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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2017	Feb. 26, 2018	Jun. 30, 2017
Class of Stock [Line Items]
Entity Registrant Name	Colony NorthStar, Inc.
Trading Symbol	CLNS
Entity Central Index Key	0001679688
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 7,640
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	Yes
Common Class A
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		539,745,466
Common Class B
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		736,240

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Assets
Cash and cash equivalents	$ 921,822	$ 376,005
Restricted cash	471,078	111,959
Real estate, net	14,464,258	3,243,631
Loans receivable, net ($45,423 and $0 at fair value, respectively)	3,223,762	3,430,608
Investments in unconsolidated ventures ($363,901 and $0 at fair value, respectively)	1,655,239	1,052,995
Securities, at fair value	383,942	23,446
Goodwill	1,534,561	680,127
Deferred leasing costs and intangible assets, net	852,872	278,741
Assets held for sale ($49,498 and $67,033 at fair value, respectively)	781,630	292,924
Other assets ($10,150 and $36,101 at fair value, respectively)	444,968	260,585
Due from affiliates	51,518	9,971
Total assets	24,785,650	9,760,992
Liabilities
Debt, net ($44,542 and $0 at fair value, respectively)	10,827,810	3,715,618
Accrued and other liabilities ($212,267 and $5,448 at fair value, respectively)	898,161	286,952
Intangible liabilities, net	191,109	19,977
Liabilities related to assets held for sale	273,298	14,296
Due to affiliates ($20,650 and $41,250 at fair value, respectively)	23,534	41,250
Dividends and distributions payable	188,202	65,972
Total liabilities	12,402,114	4,144,065
Commitments and contingencies (Note 23)
Redeemable noncontrolling interests	34,144	0
Stockholders’ equity:
Preferred stock, $0.01 par value per share; $1,636,605 and $625,750 liquidation preference, respectively; 250,000 and 50,000 shares authorized, respectively; 65,464 and 25,030 shares issued and outstanding, respectively	1,606,966	607,200
Additional paid-in capital	7,913,622	2,443,100
Distributions in excess of earnings	(1,165,412)	(246,064)
Accumulated other comprehensive income (loss)	47,316	(32,109)
Total stockholders’ equity	8,407,925	2,773,799
Noncontrolling interests in investment entities	3,539,072	2,453,938
Noncontrolling interests in Operating Company	402,395	389,190
Total equity	12,349,392	5,616,927
Total liabilities, redeemable noncontrolling interests and equity	24,785,650	9,760,992
Common Class A
Stockholders’ equity:
Common stock, $0.01 par value per share	5,426	1,664
Common Class B
Stockholders’ equity:
Common stock, $0.01 par value per share	$ 7	$ 8

CONSOLIDATED BALANCE SHEETS (VIE) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Cash	$ 921,822	$ 376,005
Loans receivable, net	3,223,762	3,430,608
Securities	383,942	23,446
Real estate, net	14,464,258	3,243,631
Other assets	444,968	260,585
Total assets	24,785,650	9,760,992
Debt, net	10,827,810	3,715,618
Other liabilities	898,161	286,952
Total liabilities	12,402,114	4,144,065
Securitization Vehicles \| Variable Interest Entity, Primary Beneficiary
Cash	10,969	4,320
Loans receivable, net	546,306	885,374
Securities	250,526	0
Real estate, net	8,073	8,873
Other assets	53,755	66,306
Total assets	869,629	964,873
Debt, net	348,250	494,495
Other liabilities	31,299	63,381
Total liabilities	$ 379,549	$ 557,876

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Loans receivable at fair value	$ 45,423	$ 0
Investments in unconsolidated ventures, fair value	363,901	0
Other assets, fair value	10,150	36,101
Accrued and other liabilities	898,161	286,952
Due to affiliates, fair value	$ 20,650	$ 41,250
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, liquidation preference	$ 1,636,605	$ 625,750
Preferred stock, shares authorized (in shares)	250,000,000	50,000,000
Preferred stock, shares issued (in shares)	65,464,000	25,030,000
Preferred stock, shares outstanding (in shares)	65,464,000	25,030,000
Common Class A
Common stock, par value (in dollars per shares)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	949,000,000	658,369,000
Common stock, shares issued (in shares)	542,599,000	166,440,000
Common stock, shares outstanding (in shares)	542,599,000	166,440,000
Common Class B
Common stock, par value (in dollars per shares)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000	1,000,000
Common stock, shares issued (in shares)	736,000	770,000
Common stock, shares outstanding (in shares)	736,000	770,000
Held-for-Sale
Accrued and other liabilities	$ 212,267	$ 5,448
Assets held for sale fair value	$ 49,498	$ 67,033

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income
Property operating income	$ 2,113,837	$ 371,082	$ 299,871
Interest income	416,625	385,851	417,305
Fee income ($184,914, $67,731 and $64,585 from affiliates, respectively)	220,789	67,731	65,813
Other income ($25,630, $4,296 and $4,843 from affiliates, respectively)	45,483	14,193	11,382
Total revenues	2,796,734	838,857	794,371
Expenses
Management fees to former manager (Note 3)	0	0	15,062
Property operating expense	1,113,509	118,461	117,713
Interest expense	574,822	170,083	133,094
Investment, servicing and commission expense	67,597	23,666	20,985
Transaction costs	95,859	40,605	38,888
Depreciation and amortization	617,779	171,682	140,977
Provision for loan loss	19,741	35,005	39,859
Impairment loss	420,360	11,717	11,192
Compensation expense	346,885	111,838	84,506
Administrative expenses	113,456	51,699	38,238
Total expenses	3,370,008	734,756	640,514
Gain on sale of real estate	137,370	73,616	8,962
Other gain (loss), net	(25,814)	18,416	(5,170)
Earnings from investments in unconsolidated ventures	285,151	99,375	47,605
Gain on remeasurement of consolidated investment entities, net (Note 3)	0	0	41,486
Income (loss) before income taxes	(176,567)	295,508	246,740
Income tax benefit (expense)	98,399	(4,782)	9,296
Income (loss) from continuing operations	(78,168)	290,726	256,036
Income from discontinued operations	13,555	0	0
Net income (loss)	(64,613)	290,726	256,036
Redeemable noncontrolling interests
Redeemable noncontrolling interests	23,543	0	0
Investment entities	129,996	163,084	86,123
Operating Company	(20,261)	12,324	19,933
Net income (loss) attributable to Colony NorthStar, Inc.	(197,891)	115,318	149,980
Preferred stock redemption (Note 15)	4,530	0	0
Preferred stock dividends	130,672	48,159	42,569
Net income (loss) attributable to common stockholders	$ (333,093)	$ 67,159	$ 107,411
Basic earnings (loss) per share
Net income from continuing operations per basic common share (in dollars per share)	$ (0.66)	$ 0.39	$ 0.65
Net income per basic common share (in dollars per share)	(0.64)	0.39	0.65
Diluted earnings (loss) per share
Net income from continuing operations per diluted common share (in dollars per share)	(0.66)	0.39	0.65
Net income per diluted common share (in dollars per share)	$ (0.64)	$ 0.39	$ 0.65
Weighted average number of shares
Basic (in shares)	532,600	164,570	162,658
Diluted (in shares)	532,600	164,570	162,658

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Fee income	$ 220,789	$ 67,731	$ 65,813
Other income	45,483	14,193	11,382
Affiliated Entity
Fee income	184,914	67,731	64,585
Other income	$ 25,630	$ 4,296	$ 4,843

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Net income (loss)	$ (64,613)	$ 290,726	$ 256,036
Other comprehensive income from investments in unconsolidated ventures, net	5,849	101	(451)
Other comprehensive income (loss):
Net change in fair value of available-for-sale securities	15,918	(659)	0
Net change in fair value of cash flow hedges	0	389	(236)
Foreign currency translation adjustments:
Foreign currency translation gain (loss)	216,262	(97,681)	25,287
Change in fair value of net investment hedges	(70,661)	35,833	(5,604)
Net foreign currency translation adjustments	145,601	(61,848)	19,683
Other comprehensive income (loss)	167,368	(62,017)	18,996
Comprehensive income	102,755	228,709	275,032
Comprehensive income (loss) attributable to noncontrolling interests:
Comprehensive income (loss) attributable to stockholders	(123,012)	101,631	160,049
Investment entities
Comprehensive income (loss) attributable to noncontrolling interests:
Redeemable noncontrolling interests	23,543	0	0
Comprehensive income attributable to noncontrolling interests	218,013	117,241	89,693
Operating Company
Comprehensive income (loss) attributable to noncontrolling interests:
Comprehensive income attributable to noncontrolling interests	$ (15,789)	$ 9,837	$ 25,290

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Colony NorthStar	Preferred Stock	Cumulative Redeemable Perpetual Preferred Stock	Common Class A	Common Class B	OP Units	Total Stockholders’ Equity	Total Stockholders’ Equity Colony NorthStar	Total Stockholders’ Equity Preferred Stock	Total Stockholders’ Equity Cumulative Redeemable Perpetual Preferred Stock	Total Stockholders’ Equity Common Class A	Total Stockholders’ Equity Common Class B	Preferred Stock	Preferred Stock Colony NorthStar	Preferred Stock Cumulative Redeemable Perpetual Preferred Stock	Common Stock	Common Stock Common Class A	Common Stock Common Class B	Additional Paid-in Capital	Additional Paid-in Capital Common Class A	Additional Paid-in Capital Common Class B	Distributions in Excess of Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests in Investment Entities	Noncontrolling Interests in Operating Company	Noncontrolling Interests in Operating Company Common Class A	Noncontrolling Interests in Operating Company OP Units
Beginning balance at Dec. 31, 2014	$ 2,935,793							$ 2,417,480						$ 329,106			$ 1,607			$ 2,183,261			$ (68,003)	$ (28,491)	$ 518,313	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Investment entities	86,123
Operating Company	19,933
Net income (loss)	256,036							149,980															149,980
Other comprehensive income (loss)	18,996							10,069																10,069	3,570	5,357
Preferred stock dividends	(43,365)							(43,365)															(43,365)
Issuance of shares and units				$ 287,500	$ 37,389	$ 14,771	$ 568,794				$ 287,500	$ 37,389	$ 14,771			$ 287,500		$ 21	$ 8		$ 37,368	$ 14,763						$ 568,794
Offering costs	(9,406)							(9,406)						(9,406)
Equity-based compensation	13,714							13,714									10			13,704
Consolidation of investment entities	1,700,114																								1,700,114
Contributions from noncontrolling interests	486,152																								486,152
Distributions to noncontrolling interests	(680,358)																								(655,347)	(25,011)
Common stock dividends declared ($0.81 per share; Note 15)	(169,890)							(169,890)															(169,890)
Reallocation of equity (Notes 2 and 16)	0							138,674												138,674						(138,674)
Ending balance at Dec. 31, 2015	5,416,240							2,846,916						607,200			1,646			2,387,770			(131,278)	(18,422)	2,138,925	430,399
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Investment entities	163,084
Operating Company	12,324
Net income (loss)	290,726							115,318															115,318
Other comprehensive income (loss)	(62,017)							(13,687)																(13,687)	(45,843)	(2,487)
Preferred stock dividends	(48,159)							(48,159)															(48,159)
Common stock repurchases	(19,998)							(19,998)						(19,998)
Contribution of preferred stock to an affiliate	19,998							19,998						19,998
Redemption of units in Operating Company for cash and Class A common stock	(3,963)				$ (2,557)			725				$ 18,571						14		725	18,557				(4,688)		$ (21,128)
Equity-based compensation	13,638							13,638									15			13,623
Shares canceled for tax withholding on vested stock awards	(2,862)							(2,862)									(3)			(2,859)
Contributions from noncontrolling interests	819,033																								819,033
Distributions to noncontrolling interests	(621,207)																								(587,539)	(33,668)
Common stock dividends declared ($0.81 per share; Note 15)	(181,945)							(181,945)															(181,945)
Reallocation of equity (Notes 2 and 16)	0							25,284												25,284					(29,034)	3,750
Ending balance at Dec. 31, 2016	5,616,927							2,773,799						607,200			1,672			2,443,100			(246,064)	(32,109)	2,453,938	389,190
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Investment entities	129,996
Operating Company	(20,261)
Net income (loss)	(88,156)							(197,891)															(197,891)
Other comprehensive income (loss)	167,368							74,879																74,879	88,017	4,472
Merger consideration (Note 3)	6,720,454							6,720,454						1,010,320			3,891			5,706,243
Preferred stock dividends	(138,196)	$ (12,869)						(138,196)	$ (12,869)						$ (12,869)								(138,196)
Fair value of noncontrolling interests assumed in Merger	513,847																								505,685	8,162
Issuance of shares and units	660,000							660,000							660,000
Offering costs	(21,900)							(21,900)							(21,900)
Redemption of preferred stock (Note 15)	0		$ (635,785)							$ (635,785)					$ (635,785)		8			(8)
Common stock repurchases	(300,177)							(300,177)									(234)			(299,943)
Redemption of units in Operating Company for cash and Class A common stock	(5,085)							22,831										17		(21,800)	22,814						$ (27,916)
Exchange of notes for class A common stock	3,279							3,279										$ 2			$ 3,277
Equity-based compensation	154,429							104,374									81			104,293						50,055
Shares canceled for tax withholding on vested stock awards	(5,668)							(5,668)									(4)			(5,664)
Deconsolidation of investment entity	(4,000)																								(4,000)
Settlement of call spread option	6,900							6,900												6,900
Costs of noncontrolling equity	(9,209)							(9,209)												(9,209)
Contributions from noncontrolling interests	1,190,383																								1,190,383
Distributions to noncontrolling interests	(879,889)																								(844,502)	(35,387)
Common stock dividends declared ($0.81 per share; Note 15)	(583,261)							(583,261)															(583,261)
Reallocation of equity (Notes 2 and 16)	0							(53,635)												(58,181)				4,546	19,555	34,080
Ending balance at Dec. 31, 2017	$ 12,349,392							$ 8,407,925						$ 1,606,966			$ 5,433			$ 7,913,622			$ (1,165,412)	$ 47,316	$ 3,539,072	$ 402,395

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Stockholders' Equity [Abstract]
Common stock, dividends, per share, declared (in dollars per share)	$ 0.27	$ 0.24	$ 1.08	$ 1.08	$ 0.81

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash Flows from Operating Activities
Net income (loss)	$ (64,613)	$ 290,726	$ 256,036
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of discount and net origination fees on purchased and originated loans	(55,059)	(27,038)	(21,109)
Accretion in excess of cash receipts on purchased credit-impaired loan	0	(8,515)	(39,886)
Paid-in-kind interest added to loan principal, net of interest received	(25,152)	(29,844)	(30,211)
Straight-line rents	(32,664)	(12,617)	(11,929)
Amortization of above- and below-market lease values, net	(15,319)	2,045	3,240
Amortization of deferred financing costs and debt discount and premium	83,719	28,936	21,222
Earnings from investments in unconsolidated ventures	(285,151)	(99,375)	(47,605)
Distributions of income from equity method investments	72,197	79,361	66,418
Provision for loan loss	19,741	35,005	39,859
Impairment of real estate and management contract intangibles	104,360	11,717	11,192
Goodwill impairment	316,000	0	0
Depreciation and amortization	617,779	171,682	140,977
Equity-based compensation	154,429	13,638	13,714
Net gain on remeasurement of net assets of consolidated investment entities	0	0	(41,486)
Change in fair value of contingent consideration—Internalization	(20,600)	(11,740)	(16,510)
Gain on sales of real estate, net	(135,262)	(73,616)	(8,962)
Deferred income tax benefit	(138,459)	(7,618)	(11,613)
Foreign currency loss recognized on repayment of loans receivable	0	0	31,268
Other loss, net	45,360	0	0
(Increase) decrease in other assets, operating restricted cash and due from affiliates	(88,511)	4,653	1,072
Increase (decrease) in accrued and other liabilities and due to affiliates	(7,272)	45,954	23,306
Other adjustments, net	4,094	(4,993)	(5,867)
Net cash provided by operating activities	549,617	408,361	373,126
Cash Flows from Investing Activities
Contributions to investments in unconsolidated ventures	(522,935)	(226,665)	(356,051)
Return of capital from investments in unconsolidated ventures	225,477	113,491	357,307
Acquisition of loans receivable and securities	(590,536)	(199,638)	(135,194)
Payment of Merger-related liabilities, net of cash acquired (Note 3)	(44,437)	0	0
Net disbursements on originated loans	(392,790)	(385,702)	(984,840)
Repayments of loans receivable	831,074	732,393	335,446
Proceeds from sales of loans receivable and securities	117,540	220,900	0
Cash receipts in excess of accretion on purchased credit-impaired loans	343,654	140,057	399,783
Acquisition of and additions to real estate, related intangibles and leasing commissions	(1,325,122)	(501,221)	(1,377,344)
Proceeds from sales of real estate, net of debt assumed by buyers	1,607,806	390,943	323,430
Proceeds from paydown and maturity of securities	112,939	0	0
Proceeds from sale of investments in unconsolidated venture	553,327	0	0
Proceeds from syndication of investment, net of cash deconsolidated (Note 4)	160,020	0	0
Proceeds from sale of Townsend, net of cash assumed by buyer (Note 16)	446,129	0	0
Internalization of manager, net of cash acquired	0	0	(56,335)
Acquisition of CPI, net of cash acquired (Note 3)	(35,711)	0	0
Acquisition of THL Hotel Portfolio, net of cash acquired (Note 3)	(27,455)	0	0
Investment deposits	(480)	(67,693)	(1,380)
Increase in restricted cash related to investing activities	(121,818)	0	0
Net (payments) receipts on settlement of derivative instruments	(11,800)	34,471	45,024
Other investing activities, net	6,660	476	(8,660)
Net cash provided by (used in) investing activities	1,331,542	251,812	(1,458,814)
Cash Flows from Financing Activities
Proceeds from issuance of preferred stock, net	638,100	0	277,945
Dividends paid to preferred stockholders	(130,182)	(48,372)	(38,244)
Dividends paid to common stockholders	(482,156)	(181,172)	(165,559)
Settlement of call spread option	(300,177)	0	0
Borrowings from corporate credit facility	1,041,000	694,000	1,345,900
Repayment of borrowings from corporate credit facility	(1,413,600)	(586,400)	(1,194,900)
Borrowings from secured debt	4,573,099	1,072,556	1,936,043
Repayments of secured debt	(4,733,640)	(1,601,423)	(871,788)
Distributions to and redemptions of noncontrolling interests	17,876	12,724	0
Payment of deferred financing costs	(96,069)	(22,464)	(27,670)
Contributions from noncontrolling interests	1,173,432	819,033	486,152
Distributions to and redemptions of noncontrolling interests	(970,615)	(615,059)	(671,659)
Redemption of preferred stock	(635,785)	(19,998)	0
Reissuance of preferred stock to an equity method investee	0	19,998	0
Redemption of OP Units for cash	(5,085)	(2,557)	0
Acquisition of noncontrolling interests	0	(3,963)	0
Repurchase of exchangeable senior notes	(15,455)	0	0
Other financing activities, net	(7,248)	(2,860)	(15,546)
Net cash provided by (used in) financing activities	(1,346,505)	(465,957)	1,060,674
Cash held by investment entities consolidated	0	0	75,412
Effect of exchange rates on cash and cash equivalents	11,163	(4,065)	(6,480)
Net increase in cash and cash equivalents	545,817	190,151	43,918
Total cash and cash equivalents, beginning of period	376,005	185,854	141,936
Cash and cash equivalents included in assets held for sale	0	0	0
Cash and cash equivalents, end of period	$ 921,822	$ 376,005	$ 185,854

Business and Organization	12 Months Ended
Business and Organization	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization Colony NorthStar, Inc. (the "Company") is a leading global real estate and investment management firm. The Company has significant property holdings in the healthcare, industrial and hospitality sectors, other equity and debt investments, as well as an embedded institutional and retail investment management business. The Company manages capital on behalf of its stockholders, as well as institutional and retail investors in private funds, traded and non-traded real estate investment trusts ("REITs") and registered investment companies. The Company was organized in May 2016 as a Maryland corporation, and intends to elect to be taxed as a REIT under the Internal Revenue Code, for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2017. The Company conducts all of its activities and holds substantially all of its assets and liabilities through its operating subsidiary, Colony Capital Operating Company, LLC (the "Operating Company" or the “OP”), which was previously the operating subsidiary of Colony and survived the Merger (as defined below). At December 31, 2017, the Company owned approximately 94.4% of the OP, as its sole managing member. The remaining 5.6% is owned primarily by certain employees of the Company as noncontrolling interests. Merger The Company was formed through a tri-party merger (the “Merger”) between Colony Capital, Inc. (“Colony”), NorthStar Asset Management Group Inc. (“NSAM”) and NorthStar Realty Finance Corp. (“NRF”). The Merger among Colony, NSAM and NRF was completed in an all-stock exchange on January 10, 2017. The Merger is accounted for as a reverse acquisition, with NSAM as the legal acquirer for certain legal and regulatory matters, and Colony as the accounting acquirer for purposes of financial reporting. Consequently, the historical financial information included herein as of any date or for any periods on or prior to the Closing Date represents the pre-Merger financial information of Colony. Accordingly, comparisons of the period to period financial information of Colony NorthStar as set forth herein may not be meaningful. Details of the Merger are described more fully in Note 3. Commercial Real Estate Credit REIT On August 25, 2017, certain subsidiaries of the Company entered into a combination agreement with NorthStar Real Estate Income Trust, Inc. (“NorthStar Income I”) and NorthStar Real Estate Income II, Inc. (“NorthStar Income II”), both publicly registered non-traded REITs sponsored and managed by a subsidiary of the Company, and certain other subsidiaries of the foregoing. Pursuant to the combination agreement, certain subsidiaries of the Company agreed to contribute the CLNS Contributed Portfolio, represented by their ownership interests ranging from 38% to 100% in certain investment entities, to Colony NorthStar Credit Real Estate, Inc. ("Colony NorthStar Credit") and its operating company, and NorthStar Income I and NorthStar Income II agreed to merge in all-stock mergers with and into Colony NorthStar Credit (collectively, the “Combination”). The CLNS Contributed Portfolio comprises the Company's interests in certain of its commercial real estate loans, net lease properties and limited partnership interests in third party sponsored funds, which represent a select portfolio of U.S. investments within the Company’s other equity and debt segment that are transferable assets consistent with Colony NorthStar Credit's strategy. On January 18, 2018, the Combination was approved by the stockholders of NorthStar Income I and NorthStar Income II. The Combination closed on January 31, 2018 and Colony NorthStar Credit's class A common stock began trading on the New York Stock Exchange ("NYSE") on February 1, 2018 under the symbol "CLNC." See additional information in Note 26.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

The significant accounting policies of the Company are described below. The accounting policies of the Company's unconsolidated ventures are substantially similar to those of the Company.

Basis of Presentation

The accompanying consolidated financial statements include the accounts of the Company and its controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated. The portions of the equity, net income and other comprehensive income of consolidated subsidiaries that are not attributable to the parent are presented separately as amounts attributable to noncontrolling interests in the consolidated financial statements. A substantial portion of noncontrolling interests represents interests held by private investment funds or other investment vehicles managed by the Company and which invest alongside the Company and membership interests in OP primarily held by certain employees of the Company.

To the extent the Company consolidates a subsidiary that is subject to industry-specific guidance, the Company retains the industry-specific guidance applied by that subsidiary in its consolidated financial statements.

Merger

The Merger is accounted for under the acquisition method for a business combination as a reverse acquisition. NSAM is the legal acquirer in the Merger for certain legal and regulatory matters, however, Colony was determined to be the accounting acquirer in the Merger for financial reporting purposes. While NSAM is the legal entity which initiated the transaction and issued its shares to consummate the Merger, the fact that the senior management of Colony NorthStar primarily consists of Colony senior executives, along with other qualitative considerations, resulted in Colony being designated the accounting acquirer.

The financial statements of the Company represent a continuation of the financial information of Colony as the accounting acquirer, except that the equity structure of Colony NorthStar is adjusted to reflect the equity structure of the legal acquirer, including for comparative periods, by applying the Colony share exchange ratio of 1.4663. The historical financial information as of any date or for any periods on or prior to the Closing Date represents the pre-Merger financial information of Colony. The assets and liabilities of Colony are reflected by Colony NorthStar at their pre-Merger carrying values while the assets and liabilities of NSAM and NRF are accounted for at their acquisition date fair value. The results of operations of NSAM and NRF are incorporated into Colony NorthStar effective from January 11, 2017. Accordingly, comparison of period to period results of operations and financial positions may not be meaningful.

Principles of Consolidation

The Company consolidates entities in which it has a controlling financial interest by first considering if an entity meets the definition of a variable interest entity ("VIE") for which the Company is deemed to be the primary beneficiary, or if the Company has the power to control an entity through a majority of voting interest or through other arrangements.

Variable Interest Entities—A VIE is an entity that lacks sufficient equity to finance its activities without additional subordinated financial support from other parties, or whose equity holders lack the characteristics of a controlling financial interest. A VIE is consolidated by its primary beneficiary, which is defined as the party who has a controlling financial interest in the VIE through (a) power to direct the activities of the VIE that most significantly affect the VIE’s economic performance, and (b) obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. The Company also considers interests held by its related parties, including de facto agents. The Company assesses whether it is a member of a related party group that collectively meets the power and benefits criteria and, if so, whether the Company is most closely associated with the VIE. In performing this analysis, the Company considers both qualitative and quantitative factors, including, but not limited to: the amount and characteristics of its investment relative to the related party; the Company’s and the related party's ability to control or significantly influence key decisions of the VIE including consideration of involvement by de facto agents; the obligation or likelihood for the Company or the related party to fund operating losses of the VIE; and the similarity and significance of the VIE’s business activities to those of the Company and the related party. The determination of whether an entity is a VIE, and whether the Company is the primary beneficiary, may involve significant judgment, including the determination of which activities most significantly affect the entities’ performance, and estimates about the current and future fair values and performance of assets held by the VIE.

Voting Interest Entities—Unlike VIEs, voting interest entities have sufficient equity to finance their activities and equity investors exhibit the characteristics of a controlling financial interest through their voting rights. The Company consolidates such entities when it has the power to control these entities through ownership of a majority of the entities' voting interests or through other arrangements.

At each reporting period, the Company reassesses whether changes in facts and circumstances cause a change in the status of an entity as a VIE or voting interest entity, and/or a change in the Company's consolidation assessment. Changes in consolidation status are applied prospectively. An entity may be consolidated as a result of this reassessment, in which case, the assets, liabilities and noncontrolling interest in the entity are recorded at fair value upon initial consolidation. Any existing equity interest held by the Company in the entity prior to the Company obtaining control will be remeasured at fair value, which may result in a gain or loss recognized upon initial consolidation. However, if the consolidation represents an asset acquisition of a voting interest entity, the Company's existing interest in the acquired assets, if any, is not remeasured to fair value but continues to be carried at historical cost. The Company may also deconsolidate a subsidiary as a result of this reassessment, which may result in a gain or loss recognized upon deconsolidation depending on the carrying values of deconsolidated assets and liabilities compared to the fair value of any interests retained.

Noncontrolling Interests

Redeemable Noncontrolling Interests—This represents noncontrolling interests in (i) an investment management subsidiary, Townsend Holdings, LLC ("Townsend"); and (ii) a consolidated open-end fund sponsored by the Company.

The Townsend noncontrolling interests have the ability to require the Company to redeem a certain percentage of their interests through December 31, 2020 or upon the occurrence of certain triggering events. Redemptions by the Townsend noncontrolling interests may be settled in cash, the Company’s common stock, or a combination thereof, at the Company's option, subject to certain conditions, and payable by the end of the fiscal quarter following the exercise of the redemption. The Company sold its interest in Townsend on December 29, 2017.

The limited partners in the consolidated open-end fund who represent noncontrolling interests generally have the ability to withdraw all or a portion of their interests in cash with 30 days' notice.

Redeemable noncontrolling interests is presented outside of permanent equity. Allocation of net income or loss to redeemable noncontrolling interests is based upon their ownership percentage during the period. The carrying amount of redeemable noncontrolling interests is adjusted to its redemption value at the end of each reporting period, but no less than its initial carrying value, with such adjustments recognized in additional paid-in capital.

Noncontrolling Interests in Investment Entities—This represents interests in consolidated investment entities held by private investment funds or retail companies managed by the Company or held by third party joint venture partners. Allocation of net income or loss is generally based upon relative ownership interests held by equity owners in each investment entity, or based upon contractual arrangements that may provide for disproportionate allocation of economic returns among equity interests, including using a hypothetical liquidation at book value basis, where applicable and substantive.

Noncontrolling Interests in Operating Company—This represents membership interests in OP held primarily by certain employees of the Company. Noncontrolling interests in OP are allocated a share of net income or loss in OP based on their weighted average ownership interest in OP during the period. Noncontrolling interests in OP have the right to require OP to redeem part or all of such member’s membership units in OP ("OP Units") for cash based on the market value of an equivalent number of shares of class A common stock at the time of redemption, or at the Company's election as managing member of OP, through issuance of shares of class A common stock (registered or unregistered) on a one-for-one basis. At the end of each reporting period, noncontrolling interests in OP is adjusted to reflect their ownership percentage in OP at the end of the period, through a reallocation between controlling and noncontrolling interests in OP, as applicable.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles in the United States ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates and assumptions.

Foreign Currency

Assets and liabilities denominated in a foreign currency for which the functional currency is a foreign currency are translated using the exchange rate in effect at balance sheet date and the corresponding results of operations for such entities are translated using the average exchange rate in effect during the period. The resulting foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income or loss in stockholders’ equity. Upon sale, complete or substantially complete liquidation of a foreign subsidiary, or upon partial sale of a foreign equity method investment, the translation adjustment associated with the investment, or a proportionate share related to the portion of equity method investment sold, is reclassified from accumulated other comprehensive income or loss into earnings.

Assets and liabilities denominated in a foreign currency for which the functional currency is the U.S. dollar are remeasured using the exchange rate in effect at balance sheet date and the corresponding results of operations for such entities are remeasured using the average exchange rate in effect during the period. The resulting foreign currency remeasurement adjustments are recorded in other gain (loss) on the statements of operations.

Disclosures of non-U.S. dollar amounts to be recorded in the future are translated using exchange rates in effect at the latest balance sheet date.

Fair Value Measurement

Fair value is based on an exit price, defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Where appropriate, the Company makes adjustments to estimated fair values to appropriately reflect counterparty credit risk as well as the Company's own credit-worthiness.

The estimated fair value of financial assets and financial liabilities are categorized into a three tier hierarchy, prioritized based on the level of transparency in inputs used in the valuation techniques, as follows:

Level 1—Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2—Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in non-active markets, or valuation techniques utilizing inputs that are derived principally from or corroborated by observable data directly or indirectly for substantially the full term of the financial instrument.

Level 3—At least one assumption or input is unobservable and it is significant to the fair value measurement, requiring significant management judgment or estimate.

Where the inputs used to measure the fair value of a financial instrument falls into different levels of the fair value hierarchy, the financial instrument is categorized within the hierarchy based on the lowest level of input that is significant to its fair value measurement.

Fair Value Option

The fair value option provides an option to elect fair value as a measurement alternative for selected financial instruments. The fair value option may be elected only upon the occurrence of certain specified events, including when the Company enters into an eligible firm commitment, at initial recognition of the financial instrument, as well as upon a business combination or consolidation of a subsidiary. The election is irrevocable unless a new election event occurs.

The Company has elected the fair value option for financial assets and financial liabilities of certain consolidated securitization trusts, and adopted the measurement alternative to measure both the financial assets and financial liabilities of the securitization trusts using the fair value of either the financial assets or financial liabilities, whichever is more observable. The Company has also elected to account for certain cost and equity method investments at fair value.

Business Combinations

The Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. If substantially all of the fair value of gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the set of transferred assets and activities is not a business. If not, for an acquisition to be considered a business, it would have to include an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., there is a continuation of revenue before and after the transaction). A substantive process is not ancillary or minor, cannot be replaced without significant cost, effort or delay or is otherwise considered unique or scarce. To qualify as a business without outputs, the acquired assets would require an organized workforce with the necessary skills, knowledge and experience that performs a substantive process.

Prior to the Company's adoption of the new definition of a business effective October 1, 2016, the concentration of acquired fair values in a single or group of similar identifiable assets did not preclude the acquisition of such assets from meeting the definition of a business. As a result, acquisition of real estate assets with existing in-place leases, other than sale-leaseback transactions, were generally recognized as business combinations.

Net cash paid to acquire a business or assets is classified as investing activities on the accompanying statements of cash flows.

The Company accounts for business combinations by applying the acquisition method. Transaction costs related to acquisition of a business are expensed as incurred and excluded from the fair value of consideration transferred. The identifiable assets acquired, liabilities assumed and noncontrolling interests in acquired entity are recognized and measured at their estimated fair values. The excess of the fair value of consideration transferred over the fair values of identifiable assets acquired, liabilities assumed and noncontrolling interests in an acquired entity, net of fair value of any previously held interest in the acquired entity, is recorded as goodwill. Such valuations require management to make significant estimates and assumptions.

For acquisitions that are not deemed to be businesses, the assets acquired are recognized based on their cost to the Company as the acquirer and no gain or loss is recognized unless the fair value of non-cash assets given as consideration differs from the carrying amount of the assets acquired. The cost of assets acquired in a group is allocated to individual assets within the group based on their relative fair values and does not give rise to goodwill. Transaction costs related to acquisition of assets are included in the cost basis of the assets acquired.

Contingent consideration is classified as a liability or equity, as applicable. Contingent consideration in connection with the acquisition of a business is measured at fair value on acquisition date, and unless classified as equity, is remeasured at fair value each reporting period thereafter until the consideration is settled, with changes in fair value included in net income. For contingent consideration in connection with the acquisition of assets, subsequent changes to the recorded amount are adjusted against the cost of the acquisition.

Discontinued Operations

If the disposition of a component, being an operating or reportable segment, business unit, subsidiary or asset group, represents a strategic shift that has or will have a major effect on the Company’s operations and financial results, the operating profits or losses of the component when classified as held for sale, and the gain or loss upon disposition of the component, are presented as discontinued operations in the statements of operations.

A business or asset group acquired in connection with a purchase business combination that meets the criteria to be accounted for as held for sale at the date of acquisition are reported as discontinued operations, regardless of whether it meets the strategic shift criteria.

Cash and Cash Equivalents

Short-term, highly liquid investments with original maturities of three months or less are considered to be cash equivalents. The Company's cash and cash equivalents are held with major financial institutions and may at times exceed federally insured limits.

Restricted Cash

Restricted cash consists primarily of amounts related to operating real estate and loans receivable as well as cash held by the Company’s foreign subsidiaries due to certain regulatory capital requirements.

Real Estate Assets

Real Estate Acquisitions—Real estate acquisitions are recorded at the fair values of the acquired components at the time of acquisition, allocated among land, building, improvements, equipment, lease-related tangible and identifiable intangible assets and liabilities, such as tenant improvements, deferred leasing costs, in-place lease values, above- and below-market lease values. The estimated fair value of acquired land is derived from recent comparable sales of land and listings within the same local region based on available market data. The estimated fair value of acquired buildings and building improvements is derived from comparable sales, discounted cash flow analysis using market-based assumptions, or replacement cost, as appropriate. The fair value of site and tenant improvements is estimated based upon current market replacement costs and other relevant market rate information.

Real Estate Held for Investment

Real estate held for investment are carried at cost less accumulated depreciation.

Costs Capitalized or Expensed—Expenditures for ordinary repairs and maintenance are expensed as incurred, while expenditures for significant renovations that improve or extend the useful life of the asset are capitalized and depreciated over their estimated useful lives.

Depreciation—Real estate held for investment, other than land, are depreciated on a straight-line basis over the estimated useful lives of the assets, as follows:



Real Estate Assets		Term
Building (fee interest)		13 to 44 years
Building leasehold interests		Lesser of remaining term of the lease or remaining life of the building
Building improvements		Lesser of useful life or remaining life of the building
Land improvements		8 to 30 years
Tenant improvements		Lesser of useful life or remaining term of the lease
Furniture, fixtures and equipment		3 to 20 years

Impairment—The Company evaluates its real estate held for investment for impairment periodically or whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Company evaluates impairments on an individual property basis. If an impairment indicator exists, the Company evaluates whether the future undiscounted cash flows that is expected to be generated by the property, including any estimated proceeds from the eventual sale of the property, is less than the carrying value of the property; and if so, the carrying value of the property is determined to not be recoverable. Impairment loss is then measured as the excess of the carrying value of the property over the estimated fair value of the property. In estimating the fair value of the property, the Company considers, among other things, current and estimated future cash flows associated with each property, market information for each sub-market, including, where applicable, competition levels, foreclosure levels, leasing trends, occupancy trends, lease or room rates, and the market prices of similar properties recently sold or currently being offered for sale, and other quantitative and qualitative factors.

Real Estate Held for Sale

Classification as Held for Sale—Real estate is classified as held for sale in the period when (i) management approves a plan to sell the asset, (ii) the asset is available for immediate sale in its present condition, subject only to usual and customary terms, (iii) a program is initiated to locate a buyer and actively market the asset for sale at a reasonable price, and (iv) completion of the sale is probable within one year. Real estate held for sale is stated at the lower of its carrying amount or estimated fair value less disposal cost, with any write-down to fair value less disposal cost recorded as an impairment loss. For any increase in fair value less disposal cost subsequent to classification as held for sale, the impairment loss may be reversed, but only up to the amount of cumulative loss previously recognized. Depreciation is not recorded on assets classified as held for sale.

If circumstances arise that were previously considered unlikely and, as a result, the Company decides not to sell the real estate asset previously classified as held for sale, the real estate asset is reclassified as held for investment. Upon reclassification, the real estate asset is measured at the lower of (i) its carrying amount prior to classification as held for sale, adjusted for depreciation expense that would have been recognized had the real estate been continuously classified as held for investment, or (ii) its estimated fair value at the time the Company decides not to sell.

Real Estate Sales—The Company evaluates if real estate sale transactions qualify for recognition under the full accrual method, considering whether, among other criteria, the buyer’s initial and continuing investments are adequate to demonstrate a commitment to pay, any receivable due to the Company is not subject to future subordination, the Company has transferred to the buyer the usual risks and rewards of ownership and the Company does not have a substantial continuing involvement with the sold real estate. At the time the sale is consummated, a gain or loss is recognized as the difference between the sale price less disposal cost and the carrying value of the real estate.

Foreclosed Properties

The Company receives foreclosed properties in full or partial settlement of loans receivable by taking legal title or physical possession of the properties. Foreclosed properties are recognized, generally, at the time the real estate is received at foreclosure sale or upon execution of a deed in lieu of foreclosure. Foreclosed properties are initially measured at fair value. Deficiencies compared to the carrying value of the loan, after reversing any previously recognized loss provision on the loan, are recorded as impairment loss. The Company periodically evaluates foreclosed properties for subsequent decrease in fair value which is recorded as additional impairment loss. Fair value of foreclosed properties is generally based on third party appraisals, broker price opinions, comparable sales or a combination thereof.

Loans Receivable

The Company originates and purchases loans receivable. The accounting framework for loans receivable depends on the Company's strategy whether to hold or sell the loan, whether the loan was credit-impaired at time of acquisition, or if the lending arrangement is an acquisition, development and construction loan.

Loans Held for Investment (other than Purchased Credit-Impaired Loans)

Loans that the Company has the intent and ability to hold for the foreseeable future are classified as held for investment. Originated loans are recorded at amortized cost, or outstanding unpaid principal balance less net deferred loan fees. Net deferred loan fees include unamortized origination and other fees charged to the borrower less direct incremental loan origination costs incurred by the Company. Purchased loans are recorded at amortized cost, or unpaid principal balance plus purchase premium or less unamortized discount. Costs to purchase loans are expensed as incurred.

Interest Income—Interest income is recognized based upon contractual interest rate and unpaid principal balance of the loans. Net deferred loan fees on originated loans are deferred and amortized as adjustments to interest income over the expected life of the loans using the effective yield method. Premium or discount on purchased loans are amortized as adjustments to interest income over the expected life of the loans using the effective yield method. For revolving loans, net deferred loan fees, premium or discount are amortized to interest income using the straight-line method. When a loan is prepaid, prepayment fees and any excess of proceeds over the carrying amount of the loan are recognized as additional interest income.

Nonaccrual—Accrual of interest income is suspended on nonaccrual loans. Loans that are past due 90 days or more as to principal or interest, or where reasonable doubt exists as to timely collection, are generally considered nonperforming and placed on nonaccrual. Interest receivable is reversed against interest income when loans are placed on nonaccrual status. Interest collection on nonaccruing loans for which ultimate collectability of principal is uncertain is recognized using a cost recovery method by applying interest collected as a reduction to loan principal; otherwise, interest collected is recognized on a cash basis by crediting to income when received. Loans may be restored to accrual status when all principal and interest is current and full repayment of the remaining contractual principal and interest is reasonably assured.

Impairment and Allowance for Loan Losses—On a periodic basis, the Company analyzes the extent and effect of any credit migration from underwriting and the initial investment review associated with the performance of a loan and/or value of its underlying collateral, financial and operating capability of the borrower or sponsor, as well as amount and status of any senior loan, where applicable. Specifically, operating results of collateral properties and any cash reserves are analyzed and used to assess whether cash from operations are sufficient to cover debt service requirements currently and into the future, ability of the borrower to refinance the loan, liquidation value of collateral properties, financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the collateral properties. Such analysis is performed at least quarterly, or more often as needed when impairment indicators are present. The Company does not utilize a statistical credit rating system to monitor and assess the credit risk and investment quality of its acquired or originated loans. Given the diversity of the Company's portfolio, management believes there is no consistent method of assigning a numerical rating to a particular loan that captures all of the various credit metrics and their relative importance. Therefore, the Company evaluates impairment and allowance for loan losses on an individual loan basis.

Loans are considered to be impaired when it is probable that the Company will not be able to collect all amounts due in accordance with contractual terms of the loans, including consideration of underlying collateral value. Allowance for loan losses represents the estimated probable credit losses inherent in loans held for investment at balance sheet date. Changes in allowance for loan losses are recorded in the provision for loan losses on the statement of operations. Allowance for loan losses generally exclude interest receivable as accrued interest receivable is reversed when a loan is placed on nonaccrual status. Allowance for loan losses is generally measured as the difference between the carrying value of the loan and either the present value of cash flows expected to be collected, discounted at the original effective interest rate of the loan or an observable market price for the loan. Subsequent changes in impairment are recorded as adjustments to the provision for loan losses. Loans are charged off against allowance for loan losses when all or a portion of the principal amount is determined to be uncollectible. A loan is considered to be collateral-dependent when repayment of the loan is expected to be provided solely by the underlying collateral. Impaired collateral dependent loans are written down to the fair value of the collateral less disposal cost, first through a charge-off against allowance for loan losses, if any, then recorded as impairment loss.

Troubled Debt Restructuring ("TDR")—A loan with contractual terms modified in a manner that grants concession to the borrower who is experiencing financial difficulty is classified as a TDR. Concessions could include term extensions, payment deferrals, interest rate reductions, principal forgiveness, forbearance, or other actions designed to maximize the Company's collection on the loan. As a TDR is generally considered to be an impaired loan, it is measured for impairment based on the Company's allowance for loan losses methodology.

Loans Held for Sale

Loans that the Company intends to sell or liquidate in the foreseeable future are classified as held for sale. Loans held for sale are carried at the lower of amortized cost or fair value less disposal cost, with valuation changes recognized as impairment loss. Loans held for sale are not subject to allowance for loan losses. Net deferred loan origination fees and loan purchase premiums or discounts are deferred and capitalized as part of the carrying value of the held for sale loan until the loan is sold, therefore included in the periodic valuation adjustments based on lower of cost or fair value less disposal cost.

Purchased Credit-Impaired ("PCI") Loans

PCI loans are acquired loans with evidence of credit quality deterioration for which it is probable at acquisition that the Company will collect less than the contractually required payments. PCI loans are recorded at the initial investment in the loans and accreted to the estimated cash flows expected to be collected as measured at acquisition date. The excess of cash flows expected to be collected, measured as of acquisition date, over the estimated fair value represents the accretable yield and is recognized in interest income over the remaining life of the loan using the effective interest method. The difference between contractually required payments as of the acquisition date and the cash flows expected to be collected ("nonaccretable difference") is not recognized as an adjustment of yield, loss accrual or valuation allowance.

The Company evaluates estimated future cash flows expected to be collected on a quarterly basis, starting with the first full quarter after acquisition, or earlier if conditions indicating impairment are present. If the cash flows expected to be collected cannot be reasonably estimated, either at acquisition or in subsequent evaluation, the Company may consider placing such PCI loans on nonaccrual, with interest income recognized using the cost recovery method or on a cash basis. Subsequent decreases in cash flows expected to be collected are evaluated to determine whether a provision for loan loss should be established. If decreases in expected cash flows result in a decrease in the estimated fair value of the loan below its amortized cost, the Company records a provision for loan losses calculated as the difference between the loan’s amortized cost and the revised cash flows, discounted at the loan’s effective yield. Subsequent increases in cash flows expected to be collected are first applied to reverse any previously recorded allowance for loan losses, with any remaining increases recognized prospectively through an adjustment to yield over its remaining life.

Factors that most significantly affect estimates of cash flows expected to be collected, and accordingly the accretable yield, include: (i) estimate of the remaining life of acquired loans which may change the amount of future interest income; (ii) changes to prepayment assumptions; (iii) changes to collateral value assumptions for loans expected to foreclose; and (iv) changes in interest rates on variable rate loans.

PCI loans may be aggregated into pools based upon common risk characteristics, such as loan performance, collateral type and/or geographic location of the collateral. A pool is accounted for as a single asset with a single composite yield and an aggregate expectation of estimated future cash flows. A PCI loan modified within a pool remains in the pool, with the effect of the modification incorporated into the expected future cash flows. A loan resolution within a loan pool, which may involve the sale of the loan or foreclosure on the underlying collateral, results in the removal of an allocated carrying amount, including an allocable portion of any existing allowance.

Acquisition, Development and Construction ("ADC") Loan Arrangements

The Company provides loans to third party developers for the acquisition, development and construction of real estate. Under an ADC arrangement, the Company participates in the expected residual profits of the project through the sale, refinancing or other use of the property. The Company evaluates the characteristics of each ADC arrangement, including its risks and rewards, to determine whether they are more similar to those associated with a loan or an investment in real estate. ADC arrangements with characteristics implying loan classification are presented as loans receivable and result in the recognition of interest income. ADC arrangements with characteristics implying real estate joint ventures are presented as investments in unconsolidated joint ventures and are accounted for using the equity method. The classification of each ADC arrangement as either loan receivable or real estate joint venture involves significant judgment and relies on various factors, including market conditions, amount and timing of expected residual profits, credit enhancements in the form of guaranties, estimated fair value of the collateral, significance of borrower equity in the project, among others. The classification of ADC arrangements is performed at inception, and periodically reassessed when significant changes occur in the circumstances or conditions described above.

Investments in Unconsolidated Ventures

A noncontrolling, unconsolidated ownership interest in an entity may be accounted for using the equity method, cost method or under the fair value option, if elected.

The Company accounts for investments under the equity method of accounting if it has the ability to exercise significant influence over the operating and financial policies of an entity, but does not have a controlling financial interest. The equity method investment is initially recorded at cost and adjusted each period for capital contributions, distributions and the Company's share of the entity’s net income or loss as well as other comprehensive income or loss. The Company's share of net income or loss may differ from the stated ownership percentage interest in an entity if the governing documents prescribe a substantive non-pro rata earnings allocation formula or a preferred return to certain investors. This includes carried interests earned by the Company, which are incentive fees that take the form of a disproportionate allocation of returns to the Company’s capital account within the equity structure of investment vehicles sponsored by the Company as general partner and investment manager. The Company's share of both proportionate and disproportionate allocation of returns from its interests in investment vehicles, which are accounted for under the equity method, may reflect fair value changes in the underlying investments if the investment vehicles qualify for investment company accounting. For certain equity method investments, the Company records its proportionate share of income on a one to three month lag. Distributions of operating profits from equity method investments are reported as operating activities, while distributions in excess of operating profits or those related to capital transactions, such as a financing transactions or sales, are reported as investing activities in the statement of cash flows.

Investments that do not qualify for equity method accounting are accounted for under the cost method. Dividends from cost method investments, when received, are recorded as dividend income to the extent they are not considered a return of capital; otherwise such amounts are recorded as a reduction of the cost of investment.

The Company elected the fair value option for certain cost method and equity method investments. The Company records the change in fair value of such investments in earnings from investments in unconsolidated ventures in the statements of operations.

Impairment—If indicators of impairment exist, the Company performs an evaluation of its equity method and cost method investments to assess whether the fair value of its investment is less than its carrying value. To the extent the decrease in value is considered to be other-than-temporary and an impairment has occurred, the investment is written down to its estimated fair value, recorded within earnings from investments in unconsolidated ventures.

Securities

Debt securities and marketable equity securities are recorded as of the trade date. Securities designated as available-for-sale (“AFS”) are carried at fair value with unrealized gains or losses included as a component of other comprehensive income. Upon disposition of AFS securities, the cumulative gains or losses in other comprehensive income (loss) that are realized are recognized in other gain (loss), net, on the statement of operations based on specific identification.

Dividend income—Dividend income from marketable equity securities is recognized on the ex dividend date.

Interest Income—Interest income from debt securities, including stated coupon interest payments and amortization of purchase premiums or discounts, is recognized using the effective interest method over the expected lives of the debt securities.

For beneficial interests in debt securities that are not of high credit quality (generally credit rating below AA) or that can be contractually settled such that the Company would not recover substantially all of its recorded investment, interest income is recognized as the accretable yield over the life of the securities using the effective yield method. The accretable yield is the excess of current expected cash flows to be collected over the net investment in the security, including the yield accreted to date. The Company evaluates estimated future cash flows expected to be collected on a quarterly basis, starting with the first full quarter after acquisition, or earlier if conditions indicating impairment are present. If the cash flows expected to be collected cannot be reasonably estimated, either at acquisition or in subsequent evaluation, the Company may consider placing the securities on nonaccrual, with interest income recognized using the cost recovery method.

Impairment—The Company performs an assessment, at least quarterly, to determine whether a decline in fair value below amortized cost of AFS debt securities is other than temporary. Other-than-temporary impairment ("OTTI") exists when either (i) the holder has the intent to sell the impaired security, (ii) it is more likely than not the holder will be required to sell the security, or (iii) the holder does not expect to recover the entire amortized cost of the security. For beneficial interests in debt securities that are not of high credit quality or that can be contractually settled such that the Company would not recover substantially all of its recorded investment, OTTI also exists when there has been an adverse change in cash flows expected to be collected from the last measurement date.

If the Company intends to sell the impaired security or more likely than not will be required to sell the impaired security before recovery of its amortized cost, the entire impairment amount is recognized in earnings. If the Company does not intend to sell the security and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost, the Company further evaluates the security for impairment due to credit losses. In determining whether a credit loss exists, an assessment is made of the cash flows expected to be collected from the security. The credit component of OTTI is recognized in earnings within other gain (loss), while the remaining non-credit component is recognized in other comprehensive income. The amortized cost basis of the security is written down by the amount of impairment recognized in earnings and will not be adjusted for subsequent recoveries in fair value. The difference between the new amortized cost basis and the cash flows expected to be collected will be accreted as interest income.

In assessing OTTI and estimating future expected cash flows, factors considered include, but are not limited to, credit rating of the security, financial condition of the issuer, defaults for similar securities, performance and value of assets underlying an asset-backed security.

PCI Debt Securities—Debt securities acquired that are deemed to be credit-impaired at acquisition date are recorded at their initial investment and accreted to the estimated cash flows expected to be collected as measured at acquisition date. The excess of cash flows expected to be collected, measured at acquisition date, over the estimated fair value represents the accretable yield and is recognized in interest income over the remaining life of the security using the effective yield method. The difference between contractually required payments at the acquisition date and the cash flows expected to be collected ("nonaccretable difference"), which reflects estimated future credit losses expected to be incurred over the life of the security, is not accreted to interest income nor recorded on the balance sheet. Subsequent decreases in undiscounted expected cash flows attributable to further credit deterioration as well as changes in expected timing of future cash flows can result in recognition of OTTI. Subsequent increases in expected cash flows, other than due to interest rate changes on variable rate securities, are recognized prospectively over the remaining life of the security as an adjustment to accretable yield.

Identifiable Intangibles

In a business combination or asset acquisition, the Company may recognize identifiable intangibles that meet either or both the contractual legal criterion or the separability criterion. Indefinite-lived intangibles are not subject to amortization until such time that its useful life is determined to no longer be indefinite, at which point, it will be assessed for impairment and its adjusted carrying amount amortized over its remaining useful life. Finite-lived intangibles are amortized over their useful life in a manner that reflects the pattern in which the intangible is being consumed if readily determinable, such as based upon expected cash flows; otherwise they are amortized on a straight-line basis. The useful life of all identified intangibles will be periodically reassessed and if useful life changes, the carrying amount of the intangible will be amortized prospectively over the revised useful life. Finite-lived intangibles are periodically reviewed for impairment and an impairment loss is recognized if the carrying amount of the intangible is not recoverable and exceeds its fair value. An impairment establishes a new basis for the identifiable intangibles and any impairment loss recognized is not subject to subsequent reversal.

Identifiable intangibles recognized in acquisitions of operating real estate properties generally include in-place leases, above- or below-market leases and deferred leasing costs. In-place leases generate value over and above the tangible real estate because a property that is occupied with leased space is typically worth more than a vacant building without an operating lease contract in place. The estimated fair value of acquired in-place leases is derived based on management's assessment of costs avoided from having tenants in place, including lost rental income, rent concessions and tenant allowances or reimbursements that hypothetically would be incurred to lease a vacant building to its actual existing occupancy level on the valuation date. The net amount recorded for acquired in-place leases is included in intangible assets and amortized on a straight-line basis as an increase to depreciation and amortization expense over the remaining term of the applicable leases. If an in-place lease is terminated, the unamortized portion is charged to depreciation and amortization expense.

The estimated fair value of the above- or below-market component of acquired leases represents the present value of the difference between contractual rents of acquired leases and market rents at the time of the acquisition for the remaining lease term, discounted for tenant credit risks. Above- or below-market operating lease values are amortized on a straight-line basis as a decrease or increase to rental income, respectively, over the applicable lease terms. This includes fixed rate renewal options in acquired leases that are below market, which is amortized to decrease rental income over the renewal period. Above- or below-market ground lease obligations are amortized on a straight-line basis as a decrease or increase to rent expense, respectively, over the applicable lease terms. If the above- or below-market operating lease values or above- or below-market ground lease obligations are terminated, the unamortized portion of the lease intangibles are recorded in rental income or rent expense, respectively.

Deferred leasing costs represent management's estimation of the avoided leasing commissions and legal fees associated with an existing in-place lease. The net amount is included in intangible assets and amortized on a straight-line basis as an increase to depreciation and amortization expense over the remaining term of the applicable lease.

Goodwill

Goodwill is an unidentifiable intangible asset and is recognized as a residual, generally measured as the excess of consideration transferred in a business combination over the identifiable assets acquired, liabilities assumed and noncontrolling interests in the acquiree. Goodwill is assigned to reporting units that are expected to benefit from the synergies of the business combination.

Goodwill is tested for impairment at the reporting units to which it is assigned at least on an annual basis in the fourth quarter of each year, or more frequently if events or changes in circumstances occur that would more likely than not reduce the fair value of a reporting unit below its carrying value. The assessment of goodwill for impairment may initially be performed based on qualitative factors to determine if it is more likely than not that the fair value of the reporting unit to which the goodwill is assigned is less than its carrying value. If so, a quantitative assessment is performed to determine if an impairment has occurred and to measure the impairment loss.

On October 1, 2017, the Company early adopted the new guidance which simplifies goodwill impairment assessment. Goodwill impairment is measured as the excess in carrying value over fair value of the reporting unit, with the loss recognized not to exceed the amount of goodwill assigned to that reporting unit.

Prior to October 1, 2017, the quantitative assessment was performed in a two-step process. In the first step, if the fair value of the reporting unit is less than its carrying value (including goodwill), then goodwill is considered to be impaired. In the second step, the implied fair value of goodwill is determined by comparing the fair value of the reporting unit determined in step one to the fair value of the net assets of the reporting unit as if the reporting unit was being acquired in a business combination. If the carrying value of goodwill exceeds the resulting implied fair value of goodwill, then an impairment charge is recognized for the excess.

An impairment establishes a new basis for goodwill and any impairment loss recognized is not subject to subsequent reversal. Goodwill impairment tests require judgment, including identification of reporting units, assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and determination of the fair value of each reporting unit.

Accounts Receivable and Related Allowance

Property Operating Income Receivables—The Company periodically evaluates aged receivables as well as considers the collectability of unbilled receivables for each tenant, operator, resident or guest, individually. The Company establishes an allowance when, based upon current information and events, it is probable that the Company will be unable to collect all amounts due under existing contractual terms, and the amount can be reasonably estimated.

Cost Reimbursements and Recoverable Expenses—The Company is entitled to reimbursements and/or recovers certain costs paid on behalf of the retail companies and private funds managed by the Company, which include: (i) organization and offering costs associated with the formation and offering of the retail companies not to exceed a certain percentage of the proceeds expected to be raised from the offering and excluding shares being offered pursuant to distribution reinvestment plans; (ii) direct and indirect operating costs associated with managing the operations of the retail companies; and (iii) costs incurred in performing investment due diligence. Indirect operating costs are recorded as expenses of the Company when incurred and amounts allocated and reimbursable are recorded as other income in the consolidated statements of operations. The Company facilitates the payments of organization and offering costs, due diligence costs to the extent the related investments are consummated and direct operating costs, all of which are recorded as due from affiliates on the consolidated balance sheets, until such amounts are repaid. Due diligence costs related to unconsummated investments are borne by the Company and expensed as investment, servicing and commission expense in the consolidated statement of operations. The Company assesses the collectability of such receivables considering the offering period, historical and forecasted sales of shares and capital reinvestment of the proceeds from the sale of shares under the respective offerings of the retail companies, and establishes an allowance for any balances considered not collectible.

Fixed Assets

Fixed assets of the Company are presented within other assets and carried at cost less accumulated depreciation and amortization. Ordinary repairs and maintenance are expensed as incurred. Major replacements and betterments which improve or extend the life of assets are capitalized and depreciated over their useful life. Depreciation and amortization is recognized on a straight-line basis over the estimated useful life of the assets, which range between 3 to 5 years for furniture, fixtures, equipment and capitalized software, 15 years for aircraft and over the shorter of the lease term or useful life for leasehold improvements.

Transfers of Financial Assets

Sale accounting for transfers of financial assets is limited to the transfer of an entire financial asset, a group of financial assets in their entirety, or a component of a financial asset which meets the definition of a participating interest by having characteristics that are similar to the original financial asset.

Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. If the Company has any continuing involvement, rights or obligations with the transferred financial asset (outside of standard representations and warranties), sale accounting would require that the transfer meets the following conditions: (1) the transferred asset has been legally isolated; (2) the transferee has the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred asset; and (3) the Company does not maintain effective control over the transferred asset through an agreement that provides for (a) both an entitlement and an obligation by the Company to repurchase or redeem the asset before its maturity, (b) the unilateral ability by the Company to reclaim the asset and a more than trivial benefit attributable to that ability, or (c) the transferee requiring the Company to repurchase the asset at a price so favorable to the transferee that it is probable the repurchase will occur.

If the criteria for sale accounting are met, the transferred financial asset is removed from the balance sheet and a net gain or loss is recognized upon sale, taking into account any retained interests. Transfers of financial assets that do not meet the criteria for sale are accounted for as financing transactions.

Derivative Instruments and Hedging Activities

The Company uses derivative instruments to manage its foreign currency risk and interest rate risk. The Company does not use derivative instruments for speculative or trading purposes. All derivative instruments are recorded at fair value and included in other assets or other liabilities on a gross basis on the balance sheet. The accounting for changes in fair value of derivatives depends upon whether or not the Company has elected to designate the derivative in a hedging relationship and the derivative qualifies for hedge accounting. The Company has economic hedges that have not been designated for hedge accounting.

Changes in fair value of derivatives not designated as accounting hedges are recorded in the statement of operations in other gain (loss).

For designated accounting hedges, the relationships between hedging instruments and hedged items, risk management objectives and strategies for undertaking the accounting hedges as well as the methods to assess the effectiveness of the derivative prospectively and retrospectively, are formally documented at inception. Hedge effectiveness relates to the amount by which the gain or loss on the designated derivative instrument exactly offsets the change in the hedged item attributable to the hedged risk. If it is determined that a derivative is not expected to be or has ceased to be highly effective at hedging the designated exposure, hedge accounting is discontinued.

Cash Flow Hedges—The Company uses interest rate caps and swaps to hedge its exposure to interest rate fluctuations in forecasted interest payments on floating rate debt. The effective portion of the change in fair value of the derivative is recorded in accumulated other comprehensive income, while hedge ineffectiveness is recorded in earnings. If the derivative in a cash flow hedge is terminated or the hedge designation is removed, related amounts in accumulated other comprehensive income (loss) are reclassified into earnings.

Net Investment Hedges—The Company uses foreign currency hedges to protect the value of its net investments in foreign subsidiaries or equity method investees whose functional currencies are not U.S. dollars. Changes in the fair value of derivatives used as hedges of net investment in foreign operations, to the extent effective, are recorded in the cumulative translation adjustment account within accumulated other comprehensive income (loss).

Release of accumulated other comprehensive income related to net investment hedges occurs upon losing a controlling financial interest in an investment or obtaining control over an equity method investment. Upon sale, complete or substantially complete liquidation of an investment in a foreign subsidiary, or partial sale of an equity method investment, the gain or loss on the related net investment hedge is reclassified from accumulated other comprehensive income to earnings.

Financing Costs

Debt discounts and premiums as well as debt issuance costs (except for revolving credit arrangements) are presented net against the associated debt on the balance sheet and amortized into interest expense using the effective interest method over the contractual term of the debt or expected life of the debt instrument. Costs incurred in connection with revolving credit arrangements are recorded as deferred financing costs in other assets, and amortized on a straight-line basis over the expected term of the credit facility.

Property Operating Income

Property operating income includes the following.

Rental Income—Rental income is recognized on a straight-line basis over the noncancelable term of the related lease which includes the effects of minimum rent increases and rent abatements under the lease. Rents received in advance are deferred.

When it is determined that the Company is the owner of tenant improvements, the cost to construct the tenant improvements, including costs paid for or reimbursed from the tenants, is capitalized. For Company owned tenant improvements, the amount funded by or reimbursed from the tenants are recorded as deferred revenue, which is amortized on a straight-line basis as additional rental income over the term of the related lease. Rental income recognition commences when the leased space is substantially ready for its intended use and the tenant takes possession of the leased space.

When it is determined that the tenant is the owner of tenant improvements, the Company's contribution towards those improvements is recorded as a lease incentive, included in deferred leasing costs and intangible assets on the balance sheet, and amortized as a reduction to rental income on a straight-line basis over the term of the lease. Rental income recognition commences when the tenant takes possession of the lease space.

Tenant Reimbursements—In net lease arrangements, the tenant is generally responsible for operating expenses relating to the property, including real estate taxes, property insurance, maintenance, repairs and improvements. Costs reimbursable from tenants and other recoverable costs are recognized as revenue in the period the recoverable costs are incurred. When the Company is the primary obligor with respect to purchasing goods and services for property operations and has discretion in selecting the supplier and retains credit risk, tenant reimbursement revenue and property operating expenses are presented on a gross basis in the statements of operations. For certain triple net leases where the lessee self-manages the property, hires its own service providers and retains credit risk for routine maintenance contracts, no reimbursement revenue and expense are recognized.

Resident Fee Income—Resident fee income is recorded when services are rendered and includes resident room and care charges, community fees and other resident charges, included in lease agreements. Revenue for ancillary fees is recognized as services are provided.

Hotel Operating Income—Hotel operating income includes room revenue, food and beverage sales and other ancillary services. Revenue is recognized upon occupancy of rooms, consummation of sales and provision of services.

Fee Income

Fee income consists of the following:

Base Management Fees—The Company earns base management fees for the day-to-day operations and administration of its managed private funds, traded and non-traded REITs and investment companies. Base management fees are recognized over the period in which the related services are performed in accordance with contractual terms of the underlying management agreements.

Asset Management Fees (including fees related to acquisition and disposition of investments)—The Company receives a one-time asset management fee upon closing of each investment made by certain managed private funds. In accordance with contractual terms of the underlying management and advisory agreements, a portion of asset management fees is recognized upon completion of initial underwriting, with remaining fees deferred and recognized over the holding period of each investment in which the related services are performed for each investment.

The Company also earns fees related to acquisition and disposition of investments by certain managed non-traded REITs, which are recognized upon closing of the respective acquisition or disposition of underlying investments.

Incentive Fees—The Company may earn incentive fees from its managed private funds, traded and non-traded REITs and investment companies. Incentive fees are determined based on the performance of the investment vehicles subject to the achievement of minimum return hurdles in accordance with the terms set out in the respective governing agreements. Incentive fees that take the form of a contractual arrangement with the investment vehicle and does not represent an allocation of returns among equity holders of the investment vehicle (or “contractual incentive fees”) are recognized when fixed or determinable and related contingencies have been resolved, which is generally at the end of the incentive measurement period of the respective investment vehicles. Any contractual incentive fees received prior to that date are recorded as deferred income.

Incentive fees that take the form of a disproportionate allocation of returns to the Company’s capital account within the equity structure of the investment vehicle (or “carried interests”) are accounted for as earnings from the Company’s ownership interests in the investment vehicles under the equity method, as discussed in the Company's accounting policy for investments in unconsolidated ventures.

A portion of the incentive fees earned by the Company is allocated to senior management, investment professionals and certain other employees of the Company, generally at 40%, consistent with market terms.

Advisory Fees—The Company earns advisory fees from its clients at a fixed annual retainer. Advisory fees are recognized over the period in which the related services are performed in accordance with contractual terms of the underlying advisory agreements.

Selling Commission and Dealer Manager Fees—These fees are earned by the Company for selling equity in the non-traded REITs and investment companies, and are recognized on trade date.

Other Income

Other income includes the following:

Expense Recoveries from Borrowers—Expenses, primarily legal costs incurred in administering non-performing loans and foreclosed properties held by investment entities, may be subsequently recovered through payments received when these investments are resolved. The Company recognizes income when the cost recoveries are determinable and repayment is assured.

Collateral Management Fees—These fees are earned in the Company's capacity as collateral manager or collateral manager delegate of collateralized debt obligation vehicles ("CDOs") sponsored by the Company or by third parties. Collateral management fees are recognized over the period in which the related services are performed in accordance with contractual terms of the underlying agreements. If amounts distributable on any payment date are insufficient to pay the collateral management fees according to the priority of payments, any shortfall is deferred and payable on subsequent payment dates. Collateral management fees earned from consolidated CDOs are eliminated in consolidation.

Cost Reimbursements from Affiliates—For various services provided to certain affiliates, including managed investment vehicles, the Company is entitled to receive reimbursements of expenses incurred, generally based on expenses that are directly attributable to providing those services and/or a portion of overhead costs. The Company acts in the capacity of a principal under these arrangements. Accordingly, the Company records the expenses and corresponding reimbursement income on a gross basis in the period the services are rendered and costs are incurred.

Compensation

Compensation comprises salaries, bonus including discretionary awards and contractual amounts for certain senior executives, benefits, severance payments and equity-based compensation. Bonus is accrued over the employment period to which it relates.

Equity-Based Compensation

Equity-classified stock awards granted to employees that have a service condition only are measured at fair value at date of grant and remeasured at fair value only upon a modification of the award. Stock awards granted to non-employees that have a service condition only are remeasured at fair value at the end of each reporting period until the award is fully vested. Fair value is determined based on the closing price of the Company's class A common stock at date of grant or date of remeasurement. The Company recognizes compensation expense on a straight-line basis over the requisite service period of the awards, with the amount of compensation expense recognized at the end of a reporting period at least equal to the fair value of the portion of the award that has vested through that date. Compensation expense is adjusted for actual forfeitures upon occurrence.

Income Taxes

A REIT is generally not subject to corporate-level federal and state income tax on net income it distributes to its stockholders. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to distribute at least 90% of its REIT taxable income to its stockholders. If the Company fails to qualify as a REIT in any taxable year and if the statutory relief provisions were not to apply, the Company would be subject to federal and state income taxes at regular corporate rates (including any applicable alternative minimum tax for the taxable year ended December 31, 2017) and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies as a REIT, it and its subsidiaries may be subject to certain U.S federal, state and local as well as foreign taxes on its income and property and to U.S federal income and excise taxes on its undistributed taxable income.

The Company has elected or may elect to treat certain of its existing or newly created corporate subsidiaries as taxable REIT subsidiaries (each a “TRS”). In general, a TRS may perform non-customary services for tenants of the REIT, hold assets that the REIT cannot or does not intend to hold directly and, subject to certain exceptions related to hotels and healthcare properties, may engage in any real estate or non-real estate related business. The Company uses TRS entities to conduct certain activities that cannot be conducted directly by a REIT, such as investment management, property management including hotel and healthcare operations as well as loan servicing and workout activities. A TRS is treated as a regular, taxable corporation for U.S income tax purposes and therefore, is subject to U.S federal corporate tax on its income and property.

Deferred Income Taxes—The provision for income taxes includes current and deferred portions. The current income tax provision differs from the amount of income tax currently payable because of temporary differences in the recognition of certain income and expense items between financial reporting and income tax reporting. The Company uses the asset and liability method to provide for income taxes, which requires that the Company's income tax expense reflect the expected future tax consequences of temporary differences between the carrying amounts of assets or liabilities for financial reporting versus income tax purposes. Accordingly, a deferred tax asset or liability for each temporary difference is determined based on enacted tax rates that the Company expects to be in effect when the underlying items of income and expense are realized and the differences reverse. A deferred tax asset is also recognized for net operating loss carryforwards and the income tax effect of accumulated other comprehensive income items of the TRS and foreign taxable entities. A valuation allowance for deferred tax assets is established if the Company believes it is more likely than not that all or some portion of the deferred tax assets will not be realized. Realization of deferred tax assets is dependent on the Company's TRS and foreign taxable entities generating sufficient taxable income in future periods or employing certain tax planning strategies to realize such deferred tax assets.

