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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2018	Feb. 25, 2019	Jun. 30, 2018
Class of Stock [Line Items]
Entity Registrant Name	Colony Capital, Inc.
Trading Symbol	CLNY
Entity Central Index Key	0001679688
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Public Float			$ 3,000
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	Yes
Class A Common Stock
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		482,619,359
Class B Common Stock
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		733,931

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 461,912	$ 921,822
Restricted cash	366,758	471,078
Real estate, net	13,619,014	14,464,258
Loans receivable, net ($0 and $45,423 at fair value, respectively)	1,659,217	3,223,762
Equity investments ($142,130 and $363,901 at fair value, respectively)	2,446,336	1,690,839
Debt securities, at fair value	96,833	348,342
Goodwill	1,534,561	1,534,561
Deferred leasing costs and intangible assets, net	540,264	852,872
Assets held for sale ($269,145 and $49,498 at fair value, respectively)	941,258	781,630
Other assets ($33,558 and $10,152 at fair value, respectively)	503,317	444,968
Due from affiliates	45,779	51,518
Total assets	22,215,249	24,785,650
Liabilities
Debt, net ($0 and $44,542 at fair value, respectively)	10,039,957	10,827,810
Accrued and other liabilities ($141,711 and $212,267 at fair value, respectively)	707,921	898,161
Intangible liabilities, net	159,386	191,109
Liabilities related to assets held for sale	68,217	273,298
Due to affiliates ($0 and $20,650 at fair value, respectively)	0	23,534
Dividends and distributions payable	84,013	188,202
Total liabilities	11,059,494	12,402,114
Commitments and contingencies (Note 24)
Redeemable noncontrolling interests	9,385	34,144
Stockholders’ equity:
Preferred stock, $0.01 par value per share; $1,436,605 and $1,636,605 liquidation preference, respectively; 250,000 shares authorized; 57,464 and 65,464 shares issued and outstanding, respectively	1,407,495	1,606,966
Additional paid-in capital	7,598,019	7,913,622
Distributions in excess of earnings	(2,018,302)	(1,165,412)
Accumulated other comprehensive income	13,999	47,316
Total stockholders’ equity	7,006,052	8,407,925
Noncontrolling interests in investment entities	3,779,728	3,539,072
Noncontrolling interests in Operating Company	360,590	402,395
Total equity	11,146,370	12,349,392
Total liabilities, redeemable noncontrolling interests and equity	22,215,249	24,785,650
Class A, 949,000 shares authorized; 483,347 and 542,599 shares issued and outstanding, respectively
Stockholders’ equity:
Common stock, $0.01 par value per share	4,834	5,426
Class B, 1,000 shares authorized; 734 and 736 shares issued and outstanding, respectively
Stockholders’ equity:
Common stock, $0.01 par value per share	$ 7	$ 7

CONSOLIDATED BALANCE SHEETS (VIE) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Cash	$ 461,912	$ 921,822
Loans receivable, net	1,659,217	3,223,762
Real estate, net	13,619,014	14,464,258
Other assets	503,317	444,968
Total assets	22,215,249	24,785,650
Debt, net	10,039,957	10,827,810
Other liabilities	707,921	898,161
Total liabilities	11,059,494	12,402,114
Variable Interest Entity, Primary Beneficiary
Cash	8,116	10,969
Restricted cash	0	40,084
Loans receivable, net	0	546,306
Equity securities, at fair value	24,829	35,600
Debt securities, at fair value	0	214,926
Real estate, net	0	8,073
Other assets	9,786	13,671
Total assets	42,731	869,629
Debt, net	0	348,250
Other liabilities	20,105	31,299
Total liabilities	$ 20,105	$ 379,549

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Loans receivable at fair value	$ 0	$ 45,423
Investments in unconsolidated ventures, fair value	142,130	363,901
Other assets, fair value	33,558	10,152
Due to affiliates, fair value	0	20,650
Assets held for sale fair value	269,145	49,498
Debt at fair value	0	44,542
Accrued and other liabilities, at fair value	$ 141,711	$ 212,267
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, liquidation preference	$ 1,436,605	$ 1,636,605
Preferred stock, shares authorized (in shares)	250,000,000	250,000,000
Preferred stock, shares issued (in shares)	57,464,000	65,464,000
Preferred stock, shares outstanding (in shares)	57,464,000	65,464,000
Class A Common Stock
Common stock, par value (in dollars per shares)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	949,000,000	949,000,000
Common stock, shares issued (in shares)	483,347,000	542,599,000
Common stock, shares outstanding (in shares)	483,347,000	542,599,000
Class B Common Stock
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)	734,000	736,000
Common stock, shares outstanding (in shares)	734,000	736,000

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues
Interest income	$ 215,367	$ 416,625	$ 385,851
Total revenues	2,665,276	2,796,734	838,857
Expenses
Property operating expense	1,233,659	1,113,509	118,461
Interest expense	595,551	574,822	170,083
Investment and servicing expense	67,420	67,597	23,666
Transaction costs	7,266	95,859	40,605
Placement fees	7,849	2,474	900
Depreciation and amortization	572,406	617,779	171,682
Provision for loan loss	43,034	19,741	35,005
Impairment loss	588,223	420,360	11,717
Compensation expense	225,038	346,885	111,838
Carried interest and incentive compensation	12,181	0	0
Administrative expenses	97,000	110,982	50,799
Total expenses	3,449,627	3,370,008	734,756
Gain on sale of real estate	167,231	137,370	73,616
Other gain (loss), net	51,706	(25,814)	18,416
Equity method earnings (losses)	(9,401)	285,151	99,375
Equity method earnings—carried interest	19,961	0	0
Income (loss) before income taxes	(554,854)	(176,567)	295,508
Income tax benefit (expense)	59,781	98,399	(4,782)
Income (loss) from continuing operations	(495,073)	(78,168)	290,726
Income (loss) from discontinued operations	(102)	13,555	0
Net income (loss)	(495,175)	(64,613)	290,726
Redeemable noncontrolling interests
Redeemable noncontrolling interests	(3,708)	23,543	0
Investment entities	67,994	129,996	163,084
Operating Company	(39,854)	(20,261)	12,324
Net income (loss) attributable to Colony Capital, Inc.	(519,607)	(197,891)	115,318
Preferred stock redemption (Note 16)	(3,995)	4,530	0
Preferred stock dividends	117,097	130,672	48,159
Net income (loss) attributable to common stockholders	$ (632,709)	$ (333,093)	$ 67,159
Basic earnings (loss) per share
Income (loss) from continuing operations per basic common share (in dollars per share)	$ (1.28)	$ (0.66)	$ 0.39
Net income (loss) per basic common share (in dollars per share)	(1.28)	(0.64)	0.39
Diluted earnings (loss) per share
Income (loss) from continuing operations per diluted common share (in dollars per share)	(1.28)	(0.66)	0.39
Net income (loss) per diluted common share (in dollars per share)	$ (1.28)	$ (0.64)	$ 0.39
Weighted average number of shares
Basic (in shares)	496,993	532,600	164,570
Diluted (in shares)	496,993	532,600	164,570
Property operating income
Revenues
Income	$ 2,247,740	$ 2,113,837	$ 371,082
Fee income ($150,596, $184,914 and $67,731 from affiliates, respectively)
Revenues
Income	151,821	220,789	67,731
Other income ($34,695, $25,630 and $4,296 from affiliates, respectively)
Revenues
Income	$ 50,348	$ 45,483	$ 14,193

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Fee income
Revenue from contract with customer	$ 151,821	$ 220,789	$ 67,731
Fee income \| Affiliated Entity
Revenue from contract with customer	150,596	184,914	67,731
Cost reimbursements \| Affiliated Entity
Revenue from contract with customer	$ 34,695	$ 25,630	$ 4,296

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net income (loss)	$ (495,175)	$ (64,613)	$ 290,726
Other comprehensive income (loss):
Other comprehensive income (loss) from investments in unconsolidated ventures, net	(1,809)	5,849	101
Net change in fair value of available-for-sale debt securities	(18,645)	15,918	(659)
Net change in fair value of cash flow hedges	(487)	0	389
Foreign currency translation adjustments:
Foreign currency translation gain (loss)	(81,135)	216,262	(97,681)
Change in fair value of net investment hedges	33,747	(70,661)	35,833
Net foreign currency translation adjustments	(47,388)	145,601	(61,848)
Other comprehensive income (loss)	(68,329)	167,368	(62,017)
Comprehensive income (loss)	(563,504)	102,755	228,709
Comprehensive income (loss) attributable to noncontrolling interests:
Comprehensive income (loss) attributable to stockholders	(552,650)	(123,012)	101,631
Investment entities
Comprehensive income (loss) attributable to noncontrolling interests:
Redeemable noncontrolling interests	(3,708)	23,543	0
Comprehensive income attributable to noncontrolling interests	34,573	218,013	117,241
Operating Company
Comprehensive income (loss) attributable to noncontrolling interests:
Comprehensive income attributable to noncontrolling interests	$ (41,719)	$ (15,789)	$ 9,837

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Preferred Stock	Common Stock	Additional Paid-in Capital	Distributions in Excess of Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests in Investment Entities	Noncontrolling Interests in Operating Company	Colony NorthStar	Colony NorthStar Total Stockholders’ Equity	Colony NorthStar Preferred Stock	Preferred Stock	Preferred Stock Total Stockholders’ Equity	Class A Common Stock	Class A Common Stock Total Stockholders’ Equity	Class A Common Stock Common Stock	Class A Common Stock Additional Paid-in Capital	Class A Common Stock Noncontrolling Interests in Operating Company
Beginning balance at Dec. 31, 2015	$ 5,416,240	$ 2,846,916	$ 607,200	$ 1,646	$ 2,387,770	$ (131,278)	$ (18,422)	$ 2,138,925	$ 430,399
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Investment entities	163,084
Operating Company	12,324
Net income	290,726	115,318				115,318
Other comprehensive income	(62,017)	(13,687)					(13,687)	(45,843)	(2,487)
Redemption of preferred stock	(19,998)	(19,998)	(19,998)
Contribution of preferred stock to an affiliate	19,998	19,998	19,998
Equity-based compensation	13,638	13,638		15	13,623
Redemption of OP Units for cash and class A common	(2,557)	18,571		14	18,557				(21,128)
Shares canceled for tax withholdings on vested stock awards	(2,862)	(2,862)		(3)	(2,859)
Contributions from noncontrolling interests	819,033							819,033
Distributions to noncontrolling interests	(621,207)							(587,539)	(33,668)
Acquisition of noncontrolling interests	(3,963)	725			725			(4,688)
Payment of accrued dividends on preferred stock assumed in Merger	(48,159)	(48,159)				(48,159)
Common stock dividends declared	(181,945)	(181,945)				(181,945)
Reallocation of equity (Notes 2 and 17)	0	25,284			25,284			(29,034)	3,750
Ending balance at Dec. 31, 2016	5,616,927	2,773,799	607,200	1,672	2,443,100	(246,064)	(32,109)	2,453,938	389,190
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Investment entities	129,996							129,996
Operating Company	(20,261)								(20,261)
Net income	(88,156)	(197,891)				(197,891)
Other comprehensive income	167,368	74,879					74,879	88,017	4,472
Merger consideration (Note 3)	6,720,454	6,720,454	1,010,320	3,891	5,706,243
Fair value of noncontrolling interests assumed in Merger	513,847							505,685	8,162
Issuance of Cumulative Redeemable Perpetual Preferred Stock										$ 660,000	$ 660,000	$ 660,000
Offering costs										(21,900)	(21,900)	(21,900)
Redemption of preferred stock				8	(8)					(635,785)	(635,785)	(635,785)
Common stock repurchases	(300,177)	(300,177)		(234)	(299,943)
Equity-based compensation	154,429	104,374		81	104,293				50,055
Redemption of OP Units for cash and class A common					(21,800)										$ (5,085)	$ 22,831	$ 17	$ 22,814	$ (27,916)
Exchange of notes for Class A common stock															$ 3,279	$ 3,279	2	3,277
Shares canceled for tax withholdings on vested stock awards	(5,668)	(5,668)		(4)	(5,664)
Settlement of call spread option	6,900	6,900			6,900
Costs of noncontrolling equity	(9,209)	(9,209)			(9,209)
Deconsolidation of investment entity	(4,000)							(4,000)
Contributions from noncontrolling interests	1,190,383							1,190,383
Distributions to noncontrolling interests	(879,889)							(844,502)	(35,387)
Payment of accrued dividends on preferred stock assumed in Merger	(138,196)	(138,196)				(138,196)				$ (12,869)	$ (12,869)	(12,869)
Common stock dividends declared	(583,261)	(583,261)				(583,261)
Reallocation of equity (Notes 2 and 17)	0	(53,635)			(58,181)		4,546	19,555	34,080
Ending balance at Dec. 31, 2017	12,349,392	8,407,925	1,606,966	5,433	7,913,622	(1,165,412)	47,316	3,539,072	402,395
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Investment entities	67,994							67,994
Operating Company	(39,854)								(39,854)
Net income	(491,467)	(519,607)				(519,607)
Other comprehensive income	(68,329)	(33,043)					(33,043)	(33,421)	(1,865)
Redemption of preferred stock					(529)							$ (199,471)	$ (200,000)	$ (200,000)
Common stock repurchases	(350,710)	(350,710)		(614)	(350,096)
Equity-based compensation	41,606	39,706		34	39,672			486	1,414
Redemption of OP Units for cash and class A common	(4,830)	29,034			(34,100)												$ 20	$ 29,014	$ (33,864)
Shares canceled for tax withholdings on vested stock awards	(34,203)	(34,203)		(33)	(34,170)
Reclassification of contingent consideration out of liability at end of measurement period	12,539	12,539			12,539
Issuance of OP Units and common stock—contingent consideration	24,609	1		1					24,608
Deconsolidation of investment entity	(330,980)							(330,980)
Contributions from noncontrolling interests	1,059,891							1,059,891
Distributions to noncontrolling interests	(503,054)							(489,261)	(13,793)
Payment of accrued dividends on preferred stock assumed in Merger	(115,019)	(115,019)				(115,019)
Common stock dividends declared	(217,246)	(217,246)				(217,246)
Reallocation of equity (Notes 2 and 17)	(24,609)	(12,105)			(12,033)		(72)	(34,053)	21,549
Ending balance at Dec. 31, 2018	$ 11,146,370	$ 7,006,052	$ 1,407,495	$ 4,841	$ 7,598,019	$ (2,018,302)	$ 13,999	$ 3,779,728	$ 360,590

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Stockholders' Equity [Abstract]
Common stock, dividends, per share, declared (in dollars per share)	$ 0.24	$ 0.27	$ 0.44	$ 1.08	$ 1.08

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash Flows from Operating Activities
Net income (loss)	$ (495,175)	$ (64,613)	$ 290,726
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of discount and net origination fees on loans receivable and debt securities	(23,194)	(55,059)	(27,038)
Accretion in excess of cash receipts on purchased credit-impaired loan	0	0	(8,515)
Paid-in-kind interest added to loan principal, net of interest received	(38,408)	(25,152)	(29,844)
Straight-line rents	(29,330)	(32,664)	(12,617)
Amortization of above- and below-market lease values, net	(6,862)	(15,319)	2,045
Amortization of deferred financing costs and debt discount and premium	89,639	83,719	28,936
Equity method earnings	(10,560)	(285,151)	(99,375)
Distributions of income from equity method investments	79,995	72,197	79,361
Provision for loan loss	43,034	19,741	35,005
Allowance for doubtful accounts	26,860	14,602	3,314
Impairment of real estate and intangibles	588,223	104,360	11,717
Goodwill impairment	0	316,000	0
Depreciation and amortization	572,406	617,779	171,682
Equity-based compensation	41,876	154,429	13,638
Change in fair value of contingent consideration—Internalization	(1,730)	(20,600)	(11,740)
Gain on sales of real estate, net	(167,231)	(135,262)	(73,616)
Deferred income tax benefit	(69,430)	(138,459)	(7,618)
Other (gain) loss, net	(49,976)	45,360	0
Increase in other assets and due from affiliates	(40,123)	(66,287)	2,053
Decrease in accrued and other liabilities and due to affiliates	(470)	(11,169)	45,365
Other adjustments, net	(2,579)	4,094	(8,307)
Net cash provided by operating activities	506,965	582,546	405,172
Cash Flows from Investing Activities
Contributions to investments in unconsolidated ventures	(548,163)	(522,935)	(226,665)
Return of capital from equity method investments	433,144	225,477	113,491
Acquisition of loans receivable and securities	(104,247)	(590,536)	(199,638)
Cash and restricted cash assumed in Merger, net of payments for merger-related liabilities (Note 3)	0	132,377	0
Net disbursements on originated loans	(317,952)	(392,790)	(385,702)
Repayments of loans receivable	143,360	831,074	732,393
Proceeds from sales of loans receivable and securities	225,607	117,540	220,900
Cash receipts in excess of accretion on purchased credit-impaired loans	159,229	357,423	140,057
Acquisition of and additions to real estate, related intangibles and leasing commissions	(1,349,467)	(1,325,122)	(501,221)
Proceeds from sales of real estate, net of debt assumed by buyers	864,347	1,607,806	390,943
Proceeds from paydown and maturity of securities	43,625	112,939	0
Cash and restricted cash contributed to Colony Credit (Note 4)	(141,153)	0	0
Proceeds from sale of investments in unconsolidated ventures (Notes 7 and 22)	231,040	553,327	0
Proceeds from sale of equity interests in securitization trusts, net of cash and restricted cash deconsolidated (Note 15)	142,270	0	0
Proceeds from syndication of investment, net of cash and restricted cash deconsolidated	0	156,897	0
Proceeds from sale of Townsend, net of cash assumed by buyer (Note 17)	0	454,579	0
Acquisition of CPI, net of cash and restricted cash acquired (Note 3)	0	(23,111)	0
Acquisition of THL Hotel Portfolio, net of cash and restricted cash acquired (Note 3)	0	(8,976)	0
Investment deposits	(34,314)	(480)	(67,693)
Receipt (return) of borrower escrow deposits	0	(20,237)	(34,260)
Net (payments) receipts on settlement of derivative instruments	(15,954)	(11,800)	34,471
Other investing activities, net	415	12,935	(1,619)
Net cash provided by (used in) investing activities	(268,213)	1,666,387	215,457
Cash Flows from Financing Activities
Proceeds from issuance of preferred stock, net	0	638,100	0
Dividends paid to preferred stockholders	(120,702)	(130,182)	(48,372)
Dividends paid to common stockholders	(310,519)	(482,156)	(181,172)
Repurchase of common stock	(343,143)	(300,177)	0
Borrowings from corporate credit facility	685,000	1,041,000	694,000
Repayment of borrowings from corporate credit facility	(735,000)	(1,413,600)	(586,400)
Borrowings from secured debt	1,791,021	4,573,099	1,072,556
Repayments of secured debt	(1,985,990)	(4,733,640)	(1,601,423)
Payment of deferred financing costs	(28,630)	(96,069)	(22,464)
Contributions from noncontrolling interests	1,019,888	1,173,432	819,033
Distributions to and redemptions of noncontrolling interests	(518,864)	(970,615)	(627,629)
Redemption of preferred stock	(200,000)	(635,785)	(19,998)
Reissuance of preferred stock to an equity method investee	0	0	19,998
Shares canceled for tax withholdings on vested stock awards	(34,203)	(5,837)	(2,860)
Redemption of OP Units for cash	(4,830)	(5,085)	(2,557)
Acquisition of noncontrolling interests	0	0	(3,963)
Repurchase of exchangeable senior notes	0	(15,455)	0
Other financing activities, net	(2,432)	(1,411)	0
Net cash used in financing activities	(788,404)	(1,364,381)	(491,251)
Effect of exchange rates on cash, cash equivalents and restricted cash	(11,538)	11,482	(4,554)
Net increase (decrease) in cash, cash equivalents and restricted cash	(561,190)	896,034	124,824
Cash, cash equivalents and restricted cash, beginning of period	1,393,920	497,886	373,062
Cash, cash equivalents and restricted cash, end of period	832,730	1,393,920	497,886
Reconciliation of cash, cash equivalents, and restricted cash to consolidated balance sheets
Cash and cash equivalents	921,822	376,005	185,854
Restricted cash	471,078	111,959	187,208
Cash and restricted cash included in assets held for sale	1,020	9,922	0
Cash, cash equivalents and restricted cash, beginning of period	1,393,920	497,886	373,062
Cash and cash equivalents	461,912	921,822	376,005
Restricted cash	366,758	471,078	111,959
Cash and restricted cash included in assets held for sale	4,060	1,020	9,922
Cash, cash equivalents and restricted cash, end of period	$ 832,730	$ 1,393,920	$ 497,886

Business and Organization	12 Months Ended
Business and Organization	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization Colony Capital, Inc. (together with its consolidated subsidiaries, the "Company") is a leading global investment management firm with approximately $43 billion of assets under management. The Company manages capital on behalf of its stockholders, as well as institutional and retail investors in private funds, traded and non-traded real estate investment trusts ("REITs") and registered investment companies. The Company has significant holdings in: (a) the healthcare, industrial and hospitality property sectors; (b) Colony Credit Real Estate, Inc. (NYSE: CLNC) and NorthStar Realty Europe, Corp (NYSE: NRE) which are both externally managed by subsidiaries of the Company; and (c) various other equity and debt investments. The Company was organized in May 2016 as a Maryland corporation, and elected to be taxed as a REIT under the Internal Revenue Code, for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2017. Effective June 25, 2018, the Company changed its name from Colony NorthStar, Inc. to Colony Capital, Inc. and its ticker symbol on the NYSE from "CLNS" to "CLNY." The Company conducts all of its activities and holds substantially all of its assets and liabilities through its operating subsidiary, Colony Capital Operating Company, LLC (the "Operating Company" or the “OP”). At December 31, 2018, the Company owned 93.9% of the OP, as its sole managing member. The remaining 6.1% is owned primarily by certain employees of the Company as noncontrolling interests. Merger The Company was formed through a tri-party merger (the “Merger”) among Colony Capital, Inc. (“Colony”), NorthStar Asset Management Group Inc. (“NSAM”) and NorthStar Realty Finance Corp. (“NRF”) in an all-stock exchange on January 10, 2017 ("Closing Date"). The Merger was accounted for as a reverse acquisition, with NSAM as the legal acquirer for certain legal and regulatory matters, and Colony as the accounting acquirer for purposes of financial reporting. Consequently, the historical financial information included herein as of any date or for any periods on or prior to the Closing Date represents the pre-Merger financial information of Colony. Accordingly, the results of operations of the Company may not be comparable as the first ten days of 2017 and full year 2016 reflect only the pre-Merger activity of Colony. Details of the Merger are described more fully in Note 3 and the accounting treatment thereof in Note 2. Colony Credit On August 25, 2017, as amended and restated on November 20, 2017, certain subsidiaries of the Company entered into a combination agreement with NorthStar Real Estate Income Trust, Inc. (“NorthStar I”) and NorthStar Real Estate Income II, Inc. (“NorthStar II”), both publicly registered non-traded REITs sponsored and managed by a subsidiary of the Company, and certain other subsidiaries of the foregoing. Pursuant to the combination agreement, certain subsidiaries of the Company agreed to contribute the CLNY Contributed Portfolio (as defined in Note 4), represented by the Company's ownership interests ranging from 38% to 100% in certain investment entities ("CLNY Investment Entities"), to Colony Credit Real Estate, Inc. (formerly Colony NorthStar Credit Real Estate, Inc.) ("Colony Credit") and its operating company, and NorthStar I and NorthStar II agreed to merge in all-stock mergers with and into Colony Credit (collectively, the “Combination”). On January 18, 2018, the Combination was approved by the stockholders of NorthStar I and NorthStar II. The Combination closed on January 31, 2018. On June 25, 2018, Colony Credit changed its name from Colony NorthStar Credit Real Estate, Inc. to Colony Credit Real Estate, Inc. See additional information in Note 4. Corporate Restructuring Following a strategic review process, in November 2018, the Company announced a corporate restructuring and reorganization plan aimed at reducing its annual compensation and administrative expenses over the next 12 months. The restructuring plan was designed to match resources that further align the Company's increasing focus on its investment management business. In the fourth quarter of 2018, the Company incurred $19.3 million of restructuring costs, which were primarily $14.5 million of severance costs and $4.7 million of accelerated equity-based compensation.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

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

Basis of Presentation

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

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

Use of Estimates

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

Merger

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

The financial statements of the Company represent a continuation of the financial information of Colony as the accounting acquirer, except that the equity structure of the Company was adjusted to reflect the equity structure of the legal acquirer, including for comparative periods, by applying the Colony share exchange ratio of 1.4663. The historical financial information as of any date or for any periods on or prior to the Closing Date represents the pre-Merger financial information of Colony. The assets and liabilities of Colony are reflected by the Company at their pre-Merger carrying values while the assets and liabilities of NSAM and NRF are accounted for at their acquisition date fair value. The results of operations of NSAM and NRF were incorporated into the Company effective from January 11, 2017.

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 either (i) lacks sufficient equity to finance its activities without additional subordinated financial support from other parties; (ii) whose equity holders lack the characteristics of a controlling financial interest; or (iii) is established with non-substantive voting rights. 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 the related party analysis, the Company considers both qualitative and quantitative factors, including, but not limited to: the amount and characteristics of its investment relative to the related party; the Company’s and the related party's ability to control or significantly influence key decisions of the VIE including consideration of involvement by de facto agents; the obligation or likelihood for the Company or the related party to fund operating losses of the VIE; and the similarity and significance of the VIE’s business activities to those of the Company and the related party. The determination of whether an entity is a VIE, and whether the Company is the primary beneficiary, may involve significant judgment, including the determination of which activities most significantly affect the entities’ performance, and estimates about the current and future fair values and performance of assets held by the VIE.

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

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

Noncontrolling Interests

Redeemable Noncontrolling Interests—This represents noncontrolling interests in a consolidated open-end fund sponsored by the Company, and during 2017, an investment management subsidiary acquired through the Merger, Townsend Holdings, LLC ("Townsend"). The Company sold its interest in Townsend on December 29, 2017. The limited partners in the consolidated open-end fund who represent noncontrolling interests generally have the ability to withdraw all or a portion of their interests in cash with 30 days' notice.

Redeemable noncontrolling interests is presented outside of permanent equity. Allocation of net income or loss to redeemable noncontrolling interests is based upon their ownership percentage during the period. The carrying amount of redeemable noncontrolling interests is adjusted to its redemption value at the end of each reporting period to an amount not less than its initial carrying value, with such adjustments recognized in additional paid-in capital.

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

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

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 the 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 the balance sheet date and the corresponding results of operations for such entities are remeasured using the average exchange rate in effect during the period. The resulting foreign currency remeasurement adjustments are recorded in other gain (loss) on the statements of operations. Disclosures of non-U.S. dollar amounts to be recorded in the future are translated using exchange rates in effect at the date of the most recent balance sheet presented.

Fair Value Measurement

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

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

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

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

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

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

Fair Value Option

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

The Company has elected to account for certain equity method investments at fair value.

Prior to deconsolidation in May 2018, the Company had elected the fair value option for financial assets and financial liabilities of certain consolidated securitization trusts, and adopted the measurement alternative to measure both the financial assets and financial liabilities of the securitization trusts using the fair value of either the financial assets or financial liabilities, whichever is more observable.

Business Combinations

Definition of a Business—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 costs, 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.

Asset Acquisitions—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.

Business Combinations—The Company accounts for acquisitions that qualify as 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 an 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.

Contingent Consideration—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. Contingent consideration in connection with the acquisition of assets is generally recognized only when the contingency is resolved, as part of the basis of the acquired assets.

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)		5 to 51 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		6 to 20 years
Tenant improvements		Lesser of useful life or remaining term of the lease
Furniture, fixtures and equipment		3 to 20 years

Impairment—The Company evaluates its real estate held for investment for impairment periodically or whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Company evaluates real estate for impairment generally on an individual property basis. If an impairment indicator exists, the Company evaluates the undiscounted future net cash flows that are expected to be generated by the property, including any estimated proceeds from the eventual disposition of the property. If multiple outcomes are under consideration, the Company may apply a probability-weighted approach to the impairment analysis. Based upon the analysis, if the carrying value of a property exceeds its undiscounted future net cash flows, an impairment loss is recognized for the excess of the carrying value of the property over the estimated fair value of the property. In evaluating and/or measuring impairment, the Company considers, among other things, current and estimated future cash flows associated with each property, market information for each sub-market, including, where applicable, competition levels, foreclosure levels, leasing trends, occupancy trends, lease or room rates, and the market prices of similar properties recently sold or currently being offered for sale, and other quantitative and qualitative factors. Another key consideration in this assessment is the Company's assumptions about the highest and best use of its real estate investments and its intent and ability to hold them for a reasonable period that would allow for the recovery of their carrying values. If such assumptions change and the Company shortens its expected hold period, this may result in the recognition of impairment losses.

Real Estate 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. At the time a sale is consummated, the excess, if any, of sale price less selling costs over carrying value of the real estate is recognized as a gain.

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.

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 the 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 collected is recognized on a cash basis by crediting income when received; or if ultimate collectability of loan principal is uncertain, interest collected is recognized using a cost recovery method by applying interest collected as a reduction to loan carrying value. Loans may be restored to accrual status when all principal and interest are current and full repayment of the remaining contractual principal and interest are 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") 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.

Equity Investments

A noncontrolling, unconsolidated ownership interest in an entity may be accounted for using one of: (i) equity method where applicable; (ii) fair value option if elected; (iii) fair value through earnings if fair value is readily determinable, including election of net asset value ("NAV") practical expedient where applicable; or (iv) for equity investments without readily determinable fair values, the measurement alternative to measure at cost adjusted for any impairment and observable price changes, as applicable.

Marketable equity securities are recorded as of trade date. Dividend income is recognized on the ex-dividend date and is included in other income.

Fair value changes of equity method investments under the fair value option are recorded in earnings from investments in unconsolidated ventures. Fair value changes of other equity investments, including adjustments for observable price changes under the measurement alternative, are recorded in other gain (loss).

Equity Method Investments

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-proportionate earnings allocation formula or a preferred return to certain investors. 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 are reported as investing activities in the statement of cash flows under the cumulative earnings approach.

Carried Interest—The Company's equity method investments include its interests as general partner or equivalent in investment vehicles that it sponsors or co-sponsors. The Company recognizes earnings based on its proportionate share of results from these investment vehicles and a disproportionate allocation of returns based on the extent to which cumulative performance exceeds minimum return hurdles pursuant to terms of their respective governing agreements (“carried interests”). To the extent the investment vehicles qualify for investment company accounting, their underlying results and consequently, the calculation of carried interests, reflect changes in fair value of their investments each period. The amount of carried interest recognized based on the cumulative performance of each investment vehicle if it were liquidated as of the reporting date may be subject to reversal until such time the carried interest, if any, is realized. Realization of carried interest generally occurs upon disposition of all underlying investments of an investment vehicle, or in part with each disposition, pursuant to the governing documents of the investment vehicles.

Impairment

Evaluation of impairment applies to equity method investments and equity investments under the measurement alternative. If indicators of impairment exist, the Company will first estimate the fair value of its investment. In assessing fair value, the Company generally considers, among others, the estimated enterprise value of the investee or fair value of the investee's underlying net assets, including net cash flows to be generated by the investee as applicable, and for equity method investees with publicly traded equity, the traded price of the equity securities in an active market.

For investments under the measurement alternative, if carrying value of the investment exceeds its fair value, an impairment is deemed to have occurred.

For equity method investments, further consideration is made if a decrease in value of the investment is other-than-temporary to determine if impairment loss should be recognized. Assessment of other-than-temporary impairment ("OTTI") involves management judgment, including, but not limited to, consideration of the investee’s financial condition, operating results, business prospects and creditworthiness, the Company's ability and intent to hold the investment until recovery of its carrying value, or a significant and prolonged decline in traded price of the investee’s equity security. If management is unable to reasonably assert that an impairment is temporary or believes that the Company may not fully recover the carrying value of its investment, then the impairment is considered to be other-than-temporary.

Investments that are other-than-temporarily impaired are written down to their estimated fair value. Impairment loss is recorded in equity method earnings for equity method investments and in other gain (loss) for investments under the measurement alternative.

Debt Securities

Debt securities are recorded as of the trade date. Debt 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 debt 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.

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 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 debt security or more likely than not will be required to sell the impaired debt security before recovery of its amortized cost, the entire impairment amount is recognized in earnings. If the Company does not intend to sell the debt security and it is not more likely than not that the Company will be required to sell the debt security before recovery of its amortized cost, the Company further evaluates the debt 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 debt security. The credit component of OTTI is recognized in earnings within other gain (loss), while the remaining non-credit component is recognized in other comprehensive income. The amortized cost basis of the debt 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 debt 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 debt 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 debt 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. An indefinite-lived intangible is 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.

Lease Intangibles—Identifiable intangibles recognized in acquisitions of operating real estate properties generally include in-place leases, above- or below-market leases and deferred leasing costs, all of which have finite lives. 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 are 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 estimate 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.

Investment Management Intangibles—Identifiable intangibles recognized in acquisition of an investment management business generally include management contracts, which represent contractual rights to future fee income from in-place management contracts, and customer relationships, which represent potential fee income generated from future reinvestment by existing investors, both of which generally have finite lives and are amortized over their individual useful lives.

Impairment—Identifiable intangible assets are reviewed periodically to determine if circumstances exist which may indicate a potential impairment. If such circumstances are considered to exist, the Company evaluates if carrying value of the intangible asset is recoverable based upon an undiscounted cash flow analysis. Impairment loss is recognized for the excess, if any, of carrying value over estimated fair value of the intangible asset. An impairment establishes a new basis for the intangible asset and any impairment loss recognized is not subject to subsequent reversal.

Impairment analysis on lease intangible assets is performed in connection with the impairment assessment of the related real estate. In evaluating investment management intangibles intangibles for impairment, such as management contracts and customer relationships, the Company considers various factors that may affect future fee income, including but not limited to, changes in fee basis, amendments to contractual fee terms, and projected capital raising for future vehicles.

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, including goodwill. 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, including goodwill. If so, a quantitative assessment is performed to identify both the existence of impairment and the amount of impairment loss. The Company may bypass the qualitative assessment and proceed directly to performing a quantitative assessment to compare the fair value of a reporting unit with its carrying value, including goodwill. Impairment is measured as the excess of carrying value over fair value of the reporting unit, with the loss recognized limited to the amount of goodwill assigned to that reporting unit.

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

Accounts Receivable and Related Allowance

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

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

Fixed Assets

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

Transfers of Financial Assets

Sale accounting for transfers of financial assets is limited to the transfer of an entire financial asset, a group of financial assets in its entirety, or a component of a financial asset which meets the definition of a participating interest with 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 requires 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).

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 undesignated hedges.

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 or expected life of the debt instrument. Costs incurred in connection with revolving credit arrangements are recorded as deferred financing costs in other assets, and amortized on a straight-line basis over the expected term of the credit facility.

Property Operating Income

Property operating income includes the following.

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

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

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

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

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

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

Fee Income

Fee income consists of the following:

Base Management Fees—The Company earns base management fees for the administration of its managed private funds, and for the management of traded and non-traded REITs and investment companies, including management of their investments, which constitute a series of distinct services satisfied over time. Base management fees are recognized over the life of the investment vehicle as services are provided.

Asset Management Fees—The Company receives a one-time asset management fee upon closing of each investment made by certain managed private funds. The underlying services of managing the investments of the private funds consist of a series of distinct services satisfied over time, for which asset management fees are recognized ratably over the life of each investment as services are rendered.

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

Incentive Fees—The Company may earn incentive fees from its managed private funds, traded REITs and investment companies. Incentive fees are determined based on the performance of the investment vehicles subject to the achievement of minimum return hurdles in accordance with the terms set out in the respective governing agreements. Incentive fees take the form of a contractual fee arrangement with the investment vehicles, and unlike carried interests, do not represent an allocation of returns among equity holders of the investment vehicles. Incentive fees are a form of variable consideration and are recognized when it is probable that a significant reversal of the cumulative revenue will not occur, which is generally at the end of the performance measurement period of the respective investment vehicles.

Selling Commission and Dealer Manager Fees—Prior to May 2018, these fees were earned by the Company for selling equity in the non-traded REITs and investment companies, and 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.

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.

Equity Awards Granted by Managed Companies—These are equity awards granted by publicly-traded REITs managed by the Company, NorthStar Realty Europe Corp ("NRE") and Colony Credit, to the Company to be granted to its employees or directly to certain employees of the Company. The initial grant is recorded as an other asset and deferred income liability on the balance sheet. The liability is amortized on a straight-line basis to other income over the initial vesting period of the award and equity-based compensation expense is recognized as the award vests to the recipient employee.

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.

Compensation

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

Carried Interest and Incentive Fee Compensation—This represents a portion of carried interest and incentive fees earned by the Company that are allocated (generally 40% to 50%) to senior management, investment professionals and certain other employees of the Company. Carried interest and incentive fee compensation are generally recorded as the related carried interest and incentive fees are recognized in earnings by the Company. Carried interest compensation amounts may be reversed if there is a decline in the cumulative carried interest amounts previously recognized by the Company. Carried interest and incentive fee compensation are generally not paid to management or other employees until the related carried interest and incentive fee amounts are distributed by the investment vehicles to the Company.

Equity-Based Compensation—Equity-classified stock awards granted to employees and non-employees that have a service condition and/or a market condition are measured at fair value at date of grant and remeasured at fair value only upon a modification of the award.

A modification in the terms or conditions of an award, unless the change is non-substantive, represents an exchange of the original award for a new award. The modified award is revalued and incremental compensation cost is recognized for the excess, if any, between fair value of the award upon modification and fair value of the award immediately prior to modification. Total compensation cost recognized for a modified award, however, cannot be less than its grant date fair value, unless at the time of modification, the service or performance condition of the original award was not expected to be satisfied.

Liability-classified stock awards are remeasured at fair value at the end of each reporting period until the award is fully vested.

The Company recognizes compensation expense on a straight-line basis over the requisite service period of each award, with the amount of compensation expense recognized at the end of a reporting period at least equal the portion of fair value of the respective award at grant date or modification date, as applicable, that has vested through that date. For awards with a market condition, compensation cost is not reversed if a market condition is not met so long as the requisite service has been rendered, as a market condition does not represent a vesting condition. 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 and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies as a REIT, it and its subsidiaries may be subject to certain U.S federal, state and local as well as foreign taxes on its income and property and to U.S federal income and excise taxes on its undistributed taxable income.

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

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

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

Earnings Per Share

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

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

Reclassifications

In addition to reclassifications on the statements of cash flows resulting from the adoption of ASU No. 2016-18 as discussed below, certain prior period amounts have been reclassified as follows.

On the balance sheet, marketable equity securities of a consolidated fund of $35.6 million at December 31, 2017 have been reclassified from securities to equity investments to conform to current period presentation.

For the year ended December 31, 2018, the Company presents the portion of carried interests earned by the Company that is allocated to employees as carried interest and incentive compensation on the statement of operations. Such amounts had previously been presented as net income attributable to noncontrolling interests in investment entities for the first three quarters of 2018, in each respective Quarterly Report on Form 10-Q. For the quarters ended September 30, June 30 and March 31, 2018, $3.5 million, $1.1 million, $0.9 million, respectively, were reclassified from net income attributable to noncontrolling interests in investment entities to compensation expense on the income statement. The reclassifications increased net loss by the amounts reclassified for each of the three quarterly periods but did not have an impact on net loss attributable to Colony Capital, Inc. and net loss attributable to common stockholders. The reclassification increased accrued and other liabilities and decreased noncontrolling interests in investment entities by the amount reclassified at the end of each period but did not have an impact on the balance sheet as of December 31, 2017. Refer to the Company's accounting policy for carried interest compensation above in "Compensation—Carried Interest and Incentive Fee Compensation."

Accounting Standards Adopted in 2018

Revenue Recognition

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers, which amends existing revenue recognition standards by establishing principles for a single comprehensive model for revenue measurement and recognition, along with enhanced disclosure requirements. Key provisions include, but are not limited to, determining which goods or services are capable of being distinct in a contract to be accounted for separately as a performance obligation and recognizing variable consideration only to the extent that it is probable a significant revenue reversal would not occur. The FASB subsequently issued several amendments to the standard, including clarifying the guidance on assessing principal versus agent based on the notion of control, which affects recognition of revenue on a gross or net basis. The Company adopted the standard on January 1, 2018 using the modified retrospective approach, applied to contracts not yet completed as of January 1, 2018, with cumulative effect recognized in retained earnings.

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

The standard excludes from its scope accounting for financial instruments and leases, but is applicable to certain property operating income and fee income streams of the Company, as discussed below.

Resident Fee Income—The Company earns resident fee income from senior housing operating facilities and in 2017, from skilled nursing facilities that operate through management agreements with independent third-party operators. The Company has determined that independent living and assisted living agreements are leases subject to the leasing standard, while certain agreements within skilled nursing facilities, which entitle residents to reside in the community rather than an explicitly or implicitly identified unit, are not leases. Revenue for services provided within skilled nursing facilities, whether they are routine services such as room and bed maintenance, nursing, dietary services, and resident activities or programs, or separately covered services such as those ordered by physicians, are satisfied over the duration of care. These services are a series of distinct services satisfied over time, and revenue is recognized over time as services are provided. The Company determined that there is no change to revenue recognition for such services provided within the skilled nursing facilities in 2017. In 2018, all of the Company's skilled nursing facilities are structured under net leases to healthcare operators and the Company no longer earns resident fee income from skilled nursing facilities, only rental income.

Hotel Operating Income—Revenue is recognized upon occupancy of rooms, consummation of sales and provision of services. The Company determined that there is no change to revenue recognized under the new guidance as revenue is recognized over time based on the transaction price.

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

Asset Management Fees—The Company receives a one-time asset management fee upon closing of each investment made by certain managed private funds. Prior to the adoption of the revenue standard, a portion of asset management fees was recognized upon closing of an investment, with remaining fees deferred and recognized over the estimated life of each investment. Under the new guidance, the Company determined that the underlying service of managing the investments of the funds consists of a series of distinct services satisfied over time, for which revenue should be recognized ratably over the estimated life of each investment. As a result of the change in revenue recognition under the new standard, the Company recorded a cumulative impact of approximately $1.6 million as a decrease to retained earnings and an increase to deferred income liability on January 1, 2018. The impact of the change in revenue recognition for the year ended December 31, 2018 was an increase to asset management fees of $0.7 million.

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

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

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

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

Derecognition and Partial Sales of Nonfinancial Assets

In February 2017, the FASB issued ASU No. 2017-05, Clarifying the Scope of Asset Derecognition and Accounting for Partial Sales of Nonfinancial Assets, which clarifies the scope and application of Accounting Standards Codification ("ASC") 610-20, Other Income—Gains and Losses from Derecognition of Nonfinancial Assets, and defines in substance nonfinancial assets. ASC 610-20 applies to derecognition of all nonfinancial assets which are not contracts with customers or revenue transactions under ASC 606, Revenue from Contracts with Customers. Derecognition of a business is governed by ASC 810, Consolidation, while derecognition of financial assets, including equity method investments, even if the investee holds predominantly nonfinancial assets, is governed by ASC 860, Transfers and Servicing. The ASU also aligns the accounting for partial sales of nonfinancial assets to be more consistent with accounting for sale of a business. Specifically, in a partial sale to a noncustomer, when a noncontrolling interest is received or retained, the latter is considered a noncash consideration and measured at fair value in accordance with ASC 606, which would result in full gain or loss recognized upon sale. This ASU removes guidance on partial exchanges of nonfinancial assets in ASC 845, Nonmonetary Transactions, and eliminates the real estate sales guidance in ASC 360-20, Property, Plant and Equipment—Real Estate Sales.

The Company adopted this standard on January 1, 2018, concurrent with the adoption of the new revenue standard, using the modified retrospective approach. Under the new standard, if the Company sells a partial interest in its real estate assets to noncustomers or contributes real estate assets to unconsolidated ventures, and the Company retains a noncontrolling interest in the asset, such transactions could result in a larger gain on sale. The adoption of this standard did not have an impact on the Company's financial statements. There were no sales of partial interests in real estate assets in the year ended December 31, 2018 or for the year ended December 31, 2017.

Financial Instruments

In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, which affects accounting for investments in equity securities, financial liabilities under the fair value option, as well as for presentation and disclosures, but does not affect accounting for investments in debt securities and loans. Investments in equity securities, other than equity method investments, will be measured at fair value through earnings, except for equity securities without readily determinable fair values which may be measured at cost less impairment and adjusted for observable price changes, unless these equity securities qualify for the NAV practical expedient. This provision eliminates cost method accounting and recognition of unrealized holding gains or losses on equity investments in other comprehensive income. For financial liabilities under the fair value option, changes in fair value resulting from the Company's own instrument-specific credit risk will be recorded separately in other comprehensive income. Fair value disclosures of financial instruments measured at amortized cost will be based on exit price and corresponding disclosures of valuation methodology and significant inputs will no longer be required. In February 2018, the FASB issued ASU No. 2018-03, Technical Corrections and Improvements to Financial Instruments, Recognition and Measurement of Financial Assets and Financial Liabilities, which provided several clarifications and amendments to the standard. These include specifying that for equity instruments without readily determinable fair values for which the measurement alternative is applied: (i) adjustments made when an observable transaction occurs for a similar security are intended to reflect the fair value as of the observable transaction date, not as of current reporting date; (ii) the measurement alternative may be discontinued upon an irrevocable election to change to a fair value measurement approach under fair value guidance, which would apply to all identical and similar investments of the same issuer; and (iii) the prospective transition approach for equity securities without readily determinable fair values is applicable only when the measurement alternative is applied. ASU No. 2016-01 and ASU No. 2018-03 are to be applied retrospectively with cumulative effect as of the adoption date recognized in retained earnings, except for provisions related to equity investments without readily determinable fair values and exit price fair value disclosures for financial instruments measured at amortized cost, which are to be applied prospectively.

The Company adopted ASU No. 2016-01 and ASU No. 2018-03 on January 1, 2018, and recorded a cumulative adjustment to increase retained earnings by approximately $0.6 million. This includes $0.2 million of unrealized gains on available for sale equity securities held by an equity method investee that was reclassified from accumulated other comprehensive income. In connection with the adoption, the Company elected the NAV practical expedient to measure its previous cost method investments in non-traded REITs and limited partnership interest in a third party private fund based on their respective NAV per share. The new standard does not affect equity securities held by the Company's consolidated fund for which the Company has retained investment company accounting applied by the fund, and limited partnership interests in third party private funds for which the Company has elected the fair value option, as in both instances, unrealized fair value gains and losses are currently recorded in earnings. The Company's remaining cost method investments do not have readily determinable fair values. To the extent the Company becomes aware of observable price changes in the future, the Company will adjust the carrying value of these investments through earnings.

Cash Flow Classifications

In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments, which is intended to reduce diversity in practice in certain classifications on the statement of cash flows. This guidance addresses eight types of cash flows, which includes clarifying how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows, as well as requiring an accounting policy election for classification of distributions received from equity method investees using either the cumulative earnings or nature of distributions approach, among others. The Company adopted this guidance on January 1, 2018 on a retrospective basis and made an accounting policy election for classification of distributions from its equity method investees using the cumulative earnings approach, which is largely consistent with its previous accounting policy. The adoption of this standard did not have a material effect on the presentation of the Company's statement of cash flows.

Restricted Cash

In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows: Restricted Cash, which requires that cash and cash equivalent balances in the statement of cash flows include restricted cash and restricted cash equivalent amounts, and therefore, changes in restricted cash and restricted cash equivalents be presented in the statement of cash flows. As a result of the adoption of the new guidance, changes in restricted cash and restricted cash equivalents are no longer presented as separate activities in the statement of cash flows. When cash, cash equivalents, restricted cash and restricted cash equivalents are presented in more than one line item on the balance sheet, the ASU requires a reconciliation between the totals in the statement of cash flows and the related captions on the balance sheet. The new guidance also requires disclosure of the nature of restricted cash and restricted cash equivalents, similar to existing requirements under Regulation S-X; however, it does not define restricted cash and restricted cash equivalents. The Company adopted ASU 2016-18 on January 1, 2018. The retrospective application of this new standard resulted in changes to the previously reported statements of cash flows as follows:



	Year Ended December 31, 2017						Year Ended December 31, 2016
(In thousands)	As Previously Reported			After Adoption of ASU 2016-18			As Previously Reported			After Adoption of ASU 2016-18
Net cash provided by operating activities	$	549,617		$	582,546		$	408,361		$	405,172
Net cash provided by investing activities	1,331,542			1,666,387			251,812			215,457
Net cash used in financing activities	(1,346,505		)	(1,364,381		)	(465,957		)	(491,251		)

For the year ended December 31, 2017, the increase in net cash provided by investing activities is primarily due to restricted cash assumed in business combinations (Note 3), which were previously reported as noncash investing activities, and the restricted cash deposits capital expenditures with the lender in connection with a refinancing. For the year ended December 31, 2016, return of borrower funds from escrow deposits and distributions to noncontrolling interests from restricted working capital reserves are now reflected in cash flows from investing and financing activities, respectively.

Share-Based Payments

In June 2018, the FASB issued ASU No. 2018-07, Improvements to Nonemployee Share-Based Payment Accounting, which simplifies the accounting for share-based payments to nonemployees by generally aligning it with the accounting for share-based payments to employees, with certain exceptions. The new guidance applies to nonemployee awards issued in exchange for goods or services used in an entity’s own operations and to awards granted by an investor to an equity method investee, but does not apply to equity instruments issued to a lender or investor in a financing transaction or equity instruments issued when selling goods or services to customers, which is under the revenue recognition model. Key changes in the guidance include measuring nonemployee awards based on fair value of the equity instrument issued, rather than on fair value of goods or services received or equity instrument issued, whichever is more reliably measured. In terms of timing, equity-classified nonemployee awards that were previously remeasured through performance completion date will now have a fixed measurement on grant date, which will reduce volatility on the income statement. For nonemployee awards with performance conditions, compensation cost will be recognized when achievement of the performance condition is probable, rather than upon actual achievement of the performance condition. Similar to employee awards, forfeitures may be recognized as they occur or based on an estimate under an accounting policy election, but the guidance allows separate elections for employee and nonemployee awards. The accounting model for nonemployee awards, however, remains different for attribution of share-based payment costs over the vesting period, in which compensation cost for nonemployee awards continues to be recognized in the same period and in the same manner (i.e., capitalize or expense) as if the grantor had paid cash for the goods or services. No changes to disclosure requirements were prescribed. Transition is on a modified retrospective basis, with a remeasurement at fair value as of the adoption date through a cumulative effect adjustment to opening retained earnings, applied to all equity-classified nonemployee awards where a measurement date has not been established by the adoption date and unsettled liability-classified nonemployee awards. If the cost of a nonemployee award has been included in completed assets (such as finished goods inventory or fixed assets that have begun to be depreciated), the cost basis of those assets will not be remeasured. The transition provisions eliminate the need to retrospectively determine fair values at historical grant dates. ASU No. 2018-07 is effective for fiscal years and interim periods beginning after December 15, 2018. Early adoption is permitted in an interim period for which financial statements have not been issued, with adjustments to be reflected as of the beginning of the fiscal year of adoption. The Company early adopted this standard on July 1, 2018. The adoption did not have an impact on the Company's financial statements.

Future Application of Accounting Standards

Leases

In February 2016, the FASB issued ASU No. 2016-02, Leases, which amends existing lease accounting standards, primarily requiring lessees to recognize most leases on balance sheet as a right of use asset and a corresponding liability for future lease obligations, and to a lesser extent, making targeted changes to lessor accounting. Under the new lease standard, only incremental initial direct costs incurred in the execution of a lease can be capitalized by both lessor and lessee. For lessors of operating leases, if collection of lease-related receivables is subsequently assessed to not be probable, lease income is reversed if lease payments collected from the lessee are less than the income recognized to date.

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, beginning of the earliest comparative period presented. Full retrospective application is prohibited. In applying the modified retrospective approach, the standard provides the option to elect a package of practical expedients that exempts an entity from having to reassess whether any expired or expiring contracts contain leases, revisit lease classification for any expired or expiring leases and reassess initial direct costs for any existing leases.

In July 2018, the FASB issued ASU No. 2018-11, Targeted Improvements to Topic 842, Leases, which provides the option of (i) applying the effective date of the new lease standard as the date of initial application in transition instead of the earliest comparative period presented; as well as (ii) electing as practical expedient, by class of underlying asset, not to segregate lease and non-lease components in a contract but to account for it as a single component in accordance with either the new lease standard or the revenue standard depending on whether the lease or non-lease component is predominant.

In December 2018, the FASB issued ASU No. 2018-20, Narrow Scope Improvements for Lessors, which provides certain practical expedients for lessor accounting. ASU No. 2018-20: (i) allows lessor to make an accounting policy election to present on a net basis sales and similar taxes arising from a leasing transaction with related collections from lessee (otherwise to present on a gross basis if lessor is determined to be the primary obligor); (ii) requires net presentation of lessor costs paid directly by lessee to a third party (for example, property taxes and insurance paid directly by lessee) and gross presentation of lessor costs that are paid by the lessor and reimbursed by the lessee (for example, property taxes and insurance initially paid by lessor and reimbursed by lessee); and (iii) requires allocation of variable payments to lease and non-lease components when applicable changes in facts and circumstances occur and that the non-lease component be subject to recognition under other applicable guidance, such as the revenue standard.

The Company will adopt the new lease standard effective January 1, 2019 and will adopt the package of practical expedients as well as the transition option. As a result, the Company will apply the new lease standard prospectively to leases existing or commencing on or after January 1, 2019. Comparative periods presented will not be restated upon adoption. Similarly, new disclosures under the standard will be made for periods beginning January 1, 2019, and not for comparative periods. In addition, the Company, as lessor, will make accounting policy elections to: (i) treat the lease and non-lease components in a contract as a single performance obligation to the extent that the timing and pattern of transfer are similar for the lease and non-lease components and the lease component qualifies as an operating lease; and (ii) to present on a net basis sales and similar taxes assessed by a governmental authority imposed on specific lease revenue producing transactions.

The Company is in the process of finalizing the aggregation and evaluation of its leasing arrangements, and implementing a lease module in its accounting system to address the new accounting model for leases, including any transition adjustments. The most significant change to the Company, as lessee, will be the gross-up of the right of use asset and lease liability on the balance sheet. The lease liability is estimated to be between $55 million and $65 million for office leases and $65 million and $75 million for ground leases, discounted using estimated incremental borrowings rates ranging from 5.0% to 5.8%. The effect of the new standard to the Company, as lessor, is not expected to have a material effect on its financial condition or results of operations.

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 available-for-sale ("AFS") debt securities, unrealized credit losses will be recognized as allowances rather than reductions in amortized cost basis and elimination of the other than temporary impairment ("OTTI") concept will result in more frequent estimation of credit losses. The accounting model for purchased credit-impaired loans and debt securities will be simplified, including elimination of some of the asymmetrical treatment between credit losses and credit recoveries, to be consistent with the CECL model for originated and purchased non-credit-impaired assets. The existing model for beneficial interests that are not of high credit quality will be amended to conform to the new impairment models for HTM and AFS debt securities. Expanded disclosures on credit risk include credit quality indicators by vintage for financing receivables and net investment in leases. Transition will generally be on a modified retrospective basis, with prospective application for other than temporarily impaired debt securities and purchased credit-impaired assets. ASU No. 2016-13 is effective for fiscal years and interim periods beginning after December 15, 2019. Early adoption is permitted for annual and interim periods beginning after December 15, 2018. The Company expects that recognition of credit losses will generally be accelerated under the CECL model. Evaluation of the impact of this new guidance is ongoing.

Hedge Accounting

In August 2017, the FASB issued ASU No. 2017-12, Targeted Improvements to Accounting for Hedging Activities, which simplifies and expands the application of hedge accounting. This standard amends hedge accounting recognition and presentation, including eliminating the requirement to separately measure and present hedge ineffectiveness as well as presenting the entire fair value change of a hedging instrument in the same income statement line as the hedged item. The new guidance also provides alternatives for applying hedge accounting to additional hedging strategies, and easing requirements for effectiveness testing and hedging documentation, although the "highly effective" threshold for a qualifying hedging relationship has not changed. Revised disclosures include tabular disclosures that focus on the effect of hedge accounting by income statement line item. Transition will generally be on a modified retrospective basis applied to existing hedging relationships as of date of adoption, with prospective application for income statement presentation and disclosure, and specific transition elections are available to modify existing hedge documentation. ASU 2017-12 is effective for fiscal years and interim periods beginning after December 15, 2018. Early adoption is permitted, with adjustments to be reflected as of the beginning of the fiscal year of adoption if early adopted in an interim period.

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

Fair Value Disclosures

In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurements. The ASU requires new disclosures of changes in unrealized gains and losses in other comprehensive income for recurring Level 3 fair value measurements of instruments held at balance sheet date, as well as the range and weighted average or other quantitative information, if more relevant, of significant unobservable inputs for recurring and nonrecurring Level 3 fair values. Certain previously required disclosures are eliminated, specifically around the valuation process required for Level 3 fair values, policy for timing of transfers between levels of the fair value hierarchy, as well as amounts and reason for transfers between Levels 1 and 2. Additionally, the new guidance clarifies or modifies certain existing disclosures, including clarifying that information about measurement uncertainty of Level 3 fair values should be as of reporting date and requiring disclosures of the timing of liquidity events for investments measured under the NAV practical expedient, but only if the investee has communicated this information or has announced it publicly. The provisions on new disclosures and modification to disclosure of Level 3 measurement uncertainty are to be applied prospectively, while all other provisions are to be applied retrospectively. ASU No. 2018-13 is effective for fiscal years and interim periods beginning after December 15, 2019. Early adoption is permitted in an interim period for which financial statements have not been issued, and may be made only to provisions that eliminate or modify existing disclosures. The adoption of this standard is not expected to have a material effect on the Company's existing disclosures.

Variable Interest Entities

In November 2018, the FASB issued ASU No. 2018-17, Targeted Improvements to Related Party Guidance for Variable Interest Entities. The ASU amends the VIE guidance to align the evaluation of a decision maker's or service provider's fee in assessing a variable interest with the guidance in the primary beneficiary test. Specifically, indirect interests held by a related party that is under common control will now be considered on a proportionate basis, rather than in their entirety, when assessing whether the fee qualifies as a variable interest. The proportionate basis approach is consistent with the treatment of indirect interests held by a related party under common control when evaluating the primary beneficiary of a VIE. This effectively means that when a decision maker or service provider has an interest in a related party, regardless of whether they are under common control, it will consider that related party's interest in a VIE on a proportionate basis throughout the VIE model, for both the assessment of a variable interest and the determination of a primary beneficiary. Transition is generally on a modified retrospective basis, with the cumulative effect adjusted to retained earnings at the beginning of the earliest period presented. ASU No. 2018-17 is effective for fiscal years and interim periods beginning after December 15, 2019, with early adoption permitted in an interim period for which financial statements have not been issued. The Company is currently evaluating 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.

Business Combinations

12 Months Ended

Dec. 31, 2018

Business Combinations [Abstract]

Business Combinations

Merger with NSAM and NRF

The Company was created through the Merger of NSAM, Colony and NRF in an all-stock exchange on the Closing Date.

The Merger was accomplished through a series of transactions. On the Closing Date, NSAM merged with and into the Company 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 the Company, and the merger of Colony into the Company, with the Company surviving as the combined entity.

Upon the closing of the Merger, NSAM outstanding common stock was converted into the Company's 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 the Company 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 the Company's 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 the Company's 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 the Company's 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 the Company's 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 the Company, on a fully diluted basis, excluding the effect of certain equity-based awards issued in 2017 in connection with the Merger.

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

Merger Consideration

As the Merger was accounted for as a reverse acquisition, the fair value of the consideration transferred in common stock was measured based upon the number of shares of common stock that Colony, as the accounting acquirer, would theoretically have issued to the shareholders of NSAM and NRF to achieve the same ratio of ownership in the Company 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 the Company 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 the Company through the conversion of such equity awards into comparable equity awards of the Company with substantially the same vesting terms pre-Merger. The portion of the replacement awards attributable to pre-Merger services was deemed part of the merger consideration, while the portion attributable to post-Merger services is recognized prospectively as compensation expense of the Company in the post-Merger period.

