Colony Capital 10-K 27 Feb 15 2014 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
In Billions, except Share data, unless otherwise specified	Dec. 31, 2014	Feb. 25, 2015	Jun. 30, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	Colony Financial, Inc.
Trading Symbol	CLNY
Entity Central Index Key	1467076
Document Type	10-K
Document Period End Date	31-Dec-14
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	-19
Amendment Flag	FALSE
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		110,265,850
Entity Public Float			$2.10
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	Yes

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2014	Dec. 31, 2013
ASSETS
Cash	$141,936,000	$43,167,000
Loans held for investment, net ($807,761 and $0 related to consolidated VIEs, respectively)	2,131,134,000	1,028,654,000
Real estate assets, net	1,643,997,000	112,468,000
Investments in unconsolidated joint ventures	1,646,977,000	1,369,529,000
Intangible assets, net	126,060,000	9,972,000
Other assets ($50,074 and $0 related to consolidated VIEs, respectively)	181,744,000	64,762,000
Total assets	5,871,848,000	2,628,552,000
Liabilities:
Line of credit	164,000,000	138,500,000
Debt ($537,268 and $0 related to consolidated VIEs, respectively)	1,979,665,000	277,607,000
Accrued and other liabilities ($38,443 and $0 related to consolidated VIEs, respectively)	128,119,000	18,105,000
Due to affiliates	12,236,000	7,986,000
Dividends payable	47,537,000	32,127,000
Convertible senior notes	604,498,000	200,000,000
Total liabilities	2,936,055,000	674,325,000
Commitments and contingencies (Note 17)
Stockholders’ equity:
Common stock, $0.01 par value, 450,000 shares authorized, 109,634 and 76,492 shares issued and outstanding, respectively	1,096,000	765,000
Additional paid-in capital	2,512,743,000	1,701,274,000
Distributions in excess of earnings	-68,003,000	-20,423,000
Accumulated other comprehensive (loss) income	-28,491,000	2,593,000
Total stockholders’ equity	2,417,480,000	1,684,310,000
Noncontrolling interests	518,313,000	269,917,000
Total equity	2,935,793,000	1,954,227,000
Total liabilities and equity	5,871,848,000	2,628,552,000
Series A Preferred Stock
Stockholders’ equity:
Preferred stock, $0.01 par value per share, 50,000 shares authorized	101,000	101,000
Series B Preferred Stock
Stockholders’ equity:
Preferred stock, $0.01 par value per share, 50,000 shares authorized	$34,000	$0

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Loans held for investment, net ($807,761 and $0 related to consolidated VIEs, respectively)	$2,131,134	$1,028,654
Other assets ($50,074 and $0 related to consolidated VIEs, respectively)	181,744	64,762
Debt ($537,268 and $0 related to consolidated VIEs, respectively)	1,979,665	277,607
Accrued and other liabilities ($38,443 and $0 related to consolidated VIEs, respectively)	128,119	18,105
Common stock, par value (in dollars per shares)	$0.01	$0.01
Common stock, shares authorized	450,000,000	450,000,000
Common stock, shares issued	109,634,000	76,492,000
Common stock, shares outstanding	109,634,000	76,492,000
Preferred stock, par value (in dollars per share)	$0.01	$0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Series A Preferred Stock
Preferred stock, par value (in dollars per share)	$0.01	$0.01
Preferred stock, dividend percentage	8.50%	8.50%
Preferred stock, liquidation preference	252,000	252,000
Preferred stock, shares issued	10,080,000	10,080,000
Preferred stock, shares outstanding	10,080,000	10,080,000
Series B Preferred Stock
Preferred stock, dividend percentage	7.50%
Preferred stock, liquidation preference	86,250
Preferred stock, shares issued	3,450,000	0
Preferred stock, shares outstanding	3,450,000	0
Variable Interest Entity, Primary Beneficiary
Loans held for investment, net ($807,761 and $0 related to consolidated VIEs, respectively)	807,761	0
Other assets ($50,074 and $0 related to consolidated VIEs, respectively)	50,074	0
Debt ($537,268 and $0 related to consolidated VIEs, respectively)	537,268	0
Accrued and other liabilities ($38,443 and $0 related to consolidated VIEs, respectively)	$38,443	$0

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (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
Income
Interest income	$54,447	[1]	$62,849	[1]	$53,963	[1]	$33,102	[1]	$26,486	[1]	$22,122	[1]	$21,015	[1]	$11,412	[1]	$204,361	$81,035	$37,253
Rental income and tenant reimbursements	10,143		4,323		3,255		3,241		789		0		0		0		20,962	789	0
Equity in income (loss) of unconsolidated joint ventures	20,813		9,263		21,114		22,639		30,862		25,052		22,992		21,802		73,829	100,708	68,737
Other income (including $812, $1,267, and $1,973 from affiliates, respectively)	194		847		231		225		283		296		317		371		1,497	1,267	1,973
Total income	85,597		77,282		78,563		59,207		58,420		47,470		44,324		33,585		300,649	183,799	107,963
Expenses
Management fees (including $10,384, $3,998, and $5,714 of share-based compensation, respectively)	11,766		10,717		9,937		10,713		6,951		6,520		6,422		6,370		43,133	26,263	18,982
Investment and servicing expenses (including $2,846, $1,771, and $1,657 reimbursable to affiliates, respectively)																	5,811	3,228	2,977
Transaction costs																	21,096	1,807	0
Interest expense																	48,365	18,838	8,248
Property operating expenses																	5,563	197	0
Depreciation and amortization																	9,177	310	0
Administrative expenses (including $5,079, $3,073, and $2,460 reimbursable to affiliates, respectively)																	11,408	7,548	6,346
Total expenses	54,844		31,836		27,781		30,092		19,118		14,381		13,516		11,176		144,553	58,191	36,553
Other gain (loss), net	-22	[1]	37	[1]	221	[1]	980	[1]	-19	[1]	860	[1]	196	[1]	-63	[1]	1,216	974	-1,040
Income before income taxes																	157,312	126,582	70,370
Income tax (benefit) provision	-181		-2,464		1		245		79		-14		242		352		-2,399	659	2,165
Net income	30,912		47,947		51,002		29,850		39,204		33,963		30,762		21,994		159,711	125,923	68,205
Net income attributable to noncontrolling interests	6,096		8,993		13,353		8,120		8,946		7,514		5,111		2,587		36,562	24,158	6,194
Net income attributable to Colony Financial, Inc.	24,816		38,954		37,649		21,730		30,258		26,449		25,651		19,407		123,149	101,765	62,011
Preferred dividends	6,972		6,972		5,571		5,355		5,355		5,355		5,355		5,355		24,870	21,420	13,915
Net income attributable to common stockholders	$17,844		$31,982		$32,078		$16,375		$24,903		$21,094		$20,296		$14,052		$98,279	$80,345	$48,096
Net income per common share:
Basic (in dollars per share)	$0.16		$0.30		$0.35		$0.20		$0.34		$0.32		$0.31		$0.22		$1.01	$1.20	$1.33
Diluted (in dollars per share)	$0.16		$0.30		$0.34		$0.20		$0.34		$0.32		$0.31		$0.22		$1.01	$1.20	$1.32
Weighted average number of common shares outstanding:
Basic (in shares)																	96,694	66,182	35,926
Diluted (in shares)																	96,699	66,182	35,943
[1]	Prepayment fees and accelerated amortization of origination fees or purchase discounts resulting from early repayments of loans receivable have been reclassified from other gain to interest income for the previously reported quarters through June 30, 2014. See Note 2—"Reclassification" for further discussion.

CONSOLIDATED_STATEMENTS_OF_OPE1

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Other income (including $812, $1,267, and $1,973 from affiliates, respectively)	$812	$1,267	$1,973
Investment and servicing expenses (including $2,846, $1,771, and $1,657 reimbursable to affiliates, respectively)	2,846	1,771	1,657
Administrative expenses (including $5,079, $3,073, and $2,460 reimbursable to affiliates, respectively)	5,079	3,073	2,460
Management Fees
Management fees (including $10,384, $3,998, and $5,714 of share-based compensation, respectively)	$10,384	$3,998	$5,714

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (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	$159,711	$125,923	$68,205
Other comprehensive (loss) income, net of tax:
Equity in other comprehensive (loss) income of unconsolidated joint ventures, net	-3,170	-3,107	7,144
Unrealized (loss) gain on beneficial interests in debt securities	-327	-554	267
Net change in fair value of cash flow hedges	-127	-27	0
Foreign currency translation adjustment (loss) gain	-58,792	5,599	1,261
Foreign currency translation adjustments:
Change in fair value of net investment hedges	26,985	-3,828	-1,149
Net foreign currency translation adjustments	-31,807	1,771	112
Other comprehensive (loss) income	-35,431	-1,917	7,523
Comprehensive income	124,280	124,006	75,728
Comprehensive income attributable to noncontrolling interests	32,215	24,832	6,203
Comprehensive income attributable to stockholders	$92,065	$99,174	$69,525

CONSOLIDATED_STATEMENTS_OF_EQU

CONSOLIDATED STATEMENTS OF EQUITY (USD $)	Total	Total Stockholders’ Equity	Preferred Stock	Common Stock	Additional Paid-in Capital	Retained (Distributions in Excess of) Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests	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	Common Stock	Common Stock	Common Stock	Common Stock
In Thousands, except Share data, unless otherwise specified										Total Stockholders’ Equity	Preferred Stock	Additional Paid-in Capital		Total Stockholders’ Equity	Preferred Stock	Additional Paid-in Capital		Total Stockholders’ Equity		Additional Paid-in Capital
Beginning balance at Dec. 31, 2011	$613,490	$602,976	$0	$326	$599,470	$5,510	($2,330)	$10,514
Beginning balance, shares at Dec. 31, 2011			0	32,625,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	68,205	62,011				62,011		6,194
Other comprehensive (loss) income	7,523	7,514					7,514	9
Stock offering									254,578	254,578	101	254,477					371,002	371,002	196	370,806
Stock offering ,shares											10,080,000								19,550,000
Underwriter discount and offering costs	-9,392	-9,392			-9,392
Issuance of common stock for incentive fees, shares	65,703			66,000
Issuance of common stock for incentive fees	1,197	1,197		1	1,196
Share-based payments	6,133	6,133		8	6,125
Share-based payments, shares				851,000
Contributions from noncontrolling interests	54,963							54,963
Distributions to noncontrolling interests	-11,981							-11,981
Preferred stock dividends	-14,328	-14,328				-14,328		0
Common stock dividends declared	-58,360	-58,360				-58,360
Ending balance at Dec. 31, 2012	1,283,030	1,223,331	101	531	1,222,682	-5,167	5,184	59,699
Ending balance, shares at Dec. 31, 2012			10,080,000	53,092,000
Beginning balance at Nov. 30, 2012
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock offering ,shares																	11,500,000
Ending balance at Dec. 31, 2012			101
Ending balance, shares at Dec. 31, 2012			10,080,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock offering ,shares																	11,500,000
Ending balance at Jan. 31, 2013
Beginning balance at Dec. 31, 2012	1,283,030	1,223,331	101	531	1,222,682	-5,167	5,184	59,699
Beginning balance, shares at Dec. 31, 2012			10,080,000	53,092,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	125,923	101,765				101,765		24,158
Other comprehensive (loss) income	-1,917	-2,591					-2,591	674
Stock offering																	475,602	475,602	234	475,368
Stock offering ,shares																			23,402,000
Underwriter discount and offering costs	-1,059	-1,059			-1,059
Issuance of common stock for incentive fees, shares	0
Share-based payments	4,283	4,283		0	4,283
Share-based payments, shares				-2,000
Contributions from noncontrolling interests	256,589							256,589
Distributions to noncontrolling interests	-71,203							-71,203
Preferred stock dividends	-21,420	-21,420				-21,420		0
Common stock dividends declared	-95,601	-95,601				-95,601
Ending balance at Dec. 31, 2013	1,954,227	1,684,310	101	765	1,701,274	-20,423	2,593	269,917
Ending balance, shares at Dec. 31, 2013			10,080,000	76,492,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	159,711	123,149				123,149		36,562
Other comprehensive (loss) income	-35,431	-31,084					-31,084	-4,347
Stock offering													86,250	86,250	34	86,216	717,870	717,870	326	717,544
Stock offering ,shares															3,450,000				32,606,000
Underwriter discount and offering costs	-3,551	-3,551			-3,551
Issuance of common stock for incentive fees, shares	21,119			21,000
Issuance of common stock for incentive fees	464	464			464
Share-based payments	10,801	10,801		5	10,796
Share-based payments, shares				515,000
Contributions from noncontrolling interests	344,506							344,506
Distributions to noncontrolling interests	-128,325							-128,325
Preferred stock dividends	-25,122	-25,122				-25,122		0
Common stock dividends declared	-145,607	-145,607				-145,607
Ending balance at Dec. 31, 2014	$2,935,793	$2,417,480	$135	$1,096	$2,512,743	($68,003)	($28,491)	$518,313
Ending balance, shares at Dec. 31, 2014			13,530,000	109,634,000

CONSOLIDATED_STATEMENTS_OF_EQU1

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) (USD $)	12 Months Ended			1 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jun. 30, 2014
Dividends declared per common share (in dollars per share)	$1.44	$1.40	$1.44
Series A Preferred Stock
Preferred stock, dividend percentage	8.50%	8.50%	8.50%
Series B Preferred Stock
Preferred stock, dividend percentage	7.50%			7.50%

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	$159,711	$125,923	$68,205
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of discount and net origination fees on purchased and originated loans	-69,443	-13,069	-4,464
Paid-in-kind interest added to loan principal	-2,796	-218	-851
Amortization of deferred financing costs	6,590	3,017	2,152
Equity in income of unconsolidated joint ventures	-73,829	-100,708	-68,737
Distributions of income from unconsolidated joint ventures	74,948	101,874	64,839
Depreciation and amortization	9,177	310	0
Share-based payments	11,265	4,283	7,330
Changes in operating assets and liabilities:
Increase in other assets	-12,431	-6,917	-2,914
Increase in accrued and other liabilities	25,635	8,049	2,148
Increase in due to affiliates	4,250	3,002	1,196
Other adjustments, net	-318	-257	1,314
Net cash provided by operating activities	132,759	125,289	70,218
Cash Flows from Investing Activities
Contributions to unconsolidated joint ventures	-458,881	-672,338	-528,347
Distributions from unconsolidated joint ventures	150,788	177,287	136,496
Investments in purchased loans receivable, net of seller financing	-412,152	-340,563	-56,427
Repayments of loans receivable	673,815	109,643	48,892
Net disbursements on originated loans	-1,241,046	-535,940	-56,000
Proceeds from sales of loans receivable	0	71,298	30,159
Acquisition of real estate and related intangible assets, net	-1,618,069	-122,750	0
Proceeds from repayment of beneficial interests in debt securities	28,000	0	0
Other investing activities, net	2,774	143	58
Net cash used in investing activities	-2,874,771	-1,313,220	-425,169
Cash Flows from Financing Activities
Proceeds from issuance of preferred stock, net	83,533	0	246,559
Proceeds from issuance of common stock, net	717,870	475,190	371,002
Dividends paid to preferred stockholders	-23,504	-21,420	-9,326
Dividends paid to common stockholders	-131,815	-89,916	-48,367
Line of credit borrowings	1,130,800	514,000	133,500
Line of credit repayments	-1,105,300	-375,500	-202,500
Proceeds from secured financing	1,808,505	203,000	0
Secured financing repayments	-198,775	-33,560	-9,202
Escrow deposits for financing	-11,153	0	0
Net proceeds from issuance of convertible senior notes	394,593	194,000	0
Payment of deferred financing costs	-36,355	-6,011	-1,772
Payment of offering costs	-834	-944	-922
Contributions from noncontrolling interests	344,506	256,589	54,963
Distributions to noncontrolling interests	-128,325	-52,703	-11,981
Other financing activities, net	-1,982	-1,987	-676
Net cash provided by financing activities	2,841,764	1,060,738	521,278
Effect of exchange rates on cash	-983	161	0
Net increase (decrease) in cash	98,769	-127,032	166,327
Cash, beginning of period	43,167	170,199	3,872
Cash, end of period	141,936	43,167	170,199
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	33,470	13,558	5,667
Cash paid for income taxes	2,188	2,294	4,930
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Dividends payable	47,537	32,127	26,442
Seller-provided secured financing on purchased loans	82,328	0	103,524
Deferred financing costs deducted from convertible debt issuance proceeds	10,063	6,000	0
Accrued and other liabilities assumed in connection with operating property acquisitions, net of cash assumed	10,781	0	0
Unsecured note issued in connection with acquisition	10,000	0	0
Interest reserve for seller financing returned to borrower upon resolution of underlying collateral loan	2,670	0	0
Noncash distribution of loan receivable to a noncontrolling interest	0	18,500	0
Proceeds from settlement of a derivative instruments in other assets	0	1,736	0
Interest reserve for seller financing funded by borrower of purchased loan	0	0	9,984
Assignment of loans receivable and related liabilities to investment in unconsolidated joint ventures	0	0	29,427
Offering costs included in accrued and other liabilities	$0	$0	$297

Organization_and_Basis_of_Pres

Organization and Basis of Presentation	12 Months Ended
	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation
	Colony Financial, Inc. (the “Company”) was organized on June 23, 2009 as a Maryland corporation. The Company acquires, originates and manages a diversified portfolio of real estate-related debt and equity investments primarily composed of acquired and originated loans and real estate equity, including interests in single-family residential rental properties through its investment in CAH Operating Partnership, L.P. ("CAH OP"). The Company is externally managed and advised by Colony Financial Manager, LLC (the “Manager”), a wholly-owned subsidiary of Colony Capital, LLC ("Colony Capital"), a privately held global real estate investment firm. The Company elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code commencing with its first taxable year ended December 31, 2009.
	In December 2014, the Company and Colony Capital entered into definitive agreements providing for the acquisition by the Company of substantially all of the real estate investment management businesses and operations of Colony Capital (the “Combination”). Upon consummation of the Combination, Colony Capital's management and investment teams will become employed by the Company and the Company will become a self-managed REIT. The consideration for the Combination will be paid primarily in shares of the Company's common stock and units of membership interest ("OP Units") in a subsidiary of the Company, as more fully described in Note 14. The Combination is subject to a number of conditions, including the approval of the Company's stockholders.

Significant_Accounting_Policie

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies
	The significant accounting policies of the Company are described below. The accounting policies of the Company's unconsolidated joint ventures are substantially similar to those of the Company.
	Principles of Consolidation
	The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The accompanying consolidated financial statements include the accounts of the Company and its controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated. The portions of the equity, net income and other comprehensive income of consolidated subsidiaries that are not attributable to the parent are presented separately as amounts attributable to noncontrolling interests in the consolidated financial statements. A substantial portion of noncontrolling interests represent interests held by private investment funds or other investment vehicles managed by Colony Capital or its affiliates ("Co-Investment Funds").
	The Company consolidates entities in which it retains a controlling financial interest or entities that meet the definition of a variable interest entity (“VIE”) for which the Company is deemed to be the primary beneficiary. In performing its analysis of whether it is the primary beneficiary, at initial investment and at each quarterly reporting period, the Company considers whether it individually has the power to direct the activities of the VIE that most significantly affect the entity’s performance and also has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company also considers whether it is a member of a related party group that collectively meets the power and benefits criteria and, if so, whether the Company is most closely associated with the VIE. In making that determination, the Company considers both qualitative and quantitative factors, including, but not limited to: the amount and characteristics of its investment relative to other investors; the obligation or likelihood for the Company or other investors to fund operating losses of the VIE; the Company’s and the other investors’ ability to control or significantly influence key decisions for the VIE, and the similarity and significance of the VIE’s business activities to those of the Company and the other investors. The determination of whether an entity is a VIE, and whether the Company is the primary beneficiary, involves significant judgment, including the determination of which activities most significantly affect the entities’ performance, estimates about the current and future fair values and performance of assets held by the VIE and/or general market conditions.
	Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
	Cash and Cash Equivalents
	For purposes of reporting cash flows, the Company considers short-term, highly liquid investments with original maturities of three months or less to be cash equivalents. The Company did not have any cash equivalents at December 31, 2014 and 2013. The Company maintains its cash accounts in a number of commercial banks. At various times during the year, the Company had deposits in excess of federally insured limits.
	Business Combinations
	The Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. Transaction costs related to acquisitions that are not deemed to be businesses are included in the cost basis of the acquired assets, while transaction costs related to acquisitions that are deemed to be businesses are expensed as incurred. Net cash paid to acquire operating properties or businesses is classified as investing activities on the accompanying statements of cash flows.
	The Company accounts for business combinations by applying the acquisition method, which requires that it recognize and measure the identifiable assets acquired, liabilities assumed and noncontrolling interests at their estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets and liabilities.
	Real estate acquisitions are recorded at the fair values of the acquired components at the time of acquisition, allocated among land, building, improvements, equipment, lease-related tangible and identifiable intangible assets and liabilities, such as tenant improvements, deferred leasing costs, in-place lease values, above- and below-market lease values.
	The estimated fair value of acquired land is derived from recent comparable sales of land and listings within the same local region based on available market data. The estimated fair value of acquired buildings and building improvements is derived from comparable sales, discounted cash flow analysis using market-based assumptions, or replacement cost, as appropriate. The fair value of site and tenant improvements is estimated based upon current market replacement costs and other relevant market rate information.
	In-place leases generate value over and above the tangible real estate because a property that is occupied with leased space is typically worth more than a vacant building without an operating lease contract in place. The estimated fair value of acquired in-place leases is derived based on management's assessment of lost rental income and tenant reimbursements that would be incurred to lease a hypothetically vacant building to its actual existing occupancy level on the valuation date. The net amount recorded for acquired in-place leases is included in intangible assets on the accompanying balance sheets and amortized on a straight-line basis as an increase to depreciation and amortization expense over the remaining term of the applicable leases.
	The estimated fair value of the above- or below-market component of acquired leases represents the present value of the difference between contractual rents of acquired leases and market rents at the time of the acquisition, discounted for tenant credit risks. Above- or below-market operating lease values are amortized on a straight-line basis as a decrease or increase to rental income, respectively, over the applicable lease terms. Above- or below-market ground lease obligations are amortized on a straight-line basis as a decrease or increase to rent expense, respectively, over the applicable lease terms.
	In-place leasing costs represent management's estimation of the avoided leasing commissions and legal fees associated with an existing in-place lease. The net amount is included in intangible assets on the accompanying balance sheets and amortized on a straight-line basis as an increase to depreciation and amortization expense over the remaining term of the applicable lease.
	Fair values of these components generally rely on Level 2 or Level 3 inputs of the fair value hierarchy (see —Fair Value Measurement).
	Goodwill is allocated to reporting units for purposes of evaluating whether goodwill is impaired. The Company tests goodwill for impairment at the reporting unit level at least on an annual basis, or more frequently if events or changes in circumstances occur that would more likely than not reduce the fair value of a reporting unit below its carrying value. Goodwill impairment tests require judgment, including the identification of reporting units, assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and determination of the fair value of each reporting unit.
	Loans Receivable
	The Company originates and purchases loans receivable. Originated loans are recorded at amortized cost, or the outstanding unpaid principal balance (“UPB”) less net deferred loan fees. Net deferred loan fees include unamortized origination and other fees charged to the borrower less direct incremental loan origination costs incurred by the Company. Purchased loans are recorded at amortized cost, or the UPB less unamortized purchase discount. Costs to purchase loans are expensed as incurred. Interest income is recognized based upon the contractual rate and the outstanding principal balance of the loans. Purchase discount or net deferred loan fees are amortized over the expected life of the loans using the effective yield method except on revolving loans, for which the straight-line method is used. When a loan is prepaid, prepayment fees and any excess of proceeds over the carrying amount of the loan are recognized as additional interest income. Loans that the Company has the intent and ability to hold for the foreseeable future are classified as held-for-investment.
	Loans Held for Sale—Loans held for sale are loans that the Company intends to sell or liquidate in the foreseeable future and are carried at the lower of amortized cost or fair value.
	Past Due Loans—The Company places loans on nonaccrual status when any portion of principal or interest is more than 90 days past due, or earlier when concern exists as to the ultimate collection of principal or interest. When a loan is placed on nonaccrual status, the Company reverses the accrual for unpaid interest and does not recognize interest income until the cash is received and the loan returns to accrual status. Generally, a loan may be returned to accrual status when all delinquent principal and interest are brought current in accordance with the terms of the loan agreement and the borrower has met certain performance criteria.
	Impairment and Allowance for Loan Losses—The Company regularly analyzes the extent and effect of any credit migration from underwriting and the initial investment review associated with a loan’s performance and/or value of underlying collateral as well as the financial and operating capability of the borrower/sponsor. Specifically, a property’s operating results and any cash reserves are analyzed and used to assess (i) whether cash from operations are sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan, and/or (iii) the property’s liquidation value. Where applicable, the Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties.  Such analysis is performed at least quarterly, or more often as needed when impairment indicators are present. The Company does not utilize a statistical credit rating system to monitor and assess the credit risk and investment quality of its acquired or originated loans. Given the diversity of the Company's portfolio, management believes there is no consistent method of assigning a numerical rating to a particular loan that captures all of the various credit metrics and their relative importance. Therefore, the Company evaluates impairment and allowance for loan loss on an individual loan basis.
	A loan is considered to be impaired when it is probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan agreement. A loan is also considered to be impaired if it has been restructured in a troubled debt restructuring (“TDR”) involving a modification of terms as a concession resulting from the debtor’s financial difficulties. The Company measures impairment based on the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. If the loan valuation is less than the recorded investment in the loan, a valuation allowance is established with a corresponding charge to allowance for loan loss.
	Purchased Credit-Impaired ("PCI") Loans—PCI loans are acquired loans with evidence of credit quality deterioration since origination for which it is probable at acquisition that the Company will collect less than the contractually required payments. PCI loans are recorded at the initial investment in the loans and accreted to the estimated cash flows expected to be collected measured at acquisition date. The excess of cash flows expected to be collected measured at acquisition date over the initial investment (“accretable yield”) is recognized in interest income over the remaining life of the loan using the effective interest method. The excess of contractually required payments at the acquisition date over expected cash flows (“nonaccretable difference”) is not recognized as an adjustment of yield, loss accrual or valuation allowance. The Company evaluates estimated future cash flows on a quarterly basis, starting with the first full quarter after acquisition, or earlier if conditions indicating impairment are present. Subsequent increases in cash flows expected to be collected are recognized prospectively through an adjustment to the loan’s accretable yield over its remaining life, which may result in a reclassification from nonaccretable difference to accretable yield. Subsequent decreases in cash flows expected to be collected are evaluated to determine whether a provision for loan loss should be established. If decreases in expected cash flows result in a decrease in the estimated fair value of the loan below its amortized cost, the Company records a provision for loan losses calculated as the difference between the loan’s amortized cost and the revised cash flows, discounted at the loan’s effective yield.
	PCI loans may be aggregated into pools based upon common risk characteristics, such as loan performance, collateral type and/or geographic location of the collateral. Once a loan pool is identified, a composite yield and estimate of cash flows expected to be collected (including expected prepayments) are used to recognize interest income. A loan resolution within a loan pool, which may involve the sale of the loan or foreclosure on the underlying collateral, results in the removal of an allocated carrying amount. A loan modified within a loan pool remains in the loan pool, with the effect of the modification incorporated into the expected future cash flows.
	Acquisition, Development and Construction ("ADC") Loan Arrangements—The Company provides loans to third party developers for the acquisition, development and construction of real estate. Under an ADC arrangement, the Company participates in the expected residual profits of the project through the sale, refinancing or other use of the property. The Company evaluates the characteristics of each ADC arrangement including its risks and rewards to determine whether they are more similar to those associated with a loan or an investment in real estate. ADC arrangements with characteristics implying loan classification are presented as loans receivable and result in the recognition of interest income. ADC arrangements with characteristics implying real estate joint ventures are presented as investments in unconsolidated joint ventures and are accounted for using the equity method. The classification of each ADC arrangement as either loan receivable or real estate joint venture involves significant judgment and relies on various factors, including market conditions, amount and timing of expected residual profits, credit enhancements in the form of guaranties, estimated fair value of the collateral, significance of borrower equity in the project, among others. The classification of ADC arrangements is performed at inception, and periodically reassessed when significant changes occur in the circumstances or conditions described above.
	Investment in Real Estate
	Real estate assets are stated at historical cost less accumulated depreciation.
	Expenditures for ordinary repairs and maintenance are expensed as incurred, while expenditures for significant renovations that improve or extend the useful life of the asset are capitalized and depreciated over their estimated useful lives.
	Depreciation—Depreciation is computed on the straight-line basis over the estimated useful lives of the assets, which generally range from 7 to 40 years for buildings and improvements and 5 to 15 years for furniture, fixtures and equipment. Tenant improvements are amortized over the shorter of the remaining lease term or the estimated useful life. Land is not depreciated.
	Real Estate Acquired in Settlement of Loans—Real estate acquired in full or partial settlement of loans ("real estate owned," or "REO") is measured at fair value. If the property meets the GAAP definition of a held for sale property, fair value is reduce by estimated costs to sell. REO property that is classified as held for sale is not depreciated during the holding period. If the Company intends to operate the property, the fair value is allocated among the acquired assets. The difference between the carrying value of the loan and the fair value of the foreclosed asset is recognized in the statement of operations, after reversing any previously recognized provision on the loan. The fair value of REO is generally based on a third party appraisal or on a combination of appraised value, broker price opinions and comparable sales.
	Real Estate Held for Sale—The Company classifies real estate asset as held for sale in the period when (i) management approves a plan to sell the asset that is available for immediate sale in its present condition subject only to usual and customary terms, (ii) a program is initiated to actively locate a buyer and market the asset for sale at a reasonable price, and (iii) completion of the sale is probable within one year. Real estate held for sale is stated at the lower of its carrying amount or estimated fair value less disposal costs. Depreciation is not recorded on assets classified as held for sale. As of December 31, 2014, the Company had $23.9 million in real estate assets that were held for sale in its light industrial portfolio segment.
	Real Estate Impairment—The Company evaluates its investments in real estate for impairment periodically or whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Company evaluates cash flows and determines impairments on an individual property basis. In making this determination, the Company reviews, among other things, current and estimated future cash flows associated with each property, market information for each sub-market, including, where applicable, competition levels, foreclosure levels, leasing trends, occupancy trends, lease or room rates, and the market prices of similar properties recently sold or currently being offered for sale, and other quantitative and qualitative factors. If an impairment indicator exists, the Company compares the expected future undiscounted cash flows to the carrying amount of the asset to evaluate whether the carrying value is recoverable. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset, the Company would record an impairment loss for the difference between the estimated fair value and the carrying amount of the asset.
	Investments in Unconsolidated Joint Ventures
	The Company holds ownership interests in certain joint ventures with the Co-Investment Funds or other unaffiliated investors . The Company evaluates its interest in these entities to determine whether they meet the definition of a VIE and whether the Company should consolidate these entities. In each case, the Company has determined that (1) the entity is not a VIE and the Company does not have a controlling financial interest, or (2) the entity is a VIE but the Company is not the primary beneficiary. Since the Company may not consolidate these entities but has significant influence over operating and financial policies, it accounts for its investments in unconsolidated joint ventures using the equity method. Under the equity method, the Company initially records its investments at cost and subsequently recognizes the Company’s share of net earnings or losses and other comprehensive income or loss, cash contributions made and distributions received, and other adjustments, as appropriate. Allocations of net income or loss may be subject to preferred returns or allocation formulas defined in operating agreements and may not be according to percentage interests of the venturers. Distributions of operating profit from the joint ventures are reported as part of operating cash flows. Distributions related to a capital transaction, such as a refinancing transaction or sale, are reported as investing activities. The Company records its proportionate share of income from certain investments in unconsolidated joint ventures one to three months in arrears.
	The Company performs a quarterly evaluation of its investments in unconsolidated joint ventures to determine whether the fair value of each investment is less than the carrying value, and, if such decrease in value is deemed to be other-than-temporary, writes down the investment to fair value.
	Investments in Debt and Equity Securities
	The Company designates debt and equity securities as held-to-maturity, available-for-sale, or trading depending upon its intent at the time of acquisition. Available-for-sale securities are presented at fair value. Unrealized gains or losses on available-for-sale securities are included as a component of other comprehensive income or loss. Premiums or discounts on acquired debt securities are amortized or accreted into income using the effective interest method over the expected lives of the individual securities. The Company performs a quarterly assessment of its debt and equity securities to determine whether a decline in fair value below amortized cost is other than temporary. Other-than-temporary impairment exists when it is probable that the Company will be unable to recover the entire amortized cost basis of the security. If the decline in fair value is deemed to be other than temporary, the security is written down to fair value which becomes the new cost basis and an impairment loss is recognized.
	Other Assets
	Other assets include the fair value of derivative instruments, deferred financing costs, restricted cash, deferred tax assets, interest receivable and prepaid expenses.
	Deferred Financing Costs—Costs incurred in connection with the Company's financing arrangements are recorded as deferred financing costs and included in other assets on the accompanying balance sheets. Deferred financing costs associated with the credit facility are amortized using the straight-line method over the expected term of the credit facility. Deferred financing costs associated with convertible senior notes, secured and unsecured financing, mortgage loans, commercial mortgage-backed securitization debt and repurchase facility are amortized using the effective interest method over the respective term of the financing.
	Restricted Cash—Restricted cash primarily includes borrower escrow accounts and tenant security deposits, with a corresponding liability included in accrued and other liabilities, and escrow accounts for interest, property taxes, insurance and capital expenditure reserves required under secured financing agreements.
	Transfers of Financial Assets
	Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over a transferred financial asset is deemed to be surrendered when (1) the asset has been legally isolated; (2) the transferee has the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred asset; and (3) the Company does not maintain effective control over the transferred asset through either (a) an agreement that entitles and obligates the Company to repurchase or redeem it before its maturity or (b) an agreement that provides the Company with both the unilateral ability to cause the holder to return specific assets and a more than trivial benefit attributable to that ability. The difference between the net proceeds received and the carrying amount of the financial assets being sold is recognized as a gain or loss on sale. Transfers of financial assets that do not meet these requirements are accounted for as financing transactions.
	Debt
	The Company's debt balance includes mortgage loans, loan-on-loan secured financing arrangements, unsecured note, commercial mortgage-backed securitization debt, repurchase facility and transfers of financial assets that are accounted for as financing transactions as they did not meet the criteria for treatment as sales (see Note 9). Discounts or premiums at the time of original debt issuance are amortized into interest expense using the effective interest method.
	Rental Income and Tenant Reimbursements
	Rental income is recognized on a straight-line basis over the term of the related lease. Residential leases generally have one-year terms while commercial leases generally have longer terms.  Rents received in advance are deferred.
	In net lease arrangements, costs reimbursable from tenants for real estate taxes, property insurance and other recoverable costs are recognized as revenue in the period the recoverable costs are incurred. When the Company is the primary obligor with respect to purchasing goods and services for property operations and has discretion in selecting the supplier and retains credit risk, tenant reimbursement revenue and property operating expenses are presented on a gross basis in the Company's statement of operations. For certain triple net leases where the lessee self-manages the property, hires its own service providers and retains credit risk for routine maintenance contracts, no reimbursement revenue and expense are recognized.
	Foreign Currency Translation
	The Company translates the assets and liabilities of its non-U.S. dollar functional currency investments and subsidiaries into U.S. dollars using exchange rates in effect at the balance sheet date. Income and expenses from these investments and subsidiaries are translated at the average rate of exchange prevailing during the period such income was earned or expenses were incurred. Translation adjustments resulting from changes in exchange rates are recorded as other comprehensive income or loss. Foreign currency transaction gains and losses from such investments and subsidiaries are recognized upon sale or upon complete or substantially complete liquidation of the underlying investment in a foreign entity, and are included in other gain or loss in the accompanying statements of operations. When the Company sells part of its ownership interest in an equity method investment in a foreign entity, a proportionate share of the accumulated translation adjustment associated with the investment is reclassified into earnings.
	Other Income
	Other income primarily includes asset management fees earned by two wholly-owned subsidiaries of the Company that provide asset management services for two of the Company's unconsolidated joint ventures that invested in loan portfolios. Asset management fees are recognized as earned.
	Derivative Instruments and Hedging Activities
	The Company uses derivative instruments to manage its foreign currency risk and interest rate risk.
	Foreign Currency Risk—The Company has entered into currency collars (consisting of caps and floors) and forwards to hedge the foreign currency exposure of its net investments in foreign entities. The Company has entered into various foreign exchange contracts with notional amounts and termination dates based upon the anticipated return of capital from the investments.
	Interest Rate Risk—The Company uses interest rate swaps and caps to hedge against the risk of interest rate fluctuations on its future cash flows from investments. These derivative instruments are designed to mitigate the interest rate risk for certain floating rate debt investments and liabilities.
	All derivative instruments are recorded at their fair values and included in other assets or other liabilities on the accompanying balance sheets on a gross basis. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. To the extent they are effective, fair value adjustments on derivative instruments designated as hedging instruments are reported as other comprehensive income and included in stockholders' equity until the hedged item is realized. Ineffective portions and settlement gains and losses, if any, are included in earnings. Fair value adjustments on derivative instruments that are not designated as hedging instruments are reported in other gain or loss on the accompanying statements of operations. The Company does not enter into derivative transactions for speculative or trading purposes.
	Fair Value Measurement
	The Company determines the estimated fair value of financial assets and liabilities using the three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The three levels of inputs that may be used to measure fair value are as follows:
	Level 1—Quoted prices in active markets for identical assets or liabilities.
	Level 2—Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3—Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used.
The Company records certain financial instruments at fair value on a recurring basis when required by GAAP. The Company has not elected the fair value option for any other financial instruments. Such financial instruments are carried at cost while fair value is separately disclosed (see Note 11).
Share-Based Payments
The Company recognizes the cost of share-based awards based upon their fair values on a straight-line basis over the requisite service period, which is generally the vesting period of the awards. For awards to the Company’s employees, including its independent directors, the fair value is determined as the grant date stock price. For share-based awards to non-employees, including the Manager and employees of the Manager, the fair value is based upon the vesting date stock price, which requires the amount of related expense to be remeasured at the end of each reporting period until the award has vested.
For awards with periodic vesting, the Company recognizes the related expense on a straight-line basis over the requisite service period for the entire award, subject to periodic adjustments to ensure that the cumulative amount of expense recognized through the end of any reporting period is at least equal to the fair value of the portion of the award that has vested through that date. Share-based payments are reflected in the same expense category as would be appropriate if the payments had been made in cash.
Net Earnings Per Share
The Company calculates basic earnings per share using the two-class method which defines unvested share-based payment awards that contain nonforfeitable rights to dividends as participating securities. The two-class method is an allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. Earnings per common share is calculated by dividing earnings allocated to common shareholders by the weighted-average number of common shares outstanding during the period.
Diluted earnings per common share is based on the weighted-average number of common shares and the effect of potentially dilutive common share equivalents outstanding during the period. Potentially dilutive common share equivalents consist of incentive fee shares issuable the Manager, shares to be issued upon the assumed conversion of the Company's outstanding convertible notes and the assumed repayment of the unsecured note issued to finance an acquisition of business in shares of the Company's common stock, which are included under the if-converted method when dilutive. In addition, the numerator is adjusted to add back the after-tax amount of interest expense associated with the convertible notes and the unsecured note, except when doing so would be anti-dilutive.
Income Taxes
The Company elected to be taxed as a REIT, commencing with the Company’s initial taxable year ended December 31, 2009. A REIT is generally not subject to corporate-level federal and state income tax on net income it distributes to its stockholders. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to distribute at least 90% of its REIT taxable income to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal and state income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, it and its subsidiaries may be subject to certain federal, state, local and foreign taxes on its income and property and to federal income and excise taxes on its undistributed taxable income.
The Company has elected or may elect to treat certain of its existing or newly created corporate subsidiaries as taxable REIT subsidiaries (each a “TRS”). In general, a TRS of a REIT may perform non-customary services for tenants of the REIT, hold assets that the REIT cannot hold directly and, subject to certain exceptions related to hotels and healthcare properties, may engage in any real estate or non-real estate related business. A TRS is treated as a regular corporation and is subject to federal, state, local and foreign taxes on its income and property.
Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The deferred tax assets and liabilities of the TRSs relate primarily to temporary differences in the book and tax income of TRSs and operating loss carryforwards for federal and state income tax purposes, as well as the tax effect of accumulated other comprehensive income of TRSs. A valuation allowance for deferred tax assets is provided if the Company believes it is more likely than not that all or some portion of the deferred tax assets will not be realized. Realization of deferred tax assets is dependent on the Company generating sufficient taxable income in future periods or employing certain tax planning strategies to realize such deferred tax assets.
The Company periodically evaluates its tax positions to determine whether it is more likely than not that such positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations, based on their technical merits. As of December 31, 2014 and 2013, the Company has not established a liability for uncertain tax positions.
Segment Reporting
The Company currently operates in four reportable segments: (1) real estate debt investments, which include originated and acquired commercial real estate debt, mortgage-backed securities, and other debt-related investments, (2) a portfolio of light industrial real estate assets and associated operating platform acquired from Cobalt Capital Partners, L.P. and its affiliates in December 2014, (3) single-family residential rentals through its investment in CAH OP, and (4) other real estate equity investments, which include real estate acquired in settlement of loans or from acquisition of operating properties, common equity in real estate or related companies, and certain preferred equity investments with profit participation meeting certain risk or return profiles. The Company had three reportable segments prior to the acquisition of the light industrial portfolio and operating platform in December 2014.
Prior to the third quarter of 2013, the Company had two reportable segments, real estate debt investments and single-family residential rentals. During the third quarter of 2013, the Company reevaluated its operating and reportable segments in light of the increasing significance of its real estate equity investments. As a result of this evaluation, the Company created a third reportable segment which represents its investments in other real estate equity, which was previously included in the real estate debt investments segment.
The Company’s chief operating decision maker reviews various key financial measures to assess the performance and financial condition of each segment. Segment profit or loss is evaluated based upon income before income taxes, which includes equity in income of unconsolidated joint ventures, interest income and other income, less investment-specific expenses, including interest and asset management costs, as well as other gains or losses. Non-investment-specific income and expenses, such as interest income on cash and cash equivalents, management fees, interest expense on the line of credit and administrative expenses, are not allocated to specific segments. There is no intersegment activity. The Company’s segment disclosures present the measures used by the chief operating decision maker for purposes of assessing each segment’s performance.
Reclassification
Certain amounts in the consolidated statements of operations for the previously reported years ended December 31, 2013 and 2012 have been reclassified to conform to the current period presentation. Prepayment fees and accelerated amortization of origination fees or purchase discounts resulting from early repayments of loans receivable have been included in interest income as these amounts represent additional yields on the Company’s investments in loans. Previously, such amounts had been presented in realized gain or loss on resolutions of loans receivable as such activities had been infrequent. Due to the nature of the Company’s business and its lending activities, sometimes involving distressed borrowers, the Company has determined that such amounts represent an inherent component of interest income. The reclassifications did not affect the Company's financial position, results of operations or its cash flows.
Recent Accounting Updates
Discontinued Operations—In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Under ASU No. 2014-08, the 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 when the business component is classified as held-for-sale, or disposed of by sale or otherwise. In addition, ASU No. 2014-08 requires additional disclosures for reporting discontinued operations. ASU No. 2014-08 is effective for reporting periods beginning on or after December 15, 2014, with early adoption permissible, but only for disposals (or classifications as held-for-sale) that have not been reported in financial statements previously issued. The Company adopted this new guidance effective January 1, 2014, which did not have a significant effect on the Company's consolidated financial position, results of operations or cash flows.
Revenue Recognition—In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which amended the existing accounting standards for revenue recognition. ASU 2014-09 establishes principles for recognizing revenue upon the transfer of promised goods or services to customers, at an amount reflecting the consideration a company expects to receive in exchange for those goods or services. ASU 2014-09 may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of initial application and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. Early adoption is not permitted. The Company is currently evaluating the potential impact of adopting this new guidance on its consolidated financial statements.
Consolidation—In February 2015, the FASB issued ASU No. 2015-02, Consolidation: Amendments to the Consolidation Analysis, which amended the existing accounting standards for consolidation under both the variable interest model and the voting model. Under ASU No. 2015-02, companies will need to re-evaluate whether an entity meets the criteria to be considered a VIE, whether companies still meet the definition of primary beneficiaries, and whether an entity needs to be consolidated under the voting model. ASU No. 2015-02 may be applied using a modified retrospective approach or retrospectively, and is effective for reporting periods beginning after December 15, 2015. Early adoption is permitted. The Company is currently evaluating the potential impact of the pending adoption of this new guidance on its consolidated financial statements.

Consolidated_Variable_Interest

Consolidated Variable Interest Entity	12 Months Ended
	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidated Variable Interest Entities	Consolidated Variable Interest Entities
	On April 10, 2014, Colony Mortgage Sub A REIT, Inc. (“SubREIT”), a wholly-owned subsidiary of the Company, transferred eleven variable rate commercial mortgage loans originated within the Company’s Transitional CRE (Commercial Real Estate) Lending Platform into a newly formed indirect wholly-owned Cayman subsidiary of SubREIT, Colony Mortgage Capital Series 2014-FL1, Ltd. (“2014-FL1” or the “FL1 Issuer” and a securitization VIE). The FL1 Issuer issued several classes of secured notes and income notes (the "2014-FL1 Notes"). All of the assets of the FL1 Issuer serve as collateral for the secured 2014-FL1 Notes. In connection with the securitization, the FL1 Issuer offered and sold the following four most senior classes of the 2014-FL1 Notes: Class A, Class B, Class C and Class D Notes (collectively, the "FL1 Offered Notes") to third parties.
	On November 25, 2014, the SubREIT transferred another fifteen variable rate commercial mortgage loans originated within the Company’s Transitional CRE Lending Platform into a newly formed indirect wholly-owned Cayman subsidiary of SubREIT, Colony Mortgage Capital Series 2014-FL2, Ltd. (“2014-FL2” or the “FL2 Issuer” and a securitization VIE). The FL2 Issuer issued several classes of secured notes and income notes (the "2014-FL2 Notes"). All of the assets of the FL2 Issuer serve as collateral for the secured 2014-FL2 Notes. In connection with the securitization, the FL2 Issuer offered the following four most senior classes of the 2014-FL2 Notes: Class A, Class B, Class C and Class D Notes (collectively, the "FL2 Offered Notes") and sold Class A, Class B and Class D Notes, as well as a portion of Class C Notes, to third parties. The remaining Class C Notes were sold in January 2015. A wholly-owned subsidiary of the SubREIT retained the subordinated classes of rated and unrated 2014-FL1 and 2014-FL2 Notes as directing holder. These securitization transactions are accounted for as secured financings.
	For the 2014-FL1 securitization, an unrelated third party has the role of special servicer of the underlying collateral mortgage loans and has the power to direct activities during the loan workout process on defaulted and delinquent loans as permitted by the underlying contractual agreements, which is subject to the consent of the directing holder who, under certain circumstances, has the right to unilaterally remove the special servicer. For the 2014-FL2 securitization, an affiliate of the Manager has the role of special servicer subject to the same terms as described above.
	On October 30, 2014, the Company, through wholly-owned subsidiaries, transferred 298 loans secured by multifamily properties with a combined $316 million UPB into a securitization trust, Colony Multifamily Mortgage Trust 2014-1. The Company had previously purchased the loans from third parties. The securitization trust issued several classes of certificates (collectively, "MF 2014-1 Certificates") of which the most senior class of certificate was sold to third party investors (the "MF 2014-1 Securitization"). A wholly-owned subsidiary of the Company retained the remaining classes of certificates, which may be sold in the future at the Company’s discretion, as the controlling class representative. This securitization transaction did not qualify as sale and is accounted for as secured financing.
	For the MF 2014-1 Securitization, an affiliate of the Manager has the role of special servicer of the underlying collateral mortgage loans and has the power to direct activities during the loan workout process on defaulted and delinquent loans as permitted by the underlying contractual agreements, which is subject to the consent of the controlling class representative.
	These rights as the directing holder and controlling class representative give the Company the ability to direct activities that most significantly impact the economic performance of the securitization structures. Based on these factors, the Company is determined to be the primary beneficiary of all securitization VIEs described above; thus, all of the underlying assets, liabilities, equity, revenue and expenses of the VIEs are consolidated into the Company's consolidated financial statements. The securitization VIEs are structured as pass through entities that receive principal and interest on the underlying collateral and distribute those payments to the holders of the 2014-FL1 Notes, 2014-FL2 Notes and MF 2014-1 Certificates. The assets held by these securitization VIEs are restricted and can only be used to fulfill the obligations of those entities. Additionally, the obligations of the securitization VIEs do not have any recourse to the general credit of any other consolidated entities, nor to the Company as the primary beneficiary.
	The inclusion of the assets and liabilities of the VIEs in which the Company is deemed the primary beneficiary has no economic effect on the Company. The Company’s exposure to the obligations of the VIEs is generally limited to its investments in the entities. The Company is not obligated to provide any future financial support for any of these consolidated structures. As such, the risk associated with the Company’s involvement in the VIEs is limited to the carrying value of its investments in the entities. As of December 31, 2014 and 2013, the Company’s maximum risk of loss was $282.1 million and $0, respectively.
	The following table summarizes the assets and liabilities recorded in the accompanying consolidated balance sheets related to the consolidated VIEs as of December 31, 2014:
	(In thousands)	2014-FL1			2014-FL2			MF 2014-1			Total
	Loans held for investment, net	$	189,898		$	305,238		$	312,625		$	807,761
	Restricted cash	11,902			25,244			—			37,146
	Deferred financing costs, net	2,620			3,030			3,313			8,963
	Receivables	1,055			1,448			1,462			3,965
	Secured financing	(126,204		)	(197,655		)	(213,409		)	(537,268		)
	Accrued and other liabilities	(12,173		)	(25,818		)	(452		)	(38,443		)
	Net investment	$	67,098		$	111,487		$	103,539		$	282,124

Loans_Receivable

Loans Receivable	12 Months Ended
	Dec. 31, 2014
Receivables [Abstract]
Loans Receivable	Loans Receivable
	The following table summarizes the Company’s loans held for investment, including PCI loans:
			December 31, 2014													31-Dec-13
	(Amounts in thousands)		Principal			Carrying				Weighted			Weighted	Number of Loans		Principal		Carrying		Weighted		Weighted	Number of Loans
						Amount				Average			Average					Amount		Average		Average
										Coupon			Maturity in Years							Coupon		Maturity in Years
	Non-PCI Loans:
	Mortgage loans		$	465,828		$	452,605			6.7	%		3.9	42		$	463,552	$	423,078	7.1	%	3.9	33
	Securitized mortgage loans		800,638			799,342				5.9	%		8.5	310		—		—					—
	B-notes		143,376			140,312				8.5	%		3.2	3		104,068		103,458		10.9	%	3.8	2
	Mezzanine loans		493,026			490,988				10.8	%		2.3	9		330,909		328,185		11	%	2.4	2
			1,902,868			1,883,247								364		898,529		854,721					37
	Purchased Credit-Impaired Loans:
	Mortgage loans		334,500			239,702								23		299,235		173,933					5
	Securitized mortgage loans		9,672			8,185								11		—		—					—
			344,172			247,887								34		299,235		173,933					5
			$	2,247,040		$	2,131,134							398		$	1,197,764	$	1,028,654				42
	The following table summarizes the Company's investments in non-PCI loans with variable interest rates:
	(Amounts in thousands)		Index		Weighted Average Spread	Weighted Average Rate		Principal				Carrying Amount			Number of Loans
	December 31, 2014
	Mortgage loans		1-Month LIBOR	-1	6.10%	6.20%	-3	$	826,231			$	818,391		41
	Mortgage loans		6-Month LIBOR	-1	2.50%	5.80%	-3	110,312				110,236			96
	Mortgage loans		12-Month Treasury Average		2.50%	2.80%	-4	25,068				22,913			22
	Mezzanine loans		1-Month LIBOR	-1	10.70%	10.90%		367,864				365,826			6
								$	1,329,475			$	1,317,366		165
	31-Dec-13
	Mortgage loans		1-Month LIBOR	-1	4.90%	7.70%	-3	$	246,478			$	220,111		9
	Mortgage loan		1-Month Reference Bills	-2	4.70%	4.70%		30,064				27,595			3
	Mezzanine loans		1-Month LIBOR	-1	10.80%	11.00%		330,909				328,185			2
								$	607,451			$	575,891		14
	__________
	-1	LIBOR =ondon Interbank Offered Rate
	-2	Reference Bills =reddie Mac Reference Bill index
	-3	Certain loans are subject to a LIBOR floor which was higher than the actual LIBOR at December 31, 2014 and 2013.
	-4	Certain loans are subject to a 12-Month Treasury Average ("12MTA") floor which was higher than the actual 12MTA at December 31, 2014.
	The following table summarizes the Company's investments in non-PCI loans with fixed interest rates:
			December 31, 2014													31-Dec-13
	(Amounts in thousands)		Principal			Carrying				Weighted			Weighted	Number of Loans		Principal		Carrying		Weighted		Weighted	Number of Loans
						Amount				Average			Average					Amount		Average		Average
										Coupon			Maturity in Years							Coupon		Maturity in Years
	Mortgage loans		$	134,636		$	126,114			6.4	%		8.7	23		$	187,010	$	175,372	6.6	%	7.3	21
	Securitized mortgage loans		170,218			174,292				6.5	%		17.1	170		—		—					—
	B-notes		143,376			140,312				8.5	%		3.2	3		104,068		103,458		10.9	%	3.8	2
	Mezzanine loans		125,163			125,163				10.3	%		4.6	3		—		—		n/a		n/a	—
			$	573,393		$	565,881							199		$	291,078	$	278,830				23
	Activity in loans held for investment is summarized below:
	(In thousands)		2014			2013				2012
	Balance at January 1		$	1,028,654		$	333,569			$	232,619
	Loan acquisitions and originations		1,735,526			876,503				204,298
	Paid-in-kind interest added to loan principal		2,796			218				851
	Discount and net loan fee amortization		81,168			10,053				3,656
	Carrying value of loans sold		—			(70,280		)		(30,159		)
	Assignment of loans receivable to investment in unconsolidated joint ventures		—			—				(29,612		)
	Noncash distribution of loan receivable to a noncontrolling interest		—			(18,500		)		—
	Loan repayments		(673,815		)	(106,083		)		(48,084		)
	Payments received from PCI loans		(11,725		)	(544		)		—
	Provision for loan loss		(200		)	—				—
	Effect of changes in foreign exchange rates		(31,270		)	3,718				—
	Balance at December 31		$	2,131,134		$	1,028,654			$	333,569
	During the year ended December 31, 2014, the Company invested an aggregate $1.7 billion in the origination of seven first mortgage and subordinated loans and the acquisition of three loan portfolios, as well as 26 first mortgage loans and five mezzanine loans originated within the Company's Transitional CRE Lending Platform. Two of the new investments include equity investments in the borrower entities which are accounted for under the equity method.
	A mezzanine loan partially owned by noncontrolling interests and secured by hotel properties represented 6% and 12% of the Company's total assets as of December 31, 2014 and 2013, respectively. The same loan generated 13% of total income for the years ended December 31, 2014 and 2013, including income attributable to the 47% noncontrolling interests.
	Two first mortgage loans, which share the same corporate guarantor and are partially owned by noncontrolling interests, generated 7%, 14% and 18% of total income for the years ended December 31, 2014, 2013 and 2012, respectively. Both loans were fully paid off by the borrowers during 2014. The Company recognized a combined $12.1 million of unamortized discount as additional interest income, of which $4.8 million was attributable to noncontrolling interests.
	Credit Quality Information
	As of December 31, 2014, two first mortgage loans with a total carrying value of $3.7 million were more than 90 days past due and on nonaccrual status. The Company recorded $200,000 and $0 in bad debt expense for the years ended December 31, 2014 and 2013, respectively. In December 2014, a first mortgage loan with a UPB of $9.1 million was restructured in a TDR when the Company granted a waiver on the borrower's default event, as defined in the underlying loan agreement, and agreed to defer collection of certain delinquent amounts in exchange for a modification fee of $25,000, payable at maturity, which is being amortized over the remaining term of the loan. No loss was recognized from this restructuring event as the loan's effective yield under the terms of the modification was greater than its original yield.
Minimum scheduled principal payments required under the loan agreements, excluding PCI loans, as of December 31, 2014 are as follows:
Year Ending December 31,		(In thousands)
2015		$	183,542
2016		618,639
2017		564,887
2018		53,159
2019		186,128
2020 and after		296,513
Total		$	1,902,868
Purchased Credit-Impaired Loans
PCI loans are acquired loans with evidence of credit quality deterioration since origination for which it is probable at acquisition that the Company will collect less than the contractually required payments.
The following table summarizes the accretable yield and nonaccretable difference at acquisition for PCI loans acquired during the years ended December 31, 2014 and 2013, excluding PCI loans for which cash flows cannot be reasonably estimated:
		Year Ended December 31,
(In thousands)		2014			2013
Contractually required payments including interest		$	40,113		$	315,939
Less: cash flows not expected to be collected (nonaccretable difference)		18,743			17,253
Total cash flows expected to be collected		21,370			298,686
Less: accretable yield		3,067			131,037
Fair value of loans at acquisition		$	18,303		$	167,649
Changes in the accretable yield for the PCI loans were as follows:
(In thousands)		2014			2013
Accretable yield at January 1		$	130,823		$	—
Additions		3,067			131,037
Changes in estimated cash flows		13,436			—
Accretion		(35,115		)	(3,108		)
Effect of changes in foreign exchange rates		(13,688		)	2,894
Accretable yield at December 31		$	98,523		$	130,823
The factors that most significantly affect estimates of cash flows expected to be collected, and accordingly the accretable yield, include: (i) estimate of the remaining life of acquired loans which may change the amount of future interest income; (ii) changes to prepayment assumptions; (iii) changes to collateral value assumptions for loans expected to foreclose; and (iv) changes in interest rates on variable rate loans.

