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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2017	Aug. 04, 2017
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	Jun. 30, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q2
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		551,361,195
Common Class B
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		741,874

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Assets
Cash and cash equivalents	$ 599,920	$ 376,005
Restricted cash	300,680	111,959
Real estate, net	13,884,204	3,243,631
Loans receivable, net	4,009,089	3,430,608
Investments in unconsolidated ventures ($365,050 and $0 at fair value, respectively)	1,526,807	1,052,995
Securities available for sale, at fair value	409,871	23,446
Goodwill	1,808,393	680,127
Deferred leasing costs and intangible assets, net	1,035,767	278,741
Assets held for sale ($96,807 and $67,033 at fair value, respectively)	1,190,122	292,924
Other assets ($18,809 and $36,101 at fair value, respectively)	459,702	260,585
Due from affiliates	63,777	9,971
Total assets	25,288,332	9,760,992
Liabilities
Debt, net	10,418,978	3,715,618
Accrued and other liabilities ($179,221 and $5,448 at fair value, respectively)	968,868	286,952
Intangible liabilities, net	221,853	19,977
Liabilities related to assets held for sale	203,548	14,296
Due to affiliates	34,945	41,250
Dividends and distributions payable	186,990	65,972
Total liabilities	12,035,182	4,144,065
Commitments and contingencies (Note 22)
Redeemable noncontrolling interests	79,504	0
Stockholders’ equity:
Preferred stock, $0.01 par value per share; $1,643,723 and $625,750 liquidation preference, respectively; 250,000 and 50,000 shares authorized, respectively; 65,749 and 25,030 shares issued and outstanding, respectively	1,624,444	607,200
Additional paid-in capital	7,958,872	2,443,100
Distributions in excess of earnings	(505,554)	(246,064)
Accumulated other comprehensive income (loss)	6,884	(32,109)
Total stockholders’ equity	9,090,165	2,773,799
Noncontrolling interests in investment entities	3,643,836	2,453,938
Noncontrolling interests in Operating Company	439,645	389,190
Total equity	13,173,646	5,616,927
Total liabilities, redeemable noncontrolling interests and equity	25,288,332	9,760,992
Common Class A
Stockholders’ equity:
Common stock, $0.01 par value per share	5,512	1,664
Common Class B
Stockholders’ equity:
Common stock, $0.01 par value per share	$ 7	$ 8

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Investments in unconsolidated ventures, fair value	$ 365,050	$ 0
Other assets, fair value	18,809	36,101
Accrued and other liabilities	$ 968,868	$ 286,952
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, liquidation preference	$ 1,643,723	$ 625,750
Preferred stock, shares authorized (in shares)	250,000,000	50,000,000
Preferred stock, shares issued (in shares)	65,749,000	25,030,000
Preferred stock, shares outstanding (in shares)	65,749,000	25,030,000
Common Class A
Common stock, par value (in dollars per shares)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	949,000,000	658,369,000
Common stock, shares issued (in shares)	551,190,000	166,440,000
Common stock, shares outstanding (in shares)	551,190,000	166,440,000
Common Class B
Common stock, par value (in dollars per shares)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000	1,000,000
Common stock, shares issued (in shares)	742,000	770,000
Common stock, shares outstanding (in shares)	742,000	770,000
Held-for-Sale
Accrued and other liabilities	$ 179,221	$ 5,448
Assets held for sale fair value	$ 96,807	$ 67,033

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income
Property operating income	$ 500,531	$ 95,348	$ 927,385	$ 186,965
Interest income	111,263	103,860	226,807	193,221
Fee income	54,319	15,505	107,569	32,114
Other income ($6,973, $806, $13,676 and $2,061 from affiliates, respectively)	13,259	2,815	24,776	6,017
Total revenues	679,372	217,528	1,286,537	418,317
Expenses
Property operating expense	253,717	29,780	470,066	60,566
Interest expense	140,260	42,568	266,538	84,439
Investment, servicing and commission expense	13,740	5,402	25,547	12,333
Transaction costs	2,440	7,958	89,780	12,448
Depreciation and amortization	153,111	39,541	290,531	85,683
Provision for loan loss	1,067	6,213	7,791	10,843
Impairment loss	12,761	2,441	21,280	4,520
Compensation expense (including $37,412, $3,423, $68,989 and $6,842 of equity-based compensation, respectively)	80,759	24,240	172,577	51,107
Administrative expenses	30,145	13,098	56,059	25,869
Total expenses	688,000	171,241	1,400,169	347,808
Gain on sale of real estate assets	15,190	5,844	24,160	56,963
Other gain (loss), net	(23,850)	(348)	1,531	13,697
Earnings from investments in unconsolidated ventures	122,394	53,113	236,386	55,542
Income before income taxes	105,106	104,896	148,445	196,711
Income tax benefit (expense)	86	(1,760)	(3,623)	(2,544)
Net income from continuing operations	105,192	103,136	144,822	194,167
Income from discontinued operations	0	0	12,560	0
Net income	105,192	103,136	157,382	194,167
Redeemable noncontrolling interests
Redeemable noncontrolling interests	720	0	1,337	0
Investment entities	23,800	40,169	50,859	97,764
Operating Company	2,330	7,918	1,247	11,339
Net income attributable to Colony NorthStar, Inc.	78,342	55,049	103,939	85,064
Preferred stock redemption (Note 15)	5,448	0	5,448	0
Preferred stock dividends	34,339	12,093	65,152	23,973
Net income attributable to common stockholders	$ 38,555	$ 42,956	$ 33,339	$ 61,091
Basic earnings per share
Net income from continuing operations per basic common share (in dollars per share)	$ 0.07	$ 0.26	$ 0.03	$ 0.37
Net income per basic common share (in dollars per share)	0.07	0.26	0.05	0.37
Diluted earnings per share
Net income from continuing operations per diluted common share (in dollars per share)	0.07	0.24	0.03	0.36
Net income per diluted common share (in dollars per share)	$ 0.07	$ 0.24	$ 0.05	$ 0.36
Weighted average number of shares
Basic (in shares)	544,023	164,674	525,318	164,203
Diluted (in shares)	544,023	201,257	525,318	188,229
Common stock, dividends, per share, declared (in dollars per share)	$ 0.27	$ 0.27	$ 0.54	$ 0.54

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Other income	$ 13,259	$ 2,815	$ 24,776	$ 6,017
Share-based compensation expenses	37,914	3,423	70,098	6,842
Affiliated Entity
Other income	6,973	806	13,676	2,061
Compensation expense
Share-based compensation expenses	$ 37,412	$ 3,423	$ 68,989	$ 6,842

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Net income	$ 105,192	$ 103,136	$ 157,382	$ 194,167
Other comprehensive income from investments in unconsolidated ventures, net	511	95	605	106
Other comprehensive income (loss), net of tax:
Net change in fair value of available for sale securities	8,652	0	3,658	0
Net change in fair value of cash flow hedges	0	(69)	0	(113)
Foreign currency translation adjustments:
Foreign currency translation gain (loss)	107,000	(47,502)	135,073	(17,934)
Change in fair value of net investment hedges	(37,905)	24,759	(45,094)	7,043
Net foreign currency translation adjustments	69,095	(22,743)	89,979	(10,891)
Other comprehensive income (loss)	78,258	(22,717)	94,242	(10,898)
Comprehensive income	183,450	80,419	251,624	183,269
Comprehensive income attributable to noncontrolling interests:
Comprehensive income attributable to stockholders	108,999	49,744	138,405	81,602
Investment entities
Comprehensive income attributable to noncontrolling interests:
Redeemable noncontrolling interests	720	0	1,337	0
Comprehensive income attributable to noncontrolling interests	69,553	23,735	108,541	90,952
Operating Company
Comprehensive income attributable to noncontrolling interests:
Comprehensive income attributable to noncontrolling interests	$ 4,178	$ 6,940	$ 3,341	$ 10,715

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)	Accumulated Other Comprehensive Income (Loss) 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, 2015	$ 5,416,240			$ 2,846,916			$ 607,200		$ 1,646		$ 2,387,770		$ (131,278)	$ (18,422)	$ (18,422)	$ 2,138,925	$ 430,399
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Investment entities	97,764
Operating Company	11,339
Net income (loss)	194,167			85,064									85,064
Other comprehensive income	(10,898)			(3,462)											(3,462)	(6,812)	(624)
Common stock repurchases	(19,998)			(19,998)			(19,998)
Contribution of preferred stock to an affiliate	19,998			19,998			19,998
Equity-based compensation	6,842			6,842					15		6,827
Shares canceled for tax withholding on vested stock awards	(2,862)			(2,862)					(3)		(2,859)
Contributions from noncontrolling interests	93,260															93,260
Distributions to noncontrolling interests	(295,323)															(278,254)	(17,069)
Redemption of units in Operating Company for cash and Class A common stock	(3,963)		$ (2,557)	725		$ 13,476				$ 10	725	$ 13,466				(4,688)		$ (16,033)
Preferred stock dividends	(23,973)			(23,973)									(23,973)
Common stock dividends declared ($0.54 per share; Note 15)	(90,760)			(90,760)									(90,760)
Reallocation of equity (Notes 2 and 16)	0			2,027							2,027						(2,027)
Ending balance at Jun. 30, 2016	5,280,173			2,833,993			607,200		1,668		2,407,956		(160,947)	(21,884)	(21,884)	2,040,195	405,985
Beginning balance at Dec. 31, 2016	5,616,927			2,773,799			607,200		1,672		2,443,100		(246,064)	(32,109)	(32,109)	2,453,938	389,190
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Investment entities	50,859
Operating Company	1,247
Net income (loss)	156,045			103,939									103,939
Other comprehensive income	94,242			34,466											34,466	57,682	2,094
Merger consideration (Note 3)	6,720,454			6,720,454			1,010,320		3,891		5,706,243
Fair value of noncontrolling interests assumed in Merger	514,615															506,453	8,162
Issuance of 7.15% Series I Cumulative Redeemable Perpetual Preferred Stock		$ 345,000			$ 345,000			$ 345,000
Offering costs		(11,540)			(11,540)			(11,540)
Redemption of preferred stock (Note 15)		(313,667)			(313,667)			(313,667)
Common stock repurchases	(167,985)			(167,985)					(129)		(167,856)
Equity-based compensation	70,575			46,535					75		46,460						24,040
Shares canceled for tax withholding on vested stock awards	(5,405)			(5,405)					(4)		(5,401)
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	913,308															913,308
Distributions to noncontrolling interests	(375,231)															(357,281)	(17,950)
Redemption of units in Operating Company for cash and Class A common stock			$ (5,085)			$ 18,810				$ 14		$ 18,796						$ (23,895)
Preferred stock dividends	(75,147)	$ (12,869)		(75,147)	$ (12,869)			$ (12,869)					(75,147)
Common stock dividends declared ($0.54 per share; Note 15)	(288,282)			(288,282)									(288,282)
Reallocation of equity (Notes 2 and 16)	0			(75,634)							(80,161)			4,527		18,877	56,757
Ending balance at Jun. 30, 2017	$ 13,173,646			$ 9,090,165			$ 1,624,444		$ 5,519		$ 7,958,872		$ (505,554)	$ 6,884	$ 6,884	$ 3,643,836	$ 439,645

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (Parenthetical) - $ / shares	1 Months Ended	3 Months Ended				6 Months Ended
	Jun. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Mar. 31, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Common stock, dividends, per share, declared (in dollars per share)		$ 0.27	$ 0.24	$ 0.27	$ 0.27	$ 0.54	$ 0.54
Series I
Dividend rate per annum, preferred stock	7.15%					7.15%
Series I \| Preferred Stock
Dividend rate per annum, preferred stock						7.15%

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash Flows from Operating Activities
Net income	$ 157,382	$ 194,167
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of discount and net origination fees on purchased and originated loans	(32,252)	(9,186)
Accretion in excess of cash receipts on purchased credit impaired loan	0	(8,515)
Paid-in-kind interest added to loan principal	(16,304)	(24,807)
Straight-line rents	(16,119)	(7,185)
Amortization of above- and below-market lease values, net	(5,597)	1,315
Amortization of deferred financing costs and debt discount and premium	41,602	12,403
Earnings from investments in unconsolidated ventures	(236,386)	(55,542)
Distributions of income from equity method investments	33,971	36,432
Provision for loan loss	7,791	10,843
Impairment of real estate and intangible assets	21,280	4,520
Depreciation and amortization	290,531	85,683
Equity-based compensation	70,098	6,842
Change in fair value of contingent consideration	(8,250)	(9,090)
Gain on sales of real estate assets, net	(22,052)	(56,963)
Other loss, net	6,719	0
Changes in operating assets and liabilities:
(Increase) decrease in restricted cash	(4,931)	0
(Increase) decrease in due from affiliates	(12,779)	2,756
(Increase) decrease in other assets	(17,848)	11,577
Decrease in accrued and other liabilities	(72,173)	2,112
Other adjustments, net	254	(4,378)
Net cash provided by operating activities	184,937	192,984
Cash Flows from Investing Activities
Contributions to investments in unconsolidated ventures	(211,671)	(32,532)
Distributions from investments in unconsolidated ventures	101,087	36,084
Acquisition of loans receivable	(538,136)	0
Payment of Merger-related liabilities, net of cash acquired (Note 3)	(44,437)	0
Net disbursements on originated loans	(172,017)	(154,096)
Repayments of loans receivable	217,302	198,268
Proceeds from sales of loans receivable	114,836	75,000
Cash receipts in excess of accretion on purchased credit impaired loans	100,382	56,470
Acquisition of real estate, related intangibles and leasing commission, and improvements of real estate	(791,779)	(228,932)
Proceeds from sales of real estate assets, net of debt assumed by buyer	973,603	224,977
Acquisition of securities	(11,523)	(23,324)
Proceeds from sales of securities	24,788	0
Proceeds from paydown and maturity of securities	62,171	0
Proceeds from sale of investment in unconsolidated venture	500,504	0
Acquisition of CPI, net of cash acquired (Note 3)	(35,711)	0
Investment deposits	(47,130)	0
Change in restricted cash	20,463	7,963
Net payments on settlement of derivative instruments	(6,315)	0
Other investing activities, net	(2,250)	(4,910)
Net cash provided by investing activities	254,167	154,968
Cash Flows from Financing Activities
Proceeds from issuance of preferred stock, net	333,460	0
Dividends paid to preferred stockholders	(70,920)	(24,186)
Dividends paid to common stockholders	(184,874)	(90,140)
Repurchase of common stock	(167,985)	0
Borrowings from corporate credit facility	659,000	325,000
Repayment of borrowings from corporate credit facility	(1,010,600)	(211,500)
Borrowings from mortgage and other secured debt	2,654,459	331,778
Repayment of borrowings from mortgage and other secured debt	(2,565,537)	(425,050)
Change in escrow deposits for financing arrangements	6,086	6,968
Settlement of call spread options	6,900	0
Payment of fees and expenses related to contributions from noncontrolling interests	(6,765)	0
Payment of deferred financing costs	(54,564)	(14,017)
Contributions from noncontrolling interests	901,808	93,260
Distributions to noncontrolling interests	(375,940)	(289,089)
Redemption of preferred stock	(313,667)	(19,998)
Reissuance of preferred stock to an equity method investee	0	19,998
Redemption of units in Operating Company	(5,085)	(2,557)
Acquisition of noncontrolling interests	0	(3,963)
Payment of cash collateral on derivative	(2,010)	0
Repurchase of exchangeable senior notes	(11,955)	0
Other financing activities, net	(5,576)	(2,862)
Net cash used in financing activities	(213,765)	(306,358)
Effect of exchange rates on cash and cash equivalents	7,013	(244)
Net increase in cash and cash equivalents	232,352	41,350
Total cash and cash equivalents, beginning of period	376,005	185,854
Cash and cash equivalents included in assets held for sale	(8,437)	0
Cash and cash equivalents, end of period	599,920	227,204
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	202,861	72,040
Cash paid for income taxes	21,517	3,271
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Dividends and distributions payable	186,990	65,979
Assets acquired in Merger (Note 3)	17,259,137	0
Liabilities assumed in Merger (Note 3)	11,323,286	0
Noncontrolling interests assumed in Merger (Note 3)	593,458	0
Debt assumed by buyer of real estate reported as discontinued operations	1,258,558	0
Net assets acquired in CPI restructuring (Note 3)	232,181	0
Investment deposits applied to acquisition of loans receivable, real estate and CPI	66,020	0
Loan payoff and real estate sale proceeds held in escrow (Note 10)	63,168	46,817
Net settlement of redemption and investment in equity method investee	0	117,241
Proceeds from redemption of preferred equity interest in an investee included in other receivable	0	19,500
Redemption of OP Units for common stock	18,810	13,476
Payment of fees and expenses related to contributions from noncontrolling interests	2,444	0
Foreclosure of collateral assets underlying loans receivable	8,935	113,632
Amounts payable relating to improvements in operating real estate	1,811	0
Contributions receivable from noncontrolling interests	11,500	0
Amounts payable relating to purchase of securities available for sale	2,255	0
Common Stock
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Stock issued for acquisition	5,710,134	0
Preferred Stock
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Stock issued for acquisition	$ 1,010,320	$ 0

Business and Organization	6 Months Ended
Business and Organization	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization Colony NorthStar 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, non-traded and traded real estate investment trusts ("REITs") and registered investment companies. The Company also owns NorthStar Securities, LLC ("NorthStar Securities"), a captive broker-dealer platform which raises capital in the retail market. The Company is organized as a Maryland corporation, was incorporated in May 2016, 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 ending December 31, 2017. The Company conducts all of its activities and holds substantially all of its assets and liabilities through its operating subsidiary, Colony Capital Operating Company, LLC (the "Operating Company" or the “OP”), which was previously the operating subsidiary of Colony and survived the Merger. At June 30, 2017, the Company owned approximately 94.4% of the OP, as its sole managing member. The remaining 5.6% is owned primarily by certain employees of the Company as noncontrolling interests. Merger The Merger among Colony, NSAM and NRF was completed in an all-stock exchange on January 10, 2017. The Merger is accounted for as a reverse acquisition, with NSAM as the legal acquirer for certain legal and regulatory matters, and Colony as the accounting acquirer for purposes of financial reporting. Consequently, the historical financial information included herein as of any date or for any periods on or prior to the Closing Date represents the pre-Merger financial information of Colony. Accordingly, comparisons of the period to period financial information of Colony NorthStar as set forth herein may not be meaningful. Details of the Merger are described more fully in Note 3 and the accounting treatment thereof in Note 2.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2017

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

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

Basis of Presentation

The accompanying 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, 2017, or any other future period. These interim financial statements should be read in conjunction with the audited consolidated financial statements of NSAM, Colony and NRF 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, 2016.

The accompanying consolidated financial statements include the accounts of the Company and its controlled subsidiaries and consolidated variable interest entities. 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.

Merger

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

The financial statements of Colony NorthStar, as set forth herein, 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 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. The assets and liabilities of Colony are reflected by Colony NorthStar at their pre-Merger carrying values while the assets and liabilities of NSAM and NRF are accounted for at their acquisition date fair value. The results of operations of NSAM and NRF are incorporated into Colony NorthStar effective from January 11, 2017. Accordingly, comparison of period to period results of operations and financial positions may not be meaningful.

Principles of Consolidation

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

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

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

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

Noncontrolling Interests

Redeemable Noncontrolling Interests—This represents interests in an investment management subsidiary, Townsend Holdings, LLC ("Townsend"), in which the holders have the ability to require the Company to redeem a certain percentage of their interests through December 31, 2020 or upon the occurrence of certain triggering events. Redemptions may be settled in cash, the Company’s common stock, or a combination thereof, at the Company's option, subject to certain conditions, and payable by the end of the fiscal quarter following the exercise of the redemption. 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 of Townsend 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 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.

Foreign Currency

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

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

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

Fair Value Measurement

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

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

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

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

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

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

Fair Value Option

The fair value option provides an option to elect fair value as an alternative measurement for selected financial instruments. The fair value option may be elected only upon the occurrence of certain specified events, including when the Company enters into an eligible firm commitment, at initial recognition of the financial instrument, as well as upon a business combination or consolidation of a subsidiary. The election is irrevocable unless a new election event occurs. The Company has elected to account for certain cost method investments, specifically limited partnership interests in third party sponsored funds, at fair value.

Business Combinations

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

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

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

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

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

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

Discontinued Operations

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

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

Cash and Cash Equivalents

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

Restricted Cash

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

Real Estate Assets

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

Real Estate Held for Investment

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

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

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



Real Estate Assets		Term
Building (fee interest)		15 to 40 years
Building leasehold interests		Lesser of remaining term of the lease or remaining life of the building
Building improvements		Lesser of useful life or remaining life of the building
Land improvements		10 to 30 years
Tenant improvements		Lesser of useful life or remaining term of the lease
Furniture, fixtures and equipment		5 to 15 years

Impairment—The Company evaluates its real estate held for investment for impairment periodically or whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Company evaluates cash flows and determines impairments on an individual property basis. In making this determination, the Company reviews, among other things, current and estimated future cash flows associated with each property, market information for each sub-market, including, where applicable, competition levels, foreclosure levels, leasing trends, occupancy trends, lease or room rates, and the market prices of similar properties recently sold or currently being offered for sale, and other quantitative and qualitative factors. If an impairment indicator exists, the Company evaluates whether the expected future undiscounted cash flows is less than the carrying amount of the asset, and if the Company determines that the carrying value is not recoverable, an impairment loss is recorded for the difference between the estimated fair value and the carrying amount of the asset.

Real Estate Held for Sale

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

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

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

Foreclosed Properties

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

Loans Receivable

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

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

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

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

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

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

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

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

Loans Held for Sale

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

Purchased Credit-Impaired ("PCI") Loans

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

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

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

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

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

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

Investments in Unconsolidated Ventures

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

The Company accounts for investments under the equity method of accounting if it has the ability to exercise significant influence over the operating and financial policies of an entity, but does not have a controlling financial interest. The equity method investment is initially recorded at cost and adjusted each period for capital contributions, distributions and the Company's share of the entity’s net income or loss as well as other comprehensive income or loss. The Company's share of net income or loss may differ from the stated ownership percentage interest in an entity if the governing documents prescribe a substantive non-pro rata earnings allocation formula or a preferred return to certain investors. The Company's share of net income or loss from its interests in funds, which are accounted for under the equity method, reflects fair value changes in the underlying investments of the fund, which are reported at fair value in accordance with investment company guidelines. For certain equity method investments, the Company records its proportionate share of income on a one to three month lag. Distributions of operating profits from equity method investments are reported as operating activities, while distributions in excess of operating profits or those related to capital transactions, such as a financing transactions or sales, are reported as investing activities in the statement of cash flows.

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

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

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

Securities

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

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

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

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

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

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

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

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

Identifiable Intangibles

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

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

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

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

Goodwill

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

Goodwill is tested for impairment at the reporting units to which it is assigned at least on an annual basis in the fourth quarter of each year, or more frequently if events or changes in circumstances occur that would more likely than not reduce the fair value of a reporting unit below its carrying value. The assessment of goodwill for impairment may initially be performed based on qualitative factors to determine if it is more likely than not that the fair value of the reporting unit to which the goodwill is assigned is less than its carrying value. If so, a two-step quantitative assessment is performed to determine if an impairment has occurred and measure the impairment loss. In the first step, if the fair value of the reporting unit is less than its carrying value (including goodwill), then the goodwill is considered to be impaired. In the second step, the implied fair value of the goodwill is determined by comparing the fair value of the reporting unit (in step one) to the fair value of the net assets of the reporting unit as if the reporting unit is being acquired in a business combination. If the carrying value of goodwill exceeds the resulting implied fair value of goodwill, then an impairment charge is recognized for the excess. An impairment establishes a new basis for the goodwill and any impairment loss recognized is not subject to subsequent reversal. Goodwill impairment tests require judgment, including identification of reporting units, assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and determination of the fair value of each reporting unit.

Accounts Receivable and Related Allowance

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

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

Fixed Assets

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

Transfers of Financial Assets

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

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

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

Derivative Instruments and Hedging Activities

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

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

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

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

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

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

Financing Costs

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

Property Operating Income

Property operating income includes the following.

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

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

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

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

Resident Fee Income—Resident fee income is recorded when services are rendered and includes resident room and care charges, community fees and other resident charges.

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

Fee Income

Fee income consists of the following:

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

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

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

Incentive Fees—The Company may earn incentive fees from its managed private funds, traded and non-traded REITs and investment companies. Incentive fees are determined based on the performance of the investment vehicles subject to the achievement of minimum return levels in accordance with the terms set out in the respective governing agreements. Incentive fees are recognized when fixed or determinable and related contingencies have been resolved, which is generally at the end of the measurement period of the respective investment vehicles. Any incentive fees received prior to that date are recorded as deferred income.

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

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

Other Income

Other income includes the following:

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

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

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

Compensation

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

Equity-Based Compensation

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

Income Taxes

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

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

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

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

Earnings Per Share

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

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

Reclassifications

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

Accounting Standards Adopted in 2017

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

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

Future Application of Accounting Standards

Revenue Recognition—In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which amends existing revenue recognition standards by establishing principles for a single comprehensive model for revenue measurement and recognition, along with enhanced disclosure requirements. Key provisions include, but are not limited to, determining which goods or services are capable of being distinct in a contract to be accounted for separately as a performance obligation and recognizing variable consideration only to the extent that it is probable a significant revenue reversal would not occur. The new revenue standard may be applied retrospectively to each prior period presented (full retrospective) or retrospectively to contracts not completed as of date of initial application with the cumulative effect recognized in retained earnings (modified retrospective). ASU No. 2014-09 was originally effective for fiscal years and interim periods beginning after December 15, 2016. In July 2015, the FASB deferred the effective date of the new standard by one year to fiscal years and interim periods beginning after December 15, 2017. Early adoption is permitted but not before the original effective date. The FASB has subsequently issued several amendments to the standard, including clarifying the guidance on assessing principal versus agent based on the notion of control, which affects recognition of revenue on a gross or net basis. These amendments have the same effective date and transition requirements as the new standard.

The Company plans to adopt the standard on its required effective date of January 1, 2018 using the modified retrospective approach. The standard excludes from its scope the areas of accounting that most significantly affect revenue recognition for the core activities of the Company, including accounting for financial instruments and leases. However, non-lease service components within a gross lease such as common area maintenance reimbursed by tenants as well as resident service charges embedded within resident fee income and other separate resident charges will be considered individual performance obligations and be subject to the new revenue recognition standard, with such revenue recognized over the period in which the related services are performed. The Company expects to apply the new revenue guidance to non-lease components within gross tenant leases upon adoption of the lease standard effective January 1, 2019. Additionally, while incentive income from sponsored investment vehicles will be subject to the new revenue recognition provisions for variable consideration, it is not expected to deviate significantly from the Company's current revenue recognition policy. Evaluation of the impact of this guidance to the Company is on-going.

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. 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 fair value option, changes in fair value due to instrument specific credit risk will be recorded separately in other comprehensive income. Fair value disclosures of financial instruments measured at amortized cost will be based on exit price and corresponding disclosures of valuation methodology and significant inputs will no longer be required. ASU No. 2016-01 is effective for fiscal years and interim periods beginning after December 15, 2017. Early adoption is limited to specific provisions. ASU 2016-01 is to be applied retrospectively with cumulative effect as of the beginning of the first reporting period adopted recognized in retained earnings, except for provisions related to equity investments without readily determinable fair values and exit price fair value disclosures for financial instruments measured at amortized cost, which are to be applied prospectively.

The Company plans to adopt the new guidance on its required effective date of January 1, 2018. Upon adoption, unrealized holding gains or losses on the Company's investment in equity securities, classified as available for sale, will no longer be recorded in other comprehensive income but in earnings. As it relates to cost method investments, the Company has elected the fair value option to account for its limited partnership interests in private funds while its interests in non-traded REITs in aggregate are not material. The Company does not have any other cost method investments as of June 30, 2017 that would have readily determinable fair values and would be affected by this new guidance. The Company continues to evaluate the impact of this new guidance but does not expect the adoption of this standard to have a material effect on its financial condition or results of operations.

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, and provides for certain practical expedients. Full retrospective application is prohibited. Transition will require application of the new guidance at the beginning of the earliest comparative period presented.

As lessor, gross leases will be subject to allocation between lease and non-lease service components, with the latter accounted for under the new revenue recognition standard. The Company expects to apply the new revenue guidance to non-lease components within gross tenant leases upon adoption of the lease standard effective January 1, 2019. As the new lease standard requires congruous accounting treatment between lessor and lessee in a sale-leaseback transaction, if the seller/lessee does not achieve sale accounting, it would be considered a financing transaction to the Company, as the buyer/lessor. As lessee, the Company will recognize a right-of-use asset and corresponding liability for future obligations under its leasing arrangements, such as ground leases and office leases, which as of June 30, 2017, have future contractual payments of $150.1 million and $78.1 million, respectively. Additionally, under the new lease standard, only incremental initial direct costs incurred in the execution of a lease can be capitalized by the lessor and lessee. The Company continues to evaluate the impact of this guidance on its financial statements.

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

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

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

Goodwill Impairment—In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which removes the second step of the goodwill impairment test that requires a hypothetical purchase price allocation. Goodwill impairment is now measured as the excess in carrying value over fair value of the reporting unit, with the loss recognized not to exceed the amount of goodwill assigned to that reporting unit. The one-step impairment test will also be applied to goodwill at reporting units that have zero or negative carrying values, with a disclosure of the amount of goodwill at these reporting units. ASU 2017-04 is effective for fiscal years beginning after December 15, 2019, to be applied prospectively. Early adoption is permitted for interim and annual goodwill impairment testing dates after January 1, 2017. The Company will early adopt this new guidance for its annual goodwill impairment assessment in 2017.

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

The Company plans to adopt this standard on January 1, 2018, consistent with its adoption of the new revenue standard, using the modified retrospective approach. Under the new standard, if the Company sells a partial interest in its real estate assets to noncustomers or contributes real estate assets to unconsolidated ventures, and the Company retains a noncontrolling interest in the asset, such transactions could result in a larger gain on sale. The adoption of this standard could have a material impact to the Company's results of operations in a period if the Company sells a significant partial interest in a real estate asset. There were no such sales in the six months ended June 30, 2017.

Business Combinations

6 Months Ended

Jun. 30, 2017

Business Combinations [Abstract]

Business Combinations

Merger with NSAM and NRF

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

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

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

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


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


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


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

•

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


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

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

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

Merger Consideration

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

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

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

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

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

Fair value of the merger consideration was determined as follows:



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

__________


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


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


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



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


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

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

The estimated fair values and allocation of the merger consideration presented below are preliminary and based on information available as of the Closing Date as we continue to evaluate the underlying inputs and assumptions. Accordingly, these preliminary estimates are subject to adjustments during the measurement period, not to exceed one year, based upon new information obtained about facts and circumstances that existed as of the Closing Date. During the second quarter of 2017, adjustments were made to the valuation and underlying assumptions pertaining to certain NRF investment-related assets and liabilities, including estimation of tax liabilities, working capital adjustments, as well as the off-market component of the management agreement, and the corresponding effect of these adjustments on noncontrolling interests in investment entities, as applicable.



	As Reported at March 31, 2017						Measurement Period Adjustments						As Reported at June 30, 2017
(In thousands)	NSAM		NRF		Total		NSAM			NRF			Total
Assets
Cash and cash equivalents	$	152,858	$	107,751	$	260,609	$	—		$	—		$	260,609
Restricted cash	18,052		158,762		176,814		—			—			176,814
Real estate assets	—		9,968,026		9,968,026		—			(72,774		)	9,895,252
Loans receivable	28,485		336,657		365,142		—			(5,601		)	359,541
Investments in unconsolidated ventures	76,671		608,946		685,617		—			(20,578		)	665,039
Securities	3,065		433,850		436,915		—			—			436,915
Identifiable intangible assets	661,496		357,797		1,019,293		60			(3,154		)	1,016,199
Management agreement between NSAM and NRF	1,683,028		—		1,683,028		(106,775		)	—			1,576,253
Assets held for sale	—		2,096,671		2,096,671		—			—			2,096,671
Other assets	79,955		689,703		769,658		13,500			(7,314		)	775,844
Total assets	2,703,610		14,758,163		17,461,773		(93,215		)	(109,421		)	17,259,137
Liabilities
Debt	—		6,720,259		6,720,259		—			2,963			6,723,222
Intangible liabilities	—		219,219		219,219		—			(3,398		)	215,821
Management agreement between NSAM and NRF	—		1,683,028		1,683,028		—			(106,775		)	1,576,253
Liabilities related to assets held for sale	—		1,281,406		1,281,406		—			—			1,281,406
Tax liabilities	169,387		64,453		233,840		—			4,920			238,760
Accrued and other liabilities	972,755		306,430		1,279,185		7,214			1,425			1,287,824
Total liabilities	1,142,142		10,274,795		11,416,937		7,214			(100,865		)	11,323,286
Redeemable noncontrolling interests	78,843		—		78,843		—			—			78,843
Noncontrolling interests—investment entities	—		515,009		515,009		—			(8,556		)	506,453
Noncontrolling interests—Operating Company	8,162		—		8,162		—			—			8,162
Fair value of net assets acquired	$	1,474,463	$	3,968,359	$	5,442,822	$	(100,429	)	$	—		$	5,342,393

Merger consideration ⁽¹⁾	2,759,965		3,968,359		6,728,324		(7,870		)	—			6,720,454
Goodwill	$	1,285,502	$	—	$	1,285,502	$	92,559		$	—		$	1,378,061

__________


⁽¹⁾	The adjustment of $7.9 million reflects NSAM equity awards outstanding on the Closing Date that did not vest upon consummation of the Merger and that pertain to post-Merger services.

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 $1.6 billion based on a discounted cash flow analysis using a discount rate of 10%, and recorded as an intangible asset attributed to NSAM and a corresponding intangible liability attributed to NRF, in each case as of the Closing Date. Upon settlement of the management agreement, the intangible asset and the corresponding intangible liability were eliminated. No net gain or loss was recognized by Colony NorthStar from the settlement.

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

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

Real Estate and Related Intangibles—Fair value is based on the income approach which includes a direct capitalization method with 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.

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.

Results of NSAM and NRF

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



	Three Months Ended June 30, 2017								Six Months Ended June 30, 2017
(In thousands)	NSAM			NRF		Total			NSAM			NRF		Total
Total revenues	$	45,263		$	418,134	$	463,397		$	90,232		$	770,617	$	860,849
Net income (loss) attributable to Colony NorthStar, Inc.	(31,367		)	13,412		(17,955		)	(48,355		)	22,378		(25,977		)

Merger-Related Costs

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



(In thousands)	Three Months Ended June 30, 2017		Six Months Ended June 30, 2017
Merger-related costs:
Transaction costs
Fees to investment bankers contingent upon consummation of the Merger	$	—	$	66,800
Other fees	1,498		18,298
	1,498		85,098
Compensation expense
Equity-based compensation for replacement awards to NSAM executives	30,005		56,054
Severance and other employee transition	5,436		20,934
	35,441		76,988
Administrative expense	2,119		6,219
	$	39,058	$	168,305

Pro Forma Financial Information (Unaudited)

The following table presents pro forma financial information of the Company as if the Merger had been consummated on January 1, 2016. The pro forma financial information includes the pro forma impact of purchase accounting adjustments primarily related to fair value adjustments and depreciation and amortization, and excludes Merger-related transaction costs of $1.5 million and $85.1 million for the three and six months ended June 30, 2017, respectively. The pro forma financial information also gives effect to certain sales initiatives by NRF, cessation of the management agreement between NSAM and NRF, as well as a pay down of NSAM and NRF corporate borrowings. The pro forma financial information, however, does not reflect any potential benefits that may result from realization of future cost savings from operating efficiencies, or other incremental synergies expected to result from the Merger.

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



	Six months ended June 30,
(In thousands, except per share data)	2017		2016
Pro forma:
Total revenues	$	1,307,974	$	1,363,393
Net income (loss) attributable to Colony NorthStar, Inc.	216,575		(140,485		)
Net income (loss) attributable to common stockholders	143,635		(206,577		)
Earnings (loss) per common share:
Basic	$	0.27	$	(0.38	)
Diluted	$	0.27	$	(0.38	)

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.

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

The following table summarizes the consideration and preliminary allocation to assets acquired and liabilities assumed. The estimated fair values and preliminary purchase price allocation were based on information available at the time of acquisition and we continue 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 second quarter of 2017, adjustments were made to the valuation and underlying assumptions pertaining to lease intangibles, debt, real estate related receivables and liabilities as well as estimation of tax liabilities.



(In thousands)	As Reported At March 31, 2017			Measurement Period Adjustments			As Reported At June 30, 2017
Consideration
Carrying value of loans receivable outstanding at the time of restructuring	$	182,644		$	—		$	182,644
Cash	49,537			—			49,537
Total consideration	$	232,181		$	—		$	232,181
Identifiable assets acquired and liabilities assumed
Cash	$	303		$	—		$	303
Real estate assets	539,233			117			539,350
Real estate and related assets held for sale	26,263			—			26,263
Lease intangibles and other assets	38,288			1,679			39,967
Debt	(275,859		)	1,472			(274,387		)
Tax liabilities	(33,051		)	(3,028		)	(36,079		)
Lease intangibles and other liabilities	(60,208		)	(240		)	(60,448		)
Liabilities related to assets held for sale	(2,788		)	—			(2,788		)
Fair value of net assets acquired	$	232,181		$	—		$	232,181

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

Real Estate and Related Intangibles—Fair value is based on 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 on contracted sale price or 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.

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



(In thousands)	Three Months Ended June 30, 2017			Six Months Ended June 30, 2017
Total revenues	$	12,534		$	20,428
Net loss attributable to Colony NorthStar, Inc.	(1,471		)	(2,576		)

Real Estate

6 Months Ended

Jun. 30, 2017

Real Estate [Abstract]

Real Estate

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



(In thousands)	June 30, 2017			December 31, 2016
Land and improvements	$	2,222,346		$	764,365
Buildings, building leaseholds and improvements	11,502,868			2,559,682
Tenant improvements	172,452			87,643
Furniture, fixtures and equipment	288,003			7
Construction in progress	68,754			8,856
	14,254,423			3,420,553
Less: Accumulated depreciation	(370,219		)	(176,922		)
Real estate assets, net	$	13,884,204		$	3,243,631

Real Estate Sales

Results from sales of real estate were as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2017		2016		2017		2016
Proceeds from sales of real estate	$	69,762	$	56,262	$	973,603	$	224,977
Gain on sales of real estate	15,190		5,844		24,160		56,963

Real estate sold through the six months ended June 30, 2017 and 2016 did not constitute discontinued operations, other than the sale of a manufactured housing portfolio acquired through the Merger which qualified as held for sale upon acquisition, as discussed in Note 17.

