securities.
In the case of default we first look to the underlying securities and then to recovery on the purchased insurance.
See page 53 for discussion on credit protection purchased on our CDO exposure.
We also have indirect exposure as we invest in securities where the issuers have purchased wraps (i. e. , insurance).
For example, municipalities and corporations purchase protection in order to enhance their pricing power which has the effect of reducing their cost of borrowings.
If the rating agencies downgrade the monolines, the credit rating of the bond may fall and may have an adverse impact on the market value of the security.
We have further exposure related to our public finance business where we are the lead manager or remarketing agent for transactions that are wrapped including auction rate securities (ARS), tender option municipal bonds (TOBs), and variable rate demand bonds (VRDBs).
We are the lead manager on municipal and, to a lesser extent, student loan ARS where a high percentage of the programs are wrapped by either monolines or other financial guarantors.
However, we are only the remarketing agent on TOBs and VRDBs transactions.
Recent concerns about monoline downgrades or insolvency has caused disruptions in each of these markets as investor concerns have impacted overall market liquidity and bond prices.
We continue to have liquidity exposure to these markets and instruments, and as market conditions continue to evolve, these conditions may impact our results.
For information on our liquidity exposure to our public finance business, see the municipal bond trusts and corporate SPEs discussion beginning on page 62.  Credit protection is purchased to cover the funded portion as well as the unfunded portion of certain credit exposure.
To lessen the cost of obtaining our desired credit protection levels, credit exposure may be added within an industry, borrower or counterparty group by selling protection.
Since December 31, 2006, our net credit default protection purchased has been reduced by $1.1 billion to $7.1 billion as we continue to reposition the level of purchased protection based on our current view of the underlying credit risk in the portfolio.
At December 31, 2007 and 2006, we had net notional credit default protection purchased in our credit derivatives portfolio of $7.1 billion and $8.3 billion.
The net mark-to-market impacts, including the cost of credit default protection, resulted in net gains of $160 million in 2007 compared to net losses of $241 million in 2006.
The average VAR for these credit derivative hedges was $22 million and $54 million for the twelve months ended December 31, 2007 and 2006.
The decrease in VAR was driven by a reduction in the average amount of credit protection outstanding during the year.
There is a diversification effect between the credit derivative hedges and the market-based trading portfolio such that their combined average VAR was $55 million and $57 million for the twelve months ended December 31, 2007 and 2006.
Refer to the Trading Risk Management discussion beginning on page 87 for a description of our VAR calculation for the market-based trading portfolio.
## Table 0 ##
(1) Total commercial utilized and total commercial committed exposure includes loans and letters of credit measured at fair value in accordance with SFAS 159 and are comprised of loans outstanding of $4.59 billion and issued letters of credit at notional value of $1.1 billion at December 31, 2007.
In addition, total commercial committed exposure includes unfunded loan commitments at notional value of $19.8 billion at December 31, 2007.
(2) Includes small business commercial – domestic exposure.
(3) Industries are viewed from a variety of perspectives to best isolate the perceived risks.
For purposes of this table, the real estate industry is defined based upon the borrowers’ or counterparties’ primary business activity using operating cash flow and primary source of repayment as key factors.
(4) Represents net notional credit protection purchased.
Taxable-equivalent net interest income rose 3% to $1.81 billion in 2005 from $1.75 billion in 2004.
That improvement reflected a 6% increase in average earning assets to $48.1 billion in 2005 from $45.2 billion in 2004, partially offset by a narrowing of the Company’s net interest margin, which declined to 3.77% in 2005 from 3.88% in 2004.
The growth in average earning assets reflects higher average loans and leases outstanding, which rose 6% to $39.5 billion in 2005 from 2004’s average of $37.1 billion, and higher average investment securities balances, which also increased 6% to $8.5 billion in 2005 from $8.0 billion in 2004.
The Company experienced growth in most major loan categories during 2005 as compared with 2004.
Average commercial loans and leases rose 10% to $10.5 billion in 2005 from $9.5 billion in 2004, reflecting, in part, a $212 million rise in average automobile floor plan loans outstanding.