Investment_in_Real_Estate

Investment in Real Estate	12 Months Ended
	Dec. 31, 2014
Real Estate [Abstract]
Investment in Real Estate	Investment in Real Estate
	The following table summarizes the Company's real estate assets held for investment:
			December 31,						Estimated Useful Life (in weighted average years)
	(Amounts in thousands)		2014			2013
	Land		$	265,263		$	8,319		n/a
	Buildings and improvements		1,351,798			97,011			37
	Tenant improvements		33,357			7,356			6
			1,650,418			112,686
	Accumulated depreciation		(6,421		)	(218		)
	Net carrying amount		$	1,643,997		$	112,468
	Depreciation expense for the years ended December 31, 2014, 2013 and 2012 was $6.2 million, $218,000 and $0, respectively.
	The following real estate acquisitions were accounted for as business combinations.
	Light Industrial Portfolio and Operating Platform—On December 18, 2014, the Company acquired a portfolio of light industrial real estate properties and the associated operating platform from Cobalt Capital Partners, L.P. and its affiliates. The portfolio consists of 256 light industrial assets totaling 298 buildings including approximately 30 million square feet (unaudited) and one vacant land parcel. The total acquisition cost, including transaction costs of $7.4 million, was approximately $1.6 billion. The acquisition was financed with a $1.09 billion mortgage loan from a financial institution and a $10 million unsecured note issued to an affiliate of Cobalt Capital Partners, L.P. who will continue to manage the portfolio and its day-to-day operations after the acquisition. The acquisition of the real estate properties was completed through an indirectly owned operating partnership ("ColFin Industrial Partnership") with third-party limited partners representing a 37% ownership interest (see Note 12), while the Company acquired 100% of the associated operating platform.
	Triple-Net Leased Operating Properties—During the years ended December 31, 2014 and 2013, the Company also acquired the following triple-net leased operating properties from unrelated third parties. Acquisition costs of $137,000 and $597,000 are included in transaction costs in the accompanying statements of operations for the years ended December 31, 2014 and 2013, respectively.
	Property Location		Acquisition Date		Property Type	Purchase Price
						(in thousands)
	Minnesota		9-Dec-13		Office	$	122,750
	Arizona		24-Jun-14		Office	15,675
	Ohio		31-Jul-14		Industrial	15,644
						$	154,069
	The related assets, liabilities, and results of operations of the acquired businesses are included in the consolidated financial statements as of the date of acquisition. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date for all 2014 acquisitions:
			Purchase Price Allocation
	(Amounts in thousands)		Light Industrial Portfolio (1)			Ohio-Industrial			Arizona-Office			Total			Estimated Useful Life (in weighted average years)
	Real estate assets:
	Land		$	256,491		$	453		$	—		$	256,944		n/a
	Buildings and improvements		1,232,882			9,815			12,090			1,254,787			36
	Tenant improvements		23,961			—			2,040			26,001			6
	Intangible assets:
	In-place lease values		35,591			4,582			—			40,173			5
	Above-market lease values		23,143			50			—			23,193			5
	Below-market ground lease obligations		—			—			1,420			1,420			54
	Deferred leasing costs		33,410			744			415			34,569			6
	Goodwill		20,000			—			—			20,000			n/a
	Cash		7,784			—			—			7,784			n/a
	Total assets acquired		$	1,633,262		$	15,644		$	15,965		$	1,664,871
	Intangible liabilities (2):
	Below-market lease values		$	(9,992	)	$	—		$	(290	)	$	(10,282	)	5
	Above-market ground lease obligations		(171		)	—			—			(171		)	30
	Accrued and other liabilities		(18,565		)	—			—			(18,565		)	n/a
	Total liabilities assumed		$	(28,728	)	$	—		$	(290	)	$	(29,018	)
	__________
	-1	The estimated fair values are based on a preliminary purchase price allocation and are subject to retrospective adjustment during the measurement period, not to exceed one year, based upon new information obtained about facts and circumstances that existed as of the date of acquisition.
	-2	The net amount recorded for assumed identifiable intangible liability is included in other liabilities on the accompanying balance sheets as of December 31, 2014 and 2013.
	The following table summarizes the results of operations of the businesses acquired during 2014 for the period from the respective dates of acquisitions to December 31, 2014:
	(Amounts in thousands)		Light Industrial Portfolio (1)			Ohio-Industrial			Arizona-Office			Total for 2014 Acquisitions
	Rental income and tenant reimbursements		$	5,365		$	1,342		$	1,351		$	8,058
	Net (loss) income		(8,719		)	596			490			(7,633		)
	Future Minimum Rents
	Future contractual minimum rental payments under noncancelable operating leases as of December 31, 2014 are as follows:
	Year Ending December 31,		(In thousands)
	2015		$	114,465
	2016		104,182
	2017		87,409
	2018		69,511
	2019		51,277
	2020 and after		133,817
	Total		$	560,661
	Unaudited Pro Forma Results
	The following table presents pro forma results of the Company as if all 2014 and 2013 acquisitions discussed above had been completed on January 1, 2013. The pro forma results have been adjusted to exclude non-recurring acquisition-related expenses of approximately $7.5 million and $0.6 million for the years ended December 31, 2014 and 2013, respectively. The unaudited pro forma results are not necessarily indicative of future operating results.
			Year Ended December 31,
	(Amounts in thousands, except per share data)		2014			2013
	Total income		$	436,438		$	339,629
	Net income		142,294			105,010
	Net income attributable to common stockholders		87,916			68,326

Investments_in_Unconsolidated_

Investments in Unconsolidated Joint Ventures	12 Months Ended
	Dec. 31, 2014
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Joint Ventures	Investments in Unconsolidated Joint Ventures
	Pursuant to an investment allocation agreement among the Company, the Manager and Colony Capital, many of the Company’s investments have been structured as joint ventures with one or more Co-Investment Funds. The joint ventures are generally capitalized through equity contributions from the members, although certain investments are leveraged through various financing arrangements. The Company’s exposure to the joint ventures is limited to amounts invested or committed to the joint ventures at inception, and neither the Company nor the other investors are required to provide financial or other support in excess of their capital commitments.
	The Company’s investments in unconsolidated joint ventures are summarized below:
	(Amounts in thousands)				Ownership Percentage at December 31, 2014(1)			Carrying Value at
								December 31,
	Joint Ventures		Investment Status at December 31, 2014					2014			2013
	CAH Operating Partnership, L.P.	-2	Investment in CAH OP, an investment vehicle created for the purpose of acquiring and renting single-family homes		23.3	%		$	494,613		$	530,007
	Portfolio 8 Investors, LLC	-3	Preferred equity investment in an entity that acquired a multifamily portfolio composed of approximately 7,600 units located in Georgia, Florida and Texas		75	%		160,981			148,683
	ColFin Silverbird Funding A, LLC and ColFin Silverbird Funding B, LLC		Mixed portfolio of 25 commercial properties located throughout the United Kingdom		50	%		72,761			—
	Armonia (Italy) Fund		Portfolio of 113 properties located throughout Italy		50	%		58,513			—
	ColFin Court Square Funding, LLC		Preferred equity investment in an entity that acquired a Class A office tower located in Long Island City, New York		50	%		52,115			49,103
	ColFin Highland UK13 Funding, LLC		Acquired sub-performing loan secured by 13 commercial properties throughout the United Kingdom		50	%		44,711			—
	ColFin Orlando Funding, LLC		Acquired non-performing loan secured by a 444-acre development site located in Orlando, Florida		50	%		40,160			—
	(Amounts in thousands)				Ownership Percentage at December 31, 2014(1)			Carrying Value at
								December 31,
	Joint Ventures		Investment Status at December 31, 2014					2014			2013
	ColFin NW Funding, LLC		Acquired 15 performing first mortgages secured by commercial real estate		37.9	%		35,023			33,682
	ColFin JIH Holdco, LLC, ColFin JIH Mezzco A, LLC and ColFin JIH Opco, LLC		Equity interests in and senior mezzanine loan receivable from entities owning a portfolio of 84 limited service hotels		33.3	%		32,918			31,559
	ColFin Snow Funding, LLC		Originated loan secured by two mortgages and an equity pledge in a portfolio of 12 hotels located in France		50	%		32,763			—
	ColFin Hunt Holdco A, LLC and ColFin Hunt Holdco B, LLC		2 commercial REO properties in Germany		37.9	%		29,582			36,133
	ColFin SXC Funding, LLC		Performing mezzanine loan origination cross-collateralized by a portfolio of select service hotels		50	%		28,374			13,853
	ColFin ARP Funding, LLC and ColFin ARP Linda Isle Investor, LLC		First mortgage loan to finance the acquisition and redevelopment of high-end, single family residential properties in infill, coastal southern California markets		50	%		27,173			15,350
	ColFin Athina Funding, LLC		Originated mezzanine loan secured by an equity pledge in the borrower entities that own a Mediterranean resort with a hotel and villas		50	%		25,996			—
	ColFin Bulls Funding A, LLC and ColFin Bulls Funding B, LLC		249 performing and non-performing acquired loans consisting of substantially all first mortgage recourse commercial real estate loans and 19 REO properties		32.5	%		24,625			30,309
	ColFin STC Funding, LLC		Acquired performing senior mortgage loan secured by a retail property in Florida		50	%		23,441			23,299
	ColFin 2011 CRE Holdco, LLC and Colony AMC 2011 CRE, LLC		303 performing and non-performing loans acquired in a structured transaction with the FDIC, secured mostly by commercial real estate, and 26 REO properties		44.4	%		23,378			34,298
	ColFin DOD Funding, LLC and ColFin IOD Holding, LLC		Originated first mortgage loan to finance the acquisition of an office development site in Dublin, Ireland		50	%		21,857			—
	ColFin CPI Funding, LLC		Origination of a mezzanine loan secured by shares of a distressed European real estate company that owns primarily office buildings and hotels in France and Spain		50	%		21,833			—
	ColFin Grand Cul Funding, LLC		First mortgage loans secured by a partially constructed hotel and residential development project located in the Caribbean		33.3	%		20,796			16,595
	CDCF III Ver Logistic, LLC		Portfolio of 16 warehouse properties located in Spain and Portugal		50	%		20,546			—
	ColFin Cabo Palm Funding, LLC		Participation in junior first mortgage interest secured by a luxury beach resort in Mexico		50	%		20,090			20,072
	ColFin 666 Funding, LLC		First mortgage pari-passu participation interest secured by Class A midtown Manhattan office building		33.3	%		19,686			19,096
	ColFin DB Guarantor, LLC and Colony AMC DB, LLC		347 performing and non-performing loans acquired in a structured transaction with the FDIC, secured mostly by commercial real estate and 63 REO properties		33.3	%		19,121			26,293
	ColFin PHX Tower Funding, LLC		Equity interest in a high-rise office tower located in Phoenix, Arizona		50	%		18,556			18,408
	ColFin London Funding, LLC		4 performing acquired loans secured by commercial real estate		50	%		18,178			18,138
	ColFin FCDC Funding, LLC		Equity interests acquired through deed-in-lieu in 2 partially developed master planned communities located in California		50	%		17,562			15,894
	ColFin Inland Funding, LLC and ColFin Inland Investor, LLC		First mortgage loan secured by a Southern California master planned development and equity participation rights		50	%		17,139			16,068
	CF/CDG Lake Ranch Venture, LLC	-4	First mortgage loan secured by a 135-acre residential development project located in Southern California and equity participation rights		n/a			16,821			—
	ColFin 101 Erie Funding, LLC and ColFin 101 Erie Investor, LLC		Origination of a mezzanine loan secured indirectly by a vacant office building in Chicago to finance a hotel redevelopment		50	%		16,705			—
	Other unconsolidated joint ventures		31 investments, each with less than $15 million carrying value at December 31, 2014		4.5% to 50.0%			190,960			272,689
								$	1,646,977		$	1,369,529
	__________
	-1	The Company's ownership percentage represents capital contributed to date and may not be reflective of the Company's economic interest in the entity because of provisions in operating agreements governing various matters, such as classes of partner or member interests, allocations of profits and losses, preferential returns and guaranty of debt. Each unconsolidated joint venture has been determined to be either a VIE for which the Company was not deemed to be the primary beneficiary or a voting interest entity in which the Company does not have a controlling financial interest.
	-2	The Company’s carrying value of its investment in CAH OP is approximately $24.0 million higher than its pro rata share of the partners' capital of CAH OP.  The basis difference is primarily attributable to (i) offering costs incurred by CAH OP which were a direct reduction to partners’ capital but not an expense of the partnership; (ii) CAH OP’s internalization transaction, which was a reorganization of entities under common control and reduced the Company in CAH OP as further described below; and (iii) step-up adjustments to real estate assets contributed by the Company upon formation of CAH OP, which were recorded by the Company at carryover basis but recognized by CAH OP at fair value. The portion of the basis difference arising from the step-up of contributed real estate assets is being amortized on a straight-line basis over the estimated useful life of such assets.
	-3	While the Company has a preferred equity interest which represents a majority ownership in Portfolio 8 Investors, LLC, the minority member has control over the day-to-day operations of the entity. Accordingly, the Company accounts for its investment using the equity method.
	-4	Pursuant to the terms of the loan agreement, the Company participates in the residual profits of this development project. The Company evaluated the characteristics of this ADC loan and determined that the risks and rewards of the arrangement are more similar to those associated with an investment in joint venture. Accordingly, the Company accounts for this loan receivable under the equity method.
	Activity in the Company’s investments in unconsolidated joint ventures is summarized below:
	(In thousands)		2014				2013
	Balance at January 1		$	1,369,529			$	877,081
	Contributions		458,881				672,338
	Distributions		(225,736		)		(279,161		)
	Equity in net income		73,829				100,708
	Equity in other comprehensive income		1,511				9,827
	Equity in realized gain reclassified from accumulated other comprehensive income		(4,681		)		(12,935		)
	Foreign currency translation (loss) gain		(26,356		)		1,671
	Balance at December 31		$	1,646,977			$	1,369,529
	During the year ended December 31, 2014, the Company invested a combined $458.9 million, of which $424.2 million was invested in seventeen new unconsolidated joint ventures. Two of the seventeen new investments represent equity interests in the borrower entities to which the Company concurrently provided financing in the form of first mortgage and mezzanine loans. One of the new investments is an ADC loan which is accounted for under the equity method as described above. Four investments in unconsolidated joint ventures were fully resolved during the year ended December 31, 2014.
	During the year ended December 31, 2013, the Company invested a combined $369 million in fourteen new unconsolidated joint ventures representing ten originations and four loan acquisitions, and $295 million in CAH OP. Six investments in unconsolidated joint ventures were fully resolved during the year.
	As a participant in the initial capital raise of CAH OP in July 2012, the Company received warrants in the external manager of CAH OP and the right to share in certain profit distributions from CAH OP. The warrants, which were only exercisable under certain circumstances, and profit participation rights had nominal value upon receipt, and were included as a component of the Company’s equity investment in CAH OP. On November 4, 2014, CAH OP completed the internalization of its external manager by acquiring the ownership interests in the manager in exchange for CAH OP units. Immediately prior to the internalization transaction, the Company exercised its warrants, representing an approximate 10% ownership in the external manager, and received 1,643,736 CAH OP units in exchange for its interest. The Company also received a $15.5 million cash distribution from CAH OP, representing its share of the accrued profit distribution as of the date of the internalization. Subsequent to the internalization, after giving effect to the CAH OP units received in exchange for its exercise of the warrants, the Company’s ownership interest in CAH OP was reduced from 24.3% to 23.3% as a result of additional CAH OP units issued for the internalization.
	Combined condensed balance sheets and statements of operations for all unconsolidated joint ventures are presented below:
	Combined Condensed Balance Sheets of Unconsolidated Joint Ventures
			December 31,
	(In thousands)		2014				2013
	Assets:
Cash and cash equivalents		$	512,487			$	321,183
Loans receivable, net		2,127,148				2,171,943
Investments in real estate, net		5,218,915				3,658,940
Investments in unconsolidated joint ventures		237,722				459,010
Debt and equity securities, available-for-sale, at fair value		39,503				24,753
Other assets		378,220				345,196
Total assets		$	8,513,995			$	6,981,025
Liabilities:
Debt		$	3,113,038			$	1,515,188
Other liabilities		273,816				140,509
Total liabilities		3,386,854				1,655,697
Owners’ equity		4,544,846				4,465,363
Noncontrolling interests		582,295				859,965
Total liabilities and equity		$	8,513,995			$	6,981,025
Company’s share of equity		$	1,646,977			$	1,369,529
Combined Condensed Statements of Operations of Unconsolidated Joint Ventures
		Year Ended December 31,
(In thousands)		2014				2013			2012
Income:
Interest income		$	321,451			$	369,317		$	395,984
Property operating income		462,027				206,848			96,897
Equity in income of unconsolidated joint ventures		112,113				26,410			53,110
Other income		45,659				25,221			29,325
Total income		941,250				627,796			575,316
Expenses:
Interest expense		107,725				31,012			37,185
Property operating expenses		302,402				152,154			74,388
Depreciation and amortization		143,278				59,902			12,850
Other expenses		130,608				90,547			88,462
Total expenses		684,013				333,615			212,885
Other income:
Realized and unrealized gain on investments, net		12,482				187,218			122,650
Net income		269,719				481,399			485,081
Net income attributable to noncontrolling interests		74,284				102,431			84,806
Net income attributable to members		$	195,435			$	378,968		$	400,275
Company’s equity in net income		$	73,829			$	100,708		$	68,737
The Company’s investment in CAH OP represented 8% and 20% of the Company's total assets as of December 31, 2014 and 2013, respectively. No other single investment in an unconsolidated joint venture represented greater than 10% of total assets.
No single investment in an unconsolidated joint venture generated greater than 10% of total income for the years ended December 31, 2014 and 2013. For the year ended December 31, 2012, ColFin WLH Funding, LLC generated 12% of total income of the Company.
Related Party Transactions of Unconsolidated Joint Ventures—The Company has equity ownership interests in certain unconsolidated asset management companies (each an “AMC”) that provide management services to certain of its unconsolidated joint ventures. The AMCs earn annual management fees equal to 50 to 75 basis points times the outstanding unpaid principal balance of each loan portfolio and are responsible for the payment of allocations of compensation, overhead and direct costs incurred by an affiliate of the Manager pursuant to a cost allocation arrangement.
Certain unconsolidated joint ventures reimburse Colony Capital and its affiliates for costs incurred on their behalf, including costs of property management personnel. The joint ventures, including AMCs, were allocated approximately $33.7 million, $26.7 million and $12.9 million in costs from such affiliates of the Manager for the years ended December 31, 2014, 2013 and 2012, respectively. Such costs are included in property operating and other expenses in the combined condensed statements of operations of unconsolidated joint ventures above. The Company’s proportionate share, based upon its percentage interests in the joint ventures, was $8.9 million, $7.3 million and $3.8 million for the years ended December 31, 2014, 2013 and 2012, respectively.
Until October 16, 2013, an affiliate of CAH OP's manager provided construction and rehabilitation services on the single-family rental homes held through CAH OP. CAH OP reimbursed approximately $66.5 million and $5.4 million for the years ended December 31, 2013 and 2012, respectively, to the affiliate for third party costs and overhead, which have been capitalized or expensed, as appropriate, in accordance with the capitalization policy of CAH OP. Pursuant to a distribution agreement dated as of October 16, 2013, the affiliate relationship between CAH OP’s manager and the provider of such construction and rehabilitation services ended.

Intangibles

Intangibles	12 Months Ended
	Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles	Intangibles
	Goodwill and Acquired Intangible Assets and Liabilities
	The following table summarizes goodwill and intangibles acquired as part of the operating real estate properties (see Note 5):
	(In thousands)	Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount
	December 31, 2014
	Intangible assets:
	Goodwill	$	20,000		$	—		$	20,000
	In-place lease values	48,018			(2,295		)	45,723
	Above-market lease values	23,194			(280		)	22,914
	Below-market ground lease obligations	1,420			(14		)	1,406
	Deferred leasing costs	36,788			(771		)	36,017
	Total intangible assets	$	129,420		$	(3,360	)	$	126,060
	Intangible liabilities:
	Below-market lease values	$	10,282		$	(114	)	$	10,168
	Above-market ground lease obligations	171			—			171
	Total intangible liabilities	$	10,453		$	(114	)	$	10,339
	31-Dec-13
	Intangible assets:
	In-place lease values	$	7,845		$	(72	)	$	7,773
	Deferred leasing costs	2,219			(20		)	2,199
	Total intangible assets	$	10,064		$	(92	)	$	9,972
	Goodwill at December 31, 2014 represents the excess of consideration transferred over the fair value of net assets acquired on December 18, 2014 for the acquisition of light industrial operating platform (see Note 5), and represents the value of the acquired operating platform, which primarily consists of its work force and business processes. The Company evaluates goodwill on an annual basis or whenever events or changes in circumstances indicate the carrying value may not be recoverable. As of December 31, 2014, no impairment of goodwill has been identified.
	The following table summarizes the amortization of intangible assets and liabilities:
		Year Ended December 31,
	(In thousands)	2014			2013
	Above-market lease values	$	(280	)	$	—
	Below-market lease values	114			—
	Decrease to rental income	$	(166	)	$	—
	In-place lease values	$	2,224		$	72
	Deferred leasing costs	751			20
	Amortization expense	$	2,975		$	92
	Below-market ground lease obligations	$	13		$	—
	Increase to rent expense	$	13		$	—
	The following table summarizes the estimated annual amortization of acquisition-related lease intangibles for each of the next five years and thereafter:
	(In thousands)	Intangible Assets										Intangible Liabilities
	Year Ending December 31,	In-Place			Above-Market Lease Values			Deferred Leasing Costs		Below-Market Ground Lease Obligations		Below-Market Lease Values			Above-Market Ground Lease Obligations
		Lease Values
	2015	$	15,094		$	6,685		$	8,787	$	26	$	(2,489	)	$	(6	)
	2016	9,480			5,749			7,247		26		(2,190		)	(6		)
	2017	6,452			4,152			5,786		26		(1,684		)	(6		)
	2018	4,513			2,597			4,357		26		(1,243		)	(6		)
	2019	3,057			1,182			2,950		26		(774		)	(6		)
	2020 and after	7,127			2,549			6,890		1,276		(1,788		)	(141		)
	Total	$	45,723		$	22,914		$	36,017	$	1,406	$	(10,168	)	$	(171	)

Other_Assets

Other Assets	12 Months Ended
	Dec. 31, 2014
Other Assets [Abstract]
Other Assets	Other Assets
	The following table summarizes the Company's other assets:
			December 31,
	(In thousands)		2014		2013
	Restricted cash (1)		$	76,945	$	7,898
	Beneficial interests in debt securities, available-for-sale, at fair value (2)		—		30,834
	Deferred financing costs, net (3)		51,103		11,275
	Receivables, including straight-line rents		12,783		8,277
	Derivative assets		26,479		3,108
	Deferred tax assets		6,713		2,391
	Prepaid expenses and other		7,721		979
	Total other assets		$	181,744	$	64,762
	__________
	-1	Restricted cash includes borrower escrow accounts, tenant security deposits and escrow accounts for interest, property taxes and capital expenditure reserves required under secured financing agreements.
	-2	The Company held $28 million in beneficial interests in a series of tax-exempt bonds secured by a multifamily property located in Georgia. The beneficial interests, in the form of senior certificates, were acquired in June 2011 subject to an embedded derivative liability to a strategic partner, with an estimated fair value of $4.1 million. On July 18, 2014, the property securing the bonds was sold, resulting in a full prepayment of $28 million senior certificates at par plus yield maintenance. The prepayment resulted in a loss of $2.2 million, which was offset by a $2.4 million gain on the termination of the associated embedded derivative liability to the strategic partner (see Note 10).
	-3	Deferred financing costs are shown net of accumulated amortization of $13.1 million and $6.5 million as of December 31, 2014 and 2013, respectively.

Debt

Debt	12 Months Ended
	Dec. 31, 2014
Debt Disclosure [Abstract]
Debt	Debt
	Line of Credit
	The Company has a credit facility (the “JPM Credit Agreement”) with JPMorgan Chase Bank, N.A. as administrative agent, and certain lenders. As of December 31, 2014, the JPM Credit Agreement provides a secured revolving credit facility in the maximum principal amount of $620 million which may be increased to $800 million, subject to certain conditions, including each lender or substitute lender agreeing to provide commitments for such increased amount. On January 27, 2015, the maximum principal amount was increased to $645 million.
	The maximum amount available to borrow under the JPM Credit Agreement at any time is limited by a borrowing base of certain investment assets, with the valuation of such investment assets generally determined according to a percentage of net book value or a multiple of Core Earnings (as defined in the management agreement between the Company and the Manager). As of December 31, 2014, the borrowing base valuation was sufficient to permit borrowings of up to the entire $620 million commitment, of which $456 million remained available.
	Advances under the amended and restated JPM Credit Agreement accrue interest at a per annum rate equal to the sum of one-month LIBOR plus 2.75%. At December 31, 2014, the Company had outstanding borrowings bearing weighted average interest at 2.92%. The Company also pays a commitment fee of 0.5% or 0.4% of the unused amount (0.5% at December 31, 2014), depending upon usage.
	The initial maturity date of the JPM Credit Agreement is August 5, 2016, and any amounts outstanding upon maturity will convert automatically to a fully amortizing 2-year term loan payable in quarterly installments. In the event of such conversions, the term loan will continue to bear interest at the same rate as the revolving loans from which it was converted.
	Some of the Company’s subsidiaries guaranty the obligations of the Company under the JPM Credit Agreement. As security for the advances under the JPM Credit Agreement, the Company and some of its affiliates pledged their equity interests in certain subsidiaries through which the Company directly or indirectly owns substantially all of its assets.
	The JPM Credit Agreement contains various affirmative and negative covenants, including financial covenants that require the Company to maintain minimum tangible net worth and liquidity levels and financial ratios, as defined in the JPM Credit Agreement. At December 31, 2014, the Company was in compliance with all of these financial covenants.
	The JPM Credit Agreement also includes customary events of default, in certain cases subject to reasonable and customary periods to cure, including but not limited to: failure to make payments when due; breach of covenants; breach of representations and warranties; insolvency proceedings; cross default to material indebtedness or material judgment defaults; certain judgments and attachments; and certain change of control events. The occurrence of an event of default may result in the termination of the credit facility, accelerate the Company’s repayment obligations, in certain cases limit the Company’s ability to make distributions, and allow the lenders to exercise all rights and remedies available to them with respect to the collateral. There have been no events of default since the inception of the credit facility.
	Secured and Unsecured Financing
	The following table summarizes certain information about the Company's secured and unsecured debt:
	(Amounts in thousands)						Balance at December 31,
	Type			Collateral	Interest Rate	Maturity Date	2014		2013
	Secured Financing:
		Secured financing (1)		Participation interest in first mortgage loan	5% fixed	Jul-14	$	—	$	74,607
		Secured financing (2)		Portfolio of 21 first mortgage loans and 2 subordinated loans	1-month LIBOR+2.85%	Dec-17	90,164		115,000
		Secured financing (3)		Senior participation interest in a portfolio of 2 first mortgage loans and 1 subordinated loan	1-month LIBOR+2.85%	N/A	80,213		—
		First mortgage loan (4)		Office property in Minnesota	4.84% fixed	Jan-24	88,000		88,000
		First mortgage loan (5)		Portfolio of light industrial real estate assets comprised of 298 buildings of approximately 30 million square foot across the U.S.	1-month LIBOR+2.25%	Dec-19	1,088,500		—
		Repurchase facility (6)		Eligible first mortgage loans originated within the Transitional CRE Lending Platform	1-month LIBOR+2.5%	Feb-16	85,520		—
							1,432,397		277,607
	(Amounts in thousands)						Balance at December 31,
	Type			Collateral	Interest Rate	Maturity Date	2014		2013
	Commercial Mortgage-Backed Securitization ("CMBS") Debt:
		CMBS 2014-FL1 (7)		Portfolio of 11 first mortgage loans originated within the Transitional CRE Lending Platform	1-month LIBOR+1.78%	Apr-31	126,204		—
		CMBS 2014-FL2 (8)		Portfolio of 15 commercial mortgage loans originated within the Transitional CRE Lending Platform	1-month LIBOR+1.96%	Nov-31	197,655		—
		CMBS MF 2014-1 (9)		Portfolio of 298 performing first mortgage loans secured by multifamily properties	2.54% fixed	N/A	213,409		—
							537,268		—
	Unsecured Financing:
		Unsecured note (10)		—	(10)	Dec-17	10,000		—
		Total					$	1,979,665	$	277,607
	__________
	-1	In connection with the acquisition of a $181 million participation interest in a first mortgage loan in May 2012, the seller provided concurrent non-recourse financing for $103.5 million, or 65% of the purchase price. In April 2014, the first mortgage loan and the financing were both repaid in full.
	-2	The non-recourse financing is secured by a loan portfolio acquired in October 2013 and requires monthly interest payments and principal curtailment based upon the ratio of principal outstanding to collateral cost basis. The current principal curtailment requirement is 70% of all excess cash flow from the underlying loan portfolio, after payment of certain loan servicing fees and monthly interest, but may increase or decrease in the future.
	-3	In connection with the acquisition of a loan portfolio in March 2014, a lender provided concurrent non-recourse financing for $82.3 million, or 65% of the aggregate purchase price. Although the financing has no contractual maturity date, any principal repayments from the underlying collateral loan portfolio must be applied to repay the financing until the balance is paid in full.
	-4	The loan requires monthly interest payments until January 2016, then principal and interest payments based on a 30-year amortization schedule. The loan agreement requires rent receipts from the collateral property to be initially deposited into a lockbox account controlled by the lender. The excess of monthly rent receipts over monthly debt service is remitted to the Company.
	-5	In connection with the acquisition of the portfolio of light industrial real estate assets and operating platform on December 18, 2014 (see Note 5), the Company obtained a $1.13 billion mortgage loan, of which $1.09 billion was drawn, from a financial institution. This loan is secured by the acquired real estate portfolio, has an initial term of 2 years, plus three 1-year extension options, and bears interest at one-month LIBOR plus 2.25%. The interest rate will increase to one-month LIBOR plus 2.5% after the fourth anniversary date. The loan requires interest-only monthly payments, plus a 0.05% administration fee, until maturity.
	-6	The Company entered into a master repurchase agreement (“Repurchase Facility”) with a commercial bank to partially finance loans within its Transitional CRE Lending Platform. The Repurchase Facility provides up to $150 million of financing for eligible assets within the Transitional CRE Lending Platform and has an initial term of 2 years, plus a 1-year extension option. Advances under the Repurchase Facility bear interest ranging from one-month LIBOR plus a spread of 2.25% to 2.5%.
	-7	As discussed in Note 3, on April 10, 2014, FL1 Issuer offered and sold to third parties approximately $126.2 million aggregate principal balance of the FL1 Offered Notes with a weighted average coupon of one-month LIBOR plus 1.78%. The proceeds from the sale of the FL1 Offered Notes, net of securitization costs, were approximately $122.3 million. The FL1 Offered Notes are secured by all assets of the FL1 Issuer consisting of eleven variable rate commercial mortgage loans originated within the Transitional CRE Lending Platform with an aggregate UPB of $190.6 million as of December 31, 2014. Although the securitization debt has a contractual maturity date of April 2031, any principal repayments from the underlying collateral mortgage loans must be applied to repay the debt until the balance is paid in full. The underlying collateral mortgage loans have initial terms of 2 to 3 years.
	-8	As discussed in Note 3, in November and December of 2014, FL2 Issuer offered and sold to third parties approximately $197.7 million aggregate principal balance of the FL2 Offered Notes with a weighted average coupon of one-month LIBOR plus 1.96%. The proceeds from the sale of the FL2 Offered Notes, net of securitization costs and repayment of $93.1 million outstanding under the Repurchase Facility described below, were approximately $101.6 million. The secured 2014-FL2 Notes are secured by all assets of the FL2 Issuer consisting of 15 variable rate commercial mortgage loans originated within the Transitional CRE Lending Platform with an aggregate UPB of $307.6 million as of December 31, 2014. Although the securitization debt has a contractual maturity date of November 2031, any principal repayments from the underlying collateral mortgage loans must be applied to repay the debt until the balance is paid in full. The underlying collateral mortgage loans have initial terms of 2 to 3 years.
	-9	As discussed in Note 3, on October 30, 2014, the Company's wholly-owned subsidiaries transferred a portfolio of 298 performing first mortgage loans previously acquired from third parties with an aggregate UPB of $316 million into a securitization trust. The trust offered and sold to third parties approximately $217.2 million principal balance of the MF 2014-1 Certificates with a fixed interest of 2.54%. The proceeds from this securitization event, net of securitization costs and accrued interest, were approximately $214.4 million. Although the securitization debt does not have a contractual maturity date, any principal repayments from the underlying collateral mortgage loans must be applied to repay the debt until the balance is paid in full. The underlying collateral mortgage loans have initial remaining terms of 1 to 24 years.
	-10	In connection with the acquisition of the portfolio of light industrial real estate assets and operating platform from Cobalt Capital Partners, L.P. and its affiliates on December 18, 2014 (see Note 5), the Company issued an unsecured note in the amount of $10 million to Cobalt Capital Management, L.P., an affiliate of Cobalt Capital Partners, L.P. and a service provider that will continue to manage the light industrial portfolio and its day-to-day operations. The note will mature on the third anniversary of the date of acquisition and one-third of the initial principal amount of the note is required to be repaid on each of the first, second and third anniversaries of the date of acquisition (each, a “Payment Date”). Principal under the note shall be paid in either (a) shares of the Company’s common stock, or (b) OP Units, which are exchangeable for shares of the Company’s common stock. The interest on the note is payable in an amount equivalent to dividends paid on shares that would have been due had the holder held shares of the Company's common stock in lieu of the note. At the dividend rate in effect as of December 31, 2014, the effective interest rate on this loan is approximately 6.1%.
	The financing agreements require minimum scheduled principal payments or payments that depend upon the net cash flows from the collateral assets and the ratio of principal outstanding to collateral. The following table summarizes such minimum principal payments and estimated principal payments based upon reasonable expectations of cash flows from the underlying collateral assets as of December 31, 2014:
	Year Ending December 31,		(In thousands)
	2015		$	308,798	(1)
	2016		166,648		(1)
	2017		238,143		(1)
	2018		30,461
	2019		1,110,456
	2020 and after		125,159
	Total		$	1,979,665
	__________
	-1	Includes $3.3 million payable in shares of the Company's common stock
	Convertible Senior Notes
	On April 10, 2013, the Company issued $200 million of its 5.00% Convertible Senior Notes due on April 15, 2023 (the "5% Convertible Notes"). The 5% Convertible Notes were sold to the underwriters at a discount of 3%, resulting in net proceeds of approximately $194 million to the Company after deducting underwriting discounts and commissions and offering expenses. The 5% Convertible Notes bear interest at 5.00% per annum, payable semiannually in arrears on April 15 and October 15 of each year in the amount of $5 million.
	The 5% Convertible Notes are convertible, at the holders' option, into shares of the Company's common stock at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date, subject to certain limitations as described in the indenture, at the applicable conversion rate in effect on the conversion date. The conversion rate is initially set to equal 42.3819 shares of common stock per $1,000 principal amount of convertible notes (equivalent to a conversion price of approximately $23.60 per share of common stock), subject to adjustment upon the occurrence of certain events. The Company may redeem the 5% Convertible Notes at its option at any time on or after April 22, 2020 if the last reported sale price of its common stock has been at least 130% of the conversion price of the convertible notes then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption, at a redemption price equal to 100% of the principal amount of the convertible notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.
	On January 28, 2014, the Company issued $230 million of its 3.875% Convertible Senior Notes due on January 15, 2021 (the "3.875% Convertible Notes"). The 3.875% Convertible Notes were sold to the underwriters at a discount of 2.5%, resulting in net proceeds of approximately $223.9 million to the Company. On June 17, 2014, the Company issued an additional $172.5 million of its 3.875% Convertible Notes pursuant to a reopening of the series. The 3.875% Convertible Notes sold in the reopening were issued at a 1.25% premium to par with a discount of 2.5% to underwriters, resulting in net proceeds of approximately $170.1 million to the Company after deducting underwriting discounts and commissions and offering expenses. The 3.875% Convertible Notes bear interest at 3.875% per annum payable semiannually in arrears on January 15 and July 15 of each year.
	The 3.875% Convertible Notes are convertible, at the holders' option, into shares of the Company's common stock at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date, subject to certain limitations as described in the indenture, at the applicable conversion rate in effect on the conversion date. The conversion rate is initially set to equal 40.2941 shares of common stock per $1,000 principal amount of convertible notes (equivalent to a conversion price of approximately $24.82 per share of common stock), subject to adjustment upon the occurrence of certain events. The Company may redeem the 3.875% Convertible Notes at its option at any time on or after January 22, 2019 if the last reported sale price of the Company's common stock has been at least 130% of the conversion price of the convertible notes then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption, at a redemption price equal to 100% of the principal amount of the convertible notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. The Company used a portion of the net proceeds to repay amounts then outstanding under its secured revolving credit facility and to acquire its target assets and for general corporate purposes.

Derivatives_and_Hedging

Derivatives and Hedging	12 Months Ended
	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging	Derivatives and Hedging
	The Company is exposed to risks arising from both its business operations and economic conditions. The Company manages interest rate and foreign currency risks through the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. Additionally, certain of the Company’s foreign operations expose the Company to fluctuations of foreign interest rates and exchange rates. These fluctuations may impact the value of the Company’s cash receipts and payments in terms of the Company’s functional currency, the U.S. dollar (USD). The Company enters into derivative financial instruments to protect the value or fix the amount of certain obligations in terms of its functional currency, the U.S. dollar. The Company has entered into the following types of derivatives as part of its risk management program:
	Net Investment Hedges
	The Company has investments in unconsolidated joint ventures and loans denominated in Euro and British Pound that expose the Company to foreign currency risk. The Company’s combined Euro and British Pound net investments in such joint ventures and loans receivable totaled approximately €315.9 million and £128.0 million, or $581.7 million, as of December 31, 2014 and €166.2 million, or $228.4 million, as of December 31, 2013.
	The Company uses forwards and collars (consisting of caps and floors) without upfront premium costs to hedge the foreign currency exposure of its net investments. The Company has entered into foreign exchange forward contracts whereby it agreed to sell an amount of foreign currency for an agreed upon amount of USD. These forward contracts protect the Company’s foreign investments and receivables from adverse foreign currency fluctuations by economically fixing in USD amounts certain of the Company’s foreign denominated investments and receivables balances. The Company has also entered into foreign exchange collars which consist of a combination of currency options with single date expirations, whereby the Company gains protection against foreign currency weakening below a specified level and pays for that protection by giving up gains from foreign currency appreciation above a specified level. These collars are also used to protect the Company’s foreign investments and receivables from adverse foreign currency fluctuations.
	The following table summarizes the aggregate notional amount of the foreign exchange contracts in place along with various key terms as of December 31, 2014:
	(Amounts in thousands)			Notional Amount of Net Investment Hedges				Range of FX Rates
	Hedged Currency	Type of Instrument						Minimum		Maximum		Range of Expiration Dates
	EUR	Collar		€	180,625			€	1.2	€	1.57	July 2015 to December 2019
	GBP	Collar		£	71,100			£	1.5	£	1.82	September 2017 to September 2019
	EUR	Forward		€	80,100			€	1.22	€	1.4	January 2015 to July 2018
	GBP	Forward		£	36,000			£	1.63	£	1.7	March 2015 to June 2015
	Cash Flow Hedges
	The Company has interest rate cap arrangements designated as cash flow hedges to limit the exposure of increases in interest rates on two of the Company's LIBOR-indexed secured debt. The caps consist of instruments with (a) a notional amount of $57.5 million, a 2.5% strike on one-month LIBOR and expiration in November 2015, and (b) a notional amount of $950 million, a 3.0% strike on one-month LIBOR and expiration in December 2016. Interest rate caps involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. No gain or loss was recognized in earnings related to the cash flow hedges for the years ended December 31, 2014, 2013 and 2012.
	Non-Designated Hedges
	Non-designated hedges are derivatives that do not meet the criteria for hedge accounting or for which the Company did not elect to designate as accounting hedges. The Company does not enter into derivative transactions for speculative or trading purposes, but may enter into derivatives to manage the economic risk of changes in foreign exchange rates or interest rates. The Company may also assume existing derivative instruments in connection with investment transactions. Changes in the fair value of derivatives not designated as hedges are recorded in other gain or loss in the accompanying statements of operations.
	The Company acquired an interest rate swap in connection with one of the PCI loans acquired in November 2013. The interest rate swap receives a fixed rate of 4.24% and pays Euro Interbank Offered Rate ("Euribor") on a €14.0 million notional amount and terminates in February 2015. The swap effectively converts the acquired floating rate loan to a fixed rate loan. The Company also acquired an interest rate cap in connection with the $1.1 billion first mortgage debt obtained from a financial institution to finance the acquisition of a light industrial portfolio in December 2014 (see Note 5). A portion of this cap in the notional amount of $182.8 million with a 3.0% strike on one-month LIBOR and expiring in December 2016 was not designated as an accounting hedge. For the year ended December 31, 2014, a net fair value loss of $4,000 for non-designated hedges is included in other gain (loss), net in the accompanying statements of operations.
	Concurrently with the acquisition of beneficial interests in debt securities in June 2011 (see Note 8), the Company’s strategic partner entered into an interest rate swap agreement with the borrower which, in conjunction with a special contribution/distribution arrangement with the joint venture, resulted in a net current yield to the joint venture of the Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Index plus 3.25% per annum (3.31% at December 31, 2013). The Company determined that the special contribution/distribution arrangement was an embedded derivative that meets the criteria for bifurcation and recorded a derivative liability of $4.1 million at acquisition. The bifurcated derivative did not qualify as a hedging instrument, so changes in the estimated fair value of the derivative were recognized in income. On July 18, 2014, the bonds were repaid at par, the joint venture was dissolved and the embedded derivative liability was settled for $140,000. For the years ended December 31, 2014, 2013 and 2012, $2.3 million, $(112,000) and $(734,000), respectively, are included in other gain (loss), net in the accompanying statements of operations.
	The fair values of derivative instruments included in the Company’s consolidated balance sheets are as follows:
		December 31,
	(In thousands)	2014				2013
	Assets
	Foreign exchange contracts designated as hedging instruments	$	25,820			$	2,126
	Interest rate contracts designated as hedging instruments	402				11
	Interest rate contracts not designated as hedging instruments	257				971
	Total derivatives included in other assets	$	26,479			$	3,108
	Liabilities
	Foreign exchange contracts designated as hedging instruments	$	6,718			$	5,504
	Embedded derivative liability not designated as a hedging instrument	—				2,952
	Total derivatives included in accrued and other liabilities	$	6,718			$	8,456
	Certain counterparties to the derivative instruments require the Company to deposit cash or other eligible collateral for derivative financial liabilities exceeding $100,000. As of December 31, 2014, the Company had no amounts on deposit related to these agreements.

Fair_Value_Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements
	Financial Instruments Reported at Fair Value
	The Company has certain assets and liabilities that are required to be recorded at fair value on a recurring basis. The following table summarizes the fair values of those assets and liabilities:
		December 31,
	(In thousands)	2014		2013
	Assets
	Beneficial interests in debt securities	$	—	$	30,834
	Foreign currency derivative contracts	25,820		2,126
	Interest rate derivative contracts	659		982
		$	26,479	$	33,942
	Liabilities
	Foreign currency derivative contracts	$	6,718	$	5,504
	Embedded derivative liability associated with beneficial interests in debt securities	—		2,952
		$	6,718	$	8,456
	All of the fair values in the table above fall within Level 2 of the fair value hierarchy which rely on significant observable inputs, other than quoted market prices for identical assets or liabilities, including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
	The fair value of the beneficial interests in debt securities and the associated embedded derivative liability were determined by discounting the expected cash flows using observable current and forward rates of widely used indices that closely follow the SIFMA Municipal Swap Index. The fair values of foreign currency and interest rate derivative contracts are determined by discounting the expected cash flow of each derivative instrument based on forecast foreign exchange rates or interest rates. This analysis reflects the contractual terms of the derivatives, observable market-based inputs, and credit valuation adjustments to appropriately reflect the non-performance risk for both the Company and the respective counterparty. Although credit valuation adjustments, such as the risk of default, rely on Level 3 inputs, the Company has determined that these inputs are not significant to the overall valuation of its derivatives. As a result, derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.
	Fair Value Disclosure of Financial Instruments Reported at Cost
	The following tables present the estimated fair values and carrying values of the Company’s financial instruments carried at cost, aggregated by the level in the fair value hierarchy:
		Fair Value Measurements Using
	(In thousands)	Quoted Prices in		Significant		Significant		Total Fair		Carrying
		Active Markets		Other		Unobservable		Value		Value
		for Identical		Observable		Inputs
		Instruments		Inputs		(Level 3)
		(Level 1)		(Level 2)
	December 31, 2014
	Assets
	Investments in unconsolidated joint ventures	$	—	$	—	$	1,963,965	$	1,963,965	$	1,646,977
	Loans held for investment	—		—		2,163,500		2,163,500		2,131,134
	Liabilities
	Line of credit	$	—	$	164,000	$	—	$	164,000	$	164,000
	Secured and unsecured debt	—		—		1,442,397		1,442,397		1,442,397
	CMBS debt	—		536,927		—		536,927		537,268
	Convertible senior notes	617,763		—		—		617,763		604,498
	31-Dec-13
	Assets
	Investments in unconsolidated joint ventures	$	—	$	5,953	$	1,524,621	$	1,530,574	$	1,369,529
	Loans held for investment	—		—		1,034,600		1,034,600		1,028,654
	Liabilities
	Line of credit	$	—	$	138,500	$	—	$	138,500	$	138,500
	Secured financing	—		—		277,600		277,600		277,607
	Convertible senior notes	208,000		—		—		208,000		200,000
	The Company estimates the fair value of financial instruments carried at historical cost on a quarterly basis. These instruments are recorded at fair value only if they are impaired. No impairment was recognized during the years ended December 31, 2014, 2013 and 2012.
	Fair values of loans receivable are estimated using inputs such as discounted cash flow projections, interest rates available for borrowers with similar credit metrics, market comparables, dealer quotes, and other quantitative and qualitative factors. Fair values of investments in unconsolidated joint ventures are primarily derived by applying the Company’s ownership interest to the fair value of the underlying assets and liabilities of each joint venture. The Company’s proportionate share of each joint venture’s fair value approximates the Company’s fair value of the investment, as the timing of cash flows of the joint venture does not deviate materially from the timing of cash flows the Company receives from the joint venture.
	The fair values of the Company's secured financing and line of credit at December 31, 2014 and 2013 were estimated by discounting expected future cash outlays at current interest rates available for similar instruments. The fair value of CMBS debt was determined using the last trade price in active markets if available, or for recent securitization transactions, was estimated as approximating carrying value at December 31, 2014. The fair value of convertible senior notes was determined using the last trade price in active markets on the balance sheet date.
	The carrying values of interest receivable and accrued and other liabilities approximate their fair values due to their short term nature. Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different assumptions or methodologies could have a material effect on the estimated fair value amounts.

Stockholders_Equity_and_Noncon

Stockholders' Equity and Noncontrolling Interests	12 Months Ended
	Dec. 31, 2014
Equity [Abstract]
Stockholders' Equity and Noncontrolling Interests	Stockholders’ Equity and Noncontrolling Interests
	The Company’s authorized capital stock consists of 50,000,000 shares of preferred stock, $0.01 par value per share, and 450,000,000 shares of common stock, $0.01 par value per share.
	Series A Preferred Stock
	As of December 31, 2014 and 2013, the Company had 10,080,000 shares of its 8.5% Series A Cumulative Redeemable Perpetual Preferred Stock, par value $0.01 per share (“Series A Preferred Stock”), issued and outstanding. The Series A Preferred Stock must be paid a dividend at a rate of 8.5% per year on the $25.00 liquidation preference before the common stock is entitled to receive any dividends.
	In March 2012, the Company completed an underwritten public offering of 5,800,000 shares of its Series A Preferred Stock. The net offering proceeds, after deducting underwriting discounts and commissions and offering costs payable by the Company, were approximately $140 million. In July 2012, the Company completed an underwritten public offering of 4,280,000 shares of Series A Preferred Stock at a premium to par that translated to a strip yield of 8.3%. The net offering proceeds, after deducting underwriting discounts and commissions and offering costs payable by the Company, were approximately $106 million. The Company used a portion of the net proceeds from both offerings to repay amounts outstanding under the line of credit at the time of each offering and the remaining proceeds to fund acquisitions of target assets.
	Series B Preferred Stock
	In June 2014, the Company completed an underwritten public offering of 3,450,000 shares of its 7.5% Series B Cumulative Redeemable Perpetual Preferred Stock, par value $0.01 per share ("Series B Preferred Stock"). The net offering proceeds, after deducting underwriting discounts and commissions and offering costs payable by the Company, were approximately $83.4 million. The Company used the net proceeds from the offering to repay amounts outstanding under the line of credit at the time of the offering, to fund acquisitions of target assets and for working capital and general corporate purposes. The Series B Preferred Stock must be paid a dividend at a rate of 7.5% per year on the $25.00 liquidation preference before the common stock is entitled to receive any dividends.
	The Series A Preferred Stock and Series B Preferred Stock are redeemable at $25.00 per share plus accrued and unpaid dividends (whether or not declared) exclusively at the Company’s option commencing on March 20, 2017 and June 19, 2019, respectively (subject to the Company’s right under limited circumstances to redeem the Series A and B Preferred Stock earlier in order to preserve its qualification as a REIT or upon the occurrence of a change of control (as defined in the articles supplementary relating to the Series A Preferred Stock and Series B Preferred Stock, respectively)). The Series A and B Preferred Stock are senior to the Company’s common stock, and the Series B Preferred Stock is on parity with the Series A Preferred Stock with respect to dividends and distributions, including distributions upon liquidation, dissolution or winding up.
	The Series A and B Preferred Stock generally do not have any voting rights, except if the Company fails to pay dividends on the Series A or B Preferred Stock for six or more quarterly periods (whether or not consecutive). Under such circumstances, the Series A and B Preferred Stock will be entitled to vote, together as a class with any other series of parity stock upon which like voting rights have been conferred and are exercisable, to elect two additional directors to the Company’s board of directors, until all unpaid dividends have been paid or declared and set aside for payment. In addition, certain changes to the terms of the Series A Preferred Stock cannot be made without the affirmative vote of holders of at least two-thirds of the outstanding shares of Series A Preferred Stock voting separately as a class; and certain changes to the terms of the Series B Preferred Stock cannot be made without the affirmative vote of holders of at least two-thirds of the outstanding shares of Series B Preferred Stock voting separately as a class.
	Common Stock Offerings
	The following table summarizes the sales of the Company's common stock during the years ended December 31, 2014, 2013 and 2012:
	(In thousands, except per share data)		Number of Shares			Average Price per Share				Net Proceeds (1)
	Sep-12		8,050			$	18.53			$	148,969
	Dec-12		11,500			19.29				221,348
	Jan-13		11,500			20.2				232,020
	Nov-13		10,000			20.21				201,758
	At-the-market sales in 2013		1,902			21.65				40,765
	Mar-14		14,950			21.9				327,115
	Jul-14		17,250			22.14				381,545
	At-the-market sales in 2014		406			21.07				8,465
	__________
	-1	Net of underwriting discounts and commissions, sales agent commissions, and offering costs payable by the Company
	The Company used the net proceeds from the offerings to repay amounts outstanding under the line of credit at the time of the offering, fund acquisitions of target assets and for working capital and general corporate purposes.
	At-The-Market Stock Offering Program ("ATM Program")
	In May 2013, the Company entered into separate “at-the-market” equity distribution agreements with certain sales agents to offer and sell, from time to time, shares of its common stock having an aggregate offering price of up to $200 million. Sales of the shares may be made in negotiated transactions and/or transactions that are deemed to be "at the market" offerings, including sales made by means of ordinary brokers' transactions, including directly on the New York Stock Exchange (“NYSE”), or sales made to or through a market maker other than on an exchange. The Company pays each sales agent a commission of 1% of the gross sales proceeds for any common stock sold through such agent.
	Shares Issued to Manager
	During the years ended December 31, 2014, 2013 and 2012, the Company issued 21,119, 0 and 65,703 shares of its common stock, respectively, to the Manager in full payment of the incentive fees earned by the Manager (see Note 14).
	Accumulated Other Comprehensive Income
	The following tables present the changes in each component of accumulated other comprehensive income attributable to the stockholders, net of immaterial tax effect:
	(In thousands)		Equity in AOCI of Unconsolidated Joint Ventures				Unrealized Gain/Loss on Beneficial Interests in Debt Securities				Unrealized Gain/Loss on Fair Value of Cash Flow Hedge			Foreign Currency Translation Gain/Loss			Unrealized Gain/Loss on Fair Value of Net Investment Hedges			Total
	Balance at December 31, 2011		$	(406	)		$	611			$	—		$	(4,328	)	$	1,793		$	(2,330	)
	Other comprehensive income (loss) before reclassifications		7,135				266				—			905			(1,176		)	7,130
	Amounts reclassified from accumulated other comprehensive income		—				—				—			356			28			384
	Net other comprehensive income (loss)		7,135				266				—			1,261			(1,148		)	7,514
	Balance at December 31, 2012		6,729				877				—			(3,067		)	645			5,184
	Other comprehensive income (loss) before reclassifications		9,787				(552		)		(19		)	4,983			(3,846		)	10,353
	Amounts reclassified from accumulated other comprehensive income		(12,895		)		—				—			(67		)	18			(12,944		)
	Net other comprehensive (loss) income		(3,108		)		(552		)		(19		)	4,916			(3,828		)	(2,591		)
	Balance at December 31, 2013		3,621				325				(19		)	1,849			(3,183		)	2,593
	Other comprehensive income (loss) before reclassifications		1,511				(2,488		)		(82		)	(54,266		)	26,732			(28,593		)
	Amounts reclassified from accumulated other comprehensive income		(4,681		)		2,163				—			(226		)	253			(2,491		)
	Net other comprehensive (loss) income		(3,170		)		(325		)		(82		)	(54,492		)	26,985			(31,084		)
	Balance at December 31, 2014		$	451			$	—			$	(101	)	$	(52,643	)	$	23,802		$	(28,491	)
	Information about amounts reclassified out of accumulated other comprehensive income by component is presented below:
	(In thousands)		Year Ended December 31,											Affected Line Item in the
	Component of Accumulated Other Comprehensive Income (Loss)		2014				2013				2012			Consolidated Statements of Operations
	Equity in realized gain on sale of marketable securities of unconsolidated joint ventures		$	4,681			$	12,895			$	—		Equity in income of unconsolidated joint ventures
	Settlement loss on beneficial interests in debt securities		(2,163		)		—				—			Other loss, net
	Realized foreign exchange gain (loss)		226				67				(356		)	Other gain (loss), net
	Net settlement loss on derivative instruments designated as net investment hedges		(253		)		(18		)		(28		)	Other loss, net
	Noncontrolling Interests
	The Company often enters into investments with various Co-Investment Funds pursuant to an investment allocation agreement among the Company, the Manager and Colony Capital. A substantial portion of noncontrolling interests represent interests held by private investment funds or other investment vehicles managed by Colony Capital or its affiliates, while the remainder represents interests held by unaffiliated strategic investment partners. Amounts representing noncontrolling interests in less-than-wholly-owned subsidiaries are disclosed on the face of the accompanying consolidated financial statements.
	ColFin Industrial Partnership—In connection with the acquisition of a portfolio of light industrial real estate assets (see Note 5), a wholly-controlled subsidiary of the Company (the "General Partner") and third-party limited partners (the "Limited Partners") entered into a limited partnership agreement on December 16, 2014 (the "Initial Closing"). The General Partner and the Limited Partners funded initial capital calls of approximately $560 million to complete the acquisition and committed to future potential capital contributions totaling approximately $390 million in the aggregate to target and grow a platform of primarily U.S. light industrial assets. The Limited Partners' interest in the light industrial portfolio is approximately 37% as of December 31, 2014. The Company may sell additional interests to other limited partner participants in the future subject to retaining a minimum 51% interest in the portfolio. The Company, as general partner, is entitled to (i) quarterly profits interest distributions equal to 0.4% of limited partners’ capital contributions used during a quarter to fund an investment, plus 0.1% of limited partners’ net funded capital contributions as of the last day of the previous fiscal quarter, and (ii) carried interest distributions pursuant to the partnership agreement (net of carried interest that may be allocated to the management team of Colony Capital and its affiliates in the future under market terms).
	Pursuant to the partnership agreement described above, certain Limited Partners have a right to redeem their limited partnership interests for shares of the Company's common stock after the second anniversary of the Initial Closing and subject to the Anti-Dilution Limitations as defined below. Redemption of limited partnership interests in exchange for shares is not permitted if such redemption would be dilutive of any of the following Company metrics, as measured for each of the previous year-to-date and quarter-to-date periods (the “Anti-Dilutive Limitations"): earnings per share, Core Earnings per share and funds from operations ("FFO") per share. The number of shares shall be determined by dividing the net asset value of the limited partnership interest to be redeemed (less distributions payable to the General Partner) by the value of the Company's common stock shares (calculated as the greater of (i) the most recent quarterly net asset value per share of the Company's common stock or (ii) the 30-day volume weighted average price of the Company’s common stock measured prior to the redemption date), reduced by a redemption discount factor. Any limited partnership interest to be redeemed between the second anniversary and the eighth anniversary of the Initial Closing shall be subject to certain redemption discount factors over such period. Any redemption after the eighth anniversary of the Initial Closing shall not be subject to a redemption discount factor.
	Redemptions may only take place on the last business day of each of the first three calendar quarters of each year (but not the fourth calendar quarter of each such year), unless otherwise deferred or delayed by the General Partner in accordance with the terms of the partnership agreement. In addition, any redemption is subject to and limited by the ownership limits in the charters of the Company and each subsidiary real estate investment trust (a "REIT Subsidiary") of ColFin Industrial Partnership to maintain its qualification as a REIT, and in the case of a REIT Subsidiary, a “domestically controlled qualified investment entity”, as well as the Company’s and each REIT Subsidiary’s obligations to comply with other applicable tax and securities laws, New York Stock Exchange and similar exchange and/or regulatory requirements. The General Partner is not required to redeem limited partnership units for cash or other alternative consideration other than shares of the Company's common stock.

Earnings_per_Share

Earnings per Share	12 Months Ended
	Dec. 31, 2014
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share
	The following table provides the basic and diluted earnings per common share computations:
			Year Ended December 31,
	(In thousands, except per share data)		2014			2013			2012
	Numerator:
	Net income		$	159,711		$	125,923		$	68,205
	Net income attributable to noncontrolling interest		(36,562		)	(24,158		)	(6,194		)
	Net income attributable to Colony Financial, Inc.		123,149			101,765			62,011
	Preferred dividends		(24,870		)	(21,420		)	(13,915		)
	Net income attributable to common stockholders		98,279			80,345			48,096
	Net income allocated to participating securities (nonvested shares)		(990		)	(725		)	(476		)
	Numerator for basic net income allocated to common stockholders		97,289			79,620			47,620
	Interest expense attributable to convertible senior notes (1)		—			—			—
	Numerator for diluted net income allocated to common stockholders		$	97,289		$	79,620		$	47,620
	Denominator:
	Basic weighted average number of common shares outstanding		96,694			66,182			35,926
	Weighted average effect of dilutive shares (1)		5			—			17
	Diluted weighted average number of common shares outstanding		96,699			66,182			35,943
	Earnings per share:
	Net income attributable to common stockholders per share–basic		$	1.01		$	1.2		$	1.33
	Net income attributable to common stockholders per share–diluted		$	1.01		$	1.2		$	1.32
	__________
	-1	For the years ended December 31, 2014 and 2013, excluded from the calculation of diluted income per share is the effect of adding back $23.3 million and $7.6 million, respectively, of interest expense and 20,784,600 and 6,154,100 weighted average dilutive common share equivalents, respectively, for the assumed conversion of the Convertible Notes as their inclusion would be antidilutive. For the year ended December 31, 2014, also excluded from the calculation of diluted income per share is the effect of adding back $25,000 of interest expense and 14,700 weighted average dilutive common share equivalents for the assumed repayment of the $10 million unsecured note issued to Cobalt Capital Management, L.P. (see Note 5 and Note 9) in shares of the Company's common stock as its inclusion would be antidilutive. For the years ended December 31, 2014 and December 31, 2012, weighted average dilutive shares include the effect of 4,900 and 17,600 shares of common stock, respectively, issuable to the Manager for incentive fees incurred for the respective periods.

