Colony Capital 10-K 29 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2015	Feb. 25, 2016	Jun. 30, 2015
Class of Stock [Line Items]
Entity Registrant Name	Colony Capital, Inc.
Trading Symbol	CLNY
Entity Central Index Key	1,467,076
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 2.5
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	Yes
Common Class A
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		112,565,739
Common Class B
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		546,275

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
ASSETS
Cash	$ 185,854	$ 141,936
Loans receivable, net
Held for investment	4,048,477	2,131,134
Held for sale		0
Real estate assets, net
Held for investment	3,132,218	1,643,997
Held for sale	297,887	0
Investments in unconsolidated joint ventures	924,465	1,646,977
Goodwill	678,267	20,000
Deferred leasing costs and intangible assets, net (including $9,872 and $0 held for sale intangible assets, net)	325,513	106,060
Due from affiliates	11,713	0
Other assets (including $3,704 and $0 held for sale)	359,914	135,345
Total assets	10,039,310	5,825,449
Liabilities:
Accrued and other liabilities (including $9,101 and $0 related to real estate held for sale)	325,589	128,119
Due to affiliates—contingent consideration	52,990	0
Due to affiliates—other	0	12,236
Dividends and distributions payable	65,688	47,537
Debt, net (including $8,769 and $0 related to real estate held for sale)	3,587,724	2,112,354
Convertible senior notes, net	591,079	589,410
Total liabilities	$ 4,623,070	$ 2,889,656
Commitments and contingencies (Note 20)
Stockholders’ equity:
Preferred stock, $0.01 par value per share; $625,750 and $338,250 liquidation preference; 50,000 shares authorized; 25,030 and 13,530 shares issued and outstanding	$ 250	$ 135
Additional paid-in capital	2,995,243	2,512,743
Distributions in excess of earnings	(131,278)	(68,003)
Accumulated other comprehensive loss	(18,422)	(28,491)
Total stockholders’ equity	2,846,916	2,417,480
Noncontrolling interests in investment entities	2,138,925	518,313
Noncontrolling interests in Operating Company	430,399	0
Total equity	5,416,240	2,935,793
Total liabilities and equity	10,039,310	5,825,449
Common Class A
Stockholders’ equity:
Common stock, $0.01 par value per share	1,118	1,096
Common Class B
Stockholders’ equity:
Common stock, $0.01 par value per share	$ 5	$ 0

CONSOLIDATED BALANCE SHEETS BAL

CONSOLIDATED BALANCE SHEETS BALANCE SHEETS OF CONSOLIDATED VIES - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
ASSETS
Cash	$ 185,854	$ 141,936
Loans receivable, net	4,048,477	2,131,134
Real estate assets	3,132,218	1,643,997
Other assets	359,914	135,345
Total assets	10,039,310	5,825,449
Liabilities:
Outstanding balance of debt	3,587,724	2,112,354
Accrued and other liabilities	325,589	128,119
Total liabilities	4,623,070	2,889,656
Variable Interest Entity, Primary Beneficiary | Securitization Vehicles
ASSETS
Cash	2,453	0
Loans receivable, net	1,193,859	807,761
Real estate assets	9,016	0
Other assets	94,796	41,111
Total assets	1,300,124	848,872
Liabilities:
Outstanding balance of debt	806,728	528,305
Accrued and other liabilities	80,619	38,443
Total liabilities	$ 887,347	$ 566,748

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Deferred leasing costs and intangible assets, net	$ 325,513	$ 106,060
Accrued and other liabilities	325,589	128,119
Other assets	359,914	135,345
Outstanding balance of debt	$ 3,587,724	$ 2,112,354
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Liquidation Preference (in thousands)	$ 625,750	$ 338,250
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	25,030,000	13,530,000
Preferred stock, shares outstanding (in shares)	25,030,000	13,530,000
Common Class A
Common stock, par value (in dollars per shares)	$ 0.01	$ 0.01
Common stock, shares authorized	449,000,000	449,000,000
Common stock, shares issued (in shares)	111,694,000	109,634,000
Common stock, shares outstanding (in shares)	111,694,000	109,634,000
Common Class B
Common stock, par value (in dollars per shares)	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000	0
Common stock, shares issued (in shares)	546,000	0
Common stock, shares outstanding (in shares)	546,000	0
Held-for-Sale [Member]
Deferred leasing costs and intangible assets, net	$ 9,872	$ 0
Accrued and other liabilities	9,101	0
Other assets	3,704	0
Outstanding balance of debt	$ 8,769	$ 0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income
Interest income	$ 417,305	$ 204,361	$ 81,035
Property operating income	299,871	20,962	789
Equity in income of unconsolidated joint ventures	47,605	73,829	100,708
Fee income (including $64,585, $0 and $0 from affiliates, respectively)	65,813	0	0
Other income (including $4,797, $812 and $1,267 from affiliates, respectively)	11,382	1,497	1,267
Total income	841,976	300,649	183,799
Expenses
Management fees (including $5,897, $10,384 and $3,998 of share-based payments, respectively)	15,062	43,133	26,263
Investment and servicing expenses (including $366, $2,846 and $1,771 reimbursed to affiliates, respectively)	23,369	5,811	3,228
Transaction costs	38,888	21,096	1,807
Interest expense	133,094	48,365	18,838
Property operating expenses	117,713	5,563	197
Depreciation and amortization	140,977	9,177	310
Provision for loan losses	37,475	0	0
Impairment loss	11,192	0	0
Compensation expense (including $450, $1,778 and $1,286 reimbursed to affiliates, respectively)	84,506	2,468	1,756
Administrative expenses (including $1,922, $3,301 and $1,787 reimbursed to affiliates, respectively)	38,238	8,940	5,792
Total expenses	640,514	144,553	58,191
Gain on sale of real estate assets, net	8,962	0	0
Gain on remeasurement of consolidated investment entities, net	41,486	0	0
Other gain (loss), net	(5,170)	1,216	974
Income before income taxes	246,740	157,312	126,582
Income tax benefit (expense)	9,296	2,399	(659)
Net income	256,036	159,711	125,923
Net income attributable to noncontrolling interests:
Investment entities	86,123	36,562	24,158
Operating Company	19,933	0	0
Net income attributable to Colony Capital, Inc.	149,980	123,149	101,765
Preferred dividends	42,569	24,870	21,420
Net income attributable to common stockholders	$ 107,411	$ 98,279	$ 80,345
Net income per common share:
Basic (in dollars per share)	$ 0.96	$ 1.01	$ 1.20
Diluted (in dollars per share)	$ 0.96	$ 1.01	$ 1.20
Weighted average number of common shares outstanding:
Basic (in shares)	110,931	96,694	66,182
Diluted (in shares)	110,931	96,699	66,182

