used to refinance certain indebtedness which matured in the fourth quarter of 2014.
Interest is payable semi-annually in arrears on March 18 and September 18 of each year, or approximately $35 million per year.
The 2024 Notes may be redeemed prior to maturity at any time in whole or in part at the option of the Company at a “make-whole” redemption price.
The unamortized discount and debt issuance costs are being amortized over the remaining term of the 2024 Notes.2022 Notes.
In May 2012, the Company issued $1.5 billion in aggregate principal amount of unsecured unsubordinated obligations.
These notes were issued as two separate series of senior debt securities, including $750 million of 1.375% notes, which were repaid in June 2015 at maturity, and $750 million of 3.375% notes maturing in June 2022 (the “2022 Notes”).
Net proceeds were used to fund the repurchase of BlackRock’s common stock and Series B Preferred from Barclays and affiliates and for general corporate purposes.
Interest on the 2022 Notes of approximately $25 million per year is payable semi-annually on June 1 and December 1 of each year.
The 2022 Notes may be redeemed prior to maturity at any time in whole or in part at the option of the Company at a “make-whole” redemption price.
The “make-whole” redemption price represents a price, subject to the specific terms of the 2022 Notes and related indenture, that is the greater of (a) par value and (b) the present value of future payments that will not be paid because of an early redemption, which is discounted at a fixed spread over a comparable Treasury security.
The unamortized discount and debt issuance costs are being amortized over the remaining term of the 2022 Notes.2021 Notes.
In May 2011, the Company issued $1.5 billion in aggregate principal amount of unsecured unsubordinated obligations.
These notes were issued as two separate series of senior debt securities, including $750 million of 4.25% notes maturing in May 2021 and $750 million of floating rate notes, which were repaid in May 2013 at maturity.
Net proceeds of this offering were used to fund the repurchase of BlackRock’s Series B Preferred from affiliates of Merrill Lynch & Co. , Inc.  Interest on the 4.25% notes due in 2021 (“2021 Notes”) is payable semi-annually on May 24 and November 24 of each year, and is approximately $32 million per year.
The 2021 Notes may be redeemed prior to maturity at any time in whole or in part at the option of the Company at a “make-whole” redemption price.
The unamortized discount and debt issuance costs are being amortized over the remaining term of the 2021 Notes.2019 Notes.
In December 2009, the Company issued $2.5 billion in aggregate principal amount of unsecured and unsubordinated obligations.
These notes were issued as three separate series of senior debt securities including $0.5 billion of 2.25% notes, which were repaid in December 2012, $1.0 billion of 3.50% notes, which were repaid in December 2014 at maturity, and $1.0 billion of 5.0% notes maturing in December 2019 (the “2019 Notes”).
Net proceeds of this offering were used to repay borrowings under the CP Program, which was used to finance a portion of the acquisition of Barclays Global Investors from Barclays on December 1, 2009, and for general corporate purposes.
Interest on the 2019 Notes of approximately $50 million per year is payable semi-annually in arrears on June 10 and December 10 of each year.
These notes may be redeemed prior to maturity at any time in whole or in part at the option of the Company at a “make-whole” redemption price.
The unamortized discount and debt issuance costs are being amortized over the remaining term of the 2019 Notes.13.
Commitments and Contingencies Operating Lease Commitments The Company leases its primary office spaces under agreements that expire through 2043.
Future minimum commitments under these operating leases are as follows:
## Table 0 ##
In May 2017, the Company entered into an agreement with 50 HYMC Owner LLC, for the lease of approximately 847,000 square feet of office space located at 50 Hudson Yards, New York, New York.
The term of the lease is twenty years from the date that rental payments begin, expected to occur in May 2023, with the option to renew for a specified term.
The lease requires annual base rental payments of approximately $51 million per year during the first five years of the lease term, increasing every five years to $58 million, $66 million and $74 million per year (or approximately $1.2 billion in base rent over its twenty-year term).
This lease is classified as an operating lease and, as such, is not recorded as a liability on the consolidated statements of financial condition.
Rent expense and certain office equipment expense under lease agreements amounted to $132 million, $134 million and $136 million in 2017, 2016 and 2015, respectively.
Investment Commitments.
At December 31, 2017, the Company had $298 million of various capital commitments to fund sponsored investment funds, including consolidated VIEs.
These funds include private equity funds, real assets funds, and opportunistic funds.
This amount excludes additional commitments made by consolidated funds of funds to underlying third-party funds as third-party noncontrolling interest holders have the legal obligation to fund the respective commitments of such funds of funds.
Generally, the timing of the funding of these commitments is unknown and the commitments are callable on demand at any time prior to the expiration of the commitment.
