Management’s Discussion and Analysis of Financial Condition and Results of Operations Inflation Our management currently believes that inflation has not had a material impact on continuing operations.
Quantitative and Qualitative Disclosures About Market Risk Market risk is the potential loss arising from fluctuations in market rates and prices.
Our market risk exposures primarily include fluctuations in interest rates, foreign currency exchange rates, and market prices.
Our market risk sensitive instruments are classified as instruments entered into for purposes “other than trading.
” Our views on market risk are not necessarily indicative of actual results that may occur and do not represent the maximum possible gains and losses that may occur, since actual gains and losses will differ from those estimated, based upon actual fluctuations in interest rates, foreign currency exchange rates, market prices, and the timing of transactions.
Interest Rate Risk Our exposure to market rate risk for changes in interest rates relates primarily to our investment portfolio.
We do not use derivative financial instruments in our investment portfolio.
We manage our interest rate risk by maintaining an investment portfolio consisting primarily of debt instruments with high credit quality and relatively short average maturities.
We also manage our interest rate risk by maintaining sufficient cash and cash equivalent balances such that we are typically able to hold our investments to maturity.
As of March 31, 2006, our cash equivalents and short-term investments included debt securities of $666.3 million.
The following table presents the amounts and related weighted average interest rates of our investment portfolio as of March 31, 2006 (amounts in thousands):
## Table 0 ##
Foreign Currency Exchange Rate Risk We transact business in many different foreign currencies and may be exposed to financial market risk resulting from fluctuations in foreign currency exchange rates, particularly EUR, GBP, and AUD.
The volatility of EUR, GBP, and AUD (and all other applicable currencies) will be monitored frequently throughout the coming year.
When appropriate, we enter into hedging transactions in order to mitigate our risk from foreign currency fluctuations.
We will continue to use hedging programs in the future and may use currency forward contracts, currency options, and/or other derivative financial instruments commonly utilized to reduce financial market risks if it is determined that such hedging activities are appropriate to reduce risk.
We do not hold or purchase any foreign currency contracts for trading purposes.
As of March 31, 2006, we had no outstanding hedging contracts.
Market Price Risk With regard to the structured stock repurchase transactions described in Note 15 in the Notes to the Consolidated Financial Statements, at those times when we have structured stock repurchase transactions outstanding, it is possible that at settlement we could take delivery of shares at an effective repurchase price higher than the then market price.
As of March 31, 2006, we had no structured stock repurchase transactions outstanding.
likely than not that some portion or all of the deferred tax assets will not be realized.
The accruals for deferred tax assets and liabilities are subject to a significant amount of judgment by management and are reviewed and adjusted routinely based on changes in facts and circumstances.
Material changes in these accruals may occur in the future, based on the progress of ongoing tax audits, changes in legislation and resolution of pending tax matters.
Forward-Looking Estimates We are providing our 2011 forward-looking estimates in this section.
These estimates were based on our examination of historical operating trends, the information used to prepare our December 31, 2010, reserve reports and other data in our possession or available from third parties.
The forward-looking estimates in this report were prepared assuming demand, curtailment, producibility and general market conditions for our oil, gas and NGLs during 2011 will be similar to 2010, unless otherwise noted.
We make reference to the “Disclosure Regarding Forward-Looking Statements” at the beginning of this report.
Amounts related to our Canadian operations have been converted to U. S.  dollars using an estimated average 2011 exchange rate of $0.95 dollar to $1.00 Canadian dollar.
During 2011, our operations are substantially comprised of our ongoing North America Onshore operations.
We also have International operations in Brazil and Angola that we are divesting.
We have entered into agreements to sell our assets in Brazil for $3.2 billion and our assets in Angola for $70 million, plus contingent consideration.
As a result of these divestitures, all revenues, expenses and capital related to our International operations are reported as discontinued operations in our financial statements.
Additionally, all forward-looking estimates in this document exclude amounts related to our International operations, unless otherwise noted.
North America Onshore Operating Items The following 2011 estimates relate only to our North America Onshore assets.
Oil, Gas and NGL Production Set forth below are our estimates of oil, gas and NGL production for 2011.
We estimate that our combined oil, gas and NGL production will total approximately 236 to 240 MMBoe.
## Table 1 ##
Oil and Gas Prices We expect our 2011 average prices for the oil and gas production from each of our operating areas to differ from the NYMEX price as set forth in the following table.
The expected ranges for prices are exclusive of the anticipated effects of the financial contracts presented in the “Commodity Price Risk Management” section below.