Related_Party_Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2014
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions
	Management Agreement
	The Manager provides the day-to-day management of the Company’s operations pursuant to a management agreement. The Manager is responsible for (1) selecting, purchasing and selling the Company’s portfolio investments, (2) the Company’s financing activities and (3) providing investment advisory services. The management agreement requires the Manager to manage the Company’s business affairs in conformity with the Company’s investment guidelines and other policies that are approved and monitored by the Company’s board of directors. The Manager’s role is under the supervision and direction of the Company’s board of directors. The initial term of the management agreement expired on September 29, 2012 (the third anniversary of the completion of the IPO) and automatically renews for one-year terms. The management agreement may be terminated upon at least 180 days’ prior written notice to the Manager.
	Base Management Fee—The Manager earns a base management fee of 1.5% of stockholders’ equity, per annum. For purposes of calculating the base management fee, stockholders’ equity means: (a) the sum of (1) the net proceeds from all issuances of equity securities since inception (allocated on a pro rata basis for such issuances during the fiscal quarter of any such issuance), plus (2) retained earnings at the end of the most recently completed calendar quarter (as determined in accordance with GAAP, adjusted to exclude any non-cash equity compensation expense incurred in current or prior periods), less (b) any amount paid to repurchase the Company’s common stock since inception. The definition of stockholders’ equity also excludes (1) any unrealized gains or losses from mark-to-market valuation changes (other than permanent impairment) that have impacted stockholders’ equity as reported in the financial statements prepared in accordance with GAAP, (2) the effect of any gains or losses from one-time events pursuant to changes in GAAP, (3) non-cash items which in the judgment of management should not be included in Core Earnings (as defined below) and (4) the portion of the net proceeds of the IPO and the concurrent private placement that have not yet been initially invested in the Company’s target assets. For items (2) and (3), such exclusions shall only be applied after discussions between the Manager and the independent directors and after approval by a majority of the independent directors. As a result, stockholders’ equity, for purposes of calculating the management fee, could be greater or less than the amount of stockholders’ equity shown in the Company’s financial statements.
	Incentive Fees—The Manager is entitled to an incentive fee with respect to each calendar quarter that the management agreement is in effect, in an amount not less than zero, equal to the difference between (1) the product of (x) 20% and (y) the difference between (i) Core Earnings (as defined below), on a rolling four-quarter basis and before the incentive fee for the current quarter, and (ii) the product of (A) the weighted average of the issue price per share of common stock in all of the Company’s offerings multiplied by the weighted average number of shares of common stock outstanding (including any restricted shares of common stock and any other shares of common stock underlying awards granted under our equity incentive plans, if any) in such four-quarter period and (B) 8%, and (2) the sum of any incentive fee paid to the Manager with respect to the first three calendar quarters of such previous four quarters; provided, however, that no incentive fee is payable with respect to any calendar quarter unless Core Earnings is greater than zero for the most recently completed 12 calendar quarters.
	Core Earnings is a non-GAAP measure and is defined as GAAP net income (loss) excluding non-cash equity compensation expense, incentive fees, real estate depreciation and amortization and any unrealized gains or losses from mark-to-market valuation changes (other than permanent impairment) that are included in net income. The amount is adjusted to exclude one-time events pursuant to changes in GAAP and certain other non-cash items after discussions between the Manager and the Company’s independent directors and after approval by a majority of the Company’s independent directors.
	The incentive fee is payable to the Manager quarterly in arrears in shares of the Company’s common stock, subject to certain ownership and NYSE limitations. The number of shares to be issued to the Manager is equal to the dollar amount of the portion of the quarterly installment of the incentive fee payable in shares divided by the average of the closing prices of the Company’s common stock on the NYSE for the five trading days prior to the date on which such quarterly installment is settled. The Company issued 21,119, 0 and 65,703 shares of its common stock during the years ended December 31, 2014, 2013 and 2012, respectively, for incentive fees.
	Reimbursement of Expenditures—Pursuant to the management agreement, the Company is required to reimburse the Manager for expenditures incurred by the Manager on behalf of the Company, including legal, accounting, financial, due diligence and other services, in amounts which are no greater than those which would be payable to third parties negotiated on an arm’s length basis. In addition, pursuant to a secondment agreement between the Company and Colony Capital, the Company is responsible for Colony Capital’s expenses incurred in employing the Company’s chief financial officer/chief operating officer. The Company also reimburses Colony Capital for its pro rata portion of overhead expenses incurred by Colony Capital and its affiliates, including the Manager, based upon the ratio of the Company’s assets to all Colony Capital-managed assets.
	Cost Reimbursement for Asset Management Services
	Colony AMC Milestone West, LLC (“AMC Milestone West”) and Colony AMC Milestone North, LLC (“AMC Milestone North”), each a wholly-owned subsidiary of the Company, provide asset management services to two joint ventures with the FDIC (“FDIC Ventures”) for which certain of our unconsolidated joint ventures are managing members. The FDIC Ventures pay an annual 50-basis point asset management fee calculated on the aggregate UPB of each respective loan portfolio. In addition, one of the unconsolidated joint ventures reimburses AMC Milestone North for any expenses not covered by the 50-basis point fee. Asset management fees and expense reimbursements were $0.8 million, $1.3 million and $2.0 million for the years ended December 31, 2014, 2013 and 2012, respectively. Pursuant to a cost allocation arrangement, the Company reimburses an affiliate of the Manager for compensation, overhead and direct costs incurred by the affiliate related to providing asset management services. The Company reimbursed the affiliate $0.9 million, $0.8 million and $1.1 million for the years ended December 31, 2014, 2013 and 2012, respectively.
	Investment Allocation Agreement
	The Company, the Manager and Colony Capital entered into an investment allocation agreement which provides for the Company to co-invest with certain current or future private investment funds or other investment vehicles managed by Colony Capital or its affiliates to make investments in the Company's target assets. Under the investment allocation agreement, the Company is entitled (but not obligated) to contribute (subject to the Company’s investment guidelines, its availability of capital and maintaining its qualification as a REIT for U.S. federal income tax purposes and its exemption from registration under the Investment Company Act of 1940) at least one-half the capital to be funded by co-investment vehicles in assets secured by U.S. collateral (or at least one-third for assets secured by non-U.S. collateral). In the event that the Company does not have sufficient capital to contribute its full entitlement of the capital required for any proposed investment by such investment vehicles, the investment allocation agreement provides for a fair and equitable allocation of investment opportunities among all such vehicles and the Company, in each case, taking into account the suitability of each investment opportunity for the particular vehicle and the Company and each such vehicle’s and the Company’s availability of capital for investment.
	The Company does not incur any additional fees payable to Colony Capital, the Manager or any of their affiliates in connection with investments made pursuant to the investment allocation agreement. The Company is required to pay its pro rata portion (based upon percentage of equity) of transaction and other investment-level expenses incurred in connection with such co-investments.
	The following table summarizes the amounts incurred by the Company and payable to the Manager or its affiliates for the periods presented:
			Year Ended December 31,
	(In thousands)		2014		2013		2012
	Base management fees		$	32,285	$	22,265	$	12,332
	Incentive fees		464		—		936
	Compensation pursuant to secondment agreement		1,778		1,286		1,207
	Allocated and direct investment-related expenses		2,846		1,771		1,657
	Allocated and direct administrative expenses		3,301		1,787		1,253
			$	40,674	$	27,109	$	17,385
	The following table summarizes the amounts due to the Manager or its affiliates as of each balance sheet date:
			December 31,
	(In thousands)		2014		2013
	Base management fees		$	9,173	$	6,045
	Secondment reimbursement		1,393		895
	Reimbursement of direct and allocated administrative and investment costs		1,670		1,046
			$	12,236	$	7,986
	Combination with Colony Capital
	On December 23, 2014, the Company and Colony Capital entered into definitive agreements providing for an operating subsidiary of the Company (“OP”) to acquire Colony Capital’s trademark name and substantially all of its real estate investment management business and operations, excluding those conducted exclusively in connection with Colony American Homes, Inc. (“CAH”), which is now an internally managed company (the "Combination"). Upon consummation of the Combination, Colony Capital's personnel would become employed by the Company and the Company would become an internally managed REIT. In addition, the Company plans to change its name from Colony Financial, Inc. to Colony Capital, Inc., but the Company’s common stock, which will be reclassified as Class A Common Stock, would continue to be listed on the NYSE under the ticker symbol “CLNY.”
	In connection with the Combination, the Company will issue up to approximately 3.94 million shares of Class A Common Stock, and up to 665,593 shares of newly created Class B Common Stock, and OP will issue up to approximately 25.22 million units of membership ("OP Units") for both the Upfront Consideration and Contingent Consideration, as defined below. Each share of Class B Common Stock and each OP Unit will be, at the holder’s option, convertible into one share of Class A Common Stock, subject, in the case of OP Units, to the terms and conditions set forth in the operating agreement of OP.
	The above consideration represented a value of $657.5 million at the time of the announcement of the transaction based on a reference price of $22.05 per share (the “Reference Price”). The Reference Price was used to determine the number of shares and OP Units to be issued in connection with the Combination. The final value at closing of the Combination will be dependent upon the price of the Company’s common stock on the closing date.
	The aggregate potential consideration consists of:
	•	fixed upfront consideration to be paid in a combination of up to approximately 2.83 million shares of Class A Common Stock, 566,635 shares of Class B Common Stock and approximately 21.44 million OP Units, subject to certain adjustments as described below (the "Upfront Consideration"); and
	•	contingent consideration to be paid in a combination of up to approximately 1.11 million shares of Class A Common Stock, 98,958 shares of Class B Common Stock and approximately 3.78 million OP Units, subject to multi-year performance targets for achievement of certain funds from operations (“FFO”) per share targets and capital-raising thresholds from the funds management businesses (the "Contingent Consideration"). If the minimum performance target for either of these metrics is not met or exceeded, a portion of the Contingent Consideration paid in respect of the other metric would not be paid out in full.
	Up to 151,520 shares of Class A Common Stock, 13,494 shares of Class B Common Stock and 515,258 OP Units may be reallocated to Upfront Consideration if the volume-weighted average closing price of the Company’s common stock over the 10 trading days prior to the tenth calendar day preceding the date of a shareholder vote were to exceed $24.05, with the full amount reallocated if such volume-weighted average closing price of the Company’s common stock were to equal or exceed $27.05.
	The Upfront Consideration is subject to adjustments at closing in respect of cash, indebtedness and net working capital. If the closing adjustment results in an increase to the Upfront Consideration, such adjustment will, subject to the applicable cap, be paid in cash and to the extent such adjustment exceeds the applicable cap, will increase the number of OP Units to be issued in connection with the Combination. If the closing adjustment results in a decrease to the Upfront Consideration, such adjustment will reduce the number of OP Units to be issued in connection with the Combination.
	The number of shares of Class A Common Stock, shares of Class B Common Stock and OP Units issuable as consideration will be subject to reduction for a portion of any transaction expenses of Colony Capital paid on its behalf by the Company.
	Upon consummation of the Combination, all of Colony Capital's senior executives would become employed by the Company. In order to further demonstrate their collective long-term commitment to the Company’s business, Mr. Thomas J. Barrack, Jr., Executive Chairman, and Mr. Richard B. Saltzman, Chief Executive Officer and President, have entered into 5-year employment agreements and related lock-up arrangements with the Company, which, subject to certain exceptions for estate planning, partial share pledges and tax-related sales, will generally restrict them from transferring their respective interests in OP Units and/or shares received in connection with the Combination over the same period as their respective employment agreement terms, which restriction would be ratably reduced over such period. Messrs. Barrack and Saltzman also have entered into non-competition arrangements with the Company, each of which will provide for clawback as to a material portion of consideration in the event such individuals violate the non-compete restrictions during the same period as their respective lock-ups. The employment agreements, and related lock-ups and non-competition arrangements would become effective at the closing of the Combination.
	The Combination is expected to close in the first half of 2015 and remains subject to the approval of a supermajority of two-thirds of the Company’s non-affiliated shareholders voting at the shareholder’s meeting and certain other customary closing conditions.

ShareBased_Payments

Share-Based Payments	12 Months Ended
	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Payments	Share-Based Payments
	Director Stock Plan
	The Company’s 2009 Non-Executive Director Stock Plan (the “Director Stock Plan”) provides for the grant of restricted stock, restricted stock units and other stock-based awards to its non-executive directors. The maximum number of shares of stock reserved under the Director Stock Plan is 100,000. The individual share awards generally vest 1 year from the date of grant.
	Equity Incentive Plan
	On May 8, 2014, the Company’s stockholders approved the Colony Financial, Inc. 2014 Equity Incentive Plan (as amended and restated, the “Equity Incentive Plan”), which constitutes an amendment and restatement of the Company’s 2011 Equity Incentive Plan (the “2011 Plan”). The Equity Incentive Plan provides for the grant of options to purchase shares of common stock, share awards (including restricted stock and stock units), stock appreciation rights, performance awards and annual incentive awards, dividend equivalent rights, long-term incentive units, cash and other equity-based awards. Certain named executive officers of the Company, along with other eligible employees, directors and service providers, including the Manager and employees of the Manager, are eligible to receive awards under the Equity Incentive Plan. The Company has reserved a total of 2,500,000 additional shares of common stock for issuance pursuant to the Equity Incentive Plan, in addition to (i) the number of shares of common stock available for issuance under the 2011 Plan as of May 8, 2014 and (ii) the number of shares of common stock subject to outstanding awards under the 2011 Plan that terminate by expiration, forfeiture, cancellation or otherwise without the issuance of such shares of common stock. The Equity Incentive Plan will expire in 2024 unless earlier terminated by the Company. The share awards granted under the Equity Incentive Plan generally vest 25% upfront and the remainder over a 3-year period from the date of grant.
	A summary of the Company’s vested and nonvested shares under the Director Stock Plan and Equity Incentive Plan for the year ended December 31, 2014 is presented below:
			Restricted Stock			Restricted		Restricted			Total		Weighted Average Grant Date Fair Value
			Grants to			Stock Grants		Stock Grants
			Non-Executive			to Employee		to the Manager or Manager's Employees
			Directors
	Nonvested shares at December 31, 2013		6,837			17,172		488,759			512,768		$	18.28
	Granted		15,234			—		500,000			515,234		20.32
	Vested		(6,837		)	(8,586	)	(322,505		)	(337,928	)	18.83
	Forfeited		—			—		(636		)	(636	)	16.16
	Nonvested shares at December 31, 2014		15,234			8,586		665,618			689,438		$	19.54
	Weighted average grant-date fair value per share for shares granted during the period		$	22.87		n/a		$	20.24
	The following table summarizes the components of share-based compensation included in the consolidated statements of operations:
			Year Ended December 31,
	(In thousands, except per share amounts)		2014			2013			2012
	Share-based compensation included in management fees		$	10,384		$	3,998		$	5,714
	Share-based compensation included in administrative expenses		417			285			419
	Total fair value of shares vested (1)		6,855			182			6,079
	Weighted average grant-date fair value per share for shares granted during the period (1)		20.32			21.94			17.79
	__________
	-1	Based on the quoted closing share price of the Company's common stock on the NYSE on grant date or vesting date.
	As of December 31, 2014, aggregate unrecognized compensation cost related to restricted stock granted under the Director Stock Plan and Equity Incentive Plan was approximately $8.5 million. That cost is expected to be fully recognized over a weighted-average period of 21 months.

Income_Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes
	The Company’s taxable REIT subsidiaries (each a “TRS”) are subject to corporate-level federal, state, foreign and local income taxes. The following is a summary of the Company’s income tax provision:
		Year Ended December 31,
	(In thousands)	2014			2013			2012
	Current
	Federal	$	1,339		$	1,470		$	2,242
	State	369			671			669
	Total current tax provision	1,708			2,141			2,911
	Deferred
	Federal	(3,307		)	(1,115		)	(661		)
	State	(800		)	(367		)	(85		)
	Total deferred tax benefit	(4,107		)	(1,482		)	(746		)
	Total income tax (benefit) provision	$	(2,399	)	$	659		$	2,165
	Net deferred tax assets of $6.5 million and $2.4 million are included in other assets as of December 31, 2014 and 2013, respectively. Deferred tax assets and liabilities arise from temporary differences in income recognition for GAAP and tax purposes of investments held through TRSs, primarily due to the timing of discount amortization on purchased loans, accelerated depreciation of real estate for tax purposes and accelerated impairment recognition under GAAP.
	The following table summarizes the income tax treatment of dividends declared:
		Year Ended December 31,
		2014			2013			2012
	Common Stock:
	Ordinary income per share	$	1.08		$	0.98		$	0.83
	Long-term capital gains per share	0.36			0.42			0.61
	Total dividends declared per share	$	1.44		$	1.4		$	1.44
	Series A Preferred Stock:
	Ordinary income per share	$	1.52		$	1.48		$	1.01
	Long-term capital gains per share	0.6			0.65			0.74
	Total dividends declared per share	$	2.12		$	2.13		$	1.75
	Series B Preferred Stock:
	Ordinary income per share	$	0.77		$	—		$	—
	Long-term capital gains per share	0.3			—			—
	Total dividends declared per share	$	1.07		$	—		$	—

Commitments_and_Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies
	Pursuant to the operating agreements of certain unconsolidated joint ventures, the joint venture partners may be required to fund additional amounts for future investments, unfunded lending commitments, ordinary operating costs, guaranties or commitments of the joint ventures. As of December 31, 2014, the Company’s share of those commitments was $314.7 million.
	The Company may be required to fund additional amounts to borrowers pursuant to certain loan agreements. As of December 31, 2014, the Company had combined unfunded lending commitments of $111.4 million.
	In connection with the acquisition of a light industrial portfolio and operating platform on December 18, 2014 (see Note 5), the Company, together with 37% third-party limited partners, may be required to fund additional amounts for future real estate acquisitions and operating costs through ColFin Industrial Partnership. As of December 31, 2014, such unfunded commitment was $389.6 million, representing $246.1 million for the Company and $143.5 million for the limited partners.
	In connection with financing arrangements for certain unconsolidated joint ventures, the Company provided customary non-recourse carve-out guaranties. The Company believes that the likelihood of making any payments under the guaranties is remote, and has not accrued for a guaranty liability as of December 31, 2014.
	On March 6, 2014, the Company committed $100 million of new equity in a consortium that agreed to acquire all of the outstanding shares of Safeway Inc. pursuant to a merger agreement. In January 2015, the Company invested $50 million of equity, alongside $50 million from a passive co-investment partner. The Company owns an indirect interest in AB Acquisition LLC, the consortium’s holding company that includes ownership interests in 2,230 grocery stores across a range of recognized brands including Safeway and Albertsons.
	In the ordinary course of business, the Company may be involved in litigation which may result in legal costs and liability that could have a material effect on the Company’s financial position and results of operations. At December 31, 2014, the Company was not involved in such litigation.
	Ground Leases
	In connection with certain properties acquired during 2014, the Company assumed certain noncancelable operating ground leases as lessee or sublessee. The ground leases expire at various times through 2068. Certain leases require contingent rent payments based on a percentage of gross rental receipts, net of certain operating expenses, as defined in the lease. For the year ended December 31, 2014, ground rent expense was $106,000, including $6,000 of contingent rent. Rents paid under the ground leases are recoverable from tenants.
	Minimum future rent commitments under the ground leases as of December 31, 2014 are as follows:
	Year Ending December 31,	(In thousands)
	2015	$	253
	2016	255
	2017	255
	2018	255
	2019	255
	2020 and after	10,687
	Total	$	11,960

Segment_Information

Segment Information	12 Months Ended
	Dec. 31, 2014
Segment Reporting [Abstract]
Segment Information	Segment Information
	The operating results for each of the reportable segments are summarized below:
	(In thousands)	Real Estate			Light Industrial Portfolio			Single-Family			Other Real Estate Equity Investments			Amounts Not			Total
		Debt						Residential						Allocated to
		Investments						Rentals						Segments
	Year Ended December 31, 2014
	Income:
	Interest income	$	204,054		$	—		$	—		$	—		$	307		$	204,361
	Rental income and tenant reimbursements	—			5,365			—			15,597			—			20,962
	Equity in income (loss) of unconsolidated joint ventures	86,495			—			(15,901		)	3,235			—			73,829
	Other income	908			—			—			—			589			1,497
	Total income (loss)	291,457			5,365			(15,901		)	18,832			896			300,649
	Expenses:
	Management fees	—			—			—			—			43,133			43,133
	Investment and servicing expenses	3,198			304			—			99			2,210			5,811
	Transaction costs	5,232			7,450			—			146			8,268			21,096
	Interest expense	14,199			1,321			—			4,355			28,490			48,365
	Property operating expenses	—			1,544			—			4,019			—			5,563
	Depreciation and amortization	—			3,391			—			5,786			—			9,177
	Administrative expenses	577			—			—			—			10,831			11,408
	Total expenses	23,206			14,010			—			14,405			92,932			144,553
	Other gain (loss), net	165			(22		)	—			—			1,073			1,216
	Income (loss) before income taxes	268,416			(8,667		)	(15,901		)	4,427			(90,963		)	157,312
	Income tax benefit	—			—			—			—			(2,399		)	(2,399		)
	Net income (loss)	268,416			(8,667		)	(15,901		)	4,427			(88,564		)	159,711
	Net income (loss) attributable to noncontrolling interests	37,683			(3,143		)	—			2,022			—			36,562
	Net income (loss) attributable to Colony Financial, Inc.	$	230,733		$	(5,524	)	$	(15,901	)	$	2,405		$	(88,564	)	$	123,149
	(In thousands)	Real Estate			Single-Family			Other Real Estate Equity Investments			Amounts Not			Total
		Debt			Residential						Allocated to
		Investments			Rentals						Segments
	Year Ended December 31, 2013
	Income:
	Interest income	$	80,753		$	—		$	—		$	282		$	81,035
	Rental income and tenant reimbursements	—			—			789			—			789
	Equity in income (loss) of unconsolidated joint ventures	89,553			(8,013		)	19,168			—			100,708
	Other income	1,267			—			—			—			1,267
	Total income (loss)	171,573			(8,013		)	19,957			282			183,799
	Expenses:
	Management fees	—			—			—			26,263			26,263
	Investment and servicing expenses	2,247			—			26			955			3,228
	Transaction costs	1,210			—			597			—			1,807
	Interest expense	5,295			—			227			13,316			18,838
	Property operating expenses	—			—			197			—			197
	Depreciation and amortization	—			—			310			—			310
	Administrative expenses	178			—			—			7,370			7,548
	Total expenses	8,930			—			1,357			47,904			58,191
	Other gain, net	974			—			—			—			974
	Income (loss) before income taxes	163,617			(8,013		)	18,600			(47,622		)	126,582
	Income tax provision	—			—			—			659			659
	Net income (loss)	163,617			(8,013		)	18,600			(48,281		)	125,923
	Net income attributable to noncontrolling interests	22,892			—			1,266			—			24,158
	Net income (loss) attributable to Colony Financial, Inc.	$	140,725		$	(8,013	)	$	17,334		$	(48,281	)	$	101,765
	(In thousands)	Real Estate			Single-Family			Other Real Estate Equity Investments			Amounts Not			Total
		Debt			Residential						Allocated to
		Investments			Rentals						Segments
	Year Ended December 31, 2012
	Income:
	Interest income	$	37,083		$	—		$	—		$	170		$	37,253
	Equity in income (loss) of unconsolidated joint ventures	60,313			(2,126		)	10,550			—			68,737
	Other income	1,973			—			—			—			1,973
	Total income (loss)	99,369			(2,126		)	10,550			170			107,963
	Expenses:
	Management fees	—			—			—			18,982			18,982
	Investment and servicing expenses	2,457			—			22			498			2,977
Interest expense	4,409			—			—			3,839			8,248
Administrative expenses	—			—			—			6,346			6,346
Total expenses	6,866			—			22			29,665			36,553
Other loss, net	(1,040		)	—			—			—			(1,040		)
Income (loss) before income taxes	91,463			(2,126		)	10,528			(29,495		)	70,370
Income tax provision	—			—			—			2,165			2,165
Net income (loss)	91,463			(2,126		)	10,528			(31,660		)	68,205
Net income attributable to noncontrolling interests	6,194			—			—			—			6,194
Net income (loss) attributable to Colony Financial, Inc.	$	85,269		$	(2,126	)	$	10,528		$	(31,660	)	$	62,011
The net investments in each of the reportable segments are summarized as follows:
(In thousands)	December 31, 2014			31-Dec-13
Assets:
Real estate debt investments	$	2,978,718		$	1,707,228
Light industrial portfolio	1,681,980			—
Single-family residential rentals	494,613			530,007
Other real estate equity investments	550,216			344,244
Other assets not allocated to segments	166,321			47,073
Total consolidated assets	$	5,871,848		$	2,628,552

Selected_Quarterly_Financial_I

Selected Quarterly Financial Information (Unaudited)	12 Months Ended
	Dec. 31, 2014
Selected Quarterly Financial Information [Abstract]
Selected Quarterly Financial Information (Unaudited)	Selected Quarterly Financial Information (Unaudited)
	The following is a summary of quarterly results of operations for the years ended December 31, 2014 and 2013:
			2014 Quarter Ended										2013 Quarter Ended
	(In thousands, except per share data)		Dec 31			Sep 30			30-Jun		31-Mar		Dec 31			Sep 30			30-Jun		31-Mar
	Interest income (1)		$	54,447		$	62,849		$	53,963	$	33,102	$	26,486		$	22,122		$	21,015	$	11,412
	Rental income and tenant reimbursements		10,143			4,323			3,255		3,241		789			—			—		—
	Equity in income of unconsolidated joint ventures		20,813			9,263			21,114		22,639		30,862			25,052			22,992		21,802
	Other income		194			847			231		225		283			296			317		371
	Total income		85,597			77,282			78,563		59,207		58,420			47,470			44,324		33,585
	Management fees		11,766			10,717			9,937		10,713		6,951			6,520			6,422		6,370
	Other expenses		43,078			21,119			17,844		19,379		12,167			7,861			7,094		4,806
	Total expenses		54,844			31,836			27,781		30,092		19,118			14,381			13,516		11,176
	Other (loss) gain, net (1)		(22		)	37			221		980		(19		)	860			196		(63		)
	Income tax provision (benefit)		(181		)	(2,464		)	1		245		79			(14		)	242		352
	Net income		30,912			47,947			51,002		29,850		39,204			33,963			30,762		21,994
	Net income attributable to noncontrolling interest		6,096			8,993			13,353		8,120		8,946			7,514			5,111		2,587
	Net income attributable to Colony Financial, Inc.		24,816			38,954			37,649		21,730		30,258			26,449			25,651		19,407
	Preferred dividends		6,972			6,972			5,571		5,355		5,355			5,355			5,355		5,355
	Net income attributable to common stockholders		$	17,844		$	31,982		$	32,078	$	16,375	$	24,903		$	21,094		$	20,296	$	14,052
	Net income per common share—basic		$	0.16		$	0.3		$	0.35	$	0.2	$	0.34		$	0.32		$	0.31	$	0.22
	Net income per common share—diluted		$	0.16		$	0.3		$	0.34	$	0.2	$	0.34		$	0.32		$	0.31	$	0.22
	__________
	-1	Prepayment fees and accelerated amortization of origination fees or purchase discounts resulting from early repayments of loans receivable have been reclassified from other gain to interest income for the previously reported quarters through June 30, 2014. See Note 2—"Reclassification" for further discussion.

Subsequent_Events

Subsequent Events	12 Months Ended
	Dec. 31, 2014
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events
	Subsequent to December 31, 2014, the Company invested and committed a combined $162 million in four new investments, net of concurrent non-recourse investment-level financing, and $70 million in three new loan originations in the Transitional CRE Lending Platform.

Schedule_III_Real_Estate_and_A

Schedule III - Real Estate and Accumulative Depreciation	12 Months Ended
	Dec. 31, 2014
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION
	December 31, 2014
	(Amounts in thousands)					Initial Cost				Costs Capitalized Subsequent to Acquisition		Gross Cost Basis at December 31, 2014 (1)						Accumulated Depreciation (2)		Net Carrying Amount
	Property Type and Location		Encumbrances			Land		Buildings and Improvements				Land		Buildings and Improvements		Total						Date of Acquisition
	Industrial Properties:
	East Watkins St. - Phoenix, AZ		$	1,386		$	908	$	956	$	—	$	908	$	956	$	1,864	$	2	$	1,862	12/18/14
	North 48th Ave. 1 - Phoenix, AZ		2,434			1,133		2,508		—		1,133		2,508		3,641		5		3,636		12/18/14
	North 48th Ave. 2 - Phoenix, AZ		353			209		373		—		209		373		582		1		581		12/18/14
	North 48th Ave. 3 - Phoenix, AZ		2,399			1,133		2,248		—		1,133		2,248		3,381		4		3,377		12/18/14
	North 48th Ave. 4 - Phoenix, AZ		671			291		747		—		291		747		1,038		1		1,037		12/18/14
	North 48th Ave. 5 - Phoenix, AZ		528			240		633		—		240		633		873		1		872		12/18/14
	South 15th - Phoenix, AZ		7,283			1,668		6,891		—		1,668		6,891		8,559		9		8,550		12/18/14
	South 48th Ave. - Phoenix, AZ		2,514			1,196		2,642		—		1,196		2,642		3,838		3		3,835		12/18/14
	South Palo Verde - Phoenix, AZ		5,654			1,193		6,277		—		1,193		6,277		7,470		15		7,455		12/18/14
	West Fairmont - Phoenix, AZ		1,487			439		1,904		—		439		1,904		2,343		5		2,338		12/18/14
	Denver Business Center - Denver, CO		4,391			1,342		5,610		—		1,342		5,610		6,952		8		6,944		12/18/14
	Denver Business Center #5 - Denver, CO		10,952			2,227		11,761		—		2,227		11,761		13,988		16		13,972		12/18/14
	East 51st Avenue - Denver, CO		3,286			946		3,580		—		946		3,580		4,526		5		4,521		12/18/14
	Moline Distribution Center - Denver, CO		4,051			1,045		4,039		—		1,045		4,039		5,084		6		5,078		12/18/14
	Moncrieff Distribution Center - Denver, CO		6,125			1,501		6,674		—		1,501		6,674		8,175		9		8,166		12/18/14
	Odessa Way - Denver, CO		5,583			1,477		5,653		—		1,477		5,653		7,130		7		7,123		12/18/14
	West 53rd Place - Denver, CO		7,841			2,161		7,748		—		2,161		7,748		9,909		12		9,897		12/18/14
	West Evans - Denver, CO		3,519			657		3,826		—		657		3,826		4,483		5		4,478		12/18/14
	Chancellor Drive - Orlando, FL		8,547			2,166		10,016		—		2,166		10,016		12,182		16		12,166		12/18/14
	Kingspointe Parkway - Orlando, FL		7,540			2,148		8,578		—		2,148		8,578		10,726		16		10,710		12/18/14
	La Quinta Drive - Orlando, FL		5,223			1,811		6,678		—		1,811		6,678		8,489		11		8,478		12/18/14
	123rd Circle North - Tampa, FL		4,017			370		4,378		—		370		4,378		4,748		6		4,742		12/18/14
	Corporex Drive - Tampa, FL		4,566			968		4,993		—		968		4,993		5,961		10		5,951		12/18/14
	Eastgate Distribution Center - Tampa, FL		9,706			1,396		11,268		—		1,396		11,268		12,664		14		12,650		12/18/14
	New Tampa Commerce Center - Tampa, FL		11,871			1,544		11,499		—		1,544		11,499		13,043		22		13,021		12/18/14
	Atlanta Industrial Parkway 1 - Atlanta, GA		817			331		988		—		331		988		1,319		2		1,317		12/18/14
	Atlanta Industrial Parkway 2 - Atlanta, GA		2,355			758		2,037		—		758		2,037		2,795		4		2,791		12/18/14
	Atlanta Industrial Parkway 3 - Atlanta, GA		357			263		325		—		263		325		588		1		587		12/18/14
	Atlanta Industrial Parkway 4 - Atlanta, GA		2,890			886		3,249		—		886		3,249		4,135		6		4,129		12/18/14
	Atlanta Industrial Parkway 5 - Atlanta, GA		2,132			769		3,057		—		769		3,057		3,826		5		3,821		12/18/14
	Atwater Court 1 - Atlanta, GA		2,549			625		3,444		—		625		3,444		4,069		7		4,062		12/18/14
	Atwater Court 2 - Atlanta, GA		1,995			485		2,367		—		485		2,367		2,852		5		2,847		12/18/14
	Boatrock Blvd 1 - Atlanta, GA		1,375			424		1,744		—		424		1,744		2,168		3		2,165		12/18/14
	(Amounts in thousands)					Initial Cost				Costs Capitalized Subsequent to Acquisition		Gross Cost Basis at December 31, 2014 (1)						Accumulated Depreciation (2)		Net Carrying Amount
	Property Type and Location		Encumbrances			Land		Buildings and Improvements				Land		Buildings and Improvements		Total						Date of Acquisition
	Boatrock Blvd 2 - Atlanta, GA		713			260		796		—		260		796		1,056		1		1,055		12/18/14
	Boatrock Blvd 3 - Atlanta, GA		673			205		689		—		205		689		894		1		893		12/18/14
	Brook Hollow Distribution Center - Atlanta, GA		10,230			1,858		13,768		—		1,858		13,768		15,626		21		15,605		12/18/14
	Bucknell - Atlanta, GA		1,125			463		1,081		—		463		1,081		1,544		2		1,542		12/18/14
	Buford Highway - Atlanta, GA		7,157			1,208		9,274		—		1,208		9,274		10,482		13		10,469		12/18/14
	Button Gwinnett - Atlanta, GA		6,337			1,128		8,628		—		1,128		8,628		9,756		13		9,743		12/18/14
	Cedars Road - Atlanta, GA		5,827			1,212		5,833		—		1,212		5,833		7,045		7		7,038		12/18/14
	Cobb Parkway - Atlanta, GA		5,455			815		6,187		—		815		6,187		7,002		11		6,991		12/18/14
	Commerce Drive 1 - Atlanta, GA		2,391			467		3,077		—		467		3,077		3,544		5		3,539		12/18/14
	Commerce Drive 2 - Atlanta, GA		2,433			402		3,084		—		402		3,084		3,486		5		3,481		12/18/14
	Commerce Drive 3 - Atlanta, GA		2,347			529		2,849		—		529		2,849		3,378		5		3,373		12/18/14
	Commerce Park - Atlanta, GA		3,165			309		3,670		—		309		3,670		3,979		5		3,974		12/18/14
	Commerce Way - Atlanta, GA		2,111			309		2,878		—		309		2,878		3,187		4		3,183		12/18/14
	Corporate Drive 2 - Atlanta, GA		3,321			366		4,447		—		366		4,447		4,813		7		4,806		12/18/14
	Delk Road - Atlanta, GA		2,387			264		2,598		—		264		2,598		2,862		4		2,858		12/18/14
	Frederick Drive - Atlanta, GA		1,659			695		1,783		—		695		1,783		2,478		3		2,475		12/18/14
	Fulton - Atlanta, GA		1,221			584		1,341		—		584		1,341		1,925		2		1,923		12/18/14
	Great Southwest Pkwy 1 - Atlanta, GA		1,132			446		858		—		446		858		1,304		2		1,302		12/18/14
	Great Southwest Pkwy 2 - Atlanta, GA		1,416			934		1,239		—		934		1,239		2,173		3		2,170		12/18/14
	Great Southwest Pkwy 3 - Atlanta, GA		594			332		757		—		332		757		1,089		1		1,088		12/18/14
	Great Southwest Pkwy 4 - Atlanta, GA		625			276		400		—		276		400		676		1		675		12/18/14
	Great Southwest Pkwy 5 - Atlanta, GA		694			188		975		—		188		975		1,163		2		1,161		12/18/14
	Hamilton Mill Business Center - Atlanta, GA		7,003			1,002		8,629		—		1,002		8,629		9,631		12		9,619		12/18/14
	Interstate West Parkway - Atlanta, GA		2,279			700		3,217		—		700		3,217		3,917		5		3,912		12/18/14
Loyola Drive - Atlanta, GA		1,450			533		2,018		—		533		2,018		2,551		4		2,547		12/18/14
Meca Way - Atlanta, GA		2,754			420		3,536		—		420		3,536		3,956		5		3,951		12/18/14
Northwest Pkwy 1 - Atlanta, GA		2,044			281		3,099		—		281		3,099		3,380		5		3,375		12/18/14
Northwest Pkwy 2 - Atlanta, GA		3,578			437		5,445		—		437		5,445		5,882		8		5,874		12/18/14
Oakbrook 1 - Atlanta, GA		2,964			502		3,028		—		502		3,028		3,530		5		3,525		12/18/14
Oakbrook 2 - Atlanta, GA		2,636			468		2,886		—		468		2,886		3,354		4		3,350		12/18/14
Oakbrook 3 - Atlanta, GA		2,387			529		3,134		—		529		3,134		3,663		5		3,658		12/18/14
Oakbrook 4 - Atlanta, GA		4,891			684		5,310		—		684		5,310		5,994		8		5,986		12/18/14
Oakbrook Summit - Atlanta, GA		10,489			1,443		12,267		—		1,443		12,267		13,710		16		13,694		12/18/14
Old Peachtree Road - Atlanta, GA		2,941			611		3,535		—		611		3,535		4,146		6		4,140		12/18/14
Peachtree Business Center - Atlanta, GA		11,571			1,472		14,312		—		1,472		14,312		15,784		21		15,763		12/18/14
Phillip Lee Drive - Atlanta, GA		2,304			700		3,072		—		700		3,072		3,772		5		3,767		12/18/14
Pickens - Atlanta, GA		3,253			452		4,688		—		452		4,688		5,140		7		5,133		12/18/14
(Amounts in thousands)					Initial Cost				Costs Capitalized Subsequent to Acquisition		Gross Cost Basis at December 31, 2014 (1)						Accumulated Depreciation (2)		Net Carrying Amount
Property Type and Location		Encumbrances			Land		Buildings and Improvements				Land		Buildings and Improvements		Total						Date of Acquisition
Progress Center - Atlanta, GA		4,990			1,119		5,203		—		1,119		5,203		6,322		9		6,313		12/18/14
Satellite 1 - Atlanta, GA		6,614			1,338		7,492		—		1,338		7,492		8,830		13		8,817		12/18/14
Satellite 2 - Atlanta, GA		6,868			1,179		7,720		—		1,179		7,720		8,899		12		8,887		12/18/14
Satellite 3 - Atlanta, GA		4,162			651		4,526		—		651		4,526		5,177		8		5,169		12/18/14
Satellite 4 - Atlanta, GA		5,177			799		6,505		—		799		6,505		7,304		10		7,294		12/18/14
Satellite 5 - Atlanta, GA		4,637			1,571		6,898		—		1,571		6,898		8,469		13		8,456		12/18/14
Shackleford Road - Atlanta, GA		4,205			668		4,607		—		668		4,607		5,275		7		5,268		12/18/14
Shawnee Industrial Way 1 - Atlanta, GA		7,876			1,239		10,789		—		1,239		10,789		12,028		15		12,013		12/18/14
Shawnee Industrial Way 2 - Atlanta, GA		8,829			1,382		8,202		—		1,382		8,202		9,584		9		9,575		12/18/14
Shawnee Ridge 1 - Atlanta, GA		4,720			893		5,320		—		893		5,320		6,213		7		6,206		12/18/14
Shawnee Ridge 2 - Atlanta, GA		12,370			2,749		18,011		—		2,749		18,011		20,760		28		20,732		12/18/14
Summit Ridge 1 - Atlanta, GA		5,329			1,437		6,439		—		1,437		6,439		7,876		8		7,868		12/18/14
Summit Ridge 2 - Atlanta, GA		6,849			1,144		6,682		—		1,144		6,682		7,826		10		7,816		12/18/14
Summit Ridge 3 - Atlanta, GA		3,245			659		4,155		—		659		4,155		4,814		7		4,807		12/18/14
Tradeport I - Atlanta, GA		5,326			1,059		6,317		—		1,059		6,317		7,376		12		7,364		12/18/14
Tradeport II - Atlanta, GA		8,479			765		9,922		—		765		9,922		10,687		12		10,675		12/18/14
Transwest Industrial Park - Atlanta, GA		9,009			2,687		13,189		—		2,687		13,189		15,876		23		15,853		12/18/14
Troon Circle 1 - Atlanta, GA		3,873			877		5,281		—		877		5,281		6,158		8		6,150		12/18/14
Troon Circle 2 - Atlanta, GA		3,878			729		5,022		—		729		5,022		5,751		8		5,743		12/18/14
Troon Circle 3 - Atlanta, GA		4,132			859		5,309		—		859		5,309		6,168		8		6,160		12/18/14
Troon Circle 4 - Atlanta, GA		5,109			992		6,533		—		992		6,533		7,525		10		7,515		12/18/14
Wesleyan Drive - Atlanta, GA		706			317		721		—		317		721		1,038		2		1,036		12/18/14
122nd Street - Chicago, IL		2,495			1,213		2,786		—		1,213		2,786		3,999		5		3,994		12/18/14
171st Street - Chicago, IL		2,012			1,113		1,162		—		1,113		1,162		2,275		4		2,271		12/18/14
Armory 1 - Chicago, IL		2,030			835		1,052		—		835		1,052		1,887		3		1,884		12/18/14
Armory 2 - Chicago, IL		835			614		1,036		—		614		1,036		1,650		4		1,646		12/18/14
Austin Avenue - Chicago, IL		3,341			1,431		2,194		—		1,431		2,194		3,625		5		3,620		12/18/14
Corporate Drive 1 - Chicago, IL		3,130			730		3,667		—		730		3,667		4,397		9		4,388		12/18/14
Crosslink - Chicago, IL		9,728			1,531		9,267		—		1,531		9,267		10,798		15		10,783		12/18/14
Crystal Lake 1 - Chicago, IL		4,916			1,908		7,281		—		1,908		7,281		9,189		12		9,177		12/18/14
Crystal Lake 2 - Chicago, IL		5,171			1,501		6,012		—		1,501		6,012		7,513		10		7,503		12/18/14
Crystal Lake 3 - Chicago, IL		5,381			1,622		6,994		—		1,622		6,994		8,616		13		8,603		12/18/14
Crystal Lake 4 - Chicago, IL		5,785			1,525		5,749		—		1,525		5,749		7,274		10		7,264		12/18/14
East North Avenue - Chicago, IL		2,631			879		2,248		—		879		2,248		3,127		5		3,122		12/18/14
Exchange Avenue - Chicago, IL		10,909			2,977		5,501		—		2,977		5,501		8,478		8		8,470		12/18/14
Fenton - Chicago, IL		5,283			1,217		6,047		—		1,217		6,047		7,264		9		7,255		12/18/14
Frontenac 1 - Chicago, IL		3,351			784		3,490		—		784		3,490		4,274		6		4,268		12/18/14
(Amounts in thousands)					Initial Cost				Costs Capitalized Subsequent to Acquisition		Gross Cost Basis at December 31, 2014 (1)						Accumulated Depreciation (2)		Net Carrying Amount
Property Type and Location		Encumbrances			Land		Buildings and Improvements				Land		Buildings and Improvements		Total						Date of Acquisition
Frontenac 2 - Chicago, IL		1,420			401		1,419		—		401		1,419		1,820		2		1,818		12/18/14
Glen Ellyn - Chicago, IL		3,176			1,035		2,656		—		1,035		2,656		3,691		5		3,686		12/18/14
Hammond - Chicago, IL		1,857			776		1,492		—		776		1,492		2,268		4		2,264		12/18/14
Harvester Road - Chicago, IL		6,150			2,260		5,477		—		2,260		5,477		7,737		12		7,725		12/18/14
Industrial Drive - Chicago, IL		5,713			1,102		6,848		—		1,102		6,848		7,950		10		7,940		12/18/14
Kingsland Drive - Chicago, IL		2,939			1,489		2,506		—		1,489		2,506		3,995		4		3,991		12/18/14
Kirk Road - Chicago, IL		3,640			1,787		4,062		—		1,787		4,062		5,849		9		5,840		12/18/14
Lunt Avenue - Chicago, IL		1,879			563		1,887		—		563		1,887		2,450		3		2,447		12/18/14
Mason Avenue - Chicago, IL		2,686			722		1,825		—		722		1,825		2,547		4		2,543		12/18/14
Meade Avenue - Chicago, IL		688			391		351		—		391		351		742		2		740		12/18/14
Mount Prospect Road - Chicago, IL		4,698			1,662		6,392		—		1,662		6,392		8,054		11		8,043		12/18/14
Northwest Avenue - Chicago, IL		8,220			1,758		10,016		—		1,758		10,016		11,774		14		11,760		12/18/14
Paramount Pkwy 1 - Chicago, IL		2,255			506		2,284		—		506		2,284		2,790		5		2,785		12/18/14
Paramount Pkwy 2 - Chicago, IL		1,860			523		1,812		—		523		1,812		2,335		3		2,332		12/18/14
Powis Road 1 - Chicago, IL		4,062			893		3,742		—		893		3,742		4,635		6		4,629		12/18/14
Powis Road 2 - Chicago, IL		3,299			1,071		3,801		—		1,071		3,801		4,872		8		4,864		12/18/14
Territorial Court - Chicago, IL		3,767			531		3,919		—		531		3,919		4,450		6		4,444		12/18/14
Tollgate Road - Chicago, IL		3,714			756		4,029		—		756		4,029		4,785		6		4,779		12/18/14
Continental Can - Kansas City, KS		5,757			790		6,277		—		790		6,277		7,067		9		7,058		12/18/14
31st Avenue - Minneapolis, MN		8,240			1,515		9,054		—		1,515		9,054		10,569		16		10,553		12/18/14
Armstrong 1 - Minneapolis, MN		6,989			984		8,489		—		984		8,489		9,473		14		9,459		12/18/14
Armstrong 2 - Minneapolis, MN		7,217			891		8,035		—		891		8,035		8,926		12		8,914		12/18/14
Aspen Distribution - Minneapolis, MN		3,355			1,022		2,763		—		1,022		2,763		3,785		7		3,778		12/18/14
Diamond Lake Industrial Center II - Minneapolis, MN		2,813			729		2,716		—		729		2,716		3,445		6		3,439		12/18/14
Freeway IV - Minneapolis, MN		1,592			1,216		909		—		1,216		909		2,125		1		2,124		12/18/14
Fridley Industrial Park - Minneapolis, MN		8,557			971		9,429		—		971		9,429		10,400		13		10,387		12/18/14
Midway Distribution Center - Minneapolis, MN		11,099			1,863		11,771		—		1,863		11,771		13,634		17		13,617		12/18/14
South Diamond Lake - Minneapolis, MN		4,011			666		3,473		—		666		3,473		4,139		6		4,133		12/18/14
Twinlakes I - Minneapolis, MN		2,587			830		2,448		—		830		2,448		3,278		6		3,272		12/18/14
Airworld 107th Terrace - Kansas City, MO		2,880			600		3,407		—		600		3,407		4,007		7		4,000		12/18/14
Airworld Building 1 - Kansas City, MO		4,541			893		5,691		—		893		5,691		6,584		10		6,574		12/18/14
Airworld Building 2 - Kansas City, MO		4,659			748		5,069		—		748		5,069		5,817		8		5,809		12/18/14
Levee - Kansas City, MO		5,647			1,387		4,413		—		1,387		4,413		5,800		9		5,791		12/18/14
North Topping Avenue - Kansas City, MO		2,971			713		3,256		—		713		3,256		3,969		6		3,963		12/18/14
Quebec - Kansas City, MO		7,221			1,193		7,778		—		1,193		7,778		8,971		20		8,951		12/18/14
Saline - Kansas City, MO		3,218			676		2,955		—		676		2,955		3,631		6		3,625		12/18/14
Warren Street - Kansas City, MO		6,271			1,351		6,727		—		1,351		6,727		8,078		11		8,067		12/18/14
(Amounts in thousands)					Initial Cost				Costs Capitalized Subsequent to Acquisition		Gross Cost Basis at December 31, 2014 (1)						Accumulated Depreciation (2)		Net Carrying Amount
Property Type and Location		Encumbrances			Land		Buildings and Improvements				Land		Buildings and Improvements		Total						Date of Acquisition
Axminister - St. Louis, MO		7,720			1,328		8,468		—		1,328		8,468		9,796		14		9,782		12/18/14
Corporate Exchange - St. Louis, MO		4,310			835		3,479		—		835		3,479		4,314		7		4,307		12/18/14
Corporate Woods V - St. Louis, MO		5,931			1,348		5,724		—		1,348		5,724		7,072		10		7,062		12/18/14
Crossroads Industrial - St. Louis, MO		2,599			659		3,173		—		659		3,173		3,832		6		3,826		12/18/14
Mid-County Industrial Dr 1 - St. Louis, MO		3,106			587		2,439		—		587		2,439		3,026		4		3,022		12/18/14
Mid-County Industrial Dr 2 - St. Louis, MO		2,981			494		2,186		—		494		2,186		2,680		5		2,675		12/18/14
Rider Trail North - St. Louis, MO		4,710			1,448		5,650		—		1,448		5,650		7,098		11		7,087		12/18/14
Trane Distribution Center - St. Louis, MO		10,119			2,114		12,583		—		2,114		12,583		14,697		20		14,677		12/18/14
Home Depot - North Jersey, NJ		9,329			7,868		6,514		—		7,868		6,514		14,382		17		14,365		12/18/14
Connecticut - South Jersey, NJ		1,964			662		1,946		—		662		1,946		2,608		5		2,603		12/18/14
Delran Parkway - South Jersey, NJ		1,882			579		2,778		—		579		2,778		3,357		5		3,352		12/18/14
Freeway Drive 1 - South Jersey, NJ		2,132			354		2,460		—		354		2,460		2,814		4		2,810		12/18/14
Freeway Drive 2 - South Jersey, NJ		1,832			399		3,110		—		399		3,110		3,509		5		3,504		12/18/14
Imperial Way Land - South Jersey, NJ		150			304		—		—		304		—		304		—		304		12/18/14
Mid-Atlantic Corp 1 - South Jersey, NJ		1,589			279		2,260		—		279		2,260		2,539		3		2,536		12/18/14
Mid-Atlantic Corp 2 - South Jersey, NJ		2,204			587		2,638		—		587		2,638		3,225		5		3,220		12/18/14
Mid-Atlantic Corp 3 - South Jersey, NJ		2,156			264		2,530		—		264		2,530		2,794		4		2,790		12/18/14
Mid-Atlantic Corp 4 - South Jersey, NJ		2,648			228		3,226		—		228		3,226		3,454		4		3,450		12/18/14
Mid-Atlantic Corp 5 - South Jersey, NJ		4,802			736		7,158		—		736		7,158		7,894		10		7,884		12/18/14
Mid-Atlantic Corp 6 - South Jersey, NJ		1,394			263		1,576		—		263		1,576		1,839		3		1,836		12/18/14
Mid-Atlantic Corp 7 - South Jersey, NJ		1,301			283		2,334		—		283		2,334		2,617		4		2,613		12/18/14
Mid-Atlantic Corp 8 - South Jersey, NJ		1,918			613		2,496		—		613		2,496		3,109		5		3,104		12/18/14
Mid-Atlantic Corp 9 - South Jersey, NJ		1,337			546		1,615		—		546		1,615		2,161		4		2,157		12/18/14
Mid-Atlantic Corp 10 - South Jersey, NJ		2,134			292		2,235		—		292		2,235		2,527		4		2,523		12/18/14
Mid-Atlantic Corp 11 - South Jersey, NJ		1,752			316		2,225		—		316		2,225		2,541		4		2,537		12/18/14
Mid-Atlantic Corp 12 - South Jersey, NJ		2,438			511		3,140		—		511		3,140		3,651		8		3,643		12/18/14
Mid-Atlantic Grandview - South Jersey, NJ		1,903			245		2,191		—		245		2,191		2,436		3		2,433		12/18/14
Mid-Atlantic Imperial - South Jersey, NJ		2,185			547		2,614		—		547		2,614		3,161		5		3,156		12/18/14
Pedricktown Commons - South Jersey, NJ		9,019			1,259		12,209		—		1,259		12,209		13,468		21		13,447		12/18/14
East Central Ohio Business Park - Columbus, OH		—			453		9,815		—		453		9,815		10,268		334		9,934		7/31/14
Dunks Ferry - Philadelphia, PA		3,165			558		3,574		—		558		3,574		4,132		6		4,126		12/18/14
Frost - Philadelphia, PA		4,803			637		5,481		—		637		5,481		6,118		9		6,109		12/18/14
Imperial Court - Philadelphia, PA		3,878			1,046		5,002		—		1,046		5,002		6,048		8		6,040		12/18/14
Marshall - Philadelphia, PA		3,994			780		4,623		—		780		4,623		5,403		8		5,395		12/18/14
Sinclair - Philadelphia, PA		4,109			902		5,594		—		902		5,594		6,496		10		6,486		12/18/14
Malone Distribution Center 1 - Memphis, TN		1,788			435		2,143		—		435		2,143		2,578		5		2,573		12/18/14
Malone Distribution Center 2 - Memphis, TN		1,714			480		2,265		—		480		2,265		2,745		8		2,737		12/18/14
(Amounts in thousands)					Initial Cost				Costs Capitalized Subsequent to Acquisition		Gross Cost Basis at December 31, 2014 (1)						Accumulated Depreciation (2)		Net Carrying Amount
Property Type and Location		Encumbrances			Land		Buildings and Improvements				Land		Buildings and Improvements		Total						Date of Acquisition
Malone Distribution Center 3 - Memphis, TN		1,307			252		1,429		—		252		1,429		1,681		3		1,678		12/18/14
Cameron Road Corporate Park - Austin, TX		9,631			1,943		11,215		—		1,943		11,215		13,158		18		13,140		12/18/14
Rutland 1 - Austin, TX		3,584			722		3,562		—		722		3,562		4,284		5		4,279		12/18/14
Rutland 2 - Austin, TX		2,843			509		2,673		—		509		2,673		3,182		4		3,178		12/18/14
Alpha Road - Dallas, TX		2,061			525		4,278		—		525		4,278		4,803		6		4,797		12/18/14
Avenue N - Dallas, TX		4,859			1,302		6,797		—		1,302		6,797		8,099		10		8,089		12/18/14
Avenue R - Dallas, TX		1,322			478		2,495		—		478		2,495		2,973		4		2,969		12/18/14
Billy Mitchell 1 - Dallas, TX		1,047			255		1,326		—		255		1,326		1,581		2		1,579		12/18/14
Billy Mitchell 2 - Dallas, TX		1,245			255		1,702		—		255		1,702		1,957		3		1,954		12/18/14
Bradley Lane - Dallas, TX		1,764			604		2,127		—		604		2,127		2,731		3		2,728		12/18/14
Capital Avenue - Dallas, TX		1,063			269		1,277		—		269		1,277		1,546		2		1,544		12/18/14
Carter Drive - Dallas, TX		2,053			829		2,018		—		829		2,018		2,847		4		2,843		12/18/14
Carter Industrial Park - Dallas, TX		2,409		`	760		3,061		—		760		3,061		3,821		5		3,816		12/18/14
Century - Dallas, TX		5,129			1,584		4,713		—		1,584		4,713		6,297		11		6,286		12/18/14
Country Club Drive - Dallas, TX		5,937			1,086		6,320		—		1,086		6,320		7,406		9		7,397		12/18/14
Crossroads I - Dallas, TX		3,248			970		5,431		—		970		5,431		6,401		9		6,392		12/18/14
Crossroads II - Dallas, TX		2,726			525		3,695		—		525		3,695		4,220		7		4,213		12/18/14
Crown Drive - Dallas, TX		2,396			905		3,123		—		905		3,123		4,028		7		4,021		12/18/14
East Avenue E - Dallas, TX		1,998			575		1,872		—		575		1,872		2,447		3		2,444		12/18/14
Exchange Drive - Dallas, TX		1,673			448		1,919		—		448		1,919		2,367		3		2,364		12/18/14
Hilltop - Dallas, TX		2,728			575		3,165		—		575		3,165		3,740		6		3,734		12/18/14
Jetstar Drive - Dallas, TX		1,689			308		1,929		—		308		1,929		2,237		3		2,234		12/18/14
Kellway Drive - Dallas, TX		1,352			256		1,594		—		256		1,594		1,850		3		1,847		12/18/14
Kelly 1 - Dallas, TX		4,516			1,036		5,573		—		1,036		5,573		6,609		8		6,601		12/18/14
Kelly 2 - Dallas, TX		7,699			2,167		9,289		—		2,167		9,289		11,456		14		11,442		12/18/14
Langland - Dallas, TX		4,787			1,475		4,672		—		1,475		4,672		6,147		6		6,141		12/18/14
Miller Road - Dallas, TX		1,337			344		1,642		—		344		1,642		1,986		3		1,983		12/18/14
Plano Business Center - Dallas, TX		14,228			2,485		18,402		—		2,485		18,402		20,887		29		20,858		12/18/14
Plaza 35-1 - Dallas, TX		4,423			2,455		4,975		—		2,455		4,975		7,430		12		7,418		12/18/14
Plaza 35-2 - Dallas, TX		7,074			2,256		7,820		—		2,256		7,820		10,076		15		10,061		12/18/14
Rafe Street - Dallas, TX		2,105			554		2,511		—		554		2,511		3,065		4		3,061		12/18/14
Red Bird - Dallas, TX		2,222			539		1,986		—		539		1,986		2,525		4		2,521		12/18/14
Santa Anna - Dallas, TX		3,473			961		1,629		—		961		1,629		2,590		4		2,586		12/18/14
Shiloh Road - Dallas, TX		4,732			1,271		6,511		—		1,271		6,511		7,782		11		7,771		12/18/14
Skylane Drive 1 - Dallas, TX		5,045			863		6,648		—		863		6,648		7,511		10		7,501		12/18/14
Skylane Drive 2 - Dallas, TX		1,206			256		1,649		—		256		1,649		1,905		3		1,902		12/18/14
Skyway Circle North - Dallas, TX		2,991			541		3,127		—		541		3,127		3,668		6		3,662		12/18/14
(Amounts in thousands)					Initial Cost				Costs Capitalized Subsequent to Acquisition		Gross Cost Basis at December 31, 2014 (1)						Accumulated Depreciation (2)		Net Carrying Amount
Property Type and Location		Encumbrances			Land		Buildings and Improvements				Land		Buildings and Improvements		Total						Date of Acquisition
Sterling - Dallas, TX		5,104			1,473		5,906		—		1,473		5,906		7,379		10		7,369		12/18/14
Valley View - Dallas, TX		5,615			1,453		6,141		—		1,453		6,141		7,594		10		7,584		12/18/14
Valwood Industrial Center - Dallas, TX		4,973			1,032		7,681		—		1,032		7,681		8,713		10		8,703		12/18/14
Vantage Drive - Dallas, TX		12,070			2,900		13,997		—		2,900		13,997		16,897		22		16,875		12/18/14
Wallace Drive 1 - Dallas, TX		4,303			1,004		6,788		—		1,004		6,788		7,792		12		7,780		12/18/14
Wallace Drive 2 - Dallas, TX		5,123			1,030		6,766		—		1,030		6,766		7,796		8		7,788		12/18/14
Wallace Drive 3 - Dallas, TX		6,118			973		6,404		—		973		6,404		7,377		10		7,367		12/18/14
Wallace Drive 4 - Dallas, TX		4,254			1,295		4,662		—		1,295		4,662		5,957		10		5,947		12/18/14
Wallace Drive 5 - Dallas, TX		4,735			1,032		5,274		—		1,032		5,274		6,306		10		6,296		12/18/14
West Crosby - Dallas, TX		2,488			558		2,996		—		558		2,996		3,554		6		3,548		12/18/14
West North Carrier - Dallas, TX		6,225			1,999		8,508		—		1,999		8,508		10,507		12		10,495		12/18/14
West Royal Lane - Dallas, TX		5,263			—		8,978		—		—		8,978		8,978		13		8,965		12/18/14
West Trinity Mills - Dallas, TX		2,298			867		3,689		—		867		3,689		4,556		7		4,549		12/18/14
Air Center Business Park - Houston, TX		13,498			2,084		16,343		—		2,084		16,343		18,427		23		18,404		12/18/14
Chisholm Trail - Houston, TX		3,567			979		4,550		—		979		4,550		5,529		7		5,522		12/18/14
Freeport Ninety Business Center - Houston, TX		23,003			4,429		27,710		—		4,429		27,710		32,139		40		32,099		12/18/14
Heathrow Forest Parkway - Houston, TX		4,269			1,351		4,485		—		1,351		4,485		5,836		7		5,829		12/18/14
North Shepherd Business Center - Houston, TX		4,634			1,541		5,473		—		1,541		5,473		7,014		10		7,004		12/18/14
Oakhollow Business Center - Houston, TX		4,469			1,234		6,231		—		1,234		6,231		7,465		9		7,456		12/18/14
Pinemont Business Center - Houston, TX		4,244			869		5,609		—		869		5,609		6,478		9		6,469		12/18/14
South Trade Center - Houston, TX		7,306			2,199		8,805		—		2,199		8,805		11,004		13		10,991		12/18/14
Sugar Land Business Center - Houston, TX		18,508			2,823		23,543		—		2,823		23,543		26,366		32		26,334		12/18/14
Westhollow - Houston, TX		5,771			1,982		6,634		—		1,982		6,634		8,616		12		8,604		12/18/14
Wingfoot Road - Houston, TX		4,236			1,216		4,454		—		1,216		4,454		5,670		7		5,663		12/18/14
Bridger Road - Salt Lake City, UT		2,213			651		2,852		—		651		2,852		3,503		4		3,499		12/18/14
Fremont Drive 1 - Salt Lake City, UT		2,367			674		2,473		—		674		2,473		3,147		4		3,143		12/18/14
Fremont Drive 2 - Salt Lake City, UT		3,155			1,312		3,809		—		1,312		3,809		5,121		7		5,114		12/18/14
Pentagon Centennial - Salt Lake City, UT		4,481			615		6,240		—		615		6,240		6,855		8		6,847		12/18/14
South 3600 West Street - Salt Lake City, UT		4,508			1,329		5,645		—		1,329		5,645		6,974		8		6,966		12/18/14
Summit Distribution Center - Salt Lake City, UT		10,860			2,535		14,253		—		2,535		14,253		16,788		20		16,768		12/18/14
West 1700 South - Salt Lake City, UT		3,100			794		3,055		—		794		3,055		3,849		4		3,845		12/18/14
West 2100 South Street - Salt Lake City, UT		797			346		492		—		346		492		838		2		836		12/18/14
West 2400 South Street - Salt Lake City, UT		4,612			1,133		6,359		—		1,133		6,359		7,492		9		7,483		12/18/14
West Custer Road 1 - Salt Lake City, UT		1,715			586		2,108		—		586		2,108		2,694		3		2,691		12/18/14
West Custer Road 2 - Salt Lake City, UT		1,951			526		2,208		—		526		2,208		2,734		4		2,730		12/18/14
West Custer Road 3 - Salt Lake City, UT		583			315		706		—		315		706		1,021		1		1,020		12/18/14
West Custer Road 4 - Salt Lake City, UT		3,917			1,025		4,757		—		1,025		4,757		5,782		7		5,775		12/18/14
(Amounts in thousands)					Initial Cost				Costs Capitalized Subsequent to Acquisition		Gross Cost Basis at December 31, 2014 (1)						Accumulated Depreciation (2)		Net Carrying Amount
Property Type and Location		Encumbrances			Land		Buildings and Improvements				Land		Buildings and Improvements		Total						Date of Acquisition
West Custer Road 5 - Salt Lake City, UT		602			328		828		—		328		828		1,156		1		1,155		12/18/14
West Technology Drive - Salt Lake City, UT		6,083			1,847		7,209		—		1,847		7,209		9,056		11		9,045		12/18/14
100th Street - Chicago, WI		7,601			1,777		6,842		—		1,777		6,842		8,619		12		8,607		12/18/14
Office Properties:
Pima Center - Scottsdale, AZ		—			—		14,130		—		—		14,130		14,130		280		13,850		6/24/14
Excelsior Crossings - Hopkins, MN		88,000			8,319		104,367		—		8,319		104,367		112,686		3,749		108,937		12/9/13
		$	1,176,500		$	265,263	$	1,385,155	$	—	$	265,263	$	1,385,155	$	1,650,418	$	6,421	$	1,643,997
__________
-1	The aggregate gross cost of property included above for federal income tax purposes is approximately $1,597.4 million as of December 31, 2014.
-2	Depreciation is calculated using a useful life of 7 to 40 years for buildings and improvements.
The following tables summarize the activity in real estate and accumulated depreciation:
		Year Ended December 31,
(in thousands)		2014			2013		2012
Total gross amount of real estate held at January 1		$	112,686		$	—	$	—
Acquisitions of real estate		1,537,732			112,686		—
Total gross amount of real estate held at December 31		$	1,650,418		$	112,686	$	—
		Year Ended December 31,
(in thousands)		2014			2013		2012
Accumulated depreciation at January 1		$	218		$	—	$	—
Depreciation of real estate		6,203			218		—
Accumulated depreciation at December 31		$	6,421		$	218	$	—

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	SCHEDULE IV—MORTGAGE LOANS ON REAL ESTATE
	December 31, 2014
	(Amounts in thousands)
	Loan / Collateral Description / Location		Number of Loans	Prior		Payment	Principal (3)		Carrying		Interest	Maturity Date Range
				Liens(1)		Terms(2)			Amount (3)		Rate Range
	First mortgages:
	Hotel - Various, USA		5	$	—	both	$	110,637	$	109,474	4.00% - 11.21%	December 2015 - January 2017
	Industrial - NV, USA		1	—		I/O	5,140		5,097		5.41%	Oct-17
	Mixed Use - Various, USA		2	—		I/O	117,461		117,314		2.67% - 8.16%	January 2015 - October 2016
	Multifamily - Various, USA		348	—		both	568,436		555,536		2.32% - 8.61%	July 2015 - April 2038
	Office - Madrid, Spain (4)		3	—		P&I	95,888		62,053		1.02% - 2.58%	February 2015 - August 2017
	Office - Various, USA		15	—		I/O	243,944		241,793		4.66% - 9.16%	November 2015 - January 2018
	Retail - Murcia, Spain (4)		1	—		P&I	161,526		103,415		1.27%	Aug-16
	Retail - Various, USA		9	—		I/O	242,180		240,991		5.66% - 11.66%	October 2015 - May 2017
	Various - Various, USA		5	—		both	101,822		100,277		6.00% - 10.16%	October 2016 - November 2024
	Subordinated debt and mezzanine:
	Healthcare - CA, USA		1	32,148		P&I	88,408		86,567		9.27%	Dec-17
	Hotel - Hawaii, USA		1	86,707		I/O	42,707		42,707		11.00%	Feb-19
	Hotel - Various, USA		2	775,000		I/O	330,189		328,492		7.66% - 11.23%	Jun-16
	Multifamily - Various, USA		2	31,423		both	5,849		5,789		6.43% - 9.45%	November 2023 - August 2024
	Retail - Doncaster, UK (4)		1	155,770		I/O	77,885		77,885		10.00%	Aug-19
	Retail - Various, USA		2	231,983		both	54,968		53,744		5.74% - 10.50%	December 2015 - April 2024
			398	$	1,313,031		$	2,247,040	$	2,131,134
	__________
	-1	Prior liens represent loan amounts owned by third parties that are senior to the Company’s subordinated or mezzanine positions and are approximate.
	-2	P&I =rincipal and interest; I/O =nterest only
	-3	Loans whose carrying values are individually less than 3% of the total carrying amount have been aggregated according to collateral type and location.
	-4	Loans denominated in foreign currencies are translated at the spot rate of exchange as of December 31, 2014.

