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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2018	May 07, 2018
Class of Stock [Line Items]
Entity Registrant Name	Colony NorthStar, Inc.
Trading Symbol	CLNS
Entity Central Index Key	0001679688
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Filer Category	Large Accelerated Filer
Common Class A
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		496,116,196
Common Class B
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		708,168

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 484,827	$ 921,822
Restricted cash	453,366	471,078
Real estate, net	14,100,874	14,464,258
Loans receivable, net ($44,330 and $45,423 at fair value, respectively)	1,972,179	3,223,762
Investments in unconsolidated ventures ($247,983 and $363,901 at fair value, respectively)	2,549,630	1,655,239
Securities, at fair value	288,900	383,942
Goodwill	1,534,561	1,534,561
Deferred leasing costs and intangible assets, net	691,896	852,872
Assets held for sale ($215,162 and $49,498 at fair value, respectively)	1,002,838	781,630
Other assets ($7,267 and $10,150 at fair value, respectively)	441,839	444,968
Due from affiliates	43,582	51,518
Total assets	23,564,492	24,785,650
Liabilities
Debt, net ($44,103 and $44,542 at fair value, respectively)	10,495,429	10,827,810
Accrued and other liabilities ($158,558 and $212,267 at fair value, respectively)	791,439	898,161
Intangible liabilities, net	187,864	191,109
Liabilities related to assets held for sale	273,778	273,298
Due to affiliates ($10,170 and $20,650 at fair value, respectively)	13,105	23,534
Dividends and distributions payable	90,791	188,202
Total liabilities	11,852,406	12,402,114
Commitments and contingencies (Note 23)
Redeemable noncontrolling interests	31,648	34,144
Stockholders’ equity:
Preferred stock, $0.01 par value per share; $1,636,605 liquidation preference; 250,000 shares authorized; 65,464 shares issued and outstanding	1,606,966	1,606,966
Additional paid-in capital	7,634,952	7,913,622
Distributions in excess of earnings	(1,294,996)	(1,165,412)
Accumulated other comprehensive income	49,037	47,316
Total stockholders’ equity	8,000,973	8,407,925
Noncontrolling interests in investment entities	3,267,834	3,539,072
Noncontrolling interests in Operating Company	411,631	402,395
Total equity	11,680,438	12,349,392
Total liabilities, redeemable noncontrolling interests and equity	23,564,492	24,785,650
Class A, 949,000 shares authorized; 500,643 and 542,599 shares issued and outstanding, respectively
Stockholders’ equity:
Common stock, $0.01 par value per share	5,007	5,426
Class B, 1,000 shares authorized; 736 shares issued and outstanding
Stockholders’ equity:
Common stock, $0.01 par value per share	$ 7	$ 7

CONSOLIDATED BALANCE SHEETS (VIE) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Cash	$ 484,827	$ 921,822
Loans receivable, net	1,972,179	3,223,762
Securities	288,900	383,942
Real estate, net	14,100,874	14,464,258
Other assets	441,839	444,968
Total assets	23,564,492	24,785,650
Debt, net	10,495,429	10,827,810
Other liabilities	791,439	898,161
Total liabilities	11,852,406	12,402,114
Securitization Vehicles \| Variable Interest Entity, Primary Beneficiary
Cash	7,988	10,969
Restricted cash	55,058	40,084
Loans receivable, net	158,383	546,306
Securities	180,313	250,526
Real estate, net	0	8,073
Other assets	719	13,671
Total assets	402,461	869,629
Debt, net	212,928	348,250
Other liabilities	3,223	31,299
Total liabilities	$ 216,151	$ 379,549

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Loans receivable at fair value	$ 44,330	$ 45,423
Investments in unconsolidated ventures, fair value	247,983	363,901
Other assets, fair value	7,267	10,150
Due to affiliates, fair value	10,170	20,650
Assets held for sale fair value	215,162	49,498
Debt at fair value	44,103	44,542
Accrued and other liabilities, at fair value	$ 158,558	$ 212,267
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, liquidation preference	$ 1,636,605	$ 1,636,605
Preferred stock, shares authorized (in shares)	250,000,000	250,000,000
Preferred stock, shares issued (in shares)	65,464,000	65,464,000
Preferred stock, shares outstanding (in shares)	65,464,000	65,464,000
Common Class A
Common stock, par value (in dollars per shares)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	949,000,000	949,000,000
Common stock, shares issued (in shares)	500,643,000	542,599,000
Common stock, shares outstanding (in shares)	500,643,000	542,599,000
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	736,000
Common stock, shares outstanding (in shares)	736,000	736,000

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income
Property operating income	$ 554,730	$ 426,854
Interest income	63,854	115,544
Fee income ($36,772 and $45,789 from affiliates, respectively)	36,842	53,250
Other income ($6,793 and $6,703 from affiliates, respectively)	11,238	11,517
Total revenues	666,664	607,165
Expenses
Property operating expense	305,770	216,349
Interest expense	148,889	126,278
Investment, servicing and commission expense	18,653	11,807
Transaction costs	716	87,340
Depreciation and amortization	144,705	137,420
Provision for loan loss	5,375	6,724
Impairment loss	153,398	8,519
Compensation expense	49,484	91,818
Administrative expenses	24,863	25,914
Total expenses	851,853	712,169
Gain on sale of real estate	18,444	8,970
Other gain, net	75,256	25,381
Earnings from investments in unconsolidated ventures	32,265	113,992
Income (loss) before income taxes	(59,224)	43,339
Income tax benefit (expense)	32,808	(3,709)
Income (loss) from continuing operations	(26,416)	39,630
Income from discontinued operations	117	12,560
Net income (loss)	(26,299)	52,190
Redeemable noncontrolling interests
Redeemable noncontrolling interests	(696)	617
Investment entities	20,102	27,059
Operating Company	(4,378)	(1,083)
Net income (loss) attributable to Colony NorthStar, Inc.	(41,327)	25,597
Preferred stock dividends	31,387	30,813
Net loss attributable to common stockholders	$ (72,714)	$ (5,216)
Basic loss per share
Loss from continuing operations per basic common share (in dollars per share)	$ (0.14)	$ (0.03)
Net loss per basic common share (in dollars per share)	(0.14)	(0.01)
Diluted loss per share
Loss from continuing operations per diluted common share (in dollars per share)	(0.14)	(0.03)
Net loss per diluted common share (in dollars per share)	$ (0.14)	$ (0.01)
Weighted average number of shares
Basic (in shares)	530,680	506,405
Diluted (in shares)	530,680	506,405
Dividends declared per common share (Note 16)	$ 0.11	$ 0.27

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Fee income	$ 36,842	$ 53,250
Other income	11,238	11,517
Affiliated Entity
Fee income	36,772	45,789
Other income	$ 6,793	$ 6,703

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net income (loss)	$ (26,299)	$ 52,190
Other comprehensive income (loss):
Other comprehensive income from investments in unconsolidated ventures, net	1,099	94
Net change in fair value of available-for-sale debt securities	(20,718)	(4,994)
Foreign currency translation adjustments:
Foreign currency translation gain	76,401	28,073
Change in fair value of net investment hedges	(24,378)	(7,189)
Net foreign currency translation adjustments	52,023	20,884
Other comprehensive income	32,404	15,984
Comprehensive income	6,105	68,174
Comprehensive income (loss) attributable to noncontrolling interests:
Comprehensive income (loss) attributable to stockholders	(39,150)	29,405
Investment entities
Comprehensive income (loss) attributable to noncontrolling interests:
Redeemable noncontrolling interests	(696)	617
Comprehensive income attributable to noncontrolling interests	50,209	38,989
Operating Company
Comprehensive income (loss) attributable to noncontrolling interests:
Comprehensive income attributable to noncontrolling interests	$ (4,258)	$ (837)

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Colony NorthStar	Common Class A	Total Stockholders’ Equity	Total Stockholders’ Equity Colony NorthStar	Total Stockholders’ Equity Common Class A	Preferred Stock	Preferred Stock Colony NorthStar	Common Stock	Common Stock Common Class A	Additional Paid-in Capital	Additional Paid-in Capital Common Class A	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
Beginning 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	27,059
Operating Company	(1,083)
Net income (loss)	51,573			25,597									25,597
Other comprehensive income (loss)	15,984			3,808										3,808	11,930	246
Merger consideration (Note 3)	6,728,324			6,728,324			1,010,320		3,891		5,714,113
Preferred stock dividends	(41,342)	$ (12,869)		(41,342)	$ (12,869)			$ (12,869)					(41,342)
Fair value of noncontrolling interests assumed in Merger	523,171														515,009	8,162
Common stock repurchases	(66,186)			(66,186)					(49)		(66,137)
Redemption of OP Units for cash and class A common stock			$ (5,085)			$ 638				$ 0		$ 638					$ (5,723)
Equity-based compensation	32,661			21,489					71		21,418					11,172
Shares canceled for tax withholdings on vested stock awards	(4,670)			(4,670)					(3)		(4,667)
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	676,787														676,787
Distributions to noncontrolling interests	(278,162)														(269,009)	(9,153)
Common stock dividends declared	(139,260)			(139,260)									(139,260)
Reallocation of equity (Notes 2 and 17)	0			(107,145)							(111,696)			4,551	34,671	72,474
Ending balance at Mar. 31, 2017	13,095,544			9,179,874			1,604,651		5,582		7,994,460		(401,069)	(23,750)	3,450,385	465,285
Beginning 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of adoption of new accounting pronouncements (Note 2)	(1,220)			(1,220)									(1,018)	(202)
Investment entities	20,102
Operating Company	(4,378)
Net income (loss)	(25,603)			(41,327)									(41,327)
Other comprehensive income (loss)	32,404			2,177										2,177	30,107	120
Preferred stock dividends	(31,387)			(31,387)									(31,387)
Common stock repurchases	(246,441)			(246,441)					(423)		(246,018)
Redemption of OP Units for cash and class A common stock	(2,096)			24						$ 0	(5,800)	$ 24					$ (2,120)
Equity-based compensation	12,169			10,755					33		10,722					1,414
Shares canceled for tax withholdings on vested stock awards	(31,752)			(31,752)					(29)		(31,723)
Deconsolidation of investment entities (Note 4)	(330,980)														(330,980)
Contributions from noncontrolling interests	97,867														97,867
Distributions to noncontrolling interests	(86,063)														(82,512)	(3,551)
Common stock dividends declared	(55,852)			(55,852)									(55,852)
Reallocation of equity (Notes 2 and 17)	0			(11,929)							(11,675)			(254)	(5,822)	17,751
Ending balance at Mar. 31, 2018	$ 11,680,438			$ 8,000,973			$ 1,606,966		$ 5,014		$ 7,634,952		$ (1,294,996)	$ 49,037	$ 3,267,834	$ 411,631

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2017
Statement of Stockholders' Equity [Abstract]
Common stock, dividends, per share, declared (in dollars per share)	$ 0.11	$ 0.24	$ 0.27

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash Flows from Operating Activities
Net income (loss)	$ (26,299)	$ 52,190
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of discount and net origination fees on loans receivable and debt securities	(7,995)	(18,182)
Paid-in-kind interest added to loan principal, net of interest received	(6,486)	(7,572)
Straight-line rents	(7,753)	(7,906)
Amortization of above- and below-market lease values, net	(1,925)	(1,978)
Amortization of deferred financing costs and debt discount and premium	22,802	20,736
Earnings from investments in unconsolidated ventures	(32,265)	(113,992)
Distributions of income from equity method investments	23,307	19,633
Provision for loan loss	5,375	6,724
Impairment of real estate and management contract intangibles	153,398	8,519
Depreciation and amortization	144,705	137,420
Equity-based compensation	12,169	32,184
Change in fair value of contingent consideration—Internalization	(10,480)	(3,400)
Gain on sales of real estate, net	(18,444)	(6,862)
Deferred income tax benefit	(41,465)	(3,571)
Other gain, net	(63,976)	(22,446)
(Increase) decrease in other assets and due from affiliates	(18,742)	(60,719)
Increase (decrease) in accrued and other liabilities and due to affiliates	(30,056)	(6,580)
Other adjustments, net	4,082	(78)
Net cash provided by operating activities	99,952	24,120
Cash Flows from Investing Activities
Contributions to investments in unconsolidated ventures	(90,680)	(15,541)
Return of capital from investments in unconsolidated ventures	159,929	26,664
Acquisition of loans receivable and securities	(73,733)	(538,136)
Cash and restricted cash assumed in Merger, net of payments for merger-related liabilities (Note 3)	0	(132,377)
Net disbursements on originated loans	(11,573)	(109,579)
Repayments of loans receivable	40,085	90,577
Proceeds from sales of loans receivable and securities	95,217	58,788
Cash receipts in excess of accretion on purchased credit-impaired loans	21,463	75,156
Acquisition of and additions to real estate, related intangibles and leasing commissions	(236,392)	(175,197)
Proceeds from sales of real estate, net of debt assumed by buyers	112,562	903,841
Proceeds from paydown and maturity of securities	16,709	31,321
Cash and restricted cash contributed to Colony NorthStar Credit (Note 4)	(141,153)	0
Payment of cash collateral on derivatives	(10,900)	0
Proceeds from sale of investments in unconsolidated venture	0	239,081
Acquisition of CPI, net of cash and restricted cash acquired (Note 3)	0	(23,111)
Investment deposits	(2,383)	(9,143)
Increase in escrow deposits	0	8,374
Net (payments) receipts on settlement of derivative instruments	(18,811)	1,311
Other investing activities, net	(582)	(2,997)
Net cash provided by (used in) investing activities	(140,242)	693,786
Cash Flows from Financing Activities
Dividends paid to preferred stockholders	(32,821)	(33,151)
Dividends paid to common stockholders	(146,700)	(50,724)
Repurchase of common stock	(210,274)	(56,009)
Borrowings from corporate credit facility	233,000	458,000
Repayment of borrowings from corporate credit facility	(183,000)	(880,600)
Borrowings from secured debt	90,550	501,890
Repayments of secured debt	(139,471)	(577,568)
Payment of deferred financing costs	(5,112)	(9,439)
Contributions from noncontrolling interests	108,270	676,787
Distributions to and redemptions of noncontrolling interests	(101,426)	(278,162)
Shares canceled for tax withholdings on vested stock awards	(31,752)	(4,670)
Other financing activities, net	0	135
Net cash used in financing activities	(418,736)	(253,511)
Effect of exchange rates on cash, cash equivalents and restricted cash	4,832	1,027
Net increase (decrease) in cash, cash equivalents and restricted cash	(454,194)	465,422
Cash, cash equivalents and restricted cash, beginning of period	1,393,920	497,886
Cash, cash equivalents and restricted cash, end of period	939,726	963,308
Reconciliation of cash, cash equivalents, and restricted cash to consolidated balance sheets
Cash and cash equivalents	921,822	376,005
Cash and cash equivalents	484,827	633,210
Restricted cash	471,078	121,881
Restricted cash	453,366	316,288
Restricted cash included in assets held for sale	1,020	0
Restricted cash included in assets held for sale	$ 1,533	$ 13,810

Business and Organization	3 Months Ended
Business and Organization	Mar. 31, 2018
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”). At March 31, 2018, the Company owned approximately 94.0% of the OP, as its sole managing member. The remaining 6.0% is owned primarily by certain employees of the Company as noncontrolling interests. Merger The Merger among Colony, NSAM and NRF was completed in an all-stock exchange on January 10, 2017. The Merger was 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 results of operations of Colony NorthStar as set forth herein may not be meaningful. Details of the Merger are described more fully in Note 3 and the accounting treatment thereof in Note 2. Colony NorthStar Credit On August 25, 2017, as amended and restated on November 20, 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 (as defined in Note 4), represented by the Company's ownership interests ranging from 38% to 100% in certain investment entities ("CLNS 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”). 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. See additional information in Note 4. Retail Distribution Business On February 16, 2018, the Company entered into a definitive agreement with S2K Financial Holdings, LLC ("S2K") to combine NorthStar Securities, LLC ("NorthStar Securities"), a captive broker-dealer platform acquired through the Merger that raises capital in the retail market, with S2K to create a leading retail distribution business, which will be renamed Colony S2K Holdings, LLC ("Colony S2K") (the "Proposed Transaction"). It is expected that Colony S2K will distribute both the current and future investment products sponsored by Colony NorthStar and S2K as well as third-party sponsored products. S2K is the holding company of S2K Financial, LLC, a registered broker-dealer wholesale distributor of investment vehicles, and S2K Servicing LLC, a provider of administrative services to institutional investment managers. The Proposed Transaction closed on April 30, 2018. See additional information in Note 26.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2018

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 unaudited interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. These statements reflect all normal and recurring adjustments which, in the opinion of management, are necessary to present fairly the financial position, results of operations and cash flows of the Company for the interim periods presented. However, the results of operations for the interim period presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2018, or any other future period. These interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in, or presented as exhibits to, the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.

Merger

The Merger was accounted for under the acquisition method for a business combination as a reverse acquisition. NSAM was 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 was 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 were incorporated into Colony NorthStar effective from January 11, 2017.

Principles of Consolidation

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.

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) a consolidated open-end fund sponsored by the Company beginning in August 2017, and (ii) an investment management subsidiary acquired through the Merger, Townsend Holdings, LLC ("Townsend"), beginning January 11, 2017 through December 29, 2017, the date the Company sold its interest in Townsend.

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 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.

Investments in Unconsolidated Ventures

A noncontrolling, unconsolidated ownership interest in an entity may be accounted for using the equity method, fair value option or net asset value ("NAV") practical expedient, if elected, or for equity investments without readily determinable fair values, the measurement alternative to measure at cost adjusted for any impairment and observable price changes, as applicable.

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; and of which a portion of the carried interest, generally at 40% consistent with market terms, is allocated to senior management, investment professionals and certain other employees through their participation in the Company-sponsored investment vehicles. 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.

Fair value changes for equity method investments under the fair value option are recorded in earnings from investments in unconsolidated ventures. Fair value changes on other investments under the fair value option or NAV practical expedient, as well as adjustments for observable price changes under the measurement alternative, are recorded in other gain (loss).

Impairment—Evaluation of impairment applies to equity method investments and equity investments under the measurement alternative. If indicators of impairment exist, the Company will estimate the fair value of its investment. For investments under the measurement alternative, if carrying value of the investment exceeds its fair value, an impairment is determined to have occurred. For equity method investments, impairment is assessed in a two-step process in which further consideration is made if a decrease in value of the investment is other-than-temporary to determine if impairment has occurred. Investments that are impaired are written down to their estimated fair value, recorded in earnings from investments in unconsolidated ventures for equity method investments and in impairment loss for investments under the measurement alternative.

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—The Company earns resident fee income from senior housing operating facilities that operate through management agreements with independent third-party operators. Resident fee income related to independent living and assisted living facilities are recorded when services are rendered based on the terms of their respective lease agreements.

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 administration of its managed private funds, and for the management of its traded and non-traded REITs and investment companies, including management of their investments, which constitute a series of distinct services satisfied over time. Base management fees are recognized over the life of the investment vehicle as 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. The underlying service of managing the investments of the private funds consist of a series of distinct services satisfied over time, in which asset management fees are recognized ratably over the life of each investment as the service is provided.

Acquisition and Disposition Fees—The Company 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, and addressed in the Company's accounting policy for investments in unconsolidated ventures.

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

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.

Accounting Standards Adopted in 2018

Revenue Recognition—In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("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 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. The Company adopted the standard on January 1, 2018 using the modified retrospective approach, applied to contracts not yet completed as of January 1, 2018, with cumulative effect recognized in retained earnings.

The Company evaluated the principal versus agent considerations under the guidance and determined that certain cost reimbursement arrangements with investment vehicles managed by the Company that were previously reported net on the statement of operations would be reported on a gross basis as reimbursement income and expenses on the statement of operations. Such reimbursements include travel and entertainment costs, third party due diligence costs, asset management costs, and other shared costs for which the Company is deemed to the primary obligor, whether or not the payment is made directly by the investment vehicles or initially by the Company on behalf of the investment vehicles. The gross presentation has no impact on the Company's net income to the extent the expense incurred and corresponding cost reimbursement income are recognized in the same period (see Note 22).

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.

Resident Fee Income—The Company earns resident fee income from senior housing operating facilities and in 2017, from skilled nursing facilities that operate through management agreements with independent third-party operators. 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 over time as services are provided. The Company determined that there is no change to revenue recognition for such services provided within the skilled nursing facilities in 2017. In 2018, all of the Company's skilled nursing facilities are structured under net leases to healthcare operators and the Company no longer earns resident fee income from skilled nursing facilities, only rental income.

Hotel Operating Income—Revenue is recognized upon occupancy of rooms, consummation of sales and provision of services. The Company determined that there is no 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 is no change to revenue recognition for base management fees as the underlying services consist of a series of distinct services satisfied over time, for which revenue is recognized over the life of the fund as 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. Prior to the adoption of the revenue standard, a portion of asset management fees was recognized upon closing of an investment, with remaining fees deferred and recognized over the estimated life of each investment. Under the new guidance, the Company determined that the underlying service of managing the investments of the funds consists of a series of distinct services satisfied over time, for which revenue should be recognized ratably over the estimated life of each investment. As a result of the change in revenue recognition under the new standard, the Company recorded a cumulative impact of approximately $1.6 million as a decrease to retained earnings and an increase to deferred income liability on January 1, 2018. The impact of the change in revenue recognition for the three months ended March 31, 2018 was an increase to asset management fees of $0.2 million.

Acquisition and Disposition Fees—The Company receives fees related to acquisition and disposition of investments by certain managed non-traded REITs. The Company determined that there is 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 do 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 was 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 did not have an impact to the Company's recognition of carried interests.

Derecognition and Partial Sales of Nonfinancial Assets—In February 2017, the FASB issued ASU No. 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.

The Company adopted this standard on January 1, 2018, concurrent with the 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 did not have an impact on the Company's financial statements. There were no sales of partial interests in real estate assets in the three months ended March 31, 2018 or for the year ended December 31, 2017.

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 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. In February 2018, the FASB issued ASU No. 2018-03, Technical Corrections and Improvements to Financial Instruments, Recognition and Measurement of Financial Assets and Financial Liabilities, which provided several clarifications and amendments to the standard. These include specifying that for equity instruments without readily determinable fair values for which the measurement alternative is applied: (i) adjustments made when an observable transaction occurs for a similar security are intended to reflect the fair value as of the observable transaction date, not as of current reporting date; (ii) the measurement alternative may be discontinued upon an irrevocable election to change to a fair value measurement approach under fair value guidance, which would apply to all identical and similar investments of the same issuer; and (iii) the prospective transition approach for equity securities without readily determinable fair values is applicable only when the measurement alternative is applied. ASU No. 2016-01 and ASU No. 2018-03 are 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 adopted ASU No. 2016-01 and ASU No. 2018-03 on January 1, 2018, and recorded a cumulative adjustment to increase retained earnings by approximately $0.6 million. This includes $0.2 million of unrealized gains on available for sale equity securities held by an equity method investee that was reclassified from accumulated other comprehensive income. In connection with the adoption, the Company elected the NAV practical expedient to measure its previous cost method investments in non-traded REITs and limited partnership interest in a third party private fund based on their respective NAV per share. The new standard does not affect equity securities held by the Company's consolidated fund for which the Company has retained investment company accounting applied by the fund, and limited partnership interests in third party private funds for which the Company has elected the fair value option, as in both instances, unrealized fair value gains and losses are currently recorded in earnings. The Company's remaining cost method investments do not have readily determinable fair values. To the extent the Company becomes aware of observable price changes in the future, the Company will adjust the carrying value of these investments through earnings.

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. The Company adopted this guidance on January 1, 2018 on a retrospective basis and made an accounting policy election for classification of distributions from its equity method investees using the cumulative earnings approach, which is largely consistent with its previous accounting policy. The adoption of this standard did not have a material effect on the presentation of the Company's 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, the ASU requires a reconciliation between the totals in the statement of cash flows and the related captions on 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. The Company adopted ASU 2016-18 on January 1, 2018. The required retrospective application of this new standard resulted in changes to the previously reported statement of cash flows as follows:



	Three Months Ended March 31, 2017
(In thousands)	As Previously Reported		After Adoption of ASU 2016-18
Net cash provided by operating activities	22,920		24,120
Net cash provided by investing activities	493,865		693,786
Net cash used in financing activities	(246,683	)	(253,511	)

The increase in net cash provided by investing activities is primarily due to restricted cash assumed in the Merger and the CPI restructuring which was previously reported as noncash investing activities.

Future Application of Accounting Standards

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. In March 2018, the FASB approved an amendment to the standard, providing (i) 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 (ii) 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 will 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.

When the amendment approved by the FASB in March 2018 is issued, 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 transfer 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. As of December 31, 2017, the Company had future contractual lease payment obligations of $74.2 million on office leases and $172.2 million on ground leases, excluding leases related to net lease properties contributed to Colony NorthStar Credit on January 31, 2018. 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 other than temporary impairment ("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.

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

3 Months Ended

Mar. 31, 2018

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 was 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 was 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 was deemed 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. Cash and restricted cash assumed of $437.4 million is presented net of these payments as an investing cash inflow 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 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.



	Final Amounts at December 31, 2017
(In thousands)	NSAM		NRF		Total
Assets
Cash and cash equivalents	$	152,858	$	107,751	$	260,609
Restricted cash	18,052		158,762		176,814
Real estate	—		9,874,406		9,874,406
Loans receivable	28,485		331,056		359,541
Investments in unconsolidated ventures	76,671		544,111		620,782
Securities	3,065		427,560		430,625
Identifiable intangible assets	661,556		352,551		1,014,107
Management agreement between NSAM and NRF	1,514,085		—		1,514,085
Assets held for sale	—		2,096,671		2,096,671
Other assets	93,455		681,003		774,458
Total assets	2,548,227		14,573,871		17,122,098
Liabilities
Debt	—		6,723,222		6,723,222
Intangible liabilities	—		213,218		213,218
Management agreement between NSAM and NRF	—		1,514,085		1,514,085
Liabilities related to assets held for sale	—		1,281,406		1,281,406
Tax liabilities	169,387		60,446		229,833
Accrued and other liabilities	979,969		307,450		1,287,419
Total liabilities	1,149,356		10,099,827		11,249,183
Redeemable noncontrolling interests	78,843		—		78,843
Noncontrolling interests—investment entities	—		505,685		505,685
Noncontrolling interests—Operating Company	8,162		—		8,162
Fair value of net assets acquired	$	1,311,866	$	3,968,359	$	5,280,225

Merger consideration	2,752,095		3,968,359		6,720,454
Goodwill	$	1,440,229	$	—	$	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 measured 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.



	Three Months Ended March 31,
(In thousands)	2018		2017
Transaction costs
Fees to investment bankers contingent upon consummation of the Merger	$	—	$	66,800
Other fees	716		16,828
	716		83,628
Compensation expense
Equity-based compensation for replacement awards to NSAM executives	3,297		26,049
Severance and other employee transition	2,685		15,498
	5,982		41,547
Administrative expense	2,138		3,968
Total Merger-related costs	$	8,836	$	129,143

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 allocation to assets acquired and liabilities assumed.



(In thousands)	Final Amounts at December 31, 2017
Consideration
Carrying value of loans receivable outstanding at the time of restructuring	$	182,644
Cash	49,537
Total consideration	$	232,181
Identifiable assets acquired and liabilities assumed
Cash	$	303
Real estate	543,649
Real estate held for sale	21,605
Lease intangibles and other assets	40,285
Debt	(277,590		)
Tax liabilities	(32,078		)
Lease intangibles and other liabilities	(61,205		)
Liabilities related to assets held for sale	(2,788		)
Fair value of net assets acquired	$	232,181

Fair value of assets acquired and liabilities assumed were measured 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.

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 first quarter of 2018, adjustments were made to the allocation of values between lease intangible assets, lease intangible liabilities and land.



(In thousands)	As Reported At December 31, 2017			Measurement Period Adjustments			As Reported At March 31, 2018
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 14)	6,771			—			6,771
Total consideration	$	361,346		$	—		$	361,346
Identifiable assets acquired and liabilities assumed
Cash	$	16,188		$	—		$	16,188
Real estate	1,193,205			(130		)	1,193,075
Real estate held for sale	68,625			—			68,625
Intangible and other assets	34,913			3,062			37,975
Debt	(907,867		)	—			(907,867		)
Intangible and other liabilities	(43,718		)	(2,932		)	(46,650		)
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.

Colony NorthStar Credit

3 Months Ended

Mar. 31, 2018

Discontinued Operations and Disposal Groups [Abstract]

Colony NorthStar Credit

The contribution of the CLNS Contributed Portfolio (as described in Note 1) to Colony NorthStar Credit and the concurrent all-stock merger of Colony NorthStar Credit with NorthStar Income I and NorthStar Income II closed on January 31, 2018. 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."

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.

The Company, through certain of its subsidiaries, received 44,399,444 shares of Colony NorthStar Credit's class B-3 common stock and 3,075,623 common membership units in Colony NorthStar Credit's operating company (the “CLNC OP Units”) in exchange for its contribution of the CLNS Contributed Portfolio to Colony NorthStar Credit.

The CLNS Contributed Portfolio comprised the Company's interests in certain commercial real estate loans, net lease properties and limited partnership interests in third party sponsored funds, which represented a select portfolio of U.S. investments within the Company’s other equity and debt segment that were transferable assets consistent with Colony NorthStar Credit's strategy.

Each share of Colony NorthStar Credit's class B-3 common stock will automatically 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, 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 its independent directors.

In connection with the merger of NorthStar Income I and NorthStar Income II with and into Colony NorthStar Credit, their respective stockholders received shares of Colony NorthStar Credit's class A common stock based on pre-determined exchange ratios.

As contemplated in the combination agreement, a certain loan receivable previously held by NorthStar Income I in the original principal amount of $150.2 million was not transferred to Colony NorthStar Credit (the “NorthStar I Excluded Asset”). Upon closing of the Combination, the Company acquired a $65 million senior participation interest in the NorthStar I Excluded Asset at par, and the remaining junior participation interest in the NorthStar I Excluded Asset (the "NorthStar I Retained Asset") was transferred to a liquidating trust in exchange for beneficial interests in the liquidating trust, which was subsequently distributed pro rata to NorthStar Income I stockholders.

As a result of the Combination, the Company's management contracts with NorthStar Income I and NorthStar Income II ceased to exist and the related management contract intangible assets totaling $139.0 million were written off (Note 14). Concurrent with the closing of the Combination, a wholly-owned subsidiary of the Company entered into a management agreement with Colony NorthStar Credit.

Upon closing of the Combination, the Company's contribution of the CLNS Contributed Portfolio to Colony NorthStar Credit, and the merger of Colony NorthStar Credit with Northstar Income I and NorthStar Income II, resulted in a deconsolidation of the CLNS Investment Entities. The following table presents the assets, liabilities and noncontrolling interests of the CLNS Investment Entities that were deconsolidated on January 31, 2018:



(In thousands)	January 31, 2018
Assets
Cash and cash equivalents	$	99,883
Restricted cash	41,270
Real estate	219,748
Loans receivable	1,287,994
Investments in unconsolidated ventures	208,738
Deferred leasing costs and intangible assets	10,831
Other assets	25,755
	1,894,219
Liabilities
Debt	$	379,927
Accrued and other liabilities	41,318
	421,245
Noncontrolling interests
Noncontrolling interests—investment entities	330,980
Noncontrolling interests—Operating Company	64,294
	395,274
Equity attributable to Colony NorthStar, Inc.	$	1,077,700

The Company does not control Colony NorthStar Credit as the Company's role as the external manager of Colony NorthStar Credit is under the supervision and direction of the Board of Directors of Colony NorthStar Credit, the majority of whom are independent directors. However, the Company has significant influence over Colony NorthStar Credit through its representation on the Board of Directors and through its role as the external manager. Accordingly, the Company accounts for its approximately 37% ownership interest in Colony NorthStar Credit under the equity method.

The Company measured its interest in Colony NorthStar Credit based upon its proportionate share of Colony NorthStar Credit's fair value at the closing date of the Combination. The excess of fair value over carrying value of the Company's equity interest in the CLNS Investment Entities of $9.9 million was recognized in other gain on the consolidated statement of operations.

Assets and Related Liabilities Held For Sale

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



(In thousands)	March 31, 2018		December 31, 2017
Assets
Restricted cash	$	1,533	$	1,020
Real estate, net	935,096		720,686
Goodwill ⁽¹⁾	20,000		20,000
Intangible assets, net	34,935		37,337
Other assets	11,274		2,587
Total assets held for sale	$	1,002,838	$	781,630

Liabilities
Secured debt, net ⁽²⁾	$	215,366	$	196,905
Lease intangibles and other liabilities, net	58,412		76,393
Total liabilities related to assets held for sale	$	273,778	$	273,298

__________


⁽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 March 31, 2018 did not constitute discontinued operations, other than those acquired through business combinations that qualified as held for sale upon acquisition, as discussed in Note 18.

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 in January 2017 and certain properties acquired through consensual foreclosure of the THL Hotel Portfolio in July 2017.

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 is presented below.