Commercial real estate loans averaged $14.3 billion during 2005, 8% higher than $13.3 billion in 2004.
Contributing to that increase were $467 million of higher average balances of construction loans to developers of residential real estate properties.
Average residential real estate loan balances rose 26% to $3.9 billion in 2005 from $3.1 billion in 2004.
A higher level of loans held for sale was the most significant contributor to that increase.
Consumer loans and leases averaged $10.8 billion during 2005, down 4% from $11.2 billion in 2004.
Average balances of automobile loans and leases decreased 16% to $3.7 billion in 2005 from $4.4 billion in 2004, largely due to unfavorable rates being offered by competitors.
Partially offsetting the drop in automobile loan and lease balances was a 13% rise in average outstanding balances of home equity lines of credit to $4.0 billion in 2005 from $3.5 billion in 2004.
Table 4 summarizes average loans and leases outstanding in 2006 and percentage changes in the major components of the portfolio over the past two years.
Table 4 AVERAGE LOANS AND LEASES (Net of unearned discount)
## Table 1 ##
Commercial loans and leases, excluding loans secured by real estate, were $11.7 billion at December 31, 2006, representing 27% of total loans and leases.
Table 5 presents information on such commercial loans and leases as of December 31, 2006 relating to geographic area, size, and whether the loans are secured by collateral or unsecured.
Of the $11.7 billion of commercial loans and leases outstanding at the end of 2006, approximately $9.7 billion, or 83%, were secured, while 49%, 26% and 13% were granted to businesses in New York State, Pennsylvania and Maryland, respectively.
The Company provides financing for leases to commercial customers, primarily for equipment.
Commercial leases included in total commercial loans and leases at December 31, 2006 aggregated $1.2 billion, of which 41% were secured by collateral located in New York State, 13% were secured by collateral in Maryland and another 13% were secured by collateral in Pennsylvania.
Management’s Discussion and Analysis of Financial Condition and Results of Operations above provides that, except to enable us to continue to qualify as a REIT for federal income tax purposes, we will not during any four consecutive fiscal quarters make distributions with respect to common stock or other equity interests in an aggregate amount in excess of 95% of funds from operations for such period, subject to certain other adjustments.
As of December?31, 2010 and 2009, we were in compliance 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 derivative instruments to manage exposure to interest rate changes.
A hypothetical 100 basis point increase in interest rates along the entire interest rate curve for 2010 and 2009, would increase our annual interest cost by approximately $11.0?million and $15.2?million and would increase our share of joint venture annual interest cost by approximately $6.7?million and $6.4?million, 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’s change in fair value is recognized immediately in earnings.
Approximately $4.1?billion of our long-term debt bore interest at fixed rates, and therefore the fair value of these instruments is affected by changes in the market interest rates.
The interest rate on our variable rate debt and joint venture debt as of December?31, 2010 ranged from LIBOR plus 75 basis points to LIBOR plus 400 basis points.
OFF-BALANCE-SHEET ARRANGEMENTS We have a number of off-balance-sheet investments, including joint ventures and debt and preferred equity investments.
These investments all have varying ownership structures.
Substantially all of our joint venture arrangements are accounted for under the equity method of accounting as we have the ability to exercise significant influence, but not control over the operating and financial decisions of these joint venture arrangements.
Our off-balance-sheet arrangements are discussed in Note?5, “Debt and Preferred Equity Investments” and Note?6, “Investments in Unconsolidated Joint Ventures” in the accompanying consolidated financial statements.
Additional information about the debt of our unconsolidated joint ventures is included in “Contractual Obligations” below.
CAPITAL EXPENDITURES We estimate that, for the year ending December?31, 2011, we will incur approximately $120.5?
million of capital expenditures, which are net of loan reserves (including tenant improvements and leasing commissions), on existing wholly-owned properties, and that our share of capital expenditures at our joint venture properties, net of loan reserves, will be approximately $23.4?million.