CONSOLIDATED STATEMENTS OF OPE6

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fee income	$ 65,813	$ 0	$ 0
Other income	11,382	1,497	1,267
Share-based compensation expenses	13,714	10,801	4,283
Investment and servicing expenses	23,369	5,811	3,228
Compensation expense	84,506	2,468	1,756
Administrative expenses	38,238	8,940	5,792
Affiliated Entity
Fee income	64,585	0	0
Other income	4,797	812	1,267
Investment and servicing expenses	366	2,846	1,771
Compensation expense	450	1,778	1,286
Administrative expenses	1,922	3,301	1,787
Management fees
Share-based compensation expenses	$ 5,897	$ 10,384	$ 3,998

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net income	$ 256,036	$ 159,711	$ 125,923
Other comprehensive income (loss), net of tax:
Equity in other comprehensive loss of unconsolidated joint ventures, net	(451)	(3,170)	(3,107)
Unrealized loss on beneficial interests in debt securities	0	(327)	(554)
Net change in fair value of cash flow hedges	(236)	(127)	(27)
Foreign currency translation adjustments:
Foreign currency translation adjustment gain (loss)	25,287	(58,792)	5,599
Change in fair value of net investment hedges	(5,604)	26,985	(3,828)
Net foreign currency translation adjustments	19,683	(31,807)	1,771
Other comprehensive income (loss)	18,996	(35,431)	(1,917)
Comprehensive income	275,032	124,280	124,006
Comprehensive income attributable to noncontrolling interests:
Comprehensive income attributable to stockholders	160,049	92,065	99,174
Noncontrolling Interests in Investment Entities
Comprehensive income attributable to noncontrolling interests:
Comprehensive income attributable to noncontrolling interests:	89,693	32,215	24,832
Noncontrolling Interests in Operating Company
Comprehensive income attributable to noncontrolling interests:
Comprehensive income attributable to noncontrolling interests:	$ 25,290	$ 0	$ 0

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Preferred Stock	Common Stock	Additional Paid-in Capital	Distributions in Excess of Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests in Investment Entities	Noncontrolling Interests in Operating Company	Series B Preferred Stock	Series B Preferred StockTotal Stockholders’ Equity	Series B Preferred StockPreferred Stock	Series B Preferred StockAdditional Paid-in Capital	Series C Preferred Stock	Series C Preferred StockTotal Stockholders’ Equity	Series C Preferred StockPreferred Stock	Series C Preferred StockAdditional Paid-in Capital	Common Class A	Common Class ATotal Stockholders’ Equity	Common Class ACommon Stock	Common Class AAdditional Paid-in Capital	Common Class B	Common Class BTotal Stockholders’ Equity	Common Class BCommon Stock	Common Class BAdditional Paid-in Capital
Beginning balance at Dec. 31, 2012	$ 1,283,030	$ 1,223,331	$ 101	$ 531	$ 1,222,682	$ (5,167)	$ 5,184	$ 59,699	$ 0
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
Issuance of stock																		$ 475,602	$ 475,602	$ 234	$ 475,368
Underwriter discount and offering costs	(1,059)	(1,059)			(1,059)
Share-based payments	4,283	4,283			4,283
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)
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	0
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)
Issuance of stock										$ 86,250	$ 86,250	$ 34	$ 86,216					717,870	717,870	326	717,544
Underwriter discount and offering costs	(3,551)	(3,551)			(3,551)
Issuance of common stock for incentive fees	464	464			464
Share-based payments	10,801	10,801		5	10,796
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)
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	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	256,036	149,980				149,980		86,123	19,933
Other comprehensive (loss) income	18,996	10,069					10,069	3,570	5,357
Issuance of stock														$ 287,500	$ 287,500	$ 115	$ 287,385	$ 37,389	$ 37,389	$ 14	$ 37,375	$ 14,771	$ 14,771	$ 6	$ 14,765
Issuance of units in Operating Company	568,794								568,794
Underwriter discount and offering costs	(9,406)	(9,406)			(9,406)
Share-based payments	13,714	13,714		7	13,707
Consolidation of investment entities (Note 7)	1,700,114							1,700,114
Contributions from noncontrolling interests	486,152							486,152
Distributions to noncontrolling interests	(680,358)							(655,347)	(25,011)
Preferred stock dividends	(43,365)	(43,365)				(43,365)
Common stock dividends declared	(169,890)	(169,890)				(169,890)
Reallocation of equity of Operating Company (Note 15)	0	138,674			138,674				(138,674)
Ending balance at Dec. 31, 2015	$ 5,416,240	$ 2,846,916	$ 250	$ 1,123	$ 2,995,243	$ (131,278)	$ (18,422)	$ 2,138,925	$ 430,399

CONSOLIDATED STATEMENTS OF EQU9

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Dividends declared per common share (in dollars per share)	$ 1.52	$ 1.44	$ 1.40
Series B Preferred Stock
Preferred stock, dividend percentage	7.50%	7.50%
Series C Preferred Stock
Preferred stock, dividend percentage	7.125%