The NYMEX price for oil is determined using the monthly average of settled prices on each trading day for benchmark West Texas Intermediate crude oil delivered at Cushing, Oklahoma.
The NYMEX price for gas is determined using the first-of-month South Louisiana Henry Hub price index as published monthly in Inside FERC.
KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued (4) The acquisition of this property included the issuance of $5.2 million of redeemable units, which are redeemable at the option of the holder after one year and earn a yield of 6% per annum, which is included in the purchase price above in Other.
In connection with this transaction, the Company provided the sellers a $5.2 million loan at a rate of 6.5%, which is secured by the redeemable units.
(5) This property was acquired from a joint venture in which the Company has a 15% noncontrolling interest.
The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance.
This transaction resulted in a change in control with no gain or loss recognized.
(6) The Company acquired the remaining interest in a portfolio of office properties from a preferred equity investment in which the Company held a noncontrolling interest.
The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as such recognized a change in control loss of $9.6 million from the fair value adjustment associated with the Company’s original ownership, which is reflected in the purchase price above in Other.
The debt assumed in connection with this transaction of $43.3 million was repaid in April 2013 and the properties within the portfolio were later sold during October and November 2013.
(7) The Company acquired an additional 49% interest in this operating property from an unconsolidated joint venture in which the Company had a 50% noncontrolling interest.
As such the Company now consolidates this investment.
The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as a result, recognized a gain of $8.2 million from the fair value adjustment associated with the Company’s original ownership due to a change in control, which is reflected in the purchase price above in Other.
The aggregate purchase price of the above 2014 and 2013 property acquisitions have been allocated as follows (in thousands):
## Table 2 ##
Additionally, during the years ended December 31, 2014 and 2013, the Company acquired the remaining interest in three and four previously consolidated joint ventures for $1.1 million and $9.4 million, respectively.
The Company continues to consolidate these entities as there was no change in control from these transactions.
The purchase of the remaining interests resulted in an aggregate decrease in noncontrolling interest of $0.8 million and $0.4 million for the years ended December 31, 2014 and 2013, respectively and an aggregate decrease of $0.3 million and $8.2 million to the Company’s Paid-in capital, during 2014 and 2013, respectively.
Ground-Up Development - The Company is engaged in ground-up development projects, which will be held as long-term investments by the Company.
As of December 31, 2014, the Company had in progress a total of four ground-up development projects located in the U. S.  During 2014, the Company acquired, in separate transactions, three land parcels located in various cities throughout the U. S. , for an aggregate purchase price of $53.5 million.
These land parcels will be developed into retail centers aggregating 0.9 million square feet of GLA with a total estimated aggregate project cost of $192.8 million.
Additionally, during the fourth quarter 2014, the Company purchased land parcels in Dania, Florida for an aggregate purchase price of $62.8 million.
The Company then contributed the land to an unconsolidated joint venture to be used for a ground-up development project.
before its market value recovers.
During 2012 and 2011, Regions recognized minimal levels of securities impairments in earnings.
See Note 4 “Securities” to the consolidated financial statements for further details.
Maturity Analysis—The average life of the securities portfolio (excluding equities) at December 31, 2012 was estimated to be 3.9 years, with a duration of approximately 2.7 years.
These metrics compare with an estimated average life of 3.9 years, with a duration of approximately 2.1 years for the portfolio at December 31, 2011.
Table 9 “Relative Contractual Maturities and Weighted-Average Yields for Securities” provides additional details.
Table 9—Relative Contractual Maturities and Weighted-Average Yields for Securities
## Table 3 ##
1.
The weighted-average yields are calculated on the basis of the yield to maturity based on the book value of each security.
Weighted-average yields on tax-exempt obligations have been computed on a taxable-equivalent basis using a tax rate of 35%.
Taxable-equivalent adjustments for the calculation of yields amounted to zero as of December 31, 2012.
Yields on tax-exempt obligations have not been adjusted for the non-deductible portion of interest expense used to finance the purchase of tax-exempt obligations.2.
Federal Reserve Bank stock, Federal Home Loan Bank stock, and equity stock of other corporations held by Regions are not included in the table above.
Portfolio Quality—Regions’ investment policy emphasizes credit quality and liquidity.
Securities rated in the highest category by nationally recognized rating agencies and securities backed by the U. S.  Government and government sponsored agencies, both on a direct and indirect basis, represented approximately 90 percent of the investment portfolio at December 31, 2012.
All other securities rated below AAA, not backed by the U. S.  Government or government sponsored agencies, or which are not rated represented approximately 10 percent of total securities at year-end 2012.
