Impairment Charges and Reserves (Tables)

12 Months Ended

Dec. 31, 2021

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):

	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

(A) As a result of an aggregate valuation allowance on its preferred equity interests in the BRE DDR Joint Ventures that were transferred or redeemed in the fourth quarter of 2020.

(B) In 2021, the impairment charges recorded were triggered by a change in the hold period assumptions.  In 2020 and 2019, impairments recorded were triggered by indicative bids received.  

Impairment Charges and Reserves Measured at Fair Value of Real Estate on Non-Recurring Basis

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

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 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)	Indicative Bid(A)	N/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)	Indicative Bid(A)	N/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	0%	0%

(A) Fair value measurements based upon an indicative bid and developed by third-party sources (including offers and comparable sales values), subject to the Company’s corroboration for reasonableness.  The Company does not have access to certain unobservable inputs used by these third parties to determine these estimated fair values.