Real estate held for sale at June 30, 2017 is presented in Note 9.

Real Estate Acquisitions

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



($ in thousands)						Purchase Price Allocation
	Acquisition Date	Property Type and Location	Number of Buildings	Purchase Price ⁽¹⁾		Land and Improvements		Building and Improvements		Lease Intangible Assets		Lease Intangible Liabilities
Six Months Ended June 30, 2017 ⁽²⁾
Asset Acquisitions
	January	Industrial—Spain	2	$	10,374	$	3,855	$	5,564	$	955	$	—
	June	Office—California, U.S.	1	455,699		93,577		314,590		50,518		(2,986		)
	Various	Light industrial—Various in U.S.	17	235,649		38,393		189,118		10,141		(2,003		)
				$	701,722	$	135,825	$	509,272	$	61,614	$	(4,989	)
Year Ended December 31, 2016
Business Combinations ⁽³⁾
	January	Industrial—Spain	23	$	94,403	$	33,265	$	56,585	$	5,318	$	(765	)
	April	Industrial—Massachusetts, U.S. ⁽⁴⁾	1	34,900		5,235		27,731		1,934		—
	May	Office—France	1	18,203		14,150		3,815		388		(150		)
	Various	Light industrial—Various in U.S.	18	201,635		36,974		151,689		16,063		(3,091		)
Asset Acquisitions
	Various	Light industrial—Various in U.S.	12	113,200		20,749		84,724		8,398		(671		)
				$	462,341	$	110,373	$	324,544	$	32,101	$	(4,677	)

__________


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


⁽²⁾	Useful life of real estate acquired in 2017 ranges from 26 to 39 years for buildings, 3 to 11 years for improvements and 2 to 14 years for other lease intangibles.


⁽³⁾	Prior to the adoption of the new definition of a business effective October 1, 2016, real estate acquisitions with existing leases generally met the definition of a business combination.


⁽⁴⁾	Real estate asset was sold in August 2016.

Depreciation and Impairment

Depreciation expense and impairment loss recognized on real estate were as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2017		2016		2017		2016
Depreciation	$	106,567	$	26,848	$	202,303	$	54,368
Impairment loss on real estate held for investment	6,358		—		13,126		—
Impairment loss on real estate held for sale	6,403		2,441		8,154		4,200

Property Operating Income

The components of property operating income were as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2017		2016		2017		2016
Rental income	$	167,370	$	69,832	$	318,613	$	137,053
Tenant reimbursements	34,244		16,085		65,769		30,830
Resident fee income ⁽¹⁾	74,838		—		140,532		—
Hotel operating income	224,079		9,431		402,471		19,082
	$	500,531	$	95,348	$	927,385	$	186,965

__________


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

Future Minimum Rents

The Company has operating leases with tenants that expire at various dates through 2061. Future contractual minimum rental payments to be received under noncancelable operating leases for real estate held for investment as of June 30, 2017 are as follows:



Year Ending December 31,	(In thousands)
Remaining 2017	$	295,396
2018	543,135
2019	499,217
2020	457,869
2021	393,374
2022 and after	1,662,306
Total ⁽¹⁾	$	3,851,297

__________


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

Commitments and Contractual Obligations

Purchase Commitments—At June 30, 2017, the Company had a deposit of $1.5 million and a remaining unfunded purchase commitment of $199.5 million for the acquisition of a portfolio of 20 buildings in the mid-Atlantic region in the Industrial segment.

Guarantee Agreements—In connection with certain hotel properties acquired through the Merger, 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 2025 and 2030. At June 30, 2017, the Company did not have any obligations under these guarantees.

Ground Lease Obligation—In connection with real estate acquisitions, the Company assumed certain noncancelable operating ground leases as lessee or sublessee with expiration dates between 2019 and 2252. Certain rents paid under ground leases are paid directly by the tenants or operators. Ground rent expense, including contingent rent, was $1.3 million and $0.1 million for the three months ended June 30, 2017 and 2016, respectively, and $2.1 million and $0.2 million for the six months ended June 30, 2017 and 2016, respectively.

At June 30, 2017, future minimum rental payments on noncancellable ground leases, excluding any contingent rent payments, on real estate held for investment were as follows.



Year Ending December 31,	(In thousands)
Remaining 2017	$	2,746
2018	5,256
2019	5,191
2020	5,230
2021	5,309
2022 and after	126,379
Total ⁽¹⁾	$	150,111

__________


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

Loans Receivable

6 Months Ended

Jun. 30, 2017

Receivables [Abstract]

Loans Receivable

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



	June 30, 2017								December 31, 2016
(Dollars in thousands)	Unpaid Principal Balance		Carrying Value			Weighted Average Coupon		Weighted Average Maturity in Years	Unpaid Principal Balance		Carrying Value			Weighted Average Coupon		Weighted Average Maturity in Years
Non-PCI Loans
Fixed rate
Mortgage loans	$	1,019,220	$	1,013,230		8.9	%	3.1	$	894,232	$	881,755		9.0	%	3.5
Securitized loans ⁽¹⁾	53,954		55,272			6.3	%	13.3	105,586		107,609			6.4	%	15.4
Mezzanine loans	401,149		397,865			11.9	%	2.9	372,247		369,207			12.3	%	2.8
Corporate loans	53,834		53,501			10.5	%	9.2	—		—			—	%	—
	1,528,157		1,519,868						1,372,065		1,358,571
Variable rate
Mortgage loans	686,716		688,665			7.1	%	1.4	494,797		487,651			8.2	%	0.8
Securitized loans ⁽¹⁾	611,648		611,979			6.2	%	3.3	775,963		776,156			5.7	%	2.7
Mezzanine loans	347,999		347,844			11.6	%	0.2	348,035		347,469			11.2	%	0.6
	1,646,363		1,648,488						1,618,795		1,611,276
	3,174,520		3,168,356						2,990,860		2,969,847
PCI Loans
Mortgage loans	2,034,899		901,762						748,930		521,905
Securitized mortgage loans	25,709		5,784						8,146		6,836
Mezzanine loans	7,425		3,671						—		—
	2,068,033		911,217						757,076		528,741
Allowance for loan losses			(70,484		)						(67,980		)
Loans receivable, net	$	5,242,553	$	4,009,089					$	3,747,936	$	3,430,608

__________


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

Nonaccrual and Past Due Loans

Non-PCI loans 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.



(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
June 30, 2017	$	3,101,322	$	26,765	$	709	$	39,560	$	3,168,356
December 31, 2016	2,912,023		7,379		1,172		49,273		2,969,847

Troubled Debt Restructuring

The following table provides a summary of non-PCI loan modifications classified as TDRs, in which the Company provided the borrowers, who are experiencing financial difficulties, with various concessions in interest rates, payment terms or default waivers. There were no loans modified in TDRs for the six months ended June 30, 2017.



	Six Months Ended June 30,
(Dollars in thousands)	2016
Loans modified as TDRs during the period:
Number of loans	1
Carrying value of loans before allowance for loan losses	$	37,611
Loss incurred	$	1,687

At June 30, 2017 and December 31, 2016, carrying value of TDR loans before allowance for loan losses was $66.2 million. These TDR loans were not in default post-modification. As of June 30, 2017, the Company has no additional commitments to lend to borrowers with TDR loans.

Non-PCI Impaired Loans

Non-PCI loans 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. 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
June 30, 2017	$	106,870	$	71,594	$	34,968	$	106,562	$	3,928
December 31, 2016	116,881		56,650		60,025		116,675		6,287

The average carrying value and interest income recognized on non-PCI impaired loans were as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2017		2016		2017		2016
Average carrying value before allowance for loan losses	$	106,243	$	89,452	$	111,742	$	71,932
Interest income	1,041		763		1,807		1,565

Purchased Credit-Impaired Loans

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

In January 2017, the Company acquired additional PCI loans through the Merger as well as a 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:



	Six Months Ended June 30,
(In thousands)	2017			2016
Beginning accretable yield	$	52,572		$	66,639
Additions	23,594			—
Changes in accretable yield	11,074			19,125
Accretion recognized in earnings	(31,823		)	(37,759		)
Effect of changes in foreign exchange rates	1,495			78
Ending accretable yield	$	56,912		$	48,083

Interest Income Recognized on Cash Basis

Interest income may be recognized on cash basis when the Company does not have reasonable expectations of the timing and amount of future cash receipts.

For the three and six months ended June 30, 2017, interest income of $0.2 million and $0.4 million, respectively, were recognized on a cash basis on loans with carrying values before allowance for loan losses of $55.6 million. For the three and six months ended June 30, 2016, interest income of $0.4 million and $0.8 million, respectively, were recognized on a cash basis on loans with carrying values before allowance for loan losses of $36.8 million.

Allowance for Loan Losses

The allowance for loan losses and related carrying values of loans held for investment were as follows:



	June 30, 2017				December 31, 2016
(In thousands)	Allowance for Loan Losses		Carrying Value		Allowance for Loan Losses		Carrying Value
Non-PCI loans	$	3,928	$	71,594	$	6,287	$	56,650
PCI loans	66,556		272,207		61,693		243,155
	$	70,484	$	343,801	$	67,980	$	299,805

Changes in allowance for loan losses is presented below:



	Six Months Ended June 30,
(In thousands)	2017			2016
Allowance for loan losses at January 1	$	67,980		$	35,187
Provision for loan losses	7,791			10,702
Charge-off	(5,287		)	(1,066		)
Allowance for loan losses at June 30	$	70,484		$	44,823

Included in provision for loan losses in the six months ended June 30, 2017 was a reversal of $1.5 million of provision previously recorded on PCI loans. There was no such reversal in the six months ended June 30, 2016.

Loans Held For Sale

Loans held for sale are presented in Note 9.

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 June 30, 2017, assuming the terms to qualify for future fundings, if any, have been met, total unfunded lending commitments was $220.1 million, of which the Company's share was $111.9 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

6 Months Ended

Jun. 30, 2017

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Ventures

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



(In thousands)	June 30, 2017		December 31, 2016
Equity method investments
Investment ventures	$	1,024,852	$	933,262
Private funds and retail companies	20,445		19,997
	1,045,297		953,259
Cost method investments
Investment venture	89,261		99,736
Private fund and retail companies	27,199		—
	116,460		99,736
Investments under fair value option
Private funds	338,679		—
Investment ventures	26,371		—
	365,050		—
	$	1,526,807	$	1,052,995

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

Equity Method Investments

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

The assets of the equity method investment entities may only be used to settle the liabilities of these entities and there is no recourse to the general credit of the Company nor the other investors for the obligations of these investment entities. Neither the Company nor the other investors are required to provide financial or other support in excess of their capital commitments, except for the Company's distribution support obligations to retail companies, as discussed below. The Company’s exposure to the investment entities is limited to its equity method investment balance as of June 30, 2017 and December 31, 2016, respectively.

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



(Dollars in thousands)			Ownership Interest ⁽¹⁾	Carrying Value
Investments	Description		June 30, 2017	June 30, 2017		December 31, 2016
Starwood Waypoint Homes	Common equity in operating company of single family residential REIT		—%	$	—	$	316,113
Colony American Finance	Common equity in specialty finance company that lends to owners of single family homes for rent	(2)	17.4%	55,996		57,754
NorthStar Realty Europe Corp	Common equity in publicly traded REIT managed by the Company	(2)	8.9%	61,230		—
RXR Realty	Common equity in investment venture with a real estate owner, developer and investment manager	(2)	27.2%	107,788		—
Preferred equity	Preferred equity investments with underlying real estate	(3)	Various	319,090		188,255
ADC investments	Investments in acquisition, development and construction loans in which the Company participates in residual profits from the projects, and the risk and rewards of the arrangements are more similar to those associated with investments in joint ventures	(4)	Various	301,233		271,649
Private funds and retail companies	GP interests in Company sponsored private funds, LP interest in third-party sponsored private fund, as well as seed capital in investment companies	(5)	Various	20,445		19,997
Other investment ventures	Interests in 15 investments, each with less than $61 million carrying value at June 30, 2017		Various	179,515		99,491
				$	1,045,297	$	953,259

__________

(1)

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


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


(3)	For one investment where the Company has 75% ownership at June 30, 2017, the minority member has control over day-to-day operations of the investment venture, therefore, the Company does not control but has significant influence over the investment venture through its majority interest. Some preferred equity investments may not have stated ownership interest.


(4)	Ownership interests generally range between 34% to 50%. Certain ADC investments have residual profit participation without a stated ownership interest.


(5)	Consists of (i) immaterial general partner ("GP") interests in private funds between 0.1% to 0.3%, (ii) 15% limited partner ("LP") interest in a private fund in which the Company has an equity method investment in the sponsor and (iii) seed capital for a 50% interest in investment companies.

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

NorthStar Realty Europe Corp—At June 30, 2017, the Company owned 4.9 million shares of NRE common stock or an 8.9% ownership interest, with approximately 4.7 million of the shares acquired in the second quarter of 2017. Prior to May 2017, the Company accounted for its previously immaterial interest in NRE as an investment in marketable equity securities.

Cost Method Investments

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

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

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

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

Investments under Fair Value Option

The Company elected the fair value option to account for its limited partnership interests, which range from 0.1% to 22.4%, in third-party sponsored funds acquired through the Merger, as well as equity method investments in certain investment ventures. The Company records earnings from these investments based on a change in fair value of its share of projected future cash flows. Unrealized gains or losses on changes in fair value of these investments is presented in Note 13.

Investment and Other Commitments

Investment Ventures—Pursuant to the operating agreements of certain unconsolidated ventures, the venture partners may be required to fund additional amounts for future investments, unfunded lending commitments, ordinary operating costs, guaranties or commitments of the venture entities. The Company also has lending commitments under ADC arrangements which are accounted for as equity method investments. At June 30, 2017, the Company’s share of these commitments was $44.2 million.

Private Funds—At June 30, 2017, the Company had unfunded commitments of $121.0 million and $17.9 million to Company-sponsored funds and third party-sponsored funds, respectively, including a private real estate fund sponsored by an equity method investee of the Company.

Retail Companies—The Company has committed to purchase up to $10.0 million in shares of common stock of its retail companies, which consist of non-traded REITs and investment companies, during the period from when each offering was declared effective through the end of their respective offering period, in the event that distributions to their stockholders, on a quarterly basis, exceed certain measures of operating performance. In addition, the Company committed up to $10.0 million to provide as distribution support in future sponsored retail companies, up to a total of five new companies per year. At June 30, 2017, the Company's remaining unfunded commitments to certain of the retail companies totaled $22.0 million.

Securities

6 Months Ended

Jun. 30, 2017

Investments, Debt and Equity Securities [Abstract]

Securities

The following table summarizes the Company's investment in debt and equity securities classified as available for sale. The balance at June 30, 2017 represents securities acquired through the Merger.



			Gross Cumulative Unrealized
(in thousands)	Amortized Cost		Gains		(Losses)			Fair Value
At June 30, 2017
CRE securities of consolidated N-Star CDOs:⁽¹⁾
CMBS	$	206,023	$	2,588	$	(4,720	)	$	203,891
Other securities ⁽²⁾	59,264		5,358		(37		)	64,585
N-Star CDO bonds ⁽³⁾	108,341		3,792		(6,751		)	105,382
CMBS and other securities ⁽⁴⁾	33,471		2,788		(246		)	36,013
	$	407,099	$	14,526	$	(11,754	)	$	409,871
At December 31, 2016
CMBS	$	24,103	$	—	$	(657	)	$	23,446

__________

⁽¹⁾As of June 30, 2017, the carrying value of CDO bonds payable in consolidated N-Star CDOs is $220.9 million.

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


⁽³⁾	Excludes $138.3 million principal amount of N-Star CDO bonds held by the Company in its consolidated CDOs that are eliminated upon consolidation and includes $2.0 million principal amount of N-Star CDO bonds held by a consolidated N-Star CDO.


⁽⁴⁾	Includes $13.5 million of CMBS held by a Company-sponsored retail company, which as of June 30, 2017, is consolidated by the Company through its seed capital. Other securities include a trust preferred security and certain investments in other third party CDO bonds.

N-Star CDOs—The Company acquired, upon the Merger, NRF's legacy CDOs. NRF had sponsored 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 June 30, 2017, contractual maturities of CRE securities ranged from one month to 35 years, with a weighted average expected maturity of 3.9 years.

Disposition of Securities

The sale of CMBS securities in January 2017 generated the following with realized gain recorded in other gain, net:



(In thousands)	Six Months Ended June 30, 2017
Proceeds from sale	$	24,788
Gross realized gain	567

There were no sales of securities for the three and six months ended June 30, 2016.

Impairment of AFS Securities

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



	Less Than 12 Months
	June 30, 2017					December 31, 2016
(In thousands)	Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss
CRE securities of consolidated N-Star CDOs:
CMBS	$	124,301	$	(4,720	)	$	—	$	—
Other securities	149		(37		)	—		—
N-Star CDO bonds	77,264		(6,751		)	—		—
CMBS and other securities	72		(246		)	23,446		(657		)

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

For the three and six months ended June 30, 2017, the Company recorded $0.7 million of OTTI loss on N-Star CDO bonds in other gain (loss) in the consolidated statements of operations due to an adverse change in expected cash flows. With the exception of these securities, the Company does not intend to sell any of the AFS securities in a loss position and it is not likely that the Company will be required to sell these securities prior to recovery of their amortized cost, which may be at maturity. The Company believes that the remaining AFS securities with unrealized loss in accumulated other comprehensive income are not other than temporarily impaired at June 30, 2017.

Purchased Credit-Impaired Debt Securities

Certain debt securities acquired by the Company through the Merger were considered to be credit impaired at time of acquisition, with the following outstanding balance at June 30, 2017:



(In thousands)	June 30, 2017
Outstanding principal	$	494,589
Amortized cost	48,385
Carrying value	48,851

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



(In thousands)	January 2017
Contractually required payments including interest	$	565,755
Less: Nonaccretable difference	(433,321		)
Cash flows expected to be collected	132,434
Less: Accretable yield	(74,848		)
Fair value of PCI debt securities acquired	$	57,586

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



(In thousands)	Six Months Ended June 30, 2017
Beginning accretable yield	$	—
Assumed through the Merger	74,848
Accretion recognized in earnings	(6,979		)
Changes in accretable yield	1,028
Ending accretable yield	$	68,897

Goodwill, Deferred Leasing Costs and Other Intangibles

6 Months Ended

Jun. 30, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill, Deferred Leasing Costs and Other Intangibles

Goodwill

Goodwill associated with each of the Company's business combinations is attributed to the following reportable segments. This includes $1.4 billion of goodwill arising from the Merger (Note 3), of which $249.8 million was related to the Townsend investment management business that is held for sale at June 30, 2017 (Note 9). The total goodwill amount below is not expected to be deductible for income tax purposes.



(In thousands)	June 30, 2017		December 31, 2016
Industrial	$	20,000	$	20,000
Investment management	1,788,393		660,127
	$	1,808,393	$	680,127

No goodwill impairment was recognized during the six months ended June 30, 2017 and 2016.

Deferred Leasing Costs, Other Intangible Assets and Intangible Liabilities

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



	June 30, 2017							December 31, 2016
(In thousands)	Carrying Amount (Net of Impairment)⁽¹⁾		Accumulated Amortization			Net Carrying Amount		Carrying Amount (Net of Impairment)⁽¹⁾		Accumulated Amortization			Net Carrying Amount
Deferred Leasing Costs and Intangible Assets
In-place lease values	$	302,237	$	(84,285	)	$	217,952	$	149,301	$	(52,489	)	$	96,812
Above-market lease values	180,363		(24,698		)	155,665		27,731		(13,705		)	14,026
Below-market ground lease obligations	33,978		(296		)	33,682		34,241		(411		)	33,830
Deferred leasing costs	125,263		(32,247		)	93,016		88,879		(25,502		)	63,377
Trade name ⁽²⁾	79,700		(1,525		)	78,175		15,500		NA			15,500
Investment management contracts	399,091		(48,859		)	350,232		39,646		(25,400		)	14,246
Customer relationships	59,400		(8,120		)	51,280		46,800		(5,850		)	40,950
Other ⁽³⁾	56,756		(991		)	55,765		—		—			—
Total deferred leasing costs and intangible assets	$	1,236,788	$	(201,021	)	$	1,035,767	$	402,098	$	(123,357	)	$	278,741
Intangible Liabilities
Below-market lease values	$	233,822	$	(25,035	)	$	208,787	$	30,507	$	(10,690	)	$	19,817
Above-market ground lease obligations	13,417		(351		)	13,066		172		(12		)	160
Total intangible liabilities	$	247,239	$	(25,386	)	$	221,853	$	30,679	$	(10,702	)	$	19,977

__________


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


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


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

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



	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands)	2017			2016			2017			2016
Above-market lease values	$	(6,301	)	$	(1,823	)	$	(11,815	)	$	(4,589	)
Below-market lease values	9,755			1,594			17,195			3,533
Net increase (decrease) to rental income	$	3,454		$	(229	)	$	5,380		$	(1,056	)

Above-market ground lease obligations	$	(178	)	$	(1	)	$	(364	)	$	(3	)
Below-market ground lease obligations	342			120			595			262
Net increase to ground rent expense	$	164		$	119		$	231		$	259

In-place lease values	$	20,259		$	4,629		$	40,194		$	15,045
Deferred leasing costs	4,577			3,407			8,823			6,755
Trade name	937			—			1,793			—
Investment management contracts	10,996			2,723			19,214			5,632
Customer relationships	3,191			835			6,131			1,671
Other	2,339			—			4,614			—
Amortization expense	$	42,299		$	11,594		$	80,769		$	29,103

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:



(In thousands)
Year Ending December 31,	Remaining 2017			2018			2019			2020			2021			2022 and after			Total
Above-market lease values	$	(11,958	)	$	(22,564	)	$	(20,556	)	$	(19,209	)	$	(17,695	)	$	(63,683	)	$	(155,665	)
Below-market lease values	15,165			28,071			25,307			23,380			21,369			95,495			208,787
Increase to rental income	$	3,207		$	5,507		$	4,751		$	4,171		$	3,674		$	31,812		$	53,122

Above-market ground lease obligations	$	(406	)	$	(773	)	$	(773	)	$	(773	)	$	(773	)	$	(9,568	)	$	(13,066	)
Below-market ground lease obligations	524			1,045			1,045			1,045			1,048			28,975			33,682
Increase to rent expense	$	118		$	272		$	272		$	272		$	275		$	19,407		$	20,616

In-place lease values	$	19,327		$	31,819		$	26,297		$	21,132		$	16,764		$	102,613		$	217,952
Deferred leasing costs	10,189			16,858			13,966			11,232			8,808			31,963			93,016
Trade name	1,605			3,210			3,210			3,210			3,210			48,230			62,675
Investment management contracts	19,714			34,932			33,419			32,476			31,971			197,720			350,232
Customer relationships	2,301			4,572			4,572			4,572			4,572			30,691			51,280
Other	996			862			739			739			739			21,747			25,822
Amortization expense	$	54,132		$	92,253		$	82,203		$	73,361		$	66,064		$	432,964		$	800,977

- 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

6 Months Ended

Jun. 30, 2017

Discontinued Operations and Disposal Groups [Abstract]

The Company's assets and related liabilities held for sale at June 30, 2017 are summarized below:



(In thousands)	June 30, 2017		December 31, 2016
Assets
Cash	$	8,437	$	—
Real estate	593,042		223,954
Loans receivable	—		29,353
Investments in unconsolidated ventures ⁽¹⁾	23,462		—
Goodwill ⁽²⁾	249,795		—
Intangible assets, net	269,115		21,239
Other assets	46,271		18,378
Total assets held for sale	$	1,190,122	$	292,924

Liabilities
Secured debt ⁽³⁾	$	121,697	$	—
Lease intangibles and other liabilities	81,851		14,296
Total liabilities related to assets held for sale	$	203,548	$	14,296

__________


⁽¹⁾	Represents interests in Townsend-sponsored funds.

In connection with the acquisition of approximately 1% GP interests in the Townsend funds, the Company assumed an obligation to the sellers of Townsend under which the sellers are entitled to approximately 84% of the value of these funds at the closing date of the Townsend acquisition, along with any income related to capital contributed prior to closing. The Company is obligated to fund all future contributions and is entitled to any income on such contributions. The Company's liability to the Townsend sellers of approximately $16.8 million is included within other liabilities above. Certain distributions received from these Townsend funds will be applied against the assumed liability to the Townsend sellers.


⁽²⁾	Associated with Townsend investment management business, of which $150.0 million is deductible for income tax purposes as of June 30, 2017.


⁽³⁾	Represents only debt that will be assumed by the buyer upon sale of the asset.

Assets held for sale at June 30, 2017 did not constitute discontinued operations, other than those acquired through business combinations which qualified as held for sale upon acquisition, as discussed in Note 17.

Discontinued Operations

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

This consisted predominantly of a manufactured housing portfolio which 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 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 from the Closing Date through their respective disposition dates is presented below.



(In thousands)	Six Months Ended June 30, 2017
Revenues
Property operating income	$	33,857
Other income	2,257
Expenses
Property operating expenses	(12,395		)
Interest expense	(9,028		)
Loss on sale of real estate assets	(2,108		)
Other expenses	(23		)
Net income from discontinued operations attributable to Colony NorthStar, Inc.	$	12,560

Restricted Cash, Other Assets and Other Liabilities

6 Months Ended

Jun. 30, 2017

Restricted Cash, Other Assets And Other Liabilities [Abstract]

Restricted Cash, Other Assets and Other Liabilities

Restricted Cash

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



(In thousands)	June 30, 2017		December 31, 2016
Capital expenditures reserves ⁽¹⁾	$	107,566	$	1,502
Real estate escrow reserves ⁽²⁾	36,010		13,116
Borrower escrow deposits	62,471		61,744
Working capital and other reserves ⁽³⁾	22,579		27,768
Tenant lock boxes ⁽⁴⁾	17,936		—
Cash of consolidated N-Star CDOs ⁽⁵⁾	19,774		—
Other	34,344		7,829
	$	300,680	$	111,959

__________


⁽¹⁾	Represents primarily capital improvements, furniture, fixtures and equipment, tenant improvements, lease renewal and replacement reserves related to real estate assets. At June 30, 2017, included $18.3 million of pre-funded capital expenditures from a noncontrolling interest in the healthcare portfolio.


⁽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)	June 30, 2017		December 31, 2016
Interest receivable	$	31,977	$	42,296
Straight-line rents and unbilled rent receivable ⁽¹⁾	47,187		39,955
Hotel operating income receivable	18,576		—
Resident fee income receivable	10,997		—
Hotel-related reserves ⁽²⁾	32,445		—
Investment deposits and pending deal costs	47,663		66,310
Deferred financing costs, net ⁽³⁾	12,205		10,533
Contingent consideration account ⁽⁴⁾	14,334		10,836
Derivative assets	18,809		36,101
Prepaid taxes and deferred tax assets	33,496		—
Receivables from resolution of investments ⁽⁵⁾	63,168		—
Prepaid expenses, accounts receivable and other assets	83,090		9,099
Fixed assets, net	45,755		45,455
	$	459,702	$	260,585

__________


⁽¹⁾	Presented net of allowance for bad debt of $10.0 million at June 30, 2017 and $4.1 million at December 31, 2016.


⁽²⁾	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.


⁽³⁾	Deferred financing costs relate to revolving credit arrangements.

⁽⁴⁾

Contingent consideration 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 Company's acquisition of the investment management business and operations of its former manager (Notes 13 and 15). Upon settlement of the contingent consideration 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.


⁽⁵⁾	Represents proceeds from loan payoffs held in escrow at June 30, 2017.

Accrued and Other Liabilities

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



(In thousands)	June 30, 2017		December 31, 2016
Tenant security deposits	$	31,418	$	12,105
Borrower escrow deposits	68,556		64,118
Prepaid and unearned property operating income	43,161		27,575
Interest payable	47,056		19,399
Derivative liabilities	179,221		5,448
Current and deferred tax liability	287,850		41,462
Accrued compensation	38,730		39,697
Accounts payable, accrued expenses and other liabilities	272,876		77,148
	$	968,868	$	286,952

Debt

6 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

Debt

The Company's debt is made up 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
June 30, 2017
Principal	$	71,000	$	619,905		$	9,149,646		$	654,700		$	280,117		$	10,775,368
Premium (discount), net	NA		3,784			(107,974		)	(94,295		)	(83,986		)	(282,471		)
Deferred financing costs	NA		(9,994		)	(62,801		)	(1,124		)	—			(73,919		)
	$	71,000	$	613,695		$	8,978,871		$	559,281		$	196,131		$	10,418,978
December 31, 2016
Principal	$	422,600	$	602,500		$	2,235,022		$	497,525		$	—		$	3,757,647
Premium (discount), net	NA		1,385			(3,560		)	—			—			(2,175		)
Deferred financing costs	NA		(11,059		)	(25,765		)	(3,030		)	—			(39,854		)
	$	422,600	$	592,826		$	2,205,697		$	494,495		$	—		$	3,715,618

__________


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


⁽²⁾	At June 30, 2017 and December 31, 2016, debt with carrying value of $244.4 million and $108.8 million, respectively, were related to financing of assets held for sale. Debt that will be assumed by a buyer upon the sale of an asset are presented separately in Note 9.

The following table summarizes certain information about the different components of debt:



	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
June 30, 2017
Recourse
Corporate credit facility	$	—	—	%	—	$	71,000	3.47	%	3.5	$	71,000	3.47	%	3.5
Convertible and exchangeable senior notes	619,905		4.28	%	4.6	—		—	%	—	619,905		4.28	%	4.6
Junior subordinated debt	—		—	%	—	280,117		4.16	%	18.9	280,117		4.16	%	18.9
Secured and unsecured debt ⁽¹⁾	40,170		5.02	%	8.4	11,175		3.87	%	0.8	51,345		4.77	%	6.8
	660,075					362,292					1,022,367
Non-recourse
Securitization bonds payable	55,634		3.05	%	31.4	599,066		2.84	%	25.2	654,700		2.85	%	25.7
Secured and unsecured debt ⁽²⁾
Healthcare	2,168,956		4.64	%	3.4	1,190,792		5.38	%	2.1	3,359,748		4.90	%	3.0
Industrial	785,119		3.82	%	11.7	—		—	%	—	785,119		3.82	%	11.7
Hospitality	—		—	%	—	2,601,432		4.33	%	1.3	2,601,432		4.33	%	1.3
Other Real Estate Equity ⁽³⁾	661,456		4.40	%	5.9	990,196		3.25	%	1.0	1,651,652		3.71	%	3.0
Real Estate Debt	—		—	%	—	700,350		3.84	%	3.0	700,350		3.84	%	3.0
	3,671,165					6,081,836					9,753,001
Total debt	$	4,331,240				$	6,444,128				$	10,775,368



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

__________


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

⁽²⁾

At June 30, 2017, various debt with outstanding principal totaling $580.3 million were either in payment default, including maturity default, primarily related to debt assumed from acquisition of CPI, or were not in compliance with certain covenants, as it relates to mortgage debt in the healthcare and hospitality segments. At December 31, 2016, outstanding principal of $83.0 million on seller-provided financing on a portfolio of properties in the other real estate equity segment was in payment default. The Company is negotiating with the various lenders and seller to restructure the respective financing arrangements and is in the process of refinancing the CPI debt.


⁽³⁾	Includes $2.6 million of outstanding principal of non-recourse unsecured debt assumed through the acquisition of CPI.

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 matures 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 June 30, 2017, the borrowing base was sufficient to permit borrowings up to the full $1.0 billion commitment.

Advances under the JPM Credit Agreement accrue interest at a per annum rate equal to the sum of one-month LIBOR plus 2.25% or a base rate determined according to a prime rate or federal funds rate plus a margin of 1.25%. At June 30, 2017, the Company had outstanding borrowings bearing weighted average interest at 3.47% per annum. The Company also pays a commitment fee of 0.25% or 0.35% per annum of the unused amount (0.35% at June 30, 2017), depending upon the amount of facility utilization.

Some of the Company’s subsidiaries guaranty 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 June 30, 2017, the Company was in compliance with all of the financial covenants.

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

Convertible and Exchangeable Senior Notes

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

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

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



				Conversion or Exchange Price (per share of common stock)		Conversion or Exchange Ratio ⁽²⁾ (In Shares)	Conversion or Exchange Shares (in thousands)	Earliest Redemption Date	Outstanding Principal (in thousands)
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	June 30, 2017		December 31, 2016
5.00% Convertible Notes	April 2013	April 15, 2023	5.00%	$	15.76	63.4700	12,694	April 22, 2020	$	200,000	$	200,000
3.875% Convertible Notes	January and June 2014	January 15, 2021	3.875%	16.57		60.3431	24,288	January 22, 2019	402,500		402,500
7.25% Exchangeable Notes	June 2007 ⁽¹⁾	June 15, 2027	7.250%	21.95		45.5548	46	June 15, 2017	1,000		—
5.375% Exchangeable Notes	June 2013 ⁽¹⁾	June 15, 2033	5.375%	12.04		83.0837	1,363	June 15, 2023	16,405		—
									$	619,905	$	602,500

__________


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

⁽²⁾

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

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

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

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

In June 2017, the Company repurchased approximately $12.0 million of the outstanding principal of the 7.25% exchangeable notes at $12.4 million, equal to the sum of outstanding principal and accrued interest, upon exercise of the repurchase option by certain note holders.

Secured and Unsecured Debt

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

Securitization Bonds Payable

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

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

Junior Subordinated Debt

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

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

Future Minimum Principal Payments

The following table summarizes future scheduled minimum principal payments at June 30, 2017 based on current contractual maturity, except for financing on certain loan portfolios, which are based on the Company's expectation of cash flows from underlying loan collateral as principal repayments on the loan financing depend upon net cash flows from collateral assets and ratio of outstanding principal to collateral.



(In thousands)	Credit Facilities		Convertible and Exchangeable Senior Notes		Secured and Unsecured Debt		Securitization Bonds Payable (2)		Junior Subordinated Notes		Total
Year Ending December 31,	Credit Facilities		Convertible and Exchangeable Senior Notes		Secured and Unsecured Debt		Securitization Bonds Payable (2)		Junior Subordinated Notes		Total
Remaining 2017 ⁽¹⁾	$	—	$	—	$	1,980,298	$	—	$	—	$	1,980,298
2018	—		—		539,541		—		—		539,541
2019	—		—		3,910,241		—		—		3,910,241
2020	—		—		130,901		—		—		130,901
2021	71,000		402,500		859,977		—		—		1,333,477
2022 and after	—		217,405		1,728,688		654,700		280,117		2,880,910
Total	$	71,000	$	619,905	$	9,149,646	$	654,700	$	280,117	$	10,775,368

__________


⁽¹⁾	At June 30, 2017, $956.8 million in outstanding principal of secured and unsecured debt maturing in 2017 have met their respective qualifying conditions for extension of maturity.


⁽²⁾	For securitization bonds payable, principal may be repaid earlier if proceeds from underlying loans and securities are repaid by borrowers. Future estimated principal payments on securitization bonds payable at June 30, 2017, if based on reasonable expectations of cash flows from underlying loans and securities, would be as follows:



(In thousands)	Securitization Bonds Payable
Year Ending December 31,	Securitization Bonds Payable
Remaining 2017	$	228,027
2018	267,913
2019	100,000
2020	58,760
Total	$	654,700

Derivatives

6 Months Ended

Jun. 30, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

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

In connection with the Merger, the Company assumed $6.1 billion notional of interest rate contracts, including those held by consolidated N-Star CDOs, all of which are non-designated. This includes a $2.0 billion notional forward starting swap with a 3.39% strike and a maturity date in December 2029, with mandatory settlement at fair value by December 2019. The interest rate swap was intended to hedge the interest rate risk on future refinancing of certain mortgage debt assumed in the Merger. At June 30, 2017, the interest rate swap was out of the money and recorded as a derivative liability of $153.2 million, which was a $5.8 million unfavorable change in fair value from the Closing Date.

Gross fair value of derivative assets and derivative liabilities were as follows:



	June 30, 2017									December 31, 2016
(In thousands)	Designated Hedges			Non-Designated Hedges			Total			Designated Hedges			Non-Designated Hedges			Total
Derivative Assets
Foreign exchange contracts	$	17,210		$	961		$	18,171		$	34,715		$	1,103		$	35,818
Interest rate contracts	—			638			638			—			283			283
Included in other assets	$	17,210		$	1,599		$	18,809		$	34,715		$	1,386		$	36,101
Derivative Liabilities
Foreign exchange contracts	$	(23,505	)	$	(2,475	)	$	(25,980	)	$	(5,011	)	$	(437	)	$	(5,448	)
Interest rate contracts	—			(153,241		)	(153,241		)	—			—			—
Included in accrued and other liabilities	$	(23,505	)	$	(155,716	)	$	(179,221	)	$	(5,011	)	$	(437	)	$	(5,448	)

Certain counterparties to the derivative instruments require the Company to deposit cash or other eligible collateral. The Company had $2.0 million of cash collateral on deposit in connection with the notional forward starting swap that was out of the money at June 30, 2017, and none at December 31, 2016.