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

The Company assumed certain liabilities of NSAM and NRF which arose as a result of the Merger and were settled shortly after the Closing Date. These amounts included approximately $226.1 million which was paid to former NSAM stockholders, representing a one-time special dividend, and approximately $78.9 million in payroll taxes representing shares that were canceled and remitted to taxing authorities on behalf of employees whose equity-based compensation was accelerated and fully vested on the Closing Date. Cash and restricted cash assumed of $437.4 million is presented net of these payments as an investing cash inflow in the consolidated statement of cash flows.

Fair value of the merger consideration was determined as follows:



(In thousands, except price per share)	NSAM			NRF		Total
Outstanding shares of common stock prior to closing of the Merger	190,202			183,147
Replacement equity-based awards attributable to pre-combination services⁽ⁱ⁾	300			150
	190,502			183,297
Exchange ratio⁽ⁱⁱ⁾	1.4663			1.3335
Implied shares of Colony common stock issued in consideration	129,920			137,456		267,376
Price per share of Colony class A common stock	$	21.52		$	21.52	$	21.52
Fair value of implied shares of Colony common stock issued in consideration	$	2,795,890		$	2,958,039	$	5,753,929
Fair value of the Company's 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 the Company's 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 the Company's common stock.


(iii)	Fair value of the Company's 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 the Company's preferred stock issued	39,466			$	1,010,320


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

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



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

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

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

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

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

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

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

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

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

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

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

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

Restructuring of Real Estate Loans into Equity Ownership

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

CPI Group

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

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



(In thousands)	Final Amounts at December 31, 2017
Consideration
Carrying value of loans receivable outstanding at the time of restructuring	$	182,644
Cash	49,537
Total consideration	$	232,181
Identifiable assets acquired and liabilities assumed
Cash	$	303
Restricted cash	12,600
Real estate	543,649
Real estate held for sale	21,605
Lease intangibles and other assets	27,685
Debt	(277,590		)
Tax liabilities	(32,078		)
Lease intangibles and other liabilities	(61,205		)
Liabilities related to assets held for sale	(2,788		)
Fair value of net assets acquired	$	232,181

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

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

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

THL Hotel Portfolio

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

The consideration for the consensual foreclosure consisted of the following:


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


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

•

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

The following table summarizes the consideration and the final allocation to assets acquired and liabilities assumed. The estimated fair values and allocation were subject to retrospective adjustments during the measurement period, not to exceed twelve months, based upon new information obtained about facts and circumstances that existed as of the date of acquisition. During the six months ended June 30, 2018, adjustments were made to the allocation of values among real estate held for sale, real estate held for investment, intangible assets and intangible liabilities. Included in the consolidated statement of operations for the six months ended June 30, 2018 was a $1.8 million decrease to depreciation expense and an immaterial increase to ground lease expense to reflect the effects of the measurement period adjustments as of the acquisition date on July 1, 2017.



(In thousands)	Final Amounts at June 30, 2018
Consideration
Carrying value of the Company's junior mezzanine loan receivable at the time of foreclosure	$	310,932
Cash	43,643
Contingent consideration (Note 14)	6,771
Total consideration	$	361,346
Identifiable assets acquired and liabilities assumed
Cash	$	16,188
Restricted cash	18,479
Real estate	1,184,447
Real estate held for sale	69,676
Intangible and other assets	26,711
Debt	(907,867		)
Intangible and other liabilities	(46,288		)
Fair value of net assets acquired	$	361,346

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

Real Estate and Related Intangibles—Fair value of real estate was based on a combination of the cost, income and market approaches which applies capitalization rates between 7.0% and 12.0% (weighted average rate of 8.9%) as well as discount rates between 8.0% and 13.5% (weighted average rate of 10.4%), and also considers future capital expenditure needs of the hotels. For real estate held for sale, fair value was determined based on a sales comparison approach, adjusted for estimated selling costs. Real estate fair value was allocated to tangible assets of land, building, site improvements and furniture, fixtures and equipment as well as identified intangibles for above-market and below-market ground lease obligations.

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

Colony Credit

12 Months Ended

Dec. 31, 2018

Discontinued Operations and Disposal Groups [Abstract]

Colony Credit

The contribution of the CLNY Contributed Portfolio (as described in Note 1) to Colony Credit and the concurrent all-stock merger of Colony Credit with NorthStar I and NorthStar II closed on January 31, 2018. Colony Credit's class A common stock began trading on the NYSE on February 1, 2018.

Upon closing of the Combination, the Company and its affiliates, NorthStar I stockholders and NorthStar II stockholders each owned approximately 37%, 32% and 31%, respectively, of Colony Credit on a fully diluted basis.

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

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

Each share of Colony Credit's class B-3 common stock automatically converted into Colony Credit's class A common stock on a one-for-one basis upon close of trading on February 1, 2019. The CLNC OP Units are redeemable for cash or Colony Credit’s Class A common stock on a one-for-one basis, in the sole discretion of Colony Credit.

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

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

As a result of the Combination, the Company's management contracts with NorthStar I and NorthStar II were terminated and the related management contract intangible assets totaling $139.0 million were written off (Note 9). Concurrent with the closing of the Combination, a wholly-owned subsidiary of the Company entered into a management agreement with Colony Credit.

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



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

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

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

Assets and Related Liabilities Held for Sale

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



(In thousands)	December 31, 2018		December 31, 2017
Assets
Restricted cash	$	4,060	$	1,020
Real estate, net	852,402		720,686
Goodwill ⁽¹⁾	—		20,000
Intangible assets, net	41,590		37,337
Other assets	43,206		2,587
Total assets held for sale	$	941,258	$	781,630

Liabilities
Secured debt, net ⁽²⁾	$	—	$	196,905
Lease intangibles and other liabilities, net	68,217		76,393
Total liabilities related to assets held for sale	$	68,217	$	273,298

__________


⁽¹⁾	Goodwill is associated with the broker-dealer business that was held for sale at December 31, 2017. The broker-dealer business was contributed to the Colony S2K joint venture, an equity method investee, in April 2018.


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

Other than properties acquired through business combinations that qualified as held for sale upon acquisition as discussed in Note 18, no assets and liabilities held for sale constituted discontinued operations.

Discontinued Operations

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

Discontinued operations consisted of a manufactured housing portfolio acquired through the Merger in January 2017 and certain properties acquired through consensual foreclosure of the THL Hotel Portfolio in July 2017.

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

The properties held for sale in the THL Hotel Portfolio that constituted discontinued operations were fully disposed in the second quarter of 2018.

Net income generated from operations of these held for sale asset groups is presented below. There were no discontinued operations during the year ended December 31, 2016.



	Year Ended December 31,
(In thousands)	2018			2017
Revenues
Property operating income	$	1,186		$	43,269
Other income	—			2,352
Expenses
Property operating expenses	1,159			20,530
Interest expense	—			9,028
Loss on sale of real estate assets	—			2,108
Other expenses	129			400
Net income (loss) from discontinued operations	(102		)	13,555
Income tax expense	—			—
Net income (loss) from discontinued operations after tax	(102		)	13,555
Net income (loss) from discontinued operations attributable to:
Noncontrolling interests in investment entities	(45		)	427
Noncontrolling interests in Operating Company	(4		)	31
Net income (loss) from discontinued operations attributable to Colony Capital, Inc.	$	(53	)	$	13,097

Real Estate

12 Months Ended

Dec. 31, 2018

Real Estate [Abstract]

Real Estate

The Company's real estate held for investment was as follows:



(In thousands)	December 31, 2018			December 31, 2017
Land	$	1,950,412		$	2,011,794
Buildings and improvements	11,895,642			12,403,794
Tenant improvements	163,397			134,709
Furniture, fixtures and equipment	389,969			383,855
Construction in progress	155,511			108,403
	14,554,931			15,042,555
Less: Accumulated depreciation	(935,917		)	(578,297		)
Real estate assets, net	$	13,619,014		$	14,464,258

Real Estate Sales

Results from sales of real estate were as follows:



	Year Ended December 31,
(In thousands)	2018		2017		2016
Proceeds from sales of real estate	$	864,347	$	1,607,806	$	390,943
Gain on sale of real estate	167,231		137,370		73,616

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

Real estate held for sale is presented in Note 10.

Real Estate Acquisitions

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



($ in thousands)						Purchase Price Allocation ⁽¹⁾
	Acquisition Date	Property Type and Location	Number of Buildings	Purchase Price ⁽¹⁾		Land and Improvements		Building and Improvements		Lease Intangible Assets		Lease Intangible Liabilities
Year Ended December 31, 2018
Asset Acquisitions⁽²⁾
	September	Healthcare—United Kingdom⁽³⁾	1	$	24,444	$	10,506	$	12,458	$	1,480	$	—
	November	Office and Industrial—France	220	478,844		125,949		314,661		38,234		—
	Various	Industrial—Various in U.S.⁽⁴⁾	40	569,442		131,334		412,900		30,183		(4,975		)
				$	1,072,730	$	267,789	$	740,019	$	69,897	$	(4,975	)
Year Ended Ended December 31, 2017
Asset Acquisitions
	January	Industrial—Spain	2	$	10,374	$	3,855	$	5,564	$	955	$	—
	June	Office—Los Angeles, CA ⁽⁵⁾	1	455,699		93,577		314,590		50,518		(2,986		)
	Various	Industrial—Various in U.S.	55	636,690		137,005		472,747		31,512		(4,574		)
				$	1,102,763	$	234,437	$	792,901	$	82,985	$	(7,560	)



($ in thousands)						Purchase Price Allocation ⁽¹⁾
	Acquisition Date	Property Type and Location	Number of Buildings	Purchase Price ⁽¹⁾		Land and Improvements		Building and Improvements		Lease Intangible Assets		Lease Intangible Liabilities
Year Ended Ended December 31, 2016
Business Combinations ⁽⁶⁾
	January	Industrial—Spain	23	$	94,403	$	33,265	$	56,585	$	5,318	$	(765	)
	April	Industrial—Massachusetts, U.S.	1	34,900		5,235		27,731		1,934		—
	May	Office—France	1	18,203		14,150		3,815		388		(150		)
	Various	Industrial—Various in U.S.	18	201,635		36,974		151,689		16,063		(3,091		)
Asset Acquisitions
	Various	Industrial—Various in U.S.	12	113,200		20,749		84,724		8,398		(671		)
				$	462,341	$	110,373	$	324,544	$	32,101	$	(4,677	)

__________


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


⁽²⁾	Useful life of real estate acquired in 2018 is 5 to 51 years for buildings, 6 to 14 years for site improvements and 4 months (based on remaining lease terms) to 10 years for both tenant improvements and lease intangibles.


⁽³⁾	Net leased senior housing acquired pursuant to a purchase option under the Company's development facility to the healthcare operator at a purchase price equivalent to the outstanding loan balance.


⁽⁴⁾	Includes acquisition of $13.1 million of land for co-development with operating partners.


⁽⁵⁾	In September 2017, 90% of equity in the property holding entity was syndicated to third party investors. The new equity partners were granted certain participation rights in the business, resulting in a deconsolidation of the investment. The interest retained by the Company is reflected as an equity method investment.


⁽⁶⁾	Prior to 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.

Depreciation and Impairment

Depreciation expense on real estate was $471.6 million, $453.3 million and $108.3 million for the years ended December 31, 2018, 2017 and 2016, respectively.

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

Property Operating Income

The components of property operating income were as follows:



	Year Ended December 31,
(In thousands)	2018		2017		2016
Rental income	$	623,785	$	672,292	$	276,404
Tenant reimbursements	143,759		138,433		65,657
Resident fee income ⁽¹⁾	275,911		286,818		—
Hotel operating income	1,204,285		1,016,294		29,021
	$	2,247,740	$	2,113,837	$	371,082

__________


⁽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”) allow 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 December 31, 2018 are as follows.



Year Ending December 31,	(In thousands)
2019	$	495,765
2020	464,229
2021	413,416
2022	372,432
2023	327,836
2024 and thereafter	1,123,879
Total ⁽¹⁾	$	3,197,557

__________


⁽¹⁾	Excludes hotel operating income and rents from short-term leases.

Commitments and Contractual Obligations

Purchase Commitments—At December 31, 2018, the Company had funded aggregate deposits of $6.1 million with remaining unfunded purchase commitments totaling $1.3 billion for the acquisition of 61 buildings in the industrial segment, of which four are under construction. The Company also funded a deposit of $25.1 million with remaining unfunded purchase commitment of $0.3 billion for the acquisition of a distressed hotel operator and its portfolio of six hotels in France alongside the Company's sponsored credit fund.

Guarantee Agreements—In connection with the THL Hotel Portfolio, the Company entered into guarantee agreements with various hotel franchisors, pursuant to which the Company guaranteed the payment of its obligations as a franchisee, including payments of franchise fees and marketing fees for the term of the agreements, which expire between 2027 and 2032. In the event of default or termination of the franchise agreements, the Company is liable for liquidated damages not to exceed $81 million. The Company had similar provisions related to its core hotel portfolio in the hospitality segment, but has met the required minimum payments under the respective franchise agreements and no longer has an obligation to the franchisors.

Ground Lease Obligation—In connection with real estate acquisitions, the Company assumed certain noncancelable operating ground leases as lessee or sublessee. Rents on certain ground leases are paid directly by the tenants or operators. Ground rent expense, including contingent rent, was $8.2 million, $6.7 million and $0.3 million for the years ended December 31, 2018, 2017 and 2016, respectively.

At December 31, 2018, future minimum rental payments on noncancelable ground leases, excluding any contingent rent payments, on real estate held for investment were as follows.



Year Ending December 31,	(In thousands)
2019	$	5,236
2020	5,318
2021	5,487
2022	5,877
2023	5,821
2024 and thereafter	89,276
Total	$	117,015

Loans Receivable

12 Months Ended

Dec. 31, 2018

Receivables [Abstract]

Loans Receivable

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



	December 31, 2018								December 31, 2017
($ in thousands)	Unpaid Principal Balance		Carrying Value			Weighted Average Coupon		Weighted Average Maturity in Years	Unpaid Principal Balance		Carrying Value			Weighted Average Coupon		Weighted Average Maturity in Years
Loans at amortized cost
Non-PCI Loans
Fixed rate
Mortgage loans	$	643,973	$	667,590		10.7	%	2.2	$	1,081,030	$	1,082,513		9.1	%	2.8
Securitized loans ⁽¹⁾	—		—			—	%	N/A	35,566		36,603			5.9	%	16.8
Mezzanine loans	357,590		354,326			12.5	%	1.5	459,433		456,463			12.2	%	2.3
Corporate loans	108,944		107,796			12.3	%	5.8	46,840		46,592			9.9	%	10.0
	1,110,507		1,129,712						1,622,869		1,622,171
Variable rate
Mortgage loans	178,650		179,711			4.3	%	0.1	414,428		423,199			6.0	%	1.7
Securitized loans ⁽¹⁾	—		—			—	%	N/A	461,489		462,203			6.4	%	3.5
Mezzanine loans	27,772		27,417			13.4	%	2.5	34,391		34,279			9.8	%	1.3
	206,422		207,128						910,308		919,681
	1,316,929		1,336,840						2,533,177		2,541,852
PCI Loans
Mortgage loans	1,324,287		351,646						1,865,423		682,125
Securitized loans	—								23,298		3,400
Mezzanine loans	7,425		3,671						7,425		3,671
	1,331,712		355,317						1,896,146		689,196
Allowance for loan losses			(32,940		)						(52,709		)
	2,648,641		1,659,217						4,429,323		3,178,339
Loans at fair value
Securitized loans ⁽²⁾	—		—						72,511		45,423
Total loans receivable	$	2,648,641	$	1,659,217					$	4,501,834	$	3,223,762

__________

⁽¹⁾

Represents loans held in securitization trusts consolidated by the Company (Note 15). The Company contributed its interests in three securitization trusts to Colony Credit in January 2018 and sold its interests in a remaining securitization trust to a third party in June 2018, resulting in the deconsolidation of these securitization trusts along with their underlying mortgage loans and bonds payable.

⁽²⁾

Represents loans held by a securitization trust that was consolidated by a N-Star CDO. The N-Star CDO was in turn consolidated by the Company at December 31, 2017. The Company had elected the fair value option and adopted the measurement alternative to value the loans receivable at the same fair value as the bonds payable issued by the consolidated securitization trust (Note 14). In May 2018, the Company sold its interests in the N-Star CDO and deconsolidated the N-Star CDO (Note 8) along with the securitization trust consolidated by the N-Star CDO.

Nonaccrual and Past Due Loans

Non-PCI loans, excluding loans carried at fair value, that are 90 days or more past due as to principal or interest, or where reasonable doubt exists as to timely collection, are generally considered nonperforming and placed on nonaccrual status.

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



(In thousands)	Current or Less Than 30 Days Past Due		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due and Nonaccrual		Total Non-PCI Loans
December 31, 2018	$	1,052,303	$	—	$	44,392	$	240,145	$	1,336,840
December 31, 2017	2,268,599		145,986		9,410		117,857		2,541,852

Troubled Debt Restructuring

During the year ended December 31, 2016, there was one loan with a carrying value of $37.6 million before allowance for loan loss that was modified as a TDR, in which the Company provided the borrower, who was experiencing financial difficulties, with concessions in interest rate and payment terms. During the years ended December 31, 2018, 2017 and 2016, there were no loans modified as TDRs.

At December 31, 2018 and 2017, carrying value of existing TDR loans before allowance for loan losses was $37.8 million and $66.4 million, respectively. At December 31, 2018, the one outstanding TDR loan was in maturity default, for which the Company recorded an allowance for loan loss. The Company has no additional lending commitment on this TDR loan.

Non-PCI Impaired Loans

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

The following table summarizes non-PCI impaired loans:



	Unpaid Principal Balance		Gross Carrying Value						Allowance for Loan Losses
(In thousands)	Unpaid Principal Balance		With Allowance for Loan Losses		Without Allowance for Loan Losses		Total		Allowance for Loan Losses
December 31, 2018	$	280,337	$	75,179	$	206,628	$	281,807	$	18,304
December 31, 2017	383,594		138,136		248,759		386,895		7,424

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



	Year Ended December 31,
(In thousands)	2018		2017		2016
Average carrying value before allowance for loan losses	$	282,325	$	202,397	$	90,447
Total interest income recognized during the period impaired	7,127		10,192		3,929
Cash basis interest income recognized	1,190		—		—

Purchased Credit-Impaired Loans

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

There were no PCI loans acquired in the year ended December 31, 2018:

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



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

Changes in accretable yield of PCI loans were as follows:



	Year Ended December 31,
(In thousands)	2018			2017			2016
Beginning accretable yield	$	42,435		$	52,572		$	66,639
Additions	—			23,594			22,493
Dispositions	(5,484		)	—			—
Changes in accretable yield	1,882			25,720			31,171
Accretion recognized in earnings	(27,911		)	(61,809		)	(65,911		)
Deconsolidation	(991		)	—			—
Effect of changes in foreign exchange rates	(311		)	2,358			(1,820		)
Ending accretable yield	$	9,620		$	42,435		$	52,572

The Company applied either the cash basis or cost recovery method for recognition of interest income on PCI loans with carrying value before allowance for loan losses of $175.6 million at December 31, 2018 and $196.5 million at December 31, 2017, as the Company did not have reasonable expectations of the timing and amount of future cash receipts on these loans.

Allowance for Loan Losses

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



	December 31, 2018				December 31, 2017
(In thousands)	Allowance for Loan Losses		Carrying Value		Allowance for Loan Losses		Carrying Value
Non-PCI loans	$	18,304	$	75,179	$	7,424	$	138,136
PCI loans	14,636		54,440		45,285		169,789
	$	32,940	$	129,619	$	52,709	$	307,925

Changes in allowance for loan losses is presented below:



	Year Ended December 31,
(In thousands)	2018			2017			2016
Allowance for loan losses at January 1	$	52,709		$	67,980		$	37,571
Contribution to Colony Credit (Note 4)	(518		)	—			—
Deconsolidation	(5,983		)	—			—
Provision for loan losses, net	43,034			19,741			34,864
Charge-off	(56,302		)	(35,012		)	(4,455		)
Allowance for loan losses at December 31	$	32,940		$	52,709		$	67,980

Provision for loan losses by loan type is as follows:



	Year Ended December 31,
(In thousands)	2018		2017		2016
Non-PCI loans	$	22,557	$	7,534	$	5,815
PCI loans ⁽¹⁾	20,477		12,207		29,190
Total provision for loan losses, net	$	43,034	$	19,741	$	35,005

__________


⁽¹⁾	Net of recoveries in provision for loan losses on PCI loans of $4.1 million and $6.3 million for the year ended December 31, 2018 and 2017, respectively. There were no recoveries in provision for loan losses on PCI loans for the year ended December 31, 2016.

Lending Commitments

The Company has lending commitments to borrowers pursuant to certain loan agreements in which the borrower may submit a request for funding contingent on achieving certain criteria, which must be approved by the Company as lender, such as leasing, performance of capital expenditures and construction in progress with an approved budget. At December 31, 2018, total unfunded lending commitments was $180.9 million, of which the Company's share was $77.8 million, net of amounts attributable to noncontrolling interests.

- Definition

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

+ References + Details

Equity Investments

12 Months Ended

Dec. 31, 2018

Equity Method Investments and Joint Ventures [Abstract]

Equity Investments

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

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



(In thousands)	December 31, 2018		December 31, 2017
Equity method investments
Investment ventures	$	2,151,847	$	1,297,180
Private funds	138,248		229,874
	2,290,095		1,527,054
Other equity investments
Marketable equity securities of consolidated funds	26,754		35,600
Investment ventures	95,196		89,261
Private funds and retail companies	34,291		38,924
	$	2,446,336	$	1,690,839

Equity Method Investments

The Company owns significant interests in Colony Credit and NRE, both publicly-traded REITs that it manages. The Company accounts for its investments under the equity method as it exercises significant influence over operating and financial policies of these entities through a combination of its ownership interest, its role as the external manager and board representation, but does not control these entities. The Company also owns equity method investments that are structured as joint ventures with one or more private funds or other investment vehicles managed by the Company, or with third party joint venture partners. These investment ventures are generally capitalized through equity contributions from the members and/or leveraged through various financing arrangements. The Company elected the fair value option to account for its interests in certain investment ventures and limited partnership interests in third party private equity funds acquired through the Merger (see Note 14).

The assets of the equity method investment entities may only be used to settle the liabilities of these entities and there is no recourse to the general credit of either the Company or the other investors for the obligations of these investment entities. Neither the Company nor the other investors are required to provide financial or other support in excess of their capital commitments. The Company’s exposure to the investment entities is limited to its equity method investment balance.

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



($ in thousands)			Ownership Interestat December 31, 2018⁽¹⁾	Carrying Value at
Investments	Description		Ownership Interestat December 31, 2018⁽¹⁾	December 31, 2018		December 31, 2017
Colony Credit Real Estate, Inc.	Common equity in publicly traded commercial real estate credit REIT managed by the Company and membership units in its operating subsidiary	(2)	36.6%	$	1,037,754	$	—
NorthStar Realty Europe Corp	Common equity in publicly traded equity REIT managed by the Company	(2)	11.2%	87,696		73,578
RXR Realty	Common equity in investment venture with a real estate investor, developer and investment manager		27.2%	95,418		105,082
Preferred equity	Preferred equity investments with underlying real estate	(3)	NA	219,913		440,704
ADC investments	Investments in acquisition, development and construction loans in which the Company participates in residual profits from the projects, and the risk and rewards of the arrangements are more similar to those associated with investments in joint ventures	(4)	Various	481,477		331,268
Private funds	General partner and/or limited partner interests in private funds (excluding carried interest allocation)		Various	110,610		25,101
Private funds—carried interest	Disproportionate allocation of returns to the Company as general partner or equivalent based on the extent to which cumulative performance of the fund exceeds minimum return hurdles		Various	21,730		—
Other investment ventures	Interests in 18 investments, each with no more than $66 million carrying value at December 31, 2018		Various	154,412		187,420
Fair value option	Interests in initial stage or real estate development ventures and limited partnership interests in private equity funds		Various	81,085		363,901
				$	2,290,095	$	1,527,054

__________

⁽¹⁾

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

⁽²⁾

These entities are governed by their respective boards of directors. The Company's role as manager is under the supervision and direction of such entity's board of directors, which includes representatives from the Company but the majority of whom are independent directors. In connection with the Company's investment in NRE, the Company has an ownership waiver under NRE’s charter which allows the Company to own up to 45% of NRE’s common stock, and to the extent the Company owns more than 25% of NRE’s common stock, the Company will vote the excess shares in the same proportion that the remaining NRE shares not owned by the Company are voted.


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


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

Significant Sale of Investments—In 2017, the Company had an investment in the single family residential business through its equity method investee, Starwood Waypoint Homes (formerly, Colony Starwood Homes). The Company monetized its investment through a sale of all of its shares in Starwood Waypoint Homes in March 2017 and June 2017 for total net proceeds of $500.5 million and recognized a gain of $191.2 million in aggregate, included in earnings from investments in unconsolidated ventures.

Impairment—The Company evaluated its equity method investments for OTTI and determined that certain equity method investments were other-than-temporarily impaired and recorded aggregate impairment in equity method earnings of $61.2 million and $6.8 million for the years ended December 31, 2018 and 2017, respectively. In making these assessments, the Company considered a variety of factors and assumptions specific to each investment, including: offer prices on the Company's investment; expected payoffs from sales of the underlying business of the investee; estimated fair values or sale proceeds of the underlying real estate held by the investee; estimated enterprise value of the investee; or discounted cash flows from the investment.

As discussed in Note 4, the Company had measured its interest in Colony Credit based upon its proportionate share of Colony Credit's fair value at the closing date of the Combination. Colony Credit’s class A common stock had traded between $15.56 and $23.23 per share in 2018, and closed at $15.79 per share on December 31, 2018. At December 31, 2018, the carrying value of the Company's investment in Colony Credit was $21.65 per share. As of December 31, 2018, the Company determined that its investment in Colony Credit was not other-than-temporarily impaired as the Company believes that the carrying value of its investment in Colony Credit is recoverable in the near term. If Colony Credit's common stock continues to trade below the Company's carrying value for a prolonged period of time, an other-than-temporary impairment may be recognized in the future.

Combined Financial Information of Equity Method Investees

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

Selected Combined Balance Sheet Information



(In thousands)	December 31, 2018		December 31, 2017
Total assets	$	15,499,159	$	9,537,068
Total liabilities	9,803,705		5,357,936
Owners' equity	5,511,548		3,662,764
Noncontrolling interests	183,906		516,368

Selected Combined Statements of Operations Information



	Year Ended December 31,
(In thousands)	2018		2017			2016
Total revenues	$	1,486,511	$	1,519,728		$	819,726
Net income (loss)	220,191		174,222			(32,493		)
Net income (loss) attributable to noncontrolling interests	23,878		(18,381		)	(3,494		)
Net income (loss) attributable to owners	196,313		192,603			(28,999		)

Other Equity Investments

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

Marketable Equity Securities—These are publicly traded equity securities held by a consolidated investment company and a consolidated private open-end fund. These equity securities comprise listed stock predominantly in the U.S. and to a lesser extent, in the United Kingdom, and primarily in the financial, real estate and consumer sectors.

Investment Ventures—This represents primarily common equity in the Albertsons/Safeway supermarket chain (with 50% ownership by a co-investment partner) which was initially recorded at cost and prior to 2018, adjusted for distributions in excess of cumulative earnings. There were no adjustments for any impairment or observable price changes in 2018.

Retail Companies—At December 31, 2018, the Company has an interest in its sponsored non-traded REIT, NorthStar Healthcare Income, Inc. ("NorthStar Healthcare") and an investment in a third party managed open-end mutual fund for which the Company applies the NAV practical expedient (see Note 14). Another sponsored non-traded REIT, NorthStar/RXR New York Metro Real Estate, Inc. ("NorthStar/RXR NY Metro") terminated its offering period effective March 31, 2018 and was subsequently liquidated in October 2018, whereby the Company, together with its co-sponsor, RXR Realty LLC, had their shares redeemed for $0.01 per share, effectively forfeiting their investments. As a result, the Company wrote off its $1.5 million equity investment in NorthStar/RXR NY Metro in the third quarter of 2018.

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

Investment Commitments

Investment Ventures—Pursuant to the operating agreements of certain unconsolidated ventures, the venture partners may be required to fund additional amounts for future investments, unfunded lending commitments, ordinary operating costs, guaranties or commitments of the venture entities. The Company also has lending commitments under ADC arrangements which are accounted for as equity method investments. At December 31, 2018, the Company’s share of these commitments was $47.8 million.

Private Funds—At December 31, 2018, the Company has unfunded commitments of $288.3 million to funds sponsored or co-sponsored by the Company that are accounted for as equity method investments.

Debt Securities

12 Months Ended

Dec. 31, 2018

Investments, Debt and Equity Securities [Abstract]

Debt Securities

The following table summarizes the Company's investment in debt securities.



			Gross Cumulative Unrealized
(in thousands)	Amortized Cost		Gains		Losses			Fair Value
December 31, 2018
Available-for-sale debt securities:
N-Star CDO bonds	$	67,513	$	1,565	$	(4,951	)	$	64,127
CMBS of consolidated fund								32,706
								$	96,833
December 31, 2017
Available-for-sale debt securities:
CRE securities of consolidated N-Star CDOs ⁽²⁾:
CMBS	$	144,476	$	3,999	$	(530	)	$	147,945
Other securities ⁽³⁾	61,302		5,994		(313		)	66,983
N-Star CDO bonds	88,374		2,778		(219		)	90,933
CMBS and other securities ⁽¹⁾	13,829		3,739		(186		)	17,382
	307,981		16,510		(1,248		)	323,243
CMBS of consolidated fund								25,099
								$	348,342

__________


⁽¹⁾	Other securities include a trust preferred security and certain investments in other third party CDO bonds.

⁽²⁾Carrying value of CDO bonds in consolidated N-Star CDOs was $215.5 million at December 31, 2017.

⁽³⁾Represents primarily agency debentures, and to a lesser extent, unsecured REIT debt and trust preferred securities.

N-Star CDOs and N-Star CDO Bonds—The Company acquired, upon the Merger, NRF's legacy CDOs. NRF had sponsored collateralized debt obligations ("CDOs"), collateralized primarily by commercial real estate ("CRE") debt and CRE securities, of which two of the sponsored CRE securities CDOs were 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 December 31, 2018, the Company no longer has any consolidated CDOs as the remaining assets of one CDO was liquidated, and the Company sold all of its interest in another CDO which resulted in the deconsolidation of that CDO. A gain of $10.9 million was recorded upon deconsolidation, included in other gain on the consolidated statement of operations.

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 of the legacy NRF sponsored 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 debt securities are predominantly commercial mortgage-backed securities (“CMBS”), including investments in mezzanine positions.

At December 31, 2018, the contractual maturities of CRE securities ranged from 8 to 43 years. The expected maturity, on a weighted average basis, was 5 years.

CMBS of Consolidated Fund—These are CMBS held by a consolidated investment company, that are accounted for at fair value through earnings.

Disposition of Debt Securities

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



	Year Ended December 31,
(In thousands)	2018			2017
Available-for-sale debt securities:
Proceeds from sale	$	78,197		$	30,279
Gross realized gain	11,304			951
Gross realized (loss)	(592		)	—

Impairment of AFS Debt Securities

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



	December 31, 2018					December 31, 2017
	Less Than 12 Months					Less Than 12 Months
(In thousands)	Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss
CRE securities of consolidated N-Star CDOs:
CMBS	$	—	$	—		$	2,229	$	(530	)
Other securities	—		—			8,218		(313		)
N-Star CDO bonds	54,459		(4,951		)	13,392		(219		)
CMBS and other securities	—		—			12,956		(186		)
	$	54,459	$	(4,951	)	$	36,795	$	(1,248	)

At December 31, 2018 and 2017, there were no AFS debt securities in an unrealized loss position for more than 12 months.

The Company recorded $8.2 million and $33.0 million of OTTI loss in other gain (loss) for the year ended December 31, 2018 and 2017, respectively. The OTTI loss was due to an adverse change in expected cash flows on N-Star CDO bonds as well as CMBS held by consolidated N-Star CDOs (such N-Star CDOs were deconsolidated in the second quarter of 2018) as the Company believed that it was not likely that it would recover the amortized cost on those securities prior to selling them.

At December 31, 2018, the Company believes that the remaining AFS securities with unrealized loss in accumulated other comprehensive income were not other than temporarily impaired as it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases. At December 31, 2017, there were no AFS securities with unrealized loss in accumulated other comprehensive income that have not otherwise been other than temporarily impaired.

Purchased Credit-Impaired Debt Securities

Certain debt securities acquired by the Company through the Merger, consisting of certain N-Star CDOs, other CDOs and CMBS securities, were considered to be credit-impaired at acquisition, with the following outstanding balance:



(In thousands)	December 31, 2018		December 31, 2017
Outstanding principal	$	213,929	$	411,174
Amortized cost	2,757		26,761
Carrying value	3,619		31,789

PCI debt securities are recorded at their initial investment and accreted to the estimated cash flows expected to be collected as measured at acquisition date. The excess of cash flows expected to be collected, measured at acquisition date, over the estimated fair value represents the accretable yield and is recognized in interest income over the remaining life of the security. The difference between contractually required payments at the acquisition date and the cash flows expected to be collected, which represents the nonaccretable difference, reflects the estimated future credit losses expected to be incurred over the life of the security and is not accreted to interest income nor recorded on the balance sheet. Subsequent decreases in undiscounted expected cash flows attributable to further credit deterioration as well as changes in expected timing of future cash flows can result in recognition of OTTI.

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



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

The following table presents changes in accretable yield related to these PCI debt securities.



	Year Ended December 31,
(In thousands)	2018			2017
Beginning accretable yield	$	44,610		$	—
Assumed through the Merger	—			70,283
Accretion recognized in earnings	(3,489		)	(12,461		)
Reduction due to payoffs, disposals or deconsolidation	(17,081		)	(8,963		)
Net reclassifications to nonaccretable difference ⁽¹⁾	(24,040		)	(4,249		)
Ending accretable yield	$	—		$	44,610

__________


⁽¹⁾	Includes reclassifications to nonaccretable difference for PCI securities for which cash flows can no longer be reasonably estimated.

Goodwill, Deferred Leasing Costs and Other Intangibles

12 Months Ended

Dec. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill, Deferred Leasing Costs and Other Intangibles

Goodwill

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



	Year Ended December 31,
(In thousands)	2018		2017			2016
Beginning balance	$	1,534,561	$	680,127		$	678,267
Business combinations ⁽¹⁾	—		1,440,229			1,860
Transfer to held for sale ⁽²⁾	—		(20,000		)	—
Disposition ⁽³⁾	—		(249,795		)	—
Impairment	—		(316,000		)	—
Ending balance ⁽⁴⁾	$	1,534,561	$	1,534,561		$	680,127

__________


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


⁽²⁾	Represents goodwill assigned to the broker-dealer reporting unit that was acquired as part of the Merger and classified as held for sale in 2017 (Note 10). The broker-dealer business was contributed to the Colony S2K joint venture, an equity method investee, in April 2018.


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


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



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

Impairment

Goodwill is assessed for impairment at the Company's operating segments or one level below. The Company performs its annual impairment test in the fourth quarter of each year.

Industrial

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

Investment Management

For its annual evaluation of goodwill for impairment, the Company performed a quantitative assessment in 2018 and 2017 and a qualitative assessment in 2016.

2018—In 2018, the Company determined that the carrying value of its investment management reporting unit, including goodwill, was not in excess of its estimated fair value and concluded that the investment management goodwill was not impaired.

2017—The Company's quantitative assessment in 2017 indicated that the carrying value of the investment management reporting unit, including its assigned goodwill, exceeded its estimated fair value. As a result of this assessment, the Company recognized an impairment to the investment management goodwill of $316.0 million in 2017.

In determining the carrying value of the investment management reporting unit for goodwill impairment testing in 2017, the Company used the net book value of its investment management subsidiary at October 1, 2017, adjusted to (i) exclude the Townsend and broker-dealer businesses; (ii) account for measurement period adjustments in the fourth quarter of 2017; and (iii) account for impairments recorded on management contract intangible assets in the fourth quarter of 2017 as well as expected write-off of the management contract intangible assets for NorthStar I and NorthStar II as a result of the Combination in 2018.

The fair value of the investment management reporting unit in 2017 was estimated using the income approach. Projections of discounted cash flows were based on various factors, including, but not limited to, assumptions around forecasted capital raising for existing and future investment vehicles, fee related earnings multiples, incentive fee multiples, operating profit margins and discount rates, adjusted for certain risk characteristics such as the predictability of fee streams and the estimated life of managed investment vehicles. The Company applied terminal year residual multiples on fee related earnings ranging from 6.5x to 20x, incentive fee multiples ranging from 3x to 5x and discount rates ranging from 9% to 25%. The Company considered a range of fee related earnings multiples, incentive fee multiples and discount rates for a peer group of alternative asset managers as indicators to assess for reasonableness, noting that direct comparison generally cannot be drawn due to differences that exist between the Company's business and those of other asset managers. The Company also considered the hypothetical value of its investment management business in a spin-off that would result in the Company becoming externally managed, and assigned a value to internally managing the Company's balance sheet assets based on market terms of management contracts of externally-managed REITs that otherwise engage in similar real estate operations. As a final step, the Company assessed the reasonableness of the valuation as a whole by comparing the aggregate fair value of its reporting units to its market capitalization, and considered in its assessment the impact of short-term market volatility and other market factors that may not directly affect the value of the Company's individual reporting units.

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

2016—The Company's qualitative assessment in 2016 indicated that the investment management goodwill was not impaired.

Deferred Leasing Costs, Other Intangible Assets and Intangible Liabilities

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



	December 31, 2018							December 31, 2017
(In thousands)	Carrying Amount (Net of Impairment)⁽¹⁾		Accumulated Amortization			Net Carrying Amount		Carrying Amount (Net of Impairment)⁽¹⁾		Accumulated Amortization			Net Carrying Amount
Deferred Leasing Costs and Intangible Assets
In-place lease values	$	267,221	$	(112,673	)	$	154,548	$	243,037	$	(98,021	)	$	145,016
Above-market lease values	129,079		(43,412		)	85,667		166,571		(34,968		)	131,603
Below-market ground lease obligations	16,258		(984		)	15,274		29,625		(316		)	29,309
Deferred leasing costs	111,486		(46,666		)	64,820		121,765		(38,389		)	83,376
Lease incentives	14,576		(1,381		)	13,195		14,565		(298		)	14,267
Trade name ⁽²⁾	15,500		—			15,500		79,700		(3,131		)	76,569
Investment management contracts	194,698		(92,618		)	102,080		342,127		(70,394		)	271,733
Customer relationships	49,291		(15,027		)	34,264		59,400		(10,421		)	48,979
Other ⁽³⁾	59,157		(4,241		)	54,916		54,061		(2,041		)	52,020
Total deferred leasing costs and intangible assets	$	857,266	$	(317,002	)	$	540,264	$	1,110,851	$	(257,979	)	$	852,872
Intangible Liabilities
Below-market lease values	$	204,066	$	(59,180	)	$	144,886	$	214,833	$	(36,426	)	$	178,407
Above-market ground lease obligations	16,080		(1,580		)	14,500		13,417		(715		)	12,702
Total intangible liabilities	$	220,146	$	(60,760	)	$	159,386	$	228,250	$	(37,141	)	$	191,109

__________

⁽¹⁾

For intangible assets and intangible liabilities recognized in connection with business combinations, purchase price allocations may be subject to adjustments during the measurement period, not to exceed twelve months from date of acquisition, based upon new information obtained about facts and circumstances that existed at time of acquisition. Amounts are presented net of impairments and write-offs, including contracts written off in connection with the Combination (Notes 4 and 14).


⁽²⁾	The Colony trade name is determined to have an indefinite useful life and not currently subject to amortization. The NorthStar trade name, prior to its write-off in June 2018, was amortized over an estimated useful life of 20 years.


⁽³⁾	Represents primarily the value of certificates of need associated with certain healthcare portfolios which are not amortized and franchise agreements associated with certain hotel properties which are subject to amortization over the term of the respective agreements.

Impairment

Investment Management Contracts—In 2018, $147.4 million of impairment was recorded on investment management contract intangibles related to non-traded REITs. This consisted of $139.0 million write-off of the NorthStar I and NorthStar II management contract intangibles as the contracts were terminated upon closing of the Combination, $1.4 million write off of the NorthStar/RXR NY Metro management contract intangible in consideration of the termination of its offering period (see Note 7), and $7.0 million impairment on the NorthStar Healthcare management contract intangible resulting from a decrease in expected fees, with fair value estimated based upon future net cash flows, discounted at 10%.

In the fourth quarter of 2017, impairment of $59.1 million was recorded on investment management contract intangibles of non-traded REITs, including $55.3 million on NorthStar Healthcare following an amendment to its advisory agreement and $3.7 million on NorthStar/RXR NY Metro based on revised capital raising projections. Fair value of these management contract intangibles were estimated based upon an analysis of future net cash flows, discounted at 9%.

Customer Relationships—In 2018, the remaining value of the retail customer relationship intangible of $10.1 million was written off based on a reassessment of future capital raising for retail vehicles.

Trade Name—In June 2018, the Company changed its name from Colony NorthStar, Inc. to Colony Capital, Inc. and the remaining value of the NorthStar trade name of $59.5 million was written off.

Amortization of Intangible Assets and Liabilities

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



	Year Ended December 31,
(In thousands)	2018			2017			2016
Above-market lease values	$	(29,444	)	$	(25,235	)	$	(8,658	)
Below-market lease values	35,919			40,079			7,089
Lease incentives	(1,085		)	(218		)	—
Net increase (decrease) to rental income	$	5,390		$	14,626		$	(1,569	)

Above-market ground lease obligations	$	(925	)	$	(752	)	$	482
Below-market ground lease obligations	669			854			(6		)
Net increase (decrease) to ground rent expense	$	(256	)	$	102		$	476

In-place lease values	$	45,718		$	74,560		$	30,193
Deferred leasing costs	17,749			19,046			13,777
Trade name	1,606			3,682			—
Investment management contracts	22,386			38,640			11,446
Customer relationships	4,606			12,514			3,343
Other	2,291			10,215			—
Amortization expense	$	94,356		$	158,657		$	58,759

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



	Year Ending December 31,
(In thousands)	2019			2020			2021			2022			2023			2024 and Thereafter			Total
Net increase (decrease) to rental income	$	10,761		$	9,553		$	9,769		$	8,811		$	9,003		$	(1,873	)	$	46,024
Net increase (decrease) to rent expense	(226		)	(224		)	(219		)	(216		)	(224		)	1,883			774
Amortization expense	133,063			56,409			44,376			36,186			31,563			79,913			381,510

Assets and Related Liabilities Held For Sale

12 Months Ended

Dec. 31, 2018

Discontinued Operations and Disposal Groups [Abstract]

Colony Credit



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

Assets and Related Liabilities Held for Sale

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



(In thousands)	December 31, 2018		December 31, 2017
Assets
Restricted cash	$	4,060	$	1,020
Real estate, net	852,402		720,686
Goodwill ⁽¹⁾	—		20,000
Intangible assets, net	41,590		37,337
Other assets	43,206		2,587
Total assets held for sale	$	941,258	$	781,630

Liabilities
Secured debt, net ⁽²⁾	$	—	$	196,905
Lease intangibles and other liabilities, net	68,217		76,393
Total liabilities related to assets held for sale	$	68,217	$	273,298

__________


⁽¹⁾	Goodwill is associated with the broker-dealer business that was held for sale at December 31, 2017. The broker-dealer business was contributed to the Colony S2K joint venture, an equity method investee, in April 2018.


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

Discontinued Operations

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

The properties held for sale in the THL Hotel Portfolio that constituted discontinued operations were fully disposed in the second quarter of 2018.

Net income generated from operations of these held for sale asset groups is presented below. There were no discontinued operations during the year ended December 31, 2016.



	Year Ended December 31,
(In thousands)	2018			2017
Revenues
Property operating income	$	1,186		$	43,269
Other income	—			2,352
Expenses
Property operating expenses	1,159			20,530
Interest expense	—			9,028
Loss on sale of real estate assets	—			2,108
Other expenses	129			400
Net income (loss) from discontinued operations	(102		)	13,555
Income tax expense	—			—
Net income (loss) from discontinued operations after tax	(102		)	13,555
Net income (loss) from discontinued operations attributable to:
Noncontrolling interests in investment entities	(45		)	427
Noncontrolling interests in Operating Company	(4		)	31
Net income (loss) from discontinued operations attributable to Colony Capital, Inc.	$	(53	)	$	13,097

Restricted Cash, Other Assets and Other Liabilities

12 Months Ended

Dec. 31, 2018

Restricted Cash, Other Assets And Other Liabilities [Abstract]

Restricted Cash, Other Assets and Other Liabilities

Restricted Cash

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



(In thousands)	December 31, 2018		December 31, 2017
Capital expenditures reserves ⁽¹⁾	$	215,366	$	249,612
Real estate escrow reserves ⁽²⁾	51,352		42,420
Borrower escrow deposits	10,412		41,545
Working capital and other reserves ⁽³⁾	19,586		23,043
Tenant lock boxes ⁽⁴⁾	15,666		16,486
Restricted cash of consolidated N-Star CDOs ⁽⁵⁾	—		13,656
Other	54,376		84,316
Total restricted cash	$	366,758	$	471,078

__________


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


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


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


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


⁽⁵⁾	Balance at December 31, 2017 represents proceeds from repayments and/or sales of debt securities which are pending distribution in consolidated N-Star CDOs. The Company sold all of its interest in the sponsored N-Star CDOs in May 2018 and deconsolidated the N-Star CDOs.

Other Assets

The following table summarizes the Company's other assets:



(In thousands)	December 31, 2018		December 31, 2017
Interest receivable	$	14,005	$	21,529
Straight-line rents	61,196		45,598
Hotel-related reserves ⁽¹⁾	21,636		29,208
Investment deposits and pending deal costs	34,179		1,706
Deferred financing costs, net ⁽²⁾	7,870		10,068
Contingent consideration escrow account ⁽³⁾	—		15,730
Derivative assets(Note 13)	33,558		10,152
Prepaid taxes and deferred tax assets, net	71,656		79,063
Receivables from resolution of investments ⁽⁴⁾	30,770		15,215
Contributions receivable ⁽⁵⁾	55,252		25,501
Accounts receivable ⁽⁶⁾	67,005		87,744
Prepaid expenses	26,991		29,526
Other assets	31,267		20,296
Fixed assets, net	47,932		53,632
Total other assets	$	503,317	$	444,968

__________


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


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

⁽³⁾

Contingent consideration escrow account holds certificates of deposit and cash for dividends paid on OP Units held in escrow for the contingent consideration that may be earned by certain executives in connection with the acquisition of the investment management business of Colony's former manager (Note 14). Upon final measurement of the contingent consideration at the end of its earnout period on June 30, 2018, the final amount of dividends on class A common stock and OP Units payable to the executives was determined to be $6.4 million, which was settled in August 2018, and the remaining escrow balance was released back to the Company.


⁽⁴⁾	Represents primarily proceeds from loan repayments held in escrow and sales of marketable equity securities pending settlement.


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


⁽⁶⁾	Includes receivables for hotel operating income, resident fees, rent and other tenant receivables.

Accrued and Other Liabilities

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



(In thousands)	December 31, 2018		December 31, 2017
Tenant security deposits and payable	$	29,070	$	27,560
Borrower escrow deposits	13,001		46,231
Deferred income ⁽¹⁾	40,156		42,457
Interest payable	40,648		42,462
Derivative liabilities (Note 13)	132,808		204,848
Contingent consideration—THL Hotel Portfolio (Note 3)	8,903		7,419
Share repurchase payable ⁽²⁾	7,567		—
Current and deferred income tax liability	93,174		166,276
Accrued compensation	81,911		77,483
Accrued carried interest and contractual incentive fee compensation	12,182		—
Accrued real estate and other taxes	64,440		77,060
Other accrued expenses	89,745		107,508
Accounts payable and other liabilities	94,316		98,857
Total accrued and other liabilities	$	707,921	$	898,161

__________

⁽¹⁾

Represents primarily prepaid rental income and interest income held in reserve accounts. Includes deferred asset management fee income of $3.2 million at December 31, 2018 and $2.7 million at December 31, 2017, which will be recognized as fee income on a straight-line basis through 2025. Adoption of the new revenue recognition standard had resulted in approximately $1.6 million increase to deferred management fee income on January 1, 2018. For the year ended December 31, 2018, $0.6 million relating to the deferred asset management fee balance at January 1, 2018 was recognized as fee income.


⁽²⁾	Represents the Company's common stock repurchases transacted in December 2018 and settled in January 2019.

Debt

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Debt

The Company's debt consists of the following components:



(In thousands)	Corporate Credit Facility⁽¹⁾		Convertible and Exchangeable Senior Notes			Secured and Unsecured Debt (2)			Securitization Bonds Payable (3)			Junior Subordinated Notes			Total Debt
December 31, 2018
Debt at amortized cost
Principal	$	—	$	616,105		$	9,352,902		$	—		$	280,117		$	10,249,124
Premium (discount), net	—		2,697			(41,217		)	—			(81,031		)	(119,551		)
Deferred financing costs	—		(6,652		)	(82,964		)	—			—			(89,616		)
	$	—	$	612,150		$	9,228,721		$	—		$	199,086		$	10,039,957
December 31, 2017
Debt at amortized cost
Principal	$	50,000	$	616,105		$	9,792,169		$	391,231		$	280,117		$	11,129,622
Premium (discount), net	—		3,131			(78,634		)	(87,319		)	(83,064		)	(245,886		)
Deferred financing costs	—		(8,905		)	(91,360		)	(203		)	—			(100,468		)
	50,000		610,331			9,622,175			303,709			197,053			10,783,268
Debt at fair value ⁽⁴⁾	—		—			—			44,542			—			44,542
	$	50,000	$	610,331		$	9,622,175		$	348,251		$	197,053		$	10,827,810

__________


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


⁽²⁾	Debt principal totaling $425.9 million at December 31, 2018 and $216.6 million at December 31, 2017 was related to financing on assets held for sale. Debt associated with assets held for sale that will be assumed by the buyer is included in liabilities related to assets held for sale (Note 10).

⁽³⁾

Represents bonds payable issued by securitization trusts consolidated by the Company at December 31, 2017 (Note 15). Senior notes issued by these securitization trusts were generally sold to third parties and subordinated notes retained by the Company. The Company contributed its interests in three securitization trusts to Colony Credit upon closing of the Combination in the first quarter of 2018. In the second quarter of 2018, the Company sold its equity interests in two securitization trusts to third parties, resulting in a deconsolidation of these securitization trusts, while the underlying assets of the remaining securitization trust was liquidated. At December 31, 2018, the Company no longer has any consolidated securitization trusts.

⁽⁴⁾

Debt at fair value at December 31, 2017 represents a securitization trust that was consolidated by a N-Star CDO and the N-Star CDO was in turn consolidated by the Company. The Company had elected the fair value option to value the bonds payable issued by the consolidated securitization trust (Note 14). In May 2018, the Company sold its interests in the N-Star CDO and deconsolidated the N-Star CDO (Note 8).

The following table summarizes certain information about the different components of debt carried at amortized cost. Weighted average years remaining to maturity is based on initial maturity dates or extended maturity dates to the extent criteria are met and the extension option is at the borrower’s discretion.



	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, 2018
Recourse
Corporate credit facility	$	—	N/A		N/A	$	—	N/A		2.0	$	—	N/A		2.0
Convertible and exchangeable senior notes	616,105		4.27	%	3.0	—		N/A		N/A	616,105		4.27	%	3.0
Junior subordinated debt	—		N/A		N/A	280,117		5.66	%	17.4	280,117		5.66	%	17.4
Secured debt ⁽¹⁾	37,199		5.02	%	6.9	—		N/A		N/A	37,199		5.02	%	6.9
	653,304					280,117					933,421
Non-recourse
Secured debt ⁽²⁾
Healthcare ⁽³⁾	2,130,999		4.62	%	1.9	1,109,681		6.64	%	2.7	3,240,680		5.31	%	2.2
Industrial	1,071,721		3.83	%	10.6	5,474		5.27	%	4.2	1,077,195		3.84	%	10.6
Hospitality	12,019		12.99	%	2.6	2,636,053		5.68	%	3.8	2,648,072		5.71	%	3.8
Other Real Estate Equity	200,814		4.02	%	3.8	1,789,431		4.43	%	3.6	1,990,245		4.39	%	3.7
Real Estate Debt	—		N/A		N/A	359,511		4.50	%	2.4	359,511		4.50	%	2.4
	3,415,553					5,900,150					9,315,703
	$	4,068,857				$	6,180,267				$	10,249,124
December 31, 2017
Recourse
Corporate credit facility	$	—	N/A		N/A	$	50,000	3.51	%	3.0	$	50,000	3.51	%	3.0
Convertible and exchangeable senior notes	616,105		4.27	%	4.0	—		N/A		N/A	616,105		4.27	%	4.0
Junior subordinated debt	—		N/A		N/A	280,117		4.56	%	18.4	280,117		4.56	%	18.4
Secured debt ⁽¹⁾	39,219		5.02	%	7.9	—		N/A		N/A	39,219		5.02	%	7.9
	655,324					330,117					985,441
Non-recourse
Securitization bonds payable	30,132		3.45	%	29.9	361,099		3.02	%	28.4	391,231		3.05	%	28.5
Secured debt ⁽²⁾
Healthcare	2,168,936		4.65	%	2.9	1,119,320		5.75	%	3.0	3,288,256		5.03	%	3.0
Industrial	1,014,229		3.50	%	11.4	—		N/A		N/A	1,014,229		3.50	%	11.4
Hospitality	9,038		11.00	%	3.6	2,599,681		4.67	%	3.7	2,608,719		4.69	%	3.7
Other Real Estate Equity	374,789		4.07	%	5.5	1,841,209		4.02	%	4.4	2,215,998		4.03	%	4.6
Real Estate Debt	—		N/A		N/A	625,748		4.05	%	3.3	625,748		4.05	%	3.3
	3,597,124					6,547,057					10,144,181
	$	4,252,448				$	6,877,174				$	11,129,622

__________


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

⁽²⁾

Mortgage debt in the healthcare segment and other real estate equity segment with an aggregate outstanding principal of $538.5 million at December 31, 2018 and $384.5 million at December 31, 2017 was either in payment default or was not in compliance with certain debt and/or lease covenants. The Company is negotiating with the lenders and the tenants to restructure the debt and leases, as applicable, or otherwise refinance the debt.

⁽³⁾

In November 2018, the Company applied proceeds from the refinancing of a select portfolio of medical office buildings to repay in full a $100.5 million floating rate component of a $1.8 billion non-recourse mortgage debt on certain properties in the U.S. healthcare portfolio. The remaining $1.7 billion fixed rate component of the debt is scheduled to mature in December 2019. The Company is currently evaluating its options in connection with the scheduled debt maturity. In the fourth quarter of 2018, the Company impaired the real estate collateralizing the debt by $109.1 million based on a reassessment of the expected hold period, taking into consideration the upcoming debt maturity (see Note 14). In pursuing the options available to the Company in connection with the scheduled debt maturity, the Company will continue to re-evaluate certain assumptions, including with respect to the holding period of the real estate collateralizing the debt, which could result in further impairment of the underlying real estate in a future period. At December 31, 2018, carrying value of the real estate collateralizing the remaining debt maturing in December 2019 was $2.5 billion.

Corporate Credit Facility

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

The maximum amount available at any time is limited by a borrowing base of certain investment assets, with the valuation of such investment assets generally determined according to a percentage of adjusted net book value or a multiple of base management fee EBITDA (as defined in the Credit Agreement). At December 31, 2018, the borrowing base was sufficient to permit borrowings up to the full $1.0 billion commitment.

Advances under the Credit Agreement accrue interest at a per annum rate equal to the sum of one-month London Inter-bank Offered Rate ("LIBOR") plus 2.25% or a base rate determined according to a prime rate or federal funds rate plus a margin of 1.25%. The Company pays a commitment fee of 0.25% or 0.35% per annum of the unused amount (0.35% at December 31, 2018), depending upon the amount of facility utilization.

Some of the Company’s subsidiaries guarantee the obligations of the Company under the Credit Agreement. As security for the advances under the 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 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 Credit Agreement. At December 31, 2018, the Company was in compliance with all of the financial covenants.

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

Convertible and Exchangeable Senior Notes

Convertible senior notes and exchangeable senior notes (assumed from NRF at fair value in the Merger) are senior unsecured obligations of the Company and are guaranteed by the Company on a senior unsecured basis.

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



Description	Issuance Date	Due Date	Interest Rate	Conversion or Exchange Price (per share of common stock)		Conversion or Exchange Ratio ⁽²⁾ (In Shares)	Conversion or Exchange Shares (in thousands)	Earliest Redemption Date	Outstanding Principal
									December 31, 2018		December 31, 2017
									December 31, 2018		December 31, 2017
5.00% Convertible Notes	April 2013	April 15, 2023	5.00	$	15.76	63.4700	12,694	April 22, 2020	$	200,000	$	200,000
3.875% Convertible Notes	January and June 2014	January 15, 2021	3.875	16.57		60.3431	24,288	January 22, 2019	402,500		402,500
5.375% Exchangeable Notes	June 2013 ⁽¹⁾	June 15, 2033	5.375	12.04		83.0837	1,130	June 15, 2023	13,605		13,605
									$	616,105	$	616,105

__________


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

⁽²⁾

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

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

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

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

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

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

Secured and Unsecured Debt

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

Junior Subordinated Debt

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

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

Future Minimum Principal Payments

The following table summarizes future scheduled minimum principal payments of debt at December 31, 2018, based on initial maturity dates or extended maturity dates to the extent criteria are met and the extension option is at the borrower’s discretion. Financing on certain loan portfolios are based on the Company's expectation of cash flows from underlying loan collateral as principal repayments on the loan financing depend upon net cash flows from collateral assets and ratio of outstanding principal to collateral.



(In thousands)	Corporate Credit Facility		Convertible and Exchangeable Senior Notes		Secured Debt		Junior Subordinated Notes		Total
Year Ending December 31,	Corporate Credit Facility		Convertible and Exchangeable Senior Notes		Secured Debt		Junior Subordinated Notes		Total
2019	$	—	$	—	$	2,468,980	$	—	$	2,468,980
2020	—		—		626,552		—		626,552
2021	—		402,500		945,987		—		1,348,487
2022	—		—		2,826,948		—		2,826,948
2023	—		200,000		192,667		—		392,667
2024 and thereafter	—		13,605		2,291,768		280,117		2,585,490
Total	$	—	$	616,105	$	9,352,902	$	280,117	$	10,249,124

Interest Incurred

Total interest incurred on the Company's debt, including interest capitalized on real estate under development or construction beginning in 2018, was as follows:



	Year Ended December 31,
(In thousands)	2018		2017		2016
Interest expensed	$	595,551	$	574,822	$	170,083
Interest capitalized	5,554		—		—
Total interest incurred	$	601,105	$	574,822	$	170,083

Derivatives

12 Months Ended

Dec. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

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

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



	December 31, 2018						December 31, 2017
(In thousands)	Designated Hedges		Non-Designated Hedges		Total		Designated Hedges		Non-Designated Hedges		Total
Derivative Assets
Foreign exchange contracts	$	31,127	$	1,069	$	32,196	$	8,009	$	975	$	8,984
Interest rate contracts	862		500		1,362		—		1,168		1,168
Included in other assets	$	31,989	$	1,569	$	33,558	$	8,009	$	2,143	$	10,152
Derivative Liabilities
Foreign exchange contracts	$	6,193	$	211	$	6,404	$	39,101	$	5,307	$	44,408
Interest rate contracts	—		126,404		126,404		—		160,440		160,440
Included in accrued and other liabilities	$	6,193	$	126,615	$	132,808	$	39,101	$	165,747	$	204,848

Certain counterparties to the derivative instruments require the Company to deposit cash or other eligible collateral. The Company had $0.8 million and $1.9 million of cash collateral on deposit as of December 31, 2018 and 2017, respectively, included in other assets.