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash Flows from Operating Activities
Net income	$ 256,036	$ 159,711	$ 125,923
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of discount and net origination fees on purchased and originated loans	(21,109)	(69,443)	(13,069)
Accretion in excess of cash receipts on purchased credit impaired loan	(39,886)	0	0
Paid-in-kind interest added to loan principal	(30,211)	(2,796)	(218)
Straight-line rents	(11,929)	(1,032)	(23)
Amortization of above and below market lease values, net	3,240	179	0
Amortization of deferred financing costs	21,222	6,590	3,017
Equity in income of unconsolidated joint ventures	(47,605)	(73,829)	(100,708)
Distributions of income from unconsolidated joint ventures	66,418	74,948	101,874
Provision for loan losses	37,475	0	0
Impairment of real estate and intangible assets	11,192	0	0
Depreciation and amortization	140,977	9,177	310
Share-based compensation	13,714	11,265	4,283
Net gain on remeasurement of net assets of consolidated investment entities	(41,486)	0	0
Change in fair value of contingent consideration	(16,510)	0	0
Gain on sales of real estate assets, net	(8,962)	0	0
Foreign currency loss recognized on repayment of loans receivable	31,268	0	0
Changes in operating assets and liabilities:
Decrease in due from affiliates	7,828	0	0
Increase in other assets	(4,372)	(12,431)	(6,917)
Increase in accrued and other liabilities	23,929	25,635	8,049
(Decrease) increase in due to affiliates	(12,236)	4,250	3,002
Other adjustments, net	(5,867)	535	(234)
Net cash provided by operating activities	373,126	132,759	125,289
Cash Flows from Investing Activities
Contributions to unconsolidated joint ventures	(356,051)	(458,881)	(672,338)
Distributions from unconsolidated joint ventures	357,307	150,788	177,287
Investments in purchased loans receivable, net of seller financing	(135,194)	(412,152)	(340,563)
Net disbursements on originated loans	(984,840)	(1,241,046)	(535,940)
Repayments of loans receivable	335,446	673,815	109,643
Proceeds from sales of loans receivable	0	0	71,298
Cash receipts in excess of accretion on purchased credit impaired loans	399,783	0	0
Disbursements on acquisition of real estate assets, related intangibles and leasing commissions	(1,377,344)	(1,618,069)	(122,750)
Proceeds from repayment of beneficial interests in debt securities	0	28,000	0
Proceeds from sales of real estate assets	323,430	0	0
Acquisition of investment management business, net of cash acquired (Note 3)	(56,335)	0	0
Proceeds from settlement of derivative instruments	45,024	8,824	178
Other investing activities, net	(10,040)	(6,050)	(35)
Net cash used in investing activities	(1,458,814)	(2,874,771)	(1,313,220)
Cash Flows from Financing Activities
Proceeds from issuance of preferred stock, net	277,945	83,533	0
Proceeds from issuance of common stock, net	0	717,870	475,190
Dividends paid to preferred stockholders	(38,244)	(23,504)	(21,420)
Dividends paid to common stockholders	(165,559)	(131,815)	(89,916)
Line of credit borrowings	1,345,900	1,130,800	514,000
Line of credit repayments	(1,194,900)	(1,105,300)	(375,500)
Proceeds from secured financing	1,936,043	1,808,505	203,000
Secured financing repayments	(871,788)	(198,775)	(33,560)
Escrow deposits for financing	0	(11,153)	0
Net proceeds from issuance of convertible senior notes	0	394,593	194,000
Payment of deferred financing costs	(27,670)	(36,355)	(6,011)
Contributions from noncontrolling interests	486,152	344,506	256,589
Distributions to noncontrolling interests	(671,659)	(128,325)	(52,703)
Other financing activities, net	(15,546)	(2,816)	(2,931)
Net cash provided by financing activities	1,060,674	2,841,764	1,060,738
Cash held by investment entities consolidated (Note 7)	75,412	0	0
Effect of exchange rates on cash	(6,480)	(983)	161
Net increase (decrease) in cash	43,918	98,769	(127,032)
Cash, beginning of period	141,936	43,167	170,199
Cash, end of period	185,854	141,936	43,167
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	105,608	33,470	13,558
Cash paid for income taxes	2,078	2,188	2,294
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Dividends and distributions payable	65,688	47,537	32,127
Seller-provided secured financing on purchased loans	0	82,328	0
Deferred financing costs deducted from convertible debt issuance proceeds	0	10,063	6,000
Accrued and other liabilities assumed in connection with acquisitions, net of cash assumed	407	10,781	0
Unsecured note issued in connection with acquisition	0	10,000
Interest reserve for seller financing returned to borrower upon resolution of underlying collateral loan	0	2,670	0
Payment on settlement of derivative instruments in accrued liabilities	0	0	18,500
Payment on settlement of derivative instruments in accrued liabilities	0	0	1,736
Deferred tax liability assumed in a real estate acquisition	27,978	0	0
Settlement of debt through issuance of units in Operating Company	10,000	0	0
Issuance of common stock for acquisition of investment management business	52,160	0	0
Issuance of units in Operating Company for acquisition of investment management business	558,794	0	0
Net assets of investment entities consolidated, net of cash assumed (Note 7)	2,637,278	0	0
Loan payoff proceeds held in escrow	$ 11,300	$ 0	$ 0