	Three Months Ended March 31,
(In thousands)	2018			2017
Revenues
Property operating income	$	716		$	33,857
Other income	—			2,257
Expenses
Property operating expenses	(589		)	(12,395		)
Interest expense	—			(9,028		)
Loss on sale of real estate assets	—			(2,108		)
Other expenses	(10		)	(23		)
Net income from discontinued operations	117			12,560
Net income from discontinued operations attributable to:
Noncontrolling interests in investment entities	(53		)	—
Noncontrolling interests in Operating Company	(3		)	—
Net income from discontinued operations attributable to Colony NorthStar, Inc.	$	61		$	12,560

Real Estate

3 Months Ended

Mar. 31, 2018

Real Estate [Abstract]

Real Estate

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



(In thousands)	March 31, 2018			December 31, 2017
Land	$	2,307,415		$	2,011,794
Buildings and improvements	11,848,970			12,403,794
Tenant improvements	148,629			134,709
Furniture, fixtures and equipment	371,059			383,855
Construction in progress	106,001			108,403
	14,782,074			15,042,555
Less: Accumulated depreciation	(681,200		)	(578,297		)
Real estate assets, net	$	14,100,874		$	14,464,258

Real Estate Sales

Results from sales of real estate were as follows:



	Three Months Ended March 31,
(In thousands)	2018		2017
Proceeds from sales of real estate	$	112,562	$	903,841
Gain on sale of real estate	18,444		8,970

Real estate sold or classified as held for sale during the three months ended March 31, 2018 and 2017 did not constitute discontinued operations, other than the sale of a manufactured housing portfolio in 2017 that was acquired through the Merger and certain properties in the THL Hotel Portfolio which qualified as held for sale upon acquisition in July 2017, as discussed in Note 18.

Real estate held for sale at March 31, 2018 and December 31, 2017 is presented in Note 10.

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
Three Months Ended March 31, 2018
Asset Acquisitions⁽²⁾
	Various	Industrial—Various in U.S.⁽³⁾	10	$	179,203	$	39,476	$	129,264	$	10,903	$	(440	)
Year Ended Ended December 31, 2017
Asset Acquisitions
	January	Industrial—Spain	2	$	10,374	$	3,855	$	5,564	$	955	$	—
	June	Office—Los Angeles, CA ⁽⁴⁾	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	)

__________


⁽¹⁾	Dollar amounts of purchase price and allocation to assets acquired and liabilities assumed are translated using foreign exchange rates as of the respective dates of acquisition, where applicable.


⁽²⁾	Useful life of real estate acquired in 2018 is 30 years for buildings, 8 to 14 years for site improvements, 4 to 10 years for tenant improvements and 4 to 10 years for lease intangibles.


⁽³⁾	Includes acquisition of $11.0 million of land for co-development with operating partners.


⁽⁴⁾	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 interest retained by the Company is reflected as an equity method investment.

Depreciation and Impairment

Depreciation expense on real estate was $118.4 million and $104.3 million for the three months ended March 31, 2018 and 2017, respectively.

Refer to Note 14 for discussion of impairment on real estate.

Property Operating Income

The components of property operating income were as follows:



	Three Months Ended March 31,
(In thousands)	2018		2017
Rental income	$	162,614	$	151,243
Tenant reimbursements	38,922		31,525
Resident fee income ⁽¹⁾	69,217		65,694
Hotel operating income	283,977		178,392
	$	554,730	$	426,854

__________


⁽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”) allows us, through a TRS, to have direct exposure to resident fee income and incur customary related operating expenses.

Commitments and Contractual Obligations

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. Rents on certain ground leases are paid directly by the tenants or operators. Ground rent expense, including contingent rent, was $2.0 million and $0.9 million for the three months ended March 31, 2018 and 2017, respectively.

Loans Receivable

3 Months Ended

Mar. 31, 2018

Receivables [Abstract]

Loans Receivable

The following table provides a summary of the Company’s loans held for investment, including purchased credit-impaired ("PCI") loans:



	March 31, 2018								December 31, 2017
($ 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	$	626,159	$	635,516		9.7	%	3.3	$	1,081,030	$	1,082,513		9.1	%	2.8
Securitized loans ⁽¹⁾	32,219		33,083			5.8	%	17.0	35,566		36,603			5.9	%	16.8
Mezzanine loans	337,543		334,861			11.8	%	1.7	459,433		456,463			12.2	%	2.3
Corporate loans	46,837		46,539			9.9	%	9.8	46,840		46,592			9.9	%	10.0
	1,042,758		1,049,999						1,622,869		1,622,171
Variable rate
Mortgage loans	212,809		222,920			3.5	%	0.8	414,428		423,199			6.0	%	1.7
Securitized loans ⁽¹⁾	79,612		78,625			5.2	%	17.8	461,489		462,203			6.4	%	3.5
Mezzanine loans	—		—			—	%	0.0	34,391		34,279			9.8	%	1.3
	292,421		301,545						910,308		919,681
	1,335,179		1,351,544						2,533,177		2,541,852
PCI Loans
Mortgage loans	1,817,498		623,434						1,865,423		682,125
Securitized loans	22,986		3,180						23,298		3,400
Mezzanine loans	7,425		3,671						7,425		3,671
	1,847,909		630,285						1,896,146		689,196
Allowance for loan losses			(53,980		)						(52,709		)
	3,183,088		1,927,849						4,429,323		3,178,339
Loans at fair value
Securitized loans ⁽²⁾	72,122		44,330						72,511		45,423
Total loans receivable	$	3,255,210	$	1,972,179					$	4,501,834	$	3,223,762

__________


⁽¹⁾	Represents loans held in securitization trusts that are consolidated by the Company (Note 15).


⁽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 14)

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
March 31, 2018	$	1,126,605	$	4,251	$	89,315	$	131,373	$	1,351,544
December 31, 2017	2,268,599		145,986		9,410		117,857		2,541,852

Troubled Debt Restructuring

During the three months ended March 31, 2018 and 2017, there were no loans modified as TDRs, in which the Company provided borrowers, who are experiencing financial difficulties, with various concessions in interest rates, payment terms or default waivers. At March 31, 2018 and December 31, 2017, carrying value of existing TDR loans before allowance for loan losses was $37.8 million and $66.4 million, respectively. These TDR loans were not in default post-modification. As of March 31, 2018, 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
March 31, 2018	$	160,684	$	84,858	$	75,069	$	159,927	$	6,308
December 31, 2017	383,594		138,136		248,759		386,895		7,424

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.



	Three Months Ended March 31,
(In thousands)	2018		2017
Average carrying value before allowance for loan losses	$	273,410	$	103,795
Total interest income recognized during the period impaired	29		756

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. 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. The difference between contractually required payments as of the acquisition date and the cash flows expected to be collected, which represents the nonaccretable difference, is not recognized as an adjustment of yield, loss accrual or valuation allowance.

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.

There were no PCI loans acquired in the three months ended March 31, 2018.

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:



	Three Months Ended March 31,
(In thousands)	2018			2017
Beginning accretable yield	$	42,435		$	52,572
Additions	—			23,594
Dispositions	(2,565		)	—
Changes in accretable yield	1,989			5,187
Accretion recognized in earnings	(12,579		)	(15,809		)
Effect of changes in foreign exchange rates	354			81
Ending accretable yield	$	29,634		$	65,625

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 $195.8 million at March 31, 2018 and $196.5 million at December 31, 2017, as the Company did not have reasonable expectations of the timing and amount of future cash receipts on these loans.

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.

Allowance for loan losses represents the estimated probable credit losses inherent in loans held for investment at balance sheet date and 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 or an observable market price for the loan.

For PCI loans, provision for loan losses is recorded if it is assessed that decreases in cash flows expected to be collected would result in a decrease in the estimated fair value of the loan below its amortized cost.

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



	March 31, 2018				December 31, 2017
(In thousands)	Allowance for Loan Losses		Carrying Value		Allowance for Loan Losses		Carrying Value
Non-PCI loans	$	6,308	$	84,858	$	7,424	$	138,136
PCI loans	47,672		161,098		45,285		169,789
	$	53,980	$	245,956	$	52,709	$	307,925

Changes in allowance for loan losses is presented below:



	Three Months Ended March 31,
(In thousands)	2018			2017
Allowance for loan losses at January 1	$	52,709		$	67,980
Contribution to Colony NorthStar Credit (Note 4)	(518		)	—
Provision for loan losses, net	5,375			6,724
Charge-off	(3,586		)	(5,234		)
Allowance for loan losses at March 31	$	53,980		$	69,470

Included in the $2.7 million and $4.2 million of provision for loan losses on PCI loans for the three months ended March 31, 2018 and 2017, respectively, were recoveries of $0.1 million and $1.0 million, respectively, of provision previously recorded. Additionally, there was $0.8 million of recoveries in provision for loan losses on non-PCI loans of $2.7 million for the three months ended March 31, 2018, while there were no recoveries on the $2.5 million of provision for loan losses on non-PCI loans for the three months ended March 31, 2017.

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 March 31, 2018, assuming the terms to qualify for future fundings, if any, have been met, total unfunded lending commitments was $88.8 million, of which the Company's share was $81.8 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

3 Months Ended

Mar. 31, 2018

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Ventures

As discussed in Note 4, upon closing of the Combination on January 31, 2018, the Company contributed its interests in the CLNS Investment Entities to Colony NorthStar Credit and deconsolidated these entities, which included interests in third party private funds and acquisition, development and construction ("ADC") loans with a combined carrying value of approximately $208.7 million. In consideration for its contribution, the Company received interests in Colony NorthStar Credit, accounted for under the equity method.

The Company's investments in unconsolidated ventures represent noncontrolling equity interests in various entities, including investments for which fair value option was elected, as follows:



(In thousands)	March 31, 2018		December 31, 2017
Equity method investments
Investment ventures	$	2,240,057	$	1,297,180
Private funds	199,661		229,874
	2,439,718		1,527,054
Other equity investments
Investment ventures	89,129		89,261
Private funds and retail companies	20,783		38,924
	109,912		128,185
	$	2,549,630	$	1,655,239

Equity Method Investments

The Company owns significant interests in Colony NorthStar Credit and NRE, both publicly-traded REITs that it manages. The Company accounts for its investments under the equity method as it exercises significant influence over operating and financial policies of these entities through a combination of its ownership interest, its role as the external manager and board representation, but does not control these entities. The Company also owns equity method investments that 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 Company elected fair value option to account for its interests in certain investment ventures as well as limited partnership interests in third party private funds acquired through the Merger (see Note 14).

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. The Company’s exposure to the investment entities is limited to its equity method investment balance.

The Company’s investments accounted for under the equity method, including investments for which fair value option was elected, are summarized below:



($ in thousands)			Ownership Interestat March 31, 2018⁽¹⁾	Carrying Value at
Investments	Description		Ownership Interestat March 31, 2018⁽¹⁾	March 31, 2018		December 31, 2017
Colony NorthStar Credit Real Estate, Inc.	Common equity in publicly traded commercial real estate credit REIT managed by the Company and membership units in its operating subsidiary	(2)	36.6%	$	1,161,930	$	—
NorthStar Realty Europe Corp	Common equity in publicly traded equity REIT managed by the Company	(2)	10.3%	73,978		73,578
RXR Realty	Common equity in investment venture with a real estate investor, developer and investment manager		27.2%	107,468		105,082
Preferred equity	Preferred equity investments with underlying real estate	(3)	NA	465,527		440,704
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	166,464		331,268
Private funds	General partner and/or limited partner interests in private funds		Various	27,716		25,101
Other investment ventures	Interests in 16 investments, each with no more than $61 million carrying value at March 31, 2018		Various	188,652		187,420
Fair value option	Interests in initial stage or real estate development ventures and limited partnership interests in private funds		Various	247,983		363,901
				$	2,439,718	$	1,527,054

__________

(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's role as manager is under the supervision and direction of the respective board of directors, which includes representatives from the Company but the majority of whom are independent directors. In connection with the Company's investment in NRE, the Company has an ownership waiver under NRE’s charter which allows the Company to own up to 45% of NRE’s common stock, and 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.


(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.

In March 2017 and June 2017, the Company sold all of its shares in an equity method investment in Starwood Waypoint Homes (formerly known as Colony Starwood Homes) for total net proceeds of $500.5 million and recognized a gain of $191.2 million in aggregate, included in earnings from investments in unconsolidated ventures.

As of March 31, 2018, the Company has assessed that there are no equity method investments that are other-than-temporarily impaired.

Other Equity Investments

Investments that do not qualify for equity method accounting consist of the following:

Investment Ventures—This represents common equity in the Albertsons/Safeway supermarket chain (with 50% ownership by a co-investment partner) which is carried at cost, adjusted for any impairment and observable price changes, where applicable.

Retail Companies—The Company has immaterial interests in its sponsored non-traded REITs, NorthStar Healthcare Income, Inc. ("NorthStar Healthcare") and NorthStar/RXR New York Metro Real Estate, Inc. ("NorthStar/RXR NY Metro") for which the Company applies the NAV practical expedient (see Note 14).

Private Funds—This represents a limited partnership interest in a third party private fund sponsored by an equity method investee for which the Company elected the NAV practical expedient (see Note 14).

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 March 31, 2018, the Company’s share of these commitments was $46.6 million.

Private Funds—At March 31, 2018, the Company had unfunded commitments of $274.9 million to funds sponsored or co-sponsored by the Company that are accounted for as equity method investments.

Securities

3 Months Ended

Mar. 31, 2018

Investments, Debt and Equity Securities [Abstract]

Securities

The following table summarizes the Company's investment in debt securities classified as available-for-sale ("AFS") 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
March 31, 2018
Available-for-sale debt securities:
CRE securities of consolidated N-Star CDOs ⁽¹⁾:
CMBS	$	136,192	$	2,687	$	(7,361	)	$	131,518
Other securities ⁽²⁾	11,549		2,093		(190		)	13,452
N-Star CDO bonds ⁽³⁾	83,411		2,498		(5,744		)	80,165
CMBS and other securities ⁽⁴⁾	27,861		568		(6		)	28,423
	259,013		7,846		(13,301		)	253,558
Equity securities of consolidated fund								35,342
								$	288,900
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

__________

⁽¹⁾Carrying value of CDO bonds payable in consolidated N-Star CDOs was $196.4 million at March 31, 2018 and $215.5 million at December 31, 2017.

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


⁽³⁾	Excludes principal amount of N-Star CDO bonds held by the Company in its consolidated CDOs that are eliminated upon consolidation of $136.9 million at March 31, 2018 and $140.1 million at December 31, 2017.


⁽⁴⁾	Includes CMBS of $27.6 million at March 31, 2018 and $25.1 million at December 31, 2017 held by a sponsored investment company, which 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 March 31, 2018, contractual maturities of CRE securities ranged from four months to 43 years, with a weighted average expected maturity of 5.9 years.

Equity Securities of Consolidated Fund—These are publicly traded equity securities held by a consolidated open-end fund. 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), as follows.



	Three Months Ended March 31,
(In thousands)	2018		2017
Available-for-sale debt securities:
Proceeds from sale	$	63,185	$	24,788
Gross realized gain	8,384		567
Equity securities of consolidated fund:
Realized gain, net	499		—

Impairment of AFS Debt Securities

The following table presents AFS debt securities in a gross unrealized loss position:



	March 31, 2018										December 31, 2017
	Less Than 12 Months					More Than 12 Months					Less Than 12 Months
(In thousands)	Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss
CRE securities of consolidated N-Star CDOs:
CMBS	$	83,214	$	(6,930	)	$	1,966	$	(431	)	$	2,229	$	(530	)
Other securities	4,603		(190		)	—		—			8,218		(313		)
N-Star CDO bonds	43,125		(5,744		)	—		—			13,392		(219		)
CMBS and other securities	—		—			1		(6		)	12,956		(186		)
	$	130,942	$	(12,864	)	$	1,967	$	(437	)	$	36,795	$	(1,248	)

At December 31, 2017, there were no AFS debt securities in a gross unrealized loss position for more than 12 months. Any unrealized loss on securities acquired through the Merger were reset on the Closing Date.

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. 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. 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.

For the three months ended March 31, 2018, the Company recorded $4.4 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, some of which are PCI debt securities, 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. There was no OTTI loss recognized in the three months ended March 31, 2017.

At March 31, 2018, the Company believes that the remaining AFS securities with unrealized loss in accumulated other comprehensive income were not other than temporarily impaired. 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, consisting of certain N-Star CDOs, other CDOs and CMBS securities, were considered to be credit-impaired at acquisition, with the following outstanding balance:



(In thousands)	March 31, 2018		December 31, 2017
Outstanding principal	$	377,993	$	411,174
Amortized cost	14,196		26,761
Carrying value	21,599		31,789

PCI debt securities 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. The difference between contractually required payments at the acquisition date and the cash flows expected to be collected, which represents the nonaccretable difference, reflects the estimated future credit losses expected to be incurred over the life of the security and 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.

Information about these PCI debt securities upon acquisition, including the effect of measurement period adjustments recorded during the year ended December 31, 2017, 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. The three months ended March 31, 2017 reflects the effect of measurement period adjustments subsequently recorded during the year ended December 31, 2017.



	Three Months Ended March 31,
(In thousands)	2018			2017
Beginning accretable yield	$	44,610		$	—
Assumed through the Merger	—			70,283
Accretion recognized in earnings	(2,143		)	(4,146		)
Reduction due to payoffs or disposals	(9,335		)	—
Net reclassifications to nonaccretable difference	819			(5,437		)
Ending accretable yield	$	33,951		$	60,700

Goodwill, Deferred Leasing Costs and Other Intangibles

3 Months Ended

Mar. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill, Deferred Leasing Costs and Other Intangibles

Goodwill

The following tables present changes in the carrying value of goodwill and the goodwill balance by reporting segment.



	Three Months Ended March 31,
(In thousands)	2018		2017
Beginning balance	$	1,534,561	$	680,127
Business combinations ⁽¹⁾	—		1,285,502
Transfer to held for sale ⁽²⁾	—		(248,264		)
Ending balance ⁽³⁾	$	1,534,561	$	1,717,365

__________


⁽¹⁾	Amount does not reflect the effects of subsequent measurement period adjustments that were made within a one year period following consummation of the Merger.


⁽²⁾	Represents goodwill assigned to the Townsend investment management reporting unit that was acquired as part of the Merger, transferred to held for sale as of March 31, 2017 and subsequently sold on December 29, 2017.


⁽³⁾	Total goodwill amount is not deductible for income tax purposes.



(In thousands)	March 31, 2018		December 31, 2017
Balance by reporting segment:
Industrial	$	20,000	$	20,000
Investment management	1,514,561		1,514,561
	$	1,534,561	$	1,534,561

Impairment

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. As a result of the Company's annual impairment test in 2017, the Company recognized an impairment to the investment management goodwill of $316.0 million.

No goodwill impairment was recognized during the three months ended March 31, 2018 and 2017.

Deferred Leasing Costs, Other Intangible Assets and Intangible Liabilities

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



	March 31, 2018							December 31, 2017
(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	$	245,989	$	(111,770	)	$	134,219	$	243,037	$	(98,021	)	$	145,016
Above-market lease values	163,270		(39,521		)	123,749		166,571		(34,968		)	131,603
Below-market ground lease obligations	36,100		(524		)	35,576		29,625		(316		)	29,309
Deferred leasing costs	125,581		(41,809		)	83,772		121,765		(38,389		)	83,376
Lease incentives	14,578		(560		)	14,018		14,565		(298		)	14,267
Trade name ⁽²⁾	79,700		(3,932		)	75,768		79,700		(3,131		)	76,569
Investment management contracts	201,698		(75,925		)	125,773		342,127		(70,394		)	271,733
Customer relationships	59,400		(11,572		)	47,828		59,400		(10,421		)	48,979
Other ⁽³⁾	53,741		(2,548		)	51,193		54,061		(2,041		)	52,020
Total deferred leasing costs and intangible assets	$	980,057	$	(288,161	)	$	691,896	$	1,110,851	$	(257,979	)	$	852,872
Intangible Liabilities
Below-market lease values	$	215,866	$	(43,057	)	$	172,809	$	214,833	$	(36,426	)	$	178,407
Above-market ground lease obligations	16,019		(964		)	15,055		13,417		(715		)	12,702
Total intangible liabilities	$	231,885	$	(44,021	)	$	187,864	$	228,250	$	(37,141	)	$	191,109

__________

⁽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. Amounts are presented net of impairments and write-offs, including contracts written off in connection with the Combination (Notes 4 and 14).


⁽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 and franchise agreements associated with certain hotel properties which are amortized over 10 to 15 years.

Impairment of investment management contracts is discussed in Note 14.

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



	Three Months Ended March 31,
(In thousands)	2018			2017
Above-market lease values	$	(5,183	)	$	(5,514	)
Below-market lease values	7,108			7,440
Lease incentives	(262		)	—
Net increase (decrease) to rental income	$	1,663		$	1,926

Above-market ground lease obligations	$	(286	)	$	(171	)
Below-market ground lease obligations	463			119
Net increase (decrease) to ground rent expense	$	177		$	(52	)

In-place lease values	$	12,405		$	19,935
Deferred leasing costs	4,171			4,246
Trade name	804			856
Investment management contracts	5,686			8,218
Customer relationships	1,152			2,940
Other	515			2,275
Amortization expense	$	24,733		$	38,470

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)	Remaining 2018			2019			2020			2021			2022			2023 and Thereafter			Total
Above-market lease values	$	(13,186	)	$	(16,696	)	$	(15,823	)	$	(14,962	)	$	(13,649	)	$	(49,433	)	$	(123,749	)
Below-market lease values	19,187			23,962			21,714			19,941			18,510			69,495			172,809
Lease incentives	796			1,061			1,066			1,128			1,127			8,840			14,018
Increase to rental income	$	6,797		$	8,327		$	6,957		$	6,107		$	5,988		$	28,902		$	63,078

Above-market ground lease obligations	$	(664	)	$	(867	)	$	(867	)	$	(867	)	$	(867	)	$	(10,923	)	$	(15,055	)
Below-market ground lease obligations	752			796			796			796			796			31,640			35,576
Increase to rent expense	$	88		$	(71	)	$	(71	)	$	(71	)	$	(71	)	$	20,717		$	20,521

In-place lease values	$	21,224		$	21,050		$	16,209		$	11,112		$	8,954		$	55,670		$	134,219
Deferred leasing costs	12,936			14,730			12,090			9,314			7,327			27,375			83,772
Trade name	2,412			3,214			3,214			3,214			3,214			45,000			60,268
Investment management contracts	12,211			14,586			13,746			13,137			12,719			59,374			125,773
Customer relationships	3,455			4,607			4,607			4,607			4,607			25,945			47,828
Other	1,506			2,013			2,013			2,013			2,014			14,040			23,599
Amortization expense	$	53,744		$	60,200		$	51,879		$	43,397		$	38,835		$	227,404		$	475,459

- 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

3 Months Ended

Mar. 31, 2018

Discontinued Operations and Disposal Groups [Abstract]

Colony NorthStar Credit



(In thousands)	January 31, 2018
Assets
Cash and cash equivalents	$	99,883
Restricted cash	41,270
Real estate	219,748
Loans receivable	1,287,994
Investments in unconsolidated ventures	208,738
Deferred leasing costs and intangible assets	10,831
Other assets	25,755
	1,894,219
Liabilities
Debt	$	379,927
Accrued and other liabilities	41,318
	421,245
Noncontrolling interests
Noncontrolling interests—investment entities	330,980
Noncontrolling interests—Operating Company	64,294
	395,274
Equity attributable to Colony NorthStar, Inc.	$	1,077,700

Assets and Related Liabilities Held For Sale

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



(In thousands)	March 31, 2018		December 31, 2017
Assets
Restricted cash	$	1,533	$	1,020
Real estate, net	935,096		720,686
Goodwill ⁽¹⁾	20,000		20,000
Intangible assets, net	34,935		37,337
Other assets	11,274		2,587
Total assets held for sale	$	1,002,838	$	781,630

Liabilities
Secured debt, net ⁽²⁾	$	215,366	$	196,905
Lease intangibles and other liabilities, net	58,412		76,393
Total liabilities related to assets held for sale	$	273,778	$	273,298

__________


⁽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.

Net income generated from operations of these held for sale asset groups is presented below.



	Three Months Ended March 31,
(In thousands)	2018			2017
Revenues
Property operating income	$	716		$	33,857
Other income	—			2,257
Expenses
Property operating expenses	(589		)	(12,395		)
Interest expense	—			(9,028		)
Loss on sale of real estate assets	—			(2,108		)
Other expenses	(10		)	(23		)
Net income from discontinued operations	117			12,560
Net income from discontinued operations attributable to:
Noncontrolling interests in investment entities	(53		)	—
Noncontrolling interests in Operating Company	(3		)	—
Net income from discontinued operations attributable to Colony NorthStar, Inc.	$	61		$	12,560

Restricted Cash, Other Assets and Other Liabilities

3 Months Ended

Mar. 31, 2018

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:



(In thousands)	March 31, 2018		December 31, 2017
Capital expenditures reserves ⁽¹⁾	$	238,368	$	249,612
Real estate escrow reserves ⁽²⁾	36,441		42,420
Borrower escrow deposits	11,419		41,545
Working capital and other reserves ⁽³⁾	22,518		23,043
Tenant lock boxes ⁽⁴⁾	18,422		16,486
Restricted cash of consolidated N-Star CDOs ⁽⁵⁾	55,058		13,656
Other	71,140		84,316
Total restricted cash	$	453,366	$	471,078

__________


⁽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:



(In thousands)	March 31, 2018		December 31, 2017
Interest receivable	$	15,211	$	21,529
Straight-line rents	52,522		45,598
Hotel-related reserves ⁽¹⁾	31,603		29,208
Investment deposits and pending deal costs	3,231		1,706
Deferred financing costs, net ⁽²⁾	9,044		10,068
Contingent consideration escrow account ⁽³⁾	17,302		15,730
Derivative assets(Note 13)	7,267		10,152
Prepaid taxes and deferred tax assets, net	53,445		79,063
Receivables from resolution of investments ⁽⁴⁾	5,539		15,215
Contributions receivable ⁽⁵⁾	12,000		25,501
Accounts receivable ⁽⁶⁾	95,446		87,744
Prepaid expenses	37,291		29,526
Other assets	49,693		20,296
Fixed assets, net	52,245		53,632
Total other assets	$	441,839	$	444,968

__________


⁽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 (Note 14). 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⁾	Represents primarily proceeds from loan payoffs held in escrow at March 31, 2018.


⁽⁵⁾	Represents contributions receivable from noncontrolling interests in investment entities as a result of capital calls made at quarter end.


⁽⁶⁾	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 approximately $7.0 million and $5.6 million at March 31, 2018 and December 31, 2017, respectively.

Accrued and Other Liabilities

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



(In thousands)	March 31, 2018		December 31, 2017
Tenant security deposits	$	28,107	$	27,560
Borrower escrow deposits	16,925		46,231
Deferred income ⁽¹⁾	47,639		42,457
Interest payable	40,523		42,462
Derivative liabilities (Note 13)	150,798		204,848
Contingent consideration—THL Hotel Portfolio (Note 3)	7,760		7,419
Share repurchase payable ⁽²⁾	36,166		—
Current and deferred income tax liability	130,444		166,276
Accrued compensation	33,877		77,483
Accrued real estate and other taxes	77,155		77,060
Other accrued expenses	88,394		107,508
Accounts payable and other liabilities	133,651		98,857
Total accrued and other liabilities	$	791,439	$	898,161

__________


⁽¹⁾	Represents primarily prepaid rental income and interest income held in reserve accounts.

Includes deferred asset management fee income of $3.7 million and $2.7 million at March 31, 2018 and December 31, 2017, respectively, which will be recognized as fee income on a straightline basis through 2025. Adoption of the new revenue recognition standard had resulted in approximately $1.6 million increase to deferred management fee income on January 1, 2018. For the three months ended March 31, 2018, approximately $0.6 million relating to the deferred asset management fee balance at January 1, 2018 was recognized as fee income.


⁽²⁾	Represents the Company's common stock repurchases with trade date in March 2018 and settlement date in April 2018.

Debt

3 Months Ended

Mar. 31, 2018

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
March 31, 2018
Debt at amortized cost
Principal	$	100,000	$	616,105		$	9,531,911		$	253,829		$	280,117		$	10,781,962
Premium (discount), net	NA		3,024			(70,648		)	(84,971		)	(82,552		)	(235,147		)
Deferred financing costs	NA		(8,351		)	(87,104		)	(34		)	—			(95,489		)
	100,000		610,778			9,374,159			168,824			197,565			10,451,326
Debt at fair value ⁽³⁾	—		—			—			44,103			—			44,103
	$	100,000	$	610,778		$	9,374,159		$	212,927		$	197,565		$	10,495,429
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

__________


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


⁽²⁾	Debt with carrying value of $168.5 million at March 31, 2018 and $202.8 million at December 31, 2017 were 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 10).


⁽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 14).

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
March 31, 2018
Recourse
Corporate credit facility	$	—	—	%	0.0	$	100,000	4.13	%	2.8	$	100,000	4.13	%	2.8
Convertible and exchangeable senior notes	616,105		4.27	%	3.8	—		—	%	0.0	616,105		4.27	%	3.8
Junior subordinated debt	—		—	%	0.0	280,117		5.18	%	18.2	280,117		5.18	%	18.2
Secured debt ⁽¹⁾	38,714		5.02	%	7.7	—		—	%	0.0	38,714		5.02	%	7.7
	654,819					380,117					1,034,936



	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
Non-recourse
Securitization bonds payable	17,279		2.73	%	31.5	236,550		2.38	%	34.4	253,829		2.41	%	34.2
Secured debt ⁽²⁾
Healthcare	2,168,925		4.65	%	2.7	1,109,495		6.30	%	1.7	3,278,420		5.21	%	2.4
Industrial	1,014,030		3.81	%	11.1	—		—	%	0.0	1,014,030		3.81	%	11.1
Hospitality	9,918		12.78	%	0.4	2,599,681		4.99	%	0.9	2,609,599		5.02	%	0.9
Other Real Estate Equity	272,909		3.96	%	4.4	1,809,348		4.25	%	2.1	2,082,257		4.21	%	2.4
Real Estate Debt	—		—	%	0.0	508,891		4.33	%	2.6	508,891		4.33	%	2.6
	3,483,061					6,263,965					9,747,026
Total debt	$	4,137,880				$	6,644,082				$	10,781,962

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

__________


⁽¹⁾	The fixed rate recourse debt represents two promissory notes secured by the Company's aircraft.


⁽²⁾	Mortgage debt in the healthcare and other real estate equity segments with aggregate outstanding principal of $447.2 million at March 31, 2018 and $384.5 million at December 31, 2017 were either in payment default or were not in compliance with certain debt and/or lease covenants. The Company is negotiating with the lenders to restructure or otherwise refinance the debt.

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 March 31, 2018, 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 London Inter-bank Offered Rate ("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 March 31, 2018), 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 March 31, 2018, 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 senior notes and exchangeable senior notes (assumed from NRF at fair value in the Merger) are senior unsecured obligations of the Company and are guaranteed by the Company on a senior unsecured basis.

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
									March 31, 2018		December 31, 2017
									March 31, 2018		December 31, 2017
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		13,605
									$	616,105	$	616,105

__________


⁽¹⁾	Represents 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 15). 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.

Interest Incurred

Total interest incurred on the Company's debt, including interest capitalized on real estate under development or construction, was as follows:



	Three Months Ended March 31,
(In thousands)	2018		2017
Interest expensed	$	148,889	$	126,278
Interest capitalized	429		—
Total interest incurred	$	149,318	$	126,278

Derivatives

3 Months Ended

Mar. 31, 2018

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”).

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



	March 31, 2018									December 31, 2017
(In thousands)	Designated Hedges			Non-Designated Hedges			Total			Designated Hedges			Non-Designated Hedges			Total
Derivative Assets
Foreign exchange contracts	$	4,594		$	1,373		$	5,967		$	8,009		$	975		$	8,984
Interest rate contracts	—			1,300			1,300			—			1,168			1,168
Included in other assets	$	4,594		$	2,673		$	7,267		$	8,009		$	2,143		$	10,152
Derivative Liabilities
Foreign exchange contracts	$	(39,404	)	$	(7,854	)	$	(47,258	)	$	(39,101	)	$	(5,307	)	$	(44,408	)
Interest rate contracts	—			(103,540		)	(103,540		)	—			(160,440		)	(160,440		)
Included in accrued and other liabilities	$	(39,404	)	$	(111,394	)	$	(150,798	)	$	(39,101	)	$	(165,747	)	$	(204,848	)

Certain counterparties to the derivative instruments require the Company to deposit cash or other eligible collateral. The Company had $10.9 million and $1.9 million of cash collateral on deposit at March 31, 2018 and December 31, 2017, respectively, included in other assets.

Foreign Exchange Contracts

The following table summarizes the aggregate notional amounts of designated and non-designated foreign exchange contracts in place at March 31, 2018, 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

€

117,938

€

Min $1.06 / Max $1.53

December 2018 to January 2021

GBP

FX Collar

42,948

3,802

Min $1.45 / Max $1.82

June 2019 to December 2019

EUR

FX Forward

€

271,616

€

9,853

Min $1.10 / Max $1.38

April 2018 to January 2022

GBP

FX Forward

95,729

47,421

Min $1.23 / Max $1.27

December 2018 to December 2020

NOK

FX Forward

NOK

771,211

NOK

151,789

0.13

August 2018

Designated Net Investment Hedges

The Company’s foreign denominated net investments in subsidiaries or joint ventures were €452.5 million, £243.4 million and NOK785.7 million, or a total of $998.9 million at March 31, 2018, and €499.2 million, £250.6 million and NOK771.2 million, or a total of $1,139.0 million at December 31, 2017.

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.

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.

