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The following table presents revenues, net income, other comprehensive income (“OCI”) and dividends received of the company’s investments in associates and joint ventures: 

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1. Other property investments include Darling Park Trust, E&Y Centre Sydney and 450 West 33 rd  Street 

2. Other infrastructure investments include a European port operation, a Texas electricity transmission project and other social infrastructure assets 

Certain of the company’s investments are publicly listed entities with active pricing in a liquid market. The fair value based on the publicly listed price of these investments in comparison to the company’s carrying value is as follows: 

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The fair value gains at General Growth Properties, Inc. (“GGP”) during 2013 were based on the redevelopment of certain of GGP’s investment properties progressing ahead of projections and increased operating budgets. Management reviewed the carrying value of the embedded goodwill associated with its investment for impairment, which considered the variance between the value of the investment as determined using the publicly-traded share price and the carrying value of the investment and the estimated the recoverable amount of the value in use of the investment in GGP discounting the expected cash flows to be received in the form of dividends plus the disposition value. As a result, the company recorded a $249 million impairment of the goodwill associated with redevelopment options at GGP. This impairment loss is included within equity accounted income within our property segment. 

During 2013, the company’s infrastructure operations recorded an impairment charge through equity accounted income of $275 million relating to its investment in a North American natural gas transmission operation based on weak market fundamentals in the U.S. natural gas market. Throughout 2013, the U.S. natural gas market experienced compressed basis spreads (a primary driver of revenue) due to the build out of pipeline infrastructure as well as a decrease in gas prices driven by a fundamental shift in supply dynamics in the U.S. These factors, in conjunction with regulatory approvals occurring in the later part of the year which approved the further build out or reversal of certain pipelines, triggered an impairment of the operations’ property, plant and equipment. 