We expect to fund these capital expenditures with operating cash flow, additional property level mortgage financings and cash on hand.
Future property acquisitions may require substantial capital investments for refurbishment and leasing costs.
We expect that these financing requirements will be met in a similar fashion.
We believe that we will have sufficient resources to satisfy our capital needs during the next 12-month period.
Thereafter, we expect our capital needs will be met through a combination of cash on hand, net cash provided by operations, borrowings, potential asset sales or additional equity or debt issuances.
CONTRACTUAL OBLIGATIONS Combined aggregate principal maturities of mortgages and other loans payable, our 2007 unsecured 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 and ground leases, as of December?31, 2010, are as follows (in thousands):
## Table 2 ##

<table><tr><td></td><td colspan="4">December 31</td></tr><tr><td></td><td colspan="2"> Commercial Utilized</td><td colspan="2">Total Commercial Committed</td></tr><tr><td>(Dollars in millions)</td><td> 2007</td><td>2006</td><td>2007</td><td>2006</td></tr><tr><td>Real estate<sup>-3</sup></td><td>$81,260</td><td>$49,259</td><td>$111,742</td><td>$73,544</td></tr><tr><td>Diversified financials</td><td>37,872</td><td>24,813</td><td>86,118</td><td>67,038</td></tr><tr><td>Government and public education</td><td>31,743</td><td>22,495</td><td>57,437</td><td>39,254</td></tr><tr><td>Retailing</td><td>33,280</td><td>27,226</td><td>55,184</td><td>44,064</td></tr><tr><td>Capital goods</td><td>25,908</td><td>16,830</td><td>52,356</td><td>37,363</td></tr><tr><td>Healthcare equipment and services</td><td>24,337</td><td>15,881</td><td>40,962</td><td>31,189</td></tr><tr><td>Materials</td><td>22,176</td><td>15,978</td><td>38,717</td><td>28,789</td></tr><tr><td>Consumer services</td><td>23,382</td><td>19,191</td><td>38,650</td><td>32,734</td></tr><tr><td>Banks</td><td>21,261</td><td>26,405</td><td>35,323</td><td>36,735</td></tr><tr><td>Individuals and trusts</td><td>22,323</td><td>18,792</td><td>32,425</td><td>29,167</td></tr><tr><td>Commercial services and supplies</td><td>21,175</td><td>15,224</td><td>31,858</td><td>23,532</td></tr><tr><td>Food, beverage and tobacco</td><td>13,919</td><td>11,384</td><td>25,701</td><td>21,124</td></tr><tr><td>Energy</td><td>12,772</td><td>9,505</td><td>23,510</td><td>18,460</td></tr><tr><td>Media</td><td>7,901</td><td>8,784</td><td>19,343</td><td>19,181</td></tr><tr><td>Utilities</td><td>6,438</td><td>6,624</td><td>19,281</td><td>17,222</td></tr><tr><td>Transportation</td><td>12,803</td><td>11,637</td><td>18,824</td><td>17,375</td></tr><tr><td>Insurance</td><td>7,162</td><td>6,759</td><td>16,014</td><td>14,122</td></tr><tr><td>Religious and social organizations</td><td>8,208</td><td>7,840</td><td>10,982</td><td>10,507</td></tr><tr><td>Consumer durables and apparel</td><td>5,802</td><td>4,827</td><td>10,907</td><td>9,124</td></tr><tr><td>Technology hardware and equipment</td><td>4,615</td><td>3,326</td><td>10,239</td><td>8,093</td></tr><tr><td>Software and services</td><td>4,739</td><td>2,763</td><td>10,128</td><td>6,212</td></tr><tr><td>Pharmaceuticals and biotechnology</td><td>4,349</td><td>2,530</td><td>8,563</td><td>6,289</td></tr><tr><td>Telecommunication