Following the liquidation of underlying investments of foreign subsidiaries, net realized gain of $2.6 million and $1.3 million on net investment hedges were transferred out of accumulated other comprehensive income into earnings, recorded in other gain (loss) for the years ended March 31, 2018 and 2017, 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 March 31, 2018 and 2017, dedesignated net investment hedges yielded unrealized losses of $2.9 million and $0.5 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 March 31, 2018, 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	$	229	1-Month LIBOR	5.12%	July 2018
Interest rate caps	$	6,427,513	1-Month LIBOR	2.46% - 5.70%	June 2018 to November 2019
Interest rate caps	$	221,270	3-Month LIBOR	3.50%	August 2018 to March 2019
Interest rate caps	€	555,589	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	$	16,134	⁽²⁾	⁽²⁾	June 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:



	Three Months Ended March 31,
(In thousands)	2018		2017
Unrealized gain (loss):
Non-designated interest rate contracts	$	56,657	$	22,592

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)
March 31, 2018
Derivative Assets
Foreign exchange contracts	$	5,967		$	(5,920	)	$	—	$	47
Interest rate contracts	1,300			(1		)	—		1,299
	$	7,267		$	(5,921	)	$	—	$	1,346
Derivative Liabilities
Foreign exchange contracts	$	(47,258	)	$	5,920		$	6,403	$	(34,935	)
Interest rate contracts	(103,540		)	1			4,500		(99,039		)
	$	(150,798	)	$	5,921		$	10,903	$	(133,974	)

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	)

Fair Value

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value

Recurring Fair Values

The table below presents a summary of financial assets and financial liabilities carried at fair value on a recurring basis, including financial instruments for which the fair value option was elected but excluding financial assets under the NAV practical expedient, categorized into the following three tier hierarchy:

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.



	Fair Value Measurements
(In thousands)	Level 1		Level 2		Level 3		Total
March 31, 2018
Assets
Loans receivable—securitized loans	$	—	$	—	$	44,330	$	44,330
Investments in unconsolidated ventures	—		—		247,983		247,983
Debt securities available for sale
CRE securities of consolidated N-Star CDOs:
CMBS	—		—		131,518		131,518
Other securities	—		—		13,452		13,452
N-Star CDO bonds	—		—		80,165		80,165
CMBS and other securities	—		27,619		804		28,423
Equity securities of consolidated fund	35,342		—		—		35,342
Other assets—derivative assets	—		7,267		—		7,267
Liabilities
Debt—securitization bonds payable	—		—		44,103		44,103
Other liabilities—derivative liabilities	—		150,798		—		150,798
Other liabilities—contingent consideration for THL Hotel Portfolio	—		—		7,760		7,760
Due to affiliates—contingent consideration for Internalization	—		—		10,170		10,170

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

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

Equity investments carried at fair value on a recurring basis consist of investments in certain unconsolidated ventures, including investments in private funds acquired in connection with the Merger, for which fair value option was elected. 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 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 these private funds using the NAV of the underlying funds. 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.

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 Company's acquisition of the investment management business and operations of its former

manager in April 2015 (the "Internalization"), contingent consideration is payable to certain senior executives of the

Company. Contingent consideration is 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. 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.

Level 3 Recurring 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, 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 recurring level 3 fair value measurements, for which information about unobservable inputs is reasonably available to the Company, 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)

March 31, 2018

Investments in unconsolidated ventures—private funds

171,945

Discounted cash flows

Discount rate

14.6%
(12.0% - 20.0%)

Decrease

Investments in unconsolidated ventures—others

26,712

Discounted cash flows

Discount rate

14.3%
(8.8% - 15.5%)

Decrease

Investments in unconsolidated ventures—others

49,326

Recent transaction price⁽²⁾

Not applicable

N-Star CDO bonds

80,165

Discounted cash flows

Discount rate

19.5%
(10.6% - 68.3%)

Decrease

Due to affiliates—contingent consideration for Internalization

10,170

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

7,760

Discounted cash flows

Discount rate

20.0%

Decrease

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

__________


⁽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 and first quarter of 2018.


⁽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, 2016	$	—		$	—		$	—		$	—		$	(41,250	)	$	—
Acquired through the Merger	—			416,696			427,560			—			—			—
Purchases or contributions	—			73			21,321			—			—			—
Paydowns or distributions	—			(26,746		)	(31,321		)	—			—			—
Realized gains (losses) in earnings	—			—			(1,193		)	—			—			—
Unrealized gains (losses):
In earnings	—			10,961			—			—			3,400			—
In other comprehensive income (loss)	—			—			(5,652		)	—			—			—
Fair value at March 31, 2017	$	—		$	400,984		$	410,715		$	—		$	(37,850	)	$	—
Unrealized gains (losses) on ending balance:
In earnings	$	—		$	10,961		$	—		$	—		$	3,400		$	—
In other comprehensive income (loss)	$	—		$	—		$	(5,652	)	$	—		$	—		$	—

Fair value at December 31, 2017	$	45,423		$	363,901		$	323,243		$	(44,542	)	$	(20,650	)	$	(7,419	)
Purchases or contributions	—			60,044			2,969			389			—			—
Paydowns, distributions or sales	(389		)	(158,943		)	(83,588		)	—			—			—
Contribution to Colony NorthStar Credit (Note 4)	—			(26,134		)	—			—			—			—
Realized gains (losses) in earnings	—			2,842			4,030			—			—			—
Unrealized gains (losses):
In earnings	(704		)	6,273			—			50			10,480			(341		)
In other comprehensive income (loss)	—			—			(20,715		)	—			—			—
Fair value at March 31, 2018	$	44,330		$	247,983		$	225,939		$	(44,103	)	$	(10,170	)	$	(7,760	)
Unrealized gains (losses) on ending balance:
In earnings	$	(704	)	$	6,021		$	—		$	50		$	10,480		$	(341	)
In other comprehensive income (loss)	$	—		$	—		$	(5,457	)	$	—		$	—		$	—

Investments Carried at Fair Value Using Net Asset Value

Investments in non-traded REITs and limited partnership interest in a third party private fund are valued using NAV of the respective vehicles effective January 1, 2018.



	March 31, 2018
(In thousands)	Fair Value		Unfunded Commitments
Private fund—real estate	$	11,630	$	14,493
Non-traded REITs—real estate	9,153		—

The Company's limited partnership interest in a third party sponsored closed-end private fund is not subject to redemption, with distributions to be received through liquidation of underlying investments of the fund. The fund has an expected life of eight years at its inception in 2017, which may be extended in one year increments up to two years at the discretion of its general partner, an equity method investee of the Company.

No secondary market currently exists for shares of the non-traded REITs. The Company-sponsored non-traded REITs have each adopted share repurchase programs, which provide for limited share repurchases and such programs may be amended, suspended or terminated at any time at the discretion of their respective Board of Directors. Subject to then-existing market conditions, the Company, as sponsor, expects to consider alternatives for providing liquidity to the non-traded REIT shares beginning five years from completion of the offering stage, but with no definitive date by which it must do so. In addition, the Company has agreed that its right to have its shares redeemed is subordinated to third party stockholders for so long as its advisory agreements are in effect.

Nonrecurring Fair Values

The Company measures fair value of certain assets on a nonrecurring basis when events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Adjustments to fair value generally result from the application of lower of amortized cost or fair value accounting for assets held for sale or write-down of asset values due to impairment.

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



	March 31, 2018						December 31, 2017
(In thousands)	Level 2		Level 3		Total		Level 2		Level 3		Total
Real estate held for sale	$	32,842	$	157,217	$	190,059	$	13,252	$	36,246	$	49,498
Real estate held for investment	—		51,747		51,747		—		224,935		224,935
Intangible assets—investment management contracts	—		—		—		—		51,100		51,100
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.



	Three Months Ended March 31,
(In thousands)	2018		2017
Impairment loss
Real estate held for sale	$	8,763	$	3,351
Real estate held for investment	4,206		5,168
Intangible assets—investment management contracts	140,429		—
Earnings from investments in unconsolidated ventures	—		2,144

Real Estate Held For Sale—The write down to fair value less cost to sell was estimated based on contracted sales prices, classified as Level 2 of the fair value hierarchy, or based on broker price opinions, discounted cash flows or income capitalization approach, classified as Level 3 of the fair value hierarchy, with discount rates between 8% and 10% or capitalization rate of 7%, and net of selling costs between 2% to 8% of the respective fair values.

Real Estate Held For Investment—Impaired real estate held for investment consisted primarily of properties in the Company's European portfolio, resulting 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 the impaired properties 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 5.5% to 13.3%, with longer term cash flow projections discounted at 10%. Additionally, as of December 31, 2017, impaired real estate included certain RIDEA properties that were converted into net lease properties in the healthcare segment, as well as certain properties in our healthcare segment and THL portfolio that experienced some damage from hurricanes.

Investment Management Contract Intangibles—Upon closing of the Combination on January 31, 2018, the Company's management contracts with NorthStar Income I and NorthStar Income II ceased to exist. Consequently, the carrying value of management contract intangible assets that were recognized for NorthStar Income I and NorthStar Income II at the time of the Merger, which aggregated to approximately $139.0 million, were written off.

Additionally, in the first quarter of 2018, the remaining balance of the NorthStar/RXR NY Metro management contract intangible of $1.4 million was impaired in consideration of the termination of its offering period effective March 31, 2018.

In 2017, the investment management contracts of non-traded REITs acquired through the Merger were impaired in the fourth quarter, with $55.3 million related to NorthStar Healthcare following an amendment to its advisory agreement and $3.7 million related to NorthStar/RXR NY Metro based on revised capital raising projections. 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%.

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.

Refer to Notes 6 and 9 for impairment on loans receivable and goodwill, respectively.

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. 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.



	Fair Value Measurements								Carrying Value
(In thousands)	Level 1		Level 2		Level 3		Total		Carrying Value
March 31, 2018
Assets
Loans at amortized cost	$	—	$	—	$	1,978,977	$	1,978,977	$	1,927,849
Liabilities
Debt at amortized cost
Corporate credit facility	—		100,000		—		100,000		100,000
Convertible and exchangeable senior notes	565,350		13,979		—		579,329		610,778
Secured and unsecured debt	—		—		9,454,051		9,454,051		9,374,159
Securitization bonds payable	—		16,546		149,254		165,800		168,824
Junior subordinated debt	—		—		199,411		199,411		197,565
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		9,622,175
Convertible 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

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	3 Months Ended
Variable Interest Entities	Mar. 31, 2018
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 $186.3 million and $490.1 million at March 31, 2018 and December 31, 2017, 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 three months ended March 31, 2018 and 2017, 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. 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 $10.1 million at March 31, 2018 and $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 $83.5 million at March 31, 2018 and $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 12). 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 both March 31, 2018 and December 31, 2017, recorded in investments in unconsolidated ventures on the consolidated balance sheet (Note 7). The junior subordinated notes are recorded as debt on the Company's consolidated balance sheet. Company-Sponsored Private Funds As general partner, the Company has capital commitments directly to its sponsored funds. The Company may also invest alongside certain of its sponsored private funds through joint ventures between the Company and its sponsored funds, with the co-investment joint ventures consolidated by the Company, and the Company may 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 $9.1 million at March 31, 2018 and $6.9 million at December 31, 2017, included within investments in unconsolidated ventures on the consolidated balance sheets.

Stockholders' Equity

3 Months Ended

Mar. 31, 2018

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 periods prior to January 10, 2017 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, 2016	25,030	166,440		770
Consideration for the Merger ⁽¹⁾	39,466	392,120		—
Shares canceled ⁽²⁾	—	(2,984	)	—
Shares issued upon redemption of OP units	—	45		—
Repurchase of common stock	—	(4,933	)	—
Equity-based compensation, net of forfeitures	—	7,075		—
Shares canceled for tax withholding on vested stock awards	—	(359	)	—
Shares outstanding at March 31, 2017	64,496	557,404		770

Shares outstanding at December 31, 2017	65,464	542,599		736
Shares issued upon redemption of OP Units	—	2		—
Repurchase of common stock	—	(42,306	)	—
Equity-based compensation, net of forfeitures	—	3,257		—
Shares canceled for tax withholding on vested stock awards	—	(2,909	)	—
Shares outstanding at March 31, 2018	65,464	500,643		736

__________

⁽¹⁾

Shares were legally issued by Colony NorthStar, as the surviving combined company, as consideration for the Merger. However, as the Merger was 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).


⁽²⁾	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 March 31, 2018:



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.

Issuance and Redemption of Preferred Stock

There were no issuances or redemptions of preferred stock in the three months ended March 31, 2018.

In 2017, 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.

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. Class B common stock was issued as consideration in the Company's acquisition in April 2015 of the investment management business and operations of its former manager, which was previously controlled by the Company's Executive Chairman. 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.

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 26, 2018, 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 three months ended March 31, 2018, the Company repurchased 42,306,294 shares of its class A common stock, at an aggregate cost of approximately $246.0 million (excluding commissions), or a weighted-average price of $5.82 per share.

In 2017, the Company had a similar stock repurchase program in which the Company repurchased the full authorized amount of $300.0 million (excluding commissions) of its outstanding class A common stock, equivalent to a total of 23,371,071 shares, at 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

The Company's Dividend Reinvestment and Direct Stock Purchase Plan (the “DRIP Plan”) provides existing common stockholders and other investors the opportunity to purchase shares (or additional shares, as applicable) of the Company's class A common stock by reinvesting some or all of the cash dividends received on their shares of the Company's class A common stock or making optional cash purchases within specified parameters. The DRIP Plan involves the acquisition of the Company's class A common stock either in the open market, directly from the Company as newly issued common stock, or in privately negotiated transactions with third parties. There were no shares of class A common stock acquired under the DRIP Plan in the three months ended March 31, 2018 or the year ended December 31, 2017 in the form of new issuances.

Call Spread

Subsequent to the Merger, the Company guaranteed NSAM's obligation to a third party counterparty under a call option previously sold by NSAM, specifically a call spread transaction (the “Call Spread”) in which NSAM had previously purchased and sold a call option on its common stock. 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, 2016	$	85		$	(112	)	$	(41	)	$	(76,426	)	$	44,385		$	(32,109	)
Other comprehensive income (loss) before reclassifications	76			(5,107		)	41			22,271			(8,813		)	8,468
Amounts reclassified from AOCI	23			(106		)	—			934			(960		)	(109		)
AOCI at March 31, 2017	$	184		$	(5,325	)	$	—		$	(53,221	)	$	34,612		$	(23,750	)

AOCI at December 31, 2017	$	5,616		$	14,418		$	—		$	45,931		$	(18,649	)	$	47,316
Cumulative effect of adoption of new accounting pronouncements	(202		)	—			—									(202		)
Other comprehensive income (loss) before reclassifications	1,009			(15,736		)	—			35,759			(18,534		)	2,498
Amounts reclassified from AOCI	—			(3,800		)	—			4,163			(938		)	(575		)
AOCI at March 31, 2018	$	6,423		$	(5,118	)	$	—		$	85,853		$	(38,121	)	$	49,037

Changes in Components of AOCI—Noncontrolling Interests in Investment Entities



(In thousands)	Unrealized Gain (Loss) on Securities			Foreign Currency Translation Gain (Loss)			Unrealized Gain (Loss) on Net Investment Hedges			Total
AOCI at December 31, 2016	$	(527	)	$	(57,213	)	$	11,798		$	(45,942	)
Other comprehensive income (loss) before reclassifications	981			12,106			(1,954		)	11,133
Amounts reclassified from AOCI	(454		)	994			257			797
AOCI at March 31, 2017	$	—		$	(44,113	)	$	10,101		$	(34,012	)

AOCI at December 31, 2017	$	—		$	38,948		$	3,127		$	42,075
Other comprehensive income (loss) before reclassifications	—			29,242			(4,817		)	24,425
Amounts reclassified from AOCI	—			4,415			1,267			5,682
AOCI at March 31, 2018	$	—		$	72,605		$	(423	)	$	72,182

Reclassifications out of AOCI—Stockholders

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



(In thousands)	Three Months Ended March 31,						Affected Line Item in the Consolidated Statements of Operations
Component of AOCI reclassified into earnings	2018			2017
Realized gain (loss) on marketable securities	$	7,906		$	106		Other gain (loss), net
Other-than-temporary impairment and write-offs of securities	(4,106		)	—			Other gain (loss), net
Release of cumulative translation adjustments	(4,163		)	(934		)	Other gain (loss), net
Unrealized gain (loss) on dedesignated net investment hedges	(1,498		)	—			Other gain (loss), net
Realized gain (loss) on net investment hedges	2,436			960			Other gain (loss), net
Release of equity in AOCI of unconsolidated ventures	—			(23		)	Earnings from investments in unconsolidated ventures

Noncontrolling Interests

3 Months Ended

Mar. 31, 2018

Noncontrolling Interest [Abstract]

Noncontrolling Interests

Redeemable Noncontrolling Interests

This represents noncontrolling interests in a consolidated open-end fund sponsored by the Company beginning in August 2017, and in Townsend for the period from January 10, 2017 through December 29, 2017, the date the Company sold its interest in Townsend. In connection with the Townsend sale, $20.0 million of the consideration received was allocated to certain members of Townsend management and the noncontrolling interests in Townsend was fully redeemed.

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



	Three Months Ended March 31,
(In thousands)	2018			2017
Beginning balance	$	34,144		$	—
Assumed through the Merger	—			78,843
Contributions	250			—
Distributions	(2,050		)	—
Net income	(696		)	617
Currency translation adjustment and other	—			12
Ending balance	$	31,648		$	79,472

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 March 31, 2018, noncontrolling interests own approximately 28.7% of the Company's healthcare portfolio.

For the three months ended March 31, 2018, 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 $5.8 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 three months ended March 31, 2018, the Company redeemed 1,940 OP Units with the issuance of an equal number of shares of class A common stock on a one-for-one basis.

For the year ended December 31, 2017, the Company redeemed 2,076,214 OP Units through the issuance of 1,684,170 shares of class A common stock (adjusted for the Merger exchange ratio) on a one-for-one basis and cash settlement of approximately $5.1 million to satisfy tax obligations of the OP unitholders.

Discontinued Operations

3 Months Ended

Mar. 31, 2018

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Colony NorthStar Credit



(In thousands)	January 31, 2018
Assets
Cash and cash equivalents	$	99,883
Restricted cash	41,270
Real estate	219,748
Loans receivable	1,287,994
Investments in unconsolidated ventures	208,738
Deferred leasing costs and intangible assets	10,831
Other assets	25,755
	1,894,219
Liabilities
Debt	$	379,927
Accrued and other liabilities	41,318
	421,245
Noncontrolling interests
Noncontrolling interests—investment entities	330,980
Noncontrolling interests—Operating Company	64,294
	395,274
Equity attributable to Colony NorthStar, Inc.	$	1,077,700

Assets and Related Liabilities Held For Sale

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



(In thousands)	March 31, 2018		December 31, 2017
Assets
Restricted cash	$	1,533	$	1,020
Real estate, net	935,096		720,686
Goodwill ⁽¹⁾	20,000		20,000
Intangible assets, net	34,935		37,337
Other assets	11,274		2,587
Total assets held for sale	$	1,002,838	$	781,630

Liabilities
Secured debt, net ⁽²⁾	$	215,366	$	196,905
Lease intangibles and other liabilities, net	58,412		76,393
Total liabilities related to assets held for sale	$	273,778	$	273,298

__________


⁽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.

Net income generated from operations of these held for sale asset groups is presented below.



	Three Months Ended March 31,
(In thousands)	2018			2017
Revenues
Property operating income	$	716		$	33,857
Other income	—			2,257
Expenses
Property operating expenses	(589		)	(12,395		)
Interest expense	—			(9,028		)
Loss on sale of real estate assets	—			(2,108		)
Other expenses	(10		)	(23		)
Net income from discontinued operations	117			12,560
Net income from discontinued operations attributable to:
Noncontrolling interests in investment entities	(53		)	—
Noncontrolling interests in Operating Company	(3		)	—
Net income from discontinued operations attributable to Colony NorthStar, Inc.	$	61		$	12,560

Earnings per Share

3 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

Earnings per Share

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



	Three Months Ended March 31,
(In thousands, except per share data)	2018			2017
Net income (loss) allocated to common stockholders
Income (loss) from continuing operations	$	(26,416	)	$	39,630
Income from discontinued operations	117			12,560
Net income (loss)	(26,299		)	52,190
Net (income) loss attributable to noncontrolling interests:
Redeemable noncontrolling interests	696			(617		)
Investment entities	(20,102		)	(27,059		)
Operating Company	4,378			1,083
Net income (loss) attributable to Colony NorthStar, Inc.	(41,327		)	25,597
Preferred dividends	(31,387		)	(30,813		)
Net loss attributable to common stockholders	(72,714		)	(5,216		)
Net income allocated to participating securities	(629		)	(2,238		)
Net loss allocated to common stockholders—basic	(73,343		)	(7,454		)
Interest expense attributable to convertible notes ⁽¹⁾	—			—
Net loss allocated to common stockholders—diluted	$	(73,343	)	$	(7,454	)
Weighted average common shares outstanding ⁽²⁾
Weighted average number of common shares outstanding—basic	530,680			506,405
Weighted average effect of dilutive shares ⁽¹⁾⁽³⁾	—			—
Weighted average number of common shares outstanding—diluted	530,680			506,405
Basic loss per share
Loss from continuing operations	$	(0.14	)	$	(0.03	)
Income from discontinued operations	0.00			0.02
Net loss attributable to common stockholders per basic common share	$	(0.14	)	$	(0.01	)
Diluted loss per share
Loss from continuing operations	$	(0.14	)	$	(0.03	)
Income from discontinued operations	0.00			0.02
Net loss attributable to common stockholders per diluted common share	$	(0.14	)	$	(0.01	)

__________

⁽¹⁾

For the three months ended March 31, 2018 and 2017, excluded from the calculation of diluted earnings per share is the effect of adding back $7.1 million and $7.3 million of interest expense, respectively, and 38,112,100 and 38,717,000 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 share counts used to calculate the weighted average number of shares for the three months ended March 31, 2017 reflect the exchange ratio of 1.4663 applied to shares outstanding prior to the Closing Date.

⁽³⁾

For the three months ended March 31, 2018, 662,900 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 March 31, 2018 and 2017, there were 32,280,500 and 34,313,300 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. Also 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 14) and PSUs (Note 21) as the performance targets would not have been met had the contingency period ended on March 31, 2018.

Fee Income

3 Months Ended

Mar. 31, 2018

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.

On December 29, 2017, the Company sold its interest in Townsend, an investment management subsidiary acquired through the Merger. Upon closing of the Combination on January 31, 2018, the Company's management contracts with NorthStar Income I and NorthStar Income II ceased to exist; concurrently, the Company entered into a new management agreement with Colony NorthStar Credit.

The Company's fee income is earned from the following sources:



	Three Months Ended March 31,
(In thousands)	2018		2017
Institutional funds	$	13,141	$	14,827
Non-traded REITs	11,459		22,237
Public companies—NRE, Colony NorthStar Credit	12,172		3,170
Broker-dealer, Townsend and other clients	70		13,016
	$	36,842	$	53,250

The following table presents the Company's fee income by type:



	Three Months Ended March 31,
(In thousands)	2018		2017
Base management fees ($34,176 and $38,984 from affiliates, respectively)	$	34,176	$	42,775
Asset management fees—from affiliates	674		606
Acquisition and disposition fees—from affiliates	1,922		5,929
Incentive fees—from affiliates	—		270
Other fee income	70		3,670
Total fee income	$	36,842	$	53,250

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 and NRE, calculated as follows:


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

•

Non-Traded REITs—1% to 1.25% per annum of gross assets for NorthStar/RXR NY Metro and for NorthStar Income I and NorthStar Income II (through January 31, 2018 only), as well as 1.5% per annum of most recently published net asset value (as may be subsequently adjusted for any special distribution) for NorthStar Healthcare. Effective January 1, 2018, $2.5 million per quarter of base management fee for NorthStar Healthcare will 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 variable fee based on the European Public Real Estate Association Net Asset Value, as defined in the management agreement. Prior to 2018, it was 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; and


•	Colony NorthStar Credit—1.5% per annum of Colony NorthStar Credit's stockholders' equity (as defined in its management agreement).

In 2017, the Company also earned base management fees from Townsend private funds at a fixed percentage of either assets under management, net asset value, total assets, committed capital or invested capital.

Asset Management Fees—The Company earns asset management fees from its managed private funds, which represents 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.

Acquisition and Disposition Fees—The Company earns an acquisition fee of 1% of the amount funded or allocated to originate or acquire an investment by NorthStar Income I and NorthStar Income II (through January 31, 2018 only); and a disposition fee of 1% to 2% of the contractual sales price for disposition of an investment by NorthStar Income I and NorthStar Income II (through January 31, 2018 only) and by NorthStar Healthcare. The amended advisory agreement of NorthStar Healthcare no longer provides for an acquisition fee effective January 1, 2018.

Incentive Fees—The Company may earn contractual incentive fees from NRE and Colony NorthStar Credit (and in 2017, from Townsend segregated mandate accounts). 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. A portion of the incentive fees earned by the Company, generally at 40% consistent with market terms, is allocable to senior management, investment professionals and certain other employees of the Company through their participation in the Company-sponsored investment vehicles.

Other Fee Income—Other fees include advisory fees 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 8% for selling commissions and 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. In 2017, other income included advisory fees from Townsend clients at a fixed annual retainer.

Equity-Based Compensation

3 Months Ended

Mar. 31, 2018

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

Equity-Based Compensation

Upon consummation of the Merger, each outstanding Colony employee restricted stock 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 restricted stock award, after giving effect to the Colony exchange ratio. As of January 2, 2017, all shares reserved under the Colony Equity Incentive Plan had been issued. While the Colony Equity Incentive Plan continues to exist following the Merger, no new awards will be granted under this plan.

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 and was settled through the issuance of 44,464 shares of Colony NorthStar class A common stock. The Colony Director Stock Plan was assumed by Colony NorthStar upon closing of the Merger.

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 their respective exchange ratios. All of the vested NSAM and NRF equity awards relate to pre-combination services and form part of the merger consideration.

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—Restricted stock awards granted to Townsend’s management team, who were previously employees of the Company, did not vest by their terms in connection with the Merger and were converted into Colony NorthStar restricted stock awards on a one-for-one basis. 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"), 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, certain AHI employees were granted equity awards for a fixed dollar amount with a variable number of shares, classified as a liability award. The outstanding award to certain AHI employees did not accelerate in the Merger. In March 2017, $1.0 million or the equivalent of 70,261 shares of class A common stock were issued in settlement of the equity award to certain AHI employees, and the corresponding $1.0 million outstanding liability was relieved. This was a non-employee award, with equity-based compensation recorded in earnings from investments in unconsolidated ventures on the consolidated statement of operations

Pursuant to a separate contractual arrangement entered into in connection with the investment in AHI, 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 March 31, 2018, 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. 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, after giving effect to the relevant Merger exchange ratios. As a non-employee award, the RSUs were 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 was 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, performance stock units ("PSUs"), 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. Shares reserved for the issuance of awards under the CLNS Equity Incentive Plan are 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. At March 31, 2018, an aggregate of 44.7 million shares of the Company's class A common stock were reserved for the issuance of awards under the CLNS Equity Incentive Plan.

In 2017, the Company issued certain equity 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 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. All of the replacement equity awards vested on January 10, 2018. Additionally, restricted stock awards were also granted to certain employees as retention awards, subject to graded vesting through January 2020.

Restricted Stock—Restricted stock awards relating to the Company's class A common stock are granted to senior executives and certain employees, with a service condition only and time-based vesting annually in equal tranches over a three-year period. Restricted stock is entitled to dividends declared and paid on the Company's class A common stock and such dividends are not forfeitable prior to vesting of the award. Restricted stock awards are valued based on the Company's class A common stock price on grant date and equity-based compensation expense is recognized on a straight-line basis over the requisite three-year service period.

Performance Stock Units ("PSUs")—PSUs are granted to senior executives and certain employees, and are subject to both a service condition and market condition. PSUs vest annually in equal tranches over a three-year period. Upon vesting, the recipient of PSUs will be issued a number of shares of CLNS class A common stock, ranging from 0% to 200% of the number of PSUs granted, to be determined based upon the performance of the Company's class A common stock relative to that of a specified peer group over a three-year measurement period (such measurement metric the "total shareholder return"). PSUs also contain dividend equivalent rights which entitle the recipients to a payment equal to the amount of dividends that would have been paid on the shares that are ultimately issued at the end of the measurement period.

Fair value of PSUs, including dividend equivalent rights, was determined using a Monte Carlo simulation under a risk-neutral premise, with the following assumptions:



	2018 PSU Grant
Expected volatility of CLNS class A common stock⁽¹⁾	38	%
Expected CLNS annual dividend yield⁽²⁾	7.6	%
Risk-free rate (per annum)⁽³⁾	2.44	%

__________


⁽¹⁾	Based on a combination of implied volatilities on actively traded stock options and historical volatilities, on the stock of the Company and the specified peer group.


⁽²⁾	Based on an average of the Company's current and historical dividend yields.


⁽³⁾	Based on the prevailing 3-year zero coupon US Treasury yield on grant date.

Fair value of the PSU award on grant date, excluding dividend equivalent rights, is recognized on a straight-line basis over the three-year measurement period as compensation expense, and is not subject to reversal even if the market condition is not achieved. The dividend equivalent right is accounted for as a liability-classified award. The fair value of the dividend equivalent right is recognized as compensation expense on a straight-line basis over the measurement period, and is subject to adjustment to fair value at each reporting period.

LTIP Units—LTIP units are designated as profits interests for federal income tax purposes. Unvested LTIP units do not accrue distributions. Each vested 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 17). LTIP units are valued based on the Company's class A common stock price on grant date, with equity-based compensation cost recognized on a straight-line basis over the service period and represent an allocation to noncontrolling interest in the Operating Company.

Deferred Stock Units—Certain non-employee directors may elect to defer the receipt of annual base fees and/or restricted stock awards, and in lieu, receive awards of DSUs. DSUs awarded in lieu of annual base fees are fully vested on their grant date, while DSUs awarded in lieu of restricted stock awards vest one year from their grant date. DSUs are entitled to a dividend equivalent, in the form of additional DSUs based on dividends declared and paid on the Company's class A common stock. Any such additional DSUs will also be credited with additional DSUs as cash dividends are paid, subject to the same restrictions and vesting conditions, if any. Upon separation of service from the Company, vested DSUs are to be settled in shares of the Company’s class A common stock or cash, at the option of the Company. Fair value of DSUs are determined based on the price of the Company's class A common stock on grant date and recognized immediately if fully vested upon grant, otherwise, on a straight-line basis over the vesting period as equity based compensation expense and equity.

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



	Three Months Ended March 31,
(In thousands)	2018		2017
Compensation expense (including $22 and $0 amortization of fair value of dividend equivalent right)	$	12,191	$	31,577
Earnings from investments in unconsolidated ventures	—		61
Investment, servicing and commission expense	—		546
	$	12,191	$	32,184

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



										Weighted Average Grant Date Fair Value
	Restricted Stock		LTIP Units		DSUs		PSUs ⁽¹⁾	Total		PSUs		All Other Awards
Unvested shares and units at December 31, 2017	9,149,516		3,506,387		78,267		—	12,734,170		$	—	$	14.53
Granted	3,257,393				13,659		2,138,858	5,409,910		6.05		6.27
Vested	(6,160,624	)	(3,506,387	)	(11,615	)	—	(9,678,626	)	—		14.63
Forfeited	(674	)					—	(674	)	—		6.08
Unvested shares and units at March 31, 2018	6,245,611		—		80,311		2,138,858	8,464,780		$	6.05	$	10.11

__________


⁽¹⁾	Represents the number of PSUs granted which does not reflect potential increases or decreases that could result from the final outcome of the total shareholder return at the end of the performance period.

Fair value of equity awards that vested, determined based on their respective fair values at vesting date, was $105.0 million and $14.8 million for the three months ended March 31, 2018 and 2017, respectively. For awards granted during the three months ended March 31, 2018 and 2017, the weighted average grant-date fair value per share was $6.27 and $14.59, respectively.

At March 31, 2018, aggregate unrecognized compensation cost for all unvested equity awards was $65.9 million, which is expected to be recognized over a weighted-average period of 2.4 years.

Awards Granted by Managed Companies

In March 2018, NRE and Colony NorthStar Credit issued restricted stock and performance stock units to the Company or its employees (collectively, "managed company awards"). NRE awards generally have similar terms as the respective CLNS awards, except that the NRE performance stock units measure NRE's stock performance against either an absolute total shareholder return threshold or relative to the performance of a specified market index. Employees are entitled to receive shares of NRE common stock if service conditions and/or market condition are met. CLNC awards are primarily restricted stock grants and generally vest over a three-year period, subject to service conditions. The Company generally issues the managed company award it receives in its capacity as the manager to its employees with substantially the same terms and service requirements.

Managed company awards granted to the Company, pending grant to its employees, are recognized based on their fair value at grant date as an investment in unconsolidated ventures and deferred revenue on the consolidated balance sheet. The deferred revenue liability is amortized into other income as the awards vest to the Company. Awards that are subsequently issued by the Company to its employees are recognized on a straight-line basis as equity-based compensation expense over their vesting period upon grant by the Company. Both types of awards are subject to adjustment to fair value at each reporting period, with changes reflected as an adjustment to equity-based compensation.

Equity-based compensation expense recognized in relation to managed company awards was $0.8 million for the three months ended March 31, 2018. At March 31, 2018, aggregate unrecognized compensation cost for unvested managed company awards was $22.2 million, which is expected to be recognized over a weighted-average period of 2.9 years.

Transactions with Affiliates

3 Months Ended

Mar. 31, 2018

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:



(In thousands)	March 31, 2018		December 31, 2017
Due from Affiliates
Investment vehicles and unconsolidated ventures
Fee income	$	25,338	$	19,366
Cost reimbursements and recoverable expenses	16,823		30,749
Employees and other affiliates	1,421		1,403
	$	43,582	$	51,518
Due to Affiliates
Investment vehicles and unconsolidated ventures	$	2,935	$	2,884
Employees—contingent consideration for Internalization	10,170		20,650
	$	13,105	$	23,534

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 20.