Uncertain Tax Positions—Income tax benefits are recognized for uncertain tax positions that are more likely than not to be sustained based solely on their technical merits. Such uncertain tax positions are measured as the largest amount of benefit that is more likely than not to be realized upon settlement. The difference between the benefit recognized and the tax benefit claimed on a tax return results in an unrecognized tax benefit. The Company periodically evaluates whether it is more likely than not that its uncertain tax positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations.

Earnings Per Share

The Company calculates basic earnings per share using the two-class method which defines unvested share based payment awards that contain nonforfeitable rights to dividends as participating securities. The two-class method is an allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. Earnings per common share is calculated by dividing earnings allocated to common shareholders by the weighted-average number of common shares outstanding during the period.

Diluted earnings per common share is based on the weighted-average number of common shares and the effect of potentially dilutive common share equivalents outstanding during the period. Potentially dilutive common share equivalents include shares to be issued upon the assumed conversion of the Company's outstanding convertible notes, which are included under the if-converted method when dilutive. The earnings allocated to common shareholders is adjusted to add back the after-tax amount of interest expense associated with the convertible notes, except when doing so would be antidilutive.

Reclassifications

Certain prior period amounts on the balance sheet and statement of cash flows have been reclassified to conform to current period presentation for the combined company. Significant reclassifications include presentation of all assets held for sale and related liabilities separately on the consolidated balance sheet as well as the presentation of preferred stock at carrying value, which was previously presented at par. Additionally, $2.4 million was reclassified in 2015 from bad debt expense included in investment, servicing and commission expense to provision for loan losses on the consolidated statement of operations. On the consolidated balance sheet, the same amount was reclassified from allowance for bad debts, which was netted against other assets, to allowance for loan losses, which is netted against loans receivable. Such reclassifications did not have a material effect on the Company's financial position, results of operations or its cash flows.

Accounting Standards Adopted in 2017

Equity-Based Compensation—In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2016-09, Improvements to Share-Based Payment Accounting, which amends certain aspects of accounting for share based payments to employees. This includes accounting for income tax effects in the income statement, increasing the fair value of shares applied for income tax withholding without triggering liability accounting, allowing forfeitures related to service condition to be recognized upon occurrence, as well as changes in cash flow classifications. This guidance may be adopted prospectively or on a modified retrospective transition basis depending on the requirements of each provision. ASU No. 2016-09 is effective for fiscal years and interim periods beginning after December 15, 2016. The Company adopted this new guidance prospectively on January 1, 2017. The Company has made a policy election to account for forfeitures upon occurrence. The adoption of this standard did not have a material impact on the Company's financial condition, results of operations or cash flows.

Modification of Equity-Based Awards—In May 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation (Topic 718), Scope of Modification Accounting, which limits the scope of modification accounting for equity-based awards. Modification accounting would not be applied if the fair value, vesting conditions and classification of the award as an equity or liability instrument are the same immediately before and after the modification. In assessing the fair value criterion, if the modification does not affect any of the inputs to the valuation technique used to value the award, then an actual estimate of fair value before and after the modification is not required. Disclosure of significant changes to the terms and conditions of a modified equity award continues to be required even if modification accounting is not applied. ASU 2017-09 is effective for fiscal years beginning after December 15, 2017, to be applied prospectively to awards modified on or after the adoption date. Early adoption is permitted in any interim period for which financial statements have not yet been issued. The adoption of this guidance would limit instances of incremental compensation cost being recognized when a non-substantive change is made to an equity award, which under modification accounting, would have otherwise resulted in a remeasurement of the award at a higher fair value on modification date. The Company adopted this guidance prospectively on April 1, 2017. There were no award modifications subsequent to adoption.

Goodwill Impairment—In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which removes the second step of the goodwill impairment test that requires a hypothetical purchase price allocation. Goodwill impairment is now measured as the excess in carrying value over fair value of the reporting unit, with the loss recognized not to exceed the amount of goodwill assigned to that reporting unit. The one step impairment test will also be applied to goodwill at reporting units that have zero or negative carrying values, with a disclosure of the amount of goodwill at the reporting units. The Company early adopted this new guidance as of October 1, 2017 for its annual goodwill impairment assessment.

Future Application of Accounting Standards

Revenue Recognition—In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which amends existing revenue recognition standards by establishing principles for a single comprehensive model for revenue measurement and recognition, along with enhanced disclosure requirements. Key provisions include, but are not limited to, determining which goods or services are capable of being distinct in a contract to be accounted for separately as a performance obligation and recognizing variable consideration only to the extent that it is probable a significant revenue reversal would not occur. The new revenue standard may be applied retrospectively to each prior period presented (full retrospective) or retrospectively to contracts not completed as of date of initial application with the cumulative effect recognized in retained earnings (modified retrospective). ASU No. 2014-09 is effective for fiscal years and interim periods beginning after December 15, 2017. The FASB has subsequently issued several amendments to the standard, including clarifying the guidance on assessing principal versus agent based on the notion of control, which affects recognition of revenue on a gross or net basis. These amendments have the same effective date and transition requirements as the new standard.

The Company plans to adopt the standard on its required effective date of January 1, 2018 using the modified retrospective approach, to be applied to contracts not yet completed as of date of adoption. The standard excludes from its scope accounting for financial instruments and leases, but is applicable to certain property operating income and fee income streams of the Company as discussed below. Separately, the Company continues to evaluate the principal versus agent considerations under the guidance which would affect whether certain cost reimbursement arrangements with investment vehicles managed by the Company would be reported gross or net on the statement of operations.

Resident Fee Income—The Company operates a portfolio of independent living, assisted living and skilled nursing facilities in its healthcare segment. The Company has determined that independent living and assisted living agreements are leases subject to the leasing standard, while certain agreements within skilled nursing facilities, which entitle residents to reside in the community rather than an explicitly or implicitly identified unit, are not leases. Revenue for services provided within skilled nursing facilities, whether they are routine services such as room and bed maintenance, nursing, dietary services, and resident activities or programs, or separately covered services such as those ordered by physicians, are satisfied over the duration of care. These services are a series of distinct services satisfied over time, and revenue is recognized monthly based on the number of days in the month services are provided. The Company does not expect any significant changes to revenue recognized for such services provided within the skilled nursing facilities.

Hotel Operating Income—Revenue is recognized upon occupancy of rooms, consummation of sales and provision of services. The Company does not expect any significant change to revenue recognized under the new guidance as revenue is recognized over time based on the transaction price.

Base Management Fees—The Company earns base management fees for the day-to-day operations and administration of its managed private funds, traded and non-traded REITS and investment companies. The Company determined that there would be no change to revenue recognition for base management fees as the underlying services consist of a series of distinct services satisfied over time, in which revenue is recognized monthly over the life of the fund based on the number of days in the month services are provided.

Asset Management Fees—The Company receives a one-time asset management fee upon closing of each investment made by certain managed private funds. Currently, a portion of asset management fees is recognized upon completion of initial underwriting, with remaining fees deferred and recognized over the holding period of each investment. Under the new guidance, the Company determined that the underlying service of managing the investments of the funds consist of a series of distinct services satisfied over time, in which revenue will be recognized monthly over the life of each investment based on the number of days in the month the service is provided. As a result of the change in revenue recognition under the new standard, the Company estimated a cumulative impact of approximately $1.6 million to be adjusted as a reduction to retained earnings on January 1, 2018.

The Company also receives fees related to acquisition and disposition of investments by certain managed non-traded REITs. The Company determined that there would be no change to revenue recognition as acquisition and disposition fees are earned at a point in time upon closing of the respective acquisition or disposition of underlying investments.

Incentive Fees—The Company may earn incentive fees from its managed private funds, traded and non-traded REITs. Incentive fees are determined based on the performance of the investment vehicles subject to the achievement of certain return hurdles.

Incentive fees that take the form of a contractual arrangement with the investment vehicle and does not represent an allocation of returns among equity holders of the investment vehicle (or “contractual incentive fees”) are within the scope of the new revenue standard. The Company currently recognizes contractual incentive fees when it is fixed or determinable and related contingencies have been resolved, which is generally at the end of the incentive measurement period of the respective investment vehicles. Under the new revenue guidance, contractual incentive fees are a form of variable consideration and will be recognized when it is probable that a significant reversal of the cumulative revenue recognized will not occur, which may result in earlier recognition of revenue relative to the Company’s existing policy. There is no cumulative impact as of January 1, 2018.

Incentive fees that take the form of a disproportionate allocation of returns to the Company’s capital account within the equity structure of the investment vehicle (or “carried interests”) are outside the scope of the new revenue standard. Carried interests are financial instruments and accounted for as earnings from the Company’s ownership interests in the investment vehicles under the equity method. As carried interest represents income from equity method investments, it is presented, along with other proportionate allocation of returns based on the Company’s ownership interests in the investment vehicles, in earnings from unconsolidated investment ventures on the statement of operations. Adoption of the new standard does not have an impact to the Company's recognition of carried interests.

Financial Instruments—In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, which affects accounting for investments in equity securities, financial liabilities under the fair value option, as well as presentation and disclosures, but does not affect accounting for investments in debt securities and loans. Investments in equity securities, other than equity method investments, will be measured at fair value through earnings, except for equity securities without readily determinable fair values which may be measured at cost less impairment and adjusted for observable price changes, unless these equity securities qualify for the net asset value ("NAV") practical expedient. This provision eliminates cost method accounting and recognition of unrealized holding gains or losses on equity investments in other comprehensive income. For financial liabilities under the fair value option, changes in fair value resulting from the Company's own instrument-specific credit risk will be recorded separately in other comprehensive income. Fair value disclosures of financial instruments measured at amortized cost will be based on exit price and corresponding disclosures of valuation methodology and significant inputs will no longer be required. ASU No. 2016-01 is effective for fiscal years and interim periods beginning after December 15, 2017. Early adoption is limited to specific provisions. ASU 2016-01 is to be applied retrospectively with cumulative effect as of the beginning of the first reporting period adopted recognized in retained earnings, except for provisions related to equity investments without readily determinable fair values and exit price fair value disclosures for financial instruments measured at amortized cost, which are to be applied prospectively.

The Company plans to adopt the new guidance on its required effective date of January 1, 2018. In connection with the adoption, the Company will elect the NAV practical expedient to measure its current cost method investments in non-traded REITs and partnership interests in Townsend private funds based on their respective NAV per share. The Company is currently quantifying the cumulative impact of this adjustment to its retained earnings on January 1, 2018. The new standard does not affect equity securities held by the Company's consolidated fund in which the Company has retained the fund's investment company accounting, and limited partnership interests in third party private funds in which the Company had elected fair value option, as in both instances, unrealized fair value gains or losses are currently recorded in earnings. The Company's remaining cost method investments do not have readily determinable fair values, and to the extent the Company becomes aware of observable price changes in the future, the Company will adjust the carrying value of these cost method investments through earnings.

Leases—In February 2016, the FASB issued ASU No. 2016-02, Leases, which amends existing lease accounting standards, primarily requiring lessees to recognize most leases on balance sheet, as well as making targeted changes to lessor accounting. ASU No. 2016-02 is effective for fiscal years and interim periods beginning after December 15, 2018. Early adoption is permitted. The new leases standard requires adoption using a modified retrospective approach for all leases existing at, or entered into after, the date of initial application. Full retrospective application is prohibited. The FASB has subsequently issued and proposed several amendments to the standard, including a proposal to provide optional transitional relief to apply the effective date of the new lease standard as the date of initial application in transition instead of the earliest comparative period presented, as well as to provide certain practical expedients, which include not segregating non-lease components from the related lease components but to account for those components as a single lease component by class of underlying assets.

The Company will adopt the new lease standard on its effective date of January 1, 2019 and adopt the package of practical expedients under the guidance, which exempts the Company from having to reassess whether any expired or expiring contracts contain leases, revisit lease classification for any expired or expiring leases and reassess initial direct costs for any existing leases.

If the proposed amendments by the FASB are approved, the Company expects to adopt the transition option, in which case, the cumulative effect adjustment to the opening balance of retained earnings will be recognized as of the effective date (i.e., on January 1, 2019) rather than as of the earliest period presented, and similarly, new disclosures under the standard will be made for periods beginning January 1, 2019, and not required for prior comparative periods. In addition, the Company expects to make an accounting policy election to treat lease and related non-lease components in a contract as a single performance obligation to the extent that the timing and pattern of revenue recognition are the same for the lease and non-lease components and the combined single lease component is classified as an operating lease.

As the new lease standard requires congruous accounting treatment between lessor and lessee in a sale leaseback transaction, if the seller/lessee does not achieve sale accounting, it would be considered a financing transaction to the Company, as the buyer/lessor. As lessee, the Company will recognize a right of use asset and corresponding liability for future obligations under its leasing arrangements, such as ground leases and office leases, which as of December 31, 2017, have future contractual payments of $185.0 million and $74.2 million, respectively. Additionally, under the new lease standard, only incremental initial direct costs incurred in the execution of a lease can be capitalized by the lessor and lessee. The Company continues to evaluate the impact of this guidance on its financial statements.

Credit Losses—In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses, which amends the credit impairment model for financial instruments. The existing incurred loss model will be replaced with a lifetime current expected credit loss ("CECL") model for financial instruments carried at amortized cost and off-balance sheet credit exposures, such as loans, loan commitments, held-to-maturity ("HTM") debt securities, financial guarantees, net investment in leases, reinsurance and trade receivables, which will generally result in earlier recognition of allowance for losses. For AFS debt securities, unrealized credit losses will be recognized as allowances rather than reductions in amortized cost basis and elimination of the OTTI concept will result in more frequent estimation of credit losses. The accounting model for purchased credit-impaired loans and debt securities will be simplified, including elimination of some of the asymmetrical treatment between credit losses and credit recoveries, to be consistent with the CECL model for originated and purchased non-credit-impaired assets. The existing model for beneficial interests that are not of high credit quality will be amended to conform to the new impairment models for HTM and AFS debt securities. Expanded disclosures on credit risk include credit quality indicators by vintage for financing receivables and net investment in leases. Transition will generally be on a modified retrospective basis, with prospective application for other than temporarily impaired debt securities and purchased credit-impaired assets. ASU No. 2016-13 is effective for fiscal years and interim periods beginning after December 15, 2019. Early adoption is permitted for annual and interim periods beginning after December 15, 2018. The Company expects that recognition of credit losses will generally be accelerated under the CECL model. Evaluation of the impact of this new guidance is ongoing.

Cash Flow Classifications—In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments, which is intended to reduce diversity in practice in certain classifications on the statement of cash flows. This guidance addresses eight types of cash flows, which includes clarifying how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows, as well as requiring an accounting policy election for classification of distributions received from equity method investees using either the cumulative earnings or nature of distributions approach, among others. Transition will generally be on a retrospective basis. ASU No. 2016-15 is effective for fiscal years and interim periods beginning after December 15, 2017. Early adoption is permitted, provided that all amendments within the guidance are adopted in the same period. The Company anticipates making an accounting policy election for classification of distributions from its equity method investees using the cumulative earnings approach. The Company does not expect the adoption of this standard to have a material effect on presentation in its statement of cash flows.

Restricted Cash—In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows: Restricted Cash, which requires that cash and cash equivalent balances in the statement of cash flows include restricted cash and restricted cash equivalent amounts, and therefore, changes in restricted cash and restricted cash equivalents be presented in the statement of cash flows. This will eliminate the presentation of transfers between cash and cash equivalents with restricted cash and restricted cash equivalents in the statement of cash flows. When cash, cash equivalents, restricted cash and restricted cash equivalents are presented in more than one line item on the balance sheet, this ASU requires disclosure of a reconciliation between the totals in the statement of cash flows and the related captions in the balance sheet. The new guidance also requires disclosure of the nature of restricted cash and restricted cash equivalents, similar to existing requirements under Regulation S-X; however, it does not define restricted cash and restricted cash equivalents. ASU No. 2016-18 is effective for fiscal years and interim periods beginning after December 15, 2017, to be applied retrospectively, with early adoption permitted. If early adopted in an interim period, adjustments are to be reflected as of the beginning of the fiscal year of adoption. The Company has restricted cash of $471.1 million and $112.0 million at December 31, 2017 and 2016, respectively, that will be subject to changes in presentation in the statement of cash flows upon adoption of the new standard on January 1, 2018.

Derecognition and Partial Sales of Nonfinancial Assets—In February 2017, the FASB issued ASU 2017-05, Clarifying the Scope of Asset Derecognition and Accounting for Partial Sales of Nonfinancial Assets, which clarifies the scope and application of Accounting Standards Codification ("ASC") 610-20, Other Income—Gains and Losses from Derecognition of Nonfinancial Assets, and defines in substance nonfinancial assets. ASC 610-20 applies to derecognition of all nonfinancial assets which are not contracts with customers or revenue transactions under ASC 606, Revenue from Contracts with Customers. Derecognition of a business is governed by ASC 810, Consolidation, while derecognition of financial assets, including equity method investments, even if the investee holds predominantly nonfinancial assets, is governed by ASC 860, Transfers and Servicing. The ASU also aligns the accounting for partial sales of nonfinancial assets to be more consistent with accounting for sale of a business. Specifically, in a partial sale to a noncustomer, when a noncontrolling interest is received or retained, the latter is considered a noncash consideration and measured at fair value in accordance with ASC 606, which would result in full gain or loss recognized upon sale. This ASU removes guidance on partial exchanges of nonfinancial assets in ASC 845, Nonmonetary Transactions, and eliminates the real estate sales guidance in ASC 360-20, Property, Plant and Equipment—Real Estate Sales. ASU 2017-05 has the same effective date as the new revenue guidance, which is January 1, 2018, with early adoption permitted beginning January 1, 2017. Both ASC 606 and ASC 610-20 must be adopted concurrently. While the transition method is similar to the new revenue guidance, either full retrospective or modified retrospective, the transition approach applied need not be aligned between both standards.

The Company plans to adopt this standard on January 1, 2018, consistent with its adoption of the new revenue standard, using the modified retrospective approach. Under the new standard, if the Company sells a partial interest in its real estate assets to noncustomers or contributes real estate assets to unconsolidated ventures, and the Company retains a noncontrolling interest in the asset, such transactions could result in a larger gain on sale. The adoption of this standard could have a material impact to the Company's results of operations in a period if the Company sells a significant partial interest in a real estate asset. There were no such sales in the year ended December 31, 2017.

Hedge Accounting—In August 2017, the FASB issued ASU No. 2017-12, Targeted Improvements to Accounting for Hedging Activities, which simplifies and expands the application of hedge accounting. This standard amends hedge accounting recognition and presentation, including eliminating the requirement to separately measure and present hedge ineffectiveness as well as presenting the entire fair value change of a hedging instrument in the same income statement line as the hedged item. The new guidance also provides alternatives for applying hedge accounting to additional hedging strategies, and easing requirements for effectiveness testing and hedging documentation, although the "highly effective" threshold for a qualifying hedging relationship has not changed. Revised disclosures include tabular disclosures that focus on the effect of hedge accounting by income statement line item. Transition will generally be on a modified retrospective basis applied to existing hedging relationships as of date of adoption, with prospective application for income statement presentation and disclosure, and specific transition elections are available to modify existing hedge documentation. ASU 2017-12 is effective for fiscal years and interim periods beginning after December 15, 2019. Early adoption is permitted, with adjustments to be reflected as of the beginning of the fiscal year of adoption if early adopted in an interim period.

The Company plans to adopt the standard on its effective date. Upon adoption, as it relates to the Company’s cash flow and net investment hedges, the Company will record the entire change in fair value of the hedging instrument (other than amounts excluded from assessment of hedge effectiveness for net investment hedges) in other comprehensive income and there will be no hedge ineffectiveness recorded in earnings. Additionally, subsequent to initial quantitative hedge assessment, the Company may elect to perform effectiveness testing qualitatively so long as the Company can reasonably support an expectation that the hedge is highly effective now and in subsequent periods. As the standard allows more flexibility in hedging interest rate risk in cash flow hedges beyond a specified benchmark rate, the Company may be able to designate in the future other contractually specified variable interest rate as the hedged risk, which if effective, could decrease fluctuations in earnings. The Company continues to evaluate the impact of this new guidance but at this time, does not expect the adoption of this standard to have a material effect on its financial condition or results of operations.

Business Combinations

12 Months Ended

Dec. 31, 2017

Business Combinations [Abstract]

Business Combinations

Merger with NSAM and NRF

On the Closing Date, the Merger of NSAM, Colony and NRF was completed in an all-stock exchange to create Colony NorthStar.

The Merger was accomplished through a series of transactions. On the Closing Date, NSAM merged with and into Colony NorthStar in order to redomesticate NSAM as a Maryland corporation, followed by a series of internal reorganization transactions with subsidiaries of NRF resulting in NRF becoming a subsidiary of Colony NorthStar, and the merger of Colony into Colony NorthStar, with Colony NorthStar surviving as the combined company.

Upon the closing of the Merger, NSAM outstanding common stock was converted into Colony NorthStar common stock, and the outstanding common stock and preferred stock of NRF and Colony were converted into the right to receive shares of common stock and preferred stock of Colony NorthStar at pre-determined exchange ratios.

The specific exchanges of common stock and preferred stock as a result of the Merger were as follows:


•	Each share of NSAM common stock and performance common stock issued and outstanding immediately prior to the effective time of the Merger was canceled and converted into one share of Colony NorthStar class A common stock and performance common stock, respectively;


•	Each share of class A and class B common stock of Colony issued and outstanding immediately prior to the effective time of the Merger was canceled and converted into the right to receive 1.4663 shares of Colony NorthStar class A and class B common stock for each share of Colony's class A and class B common stock;


•	Each share of common stock of NRF issued and outstanding prior to the effective time of the Merger was canceled and converted into the right to receive 1.0996 shares of Colony NorthStar class A common stock for each share of NRF common stock;

•

Each share of each series of the preferred stock of Colony and of NRF issued and outstanding immediately prior to the effective time of the Merger was canceled and converted into the right to receive one share of a corresponding series of Colony NorthStar preferred stock with substantially identical preferences, conversion and other rights, voting powers, restrictions, limitations as to dividend, qualification and terms and conditions of redemption; and


•	Concurrently, the OP issued OP Units to equal the number of OP membership units outstanding on the day prior to the closing of the Merger multiplied by the exchange ratio of 1.4663.

Upon consummation of the Merger, the former stockholders of Colony, NSAM and NRF owned, or had the right to own, approximately 33.25%, 32.85% and 33.90%, respectively, of Colony NorthStar, on a fully diluted basis, excluding the effect of certain equity-based awards issued in 2017 in connection with the Merger.

The Merger is accounted for as a reverse acquisition, with NSAM as the legal acquirer for certain legal and regulatory matters and Colony as the accounting acquirer for purposes of the financial information set forth herein. See Note 2 for further discussion on the accounting treatment of the Merger.

Merger Consideration

As the Merger is accounted for as a reverse acquisition, the fair value of the consideration transferred in common stock was measured based upon the number of shares of common stock that Colony, as the accounting acquirer, would theoretically have issued to the shareholders of NSAM and NRF to achieve the same ratio of ownership in Colony NorthStar upon completion of the Merger, multiplied by the closing price of Colony class A common stock of $21.52 on the Closing Date. As a result, the implied shares of Colony common stock issued in consideration was computed as the number of outstanding shares of NSAM and NRF common stock prior to the Closing Date divided by the exchange ratios of 1.4663 and 1.3335, respectively.

Substantially all NSAM and NRF equity awards outstanding on the Closing Date vested upon consummation of the Merger. As Colony NorthStar issued its common stock upon consummation of the Merger and settlement of these equity awards relate to pre-Merger services, these equity awards were included in the outstanding shares of NSAM and NRF common stock used to determine the merger consideration.

NSAM and NRF equity awards outstanding on the Closing Date that did not vest upon consummation of the Merger were assumed by Colony NorthStar through the conversion of such equity awards into comparable Colony NorthStar equity awards with substantially the same vesting terms pre-Merger. The portion of the replacement awards attributable to pre-Merger services forms part of the merger consideration, while the portion attributable to post-Merger services is recognized prospectively as compensation expense of Colony NorthStar in the post-Merger period.

The Colony NorthStar preferred stock issued as merger consideration upon the closing of the Merger to the holders of NRF preferred stock was on a one-for-one basis.

The Company assumed certain liabilities of NSAM and NRF which arose as a result of the Merger and were settled shortly after the Closing Date. These amounts included approximately $226.1 million which was paid to former NSAM stockholders, representing a one-time special dividend, and approximately $78.9 million in payroll taxes representing shares that were canceled and remitted to taxing authorities on behalf of employees whose equity-based compensation was accelerated and fully vested on the Closing Date. These amounts, net of $260.6 million of cash assumed, are presented as investing cash outflows in the consolidated statement of cash flows.

Fair value of the merger consideration was determined as follows:



(In thousands, except price per share)	NSAM			NRF		Total
Outstanding shares of common stock prior to closing of the Merger	190,202			183,147
Replacement equity-based awards attributable to pre-combination services⁽ⁱ⁾	300			150
	190,502			183,297
Exchange ratio⁽ⁱⁱ⁾	1.4663			1.3335
Implied shares of Colony common stock issued in consideration	129,920			137,456		267,376
Price per share of Colony class A common stock	$	21.52		$	21.52	$	21.52
Fair value of implied shares of Colony common stock issued in consideration	$	2,795,890		$	2,958,039	$	5,753,929
Fair value of Colony NorthStar preferred stock issued⁽ⁱⁱⁱ⁾	—			1,010,320		1,010,320
Fair value of NRF stock owned by NSAM ^(iv)	(43,795		)	—		(43,795		)
Total merger consideration	$	2,752,095		$	3,968,359	$	6,720,454

__________


(i)	Represents the portion of non-employee restricted stock unit awards that did not vest upon consummation of the Merger and pertains to services rendered prior to the Merger.


(ii)	Represents (a) the pre-determined exchange ratio of one share of Colony common stock for 1.4663 shares of Colony NorthStar common stock; and (b) the derived exchange ratio of one share of Colony common stock for 1.3335 shares of NRF common stock based on the pre-determined exchange ratio of one NRF share of common stock for 1.0996 shares of Colony NorthStar common stock.


(iii)	Fair value of Colony NorthStar preferred stock issued was measured based on the shares of NRF preferred stock outstanding at the Closing Date and the closing traded price of the respective series of NRF preferred stock on the Closing Date, including accrued dividends, as follows:



(In thousands, except price per share)	Number of Shares Outstanding	Price Per Share		Fair Value
NRF preferred stock
Series A 8.75%	2,467	$	25.61	$	63,182
Series B 8.25%	13,999	25.15		352,004
Series C 8.875%	5,000	25.80		128,995
Series D 8.50%	8,000	25.82		206,597
Series E 8.75%	10,000	25.95		259,542
Fair value of Colony NorthStar preferred stock issued	39,466			$	1,010,320


(iv)	Represents 2.7 million shares of NRF common stock owned by NSAM prior to the Merger and canceled upon consummation of the Merger, valued at the closing price of NRF common stock of $16.13 on the Closing Date.

The following table presents the final allocation of the merger consideration to assets acquired, liabilities assumed and noncontrolling interests of NSAM and NRF based on their respective estimated fair values as of the Closing Date. The resulting goodwill represents the value expected from the economies of scale and synergies created through combining the operations of the merged entities, and is assigned to the investment management segment.

The estimated fair values and allocation of the merger consideration are subject to adjustments during the measurement period, not to exceed one year, based upon new information obtained about facts and circumstances that existed as of the Closing Date. During the fourth quarter of 2017, adjustments were made to the valuation and underlying assumptions pertaining to certain NRF assets and liabilities, in particular investments in third party funds, securities and tax liabilities based on tax returns, and the corresponding effect on the estimated fair value of the off-market component of the management agreement.



	As Reported at September 30, 2017						Measurement Period Adjustments						Final Adjusted Amounts at December 31, 2017
(In thousands)	NSAM		NRF		Total		NSAM			NRF			Total
Assets
Cash and cash equivalents	$	152,858	$	107,751	$	260,609	$	—		$	—		$	260,609
Restricted cash	18,052		158,762		176,814		—			—			176,814
Real estate	—		9,874,912		9,874,912		—			(506		)	9,874,406
Loans receivable	28,485		331,056		359,541		—			—			359,541
Investments in unconsolidated ventures	76,671		587,468		664,139		—			(43,357		)	620,782
Securities	3,065		433,850		436,915		—			(6,290		)	430,625
Identifiable intangible assets	661,556		351,736		1,013,292		—			815			1,014,107
Management agreement between NSAM and NRF	1,555,830		—		1,555,830		(41,745		)	—			1,514,085
Assets held for sale	—		2,096,671		2,096,671		—			—			2,096,671
Other assets	93,455		682,337		775,792		—			(1,334		)	774,458
Total assets	2,589,972		14,624,543		17,214,515		(41,745		)	(50,672		)	17,122,098
Liabilities
Debt	—		6,723,222		6,723,222		—			—			6,723,222
Intangible liabilities	—		213,218		213,218		—			—			213,218
Management agreement between NSAM and NRF	—		1,555,830		1,555,830		—			(41,745		)	1,514,085
Liabilities related to assets held for sale	—		1,281,406		1,281,406		—			—			1,281,406
Tax liabilities	169,387		69,373		238,760		—			(8,927		)	229,833
Accrued and other liabilities	979,969		307,450		1,287,419		—			—			1,287,419
Total liabilities	1,149,356		10,150,499		11,299,855		—			(50,672		)	11,249,183
Redeemable noncontrolling interests	78,843		—		78,843		—			—			78,843
Noncontrolling interests—investment entities	—		505,685		505,685		—			—			505,685
Noncontrolling interests—Operating Company	8,162		—		8,162		—			—			8,162
Fair value of net assets acquired	$	1,353,611	$	3,968,359	$	5,321,970	$	(41,745	)	$	—		$	5,280,225

Merger consideration	2,752,095		3,968,359		6,720,454		—			—			6,720,454
Goodwill	$	1,398,484	$	—	$	1,398,484	$	41,745		$	—		$	1,440,229

The Merger effectively resulted in the settlement of the pre-merger management agreement between NSAM and NRF. The terms of the management agreement were determined to be off-market when compared to the terms of similar management agreements of other externally managed mortgage and equity REITs. The off-market component was valued at $1.5 billion based on a discounted cash flow analysis using a discount rate of 10%, and recorded as an intangible asset attributed to NSAM and a corresponding intangible liability attributed to NRF, in each case as of the Closing Date. Upon settlement of the management agreement, the intangible asset and the corresponding intangible liability were eliminated. No net gain or loss was recognized by Colony NorthStar from the settlement.

Certain deferred tax liabilities were recognized in connection with the Merger, related primarily to NSAM's investment management contract intangible assets and basis differences in NRF's real estate assets in the United Kingdom arising from recording those assets at fair value on the Closing Date.

Fair value of other assets acquired, liabilities assumed and noncontrolling interests were estimated as follows:

Real Estate and Related Intangibles—Fair value is based on the income approach which includes a direct capitalization method, applying overall capitalization rates ranging between 4.4% and 12.5%. For real estate held for sale, fair value was determined based on contracted sale price or a sales comparison approach, adjusted for estimated selling costs. Real estate fair value was allocated to tangible assets such as land, building and leaseholds, tenant and land improvements as well as identified intangible assets and liabilities such as above- and below-market leases, below-market ground lease obligations and in-place lease value. Useful lives of the intangibles acquired range from 6 to 90 years for ground lease obligations and 1 to 17 years for all other real estate related intangibles.

Loans Receivable—Fair value is determined by comparing the current yield to the estimated yield for newly originated loans with similar credit risk or the market yield at which a third party might expect to purchase such investment; or based on discounted cash flow projections of principal and interest expected to be collected, which include consideration of borrower or sponsor credit, as well as operating results of the underlying collateral. For certain loans receivable considered to be impaired, their carrying value approximated fair value.

Investments in Unconsolidated Ventures—Fair value is based on timing and amount of expected future cash flows for income as well as realization events of the underlying assets of the investees, and for certain investments in funds, a proportionate share of its most recent net asset value.

Securities—Fair value is based on quotations from brokers or financial institutions that act as underwriters of the debt securities, third-party pricing service or discounted cash flows depending on the type of debt securities. Fair value of NorthStar Realty Europe Corp ("NRE") common stock is based on the closing stock price on the Closing Date.

Investment Management Related Intangible Assets—These consist primarily of management contracts, customer relationships, trade names and the broker-dealer license, including those related to an 84% interest acquired by NSAM in January 2016 in Townsend, which provides real estate investment management and advisory services. The fair value of management contracts represents the discounted excess earnings attributable to the future management fee income from in-place management contracts, with discount rates ranging between 8% and 10%. The management contracts have useful lives ranging from 2 years to 18 years. The fair value of customer relationships represents the potential fee income from repeat customers through future sponsored investment vehicles, with the useful lives of such vehicles ranging from 20 to 30 years. The trade names of NSAM and Townsend were valued as the discounted savings of royalty fees by applying a royalty rate of 1.5% and 2%, respectively, against expected fee income, and have useful lives of 20 years and 30 years, respectively. The fair value of NSAM's broker-dealer license represents the estimated cost of obtaining a license. On December 29, 2017, the Company sold its 84% interest in Townsend.

Debt—Fair value of exchangeable notes was determined based on unadjusted quoted prices in a non-active market. Fair value of mortgage and other notes payable was estimated by reviewing rates currently available with similar terms and remaining maturities. Fair value of securitization bonds payable was based on quotations from brokers or financial institutions that act as underwriters of the securitized bonds. Fair value of junior subordinated debt was based on unadjusted quotations from a third party valuation firm, with such quotes derived using a combination of internal valuation models, comparable trades in non-active markets and other market data.

Noncontrolling Interests—Fair value of noncontrolling interests in investment entities was estimated as their share of fair values of the net assets of the underlying investment entities, including any incentive distributions. The fair value of noncontrolling interests in Operating Company was determined based upon the closing price of Colony class A common stock multiplied by the number of OP Units assumed in the Merger, after applying the exchange ratio.

Merger-Related Costs

Merger-related costs include transactions costs consisting primarily of professional fees for legal, financial advisory, accounting and consulting services, and fees incurred on a bridge facility commitment that was terminated on the Closing Date. Merger-related costs also include costs incurred to transition and integrate the operations of the combined entity, including compensation costs and various administrative costs, such as system integration, lease termination and professional fees paid to third party advisors and consultants. Merger-related costs are expensed as incurred. Costs expensed by NSAM and NRF prior to the Closing Date are excluded from the Company's results of operations.



(In thousands)	Year Ended December 31, 2017
Transaction costs
Fees to investment bankers contingent upon consummation of the Merger	$	66,800
Other fees	19,442
	86,242
Compensation expense
Equity-based compensation for replacement awards to NSAM executives	116,725
Severance and other employee transition	29,459
	146,184
Administrative expense	15,353
Total Merger-related costs	$	247,779

Results of NSAM and NRF

The combined results of operations included contributions from the legacy business of NSAM and NRF as follows:



(In thousands)	Year Ended December 31, 2017
Total revenues	$	1,754,225
Net loss attributable to Colony NorthStar, Inc.	(442,948		)

Pro Forma Financial Information (Unaudited)

The following table presents pro forma financial information of the Company as if the Merger had been consummated on January 1, 2016. The pro forma financial information includes the pro forma impact of purchase accounting adjustments primarily related to fair value adjustments and depreciation and amortization, and excludes Merger-related transaction costs of $86.2 million for the year ended December 31, 2017. The pro forma financial information also gives effect to certain sales initiatives by NRF, cessation of the management agreement between NSAM and NRF, as well as a pay down of NSAM and NRF corporate borrowings. The pro forma financial information, however, does not reflect any potential benefits that may result from realization of future cost savings from operating efficiencies, or other incremental synergies expected to result from the Merger.

The pro forma financial information is presented for illustrative purposes only and is not necessarily indicative of the results of operations of the Company had the Merger been completed on January 1, 2016, nor indicative of future results of operations of the Company.



	Year ended December 31,
(In thousands, except per share data)	2017			2016
Pro forma:
Total revenues	$	2,821,212		$	2,709,122
Net income (loss) attributable to Colony NorthStar, Inc.	(14,441		)	(117,777		)
Net income (loss) attributable to common stockholders	(151,983		)	(250,174		)
Earnings (loss) per common share:
Basic	$	(0.29	)	$	(0.48	)
Diluted	$	(0.29	)	$	(0.48	)

Restructuring of Real Estate Loans into Equity Ownership

In the normal course of business, the Company may foreclose on the underlying asset in settlement of its loan receivable or otherwise undertake various restructuring measures in connection with its investments.

CPI Group

On January 25, 2017, the Company and its joint venture partners, through a consolidated investment venture of the Company, acquired a controlling equity interest in a defaulted borrower, a real estate investment group in Europe ("CPI") in connection with a restructuring of the CPI group. Certain entities within the CPI group were in receivership proceedings at the time of the restructuring. The Company acquired CPI's real estate portfolio, consisting of hotels, offices and mixed-use properties, and assumed the underlying mortgage debt, some of which were in payment default, including maturity default. Certain CPI employees responsible for asset and property management became employees of the Company. As a result of the acquisition, the Company's outstanding loans receivable to CPI were deemed to be effectively settled at their carrying value and formed part of the consideration transferred.

The following table summarizes the consideration and preliminary allocation to assets acquired and liabilities assumed. The estimated fair values and preliminary purchase price allocation were based on information available at the time of acquisition and the Company continues to evaluate the underlying inputs and assumptions. Accordingly, these preliminary estimates are subject to retrospective adjustments during the measurement period, not to exceed one year, based upon new information obtained about facts and circumstances that existed as of the date of acquisition. During the fourth quarter of 2017, adjustments were made to the estimation of tax liabilities and working capital as well as valuation of real estate.



(In thousands)	As Reported At September 30, 2017			Measurement Period Adjustments			As Reported At December 31, 2017
Consideration
Carrying value of loans receivable outstanding at the time of restructuring	$	182,644		$	—		$	182,644
Cash	49,537			—			49,537
Total consideration	$	232,181		$	—		$	232,181
Identifiable assets acquired and liabilities assumed
Cash	$	303		$	—		$	303
Real estate	544,407			(758		)	543,649
Real estate held for sale	21,605			—			21,605
Lease intangibles and other assets	39,967			318			40,285
Debt	(277,590		)	—			(277,590		)
Tax liabilities	(32,938		)	860			(32,078		)
Lease intangibles and other liabilities	(60,785		)	(420		)	(61,205		)
Liabilities related to assets held for sale	(2,788		)	—			(2,788		)
Fair value of net assets acquired	$	232,181		$	—		$	232,181

Fair value of assets acquired and liabilities assumed were estimated as follows:

Real Estate and Related Intangibles—Fair value of real estate is based upon a discounted cash flow analysis with a weighted average discount rate of 6.6% or direct capitalization analysis with weighted average capitalization rate of 13.5%. For real estate held for sale, fair value was determined based upon a sales comparison approach, adjusted for estimated selling costs. Real estate fair value was allocated to tangible assets of land, building and tenant and site improvements and identified intangibles, such as above- and below-market leases and in-place lease values.

Debt—Fair value of debt is estimated by discounting expected future cash outlays at interest rates currently available for instruments with similar terms and remaining maturities, applying discount rates ranging between 1.25% and 3.6%, with such debt fair values not exceeding the fair value of their underlying collateral, or estimated based upon expected payoff amounts.

Results of operations of CPI as included in the Company's consolidated statement of operations were as follows:



(In thousands)	Year Ended December 31, 2017
Total revenues	$	43,608
Net loss attributable to Colony NorthStar, Inc.	(1,572		)

THL Hotel Portfolio

In May 2013, the Company and certain investment vehicles managed by the Company participated in the refinancing of a limited service hospitality portfolio, primarily located across the Southwest and Midwest U.S. (the "THL Hotel Portfolio"), through the origination of a junior and senior mezzanine loan. On July 1, 2017, the Company and certain investment vehicles managed by the Company took control of the THL Hotel Portfolio of 148 limited service hotels through a consensual foreclosure following a maturity default by the borrower on the Company's outstanding junior mezzanine loan. Through the consensual foreclosure, the Company assumed the borrower's in-place hotel management contracts with third party operators, which were determined to be at market, the borrower's in-place franchise obligations, primarily with Marriott, as well as the borrower's outstanding senior mortgage debt and senior mezzanine debt.

The consideration for the consensual foreclosure consisted of the following:


•	Carrying value of the Company’s junior mezzanine loan to the borrower which is considered to be effectively settled upon the consensual foreclosure;


•	Cash to pay down principal and accrued interest on the borrower’s senior mortgage and senior mezzanine debt to achieve a compliant debt yield, and payment of an extension fee to exercise an extension option on the senior mortgage debt; and

•

In consideration of the former preferred equity holder of the borrower providing certain releases, waivers and covenants to and in favor of the Company and certain investment vehicles managed by the Company in executing the consensual foreclosure, the former preferred equity holder is entitled to an amount up to $13.0 million based on the performance of the THL Hotel Portfolio, subject to meeting certain repayment and return thresholds to the Company (and certain investment vehicles managed by the Company).

The following table summarizes the consideration and preliminary allocation to assets acquired and liabilities assumed. The estimated fair values and preliminary purchase price allocation were based on information available at the time of acquisition and the Company continues to evaluate the underlying inputs and assumptions. Accordingly, these preliminary estimates are subject to retrospective adjustments during the measurement period, not to exceed one year, based upon new information obtained about facts and circumstances that existed as of the date of acquisition. During the fourth quarter of 2017, adjustments were made to the allocation of values between franchise intangible assets and real estate.



(In thousands)	As Reported At September 30, 2017			Measurement Period Adjustments			As Reported At December 31, 2017
Consideration
Carrying value of the Company's junior mezzanine loan receivable at the time of foreclosure	$	310,932		—			$	310,932
Cash	43,643			—			43,643
Contingent consideration (Note 13)	6,771			—			6,771
Total consideration	$	361,346		$	—		$	361,346
Identifiable assets acquired and liabilities assumed
Cash	$	16,188		—			$	16,188
Real estate	1,190,613			2,592			1,193,205
Real estate held for sale	69,099			(474		)	68,625
Intangible and other assets	37,031			(2,118		)	34,913
Debt	(907,867		)	—			(907,867		)
Other liabilities	(43,718		)	—			(43,718		)
Fair value of net assets acquired	$	361,346		$	—		$	361,346

Fair value of assets acquired and liabilities assumed were estimated as follows:

Real Estate and Related Intangibles—Fair value of real estate was based on a combination of the cost, income and market approaches which applies capitalization rates between 7.0% and 11.5% (weighted average rate of 11.1%) as well as discount rates between 8.3% and 13.0% (weighted average rate of 9.5%), and also considers future capital expenditure needs of the hotels. For real estate held for sale, fair value was determined based on a sales comparison approach, adjusted for estimated selling costs. Real estate fair value was allocated to tangible assets of land, building, site improvements and furniture, fixtures and equipment as well as identified intangibles for below-market ground lease obligations.

Debt—The assumed senior mortgage and senior mezzanine debt had carrying values that approximated fair values based on current market rates and recent rates on the Company's refinancing of its other hotel portfolios.

Results of operations of the THL Hotel Portfolio as included in the Company's consolidated statement of operations and in other equity and debt segment for segment reporting were as follows:



(In thousands)	Year Ended December 31, 2017
Total revenues	$	194,097
Net loss attributable to Colony NorthStar, Inc.	(7,292		)

Management Internalization

Prior to April 2, 2015, the Company was externally managed and advised by a wholly-owned subsidiary of Colony Capital, LLC ("CCLLC"), a privately held global real estate investment firm. On April 2, 2015, the Operating Company acquired substantially all of the real estate investment management business and operations of CCLLC and the Company became an internally-managed REIT, with CCLLC's personnel becoming employees of the Company (the "Internalization").

The consideration for the Internalization consisted of (i) upfront payments in a combination of class A and class B common stock, OP units and cash; and (ii) contingent consideration to be paid in a combination of class A and class B common stock and OP Units, subject to multi-year performance targets. Estimated fair value of the contingent consideration is subject to remeasurement each reporting period, as discussed in Note 13.

The following table summarizes the total consideration and allocation to assets acquired and liabilities assumed at April 2, 2015.



(In thousands)	Final Amounts At March 31, 2016
Consideration
Cash	$	61,350
Class A and Class B common stock issued	52,160
OP Units issued	558,794
Estimated fair value of contingent consideration	69,500
	$	741,804
Identifiable assets acquired and liabilities assumed
Cash	$	5,015
Other assets	69,696
Intangible asset:
Investment management contracts	44,100
Customer relationships	46,800
Trade name	15,500
Notes payable	(44,337		)
Deferred tax liability	(35,191		)
Other liabilities	(19,906		)
	81,677
Goodwill	660,127
	$	741,804

Payments to Former Manager

Prior to the Internalization, the Company incurred $15.1 million of management fee expense, including equity-based compensation paid to the former manager. Additionally, the Company reimbursed the former manager for compensation costs pursuant to a secondment agreement, direct and indirect cost reimbursements for investment-related costs and an allocation of administrative costs incurred by the manager, totaling $2.7 million.

Consolidation of Previous Equity Method Investments

Following the Internalization, as the Company became the investment manager of private funds sponsored by its former manager, the Company was deemed to hold a controlling financial interest in 52 investment entities that have participating interests from these funds. The Company previously accounted for its interests in these investment entities under the equity method. Accordingly, the Company consolidated the 52 investment entities that hold loans receivable and/or real estate effective April 2, 2015. Upon consolidation, the assets and liabilities of these consolidated investment entities were remeasured at fair value, and the increase in value of the Company's interests in these consolidated investment entities resulted in the recognition of a gain of $41.5 million, net of cumulative translation adjustments reclassified to earnings. This is presented as gain on remeasurement of consolidated investment entities on the consolidated statements of operations. The Company did not acquire any additional interests nor dispose any existing interests in these investment entities in conjunction with the Internalization. The consolidation of the investment entities resulted in an increase of approximately $3.1 billion of assets, $0.3 billion of liabilities and $1.7 billion of noncontrolling interests in investment entities to the Company's consolidated balance sheet.

Real Estate

12 Months Ended

Dec. 31, 2017

Real Estate [Abstract]

Real Estate

The Company's real estate, including foreclosed properties, were as follows:



	December 31,
(In thousands)	2017			2016
Land	$	2,011,794		$	630,540
Buildings and improvements	12,403,794			2,693,507
Tenant improvements	134,709			87,643
Furniture, fixtures and equipment	383,855			7
Construction in progress	108,403			8,856
	15,042,555			3,420,553
Less: Accumulated depreciation	(578,297		)	(176,922		)
Real estate assets, net	$	14,464,258		$	3,243,631

Real Estate Sales

Results from sales of real estate were as follows:



	Year Ended December 31,
(In thousands)	2017		2016		2015
Proceeds from sales of real estate	$	1,607,806	$	390,943	$	323,430
Gain on sale of real estate	137,370		73,616		8,962

Real estate sold through the year ended December 31, 2017 and 2016 did not constitute discontinued operations, other than the sale of a manufactured housing portfolio acquired through the Merger and certain properties in the THL Hotel Portfolio which qualified as held for sale upon acquisition, as discussed in Note 17.

Real estate held for sale at December 31, 2017 is presented in Note 9.

Real Estate Acquisitions

The following table summarizes the Company's real estate acquisitions, excluding real estate acquired as part of business combinations discussed in Note 3.



($ in thousands)						Purchase Price Allocation
	Acquisition Date	Property Type and Location	Number of Buildings	Purchase Price ⁽¹⁾		Land and Improvements		Building and Improvements		Lease Intangible Assets		Lease Intangible Liabilities
Year Ended December 31, 2017
Asset Acquisitions⁽²⁾
	January	Industrial—Spain	2	$	10,374	$	3,855	$	5,564	$	955	$	—
	June	Office—California, U.S.⁽³⁾	1	455,699		93,577		314,590		50,518		(2,986		)
	Various	Industrial—Various in U.S.	55	636,690		137,005		472,747		31,512		(4,574		)
				$	1,102,763	$	234,437	$	792,901	$	82,985	$	(7,560	)
Year Ended December 31, 2016
Business Combinations⁽⁴⁾
	January	Industrial—Spain	23	$	94,403	$	33,265	$	56,585	$	5,318	$	(765	)
	April	Industrial—Massachusetts, U.S.⁽⁵⁾	1	34,900		5,235		27,731		1,934		—
	May	Office—France	1	18,203		14,150		3,815		388		(150		)
	Various	Industrial—Various in U.S.	18	201,635		36,974		151,689		16,063		(3,091		)
Asset Acquisitions
	Various	Industrial—Various in U.S.	12	113,200		20,749		84,724		8,398		(671		)
				$	462,341	$	110,373	$	324,544	$	32,101	$	(4,677	)

__________


⁽¹⁾	Dollar amounts of purchase price and allocation to assets acquired and liabilities assumed are translated based on foreign exchange rates as of respective dates of acquisition, where applicable. Transaction costs are included in purchase price for asset acquisitions and excluded for business combinations.


⁽²⁾	Useful life of real estate acquired in 2017 (excluding real estate deconsolidated as of December 31, 2017) ranges from 26 to 34 years for buildings, 7 to 14 years for site improvements, 2 to 9 years for tenant improvements and 2 to 11 years for lease intangibles.


⁽³⁾	In September 2017, 90% of equity in the property holding entity was syndicated to third party investors. The new equity partners were granted certain participation rights in the business, resulting in a deconsolidation of the investment. The Company's remaining interest is reflected as an equity method investment.


⁽⁴⁾	Prior to the adoption of the new definition of a business effective October 1, 2016, real estate acquisitions with existing leases generally met the definition of a business combination.


⁽⁵⁾	Real estate was sold in August 2016.

Depreciation and Impairment

Depreciation expense of $453.3 million, $108.3 million and $83.2 million was recognized on real estate during the years ended December 31, 2017, 2016 and 2015.

Refer to Note 13 for discussion of impairment on real estate.

Property Operating Income

The components of property operating income were as follows:



	Year Ended December 31,
(In thousands)	2017		2016		2015
Rental income	$	672,292	$	276,404	$	193,293
Tenant reimbursements	138,433		65,657		51,530
Resident fee income ⁽¹⁾	286,818		—		—
Hotel operating income	1,016,294		29,021		55,048
	$	2,113,837	$	371,082	$	299,871

__________


⁽¹⁾	Healthcare properties that operate through management agreements with independent third-party operators through structures permitted by the REIT Investment Diversification and Empowerment Act of 2007 (“RIDEA”) permits us, through a TRS, to have direct exposure to resident fee income and incur customary related operating expenses.

Future Minimum Rents

The Company has operating leases with tenants that expire at various dates through 2070. Future contractual minimum rental payments to be received under noncancelable operating leases for real estate held for investment as of December 31, 2017 are as follows. Amounts include $77.5 million of future contractual minimum rents related to certain net lease properties that were contributed to Colony NorthStar Credit on January 31, 2018.



Year Ending December 31,	(In thousands)
2018	$	514,763
2019	473,016
2020	431,663
2021	370,236
2022	322,460
2023 and thereafter	1,196,270
Total ⁽¹⁾	$	3,308,408

__________


⁽¹⁾	Excludes hotel operating income, as well as resident fee income from healthcare properties and rental income from multifamily properties, both of which are subject to short-term leases.

Commitments and Contractual Obligations

Purchase Commitments—At December 31, 2017, the Company funded a $0.5 million deposit and a remaining unfunded purchase commitment of $24.8 million for the acquisition of three buildings in Florida in the industrial segment.

Guarantee Agreements—In connection with the THL Hotel Portfolio, the Company entered into guarantee agreements with various hotel franchisors, pursuant to which the Company guaranteed the payment of its obligations as a franchisee, including payments of franchise fees and marketing fees for the term of the agreements, which expire between 2018 and 2037. In the event of default or termination of the franchise agreements, the Company is liable for liquidated damages not to exceed $100 million. The Company had similar provisions related to its core hotel portfolio in the hospitality segment but has met the required minimum payments under the respective franchise agreements and no longer has an obligation to the franchisors.

Ground Lease Obligation—In connection with real estate acquisitions, the Company assumed certain noncancelable operating ground leases as lessee or sublessee with expiration dates between 2019 and 2252. Rents on certain ground leases are paid directly by the tenants or operators. Ground rent expense, including contingent rent, was $6.7 million, $0.3 million and $0.1 million for the years ended December 31, 2017, 2016 and 2015, respectively.

At December 31, 2017, future minimum rental payments on noncancelable ground leases, excluding any contingent rent payments, on real estate held for investment were as follows. Amounts include $12.8 million of future minimum rental payments on noncancelable ground leases related to certain net lease properties that were contributed to Colony NorthStar Credit on January 31, 2018.



Year Ending December 31,	(In thousands)
2018	$	6,495
2019	6,429
2020	6,465
2021	6,551
2022	6,970
2023 and thereafter	152,125
Total ⁽¹⁾	$	185,035

__________


⁽¹⁾	Includes automatically-renewed ground leases related to the Company's hotel properties.

Impact of Hurricanes

A small number of the Company's properties were affected by Hurricanes Harvey and Irma in the third quarter of 2017, as follows:

Healthcare—Certain medical office buildings and net lease properties in Texas and Florida suffered some physical damage, resulting in the closure of one hospital in Texas that reopened in February 2018. The Company's senior housing operating facilities, however, experienced only minor damage.

Industrial—The impact to properties in the Industrial segment was immaterial.

Hospitality—In the core hotel portfolio, there was only minor damage and business interruption to a small number of hotels and incremental revenue was generated from hurricane-related demand.

Other Equity and Debt—Twenty-five non-core hotels in the THL Hotel Portfolio in Texas, Florida and Georgia suffered varying degrees of damage, with certain hotels experiencing business interruption. One hotel in Florida was forced to close and is expected to re-open in the second quarter of 2018.

The Company has insurance policies that provide coverage for property damage and business interruption, subject to deductibles. Based upon claims filed and management's estimates as of December 31, 2017, the Company recognized a net loss of $1.2 million in aggregate for damage on its properties, after taking into consideration anticipated insurance recoveries for property damage. As of December 31, 2017, the Company is still assessing the estimated business interruption losses affecting certain hotels in its THL Hotel Portfolio. While the Company believes that, through its insurance policies, losses above and beyond its deductible will be recoverable, there can be no assurance that such insurance will be sufficient to compensate the Company for all lost revenue and expenses incurred.

Loans Receivable

12 Months Ended

Dec. 31, 2017

Receivables [Abstract]

Loans Receivable

The following table provides a summary of the Company’s loans held for investment:



	December 31, 2017								December 31, 2016
(Dollars in thousands)	Unpaid Principal Balance		Carrying Value			Weighted Average Coupon		Weighted Average Maturity in Years	Unpaid Principal Balance		Carrying Value			Weighted Average Coupon		Weighted Average Maturity in Years
Loans at amortized cost
Non-PCI Loans
Fixed rate
Mortgage loans	$	1,081,030	$	1,082,513		9.1	%	2.8	$	894,232	$	881,755		9.0	%	3.5
Securitized loans ⁽¹⁾	35,566		36,603			5.9	%	16.8	105,586		107,609			6.4	%	15.4
Mezzanine loans	459,433		456,463			12.2	%	2.3	372,247		369,207			12.3	%	2.8
Corporate loans	46,840		46,592			9.9	%	10.0	—		—			—	%	—
	1,622,869		1,622,171						1,372,065		1,358,571
Variable rate
Mortgage loans	414,428		423,199			6.0	%	1.7	494,797		487,651			8.2	%	0.8
Securitized loans ⁽¹⁾	461,489		462,203			6.4	%	3.5	775,963		776,156			5.7	%	2.7
Mezzanine loans	34,391		34,279			9.8	%	1.3	348,035		347,469			11.2	%	0.6
	910,308		919,681						1,618,795		1,611,276
	2,533,177		2,541,852						2,990,860		2,969,847
PCI Loans
Mortgage loans	1,865,423		682,125						748,930		521,905
Securitized loans	23,298		3,400						8,146		6,836
Mezzanine loans	7,425		3,671						—		—
	1,896,146		689,196						757,076		528,741
Allowance for loan losses			(52,709		)						(67,980		)
	4,429,323		3,178,339						3,747,936		3,430,608
Loans at fair value
Securitized loans ⁽²⁾	72,511		45,423						—		—
Total loans receivable	$	4,501,834	$	3,223,762					$	3,747,936	$	3,430,608

__________


⁽¹⁾	Represents loans transferred into securitization trusts that are consolidated by the Company (Note 14).


⁽²⁾	Represents loans held by a securitization trust that is consolidated by a NorthStar CDO. The NorthStar CDO is in turn consolidated by the Company. The Company elected the fair value option and adopted the measurement alternative to value the loans receivable at the same fair value as the bonds payable issued by the consolidated securitization trust. (Note 13)

Nonaccrual and Past Due Loans

Non-PCI loans, excluding loans carried at fair value, that are 90 days or more past due as to principal or interest, or where reasonable doubt exists as to timely collection, are generally considered nonperforming and placed on nonaccrual status. The following table provides an aging summary of non-PCI loans held for investment at carrying values before allowance for loan losses, excluding loans carried at fair value.



(In thousands)	Current or Less Than 30 Days Past Due		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due and Nonaccrual		Total Non-PCI Loans
December 31, 2017	$	2,268,599	$	145,986	$	9,410	$	117,857	$	2,541,852
December 31, 2016	2,912,023		7,379		1,172		49,273		2,969,847

Troubled Debt Restructuring

The following table provides a summary of non-PCI loans, excluding loans carried at fair value, that were modified and classified as TDRs, in which the Company provided the borrowers, who are experiencing financial difficulties, with various concessions in interest rates, payment terms or default waivers. There were no loans modified as TDRs during the year ended December 31, 2017.



	Year ended December 31,
(Dollars in thousands)	2016		2015
Loans modified as TDRs during the period:
Number of loans	1		1
Carrying value of loans before allowance for loan losses	$	37,611	$	26,667
Loss incurred	$	1,687	$	278

At December 31, 2017 and 2016, carrying value of TDR loans before allowance for loan losses was $66.4 million and $66.2 million, respectively. These TDR loans were not in default post-modification. As of December 31, 2017, the Company has no additional commitments to lend to borrowers with TDR loans.

Non-PCI Impaired Loans

Non-PCI loans, excluding loans carried at fair value, are identified as impaired when it is no longer probable that interest or principal will be collected according to the contractual terms of the original loan agreement. Non-PCI impaired loans include predominantly loans under nonaccrual, performing and nonperforming TDRs, as well as loans in maturity default. The following table summarizes non-PCI impaired loans:



	Unpaid Principal Balance		Gross Carrying Value						Allowance for Loan Losses
(In thousands)	Unpaid Principal Balance		With Allowance for Loan Losses		Without Allowance for Loan Losses		Total		Allowance for Loan Losses
December 31, 2017	$	383,594	$	138,136	$	248,759	$	386,895	$	7,425
December 31, 2016	116,881		56,650		60,025		116,675		6,287

The average carrying value and interest income recognized on non-PCI impaired loans were as follows. There was no cash basis interest income recognized on non-PCI impaired loans in all periods presented.



	Year Ended December 31,
(In thousands)	2017		2016		2015
Average carrying value before allowance for loan losses	$	202,397	$	90,447	$	19,676
Total interest income recognized during the period impaired	10,192		3,929		766

Purchased Credit-Impaired Loans

PCI loans are acquired loans with evidence of credit quality deterioration for which it is probable at acquisition that the Company will collect less than the contractually required payments.

In January 2017, the Company acquired additional PCI loans through the Merger as well as part of a loan portfolio secured by commercial properties in Ireland. Information about these PCI loans at the time of their acquisition is presented below:



(In thousands)	January 2017
Contractually required payments including interest	$	1,154,596
Less: Nonaccretable difference	(878,257		)
Cash flows expected to be collected	276,339
Less: Accretable yield	(23,594		)
Fair value of loans acquired	$	252,745

Changes in accretable yield of PCI loans were as follows:



	Year Ended December 31,
(In thousands)	2017			2016			2015
Beginning accretable yield	$	52,572		$	66,639		$	98,523
Additions	23,594			22,493			—
Changes in accretable yield	25,720			31,171			12,199
Accretion recognized in earnings	(61,809		)	(65,911		)	(158,468		)
Consolidation of PCI loans held by investment entities (Note 3)	—			—			121,130
Effect of changes in foreign exchange rates	2,358			(1,820		)	(6,745		)
Ending accretable yield	$	42,435		$	52,572		$	66,639

At December 31, 2017 and 2016, the Company applied either the cash basis or cost recovery method for recognition of interest income on PCI loans with carrying value before allowance for loan losses of $196.5 million and $32.0 million, respectively, as the Company did not have reasonable expectations of the timing and amount of future cash receipts on these loans.

Allowance for Loan Losses

The allowance for loan losses and related carrying values of loans held for investment, excluding loans carried at fair value, were as follows:



	December 31, 2017				December 31, 2016
(In thousands)	Allowance for Loan Losses		Carrying Value		Allowance for Loan Losses		Carrying Value
Non-PCI loans	$	7,424	$	135,902	$	6,287	$	56,650
PCI loans	45,285		169,789		61,693		243,155
	$	52,709	$	305,691	$	67,980	$	299,805

Changes in allowance for loan losses is presented below:



	Year Ended December 31,
(In thousands)	2017			2016			2015
Allowance for loan losses at January 1	$	67,980		$	37,571		$	197
Provision for loan losses, net	19,741			34,864			39,859
Charge-off	(35,012		)	(4,455		)	(2,485		)
Allowance for loan losses at December 31	$	52,709		$	67,980		$	37,571

Included in the $12.2 million of provision for loan losses on PCI loans for the year ended December 31, 2017 was a recovery of $6.3 million of provision previously recorded. There were no recoveries in provision for loan losses on PCI loans, which totaled $29.0 million and $39.0 million, for the years ended December 31, 2016 and 2015, respectively.

Lending Commitments

The Company has lending commitments to borrowers pursuant to certain loan agreements in which the borrower may submit a request for funding contingent on achieving certain criteria, which must be approved by the Company as lender, such as leasing, performance of capital expenditures and construction in progress with an approved budget. At December 31, 2017, assuming the terms to qualify for future fundings, if any, have been met, total unfunded lending commitments was $112.4 million, of which the Company's share was $92.2 million, net of amounts attributable to noncontrolling interests. The amount includes $19.2 million of lending commitments in connection with loans receivable that were contributed to Colony NorthStar Credit on January 31, 2018, of which the Company's share of commitments was $18.2 million, net of amounts attributable to noncontrolling interests.

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

Investments in Unconsolidated Ventures

12 Months Ended

Dec. 31, 2017

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Ventures

The Company's investments in unconsolidated ventures represent noncontrolling equity interests in various entities, as follows:



	December 31,
(In thousands)	2017		2016
Equity method investments
Investment ventures	$	1,138,052	$	933,262
Private funds and retail companies	25,101		19,997
	1,163,153		953,259
Cost method investments
Investment venture	89,261		99,736
Private fund and retail companies	38,924		—
	128,185		99,736
Investments under fair value option
Private funds	204,773		—
Investment ventures	159,128		—
	363,901		—
	$	1,655,239	$	1,052,995

Investments in unconsolidated ventures acquired in the Merger were recorded at fair value at the Closing Date. Any difference between the Company's carrying value of an equity method investment and the Company's proportionate share of historical carrying value of the underlying net assets of the equity method investee represents a basis difference. Any basis difference not attributed to goodwill is amortized over the remaining weighted average useful life of the underlying identifiable assets of each acquired equity method investment, recorded in earnings from investments in unconsolidated ventures.

Equity Method Investments

Certain equity method investments are structured as joint ventures with one or more private funds or other investment vehicles managed by the Company, or with third party joint venture partners. These investment ventures are generally capitalized through equity contributions from the members and/or leveraged through various financing arrangements.

The assets of the equity method investment entities may only be used to settle the liabilities of these entities and there is no recourse to the general credit of the Company nor the other investors for the obligations of these investment entities. Neither the Company nor the other investors are required to provide financial or other support in excess of their capital commitments, except for the Company's distribution support obligations to retail companies, as discussed below. The Company’s exposure to the investment entities is limited to its equity method investment balance as of December 31, 2017 and 2016, respectively.

The Company’s investments accounted for under the equity method are summarized below:



(Dollars in thousands)			Ownership Interest⁽¹⁾at	Carrying Value at
			December 31, 2017	December 31,
Investments	Description		December 31, 2017	2017		2016
Starwood Waypoint Homes	Common equity in operating company of single family residential REIT		—%	$	—	$	316,113
Colony American Finance	Common equity in specialty finance company that lends to owners of single family homes for rent		—%	—		57,754
NorthStar Realty Europe Corp	Common equity in publicly traded REIT managed by the Company	(2)	10.2%	73,578		—
RXR Realty	Common equity in investment venture with a real estate owner, developer and investment manager	(2)	27.2%	105,082		—
Preferred equity	Preferred equity investments with underlying real estate	(3)	NA	440,704		188,255
ADC investments	Investments in acquisition, development and construction loans in which the Company participates in residual profits from the projects, and the risk and rewards of the arrangements are more similar to those associated with investments in joint ventures	(4)	Various	331,268		271,649
Private funds	General partner and/or limited partner interests in private funds		Various	25,101		19,997
Other investment ventures	Interests in 15 investments, each with less than $62 million carrying value at December 31, 2017		Various	187,420		99,491
				$	1,163,153	$	953,259

__________

(1)

The Company's ownership interest represents capital contributed to date and may not be reflective of the Company's economic interest in the entity because of provisions in operating agreements governing various matters, such as classes of partner or member interests, allocations of profits and losses, preferential returns and guaranty of debt. Each equity method investment has been determined to be either a VIE for which the Company was not deemed to be the primary beneficiary or a voting interest entity in which the Company does not have the power to control through a majority of voting interest or through other arrangements.


(2)	The Company has significant influence over the investees through its voting rights and/or representation on the investees' board of directors or equivalent committee.


(3)	Some preferred equity investments may not have a stated ownership interest.


(4)	The Company owns varying levels of stated equity interests in certain ADC investments as well as profit participation interests in real estate ventures without a stated ownership interest in other ADC investments.

Starwood Waypoint Homes (formerly known as Colony Starwood Homes; NYSE: SFR)—In connection with a secondary offering of common shares in March 2017 by SFR, the Company sold approximately 7.6 million shares for net proceeds of $239.1 million. In June 2017, the Company sold its remaining 7.5 million shares for net proceeds of $261.4 million. The Company recognized total gains of $191.2 million from the sales, which is included in earnings from investments in unconsolidated ventures.

Colony American Finance—The Company sold its entire 17.4% ownership interest in July 2017, with immaterial income statement impact resulting from the sale.

NorthStar Realty Europe Corp.—At December 31, 2017, the Company owned 5.6 million shares of NRE common stock or a 10.2% ownership interest, with approximately 5.4 million of the shares acquired in the second and fourth quarters of 2017. Prior to May 2017, the Company accounted for its previously immaterial interest in NRE as an investment in marketable equity securities. Under the terms of NRE's management agreement that was amended and restated on November 9, 2017, the Company was provided an ownership waiver under NRE’s charter which allows the Company to own up to 45% of NRE’s common stock. To the extent the Company owns more than 25% of NRE’s common stock, the Company will vote the excess shares in the same proportion that the remaining NRE shares not owned by the Company are voted.

The following tables present selected combined financial information of the Company's equity method investees:

Selected Combined Balance Sheet Information



	December 31,
(In thousands)	2017		2016
Total assets	$	9,537,068	$	9,319,122
Total liabilities	5,357,936		5,517,514
Owners' equity	3,662,777		3,473,358
Noncontrolling interests	516,368		328,269

Selected Combined Statements of Operations Information



	Year Ended December 31,
(In thousands)	2017			2016			2015
Total revenues	$	1,519,728		$	819,726		$	518,085
Net income (loss)	174,222			(32,493		)	(40,372		)
Net income (loss) attributable to noncontrolling interests	(18,381		)	(3,494		)	(433		)
Net income (loss) attributable to owners	192,603			(28,999		)	(39,939		)

Cost Method Investments

Investments that do not qualify for equity method accounting and for which fair value option is not elected are accounted for under the cost method, as follows:

Investment Ventures—The Company funded $50 million to an investor consortium, alongside $50 million from a passive co-investment partner, in common stock of a supermarket chain. Dividends of $10.3 million were received in June 2017 as a return of capital and applied to reduce the cost of investment.

Retail Companies—The Company has immaterial interests in its sponsored non-traded REITs, NorthStar Income I, NorthStar Income II, NorthStar Healthcare Income, Inc. ("NorthStar Healthcare") and NorthStar/RXR New York Metro Real Estate, Inc. ("NorthStar/RXR NY Metro").

Private Funds—This represents immaterial limited partnership interests in a private real estate fund sponsored by an equity method investee of the Company.

Investments under Fair Value Option

The Company elected the fair value option to account for its limited partnership interests, which range from 0.1% to 22.2%, in third-party sponsored funds acquired through the Merger, as well as equity method investments in certain investment ventures. The Company records earnings from these investments based on a change in fair value of its share of projected future cash flows. Unrealized gains or losses on changes in fair value of these investments is presented in Note 13.

Investment and Other Commitments

Investment Ventures—Pursuant to the operating agreements of certain unconsolidated ventures, the venture partners may be required to fund additional amounts for future investments, unfunded lending commitments, ordinary operating costs, guaranties or commitments of the venture entities. The Company also has lending commitments under ADC arrangements which are accounted for as equity method investments. At December 31, 2017, the Company’s share of these commitments was $107.9 million.

