Northstar Realty Finance (NRF) 10-K 2 Mar 15 2014 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2014	Feb. 26, 2015	Jun. 30, 2014
Document and Entity Information
Entity Registrant Name	NORTHSTAR REALTY FINANCE CORP.
Entity Central Index Key	1273801
Document Type	10-K
Document Period End Date	31-Dec-14
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		309,474,099
Entity Public Float			$5,713,205,219
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Assets
Cash and cash equivalents	$296,964		$635,990
Restricted cash	395,056		166,487
Operating real estate, net	10,274,581		2,370,183
Real estate debt investments, net	1,067,667		1,031,078
Investments in private equity funds, at fair value	962,038		586,018
Investments in unconsolidated ventures	207,777		142,340
Real estate securities, available for sale	878,514		1,052,320
Receivables, net of allowance of $2,020 and $1,151 as of December 31, 2014 and 2013, respectively	111,358		59,895
Receivables, related parties	3,158		25,262
Unbilled rent receivable, net of allowance of $4,037 and $307 as of December 31, 2014 and 2013, respectively	16,404		15,006
Derivative assets, at fair value	3,247		3,469
Deferred costs and intangible assets, net	812,583		89,838
Assets of properties held for sale	29,012		30,063
Other assets	267,997		152,101
Total assets	15,326,356	[1]	6,360,050	[1]
Liabilities
Mortgage and other notes payable	8,535,863		2,113,334
CDO bonds payable, at fair value	390,068		384,183
Securitization bonds payable	41,823		82,340
Credit facilities	732,780		70,038
Exchangeable senior notes	41,762		490,973
Junior subordinated notes, at fair value	215,172		201,203
Accounts payable and accrued expenses	188,330		74,547
Due to related party	47,430		0
Escrow deposits payable	67,750		90,929
Derivative liabilities, at fair value	17,915		52,204
Liabilities of properties held for sale	28,962		28,962
Other liabilities	304,845		73,874
Total liabilities	10,612,700	[2]	3,662,587	[2]
Commitments and contingencies
NorthStar Realty Finance Corp. Stockholders’ Equity
Preferred stock, $986,640 and $736,640 aggregate liquidation preference as of December 31, 2014 and 2013, respectively	939,118		697,352
Common stock, $0.01 par value, 500,000,000 shares authorized, 301,684,041 and 154,403,414 shares issued and outstanding as of December 31, 2014 and 2013, respectively	3,017	[3]	1,544	[3]
Additional paid-in capital	4,827,419		2,649,450
Retained earnings (accumulated deficit)	-1,422,399		-685,936
Accumulated other comprehensive income (loss)	49,540		-4,334
Total NorthStar Realty Finance Corp. stockholders’ equity	4,396,695		2,658,076
Non-controlling interests	316,961		39,387
Total equity	4,713,656		2,697,463
Total liabilities and equity	15,326,356		6,360,050
Variable Interest Entity, Primary Beneficiary
Assets
Restricted cash	4,601		24,411
Operating real estate, net	7,137		4,945
Real estate debt investments, net	25,325		44,298
Real estate securities, available for sale	463,050		644,015
Receivables, net of allowance of $2,020 and $1,151 as of December 31, 2014 and 2013, respectively	2,304		4,476
Other assets	242		269
Total assets	502,659		722,414
Liabilities
CDO bonds payable, at fair value	390,068		384,183
Accounts payable and accrued expenses	1,761		2,686
Derivative liabilities, at fair value	17,707		52,204
Other liabilities	1,784		2,993
Total liabilities	$411,320		$442,066
[1]	Assets of consolidated VIEs included in the total assets above: •Restricted cash: December 31, 2014 $4,601 ; December 31, 2013: $24,411 •Operating real estate, net: December 31, 2014: $7,137 ; December 31, 2013: $4,945 •Real estate debt investments, net: December 31, 2014: $25,325 ; December 31, 2013: $44,298 •Real estate securities, available for sale: December 31, 2014: $463,050 ; December 31, 2013: $644,015 •Receivables, net of allowance: December 31, 2014: $2,304 ; December 31, 2013: $4,476•Other assets: December 31, 2014: $242 ; December 31, 2013: $269 •Total assets of consolidated VIEs: December 31, 2014: $502,659 ; December 31, 2013: $722,414
[2]	Liabilities of consolidated VIEs included in the total liabilities above:•CDO bonds payable at fair value: December 31, 2014 $390,068 ; December 31, 2013: $384,183 •Accounts payable and accrued expenses: December 31, 2014 $1,761 ; December 31, 2013: $2,686 •Derivative liabilities, at fair value: December 31, 2014 $17,707 ; December 31, 2013: $52,204 •Other liabilities: December 31, 2014 $1,784 ; December 31, 2013: $2,993 •Total liabilities of consolidated VIEs: December 31, 2014 $411,320 ; December 31, 2013: $442,066
[3]	Adjusted for the one-for-two reverse stock split completed on June 30, 2014. Refer to Note 13. “Stockholders’ Equity” for additional disclosure related to the reverse stock split.

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified
Statement of Financial Position [Abstract]
Receivables, allowance	$2,020	$1,151
Unbilled rent receivable, allowance	4,037	307
Preferred stock, aggregate liquidation preference (in dollars per share)	$986,640	$736,640
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	301,684,041	154,403,414
Common stock, shares outstanding	301,684,041	154,403,414

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	6 Months Ended	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Property and other revenues
Rental and escalation income		$351,558,000	[1]	$235,124,000	[1]	$112,496,000	[1]
Hotel related income		237,039,000	[1]	0	[1]	0	[1]
Resident fee income		77,516,000	[1]	0	[1]	0	[1]
Other revenue		15,033,000	[1]	5,723,000	[1]	1,812,000	[1]
Total property and other revenues		681,146,000	[1]	240,847,000	[1]	114,308,000	[1]
Net interest income
Interest income		310,117,000	[1]	303,989,000	[1]	386,053,000	[1]
Interest expense on debt and securities		12,870,000	[1]	38,152,000	[1]	50,557,000	[1]
Net interest income on debt and securities		297,247,000	[1]	265,837,000	[1]	335,496,000	[1]
Expenses
Management fee, related party		82,756,000	[1]	0	[1]	0	[1]
Other interest expense		231,181,000	[1]	140,507,000	[1]	89,536,000	[1]
Real estate properties—operating expenses		325,753,000	[1]	73,668,000	[1]	18,679,000	[1]
Other expenses		1,812,000	[1]	4,558,000	[1]	6,358,000	[1]
Transaction costs		204,102,000	[1]	12,464,000	[1]	2,571,000	[1]
Provision for (reversal of) loan losses, net		3,769,000	[1]	-8,786,000	[1]	23,037,000	[1]
General and administrative expenses
Salaries and related expense		26,481,000	[1]	26,421,000	[1]	29,279,000	[1]
Equity-based compensation expense		24,885,000	[1]	11,784,000	[1]	8,593,000	[1]
Other general and administrative expenses		13,483,000	[1]	16,159,000	[1]	14,524,000	[1]
Total general and administrative expenses		64,849,000	[1]	54,364,000	[1]	52,396,000	[1]
Depreciation and amortization		185,222,000	[1]	93,470,000	[1]	47,499,000	[1]
Total expenses		1,099,444,000	[1]	370,245,000	[1]	240,076,000	[1]
Unrealized gain (loss) on investments and other		-231,697,000	[1]	-32,677,000	[1]	-547,132,000	[1]
Realized gain (loss) on investments and other		-77,234,000	[1]	32,376,000	[1]	59,340,000	[1]
Gain (loss) from deconsolidation of N-Star CDOs		-31,423,000	[1]	-299,802,000	[1]	0	[1]
Other income (loss)		0	[1]	38,000	[1]	20,258,000	[1]
Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense)		-461,405,000	[1]	-163,626,000	[1]	-257,806,000	[1]
Equity in earnings (losses) of unconsolidated ventures		148,290,000	[1]	85,477,000	[1]	88,000	[1]
Income tax benefit (expense)		157,000	[1]	-1,000,000		0
Income (loss) from continuing operations		-312,958,000	[1]	-79,149,000	[1]	-257,718,000	[1]
Income (loss) from discontinued operations		-8,128,000	[1],[2],[3]	-8,761,000	[1],[2],[3]	-17,450,000	[1],[2],[3]
Gain (loss) on sale from discontinued operations		0	[1]	0	[1]	2,079,000	[1]
Net income (loss)		-321,086,000	[1]	-87,910,000	[1]	-273,089,000	[1]
Net (income) loss attributable to non-controlling interests		22,879,000	[1]	5,973,000	[1]	11,527,000	[1]
Preferred stock dividends		-73,300,000	[1]	-55,516,000	[1]	-27,025,000	[1]
Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders		-371,507,000	[1]	-137,453,000	[1]	-288,587,000	[1]
Earnings (loss) per share:
Income (loss) per share from continuing operations (in dollars per share)		($1.85)	[1],[4]	($1.22)	[1],[4]	($4.36)	[1],[4]
Income (loss) per share from discontinued operations (in dollars per share)		($0.04)	[1],[4]	($0.08)	[1],[4]	($0.28)	[1],[4]
Gain per share on sale of discontinued operations (in dollars per share)		$0	[1],[4]	$0	[1],[4]	$0.03	[1],[4]
Basic (in dollars per share)		($1.89)	[1],[4]	($1.30)	[1],[4]	($4.61)	[1],[4]
Diluted (in dollars per share)		($1.89)	[1],[4]	($1.30)	[1],[4]	($4.61)	[1],[4]
Weighted average number of shares:
Basic (in shares)		196,071,771	[1],[3],[4]	105,907,760	[1],[3],[4]	62,599,258	[1],[3],[4]
Diluted (in shares)		197,990,458	[1],[4]	110,489,168	[1],[4]	65,612,099	[1],[4]
Equity-based compensation expense, discontinued operations	$13,700,000			$5,200,000		$4,200,000
[1]	The consolidated financial statements for the year ended December 31, 2014 include: (i) the Company’s results of operations for the six months ended December 31, 2014 which represents the Company’s results of operations following the spin-off of the Company’s historical asset management business on June 30, 2014; and (ii) the Company’s results of operations for the six months ended June 30, 2014 which represents a carve-out of revenues and expenses attributable to NSAM in discontinued operations. The Company’s historical financial information for the years ended December 31, 2013 and 2012 was prepared on the same basis as the six months ended June 30, 2014. As a result, results of operations for the year ended December 31, 2014 may not be comparative to the Company's results of operations reported for the prior periods presented.
[2]	Primarily relates to the operations of NSAM prior to the spin-off. Refer to Note 10. “Spin-off of Asset Management Business” for disclosure related to the spin-off of NSAM.
[3]	The six months ended June 30, 2014 and the years ended December 31, 2013 and 2012 include $13.7 million, $5.2 million and $4.2 million, respectively, of equity-based compensation recorded in discontinued operations.
[4]	Adjusted for the one-for-two reverse stock split completed on June 30, 2014. Refer to Note 13. “Stockholders’ Equity” for disclosure related to the reverse stock split.

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Statement of Comprehensive Income [Abstract]
Net income (loss)	($321,086)	[1]	($87,910)	[1]	($273,089)	[1]
Other comprehensive income (loss):
Unrealized gain (loss) on real estate securities, available for sale	60,140		-557		7,259
Reclassification of unrealized (gain) loss on real estate securities, available for sale into realized gain (loss) on investments and other	-1,268		-926		0
Reclassification of swap (gain) loss into interest expense on debt and securities	915		4,885		7,412
Reclassification of swap (gain) loss into gain (loss) from deconsolidation of N-Star CDOs	0		15,246		0
Foreign currency translation adjustment	-5,155		0		0
Total other comprehensive income (loss)	54,632		18,648		14,671
Comprehensive income (loss)	-266,454		-69,262		-258,418
Comprehensive (income) loss attributable to non-controlling interests	22,121		5,174		10,837
Comprehensive income (loss) attributable to NorthStar Realty Finance Corp.	($244,333)		($64,088)		($247,581)
[1]	The consolidated financial statements for the year ended December 31, 2014 include: (i) the Company’s results of operations for the six months ended December 31, 2014 which represents the Company’s results of operations following the spin-off of the Company’s historical asset management business on June 30, 2014; and (ii) the Company’s results of operations for the six months ended June 30, 2014 which represents a carve-out of revenues and expenses attributable to NSAM in discontinued operations. The Company’s historical financial information for the years ended December 31, 2013 and 2012 was prepared on the same basis as the six months ended June 30, 2014. As a result, results of operations for the year ended December 31, 2014 may not be comparative to the Company's results of operations reported for the prior periods presented.

CONSOLIDATED_STATEMENTS_OF_EQU

CONSOLIDATED STATEMENTS OF EQUITY (USD $)		Total		Preferred Stock	Common Stock		Additional Paid-in Capital		Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Total NorthStar Stockholders’ Equity	Non-controlling Interests
In Thousands, except Share data, unless otherwise specified
Balance at Dec. 31, 2011		$1,039,614		$241,372	$480	[1]	$810,306	[1]	($8,626)	($36,160)	$1,007,372	$32,242
Balance (in shares) at Dec. 31, 2011				10,000,000	48,023,000	[1]
Increase (Decrease) in Stockholders' Equity
Net proceeds from offering of common stock (in shares)	[1]				33,625,000
Net proceeds from offering of common stock		382,810			337	[1]	382,473	[1]			382,810
Net proceeds from offering of preferred stock (in shares)				11,466,000
Net proceeds from offering of preferred stock		262,646		262,646							262,646
Redemptions of non-controlling interests		0					-2,358	[1]			-2,358	2,358
Non-controlling interests—contributions		8,755										8,755
Non-controlling interests—distributions		-7,053										-7,053
Dividend reinvestment plan (in shares)	[1]				18,000
Dividend reinvestment plan		202			1	[1]	201	[1]			202
Amortization of equity-based compensation		12,817										12,817
Equity component of exchangeable senior notes		2,179					2,179	[1]			2,179
Other comprehensive income (loss)		14,671								13,981	13,981	690
Conversion of Old LTIP Units (in shares)	[1]				138,000
Conversion of Old LTIP Units		0			0	[1]	3,148	[1]			3,148	-3,148
Dividends on preferred stock (in shares)		-85,663							-79,472		-79,472	-6,191
Dividends on preferred stock		-27,025							-27,025		-27,025
Net income (loss)		-273,089	[2]						-261,562		-261,562	-11,527
Balance at Dec. 31, 2012		1,330,864		504,018	818	[1]	1,195,949	[1]	-376,685	-22,179	1,301,921	28,943
Balance (in shares) at Dec. 31, 2012				21,466,000	81,804,000	[1]
Increase (Decrease) in Stockholders' Equity
Net proceeds from offering of common stock (in shares)	[1]				66,125,000
Net proceeds from offering of common stock		1,305,619			661	[1]	1,304,958	[1]			1,305,619
Net proceeds from offering of preferred stock (in shares)				8,000,000
Net proceeds from offering of preferred stock		193,334		193,334							193,334
Common stock related to transactions		17,712					17,712	[1]			17,712
Non-controlling interests—contributions		19,774										19,774
Non-controlling interests—distributions		-1,403										-1,403
Dividend reinvestment plan (in shares)	[1]				14,000
Dividend reinvestment plan		249			0	[1]	249	[1]			249
Amortization of equity-based compensation		16,961										16,961
Equity component of exchangeable senior notes		45,740					45,740	[1]			45,740
Conversion of exchangeable senior notes (in shares)	[1]				5,791,000
Conversion of exchangeable senior notes		74,777			58	[1]	74,719	[1]			74,777
Other comprehensive income (loss)		18,648								17,845	17,845	803
Conversion of Old LTIP Units (in shares)	[1]				670,000
Conversion of Old LTIP Units		0			7	[1]	10,123	[1]			10,130	-10,130
Dividends on preferred stock (in shares)		-181,386							-171,798		-171,798	-9,588
Dividends on preferred stock		-55,516							-55,516		-55,516
Net income (loss)		-87,910	[2]						-81,937		-81,937	-5,973
Balance at Dec. 31, 2013		2,697,463		697,352	1,544	[1]	2,649,450	[1]	-685,936	-4,334	2,658,076	39,387
Balance (in shares) at Dec. 31, 2013				29,466,000	154,404,000	[1]
Increase (Decrease) in Stockholders' Equity
Net proceeds from offering of common stock (in shares)	[1]				55,250,000
Net proceeds from offering of common stock		1,191,307			553	[1]	1,190,754	[1]			1,191,307
Net proceeds from offering of preferred stock (in shares)				10,000,000
Net proceeds from offering of preferred stock		241,766		241,766							241,766
Common stock related to transactions (in shares)	[1]				61,708,000
Common stock related to transactions		1,082,731			617	[1]	1,082,114	[1]			1,082,731
Issuance of common stock in connection with exercise of warrants (in shares)	[1]				799,000
Issuance of common stock in connection with exercise of warrants		16			8	[1]	8	[1]			16
Non-controlling interests—contributions		321,455										321,455
Non-controlling interests—distributions		-13,593										-13,593
Dividend reinvestment plan (in shares)	[1]				9,000
Dividend reinvestment plan		239			0	[1]	239	[1]			239
Amortization of equity-based compensation		37,375					21,053	[1]			21,053	16,322
Exchangeable senior notes exchanged for Senior Notes		-296,382					-296,382	[1]			-296,382
Conversion of exchangeable senior notes (in shares)	[1]				24,907,000
Conversion of exchangeable senior notes		320,304			249	[1]	320,055	[1]			320,304
Other comprehensive income (loss)		54,632								53,874	53,874	758
Conversion of Old LTIP Units (in shares)	[1]				4,607,000
Conversion of Old LTIP Units		0			46	[1]	18,565	[1]			18,611	-18,611
Spin-off of NSAM		-158,437					-158,437	[1]			-158,437
Dividends on preferred stock (in shares)		-370,834							-364,956		-364,956	-5,878
Dividends on preferred stock		-73,300							-73,300		-73,300
Net income (loss)		-321,086	[2]						-298,207		-298,207	-22,879
Balance at Dec. 31, 2014		$4,713,656		$939,118	$3,017	[1]	$4,827,419	[1]	($1,422,399)	$49,540	$4,396,695	$316,961
Balance (in shares) at Dec. 31, 2014				39,466,000	301,684,000	[1]
[1]	Adjusted for the one-for-two reverse stock split completed on June 30, 2014. Refer to Note 13. “Stockholders’ Equity” for additional disclosure related to the reverse stock split.
[2]	The consolidated financial statements for the year ended December 31, 2014 include: (i) the Company’s results of operations for the six months ended December 31, 2014 which represents the Company’s results of operations following the spin-off of the Company’s historical asset management business on June 30, 2014; and (ii) the Company’s results of operations for the six months ended June 30, 2014 which represents a carve-out of revenues and expenses attributable to NSAM in discontinued operations. The Company’s historical financial information for the years ended December 31, 2013 and 2012 was prepared on the same basis as the six months ended June 30, 2014. As a result, results of operations for the year ended December 31, 2014 may not be comparative to the Company's results of operations reported for the prior periods presented.

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Cash flows from operating activities:
Net income (loss)	($321,086)	[1]	($87,910)	[1]	($273,089)	[1]
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in (earnings) losses of PE Investments	-134,036		-82,592		0
Equity in (earnings) losses of unconsolidated ventures	-14,254		-2,885		-88
Depreciation and amortization	185,222		94,840		49,207
Amortization of premium/accretion of discount on investments	-76,040		-58,032		-137,816
Interest accretion on investments	-22,064		-1,549		-1,827
Amortization of deferred financing costs	18,400		7,393		3,528
Amortization of equity-based compensation	37,375		16,961		12,817
Unrealized (gain) loss on investments and other	214,815		-20,054		468,229
Realized gain (loss) on investments and other / other income	77,234		-31,414		-59,598
(Gain) loss on deconsolidation of N-Star CDOs	31,423	[1]	299,802	[1]	0	[1]
Gain on sale from discontinued operations/gain from acquisition	0		0		-2,079
Reversal of accrued loss contingency and other costs	0		0		-20,000
Impairment from discontinued operations	555		8,613		966
Distributions from PE Investments	134,036		82,592		0
Distributions from unconsolidated ventures	3,514		4,744		2,433
Distributions from equity investments	19,453		7,028		0
Amortization of capitalized above/below market leases	1,189		-1,438		-1,266
Straight line rental income, net	-9,263		-2,713		-3,342
Provision for (reversal of) loan losses, net	3,769	[1]	-8,786	[1]	23,037	[1]
Allowance for uncollectible accounts	10,858		1,138		833
Other	502		148		598
Discount received	3,223		7,815		17,399
Changes in assets and liabilities:
Restricted cash	-83,159		-6,846		495
Receivables	-34,997		-10,912		969
Receivables, related parties	6,323		-11,946		-5,908
Other assets	-37,167		-1,040		-1,464
Accounts payable and accrued expenses	56,284		32,860		-21,425
Due to related party	47,430		0		0
Other liabilities	25,317		4,857		24,302
Net cash provided by (used in) operating activities	144,856		240,674		76,911
Cash flows from investing activities:
Acquisition of operating real estate, net	-3,466,610		-1,624,959		-311,485
Acquisition of Griffin-American, net of cash	-2,947,856		0		0
Improvements of operating real estate	-37,955		-11,028		-4,485
Proceeds from sale of operating real estate	27,630		17,687		13,369
Deferred costs and intangible assets	-21,597		-769		-575
Origination of real estate debt investments, net	-282,181		-744,209		-242,326
Acquisition of real estate debt investments	-997		-56,301		-100,460
Proceeds from sale of real estate debt investments	28,500		106,845		18,109
Repayment on real estate debt investments	196,034		274,029		239,588
Investment in PE Investments	-557,719		-664,392		0
Distributions from PE Investments	230,598		135,607		0
Investments in unconsolidated ventures	-73,254		-109,218		-20,326
Distributions from unconsolidated ventures	11,873		11,782		487
Acquisition of real estate securities, available for sale	-36,519		-2,800		-89,041
Proceeds from the sale of real estate securities, available for sale	94,763		223,992		343,900
Repayment on real estate securities, available for sale	63,902		187,622		229,870
Change in restricted cash	-201,135		-30,736		-5,084
Other assets	-81,704		1,695		-19,640
Net cash provided by (used in) investing activities	-7,054,227		-2,285,153		51,901
Cash flows from financing activities:
Borrowings from mortgage notes	5,932,208		1,252,085		241,400
Repayment of mortgage notes	-383,018		-21,272		-8,987
Proceeds from CDO bonds reissuance	0		23,725		89,637
Proceeds from CDO bonds	0		0		10,000
Repayment of CDO bonds	-87,859		-655,575		-693,705
Repurchase of CDO bonds	-15,320		-44,222		-98,818
Proceeds from securitization bonds payable	0		0		98,131
Paydowns on securitization bonds payable	-40,505		-15,794		0
Borrowings from credit facilities	922,540		147,748		134,775
Repayment of credit facilities	-259,798		-138,798		-137,946
Repayment of secured term loan	0		-105		-18
Proceeds from exchangeable senior notes	0		345,000		82,000
Repurchases and repayment of exchangeable senior notes	0		-36,710		-7,500
Repayment of Senior Notes	-481,118		0		0
Payment of deferred financing costs	-139,937		-28,280		-11,088
Purchase of derivative instruments	-4,159		-9,563		-8,920
Settlement of derivative instruments	2,995		0		-11,175
Change in restricted cash	22,843		134,504		-41,522
Net proceeds from common stock offering	1,191,307		1,305,619		383,480
Net proceeds from preferred stock offering	241,766		193,334		262,646
Proceeds from dividend reinvestment plan	239		249		202
Spin-off of NSAM	-118,728		0		0
Dividends	-438,256		-227,314		-106,497
Contributions from non-controlling interests	246,027		19,774		8,756
Distributions to non-controlling interests	-18,709		-8,863		-13,244
Net cash provided by (used in) financing activities	6,572,518		2,235,542		171,607
Effect of foreign currency translation on cash and cash equivalents	-2,173		0		0
Net increase (decrease) in cash and cash equivalents	-339,026		191,063		300,419
Cash and cash equivalents—beginning of period	635,990		444,927		144,508
Cash and cash equivalents—end of period	$296,964		$635,990		$444,927
[1]	The consolidated financial statements for the year ended December 31, 2014 include: (i) the Company’s results of operations for the six months ended December 31, 2014 which represents the Company’s results of operations following the spin-off of the Company’s historical asset management business on June 30, 2014; and (ii) the Company’s results of operations for the six months ended June 30, 2014 which represents a carve-out of revenues and expenses attributable to NSAM in discontinued operations. The Company’s historical financial information for the years ended December 31, 2013 and 2012 was prepared on the same basis as the six months ended June 30, 2014. As a result, results of operations for the year ended December 31, 2014 may not be comparative to the Company's results of operations reported for the prior periods presented.

Business_and_Organization

Business and Organization	12 Months Ended
	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization
	NorthStar Realty Finance Corp. is a diversified commercial real estate company (the “Company”). The Company invests in multiple asset classes across commercial real estate (“CRE”) that it expects will generate attractive risk-adjusted returns and may take the form of acquiring real estate, originating or acquiring senior or subordinate loans, as well as pursuing opportunistic CRE investments, both in the United States and internationally, with a current focus on Europe. Effective June 30, 2014, the Company is externally managed and advised by an affiliate of NorthStar Asset Management Group Inc. (NYSE: NSAM), which together with its affiliates is referred to as NSAM. The Company is a Maryland corporation and completed its initial public offering in October 2004. The Company conducts its operations so as to continue to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes.
	Proposed Spin-off of European Real Estate Business
	On February 26, 2015, the Company announced that its board of directors unanimously approved a plan to spin-off the Company’s European real estate business (the “Proposed European Spin”) into a newly-formed publicly-traded REIT, NorthStar Realty Europe Corp. (“NRE”) expected to be listed on the New York Stock Exchange (“NYSE”) and potentially in Europe. Currently, the Company acquired or committed to acquire $2.0 billion of European real estate comprised of 50 properties spanning across some of Europe’s top markets (“European Portfolio”) that will be contributed to NRE upon the completion of the Proposed European Spin. NSAM will manage NRE pursuant to a long-term management agreement, on substantially similar terms as the Company’s management agreement with NSAM. The Proposed European Spin is expected to be completed in the second half of 2015.
	Griffin-American Healthcare REIT II, Inc.
	On December 3, 2014, the Company completed its previously announced merger of Griffin-American Healthcare REIT II, Inc. (“Griffin-American”) where the Company acquired all of the outstanding shares of Griffin-American in a stock and cash transaction valued at $4.0 billion. Griffin-American was a public REIT focused on medical office buildings, senior housing and other healthcare-related facilities and was co-sponsored by American Healthcare Investors LLC (“AHI”) and Griffin Capital Corporation. Additionally, NorthStar Healthcare acquired a 14.3% equity interest in the Griffin-American portfolio for $187.2 million in cash, including its share of transaction costs. The European healthcare properties that the Company acquired from Griffin-American will not be contributed to NRE in the Proposed European Spin.
	Spin-off of Asset Management Business
	On June 30, 2014, the Company completed the spin-off of its asset management business into a separate publicly-traded company, NSAM, in the form of a tax-free distribution (the “NSAM Spin-off” or the “Distribution”). In connection with the NSAM Spin-off, each of the Company’s common stockholders received shares of NSAM’s common stock on a one-for-one basis, after giving effect to a one-for-two reverse stock split of the Company’s common stock (the “Reverse Split”). Upon completion of the NSAM Spin-off, the asset management business of the Company is owned and operated by NSAM and the Company is externally managed by an affiliate of NSAM through a management contract with an initial term of 20 years. Subsequent to the NSAM Spin-off, the Company continues to operate its CRE debt origination business. Most of the employees of the Company at the time of the NSAM Spin-off became employees of NSAM and executive officers, employees engaged in the Company’s loan origination business at the time of the NSAM Spin-off and certain other employees became co-employees of both the Company and NSAM. Affiliates of NSAM also manage the Company’s previously sponsored non-traded REITs: NorthStar Real Estate Income Trust, Inc. (“NorthStar Income”), NorthStar Healthcare Income, Inc. (“NorthStar Healthcare”) and NorthStar Real Estate Income II, Inc. (“NorthStar Income II”) and together with any new sponsored companies, (herein collectively referred to as the “NSAM Sponsored Companies”). In addition, NSAM owns NorthStar Realty Securities, LLC (“NorthStar Securities”), the Company’s previously owned captive broker-dealer platform, which raises capital in the retail market for NSAM’s Sponsored Companies. Refer to Note 10. “Spin-off of Asset Management Business” for further disclosure.
	Prior to the NSAM Spin-off, the Company completed an internal corporate reorganization (the “Reorganization”) whereby the Company collapsed its three tier holding company structure into a single tier. The Company previously conducted substantially all of its operations and made its investments through NorthStar Realty Finance Limited Partnership (the “Operating Partnership”). Limited partnership units structured as profits interests previously issued by the Operating Partnership (“Old LTIP Units”) as equity-based compensation were recorded as non-controlling interests on the consolidated balance sheets and were exchanged for shares of the Company’s common stock in the Reorganization. Refer to Note 12. “Equity-Based Compensation” and Note 14. “Non-controlling Interests” for further disclosure. The accompanying notes to these consolidated financial statements are presented after giving effect to the Reorganization, the Reverse Split and the NSAM Spin-off.
	All references herein to the Company refer to NorthStar Realty Finance Corp. and its consolidated subsidiaries after giving effect to the Reorganization, the Reverse Split and the NSAM Spin-off, unless the context otherwise requires.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies
	Basis of Accounting
	The accompanying consolidated financial statements and related notes of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).
	The consolidated financial statements for the six months ended December 31, 2014 represent the Company subsequent to the spin-off of its historical asset management business of managing the NSAM Sponsored Companies, owning NorthStar Securities and operating its special servicing business. In connection with the spin-off, most of the Company’s employees at the time of the spin-off became employees of NSAM except for executive officers, employees engaged in the Company’s loan origination business at the time of the spin-off and certain other employees that became co-employees of both the Company and NSAM. Therefore, subsequent to June 30, 2014, NSAM generally incurs substantially all employee-related cash costs.
	Periods prior to June 30, 2014 present a carve-out of the Company’s historical financial information, including revenues and expenses allocated to NSAM, related to the Company’s historical asset management business being reported in discontinued operations. Expenses also included an allocation of indirect expenses of the Company to NSAM, including salaries, equity-based compensation and other general and administrative expenses (primarily occupancy and other cost) based on an estimate had the asset management business been run as an independent entity. This allocation method was principally based on relative headcount and management’s knowledge of the Company’s operations.
	Principles of Consolidation
	The consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. The Company consolidates variable interest entities (“VIE”) where the Company is the primary beneficiary and voting interest entities which are generally majority owned or otherwise controlled by the Company. All significant intercompany balances are eliminated in consolidation.
	Variable Interest Entities
	A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. A VIE is defined as an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The determination of whether an entity is a VIE includes both a qualitative and quantitative analysis. The Company bases its qualitative analysis on its review of the design of the entity, its organizational structure including decision-making ability and relevant financial agreements and the quantitative analysis on the forecasted cash flow of the entity.
	The Company reassesses its initial evaluation of an entity as a VIE upon the occurrence of certain reconsideration events.
	A VIE must be consolidated only by its primary beneficiary, which is defined as the party who, along with its affiliates and agents has both the: (i) power to direct the activities that most significantly impact the VIE’s economic performance; and (ii) obligation to absorb the losses of the VIE or the right to receive the benefits from the VIE, which could be significant to the VIE. The Company determines whether it is the primary beneficiary of a VIE by considering qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of its investment; the obligation or likelihood for the Company or other interests to provide financial support; consideration of the VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders and the similarity with and significance to the business activities of the Company and the other interests. The Company reassesses its determination of whether it is the primary beneficiary of a VIE each reporting period. Significant judgments related to these determinations include estimates about the current and future fair value and performance of investments held by these VIEs and general market conditions.
	The Company evaluates its CRE debt and securities, investments in unconsolidated ventures and securitization financing transactions, such as its collateralized debt obligations (“CDOs”) and its liabilities to subsidiary trusts issuing preferred securities (“junior subordinated notes”) to determine whether they are a VIE. The Company analyzes new investments and financings, as well as reconsideration events for existing investments and financings, which vary depending on type of investment or financing.
	Voting Interest Entities
	A voting interest entity is an entity in which the total equity investment at risk is sufficient to enable it to finance its activities independently and the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity. The usual condition for a controlling financial interest in a voting interest entity is ownership of a majority voting interest. If the Company has a majority voting interest in a voting interest entity, the entity will generally be consolidated. The Company does not consolidate a voting interest entity if there are substantive participating rights by other parties and/or kick-out rights by a single party.
	The Company performs on-going reassessments of whether entities previously evaluated under the voting interest framework have become VIEs, based on certain events, and therefore subject to the VIE consolidation framework.
	Investments in Unconsolidated Ventures
	Non-controlling, unconsolidated ownership interests in an entity may be accounted for using the equity method, at fair value or the cost method.
	Under the equity method, the investment is adjusted each period for capital contributions and distributions and its share of the entity’s net income (loss). Capital contributions, distributions and net income (loss) of such entities are recorded in accordance with the terms of the governing documents. An allocation of net income (loss) may differ from the stated ownership percentage interest in such entity as a result of preferred returns and allocation formulas, if any, as described in such governing documents.
	The Company may account for an investment in an unconsolidated entity at fair value by electing the fair value option. The Company elected the fair value option for its investments (directly or indirectly in joint ventures) that own limited partnership interests in real estate private equity funds (“PE Investments”) and certain investments in unconsolidated ventures (refer to Note 7). The Company records the change in fair value for its share of the projected future cash flow of such investments from one period to another in equity in earnings (losses) from unconsolidated ventures in the consolidated statements of operations. Any change in fair value attributed to market related assumptions is considered unrealized gain (loss).
	The Company may account for an investment that does not qualify for equity method accounting or for which the fair value option was not elected using the cost method if the Company determines the investment in the unconsolidated entity is insignificant. Under the cost method, equity in earnings is recorded as dividends are received to the extent they are not considered a return of capital, which is recorded as a reduction of cost of the investment.
	Non-controlling Interests
	A non-controlling interest in a consolidated subsidiary is defined as the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to the Company. A non-controlling interest is required to be presented as a separate component of equity on the consolidated balance sheets and presented separately as net income (loss) and other comprehensive income (loss) (“OCI”) attributable to controlling and non-controlling interests. An allocation to a non-controlling interest may differ from the stated ownership percentage interest in such entities as a result of preferred returns and allocation formulas, if any, as described in such governing documents.
	Estimates
	The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that could affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates and assumptions.
	Reclassifications
	Certain prior period amounts have been reclassified in the consolidated financial statements to conform to current period presentation.
	Comprehensive Income (Loss)
	The Company reports consolidated comprehensive income (loss) in separate statements following the consolidated statements of operations. Comprehensive income (loss) is defined as the change in equity resulting from net income (loss) and OCI. The components of OCI principally include: (i) unrealized gain (loss) on real estate securities available for sale for which the fair value option is not elected; (ii) the reclassification of unrealized gain (loss) on real estate securities available for sale for which the fair value option was not elected to realized gain (loss) upon sale or realized event; (iii) the reclassification of unrealized gain (loss) to interest expense on derivative instruments that are or were deemed to be effective hedges; and (iv) foreign currency translation adjustment.
	The following table presents the components of accumulated other comprehensive income (loss) as of and for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands):
	Accumulated OCI		Cumulative Unrealized Gain (Loss) on Available for Sale Securities				Effective Portion of Cash Flow Hedges				Foreign Currency Translation				Total
	Balance as of December 31, 2011		$	(7,187	)		$	(28,973	)		$	—			$	(36,160	)
	Unrealized gain (loss) on real estate securities, available for sale		7,259				—				—				7,259
	Reclassification of swap (gain) loss into interest expense on debt and securities (refer to Note 16)		—				7,412				—				7,412
	Non-controlling interests		(348		)		(342		)		—				(690		)
	Balance as of December 31, 2012		(276		)		(21,903		)		—				(22,179		)
	Unrealized gain (loss) on real estate securities, available for sale		(557		)		—				—				(557		)
	Reclassification of unrealized (gain) loss on real estate securities, available for sale into realized gain (loss) on investments and other		(926		)		—				—				(926		)
	Reclassification of swap (gain) loss into interest expense on debt and securities (refer to Note 16)		—				4,885				—				4,885
	Reclassification of swap (gain) loss into gain (loss) from deconsolidation of N-Star CDOs (refer to Note 3)		—				15,246				—				15,246
	Non-controlling interests		23				(826		)		—				(803		)
	Balance as of December 31, 2013		(1,736		)		(2,598		)		—				(4,334		)
	Unrealized gain (loss) on real estate securities, available for sale		60,140				—				—				60,140
	Reclassification of unrealized (gain) loss on real estate securities, available for sale into realized gain (loss) on investments and other		(1,268		)		—				—				(1,268		)
	Reclassification of swap (gain) loss into interest expense on debt and securities (refer to Note 16)		—				915				—				915
	Foreign currency translation adjustment		—				—				(5,155		)		(5,155		)
	Non-controlling interests		(1,064		)		(11		)		317				(758		)
	Balance as of December 31, 2014		$	56,072			$	(1,694	)		$	(4,838	)		$	49,540
	Cash and Cash Equivalents
	The Company considers all highly-liquid investments with a remaining maturity date of three months or less to be cash equivalents. Cash, including amounts restricted, may at times exceed the Federal Deposit Insurance Corporation deposit insurance limit of $250,000 per institution. The Company mitigates credit risk by placing cash and cash equivalents with major financial institutions. To date, the Company has not experienced any losses on cash and cash equivalents.
	Restricted Cash
	Restricted cash primarily consists of amounts related to operating real estate and CRE debt investments. The following table presents a summary of restricted cash as of December 31, 2014 and 2013 (dollars in thousands):
			December 31,
			2014				2013
	Capital expenditures reserves		$	211,010			$	46,115
	Operating real estate escrow reserves(1)		123,017				7,599
	CRE debt escrow deposits		56,342				92,347
	Cash in CDOs(2)		4,687				20,426
	Total		$	395,056			$	166,487
	__________________________________________________
	-1	Primarily represents insurance, real estate tax, tenant security deposits and other escrows related to operating real estate.
	-2	Represents proceeds from repayments and/or sales pending distribution.
	Fair Value Option
	The fair value option provides an election that allows a company to irrevocably elect fair value for certain financial assets and liabilities on an instrument-by-instrument basis at initial recognition. The Company may elect to apply the fair value option for certain investments due to the nature of the instrument. Any change in fair value for assets and liabilities for which the election is made is recognized in earnings.
	Operating Real Estate
Operating real estate is carried at historical cost less accumulated depreciation. Costs directly related to an acquisition deemed to be a business combination are expensed and included in transaction costs in the consolidated statements of operations. Ordinary repairs and maintenance are expensed as incurred. Major replacements and betterments which improve or extend the life of the asset are capitalized and depreciated over their useful life.
Operating real estate is depreciated using the straight-line method over the estimated useful lives of the assets, summarized as follows:
Category:		Term:
Building (fee interest)		15 to 40 years
Building improvements		Lesser of the useful life or remaining life of the building
Building leasehold interests		Lesser of 40 years or remaining term of the lease
Land improvements		10 to 30 years
Tenant improvements		Lesser of the useful life or remaining term of the lease
The Company follows the purchase method for an acquisition of operating real estate, where the purchase price is allocated to tangible assets such as land, building, tenant and land improvements and other identified intangibles, such as goodwill. Major replacements and betterments which improve or extend the life of the asset are capitalized and depreciated over their useful life.  Ordinary repairs and maintenance are expensed as incurred.  Operating real estate is carried at historical cost less accumulated depreciation. Operating real estate is depreciated using the straight-line method over the estimated useful lives of the assets.  Costs directly related to an acquisition deemed to be a business combination are expensed and included in transaction costs in the consolidated statements of operations. The Company evaluates whether real estate acquired in connection with a foreclosure, UCC/deed in lieu of foreclosure or a consentual modification of a loan (herein collectively referred to as taking title to collateral) (“REO”) constitutes a business and whether business combination accounting is appropriate. Any excess upon taking title to collateral between the carrying value of a loan over the estimated fair value of the property is charged to provision for loan losses.
Operating real estate, including REO, which has met the criteria to be classified as held for sale, is separately presented on the consolidated balance sheets. Such operating real estate is recorded at the lower of its carrying value or its estimated fair value less the cost to sell. Once a property is determined to be held for sale, depreciation is no longer recorded.
Minimum rental amounts due under leases are generally either subject to scheduled fixed increases or adjustments. The following table presents approximate future minimum rental income under noncancelable operating leases to be received over the next five years and thereafter as of December 31, 2014 (dollars in thousands):
Years Ending December 31:
2015(1)		$	374,726
2016		361,704
2017		342,502
2018		323,201
2019		310,320
Thereafter		2,046,036
Total		$	3,758,489
_______________________
-1	Excludes rental income from healthcare properties permitted by the REIT Investment Diversification and Empowerment Act of 2007 (“RIDEA”) and manufactured housing communities and multifamily properties that are subject to short-term leases.
Real Estate Debt Investments
CRE debt investments are generally intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan fees, premium, discount and unfunded commitments. CRE debt investments that are deemed to be impaired are carried at amortized cost less a loan loss reserve, if deemed appropriate, which approximates fair value. CRE debt investments where the Company does not have the intent to hold the loan for the foreseeable future or until its expected payoff are classified as held for sale and recorded at the lower of cost or estimated value.
Real Estate Securities
The Company classifies its CRE securities investments as available for sale on the acquisition date, which are carried at fair value. The Company historically elected to apply the fair value option for its CRE securities investments. For those CRE securities for which the fair value option was elected, any unrealized gains (losses) from the change in fair value is recorded in unrealized gains (losses) on investments and other in the consolidated statements of operations.
The Company may decide to not elect the fair value option for certain CRE securities due to the nature of the particular instrument. For those CRE securities for which the fair value option was not elected, any unrealized gain (loss) from the change in fair value is recorded as a component of accumulated OCI in the consolidated statements of equity, to the extent impairment losses are considered temporary.
Deferred Costs
Deferred costs include deferred financing costs and deferred lease costs. Deferred financing costs represent commitment fees, legal and other third-party costs associated with obtaining financing. These costs are amortized to interest expense over the term of the financing using either the effective interest method or straight-line method depending on the type of financing. Unamortized deferred financing costs are expensed when the associated borrowing is refinanced or repaid before maturity. Costs incurred in seeking financing transactions, which do not close, are expensed in the period such financing transaction was terminated. Deferred lease costs consist of fees incurred to initiate and renew operating leases, which are amortized on a straight-line basis over the remaining lease term and is recorded to depreciation and amortization in the consolidated statements of operations.
Identified Intangibles
The Company records acquired identified intangibles, which includes intangible assets (such as value of the above-market leases, in-place leases, goodwill and other intangibles) and intangible liabilities (such as the value of below-market leases), based on estimated fair value. The value allocated to the above or below-market leases is amortized over the remaining lease term as a net adjustment to rental income. Other intangible assets are amortized into depreciation and amortization expense on a straight-line basis over the remaining lease term. As of December 31, 2014, the weighted average amortization period for above-market leases, below-market leases and in-place lease costs is 11.8 years, 13.9 years and 9.8 years, respectively.
Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination and is not amortized. The Company performs an annual impairment test for goodwill and evaluates the recoverability whenever events or changes in circumstances indicate that the carrying value of goodwill may not be fully recoverable. In making such assessment, qualitative factors are used to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If the estimated fair value of the reporting unit is less than its carrying value, then an impairment charge is recorded. The Company determined that goodwill was not impaired as of December 31, 2014.
Identified intangible assets are recorded in deferred costs and intangible assets and identified intangible liabilities are recorded in other liabilities on the consolidated balance sheets.
The following table presents identified intangibles as of December 31, 2014 and 2013 (dollars in thousands):
		31-Dec-14																		31-Dec-13
																										Intangible
		Intangible Assets												Intangible Liabilities						Intangible Assets						Liabilities
		Above-market Leases				Goodwill				Other				Below-market Leases			Other			Above-market Leases			Other			Below-market Leases
Gross amount		$	273,522			$	75,806		(1)	$	381,997		(2)	$	184,209		$	7,157	(3)	$	6,264		$	93,037		$	19,499
Accumulated amortization		(9,730		)		NA				(60,032		)		(14,838		)	NA			(4,351		)	(42,185		)	(10,799		)
Total		$	263,792			$	75,806			$	321,965			$	169,371		$	7,157		$	1,913		$	50,852		$	8,700
_______________________
-1	Represents goodwill associated with the acquisitions of the Formation Portfolio ($25.5 million) and the Griffin-American Portfolio ($50.2 million). Refer to Note 4 for further disclosure.
-2	Primarily represents the value of in-place leases.
-3	Represents the value associated with a purchase price option associated with the Griffin-American Portfolio.
The Company recorded amortization of acquired above-market leases, net of acquired below-market leases of ($1.2 million), $1.4 million and $1.3 million for the years ended December 31, 2014, 2013 and 2012, respectively. Amortization of other intangible assets was $20.3 million, $15.4 million and $13.7 million for the years ended December 31, 2014, 2013 and 2012, respectively.
The following table presents annual amortization of intangible assets and liabilities (dollars in thousands):
Years Ending December 31:		Above and Below Market Leases, Net(1)				Other Intangibles(1)
2015		$	9,347			$	36,874
2016		9,366				35,599
2017		9,387				33,539
2018		9,960				31,409
2019		10,295				30,563
Thereafter		46,066				139,392
Total		$	94,421			$	307,376
______________________________________________________
-1	Identified intangibles will be amortized through periods ending December 2026.
Other Assets and Other Liabilities
The following table presents a summary of other assets and other liabilities as of December 31, 2014 and 2013 (dollars in thousands):
		December 31,
		2014				2013
Other assets:
Due from servicer		$	64,583			$	—
Pending deal costs		62,867				7,048
Notes receivable, net		48,932				38,418
Prepaid expenses		27,595				5,361
Manufactured homes		26,711				69,217
Other		14,955				13,953
Investment-related reserves and deposits		14,624				11,127
Deferred tax asset		7,730				—
Furniture, fixtures and equipment, net		—			(1)	6,977
Total		$	267,997			$	152,101
		December 31,
		2014				2013
Other liabilities:
Below-market leases		$	169,371			$	8,700
PE Investment III deferred purchase price (refer to Note 6)		39,759				39,759
Deferred tax liability		38,303				—
Tenant security deposits		27,854				9,294
Unearned revenue		17,668				2,029
Other		11,890				14,092
Total		$	304,845			$	73,874
__________________________________________________
(1)Distributed to NSAM in connection with the spin-off.
Revenue Recognition
Operating Real Estate
Rental and escalation income from operating real estate is derived from leasing of space to various types of tenants and healthcare operators. The leases are for fixed terms of varying length and generally provide for annual rentals and expense reimbursements to be paid in monthly installments. Rental income from leases is recognized on a straight-line basis over the term of the respective leases. The excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in unbilled rent receivable on the consolidated balance sheets. Escalation income represents revenue from tenant/operator leases which provide for the recovery of all or a portion of the operating expenses and real estate taxes paid by the Company on behalf of the respective property. This revenue is accrued in the same period as the expenses are incurred.
The Company generates operating income from healthcare and hotel properties under a RIDEA structure. Revenue related to healthcare properties includes resident room and care charges and other resident charges. Revenue related to operating hotel properties primarily consists of room and food and beverage sales. Revenue is recognized when such services are provided, generally defined as the date upon which a resident or guest occupies a room or uses the healthcare property or hotel services and is recorded in resident fee income for healthcare properties and hotel related income for hotel properties in the consolidated statements of operations.
Real Estate Debt Investments
Interest income is recognized on an accrual basis and any related premium, discount, origination costs and fees are amortized over the life of the investment using the effective interest method. The amortization is reflected as an adjustment to interest income in the consolidated statements of operations. The amortization of a premium or accretion of a discount is discontinued if such loan is reclassified to held for sale.
Real Estate Securities
Interest income is recognized using the effective interest method with any premium or discount amortized or accreted through earnings based on expected cash flow through the expected maturity date of the security. Changes to expected cash flow may result in a change to the yield which is then applied retrospectively for high-credit quality securities that cannot be prepaid or otherwise settled in such a way that the holder would not recover substantially all of the investment or prospectively for all other securities to recognize interest income.
Credit Losses and Impairment on Investments
Operating Real Estate
The Company’s real estate portfolio is reviewed on a quarterly basis, or more frequently as necessary, to assess whether there are any indicators that the value of its operating real estate may be impaired or that its carrying value may not be recoverable. A property’s value is considered impaired if the Company’s estimate of the aggregate expected future undiscounted cash flow generated by the property is less than the carrying value. In conducting this review, the Company considers U.S. macroeconomic factors, real estate sector conditions and asset specific and other factors. To the extent an impairment has occurred, the loss is measured as the excess of the carrying value of the property over the estimated fair value and recorded in impairment on operating real estate in the consolidated statements of operations.
An allowance for a doubtful account for a tenant/operator receivable is established based on a periodic review of aged receivables resulting from estimated losses due to the inability of tenant/operator to make required rent and other payments contractually due. Additionally, the Company establishes, on a current basis, an allowance for future tenant/operator/resident/guest credit losses on unbilled rent receivable based on an evaluation of the collectability of such amounts.
Real Estate Debt Investments
Loans are considered impaired when based on current information and events, it is probable that the Company will not be able to collect principal and interest amounts due according to the contractual terms. The Company assesses the credit quality of the portfolio and adequacy of loan loss reserves on a quarterly basis or more frequently as necessary. Significant judgment of the Company is required in this analysis. The Company considers the estimated net recoverable value of the loan as well as other factors, including but not limited to the fair value of any collateral, the amount and the status of any senior debt, the quality and financial condition of the borrower and the competitive situation of the area where the underlying collateral is located. Because this determination is based on projections of future economic events, which are inherently subjective, the amount ultimately realized may differ materially from the carrying value as of the balance sheet date. If upon completion of the assessment, the estimated fair value of the underlying collateral is less than the net carrying value of the loan, a loan loss reserve is recorded with a corresponding charge to provision for loan losses. The loan loss reserve for each loan is maintained at a level that is determined to be adequate by management to absorb probable losses.
Income recognition is suspended for a loan at the earlier of the date at which payments become 90-days past due or when, in the opinion of the Company, a full recovery of income and principal becomes doubtful. When the ultimate collectability of the principal of an impaired loan is in doubt, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the principal of an impaired loan is not in doubt, contractual interest is recorded as interest income when received, under the cash basis method until an accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. A loan is written off when it is no longer realizable and/or legally discharged.
Investments in Unconsolidated Ventures
The Company reviews its investments in unconsolidated ventures for which the Company did not elect the fair value option on a quarterly basis, or more frequently as necessary, to assess whether there are any indicators that the value may be impaired or that its carrying value may not be recoverable. An investment is considered impaired if the projected net recoverable amount over the expected holding period is less than the carrying value. In conducting this review, the Company considers U.S. macroeconomic factors, including real estate sector conditions, together with asset specific and other factors. To the extent an impairment has occurred and is considered to be other than temporary, the loss is measured as the excess of the carrying value of the investment over the estimated fair value and recorded in provision for loss on equity investment in the consolidated statements of operations.
Real Estate Securities
CRE securities for which the fair value option is elected are not evaluated for other-than-temporary impairment (“OTTI”) as any change in fair value is recorded in the consolidated statements of operations. Realized losses on such securities are reclassified to realized gain (loss) on investments and other as losses occur.
CRE securities for which the fair value option is not elected are evaluated for OTTI quarterly. Impairment of a security is considered to be other-than-temporary when: (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. When a CRE security has been deemed to be other-than-temporarily impaired due to (i) or (ii), the security is written down to its fair value and an OTTI is recognized in the consolidated statements of operations. In the case of (iii), the security is written down to its fair value and the amount of OTTI is then bifurcated into: (a) the amount related to expected credit losses; and (b) the amount related to fair value adjustments in excess of expected credit losses. The portion of OTTI related to expected credit losses is recognized in the consolidated statements of operations. The remaining OTTI related to the valuation adjustment is recognized as a component of accumulated OCI in the consolidated statements of equity. The portion of OTTI recognized through earnings is accreted back to the amortized cost basis of the security through interest income, while amounts recognized through OCI are amortized over the life of the security with no impact on earnings. CRE securities which are not high-credit quality are considered to have an OTTI if the security has an unrealized loss and there has been an adverse change in expected cash flow. The amount of OTTI is then bifurcated as discussed above.
Troubled Debt Restructuring
CRE debt investments modified in a troubled debt restructuring (“TDR”) are modifications granting a concession to a borrower experiencing financial difficulties where a lender agrees to terms that are more favorable to the borrower than is otherwise available in the current market. Management judgment is necessary to determine whether a loan modification is considered a TDR. Troubled debt that is fully satisfied via taking title to collateral, repossession or other transfers of assets is generally included in the definition of TDR. Loans acquired as a pool with deteriorated credit quality that have been modified are not considered a TDR.
Derivatives
Derivatives are used to manage exposure to interest rate risk and foreign currency exchange rate risk. For derivatives that qualify as cash flow hedges, the effective portion of changes in fair value of derivatives designated as a hedge is recorded in accumulated OCI and is subsequently reclassified into income in the period that the hedged item affects income. Amounts reported in OCI that relate to the hedge of the Company’s floating-rate borrowings are reclassified to interest expense as interest payments are made on associated borrowings.
The change in fair value for derivatives that do not qualify as a hedge for U.S. GAAP is recorded in earnings. When the Company elected the fair value option for certain of its borrowings, any derivatives designated as a qualifying hedge at the time no longer qualified for hedge accounting given that the underlying borrowing will be remeasured with changes in the fair value recorded in earnings. For such derivatives, the unrealized gain (loss) at that time will remain in accumulated OCI and will be reclassified into earnings over the life of the associated borrowing.
Exchangeable Senior Notes
The proceeds from exchangeable senior notes that may be settled in cash at the option of the issuer, including partial cash settlements, must be bifurcated between a liability component and an equity component associated with the embedded conversion option. The liability component is calculated based on the present value of the contractual cash flow discounted at a comparable market conventional borrowing rate at the date of issuance. The difference between the principal amount and the fair value of the liability component is reported as a discount on the exchangeable senior notes and is accreted as additional interest expense to the contractual maturity using the effective interest method. The equity component is calculated based on the difference between the proceeds received and the fair value of the liability component at the issuance date. The equity component is recorded in additional paid-in-capital, net of issuance costs, on the consolidated balance sheets. Issuance costs related to exchangeable senior notes is allocated between the liability and the equity components based on their relative values.
Equity-Based Compensation
The Company accounts for equity-based compensation awards, including awards granted to co-employees, using the fair value method, which requires an estimate of fair value of the award. Awards may be based on a variety of measures such as time, performance, market or a combination thereof. For time-based awards, fair value is determined based on the stock price on the grant date. The Company recognizes compensation expense over the vesting period on a straight-line basis. For performance-based awards, fair value is determined based on the stock price at the date of grant and an estimate of the probable achievement of such measure. The Company recognizes compensation expense over the requisite service period, net of estimated forfeitures, using the accelerated attribution expense method. For market-based measures, fair value is determined using a Monte Carlo analysis under a risk-neutral premise using a risk-free interest rate. The Company recognizes compensation expense, over the requisite service period, net of estimated forfeitures, on a straight-line basis.
For awards with a combination of performance or market measures, the Company estimates the fair value as if it were two separate awards. First, the Company estimates the probability of achieving the performance measure. If it is not probable the performance condition will be met, the Company records the compensation expense based on the fair value of the market measure, as described above. This expense is recorded even if the market-based measure is never met. If the performance-based measure is subsequently estimated to be achieved, the Company records compensation expense based on the performance-based measure. The Company would then record a cumulative catch-up adjustment for any additional compensation expense.
Equity-based compensation issued to non-employees is accounted for using the fair value of the award at the earlier of the performance commitment date or performance completion date. The awards are remeasured every quarter based on the stock price as of the end of the reporting period until such awards vest, if any.
Foreign Currency
Assets and liabilities denominated in a foreign currency for which the functional currency is a foreign currency are translated using the currency exchange rate in effect at the end of the period presented and the results of operations for such entities are translated into U.S. dollars using the average currency exchange rate in effect during the period. The resulting foreign currency translation adjustment is recorded as a component of accumulated OCI in the consolidated statements of equity.
Assets and liabilities denominated in a foreign currency for which the functional currency is the U.S. dollar are remeasured using the currency exchange rate in effect at the end of the period presented and the results of operations for such entities are remeasured into U.S. dollars using the average currency exchange rate in effect during the period. The resulting foreign currency remeasurement adjustment is recorded in unrealized gain (loss) on investments and other in the consolidated statements of operations.
Earnings Per Share
The Company’s basic earnings per share (“EPS”) is calculated by dividing net income (loss) attributable to common stockholders by the weighted average number of common stock outstanding. Diluted EPS includes restricted stock and the potential dilution that could occur if outstanding restricted stock units (“RSUs”) or other contracts to issue common stock, assuming performance hurdles have been met, were converted to common stock, including Deferred LTIP Units (refer to Note 12), where such exercise or conversion would result in a lower EPS. The dilutive effect of such RSUs and Deferred LTIP Units is calculated assuming all units are converted to common stock.
Income Taxes
The Company has elected to be taxed as a REIT and to comply with the related provisions of the Internal Revenue Code of 1986, as amended, the (“Code”). Accordingly, the Company generally will not be subject to U.S. federal income tax to the extent of its distributions to stockholders and as long as certain asset, income and share ownership tests are met. To maintain its qualification as a REIT, the Company must annually distribute at least 90% of its REIT taxable income to its stockholders and meet certain other requirements. The Company may also be subject to certain state, local and franchise taxes. Under certain circumstances, federal income and excise taxes may be due on its undistributed taxable income. If the Company were to fail to meet these requirements, it would be subject to U.S. federal income tax, which could have a material adverse impact on its results of operations and amounts available for distributions to its stockholders. The Company believes that all of the criteria to maintain the Company’s REIT qualification have been met for the applicable periods, but there can be no assurance that these criteria will continue to be met in subsequent periods.
The Company maintains various taxable REIT subsidiaries (“TRSs”) which may be subject to U.S. federal, state and local income taxes and foreign taxes. In general, a TRS of the Company may perform non-customary services for tenants of the Company, hold assets that the Company cannot hold directly and may engage in any real estate or non-real estate-related business. A TRS is subject to regular corporate income tax. The Company has established several TRSs in jurisdictions for which no taxes are assessed on corporate earnings. However, the Company must include in earnings the income from these TRSs even if it has received no cash distributions.
Current and deferred taxes are provided on the portion of earnings (losses) recognized by the Company with respect to its interest in domestic TRSs. Deferred income tax assets and liabilities are calculated based on temporary differences between the Company’s U.S. GAAP consolidated financial statements and the federal and state income tax basis of assets and liabilities as of the consolidated balance sheet date. The Company evaluates the realizability of its deferred tax assets (e.g., net operating loss and capital loss carryforwards) and recognizes a valuation allowance if, based on the available evidence, it is more likely than not that some portion or all of its deferred tax assets will not be realized. When evaluating the realizability of its deferred tax assets, the Company considers estimates of expected future taxable income, existing and projected book/tax differences, tax planning strategies available and the general and industry specific economic outlook. This realizability analysis is inherently subjective, as it requires the Company to forecast its business and general economic environment in future periods. Changes in estimate of deferred tax asset realizability, if any, are included in provision for income tax expense included in other expenses in the consolidated statements of operations. As of December 31, 2014, the Company recorded a $7.7 million deferred tax asset primarily related to net operating losses related to the Company’s hotel and healthcare RIDEA properties. As of December 31, 2014, the Company recorded a deferred tax liability of $38.3 million related to foreign income tax associated with the acquisition of the UK properties in the Griffin-American acquisition which was treated as a tax-free transaction resulting in a carry-over basis in assets and liabilities. The Company recorded all of the acquired assets and liabilities associated with such portfolio at the estimated fair value and recognized the deferred tax liability representing the tax effect of the difference between the tax basis carried over and the fair value of the assets at the date of acquisition.
From time-to-time, the Company’s TRSs generate taxable income from intercompany transactions. The TRS entities generate taxable revenue from fees for services provided to the Company’s various lines of business. Certain entities may be consolidated in the Company’s financial statements. In consolidation, these fees are eliminated when the entity is included in the consolidated group. Nonetheless, all income taxes are accrued by the TRS in the year in which the taxable revenue is received. These income taxes are not eliminated when the related revenue is eliminated in consolidation.
Certain TRS entities are domiciled in non-U.S. jurisdictions and, accordingly, taxable income generated by these entities may not be subject to local income taxation, but generally are included in the Company’s taxable income on a current basis, whether or not distributed. Upon distribution of any previously included income, no incremental U.S. federal, state or local income taxes would be payable by the Company.
The TRS entities may be subject to tax laws that are complex and potentially subject to different interpretations by the taxpayer and the relevant governmental taxing authorities. In establishing a provision for income tax expense, the Company must make judgments and interpretations about the application of these inherently complex tax laws. Actual income taxes paid may vary from estimates depending upon changes in income tax laws, actual results of operations and the final audit of tax returns by taxing authorities. Tax assessments may arise several years after tax returns have been filed. The Company reviews the tax balances of its TRS entities quarterly and as new information becomes available, the balances are adjusted as appropriate.
The Company recorded an income tax benefit of $0.2 million for the year ended December 31, 2014 and a provision for income tax of $1.0 million for the year ended December 31, 2013. The Company recorded an immaterial amount of income tax for the year ended December 31, 2012.
The Company has assessed its tax positions for all open tax years, which includes 2011 to 2014 and concluded there were no material uncertainties to be recognized. The Company’s accounting policy with respect to interest and penalties is to classify these amounts as interest expense. The Company has not recognized any such amounts related to uncertain tax positions for the years ended December 31, 2014, 2013 and 2012.
Recent Accounting Pronouncements
In April 2014, the Financial Accounting Standards Board (“FASB”) issued an accounting update that changes the requirements for reporting discontinued operations. A discontinued operation may include a component of an entity or a group of components of an entity or a business. A disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The requirements of this accounting update will be effective for the Company for the annual period beginning after December 15, 2014, however, early adoption is permitted but only for disposals or classifications as held for sale that have not been reported in financial statements previously issued or available for issue. The Company early adopted this accounting pronouncement effective January 1, 2014 and the update did not have a material impact on the consolidated financial statements.
In May 2014, the FASB issued an accounting update requiring a company to recognize as revenue the amount of consideration it expects to be entitled to in connection with the transfer of promised goods or services to customers.  When it becomes effective on January 1, 2017, the accounting standard update will replace most of the existing revenue recognition guidance currently promulgated by U.S. GAAP.  The Company is in the process of evaluating the impact, if any, of the update on its consolidated financial statements and related disclosures.
In February 2015, the FASB issued updated guidance that changes the rules regarding consolidation. The pronouncement eliminates specialized guidance for limited partnerships and similar legal entities and removes the indefinite deferral for certain investment funds. The new guidance is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015, with early adoption permitted. The Company is currently assessing the impact of the guidance on the Company’s consolidated financial position, results of operations and financial statement disclosures.

Variable_Interest_Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2014
Variable Interest Entities
Variable Interest Entities	Variable Interest Entities
	As of December 31, 2014, the Company has identified the following consolidated and unconsolidated VIEs.
	CDO Financing Transactions
	The Company sponsored nine CDOs, three of which were primarily collateralized by CRE debt and six of which were primarily collateralized by CRE securities. The Company acquired equity interests of two CRE debt focused CDOs, the CSE RE 2006-A CDO (“CSE CDO”) and the CapLease 2005-1 CDO (“CapLease CDO”). In the case of the CSE CDO, the Company was delegated the collateral management and special servicing rights, and for the CapLease CDO, the Company acquired the collateral management rights. These CDOs are collectively referred to as the N-Star CDOs and their assets are referred to as legacy investments. All N-Star CDOs are considered VIEs. At the time of issuance of the sponsored CDOs, the Company retained the below investment grade bonds, which are referred to as subordinate bonds, and preferred shares and equity notes, which are referred to as equity interests. In addition, the Company repurchased CDO bonds originally issued to third parties at discounts to par. These repurchased CDO bonds and retained subordinate bonds are herein collectively referred to as N-Star CDO bonds.
	The collateral for the CRE debt CDO financing transactions primarily includes first mortgage loans, subordinate interests, mezzanine loans, credit tenant loans and other loans. The collateral for the CDO financing transactions primarily collateralized by CRE securities includes commercial mortgage-backed securities (“CMBS”), unsecured REIT debt and CDO notes backed primarily by CRE securities and debt. Assets of each of the VIEs may only be used to settle obligations of the respective VIE. Creditors of each of the VIEs have no recourse to the general credit of the Company.
	Consolidated N-Star CDOs
	As of December 31, 2014, the Company serves as collateral manager and/or special servicer for N-Star CDOs I and IX which are primarily collateralized by CRE securities. The Company consolidates these entities as the Company has the power to direct the activities that most significantly impact the economic performance of these CDOs, and therefore, continues to be the primary beneficiary.
	The Company is not contractually required to provide financial support to any of these consolidated VIEs, however, the Company, in its capacity as collateral manager and/or special servicer, may in its sole discretion provide support such as protective and other advances it deems appropriate. The Company did not provide any other financial support to any of its consolidated VIEs for the years ended December 31, 2014 and 2013.
	Unconsolidated N-Star CDOs
	The Company delegated the collateral management rights for N-Star CDOs IV, VI and VIII and the CapLease CDO on September 30, 2013 and the CSE CDO on December 31, 2013 to a third-party collateral manager/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 evaluated the fees paid to the third-party collateral manager/collateral manager delegate and concluded that such fees represented a variable interest in the deconsolidated loan CDOs and that the third party was functioning as a principal. The Company determined that the delegation of the Company’s collateral management power in the CDOs was a VIE reconsideration event and concluded that these CDOs were still VIEs as the equity investors do not have the characteristics of a controlling financial interest. The Company then reconsidered if it was the primary beneficiary of such VIEs and determined that it no longer has the power to direct the activities that most significantly impact the economic performance of these CDOs, which includes but is not limited to selling collateral, and therefore is no longer the primary beneficiary of such CDOs. As a result, the Company deconsolidated the assets and liabilities for N-Star CDOs IV, VI and VIII and the CapLease CDO on September 30, 2013 and the CSE CDO on December 31, 2013.
	In March 2014, the Company determined it no longer had the power to direct the activities that most significantly impact the economic performance of N-Star CDO V due to the ability of a single party to remove the Company as collateral manager as a result of an existing event of default. The Company was no longer the primary beneficiary of N-Star CDO V, and as a result, in the first quarter 2014, the Company deconsolidated the assets and liabilities of this CDO.
	In May 2014, the Company determined it no longer had the power to direct the activities that most significantly impact the economic performance of N-Star CDO III due to the ability of a single party to remove the Company as collateral manager as a result of an existing event of default. The Company was no longer the primary beneficiary of N-Star CDO III, and as a result, in the second quarter 2014, the Company deconsolidated the assets and liabilities of this CDO.
	Similar events of default in the future, if they occur, could cause the Company to deconsolidate additional CDO financing transactions.
	For the year ended December 31, 2014, the deconsolidation of N-Star CDOs III and V resulted in an aggregate non-cash realized loss on deconsolidation of $31.4 million recorded in the consolidated statement of operations, which was the result of the deconsolidation of an aggregate $192.5 million of assets, $149.0 million of liabilities, net of $8.8 million of fair value of N-Star CDO bonds recorded that no longer eliminated in consolidation and the reclassification of $3.3 million of unrealized gain to loss from deconsolidation.
	For the year ended December 31, 2013, the deconsolidation of N-Star CDOs IV, VI, VIII and CapLease CDO resulted in an aggregate non-cash realized loss on deconsolidation of $299.8 million recorded in the consolidated statement of operations, which was the result of the deconsolidation of an aggregate $1.8 billion of assets, $1.4 billion of liabilities, net of $223.7 million of fair value of N-Star CDO bonds and equity recorded that no longer eliminated in consolidation and the reclassification of $3.3 million of unrealized gain and $15.2 million of OCI swap loss to loss from deconsolidation.
	Other Unconsolidated VIEs
	Based on management’s analysis, the Company is not the primary beneficiary of the VIEs summarized below and as such, these VIEs are not consolidated into the Company’s financial statements as of December 31, 2014. These unconsolidated VIEs are summarized as follows:
	Real Estate Debt Investments
	The Company identified three CRE debt investments with an aggregate carrying value of $74.1 million as variable interests in a VIE. The Company determined that it is not the primary beneficiary of such VIEs, and as such, the VIEs are not consolidated in the Company’s financial statements. For all other CRE debt investments, the Company determined that these investments are not VIEs and, as such, the Company continues to account for all CRE debt investments as loans.
	Real Estate Securities
	The Company identified two CRE securities with an aggregate fair value of $38.8 million as variable interests in VIEs. In connection with certain CMBS investments, the Company became the controlling class and/or was named directing certificate holder of a securitization it did not sponsor. For one of these securitizations, an affiliate of NSAM was appointed as special servicer. The special servicing business for certain securitizations was transferred to NSAM in connection with the spin-off. The Company determined each securitization was a VIE. However, the Company determined at that time and continues to believe that it does not currently or potentially hold a significant interest in any of these securitizations and, therefore, is not the primary beneficiary.
	NorthStar Realty Finance Trusts
	The Company owns all of the common stock of NorthStar Realty Finance Trusts I through VIII (collectively, the “Trusts”). The Trusts were formed to issue trust preferred securities. The Company determined that the holders of the trust preferred securities were the primary beneficiaries of the Trusts. As a result, the Company did not consolidate the Trusts and has accounted for the investment in the common stock of the Trusts under the equity method. As of December 31, 2014, the Company’s carrying value and maximum exposure to loss related to its investment in the Trusts is $3.7 million and is recorded in investments in unconsolidated ventures on the consolidated balance sheets.
	Summary of Unconsolidated VIEs
	The following table presents the classification, carrying value and maximum exposure of unconsolidated VIEs as of December 31, 2014 (dollars in thousands):
		Junior			Real Estate Debt Investments, Net		Real Estate		Total		Maximum
		Subordinated					Securities,				Exposure
		Notes, at					Available				to Loss(1)
		Fair Value					for Sale
	Real estate debt investments, net	$	—		$	74,070	$	—	$	74,070	$	74,070
	Investments in unconsolidated ventures	3,742			—		—		3,742		3,742
	Real estate securities, available for sale:
	N-Star CDO bonds	—			—		262,309		262,309		262,309
	N-Star CDO equity	—			—		102,467		102,467		102,467
	CMBS	—			—		38,823		38,823		38,823
	Subtotal real estate securities, available for sale	—			—		403,599		403,599		403,599
	Total assets	3,742			74,070		403,599		481,411		481,411
	Junior subordinated notes, at fair value	215,172			—		—		215,172		NA
	Total liabilities	215,172			—		—		215,172		NA
	Net	$	(211,430	)	$	74,070	$	403,599	$	266,239	$	481,411
	____________________________________________________________
	-1	The Company’s maximum exposure to loss as of December 31, 2014 would not exceed the carrying value of its investment.
	The Company is not contractually required to provide financial support to any of its unconsolidated VIEs during the years ended December 31, 2014 and 2013 however, the Company, in its capacity as collateral manager/collateral manager delegate and/or special servicer of the deconsolidated CDOs, may in its sole discretion provide support such as protective and other advances it deems appropriate. As of December 31, 2014, there were no explicit arrangements or implicit variable interests that could require the Company to provide financial support to any of its unconsolidated VIEs.

Operating_Real_Estate

Operating Real Estate	12 Months Ended
	Dec. 31, 2014
Real Estate [Abstract]
Operating Real Estate	Operating Real Estate
	The following table presents operating real estate, net as of December 31, 2014 and 2013 (dollars in thousands):
			December 31,
			2014				2013
	Land		$	1,490,613			$	461,133
	Land improvements		1,070,507				1,003,069
	Buildings and improvements		7,008,856				1,010,514
	Building leasehold interests and improvements		591,626				38,560
	Furniture, fixtures and equipment		286,340				15,415
	Tenant improvements		159,159				31,811
	Construction in progress		17,054				678
	Subtotal(1)		10,624,155				2,561,180
	Less: Accumulated depreciation		(349,574		)		(190,997		)
	Operating real estate, net(2)		$	10,274,581			$	2,370,183
	__________________
	-1	As of December 31, 2014 and 2013, includes $7.3 million and $4.9 million of REO, respectively.
	-2	As of December 31, 2014 and 2013, operating real estate was subject to $8.5 billion and $2.1 billion of mortgage notes payable, respectively.
	For the years ended December 31, 2014, 2013 and 2012, depreciation expense was $164.9 million, $76.1 million and $33.3 million, respectively.
	Real Estate Acquisitions
	The following table summarizes the Company’s acquisitions for the year ended December 31, 2014 (dollars in millions):
	Acquisition Date		Type		Description		Name		Purchase Price(1)				Properties	Financing		Equity		Ownership Interest			Transaction Costs
	May-14		Healthcare		Senior housing and skilled nursing facilities		Formation Portfolio		$	1,054.70			80	$	646.8	$	357.6	86	%	(2)	$	6
	May-14		Manufactured Housing		Manufactured housing communities		Manufactured Housing Portfolio 3		55.2				4	16.5		34.5		93	%	(3)	3.1
	June 2014 - November 2014		Hotel		Upscale extended stay and premium branded select service		Hotel Portfolios(4)		3,052.50				155	2,380.70		667.3		90.0% to 100.0%		(5)	53.8
	August 2014 - November 2014		Net Lease and Office		Industrial properties and multi-tenant office		Other Portfolios(6)		588				46	344.4		214.1		40.0% to 95.0%		(7)	7.8
	Dec-14		Healthcare		Medical office buildings and senior housing facilities		Griffin-American Portfolio		4,458.70				296	2,991.80		1,122.50		85.7	%	(8)	72.9
	Total								$	9,209.10			581	$	6,380.20	$	2,396.00				$	143.6
	______________________________________
	-1	Includes escrows and reserves and excludes transaction costs.
	-2	The Company acquired the Formation Portfolio through a general partnership with a subsidiary of NorthStar Healthcare and a joint venture with an affiliate of Formation Capital, LLC. The Company together with NorthStar Healthcare owns an aggregate approximate 92% interest in the joint venture.
	-3	Represents four of the 16 communities in Manufactured Housing Portfolio 3 acquired in May 2014. Previously, 12 communities were acquired in connection with this portfolio in December 2013. The Company structured the acquisition as a joint venture with the same third-party operating partner that currently manages the Company’s other manufactured housing portfolios.
	-4	Includes a $1.0 billion hotel portfolio acquired in June 2014 (“Innkeepers Portfolio”), a $259.3 million hotel portfolio acquired in August 2014 (“K Partners Portfolio”), a $678.8 million hotel portfolio acquired in September 2014 (“Courtyard Portfolio”) and a $1.1 billion hotel portfolio acquired in November 2014 (“Inland Portfolio”).
	-5	The Company acquired the Innkeepers and Inland portfolios through a joint venture with Chatham Lodging Trust (NYSE: CLDT). In connection with the K Partners portfolio acquisition, the Company entered into a guaranty agreement with Marriott, pursuant to which the Company guaranteed to pay up to $8.4 million in franchise fees and other related charges.
	-6	Includes a $413.8 million industrial portfolio acquired in August 2014 (“Industrial Portfolio”), a $74.8 million multi-tenant office portfolio acquired in September - November 2014 (“Legacy Properties”) and a $99.5 million UK office property acquired in September 2014 (“UK Property”)
	-7	The Company has a 40% equity interest and is entitled to 50% of the cash flow of the Industrial Portfolio, it also includes $153.0 million structured as preferred equity, which is eliminated in consolidation.
	-8	NorthStar Healthcare acquired a 14.3% equity interest in the Griffin-American Portfolio for $187.2 million in cash, including its share of transaction costs.
	The following table presents the initial allocation of the purchase price of the assets acquired and the liabilities issued or assumed upon the closing of the following portfolios that continue to be subject to refinement upon receipt of all information (dollars in thousands):
			Griffin-American Portfolio(1)				Hotel Portfolios 1(2)(3)				UK Property(3)
	Assets:
	Land and improvements		$	375,978			$	156,794			$	17,946
	Buildings, leasehold interests and improvements		3,310,186				652,625				71,863
	Acquired intangibles (4)		462,045				2,076				—
	Other assets acquired		310,491				126,621				9,687
	Total assets acquired		$	4,458,700			$	938,116			$	99,496
	Liabilities:
	Mortgage notes payable		$	2,991,841			$	723,682			$	77,660
	Other liabilities assumed (5)		229,624				2,389				—
	Total liabilities		3,221,465				726,071				77,660
	Total NorthStar Realty Finance Corp. stockholders’ equity(6)		1,049,818				210,721				20,097
	Non-controlling interests		187,417				1,324				1,739
	Total equity		1,237,235				212,045				21,836
	Total liabilities and equity		$	4,458,700			$	938,116			$	99,496
	______________________________________
	-1	For the year ended December 31, 2014, the Company recorded revenue and net loss related to the Griffin-American Portfolio of $31.2 million and $69.3 million, respectively. Net loss is primarily related to transaction costs.
	-2	Includes the K Partners Portfolio and the Courtyard Portfolio.
	-3	For the year ended December 31, 2014, the Company recorded aggregate revenue and net loss of $72.7 million and $15.6 million, respectively. Net loss is primarily related to transaction costs, depreciation and amortization.
	-4	Acquired intangibles includes in-place leases, above-market leases, certificates of need, goodwill and franchise costs.
	-5	Other liabilities assumed includes below-market lease intangibles and deferred tax liabilities.
	-6	Stockholders’ equity excludes transaction costs incurred in connection with the acquisitions.
	The following table presents the final allocation of the purchase price of the assets acquired and liabilities issued upon the closing of the following portfolios (dollars in thousands):
			Hotel Portfolios 2(1)(2)				Other Portfolios(2)(3)
	Assets:
	Land and improvements		$	303,966			$	568,556
	Buildings and improvements		1,453,020				1,117,693
Acquired intangibles (4)		22,710				159,467
Other assets acquired		334,664				121,062
Total assets acquired		$	2,114,360			$	1,966,778
Liabilities:
Mortgage notes payable		$	1,657,000			$	1,169,458
Other liabilities assumed (5)		5,116				51,906
Total liabilities		1,662,116				1,221,364
Total NorthStar Realty Finance Corp. stockholders’ equity		402,195				660,518
Non-controlling interests		50,049				84,896
Total equity		452,244				745,414
Total liabilities and equity		$	2,114,360			$	1,966,778
______________________________________
-1	Includes the Innkeepers Portfolio and the Inland Portfolio.
-2	For the year ended December 31, 2014, the Company recorded aggregate revenue and net loss of $321.0 million and $40.8 million, respectively. Net loss is primarily related to transaction costs.
-3	Includes the Formation Portfolio, the Manufactured Housing Portfolio 3, the Industrial Portfolio and the Legacy Properties.
-4	Acquired intangibles includes in-place leases, above-market leases, certificates of need, goodwill and franchise costs.
-5	Other liabilities assumed includes below-market debt and below-market lease intangibles.
The following table presents unaudited consolidated pro forma results of operations based on the Company’s historical financial statements and adjusted for the acquisition of the Griffin-American Portfolio and related borrowings as if it occurred on January 1, 2013. The unaudited pro forma amounts were prepared for comparative purposes only and are not indicative of what actual consolidated results of operations of the Company would have been, nor are they indicative of the consolidated results of operations in the future, and exclude transaction costs (dollars in thousands, except per share data):
	Years Ended December 31,
	2014				2013
Pro forma total revenues	$	1,340,046			$	749,568
Pro forma net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	$	(404,626	)		$	(239,693	)
Pro forma EPS—Basic	$	(2.06	)		$	(1.44	)
Pro forma EPS—Diluted	$	(2.06	)		$	(1.44	)
The following table presents unaudited consolidated pro forma results of operations based on the Company’s historical financial statements and adjusted for the following acquisitions: the Hotel Portfolios, the Formation Portfolio, Manufactured Housing Portfolio 3, the Industrial Portfolio, the Legacy Properties and UK Property and related borrowings as if it occurred on January 1, 2013. The unaudited pro forma amounts were prepared for comparative purposes only and are not indicative of what actual consolidated results of operations of the Company would have been, nor are they indicative of the consolidated results of operations in the future, and exclude transaction costs (dollars in thousands, except per share data):
	Years Ended December 31,
	2014				2013
Pro forma total revenues	$	1,542,183			$	1,378,723
Pro forma net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	$	(351,603	)		$	(136,771	)
Pro forma EPS—Basic	$	(1.79	)		$	(1.29	)
Pro forma EPS—Diluted	$	(1.79	)		$	(1.29	)
Discontinued Operations
Discontinued operations relates to five healthcare properties held for sale or sold as of December 31, 2014 and 2013 and a multifamily property and an office property sold in 2012. The following table presents income (loss) from discontinued operations related to such properties for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands):
	Years Ended December 31,
	2014				2013				2012
Revenue
Rental and escalation income	$	—			$	3,736			$	7,202
Other revenue	85				92				—
Total revenue	85				3,828				7,202
Expenses
Other interest expense	—				1,893				1,934
Real estate properties—operating expenses	383				34				1,580
Other expenses	72				195				66
Impairment of operating real estate	555				8,613				966
Other general and administrative expenses	—				79				1,076
Depreciation and amortization	—				1,370				1,708
Total expenses	1,010				12,184				7,330
Income (loss) from operating real estate discontinued operations	(925		)		(8,356		)		(128		)
Gain(loss) on sale from discontinued operations	—				—				2,079			(1)
Total Income (loss) from operating real estate discontinued operations	$	(925	)		$	(8,356	)		$	1,951
______________________________________
-1	Relates primarily to the sale of a multifamily property and an office property.

Real_Estate_Debt_Investments

Real Estate Debt Investments	12 Months Ended
	Dec. 31, 2014
Mortgage Loans on Real Estate, Commercial and Consumer, Net, (Investment Based Operations Presentation) [Abstract]
Real Estate Debt Investments	Real Estate Debt Investments
	The following table presents CRE debt investments as of December 31, 2014, excluding CRE debt underlying deconsolidated N-Star CDOs (dollars in thousands):
																Weighted Average(8)									Floating Rate
																									as % of
		Number			Principal				Carrying				Allocation by			Fixed Rate			Spread			Yield(10)			Principal Amount(7)
					Amount				Value(6)				Investment						Over
													Type(7)						LIBOR(9)
	Asset Type:
	First mortgage loans(1)(2)	13			$	434,671			$	313,590			36.6	%		9.51	%		6.66	%		9.34	%		57.2	%
	Mezzanine loans	8			149,816				146,088				12.6	%		13.79	%		13.83	%		14.05	%		53.3	%
	Subordinate interests	8			201,564				200,237				17	%		13.11	%		12.33	%		13.01	%		40.7	%
	Corporate loans (3)(4)	8			360,343				382,427				30.3	%		12.37	%		—			12.99	%		—
	Subtotal/Weighted average(5)	37			1,146,394				1,042,342				96.5	%		11.89	%		9.15	%		12	%		35.6	%
	CRE debt in N-Star CDOs
	First mortgage loans	2			26,957				11,360				2.3	%		—			1.27	%		3.08	%		100	%
	Mezzanine loans	1			11,000				11,000				0.9	%		8	%		—			8	%		—
	Corporate loans	6			2,965				2,965				0.3	%		6.74	%		—			6.74	%		—
	Subtotal/Weighted average	9			40,922				25,325				3.5	%		7.73	%		1.27	%		5.64	%		65.9	%
	Total	46			$	1,187,316			$	1,067,667			100	%		11.82	%		8.65	%		11.85	%		36.7	%
	____________________________________________________________
	-1	Includes a Sterling denominated loan of £66.7 million, of which £16.1 million is outstanding as of December 31, 2014. This loan has various maturity dates depending upon the timing of advances; however, will be no later than March 2022.
	-2	Includes three loans that pursuant to certain terms and conditions which may or may not be satisfied, where the Company has an option to purchase the properties securing these loans.
	-3	Includes $112.0 million of preferred equity investments for which the Company elected the fair value option. As of December 31, 2014, carrying value represents fair value with respect to these investments.
	-4	Includes four revolving loans of $156.4 million, of which $60.7 million is outstanding as of December 31, 2014.
	-5	Certain CRE debt investments serve as collateral for financing transactions including carrying value of $35.8 million for Securitization 2012-1 and $140.6 million for credit facilities. The remainder is unleveraged. Assuming that all loans that have future fundings meet the terms to qualify for such funding, the Company’s cash requirement on future fundings would be $113.4 million.
	-6	There are no loans on non-accrual status except for one first mortgage loan acquired with deteriorated credit quality with a carrying value of $5.7 million as of December 31, 2014. Certain loans have an accrual of interest at a specified rate that may be in addition to a current rate. Such loans represent an aggregate $3.2 million carrying value where the Company does not recognize interest income on the accrual rate but does recognize interest income based on the current rate.
	-7	Based on principal amount.
	-8	Excludes three CRE debt investments with an aggregate principal amount of $10.7 million that were originated prior to 2008.
	-9	$357.9 million principal amount (excluding CRE debt in N-Star CDOs) has a weighted average LIBOR floor of 0.84%. Includes one first mortgage loan with a principal amount of $6.2 million with a spread over prime rate.
	-10	Based on initial maturity and for floating-rate debt, calculated using one-month LIBOR as of December 31, 2014, and for CRE debt with a LIBOR floor, using such floor.
	For the year ended December 31, 2014, the Company originated ten loans with an aggregate principal amount of $298.5 million. In connection with the merger of Griffin-American, the Company acquired three debt investments with an aggregate principal amount of $131.4 million as of December 31, 2014.
	The following table presents CRE debt investments as of December 31, 2013, excluding CRE debt underlying deconsolidated N-Star CDOs (dollars in thousands):
																Weighted Average(6)									Floating Rate
																									as % of
		Number			Principal				Carrying				Allocation by			Fixed Rate			Spread			Yield(8)			Principal Amount(6)
					Amount				Value(4)				Investment						Over
													Type(5)						LIBOR(7)
	Asset Type:
	First mortgage loans	15			$	441,750			$	407,202			40.7	%		10.98	%		6.59	%		9.9	%		90.2	%
	Mezzanine loans	6			109,215				107,116				10.1	%		13.96	%		12.09	%		12.97	%		74.2	%
	Subordinate interests	7			146,652				144,853				13.5	%		13.05	%		12.33	%		13.14	%		56	%
	Corporate loans(1)(2)	5			330,343				327,609				30.3	%		12.31	%		—			12.72	%		—
	Subtotal/Weighted average(3)	33			1,027,960				986,780				94.6	%		12.36	%		8.04	%		11.58	%		53.8	%
	CRE debt in N-Star CDOs
	First mortgage loans	2			34,418				21,431				3.2	%		—			2.22	%		3.68	%		100	%
	Mezzanine loans	1			11,000				10,965				1	%		8	%		—			8.33	%		—
	Subordinate interests	1			7,773				7,773				0.8	%		—			6.75	%		6.92	%		100	%
	Corporate loans	7			4,129				4,129				0.4	%		6.95	%		—			6.95	%		—
	Subtotal/Weighted average	11			57,320				44,298				5.4	%		7.71	%		3.05	%		5.7	%		73.6	%
	Total	44			$	1,085,280			$	1,031,078			100	%		12.21	%		7.68	%		11.31	%		54.9	%
	____________________________________________________________
	-1	Includes a $100.0 million preferred equity investment for which the Company elected the fair value option. As of December 31, 2013, carrying value represents fair value with respect to this investment.
	-2	Corporate loans include one revolver of $25.0 million, of which $3.5 million was outstanding as of December 31, 2013.
	-3	Certain CRE debt investments serve as collateral for financing transactions including carrying value of $133.4 million for Securitization 2012-1 and $109.1 million for credit facilities. The remainder is unleveraged.
	-4	There are no loans on non-accrual status except for one first mortgage loan acquired with deteriorated credit quality with a carrying value of $6.4 million as of December 31, 2013. Certain loans have an accrual of interest at a specified rate that may be in addition to a current rate. Such loans represent an aggregate $5.1 million carrying value where the Company does not recognize interest income on the accrual rate but does recognize interest income based on the current rate.
	-5	Based on principal amount.
	-6	Excludes three CRE debt investments with an aggregate principal amount of $37.0 million that were originated prior to 2008.
	-7	$426.1 million principal amount has a weighted average LIBOR floor of 0.99%. Includes one first mortgage loan with a principal amount of $7.4 million with a spread over prime rate.
	-8	Based on initial maturity and for floating-rate debt, calculated using one-month LIBOR as of December 31, 2013, and for CRE debt with a LIBOR floor, using such floor.
	For the years ended December 31, 2014, 2013 and 2012, the Company sold one loan for a net realized loss of $0.7 million, five loans for cost and three loans for a net realized gain of $1.0 million, respectively.
	The following table presents maturities of CRE debt investments based on principal amount as of December 31, 2014 (dollars in thousands):
		Initial				Maturity
		Maturity				Including
						Extensions(1)
Years Ending December 31:
2015	$	222,701			$	103,803
2016	300,367				145,816
2017	102,921				189,371
2018	2,594				189,594
2019	—				—
Thereafter	558,733				558,732
Total	$	1,187,316			$	1,187,316
____________________________________________________________
-1	Assumes that all debt with extension options will qualify for extension at such maturity according to the conditions stipulated in the governing documents.
As of December 31, 2014, the weighted average maturity, including extensions, of CRE debt investments was 4.9 years.
Actual maturities may differ from contractual maturities as certain borrowers may have the right to prepay with or without prepayment penalty. The Company may also extend certain contractual maturities in connection with loan modifications.
The principal amount of CRE debt investments differs from the carrying value primarily due to unamortized origination fees and costs, unamortized premium and discount and loan loss reserves recorded as part of the carrying value of the investment. As of December 31, 2014, the Company had $22.5 million of net unamortized discount and $4.8 million of net unamortized origination fees and costs.
The Company did not have any non-performing loans (“NPLs”) as of December 31, 2014 and 2013.
Provision for Loan Losses
The following table presents activity in loan loss reserves on CRE debt investments for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands):
	Years Ended December 31,
	2014				2013				2012
Beginning balance	$	2,880			$	156,699			$	187,784
Provision for (reversal of) loan losses, net	2,719			(1)	(8,786		)	(2)	23,037
Transfers to REO	—				(5,623		)		(5,260		)
Sales	—				—				(667		)
Write-offs / payoffs	—				(20,210		)	(3)	(48,195		)
Deconsolidation of N-Star CDOs	—				(119,200		)		—
Ending balance	$	5,599			$	2,880			$	156,699
____________________________________________________________
-1	Excludes $1.0 million of provision for loan losses relating to notes receivables recorded in other assets.
-2	Includes $4.0 million of reversal of previously recorded provisions for loan losses.
-3	Represents a write-off of a previously recorded loan loss reserve upon payoff of a loan.
Credit Quality Monitoring
CRE debt investments are typically loans secured by direct senior priority liens on real estate properties or by interests in entities that directly own real estate properties, which serve as the primary source of cash for the payment of principal and interest. The Company evaluates its debt investments at least quarterly and differentiates the relative credit quality principally based on: (i) whether the borrower is currently paying contractual debt service in accordance with its contractual terms; and (ii) whether the Company believes the borrower will be able to perform under its contractual terms in the future, as well as the Company’s expectations as to the ultimate recovery of principal at maturity.
The Company categorizes a debt investment for which it expects to receive full payment of contractual principal and interest payments as a “loan with no loan loss reserve.” The Company categorizes a debt investment as an NPL if it is in maturity default and/or past due at least 90 days on its contractual debt service payments. The Company considers the remaining debt investments to be of weaker credit quality and categorizes such loans as “other loans with a loan loss reserve/non-accrual status.” These loans are not considered NPLs because such loans are performing in accordance with contractual terms but the loans have a loan loss reserve and/or are on non-accrual status. Even if a borrower is currently paying contractual debt service or debt service is not due in accordance with its contractual terms, the Company may still determine that the borrower may not be able to perform under its contractual terms in the future and make full payment upon maturity. The Company’s definition of an NPL may differ from that of other companies that track NPLs.
The following table presents the carrying value of CRE debt investments, by credit quality indicator, as of each applicable balance sheet date (dollars in thousands):
	December 31,
Credit Quality Indicator:	2014				2013
Loans with no loan loss reserve:
First mortgage loans	$	324,251			$	426,850
Mezzanine loans	157,089				116,195
Subordinate interests	200,236				152,626
Corporate loans	385,391				331,738
Subtotal	1,066,967				1,027,409
Other loans with a loan loss reserve/non-accrual status:
First mortgage loans(1)	700				1,783
Mezzanine loans(2)	—				1,886
Subtotal	700				3,669
Non-performing loans:	—				—
Total	$	1,067,667			$	1,031,078
____________________________________________________________
-1	Excludes one first mortgage loan acquired with deteriorated credit quality with a carrying value of $5.7 million and $6.4 million as of December 31, 2014 and 2013, respectively.
-2	Includes one mezzanine loan with a 100% loan loss reserve with a principal amount of $3.7 million. Such loan is not considered a NPL as debt service is currently being received.
Impaired Loans
The Company considers impaired loans to generally include NPLs, loans with a loan loss reserve, loans on non-accrual status (excluding loans acquired with deteriorated credit quality) and TDRs. The following table presents impaired loans as of December 31, 2014 and 2013 (dollars in thousands):
	31-Dec-14															December 31, 2013
	Number			Principal				Carrying				Loan Loss				Number				Principal				Carrying		Loan Loss
				Amount(1)				Value(1)				Reserve								Amount(1)				Value(1)		Reserve
Class of Debt:
First mortgage loans	1			$	2,533			$	700			$	1,833			1				$	2,533			$	1,783	$	1,000
Mezzanine loans	1			3,766				—				3,766				1				3,766				1,886		1,880
Total	2			$	6,299			$	700			$	5,599			2				$	6,299			$	3,669	$	2,880
____________________________________________________________
-1	Principal amount differs from carrying value primarily due to unamortized origination fees and costs, unamortized premium or discount and loan loss reserves included in the carrying value of the investment. Excludes one first mortgage loan acquired with deteriorated credit quality with a carrying value of $5.7 million and $6.4 million as of December 31, 2014 and 2013, respectively.
The following table presents average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands):
	December 31, 2014(1)										December 31, 2013(1)										31-Dec-12
	Number		Average Carrying Value				Year Ended Income				Number		Average				Year Ended Income				Number		Average		Year Ended Income
													Carrying										Carrying
													Value										Value
Class of Debt:
First mortgage loans	1		$	1,133			$	—			5		$	67,531			$	1,050			6		$97,580		$1,191
Mezzanine loans	1		377				6				7		100,109				416				9		163,916		6,922
Subordinate interests	—		—				—				1		—				3				2		6,015		—
Corporate loans	—		—				—				—		19,530				—				1		23,917		3,859
Total/weighted average	2		$	1,510			$	6			13		$	187,170			$	1,469			18		$291,428		$11,972
______________________________________
-1	Includes impaired loans outstanding during the period which were deconsolidated on September 30, 2013 and December 31, 2013. Refer to Note 3 for further disclosure.
As of December 31, 2014 and 2013, the Company did not have any loans past due greater than 90 days.
Troubled Debt Restructurings
There were no CRE debt investments that were modified and considered a TDR for the year ended December 31, 2014. The following table presents CRE debt investments that were modified and considered a TDR for the year ended December 31, 2013 (dollars in thousands):
		31-Dec-13
Class of Debt:		Number			Carrying				Original			Modified
					Value				WA Interest			WA Interest
									Rate			Rate
Mezzanine loan		1			$	50,905			10.85	%		—		(1)
______________________________________
-1	Considered a TDR in the first quarter 2013 and was subsequently modified in the second quarter 2013. On September 30, 2013, the Company deconsolidated certain N-Star CDOs, and as a result, no longer records this loan on its consolidated balance sheets. Refer to Note 3 for further disclosure.
All loans modified in a TDR generally provided interest rate concessions and/or deferral of interest or principal repayments. Any loan modification is intended to maximize the collection of the principal and interest related to such loan. There are no write-downs related to the CRE debt investments that were modified and considered a TDR for the periods presented.

Investments_in_Private_Equity_

Investments in Private Equity Funds (Private Equity Funds)	12 Months Ended
	Dec. 31, 2014
Private Equity Funds
Investments in and Advances to Affiliates [Line Items]
Investments in Private Equity Funds	Investments in Private Equity Funds
	The following is a description of investments in private equity funds that own PE Investments either through unconsolidated ventures (“PE Investment I” and “PE Investment II”), consolidated ventures (“PE Investment V” and “PE Investment VIII”) or direct investments (“PE Investment III,” “PE Investment IV,” “PE Investment VI,” “PE Investment VII,” “PE Investment IX” and “PE Investment X”) (consolidated and direct investments, collectively “Direct PE Investments”) which are recorded as investments in private equity funds at fair value on the consolidated balance sheets. The Company elected the fair value option for PE Investments. As a result, the Company records equity in earnings (losses) based on the change in fair value for its share of the projected future cash flow from one period to another. All PE Investments are considered voting interest entities. PE Investment I and II are not consolidated by the Company due to the substantive participating rights of the partners in joint ventures that own the interests in the real estate private equity funds. The Company does not consolidate any of the underlying real estate private equity funds owned in Direct PE Investments as it does not own a majority voting interest in any such funds. Refer to Note 7 for the Company’s disclosure of summarized financial information required for PE Investments.
	Summary
	The following tables summarize the Company’s PE Investments as of December 31, 2014 (dollars in millions):
	PE Investment(1)		Initial Closing Date		NAV Reference Date(2)	Number of Funds			Purchase Price			Expected Future Contributions(3)
	PE Investment I		15-Feb-13		30-Jun-12	49			$	282.1		$	7
	PE Investment II		3-Jul-13		30-Sep-12	24			353.4			4
	PE Investment III (4)		31-Dec-13		30-Jun-13	8			39.8			1
	PE Investment IV		30-May-14		31-Dec-13	1			8			—
	PE Investment V		1-Jul-14		30-Sep-13	3			12			—
	PE Investment VI		30-Jul-14		30-Jun-14	20			90.2			2
	PE Investment VII		15-Aug-14		31-Dec-13	15			54.9			1
	PE Investment IX		2-Oct-14		31-Mar-14	11			217.7			2
	PE Investment X (5)		4-Dec-14		30-Jun-14	13			152.4			—
	Total					144		(6)	$	1,210.50		$	17
	____________________________________________________________
	-1	On August 19, 2014, the Company, through a subsidiary, entered into a joint venture with a third party to source and invest in real estate private equity funds. As of December 31, 2014, PE Investment VIII has not made any investments.
	-2	Represents the net asset value (“NAV”) date on which the Company agreed to acquire the respective PE Investment.
	-3	Represents the estimated amount of expected future contributions to funds as of December 31, 2014.
	-4	PE Investment III paid $39.8 million to the PE III Seller for all of the fund interests, or 50% of the June 30, 2013 NAV, and will pay the remaining $39.8 million, or 50% of the June 30, 2013 NAV, by December 31, 2015 to two third parties. Such amount is included in other liabilities on the consolidated balance sheets.
	-5	The Company closed on 12 of the 13 fund interests for PE Investment X through March 2, 2015. The Company expects to close on the remaining fund interest in the first quarter 2015 once the Company receives general partner consent from the underlying fund.
	-6	The total number includes 14 funds held across multiple PE Investments.
			Carrying Value							Year Ended December 31, 2014 (1)							Year Ended December 31, 2013 (2)
	PE Investment(3)		31-Dec-14			31-Dec-13				Equity in Earnings			Cash Distributions(4)		Cash Contributions		Equity in Earnings		Cash Distributions(4)		Cash Contributions
	PE Investment I(5)		$	218.6		$	226.3			$	55.6		$	97.2	$	1.1	$	53.7	$	130.2	$	20.8
	PE Investment II		231.6			288.9				52.6			115.9		6		28.9		104.9		11.6
	PE Investment III		51			70.8				5.6			25.6		0.3		—		9		0.3
	PE Investment IV		7.8			—				0.8			0.9		—		—		—		—
	PE Investment V		8			—				1.1			4.9		—		—		—		—
	PE Investment VI		86.3			—				5.6			10.8		1.3		—		—		—
	PE Investment VII		42.7			—				3.1			15.6		0.2		—		—		—
	PE Investment IX		174.6			—				8.1			55.9		4.7		—		—		—
	PE Investment X		141.4			—				1.5			12.7		0.2		—		—		—
	Total		$	962		$	586			$	134		$	339.5	$	13.8	$	82.6	$	244.1	$	32.7
	____________________________________________________________
	-1	The year ended December 31, 2014 represents activity from July 30, 2014 for PE Investment VI, August 15, 2014 for PE Investment VII, October 2, 2014 for PE Investment IX and December 4, 2014 for PE Investment X.
	-2	The year ended December 31, 2013 represents activity from February 15, 2013 for PE Investment I, July 3, 2013 for PE Investment II and December 31, 2013 for PE Investment III.
	-3	On August 19, 2014, the Company, through a subsidiary, entered into a joint venture with a third party to source and invest in real estate private equity funds. For the year ended December 31, 2014, PE Investment VIII has not made any investments.
	-4	Net of a $13.6 million and $6.4 million reserve for taxes in the aggregate for all PE Investments for the years ended December 31, 2014 and 2013, respectively.
	-5	The Company recorded an unrealized gain of $32.6 million related to PE Investment I for the year ended December 31, 2014.
	Unconsolidated PE Investments
	PE Investment I
	In February 2013, the Company completed the initial closing (“PE I Initial Closing”) of PE Investment I which owns a portfolio of limited partnership interests in real estate private equity funds managed by institutional-quality sponsors. Pursuant to the terms of the agreement, at the PE I Initial Closing, the full purchase price was funded, excluding future capital commitments. Accordingly, the Company funded $282.1 million and NorthStar Income (together with the Company, the “NorthStar Entities”) funded $118.0 million. The NorthStar Entities have an aggregate ownership interest in PE Investment I of 51%, of which the Company owns 70.5%. The Company assigned its rights to the remaining 29.5% to a subsidiary of NorthStar Income. Teachers Insurance and Annuity Association of America (the “Class B Partner”) contributed its interests in 49 funds subject to the transaction in exchange for all of the Class B partnership interests in PE Investment I.
	PE Investment I provides for all cash distributions on a priority basis to the NorthStar Entities as follows: (i) first, 85% to the NorthStar Entities and 15% to the Class B Partner until the NorthStar Entities receive a 1.5x multiple on all of their invested capital, including amounts funded in connection with future capital commitments; (ii) second, 15% to the NorthStar Entities and 85% to the Class B Partner until the Class B Partner receives a return of its then remaining June 30, 2012 capital; and (iii) third, 51% to the NorthStar Entities and 49% to the Class B Partner. All amounts paid to and received by the NorthStar Entities are based on each partner’s proportionate interest.
	The Company guaranteed all of its funding obligations that may be due and owed under PE Investment I agreements directly to PE Investment I entities. The Company and NorthStar Income each agreed to indemnify the other proportionately for any losses that may arise in connection with the funding and other obligations as set forth in the governing documents in the case of a joint default by the Company and NorthStar Income. The Company and NorthStar Income further agreed to indemnify each other for all of the losses that may arise as a result of a default that is solely caused by the Company or NorthStar Income, as the case may be.
	PE Investment II
	In June 2013, the Company, NorthStar Income and funds managed by Goldman Sachs Asset Management (“Vintage Funds”) (each a “Partner”) formed joint ventures and entered into an agreement with Common Pension Fund E, a common trust fund created under New Jersey law (“PE II Seller”), to acquire a portfolio of limited partnership interests in 24 real estate private equity funds managed by institutional-quality sponsors. The aggregate reported NAV acquired was $910.0 million as of September 30, 2012. The Company, NorthStar Income and the Vintage Funds each have an ownership interest in PE Investment II of 70%, 15% and 15%, respectively. All amounts paid and received are based on each Partner’s proportionate interest.
	PE Investment II paid $504.8 million to PE II Seller for all of the fund interests, or 55% of the September 30, 2012 NAV (the “Initial Amount”), and will pay the remaining $411.4 million, or 45% of the September 30, 2012 NAV (the “Deferred Amount”), by the last day of the fiscal quarter after the four year anniversary following the closing date of each fund interest. The Company funded $353.4 million, all of its proportionate share of the Initial Amount, at the initial closing on July 3, 2013. For the year ended December 31, 2014, PE Investment II paid $2.4 million of the Deferred Amount to PE II Seller of which the Company’s share was $1.7 million. As of December 31, 2014, the Company’s share of the Deferred Amount was $286.3 million. The Deferred Amount is a liability of PE Investment II. Each Partner, directly or indirectly, guaranteed its proportionate interest of the Deferred Amount. The Company determined there was an immaterial amount of fair value related to the guarantee.
	On March 31st of each year, commencing on March 31, 2015 and for a period of two years thereafter, PE Investment II will pay an amount necessary to reduce the Deferred Amount by the greater of 15% of the then outstanding Deferred Amount or 15% of the aggregate distributions received by PE Investment II during the preceding 12 month period.
	On the last day of the fiscal quarter after the four-year anniversary of the applicable closing date of each fund interest, PE Investment II will be required to pay to PE II Seller the then outstanding unpaid Deferred Amount. PE Investment II will receive 100% of all distributions following the payment of the Deferred Amount.
	The Company guaranteed all of its funding obligations that may be due and owed under PE Investment II agreements directly to PE Investment II entities. The Company and NorthStar Income each agreed to indemnify the other proportionately for any losses that may arise in connection with the funding and other obligations as set forth in the governing documents in the case of a joint default by the Company and NorthStar Income. The Company and NorthStar Income further agreed to indemnify each other for all of the losses that may arise as a result of a default that was solely caused by the Company or NorthStar Income, as the case may be.