Organization

Organization	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Colony Capital, Inc. (formerly, Colony Financial, Inc.) (the “Company”) is a leading global real estate and investment management firm that targets attractive risk-adjusted returns for its investors by investing primarily in real estate and real estate-related assets. The Company manages capital on behalf of both its shareholders and limited partners in private investment funds under its management where the Company may earn management fees and carried interests. The Company's portfolio is primarily composed of: (i) real estate equity; (ii) real estate and real estate-related debt; and (iii) investment management of Company-sponsored private equity funds and vehicles. The Company was organized on June 23, 2009 as a Maryland corporation and has elected to be taxed as a real estate investment trust ("REIT") under the Internal Revenue Code, for U.S. federal income tax purposes. Prior to April 2, 2015, the Company was externally managed and advised by Colony Financial Manager, LLC (the "Manager"), which was a wholly-owned subsidiary of Colony Capital, LLC ("CCLLC"), a privately held global real estate investment firm. On April 2, 2015, Colony Capital Operating Company, LLC ("Operating Company" or “OP”), an operating subsidiary of the Company, acquired substantially all of the real estate investment management business and operations of CCLLC (the "Combination") and the Company became a self-managed REIT. As a result of the Combination, the Company is able to sponsor new investment vehicles as general partner under the Colony name. Details of the Combination are described more fully in Note 3 . In connection with the Combination, the Company reorganized into an umbrella partnership real estate investment trust ("UPREIT"). As part of the restructuring, the Company contributed to OP and its subsidiaries substantially all of the Company's other subsidiaries, assets and liabilities, other than certain indebtedness, in exchange for membership interests in OP ("OP Units"). Following the Combination, OP conducts all of the activities and owns substantially all of the assets and liabilities of the combined business.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
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. Basis of Presentation 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 and consolidated variable interest entities. All significant intercompany accounts and transactions have been eliminated. The portions of the equity, net income and other comprehensive income of consolidated subsidiaries that are not attributable to the parent are presented separately as amounts attributable to noncontrolling interests in the consolidated financial statements. A substantial portion of noncontrolling interests represent interests held by private investment funds or other investment vehicles managed by the Company and which invest alongside the Company ("Co-Investment Funds") and membership interests in OP held by affiliates and senior executives. Principles of Consolidation The Company consolidates entities in which it has a controlling financial interest, by first considering if an entity meets the definition of a variable interest entity ("VIE") for which the Company is deemed to be the primary beneficiary under the VIE model, or if the Company controls an entity through a majority of voting interest based on the voting interest model. Variable Interest —For entities in which the Company has a variable interest, the Company determines if the entity is a VIE by considering whether the entity’s equity investment at risk is sufficient to finance its activities without additional subordinated financial support and whether the entity’s at-risk equity holders have the characteristics of a controlling financial interest. Fees paid to the Company that are commensurate with both services provided and prevailing market rates for such services are generally not, in and of themselves, considered variable interests and are excluded from assessment of the Company's economic exposure to a VIE. In performing the analysis of whether the Company is the primary beneficiary of a VIE, 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 interests held by its related parties, including de facto agents, specifically interests in the VIE held by related parties under common control and the Company's indirect exposure to the VIE through its interests in other related parties on a proportionate basis. The Company assesses whether it is a member of a related party group that collectively meets the power and benefits criteria and, if so, whether the Company is most closely associated with the VIE. In performing its analysis, 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 Company’s and the other investors’ ability to control or significantly influence key decisions of the VIE including consideration of involvement by de facto agents; the obligation or likelihood for the Company or other investors to fund operating losses of the VIE; and the similarity and significance of the VIE’s business activities to those of the Company and the 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, and estimates about the current and future fair values and performance of assets held by the VIE. Voting Interest —Unlike VIEs, voting interest entities have sufficient equity and equity investors exhibit the characteristics of a controlling financial interest through their voting rights. The Company consolidates such entities when it has a controlling financial interest through ownership of a majority of the entities' voting equity interests. At each reporting period, the Company reassesses the status of an entity as a VIE and the determination of the Company as the primary beneficiary, or if there is a change in the Company's ability to control through a majority voting interest. Changes in consolidation status are applied prospectively. An entity may be consolidated as a result of this reassessment, in which case, the assets, liabilities and noncontrolling interest in the entity are recorded at fair value upon initial consolidation. Any existing equity interest held by the Company in the entity prior to the Company obtaining control will be remeasured at fair value, which may result in a gain or loss recognized upon initial consolidation. The Company may also deconsolidate a subsidiary as a result of this reassessment, which may result in a gain or loss recognized upon deconsolidation depending on the carrying values of deconsolidated assets and liabilities compared to the fair value of any retained interests. 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. Fair Value Measurement Fair value is based on an exit price, defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Where appropriate, the Company makes adjustments to estimated fair values to appropriately reflect counterparty credit risk as well as the Company's own credit-worthiness. The estimated fair value of financial assets and financial liabilities are categorized into a three-tier hierarchy, prioritized based on the level of transparency in inputs used in the valuation techniques, as follows: Level 1 —Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 —Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or valuation techniques utilizing inputs that are observable directly or indirectly for substantially the full term of the financial instrument. Level 3 —At least one assumption or input is unobservable and is significant to the fair value measurement, requiring significant management judgment or estimate. Where the inputs used to measure the fair value of a financial instrument falls into different levels of the fair value hierarchy, the financial instrument is categorized within the hierarchy based on the lowest level of input that is significant to its fair value measurement. The Company has not elected fair value option for any financial instruments. Business Combinations The Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. Net cash paid to acquire a business or assets is classified as investing activities on the accompanying statements of cash flows. The Company accounts for business combinations by applying the acquisition method. Transaction costs related to acquisition of a business are expensed as incurred and excluded from the fair value of consideration transferred. The identifiable assets acquired, liabilities assumed and noncontrolling interests in acquired entity are recognized and measured at their estimated fair values. The excess of the fair value of consideration transferred over the fair values of identifiable assets acquired, liabilities assumed and noncontrolling interests in an acquired entity, net of fair value of any previously held interest in the acquired entity, is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets and liabilities. For acquisitions that are not deemed to be businesses, the assets acquired are recognized based on their cost to the Company as the acquirer and no gain or loss is recognized unless the fair value of non-cash assets given as consideration differs from the carrying amount of the assets acquired. The cost of assets acquired in a group is allocated to individual assets within the group based on their relative fair values and does not give rise to goodwill. Transaction costs related to acquisition of assets are included in the cost basis of the assets acquired. Contingent consideration is classified as a liability or equity, as applicable. Contingent consideration in connection with the acquisition of a business is measured at fair value on acquisition date, and unless classified as equity, is remeasured at fair value each reporting period thereafter until the consideration is settled, with changes in fair value included in net income. For contingent consideration in connection with the acquisition of assets, subsequent changes to the recorded amount are adjusted against the cost of the acquisition. Real estate acquisitions, which are considered as either business combinations or asset 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. Foreign Currency Assets and liabilities of non-U.S. dollar functional currency investments and subsidiaries are translated 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. Gains and losses related to translation of these non-U.S dollar functional currency items are included in other comprehensive income or loss within stockholders’ equity. Upon sale, complete or substantially complete liquidation of an investment in a foreign subsidiary, or upon partial sale of an equity method investment, the translation adjustment associated with the investment, or the proportionate share related to the portion of equity method investment sold, is reclassified from accumulated other comprehensive income or loss into earnings. Gains and losses resulting from nonfunctional currency transactions are recognized in the income statement in other gain (loss), net. Disclosures of non-US dollar amounts to be recorded in the future are translated using exchange rates in effect at balance sheet date. Cash and Cash Equivalents Short-term, highly liquid investments with original maturities of three months or less are considered to be cash equivalents. The Company did not have any cash equivalents at December 31, 2015 and 2014 . At various times during the year, the Company may have bank balances in excess of federally insured limits. Loans Receivable The Company originates and purchases loans receivable. The accounting framework for loans receivable depends on the Company's strategy whether to hold or sell the loan, and separately, if the loan was credit-impaired at time of acquisition or if the lending arrangement is an acquisition, development and construction loan. Loans Held for Investment (other than Purchased Credit-Impaired Loans) Loans that the Company has the intent and ability to hold for the foreseeable future are classified as held-for-investment. Originated loans are recorded at amortized cost, or outstanding unpaid principal balance less net deferred loan fees. Net deferred loan fees include unamortized origination and other fees charged to the borrower less direct incremental loan origination costs incurred by the Company. Purchased loans are recorded at amortized cost, or unpaid principal balance plus purchase premium or less unamortized discount. Costs to purchase loans are expensed as incurred. Interest Income —Interest income is recognized based upon contractual interest rate and unpaid principal balance of the loans. Net deferred loan fees on originated loans are deferred and amortized as adjustments to interest income over the expected life of the loans using the effective yield method. Premium or discount on purchased loans are amortized as adjustments to interest income over the expected life of the loans using the effective yield method. For revolving loans, net deferred loan fees, premium or discount are amortized to interest income using the straight-line method. When a loan is prepaid, prepayment fees and any excess of proceeds over the carrying amount of the loan are recognized as additional interest income. Nonaccrual —Accrual of interest income is suspended on nonaccrual loans. Loans that are past due 90 days or more as to principal or interest, or where reasonable doubt exists as to timely collection, are generally considered nonperforming and placed on nonaccrual status. Interest receivable is reversed against interest income when loans are placed on nonaccrual status. Interest collection on nonaccruing loans for which ultimate collectability of principal is uncertain is recognized using a cost recovery method by applying interest collected as a reduction to loan principal; otherwise, interest collected is recognized on a cash basis by crediting to income when received. Loans may be restored to accrual status when all principal and interest is current and full repayment of the remaining contractual principal and interest is reasonably assured. Impairment and Allowance for Loan Losses —On a periodic basis, the Company analyzes the extent and effect of any credit migration from underwriting and the initial investment review associated with the performance of a loan and/or value of its underlying collateral, as well as financial and operating capability of the borrower or sponsor. Specifically, operating results of collateral properties and any cash reserves are analyzed and used to assess whether cash from operations are sufficient to cover debt service requirements currently and into the future, ability of the borrower to refinance the loan, and/or liquidation value of collateral properties. 