Foreign Exchange Contracts

The following table summarizes the aggregate notional amounts of designated and non-designated foreign exchange contracts in place at June 30, 2017, along with certain key terms:

Hedged Currency

Instrument Type

Notional Amount
(in thousands)

Range of Expiration Dates

Designated

Non-Designated

FX Rates
($ per unit of foreign currency)

EUR

FX Collar

€

145,702

€

273

Min $1.06 / Max $1.53

July 2017 to January 2021

GBP

FX Collar

54,460

5,540

Min $1.45 / Max $1.82

September 2017 to December 2019

EUR

FX Forward

€

321,987

€

3,052

Range from $1.06 to $1.24

July 2017 to January 2022

GBP

FX Forward

104,077

24,273

Range from $1.23 to $1.27

December 2018 to December 2020

CHF

FX Forward

CHF

55,545

CHF

Range from $1.47 to $1.50

January 2030

NOK

FX Forward

NOK

851,619

NOK

71,381

$0.12

November 2017

Designated Net Investment Hedges

The Company’s foreign denominated net investments in subsidiaries or joint ventures were €512.3 million, £240.2 million, CHF57.8 million and NOK802.8 million, or a total of $1,052.0 million, at June 30, 2017, and €394.4 million, £106.2 million, CHF54.5 million and NOK842.1 million, or a total of $697.4 million, at December 31, 2016.

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


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


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

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

Following the liquidation of underlying investments of foreign subsidiaries, net realized gains on net investment hedges were transferred out of accumulated other comprehensive income into earnings, recorded in other gain (loss), amounting to $1.3 million for the six months ended June 30, 2017 and $0.1 million for the three and six months ended June 30, 2016. There were no such transfers for the three months ended June 30, 2017.

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), which was an unrealized loss of $1.6 million and an unrealized gain of $0.4 million for the three months ended June 30, 2017 and 2016, respectively, and an unrealized loss of $2.1 million and an unrealized gain of $52,000 for the six months ended June 30, 2017 and 2016, 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 June 30, 2017, the Company held the following interest rate contracts:



	Notional Amount (in thousands)			Strike Rate / Forward Rate
Instrument Type	Non-Designated		Index	Strike Rate / Forward Rate	Expiration
Interest rate swaps	$	2,000,000	3-Month LIBOR	3.39%	December 2029
Interest rate swaps	$	3,586	1-Month LIBOR	4.17% - 5.12%	July 2018 to July 2023
Interest rate caps	$	6,748,816	1-Month LIBOR	1.75% - 5.63%	August 2017 to November 2020
Interest rate caps	$	412,866	3-Month LIBOR	2.50% - 5.00%	September 2017 to March 2019
Interest rate caps	€	406,209	3-Month EURIBOR	0.75% - 1.50%	October 2018 to June 2022
Interest rate caps	£	431,838	3-Month GBP LIBOR	2.00% - 2.50%	December 2017 to February 2020

Additionally, a consolidated N-Star CDO also held a $10.0 million basis swap, expiring in January 2019, paying 3-month LIBOR plus 1.95% and receiving 1-month LIBOR plus 1.88%, to economically hedge the timing of payments between an asset and corresponding liability held by the consolidated N-Star CDO.

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



	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands)	2017			2016			2017			2016
Unrealized gain (loss):
Cash flow hedge ineffectiveness	$	—		$	68		$	—		$	101
Non-designated interest rate contracts	$	(29,315	)	$	(330	)	$	(6,723	)	$	(1,374	)

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)
June 30, 2017
Derivative Assets
Foreign exchange contracts	$	18,171		$	(13,475	)	$	—	$	4,696
Interest rate contracts	638			—			—		638
	$	18,809		$	(13,475	)	$	—	$	5,334
Derivative Liabilities
Foreign exchange contracts	$	(25,980	)	$	13,475		$	2,010	$	(10,495	)
Interest rate contracts	(153,241		)	—			—		(153,241		)
	$	(179,221	)	$	13,475		$	2,010	$	(163,736	)

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

Fair Value

6 Months Ended

Jun. 30, 2017

Fair Value Disclosures [Abstract]

Fair Value

Recurring Fair Values

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

Investments in Unconsolidated Ventures

The Company elected the fair value option to account for certain investments in unconsolidated ventures, including investments in private funds acquired in connection with the Merger. The Company determined that recording such investments based on the change in fair value of projected future cash flows better represents the underlying economics of the respective investments in the earnings of the Company.

Fair value of investments in unconsolidated ventures is determined using discounted cash flow models based on expected future cash flows for income and realization events of the underlying assets, classified as Level 3 of the fair value hierarchy, with changes in fair value recorded in earnings from investments in unconsolidated ventures. The Company has not elected the practical expedient to measure the fair value of its investments in private funds using the net asset value of the underlying funds.

Securities

N-Star CDO bonds—Fair value of N-Star CDO bonds is based on quotations from financial institutions that generally acted as underwriters of the CDO transactions. These quotations are not adjusted and are generally based on a valuation model using unobservable inputs such as interest rates, expected future cash flows, discount rates, estimated prepayments and projected losses. Fair value of subordinate N-Star CDO bonds is 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.

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 related to CRE securities (including N-Star CDO bonds). The Company believes such pricing service or broker quotation for such items may be based on a market transaction 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.

Derivatives

Derivative instruments consist of interest rate contracts and foreign exchange contracts that are traded over-the-counter, and are valued using a third-party service provider. These quotations 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. If a significant credit valuation adjustment is applied to a derivative instrument to account for the risk of non-performance, such fair value measurement is classified as Level 3 of the fair value hierarchy. For derivatives held in non-recourse CDO financing structures where, by design, the derivative contracts are senior to all the CDO bonds payable, there is no material impact of a credit valuation adjustment.

Due To Affiliates—Contingent Consideration

Contingent consideration is payable to certain senior executives of the Company in connection with the Company's acquisition of the investment management business and operations of its former manager in April 2015. The contingent consideration is to be paid in a combination of up to approximately 1.50 million shares of class A common stock, 133,420 shares of class B common stock and approximately 5.09 million OP Units (after giving effect to the Colony exchange ratio of 1.4663), 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. 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.

The table below presents a summary of assets and liabilities carried at fair value on a recurring basis, including financial instruments for which fair value option was elected. At June 30, 2017 and December 31, 2016, there were no financial assets and liabilities classified as Level 1 of the fair value hierarchy.



	Fair Value Measurements
(In thousands)	Level 2		Level 3		Total
June 30, 2017
Assets
Investments in unconsolidated ventures	$	—	$	365,050	$	365,050
Securities available for sale
CRE securities of consolidated N-Star CDOs:
CMBS	—		203,891		203,891
Other securities	—		64,585		64,585
N-Star CDO bonds	—		105,382		105,382
CMBS and other securities	13,770		22,243		36,013
Other assets—derivative assets	18,809		—		18,809
Liabilities
Other liabilities—derivative liabilities	179,221		—		179,221
Due to affiliates—contingent consideration	—		33,000		33,000

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

Level 3 Fair Value Measurements

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

Valuation Technique

Key Unobservable Inputs

Input Value

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

Financial Instrument

Fair Value

(In thousands)

Weighted Average

(Range)

June 30, 2017

Investments in unconsolidated ventures—private funds

338,679

Discounted cash flows

Discount rate

13.3%
(7.1% - 20.0%)

Decrease

Investments in unconsolidated ventures—others

26,371

Discounted cash flows

Discount rate

18.0%
(12.5% - 20.0%)

Decrease

Due to affiliates—contingent consideration

33,000

Monte Carlo simulation

Benchmark FFO volatility

16.3%

Increase

Equity volatility

22.6%

Increase

Correlation ⁽²⁾

80.0%

Increase

December 31, 2016

Due to affiliates—contingent consideration

41,250

Monte Carlo simulation

Benchmark FFO volatility

16.1%

Increase

Equity volatility

32.5%

Increase

Correlation ⁽²⁾

80.0%

Increase

__________


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


⁽²⁾	Represents 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.



	Assets						Liabilities
(In thousands)	Investments in Unconsolidated Ventures			Securities			Due To Affiliates—Contingent Consideration
Fair value at December 31, 2016	$	—		$	—		$	(41,250	)
Acquired through the Merger	405,626			433,850			—
Purchases / borrowings / amortization / contributions	27,017			23,779			—
Paydowns or distributions	(79,226		)	(62,342		)	—
Realized gains (losses) in earnings	—			(2,110		)	—
Unrealized gains (losses):
In earnings	11,633			—			8,250
In other comprehensive income	—			2,924			—
Fair value at June 30, 2017	$	365,050		$	396,101		$	(33,000	)
Unrealized gains (losses) related to balance at June 30, 2017:
In earnings	$	11,633		$	—		$	8,250
In other comprehensive income	$	—		$	2,924		$	—

Fair value at December 31, 2015	$	—		$	—		$	(52,990	)
Unrealized gain in earnings	—			—			9,090
Fair value at June 30, 2016	$	—		$	—		$	(43,900	)
Unrealized gain related to balance at June 30, 2016 recorded in earnings	$	—		$	—		$	9,090

Nonrecurring Fair Values

The Company holds certain assets carried at fair value on a nonrecurring basis, which comprise real estate held for sale carried at the lower of carrying value and fair value less estimated costs to sell, as follows.



(In thousands)	June 30, 2017		December 31, 2016
Real estate held for sale	$	96,807	$	67,033

Real estate held for sale written down to fair value at June 30, 2017 was estimated based on auction bid prices, broker price opinions or discounted cash flows with discount rates between 5.6% to 11.0%, and selling costs between 2% to 8% of fair value, classified as level 3 fair value.

Fair Value Information on Financial Instruments Reported at Cost

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



	Fair Value Measurements								Carrying Value
(In thousands)	Level 1		Level 2		Level 3		Total		Carrying Value
June 30, 2017
Assets
Loans receivable, net	$	—	$	—	$	4,051,565	$	4,051,565	$	4,009,089
Liabilities
Corporate credit facility	—		71,000		—		71,000		71,000
Convertible and exchangeable senior notes	617,974		20,522		—		638,496		613,695
Secured and unsecured debt	—		—		9,025,151		9,025,151		8,978,871
Securitization bonds payable	—		560,405		—		560,405		559,281
Junior subordinated debt	—		—		211,277		211,277		196,131
December 31, 2016
Assets
Loans receivable, net	$	—	$	—	$	3,471,797	$	3,471,797	$	3,430,608
Liabilities
Corporate credit facility	—		422,600		—		422,600		422,600
Convertible senior notes	606,698		—		—		606,698		592,826
Secured and unsecured debt	—		—		2,163,094		2,163,094		2,205,697
Securitization bonds payable	—		492,481		—		492,481		494,495

Loans Receivable—Loans receivable consist of first mortgages, subordinated mortgages and corporate loans, including such loans held by securitization vehicles consolidated by the Company. Fair values were 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 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 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 and accrued and other liabilities 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

6 Months Ended

Jun. 30, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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 either 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 comprise 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 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 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. 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 the securitization vehicles are consolidated within the Company's consolidated financial statements. The Company’s exposure to the obligations of the securitization vehicles is generally limited to its investment in these entities, which was $478.2 million at June 30, 2017 and $407.0 million at December 31, 2016. 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. The Company did not provide any such financial support in the three months ended June 30, 2017 and 2016.

The following table presents the assets and liabilities recorded in the consolidated balance sheets attributable to securitization vehicles consolidated as VIEs:



(In thousands)	June 30, 2017		December 31, 2016
Assets
Cash	$	30,972	$	4,320
Loans receivable, net	672,527		885,374
Securities	268,476		—
Real estate, net	8,233		8,873
Other assets	98,235		66,306
Total assets	$	1,078,443	$	964,873
Liabilities
Debt, net	$	559,281	$	494,495
Other liabilities	41,006		63,381
Total liabilities	$	600,287	$	557,876

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 includes but is 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 $145.5 million at June 30, 2017.

Trusts

The Company, through the Merger, acquired the Trusts, which are wholly-owned subsidiaries of NRF formed as statutory trusts. The Trusts issued preferred securities in private placement offerings, and used the proceeds to purchase junior subordinated notes to evidence loans made to NRF (Note 11). The Company owns all of the common stock of the Trusts, however, the Company's interests in the Trusts do not represent variable interests. The Company determined that the holders of the preferred securities issued by the Trusts are the primary beneficiaries of the Trusts, therefore, the Company does not consolidate the Trusts. The Company accounts for its interest in the Trusts under the equity method and its maximum exposure to loss is limited to its investment carrying value of $3.7 million at June 30, 2017, recorded in investments in unconsolidated ventures on the consolidated balance sheet (Note 6). The junior subordinated notes are recorded as debt on the Company's consolidated balance sheet.

Company-Sponsored Funds

The Company sponsors 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 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 funds, which represent voting rights in a limited partnership, results in such funds being considered VIEs. The Company may invest alongside certain of its sponsored funds through joint ventures between the Company and its sponsored funds. These co-investment joint ventures are consolidated by the Company. As general partner, the Company has capital commitments directly to its sponsored funds. The Company may also have capital commitments satisfied directly through the co-investment joint ventures as an affiliate of the general partner. The 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 interests in its sponsored funds absorb insignificant variability. As the Company is considered to be acting in the capacity of an agent of its sponsored funds, the Company is not the primary beneficiary and does not consolidate its sponsored funds. The Company accounts for its equity interests in its sponsored funds under the equity method. The Company's maximum exposure to loss is limited to the carrying value of its investment in its sponsored funds, totaling $1.6 million at June 30, 2017 and $1.7 million at December 31, 2016, included within investments in unconsolidated ventures on the consolidated balance sheet.

Stockholders' Equity

6 Months Ended

Jun. 30, 2017

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

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

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



	Number of Shares
(In thousands)	Preferred Stock		Class A Common Stock		Class B Common Stock
Shares outstanding at December 31, 2015	25,030		163,777		801
Repurchase of preferred stock ⁽¹⁾	(964	)	—		—
Contribution of preferred stock to an affiliate ⁽¹⁾	964		—		—
Shares issued upon redemption of OP units	—		985		—
Conversion of Class B to Class A common stock	—		28		(28	)
Equity-based compensation, net of forfeitures	—		1,505		—
Shares canceled for tax withholding on vested stock awards	—		(216	)	—
Shares outstanding at June 30, 2016	25,030		166,079		773

Shares outstanding at December 31, 2016	25,030		166,440		770
Consideration for the Merger ⁽²⁾	39,466		392,120		—
Issuance of preferred stock	13,800		—		—
Redemption of preferred stock	(12,547	)	—		—
Shares canceled ⁽³⁾	—		(2,984	)	—
Shares issued upon redemption of OP Units	—		1,386		—
Conversion of Class B to Class A common stock	—		28		(28	)
Repurchase of common stock	—		(12,934	)	—
Equity-based compensation, net of forfeitures	—		7,550		—
Shares canceled for tax withholding on vested stock awards	—		(416	)	—
Shares outstanding at June 30, 2017	65,749		551,190		742

__________

⁽¹⁾

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

⁽²⁾

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


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

Preferred Stock

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

The table below summarizes the preferred stock issued and outstanding at June 30, 2017:



Description	Dividend Rate Per Annum		Initial Issuance Date⁽¹⁾	Shares Outstanding (in thousands)	Par Value (in thousands)		Liquidation Preference (in thousands)		Earliest Redemption Date
Series B	8.25	%	February 2007	13,999	$	140	$	349,973	Currently redeemable
Series C	8.875	%	October 2012	5,000	50		125,000		October 11, 2017
Series D	8.5	%	April 2013	8,000	80		200,000		April 10, 2018
Series E	8.75	%	May 2014	10,000	100		250,000		May 15, 2019
Series G	7.5	%	June 2014	3,450	34		86,250		June 19, 2019
Series H	7.125	%	April 2015	11,500	115		287,500		April 13, 2020
Series I	7.15	%	June 2017	13,800	138		345,000		June 5, 2022
				65,749	$	657	$	1,643,723

__________


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

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

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

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

Effect of the Merger

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

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

Issuance and Redemption of Preferred Stock

In June 2017, the Company issued 13.8 million shares of Series I preferred stock with a 7.15% dividend rate per annum, for which the Company received proceeds of $333.5 million, net of underwriting discounts and offering costs payable by the Company. The Company used a portion of the proceeds to redeem all of the outstanding shares of Series A and Series F preferred stock for $318.3 million in aggregate, based on a redemption price of $25.00 per share liquidation preference plus accrued and unpaid dividends prorated to the redemption date. As a result of the redemption, the Company recorded a $5.4 million charge against net income available to common stockholders, equal to the excess of the $25.00 per share liquidation preference over the carrying value of the preferred stock at redemption date.

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.

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

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

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

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

Common Stock Repurchases

On February 23, 2017, the Company's board of directors authorized a common stock repurchase program pursuant to which the Company may repurchase up to $300 million of its outstanding shares of class A common stock over a one-year period, either in the open market or through privately negotiated transactions. During the six months ended June 30, 2017, the Company repurchased 12,933,337 shares of its class A common stock, at an aggregate cost of approximately $168.0 million including commissions, or a weighted-average price of $12.99 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.

At-The-Market Stock Offering Program ("ATM Program")

In May 2015, the Company entered into separate “at-the-market” equity distribution agreements with certain sales agents to offer and sell, from time to time, shares of its common stock having an aggregate offering price of up to $300 million. Sales of the shares may be made in negotiated transactions and/or transactions that are deemed to be "at the market" offerings, including sales made by means of ordinary brokers' transactions, including directly on the NYSE, or sales made to or through a market maker other than on an exchange. The Company pays each sales agent a commission not to exceed 2% of the gross sales proceeds for any common stock sold through such agent. There were no shares offered through the ATM Program in 2017 prior to the Merger and the ATM Program was terminated upon closing of the Merger.

Dividend Reinvestment and Direct Stock Purchase Plan

Colony’s Dividend Reinvestment and Direct Stock Purchase Plan in effect prior to the Merger (the “Colony DRIP Plan”) provided Colony's existing common stockholders and other investors the opportunity to purchase shares (or additional shares, as applicable) of Colony’s class A common stock by reinvesting some or all of the cash dividends received on their shares of Colony’s class A common stock or making optional cash purchases within specified parameters. The Colony DRIP Plan involved the acquisition of Colony's class A common stock either in the open market, directly from Colony as newly issued common stock, or in privately negotiated transactions with third parties. There were no shares of Colony's class A common stock acquired under the Colony DRIP Plan in 2017 prior to the Merger and the Colony DRIP Plan was terminated upon closing of the Merger. Concurrent with the closing of the Merger, the Company established a Dividend Reinvestment and Direct Stock Purchase Plan (the "Colony NorthStar DRIP Plan") with substantially the same terms and conditions as the Colony DRIP Plan. There were no shares of class A common stock acquired under the Colony NorthStar DRIP Plan for the period from January 10, 2017 through, and including, June 30, 2017.

Call Spread

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

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

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

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

Changes in Components of AOCI—Stockholders



(In thousands)	Unrealized Gain (Loss) on Securities⁽¹⁾			Unrealized Gain (Loss) on Cash Flow Hedges			Foreign Currency Translation Gain (Loss)			Unrealized Gain (Loss) on Net Investment Hedges			Total
AOCI at December 31, 2015	$	—		$	(245	)	$	(42,125	)	$	23,948		$	(18,422	)
Other comprehensive income (loss) before reclassifications	89			7			(3,059		)	(232		)	(3,195		)
Amounts reclassified from AOCI	—			(102		)	(67		)	(98		)	(267		)
AOCI at June 30, 2016	$	89		$	(340	)	$	(45,251	)	$	23,618		$	(21,884	)

AOCI at December 31, 2016	$	(27	)	$	(41	)	$	(76,426	)	$	44,385		$	(32,109	)
Other comprehensive income (loss) before reclassifications	3,584			41			77,109			(42,373		)	38,361
Amounts reclassified from AOCI	(86		)	—			934			(216		)	632
AOCI at June 30, 2017	$	3,471		$	—		$	1,617		$	1,796		$	6,884

Changes in Components of AOCI—Noncontrolling Interests in Investment Entities



(In thousands)	Unrealized Gain (Loss) on Securities⁽¹⁾			Unrealized Gain (Loss) on Cash Flow Hedges			Foreign Currency Translation Gain (Loss)			Unrealized Gain (Loss) on Net Investment Hedges			Total
AOCI at December 31, 2015	$	—		$	(149	)	$	51		$	(1	)	$	(99	)
Other comprehensive income (loss) before reclassifications	—			—			(13,574		)	7,547			(6,027		)
Amounts reclassified from AOCI	—			—			(785		)	—			(785		)
AOCI at June 30, 2016	$	—		$	(149	)	$	(14,308	)	$	7,546		$	(6,911	)

AOCI at December 31, 2016	$	(527	)	$	—		$	(57,213	)	$	11,798		$	(45,942	)
Other comprehensive income (loss) before reclassifications	981			—			60,925			(5,784		)	56,122
Amounts reclassified from AOCI	(454		)	—			994			1,020			1,560
AOCI at June 30, 2017	$	—		$	—		$	4,706		$	7,034		$	11,740

__________


⁽¹⁾	Includes the Company's shares of gain/loss on marketable securities held by equity method investees

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 June 30,						Six months ended June 30,					Affected Line Item in the Consolidated Statements of Operations
Component of AOCI reclassified into earnings	2017			2016			2017			2016
Equity in realized loss on sale of marketable securities of unconsolidated ventures	$	(106	)	$	—		$	(106	)	$	—	Earnings (losses) from investments in unconsolidated ventures
Unrealized gain (loss) on ineffective cash flow hedge	—			58			—			102		Other gain (loss), net
Release of cumulative translation adjustments	934			(264		)	934			67		Other gain (loss), net
Unrealized gain (loss) on dedesignated net investment hedges	—			369			744			98		Other gain (loss), net
Realization of gain on net investment hedges	(960		)	—			(960		)	—		Other gain (loss), net
Release of equity in AOCI of unconsolidated ventures	23			—			20			—		Other gain (loss), net

Noncontrolling Interests

6 Months Ended

Jun. 30, 2017

Noncontrolling Interest [Abstract]

Noncontrolling Interests

Redeemable Noncontrolling Interests

Certain members of Townsend management own interests in the form of class B units in Townsend, which is an investment management subsidiary of the Company, where they have the ability to redeem a certain percentage of their interests through December 31, 2020 or upon the occurrence of certain triggering events. Redemptions may be settled in cash, the Company’s common stock, or a combination thereof, at the Company's option, subject to certain conditions, and payable by the end of the fiscal quarter following the exercise of the redemption.

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



(In thousands)
Balance at December 31, 2016	$	—
Assumed through the Merger	78,843
Distributions	(709		)
Net income	1,337
Currency translation adjustment and other	33
Balance at June 30, 2017	$	79,504

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 partners.

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 $51.5 million decrease to additional paid-in capital, including $9.2 million of cost of new capital. Together with existing noncontrolling interests with a 16.4% interest in the healthcare real estate portfolio, noncontrolling interests own approximately 28.7% of the Company's healthcare portfolio.

Through June 30, 2017, contributions from new limited partners reduced the Company's ownership interest in its industrial joint venture. The new limited partners were admitted at net asset value of the joint venture, based upon valuations determined by independent third parties, at the time of contributions. The difference between contributions received and the noncontrolling interests' share of the joint venture resulted in an increase to additional paid-in capital of $23.5 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 six months ended June 30, 2017, the Company redeemed 1,777,756 OP Units, of which 1,385,712 OP Units were redeemed through the issuance of an equal number of shares of class A common stock on a one-for-one basis, and 392,044 OP units were redeemed for cash of approximately $5.1 million.

For the year ended December 31, 2016, the Company redeemed 1,087,414 OP Units through the issuance of 934,264 shares of class A common stock on a one-for-one basis and cash settlement of approximately $2.6 million.

Discontinued Operations

6 Months Ended

Jun. 30, 2017

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Assets and Related Liabilities Held For Sale

The Company's assets and related liabilities held for sale at June 30, 2017 are summarized below:



(In thousands)	June 30, 2017		December 31, 2016
Assets
Cash	$	8,437	$	—
Real estate	593,042		223,954
Loans receivable	—		29,353
Investments in unconsolidated ventures ⁽¹⁾	23,462		—
Goodwill ⁽²⁾	249,795		—
Intangible assets, net	269,115		21,239
Other assets	46,271		18,378
Total assets held for sale	$	1,190,122	$	292,924

Liabilities
Secured debt ⁽³⁾	$	121,697	$	—
Lease intangibles and other liabilities	81,851		14,296
Total liabilities related to assets held for sale	$	203,548	$	14,296

__________


⁽¹⁾	Represents interests in Townsend-sponsored funds.


⁽²⁾	Associated with Townsend investment management business, of which $150.0 million is deductible for income tax purposes as of June 30, 2017.


⁽³⁾	Represents only debt that will be assumed by the buyer upon sale of the 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 from the Closing Date through their respective disposition dates is presented below.



(In thousands)	Six Months Ended June 30, 2017
Revenues
Property operating income	$	33,857
Other income	2,257
Expenses
Property operating expenses	(12,395		)
Interest expense	(9,028		)
Loss on sale of real estate assets	(2,108		)
Other expenses	(23		)
Net income from discontinued operations attributable to Colony NorthStar, Inc.	$	12,560

Earnings per Share

6 Months Ended

Jun. 30, 2017

Earnings Per Share [Abstract]

Earnings per Share

The Company includes all participating securities in the computation of basic shares for the periods in which the Company has net income available to vested common shares outstanding. A participating security is defined as an unvested share-based payment award containing nonforfeitable rights to dividends regardless of whether or not the awards ultimately vest or expire. Net losses are not allocated to participating securities unless the holder has a contractual obligation to share in the losses. Diluted income (loss) per share assumes the conversion of all common share equivalents into an equivalent number of common shares if the effect is not antidilutive.

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



	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands, except per share data)	2017			2016			2017			2016
Net income allocated to common stockholders
Net income from continuing operations	$	105,192		$	103,136		$	144,822		$	194,167
Income from discontinued operations	—			—			12,560			—
Net income	105,192			103,136			157,382			194,167
Net income attributable to noncontrolling interests:
Redeemable noncontrolling interests	(720		)	—			(1,337		)	—
Investment entities	(23,800		)	(40,169		)	(50,859		)	(97,764		)
Operating Company	(2,330		)	(7,918		)	(1,247		)	(11,339		)
Net income attributable to Colony NorthStar, Inc.	78,342			55,049			103,939			85,064
Preferred stock redemption	(5,448		)	—			(5,448		)	—
Preferred dividends	(34,339		)	(12,093		)	(65,152		)	(23,973		)
Net income attributable to common stockholders	38,555			42,956			33,339			61,091
Net income allocated to participating securities (nonvested shares)	(2,546		)	(577		)	(4,784		)	(1,146		)
Net income allocated to common stockholders—basic	36,009			42,379			28,555			59,945
Interest expense attributable to convertible notes ⁽¹⁾	—			6,833			—			8,382
Net income allocated to common stockholders—diluted	$	36,009		$	49,212		$	28,555		$	68,327
Weighted average common shares outstanding ⁽²⁾
Weighted average number of common shares outstanding—basic	544,023			164,674			525,318			164,203
Weighted average effect of dilutive shares ⁽³⁾	—			36,583			—			24,026
Weighted average number of common shares outstanding—diluted	544,023			201,257			525,318			188,229

Basic earnings per share
Net income from continuing operations	$	0.07		$	0.26		$	0.03		$	0.37
Income from discontinued operations	—			—			0.02			—
Net income per basic common share	$	0.07		$	0.26		$	0.05		$	0.37

Diluted earnings per share
Net income from continuing operations	$	0.07		$	0.24		$	0.03		$	0.36
Income from discontinued operations	—			—			0.02			—
Net income per diluted common share	$	0.07		$	0.24		$	0.05		$	0.36

__________

⁽¹⁾

For the three months ended June 30, 2017, excluded from the calculation of diluted earnings per share is the effect of adding back $7.4 million of interest expense and 38,839,200 weighted average dilutive common share equivalents for the assumed conversion or the exchange of the Company's outstanding convertible and exchangeable notes, as applicable, as their inclusion would be antidilutive. For the six months ended June 30, 2017 and 2016, excluded from the calculation of diluted earnings per share is the effect of adding back $14.6 million and $5.3 million of interest expense, respectively, and 38,778,400 and 12,556,900 weighted average dilutive common share equivalents, respectively, for the assumed conversion or exchange of the Company's outstanding convertible and exchangeable notes, as applicable, as their inclusion would be antidilutive.


⁽²⁾	As a result of the Merger, each outstanding share of common stock of Colony was exchanged for 1.4663 of newly issued common shares of Colony NorthStar. Accordingly, the historical data related to quarterly earnings per share for the periods ended before June 30, 2017 have been adjusted by the exchange ratio of 1.4663.


⁽³⁾	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 June 30, 2017 and 2016, there were 32,580,900 and 30,681,300 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.

Additionally, the computation of diluted earnings per share excluded shares of the Company's class A common stock that are contingently issuable pursuant to the contingent consideration arrangement (Note 13) as the pre-defined performance thresholds would not have been met had the measurement period ended at June 30, 2017.

Fee Income

6 Months Ended

Jun. 30, 2017

Other Income and Expenses [Abstract]

Fee Income

The Company's real estate investment management platform manages capital on behalf of institutional and retail investors in private funds, non-traded and traded REITs and investment companies, for which the Company earns fee income. For investment vehicles in which the Company co-sponsors with a third party or for which the Company engages a third party sub-advisor, such fee income is shared with the respective co-sponsor or sub-advisor. The Company also owns NorthStar Securities, a captive broker-dealer platform which raises capital in the retail market.

Fee income earned by the Company consists of the following:



	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2017		2016		2017		2016
Base management fees ($42,276, $15,072, $81,552 and $31,423 from affiliates, respectively)	$	46,837	$	15,072	$	89,403	$	31,423
Asset management fees—from affiliates	2,747		433		9,491		691
Incentive fees—from affiliates	—		—		270		—
Advisory fees	3,499		—		6,653		—
Selling commission and dealer manager fees	1,236		—		1,752		—
Total fee income ($44,900, $15,505, $90,688 and $32,114 from affiliates, respectively)	$	54,319	$	15,505	$	107,569	$	32,114

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


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


•	Non-Traded REITs—1% to 2% per annum of gross assets or equity;


•	Investment Companies—2% per annum of average net assets;


•	NRE—a fixed fee of $14.2 million per annum, subject to increase by an amount equal to 1.5% per annum of certain provisions in accordance with terms set out in its governing agreement; and


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

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


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


•	Non-Traded REITs (except NorthStar/RXR NY Metro)—1% to 2.25% of the amount funded or allocated by the non-traded REITs to originate or acquire an investment, and 1% to 2% of the contractual sales price for disposition of an investment.

Incentive Fees—The Company may earn incentive fees from its sponsored private funds, traded and non-traded REITs, certain investment companies and Townsend private funds. Incentive fees are determined based on the performance of the investment vehicles subject to the achievement of minimum return levels, with such thresholds varying across investment vehicles in accordance with the terms set out in their respective governing agreements.

Advisory Fees—The Company earns advisory fees from Townsend clients at a fixed annual retainer.

Selling Commission and Dealer Manager Fees—The Company, through NorthStar Securities, earns fees for selling equity in certain classes of shares in the retail companies, calculated as a percentage of the gross offering proceeds raised, up to 7% for selling commissions and up to 3% for dealer manager fees, depending on the share classes of the non-traded REITs. All or a portion of selling commission and dealer manager fees may be reallowed to participating broker-dealers.

Equity-Based Compensation

6 Months Ended

Jun. 30, 2017

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

Equity-Based Compensation

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

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

Colony Director Stock Plan

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

Colony Equity Incentive Plan

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

NSAM 2014 Stock Plan

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

Townsend

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

American Healthcare Investors Joint Venture

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

Certain employees of AHI were granted equity awards for a fixed dollar amount in shares of NSAM's common stock. At the time of consummation of the Merger, equity awards issued to AHI employees for $1.0 million in shares of NSAM's common stock were outstanding and did not accelerate in the Merger. As the award is for a fixed dollar amount with a variable number of shares, it is classified as a liability award. Equity-based compensation is recorded in earnings from investments in unconsolidated ventures on the consolidated statement of operations as it is a non-employee award granted to an equity method investee, with a corresponding liability on the consolidated balance sheet.

Pursuant to a separate contractual arrangement entered into in connection with the investment in AHI Venture, the AHI principals, subject to certain annual performance targets being met, are also entitled to incremental grants of the Company's common stock, which will vest immediately upon issuance. As of June 30, 2017, no incremental awards have been granted.

NRF Incentive Plan

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

Healthcare Strategic Partnership

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

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

CLNS Equity Incentive Plan

Following the Merger, the Company adopted the NSAM 2014 Stock Plan as the Company's successor equity incentive plan and renamed such plan the Colony NorthStar 2014 Omnibus Stock Incentive Plan (the "CLNS Equity Incentive Plan"). The CLNS Equity Incentive Plan provides for the grant of restricted stock, Long Term Incentive Plan ("LTIP") units, RSUs, options, warrants or rights to purchase shares of the Company's common stock, cash incentives and other equity-based awards. LTIP units are designated as profits interests for federal income tax purposes. Each LTIP unit is convertible, at the election of the holder, into one common OP Unit and upon conversion, subject to the redemption terms of OP Units (Note 16). Equity-based compensation cost related to LTIP units represents an allocation to noncontrolling interest in the Operating Company. RSUs may be entitled to dividend equivalents prior to vesting and may be settled either in shares of the Company's class A common stock or in cash at the option of the Company.

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

In March 2017, $1.0 million in shares of the Company's class A common stock were issued in settlement of the equity award to certain employees of AHI in connection with the Company's investment in AHI Ventures (as discussed above), equivalent to 70,261 shares of class A common stock issued, and vested immediately upon issuance. The corresponding $1.0 million outstanding liability was relieved upon the share issuance in settlement of this award.

At June 30, 2017, an aggregate of 20,822,493 shares of the Company’s class A common stock were reserved for the issuance of awards under the CLNS Equity Incentive Plan, subject to equitable adjustment upon the occurrence of certain corporate events, provided that this number automatically increases each January 1st by 2% of the outstanding number of shares of the Company’s class A common stock on the immediately preceding December 31st.

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



	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2017		2016		2017		2016
Compensation expense	$	37,412	$	3,423	$	68,989	$	6,842
Earnings from investments in unconsolidated ventures	—		—		61		—
Investment, servicing and commission expense	502		—		1,048		—
	$	37,914	$	3,423	$	70,098	$	6,842

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



	Restricted Stock		RSUs	LTIP Units	Total		Weighted Average Grant Date Fair Value
Unvested shares at December 31, 2016 ⁽¹⁾	2,089,007		—	—	2,089,007		$	14.44
Awards assumed in the Merger	592,504		774,900	—	1,367,404		14.68
Granted	7,685,246		—	3,506,387	11,191,633		14.43
Vested	(1,085,109	)	—	—	(1,085,109	)	15.02
Forfeited	(135,692	)	—	—	(135,692	)	14.71
Unvested shares at June 30, 2017	9,145,956		774,900	3,506,387	13,427,243		14.61

__________


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

Fair value of equity awards that vested during the three months ended June 30, 2017 was $1.5 million and was $16.3 million and $9.8 million for the six months ended June 30, 2017 and 2016, respectively. There were no awards that vested during the three months ended June 30, 2016. Fair value of vested awards is determined based on the closing price of the Company's class A common stock on the date of grant or date of remeasurement for employee awards, and vesting date for non-employee awards. For awards granted during the six months ended June 30, 2017 and 2016, the weighted average grant-date fair value per share was $14.43 and $13.14, respectively.

At June 30, 2017, aggregate unrecognized compensation cost for all unvested equity awards was $119.9 million, which is expected to be recognized over a weighted-average period of 1.2 years.

Transactions with Affiliates

6 Months Ended

Jun. 30, 2017

Transactions with Affiliates

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

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



(In thousands)	June 30, 2017		December 31, 2016
Due from affiliates
Investment vehicles and unconsolidated ventures
Fee income	$	19,368	$	9,074
Cost reimbursements and recoverable expenses	30,813		606
Advances	11,500		—
N-Star CDOs	1,614		—
Employees and other affiliates	482		291
	$	63,777	$	9,971
Due to affiliates
Investment vehicles and unconsolidated ventures	$	1,945	$	—
Employees—contingent consideration	33,000		41,250
	$	34,945	$	41,250

Transactions with affiliates include the following:

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

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


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


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


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


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


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


•	administrative services provided to an equity method investee; and


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

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



	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2017		2016		2017		2016
Retail Companies	$	5,335	$	—	$	10,670	$	—
Townsend	394		—		1,059		—
Other	1,244		806		1,947		2,061
	$	6,973	$	806	$	13,676	$	2,061

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


•	cost incurred in performing investment due diligence;


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


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

Advances on behalf of Co-Investors—As of June 30, 2017, the Company, as mezzanine lender, made protective advances to certain senior lenders on behalf of its borrowers, in order for these borrowers to meet their respective debt covenant ratios. This included advances made on behalf of the Company's co-investors, who represent noncontrolling interests in the Company's investment entities.

N-Star CDOs—The Company earns collateral management fees as the collateral manager or collateral manager delegate of the N-Star CDOs. Such fees are included in other income and are immaterial for the three and six months ended June 30, 2017. The Company holds N-Star CDO bonds that it repurchased from the market as well as retained equity interests in the N-Star CDOs. Amounts related to the two consolidated N-Star CDOs, including interest, have been eliminated upon consolidation.

Healthcare Strategic Partnership—In connection with a strategic partnership with Mr. Flaherty to expand the Company’s healthcare business, Mr. Flaherty oversees both the Company’s healthcare real estate portfolio and the portfolio of NorthStar Healthcare (Note 20). The Healthcare Strategic Partnership is entitled to incentive fees ranging from 20% to 25% of distributions above certain hurdles for new and existing healthcare real estate investments held by the Company and a portion of incentive fees earned from NorthStar Healthcare. For the three and six months ended June 30, 2017, there were no incentive fees earned by the Healthcare Strategic Partnership.

American Healthcare Investors Joint Venture—The Company has an equity method investment in AHI Ventures, jointly held with the principals of AHI and Mr. Flaherty (Note 20). AHI provides certain healthcare-focused real estate investment management and related services to the Company and NorthStar Healthcare in order to assist the Company in managing current and future healthcare assets (excluding certain joint venture assets) acquired by the Company and, subject to certain conditions, other managed companies. For the three and six months ended June 30, 2017, the Company incurred property management fees and sub-advisory fees totaling $1.2 million and $2.3 million, respectively.