Significant_Accounting_Policie1

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation
	The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The accompanying consolidated financial statements include the accounts of the Company and its controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated. The portions of the equity, net income and other comprehensive income of consolidated subsidiaries that are not attributable to the parent are presented separately as amounts attributable to noncontrolling interests in the consolidated financial statements. A substantial portion of noncontrolling interests represent interests held by private investment funds or other investment vehicles managed by Colony Capital or its affiliates ("Co-Investment Funds").
	The Company consolidates entities in which it retains a controlling financial interest or entities that meet the definition of a variable interest entity (“VIE”) for which the Company is deemed to be the primary beneficiary. In performing its analysis of whether it is the primary beneficiary, at initial investment and at each quarterly reporting period, the Company considers whether it individually has the power to direct the activities of the VIE that most significantly affect the entity’s performance and also has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company also considers whether it is a member of a related party group that collectively meets the power and benefits criteria and, if so, whether the Company is most closely associated with the VIE. In making that determination, the Company considers both qualitative and quantitative factors, including, but not limited to: the amount and characteristics of its investment relative to other investors; the obligation or likelihood for the Company or other investors to fund operating losses of the VIE; the Company’s and the other investors’ ability to control or significantly influence key decisions for the VIE, and the similarity and significance of the VIE’s business activities to those of the Company and the other investors. The determination of whether an entity is a VIE, and whether the Company is the primary beneficiary, involves significant judgment, including the determination of which activities most significantly affect the entities’ performance, estimates about the current and future fair values and performance of assets held by the VIE and/or general market conditions.
Use of Estimates	Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents
	For purposes of reporting cash flows, the Company considers short-term, highly liquid investments with original maturities of three months or less to be cash equivalents. The Company did not have any cash equivalents at December 31, 2014 and 2013. The Company maintains its cash accounts in a number of commercial banks. At various times during the year, the Company had deposits in excess of federally insured limits.
Business Combinations	Business Combinations
	The Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. Transaction costs related to acquisitions that are not deemed to be businesses are included in the cost basis of the acquired assets, while transaction costs related to acquisitions that are deemed to be businesses are expensed as incurred. Net cash paid to acquire operating properties or businesses is classified as investing activities on the accompanying statements of cash flows.
	The Company accounts for business combinations by applying the acquisition method, which requires that it recognize and measure the identifiable assets acquired, liabilities assumed and noncontrolling interests at their estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets and liabilities.
	Real estate acquisitions are recorded at the fair values of the acquired components at the time of acquisition, allocated among land, building, improvements, equipment, lease-related tangible and identifiable intangible assets and liabilities, such as tenant improvements, deferred leasing costs, in-place lease values, above- and below-market lease values.
	The estimated fair value of acquired land is derived from recent comparable sales of land and listings within the same local region based on available market data. The estimated fair value of acquired buildings and building improvements is derived from comparable sales, discounted cash flow analysis using market-based assumptions, or replacement cost, as appropriate. The fair value of site and tenant improvements is estimated based upon current market replacement costs and other relevant market rate information.
	In-place leases generate value over and above the tangible real estate because a property that is occupied with leased space is typically worth more than a vacant building without an operating lease contract in place. The estimated fair value of acquired in-place leases is derived based on management's assessment of lost rental income and tenant reimbursements that would be incurred to lease a hypothetically vacant building to its actual existing occupancy level on the valuation date. The net amount recorded for acquired in-place leases is included in intangible assets on the accompanying balance sheets and amortized on a straight-line basis as an increase to depreciation and amortization expense over the remaining term of the applicable leases.
	The estimated fair value of the above- or below-market component of acquired leases represents the present value of the difference between contractual rents of acquired leases and market rents at the time of the acquisition, discounted for tenant credit risks. Above- or below-market operating lease values are amortized on a straight-line basis as a decrease or increase to rental income, respectively, over the applicable lease terms. Above- or below-market ground lease obligations are amortized on a straight-line basis as a decrease or increase to rent expense, respectively, over the applicable lease terms.
	In-place leasing costs represent management's estimation of the avoided leasing commissions and legal fees associated with an existing in-place lease. The net amount is included in intangible assets on the accompanying balance sheets and amortized on a straight-line basis as an increase to depreciation and amortization expense over the remaining term of the applicable lease.
	Fair values of these components generally rely on Level 2 or Level 3 inputs of the fair value hierarchy (see —Fair Value Measurement).
	Goodwill is allocated to reporting units for purposes of evaluating whether goodwill is impaired. The Company tests goodwill for impairment at the reporting unit level at least on an annual basis, or more frequently if events or changes in circumstances occur that would more likely than not reduce the fair value of a reporting unit below its carrying value. Goodwill impairment tests require judgment, including the identification of reporting units, assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and determination of the fair value of each reporting unit.
Loans Receivable	Loans Receivable
	The Company originates and purchases loans receivable. Originated loans are recorded at amortized cost, or the outstanding unpaid principal balance (“UPB”) less net deferred loan fees. Net deferred loan fees include unamortized origination and other fees charged to the borrower less direct incremental loan origination costs incurred by the Company. Purchased loans are recorded at amortized cost, or the UPB less unamortized purchase discount. Costs to purchase loans are expensed as incurred. Interest income is recognized based upon the contractual rate and the outstanding principal balance of the loans. Purchase discount or net deferred loan fees are amortized over the expected life of the loans using the effective yield method except on revolving loans, for which the straight-line method is used. When a loan is prepaid, prepayment fees and any excess of proceeds over the carrying amount of the loan are recognized as additional interest income. Loans that the Company has the intent and ability to hold for the foreseeable future are classified as held-for-investment.
	Loans Held for Sale—Loans held for sale are loans that the Company intends to sell or liquidate in the foreseeable future and are carried at the lower of amortized cost or fair value.
	Past Due Loans—The Company places loans on nonaccrual status when any portion of principal or interest is more than 90 days past due, or earlier when concern exists as to the ultimate collection of principal or interest. When a loan is placed on nonaccrual status, the Company reverses the accrual for unpaid interest and does not recognize interest income until the cash is received and the loan returns to accrual status. Generally, a loan may be returned to accrual status when all delinquent principal and interest are brought current in accordance with the terms of the loan agreement and the borrower has met certain performance criteria.
	Impairment and Allowance for Loan Losses—The Company regularly analyzes the extent and effect of any credit migration from underwriting and the initial investment review associated with a loan’s performance and/or value of underlying collateral as well as the financial and operating capability of the borrower/sponsor. Specifically, a property’s operating results and any cash reserves are analyzed and used to assess (i) whether cash from operations are sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan, and/or (iii) the property’s liquidation value. Where applicable, the Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties.  Such analysis is performed at least quarterly, or more often as needed when impairment indicators are present. The Company does not utilize a statistical credit rating system to monitor and assess the credit risk and investment quality of its acquired or originated loans. Given the diversity of the Company's portfolio, management believes there is no consistent method of assigning a numerical rating to a particular loan that captures all of the various credit metrics and their relative importance. Therefore, the Company evaluates impairment and allowance for loan loss on an individual loan basis.
	A loan is considered to be impaired when it is probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan agreement. A loan is also considered to be impaired if it has been restructured in a troubled debt restructuring (“TDR”) involving a modification of terms as a concession resulting from the debtor’s financial difficulties. The Company measures impairment based on the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. If the loan valuation is less than the recorded investment in the loan, a valuation allowance is established with a corresponding charge to allowance for loan loss.
	Purchased Credit-Impaired ("PCI") Loans—PCI loans are acquired loans with evidence of credit quality deterioration since origination for which it is probable at acquisition that the Company will collect less than the contractually required payments. PCI loans are recorded at the initial investment in the loans and accreted to the estimated cash flows expected to be collected measured at acquisition date. The excess of cash flows expected to be collected measured at acquisition date over the initial investment (“accretable yield”) is recognized in interest income over the remaining life of the loan using the effective interest method. The excess of contractually required payments at the acquisition date over expected cash flows (“nonaccretable difference”) is not recognized as an adjustment of yield, loss accrual or valuation allowance. The Company evaluates estimated future cash flows on a quarterly basis, starting with the first full quarter after acquisition, or earlier if conditions indicating impairment are present. Subsequent increases in cash flows expected to be collected are recognized prospectively through an adjustment to the loan’s accretable yield over its remaining life, which may result in a reclassification from nonaccretable difference to accretable yield. Subsequent decreases in cash flows expected to be collected are evaluated to determine whether a provision for loan loss should be established. If decreases in expected cash flows result in a decrease in the estimated fair value of the loan below its amortized cost, the Company records a provision for loan losses calculated as the difference between the loan’s amortized cost and the revised cash flows, discounted at the loan’s effective yield.
	PCI loans may be aggregated into pools based upon common risk characteristics, such as loan performance, collateral type and/or geographic location of the collateral. Once a loan pool is identified, a composite yield and estimate of cash flows expected to be collected (including expected prepayments) are used to recognize interest income. A loan resolution within a loan pool, which may involve the sale of the loan or foreclosure on the underlying collateral, results in the removal of an allocated carrying amount. A loan modified within a loan pool remains in the loan pool, with the effect of the modification incorporated into the expected future cash flows.
	Acquisition, Development and Construction ("ADC") Loan Arrangements—The Company provides loans to third party developers for the acquisition, development and construction of real estate. Under an ADC arrangement, the Company participates in the expected residual profits of the project through the sale, refinancing or other use of the property. The Company evaluates the characteristics of each ADC arrangement including its risks and rewards to determine whether they are more similar to those associated with a loan or an investment in real estate. ADC arrangements with characteristics implying loan classification are presented as loans receivable and result in the recognition of interest income. ADC arrangements with characteristics implying real estate joint ventures are presented as investments in unconsolidated joint ventures and are accounted for using the equity method. The classification of each ADC arrangement as either loan receivable or real estate joint venture involves significant judgment and relies on various factors, including market conditions, amount and timing of expected residual profits, credit enhancements in the form of guaranties, estimated fair value of the collateral, significance of borrower equity in the project, among others. The classification of ADC arrangements is performed at inception, and periodically reassessed when significant changes occur in the circumstances or conditions described above.
Investment in Real Estate	Investment in Real Estate
	Real estate assets are stated at historical cost less accumulated depreciation.
	Expenditures for ordinary repairs and maintenance are expensed as incurred, while expenditures for significant renovations that improve or extend the useful life of the asset are capitalized and depreciated over their estimated useful lives.
	Depreciation—Depreciation is computed on the straight-line basis over the estimated useful lives of the assets, which generally range from 7 to 40 years for buildings and improvements and 5 to 15 years for furniture, fixtures and equipment. Tenant improvements are amortized over the shorter of the remaining lease term or the estimated useful life. Land is not depreciated.
	Real Estate Acquired in Settlement of Loans—Real estate acquired in full or partial settlement of loans ("real estate owned," or "REO") is measured at fair value. If the property meets the GAAP definition of a held for sale property, fair value is reduce by estimated costs to sell. REO property that is classified as held for sale is not depreciated during the holding period. If the Company intends to operate the property, the fair value is allocated among the acquired assets. The difference between the carrying value of the loan and the fair value of the foreclosed asset is recognized in the statement of operations, after reversing any previously recognized provision on the loan. The fair value of REO is generally based on a third party appraisal or on a combination of appraised value, broker price opinions and comparable sales.
	Real Estate Held for Sale—The Company classifies real estate asset as held for sale in the period when (i) management approves a plan to sell the asset that is available for immediate sale in its present condition subject only to usual and customary terms, (ii) a program is initiated to actively locate a buyer and market the asset for sale at a reasonable price, and (iii) completion of the sale is probable within one year. Real estate held for sale is stated at the lower of its carrying amount or estimated fair value less disposal costs. Depreciation is not recorded on assets classified as held for sale. As of December 31, 2014, the Company had $23.9 million in real estate assets that were held for sale in its light industrial portfolio segment.
	Real Estate Impairment—The Company evaluates its investments in real estate for impairment periodically or whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Company evaluates cash flows and determines impairments on an individual property basis. In making this determination, the Company reviews, among other things, current and estimated future cash flows associated with each property, market information for each sub-market, including, where applicable, competition levels, foreclosure levels, leasing trends, occupancy trends, lease or room rates, and the market prices of similar properties recently sold or currently being offered for sale, and other quantitative and qualitative factors. If an impairment indicator exists, the Company compares the expected future undiscounted cash flows to the carrying amount of the asset to evaluate whether the carrying value is recoverable. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset, the Company would record an impairment loss for the difference between the estimated fair value and the carrying amount of the asset.
Investments in Unconsolidated Joint Ventures	Investments in Unconsolidated Joint Ventures
	The Company holds ownership interests in certain joint ventures with the Co-Investment Funds or other unaffiliated investors . The Company evaluates its interest in these entities to determine whether they meet the definition of a VIE and whether the Company should consolidate these entities. In each case, the Company has determined that (1) the entity is not a VIE and the Company does not have a controlling financial interest, or (2) the entity is a VIE but the Company is not the primary beneficiary. Since the Company may not consolidate these entities but has significant influence over operating and financial policies, it accounts for its investments in unconsolidated joint ventures using the equity method. Under the equity method, the Company initially records its investments at cost and subsequently recognizes the Company’s share of net earnings or losses and other comprehensive income or loss, cash contributions made and distributions received, and other adjustments, as appropriate. Allocations of net income or loss may be subject to preferred returns or allocation formulas defined in operating agreements and may not be according to percentage interests of the venturers. Distributions of operating profit from the joint ventures are reported as part of operating cash flows. Distributions related to a capital transaction, such as a refinancing transaction or sale, are reported as investing activities. The Company records its proportionate share of income from certain investments in unconsolidated joint ventures one to three months in arrears.
	The Company performs a quarterly evaluation of its investments in unconsolidated joint ventures to determine whether the fair value of each investment is less than the carrying value, and, if such decrease in value is deemed to be other-than-temporary, writes down the investment to fair value.
Investment in Debt and Equity Securities	Investments in Debt and Equity Securities
	The Company designates debt and equity securities as held-to-maturity, available-for-sale, or trading depending upon its intent at the time of acquisition. Available-for-sale securities are presented at fair value. Unrealized gains or losses on available-for-sale securities are included as a component of other comprehensive income or loss. Premiums or discounts on acquired debt securities are amortized or accreted into income using the effective interest method over the expected lives of the individual securities. The Company performs a quarterly assessment of its debt and equity securities to determine whether a decline in fair value below amortized cost is other than temporary. Other-than-temporary impairment exists when it is probable that the Company will be unable to recover the entire amortized cost basis of the security. If the decline in fair value is deemed to be other than temporary, the security is written down to fair value which becomes the new cost basis and an impairment loss is recognized.
Other Assets	Other Assets
	Other assets include the fair value of derivative instruments, deferred financing costs, restricted cash, deferred tax assets, interest receivable and prepaid expenses.
	Deferred Financing Costs—Costs incurred in connection with the Company's financing arrangements are recorded as deferred financing costs and included in other assets on the accompanying balance sheets. Deferred financing costs associated with the credit facility are amortized using the straight-line method over the expected term of the credit facility. Deferred financing costs associated with convertible senior notes, secured and unsecured financing, mortgage loans, commercial mortgage-backed securitization debt and repurchase facility are amortized using the effective interest method over the respective term of the financing.
	Restricted Cash—Restricted cash primarily includes borrower escrow accounts and tenant security deposits, with a corresponding liability included in accrued and other liabilities, and escrow accounts for interest, property taxes, insurance and capital expenditure reserves required under secured financing agreements.
Transfers of Financial Assets	Transfers of Financial Assets
	Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over a transferred financial asset is deemed to be surrendered when (1) the asset has been legally isolated; (2) the transferee has the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred asset; and (3) the Company does not maintain effective control over the transferred asset through either (a) an agreement that entitles and obligates the Company to repurchase or redeem it before its maturity or (b) an agreement that provides the Company with both the unilateral ability to cause the holder to return specific assets and a more than trivial benefit attributable to that ability. The difference between the net proceeds received and the carrying amount of the financial assets being sold is recognized as a gain or loss on sale. Transfers of financial assets that do not meet these requirements are accounted for as financing transactions.
Debt	Debt
	The Company's debt balance includes mortgage loans, loan-on-loan secured financing arrangements, unsecured note, commercial mortgage-backed securitization debt, repurchase facility and transfers of financial assets that are accounted for as financing transactions as they did not meet the criteria for treatment as sales (see Note 9). Discounts or premiums at the time of original debt issuance are amortized into interest expense using the effective interest method.
Rental Income and Tenant Reimbursements	Rental Income and Tenant Reimbursements
	Rental income is recognized on a straight-line basis over the term of the related lease. Residential leases generally have one-year terms while commercial leases generally have longer terms.  Rents received in advance are deferred.
	In net lease arrangements, costs reimbursable from tenants for real estate taxes, property insurance and other recoverable costs are recognized as revenue in the period the recoverable costs are incurred. When the Company is the primary obligor with respect to purchasing goods and services for property operations and has discretion in selecting the supplier and retains credit risk, tenant reimbursement revenue and property operating expenses are presented on a gross basis in the Company's statement of operations. For certain triple net leases where the lessee self-manages the property, hires its own service providers and retains credit risk for routine maintenance contracts, no reimbursement revenue and expense are recognized.
Foreign Currency Translation	Foreign Currency Translation
	The Company translates the assets and liabilities of its non-U.S. dollar functional currency investments and subsidiaries into U.S. dollars using exchange rates in effect at the balance sheet date. Income and expenses from these investments and subsidiaries are translated at the average rate of exchange prevailing during the period such income was earned or expenses were incurred. Translation adjustments resulting from changes in exchange rates are recorded as other comprehensive income or loss. Foreign currency transaction gains and losses from such investments and subsidiaries are recognized upon sale or upon complete or substantially complete liquidation of the underlying investment in a foreign entity, and are included in other gain or loss in the accompanying statements of operations. When the Company sells part of its ownership interest in an equity method investment in a foreign entity, a proportionate share of the accumulated translation adjustment associated with the investment is reclassified into earnings.
Other Income	Other Income
	Other income primarily includes asset management fees earned by two wholly-owned subsidiaries of the Company that provide asset management services for two of the Company's unconsolidated joint ventures that invested in loan portfolios. Asset management fees are recognized as earned.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities
	The Company uses derivative instruments to manage its foreign currency risk and interest rate risk.
	Foreign Currency Risk—The Company has entered into currency collars (consisting of caps and floors) and forwards to hedge the foreign currency exposure of its net investments in foreign entities. The Company has entered into various foreign exchange contracts with notional amounts and termination dates based upon the anticipated return of capital from the investments.
	Interest Rate Risk—The Company uses interest rate swaps and caps to hedge against the risk of interest rate fluctuations on its future cash flows from investments. These derivative instruments are designed to mitigate the interest rate risk for certain floating rate debt investments and liabilities.
	All derivative instruments are recorded at their fair values and included in other assets or other liabilities on the accompanying balance sheets on a gross basis. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. To the extent they are effective, fair value adjustments on derivative instruments designated as hedging instruments are reported as other comprehensive income and included in stockholders' equity until the hedged item is realized. Ineffective portions and settlement gains and losses, if any, are included in earnings. Fair value adjustments on derivative instruments that are not designated as hedging instruments are reported in other gain or loss on the accompanying statements of operations. The Company does not enter into derivative transactions for speculative or trading purposes.
Fair Value Measurement	Fair Value Measurement
	The Company determines the estimated fair value of financial assets and liabilities using the three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The three levels of inputs that may be used to measure fair value are as follows:
	Level 1—Quoted prices in active markets for identical assets or liabilities.
	Level 2—Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
	Level 3—Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used.
	The Company records certain financial instruments at fair value on a recurring basis when required by GAAP. The Company has not elected the fair value option for any other financial instruments. Such financial instruments are carried at cost while fair value is separately disclosed
Share-Based Payments	Share-Based Payments
	The Company recognizes the cost of share-based awards based upon their fair values on a straight-line basis over the requisite service period, which is generally the vesting period of the awards. For awards to the Company’s employees, including its independent directors, the fair value is determined as the grant date stock price. For share-based awards to non-employees, including the Manager and employees of the Manager, the fair value is based upon the vesting date stock price, which requires the amount of related expense to be remeasured at the end of each reporting period until the award has vested.
	For awards with periodic vesting, the Company recognizes the related expense on a straight-line basis over the requisite service period for the entire award, subject to periodic adjustments to ensure that the cumulative amount of expense recognized through the end of any reporting period is at least equal to the fair value of the portion of the award that has vested through that date. Share-based payments are reflected in the same expense category as would be appropriate if the payments had been made in cash.
Net Earnings Per Share	Net Earnings Per Share
	The Company calculates basic earnings per share using the two-class method which defines unvested share-based payment awards that contain nonforfeitable rights to dividends as participating securities. The two-class method is an allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. Earnings per common share is calculated by dividing earnings allocated to common shareholders by the weighted-average number of common shares outstanding during the period.
	Diluted earnings per common share is based on the weighted-average number of common shares and the effect of potentially dilutive common share equivalents outstanding during the period. Potentially dilutive common share equivalents consist of incentive fee shares issuable the Manager, shares to be issued upon the assumed conversion of the Company's outstanding convertible notes and the assumed repayment of the unsecured note issued to finance an acquisition of business in shares of the Company's common stock, which are included under the if-converted method when dilutive. In addition, the numerator is adjusted to add back the after-tax amount of interest expense associated with the convertible notes and the unsecured note, except when doing so would be anti-dilutive.
Income Taxes	Income Taxes
	The Company elected to be taxed as a REIT, commencing with the Company’s initial taxable year ended December 31, 2009. A REIT is generally not subject to corporate-level federal and state income tax on net income it distributes to its stockholders. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to distribute at least 90% of its REIT taxable income to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal and state income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, it and its subsidiaries may be subject to certain federal, state, local and foreign taxes on its income and property and to federal income and excise taxes on its undistributed taxable income.
	The Company has elected or may elect to treat certain of its existing or newly created corporate subsidiaries as taxable REIT subsidiaries (each a “TRS”). In general, a TRS of a REIT may perform non-customary services for tenants of the REIT, hold assets that the REIT cannot hold directly and, subject to certain exceptions related to hotels and healthcare properties, may engage in any real estate or non-real estate related business. A TRS is treated as a regular corporation and is subject to federal, state, local and foreign taxes on its income and property.
	Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The deferred tax assets and liabilities of the TRSs relate primarily to temporary differences in the book and tax income of TRSs and operating loss carryforwards for federal and state income tax purposes, as well as the tax effect of accumulated other comprehensive income of TRSs. A valuation allowance for deferred tax assets is provided if the Company believes it is more likely than not that all or some portion of the deferred tax assets will not be realized. Realization of deferred tax assets is dependent on the Company generating sufficient taxable income in future periods or employing certain tax planning strategies to realize such deferred tax assets.
	The Company periodically evaluates its tax positions to determine whether it is more likely than not that such positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations, based on their technical merits. As of December 31, 2014 and 2013, the Company has not established a liability for uncertain tax positions.
Segment Reporting	Segment Reporting
	The Company currently operates in four reportable segments: (1) real estate debt investments, which include originated and acquired commercial real estate debt, mortgage-backed securities, and other debt-related investments, (2) a portfolio of light industrial real estate assets and associated operating platform acquired from Cobalt Capital Partners, L.P. and its affiliates in December 2014, (3) single-family residential rentals through its investment in CAH OP, and (4) other real estate equity investments, which include real estate acquired in settlement of loans or from acquisition of operating properties, common equity in real estate or related companies, and certain preferred equity investments with profit participation meeting certain risk or return profiles. The Company had three reportable segments prior to the acquisition of the light industrial portfolio and operating platform in December 2014.
	Prior to the third quarter of 2013, the Company had two reportable segments, real estate debt investments and single-family residential rentals. During the third quarter of 2013, the Company reevaluated its operating and reportable segments in light of the increasing significance of its real estate equity investments. As a result of this evaluation, the Company created a third reportable segment which represents its investments in other real estate equity, which was previously included in the real estate debt investments segment.
	The Company’s chief operating decision maker reviews various key financial measures to assess the performance and financial condition of each segment. Segment profit or loss is evaluated based upon income before income taxes, which includes equity in income of unconsolidated joint ventures, interest income and other income, less investment-specific expenses, including interest and asset management costs, as well as other gains or losses. Non-investment-specific income and expenses, such as interest income on cash and cash equivalents, management fees, interest expense on the line of credit and administrative expenses, are not allocated to specific segments. There is no intersegment activity. The Company’s segment disclosures present the measures used by the chief operating decision maker for purposes of assessing each segment’s performance.
Reclassification	Reclassification
	Certain amounts in the consolidated statements of operations for the previously reported years ended December 31, 2013 and 2012 have been reclassified to conform to the current period presentation. Prepayment fees and accelerated amortization of origination fees or purchase discounts resulting from early repayments of loans receivable have been included in interest income as these amounts represent additional yields on the Company’s investments in loans. Previously, such amounts had been presented in realized gain or loss on resolutions of loans receivable as such activities had been infrequent. Due to the nature of the Company’s business and its lending activities, sometimes involving distressed borrowers, the Company has determined that such amounts represent an inherent component of interest income. The reclassifications did not affect the Company's financial position, results of operations or its cash flows.
Recent Accounting Updates	Recent Accounting Updates
	Discontinued Operations—In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Under ASU No. 2014-08, the 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 when the business component is classified as held-for-sale, or disposed of by sale or otherwise. In addition, ASU No. 2014-08 requires additional disclosures for reporting discontinued operations. ASU No. 2014-08 is effective for reporting periods beginning on or after December 15, 2014, with early adoption permissible, but only for disposals (or classifications as held-for-sale) that have not been reported in financial statements previously issued. The Company adopted this new guidance effective January 1, 2014, which did not have a significant effect on the Company's consolidated financial position, results of operations or cash flows.
	Revenue Recognition—In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which amended the existing accounting standards for revenue recognition. ASU 2014-09 establishes principles for recognizing revenue upon the transfer of promised goods or services to customers, at an amount reflecting the consideration a company expects to receive in exchange for those goods or services. ASU 2014-09 may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of initial application and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. Early adoption is not permitted. The Company is currently evaluating the potential impact of adopting this new guidance on its consolidated financial statements.
	Consolidation—In February 2015, the FASB issued ASU No. 2015-02, Consolidation: Amendments to the Consolidation Analysis, which amended the existing accounting standards for consolidation under both the variable interest model and the voting model. Under ASU No. 2015-02, companies will need to re-evaluate whether an entity meets the criteria to be considered a VIE, whether companies still meet the definition of primary beneficiaries, and whether an entity needs to be consolidated under the voting model. ASU No. 2015-02 may be applied using a modified retrospective approach or retrospectively, and is effective for reporting periods beginning after December 15, 2015. Early adoption is permitted. The Company is currently evaluating the potential impact of the pending adoption of this new guidance on its consolidated financial statements.

Consolidated_Variable_Interest1

Consolidated Variable Interest Entity (Tables)	12 Months Ended
	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of assets and liabilities related to the consolidated VIEs	The following table summarizes the assets and liabilities recorded in the accompanying consolidated balance sheets related to the consolidated VIEs as of December 31, 2014:
	(In thousands)	2014-FL1			2014-FL2			MF 2014-1			Total
	Loans held for investment, net	$	189,898		$	305,238		$	312,625		$	807,761
	Restricted cash	11,902			25,244			—			37,146
	Deferred financing costs, net	2,620			3,030			3,313			8,963
	Receivables	1,055			1,448			1,462			3,965
	Secured financing	(126,204		)	(197,655		)	(213,409		)	(537,268		)
	Accrued and other liabilities	(12,173		)	(25,818		)	(452		)	(38,443		)
	Net investment	$	67,098		$	111,487		$	103,539		$	282,124

Loans_Receivable_Tables

Loans Receivable (Tables)	12 Months Ended
	Dec. 31, 2014
Receivables [Abstract]
Company Loans Receivable	The following table summarizes the Company’s loans held for investment, including PCI loans:
			December 31, 2014													31-Dec-13
	(Amounts in thousands)		Principal			Carrying				Weighted			Weighted	Number of Loans		Principal		Carrying		Weighted		Weighted	Number of Loans
						Amount				Average			Average					Amount		Average		Average
										Coupon			Maturity in Years							Coupon		Maturity in Years
	Non-PCI Loans:
	Mortgage loans		$	465,828		$	452,605			6.7	%		3.9	42		$	463,552	$	423,078	7.1	%	3.9	33
	Securitized mortgage loans		800,638			799,342				5.9	%		8.5	310		—		—					—
	B-notes		143,376			140,312				8.5	%		3.2	3		104,068		103,458		10.9	%	3.8	2
	Mezzanine loans		493,026			490,988				10.8	%		2.3	9		330,909		328,185		11	%	2.4	2
			1,902,868			1,883,247								364		898,529		854,721					37
	Purchased Credit-Impaired Loans:
	Mortgage loans		334,500			239,702								23		299,235		173,933					5
	Securitized mortgage loans		9,672			8,185								11		—		—					—
			344,172			247,887								34		299,235		173,933					5
			$	2,247,040		$	2,131,134							398		$	1,197,764	$	1,028,654				42
Table Summarizing the Companys' non-PCI Loans with Variable Interest Rates	The following table summarizes the Company's investments in non-PCI loans with variable interest rates:
	(Amounts in thousands)		Index		Weighted Average Spread	Weighted Average Rate		Principal				Carrying Amount			Number of Loans
	December 31, 2014
	Mortgage loans		1-Month LIBOR	-1	6.10%	6.20%	-3	$	826,231			$	818,391		41
	Mortgage loans		6-Month LIBOR	-1	2.50%	5.80%	-3	110,312				110,236			96
	Mortgage loans		12-Month Treasury Average		2.50%	2.80%	-4	25,068				22,913			22
	Mezzanine loans		1-Month LIBOR	-1	10.70%	10.90%		367,864				365,826			6
								$	1,329,475			$	1,317,366		165
	31-Dec-13
	Mortgage loans		1-Month LIBOR	-1	4.90%	7.70%	-3	$	246,478			$	220,111		9
	Mortgage loan		1-Month Reference Bills	-2	4.70%	4.70%		30,064				27,595			3
	Mezzanine loans		1-Month LIBOR	-1	10.80%	11.00%		330,909				328,185			2
								$	607,451			$	575,891		14
	__________
	-1	LIBOR =ondon Interbank Offered Rate
	-2	Reference Bills =reddie Mac Reference Bill index
	-3	Certain loans are subject to a LIBOR floor which was higher than the actual LIBOR at December 31, 2014 and 2013.
	-4	Certain loans are subject to a 12-Month Treasury Average ("12MTA") floor which was higher than the actual 12MTA at December 31, 2014
Table Summarizing the Companys' non-PCI Loans with Fixed Interest Rates	The following table summarizes the Company's investments in non-PCI loans with fixed interest rates:
			December 31, 2014													31-Dec-13
	(Amounts in thousands)		Principal			Carrying				Weighted			Weighted	Number of Loans		Principal		Carrying		Weighted		Weighted	Number of Loans
						Amount				Average			Average					Amount		Average		Average
										Coupon			Maturity in Years							Coupon		Maturity in Years
	Mortgage loans		$	134,636		$	126,114			6.4	%		8.7	23		$	187,010	$	175,372	6.6	%	7.3	21
	Securitized mortgage loans		170,218			174,292				6.5	%		17.1	170		—		—					—
	B-notes		143,376			140,312				8.5	%		3.2	3		104,068		103,458		10.9	%	3.8	2
	Mezzanine loans		125,163			125,163				10.3	%		4.6	3		—		—		n/a		n/a	—
			$	573,393		$	565,881							199		$	291,078	$	278,830				23
Activity in Loans Receivable	Activity in loans held for investment is summarized below:
	(In thousands)		2014			2013				2012
	Balance at January 1		$	1,028,654		$	333,569			$	232,619
	Loan acquisitions and originations		1,735,526			876,503				204,298
	Paid-in-kind interest added to loan principal		2,796			218				851
	Discount and net loan fee amortization		81,168			10,053				3,656
	Carrying value of loans sold		—			(70,280		)		(30,159		)
	Assignment of loans receivable to investment in unconsolidated joint ventures		—			—				(29,612		)
	Noncash distribution of loan receivable to a noncontrolling interest		—			(18,500		)		—
	Loan repayments		(673,815		)	(106,083		)		(48,084		)
	Payments received from PCI loans		(11,725		)	(544		)		—
	Provision for loan loss		(200		)	—				—
	Effect of changes in foreign exchange rates		(31,270		)	3,718				—
	Balance at December 31		$	2,131,134		$	1,028,654			$	333,569
Schedule of Future Minimum Principal Payments Excluding PCI Loans	Minimum scheduled principal payments required under the loan agreements, excluding PCI loans, as of December 31, 2014 are as follows:
	Year Ending December 31,		(In thousands)
	2015		$	183,542
	2016		618,639
	2017		564,887
	2018		53,159
	2019		186,128
	2020 and after		296,513
	Total		$	1,902,868
Summary of the Accretable Yield and Nonaccretable Difference at Acquisition	The following table summarizes the accretable yield and nonaccretable difference at acquisition for PCI loans acquired during the years ended December 31, 2014 and 2013, excluding PCI loans for which cash flows cannot be reasonably estimated:
			Year Ended December 31,
	(In thousands)		2014			2013
	Contractually required payments including interest		$	40,113		$	315,939
	Less: cash flows not expected to be collected (nonaccretable difference)		18,743			17,253
	Total cash flows expected to be collected		21,370			298,686
	Less: accretable yield		3,067			131,037
	Fair value of loans at acquisition		$	18,303		$	167,649
Changes in Accretable Yield for he PCI loans	Changes in the accretable yield for the PCI loans were as follows:
	(In thousands)		2014			2013
	Accretable yield at January 1		$	130,823		$	—
	Additions		3,067			131,037
	Changes in estimated cash flows		13,436			—
	Accretion		(35,115		)	(3,108		)
	Effect of changes in foreign exchange rates		(13,688		)	2,894
	Accretable yield at December 31		$	98,523		$	130,823

Investment_in_Real_Estate_Tabl

Investment in Real Estate (Tables)	12 Months Ended
	Dec. 31, 2014
Real Estate [Abstract]
Schedule of Components of Real Estates	The following table summarizes the Company's real estate assets held for investment:
			December 31,						Estimated Useful Life (in weighted average years)
	(Amounts in thousands)		2014			2013
	Land		$	265,263		$	8,319		n/a
	Buildings and improvements		1,351,798			97,011			37
	Tenant improvements		33,357			7,356			6
			1,650,418			112,686
	Accumulated depreciation		(6,421		)	(218		)
	Net carrying amount		$	1,643,997		$	112,468
Estimated Fair Values of the Assets at the Acquisition Date	During the years ended December 31, 2014 and 2013, the Company also acquired the following triple-net leased operating properties from unrelated third parties. Acquisition costs of $137,000 and $597,000 are included in transaction costs in the accompanying statements of operations for the years ended December 31, 2014 and 2013, respectively.
	Property Location		Acquisition Date		Property Type	Purchase Price
						(in thousands)
	Minnesota		9-Dec-13		Office	$	122,750
	Arizona		24-Jun-14		Office	15,675
	Ohio		31-Jul-14		Industrial	15,644
						$	154,069
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The related assets, liabilities, and results of operations of the acquired businesses are included in the consolidated financial statements as of the date of acquisition. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date for all 2014 acquisitions:
			Purchase Price Allocation
	(Amounts in thousands)		Light Industrial Portfolio (1)			Ohio-Industrial			Arizona-Office			Total			Estimated Useful Life (in weighted average years)
	Real estate assets:
	Land		$	256,491		$	453		$	—		$	256,944		n/a
	Buildings and improvements		1,232,882			9,815			12,090			1,254,787			36
	Tenant improvements		23,961			—			2,040			26,001			6
	Intangible assets:
	In-place lease values		35,591			4,582			—			40,173			5
	Above-market lease values		23,143			50			—			23,193			5
	Below-market ground lease obligations		—			—			1,420			1,420			54
	Deferred leasing costs		33,410			744			415			34,569			6
	Goodwill		20,000			—			—			20,000			n/a
	Cash		7,784			—			—			7,784			n/a
	Total assets acquired		$	1,633,262		$	15,644		$	15,965		$	1,664,871
	Intangible liabilities (2):
	Below-market lease values		$	(9,992	)	$	—		$	(290	)	$	(10,282	)	5
	Above-market ground lease obligations		(171		)	—			—			(171		)	30
	Accrued and other liabilities		(18,565		)	—			—			(18,565		)	n/a
	Total liabilities assumed		$	(28,728	)	$	—		$	(290	)	$	(29,018	)
	__________
	-1	The estimated fair values are based on a preliminary purchase price allocation and are subject to retrospective adjustment during the measurement period, not to exceed one year, based upon new information obtained about facts and circumstances that existed as of the date of acquisition.
	-2	The net amount recorded for assumed identifiable intangible liability is included in other liabilities on the accompanying balance sheets as of December 31, 2014 and 2013.
Schedule of Future Minimum Rental Payments for Operating Leases	Future contractual minimum rental payments under noncancelable operating leases as of December 31, 2014 are as follows:
	Year Ending December 31,		(In thousands)
	2015		$	114,465
	2016		104,182
	2017		87,409
	2018		69,511
	2019		51,277
	2020 and after		133,817
	Total		$	560,661
Unaudited Pro Forma Results	The following table summarizes the results of operations of the businesses acquired during 2014 for the period from the respective dates of acquisitions to December 31, 2014:
	(Amounts in thousands)		Light Industrial Portfolio (1)			Ohio-Industrial			Arizona-Office			Total for 2014 Acquisitions
	Rental income and tenant reimbursements		$	5,365		$	1,342		$	1,351		$	8,058
	Net (loss) income		(8,719		)	596			490			(7,633		)
	Unaudited Pro Forma Results
	The following table presents pro forma results of the Company as if all 2014 and 2013 acquisitions discussed above had been completed on January 1, 2013. The pro forma results have been adjusted to exclude non-recurring acquisition-related expenses of approximately $7.5 million and $0.6 million for the years ended December 31, 2014 and 2013, respectively. The unaudited pro forma results are not necessarily indicative of future operating results.
			Year Ended December 31,
	(Amounts in thousands, except per share data)		2014			2013
	Total income		$	436,438		$	339,629
	Net income		142,294			105,010
	Net income attributable to common stockholders		87,916			68,326

Investments_in_Unconsolidated_1

Investments in Unconsolidated Joint Ventures (Tables)	12 Months Ended
	Dec. 31, 2014
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Joint Ventures	The Company’s investments in unconsolidated joint ventures are summarized below:
	(Amounts in thousands)				Ownership Percentage at December 31, 2014(1)			Carrying Value at
								December 31,
	Joint Ventures		Investment Status at December 31, 2014					2014			2013
	CAH Operating Partnership, L.P.	-2	Investment in CAH OP, an investment vehicle created for the purpose of acquiring and renting single-family homes		23.3	%		$	494,613		$	530,007
	Portfolio 8 Investors, LLC	-3	Preferred equity investment in an entity that acquired a multifamily portfolio composed of approximately 7,600 units located in Georgia, Florida and Texas		75	%		160,981			148,683
	ColFin Silverbird Funding A, LLC and ColFin Silverbird Funding B, LLC		Mixed portfolio of 25 commercial properties located throughout the United Kingdom		50	%		72,761			—
	Armonia (Italy) Fund		Portfolio of 113 properties located throughout Italy		50	%		58,513			—
	ColFin Court Square Funding, LLC		Preferred equity investment in an entity that acquired a Class A office tower located in Long Island City, New York		50	%		52,115			49,103
	ColFin Highland UK13 Funding, LLC		Acquired sub-performing loan secured by 13 commercial properties throughout the United Kingdom		50	%		44,711			—
	ColFin Orlando Funding, LLC		Acquired non-performing loan secured by a 444-acre development site located in Orlando, Florida		50	%		40,160			—
	(Amounts in thousands)				Ownership Percentage at December 31, 2014(1)			Carrying Value at
								December 31,
	Joint Ventures		Investment Status at December 31, 2014					2014			2013
	ColFin NW Funding, LLC		Acquired 15 performing first mortgages secured by commercial real estate		37.9	%		35,023			33,682
	ColFin JIH Holdco, LLC, ColFin JIH Mezzco A, LLC and ColFin JIH Opco, LLC		Equity interests in and senior mezzanine loan receivable from entities owning a portfolio of 84 limited service hotels		33.3	%		32,918			31,559
	ColFin Snow Funding, LLC		Originated loan secured by two mortgages and an equity pledge in a portfolio of 12 hotels located in France		50	%		32,763			—
	ColFin Hunt Holdco A, LLC and ColFin Hunt Holdco B, LLC		2 commercial REO properties in Germany		37.9	%		29,582			36,133
	ColFin SXC Funding, LLC		Performing mezzanine loan origination cross-collateralized by a portfolio of select service hotels		50	%		28,374			13,853
	ColFin ARP Funding, LLC and ColFin ARP Linda Isle Investor, LLC		First mortgage loan to finance the acquisition and redevelopment of high-end, single family residential properties in infill, coastal southern California markets		50	%		27,173			15,350
	ColFin Athina Funding, LLC		Originated mezzanine loan secured by an equity pledge in the borrower entities that own a Mediterranean resort with a hotel and villas		50	%		25,996			—
	ColFin Bulls Funding A, LLC and ColFin Bulls Funding B, LLC		249 performing and non-performing acquired loans consisting of substantially all first mortgage recourse commercial real estate loans and 19 REO properties		32.5	%		24,625			30,309
	ColFin STC Funding, LLC		Acquired performing senior mortgage loan secured by a retail property in Florida		50	%		23,441			23,299
	ColFin 2011 CRE Holdco, LLC and Colony AMC 2011 CRE, LLC		303 performing and non-performing loans acquired in a structured transaction with the FDIC, secured mostly by commercial real estate, and 26 REO properties		44.4	%		23,378			34,298
	ColFin DOD Funding, LLC and ColFin IOD Holding, LLC		Originated first mortgage loan to finance the acquisition of an office development site in Dublin, Ireland		50	%		21,857			—
	ColFin CPI Funding, LLC		Origination of a mezzanine loan secured by shares of a distressed European real estate company that owns primarily office buildings and hotels in France and Spain		50	%		21,833			—
	ColFin Grand Cul Funding, LLC		First mortgage loans secured by a partially constructed hotel and residential development project located in the Caribbean		33.3	%		20,796			16,595
	CDCF III Ver Logistic, LLC		Portfolio of 16 warehouse properties located in Spain and Portugal		50	%		20,546			—
	ColFin Cabo Palm Funding, LLC		Participation in junior first mortgage interest secured by a luxury beach resort in Mexico		50	%		20,090			20,072
	ColFin 666 Funding, LLC		First mortgage pari-passu participation interest secured by Class A midtown Manhattan office building		33.3	%		19,686			19,096
	ColFin DB Guarantor, LLC and Colony AMC DB, LLC		347 performing and non-performing loans acquired in a structured transaction with the FDIC, secured mostly by commercial real estate and 63 REO properties		33.3	%		19,121			26,293
	ColFin PHX Tower Funding, LLC		Equity interest in a high-rise office tower located in Phoenix, Arizona		50	%		18,556			18,408
	ColFin London Funding, LLC		4 performing acquired loans secured by commercial real estate		50	%		18,178			18,138
	ColFin FCDC Funding, LLC		Equity interests acquired through deed-in-lieu in 2 partially developed master planned communities located in California		50	%		17,562			15,894
	ColFin Inland Funding, LLC and ColFin Inland Investor, LLC		First mortgage loan secured by a Southern California master planned development and equity participation rights		50	%		17,139			16,068
	CF/CDG Lake Ranch Venture, LLC	-4	First mortgage loan secured by a 135-acre residential development project located in Southern California and equity participation rights		n/a			16,821			—
	ColFin 101 Erie Funding, LLC and ColFin 101 Erie Investor, LLC		Origination of a mezzanine loan secured indirectly by a vacant office building in Chicago to finance a hotel redevelopment		50	%		16,705			—
	Other unconsolidated joint ventures		31 investments, each with less than $15 million carrying value at December 31, 2014		4.5% to 50.0%			190,960			272,689
								$	1,646,977		$	1,369,529
	__________
	-1	The Company's ownership percentage represents capital contributed to date and may not be reflective of the Company's economic interest in the entity because of provisions in operating agreements governing various matters, such as classes of partner or member interests, allocations of profits and losses, preferential returns and guaranty of debt. Each unconsolidated joint venture has been determined to be either a VIE for which the Company was not deemed to be the primary beneficiary or a voting interest entity in which the Company does not have a controlling financial interest.
	-2	The Company’s carrying value of its investment in CAH OP is approximately $24.0 million higher than its pro rata share of the partners' capital of CAH OP.  The basis difference is primarily attributable to (i) offering costs incurred by CAH OP which were a direct reduction to partners’ capital but not an expense of the partnership; (ii) CAH OP’s internalization transaction, which was a reorganization of entities under common control and reduced the Company in CAH OP as further described below; and (iii) step-up adjustments to real estate assets contributed by the Company upon formation of CAH OP, which were recorded by the Company at carryover basis but recognized by CAH OP at fair value. The portion of the basis difference arising from the step-up of contributed real estate assets is being amortized on a straight-line basis over the estimated useful life of such assets.
	-3	While the Company has a preferred equity interest which represents a majority ownership in Portfolio 8 Investors, LLC, the minority member has control over the day-to-day operations of the entity. Accordingly, the Company accounts for its investment using the equity method.
	-4	Pursuant to the terms of the loan agreement, the Company participates in the residual profits of this development project. The Company evaluated the characteristics of this ADC loan and determined that the risks and rewards of the arrangement are more similar to those associated with an investment in joint venture. Accordingly, the Company accounts for this loan receivable under the equity method.
Activity In Company Investments In Unconsolidated Joint Ventures	Activity in the Company’s investments in unconsolidated joint ventures is summarized below:
	(In thousands)		2014				2013
	Balance at January 1		$	1,369,529			$	877,081
	Contributions		458,881				672,338
	Distributions		(225,736		)		(279,161		)
	Equity in net income		73,829				100,708
	Equity in other comprehensive income		1,511				9,827
	Equity in realized gain reclassified from accumulated other comprehensive income		(4,681		)		(12,935		)
	Foreign currency translation (loss) gain		(26,356		)		1,671
	Balance at December 31		$	1,646,977			$	1,369,529
Combined Condensed Balance Sheets of Unconsolidated Joint Ventures	Combined Condensed Balance Sheets of Unconsolidated Joint Ventures
			December 31,
	(In thousands)		2014				2013
	Assets:
	Cash and cash equivalents		$	512,487			$	321,183
	Loans receivable, net		2,127,148				2,171,943
	Investments in real estate, net		5,218,915				3,658,940
	Investments in unconsolidated joint ventures		237,722				459,010
	Debt and equity securities, available-for-sale, at fair value		39,503				24,753
	Other assets		378,220				345,196
	Total assets		$	8,513,995			$	6,981,025
	Liabilities:
	Debt		$	3,113,038			$	1,515,188
	Other liabilities		273,816				140,509
	Total liabilities		3,386,854				1,655,697
	Owners’ equity		4,544,846				4,465,363
	Noncontrolling interests		582,295				859,965
	Total liabilities and equity		$	8,513,995			$	6,981,025
	Company’s share of equity		$	1,646,977			$	1,369,529
Combined Condensed Statements of Operations of Unconsolidated Joint Ventures	Combined Condensed Statements of Operations of Unconsolidated Joint Ventures
			Year Ended December 31,
	(In thousands)		2014				2013			2012
	Income:
	Interest income		$	321,451			$	369,317		$	395,984
	Property operating income		462,027				206,848			96,897
	Equity in income of unconsolidated joint ventures		112,113				26,410			53,110
	Other income		45,659				25,221			29,325
	Total income		941,250				627,796			575,316
	Expenses:
	Interest expense		107,725				31,012			37,185
	Property operating expenses		302,402				152,154			74,388
	Depreciation and amortization		143,278				59,902			12,850
	Other expenses		130,608				90,547			88,462
	Total expenses		684,013				333,615			212,885
	Other income:
	Realized and unrealized gain on investments, net		12,482				187,218			122,650
	Net income		269,719				481,399			485,081
	Net income attributable to noncontrolling interests		74,284				102,431			84,806
	Net income attributable to members		$	195,435			$	378,968		$	400,275
	Company’s equity in net income		$	73,829			$	100,708		$	68,737

Intangibles_Tables

Intangibles (Tables)	12 Months Ended
	Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets and Liabilities Acquired as Part of Business Combination	The following table summarizes goodwill and intangibles acquired as part of the operating real estate properties (see Note 5):
	(In thousands)	Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount
	December 31, 2014
	Intangible assets:
	Goodwill	$	20,000		$	—		$	20,000
	In-place lease values	48,018			(2,295		)	45,723
	Above-market lease values	23,194			(280		)	22,914
	Below-market ground lease obligations	1,420			(14		)	1,406
	Deferred leasing costs	36,788			(771		)	36,017
	Total intangible assets	$	129,420		$	(3,360	)	$	126,060
	Intangible liabilities:
	Below-market lease values	$	10,282		$	(114	)	$	10,168
	Above-market ground lease obligations	171			—			171
	Total intangible liabilities	$	10,453		$	(114	)	$	10,339
	31-Dec-13
	Intangible assets:
	In-place lease values	$	7,845		$	(72	)	$	7,773
	Deferred leasing costs	2,219			(20		)	2,199
	Total intangible assets	$	10,064		$	(92	)	$	9,972
Schedule of Expected Annual Amortization Expenses	The following table summarizes the amortization of intangible assets and liabilities:
		Year Ended December 31,
	(In thousands)	2014			2013
	Above-market lease values	$	(280	)	$	—
	Below-market lease values	114			—
	Decrease to rental income	$	(166	)	$	—
	In-place lease values	$	2,224		$	72
	Deferred leasing costs	751			20
	Amortization expense	$	2,975		$	92
	Below-market ground lease obligations	$	13		$	—
	Increase to rent expense	$	13		$	—
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	The following table summarizes the estimated annual amortization of acquisition-related lease intangibles for each of the next five years and thereafter:
	(In thousands)	Intangible Assets										Intangible Liabilities
	Year Ending December 31,	In-Place			Above-Market Lease Values			Deferred Leasing Costs		Below-Market Ground Lease Obligations		Below-Market Lease Values			Above-Market Ground Lease Obligations
		Lease Values
	2015	$	15,094		$	6,685		$	8,787	$	26	$	(2,489	)	$	(6	)
	2016	9,480			5,749			7,247		26		(2,190		)	(6		)
	2017	6,452			4,152			5,786		26		(1,684		)	(6		)
	2018	4,513			2,597			4,357		26		(1,243		)	(6		)
	2019	3,057			1,182			2,950		26		(774		)	(6		)
	2020 and after	7,127			2,549			6,890		1,276		(1,788		)	(141		)
	Total	$	45,723		$	22,914		$	36,017	$	1,406	$	(10,168	)	$	(171	)

Other_Assets_Tables

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2014
Other Assets [Abstract]
Schedule of the Company's Other Assets, Net	The following table summarizes the Company's other assets:
			December 31,
	(In thousands)		2014		2013
	Restricted cash (1)		$	76,945	$	7,898
	Beneficial interests in debt securities, available-for-sale, at fair value (2)		—		30,834
	Deferred financing costs, net (3)		51,103		11,275
	Receivables, including straight-line rents		12,783		8,277
	Derivative assets		26,479		3,108
	Deferred tax assets		6,713		2,391
	Prepaid expenses and other		7,721		979
	Total other assets		$	181,744	$	64,762
	__________
	-1	Restricted cash includes borrower escrow accounts, tenant security deposits and escrow accounts for interest, property taxes and capital expenditure reserves required under secured financing agreements.
	-2	The Company held $28 million in beneficial interests in a series of tax-exempt bonds secured by a multifamily property located in Georgia. The beneficial interests, in the form of senior certificates, were acquired in June 2011 subject to an embedded derivative liability to a strategic partner, with an estimated fair value of $4.1 million. On July 18, 2014, the property securing the bonds was sold, resulting in a full prepayment of $28 million senior certificates at par plus yield maintenance. The prepayment resulted in a loss of $2.2 million, which was offset by a $2.4 million gain on the termination of the associated embedded derivative liability to the strategic partner (see Note 10).
	-3	Deferred financing costs are shown net of accumulated amortization of $13.1 million and $6.5 million as of December 31, 2014 and 2013, respectively.

