,458</td><td>272,473</td><td>309,728</td><td>-37,255</td></tr><tr><td>Adjustments to NOI</td><td>4,274</td><td>5,899</td><td>-1,625</td><td>2,127</td><td>17,098</td><td>-14,971</td></tr><tr><td>Adjusted NOI</td><td>$249,634</td><td>$244,801</td><td>$4,833</td><td>274,600</td><td>326,826</td><td>-52,226</td></tr><tr><td>Non-SPP adjusted NOI</td><td></td><td></td><td></td><td>-24,966</td><td>-82,025</td><td>57,059</td></tr><tr><td>SPP adjusted NOI</td><td></td><td></td><td></td><td>$249,634</td><td>$244,801</td><td>$4,833</td></tr><tr><td>SPP Adjusted NOI % change</td><td></td><td></td><td>2.0%</td><td></td><td></td><td></td></tr><tr><td>Property count<sup>-3</sup></td><td>146</td><td>146</td><td></td><td>146</td><td>181</td><td></td></tr><tr><td>Average capacity (units)<sup>(4)</sup></td><td>15,002</td><td>15,000</td><td></td><td>16,914</td><td>21,536</td><td></td></tr><tr><td>Average annual rent per unit</td><td>$16,665</td><td>$16,345</td><td></td><td>$16,449</td><td>$15,352</td><td></td></tr></table>

Question: What is the growing rate of Adjusted NOI of SPP in the years with the least Operating expenses of SPP?
Answer: 0.01936
Reasoning program: subtract(249634,244801), divide(#0,249634)