Foreign Exchange Contracts

The following table summarizes the aggregate notional amounts of designated and non-designated foreign exchange contracts in place at December 31, 2018, along with certain key terms:

Hedged Currency

Instrument Type

Notional Amount
(in thousands)

FX Rates
($ per unit of foreign currency)

Range of Expiration Dates

Designated

Non-Designated

EUR

FX Collar

€

84,549

€

114

Min $1.06/ Max $1.53

October 2019 to November 2020

GBP

FX Collar

39,881

2,309

Min $1.45 / Max $1.82

June 2019 to December 2019

EUR

FX Forward

€

431,874

€

14,944

Min $1.10 / Max $1.38

January 2019 to December 2023

GBP

FX Forward

88,313

26,257

Min $1.24 / Max $1.29

May 2019 to December 2020

Designated Net Investment Hedges

The Company’s foreign denominated net investments in subsidiaries or joint ventures were €614.0 million and £235.7 million, or a total of $1.0 billion at December 31, 2018, and €499.2 million, £250.6 million and NOK771.2 million, or a total of $1.1 billion at December 31, 2017.

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


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


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

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

Release of accumulated other comprehensive income ("AOCI") 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 AOCI to other gain (loss) as summarized below.



	Year Ended December 31,
(In thousands)	2018		2017			2016
Designated net investment hedges:
Realized gain (loss) transferred from AOCI to earnings	$	7,426	$	(3,931	)	62

Non-Designated Hedges



	Year Ended December 31,
(In thousands)	2018		2017			2016
Non-designated net investment hedges:
Unrealized gain (loss) transferred from AOCI to earnings	$	3,726	$	(3,928	)	1,600

Interest Rate Contracts

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

At December 31, 2018, the Company held the following interest rate contracts:



	Notional Amount (in thousands)					Strike Rate / Forward Rate
Instrument Type	Designated		Non-Designated		Index	Strike Rate / Forward Rate	Expiration
Interest rate swap ⁽¹⁾	$	—	$	2,000,000	3-Month LIBOR	3.39%	December 2019
Interest rate caps	$	—	$	4,009,957	1-Month LIBOR	3.0% - 4.5%	January 2019 to December 2020
Interest rate caps	$	—	$	52,155	3-Month LIBOR	2.24%	March 2019
Interest rate caps	€	247,513	€	441,151	3-Month EURIBOR	0.75% - 1.5%	October 2019 to November 2023
Interest rate caps	£	—	£	363,716	3-Month GBP LIBOR	1.5% - 2.5%	November 2019 to February 2020
Deliverable swap futures	$	—	$	19,000	⁽²⁾	⁽²⁾	March 2019

__________


⁽¹⁾	Represents a forward-starting interest rate swap that has a maturity date in December 2029, with mandatory settlement at fair value in December 2019.


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

The following table summarizes amounts recorded in other gain (loss) related to interest rate derivative contracts:



	Year Ended December 31,
(In thousands)	2018		2017			2016
Unrealized gain (loss):
Cash flow hedge ineffectiveness	$	—	$	—		$	(401	)
Non-designated interest rate contracts	33,307		(15,080		)	(1,455		)

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 Pledged		Net Amounts of Assets (Liabilities)
December 31, 2018
Derivative Assets
Foreign exchange contracts	$	32,196		$	(1,743	)	$	—	$	30,453
Interest rate contracts	1,362			(823		)	—		539
	$	33,558		$	(2,566	)	$	—	$	30,992
Derivative Liabilities
Foreign exchange contracts	$	(6,404	)	$	1,743		$	—	$	(4,661	)
Interest rate contracts	(126,404		)	823			840		(124,741		)
	$	(132,808	)	$	2,566		$	840	$	(129,402	)

December 31, 2017
Derivative Assets
Foreign exchange contracts	$	8,984		$	(8,944	)	$	—	$	40
Interest rate contracts	1,168			(4		)	—		1,164
	$	10,152		$	(8,948	)	$	—	$	1,204
Derivative Liabilities
Foreign exchange contracts	$	(44,408	)	$	8,944		$	—	$	(35,464	)
Interest rate contracts	(160,440		)	4			1,900		(158,536		)
	$	(204,848	)	$	8,948		$	1,900	$	(194,000	)

Fair Value

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value

Recurring Fair Values

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



	Fair Value Measurements
(In thousands)	Level 1		Level 2		Level 3		Total
December 31, 2018
Assets
Equity method investments	$	—	$	—	$	81,085	$	81,085
Equity securities of consolidated funds	26,754		—		—		26,754
Debt securities available for sale—N-Star CDO bonds	—		—		64,127		64,127
CMBS of consolidated fund	—		32,706		—		32,706
Other assets—derivative assets	—		33,558		—		33,558
Liabilities
Other liabilities—derivative liabilities	—		132,808		—		132,808
Other liabilities—contingent consideration for THL Hotel Portfolio	—		—		8,903		8,903



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

Equity Method Investments

Equity method investments for which fair value option was elected are carried at fair value on a recurring basis. This includes investments in private equity funds acquired in connection with the Merger.

Fair values are determined using either discounted cash flow models based on expected future cash flows for income and realization events of the underlying assets, applying revenue multiples, based on transaction price for recently acquired investments, or pending or comparable market sales price on an investment, as applicable. In valuing the Company's investment in third party private equity funds, the Company considers cash flows provided by the general partners of the funds and the implied yields of the funds. The Company has not elected the practical expedient to measure the fair value of its investments in these private equity funds using NAV of the underlying funds. Fair value of equity method investments are classified as Level 3 of the fair value hierarchy, unless investments are valued based on contracted sales prices which are classified as Level 2 of the fair value hierarchy. Changes in fair value of equity method investments under the fair value option are recorded in equity method earnings.

Equity Securities

Fair value of equity securities held by consolidated funds are based on listed prices in active markets and classified as Level 1 of the fair value hierarchy.

Debt Securities

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

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

Derivatives

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

Due To Affiliates—Contingent Consideration for Internalization

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

manager in April 2015 (the "Internalization"), contingent consideration is payable to certain senior management personnel of the Company. The contingent consideration is payable in a combination of up to approximately 1.29 million shares of class A common stock, 115,226 shares of class B common stock and 4.40 million OP Units, measured based on multi-year performance targets for achievement of a contractually-defined funds from operations ("Benchmark FFO") per share target, as well as real estate and non-real estate capital-raising thresholds from the funds management business, to the extent these targets are met. 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.

At December 31, 2017, the contingent consideration had been remeasured at fair value using a third party valuation service provider and classified as Level 3 of the fair value hierarchy, with the change in fair value recorded in other gain (loss) in the consolidated statement of operations. Fair value of the contingent consideration was 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, adjusted for certain targets that had not been met and that had expired. The Company's class A common stock price and related equity volatilities were applied to convert the contingent consideration payout into shares.

At June 30, 2018, the end of the measurement period for the contingent consideration, and in accordance with the terms of the contribution agreement for the Internalization, it was determined that one of the prescribed performance targets was met, specifically the real estate capital raising target. As a result, the contingent consideration was settled with certain senior management personnel of the Company in a combination of approximately 15,000 shares of class A common stock, 40,000 shares of class B common stock and 1.95 million OP Units. At June 30, 2018, as the contingency was resolved and the number of shares and units to be issued was no longer variable, the payable of $12.5 million, valued based on the closing price of the Company's class A common stock on June 29, 2018, the last trading day of the second quarter, was reclassified out of liabilities into equity, while the associated dividends payable of approximately $6.4 million remained in liabilities. The contingent consideration and associated dividends were fully settled in August 2018.

Other Liabilities—Contingent Consideration for THL Hotel Portfolio

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

Securitized Loans and Securitized Bonds Payable

The Company had elected the fair value option for loans receivable and bonds payable issued by a securitization trust that was consolidated by a N-Star CDO. The N-Star CDO was in turn consolidated by the Company. In May 2018, the Company sold its interests in the N-Star CDO and deconsolidated the N-Star CDO (Note 8) along with the securitization trust consolidated by the N-Star CDO.

Prior to deconsolidation, the Company had adopted the measurement alternative to measure the fair value of the loans receivable held by the securitization trust using the fair value of the bonds payable issued by the securitization trust as the latter represented the more observable fair value. As such, the net gain or loss that was reflected in earnings was limited to changes in fair value of the beneficial interest held by the Company in the previously consolidated securitization trust, and not as a result of a remeasurement of the loans receivable and bonds payable held by third parties in the previously consolidated securitization trust. Fair value of the bonds payable issued by the securitization trust was determined based on broker quotes, which were generally derived from unobservable inputs, and therefore classified as Level 3 of the fair value hierarchy. Correspondingly, the fair value of the loans receivable held by the securitization trust was also classified as Level 3. Management determined that the quotes were representative of fair value through a review of available data, including recent transactions as well as its knowledge of and experience in the market.

Level 3 Recurring Fair Value Measurements

The Company relies on the third party pricing exception with respect to the requirement to provide quantitative disclosures about significant Level 3 inputs being used to determine fair value measurements for CRE debt securities, except for N-Star CDO bonds, and prior to May 2018, loans receivable and bonds payable issued by a consolidated securitization trust held by a previously consolidated N-Star CDO. The Company believes that the pricing service or broker quotations for these instruments may be based on market transactions of comparable securities, inputs including forecasted market rates, contractual terms, observable discount rates for similar securities and credit, such as credit support and delinquency rates.

Quantitative information about recurring Level 3 fair value measurements, for which information about unobservable inputs is reasonably available to the Company, are as follows.

Valuation Technique

Key Unobservable Inputs

Input Value

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

Financial Instrument

Fair Value

(In thousands)

Weighted Average

(Range)

December 31, 2018

Level 3 Assets

Equity method investments—third party private equity funds

5,908

Transaction price and NAV⁽²⁾

Not applicable

Equity method investments—other

21,831

Discounted cash flows

Discount rate

17.5%
(9.1% - 18.4%)

Decrease

Equity method investments—other

25,000

Multiple

Revenue multiple

5.8x

Increase

Equity method investments—other

28,346

Transaction price⁽³⁾

Not applicable

N-Star CDO bonds

64,127

Discounted cash flows

Discount rate

21.6%
(13.6% - 56.5%)

Decrease

Level 3 Liabilities

Other liabilities—contingent consideration for THL Hotel Portfolio

8,903

Discounted cash flows

Discount rate

20.0%

Decrease

December 31, 2017

Level 3 Assets

Equity method investments—third party private equity funds

204,774

Discounted cash flows

Discount rate

14.6%
(11.0% - 20.0%)

Decrease

Equity method investments—other

26,408

Discounted cash flows

Discount rate

14.2%
(8.8% - 14.8%)

Decrease

Equity method investments—other

132,719

Transaction price⁽³⁾

Not applicable

N-Star CDO bonds

90,933

Discounted cash flows

Discount rate

24.0%
(10.8% - 87.4%)

Decrease

Level 3 Liabilities

Due to affiliates—contingent consideration for Internalization

20,650

Monte Carlo simulation

Benchmark FFO volatility

11.8%

Increase

Equity volatility

18.7%

Increase

Correlation ⁽⁴⁾

80.0%

Increase

Other liabilities—contingent consideration for THL Hotel Portfolio

7,419

Discounted cash flows

Discount rate

20.0%

Decrease

__________


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


⁽²⁾	Fair value was estimated based on a combination of inputs, namely indicative prices of investments sold by the Company as well as underlying NAV of the respective funds on a quarter lag.


⁽³⁾	Valued based upon transaction price of investments recently acquired or offer prices on investments pending sales.


⁽⁴⁾	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.



		Level 3 Assets									Level 3 Liabilities
(In thousands)		Loans Receivable			Equity Method Investments			Securities			Debt			Due to Affiliates—Contingent Consideration for Internalization			Other Liabilities—Contingent Consideration for THL Hotel Portfolio
Fair value at December 31, 2015		$	—		$	—		$	—		$	—		$	(52,990	)	$	—
Unrealized gain in earnings		—			—			—			—			11,740			—
Fair value at December 31, 2016		$	—		$	—		$	—		$	—		$	(41,250	)	$	—
Unrealized gain related to balance recorded in earnings		$	—		$	—		$	—		$	—		$	11,740		$	—

Fair value at December 31, 2016		$	—		$	—		$	—		$	—		$	(41,250	)	$	—
Acquired through the Merger		—			362,269			427,560			—			—			—
Consideration for business combination		—			—			—			—			—			(6,771		)
Consolidation of securitization trust	Consolidation of securitization trust	58,296			—			—			(56,928		)	—			—
Purchases, contributions or accretion		—			162,323			40,035			10,564			—			—
Paydowns or distributions		(10,564		)	(166,795		)	(120,728		)	—			—			—
Realized losses in earnings		—			—			(38,885		)	—			—			—
Unrealized gains:
In earnings		(2,309		)	6,104			—			1,822			20,600			(648		)
In other comprehensive income		—			—			15,261			—			—			—
Fair value at December 31, 2017		$	45,423		$	363,901		$	323,243		$	(44,542	)	$	(20,650	)	$	(7,419	)
Unrealized gains (losses) on ending balance:
In earnings		$	(2,309	)	$	6,104		$	—		$	1,822		$	20,600		$	(648	)
In other comprehensive income (loss)		$	—		$	—		$	15,261		$	—		$	—		$	—

Fair value at December 31, 2017		$	45,423		$	363,901		$	323,243		$	(44,542	)	$	(20,650	)	$	(7,419	)
Purchases, contributions or accretion		—			61,113			21,049			—			—			—
Paydowns, distributions or sales		(638		)	(188,409		)	(138,261		)	638			—			—
Deconsolidation		(44,070		)	—			(124,344		)	43,847			—			—
Transfer out of liabilities into equity		—			—			—			—			12,539			—
Transfers out of Level 3		—			(132,527		)	—			—			6,381			—
Contribution to Colony Credit (Note 4)		—			(26,134		)	—			—			—			—
Realized gains in earnings		—			3,208			3,877			—			—			—
Unrealized gains (losses):
In earnings		(715		)	(67		)	—			57			1,730			(1,484		)
In other comprehensive income (loss)		—			—			(21,437		)	—			—			—
Fair value at December 31, 2018		$	—		$	81,085		$	64,127		$	—		$	—		$	(8,903	)
Unrealized gains (losses) on ending balance:
In earnings		$	(715	)	$	(67	)	$	—		$	57		$	1,730		$	(1,484	)
In other comprehensive income (loss)		$	—		$	—		$	(3,386	)	$	—		$	—		$	—

Transfers of Level 3 Assets and Liabilities

Transfers of assets and liabilities into or out of Level 3 are presented at their fair values as measured at the end of the reporting period. Assets transferred out of Level 3 represent investments in third party private equity funds that were valued based on their contracted sales price in June 2018 and sold in September 2018. Liabilities transferred out of Level 3 represent dividends earned on the final number of shares of class A common stock and OP Units determined as of June 30, 2018, the end of the measurement period of the contingent consideration associated with the Internalization, and which were paid out in August 2018.

Investments Carried at Fair Value Using Net Asset Value

Investments in retail companies, which include a Company-sponsored non-traded REIT and a third party managed open-end mutual fund, as well as limited partnership interest in a third party private fund are valued using NAV of the respective vehicles effective January 1, 2018.



	December 31, 2018
(In thousands)	Fair Value		Unfunded Commitments
Private fund—real estate	$	12,617	$	13,658
Retail Companies—real estate	21,674		—

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

There are no restrictions on the Company's ability to redeem its investment in the third party managed open-end fund.

No secondary market currently exists for shares of the non-traded REIT and the Company does not currently expect to seek liquidity of its shares of the non-traded REIT. Subject to then-existing market conditions, the board of directors of the non-traded REIT, along with the Company, as sponsor, expects to consider alternatives for providing liquidity to the non-traded REIT shares beginning five years from completion of the offering stage in January 2016, but with no definitive date by which it must do so. In addition, the Company has agreed that any right to have its shares redeemed is subordinated to third party stockholders for so long as its advisory agreement is in effect.

Nonrecurring Fair Values

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

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



	December 31, 2018						December 31, 2017
(In thousands)	Level 2		Level 3		Total		Level 2		Level 3		Total
Real estate held for sale	$	68,864	$	200,281	$	269,145	$	13,252	$	36,246	$	49,498
Real estate held for investment	—		416,272		416,272		—		224,935		224,935
Intangible assets—investment management contracts	—		36,400		36,400		—		51,100		51,100
Equity method investments	—		32,761		32,761		—		11,871		11,871

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



	Year Ended December 31,
(In thousands)	2018		2017		2016
Impairment loss
Real estate held for sale	$	77,211	$	25,619	$	11,334
Real estate held for investment	280,418		19,668		57
Intangible assets—lease intangibles	12,744		—		—
Intangible assets—investment management contracts	147,429		59,073		320
Intangible assets—customer relationships	10,109		—		—
Intangible assets—trade name	59,464		—		—
Equity method earnings	61,182		6,774		—

Impairment is discussed in Note 6 for loans receivable, Note 7 for equity method investments and Note 9 for goodwill and investment management intangible assets.

Real Estate Held For Sale—At December 31, 2018, real estate held for sale carried at fair value consisted primarily of properties in the European portfolio, valued using either broker price opinions, or a combination of market information, including third-party appraisals and indicative selling prices, adjusted as deemed appropriate by management to account for the inherent risk associated with the properties, and net of 5% selling cost, classified as Level 3.

Other significant real estate held for sale carried at fair value at December 31, 2018 comprised of certain hotels in the hospitality segment for which the Company previously held a long term hold strategy but in the third quarter of 2018, adopted a sales strategy. The majority of these hotels were classified as held for sale in the fourth quarter of 2018. Impairment was mostly recorded when the hotels were classified as held for investment, based on broker price opinions and net of 3% selling cost, classified as Level 3.

Additionally, real estate held for sale carried at fair value at December 31, 2018 include multi tenant office buildings and certain hotels in the THL Hotel Portfolio. These properties were valued based on either broker quotes, classified as Level 3, or auction prices or contracted sales prices, classified as Level 2, and in all cases, net of 1.5% or 2% selling costs.

At December 31, 2017, real estate held for sale carried at fair value were made up of properties in the healthcare and European portfolios as well as foreclosed properties.

Real Estate Held For Investment—At December 31, 2018, real estate held for investment carried at fair value consisted of $282.4 million of healthcare properties that were impaired in the fourth quarter of 2018, driven by shorter hold periods. In the fourth quarter of 2018, the Company reassessed the hold period on its healthcare properties, taking into consideration the Company's ability to refinance the related debt with upcoming maturities. The Company considered the possibility of shorter hold periods to be an indicator of impairment, among other factors. For properties for which indicators of impairment were identified, the Company compared their carrying values to the undiscounted future net cash flows expected to be generated by these properties over their hold periods, with terminal values estimated based on indicative capitalization rates, adjusted as appropriate for risk characteristics of each property. In performing this analysis, the Company considered the likelihood of possible outcomes under various hold period scenarios depending on its ability to refinance the related debt and applied a probability-weighted approach to different hold periods for each property. For properties where carrying value exceeded undiscounted future net cash flows, the carrying value was determined to not be recoverable. Fair values were estimated for these properties based on the income capitalization approach, using net operating income for each property and applying capitalization rates ranging from 5.5% to 11%. Impairment was measured as the excess of carrying value over fair value, totaling $212.0 million. As the impairment assessment involved subjectivity and judgment, actual results may differ if changes occur in the assumptions used and/or in market conditions and accordingly, negative changes to these variables would result in further impairment charge in the future.

Other significant real estate held for investment carried at fair value at December 31, 2018 pertained to certain healthcare properties and THL Hotel Portfolio that were damaged by hurricanes or fire in 2017, and further impaired in 2018, with impairment based on estimates from insurance appraisers.

At December 31, 2017, impaired real estate held for investment also included properties in the European portfolio which have mostly been transferred to held for sale or sold in 2018, as well as certain RIDEA properties that were converted into net lease properties in the healthcare segment.

Lease Intangible Assets—These represent lease intangibles that were evaluated and impaired in connection with the related healthcare properties that were impaired in the fourth quarter of 2018, consisting predominantly of above-market leases.

Fair Value Information on Financial Instruments Reported at Cost

Carrying amounts and estimated fair values of financial instruments reported at amortized cost are presented below. The carrying values of cash, interest receivable, accounts receivable, due from and to affiliates, interest payable and accounts payable approximate fair value due to their short term nature and credit risk, if any, are negligible.



	Fair Value Measurements								Carrying Value
(In thousands)	Level 1		Level 2		Level 3		Total		Carrying Value
December 31, 2018
Assets
Loans at amortized cost	$	—	$	—	$	1,667,892	$	1,667,892	$	1,659,217
Liabilities
Debt at amortized cost
Convertible and exchangeable senior notes	547,300		13,095		—		560,395		612,150
Secured debt	—		—		9,218,692		9,218,692		9,228,721
Junior subordinated debt	—		—		169,619		169,619		199,086
December 31, 2017
Assets
Loans at amortized cost	$	—	$	—	$	3,232,301	$	3,232,301	$	3,178,339
Liabilities
Debt at amortized cost
Corporate credit facility	—		50,000		—		50,000		50,000
Convertible and exchangeable senior notes	608,491		13,979		—		622,470		610,331
Secured and unsecured debt	—		—		9,703,680		9,703,680		9,622,175
Securitization bonds payable	—		132,815		169,908		302,723		303,709
Junior subordinated debt	—		—		216,316		216,316		197,053

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

Debt—Fair value of 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 values of the corporate credit facility and 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 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. Fair value of securitization bonds payable was based on quotations from brokers or financial institutions that act as underwriters of the securitized bonds.

Other—The carrying values of cash, due from and to affiliates, other receivables and other payables approximate fair value due to their short term nature, and credit risk, if any, are negligible.

- Definition

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

+ References + Details

Variable Interest Entities	12 Months Ended
Variable Interest Entities	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	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. The following discusses the Company's involvement with VIEs where the Company is the primary beneficiary and consolidates the VIEs or where the Company is not the primary beneficiary and does not consolidate the VIEs. Operating Subsidiary The Company's operating subsidiary, OP, is a limited liability company that has governing provisions that are the functional equivalent of a limited partnership. The Company holds the majority of membership interest in OP, acts as the managing member of OP and exercises full responsibility, discretion and control over the day-to-day management of OP. The noncontrolling interests in OP do not have substantive liquidation rights, substantive kick-out rights without cause, or substantive participating rights that could be exercised by a simple majority of noncontrolling interest members (including by such a member unilaterally). The absence of such rights, which represent voting rights in a limited partnership equivalent structure, would render OP to be a VIE. The Company, as managing member, has the power to direct the core activities of OP that most significantly affect OP's performance, and through its majority interest in OP, has both the right to receive benefits from and the obligation to absorb losses of OP. Accordingly, the Company is the primary beneficiary of OP and consolidates OP. As the Company conducts its business and holds its assets and liabilities through OP, the total assets and liabilities of OP represent substantially all of the total consolidated assets and liabilities of the Company. Securitizations The Company previously securitized loans receivable and CRE debt securities using VIEs. Upon securitization, the Company had retained beneficial interests in the securitization vehicles, usually in the form of equity tranches or subordinate securities. The Company also acquired securities issued by securitization trusts that are VIEs. The securitization vehicles were 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 were 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 did not have any recourse to the general credit of the Company and its other subsidiaries. Consolidated Securitizations—Prior to June 30, 2018, the Company consolidated securitization trusts for which it had a retained interest and for which it acted as special servicer or collateral manager or otherwise, its interest in the trust may have become the controlling class or directing holder. As special servicer, the Company had the power to direct activities during the loan workout process on defaulted and delinquent loans. As collateral manager of certain N-Star CDOs, the Company had the power to invest in additional or replacement collateral during the investment period and subsequent to the investment period, had the power to identify an asset as distressed or credit risk and sell certain distressed collateral. As directing holder or controlling class representative, the Company had the right to appoint or remove the third party special servicer. As a result, the Company's role as special servicer, collateral manager or as controlling class or directing holder provided the Company with the ability to direct activities that most significantly impact the economic performance of the securitization vehicles, and together with the interests previously retained by the Company in the securitization vehicles, the Company was deemed to be the primary beneficiary and consolidated these securitization vehicles. Accordingly, these securitizations did not qualify as sale transactions and were accounted for as secured financing with the underlying mortgage loans and debt securities pledged as collateral. As of June 30, 2018, the Company no longer has any consolidated securitization trusts. The Company contributed its interests in three consolidated securitization trusts to Colony Credit upon closing of the Combination and sold its interests in two consolidated securitization trusts to third parties in the second quarter of 2018, resulting in a deconsolidation of these securitization trusts. The Company has retained its role as special servicer or as collateral manager in these securitization trusts. However, the Company may be removed as special servicer by the controlling class interest holders and may be removed as collateral manager through a right of removal provided to the buyer. Additionally, as of June 30, 2018, the underlying assets of the Company's remaining consolidated securitization trust has been liquidated. The Company’s exposure to the obligations of its previously consolidated securitization vehicles was generally limited to its investment in these entities, which was $490.1 million at December 31, 2017. The Company was not obligated to provide any financial support to these securitization vehicles, although it could, in its sole discretion, provide support such as protective and other advances as it deemed appropriate. The Company did not provide any such financial support to these securitization vehicles in 2018 prior to their deconsolidation nor in 2017. Unconsolidated Securitizations—The Company does not consolidate the assets and liabilities of CDOs in which the Company has an interest but does not retain the collateral management function. NRF had previously delegated the collateral management rights for certain sponsored N-Star CDOs and 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 represent a variable interest in the CDOs and that the third party is acting as a principal. The Company concluded that it does not have the power to direct the activities that most significantly impact the economic performance of these CDOs, which include but are not limited to, the ability to sell distressed collateral, and therefore the Company is not the primary beneficiary of such CDOs and does not consolidate these CDOs. The Company’s exposure to loss is limited to its investment in these unconsolidated CDOs, comprising CDO equity and CDO bonds, which aggregate to $67.5 million at December 31, 2018 and $102.2 million at December 31, 2017. Company-Sponsored Private Funds The Company sponsors private funds and other investment vehicles as general partner for the purpose of providing investment management services in exchange for management fees and performance-based fees. These private funds are established as limited partnerships or equivalent structures. Limited partners of the private 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, which represent voting rights in a limited partnership, results in the private funds being considered VIEs. The nature of the Company's involvement with its sponsored funds comprise fee arrangements and equity interests. The fee arrangements are commensurate with the level of management services provided by the Company, and contain terms and conditions that are customary to similar at-market fee arrangements. Consolidated Company-Sponsored Private Fund—The Company currently consolidates a sponsored private fund where it has more than insignificant equity interest in the fund as general partner during the early stages of the fund while additional third party capital is being raised. As a result, the Company is considered to be acting in the capacity of a principal of the sponsored private fund and is therefore the primary beneficiary of the fund. The Company’s exposure is limited to the value of its outstanding investment in the consolidated private fund of $13.2 million at December 31, 2018 and $10.2 million at December 31, 2017. The Company, as general partner, is not obligated to provide any financial support to the consolidated private fund. Unconsolidated Company-Sponsored Private Funds—The Company does not consolidate its sponsored private funds where it has insignificant direct equity interests or capital commitments to these funds as general partner. The Company may invest alongside certain of its sponsored private funds through joint ventures between the Company and these funds, or the Company may have capital commitments to its sponsored private funds that are satisfied directly through the co-investment joint ventures as an affiliate of the general partner. In these instances, the co-investment joint ventures are consolidated by the Company. As the Company's direct equity interests in its sponsored private funds as general partner absorb insignificant variability, the Company is considered to be acting in the capacity of an agent of these funds and is therefore not the primary beneficiary of these funds. The Company accounts for its equity interests in unconsolidated sponsored private funds under the equity method. The Company's maximum exposure to loss is limited to the carrying value of its investment in the unconsolidated sponsored private funds, totaling $117.3 million at December 31, 2018 and $6.9 million at December 31, 2017, included within investments in unconsolidated ventures on the consolidated balance sheets. Trusts The Company, through the Merger, acquired the Trusts, wholly-owned subsidiaries of NRF formed as statutory trusts. The Trusts issued preferred securities in private placement offerings, and used the proceeds to purchase junior subordinated notes to evidence loans made to NRF (Note 12). The Company owns all of the common stock of the Trusts but does not consolidate the Trusts as the holders of the preferred securities issued by the Trusts are the primary beneficiaries of the Trusts. The Company accounts for its interest in the Trusts under the equity method and its maximum exposure to loss is limited to its investment carrying value of $3.7 million at December 31, 2018 and 2017, recorded in investments in unconsolidated ventures on the consolidated balance sheet. The junior subordinated notes are recorded as debt on the Company's consolidated balance sheet.

Stockholders' Equity

12 Months Ended

Dec. 31, 2018

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

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

As a result of the Merger, each outstanding share of Colony's class A and class B common stock was converted into the right to receive 1.4663 shares of the Company's class A and class B common stock, respectively. Accordingly, the Company's common shares outstanding for all periods prior to January 10, 2017 have been adjusted to reflect the Colony exchange ratio of 1.4663.



	Number of Shares
(In thousands)	Preferred Stock		Class A Common Stock		Class B Common Stock
Shares outstanding at December 31, 2015	25,030		163,777		801
Repurchase of preferred stock ⁽¹⁾	(964	)	—		—
Contribution of preferred stock to an affiliate ⁽¹⁾	964		—		—
Shares issued upon redemption of OP units	—		1,370		—
Conversion of class B to class A common stock	—		31		(31	)
Equity-based compensation, net of forfeitures	—		1,478		—
Shares canceled for tax withholding on vested stock awards	—		(216	)	—
Shares outstanding at December 31, 2016	25,030		166,440		770
Consideration for the Merger ⁽²⁾	39,466		392,120		—
Issuance of preferred stock	26,400		—		—
Redemption of preferred stock	(25,432	)	—		—
Shares canceled ⁽³⁾	—		(2,984	)	—
Shares issued upon redemption of OP Units	—		1,684		—
Conversion of class B to class A common stock	—		34		(34	)
Repurchase of common stock	—		(23,371	)	—
Exchange of notes for class A common stock	—		233		—
Equity-based compensation, net of forfeitures	—		8,096		—
Redemption of restricted stock units	—		775		—
Shares canceled for tax withholding on vested stock awards	—		(428	)	—
Shares outstanding at December 31, 2017	65,464		542,599		736
Redemption of preferred stock	(8,000	)	—		—
Shares issued upon redemption of OP Units ⁽⁴⁾	—		2,074		—
Shares issued for settlement of contingent consideration—Internalization (Note 14)	—		15		40
Conversion of class B to class A common stock	—		42		(42	)
Repurchase of common stock	—		(61,418	)
Equity-based compensation, net of forfeitures	—		3,394		—
Shares canceled for tax withholding on vested stock awards	—		(3,359	)	—
Shares outstanding at December 31, 2018	57,464		483,347		734

__________

⁽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 the Company, as the surviving combined entity, as consideration for the Merger. However, as the Merger was accounted for as a reverse acquisition, the consideration transferred was measured based upon the number of shares of common stock and preferred stock that Colony, as the accounting acquirer, would theoretically have issued to the shareholders of NSAM and NRF to achieve the same ratio of ownership in the Company 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.


⁽⁴⁾	Includes 572,567 shares of class A common stock issued upon redemption of an equivalent number of OP Units that were issued for settlement of the contingent consideration in connection with the Internalization (Note 17).

Preferred Stock

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

The table below summarizes the preferred stock issued and outstanding at December 31, 2018:



Description	Dividend Rate Per Annum		Initial Issuance Date	Shares Outstanding (in thousands)	Par Value (in thousands)		Liquidation Preference (in thousands)		Earliest Redemption Date
Series B	8.25	%	February 2007 ⁽¹⁾	6,114	$	61	$	152,855	Currently redeemable
Series E	8.75	%	May 2014 ⁽¹⁾	10,000	100		250,000		May 15, 2019
Series G	7.5	%	June 2014 ⁽¹⁾	3,450	35		86,250		June 19, 2019
Series H	7.125	%	April 2015 ⁽¹⁾	11,500	115		287,500		April 13, 2020
Series I	7.15	%	June 2017	13,800	138		345,000		June 5, 2022
Series J	7.125	%	September 2017	12,600	126		315,000		September 22, 2022
				57,464	$	575	$	1,436,605

__________


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

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

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

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

Issuance and Redemption of Preferred Stock

The Company issued 13.8 million shares of Series I preferred stock in June 2017 and 12.6 million shares of Series J preferred stock in September 2017 with dividend rates of 7.15% and 7.125% per annum, respectively. Proceeds received for Series I and Series J preferred stock totaled $637.9 million, net of underwriting discounts and offering costs payable by the Company. The Company applied the proceeds from the offerings, combined with available cash, to redeem all of the outstanding shares of Series A, Series F and Series C preferred stock and a portion of the outstanding shares of Series B preferred stock for $644.9 million in aggregate.

In May 2018, the Company issued a notice of redemption for all outstanding Series D preferred stock, with the redemption settled in July 2018.

All preferred stock redemptions were at $25.00 per share liquidation preference plus accrued and unpaid dividends prorated to their respective redemption dates. The excess or deficit of the $25.00 per share liquidation preference over the carrying value of the respective preferred stock redeemed results in a decrease or increase to net income attributable to common stockholders, respectively.

Common Stock

Except with respect to voting rights, class A common stock and class B common stock have the same rights and privileges and rank equally, share ratably in dividends and distributions, and are identical in all respects as to all matters. Class A common stock has one vote per share and class B common stock has thirty-six and one-half votes per share. This gives the holders of class B common stock a right to vote that reflects the aggregate outstanding non-voting economic interest in the Company (in the form of OP Units) attributable to class B common stock holders and therefore, does not provide any disproportionate voting rights. Class B common stock was issued as consideration in the Company's acquisition in April 2015 of the investment management business and operations of its former manager, which was previously controlled by the Company's Executive Chairman. Each share of class B common stock shall convert automatically into one share of class A common stock if the Executive Chairman or his beneficiaries directly or indirectly transfer beneficial ownership of class B common stock or OP Units held by them, other than to certain qualified transferees, which generally includes affiliates and employees. In addition, each holder of class B common stock has the right, at the holder’s option, to convert all or a portion of such holder’s class B common stock into an equal number of shares of class A common stock.

In connection with the consummation of the Merger, on January 20, 2017, the Company paid a dividend of $0.04444 per share of each Colony and NRF common stock to stockholders of record on January 9, 2017, representing a pro rata dividend for the period from January 1, 2017 through January 10, 2017 on a pre-exchange basis (or $0.03 after giving effect to the Colony exchange ratio of 1.4663). Additionally, the Company declared a dividend of $0.24 per share for the period from January 11, 2017 through March 31, 2017. Accordingly, dividends declared for the first quarter of 2017 per common share is equivalent to $0.27 per share after giving effect to the exchange ratio. On January 27, 2017, the Company paid a one-time special dividend of $1.16 per share of common stock to former NSAM stockholders of record on January 3, 2017.

Common Stock Repurchases

On May 23, 2018, the Company announced that its 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. The newly announced program is in addition to the $300 million share repurchase program the Company announced in February 2018, which program was completed in May 2018.

During the year ended December 31, 2018, the Company repurchased 61,417,755 shares of its class A common stock, at an aggregate cost of approximately $350.1 million (excluding commissions), or a weighted-average price of $5.70 per share.

In 2017, the Company had a similar stock repurchase program in which the Company repurchased the full authorized amount of $300.0 million (excluding commissions) of its outstanding class A common stock, equivalent to a total of 23,371,071 shares, at a weighted-average price of $12.84 per share. This included 2,150,120 shares of class A common stock repurchased for $29.8 million concurrent with the termination of the Call Spread, as discussed below.

Dividend Reinvestment and Direct Stock Purchase Plan

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

Call Spread

Subsequent to the Merger, the Company guaranteed NSAM's obligation to a third party counterparty under a call option previously sold by NSAM, specifically a call spread transaction (the “Call Spread”) in which NSAM had previously purchased and sold a call option on its common stock. In March 2017, the Company terminated the Call Spread and received $21.9 million in settlement, including the release of $15.0 million of cash pledged as collateral. The net settlement was accounted for as a capital transaction.

Accumulated Other Comprehensive Income (Loss)

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

Changes in Components of AOCI—Stockholders



(In thousands)	Company's Share in AOCI of Equity Method Investments			Unrealized Gain (Loss) on Securities			Unrealized Gain (Loss) on Cash Flow Hedges			Foreign Currency Translation Gain (Loss)			Unrealized Gain (Loss) on Net Investment Hedges			Total
AOCI at December 31, 2015	$	—		$	—		$	(245	)	$	(42,125	)	$	23,948		$	(18,422	)
Other comprehensive income (loss) before reclassifications	131			(112		)	7			(34,234		)	21,123			(13,085		)
Amounts reclassified from AOCI	(46		)	—			197			(67		)	(686		)	(602		)
AOCI at December 31, 2016	$	85		$	(112	)	$	(41	)	$	(76,426	)	$	44,385		$	(32,109	)
Other comprehensive income (loss) before reclassifications	5,450			(22,014		)	41			124,846			(68,581		)	39,742
Amounts reclassified from AOCI	81			36,544			—			(2,489		)	5,547			39,683
AOCI at December 31, 2017	$	5,616		$	14,418		$	—		$	45,931		$	(18,649	)	$	47,316
Cumulative effect of adoption of new accounting pronouncements	(202		)	—			—			—			—			(202		)
Other comprehensive income (loss) before reclassifications	(1,785		)	(16,238		)	(91		)	(46,183		)	34,113			(30,184		)
Amounts reclassified from AOCI	—			(3,951		)	—			6,870			(8,446		)	(5,527		)
Deconsolidation of N-Star CDO	—			2,596			—			—			—			2,596
AOCI at December 31, 2018	$	3,629		$	(3,175	)	$	(91	)	$	6,618		$	7,018		$	13,999

Changes in Components of AOCI—Noncontrolling Interests in Investment Entities



(In thousands)	Unrealized Gain (Loss) on Securities			Unrealized Gain (Loss) on Cash Flow Hedges			Foreign Currency Translation Gain (Loss)			Unrealized Gain (Loss) on Net Investment Hedges			Total
AOCI at December 31, 2015	$	—		$	(149	)	$	51		$	(1	)	$	(99	)
Other comprehensive income (loss) before reclassifications	(527		)	—			(56,479		)	12,669			(44,337		)
Amounts reclassified from AOCI	—			149			(785		)	(870		)	(1,506		)
AOCI at December 31, 2016	$	(527	)	$	—		$	(57,213	)	$	11,798		$	(45,942	)
Other comprehensive income (loss) before reclassifications	981			—			97,840			(10,659		)	88,162
Amounts reclassified from AOCI	(454		)	—			(1,679		)	1,988			(145		)
AOCI at December 31, 2017	$	—		—			$	38,948		$	3,127		$	42,075
Other comprehensive income (loss) before reclassifications	—			(390		)	(39,621		)	8,696			(31,315		)
Amounts reclassified from AOCI	—			—			73			(2,179		)	(2,106		)
AOCI at December 31, 2018	$	—		$	(390	)	$	(600	)	$	9,644		$	8,654

Reclassifications out of AOCI—Stockholders

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



(In thousands)	Year Ended December 31,										Affected Line Item in the Consolidated Statements of Operations
Component of AOCI reclassified into earnings	2018			2017				2016
Realized gain (loss) on marketable securities	$	10,100		$	(5,285	)		$	46		Other gain (loss), net
Other-than-temporary impairment and write-offs of securities	(6,149		)	(31,259		)		—			Other gain (loss), net
Deconsolidation of N-Star CDO	(2,596		)	—			—	—			Other gain (loss), net
Unrealized gain on ineffective cash flow hedge	—			—				(197		)	Other gain (loss), net
Release of cumulative translation adjustments	(6,870		)	2,489				67			Other gain (loss), net
Unrealized gain (loss) on dedesignated net investment hedges	1,454			(1,829		)		634			Other gain (loss), net
Realized gain (loss) on net investment hedges	6,992			(3,718		)		52			Other gain (loss), net
Release of equity in AOCI of unconsolidated ventures	—			(81		)		—			Earnings from investments in unconsolidated ventures

Noncontrolling Interests

12 Months Ended

Dec. 31, 2018

Noncontrolling Interest [Abstract]

Noncontrolling Interests

Redeemable Noncontrolling Interests

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

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



	Year Ended December 31,
(In thousands)	2018			2017
Beginning balance	$	34,144		$	—
Assumed through the Merger	—			78,843
Assumed through consolidation of sponsored private fund	—			24,763
Contributions	354			8,550
Distributions and redemptions	(21,405		)	(100,830		)
Net income (loss)	(3,708		)	23,543
Currency translation adjustment and other	—			(725		)
Ending balance	$	9,385		$	34,144

Noncontrolling Interests in Investment Entities

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

The Company's investment in the real estate portfolio of its industrial segment is made alongside third party limited partners through a joint venture consolidated by the Company. Over time, additional capital contributions from limited partners reduce the Company's ownership interest in the joint venture. New limited partners are admitted at the net asset value of the joint venture, based upon valuations determined by independent third parties, at the time of their contributions. For the years ended December 31, 2018 and 2017, the difference between contributions received and the limited partners' share of the joint venture resulted in an increase to additional paid-in capital of $34.1 million and $21.8 million, respectively.

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

Noncontrolling Interests in Operating Company

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

For the year ended December 31, 2018, the Company redeemed 2,870,422 OP Units, of which 2,074,457 OP Units were redeemed in exchange for an equal number of shares of class A common stock on a one-for-one basis, and 795,965 OP Units were redeemed in exchange for cash of $4.8 million to satisfy the tax obligations of OP unitholders. The redemptions included 1.0 million OP Units issued for settlement of the contingent consideration in connection with the Internalization (Note 14).

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

Discontinued Operations

12 Months Ended

Dec. 31, 2018

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Colony Credit



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

Assets and Related Liabilities Held for Sale

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



(In thousands)	December 31, 2018		December 31, 2017
Assets
Restricted cash	$	4,060	$	1,020
Real estate, net	852,402		720,686
Goodwill ⁽¹⁾	—		20,000
Intangible assets, net	41,590		37,337
Other assets	43,206		2,587
Total assets held for sale	$	941,258	$	781,630

Liabilities
Secured debt, net ⁽²⁾	$	—	$	196,905
Lease intangibles and other liabilities, net	68,217		76,393
Total liabilities related to assets held for sale	$	68,217	$	273,298

__________


⁽¹⁾	Goodwill is associated with the broker-dealer business that was held for sale at December 31, 2017. The broker-dealer business was contributed to the Colony S2K joint venture, an equity method investee, in April 2018.


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

Discontinued Operations

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

The properties held for sale in the THL Hotel Portfolio that constituted discontinued operations were fully disposed in the second quarter of 2018.

Net income generated from operations of these held for sale asset groups is presented below. There were no discontinued operations during the year ended December 31, 2016.



	Year Ended December 31,
(In thousands)	2018			2017
Revenues
Property operating income	$	1,186		$	43,269
Other income	—			2,352
Expenses
Property operating expenses	1,159			20,530
Interest expense	—			9,028
Loss on sale of real estate assets	—			2,108
Other expenses	129			400
Net income (loss) from discontinued operations	(102		)	13,555
Income tax expense	—			—
Net income (loss) from discontinued operations after tax	(102		)	13,555
Net income (loss) from discontinued operations attributable to:
Noncontrolling interests in investment entities	(45		)	427
Noncontrolling interests in Operating Company	(4		)	31
Net income (loss) from discontinued operations attributable to Colony Capital, Inc.	$	(53	)	$	13,097

Earnings per Share

12 Months Ended

Dec. 31, 2018

Earnings Per Share [Abstract]

Earnings per Share

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



	Year Ended December 31,
(In thousands, except per share data)	2018			2017			2016
Net income (loss) allocated to common stockholders
Income (loss) from continuing operations	$	(495,073	)	$	(78,168	)	$	290,726
Income (loss) from discontinued operations	(102		)	13,555			—
Net income (loss)	(495,175		)	(64,613		)	290,726
Net (income) loss attributable to noncontrolling interests:
Redeemable noncontrolling interests	3,708			(23,543		)	—
Investment entities	(67,994		)	(129,996		)	(163,084		)
Operating Company	39,854			20,261			(12,324		)
Net income (loss) attributable to Colony Capital, Inc.	(519,607		)	(197,891		)	115,318
Preferred stock redemption	3,995			(4,530		)	—
Preferred dividends	(117,097		)	(130,672		)	(48,159		)
Net income (loss) attributable to common stockholders	(632,709		)	(333,093		)	67,159
Net income allocated to participating securities	(2,504		)	(9,168		)	(2,293		)
Net income (loss) allocated to common stockholders—basic	(635,213		)	(342,261		)	64,866
Interest expense attributable to convertible notes ⁽¹⁾	—			—			—
Net income (loss) allocated to common stockholders—diluted	$	(635,213	)	$	(342,261	)	$	64,866
Weighted average common shares outstanding ⁽²⁾
Weighted average number of common shares outstanding—basic	496,993			532,600			164,570
Weighted average effect of dilutive shares ^(1)(3)(4)	—			—			—
Weighted average number of common shares outstanding—diluted	496,993			532,600			164,570
Basic earnings (loss) per share
Income (loss) from continuing operations	$	(1.28	)	$	(0.66	)	$	0.39
Income from discontinued operations	—			0.02			—
Net income (loss) attributable to common stockholders per basic common share	$	(1.28	)	$	(0.64	)	$	0.39
Diluted earnings (loss) per share
Income (loss) from continuing operations	$	(1.28	)	$	(0.66	)	$	0.39
Income from discontinued operations	—			0.02			—
Net income (loss) attributable to common stockholders per diluted common share	$	(1.28	)	$	(0.64	)	$	0.39

__________

⁽¹⁾

For the years ended December 31, 2018, 2017 and 2016, excluded from the calculation of diluted earnings per share is the effect of adding back $28.6 million, $28.9 million and $27.3 million of interest expense, respectively, and 38,112,100, 38,564,400 and 36,582,700 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 the Company. Accordingly, the historical share counts used to calculate the weighted average number of shares post-Merger reflect the exchange ratio of 1.4663 applied to shares outstanding prior to the Closing Date.

⁽³⁾

The calculation of diluted earnings per share excludes the effect of weighted average unvested non-participating restricted shares of 571,500, 534,100 and 0 for the years ended December 31, 2018, 2017 and 2016, as well as the weighted average shares of class A common stock that are contingently issuable in relation to PSUs (Note 21) of 532,900 for the year ended December 31, 2018, as the effect would be antidilutive.


⁽⁴⁾	OP Units, subject to lock-up agreements, may be redeemed for registered or unregistered class A common shares on a one-for-one basis. At December 31, 2018, 2017 and 2016, there were 31,358,500, 32,282,500 and 30,296,100 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

12 Months Ended

Dec. 31, 2018

Other Income and Expenses [Abstract]

Fee Income

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

On December 29, 2017, the Company sold its interest in Townsend, an investment management subsidiary acquired through the Merger. Upon closing of the Combination on January 31, 2018, the Company's management contracts with NorthStar I and NorthStar II were terminated; concurrently, the Company entered into a new management agreement with Colony Credit. On April 30, 2018, the Company combined NorthStar Securities, LLC ("NorthStar Securities"), the Company's captive broker-dealer platform that raises capital in the retail market, with a third party joint venture partner, S2K Financial Holdings, LLC ("S2K") to form Colony S2K Holdings, LLC ("Colony S2K"). Colony S2K distributes current and future investment products sponsored by the Company and S2K as well as third party sponsored products. Beginning in May 2018, the Company's share of income and expense from Colony S2K is reflected as earnings from investments in unconsolidated ventures.

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



	Year Ended December 31,
(In thousands)	2018		2017		2016
Institutional funds	$	56,002	$	60,988	$	67,731
Non-traded REITs	29,597		88,081		—
Public companies (Colony Credit, NRE)	65,258		14,003		—
Broker-dealer, Townsend and other clients	964		57,717		—
	$	151,821	$	220,789	$	67,731

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



	Year Ended December 31,
(In thousands)	2018		2017		2016
Base management fees ($137,762, $165,436 and $63,212 from affiliates, respectively)	$	138,784	$	183,838	$	63,212
Asset management fees—from affiliates	2,078		3,069		4,519
Acquisition and disposition fees—from affiliates	1,922		16,237		—
Incentive fees ($5,445, $172, $0 from affiliates, respectively)	5,445		1,043		—
Other fee income ($3,389, $0 and $0 from affiliates, respectively)	3,592		16,602		—
Total fee income	$	151,821	$	220,789	$	67,731

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, calculated as follows:


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

•

Non-Traded REITs—1% to 1.25% per annum of gross assets for NorthStar/RXR NY Metro (through its liquidation in October 2018) and for NorthStar I and NorthStar II (through January 31, 2018 upon closing of the Combination), as well as 1.5% per annum of most recently published net asset value (as may be subsequently adjusted for any special distribution) for NorthStar Healthcare. Effective January 1, 2018, $2.5 million per quarter of base management fee for NorthStar Healthcare will be paid in shares of NorthStar Healthcare common stock at a price per share equal to its most recently published NAV per share (as may be subsequently adjusted for any special distribution);

•

NRE—a variable fee of 1.5% per annum of NRE's reported European Public Real Estate Association Net Asset Value ("EPRA NAV" as defined in its management agreement) for EPRA NAV up to and including $2.0 billion, and 1.25% per annum for EPRA NAV amounts exceeding $2.0 billion. Prior to 2018, it was a fixed fee of $14.2 million per annum, subject to increase by an amount equal to 1.5% per annum of certain provisions in accordance with terms set out in its governing agreement. The management agreement had provided for the Company's management of NRE through at least January 1, 2023. On November 7, 2018, NRE and the Company reached an agreement to terminate the management agreement upon a sale of NRE or, if no sale is consummated, upon internalization of the management of NRE. Such termination will result in a termination payment to the Company of $70 million, less any incentive fees. The strategic review committee of NRE's board of directors is in the process of evaluating strategic alternatives to maximize NRE's shareholder value, which includes the potential sale of NRE; and


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

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

Asset Management Fees—The Company earns asset management fees from its managed private funds, which represents a one-time fee upon closing of each investment, calculated as a fixed percentage, generally 0.5% of the limited partners' net funded capital on each investment.

Acquisition and Disposition Fees—The Company earns an acquisition fee of 1% of the amount funded or allocated to originate or acquire an investment by NorthStar I and NorthStar II (through January 31, 2018 upon closing of the Combination) and a disposition fee of 1% to 2% of the contractual sales price for disposition of an investment by NorthStar I and NorthStar II (through January 31, 2018 upon closing of the Combination) and by NorthStar Healthcare (through December 31, 2017 following an amendment to its advisory agreement).

Incentive Fees—The Company may earn incentive fees from NRE and Colony Credit (and in 2017, from Townsend segregated mandate accounts). Incentive fees are determined based on the performance of the investment vehicles subject to the achievement of minimum return hurdles, with such thresholds varying across investment vehicles in accordance with the terms set out in their respective governing agreements. A portion of the incentive fees earned by the Company (generally 40% to 50%) is allocable to senior management, investment professionals, certain other employees and former employees of the Company, included in carried interest and incentive fee compensation expense.

Other Fee Income—Other fees include advisory fees from affiliated and/or unaffiliated third parties, and prior to May 2018, selling commission and dealer manager fees. The Company, through NorthStar Securities, had earned fees for selling equity in certain classes of shares in the retail companies, calculated as a percentage of the gross offering proceeds raised, up to 8% for selling commissions and dealer manager fees, depending on the share classes of the retail companies. All or a portion of selling commission and dealer manager fees may be reallowed to participating broker-dealers. In 2017, other income also included advisory fees from Townsend clients at a fixed annual retainer.

Equity-Based Compensation

12 Months Ended

Dec. 31, 2018

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

Equity-Based Compensation

Upon consummation of the Merger, each outstanding Colony employee restricted stock award granted under the 2014 Equity Incentive Plan (the “Colony Equity Incentive Plan”) that did not vest and was not forfeited was assumed by the Company and was converted into an equivalent restricted stock award of the Company, after giving effect to the Colony exchange ratio. As of January 2, 2017, all shares reserved under the Colony Equity Incentive Plan had been issued. While the Colony Equity Incentive Plan continues to exist following the Merger, no new awards will be granted under this plan.

Outstanding equity awards granted under Colony's 2009 Non-Executive Director Stock Plan (the “Colony Director Stock Plan”) fully vested upon consummation of the Merger and were settled through the issuance of 44,464 shares of the Company's class A common stock. The Colony Director Stock Plan was assumed by the Company upon closing of the Merger.

Substantially all of the outstanding NSAM and NRF equity awards prior to the Merger, except for certain awards as described below, vested upon consummation of the Merger. The vested equity awards were settled in NSAM and NRF shares respectively and converted into the Company's class A common stock based on their respective exchange ratios. All of the vested NSAM and NRF equity awards relate to pre-combination services and form part of the merger consideration.

NSAM 2014 Stock Plan

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

Townsend—Restricted stock awards granted to Townsend’s management team, who were previously employees of the Company, did not vest by their terms in connection with the Merger and were converted into the Company's restricted stock awards on a one-for-one basis. On December 29, 2017, the outstanding Townsend awards were fully vested upon the sale of the Company's interest in Townsend.

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

In connection with this arrangement, certain AHI employees were granted equity awards for a fixed dollar amount with a variable number of shares, classified as a liability award. The outstanding award to certain AHI employees did not vest in the Merger. In March 2017, $1.0 million or the equivalent of 70,261 shares of class A common stock were issued in settlement of the equity award to certain AHI employees, and the corresponding $1.0 million outstanding liability was relieved. This was a non-employee award, with equity-based compensation recorded in earnings from investments in unconsolidated ventures on the consolidated statement of operations

Pursuant to a separate contractual arrangement entered into in connection with the investment in AHI, the AHI principals, subject to certain annual performance targets being met, are also entitled to incremental grants of the Company's common stock, which will vest immediately upon issuance. As of December 31, 2018, no incremental awards have been granted.

NRF Incentive Plan

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

Healthcare Partnership—In January 2014, NRF entered into a partnership with James F. Flaherty, III, with the intention of expanding the Company’s healthcare business (“Healthcare Partnership”). In connection with this arrangement, Mr. Flaherty was granted NRF restricted stock units ("RSUs"), which upon the spin-off of NSAM from NRF in July 2014, were adjusted to also relate to an equal number of units of NSAM RSUs, and continue to be governed by the NRF Incentive Plan. This RSU award did not vest by its terms in connection with the consummation of the Merger and was converted into the right to receive an award in the same form for that number of units of the Company's RSU, after giving effect to the relevant Merger exchange ratios. As a non-employee award, the RSUs were remeasured each period end based on the closing price of the Company's class A common stock as of such period end, with related equity-based compensation cost recorded in investment and servicing expense on the consolidated statement of operations and in equity on the consolidated balance sheet. In September 2017, the RSU award was fully vested upon the occurrence of a vesting event under the terms of the applicable award agreement.

CLNY Equity Incentive Plan

Following the Merger, the Company adopted the NSAM 2014 Stock Plan as the Company's successor equity incentive plan and named such plan the Colony NorthStar 2014 Omnibus Stock Incentive Plan, thereafter renamed Colony Capital 2014 Omnibus Stock Incentive Plan in June 2018 (the "CLNY Equity Incentive Plan"). The CLNY Equity Incentive Plan provides for the grant of restricted stock, performance stock units ("PSUs"), Long Term Incentive Plan ("LTIP") units, RSUs, deferred stock units ("DSUs"), options, warrants or rights to purchase shares of the Company's common stock, cash incentives and other equity-based awards. Shares reserved for the issuance of awards under the CLNY Equity Incentive Plan are subject to equitable adjustment upon the occurrence of certain corporate events, provided that this number automatically increases each January 1st by 2% of the outstanding number of shares of the Company’s class A common stock on the immediately preceding December 31st. At December 31, 2018, an aggregate of 44.7 million shares of the Company's class A common stock were reserved for the issuance of awards under the CLNY Equity Incentive Plan.

In 2017, the Company issued certain equity awards, which had a service condition only, in connection with the Merger. This included replacement equity awards issued in January 2017 to certain executives of NSAM, consisting of an aggregate of 4,669,518 shares of restricted common stock and 3,506,387 LTIP units. The number of shares and units issued for the replacement awards were determined based on the volume-weighted average price of the Company's class A common stock over the first five trading days following the Closing Date, subject to a floor of $15.00 per share. All of the replacement equity awards vested on January 10, 2018. Additionally, restricted stock awards were also granted to certain employees as retention awards, subject to graded vesting through January 2020.

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

Performance Stock Units ("PSUs")—PSUs are granted to senior executives and certain employees, and are subject to both a service condition and market condition. Following the end of the measurement period for the PSUs, the recipient of PSUs who remain employed will vest in, and be issued a number of shares of the Company's class A common stock, ranging from 0% to 200% of the number of PSUs granted, to be determined based upon the performance of the Company's class A common stock relative to that of a specified peer group over a three-year measurement period (such measurement metric the "total shareholder return"). In addition, recipients of PSUs who terminate after the first anniversary of the PSU grant are eligible to vest in a portion of the PSU award following the end of the measurement period based on achievement of the total shareholder return metric otherwise applicable to the award. PSUs also contain dividend equivalent rights which entitle the recipients to a payment equal to the amount of dividends that would have been paid on the shares that are ultimately issued at the end of the measurement period. In February 2019, the PSUs issued in 2018 were modified to, among other things, reduce the potential maximum number of shares of the Company’s class A common stock to be issued upon final vesting from 200% to 125% of the number of PSUs granted. This modification is not expected to have a material impact on the Company’s financial condition or results of operations.

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



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

__________


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


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


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

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

LTIP Units—LTIP units are designated as profits interests for federal income tax purposes. Unvested LTIP units do not accrue distributions. Each vested LTIP unit is convertible, at the election of the holder, into one common OP Unit and upon conversion, subject to the redemption terms of OP Units (Note 17). LTIP units are valued based on the Company's class A common stock price on grant date, with equity-based compensation cost recognized on a straight-line basis over the service period and represent an allocation to noncontrolling interest in the Operating Company.

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

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



	Year Ended December 31,
(In thousands)	2018		2017		2016
Compensation expense (including $270, $0 and $0 amortization of fair value of dividend equivalent right)	$	41,876	$	149,820	$	13,638
Earnings from investments in unconsolidated ventures	—		61		—
Investment and servicing expense	—		4,070		—
	$	41,876	$	153,951	$	13,638

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



											Weighted Average Grant Date Fair Value
	Restricted Stock		LTIP Units		DSUs		PSUs ⁽¹⁾		Total		PSUs		All Other Awards
Unvested shares and units at December 31, 2017	9,149,516		3,506,387		78,267		—		12,734,170		$	—	$	14.53
Granted	3,605,137		—		263,506		2,138,858		6,007,501		5.09		6.19
Vested	(7,121,545	)	(3,506,387	)	(158,639	)	—		(10,786,571	)	—		14.27
Forfeited	(211,018	)	—		—		(94,909	)	(305,927	)	5.09		11.42
Unvested shares and units at December 31, 2018	5,422,090		—		183,134		2,043,949		7,649,173		$	5.09	$	9.39

__________


⁽¹⁾	Represents the number of PSUs granted which does not reflect potential increases or decreases that could result from the final outcome of the total shareholder return at the end of the performance period. No PSUs were granted during 2017 and 2016.

Fair value of equity awards that vested, determined based on their respective fair values at vesting date, was $111.2 million, $31.9 million and $9.9 million for the year ended December 31, 2018, 2017 and 2016, respectively.

At December 31, 2018, aggregate unrecognized compensation cost for all unvested equity awards was $35.7 million, which is expected to be recognized over a weighted-average period of 2.0 years.

Awards Granted by Managed Companies

In March 2018, NRE and Colony Credit issued restricted stock and performance stock units to the Company and certain of the Company's employees (collectively, "managed company awards"). NRE awards generally have similar terms as the Company's stock awards, except that the NRE performance stock units measure NRE's stock performance against either an absolute total shareholder return threshold or relative to the performance of a specified market index. Employees are entitled to receive shares of NRE common stock if service conditions and/or market conditions are met. Colony Credit awards are primarily restricted stock grants that typically vest over a three-year period, subject to service conditions. Generally, the Company then grants the managed company awards that it receives in its capacity as manager to its employees with substantially the same terms and service requirements. Such grants are made at the discretion of the Company, and the Company may consult with the board of directors or compensation committees of the respective managed companies as to final allocation of awards to its employees.

Managed company awards granted to the Company, pending the grant by the Company to its employees, are recognized based upon their fair value at grant date as an investment in unconsolidated ventures and other liabilities on the consolidated balance sheet. The deferred revenue liability is amortized into other income as the awards vest to the Company. Managed company awards granted to employees, directly by NRE or Colony Credit, or through the Company, are recorded as other asset and other liability, and amortized on a straight-line basis as equity-based compensation expense and as other income, respectively, as the awards vest to the employees. The other asset and other liability associated with managed company awards granted to employees are subject to adjustment to fair value at each reporting period, with changes reflected in equity-based compensation and other income, respectively.