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

Arrangements with Company-Sponsored Private Fund—The Company co-invests alongside a Company sponsored private fund through joint ventures between the Company and the sponsored private fund. These co-investment joint ventures are consolidated by the Company. The Company has capital commitments, as general partner, directly into the private fund and as an affiliate of the general partner, capital commitments satisfied through co-investment joint ventures. In connection with the Company's commitments as an affiliate of the general partner, the Company is allocated a proportionate share of the costs of the private fund such as financing and administrative costs. Such costs expensed during the three months ended June 30, 2017 and 2016 as well as the six months ended June 30, 2017 and 2016 were immaterial as they relate primarily to the Company's share of the private fund's deferred financing costs which was capitalized.

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

Selling Commissions—Certain NorthStar Securities employees earn selling commissions related to the sale of equity in the retail companies. For the three and six months ended June 30, 2017, commissions paid or payable to these employees were immaterial.

Advances to Employees—Certain employees are permitted to participate in co-investment vehicles which generally invest in private funds managed by the Company. Additionally, 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 June 30, 2017 and December 31, 2016.

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 $0.5 million and $0.1 million for the three months ended June 30, 2017 and 2016, respectively, and $0.9 million and $0.2 million for the six months ended June 30, 2017 and 2016, respectively.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2017

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Lease Commitments

Office Leases—The Company leases office space under noncancellable operating leases with expiration dates through 2028. The lease agreements require minimum rent payments and reimbursement of operating expenses incurred by the landlord, subject to escalation clauses. Rent expense on office leases, included in administrative expenses, was $3.3 million and $1.4 million for the three months ended June 30, 2017 and 2016, respectively, and $6.0 million and $2.8 million for the six months ended June 30, 2017 and 2016, respectively. Future contractual minimum rental payments for office leases at June 30, 2017 are as follows:



Year Ending December 31,	(In thousands)
Remaining 2017	$	5,025
2018	7,040
2019	8,007
2020	7,588
2021	7,223
2022 and after	43,223
Total ⁽¹⁾	$	78,106

__________


⁽¹⁾	Excludes contractual minimum rental payments on Townsend office leases.

Contingent Consideration

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

Litigation

The Company may be involved in litigation and claims in the ordinary course of business. As of June 30, 2017, the Company was not involved in any legal proceedings that are expected to have a material adverse effect on the Company’s results of operations, financial position or liquidity.

Segment Reporting

6 Months Ended

Jun. 30, 2017

Segment Reporting [Abstract]

Segment Reporting

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

•

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


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


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


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


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

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

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

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

Selected Segment Results of Operations

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



(In thousands)	Healthcare			Industrial			Hospitality			Other Equity and Debt			Investment Management			Amounts Not Allocated to Segments			Total
Three Months Ended June 30, 2017
Total revenues	$	159,357		$	56,125		$	221,522		$	179,973		$	60,531		$	1,864		$	679,372
Property operating expenses	72,460			16,195			139,818			25,244			—			—			253,717
Interest expense	47,844			7,934			35,884			35,630			—			12,968			140,260
Depreciation and amortization	49,577			25,804			33,508			26,894			15,594			1,734			153,111
Provision for loan loss	—			—			—			1,067			—			—			1,067
Impairment loss	—			—			—			12,761			—			—			12,761
Gain on sale of real estate assets	—			8,695			—			6,495			—			—			15,190
Earnings from investments in unconsolidated ventures	—			28			—			119,554			2,812			—			122,394
Income tax benefit (expense)	210			(2,746		)	(909		)	(705		)	6,279			(2,043		)	86
Net income (loss)	(11,394		)	9,100			5,750			185,630			26,084			(109,978		)	105,192
Net income (loss) attributable to Colony NorthStar, Inc.	(8,071		)	3,303			4,796			156,011			23,962			(101,659		)	78,342

Three Months Ended June 30, 2016
Total revenues	$	—		$	48,663		$	—		$	152,676		$	15,505		$	684		$	217,528
Property operating expenses	—			13,746			—			16,034			—			—			29,780
Interest expense	—			9,956			—			21,663			—			10,949			42,568
Depreciation and amortization	—			21,818			—			13,064			3,559			1,100			39,541
Provision for loan loss	—			—			—			6,213			—			—			6,213
Impairment loss	—			137			—			2,304			—			—			2,441
Gain on sale of real estate assets	—			19			—			5,825			—			—			5,844
Earnings (losses) from investments in unconsolidated ventures	—			—			—			53,606			(493		)	—			53,113
Income tax benefit (expense)	—			59			—			(1,879		)	227			(167		)	(1,760		)
Net income (loss)	—			947			—			138,625			3,130			(39,566		)	103,136
Net income (loss) attributable to Colony NorthStar, Inc.	—			2,995			—			81,217			2,639			(31,802		)	55,049



(In thousands)	Healthcare			Industrial			Hospitality			Other Equity and Debt			Investment Management			Amounts Not Allocated to Segments			Total
Six Months Ended June 30, 2017
Total revenues	$	298,170		$	113,167		$	397,235		$	355,059		$	120,171		$	2,735		$	1,286,537
Property operating expenses	133,146			32,692			258,309			45,919			—			—			470,066
Interest expense	88,936			20,360			63,133			66,449			—			27,660			266,538
Depreciation and amortization	90,458			50,443			63,549			55,112			28,077			2,892			290,531
Provision for loan losses	—			—			—			7,791			—			—			7,791
Impairment loss	—			—			—			21,280			—			—			21,280
Gain on sale of real estate assets	—			8,695			—			15,465			—			—			24,160
Earnings (losses) from investments in unconsolidated ventures	—			28			—			228,391			7,967			—			236,386
Income tax benefit (expense)	(2,032		)	(2,148		)	(947		)	(2,038		)	4,210			(668		)	(3,623		)
Net income (loss) from continuing operations	(20,660		)	9,619			2,134			365,538			46,073			(257,882		)	144,822
Income from discontinued operations	—			—			—			—			—			12,560			12,560
Net income (loss)	(20,660		)	9,619			2,134			365,538			46,073			(245,322		)	157,382
Net income (loss) attributable to Colony NorthStar, Inc.	(16,509		)	3,241			1,803			299,923			42,222			(226,741		)	103,939

Six Months Ended June 30, 2016
Total Revenue	$	—		$	94,462		$	—		$	289,772		$	32,114		$	1,969		$	418,317
Property operating expenses	—			27,715			—			32,851			—			—			60,566
Interest expense	—			19,374			—			42,628			—			22,437			84,439
Depreciation and amortization	—			43,166			—			33,001			7,304			2,212			85,683
Provision for loan losses	—			—			—			10,843			—			—			10,843
Impairment loss	—			137			—			4,063			320			—			4,520
Gain on sale of real estate assets	—			800			—			56,163			—			—			56,963
Earnings (losses) from investments in unconsolidated ventures	—			—			—			56,384			(842		)	—			55,542
Income tax benefit (expense)	—			(6		)	—			(5,907		)	3,653			(284		)	(2,544		)
Net income (loss)	—			213			—			249,607			8,607			(64,260		)	194,167
Net income (loss) attributable to Colony NorthStar, Inc.	—			3,135			—			125,374			7,247			(50,692		)	85,064

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



(In thousands)	Healthcare		Industrial		Hospitality		Other Equity and Debt		Investment Management		Amounts Not Allocated to Segments		Total
June 30, 2017
Total assets	$	5,947,907	$	2,502,172	$	4,131,267	$	9,315,938	$	3,172,738	$	218,310	$	25,288,332
Equity method investments	—		1,080		—		850,480		189,995		3,742		1,045,297
December 31, 2016
Total assets	$	—	$	2,267,672	$	—	$	6,623,064	$	781,852	$	88,404	$	9,760,992
Equity method investments	—		—		—		921,732		13,187		18,340		953,259

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 June 30,				Six Months Ended June 30,
(In thousands)	2017		2016		2017		2016
Total income by geography:
United States	$	715,304	$	214,316	$	1,358,432	$	372,591
Europe	78,586		53,363		149,013		96,142
Other	903		2,157		1,802		3,066
Total ⁽¹⁾	$	794,793	$	269,836	$	1,509,247	$	471,799



(In thousands)	June 30, 2017		December 31, 2016
Long-lived assets by geography:
United States	$	14,125,036	$	2,951,290
Europe	2,247,571		1,242,272
Total ⁽²⁾	$	16,372,607	$	4,193,562

__________


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


⁽²⁾	Long-lived assets comprise real estate, intangible assets other than investment management contracts and customer relationships, goodwill and fixed assets; and exclude financial instruments and assets held for sale.

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Restructuring of Real Estate Loan into Equity Ownership In May 2013, the Company and certain investment vehicles managed by the Company originated a junior mezzanine loan secured by a limited service hospitality portfolio, primarily located across the Southwest and Midwest United States. On July 1, 2017, the Company and certain investment vehicles managed by the Company took control of the approximately $1.3 billion limited service hospitality portfolio of 148 assets through a consensual foreclosure following a maturity default on the borrower's remaining approximately $289 million junior mezzanine loan. The Company is in the process of assessing the fair value of assets acquired and liabilities assumed and completing the allocation of purchase price.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2017

Accounting Policies [Abstract]

Basis of Presentation

Merger and Business Combinations

Merger

Business Combinations

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

Principles of Consolidation

Noncontrolling Interests

Use of Estimates

Foreign Currency

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

Fair Value Measurement and Fair Value Option

Fair Value Measurement

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

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

Fair Value Option

Discontinued Operations

Cash and Cash Equivalents

Restricted Cash

Real Estate Assets

Real Estate Held for Investment

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

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



Real Estate Assets		Term
Building (fee interest)		15 to 40 years
Building leasehold interests		Lesser of remaining term of the lease or remaining life of the building
Building improvements		Lesser of useful life or remaining life of the building
Land improvements		10 to 30 years
Tenant improvements		Lesser of useful life or remaining term of the lease
Furniture, fixtures and equipment		5 to 15 years

Real Estate Held for Sale

Foreclosed Properties

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

Loans Receivable, Interest Income

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

Loans Receivable, Nonaccrual

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

Loans Receivable, Impairment and Allowance for Loan Losses

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

Loans Receivable, Troubled Debt Restructuring

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

Loans Receivable, Loans Held for Sale

Loans Receivable, Purchased Credit-Impaired (PCI) Loans

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

Investments in Unconsolidated Ventures

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

Securities

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

Identifiable Intangibles

Goodwill

Accounts Receivable and Related Allowance

Fixed Assets

Transfers of Financial Assets

Derivatives Instruments and Hedging Activities

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

Financing Costs

Property Operating Income

Property operating income includes the following.

Resident Fee Income—Resident fee income is recorded when services are rendered and includes resident room and care charges, community fees and other resident charges.

Fee Income

Fee income consists of the following:

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

Other Income

Other income includes the following:

Compensation

Equity-Based Compensation

Income Taxes

Earnings Per Share

Reclassification

Recent Accounting Updates

Accounting Standards Adopted in 2017

Future Application of Accounting Standards

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2017

Accounting Policies [Abstract]

Schedule Of Real Estate Held For Investment Useful Life

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



Real Estate Assets		Term
Building (fee interest)		15 to 40 years
Building leasehold interests		Lesser of remaining term of the lease or remaining life of the building
Building improvements		Lesser of useful life or remaining life of the building
Land improvements		10 to 30 years
Tenant improvements		Lesser of useful life or remaining term of the lease
Furniture, fixtures and equipment		5 to 15 years

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



(In thousands)	June 30, 2017			December 31, 2016
Land and improvements	$	2,222,346		$	764,365
Buildings, building leaseholds and improvements	11,502,868			2,559,682
Tenant improvements	172,452			87,643
Furniture, fixtures and equipment	288,003			7
Construction in progress	68,754			8,856
	14,254,423			3,420,553
Less: Accumulated depreciation	(370,219		)	(176,922		)
Real estate assets, net	$	13,884,204		$	3,243,631

Business Combinations (Tables)

6 Months Ended

Jun. 30, 2017

Business Combinations [Abstract]

Schedule of Fair Value of Merger Consideration

Fair value of the merger consideration was determined as follows:



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

__________


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


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


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



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


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

Schedule of Fair Values and Allocation of the Merger



	As Reported at March 31, 2017						Measurement Period Adjustments						As Reported at June 30, 2017
(In thousands)	NSAM		NRF		Total		NSAM			NRF			Total
Assets
Cash and cash equivalents	$	152,858	$	107,751	$	260,609	$	—		$	—		$	260,609
Restricted cash	18,052		158,762		176,814		—			—			176,814
Real estate assets	—		9,968,026		9,968,026		—			(72,774		)	9,895,252
Loans receivable	28,485		336,657		365,142		—			(5,601		)	359,541
Investments in unconsolidated ventures	76,671		608,946		685,617		—			(20,578		)	665,039
Securities	3,065		433,850		436,915		—			—			436,915
Identifiable intangible assets	661,496		357,797		1,019,293		60			(3,154		)	1,016,199
Management agreement between NSAM and NRF	1,683,028		—		1,683,028		(106,775		)	—			1,576,253
Assets held for sale	—		2,096,671		2,096,671		—			—			2,096,671
Other assets	79,955		689,703		769,658		13,500			(7,314		)	775,844
Total assets	2,703,610		14,758,163		17,461,773		(93,215		)	(109,421		)	17,259,137
Liabilities
Debt	—		6,720,259		6,720,259		—			2,963			6,723,222
Intangible liabilities	—		219,219		219,219		—			(3,398		)	215,821
Management agreement between NSAM and NRF	—		1,683,028		1,683,028		—			(106,775		)	1,576,253
Liabilities related to assets held for sale	—		1,281,406		1,281,406		—			—			1,281,406
Tax liabilities	169,387		64,453		233,840		—			4,920			238,760
Accrued and other liabilities	972,755		306,430		1,279,185		7,214			1,425			1,287,824
Total liabilities	1,142,142		10,274,795		11,416,937		7,214			(100,865		)	11,323,286
Redeemable noncontrolling interests	78,843		—		78,843		—			—			78,843
Noncontrolling interests—investment entities	—		515,009		515,009		—			(8,556		)	506,453
Noncontrolling interests—Operating Company	8,162		—		8,162		—			—			8,162
Fair value of net assets acquired	$	1,474,463	$	3,968,359	$	5,442,822	$	(100,429	)	$	—		$	5,342,393

Merger consideration ⁽¹⁾	2,759,965		3,968,359		6,728,324		(7,870		)	—			6,720,454
Goodwill	$	1,285,502	$	—	$	1,285,502	$	92,559		$	—		$	1,378,061

__________


⁽¹⁾	The adjustment of $7.9 million reflects NSAM equity awards outstanding on the Closing Date that did not vest upon consummation of the Merger and that pertain to post-Merger services.

Schedule of Contributions from the Legacy Business of NSAM and NRF

he Company's results of operations included contributions from the legacy business of NSAM and NRF as follows:



	Three Months Ended June 30, 2017								Six Months Ended June 30, 2017
(In thousands)	NSAM			NRF		Total			NSAM			NRF		Total
Total revenues	$	45,263		$	418,134	$	463,397		$	90,232		$	770,617	$	860,849
Net income (loss) attributable to Colony NorthStar, Inc.	(31,367		)	13,412		(17,955		)	(48,355		)	22,378		(25,977		)

Schedule Of Merger Related Costs



(In thousands)	Three Months Ended June 30, 2017		Six Months Ended June 30, 2017
Merger-related costs:
Transaction costs
Fees to investment bankers contingent upon consummation of the Merger	$	—	$	66,800
Other fees	1,498		18,298
	1,498		85,098
Compensation expense
Equity-based compensation for replacement awards to NSAM executives	30,005		56,054
Severance and other employee transition	5,436		20,934
	35,441		76,988
Administrative expense	2,119		6,219
	$	39,058	$	168,305

Schedule of Pro Forma Information



	Six months ended June 30,
(In thousands, except per share data)	2017		2016
Pro forma:
Total revenues	$	1,307,974	$	1,363,393
Net income (loss) attributable to Colony NorthStar, Inc.	216,575		(140,485		)
Net income (loss) attributable to common stockholders	143,635		(206,577		)
Earnings (loss) per common share:
Basic	$	0.27	$	(0.38	)
Diluted	$	0.27	$	(0.38	)

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



(In thousands)	As Reported At March 31, 2017			Measurement Period Adjustments			As Reported At June 30, 2017
Consideration
Carrying value of loans receivable outstanding at the time of restructuring	$	182,644		$	—		$	182,644
Cash	49,537			—			49,537
Total consideration	$	232,181		$	—		$	232,181
Identifiable assets acquired and liabilities assumed
Cash	$	303		$	—		$	303
Real estate assets	539,233			117			539,350
Real estate and related assets held for sale	26,263			—			26,263
Lease intangibles and other assets	38,288			1,679			39,967
Debt	(275,859		)	1,472			(274,387		)
Tax liabilities	(33,051		)	(3,028		)	(36,079		)
Lease intangibles and other liabilities	(60,208		)	(240		)	(60,448		)
Liabilities related to assets held for sale	(2,788		)	—			(2,788		)
Fair value of net assets acquired	$	232,181		$	—		$	232,181

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
Six Months Ended June 30, 2017 ⁽²⁾
Asset Acquisitions
	January	Industrial—Spain	2	$	10,374	$	3,855	$	5,564	$	955	$	—
	June	Office—California, U.S.	1	455,699		93,577		314,590		50,518		(2,986		)
	Various	Light industrial—Various in U.S.	17	235,649		38,393		189,118		10,141		(2,003		)
				$	701,722	$	135,825	$	509,272	$	61,614	$	(4,989	)
Year Ended December 31, 2016
Business Combinations ⁽³⁾
	January	Industrial—Spain	23	$	94,403	$	33,265	$	56,585	$	5,318	$	(765	)
	April	Industrial—Massachusetts, U.S. ⁽⁴⁾	1	34,900		5,235		27,731		1,934		—
	May	Office—France	1	18,203		14,150		3,815		388		(150		)
	Various	Light industrial—Various in U.S.	18	201,635		36,974		151,689		16,063		(3,091		)
Asset Acquisitions
	Various	Light industrial—Various in U.S.	12	113,200		20,749		84,724		8,398		(671		)
				$	462,341	$	110,373	$	324,544	$	32,101	$	(4,677	)

__________


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


⁽²⁾	Useful life of real estate acquired in 2017 ranges from 26 to 39 years for buildings, 3 to 11 years for improvements and 2 to 14 years for other lease intangibles.


⁽³⁾	Prior to the adoption of the new definition of a business effective October 1, 2016, real estate acquisitions with existing leases generally met the definition of a business combination.


⁽⁴⁾	Real estate asset was sold in August 2016.

Real Estate (Tables)

6 Months Ended

Jun. 30, 2017

Real Estate [Abstract]

Schedule of Components of Real Estates

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



Real Estate Assets		Term
Building (fee interest)		15 to 40 years
Building leasehold interests		Lesser of remaining term of the lease or remaining life of the building
Building improvements		Lesser of useful life or remaining life of the building
Land improvements		10 to 30 years
Tenant improvements		Lesser of useful life or remaining term of the lease
Furniture, fixtures and equipment		5 to 15 years

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



(In thousands)	June 30, 2017			December 31, 2016
Land and improvements	$	2,222,346		$	764,365
Buildings, building leaseholds and improvements	11,502,868			2,559,682
Tenant improvements	172,452			87,643
Furniture, fixtures and equipment	288,003			7
Construction in progress	68,754			8,856
	14,254,423			3,420,553
Less: Accumulated depreciation	(370,219		)	(176,922		)
Real estate assets, net	$	13,884,204		$	3,243,631

Schedule of Proceeds From Sales of Real Estate

Real Estate Sales

Results from sales of real estate were as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2017		2016		2017		2016
Proceeds from sales of real estate	$	69,762	$	56,262	$	973,603	$	224,977
Gain on sales of real estate	15,190		5,844		24,160		56,963

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed



(In thousands)	As Reported At March 31, 2017			Measurement Period Adjustments			As Reported At June 30, 2017
Consideration
Carrying value of loans receivable outstanding at the time of restructuring	$	182,644		$	—		$	182,644
Cash	49,537			—			49,537
Total consideration	$	232,181		$	—		$	232,181
Identifiable assets acquired and liabilities assumed
Cash	$	303		$	—		$	303
Real estate assets	539,233			117			539,350
Real estate and related assets held for sale	26,263			—			26,263
Lease intangibles and other assets	38,288			1,679			39,967
Debt	(275,859		)	1,472			(274,387		)
Tax liabilities	(33,051		)	(3,028		)	(36,079		)
Lease intangibles and other liabilities	(60,208		)	(240		)	(60,448		)
Liabilities related to assets held for sale	(2,788		)	—			(2,788		)
Fair value of net assets acquired	$	232,181		$	—		$	232,181

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
Six Months Ended June 30, 2017 ⁽²⁾
Asset Acquisitions
	January	Industrial—Spain	2	$	10,374	$	3,855	$	5,564	$	955	$	—
	June	Office—California, U.S.	1	455,699		93,577		314,590		50,518		(2,986		)
	Various	Light industrial—Various in U.S.	17	235,649		38,393		189,118		10,141		(2,003		)
				$	701,722	$	135,825	$	509,272	$	61,614	$	(4,989	)
Year Ended December 31, 2016
Business Combinations ⁽³⁾
	January	Industrial—Spain	23	$	94,403	$	33,265	$	56,585	$	5,318	$	(765	)
	April	Industrial—Massachusetts, U.S. ⁽⁴⁾	1	34,900		5,235		27,731		1,934		—
	May	Office—France	1	18,203		14,150		3,815		388		(150		)
	Various	Light industrial—Various in U.S.	18	201,635		36,974		151,689		16,063		(3,091		)
Asset Acquisitions
	Various	Light industrial—Various in U.S.	12	113,200		20,749		84,724		8,398		(671		)
				$	462,341	$	110,373	$	324,544	$	32,101	$	(4,677	)

__________


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


⁽²⁾	Useful life of real estate acquired in 2017 ranges from 26 to 39 years for buildings, 3 to 11 years for improvements and 2 to 14 years for other lease intangibles.


⁽³⁾	Prior to the adoption of the new definition of a business effective October 1, 2016, real estate acquisitions with existing leases generally met the definition of a business combination.


⁽⁴⁾	Real estate asset was sold in August 2016.

Schedule of Depreciation Expense and Impairment Loss on Real Estate Assets

Depreciation and Impairment

Depreciation expense and impairment loss recognized on real estate were as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2017		2016		2017		2016
Depreciation	$	106,567	$	26,848	$	202,303	$	54,368
Impairment loss on real estate held for investment	6,358		—		13,126		—
Impairment loss on real estate held for sale	6,403		2,441		8,154		4,200

Schedule of Components of Property Operating Income

Property Operating Income

The components of property operating income were as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2017		2016		2017		2016
Rental income	$	167,370	$	69,832	$	318,613	$	137,053
Tenant reimbursements	34,244		16,085		65,769		30,830
Resident fee income ⁽¹⁾	74,838		—		140,532		—
Hotel operating income	224,079		9,431		402,471		19,082
	$	500,531	$	95,348	$	927,385	$	186,965

__________


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

Schedule of Future Minimum Rental Payments for Operating Leases

Future Minimum Rents



Year Ending December 31,	(In thousands)
Remaining 2017	$	295,396
2018	543,135
2019	499,217
2020	457,869
2021	393,374
2022 and after	1,662,306
Total ⁽¹⁾	$	3,851,297

__________


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

At June 30, 2017, future minimum rental payments on noncancellable ground leases, excluding any contingent rent payments, on real estate held for investment were as follows.



Year Ending December 31,	(In thousands)
Remaining 2017	$	2,746
2018	5,256
2019	5,191
2020	5,230
2021	5,309
2022 and after	126,379
Total ⁽¹⁾	$	150,111

__________


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

Future contractual minimum rental payments for office leases at June 30, 2017 are as follows:



Year Ending December 31,	(In thousands)
Remaining 2017	$	5,025
2018	7,040
2019	8,007
2020	7,588
2021	7,223
2022 and after	43,223
Total ⁽¹⁾	$	78,106

__________


⁽¹⁾	Excludes contractual minimum rental payments on Townsend office leases.

Loans Receivable (Tables)

6 Months Ended

Jun. 30, 2017

Receivables [Abstract]

Company Loans Receivable

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



	June 30, 2017								December 31, 2016
(Dollars in thousands)	Unpaid Principal Balance		Carrying Value			Weighted Average Coupon		Weighted Average Maturity in Years	Unpaid Principal Balance		Carrying Value			Weighted Average Coupon		Weighted Average Maturity in Years
Non-PCI Loans
Fixed rate
Mortgage loans	$	1,019,220	$	1,013,230		8.9	%	3.1	$	894,232	$	881,755		9.0	%	3.5
Securitized loans ⁽¹⁾	53,954		55,272			6.3	%	13.3	105,586		107,609			6.4	%	15.4
Mezzanine loans	401,149		397,865			11.9	%	2.9	372,247		369,207			12.3	%	2.8
Corporate loans	53,834		53,501			10.5	%	9.2	—		—			—	%	—
	1,528,157		1,519,868						1,372,065		1,358,571
Variable rate
Mortgage loans	686,716		688,665			7.1	%	1.4	494,797		487,651			8.2	%	0.8
Securitized loans ⁽¹⁾	611,648		611,979			6.2	%	3.3	775,963		776,156			5.7	%	2.7
Mezzanine loans	347,999		347,844			11.6	%	0.2	348,035		347,469			11.2	%	0.6
	1,646,363		1,648,488						1,618,795		1,611,276
	3,174,520		3,168,356						2,990,860		2,969,847
PCI Loans
Mortgage loans	2,034,899		901,762						748,930		521,905
Securitized mortgage loans	25,709		5,784						8,146		6,836
Mezzanine loans	7,425		3,671						—		—
	2,068,033		911,217						757,076		528,741
Allowance for loan losses			(70,484		)						(67,980		)
Loans receivable, net	$	5,242,553	$	4,009,089					$	3,747,936	$	3,430,608

__________


⁽¹⁾	Represents loans transferred into securitization vehicles that are consolidated by the Company (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.



(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
June 30, 2017	$	3,101,322	$	26,765	$	709	$	39,560	$	3,168,356
December 31, 2016	2,912,023		7,379		1,172		49,273		2,969,847

Schedule of Troubled Debt Restructuring



	Six Months Ended June 30,
(Dollars in thousands)	2016
Loans modified as TDRs during the period:
Number of loans	1
Carrying value of loans before allowance for loan losses	$	37,611
Loss incurred	$	1,687

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
June 30, 2017	$	106,870	$	71,594	$	34,968	$	106,562	$	3,928
December 31, 2016	116,881		56,650		60,025		116,675		6,287

The average carrying value and interest income recognized on non-PCI impaired loans were as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2017		2016		2017		2016
Average carrying value before allowance for loan losses	$	106,243	$	89,452	$	111,742	$	71,932
Interest income	1,041		763		1,807		1,565

Loans Acquired Through Consolidation of Investment Entities

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 for the PCI loans

Changes in accretable yield of PCI loans were as follows:



	Six Months Ended June 30,
(In thousands)	2017			2016
Beginning accretable yield	$	52,572		$	66,639
Additions	23,594			—
Changes in accretable yield	11,074			19,125
Accretion recognized in earnings	(31,823		)	(37,759		)
Effect of changes in foreign exchange rates	1,495			78
Ending accretable yield	$	56,912		$	48,083

Impairment and Allowance for Loan Losses

The allowance for loan losses and related carrying values of loans held for investment were as follows:



	June 30, 2017				December 31, 2016
(In thousands)	Allowance for Loan Losses		Carrying Value		Allowance for Loan Losses		Carrying Value
Non-PCI loans	$	3,928	$	71,594	$	6,287	$	56,650
PCI loans	66,556		272,207		61,693		243,155
	$	70,484	$	343,801	$	67,980	$	299,805

Changes in allowance for loan losses is presented below:



	Six Months Ended June 30,
(In thousands)	2017			2016
Allowance for loan losses at January 1	$	67,980		$	35,187
Provision for loan losses	7,791			10,702
Charge-off	(5,287		)	(1,066		)
Allowance for loan losses at June 30	$	70,484		$	44,823

Investments in Unconsolidated Ventures (Tables)

6 Months Ended

Jun. 30, 2017

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Ventures

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



(In thousands)	June 30, 2017		December 31, 2016
Equity method investments
Investment ventures	$	1,024,852	$	933,262
Private funds and retail companies	20,445		19,997
	1,045,297		953,259
Cost method investments
Investment venture	89,261		99,736
Private fund and retail companies	27,199		—
	116,460		99,736
Investments under fair value option
Private funds	338,679		—
Investment ventures	26,371		—
	365,050		—
	$	1,526,807	$	1,052,995

Equity Method Investments

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



(Dollars in thousands)			Ownership Interest ⁽¹⁾	Carrying Value
Investments	Description		June 30, 2017	June 30, 2017		December 31, 2016
Starwood Waypoint Homes	Common equity in operating company of single family residential REIT		—%	$	—	$	316,113
Colony American Finance	Common equity in specialty finance company that lends to owners of single family homes for rent	(2)	17.4%	55,996		57,754
NorthStar Realty Europe Corp	Common equity in publicly traded REIT managed by the Company	(2)	8.9%	61,230		—
RXR Realty	Common equity in investment venture with a real estate owner, developer and investment manager	(2)	27.2%	107,788		—
Preferred equity	Preferred equity investments with underlying real estate	(3)	Various	319,090		188,255
ADC investments	Investments in acquisition, development and construction loans in which the Company participates in residual profits from the projects, and the risk and rewards of the arrangements are more similar to those associated with investments in joint ventures	(4)	Various	301,233		271,649
Private funds and retail companies	GP interests in Company sponsored private funds, LP interest in third-party sponsored private fund, as well as seed capital in investment companies	(5)	Various	20,445		19,997
Other investment ventures	Interests in 15 investments, each with less than $61 million carrying value at June 30, 2017		Various	179,515		99,491
				$	1,045,297	$	953,259

__________

(1)


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


(3)	For one investment where the Company has 75% ownership at June 30, 2017, the minority member has control over day-to-day operations of the investment venture, therefore, the Company does not control but has significant influence over the investment venture through its majority interest. Some preferred equity investments may not have stated ownership interest.


(4)	Ownership interests generally range between 34% to 50%. Certain ADC investments have residual profit participation without a stated ownership interest.


(5)	Consists of (i) immaterial general partner ("GP") interests in private funds between 0.1% to 0.3%, (ii) 15% limited partner ("LP") interest in a private fund in which the Company has an equity method investment in the sponsor and (iii) seed capital for a 50% interest in

Securities (Tables)

6 Months Ended

Jun. 30, 2017

Investments, Debt and Equity Securities [Abstract]

Available-for-sale Securities

The following table summarizes the Company's investment in debt and equity securities classified as available for sale. The balance at June 30, 2017 represents securities acquired through the Merger.



			Gross Cumulative Unrealized
(in thousands)	Amortized Cost		Gains		(Losses)			Fair Value
At June 30, 2017
CRE securities of consolidated N-Star CDOs:⁽¹⁾
CMBS	$	206,023	$	2,588	$	(4,720	)	$	203,891
Other securities ⁽²⁾	59,264		5,358		(37		)	64,585
N-Star CDO bonds ⁽³⁾	108,341		3,792		(6,751		)	105,382
CMBS and other securities ⁽⁴⁾	33,471		2,788		(246		)	36,013
	$	407,099	$	14,526	$	(11,754	)	$	409,871
At December 31, 2016
CMBS	$	24,103	$	—	$	(657	)	$	23,446

__________

⁽¹⁾As of June 30, 2017, the carrying value of CDO bonds payable in consolidated N-Star CDOs is $220.9 million.

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


⁽³⁾	Excludes $138.3 million principal amount of N-Star CDO bonds held by the Company in its consolidated CDOs that are eliminated upon consolidation and includes $2.0 million principal amount of N-Star CDO bonds held by a consolidated N-Star CDO.


⁽⁴⁾	Includes $13.5 million of CMBS held by a Company-sponsored retail company, which as of June 30, 2017, is consolidated by the Company through its seed capital. Other securities include a trust preferred security and certain investments in other third party CDO bonds.

Realized gains recorded in other gain, net

The sale of CMBS securities in January 2017 generated the following with realized gain recorded in other gain, net:



(In thousands)	Six Months Ended June 30, 2017
Proceeds from sale	$	24,788
Gross realized gain	567

AFS securities in a gross unrealized loss position

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



	Less Than 12 Months
	June 30, 2017					December 31, 2016
(In thousands)	Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss
CRE securities of consolidated N-Star CDOs:
CMBS	$	124,301	$	(4,720	)	$	—	$	—
Other securities	149		(37		)	—		—
N-Star CDO bonds	77,264		(6,751		)	—		—
CMBS and other securities	72		(246		)	23,446		(657		)

Purchased credit-impaired debt securities

Certain debt securities acquired by the Company through the Merger were considered to be credit impaired at time of acquisition, with the following outstanding balance at June 30, 2017:



(In thousands)	June 30, 2017
Outstanding principal	$	494,589
Amortized cost	48,385
Carrying value	48,851

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



(In thousands)	January 2017
Contractually required payments including interest	$	565,755
Less: Nonaccretable difference	(433,321		)
Cash flows expected to be collected	132,434
Less: Accretable yield	(74,848		)
Fair value of PCI debt securities acquired	$	57,586

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



(In thousands)	Six Months Ended June 30, 2017
Beginning accretable yield	$	—
Assumed through the Merger	74,848
Accretion recognized in earnings	(6,979		)
Changes in accretable yield	1,028
Ending accretable yield	$	68,897

- 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)

6 Months Ended

Jun. 30, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The total goodwill amount below is not expected to be deductible for income tax purposes.



(In thousands)	June 30, 2017		December 31, 2016
Industrial	$	20,000	$	20,000
Investment management	1,788,393		660,127
	$	1,808,393	$	680,127

Schedule of Goodwill, Deferred Leasing Costs and Other Intangibles

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



	June 30, 2017							December 31, 2016
(In thousands)	Carrying Amount (Net of Impairment)⁽¹⁾		Accumulated Amortization			Net Carrying Amount		Carrying Amount (Net of Impairment)⁽¹⁾		Accumulated Amortization			Net Carrying Amount
Deferred Leasing Costs and Intangible Assets
In-place lease values	$	302,237	$	(84,285	)	$	217,952	$	149,301	$	(52,489	)	$	96,812
Above-market lease values	180,363		(24,698		)	155,665		27,731		(13,705		)	14,026
Below-market ground lease obligations	33,978		(296		)	33,682		34,241		(411		)	33,830
Deferred leasing costs	125,263		(32,247		)	93,016		88,879		(25,502		)	63,377
Trade name ⁽²⁾	79,700		(1,525		)	78,175		15,500		NA			15,500
Investment management contracts	399,091		(48,859		)	350,232		39,646		(25,400		)	14,246
Customer relationships	59,400		(8,120		)	51,280		46,800		(5,850		)	40,950
Other ⁽³⁾	56,756		(991		)	55,765		—		—			—
Total deferred leasing costs and intangible assets	$	1,236,788	$	(201,021	)	$	1,035,767	$	402,098	$	(123,357	)	$	278,741
Intangible Liabilities
Below-market lease values	$	233,822	$	(25,035	)	$	208,787	$	30,507	$	(10,690	)	$	19,817
Above-market ground lease obligations	13,417		(351		)	13,066		172		(12		)	160
Total intangible liabilities	$	247,239	$	(25,386	)	$	221,853	$	30,679	$	(10,702	)	$	19,977

__________


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


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


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

Schedule of Expected Annual Amortization Expenses

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



	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands)	2017			2016			2017			2016
Above-market lease values	$	(6,301	)	$	(1,823	)	$	(11,815	)	$	(4,589	)
Below-market lease values	9,755			1,594			17,195			3,533
Net increase (decrease) to rental income	$	3,454		$	(229	)	$	5,380		$	(1,056	)

Above-market ground lease obligations	$	(178	)	$	(1	)	$	(364	)	$	(3	)
Below-market ground lease obligations	342			120			595			262
Net increase to ground rent expense	$	164		$	119		$	231		$	259

In-place lease values	$	20,259		$	4,629		$	40,194		$	15,045
Deferred leasing costs	4,577			3,407			8,823			6,755
Trade name	937			—			1,793			—
Investment management contracts	10,996			2,723			19,214			5,632
Customer relationships	3,191			835			6,131			1,671
Other	2,339			—			4,614			—
Amortization expense	$	42,299		$	11,594		$	80,769		$	29,103

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:



(In thousands)
Year Ending December 31,	Remaining 2017			2018			2019			2020			2021			2022 and after			Total
Above-market lease values	$	(11,958	)	$	(22,564	)	$	(20,556	)	$	(19,209	)	$	(17,695	)	$	(63,683	)	$	(155,665	)
Below-market lease values	15,165			28,071			25,307			23,380			21,369			95,495			208,787
Increase to rental income	$	3,207		$	5,507		$	4,751		$	4,171		$	3,674		$	31,812		$	53,122

Above-market ground lease obligations	$	(406	)	$	(773	)	$	(773	)	$	(773	)	$	(773	)	$	(9,568	)	$	(13,066	)
Below-market ground lease obligations	524			1,045			1,045			1,045			1,048			28,975			33,682
Increase to rent expense	$	118		$	272		$	272		$	272		$	275		$	19,407		$	20,616

In-place lease values	$	19,327		$	31,819		$	26,297		$	21,132		$	16,764		$	102,613		$	217,952
Deferred leasing costs	10,189			16,858			13,966			11,232			8,808			31,963			93,016
Trade name	1,605			3,210			3,210			3,210			3,210			48,230			62,675
Investment management contracts	19,714			34,932			33,419			32,476			31,971			197,720			350,232
Customer relationships	2,301			4,572			4,572			4,572			4,572			30,691			51,280
Other	996			862			739			739			739			21,747			25,822
Amortization expense	$	54,132		$	92,253		$	82,203		$	73,361		$	66,064		$	432,964		$	800,977

Assets and Related Liabilities Held For Sale (Tables)

6 Months Ended

Jun. 30, 2017

Discontinued Operations and Disposal Groups [Abstract]

Disclosure of Long Lived Assets Held-for-sale

The Company's assets and related liabilities held for sale at June 30, 2017 are summarized below:



(In thousands)	June 30, 2017		December 31, 2016
Assets
Cash	$	8,437	$	—
Real estate	593,042		223,954
Loans receivable	—		29,353
Investments in unconsolidated ventures ⁽¹⁾	23,462		—
Goodwill ⁽²⁾	249,795		—
Intangible assets, net	269,115		21,239
Other assets	46,271		18,378
Total assets held for sale	$	1,190,122	$	292,924

Liabilities
Secured debt ⁽³⁾	$	121,697	$	—
Lease intangibles and other liabilities	81,851		14,296
Total liabilities related to assets held for sale	$	203,548	$	14,296

__________


⁽¹⁾	Represents interests in Townsend-sponsored funds.


