VENTAS, INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
## Table 0 ##
Note 19—Segment Information As of December 31, 2007, we operated through two reportable business segments: triple-net leased properties and senior living operations.
Our triple-net leased properties segment consists of financing, owning and leasing seniors housing and healthcare-related properties in the United States and leasing or subleasing those properties to healthcare operating companies under “triple-net” or “absolute-net” leases, which require the tenants to pay all property-related expenses.
Our senior living operations segment consists of investments in seniors housing communities located in the United States and Canada for which we engage Sunrise to manage the operations.
We acquired the senior living operations segment on April 26, 2007, pursuant to the purchase of the Sunrise REIT properties.
With the addition of these properties, we believed segment differentiation would be appropriate based on the different economic and legal structures used to acquire and own those assets.
Prior to the acquisition, we operated through one reportable segment – investment in real estate – which included the triple-net leased properties and our MOBs.
Our MOB segment consists of leasing space primarily to physicians and other healthcare-related businesses and engaging third parties to manage those operations.
Due to our limited operation of and allocation of capital to the MOBs, we separated them from the triple-net leased properties segment.
However, the MOB segment is not individually reported and is included in “All Other” because it does not meet the quantitative thresholds of SFAS No.131, “Disclosures about Segments of an Enterprise and Related Information” at the current time.
We evaluate performance of the combined properties in each segment based on net operating income before interest (excluding interest income from loans receivable), income taxes, depreciation and amortization, rent reset costs, reversal of contingent liability, foreign currency gains/losses, general, administrative and professional fees, merger-related expenses and minority interest.
There are no intersegment sales or transfers.
Stock Performance Graph The following performance graph compares the cumulative total return (including dividends) to the holders of our common stock from December 31, 2002 through December 31, 2007, with the cumulative total returns of the NYSE Composite Index, the FTSE NAREIT Composite REIT Index (the “All REIT Index”), the FTSE NAREIT Healthcare Equity REIT Index (the “Healthcare REIT Index”) and the Russell 1000 Index over the same period.
The comparison assumes $100 was invested on December 31, 2002 in our common stock and in each of the foregoing indices and assumes reinvestment of dividends, as applicable.
We have included the NYSE Composite Index in the performance graph because our common stock is listed on the NYSE.
We have included the other indices because we believe that they are either most representative of the industry in which we compete, or otherwise provide a fair basis for comparison with Ventas, and are therefore particularly relevant to an assessment of our performance.
The figures in the table below are rounded to the nearest dollar.
## Table 1 ##
Market Risk We receive a significant portion of our revenue by leasing our assets under long-term triple-net leases in which the rental rate is generally fixed with annual escalators, subject to certain limitations.
We also earn revenue from our senior living operations and our real estate loan investments.
Our obligations under our unsecured revolving credit facility and our Canadian credit facility are floating rate obligations whose interest rate and related monthly interest payments vary with the movement in LIBOR and Bankers’ Acceptance, respectively.
The general fixed nature of our assets subject to long-term triple-net leases and the variable nature of our obligations create interest rate risk.
If interest rates were to rise significantly, our lease and other revenue might not be sufficient to meet our debt obligations.
In order to mitigate this risk, in September 2001, we entered into an interest rate swap agreement in the original notional amount of $450.0 million to hedge floating rate debt for the period between July 1, 2003 and June 30, 2008 (the “Swap”).
The Swap is treated as a cash flow hedge for accounting purposes and is with a highly rated counterparty on which we pay a fixed rate of 5.385% and receive LIBOR from the counterparty.
In December 2003, due to our lower expected future variable rate debt balances as a result of the sale of ten properties, we reduced the notional amount of the Swap for the period from December 11, 2003 through June 29, 2006 from $450.0 million to $330.0 million.
In December 2005, due to our lower expected future variable rate debt balances as a result of the payoff of our CMBS loan, we further reduced the notional amount of the Swap to $100.0 million for the remaining term of the Swap.
See “Note 9—Borrowing Arrangements” of the Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K.
There are no collateral requirements under the Swap.
As of December 31, 2007, the notional amount of the Swap was $100.0 million, which is scheduled to expire on June 30, 2008.
To highlight the sensitivity of the Swap and our fixed rate debt to changes in interest rates, the following summary shows the effects of a hypothetical instantaneous change of 100 basis points (BPS) in interest rates as of December 31, 2007 and 2006:
## Table 2 ##
(1) The change in fair value of fixed rate debt was due to the assumption of approximately $831.9 million of fixed rate debt as a result of our acquisitions during the year ended December 31, 2007 and overall changes in interest rates.
N/A—Not applicable.
We paid $0.2 million under the Swap during the year ended December 31, 2007.
Assuming that interest rates do not change, we estimate that we will pay $0.9 million on the Swap during the year ending December 31, 2008.