Investments_in_Unconsolidated_

Investments in Unconsolidated Ventures (Unconsolidated Ventures)	12 Months Ended
	Dec. 31, 2014
Unconsolidated Ventures
Schedule of Investments [Line Items]
Investments in Unconsolidated Ventures	Investments in Unconsolidated Ventures
	The following is a description of investments in unconsolidated ventures. The investment in RXR Realty LLC (“RXR Realty”), Aerium Group (“Aerium”) and Legacy Partners Commercial, LLC (“Legacy Commercial”) are accounted for at fair value. The investments in the NSAM Sponsored Companies were accounted for under the equity method prior to the spin-off of NSAM and are accounted for under the cost method subsequent to the spin-off of NSAM. All other investments in unconsolidated ventures are accounted for under the equity method.
	RXR Realty
	In December 2013, the Company entered into a strategic transaction with RXR Realty, a leading real estate owner, developer and investment management company focused on high-quality real estate in the New York Tri-State area. The investment in RXR Realty includes an approximate 30% equity interest (“RXR Equity Interest”). The carrying value of the RXR Equity Interest was $90.0 million and $84.1 million as of December 31, 2014 and 2013, respectively. For the year ended December 31, 2014, the Company recognized equity in earnings of $8.0 million. The Company’s equity interest in RXR Realty is structured so that NSAM is entitled to certain fees in connection with RXR Realty’s investment management business.  Refer to Note 11. “Related Party Arrangements - NorthStar Asset Management Group - Management Agreement” for further disclosure.
	Aerium
	In June 2014, the Company acquired a 15% interest in Aerium, a pan-European real estate investment manager specializing in commercial real estate properties and is headquartered in Luxembourg with additional offices in London, Paris, Istanbul, Geneva, Düsseldorf and Bahrain. As of December 31, 2014, Aerium managed approximately €6.1 billion of real estate assets across 12 countries and employed over 200 professionals, some of whom provide services to NSAM following the spin-off. The investment in Aerium was acquired for €50 million ($68.8 million), excluding $3.6 million of transaction costs, funded with €45 million ($62.2 million) of cash and €5 million from the issuance of the Company’s common stock (refer to Note 13). The carrying value of the investment in Aerium was $62.8 million as of December 31, 2014. From closing to December 31, 2014, the Company recognized equity in earnings of $2.5 million associated with this investment. The Company’s equity interest in Aerium is structured so that NSAM is entitled to certain fees in connection with Aerium’s asset management business.  Refer to Note 11. “Related Party Arrangements - NorthStar Asset Management Group - Management Agreement” for further disclosure.
	Legacy Commercial
	In September 2014, the Company entered into an investment with Legacy Commercial, a real estate investment manager, owner and operator with a portfolio of commercial assets focused in key markets in the western United States. The investment included a 40% interest in the common equity of certain entities affiliated with Legacy Commercial (collectively referred to as the “Legacy Commercial Entities”). The carrying value of the Company’s investment as of December 31, 2014 was $5.0 million. From closing to December 31, 2014, the Company recognized $0.4 million of equity in earnings associated with this investment. Refer to Note 11. “Related Party Arrangements - Legacy Commercial” for further disclosure.
	Multifamily Joint Venture
	In July 2013, the Company through a joint venture with a private investor, acquired a multifamily property with 498 units, located in Philadelphia, Pennsylvania for an aggregate purchase price of $41.0 million, including all costs, escrows and reserves. The property was financed with a non-recourse mortgage note of $29.5 million and the remainder in cash. The mortgage note matures on July 1, 2023 and bears a fixed interest rate of 3.69%. The Company’s 90% interest in the joint venture was acquired for $10.4 million. The carrying value of the Company’s investment was $9.9 million and $10.0 million as of December 31, 2014 and 2013, respectively. For the years ended December 31, 2014 and 2013, the Company recognized equity in losses of $0.3 million and $0.7 million, respectively, which was primarily related to the joint venture recording transaction costs of $0.8 million, as well as depreciation and amortization.
	LandCap Partners
	In October 2007, the Company entered into a joint venture with Whitehall Street Global Real Estate Limited Partnership 2007 (“Whitehall”) to form LandCap Partners and LandCap LoanCo. (collectively referred to as “LandCap”). The joint venture is managed by a third-party management group which has extensive experience in the single family housing sector. The Company and Whitehall agreed to provide no additional new investment capital in the LandCap joint venture. The carrying value of the 49% interest in LandCap was $10.8 million and $14.1 million as of December 31, 2014 and 2013, respectively. As of December 31, 2014 and 2013, LandCap had investments totaling $22.0 million and $25.9 million, respectively. For the years ended December 31, 2014, 2013 and 2012 the Company recognized equity in earnings of $0.7 million and $0.5 million and equity in losses of $1.2 million, respectively.
	CS Federal Drive, LLC
	The Company owns a 50% interest in CS Federal Drive, LLC (“CS/Federal”), which owns three adjacent class A office/flex buildings in Colorado. The properties were acquired for $54.3 million and the joint venture financed the transaction with two separate non-recourse mortgages totaling $38.0 million and the remainder in cash. The mortgages mature on February 11, 2016 and bear a fixed interest rate of 5.51% and 5.46%, respectively. The carrying value of the investment in CS/Federal was $5.7 million and $5.5 million as of December 31, 2014 and 2013, respectively. For the years ended December 31, 2014, 2013 and 2012, the Company recognized equity in earnings of $0.1 million, $0.3 million and $0.7 million, respectively.
	NSAM Sponsored Companies
	The Company committed to purchase up to $10 million in shares of each of NSAM’s Sponsored Companies’ common stock during the two year period from when each offering was declared effective through the end of their respective offering period, in the event that NSAM Sponsored Companies’ distributions to its stockholders, on a quarterly basis, exceeds its modified funds from operations (as defined in accordance with the current practice guidelines issued by the Investment Program Association).
	In connection with the Company’s commitment to purchase share of the NSAM Sponsored Companies, the Company acquired an aggregate of $12 million of shares of NorthStar Income, NorthStar Healthcare and NorthStar Income II through December 31, 2014. In addition, pursuant to the management agreement with NSAM, the Company committed up to $10 million to invest as distribution support consistent with past practice in each future public non-traded NSAM Sponsored Company, up to a total of five new companies per year.
	The Company has the following ownership interest in the NSAM Sponsored Companies:
	•	NorthStar Income - The carrying value of the investment in NorthStar Income was $6.1 million, representing an interest of 0.6%, as of December 31, 2014 and 2013, respectively. For the years ended December 31, 2014, 2013 and 2012, the Company recognized $0.4 million, $0.6 million and $0.3 million of equity in earnings, respectively.
	•	NorthStar Healthcare - The carrying value of the investment in NorthStar Healthcare was $2.3 million and $2.1 million as of December 31, 2014 and 2013, respectively, representing an interest of 0.3% and 2.3%, respectively. For the years ended December 31, 2014 and 2013, the Company recognized equity in losses of $0.2 million and an immaterial amount, respectively.
	•	NorthStar Income II - The carrying value of the investment in NorthStar Income II was $3.1 million and $2.1 million as of December 31, 2014 and 2013, respectively, representing an interest of 1.2% and 8.7%, respectively. For the years ended December 31, 2014 and 2013, the Company recognized equity in earnings of $0.1 million and an immaterial amount, respectively.
	The Company has committed to invest as distribution support in the following future NSAM Sponsored Companies:
	•	NorthStar/RXR New York Metro - On February 9, 2015, NorthStar/RXR New York Metro’s (“NorthStar/RXR New York Metro”) registration statement on Form S-11, seeking to raise up to $2 billion in a public offering of common stock, was declared effective by the SEC. NorthStar/RXR New York Metro expects to begin raising capital in the third quarter 2015.
	•	NorthStar Corporate - On December 2, 2014, NorthStar Corporate Income, Inc. confidentially submitted its registration statement on Form N-2 to the SEC seeking to raise up to $1 billion in a public offering of common stock.
	Other
	The Company owned a 22% interest in Meadowlands Two, LLC, which holds 100% of Meadowlands One, LLC, which is currently in the form of a preferred equity interest secured by a retail/entertainment complex located in New Jersey (the “NJ Property”). As a result of the deconsolidation of certain N-Star CDOs, the Company deconsolidated its investment in the NJ Property on September 30, 2013 (refer to Note 3). For the years ended December 31, 2013 and 2012, the Company recognized equity in losses of $0.8 million and $1.5 million, respectively.
	In May 2012, the Company acquired a 9.8% interest in a joint venture that owns a pari passu participation in a first mortgage loan secured by a portfolio of luxury residences located in resort destinations. In April 2014, the loan was repaid at par. As of December 31, 2013, the carrying value of the Company’s investment was $5.7 million. For the years ended December 31, 2014, 2013 and 2012, the Company recognized $1.5 million, $1.5 million and $1.0 million of equity in earnings, respectively.
	In August 2012, the Company acquired a 33.3% interest in a joint venture that owns a pari passu participation in a first mortgage loan secured by an office building in New York. In July 2013, the loan was paid off at par. For the years ended December 31, 2013 and 2012, the Company recognized $2.8 million and $0.9 million of equity in earnings, respectively.
	In April 2013, in connection with a loan on a hotel property in New York, the Company and NorthStar Income acquired an aggregate 35.0% interest in the Row NYC (formerly the Milford) hotel and retail component, of which the Company owns 65% and NorthStar Income owns 35%. There was no carrying value as of December 31, 2014 and 2013. For the years ended December 31, 2014 and 2013, the Company recognized $1.2 million of equity in earnings and $1.1 million of equity in losses, respectively. In March 2014, the retail component of the hotel was sold and for the year ended December 31, 2014, the Company recognized a $1.2 million gain from this sale in equity in earnings.
	In June 2013, in connection with the restructuring of an existing mezzanine loan, the Company acquired a 9.99% equity interest for $8.5 million in a joint venture that owns two office buildings in Chicago. As of December 31, 2014 and 2013, the carrying value of the investment was $8.5 million for each period. For the years ended December 31, 2014 and 2013, the Company did not recognize any equity in earnings.
	Summarized Financial Information
	The combined balance sheets for the unconsolidated ventures, including PE Investments, as of December 31, 2014 and 2013 are as follows (dollars in thousands):
			As of December 31,
			2014		2013
	Assets
	Operating real estate, net		$	1,382,936	$	1,097,155
	Real estate debt investments		1,974,398		1,246,311
	Investments in private equity funds		1,885,858		1,589,493
	Real estate securities		355,986		280,117
	Other assets		2,379,751		1,064,653
	Total assets		$	7,978,929	$	5,277,729
	Liabilities and equity
	Mortgages and other notes payable		$	1,994,750	$	1,851,561
	Other liabilities		1,664,952		1,064,479
	Total liabilities		3,659,702		2,916,040
	Equity		4,319,227		2,361,689
	Total liabilities and equity		$	7,978,929	$	5,277,729
	Net investment in unconsolidated ventures		$	1,169,815	$	728,358
	The combined statements of operations for the unconsolidated ventures, including PE Investments, from acquisition date through the three years ended December 31, 2014 are as follows (dollars in thousands):
			Years Ended December 31,
			2014 (1)		2013		2012
	Total revenues		$	950,983	$	322,944	$	44,378
	Operating expenses		361,214		89,807		21,357
	Transaction costs		19,737		5,199		—
	Interest expense		90,826		37,838		18,217
	Depreciation and amortization		48,766		9,564		2,993
	Total expenses		520,543		142,408		42,567
	Net income		$	430,440	$	180,536	$	1,811
	Equity in earnings (losses) of unconsolidated ventures		$	148,290	$	85,477	$	88
	___________________________________________________________
	-1	Includes summarized financial information for PE Investments for the nine months ended September 30, 2014, which is the most recent financial information available from the underlying funds.

Real_Estate_Securities_Availab

Real Estate Securities, Available for Sale	12 Months Ended
	Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
Real Estate Securities, Available for Sale	Real Estate Securities, Available for Sale
	The following table presents CRE securities as of December 31, 2014 (dollars in thousands):
							Cumulative Unrealized							Allocation by		Weighted		Weighted
		Number	Principal		Amortized		Gains		(Losses)			Fair		Investment		Average		Average Yield(4)
			Amount(3)		Cost							Value		Type(3)		Coupon
	Asset Type:
	N-Star CDO bonds(1)	32	$	461,974	$	205,463	$	58,116	$	(1,270	)	$	262,309	30.1	%	1.83	%	24.13	%
	N-Star CDO equity(5)	5	137,143		137,143		522		(35,198		)	102,467		8.9	%	NA		18.21	%
	CMBS and other securities(6)	15	119,089		64,616		12,241		(24,934		)	51,923		7.8	%	2.48	%	5.51	%
	Subtotal(2)	52	718,206		407,222		70,879		(61,402		)	416,699		46.8	%	1.97	%	19.18	%
	CRE securities in N-Star CDOs(5)(7)
	CMBS	144	636,035		458,186		50,432		(125,751		)	382,867		41.5	%	3.69	%	9.96	%
	Third-party CDO notes	10	76,253		68,821		—		(45,603		)	23,218		5.1	%	0.26	%	1.32	%
	Agency debentures	8	87,172		30,371		10,164		(6		)	40,529		5.7	%	—	%	4.56	%
	Unsecured REIT debt	1	8,000		8,396		955		—			9,351		0.5	%	7.5	%	5.88	%
	Trust preferred securities	2	7,225		7,225		—		(1,373		)	5,850		0.4	%	2.25	%	—	%
	Subtotal	165	814,685		572,999		61,551		(172,733		)	461,815		53.2	%	3	%	8.45	%
	Total	217	$	1,532,891	$	980,221	$	132,430	$	(234,135	)	$	878,514	100	%	2.57	%	12.91	%
	____________________________________________________________
	-1	Excludes $108.0 million principal amount of N-Star CDO bonds payable that are eliminated in consolidation.
	-2	All securities are unleveraged.
	-3	Based on amortized cost for N-Star CDO equity and principal amount for remaining securities.
	-4	Based on expected maturity and for floating-rate securities, calculated using the applicable LIBOR as of December 31, 2014.
	-5	The fair value option was elected for these securities (refer to Note 15).
	-6	The fair value option was elected for $42.6 million carrying value of these securities (refer to Note 15).
	-7	Investments in the same securitization tranche held in separate CDO financing transactions are reported as separate investments.
	As of December 31, 2014, the Company’s CRE securities portfolio is comprised of N-Star CDO bonds and N-Star CDO equity and other securities which are predominantly conduit CMBS, meaning each asset is a pool backed by a large number of commercial real estate loans. As a result, this portfolio is typically well-diversified by collateral type and geography. As of December 31, 2014, contractual maturities of CRE securities investments ranged from four months to 38 years, with a weighted average expected maturity of 3.7 years.
	The following table presents CRE securities as of December 31, 2013 (dollars in thousands):
							Cumulative Unrealized							Allocation by		Weighted		Weighted
		Number	Principal		Amortized		Gains		Losses			Fair		Investment		Average		Average Yield(4)
			Amount(3)		Cost							Value		Type(3)		Coupon
	Asset Type:
	N-Star CDO bonds(1)	31	$	481,386	$	207,547	$	1,878	$	(4,138	)	$	205,287	23	%	1.82	%	20	%
	N-Star CDO equity(5)	5	158,274		158,274		—		—			158,274		7.6	%	NA		18.42	%
	CMBS and other securities(6)	17	98,650		58,482		6,457		(18,264		)	46,675		4.7	%	3.06	%	4.98	%
	Subtotal(2)	53	738,310		424,303		8,335		(22,402		)	410,236		35.3	%	2.03	%	17.34	%
	CRE securities in N-Star CDOs(5)(7)
	CMBS	264	1,140,368		799,126		67,770		(294,595		)	572,301		54.5	%	3.15	%	9.65	%
	Third-party CDO notes	20	109,651		99,603		—		(74,672		)	24,931		5.2	%	0.29	%	1.17	%
	Agency debentures	8	87,172		29,031		2,644		(2,135		)	29,540		4.2	%	NA		4.64	%
	Unsecured REIT debt	1	8,000		8,502		1,019		—			9,521		0.4	%	7.5	%	6	%
	Trust preferred securities	2	7,225		7,225		—		(1,434		)	5,791		0.4	%	2.26	%	2.32	%
	Subtotal	295	1,352,416		943,487		71,433		(372,836		)	642,084		64.7	%	2.73	%	8.51	%
	Total	348	$	2,090,726	$	1,367,790	$	79,768	$	(395,238	)	$	1,052,320	100	%	2.52	%	11.25	%
	_________________________________________________________
	-1	Excludes $126.6 million principal amount of N-Star CDO bonds payable that are eliminated in consolidation.
	-2	All securities are unleveraged.
	-3	Based on amortized cost for N-Star CDO equity and principal amount for remaining securities.
	-4	Based on expected maturity and for floating-rate securities, calculated using the applicable LIBOR as of December 31, 2013.
	-5	The fair value option was elected for these securities (refer to Note 15).
	-6	The fair value option was elected for $30.6 million carrying value of these securities (refer to Note 15).
	-7	Investments in the same securitization tranche held in separate CDO financing transactions are reported as separate investments.
	For the year ended December 31, 2014, proceeds from the sale of CRE securities was $94.8 million resulting in a net realized gain of $22.4 million. For the year ended December 31, 2013, proceeds from the sale of CRE securities was $224.0 million, resulting in a net realized gain of $35.4 million, which includes proceeds related to the liquidation of N-Star CDO II. For the year ended December 31, 2012, proceeds from the sale of CRE securities was $343.9 million, resulting in a net realized gain of $50.5 million.
	CRE securities investments, not held in N-Star CDOs, include 34 securities for which the fair value option was not elected. As of December 31, 2014, the aggregate carrying value of these securities was $271.6 million, representing $56.8 million of accumulated net unrealized gains included in OCI. The Company held five securities with an aggregate carrying value of $9.8 million with an unrealized loss of $1.2 million as of December 31, 2014, one of which was in an unrealized loss position for a period of greater than 12 months. Based on management’s quarterly evaluation, OTTI of $1.6 million was recorded for one security. The Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell these securities prior to recovery of its amortized cost basis, which may be at maturity.

Borrowings

Borrowings	12 Months Ended
	Dec. 31, 2014
Debt Disclosure [Abstract]
Borrowings	9. Borrowings
	The following table presents borrowings as of December 31, 2014 and 2013 (dollars in thousands):
							December 31, 2014							December 31, 2013
		Recourse vs.		Final	Contractual		Principal				Carrying			Principal			Carrying
		Non-Recourse		Maturity	Interest Rate(1)(2)		Amount				Value(3)			Amount			Value(3)
	Mortgage and other notes payable:(4)
	Healthcare
	Wakefield Portfolio(5)	Non-recourse		15-Mar	LIBOR + 5.95%		$	54,751			$	54,751		$	55,768		$	55,768
	East Arlington, TX	Non-recourse		17-May	5.89%		3,157				3,157			3,209			3,209
	Ohio Portfolio(6)	Non-recourse		19-Jan	6.00%		20,230				20,230			20,496			20,496
	Lancaster, OH(6)	Non-recourse		19-Jan	LIBOR + 5.00%		2,442				2,442			4,399			4,399
	Wilkinson Portfolio(6)	Non-recourse		19-Jan	6.99%		150,024				150,024			152,772			152,772
	Tuscola/Harrisburg, IL(6)	Non-recourse		19-Jan	7.09%		7,412				7,412			7,545			7,545
	Minnesota Portfolio(7)	Non-recourse		19-Nov	3.50%		37,800				37,800			38,175			38,175
	Griffin-American - U.K.	Non-recourse		17-Dec	LIBOR + 4.10%(8)		348,588				348,588			—			—
	Griffin-American - U.S.(9)	Non-recourse		19-Dec	LIBOR + 3.10%(8)/4.58%		2,618,797				2,618,797			—			—
	Healthcare Preferred(10)	Non-recourse		21-Jul	LIBOR + 7.75%		75,000				75,000			75,000			75,000
	Indiana Portfolio(10)	Non-recourse		21-Sep	LIBOR + 4.50%		121,130				121,130			121,130			121,130
	Formation Portfolio(9)	Non-recourse		May-19/Jan-25	LIBOR + 4.25%(8)/4.54%		705,608				700,958			—			—
	Subtotal Healthcare						4,144,939				4,140,289			478,494			478,494
	Hotel
	Innkeepers Portfolio(9)	Non-recourse		Jun-19(11)	LIBOR + 3.39%(8)		840,000				840,000			—			—
	K Partners Portfolio(9)	Non-recourse		Aug-19(11)	LIBOR + 3.25%(8)		211,681				211,681			—			—
	Courtyard Portfolio(9)	Non-recourse		Oct-19(11)	LIBOR + 3.05%(8)		512,000				512,000			—			—
	Inland Portfolio(9)	Non-recourse		Nov-19(11)	LIBOR + 3.60%(8)		817,000				817,000			—			—
	Subtotal Hotel						2,380,681				2,380,681			—			—
	Manufactured housing communities
	Manufactured Housing Portfolio 1(9)	Non-recourse		23-Jan	4.387%(8)		236,900				236,900			236,900			236,900
	Manufactured Housing Portfolio 2(9)	Non-recourse		23-May	4.016%(8)		639,909				639,909			639,999			639,999
	Manufactured Housing Portfolio 3(9)	Non-recourse		Dec-21/ Jan-24/ Sept-24	4.923%(8)		297,428				299,716			248,000			248,000
	Subtotal Manufactured housing communities						1,174,237				1,176,525			1,124,899			1,124,899
	Net lease
	Reading, PA(12)	—		—	—		—				—			12,765			12,765
	Reading, PA(12)	—		—	—		—				—			5,000			5,000
	Fort Wayne, IN(13)	Non-recourse		15-Apr	6.41%		2,909				2,909			3,019			3,019
	EDS Portfolio	Non-recourse		15-Oct	5.37%		42,738				42,738			43,682			43,682
	Keene, NH	Non-recourse		16-Feb	5.85%		6,105				6,105			6,237			6,237
	Green Pond, NJ	Non-recourse		16-Apr	5.68%		15,799				15,799			16,095			16,095
	Aurora, CO	Non-recourse		16-Jul	6.22%		30,720				30,720			31,232			31,232
	DSG Portfolio	Non-recourse		16-Oct	6.17%		31,126				31,126			31,729			31,729
	Indianapolis, IN	Non-recourse		17-Feb	6.06%		26,151				26,151			26,600			26,600
	Milpitas, CA	Non-recourse		17-Mar	5.95%		19,459				19,459			20,055			20,055
	Fort Mill, SC	Non-recourse		17-Apr	5.63%		27,700				27,700			27,700			27,700
	Fort Mill, SC - Mezzanine	Non-recourse		17-Apr	6.21%		1,079				1,079			1,464			1,464
	Salt Lake City, UT	Non-recourse		17-Sep	5.16%		13,181				13,181			13,689			13,689
	Industrial Portfolio(9)	Non-recourse		Jul-17/Dec-17	4.21%(8)		221,131				228,071			—			—
	Columbus, OH	Non-recourse		17-Dec	6.48%		21,934				21,934			22,300			22,300
	South Portland, ME	Non-recourse		23-Jul	LIBOR + 2.15%(8)		3,597				3,597			3,819			3,819
	Subtotal Net lease						463,629				470,569			265,386			265,386
	Multifamily
	Memphis, TN	Non-recourse		23-Apr	4.00%		39,600				39,600			39,600			39,600
	Southeast Portfolio(9)	Non-recourse		May-23/July-23	4.03%(8)		158,417				158,417			158,417			158,417
	Scottsdale, AZ(9)	Non-recourse		23-Jul	4.28%(8)		46,538				46,538			46,538			46,538
	Subtotal Multifamily						244,555				244,555			244,555			244,555
	Other
	Legacy Portfolio	Non-recourse		19-Nov	LIBOR + 1.75%(8)		45,584				45,584			—			—
	UK Property(9)	Non-recourse		19-Dec	LIBOR + 3.00%(8)		77,660				77,660			—			—
	Subtotal Other						123,244				123,244			—			—
	Subtotal Mortgage and other notes payable						8,531,285				8,535,863			2,113,334			2,113,334
							December 31, 2014							December 31, 2013
		Recourse vs.		Final	Contractual		Principal				Carrying			Principal			Carrying
		Non-Recourse		Maturity	Interest Rate(1)(2)		Amount				Value(3)			Amount			Value(3)
	CDO bonds payable:
	N-Star I	Non-recourse		Aug-38	LIBOR + 7.01%(8)		$	15,020			$	14,504		$	37,754		$	34,886
N-Star III(14)	—		—	—		—				—			100,022			46,090
N-Star V(14)	—		—	—		—				—			202,899			80,897
N-Star IX	Non-recourse		Aug-52	LIBOR + 0.43%(8)		545,939				375,564			629,544			222,310
Subtotal CDO bonds payable—VIE						560,959				390,068			970,219			384,183
Securitization bonds payable:
Securitization 2012-1	Non-recourse		29-Aug	LIBOR+2.17%(8)		41,831				41,823			82,337			82,340
Subtotal Securitization financing transaction						41,831				41,823			82,337			82,340
Credit facilities:
Corporate Revolving Credit Facility(15)	Recourse		17-Aug	LIBOR + 3.50%(8)		215,000				215,000			—			—
Corporate Term Facility	Recourse		17-Sep	4.60% / 4.55%(16)		425,000				425,000			—			—
Loan Facility 1	Non-recourse		Jul-18(17)	5.16%(18)		14,850				14,850			14,850			14,850
Loan Facility 2	Partial Recourse(19)		Mar-18(11)	3.09%(8)		77,930				77,930			55,188			55,188
Subtotal Credit facilities						732,780				732,780			70,038			70,038
Exchangeable senior notes:
7.25% Notes	Recourse		27-Jun	7.25%		12,955				12,955			12,955			12,955
7.50% Notes(20)	—		—	—		—				—			172,500			165,366
8.875% Notes	Recourse		Jun-32	8.88%		1,000				983			13,360			13,068
5.375% Notes	Recourse		Jun-33	5.38%		31,633				27,824			345,000			299,584
Subtotal Exchangeable senior notes						45,588				41,762			543,815			490,973
Junior subordinated notes:(21)
Trust I	Recourse		Mar-35	8.15%		41,240				32,992			41,240			31,342
Trust II	Recourse		Jun-35	7.74%		25,780				20,753			25,780			19,722
Trust III	Recourse		Jan-36	7.81%		41,238				32,784			41,238			31,547
Trust IV	Recourse		Jun-36	7.95%		50,100				39,830			50,100			38,327
Trust V	Recourse		Sep-36	LIBOR + 2.70%(8)		30,100				21,823			30,100			19,866
Trust VI	Recourse		Dec-36	LIBOR + 2.90%(8)		25,100				18,700			25,100			16,943
Trust VII	Recourse		Apr-37	LIBOR + 2.50%(8)		31,459				22,492			31,459			20,290
Trust VIII	Recourse		Jul-37	LIBOR + 2.70%(8)		35,100				25,798			35,100			23,166
Subtotal Junior subordinated notes						280,117				215,172			280,117			201,203
Grand Total						$	10,192,560			$	9,957,468		$	4,059,860		$	3,342,071
____________________________________________________________
-1	Refer to Note 16 for further disclosure regarding derivative instruments which are used to manage interest rate exposure.
-2	For borrowings with a contractual interest rate based on LIBOR, represents three-month LIBOR for N-Star CDO I and the Wakefield Portfolio and one-month LIBOR for the other borrowings.
-3	Carrying value represents fair value with respect to CDO bonds payable and junior subordinated notes due to the election of the fair value option (refer to Note 15) and amortized cost with regards to the other borrowings.
-4	Mortgage and other notes payable are subject to customary non-recourse carveouts.
-5	The Company is in the process of extending the loan which matures on March 31, 2015.
-6	In December 2014, the financing was modified extending the maturity date to January 2019.
-7	In July 2014, the Company repaid the entire principal amount. In November 2014, the Company obtained a new mortgage note maturing in November 2019.
-8	Contractual interest rate represents a weighted average.
-9	An aggregate principal amount of $7.4 billion is comprised of 41 senior mortgage notes totaling $6.1 billion and 15 mezzanine mortgage notes totaling $1.3 billion.
-10	Represents borrowings in N-Star CDOs.
-11	Represents final maturity taking into consideration the Company’s three one-year extension options.
-12	In October 2014, borrowings were repaid upon sale of the property.
-13	In February 2015, the financing was modified extending the maturity date to April 2015.
-14	In March 2014 and May 2014, the Company deconsolidated N-Star CDOs V and III, respectively, which resulted in the deconsolidation of its CDO bonds payable. Refer to Note 3 for further disclosure.
-15	Secured by collateral relating to a borrowing base comprised primarily of unlevered CRE debt and securities investments with a carrying value of $649.0 million as of December 31, 2014.
-16	Represents the respective fixed rate applicable to each borrowing under the Corporate Term Facility.
-17	The initial maturity date is July 30, 2015, with three one-year extensions at the Company’s option, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents.
-18	Represents the weighted average contractual interest rate as of December 31, 2014, which varies based on the asset type and characteristics and ranges from one-month LIBOR plus 3.95% to 5.95%.
-19	Recourse solely with respect to certain types of loans as defined in the governing documents.
-20	In March 2014, $172.5 million principal amount of the 7.50% Notes were exchanged for $481.1 million principal amount of Senior Notes, which were paid off in cash at maturity on September 30, 2014.
-21	Junior subordinated notes Trusts I, II, III and IV have a fixed interest rate for periods ranging from June 2015 to September 2016, when the interest rate will change to floating and reset quarterly at rates ranging from three-month LIBOR plus 2.80% to 3.25%.
The following table presents scheduled principal on borrowings, based on final maturity as of December 31, 2014 (dollars in thousands):
Years ending December 31:		Total			Mortgage				CDO Bonds			Securitization			Credit			Exchangeable		Junior
					and Other Notes				Payable			Bonds Payable			Facilities			Senior Notes(1)		Subordinated
					Payable															Notes
2015		$	116,376		$	116,376			$	—		$	—		$	—		$	—	$	—
2016		106,808			106,808				—			—			—			—		—
2017		1,009,485			356,530				—			—			640,000			12,955		—
2018		125,781			33,001				—			—			92,780			—		—
2019		3,072,140			3,071,140				—			—			—			1,000		—
Thereafter		5,761,970			4,847,430				560,959			41,831			—			31,633		280,117
Total		$	10,192,560		$	8,531,285			$	560,959		$	41,831		$	732,780		$	45,588	$	280,117
____________________________________________________________
-1	The 7.25% Notes, 8.875% Notes and 5.375% Notes have a final maturity date of June 15, 2027, June 15, 2032 and June 15, 2033, respectively. The above table reflects the holders’ repurchase rights which may require the Company to repurchase the 7.25% Notes, 8.875% Notes and 5.375% Notes on June 15, 2017, June 15, 2019 and June 15, 2023, respectively.
Corporate Credit Facilities
In August 2014, the Company and certain of its subsidiaries entered into a corporate revolving credit facility (“Corporate Revolving Credit Facility”) with certain commercial bank lenders, with a total commitment amount of $500.0 million for a three-year term. Corporate Revolving Credit Facility is secured by collateral relating to a borrowing base and also includes guarantees by certain subsidiaries of the Company. As of December 31, 2014 and February 24, 2015, $285.0 million and $305.0 million of financing remains undrawn under Corporate Revolving Credit Facility, respectively. Corporate Revolving Credit Facility and related agreements contain representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of these types. More specifically, the Company must maintain at least $25.0 million based on the sum of unrestricted cash or cash equivalents and undrawn availability at all times during the term of the Corporate Revolving Credit Facility.
In September 2014, the Company entered into a corporate facility agreement (“Corporate Term Facility”) with a commercial bank lender with respect to the establishment of term borrowings to be made to the Company with an aggregate principal amount of up to $500.0 million. Corporate Term Facility provides that the Company may enter into one or more credit agreements for term borrowings with varying amounts, borrowing dates, maturities and interest rates, from time to time until September 2015. Borrowings may be prepaid at any time subject to customary breakage costs. In September 2014, the Company entered into a credit agreement providing for an initial term borrowing under Corporate Term Facility in a principal amount of $275.0 million, maturing on September 19, 2017 and with a fixed interest rate of 4.60%. In December 2014, the Company entered into a credit agreement providing for an additional term borrowing under Corporate Term Facility in a principal amount of $150.0 million, maturing on September 19, 2017 and with a fixed interest rate of 4.55%. As of December 31, 2014 and February 24, 2015, $75.0 million of financing remains undrawn under Corporate Term Facility. Corporate Term Facility and related agreements contain representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of these types.
Loan Facilities
In July 2012, a subsidiary of the Company entered into a credit and security agreement (“Loan Facility 1”) of $40.0 million on a non-recourse basis, subject to certain exceptions, to finance first mortgage loans and senior loan participations secured by commercial real estate. In connection with Loan Facility 1, the Company agreed to guarantee interest payments and the customary obligations under Loan Facility 1 if either the Company or its affiliates engage in certain customary bad acts. In addition, the Company pledged its interests in its borrowing subsidiary as collateral. Loan Facility 1 and related agreements contain representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of these types. More specifically, the Company must maintain at least $3.75 million and as much as $7.5 million in unrestricted cash, or other eligible investments, at all times during the term of Loan Facility 1.
In March 2013, a subsidiary of the Company entered into a master repurchase agreement (“Loan Facility 2”) of $200.0 million to finance first mortgage loans and senior interests secured by commercial real estate. In connection with Loan Facility 2, the Company entered into a guaranty agreement under which the Company guaranteed certain of the obligations under Loan Facility 2. Loan Facility 2 and related agreements contain representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of these types. More specifically, the Company must maintain at least $20.0 million in unrestricted cash or cash equivalents at all times during the term of Loan Facility 2. In addition, the Company has agreed to guarantee certain customary obligations under Loan Facility 2 if the Company or an affiliate of the Company engage in certain customary bad acts.
As of December 31, 2014, the Company had $140.6 million carrying value of loans financed with $92.8 million on the loan facilities, with $147.2 million of available borrowing under its loan facilities.
During the initial term, the loan facilities act as revolving credit facilities that can be paid down as assets repay or are sold and re-drawn upon for new investments. As of December 31, 2014, the Company was in compliance with all of its financial covenants.
Senior Notes and Exchangeable Senior Notes
In March 2014, $172.5 million principal amount of the 7.50% Notes were exchanged for $481.1 million principal amount of senior notes that matured on September 30, 2014 (the “Senior Notes”). In connection with this exchange, the Company recorded a loss of $22.4 million in realized gain (loss) on investments and other in the consolidated statements of operations. On September 30, 2014, the Company repaid the Senior Notes in cash, including interest, in the amount of $488.3 million.
In June 2007, the Company issued $172.5 million of 7.25% exchangeable senior notes (“7.25% Notes”) which were offered in accordance with Rule 144A under the Securities Act of 1933, as amended (“Rule 144A”), of which $13.0 million remains outstanding as of December 31, 2014. The 7.25% Notes may be exchangeable upon the occurrence of specified events, and at any time on or after June 15, 2017, and prior to the close of business on the second business day immediately preceding the maturity date, into cash or common stock of the Company, or a combination thereof, if any, at the Company’s option. The exchange price as of December 31, 2014 was $14.71 per share.
In June 2012, the Company issued $75.0 million of 8.875% exchangeable senior notes (“8.875% Notes”) which were offered in accordance with Rule 144A for net proceeds of $72.0 million, of which $1.0 million remains outstanding as of December 31, 2014. In July 2012, the underwriters exercised their over-allotment option resulting in the issuance of an additional $7.0 million of the 8.875% Notes for net proceeds of $6.8 million. The 8.875% Notes may be exchangeable upon the occurrence of specified events, and at any time on or after June 15, 2019, and prior to the close of business on the second business day immediately preceding the maturity date, into cash or common stock of the Company, or a combination thereof, if any, at the Company’s option. The exchange price as of December 31, 2014 was $5.19 per share.
In June 2013, the Company issued $300.0 million of 5.375% exchangeable senior notes (“5.375% Notes”) which were offered in accordance with Rule 144A for net proceeds of $290.5 million, of which $31.6 million remains outstanding as of December 31, 2014. In July 2013, the Company issued an additional $45.0 million of the 5.375% Notes as a result of the full over-allotment option being settled. Net proceeds from the exercise of the over-allotment option was $43.7 million. The 5.375% Notes may be exchangeable upon the occurrence of specified events, and at any time on or after June 15, 2023, and prior to the close of business on the second business day immediately preceding the maturity date, into cash or common stock of the Company, or a combination thereof, if any, at the Company’s option. The exchange price as of December 31, 2014 was $8.68 per share.
All of the Company’s outstanding exchangeable senior notes contain unconditional guarantees by the Company on an unsecured and unsubordinated basis.
The following table presents the components of outstanding exchangeable senior notes as of December 31, 2014 and 2013 (dollars in thousands):
		31-Dec-14										31-Dec-13
		Principal Amount			Unamortized Discount(1)				Carrying Value			Principal Amount			Unamortized Discount			Carrying Value
7.25% Notes		$	12,955		$	—			$	12,955		$	12,955		$	—		$	12,955
7.50% Notes		—			—				—			172,500			(7,134		)	165,366
8.875% Notes		1,000			(17		)		983			13,360			(292		)	13,068
5.375% Notes		31,633			(3,809		)		27,824			345,000			(45,416		)	299,584
Total		$	45,588		$	(3,826	)		$	41,762		$	543,815		$	(52,842	)	$	490,973
______________________
-1	The remaining amortization period for the 7.25% Notes, 8.875% Notes and 5.375% Notes is 2.2 years, 5.5 years and 9.5 years, respectively.
As of December 31, 2014 and 2013, the aggregate carrying value of the equity components of the exchangeable senior notes is $23.7 million and $25.9 million, respectively, which is recorded as a component of additional paid-in capital. The following table presents the components of interest expense related to outstanding exchangeable senior notes for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands):
		Interest and Amortization Expense
Years Ended		Interest Expense			Amortization Expense(1)				Total Interest Expense
2014		$	15,812		$	7,542			$	23,354
2013		32,475			8,416				40,891
2012		22,204			5,025				27,229
_________________________
-1	The effective interest rate of the 7.25% Notes, 8.875% Notes and 5.375% Notes was 8.0%, 9.4% and 7.3% for the year ended December 31, 2014, respectively.
The following table presents the Company’s exchangeable senior notes exchanged for common stock during the year ended December 31, 2014 (dollars in thousands):
		Principal Amount Exchanged			Common Shares(1)			Realized Gain (Loss)
8.875% Notes		$	12,360		1,337,100			$	(2,800	)
5.375% Notes		313,367			23,570,229			(40,533		)
Total		$	325,727		24,907,329			$	(43,333	)
___________________________
-1	Adjusted for the Reverse Split effected on June 30, 2014.

Spinoff_of_Asset_Management_Bu

Spin-off of Asset Management Business	12 Months Ended
	Dec. 31, 2014
Discontinued Operations and Disposal Groups [Abstract]
Spin-off of Asset Management Business	Spin-off of Asset Management Business
	In connection with the spin-off of the Company’s asset management business, $179.5 million of assets were transferred and $21.1 million of liabilities were assumed by NSAM. Included in the assets transferred was $118.7 million of cash representing the initial capitalization amount of NSAM upon completion of the spin-off, including an amount related to transaction costs to be paid by NSAM. Such transaction costs were expensed by NSAM upon completion of the spin-off and included legal, accounting, tax and other professional services and relocation and start-up costs.
	The following table presents a carve-out of revenues and expenses associated with NSAM and included in discontinued operations in the Company’s consolidated statements of operations. Such amounts exclude the effect of any fees that NSAM began earning in connection with the management agreement with the Company upon completion of the spin-off (dollars in thousands):
		Years Ended December 31,
		2014(1)			2013			2012
	Total revenues	$	56,013		$	89,938		$	50,761
	Total expenses	63,216			90,343			68,083
	NSAM income (loss) in discontinued operations	$	(7,203	)	$	(405	)	$	(17,322	)
	__________________
	-1	Represents six months of total revenues and expenses of NSAM included in discontinued operations prior to the spin-off on June 30, 2014.
	Total revenues include asset management and other fee income from NSAM Sponsored Companies earned prior to the spin-off. In connection with the spin-off, the advisory agreements between the Company and each of the NSAM Sponsored Companies were terminated and affiliates of NSAM entered into new advisory agreements with each of the NSAM Sponsored Companies on substantially the same terms as those in effect at the time of the spin-off.
	Total revenues also include selling commissions and dealer manager fees earned by selling equity in the NSAM Sponsored Companies through NorthStar Securities. As part of the Distribution to NSAM, NorthStar Securities became a subsidiary of NSAM. Pursuant to dealer manager agreements between NorthStar Securities and the NSAM Sponsored Companies, the Company generally received selling commissions of up to 7% of gross offering proceeds raised. The Company reallowed all selling commissions earned to participating broker-dealers. In addition, the Company also generally received a dealer manager fee of up to 3% of gross offering proceeds raised, a portion of which is typically reallowed to participating broker-dealers. Total expenses include commission expense representing fees to participating broker-dealers with whom NorthStar Securities has selling agreements and commissions to employees of NorthStar Securities.
	In addition, total expenses primarily included an allocation of indirect expenses of the Company to NSAM related to managing the NSAM Sponsored Companies and owning NorthStar Securities, including salaries, equity-based compensation and other general and administrative expenses (primarily occupancy and other costs) based on an estimate had the asset management business been run as an independent entity.

EquityBased_Compensation

Equity-Based Compensation	12 Months Ended
	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity-Based Compensation	Equity-Based Compensation
	Impact of the Reorganization and Spin-off
	The Company has issued equity-based awards to directors, officers, employees, consultants and advisors pursuant to the NorthStar Realty Finance Corp. 2004 Omnibus Stock Incentive Plan (the “Stock Plan”) and the NorthStar Realty Executive Incentive Bonus Plan, as amended (the “Plan” and collectively the “NorthStar Realty Equity Plans”). All of the vested and unvested equity-based awards granted by the Company prior to the spin-off remain outstanding following the Reorganization and the spin-off. Appropriate adjustments were made to all awards to reflect the Reorganization, the Reverse Split and the spin-off. Pursuant to the Reorganization, Old LTIP Units were converted into an equal number of shares of common stock of NRFC Sub-REIT Corp. (refer to Note 14) and holders of such shares received an equal number of shares of NSAM’s common stock in connection with the spin-off, all of which generally remain subject to the same vesting and other terms that applied prior to the spin-off. Old LTIP Units that remain subject to vesting are herein referred to as restricted stock. Deferred LTIP Units are equity awards representing the right to receive either LTIP units in the Company’s successor operating partnership or, if such LTIP units are not available upon settlement of the award, shares of common stock of the Company. Equity and equity-based awards relating to the Company’s common stock, such as RSUs and such Deferred LTIP Units, were adjusted to also relate to an equal number of shares of NSAM’s common stock, but otherwise generally remain subject to the same vesting and other terms that applied prior to the spin-off. Vesting conditions for outstanding awards have been adjusted to reflect the impact of NSAM in terms of employment for service based on awards and total stockholder return for performance-based awards with respect to periods after the spin-off.
	Following the spin-off, the Company and the compensation committee of its board of directors (the “Committee”) continues to administer all awards issued under the NorthStar Realty Equity Plans but NSAM is obligated to issue shares of NSAM’s common stock or other equity awards of its subsidiaries or make cash payments in lieu thereof with respect to dividend or distribution equivalent obligations to the extent required by such awards previously issued under the NorthStar Realty Equity Plans. These awards will continue to be governed by the NorthStar Realty Equity Plans, as applicable, and shares of NSAM’s common stock issued pursuant to these awards will not be issued pursuant to, or reduce availability, under the NorthStar Realty Equity Plans.
	Additionally, in connection with the spin-off and pursuant to an employee matters agreement, the Company agreed to make the cash portion of any incentive payment to NSAM’s employees for services performed in 2014 through the date of the spin-off. As a result, the Company is responsible for paying approximately 50% of the 2014 annual cash and long-term bonuses earned under the NorthStar Asset Management Group Inc. Executive Incentive Bonus Plan (“NSAM Bonus Plan”). Long-term bonuses will be paid to executives in both Company and NSAM equity-based awards, subject to performance-based and time-based vesting conditions over the four-year performance period from January 1, 2014 through December 31, 2017.
	Furthermore, pursuant to the management agreement with NSAM, the Company will pay directly or reimburse NSAM for up to 50% of any long-term bonus or other compensation that NSAM's compensation committee determines shall be paid and/or settled in the form of equity and/or equity-based compensation to NSAM's executives, employees and service providers in connection with the performance of services under the management agreement. At the discretion of the Committee, this compensation may be granted in shares of the Company's restricted stock, restricted stock units, LTIP units or other forms of equity compensation or stock-based awards.
	All of the adjustments made in connection with the Reorganization, Reverse Split and the spin-off were deemed to be equitable adjustments pursuant to anti-dilution provisions in accordance with the terms of the NorthStar Realty Equity Plans. As a result, there was no incremental value attributed to these adjustments and these adjustments do not impact the amount recorded for equity-based compensation expense for the years ended December 31, 2014, 2013 and 2012.
	The following summarizes the equity-based compensation plans and related expenses.
	All share amounts disclosed below have been retrospectively adjusted to reflect the Reverse Split.
	NorthStar Realty Equity Plans
	Omnibus Stock Incentive Plan
	In September 2004, the board of directors of the Company adopted the Stock Plan, and such plan, as amended and restated, was further adopted by the board of directors of the Company on April 17, 2013 and approved by the stockholders on May 29, 2013. The Stock Plan provides for the issuance of stock-based incentive awards, including incentive stock options, non-qualified stock options, stock appreciation rights, shares of common stock of the Company, in the form of restricted stock and other equity-based awards such as LTIP units or any combination of the foregoing. The eligible participants in the Stock Plan include directors, officers, employees, consultants and advisors of the Company.
	As of December 31, 2014, 3,886,770 shares of common stock remain available for issuance pursuant to the Stock Plan, which includes shares reserved for issuance upon settlement of outstanding Deferred LTIP Units and RSUs and 686,262 shares of restricted stock (net of forfeitures), after giving effect to the Reverse Split. As noted above, in connection with the spin-off, each outstanding Old LTIP Unit received an equal number of shares of NSAM’s common stock and each Deferred LTIP Unit award was adjusted to also relate to an equal number of Deferred LTIP Units in NSAM. Holders of shares of restricted stock or Deferred LTIP Units are entitled to receive dividends or dividend equivalents with respect to both the Company and NSAM on shares of restricted stock and vested and unvested Deferred LTIP Units for as long as such shares and Deferred LTIP Units remain outstanding.
	Incentive Compensation Plan
	In July 2009, the Committee approved the material terms of the Plan for the Company’s executive officers and other employees. Pursuant to the Plan, an incentive pool was established each calendar year through 2013. The size of the incentive pool was calculated as the sum of: (a) 1.75% of the Company’s “adjusted equity capital” for the year; and (b) 25% of the Company’s adjusted funds from operations, as adjusted, above a 9% return hurdle on adjusted equity capital. Payout from the incentive pool is or was subject to achievement of additional performance and/or time-based goals summarized below.
	The portion of the incentive pool for the executive officers was divided into the following three separate incentive compensation components: (a) an annual cash bonus, tied to annual performance of the Company and paid prior to or shortly after completion of the year-end audit (“Annual Bonus”); (b) a deferred bonus, determined based on the same year’s performance, but paid 50% following the close of each of the first and second years after such incentive pool is determined, subject to the participant’s continued employment through each payment date (“Deferred Bonus”); and (c) a long-term incentive in the form of RSUs, LTIP units and/or Deferred LTIP Units. RSUs are subject to the Company achieving cumulative performance hurdles and/or total stockholder return hurdles established by the Committee for a three- or four-year period, subject to the participant’s continued employment through the payment date. Upon the conclusion of the applicable performance period, each executive officer will receive a payout, if any, equal to the value of one share of common stock at the time of such payout, including the dividends paid with respect to a share of common stock following the first year of the applicable performance period, for each RSU actually earned (the “Long-Term Amount Value”). The Long-Term Amount Value, if any, will be paid in the form of shares of common stock or LTIP units in the Company’s successor operating partnership to the extent available under the NorthStar Realty Equity Plans and, pursuant to adjustments made in connection with the spin-off, an equal number of shares of NSAM’s common stock or LTIP units in NSAM’s operating partnership, if any, or, if all or a portion of such shares or LTIP units are not available, in cash (the “Long Term Amount Payout”). These performance based RSUs were adjusted to refer to combined total stockholder return of the Company and NSAM with respect to periods after the spin-off. Old LTIP Units (converted into common stock of the Company in the Reorganization) or Deferred LTIP Units granted as a portion of the long-term incentive are subject to vesting based on continued employment during the performance period, but are not subject to performance-based vesting hurdles.
	In connection with the 2011 Plan, the Company issued 762,898 RSUs to executive officers, after giving effect to the Reverse Split, which were subject to vesting based on continued employment and achieving total stockholder return hurdles for the four-year period ending December 31, 2014. The grant date fair value was $5.40, adjusted for the Reverse Split, determined using a risk-free interest rate of 0.42%. As of December 31, 2014, the Company determined the performance hurdle was met which resulted in all of these RSUs vesting. As a result, to settle these RSUs, on January 1, 2015 the Company issued 49,149 shares of common stock, net of the minimum statutory tax withholding requirements, and the Company will issue 669,743 LTIP Units in a newly-formed operating partnership later in 2015. At the same time, the Company granted 762,898 Old LTIP Units to executive officers, after giving effect to the Reverse Split, which were subject to vesting in four annual installments ending on January 29, 2015. The Company also granted 302,692 Old LTIP Units (net of forfeitures), after giving effect to the Reverse Split to certain non-executive employees, which vest quarterly over three years beginning April 2012, subject to continued employment through the applicable vesting date.
	In connection with the 2012 Plan, the Company issued 704,839 RSUs to executive officers, after giving effect to the Reverse Split, subject to continued employment and achieving total stockholder return hurdles for the four-year period ending December 31, 2015. The grant date fair value was $12.32, adjusted for the Reverse Split, determined using a risk-free interest rate of 0.44%. The Company does not yet know whether it is probable that such measure will be achieved and that such RSUs will be earned. Upon conclusion of the applicable performance period, each executive officer will receive the Long Term Amount Payout (if earned). In connection with the 2012 Plan, the Company granted 704,839 Old LTIP Units to executive officers, after giving effect to the Reverse Split, which were subject to vesting in four annual installments beginning on January 29, 2013, subject to the executive officer’s continued employment through the applicable vesting date, and which may not be sold prior to December 31, 2015. The Company also granted 289,975 Old LTIP Units (net of forfeitures), after giving effect to the Reverse Split, as of December 31, 2014 to certain non-executive employees which vest quarterly over three years beginning April 2013, subject to continued employment through the applicable vesting date.
	In connection with the 2013 Plan, the Company issued 500,371 RSUs to executive officers, after giving effect to the Reverse Split, subject to continued employment and achieving total stockholder return hurdles for the four-year period ending December 31, 2016. The grant date fair value was $26.96, adjusted for the Reverse Split, determined using a risk-free interest rate of 0.63%. The Company does not yet know whether it is probable that such measure will be achieved and that such RSUs will be earned. Upon conclusion of the applicable performance period, each executive officer will receive the Long Term Amount Payout (if earned). In connection with the 2013 Plan, the Company also granted 500,371 Deferred LTIP Units, after giving effect to the Reverse Split, to executive officers which vest in four annual installments beginning on January 29, 2014, subject to the executive officer’s continued employment through the applicable vesting date, and may not be sold prior to December 31, 2016, and 261,577 Deferred LTIP Units, after giving effect to the Reverse Split, as of December 31, 2014 which are subject to vesting based on continued employment through December 31, 2015. The Company also granted 276,105 of Deferred LTIP Units (net of forfeitures), after giving effect to the Reverse Split, to certain non-executive employees which vest quarterly over three years beginning April 2014, subject to continued employment through the applicable vesting date.
	NSAM Bonus Plan
	In connection with the 2014 NSAM Bonus Plan, approximately 31.65% of the long-term bonuses are to be paid in the Company’s LTIP Units. The remainder of the long-term bonus of approximately 18.35% will also be paid by the Company by issuing RSUs. In connection with the long-term bonuses to be paid by the Company, in February 2015, the Company granted 1,038,233 Deferred LTIP Units to executive officers which vest in four annual installments beginning on December 31, 2014, subject to the executive officer’s continued employment through the applicable vesting date. The Company also granted 584,879 RSUs to executive officers, subject to continued employment and achieving total stockholder return hurdles for the four-year period ending December 31, 2017. In February 2015, the Company also granted 698,880 Deferred LTIPs to certain non-executive employees, with substantially similar terms to the executive awards subject to time based vesting conditions.
	Other Issuances
	Healthcare Strategic Joint Venture
	In connection with entering into the Healthcare Strategic Partnership, the Company granted Mr. Flaherty 500,000 RSUs on January 22, 2014, adjusted to reflect the Reverse Split, which vest on January 22, 2019, unless certain conditions are met. In connection with the spin-off, the RSUs granted to Mr. Flaherty were adjusted to also relate to an equal number of shares of NSAM’s common stock. The RSUs are entitled to dividend equivalents prior to vesting and may be settled either in shares of common stock of the Company or in cash at the option of the Company.
	Summary
	The year ended December 31, 2014 includes: (i) the Company’s equity-based compensation for the six months ended December 31, 2014 following the spin-off of the Company’s historical asset management business on June 30, 2014; and (ii) the Company’s equity-based compensation for the six months ended June 30, 2014, including an allocation to NSAM recorded to discontinued operations. The Company’s historical equity-based compensation for the years ended December 31, 2013 and 2012 is prepared on the same basis as the six months ended June 30, 2014.
	The following table presents equity-based compensation expense for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands):
		Years Ended December 31,
		2014			2013		2012
	NorthStar Realty	$	24,885		$	11,784	$	8,593
	Allocation to NSAM (1)	13,745			5,177		4,224
	Total	$	38,630	(2)	$	16,961	$	12,817
	___________________________________________________________
	-1	Recorded in discontinued operations. The allocation to NSAM for 2014 represents equity-based compensation expense for the six months ended June 30, 2014.
	-2	Represents $28.0 million related to the NorthStar Realty Equity Plans and $10.6 million related to the NSAM Stock Plan.
	The following table presents a summary of Old LTIP Units and Deferred LTIP Units. The balance as of December 31, 2014 represents unvested Old LTIP Units (representing shares of restricted stock) and Deferred LTIP Units that are outstanding, whether vested or not (grants in thousands):
		Year Ended December 31, 2014
		Grants		Weighted
				Average
				Grant Price(5)
	Beginning balance(1)	4,609		$	14.31
	Granted(2)	1,189		30.55
	Converted to common stock	(647	)	17.31
	Forfeited	(5	)	20.48
	Vested Old LTIP Units converted to common stock in the Reorganization(3)	(3,178	)	14.52
	Vesting of restricted stock post-spin	(95	)	13.43
	Ending balance/weighted average(4)	1,873		$	23.25
	____________________________________________________________
	-1	Includes 349,071 Old LTIP Units issued in connection with the NorthStar Realty Finance Corp. 2004 Long-Term Incentive Bonus Plan of which 333,755 Old LTIP Units have been converted. The remaining 15,316 Old LTIP Units were converted to common stock in the spin-off.
	-2	Awards were grants in the form of Old LTIP Units for the year ended December 31, 2013 and Deferred LTIP Units for the year ended December 31, 2014.
	-3	Represents vested Old LTIP Units that were converted to the Company’s common stock in connection with the Reorganization.
	-4	Includes 686,185 shares of restricted stock, 227,693 vested Deferred LTIP Units and 958,966 unvested Deferred LTIP Units as of December 31, 2014.
	-5	Amounts have been retrospectively adjusted to reflect the Reverse Split.
	As of December 31, 2014, equity-based compensation expense to be recognized over the remaining vesting period, excluding equity-based compensation expense for awards to non-employees recorded at fair value, through April 2018 is $19.1 million, provided there are no forfeitures.

Related_Party_Arrangements

Related Party Arrangements	12 Months Ended
	Dec. 31, 2014
Related Party Transactions [Abstract]
Related Party Arrangements	Related Party Arrangements
	NorthStar Asset Management Group
	Management Agreement
	Upon completion of the spin-off of the Company’s asset management business, the Company entered into a management agreement with an affiliate of NSAM for an initial term of 20 years, which will be automatically renewed for additional 20-year terms each anniversary thereafter unless earlier terminated. As asset manager, NSAM is responsible for the Company’s day-to-day operations, subject to the supervision of the Company’s board of directors. Through its global network of subsidiaries and branch offices, NSAM performs services and activities relating to, among other things, investments and financing, portfolio management and other administrative services, such as accounting and investor relations, to the Company and its subsidiaries other than the Company’s CRE loan origination business. The management agreement with NSAM provides for a base management and incentive fee.
	For the six months ended December 31, 2014, the Company incurred $79.4 million related to the base management fee, $41.4 million of which is recorded in due to related party on the consolidated balance sheets. The management contract with NSAM commenced on July 1, 2014, and as such, there were no management fees incurred for the six months ended June 30, 2014. The base management fee to NSAM will increase subsequent to December 31, 2014 by an amount equal to 1.5% per annum of the sum of:
	•	cumulative net proceeds of all future common equity and preferred equity issued by the Company;
	•	equity issued by the Company in exchange or conversion of exchangeable senior notes based on the stock price at the date of issuance;
	•	any other issuances by the Company of common equity, preferred equity or other forms of equity, including but not limited to limited partnership interests in an operating partnership (“LTIP units”) (excluding equity-based compensation, but including issuances related to an acquisition, investment, joint venture or partnership); and
	•	cumulative cash available for distribution (“CAD”) of the Company in excess of cumulative distributions paid on common stock, LTIP units or other equity awards beginning the first full calendar quarter after the spin-off.
	Additionally, the Company’s equity interest in RXR Realty and Aerium is structured so that NSAM is entitled to the portion of distributable cash flow from each investment in excess of the $10 million minimum annual base amount.
	For the six months ended December 31, 2014, the Company incurred $3.3 million related to the incentive management fee, $2.0 million of which is recorded in due to related party on the consolidated balance sheets. The incentive management fee is calculated and payable quarterly in arrears in cash, equal to:
	•	the product of: (a) 15% and (b) the Company’s CAD before such incentive fee, divided by the weighted average shares outstanding for the calendar quarter, when such amount is in excess of $0.39 per share but less than $0.45 per share; plus
	•	the product of: (a) 25% and (b) the Company’s CAD before such incentive fee, divided by the weighted average shares outstanding for the calendar quarter, when such amount is equal to or in excess of $0.45 per share;
	•	multiplied by the Company’s weighted average shares outstanding for the calendar quarter.
	In addition, NSAM may also earn an incentive fee from the Company’s healthcare investments in connection with NSAM’s Healthcare Strategic Partnership (refer to below).
	Weighted average shares represents the number of shares of the Company’s common stock, LTIP units or other equity-based awards (with some exclusions), outstanding on a daily weighted average basis. With respect to the base management fee, all equity issuances are allocated on a daily weighted average basis during the fiscal quarter of issuances.
	Furthermore, if the Company were to spin-off any asset or business in the future, including the Proposed European Spin, such entity would be managed by NSAM on terms substantially similar to those set forth in the management agreement between the Company and NSAM. The management agreement further provides that the aggregate base management fee in place immediately after any future spin-off will not be less than the aggregate base management fee in place at the Company immediately prior to such spin-off.
	Payment of Costs and Expenses and Expense Allocation
	The Company is responsible for all of its direct costs and expenses and will reimburse NSAM for costs and expenses incurred by NSAM on its behalf. In addition to the Company’s costs and expenses, following the Distribution, the Company is obligated to reimburse NSAM for additional costs and expenses incurred by NSAM for an amount not to exceed the following: (i) 20% of the combined total of: (a) the Company’s general and administrative expenses as reported in its consolidated financial statements excluding: (1) equity-based compensation expense, (2) non-recurring items, (3) fees payable to NSAM under the terms of the management agreement and (4) any allocation of expenses from the Company (“NorthStar Realty G&A”); and (b) NSAM’s general and administrative expenses as reported in its consolidated financial statements, excluding equity-based compensation expense and adding back any costs or expenses allocated to any managed company of NSAM, less (ii) the NorthStar Realty G&A. For the six months ended December 31, 2014, NSAM allocated $5.2 million to the Company, of which $4.0 million is recorded in due to related party on the consolidated balance sheets. In addition, the Company will also pay directly or reimburse NSAM for an allocable portion of any severance paid pursuant to any employment, consulting or similar service agreements in effect between NSAM and any of its executives, employees or other services providers.
	Investment Opportunities
	Under the management agreement, the Company agreed to make available to NSAM for the benefit of NSAM and its managed companies, including the Company, all investment opportunities sourced by the Company. NSAM agreed to fairly allocate such opportunities among NSAM’s managed companies, including the Company and NSAM in accordance with an investment allocation policy. Pursuant to the management agreement, the Company is entitled to fair and reasonable compensation for its services in connection with any loan origination opportunities sourced by the Company, which may include first mortgage loans, subordinate mortgage interests, mezzanine loans and preferred equity interests, in each case relating to commercial real estate.
	NSAM provides services with regard to such areas as payroll, human resources and employee benefits, financial systems management, treasury and cash management, accounts payable services, telecommunications services, information technology services, property management services, legal and accounting services and various other corporate services to the Company as it relates to its loan origination business for CRE debt.
	Credit Agreement
	In connection with the Distribution, the Company entered into a revolving credit agreement with NSAM pursuant to which the Company makes available to NSAM, on an “as available basis,” up to $250 million of financing for a five year term at LIBOR plus 3.50%. The revolving credit facility is unsecured. NSAM expects to use the proceeds for general corporate purposes, including potential future acquisitions.  In addition, NSAM may use the proceeds to acquire assets on behalf of its managed companies, including the Company, that it intends to allocate to such managed company but for which such managed company may not then have immediately available funds. The terms of the revolving credit facility contain various representations, warranties, covenants and conditions, including the condition that the Company’s obligation to advance proceeds to NSAM is dependent upon the Company and its affiliates having at least $100 million of either unrestricted cash and cash equivalents or amounts available under committed lines of credit, after taking into account the amount NSAM seeks to draw under the facility. As of December 31, 2014, the Company has not funded any amounts to NSAM in connection with this agreement.
	Healthcare Strategic Joint Venture
	In January 2014, NSAM entered into a long-term strategic partnership with James F. Flaherty III, former Chief Executive Officer of HCP, Inc., focused on expanding the Company’s healthcare business into a preeminent healthcare platform (“Healthcare Strategic Partnership”). In connection with the partnership, Mr. Flaherty oversees and seeks to grow both the Company’s healthcare real estate portfolio and the portfolio of NorthStar Healthcare. In connection with entering into the partnership, the Company granted Mr. Flaherty certain RSUs (refer to Note 12). The Healthcare Strategic Partnership is entitled to incentive fees ranging from 20% to 25% above certain hurdles for new and existing healthcare real estate investments held by the Company. For the year ended December 31, 2014, the Company did not incur any incentive fees related to the Healthcare Strategic Partnership.
	N-Star CDOs
	The Company earns certain collateral management fees from the N-Star CDOs primarily for administrative services. Such fees are recorded in other revenue in the consolidated statements of operations. For the years ended December 31, 2014, 2013 and 2012, the Company earned $5.9 million, $11.1 million and $14.4 million in fee income, respectively, of which $2.6 million, $10.4 million and $14.4 million, respectively, were eliminated in consolidation. Prior to the third quarter 2013, all amounts were eliminated in consolidation as all of the N-Star CDOs were consolidated by the Company.
	Additionally, the Company earns interest income from the N-Star CDO bonds and N-Star CDO equity in deconsolidated N-Star CDOs. For the years ended December 31, 2014 and 2013, the Company earned $71.6 million and $11.7 million of interest income from such investments in deconsolidated N-Star CDOs.
	Securitization 2012-1
	The Company entered into an agreement with NorthStar Income that provides that both the Company and NorthStar Income receive the economic benefit and bear the economic risk associated with the investments each contributed into Securitization 2012-1, a securitization transaction entered into by the Company and NorthStar Income. In both cases, the respective retained equity interest of the Company and NorthStar Income is subordinate to interests of the investment-grade bondholders of Securitization 2012-1 and the investment-grade bondholders have no recourse to the general credit of the Company or NorthStar Income. In the event that either the Company or NorthStar Income suffer a complete loss of the retained equity interests in Securitization 2012-1, any additional losses would be borne by the remaining retained equity interests held by the Company or NorthStar Income, as the case may be, prior to the investment-grade bondholders.
	American Healthcare Investors
	In December 2014, NSAM acquired an approximate 44% interest in American Healthcare Investors LLC (“AHI”) and James F. Flaherty III, a strategic partner of NSAM acquired a 9% interest in AHI. AHI is a healthcare-focused real estate investment management firm that co-sponsored and advised Griffin-American, until Griffin-American was acquired by the Company and NorthStar Healthcare.  In connection with this acquisition, AHI will provide certain management and related services, including property management, to NSAM, NorthStar Healthcare and the Company to assist NSAM in managing the current and future healthcare assets (excluding any joint venture assets) acquired by the Company and, subject to certain conditions, other NSAM managed companies.
	Island Hospitality Management
	In January 2015, NSAM acquired an approximate 45% interest in Island Hospitality Management Inc. (“Island”). Island is a leading, independent select service hotel management company that currently manages 143 hotel properties, representing $3.7 billion, of which 101 hotel properties are owned by the Company.
	Legacy Commercial
	In September 2014, the Company entered into a debt and equity investment with Legacy Commercial, comprised of a 40% interest in entities affiliated with Legacy Commercial (refer to Note 7) and loans to certain Legacy Commercial entities totaling $30.0 million (collectively the “Legacy Investment”). C. Preston Butcher, a former director of the Company, held certain preferred and other significant interests in Legacy Commercial and was the chairman of the board of directors and chief executive officer of Legacy Commercial. $14.8 million of the proceeds from the Legacy Investment will be used by the Legacy Commercial Entities for future investments, subject to certain approval rights held by the Company and $15.2 million of the proceeds of the Legacy Investment was used by the Legacy Commercial Entities to redeem the majority of the interests held by Mr. Butcher and a family limited partnership controlled by Mr. Butcher in the Legacy Commercial Entities. The Legacy Investment was made on a pari passu basis with the investment held by the two remaining partners in Legacy Commercial, Mr. Butcher and certain employees of Legacy Commercial. The Company owns 75% of the senior debt and preferred equity and 40% of the common equity issued by the applicable Legacy Commercial Entities. Mr. Butcher and a family limited partnership controlled by Mr. Butcher received total consideration of $30.0 million, of which $14.8 million was in the form of a cash distribution from the Legacy Commercial Entities and $15.2 million was funded from the Legacy Investment. At closing, Mr. Butcher retained a 15.3% indirect interest in the senior debt and 15.3% indirect interest in the preferred equity issued by the applicable Legacy Commercial Entities. In addition, a family limited partnership controlled by Mr. Butcher indirectly owns 10% of the common equity issued by the applicable Legacy Commercial Entities. The transaction also includes up to an additional $10.0 million in future preferred loans from the Company for additional real estate investments, subject to the Company’s approval. In connection with this transaction, Mr. Butcher stepped down as chairman and chief executive officer of Legacy Commercial and retains no ongoing voting or decision making rights.  Subject to certain approval rights held by the Company, Mr. Butcher has been hired as an employee of a Legacy Commercial Entity and Legacy Commercial is now controlled by the two remaining principals. Mr. Butcher retained his ownership interests in Legacy Partners Residential, Inc. and certain other related entities and companies that are not owned by Legacy Commercial or any Legacy Commercial Entity in which the Company is making investments.
	NorthStar Income II
	In January 2014, the Company sold a $9.0 million pari passu participation in a first mortgage loan at cost originated by the Company to NorthStar Income II. Additionally, in April 2014, the Company sold a $5.0 million pari passu participation in a first mortgage loan at cost to NorthStar Income II. Such sales were approved by the independent board of directors of NorthStar Income II.
	West Point Partners
	In June 2014, the Company paid $0.8 million to West Point Partners LLC (“West Point Partners”) in connection with its services facilitating the acquisition of the Innkeepers Portfolio for an aggregate purchase price of approximately $1.1 billion, including all costs, reserves and escrows (refer to Note 4). West Point Partners is a real estate investment and advisory firm based in New York. Sridhar Sambamurthy, who was a member of the board of directors of the Company at the time of such payment, is managing principal and co-founder of West Point Partners and owns a 50% interest in that company and consequently ceased to be independent at that time. Mr. Sambamurthy is no longer a member of the Company’s board of directors.

Stockholders_Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2014
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders’ Equity
	Reverse Split
	On June 30, 2014, the Company effected a Reverse Split of its common stock with any fractional shares settled in cash. As a result of the Reverse Split, the common stock was reduced by dividing the par value prior to the Reverse Split by two (including retrospective adjustment of prior periods) with a corresponding increase to additional paid-in capital. The par value per share of common stock remained unchanged.
	All share and per share amounts disclosed in the Company’s consolidated financial statements and the accompanying notes have been retrospectively adjusted to reflect the Reverse Split, including common stock outstanding, earnings per share and shares or units outstanding related to equity-based compensation (refer to Note 12).
	Common Stock
	In January 2014, as part of the consideration for the investment in RXR Realty, the Company issued 677,570 shares of its common stock, after giving effect to the Reverse Split, in a private offering to an RXR Realty affiliate. Such amount was granted in December 2013 resulting in an increase to additional paid-in capital in 2013 of $17.7 million. This amount is recorded as a premium on the related CRE debt investments and is amortized to interest income over the life of the debt, using the effective interest method, in the consolidated statements of operations.
	In May 2014, the Company issued 17.25 million shares of its common stock at a public offering price of $30.90 per share, after giving effect to the Reverse Split, which includes the full over-allotment option exercised by the underwriters of the offering. The net proceeds to the Company were $519.0 million.
	In June 2014, as part of the consideration for the investment in Aerium, the Company issued 208,819 shares of its common stock in a private offering to an Aerium affiliate at an agreed upon price of $32.52 per share, after giving effect to the Reverse Split, resulting in an increase to additional paid-in capital of $6.8 million or €5 million.
	In June 2014, the Company settled all outstanding warrants in a cashless exercise issuing 799,500 shares of its common stock, after giving effect to the Reverse Split.
	In September 2014, the Company issued 15.0 million shares of its common stock at a public offering price of $18.40 per share and received net proceeds of $268.6 million. In connection with this offering, the Company entered into a forward sale agreement with a financial institution to issue an aggregate of 30.0 million shares of its common stock, subject to certain conditions. The forward sale agreement generally provides for settlement on one or more dates specified by the Company on or prior to March 4, 2015, subject to acceleration upon the occurrence of certain events. On a settlement date, if the Company decides to physically settle all or a portion of the forward sale agreement, it will issue common stock to such financial institution at the then-applicable forward sale price multiplied by 0.995. The initial forward sale price is equal to $17.95 per share. The forward sale agreement provides that the forward sale price will be adjusted based on the federal funds rate less the stock loan rate specified in the forward sale agreement and will be decreased by amounts related to expected dividends on the Company’s common stock during the term of the forward sale agreement. As of December 31, 2014, the Company issued 23.0 million shares of common stock under this forward sale agreement for net proceeds of $403.5 million. Subsequent to year end, the Company issued the remaining 7.0 million shares of common stock under its forward sale agreement for net proceeds of $122.2 million.
	In December 2014, as part of the consideration for the merger of Griffin-American, the Company issued 60.8 million shares of its common stock at a price of $18.11 per share resulting in an increase to additional paid-in capital of $1.1 billion.
	Preferred Stock
	The following table presents classes of cumulative redeemable preferred stock issued in a public offering and outstanding as of December 31, 2014 (dollars in thousands):
			Number of Shares		Amount (1)
	Series A 8.75%		2,466,689		$	59,453
	Series B 8.25%		13,998,905		323,757
	Series C 8.875%(2)		5,000,000		120,808
	Series D 8.50%(2)		8,000,000		193,334
	Series E 8.75%(2)		10,000,000		241,766
	Total		39,465,594		$	939,118
	__________________________________
	-1	250 million shares have been authorized and all shares have a $0.01 par value. All preferred shares have a $25 per share liquidation preference.
	-2	The Series C, D and E shares are currently not callable.
	Dividend Reinvestment Plan
	In April 2007, as amended effective January 1, 2012, the Company implemented a Dividend Reinvestment Plan (the “DRP”), pursuant to which it registered with the SEC and reserved for issuance 7,139,923 shares of its common stock, after giving effect to the Reverse Split. Pursuant to the amended terms of the DRP, stockholders are able to automatically reinvest all or a portion of their dividends for additional shares of the Company’s common stock. The Company expects to use the proceeds from the DRP for general corporate purposes. For the year ended December 31, 2014, the Company issued 9,374 shares of its common stock pursuant to the DRP, after giving effect to the Reverse Split, for gross proceeds of $0.2 million.
	Dividends
	The following table presents dividends declared (on a per share basis) for the years ended December 31, 2014, 2013 and 2012:
	Common Stock(1)					Preferred Stock
								Dividend Per Share
	Declaration		Dividend Per Share(2)			Declaration		Series A				Series B		Series C		Series D		Series E
	Date					Date
	2014
	26-Feb		$	0.5		29-Jan		$	0.54688			$	0.51563	$	0.55469	$	0.53125	N/A
	7-May		$	0.5		7-May		$	0.54688			$	0.51563	$	0.55469	$	0.53125	N/A
	6-Aug		$	0.5		6-Aug		$	0.54688			$	0.51563	$	0.55469	$	0.53125	$	0.5469
	29-Oct		$	0.4	(3)	29-Oct		$	0.54688			$	0.51563	$	0.55469	$	0.53125	$	0.5469
	2013
	February 13		$	0.36		February 1		$	0.54688			$	0.51563	$	0.76424	N/A		N/A
	May 1		$	0.38		May 1		$	0.54688			$	0.51563	$	0.55469	$	0.2066	N/A
	31-Jul		$	0.4		31-Jul		$	0.54688			$	0.51563	$	0.55469	$	0.53125	N/A
	30-Oct		$	0.42		30-Oct		$	0.54688			$	0.51563	$	0.55469	$	0.53125	N/A
	2012
	February 15		$	0.27		30-Jan		$	0.54688			$	0.51563	N/A		N/A		N/A
	May 2		$	0.3		May 2		$	0.54688			$	0.51563	N/A		N/A		N/A
	2-Aug		$	0.32		2-Aug		$	0.54688			$	0.51563	N/A		N/A		N/A
	1-Nov		$	0.34		1-Nov		$	0.54688			$	0.51563	N/A		N/A		N/A
	______________________
	-1	For the year ended December 31, 2014, approximately 17% of distributions paid was ordinary income and 83% was a return of capital. For the year ended December 31, 2013, 100% of distributions paid was a return of capital. For the year ended December 31, 2012, 100% of distributions paid was ordinary income.
	-2	Adjusted for the Reverse Split effected on June 30, 2014.
	-3	Represents the first dividend subsequent to the spin-off of NSAM.
	Earnings Per Share
	The following table presents EPS for the years ended December 31, 2014, 2013 and 2012 (dollars and shares in thousands, except per share data):
		Years Ended December 31,
		2014			2013				2012
	Numerator:
	Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	$	(371,507	)	$	(137,453	)		$	(288,587	)
	Net income (loss) attributable to Old LTIP Units non-controlling interest	(5,296		)	(5,571		)		(13,962		)
	Net income (loss) attributable to common stockholders and Old LTIP Units(1)	$	(376,803	)	$	(143,024	)		$	(302,549	)
	Denominator:(2)
	Weighted average shares of common stock	196,072			105,908				62,599
	Weighted average Old LTIP Units(1)	1,919			4,581				3,013
	Weighted average shares of common stock and Old LTIP Units(3)	197,991			110,489				65,612
	Earnings (loss) per share:(2)
	Basic	$	(1.89	)	$	(1.30	)		$	(4.61	)
Diluted	$	(1.89	)	$	(1.30	)		$	(4.61	)
____________________________________________________________
-1	The EPS calculation takes into account Old LTIP Units, which received non-forfeitable dividends from the date of grant, shared equally in the Company’s net income (loss) and converted on a one-for-one basis into common stock. Such Old LTIP Units were converted to common stock, the unvested portion of which remain restricted, in connection with the Reorganization (refer to Note 12).
-2	Adjusted for the Reverse Split effected on June 30, 2014.
-3	Excludes the effect of exchangeable senior notes, Deferred LTIP Units, shares under the forward sale agreement and RSUs outstanding that were not dilutive as of December 31, 2014. These instruments could potentially impact diluted EPS in future periods, depending on changes in the Company’s stock price and other factors.

Noncontrolling_Interests

Non-controlling Interests	12 Months Ended
	Dec. 31, 2014
Noncontrolling Interest [Abstract]
Non-controlling Interests	Non-controlling Interests
	Reorganization
	Prior to the Distribution, the Company’s predecessor, NorthStar Realty Finance Corp. (“NRF Predecessor”), conducted substantially all of its operations and made its investments through the Operating Partnership and the Company (formerly known as “NRFC Sub-REIT Corp.”), NRF Predecessor’s then-majority-owned subsidiary. In connection with the Reorganization, the Operating Partnership merged with and into NRF Predecessor with NRF Predecessor as the surviving entity (“OP Merger”). Second, NRF Predecessor merged with and into the Company (known at the time as NRFC Sub-REIT Corp.) with the Company as the surviving entity (“Sub-REIT Merger”) and then NRFC Sub-REIT Corp. renamed itself as “NorthStar Realty Finance Corp.” In the OP Merger, Old LTIP Units were converted into an equal number of shares of common stock of NRFC Sub-REIT Corp. In the Sub-REIT Merger, each share of common stock and each series of the preferred stock of NRF Predecessor were exchanged for one share of common stock and the corresponding series of preferred stock with substantially similar terms, respectively, of the Company. Immediately after the Reorganization, the Company had the same number of shares of common stock and preferred stock outstanding as NRF Predecessor, except for the Old LTIP Units. On June 30, 2014 prior to the OP Merger, the Old LTIP Units represented 2.2% of the Operating Partnership with the remaining 97.8% held by NRF Predecessor. As a result of the OP Merger, the Old LTIP Units were converted to common stock of the Company.
	Prior to the spin-off, net income (loss) attributable to the non-controlling interest was based on the weighted average Old LTIP Unit holders’ ownership percentage of the Operating Partnership for the respective period. The issuance of additional common stock or Old LTIP Units changed the percentage ownership of both the Old LTIP Unit holders and the Company. Since a unit was generally redeemable for cash or common stock at the option of the Company, it was deemed to be equivalent to common stock. Therefore, such transactions were treated as capital transactions and resulted in an allocation between stockholders’ equity and non-controlling interests on the accompanying consolidated balance sheets to account for the change in the ownership of the underlying equity in the Operating Partnership. As of December 31, 2014, there were no Old LTIP Units outstanding as all were converted to common stock in connection with the Reorganization and the unvested portion remains restricted (refer to Note 12). As of December 31, 2013, Old LTIP Units of 4,608,759 were outstanding, after giving effect to the Reverse Split, representing a 2.9% ownership and non-controlling interest in the Operating Partnership. Net income (loss) attributable to the Operating Partnership non-controlling interest for the six months ended June 30, 2014 was a loss of $5.3 million. Net income (loss) attributable to the Operating Partnership non-controlling interest for the years ended December 31, 2013 and 2012 was a loss of $5.6 million and $14.0 million, respectively. Since the Operating Partnership does not exist subsequent to the spin-off, there was no allocation of net income (loss) attributable to the Operating Partnership non-controlling interest for the six months ended December 31, 2014. Such amounts exclude 1,186,659 Deferred LTIP Units, net of forfeitures, after giving effect to the Reverse Split, issued in connection with the Stock Plan.
	In connection with the Reorganization, all obligations of the Operating Partnership and NRF Predecessor were assumed by the Company. Immediately following the Reorganization, the Company had, on a consolidated basis, the same assets, business and operations as NRF Predecessor had on a consolidated basis, immediately prior to the Reorganization. The Company accounted for the Reorganization as a reverse merger between entities under common control. The Company did not record any gain or loss related to the Reorganization.
	Other
	Other non-controlling interests represent third-party equity interests in ventures that are consolidated with the Company’s financial statements. Net income (loss) attributable to the other non-controlling interests for the years ended December 31, 2014, 2013 and 2012 was a loss of $17.6 million, $0.4 million and income of $2.4 million, respectively.
	The following table presents net income (loss) attributable to the Company’s common stockholders for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands):
		Years Ended December 31,
		2014			2013			2012
	Income (loss) from continuing operations	$	(363,541	)	$	(129,394	)	$	(290,451	)
	Income (loss) from discontinued operations	(7,966		)	(8,059		)	(123		)
	Gain on sale from discontinued operations	—			—			1,987
	Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	$	(371,507	)	$	(137,453	)	$	(288,587	)

Fair_Value

Fair Value	12 Months Ended
	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Fair Value	Fair Value
	Fair Value Measurement
	The fair value of financial instruments is categorized based on the priority of the inputs to the valuation technique and categorized into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.
	Financial assets and liabilities recorded at fair value on the consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows:
	Level 1. Quoted prices for identical assets or liabilities in an active market.
	Level 2. Financial assets and liabilities whose values are based on the following:
	(a)Quoted prices for similar assets or liabilities in active markets.
	(b)Quoted prices for identical or similar assets or liabilities in non-active markets.
	(c)Pricing models whose inputs are observable for substantially the full term of the asset or liability.
	(d)Pricing models whose inputs are derived principally from or corroborated by observable market data
	for substantially the full term of the asset or liability.
	Level 3. Prices or valuation techniques based on inputs that are both unobservable and significant to the overall fair value measurement.
	Determination of Fair Value
	The following is a description of the valuation techniques used to measure fair value of assets and liabilities accounted for at fair value on a recurring basis and the general classification of these instruments pursuant to the fair value hierarchy.
	PE Investments
	The Company accounts for PE Investments at fair value which is determined based on a valuation model using assumptions for the timing and amount of expected future cash flow for income and realization events for the underlying assets in the funds and discount rate. This fair value measurement is generally based on unobservable inputs and, as such, is classified as Level 3 of the fair value hierarchy. The Company is not using the NAV (practical expedient) of the underlying funds for purposes of determining fair value.
	Investments in Unconsolidated Ventures
	The Company accounts for certain investments in unconsolidated ventures at fair value determined based on a valuation model using assumptions for the timing and amount of expected future cash flow for income and realization events for the underlying assets and discount rate and foreign currency exchange rate considerations. Additionally, the Company accounts for certain CRE debt investments made in connection with certain investments in unconsolidated ventures at fair value, which is determined based on comparing the current yield to the estimated yield for newly originated loans with similar credit risk. These fair value measurements are generally based on unobservable inputs and, as such, are classified as Level 3 of the fair value hierarchy.
	Real Estate Securities
	N-Star CDO Bonds
	The fair value of subordinate N-Star CDO bonds is determined using an internal price interpolated based on third party prices of the more senior N-Star CDO bonds of the respective CDO. For the remaining N-Star CDO bonds, fair value is determined using quotations from nationally recognized financial institutions that generally acted as underwriter for the transactions. These quotations are not adjusted and are generally based on a valuation model with observable inputs such as interest rate and other unobservable inputs for assumptions related to the timing and amount of expected future cash flow, discount rate, estimated prepayments and projected losses. All N-Star CDO bonds are classified as Level 3 of the fair value hierarchy.
	N-Star CDO Equity
	The fair value of N-Star CDO equity is determined based on a valuation model using assumptions for the timing and amount of expected future cash flow for income and realization events for the underlying collateral of these CDOs and discount rate. This fair value measurement is generally based on unobservable inputs and, as such, is classified as Level 3 of the fair value hierarchy.
	Other CRE Securities
	Other CRE securities are generally valued using a third-party pricing service or broker quotations. These quotations are not adjusted and are based on observable inputs that can be validated, and as such, are classified as Level 2 of the fair value hierarchy. Certain CRE securities may be valued based on a single broker quote or an internal price which may have less observable pricing, and as such, would be 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 observable inputs, recent transactions as well as its knowledge of and experience in the market.
	Derivative Instruments
	Derivative instruments are valued using a third-party pricing service. These quotations are not adjusted and are generally based on valuation models with observable inputs such as interest rates and contractual cash flow, and as such, are classified as Level 2 of the fair value hierarchy. Derivative instruments are also assessed for credit valuation adjustments due to the risk of non-performance by the Company and derivative counterparties. However, since the majority of derivatives are held in non-recourse CDO financing structures where, by design, the derivative contracts are senior to all the CDO bonds payable, there is no material impact of a credit valuation adjustment.
	CDO Bonds Payable
	CDO bonds payable are valued using quotations from nationally recognized financial institutions that generally acted as underwriter for the transactions. These quotations are not adjusted and are generally based on a valuation model with observable inputs such as interest rate and other unobservable inputs for assumptions related to the timing and amount of expected future cash flow, discount rate, estimated prepayments and projected losses. CDO bonds payable are classified as Level 3 of the fair value hierarchy.
	Junior Subordinated Notes
	Junior subordinated notes are valued using quotations from nationally recognized financial institutions. These quotations are not adjusted and are generally based on a valuation model with observable inputs such as interest rate and other unobservable inputs for assumptions related to the implied credit spread of the Company’s other borrowings and the timing and amount of expected future cash flow. Junior subordinated notes are classified as Level 3 of the fair value hierarchy.
	Fair Value Hierarchy
	Financial assets and liabilities recorded at fair value on a recurring basis are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following tables present financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2014 and 2013 by level within the fair value hierarchy (dollars in thousands):
		December 31, 2014
		Level 1			Level 2			Level 3			Total
	Assets:
	PE Investments	$	—		$	—		$	962,038		$	962,038
	Investments in unconsolidated ventures(1)	—			—			276,437			276,437
	Real estate securities, available for sale:
	N-Star CDO bonds	—			—			262,309			262,309
	N-Star CDO equity	—			—			102,467			102,467
	CMBS and other securities	—			17,243			34,680			51,923
	CRE securities in N-Star CDOs
	CMBS	—			329,815			53,052			382,867
	Third-party CDO notes	—			—			23,218			23,218
	Agency debentures	—			40,529			—			40,529
	Unsecured REIT debt	—			9,351			—			9,351
	Trust preferred securities	—			—			5,850			5,850
	Subtotal CRE securities in N-Star CDOs	—			379,695			82,120			461,815
	Subtotal real estate securities, available for sale	—			396,938			481,576			878,514
	Derivative assets	—			3,245			—			3,245
	Total assets	$	—		$	400,183		$	1,720,051		$	2,120,234
	Liabilities:
	CDO bonds payable	$	—		$	—		$	390,068		$	390,068
	Junior subordinated notes	—			—			215,172			215,172
	Derivative liabilities	—			17,915			—			17,915
	Total liabilities	$	—		$	17,915		$	605,240		$	623,155
	_____________________________________________________________________
	-1	Includes certain CRE debt investments made in connection with certain investments in unconsolidated ventures, for which the fair value option was elected.
		December 31, 2013
		Level 1			Level 2			Level 3			Total
	Assets:
	PE Investments	$	—		$	—		$	586,018		$	586,018
	Investments in unconsolidated ventures(1)	—			—			192,419			192,419
Real estate securities, available for sale:
N-Star CDO bonds	—			—			205,287			205,287
N-Star CDO equity	—			—			158,274			158,274
CMBS and other securities	—			20,694			25,981			46,675
CRE securities in N-Star CDOs
CMBS	—			507,725			64,576			572,301
Third-party CDO notes	—						24,931			24,931
Agency debentures	—			29,540			—			29,540
Unsecured REIT debt	—			9,521			—			9,521
Trust preferred securities	—			—			5,791			5,791
Subtotal CRE securities in N-Star CDOs	—			546,786			95,298			642,084
Subtotal real estate securities, available for sale	—			567,480			484,840			1,052,320
Derivative assets	—			3,469			—			3,469
Total assets	$	—		$	570,949		$	1,263,277		$	1,834,226
Liabilities:
CDO bonds payable	$	—		$	—		$	384,183		$	384,183
Junior subordinated notes	—			—			201,203			201,203
Derivative liabilities	—			52,204			—			52,204
Total liabilities	$	—		$	52,204		$	585,386		$	637,590
_____________________________________________________________________
-1	Includes certain CRE debt investments made in connection with certain investments in unconsolidated ventures, for which the fair value option was elected.
The following table presents the changes in fair value of financial assets and liabilities which are measured at fair value on a recurring basis using Level 3 inputs to determine fair value for the year ended December 31, 2014 (dollars in thousands):
	Year Ended December 31, 2014
	PE Investments			Investments in Unconsolidated Ventures(1)			Real Estate			CDO Bonds			Junior
							Securities			Payable			Subordinated
													Notes
1-Jan-14	$	586,018		$	192,419		$	484,840		$	384,183		$	201,203
Transfers into Level 3(2)	—			—			17,513			—			—
Purchases / borrowings / amortization / contributions	548,961			84,206			64,104			(15,320		)	—
Sales	—			—			(65,504		)	—			—
Paydowns / distributions	(339,598		)	(2,507		)	(48,511		)	(87,859		)	—
Gains:
Equity in earnings of unconsolidated ventures	134,036			10,494			—			—			—
Unrealized gains included in earnings	32,621			—			44,308			—			—
Realized gains included in earnings	—			—			15,626			—			—
Unrealized gain on real estate securities, available for sale included in OCI	—			—			61,045			—			—
Deconsolidation of N-Star CDOs(3)	—			—			873			(122,486		)	—
Losses:
Unrealized losses included in earnings	—			(8,175		)	(64,977		)	217,608			13,969
Realized losses included in earnings	—			—			(3,152		)	13,942			—
Unrealized losses on real estate securities, available for sale included in OCI	—			—			(3,519		)	—			—
Deconsolidation of N-Star CDOs(3)	—			—			(21,070		)	—			—
31-Dec-14	$	962,038		$	276,437		$	481,576		$	390,068		$	215,172
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held.	$	32,621		$	(8,175	)	$	(37,487	)	$	(217,608	)	$	(13,969	)
____________________________________________________________
-1	Includes certain CRE debt investments made in connection with certain investments in unconsolidated ventures, for which the fair value option was elected.
-2	Transfers between Level 2 and Level 3 represent a fair value measurement from a third-party pricing service or broker quotations that have become more or less observable during the period. Transfers are assumed to occur at the beginning of the year.
-3	Represents amounts recorded as a result of the deconsolidation of certain N-Star CDOs. Refer to Note 3 for further disclosure.
The following table presents the changes in fair value of financial assets and liabilities which are measured at fair value on a recurring basis using Level 3 inputs to determine fair value for the year ended December 31, 2013 (dollars in thousands):
	Year Ended December 31, 2013
	PE Investments			Investments in Unconsolidated Ventures(1)			Real Estate			CDO Bonds			Junior
							Securities			Payable			Subordinated
													Notes
1-Jan-13	$	—		$	—		$	338,213		$	1,999,470		$	197,173
Transfers into Level 3(2)	—			—			7,788			—			—
Transfers out of Level 3(2)	—			—			(108,143		)	—			—
Purchases / borrowings / amortization / contributions	747,564			192,209			23,594			43,983			—
Sales	—			—			(40,328		)	—			—
Paydowns / distributions	(244,138		)	—			(54,971		)	(647,947		)	—
Repurchases	—			—			—			(44,221		)	—
Gains:
Equity in earnings of unconsolidated ventures	82,592			210			—			—			—
Unrealized gains included in earnings	—			—			68,794			—			—
Realized gains included in earnings	—			—			15,179			—			—
Unrealized gain on real estate securities, available for sale included in OCI	—			—			3,098			—			—
Deconsolidation of N-Star CDOs(3)	—			—			350,886			(1,656,857		)	—
Losses:
Unrealized losses included in earnings	—			—			(19,523		)	106,622			4,030
Realized losses included in earnings	—			—			(5,601		)	26,697			—
Unrealized losses on real estate securities, available for sale included in OCI	—			—			(4,138		)	—			—
Deconsolidation of N-Star CDOs(3)	—			—			(90,008		)	556,436			—
31-Dec-13	$	586,018		$	192,419		$	484,840		$	384,183		$	201,203
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held.	$	—		$	—		$	20,746		$	(106,622	)	$	(4,030	)
____________________________________________________________
-1	Includes certain CRE debt investments made in connection with certain investments in unconsolidated ventures, for which the fair value option was elected.
-2	Transfers between Level 2 and Level 3 represent a fair value measurement from a third-party pricing service or broker quotations that have become more or less observable during the period. Transfers are assumed to occur at the beginning of the year.
-3	Represents amounts recorded as a result of the deconsolidation of certain N-Star CDOs. Refer to Note 3 for further disclosure.
There were no transfers, other than those identified in the table above, during the years ended December 31, 2014 and 2013.
The Company relies on the third-party pricing exception with respect to the requirement to provide quantitative disclosures about significant Level 3 inputs being used to determine fair value measurements related to CRE securities (including N-Star CDO bonds), CDO bonds payable and junior subordinated notes. The Company believes such pricing service or broker quotation for such items may be based on a market transaction of comparable securities, inputs including forecasted market rates, contractual terms, observable discount rates for similar securities and credit (such as credit support and delinquency rates).
For the year ended December 31, 2014, quantitative information about the Company’s remaining Level 3 fair value measurements on a recurring basis are as follows (dollars in thousands):
	Fair Value			Valuation Technique		Key Unobservable Inputs(2)	Range
PE Investments	$	962,038		Discounted Cash Flow Model		Discount Rate	15% - 27%
Investments in unconsolidated ventures(1)	$	276,437		Discounted Cash Flow Model/Credit Spread		Discount Rate/Credit Spread	7% - 30%
N-Star CDO equity	$	102,467		Discounted Cash Flow Model		Discount Rate	18%
_________________________________________
-1	Includes certain CRE debt investments made in connection with certain investments in unconsolidated ventures, for which the fair value option was elected.
-2	Includes timing and amount of expected future cash flows.
Significant increases (decreases) in any one of the inputs described above in isolation may result in a significantly different fair value for the financial assets and liabilities using such Level 3 inputs.
Fair Value Option
The Company has historically elected to apply the fair value option for the following financial assets and liabilities existing at the time of adoption or at the time the Company recognizes the eligible item for the purpose of consistent accounting application: CRE securities financed in N-Star CDOs; CDO bonds payable; and junior subordinated notes. Given past market volatility the Company had observed that the impact of electing the fair value option would generally result in additional variability to the Company’s consolidated statements of operations which management believes is not a useful presentation for such financial assets and liabilities. Therefore, the Company more recently has not elected the fair value option for new investments in CRE securities and securitization financing transactions. The Company may elect the fair value option for certain of its financial assets or liabilities due to the nature of the instrument. In the case of PE Investments, certain investments in unconsolidated ventures (refer to Note 7) and N-Star CDO equity, the Company elected the fair value option because management believes it is a more useful presentation for such investments. The Company determined recording such investments based on the change in fair value of projected future cash flow from one period to another better represents the underlying economics of the respective investment.
The following table presents the fair value of financial instruments for which the fair value option was elected as of December 31, 2014 and 2013 (dollars in thousands):
	December 31,
	2014			2013
Assets:
PE Investments	$	962,038		$	586,018
Investments in unconsolidated ventures(1)	276,437			192,419
Real estate securities, available for sale:(2)
N-Star CDO equity	102,467			158,274
CMBS and other securities	42,613			30,642
CRE securities in N-Star CDOs
CMBS	382,867			572,301
Third-party CDO notes	23,218			24,931
Agency debentures	40,529			29,540
Unsecured REIT debt	9,351			9,521
Trust preferred securities	5,850			5,791
Subtotal CRE securities in N-Star CDOs	461,815			642,084
Subtotal real estate securities, available for sale	606,895			831,000
Total assets	$	1,845,370		$	1,609,437
Liabilities:
CDO bonds payable	$	390,068		$	384,183
Junior subordinated notes	215,172			201,203
Total liabilities	$	605,240		$	585,386
___________________________________________________________
-1	Includes certain CRE debt investments made in connection with certain investments in unconsolidated ventures, for which the fair value option was elected.
-2	December 31, 2014 excludes 34 CRE securities including $271.6 million of N-Star CDO bonds and $9.3 million of CRE securities, for which the fair value option was not elected. December 31, 2013 excludes 36 CRE securities including $205.3 million of N-Star CDO bonds and $16.0 million of CRE securities, for which the fair value option was not elected.
The following table presents the difference between the fair value and the aggregate principal amount of liabilities, for which the fair value option has been elected as of December 31, 2014 (dollars in thousands):
	Fair Value			Amount			Difference
				Due Upon
				Maturity
CDO bonds payable	$	390,068		$	560,959		$	(170,891	)
Junior subordinated notes	215,172			280,117			(64,945		)
Total	$	605,240		$	841,076		$	(235,836	)
The Company attributes the change in the fair value of floating-rate liabilities to changes in instrument-specific credit spreads. For fixed-rate liabilities, the Company attributes the change in fair value to interest rate-related and instrument-specific credit spread changes.
Change in Fair Value Recorded in the Statements of Operations
The following table presents unrealized gains (losses) on investments and other related to the change in fair value of financial assets and liabilities in the consolidated statements of operations for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands):
	Years Ended December 31,
	2014			2013			2012
Assets:
Real estate securities, available for sale	$	(12,324	)	$	94,676		$	35,993
PE Investments	32,621			—			—
Foreign currency remeasurement(1)	(11,719		)	2,300			1,145
Liabilities:
CDO bonds payable	(217,608		)	(106,622		)	(510,105		)
Junior subordinated notes	(13,969		)	(4,030		)	(40,005		)
Subtotal(2)	(222,999		)	(13,676		)	(512,972		)
Derivatives	8,184			33,730			44,743
Total	$	(214,815	)	$	20,054		$	(468,229	)
____________________________________________________________
-1	Primarily represents foreign currency remeasurement on an investment denominated in Euros.
-2	Represents financial assets and liabilities for which the fair value option was elected.
The remaining amount recorded to unrealized gains (losses) on investments and other in the consolidated statements of operations relates to net cash payments on interest rate swaps (refer to Note 16).
Fair Value of Financial Instruments
In addition to the above disclosures regarding financial assets or liabilities which are recorded at fair value, U.S. GAAP requires disclosure of fair value about all financial instruments. The following disclosure of estimated fair value of financial instruments was determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize on disposition of the financial instruments. The use of different market assumptions and/or estimation methodologies may have a material effect on estimated fair value.
The following table presents the principal amount, carrying value and fair value of certain financial assets and liabilities as of December 31, 2014 and 2013 (dollars in thousands):
	December 31, 2014									December 31, 2013
	Principal /			Carrying			Fair Value			Principal /			Carrying			Fair Value
	Notional			Value						Notional			Value
	Amount									Amount
Financial assets:(1)
Real estate debt investments, net	$	1,187,316		$	1,067,667		$	1,066,911		$	1,085,280		$	1,031,078		$	1,026,709
Real estate securities, available for sale(2)	1,532,891			878,514			878,514			2,090,726			1,052,320			1,052,320
Derivative assets(2)(3)	3,848,859			3,247			3,247			478,688			3,469			3,469
Financial liabilities:(1)
Mortgage and other notes payable	$	8,531,285		$	8,535,863		$	8,539,363		$	2,133,334		$	2,113,334		$	2,107,110
CDO bonds payable(2)	560,959			390,068			390,068			970,219			384,183			384,183
Securitization bonds payable	41,831			41,823			41,929			82,337			82,340			82,517
Credit facilities	732,780			732,780			732,780			70,038			70,038			70,038
Exchangeable senior notes	45,588			41,762			82,443			543,815			490,973			909,601
Junior subordinated notes(2)	280,117			215,172			215,172			280,117			201,203			201,203
Derivative liabilities(2)(3)	318,726			17,915			17,915			674,418			52,204			52,204
____________________________________________________________
-1	The fair value of other financial instruments not included in this table is estimated to approximate their carrying value.
-2	Refer to the “Determination of Fair Value” above for disclosure of methodologies used to determine fair value.
-3	Derivative assets and liabilities exclude timing swaps with an aggregate notional amount of $28.0 million as of December 31, 2014 and 2013.
Disclosure about fair value of financial instruments is based on pertinent information available to management as of the reporting date. Although management is not aware of any factors that would significantly affect fair value, such amounts have not been comprehensively revalued for purposes of these consolidated financial statements since that date and current estimates of fair value may differ significantly from the amounts presented herein.
Real Estate Debt Investments
For CRE debt investments, fair value was approximated 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. Fair value was determined assuming fully-extended maturities regardless of structural or economic tests required to achieve such extended maturities. For any CRE debt investments that are deemed impaired, carrying value approximates fair value. These fair value measurements of CRE debt are generally based on unobservable inputs and, as such, are classified as Level 3 of the fair value hierarchy.
Mortgage and Other Notes Payable
For mortgage and other notes payable, the Company primarily uses rates currently available with similar terms and remaining maturities to estimate fair value. These measurements are determined using comparable U.S. Treasury rates as of the end of the reporting period. These fair value measurements are based on observable inputs, and as such, are classified as Level 2 of the fair value hierarchy.
Securitization Bonds Payable
Securitization bonds payable are valued using quotations from nationally recognized financial institutions that generally acted as underwriter for the transactions. These quotations are not adjusted and are generally based on observable inputs that can be validated, and as such, are classified as Level 2 of the fair value hierarchy.
Credit Facilities
As of the reporting date, the Company believes the carrying value of its credit facilities approximates fair value. These fair value measurements are based on observable inputs, and as such, are classified as Level 2 of the fair value hierarchy.
Exchangeable Senior Notes
For the exchangeable senior notes, the Company uses available market information, which includes quoted market prices or recent transactions, if available, to estimate their fair value and are, therefore, based on observable inputs, and as such, are classified as Level 2 of the fair value hierarchy.