⁽²⁾	Associated with Townsend investment management business, of which $150.0 million is deductible for income tax purposes as of June 30, 2017.


⁽³⁾	Represents only debt that will be assumed by the buyer upon sale of the asset.

Restricted Cash, Other Assets and Other Liabilities (Tables)

6 Months Ended

Jun. 30, 2017

Restricted Cash, Other Assets And Other Liabilities [Abstract]

Schedule of Restricted Cash

Restricted Cash

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



(In thousands)	June 30, 2017		December 31, 2016
Capital expenditures reserves ⁽¹⁾	$	107,566	$	1,502
Real estate escrow reserves ⁽²⁾	36,010		13,116
Borrower escrow deposits	62,471		61,744
Working capital and other reserves ⁽³⁾	22,579		27,768
Tenant lock boxes ⁽⁴⁾	17,936		—
Cash of consolidated N-Star CDOs ⁽⁵⁾	19,774		—
Other	34,344		7,829
	$	300,680	$	111,959

__________


⁽¹⁾	Represents primarily capital improvements, furniture, fixtures and equipment, tenant improvements, lease renewal and replacement reserves related to real estate assets. At June 30, 2017, included $18.3 million of pre-funded capital expenditures from a noncontrolling interest in the healthcare portfolio.


⁽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)	June 30, 2017		December 31, 2016
Interest receivable	$	31,977	$	42,296
Straight-line rents and unbilled rent receivable ⁽¹⁾	47,187		39,955
Hotel operating income receivable	18,576		—
Resident fee income receivable	10,997		—
Hotel-related reserves ⁽²⁾	32,445		—
Investment deposits and pending deal costs	47,663		66,310
Deferred financing costs, net ⁽³⁾	12,205		10,533
Contingent consideration account ⁽⁴⁾	14,334		10,836
Derivative assets	18,809		36,101
Prepaid taxes and deferred tax assets	33,496		—
Receivables from resolution of investments ⁽⁵⁾	63,168		—
Prepaid expenses, accounts receivable and other assets	83,090		9,099
Fixed assets, net	45,755		45,455
	$	459,702	$	260,585

__________


⁽¹⁾	Presented net of allowance for bad debt of $10.0 million at June 30, 2017 and $4.1 million at December 31, 2016.


⁽²⁾	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.


⁽³⁾	Deferred financing costs relate to revolving credit arrangements.

⁽⁴⁾


⁽⁵⁾	Represents proceeds from loan payoffs held in escrow at June 30, 2017.

Schedule of Accrued and Other Liabilities

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



(In thousands)	June 30, 2017		December 31, 2016
Tenant security deposits	$	31,418	$	12,105
Borrower escrow deposits	68,556		64,118
Prepaid and unearned property operating income	43,161		27,575
Interest payable	47,056		19,399
Derivative liabilities	179,221		5,448
Current and deferred tax liability	287,850		41,462
Accrued compensation	38,730		39,697
Accounts payable, accrued expenses and other liabilities	272,876		77,148
	$	968,868	$	286,952

Debt (Tables)

6 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

Schedule of Debt

The Company's debt is made up 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
June 30, 2017
Principal	$	71,000	$	619,905		$	9,149,646		$	654,700		$	280,117		$	10,775,368
Premium (discount), net	NA		3,784			(107,974		)	(94,295		)	(83,986		)	(282,471		)
Deferred financing costs	NA		(9,994		)	(62,801		)	(1,124		)	—			(73,919		)
	$	71,000	$	613,695		$	8,978,871		$	559,281		$	196,131		$	10,418,978
December 31, 2016
Principal	$	422,600	$	602,500		$	2,235,022		$	497,525		$	—		$	3,757,647
Premium (discount), net	NA		1,385			(3,560		)	—			—			(2,175		)
Deferred financing costs	NA		(11,059		)	(25,765		)	(3,030		)	—			(39,854		)
	$	422,600	$	592,826		$	2,205,697		$	494,495		$	—		$	3,715,618

__________


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


⁽²⁾	At June 30, 2017 and December 31, 2016, debt with carrying value of $244.4 million and $108.8 million, respectively, were related to financing of assets held for sale. Debt that will be assumed by a buyer upon the sale of an asset are presented separately in Note 9.

The following table summarizes certain information about the different components of debt:



	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
June 30, 2017
Recourse
Corporate credit facility	$	—	—	%	—	$	71,000	3.47	%	3.5	$	71,000	3.47	%	3.5
Convertible and exchangeable senior notes	619,905		4.28	%	4.6	—		—	%	—	619,905		4.28	%	4.6
Junior subordinated debt	—		—	%	—	280,117		4.16	%	18.9	280,117		4.16	%	18.9
Secured and unsecured debt ⁽¹⁾	40,170		5.02	%	8.4	11,175		3.87	%	0.8	51,345		4.77	%	6.8
	660,075					362,292					1,022,367
Non-recourse
Securitization bonds payable	55,634		3.05	%	31.4	599,066		2.84	%	25.2	654,700		2.85	%	25.7
Secured and unsecured debt ⁽²⁾
Healthcare	2,168,956		4.64	%	3.4	1,190,792		5.38	%	2.1	3,359,748		4.90	%	3.0
Industrial	785,119		3.82	%	11.7	—		—	%	—	785,119		3.82	%	11.7
Hospitality	—		—	%	—	2,601,432		4.33	%	1.3	2,601,432		4.33	%	1.3
Other Real Estate Equity ⁽³⁾	661,456		4.40	%	5.9	990,196		3.25	%	1.0	1,651,652		3.71	%	3.0
Real Estate Debt	—		—	%	—	700,350		3.84	%	3.0	700,350		3.84	%	3.0
	3,671,165					6,081,836					9,753,001
Total debt	$	4,331,240				$	6,444,128				$	10,775,368



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

__________


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

⁽²⁾


⁽³⁾	Includes $2.6 million of outstanding principal of non-recourse unsecured debt assumed through the acquisition of CPI.

Convertible Senior Notes Issued

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



				Conversion or Exchange Price (per share of common stock)		Conversion or Exchange Ratio ⁽²⁾ (In Shares)	Conversion or Exchange Shares (in thousands)	Earliest Redemption Date	Outstanding Principal (in thousands)
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	June 30, 2017		December 31, 2016
5.00% Convertible Notes	April 2013	April 15, 2023	5.00%	$	15.76	63.4700	12,694	April 22, 2020	$	200,000	$	200,000
3.875% Convertible Notes	January and June 2014	January 15, 2021	3.875%	16.57		60.3431	24,288	January 22, 2019	402,500		402,500
7.25% Exchangeable Notes	June 2007 ⁽¹⁾	June 15, 2027	7.250%	21.95		45.5548	46	June 15, 2017	1,000		—
5.375% Exchangeable Notes	June 2013 ⁽¹⁾	June 15, 2033	5.375%	12.04		83.0837	1,363	June 15, 2023	16,405		—
									$	619,905	$	602,500

__________


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

⁽²⁾

Schedule of Principal Payments Due Under Financing Agreements



(In thousands)	Credit Facilities		Convertible and Exchangeable Senior Notes		Secured and Unsecured Debt		Securitization Bonds Payable (2)		Junior Subordinated Notes		Total
Year Ending December 31,	Credit Facilities		Convertible and Exchangeable Senior Notes		Secured and Unsecured Debt		Securitization Bonds Payable (2)		Junior Subordinated Notes		Total
Remaining 2017 ⁽¹⁾	$	—	$	—	$	1,980,298	$	—	$	—	$	1,980,298
2018	—		—		539,541		—		—		539,541
2019	—		—		3,910,241		—		—		3,910,241
2020	—		—		130,901		—		—		130,901
2021	71,000		402,500		859,977		—		—		1,333,477
2022 and after	—		217,405		1,728,688		654,700		280,117		2,880,910
Total	$	71,000	$	619,905	$	9,149,646	$	654,700	$	280,117	$	10,775,368

__________


⁽¹⁾	At June 30, 2017, $956.8 million in outstanding principal of secured and unsecured debt maturing in 2017 have met their respective qualifying conditions for extension of maturity.


⁽²⁾	For securitization bonds payable, principal may be repaid earlier if proceeds from underlying loans and securities are repaid by borrowers. Future estimated principal payments on securitization bonds payable at June 30, 2017, if based on reasonable expectations of cash flows from underlying loans and securities, would be as follows:



(In thousands)	Securitization Bonds Payable
Year Ending December 31,	Securitization Bonds Payable
Remaining 2017	$	228,027
2018	267,913
2019	100,000
2020	58,760
Total	$	654,700

Derivatives (Tables)

6 Months Ended

Jun. 30, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Gross fair value of derivative assets and liabilities

Gross fair value of derivative assets and derivative liabilities were as follows:



	June 30, 2017									December 31, 2016
(In thousands)	Designated Hedges			Non-Designated Hedges			Total			Designated Hedges			Non-Designated Hedges			Total
Derivative Assets
Foreign exchange contracts	$	17,210		$	961		$	18,171		$	34,715		$	1,103		$	35,818
Interest rate contracts	—			638			638			—			283			283
Included in other assets	$	17,210		$	1,599		$	18,809		$	34,715		$	1,386		$	36,101
Derivative Liabilities
Foreign exchange contracts	$	(23,505	)	$	(2,475	)	$	(25,980	)	$	(5,011	)	$	(437	)	$	(5,448	)
Interest rate contracts	—			(153,241		)	(153,241		)	—			—			—
Included in accrued and other liabilities	$	(23,505	)	$	(155,716	)	$	(179,221	)	$	(5,011	)	$	(437	)	$	(5,448	)

Schedule of foreign exchange contracts

The following table summarizes the aggregate notional amounts of designated and non-designated foreign exchange contracts in place at June 30, 2017, along with certain key terms:

Hedged Currency

Instrument Type

Notional Amount
(in thousands)

Range of Expiration Dates

Designated

Non-Designated

FX Rates
($ per unit of foreign currency)

EUR

FX Collar

€

145,702

€

273

Min $1.06 / Max $1.53

July 2017 to January 2021

GBP

FX Collar

54,460

5,540

Min $1.45 / Max $1.82

September 2017 to December 2019

EUR

FX Forward

€

321,987

€

3,052

Range from $1.06 to $1.24

July 2017 to January 2022

GBP

FX Forward

104,077

24,273

Range from $1.23 to $1.27

December 2018 to December 2020

CHF

FX Forward

CHF

55,545

CHF

Range from $1.47 to $1.50

January 2030

NOK

FX Forward

NOK

851,619

NOK

71,381

$0.12

November 2017

Offsetting derivative assets

At June 30, 2017, the Company held the following interest rate contracts:



	Notional Amount (in thousands)			Strike Rate / Forward Rate
Instrument Type	Non-Designated		Index	Strike Rate / Forward Rate	Expiration
Interest rate swaps	$	2,000,000	3-Month LIBOR	3.39%	December 2029
Interest rate swaps	$	3,586	1-Month LIBOR	4.17% - 5.12%	July 2018 to July 2023
Interest rate caps	$	6,748,816	1-Month LIBOR	1.75% - 5.63%	August 2017 to November 2020
Interest rate caps	$	412,866	3-Month LIBOR	2.50% - 5.00%	September 2017 to March 2019
Interest rate caps	€	406,209	3-Month EURIBOR	0.75% - 1.50%	October 2018 to June 2022
Interest rate caps	£	431,838	3-Month GBP LIBOR	2.00% - 2.50%	December 2017 to February 2020

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



	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands)	2017			2016			2017			2016
Unrealized gain (loss):
Cash flow hedge ineffectiveness	$	—		$	68		$	—		$	101
Non-designated interest rate contracts	$	(29,315	)	$	(330	)	$	(6,723	)	$	(1,374	)

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)
June 30, 2017
Derivative Assets
Foreign exchange contracts	$	18,171		$	(13,475	)	$	—	$	4,696
Interest rate contracts	638			—			—		638
	$	18,809		$	(13,475	)	$	—	$	5,334
Derivative Liabilities
Foreign exchange contracts	$	(25,980	)	$	13,475		$	2,010	$	(10,495	)
Interest rate contracts	(153,241		)	—			—		(153,241		)
	$	(179,221	)	$	13,475		$	2,010	$	(163,736	)

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

Offsetting derivative liabilities

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



	Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets			Gross Amounts Not Offset on Consolidated Balance Sheets					Net Amounts of Assets (Liabilities)
(In thousands)				(Assets) Liabilities			Cash Collateral Received (Pledged)		Net Amounts of Assets (Liabilities)
June 30, 2017
Derivative Assets
Foreign exchange contracts	$	18,171		$	(13,475	)	$	—	$	4,696
Interest rate contracts	638			—			—		638
	$	18,809		$	(13,475	)	$	—	$	5,334
Derivative Liabilities
Foreign exchange contracts	$	(25,980	)	$	13,475		$	2,010	$	(10,495	)
Interest rate contracts	(153,241		)	—			—		(153,241		)
	$	(179,221	)	$	13,475		$	2,010	$	(163,736	)

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

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=84234895&loc=d3e41641-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624163-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=84234895&loc=d3e41678-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=84234895&loc=d3e41638-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5580258-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5579245-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624171-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5579240-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84234895&loc=d3e41620-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Fair Value (Tables)

6 Months Ended

Jun. 30, 2017

Fair Value Disclosures [Abstract]

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



	Fair Value Measurements
(In thousands)	Level 2		Level 3		Total
June 30, 2017
Assets
Investments in unconsolidated ventures	$	—	$	365,050	$	365,050
Securities available for sale
CRE securities of consolidated N-Star CDOs:
CMBS	—		203,891		203,891
Other securities	—		64,585		64,585
N-Star CDO bonds	—		105,382		105,382
CMBS and other securities	13,770		22,243		36,013
Other assets—derivative assets	18,809		—		18,809
Liabilities
Other liabilities—derivative liabilities	179,221		—		179,221
Due to affiliates—contingent consideration	—		33,000		33,000

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

Schedule of Fair Value Assumptions Related to Contingent Consideration

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

Valuation Technique

Key Unobservable Inputs

Input Value

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

Financial Instrument

Fair Value

(In thousands)

Weighted Average

(Range)

June 30, 2017

Investments in unconsolidated ventures—private funds

338,679

Discounted cash flows

Discount rate

13.3%
(7.1% - 20.0%)

Decrease

Investments in unconsolidated ventures—others

26,371

Discounted cash flows

Discount rate

18.0%
(12.5% - 20.0%)

Decrease

Due to affiliates—contingent consideration

33,000

Monte Carlo simulation

Benchmark FFO volatility

16.3%

Increase

Equity volatility

22.6%

Increase

Correlation ⁽²⁾

80.0%

Increase

December 31, 2016

Due to affiliates—contingent consideration

41,250

Monte Carlo simulation

Benchmark FFO volatility

16.1%

Increase

Equity volatility

32.5%

Increase

Correlation ⁽²⁾

80.0%

Increase

__________


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


⁽²⁾	Represents assumed correlation between Benchmark FFO and the Company's class A common stock price.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation



	Assets						Liabilities
(In thousands)	Investments in Unconsolidated Ventures			Securities			Due To Affiliates—Contingent Consideration
Fair value at December 31, 2016	$	—		$	—		$	(41,250	)
Acquired through the Merger	405,626			433,850			—
Purchases / borrowings / amortization / contributions	27,017			23,779			—
Paydowns or distributions	(79,226		)	(62,342		)	—
Realized gains (losses) in earnings	—			(2,110		)	—
Unrealized gains (losses):
In earnings	11,633			—			8,250
In other comprehensive income	—			2,924			—
Fair value at June 30, 2017	$	365,050		$	396,101		$	(33,000	)
Unrealized gains (losses) related to balance at June 30, 2017:
In earnings	$	11,633		$	—		$	8,250
In other comprehensive income	$	—		$	2,924		$	—

Fair value at December 31, 2015	$	—		$	—		$	(52,990	)
Unrealized gain in earnings	—			—			9,090
Fair value at June 30, 2016	$	—		$	—		$	(43,900	)
Unrealized gain related to balance at June 30, 2016 recorded in earnings	$	—		$	—		$	9,090

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation



	Assets						Liabilities
(In thousands)	Investments in Unconsolidated Ventures			Securities			Due To Affiliates—Contingent Consideration
Fair value at December 31, 2016	$	—		$	—		$	(41,250	)
Acquired through the Merger	405,626			433,850			—
Purchases / borrowings / amortization / contributions	27,017			23,779			—
Paydowns or distributions	(79,226		)	(62,342		)	—
Realized gains (losses) in earnings	—			(2,110		)	—
Unrealized gains (losses):
In earnings	11,633			—			8,250
In other comprehensive income	—			2,924			—
Fair value at June 30, 2017	$	365,050		$	396,101		$	(33,000	)
Unrealized gains (losses) related to balance at June 30, 2017:
In earnings	$	11,633		$	—		$	8,250
In other comprehensive income	$	—		$	2,924		$	—

Fair value at December 31, 2015	$	—		$	—		$	(52,990	)
Unrealized gain in earnings	—			—			9,090
Fair value at June 30, 2016	$	—		$	—		$	(43,900	)
Unrealized gain related to balance at June 30, 2016 recorded in earnings	$	—		$	—		$	9,090

Fair Value, Assets Measured on Recurring and Nonrecurring Basis



(In thousands)	June 30, 2017		December 31, 2016
Real estate held for sale	$	96,807	$	67,033

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

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



	Fair Value Measurements								Carrying Value
(In thousands)	Level 1		Level 2		Level 3		Total		Carrying Value
June 30, 2017
Assets
Loans receivable, net	$	—	$	—	$	4,051,565	$	4,051,565	$	4,009,089
Liabilities
Corporate credit facility	—		71,000		—		71,000		71,000
Convertible and exchangeable senior notes	617,974		20,522		—		638,496		613,695
Secured and unsecured debt	—		—		9,025,151		9,025,151		8,978,871
Securitization bonds payable	—		560,405		—		560,405		559,281
Junior subordinated debt	—		—		211,277		211,277		196,131
December 31, 2016
Assets
Loans receivable, net	$	—	$	—	$	3,471,797	$	3,471,797	$	3,430,608
Liabilities
Corporate credit facility	—		422,600		—		422,600		422,600
Convertible senior notes	606,698		—		—		606,698		592,826
Secured and unsecured debt	—		—		2,163,094		2,163,094		2,205,697
Securitization bonds payable	—		492,481		—		492,481		494,495

Variable Interest Entities (Tables)

6 Months Ended

Jun. 30, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule Of Assets And Liabilities Attributable To Variable Interest Entities

The following table presents the assets and liabilities recorded in the consolidated balance sheets attributable to securitization vehicles consolidated as VIEs:



(In thousands)	June 30, 2017		December 31, 2016
Assets
Cash	$	30,972	$	4,320
Loans receivable, net	672,527		885,374
Securities	268,476		—
Real estate, net	8,233		8,873
Other assets	98,235		66,306
Total assets	$	1,078,443	$	964,873
Liabilities
Debt, net	$	559,281	$	494,495
Other liabilities	41,006		63,381
Total liabilities	$	600,287	$	557,876

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2017

Equity [Abstract]

Activity of Preferred and Common Stock

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



	Number of Shares
(In thousands)	Preferred Stock		Class A Common Stock		Class B Common Stock
Shares outstanding at December 31, 2015	25,030		163,777		801
Repurchase of preferred stock ⁽¹⁾	(964	)	—		—
Contribution of preferred stock to an affiliate ⁽¹⁾	964		—		—
Shares issued upon redemption of OP units	—		985		—
Conversion of Class B to Class A common stock	—		28		(28	)
Equity-based compensation, net of forfeitures	—		1,505		—
Shares canceled for tax withholding on vested stock awards	—		(216	)	—
Shares outstanding at June 30, 2016	25,030		166,079		773

Shares outstanding at December 31, 2016	25,030		166,440		770
Consideration for the Merger ⁽²⁾	39,466		392,120		—
Issuance of preferred stock	13,800		—		—
Redemption of preferred stock	(12,547	)	—		—
Shares canceled ⁽³⁾	—		(2,984	)	—
Shares issued upon redemption of OP Units	—		1,386		—
Conversion of Class B to Class A common stock	—		28		(28	)
Repurchase of common stock	—		(12,934	)	—
Equity-based compensation, net of forfeitures	—		7,550		—
Shares canceled for tax withholding on vested stock awards	—		(416	)	—
Shares outstanding at June 30, 2017	65,749		551,190		742

__________

⁽¹⁾

⁽²⁾


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

Preferred Stock

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

The table below summarizes the preferred stock issued and outstanding at June 30, 2017:



Description	Dividend Rate Per Annum		Initial Issuance Date⁽¹⁾	Shares Outstanding (in thousands)	Par Value (in thousands)		Liquidation Preference (in thousands)		Earliest Redemption Date
Series B	8.25	%	February 2007	13,999	$	140	$	349,973	Currently redeemable
Series C	8.875	%	October 2012	5,000	50		125,000		October 11, 2017
Series D	8.5	%	April 2013	8,000	80		200,000		April 10, 2018
Series E	8.75	%	May 2014	10,000	100		250,000		May 15, 2019
Series G	7.5	%	June 2014	3,450	34		86,250		June 19, 2019
Series H	7.125	%	April 2015	11,500	115		287,500		April 13, 2020
Series I	7.15	%	June 2017	13,800	138		345,000		June 5, 2022
				65,749	$	657	$	1,643,723

__________


⁽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)	Unrealized Gain (Loss) on Securities⁽¹⁾			Unrealized Gain (Loss) on Cash Flow Hedges			Foreign Currency Translation Gain (Loss)			Unrealized Gain (Loss) on Net Investment Hedges			Total
AOCI at December 31, 2015	$	—		$	(245	)	$	(42,125	)	$	23,948		$	(18,422	)
Other comprehensive income (loss) before reclassifications	89			7			(3,059		)	(232		)	(3,195		)
Amounts reclassified from AOCI	—			(102		)	(67		)	(98		)	(267		)
AOCI at June 30, 2016	$	89		$	(340	)	$	(45,251	)	$	23,618		$	(21,884	)

AOCI at December 31, 2016	$	(27	)	$	(41	)	$	(76,426	)	$	44,385		$	(32,109	)
Other comprehensive income (loss) before reclassifications	3,584			41			77,109			(42,373		)	38,361
Amounts reclassified from AOCI	(86		)	—			934			(216		)	632
AOCI at June 30, 2017	$	3,471		$	—		$	1,617		$	1,796		$	6,884

Changes in Components of AOCI—Noncontrolling Interests in Investment Entities



(In thousands)	Unrealized Gain (Loss) on Securities⁽¹⁾			Unrealized Gain (Loss) on Cash Flow Hedges			Foreign Currency Translation Gain (Loss)			Unrealized Gain (Loss) on Net Investment Hedges			Total
AOCI at December 31, 2015	$	—		$	(149	)	$	51		$	(1	)	$	(99	)
Other comprehensive income (loss) before reclassifications	—			—			(13,574		)	7,547			(6,027		)
Amounts reclassified from AOCI	—			—			(785		)	—			(785		)
AOCI at June 30, 2016	$	—		$	(149	)	$	(14,308	)	$	7,546		$	(6,911	)

AOCI at December 31, 2016	$	(527	)	$	—		$	(57,213	)	$	11,798		$	(45,942	)
Other comprehensive income (loss) before reclassifications	981			—			60,925			(5,784		)	56,122
Amounts reclassified from AOCI	(454		)	—			994			1,020			1,560
AOCI at June 30, 2017	$	—		$	—		$	4,706		$	7,034		$	11,740

__________


⁽¹⁾	Includes the Company's shares of gain/loss on marketable securities held by equity method investees

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 June 30,						Six months ended June 30,					Affected Line Item in the Consolidated Statements of Operations
Component of AOCI reclassified into earnings	2017			2016			2017			2016
Equity in realized loss on sale of marketable securities of unconsolidated ventures	$	(106	)	$	—		$	(106	)	$	—	Earnings (losses) from investments in unconsolidated ventures
Unrealized gain (loss) on ineffective cash flow hedge	—			58			—			102		Other gain (loss), net
Release of cumulative translation adjustments	934			(264		)	934			67		Other gain (loss), net
Unrealized gain (loss) on dedesignated net investment hedges	—			369			744			98		Other gain (loss), net
Realization of gain on net investment hedges	(960		)	—			(960		)	—		Other gain (loss), net
Release of equity in AOCI of unconsolidated ventures	23			—			20			—		Other gain (loss), net

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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+ Details

Noncontrolling Interests (Tables)

6 Months Ended

Jun. 30, 2017

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interest

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



(In thousands)
Balance at December 31, 2016	$	—
Assumed through the Merger	78,843
Distributions	(709		)
Net income	1,337
Currency translation adjustment and other	33
Balance at June 30, 2017	$	79,504

Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2017

Discontinued Operations and Disposal Groups [Abstract]

Schedule Of Discontinued Operations, Net Income (Loss)

Net income generated from operations of these held for sale asset groups from the Closing Date through their respective disposition dates is presented below.



(In thousands)	Six Months Ended June 30, 2017
Revenues
Property operating income	$	33,857
Other income	2,257
Expenses
Property operating expenses	(12,395		)
Interest expense	(9,028		)
Loss on sale of real estate assets	(2,108		)
Other expenses	(23		)
Net income from discontinued operations attributable to Colony NorthStar, Inc.	$	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
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+ Details

Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2017

Earnings Per Share [Abstract]

Earnings Per Share Reconciliation

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



	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands, except per share data)	2017			2016			2017			2016
Net income allocated to common stockholders
Net income from continuing operations	$	105,192		$	103,136		$	144,822		$	194,167
Income from discontinued operations	—			—			12,560			—
Net income	105,192			103,136			157,382			194,167
Net income attributable to noncontrolling interests:
Redeemable noncontrolling interests	(720		)	—			(1,337		)	—
Investment entities	(23,800		)	(40,169		)	(50,859		)	(97,764		)
Operating Company	(2,330		)	(7,918		)	(1,247		)	(11,339		)
Net income attributable to Colony NorthStar, Inc.	78,342			55,049			103,939			85,064
Preferred stock redemption	(5,448		)	—			(5,448		)	—
Preferred dividends	(34,339		)	(12,093		)	(65,152		)	(23,973		)
Net income attributable to common stockholders	38,555			42,956			33,339			61,091
Net income allocated to participating securities (nonvested shares)	(2,546		)	(577		)	(4,784		)	(1,146		)
Net income allocated to common stockholders—basic	36,009			42,379			28,555			59,945
Interest expense attributable to convertible notes ⁽¹⁾	—			6,833			—			8,382
Net income allocated to common stockholders—diluted	$	36,009		$	49,212		$	28,555		$	68,327
Weighted average common shares outstanding ⁽²⁾
Weighted average number of common shares outstanding—basic	544,023			164,674			525,318			164,203
Weighted average effect of dilutive shares ⁽³⁾	—			36,583			—			24,026
Weighted average number of common shares outstanding—diluted	544,023			201,257			525,318			188,229

Basic earnings per share
Net income from continuing operations	$	0.07		$	0.26		$	0.03		$	0.37
Income from discontinued operations	—			—			0.02			—
Net income per basic common share	$	0.07		$	0.26		$	0.05		$	0.37

Diluted earnings per share
Net income from continuing operations	$	0.07		$	0.24		$	0.03		$	0.36
Income from discontinued operations	—			—			0.02			—
Net income per diluted common share	$	0.07		$	0.24		$	0.05		$	0.36

__________

⁽¹⁾


⁽²⁾	As a result of the Merger, each outstanding share of common stock of Colony was exchanged for 1.4663 of newly issued common shares of Colony NorthStar. Accordingly, the historical data related to quarterly earnings per share for the periods ended before June 30, 2017 have been adjusted by the exchange ratio of 1.4663.


⁽³⁾	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 June 30, 2017 and 2016, there were 32,580,900 and 30,681,300 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.

Fee Income (Tables)

6 Months Ended

Jun. 30, 2017

Other Income and Expenses [Abstract]

Schedule of Asset Management and Other Fees

Fee income earned by the Company consists of the following:



	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2017		2016		2017		2016
Base management fees ($42,276, $15,072, $81,552 and $31,423 from affiliates, respectively)	$	46,837	$	15,072	$	89,403	$	31,423
Asset management fees—from affiliates	2,747		433		9,491		691
Incentive fees—from affiliates	—		—		270		—
Advisory fees	3,499		—		6,653		—
Selling commission and dealer manager fees	1,236		—		1,752		—
Total fee income ($44,900, $15,505, $90,688 and $32,114 from affiliates, respectively)	$	54,319	$	15,505	$	107,569	$	32,114

Equity-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2017

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

Components of Share-Based Compensation

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



	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2017		2016		2017		2016
Compensation expense	$	37,412	$	3,423	$	68,989	$	6,842
Earnings from investments in unconsolidated ventures	—		—		61		—
Investment, servicing and commission expense	502		—		1,048		—
	$	37,914	$	3,423	$	70,098	$	6,842

Nonvested Shares Under Director Stock Plan and Equity Incentive Plan

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



	Restricted Stock		RSUs	LTIP Units	Total		Weighted Average Grant Date Fair Value
Unvested shares at December 31, 2016 ⁽¹⁾	2,089,007		—	—	2,089,007		$	14.44
Awards assumed in the Merger	592,504		774,900	—	1,367,404		14.68
Granted	7,685,246		—	3,506,387	11,191,633		14.43
Vested	(1,085,109	)	—	—	(1,085,109	)	15.02
Forfeited	(135,692	)	—	—	(135,692	)	14.71
Unvested shares at June 30, 2017	9,145,956		774,900	3,506,387	13,427,243		14.61

__________


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

Transactions with Affiliates (Tables)

6 Months Ended

Jun. 30, 2017

Summary of Related Party Disclosures

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



(In thousands)	June 30, 2017		December 31, 2016
Due from affiliates
Investment vehicles and unconsolidated ventures
Fee income	$	19,368	$	9,074
Cost reimbursements and recoverable expenses	30,813		606
Advances	11,500		—
N-Star CDOs	1,614		—
Employees and other affiliates	482		291
	$	63,777	$	9,971
Due to affiliates
Investment vehicles and unconsolidated ventures	$	1,945	$	—
Employees—contingent consideration	33,000		41,250
	$	34,945	$	41,250

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



	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2017		2016		2017		2016
Retail Companies	$	5,335	$	—	$	10,670	$	—
Townsend	394		—		1,059		—
Other	1,244		806		1,947		2,061
	$	6,973	$	806	$	13,676	$	2,061

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2017

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases

Future Minimum Rents



Year Ending December 31,	(In thousands)
Remaining 2017	$	295,396
2018	543,135
2019	499,217
2020	457,869
2021	393,374
2022 and after	1,662,306
Total ⁽¹⁾	$	3,851,297

__________


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

At June 30, 2017, future minimum rental payments on noncancellable ground leases, excluding any contingent rent payments, on real estate held for investment were as follows.



Year Ending December 31,	(In thousands)
Remaining 2017	$	2,746
2018	5,256
2019	5,191
2020	5,230
2021	5,309
2022 and after	126,379
Total ⁽¹⁾	$	150,111

__________


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

Future contractual minimum rental payments for office leases at June 30, 2017 are as follows:



Year Ending December 31,	(In thousands)
Remaining 2017	$	5,025
2018	7,040
2019	8,007
2020	7,588
2021	7,223
2022 and after	43,223
Total ⁽¹⁾	$	78,106

__________


⁽¹⁾	Excludes contractual minimum rental payments on Townsend office leases.

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2017

Segment Reporting [Abstract]

Summary of Operating Results and Net Investments for Each of Reportable Operating Segment

Selected Segment Results of Operations

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



(In thousands)	Healthcare			Industrial			Hospitality			Other Equity and Debt			Investment Management			Amounts Not Allocated to Segments			Total
Three Months Ended June 30, 2017
Total revenues	$	159,357		$	56,125		$	221,522		$	179,973		$	60,531		$	1,864		$	679,372
Property operating expenses	72,460			16,195			139,818			25,244			—			—			253,717
Interest expense	47,844			7,934			35,884			35,630			—			12,968			140,260
Depreciation and amortization	49,577			25,804			33,508			26,894			15,594			1,734			153,111
Provision for loan loss	—			—			—			1,067			—			—			1,067
Impairment loss	—			—			—			12,761			—			—			12,761
Gain on sale of real estate assets	—			8,695			—			6,495			—			—			15,190
Earnings from investments in unconsolidated ventures	—			28			—			119,554			2,812			—			122,394
Income tax benefit (expense)	210			(2,746		)	(909		)	(705		)	6,279			(2,043		)	86
Net income (loss)	(11,394		)	9,100			5,750			185,630			26,084			(109,978		)	105,192
Net income (loss) attributable to Colony NorthStar, Inc.	(8,071		)	3,303			4,796			156,011			23,962			(101,659		)	78,342

Three Months Ended June 30, 2016
Total revenues	$	—		$	48,663		$	—		$	152,676		$	15,505		$	684		$	217,528
Property operating expenses	—			13,746			—			16,034			—			—			29,780
Interest expense	—			9,956			—			21,663			—			10,949			42,568
Depreciation and amortization	—			21,818			—			13,064			3,559			1,100			39,541
Provision for loan loss	—			—			—			6,213			—			—			6,213
Impairment loss	—			137			—			2,304			—			—			2,441
Gain on sale of real estate assets	—			19			—			5,825			—			—			5,844
Earnings (losses) from investments in unconsolidated ventures	—			—			—			53,606			(493		)	—			53,113
Income tax benefit (expense)	—			59			—			(1,879		)	227			(167		)	(1,760		)
Net income (loss)	—			947			—			138,625			3,130			(39,566		)	103,136
Net income (loss) attributable to Colony NorthStar, Inc.	—			2,995			—			81,217			2,639			(31,802		)	55,049

Assets and Equity Method Investments of Reportable Segments

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



(In thousands)	Healthcare		Industrial		Hospitality		Other Equity and Debt		Investment Management		Amounts Not Allocated to Segments		Total
June 30, 2017
Total assets	$	5,947,907	$	2,502,172	$	4,131,267	$	9,315,938	$	3,172,738	$	218,310	$	25,288,332
Equity method investments	—		1,080		—		850,480		189,995		3,742		1,045,297
December 31, 2016
Total assets	$	—	$	2,267,672	$	—	$	6,623,064	$	781,852	$	88,404	$	9,760,992
Equity method investments	—		—		—		921,732		13,187		18,340		953,259

Revenue by Geographic Areas



	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2017		2016		2017		2016
Total income by geography:
United States	$	715,304	$	214,316	$	1,358,432	$	372,591
Europe	78,586		53,363		149,013		96,142
Other	903		2,157		1,802		3,066
Total ⁽¹⁾	$	794,793	$	269,836	$	1,509,247	$	471,799

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, intangible assets other than investment management contracts and customer relationships, goodwill and fixed assets; and exclude financial instruments and assets held for sale.