Cost Reimbursements—The Company received cost reimbursement income 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, investment companies and Colony NorthStar Credit, with reimbursements for non-traded REITs limited to the greater of 2% of average invested assets or 25% of net income (net of base management fees);


•	direct costs of personnel dedicated solely to NRE plus 20% of such personnel costs for related overhead charges, not to exceed, in aggregate, specified thresholds as set out in the NRE management agreement;


•	cost incurred in performing investment due diligence for retail companies and private funds managed by the Company (presented gross on the consolidated statement of operations effective January 1, 2018);


•	equity awards granted by NRE and Colony NorthStar Credit to employees of the Company, which are recorded gross on the consolidated statement of operations as other income and compensation expense (see Note 21);


•	certain expenses incurred on behalf of the clients of Townsend such as legal, due diligence and investment advisory team travel expenses (in 2017 only);


•	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 (through July 2017 only); and


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

Cost reimbursements, included in other income, were as follows. This included $1.2 million of costs incurred by the Company which will be reimbursed by its managed private funds for the three months ended March 31, 2018 that were presented gross on the consolidated statement of operations beginning in 2018.



	Three Months Ended March 31,
(In thousands)	2018		2017
Retail companies	$	2,387	$	5,335
Public companies—NRE and Colony NorthStar Credit	1,750		—
Private funds and other	1,844		703
Equity awards of NRE and Colony NorthStar Credit (Note 21)	812		—
Townsend	—		665
	$	6,793	$	6,703

Recoverable Expenses—The Company pays organization and offering costs associated with the formation and capital raising of the retail companies and private funds sponsored by the Company, for which the Company recovers from these investment vehicles, up to specified thresholds for certain private funds and up to 1% of proceeds expected to be raised from the offering of retail companies(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 March 31, 2018 and December 31, 2017, there were no outstanding advances under the revolving credit facility.

Liquidating Trust—In connection with the closing of the Combination, a wholly-owned subsidiary of the Company entered into a management services agreement with the liquidating trust that holds the NorthStar I Retained Asset (as discussed in Note 4). The Company was engaged as an advisor to service and assist in the potential sale of the NorthStar I Retained Asset, and to provide administrative services to the liquidating trust on such terms and conditions as approved by the trustees for a management fee of 1.25% per annum of the net assets of the liquidating trust. Such fee amount is immaterial.

Healthcare Strategic Partnership—The Healthcare Strategic Partnership was formed to expand the Company’s healthcare business (see Note 21). 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. To date, no incentive fees have been earned by the Healthcare Strategic Partnership.

American Healthcare Investors Joint Venture—The Company has an equity method investment in AHI, through a joint venture with the principals of AHI and Mr. Flaherty (see Note 21). 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 three months ended March 31, 2018 and 2017, the Company incurred property management fees and sub-advisory fees totaling $1.3 million and $1.1 million, respectively. In January 2018, the Company provided a notice of termination of its management agreement to AHI with such termination to be effective October 2018.

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 three months ended March 31, 2018 and 2017 were immaterial and relate primarily to the Company's share of the fund's operating costs and 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 14.

Selling Commissions—Certain NorthStar Securities employees earn selling commissions related to the sale of equity in the retail companies. Commissions paid or payable to these employees are immaterial.

Equity Awards of NRE and Colony NorthStar Credit—As discussed in Note 21, NRE and Colony NorthStar Credit grant equity awards to employees of the Company, either directly or indirectly through the Company, which are recognized as equity-based compensation expense over the vesting period with a corresponding amount in other income.

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 March 31, 2018 and December 31, 2017, there was $4.8 million of such investments in a consolidated private 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 three months ended March 31, 2018.

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 March 31, 2018 and December 31, 2017.

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 $0.1 million and $0.6 million for the three months ended March 31, 2018 and 2017, respectively.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Lease Commitments Office Leases—The Company leases office space under noncancelable operating leases. 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 $2.7 million for each of the three months ended March 31, 2018 and 2017. 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 14. 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 14. Litigation and Claims The Company may be involved in litigation and claims in the ordinary course of business. As of March 31, 2018, 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

3 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

Segment Reporting

The Company conducts its business through the following six 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 composed of primarily extended stay hotels and premium branded select service hotels primarily located in major metropolitan markets in the U.S. with the majority affiliated with top hotel brands.


•	CLNC—This represents the Company's investment in Colony NorthStar Credit, a commercial real estate credit REIT with a diverse portfolio consisting of senior mortgage loans, mezzanine loans, preferred equity, debt securities and net lease properties predominantly in the U.S. Following the Combination, the Company presents Colony NorthStar Credit in a separate reportable segment.


•	Other Equity and Debt—The Company's other equity and debt segment 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.

In 2018, the Company determined that its equity interests in various investment vehicles as sponsor and general partner, which were previously included in the industrial and other equity and debt segments, would be part of its investment management segment. The reclassification of investments in unconsolidated ventures and corresponding earnings on investments in unconsolidated ventures was applied retrospectively to all prior periods presented. The reclassification was not material to segment results.

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 certain 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			CLNC			Other Equity and Debt			Investment Management			Amounts Not Allocated to Segments			Total
Three Months Ended March 31, 2018
Total revenues	$	152,595		$	68,753		$	195,782		$	—		$	205,154		$	42,521		$	1,859		$	666,664
Property operating expenses	66,966			20,811			136,095			—			81,898			—			—			305,770
Interest expense	50,941			10,190			34,361			—			40,280			—			13,117			148,889
Depreciation and amortization	41,127			29,945			35,457			—			28,969			7,676			1,531			144,705
Provision for loan loss	—			—			—			—			5,375			—			—			5,375
Impairment loss	3,780			—			—			—			9,189			140,429			—			153,398
Gain on sale of real estate	—			2,293			—			—			16,151			—			—			18,444
Earnings (losses) from investments in unconsolidated ventures	—			—			—			(3,654		)	27,217			8,702			—			32,265
Income tax benefit (expense)	(998		)	(3		)	1,481			—			(4,539		)	36,803			64			32,808
Income (loss) from continuing operations	(12,534		)	6,321			(11,886		)	(3,654		)	68,431			(84,624		)	11,530			(26,416		)
Income from discontinued operations	—			—			—			—			117			—			—			117
Net income (loss)	(12,534		)	6,321			(11,886		)	(3,654		)	68,548			(84,624		)	11,530			(26,299		)
Net income (loss) attributable to Colony NorthStar, Inc.	(10,360		)	1,278			(10,050		)	(3,446		)	49,109			(80,520		)	12,662			(41,327		)

Three Months Ended March 31, 2017
Total revenues	$	138,813		$	57,042		$	175,713		$	—		$	175,086		$	59,640		$	871		$	607,165
Property operating expenses	60,686			16,497			118,491			—			20,675			—			—			216,349
Interest expense	41,092			12,426			27,249			—			30,819			—			14,692			126,278
Depreciation and amortization	40,881			24,639			30,041			—			28,218			12,483			1,158			137,420
Provision for loan loss	—			—			—			—			6,724			—			—			6,724
Impairment loss	—			—			—			—			8,519			—			—			8,519
Gain on sale of real estate	—			—			—			—			8,970			—			—			8,970
Earnings from investments in unconsolidated ventures	—			—			—			—			108,837			5,155			—			113,992
Income tax benefit (expense)	(2,242		)	598			(38		)	—			(1,333		)	(2,069		)	1,375			(3,709		)
Income (loss) from continuing operations	(9,266		)	519			(3,616		)	—			179,908			19,989			(147,904		)	39,630
Income from discontinued operations	—			—			—			—			—			—			12,560			12,560
Net income (loss)	(9,266		)	519			(3,616		)	—			179,908			19,989			(135,344		)	52,190
Net income (loss) attributable to Colony NorthStar, Inc.	(8,438		)	(62		)	(2,993		)	—			143,912			18,260			(125,082		)	25,597

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



(In thousands)	Healthcare		Industrial		Hospitality		CLNC		Other Equity and Debt		Investment Management		Amounts Not Allocated to Segments		Total
March 31, 2018
Total assets	$	5,792,926	$	2,852,496	$	4,084,845	$	1,161,930	$	7,395,831	$	2,127,652	$	148,812	$	23,564,492
Equity method investments	—		—		—		1,161,930		1,058,206		215,840		3,742		2,439,718
December 31, 2017
Total assets	$	5,813,552	$	2,810,135	$	4,094,596	$	—	$	9,251,829	$	2,714,974	$	100,564	$	24,785,650
Equity method investments	—		—		—		—		1,315,629		207,683		3,742		1,527,054

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.



	Three Months Ended March 31,
(In thousands)	2018		2017
Total income by geography:
United States	$	613,661	$	643,128
Europe	78,173		70,427
Other	302		899
Total ⁽¹⁾	$	692,136	$	714,454



(In thousands)	March 31, 2018		December 31, 2017
Long-lived assets by geography:
United States	$	12,804,315	$	13,224,197
Europe	1,791,331		1,749,282
Total ⁽²⁾	$	14,595,646	$	14,973,479

__________


⁽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

3 Months Ended

Mar. 31, 2018

Supplemental Cash Flow Elements [Abstract]

Supplemental Disclosure of Cash Flow Information



	Three Months Ended March 31,
(In thousands)	2018			2017
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest, net of capitalized interest of $429 and $0, respectively	$	121,934		$	88,029
Cash paid for income taxes (received for income tax refunds), net	(9,430		)	1,249
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Dividends and distributions payable	$	90,791		$	175,498
Net assets of CLNS Investment Entities deconsolidated, net of cash and restricted cash contributed (Note 4)	936,547			—
Redemption of OP Units for common stock	24			638
Improvements in operating real estate in accrued and other liabilities	14,274			246
Change in contributions receivable from noncontrolling interests	13,501			—
Redemption of OP Units for cash in accrued and other liabilities	2,096			5,085
Share repurchase payable (Note 11)	36,166			10,177
Assets acquired in Merger, net of cash and restricted cash assumed (Note 3)	—			17,024,350
Liabilities assumed in Merger (Note 3)	—			11,416,937
Noncontrolling interests assumed in Merger (Note 3)	—			602,014
Common stock issued for acquisition of NSAM and NRF (Note 3)	—			5,718,004



	Three Months Ended March 31,
(In thousands)	2018	2017
Preferred stock issued for acquisition of NRF (Note 3)	—	1,010,320
Debt assumed by buyer in sale of manufactured housing portfolio (Note 18)	—	1,258,558
Net assets acquired in CPI restructuring, net of cash and restricted cash assumed (Note 3)	—	219,278
Investment deposits applied to acquisition of loans receivable, real estate and CPI Group	—	66,020
Foreclosures on collateral assets of originated or acquired loans receivable	—	8,167
Proceeds from loan repayments and asset sales held in escrow	—	45,870
Costs associated with contributions from noncontrolling interests	—	2,444

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Common Stock Repurchase Between April 1, 2018 and May 7, 2018, the Company repurchased 5,910,690 shares of its class A common stock at an aggregate cost of $33.4 million excluding commissions, or a weighted average price of $5.65 per share. As of May 7, 2018, $20.6 million of the previously authorized $300.0 million was remaining in its stock repurchase program. Retail Distribution Business The Proposed Transaction which combines NorthStar Securities and S2K to create a new retail distribution business, Colony S2K, closed on April 30, 2018.

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Basis of Presentation

Merger and Business Combinations

Merger

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

Investments in Unconsolidated Ventures

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, and addressed 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.

Revenue Recognition

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.

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 did not have an impact to the Company's recognition of carried interests.

Recent Accounting Updates

Accounting Standards Adopted in 2018

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.

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 did not have an impact to the Company's recognition of carried interests.



	Three Months Ended March 31, 2017
(In thousands)	As Previously Reported		After Adoption of ASU 2016-18
Net cash provided by operating activities	22,920		24,120
Net cash provided by investing activities	493,865		693,786
Net cash used in financing activities	(246,683	)	(253,511	)

Future Application of Accounting Standards

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The required retrospective application of this new standard resulted in changes to the previously reported statement of cash flows as follows:



	Three Months Ended March 31, 2017
(In thousands)	As Previously Reported		After Adoption of ASU 2016-18
Net cash provided by operating activities	22,920		24,120
Net cash provided by investing activities	493,865		693,786
Net cash used in financing activities	(246,683	)	(253,511	)

Business Combinations (Tables)

3 Months Ended

Mar. 31, 2018

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
Three Months Ended March 31, 2018
Asset Acquisitions⁽²⁾
	Various	Industrial—Various in U.S.⁽³⁾	10	$	179,203	$	39,476	$	129,264	$	10,903	$	(440	)
Year Ended Ended December 31, 2017
Asset Acquisitions
	January	Industrial—Spain	2	$	10,374	$	3,855	$	5,564	$	955	$	—
	June	Office—Los Angeles, CA ⁽⁴⁾	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	)

__________


⁽¹⁾	Dollar amounts of purchase price and allocation to assets acquired and liabilities assumed are translated using foreign exchange rates as of the respective dates of acquisition, where applicable.


⁽²⁾	Useful life of real estate acquired in 2018 is 30 years for buildings, 8 to 14 years for site improvements, 4 to 10 years for tenant improvements and 4 to 10 years for lease intangibles.


⁽³⁾	Includes acquisition of $11.0 million of land for co-development with operating partners.


⁽⁴⁾	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 interest retained by the Company is reflected as an equity method investment.

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



	Final Amounts at December 31, 2017
(In thousands)	NSAM		NRF		Total
Assets
Cash and cash equivalents	$	152,858	$	107,751	$	260,609
Restricted cash	18,052		158,762		176,814
Real estate	—		9,874,406		9,874,406
Loans receivable	28,485		331,056		359,541
Investments in unconsolidated ventures	76,671		544,111		620,782
Securities	3,065		427,560		430,625
Identifiable intangible assets	661,556		352,551		1,014,107
Management agreement between NSAM and NRF	1,514,085		—		1,514,085
Assets held for sale	—		2,096,671		2,096,671
Other assets	93,455		681,003		774,458
Total assets	2,548,227		14,573,871		17,122,098
Liabilities
Debt	—		6,723,222		6,723,222
Intangible liabilities	—		213,218		213,218
Management agreement between NSAM and NRF	—		1,514,085		1,514,085
Liabilities related to assets held for sale	—		1,281,406		1,281,406
Tax liabilities	169,387		60,446		229,833
Accrued and other liabilities	979,969		307,450		1,287,419
Total liabilities	1,149,356		10,099,827		11,249,183
Redeemable noncontrolling interests	78,843		—		78,843
Noncontrolling interests—investment entities	—		505,685		505,685
Noncontrolling interests—Operating Company	8,162		—		8,162
Fair value of net assets acquired	$	1,311,866	$	3,968,359	$	5,280,225

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

Schedule of Merger Related Costs



	Three Months Ended March 31,
(In thousands)	2018		2017
Transaction costs
Fees to investment bankers contingent upon consummation of the Merger	$	—	$	66,800
Other fees	716		16,828
	716		83,628
Compensation expense
Equity-based compensation for replacement awards to NSAM executives	3,297		26,049
Severance and other employee transition	2,685		15,498
	5,982		41,547
Administrative expense	2,138		3,968
Total Merger-related costs	$	8,836	$	129,143

CPI

Business Acquisition [Line Items]

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

The following table summarizes the consideration and allocation to assets acquired and liabilities assumed.



(In thousands)	Final Amounts at December 31, 2017
Consideration
Carrying value of loans receivable outstanding at the time of restructuring	$	182,644
Cash	49,537
Total consideration	$	232,181
Identifiable assets acquired and liabilities assumed
Cash	$	303
Real estate	543,649
Real estate held for sale	21,605
Lease intangibles and other assets	40,285
Debt	(277,590		)
Tax liabilities	(32,078		)
Lease intangibles and other liabilities	(61,205		)
Liabilities related to assets held for sale	(2,788		)
Fair value of net assets acquired	$	232,181

THL Hotel Portfolio

Business Acquisition [Line Items]

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



(In thousands)	As Reported At December 31, 2017			Measurement Period Adjustments			As Reported At March 31, 2018
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 14)	6,771			—			6,771
Total consideration	$	361,346		$	—		$	361,346
Identifiable assets acquired and liabilities assumed
Cash	$	16,188		$	—		$	16,188
Real estate	1,193,205			(130		)	1,193,075
Real estate held for sale	68,625			—			68,625
Intangible and other assets	34,913			3,062			37,975
Debt	(907,867		)	—			(907,867		)
Intangible and other liabilities	(43,718		)	(2,932		)	(46,650		)
Fair value of net assets acquired	$	361,346		$	—		$	361,346

Colony NorthStar Credit (Tables)

3 Months Ended

Mar. 31, 2018

Discontinued Operations and Disposal Groups [Abstract]

Schedule Of Assets, Liabilities And Noncontrolling Interest In Deconsolidated Entity

The following table presents the assets, liabilities and noncontrolling interests of the CLNS Investment Entities that were deconsolidated on January 31, 2018:



(In thousands)	January 31, 2018
Assets
Cash and cash equivalents	$	99,883
Restricted cash	41,270
Real estate	219,748
Loans receivable	1,287,994
Investments in unconsolidated ventures	208,738
Deferred leasing costs and intangible assets	10,831
Other assets	25,755
	1,894,219
Liabilities
Debt	$	379,927
Accrued and other liabilities	41,318
	421,245
Noncontrolling interests
Noncontrolling interests—investment entities	330,980
Noncontrolling interests—Operating Company	64,294
	395,274
Equity attributable to Colony NorthStar, Inc.	$	1,077,700

Net income generated from operations of these held for sale asset groups is presented below.



	Three Months Ended March 31,
(In thousands)	2018			2017
Revenues
Property operating income	$	716		$	33,857
Other income	—			2,257
Expenses
Property operating expenses	(589		)	(12,395		)
Interest expense	—			(9,028		)
Loss on sale of real estate assets	—			(2,108		)
Other expenses	(10		)	(23		)
Net income from discontinued operations	117			12,560
Net income from discontinued operations attributable to:
Noncontrolling interests in investment entities	(53		)	—
Noncontrolling interests in Operating Company	(3		)	—
Net income from discontinued operations attributable to Colony NorthStar, Inc.	$	61		$	12,560

- 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=65878427&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721665-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1474-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1361-107760

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721683-107760

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=84176398&loc=SL51724579-110230

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721675-107760

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721663-107760

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=84176398&loc=d3e2941-110230

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721673-107760

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721659-107760

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721671-107760

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721677-107760

+ Details

Real Estate (Tables)

3 Months Ended

Mar. 31, 2018

Real Estate [Abstract]

Schedule of Components of Real Estates

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



(In thousands)	March 31, 2018			December 31, 2017
Land	$	2,307,415		$	2,011,794
Buildings and improvements	11,848,970			12,403,794
Tenant improvements	148,629			134,709
Furniture, fixtures and equipment	371,059			383,855
Construction in progress	106,001			108,403
	14,782,074			15,042,555
Less: Accumulated depreciation	(681,200		)	(578,297		)
Real estate assets, net	$	14,100,874		$	14,464,258

Schedule of Proceeds From Sales of Real Estate

Real Estate Sales

Results from sales of real estate were as follows:



	Three Months Ended March 31,
(In thousands)	2018		2017
Proceeds from sales of real estate	$	112,562	$	903,841
Gain on sale of real estate	18,444		8,970

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
Three Months Ended March 31, 2018
Asset Acquisitions⁽²⁾
	Various	Industrial—Various in U.S.⁽³⁾	10	$	179,203	$	39,476	$	129,264	$	10,903	$	(440	)
Year Ended Ended December 31, 2017
Asset Acquisitions
	January	Industrial—Spain	2	$	10,374	$	3,855	$	5,564	$	955	$	—
	June	Office—Los Angeles, CA ⁽⁴⁾	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	)

__________


⁽¹⁾	Dollar amounts of purchase price and allocation to assets acquired and liabilities assumed are translated using foreign exchange rates as of the respective dates of acquisition, where applicable.


⁽²⁾	Useful life of real estate acquired in 2018 is 30 years for buildings, 8 to 14 years for site improvements, 4 to 10 years for tenant improvements and 4 to 10 years for lease intangibles.


⁽³⁾	Includes acquisition of $11.0 million of land for co-development with operating partners.


⁽⁴⁾	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 interest retained by the Company is reflected as an equity method investment.

Schedule of Components of Property Operating Income

Property Operating Income

The components of property operating income were as follows:



	Three Months Ended March 31,
(In thousands)	2018		2017
Rental income	$	162,614	$	151,243
Tenant reimbursements	38,922		31,525
Resident fee income ⁽¹⁾	69,217		65,694
Hotel operating income	283,977		178,392
	$	554,730	$	426,854

__________


⁽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”) allows us, through a TRS, to have direct exposure to resident fee income and incur customary related operating expenses.

Loans Receivable (Tables)

3 Months Ended

Mar. 31, 2018

Receivables [Abstract]

Company Loans Receivable

The following table provides a summary of the Company’s loans held for investment, including purchased credit-impaired ("PCI") loans:



	March 31, 2018								December 31, 2017
($ 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	$	626,159	$	635,516		9.7	%	3.3	$	1,081,030	$	1,082,513		9.1	%	2.8
Securitized loans ⁽¹⁾	32,219		33,083			5.8	%	17.0	35,566		36,603			5.9	%	16.8
Mezzanine loans	337,543		334,861			11.8	%	1.7	459,433		456,463			12.2	%	2.3
Corporate loans	46,837		46,539			9.9	%	9.8	46,840		46,592			9.9	%	10.0
	1,042,758		1,049,999						1,622,869		1,622,171
Variable rate
Mortgage loans	212,809		222,920			3.5	%	0.8	414,428		423,199			6.0	%	1.7
Securitized loans ⁽¹⁾	79,612		78,625			5.2	%	17.8	461,489		462,203			6.4	%	3.5
Mezzanine loans	—		—			—	%	0.0	34,391		34,279			9.8	%	1.3
	292,421		301,545						910,308		919,681
	1,335,179		1,351,544						2,533,177		2,541,852
PCI Loans
Mortgage loans	1,817,498		623,434						1,865,423		682,125
Securitized loans	22,986		3,180						23,298		3,400
Mezzanine loans	7,425		3,671						7,425		3,671
	1,847,909		630,285						1,896,146		689,196
Allowance for loan losses			(53,980		)						(52,709		)
	3,183,088		1,927,849						4,429,323		3,178,339
Loans at fair value
Securitized loans ⁽²⁾	72,122		44,330						72,511		45,423
Total loans receivable	$	3,255,210	$	1,972,179					$	4,501,834	$	3,223,762

__________


⁽¹⁾	Represents loans held in securitization trusts that are consolidated by the Company (Note 15).


⁽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 14)

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
March 31, 2018	$	1,126,605	$	4,251	$	89,315	$	131,373	$	1,351,544
December 31, 2017	2,268,599		145,986		9,410		117,857		2,541,852

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
March 31, 2018	$	160,684	$	84,858	$	75,069	$	159,927	$	6,308
December 31, 2017	383,594		138,136		248,759		386,895		7,424



	Three Months Ended March 31,
(In thousands)	2018		2017
Average carrying value before allowance for loan losses	$	273,410	$	103,795
Total interest income recognized during the period impaired	29		756

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:



	Three Months Ended March 31,
(In thousands)	2018			2017
Beginning accretable yield	$	42,435		$	52,572
Additions	—			23,594
Dispositions	(2,565		)	—
Changes in accretable yield	1,989			5,187
Accretion recognized in earnings	(12,579		)	(15,809		)
Effect of changes in foreign exchange rates	354			81
Ending accretable yield	$	29,634		$	65,625

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:



	March 31, 2018				December 31, 2017
(In thousands)	Allowance for Loan Losses		Carrying Value		Allowance for Loan Losses		Carrying Value
Non-PCI loans	$	6,308	$	84,858	$	7,424	$	138,136
PCI loans	47,672		161,098		45,285		169,789
	$	53,980	$	245,956	$	52,709	$	307,925

Changes in allowance for loan losses is presented below:



	Three Months Ended March 31,
(In thousands)	2018			2017
Allowance for loan losses at January 1	$	52,709		$	67,980
Contribution to Colony NorthStar Credit (Note 4)	(518		)	—
Provision for loan losses, net	5,375			6,724
Charge-off	(3,586		)	(5,234		)
Allowance for loan losses at March 31	$	53,980		$	69,470

Investments in Unconsolidated Ventures (Tables)

3 Months Ended

Mar. 31, 2018

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, including investments for which fair value option was elected, as follows:



(In thousands)	March 31, 2018		December 31, 2017
Equity method investments
Investment ventures	$	2,240,057	$	1,297,180
Private funds	199,661		229,874
	2,439,718		1,527,054
Other equity investments
Investment ventures	89,129		89,261
Private funds and retail companies	20,783		38,924
	109,912		128,185
	$	2,549,630	$	1,655,239

Equity Method Investments

The Company’s investments accounted for under the equity method, including investments for which fair value option was elected, are summarized below:



($ in thousands)			Ownership Interestat March 31, 2018⁽¹⁾	Carrying Value at
Investments	Description		Ownership Interestat March 31, 2018⁽¹⁾	March 31, 2018		December 31, 2017
Colony NorthStar Credit Real Estate, Inc.	Common equity in publicly traded commercial real estate credit REIT managed by the Company and membership units in its operating subsidiary	(2)	36.6%	$	1,161,930	$	—
NorthStar Realty Europe Corp	Common equity in publicly traded equity REIT managed by the Company	(2)	10.3%	73,978		73,578
RXR Realty	Common equity in investment venture with a real estate investor, developer and investment manager		27.2%	107,468		105,082
Preferred equity	Preferred equity investments with underlying real estate	(3)	NA	465,527		440,704
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	166,464		331,268
Private funds	General partner and/or limited partner interests in private funds		Various	27,716		25,101
Other investment ventures	Interests in 16 investments, each with no more than $61 million carrying value at March 31, 2018		Various	188,652		187,420
Fair value option	Interests in initial stage or real estate development ventures and limited partnership interests in private funds		Various	247,983		363,901
				$	2,439,718	$	1,527,054

__________

(1)

(2)


(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)

3 Months Ended

Mar. 31, 2018

Investments, Debt and Equity Securities [Abstract]

Available-for-sale Securities



			Gross Cumulative Unrealized
(in thousands)	Amortized Cost		Gains		Losses			Fair Value
March 31, 2018
Available-for-sale debt securities:
CRE securities of consolidated N-Star CDOs ⁽¹⁾:
CMBS	$	136,192	$	2,687	$	(7,361	)	$	131,518
Other securities ⁽²⁾	11,549		2,093		(190		)	13,452
N-Star CDO bonds ⁽³⁾	83,411		2,498		(5,744		)	80,165
CMBS and other securities ⁽⁴⁾	27,861		568		(6		)	28,423
	259,013		7,846		(13,301		)	253,558
Equity securities of consolidated fund								35,342
								$	288,900
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

__________

⁽¹⁾Carrying value of CDO bonds payable in consolidated N-Star CDOs was $196.4 million at March 31, 2018 and $215.5 million at December 31, 2017.

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


⁽³⁾	Excludes principal amount of N-Star CDO bonds held by the Company in its consolidated CDOs that are eliminated upon consolidation of $136.9 million at March 31, 2018 and $140.1 million at December 31, 2017.


⁽⁴⁾	Includes CMBS of $27.6 million at March 31, 2018 and $25.1 million at December 31, 2017 held by a sponsored investment company, which 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

Realized gains (losses) from sale of securities are recorded in other gain (loss), as follows.



	Three Months Ended March 31,
(In thousands)	2018		2017
Available-for-sale debt securities:
Proceeds from sale	$	63,185	$	24,788
Gross realized gain	8,384		567
Equity securities of consolidated fund:
Realized gain, net	499		—

AFS securities in a gross unrealized loss position

The following table presents AFS debt securities in a gross unrealized loss position:



	March 31, 2018										December 31, 2017
	Less Than 12 Months					More Than 12 Months					Less Than 12 Months
(In thousands)	Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss
CRE securities of consolidated N-Star CDOs:
CMBS	$	83,214	$	(6,930	)	$	1,966	$	(431	)	$	2,229	$	(530	)
Other securities	4,603		(190		)	—		—			8,218		(313		)
N-Star CDO bonds	43,125		(5,744		)	—		—			13,392		(219		)
CMBS and other securities	—		—			1		(6		)	12,956		(186		)
	$	130,942	$	(12,864	)	$	1,967	$	(437	)	$	36,795	$	(1,248	)

Purchased credit-impaired debt securities



(In thousands)	March 31, 2018		December 31, 2017
Outstanding principal	$	377,993	$	411,174
Amortized cost	14,196		26,761
Carrying value	21,599		31,789

Information about these PCI debt securities upon acquisition, including the effect of measurement period adjustments recorded during the year ended December 31, 2017, 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



	Three Months Ended March 31,
(In thousands)	2018			2017
Beginning accretable yield	$	44,610		$	—
Assumed through the Merger	—			70,283
Accretion recognized in earnings	(2,143		)	(4,146		)
Reduction due to payoffs or disposals	(9,335		)	—
Net reclassifications to nonaccretable difference	819			(5,437		)
Ending accretable yield	$	33,951		$	60,700

- 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)

3 Months Ended

Mar. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following tables present changes in the carrying value of goodwill and the goodwill balance by reporting segment.



	Three Months Ended March 31,
(In thousands)	2018		2017
Beginning balance	$	1,534,561	$	680,127
Business combinations ⁽¹⁾	—		1,285,502
Transfer to held for sale ⁽²⁾	—		(248,264		)
Ending balance ⁽³⁾	$	1,534,561	$	1,717,365

__________


⁽¹⁾	Amount does not reflect the effects of subsequent measurement period adjustments that were made within a one year period following consummation of the Merger.


⁽²⁾	Represents goodwill assigned to the Townsend investment management reporting unit that was acquired as part of the Merger, transferred to held for sale as of March 31, 2017 and subsequently sold on December 29, 2017.


⁽³⁾	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.



	March 31, 2018							December 31, 2017
(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	$	245,989	$	(111,770	)	$	134,219	$	243,037	$	(98,021	)	$	145,016
Above-market lease values	163,270		(39,521		)	123,749		166,571		(34,968		)	131,603
Below-market ground lease obligations	36,100		(524		)	35,576		29,625		(316		)	29,309
Deferred leasing costs	125,581		(41,809		)	83,772		121,765		(38,389		)	83,376
Lease incentives	14,578		(560		)	14,018		14,565		(298		)	14,267
Trade name ⁽²⁾	79,700		(3,932		)	75,768		79,700		(3,131		)	76,569
Investment management contracts	201,698		(75,925		)	125,773		342,127		(70,394		)	271,733
Customer relationships	59,400		(11,572		)	47,828		59,400		(10,421		)	48,979
Other ⁽³⁾	53,741		(2,548		)	51,193		54,061		(2,041		)	52,020
Total deferred leasing costs and intangible assets	$	980,057	$	(288,161	)	$	691,896	$	1,110,851	$	(257,979	)	$	852,872
Intangible Liabilities
Below-market lease values	$	215,866	$	(43,057	)	$	172,809	$	214,833	$	(36,426	)	$	178,407
Above-market ground lease obligations	16,019		(964		)	15,055		13,417		(715		)	12,702
Total intangible liabilities	$	231,885	$	(44,021	)	$	187,864	$	228,250	$	(37,141	)	$	191,109

__________

⁽¹⁾


⁽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 and franchise agreements associated with certain hotel properties which are amortized over 10 to 15 years.

Schedule of Expected Annual Amortization Expenses

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



	Three Months Ended March 31,
(In thousands)	2018			2017
Above-market lease values	$	(5,183	)	$	(5,514	)
Below-market lease values	7,108			7,440
Lease incentives	(262		)	—
Net increase (decrease) to rental income	$	1,663		$	1,926

Above-market ground lease obligations	$	(286	)	$	(171	)
Below-market ground lease obligations	463			119
Net increase (decrease) to ground rent expense	$	177		$	(52	)

In-place lease values	$	12,405		$	19,935
Deferred leasing costs	4,171			4,246
Trade name	804			856
Investment management contracts	5,686			8,218
Customer relationships	1,152			2,940
Other	515			2,275
Amortization expense	$	24,733		$	38,470

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)	Remaining 2018			2019			2020			2021			2022			2023 and Thereafter			Total
Above-market lease values	$	(13,186	)	$	(16,696	)	$	(15,823	)	$	(14,962	)	$	(13,649	)	$	(49,433	)	$	(123,749	)
Below-market lease values	19,187			23,962			21,714			19,941			18,510			69,495			172,809
Lease incentives	796			1,061			1,066			1,128			1,127			8,840			14,018
Increase to rental income	$	6,797		$	8,327		$	6,957		$	6,107		$	5,988		$	28,902		$	63,078

Above-market ground lease obligations	$	(664	)	$	(867	)	$	(867	)	$	(867	)	$	(867	)	$	(10,923	)	$	(15,055	)
Below-market ground lease obligations	752			796			796			796			796			31,640			35,576
Increase to rent expense	$	88		$	(71	)	$	(71	)	$	(71	)	$	(71	)	$	20,717		$	20,521

In-place lease values	$	21,224		$	21,050		$	16,209		$	11,112		$	8,954		$	55,670		$	134,219
Deferred leasing costs	12,936			14,730			12,090			9,314			7,327			27,375			83,772
Trade name	2,412			3,214			3,214			3,214			3,214			45,000			60,268
Investment management contracts	12,211			14,586			13,746			13,137			12,719			59,374			125,773
Customer relationships	3,455			4,607			4,607			4,607			4,607			25,945			47,828
Other	1,506			2,013			2,013			2,013			2,014			14,040			23,599
Amortization expense	$	53,744		$	60,200		$	51,879		$	43,397		$	38,835		$	227,404		$	475,459

Assets and Related Liabilities Held For Sale (Tables)

3 Months Ended

Mar. 31, 2018

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:



(In thousands)	March 31, 2018		December 31, 2017
Assets
Restricted cash	$	1,533	$	1,020
Real estate, net	935,096		720,686
Goodwill ⁽¹⁾	20,000		20,000
Intangible assets, net	34,935		37,337
Other assets	11,274		2,587
Total assets held for sale	$	1,002,838	$	781,630

Liabilities
Secured debt, net ⁽²⁾	$	215,366	$	196,905
Lease intangibles and other liabilities, net	58,412		76,393
Total liabilities related to assets held for sale	$	273,778	$	273,298

__________


⁽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)

3 Months Ended

Mar. 31, 2018

Restricted Cash, Other Assets And Other Liabilities [Abstract]

Schedule of Restricted Cash

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



(In thousands)	March 31, 2018		December 31, 2017
Capital expenditures reserves ⁽¹⁾	$	238,368	$	249,612
Real estate escrow reserves ⁽²⁾	36,441		42,420
Borrower escrow deposits	11,419		41,545
Working capital and other reserves ⁽³⁾	22,518		23,043
Tenant lock boxes ⁽⁴⁾	18,422		16,486
Restricted cash of consolidated N-Star CDOs ⁽⁵⁾	55,058		13,656
Other	71,140		84,316
Total restricted cash	$	453,366	$	471,078

__________


⁽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:



(In thousands)	March 31, 2018		December 31, 2017
Interest receivable	$	15,211	$	21,529
Straight-line rents	52,522		45,598
Hotel-related reserves ⁽¹⁾	31,603		29,208
Investment deposits and pending deal costs	3,231		1,706
Deferred financing costs, net ⁽²⁾	9,044		10,068
Contingent consideration escrow account ⁽³⁾	17,302		15,730
Derivative assets(Note 13)	7,267		10,152
Prepaid taxes and deferred tax assets, net	53,445		79,063
Receivables from resolution of investments ⁽⁴⁾	5,539		15,215
Contributions receivable ⁽⁵⁾	12,000		25,501
Accounts receivable ⁽⁶⁾	95,446		87,744
Prepaid expenses	37,291		29,526
Other assets	49,693		20,296
Fixed assets, net	52,245		53,632
Total other assets	$	441,839	$	444,968

__________


⁽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⁾	Represents primarily proceeds from loan payoffs held in escrow at March 31, 2018.