These unfunded commitments are not recorded on the consolidated statements of financial condition.
These commitments do not include potential future commitments approved by the Company that are not yet legally binding.
The Company intends to make additional capital commitments from time to time to fund additional investment products for, and with, its clients.
Contingencies Contingent Payments Related to Business Acquisitions.
In connection with certain acquisitions, BlackRock is required to make contingent payments, subject to achieving specified performance targets, which may include revenue related to acquired contracts or new capital commitments for certain products.
The fair value of the remaining aggregate contingent payments at December 31, 2017 totaled $236 million, including $128 million related to the First Reserve Transaction, and is included in other liabilities on the consolidated statements of financial condition.
Institutional active AUM ended 2017 at $1.1 trillion, reflecting $5.9 billion of net inflows.
Institutional active represented 19% of long-term AUM and 18% of long-term base fees.
Growth in AUM reflected continued strength in multi-asset products with net inflows of $19.6 billion reflecting ongoing demand for solutions offerings and the LifePath?
target-date suite.
Alternatives net inflows of $0.6 billion were led by inflows into infrastructure, hedge fund solutions and alternatives solutions offerings.
Excluding return of capital and investment of $6.0 billion, alternatives net inflows were $6.6 billion.
In addition, 2017 was another strong fundraising year for illiquid alternatives, and we raised approximately $11 billion in new commitments, which will be a source of future net inflows.
Equity and fixed income net outflows were $13.6 billion and $0.7 billion, respectively.
Institutional index AUM totaled $2.3 trillion at December 31, 2017, reflecting net inflows of $49.1 billion.
Fixed income net inflows of $87.5 billion were driven by demand for liabilitydriven investment solutions, particularly in Europe.
Equity net outflows of $34.8 billion were primarily due to low-fee regional index equity outflows as clients looked to re-allocate, re-balance or meet their cash needs.
Alternatives net outflows of $2.9 billion reflected outflows from passive currency overlays.
Institutional index represented 40% of long-term AUM at December 31, 2017 and accounted for 10% of long-term base fees for 2017.
The Company’s institutional clients consist of the following: ?
Pensions, Foundations and Endowments.
BlackRock is among the world’s largest managers of pension plan assets with $2.403 trillion, or 69%, of long-term institutional AUM managed for defined benefit, defined contribution and other pension plans for corporations, governments and unions at December 31, 2017.
The market landscape continues to shift from defined benefit to defined contribution, driving strong flows in our defined contribution channel, which had $46.5 billion of long-term net inflows for the year, driven by continued demand for our LifePath target-date suite.
Defined contribution represented $887.1 billion of total pension AUM, and we remain well positioned to capitalize on the on-going evolution of the defined contribution market and demand for outcome-oriented investments.
An additional $76.4 billion, or 2%, of longterm institutional AUM was managed for other tax-exempt investors, including charities, foundations and endowments.  ?
Official Institutions.
BlackRock managed $195.3 billion, or 6%, of long-term institutional AUM for official institutions, including central banks, sovereign wealth funds, supranationals, multilateral entities and government ministries and agencies at year-end 2017.
These clients often require specialized investment advice, the use of customized benchmarks and training support.  ?
Financial and Other Institutions.
BlackRock is a top independent manager of assets for insurance companies, which accounted for $274.3 billion, or 8%, of institutional long-term AUM at year-end 2017.
Assets managed for other taxable institutions, including corporations, banks and third-party fund sponsors for which we provide sub-advisory services, totaled $506.9 billion, or 15%, of long-term institutional AUM at year-end.
PRODUCT TYPE AND INVESTMENT STYLE Component changes in AUM by product type and investment style for 2017 are presented below.
## Table 1 ##
(1) Amount represents AUM acquired in the First Reserve Transaction.
occurs, at which time they are recorded as adjustments to interest expense over the term of the related notes.
At December 31, 2005, AOCI included a deferred loss of $4.1 million, net of tax, related to an interest rate swap.
This amount is being reclassified into earnings as adjustments to interest expense over the term of the Company’s 51?4% senior notes due 2014.
At December 31, 2004, the amount of deferred loss included in AOCI was $4.6 million, net of tax.
The amounts amortized to interest expense were $0.8 million and $0.5 million for the years ending December 31, 2005 and 2004, respectively.
Note 13 – Equity Method Investments Noble Energy owns a 45% interest in Atlantic Methanol Production Company, LLC (‘‘AMPCO’’), which owns and operates a methanol production facility and related facilities in Equatorial Guinea and a 28% interest in Alba Plant, LLC (‘‘Alba Plant’’), which owns and operates a liquefied petroleum gas (‘‘LPG’’) processing plant.
Construction of the Alba Plant was funded primarily through advances by the Company and other owners in exchange for notes payable by the Alba Plant.
