Impairments:

Management assesses on a continuous basis whether there are any indicators, including property operating performance, changes in anticipated holding period and general market conditions, that the value of the Company’s assets (including any related amortizable intangible assets or liabilities)

may

be impaired. To the extent impairment has occurred, the carrying value of the asset would be adjusted to an amount to reflect the estimated fair value of the asset.

During

2014,

the Company implemented a plan to accelerate the disposition of certain U.S. properties and substantially liquidated its investment in Mexico, which resulted in the release of a cumulative foreign currency translation loss. These disposition plans effectively shortened the Company’s anticipated hold period for these properties and as a result the Company recognized impairment charges on various consolidated operating properties (see Footnote

of the Notes to Consolidated Financial Statements for fair value disclosure).

The Company’s efforts to market certain assets and management’s assessment as to the likelihood and timing of such potential transactions and/or the property hold period resulted in the Company recognizing impairment charges for the years ended

December

31,

2016,

2015

and

2014

as follows (in millions):

	201 6			201 5			201 4
Impairment of property carrying values* (1) (2) (3)	$	93.3		$	30.3		$	33.3
Impairment of investments in other real estate investments* (4)		-			5.3			1.7
Impairment of marketable securities and other investments* (5)		-			9.8			4.8
Total Impairment charges included in operating expenses		93.3			45.4			39.8
Cumulative foreign currency translation loss included in discontinued operations (6)		-			-			92.9
Impairment of property carrying values included in discontinued operations**		-			0.1			85.1
Total gross impairment charges		93.3			45.5			217.8
Noncontrolling interests		(0.4	)		(5.6	)		(0.4	)
Income tax benefit included in discontinued operations		-			-			(1.7	)
Income tax benefit		(21.1	)		(9.0	)		(6.1	)
Total net impairment charges	$	71.8		$	30.9		$	209.6

See Footnote

of the Notes to Consolidated Financial Statements for additional disclosure on fair value

**See Footnotes

of the Notes to Consolidated Financial Statements above for additional disclosure

(1)

During

2016,

the Company recognized aggregate impairment charges of

$93.3

million, before an income tax benefit of

$21.1

million and noncontrolling interests of

$0.4

million, primarily related to sale of certain operating properties, certain properties maintained in the Company’s TRS for which the hold period was re-evaluated in connection with the Merger (see Footnote

of the Notes to Consolidated Financial Statements for additional disclosure) and adjustments to property carrying values in connection with the Company’s efforts to market certain properties and management’s assessment as to the likelihood and timing of such potential transactions and the anticipated hold period for such properties.

(2)	During 2015, the Company recognized aggregate impairment charges of $30.3 million, before an income tax benefit of $5.4 million and noncontrolling interests of $5.6 million.

(3)	During 2014, the Company recognized aggregate impairment charges of $33.3 million, before an income tax benefit of $6.1 million and noncontrolling interests of $0.3 million.

(4)

Impairment charges primarily based upon review of residual values, sales prices and debt maturity status and the likelihood of foreclosure of certain underlying properties within the Company’s preferred equity investments, during

2015

and

2014.

The Company believes it will not recover its investment in certain preferred equity investments and as such recorded full impairments on these investments.

(5)

During

2015

and

2014,

the Company reviewed the underlying cause of the decline in value of certain cost method investments, as well as the severity and the duration of the decline and determined that the decline was other-than-temporary. Impairment charges were recognized based upon the calculation of the investments’ estimated fair value.

(6)	Due to the substantial liquidation of its investment in Mexico, the Company recognized a loss from foreign currency translation related to consolidated properties in the amount of $92.9 million, before noncontrolling interest of $5.8 million.

In addition to the impairment charges above, the Company recognized pretax impairment charges during

2016,

2015

and

2014

$15.0

million,

$22.2

million, and

$54.5

million (including

$47.3

million in cumulative foreign currency translation loss relating to the Company’s substantial liquidation of its investment in Mexico), respectively, relating to certain properties held by various unconsolidated joint ventures in which the Company holds noncontrolling interests. These impairment charges are included in Equity in income of joint ventures, net in the Company’s Consolidated Statements of Income (see Footnote

of the Notes to Consolidated Financial Statements).

The Company will continue to assess the value of its assets on an on-going basis. Based on these assessments, the Company

may

determine that

one

or more of its assets

may

be impaired and would therefore write-down its carrying basis accordingly.