Debt_Tables

Debt (Tables)	12 Months Ended
	Dec. 31, 2014
Debt Disclosure [Abstract]
Schedule of Debts	The following table summarizes certain information about the Company's secured and unsecured debt:
	(Amounts in thousands)						Balance at December 31,
	Type			Collateral	Interest Rate	Maturity Date	2014		2013
	Secured Financing:
		Secured financing (1)		Participation interest in first mortgage loan	5% fixed	Jul-14	$	—	$	74,607
		Secured financing (2)		Portfolio of 21 first mortgage loans and 2 subordinated loans	1-month LIBOR+2.85%	Dec-17	90,164		115,000
		Secured financing (3)		Senior participation interest in a portfolio of 2 first mortgage loans and 1 subordinated loan	1-month LIBOR+2.85%	N/A	80,213		—
		First mortgage loan (4)		Office property in Minnesota	4.84% fixed	Jan-24	88,000		88,000
		First mortgage loan (5)		Portfolio of light industrial real estate assets comprised of 298 buildings of approximately 30 million square foot across the U.S.	1-month LIBOR+2.25%	Dec-19	1,088,500		—
		Repurchase facility (6)		Eligible first mortgage loans originated within the Transitional CRE Lending Platform	1-month LIBOR+2.5%	Feb-16	85,520		—
							1,432,397		277,607
	(Amounts in thousands)						Balance at December 31,
	Type			Collateral	Interest Rate	Maturity Date	2014		2013
	Commercial Mortgage-Backed Securitization ("CMBS") Debt:
		CMBS 2014-FL1 (7)		Portfolio of 11 first mortgage loans originated within the Transitional CRE Lending Platform	1-month LIBOR+1.78%	Apr-31	126,204		—
		CMBS 2014-FL2 (8)		Portfolio of 15 commercial mortgage loans originated within the Transitional CRE Lending Platform	1-month LIBOR+1.96%	Nov-31	197,655		—
		CMBS MF 2014-1 (9)		Portfolio of 298 performing first mortgage loans secured by multifamily properties	2.54% fixed	N/A	213,409		—
							537,268		—
	Unsecured Financing:
		Unsecured note (10)		—	(10)	Dec-17	10,000		—
		Total					$	1,979,665	$	277,607
	__________
	-1	In connection with the acquisition of a $181 million participation interest in a first mortgage loan in May 2012, the seller provided concurrent non-recourse financing for $103.5 million, or 65% of the purchase price. In April 2014, the first mortgage loan and the financing were both repaid in full.
	-2	The non-recourse financing is secured by a loan portfolio acquired in October 2013 and requires monthly interest payments and principal curtailment based upon the ratio of principal outstanding to collateral cost basis. The current principal curtailment requirement is 70% of all excess cash flow from the underlying loan portfolio, after payment of certain loan servicing fees and monthly interest, but may increase or decrease in the future.
	-3	In connection with the acquisition of a loan portfolio in March 2014, a lender provided concurrent non-recourse financing for $82.3 million, or 65% of the aggregate purchase price. Although the financing has no contractual maturity date, any principal repayments from the underlying collateral loan portfolio must be applied to repay the financing until the balance is paid in full.
	-4	The loan requires monthly interest payments until January 2016, then principal and interest payments based on a 30-year amortization schedule. The loan agreement requires rent receipts from the collateral property to be initially deposited into a lockbox account controlled by the lender. The excess of monthly rent receipts over monthly debt service is remitted to the Company.
	-5	In connection with the acquisition of the portfolio of light industrial real estate assets and operating platform on December 18, 2014 (see Note 5), the Company obtained a $1.13 billion mortgage loan, of which $1.09 billion was drawn, from a financial institution. This loan is secured by the acquired real estate portfolio, has an initial term of 2 years, plus three 1-year extension options, and bears interest at one-month LIBOR plus 2.25%. The interest rate will increase to one-month LIBOR plus 2.5% after the fourth anniversary date. The loan requires interest-only monthly payments, plus a 0.05% administration fee, until maturity.
	-6	The Company entered into a master repurchase agreement (“Repurchase Facility”) with a commercial bank to partially finance loans within its Transitional CRE Lending Platform. The Repurchase Facility provides up to $150 million of financing for eligible assets within the Transitional CRE Lending Platform and has an initial term of 2 years, plus a 1-year extension option. Advances under the Repurchase Facility bear interest ranging from one-month LIBOR plus a spread of 2.25% to 2.5%.
	-7	As discussed in Note 3, on April 10, 2014, FL1 Issuer offered and sold to third parties approximately $126.2 million aggregate principal balance of the FL1 Offered Notes with a weighted average coupon of one-month LIBOR plus 1.78%. The proceeds from the sale of the FL1 Offered Notes, net of securitization costs, were approximately $122.3 million. The FL1 Offered Notes are secured by all assets of the FL1 Issuer consisting of eleven variable rate commercial mortgage loans originated within the Transitional CRE Lending Platform with an aggregate UPB of $190.6 million as of December 31, 2014. Although the securitization debt has a contractual maturity date of April 2031, any principal repayments from the underlying collateral mortgage loans must be applied to repay the debt until the balance is paid in full. The underlying collateral mortgage loans have initial terms of 2 to 3 years.
	-8	As discussed in Note 3, in November and December of 2014, FL2 Issuer offered and sold to third parties approximately $197.7 million aggregate principal balance of the FL2 Offered Notes with a weighted average coupon of one-month LIBOR plus 1.96%. The proceeds from the sale of the FL2 Offered Notes, net of securitization costs and repayment of $93.1 million outstanding under the Repurchase Facility described below, were approximately $101.6 million. The secured 2014-FL2 Notes are secured by all assets of the FL2 Issuer consisting of 15 variable rate commercial mortgage loans originated within the Transitional CRE Lending Platform with an aggregate UPB of $307.6 million as of December 31, 2014. Although the securitization debt has a contractual maturity date of November 2031, any principal repayments from the underlying collateral mortgage loans must be applied to repay the debt until the balance is paid in full. The underlying collateral mortgage loans have initial terms of 2 to 3 years.
	-9	As discussed in Note 3, on October 30, 2014, the Company's wholly-owned subsidiaries transferred a portfolio of 298 performing first mortgage loans previously acquired from third parties with an aggregate UPB of $316 million into a securitization trust. The trust offered and sold to third parties approximately $217.2 million principal balance of the MF 2014-1 Certificates with a fixed interest of 2.54%. The proceeds from this securitization event, net of securitization costs and accrued interest, were approximately $214.4 million. Although the securitization debt does not have a contractual maturity date, any principal repayments from the underlying collateral mortgage loans must be applied to repay the debt until the balance is paid in full. The underlying collateral mortgage loans have initial remaining terms of 1 to 24 years.
	-10	In connection with the acquisition of the portfolio of light industrial real estate assets and operating platform from Cobalt Capital Partners, L.P. and its affiliates on December 18, 2014 (see Note 5), the Company issued an unsecured note in the amount of $10 million to Cobalt Capital Management, L.P., an affiliate of Cobalt Capital Partners, L.P. and a service provider that will continue to manage the light industrial portfolio and its day-to-day operations. The note will mature on the third anniversary of the date of acquisition and one-third of the initial principal amount of the note is required to be repaid on each of the first, second and third anniversaries of the date of acquisition (each, a “Payment Date”). Principal under the note shall be paid in either (a) shares of the Company’s common stock, or (b) OP Units, which are exchangeable for shares of the Company’s common stock. The interest on the note is payable in an amount equivalent to dividends paid on shares that would have been due had the holder held shares of the Company's common stock in lieu of the note. At the dividend rate in effect as of December 31, 2014, the effective interest rate on this loan is approximately 6.1%.
Schedule Principal Payments Due Under the Secured Financing Arrangements	The following table summarizes such minimum principal payments and estimated principal payments based upon reasonable expectations of cash flows from the underlying collateral assets as of December 31, 2014:
	Year Ending December 31,		(In thousands)
	2015		$	308,798	(1)
	2016		166,648		(1)
	2017		238,143		(1)
	2018		30,461
	2019		1,110,456
	2020 and after		125,159
	Total		$	1,979,665
	__________
	-1	Includes $3.3 million payable in shares of the Company's common stock

Derivatives_and_Hedging_Tables

Derivatives and Hedging (Tables)	12 Months Ended
	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Foreign Exchange Contracts	The following table summarizes the aggregate notional amount of the foreign exchange contracts in place along with various key terms as of December 31, 2014:
	(Amounts in thousands)			Notional Amount of Net Investment Hedges				Range of FX Rates
	Hedged Currency	Type of Instrument						Minimum		Maximum		Range of Expiration Dates
	EUR	Collar		€	180,625			€	1.2	€	1.57	July 2015 to December 2019
	GBP	Collar		£	71,100			£	1.5	£	1.82	September 2017 to September 2019
	EUR	Forward		€	80,100			€	1.22	€	1.4	January 2015 to July 2018
	GBP	Forward		£	36,000			£	1.63	£	1.7	March 2015 to June 2015
Fair Value of Derivative Instruments	The fair values of derivative instruments included in the Company’s consolidated balance sheets are as follows:
		December 31,
	(In thousands)	2014				2013
	Assets
	Foreign exchange contracts designated as hedging instruments	$	25,820			$	2,126
	Interest rate contracts designated as hedging instruments	402				11
	Interest rate contracts not designated as hedging instruments	257				971
	Total derivatives included in other assets	$	26,479			$	3,108
	Liabilities
	Foreign exchange contracts designated as hedging instruments	$	6,718			$	5,504
	Embedded derivative liability not designated as a hedging instrument	—				2,952
	Total derivatives included in accrued and other liabilities	$	6,718			$	8,456

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Fair Value of Assets and Liabilities by the Level in the Fair Value Hierarchy	The following table summarizes the fair values of those assets and liabilities:
		December 31,
	(In thousands)	2014		2013
	Assets
	Beneficial interests in debt securities	$	—	$	30,834
	Foreign currency derivative contracts	25,820		2,126
	Interest rate derivative contracts	659		982
		$	26,479	$	33,942
	Liabilities
	Foreign currency derivative contracts	$	6,718	$	5,504
	Embedded derivative liability associated with beneficial interests in debt securities	—		2,952
		$	6,718	$	8,456
Fair and Carrying Values of Assets and Liabilities by the Level in the Fair Value Hierarchy by Balance Sheet Grouping	The following tables present the estimated fair values and carrying values of the Company’s financial instruments carried at cost, aggregated by the level in the fair value hierarchy:
		Fair Value Measurements Using
	(In thousands)	Quoted Prices in		Significant		Significant		Total Fair		Carrying
		Active Markets		Other		Unobservable		Value		Value
		for Identical		Observable		Inputs
		Instruments		Inputs		(Level 3)
		(Level 1)		(Level 2)
	December 31, 2014
	Assets
	Investments in unconsolidated joint ventures	$	—	$	—	$	1,963,965	$	1,963,965	$	1,646,977
	Loans held for investment	—		—		2,163,500		2,163,500		2,131,134
	Liabilities
	Line of credit	$	—	$	164,000	$	—	$	164,000	$	164,000
	Secured and unsecured debt	—		—		1,442,397		1,442,397		1,442,397
	CMBS debt	—		536,927		—		536,927		537,268
	Convertible senior notes	617,763		—		—		617,763		604,498
	31-Dec-13
	Assets
	Investments in unconsolidated joint ventures	$	—	$	5,953	$	1,524,621	$	1,530,574	$	1,369,529
	Loans held for investment	—		—		1,034,600		1,034,600		1,028,654
	Liabilities
	Line of credit	$	—	$	138,500	$	—	$	138,500	$	138,500
	Secured financing	—		—		277,600		277,600		277,607
	Convertible senior notes	208,000		—		—		208,000		200,000

Stockholders_Equity_and_Noncon1

Stockholders' Equity and Noncontrolling Interests (Tables)	12 Months Ended
	Dec. 31, 2014
Equity [Abstract]
Summary of Common Stock Offering	The following table summarizes the sales of the Company's common stock during the years ended December 31, 2014, 2013 and 2012:
	(In thousands, except per share data)		Number of Shares			Average Price per Share				Net Proceeds (1)
	Sep-12		8,050			$	18.53			$	148,969
	Dec-12		11,500			19.29				221,348
	Jan-13		11,500			20.2				232,020
	Nov-13		10,000			20.21				201,758
	At-the-market sales in 2013		1,902			21.65				40,765
	Mar-14		14,950			21.9				327,115
	Jul-14		17,250			22.14				381,545
	At-the-market sales in 2014		406			21.07				8,465
	__________
	-1	Net of underwriting discounts and commissions, sales agent commissions, and offering costs payable by the Company
Components of Accumulated Other Comprehensive Income (Loss) Attributable to Stockholders	The following tables present the changes in each component of accumulated other comprehensive income attributable to the stockholders, net of immaterial tax effect:
	(In thousands)		Equity in AOCI of Unconsolidated Joint Ventures				Unrealized Gain/Loss on Beneficial Interests in Debt Securities				Unrealized Gain/Loss on Fair Value of Cash Flow Hedge			Foreign Currency Translation Gain/Loss			Unrealized Gain/Loss on Fair Value of Net Investment Hedges			Total
	Balance at December 31, 2011		$	(406	)		$	611			$	—		$	(4,328	)	$	1,793		$	(2,330	)
	Other comprehensive income (loss) before reclassifications		7,135				266				—			905			(1,176		)	7,130
	Amounts reclassified from accumulated other comprehensive income		—				—				—			356			28			384
	Net other comprehensive income (loss)		7,135				266				—			1,261			(1,148		)	7,514
	Balance at December 31, 2012		6,729				877				—			(3,067		)	645			5,184
	Other comprehensive income (loss) before reclassifications		9,787				(552		)		(19		)	4,983			(3,846		)	10,353
	Amounts reclassified from accumulated other comprehensive income		(12,895		)		—				—			(67		)	18			(12,944		)
	Net other comprehensive (loss) income		(3,108		)		(552		)		(19		)	4,916			(3,828		)	(2,591		)
	Balance at December 31, 2013		3,621				325				(19		)	1,849			(3,183		)	2,593
	Other comprehensive income (loss) before reclassifications		1,511				(2,488		)		(82		)	(54,266		)	26,732			(28,593		)
	Amounts reclassified from accumulated other comprehensive income		(4,681		)		2,163				—			(226		)	253			(2,491		)
	Net other comprehensive (loss) income		(3,170		)		(325		)		(82		)	(54,492		)	26,985			(31,084		)
	Balance at December 31, 2014		$	451			$	—			$	(101	)	$	(52,643	)	$	23,802		$	(28,491	)
Reclassification out of Accumulated Other Comprehensive Income	Information about amounts reclassified out of accumulated other comprehensive income by component is presented below:
	(In thousands)		Year Ended December 31,											Affected Line Item in the
	Component of Accumulated Other Comprehensive Income (Loss)		2014				2013				2012			Consolidated Statements of Operations
	Equity in realized gain on sale of marketable securities of unconsolidated joint ventures		$	4,681			$	12,895			$	—		Equity in income of unconsolidated joint ventures
	Settlement loss on beneficial interests in debt securities		(2,163		)		—				—			Other loss, net
	Realized foreign exchange gain (loss)		226				67				(356		)	Other gain (loss), net
	Net settlement loss on derivative instruments designated as net investment hedges		(253		)		(18		)		(28		)	Other loss, net

Earnings_per_Share_Tables

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 2014
Earnings Per Share [Abstract]
Reconciles Numerator and Denominator of Basic and Diluted Per-Share	The following table provides the basic and diluted earnings per common share computations:
			Year Ended December 31,
	(In thousands, except per share data)		2014			2013			2012
	Numerator:
	Net income		$	159,711		$	125,923		$	68,205
	Net income attributable to noncontrolling interest		(36,562		)	(24,158		)	(6,194		)
	Net income attributable to Colony Financial, Inc.		123,149			101,765			62,011
	Preferred dividends		(24,870		)	(21,420		)	(13,915		)
	Net income attributable to common stockholders		98,279			80,345			48,096
	Net income allocated to participating securities (nonvested shares)		(990		)	(725		)	(476		)
	Numerator for basic net income allocated to common stockholders		97,289			79,620			47,620
	Interest expense attributable to convertible senior notes (1)		—			—			—
	Numerator for diluted net income allocated to common stockholders		$	97,289		$	79,620		$	47,620
	Denominator:
	Basic weighted average number of common shares outstanding		96,694			66,182			35,926
	Weighted average effect of dilutive shares (1)		5			—			17
	Diluted weighted average number of common shares outstanding		96,699			66,182			35,943
	Earnings per share:
	Net income attributable to common stockholders per share–basic		$	1.01		$	1.2		$	1.33
	Net income attributable to common stockholders per share–diluted		$	1.01		$	1.2		$	1.32
	__________
	-1	For the years ended December 31, 2014 and 2013, excluded from the calculation of diluted income per share is the effect of adding back $23.3 million and $7.6 million, respectively, of interest expense and 20,784,600 and 6,154,100 weighted average dilutive common share equivalents, respectively, for the assumed conversion of the Convertible Notes as their inclusion would be antidilutive. For the year ended December 31, 2014, also excluded from the calculation of diluted income per share is the effect of adding back $25,000 of interest expense and 14,700 weighted average dilutive common share equivalents for the assumed repayment of the $10 million unsecured note issued to Cobalt Capital Management, L.P. (see Note 5 and Note 9) in shares of the Company's common stock as its inclusion would be antidilutive. For the years ended December 31, 2014 and December 31, 2012, weighted average dilutive shares include the effect of 4,900 and 17,600 shares of common stock, respectively, issuable to the Manager for incentive fees incurred for the respective periods.

Related_Party_Transactions_Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2014
Related Party Transactions [Abstract]
Summary of Amounts Due to Manager or its Affiliates	The following table summarizes the amounts incurred by the Company and payable to the Manager or its affiliates for the periods presented:
		Year Ended December 31,
	(In thousands)	2014		2013		2012
	Base management fees	$	32,285	$	22,265	$	12,332
	Incentive fees	464		—		936
	Compensation pursuant to secondment agreement	1,778		1,286		1,207
	Allocated and direct investment-related expenses	2,846		1,771		1,657
	Allocated and direct administrative expenses	3,301		1,787		1,253
		$	40,674	$	27,109	$	17,385
	The following table summarizes the amounts due to the Manager or its affiliates as of each balance sheet date:
		December 31,
	(In thousands)	2014		2013
	Base management fees	$	9,173	$	6,045
	Secondment reimbursement	1,393		895
	Reimbursement of direct and allocated administrative and investment costs	1,670		1,046
		$	12,236	$	7,986

ShareBased_Payments_Tables

Share-Based Payments (Tables)	12 Months Ended
	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Nonvested Shares Under Director Stock Plan and Equity Incentive Plan	A summary of the Company’s vested and nonvested shares under the Director Stock Plan and Equity Incentive Plan for the year ended December 31, 2014 is presented below:
			Restricted Stock			Restricted		Restricted			Total		Weighted Average Grant Date Fair Value
			Grants to			Stock Grants		Stock Grants
			Non-Executive			to Employee		to the Manager or Manager's Employees
			Directors
	Nonvested shares at December 31, 2013		6,837			17,172		488,759			512,768		$	18.28
	Granted		15,234			—		500,000			515,234		20.32
	Vested		(6,837		)	(8,586	)	(322,505		)	(337,928	)	18.83
	Forfeited		—			—		(636		)	(636	)	16.16
	Nonvested shares at December 31, 2014		15,234			8,586		665,618			689,438		$	19.54
	Weighted average grant-date fair value per share for shares granted during the period		$	22.87		n/a		$	20.24
Components of Share-Based Compensation	The following table summarizes the components of share-based compensation included in the consolidated statements of operations:
			Year Ended December 31,
	(In thousands, except per share amounts)		2014			2013			2012
	Share-based compensation included in management fees		$	10,384		$	3,998		$	5,714
	Share-based compensation included in administrative expenses		417			285			419
	Total fair value of shares vested (1)		6,855			182			6,079
	Weighted average grant-date fair value per share for shares granted during the period (1)		20.32			21.94			17.79
	__________
	-1	Based on the quoted closing share price of the Company's common stock on the NYSE on grant date or vesting date.

Income_Taxes_Tables

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Income Tax Provision (Benefit)	The Company’s taxable REIT subsidiaries (each a “TRS”) are subject to corporate-level federal, state, foreign and local income taxes. The following is a summary of the Company’s income tax provision:
		Year Ended December 31,
	(In thousands)	2014			2013			2012
	Current
	Federal	$	1,339		$	1,470		$	2,242
	State	369			671			669
	Total current tax provision	1,708			2,141			2,911
	Deferred
	Federal	(3,307		)	(1,115		)	(661		)
	State	(800		)	(367		)	(85		)
	Total deferred tax benefit	(4,107		)	(1,482		)	(746		)
	Total income tax (benefit) provision	$	(2,399	)	$	659		$	2,165
Schedule of Income Tax Treatment for Dividends Declared	The following table summarizes the income tax treatment of dividends declared:
		Year Ended December 31,
		2014			2013			2012
	Common Stock:
	Ordinary income per share	$	1.08		$	0.98		$	0.83
	Long-term capital gains per share	0.36			0.42			0.61
	Total dividends declared per share	$	1.44		$	1.4		$	1.44
	Series A Preferred Stock:
	Ordinary income per share	$	1.52		$	1.48		$	1.01
	Long-term capital gains per share	0.6			0.65			0.74
	Total dividends declared per share	$	2.12		$	2.13		$	1.75
	Series B Preferred Stock:
	Ordinary income per share	$	0.77		$	—		$	—
	Long-term capital gains per share	0.3			—			—
	Total dividends declared per share	$	1.07		$	—		$	—

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Minimum Future Rent Commitment Under the Ground Leases	Minimum future rent commitments under the ground leases as of December 31, 2014 are as follows:
	Year Ending December 31,	(In thousands)
	2015	$	253
	2016	255
	2017	255
	2018	255
	2019	255
	2020 and after	10,687
	Total	$	11,960

Segment_Information_Tables

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2014
Segment Reporting [Abstract]
Summary of Operating Results and Net Investments for Each of Reportable Operating Segment	The operating results for each of the reportable segments are summarized below:
	(In thousands)	Real Estate			Light Industrial Portfolio			Single-Family			Other Real Estate Equity Investments			Amounts Not			Total
		Debt						Residential						Allocated to
		Investments						Rentals						Segments
	Year Ended December 31, 2014
	Income:
	Interest income	$	204,054		$	—		$	—		$	—		$	307		$	204,361
	Rental income and tenant reimbursements	—			5,365			—			15,597			—			20,962
	Equity in income (loss) of unconsolidated joint ventures	86,495			—			(15,901		)	3,235			—			73,829
	Other income	908			—			—			—			589			1,497
	Total income (loss)	291,457			5,365			(15,901		)	18,832			896			300,649
	Expenses:
	Management fees	—			—			—			—			43,133			43,133
	Investment and servicing expenses	3,198			304			—			99			2,210			5,811
	Transaction costs	5,232			7,450			—			146			8,268			21,096
	Interest expense	14,199			1,321			—			4,355			28,490			48,365
	Property operating expenses	—			1,544			—			4,019			—			5,563
	Depreciation and amortization	—			3,391			—			5,786			—			9,177
	Administrative expenses	577			—			—			—			10,831			11,408
	Total expenses	23,206			14,010			—			14,405			92,932			144,553
	Other gain (loss), net	165			(22		)	—			—			1,073			1,216
	Income (loss) before income taxes	268,416			(8,667		)	(15,901		)	4,427			(90,963		)	157,312
	Income tax benefit	—			—			—			—			(2,399		)	(2,399		)
	Net income (loss)	268,416			(8,667		)	(15,901		)	4,427			(88,564		)	159,711
	Net income (loss) attributable to noncontrolling interests	37,683			(3,143		)	—			2,022			—			36,562
	Net income (loss) attributable to Colony Financial, Inc.	$	230,733		$	(5,524	)	$	(15,901	)	$	2,405		$	(88,564	)	$	123,149
	(In thousands)	Real Estate			Single-Family			Other Real Estate Equity Investments			Amounts Not			Total
		Debt			Residential						Allocated to
		Investments			Rentals						Segments
	Year Ended December 31, 2013
	Income:
	Interest income	$	80,753		$	—		$	—		$	282		$	81,035
	Rental income and tenant reimbursements	—			—			789			—			789
	Equity in income (loss) of unconsolidated joint ventures	89,553			(8,013		)	19,168			—			100,708
	Other income	1,267			—			—			—			1,267
	Total income (loss)	171,573			(8,013		)	19,957			282			183,799
	Expenses:
	Management fees	—			—			—			26,263			26,263
	Investment and servicing expenses	2,247			—			26			955			3,228
	Transaction costs	1,210			—			597			—			1,807
	Interest expense	5,295			—			227			13,316			18,838
	Property operating expenses	—			—			197			—			197
	Depreciation and amortization	—			—			310			—			310
	Administrative expenses	178			—			—			7,370			7,548
	Total expenses	8,930			—			1,357			47,904			58,191
	Other gain, net	974			—			—			—			974
	Income (loss) before income taxes	163,617			(8,013		)	18,600			(47,622		)	126,582
	Income tax provision	—			—			—			659			659
	Net income (loss)	163,617			(8,013		)	18,600			(48,281		)	125,923
	Net income attributable to noncontrolling interests	22,892			—			1,266			—			24,158
	Net income (loss) attributable to Colony Financial, Inc.	$	140,725		$	(8,013	)	$	17,334		$	(48,281	)	$	101,765
	(In thousands)	Real Estate			Single-Family			Other Real Estate Equity Investments			Amounts Not			Total
		Debt			Residential						Allocated to
		Investments			Rentals						Segments
	Year Ended December 31, 2012
	Income:
	Interest income	$	37,083		$	—		$	—		$	170		$	37,253
	Equity in income (loss) of unconsolidated joint ventures	60,313			(2,126		)	10,550			—			68,737
	Other income	1,973			—			—			—			1,973
	Total income (loss)	99,369			(2,126		)	10,550			170			107,963
	Expenses:
	Management fees	—			—			—			18,982			18,982
	Investment and servicing expenses	2,457			—			22			498			2,977
	Interest expense	4,409			—			—			3,839			8,248
Administrative expenses	—			—			—			6,346			6,346
Total expenses	6,866			—			22			29,665			36,553
Other loss, net	(1,040		)	—			—			—			(1,040		)
Income (loss) before income taxes	91,463			(2,126		)	10,528			(29,495		)	70,370
Income tax provision	—			—			—			2,165			2,165
Net income (loss)	91,463			(2,126		)	10,528			(31,660		)	68,205
Net income attributable to noncontrolling interests	6,194			—			—			—			6,194
Net income (loss) attributable to Colony Financial, Inc.	$	85,269		$	(2,126	)	$	10,528		$	(31,660	)	$	62,011
The net investments in each of the reportable segments are summarized as follows:
(In thousands)	December 31, 2014			31-Dec-13
Assets:
Real estate debt investments	$	2,978,718		$	1,707,228
Light industrial portfolio	1,681,980			—
Single-family residential rentals	494,613			530,007
Other real estate equity investments	550,216			344,244
Other assets not allocated to segments	166,321			47,073
Total consolidated assets	$	5,871,848		$	2,628,552

Selected_Quarterly_Financial_I1

Selected Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2014
Selected Quarterly Financial Information [Abstract]
Schedule of Quarterly Financial Information	The following is a summary of quarterly results of operations for the years ended December 31, 2014 and 2013:
			2014 Quarter Ended										2013 Quarter Ended
	(In thousands, except per share data)		Dec 31			Sep 30			30-Jun		31-Mar		Dec 31			Sep 30			30-Jun		31-Mar
	Interest income (1)		$	54,447		$	62,849		$	53,963	$	33,102	$	26,486		$	22,122		$	21,015	$	11,412
	Rental income and tenant reimbursements		10,143			4,323			3,255		3,241		789			—			—		—
	Equity in income of unconsolidated joint ventures		20,813			9,263			21,114		22,639		30,862			25,052			22,992		21,802
	Other income		194			847			231		225		283			296			317		371
	Total income		85,597			77,282			78,563		59,207		58,420			47,470			44,324		33,585
	Management fees		11,766			10,717			9,937		10,713		6,951			6,520			6,422		6,370
	Other expenses		43,078			21,119			17,844		19,379		12,167			7,861			7,094		4,806
	Total expenses		54,844			31,836			27,781		30,092		19,118			14,381			13,516		11,176
	Other (loss) gain, net (1)		(22		)	37			221		980		(19		)	860			196		(63		)
	Income tax provision (benefit)		(181		)	(2,464		)	1		245		79			(14		)	242		352
	Net income		30,912			47,947			51,002		29,850		39,204			33,963			30,762		21,994
	Net income attributable to noncontrolling interest		6,096			8,993			13,353		8,120		8,946			7,514			5,111		2,587
	Net income attributable to Colony Financial, Inc.		24,816			38,954			37,649		21,730		30,258			26,449			25,651		19,407
	Preferred dividends		6,972			6,972			5,571		5,355		5,355			5,355			5,355		5,355
	Net income attributable to common stockholders		$	17,844		$	31,982		$	32,078	$	16,375	$	24,903		$	21,094		$	20,296	$	14,052
	Net income per common share—basic		$	0.16		$	0.3		$	0.35	$	0.2	$	0.34		$	0.32		$	0.31	$	0.22
	Net income per common share—diluted		$	0.16		$	0.3		$	0.34	$	0.2	$	0.34		$	0.32		$	0.31	$	0.22
	__________
	-1	Prepayment fees and accelerated amortization of origination fees or purchase discounts resulting from early repayments of loans receivable have been reclassified from other gain to interest income for the previously reported quarters through June 30, 2014. See Note 2—"Reclassification" for further discussion.

Significant_Accounting_Policie2

Significant Accounting Policies (Details) (USD $)	0 Months Ended	12 Months Ended		18 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2014	Jun. 30, 2013	Dec. 17, 2014
	Segment	Jointventures	Segment	Segment
	Jointventures	Subsidiary
	Subsidiary
Property, Plant and Equipment [Line Items]
Residential leases term		1 year
Number of wholly-owned subsidiaries providing assets management services	2	2
Number of unconsolidated joint ventures invested in loan portfolios	2	2
Minimum percentage of distribution of taxable income to stockholders to qualify as REIT		90.00%
Number of years for not qualifying REIT		4 years
Number of reportable segments	4		2	3
Minimum
Property, Plant and Equipment [Line Items]
Number of months in arrears for recognition of income from unconsolidated investments (months)		1 month
Maximum
Property, Plant and Equipment [Line Items]
Number of months in arrears for recognition of income from unconsolidated investments (months)		3 months
Buildings and improvements
Property, Plant and Equipment [Line Items]
Real estate assets estimated useful life		37 years
Buildings and improvements | Minimum
Property, Plant and Equipment [Line Items]
Real estate assets estimated useful life		7 years
Buildings and improvements | Maximum
Property, Plant and Equipment [Line Items]
Real estate assets estimated useful life		40 years
Furniture and Fixtures | Minimum
Property, Plant and Equipment [Line Items]
Real estate assets estimated useful life		5 years
Furniture and Fixtures | Maximum
Property, Plant and Equipment [Line Items]
Real estate assets estimated useful life		15 years
Light Industrial Portfolio
Property, Plant and Equipment [Line Items]
Real estate held-for-sale	23.9	23.9

Consolidated_Variable_Interest2

Consolidated Variable Interest Entity (Details) (USD $)	12 Months Ended	0 Months Ended
	Dec. 31, 2014	Apr. 10, 2014	Nov. 25, 2014	Oct. 30, 2014	Dec. 31, 2013
	SecurityLoan	SecurityLoan	SecurityLoan	SecurityLoan
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Company's maximum loss exposure to the obligations of VIEs	282,100,000				$0
Colony Mortgage Capital Series 2014-FL1, Ltd | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Number of loans securitized	11
Principal balance of mortgage notes securitized		126,200,000
Senior Notes | Colony Mortgage Capital Series 2014-FL1, Ltd | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Number of loans securitized		11
Senior Notes | Colony Mortgage Capital Series 2014-FL2, Ltd | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Number of loans securitized			15
Transitional CRE Lending Platform | Senior Notes | Colony Mortgage Capital Series 2014-FL1, Ltd | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Number of mortgage loans sold		4
Transitional CRE Lending Platform | Senior Notes | Colony Mortgage Capital Series 2014-FL2, Ltd | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Number of mortgage loans sold			4
First Mortgage | MF 2014-1
Variable Interest Entity [Line Items]
Number of loans securitized				298
Principal balance of mortgage notes securitized				$316,000,000

Consolidated_Variable_Interest3

Consolidated Variable Interest Entity - Summary of Assets and Liabilities Related to Consolidated VIE (Details) (Variable Interest Entity, Primary Beneficiary, USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified
Variable Interest Entity [Line Items]
Net investment	$282,124
2014-FL1
Variable Interest Entity [Line Items]
Net investment	67,098
2014-FL2
Variable Interest Entity [Line Items]
Net investment	111,487
MF 2014-1
Variable Interest Entity [Line Items]
Net investment	103,539
Loans held for investment, net
Variable Interest Entity [Line Items]
Consolidated VIE: Assets	807,761
Loans held for investment, net | 2014-FL1
Variable Interest Entity [Line Items]
Consolidated VIE: Assets	189,898
Loans held for investment, net | 2014-FL2
Variable Interest Entity [Line Items]
Consolidated VIE: Assets	305,238
Loans held for investment, net | MF 2014-1
Variable Interest Entity [Line Items]
Consolidated VIE: Assets	312,625
Restricted cash
Variable Interest Entity [Line Items]
Consolidated VIE: Assets	37,146
Restricted cash | 2014-FL1
Variable Interest Entity [Line Items]
Consolidated VIE: Assets	11,902
Restricted cash | 2014-FL2
Variable Interest Entity [Line Items]
Consolidated VIE: Assets	25,244
Restricted cash | MF 2014-1
Variable Interest Entity [Line Items]
Consolidated VIE: Assets	0
Deferred financing costs, net
Variable Interest Entity [Line Items]
Consolidated VIE: Assets	8,963
Deferred financing costs, net | 2014-FL1
Variable Interest Entity [Line Items]
Consolidated VIE: Assets	2,620
Deferred financing costs, net | 2014-FL2
Variable Interest Entity [Line Items]
Consolidated VIE: Assets	3,030
Deferred financing costs, net | MF 2014-1
Variable Interest Entity [Line Items]
Consolidated VIE: Assets	3,313
Receivables
Variable Interest Entity [Line Items]
Consolidated VIE: Assets	3,965
Receivables | 2014-FL1
Variable Interest Entity [Line Items]
Consolidated VIE: Assets	1,055
Receivables | 2014-FL2
Variable Interest Entity [Line Items]
Consolidated VIE: Assets	1,448
Receivables | MF 2014-1
Variable Interest Entity [Line Items]
Consolidated VIE: Assets	1,462
Secured financing
Variable Interest Entity [Line Items]
Consolidated VIE: Liabilities	-537,268
Secured financing | 2014-FL1
Variable Interest Entity [Line Items]
Consolidated VIE: Liabilities	-126,204
Secured financing | 2014-FL2
Variable Interest Entity [Line Items]
Consolidated VIE: Liabilities	-197,655
Secured financing | MF 2014-1
Variable Interest Entity [Line Items]
Consolidated VIE: Liabilities	-213,409
Accrued and other liabilities
Variable Interest Entity [Line Items]
Consolidated VIE: Liabilities	-38,443
Accrued and other liabilities | 2014-FL1
Variable Interest Entity [Line Items]
Consolidated VIE: Liabilities	-12,173
Accrued and other liabilities | 2014-FL2
Variable Interest Entity [Line Items]
Consolidated VIE: Liabilities	-25,818
Accrued and other liabilities | MF 2014-1
Variable Interest Entity [Line Items]
Consolidated VIE: Liabilities	($452)

Loans_Receivable_Details

Loans Receivable (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
	SecurityLoan
	Investment
	Portfolio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan acquisitions	$1,735,526,000	$876,503,000	$204,298,000
Number of Loans	398
Number of loans acquired	3
Number of new investments accounted for under the equity method	2
Bad debt recognized during period	200,000	0	0
Hotel | Mezzanine loans | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of loan income	13.00%	13.00%
Unaffiliated investors owning noncontrolling interest in Joint Venture	47.00%
First Mortgage and Subordinated Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans	7
Mezzanine loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans	5
First Mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans	26
Percentage of loan income	7.00%	14.00%	18.00%
Number of loans representing greater than 10% of total income	2
Gain on repayment of mortgage loans	12,100,000
Gain on repayment of mortgage loans attributable to noncontrolling interest	4,800,000
Number of mortgage loans with more than 90 days past due and on nonaccrual status	2
Carry value of loan that was more than 90 days past due and on nonaccrual status	3,700,000
Bad debt recognized during period	200,000	0
First Mortgage | Payment Deferral | Non-performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount of mortgage loan restructured in a TDR	9,100,000
Modification fee agreed upon for restructured loan	25,000
Loss on troubled debt restructuring	$0
Credit Concentration Risk | Hotel | Total assets | Mezzanine loans | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk percentage	6.00%	12.00%

Loans_Receivable_Company_Loan_

Loans Receivable - Company Loan Receivable (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
	SecurityLoan	SecurityLoan
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	$2,247,040	$1,197,764
Loans receivable, net	2,131,134	1,028,654	333,569	232,619
Number of loans held-in-portfolio	398	42
Performing
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	1,902,868	898,529
Loans receivable, net	1,883,247	854,721
Number of loans held-in-portfolio	364	37
Performing | Mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	465,828	463,552
Loans receivable, net	452,605	423,078
Performing loans, weighted average coupon	6.70%	7.10%
Performing loans, weighted average maturity in years	3 years 10 months 24 days	3 years 10 months 24 days
Number of loans held-in-portfolio	42	33
Performing | Securitized mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	800,638	0
Loans receivable, net	799,342	0
Performing loans, weighted average coupon	5.90%
Performing loans, weighted average maturity in years	8 years 6 months
Number of loans held-in-portfolio	310	0
Performing | B-note
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	143,376	104,068
Loans receivable, net	140,312	103,458
Performing loans, weighted average coupon	8.50%	10.90%
Performing loans, weighted average maturity in years	3 years 2 months 12 days	3 years 9 months 18 days
Number of loans held-in-portfolio	3	2
Performing | Mezzanine loans
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	493,026	330,909
Loans receivable, net	490,988	328,185
Performing loans, weighted average coupon	10.80%	11.00%
Performing loans, weighted average maturity in years	2 years 3 months 18 days	2 years 4 months 24 days
Number of loans held-in-portfolio	9	2
Non-performing
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	344,172	299,235
Loans receivable, net	247,887	173,933
Number of loans held-in-portfolio	34	5
Non-performing | Mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	334,500	299,235
Loans receivable, net	239,702	173,933
Number of loans held-in-portfolio	23	5
Non-performing | Securitized mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	9,672	0
Loans receivable, net	$8,185	$0
Number of loans held-in-portfolio	11	0

Loans_Receivable_Schedule_of_N

Loans Receivable - Schedule of Non-PCI Loans with Variable Rates (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013
	SecurityLoan		SecurityLoan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal	$2,247,040		$1,197,764
Number of Loans	398		42
Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal	1,902,868		898,529
Number of Loans	364		37
Performing | Mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal	465,828		463,552
Number of Loans	42		33
Performing | Mezzanine loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal	493,026		330,909
Number of Loans	9		2
Performing | One-Month LIBOR | Mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Index	1-Month LIBOR	[1]	1-Month LIBOR	[1]
Weighted Average Spread	6.10%		4.90%
Weighted Average Rate	6.20%	[2]	7.70%	[2]
Principal	826,231		246,478
Carrying Amount	818,391		220,111
Number of Loans	41		9
Performing | One-Month LIBOR | Mezzanine loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Index	1-Month LIBOR	[1]	1-Month LIBOR	[1]
Weighted Average Spread	10.70%		10.80%
Weighted Average Rate	10.90%		11.00%
Principal	367,864		330,909
Carrying Amount	365,826		328,185
Number of Loans	6		2
Performing | 6-Month LIBOR | Mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Index	6-Month LIBOR	[1]
Weighted Average Spread	2.50%
Weighted Average Rate	5.80%	[2]
Principal	110,312
Carrying Amount	110,236
Number of Loans	96
Performing | 12-Month Treasury Average | Mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Index	12-Month Treasury Average
Weighted Average Spread	2.50%
Weighted Average Rate	2.80%	[3]
Principal	25,068
Carrying Amount	22,913
Number of Loans	22
Performing | One-Month Reference Bills | Mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Index			1-Month Reference Bills	[4]
Weighted Average Spread			4.70%
Weighted Average Rate			4.70%
Principal			30,064
Carrying Amount			27,595
Number of Loans			3
Performing | Variable Rate Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal	1,329,475		607,451
Carrying Amount	$1,317,366		$575,891
Number of Loans	165		14
[1]	LIBOR =ondon Interbank Offered Rate
[2]	Certain loans are subject to a LIBOR floor which was higher than the actual LIBOR at December 31, 2014 and 2013.
[3]	Certain loans are subject to a 12-Month Treasury Average ("12MTA") floor which was higher than the actual 12MTA at December 31, 2014.
[4]	Reference Bills =reddie Mac Reference Bill index

Loans_Receivable_Schedule_of_N1

Loans Receivable - Schedule of Non-PCI Loans with Fixed Rates (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
	SecurityLoan	SecurityLoan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal	$2,247,040	$1,197,764
Number of Loans	398	42
Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal	1,902,868	898,529
Number of Loans	364	37
Mortgage loans | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal	134,636	187,010
Carrying Amount	126,114	175,372
Weighted Average Rate	6.40%	6.60%
Performing loans, weighted average maturity in years	8 years 8 months 12 days	7 years 3 months 10 days
Number of Loans	23	21
Securitized mortgage loans | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal	170,218
Carrying Amount	174,292
Weighted Average Rate	6.50%
Performing loans, weighted average maturity in years	17 years 1 month 6 days
Number of Loans	170
B-note | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal	143,376	104,068
Carrying Amount	140,312	103,458
Weighted Average Rate	8.50%	10.90%
Performing loans, weighted average maturity in years	3 years 2 months 12 days	3 years 9 months 3 days
Number of Loans	3	2
Mezzanine loans | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal	125,163
Carrying Amount	125,163
Weighted Average Rate	10.30%
Performing loans, weighted average maturity in years	4 years 7 months 6 days
Number of Loans	3
Fixed Interest Rate Loans | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal	573,393	291,078
Carrying Amount	$565,881	$278,830
Number of Loans	199	23

Loans_Receivable_Activity_in_L

Loans Receivable - Activity in Loan Receivable (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Loans Receivable [Roll Forward]
Balance at January 1	$1,028,654	$333,569	$232,619
Loan acquisitions and originations	1,735,526	876,503	204,298
Paid-in-kind interest added to loan principal	2,796	218	851
Discount and net loan fee amortization	81,168	10,053	3,656
Carrying value of loans sold	0	-70,280	-30,159
Assignment of loans receivable to investment in unconsolidated joint ventures	0	0	-29,612
Noncash distribution of loan receivable to a noncontrolling interest	0	-18,500	0
Loan repayments	-673,815	-106,083	-48,084
Payments received from PCI loans	-11,725	-544	0
Provision for loan loss	-200	0	0
Effect of changes in foreign exchange rates	-31,270	3,718	0
Balance at December 31	$2,131,134	$1,028,654	$333,569

Loans_Receivable_Payments_Unde

Loans Receivable - Payments Under Loan Agreements (Details) (Performing, USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified
Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
2015	$183,542
2016	618,639
2017	564,887
2018	53,159
2019	186,128
2020 and after	296,513
Total	$1,902,868

Loans_Receivable_Accretable_Yi

Loans Receivable - Accretable Yield and Nonaccretable Difference (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Receivables [Abstract]
Contractually required payments including interest	$40,113	$315,939
Less: cash flows not expected to be collected (nonaccretable difference)	18,743	17,253
Total cash flows expected to be collected	21,370	298,686
Less: accretable yield	3,067	131,037
Fair value of loans at acquisition	$18,303	$167,649

Loans_Receivable_Changes_in_Ac

Loans Receivable - Changes in Accretable Yield (details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Accretable yield at January 1	$130,823	$0
Additions	3,067	131,037
Changes in estimated cash flows	13,436	0
Accretion	-35,115	-3,108
Effect of changes in foreign exchange rates	-13,688	2,894
Accretable yield at December 31	$98,523	$130,823

Investment_in_Real_Estate_Deta

Investment in Real Estate (Details) (USD $)	12 Months Ended			0 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 18, 2014
Business Acquisition [Line Items]
Depreciation	$6,200,000	$218,000	$0
Payment to acquire businesses	1,618,069,000	122,750,000	0
Transaction costs	7,500,000	600,000
Cobalt Capital Partners, L.P. | Light Industrial Portfolio
Business Acquisition [Line Items]
Closing costs				7,400,000
Cobalt Capital Management, L.P. | Light Industrial Portfolio
Business Acquisition [Line Items]
Ownership interest acquired (percent)				100.00%
Mortgages | Light Industrial Portfolio
Business Acquisition [Line Items]
Amount of loan financed to acquire property	1,100,000,000			1,090,000,000
Building | Cobalt Capital Partners, L.P. | Light Industrial Portfolio
Business Acquisition [Line Items]
Net rentable area (sqft)				30,000,000
Payment to acquire businesses				1,600,000,000
Industrial Property | Cobalt Capital Partners, L.P. | Light Industrial Portfolio
Business Acquisition [Line Items]
Number of real estates				256
Ownership interest of limited partners (percent)				37.00%
Industrial Property | Land | Cobalt Capital Partners, L.P. | Light Industrial Portfolio
Business Acquisition [Line Items]
Number of real estates				1
Industrial Property | Building | Cobalt Capital Partners, L.P. | Light Industrial Portfolio
Business Acquisition [Line Items]
Number of real estates				298
Transaction Related Costs | Triple-Net Leased Acquisitions
Business Acquisition [Line Items]
Transaction costs	137,000	597,000
Light Industrial Portfolio Notes | Cobalt Capital Management, L.P. | Light Industrial Portfolio
Business Acquisition [Line Items]
Proceeds from issuance of unsecured debt				$10,000,000

Investment_in_Real_Estate_Comp

Investment in Real Estate - Components of Real Estate (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Business Acquisition [Line Items]
Land	265,263	$8,319
Buildings and improvements	1,351,798	97,011
Real Estate Investment Property, at Cost	1,650,418	112,686
Accumulated depreciation	-6,421	-218
Net carrying amount	1,643,997	112,468
Tenant Improvements	33,357	$7,356
Buildings and improvements
Business Acquisition [Line Items]
Real estate assets estimated useful life	37 years
Tenant improvements
Business Acquisition [Line Items]
Real estate assets estimated useful life	6 years

Investment_in_Real_Estate_Purc

Investment in Real Estate - Purchase Price of Acquisitions (Details) (USD $)	8 Months Ended	0 Months Ended
In Thousands, unless otherwise specified	Jul. 31, 2014	Dec. 09, 2013	Jun. 24, 2014	Jul. 31, 2014
Business Acquisition [Line Items]
Purchase price	$154,069
Office Building | Minnesota Office
Business Acquisition [Line Items]
Purchase price		122,750
Office Building | Arizona-Office
Business Acquisition [Line Items]
Purchase price			15,675
Industrial Property | Ohio-Industrial
Business Acquisition [Line Items]
Purchase price				$15,644

Investment_in_Real_Estate_Fair

Investment in Real Estate - Fair Values of Assets Acquired (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014
Real estate assets:
Goodwill	20,000
Buildings and improvements
Real estate assets:
Real estate assets estimated useful life	37 years
Tenant improvements
Real estate assets:
Real estate assets estimated useful life	6 years
Acquisitions 2014
Real estate assets:
Land	256,944
Building and improvements	1,254,787
Tenant improvements	26,001
Goodwill	20,000
Cash	7,784
Total assets acquired	1,664,871
Intangible liabilities:
Below-market lease values	-10,282	[1]
Above-market ground lease obligations	-171	[1]
Accrued and other liabilities	-18,565
Below market lease estimated useful life	5 years
Above market ground lease obligation, useful life	30 years
Total liabilities assumed	-29,018
Acquisitions 2014 | In-place lease value
Real estate assets:
Identifiable intangible assets	40,173
Intangible assets estimated useful life	5 years
Acquisitions 2014 | Above-market lease values
Real estate assets:
Identifiable intangible assets	23,193
Intangible assets estimated useful life	5 years
Acquisitions 2014 | Below-market ground lease obligation
Real estate assets:
Identifiable intangible assets	1,420
Intangible assets estimated useful life	54 years
Acquisitions 2014 | Deferred leasing costs
Real estate assets:
Identifiable intangible assets	34,569
Intangible assets estimated useful life	6 years
Acquisitions 2014 | Buildings and improvements
Real estate assets:
Real estate assets estimated useful life	36 years
Acquisitions 2014 | Tenant improvements
Real estate assets:
Real estate assets estimated useful life	6 years
Light Industrial Portfolio
Real estate assets:
Land	256,491	[2]
Building and improvements	1,232,882	[2]
Tenant improvements	23,961	[2]
Goodwill	20,000	[2]
Cash	7,784	[2]
Total assets acquired	1,633,262	[2]
Intangible liabilities:
Below-market lease values	-9,992	[1],[2]
Above-market ground lease obligations	-171	[1],[2]
Accrued and other liabilities	-18,565	[2]
Total liabilities assumed	-28,728	[2]
Light Industrial Portfolio | In-place lease value
Real estate assets:
Identifiable intangible assets	35,591	[2]
Light Industrial Portfolio | Above-market lease values
Real estate assets:
Identifiable intangible assets	23,143	[2]
Light Industrial Portfolio | Below-market ground lease obligation
Real estate assets:
Identifiable intangible assets	0	[2]
Light Industrial Portfolio | Deferred leasing costs
Real estate assets:
Identifiable intangible assets	33,410	[2]
Ohio-Industrial
Real estate assets:
Land	453
Building and improvements	9,815
Tenant improvements	0
Goodwill	0
Cash	0
Total assets acquired	15,644
Intangible liabilities:
Below-market lease values	0	[1]
Above-market ground lease obligations	0	[1]
Accrued and other liabilities	0
Total liabilities assumed	0
Ohio-Industrial | In-place lease value
Real estate assets:
Identifiable intangible assets	4,582
Ohio-Industrial | Above-market lease values
Real estate assets:
Identifiable intangible assets	50
Ohio-Industrial | Below-market ground lease obligation
Real estate assets:
Identifiable intangible assets	0
Ohio-Industrial | Deferred leasing costs
Real estate assets:
Identifiable intangible assets	744
Arizona-Office
Real estate assets:
Land	0
Building and improvements	12,090
Tenant improvements	2,040
Goodwill	0
Cash	0
Total assets acquired	15,965
Intangible liabilities:
Below-market lease values	-290	[1]
Above-market ground lease obligations	0	[1]
Accrued and other liabilities	0
Total liabilities assumed	-290
Arizona-Office | In-place lease value
Real estate assets:
Identifiable intangible assets	0
Arizona-Office | Above-market lease values
Real estate assets:
Identifiable intangible assets	0
Arizona-Office | Below-market ground lease obligation
Real estate assets:
Identifiable intangible assets	1,420
Arizona-Office | Deferred leasing costs
Real estate assets:
Identifiable intangible assets	415
[1]	The net amount recorded for assumed identifiable intangible liability is included in other liabilities on the accompanying balance sheets as of December 31, 2014 and 2013.
[2]	The estimated fair values are based on a preliminary purchase price allocation and are subject to retrospective adjustment during the measurement period, not to exceed one year, based upon new information obtained about facts and circumstances that existed as of the date of acquisition.

Investment_in_Real_Estate_Resu

Investment in Real Estate - Results of Operation of Acquired Properties (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014
Business Acquisition [Line Items]
Rental income and tenant reimbursements	$8,058
Net (loss) income	-7,633
Light Industrial Portfolio
Business Acquisition [Line Items]
Rental income and tenant reimbursements	5,365
Net (loss) income	-8,719
Ohio-Industrial
Business Acquisition [Line Items]
Rental income and tenant reimbursements	1,342
Net (loss) income	596
Arizona-Office
Business Acquisition [Line Items]
Rental income and tenant reimbursements	1,351
Net (loss) income	$490

Investment_in_Real_Estate_Futu

Investment in Real Estate - Future Minimum Rental Payments (Details) (USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified
Real Estate [Abstract]
2015	$114,465
2016	104,182
2017	87,409
2018	69,511
2019	51,277
2020 and after	133,817
Total	$560,661

Investment_in_Real_Estate_Pro_

Investment in Real Estate - Pro Forma (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Real Estate [Abstract]
Total income	$436,438	$339,629
Net income	142,294	105,010
Net income attributable to common stockholders	$87,916	$68,326

Investments_in_Unconsolidated_2

Investments in Unconsolidated Joint Ventures (Details) (USD $)	12 Months Ended				0 Months Ended
	Dec. 31, 2014		Dec. 31, 2013	Dec. 31, 2012	Nov. 04, 2014	Nov. 03, 2014
	Portfolio		Investment
	Investment
Schedule of Equity Method Investments [Line Items]
Contributions to unconsolidated joint ventures	$458,881,000		$672,338,000	$528,347,000
Number of loans acquired	3
Distributions of income from unconsolidated joint ventures	74,948,000		101,874,000	64,839,000
Number of other single investment represented grater than 10% of total assets			0
Threshold percentage of total assets	10.00%
Threshold percentage of total income	10.00%
Allocated and direct investment-related expenses	5,079,000		3,073,000	2,460,000
Unconsolidated Joint Ventures, New
Schedule of Equity Method Investments [Line Items]
Contributions to unconsolidated joint ventures	424,200,000		369,000,000
Number of new unconsolidated joint ventures invested during period	17		14
Number of investments in unconsolidated joint ventures resolved during period	4		6
Number of real estate debt investment			10
Number of loans acquired			4
CAH Operating Partnership Lp
Schedule of Equity Method Investments [Line Items]
Contributions to unconsolidated joint ventures			295,000,000
Ownership percentage in the external manager (percent)					10.00%
Number of CAH OP units in exchange for ownership interest (in shares)					1,643,736
Distributions of income from unconsolidated joint ventures					15,500,000
Percentage of joint venture ownership	23.30%	[1],[2]			23.30%	24.30%
Threshold percentage of total assets	8.00%		20.00%
Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of other single investment represented grater than 10% of total assets	0
Number of single investment in an unconsolidated joint venture generated greater than 10% of total income	0		0
Expenses allocated from affiliates related to unconsolidated joint ventures	33,700,000		26,700,000	12,900,000
Entity's share of other expenses reimbursed to affiliates	8,900,000		7,300,000	3,800,000
ColFin WLH Funding, LLC
Schedule of Equity Method Investments [Line Items]
Percentage of total income generated by investments generating greater than ten percent of total income				12.00%
Csfr Operating Partnership LP and Colfin American Investors LLC | Affiliates of CAH
Schedule of Equity Method Investments [Line Items]
Allocated and direct investment-related expenses			$66,500,000	$5,400,000
Minimum | Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
Percentage of management fees of each loan portfolio	0.50%
Maximum | Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
Percentage of management fees of each loan portfolio	0.75%
Equity Securities | Unconsolidated Joint Ventures, New
Schedule of Equity Method Investments [Line Items]
Number of new unconsolidated joint ventures invested during period	2
Commercial Real Estate | Unconsolidated Joint Ventures, New
Schedule of Equity Method Investments [Line Items]
Number of new unconsolidated joint ventures invested during period	1
[1]	The Company’s carrying value of its investment in CAH OP is approximately $24.0 million higher than its pro rata share of the partners' capital of CAH OP. The basis difference is primarily attributable to (i) offering costs incurred by CAH OP which were a direct reduction to partners’ capital but not an expense of the partnership; (ii) CAH OP’s internalization transaction, which was a reorganization of entities under common control and reduced the Company in CAH OP as further described below; and (iii) step-up adjustments to real estate assets contributed by the Company upon formation of CAH OP, which were recorded by the Company at carryover basis but recognized by CAH OP at fair value. The portion of the basis difference arising from the step-up of contributed real estate assets is being amortized on a straight-line basis over the estimated useful life of such assets.
[2]	The Company's ownership percentage represents capital contributed to date and may not be reflective of the Company's economic interest in the entity because of provisions in operating agreements governing various matters, such as classes of partner or member interests, allocations of profits and losses, preferential returns and guaranty of debt. Each unconsolidated joint venture has been determined to be either a VIE for which the Company was not deemed to be the primary beneficiary or a voting interest entity in which the Company does not have a controlling financial interest.

Investments_in_Unconsolidated_3

Investments in Unconsolidated Joint Ventures - Investments in Unconsolidated Joint Ventures (Details) (USD $)	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012	Nov. 04, 2014	Nov. 03, 2014
	Portfolio
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures	$1,646,977,000		$1,369,529,000		$877,081,000
Number of loans acquired	3
CAH Operating Partnership Lp
Schedule of Equity Method Investments [Line Items]
Investment description	Investment in CAH OP, an investment vehicle created for the purpose of acquiring and renting single-family homes	[1]
Percentage of joint venture ownership	23.30%	[1],[2]				23.30%	24.30%
Investments in unconsolidated joint ventures	494,613,000	[1]	530,007,000	[1]
Difference in carrying value in investment and underlying equity	24,000,000
Portfolio 8 Investors Llc
Schedule of Equity Method Investments [Line Items]
Investment description	Preferred equity investment in an entity that acquired a multifamily portfolio composed of approximately 7,600 units located in Georgia, Florida and Texas	[3]
Percentage of joint venture ownership	75.00%	[2],[3]
Investments in unconsolidated joint ventures	160,981,000	[3]	148,683,000	[3]
Number of units in real estate property	7,600	[1]
ColFin Silverbird Funding A, LLC and ColFin Silverbird Funding B, LLC
Schedule of Equity Method Investments [Line Items]
Investment description	Mixed portfolio of 25 commercial properties located throughout the United Kingdom
Percentage of joint venture ownership	50.00%	[2]
Investments in unconsolidated joint ventures	72,761,000		0
Number of real estates	25
Armonia Fund
Schedule of Equity Method Investments [Line Items]
Investment description	Portfolio of 113 properties located throughout Italy
Percentage of joint venture ownership	50.00%	[2]
Investments in unconsolidated joint ventures	58,513,000		0
Number of real estates	113
ColFin Court Square Funding, LLC
Schedule of Equity Method Investments [Line Items]
Investment description	Preferred equity investment in an entity that acquired a Class A office tower located in Long Island City, New York
Percentage of joint venture ownership	50.00%	[2]
Investments in unconsolidated joint ventures	52,115,000		49,103,000
ColFin Highland UK13 Funding, LLC
Schedule of Equity Method Investments [Line Items]
Investment description	Acquired sub-performing loan secured by 13 commercial properties throughout the United Kingdom
Percentage of joint venture ownership	50.00%	[2]
Investments in unconsolidated joint ventures	44,711,000		0
Number of real estates	13
ColFin Orlando Funding, LLC
Schedule of Equity Method Investments [Line Items]
Investment description	Acquired non-performing loan secured by a 444-acre development site located in Orlando, Florida
Percentage of joint venture ownership	50.00%	[2]
Investments in unconsolidated joint ventures	40,160,000		0
Area of real estate property	444
ColFin NW Funding, LLC
Schedule of Equity Method Investments [Line Items]
Investment description	Acquired 15 performing first mortgages secured by commercial real estate
Percentage of joint venture ownership	37.90%	[2]
Investments in unconsolidated joint ventures	35,023,000		33,682,000
Number of real estates	15
ColFin JIH Holdco, LLC, ColFin JIH Mezzco A, LLC and ColFin JIH Opco, LLC
Schedule of Equity Method Investments [Line Items]
Investment description	Equity interests in and senior mezzanine loan receivable from entities owning a portfolio of 84 limited service hotels
Percentage of joint venture ownership	33.30%	[2]
Investments in unconsolidated joint ventures	32,918,000		31,559,000
Number of real estates	84
ColFin Snow Funding, LLC
Schedule of Equity Method Investments [Line Items]
Investment description	Originated loan secured by two mortgages and an equity pledge in a portfolio of 12 hotels located in France
Percentage of joint venture ownership	50.00%	[2]
Investments in unconsolidated joint ventures	32,763,000		0
Number of real estates	12
Number of loans acquired	2
ColFin Hunt Holdco A, LLC and ColFin Hunt Holdco B, LLC
Schedule of Equity Method Investments [Line Items]
Investment description	2 commercial REO properties in Germany
Percentage of joint venture ownership	37.90%	[2]
Investments in unconsolidated joint ventures	29,582,000		36,133,000
Number of real estates	2
Colfin Sxc Funding Llc
Schedule of Equity Method Investments [Line Items]
Investment description	Performing mezzanine loan origination cross-collateralized by a portfolio of select service hotels
Percentage of joint venture ownership	50.00%	[2]
Investments in unconsolidated joint ventures	28,374,000		13,853,000
ColFin ARP Funding, LLC and ColFin ARP Linda Isle Investor, LLC
Schedule of Equity Method Investments [Line Items]
Investment description	First mortgage loan to finance the acquisition and redevelopment of high-end, single family residential properties in infill, coastal southern California markets
Percentage of joint venture ownership	50.00%	[2]
Investments in unconsolidated joint ventures	27,173,000		15,350,000
ColFin Athina Funding, LLC
Schedule of Equity Method Investments [Line Items]
Investment description	Originated mezzanine loan secured by an equity pledge in the borrower entities that own a Mediterranean resort with a hotel and villas
Percentage of joint venture ownership	50.00%	[2]
Investments in unconsolidated joint ventures	25,996,000		0
ColFin Bulls Funding A, LLC and ColFin Bulls Funding B, LLC
Schedule of Equity Method Investments [Line Items]
Investment description	249 performing and non-performing acquired loans consisting of substantially all first mortgage recourse commercial real estate loans and 19 REO properties
Percentage of joint venture ownership	32.50%	[2]
Investments in unconsolidated joint ventures	24,625,000		30,309,000
Number of loans acquired	249
No of partially developed master planned communities	19
Colfin STC Funding Llc
Schedule of Equity Method Investments [Line Items]
Investment description	Acquired performing senior mortgage loan secured by a retail property in Florida
Percentage of joint venture ownership	50.00%	[2]
Investments in unconsolidated joint ventures	23,441,000		23,299,000
ColFin 2011 CRE Holdco, LLC and Colony AMC 2011 CRE, LLC
Schedule of Equity Method Investments [Line Items]
Investment description	303 performing and non-performing loans acquired in a structured transaction with the FDIC, secured mostly by commercial real estate, and 26 REO properties
Percentage of joint venture ownership	44.40%	[2]
Investments in unconsolidated joint ventures	23,378,000		34,298,000
Number of loans acquired	303
No of partially developed master planned communities	26
ColFin DOD Funding, LLC and ColFin IOD Holding, LLC
Schedule of Equity Method Investments [Line Items]
Investment description	Originated first mortgage loan to finance the acquisition of an office development site in Dublin, Ireland
Percentage of joint venture ownership	50.00%	[2]
Investments in unconsolidated joint ventures	21,857,000		0
ColFin CPI Funding, LLC
Schedule of Equity Method Investments [Line Items]
Investment description	Origination of a mezzanine loan secured by shares of a distressed European real estate company that owns primarily office buildings and hotels in France and Spain
Percentage of joint venture ownership	50.00%	[2]
Investments in unconsolidated joint ventures	21,833,000		0
ColFin Grand Cul Funding, LLC
Schedule of Equity Method Investments [Line Items]
Investment description	First mortgage loans secured by a partially constructed hotel and residential development project located in the Caribbean
Percentage of joint venture ownership	33.30%	[2]
Investments in unconsolidated joint ventures	20,796,000		16,595,000
CDCF III Ver Logistic, LLC
Schedule of Equity Method Investments [Line Items]
Investment description	Portfolio of 16 warehouse properties located in Spain and Portugal
Percentage of joint venture ownership	50.00%	[2]
Investments in unconsolidated joint ventures	20,546,000		0
No of partially developed master planned communities	16
ColFin Cabo Palm Funding, LLC
Schedule of Equity Method Investments [Line Items]
Investment description	Participation in junior first mortgage interest secured by a luxury beach resort in Mexico
Percentage of joint venture ownership	50.00%	[2]
Investments in unconsolidated joint ventures	20,090,000		20,072,000
ColFin 666 Funding, LLC
Schedule of Equity Method Investments [Line Items]
Investment description	First mortgage pari-passu participation interest secured by Class A midtown Manhattan office building
Percentage of joint venture ownership	33.30%	[2]
Investments in unconsolidated joint ventures	19,686,000		19,096,000
ColFin DB Guarantor, LLC and Colony AMC DB, LLC
Schedule of Equity Method Investments [Line Items]
Investment description	347 performing and non-performing loans acquired in a structured transaction with the FDIC, secured mostly by commercial real estate and 63 REO properties
Percentage of joint venture ownership	33.30%	[2]
Investments in unconsolidated joint ventures	19,121,000		26,293,000
Number of loans acquired	347
No of partially developed master planned communities	63
ColFin PHX Tower Funding, LLC
Schedule of Equity Method Investments [Line Items]
Investment description	Equity interest in a high-rise office tower located in Phoenix, Arizona
Percentage of joint venture ownership	50.00%	[2]
Investments in unconsolidated joint ventures	18,556,000		18,408,000
ColFin London Funding, LLC
Schedule of Equity Method Investments [Line Items]
Investment description	4 performing acquired loans secured by commercial real estate
Percentage of joint venture ownership	50.00%	[2]
Investments in unconsolidated joint ventures	18,178,000		18,138,000
Number of loans acquired	4
ColFin FCDC Funding, LLC
Schedule of Equity Method Investments [Line Items]
Investment description	Equity interests acquired through deed-in-lieu in 2 partially developed master planned communities located in California
Percentage of joint venture ownership	50.00%	[2]
Investments in unconsolidated joint ventures	17,562,000		15,894,000
No of partially developed master planned communities	2
ColFin Inland Funding, LLC and ColFin Inland Investor, LLC
Schedule of Equity Method Investments [Line Items]
Investment description	First mortgage loan secured by a Southern California master planned development and equity participation rights
Percentage of joint venture ownership	50.00%	[2]
Investments in unconsolidated joint ventures	17,139,000		16,068,000
CF/CDG Lake Ranch Venture, LLC
Schedule of Equity Method Investments [Line Items]
Investment description	First mortgage loan secured by a 135-acre residential development project located in Southern California and equity participation rights	[4]
Investments in unconsolidated joint ventures	16,821,000	[4]	0	[4]
Area of real estate property	135
ColFin 101 Erie Funding, LLC and ColFin 101 Erie Investor, LLC
Schedule of Equity Method Investments [Line Items]
Investment description	Origination of a mezzanine loan secured indirectly by a vacant office building in Chicago to finance a hotel redevelopment
Percentage of joint venture ownership	50.00%	[2]
Investments in unconsolidated joint ventures	16,705,000		0
Other unconsolidated joint ventures (investments less than $15 million carrying value at March 31, 2014)
Schedule of Equity Method Investments [Line Items]
Investment description	31 investments, each with less than $15 million carrying value at December 31, 2014
Investments in unconsolidated joint ventures	190,960,000		272,689,000
Other unconsolidated joint ventures, investment	$15,000,000
Number of investments	31
Other unconsolidated joint ventures (investments less than $15 million carrying value at March 31, 2014) | Minimum
Schedule of Equity Method Investments [Line Items]
Percentage of joint venture ownership	4.50%	[2]
Other unconsolidated joint ventures (investments less than $15 million carrying value at March 31, 2014) | Maximum
Schedule of Equity Method Investments [Line Items]
Percentage of joint venture ownership	50.00%	[2]
[1]	The Company’s carrying value of its investment in CAH OP is approximately $24.0 million higher than its pro rata share of the partners' capital of CAH OP. The basis difference is primarily attributable to (i) offering costs incurred by CAH OP which were a direct reduction to partners’ capital but not an expense of the partnership; (ii) CAH OP’s internalization transaction, which was a reorganization of entities under common control and reduced the Company in CAH OP as further described below; and (iii) step-up adjustments to real estate assets contributed by the Company upon formation of CAH OP, which were recorded by the Company at carryover basis but recognized by CAH OP at fair value. The portion of the basis difference arising from the step-up of contributed real estate assets is being amortized on a straight-line basis over the estimated useful life of such assets.
[2]	The Company's ownership percentage represents capital contributed to date and may not be reflective of the Company's economic interest in the entity because of provisions in operating agreements governing various matters, such as classes of partner or member interests, allocations of profits and losses, preferential returns and guaranty of debt. Each unconsolidated joint venture has been determined to be either a VIE for which the Company was not deemed to be the primary beneficiary or a voting interest entity in which the Company does not have a controlling financial interest.
[3]	While the Company has a preferred equity interest which represents a majority ownership in Portfolio 8 Investors, LLC, the minority member has control over the day-to-day operations of the entity. Accordingly, the Company accounts for its investment using the equity method.
[4]	Pursuant to the terms of the loan agreement, the Company participates in the residual profits of this development project. The Company evaluated the characteristics of this ADC loan and determined that the risks and rewards of the arrangement are more similar to those associated with an investment in joint venture. Accordingly, the Company accounts for this loan receivable under the equity method.