Private Funds—At December 31, 2017, the Company had unfunded commitments of $113.4 million to a Company-sponsored fund that is not consolidated and $14.5 million to a private real estate fund sponsored by an equity method investee of the Company.

Retail Companies—The Company has committed to purchase up to $10.0 million in shares of common stock of each of its retail companies, which consist of non-traded REITs and investment companies, during the period from when each offering was declared effective through a period of two years, in the event that distributions to their stockholders, on a quarterly basis, exceed certain measures of operating performance. In addition, the Company committed up to $10.0 million to provide as distribution support in future sponsored retail companies, up to a total of five new companies per year. At December 31, 2017, the Company's remaining unfunded commitments to certain of the retail companies totaled $14.0 million.

Securities

12 Months Ended

Dec. 31, 2017

Investments, Debt and Equity Securities [Abstract]

Securities

The following table summarizes the Company's investment in debt securities classified as available-for-sale and equity securities held by a consolidated fund that are accounted for at fair value through earnings.



			Gross Cumulative Unrealized
(in thousands)	Amortized Cost		Gains		Losses			Fair Value
December 31, 2017
Available-for-sale debt securities:
CRE securities of consolidated N-Star CDOs ⁽¹⁾:
CMBS	$	144,476	$	3,999	$	(530	)	$	147,945
Other securities ⁽²⁾	61,302		5,994		(313		)	66,983
N-Star CDO bonds ⁽³⁾	88,374		2,778		(219		)	90,933
CMBS and other securities ⁽⁴⁾	38,928		3,739		(186		)	42,481
	333,080		16,510		(1,248		)	348,342
Equity securities of consolidated fund								35,600
								$	383,942
December 31, 2016
Available-for-sale debt securities:
CMBS	$	24,103	$	—	$	(657	)	$	23,446

__________

⁽¹⁾As of December 31, 2017, the carrying value of CDO bonds payable in consolidated N-Star CDOs is $215.5 million.

⁽²⁾Represents primarily agency debentures, and to a lesser extent, unsecured REIT debt and trust preferred securities.


⁽³⁾	Excludes $140.1 million principal amount of N-Star CDO bonds held by the Company in its consolidated CDOs that are eliminated upon consolidation.


⁽⁴⁾	Includes $25.1 million of CMBS held by a sponsored investment company, which as of December 31, 2017, is consolidated by the Company through its seed capital. Other securities include a trust preferred security and certain investments in other third party CDO bonds.

N-Star CDOs—The Company acquired, upon the Merger, NRF's legacy CDOs. NRF had sponsored collateralized debt obligations ("CDOs"), collateralized primarily by commercial real estate ("CRE") debt and CRE securities, of which two of the sponsored CRE securities CDOs are consolidated. Additionally, NRF had acquired the equity interests of CRE debt focused CDOs sponsored by third parties. These CDOs are collectively referred to as the N-Star CDOs.

At the time of issuance of the sponsored CDOs, NRF retained investment-grade subordinate bonds. NRF also retained equity interests in the form of preferred shares in all of its sponsored CDOs. Additionally, NRF repurchased CDO bonds originally issued to third parties at discounts to par. These repurchased CDO bonds and retained investment-grade subordinate bonds are collectively referred to as N-Star CDO bonds. All N-Star CDOs are past their reinvestment period and are amortizing over time as the underlying assets pay down or are sold.

CMBS and Other Securities—These securities are predominantly commercial mortgage-backed securities (“CMBS”), including investments in mezzanine positions.

At December 31, 2017, contractual maturities of CRE securities ranged from six months to 43 years, with a weighted average expected maturity of 6.5 years.

Equity Securities of Consolidated Fund—These are publicly traded equity securities held by a consolidated open-end fund. At December 31, 2017, these equity securities comprise listed stock predominantly in the U.S. and to a lesser extent, in the United Kingdom, and primarily in the financial, real estate and consumer sectors.

Disposition of Securities

Realized gains (losses) from sale of securities are recorded in other gain (loss) for the year ended December 31, 2017, as follows. There were no sales of securities in the year ended December 31, 2016 and the Company did not hold any securities in the year ended December 31, 2015.



(In thousands)	Year Ended December 31, 2017
Available-for-sale debt securities:
Proceeds from sale	$	30,279
Gross realized gain (including $0.4 million of unrealized gains transferred from AOCI)	951

Equity securities of consolidated fund:
Realized gain, net	155

Impairment of AFS Securities

The following table presents AFS securities in a gross unrealized loss position for less than 12 months:



	December 31, 2017					December 31, 2016
(In thousands)	Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss
CRE securities of consolidated N-Star CDOs:
CMBS	$	2,229	$	(530	)	$	—	$	—
Other securities	8,218		(313		)	—		—
N-Star CDO bonds	13,392		(219		)	—		—
CMBS and other securities	12,956		(186		)	23,446		(657		)

There were no AFS securities in a gross unrealized loss position for more than 12 months. Any unrealized losses on securities acquired through the Merger were reset on the Closing Date.

For the year ended December 31, 2017, the Company recorded $33.0 million of OTTI loss in other gain (loss) in the consolidated statements of operations due to an adverse change in expected cash flows on N-Star CDOs and CMBS held by consolidated N-Star CDOs. The Company believed that it was not likely that it would recover the amortized cost on these securities prior to selling them. At December 31, 2017, there were no AFS securities with unrealized loss in accumulated other comprehensive income that have not been other than temporarily impaired.

Purchased Credit-Impaired Debt Securities

Certain debt securities acquired by the Company through the Merger were considered to be credit-impaired at time of acquisition, with the following outstanding balance at December 31, 2017:



(In thousands)	December 31, 2017
Outstanding principal	$	411,174
Amortized cost	26,761
Carrying value	31,789

Information about these PCI debt securities upon acquisition is presented below:



(In thousands)	January 2017
Contractually required payments including interest	$	574,088
Less: Nonaccretable difference	(449,261		)
Cash flows expected to be collected	124,827
Less: Accretable yield	(70,283		)
Fair value of PCI debt securities acquired	$	54,544

The table below presents changes in accretable yield related to these PCI debt securities:



(In thousands)	Year Ended December 31, 2017
Beginning accretable yield	$	—
Assumed through the Merger	70,283
Accretion recognized in earnings	(12,461		)
Reduction due to payoffs or disposals	(8,963		)
Net reclassifications to nonaccretable difference	(4,249		)
Ending accretable yield	$	44,610

Goodwill, Deferred Leasing Costs and Other Intangibles

12 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill, Deferred Leasing Costs and Other Intangibles

Goodwill

The following table presents changes in the carrying value of goodwill and the goodwill balance by reporting segment.



	December 31,
(In thousands)	2017			2016		2015
Balance at January 1	$	680,127		$	678,267	$	20,000
Business combinations ⁽¹⁾	1,440,229			1,860		658,267
Transfer to held for sale ⁽²⁾	(20,000		)	—		—
Disposition ⁽³⁾	(249,795		)	—		—
Impairment	(316,000		)	—		—
Balance at December 31 ⁽⁴⁾	$	1,534,561		$	680,127	$	678,267

Balance by reporting segment:
Industrial	$	20,000		$	20,000	$	20,000
Investment management	1,514,561			660,127		658,267
	$	1,534,561		$	680,127	$	678,267

__________


⁽¹⁾	Includes the effects of measurement period adjustments within a one year period following the consummation of a business combination.


⁽²⁾	Represents goodwill assigned to the broker-dealer reporting unit that was acquired as part of the Merger and classified as held for sale as of December 31, 2017.


⁽³⁾	Represents goodwill assigned to the Townsend investment management reporting unit that was acquired as part of the Merger and sold on December 29, 2017.


⁽⁴⁾	Total goodwill amount is not deductible for income tax purposes.

Impairment Assessment

Goodwill is assessed for impairment at the Company's operating segments or one level below. The Company performs its annual impairment test in the fourth quarter of each year. On October 1, 2017, the Company early adopted the new guidance which simplifies goodwill impairment testing.

Industrial—In all years presented, the Company performed qualitative assessments and determined that goodwill in the industrial segment was not impaired.

Investment Management—In the Company's annual impairment test for 2017, the Company performed a quantitative assessment which indicated that the carrying value of the investment management reporting unit, including its assigned goodwill, exceeded its estimated fair value. As a result of this assessment, the Company recognized an impairment to the investment management goodwill of $316.0 million.

In determining the carrying value of the investment management reporting unit for goodwill impairment testing, the Company used the net book value of its investment management subsidiary at September 30, 2017, adjusted to (i) exclude the Townsend and broker-dealer businesses; (ii) account for measurement period adjustments in the fourth quarter of 2017; and (iii) account for impairments recorded on management contract intangible assets in the fourth quarter of 2017 as well as expected write-off of the management contract intangible assets for NorthStar Income I and NorthStar Income II as a result of the Combination in 2018.

The fair value of the investment management reporting unit was estimated using the income approach. Projections of discounted cash flows were based on various factors, including, but not limited to, assumptions around forecasted capital raising for existing and future investment vehicles, fee related earnings multiples, incentive fee multiples, operating profit margins and discount rates, adjusted for certain risk characteristics such as the predictability of fee streams and the estimated life of managed investment vehicles. The Company applied terminal year residual multiples on fee related earnings ranging from 6.5x to 20x, incentive fee multiples ranging from 3x to 5x and discount rates ranging from 9% to 25%. The Company considered a range of fee related earnings multiples, incentive fee multiples and discount rates for a peer group of alternative asset managers as indicators to assess for reasonableness, noting that direct comparison generally cannot be drawn due to differences that exist between the Company's business and those of other asset managers. The Company also considered the hypothetical value of its investment management business in a spin-off that would result in the Company becoming externally managed, and assigned a value to internally managing the Company's balance sheet assets based on market terms of management contracts of externally-managed REITs that otherwise engage in similar real estate operations. As a final step, the Company assessed the reasonableness of the valuation as a whole by comparing the aggregate fair value of its reporting units to its market capitalization, and considered in its assessment the impact of short-term market volatility and other market factors that may not directly affect the value of the Company's individual reporting units.

Due to the inherently judgmental nature of the various projections and assumptions used as well as the unpredictability of economic or market conditions, actual results may differ from estimates, and negative changes to these variables may result in further decline in the fair value of the investment management reporting unit, which would result in further impairment charge to goodwill in the future.

For the years ended December 31, 2016 and 2015, the Company performed qualitative assessments for its annual impairment tests and determined that the investment management goodwill was not impaired.

Deferred Leasing Costs, Other Intangible Assets and Intangible Liabilities

The Company's deferred leasing costs, other intangible assets and intangible liabilities are as follows:



	December 31, 2017							December 31, 2016
(In thousands)	Carrying Amount (Net of Impairment)⁽¹⁾		Accumulated Amortization			Net Carrying Amount		Carrying Amount (Net of Impairment)⁽¹⁾		Accumulated Amortization			Net Carrying Amount
Deferred Leasing Costs and Intangible Assets
In-place lease values	$	243,037	$	(98,021	)	$	145,016	$	149,301	$	(52,489	)	$	96,812
Above-market lease values	166,571		(34,968		)	131,603		27,731		(13,705		)	14,026
Below-market ground lease obligations	29,625		(316		)	29,309		34,241		(411		)	33,830
Deferred leasing costs	121,765		(38,389		)	83,376		88,470		(25,415		)	63,055
Lease incentives	14,565		(298		)	14,267		409		(87		)	322
Trade name ⁽²⁾	79,700		(3,131		)	76,569		15,500		NA			15,500
Investment management contracts	342,127		(70,394		)	271,733		39,646		(25,400		)	14,246
Customer relationships	59,400		(10,421		)	48,979		46,800		(5,850		)	40,950
Other ⁽³⁾	54,061		(2,041		)	52,020		—		—			—
Total deferred leasing costs and intangible assets	$	1,110,851	$	(257,979	)	$	852,872	$	402,098	$	(123,357	)	$	278,741
Intangible Liabilities
Below-market lease values	$	214,833	$	(36,426	)	$	178,407	$	30,507	$	(10,690	)	$	19,817
Above-market ground lease obligations	13,417		(715		)	12,702		172		(12		)	160
Total intangible liabilities	$	228,250	$	(37,141	)	$	191,109	$	30,679	$	(10,702	)	$	19,977

__________


⁽¹⁾	For intangible assets and intangible liabilities recognized in connection with business combinations, purchase price allocations may be subject to adjustments during the measurement period, not to exceed one year from date of acquisition, based upon new information obtained about facts and circumstances that existed at time of acquisition.


⁽²⁾	The NSAM trade name is amortized over its useful life of 20 years, while Colony trade name is determined to have an indefinite useful life and not currently subject to amortization.


⁽³⁾	Represents primarily the value of certificates of need associated with certain healthcare portfolios which are not amortized, franchise agreements associated with certain hotel properties which are amortized over 10 to 15 years and the NorthStar Securities broker-dealer license which is not amortized.

The following table summarizes the amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities:



	Year Ended December 31,
(In thousands)	2017			2016			2015
Above-market lease values	$	(25,235	)	$	(8,658	)	$	(7,647	)
Below-market lease values	40,079			7,089			4,427
Lease incentives	(218		)	—			—
Net increase (decrease) to rental income	$	14,626		$	(1,569	)	$	(3,220	)

Above-market ground lease obligations	$	(835	)	$	482		$	25
Below-market ground lease obligations	7,493			(6		)	(5		)
Net increase to ground rent expense	$	6,658		$	476		$	20

In-place lease values	$	74,560		$	30,193		$	25,865
Deferred leasing costs	19,046			13,777			12,130
Trade name	3,682			—			—
Investment management contracts	38,640			11,446			13,985
Customer relationships	12,514			3,343			2,507
Other	10,215			—			—
Amortization expense	$	158,657		$	58,759		$	54,487

The following table presents future amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities, excluding those related to assets held for sale:



	Year Ending December 31,
(In thousands)	2018			2019			2020			2021			2022			2023 and Thereafter			Total
Above-market lease values	$	(19,065	)	$	(17,337	)	$	(16,421	)	$	(15,625	)	$	(12,885	)	$	(50,270	)	$	(131,603	)
Below-market lease values	25,305			23,777			21,575			19,960			18,472			69,318			178,407
Lease incentives	1,059			1,059			1,063			1,125			1,125			8,836			14,267
Increase to rental income	$	7,299		$	7,499		$	6,217		$	5,460		$	6,712		$	27,884		$	61,071

Above-market ground lease obligations	$	(773	)	$	(773	)	$	(773	)	$	(773	)	$	(773	)	$	(8,837	)	$	(12,702	)
Below-market ground lease obligations	697			707			707			709			707			25,782			29,309
Increase to rent expense	$	(76	)	$	(66	)	$	(66	)	$	(64	)	$	(66	)	$	16,945		$	16,607

In-place lease values	$	28,455		$	20,495		$	15,987		$	11,623		$	9,121		$	59,335		$	145,016
Deferred leasing costs	16,799			14,009			11,464			8,928			7,042			25,134			83,376
Trade name	3,214			3,214			3,214			3,214			3,214			44,999			61,069
Investment management contracts	32,172			30,360			29,520			28,911			28,493			122,277			271,733
Customer relationships	4,607			4,607			4,607			4,607			4,607			25,944			48,979
Other	2,339			1,879			2,027			2,027			2,027			14,038			24,337
Amortization expense	$	87,586		$	74,564		$	66,819		$	59,310		$	54,504		$	291,727		$	634,510

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Assets and Related Liabilities Held For Sale

12 Months Ended

Dec. 31, 2017

Discontinued Operations and Disposal Groups [Abstract]

The Company's assets and related liabilities held for sale are summarized below:



	December 31,
(In thousands)	2017		2016
Assets
Real estate, net	$	720,686	$	223,954
Loans receivable, net	—		29,353
Goodwill ⁽¹⁾	20,000		—
Intangible assets, net	37,337		21,239
Other assets	3,607		18,378
Total assets held for sale	$	781,630	$	292,924

Liabilities
Secured debt, net ⁽²⁾	$	196,905	$	—
Lease intangibles and other liabilities, net	76,393		14,296
Total liabilities related to assets held for sale	$	273,298	$	14,296

__________


⁽¹⁾	Associated with the broker-dealer business that is held for sale.


⁽²⁾	Represents only debt that is expected to be assumed by the buyer upon sale of the related asset.

Assets held for sale at December 31, 2017 did not constitute discontinued operations, other than those acquired through business combinations that qualified as held for sale upon acquisition, as discussed in Note 17.

Discontinued Operations

Asset groups acquired in connection with purchase business combinations that meet the criteria to be accounted for as held for sale at the date of acquisition are reported as discontinued operations.

Discontinued operations consisted primarily of a manufactured housing portfolio acquired through the Merger and certain properties acquired through consensual foreclosure of the THL Hotel Portfolio.

The manufactured housing portfolio was valued at its contracted sale price of $2.0 billion upon closing of the Merger, with $1.3 billion of related mortgage financing assumed by the buyer. The sale of the manufactured housing portfolio closed in March 2017, with the Company having received approximately $664.4 million in net proceeds, as adjusted for prorations and other reimbursements, for its interest in the portfolio.

Net income generated from operations of these held for sale asset groups for the year ended December 31, 2017 (or through their disposition dates, if earlier) is presented below. There were no discontinued operations in the years ended December 31, 2016 and 2015.



(In thousands)	Year Ended December 31, 2017
Revenues
Property operating income	$	43,269
Other income	2,352
Expenses
Property operating expenses	(20,530		)
Interest expense	(9,028		)
Loss on sale of real estate assets	(2,108		)
Other expenses	(400		)
Net income from discontinued operations	13,555
Net income from discontinued operations attributable to:
Noncontrolling interests in investment entities	(427		)
Noncontrolling interests in Operating Company	(31		)
Net income from discontinued operations attributable to Colony NorthStar, Inc.	$	13,097

Restricted Cash, Other Assets and Other Liabilities

12 Months Ended

Dec. 31, 2017

Restricted Cash, Other Assets And Other Liabilities [Abstract]

Restricted Cash, Other Assets and Other Liabilities

Restricted Cash

The following table summarizes the Company's restricted cash balance:



	December 31,
(In thousands)	2017		2016
Capital expenditures reserves ⁽¹⁾	$	249,612	$	1,502
Real estate escrow reserves ⁽²⁾	42,420		13,116
Borrower escrow deposits	41,545		61,744
Working capital and other reserves ⁽³⁾	23,043		27,768
Tenant lock boxes ⁽⁴⁾	16,486		—
Cash of consolidated N-Star CDOs ⁽⁵⁾	13,656		—
Other	84,316		7,829
Total restricted cash	$	471,078	$	111,959

__________


⁽¹⁾	Represents primarily capital improvements, furniture, fixtures and equipment, tenant improvements, lease renewal and replacement reserves related to real estate assets.


⁽²⁾	Represents primarily insurance, real estate tax, repair and maintenance, tenant security deposits and other escrows related to real estate assets.


⁽³⁾	Represents reserves for working capital and property development expenditures, as well as in connection with letter of credit provisions, as required in joint venture arrangements with the Federal Deposit Insurance Corporation.


⁽⁴⁾	Represents tenant rents held in lock boxes controlled by the lender. The Company receives the monies after application of rent receipts to service its debt.


⁽⁵⁾	Represents proceeds from repayments and/or sales of debt securities which are pending distribution in consolidated N-Star CDOs.

Other Assets

The following table summarizes the Company's other assets:



	December 31,
(In thousands)	2017		2016
Interest receivable	$	21,529	$	42,296
Straight-line rents	45,598		22,352
Hotel-related reserves ⁽¹⁾	29,208		—
Investment deposits and pending deal costs	1,706		66,310
Deferred financing costs, net ⁽²⁾	10,068		10,533
Contingent consideration escrow account ⁽³⁾	15,730		10,836
Derivative assets(Note 12)	10,152		36,101
Prepaid taxes and deferred tax assets, net ⁽⁴⁾	79,063		—
Receivables from resolution of investments ⁽⁵⁾	15,215		—
Contributions receivable ⁽⁶⁾	25,501		—
Accounts receivable ⁽⁷⁾	87,744		19,986
Prepaid expenses	29,526		3,864
Other assets	20,296		2,852
Fixed assets, net	53,632		45,455
Total other assets	$	444,968	$	260,585

__________


⁽¹⁾	Represents reserves held by the Company's third party managers at certain of the Company's hotel properties to fund furniture, fixtures and equipment expenditures. Funding is made periodically based on a percentage of hotel operating income.


⁽²⁾	Deferred financing costs relate to revolving credit arrangements.

⁽³⁾

Contingent consideration escrow account holds certificates of deposit and cash for dividends paid on OP units held in escrow for the contingent consideration that may be earned by certain executives in connection with the acquisition of the investment management business of Colony's former manager (Notes 3 and 13). Upon settlement of the contingent consideration in connection with the Internalization at the end of the earnout period on June 30, 2018, dividends that were paid on OP units earned will be paid to the executives.


⁽⁴⁾	Presented net of valuation allowance of $23.9 million and $0.7 million on deferred tax assets at December 31, 2017 and 2016, respectively (Note 22).


⁽⁵⁾	Represents primarily proceeds from loan payoffs held in escrow at December 31, 2017.


⁽⁶⁾	Represents contributions receivable from noncontrolling interests in investment entities as a result of a capital call made in December 2017 for which cash was received in January 2018.


⁽⁷⁾	Includes receivables for hotel operating income and resident fees as well as rent and other tenant receivables. Presented net of total allowance for bad debt of $5.6 million and $1.7 million at December 31, 2017 and 2016, respectively.

Accrued and Other Liabilities

The following table summarizes the Company's accrued and other liabilities:



	December 31,
(In thousands)	2017		2016
Tenant security deposits	$	27,560	$	12,105
Borrower escrow deposits	46,231		64,118
Deferred income	42,457		27,575
Interest payable	42,462		19,399
Derivative liabilities (Note 12)	204,848		5,448
Contingent consideration—THL Hotel Portfolio (Note 3)	7,419		—
Current and deferred income tax liability	166,276		41,462
Accrued compensation	77,483		39,697
Accrued real estate and other taxes	77,060		23,310
Other accrued expenses	107,508		43,975
Accounts payable and other liabilities	98,857		9,863
Total accrued and other liabilities	$	898,161	$	286,952

Debt

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Debt

The Company's debt consists of the following components:



(In thousands)	Corporate Credit Facility ⁽¹⁾		Convertible and Exchangeable Senior Notes			Secured and Unsecured Debt (2)			Securitization Bonds Payable			Junior Subordinated Notes			Total Debt
December 31, 2017
Debt at amortized cost
Principal	$	50,000	$	616,105		$	9,792,169		$	391,231		$	280,117		$	11,129,622
Premium (discount), net	NA		3,131			(78,634		)	(87,319		)	(83,064		)	(245,886		)
Deferred financing costs	NA		(8,905		)	(91,360		)	(203		)	—			(100,468		)
	50,000		610,331			9,622,175			303,709			197,053			10,783,268
Debt at fair value ⁽³⁾	—		—			—			44,542			—			44,542
	$	50,000	$	610,331		$	9,622,175		$	348,251		$	197,053		$	10,827,810
December 31, 2016
Debt at amortized cost
Principal	$	422,600	$	602,500		$	2,235,022		$	497,525		$	—		$	3,757,647
Premium (discount), net	NA		1,385			(3,560		)	—			—			(2,175		)
Deferred financing costs	NA		(11,059		)	(25,765		)	(3,030		)	—			(39,854		)
	$	422,600	$	592,826		$	2,205,697		$	494,495		$	—		$	3,715,618

__________


⁽¹⁾	Deferred financing costs related to the corporate credit facility is recorded in other assets.


⁽²⁾	At December 31, 2017 and 2016, debt with carrying value of $202.8 million and $108.8 million, respectively, was related to financing on assets held for sale. Debt associated with assets held for sale that will be assumed by the buyer is included in liabilities related to assets held for sale (Note 9).


⁽³⁾	Represents a securitization trust that is consolidated by a NorthStar CDO. The NorthStar CDO is in turn consolidated by the Company. The Company elected the fair value option to value the bonds payable issued by the consolidated securitization trust (Note 13).

The following table summarizes certain information about the different components of debt carried at amortized cost:



	Fixed Rate					Variable Rate					Total
($ in thousands)	Outstanding Principal		Weighted Average Interest Rate (Per Annum)		Weighted Average Years Remaining to Maturity	Outstanding Principal		Weighted Average Interest Rate (Per Annum)		Weighted Average Years Remaining to Maturity	Outstanding Principal		Weighted Average Interest Rate (Per Annum)		Weighted Average Years Remaining to Maturity
December 31, 2017
Recourse
Corporate credit facility	$	—	—	%	—	$	50,000	3.51	%	3.0	$	50,000	3.51	%	3.0
Convertible and exchangeable senior notes	616,105		4.27	%	4.0	—		—	%	—	616,105		4.27	%	4.0
Junior subordinated debt	—		—	%	—	280,117		4.56	%	18.4	280,117		4.56	%	18.4
Secured debt ⁽¹⁾	39,219		5.02	%	7.9	—		—	%	—	39,219		5.02	%	7.9
	655,324					330,117					985,441
Non-recourse
Securitization bonds payable	30,132		3.45	%	29.9	361,099		3.02	%	28.4	391,231		3.05	%	28.5
Secured debt ⁽²⁾
Healthcare	2,168,936		4.65	%	2.9	1,119,320		5.75	%	2.0	3,288,256		5.03	%	2.6
Industrial	1,014,229		3.50	%	11.4	—		—	%	0.0	1,014,229		3.50	%	11.4
Hospitality	9,038		11.00	%	0.6	2,599,681		4.67	%	1.1	2,608,719		4.69	%	1.1
Other Real Estate Equity	374,789		4.07	%	5.5	1,841,209		4.02	%	2.3	2,215,998		4.03	%	2.8
Real Estate Debt	—		—	%	—	625,748		4.05	%	2.6	625,748		4.05	%	2.6
	3,597,124					6,547,057					10,144,181
Total debt	$	4,252,448				$	6,877,174				$	11,129,622



	Fixed Rate					Variable Rate					Total
($ in thousands)	Outstanding Principal		Weighted Average Interest Rate (Per Annum)		Weighted Average Years Remaining to Maturity	Outstanding Principal		Weighted Average Interest Rate (Per Annum)		Weighted Average Years Remaining to Maturity	Outstanding Principal		Weighted Average Interest Rate (Per Annum)		Weighted Average Years Remaining to Maturity
December 31, 2016
Recourse
Corporate credit facility	$	—	—	%	—	$	422,600	3.02	%	3.2	$	422,600	3.02	%	3.2
Convertible senior notes	602,500		4.25	%	4.8	—		—	%	—	602,500		4.25	%	4.8
Secured debt ⁽¹⁾	41,148		5.02	%	8.9	45,458		3.36	%	0.9	86,606		4.15	%	4.7
	643,648					468,058					1,111,706
Non-recourse
Securitization bonds payable	94,408		2.54	%	33.2	403,117		2.92	%	15.2	497,525		2.85	%	18.6
Secured debt ⁽²⁾
Industrial	597,502		3.77	%	16.7	413,012		3.02	%	2.9	1,010,514		3.46	%	11.0
Other Real Estate Equity	487,320		3.74	%	8.1	421,177		3.47	%	2.4	908,497		3.62	%	5.5
Real Estate Debt	—		—	%	—	229,405		3.27	%	1.7	229,405		3.27	%	1.7
	1,179,230					1,466,711					2,645,941
Total debt	$	1,822,878				$	1,934,769				$	3,757,647

__________


⁽¹⁾	The fixed rate recourse debt represents two promissory notes secured by the Company's aircraft, while the variable rate recourse debt at December 31, 2016 represents outstanding amounts from warehouse facilities that were terminated upon full payoff in 2017.

⁽²⁾

At December 31, 2017, mortgage debt with aggregate outstanding principal of $384.5 million in the healthcare and other real estate equity segments, was either in payment default, including maturity default, or was not in compliance with certain covenants. The Company is negotiating with the various lenders to restructure the respective financing arrangements, as applicable. At December 31, 2016, outstanding principal of $83.0 million on seller-provided financing on a portfolio of properties in the other real estate equity segment was in payment default. The default was cured through a debt modification in 2017.

Corporate Credit Facility

On January 10, 2017, the OP entered into an amended and restated credit agreement (the “JPM Credit Agreement”) with several lenders and JPMorgan Chase Bank, N.A. as administrative agent, and Bank of America, N.A. as syndication agent. The JPM Credit Agreement provides a secured revolving credit facility in the maximum principal amount of $1.0 billion, with an option to increase up to $1.5 billion, subject to agreement of existing or substitute lenders to provide the additional loan commitment and satisfaction of customary closing conditions. The credit facility is scheduled to mature in January 2021, with two 6-month extension options, each subject to a fee of 0.10% of the commitment amount upon exercise.

The maximum amount available at any time is limited by a borrowing base of certain investment assets, with the valuation of such investment assets generally determined according to a percentage of adjusted net book value or a multiple of base management fee EBITDA (as defined in the JPM Credit Agreement). At December 31, 2017, the borrowing base was sufficient to permit borrowings up to the full $1.0 billion commitment.

Advances under the JPM Credit Agreement accrue interest at a per annum rate equal to the sum of one-month LIBOR plus 2.25% or a base rate determined according to a prime rate or federal funds rate plus a margin of 1.25%. The Company pays a commitment fee of 0.25% or 0.35% per annum of the unused amount (0.35% at December 31, 2017), depending upon the amount of facility utilization.

Some of the Company’s subsidiaries guarantee the obligations of the Company under the JPM Credit Agreement. As security for the advances under the JPM Credit Agreement, the Company and some of its affiliates pledged their equity interests in certain subsidiaries through which the Company directly or indirectly owns substantially all of its assets.

The JPM Credit Agreement contains various affirmative and negative covenants, including financial covenants that require the Company to maintain minimum tangible net worth, liquidity levels and financial ratios, as defined in the JPM Credit Agreement. At December 31, 2017, the Company was in compliance with all of the financial covenants.

The JPM Credit Agreement also includes customary events of default, in certain cases subject to reasonable and customary periods to cure. The occurrence of an event of default may result in the termination of the credit facility, accelerate the Company’s repayment obligations, in certain cases limit the Company’s ability to make distributions, and allow the lenders to exercise all rights and remedies available to them with respect to the collateral. There have been no events of default since the inception of the credit facility.

Convertible and Exchangeable Senior Notes

Convertible and exchangeable senior notes are senior unsecured obligations of the Company and are guaranteed by the Company on a senior unsecured basis.

Upon closing of the Merger, the Company assumed NRF's 7.25% exchangeable notes and 5.375% exchangeable notes at their respective fair values.

Convertible and exchangeable senior notes issued by the Company and outstanding are as follows:



Description	Issuance Date	Due Date	Interest Rate	Conversion or Exchange Price (per share of common stock)		Conversion or Exchange Ratio ⁽²⁾ (In Shares)	Conversion or Exchange Shares (in thousands)	Earliest Redemption Date	Outstanding Principal (in thousands)
									December 31,
									2017		2016
5.00% Convertible Notes	April 2013	April 15, 2023	5.00	$	15.76	63.4700	12,694	April 22, 2020	$	200,000	$	200,000
3.875% Convertible Notes	January and June 2014	January 15, 2021	3.875	16.57		60.3431	24,288	January 22, 2019	402,500		402,500
5.375% Exchangeable Notes	June 2013 ⁽¹⁾	June 15, 2033	5.375	12.04		83.0837	1,155	June 15, 2023	13,605		—
									$	616,105	$	602,500

__________


⁽¹⁾	Represents the initial date of issuance of exchangeable senior notes by NRF prior to the Merger.

⁽²⁾

The conversion or exchange rate for convertible and exchangeable senior notes is subject to periodic adjustments to reflect the carried-forward adjustments relating to common stock splits, reverse stock splits, common stock adjustments in connection with spin-offs and cumulative cash dividends paid on the Company's common stock since the issuance of the convertible and exchangeable senior notes. The conversion or exchange ratios are presented in shares of common stock per $1,000 principal of each convertible or exchangeable note.

The convertible and exchangeable senior notes mature on their respective due dates, unless redeemed, repurchased or exchanged prior to such date in accordance with the terms of their respective governing documents. The convertible and exchangeable senior notes are redeemable at a redemption price equal to 100% of their principal amount, plus accrued and unpaid interest up to, but excluding, the redemption date.

The Company may redeem the convertible notes for cash at its option at any time on or after their respective redemption dates if the last reported sale price of the Company's common stock has been at least 130% of the conversion price of the convertible notes then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption.

The exchangeable notes may be exchanged for cash, common stock or a combination thereof, at the Company's election, upon the occurrence of specified events, and at any time on or after their respective redemption dates, and on the second business day immediately preceding their maturity dates. The holders of the exchangeable notes have the right, at their option, to require the Company to repurchase the exchangeable notes for cash on certain specific dates in accordance with the terms of their respective governing documents.

In June 2017 and July 2017, the Company repurchased all $13.0 million of the outstanding principal of the 7.25% exchangeable notes for $13.4 million in aggregate, equal to the sum of outstanding principal and accrued interest, upon exercise of the repurchase option by note holders.

In August 2017 and November 2017, the Company exchanged a combined $2.8 million of the outstanding principal of the 5.375% exchangeable notes into 232,669 shares of the Company's class A common stock. The excess of fair value of the class A common stock issued over carrying value of the corresponding notes on the exchange date resulted in an immaterial charge to earnings.

Secured and Unsecured Debt

These are primarily investment level financing, which are generally subject to customary non-recourse carve-outs, secured by underlying commercial real estate and mortgage loans receivable.

Securitization Bonds Payable

Securitization bonds payable represent debt issued by securitization vehicles consolidated by the Company (Note 14). This includes CMBS debt as well as collateralized loan obligation debt, which were bonds issued by the consolidated N-Star CDO I and CDO IX that were assumed by the Company at fair value upon the Merger.

Senior notes issued by these securitization trusts were generally sold to third parties and subordinated notes retained by the Company. Payments from underlying collateral loans or securities must be applied to repay the notes until fully paid off, irrespective of the contractual maturities of the notes.

Junior Subordinated Debt

The junior subordinated debt was assumed by the Company through the Merger at fair value. Prior to the Merger, subsidiaries of NRF, which were formed as statutory trusts, NRF Realty Trust Financial LLC I through VIII (the “Trusts”), issued trust preferred securities ("TruPS") in private placement offerings. The sole assets of the Trusts consist of a like amount of junior subordinated notes issued by NRF at the time of the offerings (the "Junior Notes").

The Company may redeem the Junior Notes at par, in whole or in part, for cash, after five years. To the extent the Company redeems the Junior Notes, the Trusts are required to redeem a corresponding amount of TruPS. The ability of the Trusts to pay dividends depends on the receipt of interest payments on the Junior Notes. The Company has the right, pursuant to certain qualifications and covenants, to defer payments of interest on the Junior Notes for up to six consecutive quarters. If payment of interest on the Junior Notes is deferred, the Trust will defer the quarterly distributions on the TruPS for a corresponding period. Additional interest accrues on deferred payments at the annual rate payable on the Junior Notes, compounded quarterly.

Future Minimum Principal Payments

The following table summarizes future scheduled minimum principal payments of debt carried at amortized cost at December 31, 2017, generally based on current contractual maturity. Financing on certain loan portfolios are based on the Company's expectation of cash flows from underlying loan collateral as principal repayments on the loan financing depend upon net cash flows from collateral assets and ratio of outstanding principal to collateral. Future minimum principal payments at December 31, 2017 include $463.0 million related to debt financing on certain loans receivable and net lease properties that were contributed to Colony NorthStar Credit on January 31, 2018.



(In thousands)	Credit Facilities		Convertible and Exchangeable Senior Notes		Secured and Unsecured Debt		Securitization Bonds Payable (2)		Junior Subordinated Notes		Total
Year Ending December 31,	Credit Facilities		Convertible and Exchangeable Senior Notes		Secured and Unsecured Debt		Securitization Bonds Payable (2)		Junior Subordinated Notes		Total
2018 ⁽¹⁾	$	—	$	—	$	335,868	$	—	$	—	$	335,868
2019	—		—		3,114,899		—		—		3,114,899
2020	—		—		427,990		—		—		427,990
2021	50,000		402,500		1,157,120		—		—		1,609,620
2022	—		—		3,002,972		—		—		3,002,972
2023 and thereafter	—		213,605		1,753,320		391,231		280,117		2,638,273
Total	$	50,000	$	616,105	$	9,792,169	$	391,231	$	280,117	$	11,129,622

__________


⁽¹⁾	At December 31, 2017, $1,512.5 million in outstanding principal of secured and unsecured debt maturing in 2018 have met their respective qualifying conditions for extension of maturity.


⁽²⁾	For securitization bonds payable, principal may be repaid earlier if proceeds from underlying loans and securities are repaid by borrowers. Future estimated principal payments on securitization bonds payable at December 31, 2017, if based on reasonable expectations of cash flows from underlying loans and securities, would be as follows:



(In thousands)	Securitization Bonds Payable
Year Ending December 31,	Securitization Bonds Payable
2018	$	188,180
2019	147,634
2020	53,800
2021	1,617
Total	$	391,231

Derivatives

12 Months Ended

Dec. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

The Company uses derivative instruments to manage the risk of changes in interest rates and foreign exchange rates, arising from both its business operations and economic conditions. Specifically, the Company enters into derivative instruments to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and cash payments, the values of which are driven by interest rates, principally relating to the Company’s investments and borrowings. Additionally, the Company’s foreign operations expose the Company to fluctuations in foreign interest rates and exchange rates. The Company enters into derivative instruments to protect the value or fix certain of these foreign denominated amounts in terms of its functional currency, the U.S. dollar. Derivative instruments used in the Company’s risk management activities may be designated as qualifying hedge accounting relationships (“designated hedges”) or otherwise used for economic hedging purposes (“non-designated hedges”).

In connection with the Merger, the Company assumed $6.1 billion notional of interest rate contracts, including those held by consolidated N-Star CDOs, all of which are non-designated. This includes a $2.0 billion notional forward starting swap with a 3.39% strike and a maturity date in December 2029, with mandatory settlement at fair value by December 2019. The interest rate swap was intended to hedge the interest rate risk on future refinancing of certain mortgage debt assumed in the Merger. At December 31, 2017, the interest rate swap was out of the money and recorded as a derivative liability of $160.4 million, which was a $13.0 million unfavorable change in fair value from the Closing Date.

Fair value of derivative assets and derivative liabilities were as follows:



	December 31, 2017									December 31, 2016
(In thousands)	Designated Hedges			Non-Designated Hedges			Total			Designated Hedges			Non-Designated Hedges			Total
Derivative Assets
Foreign exchange contracts	$	8,009		$	975		$	8,984		$	34,715		$	1,103		$	35,818
Interest rate contracts	—			1,168			1,168			—			283			283
Included in other assets	$	8,009		$	2,143		$	10,152		$	34,715		$	1,386		$	36,101
Derivative Liabilities
Foreign exchange contracts	$	(39,101	)	$	(5,307	)	$	(44,408	)	$	(5,011	)	$	(437	)	$	(5,448	)
Interest rate contracts	—			(160,440		)	(160,440		)	—			—			—
Included in accrued and other liabilities	$	(39,101	)	$	(165,747	)	$	(204,848	)	$	(5,011	)	$	(437	)	$	(5,448	)

Certain counterparties to the derivative instruments require the Company to deposit cash or other eligible collateral. The Company had $1.9 million of cash collateral on deposit in connection with the notional forward starting swap that was out of the money at December 31, 2017. There was no cash collateral on deposit at December 31, 2016.

Foreign Exchange Contracts

The following table summarizes the aggregate notional amounts of designated and non-designated foreign exchange contracts in place at December 31, 2017, along with certain key terms:

Hedged Currency

Instrument Type

Notional Amount
(in thousands)

Range of Expiration Dates

Designated

Non-Designated

FX Rates
($ per unit of foreign currency)

EUR

FX Collar

€

117,963

€

—

Min $1.06 / Max $1.53

December 2018 to January 2021

GBP

FX Collar

51,977

2,223

Min $1.45 / Max $1.82

December 2018 to December 2019

EUR

FX Forward

€

330,182

€

4,726

Range from $1.10 to $1.27

January 2018 to January 2022

GBP

FX Forward

100,517

42,633

Range from $1.23 to $1.28

December 2018 to December 2020

NOK

FX Forward

NOK

802,417

NOK

120,583

$0.12

February 2018

PEN

Option

PEN

321,930

0.28

February 2018

CLP

Option

CLP

64,635,000

0.0014

February 2018

COP

Option

COP

43,121,000

0.0003

February 2018

Designated Net Investment Hedges

The Company’s foreign denominated net investments in subsidiaries or joint ventures were €499.2 million, £250.6 million and NOK771.2 million, or a total of $1,139.0 million at December 31, 2017, and €394.4 million, £106.2 million, CHF54.5 million and NOK842.1 million, or a total of $697.4 million at December 31, 2016.

The Company entered into foreign exchange contracts to hedge the foreign currency exposure of certain investments in foreign subsidiaries or equity method joint ventures, designated as net investment hedges, as follows:


•	forward contracts whereby the Company agrees to sell an amount of foreign currency for an agreed upon amount of U.S. dollars; and


•	foreign exchange collars (caps and floors) without upfront premium costs, which consist of a combination of currency options with single date expirations, whereby the Company gains protection against foreign currency weakening below a specified level and pays for that protection by giving up gains from foreign currency appreciation above a specified level.

These foreign exchange contracts are used to protect certain of the Company’s foreign denominated investments and receivables from adverse foreign currency fluctuations, with notional amounts and termination dates based upon the anticipated return of capital from the investments.

Following the liquidation of underlying investments of foreign subsidiaries, net realized loss of $3.9 million and net realized gain of $62,000 on net investment hedges were transferred out of accumulated other comprehensive income into earnings, recorded in other gain (loss) for the years ended December 31, 2017 and 2016, respectively.

Non-Designated Hedges

At the end of each quarter, the Company reassesses the effectiveness of its net investment hedges and as appropriate, dedesignates the portion of the derivative notional that is in excess of the beginning balance of its net investments as non-designated hedges. Any unrealized gain or loss on the dedesignated portion of net investment hedges is transferred into earnings, recorded in other gain (loss). For the years ended December 31, 2017 and 2016, dedesignated net investment hedges yielded unrealized losses of $3.9 million and unrealized gains of $1.6 million, respectively.

Interest Rate Contracts

The Company uses various interest rate contracts, some of which may be designated as cash flows hedges, to limit its exposure to changes in interest rates on various floating rate debt obligations.

At December 31, 2017, the Company held the following interest rate contracts:



	Notional Amount (in thousands)			Strike Rate / Forward Rate
Instrument Type	Non-Designated		Index	Strike Rate / Forward Rate	Expiration
Interest rate swaps	$	2,000,000	3-Month LIBOR	3.39%	December 2029
Interest rate swaps	$	2,917	1-Month LIBOR	4.17% - 5.12%	July 2018 to July 2023
Interest rate caps	$	5,351,682	1-Month LIBOR	2.46% - 5.70%	June 2018 to November 2020
Interest rate caps	$	220,466	3-Month LIBOR	3.50%	August 2018 to March 2019
Interest rate caps	€	621,799	3-Month EURIBOR	0.75% - 1.50%	October 2018 to September 2022
Interest rate caps	£	429,904	3-Month GBP LIBOR	2.0% - 2.5%	November 2018 to February 2020
Basis swap	$	10,000	⁽¹⁾	⁽¹⁾	January 2019
Deliverable swap futures	$	14,735	⁽²⁾	⁽²⁾	March 2018

__________


⁽¹⁾	Basis swap is held by a consolidated N-Star CDO, paying 3-month LIBOR plus 1.95% and receiving 1-month LIBOR plus 1.88%, used to economically hedge the timing of payments between certain underlying securities and corresponding bonds issued by the consolidated N-Star CDO.


⁽²⁾	A consolidated sponsored investment company sold a 10-year USD deliverable swap futures contract to economically hedge the interest rate exposure on its long dated fixed rate securities.

Amounts recorded in other gain (loss) were as follows:



	Year Ended December 31,
(In thousands)	2017			2016			2015
Unrealized gain (loss):
Cash flow hedge ineffectiveness	$	—		$	(401	)	$	(98	)
Non-designated interest rate contracts	(15,080		)	(1,455		)	(841		)

Offsetting Assets and Liabilities

The Company enters into agreements subject to enforceable master netting arrangements with its derivative counterparties that allow the Company to offset the settlement of derivative assets and liabilities in the same currency by derivative instrument type or, in the event of default by the counterparty, to offset all derivative assets and liabilities with the same counterparty. The Company has elected not to net derivative asset and liability positions, notwithstanding the conditions for right of offset may have been met. The Company presents derivative assets and liabilities with the same counterparty on a gross basis on the consolidated balance sheets.

The following table sets forth derivative positions where the Company has a right of offset under netting arrangements with the same counterparty.



	Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets			Gross Amounts Not Offset on Consolidated Balance Sheets					Net Amounts of Assets (Liabilities)
(In thousands)				(Assets) Liabilities			Cash Collateral Received (Pledged)		Net Amounts of Assets (Liabilities)
December 31, 2017
Derivative Assets
Foreign exchange contracts	$	8,984		$	(8,944	)	$	—	$	40
Interest rate contracts	1,168			(4		)	—		1,164
	$	10,152		$	(8,948	)	$	—	$	1,204
Derivative Liabilities
Foreign exchange contracts	$	(44,408	)	$	8,944		$	—	$	(35,464	)
Interest rate contracts	(160,440		)	4			1,900		(158,536		)
	$	(204,848	)	$	8,948		$	1,900	$	(194,000	)

December 31, 2016
Derivative Assets
Foreign exchange contracts	$	35,818		$	(180	)	$	—	$	35,638
Interest rate contracts	283			—			—		283
	$	36,101		$	(180	)	$	—	$	35,921
Derivative Liabilities
Foreign exchange contracts	$	(5,448	)	$	180		$	—	$	(5,268	)
Interest rate contracts	—			—			—		—
	$	(5,448	)	$	180		$	—	$	(5,268	)

Fair Value

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

Fair Value

Recurring Fair Values

Assets and liabilities carried at recurring fair values include financial instruments for which the Company elected to account for under the fair value option.

Loans Receivable and Debt

The Company elected the fair value option for loans receivable and bonds payable issued by a securitization trust consolidated by a NorthStar CDO. The NorthStar CDO is in turn consolidated by the Company. The financial assets of the securitization trust can be used only to settle its financial liabilities, and the financial liabilities of the securitization trust can be settled only with its financial assets. As such, the Company has adopted the measurement alternative to measure the fair value of the loans receivable held by the securitization trust using the fair value of the bonds payable issued by the securitization trust as the latter represents the more observable fair value. Accordingly, the net gain or loss reflected in earnings is limited to changes in fair value of the beneficial interest held by the Company in the consolidated securitization trust, and not as a result of a remeasurement of the loans receivable and bonds payable held by third parties in the consolidated securitization trust.

Fair value of the bonds payable issued by the securitization trust is determined based on broker quotes, which are generally derived from unobservable inputs, and therefore classified as Level 3 of the fair value hierarchy. Correspondingly, the fair value of the loans receivable held by the securitization trust is also classified as Level 3. Management determines the quotes are representative of fair value through a review of available data, including recent transactions as well as its knowledge of and experience in the market.

Investments in Unconsolidated Ventures

The Company elected the fair value option to account for certain investments in unconsolidated ventures, including investments in private funds acquired in connection with the Merger. Fair value of investments in unconsolidated ventures is classified as Level 3 of the fair value hierarchy, with changes in fair value recorded in earnings from investments in unconsolidated ventures. Fair values are determined using discounted cash flow models based on expected future cash flows for income and realization events of the underlying assets, transaction price for recently acquired investments, or pending sales price on an investment, as applicable. The Company considers cash flow and NAV information provided by general partners of private funds and the implied yields of those funds in valuing its investments in private funds. However, the Company has not elected the practical expedient to measure the fair value of its investments in private funds using the NAV of the underlying funds.

Securities

N-Star CDO bonds—Fair value of N-Star CDO bonds are determined internally based on recent trades, if any with such securitizations, the Company's knowledge of the underlying collateral and are determined using an internal price interpolated based on third party prices of the senior N-Star CDO bonds of the respective CDOs. All N-Star CDO bonds are classified as Level 3 of the fair value hierarchy.

CMBS and other securities—Fair value is determined based on broker quotes, third party pricing services or an internal price, all of which are generally derived from unobservable inputs, and therefore classified as Level 3 of the fair value hierarchy. Management determines the prices are representative of fair value through a review of available data, including recent transactions as well as its knowledge of and experience in the market.

Equity securities of consolidated fund—Fair value of equity securities held by a consolidated open-end fund is based on listed prices in active markets and classified as Level 1 of the fair value hierarchy.

Derivatives

Derivative instruments consist of interest rate contracts and foreign exchange contracts that are generally traded over-the-counter, and are valued using a third-party service provider, except for exchange traded futures contracts which are Level 1 fair values. Quotations on over-the-counter derivatives are not adjusted and are generally valued using observable inputs such as contractual cash flows, yield curve, foreign currency rates and credit spreads, and are classified as Level 2 of the fair value hierarchy. Although credit valuation adjustments, such as the risk of default, rely on Level 3 inputs, these inputs are not significant to the overall valuation of its derivatives. As a result, derivative valuations in their entirety are classified as Level 2 of the fair value hierarchy.

Due To Affiliates—Contingent Consideration for Internalization

In connection with the Internalization, contingent consideration is payable to certain senior executives of the Company, to be paid in a combination of up to approximately 1.29 million shares of class A common stock, 115,226 shares of class B common stock and approximately 4.40 million OP Units (after giving effect to the Colony exchange ratio of 1.4663). The contingent consideration is subject to multi-year performance targets for achievement of a contractually-defined funds from operations ("Benchmark FFO") per share target and capital-raising thresholds from the funds management business, adjusted for certain targets that have not been met and that have expired. If the minimum performance target for either of these metrics is not met or exceeded, a portion of the contingent consideration paid in respect of the other metric would not be paid out in full. The contingent consideration is remeasured at fair value each reporting period using a third party valuation service provider and classified as Level 3 of the fair value hierarchy, with changes in fair value recorded in other gain (loss) in the consolidated statement of operations. Fair value of the contingent consideration is measured using a Monte Carlo probability simulation model for the Benchmark FFO component and a discounted payout analysis based on probabilities of achieving prescribed targets for the capital-raising component. The Company's class A common stock price and related equity volatilities are applied to convert the contingent consideration payout into shares.

Other Liabilities—Contingent Consideration for THL Hotel Portfolio

In connection with a consensual foreclosure of the THL Hotel Portfolio, contingent consideration is payable to the former preferred equity holder of the borrower in an amount up to $13.0 million (Note 3). Fair value of the contingent consideration is measured using discounted cash flows based on the probability of the former preferred equity holder receiving such payment.

The table below presents a summary of assets and liabilities carried at fair value on a recurring basis, including financial instruments for which the fair value option was elected.



	Fair Value Measurements
(In thousands)	Level 1		Level 2		Level 3		Total
December 31, 2017
Assets
Loans receivable—securitized loans	$	—	$	—	$	45,423	$	45,423
Investments in unconsolidated ventures	—		—		363,901		363,901
Debt securities available for sale
CRE securities of consolidated N-Star CDOs:
CMBS	—		—		147,945		147,945
Other securities	—		—		66,983		66,983
N-Star CDO bonds	—		—		90,933		90,933
CMBS and other securities	—		25,099		17,382		42,481
Equity securities of consolidated fund	35,600		—		—		35,600
Other assets—derivative assets	—		10,152		—		10,152
Liabilities
Debt—securitization bonds payable	—		—		44,542		44,542
Other liabilities—derivative liabilities	—		204,848		—		204,848
Other liabilities—contingent consideration for THL Hotel Portfolio	—		—		7,419		7,419
Due to affiliates—contingent consideration for Internalization	—		—		20,650		20,650

December 31, 2016
Assets
Securities—CMBS	$	—	$	23,446	$	—	$	23,446
Other assets—derivative assets	—		36,101		—		36,101
Liabilities
Other liabilities—derivative liabilities	—		5,448		—		5,448
Due to affiliates—contingent consideration for Internalization	—		—		41,250		41,250

Level 3 Fair Value Measurements

The Company relies on the third party pricing exception with respect to the requirement to provide quantitative disclosures about significant Level 3 inputs being used to determine fair value measurements for CRE debt securities, except for N-Star CDO bonds, as well as for loans receivable and bonds payable issued by a consolidated securitization trust held by a consolidated N-Star CDO. The Company believes that the pricing service or broker quotations for these instruments may be based on market transactions of comparable securities, inputs including forecasted market rates, contractual terms, observable discount rates for similar securities and credit, such as credit support and delinquency rates.

Quantitative information about other recurring level 3 fair value measurements are as follows.

Valuation Technique

Key Unobservable Inputs

Input Value

Effect on Fair Value from Increase in Input Value ⁽¹⁾

Financial Instrument

Fair Value

(In thousands)

Weighted Average

(Range)

December 31, 2017

Investments in unconsolidated ventures—private funds

204,774

Discounted cash flows

Discount rate

14.6%
(11.0% - 20.0%)

Decrease

Investments in unconsolidated ventures—others

26,408

Discounted cash flows

Discount rate

14.2%
(8.8% - 14.8%)

Decrease

Investments in unconsolidated ventures—others

132,719

Recent transaction price⁽²⁾

Not applicable

N-Star CDO bonds

90,933

Discounted cash flows

Discount rate

24.0%
(10.8% - 87.4%)

Decrease

Due to affiliates—contingent consideration for Internalization

20,650

Monte Carlo simulation

Benchmark FFO volatility

11.8%

Increase

Equity volatility

18.7%

Increase

Correlation ⁽³⁾

80.0%

Increase

Other liabilities—contingent consideration for THL Hotel Portfolio

7,419

Discounted cash flows

Discount rate

20.0%

Decrease

December 31, 2016

Due to affiliates—contingent consideration for Internalization

41,250

Monte Carlo simulation

Benchmark FFO volatility

16.1%

Increase

Equity volatility

32.5%

Increase

Correlation ⁽³⁾

80.0%

Increase

__________


⁽¹⁾	Represents the directional change in fair value that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the reverse effect. Significant increases or decreases in these inputs in isolation could result in significantly higher or lower fair value measures.


⁽²⁾	Represents transacted price for investments acquired in the fourth quarter of 2017.


⁽³⁾	Represents assumed correlation between Benchmark FFO and the Company's class A common stock price.

The following table presents changes in recurring Level 3 fair value measurements, including realized and unrealized gains (losses) included in earnings and accumulated other comprehensive income. Any transfers in or out of Level 3 are assumed to occur at the beginning of the year.



		Level 3 Assets									Level 3 Liabilities
(In thousands)		Loans Receivable			Investments in Unconsolidated Ventures			Securities			Debt			Due To Affiliates—Contingent Consideration for Internalization			Other Liabilities—Contingent Consideration for THL Hotel Portfolio
Fair value at December 31, 2014		$	—		$	—		$	—		$	—		$	—		$	—
Acquired through Internalization		—			—			—			—			(69,500		)	—
Unrealized gain in earnings		—			—			—			—			16,510			—
Fair value at December 31, 2015		$	—		$	—		$	—		$	—		$	(52,990	)	$	—
Unrealized gain on ending balance—in earnings		$	—		$	—		$	—		$	—		$	16,510		$	—

Fair value at December 31, 2015		$	—		$	—		$	—		$	—		$	(52,990	)	$	—
Unrealized gain in earnings		—			—			—			—			11,740			—
Fair value at December 31, 2016		$	—		$	—		$	—		$	—		$	(41,250	)	$	—
Unrealized gain on ending balance—in earnings		$	—		$	—		$	—		$	—		$	11,740		$	—

Fair value at December 31, 2016		$	—		$	—		$	—		$	—		$	(41,250	)	$	—
Acquired through the Merger		—			362,269			427,560			—			—			—
Consideration for business combination		—			—			—			—			—			(6,771		)
Consolidation of securitization trust	Consolidation of securitization trust	58,296			—			—			(56,928		)	—			—
Purchases / borrowings / amortization / contributions		—			162,192			40,035			10,564			—			—
Paydowns or distributions		(10,564		)	(166,795		)	(120,728		)	—			—			—
Realized gains (losses) in earnings		—			—			(38,885		)	—			—			—
Unrealized gains (losses):
In earnings		(2,309		)	6,104			—			1,822			20,600			(648		)
In other comprehensive income		—			—			15,261			—			—			—
Fair value at December 31, 2017		$	45,423		$	363,770		$	323,243		$	(44,542	)	$	(20,650	)	$	(7,419	)
Unrealized gains (losses) on ending balance:
In earnings		$	(2,309	)	$	6,104		$	—		$	1,822		$	20,600		$	(648	)
In other comprehensive income		$	—		$	—		$	15,261		$	—		$	—		$	—

Nonrecurring Fair Values

The Company measures fair value of certain assets on a nonrecurring basis, generally when events or changes in circumstances indicate that the carrying value of the assets may not be recoverable.

The following table summarizes assets carried at fair value on a nonrecurring basis, measured at the time of impairment.



	Nonrecurring fair value measured during year ended December 31,
(In thousands)	2017						2016
	Level 2		Level 3		Total		Level 2		Level 3		Total
Real estate held for sale	$	13,252	$	36,246	$	49,498	$	33,074	$	33,960	$	67,034
Real estate held for investment	—		224,935		224,935		—		226		226
Intangible assets—investment management contracts	—		51,100		51,100		—		2,181		2,181
Investments in unconsolidated ventures	—		11,871		11,871		—		—		—

The following table summarizes the fair value write-downs to assets carried at nonrecurring fair values during the periods presented.



	Year Ended December 31,
(In thousands)	2017		2016
Impairment loss
Real estate held for sale	$	25,619	$	11,334
Real estate held for investment	19,668		57
Intangible assets—investment management contracts	59,073		320
Earnings from investments in unconsolidated ventures	6,774		—

Real Estate Held For Sale—The write down to fair value less cost to sell was estimated based on contracted sales prices, or auction bid prices, classified as Level 2 of the fair value hierarchy, or based on broker price opinions or discounted cash flows, classified as Level 3 of the fair value hierarchy, with discount rates between 5.6% and 11%, and net of selling costs between 2% to 8% of the respective fair values.

Real Estate Held For Investment—In 2017, impairment loss of $14.1 million pertained to properties held for investment in the Company's European portfolio and resulted from a combination of a reduction in the estimated holding period of these properties, tenant vacancy as well as exposure to the retail and leisure markets in the United Kingdom. Fair value of impaired properties in the European portfolio were determined using a future cash flow analysis that included an eventual sale of the properties, with expected sale price based on broker price opinions, and applying terminal capitalization rates ranging from 8% to 13%, with longer term cash flow projections discounted at 10%. Remaining impairment loss was incurred upon conversion of three RIDEA properties into net lease properties in the healthcare segment as well as due to property damage from hurricanes Harvey and Irma, net of insurance recoveries (as discussed in Note 4). Impairment on the latter was based on the extent of damage to each affected property, determined through insurance appraisers and estimated costs to repair.

In 2016, there was one property in Italy that was impaired based on an updated appraised value.

Investment In Unconsolidated Ventures—In 2017, impairment loss was recorded in earnings from investment in unconsolidated ventures on an ADC loan accounted for as an equity method investment. The residential land development project was impaired based on a projection of future cash flows that include the incurrence of additional engineering costs and an estimated residual land value in an as-is sale to a developer.

Investment Management Contract Intangibles—In the fourth quarter of 2017, impairment loss was recorded on investment management contracts of non-traded REITs acquired through the Merger, with $55.3 million related to NorthStar Healthcare following an amendment to its advisory agreement with the Company (as discussed in Note 19), and $3.7 million on NorthStar/RXR NY Metro based on revised capital raising projections. In the first quarter of 2016, impairment loss was recognized on an investment management contract for a Colony private fund that was in liquidation, resulting from a change in its fee basis. Fair value of management contract intangibles were estimated based on an analysis of discounted excess earnings attributable to future fee income from each management contract, utilizing a discount rate of 9% in 2017 and 8% in 2016.

Refer to Note 8 for a discussion of goodwill impairment in 2017.

Fair Value Information on Financial Instruments Reported at Cost

Carrying amounts and estimated fair values of financial instruments reported at amortized cost are presented below:



	Fair Value Measurements								Carrying Value
(In thousands)	Level 1		Level 2		Level 3		Total		Carrying Value
December 31, 2017
Assets
Loans at amortized cost	$	—	$	—	$	3,232,301	$	3,232,301	$	3,178,339
Liabilities
Debt at amortized cost
Corporate credit facility	—		50,000		—		50,000		50,000
Convertible and exchangeable senior notes	608,491		13,979		—		622,470		610,331
Secured and unsecured debt	—		—		9,703,680		9,703,680		9,622,175
Securitization bonds payable	—		132,815		169,908		302,723		303,709
Junior subordinated debt	—		—		216,316		216,316		197,053
December 31, 2016
Assets
Loans at amortized cost	$	—	$	—	$	3,471,797	$	3,471,797	$	3,430,608
Liabilities
Debt at amortized cost
Corporate credit facility	—		422,600		—		422,600		422,600
Convertible senior notes	606,698		—		—		606,698		592,826
Secured and unsecured debt	—		—		2,163,094		2,163,094		2,205,697
Securitization bonds payable	—		492,481		—		492,481		494,495

Loans Receivable—Loans receivable carried at amortized cost consist of first mortgages, subordinated mortgages and corporate loans, including such loans held by securitization trusts consolidated by the Company. Fair values were determined by comparing the current yield to the estimated yield of newly originated loans with similar credit risk or the market yield at which a third party might expect to purchase such investment; or based on discounted cash flow projections of principal and interest expected to be collected, which includes consideration of the financial standing of the borrower or sponsor as well as operating results of the underlying collateral. Carrying values of loans held for investment carried at amortized cost are presented net of allowance for loan losses, where applicable.

Debt—Fair value of the credit facility approximated carrying value as its prevailing interest rate and applicable terms were renegotiated within the last 12 months. Fair value of convertible notes was determined using the last trade price in active markets. Fair value of exchangeable notes was determined based on unadjusted quoted prices in a non-active market. Fair value of secured and unsecured debt were estimated by discounting expected future cash outlays at interest rates currently available to the Company for instruments with similar terms and remaining maturities; and such fair values approximated carrying value for floating rate debt with credit spreads that approximate market rates. Fair value of securitization bonds payable was based on quotations from brokers or financial institutions that act as underwriters of the securitized bonds. Fair value of junior subordinated debt was based on unadjusted quotations from a third party valuation firm, with such quotes derived using a combination of internal valuation models, comparable trades in non-active markets and other market data.

Other—The carrying values of cash, interest receivable, accounts receivable, due from and to affiliates, interest payable and accounts payable approximate fair value due to their short term nature and credit risk, if any, are negligible.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Variable Interest Entities	12 Months Ended
Variable Interest Entities	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities Consolidated VIEs Operating Subsidiary The Company's operating subsidiary, OP, is a limited liability company that has governing provisions that are the functional equivalent of a limited partnership. The Company holds the majority of membership interest in OP, acts as the managing member of OP and exercises full responsibility, discretion and control over the day-to-day management of OP. The noncontrolling interests in OP do not have substantive liquidation rights, or substantive kick-out rights without cause, or substantive participating rights that could be exercised by a simple majority of noncontrolling interest members (including by such a member unilaterally). The absence of such rights, which represent voting rights in a limited partnership equivalent structure, would render OP to be a VIE. The Company, as managing member, has the power to direct the core activities of OP that most significantly affect OP's performance, and through its majority interest in OP, has both the right to receive benefits from and the obligation to absorb losses of OP. Accordingly, the Company is the primary beneficiary of OP and consolidates OP. As the Company conducts its business and holds its assets and liabilities through OP, the total assets and liabilities of OP represent substantially all of the total consolidated assets and liabilities of the Company. Securitizations The Company securitizes loans receivable and CRE debt securities using VIEs. The Company may also acquire securities issued by securitization trusts that are VIEs. The securitization vehicles are structured as pass-through entities that receive principal and interest on the underlying mortgage loans and debt securities and distribute those payments to the holders of the notes, certificates or bonds issued by the securitization vehicles. The loans and debt securities are transferred into securitization vehicles such that these assets are restricted and legally isolated from the creditors of the Company, and therefore are not available to satisfy the Company's obligations but only the obligations of the securitization vehicles. The obligations of the securitization vehicles do not have any recourse to the general credit of any other consolidated entities, nor to the Company. The Company retains beneficial interests in the securitization vehicles, usually in the form of equity tranches or subordinate securities. Affiliates of the Company or appointed third parties act as special servicer of the underlying collateral mortgage loans and the Company acts as collateral manager of two N-Star CDOs. Additionally, the Company's acquired investment in securitization trusts, in certain cases, may become the controlling class, which would then give the Company the right to appoint or remove the special servicer. The special servicer has the power to direct activities during the loan workout process on defaulted and delinquent loans as permitted by the underlying contractual agreements, which is subject to the consent of the Company, as the controlling class representative or directing holder who, under certain circumstances, has the right to unilaterally remove the special servicer. The Company, as collateral manager of the two N-Star CDOs, has the power to invest in additional or replacement collateral during the investment period and subsequent to the investment period, has the power to identify an asset as distressed or credit risk and sell certain distressed collateral. As the Company’s rights as the directing holder and controlling class representative or as the collateral manager of the CDOs provide the Company the ability to direct activities that most significantly impact the economic performance of the securitization vehicles, the Company maintains effective control over the loans and debt securities transferred into the securitization vehicles. Considering the interests retained by the Company in the securitization vehicles together with its role as controlling class representative or directing holder or collateral manager of the two N-Star CDOs, the Company is deemed to be the primary beneficiary and consolidates these securitization vehicles. Accordingly, these securitizations did not qualify as sale transactions and are accounted for as secured financing with the underlying mortgage loans and debt securities pledged as collateral. All of the underlying assets, liabilities, equity, revenues and expenses of these securitization vehicles are consolidated within the Company's consolidated financial statements. Consolidation of these securitization vehicles does not have an economic impact to the Company. The Company’s exposure to the obligations of these securitization vehicles is generally limited to its investment in these entities, which was $490.1 million and $407.0 million at December 31, 2017 and 2016, respectively. The Company is not obligated to provide any financial support to these securitization vehicles, although it may, in its sole discretion, provide support such as protective and other advances as it deems appropriate. For the years ended December 31, 2017 and 2016, the Company did not provide any such financial support to these securitization vehicles. Company-Sponsored Private Fund The Company sponsors certain private funds and other investment vehicles as general partner for the purpose of providing investment management services in exchange for management fees and performance-based fees. These funds are established as limited partnerships or equivalent structures. For certain sponsored private funds, limited partners of the funds do not have either substantive liquidation rights, or substantive kick-out rights without cause, or substantive participating rights that could be exercised by a simple majority of limited partners or by a single limited partner. Accordingly, the absence of such rights in certain sponsored private funds, which represent voting rights in a limited partnership, results in such funds being considered VIEs. The nature of the Company's involvement with its sponsored funds comprise fee arrangements and equity interests. The fee arrangements are commensurate with the level of management services provided by the Company, and contain terms and conditions that are customary to similar at-market fee arrangements. The Company's equity interest in one of its sponsored open-end private funds is deemed to absorb more than insignificant variability during the early stages of the fund while additional third party capital is being raised. As of December 31, 2017, the Company is considered to be acting in the capacity of a principal of the fund, therefore the Company is the primary beneficiary and currently consolidates the fund. The Company’s exposure is limited to the value of its outstanding investment in the fund of $10.2 million at December 31, 2017. The Company, as general partner, is not obligated to provide any financial support to the consolidated fund. Unconsolidated VIEs Securitizations Prior to the Merger, NRF delegated the collateral management rights for certain sponsored CDOs and two third party-sponsored CDOs to a third party collateral manager or collateral manager delegate who is entitled to a percentage of the senior and subordinate collateral management fees. The Company continues to receive fees as named collateral manager or collateral manager delegate and retained administrative responsibilities. The Company determined that the fees paid to the third party collateral manager or collateral manager delegate represents a variable interest in the CDOs and that the third party is acting as a principal. The Company concluded that it does not have the power to direct the activities that most significantly impact the economic performance of these CDOs, which include but are not limited to the ability to sell distressed collateral, and therefore is no longer the primary beneficiary of such CDOs. As a result, the Company does not consolidate the assets and liabilities of the CDOs for which the Company does not retain the collateral management function. The Company’s exposure to loss is limited to its investment in these CDOs, comprising CDO equity and CDO bonds, which aggregate to $102.2 million at December 31, 2017. Trusts The Company, through the Merger, acquired the Trusts, which are wholly-owned subsidiaries of NRF formed as statutory trusts. The Trusts issued preferred securities in private placement offerings, and used the proceeds to purchase junior subordinated notes to evidence loans made to NRF (Note 11). The Company owns all of the common stock of the Trusts, however, the Company's interests in the Trusts do not represent variable interests. The Company determined that the holders of the preferred securities issued by the Trusts are the primary beneficiaries of the Trusts, therefore, the Company does not consolidate the Trusts. The Company accounts for its interest in the Trusts under the equity method and its maximum exposure to loss is limited to its investment carrying value of $3.7 million at December 31, 2017, recorded in investments in unconsolidated ventures on the consolidated balance sheet (Note 6). The junior subordinated notes are recorded as debt on the Company's consolidated balance sheet. Company-Sponsored Private Funds The Company may invest alongside certain of its sponsored private funds through joint ventures between the Company and its sponsored funds. These co-investment joint ventures are consolidated by the Company. As general partner, the Company has capital commitments directly to these sponsored funds. The Company may also have capital commitments satisfied directly through the co-investment joint ventures as an affiliate of the general partner. The Company's equity interests in these sponsored funds absorb insignificant variability. As the Company is considered to be acting in the capacity of an agent of these sponsored funds, the Company is not the primary beneficiary and does not consolidate these sponsored funds. The Company accounts for its equity interests in these sponsored funds under the equity method. The Company's maximum exposure to loss is limited to the carrying value of its investment in these sponsored funds, totaling $6.9 million and $1.7 million at December 31, 2017 and 2016, respectively, included within investments in unconsolidated ventures on the consolidated balance sheets.