We had approximately $467.8 million and $284.7 million of variable rate debt outstanding as of December 31, 2007 and 2006, respectively.
The increase in our outstanding variable rate debt from December 31, 2006 is primarily attributable to additional net borrowings under our unsecured revolving credit facility and our Canadian credit facility of $92.3 million and $89.7 million, respectively, and the assumption of additional variable debt from the properties managed by Sunrise totaling $121.4 million as of December 31, 2007, offset by the repayment of $114.8 million in variable mortgage debt in January 2007 assumed as part of the Senior Care acquisition.
The Swap currently effectively hedges $100.0 million of our outstanding variable rate debt.
Any

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="4"> For the Year Ended December 31, 2006</td></tr><tr><td></td><td> First Quarter</td><td> Second Quarter</td><td> Third Quarter</td><td> Fourth Quarter</td></tr><tr><td>Revenues</td><td>$94,324</td><td>$96,736</td><td>$106,855</td><td>$117,937</td></tr><tr><td>Income from continuing operations applicable to common shares</td><td>$27,687</td><td>$27,607</td><td>$30,954</td><td>$39,716</td></tr><tr><td>Discontinued operations</td><td>1,447</td><td>1,651</td><td>1,287</td><td>1,081</td></tr><tr><td>Net income applicable to common shares</td><td>$29,134</td><td>$29,258</td><td>$32,241</td><td>$40,797</td></tr><tr><td>Earnings per share:</td><td></td><td></td><td></td><td></td></tr><tr><td>Basic:</td><td></td><td></td><td></td><td></td></tr><tr><td>Income from continuing operations applicable to common shares</td><td>$0.27</td><td>$0.26</td><td>$0.30</td><td>$0.38</td></tr><tr><td>Discontinued operations</td><td>0.01</td><td>0.02</td><td>0.01</td><td>0.01</td></tr><tr><td>Net income applicable to common shares</td><td>$0.28</td><td>$0.28</td><td>$0.31</td><td>$0.39</td></tr><tr><td>Diluted:</td><td></td><td></td><td></td><td></td></tr><tr><td>Income from continuing operations applicable to common shares</td><td>$0.27</td><td>$0.26</td><td>$0.30</td><td>$0.38</td></tr><tr><td>Discontinued operations</td><td>0.01</td><td>0.02</td><td>0.01</td><td>0.01</td></tr><tr><td>Net income applicable to common shares</td><td>$0.28</td><td>$0.28</td><td>$0.31</td><td>$0.39</td></tr><tr><td>Dividends declared per share</td><td>$0.395</td><td>$0.395</td><td>$0.395</td><td>$0.395</td></tr></table>
<table><tr><td></td><td>12/31/2002</td><td>12/31/2003</td><td>12/31/2004</td><td>12/31/2005</td><td>12/31/2006</td><td>12/31/2007</td></tr><tr><td>Ventas</td><td>$100</td><td>$206</td><td>$270</td><td>$331</td><td>$457</td><td>$512</td></tr><tr><td>NYSE Composite Index</td><td>$100</td><td>$132</td><td>$151</td><td>$166</td><td>$200</td><td>$217</td></tr><tr><td>All REIT Index</td><td>$100</td><td>$138</td><td>$181</td><td>$196</td><td>$262</td><td>$215</td></tr><tr><td>Healthcare REIT Index</td><td>$100</td><td>$154</td><td>$186</td><td>$189</td><td>$273</td><td>$279</td></tr><tr><td>Russell 1000 Index</td><td>$100</td><td>$130</td><td>$145</td><td>$154</td><td>$178</td><td>$188</td></tr></table>
<table><tr><td></td><td colspan="4">As of December 31,</td></tr><tr><td></td><td colspan="2">2007</td><td colspan="2">2006</td></tr><tr><td></td><td>Swap</td><td>Fixed Rate Debt</td><td>Swap</td><td>Fixed Rate Debt</td></tr><tr><td></td><td colspan="4">(In thousands)</td></tr><tr><td>Notional amount</td><td>$100,000</td><td>N/A</td><td>$100,000</td><td>N/A</td></tr><tr><td>Gross book value</td><td>N/A</td><td>$-2,879,907</td><td>N/A</td><td>$-2,052,293</td></tr><tr><td>Fair value -1</td><td>-503</td><td>-3,002,090</td><td>-429</td><td>-2,190,949</td></tr><tr><td>Fair value reflecting change in interest rates: -1</td><td></td><td></td><td></td><td></td></tr><tr><td>-100 BPS</td><td>-910</td><td>-3,134,816</td><td>-1,725</td><td>-2,301,226</td></tr><tr><td>+100 BPS</td><td>-97</td><td>-2,877,929</td><td>830</td><td>-2,088,514</td></tr></table>

Question: what was the growth rate of reit index as of 12/31/2003
Answer: 0.38
Reasoning program: subtract(138,const_100), divide(#0,const_100)