Equity-based compensation expense recognized in relation to managed company awards was $9.6 million for the year ended December 31, 2018. A corresponding amount is recognized in other income for managed company awards granted to employees (Note 22). At December 31, 2018, aggregate unrecognized compensation cost for unvested managed company awards was $14.4 million, which is expected to be recognized over a weighted-average period of 2.3 years.

Transactions with Affiliates

12 Months Ended

Dec. 31, 2018

Transactions with Affiliates

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

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



(In thousands)	December 31, 2018		December 31, 2017
Due from Affiliates
Investment vehicles and unconsolidated ventures
Fee income	$	34,429	$	19,366
Cost reimbursements and recoverable expenses	10,754		30,749
Employees and other affiliates	596		1,403
	$	45,779	$	51,518
Due to Affiliates
Investment vehicles and unconsolidated ventures	$	—	$	2,884
Employees	—		20,650
	$	—	$	23,534

Transactions with affiliates include the following:

Fee Income—Fee income earned from investment vehicles that the Company manages and/or sponsors, and may have an equity interest or co-investment, are presented in Note 20.

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


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


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


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


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


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


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


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


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

Cost reimbursements, included in other income, were as follows. These amounts include $4.0 million for the year ended December 31, 2018 of costs incurred by the Company and reimbursed by its managed private funds that are presented gross on the consolidated statement of operations beginning in 2018 pursuant to the new revenue recognition guidance (Note 2).



	Year Ended December 31,
(In thousands)	2018		2017		2016
Retail companies	$	4,672	$	19,545	$	—
Public companies—NRE and Colony Credit	10,747		—		—
Private funds and other	9,198		3,779		4,296
Equity awards of NRE and Colony Credit (Note 21)	10,078		—		—
Townsend	—		2,306		—
	$	34,695	$	25,630	$	4,296

Recoverable Expenses—The Company pays organization and offering costs associated with the formation and capital raising of the retail companies and private funds sponsored by the Company, for which the Company recovers from these investment vehicles, up to specified thresholds for certain private funds and up to 1% of proceeds expected to be raised from the offering of retail companies(excluding shares offered pursuant to distribution reinvestment plans).

NorthStar Healthcare Credit Facility—The Company has committed to provide NorthStar Healthcare with an unsecured revolving credit facility at market terms with a maximum principal amount of $35.0 million. The credit facility matures in December 2020, with a six-month extension option. Advances under the credit facility accrue interest at LIBOR plus 3.5%. There is no commitment fee for the unused portion of the facility. The credit facility is intended to provide additional liquidity to NorthStar Healthcare on an as needed basis. At December 31, 2018 and 2017, there were no outstanding advances under the revolving credit facility.

Liquidating Trust—In connection with the closing of the Combination, a wholly-owned subsidiary of the Company entered into a management services agreement with the liquidating trust that holds the NorthStar I Retained Asset (as discussed in Note 4). The Company was engaged as an advisor to service and assist in the potential sale of the NorthStar I Retained Asset, and to provide administrative services to the liquidating trust on such terms and conditions as approved by the trustees for a management fee of 1.25% per annum of the net assets of the liquidating trust, amounting to $1.0 million for the year ended December 31, 2018.

Sales to Colony Credit—In May 2018, the Company sold a preferred equity investment sponsored by the Company's equity method investee, RXR Realty, to Colony Credit at the unpaid principal amount of the investment of $89.1 million.

In July 2018, the Company sold to Colony Credit its interest in a subsidiary holding a net lease property in Norway that was partially financed by a non-callable bond for $121.5 million based on an appraised value of the property, resulting in a gain on sale of real estate of $28.6 million.

Healthcare Partnership—The Healthcare Partnership was previously formed by NRF with the intention of expanding the Company’s healthcare business (see Note 21). The Healthcare Partnership is entitled to incentive fees ranging from 20% to 25% of distributions above certain hurdles for new and existing healthcare real estate investments held by the Company and a portion of incentive fees earned from NorthStar Healthcare. To date, no incentive fees have been earned by the Healthcare Partnership.

American Healthcare Investors Joint Venture—The Company has an equity method investment in AHI, through a joint venture with the principals of AHI and Mr. Flaherty (see Note 21). AHI had previously provided certain healthcare-focused real estate investment management and related services to the Company and NorthStar Healthcare. The management agreement with AHI was terminated effective October 2018. For the years ended December 31, 2018 and 2017, the Company incurred property management fees and sub-advisory fees to AHI totaling $4.1 million and $4.8 million, respectively.

Arrangements with Company-Sponsored Private Fund—The Company co-invests alongside a Company-sponsored private fund through joint ventures between the Company and the sponsored private fund. These co-investment joint ventures are consolidated by the Company. The Company has capital commitments, as general partner, directly into the private fund and as an affiliate of the general partner, capital commitments satisfied through co-investment joint ventures. In connection with the Company's commitments as an affiliate of the general partner, the Company is allocated a proportionate share of the costs of the private fund such as financing and administrative costs. Such costs expensed during the years ended December 31, 2018 and 2017 were immaterial and relate primarily to the Company's share of the fund's operating costs and deferred financing costs on borrowings of the fund.

Contingent Consideration for Internalization—Contingent consideration for Internalization was payable to certain senior management personnel 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, amounting to $20.7 million at December 31, 2017. As discussed in Note 14, the final contingent consideration was measured at the end of its earnout period on June 30, 2018, with the common stock and OP Units issuable to the senior management personnel valued at $12.5 million reclassified out of liabilities into equity, while the associated dividends of approximately $6.4 million remained in due to affiliates liability. Contingent consideration, including the accrued dividends thereon, was settled in August 2018 in a combination of class A and class B common stock, OP Units and cash.

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

Investment in Managed Investment Vehicles—Subject to the Company's related party policies and procedures, senior management, investment professionals and certain other employees may participate on a discretionary basis in investment vehicles sponsored by the Company, either directly in the vehicle or indirectly through the general partner entity. These investments are generally not subject to management fees, but otherwise bear their proportionate share of other operating expenses of the investment vehicles. At December 31, 2018 and 2017, such investments amounted to $5.7 million and $4.8 million, respectively, reflected in redeemable noncontrolling interests and noncontrolling interests on the consolidated balance sheet. Their share of net income was $0.4 million for the year ended December 31, 2018 and was immaterial in 2017.

Corporate Aircraft—The Company, through its subsidiary, Colony Capital Advisors, LLC, has entered into a time sharing agreement with Thomas J. Barrack, Jr., the Company's Executive Chairman and Chief Executive Officer, under which Mr. Barrack may use the Company’s aircraft for personal travel. Under this arrangement, Mr. Barrack pays the Company for personal usage based on the incremental cost to the Company, including direct and indirect variable costs, but in no case more than the maximum reimbursement permitted by the Federal Aviation Regulations under the agreement. Mr. Barrack has reimbursed the Company $0.7 million, $1.9 million and $0.9 million for personal flights taken during the years ended December 31, 2018, 2017 and 2016, respectively.

Income Taxes

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Income Taxes

The Company is subject to income tax laws of the various jurisdictions in which it operates, including U.S. federal, state and local and non-U.S. jurisdictions, primarily in Europe. The Company's current primary sources of income subject to tax are income from its investment management business, operations of its hotel and healthcare portfolios as well as real estate and loan investments in Europe.

On December 22, 2017, the Tax Cuts and Jobs Act was enacted, which provides for a reduction in the U.S. federal corporate income tax rate from 35% to 21% effective January 1, 2018. At December 31, 2017, the Company recognized a provisional amount of $24.9 million relating to the effects of the tax rate change on our existing deferred tax balances, which is included as a component of income tax benefit. The Company remeasured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21% for U.S. federal corporate income tax purposes. During the fourth quarter of 2018, the Company completed its analysis of the Tax Cuts and Jobs Act, which resulted in the recognition of an additional $2.2 million of income tax benefit relating to the effects of the tax rate change on the Company's existing deferred tax balances.

Income Tax Benefit (Expense)



	Year ended December 31,
(In thousands)	2018			2017			2016
Current
Federal	$	2,881		$	(20,316	)	$	(2,720	)
State and local	1,168			(3,606		)	(1,436		)
Foreign	(13,698		)	(16,138		)	(8,244		)
Total current tax benefit (expense)	(9,649		)	(40,060		)	(12,400		)
Deferred
Federal	64,962			110,711			6,214
State and local	1,320			18,235			(713		)
Foreign	3,148			9,513			2,117
Total deferred tax benefit	69,430			138,459			7,618
Total income tax benefit (expense)	$	59,781		$	98,399		$	(4,782	)

Deferred Income Tax Assets and Liabilities

Deferred tax asset is included in other assets while deferred tax liability is included in accrued and other liabilities.

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

Valuation allowances are established against net operating losses and capital losses when it is more likely than not that these carry forward losses will not be utilized. As of December 31, 2018, the Company believes that it is more likely than not that the carry forward net operating losses on certain hotel portfolios will be utilized prior to their expiration based on the Company’s reassessment of expected future profitability on these portfolios, therefore the related valuation allowance that was previously established of $10.7 million was released in 2018.

The components of deferred tax assets and deferred tax liabilities arising from temporary differences were as follows.



(In thousands)	December 31, 2018			December 31, 2017
Deferred tax assets
Net operating and capital loss carry forwards ⁽¹⁾	$	56,609		$	30,019
Equity-based compensation	17,162			28,071
Basis difference—investment in partnerships	7,745			—
Foreign tax credits ⁽²⁾	892			1,682
Straight-line and prepaid rent expense	7,850			3,601
Deferred income	—			1,932
Deferred interest expense	472			1,924
Other	2,904			7,947
Gross deferred tax assets	93,634			75,176
Valuation allowance ⁽³⁾	(22,062		)	(23,852		)
Deferred tax assets, net of valuation allowance	71,572			51,324
Deferred tax liabilities
Management contract intangibles	33,693			90,605
Basis difference—investment in partnerships	—			5,822
Basis difference—real estate	63,901			68,687
Deferred income	1,263			—
Other	108			1,643
Gross deferred tax liabilities	98,965			166,757
Net deferred tax liability	$	(27,393	)	$	(115,433	)

__________


⁽¹⁾	At December 31, 2018 and 2017, deferred tax asset was recognized on net operating losses of $251.2 million and $121.3 million, respectively. Net operating losses attributable to U.S. federal and state, where applicable, generally begin to expire in 2030, or can be carried forward indefinitely. Net operating losses attributable to foreign operations can generally be carried forward indefinitely.


⁽²⁾	Foreign tax credits expire beginning 2026.


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

Effective Income Tax

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



	Year Ended December 31,
(Amounts in thousands)	2018			2017			2016
Income (loss) from continuing and discontinued operations before income taxes	$	(554,956	)	$	(163,012	)	$	295,508
Pre-tax income attributable to pass-through subsidiaries	312,939			(89,104		)	(306,644		)
Pre-tax loss attributable to taxable subsidiaries	(242,017		)	(252,116		)	(11,136		)
Federal tax benefit at statutory tax rate (21%, 35% and 35%, respectively)	50,824			88,241			3,365
State and local income taxes, net of federal income tax benefit	10,983			9,380			88
Foreign income tax differential	(3,533		)	6			(5,441		)
Nondeductible expenses	(4,648		)	(20,372		)	(1,128		)
Excess inclusion income tax expense	—			—			(1,311		)
Valuation allowance, net	2,874			(3,555		)	(692		)
Impact of Tax Cuts and Jobs Act	2,190			24,908			—
Other	1,091			(209		)	337
Income tax benefit (expense)	$	59,781		$	98,399		$	(4,782	)

Tax Examinations

The Company is no longer subject to U.S. federal, state and local or foreign income tax examinations by tax authorities for years prior to 2015.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Lease Commitments

Office Leases—The Company leases office space under noncancelable operating leases. The lease agreements require minimum rent payments and reimbursement of operating expenses incurred by the landlord, subject to escalation clauses. Rent expense on office leases, included in administrative expenses, was $10.5 million, $13.7 million and $5.6 million for the years ended December 31, 2018, 2017 and 2016, respectively. Future contractual minimum rental payments for office leases at December 31, 2018 are as follows:



Year Ending December 31,	(In thousands)
2019	$	9,380
2020	9,007
2021	8,617
2022	7,602
2023	7,045
2024 and thereafter	29,615
Total	$	71,266

Contingent Consideration

In connection with a consensual foreclosure of the THL Hotel Portfolio, contingent consideration is payable to a preferred equity holder of the borrower in an amount up to $13.0 million, as discussed in Notes 3 and 14.

Litigation and Claims

The Company may be involved in litigation and claims in the ordinary course of business. As of December 31, 2018, the Company was not involved in any legal proceedings that are expected to have a material adverse effect on the Company’s results of operations, financial position or liquidity.

Segment Reporting

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

Segment Reporting

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

•

Healthcare—The Company's healthcare segment is composed of a diverse portfolio of senior housing, skilled nursing facilities, medical office buildings, and hospitals. The Company earns rental income from senior housing, skilled nursing facilities and hospital assets that are under net leases to single tenants/operators and from medical office buildings which are both single tenant and multi-tenant. In addition, certain of the Company's senior housing properties are managed by operators under a RIDEA (REIT Investment Diversification and Empowerment Act) structure, which effectively allows the Company to gain financial exposure to underlying operations of the facility in a tax efficient manner versus receiving contractual rent under a net lease arrangement.


•	Industrial—The Company's industrial segment is composed of and primarily invests in light industrial assets throughout the U.S. that serve as the “last mile” of the logistics chain, which are vital for e-commerce and tenants that require increasingly quick delivery times. These properties are generally multi-tenant warehouses that are less than 250,000 square feet.


•	Hospitality—The Company's hospitality portfolio is composed of primarily extended stay and select service hotels located mainly in major metropolitan and high-demand suburban markets in the U.S., with the majority affiliated with top hotel brands such as Marriott and Hilton.


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

•

Other Equity and Debt—The Company's other equity and debt segment consists of a diversified group of strategic and non-strategic real estate and real estate-related debt and equity investments. Strategic investments include investments for which the Company acts as a general partner and/or manager (“GP Co-Investments”) and receives various forms of investment management economics on related third-party capital. Non-strategic investments are composed of those investments the Company does not intend to own for the long term including other real estate equity, real estate debt, and net leased assets, among other holdings.

•

Investment Management—The Company's investment management business raises, invests and manages funds on behalf of a diverse set of institutional and individual investors, for which the Company earns management fees, generally based on the amount of assets or capital managed, and contractual incentive fees or carried interest based on the performance of the investment vehicles managed subject to the achievement of minimum return hurdles.

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

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

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

Selected Segment Results of Operations

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



(In thousands)	Healthcare			Industrial			Hospitality			CLNC			Other Equity and Debt			Investment Management			Amounts Not Allocated to Segments			Total

Year Ended December 31, 2018
Total revenues	$	592,455		$	290,956		$	849,513		$	—		$	739,167		$	183,946		$	9,239		$	2,665,276
Property operating expenses	271,166			83,003			563,453			—			316,037			—			—			1,233,659
Interest expense	194,898			42,713			153,395			—			150,032			—			54,513			595,551
Depreciation and amortization	164,389			129,104			144,528			—			99,525			28,653			6,207			572,406
Provision for loan losses	213			—			—			—			42,821			—			—			43,034
Impairment loss	217,524			948			72,469			—			79,432			217,850			—			588,223
Gain on sale of real estate	—			7,633			—			—			159,598			—			—			167,231
Equity method earnings (losses)	—			—			—			(65,366		)	99,400			(43,435		)	—			(9,401		)
Equity method earnings—carried interest	—			—			—			—			—			19,961			—			19,961
Income tax benefit (expense)	(4,991		)	(40		)	9,875			—			(4,298		)	59,030			205			59,781
Income (loss) from continuing operations	(283,516		)	26,749			(90,581		)	(65,366		)	268,870			(128,255		)	(222,974		)	(495,073		)
Loss from discontinued operations	—			—			—			—			(102		)	—			—			(102		)
Net income (loss)	(283,516		)	26,749			(90,581		)	(65,366		)	268,768			(128,255		)	(222,974		)	(495,175		)
Net income (loss) attributable to Colony Capital, Inc.	(199,277		)	4,246			(82,798		)	(61,457		)	143,065			(120,286		)	(203,100		)	(519,607		)



(In thousands)	Healthcare			Industrial			Hospitality			CLNC		Other Equity and Debt			Investment Management			Amounts Not Allocated to Segments			Total

Year Ended December 31, 2017
Total revenues	$	613,169		$	243,172		$	815,831		$	—	$	873,046		$	244,654		$	6,862		$	2,796,734
Property operating expenses	274,528			67,196			537,884			—		233,901			—			—			1,113,509
Interest expense	185,256			38,566			134,729			—		161,993			—			54,278			574,822
Depreciation and amortization	183,897			109,265			133,269			—		128,942			56,616			5,790			617,779
Provision for loan losses	1,588			—			—			—		18,153			—			—			19,741
Impairment loss	14,375			44			—			—		30,867			375,074			—			420,360
Gain on sale of real estate	—			24,612			—			—		112,758			—			—			137,370
Equity method earnings	—			—			—			—		265,079			20,072			—			285,151
Income tax benefit (expense)	(5,639		)	(2,252		)	(2,779		)	—		(3,950		)	111,205			1,814			98,399
Income (loss) from continuing operations	(64,767		)	37,497			(9,863		)	—		567,752			(170,168		)	(438,619		)	(78,168		)
Income from discontinued operations	—			—			—			—		995			—			12,560			13,555
Net income (loss)	(64,767		)	37,497			(9,863		)	—		568,747			(170,168		)	(426,059		)	(64,613		)
Net income (loss) attributable to Colony Capital, Inc.	(51,428		)	12,537			(9,199		)	—		426,052			(182,038		)	(393,815		)	(197,891		)
Year Ended December 31, 2016
Total revenues	$	—		$	196,357		$	—		$	—	$	569,780		$	68,331		$	4,389		$	838,857
Property operating expenses	—			55,924			—			—		62,537			—			—			118,461
Interest expense	—			44,834			—			—		80,503			—			44,746			170,083
Depreciation and amortization	—			88,854			—			—		63,480			14,767			4,581			171,682
Provision for loan losses	—			—			—			—		35,005			—			—			35,005
Impairment loss	—			407			—			—		10,990			320			—			11,717
Gain on sale of real estate	—			2,888			—			—		70,728			—			—			73,616
Equity method earnings	—			—			—			—		97,188			2,187			—			99,375
Income tax benefit (expense)	—			(586		)	—			—		(10,143		)	6,608			(661		)	(4,782		)
Net income (loss)	—			(3,003		)	—			—		431,903			21,229			(159,403		)	290,726
Net income (loss) attributable to Colony Capital, Inc.	—			(911		)	—			—		226,202			17,903			(127,876		)	115,318

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



(In thousands)	Healthcare		Industrial		Hospitality		CLNC		Other Equity and Debt		Investment Management		Amounts Not Allocated to Segments		Total
December 31, 2018
Total assets	$	5,395,550	$	3,185,906	$	3,980,988	$	1,037,754	$	6,371,999	$	1,983,911	$	259,141	$	22,215,249
Equity method investments	—		—		—		1,037,754		1,054,295		194,304		3,742		2,290,095
December 31, 2017
Total assets	$	5,813,552	$	2,810,135	$	4,094,596	$	—	$	9,251,963	$	2,714,840	$	100,564	$	24,785,650
Equity method investments	—		—		—		—		1,315,670		207,642		3,742		1,527,054

Geography

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



	Year Ended December 31,
(In thousands)	2018		2017		2016
Total income by geography:
United States	$	2,311,230	$	2,741,862	$	732,928
Europe	329,609		310,783		194,923
Other	302		3,610		6,083
Total ⁽¹⁾	$	2,641,141	$	3,056,255	$	933,934



(In thousands)	December 31, 2018		December 31, 2017
Long-lived assets by geography:
United States	$	12,454,871	$	13,244,197
Europe	1,600,623		1,749,282
Total ⁽²⁾	$	14,055,494	$	14,993,479

__________


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


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

Supplemental Disclosure of Cash Flow Information

12 Months Ended

Dec. 31, 2018

Supplemental Cash Flow Elements [Abstract]

Supplemental Disclosure of Cash Flow Information



	Year Ended December 31,
(In thousands)	2018		2017		2016
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest, net of amounts capitalized	$	507,495	$	452,726	$	118,365
Cash paid for income taxes, net of refunds	14,476		53,017		7,190
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Dividends and distributions payable	$	84,013	$	188,202	$	65,972
Net assets of CLNY Investment Entities deconsolidated, net of cash and restricted cash contributed (Note 4)	936,547		—		—
Redemption of OP Units for common stock	29,034		22,831		18,571
Improvements in operating real estate in accrued and other liabilities	2,249		18,221		—
Deconsolidation of net assets of securitization trusts (Note 15)	131,386		—		—
Increase in contributions receivable from noncontrolling interests	29,721		—		—
Assets held for sale contributed to equity method investee	20,350		—		—
Deferred tax liabilities assumed by buyer of related real estate	26,629		—		—
Debt assumed by buyer in sale of real estate	196,416		1,258,558		—
Foreclosures and exchanges of loans receivable for real estate	47,097		54,615		128,124
Share repurchase payable	7,567		—		—
Proceeds from loan repayments and asset sales held in escrow	19,425		27,426		—
Distributions payable to noncontrolling interests included in other liabilities	19,297		10,786		—
Net assets of investment entity deconsolidated, net of cash and restricted cash contributed	—		153,368		—
Investment deposits applied to acquisition of loans receivable, real estate and CPI Group	—		66,020		—
Assets acquired in Merger, net of cash and restricted cash assumed (Note 3)	—		16,684,675		—
Liabilities assumed in Merger (Note 3)	—		11,249,183		—
Noncontrolling interests assumed in Merger (Note 3)	—		592,690		—
Common stock issued for acquisition of NSAM and NRF (Note 3)	—		5,710,134		—
Preferred stock issued for acquisition of NRF (Note 3)	—		1,010,320		—



	Year Ended December 31,
(In thousands)	2018	2017	2016
Net assets acquired in CPI restructuring, net of cash and restricted cash assumed (Note 3)	—	219,278	—
Net assets acquired in THL Hotel Portfolio, net of cash and restricted cash assumed (Note 3)	—	326,679	—
Net assets of sponsored fund consolidated, net of cash and restricted cash assumed (Note 15)	—	13,370	—
Contributions receivable from noncontrolling interests		25,501	—
Exchange of notes for class A common shares	—	3,279	—
Assets of consolidated securitization trust	—	58,296	—
Liabilities of consolidated securitization trust	—	56,928	—
Net settlement of redemption and investment in equity method investee	—	—	117,241

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Common Stock Repurchase Between January 1, 2019 and February 25, 2019, the Company repurchased 652,311 shares of its class A common stock at an aggregate cost of $3.2 million, excluding commissions, or a weighted average price of $4.84 per share. As of February 25, 2019, $246.7 million of the previously authorized $300 million was remaining in its stock repurchase program. Acquisition of Real Estate In February 2019, the Company acquired 54 buildings in its industrial segment (of which four buildings are under construction and expected to close over the next six months) at a purchase price of $1.16 billion, part of which includes the initiation of a new bulk industrial strategy that is expected to be complementary to, and synergistic with, the existing light industrial platform. In connection with the acquisition, the Company closed on a $500 million floating rate unsecured term debt and replaced the existing $400 million credit facility within its industrial segment with a $600 million facility that was $142 million drawn at closing. The combined financing is secured by the light industrial portfolio and is non-recourse to the Company. Separately, the Company also obtained a $235 million first mortgage debt secured by the bulk industrial portfolio.

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2018

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS

Years Ended December 31, 2018, 2017 and 2016

The following table summarizes the activities in the allowance for doubtful accounts established on all of the Company's receivable balances, including non-interest receivables from borrowers, receivables from tenants including base rents, expense reimbursements and straight-line rents, receivables from hotel guest and city ledgers, resident fees, and fees and other receivables from managed companies and funds. The balances include allowances on receivables related to held for sale properties.



	Year Ended December 31,
(In thousands)	2018			2017			2016
Balance at January 1	$	6,869		$	1,708		$	1,786
Allowance for doubtful accounts	26,860			14,602			3,314
Charge-offs	(19,155		)	(9,531		)	(3,316		)
Effect of changes in foreign exchange rates	(60		)	90			(76		)
Balance at December 31	$	14,514		$	6,869		$	1,708

Schedule III - Real Estate and Accumulative Depreciation

12 Months Ended

Dec. 31, 2018

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Real Estate and Accumulated Depreciation

SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2018



(Amounts in thousands)				Initial Cost				Costs Capitalized Subsequent to Acquisition (1)			Gross Cost Basis at December 31, 2018						Accumulated Depreciation (2)		Net Carrying Amount (3)		Date of Acquisition (4)
Property Description / Location	Number of Properties	Encumbrances		Land		Buildings and Improvements		Costs Capitalized Subsequent to Acquisition (1)			Land		Buildings and Improvements		Total		Accumulated Depreciation (2)		Net Carrying Amount (3)		Date of Acquisition (4)

Healthcare
Assisted Living Facilities
Alabama	1	$	4,540	$	337	$	2,583	$	1,469		$	337	$	4,052	$	4,389	$	233	$	4,156	2017
Arizona	1	8,998		536		14,434		1,234			536		15,668		16,204		851		15,353		2017
California	5	36,361		12,157		76,393		809			12,157		77,202		89,359		4,151		85,208		2017
Colorado	2	104,052		7,734		138,276		2,228			7,734		140,504		148,238		7,574		140,664		2017
Florida	2	725		419		303		—			419		303		722		51		671		2017
Georgia	1	7,227		516		14,220		314			516		14,534		15,050		853		14,197		2017
Illinois	23	161,951		9,433		289,465		6,289			9,433		295,754		305,187		16,235		288,952		2017
Indiana	9	25,835		7,170		26,900		100			7,170		27,000		34,170		1,826		32,344		2017
Kansas	1	6,128		915		12,105		(5,203		)	915		6,902		7,817		768		7,049		2017
Massachusetts	5	9,900		1,346		1,523		198			1,346		1,721		3,067		182		2,885		2017
Minnesota	11	31,436		3,763		66,922		(27,784		)	3,763		39,138		42,901		3,669		39,232		2017
North Carolina	8	99,712		11,656		151,555		297			11,656		151,852		163,508		8,141		155,367		2017
Nebraska	1	2,602		559		3,161		104			559		3,265		3,824		207		3,617		2017
Ohio	30	186,107		16,108		247,227		2,705			16,108		249,932		266,040		14,253		251,787		2017
Oklahoma	5	10,580		1,419		17,467		1,400			1,419		18,867		20,286		1,370		18,916		2017
Oregon	25	181,352		20,905		269,521		(2,254		)	20,905		267,267		288,172		15,364		272,808		2017
South Carolina	1	16,183		1,105		17,975		238			1,105		18,213		19,318		1,022		18,296		2017
Tennessee	2	12,269		2,179		24,880		735			2,179		25,615		27,794		1,487		26,307		2017
Texas	8	119,707		18,144		138,400		4,495			18,144		142,895		161,039		8,422		152,617		2017
Washington	6	45,483		3,765		68,188		757			3,765		68,945		72,710		3,824		68,886		2017
United Kingdom	45	272,529		124,664		492,612		20,957			124,664		513,569		638,233		25,107		613,126		2017-2018
Hospitals
California	5	103,968		17,079		135,979		—			17,079		135,979		153,058		6,976		146,082		2017
Georgia	1	13,566		2,047		16,650		—			2,047		16,650		18,697		855		17,842		2017
Louisiana	1	11,993		1,591		13,991		—			1,591		13,991		15,582		713		14,869		2017
Missouri	3	31,264		3,586		22,684		—			3,586		22,684		26,270		1,209		25,061		2017
Oklahoma	1	11,499		536		15,954		—			536		15,954		16,490		811		15,679		2017
Texas	2	35,222		3,191		52,444		2,037			3,191		54,481		57,672		2,699		54,973		2017
Utah	1	14,464		2,151		7,073		—			2,151		7,073		9,224		374		8,850		2017
Medical Office Buildings
Alabama	2	31,466		—		56,271		(23,484		)	—		32,787		32,787		3,116		29,671		2017
Arkansas	1	494		—		1,343		—			—		1,343		1,343		200		1,143		2017
California	2	20,908		5,708		33,859		982			5,708		34,841		40,549		2,139		38,410		2017



(Amounts in thousands)			Initial Cost		Costs Capitalized Subsequent to Acquisition (1)		Gross Cost Basis at December 31, 2018			Accumulated Depreciation (2)	Net Carrying Amount (3)	Date of Acquisition (4)
Property Description / Location	Number of Properties	Encumbrances	Land	Buildings and Improvements	Costs Capitalized Subsequent to Acquisition (1)		Land	Buildings and Improvements	Total	Accumulated Depreciation (2)	Net Carrying Amount (3)	Date of Acquisition (4)

Colorado	6	37,735	8,330	57,631	1,578		8,330	59,209	67,539	4,001	63,538	2017
Florida	3	23,299	2,119	41,291	(5,226	)	2,119	36,065	38,184	2,470	35,714	2017
Georgia	13	58,308	12,976	100,200	2,249		12,976	102,449	115,425	6,486	108,939	2017
Hawaii	1	8,175	519	14,030	4		519	14,034	14,553	732	13,821	2017
Idaho	1	22,459	—	30,473	—		—	30,473	30,473	1,769	28,704	2017
Illinois	6	63,246	9,809	97,777	43		9,809	97,820	107,629	6,018	101,611	2017
Indiana	27	178,317	18,106	297,968	(5,048	)	18,106	292,920	311,026	19,388	291,638	2017
Louisiana	4	33,777	2,406	52,423	(5,421	)	2,406	47,002	49,408	3,332	46,076	2017
Michigan	3	31,508	3,856	48,736	(9,680	)	3,856	39,056	42,912	2,849	40,063	2017
Minnesota	2	6,828	1,144	9,348	126		1,144	9,474	10,618	598	10,020	2017
Mississippi	1	13,720	—	21,465	—		—	21,465	21,465	1,353	20,112	2017
New Mexico	3	14,751	—	16,344	173		—	16,517	16,517	1,772	14,745	2017
Ohio	5	48,534	5,036	99,147	(10,879	)	5,036	88,268	93,304	5,865	87,439	2017
Oklahoma	2	11,865	—	18,382	—		—	18,382	18,382	1,114	17,268	2017
South Carolina	2	9,681	761	22,966	(5,174	)	761	17,792	18,553	1,496	17,057	2017
Tennessee	2	11,342	449	20,215	(3,887	)	449	16,328	16,777	1,201	15,576	2017
Texas	21	102,014	5,808	169,067	1,353		5,808	170,420	176,228	12,135	164,093	2017
Washington	1	22,470	998	47,052	89		998	47,141	48,139	2,647	45,492	2017
Skilled Nursing Facilities
Alabama	1	9,074	433	7,169	—		433	7,169	7,602	474	7,128	2017
Arizona	1	10,781	1,043	17,013	—		1,043	17,013	18,056	984	17,072	2017
California	2	19,987	1,936	37,612	—		1,936	37,612	39,548	4,646	34,902	2017
Florida	24	173,422	25,304	347,560	—		25,304	347,560	372,864	19,902	352,962	2017
Georgia	7	100,169	12,140	130,707	—		12,140	130,707	142,847	7,270	135,577	2017
Illinois	4	54,744	6,546	137,591	(62,141	)	6,546	75,450	81,996	7,871	74,125	2017
Indiana	19	95,295	5,634	132,921	—		5,634	132,921	138,555	8,404	130,151	2017
Kentucky	1	8,979	362	17,493	3,084		362	20,577	20,939	1,195	19,744	2017
Louisiana	1	18,866	1,068	28,675	—		1,068	28,675	29,743	1,637	28,106	2017
Massachusetts	3	17,145	6,179	8,966	(960	)	6,179	8,006	14,185	434	13,751	2017
Maryland	1	6,908	1,219	14,556	—		1,219	14,556	15,775	836	14,939	2017
Michigan	2	8,188	1,717	13,988	1		1,717	13,989	15,706	857	14,849	2017
North Carolina	1	5,735	286	10,549	—		286	10,549	10,835	622	10,213	2017
Oregon	6	26,190	4,330	38,024	(6,359	)	4,330	31,665	35,995	2,238	33,757	2017
Pennsylvania	11	188,683	20,010	240,922	—		20,010	240,922	260,932	13,747	247,185	2017
Tennessee	4	40,869	4,236	62,156	2,975		4,236	65,131	69,367	3,545	65,822	2017
Virginia	8	50,168	7,650	88,135	—		7,650	88,135	95,785	5,124	90,661	2017
Washington	3	13,927	3,647	16,108	(1,263	)	3,647	14,845	18,492	1,062	17,430	2017
	413	3,165,680	456,776	4,945,018	(115,740	)	456,776	4,829,278	5,286,054	290,756	4,995,298



(Amounts in thousands)			Initial Cost		Costs Capitalized Subsequent to Acquisition (1)		Gross Cost Basis at December 31, 2018			Accumulated Depreciation (2)	Net Carrying Amount (3)	Date of Acquisition (4)
Property Description / Location	Number of Properties	Encumbrances	Land	Buildings and Improvements	Costs Capitalized Subsequent to Acquisition (1)		Land	Buildings and Improvements	Total	Accumulated Depreciation (2)	Net Carrying Amount (3)	Date of Acquisition (4)

Industrial
Atlanta	50	200,821	52,210	345,503	11,278		52,210	356,781	408,991	43,624	365,367	2014-2018
Austin	6	—	9,174	60,537	955		9,174	61,492	70,666	6,066	64,600	2014-2017
Chicago	25	—	29,857	116,251	7,549		29,857	123,800	153,657	19,082	134,575	2014
Dallas	59	192,007	69,662	335,274	11,673		69,662	346,947	416,609	44,688	371,921	2014-2018
Denver	8	38,689	14,253	60,415	4,359		14,253	64,774	79,027	7,565	71,462	2014-2017
Houston	8	21,446	20,934	109,946	2,980		20,934	112,926	133,860	13,147	120,713	2014-2017
Jacksonville	13	5,474	21,565	103,560	12,400		21,565	115,960	137,525	3,755	133,770	2017-2018
Kansas City	14	49,000	13,423	75,709	3,635		13,423	79,344	92,767	9,902	82,865	2014-2017
Las Vegas	8	—	24,553	77,093	11,394		24,553	88,487	113,040	2,670	110,370	2017-2018
Maryland-BWI	20	113,198	51,042	170,623	1,537		51,042	172,160	223,202	11,158	212,044	2015-2018
Minneapolis	13	102,755	23,064	130,113	6,258		23,064	136,371	159,435	19,831	139,604	2014-2016
New Jersey, Northern	10	—	20,133	70,432	812		20,133	71,244	91,377	1,645	89,732	2018
New Jersey, South / Philadelphia	24	58,852	34,023	135,624	4,680		34,023	140,304	174,327	22,618	151,709	2014-2017
Oakland	2	60,000	20,648	74,993	1,660		20,648	76,653	97,301	1,907	95,394	2018
Orlando	16	131,500	27,610	180,144	5,996		27,610	186,140	213,750	17,726	196,024	2014-2017
Phoenix	22	59,000	31,983	181,795	5,068		31,983	186,863	218,846	16,429	202,417	2014-2018
Salt Lake City	15	44,453	18,892	85,594	3,131		18,892	88,725	107,617	10,206	97,411	2014-2017
San Antonio	3	—	11,045	61,638	459		11,045	62,097	73,142	1,596	71,546	2018
St. Louis	8	—	8,813	43,702	3,140		8,813	46,842	55,655	7,403	48,252	2014
Tampa	4	—	4,278	32,138	2,317		4,278	34,455	38,733	5,505	33,228	2014
	328	1,077,195	507,162	2,451,084	101,281		507,162	2,552,365	3,059,527	266,523	2,793,004
Hospitality
Extended Stay
Arizona	1	12,861	1,897	15,843	249		1,897	16,092	17,989	1,146	16,843	2017
California	8	220,715	59,120	241,574	6,846		59,120	248,420	307,540	18,276	289,264	2017
Colorado	3	61,776	13,163	67,804	5,736		13,163	73,540	86,703	5,757	80,946	2017
Connecticut	2	25,056	3,454	30,231	1,498		3,454	31,729	35,183	2,356	32,827	2017
Florida	2	12,943	2,991	50,761	621		2,991	51,382	54,373	3,884	50,489	2017
Georgia	2	43,517	7,278	52,967	505		7,278	53,472	60,750	3,760	56,990	2017
Illinois	1	27,884	4,375	34,567	317		4,375	34,884	39,259	2,729	36,530	2017
Kentucky	2	16,809	2,956	29,407	(8,126	)	2,956	21,281	24,237	2,169	22,068	2017
Louisiana	1	12,168	1,874	15,043	719		1,874	15,762	17,636	1,683	15,953	2017
Massachusetts	3	60,054	8,274	74,973	637		8,274	75,610	83,884	5,294	78,590	2017
Maryland	1	19,889	3,003	24,644	302		3,003	24,946	27,949	1,903	26,046	2017
Maine	1	13,346	1,572	15,610	1,735		1,572	17,345	18,917	1,426	17,491	2017
Michigan	2	32,982	4,521	39,797	1,776		4,521	41,573	46,094	2,880	43,214	2017
North Carolina	1	18,108	1,693	23,893	423		1,693	24,316	26,009	2,295	23,714	2017
New Hampshire	3	48,084	7,167	59,440	801		7,167	60,241	67,408	4,437	62,971	2017



(Amounts in thousands)			Initial Cost		Costs Capitalized Subsequent to Acquisition (1)		Gross Cost Basis at December 31, 2018			Accumulated Depreciation (2)	Net Carrying Amount (3)	Date of Acquisition (4)
Property Description / Location	Number of Properties	Encumbrances	Land	Buildings and Improvements	Costs Capitalized Subsequent to Acquisition (1)		Land	Buildings and Improvements	Total	Accumulated Depreciation (2)	Net Carrying Amount (3)	Date of Acquisition (4)

New Jersey	7	123,033	20,639	145,058	8,689		20,639	153,747	174,386	13,119	161,267	2017
New Mexico	1	17,594	2,125	22,446	733		2,125	23,179	25,304	2,262	23,042	2017
New York	3	39,657	4,108	48,124	3,584		4,108	51,708	55,816	3,606	52,210	2017
Ohio	1	8,761	575	11,747	235		575	11,982	12,557	1,080	11,477	2017
Pennsylvania	2	30,727	4,526	36,759	1,925		4,526	38,684	43,210	2,630	40,580	2017
Tennessee	1	23,898	4,118	28,471	912		4,118	29,383	33,501	2,150	31,351	2017
Texas	11	137,555	19,932	165,947	9,474		19,932	175,421	195,353	14,905	180,448	2017
Virginia	3	33,075	5,981	38,545	2,375		5,981	40,920	46,901	3,346	43,555	2017
Washington	4	102,182	22,388	116,391	3,036		22,388	119,427	141,815	7,931	133,884	2017
Full Service
Florida	2	45,001	12,328	133,394	24,026		12,328	157,420	169,748	12,072	157,676	2017
Maryland	1	11,765	3,086	12,964	276		3,086	13,240	16,326	918	15,408	2017
New Jersey	1	39,893	16,282	35,308	3,786		16,282	39,094	55,376	3,118	52,258	2017
Select Service
Alabama	1	14,962	1,134	19,213	651		1,134	19,864	20,998	1,404	19,594	2017
Arizona	2	30,561	7,831	34,616	585		7,831	35,201	43,032	3,009	40,023	2017
California	10	202,529	45,970	232,362	5,248		45,970	237,610	283,580	18,215	265,365	2017
Colorado	1	15,962	2,018	20,047	430		2,018	20,477	22,495	1,591	20,904	2017
Connecticut	3	53,877	6,735	67,148	1,696		6,735	68,844	75,579	5,013	70,566	2017
Florida	8	124,232	16,852	219,288	7,347		16,852	226,635	243,487	15,947	227,540	2017
Georgia	4	58,264	11,505	77,275	(6,466	)	9,932	72,382	82,314	6,012	76,302	2017
Illinois	1	18,501	2,738	22,368	801		2,738	23,169	25,907	1,678	24,229	2017
Kentucky	1	29,201	6,660	31,618	2,456		6,660	34,074	40,734	2,483	38,251	2017
Louisiana	2	19,355	2,409	23,780	1,534		2,409	25,314	27,723	2,376	25,347	2017
Massachusetts	1	25,131	3,272	31,343	490		3,272	31,833	35,105	2,194	32,911	2017
Maryland	3	39,090	10,405	78,892	(34,838	)	4,994	49,465	54,459	3,267	51,192	2017
Michigan	4	79,189	10,430	97,029	3,738		10,430	100,767	111,197	7,487	103,710	2017
North Carolina	6	100,253	13,689	123,653	3,224		13,689	126,877	140,566	9,260	131,306	2017
New Hampshire	3	41,159	6,092	50,557	854		6,092	51,411	57,503	3,601	53,902	2017
New Jersey	4	93,153	18,073	110,251	2,182		18,073	112,433	130,506	8,484	122,022	2017
New York	5	102,426	30,292	107,812	5,838		30,292	113,650	143,942	9,803	134,139	2017
Ohio	1	16,534	7,655	56,496	(40,120	)	2,633	21,398	24,031	1,693	22,338	2017
Oklahoma	1	4,569	447	5,387	767		447	6,154	6,601	615	5,986	2017
Pennsylvania	3	41,918	7,469	47,626	3,641		7,469	51,267	58,736	3,841	54,895	2017
Tennessee	2	35,092	5,699	42,462	1,284		5,699	43,746	49,445	3,489	45,956	2017
Texas	15	132,938	27,974	177,156	(13,879	)	24,389	166,862	191,251	16,039	175,212	2017
Virginia	6	101,057	23,071	140,115	(21,833	)	17,577	123,776	141,353	9,009	132,344	2017
Washington	1	28,786	2,125	36,312	368		2,125	36,680	38,805	1,107	37,698	2017
	158	2,648,072	509,971	3,424,514	(912	)	488,886	3,444,687	3,933,573	264,749	3,668,824



(Amounts in thousands)				Initial Cost				Costs Capitalized Subsequent to Acquisition (1)			Gross Cost Basis at December 31, 2018						Accumulated Depreciation (2)		Net Carrying Amount (3)	Date of Acquisition (4)
Property Description / Location	Number of Properties	Encumbrances		Land		Buildings and Improvements		Costs Capitalized Subsequent to Acquisition (1)			Land		Buildings and Improvements		Total		Accumulated Depreciation (2)		Net Carrying Amount (3)	Date of Acquisition (4)

Other Equity and Debt
Hotel—Arizona	5	41,363		10,917		43,884		7,124			10,917		51,008		61,925		3,596		58,329	2017
Hotel—California	21	290,323		57,970		274,907		19,254			57,970		294,161		352,131		20,202		331,929	2017
Hotel—Florida	3	25,822		8,508		24,764		4,281			8,508		29,045		37,553		2,051		35,502	2017
Hotel—Georgia	1	10,753		1,905		9,296		751			1,905		10,047		11,952		759		11,193	2017
Hotel—Iowa	3	17,346		—		15,832		71			—		15,903		15,903		1,066		14,837	2017
Hotel—Illinois	5	28,805		4,553		30,274		261			4,553		30,535		35,088		2,672		32,416	2017
Hotel—Indiana	1	9,183		1,232		9,325		410			1,232		9,735		10,967		693		10,274	2017
Hotel—Kansas	1	4,866		517		4,930		1,065			517		5,995		6,512		498		6,014	2017
Hotel—Kentucky	1	6,122		1,358		5,576		11			1,358		5,587		6,945		429		6,516	2017
Hotel—Massachusetts	1	9,183		1,152		9,261		1,846			1,152		11,107		12,259		721		11,538	2017
Hotel—Michigan	3	23,860		3,276		22,820		773			3,276		23,593		26,869		1,815		25,054	2017
Hotel—Missouri	1	4,788		471		5,597		561			471		6,158		6,629		509		6,120	2017
Hotel—Nevada	4	84,687		27,160		71,823		2,951			27,160		74,774		101,934		5,211		96,723	2017
Hotel—New Jersey	2	15,776		3,572		13,553		2,154			3,572		15,707		19,279		1,514		17,765	2017
Hotel—New York	8	28,962		3,791		25,267		6,863			3,791		32,130		35,921		2,991		32,930	2019
Hotel—Ohio	7	24,488		4,557		31,786		4,554			4,557		36,340		40,897		3,127		37,770	2017
Hotel—Oklahoma	1	2,826		—		4,751		42			—		4,793		4,793		488		4,305	2017
Hotel—Oregon	1	16,247		2,413		12,142		71			2,413		12,213		14,626		796		13,830	2017
Hotel—Pennsylvania	8	60,592		12,148		71,347		4,238			12,148		75,585		87,733		5,689		82,044	2017
Hotel—Rhode Island	1	6,750		910		7,017		972			910		7,989		8,899		728		8,171	2017
Hotel—Tennessee	1	9,575		2,020		8,803		58			2,020		8,861		10,881		713		10,168	2017
Hotel—Texas	14	115,140		16,720		90,428		10,909			16,720		101,337		118,057		6,738		111,319	2017
Hotel—Virginia	3	38,459		8,446		37,575		171			8,446		37,746		46,192		2,733		43,459	2017
Industrial—France	4	37,075		13,034		36,185		604			13,034		36,789		49,823		1,960		47,863	2017
Industrial—Spain	1	—		—		2,346		9			—		2,355		2,355		146		2,209	2017
Mixed-Use—Italy	1	10,467		13,293		18,972		4,232			13,293		23,204		36,497		1,521		34,976	2015
Multifamily—US	1	—		1,659		269		14,156			1,659		14,425		16,084		392		15,692	2017
Office—France	33	142,126		60,301		139,169		15,448			60,301		154,617		214,918		7,573		207,345	2016-2017
Office—Spain	2	12,931		96,002		88,770		168			96,002		88,938		184,940		4,731		180,209	2017
Office—US	6	73,015		24,510		198,612		11,508			24,510		210,120		234,630		28,039		206,591	2013-2017
Office/Industrial—France	206	346,727		109,406		329,735		663			109,406		330,398		439,804		1,798		438,006	2018
Retail—France	1	11,349		4,876		8,871		62			4,876		8,933		13,809		427		13,382	2017
Retail—UK	1	8,405		911		11,766		(3,705		)	911		8,061		8,972		1,563		7,409	2015
	352	1,518,011		497,588		1,665,653		112,536			497,588		1,778,189		2,275,777		113,889		2,161,888
Real estate held for investment	1,251	$	8,408,958	$	1,971,497	$	12,486,269	$	97,165		$	1,950,412	$	12,604,519	$	14,554,931	$	935,917	13,619,014

(Amounts in thousands)

Initial Cost

Costs Capitalized Subsequent to Acquisition (1)

Gross Cost Basis at December 31, 2018

Accumulated Depreciation (2)

Net Carrying Amount
(3)

Date of Acquisition
(4)

Property Description / Location

Number of Properties

Encumbrances

Land

Buildings and Improvements

Land

Buildings and Improvements

Total

Real estate held for sale

Hotel

69,699

2017

Industrial

131,400

2014

Other Equity & Debt—US

180,029

Various

Other Equity & Debt—Europe

471,274

Various

Total real estate assets

14,471,416

__________


⁽¹⁾	Includes adjustment for impairment of real estate.


⁽²⁾	Depreciation is calculated using a useful life ranging from 4 months based on the shortest remaining lease term for improvements and up to 51 years for buildings.


⁽³⁾	The aggregate gross cost of total real estate assets for federal income tax purposes is $13.2 billion at December 31, 2018.


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

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



	Year Ended December 31,
(In thousands)	2018			2017			2016
Real Estate, at Gross Cost Basis
Balance at January 1	$	15,791,144		$	3,656,094		$	3,518,682
Assumed through the Merger	—			11,730,087			—
Foreclosures and exchanges of loans receivable for real estate	45,617			1,867,655			128,124
Acquisitions	984,844			1,027,889			434,266
Improvements and capitalized costs ⁽¹⁾	276,210			237,125			16,072
Deconsolidation of real estate held by investment entity (Note 4)	(226,004		)	(407,653		)	—
Dispositions ⁽²⁾	(933,217		)	(2,484,616		)	(313,982		)
Impairment	(357,629		)	(59,652		)	(11,391		)
Measurement period adjustments for real estate acquired in 2015 business combination	—			—			(16,688		)
Effect of changes in foreign exchange rates	(80,163		)	224,215			(98,989		)
Balance at December 31	15,500,802			15,791,144			3,656,094
Classified as held for sale, net ⁽³⁾	(945,871		)	(748,589		)	(235,541		)
Balance at December 31, held for investment	$	14,554,931		$	15,042,555		$	3,420,553



	Year Ended December 31,
(In thousands)	2018			2017			2016
Accumulated Depreciation
Balance at January 1	$	606,200		$	188,509		$	88,577
Depreciation	471,599			453,331			108,298
Deconsolidation of real estate held by investment entity (Note 4)	(6,256		)	(3,212		)	—
Dispositions ⁽²⁾	(42,873		)	(34,854		)	(6,025		)
Effect of changes in foreign exchange rates	716			2,426			(2,341		)
Balance at December 31	1,029,386			606,200			188,509
Classified as held for sale, net ⁽³⁾	(93,469		)	(27,903		)	(11,587		)
Balance at December 31, held for investment	$	935,917		$	578,297		$	176,922

__________


⁽¹⁾	Includes transaction costs capitalized for asset acquisitions.


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


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

Schedule IV - Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2018

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

Schedule IV - Mortgage Loans on Real Estate

SCHEDULE IV—MORTGAGE LOANS ON REAL ESTATE

December 31, 2018



(Dollars in thousands)
Loan Type / Collateral / Location⁽¹⁾	Number of Loans	Payment Terms ⁽²⁾	Interest Rate Range⁽³⁾	Maturity Date Range ⁽⁴⁾	Prior Liens ⁽⁵⁾		Unpaid Principal Balance		Carrying Amount⁽⁶⁾⁽⁷⁾		Principal Amount Subject to Delinquent Principal or Interest ⁽⁸⁾
Loans at amortized cost
First mortgage:
Residential—France	1	I/O	15.0%	October 2020	$	—	$	19,254	$	18,788	$	—
Multifamily—Ireland	1	I/O	3.1%	January 2018	—		83,220		83,218		83,220
Office—France	1	I/O	4.0%	December 2018	—		866		732		—
Office—Ireland	1	I/O	2.3%	January 2018	—		45,220		45,216		45,220
Office—Ireland	1	I/O	12.5%	December 2021	—		125,594		125,594		—
Retail—Various, USA	1	I/O	8.6%	May 2019	—		45,575		46,038		—
Retail—France	1	I/O	3.5%	June 2018	—		2,497		2,920		2,497
Hospitality—France	1	I/O	10.0%	December 2021	—		91,652		91,470		—
Hospitality—Spain	1	I/O	11.0%	July 2019	—		42,692		44,392		—
Healthcare—UK	5	I/O	7.5%	March 2022	—		48,330		48,330		—
Land—TX, USA	1	I/O	14.0%	May 2019	—		34,745		34,639		—
Other—France	3	I/O	3.5% - 15.0%	June 2018 to December 2020	—		6,743		6,866		1,633
	18				—		546,388		548,203		132,570
Subordinated mortgage and mezzanine:
Multifamily—CA, USA	2	I/O	13.4%	April 2021 to September 2021	—		27,772		27,417		—
Office—Various, USA	2	I/O	8.0% - 12.0%	July 2019 to April 2025	78,000		31,027		28,107		—
Office—Ireland / France	1	I/O	11.0%	January 2022	161,854		124,020		136,009		—
Retail—NC, USA	1	P&I	5.7%	December 2018	74,712		37,766		21,500		37,766
Retail—Germany	1	I/O	10.0%	June 2020	126,485		114,449		123,282		—
Retail—UK	1	I/O	12.0%	August 2019	118,314		64,161		64,161		64,161
Mixed Use—CA, USA	1	I/O	12.9%	July 2020	254,297		262,402		262,061		—
	9				813,662		661,597		662,537		101,927



(Dollars in thousands)
Loan Type / Collateral / Location⁽¹⁾	Number of Loans	Payment Terms ⁽²⁾	Interest Rate Range⁽³⁾	Maturity Date Range ⁽⁴⁾	Prior Liens ⁽⁵⁾		Unpaid Principal Balance		Carrying Amount⁽⁶⁾⁽⁷⁾		Principal Amount Subject to Delinquent Principal or Interest ⁽⁸⁾
Purchased credit-impaired loans⁽⁹⁾
Residential—WI, USA	1						444		—		—
Multifamily—Various, USA	99						43,913		29,140		7,425
Multifamily—Ireland	2						5,360		739		—
Industrial—Ireland	3						89,477		14,740		—
Office—NC, USA	1						475		—		—
Office—France	1						6,032		4,578		—
Office—Ireland	7						73,206		20,318		—
Office—Ireland	1						182,569		168,940		182,569
Office—Spain	1						9,585		4,733		—
Retail—VA, USA	1						19,555		19,455		—
Retail—Ireland	7						101,862		22,168		—
Hospitality—France	1						16,259		17,581		—
Hospitality—Ireland	7						55,293		—		—
Land—Ireland	4						107,099		25,642		—
Other—NY, USA	1						3,216		2,628		—
Other—Bahamas	1						25,397		2,997		25,397
Other—Ireland	38						591,970		7,022		—
	176				—		1,331,712		340,681		215,391
Corporate loans
N/A⁽¹⁰⁾	2	I/O	8.0% - 13.0%	March 2019 to January 2027	—		41,935		41,608		—
N/A⁽¹⁰⁾	1	I/O	14.0%	January 2025	—		67,009		66,188		—
	3				—		108,944		107,796		—
Total	206				$	813,662	$	2,648,641	$	1,659,217	$	449,888

__________


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


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


⁽³⁾	Variable rate loans are determined based on the applicable index in effect at December 31, 2018.


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


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


⁽⁶⁾	Carrying amounts at December 31, 2018 are presented net of $32.9 million of allowance for loan losses.


⁽⁷⁾	The aggregate cost basis of loans held for investment for federal income tax purposes was approximately $1.7 billion at December 31, 2018.


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


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


⁽¹⁰⁾	Corporate loans are either unsecured or secured by the assets of the parent entities that own the underlying real estate operations but are not secured by mortgages on the real estate.

Activity in loans held for investment is summarized below:



	Year Ended December 31,
(In thousands)	2018			2017			2016
Balance at January 1	$	3,223,762		$	3,430,608		$	4,046,093
Loans acquired in Merger	—			359,541			—
Loan acquisitions and originations	386,532			991,239			551,456
Paid-in-kind interest added to loan principal	52,234			56,131			43,864
Discount and net loan fee amortization	14,524			43,877			27,038
Loan repayments	(166,267		)	(902,190		)	(735,162		)
Payments received from PCI loans	(187,140		)	(419,232		)	(197,453		)
Accretion on PCI loans	27,911			61,809			65,911
Transfer to loans held for sale	—			(50,894		)	(56,357		)
Carrying value of loans sold	(111,864		)	—			(118,068		)
Transfer to real estate assets upon foreclosure	(47,097		)	(515,055		)	(128,124		)
Loans receivable contributed to Colony Credit (Note 4)	(1,287,994		)	—			—
Deconsolidation of loans receivable in securitization trusts	(149,447		)	—			—
Provision for loan losses	(43,034		)	(19,741		)	(34,864		)
Other loss	—			(2,309		)	—
Consolidation of loans receivable held by investment entities and securitization trusts (Notes 3 and 6)	—			58,296			—
Effect of changes in foreign exchange rates	(52,903		)	131,682			(33,726		)
Balance at December 31	$	1,659,217		$	3,223,762		$	3,430,608

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Basis of Presentation

Use of Estimates

Merger

Business Combinations

Merger

Principles of Consolidation

Noncontrolling Interests

Foreign Currency

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

The Company has elected to account for certain equity method investments at fair value.

Discontinued Operations

Cash and Cash Equivalents

Restricted Cash

Real Estate Assets

Real Estate Acquisitions

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)		5 to 51 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		6 to 20 years
Tenant improvements		Lesser of useful life or remaining term of the lease
Furniture, fixtures and equipment		3 to 20 years

Real Estate Held for Sale

Foreclosed Properties

Loans Receivable

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

Loans Held for Sale

Purchased Credit-Impaired ("PCI") Loans

Acquisition, Development and Construction ("ADC") Arrangements

Equity Investments

Marketable equity securities are recorded as of trade date. Dividend income is recognized on the ex-dividend date and is included in other income.

Equity Method Investments

Impairment

For investments under the measurement alternative, if carrying value of the investment exceeds its fair value, an impairment is deemed to have occurred.

Debt Securities

Identifiable Intangibles and Goodwill

Identifiable Intangibles

Goodwill

Accounts Receivable and Related Allowance

Fixed Assets

Transfers of Financial Assets

Derivative Instruments and Hedging Activities

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

Financing Costs

Property Operating Income

Property operating income includes the following.

Fee Income

Fee income consists of the following:

Other Income

Other income includes the following:

Compensation

Liability-classified stock awards are remeasured at fair value at the end of each reporting period until the award is fully vested.

Income Taxes

Earnings Per Share

Reclassifications

In addition to reclassifications on the statements of cash flows resulting from the adoption of ASU No. 2016-18 as discussed below, certain prior period amounts have been reclassified as follows.

Revenue Recognition

The standard excludes from its scope accounting for financial instruments and leases, but is applicable to certain property operating income and fee income streams of the Company, as discussed below.

Recent Accounting Updates

Accounting Standards Adopted in 2018

Revenue Recognition

The standard excludes from its scope accounting for financial instruments and leases, but is applicable to certain property operating income and fee income streams of the Company, as discussed below.

Derecognition and Partial Sales of Nonfinancial Assets

Financial Instruments

Cash Flow Classifications

Restricted Cash



	Year Ended December 31, 2017						Year Ended December 31, 2016
(In thousands)	As Previously Reported			After Adoption of ASU 2016-18			As Previously Reported			After Adoption of ASU 2016-18
Net cash provided by operating activities	$	549,617		$	582,546		$	408,361		$	405,172
Net cash provided by investing activities	1,331,542			1,666,387			251,812			215,457
Net cash used in financing activities	(1,346,505		)	(1,364,381		)	(465,957		)	(491,251		)

Share-Based Payments

Future Application of Accounting Standards

Leases

Credit Losses

Hedge Accounting

Fair Value Disclosures

Variable Interest Entities

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Schedule of Useful Lives for Finite Lived Assets

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)		5 to 51 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		6 to 20 years
Tenant improvements		Lesser of useful life or remaining term of the lease
Furniture, fixtures and equipment		3 to 20 years

The Company's real estate held for investment was as follows:



(In thousands)	December 31, 2018			December 31, 2017
Land	$	1,950,412		$	2,011,794
Buildings and improvements	11,895,642			12,403,794
Tenant improvements	163,397			134,709
Furniture, fixtures and equipment	389,969			383,855
Construction in progress	155,511			108,403
	14,554,931			15,042,555
Less: Accumulated depreciation	(935,917		)	(578,297		)
Real estate assets, net	$	13,619,014		$	14,464,258

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

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



	Year Ended December 31, 2017						Year Ended December 31, 2016
(In thousands)	As Previously Reported			After Adoption of ASU 2016-18			As Previously Reported			After Adoption of ASU 2016-18
Net cash provided by operating activities	$	549,617		$	582,546		$	408,361		$	405,172
Net cash provided by investing activities	1,331,542			1,666,387			251,812			215,457
Net cash used in financing activities	(1,346,505		)	(1,364,381		)	(465,957		)	(491,251		)

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2018

Business Acquisition [Line Items]

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

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 ⁽¹⁾
	Acquisition Date	Property Type and Location	Number of Buildings	Purchase Price ⁽¹⁾		Land and Improvements		Building and Improvements		Lease Intangible Assets		Lease Intangible Liabilities
Year Ended December 31, 2018
Asset Acquisitions⁽²⁾
	September	Healthcare—United Kingdom⁽³⁾	1	$	24,444	$	10,506	$	12,458	$	1,480	$	—
	November	Office and Industrial—France	220	478,844		125,949		314,661		38,234		—
	Various	Industrial—Various in U.S.⁽⁴⁾	40	569,442		131,334		412,900		30,183		(4,975		)
				$	1,072,730	$	267,789	$	740,019	$	69,897	$	(4,975	)
Year Ended Ended December 31, 2017
Asset Acquisitions
	January	Industrial—Spain	2	$	10,374	$	3,855	$	5,564	$	955	$	—
	June	Office—Los Angeles, CA ⁽⁵⁾	1	455,699		93,577		314,590		50,518		(2,986		)
	Various	Industrial—Various in U.S.	55	636,690		137,005		472,747		31,512		(4,574		)
				$	1,102,763	$	234,437	$	792,901	$	82,985	$	(7,560	)



($ in thousands)						Purchase Price Allocation ⁽¹⁾
	Acquisition Date	Property Type and Location	Number of Buildings	Purchase Price ⁽¹⁾		Land and Improvements		Building and Improvements		Lease Intangible Assets		Lease Intangible Liabilities
Year Ended Ended December 31, 2016
Business Combinations ⁽⁶⁾
	January	Industrial—Spain	23	$	94,403	$	33,265	$	56,585	$	5,318	$	(765	)
	April	Industrial—Massachusetts, U.S.	1	34,900		5,235		27,731		1,934		—
	May	Office—France	1	18,203		14,150		3,815		388		(150		)
	Various	Industrial—Various in U.S.	18	201,635		36,974		151,689		16,063		(3,091		)
Asset Acquisitions
	Various	Industrial—Various in U.S.	12	113,200		20,749		84,724		8,398		(671		)
				$	462,341	$	110,373	$	324,544	$	32,101	$	(4,677	)

__________


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


⁽²⁾	Useful life of real estate acquired in 2018 is 5 to 51 years for buildings, 6 to 14 years for site improvements and 4 months (based on remaining lease terms) to 10 years for both tenant improvements and lease intangibles.