Stockholders' Equity

12 Months Ended

Dec. 31, 2017

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

The table below summarizes the share activities of the Company's preferred and common stock.

As a result of the Merger, each outstanding share of Colony's class A and class B common stock was converted into the right to receive 1.4663 shares of Colony NorthStar's class A and class B common stock, respectively. Accordingly, the Company's common shares outstanding for all prior periods presented have been adjusted to reflect the Colony exchange ratio of 1.4663.



	Number of Shares
(In thousands)	Preferred Stock		Class A Common Stock		Class B Common Stock
Shares outstanding at December 31, 2014	13,530		160,756		—
Issuance of preferred stock	11,500		—		—
Issuance of class A common stock	—		2,093		—
Issuance of class B common stock	—		—		827
Conversion of class B to class A common stock	—		26		(26	)
Equity-based compensation, net of forfeitures	—		902		—
Shares canceled for tax withholding on vested stock awards	—		—		—
Shares outstanding at December 31, 2015	25,030		163,777		801
Repurchase of preferred stock ⁽¹⁾	(964	)	—		—
Contribution of preferred stock to an affiliate ⁽¹⁾	964		—		—
Shares issued upon redemption of OP units	—		1,370		—
Conversion of class B to class A common stock	—		31		(31	)
Equity-based compensation, net of forfeitures	—		1,478		—
Shares canceled for tax withholding on vested stock awards	—		(216	)	—
Shares outstanding at December 31, 2016	25,030		166,440		770
Consideration for the Merger ⁽²⁾	39,466		392,120		—
Issuance of preferred stock	26,400		—		—
Redemption of preferred stock	(25,432	)	—		—
Shares canceled ⁽³⁾	—		(2,984	)	—
Shares issued upon redemption of OP Units	—		1,684		—
Conversion of class B to class A common stock	—		34		(34	)
Repurchase of common stock	—		(23,371	)	—
Exchange of notes for class A common stock	—		233		—
Equity-based compensation, net of forfeitures	—		8,096		—
Redemption of restricted stock units			775
Shares canceled for tax withholding on vested stock awards	—		(428	)	—
Shares outstanding at December 31, 2017	65,464		542,599		736

__________

⁽¹⁾

In January 2016, the Company repurchased 963,718 shares in aggregate of its preferred stock for approximately $20.0 million. In March 2016, the Company contributed the preferred stock at its purchase price to an investment vehicle (the "REIT Securities Venture"), which is a joint venture with a private fund managed by the Company. The Company holds an approximate 4.4% interest in the REIT Securities Venture, accounted for under the equity method. The REIT Securities Venture invests in equity of publicly traded U.S. REITs, including securities of the Company.

⁽²⁾

Shares were legally issued by Colony NorthStar, as the surviving combined company, as consideration for the Merger. However, as the Merger is accounted for as a reverse acquisition, the consideration transferred was measured based upon the number of shares of common stock and preferred stock that Colony, as the accounting acquirer, would theoretically have to issue to the shareholders of NSAM and NRF to achieve the same ratio of ownership in Colony NorthStar upon completion of the Merger (Note 3).


⁽³⁾	Represents NRF shares held by NSAM that were canceled upon consummation of the Merger, after giving effect to the exchange ratio.

Preferred Stock

In the event of a liquidation or dissolution of the Company, preferred stockholders have priority over common stockholders for payment of dividends and distribution of net assets.

The table below summarizes the preferred stock issued and outstanding at December 31, 2017:



Description	Dividend Rate Per Annum		Initial Issuance Date	Shares Outstanding (in thousands)	Par Value (in thousands)		Liquidation Preference (in thousands)		Earliest Redemption Date
Series B	8.25	%	February 2007 ⁽¹⁾	6,114	$	61	$	152,855	Currently redeemable
Series D	8.5	%	April 2013 ⁽¹⁾	8,000	80		200,000		April 10, 2018
Series E	8.75	%	May 2014 ⁽¹⁾	10,000	100		250,000		May 15, 2019
Series G	7.5	%	June 2014 ⁽¹⁾	3,450	35		86,250		June 19, 2019
Series H	7.125	%	April 2015 ⁽¹⁾	11,500	115		287,500		April 13, 2020
Series I	7.15	%	June 2017	13,800	138		345,000		June 5, 2022
Series J	7.125	%	September 2017	12,600	126		315,000		September 22, 2022
				65,464	$	655	$	1,636,605

__________


⁽¹⁾	Represents initial issuance date pre-Merger by NRF or Colony, as applicable.

All series of preferred stock are at parity with respect to dividends and distributions, including distributions upon liquidation, dissolution or winding up of the Company. Dividends on each series of preferred stock of Colony NorthStar are payable quarterly in arrears, in the case of the Series B, D and E preferred stock, in February, May, August and November, and in the case of Series G, H, I and J preferred stock, in January, April, July and October.

Each series of preferred stock is redeemable on or after the earliest redemption date for that series at $25.00 per share plus accrued and unpaid dividends (whether or not declared) exclusively at the Company’s option. The redemption period for each series of preferred stock is subject to the Company’s right under limited circumstances to redeem the preferred stock earlier in order to preserve its qualification as a REIT or upon the occurrence of a change of control (as defined in the articles supplementary relating to each series of preferred stock).

Preferred stock generally does not have any voting rights, except if the Company fails to pay the preferred dividends for six or more quarterly periods (whether or not consecutive). Under such circumstances, the preferred stock will be entitled to vote, together as a single class with any other series of parity stock upon which like voting rights have been conferred and are exercisable, to elect two additional directors to the Company’s board of directors, until all unpaid dividends have been paid or declared and set aside for payment. In addition, certain changes to the terms of any series of preferred stock cannot be made without the affirmative vote of holders of at least two-thirds of the outstanding shares of each such series of preferred stock voting separately as a class for each series of preferred stock.

Effect of the Merger

Upon consummation of the Merger, each share of Series A, B, C, D and E preferred stock of NRF and each share of Series A, B and C preferred stock of Colony that was issued and outstanding immediately prior to the effective time of the Merger was canceled and converted into the right to receive one share of Series A, B, C, D, E, F, G and H preferred stock of Colony NorthStar, respectively, with substantially identical terms.

The Colony NorthStar preferred stock issued in exchange for NRF preferred stock formed part of the merger consideration and was recorded at fair value upon issuance based on the closing price of the respective series of NRF preferred stock at the Closing Date. While the Colony preferred stock was legally canceled and converted into Colony NorthStar preferred stock upon closing of the Merger, the event was treated, for accounting purposes, as a modification with carryover of existing carrying value, not an extinguishment and reissuance of preferred stock, as the underlying terms of the preferred stock were substantially identical pre and post Merger.

Issuance and Redemption of Preferred Stock

The Company issued 13.8 million shares of Series I preferred stock in June 2017 and 12.6 million shares of Series J preferred stock in September 2017 with dividend rates of 7.15% and 7.125% per annum, respectively. Proceeds received for Series I and Series J preferred stock totaled $637.9 million, net of underwriting discounts and offering costs payable by the Company. The Company applied the proceeds from the offerings, combined with available cash, to redeem all of the outstanding shares of Series A, Series F and Series C preferred stock and a portion of the outstanding shares of Series B preferred stock for $644.9 million in aggregate, based on a redemption price of $25.00 per share liquidation preference plus accrued and unpaid dividends prorated to the respective redemption dates. The excess or deficit of the $25.00 per share liquidation preference over the carrying value of the preferred stock redeemed results in a decrease or increase to net income attributable to common stockholders, respectively. For the year ended December 31, 2017, a $4.5 million decrease to net income available to common stockholders was recorded as a result of the preferred stock redemptions.

Common Stock

Except with respect to voting rights, class A common stock and class B common stock have the same rights and privileges and rank equally, share ratably in dividends and distributions, and are identical in all respects as to all matters. Class A common stock has one vote per share and class B common stock has thirty-six and one-half votes per share. This gives the holders of class B common stock a right to vote that reflects the aggregate outstanding non-voting economic interest in the Company (in the form of OP Units) attributable to class B common stock holders and therefore, does not provide any disproportionate voting rights. Each share of class B common stock shall convert automatically into one share of class A common stock if the Executive Chairman or his beneficiaries directly or indirectly transfer beneficial ownership of class B common stock or OP Units held by them, other than to certain qualified transferees, which generally includes affiliates and employees. In addition, each holder of class B common stock has the right, at the holder’s option, to convert all or a portion of such holder’s class B common stock into an equal number of shares of class A common stock.

As the Merger was accounted for as a reverse acquisition, the shares of common stock issued in connection with the Merger represents the number of shares Colony, as the accounting acquirer, would theoretically have to issue to the shareholders of NSAM and NRF to achieve the same ratio of ownership in Colony NorthStar upon completion of the Merger.

In connection with the consummation of the Merger, on January 20, 2017, the Company paid a dividend of $0.04444 per share of each Colony and NRF common stock to stockholders of record on January 9, 2017, representing a pro rata dividend for the period from January 1, 2017 through January 10, 2017 on a pre-exchange basis (or $0.03 after giving effect to the Colony exchange ratio of 1.4663). Additionally, the Company declared a dividend of $0.24 per share for the period from January 11, 2017 through March 31, 2017. Accordingly, dividends declared for the first quarter of 2017 per common share is equivalent to $0.27 per share after giving effect to the exchange ratio.

On January 27, 2017, the Company paid a one-time special dividend of $1.16 per share of common stock to former NSAM stockholders of record on January 3, 2017.

Common Stock Repurchases

On February 23, 2017, the Company's board of directors authorized a common stock repurchase program pursuant to which the Company may repurchase up to $300 million of its outstanding shares of class A common stock over a one-year period, either in the open market or through privately negotiated transactions. During the year ended December 31, 2017, the Company repurchased 23,371,071 shares of its class A common stock, at an aggregate cost of approximately $300.0 million (excluding commissions), or a weighted-average price of $12.84 per share. This included 2,150,120 shares of class A common stock repurchased for $29.8 million concurrent with the termination of the Call Spread, as discussed below.

Dividend Reinvestment and Direct Stock Purchase Plan

Colony’s Dividend Reinvestment and Direct Stock Purchase Plan in effect prior to the Merger (the “Colony DRIP Plan”) provided Colony's existing common stockholders and other investors the opportunity to purchase shares (or additional shares, as applicable) of Colony’s class A common stock by reinvesting some or all of the cash dividends received on their shares of Colony’s class A common stock or making optional cash purchases within specified parameters. The Colony DRIP Plan involved the acquisition of Colony's class A common stock either in the open market, directly from Colony as newly issued common stock, or in privately negotiated transactions with third parties. There were no shares of Colony's class A common stock acquired under the Colony DRIP Plan in 2017 prior to the Merger and the Colony DRIP Plan was terminated upon closing of the Merger. Concurrent with the closing of the Merger, the Company established a Dividend Reinvestment and Direct Stock Purchase Plan (the "Colony NorthStar DRIP Plan") with substantially the same terms and conditions as the Colony DRIP Plan. There were no shares of class A common stock acquired under the Colony NorthStar DRIP Plan for the period from January 10, 2017 through December 31, 2017 in the form of new issuances.

Call Spread

In September 2015, NSAM entered into a call spread transaction (the “Call Spread”) with a third party counterparty related to its share repurchase program. In connection with the Call Spread, certain subsidiaries of NSAM had purchased and sold a call option on NSAM’s common stock with a notional amount of $100.0 million with various expiration dates beginning in December 2018 and a final maturity date in February 2019. At maturity, NSAM can, at its election, exercise the purchased call option on a cash basis, share basis or a net share basis. In the event there is an early unwind of one or more components of the Call Spread, the amount of cash to be received by NSAM will depend upon the market price of its common stock and the remaining term of the Call Spread.

Subsequent to the Merger, the obligation to the counterparty under the sold call option is guaranteed by the Company. In March 2017, the Company terminated the Call Spread and received $21.9 million in settlement, including the release of $15.0 million of cash pledged as collateral. The net settlement was accounted for as a capital transaction.

Accumulated Other Comprehensive Income (Loss) ("AOCI")

The following tables present the changes in each component of AOCI attributable to stockholders and noncontrolling interests in investment entities, net of immaterial tax effect. AOCI attributable to noncontrolling interests in Operating Company is immaterial.

Changes in Components of AOCI—Stockholders



(In thousands)	Company's Share in AOCI of Equity Method Investments			Unrealized Gain (Loss) on Securities			Unrealized Gain (Loss) on Cash Flow Hedges			Foreign Currency Translation Gain (Loss)			Unrealized Gain (Loss) on Net Investment Hedges			Total
AOCI at December 31, 2014	$	451		$	—		$	(101	)	$	(52,643	)	$	23,802		$	(28,491	)
Other comprehensive income (loss) before reclassifications	(612		)	—			(199		)	(56,676		)	39,631			(17,856		)
Amounts reclassified from AOCI	161			—			55			67,194			(39,485		)	27,925
AOCI at December 31, 2015	$	—		$	—		$	(245	)	$	(42,125	)	$	23,948		$	(18,422	)
Other comprehensive income (loss) before reclassifications	131			(112		)	7			(34,234		)	21,123			(13,085		)
Amounts reclassified from AOCI	(46		)	—			197			(67		)	(686		)	(602		)
AOCI at December 31, 2016	$	85		$	(112	)	$	(41	)	$	(76,426	)	$	44,385		$	(32,109	)
Other comprehensive income (loss) before reclassifications	5,450			(22,014		)	41			124,846			(68,581		)	39,742
Amounts reclassified from AOCI	81			36,544			—			(2,489		)	5,547			39,683
AOCI at December 31, 2017	$	5,616		$	14,418		$	—		$	45,931		$	(18,649	)	$	47,316

Changes in Components of AOCI—Noncontrolling Interests in Investment Entities



(In thousands)	Unrealized Gain (Loss) on Securities			Unrealized Gain (Loss) on Cash Flow Hedges			Foreign Currency Translation Gain (Loss)			Unrealized Gain (Loss) on Net Investment Hedges			Total
AOCI at December 31, 2014	$	—		$	(52	)	$	(3,616	)	$	(1	)	$	(3,669	)
Other comprehensive income (loss) before reclassifications attributable to:	—			(137		)	(1,516		)	—			(1,653		)
Amounts reclassified from AOCI attributable to:	—			40			5,183			—			5,223
AOCI at December 31, 2015	$	—		$	(149	)	$	51		$	(1	)	$	(99	)
Other comprehensive income (loss) before reclassifications	(527		)	—			(56,479		)	12,669			(44,337		)
Amounts reclassified from AOCI	—			149			(785		)	(870		)	(1,506		)
AOCI at December 31, 2016	$	(527	)	$	—		$	(57,213	)	$	11,798		$	(45,942	)
Other comprehensive income (loss) before reclassifications	981			—			97,840			(10,659		)	88,162
Amounts reclassified from AOCI	(454		)	—			(1,679		)	1,988			(145		)
AOCI at December 31, 2017	$	—		$	—		$	38,948		$	3,127		$	42,075

Reclassifications out of AOCI—Stockholders

Information about amounts reclassified out of AOCI attributable to stockholders by component is presented below:



(In thousands)	Year ended December 31,									Affected Line Item in the Consolidated Statements of Operations
Component of AOCI reclassified into earnings	2017			2016			2015
Realized gain (loss) on marketable securities	$	(5,285	)	$	46		$	(161	)	Other gain (loss), net
Other-than-temporary impairment	(31,259		)	—			—			Other gain (loss), net
Unrealized gain on ineffective cash flow hedge	—			(197		)	(55		)	Other gain (loss), net
Release of cumulative translation adjustments	2,489			67			(21,787		)	Other gain (loss), net
Unrealized gain (loss) on dedesignated net investment hedges	(1,829		)	634			28			Other gain (loss), net
Realization of gain (loss) on net investment hedges	(3,718		)	52			6,492			Other gain (loss), net
Release of equity in AOCI of unconsolidated ventures	(81		)	—			—			Earnings from investments in unconsolidated ventures
Release of cumulative translation adjustments	—			—			(45,407		)	Gain on remeasurement of consolidated investment entities, net
Realization of net gain on net investment hedges	—			—			32,965			Gain on remeasurement of consolidated investment entities, net

Noncontrolling Interests

12 Months Ended

Dec. 31, 2017

Noncontrolling Interest [Abstract]

Noncontrolling Interests

Redeemable Noncontrolling Interests

The noncontrolling interests in Townsend, an investment management subsidiary acquired through the Merger, consists of certain members of Townsend management who own interests in the form of class B units and incentive units in Townsend and have the ability to redeem a certain percentage of their interests through December 31, 2020 or upon the occurrence of certain triggering events. On December 29, 2017, the Company sold its interest in Townsend. In connection with the sale, $20.0 million of the consideration received was allocated to certain members of Townsend management. Upon sale, the noncontrolling interests in Townsend was fully redeemed.

In connection with an open-end fund sponsored and consolidated by the Company, limited partners of the fund have the right to withdraw a portion or all of their interests in the fund for cash.

The following table presents a summary of changes in redeemable noncontrolling interests:



(In thousands)
Balance at December 31, 2016	$	—
Assumed through the Merger	78,843
Assumed through consolidation of sponsored fund	24,763
Contributions	8,550
Distributions	(3,158		)
Net income	23,543
Redemption	(97,672		)
Currency translation adjustment and other	(725		)
Balance at December 31, 2017	$	34,144

Noncontrolling Interests in Investment Entities

These are interests in consolidated investment entities held by private investment funds managed by the Company, or by third party joint venture parties.

In January 2017, the Company sold an 18.7% noncontrolling interest in its healthcare real estate portfolio through a newly formed joint venture pursuant to a purchase and sale agreement executed in November 2016 based upon terms negotiated prior to the Merger. The net excess of the carrying value of the noncontrolling interest sold over the consideration received resulted in a $41.2 million decrease to additional paid-in capital, including $9.2 million of cost of new capital. At December 31, 2017, noncontrolling interests own approximately 28.7% of the Company's healthcare portfolio.

For the year ended December 31, 2017, contributions from new limited partners reduced the Company's ownership interest in its industrial joint venture. The new limited partners were admitted at net asset value of the joint venture, based upon valuations determined by independent third parties, at the time of contributions. The difference between contributions received and the noncontrolling interests' share of the joint venture resulted in an increase to additional paid-in capital of $21.8 million.

Noncontrolling Interests in Operating Company

Certain employees of the Company directly or indirectly own interests in OP, presented as noncontrolling interests in the Operating Company. Noncontrolling interests in OP have the right to require OP to redeem part or all of such member’s OP Units for cash based on the market value of an equivalent number of shares of class A common stock at the time of redemption, or at the Company's election as managing member of OP, through issuance of shares of class A common stock (registered or unregistered) on a one-for-one basis. At the end of each period, noncontrolling interests in OP is adjusted to reflect their ownership percentage in OP at the end of the period, through a reallocation between controlling and noncontrolling interests in OP, as applicable.

For the year ended December 31, 2017, the Company redeemed 2,076,214 OP Units, of which 1,684,170 of OP Units were redeemed through the issuance of an equal number of shares of class A common stock on a one-for-one basis, and 392,044 OP units were redeemed for cash of approximately $5.1 million to satisfy tax obligations of the OP unitholders.

For the year ended December 31, 2016, the Company redeemed 1,594,475 OP Units through the issuance of 1,369,911 shares of class A common stock (adjusted for the Merger exchange ratio) on a one-for-one basis and cash settlement of approximately $2.6 million to satisfy tax obligations of the OP unitholders.

Discontinued Operations

12 Months Ended

Dec. 31, 2017

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Assets and Related Liabilities Held For Sale

The Company's assets and related liabilities held for sale are summarized below:



	December 31,
(In thousands)	2017		2016
Assets
Real estate, net	$	720,686	$	223,954
Loans receivable, net	—		29,353
Goodwill ⁽¹⁾	20,000		—
Intangible assets, net	37,337		21,239
Other assets	3,607		18,378
Total assets held for sale	$	781,630	$	292,924

Liabilities
Secured debt, net ⁽²⁾	$	196,905	$	—
Lease intangibles and other liabilities, net	76,393		14,296
Total liabilities related to assets held for sale	$	273,298	$	14,296

__________


⁽¹⁾	Associated with the broker-dealer business that is held for sale.


⁽²⁾	Represents only debt that is expected to be assumed by the buyer upon sale of the related asset.

Discontinued Operations

Asset groups acquired in connection with purchase business combinations that meet the criteria to be accounted for as held for sale at the date of acquisition are reported as discontinued operations.

Discontinued operations consisted primarily of a manufactured housing portfolio acquired through the Merger and certain properties acquired through consensual foreclosure of the THL Hotel Portfolio.



(In thousands)	Year Ended December 31, 2017
Revenues
Property operating income	$	43,269
Other income	2,352
Expenses
Property operating expenses	(20,530		)
Interest expense	(9,028		)
Loss on sale of real estate assets	(2,108		)
Other expenses	(400		)
Net income from discontinued operations	13,555
Net income from discontinued operations attributable to:
Noncontrolling interests in investment entities	(427		)
Noncontrolling interests in Operating Company	(31		)
Net income from discontinued operations attributable to Colony NorthStar, Inc.	$	13,097

Earnings per Share

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

Earnings per Share

The following table provides the basic and diluted earnings per common share computations:



	Year Ended December 31,
(In thousands, except per share data)	2017			2016			2015
Net income (loss) allocated to common stockholders
Income (loss) from continuing operations	$	(78,168	)	$	290,726		$	256,036
Income from discontinued operations	13,555			—			—
Net income (loss)	(64,613		)	290,726			256,036
Net (income) loss attributable to noncontrolling interests:
Redeemable noncontrolling interests	(23,543		)	—			—
Investment entities	(129,996		)	(163,084		)	(86,123		)
Operating Company	20,261			(12,324		)	(19,933		)
Net income (loss) attributable to Colony NorthStar, Inc.	(197,891		)	115,318			149,980
Preferred stock redemption	(4,530		)	—			—
Preferred dividends	(130,672		)	(48,159		)	(42,569		)
Net income (loss) attributable to common stockholders	(333,093		)	67,159			107,411
Net income allocated to participating securities	(9,168		)	(2,293		)	(1,237		)
Net income (loss) allocated to common stockholders—basic	(342,261		)	64,866			106,174
Interest expense attributable to convertible notes ⁽¹⁾	—			—			—
Net income (loss) allocated to common stockholders—diluted	$	(342,261	)	$	64,866		$	106,174
Weighted average common shares outstanding ⁽²⁾
Weighted average number of common shares outstanding—basic	532,600			164,570			162,658
Weighted average effect of dilutive shares ⁽³⁾	—			—			—
Weighted average number of common shares outstanding—diluted	532,600			164,570			162,658

Basic earnings per share
Income (loss) from continuing operations	$	(0.66	)	$	0.39		$	0.65
Income from discontinued operations	0.02			0.00			0.00
Net income (loss) attributable to common stockholders per basic common share	$	(0.64	)	$	0.39		$	0.65

Diluted earnings per share
Income (loss) from continuing operations	$	(0.66	)	$	0.39		$	0.65
Income from discontinued operations	0.02			0.00			0.00
Net income (loss) attributable to common stockholders per diluted common share	$	(0.64	)	$	0.39		$	0.65

__________

⁽¹⁾

For the years ended December 31, 2017, 2016 and 2015, excluded from the calculation of diluted earnings per share is the effect of adding back $28.9 million, $27.3 million and $27.3 million of interest expense, respectively, and 38,564,400, 36,582,700 and 36,210,000 weighted average dilutive common share equivalents, respectively, for the assumed conversion or exchange of the Company's outstanding convertible and exchangeable notes, as applicable, as their inclusion would be antidilutive.


⁽²⁾	As a result of the Merger, each outstanding share of common stock of Colony was exchanged for 1.4663 of newly issued common shares of Colony NorthStar. Accordingly, the historical data related to quarterly earnings per share for the periods ended before December 31, 2017 have been adjusted by the exchange ratio of 1.4663.

⁽³⁾

For the year ended December 31, 2017, 534,100 weighted average unvested non-participating restricted shares were not included in the calculation of diluted earnings per share as their inclusion would be antidilutive. OP Units, subject to lock-up agreements, may be redeemed for registered or unregistered class A common shares on a one-for-one basis. At December 31, 2017, 2016 and 2015, there were 32,282,500, 30,296,100 and 31,890,600 redeemable OP Units, respectively. These OP Units would not be dilutive and were not included in the computation of diluted earnings per share for all periods presented. Excluded from the computation of diluted earnings per share are shares of the Company's class A common stock that are contingently issuable pursuant to the contingent consideration arrangement (Note 13) as the pre-defined performance thresholds would not have been met had the measurement period ended at December 31, 2017.

Fee Income

12 Months Ended

Dec. 31, 2017

Other Income and Expenses [Abstract]

Fee Income

The Company's real estate investment management platform manages capital on behalf of institutional and retail investors in private funds, traded and non-traded REITs and investment companies, for which the Company earns fee income. For investment vehicles in which the Company co-sponsors with a third party or for which the Company engages a third party sub-advisor, such fee income is shared with the respective co-sponsor or sub-advisor. The Company also owns NorthStar Securities, LLC ("NorthStar Securities"), a captive broker-dealer platform which raises capital in the retail market. On December 29, 2017, the Company sold its interest in Townsend, an investment management subsidiary acquired through the Merger.

Fee income earned by the Company consists of the following:



	Year Ended December 31,
(In thousands)	2017		2016		2015
Base management fees ($165,436, $63,212 and $60,750 from affiliates, respectively)	$	183,838	$	63,212	$	61,082
Asset management fees—from affiliates	19,306		4,519		3,835
Incentive fees ($172, $0 and $0 from affiliates, respectively)	1,043		—		—
Other fee income	16,602		—		896
Total fee income	$	220,789	$	67,731	$	65,813

Base Management Fees—The Company earns base management fees for the day-to-day operations and administration of its managed private funds, non-traded REITs, investment companies, NRE and Townsend private funds, calculated as follows:


•	Private Funds—generally 1% per annum of the limited partners' net funded capital;

•

Non-Traded REITs—1% to 2% per annum of gross assets or equity. Effective January 1, 2018, the base management fee for NorthStar Healthcare will change from 1% of gross assets to 1.5% of its most recently published net asset value (as may be subsequently adjusted for any special distribution declared by its board of directors), with $2.5 million per quarter of such fee to be paid in shares of NorthStar Healthcare common stock at a price per share equal to its most recently published net asset value per share (as may be subsequently adjusted for any special distribution);


•	Investment Companies—1.25% per annum of average net assets;

•

NRE—a fixed fee of $14.2 million per annum, subject to increase by an amount equal to 1.5% per annum of certain provisions in accordance with terms set out in its governing agreement. Effective January 1, 2018, base management fees will change from a fixed fee to a variable fee based on the European Public Real Estate Association Net Asset Value, as defined in the management agreement that was amended and restated on November 9, 2017; and


•	Townsend private funds—at a fixed percentage of assets under management, net asset value, total assets, committed capital or invested capital.

Asset Management Fees—The Company also earns asset management fees, including fees related to acquisition and disposition of investments, as follows:


•	Private Funds—a one-time fee upon closing of each investment, calculated as a fixed percentage, generally 0.5% of the limited partners' net funded capital on each investment; and

•

Non-Traded REITs (except NorthStar/RXR NY Metro)—1% to 2.25% of the amount funded or allocated by the non-traded REITs to originate or acquire an investment, and 1% to 2% of the contractual sales price for disposition of an investment. Effective January 1, 2018, the advisory agreement with NorthStar Healthcare, which was amended on December 20, 2017, no longer provides for an acquisition fee of 2.25% for real property and 1% for other investments.

Incentive Fees—The Company may earn contractual incentive fees from its sponsored traded REITs, Townsend segregated mandate accounts and other investment vehicles. Contractual incentive fees are determined based on the performance of the investment vehicles subject to the achievement of minimum return hurdles, with such thresholds varying across investment vehicles in accordance with the terms set out in their respective governing agreements.

Other Fee Income—Other fees include advisory fees from Townsend clients at a fixed annual retainer, advisory fee in connection with real estate acquisitions by a third party client, as well as selling commission and dealer manager fees. The Company, through NorthStar Securities, earns fees for selling equity in certain classes of shares in the retail companies, calculated as a percentage of the gross offering proceeds raised, up to 7% for selling commissions and up to 3% for dealer manager fees, depending on the share classes of the retail companies. All or a portion of selling commission and dealer manager fees may be reallowed to participating broker-dealers.

Equity-Based Compensation

12 Months Ended

Dec. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Equity-Based Compensation

Upon consummation of the Merger, each outstanding Colony employee award granted under the 2014 Equity Incentive Plan (the “Colony Equity Incentive Plan”) that did not vest and was not forfeited was assumed by the Company and was converted into an equivalent Colony NorthStar equity award, as set forth in the merger agreement. Outstanding equity awards granted under Colony's 2009 Non-Executive Director Stock Plan (the “Colony Director Stock Plan”) fully vested upon consummation of the Merger, as discussed further below.

Substantially all of the outstanding NSAM and NRF equity awards prior to the Merger, except for certain awards as described below, vested upon consummation of the Merger. The vested equity awards were settled in NSAM and NRF shares respectively and converted into Colony NorthStar class A common stock based on the exchange ratios of one share of Colony NorthStar class A common stock for each share of NSAM common stock and 1.0996 shares of Colony NorthStar class A common stock for each share of NRF common stock, rounded down to the nearest whole share. All of the vested NSAM and NRF equity awards relate to pre-combination services and are part of the merger consideration.

Colony Director Stock Plan

Upon consummation of the Merger, all outstanding restricted share awards granted under the Colony Director Stock Plan vested and were settled through the issuance of 44,464 shares of Colony NorthStar class A common stock based on the exchange ratio of 1.4663 shares of Colony NorthStar class A common stock for each share of Colony class A common stock, rounded down to the nearest whole share. The Colony Director Stock Plan was assumed by Colony NorthStar upon closing of the Merger.

Colony Equity Incentive Plan

As of January 2, 2017, all shares reserved under the Colony Equity Incentive Plan had been issued. Upon consummation of the Merger, the Colony Equity Incentive Plan was assumed by Colony NorthStar. Each outstanding restricted stock award granted under the Colony Equity Incentive Plan that did not vest by its terms in connection with the consummation of the Merger (and was not forfeited) was assumed by Colony NorthStar and was converted into the right to receive an award in the same form for that number of shares of Colony NorthStar restricted common stock (rounded down to the nearest whole share) equal to the product of: (i) the number of shares of the Company's class A common stock subject to such unvested equity award multiplied by (ii) 1.4663. While the Colony Equity Incentive Plan continues to exist following the Merger, no new awards will be granted under this plan.

NSAM 2014 Stock Plan

Upon consummation of the Merger, the Company assumed the following outstanding awards previously issued under NSAM's 2014 Omnibus Stock Incentive Plan ("NSAM 2014 Stock Plan"). Subsequent to the Merger, the Company adopted the NSAM 2014 Stock Plan, as further described below.

Townsend

In connection with NSAM's acquisition of Townsend's investment management business in January 2016, certain members of Townsend’s management team, who are employees of the Company, were granted restricted stock awards. These equity awards did not vest by their terms in connection with the Merger. Upon consummation of the Merger, the outstanding restricted stock awards were converted into Colony NorthStar restricted stock awards on a one-for-one basis. These awards have a service condition only and are subject to graded vesting through December 31, 2020. On December 29, 2017, the outstanding Townsend awards were fully vested upon the sale of the Company's interest in Townsend.

American Healthcare Investors Joint Venture

In December 2014, NSAM acquired a 43% interest in American Healthcare Investors, LLC (“AHI") and AHI Newco, LLC (“AHI Venture”), a direct wholly owned subsidiary of AHI. NSAM’s investment in AHI Venture was structured as a joint venture between NSAM and the principals of AHI, a healthcare-focused real estate investment management firm, and James F. Flaherty III, former Chief Executive Officer of HCP, Inc., that is accounted for as an equity method investment.

In connection with this arrangement, NSAM was obligated to issue $2.0 million in equity awards over a two year period to certain AHI employees. As the award is for a fixed dollar amount with a variable number of shares, it is classified as a liability award. Equity-based compensation is recorded in earnings from investments in unconsolidated ventures on the consolidated statement of operations as it is a non-employee award granted to an equity method investee, with a corresponding liability on the consolidated balance sheet. At the time of consummation of the Merger, equity awards issued to certain AHI employees for $1.0 million in shares of NSAM's common stock were outstanding and did not accelerate in the Merger. In March 2017, in full satisfaction of this obligation, $1.0 million in shares of the Company's class A common stock were issued in settlement of the equity award to certain AHI employees, equivalent to 70,261 shares of class A common stock issued, and the corresponding $1.0 million outstanding liability was relieved.

Pursuant to a separate contractual arrangement entered into in connection with the investment in AHI Venture, the AHI principals, subject to certain annual performance targets being met, are also entitled to incremental grants of the Company's common stock, which will vest immediately upon issuance. As of December 31, 2017, no incremental awards have been granted.

NRF Incentive Plan

Upon consummation of the Merger, the Company assumed the following outstanding non-employee stock awards that were previously issued under NRF’s Third Amended and Restated 2004 Omnibus Stock Incentive Plan (the "NRF Incentive Plan"), and which continue to be governed by the terms of the NRF Incentive Plan subsequent to the Merger.

Healthcare Strategic Partnership

In January 2014, NRF entered into a strategic partnership with James F. Flaherty, III, focused on expanding the Company’s healthcare business (“Healthcare Strategic Partnership”). In connection with this arrangement, Mr. Flaherty was granted NRF restricted stock units ("RSUs"), which upon the spin-off of NSAM from NRF in July 2014, were adjusted to also relate to an equal number of units of NSAM RSUs, and continue to be governed by the NRF Incentive Plan. These RSUs will cliff vest in five years in January 2019, subject to a service condition, unless certain conditions are met. This RSU award did not vest by its terms in connection with the consummation of the Merger and was converted into the right to receive an award in the same form for that number of units of Colony NorthStar RSU (rounded down to the nearest whole unit) equal to the product of: (i) the number of units of RSUs subject to such unvested equity award multiplied by (ii) (a) 1.0 for NSAM RSUs and (b) 1.0996 for NRF RSUs.

As a non-employee award, the RSUs are remeasured each period end based on the closing price of the Company's class A common stock as of such period end, with related equity-based compensation cost recorded in investment, servicing and commission expense on the consolidated statement of operations and in equity on the consolidated balance sheet.

In September 2017, the RSU award became fully vested upon the occurrence of a vesting event under the terms of the applicable governing agreement.

CLNS Equity Incentive Plan

Following the Merger, the Company adopted the NSAM 2014 Stock Plan as the Company's successor equity incentive plan and renamed such plan the Colony NorthStar 2014 Omnibus Stock Incentive Plan (the "CLNS Equity Incentive Plan"). The CLNS Equity Incentive Plan provides for the grant of restricted stock, Long Term Incentive Plan ("LTIP") units, RSUs, deferred stock units ("DSUs"), options, warrants or rights to purchase shares of the Company's common stock, cash incentives and other equity-based awards.

LTIP units are designated as profits interests for federal income tax purposes. Each LTIP unit is convertible, at the election of the holder, into one common OP Unit and upon conversion, subject to the redemption terms of OP Units (Note 16). Equity-based compensation cost related to LTIP units represents an allocation to noncontrolling interest in the Operating Company.

RSUs may be entitled to dividend equivalents prior to vesting and may be settled either in shares of the Company's class A common stock or in cash at the option of the Company.

Certain non-employee directors may elect to defer the receipt of annual base fees and/or awards of restricted stock, and in lieu of such fees or awards, receive awards of DSUs. DSUs are not shares of the Company’s stock and do not entitle the holders to the rights of a shareholder of common stock. However, a holder of a DSU is entitled to a dividend equivalent, which is the right to receive an additional number of DSUs based on dividends declared and paid on common stock, and any such additional DSUs will also be credited with additional DSUs as cash dividends are subsequently paid, subject to the same restrictions and conditions as the original DSUs with respect to which it was credited, including vesting conditions, if any. DSUs awarded in lieu of annual base director fees are fully vested upon their grant date, while DSUs awarded in lieu of awards of restricted stock vest on the first anniversary of their grant date. Upon separation of service from the Company, DSUs are to be settled in shares of the Company’s class A common stock or cash, at the option of the Company.

Other than awards issued as equity incentives to employees and non-employee directors in the normal course of business in 2017, the Company issued certain awards, which have a service condition only, in connection with the Merger. This included replacement equity awards issued in January 2017 to certain executives of NSAM, consisting of an aggregate of 4,669,518 shares of restricted common stock and 3,506,387 LTIP units. The number of shares and units issued for the replacement awards were generally determined based on the volume-weighted average price of the Company's class A common stock over the first five trading days following the Closing Date, subject to a floor of $15.00 per share, and where applicable, actual number of shares and units issued were determined based on the per share floor of $15.00. The replacement equity awards will vest on the one-year anniversary of the Closing Date. Additional shares of restricted class A common stock were also granted to certain employees as retention awards, which are subject to graded vesting through January 2020. The restricted stock and LTIP units issued for the replacement and retention awards were valued based on the price of the Company's class A common stock on the date of grant.

At December 31, 2017, an aggregate of 19,401,095 shares of the Company’s class A common stock were reserved for the issuance of awards under the CLNS Equity Incentive Plan, subject to equitable adjustment upon the occurrence of certain corporate events, provided that this number automatically increases each January 1st by 2% of the outstanding number of shares of the Company’s class A common stock on the immediately preceding December 31st.

Equity-based compensation expense is included in the following line items in the consolidated statements of operations:



	Year Ended December 31,
(In thousands)	2017		2016		2015
Compensation expense	$	149,820	$	13,638	$	7,817
Management fee expense ⁽¹⁾	—		—		5,897
Earnings from investments in unconsolidated ventures	61		—		—
Investment, servicing and commission expense	4,070		—		—
	$	153,951	$	13,638	$	13,714

__________


⁽¹⁾	Represents equity-based compensation paid to the Company's former manager prior to the Internalization on April 2, 2015.

Changes in the Company’s unvested equity awards are summarized below:



	Restricted Stock		RSUs		LTIP Units	DSUs		Total		Weighted Average Grant Date Fair Value
Unvested shares at December 31, 2016 ⁽¹⁾	2,089,007		—		—	—		2,089,007		$	14.44
Awards assumed in the Merger	592,504		774,900		—	—		1,367,404		14.68
Granted	8,231,848		—		3,506,387	111,622		11,849,857		14.37
Vested	(1,628,151	)	(774,900	)	—	(33,355	)	(2,436,406	)	14.82
Forfeited	(135,692	)	—		—	—		(135,692	)	14.71
Unvested shares at December 31, 2017	9,149,516		—		3,506,387	78,267		12,734,170		$	14.53

__________


⁽¹⁾	The number of unvested shares at December 31, 2016 and weighted average grant date fair value have been adjusted to give effect to the Colony exchange ratio of 1.4663 at the individual award level.

Fair value of equity awards that vested during the year, determined based on their respective fair values at vesting date, was $31.9 million, $9.9 million and $12.4 million for the years ended December 31, 2017, 2016 and 2015, respectively. For awards granted during the years ended December 31, 2017, 2016 and 2015, the weighted average grant-date fair value per share was $14.37, $13.14 and $16.65, respectively.

At December 31, 2017, aggregate unrecognized compensation cost for all unvested equity awards was $44.6 million, which is expected to be recognized over a weighted-average period of 1.8 years.

Transactions with Affiliates

12 Months Ended

Dec. 31, 2017

Transactions with Affiliates

Affiliates include (i) private funds, traded and non-traded REITs and investment companies that the Company manages or sponsors, and in which the Company may have an equity interest or co-invests with; (ii) the Company's investments in unconsolidated ventures; and (iii) directors, senior executives and employees of the Company (collectively, "employees").

Amounts due from and due to affiliates consist of the following:



	December 31,
(In thousands)	2017		2016
Due from affiliates
Investment vehicles and unconsolidated ventures
Fee income	$	19,366	$	9,074
Cost reimbursements and recoverable expenses	30,749		606
N-Star CDOs	189		—
Employees and other affiliates	1,214		291
	$	51,518	$	9,971
Due to affiliates
Investment vehicles and unconsolidated ventures	$	2,884	$	—
Employees—contingent consideration for Internalization	20,650		41,250
	$	23,534	$	41,250

Transactions with affiliates include the following:

Fee Income—Fee income earned from investment vehicles in which the Company manages and/or sponsors, and has an equity interest in or co-invests with, are presented in Note 19.

Cost Reimbursements—The Company received cost reimbursements related primarily to the following arrangements:


•	direct and indirect operating costs, including but not limited to compensation, overhead and other administrative costs, for managing the operations of the non-traded REITs, with reimbursements limited to the greater of 2% of average invested assets or 25% of net income (net of 1% to 1.25% of asset management fees);


•	direct and indirect operating costs, including but not limited to compensation, professional service costs, overhead and other administrative costs, for managing the operations of the investment companies;


•	allocation of indirect costs to NRE related to employees, occupancy and other administrative costs, which shall not exceed 20% of the combined total of the general and administrative costs of NRE and of the Company (excluding NRE), as adjusted;


•	certain expenses incurred on behalf of the clients of Townsend such as legal, due diligence and investment advisory team travel expenses;


•	services provided to the Company's unconsolidated investment ventures for servicing and managing their loan portfolios, including foreclosed properties;


•	administrative services provided to an equity method investee (only through July 2017); and


•	administrative services provided to certain senior executives of the Company.

Cost reimbursements, included in other income, were as follows:



	Year Ended December 31,
(In thousands)	2017		2016		2015
Retail Companies	$	19,545	$	—	$	—
Townsend	2,306		—		—
Other	3,779		4,296		4,843
	$	25,630	$	4,296	$	4,843

Recoverable Expenses—In the normal course of business, the Company pays certain expenses on behalf of the retail companies and certain private funds that it manages, for which the Company recovers from these investment vehicles, such as:


•	cost incurred in performing investment due diligence;


•	costs incurred for the administration of certain investment companies; and


•	organization and offering costs associated with formation and offering of the retail companies, with reimbursement amounts of up to 1% of the proceeds expected to be raised from the offering(excluding shares offered pursuant to distribution reinvestment plans).

Credit Facility—The Company has committed to provide NorthStar Healthcare with an unsecured revolving credit facility at market terms with a maximum principal amount of $35.0 million. The credit facility matures on October 15, 2018, with a six-month extension option. Advances under the credit facility accrue interest at LIBOR plus 3.5%. There is no commitment fee for the unused portion of the facility. The credit facility is intended to provide additional liquidity to NorthStar Healthcare on an as needed basis. At December 31, 2017, there were no outstanding advances under the revolving credit facility.

N-Star CDOs—The Company earns collateral management fees as the collateral manager or collateral manager delegate of the N-Star CDOs. Such fees are included in other income and are immaterial for the year ended December 31, 2017. The Company holds N-Star CDO bonds that it repurchased from the market as well as retained equity interests in the N-Star CDOs. Amounts related to the two consolidated N-Star CDOs, including interest, have been eliminated upon consolidation.

Healthcare Strategic Partnership—The Healthcare Strategic Partnership was formed to expand the Company’s healthcare business (see Note 20). In connection with this arrangement, the Healthcare Strategic Partnership is entitled to incentive fees ranging from 20% to 25% of distributions above certain hurdles for new and existing healthcare real estate investments held by the Company and a portion of incentive fees earned from NorthStar Healthcare. For the year ended December 31, 2017, there were no incentive fees earned by the Healthcare Strategic Partnership.

American Healthcare Investors Joint Venture—The Company has an equity method investment in AHI Ventures, jointly held with the principals of AHI and Mr. Flaherty (see Note 20). AHI provides certain healthcare-focused real estate investment management and related services to the Company and NorthStar Healthcare in order to assist the Company in managing current and future healthcare assets (excluding certain joint venture assets) acquired by the Company and, subject to certain conditions, other managed companies. For the year ended December 31, 2017, the Company incurred property management fees and sub-advisory fees totaling $4.8 million. In January 2018, the Company provided a notice of termination of its management agreement to AHI.

Distribution Support—The Company committed up to $10.0 million to invest as distribution support in future sponsored retail companies, as discussed in Note 6.

Arrangements with Company-Sponsored Private Fund—The Company co-invests alongside a Company sponsored private fund through joint ventures between the Company and the sponsored private fund. These co-investment joint ventures are consolidated by the Company. The Company has capital commitments, as general partner, directly into the private fund and as an affiliate of the general partner, capital commitments satisfied through co-investment joint ventures. In connection with the Company's commitments as an affiliate of the general partner, the Company is allocated a proportionate share of the costs of the private fund such as financing and administrative costs. Such costs expensed during the years ended December 31, 2017, 2016 and 2015 were immaterial and they relate primarily to the Company's share of deferred financing costs on borrowings of the fund.

Contingent Consideration for Internalization—Contingent consideration for Internalization is payable to certain senior executives of the Company in connection with Colony's acquisition of the real estate investment management business and operations of its former manager in April 2015, as discussed in Note 13.

Selling Commissions—Certain NorthStar Securities employees earn selling commissions related to the sale of equity in the retail companies. For the year ended December 31, 2017, commissions paid or payable to these employees were immaterial.

Investment in Managed Investment Vehicles—Subject to the Company's related party policies and procedures, senior management, investment professionals and certain other employees may participate on a discretionary basis in investment vehicles managed by the Company, either directly or indirectly through co-investment vehicles. These investments are generally not subject to management fees and incentive fees, but otherwise bear their proportionate share of other operating expenses of the investment vehicles. At December 31, 2017, there was $4.8 million of such investments in a consolidated fund of the Company, reflected in redeemable noncontrolling interests on the consolidated balance sheet, and their share of net income, included in net income attributable to redeemable noncontrolling interests on the consolidated statement of operations, was immaterial for the year ended December 31, 2017.

Advances to Employees—The Company grants loans to certain employees in the form of promissory notes bearing interest at the prime rate with varying terms and repayment conditions. Outstanding advances were immaterial at December 31, 2017, 2016 and 2015.

Corporate Aircraft—The Company's corporate aircraft may occasionally be used for business purposes by affiliated entities or for personal use by certain senior executives of the Company. Affiliated entities and senior executives reimburse the Company for their usage based on the incremental cost to the Company of making the aircraft available for such use, and includes direct and indirect variable costs of operating the flights. These reimbursements amounted to $1.9 million, $0.9 million and $0.4 million for the years ended December 31, 2017, 2016 and 2015, respectively.

Income Taxes

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Income Taxes

The Company is subject to income tax laws of the various jurisdictions in which it operates, including U.S. federal, state and local and non-U.S. jurisdictions, primarily in Europe. The Company's current primary sources of income subject to tax are income from loan resolutions in some of its loan portfolios, income from interests in asset management companies which manage some of its loan portfolios, hotel and healthcare operations from its real estate equity portfolio and fee income from its investment management business.

On December 22, 2017, the Tax Cuts and Jobs Act was enacted, which provides for a reduction in the U.S. federal corporate income tax rate from 35% to 21% effective January 1, 2018. At December 31, 2017, the Company recognized a provisional amount of $24.9 million relating to the effects of the tax rate change on our existing deferred tax balances, which is included as a component of income tax benefit. The Company remeasured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21%. The Company is still analyzing certain aspects of the Tax Cuts and Jobs Act and refining our calculations, which could potentially affect the measurement of these balances or potentially give rise to new deferred tax amounts.

Income Tax Benefit (Expense)



	Year Ended December 31,
(In thousands)	2017			2016			2015
Current
Federal	$	(20,316	)	$	(2,720	)	$	(451	)
State and local	(3,606		)	(1,436		)	(397		)
Foreign	(16,138		)	(8,244		)	(1,469		)
Total current tax expense	(40,060		)	(12,400		)	(2,317		)
Deferred
Federal	110,711			6,214			10,428
State and local	18,235			(713		)	1,219
Foreign	9,513			2,117			(34		)
Total deferred tax benefit	138,459			7,618			11,613
Total income tax benefit (expense)	$	98,399		$	(4,782	)	$	9,296

Deferred Income Tax Assets and Liabilities

Deferred tax asset is included in other assets while deferred tax liability is included in accrued and other liabilities, except for deferred tax liability in connection with a property holding entity that is held for sale, which is included in liabilities related to assets held for sale on the consolidated balance sheets.

Through the Merger, the Company assumed approximately $218.2 million of deferred tax liabilities, as well as deferred tax assets which were fully reserved with a valuation allowance of $31.9 million.

The components of deferred tax assets and deferred tax liabilities arising from temporary differences are as follows. Valuation allowance was established in 2017 and 2016 against net operating losses where it is more likely than not that these carry forward losses will not be utilized. The valuation allowance from 2016 was subsequently reversed in 2017 based on the Company's reassessment of recoverability.



	December 31,
(In thousands)	2017			2016
Deferred tax assets
Net operating and capital loss carry forwards ⁽¹⁾	$	30,019		$	2,563
Equity-based compensation	28,071			5,630
Basis difference—investment in partnerships	11,769			4,535
Basis difference—real estate	—			3,404
Foreign tax credits ⁽²⁾	1,682			1,184
Straight-line and prepaid rent expense	3,601			693
Deferred income	1,932			815
Deferred interest expense	1,924			—
Other	7,947			2,760
Gross deferred tax assets	86,945			21,584
Valuation allowance ⁽³⁾	(23,852		)	(692		)
Deferred tax assets, net of valuation allowance	63,093			20,892
Deferred tax liabilities
Management contract intangibles	(106,602		)	(25,186		)
Gain from remeasurement of consolidated investment entities, net	(1,594		)	(2,530		)
Basis difference—real estate	(68,687		)	(27,546		)
Other	(1,643		)	(1,394		)
Gross deferred tax liabilities	(178,526		)	(56,656		)
Net deferred tax liability	$	(115,433	)	$	(35,764	)

__________


⁽¹⁾	At December 31, 2017 and 2016, deferred tax asset was recognized on net operating losses of $95.3 million and $11.5 million, respectively. The net operating losses expire beginning 2030, other than those in the United Kingdom and Spain which can be carried forward indefinitely.


⁽²⁾	Foreign tax credits expire beginning 2025.


⁽³⁾	The ending balance of the valuation allowance at December 31, 2017 reflects a $12.3 million reduction resulting from the impact of the Tax Cuts and Jobs Acts.

Effective Income Tax

The Company's income tax benefit varied from the amount computed by applying the statutory income tax rate to income from continuing operations before income taxes. Income tax expense associated with income from discontinued operations was immaterial. A reconciliation of the statutory U.S. income tax to the Company's effective income tax is presented as follows:



	Year Ended December 31,
(Amounts in thousands)	2017			2016			2015
Income (loss) from continuing and discontinued operations before income taxes	$	(163,012	)	$	295,508		$	246,740
Pre-tax income attributable to pass-through subsidiaries	(89,104		)	(306,644		)	(277,902		)
Pre-tax loss attributable to taxable subsidiaries	(252,116		)	(11,136		)	(31,162		)
Federal tax benefit at statutory tax rate (35%)	88,241			3,365			10,907
State and local income taxes, net of federal income tax benefit	9,380			88			709
Foreign income tax differential	6			(5,441		)	(1,594		)
Nondeductible expenses	(20,372		)	(1,128		)	—
Excess inclusion income tax expense	—			(1,311		)	(203		)
Valuation allowance, net	(3,555		)	(692		)	—
Impact of Tax Cuts and Jobs Act	24,908			—			—
Other	(209		)	337			(523		)
Income tax benefit (expense)	$	98,399		$	(4,782	)	$	9,296

Tax Examinations and Uncertainty in Income Taxes

The Company is no longer subject to U.S. federal, state and local or foreign income tax examinations by tax authorities for years prior to 2014.

As of December 31, 2017, there were no material unrecognized tax positions. For the years ended December 31, 2017, 2016 and 2015, the Company has not recognized any interest and penalties related to uncertain tax positions.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Lease Commitments

Office Leases—The Company leases office space under noncancelable operating leases with expiration dates through 2028. The lease agreements require minimum rent payments and reimbursement of operating expenses incurred by the landlord, subject to escalation clauses. Rent expense on office leases, included in administrative expenses, was $13.7 million, $5.6 million and $4.3 million for the years ended December 31, 2017, 2016 and 2015, respectively. Future contractual minimum rental payments for office leases at December 31, 2017 are as follows:



Year Ending December 31,	(In thousands)
2018	7,443
2019	8,059
2020	7,724
2021	7,287
2022	7,298
2023 and thereafter	36,387
Total	$	74,198

Contingent Consideration

The consideration for the Company's acquisition of substantially all of the real estate investment management business and operations of its former manager in April 2015 included a contingent portion payable in shares of class A and class B common stock as well as OP Units, subject to multi-year performance targets, as discussed in Note 13.

In connection with a consensual foreclosure of the THL Hotel Portfolio, contingent consideration is payable to a preferred equity holder of the borrower in an amount up to $13.0 million, as discussed in Notes 3 and 13.

Litigation and Claims

The Company may be involved in litigation and claims in the ordinary course of business. As of December 31, 2017, the Company was not involved in any legal proceedings that are expected to have a material adverse effect on the Company’s results of operations, financial position or liquidity.

Segment Reporting

12 Months Ended

Dec. 31, 2017

Segment Reporting [Abstract]

Segment Reporting

The Company conducts its business through the following five reportable segments:

•

Healthcare—The Company's healthcare segment is composed of a diverse portfolio of medical office buildings, senior housing, skilled nursing facilities and other healthcare properties, including hospitals. The Company earns rental income from medical office buildings as well as senior housing and skilled nursing facilities structured under net leases to healthcare operators, and resident fee income from senior housing operating facilities that operate through management agreements with independent third party operators.


•	Industrial—The Company's industrial segment is composed primarily of light industrial assets in infill locations throughout the U.S. that are vital for e-commerce and other tenants that require increasingly quick delivery times.


•	Hospitality—The Company's hotel portfolio is geographically diverse and is composed of primarily extended stay hotels and premium branded select service hotels primarily located in major metropolitan markets with the majority affiliated with top hotel brands.


•	Other Equity and Debt—The Company's other equity and debt includes our portfolios of net lease, multifamily and multi-tenant office properties, the THL Hotel Portfolio, our interest in a portfolio of CRE loans and securities, limited partnership interests in real estate private equity funds and various other equity investments.


•	Investment Management—The Company generates fee income through investment management services, sponsoring numerous investment products across a diverse set of institutional and retail investors.

Following the Merger, the acquired real estate portfolios in healthcare and hotel formed the Company's new healthcare and hospitality segments, respectively, while the acquired investment management business is included within the Company's existing investment management segment. All non-core real estate equity and real estate debt investments of the combined organization is aggregated into the other equity and debt segment.

In the second quarter of 2017, the Company determined that all non-core investments in unconsolidated ventures, previously included in the investment management segment or otherwise not allocated to a business segment, would form part of the other equity and debt segment. This included the Company's nominal interest as sponsor of its various investment vehicles, except that the Company's interest in its industrial fund is attributed to the industrial segment. Remaining investments in unconsolidated ventures in the investment management segment represent the Company's interests in third party asset managers. The reclassification of investments in unconsolidated ventures and corresponding earnings of investments in unconsolidated ventures was applied retrospectively to all prior periods presented, as applicable, and the amounts reclassified in each period were not material.

Amounts not allocated to specific segments include corporate level cash and corresponding interest income, fixed assets, corporate level financing and related interest expense, income and expense related to cost reimbursement arrangements with affiliates, costs in connection with unconsummated investments, compensation expense not directly attributable to reportable segments, corporate level administrative and overhead costs as well as Merger-related transaction and integration costs.

The chief operating decision maker assesses the performance of the business based on net income (loss) of each of the reportable segments. The various reportable segments generate distinct revenue streams, consisting of property operating income, interest income and fee income. Costs which are directly attributable, or otherwise can be subjected to a reasonable and systematic allocation, have been allocated to each of the reportable segments.

Selected Segment Results of Operations

The following table presents selected results of operations of the Company's reportable segments:



(In thousands)	Healthcare			Industrial			Hospitality			Other Equity and Debt			Investment Management			Amounts Not Allocated to Segments			Total
Year Ended December 31, 2017
Total revenues	$	613,169		$	243,172		$	815,831		$	873,046		$	244,654		$	6,862		$	2,796,734
Property operating expenses	274,528			67,196			537,884			233,901			—			—			1,113,509
Interest expense	185,256			38,566			134,729			161,993			—			54,278			574,822
Depreciation and amortization	183,897			109,265			133,269			128,942			56,616			5,790			617,779
Provision for loan losses	1,588			—			—			18,153			—			—			19,741
Impairment loss	14,375			44			—			30,867			375,074			—			420,360
Gain on sale of real estate	—			24,612			—			112,758			—			—			137,370
Earnings from investments in unconsolidated ventures	—			1,843			—			265,079			18,229			—			285,151
Income tax benefit (expense)	(5,639		)	(2,252		)	(2,779		)	(3,950		)	111,205			1,814			98,399
Income (loss) from continuing operations	(64,767		)	39,340			(9,863		)	567,752			(172,011		)	(438,619		)	(78,168		)
Income from discontinued operations	—			—			—			995			—			12,560			13,555
Net income (loss)	(64,767		)	39,340			(9,863		)	568,747			(172,011		)	(426,059		)	(64,613		)
Net income (loss) attributable to Colony NorthStar, Inc.	(51,428		)	14,380			(9,199		)	426,052			(183,881		)	(393,815		)	(197,891		)
Year Ended December 31, 2016
Total revenues	$	—		$	196,357		$	—		$	569,780		$	68,331		$	4,389		$	838,857
Property operating expenses	—			55,924			—			62,537			—			—			118,461
Interest expense	—			44,834			—			80,503			—			44,746			170,083
Depreciation and amortization	—			88,854			—			63,480			14,767			4,581			171,682
Provision for loan losses	—			—			—			35,005			—			—			35,005
Impairment loss	—			407			—			10,990			320			—			11,717
Gain on sale of real estate	—			2,888			—			70,728			—			—			73,616
Earnings from investments in unconsolidated ventures	—			27			—			97,188			2,160			—			99,375
Income tax benefit (expense)	—			(586		)	—			(10,143		)	6,608			(661		)	(4,782		)
Net income (loss)	—			(2,976		)	—			431,903			21,202			(159,403		)	290,726
Net income (loss) attributable to Colony NorthStar, Inc.	—			(884		)	—			226,202			17,876			(127,876		)	115,318
Year Ended December 31, 2015
Total revenues	$	—		$	162,540		$	—		$	561,307		$	65,594		$	4,930		$	794,371
Property operating expenses	—			54,581			—			63,132			—			—			117,713
Interest expense	—			37,338			—			50,990			—			44,766			133,094
Depreciation and amortization	—			82,447			—			38,704			16,498			3,328			140,977
Provision for loan losses	—			—			—			39,859			—			—			39,859
Impairment loss	—			450			—			6,639			4,103			—			11,192
Gain on sale of real estate	—			108			—			8,846			—			8			8,962
Earnings (losses) from investments in unconsolidated ventures	—			—			—			49,210			(1,605		)	—			47,605
Income tax benefit (expense)	—			484			—			(3,796		)	12,658			(50		)	9,296
Net income (loss)	—			(21,178		)	—			376,110			21,023			(119,919		)	256,036
Net income (loss) attributable to Colony NorthStar, Inc.	—			(9,560		)	—			243,636			17,645			(101,741		)	149,980

Total assets and equity method investments of the reportable segments are summarized as follows:



(In thousands)	Healthcare		Industrial		Hospitality		Other Equity and Debt		Investment Management		Amounts Not Allocated to Segments		Total
December 31, 2017
Total assets	$	5,813,552	$	2,812,975	$	4,094,596	$	9,274,268	$	2,689,695	$	100,564	$	24,785,650
Equity method investments ⁽¹⁾	—		2,840		—		1,319,752		200,720		3,742		1,527,054
December 31, 2016
Total assets	$	—	$	2,268,699	$	—	$	6,640,377	$	781,852	$	70,064	$	9,760,992
Equity method investments	—		1,027		—		939,045		13,187		—		953,259

__________


⁽¹⁾	Includes equity method investments for which fair value option was elected.

Geography

Geographic information about the Company's total income and long-lived assets are as follows. Geography is generally presented as the location in which the income producing assets reside or the location in which income generating services are performed.



	Year Ended December 31,
(In thousands)	2017		2016		2015
Total income by geography:
United States	$	2,741,862	$	732,928	$	660,864
Europe	310,783		194,923		166,948
Other	3,610		6,083		9,367
Total ⁽¹⁾	$	3,056,255	$	933,934	$	837,179



	December 31,
(In thousands)	2017		2016
Long-lived assets by geography:
United States	$	13,224,197	$	2,255,663
Europe	1,749,282		1,242,272
Total ⁽²⁾	$	14,973,479	$	3,497,935

__________


⁽¹⁾	Total income includes earnings from investments in unconsolidated ventures and excludes cost reimbursement income from affiliates.


⁽²⁾	Long-lived assets comprise real estate, real estate related intangible assets and fixed assets, and exclude financial instruments and assets held for sale.

Supplemental Disclosure of Cash Flow Information

12 Months Ended

Dec. 31, 2017

Supplemental Cash Flow Elements [Abstract]

Supplemental Disclosure of Cash Flow Information



	Year Ended December 31,
(In thousands)	2017		2016		2015
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	$	452,726	$	118,365	$	105,608
Cash paid for income taxes	53,017		7,190		2,078
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Dividends and distributions payable	$	188,202	$	65,972	$	65,688
Assets acquired in Merger (Note 3)	17,122,098		—		—
Liabilities assumed in Merger (Note 3)	11,249,183		—		—
Noncontrolling interests assumed in Merger (Note 3)	592,690		—		—
Common stock issued for acquisition of NSAM and NRF (Note 3)	5,710,134		—		—
Preferred stock issued for acquisition of NRF (Note 3)	1,010,320		—		—
Debt assumed by buyer in sale of manufactured housing portfolio (Note 17)	1,258,558		—		—
Net assets acquired in CPI restructuring (Note 3)	232,181		—		—
Net assets acquired in THL Hotel Portfolio (Note 3)	361,346		—		—



	Year Ended December 31,
(In thousands)	2017	2016	2015
Net assets of investment entity deconsolidated (Note 4)	156,491	—	—
Net assets of sponsored fund consolidated, net of cash assumed (Note 14)	13,370	—	—
Investment deposits applied to acquisition of loans receivable, real estate and CPI Group	66,020	—	—
Redemption of OP Units for common stock	22,831	18,571	—
Foreclosures on collateral assets of originated or acquired loans receivable	54,615	128,124	—
Improvements in operating real estate in accrued and other liabilities	18,221	—	—
Proceeds from loan repayments and asset sales held in escrow and restricted cash	27,426	—	11,300
Exchange of notes for class A common shares	3,279	—	—
Assets of consolidated securitization trust	58,296	—	—
Liabilities of consolidated securitization trust	56,928	—	—
Distributions payable to noncontrolling interest included in other liabilities	10,786	—	—
Contributions receivable from noncontrolling interests	25,501	—	—
Net settlement of redemption and investment in equity method investee	—	117,241	—
Release of restricted cash in lieu of cash distribution upon buyout of noncontrolling interests	—	6,564	—
Accrued and other liabilities assumed in connection with acquisitions, net of cash assumed	—	—	407
Deferred tax liability assumed in a real estate acquisition	—	—	27,978
Settlement of debt through issuance of OP Units	—	—	10,000
Issuance of common stock for Internalization (Note 3)	—	—	52,160
Issuance of OP Units for Internalization (Note 3)	—	—	558,794
Assets of investment entities consolidated, net of cash assumed (Note 3)	—	—	2,985,572
Liabilities of investment entities consolidated (Note 3)	—	—	348,294
Noncontrolling interests in investment entities consolidated (Note 3)	—	—	1,700,114

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Commercial Real Estate Credit REIT On January 18, 2018, the Combination was approved by the stockholders of NorthStar Income I and NorthStar Income II. The Combination closed on January 31, 2018 and Colony NorthStar Credit's class A common stock began trading on the NYSE on February 1, 2018 under the symbol "CLNC." The Company, through certain of its subsidiaries, received approximately 44.4 million shares of Colony NorthStar Credit's class B-3 common stock and approximately 3.1 million common membership units in Colony NorthStar Credit's operating company (the “CLNC OP Units”) in exchange for its contribution of the CLNS Contributed Portfolio. Each share of the class B-3 common stock will convert into Colony NorthStar Credit's class A common stock on a one for one basis upon close of trading on February 1, 2019. The CLNC OP Units are redeemable for cash or Colony NorthStar Credit’s Class A common stock on a one-for-one basis into shares of Colony NorthStar Credit's class A common stock, in the sole discretion of Colony NorthStar Credit. Subject to certain limited exceptions, the Company has agreed not to make any transfers of the CLNC OP Units to non-affiliates until the one year anniversary of the closing of the Combination, unless such transfer is approved by a majority of Colony NorthStar Credit’s board of directors, including a majority of the independent directors. In connection with the merger of NorthStar Income I and NorthStar Income II into Colony NorthStar Credit, their respective stockholders received shares of Colony NorthStar Credit's class A common stock based on pre-determined exchange ratios. Upon closing of the Combination, the Company and its affiliates, NorthStar Income I stockholders and NorthStar Income II stockholders each owned approximately 37%, 32% and 31%, respectively, of Colony NorthStar Credit on a fully diluted basis. In connection with the closing, a wholly-owned subsidiary of the Company entered into a management agreement with Colony NorthStar Credit. The management agreement provides for a base management fee of 1.5% per annum of Colony NorthStar Credit's stockholders' equity (as defined in the management agreement) and incentive fees subject to the achievement of minimum return hurdles in accordance with terms set out in the management agreement, each payable quarterly in arrears in cash. The management agreement has an initial term of three years and will be automatically renewed for a one-year term thereafter unless earlier terminated. Following the initial term, the management agreement may be terminated each year if there has been an affirmative vote of at least two-thirds of Colony NorthStar Credit’s independent directors determining that (1) there has been unsatisfactory performance by the manager that is materially detrimental to Colony NorthStar Credit or (2) the compensation payable to the manager is not fair to Colony NorthStar Credit, subject to the manager’s right to prevent such termination due to unfair fees by accepting reduced compensation as agreed to by at least two-thirds of Colony NorthStar Credit’s independent directors. The Company's role as the manager of Colony NorthStar Credit will be under the supervision and direction of the Board of Directors of Colony NorthStar Credit, which includes representatives from the Company but consists of an overall majority of independent directors. It is currently estimated that the pro forma effect of the contribution of the CLNS Contributed Portfolio to Colony NorthStar Credit will be a reduction of the Company’s total assets by approximately $1.9 billion, total liabilities by approximately $0.4 billion and noncontrolling interests in investment entities by approximately $0.3 billion as of December 31, 2017. As a consequence of the Combination, the Company's management contracts with NorthStar I and NorthStar II ceased to exist and in January 2018, the carrying value of management contract intangible assets that were recognized for NorthStar I and NorthStar II at the time of the Merger, which aggregated to approximately $140.0 million, were written off. Retail Distribution Business On February 16, 2018, the Company entered into a definitive agreement with S2K Financial Holdings, LLC ("S2K") to combine NorthStar Securities with S2K to create a leading retail distribution business, which will be renamed Colony S2K Holdings, LLC ("Colony S2K") (the "Proposed Transaction"). Colony S2K will distribute both current and future investment products of Colony NorthStar and S2K. S2K is the holding company of S2K Financial, LLC, a registered broker-dealer wholesale distributor of investment vehicles. Subject to customary closing conditions, including completion of required regulatory filings, the Proposed Transaction is expected to close in the second quarter of 2018. Common Stock Repurchase On February 26, 2018, the Company's board of directors authorized a new common stock repurchase program, pursuant to which the Company may repurchase up to $300 million of its outstanding class A common stock in a one-year period. Digital Real Estate Infrastructure Fund On February 28, 2018, the Company, in partnership with Digital Bridge, held a closing for a new co-sponsored digital real estate infrastructure fund with total callable commitments of $1.4 billion, inclusive of approximately $117 million of capital commitments by certain subsidiaries of the Company.