Investments_in_Unconsolidated_4

Investments in Unconsolidated Joint Ventures - Activity in the Company's Investment in Unconsolidated Joint Ventures (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
Equity Method Investments and Joint Ventures [Roll Forward]
Balance at January 1				$1,369,529				$877,081	$1,369,529	$877,081
Contributions									458,881	672,338	528,347
Distributions									-225,736	-279,161
Equity in net income	20,813	9,263	21,114	22,639	30,862	25,052	22,992	21,802	73,829	100,708	68,737
Equity in other comprehensive income									1,511	9,827
Equity in realized gain reclassified from accumulated other comprehensive income									-4,681	-12,935
Foreign currency translation (loss) gain									-26,356	1,671
Balance at December 31	$1,646,977				$1,369,529				$1,646,977	$1,369,529	$877,081

Investments_in_Unconsolidated_5

Investments in Unconsolidated Joint Ventures - Combined Condensed Balance Sheets of Unconsolidated Joint Ventures (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
In Thousands, unless otherwise specified
Assets:
Cash and cash equivalents	$141,936	$43,167	$170,199	$3,872
Loans receivable, net	2,131,134	1,028,654	333,569	232,619
Investments in real estate, net	1,643,997	112,468
Investments in unconsolidated joint ventures	1,646,977	1,369,529	877,081
Other assets	181,744	64,762
Total assets	5,871,848	2,628,552
Liabilities:
Other liabilities	128,119	18,105
Total liabilities	2,936,055	674,325
Total stockholders’ equity	2,417,480	1,684,310
Noncontrolling interests	518,313	269,917
Total liabilities and equity	5,871,848	2,628,552
Company’s share of equity	1,646,977	1,369,529	877,081
Unconsolidated Joint Ventures
Assets:
Cash and cash equivalents	512,487	321,183
Loans receivable, net	2,127,148	2,171,943
Investments in real estate, net	5,218,915	3,658,940
Investments in unconsolidated joint ventures	237,722	459,010
Debt and equity securities, available-for-sale, at fair value	39,503	24,753
Other assets	378,220	345,196
Total assets	8,513,995	6,981,025
Liabilities:
Debt	3,113,038	1,515,188
Other liabilities	273,816	140,509
Total liabilities	3,386,854	1,655,697
Total stockholders’ equity	4,544,846	4,465,363
Noncontrolling interests	582,295	859,965
Total liabilities and equity	8,513,995	6,981,025
Company’s share of equity	$237,722	$459,010

Investments_in_Unconsolidated_6

Investments in Unconsolidated Joint Ventures - Combined Condensed Statements of Operations of Unconsolidated Joint Ventures (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
Income:
Interest income	$54,447	[1]	$62,849	[1]	$53,963	[1]	$33,102	[1]	$26,486	[1]	$22,122	[1]	$21,015	[1]	$11,412	[1]	$204,361	$81,035	$37,253
Equity in income (loss) of unconsolidated joint ventures	20,813		9,263		21,114		22,639		30,862		25,052		22,992		21,802		73,829	100,708	68,737
Other income	194		847		231		225		283		296		317		371		1,497	1,267	1,973
Total income	85,597		77,282		78,563		59,207		58,420		47,470		44,324		33,585		300,649	183,799	107,963
Expenses:
Interest expense																	48,365	18,838	8,248
Property operating expenses																	5,563	197	0
Depreciation and amortization																	9,177	310	0
Total expenses	54,844		31,836		27,781		30,092		19,118		14,381		13,516		11,176		144,553	58,191	36,553
Other income:
Net income	30,912		47,947		51,002		29,850		39,204		33,963		30,762		21,994		159,711	125,923	68,205
Net income attributable to noncontrolling interests	6,096		8,993		13,353		8,120		8,946		7,514		5,111		2,587		36,562	24,158	6,194
Net income attributable to members	24,816		38,954		37,649		21,730		30,258		26,449		25,651		19,407		123,149	101,765	62,011
Equity in income (loss) of unconsolidated joint ventures	20,813		9,263		21,114		22,639		30,862		25,052		22,992		21,802		73,829	100,708	68,737
Unconsolidated Joint Ventures
Income:
Interest income																	321,451	369,317	395,984
Property operating income																	462,027	206,848	96,897
Equity in income (loss) of unconsolidated joint ventures																	112,113	26,410	53,110
Other income																	45,659	25,221	29,325
Total income																	941,250	627,796	575,316
Expenses:
Interest expense																	107,725	31,012	37,185
Property operating expenses																	302,402	152,154	74,388
Depreciation and amortization																	143,278	59,902	12,850
Other expenses																	130,608	90,547	88,462
Total expenses																	684,013	333,615	212,885
Other income:
Realized and unrealized gain on investments, net																	12,482	187,218	122,650
Net income																	269,719	481,399	485,081
Net income attributable to noncontrolling interests																	74,284	102,431	84,806
Net income attributable to members																	195,435	378,968	400,275
Equity in income (loss) of unconsolidated joint ventures																	$112,113	$26,410	$53,110
[1]	Prepayment fees and accelerated amortization of origination fees or purchase discounts resulting from early repayments of loans receivable have been reclassified from other gain to interest income for the previously reported quarters through June 30, 2014. See Note 2—"Reclassification" for further discussion.

Intangibles_Goodwill_Intangibl

Intangibles - Goodwill, Intangible Assets and Liabilities Acquired (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Goodwill
Goodwill, Gross Carrying Amount	$20,000,000
Goodwill, Impaired, Accumulated Impairment Loss	0
Goodwill	20,000,000
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount		10,064,000
Accumulated Amortization		-92,000
Net Carrying Amount		9,972,000
Intangible Assets, Gross (Including Goodwill)	129,420,000
Intangible Assets, Accumulated Amortization (Including Goodwill)	-3,360,000
Intangible Assets, Net (Including Goodwill)	126,060,000	9,972,000
Finite-Lived Intangible Liabilities, Net [Abstract]
Below Market Lease, Gross	10,282,000
Below Market Lease, Accumulated Amortization	-114,000
Below Market Lease, Net	10,168,000
Above-Market Ground Lease Obligations, Gross	171,000
Above-Market Ground Lease Obligations, Accumulated Amortization	0
Ground Lease Obligations, Net	171,000
Finite-Lived Intangible Liabilities, Gross	10,453,000
Finite-Lived Intangible Liabilities, Accumulated Amortization	-114,000
Finite-Lived Intangible Liabilities, Net	10,339,000
Impairment of goodwill	0
In-place lease value
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	48,018,000	7,845,000
Accumulated Amortization	-2,295,000	-72,000
Net Carrying Amount	45,723,000	7,773,000
Above-market lease values
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	23,194,000
Accumulated Amortization	-280,000
Net Carrying Amount	22,914,000
Below-market ground lease obligation
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	1,420,000
Accumulated Amortization	-14,000
Net Carrying Amount	1,406,000
Deferred leasing costs
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	36,788,000	2,219,000
Accumulated Amortization	-771,000	-20,000
Net Carrying Amount	$36,017,000	$2,199,000

Intangibles_Remaining_Terms_of

Intangibles - Remaining Terms of Acquired Leases (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Finite-Lived Intangible Assets and Liabilities Amortization [Abstract]
Amortization of Intangible Assets	($2,975)	($92)
Amortization of Below Market Lease	114	0
Decrease to rental income	-166	0
Below-market ground lease obligations	13	0
Amortization of Above and Below Market Ground Lease Obligations	13	0
Above-market lease values
Finite-Lived Intangible Assets and Liabilities Amortization [Abstract]
Amortization of Intangible Assets	-280	0
In-place lease value
Finite-Lived Intangible Assets and Liabilities Amortization [Abstract]
Amortization of Intangible Assets	-2,224	-72
Deferred leasing costs
Finite-Lived Intangible Assets and Liabilities Amortization [Abstract]
Amortization of Intangible Assets	($751)	($20)

Intangibles_Future_Amortizatio

Intangibles - Future Amortization Expense (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Finite-Lived Intangible Assets, Net [Abstract]
Net Carrying Amount		$9,972
Below Market Lease, Net [Abstract]
2015	-2,489
2016	-2,190
2017	-1,684
2018	-1,243
2019	-774
2020 and after	-1,788
Below Market Lease, Net	-10,168
Above-market Ground Lease Obligations, Net [Abstract]
2015	-6
2016	-6
2017	-6
2018	-6
2019	-6
2020 and after	-141
Ground Lease Obligations, Net	-171
In-place lease value
Finite-Lived Intangible Assets, Net [Abstract]
2015	15,094
2016	9,480
2017	6,452
2018	4,513
2019	3,057
2020 and after	7,127
Net Carrying Amount	45,723	7,773
Above-market lease values
Finite-Lived Intangible Assets, Net [Abstract]
2015	6,685
2016	5,749
2017	4,152
2018	2,597
2019	1,182
2020 and after	2,549
Net Carrying Amount	22,914
Deferred leasing costs
Finite-Lived Intangible Assets, Net [Abstract]
2015	8,787
2016	7,247
2017	5,786
2018	4,357
2019	2,950
2020 and after	6,890
Net Carrying Amount	36,017	2,199
Below-market ground lease obligation
Finite-Lived Intangible Assets, Net [Abstract]
2015	26
2016	26
2017	26
2018	26
2019	26
2020 and after	1,276
Net Carrying Amount	$1,406

Other_Assets_Details

Other Assets (Details) (USD $)	12 Months Ended					0 Months Ended	1 Months Ended
	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012	Jul. 18, 2014	Jun. 30, 2014	Jun. 30, 2011
Summary of Company's other assets
Restricted cash	$76,945,000	[1]	$7,898,000	[1]
Beneficial interests in debt securities, available-for-sale, at fair value	0	[2]	30,834,000	[2]
Deferred financing costs, net	51,103,000	[3]	11,275,000	[3]
Receivables, including straight-line rents	12,783,000		8,277,000
Derivative assets	26,479,000		3,108,000
Deferred tax assets	6,713,000		2,391,000
Prepaid expenses and other	7,721,000		979,000
Other assets	181,744,000		64,762,000
Proceeds from repayment of beneficial interests in debt securities	28,000,000		0		0
Accumulated amortization of deferred financing costs	13,100,000		6,500,000
Tax Exempt Bonds
Summary of Company's other assets
Beneficial interests in debt securities, available-for-sale, at fair value								28,000,000
Proceeds from repayment of beneficial interests in debt securities						28,000,000
Settlement loss on beneficial interests in debt securities							2,200,000
Not Designated as Hedging Instrument | Interest Rate Swap
Summary of Company's other assets
Embedded derivative liability associated with beneficial interests in debt securities						140,000		4,100,000
Other loss, net
Summary of Company's other assets
Settlement loss on beneficial interests in debt securities	2,163,000		0		0
Other loss, net | Not Designated as Hedging Instrument | Interest Rate Swap
Summary of Company's other assets
Gain on settlement of derivative liability							$2,400,000
[1]	Restricted cash includes borrower escrow accounts, tenant security deposits and escrow accounts for interest, property taxes and capital expenditure reserves required under secured financing agreements.
[2]	The Company held $28 million in beneficial interests in a series of tax-exempt bonds secured by a multifamily property located in Georgia. The beneficial interests, in the form of senior certificates, were acquired in June 2011 subject to an embedded derivative liability to a strategic partner, with an estimated fair value of $4.1 million. On July 18, 2014, the property securing the bonds was sold, resulting in a full prepayment of $28 million senior certificates at par plus yield maintenance. The prepayment resulted in a loss of $2.2 million, which was offset by a $2.4 million gain on the termination of the associated embedded derivative liability to the strategic partner (see Note 10).
[3]	Deferred financing costs are shown net of accumulated amortization of $13.1 million and $6.5 million as of December 31, 2014 and 2013, respectively.

Debt_Line_of_Credits_Details

Debt - Line of Credits (Details) (JPMorgan Chase Bank, N.A., USD $)	12 Months Ended
	Dec. 31, 2014	Jan. 27, 2015
Line of Credit Facility [Line Items]
Maximum principal amount of credit facility	$620,000,000
Increase in maximum principal amount of credit facility	800,000,000
Maximum amount available for draw	620,000,000
Remaining borrowing capacity	456,000,000
Credit agreement automatically converted to term loan	2 years
Line of Credit
Line of Credit Facility [Line Items]
Variable rate basis	LIBOR
Weighted average interest rate (in percent)	2.92%
Percentage of unused amount	0.50%
Subsequent Event
Line of Credit Facility [Line Items]
Maximum principal amount of credit facility		$645,000,000
Minimum | Line of Credit
Line of Credit Facility [Line Items]
Percentage of unused amount	0.40%
Maximum | Line of Credit
Line of Credit Facility [Line Items]
Percentage of unused amount	0.50%
LIBOR | Minimum | Line of Credit
Line of Credit Facility [Line Items]
Interest rate for credit agreement (in percent)	2.75%

Debt_Schedule_of_Secured_and_U

Debt - Schedule of Secured and Unsecured Debts (Details) (USD $)

12 Months Ended

0 Months Ended

1 Months Ended

0 Months Ended

2 Months Ended

0 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Dec. 18, 2014

Feb. 28, 2014

Apr. 10, 2014

Dec. 31, 2014

Oct. 30, 2014

31-May-12

Mar. 31, 2014

SecurityLoan

SecurityLoan

Debt Instrument [Line Items]

Outstanding balance on the debt

$1,979,665,000

$277,607,000

$1,979,665,000

Loans principal amount outstanding

2,247,040,000

1,197,764,000

2,247,040,000

Secured financing repayments

198,775,000

33,560,000

9,202,000

Second Mortgage | Secured financing, mature 2017

Debt Instrument [Line Items]

Number of loans pledged as collateral

2

[1]

2

[1]

Second Mortgage | Secured financing

Debt Instrument [Line Items]

Number of loans pledged as collateral

1

[2]

1

[2]

First Mortgage

Debt Instrument [Line Items]

Fixed-rate mortgage loan terms

2 years

Debt instrument term extension option

3

Repurchase facility extension term

1 year

Debt instrument, frequency of fee

monthly

Administration fee percentage

0.05%

First Mortgage | Secured financing, mature 2017

Debt Instrument [Line Items]

Number of loans pledged as collateral

21

[1]

21

[1]

First Mortgage | Secured financing

Debt Instrument [Line Items]

Number of loans pledged as collateral

2

[2]

2

[2]

First Mortgage | First mortgage loan

Debt Instrument [Line Items]

Maturity Date

1-Jan-24

[3]

Interest rate on seller-provided secured financing (in percent)

4.84%

[3]

4.84%

[3]

Outstanding balance on the debt

88,000,000

[3]

88,000,000

[3]

88,000,000

[3]

Fixed-rate mortgage loan terms

30 years

First Mortgage | First Mortgage Loan, 2.25%

Debt Instrument [Line Items]

Number of real estates

298

[4]

298

[4]

Area of real estate property

30,000,000

[4]

30,000,000

[4]

Maturity Date

1-Dec-19

[3]

Outstanding balance on the debt

1,088,500,000

[4]

0

[4]

1,088,500,000

[4]

First Mortgage | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate (in percent)

2.50%

First Mortgage | One-Month LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate (in percent)

2.25%

First Mortgage | One-Month LIBOR | First Mortgage Loan, 2.25%

Debt Instrument [Line Items]

Variable rate basis

1-month LIBOR

[4]

Basis spread on variable rate (in percent)

2.25%

[4]

Secured Debt

Debt Instrument [Line Items]

Outstanding balance on the debt

1,432,397,000

277,607,000

1,432,397,000

Secured Debt | Secured financing, mature 2014

Debt Instrument [Line Items]

Maturity Date

1-Jul-14

[5]

Interest rate on seller-provided secured financing (in percent)

5.00%

[5]

5.00%

[5]

Outstanding balance on the debt

0

[5]

74,607,000

[5]

0

[5]

Loans principal amount outstanding

181,000,000

Concurrent financing provided by seller

103,500,000

Percentage concurrent financing provided by seller

65.00%

Secured Debt | Secured financing, mature 2017

Debt Instrument [Line Items]

Maturity Date

1-Dec-17

[1]

Outstanding balance on the debt

90,164,000

[1]

115,000,000

[1]

90,164,000

[1]

Principal curtailment, percentage of net cash flow from the underling loan portfolio

70.00%

70.00%

Secured Debt | Secured financing

Debt Instrument [Line Items]

Outstanding balance on the debt

80,213,000

[2]

0

[2]

80,213,000

[2]

Concurrent financing provided by seller

82,300,000

Percentage concurrent financing provided by seller

65.00%

Secured Debt | Repurchase facility

Debt Instrument [Line Items]

Maturity Date

4-Feb-16

[6]

Outstanding balance on the debt

85,520,000

[6]

0

[6]

85,520,000

[6]

Fixed-rate mortgage loan terms

2 years

Repurchase facility extension term

1 year

Maximum principal amount of repurchase facility

150,000,000

Secured Debt | LIBOR | Repurchase facility

Debt Instrument [Line Items]

Variable rate basis

LIBOR

Secured Debt | One-Month LIBOR | Secured financing, mature 2017

Debt Instrument [Line Items]

Variable rate basis

1-month LIBOR

[1]

Basis spread on variable rate (in percent)

2.85%

[1]

Secured Debt | One-Month LIBOR | Secured financing

Debt Instrument [Line Items]

Variable rate basis

1-month LIBOR

[2]

Basis spread on variable rate (in percent)

2.85%

[2]

Secured Debt | One-Month LIBOR | Repurchase facility

Debt Instrument [Line Items]

Variable rate basis

1-month LIBOR

[6]

Basis spread on variable rate (in percent)

2.25%

[6]

Secured Debt | Minimum | LIBOR | Repurchase facility

Debt Instrument [Line Items]

Basis spread on variable rate (in percent)

2.25%

Secured Debt | Maximum | LIBOR | Repurchase facility

Debt Instrument [Line Items]

Basis spread on variable rate (in percent)

2.50%

Commercial Mortgage Backed Securities

Debt Instrument [Line Items]

Variable rate basis

1-month LIBOR

[7],[8]

Outstanding balance on the debt

537,268,000

0

537,268,000

Commercial Mortgage Backed Securities | CMBS 2014-FL1

Debt Instrument [Line Items]

Number of loans pledged as collateral

11

[7]

11

[7]

Outstanding balance on the debt

126,204,000

[7]

0

[7]

126,204,000

[7]

Commercial Mortgage Backed Securities | CMBS 2014-FL2

Debt Instrument [Line Items]

Number of loans pledged as collateral

15

[8]

15

[8]

Outstanding balance on the debt

197,655,000

[8]

0

[8]

197,655,000

[8]

Commercial Mortgage Backed Securities | CMBS MF 2014-1

Debt Instrument [Line Items]

Number of loans pledged as collateral

298

[9]

298

[9]

Interest rate on seller-provided secured financing (in percent)

2.54%

[9]

2.54%

[9]

Outstanding balance on the debt

213,409,000

[9]

0

[9]

213,409,000

[9]

Commercial Mortgage Backed Securities | One-Month LIBOR | CMBS 2014-FL1

Debt Instrument [Line Items]

Basis spread on variable rate (in percent)

1.78%

[7]

Commercial Mortgage Backed Securities | One-Month LIBOR | CMBS 2014-FL2

Debt Instrument [Line Items]

Basis spread on variable rate (in percent)

1.96%

[8]

Commercial Mortgage Backed Securities | Minimum | Colony Mortgage Capital Series 2014-FL1, Ltd | Loans held for investment, net

Debt Instrument [Line Items]

Initial terms on loans receivable

2 years

Commercial Mortgage Backed Securities | Minimum | Colony Mortgage Capital Series 2014-FL2, Ltd | Loans held for investment, net

Debt Instrument [Line Items]

Initial terms on loans receivable

2 years

Commercial Mortgage Backed Securities | Maximum | Colony Mortgage Capital Series 2014-FL1, Ltd | Loans held for investment, net

Debt Instrument [Line Items]

Initial terms on loans receivable

3 years

Commercial Mortgage Backed Securities | Maximum | Colony Mortgage Capital Series 2014-FL2, Ltd | Loans held for investment, net

Debt Instrument [Line Items]

Initial terms on loans receivable

3 years

Unsecured Debt | Light Industrial Portfolio Notes

Debt Instrument [Line Items]

Outstanding balance on the debt

10,000,000

10,000,000

Unsecured Debt | Unsecured Debt, Mature December 2017

Debt Instrument [Line Items]

Outstanding balance on the debt

10,000,000

[10]

0

[10]

10,000,000

[10]

Light Industrial Portfolio and Operating Platform | First Mortgage

Debt Instrument [Line Items]

Amount of loan financed to acquire property

1,090,000,000

Maximum principal amount of repurchase facility

1,130,000,000

Variable Interest Entity, Primary Beneficiary

Debt Instrument [Line Items]

Outstanding balance on the debt

537,268,000

0

537,268,000

Variable Interest Entity, Primary Beneficiary | Colony Mortgage Capital Series 2014-FL1, Ltd

Debt Instrument [Line Items]

Variable rate basis

LIBOR

Loans principal amount outstanding

190,600,000

190,600,000

Principal balance of mortgage notes

126,200,000

Proceeds from securitization of loans held for investment

122,300,000

Number of loans securitized

11

Variable Interest Entity, Primary Beneficiary | Colony Mortgage Capital Series 2014-FL1, Ltd | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate (in percent)

1.78%

Variable Interest Entity, Primary Beneficiary | Commercial Mortgage Backed Securities | Colony Mortgage Capital Series 2014-FL2, Ltd

Debt Instrument [Line Items]

Loans principal amount outstanding

307,600,000

307,600,000

Principal balance of mortgage notes

197,700,000

197,700,000

Proceeds from securitization of loans held for investment

101,600,000

Number of loans securitized

15

Variable Interest Entity, Primary Beneficiary | Commercial Mortgage Backed Securities | Colony Mortgage Capital Series 2014-FL2, Ltd | Repurchase facility

Debt Instrument [Line Items]

Secured financing repayments

93,100,000

Variable Interest Entity, Primary Beneficiary | Commercial Mortgage Backed Securities | Colony Mortgage Capital Series 2014-FL2, Ltd | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate (in percent)

1.96%

Variable Interest Entity, Primary Beneficiary | Commercial Mortgage Backed Securities | MF 2014-1

Debt Instrument [Line Items]

Principal balance of mortgage notes

217,200,000

Cobalt Capital Management, L.P. | Light Industrial Portfolio and Operating Platform | Light Industrial Portfolio Notes

Debt Instrument [Line Items]

Proceeds from issuance of unsecured debt

10,000,000

Effective interest rate (percent)

6.10%

6.10%

First Mortgage | MF 2014-1

Debt Instrument [Line Items]

Principal balance of mortgage notes

316,000,000

Number of loans securitized

298

First Mortgage | Commercial Mortgage Backed Securities | Minimum | MF 2014-1 | Loans held for investment, net

Debt Instrument [Line Items]

Initial terms on loans receivable

1 year

First Mortgage | Commercial Mortgage Backed Securities | Maximum | MF 2014-1 | Loans held for investment, net

Debt Instrument [Line Items]

Initial terms on loans receivable

24 years

First Mortgage | Variable Interest Entity, Primary Beneficiary | Commercial Mortgage Backed Securities | MF 2014-1

Debt Instrument [Line Items]

Interest rate on seller-provided secured financing (in percent)

2.54%

Loans principal amount outstanding

316,000,000

Proceeds from securitization of loans held for investment

$214,400,000

Number of loans securitized

298

[1]

The non-recourse financing is secured by a loan portfolio acquired in October 2013 and requires monthly interest payments and principal curtailment based upon the ratio of principal outstanding to collateral cost basis. The current principal curtailment requirement is 70% of all excess cash flow from the underlying loan portfolio, after payment of certain loan servicing fees and monthly interest, but may increase or decrease in the future.

[2]

In connection with the acquisition of a loan portfolio in March 2014, a lender provided concurrent non-recourse financing for $82.3 million, or 65% of the aggregate purchase price. Although the financing has no contractual maturity date, any principal repayments from the underlying collateral loan portfolio must be applied to repay the financing until the balance is paid in full.

[3]

The loan requires monthly interest payments until January 2016, then principal and interest payments based on a 30-year amortization schedule. The loan agreement requires rent receipts from the collateral property to be initially deposited into a lockbox account controlled by the lender. The excess of monthly rent receipts over monthly debt service is remitted to the Company.

[4]

In connection with the acquisition of the portfolio of light industrial real estate assets and operating platform on December 18, 2014 (see Note 5), the Company obtained a $1.13 billion mortgage loan, of which $1.09 billion was drawn, from a financial institution. This loan is secured by the acquired real estate portfolio, has an initial term of 2 years, plus three 1-year extension options, and bears interest at one-month LIBOR plus 2.25%. The interest rate will increase to one-month LIBOR plus 2.5% after the fourth anniversary date. The loan requires interest-only monthly payments, plus a 0.05% administration fee, until maturity.

[5]

In connection with the acquisition of a $181 million participation interest in a first mortgage loan in May 2012, the seller provided concurrent non-recourse financing for $103.5 million, or 65% of the purchase price. In April 2014, the first mortgage loan and the financing were both repaid in full

[6]

The Company entered into a master repurchase agreement (“Repurchase Facility”) with a commercial bank to partially finance loans within its Transitional CRE Lending Platform. The Repurchase Facility provides up to $150 million of financing for eligible assets within the Transitional CRE Lending Platform and has an initial term of 2 years, plus a 1-year extension option. Advances under the Repurchase Facility bear interest ranging from one-month LIBOR plus a spread of 2.25% to 2.5%.

[7]

As discussed in Note 3, on April 10, 2014, FL1 Issuer offered and sold to third parties approximately $126.2 million aggregate principal balance of the FL1 Offered Notes with a weighted average coupon of one-month LIBOR plus 1.78%. The proceeds from the sale of the FL1 Offered Notes, net of securitization costs, were approximately $122.3 million. The FL1 Offered Notes are secured by all assets of the FL1 Issuer consisting of eleven variable rate commercial mortgage loans originated within the Transitional CRE Lending Platform with an aggregate UPB of $190.6 million as of December 31, 2014. Although the securitization debt has a contractual maturity date of April 2031, any principal repayments from the underlying collateral mortgage loans must be applied to repay the debt until the balance is paid in full. The underlying collateral mortgage loans have initial terms of 2 to 3 years.

[8]

As discussed in Note 3, in November and December of 2014, FL2 Issuer offered and sold to third parties approximately $197.7 million aggregate principal balance of the FL2 Offered Notes with a weighted average coupon of one-month LIBOR plus 1.96%. The proceeds from the sale of the FL2 Offered Notes, net of securitization costs and repayment of $93.1 million outstanding under the Repurchase Facility described below, were approximately $101.6 million. The secured 2014-FL2 Notes are secured by all assets of the FL2 Issuer consisting of 15 variable rate commercial mortgage loans originated within the Transitional CRE Lending Platform with an aggregate UPB of $307.6 million as of December 31, 2014. Although the securitization debt has a contractual maturity date of November 2031, any principal repayments from the underlying collateral mortgage loans must be applied to repay the debt until the balance is paid in full. The underlying collateral mortgage loans have initial terms of 2 to 3 years.

[9]

As discussed in Note 3, on October 30, 2014, the Company's wholly-owned subsidiaries transferred a portfolio of 298 performing first mortgage loans previously acquired from third parties with an aggregate UPB of $316 million into a securitization trust. The trust offered and sold to third parties approximately $217.2 million principal balance of the MF 2014-1 Certificates with a fixed interest of 2.54%. The proceeds from this securitization event, net of securitization costs and accrued interest, were approximately $214.4 million. Although the securitization debt does not have a contractual maturity date, any principal repayments from the underlying collateral mortgage loans must be applied to repay the debt until the balance is paid in full. The underlying collateral mortgage loans have initial remaining terms of 1 to 24 years.

[10]

In connection with the acquisition of the portfolio of light industrial real estate assets and operating platform from Cobalt Capital Partners, L.P. and its affiliates on December 18, 2014 (see Note 5), the Company issued an unsecured note in the amount of $10 million to Cobalt Capital Management, L.P., an affiliate of Cobalt Capital Partners, L.P. and a service provider that will continue to manage the light industrial portfolio and its day-to-day operations. The note will mature on the third anniversary of the date of acquisition and one-third of the initial principal amount of the note is required to be repaid on each of the first, second and third anniversaries of the date of acquisition (each, a “Payment Date”). Principal under the note shall be paid in either (a) shares of the Company’s common stock, or (b) OP Units, which are exchangeable for shares of the Company’s common stock. The interest on the note is payable in an amount equivalent to dividends paid on shares that would have been due had the holder held shares of the Company's common stock in lieu of the note. At the dividend rate in effect as of December 31, 2014, the effective interest rate on this loan is approximately 6.1%.

Debt_Schedule_Principal_Paymen

Debt - Schedule Principal Payments Due Under the Secured Financing Arrangements (Details) (USD $)	Dec. 31, 2014		Dec. 31, 2013
Minimum scheduled principal payments due under the secured financing arrangements
2015	$308,798,000	[1]
2016	166,648,000	[1]
2017	238,143,000	[1]
2018	30,461,000
2019	1,110,456,000
2020 and after	125,159,000
Total	1,979,665,000		277,607,000
Light Industrial Portfolio and Operating Platform | Cobalt Capital Management, L.P.
Debt Instrument [Line Items]
Debt payable in shares of common stock	$3,300,000
[1]	Includes $3.3 million payable in shares of the Company's common stock

Debt_Convertible_Senior_Notes_

Debt - Convertible Senior Notes (Details) (USD $)	12 Months Ended			0 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Apr. 10, 2013	Jun. 17, 2014	Jan. 28, 2014
				D		D
Debt Instrument [Line Items]
Convertible senior notes	$604,498,000	$200,000,000
Net proceeds from issuance of convertible senior notes	394,593,000	194,000,000	0
Convertible Senior Notes due 2023 | Convertible Debt
Debt Instrument [Line Items]
Convertible senior notes				200,000,000
Interest rate on seller-provided secured financing (in percent)				5.00%
Discount rate on convertible senior notes (in percent)				3.00%
Net proceeds from issuance of convertible senior notes		194,000,000
Frequency of periodic payment				semiannually
Periodic principal payment amount				5,000,000
Debt instrument conversion ratio				0.0423819
Conversion price per share of common stock				$23.60
Start date of redemption period				22-Apr-20
Threshold percentage of stock price trigger (in percent)				130.00%
Threshold trading days (in days)				20
Threshold consecutive trading days				30 days
Redemption price, percentage of principal amount (in percent)				100.00%
Convertible Senior Note Due 2021 | Convertible Debt
Debt Instrument [Line Items]
Interest rate on seller-provided secured financing (in percent)						3.88%
Discount rate on convertible senior notes (in percent)						2.50%
Net proceeds from issuance of convertible senior notes					170,100,000	223,900,000
Debt instrument conversion ratio						0.0402941
Conversion price per share of common stock						$24.82
Start date of redemption period						22-Jan-19
Threshold percentage of stock price trigger (in percent)						130.00%
Threshold trading days (in days)						20
Threshold consecutive trading days						30 days
Redemption price, percentage of principal amount (in percent)						100.00%
Amount of loan financed to acquire property					$172,500,000	$230,000,000
Percentage of premium to par on convertible notes (percent)						1.25%

Derivatives_and_Hedging_Detail

Derivatives and Hedging (Details)

1 Months Ended

12 Months Ended

12 Months Ended

Jun. 30, 2011

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2014

Jul. 18, 2014

Nov. 30, 2013

Jun. 30, 2011

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Jun. 30, 2011

Dec. 31, 2014

Dec. 18, 2014

USD ($)

USD ($)

USD ($)

Unconsolidated Joint Ventures

Unconsolidated Joint Ventures

Foreign currency risk

Foreign currency risk

Foreign currency risk

Foreign currency risk

Foreign currency risk

Not Designated as Hedging Instrument

Not Designated as Hedging Instrument

Not Designated as Hedging Instrument

Not Designated as Hedging Instrument

Not Designated as Hedging Instrument

Not Designated as Hedging Instrument

Not Designated as Hedging Instrument

Not Designated as Hedging Instrument

Cash Flow Hedging

Cash Flow Hedging

Cash Flow Hedging

Cash Flow Hedging

Cash Flow Hedging

SIFMA

SIFMA

Mortgages

Mortgages

Debt

USD ($)

USD ($)

Unconsolidated Joint Ventures

Unconsolidated Joint Ventures

Unconsolidated Joint Ventures

Unconsolidated Joint Ventures

Unconsolidated Joint Ventures

Interest rate contracts designated as hedging instruments

Interest rate contracts not designated as hedging instruments

Interest rate contracts not designated as hedging instruments

Interest rate contracts not designated as hedging instruments

Other loss, net

Other loss, net

Other loss, net

Other loss, net

Designated as Hedging Instrument

Designated as Hedging Instrument

Designated as Hedging Instrument

Designated as Hedging Instrument

Designated as Hedging Instrument

Not Designated as Hedging Instrument

Not Designated as Hedging Instrument

Light Industrial Portfolio

Light Industrial Portfolio

USD ($)

EUR (€)

GBP (£)

USD ($)

EUR (€)

USD ($)

USD ($)

EUR (€)

USD ($)

Interest rate swap and cap

Interest rate contracts not designated as hedging instruments

Interest rate contracts not designated as hedging instruments

Interest rate contracts not designated as hedging instruments

Interest Rate Cap, Expiration November 2015

Interest Rate Cap, Expiration December 2016

Interest rate contracts designated as hedging instruments

Interest rate contracts designated as hedging instruments

Interest rate contracts designated as hedging instruments

Interest rate contracts not designated as hedging instruments

Interest rate contracts not designated as hedging instruments

USD ($)

USD ($)

Interest_Rate_Swap

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

Derivative Instruments, Gain (Loss) [Line Items]

Investments in unconsolidated joint ventures

$1,646,977,000

$1,369,529,000

$877,081,000

$237,722,000

$459,010,000

$581,700,000

€ 315,900,000

£ 128,000,000

$228,400,000

€ 166,200,000

Number of secured debt

2

Notional amount

182,800,000

14,000,000

57,500,000

950,000,000

One-month LIBOR rate cap

3.00%

2.50%

3.00%

Gain (loss) on cash flow hedges

0

0

0

Number of interest rate swaps acquired

1

Interest rate swap fixed rate

4.24%

Debt Instrument, Face Amount

1,100,000,000

1,090,000,000

Unrealized gain (loss) on derivatives

4,000

2,300,000

-112,000

-734,000

Description of variable rate basis

Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Index

Basis spread on variable rate (in percent)

3.25%

Derivative variable interest rate

3.31%

Embedded derivative liability associated with beneficial interests in debt securities

140,000

4,100,000

Minimum threshold of derivative liabilities require cash deposit

100,000

Deposits related to agreements included in other assets

$0

Derivatives_and_Hedging_Schedu

Derivatives and Hedging - Schedule of Net Investment Hedge (Details)	Dec. 31, 2014	Dec. 31, 2014	Dec. 31, 2014	Dec. 31, 2014	Dec. 31, 2014	Dec. 31, 2014	Dec. 31, 2014	Dec. 31, 2014
	Foreign Exchange Collars	Foreign Exchange Collars	Foreign currency forward-exchange contracts	Foreign currency forward-exchange contracts	Maximum	Maximum	Minimum	Minimum
	EUR (€)	GBP (£)	EUR (€)	GBP (£)	Foreign currency forward-exchange contracts	Foreign currency forward-exchange contracts	Foreign currency forward-exchange contracts	Foreign currency forward-exchange contracts
					EUR (€)	GBP (£)	EUR (€)	GBP (£)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	€ 180,625,000	£ 71,100,000	€ 80,100,000	£ 36,000,000
Derivative, Exchange Rate Floor	1.2	1.5
Derivative, Exchange Rate Cap	1.57	1.82
Derivative, Forward Exchange Rate					1.4	1.7	1.22	1.63

Derivatives_and_Hedging_Fair_V

Derivatives and Hedging - Fair Value of Derivative Instruments (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Other Assets
Derivatives, Fair Value [Line Items]
Foreign exchange contracts designated as hedging instruments included in other assets	$26,479	$3,108
Other Assets | Foreign exchange contracts designated as hedging instruments | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Foreign exchange contracts designated as hedging instruments included in other assets	25,820	2,126
Other Assets | Interest rate contracts designated as hedging instruments | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Foreign exchange contracts designated as hedging instruments included in other assets	402	11
Other Assets | Interest rate contracts not designated as hedging instruments | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Foreign exchange contracts designated as hedging instruments included in other assets	257	971
Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Foreign exchange contracts designated as hedging instruments and embedded derivative liability included in accrued and other liabilities	6,718	8,456
Accrued and other liabilities | Foreign exchange contracts designated as hedging instruments | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Foreign exchange contracts designated as hedging instruments and embedded derivative liability included in accrued and other liabilities	6,718	5,504
Accrued and other liabilities | Embedded derivative liability associated with beneficial interests in debt securities | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Foreign exchange contracts designated as hedging instruments and embedded derivative liability included in accrued and other liabilities	$0	$2,952

Fair_Value_Measurements_Fair_V

Fair Value Measurements - Fair Value of Assets and Liabilities (Details) (Fair Value Measurements Recurring, Level 2, USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets
Beneficial interests in debt securities	$0	$30,834
Foreign currency derivative contracts	25,820	2,126
Interest rate derivative contracts	659	982
Total fair value of assets	26,479	33,942
Liabilities
Total fair value of liabilities	6,718	8,456
Foreign exchange contracts designated as hedging instruments
Liabilities
Foreign currency derivative contracts	6,718	5,504
Embedded derivative liability associated with beneficial interests in debt securities
Liabilities
Embedded derivative liability associated with beneficial interests in debt securities	$0	$2,952

Fair_Value_Measurements_Estima

Fair Value Measurements - Estimated Fair Values and Carrying Values of Assets and Liabilities (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Fair Value Disclosures [Abstract]
Impairment of financial instruments held at cost	$0	$0	$0
Fair Value Measurement [Domain] | Level 1
Assets
Investments in unconsolidated joint ventures	0	0
Loans held for investment	0	0
Fair Value Measurement [Domain] | Level 1 | Line of Credit
Liabilities
Line of credit	0	0
Fair Value Measurement [Domain] | Level 1 | Secured and Unsecured Debt
Liabilities
Secured financing	0
Fair Value Measurement [Domain] | Level 1 | CMBS debt
Liabilities
Secured financing	0
Fair Value Measurement [Domain] | Level 1 | Secured Debt
Liabilities
Secured financing		0
Fair Value Measurement [Domain] | Level 1 | Convertible Debt
Liabilities
Secured financing	617,763,000	208,000,000
Fair Value Measurement [Domain] | Level 2
Assets
Investments in unconsolidated joint ventures	0	5,953,000
Loans held for investment	0	0
Fair Value Measurement [Domain] | Level 2 | Line of Credit
Liabilities
Line of credit	164,000,000	138,500,000
Fair Value Measurement [Domain] | Level 2 | Secured and Unsecured Debt
Liabilities
Secured financing	0
Fair Value Measurement [Domain] | Level 2 | CMBS debt
Liabilities
Secured financing	536,927,000
Fair Value Measurement [Domain] | Level 2 | Secured Debt
Liabilities
Secured financing		0
Fair Value Measurement [Domain] | Level 2 | Convertible Debt
Liabilities
Secured financing	0	0
Fair Value Measurement [Domain] | Level 3
Assets
Investments in unconsolidated joint ventures	1,963,965,000	1,524,621,000
Loans held for investment	2,163,500,000	1,034,600,000
Fair Value Measurement [Domain] | Level 3 | Line of Credit
Liabilities
Line of credit	0	0
Fair Value Measurement [Domain] | Level 3 | Secured and Unsecured Debt
Liabilities
Secured financing	1,442,397,000
Fair Value Measurement [Domain] | Level 3 | CMBS debt
Liabilities
Secured financing	0
Fair Value Measurement [Domain] | Level 3 | Secured Debt
Liabilities
Secured financing		277,600,000
Fair Value Measurement [Domain] | Level 3 | Convertible Debt
Liabilities
Secured financing	0	0
Fair Value
Assets
Investments in unconsolidated joint ventures	1,963,965,000	1,530,574,000
Loans held for investment	2,163,500,000	1,034,600,000
Fair Value | Line of Credit
Liabilities
Line of credit	164,000,000	138,500,000
Fair Value | Secured and Unsecured Debt
Liabilities
Secured financing	1,442,397,000
Fair Value | CMBS debt
Liabilities
Secured financing	536,927,000
Fair Value | Secured Debt
Liabilities
Secured financing		277,600,000
Fair Value | Convertible Debt
Liabilities
Secured financing	617,763,000	208,000,000
Carrying Value
Assets
Investments in unconsolidated joint ventures	1,646,977,000	1,369,529,000
Loans held for investment	2,131,134,000	1,028,654,000
Carrying Value | Line of Credit
Liabilities
Line of credit	164,000,000	138,500,000
Carrying Value | Secured and Unsecured Debt
Liabilities
Secured financing	1,442,397,000
Carrying Value | CMBS debt
Liabilities
Secured financing	537,268,000
Carrying Value | Secured Debt
Liabilities
Secured financing		277,607,000
Carrying Value | Convertible Debt
Liabilities
Secured financing	$604,498,000	$200,000,000

Stockholders_Equity_and_Noncon2

Stockholders' Equity and Noncontrolling Interests (Details) (USD $)	12 Months Ended			1 Months Ended										0 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jul. 31, 2014	Mar. 31, 2014	Nov. 30, 2013	Jan. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	31-May-13	Jul. 31, 2012	Mar. 31, 2012	Jun. 30, 2014	Dec. 16, 2014	Dec. 18, 2014
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized (in shares)	450,000,000	450,000,000
Common stock, par value (in dollars per shares)	$0.01	$0.01
Net proceeds from issuance of preferred stock	$83,533,000	$0	$246,559,000
Issuance of common stock for incentive fees, shares	21,119	0	65,703
Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per shares)	$0.01
Shares issued during period (in shares)				17,250,000	14,950,000	10,000,000	11,500,000	11,500,000	8,050,000
Common Stock | May 2013 At-The-Market Stock Offering
Class of Stock [Line Items]
Shares issued during period (in shares)		1,902,000
At-the-market stock offering program authorized amount										200,000,000
At-the-market stock offering program maximum commission percentage										1.00%
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share)	$0.01	$0.01
Preferred stock, shares outstanding	10,080,000	10,080,000
Preferred stock, shares issued	10,080,000	10,080,000
Preferred stock, dividend percentage	8.50%	8.50%	8.50%
Preferred stock, liquidation preference (in dollars per share)	$25
Shares issued during period (in shares)											4,280,000	5,800,000
Net proceeds from issuance of preferred stock											106,000,000	140,000,000
Strip yield (percent)											8.30%
Redemption date for preferred stock	20-Mar-17
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share)													$0.01
Preferred stock, shares outstanding	3,450,000	0
Preferred stock, shares issued	3,450,000	0
Preferred stock, dividend percentage	7.50%												7.50%
Preferred stock, liquidation preference (in dollars per share)													$25
Shares issued during period (in shares)													3,450,000
Net proceeds from issuance of preferred stock													83,400,000
Redemption date for preferred stock	19-Jun-19
Series A and Series B Preferred Stock
Class of Stock [Line Items]
Redemption amount per share (in dollars per share)	$25
Minimum period of dividend defaults providing preferred stockholders to voting rights	six or more quarterly periods
Number of Directors vote entitles	2
Future Capital Contributions | ColFin Industrial Partnership
Class of Stock [Line Items]
Other Commitment	389,600,000													390,000,000
Light Industrial Portfolio | ColFin Industrial Partnership
Class of Stock [Line Items]
Proceeds from partnership contribution														560,000,000
Industrial Property | Cobalt Capital Partners, L.P. | Light Industrial Portfolio
Class of Stock [Line Items]
Ownership interest of limited partners (percent)	37.00%														37.00%
General Partner | Future Capital Contributions
Class of Stock [Line Items]
Other Commitment	$246,100,000
General Partner | Industrial Property
Class of Stock [Line Items]
Minimum operating partnership interest would like to retain in the future (percent)	51.00%
Quarterly distribution, percentage of limited partners' capital contributions (percent)	0.40%
Quarterly distribution, percentage of limited partners' net funded capital contributions	0.10%

Stockholders_Equity_and_Noncon3

Stockholders' Equity and Noncontrolling Interests - Common Stock Offerings (Details) (USD $)	12 Months Ended					1 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012	Jul. 31, 2014		Mar. 31, 2014		Nov. 30, 2013		Jan. 31, 2013		Dec. 31, 2012		Sep. 30, 2012
Class of Stock [Line Items]
Proceeds from issuance of common stock, net	$717,870		$475,190		$371,002
Common Stock
Class of Stock [Line Items]
Stock offering ,shares						17,250,000		14,950,000		10,000,000		11,500,000		11,500,000		8,050,000
Common stock offering, average price per share (in USD per share)					$19.29	$22.14		$21.90		$20.21		$20.20		$19.29		$18.53
Proceeds from issuance of common stock, net						381,545	[1]	327,115	[1]	201,758	[1]	232,020	[1]	221,348	[1]	148,969	[1]
May 2013 At-The-Market Stock Offering | Common Stock
Class of Stock [Line Items]
Stock offering ,shares			1,902,000
Common stock offering, average price per share (in USD per share)			$21.65
Proceeds from issuance of common stock, net			40,765	[1]
May 2014 At-The-Market Stock Offering | Common Stock
Class of Stock [Line Items]
Stock offering ,shares	406,000
Common stock offering, average price per share (in USD per share)	$21.07
Proceeds from issuance of common stock, net	$8,465	[1]
[1]	Net of underwriting discounts and commissions, sales agent commissions, and offering costs payable by the Company

Stockholders_Equity_and_Noncon4

Stockholders' Equity and Noncontrolling Interests - Components of Accumulated Other Comprehensive Income (Loss) Attributable to Stockholders (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated other comprehensive income (loss), beginning balance	$2,593	$5,184	($2,330)
Other comprehensive income (loss) before reclassifications	-28,593	10,353	7,130
Amounts reclassified from accumulated other comprehensive income	-2,491	-12,944	384
Net other comprehensive income (loss)	-31,084	-2,591	7,514
Accumulated other comprehensive income (loss), ending period	-28,491	2,593	5,184
Equity in AOCI of Unconsolidated Joint Ventures
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated other comprehensive income (loss), beginning balance	3,621	6,729	-406
Other comprehensive income (loss) before reclassifications	1,511	9,787	7,135
Amounts reclassified from accumulated other comprehensive income	-4,681	-12,895	0
Net other comprehensive income (loss)	-3,170	-3,108	7,135
Accumulated other comprehensive income (loss), ending period	451	3,621	6,729
Unrealized Gain/Loss on Beneficial Interests in Debt Securities
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated other comprehensive income (loss), beginning balance	325	877	611
Other comprehensive income (loss) before reclassifications	-2,488	-552	266
Amounts reclassified from accumulated other comprehensive income	2,163	0	0
Net other comprehensive income (loss)	-325	-552	266
Accumulated other comprehensive income (loss), ending period	0	325	877
Unrealized Gain/Loss on Fair Value of Net Investment Hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated other comprehensive income (loss), beginning balance	-19	0	0
Other comprehensive income (loss) before reclassifications	-82	-19	0
Amounts reclassified from accumulated other comprehensive income	0	0	0
Net other comprehensive income (loss)	-82	-19	0
Accumulated other comprehensive income (loss), ending period	-101	-19	0
Foreign Currency Translation Gain/Loss
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated other comprehensive income (loss), beginning balance	1,849	-3,067	-4,328
Other comprehensive income (loss) before reclassifications	-54,266	4,983	905
Amounts reclassified from accumulated other comprehensive income	-226	-67	356
Net other comprehensive income (loss)	-54,492	4,916	1,261
Accumulated other comprehensive income (loss), ending period	-52,643	1,849	-3,067
Net Investment Hedging
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated other comprehensive income (loss), beginning balance	-3,183	645	1,793
Other comprehensive income (loss) before reclassifications	26,732	-3,846	-1,176
Amounts reclassified from accumulated other comprehensive income	253	18	28
Net other comprehensive income (loss)	26,985	-3,828	-1,148
Accumulated other comprehensive income (loss), ending period	$23,802	($3,183)	$645

Stockholders_Equity_and_Noncon5

Stockholders' Equity and Noncontrolling Interests - Reclassification Out of Accumulated Other Comprehensive Income (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Equity in income of unconsolidated joint ventures
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Equity in realized gain on sale of marketable securities of unconsolidated joint ventures	$4,681	$12,895	$0
Other (loss) gain, net
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Settlement loss on beneficial interests in debt securities	-2,163	0	0
Realized foreign exchange gain (loss)	226	67	-356
Net settlement loss on derivative instruments designated as net investment hedges	($253)	($18)	($28)

Earnings_per_Share_Reconciles_

Earnings per Share - Reconciles Numerator and Denominator of Basic and Diluted per-Share (Details) (USD $)	3 Months Ended								12 Months Ended
In Thousands, except 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
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding balance on the debt	$1,979,665				$277,607				$1,979,665		$277,607
Dilutive effect of shares issuable to Manager for incentive fees									4,900				17,600
Numerator:
Net income	30,912	47,947	51,002	29,850	39,204	33,963	30,762	21,994	159,711		125,923		68,205
Net income attributable to noncontrolling interest	-6,096	-8,993	-13,353	-8,120	-8,946	-7,514	-5,111	-2,587	-36,562		-24,158		-6,194
Net income attributable to Colony Financial, Inc.	24,816	38,954	37,649	21,730	30,258	26,449	25,651	19,407	123,149		101,765		62,011
Preferred dividends	-6,972	-6,972	-5,571	-5,355	-5,355	-5,355	-5,355	-5,355	-24,870		-21,420		-13,915
Net income attributable to common stockholders	17,844	31,982	32,078	16,375	24,903	21,094	20,296	14,052	98,279		80,345		48,096
Net income allocated to participating securities (nonvested shares)									-990		-725		-476
Numerator for basic net income allocated to common stockholders									97,289		79,620		47,620
Interest expense attributable to convertible senior notes									0	[1]	0	[1]	0	[1]
Numerator for diluted net income allocated to common stockholders									97,289		79,620		47,620
Denominator:
Basic weighted average number of common shares outstanding (in shares)									96,694,000		66,182,000		35,926,000
Weighted average effect of dilutive shares (in shares)									5,000	[1]	0	[1]	17,000	[1]
Diluted weighted average number of common shares outstanding (in shares)									96,699,000		66,182,000		35,943,000
Earnings per share:
Net income attributable to common stockholders per share-basic (in dollars per share)	$0.16	$0.30	$0.35	$0.20	$0.34	$0.32	$0.31	$0.22	$1.01		$1.20		$1.33
Net income attributable to common stockholders per share-diluted (in dollars per share)	$0.16	$0.30	$0.34	$0.20	$0.34	$0.32	$0.31	$0.22	$1.01		$1.20		$1.32
Convertible Debt Securities
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest expense on convertible note excluded from diluted EPS									23,300		7,600
Weighted average dilutive common share									20,784,600		6,154,100
Unsecured Debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest expense on convertible note excluded from diluted EPS									25
Weighted average dilutive common share									14,700
Light Industrial Portfolio Notes | Unsecured Debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding balance on the debt	$10,000								$10,000
[1]	For the years ended December 31, 2014 and 2013, excluded from the calculation of diluted income per share is the effect of adding back $23.3 million and $7.6 million, respectively, of interest expense and 20,784,600 and 6,154,100 weighted average dilutive common share equivalents, respectively, for the assumed conversion of the Convertible Notes as their inclusion would be antidilutive. For the year ended December 31, 2014, also excluded from the calculation of diluted income per share is the effect of adding back $25,000 of interest expense and 14,700 weighted average dilutive common share equivalents for the assumed repayment of the $10 million unsecured note issued to Cobalt Capital Management, L.P. (see Note 5 and Note 9) in shares of the Company's common stock as its inclusion would be antidilutive. For the years ended December 31, 2014 and December 31, 2012, weighted average dilutive shares include the effect of 4,900 and 17,600 shares of common stock, respectively, issuable to the Manager for incentive fees incurred for the respective periods.

Related_Party_Transactions_Det

Related Party Transactions (Details) (USD $)	12 Months Ended			0 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 23, 2014	Jan. 30, 2015
Related Party Transaction [Line Items]
Renewal of management agreement	1 year
Minimum management agreement termination	180 days
Base management fee as a percentage of stockholders' equity	1.50%
Incentive fee calculation, multiplication factor (as a percent)	20.00%
Incentive fee calculation, stock value factor (as a percent)	8.00%
Issuance of common stock for incentive fees, shares	21,119	0	65,703
Other income	$812,000	$1,267,000	$1,973,000
AMC Milestone North and Milestone West
Related Party Transaction [Line Items]
Number of joint ventures	2
Annual payment to asset management fee on aggregated UPB of certain loan portfolios	0.50%
Other income	800,000	1,300,000	2,000,000
Reimbursements to affiliates for allocated costs	900,000	800,000	1,100,000
Colony Capital | Affiliated Entity
Related Party Transaction [Line Items]
Value of total equity interests issued and issuable in a business combination				$657,500,000
Reference price in a business acquisition (dollars per share)				$22.05
Colony Capital | Chief Executive Officer
Related Party Transaction [Line Items]
Term of employment agreement				5 years
Colony Capital | Common Stock | Common Class A | Affiliated Entity
Related Party Transaction [Line Items]
Total consideration issued and issuable (in shares)				3,940,000
Fixed upfront consideration transferred in a business combination (in shares)				2,830,000
Colony Capital | Common Stock | Common Class A | Multi-year Performance Targets | Affiliated Entity
Related Party Transaction [Line Items]
Contingent consideration issued or issuable (in shares)				1,110,000
Colony Capital | Common Stock | Common Class A | Volume-Weighted Average Stock Price | Affiliated Entity
Related Party Transaction [Line Items]
Contingent consideration issued or issuable (in shares)				151,520
Colony Capital | Common Stock | Common Class B | Affiliated Entity
Related Party Transaction [Line Items]
Total consideration issued and issuable (in shares)				665,593
Fixed upfront consideration transferred in a business combination (in shares)				566,635
Colony Capital | Common Stock | Common Class B | Multi-year Performance Targets | Affiliated Entity
Related Party Transaction [Line Items]
Contingent consideration issued or issuable (in shares)				98,958
Colony Capital | Common Stock | Common Class B | Volume-Weighted Average Stock Price | Affiliated Entity
Related Party Transaction [Line Items]
Contingent consideration issued or issuable (in shares)				13,494
Colony Capital | Partnership Interest | Colony Capital Operating Company, LLC | Affiliated Entity
Related Party Transaction [Line Items]
Total consideration issued and issuable (in shares)				25,220,000
Fixed upfront consideration transferred in a business combination (in shares)				21,440,000
Colony Capital | Partnership Interest | Colony Capital Operating Company, LLC | Multi-year Performance Targets | Affiliated Entity
Related Party Transaction [Line Items]
Contingent consideration issued or issuable (in shares)				3,780,000
Colony Capital | Partnership Interest | Colony Capital Operating Company, LLC | Volume-Weighted Average Stock Price | Affiliated Entity
Related Party Transaction [Line Items]
Contingent consideration issued or issuable (in shares)				515,258
Colony Capital, Proposed Transaction | Volume-Weighted Average Stock Price
Related Party Transaction [Line Items]
Threshold consecutive trading days for consideration transferred				10 days
Minimum | Colony Capital | Affiliated Entity
Related Party Transaction [Line Items]
Weighted-average share price for upfront consideration transferred maximum threshold				$24.05
Maximum | Colony Capital | Affiliated Entity
Related Party Transaction [Line Items]
Weighted-average share price for upfront consideration transferred maximum threshold				$27.05
Subsequent Event | Colony Capital | Affiliated Entity
Related Party Transaction [Line Items]
Percent of voting needed for the business combination approval (in percent)					67.00%

Related_Party_Transactions_Sum

Related Party Transactions - Summary of Amounts Incurred and Payable to Manager or its Affiliates (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Related Party Transaction [Line Items]
Allocated and direct investment-related expenses	$2,846	$1,771	$1,657
Allocated and direct investment-related expenses	5,079	3,073	2,460
Manager and its affiliates
Related Party Transaction [Line Items]
Base management fees	32,285	22,265	12,332
Incentive fees	464	0	936
Compensation pursuant to secondment agreement	1,778	1,286	1,207
Allocated and direct investment-related expenses	2,846	1,771	1,657
Allocated and direct investment-related expenses	3,301	1,787	1,253
Total	$40,674	$27,109	$17,385

Related_Party_Transactions_Sum1

Related Party Transactions - Summary of Amounts Due to Manager or its Affiliates (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Related Party Transaction [Line Items]
Total amounts due to the manager or its affiliates	$12,236	$7,986
Base management fees
Related Party Transaction [Line Items]
Total amounts due to the manager or its affiliates	9,173	6,045
Secondment reimbursement
Related Party Transaction [Line Items]
Total amounts due to the manager or its affiliates	1,393	895
Reimbursement of direct and allocated administrative and investment costs
Related Party Transaction [Line Items]
Total amounts due to the manager or its affiliates	$1,670	$1,046

ShareBased_Payments_Details

Share-Based Payments (Details) (USD $)	0 Months Ended	12 Months Ended
In Millions, except Share data, unless otherwise specified	8-May-14	Dec. 31, 2014
Equity Incentive Plan, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Additional shares of common stock authorized	2,500,000
Percentage of award vesting rights		25.00%
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate unrecognized compensation cost related to restricted stock granted		8.5
Weighted average period of expected cost		21 months
Restricted Stock | Director Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reserved number of shares (in shares)		100,000
Vesting period		1 year

ShareBased_Payments_Nonvested_

Share-Based Payments - Nonvested Shares Under Director Stock Plan and Equity Incentive Plan (Details) (USD $)	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Weighted Average Grant Date Fair Value [Roll Forward]
Granted (USD per share)	$20.32	[1]	$21.94	[1]	$17.79	[1]
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares at December 31, 2013	512,768
Granted	515,234
Vested	-337,928
Forfeited	-636
Nonvested shares at December 31 2014	689,438
Weighted Average Grant Date Fair Value [Roll Forward]
Nonvested shares at December 31, 2013 (USD per share)	$18.28
Granted (USD per share)	$20.32
Vested (USD per share)	$18.83
Forfeited (USD per share)	$16.16
Nonvested shares at December, 2014 (USD per share)	$19.54
Restricted Stock Grants to Non-Executive Directors | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares at December 31, 2013	6,837
Granted	15,234
Vested	-6,837
Forfeited	0
Nonvested shares at December 31 2014	15,234
Weighted Average Grant Date Fair Value [Roll Forward]
Granted (USD per share)	$22.87
Restricted Stock Grants to Employee | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares at December 31, 2013	17,172
Granted	0
Vested	-8,586
Forfeited	0
Nonvested shares at December 31 2014	8,586
Total | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares at December 31, 2013	488,759
Granted	500,000
Vested	-322,505
Forfeited	-636
Nonvested shares at December 31 2014	665,618
Weighted Average Grant Date Fair Value [Roll Forward]
Granted (USD per share)	$20.24
[1]	Based on the quoted closing share price of the Company's common stock on the NYSE on grant date or vesting date.

ShareBased_Payments_Components

Share-Based Payments - Components of Share-Based Compensation (Details) (USD $)	12 Months Ended
In Thousands, except Per 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]
Total fair value of share vested	$6,855	[1]	$182	[1]	$6,079	[1]
Weighted average grant date fair value per share for shares granted during the period (USD per share)	$20.32	[1]	$21.94	[1]	$17.79	[1]
Management Fees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation included in management fees	10,384		3,998		5,714
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation included in administrative expenses	$417		$285		$419
[1]	Based on the quoted closing share price of the Company's common stock on the NYSE on grant date or vesting date.