Risk_Management_and_Derivative

Risk Management and Derivative Activities	12 Months Ended
	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Risk Management and Derivative Activities	Risk Management and Derivative Activities
	Derivatives
	The Company uses derivative instruments primarily to manage interest rate risk and such derivatives are not considered speculative. These derivative instruments are typically in the form of interest rate swap and cap agreements and the primary objective is to minimize interest rate risks associated with investment and financing activities. The counterparties of these arrangements are major financial institutions with which the Company may also have other financial relationships. The Company is exposed to credit risk in the event of non-performance by these counterparties and it monitors their financial condition; however, the Company currently does not anticipate that any of the counterparties will fail to meet their obligations.
	The following tables present derivative instruments that were not designated as hedges under U.S. GAAP as of December 31, 2014 and 2013 (dollars in thousands):
		Number			Notional				Fair Value				Range of	Range of Maturity
					Amount(1)				Net Asset				Fixed LIBOR / Forward Rate
									(Liability)
	As of December 31, 2014:
	Interest rate swaps	12			$	318,726			$	(17,915	)	(2)	0.62% - 5.25%	June 2015 - July 2023
	Interest rate caps/floors	22			3,848,859				3,247			(3)	2.00% - 5.00%	January 2015 - January 2020
	Total	34			$	4,167,585			$	(14,668	)
	As of December 31, 2013:
	Interest rate swaps	19			$	674,418			$	(52,204	)	(2)	4.27% - 5.25%	May 2014 - July 2018
	Interest rate caps/floors	3			478,688				3,469				1.64% - 5.00%	July 2014 - January 2015
	Total	22			$	1,153,106			$	(48,735	)
	____________________________________________________________
	-1	Excludes timing swaps with a notional amount of $28.0 million as of December 31, 2014 and 2013.
	-2	Most of the interest rate swaps were liabilities of consolidated N-Star CDOs at period end and are only subject to the credit risks of the respective CDO transaction. As the interest rate swaps are senior to all the liabilities of the respective CDO and the fair value of each of the CDO’s investments exceeded the fair value of the CDO’s derivative liabilities, a credit valuation adjustment was not recorded.
	-3	Includes two Sterling denominated interest rate caps.
	The change in number and notional amount of interest rate swaps from December 31, 2013 primarily relates to the decrease from deconsolidation of N-Star CDOs III and V (refer to Note 3) and contractual notional amortization, offset by an interest rate swap assumed in connection with the Formation Portfolio. The change in number and notional amount of interest rate caps/floors from December 31, 2013 primarily relates to the assumption of and new caps in connection with the Formation Portfolio, Innkeepers Portfolio and K Partners Portfolio. The Company had no derivative financial instruments that were designated as hedges in qualifying hedging relationships as of December 31, 2014 and 2013.
	The following table presents the fair value of derivative instruments, as well as their classification on the consolidated balance sheets, as of December 31, 2014 and 2013 (dollars in thousands):
		Balance Sheet	December 31,
		Location	2014				2013
	Interest rate caps/floors	Derivative assets	$	3,247			$	3,469
	Interest rate swaps	Derivative liabilities	$	17,915			$	52,204
	The following table presents the effect of derivative instruments in the consolidated statements of operations for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands):
			Years Ended December 31,
		Statements of Operations Location	2014				2013				2012
	Amount of gain (loss) recognized in earnings:
	Adjustment to fair value interest rate swaps	Unrealized gain (loss) on investments and other	$	8,196			$	33,730			$	44,743
	Net cash payment for interest rate swaps	Unrealized gain (loss) on investments and other	$	(16,880	)		$	(52,734	)		$	(78,903	)
	Amount of swap gain (loss) reclassified from OCI into earnings	Interest expense on debt and securities	$	915			$	(4,885	)		$	(7,412	)
	Reclassification of swap gain (loss) into gain (loss) from deconsolidation of N-Star CDOs (refer to Note 3)	Gain (loss) from deconsolidation of N-Star CDOs	$	—			$	(15,246	)		$	—
	The Company’s counterparties held no cash margin as collateral against the Company’s derivative contracts as of December 31, 2014 and 2013.

Commitments_and_Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies
	The Company is involved in various litigation matters arising in the ordinary course of its business. Although the Company is unable to predict with certainty the eventual outcome of any litigation, in the opinion of management, the legal proceedings are not expected to have a material adverse effect on the Company’s financial position or results of operations.
	WaMu Matter
	In 2009, one of the Company’s net lease investments comprised of three office buildings totaling 257,000 square feet located in Chatsworth, California and 100% leased to Washington Mutual Bank was foreclosed on by the lender. The lender subsequently filed a complaint against subsidiaries of the Company in the Superior Court of the State of California, County of Los Angeles. In March 2012, the Court of Appeal of the State of California, Second Appellate District, issued a unanimous decision in favor of the Company’s subsidiary, overturning the judgment issued by the Superior Court of California for the County of Los Angeles. The ruling directed the Superior Court to enter summary judgment in the Company’s favor and reversed the award against the Company. Furthermore, the Court of Appeal awarded the Company costs on appeal. As a result of the ruling, in the first quarter 2012, the Company reversed a $20.0 million loss accrual recorded in other income (loss) in the consolidated statements of operations.
	Other
	Effective January 1, 2005, the Company adopted the NorthStar Realty Limited Partnership 401(k) Retirement Plan (the “401(k) Plan”) for its employees.  Eligible employees under the 401(k) Plan may begin participation on the first day of the month after they have completed 30 days of employment.  The Company’s matching contribution is calculated as 100% of the first 3% and 50% of the next 2% of participant’s eligible earnings contributed (utilizing earnings that are not in excess of the amount established by the Internal Revenue Service).  The Company’s aggregate matching contribution for the years ended December 31, 2014, 2013 and 2012 was $1.0 million, $0.8 million and $0.8 million, respectively.
	Obligations Under Ground Leases
	The following table presents minimum future rental payments under the Company’s contractual ground lease obligations for certain building leaseholds as of December 31, 2014 (dollars in thousands):
	Years ending December 31:		Total(1)
	2015		$	4,739
	2016		4,751
	2017		4,795
	2018		4,905
	2019		4,848
	Thereafter		89,608
	Total minimum lease payments		$	113,646
	__________________
	-1	Represents 53 ground leases of which for 17 leases ground rent is paid directly by the tenants/operators.

Quarterly_Financial_Informatio

Quarterly Financial Information (Unaudited)	12 Months Ended
	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information (Unaudited)	Quarterly Financial Information (Unaudited)
	The following presents selected quarterly information, which reflects prior period reclassifications related to discontinued operations, for the years ended December 31, 2014 and 2013 (dollars in thousands):
			Three Months Ended
			December 31,			September 30,			June 30,			March 31,
			2014			2014			2014			2014
	Property and other revenues		$	296,555		$	194,325		$	119,357		$	70,909
	Net interest income on debt and securities		71,154			77,936			72,761			75,396
	Expenses		491,765			305,399			191,711			110,569
	Equity in earnings (losses) of unconsolidated ventures		46,884			38,234			31,380			31,792
	Income (loss) from continuing operations		(109,742		)	(26,331		)	(59,916		)	(116,969		)
	Net income (loss)		(110,881		)	(26,609		)	(60,488		)	(123,108		)
	Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders		(116,453		)	(46,525		)	(73,566		)	(134,963		)
	Earnings (loss) per share:(1)
	Basic		$	(0.47	)	$	(0.23	)	$	(0.42	)	$	(0.84	)	(2)
	Diluted		$	(0.47	)	$	(0.23	)	$	(0.42	)	$	(0.84	)	(2)
	__________________
	(1)The total for the year may differ from the sum of the quarters as a result of weighting.
	(2)Adjusted for the Reverse Split effected on June 30, 2014.
			Three Months Ended
			December 31,			September 30,			June 30,			March 31,
			2013			2013			2013			2013
	Property and other revenues		$	64,057		$	73,295		$	65,214		$	38,281
	Net interest income on debt and securities		80,330			65,009			61,560			58,938
	Expenses		98,581			105,632			94,498			71,534
	Equity in earnings (losses) of unconsolidated ventures		31,032			31,013			15,119			8,313
	Income (loss) from continuing operations		10,881			(143,389		)	1,694			51,665
	Net income (loss)		4,689			(141,749		)	(546		)	49,696
	Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders		(10,422		)	(151,027		)	(12,626		)	36,622
	Earnings (loss) per share:(1)(2)
	Basic		$	(0.08	)	$	(1.36	)	$	(0.13	)	$	0.42
	Diluted		$	(0.08	)	$	(1.36	)	$	(0.13	)	$	0.4
	_________________
	-1	The total for the year may differ from the sum of the quarters as a result of weighting.
	-2	Adjusted for the Reverse Split effected on June 30, 2014.

Segment_Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2014
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting
	The Company currently conducts its business through the following five segments (excluding the asset management business which the Company spun off on June 30, 2014 which is no longer a separate operating segment), based on how management reviews and manages its business:
	•	Real Estate - The real estate business concentrates on various types of investments in commercial real estate located throughout the United States and internationally, with a current focus on Europe, that includes healthcare, hotel, manufactured housing communities, net lease, multifamily and multi-tenant office properties. In addition, it includes PE Investments diversified by property type and geography.
	•	Healthcare - The healthcare properties are comprised of a diverse portfolio of medical office buildings and other properties typically leased under net leases to healthcare operators with a focus on mid-acuity facilities (i.e., skilled nursing and assisted living), with the highest concentration in private-pay assisted living facilities. In addition, the Company owns healthcare properties that operate under a RIDEA structure generating resident income from short-term residential agreements and incur customary related operating expenses.
	•	Hotel - The hotel portfolio is a geographically diverse portfolio primarily comprised of extended stay hotels and premium branded select service hotels primarily located in major metropolitan markets with the majority affiliated with top hotel brands.
	•	European - The Company is expanding outside the United States, with a current focus on Europe, and seeks to invest in various types of commercial real estate assets.
	•	Manufactured Housing - The manufactured housing portfolio consists of communities that lease pad rental sites for placement of factory built homes located throughout the United States. In addition, the portfolio includes manufactured homes for sale or rent and receivables related to the financing of homes sold to residents.
	•	Net Lease - The net lease properties are primarily industrial, office and retail properties typically under net leases to corporate tenants.
	•	Multifamily - The multifamily portfolio primarily focuses on properties located in suburban markets that are well suited to capture the formation of new households.
	•	Multi-tenant Office - The Company pursues other real estate opportunities such as the Company’s recent acquisition of multi-tenant office properties.
	•	PE Investments - The real estate business also includes investments (directly or indirectly in joint ventures) owning limited partnership interests in real estate private equity funds, managed by institutional quality sponsors and diversified by property type and geography.
	•	Commercial Real Estate Debt - The CRE debt business is focused on originating, acquiring and asset managing senior and subordinate debt investments secured primarily by commercial real estate and includes first mortgage loans, subordinate mortgage and mezzanine loans and participations in such loans and preferred equity interests. The Company may from time to time take title to collateral in connection with a CRE debt investment as REO which would be included in the CRE debt business.
	•	Commercial Real Estate Securities - The CRE securities business is predominately comprised of N-Star CDO bonds and N-Star CDO equity of deconsolidated N-Star CDOs and includes other securities, mostly conduit CMBS. The Company also invests in opportunistic CRE securities such as an investment in a “B-piece” CMBS.
	•	N-Star CDOs - The Company historically originated or acquired CRE debt and securities investments that were predominantly financed through permanent, non-recourse CDOs. All of the Company’s CDOs are past the reinvestment period and given the nature of these transactions, these CDOs are amortizing over time as the underlying assets paydown or are sold. The Company has been winding down its legacy CDO business and investing in a broad and diverse range of CRE assets. As a result, this distinct business is a significantly smaller portion of its business today than in the past. As of December 31, 2014, only N-Star securities CDOs I and IX continue to be consolidated. Refer to Note 3 for further disclosure regarding deconsolidated N-Star CDOs. The Company continues to receive collateral management fees related to administrative responsibilities for deconsolidated N-Star CDO financing transactions, which are recorded in other revenue and included in the N-Star CDOs segment.
	•	Corporate - The corporate segment includes corporate level interest income, interest expense and general and administrative expenses.
	The Company primarily generates revenue from rental income from its real estate properties, operating income from healthcare and hotel properties permitted by the RIDEA and net interest income on the CRE debt and securities portfolios. Additionally, the Company records equity in earnings of unconsolidated ventures, including from PE Investments. The Company’s income is primarily derived through the difference between revenue and the cost at which the Company is able to finance its investments. The Company may also acquire investments which generate attractive returns without any leverage.
	Prior to the spin-off of its asset management business, the Company generated fee income from asset management activities. The asset management segment represents the consolidated results of operations and balance sheet of such asset management business which was transferred to NSAM in connection with the spin-off. Amounts related to the asset management business are reported in discontinued operations and include an allocation of indirect expenses related to managing the NSAM Sponsored Companies and owning NorthStar Securities, including salaries, equity-based compensation and other general and administrative expenses (primarily occupancy and other costs) based on an estimate had the asset management business been run as an independent entity.
	The following tables present segment reporting for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands):
	Statement of Operations:											N-Star CDOs(1)
	Year ended December 31, 2014:	Real Estate				CRE			CRE			CRE			Corporate				Asset Management(2)				Consolidated
						Debt			Securities			Securities											Total
	Rental and escalation income	$	350,273			$	—		$	—		$	1,285		$	—			$	—			$	351,558
	Hotel related income	237,039				—			—			—			—				—				237,039
	Resident fee income	77,516				—			—			—			—				—				77,516
	Net interest income on debt and securities	5,059			(3)	145,159			82,246			63,216			1,567			(4)	—				297,247
	Other interest expense	182,329				—			—			—			48,852				—				231,181
	Income (loss) before equity in earnings (losses) and income tax benefit (expense)	(174,129		)	(5)	139,581			104,423			(188,462		)	(342,818		)		—				(461,405		)
	Equity in earnings (losses) of unconsolidated ventures	145,363				2,644			—			—			283				—				148,290
	Income tax benefit (expense)	859				(70		)	(205		)	(352		)	(75		)		—				157
	Income (loss) from continuing operations	(27,907		)		142,155			104,218			(188,814		)	(342,610		)		—				(312,958		)
	Income (loss) from discontinued operations	(925		)		—			—			—			—				(7,203		)		(8,128		)
	Net income (loss)	(28,832		)		142,155			104,218			(188,814		)	(342,610		)		(7,203		)		(321,086		)
	Balance Sheet:
	December 31, 2014:
	Investments in private equity funds, at fair value	$	962,038			$	—		$	—		$	—		$	—			$	—			$	962,038
	Investments in unconsolidated ventures	184,026				8,526			—			—			15,225				—				207,777
	Total Assets	13,006,146				1,160,763			421,840			502,660			234,947				—				15,326,356
	___________________________________
	-1	Based on CDO financing transactions that were primarily collateralized by either CRE debt or securities and may include other types of investments. $5.9 million of collateral management fees were earned from CDO financing transactions for the year ended December 31, 2014, of which $2.6 million were eliminated in consolidation. The eliminated amounts are recorded as other revenue in the Corporate segment and as an expense in the N-Star CDO segment.
	-2	Represents the consolidated statements of operations of NSAM reported in discontinued operations and includes an allocation of indirect expenses from the Company (refer to Note 10).
	-3	Primarily represents interest income earned from notes receivable on manufactured homes.
	-4	Represents income earned from CDO bonds repurchased at a discount, recognized using the effective interest method, that is eliminated in consolidation. The corresponding interest expense is recorded in net interest income in the N-Star CDO segments.
	-5	Primarily relates to transaction costs and includes depreciation and amortization of $182.6 million for the year ended December 31, 2014.
	Statement of Operations:											N-Star CDOs(1)
	Year ended December 31, 2013:	Real Estate				CRE			CRE			CRE			CRE				Corporate				Asset Management(2)			Consolidated
						Debt			Securities			Debt			Securities											Total
	Rental and escalation income	$	202,765			$	260		$	—		$	30,947		$	1,152			$	—			$	—		$	235,124
	Net interest income on debt and securities	833			(3)	48,594			38,160			50,149			84,600				43,501			(4)	—			265,837
	Other interest expense	76,388				—			—			9,356			—				54,763				—			140,507
	Income (loss) before equity in earnings (losses) and income tax benefit (expense)	(5,186		)	(5)	50,632			83,828			(312,148		)	97,788				(78,540		)		—			(163,626		)
	Equity in earnings (losses) of unconsolidated ventures	82,700				3,594			—			(817		)	—				—				—			85,477
	Income tax benefit (expense)	(1,000		)		—			—			—			—				—				—			(1,000		)
	Income (loss) from continuing operations	76,514				54,226			83,828			(312,965		)	97,788				(78,540		)		—			(79,149		)
	Income (loss) from discontinued operations	(8,356		)		—			—			—			—				—				(405		)	(8,761		)
	Net income (loss)	68,158				54,226			83,828			(312,965		)	97,788				(78,540		)		(405		)	(87,910		)
	Balance Sheet:
	December 31, 2013:
	Investments in private equity funds, at fair value	$	586,018			$	—		$	—		$	—		$	—			$	—			$	—		$	586,018
	Investments in unconsolidated ventures	113,735				14,222			—			—			—				14,383				—			142,340
	Total Assets	3,343,402				1,211,079			418,837			—			727,875				627,148				31,709			6,360,050
	___________________________________
	-1	Based on CDO financing transactions that were primarily collateralized by either CRE debt or securities and may include other types of investments. $11.1 million of collateral management fees were earned from CDO financing transactions for the year ended December 31, 2013, of which $10.4 million were eliminated in consolidation. The eliminated amounts are recorded as other revenue in the Corporate segment and as an expense in the N-Star CDO segment.
	-2	Represents the consolidated statements of operations of NSAM reported in discontinued operations and includes an allocation of indirect expenses from the Company (refer to Note 10).
	-3	Primarily represents interest income earned from notes receivable on manufactured homes.
-4	Represents income earned from CDO bonds repurchased at a discount, recognized using the effective interest method, that is eliminated in consolidation. The corresponding interest expense is recorded in net interest income in the N-Star CDO segments.
-5	Includes depreciation and amortization of $75.8 million for the year ended December 31, 2013.
Statement of Operations:											N-Star CDOs(1)
Year ended December 31, 2012:	Real Estate				CRE			CRE			CRE			CRE				Corporate				Asset Management(2)			Consolidated
					Debt			Securities			Debt			Securities											Total
Rental and escalation income	$	82,201			$	—		$	—		$	30,295		$	—			$	—			$	—		$	112,496
Net interest income on debt and securities	158			(3)	14,592			17,499			146,977			117,320				38,950			(4)	—			335,496
Other interest expense	39,992				—			—			9,858			—				39,686				—			89,536
Income (loss) before equity in earnings (losses) and income tax benefit (expense)	44,782			(5)	14,256			21,966			(164,971		)	(90,109		)		(83,730		)		—			(257,806		)
Equity in earnings (losses) of unconsolidated ventures	(458		)		1,904			—			(1,358		)	—				—				—			88
Income (loss) from continuing operations	44,324				16,160			21,966			(166,329		)	(90,109		)		(83,730		)		—			(257,718		)
Income (loss) from discontinued operations	(668		)		—			—			540			—				—				(17,322		)	(17,450		)
Gain (loss) on sale of discontinued operations	—				—			—			2,079			—				—				—			2,079
Net income (loss)	43,656				16,160			21,966			(163,710		)	(90,109		)		(83,730		)		(17,322		)	(273,089		)
Balance Sheet:
December 31, 2012:
Investments in unconsolidated ventures	$	30,293			$	5,740		$	—		$	64,845		$	—			$	10,147			$	—		$	111,025
Total Assets	1,197,910				412,598			208,988			2,245,530			1,035,862				391,898				20,992			5,513,778
_______________________________________________
-1	Based on CDO financing transactions that were primarily collateralized by either CRE debt or securities and may include other types of investments. $14.4 million of collateral management fees were earned from CDO financing transactions for the year ended December 31, 2012, of which all amounts were eliminated in consolidation. The eliminated amounts are recorded as other revenue in the Corporate segment and as an expense in the N-Star CDO segment.
-2	Represents the consolidated statements of operations of NSAM reported in discontinued operations and includes an allocation of indirect expenses from the Company (refer to Note 10).
-3	Primarily represents interest income earned from notes receivable on manufactured homes.
-4	Represents income earned from CDO bonds repurchased at a discount, recognized using the effective interest method, that is eliminated in consolidation. The corresponding interest expense is recorded in net interest income in the N-Star CDO segments.
-5	Includes depreciation and amortization of $27.0 million for the year ended December 31, 2012.

Supplemental_Disclosures_of_No

Supplemental Disclosures of Non-cash Investing and Financing Activities	12 Months Ended
	Dec. 31, 2014
Supplemental Cash Flow Elements [Abstract]
Supplemental Disclosures of Non-cash Investing and Financing Activities	Supplemental Disclosures of Non-cash Investing and Financing Activities
	The following table presents non-cash investing and financing activities for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands):
		Years Ended December 31,
		2014		2013		2012
	Issuance of common stock in connection with the merger of Griffin-American	$	1,075,930	$	—	$	—
	Assumption of mortgage notes payable upon acquisition of operating real estate	870,871		—		—
	Acquired assets in connection with the merger of Griffin-American	503,784		—		—
	Conversion of exchangeable senior notes	320,304		74,778		—
	Exchangeable senior notes exchanged for Senior Notes (refer to Note 9)	296,382		—		—
	Acquired liabilities in connection with the merger of Griffin-American	229,015		—		—
	Reclassification of operating real estate to deferred costs and intangible assets	160,511		25,497		7,536
	Contribution from non-controlling interests	75,428		—		—
	Reclassification of operating real estate to other assets	67,655		89,219		—
	CRE debt investment payoff due from servicer	64,092		—		—
	Net assets distributed in spin-off of asset management business (refer to Note 10)	39,709		—		—
	Escrow deposit payable related to CRE debt investments	34,521		57,226		37,176
	Reclassification of operating real estate to asset held for sale	22,323		30,063		1,046
	Conversion of Old LTIP Units (refer to Note 12)	18,611		10,129		3,149
	Non-cash related to PE Investments	15,581		17,473		—
	Reclassification of CRE debt investment to held for sale	15,223		—		—
	Common stock related to transactions (refer to Note 13)	6,801		17,712		—
	Dividends payable related to RSUs	—		2,128		—
	Real estate acquisition(1)	—		135,361		62,236
	Reduction of CRE debt investments(1)	—		135,361		62,236
	Assignment of mortgage note payable via sale	—		7,813		—
	Increase in restricted cash(1)	—		2,730		—
	Deferred purchase price for PE Investment III (refer to Note 6)	—		39,759		—
	Reclassification of real estate debt investment to other assets	—		8,952		—
	Reclassification of mortgage note payable to liabilities held for sale	—		28,962		—
	Activity in non-controlling interest	—		—		2,358
	Equity component of exchangeable senior notes	—		45,740		2,179
	Decrease of restricted cash in connection with swap collateral	—		—		22,037
	Assignment of CRE debt investment	—		—		26,100
	Discount on CRE debt investment	—		—		2,516
	Due from related party	—		—		11,795
	___________________________________________________________
	-1	Non-cash activity occurred in connection with taking title to collateral.
	Cash Paid for Interest and Income Taxes
	For the years ended December 31, 2014, 2013, and 2012, cash paid for interest on outstanding borrowings was $223.0 million, $158.9 million and $126.2 million, respectively. The difference between interest expense on the consolidated statements of operations and cash paid for interest is primarily due to reclassification of losses related to derivative instruments from OCI into earnings and non-cash interest expense recorded on amortization of deferred financing costs related to borrowings. For the year ended December 31, 2014, cash paid for income taxes was $3.4 million. There was an immaterial amount of cash paid for income taxes for the years ended December 31, 2013 and 2012.

Subsequent_Events

Subsequent Events	12 Months Ended
	Dec. 31, 2014
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events
	Dividends
	On February 25, 2015, the Company declared a dividend of $0.40 per share of common stock. The common stock dividend will be paid on March 13, 2015 to stockholders of record as of the close of business on March 9, 2015. On January 30, 2015, the Company declared a dividend of $0.54688 per share of Series A preferred stock, $0.51563 per share of Series B preferred stock, $0.55469 per share of Series C preferred stock, $0.53125 per share of Series D Preferred Stock and $0.54688 per share of Series E Preferred Stock. Dividends were paid on all series of preferred stock on February 17, 2015 to stockholders of record as of the close of business on February 9, 2015.
	SEB Portfolio
	In December 2014, the Company entered into a definitive agreement to acquire an approximate €1.1 billion ($1.3 billion) European office portfolio (“SEB Portfolio”), comprised of 11 Class A office properties located across gateway cities in seven of Europe’s top markets. The SEB Portfolio consists of approximately 186,000 square meters with a well-diversified mix of market leading tenants. The Company recorded $8.9 million of estimated transaction costs in the fourth quarter 2014 in connection with this transaction. In connection with entering into the agreement to acquire the SEB Portfolio, the Company deposited in escrow €25.0 million in cash and also provided a €25.0 million corporate guarantee to secure its obligations under the purchase agreement, both of which are non-refundable except in limited circumstances where the acquisition of the SEB Portfolio is not completed due to no fault by the Company.
	Trias Portfolio
	In December 2014, the Company signed a purchase agreement to acquire an approximate €0.5 billion ($0.6 billion) Pan-European office portfolio (“Trias Portfolio”), located across eight European countries including United Kingdom, Germany, France, Belgium, Netherlands, Spain, Portugal and Italy. The Trias Portfolio is comprised of 38 properties, which includes 30 office properties, five retail properties, two hotels and an industrial property. Approximately 75% of the rent derived from the Trias Portfolio is from properties located in the U.K., Germany and France. The Trias Portfolio consists of approximately 259,000 square meters and is currently approximately 90% leased with a weighted average lease term of approximately four years. The Company recorded $18.6 million of estimated transaction costs in the fourth quarter 2014 in connection with this transaction.
	Proposed Spin-off of European Real Estate Business
	On February 26, 2015, the Company announced that its board of directors unanimously approved the Proposed European Spin of NRE, expected to be listed on the NYSE and potentially in Europe. Currently, the Company acquired or committed to acquire $2.0 billion of European real estate comprised of 50 properties spanning across some of Europe’s top markets that will be contributed to NRE upon the completion of the Proposed European Spin. NSAM will manage NRE pursuant to a long-term management agreement, on substantially similar terms as the Company’s management agreement with NSAM. The Proposed European Spin is expected to be completed in the second half of 2015.

Schedule_II_Valuation_and_Qual

Schedule II - Valuation and Qualifying Accounts and Reserves	12 Months Ended
	Dec. 31, 2014
Valuation and Qualifying Accounts [Abstract]
Schedule II - Valuation and Qualifying Accounts and Reserves	SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES
	(Dollars in Thousands)
			Beginning Balance		Charged to Costs and Expenses				Other Charges		Deductions			Ending Balance
	For the Year Ended December 31, 2014
	Loan loss reserves		$	2,880	$	2,719		(1)	$	—	$	—		$	5,599
	Allowance for doubtful accounts		1,151		3,220				—		(2,351		)	2,020
	Allowance for unbilled rent receivable		307		7,638				—		(3,908		)	4,037
			$	4,338	$	13,577			$	—	$	(6,259	)	$	11,656
	For the Year Ended December 31, 2013
	Loan loss reserves		$	156,699	$	(8,786	)		$	—	$	(145,033	)	$	2,880
	Allowance for doubtful accounts		1,526		784				—		(1,159		)	1,151
	Allowance for unbilled rent receivable		—		354				—		(47		)	307
			$	158,225	$	(7,648	)		$	—	$	(146,239	)	$	4,338
	For the Year Ended December 31, 2012
	Loan loss reserves		$	187,784	$	23,037			$	—	$	(54,122	)	$	156,699
	Allowance for doubtful accounts		1,179		833				—		(486		)	1,526
			$	188,963	$	23,870			$	—	$	(54,608	)	$	158,225
	____________________________________________________________
	-1	Excludes $1.0 million of provision for loan losses relating to notes receivables recorded in other assets.

Schedule_III_Real_Estate_and_A

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2014
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation
	Column A		Column B				Column C Initial Cost						Column D Capitalized Subsequent to Acquisition				Column E Gross Amount Carried at Close of Period								Column F				Column G	Column H
	Location City, State		Encumbrances				Land			Building & Improvements			Land, Buildings & Improvements				Land			Building & Improvements		Total			Accumulated Depreciation		Total		Date Acquired	Life on Which Depreciation is Computed
	Healthcare
	Medical Office Building
	Abilene, TX		$	11,430			$	742		$	7,629		$	—			$	742		$	7,629	$	8,371		$	20	$	8,351	14-Dec	39 years
	Alice, TX		6,199				952			24,518			—				952			24,518		25,470			62		25,408		14-Dec	39 years
	Amarillo, TX		17,435				411			6,734			—				411			6,734		7,145			17		7,128		14-Dec	39 years
	Austell, GA(3)		7,362				—			6,607			15				—			6,622		6,622			16		6,606		14-Dec	39 years
	Avon, IN		5,231				1,313			6,791			—				1,313			6,791		8,104			20		8,084		14-Dec	39 years
	Batavia, OH		9,589				1,233			23,274			—				1,233			23,274		24,507			60		24,447		14-Dec	39 years
	Beachwood, OH		12,108				411			5,042			—				411			5,042		5,453			13		5,440		14-Dec	39 years
	Benton, AR		9,378				1,353			47,897			—				1,353			47,897		49,250			120		49,130		14-Dec	39 years
	Bessemer, AL		25,208				942			33,535			—				942			33,535		34,477			84		34,393		14-Dec	39 years
	Bloomington, IN		5,812				1,303			16,943			16				1,303			16,959		18,262			44		18,218		14-Dec	39 years
	Boynton Beach, FL		6,329				1,183			17,214			—				1,183			17,214		18,397			45		18,352		14-Dec	39 years
	Bradenton, FL(3)		12,723				—			6,477			—				—			6,477		6,477			16		6,461		14-Dec	39 years
	Brentwood, CA(3)		16,292				—			33,612			—				—			33,612		33,612			82		33,530		14-Dec	39 years
	Brownsburg, IN		17,629				521			3,388			—				521			3,388		3,909			10		3,899		14-Dec	39 years
	Bryant, AR		5,570				922			25,216			—				922			25,216		26,138			64		26,074		14-Dec	39 years
	Carlsbad, NM		6,800				451			5,278			—				451			5,278		5,729			14		5,715		14-Dec	39 years
	Carmel, IN		22,472				6,084			117,849			—				6,084			117,849		123,933			302		123,631		14-Dec	39 years
	Carson City, NV		19,179				561			8,395			12				561			8,407		8,968			22		8,946		14-Dec	39 years
	Champaign, IL		4,688				1,002			14,176			1				1,002			14,177		15,179			37		15,142		14-Dec	39 years
	Chillicothe, OH(3)		—				401			6,654			—				401			6,654		7,055			17		7,038		14-Dec	39 years
	Chula Vista, CA		22,543				1,403			15,109			1				1,403			15,110		16,513			40		16,473		14-Dec	39 years
	Cleveland, OH(3)		6,635				—			28,811			—				—			28,811		28,811			70		28,741		14-Dec	39 years
	Columbia, SC		3,874				672			5,045			—				672			5,045		5,717			14		5,703		14-Dec	39 years
	Decatur, GA		12,694				1,333			10,554			—				1,333			10,554		11,887			29		11,858		14-Dec	39 years
	Des Plaines, IL		9,880				1,834			18,329			—				1,834			18,329		20,163			49		20,114		14-Dec	39 years
	DeSoto, TX		9,414				1,082			7,041			—				1,082			7,041		8,123			20		8,103		14-Dec	39 years
	East Arlington, TX		3,157				3,619			901			63				3,619			964		4,583			172		4,411		7-May	40 years
	El Paso, TX		9,996				702			7,389			—				702			7,389		8,091			20		8,071		14-Dec	39 years
	Ennis, TX		7,265				1,113			7,603			—				1,113			7,603		8,716			21		8,695		14-Dec	39 years
	Escanaba, MI		13,437				872			7,719			—				872			7,719		8,591			21		8,570		14-Dec	39 years
	Evansville, IN		34,515				1,082			3,781			89				1,082			3,870		4,952			12		4,940		14-Dec	39 years
	Frisco, TX		16,902				1,133			8,797			—				1,133			8,797		9,930			24		9,906		14-Dec	39 years
	Greeley, CO		36,636				2,195			40,133			30				2,195			40,163		42,358			103		42,255		14-Dec	39 years
	Hendersonville, TN		7,846				2,135			23,346			—				2,135			23,346		25,481			62		25,419		14-Dec	39 years
	Highlands Ranch, CO(3)		8,495				—			6,150			—				—			6,150		6,150			15		6,135		14-Dec	39 years
	Hilo, HI(3)		8,814				—			6,204			—				—			6,204		6,204			15		6,189		14-Dec	39 years
	Hinsdale, IL		37,001				481			4,342			—				481			4,342		4,823			12		4,811		14-Dec	39 years
	Hobbs, NM(3)		4,262				—			5,466			—				—			5,466		5,466			13		5,453		14-Dec	39 years
	Hope, AR		533				3,929			76,132			—				3,929			76,132		80,061			195		79,866		14-Dec	39 years
	Houston, TX(3)		4,097				—			2,051			—				—			2,051		2,051			5		2,046		14-Dec	39 years
	Humble, TX(3)		11,594				—			6,844			—				—			6,844		6,844			17		6,827		14-Dec	39 years
	Huntsville, AL(3)		8,718				—			11,267			—				—			11,267		11,267			27		11,240		14-Dec	39 years
	Indianapolis, IN		81,967				5,663			125,508			15				5,663			125,523		131,186			319		130,867		14-Dec	39 years
	Jasper, GA		14,505				7,186			71,232			600				7,186			71,832		79,018			191		78,827		14-Dec	39 years
	Jersey City, NJ		31,771				1,293			64,130			60				1,293			64,190		65,483			159		65,324		14-Dec	39 years
	Johns Creek, GA		19,469				1,103			7,227			—				1,103			7,227		8,330			20		8,310		14-Dec	39 years
	Killeen, TX		1,744				551			8,871			—				551			8,871		9,422			23		9,399		14-Dec	39 years
	Knoxville, TN		58,785				722			8,941			—				722			8,941		9,663			24		9,639		14-Dec	39 years
	Lacombe, LA		11,381				2,456			26,082			27				2,456			26,109		28,565			69		28,496		14-Dec	39 years
	Lafayette, IN(3)		36,129				—			34,590			—				—			34,590		34,590			84		34,506		14-Dec	39 years
	Lake Charles, LA		3,429				2,005			16,141			—				2,005			16,141		18,146			44		18,102		14-Dec	39 years
	Las Vegas, NM		4,843				1,473			6,959			—				1,473			6,959		8,432			21		8,411		14-Dec	39 years
	Lawton, OK(3)		11,944				—			77,165			—				—			77,165		77,165			188		76,977		14-Dec	39 years
	Lemont, IL(3)		6,683				—			29,571			—				—			29,571		29,571			72		29,499		14-Dec	39 years
	Livingston, TX		6,296				2,857			10,266			—				2,857			10,266		13,123			32		13,091		14-Dec	39 years
	Lufkin, TX(3)		3,962				—			5,559			39				—			5,598		5,598			14		5,584		14-Dec	39 years
	Marrietta, GA		13,561				5,132			21,153			—				5,132			21,153		26,285			64		26,221		14-Dec	39 years
	Memphis, TN		5,134				1,273			26,618			21				1,273			26,639		27,912			68		27,844		14-Dec	39 years
	Middletown, NY		119,033				12,779			74,718			—				12,779			74,718		87,497			213		87,284		14-Dec	39 years
Muncie, IN		8,136				3,368			14,980			—				3,368			14,980		18,348			45		18,303		14-Dec	39 years
Munster, IN		28,126				4,350			36,960			95				4,350			37,055		41,405			101		41,304		14-Dec	39 years
Naperville, IL		9,938				852			4,501			—				852			4,501		5,353			13		5,340		14-Dec	39 years
New Port Richey, FL		3,681				852			4,610			41				852			4,651		5,503			13		5,490		14-Dec	39 years
Noblesville, IN		15,315				852			16,920			—				852			16,920		17,772			43		17,729		14-Dec	39 years
Novi, MI(3)		11,623				—			16,798			—				—			16,798		16,798			41		16,757		14-Dec	39 years
Okatie, SC(3)		6,563				—			4,742			—				—			4,742		4,742			12		4,730		14-Dec	39 years
Pocatello, ID(3)		24,215				—			6,876			—				—			6,876		6,876			17		6,859		14-Dec	39 years
Raleigh, NC		23,317				331			15,041			—				331			15,041		15,372			37		15,335		14-Dec	39 years
Rockhill, NY		35,049				1,092			13,755			—				1,092			13,755		14,847			36		14,811		14-Dec	39 years
Rockwall, TX		30,681				3,508			32,020			—				3,508			32,020		35,528			86		35,442		14-Dec	39 years
Rowlett, TX(3)		3,487				—			18,613			—				—			18,613		18,613			45		18,568		14-Dec	39 years
Ruston, LA		20,583				371			3,991			—				371			3,991		4,362			11		4,351		14-Dec	39 years
San Angelo, TX		8,282				481			8,674			—				481			8,674		9,155			22		9,133		14-Dec	39 years
San Antonio, TX		37,993				1,924			34,122			—				1,924			34,122		36,046			88		35,958		14-Dec	39 years
Santa Rosa, CA		19,082				1,834			8,920			3				1,834			8,923		10,757			26		10,731		14-Dec	39 years
Sarasota, FL		8,718				1,483			8,989			—				1,483			8,989		10,472			25		10,447		14-Dec	39 years
Sartell, MN		7,362				2,055			4,806			—				2,055			4,806		6,861			17		6,844		14-Dec	39 years
Schertz, TX		4,049				792			15,243			—				792			15,243		16,035			39		15,996		14-Dec	39 years
Shelbyville, TN(3)		7,095				—			17,045			—				—			17,045		17,045			41		17,004		14-Dec	39 years
Shenandoah, TX		12,301				1,103			8,736			—				1,103			8,736		9,839			24		9,815		14-Dec	39 years
Spokane, WA		22,548				1,794			9,081			—				1,794			9,081		10,875			26		10,849		14-Dec	39 years
St. John, IN		3,487				902			13,129			—				902			13,129		14,031			34		13,997		14-Dec	39 years
St. Petersburg, FL		9,682				581			8,803			24				581			8,827		9,408			23		9,385		14-Dec	39 years
Stockbridge, GA(3)		11,817				—			7,862			—				—			7,862		7,862			19		7,843		14-Dec	39 years
Sylva, NC		13,561				1,734			13,327			—				1,734			13,327		15,061			37		15,024		14-Dec	39 years
Tempe, AZ		8,088				742			10,220			—				742			10,220		10,962			27		10,935		14-Dec	39 years
Temple, TX		7,652				411			8,591			—				411			8,591		9,002			22		8,980		14-Dec	39 years
Texarkana, TX(3)		7,362				—			22,058			—				—			22,058		22,058			54		22,004		14-Dec	39 years
Urbana, IL		12,205				571			7,799			—				571			7,799		8,370			20		8,350		14-Dec	39 years
Victoria, TX(3)		7,546				—			6,102			—				—			6,102		6,102			15		6,087		14-Dec	39 years
Warsaw, IN(3)		6,170				—			9,994			—				—			9,994		9,994			24		9,970		14-Dec	39 years
West Bloomfield, MI		8,911				1,092			4,702			—				1,092			4,702		5,794			14		5,780		14-Dec	39 years
Westminster, CO		17,443				1,473			10,958			—				1,473			10,958		12,431			30		12,401		14-Dec	39 years
Wharton, TX		5,403				961			7,440			—				961			7,440		8,401			19		8,382		14-Dec	39 years
Total Medical Office Building		1,397,849				123,372			1,771,382			1,152				123,372			1,772,534		1,895,906			4,772		1,891,134
Skilled Nursing Facilities
Abingdon, VA		7,229				531			6,626			—				531			6,626		7,157			165		6,992		14-May	40 years
Annandale, VA		7,109				2,497			11,713			—				2,497			11,713		14,210			271		13,939		14-May	40 years
Atlanta, GA		29,446				3,348			29,841			—				3,348			29,841		33,189			81		33,108		14-Dec	39 years
Aurora, IL		12,915				1,372			20,571			121				1,372			20,692		22,064			418		21,646		14-May	40 years
Baltimore, MD		7,313				1,739			9,183			—				1,739			9,183		10,922			207		10,715		14-May	40 years
Bastian, VA		3,644				281			3,197			—				281			3,197		3,478			8		3,470		14-Dec	39 years
Belvidere, IL		11,422				592			22,509			824				592			23,333		23,925			485		23,440		14-May	40 years
Bend, OR		10,955				1,363			13,193			—				1,363			13,193		14,556			35		14,521		14-Dec	39 years
Black Mountain, NC		6,096				468			5,786			861				468			6,647		7,115			1,272		5,843		6-Jul	40 years
Blountstown, FL		4,209				378			5,069			908				378			5,977		6,355			1,124		5,231		6-Jul	40 years
Boetourt, VA		4,699				341			7,422			—				341			7,422		7,763			19		7,744		14-Dec	39 years
Castleton, IN		7,453				677			8,077			—				677			8,077		8,754			1,523		7,231		7-Jun	40 years
Charlottesville, VA		7,904				1,193			15,649			—				1,193			15,649		16,842			41		16,801		14-Dec	39 years
Chesterfield, IN		4,282				815			4,204			—				815			4,204		5,019			793		4,226		7-Jun	40 years
Clemmons, NC		1,596				337			4,541			33				337			4,574		4,911			818		4,093		7-Apr	40 years
Columbia City, IN		8,339				1,034			6,390			—				1,034			6,390		7,424			1,205		6,219		7-Jun	40 years
Conyers, GA		20,147				1,844			26,777			—				1,844			26,777		28,621			70		28,551		14-Dec	39 years
Covington, GA		21,019				1,473			21,537			—				1,473			21,537		23,010			56		22,954		14-Dec	39 years
Crestwood, IL		15,161				1,590			24,623			352				1,590			24,975		26,565			490		26,075		14-May	40 years
Dalton, MA		7,050				1,820			3,022			—				1,820			3,022		4,842			12		4,830		14-Dec	39 years
Daly City, CA		25,136				3,297			1,872			12,322				3,297			14,194		17,491			6,764		10,727		7-Aug	40 years
Decatur, IL		14,247				1,945			23,219			498				1,945			23,717		25,662			546		25,116		14-May	40 years
Dunkirk, IN		2,164				310			2,299			—				310			2,299		2,609			433		2,176		7-Jun	40 years
Eustis, FL		14,852				817			4,607			—				817			4,607		5,424			118		5,306		14-May	40 years
Fort Lauderdale, FL		5,534				581			5,571			—				581			5,571		6,152			117		6,035		14-May	40 years
Fort Myers, FL		4,794				1,058			12,324			20				1,058			12,344		13,402			250		13,152		14-May	40 years
Fort Wayne, IN		5,048				1,478			4,409			—				1,478			4,409		5,887			831		5,056		7-Jun	40 years
Gainesville, FL		12,461				1,096			21,952			351				1,096			22,303		23,399			418		22,981		14-May	40 years
Gainesville, GA		14,432				1,163			17,214			—				1,163			17,214		18,377			45		18,332		14-Dec	39 years
Grants Pass, OR		10,200				1,243			11,386			—				1,243			11,386		12,629			31		12,598		14-Dec	39 years
Hartford City, IN		721				199			1,782			—				199			1,782		1,981			336		1,645		7-Jun	40 years
Hobart, IN		5,860				1,835			5,019			—				1,835			5,019		6,854			946		5,908		7-Jun	40 years
Hot Springs, VA		2,973				291			3,156			—				291			3,156		3,447			8		3,439		14-Dec	39 years
Huntington, IN		5,093				646			5,037			—				646			5,037		5,683			950		4,733		7-Jun	40 years
Hyde Park, MA		2,092				1,130			568			—				1,130			568		1,698			4		1,694		14-Dec	39 years
Jacksonville, FL		16,968				2,634			28,407			49				2,634			28,456		31,090			633		30,457		14-May	40 years
Joliet, IL		17,012				1,105			24,512			449				1,105			24,961		26,066			469		25,597		14-May	40 years
Kissimmee, FL		5,694				1,120			16,479			—				1,120			16,479		17,599			335		17,264		14-May	40 years
LaGrange, IN		4,828				446			5,494			—				446			5,494		5,940			1,036		4,904		7-Jun	40 years
Lakeland, FL		14,754				1,473			18,758			—				1,473			18,758		20,231			403		19,828		14-May	40 years
Largo, FL		18,977				2,270			30,439			44				2,270			30,483		32,753			653		32,100		14-May	40 years
Lebanon, VA		4,507				351			4,694			—				351			4,694		5,045			12		5,033		14-Dec	39 years
Lincoln, IL		2,943				896			2,841			127				896			2,968		3,864			131		3,733		14-May	40 years
Loma Linda, CA		14,820				1,413			29,056			—				1,413			29,056		30,469			74		30,395		14-Dec	39 years
Longwood, FL		6,297				970			8,535			—				970			8,535		9,505			188		9,317		14-May	40 years
Low Moor, VA		8,918				732			9,987			—				732			9,987		10,719			26		10,693		14-Dec	39 years
McMinnville, TN		5,197				1,065			7,151			—				1,065			7,151		8,216			183		8,033		14-May	40 years
Memphis, TN		14,723				1,533			15,219			—				1,533			15,219		16,752			41		16,711		14-Dec	39 years
Middletown, IN		3,831				184			4,750			—				184			4,750		4,934			895		4,039		7-Jun	40 years
Midlothian, VA		14,747				1,764			18,724			—				1,764			18,724		20,488			50		20,438		14-Dec	39 years
Millington, TN		15,207				501			16,268			—				501			16,268		16,769			41		16,728		14-Dec	39 years
Milton, PA		9,685				1,413			9,920			—				1,413			9,920		11,333			28		11,305		14-Dec	39 years
Mobile, AL		9,783				381			9,544			—				381			9,544		9,925			24		9,901		14-Dec	39 years
Morris, IL		4,934				568			9,103			(2,682		)		568			6,421		6,989			1,436		5,553		6-May	40 years
Mt. Sterling, KY		10,056				996			12,561			363				996			12,924		13,920			2,382		11,538		7-Feb	40 years
Niles, MI		4,621				492			6,585			—				492			6,585		7,077			175		6,902		14-May	40 years
North Bend, WA		2,267				732			831			—				732			831		1,563			4		1,559		14-Dec	39 years
Olympia, WA		2,550				361			2,144			—				361			2,144		2,505			6		2,499		14-Dec	39 years
Ormond Beach, FL		11,871				2,067			15,777			—				2,067			15,777		17,844			389		17,455		14-May	40 years
Palm Harbor, FL		14,637				1,007			13,936			64				1,007			14,000		15,007			300		14,707		14-May	40 years
Peru, IN		4,507				502			7,135			—				502			7,135		7,637			1,345		6,292		7-Jun	40 years
Philadelphia, PA		147,261				4,921			165,390			—				4,921			165,390		170,311			415		169,896		14-Dec	39 years
Pittsfield, MA		9,343				2,620			4,278			—				2,620			4,278		6,898			17		6,881		14-Dec	39 years
Prineville, OR		944				561			1,401			—				561			1,401		1,962			5		1,957		14-Dec	39 years
Redmond, OR		6,139				541			6,767			—				541			6,767		7,308			18		7,290		14-Dec	39 years
Rockport, IN		2,119				619			2,092			—				619			2,092		2,711			394		2,317		7-Jun	40 years
Royersford, PA		41,002				20,096			23,840			—				20,096			23,840		43,936			107		43,829		14-Dec	39 years
Rushville, IN		5,401				310			5,858			—				310			5,858		6,168			1,104		5,064		7-Jun	40 years
Sarasota, FL		9,461				1,403			15,909			8				1,403			15,917		17,320			347		16,973		14-May	40 years
Shreveport, LA		20,341				942			23,292			—				942			23,292		24,234			59		24,175		14-Dec	39 years
Snellville, GA		22,956				2,867			25,440			—				2,867			25,440		28,307			69		28,238		14-Dec	39 years
Soddy Daisy, TN		8,681				933			9,808			—				933			9,808		10,741			244		10,497		14-May	40 years
St. Petersburg, FL		12,425				1,462			11,060			—				1,462			11,060		12,522			272		12,250		14-May	40 years
Sterling, IL		2,725				129			6,229			(1,145		)		129			5,084		5,213			1,228		3,985		6-May	40 years
Sullivan, IN		5,344				1,794			4,469			—				1,794			4,469		6,263			842		5,421		7-Jun	40 years
Syracuse, IN		4,733				125			4,564			—				125			4,564		4,689			860		3,829		7-Jun	40 years
Tacoma, WA		10,200				1,894			10,727			—				1,894			10,727		12,621			31		12,590		14-Dec	39 years
Tampa, FL		11,399				1,888			20,681			—				1,888			20,681		22,569			457		22,112		14-May	40 years
Three Rivers, MI		4,047				582			5,285			—				582			5,285		5,867			162		5,705		14-May	40 years
Tipton, IN		9,944				1,102			10,836			(27		)		1,102			10,809		11,911			1,859		10,052		7-Jun	40 years
Vero Beach, FL		6,626				662			7,418			—				662			7,418		8,080			158		7,922		14-May	40 years
Wabash, IN		6,310				2,511			5,024			—				2,511			5,024		7,535			947		6,588		7-Jun	40 years
Wakarusa, IN		9,316				289			13,420			—				289			13,420		13,709			2,530		11,179		7-Jun	40 years
Watsontown, PA		5,479				682			4,610			10				682			4,620		5,302			13		5,289		14-Dec	39 years
West Melbourne, FL		10,813				1,653			10,757			—				1,653			10,757		12,410			277		12,133		14-May	40 years
Yuma, AZ		11,624				871			17,558			—				871			17,558		18,429			44		18,385		14-Dec	39 years
Total Skilled Nursing Facilities		952,562				119,215			1,115,908			13,550				119,215			1,129,458		1,248,673			44,608		1,204,065
Assisted Living Facilities-RIDEA
Albany, OR		10,400				510			13,149			—				510			13,149		13,659			242		13,417		14-May	40 years
Baker City, OR		4,697				510			8,195			69				510			8,264		8,774			180		8,594		14-May	40 years
Battle Ground, WA		9,525				740			12,503			4				740			12,507		13,247			249		12,998		14-May	40 years
Bremerton, WA		4,653				964			8,171			847				964			9,018		9,982			1,797		8,185		Jan-07	40 years
Carrollton, GA		7,050				816			4,220			3,181				816			7,401		8,217			1,052		7,165		14-May	40 years
Casa Grande, AZ		8,998				420			11,907			261				420			12,168		12,588			270		12,318		14-May	40 years
Cedar Park, TX		6,140				1,230			3,318			8				1,230			3,326		4,556			90		4,466		Jan-07	40 years
Charleston, IL		4,019				485			6,211			748				485			6,959		7,444			1,351		6,093		Jan 07-Dec 14	40 years
Cincinnati, OH		179,389				14,622			166,505			808				14,622			167,313		181,935			4,014		177,921		Jan-07	40 years
Clinton, OK		705				225			3,513			500				225			4,013		4,238			1,014		3,224		14-May	40 years
College Place, WA		7,575				580			9,823			4				580			9,827		10,407			187		10,220		14-Dec	39 years
Colorado Springs, CO		80,783				9,180			62,289			—				9,180			62,289		71,469			174		71,295		14-May	40 years
Corpus Christi, TX		15,150				2,270			17,396			35				2,270			17,431		19,701			372		19,329		14-Dec	39 years
Dalton, MA		10,674				1,210			10,988			—				1,210			10,988		12,198			30		12,168		May-07	40 years
Effingham, IL		9,255				811			9,684			377				811			10,061		10,872			1,304		9,568		Jan 07-Dec 14	40 years
Elk City, OK		4,794				143			6,721			694				143			7,415		7,558			1,609		5,949		Jan-07	40 years
Eugene, OR		12,640				840			14,813			49				840			14,862		15,702			291		15,411		14-May	40 years
Fairfield, IL		5,076				153			7,898			73				153			7,971		8,124			1,597		6,527		Jan-07	40 years
Fullerton, CA		7,614				5,422			9,436			420				5,422			9,856		15,278			2,038		13,240		Jan-07	40 years
Garden Grove, CA		6,838				6,975			5,927			274				6,975			6,201		13,176			1,312		11,864		Jan-07	40 years
Grants Pass, OR		7,520				490			6,900			10				490			6,910		7,400			161		7,239		14-May	40 years
Greenville, IL		8,420				220			9,387			—				220			9,387		9,607			23		9,584		14-Dec	39 years
Grove City, OH		4,959				613			6,882			353				613			7,235		7,848			1,430		6,418		Jun-07	40 years
Harrisburg, IL		2,863				191			5,059			10				191			5,069		5,260			1,010		4,250		Jun-07	40 years
Hood River, OR		9,360				390			11,113			13				390			11,126		11,516			230		11,286		14-May	40 years
Junction City, OR		4,531				840			5,984			102				840			6,086		6,926			139		6,787		14-May	40 years
Kingfisher, OK		1,128				128			5,497			304				128			5,801		5,929			1,287		4,642		Jan-07	40 years
La Grande, OR		7,272				430			9,635			178				430			9,813		10,243			205		10,038		14-May	40 years
Column A		Column B			Column C Initial Cost					Column D Capitalized Subsequent to Acquisition		Column E Gross Amount Carried at Close of Period								Column F			Column G		Column H
Location City, State		Encumbrances			Land			Building & Improvements		Land, Buildings & Improvements		Land			Building & Improvements			Total		Accumulated Depreciation	Total		Date Acquired		Life on Which Depreciation is Computed
La Vista, NE		2,609			562			4,966		416		562			5,382			5,944		1,102	4,842		Jan-07		40 years
Lake Wylie, SC		16,184			1,210			19,856		71		1,210			19,927			21,137		396	20,741		14-May		40 years
Lancaster, OH		8,696			1,014			11,874		1,355		1,014			13,229			14,243		1,960	12,283		Jun-07-Jan-12		40 years
League City, TX		16,607			2,540			20,426		61		2,540			20,487			23,027		417	22,610		14-May		40 years
Lincolnwood, IL		72,879			4,970			78,805		—		4,970			78,805			83,775		204	83,571		14-Dec		39 years
Mahomet, IL		7,177			290			6,779		—		290			6,779			7,069		17	7,052		14-Dec		39 years
Marysville, OH		4,565			2,218			5,015		396		2,218			5,411			7,629		1,147	6,482		Jun-07		40 years
Mattoon, IL		9,448			437			14,405		594		437			14,999			15,436		2,967	12,469		Jan-07		40 years
McMinnville, OR		10,715			650			11,686		52		650			11,738			12,388		252	12,136		14-May		40 years
Memphis, TN		15,914			5,790			19,902		586		5,790			20,488			26,278		3,295	22,983		Jan 07-Dec 14		40 years
Mobile, AL		4,540			510			6,848		35		510			6,883			7,393		152	7,241		14-May		40 years
Mt. Zion, IL		5,187			290			2,305		—		290			2,305			2,595		6	2,589		14-Dec		39 years
Northglenn, CO		29,121			1,530			28,245		103		1,530			28,348			29,878		545	29,333		14-May		40 years
Oklahoma City, OK		1,480			757			5,184		364		757			5,548			6,305		1,270	5,035		Jan-07		40 years
Olney, IL		8,248			166			8,316		406		166			8,722			8,888		1,738	7,150		Jan-07		40 years
Paris, IL		6,204			187			6,797		22		187			6,819			7,006		1,364	5,642		Jan-07		40 years
Port Orchard, WA		6,539			790			8,763		9		790			8,772			9,562		164	9,398		14-May		40 years
Raleigh, NC		11,132			1,000			16,416		10		1,000			16,426			17,426		325	17,101		14-May		40 years
Rantoul, IL		6,415			151			5,377		348		151			5,725			5,876		1,128	4,748		Jan-07		40 years
Robinson, IL		4,371			219			4,746		92		219			4,838			5,057		998	4,059		Jan-07		40 years
Rockford, IL		5,005			1,101			4,814		92		1,101			4,906			6,007		988	5,019		Jan-07		40 years
Rogue River, OR		4,373			590			5,310		34		590			5,344			5,934		117	5,817		14-May		40 years
Roseburg, OR		25,142			2,160			23,626		42		2,160			23,668			25,828		449	25,379		14-May		40 years
Round Rock, TX		22,578			2,571			28,717		122		2,571			28,839			31,410		557	30,853		14-May		40 years
Sacramento, CA		11,474			1,570			18,259		13		1,570			18,272			19,842		352	19,490		14-May		40 years
Santa Ana, CA		3,595			2,281			7,046		237		2,281			7,283			9,564		1,524	8,040		Jan-07		40 years
Seaside, OR		605			720			3,526		8		720			3,534			4,254		101	4,153		14-May		40 years
Staunton, IL		9,248			180			8,433		—		180			8,433			8,613		21	8,592		14-Dec		39 years
Stephenville, TX		3,031			507			6,459		412		507			6,871			7,378		1,409	5,969		Jan-07		40 years
Sugar Land, TX		29,693			2,240			31,010		88		2,240			31,098			33,338		589	32,749		14-May		40 years
Sycamore, IL		8,319			816			9,897		121		816			10,018			10,834		2,014	8,820		Jan-07		40 years
Temple, TX		15,565			2,260			20,149		180		2,260			20,329			22,589		411	22,178		14-May		40 years
Tuscola, IL		4,548			237			4,616		268		237			4,884			5,121		1,024	4,097		Jan-07		40 years
Tyler, TX		10,333			2,020			12,719		169		2,020			12,888			14,908		291	14,617		14-May		40 years
Ukiah, CA		4,942			990			7,637		—		990			7,637			8,627		162	8,465		14-May		40 years
Vandalia, IL		6,697			82			7,969		49		82			8,018			8,100		1,599	6,501		Jan-07		40 years
Washington Court House, OH		4,452			341			5,169		636		341			5,805			6,146		1,110	5,036		Jun-07		40 years
Weatherford, OK		1,551			229			5,600		384		229			5,984			6,213		1,361	4,852		Jan-07		40 years
Wenatchee, WA		15,600			1,340			17,486		20		1,340			17,506			18,846		350	18,496		14-May		40 years
Wichita, KS		5,428			2,282			10,478		395		2,282			10,873			13,155		1,858	11,297		Dec-07		40 years
Woodburn, OR		4,023			309			6,620		13		309			6,633			6,942		132	6,810		14-May		40 years
Total Assisted Living Facilities-RIDEA		886,261			101,515			985,375		17,525		101,515			1,002,900			1,104,415		59,524	1,044,891
Assisted Living Facilities(1)
Alexandria, MN		1,653			260			2,200		—		260			2,200			2,460		102	2,358		13-Jun		40 years
Ascot, UK		17,656			2,396			20,311		—		2,396			20,311			22,707		56	22,651		14-Dec		39 years
Auchtermuchty, UK		2,788			348			3,237		—		348			3,237			3,585		9	3,576		14-Dec		39 years
Baxter, MN		1,868			220			2,786		77		220			2,863			3,083		125	2,958		13-Jun		40 years
Bend, OR		26,797			2,630			35,910		—		2,630			35,910			38,540		643	37,897		14-Dec		39 years
Bishops Hull, UK		5,890			1,329			6,246		—		1,329			6,246			7,575		19	7,556		14-Dec		39 years
Braintree, UK		2,110			584			2,129		—		584			2,129			2,713		7	2,706		14-Dec		39 years
Bromley, UK		4,386			1,315			4,326		—		1,315			4,326			5,641		14	5,627		14-Dec		39 years
Camberely, UK		3,135			2,818			1,215		—		2,818			1,215			4,033		10	4,023		14-Dec		39 years
Chippenham, UK		5,919			1,875			5,737		—		1,875			5,737			7,612		19	7,593		14-Dec		39 years
Chipping Campden, UK		10,867			1,819			12,158		—		1,819			12,158			13,977		34	13,943		14-Dec		39 years
Chobham, UK		15,477			2,424			17,482		—		2,424			17,482			19,906		49	19,857		14-Dec		39 years
Cloquet, MN		2,587			170			4,021		62		170			4,083			4,253		172	4,081		13-Jun		40 years
Corvallis, OR		6,800			742			6,317		—		742			6,317			7,059		17	7,042		14-Dec		39 years
Cranleigh, UK		10,371			2,839			10,498		—		2,839			10,498			13,337		33	13,304		14-Dec		39 years
Denham, UK		7,826			1,897			8,167		—		1,897			8,167			10,064		25	10,039		14-Dec		39 years
Detroit Lakes, MN		4,528			290			4,174		144		290			4,318			4,608		197	4,411		13-Jun		40 years
Dorking, UK		6,424			1,557			6,705		—		1,557			6,705			8,262		20	8,242		14-Dec		39 years
Duluth, MN		15,450			1,300			16,791		1		1,300			16,792			18,092		711	17,381		13-Jun		40 years
Durham, NC		20,728			2,426			23,551		—		2,426			23,551			25,977		63	25,914		14-Dec		39 years
Eustis, FL(3)		417			—			—		—		—			—			—		—	—		14-May		40 years
Farleigh Common, UK		17,168			2,441			19,638		—		2,441			19,638			22,079		54	22,025		14-Dec		39 years
Farmoor, UK		14,303			1,863			16,532		1,490		1,863			18,022			19,885		45	19,840		14-Dec		39 years
Fayetteville, NC		11,527			1,183			9,566		—		1,183			9,566			10,749		26	10,723		14-Dec		39 years
Fishcross, UK		8,719			2,271			8,942		—		2,271			8,942			11,213		27	11,186		14-Dec		39 years
Fuguay-Varina, NC		16,079			1,123			19,489		—		1,123			19,489			20,612		50	20,562		14-Dec		39 years
Grand Rapids, MN		1,509			160			3,849		71		160			3,920			4,080		166	3,914		13-Jun		40 years
Haywards Heath, UK		10,102			1,527			11,466		—		1,527			11,466			12,993		32	12,961		14-Dec		39 years
Hulcott, UK		4,943			1,644			4,712		—		1,644			4,712			6,356		16	6,340		14-Dec		39 years
Indianapolis, IN		2,463			210			2,511		—		210			2,511			2,721		473	2,248		7-Jun		40 years
Kincardine, UK		3,763			787			4,052		—		787			4,052			4,839		12	4,827		14-Dec		39 years
Kingston upon Thames, UK		26,475			3,672			30,378		—		3,672			30,378			34,050		83	33,967		14-Dec		39 years
Kissimmee, FL		347			337			213		—		337			213			550		5	545		14-May		40 years
Knightdale, NC		15,304			2,215			16,661		—		2,215			16,661			18,876		46	18,830		14-Dec		39 years
La Grande, OR		9,747			1,394			10,774		—		1,394			10,774			12,168		250	11,918		14-May		40 years
LaGrange, IN		490			47			584		—		47			584			631		110	521		7-Jun		40 years
Lebanon, OR		11,164			1,327			14,227		—		1,327			14,227			15,554		295	15,259		14-May		40 years
Leven, UK		3,592			523			4,096		—		523			4,096			4,619		11	4,608		14-Dec		39 years
Lewes, UK		4,242			1,144			4,312		—		1,144			4,312			5,456		13	5,443		14-Dec		39 years
Lightwater, UK		3,932			1,666			3,391		—		1,666			3,391			5,057		12	5,045		14-Dec		39 years
Lincolnton, NC		16,079			1,072			21,517		—		1,072			21,517			22,589		55	22,534		14-Dec		39 years
Liss, UK		5,069			1,583			4,936		—		1,583			4,936			6,519		16	6,503		14-Dec		39 years
Merstham, UK		10,897			2,105			11,910		—		2,105			11,910			14,015		34	13,981		14-Dec		39 years
Monroe, NC		15,788			1,343			23,441		—		1,343			23,441			24,784		60	24,724		14-Dec		39 years
Mooresville, IN		4,282			631			4,187		—		631			4,187			4,818		789	4,029		7-Jun		40 years
Mountain Iron, MN		2,803			175			3,651		70		175			3,721			3,896		158	3,738		13-Jun		40 years
Nuffield, UK		5,009			1,705			4,736		—		1,705			4,736			6,441		16	6,425		14-Dec		39 years
Nuneaton, UK		5,499			1,901			5,171		—		1,901			5,171			7,072		17	7,055		14-Dec		39 years
Oregon City, OR		12,643			1,596			15,694		—		1,596			15,694			17,290		315	16,975		14-May		40 years
Park Rapids, MN		1,725			50			2,683		143		50			2,826			2,876		121	2,755		13-Jun		40 years
Plymouth, IN		3,471			128			5,538		—		128			5,538			5,666		1,044	4,622		7-Jun		40 years
Portage, IN		4,958			1,438			7,988		—		1,438			7,988			9,426		1,506	7,920		7-Jun		40 years
Prineville, OR		4,816			231			4,885		—		231			4,885			5,116		12	5,104		14-Dec		39 years
Proctor, MN		5,677			300			7,920		—		300			7,920			8,220		325	7,895		13-Jun		40 years
Redmond, OR		3,589			241			2,200		—		241			2,200			2,441		6	2,435		14-Dec		39 years
Rendlesham, UK		13,003			3,524			13,199		—		3,524			13,199			16,723		41	16,682		14-Dec		39 years
Rushville, IN		729			62			1,177		—		62			1,177			1,239		222	1,017		7-Jun		40 years
Salem, OR		3,589			501			3,469		—		501			3,469			3,970		10	3,960		14-Dec		39 years
Sauchie, UK		8,116			1,667			8,771		—		1,667			8,771			10,438		26	10,412		14-Dec		39 years
Scarning, UK		5,441			1,976			5,022		—		1,976			5,022			6,998		17	6,981		14-Dec		39 years
Sevenoaks, UK		6,699			1,535			7,080		—		1,535			7,080			8,615		21	8,594		14-Dec		39 years
Shipton-Under-Wychwood, UK		12,749			2,428			13,968		—		2,428			13,968			16,396		40	16,356		14-Dec		39 years
Sompting, UK		2,847			1,332			2,330		—		1,332			2,330			3,662		9	3,653		14-Dec		39 years
Sonning Common, UK		19,244			2,598			22,152		—		2,598			22,152			24,750		61	24,689		14-Dec		39 years
St George, UK		6,104			2,927			4,922		—		2,927			4,922			7,849		19	7,830		14-Dec		39 years
St Peter, UK		13,239			3,692			13,336		—		3,692			13,336			17,028		42	16,986		14-Dec		39 years
Sullivan, IN		966			596			441		—		596			441			1,037		84	953		7-Jun		40 years
Swansea, IL		6,106			521			5,667		59		521			5,726			6,247		167	6,080		14-May		40 years
Teddington, UK		18,366			544			23,077		—		544			23,077			23,621		58	23,563		14-Dec		39 years
Tunbridge Wells, UK		5,900			1,533			6,055		—		1,533			6,055			7,588		19	7,569		14-Dec		39 years
Wakarusa, IN		5,996			153			7,111		—		153			7,111			7,264		1,341	5,923		7-Jun		40 years
Warsaw, IN		2,479			396			3,722		—		396			3,722			4,118		701	3,417		7-Jun		40 years
Wimborne, UK		6,264			2,376			5,681		—		2,376			5,681			8,057		20	8,037		14-Dec		39 years
Winshill, UK		7,501			1,702			7,945		—		1,702			7,945			9,647		24	9,623		14-Dec		39 years
Wootton Bassett, UK		5,554			2,286			4,857		—		2,286			4,857			7,143		17	7,126		14-Dec		39 years
Yelverton, UK		1,001			243			1,046		—		243			1,046			1,289		3	1,286		14-Dec		39 years
Total Assisted Living Facilities		593,744			101,864			666,839		2,116		101,864			668,955			770,819		11,467	759,352
Hospitals
Athens, GA		14,626			1,824			17,610		—		1,824			17,610			19,434		47	19,387		14-Dec		39 years
Cape Girardeau, MO		9,783			672			12,232		—		672			12,232			12,904		31	12,873		14-Dec		39 years
Columbia, MO		12,979			1,323			10,585		—		1,323			10,585			11,908		29	11,879		14-Dec		39 years
Gardena, CA		55,579			5,803			58,619		—		5,803			58,619			64,422		157	64,265		14-Dec		39 years
Houston, TX		23,649			2,245			18,908		113		2,245			19,021			21,266		51	21,215		14-Dec		39 years
Humble, TX		14,327			611			13,226		—		611			13,226			13,837		34	13,803		14-Dec		39 years
Joplin, MO		10,945			1,052			8,504		—		1,052			8,504			9,556		23	9,533		14-Dec		39 years
Lafayette, LA		12,931			1,403			9,740		—		1,403			9,740			11,143		27	11,116		14-Dec		39 years
Los Angeles, CA		29,275			4,621			29,984		—		4,621			29,984			34,605		84	34,521		14-Dec		39 years
Murray, UT		15,595			1,714			13,137		—		1,714			13,137			14,851		36	14,815		14-Dec		39 years
Muskogee, OK		12,398			480			19,743		—		480			19,743			20,223		49	20,174		14-Dec		39 years
Norwalk, CA		27,436			4,069			12,656		—		4,069			12,656			16,725		40	16,685		14-Dec		39 years
Total Hospitals		239,523			25,817			224,944		113		25,817			225,057			250,874		608	250,266		14-Dec		39 years
Total Healthcare(2)		4,069,939			471,783			4,764,448		34,456		471,783			4,798,904			5,270,687		120,979	5,149,708
Hotels
Addison, TX		29,900			3,927			28,185		418		3,927			28,603			32,530		787	31,743		14-Jun		40 years
Albany, NY		27,324			4,918			25,824		—		4,918			25,824			30,742		112	30,630		14-Nov		40 years
Albuquerque, NM		19,582			1,753			23,792		—		1,753			23,792			25,545		100	25,445		14-Nov		40 years
Column A		Column B			Column C Initial Cost					Column D Capitalized Subsequent to Acquisition		Column E Gross Amount Carried at Close of Period								Column F			Column G		Column H
Location City, State		Encumbrances			Land			Building & Improvements		Land, Buildings & Improvements		Land			Building & Improvements			Total		Accumulated Depreciation	Total		Date Acquired		Life on Which Depreciation is Computed
Altamonte Springs, FL		8,000			2,352			5,776		69		2,352			5,845			8,197		312	7,885		14-Jun		15 years
Ann Arbor, MI		28,782			4,088			26,376		—		4,088			26,376			30,464		118	30,346		14-Nov		40 years
Annapolis Junction, MD		15,028			1,613			13,343		—		1,613			13,343			14,956		62	14,894		14-Nov		40 years
Ardmore, OK		7,377			409			6,558		43		409			6,601			7,010		128	6,882		14-Aug		40 years
Arlington, TX		29,301			2,850			33,258		233		2,850			33,491			36,341		529	35,812		Jun-14-Sep-14		40 years
Atlanta, GA		33,802			7,242			39,703		1,182		7,242			40,885			48,127		697	47,430		Jun-14-Sep-14		40 years
Atlantic City, NJ		16,670			2,792			13,163		1,282		2,792			14,445			17,237		262	16,975		14-Jun		40 years
Augusta, GA		15,103			1,936			17,969		81		1,936			18,050			19,986		157	19,829		14-Sep		40 years
Baton Rouge, LA		11,476			1,574			12,953		—		1,574			12,953			14,527		61	14,466		14-Nov		40 years
Bellevue, WA		28,100			6,460			25,049		8		6,460			25,057			31,517		1,090	30,427		14-Jun		15 years
Belmont, CA		45,200			10,556			39,920		682		10,556			40,602			51,158		893	50,265		14-Jun		40 years
Binghamton, NY		7,060			1,408			7,423		25		1,408			7,448			8,856		245	8,611		14-Jun		15 years
Blue Ash, OH		14,139			1,838			21,060		38		1,838			21,098			22,936		192	22,744		14-Sep		40 years
Bothell, WA		20,620			4,058			20,025		17		4,058			20,042			24,100		911	23,189		14-Jun		15 years
Brentwood, TN		17,915			2,535			17,235		46		2,535			17,281			19,816		160	19,656		14-Sep		40 years
Brownsville, TX		10,474			624			10,969		—		624			10,969			11,593		53	11,540		14-Nov		40 years
Buena Park, CA		19,763			9,031			8,119		60		9,031			8,179			17,210		128	17,082		14-Sep		40 years
Campbell, CA		20,450			5,530			16,547		4		5,530			16,551			22,081		720	21,361		14-Jun		40 years
Cary, NC		18,398			1,552			22,537		—		1,552			22,537			24,089		102	23,987		14-Nov		40 years
Chapel Hill, NC		19,491			1,508			18,756		—		1,508			18,756			20,264		76	20,188		14-Nov		40 years
Charlotte, NC		11,649			717			19,583		44		717			19,627			20,344		173	20,171		14-Sep		40 years
Cherry Hill, NJ		12,560			2,665			10,380		595		2,665			10,975			13,640		573	13,067		14-Jun		15 years
Colorado Springs, CO		27,688			2,835			27,865		—		2,835			27,865			30,700		133	30,567		14-Nov		40 years
Columbia, MD		5,800			1,191			6,134		31		1,191			6,165			7,356		157	7,199		14-Jun		40 years
Columbus, GA		4,745			1,268			7,551		58		1,268			7,609			8,877		95	8,782		14-Sep		40 years
Columbus, OH		10,604			1,690			12,788		17		1,690			12,805			14,495		141	14,354		14-Sep		40 years
Cotulla, TX		6,762			365			8,344		8		365			8,352			8,717		167	8,550		14-Aug		40 years
Cranbury, NJ		14,573			1,836			16,831		—		1,836			16,831			18,667		74	18,593		14-Nov		40 years
Dallas, TX		12,660			1,030			12,187		—		1,030			12,187			13,217		62	13,155		14-Nov		40 years
Danbury, CT		8,015			1,231			9,601		—		1,231			9,601			10,832		47	10,785		14-Nov		40 years
Dearborn, MI		13,496			1,710			16,476		33		1,710			16,509			18,219		176	18,043		14-Sep		40 years
Denton, TX		6,148			1,176			6,638		22		1,176			6,660			7,836		134	7,702		14-Aug		40 years
Denver, CO		47,400			9,258			41,619		100		9,258			41,719			50,977		1,867	49,110		14-Jun		15 years
Doral, FL		17,754			3,321			22,414		—		3,321			22,414			25,735		202	25,533		14-Sep		40 years
Dublin, OH		9,721			2,162			10,989		40		2,162			11,029			13,191		141	13,050		14-Sep		40 years
Duluth, GA		10,110			1,024			11,109		42		1,024			11,151			12,175		53	12,122		14-Nov		40 years
El Paso, TX		20,492			2,063			18,740		37		2,063			18,777			20,840		350	20,490		14-Aug		40 years
El Segundo, CA		27,050			5,041			24,161		787		5,041			24,948			29,989		547	29,442		14-Jun		40 years
Elizabeth, NJ		43,719			3,242			47,287		—		3,242			47,287			50,529		208	50,321		14-Nov		40 years
Elmsford, NY		21,860			2,855			17,619		—		2,855			17,619			20,474		77	20,397		14-Nov		40 years
Fairfax, VA		9,801			3,941			8,215		53		3,941			8,268			12,209		88	12,121		14-Sep		40 years
Federal Way, WA		26,231			1,633			24,493		—		1,633			24,493			26,126		98	26,028		14-Nov		40 years
Fort Lauderdale, FL		9,450			—			10,537		67		—			10,604			10,604		258	10,346		14-Jun		40 years
Fort Walton Beach, FL		30,550			6,414			24,996		237		6,414			25,233			31,647		782	30,865		14-Jun		40 years
Fort Worth, TX		6,011			675			5,907		6		675			5,913			6,588		31	6,557		14-Nov		40 years
Fremont, CA		35,608			9,307			26,629		3		9,307			26,632			35,939		766	35,173		Jun-14-Sep-14		15-40 years
Gaithersburg, MD		20,800			2,708			19,670		2,235		2,708			21,905			24,613		604	24,009		14-Jun		40 years
Hampton, VA		2,720			894			6,339		11		894			6,350			7,244		91	7,153		14-Sep		40 years
Harlingen, TX		14,846			3,291			12,868		—		3,291			12,868			16,159		64	16,095		14-Nov		40 years
Harrisburg, PA		14,700			2,429			13,025		107		2,429			13,132			15,561		599	14,962		14-Jun		15 years
Hauppauge, NY		13,662			911			14,855		—		911			14,855			15,766		67	15,699		14-Nov		40 years
Herndon, VA		14,380			2,801			12,873		12		2,801			12,885			15,686		131	15,555		14-Sep		40 years
Homewood, AL		16,850			971			16,808		—		971			16,808			17,779		67	17,712		14-Nov		40 years
Horsham, PA		6,770			1,359			5,766		1,490		1,359			7,256			8,615		186	8,429		14-Jun		40 years
Houma, LA		23,361			1,591			22,599		431		1,591			23,030			24,621		475	24,146		14-Aug		40 years
Houston, TX		59,112			10,474			55,814		13		10,474			55,827			66,301		263	66,038		14-Nov		40 years
Hunt Valley, MD		13,577			2,437			12,517		3		2,437			12,520			14,957		131	14,826		14-Sep		40 years
Irving, TX		27,823			3,274			31,922		177		3,274			32,099			35,373		233	35,140		Sep-14-Nov-14		40 years
Islandia, NY		15,450			3,387			13,672		75		3,387			13,747			17,134		369	16,765		14-Jun		40 years
Lafayette, LA		7,787			563			6,883		26		563			6,909			7,472		112	7,360		14-Aug		40 years
Lancaster, CA		22,131			2,507			21,683		38		2,507			21,721			24,228		350	23,878		14-Aug		40 years
Landover, MD		6,431			1,798			7,035		7		1,798			7,042			8,840		110	8,730		14-Sep		40 years
Laredo, TX		10,656			583			10,786		17		583			10,803			11,386		154	11,232		14-Aug		40 years
Las Colinas, TX		18,250			2,589			16,477		1,466		2,589			17,943			20,532		429	20,103		14-Jun		40 years
Lebanon, NJ		18,216			2,486			17,993		—		2,486			17,993			20,479		76	20,403		14-Nov		40 years
Lexington, KY		8,080			1,299			6,328		369		1,299			6,697			7,996		293	7,703		14-Jun		15 years
Livonia, MI		16,240			2,075			14,783		6		2,075			14,789			16,864		382	16,482		14-Jun		40 years
Los Alamitos, CA		25,503			4,279			29,207		—		4,279			29,207			33,486		118	33,368		14-Nov		40 years
Louisville, KY		44,675			7,259			39,904		141		7,259			40,045			47,304		1,135	46,169		14-Jun		15-40 years
Lubbock, TX		9,016			1,135			7,235		94		1,135			7,329			8,464		118	8,346		14-Aug		40 years
Lynnwood, WA		19,600			1,877			20,301		43		1,877			20,344			22,221		896	21,325		14-Jun		15 years
Mansfield, TX		13,935			2,132			13,098		25		2,132			13,123			15,255		249	15,006		14-Aug		40 years
Medford, MA		29,055			2,632			28,588		—		2,632			28,588			31,220		114	31,106		14-Nov		40 years
Memphis, TN		11,327			1,985			10,861		151		1,985			11,012			12,997		126	12,871		14-Sep		40 years
Montvale, NJ		34,075			8,247			27,879		31		8,247			27,910			36,157		667	35,490		14-Jun		40 years
Morristown, NJ		31,160			13,471			25,665		172		13,471			25,837			39,308		707	38,601		14-Jun		40 years
Morrisville, NC		21,768			4,024			21,790		—		4,024			21,790			25,814		93	25,721		14-Nov		40 years
Mount Laurel, NJ		7,680			2,304			8,734		888		2,304			9,622			11,926		187	11,739		14-Jun		40 years
Naperville, IL		9,319			2,241			15,480		3		2,241			15,483			17,724		157	17,567		14-Sep		40 years
Naples, FL		11,500			2,301			9,842		12		2,301			9,854			12,155		263	11,892		14-Jun		40 years
Nashville, TN		21,677			3,518			25,965		—		3,518			25,965			29,483		113	29,370		14-Nov		40 years
Norcross, GA		10,600			1,740			10,603		238		1,740			10,841			12,581		325	12,256		14-Jun		40 years
Ontario, CA		22,850			5,419			31,910		29		5,419			31,939			37,358		1,426	35,932		14-Jun		15 years
Palmdale, CA		6,557			918			7,790		38		918			7,828			8,746		189	8,557		14-Aug		40 years
Phoenix, AZ		13,657			4,452			14,304		37		4,452			14,341			18,793		142	18,651		14-Sep		40 years
Pismo Beach, CA		14,549			6,221			9,986		—		6,221			9,986			16,207		194	16,013		14-Aug		40 years
Pleasanton, CA		24,503			5,257			16,560		22		5,257			16,582			21,839		187	21,652		14-Sep		40 years
Portland, ME		10,000			1,344			9,595		13		1,344			9,608			10,952		277	10,675		14-Jun		40 years
Poughkeepsie, NY		20,038			1,326			24,698		—		1,326			24,698			26,024		101	25,923		14-Nov		40 years
Princeton, NJ		18,216			2,457			21,727		—		2,457			21,727			24,184		95	24,089		14-Nov		40 years
Raleigh, NC		10,926			2,476			13,170		44		2,476			13,214			15,690		139	15,551		14-Sep		40 years
Rancho Cordova, CA		10,122			3,321			5,692		3		3,321			5,695			9,016		101	8,915		14-Sep		40 years
Richmond, VA		40,543			5,165			35,898		2,180		5,165			38,078			43,243		741	42,502		Jun-14-Nov-14		15-40 years
Roanoke, VA		27,324			7,543			28,174		—		7,543			28,174			35,717		123	35,594		14-Nov		40 years
Rockville, MD		19,944			4,233			17,282		241		4,233			17,523			21,756		335	21,421		Jun-14-Sep-14		40 years
Rosemont, IL		22,520			3,755			22,336		3,754		3,755			26,090			29,845		588	29,257		14-Jun		40 years
Saddle River, NJ		30,000			5,069			26,842		12		5,069			26,854			31,923		663	31,260		14-Jun		40 years
San Angelo, TX		26,645			844			17,308		56		844			17,364			18,208		334	17,874		14-Aug		40 years
San Antonio, TX		44,809			8,356			49,090		481		8,356			49,571			57,927		862	57,065		14-Aug		40 years
San Bruno, CA(3)		32,134			—			38,636		70		—			38,706			38,706		358	38,348		14-Sep		40 years
San Jose, CA		32,250			7,955			30,077		29		7,955			30,106			38,061		630	37,431		14-Jun		15 years
Santa Ana, CA		21,530			5,208			15,525		20		5,208			15,545			20,753		165	20,588		14-Sep		40 years
Savannah, GA		9,319			1,788			12,425		118		1,788			12,543			14,331		132	14,199		14-Sep		40 years
Shelton, CT		7,240			1,424			6,002		472		1,424			6,474			7,898		304	7,594		14-Jun		15 years
Solon, OH		8,835			495			11,007		—		495			11,007			11,502		50	11,452		14-Nov		40 years
Somerset, NJ		16,395			1,757			15,867		—		1,757			15,867			17,624		70	17,554		14-Nov		40 years
Tallahassee, FL		16,630			1,838			20,658		5		1,838			20,663			22,501		187	22,314		14-Sep		40 years
Tampa, FL		13,935			2,111			14,207		—		2,111			14,207			16,318		58	16,260		14-Nov		40 years
Tarrytown, NY		12,854			5,080			9,642		190		5,080			9,832			14,912		151	14,761		14-Sep		40 years
Troy, MI		21,453			2,983			26,076		888		2,983			26,964			29,947		668	29,279		Jun-14-Sep-14		15-40 years
Tucson, AZ		24,319			3,245			27,132		42		3,245			27,174			30,419		127	30,292		14-Nov		40 years
Tukwila, WA		28,600			5,750			26,863		24		5,750			26,887			32,637		1,183	31,454		14-Jun		15 years
Twentynine Palms, CA		7,992			632			9,044		27		632			9,071			9,703		162	9,541		14-Aug		40 years
Vienna, VA		31,241			3,295			28,045		—		3,295			28,045			31,340		125	31,215		14-Nov		40 years
Virginia Beach, VA		5,099			1,828			5,526		17		1,828			5,543			7,371		86	7,285		14-Sep		40 years
Warren, MI		10,363			1,494			12,235		71		1,494			12,306			13,800		152	13,648		14-Sep		40 years
Wayne, PA		19,763			1,897			23,784		68		1,897			23,852			25,749		223	25,526		14-Sep		40 years
West Homestead, PA		11,021			797			11,695		—		797			11,695			12,492		50	12,442		14-Nov		40 years
West Melbourne, FL		8,034			2,015			8,971		123		2,015			9,094			11,109		109	11,000		14-Sep		40 years
West Palm Beach, FL		8,926			1,021			9,030		34		1,021			9,064			10,085		43	10,042		14-Nov		40 years
Westbury, NY		27,324			10,196			30,132		—		10,196			30,132			40,328		121	40,207		14-Nov		40 years
Willow Grove, PA		15,450			2,658			13,599		220		2,658			13,819			16,477		326	16,151		14-Jun		40 years
Wilmington, NC		25,412			2,238			25,907		—		2,238			25,907			28,145		121	28,024		14-Nov		40 years
Windsor, CT		34,215			5,906			38,347		347		5,906			38,694			44,600		656	43,944		Jun-14-Nov-14		15-40 years
Total Hotels		2,380,681			400,543			2,362,275		24,324		400,543			2,386,599			2,787,142		38,503	2,748,639
Manufactured Housing
Alton, IL		3,273			987			2,962		16		987			2,978			3,965		272	3,693		12-Dec		10-30 years
Apopka, FL		17,029			3,311			12,637		104		3,311			12,741			16,052		1,329	14,723		13-Apr		10-30 years
Arvada, CO		18,187			6,028			12,481		7		6,028			12,488			18,516		1,427	17,089		12-Dec		10-30 years
Aurora, CO		6,243			7,262			14,333		112		7,262			14,445			21,707		1,689	20,018		12-Dec		10-30 years
Austin, TX		34,357			20,539			22,253		168		20,539			22,421			42,960		1,122	41,838		13-Dec		10-30 years
Belton, MO		11,618			1,681			15,797		105		1,681			15,902			17,583		1,333	16,250		13-Apr		10-30 years
Bloomingburg, NY		17,692			1,953			18,546		26		1,953			18,572			20,525		2,021	18,504		13-Apr		10-30 years
Blossvale, NY		2,949			107			3,608		73		107			3,681			3,788		398	3,390		13-Apr		10-30 years
Casper, WY		34,172			6,924			13,906		51		6,924			13,957			20,881		1,639	19,242		12-Dec		10-30 years
Cheyenne, WY		13,109			5,299			10,445		93		5,299			10,538			15,837		1,243	14,594		12-Dec		10-30 years
Clearfield, UT		10,342			3,246			11,837		32		3,246			11,869			15,115		1,264	13,851		13-Apr		10-30 years
Clio, MI		3,539			3,538			3,833		29		3,538			3,862			7,400		193	7,207		13-Dec		10-30 years
Commerce City, CO		9,713			2,318			4,604		1		2,318			4,605			6,923		548	6,375		12-Dec		10-30 years
Connelly, NY		6,295			308			7,099		32		308			7,131			7,439		794	6,645		13-Apr		10-30 years
Davie, FL		29,487			9,381			9,923		12		9,381			9,935			19,316		979	18,337		13-Apr		10-30 years
Davison, MI		3,791			3,986			4,319		33		3,986			4,352			8,338		218	8,120		13-Dec		10-30 years
Denver, CO		34,684			10,838			14,403		78		10,838			14,481			25,319		1,028	24,291		12-Dec		10-30 years
Column A		Column B				Column C Initial Cost						Column D Capitalized Subsequent to Acquisition				Column E Gross Amount Carried at Close of Period								Column F				Column G	Column H
Location City, State		Encumbrances				Land			Building & Improvements			Land, Buildings & Improvements				Land			Building & Improvements		Total			Accumulated Depreciation		Total		Date Acquired	Life on Which Depreciation is Computed
Fayetteville, CO		1,307				346			743			—				346			743		1,089			88		1,001		13-Dec	10-30 years
Ft. Collins, CO		27,322				11,856			23,200			25				11,856			23,225		35,081			2,745		32,336		12-Dec	10-30 years
Gainesville, FL		15,038				2,886			12,179			82				2,886			12,261		15,147			1,287		13,860		12-Dec	10-30 years
Gansevoort, NY		560				163			532			1				163			533		696			61		635		13-Apr	10-30 years
Gillette, WY		20,647				9,148			18,156			57				9,148			18,213		27,361			2,139		25,222		13-Apr	10-30 years
Godfrey, IL		3,564				492			1,077			5				492			1,082		1,574			123		1,451		12-Dec	10-30 years
Golden, CO		2,926				4,955			10,005			54				4,955			10,059		15,014			1,167		13,847		12-Dec	10-30 years
Grand Prairie, TX		21,967				24,701			26,762			202				24,701			26,964		51,665			1,349		50,316		12-Dec	10-30 years
Greeley, CO		25,159				13,659			23,978			312				13,659			24,290		37,949			2,570		35,379		13-Dec	10-30 years
Haysville, KS		1,445				95			2,497			1				95			2,498		2,593			177		2,416		Dec-12/May 14	10-30 years
Henderson, CO		21,998				8,734			17,661			8				8,734			17,669		26,403			2,009		24,394		13-Apr	10-30 years
Jacksonville, FL		87,059				22,173			80,785			469				22,173			81,254		103,427			7,999		95,428		12-Dec	10-30 years
Kansas City, KS		7,490				1,221			8,471			35				1,221			8,506		9,727			767		8,960		13-Apr	10-30 years
Kansas City, MO		8,256				885			11,312			79				885			11,391		12,276			1,079		11,197		13-Apr	10-30 years
Kissimmee, FL		23,589				5,771			24,506			90				5,771			24,596		30,367			2,646		27,721		13-Apr	10-30 years
Lake Wales, FL		7,961				1,841			6,421			114				1,841			6,535		8,376			733		7,643		13-Apr	10-30 years
Laramie, WY		4,566				1,794			3,687			19				1,794			3,706		5,500			426		5,074		13-Apr	10-30 years
Lawrence, KS		13,225				931			18,174			113				931			18,287		19,218			1,685		17,533		12-Dec	10-30 years
Layton, UT		21,945				7,145			21,839			64				7,145			21,903		29,048			2,396		26,652		13-Apr	10-30 years
Lewisville, TX		56,852				38,613			41,835			315				38,613			42,150		80,763			2,109		78,654		13-Apr	10-30 years
Liverpool, NY		12,384				1,398			14,505			71				1,398			14,576		15,974			1,446		14,528		Dec-13/May-14	10-30 years
Longmont, CO		49,465				13,716			16,893			120				13,716			17,013		30,729			1,122		29,607		13-Apr	10-30 years
Loveland, CO		5,456				2,206			4,351			19				2,206			4,370		6,576			520		6,056		12-Dec	10-30 years
Magna, UT		10,984				3,224			12,293			36				3,224			12,329		15,553			1,355		14,198		13-Dec	10-30 years
Manhattan, KS		16,255				1,130			21,804			47				1,130			21,851		22,981			2,091		20,890		12-Dec	10-30 years
Nanuet, NY		12,090				1,106			13,022			81				1,106			13,103		14,209			1,462		12,747		13-Apr	10-30 years
Naples, FL		20,125				4,316			11,293			106				4,316			11,399		15,715			1,256		14,459		13-Apr	10-30 years
North Salt Lake, UT		26,022				8,878			22,433			79				8,878			22,512		31,390			2,490		28,900		13-Apr	10-30 years
O' Fallon, IL		4,106				1,643			3,303			41				1,643			3,344		4,987			391		4,596		13-Apr	10-30 years
Ogden, UT		49,818				14,388			53,666			161				14,388			53,827		68,215			5,940		62,275		13-Apr	10-30 years
Orlando, FL		33,172				7,480			27,638			187				7,480			27,825		35,305			2,993		32,312		12-Dec	10-30 years
Park City, KS		4,077				722			6,317			128				722			6,445		7,167			473		6,694		13-Apr	10-30 years
Pompano Beach, FL		6,561				2,515			4,316			30				2,515			4,346		6,861			468		6,393		13-Apr	10-30 years
Pontoon Beach, IL		8,686				3,383			7,064			70				3,383			7,134		10,517			808		9,709		13-Apr	10-30 years
Port Jervis, NY		8,772				985			9,601			49				985			9,650		10,635			1,058		9,577		13-Apr	10-30 years
Queensbury, NY		7,667				296			9,205			23				296			9,228		9,524			971		8,553		12-Dec	10-30 years
Column A		Column B				Column C Initial Cost						Column D Capitalized Subsequent to Acquisition				Column E Gross Amount Carried at Close of Period								Column F				Column G	Column H
Location City, State		Encumbrances				Land			Building & Improvements			Land, Buildings & Improvements				Land			Building & Improvements		Total			Accumulated Depreciation		Total		Date Acquired	Life on Which Depreciation is Computed
Salt Lake City, UT		49,685				14,506			59,627			114				14,506			59,741		74,247			6,667		67,580		13-Apr	10-30 years
Sandy, UT		18,577				6,412			19,874			9				6,412			19,883		26,295			2,221		24,074		13-Apr	10-30 years
Sarasota Springs, NY		2,433				95			3,034			6				95			3,040		3,135			331		2,804		13-Apr	10-30 years
Springdale, AR		2,612				1,850			3,713			24				1,850			3,737		5,587			447		5,140		13-Apr	10-30 years
Thornton, CO		105,466				42,284			49,978			307				42,284			50,285		92,569			3,139		89,430		13-Apr	10-30 years
Tooele, UT		7,445				982			9,775			27				982			9,802		10,784			1,061		9,723		12-Dec	10-30 years
Topeka, KS		10,342				5,097			10,521			112				5,097			10,633		15,730			810		14,920		12-Dec	10-30 years
Tucson, AZ		11,166				7,316			7,926			60				7,316			7,986		15,302			400		14,902		13-Dec	10-30 years
Washingtonville, NY		4,755				1,181			4,883			13				1,181			4,896		6,077			541		5,536		13-Apr	10-30 years
West Jordan, UT		23,649				7,195			28,939			65				7,195			29,004		36,199			3,239		32,960		13-Apr	10-30 years
West Valley City, UT		14,117				3,445			18,239			20				3,445			18,259		21,704			2,028		19,676		14-May	10-30 years
Wichita, KS		13,244				2,265			19,524			235				2,265			19,759		22,024			1,510		20,514		13-Apr	10-30 years
Winter Haven, FL		5,750				580			5,550			24				580			5,574		6,154			611		5,543		13-Apr	10-30 years
Total Manufactured Housing		1,174,237				405,709			1,016,093			5,281				405,709			1,021,374		1,427,083			98,901		1,328,182
Net Lease
Industrial
Arvada, CO		4,951				879			6,990			—				879			6,990		7,869			72		7,797		14-Aug	40 years
Aurora & Twinsburg, OH		5,360				1,139			6,665			—				1,139			6,665		7,804			69		7,735		14-Aug	40 years
Bedford Park, IL		6,552				2,459			7,438			—				2,459			7,438		9,897			77		9,820		14-Aug	40 years
Charleston, SC		4,421				665			5,332			—				665			5,332		5,997			56		5,941		14-Aug	40 years
Chicago, IL		17,882				8,745			20,798			—				8,745			20,798		29,543			217		29,326		14-Aug	40 years
Cleveland, OH		5,819				503			7,390			—				503			7,390		7,893			71		7,822		14-Aug	40 years
Compton, CA		19,182				12,622			18,510			—				12,622			18,510		31,132			179		30,953		14-Aug	40 years
Corpus Christi, TX		600				274			639			—				274			639		913			9		904		14-Aug	40 years
Decatur, GA		7,933				1,123			11,414			—				1,123			11,414		12,537			119		12,418		14-Aug	40 years
Easley, SC		5,842				744			7,699			—				744			7,699		8,443			93		8,350		14-Aug	40 years
Eden Prairie, MN		3,950				1,542			4,574			—				1,542			4,574		6,116			56		6,060		14-Aug	40 years
Ferndale, MI		1,940				182			2,464			—				182			2,464		2,646			25		2,621		14-Aug	40 years
Fraser, MI		2,812				563			3,245			—				563			3,245		3,808			39		3,769		14-Aug	40 years
Gladewater, TX		1,222				221			1,446			—				221			1,446		1,667			17		1,650		14-Aug	40 years
Louisville, KY		5,202				1,300			5,484			—				1,300			5,484		6,784			61		6,723		14-Aug	40 years
Mayfield, KY		2,251				124			3,142			—				124			3,142		3,266			37		3,229		14-Aug	40 years
New Boston, MI		9,064				1,175			9,767			—				1,175			9,767		10,942			104		10,838		14-Aug	40 years
Norcross, GA		5,852				1,945			7,198			—				1,945			7,198		9,143			99		9,044		14-Aug	40 years
North Richland Hills, TX		4,080				987			5,175			—				987			5,175		6,162			52		6,110		14-Aug	40 years
Column A		Column B				Column C Initial Cost						Column D Capitalized Subsequent to Acquisition				Column E Gross Amount Carried at Close of Period								Column F				Column G	Column H
Location City, State		Encumbrances				Land			Building & Improvements			Land, Buildings & Improvements				Land			Building & Improvements		Total			Accumulated Depreciation		Total		Date Acquired	Life on Which Depreciation is Computed
North Vernon, IN		2,076				253			2,588			—				253			2,588		2,841			34		2,807		14-Aug	40 years
Phoenix, AZ		13,525				2,718			18,743			—				2,718			18,743		21,461			178		21,283		14-Aug	40 years
Plant City, FL		2,205				1,210			2,359			—				1,210			2,359		3,569			31		3,538		14-Aug	40 years
Rochester, NY		5,381				651			5,488			—				651			5,488		6,139			64		6,075		14-Aug	40 years
Schiller Park, IL		2,146				2,654			3,452			—				2,654			3,452		6,106			40		6,066		14-Aug	40 years
South Holland, IL		7,673				2,503			10,716			—				2,503			10,716		13,219			120		13,099		14-Aug	40 years
St. Louis, MO		2,471				938			2,771			—				938			2,771		3,709			28		3,681		14-Aug	40 years
Stone Mountain, GA		6,633				867			8,966			—				867			8,966		9,833			93		9,740		14-Aug	40 years
Strongsville, OH		2,456				313			3,011			—				313			3,011		3,324			31		3,293		14-Aug	40 years
Tallahassee, FL		1,088				199			1,330			—				199			1,330		1,529			16		1,513		14-Aug	40 years
Thorofare, NJ		3,300				1,034			4,919			—				1,034			4,919		5,953			48		5,905		14-Aug	40 years
Vernon, CA		28,830				29,905			19,333			—				29,905			19,333		49,238			193		49,045		14-Aug	40 years
Warren, MI		4,808				661			4,352			—				661			4,352		5,013			49		4,964		14-Aug	40 years
Winston-Salem, NC		8,323				1,641			6,799			—				1,641			6,799		8,440			68		8,372		14-Aug	40 years
Subtotal Industrial		205,830				82,739			230,197			—				82,739			230,197		312,936			2,445		310,491
Office
Auburn Hills, MI		11,646				2,980			8,607			—				2,980			8,607		11,587			4,094		7,493		5-Sep	40 years
Aurora, CO		30,719				2,650			35,786			23				2,650			35,809		38,459			8,175		30,284		6-Jul	40 years
Camp Hill, PA		23,598				5,900			19,510			—				5,900			19,510		25,410			7,742		17,668		5-Sep	40 years
Columbus, OH		21,934				4,375			29,184			—				4,375			29,184		33,559			6,266		27,293		7-Nov	40 years
Fort Mill, SC		28,778				3,300			31,554			—				3,300			31,554		34,854			6,996		27,858		7-Mar	40 years
Indianapolis, IN		26,152				1,670			32,306			—				1,670			32,306		33,976			8,359		25,617		6-Mar	40 years
Milpitas, CA		19,460				16,800			8,847			—				16,800			8,847		25,647			2,808		22,839		7-Feb	40 years
Ocala, FL		1,627				565			2,868			—				565			2,868		3,433			39		3,394		14-Aug	40 years
Pensacola, FL		2,682				1,132			2,691			—				1,132			2,691		3,823			36		3,787		14-Aug	40 years
Rancho Cordova, CA		7,494				3,060			9,360			—				3,060			9,360		12,420			2,457		9,963		5-Sep	40 years
Rockaway, NJ		15,799				6,118			15,664			295				6,118			15,959		22,077			4,275		17,802		6-Mar	40 years
Salt Lake City, UT		13,181				672			19,739			394				672			20,133		20,805			6,103		14,702		5-Aug	40 years
Savannah, GA		4,070				509			5,522			—				509			5,522		6,031			63		5,968		14-Aug	40 years
West Sacramento, CA		6,921				1,115			10,433			—				1,115			10,433		11,548			121		11,427		14-Aug	40 years
Subtotal Office		214,061				50,846			232,071			712				50,846			232,783		283,629			57,534		226,095
Retail
Bloomingdale, IL(3)		5,230				—			5,810			—				—			5,810		5,810			1,461		4,349		6-Sep	40 years
Fort Wayne, IN(3)		2,908				—			3,642			—				—			3,642		3,642			985		2,657		6-Sep	40 years
Column A		Column B				Column C Initial Cost						Column D Capitalized Subsequent to Acquisition				Column E Gross Amount Carried at Close of Period								Column F				Column G	Column H
Location City, State		Encumbrances				Land			Building & Improvements			Land, Buildings & Improvements				Land			Building & Improvements		Total			Accumulated Depreciation		Total		Date Acquired	Life on Which Depreciation is Computed
Keene, NH		6,105				3,033			5,919			—				3,033			5,919		8,952			1,470		7,482		6-Sep	40 years
Concord, NH		7,640				2,145			9,216			—				2,145			9,216		11,361			2,357		9,004		6-Sep	40 years
Melville, NY(3)		4,057				—			3,187			—				—			3,187		3,187			899		2,288		6-Sep	40 years
Millbury, MA(3)		4,312				—			5,994			—				—			5,994		5,994			1,345		4,649		6-Sep	40 years
North Attleboro, MA(3)		4,295				—			5,445			—				—			5,445		5,445			1,364		4,081		6-Sep	40 years
South Portland, ME(3)		3,597				—			6,687			—				—			6,687		6,687			2,413		4,274		6-Sep	40 years
Wichita, KS		5,594				1,325			5,583			—				1,325			5,583		6,908			1,348		5,560		6-Sep	40 years
Subtotal Retail		43,738				6,503			51,483			—				6,503			51,483		57,986			13,642		44,344
Total Net Lease		463,629				140,088			513,751			712				140,088			514,463		654,551			73,621		580,930
Multifamily
Houston, TX		14,870				2,401			16,293			538				2,401			16,831		19,232			933		18,299		13-Jun	10-30 years
Jacksonville, FL		51,130				8,933			55,617			1,337				8,933			56,954		65,887			3,200		62,687		Apr-13/Jun-13	10-30 years
Marietta, GA		11,395				3,742			11,258			449				3,742			11,707		15,449			843		14,606		13-Apr	10-30 years
Memphis, TN		39,600				7,300			41,896			2,144				7,300			44,040		51,340			2,507		48,833		13-Mar	10-30 years
Murfreesboro, TN		18,780				2,900			20,850			912				2,900			21,762		24,662			1,356		23,306		13-Apr	10-30 years
Panama City, FL		12,880				800			15,150			578				800			15,728		16,528			1,026		15,502		13-Apr	10-30 years
Roswell, GA		23,812				7,920			23,825			1,304				7,920			25,129		33,049			1,634		31,415		13-Apr	10-30 years
Savannah, GA		25,550				2,700			29,750			781				2,700			30,531		33,231			1,781		31,450		13-Apr	10-30 years
Scottsdale, AZ		46,538				8,393			53,130			2,137				8,393			55,267		63,660			2,781		60,879		13-Jun	10-30 years
Total Multifamily		244,555				45,089			267,769			10,180				45,089			277,949		323,038			16,061		306,977
European Office(1)
Woking, UK		77,660				17,946			71,863			—				17,946			71,863		89,809			521		89,288		14-Oct	40 years
Total European Office		77,660				17,946			71,863			—				17,946			71,863		89,809			521		89,288
Multi-tenant Office
Austin, TX		11,906				1,808			16,268			—				1,808			16,268		18,076			153		17,923		14-Oct	40 years
Boulder, CO		11,591				3,155			13,334			25				3,155			13,359		16,514			143		16,371		14-Sep	40 years
Denver, CO		13,503				1,113			16,882			125				1,113			17,007		18,120			413		17,707		14-Sep	40 years
San Diego, CA		8,584				1,751			10,047			—				1,751			10,047		11,798			79		11,719		14-Nov	40 years
Total Multi-tenant Office		45,584				7,827			56,531			150				7,827			56,681		64,508			788		63,720
REO
Sheboygan, WI		—				1,628			5,709			—				1,628			5,709		7,337			200		7,137		13-Jan	40 years
Total REO		—				1,628			5,709			—				1,628			5,709		7,337			200		7,137
Column A		Column B				Column C Initial Cost						Column D Capitalized Subsequent to Acquisition				Column E Gross Amount Carried at Close of Period								Column F				Column G	Column H
Location City, State		Encumbrances				Land			Building & Improvements			Land, Buildings & Improvements				Land			Building & Improvements		Total			Accumulated Depreciation		Total		Date Acquired	Life on Which Depreciation is Computed
Grand Total		$	8,456,285			$	1,490,613		$	9,058,439		$	75,103			$	1,490,613		$	9,133,542	$	10,624,155		$	349,574	$	10,274,581
___________________________________________
(1) Initial cost for UK properties includes foreign currency translation as of December 31, 2014.
(2) Excludes portfolio level financing of $75 million.
(3) Represents a leasehold interest in the property. All other properties are fee interest.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)
As of December 31, 2014
(Dollars in Thousands)
The following table presents changes in the Company’s operating real estate portfolio for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands):
		2014				2013			2012
Beginning balance		$	2,561,180			$	1,538,489		$	1,207,519
Property acquisitions		8,030,551				1,598,837			330,397
Transfers to held for sale		—				(29,097		)	(966		)
Improvements		37,955				11,706			4,785
Retirements and disposals		(5,531		)		—			(3,246		)
Deconsolidation of N-Star CDOs		—				(558,755		)	—
Ending balance		$	10,624,155			$	2,561,180		$	1,538,489
The following table presents changes in accumulated depreciation for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands):
		2014				2013			2012
Beginning balance		$	190,997			$	147,943		$	118,070
Depreciation expense		164,924				76,127			33,257
Assets held for sale		—				(7,387		)	—
Retirements and disposals(1)		(6,347		)		(1,370		)	(3,384		)
Deconsolidation		—				(24,316		)	—
Ending balance		$	349,574			$	190,997		$	147,943
______________________
-1	Includes $0.4 million of write-offs related to taking title to collateral in 2012. There were no write-offs in 2014 and 2013.