Schedule III - Real Estate and Accumulative Depreciation

12 Months Ended

Dec. 31, 2017

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Real Estate and Accumulated Depreciation



(Amounts in thousands)				Initial Cost (1)				Costs Capitalized Subsequent to Acquisition (2)(5)			Gross Cost Basis at December 31, 2017 (2)						Accumulated Depreciation (3)		Net Carrying Amount		Date of Acquisition (4)
Property Description / Location	Number of Properties	Encumbrances		Land		Buildings and Improvements		Costs Capitalized Subsequent to Acquisition (2)(5)			Land		Buildings and Improvements		Total		Accumulated Depreciation (3)		Net Carrying Amount		Date of Acquisition (4)

Healthcare
Assisted Living Facilities
Alabama	1	$	4,540	$	337	$	3,095	$	96		$	337	$	3,191	$	3,528	$	95	$	3,433	2017
Arizona	1	8,998		536		14,478		70			536		14,548		15,084		403		14,681		2017
California	5	37,773		12,157		76,411		389			12,159		76,798		88,957		2,045		86,912		2017
Colorado	2	104,963		7,734		138,635		668			7,734		139,303		147,037		3,679		143,358		2017
Georgia	1	7,436		516		14,220		47			516		14,267		14,783		408		14,375		2017
Illinois	22	165,026		11,434		289,526		1,087			11,530		290,517		302,047		7,481		294,566		2017
Indiana	9	—		7,165		26,950		—			7,165		26,950		34,115		901		33,214		2017
Kansas	1	6,306		915		12,105		27			921		12,126		13,047		354		12,693		2017
Massachusetts	5	10,035		1,336		13,520		39			1,336		13,559		14,895		379		14,516		2017
Minnesota	11	35,333		3,767		66,853		—			3,767		66,853		70,620		1,811		68,809		2017
North Carolina	8	100,916		11,656		151,558		22			11,656		151,580		163,236		4,006		159,230		2017
Nebraska	1	2,677		559		3,161		11			559		3,172		3,731		113		3,618		2017
Ohio	30	189,008		15,609		245,730		3,846			15,681		249,504		265,185		6,257		258,928		2017
Oregon	25	181,661		20,905		270,198		739			20,905		270,937		291,842		7,443		284,399		2017
South Carolina	1	16,183		1,105		18,133		38			1,105		18,171		19,276		493		18,783		2017
Tennessee	2	12,462		2,179		24,880		276			2,179		25,156		27,335		743		26,592		2017
Texas	7	119,813		18,493		138,653		6			18,493		138,659		157,152		3,546		153,606		2017
Washington	6	45,664		3,764		68,226		243			3,764		68,469		72,233		1,847		70,386		2017
United Kingdom	44	291,716		121,647		532,750		(1,923		)	121,647		530,827		652,474		12,727		639,747		2017
Hospitals
California	5	105,381		17,079		135,979		—			17,079		135,979		153,058		3,490		149,568		2017
Georgia	1	13,750		2,047		16,650		—			2,047		16,650		18,697		428		18,269		2017
Louisiana	1	12,156		1,591		13,991		—			1,591		13,991		15,582		357		15,225		2017
Missouri	3	31,688		3,586		22,684		—			3,586		22,684		26,270		605		25,665		2017
Oklahoma	1	11,656		536		15,954		—			536		15,954		16,490		406		16,084		2017
Texas	2	35,700		3,191		48,904		—			3,191		48,904		52,095		1,357		50,738		2017
Utah	1	14,660		2,151		7,073		—			2,151		7,073		9,224		187		9,037		2017
Medical Office Buildings
Alabama	2	31,893		—		56,271		1			—		56,272		56,272		1,569		54,703		2017
Arkansas	1	501		—		1,343		—			—		1,343		1,343		100		1,243		2017
California	2	21,192		5,708		33,879		406			5,708		34,285		39,993		1,026		38,967		2017
Colorado	6	38,247		8,330		58,591		1,088			8,330		59,679		68,009		1,960		66,049		2017



(Amounts in thousands)			Initial Cost (1)		Costs Capitalized Subsequent to Acquisition (2)(5)	Gross Cost Basis at December 31, 2017 (2)			Accumulated Depreciation (3)	Net Carrying Amount	Date of Acquisition (4)
Property Description / Location	Number of Properties	Encumbrances	Land	Buildings and Improvements	Costs Capitalized Subsequent to Acquisition (2)(5)	Land	Buildings and Improvements	Total	Accumulated Depreciation (3)	Net Carrying Amount	Date of Acquisition (4)

Florida	3	23,616	2,119	41,527	61	2,119	41,588	43,707	1,171	42,536	2017
Georgia	13	57,803	12,976	100,515	730	12,976	101,245	114,221	3,077	111,144	2017
Hawaii	1	8,286	519	14,055	—	519	14,055	14,574	390	14,184	2017
Idaho	1	22,765	—	30,473	—	—	30,473	30,473	887	29,586	2017
Illinois	6	64,105	9,809	98,224	546	9,809	98,770	108,579	2,939	105,640	2017
Indiana	28	183,985	18,106	300,919	1	18,106	300,920	319,026	9,675	309,351	2017
Louisiana	4	33,273	2,406	52,171	—	2,406	52,171	54,577	1,679	52,898	2017
Michigan	3	31,936	3,856	48,738	—	3,856	48,738	52,594	1,423	51,171	2017
Minnesota	2	6,920	1,144	9,363	—	1,144	9,363	10,507	299	10,208	2017
Mississippi	1	11,500	—	21,465	—	—	21,465	21,465	677	20,788	2017
New Mexico	3	14,952	—	16,587	49	—	16,636	16,636	879	15,757	2017
Ohio	5	26,635	5,036	99,979	274	5,036	100,253	105,289	2,866	102,423	2017
Oklahoma	2	11,228	—	18,382	—	—	18,382	18,382	557	17,825	2017
South Carolina	2	9,812	761	22,972	376	761	23,348	24,109	735	23,374	2017
Tennessee	2	11,496	449	20,376	—	449	20,376	20,825	590	20,235	2017
Texas	20	103,400	5,339	169,565	55	5,339	169,620	174,959	6,258	168,701	2017
Washington	1	21,197	998	47,054	24	998	47,078	48,076	1,308	46,768	2017
Skilled Nursing Facilities
Alabama	1	9,197	433	7,169	—	433	7,169	7,602	237	7,365	2017
Arizona	1	10,927	1,043	17,013	—	1,043	17,013	18,056	493	17,563	2017
California	2	20,775	1,936	37,612	—	1,936	37,612	39,548	2,295	37,253	2017
Florida	24	176,863	25,722	348,368	111	25,722	348,479	374,201	9,734	364,467	2017
Georgia	7	101,530	12,140	130,707	—	12,140	130,707	142,847	3,638	139,209	2017
Illinois	7	70,568	6,546	137,591	20	6,546	137,611	144,157	3,883	140,274	2017
Indiana	19	—	5,636	132,825	—	5,636	132,825	138,461	4,151	134,310	2017
Kentucky	1	9,097	361	21,528	34	361	21,562	21,923	557	21,366	2017
Louisiana	1	19,122	1,068	28,675	—	1,068	28,675	29,743	819	28,924	2017
Massachusetts	3	17,378	2,179	2,006	220	2,179	2,226	4,405	63	4,342	2017
Maryland	1	7,060	1,219	14,556	—	1,219	14,556	15,775	412	15,363	2017
Michigan	2	8,368	1,116	13,887	128	1,116	14,015	15,131	680	14,451	2017
North Carolina	1	5,810	286	10,957	—	286	10,957	11,243	316	10,927	2017
Oregon	6	26,546	4,330	38,024	—	4,330	38,024	42,354	1,120	41,234	2017
Pennsylvania	11	191,139	20,010	240,922	1	20,010	240,923	260,933	6,879	254,054	2017
Tennessee	4	41,534	4,236	62,156	—	4,236	62,156	66,392	1,763	64,629	2017
Virginia	8	50,963	7,650	88,135	—	7,650	88,135	95,785	2,550	93,235	2017
Washington	3	14,116	3,647	16,108	—	3,647	16,108	19,755	532	19,223	2017
	406	3,081,236	449,109	4,981,005	9,806	449,285	4,990,635	5,439,920	141,748	5,298,172



(Amounts in thousands)			Initial Cost (1)		Costs Capitalized Subsequent to Acquisition (2)(5)	Gross Cost Basis at December 31, 2017 (2)			Accumulated Depreciation (3)	Net Carrying Amount	Date of Acquisition (4)
Property Description / Location	Number of Properties	Encumbrances	Land	Buildings and Improvements	Costs Capitalized Subsequent to Acquisition (2)(5)	Land	Buildings and Improvements	Total	Accumulated Depreciation (3)	Net Carrying Amount	Date of Acquisition (4)

Industrial
Atlanta	54	201,628	47,488	310,492	14,723	47,488	325,215	372,703	36,034	336,669	2014 - 2015
Austin	6	—	9,174	59,387	1,746	9,174	61,133	70,307	3,690	66,617	2014 - 2017
Chicago	26	—	30,586	117,616	6,937	30,586	124,553	155,139	14,898	140,241	2014
Dallas	63	192,007	71,648	342,762	16,317	71,648	359,079	430,727	33,268	397,459	2014 - 2017
Denver	9	38,689	14,910	63,489	4,066	14,910	67,555	82,465	5,510	76,955	2014 - 2017
Houston	11	21,446	27,634	133,200	5,125	27,634	138,325	165,959	12,375	153,584	2014 - 2017
Jacksonville	4	—	4,993	22,108	280	4,993	22,388	27,381	296	27,085	2017
Kansas City	14	49,000	13,423	74,379	3,940	13,423	78,319	91,742	6,718	85,024	2014 - 2017
Las Vegas	2	—	3,666	29,078	280	3,666	29,358	33,024	476	32,548	2017
Maryland-BWI	18	113,198	46,293	152,898	2,445	46,293	155,343	201,636	4,869	196,767	2015 - 2017
Minneapolis	17	102,755	26,311	137,780	10,200	26,311	147,980	174,291	15,496	158,795	2014 - 2016
New Jersey, South / Philadelphia	32	58,852	39,440	163,839	7,338	39,440	171,177	210,617	20,019	190,598	2014 - 2017
Orlando	16	131,500	27,610	175,055	8,432	27,610	183,487	211,097	10,204	200,893	2014 - 2017
Phoenix	22	59,000	31,118	175,210	5,300	31,118	180,510	211,628	10,123	201,505	2014 - 2018
Salt Lake City	18	46,155	19,882	86,354	3,776	19,882	90,130	110,012	7,291	102,721	2014 - 2017
St. Louis	8	—	8,813	42,942	3,772	8,813	46,714	55,527	5,498	50,029	2014
Tampa	4	—	4,278	31,104	2,301	4,278	33,405	37,683	4,082	33,601	2014
	324	1,014,230	427,267	2,117,693	96,978	427,267	2,214,671	2,641,938	190,847	2,451,091
Hospitality
Extended Stay
Arizona	1	13,511	1,897	15,843	186	1,897	16,029	17,926	562	17,364	2017
California	8	239,822	59,120	241,574	5,689	59,120	247,263	306,383	8,817	297,566	2017
Colorado	3	60,994	13,163	67,804	3,695	13,163	71,499	84,662	2,636	82,026	2017
Connecticut	2	16,780	3,454	30,231	305	3,454	30,536	33,990	1,109	32,881	2017
Florida	2	29,929	2,991	50,761	3,788	2,991	54,549	57,540	1,888	55,652	2017
Georgia	2	37,756	7,278	52,967	362	7,278	53,329	60,607	1,845	58,762	2017
Illinois	1	19,755	4,375	34,567	284	4,375	34,851	39,226	1,342	37,884	2017
Kentucky	2	19,145	2,956	29,407	1,061	2,956	30,468	33,424	985	32,439	2017
Louisiana	1	12,931	1,874	15,043	539	1,874	15,582	17,456	816	16,640	2017
Massachusetts	3	53,162	8,274	74,973	600	8,274	75,573	83,847	2,593	81,254	2017
Maryland	1	19,069	3,003	24,644	305	3,003	24,949	27,952	932	27,020	2017
Maine	1	8,850	1,572	15,610	1,555	1,572	17,165	18,737	662	18,075	2017
Michigan	2	27,611	4,521	39,797	605	4,521	40,402	44,923	1,373	43,550	2017
North Carolina	1	22,380	1,693	23,893	341	1,693	24,234	25,927	1,120	24,807	2017
New Hampshire	3	43,092	7,167	59,440	764	7,167	60,204	67,371	2,171	65,200	2017
New Jersey	7	112,673	20,639	145,058	4,000	20,639	149,058	169,697	6,277	163,420	2017
New Mexico	1	18,899	2,125	22,446	697	2,125	23,143	25,268	1,101	24,167	2017



(Amounts in thousands)			Initial Cost (1)		Costs Capitalized Subsequent to Acquisition (2)(5)	Gross Cost Basis at December 31, 2017 (2)			Accumulated Depreciation (3)	Net Carrying Amount	Date of Acquisition (4)
Property Description / Location	Number of Properties	Encumbrances	Land	Buildings and Improvements	Costs Capitalized Subsequent to Acquisition (2)(5)	Land	Buildings and Improvements	Total	Accumulated Depreciation (3)	Net Carrying Amount	Date of Acquisition (4)

New York	3	36,466	4,108	48,124	627	4,108	48,751	52,859	1,717	51,142	2017
Ohio	1	8,952	575	11,747	228	575	11,975	12,550	526	12,024	2017
Pennsylvania	2	20,136	4,526	36,759	305	4,526	37,064	41,590	1,289	40,301	2017
Tennessee	1	21,137	4,118	28,471	307	4,118	28,778	32,896	1,026	31,870	2017
Texas	11	150,347	19,932	165,947	3,970	19,932	169,917	189,849	7,111	182,738	2017
Virginia	3	23,707	5,981	38,545	1,512	5,981	40,057	46,038	1,587	44,451	2017
Washington	4	101,902	22,388	116,391	2,248	22,388	118,639	141,027	3,840	137,187	2017
Full Service
Florida	2	78,163	12,328	133,394	7,520	12,328	140,914	153,242	5,187	148,055	2017
Maryland	1	8,085	3,086	12,964	127	3,086	13,091	16,177	449	15,728	2017
New Jersey	1	36,535	16,282	35,308	924	16,282	36,232	52,514	1,494	51,020	2017
Select Service
Alabama	1	16,165	1,134	19,213	200	1,134	19,413	20,547	676	19,871	2017
Arizona	2	27,417	7,831	34,616	370	7,831	34,986	42,817	1,469	41,348	2017
California	10	166,037	45,970	232,362	2,400	45,970	234,762	280,732	8,865	271,867	2017
Colorado	1	15,169	2,018	20,047	367	2,018	20,414	22,432	762	21,670	2017
Connecticut	3	36,878	6,735	67,148	1,131	6,735	68,279	75,014	2,412	72,602	2017
Florida	8	131,859	16,852	219,288	6,226	16,852	225,514	242,366	7,684	234,682	2017
Georgia	5	50,480	11,505	77,275	1,883	11,505	79,158	90,663	3,265	87,398	2017
Illinois	1	9,319	2,738	22,368	226	2,738	22,594	25,332	809	24,523	2017
Kentucky	1	31,272	6,660	31,618	774	6,660	32,392	39,052	1,164	37,888	2017
Louisiana	2	32,220	2,409	23,780	313	2,409	24,093	26,502	1,145	25,357	2017
Massachusetts	1	26,525	3,272	31,343	507	3,272	31,850	35,122	1,077	34,045	2017
Maryland	5	48,565	10,405	78,892	1,097	10,405	79,989	90,394	2,659	87,735	2017
Michigan	4	59,759	10,430	97,029	2,935	10,430	99,964	110,394	3,583	106,811	2017
North Carolina	6	85,156	13,689	123,653	1,966	13,689	125,619	139,308	4,494	134,814	2017
New Hampshire	3	35,996	6,092	50,557	575	6,092	51,132	57,224	1,753	55,471	2017
New Jersey	4	81,536	18,073	110,251	1,068	18,073	111,319	129,392	4,075	125,317	2017
New York	5	95,850	30,292	107,812	2,675	30,292	110,487	140,779	4,401	136,378	2017
Ohio	3	34,464	7,655	56,496	876	7,655	57,372	65,027	2,151	62,876	2017
Oklahoma	1	7,631	447	5,387	52	447	5,439	5,886	297	5,589	2017
Pennsylvania	3	40,717	7,469	47,626	2,143	7,469	49,769	57,238	1,775	55,463	2017
Tennessee	2	29,242	5,699	42,462	593	5,699	43,055	48,754	1,675	47,079	2017
Texas	17	179,478	27,974	177,156	3,017	27,974	180,173	208,147	8,596	199,551	2017
Virginia	8	99,748	23,071	140,115	4,440	23,071	144,555	167,626	5,233	162,393	2017
Washington	1	25,447	2,125	36,312	273	2,125	36,585	38,710	804	37,906	2017
	167	2,608,719	509,971	3,424,514	78,651	509,971	3,503,165	4,013,136	131,279	3,881,857



(Amounts in thousands)			Initial Cost (1)		Costs Capitalized Subsequent to Acquisition (2)(5)		Gross Cost Basis at December 31, 2017 (2)			Accumulated Depreciation (3)	Net Carrying Amount	Date of Acquisition (4)
Property Description / Location	Number of Properties	Encumbrances	Land	Buildings and Improvements	Costs Capitalized Subsequent to Acquisition (2)(5)		Land	Buildings and Improvements	Total	Accumulated Depreciation (3)	Net Carrying Amount	Date of Acquisition (4)

Other Equity and Debt
Hotel—Arizona	7	50,000	12,446	47,503	229		12,446	47,732	60,178	1,319	58,859	2017
Hotel—California	22	303,120	60,568	265,127	1,277		60,568	266,404	326,972	7,490	319,482	2017
Hotel—Florida	3	26,320	8,514	25,666	124		8,514	25,790	34,304	722	33,582	2017
Hotel—Georgia	1	10,960	2,055	6,614	32		2,055	6,646	8,701	217	8,484	2017
Hotel—Iowa	5	23,920	2,053	34,698	167		2,053	34,865	36,918	910	36,008	2017
Hotel—Illinois	10	54,320	11,010	50,522	244		11,010	50,766	61,776	1,769	60,007	2017
Hotel—Indiana	1	9,360	1,339	9,779	47		1,339	9,826	11,165	239	10,926	2017
Hotel—Kansas	1	4,960	541	7,323	35		541	7,358	7,899	194	7,705	2017
Hotel—Kentucky	2	9,200	2,214	10,133	49		2,214	10,182	12,396	283	12,113	2017
Hotel—Massachusetts	1	9,360	1,209	9,910	47		1,209	9,957	11,166	242	10,924	2017
Hotel—Michigan	5	36,160	5,565	42,031	202		5,565	42,233	47,798	1,125	46,673	2017
Hotel—Minnesota	2	7,920	3,988	8,206	39		3,988	8,245	12,233	326	11,907	2017
Hotel—Missouri	4	24,400	2,699	23,497	113		2,699	23,610	26,309	867	25,442	2017
Hotel—Montana	2	7,520	1,476	3,402	16		1,476	3,418	4,894	170	4,724	2017
Hotel—North Dakota	2	1,840	913	4,011	19		913	4,030	4,943	178	4,765	2017
Hotel—New Jersey	2	16,080	3,120	13,316	64		3,120	13,380	16,500	498	16,002	2017
Hotel—New Mexico	3	5,520	1,264	7,183	35		1,264	7,218	8,482	301	8,181	2017
Hotel—Nevada	4	86,320	19,553	59,912	289		19,553	60,201	79,754	1,504	78,250	2017
Hotel—New York	9	32,960	4,298	47,919	231		4,298	48,150	52,448	1,699	50,749	2017
Hotel—Ohio	10	34,880	5,838	43,358	209		5,838	43,567	49,405	1,533	47,872	2017
Hotel—Oklahoma	5	13,040	1,701	22,242	107		1,701	22,349	24,050	729	23,321	2017
Hotel—Oregon	1	16,560	2,599	9,627	47		2,599	9,674	12,273	231	12,042	2017
Hotel—Pennsylvania	9	62,640	10,875	72,772	350		10,875	73,122	83,997	1,990	82,007	2017
Hotel—Rhode Island	1	6,880	955	6,428	31		955	6,459	7,414	223	7,191	2017
Hotel—Tennessee	1	9,760	1,680	7,359	35		1,680	7,394	9,074	204	8,870	2017
Hotel—Texas	16	119,760	21,553	100,458	484		21,553	100,942	122,495	2,862	119,633	2017
Hotel—Virginia	3	39,200	8,665	36,804	178		8,665	36,982	45,647	886	44,761	2017
Hotel—Wisconsin	3	17,040	1,554	17,083	82		1,554	17,165	18,719	502	18,217	2017
Hotel & Mixed—US	1	—	667	7,678	4		667	7,682	8,349	276	8,073	2017
Hotel & Mixed—Spain	2	16,412	49,026	102,654	359		49,026	103,013	152,039	2,824	149,215	2017
Industrial—France	6	26,286	8,682	17,389	—		8,682	17,389	26,071	469	25,602	2017
Industrial—UK	1	8,986	—	11,890	1,135		—	13,025	13,025	1,192	11,833	2015
Industrial—Spain	37	85,406	54,730	103,773	—		54,730	103,773	158,503	9,502	149,001	2015 - 2017
Leisure—UK	6	29,508	14,144	32,469	(4,268	)	12,482	29,863	42,345	3,161	39,184	2015
Multifamily—US	2	—	2,833	24,462	—		2,833	24,462	27,295	—	27,295	2017
Office—France	38	196,105	77,110	183,867	2,750		77,110	186,617	263,727	5,321	258,406	2016 - 2017
Office—Italy	7	4,666	6,456	5,001	(772	)	6,183	4,502	10,685	438	10,247	2015



(Amounts in thousands)				Initial Cost (1)				Costs Capitalized Subsequent to Acquisition (2)(5)			Gross Cost Basis at December 31, 2017 (2)						Accumulated Depreciation (3)		Net Carrying Amount		Date of Acquisition (4)
Property Description / Location	Number of Properties	Encumbrances		Land		Buildings and Improvements		Costs Capitalized Subsequent to Acquisition (2)(5)			Land		Buildings and Improvements		Total		Accumulated Depreciation (3)		Net Carrying Amount		Date of Acquisition (4)

Office—UK	11	72,808		21,732		89,159		2,110			21,732		91,269		113,001		10,231		102,770		2015
Office—US	21	222,760		61,952		462,271		24,033			61,952		486,304		548,256		35,954		512,302		2013 - 2017
Office/Retail—Italy	4	6,125		7,346		7,692		(218		)	7,346		7,474		14,820		589		14,231		2015
Residential—Italy	1	328		551		253		(609		)	122		73		195		6		189		2015
Residential/Retail—Italy	4	2,007		2,464		2,463		(98		)	2,464		2,365		4,829		262		4,567		2015
Retail—France	1	5,650		729		6,236		—			729		6,236		6,965		167		6,798		2017
Retail—Italy	33	19,565		36,963		11,070		(1,735		)	36,091		10,207		46,298		1,077		45,221		2015
Retail—UK	6	82,393		8,640		115,655		(3,959		)	8,341		111,995		120,336		9,609		110,727		2015
Retail—US	9	—		2,543		65,962		1,825			2,543		67,787		70,330		1,831		68,499		2017
Retail—Spain	33	14,094		58,079		29,449		54			58,079		29,503		87,582		685		86,897		2017
Mixed/Retail—Italy	6	13,901		13,914		20,214		872			13,914		21,086		35,000		1,616		33,384		2015
	364	1,847,000		628,806		2,292,490		26,265			625,271		2,322,290		2,947,561		114,423		2,833,138
Real estate held for investment	1,261	$	8,551,185	$	2,015,153	$	12,815,702	$	211,700		$	2,011,794	$	13,030,761	$	15,042,555	$	578,297	14,464,258
Real estate held for sale
Office—Norway																			293,215		2015
Other																			427,471		Various
Total real estate assets																			$	15,184,944

__________


⁽¹⁾	The purchase price allocations for certain 2017 acquisitions are provisional and subject to retrospective adjustments during the measurement period, not to exceed one year, based upon new information obtained about facts and circumstances that existed as of the date of acquisition.


⁽²⁾	The aggregate gross cost of total real estate assets for federal income tax purposes is $14.4 billion as of December 31, 2017.


⁽³⁾	Depreciation is calculated using a useful life of 3 to 44 years for buildings and improvements.


⁽⁴⁾	Properties consolidated upon the Internalization reflect an acquisition date of April 2, 2015, the effective date of consolidation.


⁽⁵⁾	Net of impairment.

The following tables summarize the activity in real estate assets and accumulated depreciation:



	Year Ended December 31,
(In thousands)	2017			2016			2015
Real Estate, at Gross Cost Basis
Balance at January 1	$	3,656,094		$	3,518,682		$	1,650,418
Assumed through the Merger	11,730,087			—			—
Assumed through foreclosures or restructuring of mortgage loans	1,867,655			128,124			155,035
Acquisitions	1,027,889			434,266			1,223,452
Improvements and capitalized costs ⁽¹⁾	237,125			16,072			55,993
Consolidation of real estate held by investment entities (Note 3)	—			—			812,672
Deconsolidation of real estate held by investment entity (Note 4)	(407,653		)	—			—
Dispositions ⁽²⁾	(2,484,616		)	(313,982		)	(321,173		)
Impairment	(59,652		)	(11,391		)	(7,089		)
Measurement period adjustments for real estate acquired in business combination	—			(16,688		)	—
Effect of changes in foreign exchange rates	224,215			(98,989		)	(50,626		)
Balance at December 31	15,791,144			3,656,094			3,518,682
Classified as held for sale, net ⁽³⁾	(748,589		)	(235,541		)	(300,244		)
Balance at December 31, held for investment	$	15,042,555		$	3,420,553		$	3,218,438



	Year Ended December 31,
(In thousands)	2017			2016			2015
Accumulated Depreciation
Balance at January 1	$	188,509		$	88,577		$	6,421
Depreciation	453,331			108,298			83,156
Deconsolidation of real estate held by investment entity (Note 4)	(3,212		)	—			—
Dispositions ⁽²⁾	(34,854		)	(6,025		)	(389		)
Effect of changes in foreign exchange rates	2,426			(2,341		)	(611		)
Balance at December 31	606,200			188,509			88,577
Classified as held for sale, net ⁽³⁾	(27,903		)	(11,587		)	(2,357		)
Balance at December 31, held for investment	$	578,297		$	176,922		$	86,220

__________


⁽¹⁾	Includes transaction costs capitalized for asset acquisitions.


⁽²⁾	Includes amounts classified as held for sale during the year and disposed before the end of the year.


⁽³⁾	Amounts classified as held for sale during the year and remain as held for sale at the end of the year.

Schedule IV - Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2017

Mortgage Loans on Real Estate [Abstract]

Schedule IV - Mortgage Loans on Real Estate

SCHEDULE IV—MORTGAGE LOANS ON REAL ESTATE

December 31, 2017



(Dollars in thousands)
Loan Type / Collateral / Location⁽¹⁾	Number of Loans	Payment Terms ⁽²⁾	Interest Rate Range⁽³⁾	Maturity Date Range ⁽⁴⁾	Prior Liens ⁽⁵⁾		Unpaid Principal Balance		Carrying Amount⁽⁶⁾⁽⁷⁾		Principal Amount Subject to Delinquent Principal or Interest ⁽⁸⁾
Loans at amortized cost
First mortgage:
Residential—CA, USA	1	I/O	11.1%	May 2018	$	—	$	29,090	$	29,032	$	—
Residential—France	1	I/O	15.0%	October 2020	—		28,511		27,833		—
Multifamily—Various, USA	155	Both	2.9% - 9.9%	October 2017 to April 2038	—		294,519		289,026		14,749
Multifamily—Ireland	1	I/O	2.1%	January 2018	—		78,754		86,938		—
Office—Various, USA	11	I/O	6.2% - 10.5%	October 2017 to August 2018	—		190,211		190,699		—
Office—France	1	I/O	4.0%	December 2017	—		10,159		10,395		—
Office—Ireland	1	I/O	2.0%	December 2017	—		47,121		47,007		—
Retail—Various, USA	11	Both	6.0% - 12.9%	May 2017 to May 2021	—		255,763		255,911		26,500
Retail—France	1	I/O	3.5%	June 2018	—		3,076		2,980		—
Hospitality—NY, USA	1	P&I	2.8%	May 2023	—		50,314		288,225		—
Hospitality—TX, USA	1	I/O	7.5%	October 2019	—		295,000		50,314		—
Hospitality—France	1	I/O	10.0%	December 2021	—		66,786		65,982		—
Hospitality—Spain	1	I/O	11.0%	July 2019	—		42,678		43,113		—
Healthcare—VA, USA	1	I/O	7.3%	March 2015	—		4,180		2,592		4,180
Healthcare—UK	6	I/O	7.5%	March 2022	—		67,960		68,060		—
Land—Various, USA	2	Both	10.0% - 12.0%	May 2018 to September 2019	—		65,775		64,344		—
Other—Various, USA	1	I/O	10.9%	November 2017	—		28,618		28,614		—
Other—France	3	I/O	3.5% - 15.0%	June 2018 to December 2020	—		8,382		8,367		—
	200				—		1,566,897		1,559,432		45,429



(Dollars in thousands)
Loan Type / Collateral / Location⁽¹⁾	Number of Loans	Payment Terms ⁽²⁾	Interest Rate Range⁽³⁾	Maturity Date Range ⁽⁴⁾	Prior Liens ⁽⁵⁾	Unpaid Principal Balance	Carrying Amount⁽⁶⁾⁽⁷⁾	Principal Amount Subject to Delinquent Principal or Interest ⁽⁸⁾
Subordinated mortgage and mezzanine:
Residential—CA, USA	2	I/O	10.0% - 15.0%	February 2018 to March 2018	55,842	36,070	36,051	—
Multifamily—Various, USA	3	I/O	9.5% - 13.0%	March 2018 to August 2024	151,729	29,843	30,043	—
Office—Various, USA	3	I/O	8.0% - 12.0%	July 2019 to April 2025	92,686	36,817	33,450	—
Office—Ireland / France	1	I/O	11.0%	January 2022	30,000	124,709	133,099	—
Retail—Various, USA	2	P&I	5.7% - 10.5%	December 2018 to April 2024	191,597	54,032	52,292	—
Retail—Germany	1	I/O	10.0%	June 2019	112,389	119,795	124,131	—
Retail—UK	1	I/O	12.0%	August 2019	134,926	71,879	71,879	71,879
Hospitality—Various, USA	6	Both	8.7% - 15.0%	April 2019 to May 2023	93,262	153,452	153,340	—
Hospitality—Greece	1	I/O	11.0%	August 2020	34,591	52,613	52,960	—
Hospitality—Mexico	1	I/O	11.5%	January 2019	90,000	40,000	41,168	—
Land—TX, USA	1	I/O	14.0%	May 2018	2,251	37,545	37,439	—
Other—CA, USA	1	I/O	12.0%	July 2019	33,866	111,451	111,872	—
Other—CA, USA	1	I/O	12.5%	July 2019	15,568	51,234	50,680	—
	24				1,038,707	919,440	928,404	71,879
Purchased credit-impaired loans⁽⁹⁾
Residential—Various, USA	64				—	22,840	14,619	—
Residential—France	1				—	3,036	1,083	—
Multifamily—Various, USA	249				—	131,521	92,247	7,766
Multifamily—Ireland	2				—	5,902	919	—
Industrial—Various, USA	50				—	39,246	25,937	—
Industrial—Ireland	3				—	93,657	20,970	—
Office—Various, USA	23				—	22,387	12,156	288
Office—France	1				—	6,314	4,617	—
Office—Ireland	9				—	349,414	268,111	197,318
Office—Spain	1				—	31,239	5,183	—
Retail—Various, USA	53				—	85,063	63,477	6,247
Retail—Ireland	7				—	113,853	32,957	—
Hospitality—Various, USA	32				—	27,362	16,654	—
Hospitality—France	1				—	16,891	17,064	—
Hospitality—Ireland	7				—	57,892	5,409	—
Land—Various, USA	109				—	83,105	11,513	21,273
Land—Ireland	4				—	112,102	27,277	—
Other—Various, USA	81				—	39,553	13,428	1,699
Other—Bahamas	1				—	25,401	3,000	25,401
Other—Ireland	38				—	629,368	7,290	—
	736				—	1,896,146	643,911	259,992



(Dollars in thousands)
Loan Type / Collateral / Location⁽¹⁾	Number of Loans	Payment Terms ⁽²⁾	Interest Rate Range⁽³⁾	Maturity Date Range ⁽⁴⁾	Prior Liens ⁽⁵⁾		Unpaid Principal Balance		Carrying Amount⁽⁶⁾⁽⁷⁾		Principal Amount Subject to Delinquent Principal or Interest ⁽⁸⁾
Corporate loans
Corporate—Various, USA	2	I/O	8.0% - 13.0%	January 2027 to September 2029	—		46,485		46,155		—
Retail—Various, USA	5	P&I	6.8% - 7.0%	February 2018 to June 2018	—		355		437		—
	7				—		46,840		46,592		—
Loans at fair value ⁽¹⁰⁾	10	Both	5.5% - 7.6%	May 2016 to May 2036	—		72,511		45,423		47,239
Total	977				$	1,038,707	$	4,501,834	$	3,223,762	$	424,539

__________


⁽¹⁾	Loans with carrying amounts that are individually less than 3% of the total carrying amount have been aggregated according to collateral type and location.


⁽²⁾	Payment terms: P&I = Periodic payment of principal and interest; I/O = Periodic payment of interest only with principal at maturity


⁽³⁾	Variable rate loans are determined based on the applicable index in effect as of December 31, 2017.


⁽⁴⁾	Represents contractual maturity that does not contemplate exercise of extension option.


⁽⁵⁾	Prior liens represent loan amounts owned by third parties that are senior to the Company’s subordinated or mezzanine positions and are approximate.


⁽⁶⁾	Carrying amounts at December 31, 2017 are presented net of $52.7 million of allowance for loan losses.


⁽⁷⁾	The aggregate cost basis of loans held for investment for federal income tax purposes is approximately $3.2 billion as of December 31, 2017.


⁽⁸⁾	Represents principal balance of loans which are 90 days or more past due as to principal or interest. For purchased credit-impaired loans, amounts represent principal balance of loans on nonaccrual status for which the Company is not able to determine a reasonable expectation of cash flows to be collected.


⁽⁹⁾	Purchased credit-impaired loans are acquired loans with evidence of credit quality deterioration for which it is probable at acquisition that the Company will collect less than the contractually required payments. Payment terms, stated interest rate and contractual maturity are not presented as they are not relevant to purchased credit-impaired loans.


⁽¹⁰⁾	Represents loans held in a securitization trust that is consolidated by a NorthStar CDO. The NorthStar CDO is in turn consolidated by the Company. The Company elected the fair value option and adopted the measurement alternative to value the loans receivable at the same fair value as the bonds payable issued by the consolidated securitization trust.

Activity in loans held for investment is summarized below:



	Year Ended December 31,
(In thousands)	2017			2016			2015
Balance at January 1	$	3,430,608		$	4,046,093		$	2,131,134
Loans acquired in Merger	359,541			—			—
Loan acquisitions and originations	991,239			551,456			1,145,704
Paid-in-kind interest added to loan principal	56,131			43,864			30,211
Discount and net loan fee amortization	43,877			27,038			17,062
Loan repayments	(902,190		)	(735,162		)	(346,246		)
Payments received from PCI loans	(419,232		)	(197,453		)	(514,818		)
Accretion on PCI loans	61,809			65,911			158,468
Transfer to loans held for sale	(50,894		)	(56,357		)	—
Carrying value of loans sold	—			(118,068		)	—
Transfer to real estate assets upon foreclosure	(515,055		)	(128,124		)	(155,035		)
Provision for loan losses	(19,741		)	(34,864		)	(39,638		)
Other gain (loss)	(2,309		)	—			—
Consolidation of loans receivable held by investment entities and securitization trusts (Notes 3 and 5)	58,296			—			1,629,496
Effect of changes in foreign exchange rates	131,682			(33,726		)	(10,245		)
Balance at December 31	3,223,762			3,430,608			4,046,093

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Basis of Presentation

Merger and Business Combinations

Merger

Business Combinations

Net cash paid to acquire a business or assets is classified as investing activities on the accompanying statements of cash flows.

Principles of Consolidation

Noncontrolling Interests

The limited partners in the consolidated open-end fund who represent noncontrolling interests generally have the ability to withdraw all or a portion of their interests in cash with 30 days' notice.

Use of Estimates

Foreign Currency

Disclosures of non-U.S. dollar amounts to be recorded in the future are translated using exchange rates in effect at the latest balance sheet date.

Fair Value Measurement and Fair Value Option

Fair Value Measurement

Level 1—Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 3—At least one assumption or input is unobservable and it is significant to the fair value measurement, requiring significant management judgment or estimate.

Fair Value Option

Discontinued Operations

Cash and Cash Equivalents

Restricted Cash

Real Estate Assets

Real Estate Held for Investment

Real estate held for investment are carried at cost less accumulated depreciation.

Depreciation—Real estate held for investment, other than land, are depreciated on a straight-line basis over the estimated useful lives of the assets, as follows:



Real Estate Assets		Term
Building (fee interest)		13 to 44 years
Building leasehold interests		Lesser of remaining term of the lease or remaining life of the building
Building improvements		Lesser of useful life or remaining life of the building
Land improvements		8 to 30 years
Tenant improvements		Lesser of useful life or remaining term of the lease
Furniture, fixtures and equipment		3 to 20 years

Real Estate Held for Sale

Foreclosed Properties

Loans Receivable, Loans Held for Investment (other than Purchased Credit-Impaired Loans)

Loans Held for Investment (other than Purchased Credit-Impaired Loans)

Loans Receivable, Interest Income

Loans Receivable, Nonaccrual

Loans Receivable, Impairment and Allowance for Loan Losses

Loans Receivable, Troubled Debt Restructuring

Loans Receivable, Loans Held for Sale

Loans Held for Sale

Loans Receivable, Purchased Credit-Impaired (PCI) Loans

Purchased Credit-Impaired ("PCI") Loans

Loans Receivable, Acquisition, Development and Construction (ADC) Loan Arrangements

Acquisition, Development and Construction ("ADC") Loan Arrangements

Investments in Unconsolidated Ventures

A noncontrolling, unconsolidated ownership interest in an entity may be accounted for using the equity method, cost method or under the fair value option, if elected.

Securities

Dividend income—Dividend income from marketable equity securities is recognized on the ex dividend date.

Identifiable Intangibles

Goodwill

Accounts Receivable and Related Allowance

Fixed Assets

Transfers of Financial Assets

Derivatives Instruments and Hedging Activities

Derivative Instruments and Hedging Activities

Changes in fair value of derivatives not designated as accounting hedges are recorded in the statement of operations in other gain (loss).

Financing Costs

Property Operating Income

Property operating income includes the following.

Fee Income

Fee income consists of the following:

Incentive fees that take the form of a disproportionate allocation of returns to the Company’s capital account within the equity structure of the investment vehicle (or “carried interests”) are accounted for as earnings from the Company’s ownership interests in the investment vehicles under the equity method, as discussed in the Company's accounting policy for investments in unconsolidated ventures.

Selling Commission and Dealer Manager Fees—These fees are earned by the Company for selling equity in the non-traded REITs and investment companies, and are recognized on trade date.

Other Income

Other income includes the following:

Compensation

Equity-Based Compensation

Income Taxes

Earnings Per Share

Reclassification

Reclassifications

Recent Accounting Updates

Accounting Standards Adopted in 2017

Future Application of Accounting Standards

Incentive fees that take the form of a disproportionate allocation of returns to the Company’s capital account within the equity structure of the investment vehicle (or “carried interests”) are outside the scope of the new revenue standard. Carried interests are financial instruments and accounted for as earnings from the Company’s ownership interests in the investment vehicles under the equity method. As carried interest represents income from equity method investments, it is presented, along with other proportionate allocation of returns based on the Company’s ownership interests in the investment vehicles, in earnings from unconsolidated investment ventures on the statement of operations. Adoption of the new standard does not have an impact to the Company's recognition of carried interests.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Schedule of Real Estate Held for Investment Useful Life

Depreciation—Real estate held for investment, other than land, are depreciated on a straight-line basis over the estimated useful lives of the assets, as follows:



Real Estate Assets		Term
Building (fee interest)		13 to 44 years
Building leasehold interests		Lesser of remaining term of the lease or remaining life of the building
Building improvements		Lesser of useful life or remaining life of the building
Land improvements		8 to 30 years
Tenant improvements		Lesser of useful life or remaining term of the lease
Furniture, fixtures and equipment		3 to 20 years

The Company's real estate, including foreclosed properties, were as follows:



	December 31,
(In thousands)	2017			2016
Land	$	2,011,794		$	630,540
Buildings and improvements	12,403,794			2,693,507
Tenant improvements	134,709			87,643
Furniture, fixtures and equipment	383,855			7
Construction in progress	108,403			8,856
	15,042,555			3,420,553
Less: Accumulated depreciation	(578,297		)	(176,922		)
Real estate assets, net	$	14,464,258		$	3,243,631

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2017

Business Acquisition [Line Items]

Summary of Consideration and Preliminary Allocation to Assets Acquired and Liabilities Assumed

Real Estate Acquisitions

The following table summarizes the Company's real estate acquisitions, excluding real estate acquired as part of business combinations discussed in Note 3.



($ in thousands)						Purchase Price Allocation
	Acquisition Date	Property Type and Location	Number of Buildings	Purchase Price ⁽¹⁾		Land and Improvements		Building and Improvements		Lease Intangible Assets		Lease Intangible Liabilities
Year Ended December 31, 2017
Asset Acquisitions⁽²⁾
	January	Industrial—Spain	2	$	10,374	$	3,855	$	5,564	$	955	$	—
	June	Office—California, U.S.⁽³⁾	1	455,699		93,577		314,590		50,518		(2,986		)
	Various	Industrial—Various in U.S.	55	636,690		137,005		472,747		31,512		(4,574		)
				$	1,102,763	$	234,437	$	792,901	$	82,985	$	(7,560	)
Year Ended December 31, 2016
Business Combinations⁽⁴⁾
	January	Industrial—Spain	23	$	94,403	$	33,265	$	56,585	$	5,318	$	(765	)
	April	Industrial—Massachusetts, U.S.⁽⁵⁾	1	34,900		5,235		27,731		1,934		—
	May	Office—France	1	18,203		14,150		3,815		388		(150		)
	Various	Industrial—Various in U.S.	18	201,635		36,974		151,689		16,063		(3,091		)
Asset Acquisitions
	Various	Industrial—Various in U.S.	12	113,200		20,749		84,724		8,398		(671		)
				$	462,341	$	110,373	$	324,544	$	32,101	$	(4,677	)

__________


⁽¹⁾	Dollar amounts of purchase price and allocation to assets acquired and liabilities assumed are translated based on foreign exchange rates as of respective dates of acquisition, where applicable. Transaction costs are included in purchase price for asset acquisitions and excluded for business combinations.


⁽²⁾	Useful life of real estate acquired in 2017 (excluding real estate deconsolidated as of December 31, 2017) ranges from 26 to 34 years for buildings, 7 to 14 years for site improvements, 2 to 9 years for tenant improvements and 2 to 11 years for lease intangibles.


⁽³⁾	In September 2017, 90% of equity in the property holding entity was syndicated to third party investors. The new equity partners were granted certain participation rights in the business, resulting in a deconsolidation of the investment. The Company's remaining interest is reflected as an equity method investment.


⁽⁴⁾	Prior to the adoption of the new definition of a business effective October 1, 2016, real estate acquisitions with existing leases generally met the definition of a business combination.


⁽⁵⁾	Real estate was sold in August 2016.

Colony NorthStar

Business Acquisition [Line Items]

Schedule of Fair Value of Merger Consideration

Fair value of the merger consideration was determined as follows:



(In thousands, except price per share)	NSAM			NRF		Total
Outstanding shares of common stock prior to closing of the Merger	190,202			183,147
Replacement equity-based awards attributable to pre-combination services⁽ⁱ⁾	300			150
	190,502			183,297
Exchange ratio⁽ⁱⁱ⁾	1.4663			1.3335
Implied shares of Colony common stock issued in consideration	129,920			137,456		267,376
Price per share of Colony class A common stock	$	21.52		$	21.52	$	21.52
Fair value of implied shares of Colony common stock issued in consideration	$	2,795,890		$	2,958,039	$	5,753,929
Fair value of Colony NorthStar preferred stock issued⁽ⁱⁱⁱ⁾	—			1,010,320		1,010,320
Fair value of NRF stock owned by NSAM ^(iv)	(43,795		)	—		(43,795		)
Total merger consideration	$	2,752,095		$	3,968,359	$	6,720,454

__________


(i)	Represents the portion of non-employee restricted stock unit awards that did not vest upon consummation of the Merger and pertains to services rendered prior to the Merger.


(ii)	Represents (a) the pre-determined exchange ratio of one share of Colony common stock for 1.4663 shares of Colony NorthStar common stock; and (b) the derived exchange ratio of one share of Colony common stock for 1.3335 shares of NRF common stock based on the pre-determined exchange ratio of one NRF share of common stock for 1.0996 shares of Colony NorthStar common stock.


(iii)	Fair value of Colony NorthStar preferred stock issued was measured based on the shares of NRF preferred stock outstanding at the Closing Date and the closing traded price of the respective series of NRF preferred stock on the Closing Date, including accrued dividends, as follows:



(In thousands, except price per share)	Number of Shares Outstanding	Price Per Share		Fair Value
NRF preferred stock
Series A 8.75%	2,467	$	25.61	$	63,182
Series B 8.25%	13,999	25.15		352,004
Series C 8.875%	5,000	25.80		128,995
Series D 8.50%	8,000	25.82		206,597
Series E 8.75%	10,000	25.95		259,542
Fair value of Colony NorthStar preferred stock issued	39,466			$	1,010,320


(iv)	Represents 2.7 million shares of NRF common stock owned by NSAM prior to the Merger and canceled upon consummation of the Merger, valued at the closing price of NRF common stock of $16.13 on the Closing Date.

Schedule of Fair Values and Allocation of the Merger



	As Reported at September 30, 2017						Measurement Period Adjustments						Final Adjusted Amounts at December 31, 2017
(In thousands)	NSAM		NRF		Total		NSAM			NRF			Total
Assets
Cash and cash equivalents	$	152,858	$	107,751	$	260,609	$	—		$	—		$	260,609
Restricted cash	18,052		158,762		176,814		—			—			176,814
Real estate	—		9,874,912		9,874,912		—			(506		)	9,874,406
Loans receivable	28,485		331,056		359,541		—			—			359,541
Investments in unconsolidated ventures	76,671		587,468		664,139		—			(43,357		)	620,782
Securities	3,065		433,850		436,915		—			(6,290		)	430,625
Identifiable intangible assets	661,556		351,736		1,013,292		—			815			1,014,107
Management agreement between NSAM and NRF	1,555,830		—		1,555,830		(41,745		)	—			1,514,085
Assets held for sale	—		2,096,671		2,096,671		—			—			2,096,671
Other assets	93,455		682,337		775,792		—			(1,334		)	774,458
Total assets	2,589,972		14,624,543		17,214,515		(41,745		)	(50,672		)	17,122,098
Liabilities
Debt	—		6,723,222		6,723,222		—			—			6,723,222
Intangible liabilities	—		213,218		213,218		—			—			213,218
Management agreement between NSAM and NRF	—		1,555,830		1,555,830		—			(41,745		)	1,514,085
Liabilities related to assets held for sale	—		1,281,406		1,281,406		—			—			1,281,406
Tax liabilities	169,387		69,373		238,760		—			(8,927		)	229,833
Accrued and other liabilities	979,969		307,450		1,287,419		—			—			1,287,419
Total liabilities	1,149,356		10,150,499		11,299,855		—			(50,672		)	11,249,183
Redeemable noncontrolling interests	78,843		—		78,843		—			—			78,843
Noncontrolling interests—investment entities	—		505,685		505,685		—			—			505,685
Noncontrolling interests—Operating Company	8,162		—		8,162		—			—			8,162
Fair value of net assets acquired	$	1,353,611	$	3,968,359	$	5,321,970	$	(41,745	)	$	—		$	5,280,225

Merger consideration	2,752,095		3,968,359		6,720,454		—			—			6,720,454
Goodwill	$	1,398,484	$	—	$	1,398,484	$	41,745		$	—		$	1,440,229

Schedule of Merger Related Costs



(In thousands)	Year Ended December 31, 2017
Transaction costs
Fees to investment bankers contingent upon consummation of the Merger	$	66,800
Other fees	19,442
	86,242
Compensation expense
Equity-based compensation for replacement awards to NSAM executives	116,725
Severance and other employee transition	29,459
	146,184
Administrative expense	15,353
Total Merger-related costs	$	247,779

Schedule of Contributions From Acquired Business

The combined results of operations included contributions from the legacy business of NSAM and NRF as follows:



(In thousands)	Year Ended December 31, 2017
Total revenues	$	1,754,225
Net loss attributable to Colony NorthStar, Inc.	(442,948		)

Schedule of Pro Forma Information



	Year ended December 31,
(In thousands, except per share data)	2017			2016
Pro forma:
Total revenues	$	2,821,212		$	2,709,122
Net income (loss) attributable to Colony NorthStar, Inc.	(14,441		)	(117,777		)
Net income (loss) attributable to common stockholders	(151,983		)	(250,174		)
Earnings (loss) per common share:
Basic	$	(0.29	)	$	(0.48	)
Diluted	$	(0.29	)	$	(0.48	)

CPI

Business Acquisition [Line Items]

Schedule of Contributions From Acquired Business

Results of operations of CPI as included in the Company's consolidated statement of operations were as follows:



(In thousands)	Year Ended December 31, 2017
Total revenues	$	43,608
Net loss attributable to Colony NorthStar, Inc.	(1,572		)

Summary of Consideration and Preliminary Allocation to Assets Acquired and Liabilities Assumed



(In thousands)	As Reported At September 30, 2017			Measurement Period Adjustments			As Reported At December 31, 2017
Consideration
Carrying value of loans receivable outstanding at the time of restructuring	$	182,644		$	—		$	182,644
Cash	49,537			—			49,537
Total consideration	$	232,181		$	—		$	232,181
Identifiable assets acquired and liabilities assumed
Cash	$	303		$	—		$	303
Real estate	544,407			(758		)	543,649
Real estate held for sale	21,605			—			21,605
Lease intangibles and other assets	39,967			318			40,285
Debt	(277,590		)	—			(277,590		)
Tax liabilities	(32,938		)	860			(32,078		)
Lease intangibles and other liabilities	(60,785		)	(420		)	(61,205		)
Liabilities related to assets held for sale	(2,788		)	—			(2,788		)
Fair value of net assets acquired	$	232,181		$	—		$	232,181

THL Hotel Portfolio

Business Acquisition [Line Items]

Schedule of Contributions From Prior Business

Results of operations of the THL Hotel Portfolio as included in the Company's consolidated statement of operations and in other equity and debt segment for segment reporting were as follows:



(In thousands)	Year Ended December 31, 2017
Total revenues	$	194,097
Net loss attributable to Colony NorthStar, Inc.	(7,292		)

Summary of Consideration and Preliminary Allocation to Assets Acquired and Liabilities Assumed

The following table summarizes the consideration and preliminary allocation to assets acquired and liabilities assumed. The estimated fair values and preliminary purchase price allocation were based on information available at the time of acquisition and the Company continues to evaluate the underlying inputs and assumptions. Accordingly, these preliminary estimates are subject to retrospective adjustments during the measurement period, not to exceed one year, based upon new information obtained about facts and circumstances that existed as of the date of acquisition. During the fourth quarter of 2017, adjustments were made to the allocation of values between franchise intangible assets and real estate.



(In thousands)	As Reported At September 30, 2017			Measurement Period Adjustments			As Reported At December 31, 2017
Consideration
Carrying value of the Company's junior mezzanine loan receivable at the time of foreclosure	$	310,932		—			$	310,932
Cash	43,643			—			43,643
Contingent consideration (Note 13)	6,771			—			6,771
Total consideration	$	361,346		$	—		$	361,346
Identifiable assets acquired and liabilities assumed
Cash	$	16,188		—			$	16,188
Real estate	1,190,613			2,592			1,193,205
Real estate held for sale	69,099			(474		)	68,625
Intangible and other assets	37,031			(2,118		)	34,913
Debt	(907,867		)	—			(907,867		)
Other liabilities	(43,718		)	—			(43,718		)
Fair value of net assets acquired	$	361,346		$	—		$	361,346

Management Internalization

Business Acquisition [Line Items]

Summary of Consideration and Preliminary Allocation to Assets Acquired and Liabilities Assumed

The following table summarizes the total consideration and allocation to assets acquired and liabilities assumed at April 2, 2015.



(In thousands)	Final Amounts At March 31, 2016
Consideration
Cash	$	61,350
Class A and Class B common stock issued	52,160
OP Units issued	558,794
Estimated fair value of contingent consideration	69,500
	$	741,804
Identifiable assets acquired and liabilities assumed
Cash	$	5,015
Other assets	69,696
Intangible asset:
Investment management contracts	44,100
Customer relationships	46,800
Trade name	15,500
Notes payable	(44,337		)
Deferred tax liability	(35,191		)
Other liabilities	(19,906		)
	81,677
Goodwill	660,127
	$	741,804

Real Estate (Tables)

12 Months Ended

Dec. 31, 2017

Real Estate [Abstract]

Schedule of Components of Real Estates

Depreciation—Real estate held for investment, other than land, are depreciated on a straight-line basis over the estimated useful lives of the assets, as follows:



Real Estate Assets		Term
Building (fee interest)		13 to 44 years
Building leasehold interests		Lesser of remaining term of the lease or remaining life of the building
Building improvements		Lesser of useful life or remaining life of the building
Land improvements		8 to 30 years
Tenant improvements		Lesser of useful life or remaining term of the lease
Furniture, fixtures and equipment		3 to 20 years

The Company's real estate, including foreclosed properties, were as follows:



	December 31,
(In thousands)	2017			2016
Land	$	2,011,794		$	630,540
Buildings and improvements	12,403,794			2,693,507
Tenant improvements	134,709			87,643
Furniture, fixtures and equipment	383,855			7
Construction in progress	108,403			8,856
	15,042,555			3,420,553
Less: Accumulated depreciation	(578,297		)	(176,922		)
Real estate assets, net	$	14,464,258		$	3,243,631

Schedule of Proceeds From Sales of Real Estate

Real Estate Sales

Results from sales of real estate were as follows:



	Year Ended December 31,
(In thousands)	2017		2016		2015
Proceeds from sales of real estate	$	1,607,806	$	390,943	$	323,430
Gain on sale of real estate	137,370		73,616		8,962

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

Real Estate Acquisitions

The following table summarizes the Company's real estate acquisitions, excluding real estate acquired as part of business combinations discussed in Note 3.



($ in thousands)						Purchase Price Allocation
	Acquisition Date	Property Type and Location	Number of Buildings	Purchase Price ⁽¹⁾		Land and Improvements		Building and Improvements		Lease Intangible Assets		Lease Intangible Liabilities
Year Ended December 31, 2017
Asset Acquisitions⁽²⁾
	January	Industrial—Spain	2	$	10,374	$	3,855	$	5,564	$	955	$	—
	June	Office—California, U.S.⁽³⁾	1	455,699		93,577		314,590		50,518		(2,986		)
	Various	Industrial—Various in U.S.	55	636,690		137,005		472,747		31,512		(4,574		)
				$	1,102,763	$	234,437	$	792,901	$	82,985	$	(7,560	)
Year Ended December 31, 2016
Business Combinations⁽⁴⁾
	January	Industrial—Spain	23	$	94,403	$	33,265	$	56,585	$	5,318	$	(765	)
	April	Industrial—Massachusetts, U.S.⁽⁵⁾	1	34,900		5,235		27,731		1,934		—
	May	Office—France	1	18,203		14,150		3,815		388		(150		)
	Various	Industrial—Various in U.S.	18	201,635		36,974		151,689		16,063		(3,091		)
Asset Acquisitions
	Various	Industrial—Various in U.S.	12	113,200		20,749		84,724		8,398		(671		)
				$	462,341	$	110,373	$	324,544	$	32,101	$	(4,677	)

__________


⁽¹⁾	Dollar amounts of purchase price and allocation to assets acquired and liabilities assumed are translated based on foreign exchange rates as of respective dates of acquisition, where applicable. Transaction costs are included in purchase price for asset acquisitions and excluded for business combinations.


⁽²⁾	Useful life of real estate acquired in 2017 (excluding real estate deconsolidated as of December 31, 2017) ranges from 26 to 34 years for buildings, 7 to 14 years for site improvements, 2 to 9 years for tenant improvements and 2 to 11 years for lease intangibles.


⁽³⁾	In September 2017, 90% of equity in the property holding entity was syndicated to third party investors. The new equity partners were granted certain participation rights in the business, resulting in a deconsolidation of the investment. The Company's remaining interest is reflected as an equity method investment.


⁽⁴⁾	Prior to the adoption of the new definition of a business effective October 1, 2016, real estate acquisitions with existing leases generally met the definition of a business combination.


⁽⁵⁾	Real estate was sold in August 2016.

Schedule of Components of Property Operating Income

Property Operating Income

The components of property operating income were as follows:



	Year Ended December 31,
(In thousands)	2017		2016		2015
Rental income	$	672,292	$	276,404	$	193,293
Tenant reimbursements	138,433		65,657		51,530
Resident fee income ⁽¹⁾	286,818		—		—
Hotel operating income	1,016,294		29,021		55,048
	$	2,113,837	$	371,082	$	299,871

__________


⁽¹⁾	Healthcare properties that operate through management agreements with independent third-party operators through structures permitted by the REIT Investment Diversification and Empowerment Act of 2007 (“RIDEA”) permits us, through a TRS, to have direct exposure to resident fee income and incur customary related operating expenses.

Schedule of Future Minimum Rental Payments for Operating Leases

Future Minimum Rents



Year Ending December 31,	(In thousands)
2018	$	514,763
2019	473,016
2020	431,663
2021	370,236
2022	322,460
2023 and thereafter	1,196,270
Total ⁽¹⁾	$	3,308,408

__________


⁽¹⁾	Excludes hotel operating income, as well as resident fee income from healthcare properties and rental income from multifamily properties, both of which are subject to short-term leases.



Year Ending December 31,	(In thousands)
2018	$	6,495
2019	6,429
2020	6,465
2021	6,551
2022	6,970
2023 and thereafter	152,125
Total ⁽¹⁾	$	185,035

__________


⁽¹⁾	Includes automatically-renewed ground leases related to the Company's hotel properties.

Future contractual minimum rental payments for office leases at December 31, 2017 are as follows:



Year Ending December 31,	(In thousands)
2018	7,443
2019	8,059
2020	7,724
2021	7,287
2022	7,298
2023 and thereafter	36,387
Total	$	74,198

Loans Receivable (Tables)

12 Months Ended

Dec. 31, 2017

Receivables [Abstract]

Company Loans Receivable

The following table provides a summary of the Company’s loans held for investment:



	December 31, 2017								December 31, 2016
(Dollars in thousands)	Unpaid Principal Balance		Carrying Value			Weighted Average Coupon		Weighted Average Maturity in Years	Unpaid Principal Balance		Carrying Value			Weighted Average Coupon		Weighted Average Maturity in Years
Loans at amortized cost
Non-PCI Loans
Fixed rate
Mortgage loans	$	1,081,030	$	1,082,513		9.1	%	2.8	$	894,232	$	881,755		9.0	%	3.5
Securitized loans ⁽¹⁾	35,566		36,603			5.9	%	16.8	105,586		107,609			6.4	%	15.4
Mezzanine loans	459,433		456,463			12.2	%	2.3	372,247		369,207			12.3	%	2.8
Corporate loans	46,840		46,592			9.9	%	10.0	—		—			—	%	—
	1,622,869		1,622,171						1,372,065		1,358,571
Variable rate
Mortgage loans	414,428		423,199			6.0	%	1.7	494,797		487,651			8.2	%	0.8
Securitized loans ⁽¹⁾	461,489		462,203			6.4	%	3.5	775,963		776,156			5.7	%	2.7
Mezzanine loans	34,391		34,279			9.8	%	1.3	348,035		347,469			11.2	%	0.6
	910,308		919,681						1,618,795		1,611,276
	2,533,177		2,541,852						2,990,860		2,969,847
PCI Loans
Mortgage loans	1,865,423		682,125						748,930		521,905
Securitized loans	23,298		3,400						8,146		6,836
Mezzanine loans	7,425		3,671						—		—
	1,896,146		689,196						757,076		528,741
Allowance for loan losses			(52,709		)						(67,980		)
	4,429,323		3,178,339						3,747,936		3,430,608
Loans at fair value
Securitized loans ⁽²⁾	72,511		45,423						—		—
Total loans receivable	$	4,501,834	$	3,223,762					$	3,747,936	$	3,430,608

__________


⁽¹⁾	Represents loans transferred into securitization trusts that are consolidated by the Company (Note 14).


⁽²⁾	Represents loans held by a securitization trust that is consolidated by a NorthStar CDO. The NorthStar CDO is in turn consolidated by the Company. The Company elected the fair value option and adopted the measurement alternative to value the loans receivable at the same fair value as the bonds payable issued by the consolidated securitization trust. (Note 13)

Summary of Past Due Loans

The following table provides an aging summary of non-PCI loans held for investment at carrying values before allowance for loan losses, excluding loans carried at fair value.



(In thousands)	Current or Less Than 30 Days Past Due		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due and Nonaccrual		Total Non-PCI Loans
December 31, 2017	$	2,268,599	$	145,986	$	9,410	$	117,857	$	2,541,852
December 31, 2016	2,912,023		7,379		1,172		49,273		2,969,847

Schedule of Troubled Debt Restructuring



	Year ended December 31,
(Dollars in thousands)	2016		2015
Loans modified as TDRs during the period:
Number of loans	1		1
Carrying value of loans before allowance for loan losses	$	37,611	$	26,667
Loss incurred	$	1,687	$	278

Impaired Loans

The following table summarizes non-PCI impaired loans:



	Unpaid Principal Balance		Gross Carrying Value						Allowance for Loan Losses
(In thousands)	Unpaid Principal Balance		With Allowance for Loan Losses		Without Allowance for Loan Losses		Total		Allowance for Loan Losses
December 31, 2017	$	383,594	$	138,136	$	248,759	$	386,895	$	7,425
December 31, 2016	116,881		56,650		60,025		116,675		6,287



	Year Ended December 31,
(In thousands)	2017		2016		2015
Average carrying value before allowance for loan losses	$	202,397	$	90,447	$	19,676
Total interest income recognized during the period impaired	10,192		3,929		766

Loans Acquired Through Consolidation of Investment Entities



(In thousands)	January 2017
Contractually required payments including interest	$	1,154,596
Less: Nonaccretable difference	(878,257		)
Cash flows expected to be collected	276,339
Less: Accretable yield	(23,594		)
Fair value of loans acquired	$	252,745

Changes in Accretable Yield for the PCI loans

Changes in accretable yield of PCI loans were as follows:



	Year Ended December 31,
(In thousands)	2017			2016			2015
Beginning accretable yield	$	52,572		$	66,639		$	98,523
Additions	23,594			22,493			—
Changes in accretable yield	25,720			31,171			12,199
Accretion recognized in earnings	(61,809		)	(65,911		)	(158,468		)
Consolidation of PCI loans held by investment entities (Note 3)	—			—			121,130
Effect of changes in foreign exchange rates	2,358			(1,820		)	(6,745		)
Ending accretable yield	$	42,435		$	52,572		$	66,639

Impairment and Allowance for Loan Losses

The allowance for loan losses and related carrying values of loans held for investment, excluding loans carried at fair value, were as follows:



	December 31, 2017				December 31, 2016
(In thousands)	Allowance for Loan Losses		Carrying Value		Allowance for Loan Losses		Carrying Value
Non-PCI loans	$	7,424	$	135,902	$	6,287	$	56,650
PCI loans	45,285		169,789		61,693		243,155
	$	52,709	$	305,691	$	67,980	$	299,805

Changes in allowance for loan losses is presented below:



	Year Ended December 31,
(In thousands)	2017			2016			2015
Allowance for loan losses at January 1	$	67,980		$	37,571		$	197
Provision for loan losses, net	19,741			34,864			39,859
Charge-off	(35,012		)	(4,455		)	(2,485		)
Allowance for loan losses at December 31	$	52,709		$	67,980		$	37,571

Investments in Unconsolidated Ventures (Tables)

12 Months Ended

Dec. 31, 2017

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Ventures

The Company's investments in unconsolidated ventures represent noncontrolling equity interests in various entities, as follows:



	December 31,
(In thousands)	2017		2016
Equity method investments
Investment ventures	$	1,138,052	$	933,262
Private funds and retail companies	25,101		19,997
	1,163,153		953,259
Cost method investments
Investment venture	89,261		99,736
Private fund and retail companies	38,924		—
	128,185		99,736
Investments under fair value option
Private funds	204,773		—
Investment ventures	159,128		—
	363,901		—
	$	1,655,239	$	1,052,995

Equity Method Investments, Selected Combined Financial Information

The following tables present selected combined financial information of the Company's equity method investees:

Selected Combined Balance Sheet Information



	December 31,
(In thousands)	2017		2016
Total assets	$	9,537,068	$	9,319,122
Total liabilities	5,357,936		5,517,514
Owners' equity	3,662,777		3,473,358
Noncontrolling interests	516,368		328,269

Selected Combined Statements of Operations Information



	Year Ended December 31,
(In thousands)	2017			2016			2015
Total revenues	$	1,519,728		$	819,726		$	518,085
Net income (loss)	174,222			(32,493		)	(40,372		)
Net income (loss) attributable to noncontrolling interests	(18,381		)	(3,494		)	(433		)
Net income (loss) attributable to owners	192,603			(28,999		)	(39,939		)

Equity Method Investments

The Company’s investments accounted for under the equity method are summarized below:



(Dollars in thousands)			Ownership Interest⁽¹⁾at	Carrying Value at
			December 31, 2017	December 31,
Investments	Description		December 31, 2017	2017		2016
Starwood Waypoint Homes	Common equity in operating company of single family residential REIT		—%	$	—	$	316,113
Colony American Finance	Common equity in specialty finance company that lends to owners of single family homes for rent		—%	—		57,754
NorthStar Realty Europe Corp	Common equity in publicly traded REIT managed by the Company	(2)	10.2%	73,578		—
RXR Realty	Common equity in investment venture with a real estate owner, developer and investment manager	(2)	27.2%	105,082		—
Preferred equity	Preferred equity investments with underlying real estate	(3)	NA	440,704		188,255
ADC investments	Investments in acquisition, development and construction loans in which the Company participates in residual profits from the projects, and the risk and rewards of the arrangements are more similar to those associated with investments in joint ventures	(4)	Various	331,268		271,649
Private funds	General partner and/or limited partner interests in private funds		Various	25,101		19,997
Other investment ventures	Interests in 15 investments, each with less than $62 million carrying value at December 31, 2017		Various	187,420		99,491
				$	1,163,153	$	953,259

__________

(1)


(2)	The Company has significant influence over the investees through its voting rights and/or representation on the investees' board of directors or equivalent committee.


(3)	Some preferred equity investments may not have a stated ownership interest.


(4)	The Company owns varying levels of stated equity interests in certain ADC investments as well as profit participation interests in real estate ventures without a stated ownership interest in other ADC investments.

Securities (Tables)

12 Months Ended

Dec. 31, 2017

Investments, Debt and Equity Securities [Abstract]

Available-for-sale Securities



			Gross Cumulative Unrealized
(in thousands)	Amortized Cost		Gains		Losses			Fair Value
December 31, 2017
Available-for-sale debt securities:
CRE securities of consolidated N-Star CDOs ⁽¹⁾:
CMBS	$	144,476	$	3,999	$	(530	)	$	147,945
Other securities ⁽²⁾	61,302		5,994		(313		)	66,983
N-Star CDO bonds ⁽³⁾	88,374		2,778		(219		)	90,933
CMBS and other securities ⁽⁴⁾	38,928		3,739		(186		)	42,481
	333,080		16,510		(1,248		)	348,342
Equity securities of consolidated fund								35,600
								$	383,942
December 31, 2016
Available-for-sale debt securities:
CMBS	$	24,103	$	—	$	(657	)	$	23,446

__________

⁽¹⁾As of December 31, 2017, the carrying value of CDO bonds payable in consolidated N-Star CDOs is $215.5 million.

⁽²⁾Represents primarily agency debentures, and to a lesser extent, unsecured REIT debt and trust preferred securities.


⁽³⁾	Excludes $140.1 million principal amount of N-Star CDO bonds held by the Company in its consolidated CDOs that are eliminated upon consolidation.


⁽⁴⁾	Includes $25.1 million of CMBS held by a sponsored investment company, which as of December 31, 2017, is consolidated by the Company through its seed capital. Other securities include a trust preferred security and certain investments in other third party CDO bonds.

Realized gains recorded in other gain, net

recorded in other gain (loss) for the year ended December 31, 2017, as follows. There were no sales of securities in the year ended December 31, 2016 and the Company did not hold any securities in the year ended December 31, 2015.



(In thousands)	Year Ended December 31, 2017
Available-for-sale debt securities:
Proceeds from sale	$	30,279
Gross realized gain (including $0.4 million of unrealized gains transferred from AOCI)	951

Equity securities of consolidated fund:
Realized gain, net	155

AFS securities in a gross unrealized loss position

The following table presents AFS securities in a gross unrealized loss position for less than 12 months:



	December 31, 2017					December 31, 2016
(In thousands)	Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss
CRE securities of consolidated N-Star CDOs:
CMBS	$	2,229	$	(530	)	$	—	$	—
Other securities	8,218		(313		)	—		—
N-Star CDO bonds	13,392		(219		)	—		—
CMBS and other securities	12,956		(186		)	23,446		(657		)

Purchased credit-impaired debt securities

Certain debt securities acquired by the Company through the Merger were considered to be credit-impaired at time of acquisition, with the following outstanding balance at December 31, 2017:



(In thousands)	December 31, 2017
Outstanding principal	$	411,174
Amortized cost	26,761
Carrying value	31,789

Information about these PCI debt securities upon acquisition is presented below:



(In thousands)	January 2017
Contractually required payments including interest	$	574,088
Less: Nonaccretable difference	(449,261		)
Cash flows expected to be collected	124,827
Less: Accretable yield	(70,283		)
Fair value of PCI debt securities acquired	$	54,544

The table below presents changes in accretable yield related to these PCI debt securities:



(In thousands)	Year Ended December 31, 2017
Beginning accretable yield	$	—
Assumed through the Merger	70,283
Accretion recognized in earnings	(12,461		)
Reduction due to payoffs or disposals	(8,963		)
Net reclassifications to nonaccretable difference	(4,249		)
Ending accretable yield	$	44,610

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

+ References + Details

Goodwill, Deferred Leasing Costs and Other Intangibles (Tables)

12 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following table presents changes in the carrying value of goodwill and the goodwill balance by reporting segment.



	December 31,
(In thousands)	2017			2016		2015
Balance at January 1	$	680,127		$	678,267	$	20,000
Business combinations ⁽¹⁾	1,440,229			1,860		658,267
Transfer to held for sale ⁽²⁾	(20,000		)	—		—
Disposition ⁽³⁾	(249,795		)	—		—
Impairment	(316,000		)	—		—
Balance at December 31 ⁽⁴⁾	$	1,534,561		$	680,127	$	678,267

Balance by reporting segment:
Industrial	$	20,000		$	20,000	$	20,000
Investment management	1,514,561			660,127		658,267
	$	1,534,561		$	680,127	$	678,267

__________


⁽¹⁾	Includes the effects of measurement period adjustments within a one year period following the consummation of a business combination.


