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Impairment Charges and Reserves (Tables) | 3 Months Ended
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Mar. 31, 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 |
| Ended March 31, |
| 2020 |  |  | 2019 |
Assets marketed for sale | $ | — |  |  | $ | 0.6 |
Reserve of preferred equity interests(A) |  | 18.1 |  |  |  | 1.1 |
Total impairment charges | $ | 18.1 |  |  | $ | 1.7 |
(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 three months ended March 31, 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 |
March 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred equity interests |  | $ | — |  |  | $ | — |  |  | $ | 90.4 |  |  | $ | 90.4 |  |  | $ | 18.1 |
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 |  |  |  |  |  |  |  |  |
Description |  | March 31, 2020 |  |  | Valuation Technique |  | Unobservable Inputs |  | Range |
Preferred equity interests |  | $ | 90.4 |  |  | Discounted Cash Flow |  | Discount Rate |  | 8.9%-10.1% |
|  |  |  |  |  |  |  | Terminal Capitalization Rate |  | 8.2%-9.6% |
|  |  |  |  |  |  |  | NOI Growth Rate |  | 1% |

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- Definition Tabular disclosure for impairment of long-lived assets held and used by an entity which includes a description of the impaired long-lived asset and facts and circumstances leading to the impairment, aggregate amount of the impairment loss and where the loss is located in the income statement, method(s) for determining fair value, and the segment in which the impaired long-lived asset is reported. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2921-110230 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.CC) -URI http://asc.fasb.org/extlink&oid=27011434&loc=d3e125687-122742 + Details
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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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