Schedule_IV_Mortgage_Loans_on_

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2014
Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	NORTHSTAR REALTY FINANCE CORP. AND SUBSIDIARIES
	SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
	31-Dec-14
	(Dollars in Thousands)
	Asset Type:		Location / Description(1)		Number	Interest Rate			Maturity Date(3)		Periodic Payment Terms(4)	Prior Liens(5)		Principal Amount(5)		Carrying Value(6)		Principal Amount of Loans Subject to Delinquent Principal or Interest(7)
						Floating(2)		Fixed
	First mortgage loans:
	First Mortgage - A		Pennsylvania / Office		1	7.25%		—	16-Sep		I/O	$	—	$	61,500	$	60,944	$	—
	First Mortgage - B		Texas / Multifamily		1	—		15.00%	15-Feb		I/O	—		53,500		53,377		—
	First Mortgage - C		California / Office		1	6.90%		—	16-Oct		I/O	—		38,750		38,588		—
	First Mortgage - D		Miami / Land		1	15.00%		—	15-Apr		I/O	—		38,190		38,458		—
	First Mortgage - E		Colorado / Retail		1	6.65%		—	15-Apr		I/O	—		35,500		35,784		—
	Other first mortgage loans		Various / Various		10	0.00% to 6.00%		0.00% to 7.50%	19-Mar		—	—		234,188		97,799		—
	Subtotal first mortgage loans:				15									461,628		324,950		—
	Mezzanine loans:
	Mezzanine loans - A		New York / Hotel		1	15.25%		—	16-Feb		I/O	198,000		48,525		48,578		—
	Mezzanine loans - B		New York / Land		1	—		14.00%	17-Oct		I/O	148,550		40,250		40,250		—
	Other mezzanine loans		Various / Various		7	—		0.00% to 14.50%	18-Jun		—	—		72,041		68,260		—
	Subtotal mezzanine loans				9							346,550		160,816		157,088		—
	Subordinate interests
	Subordinate interests - A		New York / Hotel		1	—		13.11%	23-May		I/O	—		61,750		60,845		—
	Subordinate interests - B		Various / Hotel		1	—		13.20%	16-Jul		I/O	64,468		54,350		54,310		—
	Subordinate interests - C		New York / Hotel		1	11.07%		—	23-May		I/O	—		46,930		46,442		—
	Other subordinate interests		Various / Various		5	12.22% to 14.00%		11.50% to 13.20%	16-Mar		—	—		38,534		38,640		—
	Subtotal subordinate interests				8							64,468		201,564		200,237		—
	Corporate loans
	Corporate loan - A		NY, NJ, CT / Office		2	—		12.00%	20-Dec		I/O	—		150,000		167,630		—
	Corporate loan - B		NY, NJ, CT / Office		1	—		12.00%	20-Dec		I/O	—		100,000		111,655		—
	Corporate loan - C		Other / Other		1	—		14.00%	17-Jul		I/O	—		50,000		48,527		—
	Other term loans		Various / Various		10	—		6.36% to 13.00%	24-Aug		—	—		63,308		57,580		—
	Subtotal corporate loans				14							—		363,308		385,392		—
	Total				46							$	411,018	$	1,187,316	$	1,067,667	$	—
	_________________________
	-1	Description of property types include condo, hotel, industrial, land, multifamily, office, retail and other.
	-2	Certain floating rate loans are subject to LIBOR floors ranging from 0.25% to 3.50%. Includes one first mortgage loan with a principal amount of $6.2 million with a spread over prime rate. All other floating rate loans are based on one-month LIBOR.
	-3	Represents initial maturity.
	-4	I/O =nterest only.
	-5	Included are four revolver loans of $156.4 million, of which $60.7 million is outstanding as of December 31, 2014. Excludes any prior liens owned by the Company.
	-6	Individual loans each have a carrying value greater than 3% of total loans. All other loans each have a carrying value less than 3% of total loans.
	-7	There are no loans that have principal and interest delinquencies greater than 90 days.
	NORTHSTAR REALTY FINANCE CORP. AND SUBSIDIARIES
	SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Continued)
	31-Dec-14
	(Dollars in Thousands)
	Reconciliation of Carrying Value of Real Estate Debt:
			Years Ended December 31,
			2014			2013			2012
	Beginning balance		$	1,031,078		$	1,832,231		$	1,710,582
	Additions:
	Principal amount of new loans and additional funding on existing loans		323,215			806,138			397,058
	Interest accretion		21,103			1,284			1,636
	Acquisition cost (fees) on new loans		(600		)	(4,032		)	(2,949		)
	Premium (discount) on new loans		(7,078		)	16,116			(26,014		)
	Amortization of acquisition costs, fees, premiums and discounts		11,193			28,480			95,233
	Deductions:
	Collection of principal		279,272			274,354			259,187
	Deconsolidation of CDOs (refer to Note 3)		9,709			1,134,713			—
	Provision for (reversal of) loan losses, net		2,719			(8,786		)	23,037
	Transfers to affiliates (refer to Note 11)		—			115,797			—
	Taking title to collateral		—			135,361			62,236
	Transfer to held for sale		15,223			—			—
	Unrealized (gain) loss on foreign currency remeasurement		2,084			(2,300		)	(1,145		)
	Realized loss on foreign currency remeasurement		2,237			—			—
	Ending balance		$	1,067,667		$	1,031,078		$	1,832,231

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting
	The accompanying consolidated financial statements and related notes of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).
	The consolidated financial statements for the six months ended December 31, 2014 represent the Company subsequent to the spin-off of its historical asset management business of managing the NSAM Sponsored Companies, owning NorthStar Securities and operating its special servicing business. In connection with the spin-off, most of the Company’s employees at the time of the spin-off became employees of NSAM except for executive officers, employees engaged in the Company’s loan origination business at the time of the spin-off and certain other employees that became co-employees of both the Company and NSAM. Therefore, subsequent to June 30, 2014, NSAM generally incurs substantially all employee-related cash costs.
	Periods prior to June 30, 2014 present a carve-out of the Company’s historical financial information, including revenues and expenses allocated to NSAM, related to the Company’s historical asset management business being reported in discontinued operations. Expenses also included an allocation of indirect expenses of the Company to NSAM, including salaries, equity-based compensation and other general and administrative expenses (primarily occupancy and other cost) based on an estimate had the asset management business been run as an independent entity. This allocation method was principally based on relative headcount and management’s knowledge of the Company’s operations.
Principles of Consolidation	Principles of Consolidation
	The consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. The Company consolidates variable interest entities (“VIE”) where the Company is the primary beneficiary and voting interest entities which are generally majority owned or otherwise controlled by the Company. All significant intercompany balances are eliminated in consolidation.
Variable Interest Entities	Variable Interest Entities
	A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. A VIE is defined as an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The determination of whether an entity is a VIE includes both a qualitative and quantitative analysis. The Company bases its qualitative analysis on its review of the design of the entity, its organizational structure including decision-making ability and relevant financial agreements and the quantitative analysis on the forecasted cash flow of the entity.
	The Company reassesses its initial evaluation of an entity as a VIE upon the occurrence of certain reconsideration events.
	A VIE must be consolidated only by its primary beneficiary, which is defined as the party who, along with its affiliates and agents has both the: (i) power to direct the activities that most significantly impact the VIE’s economic performance; and (ii) obligation to absorb the losses of the VIE or the right to receive the benefits from the VIE, which could be significant to the VIE. The Company determines whether it is the primary beneficiary of a VIE by considering qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of its investment; the obligation or likelihood for the Company or other interests to provide financial support; consideration of the VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders and the similarity with and significance to the business activities of the Company and the other interests. The Company reassesses its determination of whether it is the primary beneficiary of a VIE each reporting period. Significant judgments related to these determinations include estimates about the current and future fair value and performance of investments held by these VIEs and general market conditions.
	The Company evaluates its CRE debt and securities, investments in unconsolidated ventures and securitization financing transactions, such as its collateralized debt obligations (“CDOs”) and its liabilities to subsidiary trusts issuing preferred securities (“junior subordinated notes”) to determine whether they are a VIE. The Company analyzes new investments and financings, as well as reconsideration events for existing investments and financings, which vary depending on type of investment or financing.
Voting Interest Entities	Voting Interest Entities
	A voting interest entity is an entity in which the total equity investment at risk is sufficient to enable it to finance its activities independently and the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity. The usual condition for a controlling financial interest in a voting interest entity is ownership of a majority voting interest. If the Company has a majority voting interest in a voting interest entity, the entity will generally be consolidated. The Company does not consolidate a voting interest entity if there are substantive participating rights by other parties and/or kick-out rights by a single party.
	The Company performs on-going reassessments of whether entities previously evaluated under the voting interest framework have become VIEs, based on certain events, and therefore subject to the VIE consolidation framework.
Investments in Unconsolidated Ventures	Investments in Unconsolidated Ventures
	Non-controlling, unconsolidated ownership interests in an entity may be accounted for using the equity method, at fair value or the cost method.
	Under the equity method, the investment is adjusted each period for capital contributions and distributions and its share of the entity’s net income (loss). Capital contributions, distributions and net income (loss) of such entities are recorded in accordance with the terms of the governing documents. An allocation of net income (loss) may differ from the stated ownership percentage interest in such entity as a result of preferred returns and allocation formulas, if any, as described in such governing documents.
	The Company may account for an investment in an unconsolidated entity at fair value by electing the fair value option. The Company elected the fair value option for its investments (directly or indirectly in joint ventures) that own limited partnership interests in real estate private equity funds (“PE Investments”) and certain investments in unconsolidated ventures (refer to Note 7). The Company records the change in fair value for its share of the projected future cash flow of such investments from one period to another in equity in earnings (losses) from unconsolidated ventures in the consolidated statements of operations. Any change in fair value attributed to market related assumptions is considered unrealized gain (loss).
	The Company may account for an investment that does not qualify for equity method accounting or for which the fair value option was not elected using the cost method if the Company determines the investment in the unconsolidated entity is insignificant. Under the cost method, equity in earnings is recorded as dividends are received to the extent they are not considered a return of capital, which is recorded as a reduction of cost of the investment.
Non-controlling Interests	Non-controlling Interests
	A non-controlling interest in a consolidated subsidiary is defined as the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to the Company. A non-controlling interest is required to be presented as a separate component of equity on the consolidated balance sheets and presented separately as net income (loss) and other comprehensive income (loss) (“OCI”) attributable to controlling and non-controlling interests. An allocation to a non-controlling interest may differ from the stated ownership percentage interest in such entities as a result of preferred returns and allocation formulas, if any, as described in such governing documents.
Estimates	Estimates
	The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that could affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates and assumptions.
Reclassifications	Reclassifications
	Certain prior period amounts have been reclassified in the consolidated financial statements to conform to current period presentation.
Comprehensive Income (Loss)	Comprehensive Income (Loss)
	The Company reports consolidated comprehensive income (loss) in separate statements following the consolidated statements of operations. Comprehensive income (loss) is defined as the change in equity resulting from net income (loss) and OCI. The components of OCI principally include: (i) unrealized gain (loss) on real estate securities available for sale for which the fair value option is not elected; (ii) the reclassification of unrealized gain (loss) on real estate securities available for sale for which the fair value option was not elected to realized gain (loss) upon sale or realized event; (iii) the reclassification of unrealized gain (loss) to interest expense on derivative instruments that are or were deemed to be effective hedges; and (iv) foreign currency translation adjustment.
Cash and Cash Equivalents	Cash and Cash Equivalents
	The Company considers all highly-liquid investments with a remaining maturity date of three months or less to be cash equivalents. Cash, including amounts restricted, may at times exceed the Federal Deposit Insurance Corporation deposit insurance limit of $250,000 per institution. The Company mitigates credit risk by placing cash and cash equivalents with major financial institutions. To date, the Company has not experienced any losses on cash and cash equivalents.
Restricted Cash	Restricted Cash
	Restricted cash primarily consists of amounts related to operating real estate and CRE debt investments.
Fair Value Option	Fair Value Option
	The fair value option provides an election that allows a company to irrevocably elect fair value for certain financial assets and liabilities on an instrument-by-instrument basis at initial recognition. The Company may elect to apply the fair value option for certain investments due to the nature of the instrument. Any change in fair value for assets and liabilities for which the election is made is recognized in earnings.
Operating Real Estate	Operating Real Estate
	Operating real estate is carried at historical cost less accumulated depreciation. Costs directly related to an acquisition deemed to be a business combination are expensed and included in transaction costs in the consolidated statements of operations. Ordinary repairs and maintenance are expensed as incurred. Major replacements and betterments which improve or extend the life of the asset are capitalized and depreciated over their useful life.
	Operating real estate is depreciated using the straight-line method over the estimated useful lives of the assets, summarized as follows:
	Category:	Term:
	Building (fee interest)	15 to 40 years
	Building improvements	Lesser of the useful life or remaining life of the building
	Building leasehold interests	Lesser of 40 years or remaining term of the lease
	Land improvements	10 to 30 years
	Tenant improvements	Lesser of the useful life or remaining term of the lease
	The Company follows the purchase method for an acquisition of operating real estate, where the purchase price is allocated to tangible assets such as land, building, tenant and land improvements and other identified intangibles, such as goodwill. Major replacements and betterments which improve or extend the life of the asset are capitalized and depreciated over their useful life.  Ordinary repairs and maintenance are expensed as incurred.  Operating real estate is carried at historical cost less accumulated depreciation. Operating real estate is depreciated using the straight-line method over the estimated useful lives of the assets.  Costs directly related to an acquisition deemed to be a business combination are expensed and included in transaction costs in the consolidated statements of operations. The Company evaluates whether real estate acquired in connection with a foreclosure, UCC/deed in lieu of foreclosure or a consentual modification of a loan (herein collectively referred to as taking title to collateral) (“REO”) constitutes a business and whether business combination accounting is appropriate. Any excess upon taking title to collateral between the carrying value of a loan over the estimated fair value of the property is charged to provision for loan losses.
	Operating real estate, including REO, which has met the criteria to be classified as held for sale, is separately presented on the consolidated balance sheets. Such operating real estate is recorded at the lower of its carrying value or its estimated fair value less the cost to sell. Once a property is determined to be held for sale, depreciation is no longer recorded.
Real Estate Debt Investments	Real Estate Debt Investments
	CRE debt investments are generally intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan fees, premium, discount and unfunded commitments. CRE debt investments that are deemed to be impaired are carried at amortized cost less a loan loss reserve, if deemed appropriate, which approximates fair value. CRE debt investments where the Company does not have the intent to hold the loan for the foreseeable future or until its expected payoff are classified as held for sale and recorded at the lower of cost or estimated value.
Real Estate Securities	Real Estate Securities
	The Company classifies its CRE securities investments as available for sale on the acquisition date, which are carried at fair value. The Company historically elected to apply the fair value option for its CRE securities investments. For those CRE securities for which the fair value option was elected, any unrealized gains (losses) from the change in fair value is recorded in unrealized gains (losses) on investments and other in the consolidated statements of operations.
	The Company may decide to not elect the fair value option for certain CRE securities due to the nature of the particular instrument. For those CRE securities for which the fair value option was not elected, any unrealized gain (loss) from the change in fair value is recorded as a component of accumulated OCI in the consolidated statements of equity, to the extent impairment losses are considered temporary.
Deferred Costs	Deferred Costs
	Deferred costs include deferred financing costs and deferred lease costs. Deferred financing costs represent commitment fees, legal and other third-party costs associated with obtaining financing. These costs are amortized to interest expense over the term of the financing using either the effective interest method or straight-line method depending on the type of financing. Unamortized deferred financing costs are expensed when the associated borrowing is refinanced or repaid before maturity. Costs incurred in seeking financing transactions, which do not close, are expensed in the period such financing transaction was terminated. Deferred lease costs consist of fees incurred to initiate and renew operating leases, which are amortized on a straight-line basis over the remaining lease term and is recorded to depreciation and amortization in the consolidated statements of operations.
Identified Intangibles	Identified Intangibles
	The Company records acquired identified intangibles, which includes intangible assets (such as value of the above-market leases, in-place leases, goodwill and other intangibles) and intangible liabilities (such as the value of below-market leases), based on estimated fair value. The value allocated to the above or below-market leases is amortized over the remaining lease term as a net adjustment to rental income. Other intangible assets are amortized into depreciation and amortization expense on a straight-line basis over the remaining lease term. As of December 31, 2014, the weighted average amortization period for above-market leases, below-market leases and in-place lease costs is 11.8 years, 13.9 years and 9.8 years, respectively.
	Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination and is not amortized. The Company performs an annual impairment test for goodwill and evaluates the recoverability whenever events or changes in circumstances indicate that the carrying value of goodwill may not be fully recoverable. In making such assessment, qualitative factors are used to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If the estimated fair value of the reporting unit is less than its carrying value, then an impairment charge is recorded. The Company determined that goodwill was not impaired as of December 31, 2014.
	Identified intangible assets are recorded in deferred costs and intangible assets and identified intangible liabilities are recorded in other liabilities on the consolidated balance sheets.
Revenue Recognition	Revenue Recognition
	Operating Real Estate
	Rental and escalation income from operating real estate is derived from leasing of space to various types of tenants and healthcare operators. The leases are for fixed terms of varying length and generally provide for annual rentals and expense reimbursements to be paid in monthly installments. Rental income from leases is recognized on a straight-line basis over the term of the respective leases. The excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in unbilled rent receivable on the consolidated balance sheets. Escalation income represents revenue from tenant/operator leases which provide for the recovery of all or a portion of the operating expenses and real estate taxes paid by the Company on behalf of the respective property. This revenue is accrued in the same period as the expenses are incurred.
	The Company generates operating income from healthcare and hotel properties under a RIDEA structure. Revenue related to healthcare properties includes resident room and care charges and other resident charges. Revenue related to operating hotel properties primarily consists of room and food and beverage sales. Revenue is recognized when such services are provided, generally defined as the date upon which a resident or guest occupies a room or uses the healthcare property or hotel services and is recorded in resident fee income for healthcare properties and hotel related income for hotel properties in the consolidated statements of operations.
	Real Estate Debt Investments
	Interest income is recognized on an accrual basis and any related premium, discount, origination costs and fees are amortized over the life of the investment using the effective interest method. The amortization is reflected as an adjustment to interest income in the consolidated statements of operations. The amortization of a premium or accretion of a discount is discontinued if such loan is reclassified to held for sale.
	Real Estate Securities
	Interest income is recognized using the effective interest method with any premium or discount amortized or accreted through earnings based on expected cash flow through the expected maturity date of the security. Changes to expected cash flow may result in a change to the yield which is then applied retrospectively for high-credit quality securities that cannot be prepaid or otherwise settled in such a way that the holder would not recover substantially all of the investment or prospectively for all other securities to recognize interest income.
Credit Losses and Impairment on Investments	.
	Credit Losses and Impairment on Investments
	Operating Real Estate
	The Company’s real estate portfolio is reviewed on a quarterly basis, or more frequently as necessary, to assess whether there are any indicators that the value of its operating real estate may be impaired or that its carrying value may not be recoverable. A property’s value is considered impaired if the Company’s estimate of the aggregate expected future undiscounted cash flow generated by the property is less than the carrying value. In conducting this review, the Company considers U.S. macroeconomic factors, real estate sector conditions and asset specific and other factors. To the extent an impairment has occurred, the loss is measured as the excess of the carrying value of the property over the estimated fair value and recorded in impairment on operating real estate in the consolidated statements of operations.
	An allowance for a doubtful account for a tenant/operator receivable is established based on a periodic review of aged receivables resulting from estimated losses due to the inability of tenant/operator to make required rent and other payments contractually due. Additionally, the Company establishes, on a current basis, an allowance for future tenant/operator/resident/guest credit losses on unbilled rent receivable based on an evaluation of the collectability of such amounts.
	Real Estate Debt Investments
	Loans are considered impaired when based on current information and events, it is probable that the Company will not be able to collect principal and interest amounts due according to the contractual terms. The Company assesses the credit quality of the portfolio and adequacy of loan loss reserves on a quarterly basis or more frequently as necessary. Significant judgment of the Company is required in this analysis. The Company considers the estimated net recoverable value of the loan as well as other factors, including but not limited to the fair value of any collateral, the amount and the status of any senior debt, the quality and financial condition of the borrower and the competitive situation of the area where the underlying collateral is located. Because this determination is based on projections of future economic events, which are inherently subjective, the amount ultimately realized may differ materially from the carrying value as of the balance sheet date. If upon completion of the assessment, the estimated fair value of the underlying collateral is less than the net carrying value of the loan, a loan loss reserve is recorded with a corresponding charge to provision for loan losses. The loan loss reserve for each loan is maintained at a level that is determined to be adequate by management to absorb probable losses.
	Income recognition is suspended for a loan at the earlier of the date at which payments become 90-days past due or when, in the opinion of the Company, a full recovery of income and principal becomes doubtful. When the ultimate collectability of the principal of an impaired loan is in doubt, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the principal of an impaired loan is not in doubt, contractual interest is recorded as interest income when received, under the cash basis method until an accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. A loan is written off when it is no longer realizable and/or legally discharged.
	Investments in Unconsolidated Ventures
	The Company reviews its investments in unconsolidated ventures for which the Company did not elect the fair value option on a quarterly basis, or more frequently as necessary, to assess whether there are any indicators that the value may be impaired or that its carrying value may not be recoverable. An investment is considered impaired if the projected net recoverable amount over the expected holding period is less than the carrying value. In conducting this review, the Company considers U.S. macroeconomic factors, including real estate sector conditions, together with asset specific and other factors. To the extent an impairment has occurred and is considered to be other than temporary, the loss is measured as the excess of the carrying value of the investment over the estimated fair value and recorded in provision for loss on equity investment in the consolidated statements of operations.
	Real Estate Securities
	CRE securities for which the fair value option is elected are not evaluated for other-than-temporary impairment (“OTTI”) as any change in fair value is recorded in the consolidated statements of operations. Realized losses on such securities are reclassified to realized gain (loss) on investments and other as losses occur.
	CRE securities for which the fair value option is not elected are evaluated for OTTI quarterly. Impairment of a security is considered to be other-than-temporary when: (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. When a CRE security has been deemed to be other-than-temporarily impaired due to (i) or (ii), the security is written down to its fair value and an OTTI is recognized in the consolidated statements of operations. In the case of (iii), the security is written down to its fair value and the amount of OTTI is then bifurcated into: (a) the amount related to expected credit losses; and (b) the amount related to fair value adjustments in excess of expected credit losses. The portion of OTTI related to expected credit losses is recognized in the consolidated statements of operations. The remaining OTTI related to the valuation adjustment is recognized as a component of accumulated OCI in the consolidated statements of equity. The portion of OTTI recognized through earnings is accreted back to the amortized cost basis of the security through interest income, while amounts recognized through OCI are amortized over the life of the security with no impact on earnings. CRE securities which are not high-credit quality are considered to have an OTTI if the security has an unrealized loss and there has been an adverse change in expected cash flow. The amount of OTTI is then bifurcated as discussed above.
Troubled Debt Restructuring	Troubled Debt Restructuring
	CRE debt investments modified in a troubled debt restructuring (“TDR”) are modifications granting a concession to a borrower experiencing financial difficulties where a lender agrees to terms that are more favorable to the borrower than is otherwise available in the current market. Management judgment is necessary to determine whether a loan modification is considered a TDR. Troubled debt that is fully satisfied via taking title to collateral, repossession or other transfers of assets is generally included in the definition of TDR. Loans acquired as a pool with deteriorated credit quality that have been modified are not considered a TDR.
Derivatives	Derivatives
	Derivatives are used to manage exposure to interest rate risk and foreign currency exchange rate risk. For derivatives that qualify as cash flow hedges, the effective portion of changes in fair value of derivatives designated as a hedge is recorded in accumulated OCI and is subsequently reclassified into income in the period that the hedged item affects income. Amounts reported in OCI that relate to the hedge of the Company’s floating-rate borrowings are reclassified to interest expense as interest payments are made on associated borrowings.
	The change in fair value for derivatives that do not qualify as a hedge for U.S. GAAP is recorded in earnings. When the Company elected the fair value option for certain of its borrowings, any derivatives designated as a qualifying hedge at the time no longer qualified for hedge accounting given that the underlying borrowing will be remeasured with changes in the fair value recorded in earnings. For such derivatives, the unrealized gain (loss) at that time will remain in accumulated OCI and will be reclassified into earnings over the life of the associated borrowing.
Exchangeable Senior Notes	Exchangeable Senior Notes
	The proceeds from exchangeable senior notes that may be settled in cash at the option of the issuer, including partial cash settlements, must be bifurcated between a liability component and an equity component associated with the embedded conversion option. The liability component is calculated based on the present value of the contractual cash flow discounted at a comparable market conventional borrowing rate at the date of issuance. The difference between the principal amount and the fair value of the liability component is reported as a discount on the exchangeable senior notes and is accreted as additional interest expense to the contractual maturity using the effective interest method. The equity component is calculated based on the difference between the proceeds received and the fair value of the liability component at the issuance date. The equity component is recorded in additional paid-in-capital, net of issuance costs, on the consolidated balance sheets. Issuance costs related to exchangeable senior notes is allocated between the liability and the equity components based on their relative values.
Equity-Based Compensation	Equity-Based Compensation
	The Company accounts for equity-based compensation awards, including awards granted to co-employees, using the fair value method, which requires an estimate of fair value of the award. Awards may be based on a variety of measures such as time, performance, market or a combination thereof. For time-based awards, fair value is determined based on the stock price on the grant date. The Company recognizes compensation expense over the vesting period on a straight-line basis. For performance-based awards, fair value is determined based on the stock price at the date of grant and an estimate of the probable achievement of such measure. The Company recognizes compensation expense over the requisite service period, net of estimated forfeitures, using the accelerated attribution expense method. For market-based measures, fair value is determined using a Monte Carlo analysis under a risk-neutral premise using a risk-free interest rate. The Company recognizes compensation expense, over the requisite service period, net of estimated forfeitures, on a straight-line basis.
	For awards with a combination of performance or market measures, the Company estimates the fair value as if it were two separate awards. First, the Company estimates the probability of achieving the performance measure. If it is not probable the performance condition will be met, the Company records the compensation expense based on the fair value of the market measure, as described above. This expense is recorded even if the market-based measure is never met. If the performance-based measure is subsequently estimated to be achieved, the Company records compensation expense based on the performance-based measure. The Company would then record a cumulative catch-up adjustment for any additional compensation expense.
	Equity-based compensation issued to non-employees is accounted for using the fair value of the award at the earlier of the performance commitment date or performance completion date. The awards are remeasured every quarter based on the stock price as of the end of the reporting period until such awards vest, if any.
Foreign Currency	Foreign Currency
	Assets and liabilities denominated in a foreign currency for which the functional currency is a foreign currency are translated using the currency exchange rate in effect at the end of the period presented and the results of operations for such entities are translated into U.S. dollars using the average currency exchange rate in effect during the period. The resulting foreign currency translation adjustment is recorded as a component of accumulated OCI in the consolidated statements of equity.
	Assets and liabilities denominated in a foreign currency for which the functional currency is the U.S. dollar are remeasured using the currency exchange rate in effect at the end of the period presented and the results of operations for such entities are remeasured into U.S. dollars using the average currency exchange rate in effect during the period. The resulting foreign currency remeasurement adjustment is recorded in unrealized gain (loss) on investments and other in the consolidated statements of operations.
Earnings Per Share	Earnings Per Share
	The Company’s basic earnings per share (“EPS”) is calculated by dividing net income (loss) attributable to common stockholders by the weighted average number of common stock outstanding. Diluted EPS includes restricted stock and the potential dilution that could occur if outstanding restricted stock units (“RSUs”) or other contracts to issue common stock, assuming performance hurdles have been met, were converted to common stock, including Deferred LTIP Units (refer to Note 12), where such exercise or conversion would result in a lower EPS. The dilutive effect of such RSUs and Deferred LTIP Units is calculated assuming all units are converted to common stock.
Income Taxes	Income Taxes
	The Company has elected to be taxed as a REIT and to comply with the related provisions of the Internal Revenue Code of 1986, as amended, the (“Code”). Accordingly, the Company generally will not be subject to U.S. federal income tax to the extent of its distributions to stockholders and as long as certain asset, income and share ownership tests are met. To maintain its qualification as a REIT, the Company must annually distribute at least 90% of its REIT taxable income to its stockholders and meet certain other requirements. The Company may also be subject to certain state, local and franchise taxes. Under certain circumstances, federal income and excise taxes may be due on its undistributed taxable income. If the Company were to fail to meet these requirements, it would be subject to U.S. federal income tax, which could have a material adverse impact on its results of operations and amounts available for distributions to its stockholders. The Company believes that all of the criteria to maintain the Company’s REIT qualification have been met for the applicable periods, but there can be no assurance that these criteria will continue to be met in subsequent periods.
	The Company maintains various taxable REIT subsidiaries (“TRSs”) which may be subject to U.S. federal, state and local income taxes and foreign taxes. In general, a TRS of the Company may perform non-customary services for tenants of the Company, hold assets that the Company cannot hold directly and may engage in any real estate or non-real estate-related business. A TRS is subject to regular corporate income tax. The Company has established several TRSs in jurisdictions for which no taxes are assessed on corporate earnings. However, the Company must include in earnings the income from these TRSs even if it has received no cash distributions.
	Current and deferred taxes are provided on the portion of earnings (losses) recognized by the Company with respect to its interest in domestic TRSs. Deferred income tax assets and liabilities are calculated based on temporary differences between the Company’s U.S. GAAP consolidated financial statements and the federal and state income tax basis of assets and liabilities as of the consolidated balance sheet date. The Company evaluates the realizability of its deferred tax assets (e.g., net operating loss and capital loss carryforwards) and recognizes a valuation allowance if, based on the available evidence, it is more likely than not that some portion or all of its deferred tax assets will not be realized. When evaluating the realizability of its deferred tax assets, the Company considers estimates of expected future taxable income, existing and projected book/tax differences, tax planning strategies available and the general and industry specific economic outlook. This realizability analysis is inherently subjective, as it requires the Company to forecast its business and general economic environment in future periods. Changes in estimate of deferred tax asset realizability, if any, are included in provision for income tax expense included in other expenses in the consolidated statements of operations. As of December 31, 2014, the Company recorded a $7.7 million deferred tax asset primarily related to net operating losses related to the Company’s hotel and healthcare RIDEA properties. As of December 31, 2014, the Company recorded a deferred tax liability of $38.3 million related to foreign income tax associated with the acquisition of the UK properties in the Griffin-American acquisition which was treated as a tax-free transaction resulting in a carry-over basis in assets and liabilities. The Company recorded all of the acquired assets and liabilities associated with such portfolio at the estimated fair value and recognized the deferred tax liability representing the tax effect of the difference between the tax basis carried over and the fair value of the assets at the date of acquisition.
	From time-to-time, the Company’s TRSs generate taxable income from intercompany transactions. The TRS entities generate taxable revenue from fees for services provided to the Company’s various lines of business. Certain entities may be consolidated in the Company’s financial statements. In consolidation, these fees are eliminated when the entity is included in the consolidated group. Nonetheless, all income taxes are accrued by the TRS in the year in which the taxable revenue is received. These income taxes are not eliminated when the related revenue is eliminated in consolidation.
	Certain TRS entities are domiciled in non-U.S. jurisdictions and, accordingly, taxable income generated by these entities may not be subject to local income taxation, but generally are included in the Company’s taxable income on a current basis, whether or not distributed. Upon distribution of any previously included income, no incremental U.S. federal, state or local income taxes would be payable by the Company.
	The TRS entities may be subject to tax laws that are complex and potentially subject to different interpretations by the taxpayer and the relevant governmental taxing authorities. In establishing a provision for income tax expense, the Company must make judgments and interpretations about the application of these inherently complex tax laws. Actual income taxes paid may vary from estimates depending upon changes in income tax laws, actual results of operations and the final audit of tax returns by taxing authorities. Tax assessments may arise several years after tax returns have been filed. The Company reviews the tax balances of its TRS entities quarterly and as new information becomes available, the balances are adjusted as appropriate.
	The Company recorded an income tax benefit of $0.2 million for the year ended December 31, 2014 and a provision for income tax of $1.0 million for the year ended December 31, 2013. The Company recorded an immaterial amount of income tax for the year ended December 31, 2012.
	The Company has assessed its tax positions for all open tax years, which includes 2011 to 2014 and concluded there were no material uncertainties to be recognized. The Company’s accounting policy with respect to interest and penalties is to classify these amounts as interest expense.
Recent Accounting Pronouncements	Recent Accounting Pronouncements
	In April 2014, the Financial Accounting Standards Board (“FASB”) issued an accounting update that changes the requirements for reporting discontinued operations. A discontinued operation may include a component of an entity or a group of components of an entity or a business. A disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The requirements of this accounting update will be effective for the Company for the annual period beginning after December 15, 2014, however, early adoption is permitted but only for disposals or classifications as held for sale that have not been reported in financial statements previously issued or available for issue. The Company early adopted this accounting pronouncement effective January 1, 2014 and the update did not have a material impact on the consolidated financial statements.
	In May 2014, the FASB issued an accounting update requiring a company to recognize as revenue the amount of consideration it expects to be entitled to in connection with the transfer of promised goods or services to customers.  When it becomes effective on January 1, 2017, the accounting standard update will replace most of the existing revenue recognition guidance currently promulgated by U.S. GAAP.  The Company is in the process of evaluating the impact, if any, of the update on its consolidated financial statements and related disclosures.
	In February 2015, the FASB issued updated guidance that changes the rules regarding consolidation. The pronouncement eliminates specialized guidance for limited partnerships and similar legal entities and removes the indefinite deferral for certain investment funds. The new guidance is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015, with early adoption permitted. The Company is currently assessing the impact of the guidance on the Company’s consolidated financial position, results of operations and financial statement disclosures.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table presents the components of accumulated other comprehensive income (loss) as of and for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands):
	Accumulated OCI		Cumulative Unrealized Gain (Loss) on Available for Sale Securities				Effective Portion of Cash Flow Hedges				Foreign Currency Translation				Total
	Balance as of December 31, 2011		$	(7,187	)		$	(28,973	)		$	—			$	(36,160	)
	Unrealized gain (loss) on real estate securities, available for sale		7,259				—				—				7,259
	Reclassification of swap (gain) loss into interest expense on debt and securities (refer to Note 16)		—				7,412				—				7,412
	Non-controlling interests		(348		)		(342		)		—				(690		)
	Balance as of December 31, 2012		(276		)		(21,903		)		—				(22,179		)
	Unrealized gain (loss) on real estate securities, available for sale		(557		)		—				—				(557		)
	Reclassification of unrealized (gain) loss on real estate securities, available for sale into realized gain (loss) on investments and other		(926		)		—				—				(926		)
	Reclassification of swap (gain) loss into interest expense on debt and securities (refer to Note 16)		—				4,885				—				4,885
	Reclassification of swap (gain) loss into gain (loss) from deconsolidation of N-Star CDOs (refer to Note 3)		—				15,246				—				15,246
	Non-controlling interests		23				(826		)		—				(803		)
	Balance as of December 31, 2013		(1,736		)		(2,598		)		—				(4,334		)
	Unrealized gain (loss) on real estate securities, available for sale		60,140				—				—				60,140
	Reclassification of unrealized (gain) loss on real estate securities, available for sale into realized gain (loss) on investments and other		(1,268		)		—				—				(1,268		)
	Reclassification of swap (gain) loss into interest expense on debt and securities (refer to Note 16)		—				915				—				915
	Foreign currency translation adjustment		—				—				(5,155		)		(5,155		)
	Non-controlling interests		(1,064		)		(11		)		317				(758		)
	Balance as of December 31, 2014		$	56,072			$	(1,694	)		$	(4,838	)		$	49,540
Schedule of Restricted Cash	The following table presents a summary of restricted cash as of December 31, 2014 and 2013 (dollars in thousands):
			December 31,
			2014				2013
	Capital expenditures reserves		$	211,010			$	46,115
	Operating real estate escrow reserves(1)		123,017				7,599
	CRE debt escrow deposits		56,342				92,347
	Cash in CDOs(2)		4,687				20,426
	Total		$	395,056			$	166,487
	__________________________________________________
	-1	Primarily represents insurance, real estate tax, tenant security deposits and other escrows related to operating real estate.
	-2	Represents proceeds from repayments and/or sales pending distribution.
Useful Lives of Operating Real Estate	Operating real estate is depreciated using the straight-line method over the estimated useful lives of the assets, summarized as follows:
	Category:		Term:
	Building (fee interest)		15 to 40 years
	Building improvements		Lesser of the useful life or remaining life of the building
	Building leasehold interests		Lesser of 40 years or remaining term of the lease
	Land improvements		10 to 30 years
	Tenant improvements		Lesser of the useful life or remaining term of the lease
Schedule of Future Minimum Rental Income Under Operating Leases	The following table presents approximate future minimum rental income under noncancelable operating leases to be received over the next five years and thereafter as of December 31, 2014 (dollars in thousands):
	Years Ending December 31:
	2015(1)		$	374,726
	2016		361,704
	2017		342,502
	2018		323,201
	2019		310,320
	Thereafter		2,046,036
	Total		$	3,758,489
	_______________________
	-1	Excludes rental income from healthcare properties permitted by the REIT Investment Diversification and Empowerment Act of 2007 (“RIDEA”) and manufactured housing communities and multifamily properties that are subject to short-term leases.
Schedule of Finite Lived Intangible Assets and Liabilities	_______________________
	-1	Represents goodwill associated with the acquisitions of the Formation Portfolio ($25.5 million) and the Griffin-American Portfolio ($50.2 million). Refer to Note 4 for further disclosure.
	-2	Primarily represents the value of in-place leases.
	-3	Represents the value associated with a purchase price option associated with the Griffin-American Portfolio.
Schedule of Indefinite-Lived Intangible Assets	The following table presents identified intangibles as of December 31, 2014 and 2013 (dollars in thousands):
			31-Dec-14																		31-Dec-13
																											Intangible
			Intangible Assets												Intangible Liabilities						Intangible Assets						Liabilities
			Above-market Leases				Goodwill				Other				Below-market Leases			Other			Above-market Leases			Other			Below-market Leases
	Gross amount		$	273,522			$	75,806		(1)	$	381,997		(2)	$	184,209		$	7,157	(3)	$	6,264		$	93,037		$	19,499
	Accumulated amortization		(9,730		)		NA				(60,032		)		(14,838		)	NA			(4,351		)	(42,185		)	(10,799		)
	Total		$	263,792			$	75,806			$	321,965			$	169,371		$	7,157		$	1,913		$	50,852		$	8,700
	_______________________
	-1	Represents goodwill associated with the acquisitions of the Formation Portfolio ($25.5 million) and the Griffin-American Portfolio ($50.2 million). Refer to Note 4 for further disclosure.
	-2	Primarily represents the value of in-place leases.
	-3	Represents the value associated with a purchase price option associated with the Griffin-American Portfolio.
Schedule of Finite-Lived Intangible Assets and Liabilities, Future Amortization Expense	The following table presents annual amortization of intangible assets and liabilities (dollars in thousands):
	Years Ending December 31:		Above and Below Market Leases, Net(1)				Other Intangibles(1)
	2015		$	9,347			$	36,874
	2016		9,366				35,599
	2017		9,387				33,539
	2018		9,960				31,409
	2019		10,295				30,563
	Thereafter		46,066				139,392
	Total		$	94,421			$	307,376
	______________________________________________________
	-1	Identified intangibles will be amortized through periods ending December 2026.
Schedule of Other Assets and Other Liabilities	The following table presents a summary of other assets and other liabilities as of December 31, 2014 and 2013 (dollars in thousands):
			December 31,
			2014				2013
	Other assets:
	Due from servicer		$	64,583			$	—
	Pending deal costs		62,867				7,048
	Notes receivable, net		48,932				38,418
	Prepaid expenses		27,595				5,361
	Manufactured homes		26,711				69,217
	Other		14,955				13,953
	Investment-related reserves and deposits		14,624				11,127
	Deferred tax asset		7,730				—
	Furniture, fixtures and equipment, net		—			(1)	6,977
	Total		$	267,997			$	152,101
			December 31,
			2014				2013
	Other liabilities:
	Below-market leases		$	169,371			$	8,700
	PE Investment III deferred purchase price (refer to Note 6)		39,759				39,759
	Deferred tax liability		38,303				—
	Tenant security deposits		27,854				9,294
	Unearned revenue		17,668				2,029
	Other		11,890				14,092
	Total		$	304,845			$	73,874
	__________________________________________________
	(1)Distributed to NSAM in connection with the spin-off.

Variable_Interest_Entities_Tab

Variable Interest Entities (Tables) (Unconsolidated VIEs)	12 Months Ended
	Dec. 31, 2014
Unconsolidated VIEs
Variable interest entities
Schedule of classification and carrying value of assets and liabilities and maximum exposure of VIEs	The following table presents the classification, carrying value and maximum exposure of unconsolidated VIEs as of December 31, 2014 (dollars in thousands):
		Junior			Real Estate Debt Investments, Net		Real Estate		Total		Maximum
		Subordinated					Securities,				Exposure
		Notes, at					Available				to Loss(1)
		Fair Value					for Sale
	Real estate debt investments, net	$	—		$	74,070	$	—	$	74,070	$	74,070
	Investments in unconsolidated ventures	3,742			—		—		3,742		3,742
	Real estate securities, available for sale:
	N-Star CDO bonds	—			—		262,309		262,309		262,309
	N-Star CDO equity	—			—		102,467		102,467		102,467
	CMBS	—			—		38,823		38,823		38,823
	Subtotal real estate securities, available for sale	—			—		403,599		403,599		403,599
	Total assets	3,742			74,070		403,599		481,411		481,411
	Junior subordinated notes, at fair value	215,172			—		—		215,172		NA
	Total liabilities	215,172			—		—		215,172		NA
	Net	$	(211,430	)	$	74,070	$	403,599	$	266,239	$	481,411
	____________________________________________________________
	-1	The Company’s maximum exposure to loss as of December 31, 2014 would not exceed the carrying value of its investment.

Operating_Real_Estate_Tables

Operating Real Estate (Tables)	12 Months Ended
	Dec. 31, 2014
Real Estate [Abstract]
Schedule of operating real estate, net	The following table presents operating real estate, net as of December 31, 2014 and 2013 (dollars in thousands):
			December 31,
			2014				2013
	Land		$	1,490,613			$	461,133
	Land improvements		1,070,507				1,003,069
	Buildings and improvements		7,008,856				1,010,514
	Building leasehold interests and improvements		591,626				38,560
	Furniture, fixtures and equipment		286,340				15,415
	Tenant improvements		159,159				31,811
	Construction in progress		17,054				678
	Subtotal(1)		10,624,155				2,561,180
	Less: Accumulated depreciation		(349,574		)		(190,997		)
	Operating real estate, net(2)		$	10,274,581			$	2,370,183
	__________________
	-1	As of December 31, 2014 and 2013, includes $7.3 million and $4.9 million of REO, respectively.
	-2	As of December 31, 2014 and 2013, operating real estate was subject to $8.5 billion and $2.1 billion of mortgage notes payable, respectively.
Schedule of business acquisitions	The following table summarizes the Company’s acquisitions for the year ended December 31, 2014 (dollars in millions):
	Acquisition Date		Type		Description		Name		Purchase Price(1)				Properties	Financing		Equity		Ownership Interest			Transaction Costs
	May-14		Healthcare		Senior housing and skilled nursing facilities		Formation Portfolio		$	1,054.70			80	$	646.8	$	357.6	86	%	(2)	$	6
	May-14		Manufactured Housing		Manufactured housing communities		Manufactured Housing Portfolio 3		55.2				4	16.5		34.5		93	%	(3)	3.1
	June 2014 - November 2014		Hotel		Upscale extended stay and premium branded select service		Hotel Portfolios(4)		3,052.50				155	2,380.70		667.3		90.0% to 100.0%		(5)	53.8
	August 2014 - November 2014		Net Lease and Office		Industrial properties and multi-tenant office		Other Portfolios(6)		588				46	344.4		214.1		40.0% to 95.0%		(7)	7.8
	Dec-14		Healthcare		Medical office buildings and senior housing facilities		Griffin-American Portfolio		4,458.70				296	2,991.80		1,122.50		85.7	%	(8)	72.9
	Total								$	9,209.10			581	$	6,380.20	$	2,396.00				$	143.6
	______________________________________
	-1	Includes escrows and reserves and excludes transaction costs.
	-2	The Company acquired the Formation Portfolio through a general partnership with a subsidiary of NorthStar Healthcare and a joint venture with an affiliate of Formation Capital, LLC. The Company together with NorthStar Healthcare owns an aggregate approximate 92% interest in the joint venture.
	-3	Represents four of the 16 communities in Manufactured Housing Portfolio 3 acquired in May 2014. Previously, 12 communities were acquired in connection with this portfolio in December 2013. The Company structured the acquisition as a joint venture with the same third-party operating partner that currently manages the Company’s other manufactured housing portfolios.
	-4	Includes a $1.0 billion hotel portfolio acquired in June 2014 (“Innkeepers Portfolio”), a $259.3 million hotel portfolio acquired in August 2014 (“K Partners Portfolio”), a $678.8 million hotel portfolio acquired in September 2014 (“Courtyard Portfolio”) and a $1.1 billion hotel portfolio acquired in November 2014 (“Inland Portfolio”).
	-5	The Company acquired the Innkeepers and Inland portfolios through a joint venture with Chatham Lodging Trust (NYSE: CLDT). In connection with the K Partners portfolio acquisition, the Company entered into a guaranty agreement with Marriott, pursuant to which the Company guaranteed to pay up to $8.4 million in franchise fees and other related charges.
	-6	Includes a $413.8 million industrial portfolio acquired in August 2014 (“Industrial Portfolio”), a $74.8 million multi-tenant office portfolio acquired in September - November 2014 (“Legacy Properties”) and a $99.5 million UK office property acquired in September 2014 (“UK Property”)
	-7	The Company has a 40% equity interest and is entitled to 50% of the cash flow of the Industrial Portfolio, it also includes $153.0 million structured as preferred equity, which is eliminated in consolidation.
	-8	NorthStar Healthcare acquired a 14.3% equity interest in the Griffin-American Portfolio for $187.2 million in cash, including its share of transaction costs.
Schedule of assets acquired and liabilities assumed, real estate portfolios	The following table presents the initial allocation of the purchase price of the assets acquired and the liabilities issued or assumed upon the closing of the following portfolios that continue to be subject to refinement upon receipt of all information (dollars in thousands):
			Griffin-American Portfolio(1)				Hotel Portfolios 1(2)(3)				UK Property(3)
	Assets:
	Land and improvements		$	375,978			$	156,794			$	17,946
	Buildings, leasehold interests and improvements		3,310,186				652,625				71,863
	Acquired intangibles (4)		462,045				2,076				—
	Other assets acquired		310,491				126,621				9,687
	Total assets acquired		$	4,458,700			$	938,116			$	99,496
	Liabilities:
	Mortgage notes payable		$	2,991,841			$	723,682			$	77,660
	Other liabilities assumed (5)		229,624				2,389				—
	Total liabilities		3,221,465				726,071				77,660
	Total NorthStar Realty Finance Corp. stockholders’ equity(6)		1,049,818				210,721				20,097
	Non-controlling interests		187,417				1,324				1,739
	Total equity		1,237,235				212,045				21,836
	Total liabilities and equity		$	4,458,700			$	938,116			$	99,496
	______________________________________
	-1	For the year ended December 31, 2014, the Company recorded revenue and net loss related to the Griffin-American Portfolio of $31.2 million and $69.3 million, respectively. Net loss is primarily related to transaction costs.
	-2	Includes the K Partners Portfolio and the Courtyard Portfolio.
	-3	For the year ended December 31, 2014, the Company recorded aggregate revenue and net loss of $72.7 million and $15.6 million, respectively. Net loss is primarily related to transaction costs, depreciation and amortization.
	-4	Acquired intangibles includes in-place leases, above-market leases, certificates of need, goodwill and franchise costs.
	-5	Other liabilities assumed includes below-market lease intangibles and deferred tax liabilities.
	-6	Stockholders’ equity excludes transaction costs incurred in connection with the acquisitions.
	The following table presents the final allocation of the purchase price of the assets acquired and liabilities issued upon the closing of the following portfolios (dollars in thousands):
			Hotel Portfolios 2(1)(2)				Other Portfolios(2)(3)
	Assets:
	Land and improvements		$	303,966			$	568,556
	Buildings and improvements		1,453,020				1,117,693
	Acquired intangibles (4)		22,710				159,467
	Other assets acquired		334,664				121,062
	Total assets acquired		$	2,114,360			$	1,966,778
	Liabilities:
	Mortgage notes payable		$	1,657,000			$	1,169,458
	Other liabilities assumed (5)		5,116				51,906
	Total liabilities		1,662,116				1,221,364
	Total NorthStar Realty Finance Corp. stockholders’ equity		402,195				660,518
	Non-controlling interests		50,049				84,896
	Total equity		452,244				745,414
	Total liabilities and equity		$	2,114,360			$	1,966,778
	______________________________________
	-1	Includes the Innkeepers Portfolio and the Inland Portfolio.
	-2	For the year ended December 31, 2014, the Company recorded aggregate revenue and net loss of $321.0 million and $40.8 million, respectively. Net loss is primarily related to transaction costs.
	-3	Includes the Formation Portfolio, the Manufactured Housing Portfolio 3, the Industrial Portfolio and the Legacy Properties.
	-4	Acquired intangibles includes in-place leases, above-market leases, certificates of need, goodwill and franchise costs.
	-5	Other liabilities assumed includes below-market debt and below-market lease intangibles.
Schedule of business acquisition, pro forma information	The following table presents unaudited consolidated pro forma results of operations based on the Company’s historical financial statements and adjusted for the acquisition of the Griffin-American Portfolio and related borrowings as if it occurred on January 1, 2013. The unaudited pro forma amounts were prepared for comparative purposes only and are not indicative of what actual consolidated results of operations of the Company would have been, nor are they indicative of the consolidated results of operations in the future, and exclude transaction costs (dollars in thousands, except per share data):
		Years Ended December 31,
		2014				2013
	Pro forma total revenues	$	1,340,046			$	749,568
	Pro forma net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	$	(404,626	)		$	(239,693	)
	Pro forma EPS—Basic	$	(2.06	)		$	(1.44	)
	Pro forma EPS—Diluted	$	(2.06	)		$	(1.44	)
	The following table presents unaudited consolidated pro forma results of operations based on the Company’s historical financial statements and adjusted for the following acquisitions: the Hotel Portfolios, the Formation Portfolio, Manufactured Housing Portfolio 3, the Industrial Portfolio, the Legacy Properties and UK Property and related borrowings as if it occurred on January 1, 2013. The unaudited pro forma amounts were prepared for comparative purposes only and are not indicative of what actual consolidated results of operations of the Company would have been, nor are they indicative of the consolidated results of operations in the future, and exclude transaction costs (dollars in thousands, except per share data):
		Years Ended December 31,
		2014				2013
	Pro forma total revenues	$	1,542,183			$	1,378,723
	Pro forma net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	$	(351,603	)		$	(136,771	)
	Pro forma EPS—Basic	$	(1.79	)		$	(1.29	)
	Pro forma EPS—Diluted	$	(1.79	)		$	(1.29	)
Summary of income (loss) from discontinued operations	Discontinued operations relates to five healthcare properties held for sale or sold as of December 31, 2014 and 2013 and a multifamily property and an office property sold in 2012. The following table presents income (loss) from discontinued operations related to such properties for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands):
		Years Ended December 31,
		2014				2013				2012
	Revenue
	Rental and escalation income	$	—			$	3,736			$	7,202
	Other revenue	85				92				—
	Total revenue	85				3,828				7,202
	Expenses
	Other interest expense	—				1,893				1,934
	Real estate properties—operating expenses	383				34				1,580
	Other expenses	72				195				66
	Impairment of operating real estate	555				8,613				966
	Other general and administrative expenses	—				79				1,076
	Depreciation and amortization	—				1,370				1,708
	Total expenses	1,010				12,184				7,330
	Income (loss) from operating real estate discontinued operations	(925		)		(8,356		)		(128		)
	Gain(loss) on sale from discontinued operations	—				—				2,079			(1)
	Total Income (loss) from operating real estate discontinued operations	$	(925	)		$	(8,356	)		$	1,951
	______________________________________
	-1	Relates primarily to the sale of a multifamily property and an office property.
	The following table presents a carve-out of revenues and expenses associated with NSAM and included in discontinued operations in the Company’s consolidated statements of operations. Such amounts exclude the effect of any fees that NSAM began earning in connection with the management agreement with the Company upon completion of the spin-off (dollars in thousands):
		Years Ended December 31,
		2014(1)				2013				2012
	Total revenues	$	56,013			$	89,938			$	50,761
	Total expenses	63,216				90,343				68,083
	NSAM income (loss) in discontinued operations	$	(7,203	)		$	(405	)		$	(17,322	)
	__________________
	-1	Represents six months of total revenues and expenses of NSAM included in discontinued operations prior to the spin-off on June 30, 2014.

Real_Estate_Debt_Investments_T

Real Estate Debt Investments (Tables)	12 Months Ended
	Dec. 31, 2014
Mortgage Loans on Real Estate, Commercial and Consumer, Net, (Investment Based Operations Presentation) [Abstract]
Schedule of CRE debt investments	The following table presents CRE debt investments as of December 31, 2014, excluding CRE debt underlying deconsolidated N-Star CDOs (dollars in thousands):
																Weighted Average(8)									Floating Rate
																									as % of
		Number			Principal				Carrying				Allocation by			Fixed Rate			Spread			Yield(10)			Principal Amount(7)
					Amount				Value(6)				Investment						Over
													Type(7)						LIBOR(9)
	Asset Type:
	First mortgage loans(1)(2)	13			$	434,671			$	313,590			36.6	%		9.51	%		6.66	%		9.34	%		57.2	%
	Mezzanine loans	8			149,816				146,088				12.6	%		13.79	%		13.83	%		14.05	%		53.3	%
	Subordinate interests	8			201,564				200,237				17	%		13.11	%		12.33	%		13.01	%		40.7	%
	Corporate loans (3)(4)	8			360,343				382,427				30.3	%		12.37	%		—			12.99	%		—
	Subtotal/Weighted average(5)	37			1,146,394				1,042,342				96.5	%		11.89	%		9.15	%		12	%		35.6	%
	CRE debt in N-Star CDOs
	First mortgage loans	2			26,957				11,360				2.3	%		—			1.27	%		3.08	%		100	%
	Mezzanine loans	1			11,000				11,000				0.9	%		8	%		—			8	%		—
	Corporate loans	6			2,965				2,965				0.3	%		6.74	%		—			6.74	%		—
	Subtotal/Weighted average	9			40,922				25,325				3.5	%		7.73	%		1.27	%		5.64	%		65.9	%
	Total	46			$	1,187,316			$	1,067,667			100	%		11.82	%		8.65	%		11.85	%		36.7	%
	____________________________________________________________
	-1	Includes a Sterling denominated loan of £66.7 million, of which £16.1 million is outstanding as of December 31, 2014. This loan has various maturity dates depending upon the timing of advances; however, will be no later than March 2022.
	-2	Includes three loans that pursuant to certain terms and conditions which may or may not be satisfied, where the Company has an option to purchase the properties securing these loans.
	-3	Includes $112.0 million of preferred equity investments for which the Company elected the fair value option. As of December 31, 2014, carrying value represents fair value with respect to these investments.
	-4	Includes four revolving loans of $156.4 million, of which $60.7 million is outstanding as of December 31, 2014.
	-5	Certain CRE debt investments serve as collateral for financing transactions including carrying value of $35.8 million for Securitization 2012-1 and $140.6 million for credit facilities. The remainder is unleveraged. Assuming that all loans that have future fundings meet the terms to qualify for such funding, the Company’s cash requirement on future fundings would be $113.4 million.
	-6	There are no loans on non-accrual status except for one first mortgage loan acquired with deteriorated credit quality with a carrying value of $5.7 million as of December 31, 2014. Certain loans have an accrual of interest at a specified rate that may be in addition to a current rate. Such loans represent an aggregate $3.2 million carrying value where the Company does not recognize interest income on the accrual rate but does recognize interest income based on the current rate.
	-7	Based on principal amount.
	-8	Excludes three CRE debt investments with an aggregate principal amount of $10.7 million that were originated prior to 2008.
	-9	$357.9 million principal amount (excluding CRE debt in N-Star CDOs) has a weighted average LIBOR floor of 0.84%. Includes one first mortgage loan with a principal amount of $6.2 million with a spread over prime rate.
	-10	Based on initial maturity and for floating-rate debt, calculated using one-month LIBOR as of December 31, 2014, and for CRE debt with a LIBOR floor, using such floor.
	The following table presents CRE debt investments as of December 31, 2013, excluding CRE debt underlying deconsolidated N-Star CDOs (dollars in thousands):
																Weighted Average(6)									Floating Rate
																									as % of
		Number			Principal				Carrying				Allocation by			Fixed Rate			Spread			Yield(8)			Principal Amount(6)
					Amount				Value(4)				Investment						Over
													Type(5)						LIBOR(7)
	Asset Type:
	First mortgage loans	15			$	441,750			$	407,202			40.7	%		10.98	%		6.59	%		9.9	%		90.2	%
	Mezzanine loans	6			109,215				107,116				10.1	%		13.96	%		12.09	%		12.97	%		74.2	%
	Subordinate interests	7			146,652				144,853				13.5	%		13.05	%		12.33	%		13.14	%		56	%
	Corporate loans(1)(2)	5			330,343				327,609				30.3	%		12.31	%		—			12.72	%		—
	Subtotal/Weighted average(3)	33			1,027,960				986,780				94.6	%		12.36	%		8.04	%		11.58	%		53.8	%
	CRE debt in N-Star CDOs
	First mortgage loans	2			34,418				21,431				3.2	%		—			2.22	%		3.68	%		100	%
	Mezzanine loans	1			11,000				10,965				1	%		8	%		—			8.33	%		—
	Subordinate interests	1			7,773				7,773				0.8	%		—			6.75	%		6.92	%		100	%
	Corporate loans	7			4,129				4,129				0.4	%		6.95	%		—			6.95	%		—
	Subtotal/Weighted average	11			57,320				44,298				5.4	%		7.71	%		3.05	%		5.7	%		73.6	%
	Total	44			$	1,085,280			$	1,031,078			100	%		12.21	%		7.68	%		11.31	%		54.9	%
	____________________________________________________________
	-1	Includes a $100.0 million preferred equity investment for which the Company elected the fair value option. As of December 31, 2013, carrying value represents fair value with respect to this investment.
	-2	Corporate loans include one revolver of $25.0 million, of which $3.5 million was outstanding as of December 31, 2013.
	-3	Certain CRE debt investments serve as collateral for financing transactions including carrying value of $133.4 million for Securitization 2012-1 and $109.1 million for credit facilities. The remainder is unleveraged.
	-4	There are no loans on non-accrual status except for one first mortgage loan acquired with deteriorated credit quality with a carrying value of $6.4 million as of December 31, 2013. Certain loans have an accrual of interest at a specified rate that may be in addition to a current rate. Such loans represent an aggregate $5.1 million carrying value where the Company does not recognize interest income on the accrual rate but does recognize interest income based on the current rate.
	-5	Based on principal amount.
	-6	Excludes three CRE debt investments with an aggregate principal amount of $37.0 million that were originated prior to 2008.
	-7	$426.1 million principal amount has a weighted average LIBOR floor of 0.99%. Includes one first mortgage loan with a principal amount of $7.4 million with a spread over prime rate.
	-8	Based on initial maturity and for floating-rate debt, calculated using one-month LIBOR as of December 31, 2013, and for CRE debt with a LIBOR floor, using such floor.
Schedule of Maturities of CRE debt investments based on principal amount	The following table presents maturities of CRE debt investments based on principal amount as of December 31, 2014 (dollars in thousands):
		Initial				Maturity
		Maturity				Including
						Extensions(1)
	Years Ending December 31:
	2015	$	222,701			$	103,803
	2016	300,367				145,816
	2017	102,921				189,371
	2018	2,594				189,594
	2019	—				—
	Thereafter	558,733				558,732
	Total	$	1,187,316			$	1,187,316
	____________________________________________________________
	-1	Assumes that all debt with extension options will qualify for extension at such maturity according to the conditions stipulated in the governing documents.
Schedule of activity in loan loss reserves on CRE debt investments	The following table presents activity in loan loss reserves on CRE debt investments for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands):
		Years Ended December 31,
		2014				2013				2012
	Beginning balance	$	2,880			$	156,699			$	187,784
	Provision for (reversal of) loan losses, net	2,719			(1)	(8,786		)	(2)	23,037
	Transfers to REO	—				(5,623		)		(5,260		)
	Sales	—				—				(667		)
	Write-offs / payoffs	—				(20,210		)	(3)	(48,195		)
	Deconsolidation of N-Star CDOs	—				(119,200		)		—
	Ending balance	$	5,599			$	2,880			$	156,699
	____________________________________________________________
	-1	Excludes $1.0 million of provision for loan losses relating to notes receivables recorded in other assets.
	-2	Includes $4.0 million of reversal of previously recorded provisions for loan losses.
	-3	Represents a write-off of a previously recorded loan loss reserve upon payoff of a loan.
Schedule of the carrying value of CRE debt investments, by credit quality indicator	The following table presents the carrying value of CRE debt investments, by credit quality indicator, as of each applicable balance sheet date (dollars in thousands):
		December 31,
	Credit Quality Indicator:	2014				2013
	Loans with no loan loss reserve:
	First mortgage loans	$	324,251			$	426,850
	Mezzanine loans	157,089				116,195
	Subordinate interests	200,236				152,626
	Corporate loans	385,391				331,738
	Subtotal	1,066,967				1,027,409
	Other loans with a loan loss reserve/non-accrual status:
	First mortgage loans(1)	700				1,783
	Mezzanine loans(2)	—				1,886
	Subtotal	700				3,669
	Non-performing loans:	—				—
	Total	$	1,067,667			$	1,031,078
	____________________________________________________________
	-1	Excludes one first mortgage loan acquired with deteriorated credit quality with a carrying value of $5.7 million and $6.4 million as of December 31, 2014 and 2013, respectively.
	-2	Includes one mezzanine loan with a 100% loan loss reserve with a principal amount of $3.7 million. Such loan is not considered a NPL as debt service is currently being received.
Schedule of impaired loans	The following table presents impaired loans as of December 31, 2014 and 2013 (dollars in thousands):
		31-Dec-14															December 31, 2013
		Number			Principal				Carrying				Loan Loss				Number				Principal				Carrying		Loan Loss
					Amount(1)				Value(1)				Reserve								Amount(1)				Value(1)		Reserve
	Class of Debt:
	First mortgage loans	1			$	2,533			$	700			$	1,833			1				$	2,533			$	1,783	$	1,000
	Mezzanine loans	1			3,766				—				3,766				1				3,766				1,886		1,880
	Total	2			$	6,299			$	700			$	5,599			2				$	6,299			$	3,669	$	2,880
	____________________________________________________________
	-1	Principal amount differs from carrying value primarily due to unamortized origination fees and costs, unamortized premium or discount and loan loss reserves included in the carrying value of the investment. Excludes one first mortgage loan acquired with deteriorated credit quality with a carrying value of $5.7 million and $6.4 million as of December 31, 2014 and 2013, respectively.
Summary of average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired	The following table presents average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands):
		December 31, 2014(1)										December 31, 2013(1)										31-Dec-12
		Number		Average Carrying Value				Year Ended Income				Number		Average				Year Ended Income				Number		Average		Year Ended Income
														Carrying										Carrying
														Value										Value
	Class of Debt:
	First mortgage loans	1		$	1,133			$	—			5		$	67,531			$	1,050			6		$97,580		$1,191
	Mezzanine loans	1		377				6				7		100,109				416				9		163,916		6,922
	Subordinate interests	—		—				—				1		—				3				2		6,015		—
	Corporate loans	—		—				—				—		19,530				—				1		23,917		3,859
	Total/weighted average	2		$	1,510			$	6			13		$	187,170			$	1,469			18		$291,428		$11,972
	______________________________________
	-1	Includes impaired loans outstanding during the period which were deconsolidated on September 30, 2013 and December 31, 2013. Refer to Note 3 for further disclosure.
Summary of CRE debt investments that were modified and considered a TDR	There were no CRE debt investments that were modified and considered a TDR for the year ended December 31, 2014. The following table presents CRE debt investments that were modified and considered a TDR for the year ended December 31, 2013 (dollars in thousands):
			31-Dec-13
	Class of Debt:		Number			Carrying				Original			Modified
						Value				WA Interest			WA Interest
										Rate			Rate
	Mezzanine loan		1			$	50,905			10.85	%		—		(1)
	______________________________________
	-1	Considered a TDR in the first quarter 2013 and was subsequently modified in the second quarter 2013. On September 30, 2013, the Company deconsolidated certain N-Star CDOs, and as a result, no longer records this loan on its consolidated balance sheets. Refer to Note 3 for further disclosure.

Investments_in_Private_Equity_1

Investments in Private Equity Funds (Tables)	12 Months Ended
	Dec. 31, 2014
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments in Private Equity Funds	The following tables summarize the Company’s PE Investments as of December 31, 2014 (dollars in millions):
	PE Investment(1)		Initial Closing Date		NAV Reference Date(2)	Number of Funds			Purchase Price			Expected Future Contributions(3)
	PE Investment I		15-Feb-13		30-Jun-12	49			$	282.1		$	7
	PE Investment II		3-Jul-13		30-Sep-12	24			353.4			4
	PE Investment III (4)		31-Dec-13		30-Jun-13	8			39.8			1
	PE Investment IV		30-May-14		31-Dec-13	1			8			—
	PE Investment V		1-Jul-14		30-Sep-13	3			12			—
	PE Investment VI		30-Jul-14		30-Jun-14	20			90.2			2
	PE Investment VII		15-Aug-14		31-Dec-13	15			54.9			1
	PE Investment IX		2-Oct-14		31-Mar-14	11			217.7			2
	PE Investment X (5)		4-Dec-14		30-Jun-14	13			152.4			—
	Total					144		(6)	$	1,210.50		$	17
	____________________________________________________________
	-1	On August 19, 2014, the Company, through a subsidiary, entered into a joint venture with a third party to source and invest in real estate private equity funds. As of December 31, 2014, PE Investment VIII has not made any investments.
	-2	Represents the net asset value (“NAV”) date on which the Company agreed to acquire the respective PE Investment.
	-3	Represents the estimated amount of expected future contributions to funds as of December 31, 2014.
	-4	PE Investment III paid $39.8 million to the PE III Seller for all of the fund interests, or 50% of the June 30, 2013 NAV, and will pay the remaining $39.8 million, or 50% of the June 30, 2013 NAV, by December 31, 2015 to two third parties. Such amount is included in other liabilities on the consolidated balance sheets.
	-5	The Company closed on 12 of the 13 fund interests for PE Investment X through March 2, 2015. The Company expects to close on the remaining fund interest in the first quarter 2015 once the Company receives general partner consent from the underlying fund.
	-6	The total number includes 14 funds held across multiple PE Investments.
			Carrying Value							Year Ended December 31, 2014 (1)							Year Ended December 31, 2013 (2)
	PE Investment(3)		31-Dec-14			31-Dec-13				Equity in Earnings			Cash Distributions(4)		Cash Contributions		Equity in Earnings		Cash Distributions(4)		Cash Contributions
	PE Investment I(5)		$	218.6		$	226.3			$	55.6		$	97.2	$	1.1	$	53.7	$	130.2	$	20.8
	PE Investment II		231.6			288.9				52.6			115.9		6		28.9		104.9		11.6
	PE Investment III		51			70.8				5.6			25.6		0.3		—		9		0.3
	PE Investment IV		7.8			—				0.8			0.9		—		—		—		—
	PE Investment V		8			—				1.1			4.9		—		—		—		—
	PE Investment VI		86.3			—				5.6			10.8		1.3		—		—		—
	PE Investment VII		42.7			—				3.1			15.6		0.2		—		—		—
	PE Investment IX		174.6			—				8.1			55.9		4.7		—		—		—
	PE Investment X		141.4			—				1.5			12.7		0.2		—		—		—
	Total		$	962		$	586			$	134		$	339.5	$	13.8	$	82.6	$	244.1	$	32.7
	____________________________________________________________
	-1	The year ended December 31, 2014 represents activity from July 30, 2014 for PE Investment VI, August 15, 2014 for PE Investment VII, October 2, 2014 for PE Investment IX and December 4, 2014 for PE Investment X.
	-2	The year ended December 31, 2013 represents activity from February 15, 2013 for PE Investment I, July 3, 2013 for PE Investment II and December 31, 2013 for PE Investment III.
	-3	On August 19, 2014, the Company, through a subsidiary, entered into a joint venture with a third party to source and invest in real estate private equity funds. For the year ended December 31, 2014, PE Investment VIII has not made any investments.
	-4	Net of a $13.6 million and $6.4 million reserve for taxes in the aggregate for all PE Investments for the years ended December 31, 2014 and 2013, respectively.
	-5	The Company recorded an unrealized gain of $32.6 million related to PE Investment I for the year ended December 31, 2014.

Investments_in_Unconsolidated_1

Investments in Unconsolidated Ventures (Tables)	12 Months Ended
	Dec. 31, 2014
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Schedule of Summarized Financial Data, Unconsolidated Ventures	Summarized Financial Information
	The combined balance sheets for the unconsolidated ventures, including PE Investments, as of December 31, 2014 and 2013 are as follows (dollars in thousands):
			As of December 31,
			2014		2013
	Assets
	Operating real estate, net		$	1,382,936	$	1,097,155
	Real estate debt investments		1,974,398		1,246,311
	Investments in private equity funds		1,885,858		1,589,493
	Real estate securities		355,986		280,117
	Other assets		2,379,751		1,064,653
	Total assets		$	7,978,929	$	5,277,729
	Liabilities and equity
	Mortgages and other notes payable		$	1,994,750	$	1,851,561
	Other liabilities		1,664,952		1,064,479
	Total liabilities		3,659,702		2,916,040
	Equity		4,319,227		2,361,689
	Total liabilities and equity		$	7,978,929	$	5,277,729
	Net investment in unconsolidated ventures		$	1,169,815	$	728,358
	The combined statements of operations for the unconsolidated ventures, including PE Investments, from acquisition date through the three years ended December 31, 2014 are as follows (dollars in thousands):
			Years Ended December 31,
			2014 (1)		2013		2012
	Total revenues		$	950,983	$	322,944	$	44,378
	Operating expenses		361,214		89,807		21,357
	Transaction costs		19,737		5,199		—
	Interest expense		90,826		37,838		18,217
	Depreciation and amortization		48,766		9,564		2,993
	Total expenses		520,543		142,408		42,567
	Net income		$	430,440	$	180,536	$	1,811
	Equity in earnings (losses) of unconsolidated ventures		$	148,290	$	85,477	$	88
	___________________________________________________________
	-1	Includes summarized financial information for PE Investments for the nine months ended September 30, 2014, which is the most recent financial information available from the underlying funds.

Real_Estate_Securities_Availab1

Real Estate Securities, Available for Sale (Tables)	12 Months Ended
	Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
Schedule of CRE securities	The following table presents CRE securities as of December 31, 2014 (dollars in thousands):
							Cumulative Unrealized							Allocation by		Weighted		Weighted
		Number	Principal		Amortized		Gains		(Losses)			Fair		Investment		Average		Average Yield(4)
			Amount(3)		Cost							Value		Type(3)		Coupon
	Asset Type:
	N-Star CDO bonds(1)	32	$	461,974	$	205,463	$	58,116	$	(1,270	)	$	262,309	30.1	%	1.83	%	24.13	%
	N-Star CDO equity(5)	5	137,143		137,143		522		(35,198		)	102,467		8.9	%	NA		18.21	%
	CMBS and other securities(6)	15	119,089		64,616		12,241		(24,934		)	51,923		7.8	%	2.48	%	5.51	%
	Subtotal(2)	52	718,206		407,222		70,879		(61,402		)	416,699		46.8	%	1.97	%	19.18	%
	CRE securities in N-Star CDOs(5)(7)
	CMBS	144	636,035		458,186		50,432		(125,751		)	382,867		41.5	%	3.69	%	9.96	%
	Third-party CDO notes	10	76,253		68,821		—		(45,603		)	23,218		5.1	%	0.26	%	1.32	%
	Agency debentures	8	87,172		30,371		10,164		(6		)	40,529		5.7	%	—	%	4.56	%
	Unsecured REIT debt	1	8,000		8,396		955		—			9,351		0.5	%	7.5	%	5.88	%
	Trust preferred securities	2	7,225		7,225		—		(1,373		)	5,850		0.4	%	2.25	%	—	%
	Subtotal	165	814,685		572,999		61,551		(172,733		)	461,815		53.2	%	3	%	8.45	%
	Total	217	$	1,532,891	$	980,221	$	132,430	$	(234,135	)	$	878,514	100	%	2.57	%	12.91	%
	____________________________________________________________
	-1	Excludes $108.0 million principal amount of N-Star CDO bonds payable that are eliminated in consolidation.
	-2	All securities are unleveraged.
	-3	Based on amortized cost for N-Star CDO equity and principal amount for remaining securities.
	-4	Based on expected maturity and for floating-rate securities, calculated using the applicable LIBOR as of December 31, 2014.
	-5	The fair value option was elected for these securities (refer to Note 15).
	-6	The fair value option was elected for $42.6 million carrying value of these securities (refer to Note 15).
	-7	Investments in the same securitization tranche held in separate CDO financing transactions are reported as separate investments.
	The following table presents CRE securities as of December 31, 2013 (dollars in thousands):
							Cumulative Unrealized							Allocation by		Weighted		Weighted
		Number	Principal		Amortized		Gains		Losses			Fair		Investment		Average		Average Yield(4)
			Amount(3)		Cost							Value		Type(3)		Coupon
	Asset Type:
	N-Star CDO bonds(1)	31	$	481,386	$	207,547	$	1,878	$	(4,138	)	$	205,287	23	%	1.82	%	20	%
	N-Star CDO equity(5)	5	158,274		158,274		—		—			158,274		7.6	%	NA		18.42	%
	CMBS and other securities(6)	17	98,650		58,482		6,457		(18,264		)	46,675		4.7	%	3.06	%	4.98	%
	Subtotal(2)	53	738,310		424,303		8,335		(22,402		)	410,236		35.3	%	2.03	%	17.34	%
	CRE securities in N-Star CDOs(5)(7)
	CMBS	264	1,140,368		799,126		67,770		(294,595		)	572,301		54.5	%	3.15	%	9.65	%
	Third-party CDO notes	20	109,651		99,603		—		(74,672		)	24,931		5.2	%	0.29	%	1.17	%
	Agency debentures	8	87,172		29,031		2,644		(2,135		)	29,540		4.2	%	NA		4.64	%
	Unsecured REIT debt	1	8,000		8,502		1,019		—			9,521		0.4	%	7.5	%	6	%
	Trust preferred securities	2	7,225		7,225		—		(1,434		)	5,791		0.4	%	2.26	%	2.32	%
	Subtotal	295	1,352,416		943,487		71,433		(372,836		)	642,084		64.7	%	2.73	%	8.51	%
	Total	348	$	2,090,726	$	1,367,790	$	79,768	$	(395,238	)	$	1,052,320	100	%	2.52	%	11.25	%
	_________________________________________________________
	-1	Excludes $126.6 million principal amount of N-Star CDO bonds payable that are eliminated in consolidation.
	-2	All securities are unleveraged.
	-3	Based on amortized cost for N-Star CDO equity and principal amount for remaining securities.
	-4	Based on expected maturity and for floating-rate securities, calculated using the applicable LIBOR as of December 31, 2013.
	-5	The fair value option was elected for these securities (refer to Note 15).
	-6	The fair value option was elected for $30.6 million carrying value of these securities (refer to Note 15).
	-7	Investments in the same securitization tranche held in separate CDO financing transactions are reported as separate investments.

Borrowings_Tables

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2014
Debt Disclosure [Abstract]
Schedule of long-term debt instruments	The following table presents borrowings as of December 31, 2014 and 2013 (dollars in thousands):
							December 31, 2014							December 31, 2013
		Recourse vs.		Final	Contractual		Principal				Carrying			Principal			Carrying
		Non-Recourse		Maturity	Interest Rate(1)(2)		Amount				Value(3)			Amount			Value(3)
	Mortgage and other notes payable:(4)
	Healthcare
	Wakefield Portfolio(5)	Non-recourse		15-Mar	LIBOR + 5.95%		$	54,751			$	54,751		$	55,768		$	55,768
	East Arlington, TX	Non-recourse		17-May	5.89%		3,157				3,157			3,209			3,209
	Ohio Portfolio(6)	Non-recourse		19-Jan	6.00%		20,230				20,230			20,496			20,496
	Lancaster, OH(6)	Non-recourse		19-Jan	LIBOR + 5.00%		2,442				2,442			4,399			4,399
	Wilkinson Portfolio(6)	Non-recourse		19-Jan	6.99%		150,024				150,024			152,772			152,772
	Tuscola/Harrisburg, IL(6)	Non-recourse		19-Jan	7.09%		7,412				7,412			7,545			7,545
	Minnesota Portfolio(7)	Non-recourse		19-Nov	3.50%		37,800				37,800			38,175			38,175
	Griffin-American - U.K.	Non-recourse		17-Dec	LIBOR + 4.10%(8)		348,588				348,588			—			—
	Griffin-American - U.S.(9)	Non-recourse		19-Dec	LIBOR + 3.10%(8)/4.58%		2,618,797				2,618,797			—			—
	Healthcare Preferred(10)	Non-recourse		21-Jul	LIBOR + 7.75%		75,000				75,000			75,000			75,000
	Indiana Portfolio(10)	Non-recourse		21-Sep	LIBOR + 4.50%		121,130				121,130			121,130			121,130
	Formation Portfolio(9)	Non-recourse		May-19/Jan-25	LIBOR + 4.25%(8)/4.54%		705,608				700,958			—			—
	Subtotal Healthcare						4,144,939				4,140,289			478,494			478,494
	Hotel
	Innkeepers Portfolio(9)	Non-recourse		Jun-19(11)	LIBOR + 3.39%(8)		840,000				840,000			—			—
	K Partners Portfolio(9)	Non-recourse		Aug-19(11)	LIBOR + 3.25%(8)		211,681				211,681			—			—
	Courtyard Portfolio(9)	Non-recourse		Oct-19(11)	LIBOR + 3.05%(8)		512,000				512,000			—			—
	Inland Portfolio(9)	Non-recourse		Nov-19(11)	LIBOR + 3.60%(8)		817,000				817,000			—			—
	Subtotal Hotel						2,380,681				2,380,681			—			—
	Manufactured housing communities
	Manufactured Housing Portfolio 1(9)	Non-recourse		23-Jan	4.387%(8)		236,900				236,900			236,900			236,900
	Manufactured Housing Portfolio 2(9)	Non-recourse		23-May	4.016%(8)		639,909				639,909			639,999			639,999
	Manufactured Housing Portfolio 3(9)	Non-recourse		Dec-21/ Jan-24/ Sept-24	4.923%(8)		297,428				299,716			248,000			248,000
	Subtotal Manufactured housing communities						1,174,237				1,176,525			1,124,899			1,124,899
	Net lease
	Reading, PA(12)	—		—	—		—				—			12,765			12,765
	Reading, PA(12)	—		—	—		—				—			5,000			5,000
	Fort Wayne, IN(13)	Non-recourse		15-Apr	6.41%		2,909				2,909			3,019			3,019
	EDS Portfolio	Non-recourse		15-Oct	5.37%		42,738				42,738			43,682			43,682
	Keene, NH	Non-recourse		16-Feb	5.85%		6,105				6,105			6,237			6,237
	Green Pond, NJ	Non-recourse		16-Apr	5.68%		15,799				15,799			16,095			16,095
	Aurora, CO	Non-recourse		16-Jul	6.22%		30,720				30,720			31,232			31,232
	DSG Portfolio	Non-recourse		16-Oct	6.17%		31,126				31,126			31,729			31,729
	Indianapolis, IN	Non-recourse		17-Feb	6.06%		26,151				26,151			26,600			26,600
	Milpitas, CA	Non-recourse		17-Mar	5.95%		19,459				19,459			20,055			20,055
	Fort Mill, SC	Non-recourse		17-Apr	5.63%		27,700				27,700			27,700			27,700
	Fort Mill, SC - Mezzanine	Non-recourse		17-Apr	6.21%		1,079				1,079			1,464			1,464
	Salt Lake City, UT	Non-recourse		17-Sep	5.16%		13,181				13,181			13,689			13,689
	Industrial Portfolio(9)	Non-recourse		Jul-17/Dec-17	4.21%(8)		221,131				228,071			—			—
	Columbus, OH	Non-recourse		17-Dec	6.48%		21,934				21,934			22,300			22,300
	South Portland, ME	Non-recourse		23-Jul	LIBOR + 2.15%(8)		3,597				3,597			3,819			3,819
	Subtotal Net lease						463,629				470,569			265,386			265,386
	Multifamily
	Memphis, TN	Non-recourse		23-Apr	4.00%		39,600				39,600			39,600			39,600
	Southeast Portfolio(9)	Non-recourse		May-23/July-23	4.03%(8)		158,417				158,417			158,417			158,417
	Scottsdale, AZ(9)	Non-recourse		23-Jul	4.28%(8)		46,538				46,538			46,538			46,538
	Subtotal Multifamily						244,555				244,555			244,555			244,555
	Other
	Legacy Portfolio	Non-recourse		19-Nov	LIBOR + 1.75%(8)		45,584				45,584			—			—
	UK Property(9)	Non-recourse		19-Dec	LIBOR + 3.00%(8)		77,660				77,660			—			—
	Subtotal Other						123,244				123,244			—			—
	Subtotal Mortgage and other notes payable						8,531,285				8,535,863			2,113,334			2,113,334
							December 31, 2014							December 31, 2013
		Recourse vs.		Final	Contractual		Principal				Carrying			Principal			Carrying
		Non-Recourse		Maturity	Interest Rate(1)(2)		Amount				Value(3)			Amount			Value(3)
	CDO bonds payable:
	N-Star I	Non-recourse		Aug-38	LIBOR + 7.01%(8)		$	15,020			$	14,504		$	37,754		$	34,886
	N-Star III(14)	—		—	—		—				—			100,022			46,090
N-Star V(14)	—		—	—		—				—			202,899			80,897
N-Star IX	Non-recourse		Aug-52	LIBOR + 0.43%(8)		545,939				375,564			629,544			222,310
Subtotal CDO bonds payable—VIE						560,959				390,068			970,219			384,183
Securitization bonds payable:
Securitization 2012-1	Non-recourse		29-Aug	LIBOR+2.17%(8)		41,831				41,823			82,337			82,340
Subtotal Securitization financing transaction						41,831				41,823			82,337			82,340
Credit facilities:
Corporate Revolving Credit Facility(15)	Recourse		17-Aug	LIBOR + 3.50%(8)		215,000				215,000			—			—
Corporate Term Facility	Recourse		17-Sep	4.60% / 4.55%(16)		425,000				425,000			—			—
Loan Facility 1	Non-recourse		Jul-18(17)	5.16%(18)		14,850				14,850			14,850			14,850
Loan Facility 2	Partial Recourse(19)		Mar-18(11)	3.09%(8)		77,930				77,930			55,188			55,188
Subtotal Credit facilities						732,780				732,780			70,038			70,038
Exchangeable senior notes:
7.25% Notes	Recourse		27-Jun	7.25%		12,955				12,955			12,955			12,955
7.50% Notes(20)	—		—	—		—				—			172,500			165,366
8.875% Notes	Recourse		Jun-32	8.88%		1,000				983			13,360			13,068
5.375% Notes	Recourse		Jun-33	5.38%		31,633				27,824			345,000			299,584
Subtotal Exchangeable senior notes						45,588				41,762			543,815			490,973
Junior subordinated notes:(21)
Trust I	Recourse		Mar-35	8.15%		41,240				32,992			41,240			31,342
Trust II	Recourse		Jun-35	7.74%		25,780				20,753			25,780			19,722
Trust III	Recourse		Jan-36	7.81%		41,238				32,784			41,238			31,547
Trust IV	Recourse		Jun-36	7.95%		50,100				39,830			50,100			38,327
Trust V	Recourse		Sep-36	LIBOR + 2.70%(8)		30,100				21,823			30,100			19,866
Trust VI	Recourse		Dec-36	LIBOR + 2.90%(8)		25,100				18,700			25,100			16,943
Trust VII	Recourse		Apr-37	LIBOR + 2.50%(8)		31,459				22,492			31,459			20,290
Trust VIII	Recourse		Jul-37	LIBOR + 2.70%(8)		35,100				25,798			35,100			23,166
Subtotal Junior subordinated notes						280,117				215,172			280,117			201,203
Grand Total						$	10,192,560			$	9,957,468		$	4,059,860		$	3,342,071
____________________________________________________________
-1	Refer to Note 16 for further disclosure regarding derivative instruments which are used to manage interest rate exposure.
-2	For borrowings with a contractual interest rate based on LIBOR, represents three-month LIBOR for N-Star CDO I and the Wakefield Portfolio and one-month LIBOR for the other borrowings.
-3	Carrying value represents fair value with respect to CDO bonds payable and junior subordinated notes due to the election of the fair value option (refer to Note 15) and amortized cost with regards to the other borrowings.
-4	Mortgage and other notes payable are subject to customary non-recourse carveouts.
-5	The Company is in the process of extending the loan which matures on March 31, 2015.
-6	In December 2014, the financing was modified extending the maturity date to January 2019.
-7	In July 2014, the Company repaid the entire principal amount. In November 2014, the Company obtained a new mortgage note maturing in November 2019.
-8	Contractual interest rate represents a weighted average.
-9	An aggregate principal amount of $7.4 billion is comprised of 41 senior mortgage notes totaling $6.1 billion and 15 mezzanine mortgage notes totaling $1.3 billion.
-10	Represents borrowings in N-Star CDOs.
-11	Represents final maturity taking into consideration the Company’s three one-year extension options.
-12	In October 2014, borrowings were repaid upon sale of the property.
-13	In February 2015, the financing was modified extending the maturity date to April 2015.
-14	In March 2014 and May 2014, the Company deconsolidated N-Star CDOs V and III, respectively, which resulted in the deconsolidation of its CDO bonds payable. Refer to Note 3 for further disclosure.
-15	Secured by collateral relating to a borrowing base comprised primarily of unlevered CRE debt and securities investments with a carrying value of $649.0 million as of December 31, 2014.
-16	Represents the respective fixed rate applicable to each borrowing under the Corporate Term Facility.
-17	The initial maturity date is July 30, 2015, with three one-year extensions at the Company’s option, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents.
-18	Represents the weighted average contractual interest rate as of December 31, 2014, which varies based on the asset type and characteristics and ranges from one-month LIBOR plus 3.95% to 5.95%.
-19	Recourse solely with respect to certain types of loans as defined in the governing documents.
-20	In March 2014, $172.5 million principal amount of the 7.50% Notes were exchanged for $481.1 million principal amount of Senior Notes, which were paid off in cash at maturity on September 30, 2014.
-21	Junior subordinated notes Trusts I, II, III and IV have a fixed interest rate for periods ranging from June 2015 to September 2016, when the interest rate will change to floating and reset quarterly at rates ranging from three-month LIBOR plus 2.80% to 3.25%.
Schedule of principal amount on the borrowings, based on maturity	The following table presents scheduled principal on borrowings, based on final maturity as of December 31, 2014 (dollars in thousands):
	Years ending December 31:		Total			Mortgage				CDO Bonds			Securitization			Credit			Exchangeable		Junior
						and Other Notes				Payable			Bonds Payable			Facilities			Senior Notes(1)		Subordinated
						Payable															Notes
	2015		$	116,376		$	116,376			$	—		$	—		$	—		$	—	$	—
	2016		106,808			106,808				—			—			—			—		—
	2017		1,009,485			356,530				—			—			640,000			12,955		—
	2018		125,781			33,001				—			—			92,780			—		—
	2019		3,072,140			3,071,140				—			—			—			1,000		—
	Thereafter		5,761,970			4,847,430				560,959			41,831			—			31,633		280,117
	Total		$	10,192,560		$	8,531,285			$	560,959		$	41,831		$	732,780		$	45,588	$	280,117
	____________________________________________________________
	-1	The 7.25% Notes, 8.875% Notes and 5.375% Notes have a final maturity date of June 15, 2027, June 15, 2032 and June 15, 2033, respectively. The above table reflects the holders’ repurchase rights which may require the Company to repurchase the 7.25% Notes, 8.875% Notes and 5.375% Notes on June 15, 2017, June 15, 2019 and June 15, 2023, respectively.
Schedule of exchangeable senior notes	The following table presents the components of outstanding exchangeable senior notes as of December 31, 2014 and 2013 (dollars in thousands):
			31-Dec-14										31-Dec-13
			Principal Amount			Unamortized Discount(1)				Carrying Value			Principal Amount			Unamortized Discount			Carrying Value
	7.25% Notes		$	12,955		$	—			$	12,955		$	12,955		$	—		$	12,955
	7.50% Notes		—			—				—			172,500			(7,134		)	165,366
	8.875% Notes		1,000			(17		)		983			13,360			(292		)	13,068
	5.375% Notes		31,633			(3,809		)		27,824			345,000			(45,416		)	299,584
	Total		$	45,588		$	(3,826	)		$	41,762		$	543,815		$	(52,842	)	$	490,973
	______________________
	-1	The remaining amortization period for the 7.25% Notes, 8.875% Notes and 5.375% Notes is 2.2 years, 5.5 years and 9.5 years, respectively.
	The following table presents the components of interest expense related to outstanding exchangeable senior notes for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands):
			Interest and Amortization Expense
	Years Ended		Interest Expense			Amortization Expense(1)				Total Interest Expense
	2014		$	15,812		$	7,542			$	23,354
	2013		32,475			8,416				40,891
	2012		22,204			5,025				27,229
	_________________________
	-1	The effective interest rate of the 7.25% Notes, 8.875% Notes and 5.375% Notes was 8.0%, 9.4% and 7.3% for the year ended December 31, 2014, respectively.
	The following table presents the Company’s exchangeable senior notes exchanged for common stock during the year ended December 31, 2014 (dollars in thousands):
			Principal Amount Exchanged			Common Shares(1)			Realized Gain (Loss)
	8.875% Notes		$	12,360		1,337,100			$	(2,800	)
	5.375% Notes		313,367			23,570,229			(40,533		)
	Total		$	325,727		24,907,329			$	(43,333	)
	___________________________
	-1	Adjusted for the Reverse Split effected on June 30, 2014.

