visa inc . notes to consolidated financial statements 2014 ( continued ) september 30 , 2013 market condition is based on the company 2019s total shareholder return ranked against that of other companies that are included in the standard & poor 2019s 500 index . the fair value of the performance- based shares , incorporating the market condition , is estimated on the grant date using a monte carlo simulation model . the grant-date fair value of performance-based shares in fiscal 2013 , 2012 and 2011 was $ 164.14 , $ 97.84 and $ 85.05 per share , respectively . earned performance shares granted in fiscal 2013 and 2012 vest approximately three years from the initial grant date . earned performance shares granted in fiscal 2011 vest in two equal installments approximately two and three years from their respective grant dates . all performance awards are subject to earlier vesting in full under certain conditions . compensation cost for performance-based shares is initially estimated based on target performance . it is recorded net of estimated forfeitures and adjusted as appropriate throughout the performance period . at september 30 , 2013 , there was $ 15 million of total unrecognized compensation cost related to unvested performance-based shares , which is expected to be recognized over a weighted-average period of approximately 1.0 years . note 17 2014commitments and contingencies commitments . the company leases certain premises and equipment throughout the world with varying expiration dates . the company incurred total rent expense of $ 94 million , $ 89 million and $ 76 million in fiscal 2013 , 2012 and 2011 , respectively . future minimum payments on leases , and marketing and sponsorship agreements per fiscal year , at september 30 , 2013 , are as follows: .

Table:
( in millions ) | 2014 | 2015 | 2016 | 2017 | 2018 | thereafter | total
operating leases | $ 100 | $ 77 | $ 43 | $ 35 | $ 20 | $ 82 | $ 357
marketing and sponsorships | 116 | 117 | 61 | 54 | 54 | 178 | 580
total | $ 216 | $ 194 | $ 104 | $ 89 | $ 74 | $ 260 | $ 937
select sponsorship agreements require the company to spend certain minimum amounts for advertising and marketing promotion over the life of the contract .
for commitments where the individual years of spend are not specified in the contract , the company has estimated the timing of when these amounts will be spent .
in addition to the fixed payments stated above , select sponsorship agreements require the company to undertake marketing , promotional or other activities up to stated monetary values to support events which the company is sponsoring .
the stated monetary value of these activities typically represents the value in the marketplace , which may be significantly in excess of the actual costs incurred by the company .
client incentives .
the company has agreements with financial institution clients and other business partners for various programs designed to build payments volume , increase visa-branded card and product acceptance and win merchant routing transactions .
these agreements , with original terms ranging from one to thirteen years , can provide card issuance and/or conversion support , volume/growth targets and marketing and program support based on specific performance requirements .
these agreements are designed to encourage client business and to increase overall visa-branded payment and transaction volume , thereby reducing per-unit transaction processing costs and increasing brand awareness for all visa clients .
payments made that qualify for capitalization , and obligations incurred under these programs are reflected on the consolidated balance sheet .
client incentives are recognized primarily as a reduction .

Question: what is the percent increase in rent expense from 2012 to 2013?
Answer: 5.6%
Calculation: subtract(94, 89), divide(#0, 89)