⁽⁵⁾	Represents contributions receivable from noncontrolling interests in investment entities as a result of capital calls made at quarter end.


⁽⁶⁾	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 approximately $7.0 million and $5.6 million at March 31, 2018 and December 31, 2017, respectively.

Schedule of Accrued and Other Liabilities

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



(In thousands)	March 31, 2018		December 31, 2017
Tenant security deposits	$	28,107	$	27,560
Borrower escrow deposits	16,925		46,231
Deferred income ⁽¹⁾	47,639		42,457
Interest payable	40,523		42,462
Derivative liabilities (Note 13)	150,798		204,848
Contingent consideration—THL Hotel Portfolio (Note 3)	7,760		7,419
Share repurchase payable ⁽²⁾	36,166		—
Current and deferred income tax liability	130,444		166,276
Accrued compensation	33,877		77,483
Accrued real estate and other taxes	77,155		77,060
Other accrued expenses	88,394		107,508
Accounts payable and other liabilities	133,651		98,857
Total accrued and other liabilities	$	791,439	$	898,161

__________


⁽¹⁾	Represents primarily prepaid rental income and interest income held in reserve accounts.


⁽²⁾	Represents the Company's common stock repurchases with trade date in March 2018 and settlement date in April 2018.

Debt (Tables)

3 Months Ended

Mar. 31, 2018

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
March 31, 2018
Debt at amortized cost
Principal	$	100,000	$	616,105		$	9,531,911		$	253,829		$	280,117		$	10,781,962
Premium (discount), net	NA		3,024			(70,648		)	(84,971		)	(82,552		)	(235,147		)
Deferred financing costs	NA		(8,351		)	(87,104		)	(34		)	—			(95,489		)
	100,000		610,778			9,374,159			168,824			197,565			10,451,326
Debt at fair value ⁽³⁾	—		—			—			44,103			—			44,103
	$	100,000	$	610,778		$	9,374,159		$	212,927		$	197,565		$	10,495,429
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

__________


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


⁽²⁾	Debt with carrying value of $168.5 million at March 31, 2018 and $202.8 million at December 31, 2017 were 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 10).


⁽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 14).

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
March 31, 2018
Recourse
Corporate credit facility	$	—	—	%	0.0	$	100,000	4.13	%	2.8	$	100,000	4.13	%	2.8
Convertible and exchangeable senior notes	616,105		4.27	%	3.8	—		—	%	0.0	616,105		4.27	%	3.8
Junior subordinated debt	—		—	%	0.0	280,117		5.18	%	18.2	280,117		5.18	%	18.2
Secured debt ⁽¹⁾	38,714		5.02	%	7.7	—		—	%	0.0	38,714		5.02	%	7.7
	654,819					380,117					1,034,936



	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
Non-recourse
Securitization bonds payable	17,279		2.73	%	31.5	236,550		2.38	%	34.4	253,829		2.41	%	34.2
Secured debt ⁽²⁾
Healthcare	2,168,925		4.65	%	2.7	1,109,495		6.30	%	1.7	3,278,420		5.21	%	2.4
Industrial	1,014,030		3.81	%	11.1	—		—	%	0.0	1,014,030		3.81	%	11.1
Hospitality	9,918		12.78	%	0.4	2,599,681		4.99	%	0.9	2,609,599		5.02	%	0.9
Other Real Estate Equity	272,909		3.96	%	4.4	1,809,348		4.25	%	2.1	2,082,257		4.21	%	2.4
Real Estate Debt	—		—	%	0.0	508,891		4.33	%	2.6	508,891		4.33	%	2.6
	3,483,061					6,263,965					9,747,026
Total debt	$	4,137,880				$	6,644,082				$	10,781,962

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

__________


⁽¹⁾	The fixed rate recourse debt represents two promissory notes secured by the Company's aircraft.


⁽²⁾	Mortgage debt in the healthcare and other real estate equity segments with aggregate outstanding principal of $447.2 million at March 31, 2018 and $384.5 million at December 31, 2017 were either in payment default or were not in compliance with certain debt and/or lease covenants. The Company is negotiating with the lenders to restructure or otherwise refinance the debt.

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
									March 31, 2018		December 31, 2017
									March 31, 2018		December 31, 2017
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		13,605
									$	616,105	$	616,105

__________


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

⁽²⁾

Schedule Of Interest Incurred And Capitalized On Real Estate Under Development

Total interest incurred on the Company's debt, including interest capitalized on real estate under development or construction, was as follows:



	Three Months Ended March 31,
(In thousands)	2018		2017
Interest expensed	$	148,889	$	126,278
Interest capitalized	429		—
Total interest incurred	$	149,318	$	126,278

Derivatives (Tables)

3 Months Ended

Mar. 31, 2018

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:



	March 31, 2018									December 31, 2017
(In thousands)	Designated Hedges			Non-Designated Hedges			Total			Designated Hedges			Non-Designated Hedges			Total
Derivative Assets
Foreign exchange contracts	$	4,594		$	1,373		$	5,967		$	8,009		$	975		$	8,984
Interest rate contracts	—			1,300			1,300			—			1,168			1,168
Included in other assets	$	4,594		$	2,673		$	7,267		$	8,009		$	2,143		$	10,152
Derivative Liabilities
Foreign exchange contracts	$	(39,404	)	$	(7,854	)	$	(47,258	)	$	(39,101	)	$	(5,307	)	$	(44,408	)
Interest rate contracts	—			(103,540		)	(103,540		)	—			(160,440		)	(160,440		)
Included in accrued and other liabilities	$	(39,404	)	$	(111,394	)	$	(150,798	)	$	(39,101	)	$	(165,747	)	$	(204,848	)

Schedule of foreign exchange contracts

The following table summarizes the aggregate notional amounts of designated and non-designated foreign exchange contracts in place at March 31, 2018, 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

€

117,938

€

Min $1.06 / Max $1.53

December 2018 to January 2021

GBP

FX Collar

42,948

3,802

Min $1.45 / Max $1.82

June 2019 to December 2019

EUR

FX Forward

€

271,616

€

9,853

Min $1.10 / Max $1.38

April 2018 to January 2022

GBP

FX Forward

95,729

47,421

Min $1.23 / Max $1.27

December 2018 to December 2020

NOK

FX Forward

NOK

771,211

NOK

151,789

0.13

August 2018

Offsetting derivative assets

At March 31, 2018, 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	$	229	1-Month LIBOR	5.12%	July 2018
Interest rate caps	$	6,427,513	1-Month LIBOR	2.46% - 5.70%	June 2018 to November 2019
Interest rate caps	$	221,270	3-Month LIBOR	3.50%	August 2018 to March 2019
Interest rate caps	€	555,589	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	$	16,134	⁽²⁾	⁽²⁾	June 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:



	Three Months Ended March 31,
(In thousands)	2018		2017
Unrealized gain (loss):
Non-designated interest rate contracts	$	56,657	$	22,592

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)
March 31, 2018
Derivative Assets
Foreign exchange contracts	$	5,967		$	(5,920	)	$	—	$	47
Interest rate contracts	1,300			(1		)	—		1,299
	$	7,267		$	(5,921	)	$	—	$	1,346
Derivative Liabilities
Foreign exchange contracts	$	(47,258	)	$	5,920		$	6,403	$	(34,935	)
Interest rate contracts	(103,540		)	1			4,500		(99,039		)
	$	(150,798	)	$	5,921		$	10,903	$	(133,974	)

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	)

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)
March 31, 2018
Derivative Assets
Foreign exchange contracts	$	5,967		$	(5,920	)	$	—	$	47
Interest rate contracts	1,300			(1		)	—		1,299
	$	7,267		$	(5,921	)	$	—	$	1,346
Derivative Liabilities
Foreign exchange contracts	$	(47,258	)	$	5,920		$	6,403	$	(34,935	)
Interest rate contracts	(103,540		)	1			4,500		(99,039		)
	$	(150,798	)	$	5,921		$	10,903	$	(133,974	)

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	)

- 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)

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

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 Measurements
(In thousands)	Level 1		Level 2		Level 3		Total
March 31, 2018
Assets
Loans receivable—securitized loans	$	—	$	—	$	44,330	$	44,330
Investments in unconsolidated ventures	—		—		247,983		247,983
Debt securities available for sale
CRE securities of consolidated N-Star CDOs:
CMBS	—		—		131,518		131,518
Other securities	—		—		13,452		13,452
N-Star CDO bonds	—		—		80,165		80,165
CMBS and other securities	—		27,619		804		28,423
Equity securities of consolidated fund	35,342		—		—		35,342
Other assets—derivative assets	—		7,267		—		7,267
Liabilities
Debt—securitization bonds payable	—		—		44,103		44,103
Other liabilities—derivative liabilities	—		150,798		—		150,798
Other liabilities—contingent consideration for THL Hotel Portfolio	—		—		7,760		7,760
Due to affiliates—contingent consideration for Internalization	—		—		10,170		10,170

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

Schedule of Fair Value Assumptions Related to Contingent Consideration

Quantitative information about recurring level 3 fair value measurements, for which information about unobservable inputs is reasonably available to the Company, 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)

March 31, 2018

Investments in unconsolidated ventures—private funds

171,945

Discounted cash flows

Discount rate

14.6%
(12.0% - 20.0%)

Decrease

Investments in unconsolidated ventures—others

26,712

Discounted cash flows

Discount rate

14.3%
(8.8% - 15.5%)

Decrease

Investments in unconsolidated ventures—others

49,326

Recent transaction price⁽²⁾

Not applicable

N-Star CDO bonds

80,165

Discounted cash flows

Discount rate

19.5%
(10.6% - 68.3%)

Decrease

Due to affiliates—contingent consideration for Internalization

10,170

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

7,760

Discounted cash flows

Discount rate

20.0%

Decrease

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

__________


⁽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 and first quarter of 2018.


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

Fair value of PSUs, including dividend equivalent rights, was determined using a Monte Carlo simulation under a risk-neutral premise, with the following assumptions:



	2018 PSU Grant
Expected volatility of CLNS class A common stock⁽¹⁾	38	%
Expected CLNS annual dividend yield⁽²⁾	7.6	%
Risk-free rate (per annum)⁽³⁾	2.44	%

__________


⁽¹⁾	Based on a combination of implied volatilities on actively traded stock options and historical volatilities, on the stock of the Company and the specified peer group.


⁽²⁾	Based on an average of the Company's current and historical dividend yields.


⁽³⁾	Based on the prevailing 3-year zero coupon US Treasury yield on grant date.

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, 2016	$	—		$	—		$	—		$	—		$	(41,250	)	$	—
Acquired through the Merger	—			416,696			427,560			—			—			—
Purchases or contributions	—			73			21,321			—			—			—
Paydowns or distributions	—			(26,746		)	(31,321		)	—			—			—
Realized gains (losses) in earnings	—			—			(1,193		)	—			—			—
Unrealized gains (losses):
In earnings	—			10,961			—			—			3,400			—
In other comprehensive income (loss)	—			—			(5,652		)	—			—			—
Fair value at March 31, 2017	$	—		$	400,984		$	410,715		$	—		$	(37,850	)	$	—
Unrealized gains (losses) on ending balance:
In earnings	$	—		$	10,961		$	—		$	—		$	3,400		$	—
In other comprehensive income (loss)	$	—		$	—		$	(5,652	)	$	—		$	—		$	—

Fair value at December 31, 2017	$	45,423		$	363,901		$	323,243		$	(44,542	)	$	(20,650	)	$	(7,419	)
Purchases or contributions	—			60,044			2,969			389			—			—
Paydowns, distributions or sales	(389		)	(158,943		)	(83,588		)	—			—			—
Contribution to Colony NorthStar Credit (Note 4)	—			(26,134		)	—			—			—			—
Realized gains (losses) in earnings	—			2,842			4,030			—			—			—
Unrealized gains (losses):
In earnings	(704		)	6,273			—			50			10,480			(341		)
In other comprehensive income (loss)	—			—			(20,715		)	—			—			—
Fair value at March 31, 2018	$	44,330		$	247,983		$	225,939		$	(44,103	)	$	(10,170	)	$	(7,760	)
Unrealized gains (losses) on ending balance:
In earnings	$	(704	)	$	6,021		$	—		$	50		$	10,480		$	(341	)
In other comprehensive income (loss)	$	—		$	—		$	(5,457	)	$	—		$	—		$	—

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share

Investments in non-traded REITs and limited partnership interest in a third party private fund are valued using NAV of the respective vehicles effective January 1, 2018.



	March 31, 2018
(In thousands)	Fair Value		Unfunded Commitments
Private fund—real estate	$	11,630	$	14,493
Non-traded REITs—real estate	9,153		—

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, 2016	$	—		$	—		$	—		$	—		$	(41,250	)	$	—
Acquired through the Merger	—			416,696			427,560			—			—			—
Purchases or contributions	—			73			21,321			—			—			—
Paydowns or distributions	—			(26,746		)	(31,321		)	—			—			—
Realized gains (losses) in earnings	—			—			(1,193		)	—			—			—
Unrealized gains (losses):
In earnings	—			10,961			—			—			3,400			—
In other comprehensive income (loss)	—			—			(5,652		)	—			—			—
Fair value at March 31, 2017	$	—		$	400,984		$	410,715		$	—		$	(37,850	)	$	—
Unrealized gains (losses) on ending balance:
In earnings	$	—		$	10,961		$	—		$	—		$	3,400		$	—
In other comprehensive income (loss)	$	—		$	—		$	(5,652	)	$	—		$	—		$	—

Fair value at December 31, 2017	$	45,423		$	363,901		$	323,243		$	(44,542	)	$	(20,650	)	$	(7,419	)
Purchases or contributions	—			60,044			2,969			389			—			—
Paydowns, distributions or sales	(389		)	(158,943		)	(83,588		)	—			—			—
Contribution to Colony NorthStar Credit (Note 4)	—			(26,134		)	—			—			—			—
Realized gains (losses) in earnings	—			2,842			4,030			—			—			—
Unrealized gains (losses):
In earnings	(704		)	6,273			—			50			10,480			(341		)
In other comprehensive income (loss)	—			—			(20,715		)	—			—			—
Fair value at March 31, 2018	$	44,330		$	247,983		$	225,939		$	(44,103	)	$	(10,170	)	$	(7,760	)
Unrealized gains (losses) on ending balance:
In earnings	$	(704	)	$	6,021		$	—		$	50		$	10,480		$	(341	)
In other comprehensive income (loss)	$	—		$	—		$	(5,457	)	$	—		$	—		$	—

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.



	March 31, 2018						December 31, 2017
(In thousands)	Level 2		Level 3		Total		Level 2		Level 3		Total
Real estate held for sale	$	32,842	$	157,217	$	190,059	$	13,252	$	36,246	$	49,498
Real estate held for investment	—		51,747		51,747		—		224,935		224,935
Intangible assets—investment management contracts	—		—		—		—		51,100		51,100
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.



	Three Months Ended March 31,
(In thousands)	2018		2017
Impairment loss
Real estate held for sale	$	8,763	$	3,351
Real estate held for investment	4,206		5,168
Intangible assets—investment management contracts	140,429		—
Earnings from investments in unconsolidated ventures	—		2,144

Fair and Carrying Values of Assets and Liabilities by the Level in the Fair Value Hierarchy by Balance Sheet Grouping



	Fair Value Measurements								Carrying Value
(In thousands)	Level 1		Level 2		Level 3		Total		Carrying Value
March 31, 2018
Assets
Loans at amortized cost	$	—	$	—	$	1,978,977	$	1,978,977	$	1,927,849
Liabilities
Debt at amortized cost
Corporate credit facility	—		100,000		—		100,000		100,000
Convertible and exchangeable senior notes	565,350		13,979		—		579,329		610,778
Secured and unsecured debt	—		—		9,454,051		9,454,051		9,374,159
Securitization bonds payable	—		16,546		149,254		165,800		168,824
Junior subordinated debt	—		—		199,411		199,411		197,565
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		9,622,175
Convertible 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

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2018

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, 2016	25,030	166,440		770
Consideration for the Merger ⁽¹⁾	39,466	392,120		—
Shares canceled ⁽²⁾	—	(2,984	)	—
Shares issued upon redemption of OP units	—	45		—
Repurchase of common stock	—	(4,933	)	—
Equity-based compensation, net of forfeitures	—	7,075		—
Shares canceled for tax withholding on vested stock awards	—	(359	)	—
Shares outstanding at March 31, 2017	64,496	557,404		770

Shares outstanding at December 31, 2017	65,464	542,599		736
Shares issued upon redemption of OP Units	—	2		—
Repurchase of common stock	—	(42,306	)	—
Equity-based compensation, net of forfeitures	—	3,257		—
Shares canceled for tax withholding on vested stock awards	—	(2,909	)	—
Shares outstanding at March 31, 2018	65,464	500,643		736

__________

⁽¹⁾


⁽²⁾	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 March 31, 2018:



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, 2016	$	85		$	(112	)	$	(41	)	$	(76,426	)	$	44,385		$	(32,109	)
Other comprehensive income (loss) before reclassifications	76			(5,107		)	41			22,271			(8,813		)	8,468
Amounts reclassified from AOCI	23			(106		)	—			934			(960		)	(109		)
AOCI at March 31, 2017	$	184		$	(5,325	)	$	—		$	(53,221	)	$	34,612		$	(23,750	)

AOCI at December 31, 2017	$	5,616		$	14,418		$	—		$	45,931		$	(18,649	)	$	47,316
Cumulative effect of adoption of new accounting pronouncements	(202		)	—			—									(202		)
Other comprehensive income (loss) before reclassifications	1,009			(15,736		)	—			35,759			(18,534		)	2,498
Amounts reclassified from AOCI	—			(3,800		)	—			4,163			(938		)	(575		)
AOCI at March 31, 2018	$	6,423		$	(5,118	)	$	—		$	85,853		$	(38,121	)	$	49,037

Changes in Components of AOCI—Noncontrolling Interests in Investment Entities



(In thousands)	Unrealized Gain (Loss) on Securities			Foreign Currency Translation Gain (Loss)			Unrealized Gain (Loss) on Net Investment Hedges			Total
AOCI at December 31, 2016	$	(527	)	$	(57,213	)	$	11,798		$	(45,942	)
Other comprehensive income (loss) before reclassifications	981			12,106			(1,954		)	11,133
Amounts reclassified from AOCI	(454		)	994			257			797
AOCI at March 31, 2017	$	—		$	(44,113	)	$	10,101		$	(34,012	)

AOCI at December 31, 2017	$	—		$	38,948		$	3,127		$	42,075
Other comprehensive income (loss) before reclassifications	—			29,242			(4,817		)	24,425
Amounts reclassified from AOCI	—			4,415			1,267			5,682
AOCI at March 31, 2018	$	—		$	72,605		$	(423	)	$	72,182

Reclassification out of Accumulated Other Comprehensive Income

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



(In thousands)	Three Months Ended March 31,						Affected Line Item in the Consolidated Statements of Operations
Component of AOCI reclassified into earnings	2018			2017
Realized gain (loss) on marketable securities	$	7,906		$	106		Other gain (loss), net
Other-than-temporary impairment and write-offs of securities	(4,106		)	—			Other gain (loss), net
Release of cumulative translation adjustments	(4,163		)	(934		)	Other gain (loss), net
Unrealized gain (loss) on dedesignated net investment hedges	(1,498		)	—			Other gain (loss), net
Realized gain (loss) on net investment hedges	2,436			960			Other gain (loss), net
Release of equity in AOCI of unconsolidated ventures	—			(23		)	Earnings from investments in unconsolidated ventures

- 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21506-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 480
-SubTopic 10
-Section S99
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=65877616&loc=d3e177068-122764

Reference 3: 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(d))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21553-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
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-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=65888546&loc=d3e21300-112643

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21484-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21538-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21488-112644

+ Details

Noncontrolling Interests (Tables)

3 Months Ended

Mar. 31, 2018

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interest

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



	Three Months Ended March 31,
(In thousands)	2018			2017
Beginning balance	$	34,144		$	—
Assumed through the Merger	—			78,843
Contributions	250			—
Distributions	(2,050		)	—
Net income	(696		)	617
Currency translation adjustment and other	—			12
Ending balance	$	31,648		$	79,472

Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2018

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations, Net Income (Loss)

The following table presents the assets, liabilities and noncontrolling interests of the CLNS Investment Entities that were deconsolidated on January 31, 2018:



(In thousands)	January 31, 2018
Assets
Cash and cash equivalents	$	99,883
Restricted cash	41,270
Real estate	219,748
Loans receivable	1,287,994
Investments in unconsolidated ventures	208,738
Deferred leasing costs and intangible assets	10,831
Other assets	25,755
	1,894,219
Liabilities
Debt	$	379,927
Accrued and other liabilities	41,318
	421,245
Noncontrolling interests
Noncontrolling interests—investment entities	330,980
Noncontrolling interests—Operating Company	64,294
	395,274
Equity attributable to Colony NorthStar, Inc.	$	1,077,700

Net income generated from operations of these held for sale asset groups is presented below.



	Three Months Ended March 31,
(In thousands)	2018			2017
Revenues
Property operating income	$	716		$	33,857
Other income	—			2,257
Expenses
Property operating expenses	(589		)	(12,395		)
Interest expense	—			(9,028		)
Loss on sale of real estate assets	—			(2,108		)
Other expenses	(10		)	(23		)
Net income from discontinued operations	117			12,560
Net income from discontinued operations attributable to:
Noncontrolling interests in investment entities	(53		)	—
Noncontrolling interests in Operating Company	(3		)	—
Net income from discontinued operations attributable to Colony NorthStar, Inc.	$	61		$	12,560

- Definition

+ References

+ Details

Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

Earnings Per Share Reconciliation

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



	Three Months Ended March 31,
(In thousands, except per share data)	2018			2017
Net income (loss) allocated to common stockholders
Income (loss) from continuing operations	$	(26,416	)	$	39,630
Income from discontinued operations	117			12,560
Net income (loss)	(26,299		)	52,190
Net (income) loss attributable to noncontrolling interests:
Redeemable noncontrolling interests	696			(617		)
Investment entities	(20,102		)	(27,059		)
Operating Company	4,378			1,083
Net income (loss) attributable to Colony NorthStar, Inc.	(41,327		)	25,597
Preferred dividends	(31,387		)	(30,813		)
Net loss attributable to common stockholders	(72,714		)	(5,216		)
Net income allocated to participating securities	(629		)	(2,238		)
Net loss allocated to common stockholders—basic	(73,343		)	(7,454		)
Interest expense attributable to convertible notes ⁽¹⁾	—			—
Net loss allocated to common stockholders—diluted	$	(73,343	)	$	(7,454	)
Weighted average common shares outstanding ⁽²⁾
Weighted average number of common shares outstanding—basic	530,680			506,405
Weighted average effect of dilutive shares ⁽¹⁾⁽³⁾	—			—
Weighted average number of common shares outstanding—diluted	530,680			506,405
Basic loss per share
Loss from continuing operations	$	(0.14	)	$	(0.03	)
Income from discontinued operations	0.00			0.02
Net loss attributable to common stockholders per basic common share	$	(0.14	)	$	(0.01	)
Diluted loss per share
Loss from continuing operations	$	(0.14	)	$	(0.03	)
Income from discontinued operations	0.00			0.02
Net loss attributable to common stockholders per diluted common share	$	(0.14	)	$	(0.01	)

__________

⁽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 share counts used to calculate the weighted average number of shares for the three months ended March 31, 2017 reflect the exchange ratio of 1.4663 applied to shares outstanding prior to the Closing Date.

⁽³⁾

Fee Income (Tables)

3 Months Ended

Mar. 31, 2018

Other Income and Expenses [Abstract]

Schedule of Asset Management and Other Fees

The Company's fee income is earned from the following sources:



	Three Months Ended March 31,
(In thousands)	2018		2017
Institutional funds	$	13,141	$	14,827
Non-traded REITs	11,459		22,237
Public companies—NRE, Colony NorthStar Credit	12,172		3,170
Broker-dealer, Townsend and other clients	70		13,016
	$	36,842	$	53,250

The following table presents the Company's fee income by type:



	Three Months Ended March 31,
(In thousands)	2018		2017
Base management fees ($34,176 and $38,984 from affiliates, respectively)	$	34,176	$	42,775
Asset management fees—from affiliates	674		606
Acquisition and disposition fees—from affiliates	1,922		5,929
Incentive fees—from affiliates	—		270
Other fee income	70		3,670
Total fee income	$	36,842	$	53,250

Equity-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2018

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

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques

Quantitative information about recurring level 3 fair value measurements, for which information about unobservable inputs is reasonably available to the Company, 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)

March 31, 2018

Investments in unconsolidated ventures—private funds

171,945

Discounted cash flows

Discount rate

14.6%
(12.0% - 20.0%)

Decrease

Investments in unconsolidated ventures—others

26,712

Discounted cash flows

Discount rate

14.3%
(8.8% - 15.5%)

Decrease

Investments in unconsolidated ventures—others

49,326

Recent transaction price⁽²⁾

Not applicable

N-Star CDO bonds

80,165

Discounted cash flows

Discount rate

19.5%
(10.6% - 68.3%)

Decrease

Due to affiliates—contingent consideration for Internalization

10,170

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

7,760

Discounted cash flows

Discount rate

20.0%

Decrease

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

__________


⁽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 and first quarter of 2018.


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

Fair value of PSUs, including dividend equivalent rights, was determined using a Monte Carlo simulation under a risk-neutral premise, with the following assumptions:



	2018 PSU Grant
Expected volatility of CLNS class A common stock⁽¹⁾	38	%
Expected CLNS annual dividend yield⁽²⁾	7.6	%
Risk-free rate (per annum)⁽³⁾	2.44	%

__________


⁽¹⁾	Based on a combination of implied volatilities on actively traded stock options and historical volatilities, on the stock of the Company and the specified peer group.


⁽²⁾	Based on an average of the Company's current and historical dividend yields.


⁽³⁾	Based on the prevailing 3-year zero coupon US Treasury yield on grant date.

Components of Share-Based Compensation

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



	Three Months Ended March 31,
(In thousands)	2018		2017
Compensation expense (including $22 and $0 amortization of fair value of dividend equivalent right)	$	12,191	$	31,577
Earnings from investments in unconsolidated ventures	—		61
Investment, servicing and commission expense	—		546
	$	12,191	$	32,184

Nonvested Shares Under Director Stock Plan and Equity Incentive Plan

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



										Weighted Average Grant Date Fair Value
	Restricted Stock		LTIP Units		DSUs		PSUs ⁽¹⁾	Total		PSUs		All Other Awards
Unvested shares and units at December 31, 2017	9,149,516		3,506,387		78,267		—	12,734,170		$	—	$	14.53
Granted	3,257,393				13,659		2,138,858	5,409,910		6.05		6.27
Vested	(6,160,624	)	(3,506,387	)	(11,615	)	—	(9,678,626	)	—		14.63
Forfeited	(674	)					—	(674	)	—		6.08
Unvested shares and units at March 31, 2018	6,245,611		—		80,311		2,138,858	8,464,780		$	6.05	$	10.11

__________


⁽¹⁾	Represents the number of PSUs granted which does not reflect potential increases or decreases that could result from the final outcome of the total shareholder return at the end of the performance period.

Transactions with Affiliates (Tables)

3 Months Ended

Mar. 31, 2018

Summary of Related Party Disclosures

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



(In thousands)	March 31, 2018		December 31, 2017
Due from Affiliates
Investment vehicles and unconsolidated ventures
Fee income	$	25,338	$	19,366
Cost reimbursements and recoverable expenses	16,823		30,749
Employees and other affiliates	1,421		1,403
	$	43,582	$	51,518
Due to Affiliates
Investment vehicles and unconsolidated ventures	$	2,935	$	2,884
Employees—contingent consideration for Internalization	10,170		20,650
	$	13,105	$	23,534



	Three Months Ended March 31,
(In thousands)	2018		2017
Retail companies	$	2,387	$	5,335
Public companies—NRE and Colony NorthStar Credit	1,750		—
Private funds and other	1,844		703
Equity awards of NRE and Colony NorthStar Credit (Note 21)	812		—
Townsend	—		665
	$	6,793	$	6,703

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2018

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			CLNC			Other Equity and Debt			Investment Management			Amounts Not Allocated to Segments			Total
Three Months Ended March 31, 2018
Total revenues	$	152,595		$	68,753		$	195,782		$	—		$	205,154		$	42,521		$	1,859		$	666,664
Property operating expenses	66,966			20,811			136,095			—			81,898			—			—			305,770
Interest expense	50,941			10,190			34,361			—			40,280			—			13,117			148,889
Depreciation and amortization	41,127			29,945			35,457			—			28,969			7,676			1,531			144,705
Provision for loan loss	—			—			—			—			5,375			—			—			5,375
Impairment loss	3,780			—			—			—			9,189			140,429			—			153,398
Gain on sale of real estate	—			2,293			—			—			16,151			—			—			18,444
Earnings (losses) from investments in unconsolidated ventures	—			—			—			(3,654		)	27,217			8,702			—			32,265
Income tax benefit (expense)	(998		)	(3		)	1,481			—			(4,539		)	36,803			64			32,808
Income (loss) from continuing operations	(12,534		)	6,321			(11,886		)	(3,654		)	68,431			(84,624		)	11,530			(26,416		)
Income from discontinued operations	—			—			—			—			117			—			—			117
Net income (loss)	(12,534		)	6,321			(11,886		)	(3,654		)	68,548			(84,624		)	11,530			(26,299		)
Net income (loss) attributable to Colony NorthStar, Inc.	(10,360		)	1,278			(10,050		)	(3,446		)	49,109			(80,520		)	12,662			(41,327		)

Three Months Ended March 31, 2017
Total revenues	$	138,813		$	57,042		$	175,713		$	—		$	175,086		$	59,640		$	871		$	607,165
Property operating expenses	60,686			16,497			118,491			—			20,675			—			—			216,349
Interest expense	41,092			12,426			27,249			—			30,819			—			14,692			126,278
Depreciation and amortization	40,881			24,639			30,041			—			28,218			12,483			1,158			137,420
Provision for loan loss	—			—			—			—			6,724			—			—			6,724
Impairment loss	—			—			—			—			8,519			—			—			8,519
Gain on sale of real estate	—			—			—			—			8,970			—			—			8,970
Earnings from investments in unconsolidated ventures	—			—			—			—			108,837			5,155			—			113,992
Income tax benefit (expense)	(2,242		)	598			(38		)	—			(1,333		)	(2,069		)	1,375			(3,709		)
Income (loss) from continuing operations	(9,266		)	519			(3,616		)	—			179,908			19,989			(147,904		)	39,630
Income from discontinued operations	—			—			—			—			—			—			12,560			12,560
Net income (loss)	(9,266		)	519			(3,616		)	—			179,908			19,989			(135,344		)	52,190
Net income (loss) attributable to Colony NorthStar, Inc.	(8,438		)	(62		)	(2,993		)	—			143,912			18,260			(125,082		)	25,597

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		CLNC		Other Equity and Debt		Investment Management		Amounts Not Allocated to Segments		Total
March 31, 2018
Total assets	$	5,792,926	$	2,852,496	$	4,084,845	$	1,161,930	$	7,395,831	$	2,127,652	$	148,812	$	23,564,492
Equity method investments	—		—		—		1,161,930		1,058,206		215,840		3,742		2,439,718
December 31, 2017
Total assets	$	5,813,552	$	2,810,135	$	4,094,596	$	—	$	9,251,829	$	2,714,974	$	100,564	$	24,785,650
Equity method investments	—		—		—		—		1,315,629		207,683		3,742		1,527,054

Revenue by Geographic Areas



	Three Months Ended March 31,
(In thousands)	2018		2017
Total income by geography:
United States	$	613,661	$	643,128
Europe	78,173		70,427
Other	302		899
Total ⁽¹⁾	$	692,136	$	714,454

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.



