Notes to Consolidated Financial Statements – (continued) (Amounts in Millions, Except Per Share Amounts) Note 4: Acquisitions We continue to evaluate strategic opportunities to expand our industry expertise, strengthen our position in high-growth and key strategic geographical markets and industry sectors, advance technological capabilities and improve operational efficiency through both acquisitions and increased ownership interests in current investments.
Our acquisitions typically provide for an initial payment at the time of closing and additional contingent purchase price payments based on the future performance of the acquired entity.
We have entered into agreements that may require us to purchase additional equity interests in certain consolidated and unconsolidated subsidiaries.
The amounts at which we record these transactions in our financial statements are based on estimates of the future financial performance of the acquired entity, the timing of the exercise of these rights, changes in foreign currency exchange rates and other factors.
For companies acquired, we estimate the fair values of the assets and liabilities based on 100% of the business for consolidation.
The purchase price in excess of the estimated fair value of the tangible net assets acquired is allocated to identifiable intangible assets and then to goodwill.
Due to the characteristics of advertising, specialized marketing and communication services companies, our acquisitions typically do not have significant amounts of tangible assets since the principal assets we acquire are client relationships and talent.
As a result, a substantial portion of the purchase price is primarily allocated to customer lists, trade names and goodwill.
For acquisitions we record deferred payment and redeemable noncontrolling interest amounts on our Consolidated Balance Sheets based on their acquisition-date fair value.
Deferred payments are recorded on a discounted basis and adjusted quarterly, if necessary, through operating income or net interest expense, depending on the nature of the arrangement, for both changes in estimate and accretion between the acquisition date and the final payment date.
See Note 14 for further information on contingent acquisition obligations.
Redeemable noncontrolling interests are adjusted quarterly to their estimated redemption value, but not less than their initial fair value.
Any adjustments to the redemption value impacts retained earnings or additional paid-in capital, except for foreign currency translation adjustments.
The following table presents changes in our redeemable noncontrolling interests.
## Table 0 ##
For all acquisitions, if a portion of the deferred payments and purchases of additional interests after the effective date of purchase are contingent upon employment terms, then that amount is accounted separately from the business combination and recognized as compensation expense over the required earn-out period.
Payments deemed as compensation are excluded from the fair value purchase price allocation to tangible net assets and intangible assets acquired.
During 2014, we completed eight acquisitions, six of which were included in the Integrated Agency Networks (“IAN”) operating segment and two of which were included in the Constituency Management Group (“CMG”) operating segment.
All acquired agencies have been integrated into one of our global networks or existing agencies.
The most significant acquisitions included a global full-service digital agency, a digital agency in the United States and a search marketing agency in the Netherlands.
During 2014, we recorded approximately $185.0 of goodwill and intangible assets related to our acquisitions.
During 2013, we completed eleven acquisitions, nine of which were included in the IAN operating segment and two of which were included in the CMG operating segment.
All acquired agencies have been integrated into one of our global
Management’s Discussion and Analysis of Financial Condition and Results of Operations 20 Simon Property Group, Inc.
Preferred Stock Activity During 2008, we issued a total of 22,400 shares of Series I 6% Preferred Stock for an equal number of Series I preferred units and we issued 5,151,776 shares of common stock to holders of Series I preferred stock who exercised their conversion rights.
Acquisitions and Dispositions Buy-sell provisions are common in real estate partnership agreements.
Most of our partners are institutional investors who have a history of direct investment in retail real estate.
Our partners in our joint venture properties may initiate these provisions at any time.
If we determine it is in our stockholders’ best interests for us to purchase the joint venture interest and we believe we have adequate liquidity to execute the purchase without hindering our cash flows, then we may initiate these provisions or elect to buy.
If we decide to sell any of our joint venture interests, we expect to use the net proceeds to reduce outstanding indebtedness or to reinvest in development, redevelopment, or expansion opportunities.
Acquisitions.
The acquisition of high quality individual properties or portfolios of properties remains an integral component of our growth strategy.
Effective January 1, 2008 we acquired an additional 1.8% interest in Oxford Valley Mall and Lincoln Plaza (which gives us a combined ownership interest in each of 64.99%).
On September 12, 2008 we acquired an additional 3.2% interest in White Oaks Mall (which gives us an ownership interest of 80.68%).
On December 31, 2008 we acquired an additional 5% interest in Gateway Shopping Center for $2.6 million (which gives us 100% interest in the asset).
Dispositions.
We continue to pursue the sale of properties that no longer meet our strategic criteria or that are not the primary retail venue within their trade area.
On December 30, 2008, the joint venture partnership in which we own a 50% interest sold Cincinnati Mills for $8.3 million.
No material gain or loss was recorded on this disposition.
There were no other dispositions of properties during the year ended December 31, 2008.
Development Activity New Domestic Developments.