⁽³⁾	Net leased senior housing acquired pursuant to a purchase option under the Company's development facility to the healthcare operator at a purchase price equivalent to the outstanding loan balance.


⁽⁴⁾	Includes acquisition of $13.1 million of land for co-development with operating partners.


⁽⁵⁾	In September 2017, 90% of equity in the property holding entity was syndicated to third party investors. The new equity partners were granted certain participation rights in the business, resulting in a deconsolidation of the investment. The interest retained by the Company is reflected as an equity method investment.

Colony NorthStar

Business Acquisition [Line Items]

Schedule of Fair Value of Merger Consideration

Fair value of the merger consideration was determined as follows:



(In thousands, except price per share)	NSAM			NRF		Total
Outstanding shares of common stock prior to closing of the Merger	190,202			183,147
Replacement equity-based awards attributable to pre-combination services⁽ⁱ⁾	300			150
	190,502			183,297
Exchange ratio⁽ⁱⁱ⁾	1.4663			1.3335
Implied shares of Colony common stock issued in consideration	129,920			137,456		267,376
Price per share of Colony class A common stock	$	21.52		$	21.52	$	21.52
Fair value of implied shares of Colony common stock issued in consideration	$	2,795,890		$	2,958,039	$	5,753,929
Fair value of the Company's 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 the Company's 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 the Company's common stock.


(iii)	Fair value of the Company's 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 the Company's preferred stock issued	39,466			$	1,010,320


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

Schedule of Fair Values and Allocation of the Merger



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

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

CPI

Business Acquisition [Line Items]

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

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



(In thousands)	Final Amounts at December 31, 2017
Consideration
Carrying value of loans receivable outstanding at the time of restructuring	$	182,644
Cash	49,537
Total consideration	$	232,181
Identifiable assets acquired and liabilities assumed
Cash	$	303
Restricted cash	12,600
Real estate	543,649
Real estate held for sale	21,605
Lease intangibles and other assets	27,685
Debt	(277,590		)
Tax liabilities	(32,078		)
Lease intangibles and other liabilities	(61,205		)
Liabilities related to assets held for sale	(2,788		)
Fair value of net assets acquired	$	232,181

THL Hotel Portfolio

Business Acquisition [Line Items]

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



(In thousands)	Final Amounts at June 30, 2018
Consideration
Carrying value of the Company's junior mezzanine loan receivable at the time of foreclosure	$	310,932
Cash	43,643
Contingent consideration (Note 14)	6,771
Total consideration	$	361,346
Identifiable assets acquired and liabilities assumed
Cash	$	16,188
Restricted cash	18,479
Real estate	1,184,447
Real estate held for sale	69,676
Intangible and other assets	26,711
Debt	(907,867		)
Intangible and other liabilities	(46,288		)
Fair value of net assets acquired	$	361,346

Colony Credit (Tables)

12 Months Ended

Dec. 31, 2018

Discontinued Operations and Disposal Groups [Abstract]

Schedule Of Assets, Liabilities And Noncontrolling Interest In Deconsolidated Entity

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



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

Net income generated from operations of these held for sale asset groups is presented below. There were no discontinued operations during the year ended December 31, 2016.



	Year Ended December 31,
(In thousands)	2018			2017
Revenues
Property operating income	$	1,186		$	43,269
Other income	—			2,352
Expenses
Property operating expenses	1,159			20,530
Interest expense	—			9,028
Loss on sale of real estate assets	—			2,108
Other expenses	129			400
Net income (loss) from discontinued operations	(102		)	13,555
Income tax expense	—			—
Net income (loss) from discontinued operations after tax	(102		)	13,555
Net income (loss) from discontinued operations attributable to:
Noncontrolling interests in investment entities	(45		)	427
Noncontrolling interests in Operating Company	(4		)	31
Net income (loss) from discontinued operations attributable to Colony Capital, Inc.	$	(53	)	$	13,097

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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+ Details

Real Estate (Tables)

12 Months Ended

Dec. 31, 2018

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)		5 to 51 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		6 to 20 years
Tenant improvements		Lesser of useful life or remaining term of the lease
Furniture, fixtures and equipment		3 to 20 years

The Company's real estate held for investment was as follows:



(In thousands)	December 31, 2018			December 31, 2017
Land	$	1,950,412		$	2,011,794
Buildings and improvements	11,895,642			12,403,794
Tenant improvements	163,397			134,709
Furniture, fixtures and equipment	389,969			383,855
Construction in progress	155,511			108,403
	14,554,931			15,042,555
Less: Accumulated depreciation	(935,917		)	(578,297		)
Real estate assets, net	$	13,619,014		$	14,464,258

Schedule of Proceeds From Sales of Real Estate

Results from sales of real estate were as follows:



	Year Ended December 31,
(In thousands)	2018		2017		2016
Proceeds from sales of real estate	$	864,347	$	1,607,806	$	390,943
Gain on sale of real estate	167,231		137,370		73,616

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

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 ⁽¹⁾
	Acquisition Date	Property Type and Location	Number of Buildings	Purchase Price ⁽¹⁾		Land and Improvements		Building and Improvements		Lease Intangible Assets		Lease Intangible Liabilities
Year Ended December 31, 2018
Asset Acquisitions⁽²⁾
	September	Healthcare—United Kingdom⁽³⁾	1	$	24,444	$	10,506	$	12,458	$	1,480	$	—
	November	Office and Industrial—France	220	478,844		125,949		314,661		38,234		—
	Various	Industrial—Various in U.S.⁽⁴⁾	40	569,442		131,334		412,900		30,183		(4,975		)
				$	1,072,730	$	267,789	$	740,019	$	69,897	$	(4,975	)
Year Ended Ended December 31, 2017
Asset Acquisitions
	January	Industrial—Spain	2	$	10,374	$	3,855	$	5,564	$	955	$	—
	June	Office—Los Angeles, CA ⁽⁵⁾	1	455,699		93,577		314,590		50,518		(2,986		)
	Various	Industrial—Various in U.S.	55	636,690		137,005		472,747		31,512		(4,574		)
				$	1,102,763	$	234,437	$	792,901	$	82,985	$	(7,560	)



($ in thousands)						Purchase Price Allocation ⁽¹⁾
	Acquisition Date	Property Type and Location	Number of Buildings	Purchase Price ⁽¹⁾		Land and Improvements		Building and Improvements		Lease Intangible Assets		Lease Intangible Liabilities
Year Ended Ended December 31, 2016
Business Combinations ⁽⁶⁾
	January	Industrial—Spain	23	$	94,403	$	33,265	$	56,585	$	5,318	$	(765	)
	April	Industrial—Massachusetts, U.S.	1	34,900		5,235		27,731		1,934		—
	May	Office—France	1	18,203		14,150		3,815		388		(150		)
	Various	Industrial—Various in U.S.	18	201,635		36,974		151,689		16,063		(3,091		)
Asset Acquisitions
	Various	Industrial—Various in U.S.	12	113,200		20,749		84,724		8,398		(671		)
				$	462,341	$	110,373	$	324,544	$	32,101	$	(4,677	)

__________


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


⁽²⁾	Useful life of real estate acquired in 2018 is 5 to 51 years for buildings, 6 to 14 years for site improvements and 4 months (based on remaining lease terms) to 10 years for both tenant improvements and lease intangibles.


⁽³⁾	Net leased senior housing acquired pursuant to a purchase option under the Company's development facility to the healthcare operator at a purchase price equivalent to the outstanding loan balance.


⁽⁴⁾	Includes acquisition of $13.1 million of land for co-development with operating partners.


⁽⁵⁾	In September 2017, 90% of equity in the property holding entity was syndicated to third party investors. The new equity partners were granted certain participation rights in the business, resulting in a deconsolidation of the investment. The interest retained by the Company is reflected as an equity method investment.

Schedule of Components of Property Operating Income

The components of property operating income were as follows:



	Year Ended December 31,
(In thousands)	2018		2017		2016
Rental income	$	623,785	$	672,292	$	276,404
Tenant reimbursements	143,759		138,433		65,657
Resident fee income ⁽¹⁾	275,911		286,818		—
Hotel operating income	1,204,285		1,016,294		29,021
	$	2,247,740	$	2,113,837	$	371,082

__________


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

Schedule Of Future Minimum Rental Payments Receivable For Operating Leases



Year Ending December 31,	(In thousands)
2019	$	495,765
2020	464,229
2021	413,416
2022	372,432
2023	327,836
2024 and thereafter	1,123,879
Total ⁽¹⁾	$	3,197,557

__________


⁽¹⁾	Excludes hotel operating income and rents from short-term leases.

Schedule of Future Minimum Rental Payments

At December 31, 2018, future minimum rental payments on noncancelable ground leases, excluding any contingent rent payments, on real estate held for investment were as follows.



Year Ending December 31,	(In thousands)
2019	$	5,236
2020	5,318
2021	5,487
2022	5,877
2023	5,821
2024 and thereafter	89,276
Total	$	117,015

Future contractual minimum rental payments for office leases at December 31, 2018 are as follows:



Year Ending December 31,	(In thousands)
2019	$	9,380
2020	9,007
2021	8,617
2022	7,602
2023	7,045
2024 and thereafter	29,615
Total	$	71,266

Loans Receivable (Tables)

12 Months Ended

Dec. 31, 2018

Receivables [Abstract]

Company Loans Receivable

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



	December 31, 2018								December 31, 2017
($ in thousands)	Unpaid Principal Balance		Carrying Value			Weighted Average Coupon		Weighted Average Maturity in Years	Unpaid Principal Balance		Carrying Value			Weighted Average Coupon		Weighted Average Maturity in Years
Loans at amortized cost
Non-PCI Loans
Fixed rate
Mortgage loans	$	643,973	$	667,590		10.7	%	2.2	$	1,081,030	$	1,082,513		9.1	%	2.8
Securitized loans ⁽¹⁾	—		—			—	%	N/A	35,566		36,603			5.9	%	16.8
Mezzanine loans	357,590		354,326			12.5	%	1.5	459,433		456,463			12.2	%	2.3
Corporate loans	108,944		107,796			12.3	%	5.8	46,840		46,592			9.9	%	10.0
	1,110,507		1,129,712						1,622,869		1,622,171
Variable rate
Mortgage loans	178,650		179,711			4.3	%	0.1	414,428		423,199			6.0	%	1.7
Securitized loans ⁽¹⁾	—		—			—	%	N/A	461,489		462,203			6.4	%	3.5
Mezzanine loans	27,772		27,417			13.4	%	2.5	34,391		34,279			9.8	%	1.3
	206,422		207,128						910,308		919,681
	1,316,929		1,336,840						2,533,177		2,541,852
PCI Loans
Mortgage loans	1,324,287		351,646						1,865,423		682,125
Securitized loans	—								23,298		3,400
Mezzanine loans	7,425		3,671						7,425		3,671
	1,331,712		355,317						1,896,146		689,196
Allowance for loan losses			(32,940		)						(52,709		)
	2,648,641		1,659,217						4,429,323		3,178,339
Loans at fair value
Securitized loans ⁽²⁾	—		—						72,511		45,423
Total loans receivable	$	2,648,641	$	1,659,217					$	4,501,834	$	3,223,762

__________

⁽¹⁾

⁽²⁾

Summary of Past Due Loans

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



(In thousands)	Current or Less Than 30 Days Past Due		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due and Nonaccrual		Total Non-PCI Loans
December 31, 2018	$	1,052,303	$	—	$	44,392	$	240,145	$	1,336,840
December 31, 2017	2,268,599		145,986		9,410		117,857		2,541,852

Impaired Loans

The following table summarizes non-PCI impaired loans:



	Unpaid Principal Balance		Gross Carrying Value						Allowance for Loan Losses
(In thousands)	Unpaid Principal Balance		With Allowance for Loan Losses		Without Allowance for Loan Losses		Total		Allowance for Loan Losses
December 31, 2018	$	280,337	$	75,179	$	206,628	$	281,807	$	18,304
December 31, 2017	383,594		138,136		248,759		386,895		7,424

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



	Year Ended December 31,
(In thousands)	2018		2017		2016
Average carrying value before allowance for loan losses	$	282,325	$	202,397	$	90,447
Total interest income recognized during the period impaired	7,127		10,192		3,929
Cash basis interest income recognized	1,190		—		—

Loans Acquired Through Consolidation of Investment Entities



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

Changes in Accretable Yield for the PCI loans

Changes in accretable yield of PCI loans were as follows:



	Year Ended December 31,
(In thousands)	2018			2017			2016
Beginning accretable yield	$	42,435		$	52,572		$	66,639
Additions	—			23,594			22,493
Dispositions	(5,484		)	—			—
Changes in accretable yield	1,882			25,720			31,171
Accretion recognized in earnings	(27,911		)	(61,809		)	(65,911		)
Deconsolidation	(991		)	—			—
Effect of changes in foreign exchange rates	(311		)	2,358			(1,820		)
Ending accretable yield	$	9,620		$	42,435		$	52,572

Impairment and Allowance for Loan Losses

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



	December 31, 2018				December 31, 2017
(In thousands)	Allowance for Loan Losses		Carrying Value		Allowance for Loan Losses		Carrying Value
Non-PCI loans	$	18,304	$	75,179	$	7,424	$	138,136
PCI loans	14,636		54,440		45,285		169,789
	$	32,940	$	129,619	$	52,709	$	307,925

Changes in allowance for loan losses is presented below:



	Year Ended December 31,
(In thousands)	2018			2017			2016
Allowance for loan losses at January 1	$	52,709		$	67,980		$	37,571
Contribution to Colony Credit (Note 4)	(518		)	—			—
Deconsolidation	(5,983		)	—			—
Provision for loan losses, net	43,034			19,741			34,864
Charge-off	(56,302		)	(35,012		)	(4,455		)
Allowance for loan losses at December 31	$	32,940		$	52,709		$	67,980

Provision For Loan Losses By Loan Type

Provision for loan losses by loan type is as follows:



	Year Ended December 31,
(In thousands)	2018		2017		2016
Non-PCI loans	$	22,557	$	7,534	$	5,815
PCI loans ⁽¹⁾	20,477		12,207		29,190
Total provision for loan losses, net	$	43,034	$	19,741	$	35,005

__________


⁽¹⁾	Net of recoveries in provision for loan losses on PCI loans of $4.1 million and $6.3 million for the year ended December 31, 2018 and 2017, respectively. There were no recoveries in provision for loan losses on PCI loans for the year ended December 31, 2016.

Equity Investments (Tables)

12 Months Ended

Dec. 31, 2018

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Ventures

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



(In thousands)	December 31, 2018		December 31, 2017
Equity method investments
Investment ventures	$	2,151,847	$	1,297,180
Private funds	138,248		229,874
	2,290,095		1,527,054
Other equity investments
Marketable equity securities of consolidated funds	26,754		35,600
Investment ventures	95,196		89,261
Private funds and retail companies	34,291		38,924
	$	2,446,336	$	1,690,839

Equity Method Investments

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

Selected Combined Balance Sheet Information



(In thousands)	December 31, 2018		December 31, 2017
Total assets	$	15,499,159	$	9,537,068
Total liabilities	9,803,705		5,357,936
Owners' equity	5,511,548		3,662,764
Noncontrolling interests	183,906		516,368

Selected Combined Statements of Operations Information



	Year Ended December 31,
(In thousands)	2018		2017			2016
Total revenues	$	1,486,511	$	1,519,728		$	819,726
Net income (loss)	220,191		174,222			(32,493		)
Net income (loss) attributable to noncontrolling interests	23,878		(18,381		)	(3,494		)
Net income (loss) attributable to owners	196,313		192,603			(28,999		)

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



($ in thousands)			Ownership Interestat December 31, 2018⁽¹⁾	Carrying Value at
Investments	Description		Ownership Interestat December 31, 2018⁽¹⁾	December 31, 2018		December 31, 2017
Colony Credit Real Estate, Inc.	Common equity in publicly traded commercial real estate credit REIT managed by the Company and membership units in its operating subsidiary	(2)	36.6%	$	1,037,754	$	—
NorthStar Realty Europe Corp	Common equity in publicly traded equity REIT managed by the Company	(2)	11.2%	87,696		73,578
RXR Realty	Common equity in investment venture with a real estate investor, developer and investment manager		27.2%	95,418		105,082
Preferred equity	Preferred equity investments with underlying real estate	(3)	NA	219,913		440,704
ADC investments	Investments in acquisition, development and construction loans in which the Company participates in residual profits from the projects, and the risk and rewards of the arrangements are more similar to those associated with investments in joint ventures	(4)	Various	481,477		331,268
Private funds	General partner and/or limited partner interests in private funds (excluding carried interest allocation)		Various	110,610		25,101
Private funds—carried interest	Disproportionate allocation of returns to the Company as general partner or equivalent based on the extent to which cumulative performance of the fund exceeds minimum return hurdles		Various	21,730		—
Other investment ventures	Interests in 18 investments, each with no more than $66 million carrying value at December 31, 2018		Various	154,412		187,420
Fair value option	Interests in initial stage or real estate development ventures and limited partnership interests in private equity funds		Various	81,085		363,901
				$	2,290,095	$	1,527,054

__________

⁽¹⁾

⁽²⁾


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


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

Debt Securities (Tables)

12 Months Ended

Dec. 31, 2018

Investments, Debt and Equity Securities [Abstract]

Available-for-sale Securities

The following table summarizes the Company's investment in debt securities.



			Gross Cumulative Unrealized
(in thousands)	Amortized Cost		Gains		Losses			Fair Value
December 31, 2018
Available-for-sale debt securities:
N-Star CDO bonds	$	67,513	$	1,565	$	(4,951	)	$	64,127
CMBS of consolidated fund								32,706
								$	96,833
December 31, 2017
Available-for-sale debt securities:
CRE securities of consolidated N-Star CDOs ⁽²⁾:
CMBS	$	144,476	$	3,999	$	(530	)	$	147,945
Other securities ⁽³⁾	61,302		5,994		(313		)	66,983
N-Star CDO bonds	88,374		2,778		(219		)	90,933
CMBS and other securities ⁽¹⁾	13,829		3,739		(186		)	17,382
	307,981		16,510		(1,248		)	323,243
CMBS of consolidated fund								25,099
								$	348,342

__________


⁽¹⁾	Other securities include a trust preferred security and certain investments in other third party CDO bonds.

⁽²⁾Carrying value of CDO bonds in consolidated N-Star CDOs was $215.5 million at December 31, 2017.

⁽³⁾Represents primarily agency debentures, and to a lesser extent, unsecured REIT debt and trust preferred securities.

Realized gains recorded in other gain, net

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



	Year Ended December 31,
(In thousands)	2018			2017
Available-for-sale debt securities:
Proceeds from sale	$	78,197		$	30,279
Gross realized gain	11,304			951
Gross realized (loss)	(592		)	—

AFS securities in a gross unrealized loss position

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



	December 31, 2018					December 31, 2017
	Less Than 12 Months					Less Than 12 Months
(In thousands)	Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss
CRE securities of consolidated N-Star CDOs:
CMBS	$	—	$	—		$	2,229	$	(530	)
Other securities	—		—			8,218		(313		)
N-Star CDO bonds	54,459		(4,951		)	13,392		(219		)
CMBS and other securities	—		—			12,956		(186		)
	$	54,459	$	(4,951	)	$	36,795	$	(1,248	)

Purchased credit-impaired debt securities



(In thousands)	December 31, 2018		December 31, 2017
Outstanding principal	$	213,929	$	411,174
Amortized cost	2,757		26,761
Carrying value	3,619		31,789

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



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

The following table presents changes in accretable yield related to these PCI debt securities.



	Year Ended December 31,
(In thousands)	2018			2017
Beginning accretable yield	$	44,610		$	—
Assumed through the Merger	—			70,283
Accretion recognized in earnings	(3,489		)	(12,461		)
Reduction due to payoffs, disposals or deconsolidation	(17,081		)	(8,963		)
Net reclassifications to nonaccretable difference ⁽¹⁾	(24,040		)	(4,249		)
Ending accretable yield	$	—		$	44,610

__________


⁽¹⁾	Includes reclassifications to nonaccretable difference for PCI securities for which cash flows can no longer be reasonably estimated.

Goodwill, Deferred Leasing Costs and Other Intangibles (Tables)

12 Months Ended

Dec. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

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



	Year Ended December 31,
(In thousands)	2018		2017			2016
Beginning balance	$	1,534,561	$	680,127		$	678,267
Business combinations ⁽¹⁾	—		1,440,229			1,860
Transfer to held for sale ⁽²⁾	—		(20,000		)	—
Disposition ⁽³⁾	—		(249,795		)	—
Impairment	—		(316,000		)	—
Ending balance ⁽⁴⁾	$	1,534,561	$	1,534,561		$	680,127

__________


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


⁽²⁾	Represents goodwill assigned to the broker-dealer reporting unit that was acquired as part of the Merger and classified as held for sale in 2017 (Note 10). The broker-dealer business was contributed to the Colony S2K joint venture, an equity method investee, in April 2018.


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


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



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

Schedule of Deferred Leasing Costs and Other Intangibles

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



	December 31, 2018							December 31, 2017
(In thousands)	Carrying Amount (Net of Impairment)⁽¹⁾		Accumulated Amortization			Net Carrying Amount		Carrying Amount (Net of Impairment)⁽¹⁾		Accumulated Amortization			Net Carrying Amount
Deferred Leasing Costs and Intangible Assets
In-place lease values	$	267,221	$	(112,673	)	$	154,548	$	243,037	$	(98,021	)	$	145,016
Above-market lease values	129,079		(43,412		)	85,667		166,571		(34,968		)	131,603
Below-market ground lease obligations	16,258		(984		)	15,274		29,625		(316		)	29,309
Deferred leasing costs	111,486		(46,666		)	64,820		121,765		(38,389		)	83,376
Lease incentives	14,576		(1,381		)	13,195		14,565		(298		)	14,267
Trade name ⁽²⁾	15,500		—			15,500		79,700		(3,131		)	76,569
Investment management contracts	194,698		(92,618		)	102,080		342,127		(70,394		)	271,733
Customer relationships	49,291		(15,027		)	34,264		59,400		(10,421		)	48,979
Other ⁽³⁾	59,157		(4,241		)	54,916		54,061		(2,041		)	52,020
Total deferred leasing costs and intangible assets	$	857,266	$	(317,002	)	$	540,264	$	1,110,851	$	(257,979	)	$	852,872
Intangible Liabilities
Below-market lease values	$	204,066	$	(59,180	)	$	144,886	$	214,833	$	(36,426	)	$	178,407
Above-market ground lease obligations	16,080		(1,580		)	14,500		13,417		(715		)	12,702
Total intangible liabilities	$	220,146	$	(60,760	)	$	159,386	$	228,250	$	(37,141	)	$	191,109

__________

⁽¹⁾


⁽²⁾	The Colony trade name is determined to have an indefinite useful life and not currently subject to amortization. The NorthStar trade name, prior to its write-off in June 2018, was amortized over an estimated useful life of 20 years.


⁽³⁾	Represents primarily the value of certificates of need associated with certain healthcare portfolios which are not amortized and franchise agreements associated with certain hotel properties which are subject to amortization over the term of the respective agreements.

Schedule of Expected Annual Amortization Expenses

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



	Year Ended December 31,
(In thousands)	2018			2017			2016
Above-market lease values	$	(29,444	)	$	(25,235	)	$	(8,658	)
Below-market lease values	35,919			40,079			7,089
Lease incentives	(1,085		)	(218		)	—
Net increase (decrease) to rental income	$	5,390		$	14,626		$	(1,569	)

Above-market ground lease obligations	$	(925	)	$	(752	)	$	482
Below-market ground lease obligations	669			854			(6		)
Net increase (decrease) to ground rent expense	$	(256	)	$	102		$	476

In-place lease values	$	45,718		$	74,560		$	30,193
Deferred leasing costs	17,749			19,046			13,777
Trade name	1,606			3,682			—
Investment management contracts	22,386			38,640			11,446
Customer relationships	4,606			12,514			3,343
Other	2,291			10,215			—
Amortization expense	$	94,356		$	158,657		$	58,759

Schedule of Estimated Annual Amortization Expense



	Year Ending December 31,
(In thousands)	2019			2020			2021			2022			2023			2024 and Thereafter			Total
Net increase (decrease) to rental income	$	10,761		$	9,553		$	9,769		$	8,811		$	9,003		$	(1,873	)	$	46,024
Net increase (decrease) to rent expense	(226		)	(224		)	(219		)	(216		)	(224		)	1,883			774
Amortization expense	133,063			56,409			44,376			36,186			31,563			79,913			381,510

Assets and Related Liabilities Held For Sale (Tables)

12 Months Ended

Dec. 31, 2018

Discontinued Operations and Disposal Groups [Abstract]

Disclosure of Long Lived Assets and Liabilities Held-for-sale

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



(In thousands)	December 31, 2018		December 31, 2017
Assets
Restricted cash	$	4,060	$	1,020
Real estate, net	852,402		720,686
Goodwill ⁽¹⁾	—		20,000
Intangible assets, net	41,590		37,337
Other assets	43,206		2,587
Total assets held for sale	$	941,258	$	781,630

Liabilities
Secured debt, net ⁽²⁾	$	—	$	196,905
Lease intangibles and other liabilities, net	68,217		76,393
Total liabilities related to assets held for sale	$	68,217	$	273,298

__________


⁽¹⁾	Goodwill is associated with the broker-dealer business that was held for sale at December 31, 2017. The broker-dealer business was contributed to the Colony S2K joint venture, an equity method investee, in April 2018.


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

Restricted Cash, Other Assets and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2018

Restricted Cash, Other Assets And Other Liabilities [Abstract]

Schedule of Restricted Cash

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



(In thousands)	December 31, 2018		December 31, 2017
Capital expenditures reserves ⁽¹⁾	$	215,366	$	249,612
Real estate escrow reserves ⁽²⁾	51,352		42,420
Borrower escrow deposits	10,412		41,545
Working capital and other reserves ⁽³⁾	19,586		23,043
Tenant lock boxes ⁽⁴⁾	15,666		16,486
Restricted cash of consolidated N-Star CDOs ⁽⁵⁾	—		13,656
Other	54,376		84,316
Total restricted cash	$	366,758	$	471,078

__________


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


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


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


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


⁽⁵⁾	Balance at December 31, 2017 represents proceeds from repayments and/or sales of debt securities which are pending distribution in consolidated N-Star CDOs. The Company sold all of its interest in the sponsored N-Star CDOs in May 2018 and deconsolidated the N-Star CDOs.

Schedule of Allowance for Doubtful Accounts

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



(In thousands)	December 31, 2018		December 31, 2017
Tenant security deposits and payable	$	29,070	$	27,560
Borrower escrow deposits	13,001		46,231
Deferred income ⁽¹⁾	40,156		42,457
Interest payable	40,648		42,462
Derivative liabilities (Note 13)	132,808		204,848
Contingent consideration—THL Hotel Portfolio (Note 3)	8,903		7,419
Share repurchase payable ⁽²⁾	7,567		—
Current and deferred income tax liability	93,174		166,276
Accrued compensation	81,911		77,483
Accrued carried interest and contractual incentive fee compensation	12,182		—
Accrued real estate and other taxes	64,440		77,060
Other accrued expenses	89,745		107,508
Accounts payable and other liabilities	94,316		98,857
Total accrued and other liabilities	$	707,921	$	898,161

__________

⁽¹⁾


⁽²⁾	Represents the Company's common stock repurchases transacted in December 2018 and settled in January 2019.

Schedule of the Company's Other Assets, Net

The following table summarizes the Company's other assets:



(In thousands)	December 31, 2018		December 31, 2017
Interest receivable	$	14,005	$	21,529
Straight-line rents	61,196		45,598
Hotel-related reserves ⁽¹⁾	21,636		29,208
Investment deposits and pending deal costs	34,179		1,706
Deferred financing costs, net ⁽²⁾	7,870		10,068
Contingent consideration escrow account ⁽³⁾	—		15,730
Derivative assets(Note 13)	33,558		10,152
Prepaid taxes and deferred tax assets, net	71,656		79,063
Receivables from resolution of investments ⁽⁴⁾	30,770		15,215
Contributions receivable ⁽⁵⁾	55,252		25,501
Accounts receivable ⁽⁶⁾	67,005		87,744
Prepaid expenses	26,991		29,526
Other assets	31,267		20,296
Fixed assets, net	47,932		53,632
Total other assets	$	503,317	$	444,968

__________


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


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

⁽³⁾


⁽⁴⁾	Represents primarily proceeds from loan repayments held in escrow and sales of marketable equity securities pending settlement.


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


⁽⁶⁾	Includes receivables for hotel operating income, resident fees, rent and other tenant receivables.

Debt (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Schedule of Debt

The Company's debt consists of the following components:



(In thousands)	Corporate Credit Facility⁽¹⁾		Convertible and Exchangeable Senior Notes			Secured and Unsecured Debt (2)			Securitization Bonds Payable (3)			Junior Subordinated Notes			Total Debt
December 31, 2018
Debt at amortized cost
Principal	$	—	$	616,105		$	9,352,902		$	—		$	280,117		$	10,249,124
Premium (discount), net	—		2,697			(41,217		)	—			(81,031		)	(119,551		)
Deferred financing costs	—		(6,652		)	(82,964		)	—			—			(89,616		)
	$	—	$	612,150		$	9,228,721		$	—		$	199,086		$	10,039,957
December 31, 2017
Debt at amortized cost
Principal	$	50,000	$	616,105		$	9,792,169		$	391,231		$	280,117		$	11,129,622
Premium (discount), net	—		3,131			(78,634		)	(87,319		)	(83,064		)	(245,886		)
Deferred financing costs	—		(8,905		)	(91,360		)	(203		)	—			(100,468		)
	50,000		610,331			9,622,175			303,709			197,053			10,783,268
Debt at fair value ⁽⁴⁾	—		—			—			44,542			—			44,542
	$	50,000	$	610,331		$	9,622,175		$	348,251		$	197,053		$	10,827,810

__________


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


⁽²⁾	Debt principal totaling $425.9 million at December 31, 2018 and $216.6 million at December 31, 2017 was related to financing on assets held for sale. Debt associated with assets held for sale that will be assumed by the buyer is included in liabilities related to assets held for sale (Note 10).

⁽³⁾

⁽⁴⁾



	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, 2018
Recourse
Corporate credit facility	$	—	N/A		N/A	$	—	N/A		2.0	$	—	N/A		2.0
Convertible and exchangeable senior notes	616,105		4.27	%	3.0	—		N/A		N/A	616,105		4.27	%	3.0
Junior subordinated debt	—		N/A		N/A	280,117		5.66	%	17.4	280,117		5.66	%	17.4
Secured debt ⁽¹⁾	37,199		5.02	%	6.9	—		N/A		N/A	37,199		5.02	%	6.9
	653,304					280,117					933,421
Non-recourse
Secured debt ⁽²⁾
Healthcare ⁽³⁾	2,130,999		4.62	%	1.9	1,109,681		6.64	%	2.7	3,240,680		5.31	%	2.2
Industrial	1,071,721		3.83	%	10.6	5,474		5.27	%	4.2	1,077,195		3.84	%	10.6
Hospitality	12,019		12.99	%	2.6	2,636,053		5.68	%	3.8	2,648,072		5.71	%	3.8
Other Real Estate Equity	200,814		4.02	%	3.8	1,789,431		4.43	%	3.6	1,990,245		4.39	%	3.7
Real Estate Debt	—		N/A		N/A	359,511		4.50	%	2.4	359,511		4.50	%	2.4
	3,415,553					5,900,150					9,315,703
	$	4,068,857				$	6,180,267				$	10,249,124
December 31, 2017
Recourse
Corporate credit facility	$	—	N/A		N/A	$	50,000	3.51	%	3.0	$	50,000	3.51	%	3.0
Convertible and exchangeable senior notes	616,105		4.27	%	4.0	—		N/A		N/A	616,105		4.27	%	4.0
Junior subordinated debt	—		N/A		N/A	280,117		4.56	%	18.4	280,117		4.56	%	18.4
Secured debt ⁽¹⁾	39,219		5.02	%	7.9	—		N/A		N/A	39,219		5.02	%	7.9
	655,324					330,117					985,441
Non-recourse
Securitization bonds payable	30,132		3.45	%	29.9	361,099		3.02	%	28.4	391,231		3.05	%	28.5
Secured debt ⁽²⁾
Healthcare	2,168,936		4.65	%	2.9	1,119,320		5.75	%	3.0	3,288,256		5.03	%	3.0
Industrial	1,014,229		3.50	%	11.4	—		N/A		N/A	1,014,229		3.50	%	11.4
Hospitality	9,038		11.00	%	3.6	2,599,681		4.67	%	3.7	2,608,719		4.69	%	3.7
Other Real Estate Equity	374,789		4.07	%	5.5	1,841,209		4.02	%	4.4	2,215,998		4.03	%	4.6
Real Estate Debt	—		N/A		N/A	625,748		4.05	%	3.3	625,748		4.05	%	3.3
	3,597,124					6,547,057					10,144,181
	$	4,252,448				$	6,877,174				$	11,129,622

__________


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

⁽²⁾

⁽³⁾

Convertible Senior Notes Issued

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



Description	Issuance Date	Due Date	Interest Rate	Conversion or Exchange Price (per share of common stock)		Conversion or Exchange Ratio ⁽²⁾ (In Shares)	Conversion or Exchange Shares (in thousands)	Earliest Redemption Date	Outstanding Principal
									December 31, 2018		December 31, 2017
									December 31, 2018		December 31, 2017
5.00% Convertible Notes	April 2013	April 15, 2023	5.00	$	15.76	63.4700	12,694	April 22, 2020	$	200,000	$	200,000
3.875% Convertible Notes	January and June 2014	January 15, 2021	3.875	16.57		60.3431	24,288	January 22, 2019	402,500		402,500
5.375% Exchangeable Notes	June 2013 ⁽¹⁾	June 15, 2033	5.375	12.04		83.0837	1,130	June 15, 2023	13,605		13,605
									$	616,105	$	616,105

__________


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

⁽²⁾

Schedule of Future Minimum Principal Payment



(In thousands)	Corporate Credit Facility		Convertible and Exchangeable Senior Notes		Secured Debt		Junior Subordinated Notes		Total
Year Ending December 31,	Corporate Credit Facility		Convertible and Exchangeable Senior Notes		Secured Debt		Junior Subordinated Notes		Total
2019	$	—	$	—	$	2,468,980	$	—	$	2,468,980
2020	—		—		626,552		—		626,552
2021	—		402,500		945,987		—		1,348,487
2022	—		—		2,826,948		—		2,826,948
2023	—		200,000		192,667		—		392,667
2024 and thereafter	—		13,605		2,291,768		280,117		2,585,490
Total	$	—	$	616,105	$	9,352,902	$	280,117	$	10,249,124

Schedule Of Interest Incurred And Capitalized On Real Estate Under Development Or Construction

Total interest incurred on the Company's debt, including interest capitalized on real estate under development or construction beginning in 2018, was as follows:



	Year Ended December 31,
(In thousands)	2018		2017		2016
Interest expensed	$	595,551	$	574,822	$	170,083
Interest capitalized	5,554		—		—
Total interest incurred	$	601,105	$	574,822	$	170,083

Derivatives (Tables)

12 Months Ended

Dec. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Gross fair value of derivative assets and liabilities

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



	December 31, 2018						December 31, 2017
(In thousands)	Designated Hedges		Non-Designated Hedges		Total		Designated Hedges		Non-Designated Hedges		Total
Derivative Assets
Foreign exchange contracts	$	31,127	$	1,069	$	32,196	$	8,009	$	975	$	8,984
Interest rate contracts	862		500		1,362		—		1,168		1,168
Included in other assets	$	31,989	$	1,569	$	33,558	$	8,009	$	2,143	$	10,152
Derivative Liabilities
Foreign exchange contracts	$	6,193	$	211	$	6,404	$	39,101	$	5,307	$	44,408
Interest rate contracts	—		126,404		126,404		—		160,440		160,440
Included in accrued and other liabilities	$	6,193	$	126,615	$	132,808	$	39,101	$	165,747	$	204,848

Schedule of foreign exchange contracts

The following table summarizes the aggregate notional amounts of designated and non-designated foreign exchange contracts in place at December 31, 2018, along with certain key terms:

Hedged Currency

Instrument Type

Notional Amount
(in thousands)

FX Rates
($ per unit of foreign currency)

Range of Expiration Dates

Designated

Non-Designated

EUR

FX Collar

€

84,549

€

114

Min $1.06/ Max $1.53

October 2019 to November 2020

GBP

FX Collar

39,881

2,309

Min $1.45 / Max $1.82

June 2019 to December 2019

EUR

FX Forward

€

431,874

€

14,944

Min $1.10 / Max $1.38

January 2019 to December 2023

GBP

FX Forward

88,313

26,257

Min $1.24 / Max $1.29

May 2019 to December 2020

Schedule of net investment hedges included in accumulated other comprehensive income (loss)



	Year Ended December 31,
(In thousands)	2018		2017			2016
Designated net investment hedges:
Realized gain (loss) transferred from AOCI to earnings	$	7,426	$	(3,931	)	62

Non-Designated Hedges



	Year Ended December 31,
(In thousands)	2018		2017			2016
Non-designated net investment hedges:
Unrealized gain (loss) transferred from AOCI to earnings	$	3,726	$	(3,928	)	1,600

Schedule of interest rate derivatives

At December 31, 2018, the Company held the following interest rate contracts:



	Notional Amount (in thousands)					Strike Rate / Forward Rate
Instrument Type	Designated		Non-Designated		Index	Strike Rate / Forward Rate	Expiration
Interest rate swap ⁽¹⁾	$	—	$	2,000,000	3-Month LIBOR	3.39%	December 2019
Interest rate caps	$	—	$	4,009,957	1-Month LIBOR	3.0% - 4.5%	January 2019 to December 2020
Interest rate caps	$	—	$	52,155	3-Month LIBOR	2.24%	March 2019
Interest rate caps	€	247,513	€	441,151	3-Month EURIBOR	0.75% - 1.5%	October 2019 to November 2023
Interest rate caps	£	—	£	363,716	3-Month GBP LIBOR	1.5% - 2.5%	November 2019 to February 2020
Deliverable swap futures	$	—	$	19,000	⁽²⁾	⁽²⁾	March 2019

__________


⁽¹⁾	Represents a forward-starting interest rate swap that has a maturity date in December 2029, with mandatory settlement at fair value in December 2019.


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

The following table summarizes amounts recorded in other gain (loss) related to interest rate derivative contracts:



	Year Ended December 31,
(In thousands)	2018		2017			2016
Unrealized gain (loss):
Cash flow hedge ineffectiveness	$	—	$	—		$	(401	)
Non-designated interest rate contracts	33,307		(15,080		)	(1,455		)

Offsetting derivative assets

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 Pledged		Net Amounts of Assets (Liabilities)
December 31, 2018
Derivative Assets
Foreign exchange contracts	$	32,196		$	(1,743	)	$	—	$	30,453
Interest rate contracts	1,362			(823		)	—		539
	$	33,558		$	(2,566	)	$	—	$	30,992
Derivative Liabilities
Foreign exchange contracts	$	(6,404	)	$	1,743		$	—	$	(4,661	)
Interest rate contracts	(126,404		)	823			840		(124,741		)
	$	(132,808	)	$	2,566		$	840	$	(129,402	)

December 31, 2017
Derivative Assets
Foreign exchange contracts	$	8,984		$	(8,944	)	$	—	$	40
Interest rate contracts	1,168			(4		)	—		1,164
	$	10,152		$	(8,948	)	$	—	$	1,204
Derivative Liabilities
Foreign exchange contracts	$	(44,408	)	$	8,944		$	—	$	(35,464	)
Interest rate contracts	(160,440		)	4			1,900		(158,536		)
	$	(204,848	)	$	8,948		$	1,900	$	(194,000	)

Offsetting derivative liabilities

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



	Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets			Gross Amounts Not Offset on Consolidated Balance Sheets					Net Amounts of Assets (Liabilities)
(In thousands)				(Assets) Liabilities			Cash Collateral Pledged		Net Amounts of Assets (Liabilities)
December 31, 2018
Derivative Assets
Foreign exchange contracts	$	32,196		$	(1,743	)	$	—	$	30,453
Interest rate contracts	1,362			(823		)	—		539
	$	33,558		$	(2,566	)	$	—	$	30,992
Derivative Liabilities
Foreign exchange contracts	$	(6,404	)	$	1,743		$	—	$	(4,661	)
Interest rate contracts	(126,404		)	823			840		(124,741		)
	$	(132,808	)	$	2,566		$	840	$	(129,402	)

December 31, 2017
Derivative Assets
Foreign exchange contracts	$	8,984		$	(8,944	)	$	—	$	40
Interest rate contracts	1,168			(4		)	—		1,164
	$	10,152		$	(8,948	)	$	—	$	1,204
Derivative Liabilities
Foreign exchange contracts	$	(44,408	)	$	8,944		$	—	$	(35,464	)
Interest rate contracts	(160,440		)	4			1,900		(158,536		)
	$	(204,848	)	$	8,948		$	1,900	$	(194,000	)

- Definition

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

+ References

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+ Details

Fair Value (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

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



	Fair Value Measurements
(In thousands)	Level 1		Level 2		Level 3		Total
December 31, 2018
Assets
Equity method investments	$	—	$	—	$	81,085	$	81,085
Equity securities of consolidated funds	26,754		—		—		26,754
Debt securities available for sale—N-Star CDO bonds	—		—		64,127		64,127
CMBS of consolidated fund	—		32,706		—		32,706
Other assets—derivative assets	—		33,558		—		33,558
Liabilities
Other liabilities—derivative liabilities	—		132,808		—		132,808
Other liabilities—contingent consideration for THL Hotel Portfolio	—		—		8,903		8,903



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

Schedule of Fair Value Assumptions Related to Contingent Consideration

Quantitative information about recurring Level 3 fair value measurements, for which information about unobservable inputs is reasonably available to the Company, are as follows.

Valuation Technique

Key Unobservable Inputs

Input Value

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

Financial Instrument

Fair Value

(In thousands)

Weighted Average

(Range)

December 31, 2018

Level 3 Assets

Equity method investments—third party private equity funds

5,908

Transaction price and NAV⁽²⁾

Not applicable

Equity method investments—other

21,831

Discounted cash flows

Discount rate

17.5%
(9.1% - 18.4%)

Decrease

Equity method investments—other

25,000

Multiple

Revenue multiple

5.8x

Increase

Equity method investments—other

28,346

Transaction price⁽³⁾

Not applicable

N-Star CDO bonds

64,127

Discounted cash flows

Discount rate

21.6%
(13.6% - 56.5%)

Decrease

Level 3 Liabilities

Other liabilities—contingent consideration for THL Hotel Portfolio

8,903

Discounted cash flows

Discount rate

20.0%

Decrease

December 31, 2017

Level 3 Assets

Equity method investments—third party private equity funds

204,774

Discounted cash flows

Discount rate

14.6%
(11.0% - 20.0%)

Decrease

Equity method investments—other

26,408

Discounted cash flows

Discount rate

14.2%
(8.8% - 14.8%)

Decrease

Equity method investments—other

132,719

Transaction price⁽³⁾

Not applicable

N-Star CDO bonds

90,933

Discounted cash flows

Discount rate

24.0%
(10.8% - 87.4%)

Decrease

Level 3 Liabilities

Due to affiliates—contingent consideration for Internalization

20,650

Monte Carlo simulation

Benchmark FFO volatility

11.8%

Increase

Equity volatility

18.7%

Increase

Correlation ⁽⁴⁾

80.0%

Increase

Other liabilities—contingent consideration for THL Hotel Portfolio

7,419

Discounted cash flows

Discount rate

20.0%

Decrease

__________


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


⁽²⁾	Fair value was estimated based on a combination of inputs, namely indicative prices of investments sold by the Company as well as underlying NAV of the respective funds on a quarter lag.


⁽³⁾	Valued based upon transaction price of investments recently acquired or offer prices on investments pending sales.


⁽⁴⁾	Represents assumed correlation between Benchmark FFO and the Company's class A common stock price.

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



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

__________


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


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


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

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

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.



		Level 3 Assets									Level 3 Liabilities
(In thousands)		Loans Receivable			Equity Method Investments			Securities			Debt			Due to Affiliates—Contingent Consideration for Internalization			Other Liabilities—Contingent Consideration for THL Hotel Portfolio
Fair value at December 31, 2015		$	—		$	—		$	—		$	—		$	(52,990	)	$	—
Unrealized gain in earnings		—			—			—			—			11,740			—
Fair value at December 31, 2016		$	—		$	—		$	—		$	—		$	(41,250	)	$	—
Unrealized gain related to balance recorded in earnings		$	—		$	—		$	—		$	—		$	11,740		$	—

Fair value at December 31, 2016		$	—		$	—		$	—		$	—		$	(41,250	)	$	—
Acquired through the Merger		—			362,269			427,560			—			—			—
Consideration for business combination		—			—			—			—			—			(6,771		)
Consolidation of securitization trust	Consolidation of securitization trust	58,296			—			—			(56,928		)	—			—
Purchases, contributions or accretion		—			162,323			40,035			10,564			—			—
Paydowns or distributions		(10,564		)	(166,795		)	(120,728		)	—			—			—
Realized losses in earnings		—			—			(38,885		)	—			—			—
Unrealized gains:
In earnings		(2,309		)	6,104			—			1,822			20,600			(648		)
In other comprehensive income		—			—			15,261			—			—			—
Fair value at December 31, 2017		$	45,423		$	363,901		$	323,243		$	(44,542	)	$	(20,650	)	$	(7,419	)
Unrealized gains (losses) on ending balance:
In earnings		$	(2,309	)	$	6,104		$	—		$	1,822		$	20,600		$	(648	)
In other comprehensive income (loss)		$	—		$	—		$	15,261		$	—		$	—		$	—

Fair value at December 31, 2017		$	45,423		$	363,901		$	323,243		$	(44,542	)	$	(20,650	)	$	(7,419	)
Purchases, contributions or accretion		—			61,113			21,049			—			—			—
Paydowns, distributions or sales		(638		)	(188,409		)	(138,261		)	638			—			—
Deconsolidation		(44,070		)	—			(124,344		)	43,847			—			—
Transfer out of liabilities into equity		—			—			—			—			12,539			—
Transfers out of Level 3		—			(132,527		)	—			—			6,381			—
Contribution to Colony Credit (Note 4)		—			(26,134		)	—			—			—			—
Realized gains in earnings		—			3,208			3,877			—			—			—
Unrealized gains (losses):
In earnings		(715		)	(67		)	—			57			1,730			(1,484		)
In other comprehensive income (loss)		—			—			(21,437		)	—			—			—
Fair value at December 31, 2018		$	—		$	81,085		$	64,127		$	—		$	—		$	(8,903	)
Unrealized gains (losses) on ending balance:
In earnings		$	(715	)	$	(67	)	$	—		$	57		$	1,730		$	(1,484	)
In other comprehensive income (loss)		$	—		$	—		$	(3,386	)	$	—		$	—		$	—

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

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.



		Level 3 Assets									Level 3 Liabilities
(In thousands)		Loans Receivable			Equity Method Investments			Securities			Debt			Due to Affiliates—Contingent Consideration for Internalization			Other Liabilities—Contingent Consideration for THL Hotel Portfolio
Fair value at December 31, 2015		$	—		$	—		$	—		$	—		$	(52,990	)	$	—
Unrealized gain in earnings		—			—			—			—			11,740			—
Fair value at December 31, 2016		$	—		$	—		$	—		$	—		$	(41,250	)	$	—
Unrealized gain related to balance recorded in earnings		$	—		$	—		$	—		$	—		$	11,740		$	—

Fair value at December 31, 2016		$	—		$	—		$	—		$	—		$	(41,250	)	$	—
Acquired through the Merger		—			362,269			427,560			—			—			—
Consideration for business combination		—			—			—			—			—			(6,771		)
Consolidation of securitization trust	Consolidation of securitization trust	58,296			—			—			(56,928		)	—			—
Purchases, contributions or accretion		—			162,323			40,035			10,564			—			—
Paydowns or distributions		(10,564		)	(166,795		)	(120,728		)	—			—			—
Realized losses in earnings		—			—			(38,885		)	—			—			—
Unrealized gains:
In earnings		(2,309		)	6,104			—			1,822			20,600			(648		)
In other comprehensive income		—			—			15,261			—			—			—
Fair value at December 31, 2017		$	45,423		$	363,901		$	323,243		$	(44,542	)	$	(20,650	)	$	(7,419	)
Unrealized gains (losses) on ending balance:
In earnings		$	(2,309	)	$	6,104		$	—		$	1,822		$	20,600		$	(648	)
In other comprehensive income (loss)		$	—		$	—		$	15,261		$	—		$	—		$	—

Fair value at December 31, 2017		$	45,423		$	363,901		$	323,243		$	(44,542	)	$	(20,650	)	$	(7,419	)
Purchases, contributions or accretion		—			61,113			21,049			—			—			—
Paydowns, distributions or sales		(638		)	(188,409		)	(138,261		)	638			—			—
Deconsolidation		(44,070		)	—			(124,344		)	43,847			—			—
Transfer out of liabilities into equity		—			—			—			—			12,539			—
Transfers out of Level 3		—			(132,527		)	—			—			6,381			—
Contribution to Colony Credit (Note 4)		—			(26,134		)	—			—			—			—
Realized gains in earnings		—			3,208			3,877			—			—			—
Unrealized gains (losses):
In earnings		(715		)	(67		)	—			57			1,730			(1,484		)
In other comprehensive income (loss)		—			—			(21,437		)	—			—			—
Fair value at December 31, 2018		$	—		$	81,085		$	64,127		$	—		$	—		$	(8,903	)
Unrealized gains (losses) on ending balance:
In earnings		$	(715	)	$	(67	)	$	—		$	57		$	1,730		$	(1,484	)
In other comprehensive income (loss)		$	—		$	—		$	(3,386	)	$	—		$	—		$	—

Fair Value, Assets Measured on Recurring and Nonrecurring Basis



	December 31, 2018
(In thousands)	Fair Value		Unfunded Commitments
Private fund—real estate	$	12,617	$	13,658
Retail Companies—real estate	21,674		—

Fair Value Measurements, Nonrecurring

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



	December 31, 2018						December 31, 2017
(In thousands)	Level 2		Level 3		Total		Level 2		Level 3		Total
Real estate held for sale	$	68,864	$	200,281	$	269,145	$	13,252	$	36,246	$	49,498
Real estate held for investment	—		416,272		416,272		—		224,935		224,935
Intangible assets—investment management contracts	—		36,400		36,400		—		51,100		51,100
Equity method investments	—		32,761		32,761		—		11,871		11,871

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



	Year Ended December 31,
(In thousands)	2018		2017		2016
Impairment loss
Real estate held for sale	$	77,211	$	25,619	$	11,334
Real estate held for investment	280,418		19,668		57
Intangible assets—lease intangibles	12,744		—		—
Intangible assets—investment management contracts	147,429		59,073		320
Intangible assets—customer relationships	10,109		—		—
Intangible assets—trade name	59,464		—		—
Equity method earnings	61,182		6,774		—

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



	Fair Value Measurements								Carrying Value
(In thousands)	Level 1		Level 2		Level 3		Total		Carrying Value
December 31, 2018
Assets
Loans at amortized cost	$	—	$	—	$	1,667,892	$	1,667,892	$	1,659,217
Liabilities
Debt at amortized cost
Convertible and exchangeable senior notes	547,300		13,095		—		560,395		612,150
Secured debt	—		—		9,218,692		9,218,692		9,228,721
Junior subordinated debt	—		—		169,619		169,619		199,086
December 31, 2017
Assets
Loans at amortized cost	$	—	$	—	$	3,232,301	$	3,232,301	$	3,178,339
Liabilities
Debt at amortized cost
Corporate credit facility	—		50,000		—		50,000		50,000
Convertible and exchangeable senior notes	608,491		13,979		—		622,470		610,331
Secured and unsecured debt	—		—		9,703,680		9,703,680		9,622,175
Securitization bonds payable	—		132,815		169,908		302,723		303,709
Junior subordinated debt	—		—		216,316		216,316		197,053

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2018

Equity [Abstract]

Activity of Preferred and Common Stock

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



	Number of Shares
(In thousands)	Preferred Stock		Class A Common Stock		Class B Common Stock
Shares outstanding at December 31, 2015	25,030		163,777		801
Repurchase of preferred stock ⁽¹⁾	(964	)	—		—
Contribution of preferred stock to an affiliate ⁽¹⁾	964		—		—
Shares issued upon redemption of OP units	—		1,370		—
Conversion of class B to class A common stock	—		31		(31	)
Equity-based compensation, net of forfeitures	—		1,478		—
Shares canceled for tax withholding on vested stock awards	—		(216	)	—
Shares outstanding at December 31, 2016	25,030		166,440		770
Consideration for the Merger ⁽²⁾	39,466		392,120		—
Issuance of preferred stock	26,400		—		—
Redemption of preferred stock	(25,432	)	—		—
Shares canceled ⁽³⁾	—		(2,984	)	—
Shares issued upon redemption of OP Units	—		1,684		—
Conversion of class B to class A common stock	—		34		(34	)
Repurchase of common stock	—		(23,371	)	—
Exchange of notes for class A common stock	—		233		—
Equity-based compensation, net of forfeitures	—		8,096		—
Redemption of restricted stock units	—		775		—
Shares canceled for tax withholding on vested stock awards	—		(428	)	—
Shares outstanding at December 31, 2017	65,464		542,599		736
Redemption of preferred stock	(8,000	)	—		—
Shares issued upon redemption of OP Units ⁽⁴⁾	—		2,074		—
Shares issued for settlement of contingent consideration—Internalization (Note 14)	—		15		40
Conversion of class B to class A common stock	—		42		(42	)
Repurchase of common stock	—		(61,418	)
Equity-based compensation, net of forfeitures	—		3,394		—
Shares canceled for tax withholding on vested stock awards	—		(3,359	)	—
Shares outstanding at December 31, 2018	57,464		483,347		734

__________

⁽¹⁾

⁽²⁾


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


⁽⁴⁾	Includes 572,567 shares of class A common stock issued upon redemption of an equivalent number of OP Units that were issued for settlement of the contingent consideration in connection with the Internalization (Note 17).

Preferred Stock

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

The table below summarizes the preferred stock issued and outstanding at December 31, 2018:



Description	Dividend Rate Per Annum		Initial Issuance Date	Shares Outstanding (in thousands)	Par Value (in thousands)		Liquidation Preference (in thousands)		Earliest Redemption Date
Series B	8.25	%	February 2007 ⁽¹⁾	6,114	$	61	$	152,855	Currently redeemable
Series E	8.75	%	May 2014 ⁽¹⁾	10,000	100		250,000		May 15, 2019
Series G	7.5	%	June 2014 ⁽¹⁾	3,450	35		86,250		June 19, 2019
Series H	7.125	%	April 2015 ⁽¹⁾	11,500	115		287,500		April 13, 2020
Series I	7.15	%	June 2017	13,800	138		345,000		June 5, 2022
Series J	7.125	%	September 2017	12,600	126		315,000		September 22, 2022
				57,464	$	575	$	1,436,605

__________


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

Components of Accumulated Other Comprehensive Income (Loss) Attributable to Stockholders

Changes in Components of AOCI—Stockholders



(In thousands)	Company's Share in AOCI of Equity Method Investments			Unrealized Gain (Loss) on Securities			Unrealized Gain (Loss) on Cash Flow Hedges			Foreign Currency Translation Gain (Loss)			Unrealized Gain (Loss) on Net Investment Hedges			Total
AOCI at December 31, 2015	$	—		$	—		$	(245	)	$	(42,125	)	$	23,948		$	(18,422	)
Other comprehensive income (loss) before reclassifications	131			(112		)	7			(34,234		)	21,123			(13,085		)
Amounts reclassified from AOCI	(46		)	—			197			(67		)	(686		)	(602		)
AOCI at December 31, 2016	$	85		$	(112	)	$	(41	)	$	(76,426	)	$	44,385		$	(32,109	)
Other comprehensive income (loss) before reclassifications	5,450			(22,014		)	41			124,846			(68,581		)	39,742
Amounts reclassified from AOCI	81			36,544			—			(2,489		)	5,547			39,683
AOCI at December 31, 2017	$	5,616		$	14,418		$	—		$	45,931		$	(18,649	)	$	47,316
Cumulative effect of adoption of new accounting pronouncements	(202		)	—			—			—			—			(202		)
Other comprehensive income (loss) before reclassifications	(1,785		)	(16,238		)	(91		)	(46,183		)	34,113			(30,184		)
Amounts reclassified from AOCI	—			(3,951		)	—			6,870			(8,446		)	(5,527		)
Deconsolidation of N-Star CDO	—			2,596			—			—			—			2,596
AOCI at December 31, 2018	$	3,629		$	(3,175	)	$	(91	)	$	6,618		$	7,018		$	13,999

Changes in Components of AOCI—Noncontrolling Interests in Investment Entities



(In thousands)	Unrealized Gain (Loss) on Securities			Unrealized Gain (Loss) on Cash Flow Hedges			Foreign Currency Translation Gain (Loss)			Unrealized Gain (Loss) on Net Investment Hedges			Total
AOCI at December 31, 2015	$	—		$	(149	)	$	51		$	(1	)	$	(99	)
Other comprehensive income (loss) before reclassifications	(527		)	—			(56,479		)	12,669			(44,337		)
Amounts reclassified from AOCI	—			149			(785		)	(870		)	(1,506		)
AOCI at December 31, 2016	$	(527	)	$	—		$	(57,213	)	$	11,798		$	(45,942	)
Other comprehensive income (loss) before reclassifications	981			—			97,840			(10,659		)	88,162
Amounts reclassified from AOCI	(454		)	—			(1,679		)	1,988			(145		)
AOCI at December 31, 2017	$	—		—			$	38,948		$	3,127		$	42,075
Other comprehensive income (loss) before reclassifications	—			(390		)	(39,621		)	8,696			(31,315		)
Amounts reclassified from AOCI	—			—			73			(2,179		)	(2,106		)
AOCI at December 31, 2018	$	—		$	(390	)	$	(600	)	$	9,644		$	8,654

Reclassification out of Accumulated Other Comprehensive Income

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



(In thousands)	Year Ended December 31,										Affected Line Item in the Consolidated Statements of Operations
Component of AOCI reclassified into earnings	2018			2017				2016
Realized gain (loss) on marketable securities	$	10,100		$	(5,285	)		$	46		Other gain (loss), net
Other-than-temporary impairment and write-offs of securities	(6,149		)	(31,259		)		—			Other gain (loss), net
Deconsolidation of N-Star CDO	(2,596		)	—			—	—			Other gain (loss), net
Unrealized gain on ineffective cash flow hedge	—			—				(197		)	Other gain (loss), net
Release of cumulative translation adjustments	(6,870		)	2,489				67			Other gain (loss), net
Unrealized gain (loss) on dedesignated net investment hedges	1,454			(1,829		)		634			Other gain (loss), net
Realized gain (loss) on net investment hedges	6,992			(3,718		)		52			Other gain (loss), net
Release of equity in AOCI of unconsolidated ventures	—			(81		)		—			Earnings from investments in unconsolidated ventures

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=65888546&loc=d3e21300-112643

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21553-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 480
-SubTopic 10
-Section S99
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=65877616&loc=d3e177068-122764

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21488-112644

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

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21484-112644

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Noncontrolling Interests (Tables)

12 Months Ended

Dec. 31, 2018

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interest

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



	Year Ended December 31,
(In thousands)	2018			2017
Beginning balance	$	34,144		$	—
Assumed through the Merger	—			78,843
Assumed through consolidation of sponsored private fund	—			24,763
Contributions	354			8,550
Distributions and redemptions	(21,405		)	(100,830		)
Net income (loss)	(3,708		)	23,543
Currency translation adjustment and other	—			(725		)
Ending balance	$	9,385		$	34,144

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2018

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations, Net Income (Loss)

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



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

Net income generated from operations of these held for sale asset groups is presented below. There were no discontinued operations during the year ended December 31, 2016.



