Impairment Charges and Reserves (Tables)

9 Months Ended

Sep. 30, 2020

Asset Impairment Charges [Abstract]

Impairment Charges and Reserves on Assets or Investments

The Company recorded impairment charges and reserves based on the difference between the carrying value of the assets or investments and the estimated fair market value as follows (in millions):  

	Three Months					Nine Months
	Ended September 30,					Ended September 30,
	2020			2019		2020		2019
Assets marketed for sale	$	—		$	—	$	—	$	0.6
Undeveloped land		—			2.8		—		2.8
(Adjustment) reserve of preferred equity interests(A)		(3.5	)		6.4		19.4		12.1
Total impairment charges	$	(3.5	)	$	9.2	$	19.4	$	15.5

(A) As a result of an aggregate valuation allowance on its preferred equity interests in the BRE DDR Joint Ventures (Note 3).  

Reserves Measured at Fair Value on Non-Recurring Basis

The following table presents information about the Company’s reserves on financial assets that were measured on a fair value basis for the nine months ended September 30, 2020.  The table also indicates the fair value hierarchy of the valuation techniques used by the Company to determine such fair value (in millions):

	Fair Value Measurements
	Level 1		Level 2		Level 3		Total		Total Impairment Charges
September 30, 2020
Preferred equity interests	$	—	$	—	$	94.2	$	94.2	$	19.4

Summary of Significant Unobservable Inputs

The following table presents quantitative information about the significant unobservable inputs used by the Company to determine the fair value (in millions):

	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at		Valuation			Weighted
Description	September 30, 2020		Technique	Unobservable Inputs	Range	Average
Preferred equity interests	$	94.2	Discounted Cash Flow	Discount Rate	6.6%-10.6%	7.9%
				Terminal Capitalization Rate	6.6%-10.5%	8.2%
				NOI Growth Rate	0%	0%