56 / 57 management 2019s discussion and analysis of financial condition and results of operations junior subordinate deferrable interest debentures in june 2005 , we issued $ 100.0 a0million of trust preferred securities , which are reflected on the balance sheet as junior subordinate deferrable interest debentures . the proceeds were used to repay our revolving credit facility . the $ 100.0 a0million of junior subordi- nate deferrable interest debentures have a 30-year term ending july 2035 . they bear interest at a fixed rate of 5.61% ( 5.61 % ) for the first 10 years ending july 2015 . thereafter , the rate will float at three month libor plus 1.25% ( 1.25 % ) . the securities are redeemable at par . restrictive covenants the terms of the 2011 revolving credit facility and certain of our senior unsecured notes include certain restrictions and covenants which may limit , among other things , our ability to pay dividends ( as discussed below ) , make certain types of investments , incur additional indebtedness , incur liens and enter into negative pledge agreements and the disposition of assets , and which require compliance with financial ratios including our minimum tangible net worth , a maximum ratio of total indebtedness to total asset value , a minimum ratio of ebitda to fixed charges and a maximum ratio of unsecured indebtedness to unencumbered asset value . the dividend restriction referred to above provides that we will not during any time when we are in default , make distributions with respect to common stock or other equity interests , except to enable us to continue to qualify as a reit for federal income tax purposes . as of december a031 , 2011 and 2010 , we were in compli- ance with all such covenants . market rate risk we are exposed to changes in interest rates primarily from our floating rate borrowing arrangements . we use interest rate deriv- ative instruments to manage exposure to interest rate changes . a a0hypothetical 100 a0basis point increase in interest rates along the entire interest rate curve for 2011 and 2010 , would increase our annual interest cost by approximately $ 12.3 a0million and $ 11.0 a0mil- lion and would increase our share of joint venture annual interest cost by approximately $ 4.8 a0million and $ 6.7 a0million , respectively . we recognize all derivatives on the balance sheet at fair value . derivatives that are not hedges must be adjusted to fair value through income . if a derivative is a hedge , depending on the nature of the hedge , changes in the fair value of the derivative will either be offset against the change in fair value of the hedged asset , liability , or firm commitment through earnings , or recognized in other comprehensive income until the hedged item is recognized in earnings . the ineffective portion of a derivative 2019s change in fair value is recognized immediately in earnings . approximately $ 4.8 a0billion of our long- term debt bore interest a0at fixed rates , and therefore the fair value of these instru- ments is affected by changes in the market interest rates . the interest rate on our variable rate debt and joint venture debt as of december a031 , 2011 ranged from libor plus 150 a0basis points to libor plus 350 a0basis points . contractual obligations combined aggregate principal maturities of mortgages and other loans payable , our 2011 revolving credit facility , senior unsecured notes ( net of discount ) , trust preferred securities , our share of joint venture debt , including as- of-right extension options , estimated interest expense ( based on weighted average interest rates for the quarter ) , and our obligations under our capital lease and ground leases , as of december a031 , 2011 are as follows ( in thousands ) : .

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Row 1: , 2012, 2013, 2014, 2015, 2016, thereafter, total
Row 2: property mortgages, $ 52443, $ 568649, $ 647776, $ 270382, $ 556400, $ 2278190, $ 4373840
Row 3: revolving credit facility, 2014, 2014, 2014, 2014, 350000, 2014, 350000
Row 4: trust preferred securities, 2014, 2014, 2014, 2014, 2014, 100000, 100000
Row 5: senior unsecured notes, 119423, 2014, 98578, 657, 274804, 777194, 1270656
Row 6: capital lease, 1555, 1555, 1555, 1592, 1707, 42351, 50315
Row 7: ground leases, 33429, 33429, 33429, 33429, 33533, 615450, 782699
Row 8: estimated interest expense, 312672, 309280, 269286, 244709, 212328, 470359, 1818634
Row 9: joint venture debt, 176457, 93683, 123983, 102476, 527814, 800102, 1824515
Row 10: total, $ 695979, $ 1006596, $ 1174607, $ 653245, $ 1956586, $ 5083646, $ 10570659
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Question: a hypothetical 100 basis point increase in interest rates along the entire interest rate curve for 2011 and 2010 would increase our annual interest cost by what average amount , in millions?
Program: add(12.3, 11.0), divide(#0, const_2)
Answer: 11.65