Spinoff_of_Asset_Management_Bu1

Spin-off of Asset Management Business (Tables)	12 Months Ended
	Dec. 31, 2014
Discontinued Operations and Disposal Groups [Abstract]
Schedule of discontinued operations, income statement, balance sheet and additional disclosures	Discontinued operations relates to five healthcare properties held for sale or sold as of December 31, 2014 and 2013 and a multifamily property and an office property sold in 2012. The following table presents income (loss) from discontinued operations related to such properties for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands):
		Years Ended December 31,
		2014			2013			2012
	Revenue
	Rental and escalation income	$	—		$	3,736		$	7,202
	Other revenue	85			92			—
	Total revenue	85			3,828			7,202
	Expenses
	Other interest expense	—			1,893			1,934
	Real estate properties—operating expenses	383			34			1,580
	Other expenses	72			195			66
	Impairment of operating real estate	555			8,613			966
	Other general and administrative expenses	—			79			1,076
	Depreciation and amortization	—			1,370			1,708
	Total expenses	1,010			12,184			7,330
	Income (loss) from operating real estate discontinued operations	(925		)	(8,356		)	(128		)
	Gain(loss) on sale from discontinued operations	—			—			2,079			(1)
	Total Income (loss) from operating real estate discontinued operations	$	(925	)	$	(8,356	)	$	1,951
	______________________________________
	-1	Relates primarily to the sale of a multifamily property and an office property.
	The following table presents a carve-out of revenues and expenses associated with NSAM and included in discontinued operations in the Company’s consolidated statements of operations. Such amounts exclude the effect of any fees that NSAM began earning in connection with the management agreement with the Company upon completion of the spin-off (dollars in thousands):
		Years Ended December 31,
		2014(1)			2013			2012
	Total revenues	$	56,013		$	89,938		$	50,761
	Total expenses	63,216			90,343			68,083
	NSAM income (loss) in discontinued operations	$	(7,203	)	$	(405	)	$	(17,322	)
	__________________
	-1	Represents six months of total revenues and expenses of NSAM included in discontinued operations prior to the spin-off on June 30, 2014.

EquityBased_Compensation_Table

Equity-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Equity-based Compensation Expense	The following table presents equity-based compensation expense for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands):
		Years Ended December 31,
		2014			2013		2012
	NorthStar Realty	$	24,885		$	11,784	$	8,593
	Allocation to NSAM (1)	13,745			5,177		4,224
	Total	$	38,630	(2)	$	16,961	$	12,817
	___________________________________________________________
	-1	Recorded in discontinued operations. The allocation to NSAM for 2014 represents equity-based compensation expense for the six months ended June 30, 2014.
	-2	Represents $28.0 million related to the NorthStar Realty Equity Plans and $10.6 million related to the NSAM Stock Plan.
	The following table presents a summary of Old LTIP Units and Deferred LTIP Units. The balance as of December 31, 2014 represents unvested Old LTIP Units (representing shares of restricted stock) and Deferred LTIP Units that are outstanding, whether vested or not (grants in thousands):
		Year Ended December 31, 2014
		Grants		Weighted
				Average
				Grant Price(5)
	Beginning balance(1)	4,609		$	14.31
	Granted(2)	1,189		30.55
	Converted to common stock	(647	)	17.31
	Forfeited	(5	)	20.48
	Vested Old LTIP Units converted to common stock in the Reorganization(3)	(3,178	)	14.52
	Vesting of restricted stock post-spin	(95	)	13.43
	Ending balance/weighted average(4)	1,873		$	23.25
	____________________________________________________________
	-1	Includes 349,071 Old LTIP Units issued in connection with the NorthStar Realty Finance Corp. 2004 Long-Term Incentive Bonus Plan of which 333,755 Old LTIP Units have been converted. The remaining 15,316 Old LTIP Units were converted to common stock in the spin-off.
	-2	Awards were grants in the form of Old LTIP Units for the year ended December 31, 2013 and Deferred LTIP Units for the year ended December 31, 2014.
	-3	Represents vested Old LTIP Units that were converted to the Company’s common stock in connection with the Reorganization.
	-4	Includes 686,185 shares of restricted stock, 227,693 vested Deferred LTIP Units and 958,966 unvested Deferred LTIP Units as of December 31, 2014.
	-5	Amounts have been retrospectively adjusted to reflect the Reverse Split.

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2014
Stockholders' Equity Note [Abstract]
Schedule of cumulative redeemable preferred stock	The following table presents classes of cumulative redeemable preferred stock issued in a public offering and outstanding as of December 31, 2014 (dollars in thousands):
			Number of Shares		Amount (1)
	Series A 8.75%		2,466,689		$	59,453
	Series B 8.25%		13,998,905		323,757
	Series C 8.875%(2)		5,000,000		120,808
	Series D 8.50%(2)		8,000,000		193,334
	Series E 8.75%(2)		10,000,000		241,766
	Total		39,465,594		$	939,118
	__________________________________
	-1	250 million shares have been authorized and all shares have a $0.01 par value. All preferred shares have a $25 per share liquidation preference.
	-2	The Series C, D and E shares are currently not callable.
Summary of dividends declared (on a per share basis)	The following table presents dividends declared (on a per share basis) for the years ended December 31, 2014, 2013 and 2012:
	Common Stock(1)					Preferred Stock
								Dividend Per Share
	Declaration		Dividend Per Share(2)			Declaration		Series A				Series B		Series C		Series D		Series E
	Date					Date
	2014
	26-Feb		$	0.5		29-Jan		$	0.54688			$	0.51563	$	0.55469	$	0.53125	N/A
	7-May		$	0.5		7-May		$	0.54688			$	0.51563	$	0.55469	$	0.53125	N/A
	6-Aug		$	0.5		6-Aug		$	0.54688			$	0.51563	$	0.55469	$	0.53125	$	0.5469
	29-Oct		$	0.4	(3)	29-Oct		$	0.54688			$	0.51563	$	0.55469	$	0.53125	$	0.5469
	2013
	February 13		$	0.36		February 1		$	0.54688			$	0.51563	$	0.76424	N/A		N/A
	May 1		$	0.38		May 1		$	0.54688			$	0.51563	$	0.55469	$	0.2066	N/A
	31-Jul		$	0.4		31-Jul		$	0.54688			$	0.51563	$	0.55469	$	0.53125	N/A
	30-Oct		$	0.42		30-Oct		$	0.54688			$	0.51563	$	0.55469	$	0.53125	N/A
	2012
	February 15		$	0.27		30-Jan		$	0.54688			$	0.51563	N/A		N/A		N/A
	May 2		$	0.3		May 2		$	0.54688			$	0.51563	N/A		N/A		N/A
	2-Aug		$	0.32		2-Aug		$	0.54688			$	0.51563	N/A		N/A		N/A
	1-Nov		$	0.34		1-Nov		$	0.54688			$	0.51563	N/A		N/A		N/A
	______________________
	-1	For the year ended December 31, 2014, approximately 17% of distributions paid was ordinary income and 83% was a return of capital. For the year ended December 31, 2013, 100% of distributions paid was a return of capital. For the year ended December 31, 2012, 100% of distributions paid was ordinary income.
	-2	Adjusted for the Reverse Split effected on June 30, 2014.
	-3	Represents the first dividend subsequent to the spin-off of NSAM.
Schedule of calculation of earnings per share	The following table presents EPS for the years ended December 31, 2014, 2013 and 2012 (dollars and shares in thousands, except per share data):
		Years Ended December 31,
		2014			2013				2012
	Numerator:
	Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	$	(371,507	)	$	(137,453	)		$	(288,587	)
	Net income (loss) attributable to Old LTIP Units non-controlling interest	(5,296		)	(5,571		)		(13,962		)
	Net income (loss) attributable to common stockholders and Old LTIP Units(1)	$	(376,803	)	$	(143,024	)		$	(302,549	)
	Denominator:(2)
	Weighted average shares of common stock	196,072			105,908				62,599
	Weighted average Old LTIP Units(1)	1,919			4,581				3,013
	Weighted average shares of common stock and Old LTIP Units(3)	197,991			110,489				65,612
	Earnings (loss) per share:(2)
	Basic	$	(1.89	)	$	(1.30	)		$	(4.61	)
	Diluted	$	(1.89	)	$	(1.30	)		$	(4.61	)
	____________________________________________________________
	-1	The EPS calculation takes into account Old LTIP Units, which received non-forfeitable dividends from the date of grant, shared equally in the Company’s net income (loss) and converted on a one-for-one basis into common stock. Such Old LTIP Units were converted to common stock, the unvested portion of which remain restricted, in connection with the Reorganization (refer to Note 12).
	-2	Adjusted for the Reverse Split effected on June 30, 2014.
	-3	Excludes the effect of exchangeable senior notes, Deferred LTIP Units, shares under the forward sale agreement and RSUs outstanding that were not dilutive as of December 31, 2014. These instruments could potentially impact diluted EPS in future periods, depending on changes in the Company’s stock price and other factors.

Noncontrolling_Interests_Table

Non-controlling Interests (Tables)	12 Months Ended
	Dec. 31, 2014
Noncontrolling Interest [Abstract]
Schedule of net income (loss) attributable to the Company's common stockholders	The following table presents net income (loss) attributable to the Company’s common stockholders for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands):
		Years Ended December 31,
		2014			2013			2012
	Income (loss) from continuing operations	$	(363,541	)	$	(129,394	)	$	(290,451	)
	Income (loss) from discontinued operations	(7,966		)	(8,059		)	(123		)
	Gain on sale from discontinued operations	—			—			1,987
	Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	$	(371,507	)	$	(137,453	)	$	(288,587	)

Fair_Value_Tables

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Schedule of financial assets and liabilities accounted at fair value on recurring basis by level within fair value hierarchy	The following tables present financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2014 and 2013 by level within the fair value hierarchy (dollars in thousands):
		December 31, 2014
		Level 1			Level 2			Level 3			Total
	Assets:
	PE Investments	$	—		$	—		$	962,038		$	962,038
	Investments in unconsolidated ventures(1)	—			—			276,437			276,437
	Real estate securities, available for sale:
	N-Star CDO bonds	—			—			262,309			262,309
	N-Star CDO equity	—			—			102,467			102,467
	CMBS and other securities	—			17,243			34,680			51,923
	CRE securities in N-Star CDOs
	CMBS	—			329,815			53,052			382,867
	Third-party CDO notes	—			—			23,218			23,218
	Agency debentures	—			40,529			—			40,529
	Unsecured REIT debt	—			9,351			—			9,351
	Trust preferred securities	—			—			5,850			5,850
	Subtotal CRE securities in N-Star CDOs	—			379,695			82,120			461,815
	Subtotal real estate securities, available for sale	—			396,938			481,576			878,514
	Derivative assets	—			3,245			—			3,245
	Total assets	$	—		$	400,183		$	1,720,051		$	2,120,234
	Liabilities:
	CDO bonds payable	$	—		$	—		$	390,068		$	390,068
	Junior subordinated notes	—			—			215,172			215,172
	Derivative liabilities	—			17,915			—			17,915
	Total liabilities	$	—		$	17,915		$	605,240		$	623,155
	_____________________________________________________________________
	-1	Includes certain CRE debt investments made in connection with certain investments in unconsolidated ventures, for which the fair value option was elected.
		December 31, 2013
		Level 1			Level 2			Level 3			Total
	Assets:
	PE Investments	$	—		$	—		$	586,018		$	586,018
	Investments in unconsolidated ventures(1)	—			—			192,419			192,419
	Real estate securities, available for sale:
	N-Star CDO bonds	—			—			205,287			205,287
	N-Star CDO equity	—			—			158,274			158,274
	CMBS and other securities	—			20,694			25,981			46,675
	CRE securities in N-Star CDOs
	CMBS	—			507,725			64,576			572,301
	Third-party CDO notes	—						24,931			24,931
	Agency debentures	—			29,540			—			29,540
	Unsecured REIT debt	—			9,521			—			9,521
	Trust preferred securities	—			—			5,791			5,791
	Subtotal CRE securities in N-Star CDOs	—			546,786			95,298			642,084
	Subtotal real estate securities, available for sale	—			567,480			484,840			1,052,320
	Derivative assets	—			3,469			—			3,469
	Total assets	$	—		$	570,949		$	1,263,277		$	1,834,226
	Liabilities:
	CDO bonds payable	$	—		$	—		$	384,183		$	384,183
	Junior subordinated notes	—			—			201,203			201,203
	Derivative liabilities	—			52,204			—			52,204
	Total liabilities	$	—		$	52,204		$	585,386		$	637,590
	_____________________________________________________________________
	-1	Includes certain CRE debt investments made in connection with certain investments in unconsolidated ventures, for which the fair value option was elected.
Schedule of additional information about the financial assets and liabilities measured at fair value on a recurring basis	The following table presents the changes in fair value of financial assets and liabilities which are measured at fair value on a recurring basis using Level 3 inputs to determine fair value for the year ended December 31, 2014 (dollars in thousands):
		Year Ended December 31, 2014
		PE Investments			Investments in Unconsolidated Ventures(1)			Real Estate			CDO Bonds			Junior
								Securities			Payable			Subordinated
														Notes
	1-Jan-14	$	586,018		$	192,419		$	484,840		$	384,183		$	201,203
	Transfers into Level 3(2)	—			—			17,513			—			—
	Purchases / borrowings / amortization / contributions	548,961			84,206			64,104			(15,320		)	—
	Sales	—			—			(65,504		)	—			—
	Paydowns / distributions	(339,598		)	(2,507		)	(48,511		)	(87,859		)	—
	Gains:
	Equity in earnings of unconsolidated ventures	134,036			10,494			—			—			—
	Unrealized gains included in earnings	32,621			—			44,308			—			—
	Realized gains included in earnings	—			—			15,626			—			—
	Unrealized gain on real estate securities, available for sale included in OCI	—			—			61,045			—			—
	Deconsolidation of N-Star CDOs(3)	—			—			873			(122,486		)	—
	Losses:
	Unrealized losses included in earnings	—			(8,175		)	(64,977		)	217,608			13,969
	Realized losses included in earnings	—			—			(3,152		)	13,942			—
	Unrealized losses on real estate securities, available for sale included in OCI	—			—			(3,519		)	—			—
	Deconsolidation of N-Star CDOs(3)	—			—			(21,070		)	—			—
	31-Dec-14	$	962,038		$	276,437		$	481,576		$	390,068		$	215,172
	Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held.	$	32,621		$	(8,175	)	$	(37,487	)	$	(217,608	)	$	(13,969	)
	____________________________________________________________
	-1	Includes certain CRE debt investments made in connection with certain investments in unconsolidated ventures, for which the fair value option was elected.
	-2	Transfers between Level 2 and Level 3 represent a fair value measurement from a third-party pricing service or broker quotations that have become more or less observable during the period. Transfers are assumed to occur at the beginning of the year.
	-3	Represents amounts recorded as a result of the deconsolidation of certain N-Star CDOs. Refer to Note 3 for further disclosure.
	The following table presents the changes in fair value of financial assets and liabilities which are measured at fair value on a recurring basis using Level 3 inputs to determine fair value for the year ended December 31, 2013 (dollars in thousands):
		Year Ended December 31, 2013
		PE Investments			Investments in Unconsolidated Ventures(1)			Real Estate			CDO Bonds			Junior
								Securities			Payable			Subordinated
														Notes
	1-Jan-13	$	—		$	—		$	338,213		$	1,999,470		$	197,173
	Transfers into Level 3(2)	—			—			7,788			—			—
	Transfers out of Level 3(2)	—			—			(108,143		)	—			—
	Purchases / borrowings / amortization / contributions	747,564			192,209			23,594			43,983			—
	Sales	—			—			(40,328		)	—			—
	Paydowns / distributions	(244,138		)	—			(54,971		)	(647,947		)	—
	Repurchases	—			—			—			(44,221		)	—
	Gains:
	Equity in earnings of unconsolidated ventures	82,592			210			—			—			—
	Unrealized gains included in earnings	—			—			68,794			—			—
	Realized gains included in earnings	—			—			15,179			—			—
	Unrealized gain on real estate securities, available for sale included in OCI	—			—			3,098			—			—
	Deconsolidation of N-Star CDOs(3)	—			—			350,886			(1,656,857		)	—
	Losses:
	Unrealized losses included in earnings	—			—			(19,523		)	106,622			4,030
	Realized losses included in earnings	—			—			(5,601		)	26,697			—
	Unrealized losses on real estate securities, available for sale included in OCI	—			—			(4,138		)	—			—
	Deconsolidation of N-Star CDOs(3)	—			—			(90,008		)	556,436			—
	31-Dec-13	$	586,018		$	192,419		$	484,840		$	384,183		$	201,203
	Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held.	$	—		$	—		$	20,746		$	(106,622	)	$	(4,030	)
	____________________________________________________________
	-1	Includes certain CRE debt investments made in connection with certain investments in unconsolidated ventures, for which the fair value option was elected.
	-2	Transfers between Level 2 and Level 3 represent a fair value measurement from a third-party pricing service or broker quotations that have become more or less observable during the period. Transfers are assumed to occur at the beginning of the year.
	-3	Represents amounts recorded as a result of the deconsolidation of certain N-Star CDOs. Refer to Note 3 for further disclosure.
Schedule of Level 3 fair value measurements, quantitative information	For the year ended December 31, 2014, quantitative information about the Company’s remaining Level 3 fair value measurements on a recurring basis are as follows (dollars in thousands):
		Fair Value			Valuation Technique		Key Unobservable Inputs(2)	Range
	PE Investments	$	962,038		Discounted Cash Flow Model		Discount Rate	15% - 27%
	Investments in unconsolidated ventures(1)	$	276,437		Discounted Cash Flow Model/Credit Spread		Discount Rate/Credit Spread	7% - 30%
	N-Star CDO equity	$	102,467		Discounted Cash Flow Model		Discount Rate	18%
	_________________________________________
	-1	Includes certain CRE debt investments made in connection with certain investments in unconsolidated ventures, for which the fair value option was elected.
	-2	Includes timing and amount of expected future cash flows.
Schedule of fair value of financial instruments for which the fair value option was elected	The following table presents the fair value of financial instruments for which the fair value option was elected as of December 31, 2014 and 2013 (dollars in thousands):
		December 31,
		2014			2013
	Assets:
	PE Investments	$	962,038		$	586,018
	Investments in unconsolidated ventures(1)	276,437			192,419
	Real estate securities, available for sale:(2)
	N-Star CDO equity	102,467			158,274
	CMBS and other securities	42,613			30,642
	CRE securities in N-Star CDOs
	CMBS	382,867			572,301
	Third-party CDO notes	23,218			24,931
	Agency debentures	40,529			29,540
	Unsecured REIT debt	9,351			9,521
	Trust preferred securities	5,850			5,791
	Subtotal CRE securities in N-Star CDOs	461,815			642,084
	Subtotal real estate securities, available for sale	606,895			831,000
	Total assets	$	1,845,370		$	1,609,437
	Liabilities:
	CDO bonds payable	$	390,068		$	384,183
	Junior subordinated notes	215,172			201,203
	Total liabilities	$	605,240		$	585,386
	___________________________________________________________
	-1	Includes certain CRE debt investments made in connection with certain investments in unconsolidated ventures, for which the fair value option was elected.
	-2	December 31, 2014 excludes 34 CRE securities including $271.6 million of N-Star CDO bonds and $9.3 million of CRE securities, for which the fair value option was not elected. December 31, 2013 excludes 36 CRE securities including $205.3 million of N-Star CDO bonds and $16.0 million of CRE securities, for which the fair value option was not elected.
Schedule of difference between the fair value and the aggregate principal amount of liabilities, for which the fair value option has been elected	The following table presents the difference between the fair value and the aggregate principal amount of liabilities, for which the fair value option has been elected as of December 31, 2014 (dollars in thousands):
		Fair Value			Amount			Difference
					Due Upon
					Maturity
	CDO bonds payable	$	390,068		$	560,959		$	(170,891	)
	Junior subordinated notes	215,172			280,117			(64,945		)
	Total	$	605,240		$	841,076		$	(235,836	)
Schedule of change in fair value of financial assets and liabilities in the consolidated statements of operations	The following table presents unrealized gains (losses) on investments and other related to the change in fair value of financial assets and liabilities in the consolidated statements of operations for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands):
		Years Ended December 31,
		2014			2013			2012
	Assets:
	Real estate securities, available for sale	$	(12,324	)	$	94,676		$	35,993
	PE Investments	32,621			—			—
	Foreign currency remeasurement(1)	(11,719		)	2,300			1,145
	Liabilities:
	CDO bonds payable	(217,608		)	(106,622		)	(510,105		)
	Junior subordinated notes	(13,969		)	(4,030		)	(40,005		)
	Subtotal(2)	(222,999		)	(13,676		)	(512,972		)
	Derivatives	8,184			33,730			44,743
	Total	$	(214,815	)	$	20,054		$	(468,229	)
	____________________________________________________________
	-1	Primarily represents foreign currency remeasurement on an investment denominated in Euros.
	-2	Represents financial assets and liabilities for which the fair value option was elected.
Schedule of principal amount, carrying value and fair value of certain financial assets and liabilities	The following table presents the principal amount, carrying value and fair value of certain financial assets and liabilities as of December 31, 2014 and 2013 (dollars in thousands):
		December 31, 2014									December 31, 2013
		Principal /			Carrying			Fair Value			Principal /			Carrying			Fair Value
		Notional			Value						Notional			Value
		Amount									Amount
	Financial assets:(1)
	Real estate debt investments, net	$	1,187,316		$	1,067,667		$	1,066,911		$	1,085,280		$	1,031,078		$	1,026,709
	Real estate securities, available for sale(2)	1,532,891			878,514			878,514			2,090,726			1,052,320			1,052,320
	Derivative assets(2)(3)	3,848,859			3,247			3,247			478,688			3,469			3,469
	Financial liabilities:(1)
	Mortgage and other notes payable	$	8,531,285		$	8,535,863		$	8,539,363		$	2,133,334		$	2,113,334		$	2,107,110
	CDO bonds payable(2)	560,959			390,068			390,068			970,219			384,183			384,183
	Securitization bonds payable	41,831			41,823			41,929			82,337			82,340			82,517
	Credit facilities	732,780			732,780			732,780			70,038			70,038			70,038
	Exchangeable senior notes	45,588			41,762			82,443			543,815			490,973			909,601
	Junior subordinated notes(2)	280,117			215,172			215,172			280,117			201,203			201,203
	Derivative liabilities(2)(3)	318,726			17,915			17,915			674,418			52,204			52,204
	____________________________________________________________
	-1	The fair value of other financial instruments not included in this table is estimated to approximate their carrying value.
	-2	Refer to the “Determination of Fair Value” above for disclosure of methodologies used to determine fair value.
	-3	Derivative assets and liabilities exclude timing swaps with an aggregate notional amount of $28.0 million as of December 31, 2014 and 2013.

Risk_Management_and_Derivative1

Risk Management and Derivative Activities (Tables)	12 Months Ended
	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of derivative instruments that were not designated as hedges under U.S. GAAP	The following tables present derivative instruments that were not designated as hedges under U.S. GAAP as of December 31, 2014 and 2013 (dollars in thousands):
		Number			Notional				Fair Value				Range of	Range of Maturity
					Amount(1)				Net Asset				Fixed LIBOR / Forward Rate
									(Liability)
	As of December 31, 2014:
	Interest rate swaps	12			$	318,726			$	(17,915	)	(2)	0.62% - 5.25%	June 2015 - July 2023
	Interest rate caps/floors	22			3,848,859				3,247			(3)	2.00% - 5.00%	January 2015 - January 2020
	Total	34			$	4,167,585			$	(14,668	)
	As of December 31, 2013:
	Interest rate swaps	19			$	674,418			$	(52,204	)	(2)	4.27% - 5.25%	May 2014 - July 2018
	Interest rate caps/floors	3			478,688				3,469				1.64% - 5.00%	July 2014 - January 2015
	Total	22			$	1,153,106			$	(48,735	)
	____________________________________________________________
	-1	Excludes timing swaps with a notional amount of $28.0 million as of December 31, 2014 and 2013.
	-2	Most of the interest rate swaps were liabilities of consolidated N-Star CDOs at period end and are only subject to the credit risks of the respective CDO transaction. As the interest rate swaps are senior to all the liabilities of the respective CDO and the fair value of each of the CDO’s investments exceeded the fair value of the CDO’s derivative liabilities, a credit valuation adjustment was not recorded.
	-3	Includes two Sterling denominated interest rate caps.
Schedule of fair value of the derivative instruments as well as their classification on consolidated balance sheets	The following table presents the fair value of derivative instruments, as well as their classification on the consolidated balance sheets, as of December 31, 2014 and 2013 (dollars in thousands):
		Balance Sheet	December 31,
		Location	2014				2013
	Interest rate caps/floors	Derivative assets	$	3,247			$	3,469
	Interest rate swaps	Derivative liabilities	$	17,915			$	52,204
Schedule of the effect of the derivative instruments on consolidated statements of operations	The following table presents the effect of derivative instruments in the consolidated statements of operations for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands):
			Years Ended December 31,
		Statements of Operations Location	2014				2013				2012
	Amount of gain (loss) recognized in earnings:
	Adjustment to fair value interest rate swaps	Unrealized gain (loss) on investments and other	$	8,196			$	33,730			$	44,743
	Net cash payment for interest rate swaps	Unrealized gain (loss) on investments and other	$	(16,880	)		$	(52,734	)		$	(78,903	)
	Amount of swap gain (loss) reclassified from OCI into earnings	Interest expense on debt and securities	$	915			$	(4,885	)		$	(7,412	)
	Reclassification of swap gain (loss) into gain (loss) from deconsolidation of N-Star CDOs (refer to Note 3)	Gain (loss) from deconsolidation of N-Star CDOs	$	—			$	(15,246	)		$	—

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Rental Payments for Ground Lease Obligations	The following table presents minimum future rental payments under the Company’s contractual ground lease obligations for certain building leaseholds as of December 31, 2014 (dollars in thousands):
	Years ending December 31:		Total(1)
	2015		$	4,739
	2016		4,751
	2017		4,795
	2018		4,905
	2019		4,848
	Thereafter		89,608
	Total minimum lease payments		$	113,646
	__________________
	-1	Represents 53 ground leases of which for 17 leases ground rent is paid directly by the tenants/operators.

Quarterly_Financial_Informatio1

Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	The following presents selected quarterly information, which reflects prior period reclassifications related to discontinued operations, for the years ended December 31, 2014 and 2013 (dollars in thousands):
			Three Months Ended
			December 31,			September 30,			June 30,			March 31,
			2014			2014			2014			2014
	Property and other revenues		$	296,555		$	194,325		$	119,357		$	70,909
	Net interest income on debt and securities		71,154			77,936			72,761			75,396
	Expenses		491,765			305,399			191,711			110,569
	Equity in earnings (losses) of unconsolidated ventures		46,884			38,234			31,380			31,792
	Income (loss) from continuing operations		(109,742		)	(26,331		)	(59,916		)	(116,969		)
	Net income (loss)		(110,881		)	(26,609		)	(60,488		)	(123,108		)
	Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders		(116,453		)	(46,525		)	(73,566		)	(134,963		)
	Earnings (loss) per share:(1)
	Basic		$	(0.47	)	$	(0.23	)	$	(0.42	)	$	(0.84	)	(2)
	Diluted		$	(0.47	)	$	(0.23	)	$	(0.42	)	$	(0.84	)	(2)
	__________________
	(1)The total for the year may differ from the sum of the quarters as a result of weighting.
	(2)Adjusted for the Reverse Split effected on June 30, 2014.
			Three Months Ended
			December 31,			September 30,			June 30,			March 31,
			2013			2013			2013			2013
	Property and other revenues		$	64,057		$	73,295		$	65,214		$	38,281
	Net interest income on debt and securities		80,330			65,009			61,560			58,938
	Expenses		98,581			105,632			94,498			71,534
	Equity in earnings (losses) of unconsolidated ventures		31,032			31,013			15,119			8,313
	Income (loss) from continuing operations		10,881			(143,389		)	1,694			51,665
	Net income (loss)		4,689			(141,749		)	(546		)	49,696
	Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders		(10,422		)	(151,027		)	(12,626		)	36,622
	Earnings (loss) per share:(1)(2)
	Basic		$	(0.08	)	$	(1.36	)	$	(0.13	)	$	0.42
	Diluted		$	(0.08	)	$	(1.36	)	$	(0.13	)	$	0.4
	_________________
	-1	The total for the year may differ from the sum of the quarters as a result of weighting.
	-2	Adjusted for the Reverse Split effected on June 30, 2014.

Segment_Reporting_Tables

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2014
Segment Reporting [Abstract]
Schedule of segment reporting	The following tables present segment reporting for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands):
	Statement of Operations:											N-Star CDOs(1)
	Year ended December 31, 2014:	Real Estate				CRE			CRE			CRE			Corporate				Asset Management(2)				Consolidated
						Debt			Securities			Securities											Total
	Rental and escalation income	$	350,273			$	—		$	—		$	1,285		$	—			$	—			$	351,558
	Hotel related income	237,039				—			—			—			—				—				237,039
	Resident fee income	77,516				—			—			—			—				—				77,516
	Net interest income on debt and securities	5,059			(3)	145,159			82,246			63,216			1,567			(4)	—				297,247
	Other interest expense	182,329				—			—			—			48,852				—				231,181
	Income (loss) before equity in earnings (losses) and income tax benefit (expense)	(174,129		)	(5)	139,581			104,423			(188,462		)	(342,818		)		—				(461,405		)
	Equity in earnings (losses) of unconsolidated ventures	145,363				2,644			—			—			283				—				148,290
	Income tax benefit (expense)	859				(70		)	(205		)	(352		)	(75		)		—				157
	Income (loss) from continuing operations	(27,907		)		142,155			104,218			(188,814		)	(342,610		)		—				(312,958		)
	Income (loss) from discontinued operations	(925		)		—			—			—			—				(7,203		)		(8,128		)
	Net income (loss)	(28,832		)		142,155			104,218			(188,814		)	(342,610		)		(7,203		)		(321,086		)
	Balance Sheet:
	December 31, 2014:
	Investments in private equity funds, at fair value	$	962,038			$	—		$	—		$	—		$	—			$	—			$	962,038
	Investments in unconsolidated ventures	184,026				8,526			—			—			15,225				—				207,777
	Total Assets	13,006,146				1,160,763			421,840			502,660			234,947				—				15,326,356
	___________________________________
	-1	Based on CDO financing transactions that were primarily collateralized by either CRE debt or securities and may include other types of investments. $5.9 million of collateral management fees were earned from CDO financing transactions for the year ended December 31, 2014, of which $2.6 million were eliminated in consolidation. The eliminated amounts are recorded as other revenue in the Corporate segment and as an expense in the N-Star CDO segment.
	-2	Represents the consolidated statements of operations of NSAM reported in discontinued operations and includes an allocation of indirect expenses from the Company (refer to Note 10).
	-3	Primarily represents interest income earned from notes receivable on manufactured homes.
	-4	Represents income earned from CDO bonds repurchased at a discount, recognized using the effective interest method, that is eliminated in consolidation. The corresponding interest expense is recorded in net interest income in the N-Star CDO segments.
	-5	Primarily relates to transaction costs and includes depreciation and amortization of $182.6 million for the year ended December 31, 2014.
	Statement of Operations:											N-Star CDOs(1)
	Year ended December 31, 2013:	Real Estate				CRE			CRE			CRE			CRE				Corporate				Asset Management(2)			Consolidated
						Debt			Securities			Debt			Securities											Total
	Rental and escalation income	$	202,765			$	260		$	—		$	30,947		$	1,152			$	—			$	—		$	235,124
	Net interest income on debt and securities	833			(3)	48,594			38,160			50,149			84,600				43,501			(4)	—			265,837
	Other interest expense	76,388				—			—			9,356			—				54,763				—			140,507
	Income (loss) before equity in earnings (losses) and income tax benefit (expense)	(5,186		)	(5)	50,632			83,828			(312,148		)	97,788				(78,540		)		—			(163,626		)
	Equity in earnings (losses) of unconsolidated ventures	82,700				3,594			—			(817		)	—				—				—			85,477
	Income tax benefit (expense)	(1,000		)		—			—			—			—				—				—			(1,000		)
	Income (loss) from continuing operations	76,514				54,226			83,828			(312,965		)	97,788				(78,540		)		—			(79,149		)
	Income (loss) from discontinued operations	(8,356		)		—			—			—			—				—				(405		)	(8,761		)
	Net income (loss)	68,158				54,226			83,828			(312,965		)	97,788				(78,540		)		(405		)	(87,910		)
	Balance Sheet:
	December 31, 2013:
	Investments in private equity funds, at fair value	$	586,018			$	—		$	—		$	—		$	—			$	—			$	—		$	586,018
	Investments in unconsolidated ventures	113,735				14,222			—			—			—				14,383				—			142,340
	Total Assets	3,343,402				1,211,079			418,837			—			727,875				627,148				31,709			6,360,050
	___________________________________
	-1	Based on CDO financing transactions that were primarily collateralized by either CRE debt or securities and may include other types of investments. $11.1 million of collateral management fees were earned from CDO financing transactions for the year ended December 31, 2013, of which $10.4 million were eliminated in consolidation. The eliminated amounts are recorded as other revenue in the Corporate segment and as an expense in the N-Star CDO segment.
	-2	Represents the consolidated statements of operations of NSAM reported in discontinued operations and includes an allocation of indirect expenses from the Company (refer to Note 10).
	-3	Primarily represents interest income earned from notes receivable on manufactured homes.
	-4	Represents income earned from CDO bonds repurchased at a discount, recognized using the effective interest method, that is eliminated in consolidation. The corresponding interest expense is recorded in net interest income in the N-Star CDO segments.
	-5	Includes depreciation and amortization of $75.8 million for the year ended December 31, 2013.
	Statement of Operations:											N-Star CDOs(1)
	Year ended December 31, 2012:	Real Estate				CRE			CRE			CRE			CRE				Corporate				Asset Management(2)			Consolidated
						Debt			Securities			Debt			Securities											Total
	Rental and escalation income	$	82,201			$	—		$	—		$	30,295		$	—			$	—			$	—		$	112,496
	Net interest income on debt and securities	158			(3)	14,592			17,499			146,977			117,320				38,950			(4)	—			335,496
	Other interest expense	39,992				—			—			9,858			—				39,686				—			89,536
	Income (loss) before equity in earnings (losses) and income tax benefit (expense)	44,782			(5)	14,256			21,966			(164,971		)	(90,109		)		(83,730		)		—			(257,806		)
	Equity in earnings (losses) of unconsolidated ventures	(458		)		1,904			—			(1,358		)	—				—				—			88
	Income (loss) from continuing operations	44,324				16,160			21,966			(166,329		)	(90,109		)		(83,730		)		—			(257,718		)
	Income (loss) from discontinued operations	(668		)		—			—			540			—				—				(17,322		)	(17,450		)
	Gain (loss) on sale of discontinued operations	—				—			—			2,079			—				—				—			2,079
	Net income (loss)	43,656				16,160			21,966			(163,710		)	(90,109		)		(83,730		)		(17,322		)	(273,089		)
	Balance Sheet:
	December 31, 2012:
	Investments in unconsolidated ventures	$	30,293			$	5,740		$	—		$	64,845		$	—			$	10,147			$	—		$	111,025
Total Assets	1,197,910				412,598			208,988			2,245,530			1,035,862				391,898				20,992			5,513,778
_______________________________________________
-1	Based on CDO financing transactions that were primarily collateralized by either CRE debt or securities and may include other types of investments. $14.4 million of collateral management fees were earned from CDO financing transactions for the year ended December 31, 2012, of which all amounts were eliminated in consolidation. The eliminated amounts are recorded as other revenue in the Corporate segment and as an expense in the N-Star CDO segment.
-2	Represents the consolidated statements of operations of NSAM reported in discontinued operations and includes an allocation of indirect expenses from the Company (refer to Note 10).
-3	Primarily represents interest income earned from notes receivable on manufactured homes.
-4	Represents income earned from CDO bonds repurchased at a discount, recognized using the effective interest method, that is eliminated in consolidation. The corresponding interest expense is recorded in net interest income in the N-Star CDO segments.
-5	Includes depreciation and amortization of $27.0 million for the year ended December 31, 2012.

Supplemental_Disclosures_of_No1

Supplemental Disclosures of Non-cash Investing and Financing Activities (Tables)	12 Months Ended
	Dec. 31, 2014
Supplemental Cash Flow Elements [Abstract]
Summary of non-cash investing and financing activities	The following table presents non-cash investing and financing activities for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands):
		Years Ended December 31,
		2014		2013		2012
	Issuance of common stock in connection with the merger of Griffin-American	$	1,075,930	$	—	$	—
	Assumption of mortgage notes payable upon acquisition of operating real estate	870,871		—		—
	Acquired assets in connection with the merger of Griffin-American	503,784		—		—
	Conversion of exchangeable senior notes	320,304		74,778		—
	Exchangeable senior notes exchanged for Senior Notes (refer to Note 9)	296,382		—		—
	Acquired liabilities in connection with the merger of Griffin-American	229,015		—		—
	Reclassification of operating real estate to deferred costs and intangible assets	160,511		25,497		7,536
	Contribution from non-controlling interests	75,428		—		—
	Reclassification of operating real estate to other assets	67,655		89,219		—
	CRE debt investment payoff due from servicer	64,092		—		—
	Net assets distributed in spin-off of asset management business (refer to Note 10)	39,709		—		—
	Escrow deposit payable related to CRE debt investments	34,521		57,226		37,176
	Reclassification of operating real estate to asset held for sale	22,323		30,063		1,046
	Conversion of Old LTIP Units (refer to Note 12)	18,611		10,129		3,149
	Non-cash related to PE Investments	15,581		17,473		—
	Reclassification of CRE debt investment to held for sale	15,223		—		—
	Common stock related to transactions (refer to Note 13)	6,801		17,712		—
	Dividends payable related to RSUs	—		2,128		—
	Real estate acquisition(1)	—		135,361		62,236
	Reduction of CRE debt investments(1)	—		135,361		62,236
	Assignment of mortgage note payable via sale	—		7,813		—
	Increase in restricted cash(1)	—		2,730		—
	Deferred purchase price for PE Investment III (refer to Note 6)	—		39,759		—
	Reclassification of real estate debt investment to other assets	—		8,952		—
	Reclassification of mortgage note payable to liabilities held for sale	—		28,962		—
	Activity in non-controlling interest	—		—		2,358
	Equity component of exchangeable senior notes	—		45,740		2,179
	Decrease of restricted cash in connection with swap collateral	—		—		22,037
	Assignment of CRE debt investment	—		—		26,100
	Discount on CRE debt investment	—		—		2,516
	Due from related party	—		—		11,795
	___________________________________________________________
	-1	Non-cash activity occurred in connection with taking title to collateral.

Business_and_Organization_Narr

Business and Organization - Narrative (Details) (USD $)	0 Months Ended	6 Months Ended	12 Months Ended	0 Months Ended	1 Months Ended	0 Months Ended
	Jun. 30, 2014	Jun. 30, 2014	Dec. 31, 2014	Dec. 03, 2014	Dec. 31, 2014	Feb. 26, 2015
		tier	property		property	property
Business Combination, Separately Recognized Transactions [Line Items]
Number of real estate properties acquired			581
Stock split, conversion ratio (one-for-two reverse split)	0.5
Length of management contract term	20 years
Number of tiers in company structure		3
Business Acquisition [Abstract]
Business combination, purchase price			$9,209,100,000
Griffin-American
Business Combination, Separately Recognized Transactions [Line Items]
Number of real estate properties acquired					296
Business Acquisition [Abstract]
Business combination, purchase price				4,000,000,000	4,458,700,000
Griffin-American Portfolio
Business Acquisition [Abstract]
Business acquisition, percentage of voting interest acquired				14.30%
Payments to acquire business				187,200,000
Multi-tenant properties | Subsequent event | Europe
Business Combination, Separately Recognized Transactions [Line Items]
Real estate properties, acquired or committed to acquire						$2,000,000,000
Number of real estate properties acquired						50

Summary_of_Significant_Account3

Summary of Significant Accounting Policies-Accumulated OCI (Details) (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward]
Beginning Balance	($4,334)	($22,179)	($36,160)
Unrealized gain (loss) on real estate securities, available for sale	60,140	-557	7,259
Foreign currency translation adjustment	-5,155	0	0
Non-controlling interests	-758	-803	-690
Ending Balance	49,540	-4,334	-22,179
Real Estate Securities
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward]
Reclassifications	-1,268	-926
Debt Securities
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward]
Reclassifications	915	4,885	7,412
CDOs
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward]
Reclassifications		15,246
Cumulative Unrealized Gain (Loss) on Available for Sale Securities
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward]
Beginning Balance	-1,736	-276	-7,187
Unrealized gain (loss) on real estate securities, available for sale	60,140	-557	7,259
Non-controlling interests	-1,064	23	-348
Ending Balance	56,072	-1,736	-276
Cumulative Unrealized Gain (Loss) on Available for Sale Securities | Real Estate Securities
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward]
Reclassifications	-1,268	-926
Effective Portion of Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward]
Beginning Balance	-2,598	-21,903	-28,973
Non-controlling interests	-11	-826	-342
Ending Balance	-1,694	-2,598	-21,903
Effective Portion of Cash Flow Hedges | Debt Securities
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward]
Reclassifications	915	4,885	7,412
Effective Portion of Cash Flow Hedges | CDOs
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward]
Reclassifications		15,246
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward]
Beginning Balance	0			0
Foreign currency translation adjustment	-5,155
Non-controlling interests	317
Ending Balance	($4,838)		$0	$0

Summary_of_Significant_Account4

Summary of Significant Accounting Policies-Restricted Cash (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$395,056	$166,487
Capital expenditures reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	211,010	46,115
Operating real estate escrow reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	123,017	7,599
CRE debt escrow deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	56,342	92,347
Cash in CDOs
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$4,687	$20,426

Summary_of_Significant_Account5

Summary of Significant Accounting Policies-Operating Real Estate (Details)	12 Months Ended
	Dec. 31, 2014
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	40 years
Building (leasehold interest)
Property, Plant and Equipment [Line Items]
Estimated useful life	40 years
Land improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years
Land improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	30 years

Summary_of_Significant_Account6

Summary of Significant Accounting Policies-Minimum Rental Income (Details) (USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified
Operating Leases, Future Minimum Rental Income, Fiscal Year Maturity [Abstract]
2015	$374,726
2016	361,704
2017	342,502
2018	323,201
2019	310,320
Thereafter	2,046,036
Total	$3,758,489

Summary_of_Significant_Account7

Summary of Significant Accounting Policies-Identified Intangibles (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Finite-Lived Intangible Assets [Line Items]
Goodwill	$75,806,000
Below-market Leases, Gross amount	184,209,000	19,499,000
Below-market Leases, Accumulated amortization	-14,838,000	-10,799,000
Below-market Leases, Total	169,371,000	8,700,000
Intangible Liabilities, Other, Gross amount	7,157,000
Intangible Liabilities, Other, Total	7,157,000
Amortization of above and below market leases	-1,189,000	1,438,000	1,266,000
Formation Portfolio
Finite-Lived Intangible Assets [Line Items]
Goodwill	25,500,000
Griffin-American Portfolio
Finite-Lived Intangible Assets [Line Items]
Goodwill	50,200,000
Above-market Leases
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	11 years 9 months 18 days
Intangible Assets, Gross amount	273,522,000	6,264,000
Intangible Assets, Accumulated amortization	-9,730,000	-4,351,000
Intangible Assets, Total	263,792,000	1,913,000
Below-market Leases
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	13 years 10 months 24 days
In-place Lease Costs
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	9 years 9 months 18 days
Other
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross amount		93,037,000
Intangible Assets, Accumulated amortization	-60,032,000	-42,185,000
Intangible Assets, Total	307,376,000	50,852,000
Intangible Assets, Other, gross	381,997,000
Intangible Assets, Other, net	321,965,000
Amortization of other intangible assets	20,300,000	15,400,000	13,700,000
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2015	36,874,000
2016	35,599,000
2017	33,539,000
2018	31,409,000
2019	30,563,000
Thereafter	139,392,000
Above and Below Market Leases, Net
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Total	94,421,000
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2015	9,347,000
2016	9,366,000
2017	9,387,000
2018	9,960,000
2019	10,295,000
Thereafter	$46,066,000

Summary_of_Significant_Account8

Summary of Significant Accounting Policies-Other assets and liabilities (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Other assets:
Due from servicer	$64,583	$0
Pending deal costs	62,867	7,048
Notes receivable, net	48,932	38,418
Prepaid expenses	27,595	5,361
Manufactured homes	26,711	69,217
Other	14,955	13,953
Investment-related reserves and deposits	14,624	11,127
Deferred tax asset	7,730	0
Furniture, fixtures and equipment, net	0	6,977
Total	267,997	152,101
Other liabilities:
Below-market leases	169,371	8,700
PE Investment III deferred purchase price	39,759	39,759
Deferred tax liability	38,303	0
Tenant security deposits	27,854	9,294
Unearned revenue	17,668	2,029
Other	11,890	14,092
Total	$304,845	$73,874

Summary_of_Significant_Account9

Summary of Significant Accounting Policies-Real Estate Debt Investments (Details)	12 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
Number of days past due for suspension of income recognition	90 days

Recovered_Sheet1

Summary of Significant Accounting Policies-Income Taxes (Details) (USD $)	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013	Dec. 31, 2012
Income Tax Contingency [Line Items]
Income tax expense (benefit)	($157,000)	[1]	$1,000,000	$0
Griffin-American
Income Tax Contingency [Line Items]
Deferred tax liability, foreign income taxes	38,300,000
Hotel and Healthcare RIDEA properties
Income Tax Contingency [Line Items]
Deferred tax asset, net operating losses	$7,700,000
[1]	The consolidated financial statements for the year ended December 31, 2014 include: (i) the Company’s results of operations for the six months ended December 31, 2014 which represents the Company’s results of operations following the spin-off of the Company’s historical asset management business on June 30, 2014; and (ii) the Company’s results of operations for the six months ended June 30, 2014 which represents a carve-out of revenues and expenses attributable to NSAM in discontinued operations. The Company’s historical financial information for the years ended December 31, 2013 and 2012 was prepared on the same basis as the six months ended June 30, 2014. As a result, results of operations for the year ended December 31, 2014 may not be comparative to the Company's results of operations reported for the prior periods presented.

Variable_Interest_Entities_Det

Variable Interest Entities (Details) (USD $)	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Variable interest entities
Gain (loss) on deconsolidation	($31,423,000)	[1]	($299,802,000)	[1]	$0	[1]
Decrease in assets from deconsolidation of VIE	192,500,000		1,800,000,000
Decrease in liabilities from deconsolidation of VIE	149,000,000		1,400,000,000
Fair value of collateral debt obligations no longer eliminated in consolidation	8,800,000		223,700,000
Reclassification of unrealized (loss) to gain from deconsolidation	3,300,000		3,300,000
Unconsolidated VIEs
Investments in unconsolidated ventures	207,777,000		142,340,000		111,025,000
Northstar Realty Finance Trusts I-VIII
Unconsolidated VIEs
Investments in unconsolidated ventures	3,700,000
OCI swap
Variable interest entities
Reclassification of unrealized (loss) to gain from deconsolidation			15,200,000
Consolidated VIEs
Variable interest entities
Number of sponsored CDOs (CDOs)	9
Number of sponsored collateralized debt obligations collateralized by CRE debt (CDOs)	3
Number of sponsored collateralized debt obligations collateralized by CRE securities (CDOs)	6
Number of CDOs in which equity interests were acquired (CDOs)	2
Unconsolidated VIEs
Carrying value and maximum exposure of unconsolidated VIEs
Total assets	481,411,000
Total liabilities	215,172,000
Net	266,239,000
Maximum Exposure to Loss	481,411,000
Unconsolidated VIEs | Junior Subordinated Notes
Carrying value and maximum exposure of unconsolidated VIEs
Total assets	3,742,000
Total liabilities	215,172,000
Net	-211,430,000
Maximum Exposure to Loss	3,742,000
Unconsolidated VIEs | N-Star CDO Bonds
Carrying value and maximum exposure of unconsolidated VIEs
Total assets	262,309,000
Maximum Exposure to Loss	262,309,000
Unconsolidated VIEs | N-Star CDO equity
Carrying value and maximum exposure of unconsolidated VIEs
Total assets	102,467,000
Maximum Exposure to Loss	102,467,000
Unconsolidated VIEs | CMBS
Carrying value and maximum exposure of unconsolidated VIEs
Total assets	38,823,000
Maximum Exposure to Loss	38,823,000
Unconsolidated VIEs | CRE Securities
Carrying value and maximum exposure of unconsolidated VIEs
Total assets	403,599,000
Maximum Exposure to Loss	403,599,000
Unconsolidated VIEs | Real Estate Securities, Available for Sale
Unconsolidated VIEs
Number of variable interest entities in which company is not primary beneficiary (CDO)	2
Number of VIE securitizations for which the company was appointed as a special servicer (Securitization)	1
Unconsolidated VIEs | Real Estate Debt Investments
Unconsolidated VIEs
Number of variable interest entities in which company is not primary beneficiary (CDO)	3
Long-term Investments	74,100,000
Carrying value and maximum exposure of unconsolidated VIEs
Total assets	74,070,000
Net	74,070,000
Maximum Exposure to Loss	74,070,000
Unconsolidated VIEs | Real Estate Securities, Available for Sale
Carrying value and maximum exposure of unconsolidated VIEs
Total assets	403,599,000
Net	403,599,000
Unconsolidated VIEs | Real Estate Securities, Available for Sale | N-Star CDO Bonds
Carrying value and maximum exposure of unconsolidated VIEs
Total assets	262,309,000
Unconsolidated VIEs | Real Estate Securities, Available for Sale | N-Star CDO equity
Carrying value and maximum exposure of unconsolidated VIEs
Total assets	102,467,000
Unconsolidated VIEs | Real Estate Securities, Available for Sale | CMBS
Carrying value and maximum exposure of unconsolidated VIEs
Total assets	38,823,000
Unconsolidated VIEs | Real Estate Securities, Available for Sale | CRE Securities
Carrying value and maximum exposure of unconsolidated VIEs
Total assets	$403,599,000
[1]	The consolidated financial statements for the year ended December 31, 2014 include: (i) the Company’s results of operations for the six months ended December 31, 2014 which represents the Company’s results of operations following the spin-off of the Company’s historical asset management business on June 30, 2014; and (ii) the Company’s results of operations for the six months ended June 30, 2014 which represents a carve-out of revenues and expenses attributable to NSAM in discontinued operations. The Company’s historical financial information for the years ended December 31, 2013 and 2012 was prepared on the same basis as the six months ended June 30, 2014. As a result, results of operations for the year ended December 31, 2014 may not be comparative to the Company's results of operations reported for the prior periods presented.

Operating_Real_Estate_Componen

Operating Real Estate - Components (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Real Estate Properties [Line Items]
Land	$1,490,613,000	$461,133,000
Land improvements	1,070,507,000	1,003,069,000
Buildings and improvements	7,008,856,000	1,010,514,000
Building leasehold interests and improvements	591,626,000	38,560,000
Furniture, fixtures and equipment	286,340,000	15,415,000
Tenant improvements	159,159,000	31,811,000
Construction in progress	17,054,000	678,000
Subtotal	10,624,155,000	2,561,180,000
Less: Accumulated depreciation	-349,574,000	-190,997,000
Operating real estate, net	10,274,581,000	2,370,183,000
Mortgage notes payable	8,500,000,000	2,100,000,000
Depreciation expense, operating real estate	164,900,000	76,100,000	33,300,000
REO
Real Estate Properties [Line Items]
Subtotal	$7,300,000	$4,900,000

Operating_Real_Estate_Acquisit

Operating Real Estate - Acquisitions (Details) (USD $)	12 Months Ended	1 Months Ended		6 Months Ended		4 Months Ended	0 Months Ended	1 Months Ended
	Dec. 31, 2014	31-May-14	Dec. 31, 2013	31-May-14	Nov. 30, 2014	Nov. 30, 2014	Dec. 03, 2014	Dec. 31, 2014	Jun. 30, 2014	Sep. 30, 2014	Aug. 31, 2014
	property	property	community	community	property	property		property
Business Acquisition [Line Items]
Purchase Price	$9,209,100,000
Properties	581
Financing	6,380,200,000
Equity	2,396,000,000
Transaction Costs	143,600,000							143,600,000
Formation Portfolio
Business Acquisition [Line Items]
Purchase Price		1,054,700,000
Properties		80
Financing		646,800,000
Equity		357,600,000
Ownership Interest		86.00%		86.00%
Transaction Costs		6,000,000		6,000,000
Beneficial ownership interest		92.00%		92.00%
Manufacturing Housing Portfolio
Business Acquisition [Line Items]
Purchase Price		55,200,000
Properties		4
Financing		16,500,000
Equity		34,500,000
Ownership Interest		93.00%		93.00%
Transaction Costs		3,100,000		3,100,000
Number of manufactured housing communities acquired		4	12	16
Total liabilities and equity	2,114,360,000							2,114,360,000
Hotel Portfolios
Business Acquisition [Line Items]
Purchase Price					3,052,500,000
Properties					155
Financing					2,380,700,000
Equity					667,300,000
Transaction Costs									53,800,000
Hotel Portfolios | Minimum
Business Acquisition [Line Items]
Ownership Interest					90.00%	90.00%
Hotel Portfolios | Maximum
Business Acquisition [Line Items]
Ownership Interest					100.00%	100.00%
Hotel Portfolios | Guaranty Agreement
Business Acquisition [Line Items]
Guaranty liabilities					8,400,000	8,400,000
Other Portfolios
Business Acquisition [Line Items]
Purchase Price						588,000,000
Properties						46
Financing						344,400,000
Equity						214,100,000
Transaction Costs					7,800,000	7,800,000
Total liabilities and equity	1,966,778,000							1,966,778,000
Percentage of equity interest (percent)					40.00%	40.00%
Rights to portfolio cash flows, percentage						50.00%
Other Portfolios | Minimum
Business Acquisition [Line Items]
Ownership Interest					40.00%	40.00%
Other Portfolios | Maximum
Business Acquisition [Line Items]
Ownership Interest					95.00%	95.00%
Other Portfolios | Preferred Equity
Business Acquisition [Line Items]
Carrying value of equity method investment					153,000,000	153,000,000
Griffin-American Portfolio
Business Acquisition [Line Items]
Purchase Price							4,000,000,000	4,458,700,000
Properties								296
Financing								2,991,800,000
Equity								1,122,500,000
Ownership Interest	85.70%							85.70%
Transaction Costs	72,900,000							72,900,000
Total liabilities and equity	4,458,700,000							4,458,700,000
Griffin-American Portfolio | Northstar Healthcare
Business Acquisition [Line Items]
Business acquisition, percentage of voting interest acquired	14.30%							14.30%
Payments to acquire business								187,200,000
Innkeepers Portfolio
Business Acquisition [Line Items]
Total liabilities and equity									1,000,000,000
Courtyard Portfolio
Business Acquisition [Line Items]
Total liabilities and equity										678,800,000	259,300,000
Inland Portfolio
Business Acquisition [Line Items]
Total liabilities and equity					1,100,000,000	1,100,000,000
Industrial Portfolio
Business Acquisition [Line Items]
Total liabilities and equity											413,800,000
Multi-Tenant Office Portfolio
Business Acquisition [Line Items]
Total liabilities and equity					74,800,000	74,800,000
Office Property
Business Acquisition [Line Items]
Total liabilities and equity										$99,500,000

Operating_Real_Estate_Assets_A

Operating Real Estate - Assets Acquired and Liabilities Assumed (Details) (USD $)	12 Months Ended
	Dec. 31, 2014
Griffin-American Portfolio
Assets:
Land and improvements	$375,978,000
Buildings, leasehold interests and improvements	3,310,186,000
Acquired intangibles	462,045,000
Other assets acquired	310,491,000
Total assets acquired	4,458,700,000
Liabilities:
Mortgage notes payable	2,991,841,000
Other liabilities assumed	229,624,000
Total liabilities	3,221,465,000
Total NorthStar Realty Finance Corp. stockholders’ equity	1,049,818,000
Non-controlling interests	187,417,000
Total equity	1,237,235,000
Total liabilities and equity	4,458,700,000
Revenue of acquirees since acquisition date	31,200,000
Net earnings (loss) of acquirees since acquisition date	-69,300,000
Hotel Portfolios 1
Assets:
Land and improvements	156,794,000
Buildings, leasehold interests and improvements	652,625,000
Acquired intangibles	2,076,000
Other assets acquired	126,621,000
Total assets acquired	938,116,000
Liabilities:
Mortgage notes payable	723,682,000
Other liabilities assumed	2,389,000
Total liabilities	726,071,000
Total NorthStar Realty Finance Corp. stockholders’ equity	210,721,000
Non-controlling interests	1,324,000
Total equity	212,045,000
Total liabilities and equity	938,116,000
UK Property
Assets:
Land and improvements	17,946,000
Buildings, leasehold interests and improvements	71,863,000
Acquired intangibles	0
Other assets acquired	9,687,000
Total assets acquired	99,496,000
Liabilities:
Mortgage notes payable	77,660,000
Other liabilities assumed	0
Total liabilities	77,660,000
Total NorthStar Realty Finance Corp. stockholders’ equity	20,097,000
Non-controlling interests	1,739,000
Total equity	21,836,000
Total liabilities and equity	99,496,000
Revenue of acquirees since acquisition date	72,700,000
Net earnings (loss) of acquirees since acquisition date	-15,600,000
Hotel Portfolios 2
Assets:
Land and improvements	303,966,000
Buildings, leasehold interests and improvements	1,453,020,000
Acquired intangibles	22,710,000
Other assets acquired	334,664,000
Total assets acquired	2,114,360,000
Liabilities:
Mortgage notes payable	1,657,000,000
Other liabilities assumed	5,116,000
Total liabilities	1,662,116,000
Total NorthStar Realty Finance Corp. stockholders’ equity	402,195,000
Non-controlling interests	50,049,000
Total equity	452,244,000
Total liabilities and equity	2,114,360,000
Revenue of acquirees since acquisition date	321,000,000
Net earnings (loss) of acquirees since acquisition date	-40,800,000
Other Portfolios
Assets:
Land and improvements	568,556,000
Buildings, leasehold interests and improvements	1,117,693,000
Acquired intangibles	159,467,000
Other assets acquired	121,062,000
Total assets acquired	1,966,778,000
Liabilities:
Mortgage notes payable	1,169,458,000
Other liabilities assumed	51,906,000
Total liabilities	1,221,364,000
Total NorthStar Realty Finance Corp. stockholders’ equity	660,518,000
Non-controlling interests	84,896,000
Total equity	745,414,000
Total liabilities and equity	$1,966,778,000

Operating_Real_Estate_Pro_Form

Operating Real Estate - Pro Forma (Details) (USD $)	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Griffin-American
Business Acquisition [Line Items]
Pro forma total revenues	$1,340,046	$749,568
Pro forma net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	-404,626	-239,693
Pro forma EPS—Basic (in dollars per share)	($2.06)	($1.44)
Pro forma EPS—Diluted (in dollars per share)	($2.06)	($1.44)
Formation Portfolio, Innkeepers Portfolio, K Partners Portfolio, Courtyard Portfolio, Industrial Portfolio, UK Property, Legacy Property, And Inland Portfolio
Business Acquisition [Line Items]
Pro forma total revenues	1,542,183	1,378,723
Pro forma net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	($351,603)	($136,771)
Pro forma EPS—Basic (in dollars per share)	($1.79)	($1.29)
Pro forma EPS—Diluted (in dollars per share)	($1.79)	($1.29)

Operating_Real_Estate_Disconti

Operating Real Estate - Discontinued Operations (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
	property		property
Business Acquisition [Line Items]
Number of healthcare properties held for sale (properties)	5		5,000
Expenses
Impairment of operating real estate	$555		$8,613		$966
Income (loss) from operating real estate discontinued operations	-8,128	[1],[2],[3]	-8,761	[1],[2],[3]	-17,450	[1],[2],[3]
Gain(loss) on sale from discontinued operations	0	[2]	0	[2]	2,079	[2]
Total Income (loss) from operating real estate discontinued operations	-8,128		-8,761		-17,450
Healthcare properties
Revenue
Rental and escalation income	0		3,736		7,202
Other revenue	85		92		0
Total revenue	85		3,828		7,202
Expenses
Other interest expense	0		1,893		1,934
Real estate properties—operating expenses	383		34		1,580
Other expenses	72		195		66
Impairment of operating real estate	555		8,613		966
Other general and administrative expenses	0		79		1,076
Depreciation and amortization	0		1,370		1,708
Total expenses	1,010		12,184		7,330
Income (loss) from operating real estate discontinued operations	-925		-8,356		-128
Gain(loss) on sale from discontinued operations	0		0		2,079
Total Income (loss) from operating real estate discontinued operations	($925)		($8,356)		$1,951
[1]	Primarily relates to the operations of NSAM prior to the spin-off. Refer to Note 10. “Spin-off of Asset Management Business” for disclosure related to the spin-off of NSAM.
[2]	The consolidated financial statements for the year ended December 31, 2014 include: (i) the Company’s results of operations for the six months ended December 31, 2014 which represents the Company’s results of operations following the spin-off of the Company’s historical asset management business on June 30, 2014; and (ii) the Company’s results of operations for the six months ended June 30, 2014 which represents a carve-out of revenues and expenses attributable to NSAM in discontinued operations. The Company’s historical financial information for the years ended December 31, 2013 and 2012 was prepared on the same basis as the six months ended June 30, 2014. As a result, results of operations for the year ended December 31, 2014 may not be comparative to the Company's results of operations reported for the prior periods presented.
[3]	The six months ended June 30, 2014 and the years ended December 31, 2013 and 2012 include $13.7 million, $5.2 million and $4.2 million, respectively, of equity-based compensation recorded in discontinued operations.

Real_Estate_Debt_Investments_C

Real Estate Debt Investments - CRE Debt Investments (Details)

12 Months Ended

0 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

USD ($)

USD ($)

USD ($)

USD ($)

Griffin-American

Griffin-American

Loans

Loans

Securitization Bonds Payable

Securitization Bonds Payable

Credit Facility

Credit Facility

Revolving loans

LIBOR

Weighted Average

Weighted Average

Weighted Average

Weighted Average

First mortgage loans

First mortgage loans

First mortgage loans

First mortgage loans

First mortgage loans

First mortgage loans

First mortgage loans

First mortgage loans

Mezzanine loans

Mezzanine loans

Mezzanine loans

Mezzanine loans

Subordinate interests

Subordinate interests

Subordinate interests

Corporate loans

Corporate loans

Corporate loans

Corporate loans

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Subordinate interests

Subordinate interests

Subordinate interests

RXR Realty

loan

loan

loan

investment

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

LIBOR

LIBOR

USD ($)

USD ($)

Non-Performing Loans

Non-Performing Loans

Weighted Average

Weighted Average

Weighted Average

Weighted Average

USD ($)

USD ($)

Weighted Average

Weighted Average

USD ($)

Weighted Average

Weighted Average

USD ($)

USD ($)

Weighted Average

Weighted Average

USD ($)

USD ($)

LIBOR

Weighted Average

Weighted Average

Weighted Average

Weighted Average

First mortgage loans

First mortgage loans

First mortgage loans

First mortgage loans

First mortgage loans

Mezzanine loans

Mezzanine loans

Mezzanine loans

Subordinate interests

Subordinate interests

Subordinate interests

Subordinate interests

Subordinate interests

Corporate loans

Corporate loans

Corporate loans

Corporate loans

USD ($)

USD ($)

Weighted Average

Weighted Average

Weighted Average

Weighted Average

First mortgage loans

First mortgage loans

First mortgage loans

First mortgage loans

First mortgage loans

First mortgage loans

Mezzanine loans

Mezzanine loans

Mezzanine loans

Mezzanine loans

Mezzanine loans

Mezzanine loans

Corporate loans

Corporate loans

Corporate loans

Corporate loans

Corporate loans

Corporate loans

USD ($)

Weighted Average

Weighted Average

USD ($)

loan

loan

loan

loan

USD ($)

USD ($)

LIBOR

Prime

Prime

loan

loan

LIBOR

loan

LIBOR

loan

loan

LIBOR

loan

loan

USD ($)

LIBOR

LIBOR

USD ($)

Option to purchase property securing loan

Sterling

Weighted Average

Weighted Average

USD ($)

Weighted Average

Weighted Average

USD ($)

Preferred Equity Security

Preferred Equity Security

Weighted Average

Weighted Average

USD ($)

Revolving loans

Weighted Average

Weighted Average

loan

loan

LIBOR

LIBOR

USD ($)

USD ($)

Weighted Average

Weighted Average

Weighted Average

Weighted Average

USD ($)

USD ($)

Weighted Average

Weighted Average

Weighted Average

Weighted Average

USD ($)

USD ($)

Weighted Average

Weighted Average

Weighted Average

Weighted Average

loan

LIBOR

loan

loan

USD ($)

USD ($)

loan

loan

GBP (£)

LIBOR

loan

LIBOR

loan

USD ($)

USD ($)

LIBOR

loan

USD ($)

LIBOR

loan

loan

LIBOR

LIBOR

loan

loan

LIBOR

LIBOR

loan

loan

LIBOR

LIBOR

loan

loan

loan

Mortgage Loans on Real Estate [Line Items]

Number (loans)

46

44

15

15

9

6

7

14

5

37

33

13

3

8

8

8

4

9

11

2

2

1

1

6

7

1

Principal Amount

$1,187,316,000

$1,085,280,000

$156,400,000

$461,628,000

$441,750,000

$6,200,000

$7,400,000

$160,816,000

$109,215,000

$146,652,000

$363,308,000

$330,343,000

$1,146,394,000

$1,027,960,000

$434,671,000

£ 66,700,000

$149,816,000

$201,564,000

$112,000,000

$100,000,000

$360,343,000

$40,922,000

$57,320,000

$26,957,000

$34,418,000

$11,000,000

$11,000,000

$2,965,000

$4,129,000

$7,773,000

Carrying Value

1,067,667,000

1,031,078,000

1,832,231,000

1,710,582,000

324,950,000

407,202,000

0

0

157,088,000

107,116,000

144,853,000

385,392,000

327,609,000

1,042,342,000

986,780,000

313,590,000

16,100,000

146,088,000

200,237,000

382,427,000

25,325,000

44,298,000

11,360,000

21,431,000

11,000,000

10,965,000

2,965,000

4,129,000

7,773,000

Allocation by Investment Type (as a percent)

100.00%

100.00%

40.70%

10.10%

13.50%

30.30%

96.50%

94.60%

36.60%

12.60%

17.00%

30.30%

3.50%

5.40%

2.30%

3.20%

0.90%

1.00%

0.30%

0.40%

0.80%

Weighted Average Fixed Rate (as a percent)

11.82%

12.21%

10.98%

13.96%

13.05%

12.31%

11.89%

12.36%

9.51%

13.79%

13.11%

12.37%

7.73%

7.71%

0.00%

0.00%

8.00%

8.00%

6.74%

6.95%

0.00%

Weighted Average Spread Over LIBOR (as a percent)

8.65%

7.68%

6.59%

12.09%

12.33%

0.00%

9.15%

8.04%

6.66%

13.83%

12.33%

0.00%

1.27%

3.05%

1.27%

2.22%

0.00%

0.00%

0.00%

0.00%

6.75%

Weighted Average Yield (as a percent)

11.85%

11.31%

9.90%

12.97%

13.14%

12.72%

12.00%

11.58%

9.34%

14.05%

13.01%

12.99%

5.64%

5.70%

3.08%

3.68%

8.00%

8.33%

6.74%

6.95%

6.92%

Floating Rate as % of Principal Amount

36.70%

54.90%

90.20%

74.20%

56.00%

0.00%

35.60%

53.80%

57.20%

53.30%

40.70%

0.00%

65.90%

73.60%

100.00%

100.00%

0.00%

0.00%

0.00%

0.00%

100.00%

Number of loans originated (loans)

1

1

1

Revolving loans, maximum borrowing capacity

156,400,000

25,000,000

Line of credit facility amount outstanding

60,700,000

3,500,000

Carrying value served as collateral

35,800,000

133,400,000

140,600,000

109,100,000

Cash requirement on future fundings

113,400,000

First mortgage loan acquired with deteriorated credit quality

1

Carrying Value

700,000

3,669,000

700,000

1,783,000

5,700,000

6,400,000

0

1,886,000

Carrying value of loans where interest income is recognized based on current rate

3,200,000

5,100,000

Number of loans excluded from weighted average calculations (loans)

3

3

Face amount of mortgages excluded from weighted average calculations

10,700,000

37,000,000

Principal amount of the Company's CRE debt investments having weighted average LIBOR floor

426,100,000

357,900,000

LIBOR floor (as a percent)

0.99%

0.84%

Debt instrument, term for basis spread on variable rate

1 month

1 month

Number of mortgage loans originated (loans)

10

Principal amount of loans originated and acquired, including interests owned through joint ventures

298,500,000

Number of mortgage loans acquired (investments)

3

Mortgage loans acquired, amount

131,400,000

Number of mortgage loans sold (loans)

1

5

3

Gain on sale of mortgage loans

$700,000

$1,000,000

Real_Estate_Debt_Investments_C1

Real Estate Debt Investments - CRE Maturities (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Mortgage Loans on Real Estate [Line Items]
Total	$1,187,316,000	$1,085,280,000
Weighted average maturity including extensions of CRE debt investments	4 years 11 months 0 days
Unamortized discounts and origination fees
Net unamortized discounts	22,500,000
Net unamortized origination fees and costs	4,800,000
Initial Maturity
Mortgage Loans on Real Estate [Line Items]
2015	222,701,000
2016	300,367,000
2017	102,921,000
2018	2,594,000
2019	0
Thereafter	558,733,000
Total	1,187,316,000
Maturity Including Extensions
Mortgage Loans on Real Estate [Line Items]
2015	103,803,000
2016	145,816,000
2017	189,371,000
2018	189,594,000
2019	0
Thereafter	558,732,000
Total	$1,187,316,000

Real_Estate_Debt_Investments_L

Real Estate Debt Investments - Loan Loss Reserves (Details) (USD $)	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Loan Loss Reserve
Beginning balance	$2,880,000		$156,699,000		$187,784,000
Provision for (reversal of) loan losses, net	2,719,000		-8,786,000		23,037,000
Transfers to REO	0		-5,623,000		-5,260,000
Sales	0		0		-667,000
Write-offs / payoffs	0		-20,210,000		-48,195,000
Deconsolidation of N-Star CDOs	0		-119,200,000		0
Ending balance	5,599,000		2,880,000		156,699,000
Provision for loan losses	3,769,000	[1]	-8,786,000	[1]	23,037,000	[1]
Reversal of previously recorded provision for loan loss			4,000,000
Number of days of default or past due for loans to be categorized as nonperforming	90 days
Notes receivable
Loan Loss Reserve
Provision for loan losses	$1,000,000
[1]	The consolidated financial statements for the year ended December 31, 2014 include: (i) the Company’s results of operations for the six months ended December 31, 2014 which represents the Company’s results of operations following the spin-off of the Company’s historical asset management business on June 30, 2014; and (ii) the Company’s results of operations for the six months ended June 30, 2014 which represents a carve-out of revenues and expenses attributable to NSAM in discontinued operations. The Company’s historical financial information for the years ended December 31, 2013 and 2012 was prepared on the same basis as the six months ended June 30, 2014. As a result, results of operations for the year ended December 31, 2014 may not be comparative to the Company's results of operations reported for the prior periods presented.

Real_Estate_Debt_Investments_C2

Real Estate Debt Investments - Credit Quality Indicator (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
	loan
Credit quality indicator
Real estate debt investments, net	$1,067,667	$1,031,078	$1,832,231	$1,710,582
Carrying value, loan acquired with deteriorated credit quality	700	3,669
Number of mezzanine loans	2
Impaired financing receivable, principal amount	6,299	6,299
First mortgage loans
Credit quality indicator
Real estate debt investments, net	324,950	407,202
Carrying value, loan acquired with deteriorated credit quality	700	1,783
Number of mezzanine loans	1
Impaired financing receivable, principal amount	2,533	2,533
Mezzanine loans
Credit quality indicator
Real estate debt investments, net	157,088	107,116
Carrying value, loan acquired with deteriorated credit quality	0	1,886
Number of mezzanine loans	1
Impaired financing receivable, principal amount	3,766	3,766
Subordinate interests
Credit quality indicator
Real estate debt investments, net		144,853
Corporate loans
Credit quality indicator
Real estate debt investments, net	385,392	327,609
Loans with no loan loss reserve
Credit quality indicator
Real estate debt investments, net	1,066,967	1,027,409
Loans with no loan loss reserve | First mortgage loans
Credit quality indicator
Real estate debt investments, net	324,251	426,850
Loans with no loan loss reserve | Mezzanine loans
Credit quality indicator
Real estate debt investments, net	157,089	116,195
Loans with no loan loss reserve | Subordinate interests
Credit quality indicator
Real estate debt investments, net	200,236	152,626
Loans with no loan loss reserve | Corporate loans
Credit quality indicator
Real estate debt investments, net	385,391	331,738
Other loans with a loan loss reserve/non-accrual status
Credit quality indicator
Real estate debt investments, net	700	3,669
Other loans with a loan loss reserve/non-accrual status | First mortgage loans
Credit quality indicator
Real estate debt investments, net	700	1,783
Other loans with a loan loss reserve/non-accrual status | Mezzanine loans
Credit quality indicator
Real estate debt investments, net	0	1,886
Number of mezzanine loans	1
Loan loss reserve (percent)	100.00%
Impaired financing receivable, principal amount	3,700
Non-performing loans | First mortgage loans
Credit quality indicator
Real estate debt investments, net	0	0
First mortgage loan acquired with deteriorated credit quality	1
Carrying value, loan acquired with deteriorated credit quality	$5,700	$6,400

Real_Estate_Debt_Investments_I

Real Estate Debt Investments - Impaired Loans (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
	loan	loan
Average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired
Number (loans)	2
Principal Amount	$6,299	$6,299
Carrying Value	700	3,669
Loan Loss Reserve	5,599	2,880	156,699	187,784
Number (loans)		2
Average Carrying Value	1,510	187,170	291,428
Year Ended Income	6	1,469	11,972
Average
Average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired
Number (loans)	2	13	18
First mortgage loans
Average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired
Number (loans)	1
Principal Amount	2,533	2,533
Carrying Value	700	1,783
Loan Loss Reserve	1,833	1,000
Number (loans)		1
Average Carrying Value	1,133	67,531	97,580
Year Ended Income	0	1,050	1,191
First mortgage loans | Average
Average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired
Number (loans)	1	5	6
First mortgage loans | Non-Performing Loans
Average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired
Carrying Value	5,700	6,400
First mortgage loan acquired with deteriorated credit quality	1
Mezzanine loans
Average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired
Number (loans)	1
Principal Amount	3,766	3,766
Carrying Value	0	1,886
Loan Loss Reserve	3,766	1,880
Number (loans)		1
Average Carrying Value	377	100,109	163,916
Year Ended Income	6	416	6,922
Mezzanine loans | Average
Average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired
Number (loans)	1	7	9
Subordinate interests
Average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired
Average Carrying Value	0	0	6,015
Year Ended Income	0	3	0
Subordinate interests | Average
Average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired
Number (loans)	0	1	2
Corporate loans
Average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired
Average Carrying Value	0	19,530	23,917
Year Ended Income	$0	$0	$3,859
Corporate loans | Average
Average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired
Number (loans)	0	0	1

Real_Estate_Debt_Investments_T1

Real Estate Debt Investments - Troubled Debt Restructurings (Details) (Mezzanine loans, USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013
	loan
Mezzanine loans
Troubled Debt Restructurings
Number of loans modified during the period (loans)	1
Carrying value of loans modified during the period	$50,905
Original WA Interest Rate (as a percent)	10.85%
Modified WA Interest Rate (as a percent)	0.00%

Investments_in_Private_Equity_2

Investments in Private Equity Funds - Purchase Price (Details) (USD $)

6 Months Ended

12 Months Ended

22 Months Ended

1 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

In Millions, unless otherwise specified

Jun. 30, 2014

Dec. 31, 2014

Dec. 31, 2013

Dec. 04, 2014

Jun. 30, 2013

Feb. 15, 2013

Jul. 03, 2013

Sep. 30, 2012

Dec. 31, 2012

Dec. 31, 2013

30-May-14

Jul. 01, 2014

Jul. 30, 2014

Aug. 15, 2014

Oct. 02, 2014

Dec. 04, 2014

third_party

fund

fund

fund

fund

fund

fund

fund

fund

fund

fund

Schedule of Equity Method Investments [Line Items]

Number of Funds

144

Purchase Price

$1,210.50

Expected Future Contributions

17

Obligation to acquire remaining PE Investment

1.7

Number of parties to which company is obligated

2

Cash distributions, tax reserve

13.6

6.4

PE Investment III

Schedule of Equity Method Investments [Line Items]

Amount paid to seller for all of the fund interests

39.8

Payment of initial amount of reported net asset value (percent)

50.00%

Obligation to acquire remaining PE Investment

39.8

Deferred amount of reported net asset value (percent)

50.00%

PE Investment I

Schedule of Equity Method Investments [Line Items]

Number of Funds

49

Purchase Price

282.1

Expected Future Contributions

7

PE Investment II

Schedule of Equity Method Investments [Line Items]

Number of Funds

24

Purchase Price

353.4

Expected Future Contributions

4

Amount paid to seller for all of the fund interests

504.8

Payment of initial amount of reported net asset value (percent)

55.00%

Obligation to acquire remaining PE Investment

2.4

Deferred amount of reported net asset value (percent)

45.00%

PE Investment III

Schedule of Equity Method Investments [Line Items]

Number of Funds

8

Purchase Price

39.8

39.8

Expected Future Contributions

1

PE Investment IV

Schedule of Equity Method Investments [Line Items]

Number of Funds

1

Purchase Price

8

Expected Future Contributions

0

PE Investment V

Schedule of Equity Method Investments [Line Items]

Number of Funds

3

Purchase Price

12

Expected Future Contributions

0

PE Investment VI

Schedule of Equity Method Investments [Line Items]

Number of Funds

20

Purchase Price

90.2

Expected Future Contributions

2

PE Investment VII

Schedule of Equity Method Investments [Line Items]

Number of Funds

15

Purchase Price

54.9

Expected Future Contributions

1

PE Investment IX

Schedule of Equity Method Investments [Line Items]

Number of Funds

11

Purchase Price

217.7

Expected Future Contributions

2

PE Investment X

Schedule of Equity Method Investments [Line Items]

Number of Funds

13

Purchase Price

152.4

152.4

Expected Future Contributions

$0

Number of funds closed

12

Multiple PE Investments

Schedule of Equity Method Investments [Line Items]

Number of Funds

14

Investments_in_Private_Equity_3

Investments in Private Equity Funds - Earnings, Distributions, Contributions (Details) (USD $)	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Schedule of Equity Method Investments [Line Items]
Carrying Value	$962,038,000				$586,018,000				$962,038,000		$586,018,000
Equity in Earnings	46,884,000	38,234,000	31,380,000	31,792,000	31,032,000	31,013,000	15,119,000	8,313,000	148,290,000	[1]	85,477,000	[1]	88,000	[1]
Cash Distributions(4)									19,453,000		7,028,000		0
Unrealized gain on PE Investment									-231,697,000	[1]	-32,677,000	[1]	-547,132,000	[1]
Private Equity Funds
Schedule of Equity Method Investments [Line Items]
Carrying Value	962,000,000				586,000,000				962,000,000		586,000,000
Equity in Earnings									134,000,000		82,600,000
Cash Distributions(4)									339,500,000		244,100,000
Cash Contributions									13,800,000		32,700,000
PE Investment I
Schedule of Equity Method Investments [Line Items]
Carrying Value	218,600,000				226,300,000				218,600,000		226,300,000
Equity in Earnings									55,600,000		53,700,000
Cash Distributions(4)									97,200,000		130,200,000
Cash Contributions									1,100,000		20,800,000
Unrealized gain on PE Investment									32,600,000
PE Investment II
Schedule of Equity Method Investments [Line Items]
Carrying Value	231,600,000				288,900,000				231,600,000		288,900,000
Equity in Earnings									52,600,000		28,900,000
Cash Distributions(4)									115,900,000		104,900,000
Cash Contributions									6,000,000		11,600,000
PE Investment III
Schedule of Equity Method Investments [Line Items]
Carrying Value	51,000,000				70,800,000				51,000,000		70,800,000
Equity in Earnings									5,600,000		0
Cash Distributions(4)									25,600,000		9,000,000
Cash Contributions									300,000		300,000
PE Investment IV
Schedule of Equity Method Investments [Line Items]
Carrying Value	7,800,000				0				7,800,000		0
Equity in Earnings									800,000		0
Cash Distributions(4)									900,000		0
Cash Contributions									0		0
PE Investment V
Schedule of Equity Method Investments [Line Items]
Carrying Value	8,000,000				0				8,000,000		0
Equity in Earnings									1,100,000		0
Cash Distributions(4)									4,900,000		0
Cash Contributions									0		0
PE Investment VI
Schedule of Equity Method Investments [Line Items]
Carrying Value	86,300,000				0				86,300,000		0
Equity in Earnings									5,600,000		0
Cash Distributions(4)									10,800,000		0
Cash Contributions									1,300,000		0
PE Investment VII
Schedule of Equity Method Investments [Line Items]
Carrying Value	42,700,000				0				42,700,000		0
Equity in Earnings									3,100,000		0
Cash Distributions(4)									15,600,000		0
Cash Contributions									200,000		0
PE Investment IX
Schedule of Equity Method Investments [Line Items]
Carrying Value	174,600,000				0				174,600,000		0
Equity in Earnings									8,100,000		0
Cash Distributions(4)									55,900,000		0
Cash Contributions									4,700,000		0
PE Investment X
Schedule of Equity Method Investments [Line Items]
Carrying Value	141,400,000				0				141,400,000		0
Equity in Earnings									1,500,000		0
Cash Distributions(4)									12,700,000		0
Cash Contributions									$200,000		$0
[1]	The consolidated financial statements for the year ended December 31, 2014 include: (i) the Company’s results of operations for the six months ended December 31, 2014 which represents the Company’s results of operations following the spin-off of the Company’s historical asset management business on June 30, 2014; and (ii) the Company’s results of operations for the six months ended June 30, 2014 which represents a carve-out of revenues and expenses attributable to NSAM in discontinued operations. The Company’s historical financial information for the years ended December 31, 2013 and 2012 was prepared on the same basis as the six months ended June 30, 2014. As a result, results of operations for the year ended December 31, 2014 may not be comparative to the Company's results of operations reported for the prior periods presented.

Investments_in_Private_Equity_4

Investments in Private Equity Funds - Narrative (details) (USD $)	12 Months Ended	1 Months Ended	0 Months Ended	12 Months Ended	0 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Feb. 28, 2013	Sep. 30, 2012	Dec. 31, 2012	Jul. 03, 2013	Jun. 30, 2013
						fund
Investments in and Advances to Affiliates [Line Items]
Fair value method investment payment of deferred amount of reported net asset value	$1.70
NorthStar Real Estate Income Trust Inc
Investments in and Advances to Affiliates [Line Items]
Amount funded at initial closing		118
Ownership interest in amount funded (as a percent)		29.50%
PE Investment I
Investments in and Advances to Affiliates [Line Items]
Amount funded at initial closing		282.1
Aggregate ownership interest held by the entity together with NorthStar Income (as a percent)		51.00%
Ownership interest in amount funded (as a percent)		70.50%
Number of real estate private equity funds contributed (funds)		49
PE Investment I | Cash distribution until NorthStar Entities receives a 1.5x multiple on all of their invested capital | NorthStar Real Estate Income Trust Inc
Investments in and Advances to Affiliates [Line Items]
Cash distribution to the NorthStar Entities (as a percent)		85.00%
Multiplier factor for cash distribution to the NorthStar Entities		1.5
PE Investment I | Cash Distributions To Prior Owner Of Funds Interests Until NorthStar Receipt Of One And Half Of Invested Capital | Class B Partner
Investments in and Advances to Affiliates [Line Items]
Cash distribution to the Class B Partner (as a percent)		15.00%
PE Investment I | Cash Distributions to Prior Owner of Funds Interests Until Receipt of Remaining Capital after 30 June 2012 | NorthStar Real Estate Income Trust Inc
Investments in and Advances to Affiliates [Line Items]
Cash distribution to the NorthStar Entities (as a percent)		15.00%
PE Investment I | Cash Distributions to Prior Owner of Funds Interests Until Receipt of Remaining Capital after 30 June 2012 | Class B Partner
Investments in and Advances to Affiliates [Line Items]
Cash distribution to the Class B Partner (as a percent)		85.00%
PE Investment I | Remaining cash distribution | NorthStar Real Estate Income Trust Inc
Investments in and Advances to Affiliates [Line Items]
Cash distribution to the NorthStar Entities (as a percent)		51.00%
PE Investment I | Remaining cash distribution | Class B Partner
Investments in and Advances to Affiliates [Line Items]
Cash distribution to the Class B Partner (as a percent)		49.00%
PE Investment II
Investments in and Advances to Affiliates [Line Items]
Number of real estate private equity funds contributed (funds)						24
Aggregate reported net asset value			910
Amount to be paid to seller for all of the fund interests				504.8
Payment of initial amount of reported net asset value (percent)			55.00%
Fair value method investment, deferred amount of reported net asset value	411.4
Deferred amount of reported net asset value (percent)			45.00%
Fair value method investment payment of deferred amount of reported net asset value	2.4
Deferred amount of reported net asset value	286.3
Period in which distribution will be made on priority basis since beginning, on the first day of the fiscal quarter following the closing date of each fund interest	2 years
Percentage of distribution to Seller (percent)	15.00%
Reduction in deferred amount as a percentage of amortization amount (percent)	15.00%
Number of years after closing of fund interest distributions start	4 years
Distributions percent following deferred payment amount	100.00%
PE Investment II | NorthStar Real Estate Income Trust Inc
Investments in and Advances to Affiliates [Line Items]
Ownership interest in amount funded (as a percent)	15.00%
PE Investment II | NorthStar Realty Finance Corp.
Investments in and Advances to Affiliates [Line Items]
Ownership interest in amount funded (as a percent)	70.00%
Amount to be paid to seller for all of the fund interests					$353.40
PE Investment II | Vintage Funds
Investments in and Advances to Affiliates [Line Items]
Ownership interest in amount funded (as a percent)	15.00%

Investments_in_Unconsolidated_2

Investments in Unconsolidated Ventures (Details)

3 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Mar. 31, 2014

Apr. 30, 2013

Nov. 26, 2014

Dec. 02, 2014

Sep. 30, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2014

Dec. 31, 2013

Apr. 30, 2013

Jun. 30, 2013

Dec. 31, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2014

Jul. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

31-May-12

Dec. 31, 2013

Dec. 31, 2012

Aug. 31, 2012

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2014

Dec. 31, 2014

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

Milford Plaza hotel

Milford Plaza hotel

NorthStar/RXR New York Metro

Northstar Corporate

Legacy Partners Commercial

Sponsored Companies [Member]

NorthStar Income, NorthStar Healthcare and NorthStar Income II

NorthStar Income

NorthStar Income

NorthStar Income

NorthStar Income

NorthStar Income

NorthStar Income

Joint venture that owns two office buildings in Chicago

Joint venture that owns two office buildings in Chicago

Joint venture that owns two office buildings in Chicago

Aerium

Aerium

Aerium

Aerium

Legacy Commercial Entities

Legacy Commercial Entities

Multifamily

Multifamily

Multifamily

LandCap

LandCap

LandCap

CS/Federal

CS/Federal

CS/Federal

CS/Federal

CS/Federal

NorthStar Healthcare

NorthStar Healthcare

Northstar Income II

Northstar Income II

Meadowlands Two LLC

Meadowlands Two LLC

Meadowlands Two LLC

Meadowlands Two LLC

Other

Other

Other

Other

Other joint venture one

Other joint venture one

Other joint venture one

RXR Equity Investment

RXR Equity Investment

Commitment to Purchase Shares [Member]

Commitment to Invest as Distribution Support [Member]

property

USD ($)

USD ($)

USD ($)

sponsored_company

USD ($)

USD ($)

USD ($)

USD ($)

Milford Plaza hotel

Milford Plaza hotel

Milford Plaza hotel

USD ($)

USD ($)

USD ($)

USD ($)

EUR (€)

USD ($)

EUR (€)

Legacy Partners Commercial

Legacy Partners Commercial

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

Non-recourse mortgage note bearing 5.51% interest

Non-recourse mortgage note bearing 5.46% interest

USD ($)

USD ($)

USD ($)

USD ($)

Meadowlands One, LLC

Meadowlands One, LLC

Meadowlands One, LLC

USD ($)

USD ($)

USD ($)

CSE CDO

USD ($)

USD ($)

USD ($)

USD ($)

Sponsored Companies [Member]

Sponsored Companies [Member]

USD ($)

USD ($)

building

professional

USD ($)

USD ($)

property

property

USD ($)

USD ($)

USD ($)

USD ($)

country

note

Schedule of Equity Method Investments [Line Items]

Percentage of equity interest (percent)

35.00%

40.00%

0.60%

0.60%

9.99%

90.00%

49.00%

49.00%

50.00%

0.30%

2.30%

1.20%

8.70%

22.00%

9.80%

33.30%

30.00%

Carrying value of equity method investment

$12,000,000

$6,100,000

$6,100,000

$8,500,000

$8,500,000

$5,000,000

$10,400,000

$9,900,000

$10,000,000

$10,800,000

$14,100,000

$5,700,000

$5,500,000

$2,300,000

$2,100,000

$3,100,000

$2,100,000

$5,700,000

$90,000,000

$84,100,000

Equity in earnings (losses) of unconsolidated ventures

46,884,000

38,234,000

31,380,000

31,792,000

31,032,000

31,013,000

15,119,000

8,313,000

148,290,000

[1]

85,477,000

[1]

88,000

[1]

1,200,000

400,000

600,000

300,000

1,200,000

-1,100,000

0

0

2,500,000

400,000

-300,000

-700,000

700,000

500,000

-1,200,000

100,000

300,000

700,000

200,000

200,000

100,000

100,000

-800,000

-1,500,000

1,500,000

1,500,000

1,000,000

2,800,000

900,000

8,000,000

Public Offering Registration Statement Maximum Funds Seeking to Raise

2,000,000,000

1,000,000,000

Non-controlling interests, ownership percentage

15.00%

15.00%

Real estate assets under management

6,100,000,000

Number of countries real estate assets are held

12

Number of professionals (over)

200

Acquisition of noncontrolling interest in real estate investment

68,800,000

50,000,000

Acquisition of interest in real estate investment, transaction costs

3,600,000

800,000

Cash payments to acquire noncontrolling interest in real estate investment

62,200,000

45,000,000

Net proceeds from offering of common stock

1,191,307,000

1,305,619,000

382,810,000

5,000,000

Cost method investments

62,800,000

Number of units in real estate property acquired (property)

498

Amount contributed in the joint venture

73,254,000

109,218,000

20,326,000

8,500,000

41,000,000

Acquisition of real estate properties financed through issuance of non-recourse mortgage notes

29,500,000

38,000,000

Fixed interest rate (as a percent)

3.69%

5.51%

5.46%

Investments

22,000,000

25,900,000

Number of adjacent class A office/flex buildings located in Colorado Springs acquired as a portfolio (property)

581

3

Cost of portfolio of the real estate properties acquired

54,300,000

Number of non-recourse mortgage notes (notes)

2

Purchase commitment

$10,000,000

$10,000,000

Purchase commitment, period

2 years

Maximum number of new sponsored companies, per year

5

Ownership interest (as a percent)

100.00%

Ownership breakdown of total ownership (percent)

65.00%

35.00%

Number of office buildings owned

2

[1]

The consolidated financial statements for the year ended December 31, 2014 include: (i) the Company’s results of operations for the six months ended December 31, 2014 which represents the Company’s results of operations following the spin-off of the Company’s historical asset management business on June 30, 2014; and (ii) the Company’s results of operations for the six months ended June 30, 2014 which represents a carve-out of revenues and expenses attributable to NSAM in discontinued operations. The Company’s historical financial information for the years ended December 31, 2013 and 2012 was prepared on the same basis as the six months ended June 30, 2014. As a result, results of operations for the year ended December 31, 2014 may not be comparative to the Company's results of operations reported for the prior periods presented.

Investments_in_Unconsolidated_3

Investments in Unconsolidated Ventures (Summarized Financial Data) (Details) (USD $)	3 Months Ended								12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Assets
Operating real estate, net	$1,382,936				$1,097,155				$1,382,936		$1,097,155
Real estate debt investments	1,974,398				1,246,311				1,974,398		1,246,311
Investments in private equity funds	1,885,858				1,589,493				1,885,858		1,589,493
Real estate securities	355,986				280,117				355,986		280,117
Other assets	2,379,751				1,064,653				2,379,751		1,064,653
Total assets	7,978,929				5,277,729				7,978,929		5,277,729
Liabilities and equity
Mortgages and other notes payable	1,994,750				1,851,561				1,994,750		1,851,561
Other liabilities	1,664,952				1,064,479				1,664,952		1,064,479
Total liabilities	3,659,702				2,916,040				3,659,702		2,916,040
Equity	4,319,227				2,361,689				4,319,227		2,361,689
Total liabilities and equity	7,978,929				5,277,729				7,978,929		5,277,729
Net investment in unconsolidated ventures	1,169,815				728,358				1,169,815		728,358
Statements of Operations
Total revenues									950,983		322,944		44,378
Operating expenses									361,214		89,807		21,357
Transaction costs									19,737		5,199		0
Interest expense									90,826		37,838		18,217
Depreciation and amortization									48,766		9,564		2,993
Total expenses									520,543		142,408		42,567
Net income									430,440		180,536		1,811
Equity in earnings (losses) of unconsolidated ventures	$46,884	$38,234	$31,380	$31,792	$31,032	$31,013	$15,119	$8,313	$148,290	[1]	$85,477	[1]	$88	[1]
[1]	The consolidated financial statements for the year ended December 31, 2014 include: (i) the Company’s results of operations for the six months ended December 31, 2014 which represents the Company’s results of operations following the spin-off of the Company’s historical asset management business on June 30, 2014; and (ii) the Company’s results of operations for the six months ended June 30, 2014 which represents a carve-out of revenues and expenses attributable to NSAM in discontinued operations. The Company’s historical financial information for the years ended December 31, 2013 and 2012 was prepared on the same basis as the six months ended June 30, 2014. As a result, results of operations for the year ended December 31, 2014 may not be comparative to the Company's results of operations reported for the prior periods presented.