⁽²⁾	Represents goodwill assigned to the broker-dealer reporting unit that was acquired as part of the Merger and classified as held for sale as of December 31, 2017.


⁽³⁾	Represents goodwill assigned to the Townsend investment management reporting unit that was acquired as part of the Merger and sold on December 29, 2017.


⁽⁴⁾	Total goodwill amount is not deductible for income tax purposes.

Schedule of Goodwill, Deferred Leasing Costs and Other Intangibles

The Company's deferred leasing costs, other intangible assets and intangible liabilities are as follows:



	December 31, 2017							December 31, 2016
(In thousands)	Carrying Amount (Net of Impairment)⁽¹⁾		Accumulated Amortization			Net Carrying Amount		Carrying Amount (Net of Impairment)⁽¹⁾		Accumulated Amortization			Net Carrying Amount
Deferred Leasing Costs and Intangible Assets
In-place lease values	$	243,037	$	(98,021	)	$	145,016	$	149,301	$	(52,489	)	$	96,812
Above-market lease values	166,571		(34,968		)	131,603		27,731		(13,705		)	14,026
Below-market ground lease obligations	29,625		(316		)	29,309		34,241		(411		)	33,830
Deferred leasing costs	121,765		(38,389		)	83,376		88,470		(25,415		)	63,055
Lease incentives	14,565		(298		)	14,267		409		(87		)	322
Trade name ⁽²⁾	79,700		(3,131		)	76,569		15,500		NA			15,500
Investment management contracts	342,127		(70,394		)	271,733		39,646		(25,400		)	14,246
Customer relationships	59,400		(10,421		)	48,979		46,800		(5,850		)	40,950
Other ⁽³⁾	54,061		(2,041		)	52,020		—		—			—
Total deferred leasing costs and intangible assets	$	1,110,851	$	(257,979	)	$	852,872	$	402,098	$	(123,357	)	$	278,741
Intangible Liabilities
Below-market lease values	$	214,833	$	(36,426	)	$	178,407	$	30,507	$	(10,690	)	$	19,817
Above-market ground lease obligations	13,417		(715		)	12,702		172		(12		)	160
Total intangible liabilities	$	228,250	$	(37,141	)	$	191,109	$	30,679	$	(10,702	)	$	19,977

__________


⁽¹⁾	For intangible assets and intangible liabilities recognized in connection with business combinations, purchase price allocations may be subject to adjustments during the measurement period, not to exceed one year from date of acquisition, based upon new information obtained about facts and circumstances that existed at time of acquisition.


⁽²⁾	The NSAM trade name is amortized over its useful life of 20 years, while Colony trade name is determined to have an indefinite useful life and not currently subject to amortization.


⁽³⁾	Represents primarily the value of certificates of need associated with certain healthcare portfolios which are not amortized, franchise agreements associated with certain hotel properties which are amortized over 10 to 15 years and the NorthStar Securities broker-dealer license which is not amortized.

Schedule of Expected Annual Amortization Expenses

The following table summarizes the amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities:



	Year Ended December 31,
(In thousands)	2017			2016			2015
Above-market lease values	$	(25,235	)	$	(8,658	)	$	(7,647	)
Below-market lease values	40,079			7,089			4,427
Lease incentives	(218		)	—			—
Net increase (decrease) to rental income	$	14,626		$	(1,569	)	$	(3,220	)

Above-market ground lease obligations	$	(835	)	$	482		$	25
Below-market ground lease obligations	7,493			(6		)	(5		)
Net increase to ground rent expense	$	6,658		$	476		$	20

In-place lease values	$	74,560		$	30,193		$	25,865
Deferred leasing costs	19,046			13,777			12,130
Trade name	3,682			—			—
Investment management contracts	38,640			11,446			13,985
Customer relationships	12,514			3,343			2,507
Other	10,215			—			—
Amortization expense	$	158,657		$	58,759		$	54,487

Schedule of Estimated Annual Amortization Expense

The following table presents future amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities, excluding those related to assets held for sale:



	Year Ending December 31,
(In thousands)	2018			2019			2020			2021			2022			2023 and Thereafter			Total
Above-market lease values	$	(19,065	)	$	(17,337	)	$	(16,421	)	$	(15,625	)	$	(12,885	)	$	(50,270	)	$	(131,603	)
Below-market lease values	25,305			23,777			21,575			19,960			18,472			69,318			178,407
Lease incentives	1,059			1,059			1,063			1,125			1,125			8,836			14,267
Increase to rental income	$	7,299		$	7,499		$	6,217		$	5,460		$	6,712		$	27,884		$	61,071

Above-market ground lease obligations	$	(773	)	$	(773	)	$	(773	)	$	(773	)	$	(773	)	$	(8,837	)	$	(12,702	)
Below-market ground lease obligations	697			707			707			709			707			25,782			29,309
Increase to rent expense	$	(76	)	$	(66	)	$	(66	)	$	(64	)	$	(66	)	$	16,945		$	16,607

In-place lease values	$	28,455		$	20,495		$	15,987		$	11,623		$	9,121		$	59,335		$	145,016
Deferred leasing costs	16,799			14,009			11,464			8,928			7,042			25,134			83,376
Trade name	3,214			3,214			3,214			3,214			3,214			44,999			61,069
Investment management contracts	32,172			30,360			29,520			28,911			28,493			122,277			271,733
Customer relationships	4,607			4,607			4,607			4,607			4,607			25,944			48,979
Other	2,339			1,879			2,027			2,027			2,027			14,038			24,337
Amortization expense	$	87,586		$	74,564		$	66,819		$	59,310		$	54,504		$	291,727		$	634,510

Assets and Related Liabilities Held For Sale (Tables)

12 Months Ended

Dec. 31, 2017

Discontinued Operations and Disposal Groups [Abstract]

Disclosure of Long Lived Assets Held-for-sale

The Company's assets and related liabilities held for sale are summarized below:



	December 31,
(In thousands)	2017		2016
Assets
Real estate, net	$	720,686	$	223,954
Loans receivable, net	—		29,353
Goodwill ⁽¹⁾	20,000		—
Intangible assets, net	37,337		21,239
Other assets	3,607		18,378
Total assets held for sale	$	781,630	$	292,924

Liabilities
Secured debt, net ⁽²⁾	$	196,905	$	—
Lease intangibles and other liabilities, net	76,393		14,296
Total liabilities related to assets held for sale	$	273,298	$	14,296

__________


⁽¹⁾	Associated with the broker-dealer business that is held for sale.


⁽²⁾	Represents only debt that is expected to be assumed by the buyer upon sale of the related asset.

Restricted Cash, Other Assets and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2017

Restricted Cash, Other Assets And Other Liabilities [Abstract]

Schedule of Restricted Cash

The following table summarizes the Company's restricted cash balance:



	December 31,
(In thousands)	2017		2016
Capital expenditures reserves ⁽¹⁾	$	249,612	$	1,502
Real estate escrow reserves ⁽²⁾	42,420		13,116
Borrower escrow deposits	41,545		61,744
Working capital and other reserves ⁽³⁾	23,043		27,768
Tenant lock boxes ⁽⁴⁾	16,486		—
Cash of consolidated N-Star CDOs ⁽⁵⁾	13,656		—
Other	84,316		7,829
Total restricted cash	$	471,078	$	111,959

__________


⁽¹⁾	Represents primarily capital improvements, furniture, fixtures and equipment, tenant improvements, lease renewal and replacement reserves related to real estate assets.


⁽²⁾	Represents primarily insurance, real estate tax, repair and maintenance, tenant security deposits and other escrows related to real estate assets.


⁽³⁾	Represents reserves for working capital and property development expenditures, as well as in connection with letter of credit provisions, as required in joint venture arrangements with the Federal Deposit Insurance Corporation.


⁽⁴⁾	Represents tenant rents held in lock boxes controlled by the lender. The Company receives the monies after application of rent receipts to service its debt.


⁽⁵⁾	Represents proceeds from repayments and/or sales of debt securities which are pending distribution in consolidated N-Star CDOs.

Schedule of the Company's Other Assets, Net

The following table summarizes the Company's other assets:



	December 31,
(In thousands)	2017		2016
Interest receivable	$	21,529	$	42,296
Straight-line rents	45,598		22,352
Hotel-related reserves ⁽¹⁾	29,208		—
Investment deposits and pending deal costs	1,706		66,310
Deferred financing costs, net ⁽²⁾	10,068		10,533
Contingent consideration escrow account ⁽³⁾	15,730		10,836
Derivative assets(Note 12)	10,152		36,101
Prepaid taxes and deferred tax assets, net ⁽⁴⁾	79,063		—
Receivables from resolution of investments ⁽⁵⁾	15,215		—
Contributions receivable ⁽⁶⁾	25,501		—
Accounts receivable ⁽⁷⁾	87,744		19,986
Prepaid expenses	29,526		3,864
Other assets	20,296		2,852
Fixed assets, net	53,632		45,455
Total other assets	$	444,968	$	260,585

__________


⁽¹⁾	Represents reserves held by the Company's third party managers at certain of the Company's hotel properties to fund furniture, fixtures and equipment expenditures. Funding is made periodically based on a percentage of hotel operating income.


⁽²⁾	Deferred financing costs relate to revolving credit arrangements.

⁽³⁾


⁽⁴⁾	Presented net of valuation allowance of $23.9 million and $0.7 million on deferred tax assets at December 31, 2017 and 2016, respectively (Note 22).


⁽⁵⁾	Represents primarily proceeds from loan payoffs held in escrow at December 31, 2017.


⁽⁶⁾	Represents contributions receivable from noncontrolling interests in investment entities as a result of a capital call made in December 2017 for which cash was received in January 2018.


⁽⁷⁾	Includes receivables for hotel operating income and resident fees as well as rent and other tenant receivables. Presented net of total allowance for bad debt of $5.6 million and $1.7 million at December 31, 2017 and 2016, respectively.

Schedule of Accrued and Other Liabilities

The following table summarizes the Company's accrued and other liabilities:



	December 31,
(In thousands)	2017		2016
Tenant security deposits	$	27,560	$	12,105
Borrower escrow deposits	46,231		64,118
Deferred income	42,457		27,575
Interest payable	42,462		19,399
Derivative liabilities (Note 12)	204,848		5,448
Contingent consideration—THL Hotel Portfolio (Note 3)	7,419		—
Current and deferred income tax liability	166,276		41,462
Accrued compensation	77,483		39,697
Accrued real estate and other taxes	77,060		23,310
Other accrued expenses	107,508		43,975
Accounts payable and other liabilities	98,857		9,863
Total accrued and other liabilities	$	898,161	$	286,952

Debt (Tables)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Schedule of Debt

The Company's debt consists of the following components:



(In thousands)	Corporate Credit Facility ⁽¹⁾		Convertible and Exchangeable Senior Notes			Secured and Unsecured Debt (2)			Securitization Bonds Payable			Junior Subordinated Notes			Total Debt
December 31, 2017
Debt at amortized cost
Principal	$	50,000	$	616,105		$	9,792,169		$	391,231		$	280,117		$	11,129,622
Premium (discount), net	NA		3,131			(78,634		)	(87,319		)	(83,064		)	(245,886		)
Deferred financing costs	NA		(8,905		)	(91,360		)	(203		)	—			(100,468		)
	50,000		610,331			9,622,175			303,709			197,053			10,783,268
Debt at fair value ⁽³⁾	—		—			—			44,542			—			44,542
	$	50,000	$	610,331		$	9,622,175		$	348,251		$	197,053		$	10,827,810
December 31, 2016
Debt at amortized cost
Principal	$	422,600	$	602,500		$	2,235,022		$	497,525		$	—		$	3,757,647
Premium (discount), net	NA		1,385			(3,560		)	—			—			(2,175		)
Deferred financing costs	NA		(11,059		)	(25,765		)	(3,030		)	—			(39,854		)
	$	422,600	$	592,826		$	2,205,697		$	494,495		$	—		$	3,715,618

__________


⁽¹⁾	Deferred financing costs related to the corporate credit facility is recorded in other assets.


⁽²⁾	At December 31, 2017 and 2016, debt with carrying value of $202.8 million and $108.8 million, respectively, was related to financing on assets held for sale. Debt associated with assets held for sale that will be assumed by the buyer is included in liabilities related to assets held for sale (Note 9).


⁽³⁾	Represents a securitization trust that is consolidated by a NorthStar CDO. The NorthStar CDO is in turn consolidated by the Company. The Company elected the fair value option to value the bonds payable issued by the consolidated securitization trust (Note 13).

The following table summarizes certain information about the different components of debt carried at amortized cost:



	Fixed Rate					Variable Rate					Total
($ in thousands)	Outstanding Principal		Weighted Average Interest Rate (Per Annum)		Weighted Average Years Remaining to Maturity	Outstanding Principal		Weighted Average Interest Rate (Per Annum)		Weighted Average Years Remaining to Maturity	Outstanding Principal		Weighted Average Interest Rate (Per Annum)		Weighted Average Years Remaining to Maturity
December 31, 2017
Recourse
Corporate credit facility	$	—	—	%	—	$	50,000	3.51	%	3.0	$	50,000	3.51	%	3.0
Convertible and exchangeable senior notes	616,105		4.27	%	4.0	—		—	%	—	616,105		4.27	%	4.0
Junior subordinated debt	—		—	%	—	280,117		4.56	%	18.4	280,117		4.56	%	18.4
Secured debt ⁽¹⁾	39,219		5.02	%	7.9	—		—	%	—	39,219		5.02	%	7.9
	655,324					330,117					985,441
Non-recourse
Securitization bonds payable	30,132		3.45	%	29.9	361,099		3.02	%	28.4	391,231		3.05	%	28.5
Secured debt ⁽²⁾
Healthcare	2,168,936		4.65	%	2.9	1,119,320		5.75	%	2.0	3,288,256		5.03	%	2.6
Industrial	1,014,229		3.50	%	11.4	—		—	%	0.0	1,014,229		3.50	%	11.4
Hospitality	9,038		11.00	%	0.6	2,599,681		4.67	%	1.1	2,608,719		4.69	%	1.1
Other Real Estate Equity	374,789		4.07	%	5.5	1,841,209		4.02	%	2.3	2,215,998		4.03	%	2.8
Real Estate Debt	—		—	%	—	625,748		4.05	%	2.6	625,748		4.05	%	2.6
	3,597,124					6,547,057					10,144,181
Total debt	$	4,252,448				$	6,877,174				$	11,129,622



	Fixed Rate					Variable Rate					Total
($ in thousands)	Outstanding Principal		Weighted Average Interest Rate (Per Annum)		Weighted Average Years Remaining to Maturity	Outstanding Principal		Weighted Average Interest Rate (Per Annum)		Weighted Average Years Remaining to Maturity	Outstanding Principal		Weighted Average Interest Rate (Per Annum)		Weighted Average Years Remaining to Maturity
December 31, 2016
Recourse
Corporate credit facility	$	—	—	%	—	$	422,600	3.02	%	3.2	$	422,600	3.02	%	3.2
Convertible senior notes	602,500		4.25	%	4.8	—		—	%	—	602,500		4.25	%	4.8
Secured debt ⁽¹⁾	41,148		5.02	%	8.9	45,458		3.36	%	0.9	86,606		4.15	%	4.7
	643,648					468,058					1,111,706
Non-recourse
Securitization bonds payable	94,408		2.54	%	33.2	403,117		2.92	%	15.2	497,525		2.85	%	18.6
Secured debt ⁽²⁾
Industrial	597,502		3.77	%	16.7	413,012		3.02	%	2.9	1,010,514		3.46	%	11.0
Other Real Estate Equity	487,320		3.74	%	8.1	421,177		3.47	%	2.4	908,497		3.62	%	5.5
Real Estate Debt	—		—	%	—	229,405		3.27	%	1.7	229,405		3.27	%	1.7
	1,179,230					1,466,711					2,645,941
Total debt	$	1,822,878				$	1,934,769				$	3,757,647

__________


⁽¹⁾	The fixed rate recourse debt represents two promissory notes secured by the Company's aircraft, while the variable rate recourse debt at December 31, 2016 represents outstanding amounts from warehouse facilities that were terminated upon full payoff in 2017.

⁽²⁾

Convertible Senior Notes Issued

Convertible and exchangeable senior notes issued by the Company and outstanding are as follows:



Description	Issuance Date	Due Date	Interest Rate	Conversion or Exchange Price (per share of common stock)		Conversion or Exchange Ratio ⁽²⁾ (In Shares)	Conversion or Exchange Shares (in thousands)	Earliest Redemption Date	Outstanding Principal (in thousands)
									December 31,
									2017		2016
5.00% Convertible Notes	April 2013	April 15, 2023	5.00	$	15.76	63.4700	12,694	April 22, 2020	$	200,000	$	200,000
3.875% Convertible Notes	January and June 2014	January 15, 2021	3.875	16.57		60.3431	24,288	January 22, 2019	402,500		402,500
5.375% Exchangeable Notes	June 2013 ⁽¹⁾	June 15, 2033	5.375	12.04		83.0837	1,155	June 15, 2023	13,605		—
									$	616,105	$	602,500

__________


⁽¹⁾	Represents the initial date of issuance of exchangeable senior notes by NRF prior to the Merger.

⁽²⁾

Schedule of Principal Payments Due Under Financing Agreements



(In thousands)	Credit Facilities		Convertible and Exchangeable Senior Notes		Secured and Unsecured Debt		Securitization Bonds Payable (2)		Junior Subordinated Notes		Total
Year Ending December 31,	Credit Facilities		Convertible and Exchangeable Senior Notes		Secured and Unsecured Debt		Securitization Bonds Payable (2)		Junior Subordinated Notes		Total
2018 ⁽¹⁾	$	—	$	—	$	335,868	$	—	$	—	$	335,868
2019	—		—		3,114,899		—		—		3,114,899
2020	—		—		427,990		—		—		427,990
2021	50,000		402,500		1,157,120		—		—		1,609,620
2022	—		—		3,002,972		—		—		3,002,972
2023 and thereafter	—		213,605		1,753,320		391,231		280,117		2,638,273
Total	$	50,000	$	616,105	$	9,792,169	$	391,231	$	280,117	$	11,129,622

__________


⁽¹⁾	At December 31, 2017, $1,512.5 million in outstanding principal of secured and unsecured debt maturing in 2018 have met their respective qualifying conditions for extension of maturity.


⁽²⁾	For securitization bonds payable, principal may be repaid earlier if proceeds from underlying loans and securities are repaid by borrowers. Future estimated principal payments on securitization bonds payable at December 31, 2017, if based on reasonable expectations of cash flows from underlying loans and securities, would be as follows:



(In thousands)	Securitization Bonds Payable
Year Ending December 31,	Securitization Bonds Payable
2018	$	188,180
2019	147,634
2020	53,800
2021	1,617
Total	$	391,231

Derivatives (Tables)

12 Months Ended

Dec. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Gross fair value of derivative assets and liabilities

Fair value of derivative assets and derivative liabilities were as follows:



	December 31, 2017									December 31, 2016
(In thousands)	Designated Hedges			Non-Designated Hedges			Total			Designated Hedges			Non-Designated Hedges			Total
Derivative Assets
Foreign exchange contracts	$	8,009		$	975		$	8,984		$	34,715		$	1,103		$	35,818
Interest rate contracts	—			1,168			1,168			—			283			283
Included in other assets	$	8,009		$	2,143		$	10,152		$	34,715		$	1,386		$	36,101
Derivative Liabilities
Foreign exchange contracts	$	(39,101	)	$	(5,307	)	$	(44,408	)	$	(5,011	)	$	(437	)	$	(5,448	)
Interest rate contracts	—			(160,440		)	(160,440		)	—			—			—
Included in accrued and other liabilities	$	(39,101	)	$	(165,747	)	$	(204,848	)	$	(5,011	)	$	(437	)	$	(5,448	)

Schedule of foreign exchange contracts

The following table summarizes the aggregate notional amounts of designated and non-designated foreign exchange contracts in place at December 31, 2017, along with certain key terms:

Hedged Currency

Instrument Type

Notional Amount
(in thousands)

Range of Expiration Dates

Designated

Non-Designated

FX Rates
($ per unit of foreign currency)

EUR

FX Collar

€

117,963

€

—

Min $1.06 / Max $1.53

December 2018 to January 2021

GBP

FX Collar

51,977

2,223

Min $1.45 / Max $1.82

December 2018 to December 2019

EUR

FX Forward

€

330,182

€

4,726

Range from $1.10 to $1.27

January 2018 to January 2022

GBP

FX Forward

100,517

42,633

Range from $1.23 to $1.28

December 2018 to December 2020

NOK

FX Forward

NOK

802,417

NOK

120,583

$0.12

February 2018

PEN

Option

PEN

321,930

0.28

February 2018

CLP

Option

CLP

64,635,000

0.0014

February 2018

COP

Option

COP

43,121,000

0.0003

February 2018

Offsetting derivative assets

At December 31, 2017, the Company held the following interest rate contracts:



	Notional Amount (in thousands)			Strike Rate / Forward Rate
Instrument Type	Non-Designated		Index	Strike Rate / Forward Rate	Expiration
Interest rate swaps	$	2,000,000	3-Month LIBOR	3.39%	December 2029
Interest rate swaps	$	2,917	1-Month LIBOR	4.17% - 5.12%	July 2018 to July 2023
Interest rate caps	$	5,351,682	1-Month LIBOR	2.46% - 5.70%	June 2018 to November 2020
Interest rate caps	$	220,466	3-Month LIBOR	3.50%	August 2018 to March 2019
Interest rate caps	€	621,799	3-Month EURIBOR	0.75% - 1.50%	October 2018 to September 2022
Interest rate caps	£	429,904	3-Month GBP LIBOR	2.0% - 2.5%	November 2018 to February 2020
Basis swap	$	10,000	⁽¹⁾	⁽¹⁾	January 2019
Deliverable swap futures	$	14,735	⁽²⁾	⁽²⁾	March 2018

__________


⁽¹⁾	Basis swap is held by a consolidated N-Star CDO, paying 3-month LIBOR plus 1.95% and receiving 1-month LIBOR plus 1.88%, used to economically hedge the timing of payments between certain underlying securities and corresponding bonds issued by the consolidated N-Star CDO.


⁽²⁾	A consolidated sponsored investment company sold a 10-year USD deliverable swap futures contract to economically hedge the interest rate exposure on its long dated fixed rate securities.

Amounts recorded in other gain (loss) were as follows:



	Year Ended December 31,
(In thousands)	2017			2016			2015
Unrealized gain (loss):
Cash flow hedge ineffectiveness	$	—		$	(401	)	$	(98	)
Non-designated interest rate contracts	(15,080		)	(1,455		)	(841		)

Offsetting Assets and Liabilities

The following table sets forth derivative positions where the Company has a right of offset under netting arrangements with the same counterparty.



	Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets			Gross Amounts Not Offset on Consolidated Balance Sheets					Net Amounts of Assets (Liabilities)
(In thousands)				(Assets) Liabilities			Cash Collateral Received (Pledged)		Net Amounts of Assets (Liabilities)
December 31, 2017
Derivative Assets
Foreign exchange contracts	$	8,984		$	(8,944	)	$	—	$	40
Interest rate contracts	1,168			(4		)	—		1,164
	$	10,152		$	(8,948	)	$	—	$	1,204
Derivative Liabilities
Foreign exchange contracts	$	(44,408	)	$	8,944		$	—	$	(35,464	)
Interest rate contracts	(160,440		)	4			1,900		(158,536		)
	$	(204,848	)	$	8,948		$	1,900	$	(194,000	)

December 31, 2016
Derivative Assets
Foreign exchange contracts	$	35,818		$	(180	)	$	—	$	35,638
Interest rate contracts	283			—			—		283
	$	36,101		$	(180	)	$	—	$	35,921
Derivative Liabilities
Foreign exchange contracts	$	(5,448	)	$	180		$	—	$	(5,268	)
Interest rate contracts	—			—			—		—
	$	(5,448	)	$	180		$	—	$	(5,268	)

Offsetting derivative liabilities

The following table sets forth derivative positions where the Company has a right of offset under netting arrangements with the same counterparty.



	Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets			Gross Amounts Not Offset on Consolidated Balance Sheets					Net Amounts of Assets (Liabilities)
(In thousands)				(Assets) Liabilities			Cash Collateral Received (Pledged)		Net Amounts of Assets (Liabilities)
December 31, 2017
Derivative Assets
Foreign exchange contracts	$	8,984		$	(8,944	)	$	—	$	40
Interest rate contracts	1,168			(4		)	—		1,164
	$	10,152		$	(8,948	)	$	—	$	1,204
Derivative Liabilities
Foreign exchange contracts	$	(44,408	)	$	8,944		$	—	$	(35,464	)
Interest rate contracts	(160,440		)	4			1,900		(158,536		)
	$	(204,848	)	$	8,948		$	1,900	$	(194,000	)

December 31, 2016
Derivative Assets
Foreign exchange contracts	$	35,818		$	(180	)	$	—	$	35,638
Interest rate contracts	283			—			—		283
	$	36,101		$	(180	)	$	—	$	35,921
Derivative Liabilities
Foreign exchange contracts	$	(5,448	)	$	180		$	—	$	(5,268	)
Interest rate contracts	—			—			—		—
	$	(5,448	)	$	180		$	—	$	(5,268	)

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=84234895&loc=d3e41641-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624163-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=84234895&loc=d3e41678-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=84234895&loc=d3e41638-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5580258-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5579245-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624171-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5579240-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84234895&loc=d3e41620-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Fair Value (Tables)

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The table below presents a summary of assets and liabilities carried at fair value on a recurring basis, including financial instruments for which the fair value option was elected.



	Fair Value Measurements
(In thousands)	Level 1		Level 2		Level 3		Total
December 31, 2017
Assets
Loans receivable—securitized loans	$	—	$	—	$	45,423	$	45,423
Investments in unconsolidated ventures	—		—		363,901		363,901
Debt securities available for sale
CRE securities of consolidated N-Star CDOs:
CMBS	—		—		147,945		147,945
Other securities	—		—		66,983		66,983
N-Star CDO bonds	—		—		90,933		90,933
CMBS and other securities	—		25,099		17,382		42,481
Equity securities of consolidated fund	35,600		—		—		35,600
Other assets—derivative assets	—		10,152		—		10,152
Liabilities
Debt—securitization bonds payable	—		—		44,542		44,542
Other liabilities—derivative liabilities	—		204,848		—		204,848
Other liabilities—contingent consideration for THL Hotel Portfolio	—		—		7,419		7,419
Due to affiliates—contingent consideration for Internalization	—		—		20,650		20,650

December 31, 2016
Assets
Securities—CMBS	$	—	$	23,446	$	—	$	23,446
Other assets—derivative assets	—		36,101		—		36,101
Liabilities
Other liabilities—derivative liabilities	—		5,448		—		5,448
Due to affiliates—contingent consideration for Internalization	—		—		41,250		41,250

Schedule of Fair Value Assumptions Related to Contingent Consideration

Quantitative information about other recurring level 3 fair value measurements are as follows.

Valuation Technique

Key Unobservable Inputs

Input Value

Effect on Fair Value from Increase in Input Value ⁽¹⁾

Financial Instrument

Fair Value

(In thousands)

Weighted Average

(Range)

December 31, 2017

Investments in unconsolidated ventures—private funds

204,774

Discounted cash flows

Discount rate

14.6%
(11.0% - 20.0%)

Decrease

Investments in unconsolidated ventures—others

26,408

Discounted cash flows

Discount rate

14.2%
(8.8% - 14.8%)

Decrease

Investments in unconsolidated ventures—others

132,719

Recent transaction price⁽²⁾

Not applicable

N-Star CDO bonds

90,933

Discounted cash flows

Discount rate

24.0%
(10.8% - 87.4%)

Decrease

Due to affiliates—contingent consideration for Internalization

20,650

Monte Carlo simulation

Benchmark FFO volatility

11.8%

Increase

Equity volatility

18.7%

Increase

Correlation ⁽³⁾

80.0%

Increase

Other liabilities—contingent consideration for THL Hotel Portfolio

7,419

Discounted cash flows

Discount rate

20.0%

Decrease

December 31, 2016

Due to affiliates—contingent consideration for Internalization

41,250

Monte Carlo simulation

Benchmark FFO volatility

16.1%

Increase

Equity volatility

32.5%

Increase

Correlation ⁽³⁾

80.0%

Increase

__________


⁽¹⁾	Represents the directional change in fair value that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the reverse effect. Significant increases or decreases in these inputs in isolation could result in significantly higher or lower fair value measures.


⁽²⁾	Represents transacted price for investments acquired in the fourth quarter of 2017.


⁽³⁾	Represents assumed correlation between Benchmark FFO and the Company's class A common stock price.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation



		Level 3 Assets									Level 3 Liabilities
(In thousands)		Loans Receivable			Investments in Unconsolidated Ventures			Securities			Debt			Due To Affiliates—Contingent Consideration for Internalization			Other Liabilities—Contingent Consideration for THL Hotel Portfolio
Fair value at December 31, 2014		$	—		$	—		$	—		$	—		$	—		$	—
Acquired through Internalization		—			—			—			—			(69,500		)	—
Unrealized gain in earnings		—			—			—			—			16,510			—
Fair value at December 31, 2015		$	—		$	—		$	—		$	—		$	(52,990	)	$	—
Unrealized gain on ending balance—in earnings		$	—		$	—		$	—		$	—		$	16,510		$	—

Fair value at December 31, 2015		$	—		$	—		$	—		$	—		$	(52,990	)	$	—
Unrealized gain in earnings		—			—			—			—			11,740			—
Fair value at December 31, 2016		$	—		$	—		$	—		$	—		$	(41,250	)	$	—
Unrealized gain on ending balance—in earnings		$	—		$	—		$	—		$	—		$	11,740		$	—

Fair value at December 31, 2016		$	—		$	—		$	—		$	—		$	(41,250	)	$	—
Acquired through the Merger		—			362,269			427,560			—			—			—
Consideration for business combination		—			—			—			—			—			(6,771		)
Consolidation of securitization trust	Consolidation of securitization trust	58,296			—			—			(56,928		)	—			—
Purchases / borrowings / amortization / contributions		—			162,192			40,035			10,564			—			—
Paydowns or distributions		(10,564		)	(166,795		)	(120,728		)	—			—			—
Realized gains (losses) in earnings		—			—			(38,885		)	—			—			—
Unrealized gains (losses):
In earnings		(2,309		)	6,104			—			1,822			20,600			(648		)
In other comprehensive income		—			—			15,261			—			—			—
Fair value at December 31, 2017		$	45,423		$	363,770		$	323,243		$	(44,542	)	$	(20,650	)	$	(7,419	)
Unrealized gains (losses) on ending balance:
In earnings		$	(2,309	)	$	6,104		$	—		$	1,822		$	20,600		$	(648	)
In other comprehensive income		$	—		$	—		$	15,261		$	—		$	—		$	—

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation



		Level 3 Assets									Level 3 Liabilities
(In thousands)		Loans Receivable			Investments in Unconsolidated Ventures			Securities			Debt			Due To Affiliates—Contingent Consideration for Internalization			Other Liabilities—Contingent Consideration for THL Hotel Portfolio
Fair value at December 31, 2014		$	—		$	—		$	—		$	—		$	—		$	—
Acquired through Internalization		—			—			—			—			(69,500		)	—
Unrealized gain in earnings		—			—			—			—			16,510			—
Fair value at December 31, 2015		$	—		$	—		$	—		$	—		$	(52,990	)	$	—
Unrealized gain on ending balance—in earnings		$	—		$	—		$	—		$	—		$	16,510		$	—

Fair value at December 31, 2015		$	—		$	—		$	—		$	—		$	(52,990	)	$	—
Unrealized gain in earnings		—			—			—			—			11,740			—
Fair value at December 31, 2016		$	—		$	—		$	—		$	—		$	(41,250	)	$	—
Unrealized gain on ending balance—in earnings		$	—		$	—		$	—		$	—		$	11,740		$	—

Fair value at December 31, 2016		$	—		$	—		$	—		$	—		$	(41,250	)	$	—
Acquired through the Merger		—			362,269			427,560			—			—			—
Consideration for business combination		—			—			—			—			—			(6,771		)
Consolidation of securitization trust	Consolidation of securitization trust	58,296			—			—			(56,928		)	—			—
Purchases / borrowings / amortization / contributions		—			162,192			40,035			10,564			—			—
Paydowns or distributions		(10,564		)	(166,795		)	(120,728		)	—			—			—
Realized gains (losses) in earnings		—			—			(38,885		)	—			—			—
Unrealized gains (losses):
In earnings		(2,309		)	6,104			—			1,822			20,600			(648		)
In other comprehensive income		—			—			15,261			—			—			—
Fair value at December 31, 2017		$	45,423		$	363,770		$	323,243		$	(44,542	)	$	(20,650	)	$	(7,419	)
Unrealized gains (losses) on ending balance:
In earnings		$	(2,309	)	$	6,104		$	—		$	1,822		$	20,600		$	(648	)
In other comprehensive income		$	—		$	—		$	15,261		$	—		$	—		$	—

Fair Value, Assets Measured on Recurring and Nonrecurring Basis

The following table summarizes assets carried at fair value on a nonrecurring basis, measured at the time of impairment.



	Nonrecurring fair value measured during year ended December 31,
(In thousands)	2017						2016
	Level 2		Level 3		Total		Level 2		Level 3		Total
Real estate held for sale	$	13,252	$	36,246	$	49,498	$	33,074	$	33,960	$	67,034
Real estate held for investment	—		224,935		224,935		—		226		226
Intangible assets—investment management contracts	—		51,100		51,100		—		2,181		2,181
Investments in unconsolidated ventures	—		11,871		11,871		—		—		—

The following table summarizes the fair value write-downs to assets carried at nonrecurring fair values during the periods presented.



	Year Ended December 31,
(In thousands)	2017		2016
Impairment loss
Real estate held for sale	$	25,619	$	11,334
Real estate held for investment	19,668		57
Intangible assets—investment management contracts	59,073		320
Earnings from investments in unconsolidated ventures	6,774		—

Fair and Carrying Values of Assets and Liabilities by the Level in the Fair Value Hierarchy by Balance Sheet Grouping

Carrying amounts and estimated fair values of financial instruments reported at amortized cost are presented below:



	Fair Value Measurements								Carrying Value
(In thousands)	Level 1		Level 2		Level 3		Total		Carrying Value
December 31, 2017
Assets
Loans at amortized cost	$	—	$	—	$	3,232,301	$	3,232,301	$	3,178,339
Liabilities
Debt at amortized cost
Corporate credit facility	—		50,000		—		50,000		50,000
Convertible and exchangeable senior notes	608,491		13,979		—		622,470		610,331
Secured and unsecured debt	—		—		9,703,680		9,703,680		9,622,175
Securitization bonds payable	—		132,815		169,908		302,723		303,709
Junior subordinated debt	—		—		216,316		216,316		197,053
December 31, 2016
Assets
Loans at amortized cost	$	—	$	—	$	3,471,797	$	3,471,797	$	3,430,608
Liabilities
Debt at amortized cost
Corporate credit facility	—		422,600		—		422,600		422,600
Convertible senior notes	606,698		—		—		606,698		592,826
Secured and unsecured debt	—		—		2,163,094		2,163,094		2,205,697
Securitization bonds payable	—		492,481		—		492,481		494,495

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2017

Equity [Abstract]

Activity of Preferred and Common Stock

The table below summarizes the share activities of the Company's preferred and common stock.



	Number of Shares
(In thousands)	Preferred Stock		Class A Common Stock		Class B Common Stock
Shares outstanding at December 31, 2014	13,530		160,756		—
Issuance of preferred stock	11,500		—		—
Issuance of class A common stock	—		2,093		—
Issuance of class B common stock	—		—		827
Conversion of class B to class A common stock	—		26		(26	)
Equity-based compensation, net of forfeitures	—		902		—
Shares canceled for tax withholding on vested stock awards	—		—		—
Shares outstanding at December 31, 2015	25,030		163,777		801
Repurchase of preferred stock ⁽¹⁾	(964	)	—		—
Contribution of preferred stock to an affiliate ⁽¹⁾	964		—		—
Shares issued upon redemption of OP units	—		1,370		—
Conversion of class B to class A common stock	—		31		(31	)
Equity-based compensation, net of forfeitures	—		1,478		—
Shares canceled for tax withholding on vested stock awards	—		(216	)	—
Shares outstanding at December 31, 2016	25,030		166,440		770
Consideration for the Merger ⁽²⁾	39,466		392,120		—
Issuance of preferred stock	26,400		—		—
Redemption of preferred stock	(25,432	)	—		—
Shares canceled ⁽³⁾	—		(2,984	)	—
Shares issued upon redemption of OP Units	—		1,684		—
Conversion of class B to class A common stock	—		34		(34	)
Repurchase of common stock	—		(23,371	)	—
Exchange of notes for class A common stock	—		233		—
Equity-based compensation, net of forfeitures	—		8,096		—
Redemption of restricted stock units			775
Shares canceled for tax withholding on vested stock awards	—		(428	)	—
Shares outstanding at December 31, 2017	65,464		542,599		736

__________

⁽¹⁾

⁽²⁾


⁽³⁾	Represents NRF shares held by NSAM that were canceled upon consummation of the Merger, after giving effect to the exchange ratio.

Preferred Stock

In the event of a liquidation or dissolution of the Company, preferred stockholders have priority over common stockholders for payment of dividends and distribution of net assets.

The table below summarizes the preferred stock issued and outstanding at December 31, 2017:



Description	Dividend Rate Per Annum		Initial Issuance Date	Shares Outstanding (in thousands)	Par Value (in thousands)		Liquidation Preference (in thousands)		Earliest Redemption Date
Series B	8.25	%	February 2007 ⁽¹⁾	6,114	$	61	$	152,855	Currently redeemable
Series D	8.5	%	April 2013 ⁽¹⁾	8,000	80		200,000		April 10, 2018
Series E	8.75	%	May 2014 ⁽¹⁾	10,000	100		250,000		May 15, 2019
Series G	7.5	%	June 2014 ⁽¹⁾	3,450	35		86,250		June 19, 2019
Series H	7.125	%	April 2015 ⁽¹⁾	11,500	115		287,500		April 13, 2020
Series I	7.15	%	June 2017	13,800	138		345,000		June 5, 2022
Series J	7.125	%	September 2017	12,600	126		315,000		September 22, 2022
				65,464	$	655	$	1,636,605

__________


⁽¹⁾	Represents initial issuance date pre-Merger by NRF or Colony, as applicable.

Components of Accumulated Other Comprehensive Income (Loss) Attributable to Stockholders

Changes in Components of AOCI—Stockholders



(In thousands)	Company's Share in AOCI of Equity Method Investments			Unrealized Gain (Loss) on Securities			Unrealized Gain (Loss) on Cash Flow Hedges			Foreign Currency Translation Gain (Loss)			Unrealized Gain (Loss) on Net Investment Hedges			Total
AOCI at December 31, 2014	$	451		$	—		$	(101	)	$	(52,643	)	$	23,802		$	(28,491	)
Other comprehensive income (loss) before reclassifications	(612		)	—			(199		)	(56,676		)	39,631			(17,856		)
Amounts reclassified from AOCI	161			—			55			67,194			(39,485		)	27,925
AOCI at December 31, 2015	$	—		$	—		$	(245	)	$	(42,125	)	$	23,948		$	(18,422	)
Other comprehensive income (loss) before reclassifications	131			(112		)	7			(34,234		)	21,123			(13,085		)
Amounts reclassified from AOCI	(46		)	—			197			(67		)	(686		)	(602		)
AOCI at December 31, 2016	$	85		$	(112	)	$	(41	)	$	(76,426	)	$	44,385		$	(32,109	)
Other comprehensive income (loss) before reclassifications	5,450			(22,014		)	41			124,846			(68,581		)	39,742
Amounts reclassified from AOCI	81			36,544			—			(2,489		)	5,547			39,683
AOCI at December 31, 2017	$	5,616		$	14,418		$	—		$	45,931		$	(18,649	)	$	47,316

Changes in Components of AOCI—Noncontrolling Interests in Investment Entities



(In thousands)	Unrealized Gain (Loss) on Securities			Unrealized Gain (Loss) on Cash Flow Hedges			Foreign Currency Translation Gain (Loss)			Unrealized Gain (Loss) on Net Investment Hedges			Total
AOCI at December 31, 2014	$	—		$	(52	)	$	(3,616	)	$	(1	)	$	(3,669	)
Other comprehensive income (loss) before reclassifications attributable to:	—			(137		)	(1,516		)	—			(1,653		)
Amounts reclassified from AOCI attributable to:	—			40			5,183			—			5,223
AOCI at December 31, 2015	$	—		$	(149	)	$	51		$	(1	)	$	(99	)
Other comprehensive income (loss) before reclassifications	(527		)	—			(56,479		)	12,669			(44,337		)
Amounts reclassified from AOCI	—			149			(785		)	(870		)	(1,506		)
AOCI at December 31, 2016	$	(527	)	$	—		$	(57,213	)	$	11,798		$	(45,942	)
Other comprehensive income (loss) before reclassifications	981			—			97,840			(10,659		)	88,162
Amounts reclassified from AOCI	(454		)	—			(1,679		)	1,988			(145		)
AOCI at December 31, 2017	$	—		$	—		$	38,948		$	3,127		$	42,075

Reclassification out of Accumulated Other Comprehensive Income

Information about amounts reclassified out of AOCI attributable to stockholders by component is presented below:



(In thousands)	Year ended December 31,									Affected Line Item in the Consolidated Statements of Operations
Component of AOCI reclassified into earnings	2017			2016			2015
Realized gain (loss) on marketable securities	$	(5,285	)	$	46		$	(161	)	Other gain (loss), net
Other-than-temporary impairment	(31,259		)	—			—			Other gain (loss), net
Unrealized gain on ineffective cash flow hedge	—			(197		)	(55		)	Other gain (loss), net
Release of cumulative translation adjustments	2,489			67			(21,787		)	Other gain (loss), net
Unrealized gain (loss) on dedesignated net investment hedges	(1,829		)	634			28			Other gain (loss), net
Realization of gain (loss) on net investment hedges	(3,718		)	52			6,492			Other gain (loss), net
Release of equity in AOCI of unconsolidated ventures	(81		)	—			—			Earnings from investments in unconsolidated ventures
Release of cumulative translation adjustments	—			—			(45,407		)	Gain on remeasurement of consolidated investment entities, net
Realization of net gain on net investment hedges	—			—			32,965			Gain on remeasurement of consolidated investment entities, net

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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+ Details

Noncontrolling Interests (Tables)

12 Months Ended

Dec. 31, 2017

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interest

The following table presents a summary of changes in redeemable noncontrolling interests:



(In thousands)
Balance at December 31, 2016	$	—
Assumed through the Merger	78,843
Assumed through consolidation of sponsored fund	24,763
Contributions	8,550
Distributions	(3,158		)
Net income	23,543
Redemption	(97,672		)
Currency translation adjustment and other	(725		)
Balance at December 31, 2017	$	34,144

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2017

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations, Net Income (Loss)



(In thousands)	Year Ended December 31, 2017
Revenues
Property operating income	$	43,269
Other income	2,352
Expenses
Property operating expenses	(20,530		)
Interest expense	(9,028		)
Loss on sale of real estate assets	(2,108		)
Other expenses	(400		)
Net income from discontinued operations	13,555
Net income from discontinued operations attributable to:
Noncontrolling interests in investment entities	(427		)
Noncontrolling interests in Operating Company	(31		)
Net income from discontinued operations attributable to Colony NorthStar, Inc.	$	13,097

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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+ Details

Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

Earnings Per Share Reconciliation

The following table provides the basic and diluted earnings per common share computations:



	Year Ended December 31,
(In thousands, except per share data)	2017			2016			2015
Net income (loss) allocated to common stockholders
Income (loss) from continuing operations	$	(78,168	)	$	290,726		$	256,036
Income from discontinued operations	13,555			—			—
Net income (loss)	(64,613		)	290,726			256,036
Net (income) loss attributable to noncontrolling interests:
Redeemable noncontrolling interests	(23,543		)	—			—
Investment entities	(129,996		)	(163,084		)	(86,123		)
Operating Company	20,261			(12,324		)	(19,933		)
Net income (loss) attributable to Colony NorthStar, Inc.	(197,891		)	115,318			149,980
Preferred stock redemption	(4,530		)	—			—
Preferred dividends	(130,672		)	(48,159		)	(42,569		)
Net income (loss) attributable to common stockholders	(333,093		)	67,159			107,411
Net income allocated to participating securities	(9,168		)	(2,293		)	(1,237		)
Net income (loss) allocated to common stockholders—basic	(342,261		)	64,866			106,174
Interest expense attributable to convertible notes ⁽¹⁾	—			—			—
Net income (loss) allocated to common stockholders—diluted	$	(342,261	)	$	64,866		$	106,174
Weighted average common shares outstanding ⁽²⁾
Weighted average number of common shares outstanding—basic	532,600			164,570			162,658
Weighted average effect of dilutive shares ⁽³⁾	—			—			—
Weighted average number of common shares outstanding—diluted	532,600			164,570			162,658

Basic earnings per share
Income (loss) from continuing operations	$	(0.66	)	$	0.39		$	0.65
Income from discontinued operations	0.02			0.00			0.00
Net income (loss) attributable to common stockholders per basic common share	$	(0.64	)	$	0.39		$	0.65

Diluted earnings per share
Income (loss) from continuing operations	$	(0.66	)	$	0.39		$	0.65
Income from discontinued operations	0.02			0.00			0.00
Net income (loss) attributable to common stockholders per diluted common share	$	(0.64	)	$	0.39		$	0.65

__________

⁽¹⁾


⁽²⁾	As a result of the Merger, each outstanding share of common stock of Colony was exchanged for 1.4663 of newly issued common shares of Colony NorthStar. Accordingly, the historical data related to quarterly earnings per share for the periods ended before December 31, 2017 have been adjusted by the exchange ratio of 1.4663.

⁽³⁾

Fee Income (Tables)

12 Months Ended

Dec. 31, 2017

Other Income and Expenses [Abstract]

Schedule of Asset Management and Other Fees

Fee income earned by the Company consists of the following:



	Year Ended December 31,
(In thousands)	2017		2016		2015
Base management fees ($165,436, $63,212 and $60,750 from affiliates, respectively)	$	183,838	$	63,212	$	61,082
Asset management fees—from affiliates	19,306		4,519		3,835
Incentive fees ($172, $0 and $0 from affiliates, respectively)	1,043		—		—
Other fee income	16,602		—		896
Total fee income	$	220,789	$	67,731	$	65,813

Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Components of Share-Based Compensation

Equity-based compensation expense is included in the following line items in the consolidated statements of operations:



	Year Ended December 31,
(In thousands)	2017		2016		2015
Compensation expense	$	149,820	$	13,638	$	7,817
Management fee expense ⁽¹⁾	—		—		5,897
Earnings from investments in unconsolidated ventures	61		—		—
Investment, servicing and commission expense	4,070		—		—
	$	153,951	$	13,638	$	13,714

__________


⁽¹⁾	Represents equity-based compensation paid to the Company's former manager prior to the Internalization on April 2, 2015.

Nonvested Shares Under Director Stock Plan and Equity Incentive Plan

Changes in the Company’s unvested equity awards are summarized below:



	Restricted Stock		RSUs		LTIP Units	DSUs		Total		Weighted Average Grant Date Fair Value
Unvested shares at December 31, 2016 ⁽¹⁾	2,089,007		—		—	—		2,089,007		$	14.44
Awards assumed in the Merger	592,504		774,900		—	—		1,367,404		14.68
Granted	8,231,848		—		3,506,387	111,622		11,849,857		14.37
Vested	(1,628,151	)	(774,900	)	—	(33,355	)	(2,436,406	)	14.82
Forfeited	(135,692	)	—		—	—		(135,692	)	14.71
Unvested shares at December 31, 2017	9,149,516		—		3,506,387	78,267		12,734,170		$	14.53

__________


⁽¹⁾	The number of unvested shares at December 31, 2016 and weighted average grant date fair value have been adjusted to give effect to the Colony exchange ratio of 1.4663 at the individual award level.

Transactions with Affiliates (Tables)

12 Months Ended

Dec. 31, 2017

Summary of Related Party Disclosures

Amounts due from and due to affiliates consist of the following:



	December 31,
(In thousands)	2017		2016
Due from affiliates
Investment vehicles and unconsolidated ventures
Fee income	$	19,366	$	9,074
Cost reimbursements and recoverable expenses	30,749		606
N-Star CDOs	189		—
Employees and other affiliates	1,214		291
	$	51,518	$	9,971
Due to affiliates
Investment vehicles and unconsolidated ventures	$	2,884	$	—
Employees—contingent consideration for Internalization	20,650		41,250
	$	23,534	$	41,250

Cost reimbursements, included in other income, were as follows:



	Year Ended December 31,
(In thousands)	2017		2016		2015
Retail Companies	$	19,545	$	—	$	—
Townsend	2,306		—		—
Other	3,779		4,296		4,843
	$	25,630	$	4,296	$	4,843

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income Tax Benefit (Expense)



	Year Ended December 31,
(In thousands)	2017			2016			2015
Current
Federal	$	(20,316	)	$	(2,720	)	$	(451	)
State and local	(3,606		)	(1,436		)	(397		)
Foreign	(16,138		)	(8,244		)	(1,469		)
Total current tax expense	(40,060		)	(12,400		)	(2,317		)
Deferred
Federal	110,711			6,214			10,428
State and local	18,235			(713		)	1,219
Foreign	9,513			2,117			(34		)
Total deferred tax benefit	138,459			7,618			11,613
Total income tax benefit (expense)	$	98,399		$	(4,782	)	$	9,296

Schedule of Deferred Tax Assets and Liabilities



	December 31,
(In thousands)	2017			2016
Deferred tax assets
Net operating and capital loss carry forwards ⁽¹⁾	$	30,019		$	2,563
Equity-based compensation	28,071			5,630
Basis difference—investment in partnerships	11,769			4,535
Basis difference—real estate	—			3,404
Foreign tax credits ⁽²⁾	1,682			1,184
Straight-line and prepaid rent expense	3,601			693
Deferred income	1,932			815
Deferred interest expense	1,924			—
Other	7,947			2,760
Gross deferred tax assets	86,945			21,584
Valuation allowance ⁽³⁾	(23,852		)	(692		)
Deferred tax assets, net of valuation allowance	63,093			20,892
Deferred tax liabilities
Management contract intangibles	(106,602		)	(25,186		)
Gain from remeasurement of consolidated investment entities, net	(1,594		)	(2,530		)
Basis difference—real estate	(68,687		)	(27,546		)
Other	(1,643		)	(1,394		)
Gross deferred tax liabilities	(178,526		)	(56,656		)
Net deferred tax liability	$	(115,433	)	$	(35,764	)

__________


⁽¹⁾	At December 31, 2017 and 2016, deferred tax asset was recognized on net operating losses of $95.3 million and $11.5 million, respectively. The net operating losses expire beginning 2030, other than those in the United Kingdom and Spain which can be carried forward indefinitely.


⁽²⁾	Foreign tax credits expire beginning 2025.


⁽³⁾	The ending balance of the valuation allowance at December 31, 2017 reflects a $12.3 million reduction resulting from the impact of the Tax Cuts and Jobs Acts.

Schedule of Effective Income Tax Rate Reconciliation



	Year Ended December 31,
(Amounts in thousands)	2017			2016			2015
Income (loss) from continuing and discontinued operations before income taxes	$	(163,012	)	$	295,508		$	246,740
Pre-tax income attributable to pass-through subsidiaries	(89,104		)	(306,644		)	(277,902		)
Pre-tax loss attributable to taxable subsidiaries	(252,116		)	(11,136		)	(31,162		)
Federal tax benefit at statutory tax rate (35%)	88,241			3,365			10,907
State and local income taxes, net of federal income tax benefit	9,380			88			709
Foreign income tax differential	6			(5,441		)	(1,594		)
Nondeductible expenses	(20,372		)	(1,128		)	—
Excess inclusion income tax expense	—			(1,311		)	(203		)
Valuation allowance, net	(3,555		)	(692		)	—
Impact of Tax Cuts and Jobs Act	24,908			—			—
Other	(209		)	337			(523		)
Income tax benefit (expense)	$	98,399		$	(4,782	)	$	9,296

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases

Future Minimum Rents



Year Ending December 31,	(In thousands)
2018	$	514,763
2019	473,016
2020	431,663
2021	370,236
2022	322,460
2023 and thereafter	1,196,270
Total ⁽¹⁾	$	3,308,408

__________


⁽¹⁾	Excludes hotel operating income, as well as resident fee income from healthcare properties and rental income from multifamily properties, both of which are subject to short-term leases.



Year Ending December 31,	(In thousands)
2018	$	6,495
2019	6,429
2020	6,465
2021	6,551
2022	6,970
2023 and thereafter	152,125
Total ⁽¹⁾	$	185,035

__________


⁽¹⁾	Includes automatically-renewed ground leases related to the Company's hotel properties.

Future contractual minimum rental payments for office leases at December 31, 2017 are as follows:



Year Ending December 31,	(In thousands)
2018	7,443
2019	8,059
2020	7,724
2021	7,287
2022	7,298
2023 and thereafter	36,387
Total	$	74,198

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2017

Segment Reporting [Abstract]

Summary of Operating Results and Net Investments for Each of Reportable Operating Segment

Selected Segment Results of Operations

The following table presents selected results of operations of the Company's reportable segments:



(In thousands)	Healthcare			Industrial			Hospitality			Other Equity and Debt			Investment Management			Amounts Not Allocated to Segments			Total
Year Ended December 31, 2017
Total revenues	$	613,169		$	243,172		$	815,831		$	873,046		$	244,654		$	6,862		$	2,796,734
Property operating expenses	274,528			67,196			537,884			233,901			—			—			1,113,509
Interest expense	185,256			38,566			134,729			161,993			—			54,278			574,822
Depreciation and amortization	183,897			109,265			133,269			128,942			56,616			5,790			617,779
Provision for loan losses	1,588			—			—			18,153			—			—			19,741
Impairment loss	14,375			44			—			30,867			375,074			—			420,360
Gain on sale of real estate	—			24,612			—			112,758			—			—			137,370
Earnings from investments in unconsolidated ventures	—			1,843			—			265,079			18,229			—			285,151
Income tax benefit (expense)	(5,639		)	(2,252		)	(2,779		)	(3,950		)	111,205			1,814			98,399
Income (loss) from continuing operations	(64,767		)	39,340			(9,863		)	567,752			(172,011		)	(438,619		)	(78,168		)
Income from discontinued operations	—			—			—			995			—			12,560			13,555
Net income (loss)	(64,767		)	39,340			(9,863		)	568,747			(172,011		)	(426,059		)	(64,613		)
Net income (loss) attributable to Colony NorthStar, Inc.	(51,428		)	14,380			(9,199		)	426,052			(183,881		)	(393,815		)	(197,891		)
Year Ended December 31, 2016
Total revenues	$	—		$	196,357		$	—		$	569,780		$	68,331		$	4,389		$	838,857
Property operating expenses	—			55,924			—			62,537			—			—			118,461
Interest expense	—			44,834			—			80,503			—			44,746			170,083
Depreciation and amortization	—			88,854			—			63,480			14,767			4,581			171,682
Provision for loan losses	—			—			—			35,005			—			—			35,005
Impairment loss	—			407			—			10,990			320			—			11,717
Gain on sale of real estate	—			2,888			—			70,728			—			—			73,616
Earnings from investments in unconsolidated ventures	—			27			—			97,188			2,160			—			99,375
Income tax benefit (expense)	—			(586		)	—			(10,143		)	6,608			(661		)	(4,782		)
Net income (loss)	—			(2,976		)	—			431,903			21,202			(159,403		)	290,726
Net income (loss) attributable to Colony NorthStar, Inc.	—			(884		)	—			226,202			17,876			(127,876		)	115,318
Year Ended December 31, 2015
Total revenues	$	—		$	162,540		$	—		$	561,307		$	65,594		$	4,930		$	794,371
Property operating expenses	—			54,581			—			63,132			—			—			117,713
Interest expense	—			37,338			—			50,990			—			44,766			133,094
Depreciation and amortization	—			82,447			—			38,704			16,498			3,328			140,977
Provision for loan losses	—			—			—			39,859			—			—			39,859
Impairment loss	—			450			—			6,639			4,103			—			11,192
Gain on sale of real estate	—			108			—			8,846			—			8			8,962
Earnings (losses) from investments in unconsolidated ventures	—			—			—			49,210			(1,605		)	—			47,605
Income tax benefit (expense)	—			484			—			(3,796		)	12,658			(50		)	9,296
Net income (loss)	—			(21,178		)	—			376,110			21,023			(119,919		)	256,036
Net income (loss) attributable to Colony NorthStar, Inc.	—			(9,560		)	—			243,636			17,645			(101,741		)	149,980

Assets and Equity Method Investments of Reportable Segments

Total assets and equity method investments of the reportable segments are summarized as follows:



(In thousands)	Healthcare		Industrial		Hospitality		Other Equity and Debt		Investment Management		Amounts Not Allocated to Segments		Total
December 31, 2017
Total assets	$	5,813,552	$	2,812,975	$	4,094,596	$	9,274,268	$	2,689,695	$	100,564	$	24,785,650
Equity method investments ⁽¹⁾	—		2,840		—		1,319,752		200,720		3,742		1,527,054
December 31, 2016
Total assets	$	—	$	2,268,699	$	—	$	6,640,377	$	781,852	$	70,064	$	9,760,992
Equity method investments	—		1,027		—		939,045		13,187		—		953,259

__________


⁽¹⁾	Includes equity method investments for which fair value option was elected.

Revenue by Geographic Areas



	Year Ended December 31,
(In thousands)	2017		2016		2015
Total income by geography:
United States	$	2,741,862	$	732,928	$	660,864
Europe	310,783		194,923		166,948
Other	3,610		6,083		9,367
Total ⁽¹⁾	$	3,056,255	$	933,934	$	837,179

Total income includes earnings from investments in unconsolidated ventures and excludes cost reimbursement income from affiliates.

Long-lived Assets by Geographic Areas

Long-lived assets comprise real estate, real estate related intangible assets and fixed assets, and exclude financial instruments and assets held for sale.



	December 31,
(In thousands)	2017		2016
Long-lived assets by geography:
United States	$	13,224,197	$	2,255,663
Europe	1,749,282		1,242,272
Total ⁽²⁾	$	14,973,479	$	3,497,935

__________


⁽¹⁾	Total income includes earnings from investments in unconsolidated ventures and excludes cost reimbursement income from affiliates.


⁽²⁾	Long-lived assets comprise real estate, real estate related intangible assets and fixed assets, and exclude financial instruments and assets held for sale.

Supplemental Disclosure of Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2017

Supplemental Cash Flow Elements [Abstract]

Schedule of Cash Flow, Supplemental Disclosures



	Year Ended December 31,
(In thousands)	2017		2016		2015
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	$	452,726	$	118,365	$	105,608
Cash paid for income taxes	53,017		7,190		2,078
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Dividends and distributions payable	$	188,202	$	65,972	$	65,688
Assets acquired in Merger (Note 3)	17,122,098		—		—
Liabilities assumed in Merger (Note 3)	11,249,183		—		—
Noncontrolling interests assumed in Merger (Note 3)	592,690		—		—
Common stock issued for acquisition of NSAM and NRF (Note 3)	5,710,134		—		—
Preferred stock issued for acquisition of NRF (Note 3)	1,010,320		—		—
Debt assumed by buyer in sale of manufactured housing portfolio (Note 17)	1,258,558		—		—
Net assets acquired in CPI restructuring (Note 3)	232,181		—		—
Net assets acquired in THL Hotel Portfolio (Note 3)	361,346		—		—



	Year Ended December 31,
(In thousands)	2017	2016	2015
Net assets of investment entity deconsolidated (Note 4)	156,491	—	—
Net assets of sponsored fund consolidated, net of cash assumed (Note 14)	13,370	—	—
Investment deposits applied to acquisition of loans receivable, real estate and CPI Group	66,020	—	—
Redemption of OP Units for common stock	22,831	18,571	—
Foreclosures on collateral assets of originated or acquired loans receivable	54,615	128,124	—
Improvements in operating real estate in accrued and other liabilities	18,221	—	—
Proceeds from loan repayments and asset sales held in escrow and restricted cash	27,426	—	11,300
Exchange of notes for class A common shares	3,279	—	—
Assets of consolidated securitization trust	58,296	—	—
Liabilities of consolidated securitization trust	56,928	—	—
Distributions payable to noncontrolling interest included in other liabilities	10,786	—	—
Contributions receivable from noncontrolling interests	25,501	—	—
Net settlement of redemption and investment in equity method investee	—	117,241	—
Release of restricted cash in lieu of cash distribution upon buyout of noncontrolling interests	—	6,564	—
Accrued and other liabilities assumed in connection with acquisitions, net of cash assumed	—	—	407
Deferred tax liability assumed in a real estate acquisition	—	—	27,978
Settlement of debt through issuance of OP Units	—	—	10,000
Issuance of common stock for Internalization (Note 3)	—	—	52,160
Issuance of OP Units for Internalization (Note 3)	—	—	558,794
Assets of investment entities consolidated, net of cash assumed (Note 3)	—	—	2,985,572
Liabilities of investment entities consolidated (Note 3)	—	—	348,294
Noncontrolling interests in investment entities consolidated (Note 3)	—	—	1,700,114

Business and Organization (Details)	12 Months Ended
Business and Organization (Details)	Dec. 31, 2017	Aug. 25, 2017
Parent \| Colony Capital Operating Company, LLC
Business Acquisition [Line Items]
General partner ownership percent	94.40%
Certain Employees \| Colony Capital Operating Company, LLC
Business Acquisition [Line Items]
Senior management ownership percent	5.60%
Combination Agreement \| Minimum
Business Acquisition [Line Items]
Ownership percentage		38.00%
Combination Agreement \| Maximum
Business Acquisition [Line Items]
Ownership percentage		100.00%

Summary of Significant Accounting Policies - Merger (Details)		12 Months Ended
	Jan. 10, 2017	Dec. 31, 2017	Dec. 31, 2016
Colony NorthStar \| Common Class A
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio	1.4663	1.4663	1.4663

Summary of Significant Accounting Policies - Useful Life of Fixed Assets (Details)	12 Months Ended
	Dec. 31, 2017
Building (fee interest) \| Minimum
Property, Plant and Equipment [Line Items]
Real estate assets estimated useful life	15 years
Building (fee interest) \| Maximum
Property, Plant and Equipment [Line Items]
Real estate assets estimated useful life	44 years
Land improvements \| Minimum
Property, Plant and Equipment [Line Items]
Real estate assets estimated useful life	8 years
Land improvements \| Maximum
Property, Plant and Equipment [Line Items]
Real estate assets estimated useful life	30 years
Furniture, fixtures and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Real estate assets estimated useful life	5 years
Furniture, fixtures and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Real estate assets estimated useful life	15 years

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Property, Plant and Equipment [Line Items]
OP Units to common stock, conversion ratio	1
Allowance for loan losses	$ 52,709	$ 67,980	$ 37,571	$ 197
Aircraft
Property, Plant and Equipment [Line Items]
Fixed assets useful life	15 years
Ground leases
Property, Plant and Equipment [Line Items]
Right-of-use liability	$ 185,035
Office leases
Property, Plant and Equipment [Line Items]
Right-of-use liability	$ 74,198
Minimum
Property, Plant and Equipment [Line Items]
Lag period for recording proportionate share of income for equity method investments	1 month
Minimum \| Furniture, fixtures, equipment and capitalized software
Property, Plant and Equipment [Line Items]
Fixed assets useful life	3 years
Maximum
Property, Plant and Equipment [Line Items]
Lag period for recording proportionate share of income for equity method investments	3 months
Maximum \| Furniture, fixtures, equipment and capitalized software
Property, Plant and Equipment [Line Items]
Fixed assets useful life	5 years
Restatement adjustment
Property, Plant and Equipment [Line Items]
Allowance for bad debt			(2,400)
Allowance for loan losses			$ 2,400

Summary of Significant Accounting Policies - Adoption of New Revenue Recognition Guidance (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings (accumulated deficit)	$ (1,165,412)	$ (246,064)
Resident fee income \| Difference between revenue guidance in effect before and after Topic 606 \| ASU 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings (accumulated deficit)	0
Hotel operating income \| Difference between revenue guidance in effect before and after Topic 606 \| ASU 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings (accumulated deficit)	0
Base management fees \| Difference between revenue guidance in effect before and after Topic 606 \| ASU 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings (accumulated deficit)	0
Asset management fees \| Difference between revenue guidance in effect before and after Topic 606 \| ASU 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings (accumulated deficit)	(1,600)
Incentive fees \| Difference between revenue guidance in effect before and after Topic 606 \| ASU 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings (accumulated deficit)	$ 0

Business Combinations - Merger with NSAM and NRF (Narrative) (Details)			12 Months Ended
	Jan. 10, 2017	Apr. 02, 2015	Dec. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Common stock, conversion ratio		1
Colony NorthStar \| Class A common stock
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio	1.4663		1.4663	1.4663
Colony NorthStar \| Preferred stock
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio	1
Colony NorthStar \| OP Units
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio	1.4663
NSAM \| Colony NorthStar
Business Acquisition [Line Items]
Ownership interest acquired	32.85%
NSAM \| Colony NorthStar \| Class A common stock
Business Acquisition [Line Items]
Common stock, conversion ratio	1
Business combination, stock exchange, conversion ratio	1.4663
Colony \| Colony NorthStar
Business Acquisition [Line Items]
Ownership interest acquired	33.25%
Colony \| Colony NorthStar \| Class A common stock
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio	1.4663
NRF \| Colony NorthStar
Business Acquisition [Line Items]
Ownership interest acquired	33.90%
NRF \| Colony NorthStar \| Class A common stock
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio	1.0996

Business Combinations - Merger Consideration (Narrative) (Details) $ / shares in Units, $ in Thousands			1 Months Ended	12 Months Ended
	Jan. 25, 2017	Jan. 10, 2017 USD ($) $ / shares shares	Jan. 31, 2016	Dec. 31, 2017 USD ($)	Dec. 31, 2016	Sep. 30, 2017 USD ($)
Minimum
Business Acquisition [Line Items]
Capitalization rate				4.40%
Minimum \| Investment management contracts
Business Acquisition [Line Items]
Management agreement, discount rate			8.00%
Weighted average useful life			2 years
Minimum \| Vehicles
Business Acquisition [Line Items]
Weighted average useful life			20 years
Minimum \| Trade name
Business Acquisition [Line Items]
Weighted average useful life			20 years
Management agreement, royalty rate			1.50%
Maximum
Business Acquisition [Line Items]
Capitalization rate				12.50%
Maximum \| Investment management contracts
Business Acquisition [Line Items]
Management agreement, discount rate			10.00%
Weighted average useful life			18 years
Maximum \| Vehicles
Business Acquisition [Line Items]
Weighted average useful life			30 years
Maximum \| Trade name
Business Acquisition [Line Items]
Weighted average useful life			30 years
Management agreement, royalty rate			2.00%
Colony NorthStar
Business Acquisition [Line Items]
Transaction costs				$ 86,242
Colony NorthStar \| Minimum \| Ground lease obligations
Business Acquisition [Line Items]
Weighted average useful life				6 years
Colony NorthStar \| Minimum \| Other real estate related intangibles
Business Acquisition [Line Items]
Weighted average useful life				1 year
Colony NorthStar \| Maximum \| Ground lease obligations
Business Acquisition [Line Items]
Weighted average useful life				90 years
Colony NorthStar \| Maximum \| Other real estate related intangibles
Business Acquisition [Line Items]
Weighted average useful life				17 years
NSAM
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio		1.4663
Cash assumed						$ 152,858
Management agreement, off-market component, value						0
Management agreement, discount rate		10.00%
CPI
Business Acquisition [Line Items]
Cash assumed				$ 303		$ 303
Capitalization rate	13.50%
Weighted average discount rate	6.60%
CPI \| Minimum
Business Acquisition [Line Items]
Management agreement, discount rate	1.25%
CPI \| Maximum
Business Acquisition [Line Items]
Management agreement, discount rate	3.60%
NSAM \| Colony NorthStar
Business Acquisition [Line Items]
Ownership interest acquired		32.85%
Colony NorthStar \| Colony NorthStar
Business Acquisition [Line Items]
Dividend payable assumed in merger		$ 226,100
Payroll tax liability assumed in merger		$ 78,900
Class A common stock \| Colony NorthStar
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio		1.4663		1.4663	1.4663
Class A common stock \| Colony Capital Operating Company, LLC
Business Acquisition [Line Items]
Share price (in dollars per share) \| $ / shares		$ 21.52
Class A common stock \| NSAM \| Colony NorthStar
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio		1.4663
Class A common stock \| NorthStar Realty Finance Corp. \| Colony NorthStar
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio		1.3335
Preferred stock \| Colony NorthStar
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio		1
Preferred stock \| Colony NorthStar \| Colony NorthStar
Business Acquisition [Line Items]
Number of shares issued for each share held by acquiree \| shares		1
Townsend \| NSAM
Business Acquisition [Line Items]
Ownership interest acquired			84.00%

Business Combinations - Merger-Related Costs (Details) - Colony NorthStar $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($)
Business Acquisition [Line Items]
Transaction costs	$ 86,242
Compensation expense	146,184
Merger-related costs	247,779
Fees to investment bankers contingent upon consummation of the Merger
Business Acquisition [Line Items]
Transaction costs	66,800
Other fees
Business Acquisition [Line Items]
Transaction costs	19,442
Equity-based compensation for replacement awards to NSAM executives
Business Acquisition [Line Items]
Compensation expense	116,725
Severance and other employee transition
Business Acquisition [Line Items]
Compensation expense	29,459
Administrative costs
Business Acquisition [Line Items]
Compensation expense	$ 15,353