	Year Ended December 31,
(In thousands)	2018			2017
Revenues
Property operating income	$	1,186		$	43,269
Other income	—			2,352
Expenses
Property operating expenses	1,159			20,530
Interest expense	—			9,028
Loss on sale of real estate assets	—			2,108
Other expenses	129			400
Net income (loss) from discontinued operations	(102		)	13,555
Income tax expense	—			—
Net income (loss) from discontinued operations after tax	(102		)	13,555
Net income (loss) from discontinued operations attributable to:
Noncontrolling interests in investment entities	(45		)	427
Noncontrolling interests in Operating Company	(4		)	31
Net income (loss) from discontinued operations attributable to Colony Capital, Inc.	$	(53	)	$	13,097

- Definition

+ References

+ Details

Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2018

Earnings Per Share [Abstract]

Earnings Per Share Reconciliation

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



	Year Ended December 31,
(In thousands, except per share data)	2018			2017			2016
Net income (loss) allocated to common stockholders
Income (loss) from continuing operations	$	(495,073	)	$	(78,168	)	$	290,726
Income (loss) from discontinued operations	(102		)	13,555			—
Net income (loss)	(495,175		)	(64,613		)	290,726
Net (income) loss attributable to noncontrolling interests:
Redeemable noncontrolling interests	3,708			(23,543		)	—
Investment entities	(67,994		)	(129,996		)	(163,084		)
Operating Company	39,854			20,261			(12,324		)
Net income (loss) attributable to Colony Capital, Inc.	(519,607		)	(197,891		)	115,318
Preferred stock redemption	3,995			(4,530		)	—
Preferred dividends	(117,097		)	(130,672		)	(48,159		)
Net income (loss) attributable to common stockholders	(632,709		)	(333,093		)	67,159
Net income allocated to participating securities	(2,504		)	(9,168		)	(2,293		)
Net income (loss) allocated to common stockholders—basic	(635,213		)	(342,261		)	64,866
Interest expense attributable to convertible notes ⁽¹⁾	—			—			—
Net income (loss) allocated to common stockholders—diluted	$	(635,213	)	$	(342,261	)	$	64,866
Weighted average common shares outstanding ⁽²⁾
Weighted average number of common shares outstanding—basic	496,993			532,600			164,570
Weighted average effect of dilutive shares ^(1)(3)(4)	—			—			—
Weighted average number of common shares outstanding—diluted	496,993			532,600			164,570
Basic earnings (loss) per share
Income (loss) from continuing operations	$	(1.28	)	$	(0.66	)	$	0.39
Income from discontinued operations	—			0.02			—
Net income (loss) attributable to common stockholders per basic common share	$	(1.28	)	$	(0.64	)	$	0.39
Diluted earnings (loss) per share
Income (loss) from continuing operations	$	(1.28	)	$	(0.66	)	$	0.39
Income from discontinued operations	—			0.02			—
Net income (loss) attributable to common stockholders per diluted common share	$	(1.28	)	$	(0.64	)	$	0.39

__________

⁽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 the Company. Accordingly, the historical share counts used to calculate the weighted average number of shares post-Merger reflect the exchange ratio of 1.4663 applied to shares outstanding prior to the Closing Date.

⁽³⁾


⁽⁴⁾	OP Units, subject to lock-up agreements, may be redeemed for registered or unregistered class A common shares on a one-for-one basis. At December 31, 2018, 2017 and 2016, there were 31,358,500, 32,282,500 and 30,296,100 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)

12 Months Ended

Dec. 31, 2018

Other Income and Expenses [Abstract]

Schedule of Asset Management and Other Fees

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



	Year Ended December 31,
(In thousands)	2018		2017		2016
Institutional funds	$	56,002	$	60,988	$	67,731
Non-traded REITs	29,597		88,081		—
Public companies (Colony Credit, NRE)	65,258		14,003		—
Broker-dealer, Townsend and other clients	964		57,717		—
	$	151,821	$	220,789	$	67,731

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



	Year Ended December 31,
(In thousands)	2018		2017		2016
Base management fees ($137,762, $165,436 and $63,212 from affiliates, respectively)	$	138,784	$	183,838	$	63,212
Asset management fees—from affiliates	2,078		3,069		4,519
Acquisition and disposition fees—from affiliates	1,922		16,237		—
Incentive fees ($5,445, $172, $0 from affiliates, respectively)	5,445		1,043		—
Other fee income ($3,389, $0 and $0 from affiliates, respectively)	3,592		16,602		—
Total fee income	$	151,821	$	220,789	$	67,731

Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2018

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

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques

Quantitative information about recurring Level 3 fair value measurements, for which information about unobservable inputs is reasonably available to the Company, are as follows.

Valuation Technique

Key Unobservable Inputs

Input Value

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

Financial Instrument

Fair Value

(In thousands)

Weighted Average

(Range)

December 31, 2018

Level 3 Assets

Equity method investments—third party private equity funds

5,908

Transaction price and NAV⁽²⁾

Not applicable

Equity method investments—other

21,831

Discounted cash flows

Discount rate

17.5%
(9.1% - 18.4%)

Decrease

Equity method investments—other

25,000

Multiple

Revenue multiple

5.8x

Increase

Equity method investments—other

28,346

Transaction price⁽³⁾

Not applicable

N-Star CDO bonds

64,127

Discounted cash flows

Discount rate

21.6%
(13.6% - 56.5%)

Decrease

Level 3 Liabilities

Other liabilities—contingent consideration for THL Hotel Portfolio

8,903

Discounted cash flows

Discount rate

20.0%

Decrease

December 31, 2017

Level 3 Assets

Equity method investments—third party private equity funds

204,774

Discounted cash flows

Discount rate

14.6%
(11.0% - 20.0%)

Decrease

Equity method investments—other

26,408

Discounted cash flows

Discount rate

14.2%
(8.8% - 14.8%)

Decrease

Equity method investments—other

132,719

Transaction price⁽³⁾

Not applicable

N-Star CDO bonds

90,933

Discounted cash flows

Discount rate

24.0%
(10.8% - 87.4%)

Decrease

Level 3 Liabilities

Due to affiliates—contingent consideration for Internalization

20,650

Monte Carlo simulation

Benchmark FFO volatility

11.8%

Increase

Equity volatility

18.7%

Increase

Correlation ⁽⁴⁾

80.0%

Increase

Other liabilities—contingent consideration for THL Hotel Portfolio

7,419

Discounted cash flows

Discount rate

20.0%

Decrease

__________


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


⁽²⁾	Fair value was estimated based on a combination of inputs, namely indicative prices of investments sold by the Company as well as underlying NAV of the respective funds on a quarter lag.


⁽³⁾	Valued based upon transaction price of investments recently acquired or offer prices on investments pending sales.


⁽⁴⁾	Represents assumed correlation between Benchmark FFO and the Company's class A common stock price.

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



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

__________


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


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


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

Components of Share-Based Compensation

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



	Year Ended December 31,
(In thousands)	2018		2017		2016
Compensation expense (including $270, $0 and $0 amortization of fair value of dividend equivalent right)	$	41,876	$	149,820	$	13,638
Earnings from investments in unconsolidated ventures	—		61		—
Investment and servicing expense	—		4,070		—
	$	41,876	$	153,951	$	13,638

Nonvested Shares Under Director Stock Plan and Equity Incentive Plan

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



											Weighted Average Grant Date Fair Value
	Restricted Stock		LTIP Units		DSUs		PSUs ⁽¹⁾		Total		PSUs		All Other Awards
Unvested shares and units at December 31, 2017	9,149,516		3,506,387		78,267		—		12,734,170		$	—	$	14.53
Granted	3,605,137		—		263,506		2,138,858		6,007,501		5.09		6.19
Vested	(7,121,545	)	(3,506,387	)	(158,639	)	—		(10,786,571	)	—		14.27
Forfeited	(211,018	)	—		—		(94,909	)	(305,927	)	5.09		11.42
Unvested shares and units at December 31, 2018	5,422,090		—		183,134		2,043,949		7,649,173		$	5.09	$	9.39

__________


⁽¹⁾	Represents the number of PSUs granted which does not reflect potential increases or decreases that could result from the final outcome of the total shareholder return at the end of the performance period. No PSUs were granted during 2017 and 2016.

Transactions with Affiliates (Tables)

12 Months Ended

Dec. 31, 2018

Summary of Related Party Disclosures



	Year Ended December 31,
(In thousands)	2018		2017		2016
Retail companies	$	4,672	$	19,545	$	—
Public companies—NRE and Colony Credit	10,747		—		—
Private funds and other	9,198		3,779		4,296
Equity awards of NRE and Colony Credit (Note 21)	10,078		—		—
Townsend	—		2,306		—
	$	34,695	$	25,630	$	4,296

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



(In thousands)	December 31, 2018		December 31, 2017
Due from Affiliates
Investment vehicles and unconsolidated ventures
Fee income	$	34,429	$	19,366
Cost reimbursements and recoverable expenses	10,754		30,749
Employees and other affiliates	596		1,403
	$	45,779	$	51,518
Due to Affiliates
Investment vehicles and unconsolidated ventures	$	—	$	2,884
Employees	—		20,650
	$	—	$	23,534

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income Tax Benefit (Expense)



	Year ended December 31,
(In thousands)	2018			2017			2016
Current
Federal	$	2,881		$	(20,316	)	$	(2,720	)
State and local	1,168			(3,606		)	(1,436		)
Foreign	(13,698		)	(16,138		)	(8,244		)
Total current tax benefit (expense)	(9,649		)	(40,060		)	(12,400		)
Deferred
Federal	64,962			110,711			6,214
State and local	1,320			18,235			(713		)
Foreign	3,148			9,513			2,117
Total deferred tax benefit	69,430			138,459			7,618
Total income tax benefit (expense)	$	59,781		$	98,399		$	(4,782	)

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax assets and deferred tax liabilities arising from temporary differences were as follows.



(In thousands)	December 31, 2018			December 31, 2017
Deferred tax assets
Net operating and capital loss carry forwards ⁽¹⁾	$	56,609		$	30,019
Equity-based compensation	17,162			28,071
Basis difference—investment in partnerships	7,745			—
Foreign tax credits ⁽²⁾	892			1,682
Straight-line and prepaid rent expense	7,850			3,601
Deferred income	—			1,932
Deferred interest expense	472			1,924
Other	2,904			7,947
Gross deferred tax assets	93,634			75,176
Valuation allowance ⁽³⁾	(22,062		)	(23,852		)
Deferred tax assets, net of valuation allowance	71,572			51,324
Deferred tax liabilities
Management contract intangibles	33,693			90,605
Basis difference—investment in partnerships	—			5,822
Basis difference—real estate	63,901			68,687
Deferred income	1,263			—
Other	108			1,643
Gross deferred tax liabilities	98,965			166,757
Net deferred tax liability	$	(27,393	)	$	(115,433	)

__________


⁽¹⁾	At December 31, 2018 and 2017, deferred tax asset was recognized on net operating losses of $251.2 million and $121.3 million, respectively. Net operating losses attributable to U.S. federal and state, where applicable, generally begin to expire in 2030, or can be carried forward indefinitely. Net operating losses attributable to foreign operations can generally be carried forward indefinitely.


⁽²⁾	Foreign tax credits expire beginning 2026.


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

Schedule of Effective Income Tax Rate Reconciliation



	Year Ended December 31,
(Amounts in thousands)	2018			2017			2016
Income (loss) from continuing and discontinued operations before income taxes	$	(554,956	)	$	(163,012	)	$	295,508
Pre-tax income attributable to pass-through subsidiaries	312,939			(89,104		)	(306,644		)
Pre-tax loss attributable to taxable subsidiaries	(242,017		)	(252,116		)	(11,136		)
Federal tax benefit at statutory tax rate (21%, 35% and 35%, respectively)	50,824			88,241			3,365
State and local income taxes, net of federal income tax benefit	10,983			9,380			88
Foreign income tax differential	(3,533		)	6			(5,441		)
Nondeductible expenses	(4,648		)	(20,372		)	(1,128		)
Excess inclusion income tax expense	—			—			(1,311		)
Valuation allowance, net	2,874			(3,555		)	(692		)
Impact of Tax Cuts and Jobs Act	2,190			24,908			—
Other	1,091			(209		)	337
Income tax benefit (expense)	$	59,781		$	98,399		$	(4,782	)

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments

At December 31, 2018, future minimum rental payments on noncancelable ground leases, excluding any contingent rent payments, on real estate held for investment were as follows.



Year Ending December 31,	(In thousands)
2019	$	5,236
2020	5,318
2021	5,487
2022	5,877
2023	5,821
2024 and thereafter	89,276
Total	$	117,015

Future contractual minimum rental payments for office leases at December 31, 2018 are as follows:



Year Ending December 31,	(In thousands)
2019	$	9,380
2020	9,007
2021	8,617
2022	7,602
2023	7,045
2024 and thereafter	29,615
Total	$	71,266

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

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

Selected Segment Results of Operations

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



(In thousands)	Healthcare			Industrial			Hospitality			CLNC			Other Equity and Debt			Investment Management			Amounts Not Allocated to Segments			Total

Year Ended December 31, 2018
Total revenues	$	592,455		$	290,956		$	849,513		$	—		$	739,167		$	183,946		$	9,239		$	2,665,276
Property operating expenses	271,166			83,003			563,453			—			316,037			—			—			1,233,659
Interest expense	194,898			42,713			153,395			—			150,032			—			54,513			595,551
Depreciation and amortization	164,389			129,104			144,528			—			99,525			28,653			6,207			572,406
Provision for loan losses	213			—			—			—			42,821			—			—			43,034
Impairment loss	217,524			948			72,469			—			79,432			217,850			—			588,223
Gain on sale of real estate	—			7,633			—			—			159,598			—			—			167,231
Equity method earnings (losses)	—			—			—			(65,366		)	99,400			(43,435		)	—			(9,401		)
Equity method earnings—carried interest	—			—			—			—			—			19,961			—			19,961
Income tax benefit (expense)	(4,991		)	(40		)	9,875			—			(4,298		)	59,030			205			59,781
Income (loss) from continuing operations	(283,516		)	26,749			(90,581		)	(65,366		)	268,870			(128,255		)	(222,974		)	(495,073		)
Loss from discontinued operations	—			—			—			—			(102		)	—			—			(102		)
Net income (loss)	(283,516		)	26,749			(90,581		)	(65,366		)	268,768			(128,255		)	(222,974		)	(495,175		)
Net income (loss) attributable to Colony Capital, Inc.	(199,277		)	4,246			(82,798		)	(61,457		)	143,065			(120,286		)	(203,100		)	(519,607		)



(In thousands)	Healthcare			Industrial			Hospitality			CLNC		Other Equity and Debt			Investment Management			Amounts Not Allocated to Segments			Total

Year Ended December 31, 2017
Total revenues	$	613,169		$	243,172		$	815,831		$	—	$	873,046		$	244,654		$	6,862		$	2,796,734
Property operating expenses	274,528			67,196			537,884			—		233,901			—			—			1,113,509
Interest expense	185,256			38,566			134,729			—		161,993			—			54,278			574,822
Depreciation and amortization	183,897			109,265			133,269			—		128,942			56,616			5,790			617,779
Provision for loan losses	1,588			—			—			—		18,153			—			—			19,741
Impairment loss	14,375			44			—			—		30,867			375,074			—			420,360
Gain on sale of real estate	—			24,612			—			—		112,758			—			—			137,370
Equity method earnings	—			—			—			—		265,079			20,072			—			285,151
Income tax benefit (expense)	(5,639		)	(2,252		)	(2,779		)	—		(3,950		)	111,205			1,814			98,399
Income (loss) from continuing operations	(64,767		)	37,497			(9,863		)	—		567,752			(170,168		)	(438,619		)	(78,168		)
Income from discontinued operations	—			—			—			—		995			—			12,560			13,555
Net income (loss)	(64,767		)	37,497			(9,863		)	—		568,747			(170,168		)	(426,059		)	(64,613		)
Net income (loss) attributable to Colony Capital, Inc.	(51,428		)	12,537			(9,199		)	—		426,052			(182,038		)	(393,815		)	(197,891		)
Year Ended December 31, 2016
Total revenues	$	—		$	196,357		$	—		$	—	$	569,780		$	68,331		$	4,389		$	838,857
Property operating expenses	—			55,924			—			—		62,537			—			—			118,461
Interest expense	—			44,834			—			—		80,503			—			44,746			170,083
Depreciation and amortization	—			88,854			—			—		63,480			14,767			4,581			171,682
Provision for loan losses	—			—			—			—		35,005			—			—			35,005
Impairment loss	—			407			—			—		10,990			320			—			11,717
Gain on sale of real estate	—			2,888			—			—		70,728			—			—			73,616
Equity method earnings	—			—			—			—		97,188			2,187			—			99,375
Income tax benefit (expense)	—			(586		)	—			—		(10,143		)	6,608			(661		)	(4,782		)
Net income (loss)	—			(3,003		)	—			—		431,903			21,229			(159,403		)	290,726
Net income (loss) attributable to Colony Capital, Inc.	—			(911		)	—			—		226,202			17,903			(127,876		)	115,318

Assets and Equity Method Investments of Reportable Segments

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



(In thousands)	Healthcare		Industrial		Hospitality		CLNC		Other Equity and Debt		Investment Management		Amounts Not Allocated to Segments		Total
December 31, 2018
Total assets	$	5,395,550	$	3,185,906	$	3,980,988	$	1,037,754	$	6,371,999	$	1,983,911	$	259,141	$	22,215,249
Equity method investments	—		—		—		1,037,754		1,054,295		194,304		3,742		2,290,095
December 31, 2017
Total assets	$	5,813,552	$	2,810,135	$	4,094,596	$	—	$	9,251,963	$	2,714,840	$	100,564	$	24,785,650
Equity method investments	—		—		—		—		1,315,670		207,642		3,742		1,527,054

Revenue by Geographic Areas



	Year Ended December 31,
(In thousands)	2018		2017		2016
Total income by geography:
United States	$	2,311,230	$	2,741,862	$	732,928
Europe	329,609		310,783		194,923
Other	302		3,610		6,083
Total ⁽¹⁾	$	2,641,141	$	3,056,255	$	933,934



(In thousands)	December 31, 2018		December 31, 2017
Long-lived assets by geography:
United States	$	12,454,871	$	13,244,197
Europe	1,600,623		1,749,282
Total ⁽²⁾	$	14,055,494	$	14,993,479

__________


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


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

Long-lived Assets by Geographic Areas



(In thousands)	December 31, 2018		December 31, 2017
Long-lived assets by geography:
United States	$	12,454,871	$	13,244,197
Europe	1,600,623		1,749,282
Total ⁽²⁾	$	14,055,494	$	14,993,479

__________


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


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

Supplemental Disclosure of Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2018

Supplemental Cash Flow Elements [Abstract]

Schedule of Cash Flow, Supplemental Disclosures



	Year Ended December 31,
(In thousands)	2018		2017		2016
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest, net of amounts capitalized	$	507,495	$	452,726	$	118,365
Cash paid for income taxes, net of refunds	14,476		53,017		7,190
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Dividends and distributions payable	$	84,013	$	188,202	$	65,972
Net assets of CLNY Investment Entities deconsolidated, net of cash and restricted cash contributed (Note 4)	936,547		—		—
Redemption of OP Units for common stock	29,034		22,831		18,571
Improvements in operating real estate in accrued and other liabilities	2,249		18,221		—
Deconsolidation of net assets of securitization trusts (Note 15)	131,386		—		—
Increase in contributions receivable from noncontrolling interests	29,721		—		—
Assets held for sale contributed to equity method investee	20,350		—		—
Deferred tax liabilities assumed by buyer of related real estate	26,629		—		—
Debt assumed by buyer in sale of real estate	196,416		1,258,558		—
Foreclosures and exchanges of loans receivable for real estate	47,097		54,615		128,124
Share repurchase payable	7,567		—		—
Proceeds from loan repayments and asset sales held in escrow	19,425		27,426		—
Distributions payable to noncontrolling interests included in other liabilities	19,297		10,786		—
Net assets of investment entity deconsolidated, net of cash and restricted cash contributed	—		153,368		—
Investment deposits applied to acquisition of loans receivable, real estate and CPI Group	—		66,020		—
Assets acquired in Merger, net of cash and restricted cash assumed (Note 3)	—		16,684,675		—
Liabilities assumed in Merger (Note 3)	—		11,249,183		—
Noncontrolling interests assumed in Merger (Note 3)	—		592,690		—
Common stock issued for acquisition of NSAM and NRF (Note 3)	—		5,710,134		—
Preferred stock issued for acquisition of NRF (Note 3)	—		1,010,320		—



	Year Ended December 31,
(In thousands)	2018	2017	2016
Net assets acquired in CPI restructuring, net of cash and restricted cash assumed (Note 3)	—	219,278	—
Net assets acquired in THL Hotel Portfolio, net of cash and restricted cash assumed (Note 3)	—	326,679	—
Net assets of sponsored fund consolidated, net of cash and restricted cash assumed (Note 15)	—	13,370	—
Contributions receivable from noncontrolling interests		25,501	—
Exchange of notes for class A common shares	—	3,279	—
Assets of consolidated securitization trust	—	58,296	—
Liabilities of consolidated securitization trust	—	56,928	—
Net settlement of redemption and investment in equity method investee	—	—	117,241

Business and Organization (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
Business and Organization (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2018	Aug. 25, 2017
Business Acquisition [Line Items]
Assets under management	$ 43,000.0	$ 43,000.0
Restructuring costs	19.3
Parent \| Colony Capital Operating Company, LLC
Business Acquisition [Line Items]
General partner ownership percent		93.90%
Certain Employees \| Colony Capital Operating Company, LLC
Business Acquisition [Line Items]
Senior management ownership percent		6.10%
Combination Agreement \| Minimum
Business Acquisition [Line Items]
Ownership percentage			38.00%
Combination Agreement \| Maximum
Business Acquisition [Line Items]
Ownership percentage			100.00%
Employee Severance
Business Acquisition [Line Items]
Restructuring costs	14.5
Accelerated Equity-Based Compensation
Business Acquisition [Line Items]
Restructuring costs	$ 4.7

Summary of Significant Accounting Policies - Merger (Details)			12 Months Ended
	Jan. 10, 2017	Jan. 10, 2017	Dec. 31, 2018
Colony NorthStar \| Class A Common Stock
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio	1.4663	1.4663	1.4663

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
OP Units to common stock, conversion ratio				1
Marketable equity securities				$ 26,754	$ 35,600
Carried interest and incentive compensation				12,181	0	$ 0
Net income attributable to noncontrolling interests in investment entities				$ 67,994	129,996	$ 163,084
Minimum
Property, Plant and Equipment [Line Items]
Lag period for recording proportionate share of income for equity method investments				1 month
Maximum
Property, Plant and Equipment [Line Items]
Lag period for recording proportionate share of income for equity method investments				3 months
Building, Fee Interest \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life				15 years
Building, Fee Interest \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life				45 years
Land Improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life				6 years
Land Improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life				20 years
Furniture, Fixtures and Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life				3 years
Furniture, Fixtures and Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life				20 years
Furniture, Fixtures, Equipment and Capitalized Software \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life				3 years
Furniture, Fixtures, Equipment and Capitalized Software \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life				5 years
Aircraft
Property, Plant and Equipment [Line Items]
Estimated useful life				15 years
Incentive fees ($5,445, $172, $0 from affiliates, respectively) \| Minimum
Property, Plant and Equipment [Line Items]
Percent of fees allocated to employees				40.00%
Incentive fees ($5,445, $172, $0 from affiliates, respectively) \| Maximum
Property, Plant and Equipment [Line Items]
Percent of fees allocated to employees				50.00%
Scenario, Adjustment
Property, Plant and Equipment [Line Items]
Marketable equity securities					$ 35,600
Carried interest and incentive compensation	$ 3,500	$ 1,100	$ 900
Net income attributable to noncontrolling interests in investment entities	$ 3,500	$ 1,100	$ 900

Summary of Significant Accounting Policies - Adoption of New Revenue Recognition Guidance (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 01, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred asset management fee income		$ 3,200	$ 2,700
Retained earnings (accumulated deficit)		(2,018,302)	(1,165,412)
Net cash provided by operating activities		506,965	582,546	$ 405,172
Net cash provided by (used in) investing activities		(268,213)	1,666,387	215,457
Net cash used in financing activities		(788,404)	(1,364,381)	(491,251)
Accounting Standards Update 2016-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings (accumulated deficit)	$ 600
Available-for-sale securities, gross unrealized gain	200
Asset management fees \| Difference between revenue guidance in effect before and after Topic 606 \| ASU 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred asset management fee income	$ 1,600
Asset Management \| Difference between revenue guidance in effect before and after Topic 606 \| ASU 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue from contract with customer		$ 700
Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net cash provided by operating activities			549,617	408,361
Net cash provided by (used in) investing activities			1,331,542	251,812
Net cash used in financing activities			$ (1,346,505)	$ (465,957)
Subsequent Event \| Minimum \| Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Discounted estimated incremental borrowing rate					5.00%
Subsequent Event \| Maximum \| Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Discounted estimated incremental borrowing rate					5.80%
Office leases \| Subsequent Event \| Minimum \| Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease liability, estimated adjustment					$ 55,000
Office leases \| Subsequent Event \| Maximum \| Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease liability, estimated adjustment					65,000
Ground Leases \| Subsequent Event \| Minimum \| Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease liability, estimated adjustment					65,000
Ground Leases \| Subsequent Event \| Maximum \| Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease liability, estimated adjustment					$ 75,000

Business Combinations - Merger with NSAM and NRF (Narrative) (Details)				12 Months Ended
	Jan. 10, 2017	Jan. 10, 2017	Apr. 02, 2015	Dec. 31, 2018
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%	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%	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%	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			12 Months Ended
	Jan. 10, 2017 USD ($) $ / shares	Jan. 10, 2017 USD ($) $ / shares shares	Dec. 31, 2018	Dec. 31, 2017 USD ($)	Dec. 29, 2017
Minimum
Business Acquisition [Line Items]
Capitalization rate		4.40%
Minimum \| Investment management contracts
Business Acquisition [Line Items]
Management agreement, discount rate		8.00%
Weighted average useful life		2 years
Minimum \| Vehicles
Business Acquisition [Line Items]
Weighted average useful life		20 years
Minimum \| Trade name
Business Acquisition [Line Items]
Weighted average useful life		20 years
Management agreement, royalty rate		1.50%
Maximum
Business Acquisition [Line Items]
Capitalization rate		12.50%
Maximum \| Investment management contracts
Business Acquisition [Line Items]
Management agreement, discount rate		10.00%
Weighted average useful life		18 years
Maximum \| Vehicles
Business Acquisition [Line Items]
Weighted average useful life		30 years
Maximum \| Trade name
Business Acquisition [Line Items]
Weighted average useful life		30 years
Management agreement, royalty rate		2.00%
Colony NorthStar \| Minimum \| Ground lease obligations
Business Acquisition [Line Items]
Weighted average useful life		6 years
Colony NorthStar \| Minimum \| Other real estate related intangibles
Business Acquisition [Line Items]
Weighted average useful life		1 year
Colony NorthStar \| Maximum \| Ground lease obligations
Business Acquisition [Line Items]
Weighted average useful life		90 years
Colony NorthStar \| Maximum \| Other real estate related intangibles
Business Acquisition [Line Items]
Weighted average useful life		17 years
NSAM and NRF
Business Acquisition [Line Items]
Cash assumed	$ 437,400	$ 437,400		$ 260,609
Management agreement, off-market component, value	$ 1,500,000	$ 1,500,000		1,514,085
NSAM
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio		1.4663
Cash assumed				152,858
Management agreement, off-market component, value				$ 0
Management agreement, discount rate		10.00%
NSAM \| Colony NorthStar
Business Acquisition [Line Items]
Ownership interest acquired	32.85%	32.85%
Colony Capital, Inc. \| Colony NorthStar
Business Acquisition [Line Items]
Dividend payable assumed in merger	$ 226,100	$ 226,100
Payroll tax liability assumed in merger	$ 78,900	$ 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	$ 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 Capital, Inc. \| Colony NorthStar
Business Acquisition [Line Items]
Number of shares issued for each share held by acquiree \| shares		1
Townsend \| NSAM
Business Acquisition [Line Items]
Ownership interest acquired	84.00%	84.00%			84.00%

Business Combinations - Schedule of Fair Value of Merger Consideration (Details) $ / shares in Units, shares in Thousands, $ in Thousands			12 Months Ended
	Jan. 10, 2017 USD ($) $ / shares shares	Jan. 10, 2017 USD ($) $ / shares shares	Dec. 31, 2018 USD ($) shares	Dec. 31, 2017 USD ($) shares	Dec. 31, 2016 USD ($) shares	Dec. 31, 2015 shares
Business Acquisition [Line Items]
Total merger consideration \| $	$ 6,720,454			$ 1,102,763	$ 462,341
Number of shares outstanding (in shares)	39,466	39,466	57,464	65,464
Fair Value \| $	$ 1,010,320	$ 1,010,320	$ 575
Class A Common Stock
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)				392,120
Preferred stock
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)				39,466
Number of shares outstanding (in shares)			57,464	65,464	25,030	25,030
Series A 8.75%
Business Acquisition [Line Items]
Price per share (in dollars per share) \| $ / shares	$ 25.61	$ 25.61
Dividend rate per annum, preferred stock			8.75%
Number of shares outstanding (in shares)	2,467	2,467
Fair Value \| $	$ 63,182	$ 63,182
Series B 8.25%
Business Acquisition [Line Items]
Price per share (in dollars per share) \| $ / shares	$ 25.15	$ 25.15
Dividend rate per annum, preferred stock			8.25%
Number of shares outstanding (in shares)	13,999	13,999	6,114
Fair Value \| $	$ 352,004	$ 352,004	$ 61
Series C 8.875%
Business Acquisition [Line Items]
Price per share (in dollars per share) \| $ / shares	$ 25.80	$ 25.80
Dividend rate per annum, preferred stock			8.875%
Number of shares outstanding (in shares)	5,000	5,000
Fair Value \| $	$ 128,995	$ 128,995
Series D 8.50%
Business Acquisition [Line Items]
Price per share (in dollars per share) \| $ / shares	$ 25.82	$ 25.82
Dividend rate per annum, preferred stock			8.50%
Number of shares outstanding (in shares)	8,000	8,000
Fair Value \| $	$ 206,597	$ 206,597
Series E 8.75%
Business Acquisition [Line Items]
Price per share (in dollars per share) \| $ / shares	$ 25.95	$ 25.95
Dividend rate per annum, preferred stock			8.75%
Number of shares outstanding (in shares)	10,000	10,000	10,000
Fair Value \| $	$ 259,542	$ 259,542	$ 100
Colony \| Class A Common Stock
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	267,376
Price per share (in dollars per share) \| $ / shares	$ 21.52	$ 21.52
Fair value of stock issued \| $	$ 5,753,929
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	2,700
NRF
Business Acquisition [Line Items]
Closing price of NRF common stock (in dollars per share) \| $ / shares	$ 16.13	$ 16.13
Colony Capital, Inc. \| Preferred stock
Business Acquisition [Line Items]
Fair value of stock issued \| $	$ 1,010,320
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
Price per share (in dollars per share) \| $ / shares	$ 21.52	21.52
Fair value of stock issued \| $	$ 2,795,890
NSAM \| NSAM
Business Acquisition [Line Items]
Fair value of NRF stock owned by NSAM \| $	(43,795)
NSAM \| Colony Capital, Inc. \| Preferred stock
Business Acquisition [Line Items]
Fair value of stock issued \| $	$ 0
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
Price per share (in dollars per share) \| $ / shares	$ 21.52	$ 21.52
Fair value of stock issued \| $	$ 2,958,039
NRF \| NSAM
Business Acquisition [Line Items]
Fair value of NRF stock owned by NSAM \| $	0
NRF \| Colony Capital, Inc. \| Preferred stock
Business Acquisition [Line Items]
Fair value of stock issued \| $	$ 1,010,320
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	Dec. 31, 2018	Dec. 31, 2017	Jan. 10, 2017	Dec. 31, 2016	Dec. 31, 2015
Assets
Identifiable intangible assets		$ 82,985		$ 32,101
Liabilities
Intangible liabilities		7,560		4,677
Goodwill	$ 1,534,561	1,534,561		$ 680,127	$ 678,267
NSAM and NRF
Assets
Cash and cash equivalents		260,609	$ 437,400
Restricted cash		176,814
Real estate		9,874,406
Loans receivable		359,541
Investments in unconsolidated ventures		620,782
Securities		430,625
Identifiable intangible assets		1,014,107
Management agreement between NSAM and NRF		1,514,085
Assets held for sale		2,096,671
Other assets		774,458
Total assets		17,122,098
Liabilities
Debt		6,723,222
Intangible liabilities		213,218
Noncontrolling interests—investment entities		1,514,085	$ 1,500,000
Liabilities related to assets held for sale		1,281,406
Tax liabilities		229,833
Accrued and other liabilities		1,287,419
Liabilities assumed		11,249,183
Redeemable noncontrolling interests		78,843
Noncontrolling interests—investment entities		505,685
Noncontrolling interests—Operating Company		8,162
Fair value of net assets acquired		5,280,225
Merger consideration		6,720,454
Goodwill		1,440,229
NSAM
Assets
Cash and cash equivalents		152,858
Restricted cash		18,052
Real estate		0
Loans receivable		28,485
Investments in unconsolidated ventures		76,671
Securities		3,065
Identifiable intangible assets		661,556
Management agreement between NSAM and NRF		1,514,085
Assets held for sale		0
Other assets		93,455
Total assets		2,548,227
Liabilities
Debt		0
Intangible liabilities		0
Noncontrolling interests—investment entities		0
Liabilities related to assets held for sale		0
Tax liabilities		169,387
Accrued and other liabilities		979,969
Liabilities assumed		1,149,356
Redeemable noncontrolling interests		78,843
Noncontrolling interests—investment entities		0
Noncontrolling interests—Operating Company		8,162
Fair value of net assets acquired		1,311,866
Merger consideration		2,752,095
Goodwill		1,440,229
NRF
Assets
Cash and cash equivalents		107,751
Restricted cash		158,762
Real estate		9,874,406
Loans receivable		331,056
Investments in unconsolidated ventures		544,111
Securities		427,560
Identifiable intangible assets		352,551
Management agreement between NSAM and NRF		0
Assets held for sale		2,096,671
Other assets		681,003
Total assets		14,573,871
Liabilities
Debt		6,723,222
Intangible liabilities		213,218
Noncontrolling interests—investment entities		1,514,085
Liabilities related to assets held for sale		1,281,406
Tax liabilities		60,446
Accrued and other liabilities		307,450
Liabilities assumed		10,099,827
Redeemable noncontrolling interests		0
Noncontrolling interests—investment entities		505,685
Noncontrolling interests—Operating Company		0
Fair value of net assets acquired		3,968,359
Merger consideration		3,968,359
Goodwill		$ 0

Business Combinations - CPI Group (Details) - USD ($) $ in Thousands			12 Months Ended
	Jan. 25, 2017	Jan. 10, 2017	Dec. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Total merger consideration		$ 6,720,454	$ 1,102,763	$ 462,341
CPI
Business Acquisition [Line Items]
Carrying value of loans receivable outstanding at the time of restructuring			182,644
Cash			49,537
Total merger consideration			232,181
Cash			303
Restricted cash			12,600
Real estate			543,649
Real estate held for sale			21,605
Lease intangibles and other assets			27,685
Debt			(277,590)
Tax liabilities			(32,078)
Lease intangibles and other liabilities			(61,205)
Liabilities related to assets held for sale			(2,788)
Fair value of net assets acquired			$ 232,181
Capitalization rate	6.60%
Minimum
Business Acquisition [Line Items]
Capitalization rate		4.40%
Minimum \| CPI
Business Acquisition [Line Items]
Management agreement, discount rate	1.25%
Maximum
Business Acquisition [Line Items]
Capitalization rate		12.50%
Maximum \| CPI
Business Acquisition [Line Items]
Management agreement, discount rate	3.60%

Business Combinations - THL Hotel Portfolio (Details)				6 Months Ended	12 Months Ended
Business Combinations - THL Hotel Portfolio (Details)	Jun. 30, 2018 USD ($)	Jul. 01, 2017 USD ($) property	Jan. 10, 2017 USD ($)	Jun. 30, 2018 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Business Acquisition [Line Items]
Contingent consideration, liability					$ 8,903,000	$ 7,419,000
Total merger consideration			$ 6,720,454,000			$ 1,102,763,000	$ 462,341,000
THL Hotel Portfolio
Business Acquisition [Line Items]
Number of real estate properties acquired in foreclosure \| property		148
Decrease in depreciation expense adjustment				$ 1,800,000
Carrying value of the Company's junior mezzanine loan receivable at the time of foreclosure	$ 310,932,000
Cash	43,643,000
Contingent consideration (Note 14)	6,771,000
Total merger consideration	361,346,000
Cash	16,188,000			16,188,000
Restricted cash	18,479,000			18,479,000
Real estate	1,184,447,000			1,184,447,000
Real estate held for sale	69,676,000			69,676,000
Intangible and other assets	26,711,000			26,711,000
Debt	(907,867,000)			(907,867,000)
Intangible and other liabilities	(46,288,000)			(46,288,000)
Fair value of net assets acquired	$ 361,346,000			$ 361,346,000
Maximum
Business Acquisition [Line Items]
Capitalization rate			12.50%
Discount rate					11.00%
Maximum \| THL Hotel Portfolio
Business Acquisition [Line Items]
Contingent consideration, liability		$ 13,000,000.0
Capitalization rate		12.00%
Discount rate		13.50%
Minimum
Business Acquisition [Line Items]
Capitalization rate			4.40%
Discount rate					5.50%
Minimum \| THL Hotel Portfolio
Business Acquisition [Line Items]
Capitalization rate		7.00%
Discount rate		8.00%
Weighted Average \| THL Hotel Portfolio
Business Acquisition [Line Items]
Capitalization rate		8.90%
Discount rate		10.40%

Colony Credit - Narrative (Details) $ in Thousands			12 Months Ended
Colony Credit - Narrative (Details) $ in Thousands	Feb. 01, 2019	Jan. 31, 2018 USD ($) shares	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loans receivable, net			$ 1,659,217	$ 3,223,762
Other gain (loss), net			$ 51,706	$ (25,814)	$ 18,416
Colony Credit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage			36.60%
Equity Method Investment \| Colony Credit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other gain (loss), net		$ 9,900
NorthStar I Stockholders
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loans receivable, net		$ 150,200
Commercial Real Estate Credit REIT (Combination)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage		37.00%
Commercial Real Estate Credit REIT (Combination) \| NorthStar I Stockholders
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage		32.00%
Commercial Real Estate Credit REIT (Combination) \| NorthStar Income II Stockholders
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage		31.00%
Common Class B-3 \| Equity Method Investment \| Colony Credit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity method investment, shares owned \| shares		44,399,444
Common Membership Units \| Equity Method Investment \| Colony Credit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity method investment, shares owned \| shares		3,075,623
Senior Participation Interest \| NorthStar I Excluded Asset
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Investments		$ 65,000
Investment management contracts
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Write-off of intangible assets		$ 139,000
Subsequent Event \| Common Class B-3 \| Commercial Real Estate Credit REIT (Combination) \| Colony Credit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Stock conversion ratio	1
Subsequent Event \| Common Membership Units \| Commercial Real Estate Credit REIT (Combination) \| Colony Credit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Stock conversion ratio	1

Colony Credit - Assets, Liabilities and Noncontrollin ginterests of the CLNY Investment Entities (Details) - CLNY Contributed Portfolio - Discontinued Operations, Disposed of by Means Other than Sale $ in Thousands	Jan. 31, 2018 USD ($)
Assets
Cash and cash equivalents	$ 99,883
Restricted cash	41,270
Real estate	219,748
Loans receivable	1,287,994
Investments in unconsolidated ventures	208,738
Deferred leasing costs and intangible assets	10,831
Other assets	25,755
Total assets held for sale	1,894,219
Liabilities
Debt	379,927
Accrued and other liabilities	41,318
Total liabilities related to assets held for sale	421,245
Noncontrolling interests	395,274
Equity attributable to Colony Capital, Inc.	1,077,700
Noncontrolling Interests in Investment Entities
Liabilities
Noncontrolling interests	330,980
Noncontrolling Interests in Operating Company
Liabilities
Noncontrolling interests	$ 64,294

Real Estate - Narrative (Details) $ in Thousands	12 Months Ended
Real Estate - Narrative (Details) $ in Thousands	Dec. 31, 2018 USD ($) building hotel	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Jan. 31, 2018 USD ($)
Business Acquisition [Line Items]
Purchase commitment, number of hotels \| hotel	6
Guarantee of franchise obligations \| THL Hotel Portfolio
Business Acquisition [Line Items]
Estimate of possible loss	$ 81,000
Noncancelable operating ground leases assumed in connection with business combinations
Business Acquisition [Line Items]
Rent expense	8,200	$ 6,700	$ 300
Discontinued Operations, Disposed of by Means Other than Sale \| CLNY Contributed Portfolio
Business Acquisition [Line Items]
Real estate, net				$ 219,748
Industrial
Business Acquisition [Line Items]
Funded deposit	6,100
Purchase commitment	$ 1,300,000
Purchase commitment, number of buildings to be purchased \| building	61
Purchase commitment, number of buildings under construction \| building	4
Commercial Real Estate Portfolio Segment
Business Acquisition [Line Items]
Funded deposit	$ 25,100
Purchase commitment	$ 300,000

Real Estate - Components of Real Estate (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Real Estate [Abstract]
Land	$ 1,950,412	$ 2,011,794
Buildings and improvements	11,895,642	12,403,794
Tenant improvements	163,397	134,709
Furniture, fixtures and equipment	389,969	383,855
Construction in progress	155,511	108,403
Real estate held for investment at cost	14,554,931	15,042,555
Less: Accumulated depreciation	(935,917)	(578,297)
Real estate assets, net	$ 13,619,014	$ 14,464,258

Real Estate - Sales (Details) - USD ($) $ in Thousands	12 Months Ended
Real Estate - Sales (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Real Estate [Abstract]
Proceeds from sales of real estate	$ 864,347	$ 1,607,806	$ 390,943
Gain on sale of real estate	$ 167,231	$ 137,370	$ 73,616

Real Estate - Acquisitions (Details) $ in Thousands		1 Months Ended								12 Months Ended
Real Estate - Acquisitions (Details) $ in Thousands	Jan. 10, 2017 USD ($)	Nov. 30, 2018 USD ($) property	Sep. 30, 2018 USD ($) property	Sep. 30, 2017	Jun. 30, 2017 USD ($) property	Jan. 31, 2017 USD ($) property	May 31, 2016 USD ($) property	Apr. 30, 2016 USD ($) property	Jan. 31, 2016 USD ($) property	Dec. 31, 2018 USD ($) property	Dec. 31, 2017 USD ($) property	Dec. 31, 2016 USD ($) property
Business Acquisition [Line Items]
Purchase price	$ 6,720,454										$ 1,102,763	$ 462,341
Land and Improvements											234,437	110,373
Building and Improvements											792,901	324,544
Lease Intangible Assets											82,985	32,101
Lease Intangible Liabilities											$ (7,560)	$ (4,677)
Asset Acquisitions
Business Acquisition [Line Items]
Purchase price										$ 1,072,730
Land and Improvements										267,789
Building and Improvements										740,019
Lease Intangible Assets										69,897
Lease Intangible Liabilities										$ (4,975)
Asset Acquisitions \| Healthcare \| UNITED KINGDOM
Business Acquisition [Line Items]
Number of Buildings \| property			1
Purchase price			$ 24,444
Land and Improvements			10,506
Building and Improvements			12,458
Lease Intangible Assets			1,480
Lease Intangible Liabilities			$ 0
Asset Acquisitions \| Office and Industrial \| FRANCE
Business Acquisition [Line Items]
Number of Buildings \| property		220
Purchase price		$ 478,844
Land and Improvements		125,949
Building and Improvements		314,661
Lease Intangible Assets		38,234
Lease Intangible Liabilities		$ 0
Asset Acquisitions \| Industrial \| United States
Business Acquisition [Line Items]
Number of Buildings \| property										40	55	12
Purchase price										$ 569,442	$ 636,690	$ 113,200
Land and Improvements										131,334	137,005	20,749
Building and Improvements										412,900	472,747	84,724
Lease Intangible Assets										30,183	31,512	8,398
Lease Intangible Liabilities										(4,975)	$ (4,574)	$ (671)
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 \| Office \| CALIFORNIA
Business Acquisition [Line Items]
Number of Buildings \| property					1
Purchase price					$ 455,699
Land and Improvements					93,577
Building and Improvements					314,590
Lease Intangible Assets					50,518
Lease Intangible Liabilities					$ (2,986)
Ownership interest syndicated				90.00%
Asset Acquisitions \| Light Industrial Platform \| United States
Business Acquisition [Line Items]
Land and Improvements										$ 13,100
Business Combinations \| Industrial \| 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 \| 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 \| 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 \| 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)
Minimum \| 2018 Real Estate Acquisitions \| Building
Business Acquisition [Line Items]
Real estate assets estimated useful life										5 years
Minimum \| 2018 Real Estate Acquisitions \| Site Improvements
Business Acquisition [Line Items]
Real estate assets estimated useful life										6 years
Minimum \| 2018 Real Estate Acquisitions \| Building Improvements
Business Acquisition [Line Items]
Real estate assets estimated useful life										4 months
Maximum \| 2018 Real Estate Acquisitions \| Building
Business Acquisition [Line Items]
Real estate assets estimated useful life										51 years
Maximum \| 2018 Real Estate Acquisitions \| Site Improvements
Business Acquisition [Line Items]
Real estate assets estimated useful life										14 years
Maximum \| 2018 Real Estate Acquisitions \| Building Improvements
Business Acquisition [Line Items]
Real estate assets estimated useful life										10 years

Real Estate - Depreciation and Impairment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Real Estate
Real Estate [Line Items]
Depreciation	$ 471.6	$ 453.3	$ 108.3

Real Estate - Components of Property Operating Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Property operating income
Revenue from External Customer [Line Items]
Revenue from contract with customer	$ 2,247,740	$ 2,113,837	$ 371,082
Rental income
Revenue from External Customer [Line Items]
Revenue from contract with customer	623,785	672,292	276,404
Tenant reimbursements
Revenue from External Customer [Line Items]
Revenue from contract with customer	143,759	138,433	65,657
Resident fee income
Revenue from External Customer [Line Items]
Revenue from contract with customer	275,911	286,818	0
Hotel operating income
Revenue from External Customer [Line Items]
Revenue from contract with customer	$ 1,204,285	$ 1,016,294	$ 29,021

Real Estate - Future Minimum Lease Payments, Operating (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Real Estate [Abstract]
2019	$ 495,765
2020	464,229
2021	413,416
2022	372,432
2023	327,836
2024 and thereafter	1,123,879
Total	$ 3,197,557

Real Estate - Future Minimum Lease Payments, Noncancelable Ground Leases (Details) - Noncancelable operating ground leases assumed in connection with business combinations $ in Thousands	Dec. 31, 2018 USD ($)
Other Commitments [Line Items]
2019	$ 5,236
2020	5,318
2021	5,487
2022	5,877
2023	5,821
2024 and thereafter	89,276
Total	$ 117,015

Loans Receivable - Company Loan Receivable (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2018 USD ($) securitization_trust	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		$ 2,648,641	$ 4,501,834
Carrying Value		1,659,217	3,223,762
Allowance for loan losses		(32,940)	(52,709)	$ (67,980)	$ (37,571)
Number of securitization trusts \| securitization_trust	3
Number of securitization trusts held \| securitization_trust	3
Carrying Value
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		2,648,641	4,429,323
Loans receivable, net		1,659,217	3,178,339
Carrying Value \| Non-PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		1,316,929	2,533,177
Carrying Value		1,336,840	2,541,852
Carrying Value \| PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		1,331,712	1,896,146
Carrying Value		355,317	689,196
Allowance for loan losses		(32,940)	(52,709)
Carrying Value \| PCI Loans \| Mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		1,324,287	1,865,423
Carrying Value		351,646	682,125
Carrying Value \| PCI Loans \| Securitized loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		0	23,298
Carrying Value			3,400
Carrying Value \| PCI Loans \| Mezzanine loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		7,425	7,425
Carrying Value		3,671	3,671
Carrying Value \| Fixed Rate Residential Mortgage \| Non-PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		1,110,507	1,622,869
Carrying Value		1,129,712	1,622,171
Carrying Value \| Fixed Rate Residential Mortgage \| Non-PCI Loans \| Mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		643,973	1,081,030
Carrying Value		$ 667,590	$ 1,082,513
Weighted average coupon rate of loans		10.70%	9.10%
Loans weighted average maturity in years		2 years 2 months	2 years 9 months 18 days
Carrying Value \| Fixed Rate Residential Mortgage \| Non-PCI Loans \| Securitized loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		$ 0	$ 35,566
Carrying Value		$ 0	$ 36,603
Weighted average coupon rate of loans		0.00%	5.90%
Loans weighted average maturity in years			16 years 9 months 18 days
Carrying Value \| Fixed Rate Residential Mortgage \| Non-PCI Loans \| Mezzanine loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		$ 357,590	$ 459,433
Carrying Value		$ 354,326	$ 456,463
Weighted average coupon rate of loans		12.50%	12.20%
Loans weighted average maturity in years		1 year 5 months 15 days	2 years 3 months 18 days
Carrying Value \| Fixed Rate Residential Mortgage \| Non-PCI Loans \| Corporate loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		$ 108,944	$ 46,840
Carrying Value		$ 107,796	$ 46,592
Weighted average coupon rate of loans		12.30%	9.90%
Loans weighted average maturity in years		5 years 10 months	10 years
Carrying Value \| Adjustable Rate Residential Mortgage \| Non-PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		$ 206,422	$ 910,308
Carrying Value		207,128	919,681
Carrying Value \| Adjustable Rate Residential Mortgage \| Non-PCI Loans \| Mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		178,650	414,428
Carrying Value		$ 179,711	$ 423,199
Weighted average coupon rate of loans		4.30%	6.00%
Loans weighted average maturity in years		1 month	1 year 8 months 12 days
Carrying Value \| Adjustable Rate Residential Mortgage \| Non-PCI Loans \| Securitized loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		$ 0	$ 461,489
Carrying Value		$ 0	$ 462,203
Weighted average coupon rate of loans		0.00%	6.40%
Loans weighted average maturity in years			3 years 6 months
Carrying Value \| Adjustable Rate Residential Mortgage \| Non-PCI Loans \| Mezzanine loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		$ 27,772	$ 34,391
Carrying Value		$ 27,417	$ 34,279
Weighted average coupon rate of loans		13.40%	9.80%
Loans weighted average maturity in years		2 years 6 months	1 year 3 months 18 days
Fair Value \| Securitized loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		$ 0	$ 72,511
Carrying Value		$ 0	$ 45,423
CLNY Contributed Portfolio \| Discontinued Operations, Disposed of by Means Other than Sale
Financing Receivable, Recorded Investment [Line Items]
Loans, deconsolidated	$ 1,287,994

Loans Receivable - Loan Maturity and Aging (Details) - Non-PCI Loans - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	$ 1,336,840	$ 2,541,852
Current or Less Than 30 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	1,052,303	2,268,599
30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	0	145,986
60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	44,392	9,410
90 Days or More Past Due and Nonaccrual
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	$ 240,145	$ 117,857

Loans Receivable - Troubled Debt Restructuring (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($) commitment loan	Dec. 31, 2017 USD ($) loan	Dec. 31, 2016 USD ($) loan
Financing Receivable, Modifications [Line Items]
Carrying value of loan \| $			$ 37.6
Carrying value of loans before allowance for loan losses \| $	$ 37.8	$ 66.4
Number of TDR contracts outstanding \| commitment	1
Number of lending commitments outstanding \| loan	0
Performing Financial Instruments
Financing Receivable, Modifications [Line Items]
Number of loans \| loan	0	0	0

Loans Receivable - Non-PCI Impaired Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	$ 1,659,217	$ 3,223,762
Allowance for Loan Losses	32,940	52,709	$ 67,980	$ 37,571
Non-PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	280,337	383,594
Average carrying value before allowance for loan losses	282,325	202,397	90,447
Total interest income recognized during the period impaired	7,127	10,192	3,929
Cash basis interest income recognized	1,190	0	$ 0
Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	129,619	307,925
Allowance for Loan Losses	32,940	52,709
Loans held for investment, net \| Non-PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	75,179	138,136
Without Allowance for Loan Losses	206,628	248,759
Total	281,807	386,895
Allowance for Loan Losses	$ 18,304	$ 7,424

Loans Receivable - Fair Value of Loans Acquired (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($) loan	Dec. 31, 2017 USD ($)	Jan. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less: Accretable yield	$ (9,620)	$ (42,435)		$ (52,572)	$ (66,639)
PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans acquired \| loan	0
PCI Loans \| Loans Acquired through Consolidation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contractually required payments including interest			$ 1,154,596
Less: Nonaccretable difference			(878,257)
Cash flows expected to be collected			276,339
Less: Accretable yield			(23,594)
Fair value of loans acquired			$ 252,745

Loans Receivable - Changes in Accretable Yield (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Beginning accretable yield	$ 42,435	$ 52,572	$ 66,639
Additions	0	23,594	22,493
Dispositions	(5,484)	0	0
Changes in accretable yield	1,882	25,720	31,171
Accretion recognized in earnings	(27,911)	(61,809)	(65,911)
Deconsolidation	(991)	0	0
Effect of changes in foreign exchange rates	(311)	2,358	(1,820)
Ending accretable yield	$ 9,620	$ 42,435	$ 52,572

Loans Receivable - Nonaccrual Loans (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases receivable, gross	$ 175.6	$ 196.5

Loans Receivable - Allowance for Loan Losses and Loans Held For Sale (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	$ 52,709	$ 67,980	$ 37,571	$ 32,940	$ 52,709
Loans receivable, net				1,659,217	3,223,762
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan losses	52,709	67,980	37,571
Contribution to Colony Credit (Note 4)	(518)	0	0
Deconsolidation	(5,983)	0	0
Provision for loan loss	43,034	19,741	34,864
Charge-off	(56,302)	(35,012)	(4,455)
Allowance for loan losses	32,940	52,709	$ 67,980
Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	52,709	52,709		32,940	52,709
Loans receivable, net				129,619	307,925
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan losses	52,709
Allowance for loan losses	32,940	52,709
Non-PCI Loans \| Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	7,424	7,424		18,304	7,424
Loans receivable, net				75,179	138,136
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan losses	7,424
Allowance for loan losses	18,304	7,424
PCI Loans \| Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	45,285	45,285		14,636	45,285
Loans receivable, net				$ 54,440	$ 169,789
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan losses	45,285
Allowance for loan losses	$ 14,636	$ 45,285

Loans Receivable - Provision For Loan Losses by Loan Type and Lending Commitments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for loan loss	$ 43,034,000	$ 19,741,000	$ 35,005,000
Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for loan loss	43,034,000	19,741,000	35,005,000
Non-PCI Loans \| Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for loan loss	22,557,000	7,534,000	5,815,000
PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan and lease loss, recovery of bad debts	4,100,000	6,300,000	0
PCI Loans \| Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for loan loss	20,477,000	$ 12,207,000	$ 29,190,000
Investment Commitments \| Consolidated Real Estate Debt Investments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other commitments	180,900,000
Parent \| Investment Commitments \| Consolidated Real Estate Debt Investments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other commitments	$ 77,800,000

Equity Investments - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
Equity Investments - Narrative (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jan. 31, 2018
Schedule of Equity Method Investments [Line Items]
Impairment loss		$ 588,223,000	$ 420,360,000	$ 11,717,000
Impairment loss		588,223,000	104,360,000	11,717,000
Equity method investments	$ 2,290,095,000	2,290,095,000	1,527,054,000
Colony Starwood Homes
Schedule of Equity Method Investments [Line Items]
Proceeds from share issuance			500,500,000
Gain in earnings of investments in unconsolidated ventures			191,200,000
NorthStar RXR NY Metro
Schedule of Equity Method Investments [Line Items]
Stock redeemed price paid per share (in dollars per share)	$ 0.01
Noncontrolling interest, write off	$ 1,500,000
ADC investments
Schedule of Equity Method Investments [Line Items]
Equity method investments	481,477,000	481,477,000	331,268,000
Lending commitments		47,800,000
Company Sponsored Funds
Schedule of Equity Method Investments [Line Items]
Unfunded lending commitment	$ 288,300,000	$ 288,300,000
Discontinued Operations, Disposed of by Means Other than Sale \| CLNY Contributed Portfolio
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated ventures					$ 208,738,000
Colony Credit
Schedule of Equity Method Investments [Line Items]
Net asset value per share (in dollars per share)	$ 21.65	$ 21.65
Class A Common Stock \| Common Stock \| Colony Credit
Schedule of Equity Method Investments [Line Items]
Share price (in dollars per share)	$ 15.79	$ 15.79
Investment ventures
Schedule of Equity Method Investments [Line Items]
Equity method investment, impairment		$ 0
Investment ventures \| Nonrecurring
Schedule of Equity Method Investments [Line Items]
Assets, fair value	$ 61,182,000	$ 61,182,000	$ 6,774,000	$ 0
Albertsons/Safeway
Schedule of Equity Method Investments [Line Items]
Ownership percentage by co-investment partner	50.00%	50.00%
Minimum \| Class A Common Stock \| Common Stock \| Colony Credit
Schedule of Equity Method Investments [Line Items]
Share price (in dollars per share)	$ 15.56	$ 15.56
Maximum \| Class A Common Stock \| Common Stock \| Colony Credit
Schedule of Equity Method Investments [Line Items]
Share price (in dollars per share)	$ 23.23	$ 23.23

Equity Investments - Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 2,290,095	$ 1,527,054
Marketable securities	26,754	35,600
Other equity investments	96,833	348,342
Investments in Unconsolidated Ventures	2,446,336	1,690,839
Investment ventures
Schedule of Equity Method Investments [Line Items]
Equity method investments	2,151,847	1,297,180
Other equity investments	95,196	89,261
Private funds
Schedule of Equity Method Investments [Line Items]
Equity method investments	138,248	229,874
Other equity investments	$ 34,291	$ 38,924