The notes mature on December 31, 2011 and bear interest at the 90-day LIBOR rate plus 3%.
Noble Energy owns 50% interests in AMPCO Marketing, LLC and AMPCO Services, LLC, which provide technical and consulting services.
These investments, which are accounted for using the equity method, are included in equity method investments on the Company’s balance sheets, and the Company’s share of earnings is reported as income from equity method investments on the Company’s statements of operations.
Summarized, 100% combined financial information for equity method investees was as follows: Balance Sheet Information
## Table 2 ##
Statements of Operations Information

Tables referenced above, in order (Table 0 first):
<table><tr><td>Year</td><td>Amount</td></tr><tr><td>2018</td><td>141</td></tr><tr><td>2019</td><td>132</td></tr><tr><td>2020</td><td>126</td></tr><tr><td>2021</td><td>118</td></tr><tr><td>2022</td><td>109</td></tr><tr><td>Thereafter</td><td>1,580</td></tr><tr><td>Total</td><td>$2,206</td></tr></table>
<table><tr><td>(in millions)</td><td>December 31,2016</td><td>Net inflows (outflows)</td><td>Acquisition<sup>-1</sup></td><td>Market change</td><td>FXimpact</td><td>December 31,2017</td></tr><tr><td>Equity:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Active</td><td>$275,033</td><td>$-18,506</td><td>$—</td><td>$46,134</td><td>$8,548</td><td>$311,209</td></tr><tr><td>iSharesETFs</td><td>951,252</td><td>174,377</td><td>—</td><td>189,472</td><td>14,509</td><td>1,329,610</td></tr><tr><td>Non-ETF index</td><td>1,430,891</td><td>-25,725</td><td>—</td><td>289,829</td><td>35,827</td><td>1,730,822</td></tr><tr><td>Equity subtotal</td><td>2,657,176</td><td>130,146</td><td>—</td><td>525,435</td><td>58,884</td><td>3,371,641</td></tr><tr><td>Fixed income:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Active</td><td>749,996</td><td>21,541</td><td>—</td><td>28,800</td><td>14,798</td><td>815,135</td></tr><tr><td>iSharesETFs</td><td>314,707</td><td>67,451</td><td>—</td><td>4,497</td><td>8,597</td><td>395,252</td></tr><tr><td>Non-ETF index</td><td>507,662</td><td>89,795</td><td>—</td><td>14,324</td><td>33,297</td><td>645,078</td></tr><tr><td>Fixed income subtotal</td><td>1,572,365</td><td>178,787</td><td>—</td><td>47,621</td><td>56,692</td><td>1,855,465</td></tr><tr><td>Multi-asset</td><td>395,007</td><td>20,330</td><td>—</td><td>49,560</td><td>15,381</td><td>480,278</td></tr><tr><td>Alternatives:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Core</td><td>88,630</td><td>780</td><td>3,264</td><td>3,438</td><td>2,421</td><td>98,533</td></tr><tr><td>Currency and commodities</td><td>28,308</td><td>197</td><td>—</td><td>1,813</td><td>496</td><td>30,814</td></tr><tr><td>Alternatives subtotal</td><td>116,938</td><td>977</td><td>3,264</td><td>5,251</td><td>2,917</td><td>129,347</td></tr><tr><td>Long-term</td><td>4,741,486</td><td>330,240</td><td>3,264</td><td>627,867</td><td>133,874</td><td>5,836,731</td></tr><tr><td>Cash management</td><td>403,584</td><td>38,259</td><td>—</td><td>1,239</td><td>6,867</td><td>449,949</td></tr><tr><td>Advisory</td><td>2,782</td><td>-1,245</td><td>—</td><td>-205</td><td>183</td><td>1,515</td></tr><tr><td>Total</td><td>$5,147,852</td><td>$367,254</td><td>$3,264</td><td>$628,901</td><td>$140,924</td><td>$6,288,195</td></tr></table>
<table><tr><td> </td><td colspan="2"> December 31, </td></tr><tr><td> </td><td> 2005 </td><td> 2004 </td></tr><tr><td> </td><td colspan="2"> (in thousands) </td></tr><tr><td>Current assets</td><td>$274,484</td><td>$174,864</td></tr><tr><td>Noncurrent assets</td><td>877,402</td><td>826,499</td></tr><tr><td>Current liabilities</td><td>119,912</td><td>118,784</td></tr><tr><td>Noncurrent liabilities</td><td>450,156</td><td>381,509</td></tr></table>

Question: what is the growth rate in based rent for hudson yards , new york facility in the third period?
Answer: 0.13793
Reasoning program: subtract(66,58), divide(#0,58)