Business Combinations - Schedule of Fair Value of Merger Consideration (Details) $ / shares in Units, shares in Thousands, $ in Thousands		12 Months Ended
	Jan. 10, 2017 USD ($) $ / shares shares	Dec. 31, 2017 USD ($) shares	Dec. 31, 2016 USD ($) shares	Dec. 31, 2015 shares	Dec. 31, 2014 shares
Business Acquisition [Line Items]
Total merger consideration \| $	$ 6,720,454	$ 361,346	$ 462,341
Number of Shares Outstanding (in shares)	39,466	65,464	25,030
Fair Value \| $	$ 1,010,320	$ 655
Class A common stock
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)		392,120
Preferred stock
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)		39,466
Number of Shares Outstanding (in shares)		65,464	25,030	25,030	13,530
Series A 8.75%
Business Acquisition [Line Items]
Number of Shares Outstanding (in shares)	2,467
Price Per Share (in dollars per share) \| $ / shares	$ 25.61
Fair Value \| $	$ 63,182
Series B 8.25%
Business Acquisition [Line Items]
Number of Shares Outstanding (in shares)	13,999	6,114
Price Per Share (in dollars per share) \| $ / shares	$ 25.15
Fair Value \| $	$ 352,004	$ 61
Series C 8.875%
Business Acquisition [Line Items]
Number of Shares Outstanding (in shares)	5,000
Price Per Share (in dollars per share) \| $ / shares	$ 25.80
Fair Value \| $	$ 128,995
Series D 8.50%
Business Acquisition [Line Items]
Number of Shares Outstanding (in shares)	8,000	8,000
Price Per Share (in dollars per share) \| $ / shares	$ 25.82
Fair Value \| $	$ 206,597	$ 80
Series E 8.75%
Business Acquisition [Line Items]
Number of Shares Outstanding (in shares)	10,000	10,000
Price Per Share (in dollars per share) \| $ / shares	$ 25.95
Fair Value \| $	$ 259,542	$ 100
Colony \| Class A common stock
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	267,376
Fair value of stock issued \| $	$ 5,753,929
Price Per Share (in dollars per share) \| $ / shares	$ 21.52
Colony NorthStar \| Preferred stock
Business Acquisition [Line Items]
Fair value of stock issued \| $	$ 1,010,320
NSAM
Business Acquisition [Line Items]
Fair value of NRF stock owned by NSAM \| $	$ (43,795)
NSAM \| NRF
Business Acquisition [Line Items]
Shares of NRF common stock owned by NSAM prior to the Merger (in shares)	2,700
NRF
Business Acquisition [Line Items]
Closing price of NRF common stock (in dollars per share) \| $ / shares	$ 16.13
NSAM
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	190,502
Exchange ratio	1.4663
Total merger consideration \| $	$ 2,752,095
NSAM \| Colony \| Class A common stock
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	129,920
Fair value of stock issued \| $	$ 2,795,890
Price Per Share (in dollars per share) \| $ / shares	$ 21.52
NSAM \| Colony NorthStar \| Preferred stock
Business Acquisition [Line Items]
Fair value of stock issued \| $	$ 0
NSAM \| NSAM
Business Acquisition [Line Items]
Fair value of NRF stock owned by NSAM \| $	$ (43,795)
NRF
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	183,297
Exchange ratio	1.3335
Total merger consideration \| $	$ 3,968,359
NRF \| Colony \| Class A common stock
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	137,456
Fair value of stock issued \| $	$ 2,958,039
Price Per Share (in dollars per share) \| $ / shares	$ 21.52
NRF \| Colony NorthStar \| Preferred stock
Business Acquisition [Line Items]
Fair value of stock issued \| $	$ 1,010,320
NRF \| NSAM
Business Acquisition [Line Items]
Fair value of NRF stock owned by NSAM \| $	$ 0
Colony NorthStar \| Class A common stock
Business Acquisition [Line Items]
Exchange ratio	1.4663	1.4663	1.4663
Colony NorthStar \| Preferred stock
Business Acquisition [Line Items]
Exchange ratio	1
Colony NorthStar \| Colony \| Class A common stock
Business Acquisition [Line Items]
Exchange ratio	1.4663
Colony NorthStar \| NSAM \| Class A common stock
Business Acquisition [Line Items]
Exchange ratio	1.4663
Colony NorthStar \| NorthStar Realty Finance Corp. \| Class A common stock
Business Acquisition [Line Items]
Exchange ratio	1.3335
Colony NorthStar \| NRF \| Class A common stock
Business Acquisition [Line Items]
Exchange ratio	1.0996
Outstanding shares of common stock prior to closing of the Merger \| NSAM
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	190,202
Outstanding shares of common stock prior to closing of the Merger \| NRF
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	183,147
Replacement equity-based awards attributable to pre-combination services \| NSAM
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	300
Replacement equity-based awards attributable to pre-combination services \| NRF
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	150

Business Combinations - Schedule of Fair Values and Allocation of the Merger (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Jan. 10, 2017	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2017	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Total merger consideration	$ 6,720,454		$ 361,346	$ 462,341
Assets
Identifiable intangible assets				32,101
Liabilities
Intangible liabilities				4,677
Goodwill		$ 1,534,561	1,534,561	$ 680,127		$ 678,267	$ 20,000
Measurement Period Adjustments
Real estate		2,592
Identifiable intangible assets		(2,118)
NSAM and NRF
Assets
Cash and cash equivalents		260,609	260,609		$ 260,609
Restricted cash		176,814	176,814		176,814
Real estate		9,874,406	9,874,406		9,874,912
Loans receivable		359,541	359,541		359,541
Investments in unconsolidated ventures		620,782	620,782		664,139
Securities		430,625	430,625		436,915
Identifiable intangible assets		1,014,107	1,014,107		1,013,292
Management agreement between NSAM and NRF		1,514,085	1,514,085		1,555,830
Assets held for sale		2,096,671	2,096,671		2,096,671
Other assets		774,458	774,458		775,792
Total assets		17,122,098	17,122,098		17,214,515
Liabilities
Debt		6,723,222	6,723,222		6,723,222
Intangible liabilities		213,218	213,218		213,218
Noncontrolling interests—investment entities		1,514,085	1,514,085		1,555,830
Liabilities related to assets held for sale		1,281,406	1,281,406		1,281,406
Tax liabilities		229,833	229,833		238,760
Accrued and other liabilities		1,287,419	1,287,419		1,287,419
Liabilities assumed		11,249,183	11,249,183		11,299,855
Redeemable noncontrolling interests		78,843	78,843		78,843
Noncontrolling interests—investment entities		505,685	505,685		505,685
Noncontrolling interests—Operating Company		8,162	8,162		8,162
Fair value of net assets acquired		5,280,225	5,280,225		5,321,970
Merger consideration		6,720,454	6,720,454		6,720,454
Goodwill		1,440,229	$ 1,440,229		1,398,484
NSAM
Business Acquisition [Line Items]
Total merger consideration	2,752,095
Assets
Cash and cash equivalents					152,858
Restricted cash					18,052
Real estate					0
Loans receivable					28,485
Investments in unconsolidated ventures					76,671
Securities					3,065
Identifiable intangible assets					661,556
Management agreement between NSAM and NRF					1,555,830
Assets held for sale					0
Other assets					93,455
Total assets					2,589,972
Liabilities
Debt					0
Intangible liabilities					0
Noncontrolling interests—investment entities					0
Liabilities related to assets held for sale					0
Tax liabilities					169,387
Accrued and other liabilities					979,969
Liabilities assumed					1,149,356
Redeemable noncontrolling interests					78,843
Noncontrolling interests—investment entities					0
Noncontrolling interests—Operating Company					8,162
Fair value of net assets acquired					1,353,611
Merger consideration					2,752,095
Goodwill					1,398,484
Measurement Period Adjustments
Real estate		0
Loans receivable		0
Investments in unconsolidated ventures		0
Securities		0
Identifiable intangible assets		0
Management agreement between NSAM and NRF		(41,745)
Other assets		0
Total assets		(41,745)
Debt		0
Intangible liabilities		0
Management agreement between NSAM and NRF		0
Tax liabilities		0
Accrued and other liabilities		0
Total liabilities		0
Noncontrolling interests—investment entities		0
Fair value of net assets acquired		(41,745)
Merger consideration		0
Goodwill		41,745
NRF
Business Acquisition [Line Items]
Total merger consideration	$ 3,968,359
Assets
Cash and cash equivalents					107,751
Restricted cash					158,762
Real estate					9,874,912
Loans receivable					331,056
Investments in unconsolidated ventures					587,468
Securities					433,850
Identifiable intangible assets					351,736
Management agreement between NSAM and NRF					0
Assets held for sale					2,096,671
Other assets					682,337
Total assets					14,624,543
Liabilities
Debt					6,723,222
Intangible liabilities					213,218
Noncontrolling interests—investment entities					1,555,830
Liabilities related to assets held for sale					1,281,406
Tax liabilities					69,373
Accrued and other liabilities					307,450
Liabilities assumed					10,150,499
Redeemable noncontrolling interests					0
Noncontrolling interests—investment entities					505,685
Noncontrolling interests—Operating Company					0
Fair value of net assets acquired					3,968,359
Merger consideration					3,968,359
Goodwill					$ 0
Measurement Period Adjustments
Real estate		(506)
Loans receivable		0
Investments in unconsolidated ventures		(43,357)
Securities		(6,290)
Identifiable intangible assets		815
Management agreement between NSAM and NRF		0
Other assets		(1,334)
Total assets		(50,672)
Debt		0
Intangible liabilities		0
Management agreement between NSAM and NRF		(41,745)
Tax liabilities		(8,927)
Accrued and other liabilities		0
Total liabilities		(50,672)
Noncontrolling interests—investment entities		0
Fair value of net assets acquired		0
Merger consideration		0
Goodwill		$ 0

Business Combinations - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Pro forma total revenues	$ 2,821,212	$ 2,709,122
Pro forma net income (loss) attributable to Colony NorthStar, Inc.	(14,441)	(117,777)
Pro forma net income (loss) attributable to common stockholders	$ (151,983)	$ (250,174)
Pro forma net income (loss) per common share, basic (in dollars per share)	$ (0.29)	$ (0.48)
Pro forma net income (loss) per common share, diluted (in dollars per share)	$ (0.29)	$ (0.48)
CPI
Business Acquisition [Line Items]
Total revenues contributed from the legacy business of NSAM and NRF	$ 43,608
Net income (loss) attributable to Colony NorthStar, Inc., contributed from the legacy business of NSAM and NRF	(1,572)
NSAM
Business Acquisition [Line Items]
Total revenues contributed from the legacy business of NSAM and NRF	1,754,225
Net income (loss) attributable to Colony NorthStar, Inc., contributed from the legacy business of NSAM and NRF	$ (442,948)

Business Combinations - CPI Group (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended	12 Months Ended
	Jan. 10, 2017	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Total merger consideration	$ 6,720,454			$ 361,346	$ 462,341
Measurement Period Adjustments
Real estate		$ 2,592
Real estate held for sale		(474)
CPI
Business Acquisition [Line Items]
Carrying value of loans receivable outstanding at the time of restructuring			$ 182,644	182,644
Cash			49,537	49,537
Total merger consideration			232,181	232,181
Cash		303	303	303
Real estate		543,649	544,407	543,649
Real estate held for sale		21,605	21,605	21,605
Lease intangibles and other assets		40,285	39,967	40,285
Debt		(277,590)	(277,590)	(277,590)
Tax liabilities		(32,078)	(32,938)	(32,078)
Lease intangibles and other liabilities		(61,205)	(60,785)	(61,205)
Liabilities related to assets held for sale		(2,788)	(2,788)	(2,788)
Fair value of net assets acquired		232,181	$ 232,181	$ 232,181
Measurement Period Adjustments
Real estate		(758)
Real estate held for sale		0
Lease intangibles and other assets		318
Debt		0
Tax liabilities		860
Lease intangibles and other liabilities		(420)
Fair value of net assets acquired		$ 0

Business Combinations - THL Hotel Portfolio (Details)			3 Months Ended		12 Months Ended
Business Combinations - THL Hotel Portfolio (Details)	Jul. 01, 2017 property	Jan. 10, 2017 USD ($)	Dec. 31, 2017 USD ($)	Sep. 30, 2017 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Business Acquisition [Line Items]
Contingent consideration, liability			$ 7,419,000		$ 7,419,000	$ 0
Total merger consideration		$ 6,720,454,000			361,346,000	$ 462,341,000
Measurement Period Adjustments
Real estate			2,592,000
Real estate held for sale			(474,000)
Intangible and other assets			(2,118,000)
THL Hotel Portfolio
Business Acquisition [Line Items]
Number of real estate properties acquired in foreclosure \| property	148
Carrying value of the Company's junior mezzanine loan receivable at the time of foreclosure				$ 310,932,000	310,932,000
Cash				43,643,000	43,643,000
Contingent consideration (Note 13)				6,771,000	6,771,000
Total merger consideration				361,346,000
Cash			16,188,000	16,188,000	16,188,000
Real estate			1,193,205,000	1,190,613,000	1,193,205,000
Real estate held for sale			68,625,000	69,099,000	68,625,000
Intangible and other assets			34,913,000	37,031,000	34,913,000
Debt			(907,867,000)	(907,867,000)	(907,867,000)
Other liabilities			(43,718,000)	(43,718,000)	(43,718,000)
Fair value of net assets acquired			361,346,000	$ 361,346,000	361,346,000
Results of Operations Included in Consolidated Statements
Total revenues					194,097,000
Net loss attributable to Colony NorthStar, Inc.					$ (7,292,000)
Maximum
Measurement Period Adjustments
Capitalization rate					12.50%
Maximum \| THL Hotel Portfolio
Business Acquisition [Line Items]
Contingent consideration, liability			$ 13,000,000.0		$ 13,000,000.0
Measurement Period Adjustments
Capitalization rate	11.50%
Discount rate	13.00%
Minimum
Measurement Period Adjustments
Capitalization rate					4.40%
Minimum \| THL Hotel Portfolio
Measurement Period Adjustments
Capitalization rate	7.00%
Discount rate	8.30%
Weighted Average \| THL Hotel Portfolio
Measurement Period Adjustments
Capitalization rate	11.10%
Discount rate	9.50%

Business Combinations - Management Internalization (Details) $ in Thousands			12 Months Ended
	Jan. 10, 2017 USD ($)	Apr. 02, 2015 USD ($) entity	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Business Acquisition [Line Items]
Total merger consideration	$ 6,720,454		$ 361,346	$ 462,341
Identifiable intangible assets				32,101
Goodwill			1,534,561	680,127	$ 678,267	$ 20,000
Management fees to former manager			0	0	15,062
Reimbursement to former manager of costs incurred					2,700
Number of entities consolidated upon management internalization \| entity		52
Gain on remeasurement of consolidated investment entities, net (Note 3)			$ 0	$ 0	$ 41,486
Increase in assets upon consolidation of investment entities		$ 3,100,000
Increase in liabilities upon consolidation of investment entities		300,000
Increase in noncontrolling interests upon consolidation of investment entities		1,700,000
Management Internalization
Business Acquisition [Line Items]
Cash		61,350
Estimated fair value of contingent consideration		69,500
Total merger consideration		741,804
Cash		5,015
Other assets		69,696
Notes payable		(44,337)
Deferred tax liability		(35,191)
Lease intangibles and other liabilities		(19,906)
Fair value of net assets acquired		81,677
Goodwill		660,127
Merger consideration		741,804
Common Stock \| Management Internalization
Business Acquisition [Line Items]
Equity issued		52,160
OP Units \| Management Internalization
Business Acquisition [Line Items]
Equity issued		558,794
Investment management contracts \| Management Internalization
Business Acquisition [Line Items]
Identifiable intangible assets		44,100
Customer relationships \| Management Internalization
Business Acquisition [Line Items]
Identifiable intangible assets		46,800
Trade name \| Management Internalization
Business Acquisition [Line Items]
Identifiable intangible assets		$ 15,500

Real Estate - Components of Real Estate (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Real Estate [Abstract]
Land	$ 2,011,794	$ 630,540
Buildings and improvements	12,403,794	2,693,507
Tenant improvements	134,709	87,643
Furniture, fixtures and equipment	383,855	7
Construction in progress	108,403	8,856
Real estate held for investment at cost	15,042,555	3,420,553
Less: Accumulated depreciation	(578,297)	(176,922)
Real estate assets, net	$ 14,464,258	$ 3,243,631

Real Estate - Sales (Details) - USD ($) $ in Thousands	12 Months Ended
Real Estate - Sales (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate [Abstract]
Proceeds from sales of real estate	$ 1,607,806	$ 390,943	$ 323,430
Gain on sale of real estate	$ 137,370	$ 73,616	$ 8,962

Real Estate - Acquisitions (Details) $ in Thousands		1 Months Ended						12 Months Ended
Real Estate - Acquisitions (Details) $ in Thousands	Jan. 10, 2017 USD ($)	Sep. 30, 2017	Jun. 30, 2017 USD ($)	Jan. 31, 2017 USD ($) property	May 31, 2016 USD ($) property	Apr. 30, 2016 USD ($) property	Jan. 31, 2016 USD ($) property	Dec. 31, 2017 USD ($) property	Dec. 31, 2016 USD ($) property
Business Acquisition [Line Items]
Total merger consideration	$ 6,720,454							$ 361,346	$ 462,341
Land and Improvements									110,373
Building and Improvements									324,544
Lease Intangible Assets									32,101
Lease Intangible Liabilities									$ (4,677)
Business Combinations \| Industrial \| SPAIN
Business Acquisition [Line Items]
Number of Buildings \| property							23
Total merger consideration							$ 94,403
Land and Improvements							33,265
Building and Improvements							56,585
Lease Intangible Assets							5,318
Lease Intangible Liabilities							$ (765)
Business Combinations \| Industrial \| MASSACHUSETTS
Business Acquisition [Line Items]
Number of Buildings \| property						1
Total merger consideration						$ 34,900
Land and Improvements						5,235
Building and Improvements						27,731
Lease Intangible Assets						1,934
Lease Intangible Liabilities						$ 0
Business Combinations \| Light Industrial Platform \| United States
Business Acquisition [Line Items]
Number of Buildings \| property									18
Total merger consideration									$ 201,635
Land and Improvements									36,974
Building and Improvements									151,689
Lease Intangible Assets									16,063
Lease Intangible Liabilities									$ (3,091)
Business Combinations \| Office \| FRANCE
Business Acquisition [Line Items]
Number of Buildings \| property					1
Total merger consideration					$ 18,203
Land and Improvements					14,150
Building and Improvements					3,815
Lease Intangible Assets					388
Lease Intangible Liabilities					$ (150)
Asset Acquisitions
Business Acquisition [Line Items]
Total merger consideration								1,102,763
Land and Improvements								234,437
Building and Improvements								792,901
Lease Intangible Assets								82,985
Lease Intangible Liabilities								$ (7,560)
Asset Acquisitions \| Industrial \| SPAIN
Business Acquisition [Line Items]
Number of Buildings \| property				2
Total merger consideration				$ 10,374
Land and Improvements				3,855
Building and Improvements				5,564
Lease Intangible Assets				955
Lease Intangible Liabilities				$ 0
Asset Acquisitions \| Light Industrial Platform \| United States
Business Acquisition [Line Items]
Number of Buildings \| property								55	12
Total merger consideration								$ 636,690	$ 113,200
Land and Improvements								137,005	20,749
Building and Improvements								472,747	84,724
Lease Intangible Assets								31,512	8,398
Lease Intangible Liabilities								$ (4,574)	$ (671)
Asset Acquisitions \| Office \| CALIFORNIA
Business Acquisition [Line Items]
Number of Buildings \| property								1
Total merger consideration			$ 455,699
Land and Improvements								$ 93,577
Building and Improvements								314,590
Lease Intangible Assets								50,518
Lease Intangible Liabilities								$ (2,986)
Ownership interest syndicated		90.00%
Minimum \| Building
Business Acquisition [Line Items]
Real estate assets estimated useful life								15 years
Minimum \| 2017 Real Estate Acquisitions
Business Acquisition [Line Items]
Useful life of finite-lived intangible assets								2 years
Minimum \| 2017 Real Estate Acquisitions \| Building
Business Acquisition [Line Items]
Real estate assets estimated useful life								26 years
Minimum \| 2017 Real Estate Acquisitions \| Site Improvements
Business Acquisition [Line Items]
Real estate assets estimated useful life								7 years
Minimum \| 2017 Real Estate Acquisitions \| Building Improvements
Business Acquisition [Line Items]
Real estate assets estimated useful life								2 years
Maximum \| Building
Business Acquisition [Line Items]
Real estate assets estimated useful life								44 years
Maximum \| 2017 Real Estate Acquisitions
Business Acquisition [Line Items]
Useful life of finite-lived intangible assets								11 years
Maximum \| 2017 Real Estate Acquisitions \| Building
Business Acquisition [Line Items]
Real estate assets estimated useful life								34 years
Maximum \| 2017 Real Estate Acquisitions \| Site Improvements
Business Acquisition [Line Items]
Real estate assets estimated useful life								14 years
Maximum \| 2017 Real Estate Acquisitions \| Building Improvements
Business Acquisition [Line Items]
Real estate assets estimated useful life								9 years

Real Estate - Narrative (Details) $ in Millions	3 Months Ended	12 Months Ended
Real Estate - Narrative (Details) $ in Millions	Dec. 31, 2017 USD ($) property	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Hurricanes
Business Acquisition [Line Items]
Loss from hurricanes		$ 1.2
Industrial \| Three buildings in Florida
Business Acquisition [Line Items]
Deposit paid		0.5
Remaining minimum amount committed	$ 24.8	24.8
Other Equity and Debt \| Hurricanes
Business Acquisition [Line Items]
Number of properties sustaining physical damage \| property	25
TEXAS \| Healthcare \| Hurricanes
Business Acquisition [Line Items]
Number of properties sustaining physical damage, expected to reopen \| property	1
FLORIDA \| Other Equity and Debt \| Hurricanes
Business Acquisition [Line Items]
Number of properties sustaining physical damage, expected to reopen \| property	1
Guarantee of franchise obligations \| THL Hotel Portfolio
Business Acquisition [Line Items]
Estimate of possible loss	$ 100.0	100.0
Noncancelable operating ground leases assumed in connection with business combinations
Business Acquisition [Line Items]
Rent expense		$ 6.7	$ 0.3	$ 0.1

Real Estate - Depreciation and Impairment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate
Real Estate [Line Items]
Depreciation	$ 453.3	$ 108.3	$ 83.2

Real Estate - Components of Property Operating Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate [Abstract]
Rental income	$ 672,292	$ 276,404	$ 193,293
Tenant reimbursements	138,433	65,657	51,530
Resident fee income	286,818	0	0
Hotel operating income	1,016,294	29,021	55,048
Property operating income	$ 2,113,837	$ 371,082	$ 299,871

Real Estate - Future Minimum Rental Payments (Details) - USD ($) $ in Thousands	Jan. 31, 2018	Dec. 31, 2017
Ground leases
Future Minimum Rental Payments Due on Noncancellable Ground Leases:
2018		$ 6,495
2019		6,429
2020		6,465
2021		6,551
2022		6,970
2023 and thereafter		152,125
Total		185,035
Real Estate Held for Investment
Future Contractual Minimum Rental Payments to be Received:
2018		514,763
2019		473,016
2020		431,663
2021		370,236
2022		322,460
2023 and thereafter		1,196,270
Total		$ 3,308,408
Colony NorthStar Credit \| Subsequent event \| Ground leases
Future Minimum Rental Payments Due on Noncancellable Ground Leases:
Total	$ 12,800
Colony NorthStar Credit \| Subsequent event \| Real Estate Held for Investment
Future Contractual Minimum Rental Payments to be Received:
Total	$ 77,500

Loans Receivable - Company Loan Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	$ 4,501,834	$ 3,747,936
Carrying Value	3,223,762	3,430,608
Allowance for loan losses	(52,709)	(67,980)	$ (37,571)	$ (197)
Fair Value \| Securitized loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	72,511	0
Carrying Value	45,423	0
Carrying Value
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	4,429,323	3,747,936
Loans receivable, net	3,178,339	3,430,608
Carrying Value \| PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	1,896,146	757,076
Carrying Value	689,196	528,741
Allowance for loan losses	(52,709)	(67,980)
Carrying Value \| PCI Loans \| Mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	1,865,423	748,930
Carrying Value	682,125	521,905
Carrying Value \| PCI Loans \| Securitized loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	23,298	8,146
Carrying Value	3,400	6,836
Carrying Value \| PCI Loans \| Mezzanine loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	7,425	0
Carrying Value	3,671	0
Carrying Value \| Non-PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	2,533,177	2,990,860
Carrying Value	2,541,852	2,969,847
Carrying Value \| Fixed Rate Residential Mortgage \| Non-PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	1,622,869	1,372,065
Carrying Value	1,622,171	1,358,571
Carrying Value \| Fixed Rate Residential Mortgage \| Non-PCI Loans \| Mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	1,081,030	894,232
Carrying Value	$ 1,082,513	$ 881,755
Performing loans, weighted average coupon	9.10%	9.00%
Performing loans, weighted average maturity in years	2 years 9 months 18 days	3 years 6 months
Carrying Value \| Fixed Rate Residential Mortgage \| Non-PCI Loans \| Securitized loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	$ 35,566	$ 105,586
Carrying Value	$ 36,603	$ 107,609
Performing loans, weighted average coupon	5.90%	6.40%
Performing loans, weighted average maturity in years	16 years 9 months 18 days	15 years 5 months
Carrying Value \| Fixed Rate Residential Mortgage \| Non-PCI Loans \| Mezzanine loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	$ 459,433	$ 372,247
Carrying Value	$ 456,463	$ 369,207
Performing loans, weighted average coupon	12.20%	12.30%
Performing loans, weighted average maturity in years	2 years 3 months 18 days	2 years 9 months
Carrying Value \| Fixed Rate Residential Mortgage \| Non-PCI Loans \| Corporate loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	$ 46,840	$ 0
Carrying Value	$ 46,592	$ 0
Performing loans, weighted average coupon	9.90%	0.00%
Performing loans, weighted average maturity in years	10 years
Carrying Value \| Adjustable Rate Residential Mortgage \| Non-PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	$ 910,308	$ 1,618,795
Carrying Value	919,681	1,611,276
Carrying Value \| Adjustable Rate Residential Mortgage \| Non-PCI Loans \| Mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	414,428	494,797
Carrying Value	$ 423,199	$ 487,651
Performing loans, weighted average coupon	6.00%	8.20%
Performing loans, weighted average maturity in years	1 year 8 months 12 days	9 months
Carrying Value \| Adjustable Rate Residential Mortgage \| Non-PCI Loans \| Securitized loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	$ 461,489	$ 775,963
Carrying Value	$ 462,203	$ 776,156
Performing loans, weighted average coupon	6.40%	5.70%
Performing loans, weighted average maturity in years	3 years 6 months	2 years 8 months
Carrying Value \| Adjustable Rate Residential Mortgage \| Non-PCI Loans \| Mezzanine loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	$ 34,391	$ 348,035
Carrying Value	$ 34,279	$ 347,469
Performing loans, weighted average coupon	9.80%	11.20%
Performing loans, weighted average maturity in years	1 year 3 months 18 days	7 months

Loans Receivable - Loan Maturity and Aging (Details) - Non-PCI Loans - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	$ 2,541,852	$ 2,969,847
Current or Less Than 30 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	2,268,599	2,912,023
30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	145,986	7,379
60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	9,410	1,172
90 Days or More Past Due and Nonaccrual
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	$ 117,857	$ 49,273

Loans Receivable - Troubled Debt Restructuring (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($) loan	Dec. 31, 2016 USD ($) loan	Dec. 31, 2015 USD ($) loan
Financing Receivable, Modifications [Line Items]
Carrying value of loans before allowance for loan losses	$ 66,400	$ 66,200
Non-PCI Loans
Financing Receivable, Modifications [Line Items]
Number of loans \| loan	0	1	1
Carrying value of loans before allowance for loan losses		$ 37,611	$ 26,667
Loss incurred		$ 1,687	$ 278

Loans Receivable - Non-PCI Impaired Loans (Details) - Non-PCI Loans - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 383,594	$ 116,881
With Allowance for Loan Losses	138,136	56,650
Without Allowance for Loan Losses	248,759	60,025
Total	386,895	116,675
Allowance for Loan Losses	7,425	6,287
Average carrying value before allowance for loan losses	202,397	90,447	$ 19,676
Total interest income recognized during the period impaired	$ 10,192	$ 3,929	$ 766

Loans Receivable - Fair Value of Loans Acquired (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Jan. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less: Accretable yield	$ (42,435)		$ (52,572)	$ (66,639)	$ (98,523)
PCI Loans \| Loans Acquired through Consolidation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contractually required payments including interest		$ 1,154,596
Less: Nonaccretable difference		(878,257)
Cash flows expected to be collected		276,339
Less: Accretable yield		(23,594)
Fair value of loans acquired		$ 252,745

Loans Receivable - Changes in Accretable Yield (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Beginning accretable yield	$ 52,572	$ 66,639	$ 98,523
Additions	23,594	22,493	0
Changes in accretable yield	25,720	31,171	12,199
Accretion recognized in earnings	(61,809)	(65,911)	(158,468)
Consolidation of PCI loans held by investment entities (Note 3)	0	0	121,130
Effect of changes in foreign exchange rates	2,358	(1,820)	(6,745)
Ending accretable yield	$ 42,435	$ 52,572	$ 66,639

Loans Receivable - Nonaccrual Loans (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases receivable, gross	$ 196.5	$ 32.0

Loans Receivable - Allowance for Loan Losses and Loans Held For Sale (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jan. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	$ 67,980,000	$ 37,571,000	$ 197,000		$ 52,709,000	$ 67,980,000
Loans receivable, net					3,223,762,000	3,430,608,000
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan losses	67,980,000	37,571,000	197,000
Provision for loan losses	19,741,000	34,864,000	39,859,000
Charge-off	(35,012,000)	(4,455,000)	(2,485,000)
Allowance for loan losses	52,709,000	67,980,000	37,571,000
Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	67,980,000	67,980,000			52,709,000	67,980,000
Loans receivable, net					305,691,000	299,805,000
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan losses	67,980,000
Allowance for loan losses	52,709,000	67,980,000
PCI Loans
Allowance for Loan and Lease Losses [Roll Forward]
Provision for loan losses	12,200,000	29,000,000	39,000,000
PCI Loans \| Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	61,693,000	61,693,000			45,285,000	61,693,000
Loans receivable, net					169,789,000	243,155,000
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan losses	61,693,000
Allowance for loan losses	45,285,000	61,693,000
Provision for loan losses, reversal	6,300,000	0	$ 0
Non-PCI Loans \| Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	6,287,000	6,287,000			7,424,000	6,287,000
Loans receivable, net					135,902,000	$ 56,650,000
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan losses	6,287,000
Allowance for loan losses	$ 7,424,000	$ 6,287,000
Investment Commitments \| Consolidated Real Estate Debt Investments
Allowance for Loan and Lease Losses [Roll Forward]
Other commitments					112,400,000
Parent \| Investment Commitments \| Consolidated Real Estate Debt Investments
Allowance for Loan and Lease Losses [Roll Forward]
Other commitments					$ 92,200,000
Subsequent event \| Investment Commitments \| Consolidated Real Estate Debt Investments
Allowance for Loan and Lease Losses [Roll Forward]
Other commitments				$ 19,200,000
Subsequent event \| Parent \| Investment Commitments \| Consolidated Real Estate Debt Investments
Allowance for Loan and Lease Losses [Roll Forward]
Other commitments				$ 18,200,000

Investments in Unconsolidated Ventures - Narrative (Details) shares in Millions		1 Months Ended		3 Months Ended	12 Months Ended
	Nov. 09, 2017	Jun. 30, 2017 USD ($) shares	Mar. 31, 2017 USD ($) shares	Dec. 31, 2017 USD ($) shares	Dec. 31, 2017 USD ($) company shares	Jul. 31, 2017
Schedule of Equity Method Investments [Line Items]
Payments to acquire businesses and interest in affiliates					$ 50,000,000
Noncontrolling interest, ownership percentage by noncontrolling owners				28.70%	28.70%
Starwood Waypoint Homes
Schedule of Equity Method Investments [Line Items]
Ownership percentage				0.00%	0.00%
Number of shares issued \| shares		7.5	7.6
Proceeds from share issuance		$ 261,400,000	$ 239,100,000
Gain in earnings of investments in unconsolidated ventures			$ 191,200,000
Colony American Finance
Schedule of Equity Method Investments [Line Items]
Ownership percentage				0.00%	0.00%
NRE
Schedule of Equity Method Investments [Line Items]
Ownership percentage				10.20%	10.20%
Co-Investment Partner
Schedule of Equity Method Investments [Line Items]
Payments to acquire businesses and interest in affiliates					$ 50,000,000
Proceeds from dividends received		$ 10,300,000
ADC investments
Schedule of Equity Method Investments [Line Items]
Lending commitments					107,900,000
Company Sponsored Funds
Schedule of Equity Method Investments [Line Items]
Unfunded lending commitment				$ 113,400,000	113,400,000
Third Party Sponsored Funds
Schedule of Equity Method Investments [Line Items]
Unfunded lending commitment				$ 14,500,000	$ 14,500,000
RXR Realty
Schedule of Equity Method Investments [Line Items]
Ownership percentage				27.20%	27.20%
Private funds and retail companies
Schedule of Equity Method Investments [Line Items]
Unfunded lending commitment				$ 14,000,000	$ 14,000,000
Long-term purchase commitment, amount					10,000,000
Amended And Restated NRE Management Agreement \| NRE
Schedule of Equity Method Investments [Line Items]
Maximum stock purchase eligibility, percent	45.00%
Shares owned in excess of threshold, threshold percent	25.00%
Distribution Support Agreement
Schedule of Equity Method Investments [Line Items]
Commitment to invest as distribution support					$ 10,000,000.0
Maximum number of new companies to have distribution support \| company					5
Limited Partner \| Minimum
Schedule of Equity Method Investments [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners				0.10%	0.10%
Limited Partner \| Maximum
Schedule of Equity Method Investments [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners				22.20%	22.20%
Common Stock \| NRE
Schedule of Equity Method Investments [Line Items]
Equity method investments, shares acquired \| shares				5.4
Equity method investment, shares \| shares				5.6	5.6
Disposal Group, Not Discontinued Operations \| Colony American Finance
Schedule of Equity Method Investments [Line Items]
Ownership percentage						17.40%

Investments in Unconsolidated Ventures - Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 1,163,153	$ 953,259
Cost method investments	128,185	99,736
Investments under fair value option	363,901	0
Investments in Unconsolidated Ventures	1,655,239	1,052,995
Investment ventures
Schedule of Equity Method Investments [Line Items]
Equity method investments	1,138,052	933,262
Cost method investments	89,261	99,736
Investments under fair value option	159,128	0
Private funds and retail companies
Schedule of Equity Method Investments [Line Items]
Equity method investments	25,101	19,997
Cost method investments	38,924	0
Private funds
Schedule of Equity Method Investments [Line Items]
Investments under fair value option	$ 204,773	$ 0

- Definition

Fair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method.

+ References + Details

Investments in Unconsolidated Ventures - Equity Method Investments (Details) $ in Thousands	Dec. 31, 2017 USD ($) investment	Dec. 31, 2016 USD ($)
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 17 individual other investments)	$ 1,163,153	$ 953,259
Starwood Waypoint Homes
Schedule of Equity Method Investments [Line Items]
Ownership Interest	0.00%
Equity method investments (less than for 17 individual other investments)	$ 0	316,113
Colony American Finance
Schedule of Equity Method Investments [Line Items]
Ownership Interest	0.00%
Equity method investments (less than for 17 individual other investments)	$ 0	57,754
NRE
Schedule of Equity Method Investments [Line Items]
Ownership Interest	10.20%
Equity method investments (less than for 17 individual other investments)	$ 73,578	0
RXR Realty
Schedule of Equity Method Investments [Line Items]
Ownership Interest	27.20%
Equity method investments (less than for 17 individual other investments)	$ 105,082	0
Preferred equity
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 17 individual other investments)	440,704	188,255
ADC investments
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 17 individual other investments)	331,268	271,649
Private funds and retail companies
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 17 individual other investments)	25,101	19,997
Other investment ventures
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 17 individual other investments)	$ 187,420	$ 99,491
Number of equity method investments \| investment	15
Individual other investment venture
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 17 individual other investments)	$ 62,000

Investments in Unconsolidated Ventures - Selected Combined Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Balance Sheet [Abstract]
Total assets	$ 9,537,068	$ 9,319,122
Total liabilities	5,357,936	5,517,514
Owners' equity	3,662,777	3,473,358
Noncontrolling interests	516,368	328,269
Income Statement [Abstract]
Total revenues	1,519,728	819,726	$ 518,085
Net income (loss)	174,222	(32,493)	(40,372)
Net income (loss) attributable to noncontrolling interests	(18,381)	(3,494)	(433)
Net income (loss) attributable to owners	$ 192,603	$ (28,999)	$ (39,939)

Securities - Available for Sale Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 333,080
Gains	16,510
Losses	(1,248)
Fair Value	348,342
Securities, at fair value	383,942	$ 23,446
Bonds \| Variable Interest Entity, Primary Beneficiary
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	215,500
CMBS
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	144,476
Gains	3,999
Losses	(530)
Fair Value	147,945	23,446
Other securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	61,302
Gains	5,994
Losses	(313)
Fair Value	66,983
N-Star CDO
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	88,374
Gains	2,778
Losses	(219)
Fair Value	90,933
N-Star CDO \| Variable Interest Entity, Not Primary Beneficiary
Schedule of Available-for-sale Securities [Line Items]
Principal amount eliminated in consolidation	140,100
CMBS and other securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	38,928	24,103
Gains	3,739	0
Losses	(186)	(657)
Fair Value	42,481	23,446
Investment owned, balance, principal amount	25,100
Equity securities of consolidated fund
Schedule of Available-for-sale Securities [Line Items]
Fair Value	35,600
Level 1 \| CMBS
Schedule of Available-for-sale Securities [Line Items]
Fair Value	0	$ 0
Level 1 \| Other securities
Schedule of Available-for-sale Securities [Line Items]
Fair Value	0
Level 1 \| N-Star CDO
Schedule of Available-for-sale Securities [Line Items]
Fair Value	0
Level 1 \| CMBS and other securities
Schedule of Available-for-sale Securities [Line Items]
Fair Value	0
Level 1 \| Equity securities of consolidated fund
Schedule of Available-for-sale Securities [Line Items]
Fair Value	$ 35,600

Securities - Narrative (Details) - Commercial Real Estate, Securities - Colony NorthStar - N-Star CDO	12 Months Ended
	Dec. 31, 2017 security
Schedule of Available-for-sale Securities [Line Items]
Weighted average maturity of securities acquired	6 years 6 months
Minimum
Schedule of Available-for-sale Securities [Line Items]
Contractual maturity period	6 months
Maximum
Schedule of Available-for-sale Securities [Line Items]
Contractual maturity period	43 years
Consolidated Properties
Schedule of Available-for-sale Securities [Line Items]
Number of securities acquired	2

Securities - Sale of Securities (Details) $ in Thousands	12 Months Ended
Securities - Sale of Securities (Details) $ in Thousands	Dec. 31, 2017 USD ($)
Schedule of Available-for-sale Securities [Line Items]
Realized gain, net	$ 155
Colony \| CMBS
Schedule of Available-for-sale Securities [Line Items]
Proceeds from sale	30,279
Gross realized gain (including $0.4 million of unrealized gains transferred from AOCI)	951
Available-for-sale securities, gross unrealized gain	$ 400

Securities - Impairment of AFS Securities (Details) $ in Thousands	3 Months Ended
	Dec. 31, 2017 USD ($) security	Dec. 31, 2016 USD ($)
Schedule of Available-for-sale Securities [Line Items]
Number of securities in cumulative unrealized loss position, more than twelve months \| security	0
OTTI loss	$ 33,000
CMBS
Schedule of Available-for-sale Securities [Line Items]
Fair Value	2,229	$ 0
Gross Unrealized Loss	(530)	0
Other securities
Schedule of Available-for-sale Securities [Line Items]
Fair Value	8,218	0
Gross Unrealized Loss	(313)	0
N-Star CDO
Schedule of Available-for-sale Securities [Line Items]
Fair Value	13,392	0
Gross Unrealized Loss	(219)	0
CMBS and other securities
Schedule of Available-for-sale Securities [Line Items]
Fair Value	12,956	23,446
Gross Unrealized Loss	$ (186)	$ (657)

Securities - Purchased Credit Impaired Debt Securities (Details) - Colony NorthStar - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Jan. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Outstanding principal	$ 411,174
Amortized cost	26,761
Carrying value	31,789
PCI Debt Securities Acquired During Period
Contractually required payments including interest		$ 574,088
Less: Nonaccretable difference		(449,261)
Cash flows expected to be collected		124,827
Less: Accretable yield		(70,283)
Fair value of PCI debt securities acquired		$ 54,544
Accretable Yield Movement Schedule [Roll Forward]
Beginning accretable yield	0
Assumed through the Merger	70,283
Accretion recognized in earnings	(12,461)
Reduction due to payoffs or disposals	(8,963)
Net reclassifications to nonaccretable difference	(4,249)
Ending accretable yield	$ 44,610

Goodwill, Deferred Leasing Costs and Other Intangibles - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Goodwill [Roll Forward]
Goodwill	$ 680,127	$ 678,267	$ 20,000
Business combinations	1,440,229	1,860	658,267
Transfer to held for sale	(20,000)	0	0
Disposition	(249,795)	0	0
Impairment	(316,000)	0	0
Goodwill	1,534,561	680,127	678,267
Industrial
Goodwill [Roll Forward]
Goodwill	20,000	20,000
Goodwill	20,000	20,000	20,000
Investment management
Goodwill [Roll Forward]
Goodwill	660,127	658,267
Impairment	(316,000)
Goodwill	$ 1,514,561	$ 660,127	$ 658,267

Goodwill, Deferred Leasing Costs and Other Intangibles - Goodwill, Intangible Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	$ 1,110,851	$ 402,098
Deferred leasing and other intangible assets, accumulated amortization	(257,979)	(123,357)
Deferred leasing and other intangible assets, net carrying amount	852,872	278,741
Intangible Liabilities
Below-market lease values, carrying amount	214,833	30,507
Below-market lease values, accumulated amortization	(36,426)	(10,690)
Below-market lease values	178,407	19,817
Above-market ground lease obligations, carrying amount	13,417	172
Above-market ground lease obligations, accumulated amortization	(715)	(12)
Above-market ground lease obligations	12,702	160
Intangible liabilities, carrying amount	228,250	30,679
Intangible liabilities, accumulated amortization	(37,141)	(10,702)
Total intangible liabilities	191,109	19,977
In-place lease values
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	243,037	149,301
Deferred leasing and other intangible assets, accumulated amortization	(98,021)	(52,489)
Deferred leasing and other intangible assets, net carrying amount	145,016	96,812
Above-market lease values
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	166,571	27,731
Deferred leasing and other intangible assets, accumulated amortization	(34,968)	(13,705)
Deferred leasing and other intangible assets, net carrying amount	131,603	14,026
Below-market ground lease obligations
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	29,625	34,241
Deferred leasing and other intangible assets, accumulated amortization	(316)	(411)
Deferred leasing and other intangible assets, net carrying amount	29,309	33,830
Deferred leasing costs
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	121,765	88,470
Deferred leasing and other intangible assets, accumulated amortization	(38,389)	(25,415)
Deferred leasing and other intangible assets, net carrying amount	83,376	63,055
Lease incentives
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	14,565	409
Deferred leasing and other intangible assets, accumulated amortization	(298)	(87)
Deferred leasing and other intangible assets, net carrying amount	14,267	322
Trade name
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	79,700	15,500
Deferred leasing and other intangible assets, accumulated amortization	(3,131)
Deferred leasing and other intangible assets, net carrying amount	$ 76,569	15,500
Intangible Liabilities
Useful life of finite-lived intangible assets	20 years
Investment management contracts
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	$ 342,127	39,646
Deferred leasing and other intangible assets, accumulated amortization	(70,394)	(25,400)
Deferred leasing and other intangible assets, net carrying amount	271,733	14,246
Customer relationships
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	59,400	46,800
Deferred leasing and other intangible assets, accumulated amortization	(10,421)	(5,850)
Deferred leasing and other intangible assets, net carrying amount	48,979	40,950
Other
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	54,061	0
Deferred leasing and other intangible assets, accumulated amortization	(2,041)	0
Deferred leasing and other intangible assets, net carrying amount	$ 52,020	$ 0
Franchise agreements \| Minimum
Intangible Liabilities
Useful life of finite-lived intangible assets	10 years
Franchise agreements \| Maximum
Intangible Liabilities
Useful life of finite-lived intangible assets	15 years
Investment management \| Minimum
Acquired Finite-Lived Intangible Assets [Line Items]
Fee earnings multiple	6.5
Incentive fee multiple	3
Discount rate	900.00%
Investment management \| Maximum
Acquired Finite-Lived Intangible Assets [Line Items]
Fee earnings multiple	20
Incentive fee multiple	5
Discount rate	2500.00%

Goodwill, Deferred Leasing Costs and Other Intangibles - Remaining Terms of Acquired Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Above-market lease values	$ 15,319	$ (2,045)	$ (3,240)
Below-market lease values	40,079	7,089	4,427
Net increase (decrease) to rental income	14,626	(1,569)	(3,220)
Above-market ground lease obligations	(835)	482	25
Below-market ground lease obligations	7,493	(6)	(5)
Net increase to ground rent expense	6,658	476	20
Amortization expense	158,657	58,759	54,487
Above-market lease values
Finite-Lived Intangible Assets [Line Items]
Above-market lease values	(25,235)	(8,658)	(7,647)
Lease incentives
Finite-Lived Intangible Assets [Line Items]
Above-market lease values	(218)	0	0
In-place lease values
Finite-Lived Intangible Assets [Line Items]
Amortization expense	74,560	30,193	25,865
Deferred leasing costs
Finite-Lived Intangible Assets [Line Items]
Amortization expense	19,046	13,777	12,130
Trade name
Finite-Lived Intangible Assets [Line Items]
Amortization expense	3,682	0	0
Investment management contracts
Finite-Lived Intangible Assets [Line Items]
Amortization expense	38,640	11,446	13,985
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortization expense	12,514	3,343	2,507
Other
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 10,215	$ 0	$ 0

Goodwill, Deferred Leasing Costs and Other Intangibles - Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Above Market Lease, Amortization Expense [Abstract]
2018	$ (19,065)
2018	(17,337)
2019	(16,421)
2020	(15,625)
2021	(12,885)
2023 and Thereafter	(50,270)
Above-market lease values	(131,603)
Below-market lease values
Below-market lease values	178,407	$ 19,817
(Decrease) Increase to rental income
2018	7,299
2017	7,499
2018	6,217
2019	5,460
2020	6,712
2023 and Thereafter	27,884
Increase to rental income	61,071
Deferred Leasing Costs and Intangible Assets
2018	87,586
2018	74,564
2019	66,819
2020	59,310
2021	54,504
2023 and Thereafter	291,727
Net Carrying Amount	634,510
Net below-market ground lease obligations
Deferred Leasing Costs and Intangible Assets
2018	(76)
2018	(66)
2019	(66)
2020	(64)
2021	(66)
2023 and Thereafter	16,945
Net Carrying Amount	16,607
Below-market lease values
Below-market lease values
2018	25,305
2018	23,777
2019	21,575
2020	19,960
2021	18,472
2023 and Thereafter	69,318
Below-market lease values	178,407
Lease incentives
Lease incentives
2018	1,059
2019	1,059
2020	1,063
2021	1,125
2022	1,125
2023 and Thereafter	8,836
Lease incentives	14,267
Below-market ground lease obligations
Deferred Leasing Costs and Intangible Assets
2018	697
2018	707
2019	707
2020	709
2021	707
2023 and Thereafter	25,782
Net Carrying Amount	29,309
In-place lease values
Deferred Leasing Costs and Intangible Assets
2018	28,455
2018	20,495
2019	15,987
2020	11,623
2021	9,121
2023 and Thereafter	59,335
Net Carrying Amount	145,016
Deferred leasing costs
Deferred Leasing Costs and Intangible Assets
2018	16,799
2018	14,009
2019	11,464
2020	8,928
2021	7,042
2023 and Thereafter	25,134
Net Carrying Amount	83,376
Trade name
Deferred Leasing Costs and Intangible Assets
2018	3,214
2018	3,214
2019	3,214
2020	3,214
2021	3,214
2023 and Thereafter	44,999
Net Carrying Amount	61,069
Investment management contracts
Deferred Leasing Costs and Intangible Assets
2018	32,172
2018	30,360
2019	29,520
2020	28,911
2021	28,493
2023 and Thereafter	122,277
Net Carrying Amount	271,733
Customer relationships
Deferred Leasing Costs and Intangible Assets
2018	4,607
2018	4,607
2019	4,607
2020	4,607
2021	4,607
2023 and Thereafter	25,944
Net Carrying Amount	48,979
Other
Deferred Leasing Costs and Intangible Assets
2018	2,339
2018	1,879
2019	2,027
2020	2,027
2021	2,027
2023 and Thereafter	14,038
Net Carrying Amount	24,337
Leases Acquired In Place Above Market Ground Leases Adjustment [Member]
Above Market Ground Lease Obligations [Abstract]
Remaining 2017	(773)
2018	(773)
2019	(773)
2020	(773)
2021	(773)
2022 and after	(8,837)
Above-market ground lease obligations	$ (12,702)

Assets and Related Liabilities Held For Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Assets
Real estate, net	$ 720,686	$ 223,954
Loans receivable, net	0	29,353
Intangible assets, net	37,337	21,239
Other assets	3,607	18,378
Total assets held for sale	781,630	292,924
Liabilities
Secured debt	196,905	0
Lease intangibles and other liabilities, net	76,393	14,296
Total liabilities related to assets held for sale	273,298	14,296
Townsend
Assets
Goodwill	$ 20,000	$ 0

Restricted Cash, Other Assets and Other Liabilities - Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 471,078	$ 111,959
Variable Interest Entity, Primary Beneficiary
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	13,656	0
Capital expenditures reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	249,612	1,502
Real estate escrow reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	42,420	13,116
Borrower escrow deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	41,545	61,744
Working capital and other reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	23,043	27,768
Tenant lock boxes
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	16,486	0
Other
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 84,316	$ 7,829

Restricted Cash, Other Assets and Other Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Restricted Cash, Other Assets And Other Liabilities [Abstract]
Interest receivable	$ 21,529	$ 42,296
Straight-line rents	45,598	22,352
Hotel-related reserves	29,208	0
Investment deposits and pending deal costs	1,706	66,310
Deferred financing costs, net	10,068	10,533
Contingent consideration account	15,730	10,836
Derivative assets (Note 12)	10,152	36,101
Prepaid taxes and deferred tax assets, net (4)	79,063	0
Receivables from resolution of investments	15,215	0
Contributions receivable	25,501	0
Accounts receivable	87,744	19,986
Prepaid expenses	29,526	3,864
Other assets	20,296	2,852
Fixed assets, net	53,632	45,455
Other assets	444,968	260,585
Deferred tax assets, valuation allowance	(23,852)	(692)
Allowance for unbilled receivables	$ 5,600	$ 1,700

Restricted Cash, Other Assets and Other Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Restricted Cash, Other Assets And Other Liabilities [Abstract]
Tenant security deposits	$ 27,560	$ 12,105
Borrower escrow deposits	46,231	64,118
Deferred income	42,457	27,575
Interest payable	42,462	19,399
Derivative liabilities (Note 12)	204,848	5,448
Contingent consideration—THL Hotel Portfolio (Note 3)	7,419	0
Current and deferred income tax liability	166,276	41,462
Accrued compensation	77,483	39,697
Accrued real estate and other taxes	77,060	23,310
Other accrued expenses	107,508	43,975
Accounts payable and other liabilities	98,857	9,863
Total	$ 898,161	$ 286,952

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Principal	$ 11,129,622	$ 3,757,647
Debt, net	10,827,810	3,715,618
Assets Held For Sale
Debt Instrument [Line Items]
Debt, net	202,800	108,800
Credit Facilities
Debt Instrument [Line Items]
Principal	50,000
Debt, net	50,000
Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Principal	616,105
Debt, net	610,331
Secured and Unsecured Debt
Debt Instrument [Line Items]
Principal	9,792,169
Debt, net	9,622,175
Securitization Bonds Payable
Debt Instrument [Line Items]
Principal	391,231
Debt, net	348,251
Junior Subordinated Notes
Debt Instrument [Line Items]
Principal	280,117
Debt, net	197,053
Carrying Value
Debt Instrument [Line Items]
Principal	11,129,622	3,757,647
Premium (discount), net	(245,886)	(2,175)
Deferred financing costs	(100,468)	(39,854)
Debt, net	10,783,268	3,715,618
Carrying Value \| Credit Facilities
Debt Instrument [Line Items]
Principal	50,000	422,600
Debt, net	50,000	422,600
Carrying Value \| Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Principal	616,105	602,500
Premium (discount), net	3,131	1,385
Deferred financing costs	(8,905)	(11,059)
Debt, net	610,331	592,826
Carrying Value \| Secured and Unsecured Debt
Debt Instrument [Line Items]
Principal	9,792,169	2,235,022
Premium (discount), net	(78,634)	(3,560)
Deferred financing costs	(91,360)	(25,765)
Debt, net	9,622,175	2,205,697
Carrying Value \| Securitization Bonds Payable
Debt Instrument [Line Items]
Principal	391,231	497,525
Premium (discount), net	(87,319)	0
Deferred financing costs	(203)	(3,030)
Debt, net	303,709	494,495
Carrying Value \| Junior Subordinated Notes
Debt Instrument [Line Items]
Principal	280,117	0
Premium (discount), net	(83,064)	0
Deferred financing costs	0	0
Debt, net	197,053	$ 0
Fair Value
Debt Instrument [Line Items]
Debt, net	44,542
Fair Value \| Credit Facilities
Debt Instrument [Line Items]
Debt, net	0
Fair Value \| Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Debt, net	0
Fair Value \| Secured and Unsecured Debt
Debt Instrument [Line Items]
Debt, net	0
Fair Value \| Securitization Bonds Payable
Debt Instrument [Line Items]
Debt, net	44,542
Fair Value \| Junior Subordinated Notes
Debt Instrument [Line Items]
Debt, net	$ 0

Debt - Components of Debt (Details) $ in Thousands	12 Months Ended
Debt - Components of Debt (Details) $ in Thousands	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($) instrument
Debt Instrument [Line Items]
Principal	$ 11,129,622	$ 3,757,647
Fixed Rate
Debt Instrument [Line Items]
Principal	4,252,448	1,822,878
Variable Rate
Debt Instrument [Line Items]
Principal	6,877,174	1,934,769
Credit Facilities
Debt Instrument [Line Items]
Principal	50,000
Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Principal	616,105
Junior Subordinated Notes
Debt Instrument [Line Items]
Principal	280,117
Secured and Unsecured Debt
Debt Instrument [Line Items]
Principal	9,792,169
Securitization Bonds Payable
Debt Instrument [Line Items]
Principal	391,231
Recourse
Debt Instrument [Line Items]
Principal	985,441	1,111,706
Recourse \| Fixed Rate
Debt Instrument [Line Items]
Principal	655,324	$ 643,648
Number of secured promissory notes \| instrument		2
Recourse \| Variable Rate
Debt Instrument [Line Items]
Principal	330,117	$ 468,058
Recourse \| Credit Facilities
Debt Instrument [Line Items]
Principal	$ 50,000	$ 422,600
Weighted Average Interest Rate (Per Annum)	3.51%	3.02%
Weighted Average Years Remaining to Maturity	3 years	3 years 2 months 12 days
Recourse \| Credit Facilities \| Fixed Rate
Debt Instrument [Line Items]
Principal	$ 0	$ 0
Weighted Average Interest Rate (Per Annum)	0.00%	0.00%
Recourse \| Credit Facilities \| Variable Rate
Debt Instrument [Line Items]
Principal	$ 50,000	$ 422,600
Weighted Average Interest Rate (Per Annum)	3.51%	3.02%
Weighted Average Years Remaining to Maturity	3 years	3 years 2 months 12 days
Recourse \| Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Principal	$ 616,105	$ 602,500
Weighted Average Interest Rate (Per Annum)	4.27%	4.25%
Weighted Average Years Remaining to Maturity	4 years	4 years 9 months 18 days
Recourse \| Convertible and Exchangeable Senior Notes \| Fixed Rate
Debt Instrument [Line Items]
Principal	$ 616,105	$ 602,500
Weighted Average Interest Rate (Per Annum)	4.27%	4.25%
Weighted Average Years Remaining to Maturity	4 years	4 years 9 months 18 days
Recourse \| Convertible and Exchangeable Senior Notes \| Variable Rate
Debt Instrument [Line Items]
Principal	$ 0	$ 0
Weighted Average Interest Rate (Per Annum)	0.00%	0.00%
Recourse \| Junior Subordinated Notes
Debt Instrument [Line Items]
Principal	$ 280,117
Weighted Average Interest Rate (Per Annum)	4.56%
Weighted Average Years Remaining to Maturity	18 years 4 months 24 days
Recourse \| Junior Subordinated Notes \| Fixed Rate
Debt Instrument [Line Items]
Principal	$ 0
Weighted Average Interest Rate (Per Annum)	0.00%
Recourse \| Junior Subordinated Notes \| Variable Rate
Debt Instrument [Line Items]
Principal	$ 280,117
Weighted Average Interest Rate (Per Annum)	4.56%
Weighted Average Years Remaining to Maturity	18 years 4 months 24 days
Recourse \| Secured and Unsecured Debt
Debt Instrument [Line Items]
Principal	$ 39,219	$ 86,606
Weighted Average Interest Rate (Per Annum)	5.02%	4.15%
Weighted Average Years Remaining to Maturity	7 years 10 months 24 days	4 years 8 months 12 days
Recourse \| Secured and Unsecured Debt \| Fixed Rate
Debt Instrument [Line Items]
Principal	$ 39,219	$ 41,148
Weighted Average Interest Rate (Per Annum)	5.02%	5.02%
Weighted Average Years Remaining to Maturity	7 years 10 months 24 days	8 years 10 months 24 days
Recourse \| Secured and Unsecured Debt \| Variable Rate
Debt Instrument [Line Items]
Principal	$ 0	$ 45,458
Weighted Average Interest Rate (Per Annum)	0.00%	3.36%
Weighted Average Years Remaining to Maturity		10 months 24 days
Non-recourse
Debt Instrument [Line Items]
Principal	$ 10,144,181	$ 2,645,941
Non-recourse \| Fixed Rate
Debt Instrument [Line Items]
Principal	3,597,124	1,179,230
Non-recourse \| Variable Rate
Debt Instrument [Line Items]
Principal	6,547,057	1,466,711
Non-recourse \| Secured and Unsecured Debt \| Healthcare
Debt Instrument [Line Items]
Principal	$ 3,288,256
Weighted Average Interest Rate (Per Annum)	5.03%
Weighted Average Years Remaining to Maturity	2 years 7 months 6 days
Non-recourse \| Secured and Unsecured Debt \| Industrial
Debt Instrument [Line Items]
Principal	$ 1,014,229	$ 1,010,514
Weighted Average Interest Rate (Per Annum)	3.50%	3.46%
Weighted Average Years Remaining to Maturity	11 years 4 months 24 days	11 years
Non-recourse \| Secured and Unsecured Debt \| Hospitality
Debt Instrument [Line Items]
Principal	$ 2,608,719
Weighted Average Interest Rate (Per Annum)	4.69%
Weighted Average Years Remaining to Maturity	1 year 1 month 6 days
Non-recourse \| Secured and Unsecured Debt \| Other Real Estate Equity
Debt Instrument [Line Items]
Principal	$ 2,215,998	$ 908,497
Weighted Average Interest Rate (Per Annum)	4.03%	3.62%
Weighted Average Years Remaining to Maturity	2 years 9 months 18 days	5 years 6 months
Non-recourse \| Secured and Unsecured Debt \| Real Estate Debt
Debt Instrument [Line Items]
Principal	$ 625,748	$ 229,405
Weighted Average Interest Rate (Per Annum)	4.05%	3.27%
Weighted Average Years Remaining to Maturity	2 years 7 months 6 days	1 year 8 months 12 days
Non-recourse \| Secured and Unsecured Debt \| Fixed Rate \| Healthcare
Debt Instrument [Line Items]
Principal	$ 2,168,936
Weighted Average Interest Rate (Per Annum)	4.65%
Weighted Average Years Remaining to Maturity	2 years 10 months 24 days
Non-recourse \| Secured and Unsecured Debt \| Fixed Rate \| Industrial
Debt Instrument [Line Items]
Principal	$ 1,014,229	$ 597,502
Weighted Average Interest Rate (Per Annum)	3.50%	3.77%
Weighted Average Years Remaining to Maturity	11 years 4 months 24 days	16 years 8 months 12 days
Non-recourse \| Secured and Unsecured Debt \| Fixed Rate \| Hospitality
Debt Instrument [Line Items]
Principal	$ 9,038
Weighted Average Interest Rate (Per Annum)	11.00%
Weighted Average Years Remaining to Maturity	7 months 6 days
Non-recourse \| Secured and Unsecured Debt \| Fixed Rate \| Other Real Estate Equity
Debt Instrument [Line Items]
Principal	$ 374,789	$ 487,320
Weighted Average Interest Rate (Per Annum)	4.07%	3.74%
Weighted Average Years Remaining to Maturity	5 years 6 months	8 years 1 month 6 days
Outstanding principal in payment default		$ 83,000
Non-recourse \| Secured and Unsecured Debt \| Fixed Rate \| Real Estate Debt
Debt Instrument [Line Items]
Principal	$ 0	$ 0
Weighted Average Interest Rate (Per Annum)	0.00%	0.00%
Non-recourse \| Secured and Unsecured Debt \| Fixed Rate \| Healthcare And Hospitality
Debt Instrument [Line Items]
Outstanding principal not in compliance with certain covenants	$ 384,500
Non-recourse \| Secured and Unsecured Debt \| Variable Rate \| Healthcare
Debt Instrument [Line Items]
Principal	$ 1,119,320
Weighted Average Interest Rate (Per Annum)	5.75%
Weighted Average Years Remaining to Maturity	2 years
Non-recourse \| Secured and Unsecured Debt \| Variable Rate \| Industrial
Debt Instrument [Line Items]
Principal	$ 0	$ 413,012
Weighted Average Interest Rate (Per Annum)	0.00%	3.02%
Weighted Average Years Remaining to Maturity	0 years	2 years 10 months 24 days
Non-recourse \| Secured and Unsecured Debt \| Variable Rate \| Hospitality
Debt Instrument [Line Items]
Principal	$ 2,599,681
Weighted Average Interest Rate (Per Annum)	4.67%
Weighted Average Years Remaining to Maturity	1 year 1 month 6 days
Non-recourse \| Secured and Unsecured Debt \| Variable Rate \| Other Real Estate Equity
Debt Instrument [Line Items]
Principal	$ 1,841,209	$ 421,177
Weighted Average Interest Rate (Per Annum)	4.02%	3.47%
Weighted Average Years Remaining to Maturity	2 years 3 months 18 days	2 years 4 months 24 days
Non-recourse \| Secured and Unsecured Debt \| Variable Rate \| Real Estate Debt
Debt Instrument [Line Items]
Principal	$ 625,748	$ 229,405
Weighted Average Interest Rate (Per Annum)	4.05%	3.27%
Weighted Average Years Remaining to Maturity	2 years 7 months 6 days	1 year 8 months 12 days
Non-recourse \| Securitization Bonds Payable
Debt Instrument [Line Items]
Principal	$ 391,231	$ 497,525
Weighted Average Interest Rate (Per Annum)	3.05%	2.85%
Weighted Average Years Remaining to Maturity	28 years 6 months	18 years 7 months 6 days
Non-recourse \| Securitization Bonds Payable \| Fixed Rate
Debt Instrument [Line Items]
Principal	$ 30,132	$ 94,408
Weighted Average Interest Rate (Per Annum)	3.45%	2.54%
Weighted Average Years Remaining to Maturity	29 years 10 months 24 days	33 years 2 months 12 days
Non-recourse \| Securitization Bonds Payable \| Variable Rate
Debt Instrument [Line Items]
Principal	$ 361,099	$ 403,117
Weighted Average Interest Rate (Per Annum)	3.02%	2.92%
Weighted Average Years Remaining to Maturity	28 years 4 months 24 days	15 years 2 months 12 days

Debt - Corporate Credit Facility (Details) - Line of Credit - Revolving Credit Facility - JPMorgan Chase Bank, N.A.		12 Months Ended
	Jan. 10, 2017 USD ($) extension	Dec. 31, 2017 USD ($)
Line of Credit Facility [Line Items]
Maximum principal amount of credit facility	$ 1,000,000,000.0
Number of extension options \| extension	2
Extension term	6 months
Extension commitment fee	0.10%
Maximum amount available for draw		$ 1,000,000,000
Percentage of unused amount		0.35%
Minimum
Line of Credit Facility [Line Items]
Percentage of unused amount		0.25%
Maximum
Line of Credit Facility [Line Items]
Percentage of unused amount		0.35%
LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate		2.25%
Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.25%
Accordion Feature
Line of Credit Facility [Line Items]
Maximum principal amount increase	$ 1,500,000,000.0

Debt - Convertible Senior Notes (Details) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Aug. 31, 2017 USD ($) shares	Dec. 31, 2017 USD ($) d quarter $ / shares shares	Dec. 31, 2016 USD ($)
Debt Instrument [Line Items]
Convertible and exchangeable senior notes		$ 616,105	$ 602,500
Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Redemption price, percentage of principal amount		100.00%
Threshold percentage of stock price trigger		130.00%
Threshold trading days \| d		20
Threshold consecutive trading days \| d		30
Convertible and Exchangeable Senior Notes \| 5.00% Convertible Notes
Debt Instrument [Line Items]
Interest Rate		5.00%
Conversion or Exchange Price (per share of common stock) \| $ / shares		$ 15.76
Conversion or Exchange Ratio (In Shares per $1,000)		63.4700
Conversion or Exchange Shares (in shares) \| shares		12,694,000
Convertible and exchangeable senior notes		$ 200,000	200,000
Convertible and Exchangeable Senior Notes \| 3.875% Convertible Notes
Debt Instrument [Line Items]
Interest Rate		3.875%
Conversion or Exchange Price (per share of common stock) \| $ / shares		$ 16.57
Conversion or Exchange Ratio (In Shares per $1,000)		60.3431
Conversion or Exchange Shares (in shares) \| shares		24,288,000
Convertible and exchangeable senior notes		$ 402,500	402,500
Convertible and Exchangeable Senior Notes \| 7.25% Exchangeable Notes
Debt Instrument [Line Items]
Interest Rate		7.25%
Repurchased face amount		$ 13,000
Repurchase amount		$ 13,400
Convertible and Exchangeable Senior Notes \| 5.375% Exchangeable Notes
Debt Instrument [Line Items]
Interest Rate		5.375%
Conversion or Exchange Price (per share of common stock) \| $ / shares		$ 12.04
Conversion or Exchange Ratio (In Shares per $1,000)		83.0837
Conversion or Exchange Shares (in shares) \| shares		1,155,000
Convertible and exchangeable senior notes		$ 13,605	$ 0
Converted instrument, amount	$ 2,800
Original debt, interest rate	5.375%
Junior Subordinated Notes
Debt Instrument [Line Items]
Redemption period		5 years
Interest payment deferral, number of consecutive quarters \| quarter		6
Common Class A
Debt Instrument [Line Items]
Converted instrument, shares issued (in shares) \| shares		233,000
Common Class A \| Convertible and Exchangeable Senior Notes \| 5.375% Exchangeable Notes
Debt Instrument [Line Items]
Converted instrument, shares issued (in shares) \| shares	232,669

Debt - Schedule of Future Minimum and Estimated Principal Payments Due Under Financing Agreements (Details) - USD ($) $ in Thousands	Jan. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Future scheduled minimum principal payments
Remaining 2017		$ 335,868
2018		3,114,899
2019		427,990
2020		1,609,620
2021		3,002,972
2023 and thereafter		2,638,273
Total		11,129,622	$ 3,757,647
Credit Facilities
Future scheduled minimum principal payments
Remaining 2017		0
2018		0
2019		0
2020		50,000
2021		0
2023 and thereafter		0
Total		50,000
Convertible and Exchangeable Senior Notes
Future scheduled minimum principal payments
Remaining 2017		0
2018		0
2019		0
2020		402,500
2021		0
2023 and thereafter		213,605
Total		616,105
Secured and Unsecured Debt
Debt Instrument [Line Items]
Qualifying conditions for extension of maturity, amount		1,512,500
Future scheduled minimum principal payments
Remaining 2017		335,868
2018		3,114,899
2019		427,990
2020		1,157,120
2021		3,002,972
2023 and thereafter		1,753,320
Total		9,792,169
Securitization Bonds Payable
Future scheduled minimum principal payments
Remaining 2017		0
2018		0
2019		0
2020		0
2021		0
2023 and thereafter		391,231
Total		391,231
Estimated Principal Payments
2018		188,180
2018		147,634
2019		53,800
2020		1,617
Estimated Principal Payments		391,231
Junior Subordinated Notes
Future scheduled minimum principal payments
Remaining 2017		0
2018		0
2019		0
2020		0
2021		0
2023 and thereafter		280,117
Total		$ 280,117
Subsequent event \| Colony NorthStar Credit
Debt Instrument [Line Items]
Deferred financing costs	$ 463,000