Given the significant downturn in the economy, we have substantially reduced our development spending.
We expect to complete construction on Cincinnati Premium Outlets, a 400,000 square foot upscale manufacturers’ outlet center located in Monroe, OH, during the third quarter of 2009.
The estimated total cost of this project is $92 million, and the carrying amount of the construction in progress as of December 31, 2008 was $43 million.
We expect to fund this project with available cash flow from operations and borrowings from the Credit Facility.
Strategic Domestic Expansions and Renovations.
In addition to new development, we also incur costs to renovate and/or expand selected properties.
Current projects include a 600,000 square foot Phase II expansion at The Domain, a 220,000 square foot expansion of Camarillo Premium Outlets – The Promenade at, and the addition of Nordstrom and small shops at South Shore Plaza.
We expect to fund these capital projects with available cash flow from operations and borrowings from the Credit Facility.
We expect to invest a total of approximately $300 million (our share) on expansion and renovation activities in 2009.
Capital Expenditures on Consolidated Properties.
The following table summarizes total capital expenditures on consolidated properties on a cash basis:
## Table 1 ##
International Development Activity.
We typically reinvest net cash flow from our international investments to fund future international development activity.
We believe this strategy mitigates some of the risk of our initial investment and our exposure to changes in foreign currencies.
We have also funded our European investments with Euro-denominated borrowings that act as a natural hedge against local currency fluctuations.
This has also been the case with our Premium Outlet Centers in Japan and Mexico where we use Yen and Peso denominated financing, respectively.
We expect our share of international development costs for 2009 will be approximately $140 million.
We expect international development and redevelopment/expansion activity for 2009 to include:
Mortgage and Unsecured Debt As of December 31, 2016 (Dollars in thousands)
## Table 2 ##
Retail sales increased 1.9% in fiscal 2015 and were 33.9% of the division’s sales.
In comparison, fiscal 2014 retail sales increased 2.1% and comprised 35.8% of the division’s sales.
Comparable retail sales increased 1.5% in fiscal 2015 compared to an increase of 2.0% in fiscal 2014.
The increase in comparable retail sales in fiscal 2015 as compared to fiscal 2014 was primarily attributed to an increase in basket size partially offset by lower customer traffic.
Operating Income fiscal 2015 compared to fiscal 2014 Retail Pharmacy USA division’s operating income for fiscal 2015 decreased 7.2% to $3.9 billion.
The decrease is primarily due to having equity earnings in Alliance Boots for four months in the current year versus twelve months in the comparable period and current year costs related to the Cost Transformation Program.
Gross margin as a percent of sales was 26.9% in fiscal 2015 compared to 28.2% in fiscal 2014.
Pharmacy margins were negatively impacted in the current fiscal year by lower third-party reimbursements; an increase in Medicare Part D mix; the strategy to continue driving 90-day prescriptions at retail; and the mix of specialty drugs, which carry a lower margin percentage.
The decrease in pharmacy margins was partially offset by additional brand-to-generic drug conversions compared with the prior fiscal year.
Retail margins were positively impacted in fiscal 2015 primarily from the non-prescription drug, beauty and beverage and snack categories partially offset by the electronics category.
Selling, general and administrative expenses as a percentage of sales were 22.5% in fiscal 2015 compared to 23.6% in fiscal 2014.
As a percentage of sales, expenses in fiscal 2015 were lower primarily due to store labor efficiencies partially offset by higher costs related to the Cost Transformation Program.
Adjusted Operating Income (Non-GAAP measure) fiscal 2015 compared to fiscal 2014 Retail Pharmacy USA division’s adjusted operating income for fiscal 2015 increased 4.8% to $5.1 billion.
The increase is primarily due to higher sales and lower selling, general and administrative expenses as a percentage of sales partially offset by having four months of equity earnings in Alliance Boots in fiscal 2015 versus twelve months in fiscal 2014 and lower gross margins.
See “– Non-GAAP Measures” below for reconciliation to the most directly comparable GAAP measure.
Retail Pharmacy International The businesses included in our Retail Pharmacy International division were acquired as part of the Second Step Transaction.
The Retail Pharmacy International division’s results, including the increases in sales, gross profit, selling, general and administrative expenses and operating income for fiscal 2016 as compared to the comparable prior year was primarily impacted by the Second Step Transaction, which resulted in the full consolidation of Alliance Boots results of operations beginning December 31, 2014.
Accordingly, the results for this segment for fiscal 2016 include the results of Alliance Boots on a fully consolidated basis, while fiscal 2015 results include only eight months (January through August 2015) on a fully consolidated basis, and such results are not directly comparable.
Results include the effects of foreign currency exchange rates, including the British Pound, Euro, Chilean Peso and Mexican Peso.
To improve comparability, certain classification changes have been made to prior period results.
This change has no impact on operating income.