Equity Investments - Equity Method Investments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($) investment	Dec. 31, 2017 USD ($)
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 16 individual other investments)	$ 2,290,095	$ 1,527,054
Colony Credit
Schedule of Equity Method Investments [Line Items]
Ownership percentage	36.60%
Equity method investments (less than for 16 individual other investments)	$ 1,037,754	0
NRE
Schedule of Equity Method Investments [Line Items]
Ownership percentage	11.20%
Equity method investments (less than for 16 individual other investments)	$ 87,696	73,578
RXR Realty
Schedule of Equity Method Investments [Line Items]
Ownership percentage	27.20%
Equity method investments (less than for 16 individual other investments)	$ 95,418	105,082
Preferred equity
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 16 individual other investments)	219,913	440,704
ADC investments
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 16 individual other investments)	481,477	331,268
Private funds and other
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 16 individual other investments)	110,610	25,101
Private funds—carried interest
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 16 individual other investments)	21,730	0
Other investment ventures
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 16 individual other investments)	$ 154,412	187,420
Number of equity method investments \| investment	18
Individual other investment venture
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 16 individual other investments)	$ 66,000
Fair value option
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 16 individual other investments)	$ 81,085	$ 363,901
Amended And Restated NRE Management Agreement \| NRE
Schedule of Equity Method Investments [Line Items]
Maximum stock purchase eligibility, percent	45.00%
Shares owned in excess of threshold, threshold percent	25.00%

Equity Investments - Combined Financial Information for Equity Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Total assets	$ 15,499,159	$ 9,537,068
Total liabilities	9,803,705	5,357,936
Owners' equity	5,511,548	3,662,764
Noncontrolling interests	183,906	516,368
Total revenues	1,486,511	1,519,728	$ 819,726
Net income (loss)	220,191	174,222	(32,493)
Net income (loss) attributable to noncontrolling interests	23,878	(18,381)	(3,494)
Net income (loss) attributable to owners	$ 196,313	$ 192,603	$ (28,999)

Debt Securities - Available for Sale Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		$ 307,981
Gains		16,510
Losses		(1,248)
Fair Value		323,243
Debt securities, at fair value	$ 96,833	348,342
N-Star CDO bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	67,513	88,374
Gains	1,565	2,778
Losses	(4,951)	(219)
Fair Value	64,127	90,933
CMBS and other securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		13,829
Gains		3,739
Losses		(186)
Fair Value		17,382
CMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		144,476
Gains		3,999
Losses		(530)
Fair Value		147,945
Debt securities, at fair value	$ 32,706	25,099
Other securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		61,302
Gains		5,994
Losses		(313)
Fair Value		66,983
Bonds \| Variable Interest Entity, Primary Beneficiary
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		$ 215,500

Debt Securities - Narrative (Details) - N-Star CDO bonds $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($) security
Debt Securities, Available-for-sale [Line Items]
Gain upon deconsolidation \| $	$ 10.9
Commercial Real Estate, Securities \| Colony NorthStar
Debt Securities, Available-for-sale [Line Items]
Weighted average maturity of securities acquired	5 years
Commercial Real Estate, Securities \| Colony NorthStar \| Minimum
Debt Securities, Available-for-sale [Line Items]
Contractual maturity period	8 years
Commercial Real Estate, Securities \| Colony NorthStar \| Maximum
Debt Securities, Available-for-sale [Line Items]
Contractual maturity period	43 years
Consolidated Properties \| Commercial Real Estate, Securities \| Colony NorthStar
Debt Securities, Available-for-sale [Line Items]
Number of securities acquired \| security	2

Debt Securities - Sale of Securities (Details) - Colony - CMBS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Debt Securities, Available-for-sale [Line Items]
Proceeds from sale	$ 78,197	$ 30,279
Gross realized gain	11,304	951
Gross realized (loss)	$ (592)	$ 0

Debt Securities - Impairment of AFS Securities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($) security	Dec. 31, 2017 USD ($) security
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 54,459	$ 36,795
Gross Unrealized Loss	$ (4,951)	$ (1,248)
Number of securities in cumulative unrealized loss position, more than twelve months \| security	0	0
OTTI loss	$ 8,200	$ 33,000
CMBS
Debt Securities, Available-for-sale [Line Items]
Fair Value	0	2,229
Gross Unrealized Loss	0	(530)
Other securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	0	8,218
Gross Unrealized Loss	0	(313)
N-Star CDO bonds
Debt Securities, Available-for-sale [Line Items]
Fair Value	54,459	13,392
Gross Unrealized Loss	(4,951)	(219)
CMBS and other securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	0	12,956
Gross Unrealized Loss	$ 0	$ (186)

Debt Securities - Purchased Credit Impaired Debt Securities (Details) - Colony NorthStar - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Jan. 31, 2017
Debt Securities, Available-for-sale [Line Items]
Outstanding principal	$ 213,929	$ 411,174
Amortized cost	2,757	26,761
Carrying value	3,619	31,789
PCI Debt Securities Acquired During Period
Contractually required payments including interest			$ 574,088
Less: Nonaccretable difference			(449,261)
Cash flows expected to be collected			124,827
Less: Accretable yield			(70,283)
Fair value of PCI debt securities acquired			$ 54,544
Accretable Yield Movement Schedule [Roll Forward]
Beginning accretable yield	44,610	0
Assumed through the Merger	0	70,283
Accretion recognized in earnings	(3,489)	(12,461)
Reduction due to payoffs, disposals or deconsolidation	(17,081)	(8,963)
Net reclassifications to nonaccretable difference (1)	(24,040)	(4,249)
Ending accretable yield	$ 0	$ 44,610

Goodwill, Deferred Leasing Costs and Other Intangibles - Goodwill (Details)	12 Months Ended
	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Goodwill [Roll Forward]
Goodwill	$ 1,534,561,000	$ 680,127,000	$ 678,267,000
Business combinations	0	1,440,229,000	1,860,000
Transfer to held for sale	0	(20,000,000)	0
Disposition	0	(249,795,000)	0
Impairment	0	(316,000,000)	0
Goodwill	1,534,561,000	1,534,561,000	680,127,000
Industrial
Goodwill [Roll Forward]
Goodwill	20,000,000
Impairment	0	0
Goodwill	20,000,000	20,000,000
Investment management
Goodwill [Roll Forward]
Goodwill	1,514,561,000
Impairment	0	0	$ 0
Goodwill	$ 1,514,561,000	$ 1,514,561,000
Minimum
Goodwill [Roll Forward]
Terminal year residual multiples		6.5
Incentive fee multiples		3
Discount rate percentage		9.00%
Maximum
Goodwill [Roll Forward]
Terminal year residual multiples		20
Incentive fee multiples		5
Discount rate percentage		25.00%

Goodwill, Deferred Leasing Costs and Other Intangibles - Goodwill, Intangible Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Sep. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount			$ 1,110,851	$ 857,266	$ 1,110,851
Deferred leasing and other intangible assets, accumulated amortization			(257,979)	(317,002)	(257,979)
Deferred leasing and other intangible assets, net carrying amount			852,872	540,264	852,872
Intangible Liabilities
Below-market lease values, carrying amount			214,833	204,066	214,833
Below-market lease values, accumulated amortization			(36,426)	(59,180)	(36,426)
Below-market lease values			178,407	144,886	178,407
Above-market ground lease obligations, carrying amount			13,417	16,080	13,417
Above-market ground lease obligations, accumulated amortization			(715)	(1,580)	(715)
Above-market ground lease obligations			12,702	14,500	12,702
Intangible liabilities, carrying amount			228,250	220,146	228,250
Intangible liabilities, accumulated amortization			(37,141)	(60,760)	(37,141)
Total intangible liabilities			191,109	159,386	191,109
Impairment loss				588,223	104,360	$ 11,717
Impairment loss				588,223	420,360	11,717
In-place lease values
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount			243,037	267,221	243,037
Deferred leasing and other intangible assets, accumulated amortization			(98,021)	(112,673)	(98,021)
Deferred leasing and other intangible assets, net carrying amount			145,016	154,548	145,016
Above-market lease values
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount			166,571	129,079	166,571
Deferred leasing and other intangible assets, accumulated amortization			(34,968)	(43,412)	(34,968)
Deferred leasing and other intangible assets, net carrying amount			131,603	85,667	131,603
Below-market ground lease obligations
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount			29,625	16,258	29,625
Deferred leasing and other intangible assets, accumulated amortization			(316)	(984)	(316)
Deferred leasing and other intangible assets, net carrying amount			29,309	15,274	29,309
Deferred leasing costs
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount			121,765	111,486	121,765
Deferred leasing and other intangible assets, accumulated amortization			(38,389)	(46,666)	(38,389)
Deferred leasing and other intangible assets, net carrying amount			83,376	64,820	83,376
Lease incentives
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount			14,565	14,576	14,565
Deferred leasing and other intangible assets, accumulated amortization			(298)	(1,381)	(298)
Deferred leasing and other intangible assets, net carrying amount			14,267	13,195	14,267
Trade name
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount			79,700	15,500	79,700
Deferred leasing and other intangible assets, accumulated amortization			(3,131)	0	(3,131)
Deferred leasing and other intangible assets, net carrying amount			76,569	$ 15,500	76,569
Intangible Liabilities
Useful life of finite-lived intangible assets				20 years
Impairment loss				$ 59,464	0	0
Investment management contracts
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount			342,127	194,698	342,127
Deferred leasing and other intangible assets, accumulated amortization			(70,394)	(92,618)	(70,394)
Deferred leasing and other intangible assets, net carrying amount			271,733	102,080	271,733
Intangible Liabilities
Impairment loss				147,429	59,073	320
Customer relationships
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount			59,400	49,291	59,400
Deferred leasing and other intangible assets, accumulated amortization			(10,421)	(15,027)	(10,421)
Deferred leasing and other intangible assets, net carrying amount			48,979	34,264	48,979
Intangible Liabilities
Impairment loss				10,109	0	$ 0
Other
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount			54,061	59,157	54,061
Deferred leasing and other intangible assets, accumulated amortization			(2,041)	(4,241)	(2,041)
Deferred leasing and other intangible assets, net carrying amount			52,020	$ 54,916	$ 52,020
NorthStar I And NorthStar II \| Investment management contracts
Intangible Liabilities
Write-off of intangible assets		$ 139,000
NorthStar RXR NY Metro \| Investment management contracts
Intangible Liabilities
Write-off of intangible assets	$ 7,000	$ 1,400
Estimated future cash flows, discount rate	10.00%
Investment management contracts \| Nonrecurring \| NorthStar RXR NY Metro
Intangible Liabilities
Impairment loss			$ 3,700
Investment management contracts \| Nonrecurring \| NorthStar RXR NY Metro \| Discount rate
Intangible Liabilities
Discount rate			9.00%
Investment management contracts \| Nonrecurring \| NorthStar Healthcare
Intangible Liabilities
Impairment loss			$ 55,300

Goodwill, Deferred Leasing Costs and Other Intangibles - Remaining Terms of Acquired Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Above-market lease values	$ 6,862	$ 15,319	$ (2,045)
Below-market lease values	35,919	40,079	7,089
Net increase (decrease) to rental income	5,390	14,626	(1,569)
Above-market ground lease obligations	(925)	(752)	482
Below-market ground lease obligations	669	854	(6)
Net increase (decrease) to ground rent expense	(256)	102	476
Amortization expense	94,356	158,657	58,759
Above-market lease values
Finite-Lived Intangible Assets [Line Items]
Above-market lease values	(29,444)	(25,235)	(8,658)
Lease incentives
Finite-Lived Intangible Assets [Line Items]
Above-market lease values	(1,085)	(218)	0
In-place lease values
Finite-Lived Intangible Assets [Line Items]
Amortization expense	45,718	74,560	30,193
Deferred leasing costs
Finite-Lived Intangible Assets [Line Items]
Amortization expense	17,749	19,046	13,777
Trade name
Finite-Lived Intangible Assets [Line Items]
Amortization expense	1,606	3,682	0
Investment management contracts
Finite-Lived Intangible Assets [Line Items]
Amortization expense	22,386	38,640	11,446
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortization expense	4,606	12,514	3,343
Other
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 2,291	$ 10,215	$ 0

Goodwill, Deferred Leasing Costs and Other Intangibles - Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2018 USD ($)
(Decrease) Increase to rental income
2019	$ 10,761
2020	9,553
2021	9,769
2022	8,811
2023	9,003
2024 and Thereafter	(1,873)
Net increase (decrease) to rental income	46,024
Deferred Leasing Costs and Intangible Assets
2019	133,063
2020	56,409
2021	44,376
2022	36,186
2023	31,563
2024 and Thereafter	79,913
Net Carrying Amount	381,510
Net below-market ground lease obligations
Deferred Leasing Costs and Intangible Assets
2019	(226)
2020	(224)
2021	(219)
2022	(216)
2023	(224)
2024 and Thereafter	1,883
Net Carrying Amount	$ 774

Assets and Related Liabilities Held For Sale (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets
Restricted cash	$ 4,060	$ 1,020
Real estate, net	852,402	720,686
Goodwill	0	20,000
Intangible assets, net	41,590	37,337
Other assets	43,206	2,587
Total assets held for sale	941,258	781,630
Liabilities
Debt	0	196,905
Lease intangibles and other liabilities, net	68,217	76,393
Total liabilities related to assets held for sale	$ 68,217	$ 273,298

Restricted Cash, Other Assets and Other Liabilities - Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 366,758	$ 471,078	$ 111,959	$ 187,208
Variable Interest Entity, Primary Beneficiary
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	0	13,656
Capital expenditures reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	215,366	249,612
Real estate escrow reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	51,352	42,420
Borrower escrow deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	10,412	41,545
Working capital and other reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	19,586	23,043
Tenant lock boxes
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	15,666	16,486
Other
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 54,376	$ 84,316

Restricted Cash, Other Assets and Other Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Interest receivable	$ 14,005		$ 21,529
Straight-line rents	61,196		45,598
Hotel-related reserves	21,636		29,208
Investment deposits and pending deal costs	34,179		1,706
Deferred financing costs, net	7,870		10,068
Contingent consideration account	0		15,730
Derivative assets (Note 13)	33,558		10,152
Prepaid taxes and deferred tax assets, net	71,656		79,063
Receivables from resolution of investments	30,770		15,215
Contributions receivable	55,252		25,501
Accounts receivable	67,005		87,744
Prepaid expenses	26,991		29,526
Other assets	31,267		20,296
Fixed assets, net	47,932		53,632
Total other assets	503,317		444,968
Dividends payable	$ 84,013		$ 188,202	$ 65,972
Executive Officer \| Common Stock And OP Units
Class of Stock [Line Items]
Dividends payable		$ 6,400

Restricted Cash, Other Assets and Other Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Jan. 01, 2018	Dec. 31, 2017	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tenant security deposits and payable	$ 29,070		$ 27,560
Borrower escrow deposits	13,001		46,231
Deferred income	40,156		42,457
Interest payable	40,648		42,462
Other liabilities—derivative liabilities	132,808		204,848
Contingent consideration—THL Hotel Portfolio (Note 3)	8,903		7,419
Share repurchase payable	7,567		0	$ 0
Current and deferred income tax liability	93,174		166,276
Accrued compensation	81,911		77,483
Accrued carried interest and contractual incentive fee compensation	12,182		0
Accrued real estate and other taxes	64,440		77,060
Other accrued expenses	89,745		107,508
Accounts payable and other liabilities	94,316		98,857
Total	707,921		898,161
Deferred asset management fee income	3,200		$ 2,700
Asset management fees
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue recognized	$ 600
Difference between revenue guidance in effect before and after Topic 606 \| Asset management fees \| ASU 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred asset management fee income		$ 1,600

Debt - Schedule of Debt (Details) $ in Thousands	1 Months Ended	3 Months Ended
Debt - Schedule of Debt (Details) $ in Thousands	Jan. 31, 2018 USD ($) securitization_trust	Jun. 30, 2018 securitization_trust	Dec. 31, 2018 USD ($) securitization_trust	Dec. 31, 2017 USD ($)
Debt Instrument [Line Items]
Principal			$ 10,249,124	$ 11,129,622
Long-term debt			$ 10,039,957	10,827,810
Number of securitization vehicles contributed \| securitization_trust	3
Number of securitization vehicles sold \| securitization_trust		2
Number of securitization vehicles held \| securitization_trust			0
Assets Held For Sale
Debt Instrument [Line Items]
Long-term debt			$ 425,900	216,600
Credit Facilities
Debt Instrument [Line Items]
Principal			0
Long-term debt			0	50,000
Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Long-term debt			612,150	610,331
Secured and Unsecured Debt
Debt Instrument [Line Items]
Long-term debt			9,228,721	9,622,175
Securitization bonds payable
Debt Instrument [Line Items]
Long-term debt			0	348,251
Junior Subordinated Notes
Debt Instrument [Line Items]
Long-term debt			199,086	197,053
Carrying Value
Debt Instrument [Line Items]
Principal			10,249,124	11,129,622
Premium (discount), net			(119,551)	(245,886)
Deferred financing costs			(89,616)	(100,468)
Long-term debt				10,783,268
Carrying Value \| Credit Facilities
Debt Instrument [Line Items]
Principal			0	50,000
Premium (discount), net			0	0
Deferred financing costs			0	0
Long-term debt				50,000
Carrying Value \| Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Principal			616,105	616,105
Premium (discount), net			2,697	3,131
Deferred financing costs			(6,652)	(8,905)
Long-term debt				610,331
Carrying Value \| Secured and Unsecured Debt
Debt Instrument [Line Items]
Principal			9,352,902	9,792,169
Premium (discount), net			(41,217)	(78,634)
Deferred financing costs			(82,964)	(91,360)
Long-term debt				9,622,175
Carrying Value \| Securitization bonds payable
Debt Instrument [Line Items]
Principal			0	391,231
Premium (discount), net			0	(87,319)
Deferred financing costs			0	(203)
Long-term debt				303,709
Carrying Value \| Junior Subordinated Notes
Debt Instrument [Line Items]
Principal			280,117	280,117
Premium (discount), net			(81,031)	(83,064)
Deferred financing costs			$ 0	0
Long-term debt				197,053
Fair Value
Debt Instrument [Line Items]
Long-term debt				44,542
Fair Value \| Credit Facilities
Debt Instrument [Line Items]
Long-term debt				0
Fair Value \| Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Long-term debt				0
Fair Value \| Secured and Unsecured Debt
Debt Instrument [Line Items]
Long-term debt				0
Fair Value \| Securitization bonds payable
Debt Instrument [Line Items]
Long-term debt				44,542
Fair Value \| Junior Subordinated Notes
Debt Instrument [Line Items]
Long-term debt				$ 0
CLNY Contributed Portfolio \| Discontinued Operations, Disposed of by Means Other than Sale
Debt Instrument [Line Items]
Debt	$ 379,927
Colony Credit
Debt Instrument [Line Items]
Number of securitization vehicles contributed \| securitization_trust		3
Number of securitization vehicles held \| securitization_trust		0

Debt - Components of Debt (Details) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
Debt - Components of Debt (Details) $ in Thousands	Nov. 30, 2018 USD ($)	Dec. 31, 2018 USD ($) instrument	Dec. 31, 2018 USD ($) instrument	Dec. 31, 2017 USD ($)
Debt Instrument [Line Items]
Principal		$ 10,249,124	$ 10,249,124	$ 11,129,622
Mortgage loans, floating rate, amount	$ 100,500
Amount of impairment on real estate assets		109,100
Far value of real estate pledged as collateral		2,500,000	2,500,000
Fixed Rate
Debt Instrument [Line Items]
Principal		4,068,857	4,068,857	4,252,448
Variable Rate
Debt Instrument [Line Items]
Principal		6,180,267	6,180,267	6,877,174
Line of Credit
Debt Instrument [Line Items]
Principal		0	0
Non-Recourse
Debt Instrument [Line Items]
Non-recourse debt	$ 1,800,000
Recourse
Debt Instrument [Line Items]
Principal		933,421	933,421	985,441
Recourse \| Fixed Rate
Debt Instrument [Line Items]
Principal		$ 653,304	$ 653,304	655,324
Number of secured promissory notes \| instrument		2	2
Recourse \| Variable Rate
Debt Instrument [Line Items]
Principal		$ 280,117	$ 280,117	330,117
Recourse \| Line of Credit
Debt Instrument [Line Items]
Principal		0	$ 0	$ 50,000
Weighted Average Interest Rate (Per Annum)				3.51%
Weighted Average Years Remaining to Maturity			2 years	3 years
Recourse \| Line of Credit \| Fixed Rate
Debt Instrument [Line Items]
Principal		0	$ 0	$ 0
Recourse \| Line of Credit \| Variable Rate
Debt Instrument [Line Items]
Principal		0	$ 0	$ 50,000
Weighted Average Interest Rate (Per Annum)				3.51%
Weighted Average Years Remaining to Maturity			2 years	3 years
Recourse \| Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Principal		$ 616,105	$ 616,105	$ 616,105
Weighted Average Interest Rate (Per Annum)		4.27%	4.27%	4.27%
Weighted Average Years Remaining to Maturity			3 years	4 years
Recourse \| Convertible and Exchangeable Senior Notes \| Fixed Rate
Debt Instrument [Line Items]
Principal		$ 616,105	$ 616,105	$ 616,105
Weighted Average Interest Rate (Per Annum)		4.27%	4.27%	4.27%
Weighted Average Years Remaining to Maturity			3 years	4 years
Recourse \| Convertible and Exchangeable Senior Notes \| Variable Rate
Debt Instrument [Line Items]
Principal		$ 0	$ 0	$ 0
Recourse \| Junior Subordinated Notes
Debt Instrument [Line Items]
Principal		$ 280,117	$ 280,117	$ 280,117
Weighted Average Interest Rate (Per Annum)		5.66%	5.66%	4.56%
Weighted Average Years Remaining to Maturity			17 years 5 months	18 years 4 months 24 days
Recourse \| Junior Subordinated Notes \| Fixed Rate
Debt Instrument [Line Items]
Principal		$ 0	$ 0	$ 0
Recourse \| Junior Subordinated Notes \| Variable Rate
Debt Instrument [Line Items]
Principal		$ 280,117	$ 280,117	$ 280,117
Weighted Average Interest Rate (Per Annum)		5.66%	5.66%	4.56%
Weighted Average Years Remaining to Maturity			17 years 5 months	18 years 4 months 24 days
Recourse \| Secured and Unsecured Debt
Debt Instrument [Line Items]
Principal		$ 37,199	$ 37,199	$ 39,219
Weighted Average Interest Rate (Per Annum)		5.02%	5.02%	5.02%
Weighted Average Years Remaining to Maturity			6 years 11 months	7 years 10 months 24 days
Recourse \| Secured and Unsecured Debt \| Fixed Rate
Debt Instrument [Line Items]
Principal		$ 37,199	$ 37,199	$ 39,219
Weighted Average Interest Rate (Per Annum)		5.02%	5.02%	5.02%
Weighted Average Years Remaining to Maturity			6 years 11 months	7 years 10 months 24 days
Recourse \| Secured and Unsecured Debt \| Variable Rate
Debt Instrument [Line Items]
Principal		$ 0	$ 0	$ 0
Non-Recourse
Debt Instrument [Line Items]
Principal		9,315,703	9,315,703	10,144,181
Non-Recourse \| Fixed Rate
Debt Instrument [Line Items]
Principal		3,415,553	3,415,553	3,597,124
Non-Recourse \| Variable Rate
Debt Instrument [Line Items]
Principal		5,900,150	5,900,150	6,547,057
Non-Recourse \| Securitization bonds payable
Debt Instrument [Line Items]
Principal				$ 391,231
Weighted Average Interest Rate (Per Annum)				3.05%
Weighted Average Years Remaining to Maturity				28 years 6 months
Non-Recourse \| Securitization bonds payable \| Fixed Rate
Debt Instrument [Line Items]
Principal				$ 30,132
Weighted Average Interest Rate (Per Annum)				3.45%
Weighted Average Years Remaining to Maturity				29 years 10 months 24 days
Non-Recourse \| Securitization bonds payable \| Variable Rate
Debt Instrument [Line Items]
Principal				$ 361,099
Weighted Average Interest Rate (Per Annum)				3.02%
Weighted Average Years Remaining to Maturity				28 years 4 months 24 days
Non-Recourse \| Secured and Unsecured Debt \| Healthcare
Debt Instrument [Line Items]
Principal		$ 3,240,680	$ 3,240,680	$ 3,288,256
Weighted Average Interest Rate (Per Annum)		5.31%	5.31%	5.03%
Weighted Average Years Remaining to Maturity			2 years 2 months	3 years
Non-Recourse \| Secured and Unsecured Debt \| Industrial
Debt Instrument [Line Items]
Principal		$ 1,077,195	$ 1,077,195	$ 1,014,229
Weighted Average Interest Rate (Per Annum)		3.84%	3.84%	3.50%
Weighted Average Years Remaining to Maturity			10 years 7 months	11 years 4 months 24 days
Non-Recourse \| Secured and Unsecured Debt \| Hospitality
Debt Instrument [Line Items]
Principal		$ 2,648,072	$ 2,648,072	$ 2,608,719
Weighted Average Interest Rate (Per Annum)		5.71%	5.71%	4.69%
Weighted Average Years Remaining to Maturity			3 years 9 months	3 years 8 months
Non-Recourse \| Secured and Unsecured Debt \| Other Real Estate Equity
Debt Instrument [Line Items]
Principal		$ 1,990,245	$ 1,990,245	$ 2,215,998
Weighted Average Interest Rate (Per Annum)		4.39%	4.39%	4.03%
Weighted Average Years Remaining to Maturity			3 years 8 months	4 years 7 months
Non-Recourse \| Secured and Unsecured Debt \| Real Estate Debt
Debt Instrument [Line Items]
Principal		$ 359,511	$ 359,511	$ 625,748
Weighted Average Interest Rate (Per Annum)		4.50%	4.50%	4.05%
Weighted Average Years Remaining to Maturity			2 years 5 months	3 years 3 months
Non-Recourse \| Secured and Unsecured Debt \| Fixed Rate \| Healthcare
Debt Instrument [Line Items]
Principal		$ 2,130,999	$ 2,130,999	$ 2,168,936
Weighted Average Interest Rate (Per Annum)		4.62%	4.62%	4.65%
Weighted Average Years Remaining to Maturity			1 year 11 months	2 years 10 months 24 days
Long-term debt, repayment of principal in next twelve months		$ 1,700,000	$ 1,700,000
Non-Recourse \| Secured and Unsecured Debt \| Fixed Rate \| Industrial
Debt Instrument [Line Items]
Principal		$ 1,071,721	$ 1,071,721	$ 1,014,229
Weighted Average Interest Rate (Per Annum)		3.83%	3.83%	3.50%
Weighted Average Years Remaining to Maturity			10 years 7 months	11 years 4 months 24 days
Non-Recourse \| Secured and Unsecured Debt \| Fixed Rate \| Hospitality
Debt Instrument [Line Items]
Principal		$ 12,019	$ 12,019	$ 9,038
Weighted Average Interest Rate (Per Annum)		12.99%	12.99%	11.00%
Weighted Average Years Remaining to Maturity			2 years 7 months	3 years 7 months
Non-Recourse \| Secured and Unsecured Debt \| Fixed Rate \| Other Real Estate Equity
Debt Instrument [Line Items]
Principal		$ 200,814	$ 200,814	$ 374,789
Weighted Average Interest Rate (Per Annum)		4.02%	4.02%	4.07%
Weighted Average Years Remaining to Maturity			3 years 9 months	5 years 6 months
Outstanding principal in payment default				$ 384,500
Non-Recourse \| Secured and Unsecured Debt \| Fixed Rate \| Real Estate Debt
Debt Instrument [Line Items]
Principal		$ 0	$ 0	0
Non-Recourse \| Secured and Unsecured Debt \| Fixed Rate \| Healthcare And Hospitality
Debt Instrument [Line Items]
Outstanding principal not in compliance with certain covenants		538,500	538,500
Non-Recourse \| Secured and Unsecured Debt \| Variable Rate \| Healthcare
Debt Instrument [Line Items]
Principal		$ 1,109,681	$ 1,109,681	$ 1,119,320
Weighted Average Interest Rate (Per Annum)		6.64%	6.64%	5.75%
Weighted Average Years Remaining to Maturity			2 years 8 months	3 years
Non-Recourse \| Secured and Unsecured Debt \| Variable Rate \| Industrial
Debt Instrument [Line Items]
Principal		$ 5,474	$ 5,474	$ 0
Weighted Average Interest Rate (Per Annum)		5.27%	5.27%
Weighted Average Years Remaining to Maturity			4 years 2 months
Non-Recourse \| Secured and Unsecured Debt \| Variable Rate \| Hospitality
Debt Instrument [Line Items]
Principal		$ 2,636,053	$ 2,636,053	$ 2,599,681
Weighted Average Interest Rate (Per Annum)		5.68%	5.68%	4.67%
Weighted Average Years Remaining to Maturity			3 years 9 months	3 years 8 months
Non-Recourse \| Secured and Unsecured Debt \| Variable Rate \| Other Real Estate Equity
Debt Instrument [Line Items]
Principal		$ 1,789,431	$ 1,789,431	$ 1,841,209
Weighted Average Interest Rate (Per Annum)		4.43%	4.43%	4.02%
Weighted Average Years Remaining to Maturity			3 years 7 months	4 years 5 months
Non-Recourse \| Secured and Unsecured Debt \| Variable Rate \| Real Estate Debt
Debt Instrument [Line Items]
Principal		$ 359,511	$ 359,511	$ 625,748
Weighted Average Interest Rate (Per Annum)		4.50%	4.50%	4.05%
Weighted Average Years Remaining to Maturity			2 years 5 months	3 years 3 months

Debt - Corporate Credit Facility (Details) - Credit Facilities - Revolving Credit Facility - JPMorgan Chase Bank, N.A.		12 Months Ended
	Jan. 10, 2017 USD ($) extension	Dec. 31, 2018 USD ($)
Line of Credit Facility [Line Items]
Maximum principal amount of credit facility	$ 1,000,000,000.0
Number of extension options \| extension	2
Extension term	6 months
Extension commitment fee	0.10%
Maximum amount available for draw		$ 1,000,000,000.0
Percentage of unused amount		0.35%
Minimum
Line of Credit Facility [Line Items]
Percentage of unused amount		0.25%
Maximum
Line of Credit Facility [Line Items]
Percentage of unused amount		0.35%
LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate, percent		2.25%
Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate, percent		1.25%
Accordion Feature
Line of Credit Facility [Line Items]
Maximum principal amount increase	$ 1,500,000,000.0

Debt - Convertible Senior Notes (Details)	4 Months Ended	12 Months Ended
Debt - Convertible Senior Notes (Details)	Nov. 30, 2017 USD ($) shares	Dec. 31, 2018 USD ($) d quarter $ / shares shares	Dec. 31, 2017 USD ($) shares	Jul. 31, 2017 USD ($)
Debt Instrument [Line Items]
Convertible and exchangeable senior notes		$ 616,105,000	$ 616,105,000
Convertible senior notes \| 5.00% Convertible Notes
Debt Instrument [Line Items]
Converted instrument, amount		$ 1,000
Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Redemption price, percentage of principal amount		100.00%
Threshold percentage of stock price trigger		130.00%
Threshold trading days \| d		20
Threshold consecutive trading days \| d		30
Convertible and Exchangeable Senior Notes \| 5.00% Convertible Notes
Debt Instrument [Line Items]
Interest Rate		5.00%
Conversion or Exchange Price (per share of common stock) \| $ / shares		$ 15.76
Conversion or Exchange Ratio (In Shares per $1,000)		63.4700
Conversion or Exchange Shares (in shares) \| shares		12,694,000
Convertible and exchangeable senior notes		$ 200,000,000	200,000,000
Convertible and Exchangeable Senior Notes \| 3.875% Convertible Notes
Debt Instrument [Line Items]
Interest Rate		3.875%
Conversion or Exchange Price (per share of common stock) \| $ / shares		$ 16.57
Conversion or Exchange Ratio (In Shares per $1,000)		60.3431
Conversion or Exchange Shares (in shares) \| shares		24,288,000
Convertible and exchangeable senior notes		$ 402,500,000	402,500,000
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		1,130,000
Convertible and exchangeable senior notes		$ 13,605,000	$ 13,605,000
Converted instrument, amount	$ 2,800,000
Original debt, interest rate	5.375%
Convertible and Exchangeable Senior Notes \| 7.25% Exchangeable Notes
Debt Instrument [Line Items]
Interest Rate				7.25%
Repurchased face amount				$ 13,000,000
Repurchase amount				$ 13,400,000
Junior Subordinated Notes
Debt Instrument [Line Items]
Redemption period		5 years
Interest payment deferral, number of consecutive quarters \| quarter		6
Class A Common Stock
Debt Instrument [Line Items]
Converted instrument, shares issued (in shares) \| shares			233,000
Class A Common Stock \| Convertible and Exchangeable Senior Notes \| 5.375% Exchangeable Notes
Debt Instrument [Line Items]
Converted instrument, shares issued (in shares) \| shares	232,669

Debt - Future Minimum Principal Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
2019	$ 2,468,980
2020	626,552
2021	1,348,487
2022	2,826,948
2023	392,667
2024 and thereafter	2,585,490
Total	10,249,124	$ 11,129,622
Recourse Debt
Debt Instrument [Line Items]
Total	933,421	985,441
Credit Facilities
Debt Instrument [Line Items]
2019	0
2020	0
2021	0
2022	0
2023	0
2024 and thereafter	0
Total	0
Credit Facilities \| Recourse Debt
Debt Instrument [Line Items]
Total	0	50,000
Convertible and Exchangeable Senior Notes \| Recourse Debt
Debt Instrument [Line Items]
2019	0
2020	0
2021	402,500
2022	0
2023	200,000
2024 and thereafter	13,605
Total	616,105	616,105
Secured Debt
Debt Instrument [Line Items]
2019	2,468,980
2020	626,552
2021	945,987
2022	2,826,948
2023	192,667
2024 and thereafter	2,291,768
Total	9,352,902
Junior Subordinated Notes \| Recourse Debt
Debt Instrument [Line Items]
2019	0
2020	0
2021	0
2022	0
2023	0
2024 and thereafter	280,117
Total	$ 280,117	$ 280,117

Debt - Interest Incurred and Capitalized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
Interest expense	$ 595,551	$ 574,822	$ 170,083
Interest capitalized	5,554	0	0
Total interest incurred	$ 601,105	$ 574,822	$ 170,083

Derivatives - Narrative (Details) $ in Thousands, € in Millions, £ in Millions, kr in Millions	12 Months Ended
	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2018 GBP (£)	Dec. 31, 2018 EUR (€)	Dec. 31, 2017 GBP (£)	Dec. 31, 2017 EUR (€)	Dec. 31, 2017 NOK (kr)
Derivative Instruments, Gain (Loss) [Line Items]
Deposits related to agreements included in other assets	$ 800	$ 1,900
Investments in unconsolidated joint ventures	2,446,336	1,690,839
Net Investment Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives used in net investment hedge, gain (loss), reclassified to earnings upon dedesignation			$ 1,600
Non-Designated Hedges \| Net Investment Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives used in net investment hedge, gain (loss), reclassified to earnings upon dedesignation	3,726	(3,928)
Designated Hedges \| Other gain (loss), net \| Net Investment Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Realization of net gain on net investment hedges	7,426	(3,931)	$ 62
Foreign currency risk
Derivative Instruments, Gain (Loss) [Line Items]
Investments in unconsolidated joint ventures	$ 1,000,000	$ 1,100,000		£ 235.7	€ 614.0	£ 250.6	€ 499.2	kr 771.2

Derivatives - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 33,558	$ 10,152
Derivative Liabilities	132,808	204,848
Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	33,558	10,152
Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	132,808	204,848
Designated Hedges \| Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	31,989	8,009
Designated Hedges \| Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	6,193	39,101
Non-Designated Hedges \| Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	1,569	2,143
Non-Designated Hedges \| Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	126,615	165,747
Foreign exchange contracts \| Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	32,196	8,984
Foreign exchange contracts \| Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	6,404	44,408
Foreign exchange contracts \| Designated Hedges \| Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	31,127	8,009
Foreign exchange contracts \| Designated Hedges \| Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	6,193	39,101
Foreign exchange contracts \| Non-Designated Hedges \| Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	1,069	975
Foreign exchange contracts \| Non-Designated Hedges \| Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	211	5,307
Interest rate contracts
Derivatives, Fair Value [Line Items]
Derivative Assets	1,362	1,168
Derivative Liabilities	126,404	160,440
Interest rate contracts \| Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	1,362	1,168
Interest rate contracts \| Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	126,404	160,440
Interest rate contracts \| Designated Hedges \| Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	862	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	500	1,168
Interest rate contracts \| Non-Designated Hedges \| Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ 126,404	$ 160,440

Derivatives - Schedule of Foreign Exchange Contracts (Details) - Dec. 31, 2018 € in Thousands, £ in Thousands	GBP (£)	EUR (€)	$ / €	$ / £
Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Forward exchange rate \| $ / £				1.29
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 \| Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Forward exchange rate			1.10	1.24
Foreign exchange contracts \| Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Forward exchange rate \| $ / €			1.38
Designated Hedges \| Foreign exchange collars
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	£ 39,881	€ 84,549
Designated Hedges \| Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	88,313	431,874
Non-Designated Hedges \| Foreign exchange collars
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	2,309	114
Non-Designated Hedges \| Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	£ 26,257	€ 14,944

Derivatives - Schedule of Interest Derivative (Details) € in Thousands, £ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($) $ / £	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2018 GBP (£) $ / £	Dec. 31, 2018 EUR (€) $ / £
Maximum
Derivative [Line Items]
Forward rate \| $ / £	1.29			1.29	1.29
Interest Rate Swap
Derivative [Line Items]
Term of interest rate swap	10 years
Designated Hedges \| Cash flow hedging \| Other gain (loss), net
Derivative [Line Items]
Cash flow hedge ineffectiveness	$ 0	$ 0	$ (401)
Designated Hedges \| Interest Rate Swap \| Three-Month LIBOR
Derivative [Line Items]
Notional amount	0
Designated Hedges \| Interest Rate Cap \| Three-Month LIBOR
Derivative [Line Items]
Notional amount	0
Designated Hedges \| Interest Rate Cap \| One-Month LIBOR
Derivative [Line Items]
Notional amount	0
Designated Hedges \| Interest Rate Cap \| Three-Month Euribor
Derivative [Line Items]
Notional amount \| €					€ 247,513
Designated Hedges \| Interest Rate Cap \| Three-Month GBP LIBOR
Derivative [Line Items]
Notional amount \| £				£ 0
Designated Hedges \| Deliverable swap futures
Derivative [Line Items]
Notional amount	0
Non-Designated Hedges \| Interest rate contracts \| Other gain (loss), net
Derivative [Line Items]
Cash flow hedge ineffectiveness	33,307	$ (15,080)	$ (1,455)
Non-Designated Hedges \| Interest Rate Swap \| Three-Month LIBOR
Derivative [Line Items]
Notional amount	$ 2,000,000
Forward rate	0.0339			0.0339	0.0339
Non-Designated Hedges \| Interest Rate Cap \| Three-Month LIBOR
Derivative [Line Items]
Notional amount	$ 52,155
Forward rate	0.0224			0.0224	0.0224
Non-Designated Hedges \| Interest Rate Cap \| One-Month LIBOR
Derivative [Line Items]
Notional amount	$ 4,009,957
Non-Designated Hedges \| Interest Rate Cap \| One-Month LIBOR \| Minimum
Derivative [Line Items]
Forward rate	0.030			0.030	0.030
Non-Designated Hedges \| Interest Rate Cap \| One-Month LIBOR \| Maximum
Derivative [Line Items]
Forward rate	0.045			0.045	0.045
Non-Designated Hedges \| Interest Rate Cap \| Three-Month Euribor
Derivative [Line Items]
Notional amount \| €					€ 441,151
Non-Designated Hedges \| Interest Rate Cap \| Three-Month Euribor \| Minimum
Derivative [Line Items]
Forward rate	0.008			0.008	0.008
Non-Designated Hedges \| Interest Rate Cap \| Three-Month Euribor \| Maximum
Derivative [Line Items]
Forward rate	0.015			0.015	0.015
Non-Designated Hedges \| Interest Rate Cap \| Three-Month GBP LIBOR
Derivative [Line Items]
Notional amount \| £				£ 363,716
Non-Designated Hedges \| Interest Rate Cap \| Three-Month GBP LIBOR \| Minimum
Derivative [Line Items]
Forward rate	0.015			0.015	0.015
Non-Designated Hedges \| Interest Rate Cap \| Three-Month GBP LIBOR \| Maximum
Derivative [Line Items]
Forward rate	0.025			0.025	0.025
Non-Designated Hedges \| Deliverable swap futures
Derivative [Line Items]
Notional amount	$ 19,000

Derivatives - Derivative Netting (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Derivative [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	$ 33,558	$ 10,152
(Assets) Liabilities	(2,566)	(8,948)
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	30,992	1,204
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	(132,808)	(204,848)
(Assets) Liabilities	2,566	8,948
Cash Collateral Received (Pledged)	840	1,900
Net Amounts of Assets (Liabilities)	(129,402)	(194,000)
Foreign exchange contracts
Derivative [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	32,196	8,984
(Assets) Liabilities	(1,743)	(8,944)
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	30,453	40
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	(6,404)	(44,408)
(Assets) Liabilities	1,743	8,944
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	(4,661)	(35,464)
Interest rate contracts
Derivative [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	1,362	1,168
(Assets) Liabilities	(823)	(4)
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	539	1,164
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	(126,404)	(160,440)
(Assets) Liabilities	823	4
Cash Collateral Received (Pledged)	840	1,900
Net Amounts of Assets (Liabilities)	$ (124,741)	$ (158,536)

Fair Value - Fair Value of Assets and Liabilities (Details)		12 Months Ended
	Jun. 30, 2018 USD ($) shares	Dec. 31, 2018 USD ($) shares	Dec. 31, 2017 USD ($)	Jul. 01, 2017 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments		$ 81,085,000	$ 363,901,000
Debt securities, at fair value		96,833,000	348,342,000
Fair Value			323,243,000
Other assets—derivative assets		33,558,000	10,152,000
Other liabilities—derivative liabilities		132,808,000	204,848,000
Contingent consideration—THL Hotel Portfolio (Note 3)		8,903,000	7,419,000
Due to affiliates—contingent consideration for Internalization		0	23,534,000
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments		0	0
Other assets—derivative assets		0	0
Other liabilities—derivative liabilities		0	0
Contingent consideration—THL Hotel Portfolio (Note 3)		0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments		0	0
Other assets—derivative assets		33,558,000	10,152,000
Other liabilities—derivative liabilities		132,808,000	204,848,000
Contingent consideration—THL Hotel Portfolio (Note 3)		0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments		81,085,000	363,901,000
Other assets—derivative assets		0	0
Other liabilities—derivative liabilities		0	0
Contingent consideration—THL Hotel Portfolio (Note 3)		8,903,000	7,419,000
CMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, at fair value		32,706,000	25,099,000
Fair Value			147,945,000
CMBS \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, at fair value		0	0
Fair Value			0
CMBS \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, at fair value		32,706,000	25,099,000
Fair Value			0
CMBS \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, at fair value		0	0
Fair Value			147,945,000
Other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value			66,983,000
Other securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value			0
Other securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value			0
Other securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value			66,983,000
N-Star CDO bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		64,127,000	90,933,000
N-Star CDO bonds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		0	0
N-Star CDO bonds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		0	0
N-Star CDO bonds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		64,127,000	90,933,000
CMBS and other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value			17,382,000
CMBS and other securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value			0
CMBS and other securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value			0
CMBS and other securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value			17,382,000
Equity securities of consolidated fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, at fair value		26,754,000	35,600,000
Equity securities of consolidated fund \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, at fair value			35,600,000
Equity securities of consolidated fund \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, at fair value		0	0
Equity securities of consolidated fund \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, at fair value		$ 0	0
Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Due to affiliates—contingent consideration for Internalization			20,650,000
Contingent consideration \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Due to affiliates—contingent consideration for Internalization			0
Contingent consideration \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Due to affiliates—contingent consideration for Internalization			0
Colony NorthStar \| Class A Common Stock \| Affiliated Entity \| Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of shares contingent upon achievement of performance targets (shares) \| shares		1,290,000
Colony NorthStar \| Class B Common Stock \| Affiliated Entity \| Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of shares contingent upon achievement of performance targets (shares) \| shares		115,226
Colony NorthStar \| OP Units \| Affiliated Entity \| Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of shares contingent upon achievement of performance targets (shares) \| shares		4,400,000
Maximum \| THL Hotel Portfolio
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration—THL Hotel Portfolio (Note 3)				$ 13,000,000.0
Loans receivable—securitized loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure			45,423,000
Loans receivable—securitized loans \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure			0
Loans receivable—securitized loans \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure			0
Loans receivable—securitized loans \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure			45,423,000
Securitization bonds payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt—securitization bonds payable			44,542,000
Securitization bonds payable \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt—securitization bonds payable			0
Securitization bonds payable \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt—securitization bonds payable			0
Securitization bonds payable \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt—securitization bonds payable			44,542,000
Discounted cash flows \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration—THL Hotel Portfolio (Note 3)			7,419,000
Discounted cash flows \| N-Star CDO bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		$ 64,127,000	90,933,000
Discounted cash flows \| Private funds and other \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure		5,908,000	204,774,000
Discounted cash flows \| Other investment ventures \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure		21,831,000	26,408,000
Multiple \| Other investment ventures \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure		$ 25,000,000
Measurement input		5.8
Monte Carlo simulation \| Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Due to affiliates—contingent consideration for Internalization			20,650,000
Recent Transaction Price \| Other investment ventures \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure		$ 28,346,000	$ 132,719,000
Recurring \| Contingent consideration \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfer out of liabilities into equity		12,539,000
Transfers out of Level 3		$ 6,381,000
Discount rate \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		0.200	0.200
Discount rate \| N-Star CDO bonds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		0.216	0.24
Discount rate \| Minimum \| N-Star CDO bonds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		0.136	0.108
Discount rate \| Maximum \| N-Star CDO bonds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		0.565	0.874
Discount rate \| Private funds and other \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input			0.146
Discount rate \| Private funds and other \| Minimum \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input			0.110
Discount rate \| Private funds and other \| Maximum \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input			0.200
Discount rate \| Other investment ventures \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		0.175	0.142
Discount rate \| Other investment ventures \| Minimum \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		0.091	0.088
Discount rate \| Other investment ventures \| Maximum \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		0.184	0.148
Benchmark FFO volatility \| Contingent consideration \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input			0.118
Equity volatility \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input			0.187
Correlation \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input			0.800
Common Stock \| Contingent consideration \| Class A Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of additional shares to be paid (in shares) \| shares	15,000
Common Stock \| Contingent consideration \| Class B Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of additional shares to be paid (in shares) \| shares	40,000
Senior Management \| Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Due to affiliates—contingent consideration for Internalization		$ 0	$ 20,650,000
Senior Management \| Recurring \| Contingent consideration \| Contingent consideration \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers out of Level 3	$ 6,400,000
Senior Management \| Common Stock And OP Units \| Affiliated Entity \| Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfer out of liabilities into equity	$ 12,500,000
Settlement Of Contingent Consideration \| OP Units
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Units issued (in units) \| shares	1,950,000

Fair Value - Changes in Fair Value (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 30, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Debt \| Recurring \| Level 3
Level 3 Liabilities
Fair value, liability value		$ (44,542)	$ 0	$ 0
Unrealized gain related to balance recorded in earnings		57	1,822
Consolidation of securitization trust			(56,928)
Purchases, contributions, or accretions, liabilities			10,564
Unrealized gains (losses) on ending balance in earnings		57	1,822
Paydowns, distributions or sales		638
Deconsolidation		43,847
Fair value, liability value		0	(44,542)	0
Due to Affiliates—Contingent Consideration for Internalization \| Recurring \| Level 3
Level 3 Liabilities
Fair value, liability value		(20,650)	(41,250)	(52,990)
Unrealized gain in earnings				11,740
Unrealized gain related to balance recorded in earnings		1,730	20,600	11,740
Acquired through the Merger			0
Unrealized gains (losses) on ending balance in earnings		1,730	20,600
Transfer out of liabilities into equity		12,539
Transfers out of Level 3		6,381
Fair value, liability value		0	(20,650)	(41,250)
Loans Receivable \| Recurring \| Level 3
Level 3 Assets
Fair value, asset value		45,423	0	0
Unrealized gains (losses) In earnings		(715)	(2,309)
Consolidation of securitization trust			58,296
Paydowns, distributions or sales		(638)	(10,564)
Unrealized gains (losses) on ending balance in earnings		(715)	(2,309)
Deconsolidation		(44,070)
Fair value, asset value		0	45,423	0
Equity Method Investments \| Recurring \| Level 3
Level 3 Assets
Fair value, asset value		363,901	0	0
Unrealized gains (losses) In earnings		(67)	6,104	0
Acquired through the Merger			362,269
Purchases, contributions or accretion		61,113	162,323
Paydowns, distributions or sales		(188,409)	(166,795)
Realized gains in earnings		3,208
Unrealized gains (losses) on ending balance in earnings		(67)	6,104
Transfers out of Level 3		(132,527)
Contribution to Colony Credit (Note 4)		(26,134)
Fair value, asset value		81,085	363,901	0
Securities \| Recurring \| Level 3
Level 3 Assets
Fair value, asset value		323,243	0	0
Unrealized gains (losses) In earnings				0
Acquired through the Merger			427,560
Purchases, contributions or accretion		21,049	40,035
Paydowns, distributions or sales		(138,261)	(120,728)
Realized gains in earnings		3,877	(38,885)
Unrealized gains (losses) In accumulated other comprehensive income		(21,437)	15,261
Unrealized gains (losses) on ending balance in earnings		0	0
Deconsolidation		(124,344)
Unrealized gains (losses) on ending balance in other comprehensive income (loss)		(3,386)
Fair value, asset value		64,127	323,243	0
THL Hotel Portfolio \| Due to Affiliates—Contingent Consideration for Internalization \| Recurring \| Level 3
Level 3 Liabilities
Fair value, liability value		(7,419)	0	0
Unrealized gain related to balance recorded in earnings		(1,484)	(648)
Consideration for business combination			(6,771)
Unrealized gains (losses) on ending balance in earnings		(1,484)	(648)
Fair value, liability value		$ (8,903)	$ (7,419)	$ 0
Senior Management \| Due to Affiliates—Contingent Consideration for Internalization \| Due to Affiliates—Contingent Consideration for Internalization \| Recurring \| Level 3
Level 3 Liabilities
Transfers out of Level 3	$ 6,400
Affiliated Entity \| Common Stock And OP Units \| Senior Management \| Due to Affiliates—Contingent Consideration for Internalization
Level 3 Liabilities
Transfer out of liabilities into equity	$ 12,500

Fair Value - Investments Carried at Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Private fund—real estate
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Expected life of investment		8 years
Expected life of investment, extension increment period	1 year
Expected life of investment, extension period threshold	2 years
Recurring \| Fair Value Measured at Net Asset Value Per Share \| Private fund—real estate
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 12,617
Unfunded Commitments	13,658
Recurring \| Fair Value Measured at Net Asset Value Per Share \| Retail Companies—real estate
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	21,674
Unfunded Commitments	$ 0

Fair Value - Nonrecurring Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment loss	$ 588,223	$ 420,360	$ 11,717
Impairment loss	588,223	104,360	11,717
Equity method investments	81,085	363,901
Real estate held for sale \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	269,145	49,498
Impairment loss	77,211	25,619	11,334
Real estate held for investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	282,400
Impairment loss	212,000
Real estate held for investment \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	416,272	224,935
Impairment loss	280,418	19,668	57
Intangible assets—investment management contracts \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	36,400	51,100
Equity Method Investments \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	61,182	6,774	0
Equity method investments	$ 32,761	11,871
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	11.00%
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	5.50%
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments	$ 0	0
Level 2 \| Real estate held for sale \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	68,864	13,252
Level 2 \| Real estate held for investment \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	0	0
Level 2 \| Intangible assets—investment management contracts \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	0	0
Level 2 \| Equity Method Investments \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments	81,085	363,901
Level 3 \| Real estate held for sale \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	200,281	36,246
Level 3 \| Real estate held for investment \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	416,272	224,935
Level 3 \| Intangible assets—investment management contracts \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	36,400	51,100
Level 3 \| Equity Method Investments \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments	32,761	11,871
Lease Intangibles
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment loss	12,744	0	0
Investment management contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment loss	147,429	59,073	320
Customer relationships
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment loss	10,109	0	0
Trade name
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment loss	$ 59,464	$ 0	$ 0
Primarily European Portfolio \| Real estate held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Selling costs	5.00%
Certain Hotels In The Hospitality Segment \| Level 3 \| Maximum \| Real estate held for sale \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Selling costs	3.00%
Multi Tenant Offices And Certain Hotels In The THL Hotel Portfolio \| Level 3 \| Maximum \| Real estate held for sale \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Selling costs	2.00%
Multi Tenant Offices And Certain Hotels In The THL Hotel Portfolio \| Level 3 \| Minimum \| Real estate held for sale \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Selling costs	1.50%

Fair Value - Estimated Fair Values and Carrying Values of Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets
Loans at amortized cost	$ 0	$ 45,423
Level 1
Assets
Loans at amortized cost	0	0
Liabilities
Line of credit		0
Level 1 \| Convertible senior notes
Liabilities
Secured and unsecured debt	547,300	608,491
Level 1 \| Secured debt
Liabilities
Secured and unsecured debt	0
Level 1 \| Secured and Unsecured Debt
Liabilities
Secured and unsecured debt		0
Level 1 \| Securitization bonds payable
Liabilities
Secured and unsecured debt		0
Level 1 \| Junior Subordinated Notes
Liabilities
Secured and unsecured debt	0	0
Level 2
Assets
Loans at amortized cost	0	0
Liabilities
Line of credit		50,000
Level 2 \| Convertible senior notes
Liabilities
Secured and unsecured debt	13,095	13,979
Level 2 \| Secured debt
Liabilities
Secured and unsecured debt	0
Level 2 \| Secured and Unsecured Debt
Liabilities
Secured and unsecured debt		0
Level 2 \| Securitization bonds payable
Liabilities
Secured and unsecured debt		132,815
Level 2 \| Junior Subordinated Notes
Liabilities
Secured and unsecured debt	0	0
Level 3
Assets
Loans at amortized cost	1,667,892	3,232,301
Liabilities
Line of credit		0
Level 3 \| Convertible senior notes
Liabilities
Secured and unsecured debt	0	0
Level 3 \| Secured debt
Liabilities
Secured and unsecured debt	9,218,692
Level 3 \| Secured and Unsecured Debt
Liabilities
Secured and unsecured debt		9,703,680
Level 3 \| Securitization bonds payable
Liabilities
Secured and unsecured debt		169,908
Level 3 \| Junior Subordinated Notes
Liabilities
Secured and unsecured debt	169,619	216,316
Fair Value
Assets
Loans at amortized cost	1,667,892	3,232,301
Liabilities
Line of credit		50,000
Fair Value \| Convertible senior notes
Liabilities
Secured and unsecured debt	560,395	622,470
Fair Value \| Secured debt
Liabilities
Secured and unsecured debt	9,218,692
Fair Value \| Secured and Unsecured Debt
Liabilities
Secured and unsecured debt		9,703,680
Fair Value \| Securitization bonds payable
Liabilities
Secured and unsecured debt		302,723
Fair Value \| Junior Subordinated Notes
Liabilities
Secured and unsecured debt	169,619	216,316
Carrying Value
Assets
Loans at amortized cost	1,659,217	3,178,339
Liabilities
Line of credit		50,000
Carrying Value \| Convertible senior notes
Liabilities
Secured and unsecured debt	612,150	610,331
Carrying Value \| Secured debt
Liabilities
Secured and unsecured debt	9,228,721
Carrying Value \| Secured and Unsecured Debt
Liabilities
Secured and unsecured debt		9,622,175
Carrying Value \| Securitization bonds payable
Liabilities
Secured and unsecured debt		303,709
Carrying Value \| Junior Subordinated Notes
Liabilities
Secured and unsecured debt	$ 199,086	$ 197,053

Variable Interest Entities (Details) $ in Millions	1 Months Ended	3 Months Ended
Variable Interest Entities (Details) $ in Millions	Jan. 31, 2018 securitization_trust	Jun. 30, 2018 securitization_trust	Dec. 31, 2018 USD ($) securitization_trust	Dec. 31, 2017 USD ($)
Variable Interest Entity [Line Items]
Number of securitization vehicles held \| securitization_trust			0
Number of securitization vehicles contributed \| securitization_trust	3
Number of securitization vehicles sold \| securitization_trust		2
Company Sponsored Funds
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities \| $			$ 13.2	$ 10.2
Consolidated open-end fund
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities \| $			117.3	6.9
Trust
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities \| $			3.7	3.7
Securitization Vehicles
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities \| $				490.1
Securitization Vehicles \| Variable Interest Entity, Unconsolidated
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities \| $			$ 67.5	$ 102.2
Colony Credit
Variable Interest Entity [Line Items]
Number of securitization vehicles held \| securitization_trust		0
Number of securitization vehicles contributed \| securitization_trust		3

Stockholders' Equity - Narrative (Details)						1 Months Ended	3 Months Ended		12 Months Ended
Stockholders' Equity - Narrative (Details)	Jan. 27, 2017 $ / shares	Jan. 20, 2017 $ / shares	Jan. 10, 2017 shares	Jan. 10, 2017 $ / shares shares	Apr. 02, 2015	Mar. 31, 2017 USD ($)	Mar. 31, 2017 $ / shares	Mar. 31, 2017 $ / shares	Dec. 31, 2018 USD ($) vote quarter director $ / shares shares	Dec. 31, 2017 USD ($) $ / shares shares	Dec. 31, 2016 USD ($) $ / shares shares	May 23, 2018 USD ($)	Feb. 26, 2018 USD ($)	Sep. 01, 2017 USD ($)	Feb. 23, 2017 USD ($)	Dec. 31, 2015 shares
Class of Stock [Line Items]
Redemption amount per share (in dollars per share) \| $ / shares									$ 25.00
Number of directors vote entitles \| director									2
Preferred stock, shares outstanding (in shares) \| shares			39,466,000	39,466,000					57,464,000	65,464,000
Proceeds from issuance of preferred stock, net									$ 0	$ 638,100,000	$ 0
Common stock conversion ratio for Class A to Class B / OP Units					1
Common stock, dividends, per share, declared (in dollars per share) \| $ / shares							$ 0.24	$ 0.27	$ 0.44	$ 1.08	$ 1.08
Class A common stock acquired under the DRIP Plan (in shares) \| shares									0	0
Minimum affirmative vote required for changes to any series of preferred stock									66.67%
Minimum period of dividend defaults providing preferred stockholders to voting rights \| quarter									6
Class A Common Stock
Class of Stock [Line Items]
Stock repurchase, authorized amount												$ 300,000,000	$ 300,000,000
Stock repurchase, period for repurchase									1 year
Shares repurchased (in shares) \| shares									61,417,755
Value of shares repurchased									$ 350,100,000
Weighted average price per share (in dollars per share) \| $ / shares									$ 5.70
Voting rights attributable to each share \| vote									1
Class B Common Stock
Class of Stock [Line Items]
Voting rights attributable to each share \| vote									36.5
Series I
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares) \| shares									13,800,000
Dividend rate per annum, preferred stock									7.15%
Series J
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares) \| shares									12,600,000
Dividend rate per annum, preferred stock									7.125%
Series I and J Preferred Stock
Class of Stock [Line Items]
Proceeds from issuance of preferred stock, net										$ 637,900,000
Series A, B, C, F Preferred Stock
Class of Stock [Line Items]
Preferred stock redemptions payable														$ 644,900,000
Preferred Stock
Class of Stock [Line Items]
Redemption amount per share (in dollars per share) \| $ / shares									$ 25.00
Preferred stock, shares outstanding (in shares) \| shares									57,464,000	65,464,000	25,030,000					25,030,000
Liquidation preference per share (in dollars per share) \| $ / shares									$ 25.00
Colony NorthStar \| Common Stock
Class of Stock [Line Items]
Dividends paid (in dollars per share) \| $ / shares		$ 0.04444		$ 0.03
Colony NorthStar \| Class A Common Stock
Class of Stock [Line Items]
Exchange ratio			1.4663	1.4663					1.4663
Colony NorthStar \| Class B Common Stock
Class of Stock [Line Items]
Exchange ratio			1.4663
Colony NorthStar \| Preferred Stock
Class of Stock [Line Items]
Exchange ratio			1
NSAM \| Common Stock
Class of Stock [Line Items]
Dividends paid (in dollars per share) \| $ / shares	$ 1.16
NSAM \| Colony NorthStar \| Class A Common Stock
Class of Stock [Line Items]
Exchange ratio			1.4663
Common stock conversion ratio for Class A to Class B / OP Units			1
Call Spread \| Class A Common Stock
Class of Stock [Line Items]
Shares repurchased (in shares) \| shares										2,150,120
Value of shares repurchased										$ 29,800,000
Short \| Call Spread \| NSAM \| Common Stock
Class of Stock [Line Items]
Settlement						$ 21,900,000
Cash pledged as collateral, released						$ 15,000,000
Share Repurchase Program \| Class A Common Stock
Class of Stock [Line Items]
Stock repurchase, authorized amount															$ 300,000,000.0
Shares repurchased (in shares) \| shares										23,371,071
Weighted average price per share (in dollars per share) \| $ / shares										$ 12.84