Derivatives - Narrative (Details) € in Millions, £ in Millions, kr in Millions, SFr in Millions	12 Months Ended
	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2017 GBP (£)	Dec. 31, 2017 EUR (€)	Dec. 31, 2017 NOK (kr)	Jan. 10, 2017 USD ($)	Dec. 31, 2016 GBP (£)	Dec. 31, 2016 EUR (€)	Dec. 31, 2016 CHF (SFr)	Dec. 31, 2016 NOK (kr)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liabilities	$ 204,848,000	$ 5,448,000
Deposits related to agreements included in other assets	1,900,000.0	0
Investments in unconsolidated joint ventures	1,655,239,000	1,052,995,000
Net Investment Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives used in net investment hedge, gain (loss), reclassified to earnings upon dedesignation	3,900,000	1,600,000
Designated Hedges \| Other gain (loss), net \| Net Investment Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Realization of net gain on net investment hedges	3,900,000	62,000
Interest rate contracts \| Colony NorthStar \| Non-Designated Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount						$ 6,100,000,000
Derivative liabilities	160,400,000
Increase in fair value of interest rate	13,000,000
Forward contracts \| Colony NorthStar \| Non-Designated Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount						$ 2,000,000,000
Forward interest rate						3.39%
Foreign currency risk
Derivative Instruments, Gain (Loss) [Line Items]
Investments in unconsolidated joint ventures	$ 1,139,000,000	$ 697,400,000	£ 250.6	€ 499.2	kr 771.2		£ 106.2	€ 394.4	SFr 54.5	kr 842.1

Derivatives - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 10,152	$ 36,101
Derivative Liabilities	(204,848)	(5,448)
Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	10,152	36,101
Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	(204,848)	(5,448)
Designated Hedges \| Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	8,009	34,715
Designated Hedges \| Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	(39,101)	(5,011)
Non-Designated Hedges \| Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	2,143	1,386
Non-Designated Hedges \| Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	(165,747)	(437)
Foreign exchange contracts \| Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	8,984	35,818
Foreign exchange contracts \| Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	(44,408)	(5,448)
Foreign exchange contracts \| Designated Hedges \| Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	8,009	34,715
Foreign exchange contracts \| Designated Hedges \| Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	(39,101)	(5,011)
Foreign exchange contracts \| Non-Designated Hedges \| Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	975	1,103
Foreign exchange contracts \| Non-Designated Hedges \| Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	(5,307)	(437)
Interest rate contracts
Derivatives, Fair Value [Line Items]
Derivative Assets	1,168	283
Derivative Liabilities	(160,440)	0
Interest rate contracts \| Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	1,168	283
Interest rate contracts \| Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	(160,440)	0
Interest rate contracts \| Designated Hedges \| Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	0	0
Interest rate contracts \| Designated Hedges \| Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	0	0
Interest rate contracts \| Non-Designated Hedges \| Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	1,168	283
Interest rate contracts \| Non-Designated Hedges \| Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ (160,440)	$ 0

Derivatives - Schedule of Foreign Exchange Contracts (Details) - Dec. 31, 2017 € in Thousands, £ in Thousands, kr in Thousands, S/ in Thousands, $ in Thousands, $ in Thousands	COP ($)	$ / S/	CLP ($)	GBP (£)	$ / $	EUR (€)	PEN (S/)	$ / $	NOK (kr)	$ / €	$ / kr	$ / £
Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Forward exchange rate \| $ / £												1.28
Foreign exchange collars \| Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Exchange rate floor										1.06		1.45
Foreign exchange collars \| Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Exchange rate cap										1.53		1.82
Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Forward exchange rate \| $ / kr											0.12
Foreign exchange contracts \| Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Forward exchange rate										1.10		1.23
Foreign exchange contracts \| Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Forward exchange rate \| $ / €										1.27
Option
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Forward exchange rate		0.28			0.0003			0.0014
Designated Hedges \| Foreign exchange collars
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount				£ 51,977		€ 117,963
Designated Hedges \| Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount				100,517		330,182			kr 802,417
Designated Hedges \| Option
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	$ 0		$ 0				S/ 0
Non-Designated Hedges \| Foreign exchange collars
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount				2,223		0
Non-Designated Hedges \| Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount				£ 42,633		€ 4,726			kr 120,583
Non-Designated Hedges \| Option
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	$ 43,121,000		$ 64,635,000				S/ 321,930

Derivatives - Schedule of Interest Derivative (Details) € in Thousands, £ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($) $ / £	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2017 GBP (£) $ / £	Dec. 31, 2017 EUR (€) $ / £
Maximum
Derivative [Line Items]
Forward rate \| $ / £	1.28			1.28	1.28
Non-Designated Hedges \| Other gain (loss), net
Derivative [Line Items]
Cash flow hedge ineffectiveness	$ (15,080)	$ (1,455)	$ (841)
Non-Designated Hedges \| Interest Rate Swap \| Three-Month LIBOR
Derivative [Line Items]
Notional amount	$ 2,000,000
Forward rate	0.0339			0.0339	0.0339
Non-Designated Hedges \| Interest Rate Swap \| One-Month LIBOR
Derivative [Line Items]
Notional amount	$ 2,917
Non-Designated Hedges \| Interest Rate Swap \| One-Month LIBOR \| Minimum
Derivative [Line Items]
Forward rate	0.0417			0.0417	0.0417
Non-Designated Hedges \| Interest Rate Swap \| One-Month LIBOR \| Maximum
Derivative [Line Items]
Forward rate	0.0512			0.0512	0.0512
Non-Designated Hedges \| Basis Swap \| Three-Month LIBOR
Derivative [Line Items]
Notional amount	$ 10,000
Forward rate	0.0195			0.0195	0.0195
Non-Designated Hedges \| Basis Swap \| One-Month LIBOR
Derivative [Line Items]
Strike rate	1.88%			1.88%	1.88%
Non-Designated Hedges \| Interest Rate Cap \| Three-Month LIBOR
Derivative [Line Items]
Notional amount	$ 220,466
Forward rate	0.0350			0.0350	0.0350
Non-Designated Hedges \| Interest Rate Cap \| One-Month LIBOR
Derivative [Line Items]
Notional amount	$ 5,351,682
Non-Designated Hedges \| Interest Rate Cap \| One-Month LIBOR \| Minimum
Derivative [Line Items]
Forward rate	0.0246			0.0246	0.0246
Non-Designated Hedges \| Interest Rate Cap \| One-Month LIBOR \| Maximum
Derivative [Line Items]
Forward rate	0.0570			0.0570	0.0570
Non-Designated Hedges \| Interest Rate Cap \| Three-Month Euribor
Derivative [Line Items]
Notional amount \| €					€ 621,799
Non-Designated Hedges \| Interest Rate Cap \| Three-Month Euribor \| Minimum
Derivative [Line Items]
Forward rate	0.0075			0.0075	0.0075
Non-Designated Hedges \| Interest Rate Cap \| Three-Month Euribor \| Maximum
Derivative [Line Items]
Forward rate	0.0150			0.0150	0.0150
Non-Designated Hedges \| Interest Rate Cap \| Three-Month GBP LIBOR
Derivative [Line Items]
Notional amount \| £				£ 429,904
Non-Designated Hedges \| Interest Rate Cap \| Three-Month GBP LIBOR \| Minimum
Derivative [Line Items]
Forward rate	0.0200			0.0200	0.0200
Non-Designated Hedges \| Interest Rate Cap \| Three-Month GBP LIBOR \| Maximum
Derivative [Line Items]
Forward rate	0.0250			0.0250	0.0250
Non-Designated Hedges \| Deliverable swap futures
Derivative [Line Items]
Notional amount	$ 14,735
Designated Hedges \| Cash Flow Hedging \| Other gain (loss), net
Derivative [Line Items]
Cash flow hedge ineffectiveness	$ 0	$ (401)	$ (98)

Derivatives - Derivative Netting (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Derivative [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	$ 10,152	$ 36,101
(Assets) Liabilities	(8,948)	(180)
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	1,204	35,921
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	(204,848)	(5,448)
(Assets) Liabilities	8,948	180
Cash Collateral Received (Pledged)	1,900	0
Net Amounts of Assets (Liabilities)	(194,000)	(5,268)
Foreign exchange contracts
Derivative [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	8,984	35,818
(Assets) Liabilities	(8,944)	(180)
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	40	35,638
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	(44,408)	(5,448)
(Assets) Liabilities	8,944	180
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	(35,464)	(5,268)
Interest rate contracts
Derivative [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	1,168	283
(Assets) Liabilities	(4)	0
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	1,164	283
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	(160,440)	0
(Assets) Liabilities	4	0
Cash Collateral Received (Pledged)	1,900	0
Net Amounts of Assets (Liabilities)	$ (158,536)	$ 0

Fair Value - Fair Value of Assets and Liabilities (Details)		12 Months Ended
	Jan. 10, 2017	Dec. 31, 2017 USD ($) shares	Dec. 31, 2016 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures		$ 363,901,000	$ 0
Fair Value		348,342,000
Derivative assets (Note 12)		10,152,000	36,101,000
Derivative liabilities (Note 12)		204,848,000	5,448,000
Contingent consideration—THL Hotel Portfolio (Note 3)		7,419,000	0
Due to affiliates ($20,650 and $41,250 at fair value, respectively)		23,534,000	41,250,000
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (Note 12)		0	0
Derivative liabilities (Note 12)		0	0
Contingent consideration—THL Hotel Portfolio (Note 3)		0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (Note 12)		10,152,000	36,101,000
Derivative liabilities (Note 12)		204,848,000	5,448,000
Contingent consideration—THL Hotel Portfolio (Note 3)		0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (Note 12)		0	0
Derivative liabilities (Note 12)		0	$ 0
Contingent consideration—THL Hotel Portfolio (Note 3)		$ 7,419,000
Discount rate		20.00%
Equity volatility		18.70%	32.50%
Correlation		80.00%	80.00%
CMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		$ 147,945,000	$ 23,446,000
CMBS \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		0	0
CMBS \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		0	23,446,000
CMBS \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		147,945,000	0
Other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		66,983,000
Other securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		0
Other securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		0
Other securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		66,983,000
N-Star CDO
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		90,933,000
N-Star CDO \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		0
N-Star CDO \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		0
N-Star CDO \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		$ 90,933,000
Discount rate		24.00%
CMBS and other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		$ 42,481,000	23,446,000
CMBS and other securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		0
CMBS and other securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		25,099,000
CMBS and other securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		17,382,000
Equity securities of consolidated fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		35,600,000
Equity securities of consolidated fund \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		35,600,000
Equity securities of consolidated fund \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		0
Equity securities of consolidated fund \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		0
Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Due to affiliates ($20,650 and $41,250 at fair value, respectively)		20,650,000	41,250,000
Contingent consideration \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Due to affiliates ($20,650 and $41,250 at fair value, respectively)		0	0
Contingent consideration \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Due to affiliates ($20,650 and $41,250 at fair value, respectively)		$ 0	$ 0
Contingent consideration \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Benchmark FFO volatility		11.80%	16.10%
Colony NorthStar \| Common Class A
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business combination, stock exchange, conversion ratio	1.4663	1.4663	1.4663
Colony NorthStar \| Common Class A \| Affiliated Entity \| Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of shares contingent upon achievement of performance targets (shares) \| shares		1,290,000
Colony NorthStar \| Common Class B
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business combination, stock exchange, conversion ratio	1.4663
Colony NorthStar \| Common Class B \| Affiliated Entity \| Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of shares contingent upon achievement of performance targets (shares) \| shares		115,226
Colony NorthStar \| OP Units
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business combination, stock exchange, conversion ratio	1.4663
Colony NorthStar \| OP Units \| Affiliated Entity \| Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of shares contingent upon achievement of performance targets (shares) \| shares		4,400,000
Minimum \| N-Star CDO \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate		10.80%
Maximum \| N-Star CDO \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate		87.40%
Maximum \| THL Hotel Portfolio
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration—THL Hotel Portfolio (Note 3)		$ 13,000,000.0
Private funds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate		14.60%
Private funds \| Minimum \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate		11.00%
Private funds \| Maximum \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate		20.00%
Other investment ventures \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate		12.80%
Other investment ventures \| Minimum \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate		8.80%
Other investment ventures \| Maximum \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate		14.80%
Loans receivable—securitized loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures		$ 45,423,000
Loans receivable—securitized loans \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures		0
Loans receivable—securitized loans \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures		0
Loans receivable—securitized loans \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures		45,423,000
Investments in Unconsolidated Ventures
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures		363,901,000
Investments in Unconsolidated Ventures \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures		0
Investments in Unconsolidated Ventures \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures		0
Investments in Unconsolidated Ventures \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures		363,901,000
Securitization Bonds Payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured and unsecured debt		44,542,000
Securitization Bonds Payable \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured and unsecured debt		0
Securitization Bonds Payable \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured and unsecured debt		0
Securitization Bonds Payable \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured and unsecured debt		44,542,000
Discounted cash flows \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration—THL Hotel Portfolio (Note 3)		7,419,000
Discounted cash flows \| N-Star CDO
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		90,933,000
Discounted cash flows \| Private funds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures		204,774,000
Discounted cash flows \| Other investment ventures \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures		26,408,000
Monte Carlo simulation \| Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Due to affiliates ($20,650 and $41,250 at fair value, respectively)		20,650,000
Monte Carlo simulation \| Contingent consideration \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Due to affiliates ($20,650 and $41,250 at fair value, respectively)			$ 41,250,000
Recent Transaction Price \| Other investment ventures \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures		$ 132,719,000

Fair Value - Changes in Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Level 3 Assets
Consolidation of securitization trust	$ 58,296
Debt [Member] \| Recurring \| Level 3
Level 3 Liabilities
Fair Value, Liability Value	0	$ 0	$ 0
Consolidation of securitization trust	(56,928)
Purchases / borrowings / amortization / contributions	10,564
Unrealized gains (losses) in earnings	1,822
Fair Value, Liability Value	(44,542)	0	0
Due To Affiliates—Contingent Consideration for Internalization \| Recurring \| Level 3
Level 3 Liabilities
Fair Value, Liability Value	(41,250)	(52,990)	0
Acquired through Internalization			(69,500)
Unrealized gains (losses) in earnings	20,600	11,740	16,510
Fair Value, Liability Value	(20,650)	(41,250)	(52,990)
Loans Receivable \| Recurring \| Level 3
Level 3 Assets
Fair Value, Asset Value	0	0	0
Consolidation of securitization trust	58,296
Paydowns or distributions	(10,564)
Unrealized gains (losses) In earnings	(2,309)
Fair Value, Asset Value	45,423	0	0
Investments in Unconsolidated Ventures \| Recurring \| Level 3
Level 3 Assets
Fair Value, Asset Value	0	0	0
Acquired through the Merger	362,269
Purchases / borrowings / amortization / contributions	162,192
Paydowns or distributions	(166,795)
Unrealized gains (losses) In earnings	6,104	0
Fair Value, Asset Value	363,770	0	0
Securities \| Recurring \| Level 3
Level 3 Assets
Fair Value, Asset Value	0	0	0
Acquired through the Merger	427,560
Purchases / borrowings / amortization / contributions	40,035
Paydowns or distributions	(120,728)
Realized gains (losses) in earnings	(38,885)
Unrealized gains (losses) In earnings		0
Unrealized gains (losses) In accumulated other comprehensive income	15,261
Fair Value, Asset Value	323,243	0	0
THL Hotel Portfolio \| Due To Affiliates—Contingent Consideration for Internalization \| Recurring \| Level 3
Level 3 Liabilities
Fair Value, Liability Value	0	0	0
Consideration for business combination	(6,771)
Unrealized gains (losses) in earnings	(648)
Fair Value, Liability Value	$ (7,419)	$ 0	$ 0

Fair Value - Nonrecurring Fair Value (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2017 USD ($)	Dec. 31, 2017 USD ($) property	Dec. 31, 2016 USD ($)
Real estate held for sale \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	$ 49,498	$ 49,498	$ 67,034
Impairment loss		25,619	11,334
Real estate held for investment \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	224,935	224,935	226
Impairment loss		19,668	57
Intangible assets—investment management contracts \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	51,100	51,100	2,181
Impairment loss		$ 59,073	$ 320
Discount rate		9.00%	8.00%
Investments in Unconsolidated Ventures \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	11,871	$ 11,871	$ 0
Impairment loss		6,774	0
Level 2 \| Real estate held for sale \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	13,252	13,252	33,074
Level 2 \| Real estate held for investment \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	0	0	0
Level 2 \| Intangible assets—investment management contracts \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	0	0	0
Level 2 \| Investments in Unconsolidated Ventures \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	0	$ 0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate		20.00%
Level 3 \| Real estate held for sale \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	36,246	$ 36,246	33,960
Level 3 \| Real estate held for investment \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	224,935	224,935	226
Level 3 \| Intangible assets—investment management contracts \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	51,100	51,100	2,181
Level 3 \| Investments in Unconsolidated Ventures \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	11,871	$ 11,871	$ 0
Level 3 \| Minimum \| Real estate held for sale \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate		5.60%
Selling costs		2.00%
Level 3 \| Maximum \| Real estate held for sale \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate		11.00%
Selling costs		8.00%
European Portfolio \| Real estate held for investment \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment loss		$ 14,100
Discount rate		10.00%
European Portfolio \| Minimum \| Real estate held for investment \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Terminal capitalization rate		8.00%
European Portfolio \| Maximum \| Real estate held for investment \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Terminal capitalization rate		13.00%
RIDEA Properties \| European Portfolio \| Real estate held for investment \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of properties sold \| property		3
NorthStar Healthcare \| Intangible assets—investment management contracts \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment loss	55,300
NorthStar RXR NY Metro \| Intangible assets—investment management contracts \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment loss	$ 3,700

Fair Value - Estimated Fair Values and Carrying Values of Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Assets
Loans at amortized cost	$ 45,423	$ 0
Level 1
Assets
Loans at amortized cost	0	0
Liabilities
Line of credit	0	0
Level 1 \| Convertible senior notes
Liabilities
Secured and unsecured debt	608,491	606,698
Level 1 \| Secured and Unsecured Debt
Liabilities
Secured and unsecured debt	0	0
Level 1 \| Securitization Bonds Payable
Liabilities
Secured and unsecured debt	0	0
Level 1 \| Junior Subordinated Notes
Liabilities
Secured and unsecured debt	0
Level 2
Assets
Loans at amortized cost	0	0
Liabilities
Line of credit	50,000	422,600
Level 2 \| Convertible senior notes
Liabilities
Secured and unsecured debt	13,979	0
Level 2 \| Secured and Unsecured Debt
Liabilities
Secured and unsecured debt	0	0
Level 2 \| Securitization Bonds Payable
Liabilities
Secured and unsecured debt	132,815	492,481
Level 2 \| Junior Subordinated Notes
Liabilities
Secured and unsecured debt	0
Level 3
Assets
Loans at amortized cost	3,232,301	3,471,797
Liabilities
Line of credit	0	0
Level 3 \| Convertible senior notes
Liabilities
Secured and unsecured debt	0	0
Level 3 \| Secured and Unsecured Debt
Liabilities
Secured and unsecured debt	9,703,680	2,163,094
Level 3 \| Securitization Bonds Payable
Liabilities
Secured and unsecured debt	169,908	0
Level 3 \| Junior Subordinated Notes
Liabilities
Secured and unsecured debt	216,316
Fair Value
Assets
Loans at amortized cost	3,232,301	3,471,797
Liabilities
Line of credit	50,000	422,600
Fair Value \| Convertible senior notes
Liabilities
Secured and unsecured debt	622,470	606,698
Fair Value \| Secured and Unsecured Debt
Liabilities
Secured and unsecured debt	9,703,680	2,163,094
Fair Value \| Securitization Bonds Payable
Liabilities
Secured and unsecured debt	302,723	492,481
Fair Value \| Junior Subordinated Notes
Liabilities
Secured and unsecured debt	216,316
Carrying Value
Assets
Loans at amortized cost	3,178,339	3,430,608
Liabilities
Line of credit	50,000	422,600
Carrying Value \| Convertible senior notes
Liabilities
Secured and unsecured debt	610,331	592,826
Carrying Value \| Secured and Unsecured Debt
Liabilities
Secured and unsecured debt	9,622,175	2,205,697
Carrying Value \| Securitization Bonds Payable
Liabilities
Secured and unsecured debt	303,709	$ 494,495
Carrying Value \| Junior Subordinated Notes
Liabilities
Secured and unsecured debt	$ 197,053

Variable Interest Entities (Details) $ in Millions	Dec. 31, 2017 USD ($) investment	Dec. 31, 2016 USD ($)
Trust
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	$ 3.7
Consolidated open-end fund
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	6.9
Company Sponsored Funds
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	10.2	$ 1.7
Securitization Vehicles
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	490.1	$ 407.0
Securitization Vehicles \| Variable Interest Entity, Unconsolidated
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	$ 102.2
N-Star CDO \| Securitization Vehicles
Variable Interest Entity [Line Items]
Number of securitization vehicles \| investment	2

Stockholders' Equity - Narrative (Details)						12 Months Ended
Stockholders' Equity - Narrative (Details)	Jan. 27, 2017 $ / shares	Jan. 20, 2017 $ / shares	Jan. 10, 2017	Jan. 10, 2017 $ / shares	Apr. 02, 2015	Dec. 31, 2017 USD ($) vote quarter director $ / shares shares	Dec. 31, 2016	Mar. 31, 2017 USD ($)	Feb. 23, 2017 USD ($)	Sep. 30, 2015 USD ($)
Class of Stock [Line Items]
Redemption amount per share (in dollars per share) \| $ / shares						$ 25.00
Minimum period of dividend defaults providing preferred stockholders to voting rights (six or more) \| quarter						6
Number of directors vote entitles \| director						2
Minimum affirmative vote required for changes to any series of preferred stock						66.67%
Common stock conversion ratio for Class A to Class B / OP Units					1
Class A common stock acquired under the DRIP Plan \| shares						0
Common Class A
Class of Stock [Line Items]
Voting rights per share of common stock \| vote						1
Stock repurchase, authorized amount									$ 300,000,000
Stock repurchase, period for repurchase						1 year
Shares repurchased (in shares) \| shares						23,371,071
Value of shares repurchased						$ 300,000,000
Weighted average price per share (in dollars per share) \| $ / shares						$ 12.84
Common Class B
Class of Stock [Line Items]
Voting rights per share of common stock \| vote						36.5
Colony NorthStar \| Common Stock
Class of Stock [Line Items]
Dividends paid (in dollars per share) \| $ / shares		$ 0.04444		$ 0.03
Colony NorthStar \| Common Class A
Class of Stock [Line Items]
Exchange ratio			1.4663			1.4663	1.4663
Colony NorthStar \| Common Class B
Class of Stock [Line Items]
Exchange ratio			1.4663
NSAM \| Common Stock
Class of Stock [Line Items]
Dividends paid (in dollars per share) \| $ / shares	$ 1.16
NSAM \| Colony NorthStar \| Common Class A
Class of Stock [Line Items]
Exchange ratio			1.4663
Common stock conversion ratio for Class A to Class B / OP Units			1
Call Spread \| Common Class A
Class of Stock [Line Items]
Shares repurchased (in shares) \| shares						2,150,120
Value of shares repurchased						$ 29,800,000
Short \| Call Spread \| NSAM \| Common Stock
Class of Stock [Line Items]
Notional amount										$ 100,000,000.0
Settlement								$ 21,900,000
Cash pledged as collateral, released								$ 15,000,000

Stockholders' Equity - Preferred and Common Stock Outstanding (Details) $ / shares in Units, $ in Thousands				1 Months Ended	3 Months Ended		12 Months Ended
	Jan. 20, 2017 $ / shares	Jan. 10, 2017 $ / shares shares	Jan. 10, 2017 shares	Jan. 31, 2016 USD ($) shares	Mar. 31, 2017 $ / shares shares	Mar. 31, 2017 $ / shares shares	Dec. 31, 2017 USD ($) $ / shares shares	Dec. 31, 2016 USD ($) $ / shares shares	Dec. 31, 2015 $ / shares shares
Class of Stock [Line Items]
Common stock, dividends, per share, declared (in dollars per share) \| $ / shares					$ 0.24	$ 0.27	$ 1.08	$ 1.08	$ 0.81
Share Activities Of Preferred And Common Stock [Roll Forward]
Preferred stock, shares outstanding (in shares)		25,030,000			39,466,000	25,030,000	25,030,000
Preferred stock, shares outstanding (in shares)		39,466,000	39,466,000				65,464,000	25,030,000
Repurchase of preferred stock \| $							$ 300,177	$ 19,998
REIT Securities Venture
Share Activities Of Preferred And Common Stock [Roll Forward]
Ownership percentage								4.40%
Preferred Stock
Share Activities Of Preferred And Common Stock [Roll Forward]
Preferred stock, shares outstanding (in shares)		25,030,000		25,030,000		25,030,000	25,030,000	25,030,000	13,530,000
Number of shares issued or issuable in a combination (in shares)							39,466,000
Issuance of shares (in shares)							26,400,000		11,500,000
Repurchase of stock (in shares)				(963,718)			(25,432,000)	(964,000)
Reissuance of preferred stock (in shares)								964,000
Preferred stock, shares outstanding (in shares)							65,464,000	25,030,000	25,030,000
Repurchase of preferred stock \| $				$ 20,000
Common Class A
Share Activities Of Preferred And Common Stock [Roll Forward]
Common stock, shares outstanding (in shares)		166,440,000		163,777,000		166,440,000	166,440,000	163,777,000	160,756,000
Number of shares issued or issuable in a combination (in shares)							392,120,000
Shares canceled (in shares)							(2,984,000)
Issuance of shares (in shares)									2,093,000
Conversion of Class B to Class A common stock, Class A issued							34,000	31,000	26,000
Repurchase of stock (in shares)							(23,371,000)
Converted instrument, shares issued (in shares)							233,000
Share-based compensation, net of forfeitures (in shares)							8,096,000	1,478,000	902,000
Redemption of restricted stock units \| $							$ 775
Shares canceled for tax withholding on vested stock awards (in shares)							(428,000)	(216,000)	0
Common stock, shares outstanding (in shares)							542,599,000	166,440,000	163,777,000
Shares repurchased (in shares)							23,371,071
Common Class A \| Operating Partnership Unit
Share Activities Of Preferred And Common Stock [Roll Forward]
Issuance of shares (in shares)							1,684,000	1,370,000
Common Class B
Share Activities Of Preferred And Common Stock [Roll Forward]
Common stock, shares outstanding (in shares)		770,000		801,000		770,000	770,000	801,000	0
Number of shares issued or issuable in a combination (in shares)							0
Shares canceled (in shares)							0
Issuance of shares (in shares)									827,000
Conversion of Class B to Class A common stock, Class B converted							(34,000)	(31,000)	(26,000)
Repurchase of stock (in shares)							0
Share-based compensation, net of forfeitures (in shares)							0	0	0
Shares canceled for tax withholding on vested stock awards (in shares)							0	0	0
Common stock, shares outstanding (in shares)							736,000	770,000	801,000
Common Class B \| Operating Partnership Unit
Share Activities Of Preferred And Common Stock [Roll Forward]
Issuance of shares (in shares)							0	0
Colony NorthStar \| Common Stock
Class of Stock [Line Items]
Dividends paid (in dollars per share) \| $ / shares	$ 0.04444	$ 0.03
Colony NorthStar \| Preferred Stock
Class of Stock [Line Items]
Business combination, stock exchange, conversion ratio			1
Colony NorthStar \| Common Class A
Class of Stock [Line Items]
Business combination, stock exchange, conversion ratio			1.4663				1.4663	1.4663
Colony NorthStar \| Common Class B
Class of Stock [Line Items]
Business combination, stock exchange, conversion ratio			1.4663

Stockholders' Equity - Preferred Stock (Details) - USD ($) shares in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jan. 10, 2017
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)		65,464	25,030		39,466
Par Value (in dollars per share)		$ 655			$ 1,010,320
Preferred stock, liquidation preference		1,636,605	$ 625,750
Proceeds from issuance of preferred stock, net		$ 638,100	$ 0	$ 277,945
Series B
Class of Stock [Line Items]
Dividend Rate Per Annum		8.25%
Preferred stock, shares outstanding (in shares)		6,114			13,999
Par Value (in dollars per share)		$ 61			$ 352,004
Preferred stock, liquidation preference		$ 152,855
Series D
Class of Stock [Line Items]
Dividend Rate Per Annum		8.50%
Preferred stock, shares outstanding (in shares)		8,000			8,000
Par Value (in dollars per share)		$ 80			$ 206,597
Preferred stock, liquidation preference		$ 200,000
Series E
Class of Stock [Line Items]
Dividend Rate Per Annum		8.75%
Preferred stock, shares outstanding (in shares)		10,000			10,000
Par Value (in dollars per share)		$ 100			$ 259,542
Preferred stock, liquidation preference		$ 250,000
Series G
Class of Stock [Line Items]
Dividend Rate Per Annum		7.50%
Preferred stock, shares outstanding (in shares)		3,450
Par Value (in dollars per share)		$ 35
Preferred stock, liquidation preference		$ 86,250
Series H
Class of Stock [Line Items]
Dividend Rate Per Annum		7.125%
Preferred stock, shares outstanding (in shares)		11,500
Par Value (in dollars per share)		$ 115
Preferred stock, liquidation preference		$ 287,500
Series I
Class of Stock [Line Items]
Dividend Rate Per Annum	7.15%	7.15%
Preferred stock, shares outstanding (in shares)		13,800
Par Value (in dollars per share)		$ 138
Preferred stock, liquidation preference		345,000
Proceeds from issuance of preferred stock, net		$ 637,900
Series J
Class of Stock [Line Items]
Dividend Rate Per Annum	7.125%	7.125%
Preferred stock, shares outstanding (in shares)		12,600
Par Value (in dollars per share)		$ 126
Preferred stock, liquidation preference		$ 315,000

Stockholders' Equity - Redemption and Issuance of Preferred Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jan. 10, 2017
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)		65,464	25,030
Preferred stock, shares outstanding (in shares)		65,464	25,030		39,466
Redemption amount per share (in dollars per share)		$ 25.00
Preferred stock redemption (Note 15)		$ 4,530	$ 0	$ 0
Series A
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)					2,467
Preferred stock redemptions payable		$ 644,900
Redemption amount per share (in dollars per share)		$ 25.00
Preferred stock redemption (Note 15)	$ 4,500
Liquidation preference per share (in dollars per share)		$ 25.00
Series I
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)		13,800
Dividend rate per annum, preferred stock	7.15%	7.15%
Series J
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)		12,600
Dividend rate per annum, preferred stock	7.125%	7.125%

Stockholders' Equity - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 5,616,927	$ 5,416,240	$ 2,935,793
Ending balance	12,349,392	5,616,927	5,416,240
AOCI - Stockholders
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(32,109)	(18,422)	(28,491)
Other comprehensive income (loss) before reclassifications	39,742	(13,085)	(17,856)
Amounts reclassified from AOCI	39,683	(602)	27,925
Ending balance	47,316	(32,109)	(18,422)
Company's Share in AOCI of Equity Method Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	85	0	451
Other comprehensive income (loss) before reclassifications	5,450	131	(612)
Amounts reclassified from AOCI	81	(46)	161
Ending balance	5,616	85	0
Gain (Loss) on Marketable Securities Attributable to Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(112)	0	0
Other comprehensive income (loss) before reclassifications	(22,014)	(112)	0
Amounts reclassified from AOCI	36,544	0	0
Ending balance	14,418	(112)	0
Gain/(Loss) on Cash Flow Hedges Attributable to Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(41)	(245)	(101)
Other comprehensive income (loss) before reclassifications	41	7	(199)
Amounts reclassified from AOCI	0	197	55
Ending balance	0	(41)	(245)
Foreign Currency Translation Gain/(Loss) Attributable to Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(76,426)	(42,125)	(52,643)
Other comprehensive income (loss) before reclassifications	124,846	(34,234)	(56,676)
Amounts reclassified from AOCI	(2,489)	(67)	67,194
Ending balance	45,931	(76,426)	(42,125)
Gain/(Loss) on Net Investment Hedges Attributable to Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	44,385	23,948	23,802
Other comprehensive income (loss) before reclassifications	(68,581)	21,123	39,631
Amounts reclassified from AOCI	5,547	(686)	(39,485)
Ending balance	(18,649)	44,385	23,948
AOCI Attributable to Noncontrolling Interest in Investment Entities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(45,942)	(99)	(3,669)
Other comprehensive income (loss) before reclassifications	88,162	(44,337)	(1,653)
Amounts reclassified from AOCI	(145)	(1,506)	5,223
Ending balance	42,075	(45,942)	(99)
Gain (Loss) on Marketable Securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(527)	0	0
Other comprehensive income (loss) before reclassifications	981	(527)	0
Amounts reclassified from AOCI	(454)	0	0
Ending balance	0	(527)	0
Unrealized Gain (Loss) on Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	(149)	(52)
Other comprehensive income (loss) before reclassifications	0	0	(137)
Amounts reclassified from AOCI	0	149	40
Ending balance	0	0	(149)
Foreign Currency Translation Gain (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(57,213)	51	(3,616)
Other comprehensive income (loss) before reclassifications	97,840	(56,479)	(1,516)
Amounts reclassified from AOCI	(1,679)	(785)	5,183
Ending balance	38,948	(57,213)	51
Unrealized Gain (Loss) on Net Investment Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	11,798	(1)	(1)
Other comprehensive income (loss) before reclassifications	(10,659)	12,669	0
Amounts reclassified from AOCI	1,988	(870)	0
Ending balance	$ 3,127	$ 11,798	$ (1)

Stockholders' Equity - Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Equity in net income	$ 285,151	$ 99,375	$ 47,605
Other gain (loss), net	(25,814)	18,416	(5,170)
Other gain (loss), net \| Reclassification out of Accumulated Other Comprehensive Income \| Realized gain (loss) on marketable securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Equity in net income	(5,285)	46	(161)
Other gain (loss), net \| Reclassification out of Accumulated Other Comprehensive Income \| Other-than-temporary impairment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net	(31,259)	0	0
Other gain (loss), net \| Reclassification out of Accumulated Other Comprehensive Income \| Unrealized gain on ineffective cash flow hedge
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net	0	(197)	(55)
Other gain (loss), net \| Reclassification out of Accumulated Other Comprehensive Income \| Release of cumulative translation adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net	2,489	67	(21,787)
Other gain (loss), net \| Reclassification out of Accumulated Other Comprehensive Income \| Unrealized gain (loss) on dedesignated net investment hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net	(1,829)	634	28
Other gain (loss), net \| Reclassification out of Accumulated Other Comprehensive Income \| Realization of gain (loss) on net investment hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net	(3,718)	52	6,492
Earnings from investments in unconsolidated ventures \| Reclassification out of Accumulated Other Comprehensive Income \| Release of equity in AOCI of unconsolidated ventures
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net	(81)	0	0
Gain on remeasurement of consolidated investment entities, net \| Reclassification out of Accumulated Other Comprehensive Income \| Release of cumulative translation adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net	0	0	(45,407)
Gain on remeasurement of consolidated investment entities, net \| Reclassification out of Accumulated Other Comprehensive Income \| Realization of gain (loss) on net investment hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net	$ 0	$ 0	$ 32,965

Noncontrolling Interests - Changes in Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 29, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at December 31, 2016		$ 0
Assumed through		513,847
Distributions		(879,889)	$ (621,207)	$ (680,358)
Net income		23,543	0	$ 0
Redemption		(5,085)	(3,963)
Balance at December 31, 2017		34,144	$ 0
Redeemable noncontrolling interests
Increase (Decrease) in Temporary Equity [Roll Forward]
Contributions		8,550
Distributions		(3,158)
Net income		23,543
Redemption		(97,672)
Currency translation adjustment and other		(725)
Redeemable noncontrolling interests \| Townsend
Increase (Decrease) in Temporary Equity [Roll Forward]
Assumed through		78,843
Redeemable noncontrolling interests \| Consolidation of sponsored fund
Increase (Decrease) in Temporary Equity [Roll Forward]
Assumed through		$ 24,763
Townsend
Noncontrolling Interest [Line Items]
Proceeds from sale of interest, allocated	$ 20,000

Noncontrolling Interests - In Investment Entities and in Operating Company (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2017 USD ($)	Dec. 31, 2017 USD ($) shares	Dec. 31, 2016 USD ($) shares	Dec. 31, 2015 USD ($)
Noncontrolling Interest [Line Items]
Noncontrolling interest, decrease from deconsolidation		$ 4,000
Noncontrolling interest, cost of new capital		$ 21,900		$ 9,406
Noncontrolling interest, ownership percentage by noncontrolling owners		28.70%
Acquisition of noncontrolling interests		$ 5,085	$ 3,963
OP Units to common stock, conversion ratio		1
Common Class A
Noncontrolling Interest [Line Items]
Acquisition of noncontrolling interests			$ 2,557
Issuance of shares (in shares) \| shares			1,369,911
OP Units
Noncontrolling Interest [Line Items]
OP Units to common stock, conversion ratio		1	1
OP units redeemed (in shares) \| shares		2,076,214	1,594,475
OP Units redeemed for stock (in shares) \| shares		1,684,170
OP Units redeemed for cash (in shares) \| shares		392,044
OP units redeemed, cash settlement		$ 5,100	$ 2,600
Additional Paid-in Capital
Noncontrolling Interest [Line Items]
Acquisition of noncontrolling interests		21,800	(725)
Additional Paid-in Capital \| Common Class A
Noncontrolling Interest [Line Items]
Acquisition of noncontrolling interests		$ (22,814)	$ (18,557)
Healthcare
Noncontrolling Interest [Line Items]
Noncontrolling interest sold	18.70%
Noncontrolling interest, cost of new capital	$ 9,200
Healthcare \| Additional Paid-in Capital
Noncontrolling Interest [Line Items]
Noncontrolling interest, decrease from deconsolidation	$ 41,200

Discontinued Operations (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
Discontinued Operations (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jan. 10, 2017
Expenses
Net income from discontinued operations		$ 13,555	$ 0	$ 0
Discontinued Operations, Held-for-sale
Revenues
Property operating income		43,269
Other income		2,352
Expenses
Property operating expenses		(20,530)
Interest expense		(9,028)
Loss on sale of real estate assets		(2,108)
Other expenses		(400)
Net income from discontinued operations		13,555
Net income loss from discontinued operations attributable to Colony NorthStar, Inc.		13,097
Manufactured Housing \| Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price					$ 2,000,000
Mortgage financing assumed by buyer	$ 1,300,000
Proceeds from sale of real estate	$ 664,400
Noncontrolling Interests in Investment Entities \| Discontinued Operations, Held-for-sale
Expenses
Net income from discontinued operations attributable to:		(427)
Noncontrolling Interests in Operating Company \| Discontinued Operations, Held-for-sale
Expenses
Net income from discontinued operations attributable to:		$ (31)

Earnings per Share (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Jan. 10, 2017	Dec. 31, 2017 USD ($) $ / shares shares	Dec. 31, 2016 USD ($) $ / shares shares	Dec. 31, 2015 USD ($) $ / shares shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
OP Units to common stock, conversion ratio		1
Net income (loss) allocated to common stockholders
Income (loss) from continuing operations		$ (78,168)	$ 290,726	$ 256,036
Net income (loss) from discontinued operations after tax		13,555	0	0
Net income (loss)		(64,613)	290,726	256,036
Net (income) loss attributable to noncontrolling interests:
Redeemable noncontrolling interests		(23,543)	0	0
Investment entities		(129,996)	(163,084)	(86,123)
Operating Company		20,261	(12,324)	(19,933)
Net income (loss) attributable to Colony NorthStar, Inc.		(197,891)	115,318	149,980
Preferred stock redemption		(4,530)	0	0
Preferred dividends		(130,672)	(48,159)	(42,569)
Net income (loss) attributable to common stockholders		(333,093)	67,159	107,411
Net income allocated to participating securities		(9,168)	(2,293)	(1,237)
Net income (loss) allocated to common stockholders—basic		(342,261)	64,866	106,174
Interest expense attributable to convertible senior notes		0	0	0
Net income (loss) allocated to common stockholders—diluted		$ (342,261)	$ 64,866	$ 106,174
Weighted average common shares outstanding
Basic weighted average number of common shares outstanding (in shares) \| shares		532,600,000	164,570,000	162,658,000
Weighted average effect of dilutive shares (in shares) \| shares		0	0	0
Diluted weighted average number of common shares outstanding (in shares) \| shares		532,600,000	164,570,000	162,658,000
Basic earnings per share
Net income from continuing operations (in dollars per share) \| $ / shares		$ (0.66)	$ 0.39	$ 0.65
Income from discontinued operations (in dollars per share) \| $ / shares		0.02	0.00	0.00
Basic (in dollars per share) \| $ / shares		(0.64)	0.39	0.65
Diluted earnings per share
Net income from continuing operations (in dollars per share) \| $ / shares		(0.66)	0.39	0.65
Income from discontinued operations (in dollars per share) \| $ / shares		0.02	0.00	0.00
Diluted (in dollars per share) \| $ / shares		$ (0.64)	$ 0.39	$ 0.65
Colony NorthStar \| Common Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Exchange ratio	1.4663	1.4663	1.4663
Convertible Debt Securities
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest expense on convertible note excluded from diluted EPS		$ 28,900	$ 27,300	$ 27,300
Weighted average dilutive common share \| shares		38,564,400	36,582,700	36,210,000
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average dilutive common share \| shares		534,100
Operating Partnership Unit
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average dilutive common share \| shares		32,282,500	30,296,100	31,890,600
OP Units to common stock, conversion ratio		1

Fee Income - Earned (Details) - USD ($) $ in Thousands	12 Months Ended
Fee Income - Earned (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Base management fees ($165,436, $63,212 and $60,750 from affiliates, respectively)	$ 183,838	$ 63,212	$ 61,082
Asset management fees—from affiliates	19,306	4,519	3,835
Incentive fees ($172, $0 and $0 from affiliates, respectively)	1,043	0	0
Other fee income	16,602	0	896
Fee income	220,789	67,731	65,813
Affiliated Entity
Related Party Transaction [Line Items]
Base management fees ($165,436, $63,212 and $60,750 from affiliates, respectively)	154,370	63,212	60,750
Incentive fees ($172, $0 and $0 from affiliates, respectively)	153	0	0
Fee income	$ 184,914	$ 67,731	$ 64,585

Fee Income - Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 01, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Management Fee Income [Line Items]
Fee income		$ 220,789	$ 67,731	$ 65,813
Asset management fees
Management Fee Income [Line Items]
Percent of limited partner net funded capital		0.50%
Asset management fees \| Minimum
Management Fee Income [Line Items]
Percent of amount funded or allocated to originate or acquire investment		1.00%
Percent of contractual sales price for disposition of investment		1.00%
Asset management fees \| Maximum
Management Fee Income [Line Items]
Percent of amount funded or allocated to originate or acquire investment		2.25%
Percent of contractual sales price for disposition of investment		2.00%
Selling Commissions or Dealer Manager Fees
Management Fee Income [Line Items]
Percent of selling commissions		7.00%
Percent of dealer manager fees		3.00%
Private Funds \| Fee income
Management Fee Income [Line Items]
Percent of limited partner net funded capital		1.00%
Non Traded REIT \| Fee income
Management Fee Income [Line Items]
Percent of gross assets or equity		1.00%
Non Traded REIT \| Fee income \| Maximum
Management Fee Income [Line Items]
Percent of gross assets or equity		2.00%
Registered Investment Companies \| Fee income
Management Fee Income [Line Items]
Percent of average net assets		1.25%
NRE \| Fee income
Management Fee Income [Line Items]
Fee income		$ 14,200
Percent increase per year		1.50%
Subsequent event \| Non Traded REIT \| Fee income
Management Fee Income [Line Items]
Percent of net asset value	1.50%
Fee income	$ 2,500

Equity-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands		1 Months Ended				12 Months Ended
	Jan. 10, 2017	Mar. 31, 2017 USD ($) shares	Jan. 31, 2017 $ / shares shares	Dec. 31, 2014 USD ($)	Jan. 31, 2014	Dec. 31, 2017 USD ($) $ / shares shares	Dec. 31, 2016 USD ($) $ / shares	Dec. 31, 2015 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of shares						$ 660,000
Fair value of shares vested						$ 31,900	$ 9,900	$ 12,400
Granted (USD per share) \| $ / shares						$ 14.37	$ 13.14	$ 16.65
Aggregate unrecognized compensation cost related to restricted stock granted						$ 44,600
Weighted average period of expected cost						1 year 9 months 18 days
RSUs \| NRF Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					5 years
LTIP Units \| CLNS Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion of units, conversion ratio						1
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of shares (in shares) \| shares								2,093,000
Issuance of shares								$ 37,389
Common Class A \| CLNS Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized \| shares						19,401,095
Number of shares authorized, percent increase						2.00%
Colony NorthStar \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Business combination, stock exchange, conversion ratio	1.4663					1.4663	1.4663
Colony NorthStar \| Common Class A \| Director Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Business combination, stock exchange, conversion ratio						1.4663
Issuance of shares (in shares) \| shares						44,464
Colony NorthStar \| Common Class A \| Equity Incentive Plan, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Business combination, stock exchange, conversion ratio						1.4663
Townsend \| Restricted Stock \| NSAM Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion of stock, conversion ratio						1
American Healthcare Investors, LLC \| NSAM Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ownership percentage				43.00%
Common stock, value outstanding				$ 1,000
NSAM and NRF \| Colony NorthStar \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Business combination, stock exchange, conversion ratio						1.0996
NSAM \| RSUs \| NRF Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Business combination, stock exchange, conversion ratio					1.0
NRF \| RSUs \| NRF Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Business combination, stock exchange, conversion ratio					1.0996
Executive Officer \| Restricted Stock \| CLNS Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of shares (in shares) \| shares			4,669,518
Vesting period			1 year
Volume weighted average price of stock, number of trading days			5 days
Floor price (USD per share) \| $ / shares			$ 15.00
Executive Officer \| LTIP Units \| CLNS Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of shares (in shares) \| shares			3,506,387
Certain Employees \| American Healthcare Investors, LLC \| NSAM Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares to be issued under the plan				$ 2,000
Shares to be issued under the plan, period				2 years
Certain Employees \| American Healthcare Investors, LLC \| Common Class A \| CLNS Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of shares (in shares) \| shares		70,261
Issuance of shares		$ 1,000

Equity-Based Compensation - Components of Share-Based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	$ 153,951	$ 13,638	$ 13,714
Compensation expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	149,820	13,638	7,817
Management fee expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	0	0	5,897
Earnings from investments in unconsolidated ventures
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	61	0	0
Investment, servicing and commission expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	$ 4,070	$ 0	$ 0

Equity-Based Compensation - Nonvested Shares Under Director Stock Plan and Equity Incentive Plan (Details)		12 Months Ended
	Jan. 10, 2017	Dec. 31, 2017 $ / shares shares	Dec. 31, 2016 $ / shares shares	Dec. 31, 2015 $ / shares
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)		2,089,007
Awards assumed through the Merger (shares)		1,367,404
Granted (shares)		11,849,857
Vested (shares)		(2,436,406)
Forfeited (shares)		(135,692)
Nonvested shares at period end (shares)		12,734,170	2,089,007
Weighted Average Grant Date Fair Value [Roll Forward]
Nonvested shares at beginning period (USD per share) \| $ / shares		$ 14.44
Awards assumed through the Merger (USD per share) \| $ / shares		14.68
Granted (USD per share) \| $ / shares		14.37	$ 13.14	$ 16.65
Vested (USD per share) \| $ / shares		14.82
Forfeited (USD per share) \| $ / shares		14.71
Nonvested shares at period end (USD per share) \| $ / shares		$ 14.53	$ 14.44
Colony NorthStar \| Common Class A
Weighted Average Grant Date Fair Value [Roll Forward]
Exchange ratio	1.4663	1.4663	1.4663
Restricted Stock
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)		2,089,007
Awards assumed through the Merger (shares)		592,504
Granted (shares)		8,231,848
Vested (shares)		(1,628,151)
Forfeited (shares)		(135,692)
Nonvested shares at period end (shares)		9,149,516	2,089,007
RSUs
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)		0
Awards assumed through the Merger (shares)		774,900
Granted (shares)		0
Vested (shares)		(774,900)
Forfeited (shares)		0
Nonvested shares at period end (shares)		0	0
LTIP Units
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)		0
Awards assumed through the Merger (shares)		0
Granted (shares)		3,506,387
Vested (shares)		0
Forfeited (shares)		0
Nonvested shares at period end (shares)		3,506,387	0
Deferred Stock Units [Member]
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)		0
Awards assumed through the Merger (shares)		0
Granted (shares)		111,622
Vested (shares)		(33,355)
Forfeited (shares)		0
Nonvested shares at period end (shares)		78,267	0

Transactions with Affiliates - Summary of Amounts Due to Manager or its Affiliates (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Due from affiliates	$ 51,518	$ 9,971
Due to affiliates	23,534	41,250
Fee income
Related Party Transaction [Line Items]
Due from affiliates	19,366	9,074
Cost reimbursements and recoverable expenses
Related Party Transaction [Line Items]
Due from affiliates	30,749	606
N-Star CDOs
Related Party Transaction [Line Items]
Due from affiliates	189	0
Employees and other affiliates
Related Party Transaction [Line Items]
Due from affiliates	1,214	291
Investment vehicles and unconsolidated ventures
Related Party Transaction [Line Items]
Due to affiliates	2,884	0
Contingent consideration
Related Party Transaction [Line Items]
Due to affiliates	$ 20,650	$ 41,250

Transactions with Affiliates - Cost Reimbursements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Cost reimbursements	$ 25,630	$ 4,296	$ 4,843
Retail Companies
Related Party Transaction [Line Items]
Percentage of average invested assets reimbursable as operating costs	2.00%
Expected reimbursable direct and indirect operating costs, percent of net income	25.00%
Cost reimbursements	$ 19,545	0	0
NRE
Related Party Transaction [Line Items]
Percent of combined general and administrative costs	20.00%
Townsend
Related Party Transaction [Line Items]
Cost reimbursements	$ 2,306	0	0
Other
Related Party Transaction [Line Items]
Cost reimbursements	$ 3,779	$ 4,296	$ 4,843
Minimum \| Retail Companies
Related Party Transaction [Line Items]
Percent of asset management fees	1.00%
Reimbursement percent for organization and offering costs	1.00%
Maximum \| Retail Companies
Related Party Transaction [Line Items]
Percent of asset management fees	1.25%

Transactions with Affiliates - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Cost reimbursements	$ 25,630,000	$ 4,296,000	$ 4,843,000
Distribution Support Agreement
Related Party Transaction [Line Items]
Commitment to invest as distribution support	10,000,000.0
Corporate Aircraft Use Reimbursement
Related Party Transaction [Line Items]
Cost reimbursements	1,900,000	$ 900,000	$ 400,000
American Healthcare Investors, LLC \| Management and Advisory Fees
Related Party Transaction [Line Items]
Property management and sub-advisory fees	$ 4,800,000
Minimum \| Healthcare Strategic Partnership
Related Party Transaction [Line Items]
Incentive fee percentage	20.00%
Maximum \| Healthcare Strategic Partnership
Related Party Transaction [Line Items]
Incentive fee percentage	25.00%
NorthStar Healthcare \| Revolving Credit Facility \| Line of Credit \| Affiliated Entity
Related Party Transaction [Line Items]
Maximum principal amount of credit facility	$ 35,000,000
Extension option, term	6 months
Unused borrowing capacity, fee	$ 0
Outstanding advances	$ 0
LIBOR \| NorthStar Healthcare \| Revolving Credit Facility \| Line of Credit \| Affiliated Entity
Related Party Transaction [Line Items]
Basis spread on variable rate	3.50%
Redeemable noncontrolling interests \| Investment Vehicles \| Affiliated Entity
Related Party Transaction [Line Items]
Investments	$ 4,800,000

Income Taxes - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($)
Income Tax Contingency [Line Items]
Tax Cuts and Jobs Act, incomplete accounting, change in tax rate, provisional income tax expense (benefit)	$ (24.9)
Colony NorthStar
Income Tax Contingency [Line Items]
Deferred tax liabilities assumed	218.2
Deferred taxes, business combination, valuation allowance	$ 31.9

Income Taxes - Income Tax Provision (Benefit) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Current
Federal	$ (20,316)	$ (2,720)	$ (451)
State and local	(3,606)	(1,436)	(397)
Foreign	(16,138)	(8,244)	(1,469)
Total current tax expense	(40,060)	(12,400)	(2,317)
Deferred
Federal	110,711	6,214	10,428
State and local	18,235	(713)	1,219
Foreign	9,513	2,117	(34)
Total deferred tax benefit	138,459	7,618	11,613
Total income tax (expense)	$ 98,399	$ (4,782)	$ 9,296

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Deferred tax assets
Net operating and capital loss carry forwards	$ 30,019	$ 2,563
Equity-based compensation	28,071	5,630
Basis difference—investment in partnerships	11,769	4,535
Basis difference—real estate	0	3,404
Foreign tax credits	1,682	1,184
Straight-line and prepaid rent expense	3,601	693
Deferred income	1,932	815
Deferred interest expense	1,924	0
Other	7,947	2,760
Gross deferred tax assets	86,945	21,584
Valuation allowance	(23,852)	(692)
Deferred tax assets, net of valuation allowance	63,093	20,892
Deferred tax liabilities
Management contract intangibles	(106,602)	(25,186)
Gain from remeasurement of consolidated investment entities, net	(1,594)	(2,530)
Basis difference—real estate	(68,687)	(27,546)
Other	(1,643)	(1,394)
Gross deferred tax liabilities	(178,526)	(56,656)
Net deferred tax liability	(115,433)	(35,764)
Deferred tax assets, operating loss carryforwards, foreign	95,300	$ 11,500
Reduction in valuation allowance	$ 12,300

Income Taxes - Effective Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Federal tax benefit at statutory tax rate (35%)	35.00%	35.00%	35.00%
Income (loss) from continuing and discontinued operations before income taxes	$ (163,012)	$ 295,508	$ 246,740
Pre-tax income attributable to pass-through subsidiaries	(89,104)	(306,644)	(277,902)
Pre-tax loss attributable to taxable subsidiaries	(252,116)	(11,136)	(31,162)
Federal tax benefit at statutory tax rate (35%)	88,241	3,365	10,907
State and local income taxes, net of federal income tax benefit	9,380	88	709
Foreign income tax differential	6	(5,441)	(1,594)
Nondeductible expenses	(20,372)	(1,128)	0
Excess inclusion income tax expense	0	(1,311)	(203)
Valuation allowance, net	(3,555)	(692)	0
Impact of Tax Cuts and Jobs Act	24,908	0	0
Current excess inclusion income tax	(209)	337	(523)
Total income tax (expense)	$ 98,399	$ (4,782)	$ 9,296

Commitments and Contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating Leased Assets [Line Items]
Contingent consideration, liability	$ 7,419	$ 0
Office leases
Operating Leased Assets [Line Items]
Rent expense	13,700	$ 5,600	$ 4,300
2018	7,443
2019	8,059
2020	7,724
2021	7,287
2022	7,298
2023 and thereafter	36,387
Total	$ 74,198

Segment Reporting - Summary of Operating Results for Each of Reportable Operating Segments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($) segment	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	5
Total revenues	$ 2,796,734	$ 838,857	$ 794,371
Property operating expenses	1,113,509	118,461	117,713
Interest expense	574,822	170,083	133,094
Depreciation and amortization	617,779	171,682	140,977
Provision for loan loss	19,741	35,005	39,859
Impairment loss	420,360	11,717	11,192
Gain on sale of real estate	137,370	73,616	8,962
Earnings from investments in unconsolidated ventures	285,151	99,375	47,605
Income tax benefit (expense)	98,399	(4,782)	9,296
Income (loss) from continuing operations	(78,168)	290,726	256,036
Net income (loss) from discontinued operations after tax	13,555	0	0
Net income (loss)	(64,613)	290,726	256,036
Net income (loss) attributable to Colony NorthStar, Inc.	(197,891)	115,318	149,980
Operating Segments \| Healthcare
Segment Reporting Information [Line Items]
Total revenues	613,169	0	0
Property operating expenses	274,528	0	0
Interest expense	185,256	0	0
Depreciation and amortization	183,897	0	0
Provision for loan loss	1,588	0	0
Impairment loss	14,375	0	0
Gain on sale of real estate	0	0	0
Earnings from investments in unconsolidated ventures	0	0	0
Income tax benefit (expense)	(5,639)	0	0
Income (loss) from continuing operations	(64,767)
Net income (loss) from discontinued operations after tax	0
Net income (loss)	(64,767)	0	0
Net income (loss) attributable to Colony NorthStar, Inc.	(51,428)	0	0
Operating Segments \| Industrial
Segment Reporting Information [Line Items]
Total revenues	243,172	196,357	162,540
Property operating expenses	67,196	55,924	54,581
Interest expense	38,566	44,834	37,338
Depreciation and amortization	109,265	88,854	82,447
Provision for loan loss	0	0	0
Impairment loss	44	407	450
Gain on sale of real estate	24,612	2,888	108
Earnings from investments in unconsolidated ventures	1,843	27	0
Income tax benefit (expense)	(2,252)	(586)	484
Income (loss) from continuing operations	39,340
Net income (loss) from discontinued operations after tax	0
Net income (loss)	39,340	(2,976)	(21,178)
Net income (loss) attributable to Colony NorthStar, Inc.	14,380	(884)	(9,560)
Operating Segments \| Hospitality
Segment Reporting Information [Line Items]
Total revenues	815,831	0	0
Property operating expenses	537,884	0	0
Interest expense	134,729	0	0
Depreciation and amortization	133,269	0	0
Provision for loan loss	0	0	0
Impairment loss	0	0	0
Gain on sale of real estate	0	0	0
Earnings from investments in unconsolidated ventures	0	0	0
Income tax benefit (expense)	(2,779)	0	0
Income (loss) from continuing operations	(9,863)
Net income (loss) from discontinued operations after tax	0
Net income (loss)	(9,863)	0	0
Net income (loss) attributable to Colony NorthStar, Inc.	(9,199)	0	0
Operating Segments \| Other Equity and Debt
Segment Reporting Information [Line Items]
Total revenues	873,046	569,780	561,307
Property operating expenses	233,901	62,537	63,132
Interest expense	161,993	80,503	50,990
Depreciation and amortization	128,942	63,480	38,704
Provision for loan loss	18,153	35,005	39,859
Impairment loss	30,867	10,990	6,639
Gain on sale of real estate	112,758	70,728	8,846
Earnings from investments in unconsolidated ventures	265,079	97,188	49,210
Income tax benefit (expense)	(3,950)	(10,143)	(3,796)
Income (loss) from continuing operations	567,752
Net income (loss) from discontinued operations after tax	995
Net income (loss)	568,747	431,903	376,110
Net income (loss) attributable to Colony NorthStar, Inc.	426,052	226,202	243,636
Operating Segments \| Investment Management
Segment Reporting Information [Line Items]
Total revenues	244,654	68,331	65,594
Property operating expenses	0	0	0
Interest expense	0	0	0
Depreciation and amortization	56,616	14,767	16,498
Provision for loan loss	0	0	0
Impairment loss	375,074	320	4,103
Gain on sale of real estate	0	0	0
Earnings from investments in unconsolidated ventures	18,229	2,160	(1,605)
Income tax benefit (expense)	111,205	6,608	12,658
Income (loss) from continuing operations	(172,011)
Net income (loss) from discontinued operations after tax	0
Net income (loss)	(172,011)	21,202	21,023
Net income (loss) attributable to Colony NorthStar, Inc.	(183,881)	17,876	17,645
Amounts not allocated to segments
Segment Reporting Information [Line Items]
Total revenues	6,862	4,389	4,930
Property operating expenses	0	0	0
Interest expense	54,278	44,746	44,766
Depreciation and amortization	5,790	4,581	3,328
Provision for loan loss	0	0	0
Impairment loss	0	0	0
Gain on sale of real estate	0	0	8
Earnings from investments in unconsolidated ventures	0	0	0
Income tax benefit (expense)	1,814	(661)	(50)
Income (loss) from continuing operations	(438,619)
Net income (loss) from discontinued operations after tax	12,560
Net income (loss)	(426,059)	(159,403)	(119,919)
Net income (loss) attributable to Colony NorthStar, Inc.	$ (393,815)	$ (127,876)	$ (101,741)

Segment Reporting - Assets and Equity Method Investments of Reportable Operating Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Total assets	$ 24,785,650	$ 9,760,992
Equity method investments, including fair value option investments	1,527,054
Equity method investments	1,163,153	953,259
Total income by geography	3,056,255	933,934	$ 837,179
Long-lived assets by geography	14,973,479	3,497,935
United States
Segment Reporting Information [Line Items]
Total income by geography	2,741,862	732,928	660,864
Long-lived assets by geography	13,224,197	2,255,663
Europe
Segment Reporting Information [Line Items]
Total income by geography	310,783	194,923	166,948
Long-lived assets by geography	1,749,282	1,242,272
Other
Segment Reporting Information [Line Items]
Total income by geography	3,610	6,083	$ 9,367
Operating Segments \| Healthcare
Segment Reporting Information [Line Items]
Total assets	5,813,552	0
Equity method investments, including fair value option investments	0
Equity method investments		0
Operating Segments \| Industrial
Segment Reporting Information [Line Items]
Total assets	2,812,975	2,268,699
Equity method investments, including fair value option investments	2,840
Equity method investments		1,027
Operating Segments \| Hospitality
Segment Reporting Information [Line Items]
Total assets	4,094,596	0
Equity method investments, including fair value option investments	0
Equity method investments		0
Operating Segments \| Other Equity and Debt
Segment Reporting Information [Line Items]
Total assets	9,274,268	6,640,377
Equity method investments, including fair value option investments	1,319,752
Equity method investments		939,045
Operating Segments \| Investment Management
Segment Reporting Information [Line Items]
Total assets	2,689,695	781,852
Equity method investments, including fair value option investments	200,720
Equity method investments		13,187
Amounts not allocated to segments
Segment Reporting Information [Line Items]
Total assets	100,564	70,064
Equity method investments, including fair value option investments	$ 3,742
Equity method investments		$ 0

Supplemental Disclosure of Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	$ 452,726	$ 118,365	$ 105,608
Cash paid for income taxes	53,017	7,190	2,078
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Dividends and distributions payable	188,202	65,972	65,688
Assets acquired in Merger (Note 3)	17,122,098	0	0
Liabilities assumed in Merger (Note 3)	11,249,183	0	0
Noncontrolling interests assumed in Merger (Note 3)	592,690	0	0
Common stock issued for acquisition of NSAM and NRF (Note 3)	5,710,134	0	0
Preferred stock issued for acquisition of NRF (Note 3)	1,010,320	0	0
Debt assumed by buyer in sale of manufactured housing portfolio (Note 17)	1,258,558	0	0
Net assets acquired in CPI restructuring (Note 3)	232,181	0	0
Net assets acquired in THL Hotel Portfolio (Note 3)	361,346	0	0
Net assets of investment entity deconsolidated (Note 4)	156,491	0	0
Net assets of sponsored fund consolidated, net of cash assumed (Note 14)	13,370	0	0
Investment deposits applied to acquisition of loans receivable, real estate and CPI Group	66,020	0	0
Redemption of OP Units for common stock	22,831	18,571	0
Foreclosures on collateral assets of originated or acquired loans receivable	54,615	128,124	0
Improvements in operating real estate in accrued and other liabilities	18,221	0	0
Proceeds from loan repayments and asset sales held in escrow and restricted cash	27,426	0	11,300
Exchange of notes for class A common shares	3,279	0	0
Consolidation of securitization trust	58,296
Assets of consolidated securitization trust		0	0
Liabilities of consolidated securitization trust	56,928	0	0
Distributions payable to noncontrolling interest included in other liabilities	10,786	0	0
Contributions receivable from noncontrolling interests	25,501	0	0
Net settlement of redemption and investment in equity method investee	0	117,241	0
Release of restricted cash in lieu of cash distribution upon buyout of noncontrolling interests	0	6,564	0
Accrued and other liabilities assumed in connection with acquisitions, net of cash assumed	0	0	407
Deferred tax liability assumed in a real estate acquisition	0	0	27,978
Settlement of debt through issuance of OP Units	0	0	10,000
Issuance of common stock for Internalization (Note 3)	0	0	52,160
Issuance of OP Units for Internalization (Note 3)	0	0	558,794
Assets of investment entities consolidated, net of cash assumed (Note 3)	0	0	2,985,572
Liabilities of investment entities consolidated (Note 3)	0	0	348,294
Noncontrolling interests in investment entities consolidated (Note 3)	$ 0	$ 0	$ 1,700,114

Subsequent Events - Commercial Real Estate Credit REIT (Details) - USD ($) $ in Thousands, shares in Millions		1 Months Ended
	Jan. 18, 2018	Jan. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Subsequent Event [Line Items]
Assets			$ (24,785,650)	$ (9,760,992)
Liabilities			(12,402,114)	$ (4,144,065)
Commercial Real Estate Credit REIT (Combination) \| Subsequent event
Subsequent Event [Line Items]
Transfer of stock to non affiliates limitation period	1 year
Ownership percentage	37.00%
Base management fee	1.50%
Management agreement, initial term	3 years
Commercial Real Estate Credit REIT (Combination) \| Common Class B-3 \| Subsequent event
Subsequent Event [Line Items]
Issuance of shares (in shares)	44.4
Colony NorthStar Credit \| Commercial Real Estate Credit REIT (Combination) \| Subsequent event
Subsequent Event [Line Items]
Management agreement, renewal term	1 year
Colony NorthStar Credit \| Commercial Real Estate Credit REIT (Combination) \| Common Class B-3 \| Subsequent event
Subsequent Event [Line Items]
Conversion of stock, conversion ratio	1
Colony NorthStar Credit \| Commercial Real Estate Credit REIT (Combination) \| Common Membership Units \| Subsequent event
Subsequent Event [Line Items]
Issuance of shares (in shares)	3.1
Conversion of stock, conversion ratio	1
NorthStar Income I Stockholders \| Commercial Real Estate Credit REIT (Combination) \| Subsequent event
Subsequent Event [Line Items]
Ownership percentage	32.00%
NorthStar Income II Stockholders \| Commercial Real Estate Credit REIT (Combination) \| Subsequent event
Subsequent Event [Line Items]
Ownership percentage	31.00%
Pro Forma \| Commercial Real Estate Credit REIT (Combination)
Subsequent Event [Line Items]
Assets			1,900,000
Liabilities			400,000
Noncontrolling interest			$ 300,000
Investment management contracts \| Commercial Real Estate Credit REIT (Combination) \| Subsequent event
Subsequent Event [Line Items]
Write off of intangible asset		$ 140,000

Subsequent Events - Common Stock Repurchase (Details) - Common Class A - USD ($)		12 Months Ended
	Feb. 26, 2018	Dec. 31, 2017	Feb. 23, 2017
Subsequent Event [Line Items]
Stock repurchase, authorized amount			$ 300,000,000
Stock repurchase, period for repurchase		1 year
Subsequent event
Subsequent Event [Line Items]
Stock repurchase, authorized amount	$ 300,000,000
Stock repurchase, period for repurchase	1 year

Subsequent Events - Digital Real Estate Infrastructure Fund (Details) - Digital Real Estate Infrastructure Fund Commitments - Real Estate Funds - Digital Bridge - Subsequent event $ in Millions	Feb. 28, 2018 USD ($)
Subsequent Event [Line Items]
Callable commitments	$ 1,400
Capital commitments	$ 117

Schedule III - Real Estate and Accumulative Depreciation - Real Estate Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Total Investment in Real Estate Assets, at Gross Cost Basis
Balance at January 1	$ 3,656,094	$ 3,518,682	$ 1,650,418
Assumed through the Merger	11,730,087	0	0
Assumed through foreclosures or restructuring of mortgage loans	1,867,655	128,124	155,035
Acquisitions	1,027,889	434,266	1,223,452
Improvements and capitalized costs	237,125	16,072	55,993
Consolidation of real estate held by investment entities (Note 3)	0	0	812,672
Deconsolidation of real estate held by investment entity (Note 4)	(407,653)	0	0
Dispositions	(2,484,616)	(313,982)	(321,173)
Impairment	(59,652)	(11,391)	(7,089)
Measurement period adjustments for real estate acquired in business combination	0	(16,688)	0
Effect of changes in foreign exchange rates	224,215	(98,989)	(50,626)
Balance at December 31	15,791,144	3,656,094	3,518,682
Classified as held for sale, net	(748,589)	(235,541)	(300,244)
Balance at December 31, before reclassification to held for sale	$ 15,042,555	$ 3,420,553	$ 3,218,438

Schedule III - Real Estate and Accumulative Depreciation - Accumulated Depreciation Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accumulated Depreciation
Balance at January 1	$ 188,509	$ 88,577	$ 6,421
Depreciation	453,331	108,298	83,156
Deconsolidation of real estate held by investment entity (Note 4)	(3,212)	0	0
Dispositions	(34,854)	(6,025)	(389)
Effect of changes in foreign exchange rates	2,426	(2,341)	(611)
Balance at December 31, held for investment	606,200	188,509	88,577
Classified as held for sale, net	(27,903)	(11,587)	(2,357)
Balance at December 31, before reclassification to held for sale	$ 578,297	$ 176,922	$ 86,220

Schedule IV - Mortgage Loans on Real Estate - Activity in Loans Held for Investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at January 1	$ 3,430,608	$ 4,046,093	$ 2,131,134
Loans acquired in Merger	359,541	0	0
Loan acquisitions and originations	991,239	551,456	1,145,704
Paid-in-kind interest added to loan principal	56,131	43,864	30,211
Discount and net loan fee amortization	43,877	27,038	17,062
Loan repayments	(902,190)	(735,162)	(346,246)
Payments received from PCI loans	(419,232)	(197,453)	(514,818)
Accretion on PCI loans	61,809	65,911	158,468
Transfer to loans held for sale	(50,894)	(56,357)	0
Carrying value of loans sold	0	(118,068)	0
Transfer to real estate assets upon foreclosure	(515,055)	(128,124)	(155,035)
Provision for loan losses	(19,741)	(34,864)	(39,638)
Other gain (loss)	(2,309)	0	0
Consolidation of loans receivable held by investment entities and securitization trusts (Notes 3 and 5)	58,296	0	1,629,496
Effect of changes in foreign exchange rates	131,682	(33,726)	(10,245)
Balance at December 31	$ 3,223,762	$ 3,430,608	$ 4,046,093