See Item 7A Quantitative and Qualitative Disclosure about Market Risk, Foreign Currency Exchange Rate Risk for further information on currency risk.

<table><tr><td></td><td colspan="3">Years ended December 31,</td></tr><tr><td></td><td>2014</td><td>2013</td><td>2012</td></tr><tr><td>Balance at beginning of period</td><td>$249.1</td><td>$227.2</td><td>$243.4</td></tr><tr><td>Change in related noncontrolling interest balance</td><td>3.2</td><td>4.6</td><td>1.1</td></tr><tr><td>Changes in redemption value of redeemable noncontrolling interests:</td><td></td><td></td><td></td></tr><tr><td>Additions</td><td>18.7</td><td>16.2</td><td>0.0</td></tr><tr><td>Redemptions and reclassifications</td><td>-7.9</td><td>-2.3</td><td>-14.2</td></tr><tr><td>Redemption value adjustments</td><td>-5.7</td><td>3.4</td><td>-3.1</td></tr><tr><td>Balance at end of period</td><td>$257.4</td><td>$249.1</td><td>$227.2</td></tr></table>
<table><tr><td> </td><td> 2008</td><td> 2007</td><td> 2006</td></tr><tr><td>New Developments</td><td>$327</td><td>$432</td><td>$317</td></tr><tr><td>Renovations and Expansions</td><td>432</td><td>349</td><td>307</td></tr><tr><td>Tenant Allowances</td><td>72</td><td>106</td><td>52</td></tr><tr><td>Operational Capital Expenditures</td><td>43</td><td>130</td><td>92</td></tr><tr><td>Total</td><td>$874</td><td>$1,017</td><td>$768</td></tr></table>
<table><tr><td>Property Name</td><td colspan="2">Interest Rate</td><td>Face Amount</td><td></td><td>Annual Debt Service -1</td><td></td><td>Maturity Date</td><td></td></tr><tr><td>Summit Mall</td><td>3.31%</td><td></td><td>85,000</td><td></td><td>2,817</td><td>-2</td><td>10/01/26</td><td></td></tr><tr><td>The Crossings Premium Outlets</td><td>3.41%</td><td></td><td>112,647</td><td></td><td>6,131</td><td></td><td>12/01/22</td><td></td></tr><tr><td>Town Center at Cobb</td><td>4.76%</td><td></td><td>191,885</td><td></td><td>12,530</td><td></td><td>05/01/22</td><td></td></tr><tr><td>University Park Village</td><td>3.85%</td><td></td><td>55,000</td><td></td><td>2,118</td><td>-2</td><td>05/01/28</td><td></td></tr><tr><td>White Oaks Mall</td><td>3.52%</td><td>-28</td><td>51,500</td><td></td><td>1,000</td><td></td><td>06/01/23</td><td>-3</td></tr><tr><td>Williamsburg Premium Outlets</td><td>4.23%</td><td></td><td>185,000</td><td></td><td>7,824</td><td>-2</td><td>02/06/26</td><td></td></tr><tr><td>Wolfchase Galleria</td><td>4.15%</td><td></td><td>164,555</td><td></td><td>9,620</td><td></td><td>11/01/26</td><td></td></tr><tr><td>Woodland Hills Mall</td><td>7.79%</td><td></td><td>88,943</td><td></td><td>8,414</td><td></td><td>04/05/19</td><td></td></tr><tr><td>Total Consolidated Secured Indebtedness</td><td></td><td></td><td>$6,464,225</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unsecured Indebtedness:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Simon Property Group, LP:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Global Commercial Paper - Euro</td><td>-0.25%</td><td>-16</td><td>$79,315</td><td>-18</td><td>$-198</td><td>-2</td><td>01/11/17</td><td></td></tr><tr><td>Global Commercial Paper - USD</td><td>0.83%</td><td>-16</td><td>$874,350</td><td></td><td>7,290</td><td>-2</td><td>06/16/17</td><td></td></tr><tr><td>Supplemental Credit Facility - USD</td><td>1.57%</td><td>-15</td><td>$125,000</td><td></td><td>1,965</td><td>-2</td><td>06/30/20</td><td>-3</td></tr><tr><td>Supplemental Credit Facility - Yen Currency</td><td>0.80%</td><td>-15</td><td>$191,499</td><td>-23</td><td>1,532</td><td>-2</td><td>06/30/20</td><td>-3</td></tr><tr><td>Unsecured Notes - 22B</td><td>5.65%</td><td></td><td>$1,250,000</td><td></td><td>70,625</td><td>-14</td><td>02/01/20</td><td></td></tr><tr><td>Unsecured Notes - 22C</td><td>6.75%</td><td></td><td>$600,000</td><td></td><td>40,500</td><td>-14</td><td>02/01/40</td><td></td></tr><tr><td>Unsecured