(In thousands)	March 31, 2018		December 31, 2017
Long-lived assets by geography:
United States	$	12,804,315	$	13,224,197
Europe	1,791,331		1,749,282
Total ⁽²⁾	$	14,595,646	$	14,973,479

Supplemental Disclosure of Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2018

Supplemental Cash Flow Elements [Abstract]

Schedule of Cash Flow, Supplemental Disclosures



	Three Months Ended March 31,
(In thousands)	2018			2017
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest, net of capitalized interest of $429 and $0, respectively	$	121,934		$	88,029
Cash paid for income taxes (received for income tax refunds), net	(9,430		)	1,249
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Dividends and distributions payable	$	90,791		$	175,498
Net assets of CLNS Investment Entities deconsolidated, net of cash and restricted cash contributed (Note 4)	936,547			—
Redemption of OP Units for common stock	24			638
Improvements in operating real estate in accrued and other liabilities	14,274			246
Change in contributions receivable from noncontrolling interests	13,501			—
Redemption of OP Units for cash in accrued and other liabilities	2,096			5,085
Share repurchase payable (Note 11)	36,166			10,177
Assets acquired in Merger, net of cash and restricted cash assumed (Note 3)	—			17,024,350
Liabilities assumed in Merger (Note 3)	—			11,416,937
Noncontrolling interests assumed in Merger (Note 3)	—			602,014
Common stock issued for acquisition of NSAM and NRF (Note 3)	—			5,718,004



	Three Months Ended March 31,
(In thousands)	2018	2017
Preferred stock issued for acquisition of NRF (Note 3)	—	1,010,320
Debt assumed by buyer in sale of manufactured housing portfolio (Note 18)	—	1,258,558
Net assets acquired in CPI restructuring, net of cash and restricted cash assumed (Note 3)	—	219,278
Investment deposits applied to acquisition of loans receivable, real estate and CPI Group	—	66,020
Foreclosures on collateral assets of originated or acquired loans receivable	—	8,167
Proceeds from loan repayments and asset sales held in escrow	—	45,870
Costs associated with contributions from noncontrolling interests	—	2,444

Business and Organization (Details)	3 Months Ended
Business and Organization (Details)	Mar. 31, 2018	Aug. 25, 2017
Parent \| Colony Capital Operating Company, LLC
Business Acquisition [Line Items]
General partner ownership percent	94.00%
Certain Employees \| Colony Capital Operating Company, LLC
Business Acquisition [Line Items]
Senior management ownership percent	6.00%
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)		3 Months Ended
	Jan. 10, 2017	Mar. 31, 2018
Colony NorthStar \| Common Class A
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio	1.4663	1.4663

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended
	Mar. 31, 2018
Property, Plant and Equipment [Line Items]
OP Units to common stock, conversion ratio	1
Incentive fees earned, percent	40.00%
Minimum
Property, Plant and Equipment [Line Items]
Lag period for recording proportionate share of income for equity method investments	1 month
Maximum
Property, Plant and Equipment [Line Items]
Lag period for recording proportionate share of income for equity method investments	3 months

Summary of Significant Accounting Policies - Adoption of New Revenue Recognition Guidance (Details) - USD ($) $ in Thousands		3 Months Ended
	Jan. 01, 2018	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings (accumulated deficit)		$ (1,294,996)		$ (1,165,412)
Net cash provided by operating activities		99,952	$ 24,120
Net cash provided by (used in) investing activities		(140,242)	693,786
Net cash used in financing activities		(418,736)	(253,511)
Accounting Standards Update 2016-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings (accumulated deficit)	$ 600
Available-for-sale securities, gross unrealized gain	200
Difference between revenue guidance in effect before and after Topic 606 \| ASU 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Asset management fees		$ 200
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)
Scenario, Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net cash provided by operating activities			22,920
Net cash provided by (used in) investing activities			493,865
Net cash used in financing activities			$ (246,683)
Office leases
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Future contractual lease payment obligations				74,200
Ground leases
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Future contractual lease payment obligations				$ 172,200

Business Combinations - Merger with NSAM and NRF (Narrative) (Details)			3 Months Ended
	Jan. 10, 2017	Apr. 02, 2015	Mar. 31, 2018
Business Acquisition [Line Items]
Common stock, conversion ratio		1
Colony NorthStar \| Common Class A
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio	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 \| Common Class A
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 \| Common Class A
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 \| Common Class A
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	3 Months Ended
	Jan. 25, 2017	Jan. 10, 2017 USD ($) $ / shares shares	Jan. 31, 2016	Mar. 31, 2018 USD ($)	Mar. 31, 2017 USD ($)	Dec. 31, 2017 USD ($)
Business Acquisition [Line Items]
Transaction costs				$ 716	$ 83,628
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 \| 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 and NRF
Business Acquisition [Line Items]
Cash assumed				$ 437,400		$ 260,609
Management agreement, off-market component, value				$ 1,514,085		1,514,085
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
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
Common Class A \| Colony NorthStar
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio		1.4663		1.4663
Common Class A \| Colony Capital Operating Company, LLC
Business Acquisition [Line Items]
Share price (in dollars per share) \| $ / shares		$ 21.52
Common Class A \| NSAM \| Colony NorthStar
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio		1.4663
Common Class A \| 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) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Business Acquisition [Line Items]
Transaction costs	$ 716	$ 83,628
Compensation expense	5,982	41,547
Merger-related costs	8,836	129,143
Fees to investment bankers contingent upon consummation of the Merger
Business Acquisition [Line Items]
Transaction costs	0	66,800
Other fees
Business Acquisition [Line Items]
Transaction costs	716	16,828
Equity-based compensation for replacement awards to NSAM executives
Business Acquisition [Line Items]
Compensation expense	3,297	26,049
Severance and other employee transition
Business Acquisition [Line Items]
Compensation expense	2,685	15,498
Administrative costs
Business Acquisition [Line Items]
Compensation expense	$ 2,138	$ 3,968

Business Combinations - Schedule of Fair Value of Merger Consideration (Details) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
	Jan. 10, 2017 USD ($) $ / shares shares	Mar. 31, 2018 USD ($) shares	Mar. 31, 2017 USD ($) shares	Mar. 31, 2018 USD ($) shares	Dec. 31, 2017 shares	Dec. 31, 2016 shares
Business Acquisition [Line Items]
Total merger consideration \| $	$ 6,720,454		$ 1,102,763	$ 361,346
Number of Shares Outstanding (in shares)	39,466	65,464		65,464	65,464
Fair Value \| $	$ 1,010,320	$ 655		$ 655
Common Class A
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	64,496	65,464	65,464	25,030
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		6,114
Price Per Share (in dollars per share) \| $ / shares	$ 25.15
Fair Value \| $	$ 352,004	$ 61		$ 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		8,000
Price Per Share (in dollars per share) \| $ / shares	$ 25.82
Fair Value \| $	$ 206,597	$ 80		$ 80
Series E 8.75%
Business Acquisition [Line Items]
Number of Shares Outstanding (in shares)	10,000	10,000		10,000
Price Per Share (in dollars per share) \| $ / shares	$ 25.95
Fair Value \| $	$ 259,542	$ 100		$ 100
Colony \| Common Class A
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 \| Common Class A
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 \| Common Class A
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 \| Common Class A
Business Acquisition [Line Items]
Exchange ratio	1.4663	1.4663
Colony NorthStar \| Preferred stock
Business Acquisition [Line Items]
Exchange ratio	1
Colony NorthStar \| Colony \| Common Class A
Business Acquisition [Line Items]
Exchange ratio	1.4663
Colony NorthStar \| NSAM \| Common Class A
Business Acquisition [Line Items]
Exchange ratio	1.4663
Colony NorthStar \| NorthStar Realty Finance Corp. \| Common Class A
Business Acquisition [Line Items]
Exchange ratio	1.3335
Colony NorthStar \| NRF \| Common Class A
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	9 Months Ended
	Jan. 10, 2017	Mar. 31, 2017	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Total merger consideration	$ 6,720,454	$ 1,102,763	$ 361,346
Assets
Identifiable intangible assets				$ 82,985
Liabilities
Intangible liabilities				7,560
Goodwill		$ 1,717,365	1,534,561	1,534,561	$ 680,127
NSAM and NRF
Assets
Cash and cash equivalents			437,400	260,609
Restricted cash				176,814
Real estate				9,874,406
Loans receivable				359,541
Investments in unconsolidated ventures				620,782
Securities				430,625
Identifiable intangible assets				1,014,107
Management agreement between NSAM and NRF				1,514,085
Assets held for sale				2,096,671
Other assets				774,458
Total assets				17,122,098
Liabilities
Debt				6,723,222
Intangible liabilities				213,218
Noncontrolling interests—investment entities			$ 1,514,085	1,514,085
Liabilities related to assets held for sale				1,281,406
Tax liabilities				229,833
Accrued and other liabilities				1,287,419
Liabilities assumed				11,249,183
Redeemable noncontrolling interests				78,843
Noncontrolling interests—investment entities				505,685
Noncontrolling interests—Operating Company				8,162
Fair value of net assets acquired				5,280,225
Merger consideration				6,720,454
Goodwill				1,440,229
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				1,514,085
Assets held for sale				0
Other assets				93,455
Total assets				2,548,227
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				1,311,866
Merger consideration				2,752,095
Goodwill				1,440,229
NRF
Business Acquisition [Line Items]
Total merger consideration	$ 3,968,359
Assets
Cash and cash equivalents				107,751
Restricted cash				158,762
Real estate				9,874,406
Loans receivable				331,056
Investments in unconsolidated ventures				544,111
Securities				427,560
Identifiable intangible assets				352,551
Management agreement between NSAM and NRF				0
Assets held for sale				2,096,671
Other assets				681,003
Total assets				14,573,871
Liabilities
Debt				6,723,222
Intangible liabilities				213,218
Noncontrolling interests—investment entities				1,514,085
Liabilities related to assets held for sale				1,281,406
Tax liabilities				60,446
Accrued and other liabilities				307,450
Liabilities assumed				10,099,827
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

Business Combinations - Pro Forma Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Business Acquisition [Line Items]
Transaction costs	$ 716	$ 83,628

Business Combinations - CPI Group (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended	12 Months Ended
	Jan. 10, 2017	Mar. 31, 2017	Mar. 31, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Total merger consideration	$ 6,720,454	$ 1,102,763	$ 361,346
CPI
Business Acquisition [Line Items]
Carrying value of loans receivable outstanding at the time of restructuring				$ 182,644
Cash				49,537
Total merger consideration				232,181
Cash				303
Real estate				543,649
Real estate held for sale				21,605
Lease intangibles and other assets				40,285
Debt				(277,590)
Tax liabilities				(32,078)
Lease intangibles and other liabilities				(61,205)
Liabilities related to assets held for sale				(2,788)
Fair value of net assets acquired				$ 232,181

Business Combinations - THL Hotel Portfolio (Details)			3 Months Ended		9 Months Ended	12 Months Ended
Business Combinations - THL Hotel Portfolio (Details)	Jul. 01, 2017 property	Jan. 10, 2017 USD ($)	Mar. 31, 2018 USD ($)	Mar. 31, 2017 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Business Acquisition [Line Items]
Contingent consideration, liability			$ 7,760,000		$ 7,760,000	$ 7,419,000
Total merger consideration		$ 6,720,454,000		$ 1,102,763,000	361,346,000
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 14)					6,771,000	6,771,000
Total merger consideration						361,346,000
Cash			16,188,000		16,188,000	16,188,000
Real estate			1,193,075,000		1,193,075,000	1,193,205,000
Real estate held for sale			68,625,000		68,625,000	68,625,000
Intangible and other assets			37,975,000		37,975,000	34,913,000
Debt			(907,867,000)		(907,867,000)	(907,867,000)
Intangible and other liabilities			(46,650,000)		(46,650,000)	(43,718,000)
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Lease Intangibles And Other Liabilities			(2,932,000)
Fair value of net assets acquired			361,346,000		361,346,000	$ 361,346,000
Measurement Period Adjustments
Real estate			(130,000)
Real estate held for sale			0
Intangible and other assets			$ 3,062,000
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) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
	Jan. 10, 2017	Mar. 31, 2017	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Total merger consideration	$ 6,720,454	$ 1,102,763	$ 361,346
Identifiable intangible assets				$ 82,985
Goodwill		$ 1,717,365	$ 1,534,561	$ 1,534,561	$ 680,127

Colony NorthStar Credit (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Jan. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Assets
Restricted cash	$ 1,533		$ 1,020	$ 13,810	$ 0
Real estate	935,096		720,686
Deferred leasing costs and intangible assets	34,935		37,337
Other assets	11,274		2,587
Total assets held for sale	1,002,838		781,630
Liabilities
Debt	215,366		196,905
Total liabilities related to assets held for sale	$ 273,778		$ 273,298
CLNS Contributed Portfolio \| Discontinued Operations, Disposed of by Means Other than Sale
Assets
Cash and cash equivalents		$ 99,883
Restricted cash		41,270
Real estate		219,748
Loans receivable		1,287,994
Investments in unconsolidated ventures		208,738
Deferred leasing costs and intangible assets		10,831
Other assets		25,755
Total assets held for sale		1,894,219
Liabilities
Debt		379,927
Accrued and other liabilities		41,318
Total liabilities related to assets held for sale		421,245
Noncontrolling interests		395,274
Equity attributable to Colony NorthStar, Inc.		1,077,700
CLNS Contributed Portfolio \| Discontinued Operations, Disposed of by Means Other than Sale \| Noncontrolling Interests in Investment Entities
Liabilities
Noncontrolling interests		330,980
CLNS Contributed Portfolio \| Discontinued Operations, Disposed of by Means Other than Sale \| Noncontrolling Interests in Operating Company
Liabilities
Noncontrolling interests		$ 64,294

Colony NorthStar Credit Narrative (Details) $ in Thousands		3 Months Ended
Colony NorthStar Credit Narrative (Details) $ in Thousands	Jan. 31, 2018 USD ($) shares	Mar. 31, 2018 USD ($)	Mar. 31, 2017 USD ($)	Dec. 31, 2017 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loans receivable, net		$ 1,972,179		$ 3,223,762
Other gain, net		75,256	$ 25,381
Equity Method Investment \| Colony NorthStar Credit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other gain, net		9,900
NorthStar Income I Stockholders
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loans receivable, net		$ 150,200
Commercial Real Estate Credit REIT (Combination)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage	37.00%
Transfer of stock to non-affiliates limitation period	1 year
Commercial Real Estate Credit REIT (Combination) \| NorthStar Income I Stockholders
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage	32.00%
Commercial Real Estate Credit REIT (Combination) \| NorthStar Income II Stockholders
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage	31.00%
Common Class B-3 \| Equity Method Investment \| Colony NorthStar Credit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity method investment, shares owned \| shares	44,399,444
Common Class B-3 \| Commercial Real Estate Credit REIT (Combination) \| Colony NorthStar Credit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Stock conversion ratio	1
Common Membership Units \| Equity Method Investment \| Colony NorthStar Credit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity method investment, shares owned \| shares	3,075,623
Common Membership Units \| Commercial Real Estate Credit REIT (Combination) \| Colony NorthStar Credit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Stock conversion ratio	1
Senior Participation Interest \| NorthStar I Excluded Asset
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Investments	$ 65,000
Investment management contracts
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Write-off of intangible assets	$ 139,000

Real Estate - Components of Real Estate (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Real Estate [Abstract]
Land	$ 2,307,415	$ 2,011,794
Buildings and improvements	11,848,970	12,403,794
Tenant improvements	148,629	134,709
Furniture, fixtures and equipment	371,059	383,855
Construction in progress	106,001	108,403
Real estate held for investment at cost	14,782,074	15,042,555
Less: Accumulated depreciation	(681,200)	(578,297)
Real estate assets, net	$ 14,100,874	$ 14,464,258

Real Estate - Sales (Details) - USD ($) $ in Thousands	3 Months Ended
Real Estate - Sales (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017
Real Estate [Abstract]
Proceeds from sales of real estate	$ 112,562	$ 903,841
Gain on sale of real estate	$ 18,444	$ 8,970

Real Estate - Acquisitions (Details) $ in Thousands		1 Months Ended			3 Months Ended		9 Months Ended	12 Months Ended
Real Estate - Acquisitions (Details) $ in Thousands	Jan. 10, 2017 USD ($)	Sep. 30, 2017	Jun. 30, 2017 USD ($) property	Jan. 31, 2017 USD ($) property	Mar. 31, 2018 USD ($) property	Mar. 31, 2017 USD ($)	Mar. 31, 2018 USD ($) property	Dec. 31, 2017 USD ($) property
Business Acquisition [Line Items]
Total merger consideration	$ 6,720,454					$ 1,102,763	$ 361,346
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					10		10	55
Total merger consideration					$ 179,203			$ 636,690
Land and Improvements					11,035		$ 11,035	137,005
Building and Improvements					129,264		129,264	472,747
Lease Intangible Assets					10,903		10,903	31,512
Lease Intangible Liabilities					(440)		(440)	$ (4,574)
Asset Acquisitions \| Land For Co-Development \| United States
Business Acquisition [Line Items]
Land and Improvements					$ 39,476		$ 39,476
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 \| 2017 Real Estate Acquisitions
Business Acquisition [Line Items]
Useful life of finite-lived intangible assets					4 years
Minimum \| 2017 Real Estate Acquisitions \| Building
Business Acquisition [Line Items]
Real estate assets estimated useful life					30 years
Minimum \| 2017 Real Estate Acquisitions \| Site Improvements
Business Acquisition [Line Items]
Real estate assets estimated useful life					8 years
Minimum \| 2017 Real Estate Acquisitions \| Building Improvements
Business Acquisition [Line Items]
Real estate assets estimated useful life					4 years
Maximum \| 2017 Real Estate Acquisitions
Business Acquisition [Line Items]
Useful life of finite-lived intangible assets					10 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					10 years

Real Estate - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Real Estate - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2018	Mar. 31, 2017
Guarantee of franchise obligations \| THL Hotel Portfolio
Business Acquisition [Line Items]
Estimate of possible loss	$ 100.0
Noncancelable operating ground leases assumed in connection with business combinations
Business Acquisition [Line Items]
Rent expense	$ 2.0	$ 0.9

Real Estate - Depreciation and Impairment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Real Estate
Real Estate [Line Items]
Depreciation	$ 118.4	$ 104.3

Real Estate - Components of Property Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Real Estate [Abstract]
Rental income	$ 162,614	$ 151,243
Tenant reimbursements	38,922	31,525
Resident fee income	69,217	65,694
Hotel operating income	283,977	178,392
Property operating income	$ 554,730	$ 426,854

Loans Receivable - Company Loan Receivable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	$ 3,255,210		$ 4,501,834
Carrying Value	1,972,179		3,223,762
Allowance for loan losses	(53,980)	$ (69,470)	(52,709)	$ (67,980)
Fair Value \| Securitized loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	72,122		72,511
Carrying Value	44,330		45,423
Carrying Value
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	3,183,088		4,429,323
Loans receivable, net	1,927,849		3,178,339
Carrying Value \| Non-PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	1,335,179		2,533,177
Carrying Value	1,351,544		2,541,852
Carrying Value \| PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	1,847,909		1,896,146
Carrying Value	630,285		689,196
Allowance for loan losses	(53,980)		(52,709)
Carrying Value \| PCI Loans \| Mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	1,817,498		1,865,423
Carrying Value	623,434		682,125
Carrying Value \| PCI Loans \| Securitized loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	22,986		23,298
Carrying Value	3,180		3,400
Carrying Value \| PCI Loans \| Mezzanine loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	7,425		7,425
Carrying Value	3,671		3,671
Carrying Value \| Fixed Rate Residential Mortgage \| Non-PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	1,042,758		1,622,869
Carrying Value	1,049,999		1,622,171
Carrying Value \| Fixed Rate Residential Mortgage \| Non-PCI Loans \| Mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	626,159		1,081,030
Carrying Value	$ 635,516		$ 1,082,513
Weighted Average Coupon Rate Of Loans	9.70%		9.10%
Loans Weighted Average Maturity In Years	3 years 3 months	2 years 9 months 18 days
Carrying Value \| Fixed Rate Residential Mortgage \| Non-PCI Loans \| Securitized loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	$ 32,219		$ 35,566
Carrying Value	$ 33,083		$ 36,603
Weighted Average Coupon Rate Of Loans	5.80%		5.90%
Loans Weighted Average Maturity In Years	17 years	16 years 9 months 18 days
Carrying Value \| Fixed Rate Residential Mortgage \| Non-PCI Loans \| Mezzanine loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	$ 337,543		$ 459,433
Carrying Value	$ 334,861		$ 456,463
Weighted Average Coupon Rate Of Loans	11.80%		12.20%
Loans Weighted Average Maturity In Years	1 year 8 months	2 years 3 months 18 days
Carrying Value \| Fixed Rate Residential Mortgage \| Non-PCI Loans \| Corporate loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	$ 46,837		$ 46,840
Carrying Value	$ 46,539		$ 46,592
Weighted Average Coupon Rate Of Loans	9.90%		9.90%
Loans Weighted Average Maturity In Years	9 years 9 months	10 years
Carrying Value \| Adjustable Rate Residential Mortgage \| Non-PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	$ 292,421		$ 910,308
Carrying Value	301,545		919,681
Carrying Value \| Adjustable Rate Residential Mortgage \| Non-PCI Loans \| Mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	212,809		414,428
Carrying Value	$ 222,920		$ 423,199
Weighted Average Coupon Rate Of Loans	3.50%		6.00%
Loans Weighted Average Maturity In Years	9 months	1 year 8 months 12 days
Carrying Value \| Adjustable Rate Residential Mortgage \| Non-PCI Loans \| Securitized loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	$ 79,612		$ 461,489
Carrying Value	$ 78,625		$ 462,203
Weighted Average Coupon Rate Of Loans	5.20%		6.40%
Loans Weighted Average Maturity In Years	17 years 9 months	3 years 6 months
Carrying Value \| Adjustable Rate Residential Mortgage \| Non-PCI Loans \| Mezzanine loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	$ 0		$ 34,391
Carrying Value	$ 0		$ 34,279
Weighted Average Coupon Rate Of Loans	0.00%		9.80%
Loans Weighted Average Maturity In Years	0 years	1 year 3 months 18 days

Loans Receivable - Loan Maturity and Aging (Details) - Non-PCI Loans - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	$ 1,351,544	$ 2,541,852
Current or Less Than 30 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	1,126,605	2,268,599
30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	4,251	145,986
60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	89,315	9,410
90 Days or More Past Due and Nonaccrual
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	$ 131,373	$ 117,857

Loans Receivable - Troubled Debt Restructuring (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017 loan	Mar. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Financing Receivable, Modifications [Line Items]
Carrying value of loans before allowance for loan losses \| $		$ 37.8	$ 66.4
Non-PCI Loans
Financing Receivable, Modifications [Line Items]
Number of loans \| loan	0

Loans Receivable - Non-PCI Impaired Loans (Details) - Non-PCI Loans - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 160,684		$ 383,594
Without Allowance for Loan Losses	75,069		248,759
Total	159,927		$ 386,895
Average carrying value before allowance for loan losses	273,410	$ 103,795
Total interest income recognized during the period impaired	$ 29	$ 756

Loans Receivable - Fair Value of Loans Acquired (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Jan. 31, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less: Accretable yield	$ (29,634)	$ (42,435)	$ (65,625)		$ (52,572)
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	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Beginning accretable yield	$ 42,435	$ 52,572
Additions	0	23,594
Dispositions	(2,565)	0
Changes in accretable yield	1,989	5,187
Accretion recognized in earnings	(12,579)	(15,809)
Effect of changes in foreign exchange rates	354	81
Ending accretable yield	$ 29,634	$ 65,625

Loans Receivable - Nonaccrual Loans (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases receivable, gross	$ 195.8	$ 196.5

Loans Receivable - Allowance for Loan Losses and Loans Held For Sale (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	$ 52,709	$ 67,980	$ 53,980	$ 52,709
Loans receivable, net			1,972,179	3,223,762
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan losses	52,709	67,980
Contribution to Colony NorthStar Credit (Note 4)	(518)	0
Provision for loan loss	5,375	6,724
Charge-off	(3,586)	(5,234)
Allowance for loan losses	53,980	69,470
Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	52,709		53,980	52,709
Loans receivable, net			245,956	307,925
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan losses	52,709
Allowance for loan losses	53,980
Non-PCI Loans \| Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan and lease loss, recovery of bad debts	800	0
Allowance for loan losses	7,424		6,308	7,424
Loans receivable, net			84,858	138,136
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan losses	7,424
Provision for loan loss	2,700	2,500
Allowance for loan losses	6,308
PCI Loans
Allowance for Loan and Lease Losses [Roll Forward]
Provision for loan loss	2,700	4,200
PCI Loans \| Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan and lease loss, recovery of bad debts	100	$ 1,000
Allowance for loan losses	45,285		47,672	45,285
Loans receivable, net			161,098	$ 169,789
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan losses	45,285
Allowance for loan losses	$ 47,672
Investment Commitments \| Consolidated Real Estate Debt Investments
Allowance for Loan and Lease Losses [Roll Forward]
Other commitments			88,800
Parent \| Investment Commitments \| Consolidated Real Estate Debt Investments
Allowance for Loan and Lease Losses [Roll Forward]
Other commitments			$ 81,800

Investments in Unconsolidated Ventures - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended	12 Months Ended
	Nov. 09, 2017	Mar. 31, 2017	Mar. 31, 2018	Dec. 31, 2017	Jan. 31, 2018
Colony Starwood Homes
Schedule of Equity Method Investments [Line Items]
Proceeds from share issuance				$ 500,500
Gain in earnings of investments in unconsolidated ventures		$ 191,200
NRE
Schedule of Equity Method Investments [Line Items]
Ownership percentage			10.30%
ADC investments
Schedule of Equity Method Investments [Line Items]
Lending commitments			$ 46,600
Company Sponsored Funds
Schedule of Equity Method Investments [Line Items]
Unfunded lending commitment			$ 274,900
RXR Realty
Schedule of Equity Method Investments [Line Items]
Ownership percentage			27.20%
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%
CLNS Contributed Portfolio \| Discontinued Operations, Disposed of by Means Other than Sale
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated ventures					$ 208,738

Investments in Unconsolidated Ventures - Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 2,439,718	$ 1,527,054
Other equity investments	109,912	128,185
Investments in Unconsolidated Ventures	2,549,630	1,655,239
Investment ventures
Schedule of Equity Method Investments [Line Items]
Equity method investments	2,240,057	1,297,180
Other equity investments	89,129	89,261
Private funds
Schedule of Equity Method Investments [Line Items]
Equity method investments	199,661	229,874
Other equity investments	$ 20,783	$ 38,924

Investments in Unconsolidated Ventures - Equity Method Investments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($)	Mar. 31, 2018 USD ($) investment
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 16 individual other investments)	$ 1,527,054	$ 2,439,718
Colony NorthStar Credit Real Estate, Inc.
Schedule of Equity Method Investments [Line Items]
Ownership Interest		36.60%
Equity method investments (less than for 16 individual other investments)	0
NRE
Schedule of Equity Method Investments [Line Items]
Ownership Interest		10.30%
Equity method investments (less than for 16 individual other investments)	73,578	$ 73,978
Colony Starwood Homes
Schedule of Equity Method Investments [Line Items]
Proceeds from share issuance	500,500
RXR Realty
Schedule of Equity Method Investments [Line Items]
Ownership Interest		27.20%
Equity method investments (less than for 16 individual other investments)	105,082	$ 107,468
Preferred equity
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 16 individual other investments)	440,704	465,527
ADC investments
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 16 individual other investments)	331,268	166,464
Private funds and other
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 16 individual other investments)	25,101	27,716
Other investment ventures
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 16 individual other investments)	187,420	$ 188,652
Number of equity method investments \| investment		16
Individual other investment venture
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 16 individual other investments)		$ 61,000
Fair value option
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 16 individual other investments)	$ 363,901	$ 247,983

Securities - Available for Sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	$ 259,013	$ 333,080
Gains	7,846	16,510
Losses	(13,301)	(1,248)
Fair Value	253,558	348,342
Securities	288,900	383,942
Bonds \| Variable Interest Entity, Primary Beneficiary
Schedule of Available-for-sale Securities [Line Items]
Carrying value	196,400	215,500
CMBS
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	136,192	144,476
Gains	2,687	3,999
Losses	(7,361)	(530)
Fair Value	131,518	147,945
Other securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	11,549	61,302
Gains	2,093	5,994
Losses	(190)	(313)
Fair Value	13,452	66,983
N-Star CDO
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	83,411	88,374
Gains	2,498	2,778
Losses	(5,744)	(219)
Fair Value	80,165	90,933
N-Star CDO \| Variable Interest Entity, Not Primary Beneficiary
Schedule of Available-for-sale Securities [Line Items]
Principal amount eliminated in consolidation	136,900	140,100
CMBS and other securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	27,861	38,928
Gains	568	3,739
Losses	(6)	(186)
Fair Value	28,423	42,481
Investment owned, balance, principal amount	27,600	25,100
Equity securities of consolidated fund
Schedule of Available-for-sale Securities [Line Items]
Securities	$ 35,342	$ 35,600

Securities - Narrative (Details) - Commercial Real Estate, Securities - Colony NorthStar - N-Star CDO	3 Months Ended
	Mar. 31, 2018 security
Schedule of Available-for-sale Securities [Line Items]
Weighted average maturity of securities acquired	5 years 10 months 24 days
Minimum
Schedule of Available-for-sale Securities [Line Items]
Contractual maturity period	4 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) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Realized gain, net	$ 499	$ 0
Colony \| CMBS
Schedule of Available-for-sale Securities [Line Items]
Proceeds from sale	63,185	24,788
Gross realized gain	$ 8,384	$ 567

Securities - Impairment of AFS Securities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018 USD ($) security	Dec. 31, 2017 USD ($)
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less Than 12 Months	$ 130,942	$ 36,795
Gross Unrealized Loss, Less Than 12 Months	(12,864)	(1,248)
Fair Value, More Than 12 Months	1,967
Gross Unrealized Loss, More Than 12 Months	$ (437)
Number of securities in cumulative unrealized loss position, more than twelve months \| security	0
OTTI loss	$ 4,400
CMBS
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less Than 12 Months	83,214	2,229
Gross Unrealized Loss, Less Than 12 Months	(6,930)	(530)
Fair Value, More Than 12 Months	1,966
Gross Unrealized Loss, More Than 12 Months	(431)
Other securities
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less Than 12 Months	4,603	8,218
Gross Unrealized Loss, Less Than 12 Months	(190)	(313)
Fair Value, More Than 12 Months	0
Gross Unrealized Loss, More Than 12 Months	0
N-Star CDO
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less Than 12 Months	43,125	13,392
Gross Unrealized Loss, Less Than 12 Months	(5,744)	(219)
Fair Value, More Than 12 Months	0
Gross Unrealized Loss, More Than 12 Months	0
CMBS and other securities
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less Than 12 Months	0	12,956
Gross Unrealized Loss, Less Than 12 Months	0	$ (186)
Fair Value, More Than 12 Months	1
Gross Unrealized Loss, More Than 12 Months	$ (6)

Securities - Purchased Credit Impaired Debt Securities (Details) - Colony NorthStar - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Jan. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Outstanding principal	$ 377,993		$ 411,174
Amortized cost	14,196		26,761
Carrying value	21,599		$ 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	44,610	$ 0
Assumed through the Merger	0	70,283
Accretion recognized in earnings	(2,143)	(4,146)
Reduction due to payoffs or disposals	(9,335)	0
Net reclassifications to nonaccretable difference	819	(5,437)
Ending accretable yield	$ 33,951	$ 60,700

Goodwill, Deferred Leasing Costs and Other Intangibles - Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Goodwill [Roll Forward]
Goodwill	$ 1,534,561	$ 680,127
Business combinations	0	1,285,502
Transfer to held for sale	0	(248,264)
Goodwill	1,534,561	$ 1,717,365
Industrial
Goodwill [Roll Forward]
Goodwill	20,000
Goodwill	20,000
Investment management
Goodwill [Roll Forward]
Goodwill	1,514,561
Impairment	(316,000)
Goodwill	$ 1,514,561