Stockholders' Equity - Preferred and Common Stock Outstanding (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Jan. 10, 2017	Jan. 31, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share Activities Of Preferred And Common Stock [Roll Forward]
Preferred stock, shares outstanding (in shares)			65,464,000
Contribution of preferred stock to an affiliate (in shares)					964,000
Preferred stock, shares outstanding (in shares)	39,466,000		57,464,000	65,464,000
Repurchase of preferred stock			$ 350,710	$ 300,177
REIT Security Venture
Share Activities Of Preferred And Common Stock [Roll Forward]
Ownership percentage			4.40%
Preferred Stock
Share Activities Of Preferred And Common Stock [Roll Forward]
Preferred stock, shares outstanding (in shares)		25,030,000	65,464,000	25,030,000	25,030,000
Repurchase of stock (in shares)		(963,718)	(8,000,000)	(25,432,000)	(964,000)
Number of shares issued or issuable in a combination (in shares)				39,466,000
Issuance of shares (in shares)				26,400,000
Preferred stock, shares outstanding (in shares)			57,464,000	65,464,000	25,030,000
Repurchase of preferred stock		$ 20,000
Class A Common Stock
Share Activities Of Preferred And Common Stock [Roll Forward]
Common stock, shares outstanding (in shares)		163,777,000	542,599,000	166,440,000	163,777,000
Repurchase of stock (in shares)			(61,418,000)	(23,371,000)
Number of shares issued or issuable in a combination (in shares)				392,120,000
Shares issued for settlement of contingent consideration—Internalization (Note 14) (in shares)			15,000
Shares canceled (in shares)				(2,984,000)
Conversion of stock, shares issued (in shares)			42,000	34,000	31,000
Converted instrument, shares issued (in shares)				233,000
Share-based compensation, net of forfeitures (in shares)			3,394,000	8,096,000	1,478,000
Redemption of restricted stock units (in shares)				775,000
Shares canceled for tax withholding on vested stock awards (in shares)			(3,359,000)	(428,000)	(216,000)
Common stock, shares outstanding (in shares)			483,347,000	542,599,000	166,440,000
Class A Common Stock \| Operating Partnership Unit
Share Activities Of Preferred And Common Stock [Roll Forward]
Issuance of shares (in shares)			2,074,000	1,684,000	1,370,000
Shares issued upon redemption of OP Units (in shares)			572,567
Class B Common Stock
Share Activities Of Preferred And Common Stock [Roll Forward]
Common stock, shares outstanding (in shares)		801,000	736,000	770,000	801,000
Repurchase of stock (in shares)				0
Number of shares issued or issuable in a combination (in shares)				0
Shares issued for settlement of contingent consideration—Internalization (Note 14) (in shares)			40,000
Shares canceled (in shares)				0
Conversion of stock, shares converted (in shares)			(42,000)	(34,000)	(31,000)
Share-based compensation, net of forfeitures (in shares)			0	0	0
Shares canceled for tax withholding on vested stock awards (in shares)			0	0	0
Common stock, shares outstanding (in shares)			734,000	736,000	770,000
Class B Common Stock \| Operating Partnership Unit
Share Activities Of Preferred And Common Stock [Roll Forward]
Issuance of shares (in shares)			0	0	0

Stockholders' Equity - Preferred Stock (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Jan. 10, 2017
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)	57,464	65,464	39,466
Par value (in dollars per share)	$ 575		$ 1,010,320
Preferred stock, liquidation preference	$ 1,436,605	$ 1,636,605
Series B
Class of Stock [Line Items]
Dividend Rate Per Annum	8.25%
Preferred stock, shares outstanding (in shares)	6,114		13,999
Par value (in dollars per share)	$ 61		$ 352,004
Preferred stock, liquidation preference	$ 152,855
Series E
Class of Stock [Line Items]
Dividend Rate Per Annum	8.75%
Preferred stock, shares outstanding (in shares)	10,000		10,000
Par value (in dollars per share)	$ 100		$ 259,542
Preferred stock, liquidation preference	$ 250,000
Series G
Class of Stock [Line Items]
Dividend Rate Per Annum	7.50%
Preferred stock, shares outstanding (in shares)	3,450
Par value (in dollars per share)	$ 35
Preferred stock, liquidation preference	$ 86,250
Series H
Class of Stock [Line Items]
Dividend Rate Per Annum	7.125%
Preferred stock, shares outstanding (in shares)	11,500
Par value (in dollars per share)	$ 115
Preferred stock, liquidation preference	$ 287,500
Series I
Class of Stock [Line Items]
Dividend Rate Per Annum	7.15%
Preferred stock, shares outstanding (in shares)	13,800
Par value (in dollars per share)	$ 138
Preferred stock, liquidation preference	$ 345,000
Series J
Class of Stock [Line Items]
Dividend Rate Per Annum	7.125%
Preferred stock, shares outstanding (in shares)	12,600
Par value (in dollars per share)	$ 126
Preferred stock, liquidation preference	$ 315,000

Stockholders' Equity - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 12,349,392	$ 5,616,927	$ 5,416,240
Ending balance	11,146,370	12,349,392	5,616,927
AOCI - Stockholders
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	47,316	(32,109)	(18,422)
Other comprehensive income (loss) before reclassifications	(30,184)	39,742	(13,085)
Cumulative effect of adoption of new accounting pronouncements (Note 2)	(202)
Amounts reclassified from AOCI	(5,527)	39,683	(602)
Deconsolidation of N-Star CDO	2,596
Ending balance	13,999	47,316	(32,109)
Company's Share in AOCI of Equity Method Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	5,616	85	0
Other comprehensive income (loss) before reclassifications	(1,785)	5,450	131
Cumulative effect of adoption of new accounting pronouncements (Note 2)	(202)
Amounts reclassified from AOCI	0	81	(46)
Deconsolidation of N-Star CDO	0
Ending balance	3,629	5,616	85
Unrealized Gain (Loss) on Securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	14,418	(112)	0
Other comprehensive income (loss) before reclassifications	(16,238)	(22,014)	(112)
Cumulative effect of adoption of new accounting pronouncements (Note 2)	0
Amounts reclassified from AOCI	(3,951)	36,544	0
Deconsolidation of N-Star CDO	2,596
Ending balance	(3,175)	14,418	(112)
Unrealized Gain (Loss) on Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	(41)	(245)
Other comprehensive income (loss) before reclassifications	(91)	41	7
Cumulative effect of adoption of new accounting pronouncements (Note 2)	0
Amounts reclassified from AOCI	0	0	197
Deconsolidation of N-Star CDO	0
Ending balance	(91)	0	(41)
Foreign Currency Translation Gain (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	45,931	(76,426)	(42,125)
Other comprehensive income (loss) before reclassifications	(46,183)	124,846	(34,234)
Cumulative effect of adoption of new accounting pronouncements (Note 2)	0
Amounts reclassified from AOCI	6,870	(2,489)	(67)
Deconsolidation of N-Star CDO	0
Ending balance	6,618	45,931	(76,426)
Unrealized Gain (Loss) on Net Investment Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(18,649)	44,385	23,948
Other comprehensive income (loss) before reclassifications	34,113	(68,581)	21,123
Cumulative effect of adoption of new accounting pronouncements (Note 2)	0
Amounts reclassified from AOCI	(8,446)	5,547	(686)
Deconsolidation of N-Star CDO	0
Ending balance	7,018	(18,649)	44,385
AOCI Attributable to Noncontrolling Interest in Investment Entities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	42,075	(45,942)	(99)
Other comprehensive income (loss) before reclassifications	(31,315)	88,162	(44,337)
Amounts reclassified from AOCI	(2,106)	(145)	(1,506)
Ending balance	8,654	42,075	(45,942)
Unrealized Gain (Loss) on Securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	(527)	0
Other comprehensive income (loss) before reclassifications	0	981	(527)
Amounts reclassified from AOCI	0	(454)	0
Ending balance	0	0	(527)
Unrealized Gain (Loss) on Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	0	(149)
Other comprehensive income (loss) before reclassifications	(390)	0	0
Amounts reclassified from AOCI	0	0	149
Ending balance	(390)	0	0
Foreign Currency Translation Gain (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	38,948	(57,213)	51
Other comprehensive income (loss) before reclassifications	(39,621)	97,840	(56,479)
Amounts reclassified from AOCI	73	(1,679)	(785)
Ending balance	(600)	38,948	(57,213)
Unrealized Gain (Loss) on Net Investment Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	3,127	11,798	(1)
Other comprehensive income (loss) before reclassifications	8,696	(10,659)	12,669
Amounts reclassified from AOCI	(2,179)	1,988	(870)
Ending balance	$ 9,644	$ 3,127	$ 11,798

Stockholders' Equity - Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net		$ 51,706	$ (25,814)	$ 18,416
Earnings from investments in unconsolidated ventures		(9,401)	285,151	99,375
Other gain (loss), net \| Reclassification out of Accumulated Other Comprehensive Income \| Realized gain (loss) on marketable securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net		10,100	(5,285)
Earnings from investments in unconsolidated ventures				46
Other gain (loss), net \| Reclassification out of Accumulated Other Comprehensive Income \| Other-than-temporary impairment and write-offs of securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net		(6,149)	(31,259)	0
Other gain (loss), net \| Reclassification out of Accumulated Other Comprehensive Income \| Deconsolidation of N-Star CDO
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net	$ 0	(2,596)	0	0
Other gain (loss), net \| Reclassification out of Accumulated Other Comprehensive Income \| Unrealized gain on ineffective cash flow hedge
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net		0	0	(197)
Other gain (loss), net \| Reclassification out of Accumulated Other Comprehensive Income \| Release of cumulative translation adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net		(6,870)	2,489	67
Other gain (loss), net \| Reclassification out of Accumulated Other Comprehensive Income \| Unrealized gain (loss) on dedesignated net investment hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net		1,454	(1,829)	634
Other gain (loss), net \| Reclassification out of Accumulated Other Comprehensive Income \| Realized gain (loss) on net investment hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net		6,992	(3,718)	52
Earnings from investments in unconsolidated ventures \| Reclassification out of Accumulated Other Comprehensive Income \| Realized gain (loss) on marketable securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net				$ 0
Earnings from investments in unconsolidated ventures		$ 0	$ (81)

Noncontrolling Interests - Changes in Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 29, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance		$ 34,144	$ 0
Assumed through			513,847
Distributions and redemptions		(503,054)	(879,889)	$ (621,207)
Net income (loss)		(3,708)	23,543	0
Ending balance		9,385	34,144	$ 0
Redeemable noncontrolling interests
Increase (Decrease) in Temporary Equity [Roll Forward]
Contributions		354	8,550
Distributions and redemptions		(21,405)	(100,830)
Net income (loss)		(3,708)	23,543
Currency translation adjustment and other		0	(725)
Redeemable noncontrolling interests \| Townsend
Increase (Decrease) in Temporary Equity [Roll Forward]
Assumed through		0	78,843
Redeemable noncontrolling interests \| Consolidated open-end fund
Increase (Decrease) in Temporary Equity [Roll Forward]
Assumed through		$ 0	$ 24,763
Townsend
Noncontrolling Interest [Line Items]
Proceeds from sale of interest, allocated	$ 20,000

Noncontrolling Interests - In Investment Entities and in Operating Company (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2017 USD ($)	Dec. 31, 2018 USD ($) shares	Dec. 31, 2017 USD ($) shares	Dec. 31, 2016 USD ($)
Noncontrolling Interest [Line Items]
Acquisition of noncontrolling interests		$ 4,830		$ 2,557
Noncontrolling interest, decrease from deconsolidation		$ 330,980	$ 4,000
OP Units to common stock, conversion ratio		1
Class A Common Stock
Noncontrolling Interest [Line Items]
Acquisition of noncontrolling interests			$ 5,085
Issuance of shares (in shares) \| shares		2,074,457	1,684,170
OP Units
Noncontrolling Interest [Line Items]
OP Units to common stock, conversion ratio		1	1
OP units redeemed (in shares) \| shares		2,870,422	2,076,214
Partners' capital account, units redeemed for cash (in shares) \| shares		795,965
OP units redeemed, cash settlement		$ 4,800	$ 5,100
Additional Paid-in Capital
Noncontrolling Interest [Line Items]
Acquisition of noncontrolling interests		34,100	21,800	$ (18,557)
Additional Paid-in Capital \| Class A Common Stock
Noncontrolling Interest [Line Items]
Acquisition of noncontrolling interests		$ (29,014)	$ (22,814)
Healthcare
Noncontrolling Interest [Line Items]
Noncontrolling interest sold, percentage	18.70%
Noncontrolling interest, cost of new capital	$ 9,200
Healthcare \| Additional Paid-in Capital
Noncontrolling Interest [Line Items]
Noncontrolling interest, decrease from deconsolidation	$ 41,200
Settlement Of Contingent Consideration \| OP Units
Noncontrolling Interest [Line Items]
OP units redeemed (in shares) \| shares		1,000,000

Discontinued Operations (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
Discontinued Operations (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jan. 31, 2017
Expenses
Net income (loss) from discontinued operations after tax		$ (102)	$ 13,555	$ 0
Discontinued Operations, Held-for-sale or Disposed of by Sale
Revenues
Property operating income		1,186	43,269
Other income		0	2,352
Expenses
Property operating expenses		1,159	20,530
Interest expense		0	9,028
Loss on sale of real estate assets		0	2,108
Other expenses		129	400
Net income (loss) from discontinued operations		(102)	13,555
Income tax expense		0	0
Net income (loss) from discontinued operations after tax		(102)	13,555
Net income loss from discontinued operations attributable to Colony NorthStar, Inc.		(53)	13,097
Manufactured Housing \| Discontinued Operations, Held-for-sale or Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price					$ 2,000,000
Mortgage financing assumed by buyer					$ 1,300,000
Proceeds from sale of real estate	$ 664,400
Noncontrolling Interests in Investment Entities \| Discontinued Operations, Held-for-sale or Disposed of by Sale
Expenses
Net income (loss) from discontinued operations attributable to:		(45)	427
Noncontrolling Interests in Operating Company \| Discontinued Operations, Held-for-sale or Disposed of by Sale
Expenses
Net income (loss) from discontinued operations attributable to:		$ (4)	$ 31

Earnings per Share (Details) $ / shares in Units, $ in Thousands			12 Months Ended
	Jan. 10, 2017	Jan. 10, 2017	Dec. 31, 2018 USD ($) $ / shares shares	Dec. 31, 2017 USD ($) $ / shares shares	Dec. 31, 2016 USD ($) $ / shares shares
Net income (loss) allocated to common stockholders
Income (loss) from continuing operations			$ (495,073)	$ (78,168)	$ 290,726
Net income (loss) from discontinued operations after tax			(102)	13,555	0
Net income (loss)			(495,175)	(64,613)	290,726
Net (income) loss attributable to noncontrolling interests:
Redeemable noncontrolling interests			3,708	(23,543)	0
Investment entities			(67,994)	(129,996)	(163,084)
Operating Company			39,854	20,261	(12,324)
Net income (loss) attributable to Colony Capital, Inc.			(519,607)	(197,891)	115,318
Preferred stock redemption			3,995	(4,530)	0
Preferred dividends			(117,097)	(130,672)	(48,159)
Net income (loss) attributable to common stockholders			(632,709)	(333,093)	67,159
Net income allocated to participating securities			(2,504)	(9,168)	(2,293)
Net income (loss) allocated to common stockholders—basic			(635,213)	(342,261)	64,866
Interest expense attributable to convertible senior notes			0	0	0
Net income (loss) allocated to common stockholders—diluted			$ (635,213)	$ (342,261)	$ 64,866
Weighted average common shares outstanding
Basic weighted average number of common shares outstanding (in shares) \| shares			496,993,000	532,600,000	164,570,000
Weighted average effect of dilutive shares (in shares) \| shares			0	0	0
Diluted weighted average number of common shares outstanding (in shares) \| shares			496,993,000	532,600,000	164,570,000
Basic earnings (loss) per share
Net income from continuing operations (in dollars per share) \| $ / shares			$ (1.28)	$ (0.66)	$ 0.39
Income from discontinued operations (in dollars per share) \| $ / shares			0.00	0.02	0.00
Basic (in dollars per share) \| $ / shares			(1.28)	(0.64)	0.39
Diluted earnings (loss) per share
Net income from continuing operations (in dollars per share) \| $ / shares			(1.28)	(0.66)	0.39
Income from discontinued operations (in dollars per share) \| $ / shares			0.00	0.02	0.00
Diluted (in dollars per share) \| $ / shares			$ (1.28)	$ (0.64)	$ 0.39
OP Units to common stock, conversion ratio			1
Colony NorthStar \| Class A Common Stock
Diluted earnings (loss) per share
Exchange ratio	1.4663	1.4663	1.4663
Convertible Debt Securities
Diluted earnings (loss) per share
Interest expense on convertible note excluded from diluted EPS			$ 28,600	$ 28,900	$ 27,300
Weighted average dilutive common share \| shares			38,112,100	38,564,400	36,582,700
Restricted Stock
Diluted earnings (loss) per share
Weighted average dilutive common share \| shares			571,500	534,100	0
Performance Shares
Diluted earnings (loss) per share
Weighted average dilutive common share \| shares			532,900
Operating Partnership Unit
Diluted earnings (loss) per share
Weighted average dilutive common share \| shares			31,358,500	32,282,500	30,296,100
OP Units to common stock, conversion ratio			1

Fee Income - Earned (Details) - USD ($) $ in Thousands	12 Months Ended
Fee Income - Earned (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	$ 151,821	$ 220,789	$ 67,731
Fee income \| Affiliated Entity
Related Party Transaction [Line Items]
Revenue from contract with customer	150,596	184,914	67,731
Base management fees ($137,762, $165,436 and $63,212 from affiliates, respectively)
Related Party Transaction [Line Items]
Revenue from contract with customer	138,784	183,838	63,212
Base management fees ($137,762, $165,436 and $63,212 from affiliates, respectively) \| Affiliated Entity
Related Party Transaction [Line Items]
Revenue from contract with customer	137,762	165,436	63,212
Asset management fees—from affiliates \| Affiliated Entity
Related Party Transaction [Line Items]
Revenue from contract with customer	2,078	3,069	4,519
Acquisition and disposition fees—from affiliates \| Affiliated Entity
Related Party Transaction [Line Items]
Revenue from contract with customer	1,922	16,237	0
Incentive fees ($5,445, $172, $0 from affiliates, respectively)
Related Party Transaction [Line Items]
Revenue from contract with customer	5,445	1,043	0
Incentive fees ($5,445, $172, $0 from affiliates, respectively) \| Affiliated Entity
Related Party Transaction [Line Items]
Revenue from contract with customer	5,445	172	0
Other fee income ($3,389, $0 and $0 from affiliates, respectively)
Related Party Transaction [Line Items]
Revenue from contract with customer	3,592	16,602	0
Other fee income ($3,389, $0 and $0 from affiliates, respectively) \| Affiliated Entity
Related Party Transaction [Line Items]
Revenue from contract with customer	3,389	0	0
Institutional funds \| Fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	56,002	60,988	67,731
Non Traded REIT \| Fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	29,597	88,081	0
Public companies (Colony Credit, NRE) \| Fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	65,258	14,003	0
Broker-dealer, Townsend and other clients \| Fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	$ 964	$ 57,717	$ 0

Fee Income - Additional Information (Details) - USD ($) $ in Thousands			12 Months Ended
	Nov. 07, 2018	Jan. 01, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Management Fee Income [Line Items]
Management fee, percent of net asset value			1.25%
Base Management Fees
Management Fee Income [Line Items]
Revenue from contract with customer			$ 138,784	$ 183,838	$ 63,212
Base Management Fees \| Private funds and other \| Fee income
Management Fee Income [Line Items]
Percent of limited partner net funded capital			1.00%
Base Management Fees \| Non Traded REIT \| Fee income
Management Fee Income [Line Items]
Percent of gross assets or equity			1.00%
Revenue from contract with customer		$ 2,500
Base Management Fees \| Non Traded REIT \| Fee income \| Maximum
Management Fee Income [Line Items]
Percent of gross assets or equity			1.50%
Base Management Fees \| Registered Investment Companies \| Fee income
Management Fee Income [Line Items]
Percent of average net assets			1.25%
Base Management Fees \| NRE \| Fee income
Management Fee Income [Line Items]
Revenue from contract with customer				$ 14,200
Management fee, percent of net asset value			1.50%
Management fee percentage, threshold amount			$ 2,000,000
Percent of net asset value in excess of fixed fee amount			1.25%
Percent increase per year				1.50%
Termination agreement payment	$ 70,000
Base Management Fees \| Colony Credit \| Fee income
Management Fee Income [Line Items]
Percent of stockholders' equity			1.50%
Asset Management Fees \| Asset management fees
Management Fee Income [Line Items]
Percent of limited partner net funded capital			0.50%
Acquisition and Disposition Fees \| 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%
Acquisition and Disposition Fees \| Asset management fees \| Maximum
Management Fee Income [Line Items]
Percent of contractual sales price for disposition of investment			2.00%
Incentive Fees
Management Fee Income [Line Items]
Revenue from contract with customer			$ 5,445	$ 1,043	0
Incentive Fees \| Minimum
Management Fee Income [Line Items]
Percent of fees allocated to employees			40.00%
Incentive Fees \| Maximum
Management Fee Income [Line Items]
Percent of fees allocated to employees			50.00%
Other Fee Income
Management Fee Income [Line Items]
Revenue from contract with customer			$ 3,592	$ 16,602	$ 0
Other Fee Income \| Selling commissions or dealer manager fees
Management Fee Income [Line Items]
Percent of selling commissions			8.00%

Equity-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands		1 Months Ended				12 Months Ended
	Dec. 31, 2018 USD ($) shares	Feb. 28, 2019	Mar. 31, 2017 USD ($) shares	Jan. 31, 2017 $ / shares shares	Jan. 28, 2017	Dec. 31, 2018 USD ($) shares	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares vested						$ 111,200	$ 31,900	$ 9,900
Aggregate unrecognized compensation cost related to restricted stock granted	$ 35,700					$ 35,700
Weighted average period of expected cost						2 years
Share-based compensation expenses						$ 41,876	153,951	$ 13,638
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period						3 years
Service period						3 years
PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period						3 years
LTIP Units \| CLNS Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares reserved for future issuance, annual increase, percent	2.00%					2.00%
Common stock, shares reserved for future issuance \| shares	44,700,000					44,700,000
Conversion of units, conversion ratio						1
DSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period						1 year
Managed Company Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate unrecognized compensation cost related to restricted stock granted	$ 14,400					$ 14,400
Weighted average period of expected cost						2 years 4 months
Share-based compensation expenses						$ 9,600
Class A Common Stock \| PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Measurement period						3 years
Colony NorthStar
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of shares							$ 660,000
Colony NorthStar \| Class A Common Stock \| Director Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of shares (in shares) \| shares				44,464
Townsend \| Restricted Stock \| NSAM Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion of stock, conversion ratio					1
Certain Employees \| American Healthcare Investors, LLC \| Class A Common Stock \| 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
Executive Officer \| Restricted Stock \| CLNS Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of shares (in shares) \| shares				4,669,518
Volume weighted average price of stock, number of trading days				5 days
Floor price (USD per share) \| $ / shares				$ 15.00
Executive Officer \| LTIP Units \| CLNS Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of shares (in shares) \| shares				3,506,387
Minimum \| Class A Common Stock \| PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued, percent of PSU granted						0.00%
Maximum \| Class A Common Stock \| PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued, percent of PSU granted	200.00%					200.00%
American Healthcare Investors, LLC \| American Healthcare Investors, LLC \| NSAM Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ownership percentage									43.00%
Subsequent Event \| Maximum \| Class A Common Stock \| PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued, percent of PSU granted		125.00%

Equity-Based Compensation - Valuation Technique (Details) - PSU	12 Months Ended
	Dec. 31, 2018
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility of the Company's class A common stock, percentage	38.00%
Expected annual dividend yield, percentage	7.60%
Risk-free rate (per annum), percentage	2.44%

Equity-Based Compensation - Components of Share-Based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	$ 41,876	$ 153,951	$ 13,638
Compensation expense (including $270, $0 and $0 amortization of fair value of dividend equivalent right)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	41,876	149,820	13,638
Amortization of fair value of dividend equivalent right	270	0	0
Earnings from investments in unconsolidated ventures
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	0	61	0
Investment and servicing expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	$ 0	$ 4,070	$ 0

Equity-Based Compensation - Nonvested Shares Under Director Stock Plan and Equity Incentive Plan (Details) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)	12,734,170
Granted (shares)	6,007,501
Vested (shares)	(10,786,571)
Forfeited (shares)	(305,927)
Nonvested shares at period end (shares)	7,649,173	12,734,170
Weighted Average Grant Date Fair Value [Roll Forward]
Nonvested shares at beginning period (USD per share)	$ 14.53
Granted (USD per share)	6.19
Vested (USD per share)	14.27
Forfeited (USD per share)	11.42
Nonvested shares at period end (USD per share)	$ 9.39	$ 14.53
Restricted Stock
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)	9,149,516
Granted (shares)	3,605,137
Vested (shares)	(7,121,545)
Forfeited (shares)	(211,018)
Nonvested shares at period end (shares)	5,422,090	9,149,516
LTIP Units
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)	3,506,387
Granted (shares)	0
Vested (shares)	(3,506,387)
Forfeited (shares)	0
Nonvested shares at period end (shares)	0	3,506,387
DSUs
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)	78,267
Granted (shares)	263,506
Vested (shares)	(158,639)
Forfeited (shares)	0
Nonvested shares at period end (shares)	183,134	78,267
PSUs
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)	0
Granted (shares)	2,138,858	0	0
Vested (shares)	0
Forfeited (shares)	(94,909)
Nonvested shares at period end (shares)	2,043,949	0
Weighted Average Grant Date Fair Value [Roll Forward]
Nonvested shares at beginning period (USD per share)	$ 0.00
Granted (USD per share)	5.09
Vested (USD per share)	0.00
Forfeited (USD per share)	5.09
Nonvested shares at period end (USD per share)	$ 5.09	$ 0.00

Transactions with Affiliates - Summary of Amounts Due to Manager or its Affiliates (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Due from affiliates	$ 45,779	$ 51,518
Due to Affiliates	0	23,534
Fee income
Related Party Transaction [Line Items]
Due from affiliates	34,429	19,366
Cost reimbursements and recoverable expenses
Related Party Transaction [Line Items]
Due from affiliates	10,754	30,749
Employees and other affiliates
Related Party Transaction [Line Items]
Due from affiliates	596	1,403
Investment vehicles and unconsolidated ventures
Related Party Transaction [Line Items]
Due to Affiliates	0	2,884
Employees
Related Party Transaction [Line Items]
Due to Affiliates		20,650
Senior Management \| Employees
Related Party Transaction [Line Items]
Due to Affiliates	$ 0	$ 20,650

Transactions with Affiliates - Cost Reimbursements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
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%
NRE
Related Party Transaction [Line Items]
Percent of combined general and administrative costs	20.00%
Minimum \| Retail companies
Related Party Transaction [Line Items]
Reimbursement percent for organization and offering costs	1.00%
Cost reimbursements \| Company Managed Private Funds
Related Party Transaction [Line Items]
Revenue from contract with customer	$ 4,000
Cost reimbursements \| Retail companies
Related Party Transaction [Line Items]
Revenue from contract with customer	4,672	$ 19,545	$ 0
Cost reimbursements \| Public companies—NRE and Colony Credit
Related Party Transaction [Line Items]
Revenue from contract with customer	10,747	0	0
Cost reimbursements \| Private funds and other
Related Party Transaction [Line Items]
Revenue from contract with customer	9,198	3,779	4,296
Cost reimbursements \| Equity awards of NRE and Colony Credit (Note 21)
Related Party Transaction [Line Items]
Revenue from contract with customer	10,078	0	0
Cost reimbursements \| Townsend
Related Party Transaction [Line Items]
Revenue from contract with customer	0	2,306	0
Cost reimbursements \| Affiliated Entity
Related Party Transaction [Line Items]
Revenue from contract with customer	$ 34,695	$ 25,630	$ 4,296

Transactions with Affiliates - Narrative (Details) - USD ($)		1 Months Ended		12 Months Ended
	Jun. 30, 2018	Jul. 31, 2018	May 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Management fee, percent of net asset value				1.25%
Management fee, amount				$ 1,000,000
Proceeds from sale of equity method investments				142,270,000	$ 0	$ 0
Gain on sale of real estate				167,231,000	137,370,000	73,616,000
Due to affiliates—contingent consideration for Internalization				0	23,534,000
Contingent consideration
Related Party Transaction [Line Items]
Due to affiliates—contingent consideration for Internalization					20,650,000
American Healthcare Investors, LLC \| Management and Advisory Fees
Related Party Transaction [Line Items]
Property management and sub-advisory fees				$ 4,100,000	4,800,000
Minimum \| Healthcare Strategic Partnership
Related Party Transaction [Line Items]
Incentive fee percentage				20.00%
Maximum \| Healthcare Strategic Partnership
Related Party Transaction [Line Items]
Incentive fee percentage				25.00%
NorthStar Healthcare \| Revolving Credit Facility \| Line of Credit \| Affiliated Entity
Related Party Transaction [Line Items]
Maximum principal amount of credit facility				$ 35,000,000.0
Extension option, term				6 months
Outstanding advances				$ 0	0
Colony Credit \| Affiliated Entity
Related Party Transaction [Line Items]
Proceeds from sale of equity method investments			$ 89,100,000
Proceeds from sale of real estate		$ 121,500,000
Gain on sale of real estate		$ 28,600,000
LIBOR \| NorthStar Healthcare \| Revolving Credit Facility \| Line of Credit \| Affiliated Entity
Related Party Transaction [Line Items]
Basis spread on variable rate, percent				3.50%
Redeemable noncontrolling interests \| Investment Vehicles \| Affiliated Entity
Related Party Transaction [Line Items]
Investments				$ 5,700,000	4,800,000
Net income attributable to noncontrolling interest				400,000
Senior Management \| Contingent consideration
Related Party Transaction [Line Items]
Due to affiliates—contingent consideration for Internalization				0	20,650,000
Common Stock And OP Units \| Senior Management \| Affiliated Entity \| Contingent consideration
Related Party Transaction [Line Items]
Transfer out of liabilities into equity	$ 12,500,000
Cost reimbursements \| Corporate Aircraft Use Reimbursement
Related Party Transaction [Line Items]
Revenue from contract with customer				700,000	1,900,000	900,000
Cost reimbursements \| Affiliated Entity
Related Party Transaction [Line Items]
Revenue from contract with customer				34,695,000	$ 25,630,000	$ 4,296,000
Contingent consideration \| Level 3 \| Recurring
Related Party Transaction [Line Items]
Transfer out of liabilities into equity				12,539,000
Transfers out of Level 3				$ 6,381,000
Contingent consideration \| Level 3 \| Recurring \| Senior Management \| Contingent consideration
Related Party Transaction [Line Items]
Transfers out of Level 3	$ 6,400,000

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jan. 10, 2017
Income Tax Disclosure [Abstract]
Tax Cuts and Jobs Act, incomplete accounting, change in tax rate, provisional income tax expense (benefit)			$ 24,900
Tax Cuts And Jobs Act Of 2017, change in tax rate, income tax expense	$ 2,200
Impact of Tax Cuts and Jobs Act		$ (2,190)	$ (24,908)	$ 0
Deferred tax liabilities assumed					$ 218,200
Deferred taxes, business combination, valuation allowance					$ 31,900
Valuation allowance related to certain hotels, amount released		$ 10,700

Income Taxes - Income Tax Provision (Benefit) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current
Federal	$ 2,881	$ (20,316)	$ (2,720)
State and local	1,168	(3,606)	(1,436)
Foreign	(13,698)	(16,138)	(8,244)
Total current tax benefit (expense)	(9,649)	(40,060)	(12,400)
Deferred
Federal	64,962	110,711	6,214
State and local	1,320	18,235	(713)
Foreign	3,148	9,513	2,117
Total deferred tax benefit	69,430	138,459	7,618
Income tax benefit (expense)	$ 59,781	$ 98,399	$ (4,782)

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018
Deferred tax assets
Net operating and capital loss carry forwards	$ 30,019	$ 56,609
Equity-based compensation	28,071	17,162
Basis difference—investment in partnerships	0	7,745
Foreign tax credits	1,682	892
Straight-line and prepaid rent expense	3,601	7,850
Deferred income	1,932	0
Deferred interest expense	1,924	472
Other	7,947	2,904
Gross deferred tax assets	75,176	93,634
Valuation allowance	(23,852)	(22,062)
Deferred tax assets, net of valuation allowance	51,324	71,572
Deferred tax liabilities
Management contract intangibles	90,605	33,693
Basis difference—investment in partnerships	5,822	0
Basis difference—real estate	68,687	63,901
Deferred income	0	1,263
Other	1,643	108
Gross deferred tax liabilities	166,757	98,965
Net deferred tax liability	(115,433)	(27,393)
Deferred tax assets, operating loss carryforwards, foreign	121,300	$ 251,200
Reduction in valuation allowance	$ 12,300

Income Taxes - Effective Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income (loss) from continuing and discontinued operations before income taxes	$ (554,956)	$ (163,012)	$ 295,508
Pre-tax income attributable to pass-through subsidiaries	312,939	(89,104)	(306,644)
Pre-tax loss attributable to taxable subsidiaries	(242,017)	(252,116)	(11,136)
Federal tax benefit at statutory tax rate (35%)	50,824	88,241	3,365
State and local income taxes, net of federal income tax benefit	10,983	9,380	88
Foreign income tax differential	(3,533)	6	(5,441)
Nondeductible expenses	(4,648)	(20,372)	(1,128)
Excess inclusion income tax expense	0	0	(1,311)
Valuation allowance, net	2,874	(3,555)	(692)
Impact of Tax Cuts and Jobs Act	2,190	24,908	0
Other	1,091	(209)	337
Income tax benefit (expense)	$ 59,781	$ 98,399	$ (4,782)

Commitments and Contingencies (Details) - USD ($)	12 Months Ended
Commitments and Contingencies (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jul. 01, 2017
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Contingent consideration, liability	$ 8,903,000	$ 7,419,000
Office leases
Operating Leased Assets [Line Items]
Rent expense	10,500,000	$ 13,700,000	$ 5,600,000
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2019	9,380,000
2020	9,007,000
2021	8,617,000
2022	7,602,000
2023	7,045,000
2024 and thereafter	29,615,000
Total	$ 71,266,000
THL Hotel Portfolio \| Maximum
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Contingent consideration, liability				$ 13,000,000.0

Segment Reporting - Summary of Operating Results for Each of Reportable Operating Segments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($) segment	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	6
Total revenues	$ 2,665,276	$ 2,796,734	$ 838,857
Property operating expenses	1,233,659	1,113,509	118,461
Interest expense	595,551	574,822	170,083
Depreciation and amortization	572,406	617,779	171,682
Provision for loan loss	43,034	19,741	35,005
Impairment loss	588,223	420,360	11,717
Impairment loss	588,223	104,360	11,717
Gain on sale of real estate	167,231	137,370	73,616
Equity method earnings (losses)	(9,401)	285,151	99,375
Equity method earnings—carried interest	19,961	0	0
Income tax benefit (expense)	59,781	98,399	(4,782)
Income (loss) from continuing operations	(495,073)	(78,168)	290,726
Net income (loss) from discontinued operations after tax	(102)	13,555	0
Net income (loss)	(495,175)	(64,613)	290,726
Net income (loss) attributable to Colony Capital, Inc.	(519,607)	(197,891)	115,318
Operating segments \| Healthcare
Segment Reporting Information [Line Items]
Total revenues	592,455	613,169	0
Property operating expenses	271,166	274,528	0
Interest expense	194,898	185,256	0
Depreciation and amortization	164,389	183,897	0
Provision for loan loss	213	1,588	0
Impairment loss		14,375
Impairment loss	217,524		0
Gain on sale of real estate	0	0	0
Equity method earnings (losses)	0	0	0
Equity method earnings—carried interest	0
Income tax benefit (expense)	(4,991)	(5,639)	0
Income (loss) from continuing operations	(283,516)	(64,767)
Net income (loss) from discontinued operations after tax	0	0
Net income (loss)	(283,516)	(64,767)	0
Net income (loss) attributable to Colony Capital, Inc.	(199,277)	(51,428)	0
Operating segments \| Industrial
Segment Reporting Information [Line Items]
Total revenues	290,956	243,172	196,357
Property operating expenses	83,003	67,196	55,924
Interest expense	42,713	38,566	44,834
Depreciation and amortization	129,104	109,265	88,854
Provision for loan loss	0	0	0
Impairment loss		44
Impairment loss	948		407
Gain on sale of real estate	7,633	24,612	2,888
Equity method earnings (losses)	0	0	0
Equity method earnings—carried interest	0
Income tax benefit (expense)	(40)	(2,252)	(586)
Income (loss) from continuing operations	26,749	37,497
Net income (loss) from discontinued operations after tax	0	0
Net income (loss)	26,749	37,497	(3,003)
Net income (loss) attributable to Colony Capital, Inc.	4,246	12,537	(911)
Operating segments \| Hospitality
Segment Reporting Information [Line Items]
Total revenues	849,513	815,831	0
Property operating expenses	563,453	537,884	0
Interest expense	153,395	134,729	0
Depreciation and amortization	144,528	133,269	0
Provision for loan loss	0	0	0
Impairment loss		0
Impairment loss	72,469		0
Gain on sale of real estate	0	0	0
Equity method earnings (losses)	0	0	0
Equity method earnings—carried interest	0
Income tax benefit (expense)	9,875	(2,779)	0
Income (loss) from continuing operations	(90,581)	(9,863)
Net income (loss) from discontinued operations after tax	0	0
Net income (loss)	(90,581)	(9,863)	0
Net income (loss) attributable to Colony Capital, Inc.	(82,798)	(9,199)	0
Operating segments \| CLNC
Segment Reporting Information [Line Items]
Total revenues	0	0	0
Property operating expenses	0	0	0
Interest expense	0	0	0
Depreciation and amortization	0	0	0
Provision for loan loss	0	0	0
Impairment loss		0
Impairment loss	0		0
Gain on sale of real estate	0	0	0
Equity method earnings (losses)	(65,366)	0	0
Equity method earnings—carried interest	0
Income tax benefit (expense)	0	0	0
Income (loss) from continuing operations	(65,366)	0
Net income (loss) from discontinued operations after tax	0	0
Net income (loss)	(65,366)	0	0
Net income (loss) attributable to Colony Capital, Inc.	(61,457)	0	0
Operating segments \| Other Equity and Debt
Segment Reporting Information [Line Items]
Total revenues	739,167	873,046	569,780
Property operating expenses	316,037	233,901	62,537
Interest expense	150,032	161,993	80,503
Depreciation and amortization	99,525	128,942	63,480
Provision for loan loss	42,821	18,153	35,005
Impairment loss		30,867
Impairment loss	79,432		10,990
Gain on sale of real estate	159,598	112,758	70,728
Equity method earnings (losses)	99,400	265,079	97,188
Equity method earnings—carried interest	0
Income tax benefit (expense)	(4,298)	(3,950)	(10,143)
Income (loss) from continuing operations	268,870	567,752
Net income (loss) from discontinued operations after tax	(102)	995
Net income (loss)	268,768	568,747	431,903
Net income (loss) attributable to Colony Capital, Inc.	143,065	426,052	226,202
Operating segments \| Investment Management
Segment Reporting Information [Line Items]
Total revenues	183,946	244,654	68,331
Property operating expenses	0	0	0
Interest expense	0	0	0
Depreciation and amortization	28,653	56,616	14,767
Provision for loan loss	0	0	0
Impairment loss		375,074
Impairment loss	217,850		320
Gain on sale of real estate	0	0	0
Equity method earnings (losses)	(43,435)	20,072	2,187
Equity method earnings—carried interest	19,961
Income tax benefit (expense)	59,030	111,205	6,608
Income (loss) from continuing operations	(128,255)	(170,168)
Net income (loss) from discontinued operations after tax	0	0
Net income (loss)	(128,255)	(170,168)	21,229
Net income (loss) attributable to Colony Capital, Inc.	(120,286)	(182,038)	17,903
Amounts not allocated to segments
Segment Reporting Information [Line Items]
Total revenues	9,239	6,862	4,389
Property operating expenses	0	0	0
Interest expense	54,513	54,278	44,746
Depreciation and amortization	6,207	5,790	4,581
Provision for loan loss	0	0	0
Impairment loss		0
Impairment loss	0		0
Gain on sale of real estate	0	0	0
Equity method earnings (losses)	0	0	0
Equity method earnings—carried interest	0
Income tax benefit (expense)	205	1,814	(661)
Income (loss) from continuing operations	(222,974)	(438,619)
Net income (loss) from discontinued operations after tax	0	12,560
Net income (loss)	(222,974)	(426,059)	(159,403)
Net income (loss) attributable to Colony Capital, Inc.	$ (203,100)	$ (393,815)	$ (127,876)

Segment Reporting - Assets and Equity Method Investments of Reportable Operating Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Total assets	$ 22,215,249	$ 24,785,650
Equity method investments	2,290,095	1,527,054
Total income by geography:	2,641,141	3,056,255	$ 933,934
Long-lived assets by geography:	14,055,494	14,993,479
United States
Segment Reporting Information [Line Items]
Total income by geography:	2,311,230	2,741,862	732,928
Long-lived assets by geography:	12,454,871	13,244,197
Europe
Segment Reporting Information [Line Items]
Total income by geography:	329,609	310,783	194,923
Long-lived assets by geography:	1,600,623	1,749,282
Other
Segment Reporting Information [Line Items]
Total income by geography:	302	3,610	$ 6,083
Operating segments \| Healthcare
Segment Reporting Information [Line Items]
Total assets	5,395,550	5,813,552
Equity method investments	0	0
Operating segments \| Industrial
Segment Reporting Information [Line Items]
Total assets	3,185,906	2,810,135
Equity method investments	0	0
Operating segments \| Hospitality
Segment Reporting Information [Line Items]
Total assets	3,980,988	4,094,596
Equity method investments	0	0
Operating segments \| CLNC
Segment Reporting Information [Line Items]
Total assets	1,037,754	0
Equity method investments	1,037,754	0
Operating segments \| Other Equity and Debt
Segment Reporting Information [Line Items]
Total assets	6,371,999	9,251,963
Equity method investments	1,054,295	1,315,670
Operating segments \| Investment Management
Segment Reporting Information [Line Items]
Total assets	1,983,911	2,714,840
Equity method investments	194,304	207,642
Amounts not allocated to segments
Segment Reporting Information [Line Items]
Total assets	259,141	100,564
Equity method investments	$ 3,742	$ 3,742

Supplemental Disclosure of Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest, net of amounts capitalized	$ 507,495	$ 452,726	$ 118,365
Cash paid for income taxes, net of refunds	14,476	53,017	7,190
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Dividends and distributions payable	84,013	188,202	65,972
Net assets of CLNY Investment Entities deconsolidated, net of cash and restricted cash contributed (Note 4)	936,547	0	0
Redemption of OP Units for common stock	29,034	22,831	18,571
Improvements in operating real estate in accrued and other liabilities	2,249	18,221	0
Deconsolidation of net assets of securitization trusts (Note 15)	131,386	0	0
Increase in contributions receivable from noncontrolling interests	29,721	0	0
Assets held for sale contributed to equity method investee	20,350	0	0
Deferred tax liabilities assumed by buyer of related real estate	26,629	0	0
Debt assumed by buyer in sale of real estate	196,416	1,258,558	0
Foreclosures and exchanges of loans receivable for real estate	47,097	54,615	128,124
Share repurchase payable	7,567	0	0
Proceeds from loan repayments and asset sales held in escrow	19,425	27,426	0
Distributions payable to noncontrolling interests included in other liabilities	19,297	10,786	0
Net assets of investment entity deconsolidated, net of cash and restricted cash contributed	0	153,368	0
Investment deposits applied to acquisition of loans receivable, real estate and CPI Group	0	66,020	0
Assets acquired in Merger, net of cash and restricted cash assumed (Note 3)	0	16,684,675	0
Liabilities assumed in Merger (Note 3)	0	11,249,183	0
Noncontrolling interests assumed in Merger (Note 3)	0	592,690	0
Common stock issued for acquisition of NSAM and NRF (Note 3)	0	5,710,134	0
Preferred stock issued for acquisition of NRF (Note 3)	0	1,010,320	0
Net assets acquired in CPI restructuring, net of cash and restricted cash assumed (Note 3)	0	219,278	0
Net assets acquired in THL Hotel Portfolio, net of cash and restricted cash assumed (Note 3)	0	326,679	0
Net assets of sponsored fund consolidated, net of cash and restricted cash assumed (Note 15)	0	13,370	0
Contributions receivable from noncontrolling interests		25,501	0
Exchange of notes for class A common shares	0	3,279	0
Assets of consolidated securitization trust	0	58,296	0
Liabilities of consolidated securitization trust	0	56,928	0
Net settlement of redemption and investment in equity method investee	$ 0	$ 0	$ 117,241

Subsequent Events (Details)	1 Months Ended	2 Months Ended	12 Months Ended
Subsequent Events (Details)	Feb. 28, 2019 USD ($) building	Feb. 25, 2019 USD ($) $ / shares shares	Dec. 31, 2018 USD ($) shares	Dec. 31, 2017 USD ($) shares	Jan. 31, 2019 USD ($)	May 23, 2018 USD ($)	Feb. 26, 2018 USD ($)
Subsequent Event [Line Items]
Repurchase of common stock			$ 350,710,000	$ 300,177,000
Class A Common Stock
Subsequent Event [Line Items]
Repurchase of stock (in shares) \| shares			61,418,000	23,371,000
Stock repurchase, authorized amount						$ 300,000,000	$ 300,000,000
Industrial \| Subsequent Event
Subsequent Event [Line Items]
Stock repurchase, authorized amount		$ 246,700,000
Stock repurchase program, remaining authorized repurchase amount		$ 300,000,000
Number of buildings acquired \| building	54
Number of buildings expected to close \| building	4
Acquisition price, buildings	$ 1,160,000,000
Line of credit,current borrowing capacity	142,000,000
First mortgage debt secured by bulk industrial portfolio	235,000,000
Industrial \| Class A Common Stock \| Subsequent Event
Subsequent Event [Line Items]
Repurchase of stock (in shares) \| shares		652,311
Repurchase of common stock		$ 3,200,000
Stock repurchased, weighted average share price (USD per share) \| $ / shares		$ 4.84
Term Loan \| Industrial \| Subsequent Event
Subsequent Event [Line Items]
Floating rate unsecured term debt	500,000,000
Line of Credit \| Industrial \| Subsequent Event
Subsequent Event [Line Items]
Maximum principal amount of credit facility	$ 600,000,000				$ 400,000,000

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at January 1	$ 6,869	$ 1,708	$ 1,786
Allowance for doubtful accounts	26,860	14,602	3,314
Charge-offs	(19,155)	(9,531)	(3,316)
Effect of changes in foreign exchange rates	(60)	90	(76)
Balance at December 31	$ 14,514	$ 6,869	$ 1,708

Schedule III - Real Estate and Accumulative Depreciation - Real Estate Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Total Investment in Real Estate Assets, at Gross Cost Basis
Balance at January 1	$ 15,791,144	$ 3,656,094	$ 3,518,682
Assumed through the Merger	0	11,730,087	0
Assumed through foreclosures or restructuring of mortgage loans	45,617	1,867,655	128,124
Acquisitions	984,844	1,027,889	434,266
Improvements and capitalized costs	276,210	237,125	16,072
Deconsolidation of real estate held by investment entity (Note 4)	(226,004)	(407,653)	0
Dispositions	(933,217)	(2,484,616)	(313,982)
Impairment	(357,629)	(59,652)	(11,391)
Measurement period adjustments for real estate acquired in business combination	0	0	(16,688)
Effect of changes in foreign exchange rates	(80,163)	224,215	(98,989)
Balance at December 31	15,500,802	15,791,144	3,656,094
Classified as held for sale, net	(945,871)	(748,589)	(235,541)
Balance at December 31, before reclassification to held for sale	$ 14,554,931	$ 15,042,555	$ 3,420,553

Schedule III - Real Estate and Accumulative Depreciation - Accumulated Depreciation Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accumulated Depreciation
Balance at January 1	$ 606,200	$ 188,509	$ 88,577
Depreciation	471,599	453,331	108,298
Deconsolidation of real estate held by investment entity (Note 4)	(6,256)	(3,212)	0
Dispositions	(42,873)	(34,854)	(6,025)
Effect of changes in foreign exchange rates	716	2,426	(2,341)
Balance at December 31, held for investment	1,029,386	606,200	188,509
Classified as held for sale, net	(93,469)	(27,903)	(11,587)
Balance at December 31, before reclassification to held for sale	$ 935,917	$ 578,297	$ 176,922

Schedule IV - Mortgage Loans on Real Estate - Carrying Amount (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($) loan	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| loan	206
Prior Liens	$ 813,662
Unpaid Principal Balance	2,648,641
Carrying Amount	1,659,217	$ 3,223,762	$ 3,430,608	$ 4,046,093
Principal Amount Subject to Delinquent Principal or Interest	$ 449,888
Threshold for aggregation (less than)	3.00%
Allowance for loan losses	$ 32,940	52,709	$ 67,980	$ 37,571
Aggregate cost basis of loans for federal income tax purposes	1,700,000
Loans held for investment, net
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Allowance for loan losses	$ 32,940	$ 52,709
First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| loan	18
Prior Liens	$ 0
Unpaid Principal Balance	546,388
Carrying Amount	548,203
Principal Amount Subject to Delinquent Principal or Interest	$ 132,570
Subordinated Debt and Mezzanine
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| loan	9
Prior Liens	$ 813,662
Unpaid Principal Balance	661,597
Carrying Amount	662,537
Principal Amount Subject to Delinquent Principal or Interest	$ 101,927
Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| loan	176
Prior Liens	$ 0
Unpaid Principal Balance	1,331,712
Carrying Amount	340,681
Principal Amount Subject to Delinquent Principal or Interest	$ 215,391
Corporate loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| loan	3
Prior Liens	$ 0
Unpaid Principal Balance	108,944
Carrying Amount	107,796
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Retail \| Corporate loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| loan	1
Interest Rate	14.00%
Prior Liens	$ 0
Unpaid Principal Balance	67,009
Carrying Amount	66,188
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Corporate \| Corporate loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| loan	2
Prior Liens	$ 0
Unpaid Principal Balance	41,935
Carrying Amount	41,608
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Corporate \| Corporate loans \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	8.00%
Corporate \| Corporate loans \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	13.00%
Various, USA \| Multifamily \| Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| loan	99
Unpaid Principal Balance	$ 43,913
Carrying Amount	29,140
Principal Amount Subject to Delinquent Principal or Interest	$ 7,425
Various, USA \| Office \| Subordinated Debt and Mezzanine
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| loan	2
Prior Liens	$ 78,000
Unpaid Principal Balance	31,027
Carrying Amount	28,107
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Various, USA \| Office \| Subordinated Debt and Mezzanine \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	8.00%
Various, USA \| Office \| Subordinated Debt and Mezzanine \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	12.00%
Various, USA \| Retail \| First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| loan	1
Interest Rate	8.60%
Prior Liens	$ 0
Unpaid Principal Balance	45,575
Carrying Amount	46,038
Principal Amount Subject to Delinquent Principal or Interest	$ 0
California \| Multifamily \| Subordinated Debt and Mezzanine
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| loan	2
Interest Rate	13.40%
Prior Liens	$ 0
Unpaid Principal Balance	27,772
Carrying Amount	27,417
Principal Amount Subject to Delinquent Principal or Interest	$ 0
California \| Mixed Use \| Subordinated Debt and Mezzanine
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| loan	1
Interest Rate	12.90%
Prior Liens	$ 254,297
Unpaid Principal Balance	262,402
Carrying Amount	262,061
Principal Amount Subject to Delinquent Principal or Interest	$ 0
New York \| Other \| Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| loan	1
Unpaid Principal Balance	$ 3,216
Carrying Amount	2,628
Principal Amount Subject to Delinquent Principal or Interest	$ 0
North Carolina \| Office \| Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| loan	1
Unpaid Principal Balance	$ 475
Carrying Amount	0
Principal Amount Subject to Delinquent Principal or Interest	$ 0
North Carolina \| Retail \| Subordinated Debt and Mezzanine
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| loan	1
Interest Rate	5.70%
Prior Liens	$ 74,712
Unpaid Principal Balance	37,766
Carrying Amount	21,500
Principal Amount Subject to Delinquent Principal or Interest	$ 37,766
Texas \| Land \| First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| loan	1
Interest Rate	14.00%
Prior Liens	$ 0
Unpaid Principal Balance	34,745
Carrying Amount	34,639
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Virginia \| Retail \| Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| loan	1
Unpaid Principal Balance	$ 19,555
Carrying Amount	19,455
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Wisconsin \| Residential \| Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| loan	1
Unpaid Principal Balance	$ 444
Carrying Amount	0
Principal Amount Subject to Delinquent Principal or Interest	$ 0
IRELAND / FRANCE \| Office \| Subordinated Debt and Mezzanine
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| loan	1
Interest Rate	11.00%
Prior Liens	$ 161,854
Unpaid Principal Balance	124,020
Carrying Amount	136,009
Principal Amount Subject to Delinquent Principal or Interest	$ 0
FRANCE \| Residential \| First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| loan	1
Interest Rate	15.00%
Prior Liens	$ 0
Unpaid Principal Balance	19,254
Carrying Amount	18,788
Principal Amount Subject to Delinquent Principal or Interest	$ 0
FRANCE \| Office \| First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| loan	1
Interest Rate	4.00%
Prior Liens	$ 0
Unpaid Principal Balance	866
Carrying Amount	732
Principal Amount Subject to Delinquent Principal or Interest	$ 0
FRANCE \| Office \| Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| loan	1
Unpaid Principal Balance	$ 6,032
Carrying Amount	4,578
Principal Amount Subject to Delinquent Principal or Interest	$ 0
FRANCE \| Retail \| First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| loan	1
Interest Rate	3.50%
Prior Liens	$ 0
Unpaid Principal Balance	2,497
Carrying Amount	2,920
Principal Amount Subject to Delinquent Principal or Interest	$ 2,497
FRANCE \| Hospitality \| First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| loan	1
Interest Rate	10.00%
Prior Liens	$ 0
Unpaid Principal Balance	91,652
Carrying Amount	91,470
Principal Amount Subject to Delinquent Principal or Interest	$ 0
FRANCE \| Hospitality \| Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| loan	1
Unpaid Principal Balance	$ 16,259
Carrying Amount	17,581
Principal Amount Subject to Delinquent Principal or Interest	$ 0
FRANCE \| Other \| First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| loan	3
Prior Liens	$ 0
Unpaid Principal Balance	6,743
Carrying Amount	6,866
Principal Amount Subject to Delinquent Principal or Interest	$ 1,633
FRANCE \| Other \| First Mortgage \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.50%
FRANCE \| Other \| First Mortgage \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	15.00%
IRELAND \| Multifamily \| First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| loan	1
Interest Rate	3.10%
Prior Liens	$ 0
Unpaid Principal Balance	83,220
Carrying Amount	83,218
Principal Amount Subject to Delinquent Principal or Interest	$ 83,220
IRELAND \| Multifamily \| Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| loan	2
Unpaid Principal Balance	$ 5,360
Carrying Amount	739
Principal Amount Subject to Delinquent Principal or Interest	$ 0
IRELAND \| Office \| First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| loan	1
Interest Rate	2.30%
Prior Liens	$ 0
Unpaid Principal Balance	45,220
Carrying Amount	45,216
Principal Amount Subject to Delinquent Principal or Interest	$ 45,220
IRELAND \| Office \| Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| loan	7
Unpaid Principal Balance	$ 73,206
Carrying Amount	20,318
Principal Amount Subject to Delinquent Principal or Interest	$ 0
IRELAND \| Retail \| Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| loan	7
Unpaid Principal Balance	$ 101,862
Carrying Amount	22,168
Principal Amount Subject to Delinquent Principal or Interest	$ 0
IRELAND \| Hospitality \| Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| loan	7
Unpaid Principal Balance	$ 55,293
Carrying Amount	0
Principal Amount Subject to Delinquent Principal or Interest	$ 0
IRELAND \| Industrial \| Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| loan	3
Unpaid Principal Balance	$ 89,477
Carrying Amount	14,740
Principal Amount Subject to Delinquent Principal or Interest	$ 0
IRELAND \| Land \| Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| loan	4
Unpaid Principal Balance	$ 107,099
Carrying Amount	25,642
Principal Amount Subject to Delinquent Principal or Interest	$ 0
IRELAND \| Other \| Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| loan	38
Unpaid Principal Balance	$ 591,970
Carrying Amount	7,022
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Ireland Two \| Office \| First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| loan	1
Interest Rate	12.50%
Prior Liens	$ 0
Unpaid Principal Balance	125,594
Carrying Amount	125,594
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Ireland Two \| Office \| Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| loan	1
Unpaid Principal Balance	$ 182,569
Carrying Amount	168,940
Principal Amount Subject to Delinquent Principal or Interest	$ 182,569
SPAIN \| Office \| Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| loan	1
Unpaid Principal Balance	$ 9,585
Carrying Amount	4,733
Principal Amount Subject to Delinquent Principal or Interest	$ 0
SPAIN \| Hospitality \| First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| loan	1
Interest Rate	11.00%
Prior Liens	$ 0
Unpaid Principal Balance	42,692
Carrying Amount	44,392
Principal Amount Subject to Delinquent Principal or Interest	$ 0
GERMANY \| Retail \| Subordinated Debt and Mezzanine
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| loan	1
Interest Rate	10.00%
Prior Liens	$ 126,485
Unpaid Principal Balance	114,449
Carrying Amount	123,282
Principal Amount Subject to Delinquent Principal or Interest	$ 0
UNITED KINGDOM \| Retail \| Subordinated Debt and Mezzanine
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| loan	1
Interest Rate	12.00%
Prior Liens	$ 118,314
Unpaid Principal Balance	64,161
Carrying Amount	64,161
Principal Amount Subject to Delinquent Principal or Interest	$ 64,161
UNITED KINGDOM \| Healthcare \| First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| loan	5
Interest Rate	7.50%
Prior Liens	$ 0
Unpaid Principal Balance	48,330
Carrying Amount	48,330
Principal Amount Subject to Delinquent Principal or Interest	$ 0
BAHAMAS \| Other \| Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans \| loan	1
Unpaid Principal Balance	$ 25,397
Carrying Amount	2,997
Principal Amount Subject to Delinquent Principal or Interest	$ 25,397

Schedule IV - Mortgage Loans on Real Estate - Activity in Loans Held for Investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at January 1	$ 3,223,762	$ 3,430,608	$ 4,046,093
Loans acquired in Merger	0	359,541	0
Loan acquisitions and originations	386,532	991,239	551,456
Paid-in-kind interest added to loan principal	52,234	56,131	43,864
Discount and net loan fee amortization	14,524	43,877	27,038
Loan repayments	(166,267)	(902,190)	(735,162)
Payments received from PCI loans	(187,140)	(419,232)	(197,453)
Accretion on PCI loans	27,911	61,809	65,911
Transfer to loans held for sale	0	(50,894)	(56,357)
Carrying value of loans sold	(111,864)	0	(118,068)
Transfer to real estate assets upon foreclosure	(47,097)	(515,055)	(128,124)
Loans receivable contributed to Colony Credit (Note 4)	(1,287,994)	0	0
Deconsolidation of loans receivable in securitization trusts	(149,447)	0	0
Provision for loan losses	(43,034)	(19,741)	(34,864)
Other loss	0	(2,309)	0
Consolidation of loans receivable held by investment entities and securitization trusts (Notes 3 and 5)	0	58,296	0
Effect of changes in foreign exchange rates	(52,903)	131,682	(33,726)
Balance at December 31	$ 1,659,217	$ 3,223,762	$ 3,430,608

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (1,220,000)
AOCI Attributable to Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(202,000)
Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(1,220,000)
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (1,018,000)