Notes - 23A</td><td>4.38%</td><td></td><td>$900,000</td><td></td><td>39,375</td><td>-14</td><td>03/01/21</td><td></td></tr><tr><td>Unsecured Notes - 24B</td><td>4.13%</td><td></td><td>$700,000</td><td></td><td>28,875</td><td>-14</td><td>12/01/21</td><td></td></tr><tr><td>Unsecured Notes - 25A</td><td>2.15%</td><td></td><td>$600,000</td><td></td><td>12,900</td><td>-14</td><td>09/15/17</td><td></td></tr><tr><td>Unsecured Notes - 25B</td><td>3.38%</td><td></td><td>$600,000</td><td></td><td>20,250</td><td>-14</td><td>03/15/22</td><td></td></tr><tr><td>Unsecured Notes - 25C</td><td>4.75%</td><td></td><td>$550,000</td><td></td><td>26,125</td><td>-14</td><td>03/15/42</td><td></td></tr><tr><td>Unsecured Notes - 26A</td><td>1.50%</td><td></td><td>$750,000</td><td></td><td>11,250</td><td>-14</td><td>02/01/18</td><td></td></tr><tr><td>Unsecured Notes - 26B</td><td>2.75%</td><td></td><td>$500,000</td><td></td><td>13,750</td><td>-14</td><td>02/01/23</td><td></td></tr><tr><td>Unsecured Notes - 27A</td><td>2.20%</td><td></td><td>$600,000</td><td></td><td>13,200</td><td>-14</td><td>02/01/19</td><td></td></tr><tr><td>Unsecured Notes - 27B</td><td>3.75%</td><td></td><td>$600,000</td><td></td><td>22,500</td><td>-14</td><td>02/01/24</td><td></td></tr><tr><td>Unsecured Notes - 28A</td><td>3.38%</td><td></td><td>$900,000</td><td></td><td>30,375</td><td>-14</td><td>10/01/24</td><td></td></tr><tr><td>Unsecured Notes - 28B</td><td>4.25%</td><td></td><td>$400,000</td><td></td><td>17,000</td><td>-14</td><td>10/01/44</td><td></td></tr><tr><td>Unsecured Notes - 29A</td><td>2.50%</td><td></td><td>$500,000</td><td></td><td>12,500</td><td>-14</td><td>09/01/20</td><td></td></tr><tr><td>Unsecured Notes - 29B</td><td>3.50%</td><td></td><td>$600,000</td><td></td><td>21,000</td><td>-14</td><td>09/01/25</td><td></td></tr><tr><td>Unsecured Notes - 30A</td><td>2.50%</td><td></td><td>$550,000</td><td></td><td>13,750</td><td>-14</td><td>07/15/21</td><td></td></tr><tr><td>Unsecured Notes - 30B</td><td>3.30%</td><td></td><td>$800,000</td><td></td><td>26,400</td><td>-14</td><td>01/15/26</td><td></td></tr><tr><td>Unsecured Notes - 31A</td><td>2.35%</td><td></td><td>$550,000</td><td></td><td>12,925</td><td>-14</td><td>01/30/22</td><td></td></tr><tr><td>Unsecured Notes - 31B</td><td>3.25%</td><td></td><td>$750,000</td><td></td><td>24,375</td><td>-14</td><td>11/30/26</td><td></td></tr><tr><td>Unsecured Notes - 31C</td><td>4.25%</td><td></td><td>$550,000</td><td></td><td>23,375</td><td>-14</td><td>11/30/46</td><td></td></tr><tr><td>Unsecured Notes - Euro 1</td><td>2.38%</td><td></td><td>$793,148</td><td>-8</td><td>18,837</td><td>-6</td><td>10/02/20</td><td></td></tr><tr><td>Unsecured Notes - Euro 2</td><td>1.38%</td><td></td><td>$793,148</td><td>-13</td><td>10,906</td><td>-6</td><td>11/18/22</td><td></td></tr><tr><td>Unsecured Notes - Euro 3</td><td>1.25%</td><td></td><td>$528,765</td><td>-10</td><td>6,610</td><td>-6</td><td>05/13/25</td><td></td></tr><tr><td>Total Consolidated Unsecured Indebtedness</td><td></td><td></td><td>$16,635,225</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total Consolidated Indebtedness at Face Amounts</td><td></td><td></td><td>$23,099,450</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Premium on Indebtedness</td><td></td><td></td><td>21,916</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Discount on Indebtedness</td><td></td><td></td><td>-46,426</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Debt Issuance Costs on Fixed-Rate Indebtedness</td><td></td><td></td><td>-97,836</td><td></td><td></td><td></td><td></td><td></td></tr></table>

Question: How much is the Face Amount for Total Consolidated Secured Indebtedness less than the 50 % of the Total Consolidated Indebtedness at Face Amounts?
Answer: 5085500