Goodwill, Deferred Leasing Costs and Other Intangibles - Goodwill, Intangible Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	$ 980,057	$ 1,110,851
Deferred leasing and other intangible assets, accumulated amortization	(288,161)	(257,979)
Deferred leasing and other intangible assets, net carrying amount	691,896	852,872
Intangible Liabilities
Below-market lease values, carrying amount	215,866	214,833
Below-market lease values, accumulated amortization	(43,057)	(36,426)
Below-market lease values	172,809	178,407
Above-market ground lease obligations, carrying amount	16,019	13,417
Above-market ground lease obligations, accumulated amortization	(964)	(715)
Above-market ground lease obligations	15,055	12,702
Intangible liabilities, carrying amount	231,885	228,250
Intangible liabilities, accumulated amortization	(44,021)	(37,141)
Total intangible liabilities	187,864	191,109
In-place lease values
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	245,989	243,037
Deferred leasing and other intangible assets, accumulated amortization	(111,770)	(98,021)
Deferred leasing and other intangible assets, net carrying amount	134,219	145,016
Above-market lease values
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	163,270	166,571
Deferred leasing and other intangible assets, accumulated amortization	(39,521)	(34,968)
Deferred leasing and other intangible assets, net carrying amount	123,749	131,603
Below-market ground lease obligations
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	36,100	29,625
Deferred leasing and other intangible assets, accumulated amortization	(524)	(316)
Deferred leasing and other intangible assets, net carrying amount	35,576	29,309
Deferred leasing costs
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	125,581	121,765
Deferred leasing and other intangible assets, accumulated amortization	(41,809)	(38,389)
Deferred leasing and other intangible assets, net carrying amount	83,772	83,376
Lease incentives
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	14,578	14,565
Deferred leasing and other intangible assets, accumulated amortization	(560)	(298)
Deferred leasing and other intangible assets, net carrying amount	14,018	14,267
Trade name
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	79,700	79,700
Deferred leasing and other intangible assets, accumulated amortization	(3,932)	(3,131)
Deferred leasing and other intangible assets, net carrying amount	$ 75,768	76,569
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	$ 201,698	342,127
Deferred leasing and other intangible assets, accumulated amortization	(75,925)	(70,394)
Deferred leasing and other intangible assets, net carrying amount	125,773	271,733
Customer relationships
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	59,400	59,400
Deferred leasing and other intangible assets, accumulated amortization	(11,572)	(10,421)
Deferred leasing and other intangible assets, net carrying amount	47,828	48,979
Other
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	53,741	54,061
Deferred leasing and other intangible assets, accumulated amortization	(2,548)	(2,041)
Deferred leasing and other intangible assets, net carrying amount	$ 51,193	$ 52,020
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

Goodwill, Deferred Leasing Costs and Other Intangibles - Remaining Terms of Acquired Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Above-market lease values	$ 1,925	$ 1,978
Below-market lease values	7,108	7,440
Net increase (decrease) to rental income	1,663	1,926
Above-market ground lease obligations	(286)	(171)
Below-market ground lease obligations	463	119
Net increase (decrease) to ground rent expense	177	(52)
Amortization expense	24,733	38,470
Above-market lease values
Finite-Lived Intangible Assets [Line Items]
Above-market lease values	(5,183)	(5,514)
Lease incentives
Finite-Lived Intangible Assets [Line Items]
Above-market lease values	(262)	0
In-place lease values
Finite-Lived Intangible Assets [Line Items]
Amortization expense	12,405	19,935
Deferred leasing costs
Finite-Lived Intangible Assets [Line Items]
Amortization expense	4,171	4,246
Trade name
Finite-Lived Intangible Assets [Line Items]
Amortization expense	804	856
Investment management contracts
Finite-Lived Intangible Assets [Line Items]
Amortization expense	5,686	8,218
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortization expense	1,152	2,940
Other
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 515	$ 2,275

Goodwill, Deferred Leasing Costs and Other Intangibles - Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Above Market Lease, Amortization Expense [Abstract]
Remaining 2018	$ (13,186)
2019	(16,696)
2020	(15,823)
2021	(14,962)
2022	(13,649)
2023 and Thereafter	(49,433)
Above-market lease values	(123,749)
Below-market lease values
Below-market lease values	172,809	$ 178,407
(Decrease) Increase to rental income
Remaining 2018	6,797
2019	8,327
2020	6,957
2021	6,107
2022	5,988
2023 and Thereafter	28,902
Increase to rental income	63,078
Deferred Leasing Costs and Intangible Assets
Remaining 2018	53,744
2019	60,200
2020	51,879
2021	43,397
2022	38,835
2023 and Thereafter	227,404
Net Carrying Amount	475,459
Net below-market ground lease obligations
Deferred Leasing Costs and Intangible Assets
Remaining 2018	88
2019	(71)
2020	(71)
2021	(71)
2022	(71)
2023 and Thereafter	20,717
Net Carrying Amount	20,521
Below-market lease values
Below-market lease values
Remaining 2018	19,187
2019	23,962
2020	21,714
2021	19,941
2022	18,510
2023 and Thereafter	69,495
Below-market lease values	172,809
Lease incentives
Lease incentives
Remaining 2018	796
2019	1,061
2020	1,066
2021	1,128
2022	1,127
2023 and Thereafter	8,840
Lease incentives	14,018
Below-market ground lease obligations
Deferred Leasing Costs and Intangible Assets
Remaining 2018	752
2019	796
2020	796
2021	796
2022	796
2023 and Thereafter	31,640
Net Carrying Amount	35,576
In-place lease values
Deferred Leasing Costs and Intangible Assets
Remaining 2018	21,224
2019	21,050
2020	16,209
2021	11,112
2022	8,954
2023 and Thereafter	55,670
Net Carrying Amount	134,219
Deferred leasing costs
Deferred Leasing Costs and Intangible Assets
Remaining 2018	12,936
2019	14,730
2020	12,090
2021	9,314
2022	7,327
2023 and Thereafter	27,375
Net Carrying Amount	83,772
Trade name
Deferred Leasing Costs and Intangible Assets
Remaining 2018	2,412
2019	3,214
2020	3,214
2021	3,214
2022	3,214
2023 and Thereafter	45,000
Net Carrying Amount	60,268
Investment management contracts
Deferred Leasing Costs and Intangible Assets
Remaining 2018	12,211
2019	14,586
2020	13,746
2021	13,137
2022	12,719
2023 and Thereafter	59,374
Net Carrying Amount	125,773
Customer relationships
Deferred Leasing Costs and Intangible Assets
Remaining 2018	3,455
2019	4,607
2020	4,607
2021	4,607
2022	4,607
2023 and Thereafter	25,945
Net Carrying Amount	47,828
Other
Deferred Leasing Costs and Intangible Assets
Remaining 2018	1,506
2019	2,013
2020	2,013
2021	2,013
2022	2,014
2023 and Thereafter	14,040
Net Carrying Amount	23,599
Leases Acquired In Place Above Market Ground Leases Adjustment [Member]
Above Market Ground Lease Obligations [Abstract]
Remaining 2018	(664)
2019	(867)
2020	(867)
2021	(867)
2022	(867)
2022 and after	(10,923)
Above-market ground lease obligations	$ (15,055)

Assets and Related Liabilities Held For Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Assets
Restricted cash	$ 1,533	$ 1,020	$ 13,810	$ 0
Real estate, net	935,096	720,686
Goodwill	20,000	20,000
Intangible assets, net	34,935	37,337
Other assets	11,274	2,587
Total assets held for sale	1,002,838	781,630
Liabilities
Debt	215,366	196,905
Lease intangibles and other liabilities, net	58,412	76,393
Total liabilities related to assets held for sale	$ 273,778	$ 273,298

Restricted Cash, Other Assets and Other Liabilities - Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 453,366	$ 471,078	$ 316,288	$ 121,881
Variable Interest Entity, Primary Beneficiary
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	55,058	13,656
Capital expenditures reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	238,368	249,612
Real estate escrow reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	36,441	42,420
Borrower escrow deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	11,419	41,545
Working capital and other reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	22,518	23,043
Tenant lock boxes
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	18,422	16,486
Other
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 71,140	$ 84,316

Restricted Cash, Other Assets and Other Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Restricted Cash, Other Assets And Other Liabilities [Abstract]
Interest receivable	$ 15,211	$ 21,529
Straight-line rents	52,522	45,598
Hotel-related reserves	31,603	29,208
Investment deposits and pending deal costs	3,231	1,706
Deferred financing costs, net	9,044	10,068
Contingent consideration account	17,302	15,730
Derivative assets (Note 13)	7,267	10,152
Prepaid taxes and deferred tax assets, net	53,445	79,063
Receivables from resolution of investments	5,539	15,215
Contributions receivable	12,000	25,501
Accounts receivable	95,446	87,744
Prepaid expenses	37,291	29,526
Other assets	49,693	20,296
Fixed assets, net	52,245	53,632
Other assets	441,839	444,968
Allowance for unbilled receivables	$ 7,000	$ 5,600

Restricted Cash, Other Assets and Other Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Jan. 01, 2018	Dec. 31, 2017	Mar. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred Asset Management Fee Income	$ 3,700		$ 2,700
Tenant security deposits	28,107		27,560
Borrower escrow deposits	16,925		46,231
Deferred income	47,639		42,457
Interest payable	40,523		42,462
Derivative liabilities	150,798		204,848
Contingent consideration—THL Hotel Portfolio (Note 3)	7,760		7,419
Share repurchase payable (Note 11)	36,166		0	$ 10,177
Current and deferred income tax liability	130,444		166,276
Accrued compensation	33,877		77,483
Accrued real estate and other taxes	77,155		77,060
Other accrued expenses	88,394		107,508
Accounts payable and other liabilities	133,651		98,857
Total	791,439		898,161
Retained earnings (accumulated deficit)	(1,294,996)		$ (1,165,412)
Asset management fees
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue recognized	$ 600
Difference between revenue guidance in effect before and after Topic 606 \| Asset management fees \| ASU 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings (accumulated deficit)		$ (1,600)

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Jan. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Debt	$ 215,366		$ 196,905
Principal	10,781,962		11,129,622
Debt, net	10,495,429		10,827,810
Assets Held For Sale
Debt Instrument [Line Items]
Debt, net	168,500		202,800
Credit Facilities
Debt Instrument [Line Items]
Debt, net	100,000		50,000
Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Debt, net	610,778		610,331
Secured and Unsecured Debt
Debt Instrument [Line Items]
Debt, net	9,374,159		9,622,175
Securitization Bonds Payable
Debt Instrument [Line Items]
Debt, net	212,927		348,251
Junior Subordinated Notes
Debt Instrument [Line Items]
Debt, net	197,565		197,053
Carrying Value
Debt Instrument [Line Items]
Principal	10,781,962		11,129,622
Premium (discount), net	(235,147)		(245,886)
Deferred financing costs	(95,489)		(100,468)
Debt, net	10,451,326		10,783,268
Carrying Value \| Credit Facilities
Debt Instrument [Line Items]
Principal	100,000		50,000
Debt, net	100,000		50,000
Carrying Value \| Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Principal	616,105		616,105
Premium (discount), net	3,024		3,131
Deferred financing costs	(8,351)		(8,905)
Debt, net	610,778		610,331
Carrying Value \| Secured and Unsecured Debt
Debt Instrument [Line Items]
Principal	9,531,911		9,792,169
Premium (discount), net	(70,648)		(78,634)
Deferred financing costs	(87,104)		(91,360)
Debt, net	9,374,159		9,622,175
Carrying Value \| Securitization Bonds Payable
Debt Instrument [Line Items]
Principal	253,829		391,231
Premium (discount), net	(84,971)		(87,319)
Deferred financing costs	(34)		(203)
Debt, net	168,824		303,709
Carrying Value \| Junior Subordinated Notes
Debt Instrument [Line Items]
Principal	280,117		280,117
Premium (discount), net	(82,552)		(83,064)
Deferred financing costs	0		0
Debt, net	197,565		197,053
Fair Value
Debt Instrument [Line Items]
Debt, net	44,103		44,542
Fair Value \| Credit Facilities
Debt Instrument [Line Items]
Debt, net	0		0
Fair Value \| Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Debt, net	0		0
Fair Value \| Secured and Unsecured Debt
Debt Instrument [Line Items]
Debt, net	0		0
Fair Value \| Securitization Bonds Payable
Debt Instrument [Line Items]
Debt, net	44,103		44,542
Fair Value \| Junior Subordinated Notes
Debt Instrument [Line Items]
Debt, net	$ 0		$ 0
CLNS Contributed Portfolio \| Discontinued Operations, Disposed of by Means Other than Sale
Debt Instrument [Line Items]
Debt		$ 379,927

Debt - Components of Debt (Details) $ in Thousands	3 Months Ended		12 Months Ended
Debt - Components of Debt (Details) $ in Thousands	Mar. 31, 2018 USD ($)	Mar. 31, 2017	Dec. 31, 2017 USD ($) instrument
Debt Instrument [Line Items]
Principal	$ 10,781,962		$ 11,129,622
Fixed Rate
Debt Instrument [Line Items]
Principal	4,137,880		4,252,448
Variable Rate
Debt Instrument [Line Items]
Principal	6,644,082		6,877,174
Recourse
Debt Instrument [Line Items]
Principal	1,034,936		985,441
Recourse \| Fixed Rate
Debt Instrument [Line Items]
Principal	654,819		$ 655,324
Number of secured promissory notes \| instrument			2
Recourse \| Variable Rate
Debt Instrument [Line Items]
Principal	380,117		$ 330,117
Recourse \| Credit Facilities
Debt Instrument [Line Items]
Principal	$ 100,000		$ 50,000
Weighted Average Interest Rate (Per Annum)	4.13%		3.51%
Weighted Average Years Remaining to Maturity	2 years 9 months		3 years
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	$ 100,000		$ 50,000
Weighted Average Interest Rate (Per Annum)	4.13%		3.51%
Weighted Average Years Remaining to Maturity	2 years 9 months	3 years
Recourse \| Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Principal	$ 616,105		$ 616,105
Weighted Average Interest Rate (Per Annum)	4.27%		4.27%
Weighted Average Years Remaining to Maturity	3 years 9 months		4 years
Recourse \| Convertible and Exchangeable Senior Notes \| Fixed Rate
Debt Instrument [Line Items]
Principal	$ 616,105		$ 616,105
Weighted Average Interest Rate (Per Annum)	4.27%		4.27%
Weighted Average Years Remaining to Maturity	3 years 9 months		4 years
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		$ 280,117
Weighted Average Interest Rate (Per Annum)	5.18%		4.56%
Weighted Average Years Remaining to Maturity	18 years 2 months		18 years 4 months 24 days
Recourse \| Junior Subordinated Notes \| Fixed Rate
Debt Instrument [Line Items]
Principal	$ 0		$ 0
Weighted Average Interest Rate (Per Annum)	0.00%		0.00%
Recourse \| Junior Subordinated Notes \| Variable Rate
Debt Instrument [Line Items]
Principal	$ 280,117		$ 280,117
Weighted Average Interest Rate (Per Annum)	5.18%		4.56%
Weighted Average Years Remaining to Maturity	18 years 2 months	18 years 4 months 24 days
Recourse \| Secured and Unsecured Debt
Debt Instrument [Line Items]
Principal	$ 38,714		$ 39,219
Weighted Average Interest Rate (Per Annum)	5.02%		5.02%
Weighted Average Years Remaining to Maturity	7 years 8 months		7 years 10 months 24 days
Recourse \| Secured and Unsecured Debt \| Fixed Rate
Debt Instrument [Line Items]
Principal	$ 38,714		$ 39,219
Weighted Average Interest Rate (Per Annum)	5.02%		5.02%
Weighted Average Years Remaining to Maturity	7 years 8 months		7 years 10 months 24 days
Recourse \| Secured and Unsecured Debt \| Variable Rate
Debt Instrument [Line Items]
Principal	$ 0		$ 0
Weighted Average Interest Rate (Per Annum)	0.00%		0.00%
Non-recourse
Debt Instrument [Line Items]
Principal	$ 9,747,026		$ 10,144,181
Non-recourse \| Fixed Rate
Debt Instrument [Line Items]
Principal	3,483,061		3,597,124
Non-recourse \| Variable Rate
Debt Instrument [Line Items]
Principal	6,263,965		6,547,057
Non-recourse \| Secured and Unsecured Debt \| Healthcare
Debt Instrument [Line Items]
Principal	$ 3,278,420		$ 3,288,256
Weighted Average Interest Rate (Per Annum)	5.21%		5.03%
Weighted Average Years Remaining to Maturity	2 years 5 months		2 years 7 months 6 days
Non-recourse \| Secured and Unsecured Debt \| Industrial
Debt Instrument [Line Items]
Principal	$ 1,014,030		$ 1,014,229
Weighted Average Interest Rate (Per Annum)	3.81%		3.50%
Weighted Average Years Remaining to Maturity	11 years 1 month		11 years 4 months 24 days
Non-recourse \| Secured and Unsecured Debt \| Hospitality
Debt Instrument [Line Items]
Principal	$ 2,609,599		$ 2,608,719
Weighted Average Interest Rate (Per Annum)	5.02%		4.69%
Weighted Average Years Remaining to Maturity	11 months		1 year 1 month 6 days
Non-recourse \| Secured and Unsecured Debt \| Other Real Estate Equity
Debt Instrument [Line Items]
Principal	$ 2,082,257		$ 2,215,998
Weighted Average Interest Rate (Per Annum)	4.21%		4.03%
Weighted Average Years Remaining to Maturity	2 years 5 months		2 years 9 months 18 days
Non-recourse \| Secured and Unsecured Debt \| Real Estate Debt
Debt Instrument [Line Items]
Principal	$ 508,891		$ 625,748
Weighted Average Interest Rate (Per Annum)	4.33%		4.05%
Weighted Average Years Remaining to Maturity	2 years 7 months		2 years 7 months 6 days
Non-recourse \| Secured and Unsecured Debt \| Fixed Rate \| Healthcare
Debt Instrument [Line Items]
Principal	$ 2,168,925		$ 2,168,936
Weighted Average Interest Rate (Per Annum)	4.65%		4.65%
Weighted Average Years Remaining to Maturity	2 years 8 months		2 years 10 months 24 days
Non-recourse \| Secured and Unsecured Debt \| Fixed Rate \| Industrial
Debt Instrument [Line Items]
Principal	$ 1,014,030		$ 1,014,229
Weighted Average Interest Rate (Per Annum)	3.81%		3.50%
Weighted Average Years Remaining to Maturity	11 years 1 month		11 years 4 months 24 days
Non-recourse \| Secured and Unsecured Debt \| Fixed Rate \| Hospitality
Debt Instrument [Line Items]
Principal	$ 9,918		$ 9,038
Weighted Average Interest Rate (Per Annum)	12.78%		11.00%
Weighted Average Years Remaining to Maturity	5 months		7 months 6 days
Non-recourse \| Secured and Unsecured Debt \| Fixed Rate \| Other Real Estate Equity
Debt Instrument [Line Items]
Principal	$ 272,909		$ 374,789
Weighted Average Interest Rate (Per Annum)	3.96%		4.07%
Weighted Average Years Remaining to Maturity	4 years 5 months		5 years 6 months
Outstanding principal in payment default			$ 384,500
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	$ 447,200
Non-recourse \| Secured and Unsecured Debt \| Variable Rate \| Healthcare
Debt Instrument [Line Items]
Principal	$ 1,109,495		$ 1,119,320
Weighted Average Interest Rate (Per Annum)	6.30%		5.75%
Weighted Average Years Remaining to Maturity	1 year 8 months		2 years
Non-recourse \| Secured and Unsecured Debt \| Variable Rate \| Industrial
Debt Instrument [Line Items]
Principal	$ 0		$ 0
Weighted Average Interest Rate (Per Annum)	0.00%		0.00%
Weighted Average Years Remaining to Maturity	0 years		0 years
Non-recourse \| Secured and Unsecured Debt \| Variable Rate \| Hospitality
Debt Instrument [Line Items]
Principal	$ 2,599,681		$ 2,599,681
Weighted Average Interest Rate (Per Annum)	4.99%		4.67%
Weighted Average Years Remaining to Maturity	11 months		1 year 1 month 6 days
Non-recourse \| Secured and Unsecured Debt \| Variable Rate \| Other Real Estate Equity
Debt Instrument [Line Items]
Principal	$ 1,809,348		$ 1,841,209
Weighted Average Interest Rate (Per Annum)	4.25%		4.02%
Weighted Average Years Remaining to Maturity	2 years 1 month		2 years 3 months 18 days
Non-recourse \| Secured and Unsecured Debt \| Variable Rate \| Real Estate Debt
Debt Instrument [Line Items]
Principal	$ 508,891		$ 625,748
Weighted Average Interest Rate (Per Annum)	4.33%		4.05%
Weighted Average Years Remaining to Maturity	2 years 7 months		2 years 7 months 6 days
Non-recourse \| Securitization Bonds Payable
Debt Instrument [Line Items]
Principal	$ 253,829		$ 391,231
Weighted Average Interest Rate (Per Annum)	2.41%		3.05%
Weighted Average Years Remaining to Maturity	34 years 2 months		28 years 6 months
Non-recourse \| Securitization Bonds Payable \| Fixed Rate
Debt Instrument [Line Items]
Principal	$ 17,279		$ 30,132
Weighted Average Interest Rate (Per Annum)	2.73%		3.45%
Weighted Average Years Remaining to Maturity	31 years 6 months		29 years 10 months 24 days
Non-recourse \| Securitization Bonds Payable \| Variable Rate
Debt Instrument [Line Items]
Principal	$ 236,550		$ 361,099
Weighted Average Interest Rate (Per Annum)	2.38%		3.02%
Weighted Average Years Remaining to Maturity	34 years 5 months		28 years 4 months 24 days

Debt - Corporate Credit Facility (Details) - Line of Credit - Revolving Credit Facility - JPMorgan Chase Bank, N.A.		3 Months Ended
	Jan. 10, 2017 USD ($) extension	Mar. 31, 2018 USD ($)
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	3 Months Ended
	Aug. 31, 2017 USD ($) shares	Mar. 31, 2018 USD ($) d quarter $ / shares shares	Dec. 31, 2017 USD ($)
Debt Instrument [Line Items]
Convertible and exchangeable senior notes		$ 616,105	$ 616,105
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	$ 13,605
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 \| Convertible and Exchangeable Senior Notes \| 5.375% Exchangeable Notes
Debt Instrument [Line Items]
Converted instrument, shares issued (in shares) \| shares	232,669

Debt - Interest Incurred and Capitalized (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Debt Disclosure [Abstract]
Interest expense	$ 148,889	$ 126,278
Interest capitalized	429	0
Total interest incurred	$ 149,318	$ 126,278

Derivatives - Narrative (Details) € in Millions, £ in Millions, kr in Millions	3 Months Ended
	Mar. 31, 2018 USD ($)	Mar. 31, 2017 USD ($)	Mar. 31, 2018 GBP (£)	Mar. 31, 2018 EUR (€)	Mar. 31, 2018 NOK (kr)	Dec. 31, 2017 USD ($)	Dec. 31, 2017 GBP (£)	Dec. 31, 2017 EUR (€)	Dec. 31, 2017 NOK (kr)
Derivative Instruments, Gain (Loss) [Line Items]
Deposits related to agreements included in other assets	$ 10,900,000.0					$ 1,900,000
Investments in unconsolidated joint ventures	2,549,630,000					1,655,239,000
Net Investment Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives used in net investment hedge, gain (loss), reclassified to earnings upon dedesignation	(2,900,000)	$ (500,000)
Designated Hedges \| Other gain (loss), net \| Net Investment Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Realization of net gain on net investment hedges	2,600,000	$ 0
Foreign currency risk
Derivative Instruments, Gain (Loss) [Line Items]
Investments in unconsolidated joint ventures	$ 998,900,000		£ 243.4	€ 452.5	kr 785.7	$ 1,139,000,000	£ 250.6	€ 499.2	kr 771.2

Derivatives - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 7,267	$ 10,152
Derivative Liabilities	(150,798)	(204,848)
Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	7,267	10,152
Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	(150,798)	(204,848)
Designated Hedges \| Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	4,594	8,009
Designated Hedges \| Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	(39,404)	(39,101)
Non-Designated Hedges \| Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	2,673	2,143
Non-Designated Hedges \| Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	(111,394)	(165,747)
Foreign exchange contracts \| Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	5,967	8,984
Foreign exchange contracts \| Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	(47,258)	(44,408)
Foreign exchange contracts \| Designated Hedges \| Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	4,594	8,009
Foreign exchange contracts \| Designated Hedges \| Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	(39,404)	(39,101)
Foreign exchange contracts \| Non-Designated Hedges \| Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	1,373	975
Foreign exchange contracts \| Non-Designated Hedges \| Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	(7,854)	(5,307)
Interest rate contracts
Derivatives, Fair Value [Line Items]
Derivative Assets	1,300	1,168
Derivative Liabilities	(103,540)	(160,440)
Interest rate contracts \| Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	1,300	1,168
Interest rate contracts \| Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	(103,540)	(160,440)
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	1,300	1,168
Interest rate contracts \| Non-Designated Hedges \| Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ (103,540)	$ (160,440)

Derivatives - Schedule of Foreign Exchange Contracts (Details) - Mar. 31, 2018 € in Thousands, £ in Thousands, kr in Thousands	$ / €	$ / kr	GBP (£)	EUR (€)	$ / £	NOK (kr)
Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Forward exchange rate \| $ / £					1.27
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		0.13
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 \| $ / €	1.38
Designated Hedges \| Foreign exchange collars
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount			£ 42,948	€ 117,938
Designated Hedges \| Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount			95,729	271,616		kr 771,211
Non-Designated Hedges \| Foreign exchange collars
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount			3,802	25
Non-Designated Hedges \| Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount			£ 47,421	€ 9,853		kr 151,789

Derivatives - Schedule of Interest Derivative (Details) € in Thousands, £ in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018 USD ($) $ / £	Mar. 31, 2017 USD ($)	Mar. 31, 2018 GBP (£) $ / £	Mar. 31, 2018 EUR (€) $ / £
Maximum
Derivative [Line Items]
Forward rate \| $ / £	1.27		1.27	1.27
Non-Designated Hedges \| Other gain (loss), net
Derivative [Line Items]
Cash flow hedge ineffectiveness	$ 56,657	$ 22,592
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	$ 229
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	$ 221,270
Forward rate	0.0350		0.0350	0.0350
Non-Designated Hedges \| Interest Rate Cap \| One-Month LIBOR
Derivative [Line Items]
Notional amount	$ 6,427,513
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 \| €				€ 555,589
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	$ 16,134

Derivatives - Derivative Netting (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Derivative [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	$ 7,267	$ 10,152
(Assets) Liabilities	(5,921)	(8,948)
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	1,346	1,204
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	(150,798)	(204,848)
(Assets) Liabilities	5,921	8,948
Cash Collateral Received (Pledged)	10,903	1,900
Net Amounts of Assets (Liabilities)	(133,974)	(194,000)
Foreign exchange contracts
Derivative [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	5,967	8,984
(Assets) Liabilities	(5,920)	(8,944)
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	47	40
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	(47,258)	(44,408)
(Assets) Liabilities	5,920	8,944
Cash Collateral Received (Pledged)	6,403	0
Net Amounts of Assets (Liabilities)	(34,935)	(35,464)
Interest rate contracts
Derivative [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	1,300	1,168
(Assets) Liabilities	(1)	(4)
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	1,299	1,164
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	(103,540)	(160,440)
(Assets) Liabilities	1	4
Cash Collateral Received (Pledged)	4,500	1,900
Net Amounts of Assets (Liabilities)	$ (99,039)	$ (158,536)

Fair Value - Fair Value of Assets and Liabilities (Details)			3 Months Ended		12 Months Ended
	Jan. 31, 2018 USD ($)	Jan. 10, 2017	Mar. 31, 2018 USD ($) shares	Dec. 31, 2017 USD ($)	Dec. 31, 2017 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities			$ 288,900,000	$ 383,942,000	$ 383,942,000
Other assets—derivative assets			7,267,000	10,152,000	10,152,000
Derivative liabilities			150,798,000	204,848,000	204,848,000
Contingent consideration—THL Hotel Portfolio (Note 3)			7,760,000	7,419,000	7,419,000
Due to Affiliates			13,105,000	23,534,000	23,534,000
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets—derivative assets			0	0	0
Derivative liabilities			0	0	0
Contingent consideration—THL Hotel Portfolio (Note 3)			0	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets—derivative assets			7,267,000	10,152,000	10,152,000
Derivative liabilities			150,798,000	204,848,000	204,848,000
Contingent consideration—THL Hotel Portfolio (Note 3)			0	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets—derivative assets			0	0	0
Derivative liabilities			0	0	0
Contingent consideration—THL Hotel Portfolio (Note 3)			$ 7,760,000	7,419,000	$ 7,419,000
Discount rate			20.00%		20.00%
Equity volatility			18.70%		18.70%
Correlation			80.00%		80.00%
CMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value			$ 131,518,000	147,945,000	$ 147,945,000
CMBS \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value			0	0	0
CMBS \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value			0	0	0
CMBS \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value			131,518,000	147,945,000	147,945,000
Other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value			13,452,000	66,983,000	66,983,000
Other securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value			0	0	0
Other securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value			0	0	0
Other securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value			13,452,000	66,983,000	66,983,000
N-Star CDO \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value			0	0	0
N-Star CDO \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value			0	0	0
N-Star CDO \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value			$ 80,165,000	90,933,000	$ 90,933,000
Discount rate			19.50%		24.00%
CMBS and other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value			$ 28,423,000	42,481,000	$ 42,481,000
CMBS and other securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value			0	0	0
CMBS and other securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value			27,619,000	25,099,000	25,099,000
CMBS and other securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value			804,000	17,382,000	17,382,000
Equity securities of consolidated fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value			35,342,000	35,600,000	35,600,000
Securities			35,342,000	35,600,000	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	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	0	0
Equity securities of consolidated fund \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value			0	0	0
Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Due to Affiliates			10,170,000	20,650,000	20,650,000
Contingent consideration \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Due to Affiliates			0	0	0
Contingent consideration \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Due to Affiliates			$ 0	0	$ 0
Contingent consideration \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Benchmark FFO volatility			11.80%		11.80%
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
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			10.60%		10.80%
Maximum \| N-Star CDO \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate			68.30%		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 and other \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate			14.60%		14.60%
Private funds and other \| Minimum \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate			12.00%		11.00%
Private funds and other \| Maximum \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate			20.00%		20.00%
Other investment ventures \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate			14.30%		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%		8.80%
Other investment ventures \| Maximum \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate			15.50%		14.80%
Loans receivable—securitized loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures			$ 44,330,000	45,423,000	$ 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	0	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	0	0
Loans receivable—securitized loans \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures			44,330,000	45,423,000	45,423,000
Investments in Unconsolidated Ventures
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures			247,983,000	363,901,000	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	0	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	0	0
Investments in Unconsolidated Ventures \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures			247,983,000	363,901,000	363,901,000
Securitization Bonds Payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt—securitization bonds payable			44,103,000	44,542,000	44,542,000
Securitization Bonds Payable \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt—securitization bonds payable			0	0	0
Securitization Bonds Payable \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt—securitization bonds payable			0	0	0
Securitization Bonds Payable \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt—securitization bonds payable			44,103,000	44,542,000	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	7,419,000
Discounted cash flows \| N-Star CDO
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value			80,165,000	90,933,000	90,933,000
Discounted cash flows \| Private funds and other \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures			171,945,000	204,774,000	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			26,712,000	26,408,000	26,408,000
Monte Carlo simulation \| Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Due to Affiliates			10,170,000	20,650,000	20,650,000
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			$ 49,326,000	$ 132,719,000	$ 132,719,000
Nonrecurring \| Real estate held for sale \| Minimum \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate			8.00%
Nonrecurring \| Real estate held for sale \| Maximum \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate			10.00%
Capitalization rate			7.00%
Nonrecurring \| NorthStar RXR NY Metro \| Investment management contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate				9.00%
European Portfolio \| Nonrecurring \| Real estate held for investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate					10.00%
European Portfolio \| Nonrecurring \| Real estate held for investment \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Capitalization rate					5.50%
European Portfolio \| Nonrecurring \| Real estate held for investment \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Capitalization rate					13.30%
Investment management contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Write-off of intangible assets	$ 139,000,000
Investment management contracts \| NorthStar RXR NY Metro
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Write-off of intangible assets			$ 1,400,000

Fair Value - Changes in Fair Value (Details) - Recurring - Level 3 - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss)	$ 50,000	$ 0
Level 3 Liabilities
Fair Value, Liability Value	(44,542,000)	0
Purchases or contributions	389,000	0
Unrealized gains (losses) in earnings	50,000	0
Fair Value, Liability Value	(44,103,000)	0
Due To Affiliates—Contingent Consideration for Internalization
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss)	10,480,000	3,400,000
Level 3 Assets
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Liabilities Acquired Through the Merger		0
Level 3 Liabilities
Fair Value, Liability Value	(20,650,000)	(41,250,000)
Unrealized gains (losses) in earnings	10,480,000	3,400,000
Fair Value, Liability Value	(10,170,000)	(37,850,000)
Loans Receivable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	(704,000)	0
Level 3 Assets
Fair Value, Asset Value	45,423,000	0
Paydowns, distributions or sales	(389,000)	0
Unrealized gains (losses) In earnings	(704,000)	0
Fair Value, Asset Value	44,330,000	0
Investments in Unconsolidated Ventures
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	6,021,000	10,961,000
Level 3 Assets
Fair Value, Asset Value	363,901,000	0
Acquired through the Merger		416,696,000
Purchases or contributions	60,044,000	73,000
Paydowns, distributions or sales	(158,943,000)	(26,746,000)
Contribution to Colony NorthStar Credit (Note 4)	(26,134,000)
Realized gains (losses) in earnings	2,842,000
Unrealized gains (losses) In earnings	6,273,000	10,961,000
Fair Value, Asset Value	247,983,000	400,984,000
Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	0	0
Level 3 Assets
Fair Value, Asset Value	323,243,000	0
Acquired through the Merger		427,560,000
Purchases or contributions	2,969,000	21,321,000
Paydowns, distributions or sales	(83,588,000)	(31,321,000)
Realized gains (losses) in earnings	4,030,000	(1,193,000)
Unrealized gains (losses) In accumulated other comprehensive income	(20,715,000)	(5,652,000)
Fair Value, Asset Value	225,939,000	410,715,000
Level 3 Liabilities
Fair Value Assets Measured on Recurring Basis Change in Unrealized Gain Loss in Other Comprehensive Income	(5,457,000)
THL Hotel Portfolio \| Due To Affiliates—Contingent Consideration for Internalization
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss)	(341,000)	0
Level 3 Liabilities
Fair Value, Liability Value	(7,419,000)	0
Unrealized gains (losses) in earnings	(341,000)	0
Fair Value, Liability Value	$ (7,760,000)	$ 0