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 collateral properties. Such analysis is performed at least quarterly, or more often as needed when impairment indicators are present. The Company does not utilize a statistical credit rating system to monitor and assess the credit risk and investment quality of its acquired or originated loans. Given the diversity of the Company's portfolio, management believes there is no consistent method of assigning a numerical rating to a particular loan that captures all of the various credit metrics and their relative importance. Therefore, the Company evaluates impairment and allowance for loan losses on an individual loan basis. Loans are considered to be impaired when it is probable that the Company will not be able to collect all amounts due in accordance with contractual terms of the loans, including consideration of underlying collateral value. Allowance for loan losses represent the estimated probable credit losses inherent in loans held for investment at balance sheet date. Changes in allowance for loan losses are recorded in the provision for loan losses on the consolidated statement of operations. Allowance for loan losses generally exclude interest receivable as accrued interest receivable is reversed when a loan is placed on nonaccrual status. Allowance for loan losses is generally measured as the difference between the carrying value of the loan and either the present value of cash flows expected to be collected, discounted at the original effective interest rate of the loan or an observable market price for the loan. Subsequent changes in impairment are recorded as adjustments to the provision for loan losses. Loans are charged-off against allowance for loan losses when all or a portion of the principal amount is determined to be uncollectible. A loan is considered to be collateral-dependent when repayment of the loan is expected to be provided solely by the underlying collateral. Impaired collateral-dependent loans are written down to the fair value of the collateral less disposal cost, first through a charge-off against allowance for loan losses, if any, then recorded as impairment loss. Troubled Debt Restructuring ("TDR") — A loan with contractual terms modified in a manner that grants concession to the borrower who is experiencing financial difficulty is classified as a TDR. Concessions could include term extensions, payment deferrals, interest rate reductions, principal forgiveness, forbearance, or other actions designed to maximize the Company's collection on the loan. As a TDR is generally considered to be an impaired loan, it is measured for impairment based on the Company's allowance for loan losses methodology. Loans Held for Sale Loans that the Company intends to sell or liquidate in the foreseeable future are classified as held-for-sale. Loans held for sale are carried at the lower of amortized cost or fair value less disposal cost, with valuation changes recognized as impairment loss. Loans held for sale are not subject to allowance for loan losses. Net deferred loan origination fees and purchase premium or discount are capitalized as part of the carrying value of the held-for-sale loan, therefore included in the periodic valuation adjustments based on lower of cost or fair value less disposal cost, and ultimately, in the gain or loss upon sale of the loan. Purchased Credit-Impaired ("PCI") Loans PCI loans are acquired loans with evidence of credit quality deterioration for which it is probable at acquisition that the Company will collect less than the contractually required payments. PCI loans are recorded at the initial investment in the loans and accreted to the estimated cash flows expected to be collected as measured at acquisition date. The excess of cash flows expected to be collected, measured as of acquisition date, over the estimated fair value represents the accretable yield and is recognized in interest income over the remaining life of the loan using the effective interest method. The difference between contractually required payments as of the acquisition date and the cash flows expected to be collected ("nonaccretable difference") is not recognized as an adjustment of yield, loss accrual or valuation allowance. The Company evaluates estimated future cash flows expected to be collected on a quarterly basis, starting with the first full quarter after acquisition, or earlier if conditions indicating impairment are present. If the cash flows expected to be collected cannot be reasonably estimated, either at acquisition or in subsequent evaluation, the Company may consider placing such PCI loans on nonaccrual, with interest income recognized using the cost recovery method or on a cash basis. Subsequent decreases in cash flows expected to be collected are evaluated to determine whether a provision for loan loss should be established. If decreases in expected cash flows result in a decrease in the estimated fair value of the loan below its amortized cost, the Company records a provision for loan losses calculated as the difference between the loan’s amortized cost and the revised cash flows, discounted at the loan’s effective yield. Subsequent increases in cash flows expected to be collected are first applied to reverse any previously recorded allowance for loan losses, with any remaining increases recognized prospectively through an adjustment to yield over its remaining life. Factors that most significantly affect estimates of cash flows expected to be collected, and accordingly the accretable yield, include: (i) estimate of the remaining life of acquired loans which may change the amount of future interest income; (ii) changes to prepayment assumptions; (iii) changes to collateral value assumptions for loans expected to foreclose; and (iv) changes in interest rates on variable rate loans. PCI loans may be aggregated into pools based upon common risk characteristics, such as loan performance, collateral type and/or geographic location of the collateral. A pool is accounted for as a single asset with a single composite yield and an aggregate expectation of estimated future cash flows. A PCI loan modified within a pool remains in the pool, with the effect of the modification incorporated into the expected future cash flows. A loan resolution within a loan pool, which may involve the sale of the loan or foreclosure on the underlying collateral, results in the removal of an allocated carrying amount, including an allocable portion of any existing allowance. Acquisition, Development and Construction ("ADC") Loan Arrangements The Company provides loans to third party developers for the acquisition, development and construction of real estate. Under an ADC arrangement, the Company participates in the expected residual profits of the project through the sale, refinancing or other use of the property. The Company evaluates the characteristics of each ADC arrangement including its risks and rewards to determine whether they are more similar to those associated with a loan or an investment in real estate. ADC arrangements with characteristics implying loan classification are presented as loans receivable and result in the recognition of interest income. ADC arrangements with characteristics implying real estate joint ventures are presented as investments in unconsolidated joint ventures and are accounted for using the equity method. The classification of each ADC arrangement as either loan receivable or real estate joint venture involves significant judgment and relies on various factors, including market conditions, amount and timing of expected residual profits, credit enhancements in the form of guaranties, estimated fair value of the collateral, significance of borrower equity in the project, among others. The classification of ADC arrangements is performed at inception, and periodically reassessed when significant changes occur in the circumstances or conditions described above. Real Estate Assets Real Estate Held for Investment Real estate held for investment is carried at cost less accumulated depreciation. Costs Capitalized or Expensed— Expenditures for ordinary repairs and maintenance are expensed as incurred, while expenditures for significant renovations that improve or extend the useful life of the asset are capitalized and depreciated over their estimated useful lives. Depreciation— Real estate held for investment is depreciated on a 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 their estimated useful lives. Land is not depreciated. Impairment —The Company evaluates its real estate held for investment for impairment periodically or whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Company evaluates cash flows and determines impairments on an individual property basis. In making this determination, the Company reviews, among other things, current and estimated future cash flows associated with each property, market information for each sub-market, including, where applicable, competition levels, foreclosure levels, leasing trends, occupancy trends, lease or room rates, and the market prices of similar properties recently sold or currently being offered for sale, and other quantitative and qualitative factors. If an impairment indicator exists, the Company evaluates whether the expected future undiscounted cash flows is less than the carrying amount of the asset, and if the Company determines that the carrying value is not recoverable, an impairment loss is recorded for the difference between the estimated fair value and the carrying amount of the asset. Real Estate Held for Sale Classification as Held for Sale —Real estate asset is classified as held for sale in the period when (i) management approves a plan to sell the asset, (ii) the asset is available for immediate sale in its present condition, subject only to usual and customary terms, (iii) a program is initiated to locate a buyer and actively market the asset for sale at a reasonable price, and (iv) completion of the sale is probable within one year. Real estate held for sale is stated at the lower of its carrying amount or estimated fair value less disposal cost, with any write-down to fair value less disposal cost recorded as an impairment loss. For any subsequent increase in fair value less disposal cost, the impairment loss may be reversed, but only up to the amount of cumulative loss previously recognized. Depreciation is not recorded on assets classified as held for sale. If circumstances arise that were previously considered unlikely and, as a result, the Company decides not to sell the real estate asset previously classified as held for sale, the real estate asset is reclassified as held for investment. Upon reclassification, the real estate asset is measured at the lower of (i) its carrying amount prior to classification as held for sale, adjusted for depreciation expense that would have been recognized had the real estate been continuously classified as held for investment, or (ii) its estimated fair value at the time the Company decides not to sell. Real Estate Sales —The Company evaluates if real estate sale transactions qualify for recognition under the full accrual method, considering whether, among other criteria, the buyer’s initial and continuing investments are adequate to demonstrate a commitment to pay, any receivable due to the Company is not subject to future subordination, the Company has transferred to the buyer the usual risks and rewards of ownership and the Company does not have a substantial continuing involvement with the sold real estate. At the time the sale is consummated, a gain or loss is recognized as the difference between the sale price less disposal cost and the carrying value of the real estate. Real estate investments classified as held for sale or disposed may be reported in discontinued operations if the disposal represents a strategic shift that has or will have a major effect on the Company's operations and financial results. A discontinued operation may include an asset group, a reporting unit, an operating segment, a reportable segment, a subsidiary, or a business. Foreclosed Properties The Company receives foreclosed properties in full or partial settlement of loans receivable by taking legal title or physical possession of the properties. Foreclosed properties are recognized, generally, at the time the real estate is received at foreclosure sale or upon execution of a deed in lieu of foreclosure. Foreclosed properties are initially measured at fair value and amounts less than the carrying value of the loan, after reversing any previously recognized loss provision on the loan, is recorded as impairment loss. The Company periodically evaluates foreclosed properties for subsequent decrease in fair value which is recorded as additional impairment loss. Fair value of foreclosed properties are generally based on third party appraisals, broker price opinions, comparable sales or a combination thereof. Investments in Unconsolidated Joint Ventures The Company holds ownership interests in certain joint ventures with Co-Investment Funds or other unaffiliated investors, as well as general partnership interest in a fund sponsored by the Company. Where the Company exerts significant influence over the operating and financial policies of these investees, but does not have a controlling financial interest, the Company's interests in these investees are accounted for under the equity method as investments in unconsolidated joint ventures. 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. The Company's share of net income or loss from its general partner interest in its sponsored fund reflects fair value changes in the underlying investments of the fund which are reported at fair value in accordance with investment company guidelines. The Company records its proportionate share of income from certain investments in unconsolidated joint ventures one to three months in arrears. Distributions of operating profits from joint ventures are reported as operating cash flows. Distributions related to a capital transaction, such as a refinancing transaction or sale, are reported as investing activities. Investments that do not qualify for consolidation or equity method accounting are accounted for under the cost method. Dividends received from cost-method investments are recorded as dividend income to the extent they are not considered a return of capital, otherwise such amounts are recorded as a reduction to the cost of investment. 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. Identifiable Intangibles In a business combination, the Company recognizes identifiable intangibles that meet either or both the contractual-legal criterion or the separability criterion. Indefinite-lived intangibles are not subject to amortization until such time that its useful life is determined to no longer be indefinite, at which point, it will be assessed for impairment and its adjusted carrying amount amortized over its remaining useful life. Finite-lived intangibles are amortized over their useful life in a manner that reflects the pattern in which the intangible is being consumed if readily determinable such as expected cash flows, otherwise on a straight-line basis. The useful life of all identified intangibles will be periodically reassessed and if useful life changes, the carrying amount of the intangible will be amortized prospectively over the revised useful life. Finite-lived intangibles will be periodically reviewed for impairment and an impairment loss will be recognized if the carrying amount of the intangible is not recoverable and exceeds its fair value. An impairment establishes a new basis for the identifiable intangibles and any impairment loss recognized is not subject to subsequent reversal. Identifiable intangibles recognized in acquisitions of operating real estate properties generally include in-place leases, above- or below-market leases and deferred leasing costs. In-place leases generate value over and above the tangible real estate because a property that is occupied with leased space is typically worth more than a vacant building without an operating lease contract in place. The estimated fair value of acquired in-place leases is derived based on management's assessment of costs avoided from having tenants in place, including lost rental income, rent