Real_Estate_Securities_Availab2

Real Estate Securities, Available for Sale (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
	security	security
Real estate securities, available for sale
Number (securities)	217	348
Amortized Cost	$980,221,000	$1,367,790,000
Cumulative Unrealized Gains	132,430,000	79,768,000
Cumulative Unrealized Losses	-234,135,000	-395,238,000
Fair Value	878,514,000	1,052,320,000
Allocation by Investment Type (as a percent)	100.00%	100.00%
Weighted Average Coupon (as a percent)	2.57%	2.52%
Weighted Average Yield (as a percent)	12.91%	11.25%
Weighted average expected maturity	3 years 8 months 24 days
Proceeds from the sale of CRE securities	94,763,000	223,992,000	343,900,000
Minimum
Real estate securities, available for sale
Contractual maturities of the CRE securities portfolio	4 months
Maximum
Real estate securities, available for sale
Contractual maturities of the CRE securities portfolio	38 years
Variable Interest Entity, Not Primary Beneficiary
Real estate securities, available for sale
Number (securities)	52	53
Amortized Cost	407,222,000	424,303,000
Cumulative Unrealized Gains	70,879,000	8,335,000
Cumulative Unrealized Losses	-61,402,000	-22,402,000
Fair Value	416,699,000	410,236,000
Allocation by Investment Type (as a percent)	46.80%	35.30%
Weighted Average Coupon (as a percent)	1.97%	2.03%
Weighted Average Yield (as a percent)	19.18%	17.34%
Variable Interest Entity, Primary Beneficiary
Real estate securities, available for sale
Number (securities)	165	295
Amortized Cost	572,999,000	943,487,000
Cumulative Unrealized Gains	61,551,000	71,433,000
Cumulative Unrealized Losses	-172,733,000	-372,836,000
Fair Value	461,815,000	642,084,000
Allocation by Investment Type (as a percent)	53.20%	64.70%
Weighted Average Coupon (as a percent)	3.00%	2.73%
Weighted Average Yield (as a percent)	8.45%	8.51%
N-Star CDO Bonds | Variable Interest Entity, Not Primary Beneficiary
Real estate securities, available for sale
Number (securities)	32	31
Amortized Cost	205,463,000	207,547,000
Cumulative Unrealized Gains	58,116,000	1,878,000
Cumulative Unrealized Losses	-1,270,000	-4,138,000
Fair Value	262,309,000	205,287,000
Allocation by Investment Type (as a percent)	30.10%	23.00%
Weighted Average Coupon (as a percent)	1.83%	1.82%
Weighted Average Yield (as a percent)	24.13%	20.00%
Principal amount eliminated In consolidation	108,000,000	126,600,000
N-Star CDO equity | Variable Interest Entity, Not Primary Beneficiary
Real estate securities, available for sale
Number (securities)	5	5
Amortized Cost	137,143,000	158,274,000
Cumulative Unrealized Gains	522,000	0
Cumulative Unrealized Losses	-35,198,000	0
Fair Value	102,467,000	158,274,000
Allocation by Investment Type (as a percent)	8.90%	7.60%
Weighted Average Yield (as a percent)	18.21%	18.42%
CMBS | Variable Interest Entity, Not Primary Beneficiary
Real estate securities, available for sale
Number (securities)	15	17
Amortized Cost	64,616,000	58,482,000
Cumulative Unrealized Gains	12,241,000	6,457,000
Cumulative Unrealized Losses	-24,934,000	-18,264,000
Fair Value	51,923,000	46,675,000
Allocation by Investment Type (as a percent)	7.80%	4.70%
Weighted Average Coupon (as a percent)	2.48%	3.06%
Weighted Average Yield (as a percent)	5.51%	4.98%
Noncurrent equity securities		30,600,000
CMBS | Variable Interest Entity, Primary Beneficiary
Real estate securities, available for sale
Number (securities)	144	264
Amortized Cost	458,186,000	799,126,000
Cumulative Unrealized Gains	50,432,000	67,770,000
Cumulative Unrealized Losses	-125,751,000	-294,595,000
Fair Value	382,867,000	572,301,000
Allocation by Investment Type (as a percent)	41.50%	54.50%
Weighted Average Coupon (as a percent)	3.69%	3.15%
Weighted Average Yield (as a percent)	9.96%	9.65%
CMBS | Consolidated Entity Excluding Variable Interest Entities (VIE)
Real estate securities, available for sale
Noncurrent equity securities	42,600,000
Third-party CDO notes | Variable Interest Entity, Primary Beneficiary
Real estate securities, available for sale
Number (securities)	10	20
Amortized Cost	68,821,000	99,603,000
Cumulative Unrealized Gains	0	0
Cumulative Unrealized Losses	-45,603,000	-74,672,000
Fair Value	23,218,000	24,931,000
Allocation by Investment Type (as a percent)	5.10%	5.20%
Weighted Average Coupon (as a percent)	0.26%	0.29%
Weighted Average Yield (as a percent)	1.32%	1.17%
Agency debentures | Variable Interest Entity, Primary Beneficiary
Real estate securities, available for sale
Number (securities)	8	8
Amortized Cost	30,371,000	29,031,000
Cumulative Unrealized Gains	10,164,000	2,644,000
Cumulative Unrealized Losses	-6,000	-2,135,000
Fair Value	40,529,000	29,540,000
Allocation by Investment Type (as a percent)	5.70%	4.20%
Weighted Average Coupon (as a percent)	0.00%
Weighted Average Yield (as a percent)	4.56%	4.64%
Unsecured REIT debt | Variable Interest Entity, Primary Beneficiary
Real estate securities, available for sale
Number (securities)	1	1
Amortized Cost	8,396,000	8,502,000
Cumulative Unrealized Gains	955,000	1,019,000
Cumulative Unrealized Losses	0	0
Fair Value	9,351,000	9,521,000
Allocation by Investment Type (as a percent)	0.50%	0.40%
Weighted Average Coupon (as a percent)	7.50%	7.50%
Weighted Average Yield (as a percent)	5.88%	6.00%
Trust preferred securities | Variable Interest Entity, Primary Beneficiary
Real estate securities, available for sale
Number (securities)	2	2
Amortized Cost	7,225,000	7,225,000
Cumulative Unrealized Gains	0	0
Cumulative Unrealized Losses	-1,373,000	-1,434,000
Fair Value	5,850,000	5,791,000
Allocation by Investment Type (as a percent)	0.40%	0.40%
Weighted Average Coupon (as a percent)	2.25%	2.26%
Weighted Average Yield (as a percent)	0.00%	2.32%
CRE Securities
Real estate securities, available for sale
Proceeds from the sale of CRE securities	94,800,000	224,000,000	343,900,000
Net realized gain (loss) of CRE securities investments	22,400,000	35,400,000	50,500,000
Number of CRE securities for which the fair value option was not elected (security)	34
Carrying value of items for which the fair value option was not elected	271,600,000
Accumulated net unrealized gains included in OCI	56,800,000
Number of CRE securities in unrealized loss position	5
Aggregate carrying value of securities in an unrealized loss position	9,800,000
Unrealized gain (loss) on securities with an unrealized loss position	-1,200,000
Other than temporary impairment loss, CRE securities	1,600,000
CRE Securities | Maximum
Real estate securities, available for sale
Period of unrealized loss of securities	12 months
Principal / Notional Amount
Real estate securities, available for sale
Principal Amount	1,532,891,000	2,090,726,000
Fair Value	1,532,891,000	2,090,726,000
Principal / Notional Amount | Variable Interest Entity, Not Primary Beneficiary
Real estate securities, available for sale
Principal Amount	718,206,000	738,310,000
Principal / Notional Amount | Variable Interest Entity, Primary Beneficiary
Real estate securities, available for sale
Principal Amount	814,685,000	1,352,416,000
Principal / Notional Amount | N-Star CDO Bonds | Variable Interest Entity, Not Primary Beneficiary
Real estate securities, available for sale
Principal Amount	461,974,000	481,386,000
Principal / Notional Amount | N-Star CDO equity | Variable Interest Entity, Not Primary Beneficiary
Real estate securities, available for sale
Principal Amount	137,143,000	158,274,000
Principal / Notional Amount | CMBS | Variable Interest Entity, Not Primary Beneficiary
Real estate securities, available for sale
Principal Amount	119,089,000	98,650,000
Principal / Notional Amount | CMBS | Variable Interest Entity, Primary Beneficiary
Real estate securities, available for sale
Principal Amount	636,035,000	1,140,368,000
Principal / Notional Amount | Third-party CDO notes | Variable Interest Entity, Primary Beneficiary
Real estate securities, available for sale
Principal Amount	76,253,000	109,651,000
Principal / Notional Amount | Agency debentures | Variable Interest Entity, Primary Beneficiary
Real estate securities, available for sale
Principal Amount	87,172,000	87,172,000
Principal / Notional Amount | Unsecured REIT debt | Variable Interest Entity, Primary Beneficiary
Real estate securities, available for sale
Principal Amount	8,000,000	8,000,000
Principal / Notional Amount | Trust preferred securities | Variable Interest Entity, Primary Beneficiary
Real estate securities, available for sale
Principal Amount	$7,225,000	$7,225,000

Borrowings_Details

Borrowings (Details) (USD $)	12 Months Ended			1 Months Ended				0 Months Ended	1 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Aug. 31, 2014	Jul. 31, 2012	Mar. 31, 2013	Mar. 31, 2014	Sep. 30, 2014	Jun. 30, 2012	Jul. 31, 2013	Jun. 30, 2013	Feb. 24, 2015	Jun. 30, 2007
	loan	loan
Debt Instrument [Line Items]
Principal Amount	$10,192,560,000	$4,059,860,000
Carrying Value	9,957,468,000	3,342,071,000
Number of mortgage loans	46	44
Years ending December 31:
2015	116,376,000
2016	106,808,000
2017	1,009,485,000
2018	125,781,000
2019	3,072,140,000
Thereafter	5,761,970,000
Total	10,192,560,000	4,059,860,000
Credit facility:
Real estate debt investments, net	1,187,316,000	1,085,280,000
Repayment of senior notes	481,118,000	0	0
Debt instrument, additional borrowing amount					7,000,000
LIBOR
Debt Instrument [Line Items]
Debt instrument, term for basis spread on variable rate	1 month
Various portfolios
Debt Instrument [Line Items]
Principal Amount	7,400,000,000
Years ending December 31:
Total	7,400,000,000
N-Star CDO I and Wakefield Portfolio | LIBOR
Debt Instrument [Line Items]
Debt instrument, term for basis spread on variable rate	3 months
Senior mortgage notes
Debt Instrument [Line Items]
Principal Amount	8,531,285,000	2,113,334,000
Carrying Value	8,535,863,000	2,113,334,000
Years ending December 31:
Total	8,531,285,000	2,113,334,000
Senior mortgage notes | Healthcare
Debt Instrument [Line Items]
Principal Amount	4,144,939,000	478,494,000
Carrying Value	4,140,289,000	478,494,000
Years ending December 31:
Total	4,144,939,000	478,494,000
Senior mortgage notes | Hotels
Debt Instrument [Line Items]
Principal Amount	2,380,681,000	0
Carrying Value	2,380,681,000	0
Number of optional extensions to initial term (extensions)	3
Optional extension period of initial maturity date	1 year
Years ending December 31:
Total	2,380,681,000	0
Senior mortgage notes | Manufactured housing communities
Debt Instrument [Line Items]
Principal Amount	1,174,237,000	1,124,899,000
Carrying Value	1,176,525,000	1,124,899,000
Years ending December 31:
Total	1,174,237,000	1,124,899,000
Senior mortgage notes | Net lease
Debt Instrument [Line Items]
Principal Amount	463,629,000	265,386,000
Carrying Value	470,569,000	265,386,000
Years ending December 31:
Total	463,629,000	265,386,000
Senior mortgage notes | Multifamily
Debt Instrument [Line Items]
Principal Amount	244,555,000	244,555,000
Carrying Value	244,555,000	244,555,000
Years ending December 31:
Total	244,555,000	244,555,000
Senior mortgage notes | Other real estate
Debt Instrument [Line Items]
Principal Amount	123,244,000
Carrying Value	123,244,000
Years ending December 31:
Total	123,244,000
Senior mortgage notes | Various portfolios
Debt Instrument [Line Items]
Principal Amount	6,100,000,000
Number of mortgage loans	41
Years ending December 31:
Total	6,100,000,000
Senior mortgage notes | Wakefield Portfolio | Healthcare | LIBOR
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Interest rate added to variable rate (as a percent)	5.95%
Senior mortgage notes | Lancaster, OH | Healthcare | LIBOR
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Interest rate added to variable rate (as a percent)	5.00%
Senior mortgage notes | LIBOR Plus 5.95% Non-recourse Note Payable, Due March 15 | Wakefield Portfolio | Healthcare
Debt Instrument [Line Items]
Principal Amount	54,751,000	55,768,000
Carrying Value	54,751,000	55,768,000
Years ending December 31:
Total	54,751,000	55,768,000
Senior mortgage notes | 5.89% Non-recourse Note Payable, Due May 17 | East Arlington, TX | Healthcare
Debt Instrument [Line Items]
Contractual interest rate (as a percent)	5.89%
Principal Amount	3,157,000	3,209,000
Carrying Value	3,157,000	3,209,000
Years ending December 31:
Total	3,157,000	3,209,000
Senior mortgage notes | 6.00% Non-recourse Note Payable, Due January 2019 | Ohio Portfolio | Healthcare
Debt Instrument [Line Items]
Contractual interest rate (as a percent)	6.00%
Principal Amount	20,230,000	20,496,000
Carrying Value	20,230,000	20,496,000
Years ending December 31:
Total	20,230,000	20,496,000
Senior mortgage notes | LIBOR Plus 5.00% Non-recourse Note Payable, Due January 19 | Lancaster, OH | Healthcare
Debt Instrument [Line Items]
Principal Amount	2,442,000	4,399,000
Carrying Value	2,442,000	4,399,000
Years ending December 31:
Total	2,442,000	4,399,000
Senior mortgage notes | 6.99% Non-recourse Note Payable, Due January 19 | Wilkinson Portfolio | Healthcare
Debt Instrument [Line Items]
Contractual interest rate (as a percent)	6.99%
Principal Amount	150,024,000	152,772,000
Carrying Value	150,024,000	152,772,000
Years ending December 31:
Total	150,024,000	152,772,000
Senior mortgage notes | 7.09% Non-recourse Note Payable, Due January 19 | Tuscola/Harrisburg | Healthcare
Debt Instrument [Line Items]
Contractual interest rate (as a percent)	7.09%
Principal Amount	7,412,000	7,545,000
Carrying Value	7,412,000	7,545,000
Years ending December 31:
Total	7,412,000	7,545,000
Senior mortgage notes | LIBOR Plus 3.50% Non-recourse Note Payable, Due November 19 | Minnesota Portfolio | Healthcare
Debt Instrument [Line Items]
Contractual interest rate (as a percent)	3.50%
Principal Amount	37,800,000	38,175,000
Carrying Value	37,800,000	38,175,000
Years ending December 31:
Total	37,800,000	38,175,000
Senior mortgage notes | LIBOR Plus 4.10% Non-recourse Note Payable, Due December 17 | Griffin-American - U.K. | Healthcare
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Interest rate added to variable rate (as a percent)	4.10%
Principal Amount	348,588,000
Carrying Value	348,588,000
Years ending December 31:
Total	348,588,000
Senior mortgage notes | LIBOR Plus 3.10% or 4.58% Non-recourse Note Payable, Due December 19 | Griffin-American - U.S. | Healthcare
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Principal Amount	2,618,797,000
Carrying Value	2,618,797,000
Years ending December 31:
Total	2,618,797,000
Senior mortgage notes | LIBOR Plus 3.10% or 4.58% Non-recourse Note Payable, Due December 19 | Griffin-American - U.S. (1) | Healthcare
Debt Instrument [Line Items]
Interest rate added to variable rate (as a percent)	3.10%
Senior mortgage notes | LIBOR Plus 3.10% or 4.58% Non-recourse Note Payable, Due December 19 | Griffin-American - U.S. (2) | Healthcare
Debt Instrument [Line Items]
Interest rate added to variable rate (as a percent)	4.58%
Senior mortgage notes | LIBOR Plus 7.75% Percent Non-recourse Note Payable, Due July 21 | Healthcare Preferred | Healthcare
Debt Instrument [Line Items]
Principal Amount	75,000,000	75,000,000
Carrying Value	75,000,000	75,000,000
Years ending December 31:
Total	75,000,000	75,000,000
Senior mortgage notes | LIBOR Plus 7.75% Percent Non-recourse Note Payable, Due July 21 | Healthcare Preferred | Healthcare | LIBOR
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Interest rate added to variable rate (as a percent)	7.75%
Senior mortgage notes | LIBOR Plus 4.50% Non-recourse Note Payable, Due September 21 | Indiana Portfolio | Healthcare
Debt Instrument [Line Items]
Principal Amount	121,130,000	121,130,000
Carrying Value	121,130,000	121,130,000
Years ending December 31:
Total	121,130,000	121,130,000
Senior mortgage notes | LIBOR Plus 4.50% Non-recourse Note Payable, Due September 21 | Indiana Portfolio | Healthcare | LIBOR
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Interest rate added to variable rate (as a percent)	4.50%
Senior mortgage notes | LIBOR Plus 4.25% or 4.54%, Non-recourse, Due May 2019 Through January 2025 | Formation Portfolio | Healthcare
Debt Instrument [Line Items]
Principal Amount	705,608,000
Carrying Value	700,958,000
Years ending December 31:
Total	705,608,000
Senior mortgage notes | LIBOR Plus 4.25% or 4.54%, Non-recourse, Due May 2019 Through January 2025 | Formation Portfolio | Healthcare | LIBOR
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Senior mortgage notes | LIBOR Plus 4.25% or 4.54%, Non-recourse, Due May 2019 Through January 2025 | Formation Portfolio (1) | Healthcare | LIBOR
Debt Instrument [Line Items]
Interest rate added to variable rate (as a percent)	4.25%
Senior mortgage notes | LIBOR Plus 4.25% or 4.54%, Non-recourse, Due May 2019 Through January 2025 | Formation Portfolio (2) | Healthcare | LIBOR
Debt Instrument [Line Items]
Interest rate added to variable rate (as a percent)	4.54%
Senior mortgage notes | LIBOR Plus 3.39%, Non-recourse, Due June 2019 | Innkeepers Portfolio | Hotels
Debt Instrument [Line Items]
Principal Amount	840,000,000
Carrying Value	840,000,000
Years ending December 31:
Total	840,000,000
Senior mortgage notes | LIBOR Plus 3.39%, Non-recourse, Due June 2019 | Innkeepers Portfolio | Hotels | LIBOR
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Interest rate added to variable rate (as a percent)	3.39%
Senior mortgage notes | LIBOR Plus 3.25%, Non-recourse, Due August 2019 | K Partners Portfolio | Hotels
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Interest rate added to variable rate (as a percent)	3.25%
Principal Amount	211,681,000
Carrying Value	211,681,000
Years ending December 31:
Total	211,681,000
Senior mortgage notes | LIBOR Plus 3.05%, Non-recourse, Due October 2019 [Member] | Courtyard Portfolio | Hotels
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Interest rate added to variable rate (as a percent)	3.05%
Principal Amount	512,000,000
Carrying Value	512,000,000
Years ending December 31:
Total	512,000,000
Senior mortgage notes | LIBOR Plus 3.60%, Non-recourse, Due November 2019 | Inland Portfolio | Hotels
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Interest rate added to variable rate (as a percent)	3.60%
Principal Amount	817,000,000
Carrying Value	817,000,000
Years ending December 31:
Total	817,000,000
Senior mortgage notes | Manufacturing Housing Portfolio 1 | Manufactured housing communities
Debt Instrument [Line Items]
Contractual interest rate (as a percent)	4.39%
Principal Amount	236,900,000	236,900,000
Carrying Value	236,900,000	236,900,000
Years ending December 31:
Total	236,900,000	236,900,000
Senior mortgage notes | Manufacturing Housing Portfolio 2 | Manufactured housing communities
Debt Instrument [Line Items]
Contractual interest rate (as a percent)	4.02%
Principal Amount	639,909,000	639,999,000
Carrying Value	639,909,000	639,999,000
Years ending December 31:
Total	639,909,000	639,999,000
Senior mortgage notes | Manufacturing Housing Portfolio 3 | Manufactured housing communities
Debt Instrument [Line Items]
Contractual interest rate (as a percent)	4.92%
Principal Amount	297,428,000	248,000,000
Carrying Value	299,716,000	248,000,000
Years ending December 31:
Total	297,428,000	248,000,000
Senior mortgage notes | 5.58% Non-recourse Note Payable, Due January 15 | Reading, PA 1 | Net lease
Debt Instrument [Line Items]
Principal Amount	0	12,765,000
Carrying Value	0	12,765,000
Years ending December 31:
Total	0	12,765,000
Senior mortgage notes | 6.00% Non-recourse Note Payable, Due January 15 | Reading, PA 2 | Net lease
Debt Instrument [Line Items]
Principal Amount	0	5,000,000
Carrying Value	0	5,000,000
Years ending December 31:
Total	0	5,000,000
Senior mortgage notes | 6.41% Non-recourse Note Payable, Due April 15 | Fort Wayne, IN | Net lease
Debt Instrument [Line Items]
Contractual interest rate (as a percent)	6.41%
Principal Amount	2,909,000	3,019,000
Carrying Value	2,909,000	3,019,000
Years ending December 31:
Total	2,909,000	3,019,000
Senior mortgage notes | 5.37% Non-recourse Note Payable, Due October 15 | EDS Portfolio | Net lease
Debt Instrument [Line Items]
Contractual interest rate (as a percent)	5.37%
Principal Amount	42,738,000	43,682,000
Carrying Value	42,738,000	43,682,000
Years ending December 31:
Total	42,738,000	43,682,000
Senior mortgage notes | 5.85% Non-recourse Note Payable, Due February 16 | Keene, NH | Net lease
Debt Instrument [Line Items]
Contractual interest rate (as a percent)	5.85%
Principal Amount	6,105,000	6,237,000
Carrying Value	6,105,000	6,237,000
Years ending December 31:
Total	6,105,000	6,237,000
Senior mortgage notes | 5.68% Non-recourse Note Payable, Due April 16 | Green Pond, NJ | Net lease
Debt Instrument [Line Items]
Contractual interest rate (as a percent)	5.68%
Principal Amount	15,799,000	16,095,000
Carrying Value	15,799,000	16,095,000
Years ending December 31:
Total	15,799,000	16,095,000
Senior mortgage notes | 6.22% Non-recourse Note Payable, Due July 16 | Aurora, CO | Net lease
Debt Instrument [Line Items]
Contractual interest rate (as a percent)	6.22%
Principal Amount	30,720,000	31,232,000
Carrying Value	30,720,000	31,232,000
Years ending December 31:
Total	30,720,000	31,232,000
Senior mortgage notes | 6.17% Non-recourse Note Payable, Due October 16 | DSG Portfolio | Net lease
Debt Instrument [Line Items]
Contractual interest rate (as a percent)	6.17%
Principal Amount	31,126,000	31,729,000
Carrying Value	31,126,000	31,729,000
Years ending December 31:
Total	31,126,000	31,729,000
Senior mortgage notes | 6.06% Non-recourse Note Payable, Due February 17 | Indianapolis, IN | Net lease
Debt Instrument [Line Items]
Contractual interest rate (as a percent)	6.06%
Principal Amount	26,151,000	26,600,000
Carrying Value	26,151,000	26,600,000
Years ending December 31:
Total	26,151,000	26,600,000
Senior mortgage notes | 5.95% Non-recourse Note Payable, Due March 17 | Milpitas, CA | Net lease
Debt Instrument [Line Items]
Contractual interest rate (as a percent)	5.95%
Principal Amount	19,459,000	20,055,000
Carrying Value	19,459,000	20,055,000
Years ending December 31:
Total	19,459,000	20,055,000
Senior mortgage notes | 5.63% Non-recourse Note Payable, Due April 17 | Fort Mill, SC 1 | Net lease
Debt Instrument [Line Items]
Contractual interest rate (as a percent)	5.63%
Principal Amount	27,700,000	27,700,000
Carrying Value	27,700,000	27,700,000
Years ending December 31:
Total	27,700,000	27,700,000
Senior mortgage notes | 6.21% Non-recourse Note Payable, Due April 17 | Fort Mill, SC 2 | Net lease
Debt Instrument [Line Items]
Contractual interest rate (as a percent)	6.21%
Principal Amount	1,079,000	1,464,000
Carrying Value	1,079,000	1,464,000
Years ending December 31:
Total	1,079,000	1,464,000
Senior mortgage notes | 5.16% Non-recourse Note Payable, Due September 17 | Salt Lake City, UT | Net lease
Debt Instrument [Line Items]
Contractual interest rate (as a percent)	5.16%
Principal Amount	13,181,000	13,689,000
Carrying Value	13,181,000	13,689,000
Years ending December 31:
Total	13,181,000	13,689,000
Senior mortgage notes | 5.16% Non-recourse Note Payable, Due September 17 | Industrial Portfolio | Net lease
Debt Instrument [Line Items]
Contractual interest rate (as a percent)	4.21%
Senior mortgage notes | 4.21%, Non-recourse, Due July 2017 and December 2017 | Industrial Portfolio | Net lease
Debt Instrument [Line Items]
Principal Amount	221,131,000
Carrying Value	228,071,000
Years ending December 31:
Total	221,131,000
Senior mortgage notes | 4.21%, Non-recourse, Due July 2017 and December 2017 | Industrial Portfolio Loan 1 | Net lease
Debt Instrument [Line Items]
Contractual interest rate (as a percent)	4.21%
Senior mortgage notes | 6.48% Non-recourse Note Payable, Due December 17 | Columbus, OH | Net lease
Debt Instrument [Line Items]
Contractual interest rate (as a percent)	6.48%
Principal Amount	21,934,000	22,300,000
Carrying Value	21,934,000	22,300,000
Years ending December 31:
Total	21,934,000	22,300,000
Senior mortgage notes | LIBOR Plus 2.15%, Non-recourse, Due July 2023 | South Portland, ME | Net lease
Debt Instrument [Line Items]
Principal Amount	3,597,000	3,819,000
Carrying Value	3,597,000	3,819,000
Years ending December 31:
Total	3,597,000	3,819,000
Senior mortgage notes | LIBOR Plus 2.15%, Non-recourse, Due July 2023 | South Portland, ME | Net lease | LIBOR
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Interest rate added to variable rate (as a percent)	2.15%
Senior mortgage notes | Multifamily Investment Property 3.996% Due April 2023 | Memphis, TN | Multifamily
Debt Instrument [Line Items]
Contractual interest rate (as a percent)	4.00%
Principal Amount	39,600,000	39,600,000
Carrying Value	39,600,000	39,600,000
Years ending December 31:
Total	39,600,000	39,600,000
Senior mortgage notes | Multifamily Investment Property 4.03% Due May 2023 and July 2023 | Southeast Portfolio | Multifamily
Debt Instrument [Line Items]
Contractual interest rate (as a percent)	4.03%
Principal Amount	158,417,000	158,417,000
Carrying Value	158,417,000	158,417,000
Years ending December 31:
Total	158,417,000	158,417,000
Senior mortgage notes | Multifamily Investment Property 4.03% Due May 2023 and July 2023 | Scottsdale, AZ | Multifamily
Debt Instrument [Line Items]
Contractual interest rate (as a percent)	4.28%
Senior mortgage notes | Multifamily Investment Property, Scottsdale, AZ, Senior Loans Maturing July 2023 | Scottsdale, AZ | Multifamily
Debt Instrument [Line Items]
Principal Amount	46,538,000	46,538,000
Carrying Value	46,538,000	46,538,000
Years ending December 31:
Total	46,538,000	46,538,000
Senior mortgage notes | LIBOR Plus 1.75% Non-recourse Note Payable, Due November 19 | Legacy Portfolio | Other real estate
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Interest rate added to variable rate (as a percent)	1.75%
Principal Amount	45,584,000
Carrying Value	45,584,000
Years ending December 31:
Total	45,584,000
Senior mortgage notes | LIBOR Plus 3.00% Non-recourse Note Payable, Due December 19 | UK Property | Other real estate
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Interest rate added to variable rate (as a percent)	3.00%
Principal Amount	77,660,000
Carrying Value	77,660,000
Years ending December 31:
Total	77,660,000
CDO Bonds Payable
Debt Instrument [Line Items]
Principal Amount	560,959,000	970,219,000
Carrying Value	390,068,000	384,183,000
Years ending December 31:
2015	0
2016	0
2017	0
2018	0
2019	0
Thereafter	560,959,000
Total	560,959,000	970,219,000
CDO Bonds Payable | N-Star I
Debt Instrument [Line Items]
Principal Amount	15,020,000	37,754,000
Carrying Value	14,504,000	34,886,000
Years ending December 31:
Total	15,020,000	37,754,000
CDO Bonds Payable | N-Star I | LIBOR
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Interest rate added to variable rate (as a percent)	7.01%
CDO Bonds Payable | N-Star III
Debt Instrument [Line Items]
Principal Amount	0	100,022,000
Carrying Value	0	46,090,000
Years ending December 31:
Total	0	100,022,000
CDO Bonds Payable | N-Star V
Debt Instrument [Line Items]
Principal Amount		202,899,000
Carrying Value		80,897,000
Years ending December 31:
Total		202,899,000
CDO Bonds Payable | N-Star IX
Debt Instrument [Line Items]
Principal Amount	545,939,000	629,544,000
Carrying Value	375,564,000	222,310,000
Years ending December 31:
Total	545,939,000	629,544,000
CDO Bonds Payable | N-Star IX | LIBOR
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Interest rate added to variable rate (as a percent)	0.43%
Securitization bonds payable
Debt Instrument [Line Items]
Principal Amount	41,831,000	82,337,000
Carrying Value	41,823,000	82,340,000
Years ending December 31:
2015	0
2016	0
2017	0
2018	0
2019	0
Thereafter	41,831,000
Total	41,831,000	82,337,000
Securitization bonds payable | Securitization 2012-1
Debt Instrument [Line Items]
Principal Amount	41,831,000	82,337,000
Carrying Value	41,823,000	82,340,000
Years ending December 31:
Total	41,831,000	82,337,000
Securitization bonds payable | Securitization 2012-1 | LIBOR
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Interest rate added to variable rate (as a percent)	2.17%
Credit facility
Debt Instrument [Line Items]
Principal Amount	732,780,000	70,038,000
Carrying Value	732,780,000	70,038,000
Years ending December 31:
2015	0
2016	0
2017	640,000,000
2018	92,780,000
2019	0
Thereafter	0
Total	732,780,000	70,038,000
Credit facility | Corporate Credit Facility 1
Debt Instrument [Line Items]
Principal Amount	215,000,000
Carrying Value	215,000,000
Debt instrument, collateral amount	649,000,000
Years ending December 31:
Total	215,000,000
Credit facility:
Maximum borrowing capacity				500,000,000				500,000,000
Credit facility, term				3 years
Available borrowing under its loan facilities	285,000,000
Debt covenant, minimum balance of unrestricted cash and available borrowing capacity	25,000,000
Credit facility | Corporate Credit Facility 1 | Subsequent event
Credit facility:
Available borrowing under its loan facilities												305,000,000
Credit facility | Corporate Credit Facility 1 | LIBOR
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Interest rate added to variable rate (as a percent)	3.50%
Credit facility | Corporate Credit Facility 2
Debt Instrument [Line Items]
Principal Amount	425,000,000
Carrying Value	425,000,000
Credit facility, amount outstanding	150,000,000							275,000,000
Years ending December 31:
Total	425,000,000
Credit facility | Corporate Credit Facility 2A
Debt Instrument [Line Items]
Contractual interest rate (as a percent)	4.60%
Credit facility | Corporate Credit Facility 2B
Debt Instrument [Line Items]
Contractual interest rate (as a percent)	4.55%
Credit facility:
Available borrowing under its loan facilities	75,000,000
Credit facility | Corporate Credit Facility 2B | Subsequent event
Credit facility:
Available borrowing under its loan facilities												75,000,000
Credit facility | Loan Facility 1
Debt Instrument [Line Items]
Contractual interest rate (as a percent)	5.16%
Principal Amount	14,850,000	14,850,000
Carrying Value	14,850,000	14,850,000
Number of optional extensions to initial term (extensions)	3
Optional extension period of initial maturity date	1 year
Years ending December 31:
Total	14,850,000	14,850,000
Credit facility | Loan Facility 1 | Subsidiary two
Credit facility:
Maximum borrowing capacity					40,000,000
Credit facility | Loan Facility 1 | Minimum | Subsidiary two
Credit facility:
Aggregate amount of unrestricted cash required to provide credit support for the borrowings					3,750,000
Credit facility | Loan Facility 1 | Maximum | Subsidiary two
Credit facility:
Aggregate amount of unrestricted cash required to provide credit support for the borrowings					7,500,000
Credit facility | Loan Facility 1 | LIBOR
Debt Instrument [Line Items]
Debt instrument, term for basis spread on variable rate	1 month
Credit facility | Loan Facility 1 | LIBOR | Minimum
Debt Instrument [Line Items]
Interest rate added to variable rate (as a percent)	3.95%
Credit facility | Loan Facility 1 | LIBOR | Maximum
Debt Instrument [Line Items]
Interest rate added to variable rate (as a percent)	5.95%
Credit facility | Loan Facility 2
Debt Instrument [Line Items]
Contractual interest rate (as a percent)	3.09%
Principal Amount	77,930,000	55,188,000
Carrying Value	77,930,000	55,188,000
Years ending December 31:
Total	77,930,000	55,188,000
Credit facility | Loan Facility 2 | Subsidiary
Credit facility:
Maximum borrowing capacity						200,000,000
Aggregate amount of unrestricted cash required to provide credit support for the borrowings						20,000,000
Credit facility | Loan Facilities 1 and 2
Debt Instrument [Line Items]
Carrying Value	92,800,000
Credit facility:
Available borrowing under its loan facilities	147,200,000
Real estate debt investments, net	140,600,000
Exchangeable Senior Notes
Debt Instrument [Line Items]
Principal Amount	45,588,000	543,815,000
Carrying Value	41,762,000	490,973,000
Years ending December 31:
2015	0
2016	0
2017	12,955,000
2018	0
2019	1,000,000
Thereafter	31,633,000
Total	45,588,000	543,815,000
Credit facility:
Realized gain (loss) on investments	-43,333,000
Exchangeable Senior Notes | 7.25% Notes
Debt Instrument [Line Items]
Contractual interest rate (as a percent)	7.25%
Principal Amount	12,955,000	12,955,000
Carrying Value	12,955,000	12,955,000
Years ending December 31:
Total	12,955,000	12,955,000
Exchangeable Senior Notes | 7.50% Notes
Debt Instrument [Line Items]
Contractual interest rate (as a percent)							7.50%
Principal Amount		172,500,000					172,500,000
Carrying Value		165,366,000
Years ending December 31:
Total		172,500,000					172,500,000
Credit facility:
Realized gain (loss) on investments							-22,400,000
Exchangeable Senior Notes | 8.875% Notes
Debt Instrument [Line Items]
Contractual interest rate (as a percent)	8.88%
Principal Amount	1,000,000	13,360,000
Carrying Value	983,000	13,068,000
Years ending December 31:
Total	1,000,000	13,360,000
Exchangeable Senior Notes | 5.375% Notes
Debt Instrument [Line Items]
Contractual interest rate (as a percent)	5.38%
Principal Amount	31,633,000	345,000,000
Carrying Value	27,824,000	299,584,000
Years ending December 31:
Total	31,633,000	345,000,000
Junior Subordinated Notes
Debt Instrument [Line Items]
Principal Amount	280,117,000	280,117,000
Carrying Value	215,172,000	201,203,000
Years ending December 31:
2015	0
2016	0
2017	0
2018	0
2019	0
Thereafter	280,117,000
Total	280,117,000	280,117,000
Junior Subordinated Notes | Trust I
Debt Instrument [Line Items]
Contractual interest rate (as a percent)	8.15%
Principal Amount	41,240,000	41,240,000
Carrying Value	32,992,000	31,342,000
Years ending December 31:
Total	41,240,000	41,240,000
Junior Subordinated Notes | Trust II
Debt Instrument [Line Items]
Contractual interest rate (as a percent)	7.74%
Principal Amount	25,780,000	25,780,000
Carrying Value	20,753,000	19,722,000
Years ending December 31:
Total	25,780,000	25,780,000
Junior Subordinated Notes | Trust III
Debt Instrument [Line Items]
Contractual interest rate (as a percent)	7.81%
Principal Amount	41,238,000	41,238,000
Carrying Value	32,784,000	31,547,000
Years ending December 31:
Total	41,238,000	41,238,000
Junior Subordinated Notes | Trust IV
Debt Instrument [Line Items]
Contractual interest rate (as a percent)	7.95%
Principal Amount	50,100,000	50,100,000
Carrying Value	39,830,000	38,327,000
Years ending December 31:
Total	50,100,000	50,100,000
Junior Subordinated Notes | Trust V
Debt Instrument [Line Items]
Principal Amount	30,100,000	30,100,000
Carrying Value	21,823,000	19,866,000
Years ending December 31:
Total	30,100,000	30,100,000
Junior Subordinated Notes | Trust V | LIBOR
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Interest rate added to variable rate (as a percent)	2.70%
Junior Subordinated Notes | Trust VI
Debt Instrument [Line Items]
Principal Amount	25,100,000	25,100,000
Carrying Value	18,700,000	16,943,000
Years ending December 31:
Total	25,100,000	25,100,000
Junior Subordinated Notes | Trust VI | LIBOR
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Interest rate added to variable rate (as a percent)	2.90%
Junior Subordinated Notes | Trust VII
Debt Instrument [Line Items]
Principal Amount	31,459,000	31,459,000
Carrying Value	22,492,000	20,290,000
Years ending December 31:
Total	31,459,000	31,459,000
Junior Subordinated Notes | Trust VII | LIBOR
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Interest rate added to variable rate (as a percent)	2.50%
Junior Subordinated Notes | Trust VIII
Debt Instrument [Line Items]
Principal Amount	35,100,000	35,100,000
Carrying Value	25,798,000	23,166,000
Years ending December 31:
Total	35,100,000	35,100,000
Junior Subordinated Notes | Trust VIII | LIBOR
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Interest rate added to variable rate (as a percent)	2.70%
Junior Subordinated Notes | NorthStar Realty Trust I, II, III, IV | LIBOR
Debt Instrument [Line Items]
Debt instrument, term for basis spread on variable rate	3 months
Junior Subordinated Notes | NorthStar Realty Trust I, II, III, IV | LIBOR | Minimum
Debt Instrument [Line Items]
Interest rate added to variable rate (as a percent)	2.80%
Junior Subordinated Notes | NorthStar Realty Trust I, II, III, IV | LIBOR | Maximum
Debt Instrument [Line Items]
Interest rate added to variable rate (as a percent)	3.25%
Mezzanine | Various portfolios
Debt Instrument [Line Items]
Principal Amount	1,300,000,000
Number of mortgage loans	15
Years ending December 31:
Total	1,300,000,000
Mezzanine | LIBOR Plus 3.39%, Non-recourse, Due June 2019 | Innkeepers Portfolio | Hotels | LIBOR
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Interest rate added to variable rate (as a percent)	3.39%
Mezzanine | LIBOR Plus 3.25%, Non-recourse, Due August 2019 | K Partners Portfolio | Hotels
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Interest rate added to variable rate (as a percent)	3.25%
Senior Notes
Debt Instrument [Line Items]
Principal Amount	481,100,000						481,100,000
Years ending December 31:
Total	481,100,000						481,100,000
Credit facility:
Repayment of senior notes								488,300,000
Senior Notes | 7.25% Notes
Debt Instrument [Line Items]
Contractual interest rate (as a percent)	7.25%												7.25%
Principal Amount	12,955,000	12,955,000											172,500,000
Senior notes outstanding	13,000,000
Years ending December 31:
Total	12,955,000	12,955,000											172,500,000
Credit facility:
Exchangeable debt, exchange price	$14.71
Senior Notes | 7.50% Notes
Debt Instrument [Line Items]
Principal Amount	0	172,500,000
Years ending December 31:
Total	0	172,500,000
Senior Notes | 8.875% Notes
Debt Instrument [Line Items]
Contractual interest rate (as a percent)	8.88%								8.88%
Principal Amount	1,000,000	13,360,000							75,000,000
Senior notes outstanding	1,000,000
Years ending December 31:
Total	1,000,000	13,360,000							75,000,000
Credit facility:
Exchangeable debt, exchange price	$5.19
Proceeds from debt issuance					6,800,000				72,000,000
Senior Notes | 5.375% Notes
Debt Instrument [Line Items]
Contractual interest rate (as a percent)	5.38%										5.38%
Principal Amount	31,633,000	345,000,000									300,000,000
Senior notes outstanding	31,600,000
Proceeds from exercise of over-allotment, net										43,700,000
Years ending December 31:
Total	31,633,000	345,000,000									300,000,000
Credit facility:
Exchangeable debt, exchange price	$8.68
Proceeds from debt issuance											290,500,000
Debt instrument, additional borrowing amount										45,000,000
Mortgage notes payable
Debt Instrument [Line Items]
Principal Amount	8,531,285,000
Years ending December 31:
2015	116,376,000
2016	106,808,000
2017	356,530,000
2018	33,001,000
2019	3,071,140,000
Thereafter	4,847,430,000
Total	$8,531,285,000

Borrowings_Exchangeable_Senior

Borrowings - Exchangeable Senior Note Schedules (Details) (USD $)	12 Months Ended			1 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Mar. 31, 2014	Jun. 30, 2007	Jun. 30, 2012	Jun. 30, 2013
Debt Instrument [Line Items]
Principal Amount	$10,192,560,000	$4,059,860,000
Exchangeable senior notes, carrying value of equity component	23,700,000	25,900,000
Senior Notes
Debt Instrument [Line Items]
Principal Amount	481,100,000			481,100,000
Senior Notes | 7.25% Notes
Debt Instrument [Line Items]
Principal Amount	12,955,000	12,955,000			172,500,000
Unamortized Discount	0	0
Carrying Value	12,955,000	12,955,000
Contractual interest rate (as a percent)	7.25%				7.25%
Effective interest rate (as a percent)	8.00%
Senior Notes | 7.50% Notes
Debt Instrument [Line Items]
Principal Amount	0	172,500,000
Unamortized Discount	0	-7,134,000
Carrying Value	0	165,366,000
Remaining debt discount amortization period	2 years 2 months 12 days
Senior Notes | 8.875% Notes
Debt Instrument [Line Items]
Principal Amount	1,000,000	13,360,000				75,000,000
Unamortized Discount	-17,000	-292,000
Carrying Value	983,000	13,068,000
Contractual interest rate (as a percent)	8.88%					8.88%
Remaining debt discount amortization period	5 years 6 months
Effective interest rate (as a percent)	9.40%
Senior Notes | 5.375% Notes
Debt Instrument [Line Items]
Principal Amount	31,633,000	345,000,000					300,000,000
Unamortized Discount	-3,809,000	-45,416,000
Carrying Value	27,824,000	299,584,000
Contractual interest rate (as a percent)	5.38%						5.38%
Remaining debt discount amortization period	9 years 6 months
Effective interest rate (as a percent)	7.30%
Exchangeable Senior Notes
Debt Instrument [Line Items]
Principal Amount	45,588,000	543,815,000
Unamortized Discount	-3,826,000	-52,842,000
Carrying Value	41,762,000	490,973,000
Interest Expense	15,812,000	32,475,000	22,204,000
Amortization Expense	7,542,000	8,416,000	5,025,000
Total Interest Expense	23,354,000	40,891,000	27,229,000
Principal Amount Exchanged	325,727,000
Common Shares	24,907,329
Realized Gain (Loss)	-43,333,000
Exchangeable Senior Notes | 7.25% Notes
Debt Instrument [Line Items]
Principal Amount	12,955,000	12,955,000
Contractual interest rate (as a percent)	7.25%
Exchangeable Senior Notes | 7.50% Notes
Debt Instrument [Line Items]
Principal Amount		172,500,000		172,500,000
Contractual interest rate (as a percent)				7.50%
Realized Gain (Loss)				-22,400,000
Exchangeable Senior Notes | 8.875% Notes
Debt Instrument [Line Items]
Principal Amount	1,000,000	13,360,000
Contractual interest rate (as a percent)	8.88%
Exchangeable Senior Notes | 5.375% Notes
Debt Instrument [Line Items]
Principal Amount	31,633,000	345,000,000
Contractual interest rate (as a percent)	5.38%
Exchangeable Senior Notes | Exchangeable senior note 1
Debt Instrument [Line Items]
Principal Amount Exchanged	12,360,000
Common Shares	1,337,100
Realized Gain (Loss)	-2,800,000
Exchangeable Senior Notes | Exchangeable senior note 2
Debt Instrument [Line Items]
Principal Amount Exchanged	313,367,000
Common Shares	23,570,229
Realized Gain (Loss)	($40,533,000)

Spinoff_of_Asset_Management_Bu2

Spin-off of Asset Management Business - Balance Sheet (Details) (NSAM, USD $)	Dec. 31, 2014
In Millions, unless otherwise specified
NSAM
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets transferred in spin-off	$179.50
Liabilities transferred in spin-off	21.1
Cash transferred in spin-off	$118.70

Spinoff_of_Asset_Management_Bu3

Spin-off of Asset Management Business - Discontinued Operations (Details) (NSAM, USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
NSAM
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total revenues	$56,013	$89,938	$50,761
Total expenses	63,216	90,343	68,083
NSAM income (loss) in discontinued operations	($7,203)	($405)	($17,322)
Selling commission percentage, related party	7.00%
Dealer manager fee percentage, related party	3.00%

Related_Party_Arrangements_Det

Related Party Arrangements (Details) (USD $)	12 Months Ended			0 Months Ended	6 Months Ended		1 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2014	Jun. 30, 2014	Sep. 30, 2014	Apr. 30, 2014	Jan. 31, 2014	Jun. 30, 2014	Jan. 31, 2015
							partner				hotel
Related party and sponsored company arrangements
Base management fee, due to related party	$47,430,000	$0		$47,430,000	$47,430,000
Business combination, purchase price	9,209,100,000
N-Star CDOs and the CSE and CapLease CDOs financing transactions
Related party and sponsored company arrangements
Asset management services fee income	5,900,000	11,100,000	14,400,000
Interest income	71,600,000	11,700,000
N-Star CDOs and the CSE and CapLease CDOs financing transactions | Eliminations
Related party and sponsored company arrangements
Investment advisory fees	2,600,000	10,400,000	14,400,000
NSAM
Related party and sponsored company arrangements
Asset management agreement, initial term	20 years
Asset management agreement, renewal term	20 years
Base management fee					79,400,000	0
Base management fee, due to related party	41,400,000			41,400,000	41,400,000
Additional asset management fee, percent				1.50%
Incentive management fees					3,300,000
Maximum expense reimbursement rate, related party, percent	20.00%
Direct costs and expenses allocated for reimbursement					5,200,000
NSAM | Revolving credit facility
Related party and sponsored company arrangements
Credit facility, maximum borrowing capacity	250,000,000			250,000,000	250,000,000
Credit facility, term	5 years
Credit facility, financial covenant, required unrestricted cash or cash equivalents balance	100,000,000
NSAM | Revolving credit facility | LIBOR
Related party and sponsored company arrangements
Interest rate added to variable rate, percent	3.50%
NSAM | Tier 1
Related party and sponsored company arrangements
Asset management agreement, incentive fee, percent					15.00%
NSAM | Tier 1 | Minimum
Related party and sponsored company arrangements
Asset management agreement, incentive fee, per share (dollars per share)					$0.39
NSAM | Tier 1 | Maximum
Related party and sponsored company arrangements
Asset management agreement, incentive fee, per share (dollars per share)					$0.45
NSAM | Tier 2
Related party and sponsored company arrangements
Asset management agreement, incentive fee, percent					25.00%
NSAM | Tier 2 | Minimum
Related party and sponsored company arrangements
Asset management agreement, incentive fee, per share (dollars per share)					$0.45
NSAM | RXR Realty and Aerium
Related party and sponsored company arrangements
Asset management fee, distribution of cash flows in excess of minimum base	10,000,000
NSAM | Due to Related Party
Related party and sponsored company arrangements
Incentive management fees					2,000,000
Direct costs and expenses allocated for reimbursement					4,000,000
Healthcare Strategic Partnership | Minimum
Related party and sponsored company arrangements
Management fees, incentive revenue, percent	20.00%
Healthcare Strategic Partnership | Maximum
Related party and sponsored company arrangements
Management fees, incentive revenue, percent	25.00%
American Healthcare Investors LLC | Strategic Partner
Related party and sponsored company arrangements
Percentage of equity interest (percent)	9.00%			9.00%	9.00%
American Healthcare Investors LLC | NorthStar Realty Finance Corp.
Related party and sponsored company arrangements
Percentage of equity interest (percent)	44.00%			44.00%	44.00%
Island Hospitality Management Inc | Subsequent event
Related party and sponsored company arrangements
Percentage of equity interest (percent)											45.00%
Number of hotel properties under management agreement											143
Real estate assets under management											3,700,000,000
Island Hospitality Management Inc | NorthStar Realty Finance Corp. | Subsequent event
Related party and sponsored company arrangements
Number of hotel properties under management agreement											101
Legacy Partners Commercial
Related party and sponsored company arrangements
Percentage of equity interest (percent)							40.00%
Senior debt, preferred equity and common equity investment in Legacy Partners Commercial							30,000,000
Number of remaining partners in Legacy Partners Commercial (partners)							2
Partner distribution							30,000,000
Legacy Partners Commercial | Future Investment
Related party and sponsored company arrangements
Senior debt, preferred equity and common equity investment in Legacy Partners Commercial							14,800,000
Legacy Partners Commercial | Retire Investor Ownership
Related party and sponsored company arrangements
Senior debt, preferred equity and common equity investment in Legacy Partners Commercial							15,200,000
Legacy Partners Commercial | Cash Distribution, Prior to Closing
Related party and sponsored company arrangements
Partner distribution							14,800,000
Legacy Partners Commercial | Cash Distribution, Upon Closing
Related party and sponsored company arrangements
Partner distribution							15,200,000
Contingent future distribution of preferred investments for additional real estate investments							10,000,000
Legacy Partners Commercial | Senior Debt and Preferred Equity
Related party and sponsored company arrangements
Interest in related party (percent)							75.00%
Legacy Partners Commercial | Common equity securities
Related party and sponsored company arrangements
Interest in related party (percent)							40.00%
Indirect investment in related party, percentage							10.00%
Legacy Partners Commercial | Senior debt securities
Related party and sponsored company arrangements
Indirect investment in related party, percentage							15.30%
Legacy Partners Commercial | Preferred equity securities
Related party and sponsored company arrangements
Indirect investment in related party, percentage							15.30%
Northstar Income II
Related party and sponsored company arrangements
Mortgage loan on real estate, sold to related party								5,000,000	9,000,000
West Point Partners
Related party and sponsored company arrangements
Service fee paid to related party										800,000
Director's ownership interest in related party, percent	50.00%
West Point Partners | Innkeepers Portfolio
Related party and sponsored company arrangements
Business combination, purchase price										$1,100,000,000

EquityBased_Compensation_Narra

Equity-Based Compensation - Narrative (Details) (USD $)

12 Months Ended

1 Months Ended

0 Months Ended

12 Months Ended

1 Months Ended

In Millions, except Share data, unless otherwise specified

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Jul. 31, 2009

Jan. 22, 2014

Jan. 01, 2015

Dec. 31, 2011

Dec. 31, 2015

Feb. 28, 2015

component

installment

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Equity-based compensation expense to be recognized over remaining vesting period

19.1

Common Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

New stock issued during period (shares)

55,250,000

[1]

66,125,000

[1]

33,625,000

[1]

Executive Incentive Bonus Plan | NSAM

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Company's responsibility for payment of awards following spin-off (percent)

50.00%

Vesting period

4 years

Long-term bonus or other compensation plans | NSAM

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Company's responsibility for payment of awards following spin-off (percent)

50.00%

Omnibus Stock Incentive Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Awards issued during period

1,189,000

Omnibus Stock Incentive Plan | Deferred LTIP Units and RSUs

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares available for issuance

3,886,770

Omnibus Stock Incentive Plan | Restricted stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares outstanding

686,262

Incentive Compensation Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Percentage of adjusted equity capital used in calculating size of incentive pool (percent)

1.75%

Percentage of adjusted funds from operations used in calculating size of incentive pool (percent)

25.00%

Percentage of return hurdle on adjusted equity capital (percent)

9.00%

Number of incentive compensation components into which the incentive pool is expected to be divided (components)

3

Percentage of deferred cash bonus (percent)

50.00%

Incentive Compensation Plan | RSUs

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares of common stock given as payout (share)

1

Incentive Compensation Plan | RSUs | Minimum

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Period considered for achieving cumulative performance goals or target stock prices under the Plan

3 years

Incentive Compensation Plan | RSUs | Maximum

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Period considered for achieving cumulative performance goals or target stock prices under the Plan

4 years

Incentive Compensation Plan | Healthcare Strategic Joint Venture | RSUs | Executive officers

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Shares Issued (shares)

500,000

2011 Plan | Executive officers | Common Stock | Subsequent event

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

New stock issued during period (shares)

49,149

2011 Plan | LTIP Units | Executive officers

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Awards issued during period

762,898

Number of equal annual installments in which units vest (installments)

4

2011 Plan | LTIP Units | Executive officers | Forecast

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Shares Issued (shares)

669,743

2011 Plan | LTIP Units | Non-executive employees

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting period

3 years

2011 Plan | LTIP Units | Non-executive employees | Tranche three

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Units granted, net of forfeitures (shares)

302,692

2011 Plan | RSUs | Executive officers

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Awards issued during period

762,898

Period following which employee will receive payout subject to conditions under the Plan

4 years

Grant date fair value (in dollars per share)

5.4

Risk-free interest rate

0.42%

2012 Plan | LTIP Units | Executive officers

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Awards issued during period

704,839

Number of equal annual installments in which units vest (installments)

4

2012 Plan | LTIP Units | Non-executive employees

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting period

3 years

2012 Plan | LTIP Units | Non-executive employees | Tranche three

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Units granted, net of forfeitures (shares)

289,975

2012 Plan | RSUs | Executive officers

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Awards issued during period

704,839

Period following which employee will receive payout subject to conditions under the Plan

4 years

Grant date fair value (in dollars per share)

12.32

Risk-free interest rate

0.44%

2013 Plan | LTIP Units | Executive officers

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Awards issued during period

500,371

Number of equal annual installments in which units vest (installments)

4

2013 Plan | LTIP Units | Executive officers | Tranche one

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Awards issued during period

261,577

2013 Plan | LTIP Units | Non-executive employees

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting period

3 years

2013 Plan | LTIP Units | Non-executive employees | Tranche three

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Units granted, net of forfeitures (shares)

276,105

2013 Plan | RSUs | Executive officers

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Awards issued during period

500,371

Period following which employee will receive payout subject to conditions under the Plan

4 years

Grant date fair value (in dollars per share)

26.96

Risk-free interest rate

0.63%

NSAM Bonus Plan | LTIP Units | Executive officers | Subsequent event

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Awards issued during period

1,038,233

Number of equal annual installments in which units vest (installments)

4

NSAM Bonus Plan | LTIP Units | Non-executive employees | Subsequent event

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting period

3 years

Awards issued during period

698,880

NSAM Bonus Plan | RSUs | Executive officers | Subsequent event

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Awards issued during period

584,879

Requisite service period

4 years

NSAM Bonus Plan | NSAM | LTIP Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Company's responsibility for payment of awards following spin-off (percent)

31.65%

NSAM Bonus Plan | NSAM | RSUs

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Company's responsibility for payment of awards following spin-off (percent)

18.35%

[1]

Adjusted for the one-for-two reverse stock split completed on June 30, 2014. Refer to Note 13. “Stockholders’ Equity” for additional disclosure related to the reverse stock split.

EquityBased_Compensation_Table1

Equity-Based Compensation - Tables (Details) (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$24,885	[1]	$11,784	[1]	$8,593	[1]
NSAM
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	13,745		5,177		4,224
Parent Company and Spin-off
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	38,630		16,961		12,817
Northstar Realty Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	28,000
NSAM Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$10,600
Omnibus Stock Incentive Plan
LTIP Grants
Beginning balance (in units)	4,609,000
Granted (in units)	1,189,000
Converted to common stock (in units)	-647,000
Forfeited (in units)	-5,000
Vested Old LTIP Units converted to common stock in Reorganization (in units)	-3,178,000
Vesting of restricted stock post-spin (in units)	-95,000
Ending balance/weighted average (in units)	1,873,000
Weighted Average Grant Price
Beginning balance (in dollars per share)	$14.31
Granted (in dollars per share)	$30.55
Converted to common stock (in dollars per share)	$17.31
Forfeited (in dollars per share)	$20.48
Vested Old LTIP Units converted to common stock in the Reorganization (in dollars per share)	$14.52
Vesting of restricted stock post-spin (in dollars per share)	$13.43
Ending balance/weighted average (in dollars per share)	$23.25
Omnibus Stock Incentive Plan | Restricted stock
LTIP Grants
Ending balance/weighted average (in units)	686,185
Omnibus Stock Incentive Plan | Vested Deferred LTIP Units
LTIP Grants
Ending balance/weighted average (in units)	227,693
Omnibus Stock Incentive Plan | Unvested Deferred LTIP Units
LTIP Grants
Ending balance/weighted average (in units)	958,966
2004 Long-Term Incentive Plan | LTIP Units
LTIP Grants
Ending balance/weighted average (in units)	349,071
Weighted Average Grant Price
Units redeemed for common stock (shares)	333,755
Units converted to common stock in spin-off	15,316
[1]	The consolidated financial statements for the year ended December 31, 2014 include: (i) the Company’s results of operations for the six months ended December 31, 2014 which represents the Company’s results of operations following the spin-off of the Company’s historical asset management business on June 30, 2014; and (ii) the Company’s results of operations for the six months ended June 30, 2014 which represents a carve-out of revenues and expenses attributable to NSAM in discontinued operations. The Company’s historical financial information for the years ended December 31, 2013 and 2012 was prepared on the same basis as the six months ended June 30, 2014. As a result, results of operations for the year ended December 31, 2014 may not be comparative to the Company's results of operations reported for the prior periods presented.

Stockholders_Equity_Details

Stockholders' Equity (Details)

0 Months Ended

3 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

12 Months Ended

1 Months Ended

4 Months Ended

2 Months Ended

1 Months Ended

1 Months Ended

0 Months Ended

Oct. 29, 2014

Aug. 06, 2014

Jun. 30, 2014

7-May-14

Feb. 26, 2014

Oct. 30, 2013

Jul. 31, 2013

1-May-13

Feb. 13, 2013

Nov. 01, 2012

Aug. 02, 2012

2-May-12

Feb. 15, 2012

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2014

Dec. 31, 2014

Jan. 01, 2012

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Sep. 30, 2014

Jun. 30, 2014

31-May-14

Dec. 31, 2014

Mar. 02, 2015

Dec. 31, 2014

Jan. 31, 2014

Jun. 30, 2014

Dec. 31, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Oct. 29, 2014

Aug. 06, 2014

7-May-14

Jan. 29, 2014

Oct. 30, 2013

Jul. 31, 2013

1-May-13

Feb. 01, 2013

Nov. 01, 2012

Aug. 02, 2012

2-May-12

Jan. 30, 2012

Oct. 29, 2014

Aug. 06, 2014

7-May-14

Jan. 29, 2014

Oct. 30, 2013

Jul. 31, 2013

1-May-13

Feb. 01, 2013

Nov. 01, 2012

Aug. 02, 2012

2-May-12

Jan. 30, 2012

Oct. 29, 2014

Aug. 06, 2014

7-May-14

Jan. 29, 2014

Oct. 30, 2013

Jul. 31, 2013

1-May-13

Feb. 01, 2013

Oct. 29, 2014

Aug. 06, 2014

7-May-14

Jan. 29, 2014

Oct. 30, 2013

Jul. 31, 2013

1-May-13

Oct. 29, 2014

Aug. 06, 2014

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

Griffin-American

Dividend Reinvestment Plan (DRP)

Dividend Reinvestment Plan (DRP)

Additional Paid-in Capital

Additional Paid-in Capital

Additional Paid-in Capital

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Series A preferred stock

Series A preferred stock

Series A preferred stock

Series A preferred stock

Series A preferred stock

Series A preferred stock

Series A preferred stock

Series A preferred stock

Series A preferred stock

Series A preferred stock

Series A preferred stock

Series A preferred stock

Series B preferred stock

Series B preferred stock

Series B preferred stock

Series B preferred stock

Series B preferred stock

Series B preferred stock

Series B preferred stock

Series B preferred stock

Series B preferred stock

Series B preferred stock

Series B preferred stock

Series B preferred stock

Series C preferred stock

Series C preferred stock

Series C preferred stock

Series C preferred stock

Series C preferred stock

Series C preferred stock

Series C preferred stock

Series C preferred stock

Series D preferred stock

Series D preferred stock

Series D preferred stock

Series D preferred stock

Series D preferred stock

Series D preferred stock

Series D preferred stock

Series E preferred stock

Series E preferred stock

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

Subsequent event

Griffin-American

RXR Equity Investment

Aerium

Weighted Average

Additional Paid-in Capital

Additional Paid-in Capital

Additional Paid-in Capital

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

Griffin-American

RXR Equity Investment

Aerium

Aerium

USD ($)

USD ($)

USD ($)

EUR (€)

Class of Stock [Line Items]

Stock split, conversion ratio (one-for-two reverse split)

0.5

New stock issued during period (shares)

15,000,000

17,250,000

23,000,000

7,000,000

60,800,000

677,570

208,819

Proceeds from issuance of common stock

$1,191,307,000

$1,305,619,000

$383,480,000

$268,600,000

$519,000,000

$403,500,000

$122,200,000

$17,700,000

Shares issued (in dollars per share)

$18.40

$30.90

$32.52

$18.11

Common stock related to transactions

1,082,731,000

17,712,000

1,082,114,000

[1]

17,712,000

[1]

6,800,000

5,000,000

Stock issued for exercise of warrants (shares)

799,500

Forward sale agreement, shares authorized for issuance

30,000,000

Forward sale agreement indexed to Company's stock, forward rate multiple

99.50%

Forward sale agreement indexed to Company's stock, forward rate (in dollars per share)

$17.95

Equity

2,396,000,000

1,122,500,000

1,100,000,000

DRP

Number of shares of common stock reserved for issuance under DRP (shares)

7,139,923

Common shares issued pursuant to the DRP (shares)

9,374

Gross sales price from shares issued pursuant to the DRP

239,000

249,000

202,000

200,000

239,000

[1]

249,000

[1]

201,000

[1]

Dividends

Dividends per share of common stock (in dollars per share)

$0.40

$0.50

$0.50

$0.50

$0.42

$0.40

$0.38

$0.36

$0.34

$0.32

$0.30

$0.27

Dividends declared per share of preferred stock (in dollars per share)

$0.55

$0.55

$0.55

$0.55

$0.55

$0.55

$0.55

$0.55

$0.55

$0.55

$0.55

$0.55

$0.52

$0.52

$0.52

$0.52

$0.52

$0.52

$0.52

$0.52

$0.52

$0.52

$0.52

$0.52

$0.55

$0.55

$0.55

$0.55

$0.55

$0.55

$0.55

$0.76

$0.53

$0.53

$0.53

$0.53

$0.53

$0.53

$0.21

$0.55

$0.55

Numerator:

Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders

-116,453,000

[2]

-46,525,000

[2]

-73,566,000

[2]

-134,963,000

[2]

-10,422,000

[2]

-151,027,000

[2]

-12,626,000

[2]

36,622,000

[2]

-371,507,000

[2]

-137,453,000

[2]

-288,587,000

[2]

Net income (loss) attributable to Old LTIP Units non-controlling interest

-5,296,000

-5,571,000

-13,962,000

Net income (loss) attributable to common stockholders and Old LTIP Units(1)

($376,803,000)

($143,024,000)

($302,549,000)

Denominator:

Weighted average shares of common stock (shares)

196,071,771

[2],[3],[4]

105,907,760

[2],[3],[4]

62,599,258

[2],[3],[4]

Weighted average Old LTIP Units (in shares)

1,919,000

4,581,000

3,013,000

Weighted average diluted shares

197,990,458

[2],[3]

110,489,168

[2],[3]

65,612,099

[2],[3]

Earnings Per Share

Basic (in dollars per share)

($0.47)

($0.23)

[2],[3]

($0.42)

[2],[3]

($0.84)

[2],[3]

($0.08)

[2],[3]

($1.36)

[2],[3]

($0.13)

[2],[3]

$0.42

[2],[3]

($1.89)

[2],[3]

($1.30)

[2],[3]

($4.61)

[2],[3]

Diluted (in dollars per share)

($0.47)

($0.23)

[2],[3]

($0.42)

[2],[3]

($0.84)

[2],[3]

($0.08)

[2],[3]

($1.36)

[2],[3]

($0.13)

[2],[3]

$0.40

[2],[3]

($1.89)

[2],[3]

($1.30)

[2],[3]

($4.61)

[2],[3]

[1]

Adjusted for the one-for-two reverse stock split completed on June 30, 2014. Refer to Note 13. “Stockholders’ Equity” for additional disclosure related to the reverse stock split.

[2]

The consolidated financial statements for the year ended December 31, 2014 include: (i) the Company’s results of operations for the six months ended December 31, 2014 which represents the Company’s results of operations following the spin-off of the Company’s historical asset management business on June 30, 2014; and (ii) the Company’s results of operations for the six months ended June 30, 2014 which represents a carve-out of revenues and expenses attributable to NSAM in discontinued operations. The Company’s historical financial information for the years ended December 31, 2013 and 2012 was prepared on the same basis as the six months ended June 30, 2014. As a result, results of operations for the year ended December 31, 2014 may not be comparative to the Company's results of operations reported for the prior periods presented.

[3]

Adjusted for the one-for-two reverse stock split completed on June 30, 2014. Refer to Note 13. “Stockholders’ Equity” for disclosure related to the reverse stock split.

[4]

The six months ended June 30, 2014 and the years ended December 31, 2013 and 2012 include $13.7 million, $5.2 million and $4.2 million, respectively, of equity-based compensation recorded in discontinued operations.

Stockholders_Equity_Preferred_

Stockholders' Equity - Preferred Stock (Details) (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014
Class of Stock [Line Items]
Preferred stock, shares outstanding	39,465,594
Preferred stock, amount outstanding	$939,118
Preferred stock, shares authorized	250,000,000
Preferred stock, par value (in dollars per share)	$0.01
Preferred stock, liquidation preference (in dollars per share)	$25
Series A 8.75% preferred stock
Class of Stock [Line Items]
Preferred stock, dividend rate (percent)	8.75%
Preferred stock, shares outstanding	2,466,689
Preferred stock, amount outstanding	59,453
Series B 8.25% preferred stock
Class of Stock [Line Items]
Preferred stock, dividend rate (percent)	8.25%
Preferred stock, shares outstanding	13,998,905
Preferred stock, amount outstanding	323,757
Series C 8.875% Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate (percent)	8.88%
Preferred stock, shares outstanding	5,000,000
Preferred stock, amount outstanding	120,808
Series D 8.50% preferred stock
Class of Stock [Line Items]
Preferred stock, dividend rate (percent)	8.50%
Preferred stock, shares outstanding	8,000,000
Preferred stock, amount outstanding	193,334
Series E 8.75% preferred stock
Class of Stock [Line Items]
Preferred stock, dividend rate (percent)	8.75%
Preferred stock, shares outstanding	10,000,000
Preferred stock, amount outstanding	$241,766

Stockholders_Equity_Dividends_

Stockholders' Equity - Dividends Declared (Details) (USD $)	0 Months Ended												12 Months Ended			0 Months Ended
	Oct. 29, 2014	Aug. 06, 2014	7-May-14	Feb. 26, 2014	Oct. 30, 2013	Jul. 31, 2013	1-May-13	Feb. 13, 2013	Nov. 01, 2012	Aug. 02, 2012	2-May-12	Feb. 15, 2012	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jan. 29, 2014	Feb. 01, 2013	Jan. 30, 2012
Class of Stock [Line Items]
Dividends per share of common stock (in dollars per share)	$0.40	$0.50	$0.50	$0.50	$0.42	$0.40	$0.38	$0.36	$0.34	$0.32	$0.30	$0.27
Common stock distributions, paid as ordinary income (percent)													17.00%		100.00%
Common stock distributions, paid as return of capital (percent)													83.00%	100.00%
Series A preferred stock
Class of Stock [Line Items]
Dividends declared per share of preferred stock (in dollars per share)	$0.55	$0.55	$0.55		$0.55	$0.55	$0.55		$0.55	$0.55	$0.55					$0.55	$0.55	$0.55
Series B preferred stock
Class of Stock [Line Items]
Dividends declared per share of preferred stock (in dollars per share)	$0.52	$0.52	$0.52		$0.52	$0.52	$0.52		$0.52	$0.52	$0.52					$0.52	$0.52	$0.52
Series C preferred stock
Class of Stock [Line Items]
Dividends declared per share of preferred stock (in dollars per share)	$0.55	$0.55	$0.55		$0.55	$0.55	$0.55									$0.55	$0.76
Series D preferred stock
Class of Stock [Line Items]
Dividends declared per share of preferred stock (in dollars per share)	$0.53	$0.53	$0.53		$0.53	$0.53	$0.21									$0.53
Series E preferred stock
Class of Stock [Line Items]
Dividends declared per share of preferred stock (in dollars per share)	$0.55	$0.55

Noncontrolling_Interests_Detai

Non-controlling Interests (Details) (USD $)	12 Months Ended			6 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jun. 30, 2014
Non-controlling interests
Net income (loss) allocated to the non-controlling interest	$5,296,000	$5,571,000	$13,962,000
Net Income (Loss) Available to Common Stockholders [Abstract]
Income (loss) from continuing operations	-363,541,000	-129,394,000	-290,451,000
Income (loss) from discontinued operations	-7,966,000	-8,059,000	-123,000
Gain (loss) on sale from discontinued operations	0	0	1,987,000
Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	-371,507,000	-137,453,000	-288,587,000
NorthStar Realty Finance Corp.
Non-controlling interests
Stock conversion ratio (in shares)	1
Operating Partnership
Non-controlling interests
Non-controlling interests, ownership percentage		2.90%		2.20%
Parent's ownership interest, percent				97.80%
Aggregate limited partnership units (in shares)		4,608,759
Net income (loss) allocated to the non-controlling interest		-5,600,000	-14,000,000	-5,300,000
Operating Partnership | LTIP Units
Non-controlling interests
Shares Issued (shares)	1,186,659
Other non-controlling interests
Non-controlling interests
Net income (loss) allocated to other non-controlling interests	($17,600,000)	($400,000)	$2,400,000

Fair_Value_Assets_and_Liabilit

Fair Value - Assets and Liabilities at Fair Value on Recurring Basis (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets:
PE Investments	$962,038	$586,018
Real estate securities, available for sale	878,514	1,052,320
Total assets	1,845,370	1,609,437
Fair Value
Derivative liabilities	17,915	52,204
Total liabilities	605,240	585,386
Variable Interest Entity, Not Primary Beneficiary
Assets:
Real estate securities, available for sale	416,699	410,236
Variable Interest Entity, Not Primary Beneficiary | N-Star CDO Bonds
Assets:
Real estate securities, available for sale	262,309	205,287
Variable Interest Entity, Not Primary Beneficiary | N-Star CDO equity
Assets:
Real estate securities, available for sale	102,467	158,274
Variable Interest Entity, Not Primary Beneficiary | CMBS
Assets:
Real estate securities, available for sale	51,923	46,675
CMBS and other securities		30,600
Consolidated Entity Excluding Variable Interest Entities (VIE) | CMBS
Assets:
CMBS and other securities	42,600
Variable Interest Entity, Primary Beneficiary
Assets:
Real estate securities, available for sale	461,815	642,084
Variable Interest Entity, Primary Beneficiary | CMBS
Assets:
Real estate securities, available for sale	382,867	572,301
Variable Interest Entity, Primary Beneficiary | Third-party CDO notes
Assets:
Real estate securities, available for sale	23,218	24,931
Variable Interest Entity, Primary Beneficiary | Agency debentures
Assets:
Real estate securities, available for sale	40,529	29,540
Variable Interest Entity, Primary Beneficiary | Trust preferred securities
Assets:
Real estate securities, available for sale	5,850	5,791
Estimate of Fair Value Measurement
Assets:
Real estate securities, available for sale	878,514	1,052,320
Derivative assets	3,247	3,469
Fair Value
CDO bonds payable	605,240
Derivative liabilities	17,915	52,204
Recurring basis | Estimate of Fair Value Measurement
Assets:
PE Investments	962,038	586,018
Investments in unconsolidated ventures	276,437	192,419
Derivative assets	3,245	3,469
Total assets	2,120,234	1,834,226
Fair Value
CDO bonds payable	390,068	384,183
Junior subordinated notes	215,172	201,203
Derivative liabilities	17,915	52,204
Total liabilities	623,155	637,590
Recurring basis | Estimate of Fair Value Measurement | Variable Interest Entity, Not Primary Beneficiary | N-Star CDO Bonds
Assets:
Real estate securities, available for sale	262,309	205,287
Recurring basis | Estimate of Fair Value Measurement | Variable Interest Entity, Not Primary Beneficiary | N-Star CDO equity
Assets:
Real estate securities, available for sale	102,467	158,274
Recurring basis | Estimate of Fair Value Measurement | Consolidated Entity Excluding Variable Interest Entities (VIE)
Assets:
CMBS and other securities	51,923	46,675
Recurring basis | Estimate of Fair Value Measurement | Variable Interest Entity, Primary Beneficiary
Assets:
Real estate securities, available for sale		642,084
Total assets	461,815
Recurring basis | Estimate of Fair Value Measurement | Variable Interest Entity, Primary Beneficiary | CMBS
Assets:
CMBS and other securities	382,867	572,301
Recurring basis | Estimate of Fair Value Measurement | Variable Interest Entity, Primary Beneficiary | Third-party CDO notes
Assets:
Real estate securities, available for sale	23,218	24,931
Recurring basis | Estimate of Fair Value Measurement | Variable Interest Entity, Primary Beneficiary | Agency debentures
Assets:
Real estate securities, available for sale	40,529	29,540
Recurring basis | Estimate of Fair Value Measurement | Variable Interest Entity, Primary Beneficiary | Unsecured REIT debt
Assets:
Real estate securities, available for sale	9,351	9,521
Recurring basis | Estimate of Fair Value Measurement | Variable Interest Entity, Primary Beneficiary | Trust preferred securities
Assets:
Real estate securities, available for sale	5,850	5,791
Recurring basis | Estimate of Fair Value Measurement | All Variable Interest Entities
Assets:
Total assets	878,514	1,052,320
Recurring basis | Level 2
Assets:
Derivative assets	3,245	3,469
Total assets	400,183	570,949
Fair Value
Derivative liabilities	17,915	52,204
Total liabilities	17,915	52,204
Recurring basis | Level 2 | Consolidated Entity Excluding Variable Interest Entities (VIE)
Assets:
CMBS and other securities	17,243	20,694
Recurring basis | Level 2 | Variable Interest Entity, Primary Beneficiary
Assets:
Real estate securities, available for sale		546,786
Total assets	379,695
Recurring basis | Level 2 | Variable Interest Entity, Primary Beneficiary | CMBS
Assets:
CMBS and other securities	329,815	507,725
Recurring basis | Level 2 | Variable Interest Entity, Primary Beneficiary | Agency debentures
Assets:
Real estate securities, available for sale	40,529	29,540
Recurring basis | Level 2 | Variable Interest Entity, Primary Beneficiary | Unsecured REIT debt
Assets:
Real estate securities, available for sale	9,351	9,521
Recurring basis | Level 2 | All Variable Interest Entities
Assets:
Total assets	396,938	567,480
Recurring basis | Level 3
Assets:
PE Investments	962,038	586,018
Investments in unconsolidated ventures		192,419
Total assets	1,720,051	1,263,277
Fair Value
CDO bonds payable	390,068	384,183
Junior subordinated notes	215,172	201,203
Total liabilities	605,240	585,386
Recurring basis | Level 3 | Variable Interest Entity, Not Primary Beneficiary | N-Star CDO Bonds
Assets:
Real estate securities, available for sale	262,309	205,287
Recurring basis | Level 3 | Variable Interest Entity, Not Primary Beneficiary | N-Star CDO equity
Assets:
Real estate securities, available for sale	102,467	158,274
Recurring basis | Level 3 | Consolidated Entity Excluding Variable Interest Entities (VIE)
Assets:
CMBS and other securities	34,680	25,981
Recurring basis | Level 3 | Variable Interest Entity, Primary Beneficiary
Assets:
Real estate securities, available for sale		95,298
Total assets	82,120
Recurring basis | Level 3 | Variable Interest Entity, Primary Beneficiary | CMBS
Assets:
CMBS and other securities	53,052	64,576
Recurring basis | Level 3 | Variable Interest Entity, Primary Beneficiary | Third-party CDO notes
Assets:
Real estate securities, available for sale	23,218	24,931
Recurring basis | Level 3 | Variable Interest Entity, Primary Beneficiary | Trust preferred securities
Assets:
Real estate securities, available for sale	5,850	5,791
Recurring basis | Level 3 | All Variable Interest Entities
Assets:
Total assets	$481,576	$484,840

Fair_Value_Changes_in_Fair_Val

Fair Value - Changes in Fair Value, Assets and Liabilities on Recurring Basis (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Additional information about the company's CDO bonds payable and junior subordinated notes measured at fair value on a recurring basis for which the company has utilized Level 3 inputs to determine fair value
Purchases / borrowings / amortization	$0	$0
CDO Bonds Payable
Gains:
Deconsolidation of N-Star CDOs (Gains)	-122,486,000	-1,656,857,000
Losses:
Deconsolidation of N-Star CDOs (Losses)		556,436,000
Additional information about the company's CDO bonds payable and junior subordinated notes measured at fair value on a recurring basis for which the company has utilized Level 3 inputs to determine fair value
Beginning balance	384,183,000	1,999,470,000
Purchases / borrowings / amortization	-15,320,000	-43,983,000
Paydowns	-87,859,000	-647,947,000
Repurchases		-44,221,000
Deconsolidation of N-Star CDOs (Gains)	-122,486,000	-1,656,857,000
Losses:
Unrealized losses included in earnings	217,608,000	106,622,000
Realized losses included in earnings	13,942,000	26,697,000
Ending balance	390,068,000	384,183,000
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held	-217,608,000	-106,622,000
Junior Subordinated Notes
Additional information about the company's CDO bonds payable and junior subordinated notes measured at fair value on a recurring basis for which the company has utilized Level 3 inputs to determine fair value
Beginning balance	201,203,000	197,173,000
Losses:
Unrealized losses included in earnings	13,969,000	4,030,000
Ending balance	215,172,000	201,203,000
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held	-13,969,000	-4,030,000
Investments in Private Equity Funds
Additional information about the company's CRE securities measured at fair value on a recurring basis for which the company has utilized Level 3 inputs to determine fair value
Beginning balance	586,018,000
Purchases / borrowings / amortization / contributions	548,961,000	747,564,000
Paydowns / distributions	-339,598,000	-244,138,000
Gains:
Equity in earnings of unconsolidated ventures	134,036,000	82,592,000
Unrealized gains included in earnings	32,621,000
Losses:
Ending balance	962,038,000	586,018,000
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held	32,621,000	0
Equity and Preferred Equity Interest
Additional information about the company's CRE securities measured at fair value on a recurring basis for which the company has utilized Level 3 inputs to determine fair value
Beginning balance	192,419,000
Purchases / borrowings / amortization / contributions	84,206,000	192,209,000
Paydowns / distributions	-2,507,000
Gains:
Equity in earnings of unconsolidated ventures	10,494,000	210,000
Losses:
Unrealized losses included in earnings	-8,175,000
Ending balance		192,419,000
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held	-8,175,000	0
Real Estate Securities
Additional information about the company's CRE securities measured at fair value on a recurring basis for which the company has utilized Level 3 inputs to determine fair value
Beginning balance	484,840,000	338,213,000
Transfers into Level 3	-17,513,000	-7,788,000
Transfers out of Level 3		-108,143,000
Purchases / borrowings / amortization / contributions	64,104,000	23,594,000
Sales	-65,504,000	-40,328,000
Paydowns / distributions	-48,511,000	-54,971,000
Gains:
Unrealized gains included in earnings	44,308,000	68,794,000
Realized gains included in earnings	15,626,000	15,179,000
Unrealized gain on real estate securities, available for sale included in OCI	61,045,000	3,098,000
Deconsolidation of N-Star CDOs (Gains)	873,000	350,886,000
Losses:
Unrealized losses included in earnings	-64,977,000	-19,523,000
Realized losses included in earnings	-3,152,000	-5,601,000
Unrealized losses on real estate securities, available for sale included in OCI	-3,519,000	-4,138,000
Deconsolidation of N-Star CDOs (Losses)	21,070,000	90,008,000
Ending balance	481,576,000	484,840,000
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held	-37,487,000	20,746,000
Additional information about the company's CDO bonds payable and junior subordinated notes measured at fair value on a recurring basis for which the company has utilized Level 3 inputs to determine fair value
Deconsolidation of N-Star CDOs (Gains)	873,000	350,886,000
Level 3 | Recurring basis
Losses:
Ending balance		192,419,000
Level 3 | Recurring basis | Equity and Preferred Equity Interest
Losses:
Ending balance	$276,437,000

Fair_Value_Fair_Value_Option_D

Fair Value - Fair Value Option (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Assets:
Assets	$878,514,000	$1,052,320,000
Subtotal real estate securities, available for sale	606,895,000	831,000,000
Total assets	1,845,370,000	1,609,437,000
CDO bonds payable, at fair value	390,068,000	384,183,000
Total liabilities	605,240,000	585,386,000
Amount Due Upon Maturity
Total liabilities	10,192,560,000	4,059,860,000
Difference
Total liabilities, Difference	-235,836,000
Change in fair value of assets and liabilities for which fair value option was elected
Unrealized gains (losses) on investments and other related to the change in fair value of financial assets and liabilities for which the fair value option was elected	-222,999,000	-13,676,000	-512,972,000
Net unrealized gains (losses) on investments and other related to the change in fair value of financial assets and liabilities for which the fair value option was elected	-214,815,000	20,054,000	-468,229,000
CRE Securities
Assets:
Carrying value of items for which the fair value option was not elected	9,300,000	16,000,000
N-Star CDO Bonds
Assets:
Carrying value of items for which the fair value option was not elected	271,600,000	205,300,000
CDO Bonds Payable
Amount Due Upon Maturity
Total liabilities	560,959,000	970,219,000
Difference
Total liabilities, Difference	-170,891,000
Junior Subordinated Notes
Amount Due Upon Maturity
Total liabilities	280,117,000	280,117,000
Difference
Total liabilities, Difference	-64,945,000
Variable Interest Entity, Not Primary Beneficiary
Assets:
Assets	416,699,000	410,236,000
Variable Interest Entity, Primary Beneficiary
Assets:
Assets	461,815,000	642,084,000
Subtotal real estate securities, available for sale	461,815,000	642,084,000
Recurring basis | Level 3
Fair Value, Option Quantitative Disclosures [Lines Items]
Fair Value		192,419,000
Assets:
Total assets	1,720,051,000	1,263,277,000
Junior subordinated notes	215,172,000	201,203,000
Total liabilities	605,240,000	585,386,000
Fair Value
CDO bonds payable	390,068,000	384,183,000
Recurring basis | Level 3 | Consolidated Entity Excluding Variable Interest Entities (VIE)
Assets:
CMBS and other securities	34,680,000	25,981,000
Recurring basis | Level 3 | Variable Interest Entity, Primary Beneficiary
Assets:
Assets		95,298,000
Total assets	82,120,000
PE Investments
Fair Value, Option Quantitative Disclosures [Lines Items]
Fair Value	962,038,000	586,018,000
PE Investments | Minimum
Fair Value, Option Quantitative Disclosures [Lines Items]
Discount rate (percent)	15.00%
PE Investments | Maximum
Fair Value, Option Quantitative Disclosures [Lines Items]
Discount rate (percent)	27.00%
Equity and Preferred Equity Interest
Fair Value, Option Quantitative Disclosures [Lines Items]
Fair Value		192,419,000
Equity and Preferred Equity Interest | Minimum
Fair Value, Option Quantitative Disclosures [Lines Items]
Discount rate (percent)	7.00%
Equity and Preferred Equity Interest | Maximum
Fair Value, Option Quantitative Disclosures [Lines Items]
Discount rate (percent)	30.00%
Equity and Preferred Equity Interest | Recurring basis | Level 3
Fair Value, Option Quantitative Disclosures [Lines Items]
Fair Value	276,437,000
N-Star CDO equity
Fair Value, Option Quantitative Disclosures [Lines Items]
Discount rate (percent)	18.00%
PE Investments
Assets:
Assets	962,038,000	586,018,000
Change in fair value of assets and liabilities for which fair value option was elected
Unrealized gains (losses) on investments and other related to the change in fair value of financial assets and liabilities for which the fair value option was elected	32,621,000	0	0
Equity and Preferred Equity Interest
Assets:
Assets	276,437,000	192,419,000
N-Star CDO equity | Variable Interest Entity, Not Primary Beneficiary
Assets:
Assets	102,467,000	158,274,000
CMBS | Consolidated Entity Excluding Variable Interest Entities (VIE)
Assets:
CMBS and other securities	42,613,000	30,642,000
CMBS | Variable Interest Entity, Primary Beneficiary
Assets:
CMBS and other securities	382,867,000	572,301,000
Third-party CDO notes | Variable Interest Entity, Primary Beneficiary
Assets:
Third-party CDO notes	23,218,000	24,931,000
Agency debentures | Variable Interest Entity, Primary Beneficiary
Assets:
Assets	40,529,000	29,540,000
Unsecured REIT debt | Variable Interest Entity, Primary Beneficiary
Assets:
Assets	9,351,000	9,521,000
Trust preferred securities | Variable Interest Entity, Primary Beneficiary
Assets:
Assets	5,850,000	5,791,000
CDO Bonds Payable
Assets:
CDO bonds payable, at fair value	390,068,000	384,183,000
Change in fair value of assets and liabilities for which fair value option was elected
Unrealized gains (losses) on investments and other related to the change in fair value of financial assets and liabilities for which the fair value option was elected	-217,608,000	-106,622,000	-510,105,000
Junior Subordinated Notes
Assets:
Junior subordinated notes	215,172,000	201,203,000
Change in fair value of assets and liabilities for which fair value option was elected
Unrealized gains (losses) on investments and other related to the change in fair value of financial assets and liabilities for which the fair value option was elected	-13,969,000	-4,030,000	-40,005,000
Real Estate Securities
Assets:
Number of CRE securities for which the fair value option was not elected (security)		36
Change in fair value of assets and liabilities for which fair value option was elected
Unrealized gains (losses) on investments and other related to the change in fair value of financial assets and liabilities for which the fair value option was elected	-12,324,000	94,676,000	35,993,000
Other
Change in fair value of assets and liabilities for which fair value option was elected
Unrealized gains (losses) on investments and other related to the change in fair value of financial assets and liabilities for which the fair value option was elected	-11,719,000	2,300,000	1,145,000
Derivatives
Change in fair value of assets and liabilities for which fair value option was elected
Unrealized gains (losses) on derivatives related to the change in fair value	8,184,000	33,730,000	44,743,000
Fair Value
Assets:
Assets	878,514,000	1,052,320,000
CDO bonds payable, at fair value	390,068,000	384,183,000
Fair Value
CDO bonds payable	605,240,000
Fair Value | CDO Bonds Payable
Fair Value
CDO bonds payable	390,068,000
Fair Value | Junior Subordinated Notes
Fair Value
CDO bonds payable	215,172,000
Fair Value | Recurring basis
Fair Value, Option Quantitative Disclosures [Lines Items]
Fair Value	276,437,000	192,419,000
Assets:
Total assets	2,120,234,000	1,834,226,000
Junior subordinated notes	215,172,000	201,203,000
Total liabilities	623,155,000	637,590,000
Fair Value
CDO bonds payable	390,068,000	384,183,000
Fair Value | Recurring basis | Consolidated Entity Excluding Variable Interest Entities (VIE)
Assets:
CMBS and other securities	51,923,000	46,675,000
Fair Value | Recurring basis | Variable Interest Entity, Primary Beneficiary
Assets:
Assets		642,084,000
Total assets	461,815,000
Fair Value | PE Investments | Recurring basis | Level 3
Fair Value, Option Quantitative Disclosures [Lines Items]
Fair Value	962,038,000
Fair Value | Equity and Preferred Equity Interest | Recurring basis | Level 3
Fair Value, Option Quantitative Disclosures [Lines Items]
Fair Value	276,437,000
Fair Value | N-Star CDO equity | Recurring basis | Level 3 | Variable Interest Entity, Not Primary Beneficiary
Assets:
Assets	102,467,000
Amount Due Upon Maturity
Assets:
Assets	1,532,891,000	2,090,726,000
CDO bonds payable, at fair value	560,959,000	970,219,000
Amount Due Upon Maturity
Total liabilities	841,076,000
Amount Due Upon Maturity | CDO Bonds Payable
Amount Due Upon Maturity
Total liabilities	560,959,000
Amount Due Upon Maturity | Junior Subordinated Notes
Amount Due Upon Maturity
Total liabilities	280,117,000
CRE Securities
Assets:
Number of CRE securities for which the fair value option was not elected (security)	34
Carrying value of items for which the fair value option was not elected	$271,600,000

Fair_Value_Financial_Instrumen

Fair Value - Financial Instruments (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
In Thousands, unless otherwise specified
Financial assets:
Real estate debt investments, net	$1,067,667	$1,031,078	$1,832,231	$1,710,582
Real estate securities, available for sale	878,514	1,052,320
Financial liabilities:
Mortgage and other notes payable	8,535,863	2,113,334
CDO bonds payable	390,068	384,183
Securitization bonds payable	41,823	82,340
Credit facilities	732,780	70,038
Exchangeable senior notes	41,762	490,973
Junior subordinated notes	215,172	201,203
Derivative liabilities	17,915	52,204
Timing swaps
Fair Value of Financial Instruments
Derivative, notional amount	28,000	28,000
Principal / Notional Amount
Financial assets:
Real estate debt investments, net	1,187,316	1,085,280
Real estate securities, available for sale	1,532,891	2,090,726
Derivative assets	3,848,859	478,688
Financial liabilities:
Mortgage and other notes payable	8,531,285	2,133,334
CDO bonds payable	560,959	970,219
Securitization bonds payable	41,831	82,337
Credit facilities	732,780	70,038
Exchangeable senior notes	45,588	543,815
Junior subordinated notes	280,117	280,117
Derivative liabilities	318,726	674,418
Carrying Value
Financial assets:
Real estate debt investments, net	1,067,667	1,031,078
Real estate securities, available for sale	878,514	1,052,320
Derivative assets	3,247	3,469
Financial liabilities:
Mortgage and other notes payable	8,535,863	2,113,334
CDO bonds payable	390,068	384,183
Securitization bonds payable	41,823	82,340
Credit facilities	732,780	70,038
Exchangeable senior notes	41,762	490,973
Junior subordinated notes	215,172	201,203
Derivative liabilities	17,915	52,204
Fair Value
Financial assets:
Real estate debt investments, net	1,066,911	1,026,709
Real estate securities, available for sale	878,514	1,052,320
Derivative assets	3,247	3,469
Financial liabilities:
Mortgage and other notes payable	8,539,363	2,107,110
CDO bonds payable	390,068	384,183
Securitization bonds payable	41,929	82,517
Credit facilities	732,780	70,038
Exchangeable senior notes	82,443	909,601
Junior subordinated notes	215,172	201,203
Derivative liabilities	$17,915	$52,204

Risk_Management_and_Derivative2

Risk Management and Derivative Activities (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Non-hedge derivatives
Reclassification of swap gain (loss) into gain (loss) from deconsolidation of N-Star CDOs	$0	$15,246,000	$0
Cash margin held by counterparties as collateral	0	0
Interest rate swaps
Derivative liabilities
Interest rate swaps	17,915,000	52,204,000
Interest rate swaps | Unrealized gain (loss) on investments and other
Non-hedge derivatives
Amount of gain (loss) recognized in earnings: Net cash payment	-16,880,000	-52,734,000	-78,903,000
Interest rate swaps | Unrealized gain (loss) on investments and other | Derivatives
Non-hedge derivatives
Amount of gain (loss) recognized in earnings: Adjustments to fair value	8,196,000	33,730,000	44,743,000
Interest rate swaps | Interest expense on debt and securities
Non-hedge derivatives
Amount of swap gain (loss) reclassified from OCI into earnings	915,000	-4,885,000	-7,412,000
Interest rate swaps | Gain (loss) from deconsolidation of N-Star CDOs
Non-hedge derivatives
Reclassification of swap gain (loss) into gain (loss) from deconsolidation of N-Star CDOs	0	-15,246,000	0
Interest rate caps/floors
Derivative assets
Interest rate caps/floors	3,247,000	3,469,000
Timing swaps
Derivative instruments
Notional Amount	28,000,000	28,000,000
Not designated as hedges
Derivative instruments
Number (instruments)	34	22
Notional Amount	4,167,585,000	1,153,106,000
Fair Value Net Asset (Liability)	-14,668,000	-48,735,000
Not designated as hedges | Interest rate swaps
Derivative instruments
Number (instruments)	12	19
Notional Amount		674,418,000
Fair Value Net Asset (Liability)	-17,915,000	-52,204,000
Not designated as hedges | Interest rate caps/floors
Derivative instruments
Number (instruments)	22	3
Notional Amount		478,688,000
Fair Value Net Asset (Liability)	3,247,000	3,469,000
Not designated as hedges | Interest rate caps/floors | Sterling
Derivative instruments
Number (instruments)	2
Not designated as hedges | LIBOR | Interest rate swaps
Derivative instruments
Lower Range of Fixed LIBOR (as a percent)	0.62%	4.27%
Higher Range of Fixed LIBOR (as a percent)	5.25%	5.25%
Not designated as hedges | LIBOR | Interest rate caps/floors
Derivative instruments
Lower Range of Fixed LIBOR (as a percent)	2.00%	1.64%
Higher Range of Fixed LIBOR (as a percent)	5.00%	5.00%
Designated as hedge
Derivative instruments
Number (instruments)	0	0
Principal / Notional Amount | Not designated as hedges | Interest rate swaps
Derivative instruments
Notional Amount	318,726,000
Principal / Notional Amount | Not designated as hedges | Interest rate caps/floors
Derivative instruments
Notional Amount	$3,848,859,000

Commitments_and_Contingencies_1

Commitments and Contingencies (Details) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2009	Mar. 31, 2012
				investment
				sqft
				building
Loss Contingencies [Line Items]
Eligibility for participation in plan, period of service	30 days
Company's match of participant contributions, first 3% of eligible earnings contributed (percent)	100.00%
Percentage of eligible earnings contributed, matched 100% by Company (percent)	3.00%
Company's match of participant contributions, next 2% of eligible earnings contributed (percent)	50.00%
Percentage of eligible earnings contributed, matched 50% by Company (percent)	2.00%
Aggregate matching contribution	$1	$0.80	$0.80
Washington Mutual Bank foreclosure
Loss Contingencies [Line Items]
Number of net lease investments foreclosed on by lender (investment)				1
Number of office buildings in net lease investment (building)				3
Area of office buildings (in square feet)				257,000
Percentage of office buildings leased (percent)				100.00%
Loss accrual reversed on overturned judgment					$20

Commitments_and_Contingencies_2

Commitments and Contingencies - Future Rental Payments (Details) (USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified	lease
Commitments and Contingencies Disclosure [Abstract]
Number of ground lease obligations	53
Number of ground leases paid directly by tenants or operators	17
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2015	$4,739
2016	4,751
2017	4,795
2018	4,905
2019	4,848
Thereafter	89,608
Total minimum lease payments	$113,646

Quarterly_Financial_Informatio2

Quarterly Financial Information (Unaudited) (Details) (USD $)	3 Months Ended																12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014		Sep. 30, 2014		Jun. 30, 2014		Mar. 31, 2014		Dec. 31, 2013		Sep. 30, 2013		Jun. 30, 2013		Mar. 31, 2013		Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Quarterly Financial Information Disclosure [Abstract]
Property and other revenues	$296,555	[1]	$194,325	[1]	$119,357	[1]	$70,909	[1]	$64,057	[1]	$73,295	[1]	$65,214	[1]	$38,281	[1]	$681,146	[1]	$240,847	[1]	$114,308	[1]
Net interest income on debt and securities	71,154	[1]	77,936	[1]	72,761	[1]	75,396	[1]	80,330	[1]	65,009	[1]	61,560	[1]	58,938	[1]	297,247	[1]	265,837	[1]	335,496	[1]
Expenses	491,765	[1]	305,399	[1]	191,711	[1]	110,569	[1]	98,581	[1]	105,632	[1]	94,498	[1]	71,534	[1]	1,099,444	[1]	370,245	[1]	240,076	[1]
Equity in earnings (losses) of unconsolidated ventures	46,884		38,234		31,380		31,792		31,032		31,013		15,119		8,313		148,290	[1]	85,477	[1]	88	[1]
Income (loss) from continuing operations	-109,742	[1]	-26,331	[1]	-59,916	[1]	-116,969	[1]	10,881	[1]	-143,389	[1]	1,694	[1]	51,665	[1]	-312,958	[1]	-79,149	[1]	-257,718	[1]
Net income (loss)	-110,881	[1]	-26,609	[1]	-60,488	[1]	-123,108	[1]	4,689	[1]	-141,749	[1]	-546	[1]	49,696	[1]	-321,086	[1]	-87,910	[1]	-273,089	[1]
Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	($116,453)	[1]	($46,525)	[1]	($73,566)	[1]	($134,963)	[1]	($10,422)	[1]	($151,027)	[1]	($12,626)	[1]	$36,622	[1]	($371,507)	[1]	($137,453)	[1]	($288,587)	[1]
Basic (in dollars per share)	($0.47)		($0.23)	[1],[2]	($0.42)	[1],[2]	($0.84)	[1],[2]	($0.08)	[1],[2]	($1.36)	[1],[2]	($0.13)	[1],[2]	$0.42	[1],[2]	($1.89)	[1],[2]	($1.30)	[1],[2]	($4.61)	[1],[2]
Diluted (in dollars per share)	($0.47)		($0.23)	[1],[2]	($0.42)	[1],[2]	($0.84)	[1],[2]	($0.08)	[1],[2]	($1.36)	[1],[2]	($0.13)	[1],[2]	$0.40	[1],[2]	($1.89)	[1],[2]	($1.30)	[1],[2]	($4.61)	[1],[2]
[1]	The consolidated financial statements for the year ended December 31, 2014 include: (i) the Company’s results of operations for the six months ended December 31, 2014 which represents the Company’s results of operations following the spin-off of the Company’s historical asset management business on June 30, 2014; and (ii) the Company’s results of operations for the six months ended June 30, 2014 which represents a carve-out of revenues and expenses attributable to NSAM in discontinued operations. The Company’s historical financial information for the years ended December 31, 2013 and 2012 was prepared on the same basis as the six months ended June 30, 2014. As a result, results of operations for the year ended December 31, 2014 may not be comparative to the Company's results of operations reported for the prior periods presented.
[2]	Adjusted for the one-for-two reverse stock split completed on June 30, 2014. Refer to Note 13. “Stockholders’ Equity” for disclosure related to the reverse stock split.