(In thousands)	June 30, 2017		December 31, 2016
Long-lived assets by geography:
United States	$	14,125,036	$	2,951,290
Europe	2,247,571		1,242,272
Total ⁽²⁾	$	16,372,607	$	4,193,562

Business and Organization (Details) - Colony Capital Operating Company, LLC	6 Months Ended
	Jun. 30, 2017
Parent
Business Acquisition [Line Items]
General partner ownership percent	94.40%
Certain Employees
Business Acquisition [Line Items]
Senior management ownership percent	5.60%

Summary of Significant Accounting Policies - Merger (Details)		6 Months Ended	12 Months Ended
	Jan. 10, 2017	Jun. 30, 2017	Dec. 31, 2016
Colony NorthStar \| Common Class A
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio	1.4663	1.4663	1.4663

Summary of Significant Accounting Policies - Useful life of Fixed Assets (Details)	6 Months Ended
	Jun. 30, 2017
Building (fee interest) \| Minimum
Property, Plant and Equipment [Line Items]
Real estate assets estimated useful life	15 years
Building (fee interest) \| Maximum
Property, Plant and Equipment [Line Items]
Real estate assets estimated useful life	40 years
Land improvements \| Minimum
Property, Plant and Equipment [Line Items]
Real estate assets estimated useful life	10 years
Land improvements \| Maximum
Property, Plant and Equipment [Line Items]
Real estate assets estimated useful life	30 years
Furniture, fixtures and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Real estate assets estimated useful life	5 years
Furniture, fixtures and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Real estate assets estimated useful life	15 years

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2017 USD ($)	Dec. 31, 2016 USD ($)	Jun. 30, 2016 USD ($)	Dec. 31, 2015 USD ($)
Property, Plant and Equipment [Line Items]
OP Units to common stock, conversion ratio	1
Allowance for loan losses	$ 70,484	$ 67,980	$ 44,823	$ 35,187
Aircraft
Property, Plant and Equipment [Line Items]
Fixed assets useful life	15 years
Ground leases
Property, Plant and Equipment [Line Items]
Right-of-use liability	$ 150,100
Office Leases
Property, Plant and Equipment [Line Items]
Right-of-use liability	$ 78,100
Minimum
Property, Plant and Equipment [Line Items]
Lag period for recording proportionate share of income for equity method investments	1 month
Minimum \| Furniture, fixtures, equipment and capitalized software
Property, Plant and Equipment [Line Items]
Fixed assets useful life	3 years
Maximum
Property, Plant and Equipment [Line Items]
Lag period for recording proportionate share of income for equity method investments	3 months
Maximum \| Furniture, fixtures, equipment and capitalized software
Property, Plant and Equipment [Line Items]
Fixed assets useful life	5 years
Restatement Adjustment
Property, Plant and Equipment [Line Items]
Allowance for bad debt	$ (2,400)
Allowance for loan losses	$ 2,400

Business Combinations - Merger with NSAM and NRF (Narrative) (Details)			6 Months Ended	12 Months Ended
	Jan. 10, 2017	Apr. 02, 2015	Jun. 30, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Common stock, conversion ratio		1
Colony NorthStar \| Class A common stock
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio	1.4663		1.4663	1.4663
Colony NorthStar \| Preferred stock
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio	1
Colony NorthStar \| OP Units
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio	1.4663
NSAM \| Colony NorthStar
Business Acquisition [Line Items]
Ownership interest acquired	32.85%
NSAM \| Colony NorthStar \| Class A common stock
Business Acquisition [Line Items]
Common stock, conversion ratio	1
Business combination, stock exchange, conversion ratio	1.4663
Colony \| Colony NorthStar
Business Acquisition [Line Items]
Ownership interest acquired	33.25%
Colony \| Colony NorthStar \| Class A common stock
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio	1.4663
NRF \| Colony NorthStar
Business Acquisition [Line Items]
Ownership interest acquired	33.90%
NRF \| Colony NorthStar \| Class A common stock
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio	1.0996

Business Combinations - Merger Consideration (Narrative) (Details) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 25, 2017 USD ($)	Jan. 10, 2017 USD ($) $ / shares shares	Jan. 31, 2016	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)	Dec. 31, 2016	Mar. 31, 2017 USD ($)
Business Acquisition [Line Items]
Transaction costs				$ 1,498		$ 85,098
Compensation expense				35,441		76,988
Merger-related costs				39,058		168,305
Net income (loss)				105,192	$ 103,136	$ 157,382	$ 194,167
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%
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				1,498		18,298
Equity-based compensation for replacement awards to NSAM executives
Business Acquisition [Line Items]
Compensation expense				30,005		56,054
Severance and other employee transition
Business Acquisition [Line Items]
Compensation expense				5,436		20,934
Administrative costs
Business Acquisition [Line Items]
Compensation expense				2,119		$ 6,219
Colony NorthStar \| Minimum \| Ground lease obligations
Business Acquisition [Line Items]
Weighted average useful life						6 years
Colony NorthStar \| Minimum \| Other real estate related intangibles
Business Acquisition [Line Items]
Weighted average useful life						1 year
Colony NorthStar \| Maximum \| Ground lease obligations
Business Acquisition [Line Items]
Weighted average useful life						90 years
Colony NorthStar \| Maximum \| Other real estate related intangibles
Business Acquisition [Line Items]
Weighted average useful life						17 years
NSAM
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio		1.4663
Cash assumed									$ 152,858
Management agreement, off-market component, value									$ 0
Management agreement, discount rate		10.00%
CPI
Business Acquisition [Line Items]
Cash assumed	$ 303			$ 303		$ 303
Capitalization rate	13.50%
Weighted average discount rate	6.60%
CPI \| Minimum
Business Acquisition [Line Items]
Management agreement, discount rate	1.25%
CPI \| Maximum
Business Acquisition [Line Items]
Management agreement, discount rate	3.60%
NSAM \| Colony NorthStar
Business Acquisition [Line Items]
Ownership interest acquired		32.85%
Colony NorthStar \| Colony NorthStar
Business Acquisition [Line Items]
Dividend payable assumed in merger		$ 226,100
Payroll tax liability assumed in merger		$ 78,900
Class A common stock \| Colony NorthStar
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio		1.4663				1.4663		1.4663
Class A common stock \| Colony Capital Operating Company, LLC
Business Acquisition [Line Items]
Share price (in dollars per share) \| $ / shares		$ 21.52
Class A common stock \| NSAM \| Colony NorthStar
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio		1.4663
Class A common stock \| NorthStar Realty Finance Corp. \| Colony NorthStar
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio		1.3335
Preferred stock \| Colony NorthStar
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio		1
Preferred stock \| Colony NorthStar \| Colony NorthStar
Business Acquisition [Line Items]
Number of shares issued for each share deld by acquiree \| shares		1
Townsend \| NSAM
Business Acquisition [Line Items]
Ownership interest acquired			84.00%

Business Combinations - Schedule of Fair Value of Merger Consideration (Details) $ / shares in Units, shares in Thousands, $ in Thousands		6 Months Ended	12 Months Ended
	Jan. 10, 2017 USD ($) $ / shares shares	Jun. 30, 2017 USD ($) shares	Dec. 31, 2016 USD ($) shares	Jun. 30, 2016 shares	Dec. 31, 2015 shares
Business Acquisition [Line Items]
Total merger consideration \| $	$ 6,720,454		$ 462,341
Number of Shares Outstanding (in shares)	39,466	65,749	25,030
Fair Value \| $	$ 1,010,320	$ 657
Class A common stock
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)		392,120
Shares canceled upon consummation of the Merger (in shares)		2,984
Preferred stock
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)		39,466
Number of Shares Outstanding (in shares)		65,749	25,030	25,030	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	13,999
Price Per Share (in dollars per share) \| $ / shares	$ 25.15
Fair Value \| $	$ 352,004	$ 140
Series C 8.875%
Business Acquisition [Line Items]
Number of Shares Outstanding (in shares)	5,000	5,000
Price Per Share (in dollars per share) \| $ / shares	$ 25.80
Fair Value \| $	$ 128,995	$ 50
Series D 8.50%
Business Acquisition [Line Items]
Number of Shares Outstanding (in shares)	8,000	8,000
Price Per Share (in dollars per share) \| $ / shares	$ 25.82
Fair Value \| $	$ 206,597	$ 80
Series E 8.75%
Business Acquisition [Line Items]
Number of Shares Outstanding (in shares)	10,000	10,000
Price Per Share (in dollars per share) \| $ / shares	$ 25.95
Fair Value \| $	$ 259,542	$ 100
Colony \| Class A common stock
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	267,376
Fair value of stock issued \| $	$ 5,753,929
Price Per Share (in dollars per share) \| $ / shares	$ 21.52
Colony NorthStar \| Preferred stock
Business Acquisition [Line Items]
Fair value of stock issued \| $	$ 1,010,320
NSAM
Business Acquisition [Line Items]
Fair value of NRF stock owned by NSAM \| $	$ (43,795)
NSAM \| NRF
Business Acquisition [Line Items]
Shares of NRF common stock owned by NSAM prior to the Merger (in shares)	2,700
NRF
Business Acquisition [Line Items]
Closing price of NRF common stock (in dollars per share) \| $ / shares	$ 16.13
NSAM
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	190,502
Exchange ratio	1.4663
Total merger consideration \| $	$ 2,752,095
NSAM \| Colony \| Class A common stock
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	129,920
Fair value of stock issued \| $	$ 2,795,890
Price Per Share (in dollars per share) \| $ / shares	$ 21.52
NSAM \| Colony NorthStar \| Preferred stock
Business Acquisition [Line Items]
Fair value of stock issued \| $	$ 0
NSAM \| NSAM
Business Acquisition [Line Items]
Fair value of NRF stock owned by NSAM \| $	$ (43,795)
NRF
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	183,297
Exchange ratio	1.3335
Total merger consideration \| $	$ 3,968,359
NRF \| Colony \| Class A common stock
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	137,456
Fair value of stock issued \| $	$ 2,958,039
Price Per Share (in dollars per share) \| $ / shares	$ 21.52
NRF \| Colony NorthStar \| Preferred stock
Business Acquisition [Line Items]
Fair value of stock issued \| $	$ 1,010,320
NRF \| NSAM
Business Acquisition [Line Items]
Fair value of NRF stock owned by NSAM \| $	$ 0
Colony NorthStar \| Class A common stock
Business Acquisition [Line Items]
Exchange ratio	1.4663	1.4663	1.4663
Colony NorthStar \| Preferred stock
Business Acquisition [Line Items]
Exchange ratio	1
Colony NorthStar \| Colony \| Class A common stock
Business Acquisition [Line Items]
Exchange ratio	1.4663
Colony NorthStar \| NSAM \| Class A common stock
Business Acquisition [Line Items]
Exchange ratio	1.4663
Colony NorthStar \| NorthStar Realty Finance Corp. \| Class A common stock
Business Acquisition [Line Items]
Exchange ratio	1.3335
Colony NorthStar \| NRF \| Class A common stock
Business Acquisition [Line Items]
Exchange ratio	1.0996
Outstanding shares of common stock prior to closing of the Merger \| NSAM
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	190,202
Outstanding shares of common stock prior to closing of the Merger \| NRF
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	183,147
Replacement equity-based awards attributable to pre-combination services \| NSAM
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	300
Replacement equity-based awards attributable to pre-combination services \| NRF
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	150

Business Combinations - Schedule of Fair Values and Allocation of the Merger (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016
Assets
Identifiable intangible assets			$ 32,101
Liabilities
Intangible liabilities			4,677
Goodwill	$ 1,808,393		$ 680,127
NSAM and NRF
Assets
Cash and cash equivalents	260,609	$ 260,609
Restricted cash	176,814	176,814
Real estate assets	9,895,252	9,968,026
Loans receivable	359,541	365,142
Investments in unconsolidated ventures	665,039	685,617
Securities	436,915	436,915
Identifiable intangible assets	1,016,199	1,019,293
Management agreement between NSAM and NRF	1,576,253	1,683,028
Assets held for sale	2,096,671	2,096,671
Other assets	775,844	769,658
Total assets	17,259,137	17,461,773
Liabilities
Debt	6,723,222	6,720,259
Intangible liabilities	215,821	219,219
Liabilities related to assets held for sale	1,281,406	1,281,406
Tax liabilities	238,760	233,840
Accrued and other liabilities	1,287,824	1,279,185
Liabilities assumed	11,323,286	11,416,937
Redeemable noncontrolling interests	78,843	78,843
Noncontrolling interests—investment entities	506,453	515,009
Noncontrolling interests—Operating Company	8,162	8,162
Fair value of net assets acquired	5,342,393	5,442,822
Merger consideration	6,720,454	6,728,324
Goodwill	1,400,000	1,285,502
Measurement Period Adjustments
Noncontrolling interests—investment entities	1,576,253	1,683,028
NSAM
Assets
Cash and cash equivalents		152,858
Restricted cash		18,052
Real estate assets		0
Loans receivable		28,485
Investments in unconsolidated ventures		76,671
Securities		3,065
Identifiable intangible assets		661,496
Management agreement between NSAM and NRF		1,683,028
Assets held for sale		0
Other assets		79,955
Total assets		2,703,610
Liabilities
Debt		0
Intangible liabilities		0
Liabilities related to assets held for sale		0
Tax liabilities		169,387
Accrued and other liabilities		972,755
Liabilities assumed		1,142,142
Redeemable noncontrolling interests		78,843
Noncontrolling interests—investment entities		0
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Equity Interests	0
Noncontrolling interests—Operating Company		8,162
Fair value of net assets acquired		1,474,463
Merger consideration		2,759,965
Goodwill		1,285,502
Measurement Period Adjustments
Real estate assets	0
Loans receivable	0
Investments in unconsolidated ventures	0
Identifiable intangible assets	60
Management agreement between NSAM and NRF	(106,775)
Other assets	13,500
Total assets	(93,215)
Debt	0
Intangible liabilities	0
Management agreement between NSAM and NRF	0
Tax liabilities	0
Accrued and other liabilities	7,214
Total liabilities	7,214
Noncontrolling interests—investment entities		0
Fair value of net assets acquired	(100,429)
Merger consideration	(7,870)
Goodwill	92,559
NRF
Assets
Cash and cash equivalents		107,751
Restricted cash		158,762
Real estate assets		9,968,026
Loans receivable		336,657
Investments in unconsolidated ventures		608,946
Securities		433,850
Identifiable intangible assets		357,797
Management agreement between NSAM and NRF		0
Assets held for sale		2,096,671
Other assets		689,703
Total assets		14,758,163
Liabilities
Debt		6,720,259
Intangible liabilities		219,219
Liabilities related to assets held for sale		1,281,406
Tax liabilities		64,453
Accrued and other liabilities		306,430
Liabilities assumed		10,274,795
Redeemable noncontrolling interests		0
Noncontrolling interests—investment entities		515,009
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Equity Interests	(8,556)
Noncontrolling interests—Operating Company		0
Fair value of net assets acquired		3,968,359
Merger consideration		3,968,359
Goodwill		0
Measurement Period Adjustments
Real estate assets	(72,774)
Loans receivable	(5,601)
Investments in unconsolidated ventures	(20,578)
Identifiable intangible assets	(3,154)
Management agreement between NSAM and NRF	0
Other assets	(7,314)
Total assets	(109,421)
Debt	2,963
Intangible liabilities	(3,398)
Management agreement between NSAM and NRF	(106,775)
Tax liabilities	4,920
Accrued and other liabilities	1,425
Total liabilities	(100,865)
Noncontrolling interests—investment entities		$ 1,683,028
Fair value of net assets acquired	0
Merger consideration	0
Goodwill	$ 0

Business Combinations - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2017	Jun. 30, 2016
Business Acquisition [Line Items]
Pro forma total revenues		$ 1,307,974	$ 1,363,393
Pro forma net income (loss) attributable to Colony NorthStar, Inc.		216,575	(140,485)
Pro forma net income (loss) attributable to common stockholders		$ 143,635	$ (206,577)
Pro forma net income (loss) per common share, basic (in dollars per share)		$ 0.27	$ (0.38)
Pro forma net income (loss) per common share, diluted (in dollars per share)		$ 0.27	$ (0.38)
CPI
Business Acquisition [Line Items]
Total revenues contributed from the legacy business of NSAM and NRF	$ 12,534	$ 20,428
Net income (loss) attributable to Colony NorthStar, Inc., contributed from the legacy business of NSAM and NRF	(1,471)	(2,576)
NSAM and NRF
Business Acquisition [Line Items]
Total revenues contributed from the legacy business of NSAM and NRF	463,397	860,849
Net income (loss) attributable to Colony NorthStar, Inc., contributed from the legacy business of NSAM and NRF	(17,955)	(25,977)
NSAM
Business Acquisition [Line Items]
Total revenues contributed from the legacy business of NSAM and NRF	45,263	90,232
Net income (loss) attributable to Colony NorthStar, Inc., contributed from the legacy business of NSAM and NRF	(31,367)	(48,355)
NRF
Business Acquisition [Line Items]
Total revenues contributed from the legacy business of NSAM and NRF	418,134	770,617
Net income (loss) attributable to Colony NorthStar, Inc., contributed from the legacy business of NSAM and NRF	$ 13,412	$ 22,378

Business Combinations - Summary of Consideration and Preliminary Allocation to Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands				3 Months Ended	12 Months Ended
	Jun. 30, 2017	Jan. 25, 2017	Jan. 10, 2017	Jun. 30, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Total merger consideration			$ 6,720,454		$ 462,341
CPI
Business Acquisition [Line Items]
Carrying value of loans receivable outstanding at the time of restructuring	$ 182,644	$ 182,644
Cash	49,537	49,537
Total merger consideration	232,181	232,181
Cash	303	303		$ 303
Real estate assets	539,350	539,233		539,350
Real estate and related assets held for sale	26,263	26,263		26,263
Lease intangibles and other assets	39,967	38,288		39,967
Debt	(274,387)	(275,859)		(274,387)
Tax liabilities	(60,448)	(60,208)		(60,448)
Lease intangibles and other liabilities	(2,788)	(2,788)		(2,788)
Liabilities related to real estate held for sale	(36,079)	(33,051)		(36,079)
Fair value of net assets acquired	$ 232,181	$ 232,181		232,181
Measurement Period Adjustments
Real estate assets				117
Lease intangibles and other assets				1,679
Debt				1,472
Tax liabilities				(240)
Liabilities related to assets held for sale				(3,028)
Fair value of net assets acquired				$ 0

Real Estate - Components of Real Estate (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Real Estate [Abstract]
Land and improvements	$ 2,222,346	$ 764,365
Buildings, building leaseholds and improvements	11,502,868	2,559,682
Tenant improvements	172,452	87,643
Furniture, fixtures and equipment	288,003	7
Construction in progress	68,754	8,856
Real estate held for investment at cost	14,254,423	3,420,553
Less: Accumulated depreciation	(370,219)	(176,922)
Real estate assets, net	$ 13,884,204	$ 3,243,631

Real Estate - Sales (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Real Estate - Sales (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Real Estate [Abstract]
Proceeds from sales of real estate	$ 69,762	$ 56,262	$ 973,603	$ 224,977
Gain on sales of real estate	$ 15,190	$ 5,844	$ 24,160	$ 56,963

Real Estate - Acquisitions (Details) $ in Thousands		1 Months Ended					6 Months Ended	12 Months Ended
Real Estate - Acquisitions (Details) $ in Thousands	Jan. 10, 2017 USD ($)	Jun. 30, 2017 USD ($) property	Jan. 31, 2017 USD ($) property	May 31, 2016 USD ($) property	Apr. 30, 2016 USD ($) property	Jan. 31, 2016 USD ($) property	Jun. 30, 2017 USD ($) property	Dec. 31, 2016 USD ($) property
Business Acquisition [Line Items]
Purchase Price	$ 6,720,454							$ 462,341
Land and Improvements								110,373
Building and Improvements								324,544
Lease Intangible Assets								32,101
Lease Intangible Liabilities								$ (4,677)
Business Combinations \| Industrial \| SPAIN
Business Acquisition [Line Items]
Number of Buildings \| property						23
Purchase Price						$ 94,403
Land and Improvements						33,265
Building and Improvements						56,585
Lease Intangible Assets						5,318
Lease Intangible Liabilities						$ (765)
Business Combinations \| Industrial \| MASSACHUSETTS
Business Acquisition [Line Items]
Number of Buildings \| property					1
Purchase Price					$ 34,900
Land and Improvements					5,235
Building and Improvements					27,731
Lease Intangible Assets					1,934
Lease Intangible Liabilities					$ 0
Business Combinations \| Light Industrial Platform \| United States
Business Acquisition [Line Items]
Number of Buildings \| property								18
Purchase Price								$ 201,635
Land and Improvements								36,974
Building and Improvements								151,689
Lease Intangible Assets								16,063
Lease Intangible Liabilities								$ (3,091)
Business Combinations \| Office \| FRANCE
Business Acquisition [Line Items]
Number of Buildings \| property				1
Purchase Price				$ 18,203
Land and Improvements				14,150
Building and Improvements				3,815
Lease Intangible Assets				388
Lease Intangible Liabilities				$ (150)
Asset Acquisitions \| Industrial
Business Acquisition [Line Items]
Purchase Price							$ 701,722
Land and Improvements		$ 135,825					135,825
Building and Improvements		509,272					509,272
Lease Intangible Assets		61,614					61,614
Lease Intangible Liabilities		$ (4,989)					$ (4,989)
Asset Acquisitions \| Industrial \| SPAIN
Business Acquisition [Line Items]
Number of Buildings \| property			2
Purchase Price			$ 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		17					17	12
Purchase Price							$ 235,649	$ 113,200
Land and Improvements		$ 38,393					38,393	20,749
Building and Improvements		189,118					189,118	84,724
Lease Intangible Assets		10,141					10,141	8,398
Lease Intangible Liabilities		$ (2,003)					$ (2,003)	$ (671)
Asset Acquisitions \| Office \| CALIFORNIA
Business Acquisition [Line Items]
Number of Buildings \| property		1					1
Purchase Price		$ 455,699
Land and Improvements		93,577					$ 93,577
Building and Improvements		314,590					314,590
Lease Intangible Assets		50,518					50,518
Lease Intangible Liabilities		$ (2,986)					$ (2,986)
Minimum \| Building
Business Acquisition [Line Items]
Real estate assets estimated useful life							15 years
Minimum \| 2017 Real Estate Acquisitions
Business Acquisition [Line Items]
Useful life of finite-lived intangible assets							2 years
Minimum \| 2017 Real Estate Acquisitions \| Building
Business Acquisition [Line Items]
Real estate assets estimated useful life							26 years
Minimum \| 2017 Real Estate Acquisitions \| Building Improvements
Business Acquisition [Line Items]
Real estate assets estimated useful life							3 years
Maximum \| Building
Business Acquisition [Line Items]
Real estate assets estimated useful life							40 years
Maximum \| 2017 Real Estate Acquisitions
Business Acquisition [Line Items]
Useful life of finite-lived intangible assets							14 years
Maximum \| 2017 Real Estate Acquisitions \| Building
Business Acquisition [Line Items]
Real estate assets estimated useful life							39 years
Maximum \| 2017 Real Estate Acquisitions \| Building Improvements
Business Acquisition [Line Items]
Real estate assets estimated useful life							11 years

Real Estate - Narrative (Details) $ in Millions		3 Months Ended		6 Months Ended
Real Estate - Narrative (Details) $ in Millions	Jun. 30, 2017 USD ($) property	Jun. 30, 2017 USD ($) property	Jun. 30, 2016 USD ($)	Jun. 30, 2017 USD ($) property	Jun. 30, 2016 USD ($)
Business Acquisition [Line Items]
Rent expense		$ 1.3	$ 0.1	$ 2.1	$ 0.2
Mid-Atlantic Region
Business Acquisition [Line Items]
Deposit paid	$ 1.5
Remaining minimum amount committed	$ 199.5	$ 199.5		$ 199.5
Number of buildings \| property	20	20		20

Real Estate - Depreciation and Impairment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Real Estate [Line Items]
Depreciation	$ 106,567	$ 26,848	$ 202,303	$ 54,368
Impairment loss			21,280	4,520
Real Estate Held for Investment
Real Estate [Line Items]
Impairment loss	6,358	0	13,126	0
Real Estate Held-for-Sale
Real Estate [Line Items]
Impairment loss	$ 6,403	$ 2,441	$ 8,154	$ 4,200

Real Estate - Components of Property Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Real Estate [Abstract]
Rental income	$ 167,370	$ 69,832	$ 318,613	$ 137,053
Tenant reimbursements	34,244	16,085	65,769	30,830
Resident fee income	74,838	0	140,532	0
Hotel operating income	224,079	9,431	402,471	19,082
Property operating income	$ 500,531	$ 95,348	$ 927,385	$ 186,965

Real Estate - Future Minimum Rental Payments (Details) $ in Thousands	Jun. 30, 2017 USD ($)
Ground leases
Operating Leased Assets [Line Items]
Remaining 2017	$ 2,746
2018	5,256
2019	5,191
2020	5,230
2021	5,309
2022 and after	126,379
Total	150,100
Real Estate Held for Investment
Operating Leased Assets [Line Items]
Remaining 2017	295,396
2018	543,135
2019	499,217
2020	457,869
2021	393,374
2022 and after	1,662,306
Total	$ 3,851,297

Loans Receivable - Company Loan Receivable (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	$ 5,242,553	$ 3,747,936
Carrying Value	4,009,089	3,430,608
Allowance for loan losses	(70,484)	(67,980)	$ (44,823)	$ (35,187)
PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	2,068,033	757,076
Carrying Value	911,217	528,741
PCI Loans \| Mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	2,034,899	748,930
Carrying Value	901,762	521,905
PCI Loans \| Securitized loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	25,709	8,146
Carrying Value	5,784	6,836
PCI Loans \| Mezzanine loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	7,425	0
Carrying Value	3,671	0
Non-PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	3,174,520	2,990,860
Carrying Value	3,168,356	2,969,847
Fixed Rate Residential Mortgage \| Non-PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	1,528,157	1,372,065
Carrying Value	1,519,868	1,358,571
Fixed Rate Residential Mortgage \| Non-PCI Loans \| Mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	1,019,220	894,232
Carrying Value	$ 1,013,230	$ 881,755
Performing loans, weighted average coupon	8.90%	9.00%
Performing loans, weighted average maturity in years	3 years 1 month 6 days	3 years 6 months
Fixed Rate Residential Mortgage \| Non-PCI Loans \| Securitized loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	$ 53,954	$ 105,586
Carrying Value	$ 55,272	$ 107,609
Performing loans, weighted average coupon	6.30%	6.40%
Performing loans, weighted average maturity in years	13 years 3 months 18 days	15 years 5 months
Fixed Rate Residential Mortgage \| Non-PCI Loans \| Mezzanine loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	$ 401,149	$ 372,247
Carrying Value	$ 397,865	$ 369,207
Performing loans, weighted average coupon	11.90%	12.30%
Performing loans, weighted average maturity in years	2 years 10 months 24 days	2 years 9 months
Fixed Rate Residential Mortgage \| Non-PCI Loans \| Corporate loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	$ 53,834	$ 0
Carrying Value	$ 53,501	$ 0
Performing loans, weighted average coupon	10.50%	0.00%
Performing loans, weighted average maturity in years	9 years 2 months 12 days
Adjustable Rate Residential Mortgage \| Non-PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	$ 1,646,363	$ 1,618,795
Carrying Value	1,648,488	1,611,276
Adjustable Rate Residential Mortgage \| Non-PCI Loans \| Mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	686,716	494,797
Carrying Value	$ 688,665	$ 487,651
Performing loans, weighted average coupon	7.10%	8.20%
Performing loans, weighted average maturity in years	1 year 4 months 24 days	9 months
Adjustable Rate Residential Mortgage \| Non-PCI Loans \| Securitized loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	$ 611,648	$ 775,963
Carrying Value	$ 611,979	$ 776,156
Performing loans, weighted average coupon	6.20%	5.70%
Performing loans, weighted average maturity in years	3 years 3 months 18 days	2 years 8 months
Adjustable Rate Residential Mortgage \| Non-PCI Loans \| Mezzanine loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	$ 347,999	$ 348,035
Carrying Value	$ 347,844	$ 347,469
Performing loans, weighted average coupon	11.60%	11.20%
Performing loans, weighted average maturity in years	2 months 12 days	7 months

Loans Receivable - Loan Maturity and Aging (Details) - Non-PCI Loans - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	$ 3,168,356	$ 2,969,847
Current or Less Than 30 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	3,101,322	2,912,023
30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	26,765	7,379
60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	709	1,172
90 Days or More Past Due and Nonaccrual
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	$ 39,560	$ 49,273

Loans Receivable - Troubled Debt Restructuring (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2017 USD ($) loan	Jun. 30, 2016 USD ($) loan	Dec. 31, 2016 USD ($)
Financing Receivable, Modifications [Line Items]
Carrying value of loans before allowance for loan losses	$ 66,200		$ 66,200
Non-PCI Loans
Financing Receivable, Modifications [Line Items]
Number of loans \| loan	0	1
Carrying value of loans before allowance for loan losses		$ 37,611
Loss incurred		$ 1,687

Loans Receivable - Non-PCI Impaired Loans (Details) - Non-PCI Loans - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 106,870		$ 106,870		$ 116,881
With Allowance for Loan Losses	71,594		71,594		56,650
Without Allowance for Loan Losses	34,968		34,968		60,025
Total	106,562		106,562		116,675
Allowance for Loan Losses	3,928		3,928		$ 6,287
Average carrying value before allowance for loan losses	106,243	$ 89,452	111,742	$ 71,932
Interest income	$ 1,041	$ 763	$ 1,807	$ 1,565

Loans Receivable - Fair Value of Loans Acquired (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Jan. 31, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less: Accretable yield	$ (56,912)		$ (52,572)	$ (48,083)	$ (66,639)
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	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Beginning accretable yield	$ 52,572	$ 66,639
Additions	23,594	0
Changes in accretable yield	11,074	19,125
Accretion recognized in earnings	(31,823)	(37,759)
Effect of changes in foreign exchange rates	1,495	78
Ending accretable yield	$ 56,912	$ 48,083

Loans Receivable - Nonaccrual Loans (Details) - PCI Loans - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income recognized on a cash basis	$ 0.2	$ 0.4	$ 0.4	$ 0.8
Loans and leases receivable, gross	$ 55.6	$ 36.8	$ 55.6	$ 36.8

Loans Receivable - Allowance for Loan Losses and Loans Held For Sale (Details) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	$ 67,980,000	$ 35,187,000	$ 70,484,000	$ 67,980,000
Loans receivable, net			4,009,089,000	3,430,608,000
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan losses	67,980,000	35,187,000
Provision for loan losses	7,791,000	10,702,000
Charge-off	(5,287,000)	(1,066,000)
Allowance for loan losses	70,484,000	44,823,000
Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	67,980,000		70,484,000	67,980,000
Loans receivable, net			343,801,000	299,805,000
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan losses	67,980,000
Allowance for loan losses	70,484,000
PCI Loans \| Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	61,693,000		66,556,000	61,693,000
Loans receivable, net			272,207,000	243,155,000
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan losses	61,693,000
Allowance for loan losses	66,556,000
Provision for loan losses, reversal	1,500,000	$ 0
Non-PCI Loans \| Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	6,287,000		3,928,000	6,287,000
Loans receivable, net			71,594,000	$ 56,650,000
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan losses	6,287,000
Allowance for loan losses	$ 3,928,000
Investment Commitments \| Consolidated Real Estate Debt Investments
Allowance for Loan and Lease Losses [Roll Forward]
Other commitments			220,100,000
Parent \| Investment Commitments \| Consolidated Real Estate Debt Investments
Allowance for Loan and Lease Losses [Roll Forward]
Other commitments			$ 111,900,000

Investments in Unconsolidated Ventures - Narrative (Details) - USD ($) shares in Millions	1 Months Ended		3 Months Ended	6 Months Ended
	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2017	Jun. 30, 2017
Schedule of Equity Method Investments [Line Items]
Payments to acquire businesses and interest in affiliates				$ 50,000,000
Noncontrolling interest, ownership percentage by noncontrolling owners	28.70%		28.70%	28.70%
Starwood Waypoint Homes
Schedule of Equity Method Investments [Line Items]
Ownership percentage	0.00%		0.00%	0.00%
Number of shares issued	7.5	7.6
Proceeds from share issuance	$ 261,400,000	$ 239,100,000
Gain in earnings of investments in unconsolidated ventures		$ 191,200,000
NRE
Schedule of Equity Method Investments [Line Items]
Ownership percentage	8.90%		8.90%	8.90%
Co-Investment Partner
Schedule of Equity Method Investments [Line Items]
Payments to acquire businesses and interest in affiliates				$ 50,000,000
Proceeds from dividends received	$ 10,300,000
ADC investments
Schedule of Equity Method Investments [Line Items]
Lending commitments				44,200,000
Company Sponsored Funds
Schedule of Equity Method Investments [Line Items]
Unfunded lending commitment	121,000,000		$ 121,000,000	121,000,000
Third Party Sponsored Funds
Schedule of Equity Method Investments [Line Items]
Unfunded lending commitment	$ 17,900,000		$ 17,900,000	$ 17,900,000
RXR Realty
Schedule of Equity Method Investments [Line Items]
Ownership percentage	27.20%		27.20%	27.20%
Private funds and retail companies
Schedule of Equity Method Investments [Line Items]
Unfunded lending commitment	$ 22,000,000		$ 22,000,000	$ 22,000,000
Long-term purchase commitment, amount				10,000,000
Distribution Support Agreement
Schedule of Equity Method Investments [Line Items]
Commitment to invest as distribution support				$ 10,000,000.0
Minimum \| ADC investments
Schedule of Equity Method Investments [Line Items]
Ownership percentage	34.00%		34.00%	34.00%
Maximum \| ADC investments
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50.00%		50.00%	50.00%
Limited Partner \| Minimum
Schedule of Equity Method Investments [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners	0.10%		0.10%	0.10%
Limited Partner \| Maximum
Schedule of Equity Method Investments [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners	22.40%		22.40%	22.40%
Common Stock \| NRE
Schedule of Equity Method Investments [Line Items]
Equity method investment, shares	4.9		4.9	4.9
Equity method investments, shares acquired			4.7

Investments in Unconsolidated Ventures - Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 1,045,297	$ 953,259
Cost method investments	116,460	99,736
Investments under fair value option	365,050	0
Investments in Unconsolidated Ventures	1,526,807	1,052,995
Investment ventures
Schedule of Equity Method Investments [Line Items]
Equity method investments	1,024,852	933,262
Cost method investments	89,261	99,736
Investments under fair value option	26,371	0
Private funds and retail companies
Schedule of Equity Method Investments [Line Items]
Equity method investments	20,445	19,997
Retail Companies
Schedule of Equity Method Investments [Line Items]
Cost method investments	27,199	0
Private funds
Schedule of Equity Method Investments [Line Items]
Investments under fair value option	$ 338,679	$ 0

- Definition

Fair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method.

+ References + Details

Investments in Unconsolidated Ventures - Equity Method Investments (Details) $ in Thousands	Jun. 30, 2017 USD ($) investment	Dec. 31, 2016 USD ($)
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 17 individual other investments)	$ 1,045,297	$ 953,259
Starwood Waypoint Homes
Schedule of Equity Method Investments [Line Items]
Ownership Interest	0.00%
Equity method investments (less than for 17 individual other investments)	$ 0	316,113
Colony American Finance
Schedule of Equity Method Investments [Line Items]
Ownership Interest	17.40%
Equity method investments (less than for 17 individual other investments)	$ 55,996	57,754
NRE
Schedule of Equity Method Investments [Line Items]
Ownership Interest	8.90%
Equity method investments (less than for 17 individual other investments)	$ 61,230	0
RXR Realty
Schedule of Equity Method Investments [Line Items]
Ownership Interest	27.20%
Equity method investments (less than for 17 individual other investments)	$ 107,788	0
Preferred equity
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 17 individual other investments)	$ 319,090	188,255
Number of equity method investments \| investment	1
ADC investments
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 17 individual other investments)	$ 301,233	271,649
Private funds and retail companies
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 17 individual other investments)	$ 20,445	19,997
Other investment ventures
Schedule of Equity Method Investments [Line Items]
Ownership Interest	50.00%
Equity method investments (less than for 17 individual other investments)	$ 179,515	$ 99,491
Number of equity method investments \| investment	15
Individual other investment venture
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 17 individual other investments)	$ 60,000
Preferred Equity Investment One
Schedule of Equity Method Investments [Line Items]
Ownership Interest	75.00%
Minimum \| ADC investments
Schedule of Equity Method Investments [Line Items]
Ownership Interest	34.00%
Maximum \| ADC investments
Schedule of Equity Method Investments [Line Items]
Ownership Interest	50.00%
General Partner \| Minimum \| Private funds
Schedule of Equity Method Investments [Line Items]
Ownership Interest	0.10%
General Partner \| Maximum \| Private funds
Schedule of Equity Method Investments [Line Items]
Ownership Interest	0.30%
Limited Partner \| Other investment ventures
Schedule of Equity Method Investments [Line Items]
Ownership Interest	15.00%

Securities - Available for Sale Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 407,099
Gains	14,526
(Losses)	(11,754)
Fair Value	409,871
Bonds \| Variable Interest Entity, Primary Beneficiary
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	220,900
CMBS
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	206,023
Gains	2,588
(Losses)	(4,720)
Fair Value	203,891	$ 23,446
Other securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	59,264
Gains	5,358
(Losses)	(37)
Fair Value	64,585
N-Star CDO
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	108,341
Gains	3,792
(Losses)	(6,751)
Fair Value	105,382
N-Star CDO \| Variable Interest Entity, Not Primary Beneficiary
Schedule of Available-for-sale Securities [Line Items]
Principal amount eliminated in consolidation	138,300
N-Star CDO \| Portion at Other than Fair Value Measurement
Schedule of Available-for-sale Securities [Line Items]
Investment owned, balance, principal amount	2,000
CMBS and other securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	33,471	24,103
Gains	2,788	0
(Losses)	(246)	(657)
Fair Value	36,013	$ 23,446
Investment owned, balance, principal amount	$ 13,500

Securities - Narrative (Details)	6 Months Ended
Securities - Narrative (Details)	Jun. 30, 2017 security
Schedule of Available-for-sale Securities [Line Items]
Number of securities in cumulative unrealized loss position, more than twelve months	0
Commercial Real Estate, Securities \| Colony NorthStar \| N-Star CDO
Schedule of Available-for-sale Securities [Line Items]
Weighted average maturity of securities acquired	3 years 10 months 24 days
Commercial Real Estate, Securities \| Colony NorthStar \| N-Star CDO \| Minimum
Schedule of Available-for-sale Securities [Line Items]
Contractual maturity period	1 month
Commercial Real Estate, Securities \| Colony NorthStar \| N-Star CDO \| Maximum
Schedule of Available-for-sale Securities [Line Items]
Contractual maturity period	35 years
Consolidated Properties \| Commercial Real Estate, Securities \| Colony NorthStar \| N-Star CDO
Schedule of Available-for-sale Securities [Line Items]
Number of securities acquired	2

Securities - Sale of Securities (Details) - Colony - CMBS $ in Thousands	6 Months Ended
	Jun. 30, 2017 USD ($)
Schedule of Available-for-sale Securities [Line Items]
Proceeds from sale	$ 24,788
Gross realized gain	$ 567

Securities - Impairment of AFS Securities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities	$ 700
CMBS
Schedule of Available-for-sale Securities [Line Items]
Fair Value	124,301	$ 0
Gross Unrealized Loss	(4,720)	0
Other securities
Schedule of Available-for-sale Securities [Line Items]
Fair Value	149	0
Gross Unrealized Loss	(37)	0
N-Star CDO
Schedule of Available-for-sale Securities [Line Items]
Fair Value	77,264	0
Gross Unrealized Loss	(6,751)	0
CMBS and other securities
Schedule of Available-for-sale Securities [Line Items]
Fair Value	72	23,446
Gross Unrealized Loss	$ (246)	$ (657)

Securities - Purchased Credit Impaired Debt Securities (Details) - Colony NorthStar - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jan. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Outstanding principal	$ 494,589
Amortized cost	48,385
Carrying value	48,851
PCI Debt Securities Acquired During Period
Contractually required payments including interest		$ 565,755
Less: Nonaccretable difference		(433,321)
Cash flows expected to be collected		132,434
Less: Accretable yield		(74,848)
Fair value of PCI debt securities acquired		$ 57,586
Accretable Yield Movement Schedule [Roll Forward]
Beginning accretable yield	0
Assumed through the Merger	74,848
Accretion recognized in earnings	(6,979)
Changes in accretable yield	1,028
Ending accretable yield	$ 68,897