Income_Taxes_Income_Tax_Provis

Income Taxes - Income Tax Provision (Benefit) (Detail) (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
Current
Federal									$1,339	$1,470	$2,242
State									369	671	669
Total current tax provision									1,708	2,141	2,911
Deferred
Federal									-3,307	-1,115	-661
State									-800	-367	-85
Total deferred tax benefit									-4,107	-1,482	-746
Total income tax (benefit) provision	($181)	($2,464)	$1	$245	$79	($14)	$242	$352	($2,399)	$659	$2,165

Income_Taxes_Details

Income Taxes (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Income Tax Disclosure [Abstract]
Deferred tax assets, net	$6.50	$2.40

Income_Taxes_Dividends_Declare

Income Taxes - Dividends Declared (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Dividends, Common Stock [Abstract]
Ordinary income per share	$1.08	$0.98	$0.83
Long-term capital gains per share	$0.36	$0.42	$0.61
Total dividends declared per share	$1.44	$1.40	$1.44
Series A Preferred Stock
Dividends, Preferred Stock [Abstract]
Ordinary income per share	$1.52	$1.48	$1.01
Long-term capital gains per share	$0.60	$0.65	$0.74
Total dividends declared per share	$2.12	$2.13	$1.75
Series B Preferred Stock
Dividends, Preferred Stock [Abstract]
Ordinary income per share	$0.77	$0	$0
Long-term capital gains per share	$0.30	$0	$0
Total dividends declared per share	$1.07	$0	$0

Commitments_and_Contingencies_1

Commitments and Contingencies (Details) (USD $)	0 Months Ended	12 Months Ended
	Jan. 30, 2015	Dec. 31, 2014	Mar. 06, 2014	Dec. 16, 2014	Dec. 18, 2014
Additional Funding to Unconsolidated Joint Ventures
Other Commitments [Line Items]
Other Commitment		$314,700,000
Unfunded Lending Commitment
Other Commitments [Line Items]
Other Commitment		111,400,000
Consortium Equity Commitment
Other Commitments [Line Items]
Other Commitment			100,000,000
ColFin Industrial Partnership | Future Capital Contributions
Other Commitments [Line Items]
Other Commitment		389,600,000		390,000,000
Light Industrial Portfolio | Cobalt Capital Partners, L.P. | Industrial Property
Other Commitments [Line Items]
Ownership interest of limited partners (percent)		37.00%			37.00%
Subsequent Event | Consortium Equity Commitment
Other Commitments [Line Items]
Payment to Consortium Equity	50,000,000
Subsequent Event | AB Acquisition LLC
Other Commitments [Line Items]
Number of grocery stores	2,230
General Partner | Future Capital Contributions
Other Commitments [Line Items]
Other Commitment		246,100,000
Limited Partner | ColFin Industrial Partnership | Future Capital Contributions
Other Commitments [Line Items]
Other Commitment		143,500,000
Co-investment partner | Subsequent Event | Consortium Equity Commitment
Other Commitments [Line Items]
Payment to Consortium Equity	50,000,000
Ground Leases
Other Commitments [Line Items]
Ground lease rent expense		106,000
Contingent rent expense		$6,000

Commitments_and_Contingencies_2

Commitments and Contingencies - Future Rental Commitment (Details) (USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified
Operating Leased Assets [Line Items]
2015	$114,465
2016	104,182
2017	87,409
2018	69,511
2019	51,277
2020 and after	133,817
Total	560,661
Ground Leases
Operating Leased Assets [Line Items]
2015	253
2016	255
2017	255
2018	255
2019	255
2020 and after	10,687
Total	$11,960

Segment_Information_Summary_of

Segment Information - Summary of Operating Results for Each of Reportable Operating Segments (Details) (USD $)	0 Months Ended	3 Months Ended																12 Months Ended				18 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	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	Jun. 30, 2013	Dec. 31, 2012	Dec. 17, 2014
	Segment																			Segment		Segment
Segment Reporting [Abstract]
Number of reportable segments	4																			2		3
Income:
Interest income		$54,447	[1]	$62,849	[1]	$53,963	[1]	$33,102	[1]	$26,486	[1]	$22,122	[1]	$21,015	[1]	$11,412	[1]	$204,361	$81,035		$37,253
Rental income and tenant reimbursements		10,143		4,323		3,255		3,241		789		0		0		0		20,962	789		0
Equity in income (loss) of unconsolidated joint ventures		20,813		9,263		21,114		22,639		30,862		25,052		22,992		21,802		73,829	100,708		68,737
Other income		194		847		231		225		283		296		317		371		1,497	1,267		1,973
Total income		85,597		77,282		78,563		59,207		58,420		47,470		44,324		33,585		300,649	183,799		107,963
Expenses:
Management fees		11,766		10,717		9,937		10,713		6,951		6,520		6,422		6,370		43,133	26,263		18,982
Investment and servicing expenses																		5,811	3,228		2,977
Transaction costs																		21,096	1,807		0
Interest expense																		48,365	18,838		8,248
Property operating expenses																		5,563	197		0
Depreciation and amortization																		9,177	310		0
Administrative expenses																		11,408	7,548		6,346
Total expenses		54,844		31,836		27,781		30,092		19,118		14,381		13,516		11,176		144,553	58,191		36,553
Other gain (loss), net		-22	[1]	37	[1]	221	[1]	980	[1]	-19	[1]	860	[1]	196	[1]	-63	[1]	1,216	974		-1,040
Income before income taxes																		157,312	126,582		70,370
Income tax (benefit) provision		-181		-2,464		1		245		79		-14		242		352		-2,399	659		2,165
Net income		30,912		47,947		51,002		29,850		39,204		33,963		30,762		21,994		159,711	125,923		68,205
Net income attributable to noncontrolling interests		6,096		8,993		13,353		8,120		8,946		7,514		5,111		2,587		36,562	24,158		6,194
Net income attributable to Colony Financial, Inc.		24,816		38,954		37,649		21,730		30,258		26,449		25,651		19,407		123,149	101,765		62,011
Operating Segments | Real estate debt investments
Income:
Interest income																		204,054	80,753		37,083
Rental income and tenant reimbursements																		0	0
Equity in income (loss) of unconsolidated joint ventures																		86,495	89,553		60,313
Other income																		908	1,267		1,973
Total income																		291,457	171,573		99,369
Expenses:
Management fees																		0	0		0
Investment and servicing expenses																		3,198	2,247		2,457
Transaction costs																		5,232	1,210
Interest expense																		14,199	5,295		4,409
Property operating expenses																		0	0
Depreciation and amortization																		0	0
Administrative expenses																		577	178		0
Total expenses																		23,206	8,930		6,866
Other gain (loss), net																		165	974		-1,040
Income before income taxes																		268,416	163,617		91,463
Income tax (benefit) provision																		0	0		0
Net income																		268,416	163,617		91,463
Net income attributable to noncontrolling interests																		37,683	22,892		6,194
Net income attributable to Colony Financial, Inc.																		230,733	140,725		85,269
Operating Segments | Light Industrial Portfolio
Income:
Interest income																		0
Rental income and tenant reimbursements																		5,365
Equity in income (loss) of unconsolidated joint ventures																		0
Other income																		0
Total income																		5,365
Expenses:
Management fees																		0
Investment and servicing expenses																		304
Transaction costs																		7,450
Interest expense																		1,321
Property operating expenses																		1,544
Depreciation and amortization																		3,391
Administrative expenses																		0
Total expenses																		14,010
Other gain (loss), net																		-22
Income before income taxes																		-8,667
Income tax (benefit) provision																		0
Net income																		-8,667
Net income attributable to noncontrolling interests																		-3,143
Net income attributable to Colony Financial, Inc.																		-5,524
Operating Segments | Single-family residential rentals
Income:
Interest income																		0	0		0
Rental income and tenant reimbursements																		0	0
Equity in income (loss) of unconsolidated joint ventures																		-15,901	-8,013		-2,126
Other income																		0	0		0
Total income																		-15,901	-8,013		-2,126
Expenses:
Management fees																		0	0		0
Investment and servicing expenses																		0	0		0
Transaction costs																		0	0
Interest expense																		0	0		0
Property operating expenses																		0	0
Depreciation and amortization																		0	0
Administrative expenses																		0	0		0
Total expenses																		0	0		0
Other gain (loss), net																		0	0		0
Income before income taxes																		-15,901	-8,013		-2,126
Income tax (benefit) provision																		0	0		0
Net income																		-15,901	-8,013		-2,126
Net income attributable to noncontrolling interests																		0	0		0
Net income attributable to Colony Financial, Inc.																		-15,901	-8,013		-2,126
Operating Segments | Other Real Estate Equity Investments
Income:
Interest income																		0	0		0
Rental income and tenant reimbursements																		15,597	789
Equity in income (loss) of unconsolidated joint ventures																		3,235	19,168		10,550
Other income																		0	0		0
Total income																		18,832	19,957		10,550
Expenses:
Management fees																		0	0		0
Investment and servicing expenses																		99	26		22
Transaction costs																		146	597
Interest expense																		4,355	227		0
Property operating expenses																		4,019	197
Depreciation and amortization																		5,786	310
Administrative expenses																		0	0		0
Total expenses																		14,405	1,357		22
Other gain (loss), net																		0	0		0
Income before income taxes																		4,427	18,600		10,528
Income tax (benefit) provision																		0	0		0
Net income																		4,427	18,600		10,528
Net income attributable to noncontrolling interests																		2,022	1,266		0
Net income attributable to Colony Financial, Inc.																		2,405	17,334		10,528
Amounts Not Allocated to Segments
Income:
Interest income																		307	282		170
Rental income and tenant reimbursements																		0	0
Equity in income (loss) of unconsolidated joint ventures																		0	0		0
Other income																		589	0		0
Total income																		896	282		170
Expenses:
Management fees																		43,133	26,263		18,982
Investment and servicing expenses																		2,210	955		498
Transaction costs																		8,268	0
Interest expense																		28,490	13,316		3,839
Property operating expenses																		0	0
Depreciation and amortization																		0	0
Administrative expenses																		10,831	7,370		6,346
Total expenses																		92,932	47,904		29,665
Other gain (loss), net																		1,073	0		0
Income before income taxes																		-90,963	-47,622		-29,495
Income tax (benefit) provision																		-2,399	659		2,165
Net income																		-88,564	-48,281		-31,660
Net income attributable to noncontrolling interests																		0	0		0
Net income attributable to Colony Financial, Inc.																		($88,564)	($48,281)		($31,660)
[1]	Prepayment fees and accelerated amortization of origination fees or purchase discounts resulting from early repayments of loans receivable have been reclassified from other gain to interest income for the previously reported quarters through June 30, 2014. See Note 2—"Reclassification" for further discussion.

Segment_Information_Assets_of_

Segment Information - Assets of Reportable Operating Segments (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets:
Total consolidated assets	$5,871,848	$2,628,552
Operating Segments | Real estate debt investments
Assets:
Total consolidated assets	2,978,718	1,707,228
Operating Segments | Light Industrial Portfolio
Assets:
Total consolidated assets	1,681,980	0
Operating Segments | Single-family residential rentals
Assets:
Total consolidated assets	494,613	530,007
Operating Segments | Other Real Estate Equity Investments
Assets:
Total consolidated assets	550,216	344,244
Amounts Not Allocated to Segments
Assets:
Total consolidated assets	$166,321	$47,073

Selected_Quarterly_Financial_I2

Selected 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
Selected Quarterly Financial Information [Abstract]
Interest income	$54,447	[1]	$62,849	[1]	$53,963	[1]	$33,102	[1]	$26,486	[1]	$22,122	[1]	$21,015	[1]	$11,412	[1]	$204,361	$81,035	$37,253
Rental income and tenant reimbursements	10,143		4,323		3,255		3,241		789		0		0		0		20,962	789	0
Equity in income (loss) of unconsolidated joint ventures	20,813		9,263		21,114		22,639		30,862		25,052		22,992		21,802		73,829	100,708	68,737
Other income	194		847		231		225		283		296		317		371		1,497	1,267	1,973
Total income	85,597		77,282		78,563		59,207		58,420		47,470		44,324		33,585		300,649	183,799	107,963
Management fees	11,766		10,717		9,937		10,713		6,951		6,520		6,422		6,370		43,133	26,263	18,982
Other expenses	43,078		21,119		17,844		19,379		12,167		7,861		7,094		4,806
Total expenses	54,844		31,836		27,781		30,092		19,118		14,381		13,516		11,176		144,553	58,191	36,553
Other gain (loss), net	-22	[1]	37	[1]	221	[1]	980	[1]	-19	[1]	860	[1]	196	[1]	-63	[1]	1,216	974	-1,040
Income tax (benefit) provision	-181		-2,464		1		245		79		-14		242		352		-2,399	659	2,165
Net income	30,912		47,947		51,002		29,850		39,204		33,963		30,762		21,994		159,711	125,923	68,205
Net income attributable to noncontrolling interests	6,096		8,993		13,353		8,120		8,946		7,514		5,111		2,587		36,562	24,158	6,194
Net income attributable to Colony Financial, Inc.	24,816		38,954		37,649		21,730		30,258		26,449		25,651		19,407		123,149	101,765	62,011
Preferred dividends	6,972		6,972		5,571		5,355		5,355		5,355		5,355		5,355		24,870	21,420	13,915
Net income attributable to common stockholders	$17,844		$31,982		$32,078		$16,375		$24,903		$21,094		$20,296		$14,052		$98,279	$80,345	$48,096
Basic (in dollars per share)	$0.16		$0.30		$0.35		$0.20		$0.34		$0.32		$0.31		$0.22		$1.01	$1.20	$1.33
Diluted (in dollars per share)	$0.16		$0.30		$0.34		$0.20		$0.34		$0.32		$0.31		$0.22		$1.01	$1.20	$1.32
[1]	Prepayment fees and accelerated amortization of origination fees or purchase discounts resulting from early repayments of loans receivable have been reclassified from other gain to interest income for the previously reported quarters through June 30, 2014. See Note 2—"Reclassification" for further discussion.

Subsequent_Events_Details

Subsequent Events (Details) (Subsequent Event, USD $)	2 Months Ended
In Millions, unless otherwise specified	Feb. 27, 2015
	Investment
Subsequent Event [Line Items]
Aggregate investment	$162
Number of investments	4
Transitional CRE Lending Platform
Subsequent Event [Line Items]
Loan acquisitions and originations	$70
Number of real estate debt investment	3