Segment_Reporting_Details

Segment Reporting (Details) (USD $)	3 Months Ended																12 Months Ended
	Dec. 31, 2014		Sep. 30, 2014		Jun. 30, 2014		Mar. 31, 2014		Dec. 31, 2013		Sep. 30, 2013		Jun. 30, 2013		Mar. 31, 2013		Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
																	segment
Segment reporting
Number of reporting segments																	5
Rental and escalation income																	$351,558,000	[1]	$235,124,000	[1]	$112,496,000	[1]
Hotel related income																	237,039,000	[1]	0	[1]	0	[1]
Resident fee income																	77,516,000	[1]	0	[1]	0	[1]
Net interest income on debt and securities	71,154,000	[1]	77,936,000	[1]	72,761,000	[1]	75,396,000	[1]	80,330,000	[1]	65,009,000	[1]	61,560,000	[1]	58,938,000	[1]	297,247,000	[1]	265,837,000	[1]	335,496,000	[1]
Other interest expense																	231,181,000	[1]	140,507,000	[1]	89,536,000	[1]
Income (loss) before equity in earnings (losses) and income tax benefit (expense)																	-461,405,000	[1]	-163,626,000	[1]	-257,806,000	[1]
Equity in earnings (losses) of unconsolidated ventures	46,884,000		38,234,000		31,380,000		31,792,000		31,032,000		31,013,000		15,119,000		8,313,000		148,290,000	[1]	85,477,000	[1]	88,000	[1]
Income tax benefit (expense)																	157,000	[1]	-1,000,000		0
Income (loss) from continuing operations	-109,742,000	[1]	-26,331,000	[1]	-59,916,000	[1]	-116,969,000	[1]	10,881,000	[1]	-143,389,000	[1]	1,694,000	[1]	51,665,000	[1]	-312,958,000	[1]	-79,149,000	[1]	-257,718,000	[1]
Income (loss) from discontinued operations																	-8,128,000		-8,761,000		-17,450,000
Gain (loss) on sale from discontinued operations																	0	[1]	0	[1]	2,079,000	[1]
Net income (loss)	-110,881,000	[1]	-26,609,000	[1]	-60,488,000	[1]	-123,108,000	[1]	4,689,000	[1]	-141,749,000	[1]	-546,000	[1]	49,696,000	[1]	-321,086,000	[1]	-87,910,000	[1]	-273,089,000	[1]
Investments in private equity funds, at fair value	962,038,000								586,018,000								962,038,000		586,018,000
Investments in unconsolidated ventures	207,777,000								142,340,000								207,777,000		142,340,000		111,025,000
Total Assets	15,326,356,000	[2]							6,360,050,000	[2]							15,326,356,000	[2]	6,360,050,000	[2]	5,513,778,000
Variable Interest Entity, Primary Beneficiary
Segment reporting
Asset management services fee income																	5,900,000		11,100,000		14,400,000
Variable Interest Entity, Primary Beneficiary | Eliminations
Segment reporting
Asset management and other fees, related parties																	2,600,000		10,400,000		14,400,000
Real Estate
Segment reporting
Rental and escalation income																	350,273,000		202,765,000		82,201,000
Hotel related income																	237,039,000
Resident fee income																	77,516,000
Net interest income on debt and securities																	5,059,000		833,000		158,000
Other interest expense																	182,329,000		76,388,000		39,992,000
Income (loss) before equity in earnings (losses) and income tax benefit (expense)																	-174,129,000		-5,186,000		44,782,000
Equity in earnings (losses) of unconsolidated ventures																	145,363,000		82,700,000		-458,000
Income tax benefit (expense)																	859,000		-1,000,000
Income (loss) from continuing operations																	-27,907,000		76,514,000		44,324,000
Income (loss) from discontinued operations																	-925,000		-8,356,000		-668,000
Gain (loss) on sale from discontinued operations																					0
Net income (loss)																	-28,832,000		68,158,000		43,656,000
Investments in private equity funds, at fair value	962,038,000								586,018,000								962,038,000		586,018,000
Investments in unconsolidated ventures	184,026,000								113,735,000								184,026,000		113,735,000		30,293,000
Total Assets	13,006,146,000								3,343,402,000								13,006,146,000		3,343,402,000		1,197,910,000
Depreciation and amortization																	182,600,000		75,800,000		27,000,000
CRE Debt
Segment reporting
Rental and escalation income																	0		260,000		0
Hotel related income																	0
Resident fee income																	0
Net interest income on debt and securities																	145,159,000		48,594,000		14,592,000
Other interest expense																	0		0		0
Income (loss) before equity in earnings (losses) and income tax benefit (expense)																	139,581,000		50,632,000		14,256,000
Equity in earnings (losses) of unconsolidated ventures																	2,644,000		3,594,000		1,904,000
Income tax benefit (expense)																	-70,000		0
Income (loss) from continuing operations																	142,155,000		54,226,000		16,160,000
Income (loss) from discontinued operations																	0		0		0
Gain (loss) on sale from discontinued operations																					0
Net income (loss)																	142,155,000		54,226,000		16,160,000
Investments in private equity funds, at fair value	0								0								0		0
Investments in unconsolidated ventures	8,526,000								14,222,000								8,526,000		14,222,000		5,740,000
Total Assets	1,160,763,000								1,211,079,000								1,160,763,000		1,211,079,000		412,598,000
CRE Securities
Segment reporting
Rental and escalation income																	0		0		0
Hotel related income																	0
Resident fee income																	0
Net interest income on debt and securities																	82,246,000		38,160,000		17,499,000
Other interest expense																	0		0		0
Income (loss) before equity in earnings (losses) and income tax benefit (expense)																	104,423,000		83,828,000		21,966,000
Equity in earnings (losses) of unconsolidated ventures																	0		0		0
Income tax benefit (expense)																	-205,000		0
Income (loss) from continuing operations																	104,218,000		83,828,000		21,966,000
Income (loss) from discontinued operations																	0		0		0
Gain (loss) on sale from discontinued operations																					0
Net income (loss)																	104,218,000		83,828,000		21,966,000
Investments in private equity funds, at fair value	0								0								0		0
Investments in unconsolidated ventures	0								0								0		0		0
Total Assets	421,840,000								418,837,000								421,840,000		418,837,000		208,988,000
N-Star CDOs, CRE Debt
Segment reporting
Rental and escalation income																			30,947,000		30,295,000
Net interest income on debt and securities																			50,149,000		146,977,000
Other interest expense																			9,356,000		9,858,000
Income (loss) before equity in earnings (losses) and income tax benefit (expense)																			-312,148,000		-164,971,000
Equity in earnings (losses) of unconsolidated ventures																			-817,000		-1,358,000
Income tax benefit (expense)																			0
Income (loss) from continuing operations																			-312,965,000		-166,329,000
Income (loss) from discontinued operations																			0		540,000
Gain (loss) on sale from discontinued operations																					2,079,000
Net income (loss)																			-312,965,000		-163,710,000
Investments in private equity funds, at fair value									0										0
Investments in unconsolidated ventures									0										0		64,845,000
Total Assets									0										0		2,245,530,000
N-Star CDOs, CRE Securities
Segment reporting
Rental and escalation income																	1,285,000		1,152,000		0
Hotel related income																	0
Resident fee income																	0
Net interest income on debt and securities																	63,216,000		84,600,000		117,320,000
Other interest expense																	0		0		0
Income (loss) before equity in earnings (losses) and income tax benefit (expense)																	-188,462,000		97,788,000		-90,109,000
Equity in earnings (losses) of unconsolidated ventures																	0		0		0
Income tax benefit (expense)																	-352,000		0
Income (loss) from continuing operations																	-188,814,000		97,788,000		-90,109,000
Income (loss) from discontinued operations																	0		0		0
Gain (loss) on sale from discontinued operations																					0
Net income (loss)																	-188,814,000		97,788,000		-90,109,000
Investments in private equity funds, at fair value	0								0								0		0
Investments in unconsolidated ventures	0								0								0		0		0
Total Assets	502,660,000								727,875,000								502,660,000		727,875,000		1,035,862,000
Corporate
Segment reporting
Rental and escalation income																	0		0		0
Hotel related income																	0
Resident fee income																	0
Net interest income on debt and securities																	1,567,000		43,501,000		38,950,000
Other interest expense																	48,852,000		54,763,000		39,686,000
Income (loss) before equity in earnings (losses) and income tax benefit (expense)																	-342,818,000		-78,540,000		-83,730,000
Equity in earnings (losses) of unconsolidated ventures																	283,000		0		0
Income tax benefit (expense)																	-75,000		0
Income (loss) from continuing operations																	-342,610,000		-78,540,000		-83,730,000
Income (loss) from discontinued operations																	0		0		0
Gain (loss) on sale from discontinued operations																					0
Net income (loss)																	-342,610,000		-78,540,000		-83,730,000
Investments in private equity funds, at fair value	0								0								0		0
Investments in unconsolidated ventures	15,225,000								14,383,000								15,225,000		14,383,000		10,147,000
Total Assets	234,947,000								627,148,000								234,947,000		627,148,000		391,898,000
Asset Management
Segment reporting
Rental and escalation income																	0		0		0
Hotel related income																	0
Resident fee income																	0
Net interest income on debt and securities																	0		0		0
Other interest expense																	0		0		0
Income (loss) before equity in earnings (losses) and income tax benefit (expense)																	0		0		0
Equity in earnings (losses) of unconsolidated ventures																	0		0		0
Income tax benefit (expense)																	0		0
Income (loss) from continuing operations																	0		0		0
Income (loss) from discontinued operations																	-7,203,000		-405,000		-17,322,000
Gain (loss) on sale from discontinued operations																					0
Net income (loss)																	-7,203,000		-405,000		-17,322,000
Investments in private equity funds, at fair value	0								0								0		0
Investments in unconsolidated ventures	0								0								0		0		0
Total Assets	$0								$31,709,000								$0		$31,709,000		$20,992,000
[1]	The consolidated financial statements for the year ended December 31, 2014 include: (i) the Company’s results of operations for the six months ended December 31, 2014 which represents the Company’s results of operations following the spin-off of the Company’s historical asset management business on June 30, 2014; and (ii) the Company’s results of operations for the six months ended June 30, 2014 which represents a carve-out of revenues and expenses attributable to NSAM in discontinued operations. The Company’s historical financial information for the years ended December 31, 2013 and 2012 was prepared on the same basis as the six months ended June 30, 2014. As a result, results of operations for the year ended December 31, 2014 may not be comparative to the Company's results of operations reported for the prior periods presented.
[2]	Assets of consolidated VIEs included in the total assets above: •Restricted cash: December 31, 2014 $4,601 ; December 31, 2013: $24,411 •Operating real estate, net: December 31, 2014: $7,137 ; December 31, 2013: $4,945 •Real estate debt investments, net: December 31, 2014: $25,325 ; December 31, 2013: $44,298 •Real estate securities, available for sale: December 31, 2014: $463,050 ; December 31, 2013: $644,015 •Receivables, net of allowance: December 31, 2014: $2,304 ; December 31, 2013: $4,476•Other assets: December 31, 2014: $242 ; December 31, 2013: $269 •Total assets of consolidated VIEs: December 31, 2014: $502,659 ; December 31, 2013: $722,414

Supplemental_Disclosures_of_No2

Supplemental Disclosures of Non-cash Investing and Financing Activities (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Supplemental Cash Flow Elements [Abstract]
Issuance of common stock in connection with the merger of Griffin-American	$1,075,930,000	$0	$0
Assumption of mortgage notes payable upon acquisition of operating real estate	870,871,000	0	0
Acquired assets in connection with merger of Griffin-American	503,784,000	0	0
Conversion of exchangeable senior notes	320,304,000	74,778,000	0
Exchangeable senior notes exchanged for Senior Notes	296,382,000	0	0
Acquired liabilities in connection with merger of Griffin-American	229,015,000	0	0
Reclassification of operating real estate to deferred costs and intangible assets	160,511,000	25,497,000	7,536,000
Contribution from non-controlling interests	75,428,000	0	0
Reclassification of operating real estate to other assets	67,655,000	89,219,000	0
CRE debt investment payoff due from servicer	64,092,000	0	0
Net assets distributed in spin-off of asset management business	39,709,000	0	0
Escrow deposit payable related to CRE debt investments	34,521,000	57,226,000	37,176,000
Reclassification of operating real estate to asset held for sale	22,323,000	30,063,000	1,046,000
Conversion of Old LTIP Units (refer to Note 12)	18,611,000	10,129,000	3,149,000
Non-cash related to PE Investments	15,581,000	17,473,000	0
Reclassification of CRE debt investment to held for sale	15,223,000	0	0
Common stock related to transactions	6,801,000	17,712,000	0
Dividends payable related to RSUs	0	2,128,000	0
Real estate acquisition	0	135,361,000	62,236,000
Reduction of CRE debt investments	0	135,361,000	62,236,000
Assignment of mortgage note payable via sale	0	7,813,000	0
Increase in restricted cash	0	2,730,000	0
Deferred purchase price for PE Investment III	0	39,759,000	0
Reclassification of real estate debt investment to other assets	0	8,952,000	0
Reclassification of mortgage note payable to liabilities held for sale	0	28,962,000	0
Contribution from non-controlling interests	0	0	2,358,000
Equity component of exchangeable senior notes	0	45,740,000	2,179,000
Decrease of restricted cash in connection with swap collateral	0	0	22,037,000
Assignment of CRE debt investment	0	0	26,100,000
Discount on CRE debt investment	0	0	2,516,000
Due from related party	0	0	11,795,000
Cash paid for interest	223,000,000	158,900,000	126,200,000
Cash paid for income taxes	$3,400,000

Subsequent_Events_Details

Subsequent Events (Details)

0 Months Ended

12 Months Ended

1 Months Ended

3 Months Ended

1 Months Ended

3 Months Ended

1 Months Ended

0 Months Ended

0 Months Ended

Oct. 29, 2014

Aug. 06, 2014

7-May-14

Feb. 26, 2014

Oct. 30, 2013

Jul. 31, 2013

1-May-13

Feb. 13, 2013

Nov. 01, 2012

Aug. 02, 2012

2-May-12

Feb. 15, 2012

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Oct. 29, 2014

Aug. 06, 2014

7-May-14

Jan. 29, 2014

Oct. 30, 2013

Jul. 31, 2013

1-May-13

Feb. 01, 2013

Nov. 01, 2012

Aug. 02, 2012

2-May-12

Jan. 30, 2012

Oct. 29, 2014

Aug. 06, 2014

7-May-14

Jan. 29, 2014

Oct. 30, 2013

Jul. 31, 2013

1-May-13

Feb. 01, 2013

Nov. 01, 2012

Aug. 02, 2012

2-May-12

Jan. 30, 2012

Oct. 29, 2014

Aug. 06, 2014

7-May-14

Jan. 29, 2014

Oct. 30, 2013

Jul. 31, 2013

1-May-13

Feb. 01, 2013

Oct. 29, 2014

Aug. 06, 2014

7-May-14

Jan. 29, 2014

Oct. 30, 2013

Jul. 31, 2013

1-May-13

Oct. 29, 2014

Aug. 06, 2014

Feb. 26, 2015

Feb. 26, 2015

Feb. 25, 2015

Jan. 30, 2015

Jan. 30, 2015

Jan. 30, 2015

Jan. 30, 2015

Jan. 30, 2015

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

SEB Portfolio

SEB Portfolio

SEB Portfolio

Trias Portfolio

Trias Portfolio

Trias Portfolio

Trias Portfolio

Trias Portfolio

Trias Portfolio

Trias Portfolio

Series A preferred stock

Series A preferred stock

Series A preferred stock

Series A preferred stock

Series A preferred stock

Series A preferred stock

Series A preferred stock

Series A preferred stock

Series A preferred stock

Series A preferred stock

Series A preferred stock

Series A preferred stock

Series B preferred stock

Series B preferred stock

Series B preferred stock

Series B preferred stock

Series B preferred stock

Series B preferred stock

Series B preferred stock

Series B preferred stock

Series B preferred stock

Series B preferred stock

Series B preferred stock

Series B preferred stock

Series C preferred stock

Series C preferred stock

Series C preferred stock

Series C preferred stock

Series C preferred stock

Series C preferred stock

Series C preferred stock

Series C preferred stock

Series D preferred stock

Series D preferred stock

Series D preferred stock

Series D preferred stock

Series D preferred stock

Series D preferred stock

Series D preferred stock

Series E preferred stock

Series E preferred stock

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

property

USD ($)

EUR (€)

USD ($)

USD ($)

EUR (€)

USD ($)

U.K., Germany and France

Office properties

Retail properties

Hotels

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

Multi-tenant properties

Multi-tenant properties

Common Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

property

sqm

property

country

country

Rental Income

property

property

property

Europe

Europe

USD ($)

Series A preferred stock

Series B preferred stock

Series C preferred stock

Series D preferred stock

Series E preferred stock

country

sqm

sqm

property

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

sqm

Subsequent Events

Dividends declared per share of common stock (in dollars per share)

$0.40

$0.50

$0.50

$0.50

$0.42

$0.40

$0.38

$0.36

$0.34

$0.32

$0.30

$0.27

$0.40

Dividends declared per share of preferred stock (in dollars per share)

$0.55

$0.55

$0.55

$0.55

$0.55

$0.55

$0.55

$0.55

$0.55

$0.55

$0.55

$0.55

$0.52

$0.52

$0.52

$0.52

$0.52

$0.52

$0.52

$0.52

$0.52

$0.52

$0.52

$0.52

$0.55

$0.55

$0.55

$0.55

$0.55

$0.55

$0.55

$0.76

$0.53

$0.53

$0.53

$0.53

$0.53

$0.53

$0.21

$0.55

$0.55

$0.55

$0.52

$0.55

$0.53

$0.55

Real estate acquisition

$9,209,100,000

$1,300,000,000

€ 1,100,000,000

$600,000,000

€ 500,000,000

Number of real estate properties acquired

581

11

11

38

38

30

5

2

50

Number of Top Markets

7

7

Concentration risk percentage

75.00%

Area of real estate acquired (square meters)

186,000

186,000

259,000

259,000

259,000

Real estate acquisition, costs incurred

8,900,000

18,600,000

Escrow deposit, real estate acquisition

25,000,000

Guaranty liabilities, real estate acquisition

25,000,000

Number of countries in which real estate is located

8

8

8

Percentage of real estate properties leased (percent)

90.00%

90.00%

Weighted average lease term

4 years

4 years

Real estate properties, acquired or committed to acquire

$2,000,000,000

Schedule_II_Valuation_and_Qual1

Schedule II - Valuation and Qualifying Accounts and Reserves (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Valuation and Qualifying Accounts Disclosure [Line Items]
Provision for (reversal of) loan losses, net	$3,769	[1]	($8,786)	[1]	$23,037	[1]
Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning Balance	4,338		158,225		188,963
Charged to Costs and Expenses	13,577		-7,648		23,870
Other Charges	0		0		0
Deductions	-6,259		-146,239		-54,608
Ending Balance	11,656		4,338		158,225
Loan loss reserves
Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning Balance	2,880		156,699		187,784
Charged to Costs and Expenses	2,719		-8,786		23,037
Other Charges	0		0		0
Deductions	0		-145,033		-54,122
Ending Balance	5,599		2,880		156,699
Allowance for doubtful accounts
Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning Balance	1,151		1,526		1,179
Charged to Costs and Expenses	3,220		784		833
Other Charges	0		0		0
Deductions	-2,351		-1,159		-486
Ending Balance	2,020		1,151		1,526
Allowance for unbilled rent receivable
Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning Balance	307		0
Charged to Costs and Expenses	7,638		354
Other Charges	0		0
Deductions	-3,908		-47
Ending Balance	4,037		307
Notes receivable
Valuation and Qualifying Accounts Disclosure [Line Items]
Provision for (reversal of) loan losses, net	$1,000
[1]	The consolidated financial statements for the year ended December 31, 2014 include: (i) the Company’s results of operations for the six months ended December 31, 2014 which represents the Company’s results of operations following the spin-off of the Company’s historical asset management business on June 30, 2014; and (ii) the Company’s results of operations for the six months ended June 30, 2014 which represents a carve-out of revenues and expenses attributable to NSAM in discontinued operations. The Company’s historical financial information for the years ended December 31, 2013 and 2012 was prepared on the same basis as the six months ended June 30, 2014. As a result, results of operations for the year ended December 31, 2014 may not be comparative to the Company's results of operations reported for the prior periods presented.