Goodwill, Deferred Leasing Costs and Other Intangibles - Goodwill (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2017	Dec. 31, 2016
Goodwill [Line Items]
Goodwill	$ 1,808,393			$ 680,127
Goodwill impairment	0	$ 0
Industrial
Goodwill [Line Items]
Goodwill	20,000			20,000
Investment management
Goodwill [Line Items]
Goodwill	1,788,393			660,127
Townsend
Goodwill [Line Items]
Goodwill related to investment management business held for sale	249,800			$ 0
NSAM and NRF
Goodwill [Line Items]
Goodwill	$ 1,400,000		$ 1,285,502

Goodwill, Deferred Leasing Costs and Other Intangibles - Goodwill, Intangible Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	$ 1,236,788	$ 402,098
Deferred leasing and other intangible assets, accumulated amortization	(201,021)	(123,357)
Deferred leasing and other intangible assets, net carrying amount	1,035,767	278,741
Intangible Liabilities
Below-market lease values, carrying amount	233,822	30,507
Below-market lease values, accumulated amortization	(25,035)	(10,690)
Below-market lease values	208,787	19,817
Above-market ground lease obligations, carrying amount	13,417	172
Above-market ground lease obligations, accumulated amortization	(351)	(12)
Above-market ground lease obligations	13,066	160
Intangible liabilities, carrying amount	247,239	30,679
Intangible liabilities, accumulated amortization	(25,386)	(10,702)
Total intangible liabilities	221,853	19,977
In-place lease values
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	302,237	149,301
Deferred leasing and other intangible assets, accumulated amortization	(84,285)	(52,489)
Deferred leasing and other intangible assets, net carrying amount	217,952	96,812
Above-market lease values
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	180,363	27,731
Deferred leasing and other intangible assets, accumulated amortization	(24,698)	(13,705)
Deferred leasing and other intangible assets, net carrying amount	155,665	14,026
Below-market ground lease obligations
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	33,978	34,241
Deferred leasing and other intangible assets, accumulated amortization	(296)	(411)
Deferred leasing and other intangible assets, net carrying amount	33,682	33,830
Deferred leasing costs
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	125,263	88,879
Deferred leasing and other intangible assets, accumulated amortization	(32,247)	(25,502)
Deferred leasing and other intangible assets, net carrying amount	93,016	63,377
Trade name
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	79,700	15,500
Deferred leasing and other intangible assets, accumulated amortization	(1,525)
Deferred leasing and other intangible assets, net carrying amount	$ 78,175	15,500
Intangible Liabilities
Useful life of finite-lived intangible assets	20 years
Investment management contracts
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	$ 399,091	39,646
Deferred leasing and other intangible assets, accumulated amortization	(48,859)	(25,400)
Deferred leasing and other intangible assets, net carrying amount	350,232	14,246
Customer relationships
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	59,400	46,800
Deferred leasing and other intangible assets, accumulated amortization	(8,120)	(5,850)
Deferred leasing and other intangible assets, net carrying amount	51,280	40,950
Other
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	56,756	0
Deferred leasing and other intangible assets, accumulated amortization	(991)	0
Deferred leasing and other intangible assets, net carrying amount	$ 55,765	$ 0
Franchise agreements \| Minimum
Intangible Liabilities
Useful life of finite-lived intangible assets	10 years
Franchise agreements \| Maximum
Intangible Liabilities
Useful life of finite-lived intangible assets	15 years

Goodwill, Deferred Leasing Costs and Other Intangibles - Remaining Terms of Acquired Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Finite-Lived Intangible Assets [Line Items]
Above-market lease values			$ 5,597	$ (1,315)
Below-market lease values	$ 9,755	$ 1,594	17,195	3,533
Net increase (decrease) to rental income	3,454	(229)	5,380	(1,056)
Above-market ground lease obligations	(178)	(1)	(364)	(3)
Below-market ground lease obligations	342	120	595	262
Net increase to ground rent expense	164	119	231	259
Amortization expense	42,299	11,594	80,769	29,103
Above-market lease values
Finite-Lived Intangible Assets [Line Items]
Above-market lease values	(6,301)	(1,823)	(11,815)	(4,589)
In-place lease values
Finite-Lived Intangible Assets [Line Items]
Amortization expense	20,259	4,629	40,194	15,045
Deferred leasing costs
Finite-Lived Intangible Assets [Line Items]
Amortization expense	4,577	3,407	8,823	6,755
Trade name
Finite-Lived Intangible Assets [Line Items]
Amortization expense	937	0	1,793	0
Investment management contracts
Finite-Lived Intangible Assets [Line Items]
Amortization expense	10,996	2,723	19,214	5,632
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortization expense	3,191	835	6,131	1,671
Other
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 2,339	$ 0	$ 4,614	$ 0

Goodwill, Deferred Leasing Costs and Other Intangibles - Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Above Market Lease, Amortization Expense [Abstract]
Remaining 2017	$ (11,958)
2018	(22,564)
2019	(20,556)
2020	(19,209)
2021	(17,695)
2022 and after	(63,683)
Above-market lease values	(155,665)
Below-market lease values
Below-market lease values	208,787	$ 19,817
(Decrease) Increase to rental income
Remaining 2017	3,207
2017	5,507
2018	4,751
2019	4,171
2020	3,674
2022 and after	31,812
Increase to rental income	53,122
Deferred Leasing Costs and Intangible Assets
Remaining 2017	54,132
2018	92,253
2019	82,203
2020	73,361
2021	66,064
2022 and after	432,964
Net Carrying Amount	800,977
Net below-market ground lease obligations
Deferred Leasing Costs and Intangible Assets
Remaining 2017	118
2018	272
2019	272
2020	272
2021	275
2022 and after	19,407
Net Carrying Amount	20,616
Below-market lease values
Below-market lease values
Remaining 2017	15,165
2018	28,071
2019	25,307
2020	23,380
2021	21,369
2022 and after	95,495
Below-market lease values	208,787
Below-market ground lease obligations
Deferred Leasing Costs and Intangible Assets
Remaining 2017	524
2018	1,045
2019	1,045
2020	1,045
2021	1,048
2022 and after	28,975
Net Carrying Amount	33,682
In-place lease values
Deferred Leasing Costs and Intangible Assets
Remaining 2017	19,327
2018	31,819
2019	26,297
2020	21,132
2021	16,764
2022 and after	102,613
Net Carrying Amount	217,952
Deferred leasing costs
Deferred Leasing Costs and Intangible Assets
Remaining 2017	10,189
2018	16,858
2019	13,966
2020	11,232
2021	8,808
2022 and after	31,963
Net Carrying Amount	93,016
Trade name
Deferred Leasing Costs and Intangible Assets
Remaining 2017	1,605
2018	3,210
2019	3,210
2020	3,210
2021	3,210
2022 and after	48,230
Net Carrying Amount	62,675
Investment management contracts
Deferred Leasing Costs and Intangible Assets
Remaining 2017	19,714
2018	34,932
2019	33,419
2020	32,476
2021	31,971
2022 and after	197,720
Net Carrying Amount	350,232
Customer relationships
Deferred Leasing Costs and Intangible Assets
Remaining 2017	2,301
2018	4,572
2019	4,572
2020	4,572
2021	4,572
2022 and after	30,691
Net Carrying Amount	51,280
Other
Deferred Leasing Costs and Intangible Assets
Remaining 2017	996
2018	862
2019	739
2020	739
2021	739
2022 and after	21,747
Net Carrying Amount	25,822
Leases Acquired In Place Above Market Ground Leases Adjustment [Member]
Above Market Ground Lease Obligations [Abstract]
Remaining 2017	(406)
2018	(773)
2019	(773)
2020	(773)
2021	(773)
2022 and after	(9,568)
Above-market ground lease obligations	$ (13,066)

Assets and Related Liabilities Held For Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016
Assets
Cash	$ 8,437	$ 0	$ 0
Real estate	593,042	223,954
Loans receivable	0	29,353
Intangible assets, net	269,115	21,239
Other assets	46,271	18,378
Total assets held for sale	1,190,122	292,924
Disposal Group, Including Discontinued Operations, Debt	121,697	0
Liabilities
Lease intangibles and other liabilities	81,851	14,296
Total liabilities related to assets held for sale	203,548	14,296
Townsend
Assets
Investments in unconsolidated ventures	23,462	0
Goodwill	249,800	$ 0
Liabilities
Lease intangibles and other liabilities	$ 16,800
Ownership interest acquired	1.00%
Obligation to sellers, percent of fund value	84.00%
Goodwill, deductible amount	$ 150,000

Restricted Cash, Other Assets and Other Liabilities - Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 300,680	$ 111,959
Pre-funded capital expenditures	18,300
Variable Interest Entity, Primary Beneficiary
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	19,774	0
Capital expenditures reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	107,566	1,502
Real estate escrow reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	36,010	13,116
Borrower escrow deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	62,471	61,744
Working capital and other reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	22,579	27,768
Tenant lock boxes
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	17,936	0
Other
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 34,344	$ 7,829

Restricted Cash, Other Assets and Other Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Restricted Cash, Other Assets And Other Liabilities [Abstract]
Interest receivable	$ 31,977	$ 42,296
Straight-line rents and unbilled rent receivable	47,187	39,955
Hotel operating income receivable	18,576	0
Resident fee income receivable	10,997	0
Hotel-related reserves	32,445	0
Investment deposits and pending deal costs	47,663	66,310
Deferred financing costs, net	12,205	10,533
Contingent consideration account	14,334	10,836
Derivative assets	18,809	36,101
Deferred tax assets	33,496	0
Receivables from resolution of investments	63,168	0
Prepaid expenses, accounts receivable and other assets	83,090	9,099
Fixed assets, net	45,755	45,455
Other assets	459,702	260,585
Allowance for unbilled receivables	$ 10,000	$ 4,100

Restricted Cash, Other Assets and Other Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Restricted Cash, Other Assets And Other Liabilities [Abstract]
Tenant security deposits	$ 31,418	$ 12,105
Borrower escrow deposits	68,556	64,118
Prepaid and unearned property operating income	43,161	27,575
Interest payable	47,056	19,399
Derivative liabilities	179,221	5,448
Current and deferred tax liability	287,850	41,462
Accrued compensation	38,730	39,697
Accounts payable, accrued expenses and other liabilities	272,876	77,148
Total	$ 968,868	$ 286,952

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Principal	$ 10,775,368	$ 3,757,647
Premium (discount), net	(282,471)	(2,175)
Deferred financing costs	(73,919)	(39,854)
Debt, net	10,418,978	3,715,618
Assets Held For Sale
Debt Instrument [Line Items]
Debt, net	244,400	108,800
Credit Facilities
Debt Instrument [Line Items]
Principal	71,000	422,600
Debt, net	71,000	422,600
Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Principal	619,905	602,500
Premium (discount), net	3,784	1,385
Deferred financing costs	(9,994)	(11,059)
Debt, net	613,695	592,826
Secured and Unsecured Debt
Debt Instrument [Line Items]
Principal	9,149,646	2,235,022
Premium (discount), net	(107,974)	(3,560)
Deferred financing costs	(62,801)	(25,765)
Debt, net	8,978,871	2,205,697
Securitization Bonds Payable
Debt Instrument [Line Items]
Principal	654,700	497,525
Premium (discount), net	(94,295)	0
Deferred financing costs	(1,124)	(3,030)
Debt, net	559,281	494,495
Junior Subordinated Notes
Debt Instrument [Line Items]
Principal	280,117	0
Premium (discount), net	(83,986)	0
Deferred financing costs	0	0
Debt, net	$ 196,131	$ 0

Debt - Components of Debt (Details) $ in Thousands	6 Months Ended	12 Months Ended
Debt - Components of Debt (Details) $ in Thousands	Jun. 30, 2017 USD ($)	Dec. 31, 2016 USD ($) instrument
Debt Instrument [Line Items]
Principal	$ 10,775,368	$ 3,757,647
Fixed Rate
Debt Instrument [Line Items]
Principal	4,331,240	1,822,878
Variable Rate
Debt Instrument [Line Items]
Principal	6,444,128	1,934,769
Credit Facilities
Debt Instrument [Line Items]
Principal	71,000	422,600
Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Principal	619,905	602,500
Junior Subordinated Notes
Debt Instrument [Line Items]
Principal	280,117	0
Secured and Unsecured Debt
Debt Instrument [Line Items]
Principal	9,149,646	2,235,022
Securitization Bonds Payable
Debt Instrument [Line Items]
Principal	654,700	497,525
Recourse
Debt Instrument [Line Items]
Principal	1,022,367	1,111,706
Recourse \| Fixed Rate
Debt Instrument [Line Items]
Principal	660,075	$ 643,648
Number of secured promissory notes \| instrument		2
Recourse \| Variable Rate
Debt Instrument [Line Items]
Principal	362,292	$ 468,058
Recourse \| Credit Facilities
Debt Instrument [Line Items]
Principal	$ 71,000	$ 422,600
Weighted Average Interest Rate (Per Annum)	3.47%	3.02%
Weighted Average Years Remaining to Maturity	3 years 6 months	3 years 2 months 12 days
Recourse \| Credit Facilities \| Fixed Rate
Debt Instrument [Line Items]
Principal	$ 0	$ 0
Weighted Average Interest Rate (Per Annum)	0.00%	0.00%
Recourse \| Credit Facilities \| Variable Rate
Debt Instrument [Line Items]
Principal	$ 71,000	$ 422,600
Weighted Average Interest Rate (Per Annum)	3.47%	3.02%
Weighted Average Years Remaining to Maturity	3 years 6 months	3 years 2 months 12 days
Recourse \| Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Principal	$ 619,905	$ 602,500
Weighted Average Interest Rate (Per Annum)	4.28%	4.25%
Weighted Average Years Remaining to Maturity	4 years 7 months 6 days	4 years 9 months 18 days
Recourse \| Convertible and Exchangeable Senior Notes \| Fixed Rate
Debt Instrument [Line Items]
Principal	$ 619,905	$ 602,500
Weighted Average Interest Rate (Per Annum)	4.28%	4.25%
Weighted Average Years Remaining to Maturity	4 years 7 months 6 days	4 years 9 months 18 days
Recourse \| Convertible and Exchangeable Senior Notes \| Variable Rate
Debt Instrument [Line Items]
Principal	$ 0	$ 0
Weighted Average Interest Rate (Per Annum)	0.00%	0.00%
Recourse \| Junior Subordinated Notes
Debt Instrument [Line Items]
Principal	$ 280,117
Weighted Average Interest Rate (Per Annum)	4.16%
Weighted Average Years Remaining to Maturity	18 years 10 months 24 days
Recourse \| Junior Subordinated Notes \| Fixed Rate
Debt Instrument [Line Items]
Principal	$ 0
Weighted Average Interest Rate (Per Annum)	0.00%
Recourse \| Junior Subordinated Notes \| Variable Rate
Debt Instrument [Line Items]
Principal	$ 280,117
Weighted Average Interest Rate (Per Annum)	4.16%
Weighted Average Years Remaining to Maturity	18 years 10 months 24 days
Recourse \| Secured and Unsecured Debt
Debt Instrument [Line Items]
Principal	$ 51,345	$ 86,606
Weighted Average Interest Rate (Per Annum)	4.77%	4.15%
Weighted Average Years Remaining to Maturity	6 years 9 months 18 days	4 years 8 months 12 days
Recourse \| Secured and Unsecured Debt \| Fixed Rate
Debt Instrument [Line Items]
Principal	$ 40,170	$ 41,148
Weighted Average Interest Rate (Per Annum)	5.02%	5.02%
Weighted Average Years Remaining to Maturity	8 years 4 months 24 days	8 years 10 months 24 days
Recourse \| Secured and Unsecured Debt \| Variable Rate
Debt Instrument [Line Items]
Principal	$ 11,175	$ 45,458
Weighted Average Interest Rate (Per Annum)	3.87%	3.36%
Weighted Average Years Remaining to Maturity	9 months 18 days	10 months 24 days
Non-recourse
Debt Instrument [Line Items]
Principal	$ 9,753,001	$ 2,645,941
Non-recourse \| Fixed Rate
Debt Instrument [Line Items]
Principal	3,671,165	1,179,230
Non-recourse \| Variable Rate
Debt Instrument [Line Items]
Principal	6,081,836	1,466,711
Non-recourse \| Secured and Unsecured Debt \| Healthcare
Debt Instrument [Line Items]
Principal	$ 3,359,748
Weighted Average Interest Rate (Per Annum)	4.90%
Weighted Average Years Remaining to Maturity	3 years
Non-recourse \| Secured and Unsecured Debt \| Industrial
Debt Instrument [Line Items]
Principal	$ 785,119	$ 1,010,514
Weighted Average Interest Rate (Per Annum)	3.82%	3.46%
Weighted Average Years Remaining to Maturity	11 years 8 months 12 days	11 years
Non-recourse \| Secured and Unsecured Debt \| Hospitality
Debt Instrument [Line Items]
Principal	$ 2,601,432
Weighted Average Interest Rate (Per Annum)	4.33%
Weighted Average Years Remaining to Maturity	1 year 3 months 18 days
Non-recourse \| Secured and Unsecured Debt \| Other Real Estate Equity
Debt Instrument [Line Items]
Principal	$ 1,651,652	$ 908,497
Weighted Average Interest Rate (Per Annum)	3.71%	3.62%
Weighted Average Years Remaining to Maturity	3 years	5 years 6 months
Non-recourse \| Secured and Unsecured Debt \| Real Estate Debt
Debt Instrument [Line Items]
Principal	$ 700,350	$ 229,405
Weighted Average Interest Rate (Per Annum)	3.84%	3.27%
Weighted Average Years Remaining to Maturity	3 years	1 year 8 months 12 days
Non-recourse \| Secured and Unsecured Debt \| Fixed Rate \| Healthcare
Debt Instrument [Line Items]
Principal	$ 2,168,956
Weighted Average Interest Rate (Per Annum)	4.64%
Weighted Average Years Remaining to Maturity	3 years 4 months 24 days
Non-recourse \| Secured and Unsecured Debt \| Fixed Rate \| Industrial
Debt Instrument [Line Items]
Principal	$ 785,119	$ 597,502
Weighted Average Interest Rate (Per Annum)	3.82%	3.77%
Weighted Average Years Remaining to Maturity	11 years 8 months 12 days	16 years 8 months 12 days
Non-recourse \| Secured and Unsecured Debt \| Fixed Rate \| Hospitality
Debt Instrument [Line Items]
Principal	$ 0
Weighted Average Interest Rate (Per Annum)	0.00%
Non-recourse \| Secured and Unsecured Debt \| Fixed Rate \| Other Real Estate Equity
Debt Instrument [Line Items]
Principal	$ 661,456	$ 487,320
Weighted Average Interest Rate (Per Annum)	4.40%	3.74%
Weighted Average Years Remaining to Maturity	5 years 10 months 24 days	8 years 1 month 6 days
Outstanding principal in payment default		$ 83,000
Non-recourse \| Secured and Unsecured Debt \| Fixed Rate \| Real Estate Debt
Debt Instrument [Line Items]
Principal	$ 0	$ 0
Weighted Average Interest Rate (Per Annum)	0.00%	0.00%
Non-recourse \| Secured and Unsecured Debt \| Fixed Rate \| Healthcare And Hospitality
Debt Instrument [Line Items]
Outstanding principal not in compliance with certain covenants	$ 580,300
Non-recourse \| Secured and Unsecured Debt \| Variable Rate \| Healthcare
Debt Instrument [Line Items]
Principal	$ 1,190,792
Weighted Average Interest Rate (Per Annum)	5.38%
Weighted Average Years Remaining to Maturity	2 years 1 month 6 days
Non-recourse \| Secured and Unsecured Debt \| Variable Rate \| Industrial
Debt Instrument [Line Items]
Principal	$ 0	$ 413,012
Weighted Average Interest Rate (Per Annum)	0.00%	3.02%
Weighted Average Years Remaining to Maturity		2 years 10 months 24 days
Non-recourse \| Secured and Unsecured Debt \| Variable Rate \| Hospitality
Debt Instrument [Line Items]
Principal	$ 2,601,432
Weighted Average Interest Rate (Per Annum)	4.33%
Weighted Average Years Remaining to Maturity	1 year 3 months 18 days
Non-recourse \| Secured and Unsecured Debt \| Variable Rate \| Other Real Estate Equity
Debt Instrument [Line Items]
Principal	$ 990,196	$ 421,177
Weighted Average Interest Rate (Per Annum)	3.25%	3.47%
Weighted Average Years Remaining to Maturity	1 year	2 years 4 months 24 days
Non-recourse \| Secured and Unsecured Debt \| Variable Rate \| Real Estate Debt
Debt Instrument [Line Items]
Principal	$ 700,350	$ 229,405
Weighted Average Interest Rate (Per Annum)	3.84%	3.27%
Weighted Average Years Remaining to Maturity	3 years	1 year 8 months 12 days
Non-recourse \| Securitization Bonds Payable
Debt Instrument [Line Items]
Principal	$ 654,700	$ 497,525
Weighted Average Interest Rate (Per Annum)	2.85%	2.85%
Weighted Average Years Remaining to Maturity	25 years 8 months 12 days	18 years 7 months 6 days
Non-recourse \| Securitization Bonds Payable \| Fixed Rate
Debt Instrument [Line Items]
Principal	$ 55,634	$ 94,408
Weighted Average Interest Rate (Per Annum)	3.05%	2.54%
Weighted Average Years Remaining to Maturity	31 years 4 months 24 days	33 years 2 months 12 days
Non-recourse \| Securitization Bonds Payable \| Variable Rate
Debt Instrument [Line Items]
Principal	$ 599,066	$ 403,117
Weighted Average Interest Rate (Per Annum)	2.84%	2.92%
Weighted Average Years Remaining to Maturity	25 years 2 months 12 days	15 years 2 months 12 days
Non-recourse \| Unsecured Debt \| Fixed Rate \| Other Real Estate Equity
Debt Instrument [Line Items]
Principal	$ 2,600

Debt - Corporate Credit Facility (Details)		6 Months Ended
Debt - Corporate Credit Facility (Details)	Jan. 10, 2017 USD ($) extension	Jun. 30, 2017 USD ($)	Dec. 31, 2016 USD ($)
Line of Credit Facility [Line Items]
Debt, net		$ 10,418,978,000	$ 3,715,618,000
Line of Credit
Line of Credit Facility [Line Items]
Debt, net		71,000,000	$ 422,600,000
Line of Credit \| Revolving Credit Facility \| JPMorgan Chase Bank, N.A.
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
Weighted average interest rate		3.47%
Percentage of unused amount		0.35%
Line of Credit \| Revolving Credit Facility \| JPMorgan Chase Bank, N.A. \| Minimum
Line of Credit Facility [Line Items]
Percentage of unused amount		0.25%
Line of Credit \| Revolving Credit Facility \| JPMorgan Chase Bank, N.A. \| Maximum
Line of Credit Facility [Line Items]
Percentage of unused amount		0.35%
Line of Credit \| Revolving Credit Facility \| JPMorgan Chase Bank, N.A. \| LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate		2.25%
Line of Credit \| Revolving Credit Facility \| JPMorgan Chase Bank, N.A. \| Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.25%
Line of Credit \| Revolving Credit Facility \| JPMorgan Chase Bank, N.A. \| 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, shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2017 USD ($) d quarter $ / shares shares	Dec. 31, 2016 USD ($)
Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Convertible and exchangeable senior notes	$ 619,905	$ 602,500
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
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
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%
Conversion or Exchange Price (per share of common stock) \| $ / shares	$ 21.95
Conversion or Exchange Ratio (In Shares per $1,000)	45.5548
Conversion or Exchange Shares (in shares) \| shares	46
Convertible and exchangeable senior notes	$ 1,000	0
Repurchased face amount	12,000
Repurchase amount	$ 12,400
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	1,363
Convertible and exchangeable senior notes	$ 16,405	$ 0
Junior Subordinated Notes
Debt Instrument [Line Items]
Redemption period	5 years
Interest payment deferral, number of consecutive quarters \| quarter	6

Debt - Schedule of Future Minimum and Estimated Principal Payments Due Under Financing Agreements (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Future scheduled minimum principal payments
Remaining 2017	$ 1,980,298
2018	539,541
2019	3,910,241
2020	130,901
2021	1,333,477
2022 and after	2,880,910
Total	10,775,368	$ 3,757,647
Credit Facilities
Future scheduled minimum principal payments
Remaining 2017	0
2018	0
2019	0
2020	0
2021	71,000
2022 and after	0
Total	71,000	422,600
Convertible and Exchangeable Senior Notes
Future scheduled minimum principal payments
Remaining 2017	0
2018	0
2019	0
2020	0
2021	402,500
2022 and after	217,405
Total	619,905	602,500
Secured and Unsecured Debt
Debt Instrument [Line Items]
Qualifying conditions for extension of maturity, amount	956,800
Future scheduled minimum principal payments
Remaining 2017	1,980,298
2018	539,541
2019	3,910,241
2020	130,901
2021	859,977
2022 and after	1,728,688
Total	9,149,646	2,235,022
Securitization Bonds Payable
Future scheduled minimum principal payments
Remaining 2017	0
2018	0
2019	0
2020	0
2021	0
2022 and after	654,700
Total	654,700	497,525
Estimated Principal Payments
Remaining 2017	228,027
2018	267,913
2019	100,000
2020	58,760
Estimated Principal Payments	654,700
Junior Subordinated Notes
Future scheduled minimum principal payments
Remaining 2017	0
2018	0
2019	0
2020	0
2021	0
2022 and after	280,117
Total	$ 280,117	$ 0

Derivatives - Narrative (Details) € in Millions, £ in Millions, kr in Millions, SFr in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2017 CHF (SFr)	Jun. 30, 2017 GBP (£)	Jun. 30, 2017 EUR (€)	Jun. 30, 2017 NOK (kr)	Jan. 10, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2016 CHF (SFr)	Dec. 31, 2016 GBP (£)	Dec. 31, 2016 EUR (€)	Dec. 31, 2016 NOK (kr)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liabilities	$ 179,221,000		$ 179,221,000							$ 5,448,000
Investments in unconsolidated joint ventures	1,526,807,000		1,526,807,000							1,052,995,000
Deposits related to agreements included in other assets	2,000,000.0		2,000,000.0							0
Net Investment Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives used in net investment hedge, gain (loss), reclassified to earnings upon dedesignation	(1,600,000)	$ 400,000	(2,100,000)	$ 52,000
Designated Hedges \| Other gain (loss), net \| Net Investment Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Realization of net gain on net investment hedges	1,300,000		100,000
Interest rate contracts \| Colony NorthStar \| Non-Designated Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount									$ 6,100,000,000
Derivative liabilities	153,200,000		153,200,000
Increase in fair value of interest rate			5,800,000
Forward Contracts \| Colony NorthStar \| Non-Designated Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount									$ 2,000,000,000
Forward interest rate									3.39%
Foreign currency risk
Derivative Instruments, Gain (Loss) [Line Items]
Investments in unconsolidated joint ventures	$ 1,052,000,000		$ 1,052,000,000		SFr 57.8	£ 240.2	€ 512.3	kr 802.8		$ 697,400,000	SFr 54.5	£ 106.2	€ 394.4	kr 842.1

Derivatives - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 18,809	$ 36,101
Derivative Liabilities	(179,221)	(5,448)
Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	18,809	36,101
Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	(179,221)	(5,448)
Designated Hedges \| Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	17,210	34,715
Designated Hedges \| Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	(23,505)	(5,011)
Non-Designated Hedges \| Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	1,599	1,386
Non-Designated Hedges \| Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	(155,716)	(437)
Foreign exchange contracts \| Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	18,171	35,818
Foreign exchange contracts \| Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	(25,980)	(5,448)
Foreign exchange contracts \| Designated Hedges \| Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	17,210	34,715
Foreign exchange contracts \| Designated Hedges \| Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	(23,505)	(5,011)
Foreign exchange contracts \| Non-Designated Hedges \| Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	961	1,103
Foreign exchange contracts \| Non-Designated Hedges \| Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	(2,475)	(437)
Interest rate contracts
Derivatives, Fair Value [Line Items]
Derivative Assets	638	283
Derivative Liabilities	(153,241)	0
Interest rate contracts \| Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	638	283
Interest rate contracts \| Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	(153,241)	0
Interest rate contracts \| Designated Hedges \| Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	0	0
Interest rate contracts \| Designated Hedges \| Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	0	0
Interest rate contracts \| Non-Designated Hedges \| Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	638	283
Interest rate contracts \| Non-Designated Hedges \| Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ (153,241)	$ 0

Derivatives - Schedule of Net Investment Hedge (Details) - Jun. 30, 2017 € in Thousands, £ in Thousands, kr in Thousands, SFr in Thousands	$ / €	CHF (SFr)	$ / kr	GBP (£)	EUR (€)	$ / £	NOK (kr)	$ / SFr
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			0.12
Foreign exchange contracts \| Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Forward exchange rate	1.06					1.23		1.47
Foreign exchange contracts \| Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Forward exchange rate	1.24							1.50
Designated Hedges \| Foreign exchange collars
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount				£ 54,460	€ 145,702
Designated Hedges \| Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount		SFr 55,545		104,077	321,987		kr 851,619
Non-Designated Hedges \| Foreign exchange collars
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount				5,540	273
Non-Designated Hedges \| Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount		SFr 0		£ 24,273	€ 3,052		kr 71,381

Derivatives - Schedule of Interest Derivative (Details) € in Thousands, £ in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017 USD ($) $ / £	Jun. 30, 2016 USD ($)	Jun. 30, 2017 USD ($) $ / £	Jun. 30, 2016 USD ($)	Jun. 30, 2017 GBP (£) $ / £	Jun. 30, 2017 EUR (€) $ / £
Maximum
Derivative [Line Items]
Forward rate \| $ / £	1.27		1.27		1.27	1.27
Non-Designated Hedges \| Interest rate contracts \| Other gain (loss), net
Derivative [Line Items]
Cash flow hedge ineffectiveness	$ (29,315)	$ (330)	$ (6,723)	$ (1,374)
Non-Designated Hedges \| Interest Rate Swap \| Three-Month LIBOR
Derivative [Line Items]
Notional amount	$ 2,000,000		$ 2,000,000
Forward rate	0.0339		0.0339		0.0339	0.0339
Non-Designated Hedges \| Interest Rate Swap \| One-Month LIBOR
Derivative [Line Items]
Notional amount	$ 3,586		$ 3,586
Non-Designated Hedges \| Interest Rate Swap \| One-Month LIBOR \| Minimum
Derivative [Line Items]
Forward rate	0.0417		0.0417		0.0417	0.0417
Non-Designated Hedges \| Interest Rate Swap \| One-Month LIBOR \| Maximum
Derivative [Line Items]
Forward rate	0.0512		0.0512		0.0512	0.0512
Non-Designated Hedges \| Basis Swap \| Three-Month LIBOR
Derivative [Line Items]
Notional amount	$ 10,000		$ 10,000
Forward rate	0.0195		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%	1.88%
Non-Designated Hedges \| Interest rate contracts \| Three-Month LIBOR
Derivative [Line Items]
Notional amount	$ 412,866		$ 412,866
Non-Designated Hedges \| Interest rate contracts \| Three-Month LIBOR \| Minimum
Derivative [Line Items]
Forward rate	0.0250		0.0250		0.0250	0.0250
Non-Designated Hedges \| Interest rate contracts \| Three-Month LIBOR \| Maximum
Derivative [Line Items]
Forward rate	0.0500		0.0500		0.0500	0.0500
Non-Designated Hedges \| Interest rate contracts \| One-Month LIBOR
Derivative [Line Items]
Notional amount	$ 6,748,816		$ 6,748,816
Non-Designated Hedges \| Interest rate contracts \| One-Month LIBOR \| Minimum
Derivative [Line Items]
Forward rate	0.0175		0.0175		0.0175	0.0175
Non-Designated Hedges \| Interest rate contracts \| One-Month LIBOR \| Maximum
Derivative [Line Items]
Forward rate	0.0400		0.0400		0.0400	0.0400
Non-Designated Hedges \| Interest rate contracts \| Three-Month Euribor
Derivative [Line Items]
Notional amount \| €						€ 406,209
Non-Designated Hedges \| Interest rate contracts \| Three-Month Euribor \| Minimum
Derivative [Line Items]
Forward rate	0.0075		0.0075		0.0075	0.0075
Non-Designated Hedges \| Interest rate contracts \| Three-Month Euribor \| Maximum
Derivative [Line Items]
Forward rate	0.0150		0.0150		0.0150	0.0150
Non-Designated Hedges \| Interest rate contracts \| Three-Month GBP LIBOR
Derivative [Line Items]
Notional amount \| £					£ 431,838
Non-Designated Hedges \| Interest rate contracts \| Three-Month GBP LIBOR \| Minimum
Derivative [Line Items]
Forward rate	0.0200		0.0200		0.0200	0.0200
Non-Designated Hedges \| Interest rate contracts \| Three-Month GBP LIBOR \| Maximum
Derivative [Line Items]
Forward rate	0.0250		0.0250		0.0250	0.0250
Designated Hedges \| Cash Flow Hedging \| Other gain (loss), net
Derivative [Line Items]
Cash flow hedge ineffectiveness	$ 0	$ 68	$ 0	$ 101

Derivatives - Derivative Netting (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Derivative [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	$ 18,809	$ 36,101
(Assets) Liabilities	(13,475)	(180)
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	5,334	35,921
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	(179,221)	(5,448)
(Assets) Liabilities	13,475	180
Cash Collateral Received (Pledged)	2,010	0
Net Amounts of Assets (Liabilities)	(163,736)	(5,268)
Foreign exchange contracts
Derivative [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	18,171	35,818
(Assets) Liabilities	(13,475)	(180)
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	4,696	35,638
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	(25,980)	(5,448)
(Assets) Liabilities	13,475	180
Cash Collateral Received (Pledged)	2,010	0
Net Amounts of Assets (Liabilities)	(10,495)	(5,268)
Interest rate contracts
Derivative [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	638	283
(Assets) Liabilities	0	0
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	638	283
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	(153,241)	0
(Assets) Liabilities	0	0
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	$ (153,241)	$ 0

Fair Value - Fair Value of Assets and Liabilities (Details) $ in Thousands		6 Months Ended	12 Months Ended
	Jan. 10, 2017	Jun. 30, 2017 USD ($) shares	Dec. 31, 2016 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures		$ 365,050	$ 0
Fair Value		409,871
Derivative assets		18,809	36,101
Derivative liabilities		179,221	5,448
Due to affiliates		34,945	41,250
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets		18,809	36,101
Derivative liabilities		$ 179,221	$ 5,448
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity volatility		22.60%	32.50%
Correlation		80.00%	80.00%
CMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		$ 203,891	$ 23,446
CMBS \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value			23,446
CMBS \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		203,891
Other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		64,585
Other securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		64,585
N-Star CDO
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		105,382
N-Star CDO \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		105,382
CMBS and other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		36,013	23,446
CMBS and other securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		13,770
CMBS and other securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		22,243
Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Due to affiliates		33,000	41,250
Contingent consideration \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Due to affiliates		$ 33,000	$ 41,250
Benchmark FFO volatility		16.30%	16.10%
Colony NorthStar \| Common Class A
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business combination, stock exchange, conversion ratio	1.4663	1.4663	1.4663
Colony NorthStar \| Common Class A \| Affiliated Entity \| Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of shares contingent upon achievement of performance targets (shares) \| shares		1,500,000
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		133,420
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		5,090,000
Private funds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures		$ 338,679
Discount rate		13.30%
Private funds \| Minimum \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate		7.10%
Private funds \| Maximum \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate		20.00%
Other investment ventures \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures		$ 26,371
Discount rate		18.00%
Other investment ventures \| Minimum \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate		12.50%
Other investment ventures \| Maximum \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate		20.00%
Investment ventures \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures		$ 365,050

Fair Value - Changes in Fair Value (Details) - Recurring - Level 3 - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Due To Affiliates—Contingent Consideration
Liabilities
Fair Value, Liability Value	$ (41,250)	$ (52,990)
Unrealized gains (losses) in earnings	8,250	9,090
Fair Value, Liability Value	(33,000)	(43,900)
Investments in Unconsolidated Ventures
Assets
Fair Value, Asset Value	0	0
Acquired through the Merger	405,626
Purchases / borrowings / amortization / contributions	27,017
Paydowns or distributions	(79,226)
Unrealized gains (losses) In earnings	11,633	0
Fair Value, Asset Value	365,050	0
Securities
Assets
Fair Value, Asset Value	0	0
Acquired through the Merger	433,850
Purchases / borrowings / amortization / contributions	23,779
Paydowns or distributions	(62,342)
Realized gains (losses) in earnings	(2,110)
Unrealized gains (losses) In earnings		0
Unrealized gains (losses) In accumulated other comprehensive income	2,924
Fair Value, Asset Value	$ 396,101	$ 0

Fair Value - Nonrecurring Fair Value (Details) - Real estate held for sale - Nonrecurring - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	$ 96,807	$ 67,033
Level 3 \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	5.60%
Selling costs	2.00%
Level 3 \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	11.00%
Selling costs	8.00%