services</td><td>3,475</td><td>3,565</td><td>8,235</td><td>7,981</td></tr><tr><td>Automobiles and components</td><td>2,648</td><td>1,584</td><td>6,960</td><td>5,153</td></tr><tr><td>Food and staples retailing</td><td>2,732</td><td>2,153</td><td>5,318</td><td>4,222</td></tr><tr><td>Household and personal products</td><td>889</td><td>779</td><td>2,776</td><td>2,264</td></tr><tr><td>Semiconductors and semiconductor equipment</td><td>1,140</td><td>802</td><td>1,734</td><td>1,364</td></tr><tr><td>Other</td><td>8,407</td><td>7,346</td><td>8,505</td><td>7,775</td></tr><tr><td> Total commercial credit exposure by industry</td><td>$452,716</td><td>$344,302</td><td>$787,792</td><td>$619,877</td></tr><tr><td>Net credit default protection purchased on total commitments<sup>-4</sup></td><td></td><td></td><td>$-7,146</td><td>$-8,260</td></tr></table>
<table><tr><td></td><td></td><td colspan="2">Percent Increase (Decrease) from</td></tr><tr><td></td><td> 2006</td><td>2005 to 2006</td><td>2004 to 2005</td></tr><tr><td></td><td> (Dollars in millions)</td><td></td><td></td></tr><tr><td>Commercial, financial, etc</td><td>$11,319</td><td>8%</td><td>10%</td></tr><tr><td>Real estate — commercial</td><td>15,096</td><td>5</td><td>8</td></tr><tr><td>Real estate — consumer</td><td>5,015</td><td>28</td><td>26</td></tr><tr><td>Consumer</td><td></td><td></td><td></td></tr><tr><td>Automobile</td><td>2,885</td><td>-22</td><td>-16</td></tr><tr><td>Home equity lines</td><td>4,202</td><td>5</td><td>13</td></tr><tr><td>Home equity loans</td><td>1,208</td><td>-5</td><td>-17</td></tr><tr><td>Other</td><td>1,708</td><td>-6</td><td>6</td></tr><tr><td>Total consumer</td><td>10,003</td><td>-7</td><td>-4</td></tr><tr><td>Total</td><td>$41,433</td><td>5%</td><td>6%</td></tr></table>
<table><tr><td></td><td>2011</td><td>2012</td><td>2013</td><td>2014</td><td>2015</td><td>Thereafter</td><td>Total</td></tr><tr><td>Property Mortgages</td><td>$246,615</td><td>$143,646</td><td>$656,863</td><td>$208,025</td><td>$260,433</td><td>$1,884,885</td><td>$3,400,467</td></tr><tr><td>Revolving Credit Facility</td><td>—</td><td>650,000</td><td>—</td><td>—</td><td>—</td><td>—</td><td>650,000</td></tr><tr><td>Trust Preferred Securities</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>100,000</td><td>100,000</td></tr><tr><td>Senior Unsecured Notes</td><td>84,823</td><td>123,171</td><td>—</td><td>98,578</td><td>657</td><td>793,316</td><td>1,100,545</td></tr><tr><td>Capital lease</td><td>1,555</td><td>1,555</td><td>1,555</td><td>1,555</td><td>1,593</td><td>44,056</td><td>51,869</td></tr><tr><td>Ground leases</td><td>28,929</td><td>28,179</td><td>28,179</td><td>28,179</td><td>28,179</td><td>552,421</td><td>694,066</td></tr><tr><td>Estimated interest expense</td><td>265,242</td><td>245,545</td><td>221,161</td><td>197,128</td><td>177,565</td><td>355,143</td><td>1,461,784</td></tr><tr><td>Joint venture debt</td><td>207,738</td><td>61,491</td><td>41,415</td><td>339,184</td><td>96,786</td><td>857,305</td><td>1,603,919</td></tr><tr><td>Total</td><td>$834,902</td><td>$1,253,587</td><td>$949,173</td><td>$872,649</td><td>$565,213</td><td>$4,587,126</td><td>$9,062,650</td></tr></table>

Question: What is the sum ofDiversified financials in 2007 and Commercial, financial, etc in 2006? (in millions)
Answer: 49191