Combination with Colony Capital

Combination with Colony Capital	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Combination with Colony Capital	Combination with Colony Capital On April 2, 2015, pursuant to agreements dated December 23, 2014, OP completed its acquisition of the CCLLC 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 became an internally managed company. The Combination was subject to approval of two-thirds of the Company’s non-affiliated shareholders, which was received at a special meeting of shareholders held on March 31, 2015. Upon consummation of the Combination, CCLLC's personnel became employees of the Company and the Company became an internally managed REIT. The Company plans to sponsor new investment vehicles as general partner under the Colony name. In addition, the Company changed its name from Colony Financial, Inc. to Colony Capital, Inc. The Company’s common stock, which was reclassified as Class A Common Stock, continues to be listed on the NYSE under the ticker symbol “CLNY.” 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 became effective at the closing of the Combination. The consideration for the Combination consisted of an upfront and a contingent portion, as follows: • Upfront consideration paid in a combination of 1.43 million shares of Class A Common Stock, 563,987 shares of newly created Class B Common Stock and 21.34 million of OP Units, measured based upon the closing price of the Company’s common stock of $26.19 on April 1, 2015, as well as $61.4 million of cash payments made for working capital, transaction costs incurred on behalf of CCLLC and tax withholding on behalf of Mr. Saltzman. The aggregate upfront consideration was valued at $672.3 million . • Contingent consideration to be paid in a combination of up to approximately 1.02 million shares of Class A Common Stock, 90,991 shares of Class B Common Stock and approximately 3.47 million OP Units, subject to multi-year performance targets for achievement of certain funds from operations per share targets and capital-raising thresholds from the funds management businesses. 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. Each share of Class B Common Stock and each OP Unit is, 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 following table summarizes the total consideration and allocation to assets acquired and liabilities assumed at April 2, 2015. The amount of cash consideration was determined, in part, based upon the calculated net working capital of CCLLC at closing. In the fourth quarter of 2015, certain measurement period adjustments were identified which impacted provisional accounting, including final computation of the net working capital of CCLLC and an adjustment to deferred tax liability resulting from a change in the seller's tax basis related to the trade name as of acquisition date, as presented in the table below. (In thousands) As Reported At June 30, 2015 (1) Measurement Period Adjustments As Revised At December 31, 2015 Consideration Cash $ 60,900 $ 450 $ 61,350 Class A and Class B common stock issued 52,160 52,160 OP Units issued 558,794 558,794 Estimated fair value of contingent consideration (2) 69,500 69,500 $ 741,354 $ 450 $ 741,804 Identifiable assets acquired and liabilities assumed Cash $ 5,015 $ 5,015 Fixed assets 46,396 46,396 Other assets 23,039 261 23,300 Intangible asset: Investment management contracts 46,000 46,000 Customer relationships 46,800 46,800 Trade name 15,500 15,500 Notes payable (44,337 ) (44,337 ) Deferred tax liability (43,673 ) 7,753 (35,920 ) Other liabilities (18,454 ) (763 ) (19,217 ) 76,286 7,251 83,537 Goodwill 665,068 (6,801 ) 658,267 $ 741,354 $ 450 $ 741,804 __________ (1) The estimated fair values and purchase price allocation at April 2, 2015 are subject to retrospective adjustments during the measurement period, not to exceed one year, based upon new information obtained about facts and circumstances that existed as of the date of acquisition. (2) Fair value of contingent consideration estimated as of April 2, 2015 is subject to remeasurement each reporting period, as discussed in Note 13. See Note 8 for further discussions related to identifiable intangible assets and goodwill, and Note 13 for fair value measurement of contingent consideration. Total income and net income attributable to Colony Capital, Inc. from the investment management segment, as included in the consolidated statement of operations, were $63.9 million and $21.0 million , respectively, for the period from acquisition date through December 31, 2015. Pro Forma Results (Unaudited) The following table presents pro forma results of the Company as if the Combination had been consummated on January 1, 2014. The amounts have been calculated pursuant to the application of the Company’s accounting policies and adjusting the results of CCLLC's operations to reflect additional compensation expense, depreciation and amortization, income tax, and after eliminating intercompany transactions of the combined entities and allocation of net income to OP Units. The pro forma results for the years ended December 31, 2015 and 2014 were adjusted to exclude acquisition-related expenses of approximately $15.1 million and $8.3 million , respectively. The pro forma results are not indicative of future operating results. Year Ended December 31, (In thousands, except per share data) 2015 2014 Pro forma: Total income $ 873,075 $ 414,753 Net income attributable to Colony Capital, Inc. 166,662 111,124 Net income attributable to common stockholders 124,093 86,254 Net income per common share: Basic $ 1.09 $ 0.86 Diluted $ 1.09 $ 0.86