Fair Value - Estimated Fair Values and Carrying Values of Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Level 1
Assets
Loans receivable, net	$ 0	$ 0
Liabilities
Line of credit	0	0
Level 1 \| Convertible senior notes
Liabilities
Secured and unsecured debt	617,974	606,698
Level 1 \| Secured and Unsecured Debt
Liabilities
Secured and unsecured debt	0	0
Level 1 \| CMBS debt
Liabilities
Secured and unsecured debt	0	0
Level 1 \| Junior Subordinated Notes
Liabilities
Secured and unsecured debt	0
Level 2
Assets
Loans receivable, net	0	0
Liabilities
Line of credit	71,000	422,600
Level 2 \| Convertible senior notes
Liabilities
Secured and unsecured debt	20,522	0
Level 2 \| Secured and Unsecured Debt
Liabilities
Secured and unsecured debt	0	0
Level 2 \| CMBS debt
Liabilities
Secured and unsecured debt	560,405	492,481
Level 2 \| Junior Subordinated Notes
Liabilities
Secured and unsecured debt	0
Level 3
Assets
Loans receivable, net	4,051,565	3,471,797
Liabilities
Line of credit	0	0
Level 3 \| Convertible senior notes
Liabilities
Secured and unsecured debt	0	0
Level 3 \| Secured and Unsecured Debt
Liabilities
Secured and unsecured debt	9,025,151	2,163,094
Level 3 \| CMBS debt
Liabilities
Secured and unsecured debt	0	0
Level 3 \| Junior Subordinated Notes
Liabilities
Secured and unsecured debt	211,277
Fair Value
Assets
Loans receivable, net	4,051,565	3,471,797
Liabilities
Line of credit	71,000	422,600
Fair Value \| Convertible senior notes
Liabilities
Secured and unsecured debt	638,496	606,698
Fair Value \| Secured and Unsecured Debt
Liabilities
Secured and unsecured debt	9,025,151	2,163,094
Fair Value \| CMBS debt
Liabilities
Secured and unsecured debt	560,405	492,481
Fair Value \| Junior Subordinated Notes
Liabilities
Secured and unsecured debt	211,277
Carrying Value
Assets
Loans receivable, net	4,009,089	3,430,608
Liabilities
Line of credit	71,000	422,600
Carrying Value \| Convertible senior notes
Liabilities
Secured and unsecured debt	613,695	592,826
Carrying Value \| Secured and Unsecured Debt
Liabilities
Secured and unsecured debt	8,978,871	2,205,697
Carrying Value \| CMBS debt
Liabilities
Secured and unsecured debt	559,281	$ 494,495
Carrying Value \| Junior Subordinated Notes
Liabilities
Secured and unsecured debt	$ 196,131

Variable Interest Entities (Details) $ in Thousands	Jun. 30, 2017 USD ($)	Dec. 31, 2016 USD ($) investment	Jun. 30, 2016 USD ($)	Dec. 31, 2015 USD ($)
Assets
Cash	$ 599,920	$ 376,005	$ 227,204	$ 185,854
Loans receivable, net	4,009,089	3,430,608
Real estate assets, net	13,884,204	3,243,631
Securities	409,871	23,446
Other assets	459,702	260,585
Total assets	25,288,332	9,760,992
Liabilities
Debt, net	10,418,978	3,715,618
Accrued and other liabilities	968,868	286,952
Total liabilities	12,035,182	4,144,065
Trust
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	3,700
Company Sponsored Funds
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	1,600	1,700
Securitization Vehicles
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	478,200	407,000
Securitization Vehicles \| Variable Interest Entity, Primary Beneficiary
Assets
Cash	30,972	4,320
Loans receivable, net	672,527	885,374
Real estate assets, net	268,476	0
Securities	8,233	8,873
Other assets	98,235	66,306
Total assets	1,078,443	964,873
Liabilities
Debt, net	559,281	494,495
Accrued and other liabilities	41,006	63,381
Total liabilities	600,287	$ 557,876
N-Star CDO
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	$ 145,500
N-Star CDO \| Securitization Vehicles
Variable Interest Entity [Line Items]
Number of securitization vehicles \| investment		2

Stockholders' Equity - Narrative (Details)							6 Months Ended	12 Months Ended
Stockholders' Equity - Narrative (Details)	Jan. 27, 2017 $ / shares	Jan. 20, 2017 $ / shares	Jan. 10, 2017 $ / shares	Jan. 10, 2017	May 03, 2015	Apr. 02, 2015	Jun. 30, 2017 USD ($) vote quarter director $ / shares shares	Dec. 31, 2016	Feb. 23, 2017 USD ($)	Sep. 30, 2015 USD ($)	May 30, 2015 USD ($)
Class of Stock [Line Items]
Redemption amount per share (in dollars per share) \| $ / shares							$ 25.00
Minimum period of dividend defaults providing preferred stockholders to voting rights (six or more) \| quarter							6
Number of Directors vote entitles \| director							2
Minimum affirmative vote required for changes to any series of preferred stock							66.67%
Number of OP units per Common class B \| shares							35.5
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 \| shares							12,933,337
Value of shares repurchased							$ 168,000,000
Weighted average price per share (in dollars per share) \| $ / shares							$ 12.99
Common Class B
Class of Stock [Line Items]
Voting rights per share of common stock \| vote							36.5
May 2015 At-The-Market Stock Offering
Class of Stock [Line Items]
Aggregate offering price											$ 300,000,000
Sale of stock commission percentage of gross sale proceeds amount					2.00%
Colony NorthStar \| Common Stock
Class of Stock [Line Items]
Dividends paid (in dollars per share) \| $ / shares		$ 0.04444	$ 0.03
Colony NorthStar \| Common Class A
Class of Stock [Line Items]
Exchange ratio				1.4663			1.4663	1.4663
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 \| shares							2,150,120
Value of shares repurchased							$ 29,800,000
Short \| Call Spread \| NSAM \| Common Stock
Class of Stock [Line Items]
Notional amount										$ 100,000,000.0
Settlement							21,900,000
Cash pledged as collateral, released							$ 15,000,000

Stockholders' Equity - Preferred and Common Stock Outstanding (Details) $ / shares in Units, $ in Thousands				1 Months Ended	3 Months Ended				6 Months Ended		12 Months Ended
	Jan. 20, 2017 $ / shares	Jan. 10, 2017 $ / shares shares	Jan. 10, 2017 shares	Jan. 31, 2016 USD ($) shares	Jun. 30, 2017 $ / shares shares	Mar. 31, 2017 $ / shares shares	Mar. 31, 2017 $ / shares shares	Jun. 30, 2016 $ / shares shares	Jun. 30, 2017 USD ($) $ / shares shares	Jun. 30, 2016 USD ($) $ / shares shares	Dec. 31, 2016 shares
Class of Stock [Line Items]
Common stock, dividends, per share, declared (in dollars per share) \| $ / shares					$ 0.27	$ 0.24	$ 0.27	$ 0.27	$ 0.54	$ 0.54
Share Activities Of Preferred And Common Stock [Roll Forward]
Preferred stock, shares outstanding (in shares)		25,030,000				39,466,000	25,030,000		25,030,000
Preferred stock, shares issued (in shares)					65,749,000				65,749,000		25,030,000
Preferred stock, shares outstanding (in shares)		39,466,000	39,466,000		65,749,000				65,749,000		25,030,000
Repurchase of preferred stock \| $									$ 167,985	$ 19,998
REIT Securities Venture
Share Activities Of Preferred And Common Stock [Roll Forward]
Ownership percentage								4.40%		4.40%
Preferred Stock
Share Activities Of Preferred And Common Stock [Roll Forward]
Preferred stock, shares outstanding (in shares)		25,030,000		25,030,000			25,030,000		25,030,000	25,030,000	25,030,000
Number of shares issued or issuable in a combination (in shares)									39,466,000
Preferred stock, shares issued (in shares)					13,800,000				13,800,000
Repurchase of stock (in shares)				(963,718)					(12,547,000)	(964,000)
Reissuance of preferred stock (in shares)										964,000
Preferred stock, shares outstanding (in shares)					65,749,000			25,030,000	65,749,000	25,030,000	25,030,000
Repurchase of preferred stock \| $				$ 20,000
Common Class A
Share Activities Of Preferred And Common Stock [Roll Forward]
Common stock, shares outstanding (in shares)		166,440,000		163,777,000			166,440,000		166,440,000	163,777,000	163,777,000
Number of shares issued or issuable in a combination (in shares)									392,120,000
Shares canceled (in shares)									(2,984,000)
Conversion of Stock, Shares Issued									28,000	28,000
Repurchase of stock (in shares)									(12,934,000)
Share-based compensation, net of forfeitures (in shares)									7,550,000	1,505,000
Shares canceled for tax withholding on vested stock awards (in shares)									(416,000)	(216,000)
Common stock, shares outstanding (in shares)					551,190,000			166,079,000	551,190,000	166,079,000	166,440,000
Common Class A \| Operating Partnership Unit
Share Activities Of Preferred And Common Stock [Roll Forward]
Issuance of shares (in shares)									1,386,000	985,000
Common Class B
Share Activities Of Preferred And Common Stock [Roll Forward]
Common stock, shares outstanding (in shares)		770,000		801,000			770,000		770,000	801,000	801,000
Number of shares issued or issuable in a combination (in shares)									0
Shares canceled (in shares)									0
Conversion of Stock, Shares Converted									(28,000)	(28,000)
Repurchase of stock (in shares)									0
Share-based compensation, net of forfeitures (in shares)									0	0
Shares canceled for tax withholding on vested stock awards (in shares)									0	0
Common stock, shares outstanding (in shares)					742,000			773,000	742,000	773,000	770,000
Common Class B \| Operating Partnership Unit
Share Activities Of Preferred And Common Stock [Roll Forward]
Issuance of shares (in shares)									0	0
Colony NorthStar \| Common Stock
Class of Stock [Line Items]
Dividends paid (in dollars per share) \| $ / shares	$ 0.04444	$ 0.03
Colony NorthStar \| Preferred Stock
Class of Stock [Line Items]
Business combination, stock exchange, conversion ratio			1
Colony NorthStar \| Common Class A
Class of Stock [Line Items]
Business combination, stock exchange, conversion ratio			1.4663						1.4663		1.4663

Stockholders' Equity - Preferred Stock (Details) - USD ($) shares in Thousands, $ in Thousands	1 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2017	Jun. 30, 2016	Jan. 10, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)	65,749	65,749		39,466	25,030
Par Value (in dollars per share)	$ 657	$ 657		$ 1,010,320
Preferred stock, liquidation preference	$ 1,643,723	1,643,723			$ 625,750
Proceeds from issuance of preferred stock, net		$ 333,460	$ 0
Series B
Class of Stock [Line Items]
Dividend Rate Per Annum		8.25%
Preferred stock, shares outstanding (in shares)	13,999	13,999		13,999
Par Value (in dollars per share)	$ 140	$ 140		$ 352,004
Preferred stock, liquidation preference	$ 349,973	$ 349,973
Series C
Class of Stock [Line Items]
Dividend Rate Per Annum		8.875%
Preferred stock, shares outstanding (in shares)	5,000	5,000		5,000
Par Value (in dollars per share)	$ 50	$ 50		$ 128,995
Preferred stock, liquidation preference	$ 125,000	$ 125,000
Series D
Class of Stock [Line Items]
Dividend Rate Per Annum		8.50%
Preferred stock, shares outstanding (in shares)	8,000	8,000		8,000
Par Value (in dollars per share)	$ 80	$ 80		$ 206,597
Preferred stock, liquidation preference	$ 200,000	$ 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		10,000
Par Value (in dollars per share)	$ 100	$ 100		$ 259,542
Preferred stock, liquidation preference	$ 250,000	$ 250,000
Series G
Class of Stock [Line Items]
Dividend Rate Per Annum		7.50%
Preferred stock, shares outstanding (in shares)	3,450	3,450
Par Value (in dollars per share)	$ 34	$ 34
Preferred stock, liquidation preference	$ 86,250	$ 86,250
Series H
Class of Stock [Line Items]
Dividend Rate Per Annum		7.125%
Preferred stock, shares outstanding (in shares)	11,500	11,500
Par Value (in dollars per share)	$ 115	$ 115
Preferred stock, liquidation preference	$ 287,500	$ 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	13,800
Par Value (in dollars per share)	$ 138	$ 138
Preferred stock, liquidation preference	$ 345,000	345,000
Proceeds from issuance of preferred stock, net		$ 333,500

Stockholders' Equity - Redemption and Issuance of Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Class of Stock [Line Items]
Redemption amount per share (in dollars per share)	$ 25.00	$ 25.00		$ 25.00
Preferred stock redemption (Note 15)		$ 5,448	$ 0	$ 5,448	$ 0
Series A
Class of Stock [Line Items]
Redemption amount	$ 318,300	$ 318,300		$ 318,300
Redemption amount per share (in dollars per share)	$ 25.00	$ 25.00		$ 25.00
Preferred stock redemption (Note 15)	$ 5,400
Liquidation preference per share (in dollars per share)	$ 25.00	$ 25.00		$ 25.00
Series I
Class of Stock [Line Items]
Dividend rate per annum, preferred stock	7.15%			7.15%

Stockholders' Equity - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 5,616,927	$ 5,416,240
Ending balance	13,173,646	5,280,173
AOCI - Stockholders
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(32,109)	(18,422)
Other comprehensive income (loss) before reclassifications	38,361	(3,195)
Amounts reclassified from AOCI	632	(267)
Ending balance	6,884	(21,884)
Gain (Loss) on Marketable Securities Attributable to Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(27)	0
Other comprehensive income (loss) before reclassifications	3,584	89
Amounts reclassified from AOCI	(86)	0
Ending balance	3,471	89
Gain/(Loss) on Cash Flow Hedges Attributable to Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(41)	(245)
Other comprehensive income (loss) before reclassifications	41	7
Amounts reclassified from AOCI	0	(102)
Ending balance	0	(340)
Foreign Currency Translation Gain/(Loss) Attributable to Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(76,426)	(42,125)
Other comprehensive income (loss) before reclassifications	77,109	(3,059)
Amounts reclassified from AOCI	934	(67)
Ending balance	1,617	(45,251)
Gain/(Loss) on Net Investment Hedges Attributable to Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	44,385	23,948
Other comprehensive income (loss) before reclassifications	(42,373)	(232)
Amounts reclassified from AOCI	(216)	(98)
Ending balance	1,796	23,618
AOCI Attributable to Noncontrolling Interest in Investment Entities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(45,942)	(99)
Other comprehensive income (loss) before reclassifications	56,122	(6,027)
Amounts reclassified from AOCI	1,560	(785)
Ending balance	11,740	(6,911)
Gain (Loss) on Marketable Securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(527)	0
Other comprehensive income (loss) before reclassifications	981	0
Amounts reclassified from AOCI	(454)	0
Ending balance	0	0
Unrealized Gain (Loss) on Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	(149)
Other comprehensive income (loss) before reclassifications	0	0
Amounts reclassified from AOCI	0	0
Ending balance	0	(149)
Foreign Currency Translation Gain (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(57,213)	51
Other comprehensive income (loss) before reclassifications	60,925	(13,574)
Amounts reclassified from AOCI	994	785
Ending balance	4,706	(14,308)
Unrealized Gain (Loss) on Net Investment Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	11,798	(1)
Other comprehensive income (loss) before reclassifications	(5,784)	7,547
Amounts reclassified from AOCI	1,020	0
Ending balance	$ 7,034	$ 7,546

Stockholders' Equity - Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Equity in net income	$ 122,394	$ 53,113	$ 236,386	$ 55,542
Other gain (loss), net	(23,850)	(348)	1,531	13,697
Reclassification out of Accumulated Other Comprehensive Income \| Equity in realized loss on sale of marketable securities of unconsolidated ventures
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Equity in net income	(106)	0	(106)	0
Reclassification out of Accumulated Other Comprehensive Income \| Unrealized gain (loss) on ineffective cash flow hedge
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net	0	58	0	102
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	934	(264)	934	67
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	0	369	744	98
Reclassification out of Accumulated Other Comprehensive Income \| Realization of gain on net investment hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net	(960)	0	(960)	0
Reclassification out of Accumulated Other Comprehensive Income \| Release of equity in AOCI of unconsolidated ventures
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net	$ 23	$ 0	$ 20	$ 0

Noncontrolling Interests - Changes in Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at December 31, 2016			$ 0
Assumed through the Merger			514,615
Distributions			(375,231)	$ (295,323)
Net income	$ 720	$ 0	1,337	$ 0
Balance at June 30, 2017	79,504		79,504
Townsend
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at December 31, 2016			0
Assumed through the Merger			78,843
Distributions			(709)
Net income			1,337
Currency translation adjustment and other			33
Balance at June 30, 2017	$ 79,504		$ 79,504

- In Investment Entities and in Operating Company (Details) $ in Thousands	1 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2017 USD ($)	Jan. 31, 2017 USD ($)	Jun. 30, 2017 USD ($) shares	Jun. 30, 2016 USD ($)	Dec. 31, 2016 USD ($) shares
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners			28.70%
Acquisition of noncontrolling interests				$ 3,963
OP Units to common stock, conversion ratio			1
Common Class A
Noncontrolling Interest [Line Items]
Acquisition of noncontrolling interests			$ 5,085	2,557
Conversion of units \| shares			1,385,712
Issuance of shares (in shares) \| shares					934,264
OP Units
Noncontrolling Interest [Line Items]
OP Units to common stock, conversion ratio			1		1
OP units redeemed (in shares) \| shares			1,777,756		1,087,414
OP Units redeemed for stock (in shares) \| shares			1,385,712
OP Units redeemed for cash (in shares) \| shares			392,044
OP units redeemed, cash settlement			$ 5,100		$ 2,600
Additional Paid-in Capital
Noncontrolling Interest [Line Items]
Acquisition of noncontrolling interests	$ 23,500			(725)
Additional Paid-in Capital \| Common Class A
Noncontrolling Interest [Line Items]
Acquisition of noncontrolling interests			$ (18,796)	$ (13,466)
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		$ 51,500
Healthcare Real Estate Portfolio
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners			16.40%

Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Discontinued Operations (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues
Interest income	$ 111,263	$ 103,860	$ 226,807	$ 193,221
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		2,000,000
Mortgage financing assumed by buyer	$ 1,300,000		1,300,000
Proceeds from sale of real estate			664,400
Revenues
Property operating income			33,857
Other income			2,257
Expenses
Property operating expenses			(12,395)
Interest expense			(9,028)
Loss on sale of real estate assets			(2,108)
Other expenses			(23)
Net income loss from discontinued operations attributable to Colony NorthStar, Inc.			$ 12,560

Earnings per Share (Details) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 10, 2017	Jun. 30, 2017 USD ($) $ / shares shares	Jun. 30, 2016 USD ($) $ / shares shares	Jun. 30, 2017 USD ($) $ / shares shares	Jun. 30, 2016 USD ($) $ / shares shares	Dec. 31, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
OP Units to common stock, conversion ratio				1
Net income allocated to common stockholders
Net income from continuing operations		$ 105,192	$ 103,136	$ 144,822	$ 194,167
Net income (loss) from discontinued operations after tax		0	0	12,560	0
Net income		105,192	103,136	157,382	194,167
Net income attributable to noncontrolling interests:
Redeemable noncontrolling interests		(720)	0	(1,337)	0
Investment entities		(23,800)	(40,169)	(50,859)	(97,764)
Operating Company		(2,330)	(7,918)	(1,247)	(11,339)
Net income attributable to Colony NorthStar, Inc.		78,342	55,049	103,939	85,064
Preferred stock redemption		(5,448)	0	(5,448)	0
Preferred dividends		(34,339)	(12,093)	(65,152)	(23,973)
Net income attributable to common stockholders		38,555	42,956	33,339	61,091
Net income allocated to participating securities (nonvested shares)		(2,546)	(577)	(4,784)	(1,146)
Net income allocated to common stockholders—basic		36,009	42,379	28,555	59,945
Interest expense attributable to convertible senior notes		0	6,833	0	8,382
Net income allocated to common stockholders—diluted		$ 36,009	$ 49,212	$ 28,555	$ 68,327
Weighted average common shares outstanding
Basic weighted average number of common shares outstanding (in shares) \| shares		544,023,000	164,674,000	525,318,000	164,203,000
Weighted average effect of dilutive shares (in shares) \| shares		0	36,583,000	0	24,026,000
Diluted weighted average number of common shares outstanding (in shares) \| shares		544,023,000	201,257,000	525,318,000	188,229,000
Basic earnings per share
Net income from continuing operations (in dollars per share) \| $ / shares		$ 0.07	$ 0.26	$ 0.03	$ 0.37
Income from discontinued operations (in dollars per share) \| $ / shares		0.00	0.00	0.02	0.00
Basic (in dollars per share) \| $ / shares		0.07	0.26	0.05	0.37
Diluted earnings per share
Net income from continuing operations (in dollars per share) \| $ / shares		0.07	0.24	0.03	0.36
Income from discontinued operations (in dollars per share) \| $ / shares		0.00	0.00	0.02	0.00
Diluted (in dollars per share) \| $ / shares		$ 0.07	$ 0.24	$ 0.05	$ 0.36
Colony NorthStar \| Common Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Exchange ratio	1.4663			1.4663		1.4663
Convertible Debt Securities
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest expense on convertible note excluded from diluted EPS		$ 7,400		$ 14,600	$ 5,300
Weighted average dilutive common share \| shares		38,839,200		38,778,400	12,556,900
Operating Partnership Unit
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average dilutive common share \| shares		32,580,900	30,681,300
OP Units to common stock, conversion ratio				1

Fee Income - Earned (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Fee Income - Earned (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Related Party Transaction [Line Items]
Base management fees	$ 46,837	$ 15,072	$ 89,403	$ 31,423
Asset management fees—from affiliates	2,747	433	9,491	691
Incentive fees—from affiliates	0	0	270	0
Advisory fees	3,499	0	6,653	0
Selling commission and dealer manager fees	1,236	0	1,752	0
Fee income	54,319	15,505	107,569	32,114
Affiliated Entity
Related Party Transaction [Line Items]
Base management fees	42,276	15,072	81,552	31,423
Fee income	$ 44,900	$ 15,505	$ 90,688	$ 32,114

Fee Income - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Management Fee Income [Line Items]
Fee income	$ 54,319	$ 15,505	$ 107,569	$ 32,114
Asset Management Fees
Management Fee Income [Line Items]
Percent of limited partner net funded capital			0.50%
Asset Management Fees \| Minimum
Management Fee Income [Line Items]
Percent of amount funded or allocated to originate or acquire investment			1.00%
Percent of contractual sales price for disposition of investment			1.00%
Asset Management Fees \| Maximum
Management Fee Income [Line Items]
Percent of amount funded or allocated to originate or acquire investment			2.25%
Percent of contractual sales price for disposition of investment			2.00%
Selling Commissions Or Dealer Manager Fees
Management Fee Income [Line Items]
Percent of selling commissions			7.00%
Percent of dealer manager fees			3.00%
Private Funds \| Fee income
Management Fee Income [Line Items]
Percent of limited partner net funded capital			1.00%
Retail Companies \| Fee income \| Minimum
Management Fee Income [Line Items]
Percent of cost of investments			1.00%
Retail Companies \| Fee income \| Maximum
Management Fee Income [Line Items]
Percent of cost of investments			2.00%
Registered Investment Companies \| Fee income
Management Fee Income [Line Items]
Percent of average gross assets			2.00%
NRE \| Fee income
Management Fee Income [Line Items]
Fee income			$ 14,200
Percent increase per year			1.50%

- Narrative (Details) $ / shares in Units, $ in Thousands		1 Months Ended			3 Months Ended		6 Months Ended		12 Months Ended
- Narrative (Details) $ / shares in Units, $ in Thousands	Jan. 10, 2017	Mar. 31, 2017 USD ($) shares	Jan. 31, 2017 $ / shares shares	Jan. 31, 2014	Jun. 30, 2017 USD ($) shares	Jun. 30, 2016 USD ($)	Jun. 30, 2017 USD ($) $ / shares shares	Jun. 30, 2016 USD ($) $ / shares	Dec. 31, 2016	Dec. 31, 2014 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares vested \| $					$ 1,500	$ 0	$ 16,300	$ 9,800
Granted (USD per share) \| $ / shares							$ 14.43	$ 13.14
Aggregate unrecognized compensation cost related to restricted stock granted \| $					$ 119,900		$ 119,900
Weighted average period of expected cost							1 year 2 months 12 days
RSUs \| NRF Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				5 years
LTIP Units \| CLNS Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion of units, conversion ratio							1
Common Class A \| CLNS Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized \| shares					20,822,493		20,822,493
Number of shares authorized, percent increase					2.00%		2.00%
Colony NorthStar
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of shares \| $							$ 345,000
Colony NorthStar \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Business combination, stock exchange, conversion ratio	1.4663						1.4663		1.4663
Colony NorthStar \| Common Class A \| Director Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Business combination, stock exchange, conversion ratio							1.4663
Issuance of shares (in shares) \| shares							44,464
Colony NorthStar \| Common Class A \| Equity Incentive Plan, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Business combination, stock exchange, conversion ratio							1.4663
Townsend \| Restricted Stock \| NSAM Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
OP Units to Common Stock, Conversion Ratio							1
American Healthcare Investors, LLC \| NSAM Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ownership percentage										43.00%
Common stock, value outstanding \| $										$ 1,000
NSAM and NRF \| Colony NorthStar \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Business combination, stock exchange, conversion ratio							1.0996
NSAM \| RSUs \| NRF Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Business combination, stock exchange, conversion ratio				1.0
NRF \| RSUs \| NRF Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Business combination, stock exchange, conversion ratio				1.0996
Executive Officer \| Restricted Stock \| CLNS Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of shares (in shares) \| shares			4,669,518
Vesting period			1 year
Volume weighted average price of stock, number of trading days			5 days
Floor price \| $ / 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

Equity-Based Compensation - Components of Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	$ 37,914	$ 3,423	$ 70,098	$ 6,842
Compensation expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	37,412	3,423	68,989	6,842
Earnings from investments in unconsolidated ventures
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	0	0	61	0
Investment, servicing and commission expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	$ 502	$ 0	$ 1,048	$ 0

Equity-Based Compensation - Nonvested Shares Under Director Stock Plan and Equity Incentive Plan (Details) $ / shares in Units, $ in Millions		3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 10, 2017	Jun. 30, 2017 USD ($) $ / shares shares	Jun. 30, 2016 USD ($)	Jun. 30, 2017 USD ($) $ / shares shares	Jun. 30, 2016 USD ($) $ / shares	Dec. 31, 2016 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares vested \| $		$ 1.5	$ 0.0	$ 16.3	$ 9.8
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)				2,089,007
Awards assumed through the Merger (shares)				1,367,404
Granted (shares)				11,191,633
Vested (shares)				(1,085,109)
Forfeited (shares)				(135,692)
Nonvested shares at period end (shares)		13,427,243		13,427,243		2,089,007
Weighted Average Grant Date Fair Value [Roll Forward]
Nonvested shares at beginning period (USD per share) \| $ / shares				$ 14.44
Awards assumed through the Merger (USD per share) \| $ / shares				14.68
Granted (USD per share) \| $ / shares				14.43	$ 13.14
Vested (USD per share) \| $ / shares				15.02
Forfeited (USD per share) \| $ / shares				14.71
Nonvested shares at period end (USD per share) \| $ / shares		$ 14.61		$ 14.61		$ 14.44
Colony NorthStar \| Common Class A
Weighted Average Grant Date Fair Value [Roll Forward]
Exchange ratio	1.4663			1.4663		1.4663
Restricted Stock
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)				2,089,007
Awards assumed through the Merger (shares)				592,504
Granted (shares)				7,685,246
Vested (shares)				(1,085,109)
Forfeited (shares)				(135,692)
Nonvested shares at period end (shares)		9,145,956		9,145,956		2,089,007
RSUs
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)				0
Awards assumed through the Merger (shares)				774,900
Granted (shares)				0
Vested (shares)				0
Forfeited (shares)				0
Nonvested shares at period end (shares)		774,900		774,900		0
LTIP Units
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)				0
Awards assumed through the Merger (shares)				0
Granted (shares)				3,506,387
Vested (shares)				0
Forfeited (shares)				0
Nonvested shares at period end (shares)		3,506,387		3,506,387		0

Transactions with Affiliates - Summary of Amounts Due to Manager or its Affiliates (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Due from affiliates	$ 63,777	$ 9,971
Due to affiliates	34,945	41,250
Fee income
Related Party Transaction [Line Items]
Due from affiliates	19,368	9,074
Cost reimbursements and recoverable expenses
Related Party Transaction [Line Items]
Due from affiliates	30,813	606
Advances
Related Party Transaction [Line Items]
Due from affiliates	11,500	0
N-Star CDOs
Related Party Transaction [Line Items]
Due from affiliates	1,614	0
Employees and other affiliates
Related Party Transaction [Line Items]
Due from affiliates	482	291
Investment vehicles and unconsolidated ventures
Related Party Transaction [Line Items]
Due to affiliates	1,945	0
Contingent consideration
Related Party Transaction [Line Items]
Due to affiliates	$ 33,000	$ 41,250

Transactions with Affiliates - Cost Reimbursements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Related Party Transaction [Line Items]
Cost reimbursements	$ 6,973	$ 806	$ 13,676	$ 2,061
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	5,335	0	$ 10,670	0
NRE
Related Party Transaction [Line Items]
Percent of combined general and administrative costs			20.00%
Townsend
Related Party Transaction [Line Items]
Cost reimbursements	394	0	$ 1,059	0
Other
Related Party Transaction [Line Items]
Cost reimbursements	$ 1,244	$ 806	$ 1,947	$ 2,061
Minimum \| Retail Companies
Related Party Transaction [Line Items]
Percent of asset management fees			1.00%
Reimbursement percent for organization and offering costs			1.00%
Maximum \| Retail Companies
Related Party Transaction [Line Items]
Percent of asset management fees			1.25%

Transactions with Affiliates - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Cost reimbursements	$ 6,973,000	$ 806,000	$ 13,676,000	$ 2,061,000
Due from affiliates	63,777,000		63,777,000		$ 9,971,000
Due to affiliates	34,945,000		34,945,000		41,250,000
Fee income
Related Party Transaction [Line Items]
Due from affiliates	19,368,000		19,368,000		9,074,000
Cost reimbursements and recoverable expenses
Related Party Transaction [Line Items]
Due from affiliates	30,813,000		30,813,000		606,000
Contingent consideration
Related Party Transaction [Line Items]
Due to affiliates	33,000,000		33,000,000		$ 41,250,000
Distribution Support Agreement
Related Party Transaction [Line Items]
Commitment to invest as distribution support			10,000,000.0
Corporate Aircraft Use Reimbursement
Related Party Transaction [Line Items]
Cost reimbursements	500,000	$ 100,000	900,000	$ 200,000
American Healthcare Investors, LLC \| Management and Advisory Fees
Related Party Transaction [Line Items]
Property management and sub-advisory fees	$ 1,200,000		$ 2,300,000
Minimum \| Healthcare Strategic Partnership
Related Party Transaction [Line Items]
Incentive fee percentage	20.00%		20.00%
Maximum \| Healthcare Strategic Partnership
Related Party Transaction [Line Items]
Incentive fee percentage	25.00%		25.00%

Commitments and Contingencies (Details) - Office Leases - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Operating Leased Assets [Line Items]
Rent expense	$ 3,300	$ 1,400	$ 6,000	$ 2,800
Remaining 2017	5,025		5,025
2018	7,040		7,040
2019	8,007		8,007
2020	7,588		7,588
2021	7,223		7,223
2022 and after	43,223		43,223
Total	$ 78,100		$ 78,100

Segment Reporting - Summary of Operating Results for Each of Reportable Operating Segments (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2017 USD ($) segment	Jun. 30, 2016 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment			5
Revenues	$ 679,372	$ 217,528	$ 1,286,537	$ 418,317
Property operating expenses	253,717	29,780	470,066	60,566
Interest expense	140,260	42,568	266,538	84,439
Depreciation and amortization	153,111	39,541	290,531	85,683
Provision for loan loss	1,067	6,213	7,791	10,843
Impairment loss	12,761	2,441	21,280	4,520
Gain on sale of real estate assets	15,190	5,844	24,160	56,963
Earnings from investments in unconsolidated ventures	122,394	53,113	236,386	55,542
Income tax benefit (expense)	86	(1,760)	(3,623)	(2,544)
Net income from continuing operations	105,192	103,136	144,822	194,167
Net income (loss) from discontinued operations after tax	0	0	12,560	0
Net income	105,192	103,136	157,382	194,167
Net income attributable to Colony NorthStar, Inc.	78,342	55,049	103,939	85,064
Operating Segments \| Healthcare
Segment Reporting Information [Line Items]
Revenues	159,357	0	298,170	0
Property operating expenses	72,460	0	133,146	0
Interest expense	47,844	0	88,936	0
Depreciation and amortization	49,577	0	90,458	0
Provision for loan loss	0	0	0	0
Impairment loss	0	0	0	0
Gain on sale of real estate assets	0	0	0	0
Earnings from investments in unconsolidated ventures	0	0	0	0
Income tax benefit (expense)	210	0	(2,032)	0
Net income from continuing operations			(20,660)
Net income (loss) from discontinued operations after tax			0
Net income	(11,394)	0	(20,660)	0
Net income attributable to Colony NorthStar, Inc.	(8,071)	0	(16,509)	0
Operating Segments \| Industrial
Segment Reporting Information [Line Items]
Revenues	56,125	48,663	113,167	94,462
Property operating expenses	16,195	13,746	32,692	27,715
Interest expense	7,934	9,956	20,360	19,374
Depreciation and amortization	25,804	21,818	50,443	43,166
Provision for loan loss	0	0	0	0
Impairment loss	0	137	0	137
Gain on sale of real estate assets	8,695	19	8,695	800
Earnings from investments in unconsolidated ventures	28	0	28	0
Income tax benefit (expense)	(2,746)	59	(2,148)	(6)
Net income from continuing operations			9,619
Net income (loss) from discontinued operations after tax			0
Net income	9,100	947	9,619	213
Net income attributable to Colony NorthStar, Inc.	3,303	2,995	3,241	3,135
Operating Segments \| Hospitality
Segment Reporting Information [Line Items]
Revenues	221,522	0	397,235	0
Property operating expenses	139,818	0	258,309	0
Interest expense	35,884	0	63,133	0
Depreciation and amortization	33,508	0	63,549	0
Provision for loan loss	0	0	0	0
Impairment loss	0	0	0	0
Gain on sale of real estate assets	0	0	0	0
Earnings from investments in unconsolidated ventures	0	0	0	0
Income tax benefit (expense)	(909)	0	(947)	0
Net income from continuing operations			2,134
Net income (loss) from discontinued operations after tax			0
Net income	5,750	0	2,134	0
Net income attributable to Colony NorthStar, Inc.	4,796	0	1,803	0
Operating Segments \| Other Equity and Debt
Segment Reporting Information [Line Items]
Revenues	179,973	152,676	355,059	289,772
Property operating expenses	25,244	16,034	45,919	32,851
Interest expense	35,630	21,663	66,449	42,628
Depreciation and amortization	26,894	13,064	55,112	33,001
Provision for loan loss	1,067	6,213	7,791	10,843
Impairment loss	12,761	2,304	21,280	4,063
Gain on sale of real estate assets	6,495	5,825	15,465	56,163
Earnings from investments in unconsolidated ventures	119,554	53,606	228,391	56,384
Income tax benefit (expense)	(705)	(1,879)	(2,038)	(5,907)
Net income from continuing operations			365,538
Net income (loss) from discontinued operations after tax			0
Net income	185,630	138,625	365,538	249,607
Net income attributable to Colony NorthStar, Inc.	156,011	81,217	299,923	125,374
Operating Segments \| Investment Management
Segment Reporting Information [Line Items]
Revenues	60,531	15,505	120,171	32,114
Property operating expenses	0	0	0	0
Interest expense	0	0	0	0
Depreciation and amortization	15,594	3,559	28,077	7,304
Provision for loan loss	0	0	0	0
Impairment loss	0	0	0	320
Gain on sale of real estate assets	0	0	0	0
Earnings from investments in unconsolidated ventures	2,812	(493)	7,967	(842)
Income tax benefit (expense)	6,279	227	4,210	3,653
Net income from continuing operations			46,073
Net income (loss) from discontinued operations after tax			0
Net income	26,084	3,130	46,073	8,607
Net income attributable to Colony NorthStar, Inc.	23,962	2,639	42,222	7,247
Amounts not allocated to segments
Segment Reporting Information [Line Items]
Revenues	1,864	684	2,735	1,969
Property operating expenses	0	0	0	0
Interest expense	12,968	10,949	27,660	22,437
Depreciation and amortization	1,734	1,100	2,892	2,212
Provision for loan loss	0	0	0	0
Impairment loss	0	0	0	0
Gain on sale of real estate assets	0	0	0	0
Earnings from investments in unconsolidated ventures	0	0	0	0
Income tax benefit (expense)	(2,043)	(167)	(668)	(284)
Net income from continuing operations			(257,882)
Net income (loss) from discontinued operations after tax			12,560
Net income	(109,978)	(39,566)	(245,322)	(64,260)
Net income attributable to Colony NorthStar, Inc.	$ (101,659)	$ (31,802)	$ (226,741)	$ (50,692)

Segment Reporting - Assets and Equity Method Investments of Reportable Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Segment Reporting Information [Line Items]
Total assets	$ 25,288,332		$ 25,288,332		$ 9,760,992
Equity method investments	1,045,297		1,045,297		953,259
Total income by geography:	794,793	$ 269,836	1,509,247	$ 471,799
Long-lived assets by geography:	16,372,607		16,372,607		4,193,562
United States
Segment Reporting Information [Line Items]
Total income by geography:	715,304	214,316	1,358,432	372,591
Long-lived assets by geography:	14,125,036		14,125,036		2,951,290
Europe
Segment Reporting Information [Line Items]
Total income by geography:	78,586	53,363	149,013	96,142
Long-lived assets by geography:	2,247,571		2,247,571		1,242,272
Other
Segment Reporting Information [Line Items]
Total income by geography:	903	$ 2,157	1,802	$ 3,066
Operating Segments \| Healthcare
Segment Reporting Information [Line Items]
Total assets	5,947,907		5,947,907		0
Equity method investments	0		0		0
Operating Segments \| Industrial
Segment Reporting Information [Line Items]
Total assets	2,502,172		2,502,172		2,267,672
Equity method investments	1,080		1,080		0
Operating Segments \| Hospitality
Segment Reporting Information [Line Items]
Total assets	4,131,267		4,131,267		0
Equity method investments	0		0		0
Operating Segments \| Other Equity and Debt
Segment Reporting Information [Line Items]
Total assets	9,315,938		9,315,938		6,623,064
Equity method investments	850,480		850,480		921,732
Operating Segments \| Investment Management
Segment Reporting Information [Line Items]
Total assets	3,172,738		3,172,738		781,852
Equity method investments	189,995		189,995		13,187
Amounts not allocated to segments
Segment Reporting Information [Line Items]
Total assets	218,310		218,310		88,404
Equity method investments	$ 3,742		$ 3,742		$ 18,340

Subsequent Events (Details) - Subsequent Event $ in Millions	Jul. 01, 2017 USD ($) property
Subsequent Event [Line Items]
Fair value of assets acquired	$ 1,300
Number of properties \| property	148
Mortgage loans on real estate, foreclosures	$ 289