Schedule_III_Real_Estate_and_A1

Schedule III - Real Estate and Accumulative Depreciation (Details) (USD $)	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Initial Cost
Encumbrances	1,176,500,000
Land	265,263,000
Buildings and Improvements	1,385,155,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	265,263,000	[1]
Buildings and Improvements	1,385,155,000	[1]
Total	1,650,418,000	[1]	112,686,000	0	0
Accumulated Depreciation	6,421,000	[2]	218,000	0	0
Net Carrying Amount	1,643,997,000
Real Estate tax basis	1,597,400,000
Building and Improvements
Gross Amounts at Which Carried at December 31, 2014
Real estate assets estimated useful life	37 years
Building and Improvements | Minimum
Gross Amounts at Which Carried at December 31, 2014
Real estate assets estimated useful life	7 years
Building and Improvements | Maximum
Gross Amounts at Which Carried at December 31, 2014
Real estate assets estimated useful life	40 years
East Watkins St. | ARIZONA | Industrial Property
Initial Cost
Encumbrances	1,386,000
Land	908,000
Buildings and Improvements	956,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	908,000	[1]
Buildings and Improvements	956,000	[1]
Total	1,864,000	[1]
Accumulated Depreciation	2,000	[2]
Net Carrying Amount	1,862,000
Date of Acquisition	18-Dec-14
North 48th Ave. 1 | ARIZONA | Industrial Property
Initial Cost
Encumbrances	2,434,000
Land	1,133,000
Buildings and Improvements	2,508,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,133,000	[1]
Buildings and Improvements	2,508,000	[1]
Total	3,641,000	[1]
Accumulated Depreciation	5,000	[2]
Net Carrying Amount	3,636,000
Date of Acquisition	18-Dec-14
North 48th Ave. 2 | ARIZONA | Industrial Property
Initial Cost
Encumbrances	353,000
Land	209,000
Buildings and Improvements	373,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	209,000	[1]
Buildings and Improvements	373,000	[1]
Total	582,000	[1]
Accumulated Depreciation	1,000	[2]
Net Carrying Amount	581,000
Date of Acquisition	18-Dec-14
North 48th Ave. 3 | ARIZONA | Industrial Property
Initial Cost
Encumbrances	2,399,000
Land	1,133,000
Buildings and Improvements	2,248,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,133,000	[1]
Buildings and Improvements	2,248,000	[1]
Total	3,381,000	[1]
Accumulated Depreciation	4,000	[2]
Net Carrying Amount	3,377,000
Date of Acquisition	18-Dec-14
North 48th Ave. 4 | ARIZONA | Industrial Property
Initial Cost
Encumbrances	671,000
Land	291,000
Buildings and Improvements	747,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	291,000	[1]
Buildings and Improvements	747,000	[1]
Total	1,038,000	[1]
Accumulated Depreciation	1,000	[2]
Net Carrying Amount	1,037,000
Date of Acquisition	18-Dec-14
North 48th Ave. 5 | ARIZONA | Industrial Property
Initial Cost
Encumbrances	528,000
Land	240,000
Buildings and Improvements	633,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	240,000	[1]
Buildings and Improvements	633,000	[1]
Total	873,000	[1]
Accumulated Depreciation	1,000	[2]
Net Carrying Amount	872,000
Date of Acquisition	18-Dec-14
South 15th | ARIZONA | Industrial Property
Initial Cost
Encumbrances	7,283,000
Land	1,668,000
Buildings and Improvements	6,891,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,668,000	[1]
Buildings and Improvements	6,891,000	[1]
Total	8,559,000	[1]
Accumulated Depreciation	9,000	[2]
Net Carrying Amount	8,550,000
Date of Acquisition	18-Dec-14
South 48th Ave. | ARIZONA | Industrial Property
Initial Cost
Encumbrances	2,514,000
Land	1,196,000
Buildings and Improvements	2,642,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,196,000	[1]
Buildings and Improvements	2,642,000	[1]
Total	3,838,000	[1]
Accumulated Depreciation	3,000	[2]
Net Carrying Amount	3,835,000
Date of Acquisition	18-Dec-14
South Palo Verde | ARIZONA | Industrial Property
Initial Cost
Encumbrances	5,654,000
Land	1,193,000
Buildings and Improvements	6,277,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,193,000	[1]
Buildings and Improvements	6,277,000	[1]
Total	7,470,000	[1]
Accumulated Depreciation	15,000	[2]
Net Carrying Amount	7,455,000
Date of Acquisition	18-Dec-14
West Fairmont | ARIZONA | Industrial Property
Initial Cost
Encumbrances	1,487,000
Land	439,000
Buildings and Improvements	1,904,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	439,000	[1]
Buildings and Improvements	1,904,000	[1]
Total	2,343,000	[1]
Accumulated Depreciation	5,000	[2]
Net Carrying Amount	2,338,000
Date of Acquisition	18-Dec-14
Denver Business Center | COLORADO | Industrial Property
Initial Cost
Encumbrances	4,391,000
Land	1,342,000
Buildings and Improvements	5,610,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,342,000	[1]
Buildings and Improvements	5,610,000	[1]
Total	6,952,000	[1]
Accumulated Depreciation	8,000	[2]
Net Carrying Amount	6,944,000
Date of Acquisition	18-Dec-14
Denver Business Center No. 5 | COLORADO | Industrial Property
Initial Cost
Encumbrances	10,952,000
Land	2,227,000
Buildings and Improvements	11,761,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	2,227,000	[1]
Buildings and Improvements	11,761,000	[1]
Total	13,988,000	[1]
Accumulated Depreciation	16,000	[2]
Net Carrying Amount	13,972,000
Date of Acquisition	18-Dec-14
East 51st Avenue | COLORADO | Industrial Property
Initial Cost
Encumbrances	3,286,000
Land	946,000
Buildings and Improvements	3,580,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	946,000	[1]
Buildings and Improvements	3,580,000	[1]
Total	4,526,000	[1]
Accumulated Depreciation	5,000	[2]
Net Carrying Amount	4,521,000
Date of Acquisition	18-Dec-14
Moline Distribution Center | COLORADO | Industrial Property
Initial Cost
Encumbrances	4,051,000
Land	1,045,000
Buildings and Improvements	4,039,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,045,000	[1]
Buildings and Improvements	4,039,000	[1]
Total	5,084,000	[1]
Accumulated Depreciation	6,000	[2]
Net Carrying Amount	5,078,000
Date of Acquisition	18-Dec-14
Moncrieff Distribution Center | COLORADO | Industrial Property
Initial Cost
Encumbrances	6,125,000
Land	1,501,000
Buildings and Improvements	6,674,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,501,000	[1]
Buildings and Improvements	6,674,000	[1]
Total	8,175,000	[1]
Accumulated Depreciation	9,000	[2]
Net Carrying Amount	8,166,000
Date of Acquisition	18-Dec-14
Odessa Way | COLORADO | Industrial Property
Initial Cost
Encumbrances	5,583,000
Land	1,477,000
Buildings and Improvements	5,653,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,477,000	[1]
Buildings and Improvements	5,653,000	[1]
Total	7,130,000	[1]
Accumulated Depreciation	7,000	[2]
Net Carrying Amount	7,123,000
Date of Acquisition	18-Dec-14
West 53rd Place | COLORADO | Industrial Property
Initial Cost
Encumbrances	7,841,000
Land	2,161,000
Buildings and Improvements	7,748,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	2,161,000	[1]
Buildings and Improvements	7,748,000	[1]
Total	9,909,000	[1]
Accumulated Depreciation	12,000	[2]
Net Carrying Amount	9,897,000
Date of Acquisition	18-Dec-14
West Evans | COLORADO | Industrial Property
Initial Cost
Encumbrances	3,519,000
Land	657,000
Buildings and Improvements	3,826,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	657,000	[1]
Buildings and Improvements	3,826,000	[1]
Total	4,483,000	[1]
Accumulated Depreciation	5,000	[2]
Net Carrying Amount	4,478,000
Date of Acquisition	18-Dec-14
Chancellor Drive | FLORIDA | Industrial Property
Initial Cost
Encumbrances	8,547,000
Land	2,166,000
Buildings and Improvements	10,016,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	2,166,000	[1]
Buildings and Improvements	10,016,000	[1]
Total	12,182,000	[1]
Accumulated Depreciation	16,000	[2]
Net Carrying Amount	12,166,000
Date of Acquisition	18-Dec-14
Kingspointe Parkway | FLORIDA | Industrial Property
Initial Cost
Encumbrances	7,540,000
Land	2,148,000
Buildings and Improvements	8,578,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	2,148,000	[1]
Buildings and Improvements	8,578,000	[1]
Total	10,726,000	[1]
Accumulated Depreciation	16,000	[2]
Net Carrying Amount	10,710,000
Date of Acquisition	18-Dec-14
La Quinta Drive | FLORIDA | Industrial Property
Initial Cost
Encumbrances	5,223,000
Land	1,811,000
Buildings and Improvements	6,678,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,811,000	[1]
Buildings and Improvements	6,678,000	[1]
Total	8,489,000	[1]
Accumulated Depreciation	11,000	[2]
Net Carrying Amount	8,478,000
Date of Acquisition	18-Dec-14
123rd Circle North | FLORIDA | Industrial Property
Initial Cost
Encumbrances	4,017,000
Land	370,000
Buildings and Improvements	4,378,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	370,000	[1]
Buildings and Improvements	4,378,000	[1]
Total	4,748,000	[1]
Accumulated Depreciation	6,000	[2]
Net Carrying Amount	4,742,000
Date of Acquisition	18-Dec-14
Corporex Drive | FLORIDA | Industrial Property
Initial Cost
Encumbrances	4,566,000
Land	968,000
Buildings and Improvements	4,993,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	968,000	[1]
Buildings and Improvements	4,993,000	[1]
Total	5,961,000	[1]
Accumulated Depreciation	10,000	[2]
Net Carrying Amount	5,951,000
Date of Acquisition	18-Dec-14
Eastgate Distribution Center | FLORIDA | Industrial Property
Initial Cost
Encumbrances	9,706,000
Land	1,396,000
Buildings and Improvements	11,268,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,396,000	[1]
Buildings and Improvements	11,268,000	[1]
Total	12,664,000	[1]
Accumulated Depreciation	14,000	[2]
Net Carrying Amount	12,650,000
Date of Acquisition	18-Dec-14
New Tampa Commerce Center | FLORIDA | Industrial Property
Initial Cost
Encumbrances	11,871,000
Land	1,544,000
Buildings and Improvements	11,499,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,544,000	[1]
Buildings and Improvements	11,499,000	[1]
Total	13,043,000	[1]
Accumulated Depreciation	22,000	[2]
Net Carrying Amount	13,021,000
Date of Acquisition	18-Dec-14
Atlanta Industrial Parkway 1 | GEORGIA | Industrial Property
Initial Cost
Encumbrances	817,000
Land	331,000
Buildings and Improvements	988,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	331,000	[1]
Buildings and Improvements	988,000	[1]
Total	1,319,000	[1]
Accumulated Depreciation	2,000	[2]
Net Carrying Amount	1,317,000
Date of Acquisition	18-Dec-14
Atlanta Industrial Parkway 2 | GEORGIA | Industrial Property
Initial Cost
Encumbrances	2,355,000
Land	758,000
Buildings and Improvements	2,037,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	758,000	[1]
Buildings and Improvements	2,037,000	[1]
Total	2,795,000	[1]
Accumulated Depreciation	4,000	[2]
Net Carrying Amount	2,791,000
Date of Acquisition	18-Dec-14
Atlanta Industrial Parkway 3 | GEORGIA | Industrial Property
Initial Cost
Encumbrances	357,000
Land	263,000
Buildings and Improvements	325,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	263,000	[1]
Buildings and Improvements	325,000	[1]
Total	588,000	[1]
Accumulated Depreciation	1,000	[2]
Net Carrying Amount	587,000
Date of Acquisition	18-Dec-14
Atlanta Industrial Parkway 4 | GEORGIA | Industrial Property
Initial Cost
Encumbrances	2,890,000
Land	886,000
Buildings and Improvements	3,249,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	886,000	[1]
Buildings and Improvements	3,249,000	[1]
Total	4,135,000	[1]
Accumulated Depreciation	6,000	[2]
Net Carrying Amount	4,129,000
Date of Acquisition	18-Dec-14
Atlanta Industrial Parkway 5 | GEORGIA | Industrial Property
Initial Cost
Encumbrances	2,132,000
Land	769,000
Buildings and Improvements	3,057,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	769,000	[1]
Buildings and Improvements	3,057,000	[1]
Total	3,826,000	[1]
Accumulated Depreciation	5,000	[2]
Net Carrying Amount	3,821,000
Date of Acquisition	18-Dec-14
Atwater Court 1 | GEORGIA | Industrial Property
Initial Cost
Encumbrances	2,549,000
Land	625,000
Buildings and Improvements	3,444,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	625,000	[1]
Buildings and Improvements	3,444,000	[1]
Total	4,069,000	[1]
Accumulated Depreciation	7,000	[2]
Net Carrying Amount	4,062,000
Date of Acquisition	18-Dec-14
Atwater Court 2 | GEORGIA | Industrial Property
Initial Cost
Encumbrances	1,995,000
Land	485,000
Buildings and Improvements	2,367,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	485,000	[1]
Buildings and Improvements	2,367,000	[1]
Total	2,852,000	[1]
Accumulated Depreciation	5,000	[2]
Net Carrying Amount	2,847,000
Date of Acquisition	18-Dec-14
Boatrock Blvd 1 | GEORGIA | Industrial Property
Initial Cost
Encumbrances	1,375,000
Land	424,000
Buildings and Improvements	1,744,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	424,000	[1]
Buildings and Improvements	1,744,000	[1]
Total	2,168,000	[1]
Accumulated Depreciation	3,000	[2]
Net Carrying Amount	2,165,000
Date of Acquisition	18-Dec-14
Boatrock Blvd 2 | GEORGIA | Industrial Property
Initial Cost
Encumbrances	713,000
Land	260,000
Buildings and Improvements	796,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	260,000	[1]
Buildings and Improvements	796,000	[1]
Total	1,056,000	[1]
Accumulated Depreciation	1,000	[2]
Net Carrying Amount	1,055,000
Date of Acquisition	18-Dec-14
Boatrock Blvd 3 | GEORGIA | Industrial Property
Initial Cost
Encumbrances	673,000
Land	205,000
Buildings and Improvements	689,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	205,000	[1]
Buildings and Improvements	689,000	[1]
Total	894,000	[1]
Accumulated Depreciation	1,000	[2]
Net Carrying Amount	893,000
Date of Acquisition	18-Dec-14
Brook Hollow Distribution Center | GEORGIA | Industrial Property
Initial Cost
Encumbrances	10,230,000
Land	1,858,000
Buildings and Improvements	13,768,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,858,000	[1]
Buildings and Improvements	13,768,000	[1]
Total	15,626,000	[1]
Accumulated Depreciation	21,000	[2]
Net Carrying Amount	15,605,000
Date of Acquisition	18-Dec-14
Bucknell | GEORGIA | Industrial Property
Initial Cost
Encumbrances	1,125,000
Land	463,000
Buildings and Improvements	1,081,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	463,000	[1]
Buildings and Improvements	1,081,000	[1]
Total	1,544,000	[1]
Accumulated Depreciation	2,000	[2]
Net Carrying Amount	1,542,000
Date of Acquisition	18-Dec-14
Buford Highway | GEORGIA | Industrial Property
Initial Cost
Encumbrances	7,157,000
Land	1,208,000
Buildings and Improvements	9,274,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,208,000	[1]
Buildings and Improvements	9,274,000	[1]
Total	10,482,000	[1]
Accumulated Depreciation	13,000	[2]
Net Carrying Amount	10,469,000
Date of Acquisition	18-Dec-14
Button Gwinnett | GEORGIA | Industrial Property
Initial Cost
Encumbrances	6,337,000
Land	1,128,000
Buildings and Improvements	8,628,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,128,000	[1]
Buildings and Improvements	8,628,000	[1]
Total	9,756,000	[1]
Accumulated Depreciation	13,000	[2]
Net Carrying Amount	9,743,000
Date of Acquisition	18-Dec-14
Cedars Road | GEORGIA | Industrial Property
Initial Cost
Encumbrances	5,827,000
Land	1,212,000
Buildings and Improvements	5,833,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,212,000	[1]
Buildings and Improvements	5,833,000	[1]
Total	7,045,000	[1]
Accumulated Depreciation	7,000	[2]
Net Carrying Amount	7,038,000
Date of Acquisition	18-Dec-14
Cobb Parkway | GEORGIA | Industrial Property
Initial Cost
Encumbrances	5,455,000
Land	815,000
Buildings and Improvements	6,187,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	815,000	[1]
Buildings and Improvements	6,187,000	[1]
Total	7,002,000	[1]
Accumulated Depreciation	11,000	[2]
Net Carrying Amount	6,991,000
Date of Acquisition	18-Dec-14
Commerce Drive 1 | GEORGIA | Industrial Property
Initial Cost
Encumbrances	2,391,000
Land	467,000
Buildings and Improvements	3,077,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	467,000	[1]
Buildings and Improvements	3,077,000	[1]
Total	3,544,000	[1]
Accumulated Depreciation	5,000	[2]
Net Carrying Amount	3,539,000
Date of Acquisition	18-Dec-14
Commerce Drive 2 | GEORGIA | Industrial Property
Initial Cost
Encumbrances	2,433,000
Land	402,000
Buildings and Improvements	3,084,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	402,000	[1]
Buildings and Improvements	3,084,000	[1]
Total	3,486,000	[1]
Accumulated Depreciation	5,000	[2]
Net Carrying Amount	3,481,000
Date of Acquisition	18-Dec-14
Commerce Drive 3 | GEORGIA | Industrial Property
Initial Cost
Encumbrances	2,347,000
Land	529,000
Buildings and Improvements	2,849,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	529,000	[1]
Buildings and Improvements	2,849,000	[1]
Total	3,378,000	[1]
Accumulated Depreciation	5,000	[2]
Net Carrying Amount	3,373,000
Date of Acquisition	18-Dec-14
Commerce Park | GEORGIA | Industrial Property
Initial Cost
Encumbrances	3,165,000
Land	309,000
Buildings and Improvements	3,670,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	309,000	[1]
Buildings and Improvements	3,670,000	[1]
Total	3,979,000	[1]
Accumulated Depreciation	5,000	[2]
Net Carrying Amount	3,974,000
Date of Acquisition	18-Dec-14
Commerce Way | GEORGIA | Industrial Property
Initial Cost
Encumbrances	2,111,000
Land	309,000
Buildings and Improvements	2,878,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	309,000	[1]
Buildings and Improvements	2,878,000	[1]
Total	3,187,000	[1]
Accumulated Depreciation	4,000	[2]
Net Carrying Amount	3,183,000
Date of Acquisition	18-Dec-14
Corporate Drive 2 | GEORGIA | Industrial Property
Initial Cost
Encumbrances	3,321,000
Land	366,000
Buildings and Improvements	4,447,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	366,000	[1]
Buildings and Improvements	4,447,000	[1]
Total	4,813,000	[1]
Accumulated Depreciation	7,000	[2]
Net Carrying Amount	4,806,000
Date of Acquisition	18-Dec-14
Delk Road | GEORGIA | Industrial Property
Initial Cost
Encumbrances	2,387,000
Land	264,000
Buildings and Improvements	2,598,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	264,000	[1]
Buildings and Improvements	2,598,000	[1]
Total	2,862,000	[1]
Accumulated Depreciation	4,000	[2]
Net Carrying Amount	2,858,000
Date of Acquisition	18-Dec-14
Frederick Drive | GEORGIA | Industrial Property
Initial Cost
Encumbrances	1,659,000
Land	695,000
Buildings and Improvements	1,783,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	695,000	[1]
Buildings and Improvements	1,783,000	[1]
Total	2,478,000	[1]
Accumulated Depreciation	3,000	[2]
Net Carrying Amount	2,475,000
Date of Acquisition	18-Dec-14
Fulton | GEORGIA | Industrial Property
Initial Cost
Encumbrances	1,221,000
Land	584,000
Buildings and Improvements	1,341,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	584,000	[1]
Buildings and Improvements	1,341,000	[1]
Total	1,925,000	[1]
Accumulated Depreciation	2,000	[2]
Net Carrying Amount	1,923,000
Date of Acquisition	18-Dec-14
Great Southwest Pkwy 1 | GEORGIA | Industrial Property
Initial Cost
Encumbrances	1,132,000
Land	446,000
Buildings and Improvements	858,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	446,000	[1]
Buildings and Improvements	858,000	[1]
Total	1,304,000	[1]
Accumulated Depreciation	2,000	[2]
Net Carrying Amount	1,302,000
Date of Acquisition	18-Dec-14
Great Southwest Pkwy 2 | GEORGIA | Industrial Property
Initial Cost
Encumbrances	1,416,000
Land	934,000
Buildings and Improvements	1,239,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	934,000	[1]
Buildings and Improvements	1,239,000	[1]
Total	2,173,000	[1]
Accumulated Depreciation	3,000	[2]
Net Carrying Amount	2,170,000
Date of Acquisition	18-Dec-14
Great Southwest Pkwy 3 | GEORGIA | Industrial Property
Initial Cost
Encumbrances	594,000
Land	332,000
Buildings and Improvements	757,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	332,000	[1]
Buildings and Improvements	757,000	[1]
Total	1,089,000	[1]
Accumulated Depreciation	1,000	[2]
Net Carrying Amount	1,088,000
Date of Acquisition	18-Dec-14
Great Southwest Pkwy 4 | GEORGIA | Industrial Property
Initial Cost
Encumbrances	625,000
Land	276,000
Buildings and Improvements	400,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	276,000	[1]
Buildings and Improvements	400,000	[1]
Total	676,000	[1]
Accumulated Depreciation	1,000	[2]
Net Carrying Amount	675,000
Date of Acquisition	18-Dec-14
Great Southwest Pkwy 5 | GEORGIA | Industrial Property
Initial Cost
Encumbrances	694,000
Land	188,000
Buildings and Improvements	975,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	188,000	[1]
Buildings and Improvements	975,000	[1]
Total	1,163,000	[1]
Accumulated Depreciation	2,000	[2]
Net Carrying Amount	1,161,000
Date of Acquisition	18-Dec-14
Hamilton Mill Business Center | GEORGIA | Industrial Property
Initial Cost
Encumbrances	7,003,000
Land	1,002,000
Buildings and Improvements	8,629,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,002,000	[1]
Buildings and Improvements	8,629,000	[1]
Total	9,631,000	[1]
Accumulated Depreciation	12,000	[2]
Net Carrying Amount	9,619,000
Date of Acquisition	18-Dec-14
Interstate West Parkway | GEORGIA | Industrial Property
Initial Cost
Encumbrances	2,279,000
Land	700,000
Buildings and Improvements	3,217,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	700,000	[1]
Buildings and Improvements	3,217,000	[1]
Total	3,917,000	[1]
Accumulated Depreciation	5,000	[2]
Net Carrying Amount	3,912,000
Date of Acquisition	18-Dec-14
Loyola Drive | GEORGIA | Industrial Property
Initial Cost
Encumbrances	1,450,000
Land	533,000
Buildings and Improvements	2,018,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	533,000	[1]
Buildings and Improvements	2,018,000	[1]
Total	2,551,000	[1]
Accumulated Depreciation	4,000	[2]
Net Carrying Amount	2,547,000
Date of Acquisition	18-Dec-14
Meca Way | GEORGIA | Industrial Property
Initial Cost
Encumbrances	2,754,000
Land	420,000
Buildings and Improvements	3,536,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	420,000	[1]
Buildings and Improvements	3,536,000	[1]
Total	3,956,000	[1]
Accumulated Depreciation	5,000	[2]
Net Carrying Amount	3,951,000
Date of Acquisition	18-Dec-14
Northwest Pkwy 1 | GEORGIA | Industrial Property
Initial Cost
Encumbrances	2,044,000
Land	281,000
Buildings and Improvements	3,099,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	281,000	[1]
Buildings and Improvements	3,099,000	[1]
Total	3,380,000	[1]
Accumulated Depreciation	5,000	[2]
Net Carrying Amount	3,375,000
Date of Acquisition	18-Dec-14
Northwest Pkwy 2 | GEORGIA | Industrial Property
Initial Cost
Encumbrances	3,578,000
Land	437,000
Buildings and Improvements	5,445,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	437,000	[1]
Buildings and Improvements	5,445,000	[1]
Total	5,882,000	[1]
Accumulated Depreciation	8,000	[2]
Net Carrying Amount	5,874,000
Date of Acquisition	18-Dec-14
Oakbrook 1 | GEORGIA | Industrial Property
Initial Cost
Encumbrances	2,964,000
Land	502,000
Buildings and Improvements	3,028,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	502,000	[1]
Buildings and Improvements	3,028,000	[1]
Total	3,530,000	[1]
Accumulated Depreciation	5,000	[2]
Net Carrying Amount	3,525,000
Date of Acquisition	18-Dec-14
Oakbrook 2 | GEORGIA | Industrial Property
Initial Cost
Encumbrances	2,636,000
Land	468,000
Buildings and Improvements	2,886,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	468,000	[1]
Buildings and Improvements	2,886,000	[1]
Total	3,354,000	[1]
Accumulated Depreciation	4,000	[2]
Net Carrying Amount	3,350,000
Date of Acquisition	18-Dec-14
Oakbrook 3 | GEORGIA | Industrial Property
Initial Cost
Encumbrances	2,387,000
Land	529,000
Buildings and Improvements	3,134,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	529,000	[1]
Buildings and Improvements	3,134,000	[1]
Total	3,663,000	[1]
Accumulated Depreciation	5,000	[2]
Net Carrying Amount	3,658,000
Date of Acquisition	18-Dec-14
Oakbrook 4 | GEORGIA | Industrial Property
Initial Cost
Encumbrances	4,891,000
Land	684,000
Buildings and Improvements	5,310,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	684,000	[1]
Buildings and Improvements	5,310,000	[1]
Total	5,994,000	[1]
Accumulated Depreciation	8,000	[2]
Net Carrying Amount	5,986,000
Date of Acquisition	18-Dec-14
Oakbrook Summit | GEORGIA | Industrial Property
Initial Cost
Encumbrances	10,489,000
Land	1,443,000
Buildings and Improvements	12,267,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,443,000	[1]
Buildings and Improvements	12,267,000	[1]
Total	13,710,000	[1]
Accumulated Depreciation	16,000	[2]
Net Carrying Amount	13,694,000
Date of Acquisition	18-Dec-14
Old Peachtree Road | GEORGIA | Industrial Property
Initial Cost
Encumbrances	2,941,000
Land	611,000
Buildings and Improvements	3,535,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	611,000	[1]
Buildings and Improvements	3,535,000	[1]
Total	4,146,000	[1]
Accumulated Depreciation	6,000	[2]
Net Carrying Amount	4,140,000
Date of Acquisition	18-Dec-14
Peachtree Business Center | GEORGIA | Industrial Property
Initial Cost
Encumbrances	11,571,000
Land	1,472,000
Buildings and Improvements	14,312,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,472,000	[1]
Buildings and Improvements	14,312,000	[1]
Total	15,784,000	[1]
Accumulated Depreciation	21,000	[2]
Net Carrying Amount	15,763,000
Date of Acquisition	18-Dec-14
Phillip Lee Drive | GEORGIA | Industrial Property
Initial Cost
Encumbrances	2,304,000
Land	700,000
Buildings and Improvements	3,072,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	700,000	[1]
Buildings and Improvements	3,072,000	[1]
Total	3,772,000	[1]
Accumulated Depreciation	5,000	[2]
Net Carrying Amount	3,767,000
Date of Acquisition	18-Dec-14
Pickens | GEORGIA | Industrial Property
Initial Cost
Encumbrances	3,253,000
Land	452,000
Buildings and Improvements	4,688,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	452,000	[1]
Buildings and Improvements	4,688,000	[1]
Total	5,140,000	[1]
Accumulated Depreciation	7,000	[2]
Net Carrying Amount	5,133,000
Date of Acquisition	18-Dec-14
Progress Center | GEORGIA | Industrial Property
Initial Cost
Encumbrances	4,990,000
Land	1,119,000
Buildings and Improvements	5,203,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,119,000	[1]
Buildings and Improvements	5,203,000	[1]
Total	6,322,000	[1]
Accumulated Depreciation	9,000	[2]
Net Carrying Amount	6,313,000
Date of Acquisition	18-Dec-14
Satellite 1 | GEORGIA | Industrial Property
Initial Cost
Encumbrances	6,614,000
Land	1,338,000
Buildings and Improvements	7,492,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,338,000	[1]
Buildings and Improvements	7,492,000	[1]
Total	8,830,000	[1]
Accumulated Depreciation	13,000	[2]
Net Carrying Amount	8,817,000
Date of Acquisition	18-Dec-14
Satellite 2 | GEORGIA | Industrial Property
Initial Cost
Encumbrances	6,868,000
Land	1,179,000
Buildings and Improvements	7,720,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,179,000	[1]
Buildings and Improvements	7,720,000	[1]
Total	8,899,000	[1]
Accumulated Depreciation	12,000	[2]
Net Carrying Amount	8,887,000
Date of Acquisition	18-Dec-14
Satellite 3 | GEORGIA | Industrial Property
Initial Cost
Encumbrances	4,162,000
Land	651,000
Buildings and Improvements	4,526,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	651,000	[1]
Buildings and Improvements	4,526,000	[1]
Total	5,177,000	[1]
Accumulated Depreciation	8,000	[2]
Net Carrying Amount	5,169,000
Date of Acquisition	18-Dec-14
Satellite 4 | GEORGIA | Industrial Property
Initial Cost
Encumbrances	5,177,000
Land	799,000
Buildings and Improvements	6,505,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	799,000	[1]
Buildings and Improvements	6,505,000	[1]
Total	7,304,000	[1]
Accumulated Depreciation	10,000	[2]
Net Carrying Amount	7,294,000
Date of Acquisition	18-Dec-14
Satellite 5 | GEORGIA | Industrial Property
Initial Cost
Encumbrances	4,637,000
Land	1,571,000
Buildings and Improvements	6,898,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,571,000	[1]
Buildings and Improvements	6,898,000	[1]
Total	8,469,000	[1]
Accumulated Depreciation	13,000	[2]
Net Carrying Amount	8,456,000
Date of Acquisition	18-Dec-14
Shackleford Road | GEORGIA | Industrial Property
Initial Cost
Encumbrances	4,205,000
Land	668,000
Buildings and Improvements	4,607,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	668,000	[1]
Buildings and Improvements	4,607,000	[1]
Total	5,275,000	[1]
Accumulated Depreciation	7,000	[2]
Net Carrying Amount	5,268,000
Date of Acquisition	18-Dec-14
Shawnee Industrial Way 1 | GEORGIA | Industrial Property
Initial Cost
Encumbrances	7,876,000
Land	1,239,000
Buildings and Improvements	10,789,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,239,000	[1]
Buildings and Improvements	10,789,000	[1]
Total	12,028,000	[1]
Accumulated Depreciation	15,000	[2]
Net Carrying Amount	12,013,000
Date of Acquisition	18-Dec-14
Shawnee Industrial Way 2 | GEORGIA | Industrial Property
Initial Cost
Encumbrances	8,829,000
Land	1,382,000
Buildings and Improvements	8,202,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,382,000	[1]
Buildings and Improvements	8,202,000	[1]
Total	9,584,000	[1]
Accumulated Depreciation	9,000	[2]
Net Carrying Amount	9,575,000
Date of Acquisition	18-Dec-14
Shawnee Ridge 1 | GEORGIA | Industrial Property
Initial Cost
Encumbrances	4,720,000
Land	893,000
Buildings and Improvements	5,320,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	893,000	[1]
Buildings and Improvements	5,320,000	[1]
Total	6,213,000	[1]
Accumulated Depreciation	7,000	[2]
Net Carrying Amount	6,206,000
Date of Acquisition	18-Dec-14
Shawnee Ridge 2 | GEORGIA | Industrial Property
Initial Cost
Encumbrances	12,370,000
Land	2,749,000
Buildings and Improvements	18,011,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	2,749,000	[1]
Buildings and Improvements	18,011,000	[1]
Total	20,760,000	[1]
Accumulated Depreciation	28,000	[2]
Net Carrying Amount	20,732,000
Date of Acquisition	18-Dec-14
Summit Ridge 1 | GEORGIA | Industrial Property
Initial Cost
Encumbrances	5,329,000
Land	1,437,000
Buildings and Improvements	6,439,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,437,000	[1]
Buildings and Improvements	6,439,000	[1]
Total	7,876,000	[1]
Accumulated Depreciation	8,000	[2]
Net Carrying Amount	7,868,000
Date of Acquisition	18-Dec-14
Summit Ridge 2 | GEORGIA | Industrial Property
Initial Cost
Encumbrances	6,849,000
Land	1,144,000
Buildings and Improvements	6,682,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,144,000	[1]
Buildings and Improvements	6,682,000	[1]
Total	7,826,000	[1]
Accumulated Depreciation	10,000	[2]
Net Carrying Amount	7,816,000
Date of Acquisition	18-Dec-14
Summit Ridge 3 | GEORGIA | Industrial Property
Initial Cost
Encumbrances	3,245,000
Land	659,000
Buildings and Improvements	4,155,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	659,000	[1]
Buildings and Improvements	4,155,000	[1]
Total	4,814,000	[1]
Accumulated Depreciation	7,000	[2]
Net Carrying Amount	4,807,000
Date of Acquisition	18-Dec-14
Tradeport I | GEORGIA | Industrial Property
Initial Cost
Encumbrances	5,326,000
Land	1,059,000
Buildings and Improvements	6,317,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,059,000	[1]
Buildings and Improvements	6,317,000	[1]
Total	7,376,000	[1]
Accumulated Depreciation	12,000	[2]
Net Carrying Amount	7,364,000
Date of Acquisition	18-Dec-14
Tradeport II | GEORGIA | Industrial Property
Initial Cost
Encumbrances	8,479,000
Land	765,000
Buildings and Improvements	9,922,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	765,000	[1]
Buildings and Improvements	9,922,000	[1]
Total	10,687,000	[1]
Accumulated Depreciation	12,000	[2]
Net Carrying Amount	10,675,000
Date of Acquisition	18-Dec-14
Transwest Industrial Park | GEORGIA | Industrial Property
Initial Cost
Encumbrances	9,009,000
Land	2,687,000
Buildings and Improvements	13,189,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	2,687,000	[1]
Buildings and Improvements	13,189,000	[1]
Total	15,876,000	[1]
Accumulated Depreciation	23,000	[2]
Net Carrying Amount	15,853,000
Date of Acquisition	18-Dec-14
Troon Circle 1 | GEORGIA | Industrial Property
Initial Cost
Encumbrances	3,873,000
Land	877,000
Buildings and Improvements	5,281,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	877,000	[1]
Buildings and Improvements	5,281,000	[1]
Total	6,158,000	[1]
Accumulated Depreciation	8,000	[2]
Net Carrying Amount	6,150,000
Date of Acquisition	18-Dec-14
Troon Circle 2 | GEORGIA | Industrial Property
Initial Cost
Encumbrances	3,878,000
Land	729,000
Buildings and Improvements	5,022,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	729,000	[1]
Buildings and Improvements	5,022,000	[1]
Total	5,751,000	[1]
Accumulated Depreciation	8,000	[2]
Net Carrying Amount	5,743,000
Date of Acquisition	18-Dec-14
Troon Circle 3 | GEORGIA | Industrial Property
Initial Cost
Encumbrances	4,132,000
Land	859,000
Buildings and Improvements	5,309,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	859,000	[1]
Buildings and Improvements	5,309,000	[1]
Total	6,168,000	[1]
Accumulated Depreciation	8,000	[2]
Net Carrying Amount	6,160,000
Date of Acquisition	18-Dec-14
Troon Circle 4 | GEORGIA | Industrial Property
Initial Cost
Encumbrances	5,109,000
Land	992,000
Buildings and Improvements	6,533,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	992,000	[1]
Buildings and Improvements	6,533,000	[1]
Total	7,525,000	[1]
Accumulated Depreciation	10,000	[2]
Net Carrying Amount	7,515,000
Date of Acquisition	18-Dec-14
Wesleyan Drive | GEORGIA | Industrial Property
Initial Cost
Encumbrances	706,000
Land	317,000
Buildings and Improvements	721,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	317,000	[1]
Buildings and Improvements	721,000	[1]
Total	1,038,000	[1]
Accumulated Depreciation	2,000	[2]
Net Carrying Amount	1,036,000
Date of Acquisition	18-Dec-14
122nd Street | ILLINOIS | Industrial Property
Initial Cost
Encumbrances	2,495,000
Land	1,213,000
Buildings and Improvements	2,786,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,213,000	[1]
Buildings and Improvements	2,786,000	[1]
Total	3,999,000	[1]
Accumulated Depreciation	5,000	[2]
Net Carrying Amount	3,994,000
Date of Acquisition	18-Dec-14
171st Street | ILLINOIS | Industrial Property
Initial Cost
Encumbrances	2,012,000
Land	1,113,000
Buildings and Improvements	1,162,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,113,000	[1]
Buildings and Improvements	1,162,000	[1]
Total	2,275,000	[1]
Accumulated Depreciation	4,000	[2]
Net Carrying Amount	2,271,000
Date of Acquisition	18-Dec-14
Armory 1 | ILLINOIS | Industrial Property
Initial Cost
Encumbrances	2,030,000
Land	835,000
Buildings and Improvements	1,052,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	835,000	[1]
Buildings and Improvements	1,052,000	[1]
Total	1,887,000	[1]
Accumulated Depreciation	3,000	[2]
Net Carrying Amount	1,884,000
Date of Acquisition	18-Dec-14
Armory 2 | ILLINOIS | Industrial Property
Initial Cost
Encumbrances	835,000
Land	614,000
Buildings and Improvements	1,036,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	614,000	[1]
Buildings and Improvements	1,036,000	[1]
Total	1,650,000	[1]
Accumulated Depreciation	4,000	[2]
Net Carrying Amount	1,646,000
Date of Acquisition	18-Dec-14
Austin Avenue | ILLINOIS | Industrial Property
Initial Cost
Encumbrances	3,341,000
Land	1,431,000
Buildings and Improvements	2,194,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,431,000	[1]
Buildings and Improvements	2,194,000	[1]
Total	3,625,000	[1]
Accumulated Depreciation	5,000	[2]
Net Carrying Amount	3,620,000
Date of Acquisition	18-Dec-14
Corporate Drive 1 | ILLINOIS | Industrial Property
Initial Cost
Encumbrances	3,130,000
Land	730,000
Buildings and Improvements	3,667,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	730,000	[1]
Buildings and Improvements	3,667,000	[1]
Total	4,397,000	[1]
Accumulated Depreciation	9,000	[2]
Net Carrying Amount	4,388,000
Date of Acquisition	18-Dec-14
Crosslink | ILLINOIS | Industrial Property
Initial Cost
Encumbrances	9,728,000
Land	1,531,000
Buildings and Improvements	9,267,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,531,000	[1]
Buildings and Improvements	9,267,000	[1]
Total	10,798,000	[1]
Accumulated Depreciation	15,000	[2]
Net Carrying Amount	10,783,000
Date of Acquisition	18-Dec-14
Crystal Lake 1 | ILLINOIS | Industrial Property
Initial Cost
Encumbrances	4,916,000
Land	1,908,000
Buildings and Improvements	7,281,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,908,000	[1]
Buildings and Improvements	7,281,000	[1]
Total	9,189,000	[1]
Accumulated Depreciation	12,000	[2]
Net Carrying Amount	9,177,000
Date of Acquisition	18-Dec-14
Crystal Lake 2 | ILLINOIS | Industrial Property
Initial Cost
Encumbrances	5,171,000
Land	1,501,000
Buildings and Improvements	6,012,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,501,000	[1]
Buildings and Improvements	6,012,000	[1]
Total	7,513,000	[1]
Accumulated Depreciation	10,000	[2]
Net Carrying Amount	7,503,000
Date of Acquisition	18-Dec-14
Crystal Lake 3 | ILLINOIS | Industrial Property
Initial Cost
Encumbrances	5,381,000
Land	1,622,000
Buildings and Improvements	6,994,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,622,000	[1]
Buildings and Improvements	6,994,000	[1]
Total	8,616,000	[1]
Accumulated Depreciation	13,000	[2]
Net Carrying Amount	8,603,000
Date of Acquisition	18-Dec-14
Crystal Lake 4 | ILLINOIS | Industrial Property
Initial Cost
Encumbrances	5,785,000
Land	1,525,000
Buildings and Improvements	5,749,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,525,000	[1]
Buildings and Improvements	5,749,000	[1]
Total	7,274,000	[1]
Accumulated Depreciation	10,000	[2]
Net Carrying Amount	7,264,000
Date of Acquisition	18-Dec-14
East North Avenue | ILLINOIS | Industrial Property
Initial Cost
Encumbrances	2,631,000
Land	879,000
Buildings and Improvements	2,248,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	879,000	[1]
Buildings and Improvements	2,248,000	[1]
Total	3,127,000	[1]
Accumulated Depreciation	5,000	[2]
Net Carrying Amount	3,122,000
Date of Acquisition	18-Dec-14
Exchange Avenue | ILLINOIS | Industrial Property
Initial Cost
Encumbrances	10,909,000
Land	2,977,000
Buildings and Improvements	5,501,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	2,977,000	[1]
Buildings and Improvements	5,501,000	[1]
Total	8,478,000	[1]
Accumulated Depreciation	8,000	[2]
Net Carrying Amount	8,470,000
Date of Acquisition	18-Dec-14
Fenton | ILLINOIS | Industrial Property
Initial Cost
Encumbrances	5,283,000
Land	1,217,000
Buildings and Improvements	6,047,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,217,000	[1]
Buildings and Improvements	6,047,000	[1]
Total	7,264,000	[1]
Accumulated Depreciation	9,000	[2]
Net Carrying Amount	7,255,000
Date of Acquisition	18-Dec-14
Frontenac 1 | ILLINOIS | Industrial Property
Initial Cost
Encumbrances	3,351,000
Land	784,000
Buildings and Improvements	3,490,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	784,000	[1]
Buildings and Improvements	3,490,000	[1]
Total	4,274,000	[1]
Accumulated Depreciation	6,000	[2]
Net Carrying Amount	4,268,000
Date of Acquisition	18-Dec-14
Frontenac 2 | ILLINOIS | Industrial Property
Initial Cost
Encumbrances	1,420,000
Land	401,000
Buildings and Improvements	1,419,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	401,000	[1]
Buildings and Improvements	1,419,000	[1]
Total	1,820,000	[1]
Accumulated Depreciation	2,000	[2]
Net Carrying Amount	1,818,000
Date of Acquisition	18-Dec-14
Glen Ellyn | ILLINOIS | Industrial Property
Initial Cost
Encumbrances	3,176,000
Land	1,035,000
Buildings and Improvements	2,656,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,035,000	[1]
Buildings and Improvements	2,656,000	[1]
Total	3,691,000	[1]
Accumulated Depreciation	5,000	[2]
Net Carrying Amount	3,686,000
Date of Acquisition	18-Dec-14
Hammond | ILLINOIS | Industrial Property
Initial Cost
Encumbrances	1,857,000
Land	776,000
Buildings and Improvements	1,492,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	776,000	[1]
Buildings and Improvements	1,492,000	[1]
Total	2,268,000	[1]
Accumulated Depreciation	4,000	[2]
Net Carrying Amount	2,264,000
Date of Acquisition	18-Dec-14
Harvester Road | ILLINOIS | Industrial Property
Initial Cost
Encumbrances	6,150,000
Land	2,260,000
Buildings and Improvements	5,477,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	2,260,000	[1]
Buildings and Improvements	5,477,000	[1]
Total	7,737,000	[1]
Accumulated Depreciation	12,000	[2]
Net Carrying Amount	7,725,000
Date of Acquisition	18-Dec-14
Industrial Drive | ILLINOIS | Industrial Property
Initial Cost
Encumbrances	5,713,000
Land	1,102,000
Buildings and Improvements	6,848,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,102,000	[1]
Buildings and Improvements	6,848,000	[1]
Total	7,950,000	[1]
Accumulated Depreciation	10,000	[2]
Net Carrying Amount	7,940,000
Date of Acquisition	18-Dec-14
Kingsland Drive | ILLINOIS | Industrial Property
Initial Cost
Encumbrances	2,939,000
Land	1,489,000
Buildings and Improvements	2,506,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,489,000	[1]
Buildings and Improvements	2,506,000	[1]
Total	3,995,000	[1]
Accumulated Depreciation	4,000	[2]
Net Carrying Amount	3,991,000
Date of Acquisition	18-Dec-14
Kirk Road | ILLINOIS | Industrial Property
Initial Cost
Encumbrances	3,640,000
Land	1,787,000
Buildings and Improvements	4,062,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,787,000	[1]
Buildings and Improvements	4,062,000	[1]
Total	5,849,000	[1]
Accumulated Depreciation	9,000	[2]
Net Carrying Amount	5,840,000
Date of Acquisition	18-Dec-14
Lunt Avenue | ILLINOIS | Industrial Property
Initial Cost
Encumbrances	1,879,000
Land	563,000
Buildings and Improvements	1,887,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	563,000	[1]
Buildings and Improvements	1,887,000	[1]
Total	2,450,000	[1]
Accumulated Depreciation	3,000	[2]
Net Carrying Amount	2,447,000
Date of Acquisition	18-Dec-14
Mason Avenue | ILLINOIS | Industrial Property
Initial Cost
Encumbrances	2,686,000
Land	722,000
Buildings and Improvements	1,825,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	722,000	[1]
Buildings and Improvements	1,825,000	[1]
Total	2,547,000	[1]
Accumulated Depreciation	4,000	[2]
Net Carrying Amount	2,543,000
Date of Acquisition	18-Dec-14
Meade Avenue | ILLINOIS | Industrial Property
Initial Cost
Encumbrances	688,000
Land	391,000
Buildings and Improvements	351,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	391,000	[1]
Buildings and Improvements	351,000	[1]
Total	742,000	[1]
Accumulated Depreciation	2,000	[2]
Net Carrying Amount	740,000
Date of Acquisition	18-Dec-14
Mount Prospect Road | ILLINOIS | Industrial Property
Initial Cost
Encumbrances	4,698,000
Land	1,662,000
Buildings and Improvements	6,392,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,662,000	[1]
Buildings and Improvements	6,392,000	[1]
Total	8,054,000	[1]
Accumulated Depreciation	11,000	[2]
Net Carrying Amount	8,043,000
Date of Acquisition	18-Dec-14
Northwest Avenue | ILLINOIS | Industrial Property
Initial Cost
Encumbrances	8,220,000
Land	1,758,000
Buildings and Improvements	10,016,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,758,000	[1]
Buildings and Improvements	10,016,000	[1]
Total	11,774,000	[1]
Accumulated Depreciation	14,000	[2]
Net Carrying Amount	11,760,000
Date of Acquisition	18-Dec-14
Paramount Parkway 1 | ILLINOIS | Industrial Property
Initial Cost
Encumbrances	2,255,000
Land	506,000
Buildings and Improvements	2,284,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	506,000	[1]
Buildings and Improvements	2,284,000	[1]
Total	2,790,000	[1]
Accumulated Depreciation	5,000	[2]
Net Carrying Amount	2,785,000
Date of Acquisition	18-Dec-14
Paramount Parkway 2 | ILLINOIS | Industrial Property
Initial Cost
Encumbrances	1,860,000
Land	523,000
Buildings and Improvements	1,812,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	523,000	[1]
Buildings and Improvements	1,812,000	[1]
Total	2,335,000	[1]
Accumulated Depreciation	3,000	[2]
Net Carrying Amount	2,332,000
Date of Acquisition	18-Dec-14
Powis Road 1 | ILLINOIS | Industrial Property
Initial Cost
Encumbrances	4,062,000
Land	893,000
Buildings and Improvements	3,742,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	893,000	[1]
Buildings and Improvements	3,742,000	[1]
Total	4,635,000	[1]
Accumulated Depreciation	6,000	[2]
Net Carrying Amount	4,629,000
Date of Acquisition	18-Dec-14
Powis Road 2 | ILLINOIS | Industrial Property
Initial Cost
Encumbrances	3,299,000
Land	1,071,000
Buildings and Improvements	3,801,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,071,000	[1]
Buildings and Improvements	3,801,000	[1]
Total	4,872,000	[1]
Accumulated Depreciation	8,000	[2]
Net Carrying Amount	4,864,000
Date of Acquisition	18-Dec-14
Territorial Court | ILLINOIS | Industrial Property
Initial Cost
Encumbrances	3,767,000
Land	531,000
Buildings and Improvements	3,919,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	531,000	[1]
Buildings and Improvements	3,919,000	[1]
Total	4,450,000	[1]
Accumulated Depreciation	6,000	[2]
Net Carrying Amount	4,444,000
Date of Acquisition	18-Dec-14
Tollgate Road | ILLINOIS | Industrial Property
Initial Cost
Encumbrances	3,714,000
Land	756,000
Buildings and Improvements	4,029,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	756,000	[1]
Buildings and Improvements	4,029,000	[1]
Total	4,785,000	[1]
Accumulated Depreciation	6,000	[2]
Net Carrying Amount	4,779,000
Date of Acquisition	18-Dec-14
Continental Can | KANSAS | Industrial Property
Initial Cost
Encumbrances	5,757,000
Land	790,000
Buildings and Improvements	6,277,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	790,000	[1]
Buildings and Improvements	6,277,000	[1]
Total	7,067,000	[1]
Accumulated Depreciation	9,000	[2]
Net Carrying Amount	7,058,000
Date of Acquisition	18-Dec-14
31st Avenue | MINNESOTA | Industrial Property
Initial Cost
Encumbrances	8,240,000
Land	1,515,000
Buildings and Improvements	9,054,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,515,000	[1]
Buildings and Improvements	9,054,000	[1]
Total	10,569,000	[1]
Accumulated Depreciation	16,000	[2]
Net Carrying Amount	10,553,000
Date of Acquisition	18-Dec-14
Armstrong 1 | MINNESOTA | Industrial Property
Initial Cost
Encumbrances	6,989,000
Land	984,000
Buildings and Improvements	8,489,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	984,000	[1]
Buildings and Improvements	8,489,000	[1]
Total	9,473,000	[1]
Accumulated Depreciation	14,000	[2]
Net Carrying Amount	9,459,000
Date of Acquisition	18-Dec-14
Armstrong 2 | MINNESOTA | Industrial Property
Initial Cost
Encumbrances	7,217,000
Land	891,000
Buildings and Improvements	8,035,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	891,000	[1]
Buildings and Improvements	8,035,000	[1]
Total	8,926,000	[1]
Accumulated Depreciation	12,000	[2]
Net Carrying Amount	8,914,000
Date of Acquisition	18-Dec-14
Aspen Distribution | MINNESOTA | Industrial Property
Initial Cost
Encumbrances	3,355,000
Land	1,022,000
Buildings and Improvements	2,763,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,022,000	[1]
Buildings and Improvements	2,763,000	[1]
Total	3,785,000	[1]
Accumulated Depreciation	7,000	[2]
Net Carrying Amount	3,778,000
Date of Acquisition	18-Dec-14
Diamond Lake Industrial Center II | MINNESOTA | Industrial Property
Initial Cost
Encumbrances	2,813,000
Land	729,000
Buildings and Improvements	2,716,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	729,000	[1]
Buildings and Improvements	2,716,000	[1]
Total	3,445,000	[1]
Accumulated Depreciation	6,000	[2]
Net Carrying Amount	3,439,000
Date of Acquisition	18-Dec-14
Freeway IV | MINNESOTA | Industrial Property
Initial Cost
Encumbrances	1,592,000
Land	1,216,000
Buildings and Improvements	909,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,216,000	[1]
Buildings and Improvements	909,000	[1]
Total	2,125,000	[1]
Accumulated Depreciation	1,000	[2]
Net Carrying Amount	2,124,000
Date of Acquisition	18-Dec-14
Fridley Industrial Park | MINNESOTA | Industrial Property
Initial Cost
Encumbrances	8,557,000
Land	971,000
Buildings and Improvements	9,429,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	971,000	[1]
Buildings and Improvements	9,429,000	[1]
Total	10,400,000	[1]
Accumulated Depreciation	13,000	[2]
Net Carrying Amount	10,387,000
Date of Acquisition	18-Dec-14
Midway Distribution Center | MINNESOTA | Industrial Property
Initial Cost
Encumbrances	11,099,000
Land	1,863,000
Buildings and Improvements	11,771,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,863,000	[1]
Buildings and Improvements	11,771,000	[1]
Total	13,634,000	[1]
Accumulated Depreciation	17,000	[2]
Net Carrying Amount	13,617,000
Date of Acquisition	18-Dec-14
South Diamond Lake | MINNESOTA | Industrial Property
Initial Cost
Encumbrances	4,011,000
Land	666,000
Buildings and Improvements	3,473,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	666,000	[1]
Buildings and Improvements	3,473,000	[1]
Total	4,139,000	[1]
Accumulated Depreciation	6,000	[2]
Net Carrying Amount	4,133,000
Date of Acquisition	18-Dec-14
Twinlakes I | MINNESOTA | Industrial Property
Initial Cost
Encumbrances	2,587,000
Land	830,000
Buildings and Improvements	2,448,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	830,000	[1]
Buildings and Improvements	2,448,000	[1]
Total	3,278,000	[1]
Accumulated Depreciation	6,000	[2]
Net Carrying Amount	3,272,000
Date of Acquisition	18-Dec-14
Airworld 107th Terrace | MISSOURI | Industrial Property
Initial Cost
Encumbrances	2,880,000
Land	600,000
Buildings and Improvements	3,407,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	600,000	[1]
Buildings and Improvements	3,407,000	[1]
Total	4,007,000	[1]
Accumulated Depreciation	7,000	[2]
Net Carrying Amount	4,000,000
Date of Acquisition	18-Dec-14
Airworld Building 1 | MISSOURI | Industrial Property
Initial Cost
Encumbrances	4,541,000
Land	893,000
Buildings and Improvements	5,691,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	893,000	[1]
Buildings and Improvements	5,691,000	[1]
Total	6,584,000	[1]
Accumulated Depreciation	10,000	[2]
Net Carrying Amount	6,574,000
Date of Acquisition	18-Dec-14
Airworld Building 2 | MISSOURI | Industrial Property
Initial Cost
Encumbrances	4,659,000
Land	748,000
Buildings and Improvements	5,069,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	748,000	[1]
Buildings and Improvements	5,069,000	[1]
Total	5,817,000	[1]
Accumulated Depreciation	8,000	[2]
Net Carrying Amount	5,809,000
Date of Acquisition	18-Dec-14
Levee | MISSOURI | Industrial Property
Initial Cost
Encumbrances	5,647,000
Land	1,387,000
Buildings and Improvements	4,413,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,387,000	[1]
Buildings and Improvements	4,413,000	[1]
Total	5,800,000	[1]
Accumulated Depreciation	9,000	[2]
Net Carrying Amount	5,791,000
Date of Acquisition	18-Dec-14
North Topping Avenue | MISSOURI | Industrial Property
Initial Cost
Encumbrances	2,971,000
Land	713,000
Buildings and Improvements	3,256,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	713,000	[1]
Buildings and Improvements	3,256,000	[1]
Total	3,969,000	[1]
Accumulated Depreciation	6,000	[2]
Net Carrying Amount	3,963,000
Date of Acquisition	18-Dec-14
Quebec | MISSOURI | Industrial Property
Initial Cost
Encumbrances	7,221,000
Land	1,193,000
Buildings and Improvements	7,778,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,193,000	[1]
Buildings and Improvements	7,778,000	[1]
Total	8,971,000	[1]
Accumulated Depreciation	20,000	[2]
Net Carrying Amount	8,951,000
Date of Acquisition	18-Dec-14
Saline | MISSOURI | Industrial Property
Initial Cost
Encumbrances	3,218,000
Land	676,000
Buildings and Improvements	2,955,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	676,000	[1]
Buildings and Improvements	2,955,000	[1]
Total	3,631,000	[1]
Accumulated Depreciation	6,000	[2]
Net Carrying Amount	3,625,000
Date of Acquisition	18-Dec-14
Warren Street | MISSOURI | Industrial Property
Initial Cost
Encumbrances	6,271,000
Land	1,351,000
Buildings and Improvements	6,727,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,351,000	[1]
Buildings and Improvements	6,727,000	[1]
Total	8,078,000	[1]
Accumulated Depreciation	11,000	[2]
Net Carrying Amount	8,067,000
Date of Acquisition	18-Dec-14
Axminister | MISSOURI | Industrial Property
Initial Cost
Encumbrances	7,720,000
Land	1,328,000
Buildings and Improvements	8,468,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,328,000	[1]
Buildings and Improvements	8,468,000	[1]
Total	9,796,000	[1]
Accumulated Depreciation	14,000	[2]
Net Carrying Amount	9,782,000
Date of Acquisition	18-Dec-14
Corporate Exchange | MISSOURI | Industrial Property
Initial Cost
Encumbrances	4,310,000
Land	835,000
Buildings and Improvements	3,479,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	835,000	[1]
Buildings and Improvements	3,479,000	[1]
Total	4,314,000	[1]
Accumulated Depreciation	7,000	[2]
Net Carrying Amount	4,307,000
Date of Acquisition	18-Dec-14
Corporate Woods V | MISSOURI | Industrial Property
Initial Cost
Encumbrances	5,931,000
Land	1,348,000
Buildings and Improvements	5,724,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,348,000	[1]
Buildings and Improvements	5,724,000	[1]
Total	7,072,000	[1]
Accumulated Depreciation	10,000	[2]
Net Carrying Amount	7,062,000
Date of Acquisition	18-Dec-14
Crossroads Industrial | MISSOURI | Industrial Property
Initial Cost
Encumbrances	2,599,000
Land	659,000
Buildings and Improvements	3,173,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	659,000	[1]
Buildings and Improvements	3,173,000	[1]
Total	3,832,000	[1]
Accumulated Depreciation	6,000	[2]
Net Carrying Amount	3,826,000
Date of Acquisition	18-Dec-14
Mid-County Industrial Drive 1 | MISSOURI | Industrial Property
Initial Cost
Encumbrances	3,106,000
Land	587,000
Buildings and Improvements	2,439,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	587,000	[1]
Buildings and Improvements	2,439,000	[1]
Total	3,026,000	[1]
Accumulated Depreciation	4,000	[2]
Net Carrying Amount	3,022,000
Date of Acquisition	18-Dec-14
Mid-County Industrial Drive 2 | MISSOURI | Industrial Property
Initial Cost
Encumbrances	2,981,000
Land	494,000
Buildings and Improvements	2,186,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	494,000	[1]
Buildings and Improvements	2,186,000	[1]
Total	2,680,000	[1]
Accumulated Depreciation	5,000	[2]
Net Carrying Amount	2,675,000
Date of Acquisition	18-Dec-14
Rider Trail North | MISSOURI | Industrial Property
Initial Cost
Encumbrances	4,710,000
Land	1,448,000
Buildings and Improvements	5,650,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,448,000	[1]
Buildings and Improvements	5,650,000	[1]
Total	7,098,000	[1]
Accumulated Depreciation	11,000	[2]
Net Carrying Amount	7,087,000
Date of Acquisition	18-Dec-14
Trane Distribution Center | MISSOURI | Industrial Property
Initial Cost
Encumbrances	10,119,000
Land	2,114,000
Buildings and Improvements	12,583,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	2,114,000	[1]
Buildings and Improvements	12,583,000	[1]
Total	14,697,000	[1]
Accumulated Depreciation	20,000	[2]
Net Carrying Amount	14,677,000
Date of Acquisition	18-Dec-14
Home Depot | NEW JERSEY | Industrial Property
Initial Cost
Encumbrances	9,329,000
Land	7,868,000
Buildings and Improvements	6,514,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	7,868,000	[1]
Buildings and Improvements	6,514,000	[1]
Total	14,382,000	[1]
Accumulated Depreciation	17,000	[2]
Net Carrying Amount	14,365,000
Date of Acquisition	18-Dec-14
Connecticut | NEW JERSEY | Industrial Property
Initial Cost
Encumbrances	1,964,000
Land	662,000
Buildings and Improvements	1,946,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	662,000	[1]
Buildings and Improvements	1,946,000	[1]
Total	2,608,000	[1]
Accumulated Depreciation	5,000	[2]
Net Carrying Amount	2,603,000
Date of Acquisition	18-Dec-14
Delran Parkway | NEW JERSEY | Industrial Property
Initial Cost
Encumbrances	1,882,000
Land	579,000
Buildings and Improvements	2,778,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	579,000	[1]
Buildings and Improvements	2,778,000	[1]
Total	3,357,000	[1]
Accumulated Depreciation	5,000	[2]
Net Carrying Amount	3,352,000
Date of Acquisition	18-Dec-14
Freeway Drive 1 | NEW JERSEY | Industrial Property
Initial Cost
Encumbrances	2,132,000
Land	354,000
Buildings and Improvements	2,460,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	354,000	[1]
Buildings and Improvements	2,460,000	[1]
Total	2,814,000	[1]
Accumulated Depreciation	4,000	[2]
Net Carrying Amount	2,810,000
Date of Acquisition	18-Dec-14
Freeway Drive 2 | NEW JERSEY | Industrial Property
Initial Cost
Encumbrances	1,832,000
Land	399,000
Buildings and Improvements	3,110,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	399,000	[1]
Buildings and Improvements	3,110,000	[1]
Total	3,509,000	[1]
Accumulated Depreciation	5,000	[2]
Net Carrying Amount	3,504,000
Date of Acquisition	18-Dec-14
Imperial Way Land | NEW JERSEY | Industrial Property
Initial Cost
Encumbrances	150,000
Land	304,000
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	304,000	[1]
Buildings and Improvements	0	[1]
Total	304,000	[1]
Accumulated Depreciation	0	[2]
Net Carrying Amount	304,000
Date of Acquisition	18-Dec-14
Mid-Atlantic Corp 1 | NEW JERSEY | Industrial Property
Initial Cost
Encumbrances	1,589,000
Land	279,000
Buildings and Improvements	2,260,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	279,000	[1]
Buildings and Improvements	2,260,000	[1]
Total	2,539,000	[1]
Accumulated Depreciation	3,000	[2]
Net Carrying Amount	2,536,000
Date of Acquisition	18-Dec-14
Mid-Atlantic Corp 2 | NEW JERSEY | Industrial Property
Initial Cost
Encumbrances	2,204,000
Land	587,000
Buildings and Improvements	2,638,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	587,000	[1]
Buildings and Improvements	2,638,000	[1]
Total	3,225,000	[1]
Accumulated Depreciation	5,000	[2]
Net Carrying Amount	3,220,000
Date of Acquisition	18-Dec-14
Mid-Atlantic Corp 3 | NEW JERSEY | Industrial Property
Initial Cost
Encumbrances	2,156,000
Land	264,000
Buildings and Improvements	2,530,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	264,000	[1]
Buildings and Improvements	2,530,000	[1]
Total	2,794,000	[1]
Accumulated Depreciation	4,000	[2]
Net Carrying Amount	2,790,000
Date of Acquisition	18-Dec-14
Mid-Atlantic Corp 4 | NEW JERSEY | Industrial Property
Initial Cost
Encumbrances	2,648,000
Land	228,000
Buildings and Improvements	3,226,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	228,000	[1]
Buildings and Improvements	3,226,000	[1]
Total	3,454,000	[1]
Accumulated Depreciation	4,000	[2]
Net Carrying Amount	3,450,000
Date of Acquisition	18-Dec-14
Mid-Atlantic Corp 5 | NEW JERSEY | Industrial Property
Initial Cost
Encumbrances	4,802,000
Land	736,000
Buildings and Improvements	7,158,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	736,000	[1]
Buildings and Improvements	7,158,000	[1]
Total	7,894,000	[1]
Accumulated Depreciation	10,000	[2]
Net Carrying Amount	7,884,000
Date of Acquisition	18-Dec-14
Mid-Atlantic Corp 6 | NEW JERSEY | Industrial Property
Initial Cost
Encumbrances	1,394,000
Land	263,000
Buildings and Improvements	1,576,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	263,000	[1]
Buildings and Improvements	1,576,000	[1]
Total	1,839,000	[1]
Accumulated Depreciation	3,000	[2]
Net Carrying Amount	1,836,000
Date of Acquisition	18-Dec-14
Mid-Atlantic Corp 7 | NEW JERSEY | Industrial Property
Initial Cost
Encumbrances	1,301,000
Land	283,000
Buildings and Improvements	2,334,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	283,000	[1]
Buildings and Improvements	2,334,000	[1]
Total	2,617,000	[1]
Accumulated Depreciation	4,000	[2]
Net Carrying Amount	2,613,000
Date of Acquisition	18-Dec-14
Mid-Atlantic Corp 8 | NEW JERSEY | Industrial Property
Initial Cost
Encumbrances	1,918,000
Land	613,000
Buildings and Improvements	2,496,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	613,000	[1]
Buildings and Improvements	2,496,000	[1]
Total	3,109,000	[1]
Accumulated Depreciation	5,000	[2]
Net Carrying Amount	3,104,000
Date of Acquisition	18-Dec-14
Mid-Atlantic Corp 9 | NEW JERSEY | Industrial Property
Initial Cost
Encumbrances	1,337,000
Land	546,000
Buildings and Improvements	1,615,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	546,000	[1]
Buildings and Improvements	1,615,000	[1]
Total	2,161,000	[1]
Accumulated Depreciation	4,000	[2]
Net Carrying Amount	2,157,000
Date of Acquisition	18-Dec-14
Mid-Atlantic Corp 10 | NEW JERSEY | Industrial Property
Initial Cost
Encumbrances	2,134,000
Land	292,000
Buildings and Improvements	2,235,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	292,000	[1]
Buildings and Improvements	2,235,000	[1]
Total	2,527,000	[1]
Accumulated Depreciation	4,000	[2]
Net Carrying Amount	2,523,000
Date of Acquisition	18-Dec-14
Mid-Atlantic Corp 11 | NEW JERSEY | Industrial Property
Initial Cost
Encumbrances	1,752,000
Land	316,000
Buildings and Improvements	2,225,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	316,000	[1]
Buildings and Improvements	2,225,000	[1]
Total	2,541,000	[1]
Accumulated Depreciation	4,000	[2]
Net Carrying Amount	2,537,000
Date of Acquisition	18-Dec-14
Mid-Atlantic Corp 12 | NEW JERSEY | Industrial Property
Initial Cost
Encumbrances	2,438,000
Land	511,000
Buildings and Improvements	3,140,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	511,000	[1]
Buildings and Improvements	3,140,000	[1]
Total	3,651,000	[1]
Accumulated Depreciation	8,000	[2]
Net Carrying Amount	3,643,000
Date of Acquisition	18-Dec-14
Mid-Atlantic Grandview | NEW JERSEY | Industrial Property
Initial Cost
Encumbrances	1,903,000
Land	245,000
Buildings and Improvements	2,191,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	245,000	[1]
Buildings and Improvements	2,191,000	[1]
Total	2,436,000	[1]
Accumulated Depreciation	3,000	[2]
Net Carrying Amount	2,433,000
Date of Acquisition	18-Dec-14
Mid-Atlantic Imperial | NEW JERSEY | Industrial Property
Initial Cost
Encumbrances	2,185,000
Land	547,000
Buildings and Improvements	2,614,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	547,000	[1]
Buildings and Improvements	2,614,000	[1]
Total	3,161,000	[1]
Accumulated Depreciation	5,000	[2]
Net Carrying Amount	3,156,000
Date of Acquisition	18-Dec-14
Pedricktown Commons | NEW JERSEY | Industrial Property
Initial Cost
Encumbrances	9,019,000
Land	1,259,000
Buildings and Improvements	12,209,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,259,000	[1]
Buildings and Improvements	12,209,000	[1]
Total	13,468,000	[1]
Accumulated Depreciation	21,000	[2]
Net Carrying Amount	13,447,000
Date of Acquisition	18-Dec-14
East Central Ohio Business Park | OHIO | Industrial Property
Initial Cost
Encumbrances	0
Land	453,000
Buildings and Improvements	9,815,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	453,000	[1]
Buildings and Improvements	9,815,000	[1]
Total	10,268,000	[1]
Accumulated Depreciation	334,000	[2]
Net Carrying Amount	9,934,000
Date of Acquisition	31-Jul-14
Dunks Ferry | PENNSYLVANIA | Industrial Property
Initial Cost
Encumbrances	3,165,000
Land	558,000
Buildings and Improvements	3,574,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	558,000	[1]
Buildings and Improvements	3,574,000	[1]
Total	4,132,000	[1]
Accumulated Depreciation	6,000	[2]
Net Carrying Amount	4,126,000
Date of Acquisition	18-Dec-14
Frost | PENNSYLVANIA | Industrial Property
Initial Cost
Encumbrances	4,803,000
Land	637,000
Buildings and Improvements	5,481,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	637,000	[1]
Buildings and Improvements	5,481,000	[1]
Total	6,118,000	[1]
Accumulated Depreciation	9,000	[2]
Net Carrying Amount	6,109,000
Date of Acquisition	18-Dec-14
Imperial Court | PENNSYLVANIA | Industrial Property
Initial Cost
Encumbrances	3,878,000
Land	1,046,000
Buildings and Improvements	5,002,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,046,000	[1]
Buildings and Improvements	5,002,000	[1]
Total	6,048,000	[1]
Accumulated Depreciation	8,000	[2]
Net Carrying Amount	6,040,000
Date of Acquisition	18-Dec-14
Marshall | PENNSYLVANIA | Industrial Property
Initial Cost
Encumbrances	3,994,000
Land	780,000
Buildings and Improvements	4,623,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	780,000	[1]
Buildings and Improvements	4,623,000	[1]
Total	5,403,000	[1]
Accumulated Depreciation	8,000	[2]
Net Carrying Amount	5,395,000
Date of Acquisition	18-Dec-14
Sinclair | PENNSYLVANIA | Industrial Property
Initial Cost
Encumbrances	4,109,000
Land	902,000
Buildings and Improvements	5,594,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	902,000	[1]
Buildings and Improvements	5,594,000	[1]
Total	6,496,000	[1]
Accumulated Depreciation	10,000	[2]
Net Carrying Amount	6,486,000
Date of Acquisition	18-Dec-14
Malone Distribution Center 1 | TENNESSEE | Industrial Property
Initial Cost
Encumbrances	1,788,000
Land	435,000
Buildings and Improvements	2,143,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	435,000	[1]
Buildings and Improvements	2,143,000	[1]
Total	2,578,000	[1]
Accumulated Depreciation	5,000	[2]
Net Carrying Amount	2,573,000
Date of Acquisition	18-Dec-14
Malone Distribution Center 2 | TENNESSEE | Industrial Property
Initial Cost
Encumbrances	1,714,000
Land	480,000
Buildings and Improvements	2,265,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	480,000	[1]
Buildings and Improvements	2,265,000	[1]
Total	2,745,000	[1]
Accumulated Depreciation	8,000	[2]
Net Carrying Amount	2,737,000
Date of Acquisition	18-Dec-14
Malone Distribution Center 3 | TENNESSEE | Industrial Property
Initial Cost
Encumbrances	1,307,000
Land	252,000
Buildings and Improvements	1,429,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	252,000	[1]
Buildings and Improvements	1,429,000	[1]
Total	1,681,000	[1]
Accumulated Depreciation	3,000	[2]
Net Carrying Amount	1,678,000
Date of Acquisition	18-Dec-14
Cameron Road Corporate Park | TEXAS | Industrial Property
Initial Cost
Encumbrances	9,631,000
Land	1,943,000
Buildings and Improvements	11,215,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,943,000	[1]
Buildings and Improvements	11,215,000	[1]
Total	13,158,000	[1]
Accumulated Depreciation	18,000	[2]
Net Carrying Amount	13,140,000
Date of Acquisition	18-Dec-14
Rutland 1 | TEXAS | Industrial Property
Initial Cost
Encumbrances	3,584,000
Land	722,000
Buildings and Improvements	3,562,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	722,000	[1]
Buildings and Improvements	3,562,000	[1]
Total	4,284,000	[1]
Accumulated Depreciation	5,000	[2]
Net Carrying Amount	4,279,000
Date of Acquisition	18-Dec-14
Rutland 2 | TEXAS | Industrial Property
Initial Cost
Encumbrances	2,843,000
Land	509,000
Buildings and Improvements	2,673,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	509,000	[1]
Buildings and Improvements	2,673,000	[1]
Total	3,182,000	[1]
Accumulated Depreciation	4,000	[2]
Net Carrying Amount	3,178,000
Date of Acquisition	18-Dec-14
Alpha Road | TEXAS | Industrial Property
Initial Cost
Encumbrances	2,061,000
Land	525,000
Buildings and Improvements	4,278,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	525,000	[1]
Buildings and Improvements	4,278,000	[1]
Total	4,803,000	[1]
Accumulated Depreciation	6,000	[2]
Net Carrying Amount	4,797,000
Date of Acquisition	18-Dec-14
Avenue N | TEXAS | Industrial Property
Initial Cost
Encumbrances	4,859,000
Land	1,302,000
Buildings and Improvements	6,797,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,302,000	[1]
Buildings and Improvements	6,797,000	[1]
Total	8,099,000	[1]
Accumulated Depreciation	10,000	[2]
Net Carrying Amount	8,089,000
Date of Acquisition	18-Dec-14
Avenue R | TEXAS | Industrial Property
Initial Cost
Encumbrances	1,322,000
Land	478,000
Buildings and Improvements	2,495,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	478,000	[1]
Buildings and Improvements	2,495,000	[1]
Total	2,973,000	[1]
Accumulated Depreciation	4,000	[2]
Net Carrying Amount	2,969,000
Date of Acquisition	18-Dec-14
Billy Mitchell 1 | TEXAS | Industrial Property
Initial Cost
Encumbrances	1,047,000
Land	255,000
Buildings and Improvements	1,326,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	255,000	[1]
Buildings and Improvements	1,326,000	[1]
Total	1,581,000	[1]
Accumulated Depreciation	2,000	[2]
Net Carrying Amount	1,579,000
Date of Acquisition	18-Dec-14
Billy Mitchell 2 | TEXAS | Industrial Property
Initial Cost
Encumbrances	1,245,000
Land	255,000
Buildings and Improvements	1,702,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	255,000	[1]
Buildings and Improvements	1,702,000	[1]
Total	1,957,000	[1]
Accumulated Depreciation	3,000	[2]
Net Carrying Amount	1,954,000
Date of Acquisition	18-Dec-14
Bradley Lane | TEXAS | Industrial Property
Initial Cost
Encumbrances	1,764,000
Land	604,000
Buildings and Improvements	2,127,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	604,000	[1]
Buildings and Improvements	2,127,000	[1]
Total	2,731,000	[1]
Accumulated Depreciation	3,000	[2]
Net Carrying Amount	2,728,000
Date of Acquisition	18-Dec-14
Capital Avenue | TEXAS | Industrial Property
Initial Cost
Encumbrances	1,063,000
Land	269,000
Buildings and Improvements	1,277,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	269,000	[1]
Buildings and Improvements	1,277,000	[1]
Total	1,546,000	[1]
Accumulated Depreciation	2,000	[2]
Net Carrying Amount	1,544,000
Date of Acquisition	18-Dec-14
Carter Drive | TEXAS | Industrial Property
Initial Cost
Encumbrances	2,053,000
Land	829,000
Buildings and Improvements	2,018,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	829,000	[1]
Buildings and Improvements	2,018,000	[1]
Total	2,847,000	[1]
Accumulated Depreciation	4,000	[2]
Net Carrying Amount	2,843,000
Date of Acquisition	18-Dec-14
Carter Industrial Park | TEXAS | Industrial Property
Initial Cost
Encumbrances	2,409,000
Land	760,000
Buildings and Improvements	3,061,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	760,000	[1]
Buildings and Improvements	3,061,000	[1]
Total	3,821,000	[1]
Accumulated Depreciation	5,000	[2]
Net Carrying Amount	3,816,000
Date of Acquisition	18-Dec-14
Century | TEXAS | Industrial Property
Initial Cost
Encumbrances	5,129,000
Land	1,584,000
Buildings and Improvements	4,713,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,584,000	[1]
Buildings and Improvements	4,713,000	[1]
Total	6,297,000	[1]
Accumulated Depreciation	11,000	[2]
Net Carrying Amount	6,286,000
Date of Acquisition	18-Dec-14
Country Club Drive | TEXAS | Industrial Property
Initial Cost
Encumbrances	5,937,000
Land	1,086,000
Buildings and Improvements	6,320,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,086,000	[1]
Buildings and Improvements	6,320,000	[1]
Total	7,406,000	[1]
Accumulated Depreciation	9,000	[2]
Net Carrying Amount	7,397,000
Date of Acquisition	18-Dec-14
Crossroads I | TEXAS | Industrial Property
Initial Cost
Encumbrances	3,248,000
Land	970,000
Buildings and Improvements	5,431,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	970,000	[1]
Buildings and Improvements	5,431,000	[1]
Total	6,401,000	[1]
Accumulated Depreciation	9,000	[2]
Net Carrying Amount	6,392,000
Date of Acquisition	18-Dec-14
Crossroads II | TEXAS | Industrial Property
Initial Cost
Encumbrances	2,726,000
Land	525,000
Buildings and Improvements	3,695,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	525,000	[1]
Buildings and Improvements	3,695,000	[1]
Total	4,220,000	[1]
Accumulated Depreciation	7,000	[2]
Net Carrying Amount	4,213,000
Date of Acquisition	18-Dec-14
Crown Drive | TEXAS | Industrial Property
Initial Cost
Encumbrances	2,396,000
Land	905,000
Buildings and Improvements	3,123,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	905,000	[1]
Buildings and Improvements	3,123,000	[1]
Total	4,028,000	[1]
Accumulated Depreciation	7,000	[2]
Net Carrying Amount	4,021,000
Date of Acquisition	18-Dec-14
East Avenue E | TEXAS | Industrial Property
Initial Cost
Encumbrances	1,998,000
Land	575,000
Buildings and Improvements	1,872,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	575,000	[1]
Buildings and Improvements	1,872,000	[1]
Total	2,447,000	[1]
Accumulated Depreciation	3,000	[2]
Net Carrying Amount	2,444,000
Date of Acquisition	18-Dec-14
Exchange Drive | TEXAS | Industrial Property
Initial Cost
Encumbrances	1,673,000
Land	448,000
Buildings and Improvements	1,919,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	448,000	[1]
Buildings and Improvements	1,919,000	[1]
Total	2,367,000	[1]
Accumulated Depreciation	3,000	[2]
Net Carrying Amount	2,364,000
Date of Acquisition	18-Dec-14
Hilltop | TEXAS | Industrial Property
Initial Cost
Encumbrances	2,728,000
Land	575,000
Buildings and Improvements	3,165,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	575,000	[1]
Buildings and Improvements	3,165,000	[1]
Total	3,740,000	[1]
Accumulated Depreciation	6,000	[2]
Net Carrying Amount	3,734,000
Date of Acquisition	18-Dec-14
Jetstar Drive | TEXAS | Industrial Property
Initial Cost
Encumbrances	1,689,000
Land	308,000
Buildings and Improvements	1,929,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	308,000	[1]
Buildings and Improvements	1,929,000	[1]
Total	2,237,000	[1]
Accumulated Depreciation	3,000	[2]
Net Carrying Amount	2,234,000
Date of Acquisition	18-Dec-14
Kellway Drive | TEXAS | Industrial Property
Initial Cost
Encumbrances	1,352,000
Land	256,000
Buildings and Improvements	1,594,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	256,000	[1]
Buildings and Improvements	1,594,000	[1]
Total	1,850,000	[1]
Accumulated Depreciation	3,000	[2]
Net Carrying Amount	1,847,000
Date of Acquisition	18-Dec-14
Kelly 1 | TEXAS | Industrial Property
Initial Cost
Encumbrances	4,516,000
Land	1,036,000
Buildings and Improvements	5,573,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,036,000	[1]
Buildings and Improvements	5,573,000	[1]
Total	6,609,000	[1]
Accumulated Depreciation	8,000	[2]
Net Carrying Amount	6,601,000
Date of Acquisition	18-Dec-14
Kelly 2 | TEXAS | Industrial Property
Initial Cost
Encumbrances	7,699,000
Land	2,167,000
Buildings and Improvements	9,289,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	2,167,000	[1]
Buildings and Improvements	9,289,000	[1]
Total	11,456,000	[1]
Accumulated Depreciation	14,000	[2]
Net Carrying Amount	11,442,000
Date of Acquisition	18-Dec-14
LangLand | TEXAS | Industrial Property
Initial Cost
Encumbrances	4,787,000
Land	1,475,000
Buildings and Improvements	4,672,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,475,000	[1]
Buildings and Improvements	4,672,000	[1]
Total	6,147,000	[1]
Accumulated Depreciation	6,000	[2]
Net Carrying Amount	6,141,000
Date of Acquisition	18-Dec-14
Miller Road | TEXAS | Industrial Property
Initial Cost
Encumbrances	1,337,000
Land	344,000
Buildings and Improvements	1,642,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	344,000	[1]
Buildings and Improvements	1,642,000	[1]
Total	1,986,000	[1]
Accumulated Depreciation	3,000	[2]
Net Carrying Amount	1,983,000
Date of Acquisition	18-Dec-14
Plano Business Center | TEXAS | Industrial Property
Initial Cost
Encumbrances	14,228,000
Land	2,485,000
Buildings and Improvements	18,402,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	2,485,000	[1]
Buildings and Improvements	18,402,000	[1]
Total	20,887,000	[1]
Accumulated Depreciation	29,000	[2]
Net Carrying Amount	20,858,000
Date of Acquisition	18-Dec-14
Plaza 35-1 | TEXAS | Industrial Property
Initial Cost
Encumbrances	4,423,000
Land	2,455,000
Buildings and Improvements	4,975,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	2,455,000	[1]
Buildings and Improvements	4,975,000	[1]
Total	7,430,000	[1]
Accumulated Depreciation	12,000	[2]
Net Carrying Amount	7,418,000
Date of Acquisition	18-Dec-14
Plaza 35-2 | TEXAS | Industrial Property
Initial Cost
Encumbrances	7,074,000
Land	2,256,000
Buildings and Improvements	7,820,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	2,256,000	[1]
Buildings and Improvements	7,820,000	[1]
Total	10,076,000	[1]
Accumulated Depreciation	15,000	[2]
Net Carrying Amount	10,061,000
Date of Acquisition	18-Dec-14
Rafe Street | TEXAS | Industrial Property
Initial Cost
Encumbrances	2,105,000
Land	554,000
Buildings and Improvements	2,511,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	554,000	[1]
Buildings and Improvements	2,511,000	[1]
Total	3,065,000	[1]
Accumulated Depreciation	4,000	[2]
Net Carrying Amount	3,061,000
Date of Acquisition	18-Dec-14
Red Bird | TEXAS | Industrial Property
Initial Cost
Encumbrances	2,222,000
Land	539,000
Buildings and Improvements	1,986,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	539,000	[1]
Buildings and Improvements	1,986,000	[1]
Total	2,525,000	[1]
Accumulated Depreciation	4,000	[2]
Net Carrying Amount	2,521,000
Date of Acquisition	18-Dec-14
Santa Anna | TEXAS | Industrial Property
Initial Cost
Encumbrances	3,473,000
Land	961,000
Buildings and Improvements	1,629,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	961,000	[1]
Buildings and Improvements	1,629,000	[1]
Total	2,590,000	[1]
Accumulated Depreciation	4,000	[2]
Net Carrying Amount	2,586,000
Date of Acquisition	18-Dec-14
Shiloh Road | TEXAS | Industrial Property
Initial Cost
Encumbrances	4,732,000
Land	1,271,000
Buildings and Improvements	6,511,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,271,000	[1]
Buildings and Improvements	6,511,000	[1]
Total	7,782,000	[1]
Accumulated Depreciation	11,000	[2]
Net Carrying Amount	7,771,000
Date of Acquisition	18-Dec-14
Skylane Drive 1 | TEXAS | Industrial Property
Initial Cost
Encumbrances	5,045,000
Land	863,000
Buildings and Improvements	6,648,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	863,000	[1]
Buildings and Improvements	6,648,000	[1]
Total	7,511,000	[1]
Accumulated Depreciation	10,000	[2]
Net Carrying Amount	7,501,000
Date of Acquisition	18-Dec-14
Skylane Drive 2 | TEXAS | Industrial Property
Initial Cost
Encumbrances	1,206,000
Land	256,000
Buildings and Improvements	1,649,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	256,000	[1]
Buildings and Improvements	1,649,000	[1]
Total	1,905,000	[1]
Accumulated Depreciation	3,000	[2]
Net Carrying Amount	1,902,000
Date of Acquisition	18-Dec-14
Skyway Circle North | TEXAS | Industrial Property
Initial Cost
Encumbrances	2,991,000
Land	541,000
Buildings and Improvements	3,127,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	541,000	[1]
Buildings and Improvements	3,127,000	[1]
Total	3,668,000	[1]
Accumulated Depreciation	6,000	[2]
Net Carrying Amount	3,662,000
Date of Acquisition	18-Dec-14
Sterling | TEXAS | Industrial Property
Initial Cost
Encumbrances	5,104,000
Land	1,473,000
Buildings and Improvements	5,906,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,473,000	[1]
Buildings and Improvements	5,906,000	[1]
Total	7,379,000	[1]
Accumulated Depreciation	10,000	[2]
Net Carrying Amount	7,369,000
Date of Acquisition	18-Dec-14
Valley View | TEXAS | Industrial Property
Initial Cost
Encumbrances	5,615,000
Land	1,453,000
Buildings and Improvements	6,141,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,453,000	[1]
Buildings and Improvements	6,141,000	[1]
Total	7,594,000	[1]
Accumulated Depreciation	10,000	[2]
Net Carrying Amount	7,584,000
Date of Acquisition	18-Dec-14
Valwood Industrial Center | TEXAS | Industrial Property
Initial Cost
Encumbrances	4,973,000
Land	1,032,000
Buildings and Improvements	7,681,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,032,000	[1]
Buildings and Improvements	7,681,000	[1]
Total	8,713,000	[1]
Accumulated Depreciation	10,000	[2]
Net Carrying Amount	8,703,000
Date of Acquisition	18-Dec-14
Vantage Drive | TEXAS | Industrial Property
Initial Cost
Encumbrances	12,070,000
Land	2,900,000
Buildings and Improvements	13,997,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	2,900,000	[1]
Buildings and Improvements	13,997,000	[1]
Total	16,897,000	[1]
Accumulated Depreciation	22,000	[2]
Net Carrying Amount	16,875,000
Date of Acquisition	18-Dec-14
Wallace Drive 1 | TEXAS | Industrial Property
Initial Cost
Encumbrances	4,303,000
Land	1,004,000
Buildings and Improvements	6,788,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,004,000	[1]
Buildings and Improvements	6,788,000	[1]
Total	7,792,000	[1]
Accumulated Depreciation	12,000	[2]
Net Carrying Amount	7,780,000
Date of Acquisition	18-Dec-14
Wallace Drive 2 | TEXAS | Industrial Property
Initial Cost
Encumbrances	5,123,000
Land	1,030,000
Buildings and Improvements	6,766,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,030,000	[1]
Buildings and Improvements	6,766,000	[1]
Total	7,796,000	[1]
Accumulated Depreciation	8,000	[2]
Net Carrying Amount	7,788,000
Date of Acquisition	18-Dec-14
Wallace Drive 3 | TEXAS | Industrial Property
Initial Cost
Encumbrances	6,118,000
Land	973,000
Buildings and Improvements	6,404,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	973,000	[1]
Buildings and Improvements	6,404,000	[1]
Total	7,377,000	[1]
Accumulated Depreciation	10,000	[2]
Net Carrying Amount	7,367,000
Date of Acquisition	18-Dec-14
Wallace Drive 4 | TEXAS | Industrial Property
Initial Cost
Encumbrances	4,254,000
Land	1,295,000
Buildings and Improvements	4,662,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,295,000	[1]
Buildings and Improvements	4,662,000	[1]
Total	5,957,000	[1]
Accumulated Depreciation	10,000	[2]
Net Carrying Amount	5,947,000
Date of Acquisition	18-Dec-14
Wallace Drive 5 | TEXAS | Industrial Property
Initial Cost
Encumbrances	4,735,000
Land	1,032,000
Buildings and Improvements	5,274,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,032,000	[1]
Buildings and Improvements	5,274,000	[1]
Total	6,306,000	[1]
Accumulated Depreciation	10,000	[2]
Net Carrying Amount	6,296,000
Date of Acquisition	18-Dec-14
West Crosby | TEXAS | Industrial Property
Initial Cost
Encumbrances	2,488,000
Land	558,000
Buildings and Improvements	2,996,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	558,000	[1]
Buildings and Improvements	2,996,000	[1]
Total	3,554,000	[1]
Accumulated Depreciation	6,000	[2]
Net Carrying Amount	3,548,000
Date of Acquisition	18-Dec-14
West North Carrier | TEXAS | Industrial Property
Initial Cost
Encumbrances	6,225,000
Land	1,999,000
Buildings and Improvements	8,508,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,999,000	[1]
Buildings and Improvements	8,508,000	[1]
Total	10,507,000	[1]
Accumulated Depreciation	12,000	[2]
Net Carrying Amount	10,495,000
Date of Acquisition	18-Dec-14
West Royal Lane | TEXAS | Industrial Property
Initial Cost
Encumbrances	5,263,000
Land	0
Buildings and Improvements	8,978,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	0	[1]
Buildings and Improvements	8,978,000	[1]
Total	8,978,000	[1]
Accumulated Depreciation	13,000	[2]
Net Carrying Amount	8,965,000
Date of Acquisition	18-Dec-14
West Trinity Mills | TEXAS | Industrial Property
Initial Cost
Encumbrances	2,298,000
Land	867,000
Buildings and Improvements	3,689,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	867,000	[1]
Buildings and Improvements	3,689,000	[1]
Total	4,556,000	[1]
Accumulated Depreciation	7,000	[2]
Net Carrying Amount	4,549,000
Date of Acquisition	18-Dec-14
Air Center Business Park | TEXAS | Industrial Property
Initial Cost
Encumbrances	13,498,000
Land	2,084,000
Buildings and Improvements	16,343,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	2,084,000	[1]
Buildings and Improvements	16,343,000	[1]
Total	18,427,000	[1]
Accumulated Depreciation	23,000	[2]
Net Carrying Amount	18,404,000
Date of Acquisition	18-Dec-14
Chisholm Trail | TEXAS | Industrial Property
Initial Cost
Encumbrances	3,567,000
Land	979,000
Buildings and Improvements	4,550,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	979,000	[1]
Buildings and Improvements	4,550,000	[1]
Total	5,529,000	[1]
Accumulated Depreciation	7,000	[2]
Net Carrying Amount	5,522,000
Date of Acquisition	18-Dec-14
Freeport Ninety Business Center | TEXAS | Industrial Property
Initial Cost
Encumbrances	23,003,000
Land	4,429,000
Buildings and Improvements	27,710,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	4,429,000	[1]
Buildings and Improvements	27,710,000	[1]
Total	32,139,000	[1]
Accumulated Depreciation	40,000	[2]
Net Carrying Amount	32,099,000
Date of Acquisition	18-Dec-14
Heathrow Forest Parkway | TEXAS | Industrial Property
Initial Cost
Encumbrances	4,269,000
Land	1,351,000
Buildings and Improvements	4,485,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,351,000	[1]
Buildings and Improvements	4,485,000	[1]
Total	5,836,000	[1]
Accumulated Depreciation	7,000	[2]
Net Carrying Amount	5,829,000
Date of Acquisition	18-Dec-14
North Shepherd Business Center | TEXAS | Industrial Property
Initial Cost
Encumbrances	4,634,000
Land	1,541,000
Buildings and Improvements	5,473,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,541,000	[1]
Buildings and Improvements	5,473,000	[1]
Total	7,014,000	[1]
Accumulated Depreciation	10,000	[2]
Net Carrying Amount	7,004,000
Date of Acquisition	18-Dec-14
Oakhollow Business Center | TEXAS | Industrial Property
Initial Cost
Encumbrances	4,469,000
Land	1,234,000
Buildings and Improvements	6,231,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,234,000	[1]
Buildings and Improvements	6,231,000	[1]
Total	7,465,000	[1]
Accumulated Depreciation	9,000	[2]
Net Carrying Amount	7,456,000
Date of Acquisition	18-Dec-14
Pinemont Business Center | TEXAS | Industrial Property
Initial Cost
Encumbrances	4,244,000
Land	869,000
Buildings and Improvements	5,609,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	869,000	[1]
Buildings and Improvements	5,609,000	[1]
Total	6,478,000	[1]
Accumulated Depreciation	9,000	[2]
Net Carrying Amount	6,469,000
Date of Acquisition	18-Dec-14
South Trade Center | TEXAS | Industrial Property
Initial Cost
Encumbrances	7,306,000
Land	2,199,000
Buildings and Improvements	8,805,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	2,199,000	[1]
Buildings and Improvements	8,805,000	[1]
Total	11,004,000	[1]
Accumulated Depreciation	13,000	[2]
Net Carrying Amount	10,991,000
Date of Acquisition	18-Dec-14
Sugar Land Business Center | TEXAS | Industrial Property
Initial Cost
Encumbrances	18,508,000
Land	2,823,000
Buildings and Improvements	23,543,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	2,823,000	[1]
Buildings and Improvements	23,543,000	[1]
Total	26,366,000	[1]
Accumulated Depreciation	32,000	[2]
Net Carrying Amount	26,334,000
Date of Acquisition	18-Dec-14
Westhollow | TEXAS | Industrial Property
Initial Cost
Encumbrances	5,771,000
Land	1,982,000
Buildings and Improvements	6,634,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,982,000	[1]
Buildings and Improvements	6,634,000	[1]
Total	8,616,000	[1]
Accumulated Depreciation	12,000	[2]
Net Carrying Amount	8,604,000
Date of Acquisition	18-Dec-14
Wingfoot Road | TEXAS | Industrial Property
Initial Cost
Encumbrances	4,236,000
Land	1,216,000
Buildings and Improvements	4,454,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,216,000	[1]
Buildings and Improvements	4,454,000	[1]
Total	5,670,000	[1]
Accumulated Depreciation	7,000	[2]
Net Carrying Amount	5,663,000
Date of Acquisition	18-Dec-14
Bridger Road | UTAH | Industrial Property
Initial Cost
Encumbrances	2,213,000
Land	651,000
Buildings and Improvements	2,852,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	651,000	[1]
Buildings and Improvements	2,852,000	[1]
Total	3,503,000	[1]
Accumulated Depreciation	4,000	[2]
Net Carrying Amount	3,499,000
Date of Acquisition	18-Dec-14
Fremont Drive 1 | UTAH | Industrial Property
Initial Cost
Encumbrances	2,367,000
Land	674,000
Buildings and Improvements	2,473,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	674,000	[1]
Buildings and Improvements	2,473,000	[1]
Total	3,147,000	[1]
Accumulated Depreciation	4,000	[2]
Net Carrying Amount	3,143,000
Date of Acquisition	18-Dec-14
Fremont Drive 2 | UTAH | Industrial Property
Initial Cost
Encumbrances	3,155,000
Land	1,312,000
Buildings and Improvements	3,809,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,312,000	[1]
Buildings and Improvements	3,809,000	[1]
Total	5,121,000	[1]
Accumulated Depreciation	7,000	[2]
Net Carrying Amount	5,114,000
Date of Acquisition	18-Dec-14
Pentagon Centennial | UTAH | Industrial Property
Initial Cost
Encumbrances	4,481,000
Land	615,000
Buildings and Improvements	6,240,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	615,000	[1]
Buildings and Improvements	6,240,000	[1]
Total	6,855,000	[1]
Accumulated Depreciation	8,000	[2]
Net Carrying Amount	6,847,000
Date of Acquisition	18-Dec-14
South 3600 West Street | UTAH | Industrial Property
Initial Cost
Encumbrances	4,508,000
Land	1,329,000
Buildings and Improvements	5,645,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,329,000	[1]
Buildings and Improvements	5,645,000	[1]
Total	6,974,000	[1]
Accumulated Depreciation	8,000	[2]
Net Carrying Amount	6,966,000
Date of Acquisition	18-Dec-14
Summit Distribution Center | UTAH | Industrial Property
Initial Cost
Encumbrances	10,860,000
Land	2,535,000
Buildings and Improvements	14,253,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	2,535,000	[1]
Buildings and Improvements	14,253,000	[1]
Total	16,788,000	[1]
Accumulated Depreciation	20,000	[2]
Net Carrying Amount	16,768,000
Date of Acquisition	18-Dec-14
West 1700 South | UTAH | Industrial Property
Initial Cost
Encumbrances	3,100,000
Land	794,000
Buildings and Improvements	3,055,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	794,000	[1]
Buildings and Improvements	3,055,000	[1]
Total	3,849,000	[1]
Accumulated Depreciation	4,000	[2]
Net Carrying Amount	3,845,000
Date of Acquisition	18-Dec-14
West 2100 South Street | UTAH | Industrial Property
Initial Cost
Encumbrances	797,000
Land	346,000
Buildings and Improvements	492,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	346,000	[1]
Buildings and Improvements	492,000	[1]
Total	838,000	[1]
Accumulated Depreciation	2,000	[2]
Net Carrying Amount	836,000
Date of Acquisition	18-Dec-14
West 2400 South Stre | UTAH | Industrial Property
Initial Cost
Encumbrances	4,612,000
Land	1,133,000
Buildings and Improvements	6,359,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,133,000	[1]
Buildings and Improvements	6,359,000	[1]
Total	7,492,000	[1]
Accumulated Depreciation	9,000	[2]
Net Carrying Amount	7,483,000
Date of Acquisition	18-Dec-14
West Custer Road 1 | UTAH | Industrial Property
Initial Cost
Encumbrances	1,715,000
Land	586,000
Buildings and Improvements	2,108,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	586,000	[1]
Buildings and Improvements	2,108,000	[1]
Total	2,694,000	[1]
Accumulated Depreciation	3,000	[2]
Net Carrying Amount	2,691,000
Date of Acquisition	18-Dec-14
West Custer Road 2 | UTAH | Industrial Property
Initial Cost
Encumbrances	1,951,000
Land	526,000
Buildings and Improvements	2,208,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	526,000	[1]
Buildings and Improvements	2,208,000	[1]
Total	2,734,000	[1]
Accumulated Depreciation	4,000	[2]
Net Carrying Amount	2,730,000
Date of Acquisition	18-Dec-14
West Custer Road 3 | UTAH | Industrial Property
Initial Cost
Encumbrances	583,000
Land	315,000
Buildings and Improvements	706,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	315,000	[1]
Buildings and Improvements	706,000	[1]
Total	1,021,000	[1]
Accumulated Depreciation	1,000	[2]
Net Carrying Amount	1,020,000
Date of Acquisition	18-Dec-14
West Custer Road 4 | UTAH | Industrial Property
Initial Cost
Encumbrances	3,917,000
Land	1,025,000
Buildings and Improvements	4,757,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,025,000	[1]
Buildings and Improvements	4,757,000	[1]
Total	5,782,000	[1]
Accumulated Depreciation	7,000	[2]
Net Carrying Amount	5,775,000
Date of Acquisition	18-Dec-14
West Custer Road 5 | UTAH | Industrial Property
Initial Cost
Encumbrances	602,000
Land	328,000
Buildings and Improvements	828,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	328,000	[1]
Buildings and Improvements	828,000	[1]
Total	1,156,000	[1]
Accumulated Depreciation	1,000	[2]
Net Carrying Amount	1,155,000
Date of Acquisition	18-Dec-14
West Technology Drive | UTAH | Industrial Property
Initial Cost
Encumbrances	6,083,000
Land	1,847,000
Buildings and Improvements	7,209,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,847,000	[1]
Buildings and Improvements	7,209,000	[1]
Total	9,056,000	[1]
Accumulated Depreciation	11,000	[2]
Net Carrying Amount	9,045,000
Date of Acquisition	18-Dec-14
100th Street | WISCONSIN | Industrial Property
Initial Cost
Encumbrances	7,601,000
Land	1,777,000
Buildings and Improvements	6,842,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	1,777,000	[1]
Buildings and Improvements	6,842,000	[1]
Total	8,619,000	[1]
Accumulated Depreciation	12,000	[2]
Net Carrying Amount	8,607,000
Date of Acquisition	18-Dec-14
Pima Center | ARIZONA | Office Building
Initial Cost
Encumbrances	0
Land	0
Buildings and Improvements	14,130,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	0	[1]
Buildings and Improvements	14,130,000	[1]
Total	14,130,000	[1]
Accumulated Depreciation	280,000	[2]
Net Carrying Amount	13,850,000
Date of Acquisition	24-Jun-14
Excelsior Crossings | NEW MEXICO | Office Building
Initial Cost
Encumbrances	88,000,000
Land	8,319,000
Buildings and Improvements	104,367,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts at Which Carried at December 31, 2014
Land	8,319,000	[1]
Buildings and Improvements	104,367,000	[1]
Total	112,686,000	[1]
Accumulated Depreciation	3,749,000	[2]
Net Carrying Amount	108,937,000
Date of Acquisition	9-Dec-13
[1]	The aggregate gross cost of property included above for federal income tax purposes is approximately $1,597.4 million as of December 31, 2014.
[2]	Depreciation is calculated using a useful life of 7 to 40 years for buildings and improvements

Schedule_III_Real_Estate_and_A2

Schedule III - Real Estate and Accumulative Depreciation - Real Estate Rollforward (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013	Dec. 31, 2012
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Total gross amount of real estate held at January 1	$112,686		$0	$0
Acquisitions of real estate	1,537,732		112,686	0
Total gross amount of real estate held at December 31	$1,650,418	[1]	$112,686	$0
[1]	The aggregate gross cost of property included above for federal income tax purposes is approximately $1,597.4 million as of December 31, 2014.

Schedule_III_Real_Estate_and_A3

Schedule III - Real Estate and Accumulative Depreciation - Accumulated Depreciation Rollforward (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013	Dec. 31, 2012
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Accumulated depreciation at January 1	$218		$0	$0
Accumulated Depreciation	6,203		218	0
Accumulated depreciation at December 31	$6,421	[1]	$218	$0
[1]	Depreciation is calculated using a useful life of 7 to 40 years for buildings and improvements

Schedule_IV_Mortgage_Loans_on_1

Schedule IV - Mortgage Loans on Real Estate (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014
	SecurityLoan
Mortgage Loans on Real Estate [Line Items]
Number of Loans	398
Prior Liens	$1,313,031	[1]
Principal	2,247,040	[2]
Carrying Amount	2,131,134	[2]
First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans	26
UNITED STATES | Hotel | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans	5
Prior Liens	0	[1]
Payment Terms	both	[3]
Principal	110,637	[2]
Carrying Amount	109,474	[2]
UNITED STATES | Hotel | Subordinated Debt and Mezzanine
Mortgage Loans on Real Estate [Line Items]
Number of Loans	2
Prior Liens	775,000	[1]
Payment Terms	I/O	[3]
Principal	330,189	[2]
Carrying Amount	328,492	[2]
UNITED STATES | Mixed Use Property | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans	2
Prior Liens	0	[1]
Payment Terms	I/O	[3]
Principal	117,461	[2]
Carrying Amount	117,314	[2]
UNITED STATES | Multifamily | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans	348
Prior Liens	0	[1]
Payment Terms	both	[3]
Principal	568,436	[2]
Carrying Amount	555,536	[2]
UNITED STATES | Multifamily | Subordinated Debt and Mezzanine
Mortgage Loans on Real Estate [Line Items]
Number of Loans	2
Prior Liens	31,423	[1]
Payment Terms	both	[3]
Principal	5,849	[2]
Carrying Amount	5,789	[2]
UNITED STATES | Office Building | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans	15
Prior Liens	0	[1]
Payment Terms	I/O	[3]
Principal	243,944	[2]
Carrying Amount	241,793	[2]
UNITED STATES | Retail Site | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans	9
Prior Liens	0	[1]
Payment Terms	I/O	[3]
Principal	242,180	[2]
Carrying Amount	240,991	[2]
UNITED STATES | Retail Site | Subordinated Debt and Mezzanine
Mortgage Loans on Real Estate [Line Items]
Number of Loans	2
Prior Liens	231,983	[1]
Payment Terms	both	[3]
Principal	54,968	[2]
Carrying Amount	53,744	[2]
UNITED STATES | Various Properties | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans	5
Prior Liens	0	[1]
Payment Terms	both	[3]
Principal	101,822	[2]
Carrying Amount	100,277	[2]
CALIFORNIA | Healthcare | Subordinated Debt and Mezzanine
Mortgage Loans on Real Estate [Line Items]
Number of Loans	1
Prior Liens	32,148	[1]
Payment Terms	P&I	[3]
Principal	88,408	[2]
Carrying Amount	86,567	[2]
Interest Rate Range	9.27%
NEVADA | Industrial Property | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans	1
Prior Liens	0	[1]
Payment Terms	I/O	[3]
Principal	5,140	[2]
Carrying Amount	5,097	[2]
Interest Rate Range	5.41%
HAWAII | Hotel | Subordinated Debt and Mezzanine
Mortgage Loans on Real Estate [Line Items]
Number of Loans	1
Prior Liens	86,707	[1]
Payment Terms	I/O	[3]
Principal	42,707	[2]
Carrying Amount	42,707	[2]
Interest Rate Range	11.00%
SPAIN | Office Building | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans	3	[4]
Prior Liens	0	[1],[4]
Payment Terms	P&I	[3],[4]
Principal	95,888	[2],[4]
Carrying Amount	62,053	[2],[4]
SPAIN | Retail Site | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans	1	[4]
Prior Liens	0	[1],[4]
Payment Terms	P&I	[3],[4]
Principal	161,526	[2],[4]
Carrying Amount	103,415	[2],[4]
Interest Rate Range	1.27%	[4]
UNITED KINGDOM | Retail Site | Subordinated Debt and Mezzanine
Mortgage Loans on Real Estate [Line Items]
Number of Loans	1	[4]
Prior Liens	155,770	[1],[4]
Payment Terms	I/O	[3],[4]
Principal	77,885	[2],[4]
Carrying Amount	$77,885	[2],[4]
Interest Rate Range	10.00%	[4]
Minimum | UNITED STATES | Hotel | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Interest Rate Range	4.00%
Maturity Date Range	1-Dec-15
Minimum | UNITED STATES | Hotel | Subordinated Debt and Mezzanine
Mortgage Loans on Real Estate [Line Items]
Interest Rate Range	7.66%
Maturity Date Range	1-Jun-16
Minimum | UNITED STATES | Mixed Use Property | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Interest Rate Range	2.67%
Maturity Date Range	1-Jan-15
Minimum | UNITED STATES | Multifamily | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Interest Rate Range	2.32%
Maturity Date Range	1-Jul-15
Minimum | UNITED STATES | Multifamily | Subordinated Debt and Mezzanine
Mortgage Loans on Real Estate [Line Items]
Interest Rate Range	6.43%
Maturity Date Range	1-Nov-23
Minimum | UNITED STATES | Office Building | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Interest Rate Range	4.66%
Maturity Date Range	1-Nov-15
Minimum | UNITED STATES | Retail Site | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Interest Rate Range	5.66%
Maturity Date Range	1-Oct-15
Minimum | UNITED STATES | Retail Site | Subordinated Debt and Mezzanine
Mortgage Loans on Real Estate [Line Items]
Interest Rate Range	5.74%
Maturity Date Range	1-Dec-15
Minimum | UNITED STATES | Various Properties | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Interest Rate Range	6.00%
Maturity Date Range	1-Oct-16
Minimum | CALIFORNIA | Healthcare | Subordinated Debt and Mezzanine
Mortgage Loans on Real Estate [Line Items]
Maturity Date Range	1-Dec-17
Minimum | NEVADA | Industrial Property | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Maturity Date Range	1-Oct-17
Minimum | HAWAII | Hotel | Subordinated Debt and Mezzanine
Mortgage Loans on Real Estate [Line Items]
Maturity Date Range	1-Feb-19
Minimum | SPAIN | Office Building | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Interest Rate Range	1.02%	[4]
Maturity Date Range	1-Feb-15	[4]
Minimum | SPAIN | Retail Site | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Maturity Date Range	1-Aug-16	[4]
Minimum | UNITED KINGDOM | Retail Site | Subordinated Debt and Mezzanine
Mortgage Loans on Real Estate [Line Items]
Maturity Date Range	1-Aug-19	[4]
Maximum | UNITED STATES | Hotel | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Interest Rate Range	11.21%
Maturity Date Range	1-Jan-17
Maximum | UNITED STATES | Hotel | Subordinated Debt and Mezzanine
Mortgage Loans on Real Estate [Line Items]
Interest Rate Range	11.23%
Maturity Date Range	1-Jun-16
Maximum | UNITED STATES | Mixed Use Property | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Interest Rate Range	8.16%
Maturity Date Range	1-Oct-16
Maximum | UNITED STATES | Multifamily | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Interest Rate Range	8.61%
Maturity Date Range	1-Apr-38
Maximum | UNITED STATES | Multifamily | Subordinated Debt and Mezzanine
Mortgage Loans on Real Estate [Line Items]
Interest Rate Range	9.45%
Maturity Date Range	1-Aug-24
Maximum | UNITED STATES | Office Building | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Interest Rate Range	9.16%
Maturity Date Range	1-Jan-18
Maximum | UNITED STATES | Retail Site | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Interest Rate Range	11.66%
Maturity Date Range	1-May-17
Maximum | UNITED STATES | Retail Site | Subordinated Debt and Mezzanine
Mortgage Loans on Real Estate [Line Items]
Interest Rate Range	10.50%
Maturity Date Range	1-Apr-24
Maximum | UNITED STATES | Various Properties | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Interest Rate Range	10.16%
Maturity Date Range	1-Nov-24
Maximum | CALIFORNIA | Healthcare | Subordinated Debt and Mezzanine
Mortgage Loans on Real Estate [Line Items]
Maturity Date Range	1-Dec-17
Maximum | NEVADA | Industrial Property | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Maturity Date Range	1-Oct-17
Maximum | HAWAII | Hotel | Subordinated Debt and Mezzanine
Mortgage Loans on Real Estate [Line Items]
Maturity Date Range	1-Feb-19
Maximum | SPAIN | Office Building | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Interest Rate Range	2.58%	[4]
Maturity Date Range	1-Aug-17	[4]
Maximum | SPAIN | Retail Site | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Maturity Date Range	1-Aug-16	[4]
Maximum | UNITED KINGDOM | Retail Site | Subordinated Debt and Mezzanine
Mortgage Loans on Real Estate [Line Items]
Maturity Date Range	1-Aug-19	[4]
[1]	Prior liens represent loan amounts owned by third parties that are senior to the Company’s subordinated or mezzanine positions and are approximate.
[2]	Loans whose carrying values are individually less than 3% of the total carrying amount have been aggregated according to collateral type and location.
[3]	P&I =rincipal and interest; I/O =nterest only
[4]	Loans denominated in foreign currencies are translated at the spot rate of exchange as of December 31, 2014.