Fair Value - Net Asset Value (Details) $ in Thousands	3 Months Ended
Fair Value - Net Asset Value (Details) $ in Thousands	Mar. 31, 2018 USD ($)
Private fund—real estate
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 11,630
Unfunded Commitments	$ 14,493
Expected life of investment	8 years
Expected life of investment, extension increment period	1 year
Expected life of investment, extension period threshold	2 years
Non-traded REITs—real estate
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 9,153
Unfunded Commitments	$ 0

Fair Value - Nonrecurring Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2017
Real estate held for sale \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	$ 190,059	$ 49,498		$ 49,498
Impairment loss	8,763		$ 3,351
Real estate held for investment \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	51,747	224,935		224,935
Impairment loss	4,206		5,168
Intangible assets—investment management contracts \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	0	51,100		51,100
Impairment loss			0
Investments in Unconsolidated Ventures \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	0	11,871		11,871
Impairment loss	0		$ 2,144
Level 2 \| Real estate held for sale \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	32,842	13,252		13,252
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%			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	$ 157,217	36,246		$ 36,246
Level 3 \| Real estate held for investment \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	51,747	224,935		224,935
Level 3 \| Intangible assets—investment management contracts \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	0	51,100		51,100
Level 3 \| Investments in Unconsolidated Ventures \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	$ 0	11,871		$ 11,871
Level 3 \| Minimum \| Real estate held for sale \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	8.00%
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	10.00%
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]
Discount rate				10.00%
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
Discount rate		9.00%

Fair Value - Estimated Fair Values and Carrying Values of Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets
Loans at amortized cost	$ 44,330	$ 45,423
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	565,350	608,491
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	0
Level 2
Assets
Loans at amortized cost	0	0
Liabilities
Line of credit	100,000	50,000
Level 2 \| Convertible senior notes
Liabilities
Secured and unsecured debt	13,979	13,979
Level 2 \| Secured and Unsecured Debt
Liabilities
Secured and unsecured debt	0	0
Level 2 \| Securitization Bonds Payable
Liabilities
Secured and unsecured debt	16,546	132,815
Level 2 \| Junior Subordinated Notes
Liabilities
Secured and unsecured debt	0	0
Level 3
Assets
Loans at amortized cost	1,978,977	3,232,301
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	9,454,051	9,703,680
Level 3 \| Securitization Bonds Payable
Liabilities
Secured and unsecured debt	149,254	169,908
Level 3 \| Junior Subordinated Notes
Liabilities
Secured and unsecured debt	199,411	216,316
Fair Value
Assets
Loans at amortized cost	1,978,977	3,232,301
Liabilities
Line of credit	100,000	50,000
Fair Value \| Convertible senior notes
Liabilities
Secured and unsecured debt	579,329	622,470
Fair Value \| Secured and Unsecured Debt
Liabilities
Secured and unsecured debt	9,454,051	9,703,680
Fair Value \| Securitization Bonds Payable
Liabilities
Secured and unsecured debt	165,800	302,723
Fair Value \| Junior Subordinated Notes
Liabilities
Secured and unsecured debt	199,411	216,316
Carrying Value
Assets
Loans at amortized cost	1,927,849	3,178,339
Liabilities
Line of credit	100,000	9,622,175
Carrying Value \| Convertible senior notes
Liabilities
Secured and unsecured debt	610,778	610,331
Carrying Value \| Secured and Unsecured Debt
Liabilities
Secured and unsecured debt	9,374,159	9,622,175
Carrying Value \| Securitization Bonds Payable
Liabilities
Secured and unsecured debt	168,824	303,709
Carrying Value \| Junior Subordinated Notes
Liabilities
Secured and unsecured debt	$ 197,565	$ 197,053

Variable Interest Entities (Details) $ in Millions	Mar. 31, 2018 USD ($) investment	Dec. 31, 2017 USD ($)
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	9.1
Company Sponsored Funds
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	10.1	$ 6.9
Securitization Vehicles
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	186.3	490.1
Securitization Vehicles \| Variable Interest Entity, Unconsolidated
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	$ 83.5	$ 102.2
N-Star CDO \| Securitization Vehicles
Variable Interest Entity [Line Items]
Number of securitization vehicles \| investment	2

Stockholders' Equity - Narrative (Details)						3 Months Ended	12 Months Ended
Stockholders' Equity - Narrative (Details)	Jan. 27, 2017 $ / shares	Jan. 20, 2017 $ / shares	Jan. 10, 2017 $ / shares	Jan. 10, 2017	Apr. 02, 2015	Mar. 31, 2018 USD ($) vote quarter director $ / shares shares	Dec. 31, 2017 USD ($) $ / shares shares	Feb. 26, 2018 USD ($)	Mar. 31, 2017 USD ($)	Feb. 23, 2017 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						42,306,294
Value of shares repurchased						$ 246,000,000
Weighted average price per share (in dollars per share) \| $ / shares						$ 5.82
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
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]
Settlement									$ 21,900,000
Cash pledged as collateral, released									$ 15,000,000
Share Repurchase Program [Domain] \| Common Class A
Class of Stock [Line Items]
Stock repurchase, authorized amount										$ 300,000,000.0
Shares repurchased (in shares) \| shares							23,371,071
Weighted average price per share (in dollars per share) \| $ / shares							$ 12.84

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	May 07, 2018 USD ($) shares	Mar. 31, 2018 USD ($) $ / shares shares	Mar. 31, 2017 USD ($) $ / shares shares	Mar. 31, 2017 $ / shares shares	Dec. 31, 2017 shares
Class of Stock [Line Items]
Common stock, dividends, per share, declared (in dollars per share) \| $ / shares					$ 0.11	$ 0.27	$ 0.24
Share Activities Of Preferred And Common Stock [Roll Forward]
Preferred stock, shares outstanding (in shares)				65,464,000	65,464,000		39,466,000
Preferred stock, shares outstanding (in shares)		39,466,000	39,466,000		65,464,000			65,464,000
Repurchase of preferred stock \| $					$ 246,441	$ 66,186
Preferred Stock
Share Activities Of Preferred And Common Stock [Roll Forward]
Preferred stock, shares outstanding (in shares)		25,030,000		65,464,000	65,464,000	25,030,000		25,030,000
Number of shares issued or issuable in a combination (in shares)						39,466,000
Preferred stock, shares outstanding (in shares)					65,464,000	64,496,000	64,496,000	65,464,000
Common Class A
Share Activities Of Preferred And Common Stock [Roll Forward]
Common stock, shares outstanding (in shares)		166,440,000		500,643,000	542,599,000	166,440,000		166,440,000
Number of shares issued or issuable in a combination (in shares)						392,120,000
Shares canceled (in shares)						(2,984,000)
Repurchase of stock (in shares)					42,306,000	4,933,000
Share-based compensation, net of forfeitures (in shares)					3,257,000	7,075,000
Shares canceled for tax withholding on vested stock awards (in shares)					2,909,000	(359,000)
Common stock, shares outstanding (in shares)					500,643,000	557,404,000	557,404,000	542,599,000
Shares repurchased (in shares)					42,306,294
Common Class A \| Operating Partnership Unit
Share Activities Of Preferred And Common Stock [Roll Forward]
Issuance of shares (in shares)					2,000	45,000
Common Class B
Share Activities Of Preferred And Common Stock [Roll Forward]
Common stock, shares outstanding (in shares)		770,000		736,000	736,000	770,000		770,000
Number of shares issued or issuable in a combination (in shares)						0
Shares canceled (in shares)						0
Repurchase of stock (in shares)						0
Share-based compensation, net of forfeitures (in shares)						0
Shares canceled for tax withholding on vested stock awards (in shares)						0
Common stock, shares outstanding (in shares)					736,000	770,000	770,000	736,000
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
Colony NorthStar \| Common Class B
Class of Stock [Line Items]
Business combination, stock exchange, conversion ratio			1.4663
Subsequent event \| Common Class A
Share Activities Of Preferred And Common Stock [Roll Forward]
Repurchase of stock (in shares)				(5,910,690)
Repurchase of preferred stock \| $				$ 33,400

Stockholders' Equity - Preferred Stock (Details) - USD ($) shares in Thousands, $ in Thousands	1 Months Ended	3 Months Ended
	Jun. 30, 2017	Mar. 31, 2018	Dec. 31, 2017	Jan. 10, 2017
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)		65,464	65,464	39,466
Par Value (in dollars per share)		$ 655		$ 1,010,320
Preferred stock, liquidation preference		$ 1,636,605	$ 1,636,605
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 Millions	1 Months Ended	3 Months Ended
	Jun. 30, 2017	Mar. 31, 2018	Dec. 31, 2017	Jan. 10, 2017
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)		65,464	65,464
Preferred stock, shares outstanding (in shares)		65,464	65,464	39,466
Redemption amount per share (in dollars per share)		$ 25.00
Series A
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)				2,467
Preferred stock redemptions payable		$ 644.9
Redemption amount per share (in dollars per share)		$ 25.00
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	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 12,349,392	$ 5,616,927
Cumulative effect of adoption of new accounting pronouncements	(1,220)
Ending balance	11,680,438	13,095,544
AOCI - Stockholders
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	47,316	(32,109)
Cumulative effect of adoption of new accounting pronouncements	(202)
Other comprehensive income (loss) before reclassifications	2,498	8,468
Amounts reclassified from AOCI	(575)	(109)
Ending balance	49,037	(23,750)
Company's Share in AOCI of Equity Method Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	5,616	85
Cumulative effect of adoption of new accounting pronouncements	(202)
Other comprehensive income (loss) before reclassifications	1,009	76
Amounts reclassified from AOCI	0	23
Ending balance	6,423	184
Gain (Loss) on Marketable Securities Attributable to Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	14,418	(112)
Cumulative effect of adoption of new accounting pronouncements	0
Other comprehensive income (loss) before reclassifications	(15,736)	(5,107)
Amounts reclassified from AOCI	(3,800)	(106)
Ending balance	(5,118)	(5,325)
Gain/(Loss) on Cash Flow Hedges Attributable to Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	(41)
Cumulative effect of adoption of new accounting pronouncements	0
Other comprehensive income (loss) before reclassifications	0	41
Amounts reclassified from AOCI	0	0
Ending balance	0	0
Foreign Currency Translation Gain/(Loss) Attributable to Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	45,931	(76,426)
Cumulative effect of adoption of new accounting pronouncements
Other comprehensive income (loss) before reclassifications	35,759	22,271
Amounts reclassified from AOCI	4,163	934
Ending balance	85,853	(53,221)
Gain/(Loss) on Net Investment Hedges Attributable to Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(18,649)	44,385
Cumulative effect of adoption of new accounting pronouncements
Other comprehensive income (loss) before reclassifications	(18,534)	(8,813)
Amounts reclassified from AOCI	(938)	(960)
Ending balance	(38,121)	34,612
AOCI Attributable to Noncontrolling Interest in Investment Entities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	42,075	(45,942)
Other comprehensive income (loss) before reclassifications	24,425	11,133
Amounts reclassified from AOCI	5,682	797
Ending balance	72,182	(34,012)
Gain (Loss) on Marketable Securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	(527)
Other comprehensive income (loss) before reclassifications	0	981
Amounts reclassified from AOCI	0	(454)
Ending balance	0	0
Foreign Currency Translation Gain (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	38,948	(57,213)
Other comprehensive income (loss) before reclassifications	29,242	12,106
Amounts reclassified from AOCI	4,415	994
Ending balance	72,605	(44,113)
Unrealized Gain (Loss) on Net Investment Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	3,127	11,798
Other comprehensive income (loss) before reclassifications	(4,817)	(1,954)
Amounts reclassified from AOCI	1,267	257
Ending balance	$ (423)	$ 10,101

Stockholders' Equity - Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net	$ 75,256	$ 25,381
Earnings from investments in unconsolidated ventures	32,265	113,992
Reclassification out of Accumulated Other Comprehensive Income \| Realized gain (loss) on marketable securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net	7,906	106
Earnings from investments in unconsolidated ventures	0	(23)
Reclassification out of Accumulated Other Comprehensive Income \| Other-than-temporary impairment and write-offs of securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net	(4,106)	0
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	(4,163)	(934)
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	(1,498)	0
Reclassification out of Accumulated Other Comprehensive Income \| Realized gain (loss) on net investment hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net	$ 2,436	$ 960

Noncontrolling Interests - Changes in Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands		3 Months Ended
	Dec. 29, 2017	Mar. 31, 2018	Mar. 31, 2017
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance		$ 34,144	$ 0
Assumed through			523,171
Distributions		(86,063)	(278,162)
Net income		(696)	617
Ending balance		31,648	79,472
Redeemable noncontrolling interests
Increase (Decrease) in Temporary Equity [Roll Forward]
Contributions		250	0
Distributions		(2,050)	0
Net income		(696)	617
Currency translation adjustment and other		0	12
Redeemable noncontrolling interests \| Townsend
Increase (Decrease) in Temporary Equity [Roll Forward]
Assumed through		$ 0	$ 78,843
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	3 Months Ended
	Jan. 31, 2017 USD ($)	Mar. 31, 2018 USD ($) shares	Mar. 31, 2017 USD ($) shares
Noncontrolling Interest [Line Items]
Noncontrolling interest, decrease from deconsolidation		$ 330,980
Noncontrolling interest, ownership percentage by noncontrolling owners		28.70%
Acquisition of noncontrolling interests		$ 2,096
OP Units to common stock, conversion ratio		1
Common Class A
Noncontrolling Interest [Line Items]
Acquisition of noncontrolling interests			$ 5,085
Issuance of shares (in shares) \| shares			1,684,170
OP Units
Noncontrolling Interest [Line Items]
OP Units to common stock, conversion ratio		1	1
OP units redeemed (in shares) \| shares		1,940	2,076,214
OP units redeemed, cash settlement			$ 5,100
Additional Paid-in Capital
Noncontrolling Interest [Line Items]
Acquisition of noncontrolling interests		$ 5,800
Additional Paid-in Capital \| Common Class A
Noncontrolling Interest [Line Items]
Acquisition of noncontrolling interests		$ (24)	$ (638)
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	3 Months Ended
Discontinued Operations (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Jan. 10, 2017
Expenses
Net income from discontinued operations		$ 117	$ 12,560
Discontinued Operations, Held-for-sale
Revenues
Property operating income		716	33,857
Other income		0	2,257
Expenses
Property operating expenses		(589)	(12,395)
Interest expense		0	(9,028)
Loss on sale of real estate assets		0	(2,108)
Other expenses		(10)	(23)
Net income from discontinued operations		117	12,560
Net income loss from discontinued operations attributable to Colony NorthStar, Inc.		61	12,560
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		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:		53	0
Noncontrolling Interests in Operating Company \| Discontinued Operations, Held-for-sale
Expenses
Net income from discontinued operations attributable to:		$ 3	$ 0

Earnings per Share (Details) $ / shares in Units, $ in Thousands		3 Months Ended
	Jan. 10, 2017	Mar. 31, 2018 USD ($) $ / shares shares	Mar. 31, 2017 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		$ (26,416)	$ 39,630
Net income (loss) from discontinued operations after tax		117	12,560
Net income (loss)		(26,299)	52,190
Net (income) loss attributable to noncontrolling interests:
Redeemable noncontrolling interests		696	(617)
Investment entities		(20,102)	(27,059)
Operating Company		4,378	1,083
Net income (loss) attributable to Colony NorthStar, Inc.		(41,327)	25,597
Preferred dividends		(31,387)	(30,813)
Net loss attributable to common stockholders		(72,714)	(5,216)
Net income allocated to participating securities		(629)	(2,238)
Net loss allocated to common stockholders—basic		(73,343)	(7,454)
Interest expense attributable to convertible senior notes		0	0
Net loss allocated to common stockholders—diluted		$ (73,343)	$ (7,454)
Weighted average common shares outstanding
Basic weighted average number of common shares outstanding (in shares) \| shares		530,680,000	506,405,000
Weighted average effect of dilutive shares (in shares) \| shares		0	0
Diluted weighted average number of common shares outstanding (in shares) \| shares		530,680,000	506,405,000
Basic loss per share
Net income from continuing operations (in dollars per share) \| $ / shares		$ (0.14)	$ (0.03)
Income from discontinued operations (in dollars per share) \| $ / shares		0.00	0.02
Basic (in dollars per share) \| $ / shares		(0.14)	(0.01)
Diluted loss per share
Net income from continuing operations (in dollars per share) \| $ / shares		(0.14)	(0.03)
Income from discontinued operations (in dollars per share) \| $ / shares		0.00	0.02
Diluted (in dollars per share) \| $ / shares		$ (0.14)	$ (0.01)
Colony NorthStar \| Common Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Exchange ratio	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		$ 7,100	$ 7,300
Weighted average dilutive common share \| shares		38,112,100	38,717,000
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average dilutive common share \| shares		662,900
Operating Partnership Unit
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average dilutive common share \| shares		32,280,500	34,313,300
OP Units to common stock, conversion ratio		1

Fee Income - Earned (Details) - USD ($) $ in Thousands	3 Months Ended
Fee Income - Earned (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017
Related Party Transaction [Line Items]
Base management fees ($34,176 and $38,984 from affiliates, respectively)	$ 34,176	$ 42,775
Other fee income	70	3,670
Fee income	36,842	53,250
Affiliated Entity
Related Party Transaction [Line Items]
Base management fees ($34,176 and $38,984 from affiliates, respectively)	34,176	38,984
Fee income	36,772	45,789
Affiliated Entity
Related Party Transaction [Line Items]
Asset management fees—from affiliates	674	606
Management Fees Revenue, Acquisitions and Dispositions of Investments	1,922	5,929
Incentive fees—from affiliates	$ 0	$ 270

Fee Income - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended
	Jan. 01, 2018	Mar. 31, 2018	Mar. 31, 2017
Management Fee Income [Line Items]
Fee income		$ 36,842	$ 53,250
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 contractual sales price for disposition of investment		2.00%
Selling Commissions or Dealer Manager Fees
Management Fee Income [Line Items]
Percent of selling commissions		8.00%
Private funds and other \| 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%
Fee income	$ 2,500
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%
Colony NorthStar Credit \| Fee income
Management Fee Income [Line Items]
Percent of stockholders' equity		1.50%
Private funds and other
Management Fee Income [Line Items]
Fee income		$ 13,141	14,827
Public Funds
Management Fee Income [Line Items]
Fee income		12,172	3,170
Non Traded REIT
Management Fee Income [Line Items]
Fee income		11,459	22,237
Other
Management Fee Income [Line Items]
Fee income		$ 70	$ 13,016

Equity-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended
	Mar. 31, 2017 USD ($) shares	Jan. 31, 2017 $ / shares shares	Mar. 31, 2018 USD ($) $ / shares shares	Mar. 31, 2017 USD ($) $ / shares	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares vested			$ 105,000	$ 14,800
Granted (USD per share) \| $ / shares			$ 6.27	$ 14.59
Share-based compensation expenses			$ 12,191	$ 32,184
Aggregate unrecognized compensation cost related to restricted stock granted			$ 65,900
Weighted average period of expected cost			2 years 5 months
PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Granted (USD per share) \| $ / shares			$ 6.05
LTIP Units \| CLNS Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares reserved for future issuance \| shares			44,700,000
Conversion of units, conversion ratio			1
Managed Company Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses			$ 800
Aggregate unrecognized compensation cost related to restricted stock granted			$ 22,200
Weighted average period of expected cost			2 years 11 months
Common Class A \| PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Measurement period			3 years
Colony NorthStar \| Common Class A \| Director Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of shares (in shares) \| shares			44,464
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%
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
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 \| 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
Minimum \| Common Class A \| PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued, percent of PSU granted			0.00%
Maximum \| Common Class A \| PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued, percent of PSU granted			200.00%

Equity-Based Compensation - Valuation Technique (Details) - PSU	3 Months Ended
	Mar. 31, 2018
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Expected volatility	38.00%
Expected annual dividend yield	7.60%
Risk-free rate	2.44%

Equity-Based Compensation - Components of Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	$ 12,191	$ 32,184
Compensation expense (including $22 and $0 amortization of fair value of dividend equivalent right)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	12,191	31,577
Earnings from investments in unconsolidated ventures
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	0	61
Investment, servicing and commission expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	$ 0	$ 546

Equity-Based Compensation - Nonvested Shares Under Director Stock Plan and Equity Incentive Plan (Details) - $ / shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)	12,734,170
Granted (shares)	5,409,910
Vested (shares)	(9,678,626)
Forfeited (shares)	(674)
Nonvested shares at period end (shares)	8,464,780
Weighted Average Grant Date Fair Value [Roll Forward]
Nonvested shares at beginning period (USD per share)	$ 14.53
Granted (USD per share)	6.27	$ 14.59
Vested (USD per share)	14.63
Forfeited (USD per share)	6.08
Nonvested shares at period end (USD per share)	$ 10.11
Restricted Stock
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)	9,149,516
Granted (shares)	3,257,393
Vested (shares)	(6,160,624)
Forfeited (shares)	(674)
Nonvested shares at period end (shares)	6,245,611
LTIP Units
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)	3,506,387
Granted (shares)
Vested (shares)	(3,506,387)
Forfeited (shares)
Nonvested shares at period end (shares)	0
Deferred Stock Units [Member]
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)	78,267
Granted (shares)	13,659
Vested (shares)	(11,615)
Forfeited (shares)
Nonvested shares at period end (shares)	80,311
PSU
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)	0
Granted (shares)	2,138,858
Vested (shares)	0
Forfeited (shares)	0
Nonvested shares at period end (shares)	2,138,858
Weighted Average Grant Date Fair Value [Roll Forward]
Nonvested shares at beginning period (USD per share)	$ 0.00
Granted (USD per share)	6.05
Vested (USD per share)	0.00
Forfeited (USD per share)	0.00
Nonvested shares at period end (USD per share)	$ 6.05

Transactions with Affiliates - Summary of Amounts Due to Manager or its Affiliates (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Due from affiliates	$ 43,582	$ 51,518
Due to Affiliates	13,105	23,534
Fee income
Related Party Transaction [Line Items]
Due from affiliates	25,338	19,366
Cost reimbursements and recoverable expenses
Related Party Transaction [Line Items]
Due from affiliates	16,823	30,749
Employees and other affiliates
Related Party Transaction [Line Items]
Due from affiliates	1,421	1,403
Investment vehicles and unconsolidated ventures
Related Party Transaction [Line Items]
Due to Affiliates	2,935	2,884
Contingent consideration
Related Party Transaction [Line Items]
Due to Affiliates	$ 10,170	$ 20,650

Transactions with Affiliates - Cost Reimbursements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Related Party Transaction [Line Items]
Cost reimbursements	$ 6,793	$ 6,703
Company Managed Private Funds
Related Party Transaction [Line Items]
Cost reimbursements			$ 1,200
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	$ 2,387	5,335
Public companies—NRE and Colony NorthStar Credit
Related Party Transaction [Line Items]
Cost reimbursements	1,750	0
Private funds and other
Related Party Transaction [Line Items]
Cost reimbursements	1,844	703
Equity awards of NRE and Colony NorthStar Credit (Note 21)
Related Party Transaction [Line Items]
Cost reimbursements	$ 812	0
NRE
Related Party Transaction [Line Items]
Percent of combined general and administrative costs	20.00%
Townsend
Related Party Transaction [Line Items]
Cost reimbursements	$ 0	$ 665
Minimum \| Retail companies
Related Party Transaction [Line Items]
Reimbursement percent for organization and offering costs	1.00%

Transactions with Affiliates - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Related Party Transaction [Line Items]
Management fee, percent of net asset value	1.25%
Cost reimbursements	$ 6,793,000	$ 6,703,000
Corporate Aircraft Use Reimbursement
Related Party Transaction [Line Items]
Cost reimbursements	100,000	600,000
American Healthcare Investors, LLC \| Management and Advisory Fees
Related Party Transaction [Line Items]
Property management and sub-advisory fees	$ 1,300,000	$ 1,100,000
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		$ 4,800,000

Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Operating Leased Assets [Line Items]
Contingent consideration, liability	$ 7,760		$ 7,419
Office leases
Operating Leased Assets [Line Items]
Rent expense	$ 2,700	$ 2,700

Segment Reporting - Summary of Operating Results for Each of Reportable Operating Segments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018 USD ($) segment	Mar. 31, 2017 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	6
Total revenues	$ 666,664	$ 607,165
Property operating expenses	305,770	216,349
Interest expense	148,889	126,278
Depreciation and amortization	144,705	137,420
Provision for loan loss	5,375	6,724
Impairment loss	153,398	8,519
Gain on sale of real estate	18,444	8,970
Earnings from investments in unconsolidated ventures	32,265	113,992
Income tax benefit (expense)	32,808	(3,709)
Income (loss) from continuing operations	(26,416)	39,630
Net income (loss) from discontinued operations after tax	117	12,560
Net income (loss)	(26,299)	52,190
Net income (loss) attributable to Colony NorthStar, Inc.	(41,327)	25,597
Operating Segments \| Healthcare
Segment Reporting Information [Line Items]
Total revenues	152,595	138,813
Property operating expenses	66,966	60,686
Interest expense	50,941	41,092
Depreciation and amortization	41,127	40,881
Provision for loan loss	0	0
Impairment loss	3,780	0
Gain on sale of real estate	0	0
Earnings from investments in unconsolidated ventures	0	0
Income tax benefit (expense)	(998)	(2,242)
Income (loss) from continuing operations	(12,534)	(9,266)
Net income (loss) from discontinued operations after tax	0	0
Net income (loss)	(12,534)	(9,266)
Net income (loss) attributable to Colony NorthStar, Inc.	(10,360)	(8,438)
Operating Segments \| Industrial
Segment Reporting Information [Line Items]
Total revenues	68,753	57,042
Property operating expenses	20,811	16,497
Interest expense	10,190	12,426
Depreciation and amortization	29,945	24,639
Provision for loan loss	0	0
Impairment loss	0	0
Gain on sale of real estate	2,293	0
Earnings from investments in unconsolidated ventures	0	0
Income tax benefit (expense)	(3)	598
Income (loss) from continuing operations	6,321	519
Net income (loss) from discontinued operations after tax	0	0
Net income (loss)	6,321	519
Net income (loss) attributable to Colony NorthStar, Inc.	1,278	(62)
Operating Segments \| Hospitality
Segment Reporting Information [Line Items]
Total revenues	195,782	175,713
Property operating expenses	136,095	118,491
Interest expense	34,361	27,249
Depreciation and amortization	35,457	30,041
Provision for loan loss	0	0
Impairment loss	0	0
Gain on sale of real estate	0	0
Earnings from investments in unconsolidated ventures	0	0
Income tax benefit (expense)	1,481	(38)
Income (loss) from continuing operations	(11,886)	(3,616)
Net income (loss) from discontinued operations after tax	0	0
Net income (loss)	(11,886)	(3,616)
Net income (loss) attributable to Colony NorthStar, Inc.	(10,050)	(2,993)
Operating Segments \| Colony NorthStar Credit Real Estate Segment [Member]
Segment Reporting Information [Line Items]
Total revenues	0	0
Property operating expenses	0	0
Interest expense	0	0
Depreciation and amortization	0	0
Provision for loan loss	0	0
Impairment loss	0	0
Gain on sale of real estate	0	0
Earnings from investments in unconsolidated ventures	(3,654)	0
Income tax benefit (expense)	0	0
Income (loss) from continuing operations	(3,654)	0
Net income (loss) from discontinued operations after tax	0	0
Net income (loss)	(3,654)	0
Net income (loss) attributable to Colony NorthStar, Inc.	(3,446)	0
Operating Segments \| Other Equity and Debt
Segment Reporting Information [Line Items]
Total revenues	205,154	175,086
Property operating expenses	81,898	20,675
Interest expense	40,280	30,819
Depreciation and amortization	28,969	28,218
Provision for loan loss	5,375	6,724
Impairment loss	9,189	8,519
Gain on sale of real estate	16,151	8,970
Earnings from investments in unconsolidated ventures	27,217	108,837
Income tax benefit (expense)	(4,539)	(1,333)
Income (loss) from continuing operations	68,431	179,908
Net income (loss) from discontinued operations after tax	117	0
Net income (loss)	68,548	179,908
Net income (loss) attributable to Colony NorthStar, Inc.	49,109	143,912
Operating Segments \| Investment Management
Segment Reporting Information [Line Items]
Total revenues	42,521	59,640
Property operating expenses	0	0
Interest expense	0	0
Depreciation and amortization	7,676	12,483
Provision for loan loss	0	0
Impairment loss	140,429	0
Gain on sale of real estate	0	0
Earnings from investments in unconsolidated ventures	8,702	5,155
Income tax benefit (expense)	36,803	(2,069)
Income (loss) from continuing operations	(84,624)	19,989
Net income (loss) from discontinued operations after tax	0	0
Net income (loss)	(84,624)	19,989
Net income (loss) attributable to Colony NorthStar, Inc.	(80,520)	18,260
Amounts not allocated to segments
Segment Reporting Information [Line Items]
Total revenues	1,859	871
Property operating expenses	0	0
Interest expense	13,117	14,692
Depreciation and amortization	1,531	1,158
Provision for loan loss	0	0
Impairment loss	0	0
Gain on sale of real estate	0	0
Earnings from investments in unconsolidated ventures	0	0
Income tax benefit (expense)	64	1,375
Income (loss) from continuing operations	11,530	(147,904)
Net income (loss) from discontinued operations after tax	0	12,560
Net income (loss)	11,530	(135,344)
Net income (loss) attributable to Colony NorthStar, Inc.	$ 12,662	$ (125,082)

Segment Reporting - Assets and Equity Method Investments of Reportable Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Segment Reporting Information [Line Items]
Total assets	$ 23,564,492		$ 24,785,650
Equity method investments	2,439,718		1,527,054
Total income by geography	692,136	$ 714,454
Long-lived assets by geography	14,595,646		14,973,479
United States
Segment Reporting Information [Line Items]
Total income by geography	613,661	643,128
Long-lived assets by geography	12,804,315		13,224,197
Europe
Segment Reporting Information [Line Items]
Total income by geography	78,173	70,427
Long-lived assets by geography	1,791,331		1,749,282
Other
Segment Reporting Information [Line Items]
Total income by geography	302	$ 899
Operating Segments \| Healthcare
Segment Reporting Information [Line Items]
Total assets	5,792,926		5,813,552
Equity method investments	0		0
Operating Segments \| Industrial
Segment Reporting Information [Line Items]
Total assets	2,852,496		2,810,135
Equity method investments	0		0
Operating Segments \| Hospitality
Segment Reporting Information [Line Items]
Total assets	4,084,845		4,094,596
Equity method investments	0		0
Operating Segments \| Colony NorthStar Credit Real Estate Segment [Member]
Segment Reporting Information [Line Items]
Total assets	1,161,930		0
Equity method investments	1,161,930		0
Operating Segments \| Other Equity and Debt
Segment Reporting Information [Line Items]
Total assets	7,395,831		9,251,829
Equity method investments	1,058,206		1,315,629
Operating Segments \| Investment Management
Segment Reporting Information [Line Items]
Total assets	2,127,652		2,714,974
Equity method investments	215,840		207,683
Amounts not allocated to segments
Segment Reporting Information [Line Items]
Total assets	148,812		100,564
Equity method investments	$ 3,742		$ 3,742

Supplemental Disclosure of Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Cash paid for interest, net of capitalized interest of $429 and $0, respectively	$ 121,934	$ 88,029
Capitalized interest	429	0
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for income taxes (received for income tax refunds), net	(9,430)	1,249
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Dividends and distributions payable	90,791	175,498	$ 188,202
Net assets of CLNS Investment Entities deconsolidated, net of cash and restricted cash contributed (Note 4)	936,547	0
Redemption of OP Units for common stock	24	638
Improvements in operating real estate in accrued and other liabilities	14,274	246
Change in contributions receivable from noncontrolling interests	13,501	0
Redemption of OP Units for cash in accrued and other liabilities	2,096	5,085
Share repurchase payable (Note 11)	36,166	10,177	$ 0
Assets acquired in Merger, net of cash and restricted cash assumed (Note 3)	0	17,024,350
Liabilities assumed in Merger (Note 3)	0	11,416,937
Noncontrolling interests assumed in Merger (Note 3)	0	602,014
Common stock issued for acquisition of NSAM and NRF (Note 3)	0	5,718,004
Preferred stock issued for acquisition of NRF (Note 3)	0	1,010,320
Debt assumed by buyer in sale of manufactured housing portfolio (Note 18)	0	1,258,558
Net assets acquired in CPI restructuring, net of cash and restricted cash assumed (Note 3)	0	219,278
Investment deposits applied to acquisition of loans receivable, real estate and CPI Group	0	66,020
Foreclosures on collateral assets of originated or acquired loans receivable	0	8,167
Proceeds from loan repayments and asset sales held in escrow	0	45,870
Costs associated with contributions from noncontrolling interests	$ 0	$ 2,444

Subsequent Events - Common Stock Repurchase (Details) - USD ($)	1 Months Ended	3 Months Ended
	May 07, 2018	Mar. 31, 2018	Mar. 31, 2017	Feb. 26, 2018
Subsequent Event [Line Items]
Stock repurchased, value		$ 246,441,000	$ 66,186,000
Common Class A
Subsequent Event [Line Items]
Repurchase of stock (in shares)		(42,306,000)	(4,933,000)
Weighted average price per share (in dollars per share)		$ 5.82
Stock repurchase, authorized amount				$ 300,000,000
Common Class A \| Subsequent event
Subsequent Event [Line Items]
Repurchase of stock (in shares)	5,910,690
Stock repurchased, value	$ 33,400,000
Weighted average price per share (in dollars per share)	$ 5.65
Stock repurchase, remaining authorized repurchase amount	$ 20,600,000
Stock repurchase, authorized amount	$ 300,000,000.0