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):

	For the Year Ended December 31,
	2021		2020		2019
Reserve of preferred equity interests^(A)	$	—	$	19.4	$	15.5
Assets marketed for sale^(B)		7.3		3.2		0.6
Undeveloped land^(B)		—		2.0		2.8
Total impairment charges	$	7.3	$	24.6	$	18.9

For the valuation of the preferred equity interests, prior to the closing of the transactions with Blackstone, the significant assumptions used in the discounted cash flow analysis included the discount rate, projected net operating income, the timing of the expected redemption and the exit capitalization rates. For operational real estate assets, the significant valuation assumptions included the capitalization rate used in the income capitalization valuation, as well as the projected property net operating income. For projects under development or not at stabilization, the significant assumptions included the discount rate, the timing and the estimated costs for the construction completion and project stabilization, projected net operating income and the exit capitalization rate. These valuations were calculated based on market conditions and assumptions made by management at the time the valuation adjustments and impairments were recorded, which may differ materially from actual results if market conditions or the underlying assumptions change.

The following table presents information about the fair value of real estate that was impaired, and therefore, measured on a fair value basis, along with the related impairment charge, for the years ended December 31, 2021, 2020 and 2019. 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
December 31, 2021
Long-lived assets held and used	$	—	$	—	$	10.0	$	10.0	$	7.3
December 31, 2020
Long-lived assets held and used		—		—		11.5		11.5		5.2
Preferred equity interests		—		—		94.2		94.2		19.4
December 31, 2019
Long-lived assets held and used		—		—		5.0		5.0		3.4
Preferred equity interests		—		—		108.5		108.5		15.5

The following table presents quantitative information about the significant unobservable inputs used by the Company to determine the fair value for the year ended December 31, 2021 (in millions):

Quantitative Information About Level 3 Fair Value Measurements

Valuation

Weighted

Description

Fair Value

Technique

Unobservable Inputs

Range

Average

Impairment of consolidated assets

10.0

Indicative Bid^(A)

N/A

The following table presents quantitative information about the significant unobservable inputs used by the Company to determine the fair value for the year ended December 31, 2020 (in millions):

Quantitative Information About Level 3 Fair Value Measurements

Valuation

Weighted

Description

Fair Value

Technique

Unobservable Inputs

Range

Average

Impairment of consolidated assets

11.5

Indicative Bid^(A)

N/A

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