Loans Held for Sale At December 31, 2012, loans held for sale totaled $1.4 billion, consisting primarily of $1.3 billion of residential real estate mortgage loans and $89 million of non-performing investor real estate loans.
At December 31, 2011, loans held for sale totaled $1.2 billion, consisting primarily of $844 million of residential real estate mortgage loans and $328 million of non-performing investor real estate loans.
The level of residential real estate mortgage loans held for sale fluctuates depending on the timing of origination and sale to third parties

<table><tr><td> </td><td>Average Interest Rate</td><td> Amortized Cost</td><td> Fair Value</td></tr><tr><td>Cash equivalents:</td><td></td><td></td><td></td></tr><tr><td>Fixed rate</td><td>4.75%</td><td>$154,522</td><td>$154,368</td></tr><tr><td>Variable rate</td><td>4.59</td><td>37,560</td><td>37,560</td></tr><tr><td>Short-term investments:</td><td></td><td></td><td></td></tr><tr><td>Fixed rate</td><td>3.87%</td><td>$535,251</td><td>$529,881</td></tr></table>
<table><tr><td></td><td>Oil   (MMBbls)</td><td>Gas   (Bcf)</td><td>NGLs   (MMBbls)</td><td>Total   (MMBoe)</td></tr><tr><td>U.S. Onshore</td><td>17</td><td>736</td><td>34</td><td>174</td></tr><tr><td>Canada</td><td>28</td><td>199</td><td>3</td><td>64</td></tr><tr><td>North America Onshore</td><td>45</td><td>935</td><td>37</td><td>238</td></tr></table>
<table><tr><td> </td><td>2014</td><td>2013</td></tr><tr><td>Land</td><td>$414,879</td><td>$198,263</td></tr><tr><td>Buildings</td><td>679,753</td><td>368,478</td></tr><tr><td>Below Market Rents</td><td>-81,362</td><td>-25,298</td></tr><tr><td>Above Market Rents</td><td>30,307</td><td>15,758</td></tr><tr><td>In-Place Leases</td><td>113,513</td><td>35,262</td></tr><tr><td>Building Improvements</td><td>290,882</td><td>115,110</td></tr><tr><td>Tenant Improvements</td><td>26,536</td><td>22,196</td></tr><tr><td>Mortgage Fair Value Adjustment</td><td>-39,368</td><td>-5,794</td></tr><tr><td>Other Assets</td><td>7,097</td><td>894</td></tr><tr><td>Other Liabilities</td><td>-</td><td>-401</td></tr><tr><td></td><td>$1,442,237</td><td>$724,468</td></tr></table>
<table><tr><td></td><td colspan="5"> Securities Maturing as of December 31, 2012</td></tr><tr><td></td><td>Within One Year</td><td>After One But Within Five Years</td><td>After Five But Within Ten Years</td><td>After Ten Years</td><td> Total</td></tr><tr><td></td><td colspan="5"> (Dollars in millions)</td></tr><tr><td>Securities:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. Treasury securities</td><td>$10</td><td>$44</td><td>$—</td><td>$—</td><td>$54</td></tr><tr><td>Federal agency securities</td><td>3</td><td>15</td><td>534</td><td>3</td><td>555</td></tr><tr><td>Obligations of states and political subdivisions</td><td>2</td><td>5</td><td>—</td><td>2</td><td>9</td></tr><tr><td>Mortgage-backed securities:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Residential agency</td><td>5</td><td>58</td><td>1,148</td><td>20,072</td><td>21,283</td></tr><tr><td>Residential non-agency</td><td>—</td><td>—</td><td>—</td><td>13</td><td>13</td></tr><tr><td>Commercial agency</td><td>—</td><td>—</td><td>141</td><td>584</td><td>725</td></tr><tr><td>Commercial non-agency</td><td>—</td><td>99</td><td>246</td><td>753</td><td>1,098</td></tr><tr><td>Corporate and other debt securities</td><td>18</td><td>945</td><td>1,349</td><td>523</td><td>2,835</td></tr><tr><td></td><td>$38</td><td>$1,166</td><td>$3,418</td><td>$21,950</td><td>$26,572</td></tr><tr><td>Weighted-average yield</td><td>1.90%</td><td>2.42%</td><td>2.64%</td><td>2.56%</td><td>2.57%</td></tr></table>

Question: What's the average of Below Market Rents of 2014, and Fixed rate of Amortized Cost ?
Answer: 117942