6.	Impairments :

anagement 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.

The Company has an active capital recycling program which provides for the disposition of certain properties

, typically of lesser quality assets in more undesirable locations. The Company has adjusted the anticipated hold period for these properties and as a result the Company recognized impairment charges on certain 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, 2017,

2016

and

2015

as follows (in millions):

	201 7		201 6			201 5
Impairment of property carrying values* (1) (2) (3)	$	67.3	$	93.3		$	30.3
Impairment of i nvestments in other real estate investments (4)		-		-			5.3
Impairment of m arketable securities and other investments (5)		-		-			9.8
Total Impairment charges included in operating expenses		67.3		93.3			45.4
Impairment of property carrying values in cluded in discontinued operations		-		-			0.1
Total gross impairment charges		67.3		93.3			45.5
Noncontrolling interests		-		(0.4	)		(5.6	)
Income tax benefit		-		(21.1	)		(9.0	)
Total net impairment charges	$	67.3	$	71.8		$	30.9

See Footnote

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

(

)

During

2017,

the Company recognized aggregate impairment charges of

$67.3

million

. These impairment charges consist of (i)

$34.0

million related to adjustments to property carrying values for properties which the Company has marketed for sale as part of its active capital recycling program and as such has adjusted the anticipated hold periods for such properties, (ii)

$17.1

million related to the sale of certain operating properties (as discussed in Footnote

of the Notes to Consolidated Financial Statements) and (iii)

$16.2

million related to a property for which the Company has re-evaluated its long-term plan for the property due to unfavorable local market conditions.

(

)

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.

(

)

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.

(

)

Impairment charges were primarily based

upon a 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.

The Company believed it would

not

recover its investment in certain preferred equity investments and as such recorded full impairments on these investments.

(

)

During

2015,

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.

In addition to the impairment charges above, the Company recognized

pretax impairment charges during

2017,

2016

and

2015

$4.8

million,

$15.0

million, and

$22.2

million, 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.