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Variable Interest Entities	Variable Interest Entities Securitizations The Company securitizes loans receivable using VIEs as a source of financing. Securitization usually occurs in conjunction with or shortly after the Company's origination or purchase of the commercial mortgage loans. The securitization vehicles are structured as pass through entities that receive principal and interest on the underlying mortgage loan collateral and distribute those payments to the holders of the notes or certificates issued by the securitization vehicles. The loans are transferred into securitization vehicles such that these assets are restricted and legally isolated from the creditors of the Company, and therefore are not available to satisfy the Company's obligations but only obligations of the securitization vehicles. The obligations of the securitization vehicles do not have any recourse to the general credit of any other consolidated entities, nor to the Company. The Company retains beneficial interests in the securitization vehicles, usually equity tranches or subordinate securities, or in the interim period, senior securities. Affiliates of the Company or appointed third parties act as special servicer of the underlying collateral mortgage loans. The special servicer has the power to direct activities during the loan workout process on defaulted and delinquent loans as permitted by the underlying contractual agreements, which is subject to the consent of the Company, as the controlling class representative or directing holder who, under certain circumstances, has the right to unilaterally remove the special servicer. As the Company’s rights as the directing holder and controlling class representative provide the Company the ability to direct activities that most significantly impact the economic performance of the securitization vehicles, for example, responsibility over decisions related to loan modifications and workouts, the Company maintains effective control over the loans transferred into the securitization trusts. Considering the positions retained by the Company in the securitization vehicles together with its role as controlling class representative or directing holder, the Company is deemed to be the primary beneficiary and consolidates these securitization vehicles. Accordingly, these securitizations did not qualify as sale transactions and are accounted for as secured financing with the underlying mortgage loans pledged as collateral. All of the underlying assets, liabilities, equity, revenue and expenses of the securitization vehicles are consolidated within the Company's consolidated financial statements. The Company’s exposure to the obligations of the securitization vehicles is generally limited to its investment in these entities, which was $412.8 million and $282.1 million at December 31, 2015 and 2014, respectively. The Company is not obligated to provide any financial support to these securitization vehicles and did not do so in the periods reported. Operating Subsidiary The Company's operating subsidiary under the UPREIT structure, OP, is a limited liability company that has governing provisions that are the functional equivalent of a limited partnership. The Company holds the majority of membership interest in OP, acts as the managing member of OP and exercises full responsibility, discretion and control over the day-to-day management of OP. The noncontrolling interests in OP do not have either substantive liquidation rights, or substantive kick-out rights without cause, or substantive participating rights that could be exercised by a simple majority of noncontrolling interest members (including by such a member unilaterally). The absence of such rights, which represent voting rights in a limited partnership equivalent structure, would render OP to be a VIE. The Company, as managing member, has the power to direct the core activities of OP that most significantly affect OP's performance, and through its majority interest in OP, has both the right to receive benefits from and the obligation to absorb losses of OP. Accordingly, the Company is the primary beneficiary of OP and consolidates OP. As the Company conducts its business and holds its assets and liabilities through OP, the total assets and liabilities of OP comprise substantially all of the total consolidated assets and liabilities of the Company. Sponsored Funds The Company sponsors funds and other similar investment vehicles as general partner ("Sponsored Funds"), for the purpose of providing investment management services in exchange for management fees and performance-based fees. Sponsored Funds are established as limited partnerships or equivalent structures. The limited partners of Sponsored Funds do not have either substantive liquidation rights, or substantive kick-out rights without cause, or substantive participating rights, that could be exercised by a simple majority of limited partners or by a single limited partner. The absence of such rights, which represent voting rights in a limited partnership, results in the sponsored fund being considered a VIE. The Company invests alongside its Sponsored Funds through joint ventures between the Company and the Sponsored Funds. These co-investment joint ventures are consolidated by the Company. As general partner, the Company has capital commitments directly to the Sponsored Funds and as an affiliate of the general partner, capital commitments satisfied directly through the co-investment joint ventures. The nature of the Company's involvement with the Sponsored Funds comprise fee arrangements and equity interests which absorb insignificant variability. As the Company acts in the capacity of an agent of the Sponsored Funds, the Company is not the primary beneficiary and does not consolidate the Sponsored Funds. The Company accounts for its equity interest in the Sponsored Funds under the equity method. At December 31, 2015, the Company had one Sponsored Fund and its equity method investment balance in the Sponsored Fund was approximately $0.3 million .