Schedule_III_Real_Estate_and_A1

Schedule III - Real Estate and Accumulated Depreciation (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$8,456,285,000
Initial Cost
Land	1,490,613,000
Building & Improvements	9,058,439,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	75,103,000
Gross Amount Carried at Close of Period
Land	1,490,613,000
Building & Improvements	9,133,542,000
Total	10,624,155,000	2,561,180,000	1,538,489,000	1,207,519,000
Accumulated Depreciation	349,574,000	190,997,000	147,943,000	118,070,000
Operating real estate, net	10,274,581,000	2,370,183,000
Portfolio level financing	75,000,000
Healthcare [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,069,939,000
Initial Cost
Land	471,783,000
Building & Improvements	4,764,448,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	34,456,000
Gross Amount Carried at Close of Period
Land	471,783,000
Building & Improvements	4,798,904,000
Total	5,270,687,000
Accumulated Depreciation	120,979,000
Operating real estate, net	5,149,708,000
Hotels [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,380,681,000
Initial Cost
Land	400,543,000
Building & Improvements	2,362,275,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	24,324,000
Gross Amount Carried at Close of Period
Land	400,543,000
Building & Improvements	2,386,599,000
Total	2,787,142,000
Accumulated Depreciation	38,503,000
Operating real estate, net	2,748,639,000
Hotels [Member] | El Paso, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	20,492,000
Initial Cost
Land	2,063,000
Building & Improvements	18,740,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	37,000
Gross Amount Carried at Close of Period
Land	2,063,000
Building & Improvements	18,777,000
Total	20,840,000
Accumulated Depreciation	350,000
Operating real estate, net	20,490,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Houston, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	59,112,000
Initial Cost
Land	10,474,000
Building & Improvements	55,814,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	13,000
Gross Amount Carried at Close of Period
Land	10,474,000
Building & Improvements	55,827,000
Total	66,301,000
Accumulated Depreciation	263,000
Operating real estate, net	66,038,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Memphis, TN
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,327,000
Initial Cost
Land	1,985,000
Building & Improvements	10,861,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	151,000
Gross Amount Carried at Close of Period
Land	1,985,000
Building & Improvements	11,012,000
Total	12,997,000
Accumulated Depreciation	126,000
Operating real estate, net	12,871,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Naperville, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,319,000
Initial Cost
Land	2,241,000
Building & Improvements	15,480,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	3,000
Gross Amount Carried at Close of Period
Land	2,241,000
Building & Improvements	15,483,000
Total	17,724,000
Accumulated Depreciation	157,000
Operating real estate, net	17,567,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Raleigh, NC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,926,000
Initial Cost
Land	2,476,000
Building & Improvements	13,170,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	44,000
Gross Amount Carried at Close of Period
Land	2,476,000
Building & Improvements	13,214,000
Total	15,690,000
Accumulated Depreciation	139,000
Operating real estate, net	15,551,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | San Angelo, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	26,645,000
Initial Cost
Land	844,000
Building & Improvements	17,308,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	56,000
Gross Amount Carried at Close of Period
Land	844,000
Building & Improvements	17,364,000
Total	18,208,000
Accumulated Depreciation	334,000
Operating real estate, net	17,874,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | San Antonio TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	44,809,000
Initial Cost
Land	8,356,000
Building & Improvements	49,090,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	481,000
Gross Amount Carried at Close of Period
Land	8,356,000
Building & Improvements	49,571,000
Total	57,927,000
Accumulated Depreciation	862,000
Operating real estate, net	57,065,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Atlanta, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	33,802,000
Initial Cost
Land	7,242,000
Building & Improvements	39,703,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	1,182,000
Gross Amount Carried at Close of Period
Land	7,242,000
Building & Improvements	40,885,000
Total	48,127,000
Accumulated Depreciation	697,000
Operating real estate, net	47,430,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Fort Lauderdale, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,450,000
Initial Cost
Land	0
Building & Improvements	10,537,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	67,000
Gross Amount Carried at Close of Period
Land	0
Building & Improvements	10,604,000
Total	10,604,000
Accumulated Depreciation	258,000
Operating real estate, net	10,346,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Tampa, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,935,000
Initial Cost
Land	2,111,000
Building & Improvements	14,207,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	2,111,000
Building & Improvements	14,207,000
Total	16,318,000
Accumulated Depreciation	58,000
Operating real estate, net	16,260,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | West Melbourne, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,034,000
Initial Cost
Land	2,015,000
Building & Improvements	8,971,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	123,000
Gross Amount Carried at Close of Period
Land	2,015,000
Building & Improvements	9,094,000
Total	11,109,000
Accumulated Depreciation	109,000
Operating real estate, net	11,000,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Colorado Springs, CO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	27,688,000
Initial Cost
Land	2,835,000
Building & Improvements	27,865,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	2,835,000
Building & Improvements	27,865,000
Total	30,700,000
Accumulated Depreciation	133,000
Operating real estate, net	30,567,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Santa Ana CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	21,530,000
Initial Cost
Land	5,208,000
Building & Improvements	15,525,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	20,000
Gross Amount Carried at Close of Period
Land	5,208,000
Building & Improvements	15,545,000
Total	20,753,000
Accumulated Depreciation	165,000
Operating real estate, net	20,588,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Lafayette, LA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,787,000
Initial Cost
Land	563,000
Building & Improvements	6,883,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	26,000
Gross Amount Carried at Close of Period
Land	563,000
Building & Improvements	6,909,000
Total	7,472,000
Accumulated Depreciation	112,000
Operating real estate, net	7,360,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Addison, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	29,900,000
Initial Cost
Land	3,927,000
Building & Improvements	28,185,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	418,000
Gross Amount Carried at Close of Period
Land	3,927,000
Building & Improvements	28,603,000
Total	32,530,000
Accumulated Depreciation	787,000
Operating real estate, net	31,743,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Albany, NY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	27,324,000
Initial Cost
Land	4,918,000
Building & Improvements	25,824,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	4,918,000
Building & Improvements	25,824,000
Total	30,742,000
Accumulated Depreciation	112,000
Operating real estate, net	30,630,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Albuquerque, NM [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,582,000
Initial Cost
Land	1,753,000
Building & Improvements	23,792,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,753,000
Building & Improvements	23,792,000
Total	25,545,000
Accumulated Depreciation	100,000
Operating real estate, net	25,445,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Altamonte Springs, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,000,000
Initial Cost
Land	2,352,000
Building & Improvements	5,776,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	69,000
Gross Amount Carried at Close of Period
Land	2,352,000
Building & Improvements	5,845,000
Total	8,197,000
Accumulated Depreciation	312,000
Operating real estate, net	7,885,000
Life on Which Depreciation is Computed	15 years
Hotels [Member] | Ann Arbor, MI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	28,782,000
Initial Cost
Land	4,088,000
Building & Improvements	26,376,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	4,088,000
Building & Improvements	26,376,000
Total	30,464,000
Accumulated Depreciation	118,000
Operating real estate, net	30,346,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Annapolis Junction, MD [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,028,000
Initial Cost
Land	1,613,000
Building & Improvements	13,343,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,613,000
Building & Improvements	13,343,000
Total	14,956,000
Accumulated Depreciation	62,000
Operating real estate, net	14,894,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Ardmore, OK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,377,000
Initial Cost
Land	409,000
Building & Improvements	6,558,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	43,000
Gross Amount Carried at Close of Period
Land	409,000
Building & Improvements	6,601,000
Total	7,010,000
Accumulated Depreciation	128,000
Operating real estate, net	6,882,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Arlington TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	29,301,000
Initial Cost
Land	2,850,000
Building & Improvements	33,258,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	233,000
Gross Amount Carried at Close of Period
Land	2,850,000
Building & Improvements	33,491,000
Total	36,341,000
Accumulated Depreciation	529,000
Operating real estate, net	35,812,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Atlantic City, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	16,670,000
Initial Cost
Land	2,792,000
Building & Improvements	13,163,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	1,282,000
Gross Amount Carried at Close of Period
Land	2,792,000
Building & Improvements	14,445,000
Total	17,237,000
Accumulated Depreciation	262,000
Operating real estate, net	16,975,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Augusta, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,103,000
Initial Cost
Land	1,936,000
Building & Improvements	17,969,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	81,000
Gross Amount Carried at Close of Period
Land	1,936,000
Building & Improvements	18,050,000
Total	19,986,000
Accumulated Depreciation	157,000
Operating real estate, net	19,829,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Baton Rouge, LA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,476,000
Initial Cost
Land	1,574,000
Building & Improvements	12,953,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,574,000
Building & Improvements	12,953,000
Total	14,527,000
Accumulated Depreciation	61,000
Operating real estate, net	14,466,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Bellevue, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	28,100,000
Initial Cost
Land	6,460,000
Building & Improvements	25,049,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	8,000
Gross Amount Carried at Close of Period
Land	6,460,000
Building & Improvements	25,057,000
Total	31,517,000
Accumulated Depreciation	1,090,000
Operating real estate, net	30,427,000
Life on Which Depreciation is Computed	15 years
Hotels [Member] | Belmont, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	45,200,000
Initial Cost
Land	10,556,000
Building & Improvements	39,920,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	682,000
Gross Amount Carried at Close of Period
Land	10,556,000
Building & Improvements	40,602,000
Total	51,158,000
Accumulated Depreciation	893,000
Operating real estate, net	50,265,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Binghamton, NY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,060,000
Initial Cost
Land	1,408,000
Building & Improvements	7,423,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	25,000
Gross Amount Carried at Close of Period
Land	1,408,000
Building & Improvements	7,448,000
Total	8,856,000
Accumulated Depreciation	245,000
Operating real estate, net	8,611,000
Life on Which Depreciation is Computed	15 years
Hotels [Member] | Blue Ash, OH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,139,000
Initial Cost
Land	1,838,000
Building & Improvements	21,060,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	38,000
Gross Amount Carried at Close of Period
Land	1,838,000
Building & Improvements	21,098,000
Total	22,936,000
Accumulated Depreciation	192,000
Operating real estate, net	22,744,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Bothell, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	20,620,000
Initial Cost
Land	4,058,000
Building & Improvements	20,025,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	17,000
Gross Amount Carried at Close of Period
Land	4,058,000
Building & Improvements	20,042,000
Total	24,100,000
Accumulated Depreciation	911,000
Operating real estate, net	23,189,000
Life on Which Depreciation is Computed	15 years
Hotels [Member] | Brentwood, TN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	17,915,000
Initial Cost
Land	2,535,000
Building & Improvements	17,235,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	46,000
Gross Amount Carried at Close of Period
Land	2,535,000
Building & Improvements	17,281,000
Total	19,816,000
Accumulated Depreciation	160,000
Operating real estate, net	19,656,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Brownsville, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,474,000
Initial Cost
Land	624,000
Building & Improvements	10,969,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	624,000
Building & Improvements	10,969,000
Total	11,593,000
Accumulated Depreciation	53,000
Operating real estate, net	11,540,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Buena Park, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,763,000
Initial Cost
Land	9,031,000
Building & Improvements	8,119,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	60,000
Gross Amount Carried at Close of Period
Land	9,031,000
Building & Improvements	8,179,000
Total	17,210,000
Accumulated Depreciation	128,000
Operating real estate, net	17,082,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Campbell, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	20,450,000
Initial Cost
Land	5,530,000
Building & Improvements	16,547,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	4,000
Gross Amount Carried at Close of Period
Land	5,530,000
Building & Improvements	16,551,000
Total	22,081,000
Accumulated Depreciation	720,000
Operating real estate, net	21,361,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Cary, NC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	18,398,000
Initial Cost
Land	1,552,000
Building & Improvements	22,537,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,552,000
Building & Improvements	22,537,000
Total	24,089,000
Accumulated Depreciation	102,000
Operating real estate, net	23,987,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Chapel Hill, NC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,491,000
Initial Cost
Land	1,508,000
Building & Improvements	18,756,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,508,000
Building & Improvements	18,756,000
Total	20,264,000
Accumulated Depreciation	76,000
Operating real estate, net	20,188,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Charlotte, NC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,649,000
Initial Cost
Land	717,000
Building & Improvements	19,583,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	44,000
Gross Amount Carried at Close of Period
Land	717,000
Building & Improvements	19,627,000
Total	20,344,000
Accumulated Depreciation	173,000
Operating real estate, net	20,171,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Chery Hill, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,560,000
Initial Cost
Land	2,665,000
Building & Improvements	10,380,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	595,000
Gross Amount Carried at Close of Period
Land	2,665,000
Building & Improvements	10,975,000
Total	13,640,000
Accumulated Depreciation	573,000
Operating real estate, net	13,067,000
Life on Which Depreciation is Computed	15 years
Hotels [Member] | Columbia, MD [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,800,000
Initial Cost
Land	1,191,000
Building & Improvements	6,134,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	31,000
Gross Amount Carried at Close of Period
Land	1,191,000
Building & Improvements	6,165,000
Total	7,356,000
Accumulated Depreciation	157,000
Operating real estate, net	7,199,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Columbus, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,745,000
Initial Cost
Land	1,268,000
Building & Improvements	7,551,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	58,000
Gross Amount Carried at Close of Period
Land	1,268,000
Building & Improvements	7,609,000
Total	8,877,000
Accumulated Depreciation	95,000
Operating real estate, net	8,782,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Columbus, OH
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,604,000
Initial Cost
Land	1,690,000
Building & Improvements	12,788,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	17,000
Gross Amount Carried at Close of Period
Land	1,690,000
Building & Improvements	12,805,000
Total	14,495,000
Accumulated Depreciation	141,000
Operating real estate, net	14,354,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Cotulla, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,762,000
Initial Cost
Land	365,000
Building & Improvements	8,344,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	8,000
Gross Amount Carried at Close of Period
Land	365,000
Building & Improvements	8,352,000
Total	8,717,000
Accumulated Depreciation	167,000
Operating real estate, net	8,550,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Cranbury, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,573,000
Initial Cost
Land	1,836,000
Building & Improvements	16,831,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,836,000
Building & Improvements	16,831,000
Total	18,667,000
Accumulated Depreciation	74,000
Operating real estate, net	18,593,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Dallas, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,660,000
Initial Cost
Land	1,030,000
Building & Improvements	12,187,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,030,000
Building & Improvements	12,187,000
Total	13,217,000
Accumulated Depreciation	62,000
Operating real estate, net	13,155,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Danbury, CT [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,015,000
Initial Cost
Land	1,231,000
Building & Improvements	9,601,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,231,000
Building & Improvements	9,601,000
Total	10,832,000
Accumulated Depreciation	47,000
Operating real estate, net	10,785,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Dearborn, MI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,496,000
Initial Cost
Land	1,710,000
Building & Improvements	16,476,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	33,000
Gross Amount Carried at Close of Period
Land	1,710,000
Building & Improvements	16,509,000
Total	18,219,000
Accumulated Depreciation	176,000
Operating real estate, net	18,043,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Denton, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,148,000
Initial Cost
Land	1,176,000
Building & Improvements	6,638,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	22,000
Gross Amount Carried at Close of Period
Land	1,176,000
Building & Improvements	6,660,000
Total	7,836,000
Accumulated Depreciation	134,000
Operating real estate, net	7,702,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Denver CO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	47,400,000
Initial Cost
Land	9,258,000
Building & Improvements	41,619,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	100,000
Gross Amount Carried at Close of Period
Land	9,258,000
Building & Improvements	41,719,000
Total	50,977,000
Accumulated Depreciation	1,867,000
Operating real estate, net	49,110,000
Life on Which Depreciation is Computed	15 years
Hotels [Member] | Doral, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	17,754,000
Initial Cost
Land	3,321,000
Building & Improvements	22,414,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	3,321,000
Building & Improvements	22,414,000
Total	25,735,000
Accumulated Depreciation	202,000
Operating real estate, net	25,533,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Dublin, OH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,721,000
Initial Cost
Land	2,162,000
Building & Improvements	10,989,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	40,000
Gross Amount Carried at Close of Period
Land	2,162,000
Building & Improvements	11,029,000
Total	13,191,000
Accumulated Depreciation	141,000
Operating real estate, net	13,050,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Duluth, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,110,000
Initial Cost
Land	1,024,000
Building & Improvements	11,109,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	42,000
Gross Amount Carried at Close of Period
Land	1,024,000
Building & Improvements	11,151,000
Total	12,175,000
Accumulated Depreciation	53,000
Operating real estate, net	12,122,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | El Segundo, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	27,050,000
Initial Cost
Land	5,041,000
Building & Improvements	24,161,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	787,000
Gross Amount Carried at Close of Period
Land	5,041,000
Building & Improvements	24,948,000
Total	29,989,000
Accumulated Depreciation	547,000
Operating real estate, net	29,442,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Elizabeth, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	43,719,000
Initial Cost
Land	3,242,000
Building & Improvements	47,287,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	3,242,000
Building & Improvements	47,287,000
Total	50,529,000
Accumulated Depreciation	208,000
Operating real estate, net	50,321,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Elmsford, NY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	21,860,000
Initial Cost
Land	2,855,000
Building & Improvements	17,619,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	2,855,000
Building & Improvements	17,619,000
Total	20,474,000
Accumulated Depreciation	77,000
Operating real estate, net	20,397,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Fairfax, VA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,801,000
Initial Cost
Land	3,941,000
Building & Improvements	8,215,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	53,000
Gross Amount Carried at Close of Period
Land	3,941,000
Building & Improvements	8,268,000
Total	12,209,000
Accumulated Depreciation	88,000
Operating real estate, net	12,121,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Federal Way, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	26,231,000
Initial Cost
Land	1,633,000
Building & Improvements	24,493,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,633,000
Building & Improvements	24,493,000
Total	26,126,000
Accumulated Depreciation	98,000
Operating real estate, net	26,028,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Fort Walton Beach, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	30,550,000
Initial Cost
Land	6,414,000
Building & Improvements	24,996,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	237,000
Gross Amount Carried at Close of Period
Land	6,414,000
Building & Improvements	25,233,000
Total	31,647,000
Accumulated Depreciation	782,000
Operating real estate, net	30,865,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Fort Worth, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,011,000
Initial Cost
Land	675,000
Building & Improvements	5,907,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	6,000
Gross Amount Carried at Close of Period
Land	675,000
Building & Improvements	5,913,000
Total	6,588,000
Accumulated Depreciation	31,000
Operating real estate, net	6,557,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Fremont, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	35,608,000
Initial Cost
Land	9,307,000
Building & Improvements	26,629,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	3,000
Gross Amount Carried at Close of Period
Land	9,307,000
Building & Improvements	26,632,000
Total	35,939,000
Accumulated Depreciation	766,000
Operating real estate, net	35,173,000
Hotels [Member] | Gaithersburg, MD [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	20,800,000
Initial Cost
Land	2,708,000
Building & Improvements	19,670,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	2,235,000
Gross Amount Carried at Close of Period
Land	2,708,000
Building & Improvements	21,905,000
Total	24,613,000
Accumulated Depreciation	604,000
Operating real estate, net	24,009,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Hampton, VA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,720,000
Initial Cost
Land	894,000
Building & Improvements	6,339,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	11,000
Gross Amount Carried at Close of Period
Land	894,000
Building & Improvements	6,350,000
Total	7,244,000
Accumulated Depreciation	91,000
Operating real estate, net	7,153,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Harlingen, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,846,000
Initial Cost
Land	3,291,000
Building & Improvements	12,868,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	3,291,000
Building & Improvements	12,868,000
Total	16,159,000
Accumulated Depreciation	64,000
Operating real estate, net	16,095,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Harrisburg, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,700,000
Initial Cost
Land	2,429,000
Building & Improvements	13,025,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	107,000
Gross Amount Carried at Close of Period
Land	2,429,000
Building & Improvements	13,132,000
Total	15,561,000
Accumulated Depreciation	599,000
Operating real estate, net	14,962,000
Life on Which Depreciation is Computed	15 years
Hotels [Member] | Hauppague, NY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,662,000
Initial Cost
Land	911,000
Building & Improvements	14,855,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	911,000
Building & Improvements	14,855,000
Total	15,766,000
Accumulated Depreciation	67,000
Operating real estate, net	15,699,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Herndon, VA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,380,000
Initial Cost
Land	2,801,000
Building & Improvements	12,873,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	12,000
Gross Amount Carried at Close of Period
Land	2,801,000
Building & Improvements	12,885,000
Total	15,686,000
Accumulated Depreciation	131,000
Operating real estate, net	15,555,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Homewood, AL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	16,850,000
Initial Cost
Land	971,000
Building & Improvements	16,808,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	971,000
Building & Improvements	16,808,000
Total	17,779,000
Accumulated Depreciation	67,000
Operating real estate, net	17,712,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Horsham, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,770,000
Initial Cost
Land	1,359,000
Building & Improvements	5,766,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	1,490,000
Gross Amount Carried at Close of Period
Land	1,359,000
Building & Improvements	7,256,000
Total	8,615,000
Accumulated Depreciation	186,000
Operating real estate, net	8,429,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Houma, LA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	23,361,000
Initial Cost
Land	1,591,000
Building & Improvements	22,599,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	431,000
Gross Amount Carried at Close of Period
Land	1,591,000
Building & Improvements	23,030,000
Total	24,621,000
Accumulated Depreciation	475,000
Operating real estate, net	24,146,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Hunt Valley, MD [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,577,000
Initial Cost
Land	2,437,000
Building & Improvements	12,517,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	3,000
Gross Amount Carried at Close of Period
Land	2,437,000
Building & Improvements	12,520,000
Total	14,957,000
Accumulated Depreciation	131,000
Operating real estate, net	14,826,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Irving, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	27,823,000
Initial Cost
Land	3,274,000
Building & Improvements	31,922,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	177,000
Gross Amount Carried at Close of Period
Land	3,274,000
Building & Improvements	32,099,000
Total	35,373,000
Accumulated Depreciation	233,000
Operating real estate, net	35,140,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Islandia, NY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,450,000
Initial Cost
Land	3,387,000
Building & Improvements	13,672,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	75,000
Gross Amount Carried at Close of Period
Land	3,387,000
Building & Improvements	13,747,000
Total	17,134,000
Accumulated Depreciation	369,000
Operating real estate, net	16,765,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Lancaster, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	22,131,000
Initial Cost
Land	2,507,000
Building & Improvements	21,683,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	38,000
Gross Amount Carried at Close of Period
Land	2,507,000
Building & Improvements	21,721,000
Total	24,228,000
Accumulated Depreciation	350,000
Operating real estate, net	23,878,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Landover, MD [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,431,000
Initial Cost
Land	1,798,000
Building & Improvements	7,035,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	7,000
Gross Amount Carried at Close of Period
Land	1,798,000
Building & Improvements	7,042,000
Total	8,840,000
Accumulated Depreciation	110,000
Operating real estate, net	8,730,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Laredo, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,656,000
Initial Cost
Land	583,000
Building & Improvements	10,786,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	17,000
Gross Amount Carried at Close of Period
Land	583,000
Building & Improvements	10,803,000
Total	11,386,000
Accumulated Depreciation	154,000
Operating real estate, net	11,232,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Las Colinas, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	18,250,000
Initial Cost
Land	2,589,000
Building & Improvements	16,477,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	1,466,000
Gross Amount Carried at Close of Period
Land	2,589,000
Building & Improvements	17,943,000
Total	20,532,000
Accumulated Depreciation	429,000
Operating real estate, net	20,103,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Lebanon, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	18,216,000
Initial Cost
Land	2,486,000
Building & Improvements	17,993,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	2,486,000
Building & Improvements	17,993,000
Total	20,479,000
Accumulated Depreciation	76,000
Operating real estate, net	20,403,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Lexington Kentucky [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,080,000
Initial Cost
Land	1,299,000
Building & Improvements	6,328,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	369,000
Gross Amount Carried at Close of Period
Land	1,299,000
Building & Improvements	6,697,000
Total	7,996,000
Accumulated Depreciation	293,000
Operating real estate, net	7,703,000
Life on Which Depreciation is Computed	15 years
Hotels [Member] | Livonia, MI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	16,240,000
Initial Cost
Land	2,075,000
Building & Improvements	14,783,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	6,000
Gross Amount Carried at Close of Period
Land	2,075,000
Building & Improvements	14,789,000
Total	16,864,000
Accumulated Depreciation	382,000
Operating real estate, net	16,482,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Los Alamitos, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	25,503,000
Initial Cost
Land	4,279,000
Building & Improvements	29,207,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	4,279,000
Building & Improvements	29,207,000
Total	33,486,000
Accumulated Depreciation	118,000
Operating real estate, net	33,368,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Louisville, KY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	44,675,000
Initial Cost
Land	7,259,000
Building & Improvements	39,904,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	141,000
Gross Amount Carried at Close of Period
Land	7,259,000
Building & Improvements	40,045,000
Total	47,304,000
Accumulated Depreciation	1,135,000
Operating real estate, net	46,169,000
Hotels [Member] | Lubbock, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,016,000
Initial Cost
Land	1,135,000
Building & Improvements	7,235,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	94,000
Gross Amount Carried at Close of Period
Land	1,135,000
Building & Improvements	7,329,000
Total	8,464,000
Accumulated Depreciation	118,000
Operating real estate, net	8,346,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Lynnwood, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,600,000
Initial Cost
Land	1,877,000
Building & Improvements	20,301,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	43,000
Gross Amount Carried at Close of Period
Land	1,877,000
Building & Improvements	20,344,000
Total	22,221,000
Accumulated Depreciation	896,000
Operating real estate, net	21,325,000
Life on Which Depreciation is Computed	15 years
Hotels [Member] | Mansfield, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,935,000
Initial Cost
Land	2,132,000
Building & Improvements	13,098,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	25,000
Gross Amount Carried at Close of Period
Land	2,132,000
Building & Improvements	13,123,000
Total	15,255,000
Accumulated Depreciation	249,000
Operating real estate, net	15,006,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Medford, MA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	29,055,000
Initial Cost
Land	2,632,000
Building & Improvements	28,588,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	2,632,000
Building & Improvements	28,588,000
Total	31,220,000
Accumulated Depreciation	114,000
Operating real estate, net	31,106,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Montvale, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	34,075,000
Initial Cost
Land	8,247,000
Building & Improvements	27,879,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	31,000
Gross Amount Carried at Close of Period
Land	8,247,000
Building & Improvements	27,910,000
Total	36,157,000
Accumulated Depreciation	667,000
Operating real estate, net	35,490,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Morristown, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	31,160,000
Initial Cost
Land	13,471,000
Building & Improvements	25,665,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	172,000
Gross Amount Carried at Close of Period
Land	13,471,000
Building & Improvements	25,837,000
Total	39,308,000
Accumulated Depreciation	707,000
Operating real estate, net	38,601,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Morrisville, NC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	21,768,000
Initial Cost
Land	4,024,000
Building & Improvements	21,790,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	4,024,000
Building & Improvements	21,790,000
Total	25,814,000
Accumulated Depreciation	93,000
Operating real estate, net	25,721,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Mount Laurel, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,680,000
Initial Cost
Land	2,304,000
Building & Improvements	8,734,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	888,000
Gross Amount Carried at Close of Period
Land	2,304,000
Building & Improvements	9,622,000
Total	11,926,000
Accumulated Depreciation	187,000
Operating real estate, net	11,739,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Naples, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,500,000
Initial Cost
Land	2,301,000
Building & Improvements	9,842,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	12,000
Gross Amount Carried at Close of Period
Land	2,301,000
Building & Improvements	9,854,000
Total	12,155,000
Accumulated Depreciation	263,000
Operating real estate, net	11,892,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Nashville, TN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	21,677,000
Initial Cost
Land	3,518,000
Building & Improvements	25,965,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	3,518,000
Building & Improvements	25,965,000
Total	29,483,000
Accumulated Depreciation	113,000
Operating real estate, net	29,370,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Norcross GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,600,000
Initial Cost
Land	1,740,000
Building & Improvements	10,603,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	238,000
Gross Amount Carried at Close of Period
Land	1,740,000
Building & Improvements	10,841,000
Total	12,581,000
Accumulated Depreciation	325,000
Operating real estate, net	12,256,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Ontario, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	22,850,000
Initial Cost
Land	5,419,000
Building & Improvements	31,910,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	29,000
Gross Amount Carried at Close of Period
Land	5,419,000
Building & Improvements	31,939,000
Total	37,358,000
Accumulated Depreciation	1,426,000
Operating real estate, net	35,932,000
Life on Which Depreciation is Computed	15 years
Hotels [Member] | Palmdale, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,557,000
Initial Cost
Land	918,000
Building & Improvements	7,790,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	38,000
Gross Amount Carried at Close of Period
Land	918,000
Building & Improvements	7,828,000
Total	8,746,000
Accumulated Depreciation	189,000
Operating real estate, net	8,557,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Phoenix AZ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,657,000
Initial Cost
Land	4,452,000
Building & Improvements	14,304,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	37,000
Gross Amount Carried at Close of Period
Land	4,452,000
Building & Improvements	14,341,000
Total	18,793,000
Accumulated Depreciation	142,000
Operating real estate, net	18,651,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Pismo Beach, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,549,000
Initial Cost
Land	6,221,000
Building & Improvements	9,986,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	6,221,000
Building & Improvements	9,986,000
Total	16,207,000
Accumulated Depreciation	194,000
Operating real estate, net	16,013,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Pleasanton, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	24,503,000
Initial Cost
Land	5,257,000
Building & Improvements	16,560,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	22,000
Gross Amount Carried at Close of Period
Land	5,257,000
Building & Improvements	16,582,000
Total	21,839,000
Accumulated Depreciation	187,000
Operating real estate, net	21,652,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Portland, ME [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,000,000
Initial Cost
Land	1,344,000
Building & Improvements	9,595,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	13,000
Gross Amount Carried at Close of Period
Land	1,344,000
Building & Improvements	9,608,000
Total	10,952,000
Accumulated Depreciation	277,000
Operating real estate, net	10,675,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Poughkeepsie, NY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	20,038,000
Initial Cost
Land	1,326,000
Building & Improvements	24,698,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,326,000
Building & Improvements	24,698,000
Total	26,024,000
Accumulated Depreciation	101,000
Operating real estate, net	25,923,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Princeton, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	18,216,000
Initial Cost
Land	2,457,000
Building & Improvements	21,727,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	2,457,000
Building & Improvements	21,727,000
Total	24,184,000
Accumulated Depreciation	95,000
Operating real estate, net	24,089,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Rancho Cordova CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,122,000
Initial Cost
Land	3,321,000
Building & Improvements	5,692,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	3,000
Gross Amount Carried at Close of Period
Land	3,321,000
Building & Improvements	5,695,000
Total	9,016,000
Accumulated Depreciation	101,000
Operating real estate, net	8,915,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Richmond, VA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	40,543,000
Initial Cost
Land	5,165,000
Building & Improvements	35,898,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	2,180,000
Gross Amount Carried at Close of Period
Land	5,165,000
Building & Improvements	38,078,000
Total	43,243,000
Accumulated Depreciation	741,000
Operating real estate, net	42,502,000
Hotels [Member] | Roanoke, VA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	27,324,000
Initial Cost
Land	7,543,000
Building & Improvements	28,174,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	7,543,000
Building & Improvements	28,174,000
Total	35,717,000
Accumulated Depreciation	123,000
Operating real estate, net	35,594,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Rockville, MD [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,944,000
Initial Cost
Land	4,233,000
Building & Improvements	17,282,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	241,000
Gross Amount Carried at Close of Period
Land	4,233,000
Building & Improvements	17,523,000
Total	21,756,000
Accumulated Depreciation	335,000
Operating real estate, net	21,421,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Rosemont, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	22,520,000
Initial Cost
Land	3,755,000
Building & Improvements	22,336,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	3,754,000
Gross Amount Carried at Close of Period
Land	3,755,000
Building & Improvements	26,090,000
Total	29,845,000
Accumulated Depreciation	588,000
Operating real estate, net	29,257,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Saddle River, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	30,000,000
Initial Cost
Land	5,069,000
Building & Improvements	26,842,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	12,000
Gross Amount Carried at Close of Period
Land	5,069,000
Building & Improvements	26,854,000
Total	31,923,000
Accumulated Depreciation	663,000
Operating real estate, net	31,260,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | San Bruno, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	32,134,000
Initial Cost
Land	0
Building & Improvements	38,636,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	70,000
Gross Amount Carried at Close of Period
Land	0
Building & Improvements	38,706,000
Total	38,706,000
Accumulated Depreciation	358,000
Operating real estate, net	38,348,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | San Jose, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	32,250,000
Initial Cost
Land	7,955,000
Building & Improvements	30,077,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	29,000
Gross Amount Carried at Close of Period
Land	7,955,000
Building & Improvements	30,106,000
Total	38,061,000
Accumulated Depreciation	630,000
Operating real estate, net	37,431,000
Life on Which Depreciation is Computed	15 years
Hotels [Member] | Savannah, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,319,000
Initial Cost
Land	1,788,000
Building & Improvements	12,425,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	118,000
Gross Amount Carried at Close of Period
Land	1,788,000
Building & Improvements	12,543,000
Total	14,331,000
Accumulated Depreciation	132,000
Operating real estate, net	14,199,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Shelton, CT [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,240,000
Initial Cost
Land	1,424,000
Building & Improvements	6,002,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	472,000
Gross Amount Carried at Close of Period
Land	1,424,000
Building & Improvements	6,474,000
Total	7,898,000
Accumulated Depreciation	304,000
Operating real estate, net	7,594,000
Life on Which Depreciation is Computed	15 years
Hotels [Member] | Solon, OH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,835,000
Initial Cost
Land	495,000
Building & Improvements	11,007,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	495,000
Building & Improvements	11,007,000
Total	11,502,000
Accumulated Depreciation	50,000
Operating real estate, net	11,452,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Somerset, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	16,395,000
Initial Cost
Land	1,757,000
Building & Improvements	15,867,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,757,000
Building & Improvements	15,867,000
Total	17,624,000
Accumulated Depreciation	70,000
Operating real estate, net	17,554,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Tallahassee, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	16,630,000
Initial Cost
Land	1,838,000
Building & Improvements	20,658,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	5,000
Gross Amount Carried at Close of Period
Land	1,838,000
Building & Improvements	20,663,000
Total	22,501,000
Accumulated Depreciation	187,000
Operating real estate, net	22,314,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Tarrytown, NY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,854,000
Initial Cost
Land	5,080,000
Building & Improvements	9,642,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	190,000
Gross Amount Carried at Close of Period
Land	5,080,000
Building & Improvements	9,832,000
Total	14,912,000
Accumulated Depreciation	151,000
Operating real estate, net	14,761,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Troy, MI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	21,453,000
Initial Cost
Land	2,983,000
Building & Improvements	26,076,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	888,000
Gross Amount Carried at Close of Period
Land	2,983,000
Building & Improvements	26,964,000
Total	29,947,000
Accumulated Depreciation	668,000
Operating real estate, net	29,279,000
Hotels [Member] | Tucson, AZ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	24,319,000
Initial Cost
Land	3,245,000
Building & Improvements	27,132,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	42,000
Gross Amount Carried at Close of Period
Land	3,245,000
Building & Improvements	27,174,000
Total	30,419,000
Accumulated Depreciation	127,000
Operating real estate, net	30,292,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Tukwila, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	28,600,000
Initial Cost
Land	5,750,000
Building & Improvements	26,863,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	24,000
Gross Amount Carried at Close of Period
Land	5,750,000
Building & Improvements	26,887,000
Total	32,637,000
Accumulated Depreciation	1,183,000
Operating real estate, net	31,454,000
Life on Which Depreciation is Computed	15 years
Hotels [Member] | Twentynine Palms, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,992,000
Initial Cost
Land	632,000
Building & Improvements	9,044,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	27,000
Gross Amount Carried at Close of Period
Land	632,000
Building & Improvements	9,071,000
Total	9,703,000
Accumulated Depreciation	162,000
Operating real estate, net	9,541,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Vienna, VA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	31,241,000
Initial Cost
Land	3,295,000
Building & Improvements	28,045,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	3,295,000
Building & Improvements	28,045,000
Total	31,340,000
Accumulated Depreciation	125,000
Operating real estate, net	31,215,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Virginia Beach, VA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,099,000
Initial Cost
Land	1,828,000
Building & Improvements	5,526,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	17,000
Gross Amount Carried at Close of Period
Land	1,828,000
Building & Improvements	5,543,000
Total	7,371,000
Accumulated Depreciation	86,000
Operating real estate, net	7,285,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Warren, MI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,363,000
Initial Cost
Land	1,494,000
Building & Improvements	12,235,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	71,000
Gross Amount Carried at Close of Period
Land	1,494,000
Building & Improvements	12,306,000
Total	13,800,000
Accumulated Depreciation	152,000
Operating real estate, net	13,648,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Windsor, CT [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	34,215,000
Initial Cost
Land	5,906,000
Building & Improvements	38,347,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	347,000
Gross Amount Carried at Close of Period
Land	5,906,000
Building & Improvements	38,694,000
Total	44,600,000
Accumulated Depreciation	656,000
Operating real estate, net	43,944,000
Hotels [Member] | Wayne, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,763,000
Initial Cost
Land	1,897,000
Building & Improvements	23,784,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	68,000
Gross Amount Carried at Close of Period
Land	1,897,000
Building & Improvements	23,852,000
Total	25,749,000
Accumulated Depreciation	223,000
Operating real estate, net	25,526,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | West Homestead, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,021,000
Initial Cost
Land	797,000
Building & Improvements	11,695,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	797,000
Building & Improvements	11,695,000
Total	12,492,000
Accumulated Depreciation	50,000
Operating real estate, net	12,442,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | West Palm Beach, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,926,000
Initial Cost
Land	1,021,000
Building & Improvements	9,030,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	34,000
Gross Amount Carried at Close of Period
Land	1,021,000
Building & Improvements	9,064,000
Total	10,085,000
Accumulated Depreciation	43,000
Operating real estate, net	10,042,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Westbury, NY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	27,324,000
Initial Cost
Land	10,196,000
Building & Improvements	30,132,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	10,196,000
Building & Improvements	30,132,000
Total	40,328,000
Accumulated Depreciation	121,000
Operating real estate, net	40,207,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Willow Grove, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,450,000
Initial Cost
Land	2,658,000
Building & Improvements	13,599,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	220,000
Gross Amount Carried at Close of Period
Land	2,658,000
Building & Improvements	13,819,000
Total	16,477,000
Accumulated Depreciation	326,000
Operating real estate, net	16,151,000
Life on Which Depreciation is Computed	40 years
Hotels [Member] | Wilmington, NC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	25,412,000
Initial Cost
Land	2,238,000
Building & Improvements	25,907,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	2,238,000
Building & Improvements	25,907,000
Total	28,145,000
Accumulated Depreciation	121,000
Operating real estate, net	28,024,000
Life on Which Depreciation is Computed	40 years
Manufactured homes [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,174,237,000
Initial Cost
Land	405,709,000
Building & Improvements	1,016,093,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	5,281,000
Gross Amount Carried at Close of Period
Land	405,709,000
Building & Improvements	1,021,374,000
Total	1,427,083,000
Accumulated Depreciation	98,901,000
Operating real estate, net	1,328,182,000
Manufactured homes [Member] | Greeley CO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	25,159,000
Initial Cost
Land	13,659,000
Building & Improvements	23,978,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	312,000
Gross Amount Carried at Close of Period
Land	13,659,000
Building & Improvements	24,290,000
Total	37,949,000
Accumulated Depreciation	2,570,000
Operating real estate, net	35,379,000
Manufactured homes [Member] | Jacksonville, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	87,059,000
Initial Cost
Land	22,173,000
Building & Improvements	80,785,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	469,000
Gross Amount Carried at Close of Period
Land	22,173,000
Building & Improvements	81,254,000
Total	103,427,000
Accumulated Depreciation	7,999,000
Operating real estate, net	95,428,000
Manufactured homes [Member] | Kissimmee, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	23,589,000
Initial Cost
Land	5,771,000
Building & Improvements	24,506,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	90,000
Gross Amount Carried at Close of Period
Land	5,771,000
Building & Improvements	24,596,000
Total	30,367,000
Accumulated Depreciation	2,646,000
Operating real estate, net	27,721,000
Manufactured homes [Member] | Wichita KS [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,244,000
Initial Cost
Land	2,265,000
Building & Improvements	19,524,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	235,000
Gross Amount Carried at Close of Period
Land	2,265,000
Building & Improvements	19,759,000
Total	22,024,000
Accumulated Depreciation	1,510,000
Operating real estate, net	20,514,000
Manufactured homes [Member] | Denver CO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	34,684,000
Initial Cost
Land	10,838,000
Building & Improvements	14,403,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	78,000
Gross Amount Carried at Close of Period
Land	10,838,000
Building & Improvements	14,481,000
Total	25,319,000
Accumulated Depreciation	1,028,000
Operating real estate, net	24,291,000
Manufactured homes [Member] | Naples, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	20,125,000
Initial Cost
Land	4,316,000
Building & Improvements	11,293,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	106,000
Gross Amount Carried at Close of Period
Land	4,316,000
Building & Improvements	11,399,000
Total	15,715,000
Accumulated Depreciation	1,256,000
Operating real estate, net	14,459,000
Manufactured homes [Member] | Tucson, AZ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,166,000
Initial Cost
Land	7,316,000
Building & Improvements	7,926,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	60,000
Gross Amount Carried at Close of Period
Land	7,316,000
Building & Improvements	7,986,000
Total	15,302,000
Accumulated Depreciation	400,000
Operating real estate, net	14,902,000
Manufactured homes [Member] | Alton IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,273,000
Initial Cost
Land	987,000
Building & Improvements	2,962,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	16,000
Gross Amount Carried at Close of Period
Land	987,000
Building & Improvements	2,978,000
Total	3,965,000
Accumulated Depreciation	272,000
Operating real estate, net	3,693,000
Manufactured homes [Member] | Apopka, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	17,029,000
Initial Cost
Land	3,311,000
Building & Improvements	12,637,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	104,000
Gross Amount Carried at Close of Period
Land	3,311,000
Building & Improvements	12,741,000
Total	16,052,000
Accumulated Depreciation	1,329,000
Operating real estate, net	14,723,000
Manufactured homes [Member] | Arvada CO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	18,187,000
Initial Cost
Land	6,028,000
Building & Improvements	12,481,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	7,000
Gross Amount Carried at Close of Period
Land	6,028,000
Building & Improvements	12,488,000
Total	18,516,000
Accumulated Depreciation	1,427,000
Operating real estate, net	17,089,000
Manufactured homes [Member] | Aurora, CO
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,243,000
Initial Cost
Land	7,262,000
Building & Improvements	14,333,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	112,000
Gross Amount Carried at Close of Period
Land	7,262,000
Building & Improvements	14,445,000
Total	21,707,000
Accumulated Depreciation	1,689,000
Operating real estate, net	20,018,000
Manufactured homes [Member] | Austin TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	34,357,000
Initial Cost
Land	20,539,000
Building & Improvements	22,253,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	168,000
Gross Amount Carried at Close of Period
Land	20,539,000
Building & Improvements	22,421,000
Total	42,960,000
Accumulated Depreciation	1,122,000
Operating real estate, net	41,838,000
Manufactured homes [Member] | Belton, MO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,618,000
Initial Cost
Land	1,681,000
Building & Improvements	15,797,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	105,000
Gross Amount Carried at Close of Period
Land	1,681,000
Building & Improvements	15,902,000
Total	17,583,000
Accumulated Depreciation	1,333,000
Operating real estate, net	16,250,000
Manufactured homes [Member] | Bloomingburg, NY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	17,692,000
Initial Cost
Land	1,953,000
Building & Improvements	18,546,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	26,000
Gross Amount Carried at Close of Period
Land	1,953,000
Building & Improvements	18,572,000
Total	20,525,000
Accumulated Depreciation	2,021,000
Operating real estate, net	18,504,000
Manufactured homes [Member] | Blossvale, NY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,949,000
Initial Cost
Land	107,000
Building & Improvements	3,608,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	73,000
Gross Amount Carried at Close of Period
Land	107,000
Building & Improvements	3,681,000
Total	3,788,000
Accumulated Depreciation	398,000
Operating real estate, net	3,390,000
Manufactured homes [Member] | Casper WY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	34,172,000
Initial Cost
Land	6,924,000
Building & Improvements	13,906,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	51,000
Gross Amount Carried at Close of Period
Land	6,924,000
Building & Improvements	13,957,000
Total	20,881,000
Accumulated Depreciation	1,639,000
Operating real estate, net	19,242,000
Manufactured homes [Member] | Cheyenne, WY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,109,000
Initial Cost
Land	5,299,000
Building & Improvements	10,445,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	93,000
Gross Amount Carried at Close of Period
Land	5,299,000
Building & Improvements	10,538,000
Total	15,837,000
Accumulated Depreciation	1,243,000
Operating real estate, net	14,594,000
Manufactured homes [Member] | Clearfield, UT [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,342,000
Initial Cost
Land	3,246,000
Building & Improvements	11,837,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	32,000
Gross Amount Carried at Close of Period
Land	3,246,000
Building & Improvements	11,869,000
Total	15,115,000
Accumulated Depreciation	1,264,000
Operating real estate, net	13,851,000
Manufactured homes [Member] | Clio, MI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,539,000
Initial Cost
Land	3,538,000
Building & Improvements	3,833,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	29,000
Gross Amount Carried at Close of Period
Land	3,538,000
Building & Improvements	3,862,000
Total	7,400,000
Accumulated Depreciation	193,000
Operating real estate, net	7,207,000
Manufactured homes [Member] | Commerce City CO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,713,000
Initial Cost
Land	2,318,000
Building & Improvements	4,604,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	1,000
Gross Amount Carried at Close of Period
Land	2,318,000
Building & Improvements	4,605,000
Total	6,923,000
Accumulated Depreciation	548,000
Operating real estate, net	6,375,000
Manufactured homes [Member] | Connelly, NY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,295,000
Initial Cost
Land	308,000
Building & Improvements	7,099,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	32,000
Gross Amount Carried at Close of Period
Land	308,000
Building & Improvements	7,131,000
Total	7,439,000
Accumulated Depreciation	794,000
Operating real estate, net	6,645,000
Manufactured homes [Member] | Davie, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	29,487,000
Initial Cost
Land	9,381,000
Building & Improvements	9,923,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	12,000
Gross Amount Carried at Close of Period
Land	9,381,000
Building & Improvements	9,935,000
Total	19,316,000
Accumulated Depreciation	979,000
Operating real estate, net	18,337,000
Manufactured homes [Member] | Davison, MI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,791,000
Initial Cost
Land	3,986,000
Building & Improvements	4,319,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	33,000
Gross Amount Carried at Close of Period
Land	3,986,000
Building & Improvements	4,352,000
Total	8,338,000
Accumulated Depreciation	218,000
Operating real estate, net	8,120,000
Manufactured homes [Member] | Fayetteville CO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,307,000
Initial Cost
Land	346,000
Building & Improvements	743,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	346,000
Building & Improvements	743,000
Total	1,089,000
Accumulated Depreciation	88,000
Operating real estate, net	1,001,000
Manufactured homes [Member] | Ft Collins CO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	27,322,000
Initial Cost
Land	11,856,000
Building & Improvements	23,200,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	25,000
Gross Amount Carried at Close of Period
Land	11,856,000
Building & Improvements	23,225,000
Total	35,081,000
Accumulated Depreciation	2,745,000
Operating real estate, net	32,336,000
Manufactured homes [Member] | Gainsville, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,038,000
Initial Cost
Land	2,886,000
Building & Improvements	12,179,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	82,000
Gross Amount Carried at Close of Period
Land	2,886,000
Building & Improvements	12,261,000
Total	15,147,000
Accumulated Depreciation	1,287,000
Operating real estate, net	13,860,000
Manufactured homes [Member] | Ganesvoort, NY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	560,000
Initial Cost
Land	163,000
Building & Improvements	532,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	1,000
Gross Amount Carried at Close of Period
Land	163,000
Building & Improvements	533,000
Total	696,000
Accumulated Depreciation	61,000
Operating real estate, net	635,000
Manufactured homes [Member] | Gillette WY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	20,647,000
Initial Cost
Land	9,148,000
Building & Improvements	18,156,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	57,000
Gross Amount Carried at Close of Period
Land	9,148,000
Building & Improvements	18,213,000
Total	27,361,000
Accumulated Depreciation	2,139,000
Operating real estate, net	25,222,000
Manufactured homes [Member] | Godfrey IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,564,000
Initial Cost
Land	492,000
Building & Improvements	1,077,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	5,000
Gross Amount Carried at Close of Period
Land	492,000
Building & Improvements	1,082,000
Total	1,574,000
Accumulated Depreciation	123,000
Operating real estate, net	1,451,000
Manufactured homes [Member] | Golden CO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,926,000
Initial Cost
Land	4,955,000
Building & Improvements	10,005,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	54,000
Gross Amount Carried at Close of Period
Land	4,955,000
Building & Improvements	10,059,000
Total	15,014,000
Accumulated Depreciation	1,167,000
Operating real estate, net	13,847,000
Manufactured homes [Member] | Grand Prairie, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	21,967,000
Initial Cost
Land	24,701,000
Building & Improvements	26,762,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	202,000
Gross Amount Carried at Close of Period
Land	24,701,000
Building & Improvements	26,964,000
Total	51,665,000
Accumulated Depreciation	1,349,000
Operating real estate, net	50,316,000
Manufactured homes [Member] | Haysville, KS [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,445,000
Initial Cost
Land	95,000
Building & Improvements	2,497,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	1,000
Gross Amount Carried at Close of Period
Land	95,000
Building & Improvements	2,498,000
Total	2,593,000
Accumulated Depreciation	177,000
Operating real estate, net	2,416,000
Manufactured homes [Member] | Henderson CO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	21,998,000
Initial Cost
Land	8,734,000
Building & Improvements	17,661,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	8,000
Gross Amount Carried at Close of Period
Land	8,734,000
Building & Improvements	17,669,000
Total	26,403,000
Accumulated Depreciation	2,009,000
Operating real estate, net	24,394,000
Manufactured homes [Member] | Kansas City, KS [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,490,000
Initial Cost
Land	1,221,000
Building & Improvements	8,471,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	35,000
Gross Amount Carried at Close of Period
Land	1,221,000
Building & Improvements	8,506,000
Total	9,727,000
Accumulated Depreciation	767,000
Operating real estate, net	8,960,000
Manufactured homes [Member] | Kansas City, MO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,256,000
Initial Cost
Land	885,000
Building & Improvements	11,312,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	79,000
Gross Amount Carried at Close of Period
Land	885,000
Building & Improvements	11,391,000
Total	12,276,000
Accumulated Depreciation	1,079,000
Operating real estate, net	11,197,000
Manufactured homes [Member] | Lake Wales, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,961,000
Initial Cost
Land	1,841,000
Building & Improvements	6,421,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	114,000
Gross Amount Carried at Close of Period
Land	1,841,000
Building & Improvements	6,535,000
Total	8,376,000
Accumulated Depreciation	733,000
Operating real estate, net	7,643,000
Manufactured homes [Member] | Laramie WY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,566,000
Initial Cost
Land	1,794,000
Building & Improvements	3,687,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	19,000
Gross Amount Carried at Close of Period
Land	1,794,000
Building & Improvements	3,706,000
Total	5,500,000
Accumulated Depreciation	426,000
Operating real estate, net	5,074,000
Manufactured homes [Member] | Lawrence, KS [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,225,000
Initial Cost
Land	931,000
Building & Improvements	18,174,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	113,000
Gross Amount Carried at Close of Period
Land	931,000
Building & Improvements	18,287,000
Total	19,218,000
Accumulated Depreciation	1,685,000
Operating real estate, net	17,533,000
Manufactured homes [Member] | Layton, UT [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	21,945,000
Initial Cost
Land	7,145,000
Building & Improvements	21,839,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	64,000
Gross Amount Carried at Close of Period
Land	7,145,000
Building & Improvements	21,903,000
Total	29,048,000
Accumulated Depreciation	2,396,000
Operating real estate, net	26,652,000
Manufactured homes [Member] | Lewisville, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	56,852,000
Initial Cost
Land	38,613,000
Building & Improvements	41,835,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	315,000
Gross Amount Carried at Close of Period
Land	38,613,000
Building & Improvements	42,150,000
Total	80,763,000
Accumulated Depreciation	2,109,000
Operating real estate, net	78,654,000
Manufactured homes [Member] | Liverpool, NY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,384,000
Initial Cost
Land	1,398,000
Building & Improvements	14,505,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	71,000
Gross Amount Carried at Close of Period
Land	1,398,000
Building & Improvements	14,576,000
Total	15,974,000
Accumulated Depreciation	1,446,000
Operating real estate, net	14,528,000
Manufactured homes [Member] | Longmont CO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	49,465,000
Initial Cost
Land	13,716,000
Building & Improvements	16,893,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	120,000
Gross Amount Carried at Close of Period
Land	13,716,000
Building & Improvements	17,013,000
Total	30,729,000
Accumulated Depreciation	1,122,000
Operating real estate, net	29,607,000
Manufactured homes [Member] | Loveland CO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,456,000
Initial Cost
Land	2,206,000
Building & Improvements	4,351,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	19,000
Gross Amount Carried at Close of Period
Land	2,206,000
Building & Improvements	4,370,000
Total	6,576,000
Accumulated Depreciation	520,000
Operating real estate, net	6,056,000
Manufactured homes [Member] | Magna, UT [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,984,000
Initial Cost
Land	3,224,000
Building & Improvements	12,293,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	36,000
Gross Amount Carried at Close of Period
Land	3,224,000
Building & Improvements	12,329,000
Total	15,553,000
Accumulated Depreciation	1,355,000
Operating real estate, net	14,198,000
Manufactured homes [Member] | Manhattan, KS [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	16,255,000
Initial Cost
Land	1,130,000
Building & Improvements	21,804,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	47,000
Gross Amount Carried at Close of Period
Land	1,130,000
Building & Improvements	21,851,000
Total	22,981,000
Accumulated Depreciation	2,091,000
Operating real estate, net	20,890,000
Manufactured homes [Member] | Nanuet, NY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,090,000
Initial Cost
Land	1,106,000
Building & Improvements	13,022,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	81,000
Gross Amount Carried at Close of Period
Land	1,106,000
Building & Improvements	13,103,000
Total	14,209,000
Accumulated Depreciation	1,462,000
Operating real estate, net	12,747,000
Manufactured homes [Member] | North Salt Lake, UT [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	26,022,000
Initial Cost
Land	8,878,000
Building & Improvements	22,433,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	79,000
Gross Amount Carried at Close of Period
Land	8,878,000
Building & Improvements	22,512,000
Total	31,390,000
Accumulated Depreciation	2,490,000
Operating real estate, net	28,900,000
Manufactured homes [Member] | O'Fallon IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,106,000
Initial Cost
Land	1,643,000
Building & Improvements	3,303,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	41,000
Gross Amount Carried at Close of Period
Land	1,643,000
Building & Improvements	3,344,000
Total	4,987,000
Accumulated Depreciation	391,000
Operating real estate, net	4,596,000
Manufactured homes [Member] | Ogden, UT [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	49,818,000
Initial Cost
Land	14,388,000
Building & Improvements	53,666,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	161,000
Gross Amount Carried at Close of Period
Land	14,388,000
Building & Improvements	53,827,000
Total	68,215,000
Accumulated Depreciation	5,940,000
Operating real estate, net	62,275,000
Manufactured homes [Member] | Orlando, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	33,172,000
Initial Cost
Land	7,480,000
Building & Improvements	27,638,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	187,000
Gross Amount Carried at Close of Period
Land	7,480,000
Building & Improvements	27,825,000
Total	35,305,000
Accumulated Depreciation	2,993,000
Operating real estate, net	32,312,000
Manufactured homes [Member] | Park City, KS [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,077,000
Initial Cost
Land	722,000
Building & Improvements	6,317,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	128,000
Gross Amount Carried at Close of Period
Land	722,000
Building & Improvements	6,445,000
Total	7,167,000
Accumulated Depreciation	473,000
Operating real estate, net	6,694,000
Manufactured homes [Member] | Pompano Beach, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,561,000
Initial Cost
Land	2,515,000
Building & Improvements	4,316,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	30,000
Gross Amount Carried at Close of Period
Land	2,515,000
Building & Improvements	4,346,000
Total	6,861,000
Accumulated Depreciation	468,000
Operating real estate, net	6,393,000
Manufactured homes [Member] | Pontoon Beach IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,686,000
Initial Cost
Land	3,383,000
Building & Improvements	7,064,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	70,000
Gross Amount Carried at Close of Period
Land	3,383,000
Building & Improvements	7,134,000
Total	10,517,000
Accumulated Depreciation	808,000
Operating real estate, net	9,709,000
Manufactured homes [Member] | Port Jervis, NY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,772,000
Initial Cost
Land	985,000
Building & Improvements	9,601,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	49,000
Gross Amount Carried at Close of Period
Land	985,000
Building & Improvements	9,650,000
Total	10,635,000
Accumulated Depreciation	1,058,000
Operating real estate, net	9,577,000
Manufactured homes [Member] | Queensbury, NY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,667,000
Initial Cost
Land	296,000
Building & Improvements	9,205,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	23,000
Gross Amount Carried at Close of Period
Land	296,000
Building & Improvements	9,228,000
Total	9,524,000
Accumulated Depreciation	971,000
Operating real estate, net	8,553,000
Manufactured homes [Member] | Salt Lake City, UT
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	49,685,000
Initial Cost
Land	14,506,000
Building & Improvements	59,627,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	114,000
Gross Amount Carried at Close of Period
Land	14,506,000
Building & Improvements	59,741,000
Total	74,247,000
Accumulated Depreciation	6,667,000
Operating real estate, net	67,580,000
Manufactured homes [Member] | Sandy, UT [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	18,577,000
Initial Cost
Land	6,412,000
Building & Improvements	19,874,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	9,000
Gross Amount Carried at Close of Period
Land	6,412,000
Building & Improvements	19,883,000
Total	26,295,000
Accumulated Depreciation	2,221,000
Operating real estate, net	24,074,000
Manufactured homes [Member] | Sarasota Springs, NY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,433,000
Initial Cost
Land	95,000
Building & Improvements	3,034,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	6,000
Gross Amount Carried at Close of Period
Land	95,000
Building & Improvements	3,040,000
Total	3,135,000
Accumulated Depreciation	331,000
Operating real estate, net	2,804,000
Manufactured homes [Member] | Springdale AR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,612,000
Initial Cost
Land	1,850,000
Building & Improvements	3,713,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	24,000
Gross Amount Carried at Close of Period
Land	1,850,000
Building & Improvements	3,737,000
Total	5,587,000
Accumulated Depreciation	447,000
Operating real estate, net	5,140,000
Manufactured homes [Member] | Thornton CO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	105,466,000
Initial Cost
Land	42,284,000
Building & Improvements	49,978,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	307,000
Gross Amount Carried at Close of Period
Land	42,284,000
Building & Improvements	50,285,000
Total	92,569,000
Accumulated Depreciation	3,139,000
Operating real estate, net	89,430,000
Manufactured homes [Member] | Tooele, UT [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,445,000
Initial Cost
Land	982,000
Building & Improvements	9,775,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	27,000
Gross Amount Carried at Close of Period
Land	982,000
Building & Improvements	9,802,000
Total	10,784,000
Accumulated Depreciation	1,061,000
Operating real estate, net	9,723,000
Manufactured homes [Member] | Topeka, KS [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,342,000
Initial Cost
Land	5,097,000
Building & Improvements	10,521,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	112,000
Gross Amount Carried at Close of Period
Land	5,097,000
Building & Improvements	10,633,000
Total	15,730,000
Accumulated Depreciation	810,000
Operating real estate, net	14,920,000
Manufactured homes [Member] | Washingtonville, NY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,755,000
Initial Cost
Land	1,181,000
Building & Improvements	4,883,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	13,000
Gross Amount Carried at Close of Period
Land	1,181,000
Building & Improvements	4,896,000
Total	6,077,000
Accumulated Depreciation	541,000
Operating real estate, net	5,536,000
Manufactured homes [Member] | West Jordan, UT [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	23,649,000
Initial Cost
Land	7,195,000
Building & Improvements	28,939,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	65,000
Gross Amount Carried at Close of Period
Land	7,195,000
Building & Improvements	29,004,000
Total	36,199,000
Accumulated Depreciation	3,239,000
Operating real estate, net	32,960,000
Manufactured homes [Member] | West Valley City, UT [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,117,000
Initial Cost
Land	3,445,000
Building & Improvements	18,239,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	20,000
Gross Amount Carried at Close of Period
Land	3,445,000
Building & Improvements	18,259,000
Total	21,704,000
Accumulated Depreciation	2,028,000
Operating real estate, net	19,676,000
Manufactured homes [Member] | Winter Haven, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,750,000
Initial Cost
Land	580,000
Building & Improvements	5,550,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	24,000
Gross Amount Carried at Close of Period
Land	580,000
Building & Improvements	5,574,000
Total	6,154,000
Accumulated Depreciation	611,000
Operating real estate, net	5,543,000
Net Lease [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	463,629,000
Initial Cost
Land	140,088,000
Building & Improvements	513,751,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	712,000
Gross Amount Carried at Close of Period
Land	140,088,000
Building & Improvements	514,463,000
Total	654,551,000
Accumulated Depreciation	73,621,000
Operating real estate, net	580,930,000
Multifamily [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	244,555,000
Initial Cost
Land	45,089,000
Building & Improvements	267,769,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	10,180,000
Gross Amount Carried at Close of Period
Land	45,089,000
Building & Improvements	277,949,000
Total	323,038,000
Accumulated Depreciation	16,061,000
Operating real estate, net	306,977,000
Multifamily [Member] | Houston, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,870,000
Initial Cost
Land	2,401,000
Building & Improvements	16,293,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	538,000
Gross Amount Carried at Close of Period
Land	2,401,000
Building & Improvements	16,831,000
Total	19,232,000
Accumulated Depreciation	933,000
Operating real estate, net	18,299,000
Multifamily [Member] | Marrietta, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,395,000
Initial Cost
Land	3,742,000
Building & Improvements	11,258,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	449,000
Gross Amount Carried at Close of Period
Land	3,742,000
Building & Improvements	11,707,000
Total	15,449,000
Accumulated Depreciation	843,000
Operating real estate, net	14,606,000
Multifamily [Member] | Memphis, TN
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	39,600,000
Initial Cost
Land	7,300,000
Building & Improvements	41,896,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	2,144,000
Gross Amount Carried at Close of Period
Land	7,300,000
Building & Improvements	44,040,000
Total	51,340,000
Accumulated Depreciation	2,507,000
Operating real estate, net	48,833,000
Multifamily [Member] | Jacksonville, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	51,130,000
Initial Cost
Land	8,933,000
Building & Improvements	55,617,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	1,337,000
Gross Amount Carried at Close of Period
Land	8,933,000
Building & Improvements	56,954,000
Total	65,887,000
Accumulated Depreciation	3,200,000
Operating real estate, net	62,687,000
Multifamily [Member] | Savannah, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	25,550,000
Initial Cost
Land	2,700,000
Building & Improvements	29,750,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	781,000
Gross Amount Carried at Close of Period
Land	2,700,000
Building & Improvements	30,531,000
Total	33,231,000
Accumulated Depreciation	1,781,000
Operating real estate, net	31,450,000
Multifamily [Member] | Murfreesboro, TN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	18,780,000
Initial Cost
Land	2,900,000
Building & Improvements	20,850,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	912,000
Gross Amount Carried at Close of Period
Land	2,900,000
Building & Improvements	21,762,000
Total	24,662,000
Accumulated Depreciation	1,356,000
Operating real estate, net	23,306,000
Multifamily [Member] | Panama City, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,880,000
Initial Cost
Land	800,000
Building & Improvements	15,150,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	578,000
Gross Amount Carried at Close of Period
Land	800,000
Building & Improvements	15,728,000
Total	16,528,000
Accumulated Depreciation	1,026,000
Operating real estate, net	15,502,000
Multifamily [Member] | Roswell, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	23,812,000
Initial Cost
Land	7,920,000
Building & Improvements	23,825,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	1,304,000
Gross Amount Carried at Close of Period
Land	7,920,000
Building & Improvements	25,129,000
Total	33,049,000
Accumulated Depreciation	1,634,000
Operating real estate, net	31,415,000
Multifamily [Member] | Scottsdale, AZ
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	46,538,000
Initial Cost
Land	8,393,000
Building & Improvements	53,130,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	2,137,000
Gross Amount Carried at Close of Period
Land	8,393,000
Building & Improvements	55,267,000
Total	63,660,000
Accumulated Depreciation	2,781,000
Operating real estate, net	60,879,000
International [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	77,660,000
Initial Cost
Land	17,946,000
Building & Improvements	71,863,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	17,946,000
Building & Improvements	71,863,000
Total	89,809,000
Accumulated Depreciation	521,000
Operating real estate, net	89,288,000
International [Member] | Woking, UK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	77,660,000
Initial Cost
Land	17,946,000
Building & Improvements	71,863,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	17,946,000
Building & Improvements	71,863,000
Total	89,809,000
Accumulated Depreciation	521,000
Operating real estate, net	89,288,000
Life on Which Depreciation is Computed	40 years
Multi-Tenant Office
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	45,584,000
Initial Cost
Land	7,827,000
Building & Improvements	56,531,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	150,000
Gross Amount Carried at Close of Period
Land	7,827,000
Building & Improvements	56,681,000
Total	64,508,000
Accumulated Depreciation	788,000
Operating real estate, net	63,720,000
Multi-Tenant Office | Denver CO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,503,000
Initial Cost
Land	1,113,000
Building & Improvements	16,882,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	125,000
Gross Amount Carried at Close of Period
Land	1,113,000
Building & Improvements	17,007,000
Total	18,120,000
Accumulated Depreciation	413,000
Operating real estate, net	17,707,000
Life on Which Depreciation is Computed	40 years
Multi-Tenant Office | Austin TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,906,000
Initial Cost
Land	1,808,000
Building & Improvements	16,268,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,808,000
Building & Improvements	16,268,000
Total	18,076,000
Accumulated Depreciation	153,000
Operating real estate, net	17,923,000
Life on Which Depreciation is Computed	40 years
Multi-Tenant Office | Boulder, CO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,591,000
Initial Cost
Land	3,155,000
Building & Improvements	13,334,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	25,000
Gross Amount Carried at Close of Period
Land	3,155,000
Building & Improvements	13,359,000
Total	16,514,000
Accumulated Depreciation	143,000
Operating real estate, net	16,371,000
Life on Which Depreciation is Computed	40 years
Multi-Tenant Office | San Diego, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,584,000
Initial Cost
Land	1,751,000
Building & Improvements	10,047,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,751,000
Building & Improvements	10,047,000
Total	11,798,000
Accumulated Depreciation	79,000
Operating real estate, net	11,719,000
Life on Which Depreciation is Computed	40 years
REO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost
Land	1,628,000
Building & Improvements	5,709,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,628,000
Building & Improvements	5,709,000
Total	7,337,000
Accumulated Depreciation	200,000
Operating real estate, net	7,137,000
REO [Member] | Sheboygan WI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost
Land	1,628,000
Building & Improvements	5,709,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,628,000
Building & Improvements	5,709,000
Total	7,337,000
Accumulated Depreciation	200,000
Operating real estate, net	7,137,000
Life on Which Depreciation is Computed	40 years
Medical Office Building [Member] | Healthcare [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,397,849,000
Initial Cost
Land	123,372,000
Building & Improvements	1,771,382,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	1,152,000
Gross Amount Carried at Close of Period
Land	123,372,000
Building & Improvements	1,772,534,000
Total	1,895,906,000
Accumulated Depreciation	4,772,000
Operating real estate, net	1,891,134,000
Medical Office Building [Member] | Healthcare [Member] | Abilene, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,430,000
Initial Cost
Land	742,000
Building & Improvements	7,629,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	742,000
Building & Improvements	7,629,000
Total	8,371,000
Accumulated Depreciation	20,000
Operating real estate, net	8,351,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Alice, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,199,000
Initial Cost
Land	952,000
Building & Improvements	24,518,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	952,000
Building & Improvements	24,518,000
Total	25,470,000
Accumulated Depreciation	62,000
Operating real estate, net	25,408,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Amarillo, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	17,435,000
Initial Cost
Land	411,000
Building & Improvements	6,734,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	411,000
Building & Improvements	6,734,000
Total	7,145,000
Accumulated Depreciation	17,000
Operating real estate, net	7,128,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Austell, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,362,000
Initial Cost
Land	0
Building & Improvements	6,607,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	15,000
Gross Amount Carried at Close of Period
Land	0
Building & Improvements	6,622,000
Total	6,622,000
Accumulated Depreciation	16,000
Operating real estate, net	6,606,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Avon, IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,231,000
Initial Cost
Land	1,313,000
Building & Improvements	6,791,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,313,000
Building & Improvements	6,791,000
Total	8,104,000
Accumulated Depreciation	20,000
Operating real estate, net	8,084,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Batavia, OH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,589,000
Initial Cost
Land	1,233,000
Building & Improvements	23,274,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,233,000
Building & Improvements	23,274,000
Total	24,507,000
Accumulated Depreciation	60,000
Operating real estate, net	24,447,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Beachwood, OH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,108,000
Initial Cost
Land	411,000
Building & Improvements	5,042,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	411,000
Building & Improvements	5,042,000
Total	5,453,000
Accumulated Depreciation	13,000
Operating real estate, net	5,440,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Benton, AR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,378,000
Initial Cost
Land	1,353,000
Building & Improvements	47,897,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,353,000
Building & Improvements	47,897,000
Total	49,250,000
Accumulated Depreciation	120,000
Operating real estate, net	49,130,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Bessemer, AL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	25,208,000
Initial Cost
Land	942,000
Building & Improvements	33,535,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	942,000
Building & Improvements	33,535,000
Total	34,477,000
Accumulated Depreciation	84,000
Operating real estate, net	34,393,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Bloomington, IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,812,000
Initial Cost
Land	1,303,000
Building & Improvements	16,943,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	16,000
Gross Amount Carried at Close of Period
Land	1,303,000
Building & Improvements	16,959,000
Total	18,262,000
Accumulated Depreciation	44,000
Operating real estate, net	18,218,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Boynton Beach, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,329,000
Initial Cost
Land	1,183,000
Building & Improvements	17,214,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,183,000
Building & Improvements	17,214,000
Total	18,397,000
Accumulated Depreciation	45,000
Operating real estate, net	18,352,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Bradenton, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,723,000
Initial Cost
Land	0
Building & Improvements	6,477,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	0
Building & Improvements	6,477,000
Total	6,477,000
Accumulated Depreciation	16,000
Operating real estate, net	6,461,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Brentwood, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	16,292,000
Initial Cost
Land	0
Building & Improvements	33,612,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	0
Building & Improvements	33,612,000
Total	33,612,000
Accumulated Depreciation	82,000
Operating real estate, net	33,530,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Brownsburg, IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	17,629,000
Initial Cost
Land	521,000
Building & Improvements	3,388,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	521,000
Building & Improvements	3,388,000
Total	3,909,000
Accumulated Depreciation	10,000
Operating real estate, net	3,899,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Bryant, AR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,570,000
Initial Cost
Land	922,000
Building & Improvements	25,216,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	922,000
Building & Improvements	25,216,000
Total	26,138,000
Accumulated Depreciation	64,000
Operating real estate, net	26,074,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Carlsbad, NM [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,800,000
Initial Cost
Land	451,000
Building & Improvements	5,278,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	451,000
Building & Improvements	5,278,000
Total	5,729,000
Accumulated Depreciation	14,000
Operating real estate, net	5,715,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Carmel, IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	22,472,000
Initial Cost
Land	6,084,000
Building & Improvements	117,849,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	6,084,000
Building & Improvements	117,849,000
Total	123,933,000
Accumulated Depreciation	302,000
Operating real estate, net	123,631,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Carson City, NV [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,179,000
Initial Cost
Land	561,000
Building & Improvements	8,395,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	12,000
Gross Amount Carried at Close of Period
Land	561,000
Building & Improvements	8,407,000
Total	8,968,000
Accumulated Depreciation	22,000
Operating real estate, net	8,946,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Champaign, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,688,000
Initial Cost
Land	1,002,000
Building & Improvements	14,176,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	1,000
Gross Amount Carried at Close of Period
Land	1,002,000
Building & Improvements	14,177,000
Total	15,179,000
Accumulated Depreciation	37,000
Operating real estate, net	15,142,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Chillicothe, OH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost
Land	401,000
Building & Improvements	6,654,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	401,000
Building & Improvements	6,654,000
Total	7,055,000
Accumulated Depreciation	17,000
Operating real estate, net	7,038,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Chula Vista, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	22,543,000
Initial Cost
Land	1,403,000
Building & Improvements	15,109,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	1,000
Gross Amount Carried at Close of Period
Land	1,403,000
Building & Improvements	15,110,000
Total	16,513,000
Accumulated Depreciation	40,000
Operating real estate, net	16,473,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Cleveland, OH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,635,000
Initial Cost
Land	0
Building & Improvements	28,811,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	0
Building & Improvements	28,811,000
Total	28,811,000
Accumulated Depreciation	70,000
Operating real estate, net	28,741,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Columbia, SC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,874,000
Initial Cost
Land	672,000
Building & Improvements	5,045,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	672,000
Building & Improvements	5,045,000
Total	5,717,000
Accumulated Depreciation	14,000
Operating real estate, net	5,703,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Decatur, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,694,000
Initial Cost
Land	1,333,000
Building & Improvements	10,554,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,333,000
Building & Improvements	10,554,000
Total	11,887,000
Accumulated Depreciation	29,000
Operating real estate, net	11,858,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Des Plaines, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,880,000
Initial Cost
Land	1,834,000
Building & Improvements	18,329,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,834,000
Building & Improvements	18,329,000
Total	20,163,000
Accumulated Depreciation	49,000
Operating real estate, net	20,114,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | DeSoto, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,414,000
Initial Cost
Land	1,082,000
Building & Improvements	7,041,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,082,000
Building & Improvements	7,041,000
Total	8,123,000
Accumulated Depreciation	20,000
Operating real estate, net	8,103,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | East Arlington, TX
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,157,000
Initial Cost
Land	3,619,000
Building & Improvements	901,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	63,000
Gross Amount Carried at Close of Period
Land	3,619,000
Building & Improvements	964,000
Total	4,583,000
Accumulated Depreciation	172,000
Operating real estate, net	4,411,000
Life on Which Depreciation is Computed	40 years
Medical Office Building [Member] | Healthcare [Member] | El Paso, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,996,000
Initial Cost
Land	702,000
Building & Improvements	7,389,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	702,000
Building & Improvements	7,389,000
Total	8,091,000
Accumulated Depreciation	20,000
Operating real estate, net	8,071,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Ennis, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,265,000
Initial Cost
Land	1,113,000
Building & Improvements	7,603,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,113,000
Building & Improvements	7,603,000
Total	8,716,000
Accumulated Depreciation	21,000
Operating real estate, net	8,695,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Escanaba, MI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,437,000
Initial Cost
Land	872,000
Building & Improvements	7,719,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	872,000
Building & Improvements	7,719,000
Total	8,591,000
Accumulated Depreciation	21,000
Operating real estate, net	8,570,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Evansville, IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	34,515,000
Initial Cost
Land	1,082,000
Building & Improvements	3,781,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	89,000
Gross Amount Carried at Close of Period
Land	1,082,000
Building & Improvements	3,870,000
Total	4,952,000
Accumulated Depreciation	12,000
Operating real estate, net	4,940,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Frisco, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	16,902,000
Initial Cost
Land	1,133,000
Building & Improvements	8,797,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,133,000
Building & Improvements	8,797,000
Total	9,930,000
Accumulated Depreciation	24,000
Operating real estate, net	9,906,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Greeley CO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	36,636,000
Initial Cost
Land	2,195,000
Building & Improvements	40,133,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	30,000
Gross Amount Carried at Close of Period
Land	2,195,000
Building & Improvements	40,163,000
Total	42,358,000
Accumulated Depreciation	103,000
Operating real estate, net	42,255,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Hendersonville, TN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,846,000
Initial Cost
Land	2,135,000
Building & Improvements	23,346,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	2,135,000
Building & Improvements	23,346,000
Total	25,481,000
Accumulated Depreciation	62,000
Operating real estate, net	25,419,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Highlands Ranch, CO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,495,000
Initial Cost
Land	0
Building & Improvements	6,150,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	0
Building & Improvements	6,150,000
Total	6,150,000
Accumulated Depreciation	15,000
Operating real estate, net	6,135,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Hilo, HI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,814,000
Initial Cost
Land	0
Building & Improvements	6,204,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	0
Building & Improvements	6,204,000
Total	6,204,000
Accumulated Depreciation	15,000
Operating real estate, net	6,189,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Hinsdale, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	37,001,000
Initial Cost
Land	481,000
Building & Improvements	4,342,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	481,000
Building & Improvements	4,342,000
Total	4,823,000
Accumulated Depreciation	12,000
Operating real estate, net	4,811,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Hobbs, NM [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,262,000
Initial Cost
Land	0
Building & Improvements	5,466,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	0
Building & Improvements	5,466,000
Total	5,466,000
Accumulated Depreciation	13,000
Operating real estate, net	5,453,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Hope, AR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	533,000
Initial Cost
Land	3,929,000
Building & Improvements	76,132,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	3,929,000
Building & Improvements	76,132,000
Total	80,061,000
Accumulated Depreciation	195,000
Operating real estate, net	79,866,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Houston, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,097,000
Initial Cost
Land	0
Building & Improvements	2,051,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	0
Building & Improvements	2,051,000
Total	2,051,000
Accumulated Depreciation	5,000
Operating real estate, net	2,046,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Humble, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,594,000
Initial Cost
Land	0
Building & Improvements	6,844,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	0
Building & Improvements	6,844,000
Total	6,844,000
Accumulated Depreciation	17,000
Operating real estate, net	6,827,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Huntsville, AL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,718,000
Initial Cost
Land	0
Building & Improvements	11,267,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	0
Building & Improvements	11,267,000
Total	11,267,000
Accumulated Depreciation	27,000
Operating real estate, net	11,240,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Indianapolis, IN
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	81,967,000
Initial Cost
Land	5,663,000
Building & Improvements	125,508,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	15,000
Gross Amount Carried at Close of Period
Land	5,663,000
Building & Improvements	125,523,000
Total	131,186,000
Accumulated Depreciation	319,000
Operating real estate, net	130,867,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Jasper, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,505,000
Initial Cost
Land	7,186,000
Building & Improvements	71,232,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	600,000
Gross Amount Carried at Close of Period
Land	7,186,000
Building & Improvements	71,832,000
Total	79,018,000
Accumulated Depreciation	191,000
Operating real estate, net	78,827,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Jersey City, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	31,771,000
Initial Cost
Land	1,293,000
Building & Improvements	64,130,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	60,000
Gross Amount Carried at Close of Period
Land	1,293,000
Building & Improvements	64,190,000
Total	65,483,000
Accumulated Depreciation	159,000
Operating real estate, net	65,324,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Johns Creek, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,469,000
Initial Cost
Land	1,103,000
Building & Improvements	7,227,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,103,000
Building & Improvements	7,227,000
Total	8,330,000
Accumulated Depreciation	20,000
Operating real estate, net	8,310,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Killeen, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,744,000
Initial Cost
Land	551,000
Building & Improvements	8,871,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	551,000
Building & Improvements	8,871,000
Total	9,422,000
Accumulated Depreciation	23,000
Operating real estate, net	9,399,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Knoxville, TN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	58,785,000
Initial Cost
Land	722,000
Building & Improvements	8,941,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	722,000
Building & Improvements	8,941,000
Total	9,663,000
Accumulated Depreciation	24,000
Operating real estate, net	9,639,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Lacombe, LA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,381,000
Initial Cost
Land	2,456,000
Building & Improvements	26,082,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	27,000
Gross Amount Carried at Close of Period
Land	2,456,000
Building & Improvements	26,109,000
Total	28,565,000
Accumulated Depreciation	69,000
Operating real estate, net	28,496,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Lafayette, IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	36,129,000
Initial Cost
Land	0
Building & Improvements	34,590,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	0
Building & Improvements	34,590,000
Total	34,590,000
Accumulated Depreciation	84,000
Operating real estate, net	34,506,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Lake Charles, LA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,429,000
Initial Cost
Land	2,005,000
Building & Improvements	16,141,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	2,005,000
Building & Improvements	16,141,000
Total	18,146,000
Accumulated Depreciation	44,000
Operating real estate, net	18,102,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Las Vegas, NM [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,843,000
Initial Cost
Land	1,473,000
Building & Improvements	6,959,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,473,000
Building & Improvements	6,959,000
Total	8,432,000
Accumulated Depreciation	21,000
Operating real estate, net	8,411,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Lawton, OK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,944,000
Initial Cost
Land	0
Building & Improvements	77,165,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	0
Building & Improvements	77,165,000
Total	77,165,000
Accumulated Depreciation	188,000
Operating real estate, net	76,977,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Lemont, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,683,000
Initial Cost
Land	0
Building & Improvements	29,571,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	0
Building & Improvements	29,571,000
Total	29,571,000
Accumulated Depreciation	72,000
Operating real estate, net	29,499,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Livingston, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,296,000
Initial Cost
Land	2,857,000
Building & Improvements	10,266,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	2,857,000
Building & Improvements	10,266,000
Total	13,123,000
Accumulated Depreciation	32,000
Operating real estate, net	13,091,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Lufkin, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,962,000
Initial Cost
Land	0
Building & Improvements	5,559,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	39,000
Gross Amount Carried at Close of Period
Land	0
Building & Improvements	5,598,000
Total	5,598,000
Accumulated Depreciation	14,000
Operating real estate, net	5,584,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Marrietta, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,561,000
Initial Cost
Land	5,132,000
Building & Improvements	21,153,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	5,132,000
Building & Improvements	21,153,000
Total	26,285,000
Accumulated Depreciation	64,000
Operating real estate, net	26,221,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Memphis, TN
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,134,000
Initial Cost
Land	1,273,000
Building & Improvements	26,618,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	21,000
Gross Amount Carried at Close of Period
Land	1,273,000
Building & Improvements	26,639,000
Total	27,912,000
Accumulated Depreciation	68,000
Operating real estate, net	27,844,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Middletown, NY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	119,033,000
Initial Cost
Land	12,779,000
Building & Improvements	74,718,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	12,779,000
Building & Improvements	74,718,000
Total	87,497,000
Accumulated Depreciation	213,000
Operating real estate, net	87,284,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Muncie, IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,136,000
Initial Cost
Land	3,368,000
Building & Improvements	14,980,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	3,368,000
Building & Improvements	14,980,000
Total	18,348,000
Accumulated Depreciation	45,000
Operating real estate, net	18,303,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Munster, IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	28,126,000
Initial Cost
Land	4,350,000
Building & Improvements	36,960,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	95,000
Gross Amount Carried at Close of Period
Land	4,350,000
Building & Improvements	37,055,000
Total	41,405,000
Accumulated Depreciation	101,000
Operating real estate, net	41,304,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Naperville, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,938,000
Initial Cost
Land	852,000
Building & Improvements	4,501,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	852,000
Building & Improvements	4,501,000
Total	5,353,000
Accumulated Depreciation	13,000
Operating real estate, net	5,340,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | New Port Richey, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,681,000
Initial Cost
Land	852,000
Building & Improvements	4,610,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	41,000
Gross Amount Carried at Close of Period
Land	852,000
Building & Improvements	4,651,000
Total	5,503,000
Accumulated Depreciation	13,000
Operating real estate, net	5,490,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Noblesville, IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,315,000
Initial Cost
Land	852,000
Building & Improvements	16,920,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	852,000
Building & Improvements	16,920,000
Total	17,772,000
Accumulated Depreciation	43,000
Operating real estate, net	17,729,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Novi, MI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,623,000
Initial Cost
Land	0
Building & Improvements	16,798,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	0
Building & Improvements	16,798,000
Total	16,798,000
Accumulated Depreciation	41,000
Operating real estate, net	16,757,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Okatie, SC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,563,000
Initial Cost
Land	0
Building & Improvements	4,742,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	0
Building & Improvements	4,742,000
Total	4,742,000
Accumulated Depreciation	12,000
Operating real estate, net	4,730,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Pocatello, ID [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	24,215,000
Initial Cost
Land	0
Building & Improvements	6,876,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	0
Building & Improvements	6,876,000
Total	6,876,000
Accumulated Depreciation	17,000
Operating real estate, net	6,859,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Raleigh, NC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	23,317,000
Initial Cost
Land	331,000
Building & Improvements	15,041,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	331,000
Building & Improvements	15,041,000
Total	15,372,000
Accumulated Depreciation	37,000
Operating real estate, net	15,335,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Rockhill, NY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	35,049,000
Initial Cost
Land	1,092,000
Building & Improvements	13,755,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,092,000
Building & Improvements	13,755,000
Total	14,847,000
Accumulated Depreciation	36,000
Operating real estate, net	14,811,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Rockwall, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	30,681,000
Initial Cost
Land	3,508,000
Building & Improvements	32,020,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	3,508,000
Building & Improvements	32,020,000
Total	35,528,000
Accumulated Depreciation	86,000
Operating real estate, net	35,442,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Rowlett, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,487,000
Initial Cost
Land	0
Building & Improvements	18,613,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	0
Building & Improvements	18,613,000
Total	18,613,000
Accumulated Depreciation	45,000
Operating real estate, net	18,568,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Ruston, LA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	20,583,000
Initial Cost
Land	371,000
Building & Improvements	3,991,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	371,000
Building & Improvements	3,991,000
Total	4,362,000
Accumulated Depreciation	11,000
Operating real estate, net	4,351,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | San Angelo, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,282,000
Initial Cost
Land	481,000
Building & Improvements	8,674,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	481,000
Building & Improvements	8,674,000
Total	9,155,000
Accumulated Depreciation	22,000
Operating real estate, net	9,133,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | San Antonio TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	37,993,000
Initial Cost
Land	1,924,000
Building & Improvements	34,122,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,924,000
Building & Improvements	34,122,000
Total	36,046,000
Accumulated Depreciation	88,000
Operating real estate, net	35,958,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Santa Rosa, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,082,000
Initial Cost
Land	1,834,000
Building & Improvements	8,920,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	3,000
Gross Amount Carried at Close of Period
Land	1,834,000
Building & Improvements	8,923,000
Total	10,757,000
Accumulated Depreciation	26,000
Operating real estate, net	10,731,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Sarasota, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,718,000
Initial Cost
Land	1,483,000
Building & Improvements	8,989,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,483,000
Building & Improvements	8,989,000
Total	10,472,000
Accumulated Depreciation	25,000
Operating real estate, net	10,447,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Sartell, MN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,362,000
Initial Cost
Land	2,055,000
Building & Improvements	4,806,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	2,055,000
Building & Improvements	4,806,000
Total	6,861,000
Accumulated Depreciation	17,000
Operating real estate, net	6,844,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Schertz, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,049,000
Initial Cost
Land	792,000
Building & Improvements	15,243,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	792,000
Building & Improvements	15,243,000
Total	16,035,000
Accumulated Depreciation	39,000
Operating real estate, net	15,996,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Shelbyville, TN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,095,000
Initial Cost
Land	0
Building & Improvements	17,045,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	0
Building & Improvements	17,045,000
Total	17,045,000
Accumulated Depreciation	41,000
Operating real estate, net	17,004,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Shenandoah, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,301,000
Initial Cost
Land	1,103,000
Building & Improvements	8,736,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,103,000
Building & Improvements	8,736,000
Total	9,839,000
Accumulated Depreciation	24,000
Operating real estate, net	9,815,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Spokane, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	22,548,000
Initial Cost
Land	1,794,000
Building & Improvements	9,081,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,794,000
Building & Improvements	9,081,000
Total	10,875,000
Accumulated Depreciation	26,000
Operating real estate, net	10,849,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | St. John, IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,487,000
Initial Cost
Land	902,000
Building & Improvements	13,129,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	902,000
Building & Improvements	13,129,000
Total	14,031,000
Accumulated Depreciation	34,000
Operating real estate, net	13,997,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | St. Petersburg, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,682,000
Initial Cost
Land	581,000
Building & Improvements	8,803,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	24,000
Gross Amount Carried at Close of Period
Land	581,000
Building & Improvements	8,827,000
Total	9,408,000
Accumulated Depreciation	23,000
Operating real estate, net	9,385,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Stockbridge, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,817,000
Initial Cost
Land	0
Building & Improvements	7,862,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	0
Building & Improvements	7,862,000
Total	7,862,000
Accumulated Depreciation	19,000
Operating real estate, net	7,843,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Sylva, NC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,561,000
Initial Cost
Land	1,734,000
Building & Improvements	13,327,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,734,000
Building & Improvements	13,327,000
Total	15,061,000
Accumulated Depreciation	37,000
Operating real estate, net	15,024,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Tempe, AZ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,088,000
Initial Cost
Land	742,000
Building & Improvements	10,220,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	742,000
Building & Improvements	10,220,000
Total	10,962,000
Accumulated Depreciation	27,000
Operating real estate, net	10,935,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Temple, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,652,000
Initial Cost
Land	411,000
Building & Improvements	8,591,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	411,000
Building & Improvements	8,591,000
Total	9,002,000
Accumulated Depreciation	22,000
Operating real estate, net	8,980,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Texarkana, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,362,000
Initial Cost
Land	0
Building & Improvements	22,058,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	0
Building & Improvements	22,058,000
Total	22,058,000
Accumulated Depreciation	54,000
Operating real estate, net	22,004,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Urbana, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,205,000
Initial Cost
Land	571,000
Building & Improvements	7,799,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	571,000
Building & Improvements	7,799,000
Total	8,370,000
Accumulated Depreciation	20,000
Operating real estate, net	8,350,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Victoria, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,546,000
Initial Cost
Land	0
Building & Improvements	6,102,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	0
Building & Improvements	6,102,000
Total	6,102,000
Accumulated Depreciation	15,000
Operating real estate, net	6,087,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Warsaw IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,170,000
Initial Cost
Land	0
Building & Improvements	9,994,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	0
Building & Improvements	9,994,000
Total	9,994,000
Accumulated Depreciation	24,000
Operating real estate, net	9,970,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | West Bloomfield, MI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,911,000
Initial Cost
Land	1,092,000
Building & Improvements	4,702,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,092,000
Building & Improvements	4,702,000
Total	5,794,000
Accumulated Depreciation	14,000
Operating real estate, net	5,780,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Westminster, CO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	17,443,000
Initial Cost
Land	1,473,000
Building & Improvements	10,958,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,473,000
Building & Improvements	10,958,000
Total	12,431,000
Accumulated Depreciation	30,000
Operating real estate, net	12,401,000
Life on Which Depreciation is Computed	39 years
Medical Office Building [Member] | Healthcare [Member] | Wharton, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,403,000
Initial Cost
Land	961,000
Building & Improvements	7,440,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	961,000
Building & Improvements	7,440,000
Total	8,401,000
Accumulated Depreciation	19,000
Operating real estate, net	8,382,000
Life on Which Depreciation is Computed	39 years
Skilled Nursing Facilities [Member] | Healthcare [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	952,562,000
Initial Cost
Land	119,215,000
Building & Improvements	1,115,908,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	13,550,000
Gross Amount Carried at Close of Period
Land	119,215,000
Building & Improvements	1,129,458,000
Total	1,248,673,000
Accumulated Depreciation	44,608,000
Operating real estate, net	1,204,065,000
Skilled Nursing Facilities [Member] | Healthcare [Member] | Memphis, TN
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,723,000
Initial Cost
Land	1,533,000
Building & Improvements	15,219,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,533,000
Building & Improvements	15,219,000
Total	16,752,000
Accumulated Depreciation	41,000
Operating real estate, net	16,711,000
Life on Which Depreciation is Computed	39 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Sarasota, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,461,000
Initial Cost
Land	1,403,000
Building & Improvements	15,909,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	8,000
Gross Amount Carried at Close of Period
Land	1,403,000
Building & Improvements	15,917,000
Total	17,320,000
Accumulated Depreciation	347,000
Operating real estate, net	16,973,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | St. Petersburg, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,425,000
Initial Cost
Land	1,462,000
Building & Improvements	11,060,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,462,000
Building & Improvements	11,060,000
Total	12,522,000
Accumulated Depreciation	272,000
Operating real estate, net	12,250,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Abingdon, VA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,229,000
Initial Cost
Land	531,000
Building & Improvements	6,626,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	531,000
Building & Improvements	6,626,000
Total	7,157,000
Accumulated Depreciation	165,000
Operating real estate, net	6,992,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Annandale, VA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,109,000
Initial Cost
Land	2,497,000
Building & Improvements	11,713,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	2,497,000
Building & Improvements	11,713,000
Total	14,210,000
Accumulated Depreciation	271,000
Operating real estate, net	13,939,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Atlanta, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	29,446,000
Initial Cost
Land	3,348,000
Building & Improvements	29,841,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	3,348,000
Building & Improvements	29,841,000
Total	33,189,000
Accumulated Depreciation	81,000
Operating real estate, net	33,108,000
Life on Which Depreciation is Computed	39 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Aurora, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,915,000
Initial Cost
Land	1,372,000
Building & Improvements	20,571,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	121,000
Gross Amount Carried at Close of Period
Land	1,372,000
Building & Improvements	20,692,000
Total	22,064,000
Accumulated Depreciation	418,000
Operating real estate, net	21,646,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Baltimore, MD [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,313,000
Initial Cost
Land	1,739,000
Building & Improvements	9,183,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,739,000
Building & Improvements	9,183,000
Total	10,922,000
Accumulated Depreciation	207,000
Operating real estate, net	10,715,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Bastian, VA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,644,000
Initial Cost
Land	281,000
Building & Improvements	3,197,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	281,000
Building & Improvements	3,197,000
Total	3,478,000
Accumulated Depreciation	8,000
Operating real estate, net	3,470,000
Life on Which Depreciation is Computed	39 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Belvidere, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,422,000
Initial Cost
Land	592,000
Building & Improvements	22,509,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	824,000
Gross Amount Carried at Close of Period
Land	592,000
Building & Improvements	23,333,000
Total	23,925,000
Accumulated Depreciation	485,000
Operating real estate, net	23,440,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Bend, OR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,955,000
Initial Cost
Land	1,363,000
Building & Improvements	13,193,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,363,000
Building & Improvements	13,193,000
Total	14,556,000
Accumulated Depreciation	35,000
Operating real estate, net	14,521,000
Life on Which Depreciation is Computed	39 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Black Mountain NC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,096,000
Initial Cost
Land	468,000
Building & Improvements	5,786,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	861,000
Gross Amount Carried at Close of Period
Land	468,000
Building & Improvements	6,647,000
Total	7,115,000
Accumulated Depreciation	1,272,000
Operating real estate, net	5,843,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Blountstown FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,209,000
Initial Cost
Land	378,000
Building & Improvements	5,069,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	908,000
Gross Amount Carried at Close of Period
Land	378,000
Building & Improvements	5,977,000
Total	6,355,000
Accumulated Depreciation	1,124,000
Operating real estate, net	5,231,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Boetourt, VA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,699,000
Initial Cost
Land	341,000
Building & Improvements	7,422,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	341,000
Building & Improvements	7,422,000
Total	7,763,000
Accumulated Depreciation	19,000
Operating real estate, net	7,744,000
Life on Which Depreciation is Computed	39 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Castleton IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,453,000
Initial Cost
Land	677,000
Building & Improvements	8,077,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	677,000
Building & Improvements	8,077,000
Total	8,754,000
Accumulated Depreciation	1,523,000
Operating real estate, net	7,231,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Charlottesville, VA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,904,000
Initial Cost
Land	1,193,000
Building & Improvements	15,649,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,193,000
Building & Improvements	15,649,000
Total	16,842,000
Accumulated Depreciation	41,000
Operating real estate, net	16,801,000
Life on Which Depreciation is Computed	39 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Chesterfield IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,282,000
Initial Cost
Land	815,000
Building & Improvements	4,204,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	815,000
Building & Improvements	4,204,000
Total	5,019,000
Accumulated Depreciation	793,000
Operating real estate, net	4,226,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Clemmons NC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,596,000
Initial Cost
Land	337,000
Building & Improvements	4,541,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	33,000
Gross Amount Carried at Close of Period
Land	337,000
Building & Improvements	4,574,000
Total	4,911,000
Accumulated Depreciation	818,000
Operating real estate, net	4,093,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Columbia City IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,339,000
Initial Cost
Land	1,034,000
Building & Improvements	6,390,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,034,000
Building & Improvements	6,390,000
Total	7,424,000
Accumulated Depreciation	1,205,000
Operating real estate, net	6,219,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Conyers, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	20,147,000
Initial Cost
Land	1,844,000
Building & Improvements	26,777,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,844,000
Building & Improvements	26,777,000
Total	28,621,000
Accumulated Depreciation	70,000
Operating real estate, net	28,551,000
Life on Which Depreciation is Computed	39 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Covington, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	21,019,000
Initial Cost
Land	1,473,000
Building & Improvements	21,537,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,473,000
Building & Improvements	21,537,000
Total	23,010,000
Accumulated Depreciation	56,000
Operating real estate, net	22,954,000
Life on Which Depreciation is Computed	39 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Crestwood, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,161,000
Initial Cost
Land	1,590,000
Building & Improvements	24,623,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	352,000
Gross Amount Carried at Close of Period
Land	1,590,000
Building & Improvements	24,975,000
Total	26,565,000
Accumulated Depreciation	490,000
Operating real estate, net	26,075,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Dalton, MA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,050,000
Initial Cost
Land	1,820,000
Building & Improvements	3,022,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,820,000
Building & Improvements	3,022,000
Total	4,842,000
Accumulated Depreciation	12,000
Operating real estate, net	4,830,000
Life on Which Depreciation is Computed	39 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Daly City, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	25,136,000
Initial Cost
Land	3,297,000
Building & Improvements	1,872,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	12,322,000
Gross Amount Carried at Close of Period
Land	3,297,000
Building & Improvements	14,194,000
Total	17,491,000
Accumulated Depreciation	6,764,000
Operating real estate, net	10,727,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Decatur, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,247,000
Initial Cost
Land	1,945,000
Building & Improvements	23,219,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	498,000
Gross Amount Carried at Close of Period
Land	1,945,000
Building & Improvements	23,717,000
Total	25,662,000
Accumulated Depreciation	546,000
Operating real estate, net	25,116,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Dunkirk IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,164,000
Initial Cost
Land	310,000
Building & Improvements	2,299,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	310,000
Building & Improvements	2,299,000
Total	2,609,000
Accumulated Depreciation	433,000
Operating real estate, net	2,176,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Eustis, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,852,000
Initial Cost
Land	817,000
Building & Improvements	4,607,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	817,000
Building & Improvements	4,607,000
Total	5,424,000
Accumulated Depreciation	118,000
Operating real estate, net	5,306,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Fort Lauderdale, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,534,000
Initial Cost
Land	581,000
Building & Improvements	5,571,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	581,000
Building & Improvements	5,571,000
Total	6,152,000
Accumulated Depreciation	117,000
Operating real estate, net	6,035,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Fort Myers, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,794,000
Initial Cost
Land	1,058,000
Building & Improvements	12,324,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	20,000
Gross Amount Carried at Close of Period
Land	1,058,000
Building & Improvements	12,344,000
Total	13,402,000
Accumulated Depreciation	250,000
Operating real estate, net	13,152,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Fort Wayne, IN
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,048,000
Initial Cost
Land	1,478,000
Building & Improvements	4,409,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,478,000
Building & Improvements	4,409,000
Total	5,887,000
Accumulated Depreciation	831,000
Operating real estate, net	5,056,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Gainesville, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,461,000
Initial Cost
Land	1,096,000
Building & Improvements	21,952,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	351,000
Gross Amount Carried at Close of Period
Land	1,096,000
Building & Improvements	22,303,000
Total	23,399,000
Accumulated Depreciation	418,000
Operating real estate, net	22,981,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Gainesville, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,432,000
Initial Cost
Land	1,163,000
Building & Improvements	17,214,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,163,000
Building & Improvements	17,214,000
Total	18,377,000
Accumulated Depreciation	45,000
Operating real estate, net	18,332,000
Life on Which Depreciation is Computed	39 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Grants Pass, OR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,200,000
Initial Cost
Land	1,243,000
Building & Improvements	11,386,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,243,000
Building & Improvements	11,386,000
Total	12,629,000
Accumulated Depreciation	31,000
Operating real estate, net	12,598,000
Life on Which Depreciation is Computed	39 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Hartford City IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	721,000
Initial Cost
Land	199,000
Building & Improvements	1,782,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	199,000
Building & Improvements	1,782,000
Total	1,981,000
Accumulated Depreciation	336,000
Operating real estate, net	1,645,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Hobart IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,860,000
Initial Cost
Land	1,835,000
Building & Improvements	5,019,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,835,000
Building & Improvements	5,019,000
Total	6,854,000
Accumulated Depreciation	946,000
Operating real estate, net	5,908,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Hot Springs, VA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,973,000
Initial Cost
Land	291,000
Building & Improvements	3,156,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	291,000
Building & Improvements	3,156,000
Total	3,447,000
Accumulated Depreciation	8,000
Operating real estate, net	3,439,000
Life on Which Depreciation is Computed	39 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Huntington IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,093,000
Initial Cost
Land	646,000
Building & Improvements	5,037,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	646,000
Building & Improvements	5,037,000
Total	5,683,000
Accumulated Depreciation	950,000
Operating real estate, net	4,733,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Hyde Park, MA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,092,000
Initial Cost
Land	1,130,000
Building & Improvements	568,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,130,000
Building & Improvements	568,000
Total	1,698,000
Accumulated Depreciation	4,000
Operating real estate, net	1,694,000
Life on Which Depreciation is Computed	39 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Jacksonville, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	16,968,000
Initial Cost
Land	2,634,000
Building & Improvements	28,407,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	49,000
Gross Amount Carried at Close of Period
Land	2,634,000
Building & Improvements	28,456,000
Total	31,090,000
Accumulated Depreciation	633,000
Operating real estate, net	30,457,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Joliet, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	17,012,000
Initial Cost
Land	1,105,000
Building & Improvements	24,512,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	449,000
Gross Amount Carried at Close of Period
Land	1,105,000
Building & Improvements	24,961,000
Total	26,066,000
Accumulated Depreciation	469,000
Operating real estate, net	25,597,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Kissimmee, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,694,000
Initial Cost
Land	1,120,000
Building & Improvements	16,479,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,120,000
Building & Improvements	16,479,000
Total	17,599,000
Accumulated Depreciation	335,000
Operating real estate, net	17,264,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | La Grange IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,828,000
Initial Cost
Land	446,000
Building & Improvements	5,494,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	446,000
Building & Improvements	5,494,000
Total	5,940,000
Accumulated Depreciation	1,036,000
Operating real estate, net	4,904,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Lakeland, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,754,000
Initial Cost
Land	1,473,000
Building & Improvements	18,758,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,473,000
Building & Improvements	18,758,000
Total	20,231,000
Accumulated Depreciation	403,000
Operating real estate, net	19,828,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Largo, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	18,977,000
Initial Cost
Land	2,270,000
Building & Improvements	30,439,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	44,000
Gross Amount Carried at Close of Period
Land	2,270,000
Building & Improvements	30,483,000
Total	32,753,000
Accumulated Depreciation	653,000
Operating real estate, net	32,100,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Lebanon, VA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,507,000
Initial Cost
Land	351,000
Building & Improvements	4,694,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	351,000
Building & Improvements	4,694,000
Total	5,045,000
Accumulated Depreciation	12,000
Operating real estate, net	5,033,000
Life on Which Depreciation is Computed	39 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Lincoln, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,943,000
Initial Cost
Land	896,000
Building & Improvements	2,841,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	127,000
Gross Amount Carried at Close of Period
Land	896,000
Building & Improvements	2,968,000
Total	3,864,000
Accumulated Depreciation	131,000
Operating real estate, net	3,733,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Loma Linda, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,820,000
Initial Cost
Land	1,413,000
Building & Improvements	29,056,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,413,000
Building & Improvements	29,056,000
Total	30,469,000
Accumulated Depreciation	74,000
Operating real estate, net	30,395,000
Life on Which Depreciation is Computed	39 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Longwood, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,297,000
Initial Cost
Land	970,000
Building & Improvements	8,535,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	970,000
Building & Improvements	8,535,000
Total	9,505,000
Accumulated Depreciation	188,000
Operating real estate, net	9,317,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Low Moor, VA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,918,000
Initial Cost
Land	732,000
Building & Improvements	9,987,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	732,000
Building & Improvements	9,987,000
Total	10,719,000
Accumulated Depreciation	26,000
Operating real estate, net	10,693,000
Life on Which Depreciation is Computed	39 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | McMinnville, TN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,197,000
Initial Cost
Land	1,065,000
Building & Improvements	7,151,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,065,000
Building & Improvements	7,151,000
Total	8,216,000
Accumulated Depreciation	183,000
Operating real estate, net	8,033,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Middletown IN 1[Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,831,000
Initial Cost
Land	184,000
Building & Improvements	4,750,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	184,000
Building & Improvements	4,750,000
Total	4,934,000
Accumulated Depreciation	895,000
Operating real estate, net	4,039,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Midlothian, VA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,747,000
Initial Cost
Land	1,764,000
Building & Improvements	18,724,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,764,000
Building & Improvements	18,724,000
Total	20,488,000
Accumulated Depreciation	50,000
Operating real estate, net	20,438,000
Life on Which Depreciation is Computed	39 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Millington, TN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,207,000
Initial Cost
Land	501,000
Building & Improvements	16,268,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	501,000
Building & Improvements	16,268,000
Total	16,769,000
Accumulated Depreciation	41,000
Operating real estate, net	16,728,000
Life on Which Depreciation is Computed	39 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Milton, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,685,000
Initial Cost
Land	1,413,000
Building & Improvements	9,920,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,413,000
Building & Improvements	9,920,000
Total	11,333,000
Accumulated Depreciation	28,000
Operating real estate, net	11,305,000
Life on Which Depreciation is Computed	39 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Mobile, AL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,783,000
Initial Cost
Land	381,000
Building & Improvements	9,544,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	381,000
Building & Improvements	9,544,000
Total	9,925,000
Accumulated Depreciation	24,000
Operating real estate, net	9,901,000
Life on Which Depreciation is Computed	39 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Morris IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,934,000
Initial Cost
Land	568,000
Building & Improvements	9,103,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	-2,682,000
Gross Amount Carried at Close of Period
Land	568,000
Building & Improvements	6,421,000
Total	6,989,000
Accumulated Depreciation	1,436,000
Operating real estate, net	5,553,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Mount Sterling, KY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,056,000
Initial Cost
Land	996,000
Building & Improvements	12,561,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	363,000
Gross Amount Carried at Close of Period
Land	996,000
Building & Improvements	12,924,000
Total	13,920,000
Accumulated Depreciation	2,382,000
Operating real estate, net	11,538,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Niles, MI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,621,000
Initial Cost
Land	492,000
Building & Improvements	6,585,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	492,000
Building & Improvements	6,585,000
Total	7,077,000
Accumulated Depreciation	175,000
Operating real estate, net	6,902,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | North Bend, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,267,000
Initial Cost
Land	732,000
Building & Improvements	831,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	732,000
Building & Improvements	831,000
Total	1,563,000
Accumulated Depreciation	4,000
Operating real estate, net	1,559,000
Life on Which Depreciation is Computed	39 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Olympia, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,550,000
Initial Cost
Land	361,000
Building & Improvements	2,144,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	361,000
Building & Improvements	2,144,000
Total	2,505,000
Accumulated Depreciation	6,000
Operating real estate, net	2,499,000
Life on Which Depreciation is Computed	39 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Ormond Beach, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,871,000
Initial Cost
Land	2,067,000
Building & Improvements	15,777,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	2,067,000
Building & Improvements	15,777,000
Total	17,844,000
Accumulated Depreciation	389,000
Operating real estate, net	17,455,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Palm Harbor, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,637,000
Initial Cost
Land	1,007,000
Building & Improvements	13,936,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	64,000
Gross Amount Carried at Close of Period
Land	1,007,000
Building & Improvements	14,000,000
Total	15,007,000
Accumulated Depreciation	300,000
Operating real estate, net	14,707,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Peru IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,507,000
Initial Cost
Land	502,000
Building & Improvements	7,135,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	502,000
Building & Improvements	7,135,000
Total	7,637,000
Accumulated Depreciation	1,345,000
Operating real estate, net	6,292,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Philadelphia PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	147,261,000
Initial Cost
Land	4,921,000
Building & Improvements	165,390,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	4,921,000
Building & Improvements	165,390,000
Total	170,311,000
Accumulated Depreciation	415,000
Operating real estate, net	169,896,000
Life on Which Depreciation is Computed	39 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Pittsfield, MA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,343,000
Initial Cost
Land	2,620,000
Building & Improvements	4,278,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	2,620,000
Building & Improvements	4,278,000
Total	6,898,000
Accumulated Depreciation	17,000
Operating real estate, net	6,881,000
Life on Which Depreciation is Computed	39 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Prineville, OR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	944,000
Initial Cost
Land	561,000
Building & Improvements	1,401,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	561,000
Building & Improvements	1,401,000
Total	1,962,000
Accumulated Depreciation	5,000
Operating real estate, net	1,957,000
Life on Which Depreciation is Computed	39 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Redmond, OR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,139,000
Initial Cost
Land	541,000
Building & Improvements	6,767,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	541,000
Building & Improvements	6,767,000
Total	7,308,000
Accumulated Depreciation	18,000
Operating real estate, net	7,290,000
Life on Which Depreciation is Computed	39 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Rockport IN 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,119,000
Initial Cost
Land	619,000
Building & Improvements	2,092,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	619,000
Building & Improvements	2,092,000
Total	2,711,000
Accumulated Depreciation	394,000
Operating real estate, net	2,317,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Royersford, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	41,002,000
Initial Cost
Land	20,096,000
Building & Improvements	23,840,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	20,096,000
Building & Improvements	23,840,000
Total	43,936,000
Accumulated Depreciation	107,000
Operating real estate, net	43,829,000
Life on Which Depreciation is Computed	39 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Rushville IN 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,401,000
Initial Cost
Land	310,000
Building & Improvements	5,858,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	310,000
Building & Improvements	5,858,000
Total	6,168,000
Accumulated Depreciation	1,104,000
Operating real estate, net	5,064,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Shreveport, LA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	20,341,000
Initial Cost
Land	942,000
Building & Improvements	23,292,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	942,000
Building & Improvements	23,292,000
Total	24,234,000
Accumulated Depreciation	59,000
Operating real estate, net	24,175,000
Life on Which Depreciation is Computed	39 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Snellville, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	22,956,000
Initial Cost
Land	2,867,000
Building & Improvements	25,440,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	2,867,000
Building & Improvements	25,440,000
Total	28,307,000
Accumulated Depreciation	69,000
Operating real estate, net	28,238,000
Life on Which Depreciation is Computed	39 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Soddy Dairy, TN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,681,000
Initial Cost
Land	933,000
Building & Improvements	9,808,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	933,000
Building & Improvements	9,808,000
Total	10,741,000
Accumulated Depreciation	244,000
Operating real estate, net	10,497,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Sterling IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,725,000
Initial Cost
Land	129,000
Building & Improvements	6,229,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	-1,145,000
Gross Amount Carried at Close of Period
Land	129,000
Building & Improvements	5,084,000
Total	5,213,000
Accumulated Depreciation	1,228,000
Operating real estate, net	3,985,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Sullivan IN 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,344,000
Initial Cost
Land	1,794,000
Building & Improvements	4,469,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,794,000
Building & Improvements	4,469,000
Total	6,263,000
Accumulated Depreciation	842,000
Operating real estate, net	5,421,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Syracuse IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,733,000
Initial Cost
Land	125,000
Building & Improvements	4,564,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	125,000
Building & Improvements	4,564,000
Total	4,689,000
Accumulated Depreciation	860,000
Operating real estate, net	3,829,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Tacoma, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,200,000
Initial Cost
Land	1,894,000
Building & Improvements	10,727,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,894,000
Building & Improvements	10,727,000
Total	12,621,000
Accumulated Depreciation	31,000
Operating real estate, net	12,590,000
Life on Which Depreciation is Computed	39 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Tampa, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,399,000
Initial Cost
Land	1,888,000
Building & Improvements	20,681,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,888,000
Building & Improvements	20,681,000
Total	22,569,000
Accumulated Depreciation	457,000
Operating real estate, net	22,112,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Three Rivers, MI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,047,000
Initial Cost
Land	582,000
Building & Improvements	5,285,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	582,000
Building & Improvements	5,285,000
Total	5,867,000
Accumulated Depreciation	162,000
Operating real estate, net	5,705,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Tipton IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,944,000
Initial Cost
Land	1,102,000
Building & Improvements	10,836,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	-27,000
Gross Amount Carried at Close of Period
Land	1,102,000
Building & Improvements	10,809,000
Total	11,911,000
Accumulated Depreciation	1,859,000
Operating real estate, net	10,052,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Vero Beach, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,626,000
Initial Cost
Land	662,000
Building & Improvements	7,418,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	662,000
Building & Improvements	7,418,000
Total	8,080,000
Accumulated Depreciation	158,000
Operating real estate, net	7,922,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Wabash IN 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,310,000
Initial Cost
Land	2,511,000
Building & Improvements	5,024,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	2,511,000
Building & Improvements	5,024,000
Total	7,535,000
Accumulated Depreciation	947,000
Operating real estate, net	6,588,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Wakarusa IN 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,316,000
Initial Cost
Land	289,000
Building & Improvements	13,420,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	289,000
Building & Improvements	13,420,000
Total	13,709,000
Accumulated Depreciation	2,530,000
Operating real estate, net	11,179,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Watsontown, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,479,000
Initial Cost
Land	682,000
Building & Improvements	4,610,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	10,000
Gross Amount Carried at Close of Period
Land	682,000
Building & Improvements	4,620,000
Total	5,302,000
Accumulated Depreciation	13,000
Operating real estate, net	5,289,000
Life on Which Depreciation is Computed	39 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | West Melbourne, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,813,000
Initial Cost
Land	1,653,000
Building & Improvements	10,757,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,653,000
Building & Improvements	10,757,000
Total	12,410,000
Accumulated Depreciation	277,000
Operating real estate, net	12,133,000
Life on Which Depreciation is Computed	40 years
Skilled Nursing Facilities [Member] | Healthcare [Member] | Yuma, AZ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,624,000
Initial Cost
Land	871,000
Building & Improvements	17,558,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	871,000
Building & Improvements	17,558,000
Total	18,429,000
Accumulated Depreciation	44,000
Operating real estate, net	18,385,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	886,261,000
Initial Cost
Land	101,515,000
Building & Improvements	985,375,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	17,525,000
Gross Amount Carried at Close of Period
Land	101,515,000
Building & Improvements	1,002,900,000
Total	1,104,415,000
Accumulated Depreciation	59,524,000
Operating real estate, net	1,044,891,000
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Memphis, TN
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,914,000
Initial Cost
Land	5,790,000
Building & Improvements	19,902,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	586,000
Gross Amount Carried at Close of Period
Land	5,790,000
Building & Improvements	20,488,000
Total	26,278,000
Accumulated Depreciation	3,295,000
Operating real estate, net	22,983,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Raleigh, NC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,132,000
Initial Cost
Land	1,000,000
Building & Improvements	16,416,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	10,000
Gross Amount Carried at Close of Period
Land	1,000,000
Building & Improvements	16,426,000
Total	17,426,000
Accumulated Depreciation	325,000
Operating real estate, net	17,101,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Temple, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,565,000
Initial Cost
Land	2,260,000
Building & Improvements	20,149,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	180,000
Gross Amount Carried at Close of Period
Land	2,260,000
Building & Improvements	20,329,000
Total	22,589,000
Accumulated Depreciation	411,000
Operating real estate, net	22,178,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Dalton, MA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,674,000
Initial Cost
Land	1,210,000
Building & Improvements	10,988,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,210,000
Building & Improvements	10,988,000
Total	12,198,000
Accumulated Depreciation	30,000
Operating real estate, net	12,168,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Grants Pass, OR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,520,000
Initial Cost
Land	490,000
Building & Improvements	6,900,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	10,000
Gross Amount Carried at Close of Period
Land	490,000
Building & Improvements	6,910,000
Total	7,400,000
Accumulated Depreciation	161,000
Operating real estate, net	7,239,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Mobile, AL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,540,000
Initial Cost
Land	510,000
Building & Improvements	6,848,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	35,000
Gross Amount Carried at Close of Period
Land	510,000
Building & Improvements	6,883,000
Total	7,393,000
Accumulated Depreciation	152,000
Operating real estate, net	7,241,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Albany, OR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,400,000
Initial Cost
Land	510,000
Building & Improvements	13,149,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	510,000
Building & Improvements	13,149,000
Total	13,659,000
Accumulated Depreciation	242,000
Operating real estate, net	13,417,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Baker City, OR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,697,000
Initial Cost
Land	510,000
Building & Improvements	8,195,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	69,000
Gross Amount Carried at Close of Period
Land	510,000
Building & Improvements	8,264,000
Total	8,774,000
Accumulated Depreciation	180,000
Operating real estate, net	8,594,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Battle Ground, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,525,000
Initial Cost
Land	740,000
Building & Improvements	12,503,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	4,000
Gross Amount Carried at Close of Period
Land	740,000
Building & Improvements	12,507,000
Total	13,247,000
Accumulated Depreciation	249,000
Operating real estate, net	12,998,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Bremerton WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,653,000
Initial Cost
Land	964,000
Building & Improvements	8,171,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	847,000
Gross Amount Carried at Close of Period
Land	964,000
Building & Improvements	9,018,000
Total	9,982,000
Accumulated Depreciation	1,797,000
Operating real estate, net	8,185,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Carrollton GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,050,000
Initial Cost
Land	816,000
Building & Improvements	4,220,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	3,181,000
Gross Amount Carried at Close of Period
Land	816,000
Building & Improvements	7,401,000
Total	8,217,000
Accumulated Depreciation	1,052,000
Operating real estate, net	7,165,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Casa Grande, AZ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,998,000
Initial Cost
Land	420,000
Building & Improvements	11,907,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	261,000
Gross Amount Carried at Close of Period
Land	420,000
Building & Improvements	12,168,000
Total	12,588,000
Accumulated Depreciation	270,000
Operating real estate, net	12,318,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Cedar Park, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,140,000
Initial Cost
Land	1,230,000
Building & Improvements	3,318,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	8,000
Gross Amount Carried at Close of Period
Land	1,230,000
Building & Improvements	3,326,000
Total	4,556,000
Accumulated Depreciation	90,000
Operating real estate, net	4,466,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Charleston IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,019,000
Initial Cost
Land	485,000
Building & Improvements	6,211,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	748,000
Gross Amount Carried at Close of Period
Land	485,000
Building & Improvements	6,959,000
Total	7,444,000
Accumulated Depreciation	1,351,000
Operating real estate, net	6,093,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Cincinnati OH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	179,389,000
Initial Cost
Land	14,622,000
Building & Improvements	166,505,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	808,000
Gross Amount Carried at Close of Period
Land	14,622,000
Building & Improvements	167,313,000
Total	181,935,000
Accumulated Depreciation	4,014,000
Operating real estate, net	177,921,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Clinton OK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	705,000
Initial Cost
Land	225,000
Building & Improvements	3,513,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	500,000
Gross Amount Carried at Close of Period
Land	225,000
Building & Improvements	4,013,000
Total	4,238,000
Accumulated Depreciation	1,014,000
Operating real estate, net	3,224,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | College Place, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,575,000
Initial Cost
Land	580,000
Building & Improvements	9,823,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	4,000
Gross Amount Carried at Close of Period
Land	580,000
Building & Improvements	9,827,000
Total	10,407,000
Accumulated Depreciation	187,000
Operating real estate, net	10,220,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Colorado Springs, CO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	80,783,000
Initial Cost
Land	9,180,000
Building & Improvements	62,289,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	9,180,000
Building & Improvements	62,289,000
Total	71,469,000
Accumulated Depreciation	174,000
Operating real estate, net	71,295,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Corpus Christi, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,150,000
Initial Cost
Land	2,270,000
Building & Improvements	17,396,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	35,000
Gross Amount Carried at Close of Period
Land	2,270,000
Building & Improvements	17,431,000
Total	19,701,000
Accumulated Depreciation	372,000
Operating real estate, net	19,329,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Effingham IL 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,255,000
Initial Cost
Land	811,000
Building & Improvements	9,684,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	377,000
Gross Amount Carried at Close of Period
Land	811,000
Building & Improvements	10,061,000
Total	10,872,000
Accumulated Depreciation	1,304,000
Operating real estate, net	9,568,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Elk City OK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,794,000
Initial Cost
Land	143,000
Building & Improvements	6,721,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	694,000
Gross Amount Carried at Close of Period
Land	143,000
Building & Improvements	7,415,000
Total	7,558,000
Accumulated Depreciation	1,609,000
Operating real estate, net	5,949,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Eugene, OR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,640,000
Initial Cost
Land	840,000
Building & Improvements	14,813,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	49,000
Gross Amount Carried at Close of Period
Land	840,000
Building & Improvements	14,862,000
Total	15,702,000
Accumulated Depreciation	291,000
Operating real estate, net	15,411,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Fairfield IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,076,000
Initial Cost
Land	153,000
Building & Improvements	7,898,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	73,000
Gross Amount Carried at Close of Period
Land	153,000
Building & Improvements	7,971,000
Total	8,124,000
Accumulated Depreciation	1,597,000
Operating real estate, net	6,527,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Fullerton CA 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,614,000
Initial Cost
Land	5,422,000
Building & Improvements	9,436,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	420,000
Gross Amount Carried at Close of Period
Land	5,422,000
Building & Improvements	9,856,000
Total	15,278,000
Accumulated Depreciation	2,038,000
Operating real estate, net	13,240,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Garden Grove CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,838,000
Initial Cost
Land	6,975,000
Building & Improvements	5,927,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	274,000
Gross Amount Carried at Close of Period
Land	6,975,000
Building & Improvements	6,201,000
Total	13,176,000
Accumulated Depreciation	1,312,000
Operating real estate, net	11,864,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Greenville, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,420,000
Initial Cost
Land	220,000
Building & Improvements	9,387,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	220,000
Building & Improvements	9,387,000
Total	9,607,000
Accumulated Depreciation	23,000
Operating real estate, net	9,584,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Grove City OH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,959,000
Initial Cost
Land	613,000
Building & Improvements	6,882,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	353,000
Gross Amount Carried at Close of Period
Land	613,000
Building & Improvements	7,235,000
Total	7,848,000
Accumulated Depreciation	1,430,000
Operating real estate, net	6,418,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Harrisburg IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,863,000
Initial Cost
Land	191,000
Building & Improvements	5,059,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	10,000
Gross Amount Carried at Close of Period
Land	191,000
Building & Improvements	5,069,000
Total	5,260,000
Accumulated Depreciation	1,010,000
Operating real estate, net	4,250,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Hood River, OR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,360,000
Initial Cost
Land	390,000
Building & Improvements	11,113,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	13,000
Gross Amount Carried at Close of Period
Land	390,000
Building & Improvements	11,126,000
Total	11,516,000
Accumulated Depreciation	230,000
Operating real estate, net	11,286,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Junction City, OR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,531,000
Initial Cost
Land	840,000
Building & Improvements	5,984,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	102,000
Gross Amount Carried at Close of Period
Land	840,000
Building & Improvements	6,086,000
Total	6,926,000
Accumulated Depreciation	139,000
Operating real estate, net	6,787,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Kingfisher OK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,128,000
Initial Cost
Land	128,000
Building & Improvements	5,497,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	304,000
Gross Amount Carried at Close of Period
Land	128,000
Building & Improvements	5,801,000
Total	5,929,000
Accumulated Depreciation	1,287,000
Operating real estate, net	4,642,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | La Grande, OR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,272,000
Initial Cost
Land	430,000
Building & Improvements	9,635,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	178,000
Gross Amount Carried at Close of Period
Land	430,000
Building & Improvements	9,813,000
Total	10,243,000
Accumulated Depreciation	205,000
Operating real estate, net	10,038,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | La Vista NE [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,609,000
Initial Cost
Land	562,000
Building & Improvements	4,966,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	416,000
Gross Amount Carried at Close of Period
Land	562,000
Building & Improvements	5,382,000
Total	5,944,000
Accumulated Depreciation	1,102,000
Operating real estate, net	4,842,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Lake Wylie, SC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	16,184,000
Initial Cost
Land	1,210,000
Building & Improvements	19,856,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	71,000
Gross Amount Carried at Close of Period
Land	1,210,000
Building & Improvements	19,927,000
Total	21,137,000
Accumulated Depreciation	396,000
Operating real estate, net	20,741,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Lancaster OH 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,696,000
Initial Cost
Land	1,014,000
Building & Improvements	11,874,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	1,355,000
Gross Amount Carried at Close of Period
Land	1,014,000
Building & Improvements	13,229,000
Total	14,243,000
Accumulated Depreciation	1,960,000
Operating real estate, net	12,283,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | League City, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	16,607,000
Initial Cost
Land	2,540,000
Building & Improvements	20,426,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	61,000
Gross Amount Carried at Close of Period
Land	2,540,000
Building & Improvements	20,487,000
Total	23,027,000
Accumulated Depreciation	417,000
Operating real estate, net	22,610,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Lincolnwood, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	72,879,000
Initial Cost
Land	4,970,000
Building & Improvements	78,805,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	4,970,000
Building & Improvements	78,805,000
Total	83,775,000
Accumulated Depreciation	204,000
Operating real estate, net	83,571,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Mahomet, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,177,000
Initial Cost
Land	290,000
Building & Improvements	6,779,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	290,000
Building & Improvements	6,779,000
Total	7,069,000
Accumulated Depreciation	17,000
Operating real estate, net	7,052,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Marysville OH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,565,000
Initial Cost
Land	2,218,000
Building & Improvements	5,015,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	396,000
Gross Amount Carried at Close of Period
Land	2,218,000
Building & Improvements	5,411,000
Total	7,629,000
Accumulated Depreciation	1,147,000
Operating real estate, net	6,482,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Mattoon IL 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,448,000
Initial Cost
Land	437,000
Building & Improvements	14,405,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	594,000
Gross Amount Carried at Close of Period
Land	437,000
Building & Improvements	14,999,000
Total	15,436,000
Accumulated Depreciation	2,967,000
Operating real estate, net	12,469,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | McMinnville, OR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,715,000
Initial Cost
Land	650,000
Building & Improvements	11,686,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	52,000
Gross Amount Carried at Close of Period
Land	650,000
Building & Improvements	11,738,000
Total	12,388,000
Accumulated Depreciation	252,000
Operating real estate, net	12,136,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Mt. Zion, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,187,000
Initial Cost
Land	290,000
Building & Improvements	2,305,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	290,000
Building & Improvements	2,305,000
Total	2,595,000
Accumulated Depreciation	6,000
Operating real estate, net	2,589,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Northglenn, CO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	29,121,000
Initial Cost
Land	1,530,000
Building & Improvements	28,245,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	103,000
Gross Amount Carried at Close of Period
Land	1,530,000
Building & Improvements	28,348,000
Total	29,878,000
Accumulated Depreciation	545,000
Operating real estate, net	29,333,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Oklahoma City OK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,480,000
Initial Cost
Land	757,000
Building & Improvements	5,184,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	364,000
Gross Amount Carried at Close of Period
Land	757,000
Building & Improvements	5,548,000
Total	6,305,000
Accumulated Depreciation	1,270,000
Operating real estate, net	5,035,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Olney IL 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,248,000
Initial Cost
Land	166,000
Building & Improvements	8,316,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	406,000
Gross Amount Carried at Close of Period
Land	166,000
Building & Improvements	8,722,000
Total	8,888,000
Accumulated Depreciation	1,738,000
Operating real estate, net	7,150,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Paris IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,204,000
Initial Cost
Land	187,000
Building & Improvements	6,797,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	22,000
Gross Amount Carried at Close of Period
Land	187,000
Building & Improvements	6,819,000
Total	7,006,000
Accumulated Depreciation	1,364,000
Operating real estate, net	5,642,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Port Orchard, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,539,000
Initial Cost
Land	790,000
Building & Improvements	8,763,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	9,000
Gross Amount Carried at Close of Period
Land	790,000
Building & Improvements	8,772,000
Total	9,562,000
Accumulated Depreciation	164,000
Operating real estate, net	9,398,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Rantoul IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,415,000
Initial Cost
Land	151,000
Building & Improvements	5,377,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	348,000
Gross Amount Carried at Close of Period
Land	151,000
Building & Improvements	5,725,000
Total	5,876,000
Accumulated Depreciation	1,128,000
Operating real estate, net	4,748,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Robinson IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,371,000
Initial Cost
Land	219,000
Building & Improvements	4,746,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	92,000
Gross Amount Carried at Close of Period
Land	219,000
Building & Improvements	4,838,000
Total	5,057,000
Accumulated Depreciation	998,000
Operating real estate, net	4,059,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Rockford IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,005,000
Initial Cost
Land	1,101,000
Building & Improvements	4,814,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	92,000
Gross Amount Carried at Close of Period
Land	1,101,000
Building & Improvements	4,906,000
Total	6,007,000
Accumulated Depreciation	988,000
Operating real estate, net	5,019,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Rogue River, OR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,373,000
Initial Cost
Land	590,000
Building & Improvements	5,310,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	34,000
Gross Amount Carried at Close of Period
Land	590,000
Building & Improvements	5,344,000
Total	5,934,000
Accumulated Depreciation	117,000
Operating real estate, net	5,817,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Roseburg, OR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	25,142,000
Initial Cost
Land	2,160,000
Building & Improvements	23,626,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	42,000
Gross Amount Carried at Close of Period
Land	2,160,000
Building & Improvements	23,668,000
Total	25,828,000
Accumulated Depreciation	449,000
Operating real estate, net	25,379,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Round Rock, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	22,578,000
Initial Cost
Land	2,571,000
Building & Improvements	28,717,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	122,000
Gross Amount Carried at Close of Period
Land	2,571,000
Building & Improvements	28,839,000
Total	31,410,000
Accumulated Depreciation	557,000
Operating real estate, net	30,853,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Sacramento, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,474,000
Initial Cost
Land	1,570,000
Building & Improvements	18,259,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	13,000
Gross Amount Carried at Close of Period
Land	1,570,000
Building & Improvements	18,272,000
Total	19,842,000
Accumulated Depreciation	352,000
Operating real estate, net	19,490,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Santa Ana CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,595,000
Initial Cost
Land	2,281,000
Building & Improvements	7,046,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	237,000
Gross Amount Carried at Close of Period
Land	2,281,000
Building & Improvements	7,283,000
Total	9,564,000
Accumulated Depreciation	1,524,000
Operating real estate, net	8,040,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Seaside, OR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	605,000
Initial Cost
Land	720,000
Building & Improvements	3,526,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	8,000
Gross Amount Carried at Close of Period
Land	720,000
Building & Improvements	3,534,000
Total	4,254,000
Accumulated Depreciation	101,000
Operating real estate, net	4,153,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Staunton, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,248,000
Initial Cost
Land	180,000
Building & Improvements	8,433,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	180,000
Building & Improvements	8,433,000
Total	8,613,000
Accumulated Depreciation	21,000
Operating real estate, net	8,592,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Stephenville TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,031,000
Initial Cost
Land	507,000
Building & Improvements	6,459,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	412,000
Gross Amount Carried at Close of Period
Land	507,000
Building & Improvements	6,871,000
Total	7,378,000
Accumulated Depreciation	1,409,000
Operating real estate, net	5,969,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Sugar Land, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	29,693,000
Initial Cost
Land	2,240,000
Building & Improvements	31,010,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	88,000
Gross Amount Carried at Close of Period
Land	2,240,000
Building & Improvements	31,098,000
Total	33,338,000
Accumulated Depreciation	589,000
Operating real estate, net	32,749,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Sycamore IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,319,000
Initial Cost
Land	816,000
Building & Improvements	9,897,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	121,000
Gross Amount Carried at Close of Period
Land	816,000
Building & Improvements	10,018,000
Total	10,834,000
Accumulated Depreciation	2,014,000
Operating real estate, net	8,820,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Tuscola IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,548,000
Initial Cost
Land	237,000
Building & Improvements	4,616,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	268,000
Gross Amount Carried at Close of Period
Land	237,000
Building & Improvements	4,884,000
Total	5,121,000
Accumulated Depreciation	1,024,000
Operating real estate, net	4,097,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Tyler, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,333,000
Initial Cost
Land	2,020,000
Building & Improvements	12,719,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	169,000
Gross Amount Carried at Close of Period
Land	2,020,000
Building & Improvements	12,888,000
Total	14,908,000
Accumulated Depreciation	291,000
Operating real estate, net	14,617,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Ukiah, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,942,000
Initial Cost
Land	990,000
Building & Improvements	7,637,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	990,000
Building & Improvements	7,637,000
Total	8,627,000
Accumulated Depreciation	162,000
Operating real estate, net	8,465,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Vandalia IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,697,000
Initial Cost
Land	82,000
Building & Improvements	7,969,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	49,000
Gross Amount Carried at Close of Period
Land	82,000
Building & Improvements	8,018,000
Total	8,100,000
Accumulated Depreciation	1,599,000
Operating real estate, net	6,501,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Washington Court House OH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,452,000
Initial Cost
Land	341,000
Building & Improvements	5,169,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	636,000
Gross Amount Carried at Close of Period
Land	341,000
Building & Improvements	5,805,000
Total	6,146,000
Accumulated Depreciation	1,110,000
Operating real estate, net	5,036,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Weatherford OK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,551,000
Initial Cost
Land	229,000
Building & Improvements	5,600,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	384,000
Gross Amount Carried at Close of Period
Land	229,000
Building & Improvements	5,984,000
Total	6,213,000
Accumulated Depreciation	1,361,000
Operating real estate, net	4,852,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Wenatchee, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,600,000
Initial Cost
Land	1,340,000
Building & Improvements	17,486,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	20,000
Gross Amount Carried at Close of Period
Land	1,340,000
Building & Improvements	17,506,000
Total	18,846,000
Accumulated Depreciation	350,000
Operating real estate, net	18,496,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Wichita KS [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,428,000
Initial Cost
Land	2,282,000
Building & Improvements	10,478,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	395,000
Gross Amount Carried at Close of Period
Land	2,282,000
Building & Improvements	10,873,000
Total	13,155,000
Accumulated Depreciation	1,858,000
Operating real estate, net	11,297,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities - RIDEA [Member] | Healthcare [Member] | Woodburn, OR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,023,000
Initial Cost
Land	309,000
Building & Improvements	6,620,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	13,000
Gross Amount Carried at Close of Period
Land	309,000
Building & Improvements	6,633,000
Total	6,942,000
Accumulated Depreciation	132,000
Operating real estate, net	6,810,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities [Member] | Healthcare [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	593,744,000
Initial Cost
Land	101,864,000
Building & Improvements	666,839,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	2,116,000
Gross Amount Carried at Close of Period
Land	101,864,000
Building & Improvements	668,955,000
Total	770,819,000
Accumulated Depreciation	11,467,000
Operating real estate, net	759,352,000
Assisted Living Facilities [Member] | Healthcare [Member] | Indianapolis, IN
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,463,000
Initial Cost
Land	210,000
Building & Improvements	2,511,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	210,000
Building & Improvements	2,511,000
Total	2,721,000
Accumulated Depreciation	473,000
Operating real estate, net	2,248,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities [Member] | Healthcare [Member] | Warsaw IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,479,000
Initial Cost
Land	396,000
Building & Improvements	3,722,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	396,000
Building & Improvements	3,722,000
Total	4,118,000
Accumulated Depreciation	701,000
Operating real estate, net	3,417,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities [Member] | Healthcare [Member] | Bend, OR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	26,797,000
Initial Cost
Land	2,630,000
Building & Improvements	35,910,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	2,630,000
Building & Improvements	35,910,000
Total	38,540,000
Accumulated Depreciation	643,000
Operating real estate, net	37,897,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Eustis, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	417,000
Initial Cost
Land	0
Building & Improvements	0
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	0
Building & Improvements	0
Total	0
Accumulated Depreciation	0
Operating real estate, net	0
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities [Member] | Healthcare [Member] | Kissimmee, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	347,000
Initial Cost
Land	337,000
Building & Improvements	213,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	337,000
Building & Improvements	213,000
Total	550,000
Accumulated Depreciation	5,000
Operating real estate, net	545,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities [Member] | Healthcare [Member] | La Grange IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	490,000
Initial Cost
Land	47,000
Building & Improvements	584,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	47,000
Building & Improvements	584,000
Total	631,000
Accumulated Depreciation	110,000
Operating real estate, net	521,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities [Member] | Healthcare [Member] | Prineville, OR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,816,000
Initial Cost
Land	231,000
Building & Improvements	4,885,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	231,000
Building & Improvements	4,885,000
Total	5,116,000
Accumulated Depreciation	12,000
Operating real estate, net	5,104,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Redmond, OR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,589,000
Initial Cost
Land	241,000
Building & Improvements	2,200,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	241,000
Building & Improvements	2,200,000
Total	2,441,000
Accumulated Depreciation	6,000
Operating real estate, net	2,435,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Rushville IN 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	729,000
Initial Cost
Land	62,000
Building & Improvements	1,177,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	62,000
Building & Improvements	1,177,000
Total	1,239,000
Accumulated Depreciation	222,000
Operating real estate, net	1,017,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities [Member] | Healthcare [Member] | Sullivan IN 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	966,000
Initial Cost
Land	596,000
Building & Improvements	441,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	596,000
Building & Improvements	441,000
Total	1,037,000
Accumulated Depreciation	84,000
Operating real estate, net	953,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities [Member] | Healthcare [Member] | Wakarusa IN 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,996,000
Initial Cost
Land	153,000
Building & Improvements	7,111,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	153,000
Building & Improvements	7,111,000
Total	7,264,000
Accumulated Depreciation	1,341,000
Operating real estate, net	5,923,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities [Member] | Healthcare [Member] | La Grande, OR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,747,000
Initial Cost
Land	1,394,000
Building & Improvements	10,774,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,394,000
Building & Improvements	10,774,000
Total	12,168,000
Accumulated Depreciation	250,000
Operating real estate, net	11,918,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities [Member] | Healthcare [Member] | Alexandria, MN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,653,000
Initial Cost
Land	260,000
Building & Improvements	2,200,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	260,000
Building & Improvements	2,200,000
Total	2,460,000
Accumulated Depreciation	102,000
Operating real estate, net	2,358,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities [Member] | Healthcare [Member] | Ascot, UK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	17,656,000
Initial Cost
Land	2,396,000
Building & Improvements	20,311,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	2,396,000
Building & Improvements	20,311,000
Total	22,707,000
Accumulated Depreciation	56,000
Operating real estate, net	22,651,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Auchtermuchty, UK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,788,000
Initial Cost
Land	348,000
Building & Improvements	3,237,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	348,000
Building & Improvements	3,237,000
Total	3,585,000
Accumulated Depreciation	9,000
Operating real estate, net	3,576,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Baxter, MN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,868,000
Initial Cost
Land	220,000
Building & Improvements	2,786,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	77,000
Gross Amount Carried at Close of Period
Land	220,000
Building & Improvements	2,863,000
Total	3,083,000
Accumulated Depreciation	125,000
Operating real estate, net	2,958,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities [Member] | Healthcare [Member] | Bishops Hull, UK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,890,000
Initial Cost
Land	1,329,000
Building & Improvements	6,246,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,329,000
Building & Improvements	6,246,000
Total	7,575,000
Accumulated Depreciation	19,000
Operating real estate, net	7,556,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Braintree, UK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,110,000
Initial Cost
Land	584,000
Building & Improvements	2,129,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	584,000
Building & Improvements	2,129,000
Total	2,713,000
Accumulated Depreciation	7,000
Operating real estate, net	2,706,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Bromley, UK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,386,000
Initial Cost
Land	1,315,000
Building & Improvements	4,326,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,315,000
Building & Improvements	4,326,000
Total	5,641,000
Accumulated Depreciation	14,000
Operating real estate, net	5,627,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Camberely, UK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,135,000
Initial Cost
Land	2,818,000
Building & Improvements	1,215,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	2,818,000
Building & Improvements	1,215,000
Total	4,033,000
Accumulated Depreciation	10,000
Operating real estate, net	4,023,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Chippenham, UK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,919,000
Initial Cost
Land	1,875,000
Building & Improvements	5,737,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,875,000
Building & Improvements	5,737,000
Total	7,612,000
Accumulated Depreciation	19,000
Operating real estate, net	7,593,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Chipping Campden, UK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,867,000
Initial Cost
Land	1,819,000
Building & Improvements	12,158,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,819,000
Building & Improvements	12,158,000
Total	13,977,000
Accumulated Depreciation	34,000
Operating real estate, net	13,943,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Chobham, UK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,477,000
Initial Cost
Land	2,424,000
Building & Improvements	17,482,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	2,424,000
Building & Improvements	17,482,000
Total	19,906,000
Accumulated Depreciation	49,000
Operating real estate, net	19,857,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Cloquet, MN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,587,000
Initial Cost
Land	170,000
Building & Improvements	4,021,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	62,000
Gross Amount Carried at Close of Period
Land	170,000
Building & Improvements	4,083,000
Total	4,253,000
Accumulated Depreciation	172,000
Operating real estate, net	4,081,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities [Member] | Healthcare [Member] | Corvallis, OR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,800,000
Initial Cost
Land	742,000
Building & Improvements	6,317,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	742,000
Building & Improvements	6,317,000
Total	7,059,000
Accumulated Depreciation	17,000
Operating real estate, net	7,042,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Cranleigh, UK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,371,000
Initial Cost
Land	2,839,000
Building & Improvements	10,498,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	2,839,000
Building & Improvements	10,498,000
Total	13,337,000
Accumulated Depreciation	33,000
Operating real estate, net	13,304,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Denham, UK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,826,000
Initial Cost
Land	1,897,000
Building & Improvements	8,167,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,897,000
Building & Improvements	8,167,000
Total	10,064,000
Accumulated Depreciation	25,000
Operating real estate, net	10,039,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Detroit Lakes, MN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,528,000
Initial Cost
Land	290,000
Building & Improvements	4,174,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	144,000
Gross Amount Carried at Close of Period
Land	290,000
Building & Improvements	4,318,000
Total	4,608,000
Accumulated Depreciation	197,000
Operating real estate, net	4,411,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities [Member] | Healthcare [Member] | Dorking, UK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,424,000
Initial Cost
Land	1,557,000
Building & Improvements	6,705,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,557,000
Building & Improvements	6,705,000
Total	8,262,000
Accumulated Depreciation	20,000
Operating real estate, net	8,242,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Duluth, MN 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,450,000
Initial Cost
Land	1,300,000
Building & Improvements	16,791,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	1,000
Gross Amount Carried at Close of Period
Land	1,300,000
Building & Improvements	16,792,000
Total	18,092,000
Accumulated Depreciation	711,000
Operating real estate, net	17,381,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities [Member] | Healthcare [Member] | Durham, NC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	20,728,000
Initial Cost
Land	2,426,000
Building & Improvements	23,551,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	2,426,000
Building & Improvements	23,551,000
Total	25,977,000
Accumulated Depreciation	63,000
Operating real estate, net	25,914,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Farleigh Common, UK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	17,168,000
Initial Cost
Land	2,441,000
Building & Improvements	19,638,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	2,441,000
Building & Improvements	19,638,000
Total	22,079,000
Accumulated Depreciation	54,000
Operating real estate, net	22,025,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Farmoor, UK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,303,000
Initial Cost
Land	1,863,000
Building & Improvements	16,532,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	1,490,000
Gross Amount Carried at Close of Period
Land	1,863,000
Building & Improvements	18,022,000
Total	19,885,000
Accumulated Depreciation	45,000
Operating real estate, net	19,840,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Fayetteville, NC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,527,000
Initial Cost
Land	1,183,000
Building & Improvements	9,566,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,183,000
Building & Improvements	9,566,000
Total	10,749,000
Accumulated Depreciation	26,000
Operating real estate, net	10,723,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Fishcross, UK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,719,000
Initial Cost
Land	2,271,000
Building & Improvements	8,942,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	2,271,000
Building & Improvements	8,942,000
Total	11,213,000
Accumulated Depreciation	27,000
Operating real estate, net	11,186,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Fuguay-Varina, NC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	16,079,000
Initial Cost
Land	1,123,000
Building & Improvements	19,489,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,123,000
Building & Improvements	19,489,000
Total	20,612,000
Accumulated Depreciation	50,000
Operating real estate, net	20,562,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Grand Rapids, MN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,509,000
Initial Cost
Land	160,000
Building & Improvements	3,849,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	71,000
Gross Amount Carried at Close of Period
Land	160,000
Building & Improvements	3,920,000
Total	4,080,000
Accumulated Depreciation	166,000
Operating real estate, net	3,914,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities [Member] | Healthcare [Member] | Haywards Heath, UK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,102,000
Initial Cost
Land	1,527,000
Building & Improvements	11,466,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,527,000
Building & Improvements	11,466,000
Total	12,993,000
Accumulated Depreciation	32,000
Operating real estate, net	12,961,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Hulcott, UK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,943,000
Initial Cost
Land	1,644,000
Building & Improvements	4,712,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,644,000
Building & Improvements	4,712,000
Total	6,356,000
Accumulated Depreciation	16,000
Operating real estate, net	6,340,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Kincardine, UK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,763,000
Initial Cost
Land	787,000
Building & Improvements	4,052,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	787,000
Building & Improvements	4,052,000
Total	4,839,000
Accumulated Depreciation	12,000
Operating real estate, net	4,827,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Kingston Upon Thames, UK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	26,475,000
Initial Cost
Land	3,672,000
Building & Improvements	30,378,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	3,672,000
Building & Improvements	30,378,000
Total	34,050,000
Accumulated Depreciation	83,000
Operating real estate, net	33,967,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Knightsdale, NC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,304,000
Initial Cost
Land	2,215,000
Building & Improvements	16,661,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	2,215,000
Building & Improvements	16,661,000
Total	18,876,000
Accumulated Depreciation	46,000
Operating real estate, net	18,830,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Lebanon, OR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,164,000
Initial Cost
Land	1,327,000
Building & Improvements	14,227,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,327,000
Building & Improvements	14,227,000
Total	15,554,000
Accumulated Depreciation	295,000
Operating real estate, net	15,259,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities [Member] | Healthcare [Member] | Leven, UK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,592,000
Initial Cost
Land	523,000
Building & Improvements	4,096,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	523,000
Building & Improvements	4,096,000
Total	4,619,000
Accumulated Depreciation	11,000
Operating real estate, net	4,608,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Lewes, UK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,242,000
Initial Cost
Land	1,144,000
Building & Improvements	4,312,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,144,000
Building & Improvements	4,312,000
Total	5,456,000
Accumulated Depreciation	13,000
Operating real estate, net	5,443,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Lightwater, UK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,932,000
Initial Cost
Land	1,666,000
Building & Improvements	3,391,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,666,000
Building & Improvements	3,391,000
Total	5,057,000
Accumulated Depreciation	12,000
Operating real estate, net	5,045,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Lincolnton, NC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	16,079,000
Initial Cost
Land	1,072,000
Building & Improvements	21,517,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,072,000
Building & Improvements	21,517,000
Total	22,589,000
Accumulated Depreciation	55,000
Operating real estate, net	22,534,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Liss, UK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,069,000
Initial Cost
Land	1,583,000
Building & Improvements	4,936,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,583,000
Building & Improvements	4,936,000
Total	6,519,000
Accumulated Depreciation	16,000
Operating real estate, net	6,503,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Merstham, UK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,897,000
Initial Cost
Land	2,105,000
Building & Improvements	11,910,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	2,105,000
Building & Improvements	11,910,000
Total	14,015,000
Accumulated Depreciation	34,000
Operating real estate, net	13,981,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Monroe, NC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,788,000
Initial Cost
Land	1,343,000
Building & Improvements	23,441,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,343,000
Building & Improvements	23,441,000
Total	24,784,000
Accumulated Depreciation	60,000
Operating real estate, net	24,724,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Mooresville IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,282,000
Initial Cost
Land	631,000
Building & Improvements	4,187,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	631,000
Building & Improvements	4,187,000
Total	4,818,000
Accumulated Depreciation	789,000
Operating real estate, net	4,029,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities [Member] | Healthcare [Member] | Mountain Iron, MN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,803,000
Initial Cost
Land	175,000
Building & Improvements	3,651,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	70,000
Gross Amount Carried at Close of Period
Land	175,000
Building & Improvements	3,721,000
Total	3,896,000
Accumulated Depreciation	158,000
Operating real estate, net	3,738,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities [Member] | Healthcare [Member] | Nuffield, UK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,009,000
Initial Cost
Land	1,705,000
Building & Improvements	4,736,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,705,000
Building & Improvements	4,736,000
Total	6,441,000
Accumulated Depreciation	16,000
Operating real estate, net	6,425,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Nuneaton, UK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,499,000
Initial Cost
Land	1,901,000
Building & Improvements	5,171,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,901,000
Building & Improvements	5,171,000
Total	7,072,000
Accumulated Depreciation	17,000
Operating real estate, net	7,055,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Oregon City, OR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,643,000
Initial Cost
Land	1,596,000
Building & Improvements	15,694,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,596,000
Building & Improvements	15,694,000
Total	17,290,000
Accumulated Depreciation	315,000
Operating real estate, net	16,975,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities [Member] | Healthcare [Member] | Park Rapids, MN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,725,000
Initial Cost
Land	50,000
Building & Improvements	2,683,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	143,000
Gross Amount Carried at Close of Period
Land	50,000
Building & Improvements	2,826,000
Total	2,876,000
Accumulated Depreciation	121,000
Operating real estate, net	2,755,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities [Member] | Healthcare [Member] | Plymouth IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,471,000
Initial Cost
Land	128,000
Building & Improvements	5,538,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	128,000
Building & Improvements	5,538,000
Total	5,666,000
Accumulated Depreciation	1,044,000
Operating real estate, net	4,622,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities [Member] | Healthcare [Member] | Portage IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,958,000
Initial Cost
Land	1,438,000
Building & Improvements	7,988,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,438,000
Building & Improvements	7,988,000
Total	9,426,000
Accumulated Depreciation	1,506,000
Operating real estate, net	7,920,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities [Member] | Healthcare [Member] | Proctor, MN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,677,000
Initial Cost
Land	300,000
Building & Improvements	7,920,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	300,000
Building & Improvements	7,920,000
Total	8,220,000
Accumulated Depreciation	325,000
Operating real estate, net	7,895,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities [Member] | Healthcare [Member] | Rendlesham, UK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,003,000
Initial Cost
Land	3,524,000
Building & Improvements	13,199,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	3,524,000
Building & Improvements	13,199,000
Total	16,723,000
Accumulated Depreciation	41,000
Operating real estate, net	16,682,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Salem, OR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,589,000
Initial Cost
Land	501,000
Building & Improvements	3,469,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	501,000
Building & Improvements	3,469,000
Total	3,970,000
Accumulated Depreciation	10,000
Operating real estate, net	3,960,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Sauchie, UK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,116,000
Initial Cost
Land	1,667,000
Building & Improvements	8,771,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,667,000
Building & Improvements	8,771,000
Total	10,438,000
Accumulated Depreciation	26,000
Operating real estate, net	10,412,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Scarning, UK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,441,000
Initial Cost
Land	1,976,000
Building & Improvements	5,022,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,976,000
Building & Improvements	5,022,000
Total	6,998,000
Accumulated Depreciation	17,000
Operating real estate, net	6,981,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Sevenoaks, UK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,699,000
Initial Cost
Land	1,535,000
Building & Improvements	7,080,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,535,000
Building & Improvements	7,080,000
Total	8,615,000
Accumulated Depreciation	21,000
Operating real estate, net	8,594,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Shipton-Under-Wychwood, UK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,749,000
Initial Cost
Land	2,428,000
Building & Improvements	13,968,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	2,428,000
Building & Improvements	13,968,000
Total	16,396,000
Accumulated Depreciation	40,000
Operating real estate, net	16,356,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Sompting, UK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,847,000
Initial Cost
Land	1,332,000
Building & Improvements	2,330,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,332,000
Building & Improvements	2,330,000
Total	3,662,000
Accumulated Depreciation	9,000
Operating real estate, net	3,653,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Sonning Common, UK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,244,000
Initial Cost
Land	2,598,000
Building & Improvements	22,152,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	2,598,000
Building & Improvements	22,152,000
Total	24,750,000
Accumulated Depreciation	61,000
Operating real estate, net	24,689,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | St George, UK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,104,000
Initial Cost
Land	2,927,000
Building & Improvements	4,922,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	2,927,000
Building & Improvements	4,922,000
Total	7,849,000
Accumulated Depreciation	19,000
Operating real estate, net	7,830,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | St Peter, UK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,239,000
Initial Cost
Land	3,692,000
Building & Improvements	13,336,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	3,692,000
Building & Improvements	13,336,000
Total	17,028,000
Accumulated Depreciation	42,000
Operating real estate, net	16,986,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Swansea, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,106,000
Initial Cost
Land	521,000
Building & Improvements	5,667,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	59,000
Gross Amount Carried at Close of Period
Land	521,000
Building & Improvements	5,726,000
Total	6,247,000
Accumulated Depreciation	167,000
Operating real estate, net	6,080,000
Life on Which Depreciation is Computed	40 years
Assisted Living Facilities [Member] | Healthcare [Member] | Teddington, UK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	18,366,000
Initial Cost
Land	544,000
Building & Improvements	23,077,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	544,000
Building & Improvements	23,077,000
Total	23,621,000
Accumulated Depreciation	58,000
Operating real estate, net	23,563,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Tumbridge Wells, UK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,900,000
Initial Cost
Land	1,533,000
Building & Improvements	6,055,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,533,000
Building & Improvements	6,055,000
Total	7,588,000
Accumulated Depreciation	19,000
Operating real estate, net	7,569,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Wimborne, UK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,264,000
Initial Cost
Land	2,376,000
Building & Improvements	5,681,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	2,376,000
Building & Improvements	5,681,000
Total	8,057,000
Accumulated Depreciation	20,000
Operating real estate, net	8,037,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Winshill, UK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,501,000
Initial Cost
Land	1,702,000
Building & Improvements	7,945,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,702,000
Building & Improvements	7,945,000
Total	9,647,000
Accumulated Depreciation	24,000
Operating real estate, net	9,623,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Wootton Bassett, UK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,554,000
Initial Cost
Land	2,286,000
Building & Improvements	4,857,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	2,286,000
Building & Improvements	4,857,000
Total	7,143,000
Accumulated Depreciation	17,000
Operating real estate, net	7,126,000
Life on Which Depreciation is Computed	39 years
Assisted Living Facilities [Member] | Healthcare [Member] | Yelverton, UK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,001,000
Initial Cost
Land	243,000
Building & Improvements	1,046,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	243,000
Building & Improvements	1,046,000
Total	1,289,000
Accumulated Depreciation	3,000
Operating real estate, net	1,286,000
Life on Which Depreciation is Computed	39 years
Hospitals [Member] | Healthcare [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	239,523,000
Initial Cost
Land	25,817,000
Building & Improvements	224,944,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	113,000
Gross Amount Carried at Close of Period
Land	25,817,000
Building & Improvements	225,057,000
Total	250,874,000
Accumulated Depreciation	608,000
Operating real estate, net	250,266,000
Life on Which Depreciation is Computed	39 years
Hospitals [Member] | Healthcare [Member] | Houston, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	23,649,000
Initial Cost
Land	2,245,000
Building & Improvements	18,908,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	113,000
Gross Amount Carried at Close of Period
Land	2,245,000
Building & Improvements	19,021,000
Total	21,266,000
Accumulated Depreciation	51,000
Operating real estate, net	21,215,000
Life on Which Depreciation is Computed	39 years
Hospitals [Member] | Healthcare [Member] | Humble, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,327,000
Initial Cost
Land	611,000
Building & Improvements	13,226,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	611,000
Building & Improvements	13,226,000
Total	13,837,000
Accumulated Depreciation	34,000
Operating real estate, net	13,803,000
Life on Which Depreciation is Computed	39 years
Hospitals [Member] | Healthcare [Member] | Athens, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,626,000
Initial Cost
Land	1,824,000
Building & Improvements	17,610,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,824,000
Building & Improvements	17,610,000
Total	19,434,000
Accumulated Depreciation	47,000
Operating real estate, net	19,387,000
Life on Which Depreciation is Computed	39 years
Hospitals [Member] | Healthcare [Member] | Cape Giardeau, MO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,783,000
Initial Cost
Land	672,000
Building & Improvements	12,232,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	672,000
Building & Improvements	12,232,000
Total	12,904,000
Accumulated Depreciation	31,000
Operating real estate, net	12,873,000
Life on Which Depreciation is Computed	39 years
Hospitals [Member] | Healthcare [Member] | Columbia, MO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,979,000
Initial Cost
Land	1,323,000
Building & Improvements	10,585,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,323,000
Building & Improvements	10,585,000
Total	11,908,000
Accumulated Depreciation	29,000
Operating real estate, net	11,879,000
Life on Which Depreciation is Computed	39 years
Hospitals [Member] | Healthcare [Member] | Gardena, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	55,579,000
Initial Cost
Land	5,803,000
Building & Improvements	58,619,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	5,803,000
Building & Improvements	58,619,000
Total	64,422,000
Accumulated Depreciation	157,000
Operating real estate, net	64,265,000
Life on Which Depreciation is Computed	39 years
Hospitals [Member] | Healthcare [Member] | Joplin, MO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,945,000
Initial Cost
Land	1,052,000
Building & Improvements	8,504,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,052,000
Building & Improvements	8,504,000
Total	9,556,000
Accumulated Depreciation	23,000
Operating real estate, net	9,533,000
Life on Which Depreciation is Computed	39 years
Hospitals [Member] | Healthcare [Member] | Lafayette, LA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,931,000
Initial Cost
Land	1,403,000
Building & Improvements	9,740,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,403,000
Building & Improvements	9,740,000
Total	11,143,000
Accumulated Depreciation	27,000
Operating real estate, net	11,116,000
Life on Which Depreciation is Computed	39 years
Hospitals [Member] | Healthcare [Member] | Los Angeles, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	29,275,000
Initial Cost
Land	4,621,000
Building & Improvements	29,984,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	4,621,000
Building & Improvements	29,984,000
Total	34,605,000
Accumulated Depreciation	84,000
Operating real estate, net	34,521,000
Life on Which Depreciation is Computed	39 years
Hospitals [Member] | Healthcare [Member] | Murray, UT [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,595,000
Initial Cost
Land	1,714,000
Building & Improvements	13,137,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,714,000
Building & Improvements	13,137,000
Total	14,851,000
Accumulated Depreciation	36,000
Operating real estate, net	14,815,000
Life on Which Depreciation is Computed	39 years
Hospitals [Member] | Healthcare [Member] | Muskogee, OK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,398,000
Initial Cost
Land	480,000
Building & Improvements	19,743,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	480,000
Building & Improvements	19,743,000
Total	20,223,000
Accumulated Depreciation	49,000
Operating real estate, net	20,174,000
Life on Which Depreciation is Computed	39 years
Hospitals [Member] | Healthcare [Member] | Norwalk, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	27,436,000
Initial Cost
Land	4,069,000
Building & Improvements	12,656,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	4,069,000
Building & Improvements	12,656,000
Total	16,725,000
Accumulated Depreciation	40,000
Operating real estate, net	16,685,000
Life on Which Depreciation is Computed	39 years
Industrial [Member] | Net Lease [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	205,830,000
Initial Cost
Land	82,739,000
Building & Improvements	230,197,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	82,739,000
Building & Improvements	230,197,000
Total	312,936,000
Accumulated Depreciation	2,445,000
Operating real estate, net	310,491,000
Industrial [Member] | Net Lease [Member] | Cleveland, OH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,819,000
Initial Cost
Land	503,000
Building & Improvements	7,390,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	503,000
Building & Improvements	7,390,000
Total	7,893,000
Accumulated Depreciation	71,000
Operating real estate, net	7,822,000
Life on Which Depreciation is Computed	40 years
Industrial [Member] | Net Lease [Member] | Decatur, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,933,000
Initial Cost
Land	1,123,000
Building & Improvements	11,414,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,123,000
Building & Improvements	11,414,000
Total	12,537,000
Accumulated Depreciation	119,000
Operating real estate, net	12,418,000
Life on Which Depreciation is Computed	40 years
Industrial [Member] | Net Lease [Member] | Corpus Christi, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	600,000
Initial Cost
Land	274,000
Building & Improvements	639,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	274,000
Building & Improvements	639,000
Total	913,000
Accumulated Depreciation	9,000
Operating real estate, net	904,000
Life on Which Depreciation is Computed	40 years
Industrial [Member] | Net Lease [Member] | Louisville, KY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,202,000
Initial Cost
Land	1,300,000
Building & Improvements	5,484,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,300,000
Building & Improvements	5,484,000
Total	6,784,000
Accumulated Depreciation	61,000
Operating real estate, net	6,723,000
Life on Which Depreciation is Computed	40 years
Industrial [Member] | Net Lease [Member] | Norcross GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,852,000
Initial Cost
Land	1,945,000
Building & Improvements	7,198,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,945,000
Building & Improvements	7,198,000
Total	9,143,000
Accumulated Depreciation	99,000
Operating real estate, net	9,044,000
Life on Which Depreciation is Computed	40 years
Industrial [Member] | Net Lease [Member] | Phoenix AZ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,525,000
Initial Cost
Land	2,718,000
Building & Improvements	18,743,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	2,718,000
Building & Improvements	18,743,000
Total	21,461,000
Accumulated Depreciation	178,000
Operating real estate, net	21,283,000
Life on Which Depreciation is Computed	40 years
Industrial [Member] | Net Lease [Member] | Tallahassee, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,088,000
Initial Cost
Land	199,000
Building & Improvements	1,330,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	199,000
Building & Improvements	1,330,000
Total	1,529,000
Accumulated Depreciation	16,000
Operating real estate, net	1,513,000
Life on Which Depreciation is Computed	40 years
Industrial [Member] | Net Lease [Member] | Warren, MI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,808,000
Initial Cost
Land	661,000
Building & Improvements	4,352,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	661,000
Building & Improvements	4,352,000
Total	5,013,000
Accumulated Depreciation	49,000
Operating real estate, net	4,964,000
Life on Which Depreciation is Computed	40 years
Industrial [Member] | Net Lease [Member] | Arvada CO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,951,000
Initial Cost
Land	879,000
Building & Improvements	6,990,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	879,000
Building & Improvements	6,990,000
Total	7,869,000
Accumulated Depreciation	72,000
Operating real estate, net	7,797,000
Life on Which Depreciation is Computed	40 years
Industrial [Member] | Net Lease [Member] | Aurora And Twinsburg, OH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,360,000
Initial Cost
Land	1,139,000
Building & Improvements	6,665,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,139,000
Building & Improvements	6,665,000
Total	7,804,000
Accumulated Depreciation	69,000
Operating real estate, net	7,735,000
Life on Which Depreciation is Computed	40 years
Industrial [Member] | Net Lease [Member] | Bedford Park, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,552,000
Initial Cost
Land	2,459,000
Building & Improvements	7,438,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	2,459,000
Building & Improvements	7,438,000
Total	9,897,000
Accumulated Depreciation	77,000
Operating real estate, net	9,820,000
Life on Which Depreciation is Computed	40 years
Industrial [Member] | Net Lease [Member] | Charleston, SC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,421,000
Initial Cost
Land	665,000
Building & Improvements	5,332,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	665,000
Building & Improvements	5,332,000
Total	5,997,000
Accumulated Depreciation	56,000
Operating real estate, net	5,941,000
Life on Which Depreciation is Computed	40 years
Industrial [Member] | Net Lease [Member] | Chicago, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	17,882,000
Initial Cost
Land	8,745,000
Building & Improvements	20,798,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	8,745,000
Building & Improvements	20,798,000
Total	29,543,000
Accumulated Depreciation	217,000
Operating real estate, net	29,326,000
Life on Which Depreciation is Computed	40 years
Industrial [Member] | Net Lease [Member] | Compton, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,182,000
Initial Cost
Land	12,622,000
Building & Improvements	18,510,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	12,622,000
Building & Improvements	18,510,000
Total	31,132,000
Accumulated Depreciation	179,000
Operating real estate, net	30,953,000
Life on Which Depreciation is Computed	40 years
Industrial [Member] | Net Lease [Member] | Easley, SC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,842,000
Initial Cost
Land	744,000
Building & Improvements	7,699,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	744,000
Building & Improvements	7,699,000
Total	8,443,000
Accumulated Depreciation	93,000
Operating real estate, net	8,350,000
Life on Which Depreciation is Computed	40 years
Industrial [Member] | Net Lease [Member] | Eden Prairie, MN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,950,000
Initial Cost
Land	1,542,000
Building & Improvements	4,574,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,542,000
Building & Improvements	4,574,000
Total	6,116,000
Accumulated Depreciation	56,000
Operating real estate, net	6,060,000
Life on Which Depreciation is Computed	40 years
Industrial [Member] | Net Lease [Member] | Ferndale, MI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,940,000
Initial Cost
Land	182,000
Building & Improvements	2,464,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	182,000
Building & Improvements	2,464,000
Total	2,646,000
Accumulated Depreciation	25,000
Operating real estate, net	2,621,000
Life on Which Depreciation is Computed	40 years
Industrial [Member] | Net Lease [Member] | Fraser, MI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,812,000
Initial Cost
Land	563,000
Building & Improvements	3,245,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	563,000
Building & Improvements	3,245,000
Total	3,808,000
Accumulated Depreciation	39,000
Operating real estate, net	3,769,000
Life on Which Depreciation is Computed	40 years
Industrial [Member] | Net Lease [Member] | Gladewater, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,222,000
Initial Cost
Land	221,000
Building & Improvements	1,446,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	221,000
Building & Improvements	1,446,000
Total	1,667,000
Accumulated Depreciation	17,000
Operating real estate, net	1,650,000
Life on Which Depreciation is Computed	40 years
Industrial [Member] | Net Lease [Member] | Mayfield, KY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,251,000
Initial Cost
Land	124,000
Building & Improvements	3,142,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	124,000
Building & Improvements	3,142,000
Total	3,266,000
Accumulated Depreciation	37,000
Operating real estate, net	3,229,000
Life on Which Depreciation is Computed	40 years
Industrial [Member] | Net Lease [Member] | New Boston, MI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,064,000
Initial Cost
Land	1,175,000
Building & Improvements	9,767,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,175,000
Building & Improvements	9,767,000
Total	10,942,000
Accumulated Depreciation	104,000
Operating real estate, net	10,838,000
Life on Which Depreciation is Computed	40 years
Industrial [Member] | Net Lease [Member] | North Richland Hills, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,080,000
Initial Cost
Land	987,000
Building & Improvements	5,175,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	987,000
Building & Improvements	5,175,000
Total	6,162,000
Accumulated Depreciation	52,000
Operating real estate, net	6,110,000
Life on Which Depreciation is Computed	40 years
Industrial [Member] | Net Lease [Member] | North Vernon, IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,076,000
Initial Cost
Land	253,000
Building & Improvements	2,588,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	253,000
Building & Improvements	2,588,000
Total	2,841,000
Accumulated Depreciation	34,000
Operating real estate, net	2,807,000
Life on Which Depreciation is Computed	40 years
Industrial [Member] | Net Lease [Member] | Plant City, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,205,000
Initial Cost
Land	1,210,000
Building & Improvements	2,359,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,210,000
Building & Improvements	2,359,000
Total	3,569,000
Accumulated Depreciation	31,000
Operating real estate, net	3,538,000
Life on Which Depreciation is Computed	40 years
Industrial [Member] | Net Lease [Member] | Rochester, NY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,381,000
Initial Cost
Land	651,000
Building & Improvements	5,488,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	651,000
Building & Improvements	5,488,000
Total	6,139,000
Accumulated Depreciation	64,000
Operating real estate, net	6,075,000
Life on Which Depreciation is Computed	40 years
Industrial [Member] | Net Lease [Member] | Schiller Park, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,146,000
Initial Cost
Land	2,654,000
Building & Improvements	3,452,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	2,654,000
Building & Improvements	3,452,000
Total	6,106,000
Accumulated Depreciation	40,000
Operating real estate, net	6,066,000
Life on Which Depreciation is Computed	40 years
Industrial [Member] | Net Lease [Member] | South Holland, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,673,000
Initial Cost
Land	2,503,000
Building & Improvements	10,716,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	2,503,000
Building & Improvements	10,716,000
Total	13,219,000
Accumulated Depreciation	120,000
Operating real estate, net	13,099,000
Life on Which Depreciation is Computed	40 years
Industrial [Member] | Net Lease [Member] | St Louis, MO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,471,000
Initial Cost
Land	938,000
Building & Improvements	2,771,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	938,000
Building & Improvements	2,771,000
Total	3,709,000
Accumulated Depreciation	28,000
Operating real estate, net	3,681,000
Life on Which Depreciation is Computed	40 years
Industrial [Member] | Net Lease [Member] | Stone Mountain, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,633,000
Initial Cost
Land	867,000
Building & Improvements	8,966,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	867,000
Building & Improvements	8,966,000
Total	9,833,000
Accumulated Depreciation	93,000
Operating real estate, net	9,740,000
Life on Which Depreciation is Computed	40 years
Industrial [Member] | Net Lease [Member] | Strongsville, OH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,456,000
Initial Cost
Land	313,000
Building & Improvements	3,011,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	313,000
Building & Improvements	3,011,000
Total	3,324,000
Accumulated Depreciation	31,000
Operating real estate, net	3,293,000
Life on Which Depreciation is Computed	40 years
Industrial [Member] | Net Lease [Member] | Thorofare, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,300,000
Initial Cost
Land	1,034,000
Building & Improvements	4,919,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,034,000
Building & Improvements	4,919,000
Total	5,953,000
Accumulated Depreciation	48,000
Operating real estate, net	5,905,000
Life on Which Depreciation is Computed	40 years
Industrial [Member] | Net Lease [Member] | Vernon, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	28,830,000
Initial Cost
Land	29,905,000
Building & Improvements	19,333,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	29,905,000
Building & Improvements	19,333,000
Total	49,238,000
Accumulated Depreciation	193,000
Operating real estate, net	49,045,000
Life on Which Depreciation is Computed	40 years
Industrial [Member] | Net Lease [Member] | Winston-Salem, NC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,323,000
Initial Cost
Land	1,641,000
Building & Improvements	6,799,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,641,000
Building & Improvements	6,799,000
Total	8,440,000
Accumulated Depreciation	68,000
Operating real estate, net	8,372,000
Life on Which Depreciation is Computed	40 years
Office [Member] | Net Lease [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	214,061,000
Initial Cost
Land	50,846,000
Building & Improvements	232,071,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	712,000
Gross Amount Carried at Close of Period
Land	50,846,000
Building & Improvements	232,783,000
Total	283,629,000
Accumulated Depreciation	57,534,000
Operating real estate, net	226,095,000
Office [Member] | Net Lease [Member] | Indianapolis, IN
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	26,152,000
Initial Cost
Land	1,670,000
Building & Improvements	32,306,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,670,000
Building & Improvements	32,306,000
Total	33,976,000
Accumulated Depreciation	8,359,000
Operating real estate, net	25,617,000
Life on Which Depreciation is Computed	40 years
Office [Member] | Net Lease [Member] | Columbus, OH
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	21,934,000
Initial Cost
Land	4,375,000
Building & Improvements	29,184,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	4,375,000
Building & Improvements	29,184,000
Total	33,559,000
Accumulated Depreciation	6,266,000
Operating real estate, net	27,293,000
Life on Which Depreciation is Computed	40 years
Office [Member] | Net Lease [Member] | Rancho Cordova CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,494,000
Initial Cost
Land	3,060,000
Building & Improvements	9,360,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	3,060,000
Building & Improvements	9,360,000
Total	12,420,000
Accumulated Depreciation	2,457,000
Operating real estate, net	9,963,000
Life on Which Depreciation is Computed	40 years
Office [Member] | Net Lease [Member] | Savannah, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,070,000
Initial Cost
Land	509,000
Building & Improvements	5,522,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	509,000
Building & Improvements	5,522,000
Total	6,031,000
Accumulated Depreciation	63,000
Operating real estate, net	5,968,000
Life on Which Depreciation is Computed	40 years
Office [Member] | Net Lease [Member] | Aurora, CO
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	30,719,000
Initial Cost
Land	2,650,000
Building & Improvements	35,786,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	23,000
Gross Amount Carried at Close of Period
Land	2,650,000
Building & Improvements	35,809,000
Total	38,459,000
Accumulated Depreciation	8,175,000
Operating real estate, net	30,284,000
Life on Which Depreciation is Computed	40 years
Office [Member] | Net Lease [Member] | Salt Lake City, UT
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,181,000
Initial Cost
Land	672,000
Building & Improvements	19,739,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	394,000
Gross Amount Carried at Close of Period
Land	672,000
Building & Improvements	20,133,000
Total	20,805,000
Accumulated Depreciation	6,103,000
Operating real estate, net	14,702,000
Life on Which Depreciation is Computed	40 years
Office [Member] | Net Lease [Member] | Auburn Hills MI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,646,000
Initial Cost
Land	2,980,000
Building & Improvements	8,607,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	2,980,000
Building & Improvements	8,607,000
Total	11,587,000
Accumulated Depreciation	4,094,000
Operating real estate, net	7,493,000
Life on Which Depreciation is Computed	40 years
Office [Member] | Net Lease [Member] | Camp Hill PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	23,598,000
Initial Cost
Land	5,900,000
Building & Improvements	19,510,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	5,900,000
Building & Improvements	19,510,000
Total	25,410,000
Accumulated Depreciation	7,742,000
Operating real estate, net	17,668,000
Life on Which Depreciation is Computed	40 years
Office [Member] | Net Lease [Member] | Fort Mill SC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	28,778,000
Initial Cost
Land	3,300,000
Building & Improvements	31,554,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	3,300,000
Building & Improvements	31,554,000
Total	34,854,000
Accumulated Depreciation	6,996,000
Operating real estate, net	27,858,000
Life on Which Depreciation is Computed	40 years
Office [Member] | Net Lease [Member] | Milpitas, CA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,460,000
Initial Cost
Land	16,800,000
Building & Improvements	8,847,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	16,800,000
Building & Improvements	8,847,000
Total	25,647,000
Accumulated Depreciation	2,808,000
Operating real estate, net	22,839,000
Life on Which Depreciation is Computed	40 years
Office [Member] | Net Lease [Member] | Ocala, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,627,000
Initial Cost
Land	565,000
Building & Improvements	2,868,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	565,000
Building & Improvements	2,868,000
Total	3,433,000
Accumulated Depreciation	39,000
Operating real estate, net	3,394,000
Life on Which Depreciation is Computed	40 years
Office [Member] | Net Lease [Member] | Pensacola, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,682,000
Initial Cost
Land	1,132,000
Building & Improvements	2,691,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,132,000
Building & Improvements	2,691,000
Total	3,823,000
Accumulated Depreciation	36,000
Operating real estate, net	3,787,000
Life on Which Depreciation is Computed	40 years
Office [Member] | Net Lease [Member] | Rockaway NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,799,000
Initial Cost
Land	6,118,000
Building & Improvements	15,664,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	295,000
Gross Amount Carried at Close of Period
Land	6,118,000
Building & Improvements	15,959,000
Total	22,077,000
Accumulated Depreciation	4,275,000
Operating real estate, net	17,802,000
Life on Which Depreciation is Computed	40 years
Office [Member] | Net Lease [Member] | West Sacramento, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,921,000
Initial Cost
Land	1,115,000
Building & Improvements	10,433,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,115,000
Building & Improvements	10,433,000
Total	11,548,000
Accumulated Depreciation	121,000
Operating real estate, net	11,427,000
Life on Which Depreciation is Computed	40 years
Retail [Member] | Net Lease [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	43,738,000
Initial Cost
Land	6,503,000
Building & Improvements	51,483,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	6,503,000
Building & Improvements	51,483,000
Total	57,986,000
Accumulated Depreciation	13,642,000
Operating real estate, net	44,344,000
Retail [Member] | Net Lease [Member] | Fort Wayne, IN
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,908,000
Initial Cost
Land	0
Building & Improvements	3,642,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	0
Building & Improvements	3,642,000
Total	3,642,000
Accumulated Depreciation	985,000
Operating real estate, net	2,657,000
Life on Which Depreciation is Computed	40 years
Retail [Member] | Net Lease [Member] | Wichita KS [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,594,000
Initial Cost
Land	1,325,000
Building & Improvements	5,583,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	1,325,000
Building & Improvements	5,583,000
Total	6,908,000
Accumulated Depreciation	1,348,000
Operating real estate, net	5,560,000
Life on Which Depreciation is Computed	40 years
Retail [Member] | Net Lease [Member] | Bloomingdale IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,230,000
Initial Cost
Land	0
Building & Improvements	5,810,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	0
Building & Improvements	5,810,000
Total	5,810,000
Accumulated Depreciation	1,461,000
Operating real estate, net	4,349,000
Life on Which Depreciation is Computed	40 years
Retail [Member] | Net Lease [Member] | Keene, NH
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,105,000
Initial Cost
Land	3,033,000
Building & Improvements	5,919,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	3,033,000
Building & Improvements	5,919,000
Total	8,952,000
Accumulated Depreciation	1,470,000
Operating real estate, net	7,482,000
Life on Which Depreciation is Computed	40 years
Retail [Member] | Net Lease [Member] | Concord NH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,640,000
Initial Cost
Land	2,145,000
Building & Improvements	9,216,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	2,145,000
Building & Improvements	9,216,000
Total	11,361,000
Accumulated Depreciation	2,357,000
Operating real estate, net	9,004,000
Life on Which Depreciation is Computed	40 years
Retail [Member] | Net Lease [Member] | Melville NY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,057,000
Initial Cost
Land	0
Building & Improvements	3,187,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	0
Building & Improvements	3,187,000
Total	3,187,000
Accumulated Depreciation	899,000
Operating real estate, net	2,288,000
Life on Which Depreciation is Computed	40 years
Retail [Member] | Net Lease [Member] | Millbury MA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,312,000
Initial Cost
Land	0
Building & Improvements	5,994,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	0
Building & Improvements	5,994,000
Total	5,994,000
Accumulated Depreciation	1,345,000
Operating real estate, net	4,649,000
Life on Which Depreciation is Computed	40 years
Retail [Member] | Net Lease [Member] | North Attleboro MA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,295,000
Initial Cost
Land	0
Building & Improvements	5,445,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	0
Building & Improvements	5,445,000
Total	5,445,000
Accumulated Depreciation	1,364,000
Operating real estate, net	4,081,000
Life on Which Depreciation is Computed	40 years
Retail [Member] | Net Lease [Member] | South Portland, ME
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,597,000
Initial Cost
Land	0
Building & Improvements	6,687,000
Capitalized Subsequent to Acquisition
Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period
Land	0
Building & Improvements	6,687,000
Total	6,687,000
Accumulated Depreciation	2,413,000
Operating real estate, net	$4,274,000
Life on Which Depreciation is Computed	40 years
Minimum | Hotels [Member] | Fremont, CA [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	15 years
Minimum | Hotels [Member] | Louisville, KY [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	15 years
Minimum | Hotels [Member] | Richmond, VA [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	15 years
Minimum | Hotels [Member] | Troy, MI [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	15 years
Minimum | Hotels [Member] | Windsor, CT [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	15 years
Minimum | Manufactured homes [Member] | Greeley CO [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Gainesville, FL [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Jacksonville, FL [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Kissimmee, FL [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Wichita KS [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Denver CO [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Naples, FL [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Tucson, AZ [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Alton IL [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Apopka, FL [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Arvada CO [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Aurora, CO
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Austin TX [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Belton, MO [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Bloomingburg, NY [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Blossvale, NY [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Casper WY [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Cheyenne, WY [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Clearfield, UT [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Clio, MI [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Commerce City CO [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Connelly, NY [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Davie, FL [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Davison, MI [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Fayetteville CO [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Ft Collins CO [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Gillette WY [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Godfrey IL [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Golden CO [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Grand Prairie, TX [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Haysville, KS [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Henderson CO [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Kansas City, KS [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Kansas City, MO [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Lake Wales, FL [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Laramie WY [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Lawrence, KS [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Layton, UT [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Lewisville, TX [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Liverpool, NY [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Longmont CO [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Loveland CO [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Magna, UT [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Manhattan, KS [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Nanuet, NY [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | North Salt Lake, UT [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | O'Fallon IL [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Ogden, UT [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Orlando, FL [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Park City, KS [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Pompano Beach, FL [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Pontoon Beach IL [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Port Jervis, NY [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Queensbury, NY [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Salt Lake City, UT
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Sandy, UT [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Sarasota Springs, NY [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Springdale AR [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Thornton CO [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Tooele, UT [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Topeka, KS [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Washingtonville, NY [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | West Jordan, UT [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | West Valley City, UT [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Winter Haven, FL [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Manufactured homes [Member] | Gansevoort, NY [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Multifamily [Member] | Houston, TX [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Multifamily [Member] | Memphis, TN
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Multifamily [Member] | Jacksonville, FL [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Multifamily [Member] | Savannah, GA [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Multifamily [Member] | Murfreesboro, TN [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Multifamily [Member] | Panama City, FL [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Multifamily [Member] | Roswell, GA [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Multifamily [Member] | Scottsdale, AZ
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Minimum | Multifamily [Member] | Marietta, GA [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	10 years
Maximum | Hotels [Member] | Fremont, CA [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	40 years
Maximum | Hotels [Member] | Louisville, KY [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	40 years
Maximum | Hotels [Member] | Richmond, VA [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	40 years
Maximum | Hotels [Member] | Troy, MI [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	40 years
Maximum | Hotels [Member] | Windsor, CT [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	40 years
Maximum | Manufactured homes [Member] | Greeley CO [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Gainesville, FL [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Jacksonville, FL [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Kissimmee, FL [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Wichita KS [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Denver CO [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Naples, FL [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Tucson, AZ [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Alton IL [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Apopka, FL [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Arvada CO [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Aurora, CO
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Austin TX [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Belton, MO [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Bloomingburg, NY [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Blossvale, NY [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Casper WY [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Cheyenne, WY [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Clearfield, UT [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Clio, MI [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Commerce City CO [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Connelly, NY [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Davie, FL [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Davison, MI [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Fayetteville CO [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Ft Collins CO [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Gillette WY [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Godfrey IL [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Golden CO [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Grand Prairie, TX [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Haysville, KS [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Henderson CO [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Kansas City, KS [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Kansas City, MO [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Lake Wales, FL [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Laramie WY [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Lawrence, KS [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Layton, UT [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Lewisville, TX [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Liverpool, NY [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Longmont CO [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Loveland CO [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Magna, UT [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Manhattan, KS [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Nanuet, NY [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | North Salt Lake, UT [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | O'Fallon IL [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Ogden, UT [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Orlando, FL [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Park City, KS [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Pompano Beach, FL [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Pontoon Beach IL [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Port Jervis, NY [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Queensbury, NY [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Salt Lake City, UT
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Sandy, UT [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Sarasota Springs, NY [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Springdale AR [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Thornton CO [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Tooele, UT [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Topeka, KS [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Washingtonville, NY [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | West Jordan, UT [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | West Valley City, UT [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Winter Haven, FL [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Manufactured homes [Member] | Gansevoort, NY [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Multifamily [Member] | Houston, TX [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Multifamily [Member] | Memphis, TN
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Multifamily [Member] | Jacksonville, FL [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Multifamily [Member] | Savannah, GA [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Multifamily [Member] | Murfreesboro, TN [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Multifamily [Member] | Panama City, FL [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Multifamily [Member] | Roswell, GA [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Multifamily [Member] | Scottsdale, AZ
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years
Maximum | Multifamily [Member] | Marietta, GA [Member]
Gross Amount Carried at Close of Period
Life on Which Depreciation is Computed	30 years

Schedule_III_Real_Estate_and_A2

Schedule III - Real Estate and Accumulated Depreciation - Subsection (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Changes in the company's operating real estate
Beginning balance	$2,561,180,000	$1,538,489,000	$1,207,519,000
Property acquisitions	8,030,551,000	1,598,837,000	330,397,000
Transfers to held for sale	0	-29,097,000	-966,000
Improvements	37,955,000	11,706,000	4,785,000
Retirements and disposals	-5,531,000	0	-3,246,000
Deconsolidation of N-Star CDOs	0	-558,755,000	0
Ending balance	10,624,155,000	2,561,180,000	1,538,489,000
Changes in accumulated depreciation, exclusive of amounts relating to equipment and furniture and fixtures
Beginning balance	190,997,000	147,943,000	118,070,000
Depreciation expense	164,924,000	76,127,000	33,257,000
Assets held for sale	0	-7,387,000	0
Retirements and disposals	-6,347,000	-1,370,000	-3,384,000
Deconsolidation	0	-24,316,000	0
Ending balance	349,574,000	190,997,000	147,943,000
Write-offs related to taking title to collateral			$400,000

Schedule_IV_Mortgage_Loans_on_1

Schedule IV - Mortgage Loans on Real Estate (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
	loan	loan
Mortgage Loans on Real Estate [Line Items]
Number (loans)	46	44
Prior Liens	$411,018,000
Principal Amount	1,187,316,000	1,085,280,000
Real estate debt investments, net	1,067,667,000	1,031,078,000	1,832,231,000	1,710,582,000
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
Carrying value of individual loans as a percentage of total carrying value of real estate debt portfolio (as a percent)	3.00%
Number of days of default or past due for loan delinquency	90 days
Mortgage loans on real estate
Mortgage Loans on Real Estate [Line Items]
Number of days of default or past due for loan delinquency	90 days
RXR Realty
Mortgage Loans on Real Estate [Line Items]
Line of credit facility amount outstanding		3,500,000
Revolving credit facility
Mortgage Loans on Real Estate [Line Items]
Principal Amount	156,400,000
Number of revolving credit facilities	4
Line of credit facility amount outstanding	60,700,000
LIBOR | Minimum
Mortgage Loans on Real Estate [Line Items]
Loans receivable, LIBOR floor	0.25%
LIBOR | Maximum
Mortgage Loans on Real Estate [Line Items]
Loans receivable, LIBOR floor	3.50%
Prime Rate
Mortgage Loans on Real Estate [Line Items]
Number (loans)	1
Principal Amount	6,200,000
First mortgage loans
Mortgage Loans on Real Estate [Line Items]
Number (loans)	15	15
Principal Amount	461,628,000	441,750,000
Real estate debt investments, net	324,950,000	407,202,000
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
First Mortgage - A
Mortgage Loans on Real Estate [Line Items]
Number (loans)	1
Interest Rate, Floating (percent)	7.25%
Prior Liens	0
Principal Amount	61,500,000
Real estate debt investments, net	60,944,000
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
First Mortgage - B
Mortgage Loans on Real Estate [Line Items]
Number (loans)	1
Interest Rate, Fixed (percent)	15.00%
Prior Liens	0
Principal Amount	53,500,000
Real estate debt investments, net	53,377,000
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
First Mortgage - C
Mortgage Loans on Real Estate [Line Items]
Number (loans)	1
Interest Rate, Floating (percent)	6.90%
Prior Liens	0
Principal Amount	38,750,000
Real estate debt investments, net	38,588,000
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
First Mortgage - D
Mortgage Loans on Real Estate [Line Items]
Number (loans)	1
Interest Rate, Floating (percent)	15.00%
Prior Liens	0
Principal Amount	38,190,000
Real estate debt investments, net	38,458,000
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
First Mortgage - E
Mortgage Loans on Real Estate [Line Items]
Number (loans)	1
Interest Rate, Floating (percent)	6.65%
Prior Liens	0
Principal Amount	35,500,000
Real estate debt investments, net	35,784,000
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
Other first mortgage loans
Mortgage Loans on Real Estate [Line Items]
Number (loans)	10
Interest Rate, minimum (percent)	0.00%
Interest Rate, maximum (percent)	7.50%
Prior Liens	0
Principal Amount	234,188,000
Real estate debt investments, net	97,799,000
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
Other first mortgage loans | LIBOR and Prime Rate
Mortgage Loans on Real Estate [Line Items]
Interest Rate, minimum (percent)	0.00%
Interest Rate, maximum (percent)	6.00%
Mezzanine loans
Mortgage Loans on Real Estate [Line Items]
Number (loans)	9	6
Prior Liens	346,550,000
Principal Amount	160,816,000	109,215,000
Real estate debt investments, net	157,088,000	107,116,000
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
Mezzanine loans - A
Mortgage Loans on Real Estate [Line Items]
Number (loans)	1
Interest Rate, Floating (percent)	15.25%
Prior Liens	198,000,000
Principal Amount	48,525,000
Real estate debt investments, net	48,578,000
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
Mezzanine loans - B
Mortgage Loans on Real Estate [Line Items]
Number (loans)	1
Interest Rate, Fixed (percent)	14.00%
Prior Liens	148,550,000
Principal Amount	40,250,000
Real estate debt investments, net	40,250,000
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
Other mezzanine loans
Mortgage Loans on Real Estate [Line Items]
Number (loans)	7
Interest Rate, minimum (percent)	0.00%
Interest Rate, maximum (percent)	14.50%
Prior Liens	0
Principal Amount	72,041,000
Real estate debt investments, net	68,260,000
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
Subordinate interests
Mortgage Loans on Real Estate [Line Items]
Number (loans)	8
Prior Liens	64,468,000
Principal Amount	201,564,000
Real estate debt investments, net	200,237,000
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
Subordinate interests - A
Mortgage Loans on Real Estate [Line Items]
Number (loans)	1
Interest Rate, Fixed (percent)	13.11%
Prior Liens	0
Principal Amount	61,750,000
Real estate debt investments, net	60,845,000
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
Subordinate interests - B
Mortgage Loans on Real Estate [Line Items]
Number (loans)	1
Interest Rate, Fixed (percent)	13.20%
Prior Liens	64,468,000
Principal Amount	54,350,000
Real estate debt investments, net	54,310,000
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
Subordinate interests - C
Mortgage Loans on Real Estate [Line Items]
Number (loans)	1
Interest Rate, Floating (percent)	11.07%
Prior Liens	0
Principal Amount	46,930,000
Real estate debt investments, net	46,442,000
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
Other sub mortgage interests
Mortgage Loans on Real Estate [Line Items]
Number (loans)	5
Interest Rate, minimum (percent)	11.50%
Interest Rate, maximum (percent)	13.20%
Prior Liens	0
Principal Amount	38,534,000
Real estate debt investments, net	38,640,000
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
Other sub mortgage interests | LIBOR and Prime Rate
Mortgage Loans on Real Estate [Line Items]
Interest Rate, minimum (percent)	12.22%
Interest Rate, maximum (percent)	14.00%
Corporate loans
Mortgage Loans on Real Estate [Line Items]
Number (loans)	14	5
Prior Liens	0
Principal Amount	363,308,000	330,343,000
Real estate debt investments, net	385,392,000	327,609,000
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
Corporate loan - A
Mortgage Loans on Real Estate [Line Items]
Number (loans)	2
Interest Rate, Fixed (percent)	12.00%
Prior Liens	0
Principal Amount	150,000,000
Real estate debt investments, net	167,630,000
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
Corporate loan - B
Mortgage Loans on Real Estate [Line Items]
Number (loans)	1
Interest Rate, Fixed (percent)	12.00%
Prior Liens	0
Principal Amount	100,000,000
Real estate debt investments, net	111,655,000
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
Corporate loan - C
Mortgage Loans on Real Estate [Line Items]
Number (loans)	1
Interest Rate, Fixed (percent)	14.00%
Prior Liens	0
Principal Amount	50,000,000
Real estate debt investments, net	48,527,000
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
Other term loans
Mortgage Loans on Real Estate [Line Items]
Number (loans)	10
Interest Rate, minimum (percent)	6.36%
Interest Rate, maximum (percent)	13.00%
Prior Liens	0
Principal Amount	63,308,000
Real estate debt investments, net	57,580,000
Principal Amount of Loans Subject to Delinquent Principal or Interest	$0

Schedule_IV_Mortgage_Loans_on_2

Schedule IV - Mortgage Loans on Real Estate - Reconciliation (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Movement in Mortgage Loans on Real Estate [Roll Forward]
Beginning balance	$1,031,078	$1,832,231	$1,710,582
Additions:
Principal amount of new loans and additional funding on existing loans	323,215	806,138	397,058
Interest accretion	21,103	1,284	1,636
Acquisition cost (fees) on new loans	-600	-4,032	-2,949
Premium (discount) on new loans	-7,078	16,116	-26,014
Amortization of acquisition costs, fees, premiums and discounts	11,193	28,480	95,233
Deductions:
Collection of principal	279,272	274,354	259,187
Deconsolidation of CDOs	9,709	1,134,713	0
Provision for (reversal of) loan losses, net	2,719	-8,786	23,037
Transfers to affiliates	0	115,797	0
Taking title to collateral	0	135,361	62,236
Transfer to held for sale	15,223	0	0
Unrealized (gain) loss on foreign currency remeasurement	2,084	-2,300	-1,145
Realized loss on foreign currency remeasurement	2,237	0	0
Ending balance	$1,067,667	$1,031,078	$1,832,231