american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) operations , net , in the accompanying consolidated statements of operations for the year ended december 31 , 2003 .
( see note 9. ) other transactions 2014in august 2003 , the company consummated the sale of galaxy engineering ( galaxy ) , a radio frequency engineering , network design and tower-related consulting business ( previously included in the company 2019s network development services segment ) .
the purchase price of approximately $ 3.5 million included $ 2.0 million in cash , which the company received at closing , and an additional $ 1.5 million payable on january 15 , 2008 , or at an earlier date based on the future revenues of galaxy .
the company received $ 0.5 million of this amount in january 2005 .
pursuant to this transaction , the company recorded a net loss on disposal of approximately $ 2.4 million in the accompanying consolidated statement of operations for the year ended december 31 , 2003 .
in may 2003 , the company consummated the sale of an office building in westwood , massachusetts ( previously held primarily as rental property and included in the company 2019s rental and management segment ) for a purchase price of approximately $ 18.5 million , including $ 2.4 million of cash proceeds and the buyer 2019s assumption of $ 16.1 million of related mortgage notes .
pursuant to this transaction , the company recorded a net loss on disposal of approximately $ 3.6 million in the accompanying consolidated statement of operations for the year ended december 31 , 2003 .
in january 2003 , the company consummated the sale of flash technologies , its remaining components business ( previously included in the company 2019s network development services segment ) for approximately $ 35.5 million in cash and has recorded a net gain on disposal of approximately $ 0.1 million in the accompanying consolidated statement of operations for the year ended december 31 , 2003 .
in march 2003 , the company consummated the sale of an office building in schaumburg , illinois ( previously held primarily as rental property and included in the company 2019s rental and management segment ) for net proceeds of approximately $ 10.3 million in cash and recorded a net loss on disposal of $ 0.1 million in the accompanying consolidated statement of operations for the year ended december 31 , 2003 .
4 .
property and equipment property and equipment ( including assets held under capital leases ) consist of the following as of december 31 , ( in thousands ) : .

2005
2004
Towers
$4,134,155
$2,788,162
Equipment
167,504
115,244
Buildings and improvements
184,951
162,120
Land and improvements
215,974
176,937
Construction-in-progress
36,991
27,866
Total
4,739,575
3,270,329
Less accumulated depreciation and amortization
(1,279,049)
(996,973)
Property and equipment, net
$3,460,526
$2,273,356

5 .
goodwill and other intangible assets the company 2019s net carrying amount of goodwill was approximately $ 2.1 billion as of december 312005 and $ 592.7 million as of december 31 , 2004 , all of which related to its rental and management segment .
the increase in the carrying value was as a result of the goodwill of $ 1.5 billion acquired in the merger with spectrasite , inc .
( see note 2. ) .

Question: Analyse this data from a financial earnings document. what is the percentage change in the balance of total property and equipment from 2004 to 2005?
Choices:
1.44074
0.00449
0.44927
1469246
1.84037
Correct choice index: 2