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				Six Months
	Ended June 30,				Ended June 30,
	2020		2019		2020		2019
Assets marketed for sale	$	—	$	—	$	—	$	0.6
Reserve of preferred equity interests^(A)		4.9		4.6		22.9		5.7
Total impairment charges	$	4.9	$	4.6	$	22.9	$	6.3

The Company is required to assess the fair value of certain impaired consolidated and unconsolidated joint venture investments. The valuation of impaired real estate assets and investments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each asset, as well as the income capitalization approach considering prevailing market capitalization rates, analysis of recent comparable sales transactions, actual sales negotiations and bona fide purchase offers received from third parties and/or consideration of the amount that currently would be required to replace the asset, as adjusted for obsolescence. In general, the Company considers multiple valuation techniques when measuring fair value of an investment. However, in certain circumstances, a single valuation technique may be appropriate.

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 and expected hold period. 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. For the valuation of the preferred equity interests, 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. The preferred equity interest valuation as of June 30, 2020 was updated to consider the projected cash flows expected to be received by the Company as additional transaction consideration in connection with the agreements to terminate the BRE DDR Joint Ventures as discussed in Note 3. For investments in unconsolidated joint ventures, the Company also considered the valuation of any underlying joint venture debt and terms of the joint venture agreement. 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 Company’s reserves on financial assets that were measured on a fair value basis for the six months ended June 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
June 30, 2020
Preferred equity interests	$	17.9	$	—	$	70.8	$	88.7	$	22.9

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

June 30, 2020

Valuation Technique

Unobservable Inputs

Range

Preferred equity interests

70.8

Discounted Cash Flow

Discount Rate

6.2%-11.2%

Terminal Capitalization

Rate

6.6%-12.0%

NOI Growth Rate