Loans Receivable

Loans Receivable	12 Months Ended
	Dec. 31, 2015
Receivables [Abstract]
Loans Receivable	Loans Receivable Loans Held For Investment The following table provides a summary of the Company’s loans held for investment. December 31, 2015 December 31, 2014 (Amounts in thousands) Unpaid Principal Balance Carrying Value Weighted Average Coupon Weighted Average Maturity in Years Unpaid Principal Balance Carrying Value Weighted Average Coupon Weighted Average Maturity in Years Non-PCI Loans Fixed rate Mortgage loans $ 871,556 $ 866,527 10.1 % 4.2 $ 134,636 $ 126,185 6.4 % 8.7 Securitized mortgage loans 135,519 138,366 6.4 % 16.9 170,218 174,292 6.5 % 17.1 B-notes 180,973 182,957 8.5 % 2.4 143,376 140,312 8.5 % 3.2 Mezzanine loans 169,262 171,295 11.8 % 3.1 125,163 125,163 10.3 % 4.6 1,357,310 1,359,145 573,393 565,952 Variable rate Mortgage loans 639,420 624,240 7.2 % 1.7 331,192 326,491 6.9 % 1.9 Securitized mortgage loans 1,051,822 1,048,522 5.5 % 3.4 630,420 625,176 5.7 % 6.2 B-notes 3,593 3,134 9.5 % 2.3 — — Mezzanine loans 348,091 347,267 10.8 % 0.7 367,863 365,825 10.9 % 1.5 2,042,926 2,023,163 1,329,475 1,317,492 3,400,236 3,382,308 1,902,868 1,883,444 PCI Loans Mortgage loans 1,008,839 693,934 334,500 239,702 Securitized mortgage loans 8,871 7,422 9,672 8,185 1,017,710 701,356 344,172 247,887 Allowance for loan losses — (35,187 ) — (197 ) Loans held for investment, net $ 4,417,946 $ 4,048,477 $ 2,247,040 $ 2,131,134 Activity in loans held for investment is summarized below: Year Ended December 31, (In thousands) 2015 2014 2013 Carrying value at January 1 $ 2,131,134 $ 1,028,654 $ 333,569 Loan acquisitions and originations 1,145,704 1,735,526 876,503 Paid-in-kind interest added to loan principal 30,211 2,796 218 Discount and net loan fee amortization 17,062 46,053 6,945 Carrying value of loans sold — — (70,280 ) Noncash distribution of loan receivable to a noncontrolling interest — — (18,500 ) Loan repayments (346,246 ) (673,815 ) (106,083 ) Payments received from PCI loans (514,818 ) (11,725 ) (544 ) Accretion on PCI loans 158,468 35,115 3,108 Transfer to real estate assets upon foreclosure (155,035 ) — — Provision for loan losses, excluding interest receivable (37,254 ) (200 ) — Consolidation of loans receivable held by investment entities (Note 7) 1,629,496 — — Effect of changes in foreign exchange rates (10,245 ) (31,270 ) 3,718 Carrying value at December 31 $ 4,048,477 $ 2,131,134 $ 1,028,654 As discussed in Note 7, effective April 2, 2015, the Company was deemed to have a controlling financial interest in a number of its real estate investment entities previously accounted for under the equity method. As a result, the Company consolidated these investment entities, including loans receivable held by these entities, a majority of which were PCI loans. Loan Maturity and Aging Carrying value of loans held for investment before allowance for loan losses, excluding PCI loans, based on remaining maturities under contractual terms at December 31, 2015 , was as follows: (In thousands) Due in one year or less $ 726,385 Due after one year through five years 2,216,123 Due after five years 439,800 $ 3,382,308 The following table provides an aging summary of loans held for investment at carrying value before allowance for loan losses, excluding PCI loans. (In thousands) Current or Less Than 30 Days Past Due 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total At December 31, 2015 $ 3,357,454 $ 14,628 $ 1,509 $ 8,717 $ 3,382,308 At December 31, 2014 1,864,466 12,002 3,058 3,918 1,883,444 Troubled Debt Restructuring The following table provides a summary of loans modified in TDRs in which the Company provided the borrower various concessions in interest rates, payment terms or default waivers. Year Ended December 31, (Dollars in thousands) 2015 2014 2013 Number of TDRs 1 1 — Carrying amount of loans restructured in TDR during the period $ 26,667 $ 8,381 $ — Loss on TDR 278 — — At December 31, 2015 and 2014 , carrying amount of TDR loans was $26.7 million and $8.4 million , respectively, and all TDR loans were performing according to their modified terms. Purchased Credit-Impaired Loans For the year ended December 31, 2015 , no new PCI loans were acquired other than those acquired through consolidation of the investment entities on April 2, 2015. The following table presents these PCI loans at acquisition date on April 2, 2015: (In thousands) Contractually required payments including interest $ 1,936,499 Less: Nonaccretable difference (850,212 ) Cash flows expected to be collected 1,086,287 Less: Accretable yield (121,130 ) Fair value of loans acquired $ 965,157 Changes in accretable yield of PCI loans are as follows: Year Ended December 31, (In thousands) 2015 2014 2013 Beginning accretable yield $ 98,523 $ 130,823 $ — Additions — 3,067 131,037 Changes in accretable yield 12,199 13,436 — Accretion (158,468 ) (35,115 ) (3,108 ) Consolidation of PCI loans held by investment entities (Note 7) 121,130 — — Effect of changes in foreign exchange rates (6,745 ) (13,688 ) 2,894 Ending accretable yield $ 66,639 $ 98,523 $ 130,823 Nonaccrual Loans Carrying value of loans before allowance for loan losses that have been placed on nonaccrual were as follows: December 31, (In thousands) 2015 2014 Non-PCI loans $ 10,226 $ 3,917 PCI loans 116,647 — $ 126,873 $ 3,917 At December 31, 2015 and 2014, there were no non-PCI loans past due 90 days or more that continued to accrue interest. For the year ended December 31, 2015, interest income of $0.6 million was recognized on a cash basis related to PCI loans with carrying value of $34.1 million at December 31, 2015, as the Company did not have a reasonable expectation of the timing and amount of cash flows. There was no cash basis interest income recognized in 2014. Allowance for Loan Losses The allowance for loan losses and related carrying value of loans held for investment were as follows: December 31, 2015 December 31, 2014 (In thousands) Allowance for Loan Losses Carrying Value Allowance for Loan Losses Carrying Value Non-PCI loans $ 472 $ 7,827 $ 197 $ 3,438 PCI loans 34,715 203,527 — — $ 35,187 $ 211,354 $ 197 $ 3,438 Changes in allowance for loan losses are presented below: Year Ended December 31, (In thousands) 2015 2014 2013 Allowance for loan losses at January 1 $ 197 $ — $ — Provision for loan losses 37,475 197 — Charge-off (2,485 ) — — Allowance for loan losses at December 31 $ 35,187 $ 197 $ —

Real Estate Assets

Real Estate Assets	12 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
Real Estate Assets	Real Estate Assets The Company's real estate assets comprise the following: December 31, (In thousands) 2015 2014 Real Estate Held for Investment Land $ 578,577 $ 265,263 Buildings and improvements 2,619,872 1,385,155 Foreclosed properties 19,989 — 3,218,438 1,650,418 Less: Accumulated depreciation (86,220 ) (6,421 ) 3,132,218 1,643,997 Real Estate Held for Sale Land, buildings and improvements 203,970 — Foreclosed properties 93,917 — 297,887 — Real Estate Assets, Net $ 3,430,105 $ 1,643,997 As discussed in Note 7, effective April 2, 2015, the Company was deemed to have a controlling financial interest in a number of its real estate investment entities previously accounted for under the equity method. As a result, the Company consolidated the real estate assets, both real estate held for investment and held for sale, including foreclosed properties, held by these investment entities. Depreciation and Impairment Depreciation expense on real estate held for investment was $83.2 million , $6.2 million and $0.2 million for the years ended December 31, 2015, 2014 and 2013, respectively. For the year ended December 31, 2015, impairment loss of $6.8 million was recognized on real estate held for sale, including properties disposed during the year and $0.3 million on real estate held for investment to write down these properties to their recoverable value. There was no impairment on real estate assets for the years ended December 31, 2014 and 2013. Real Estate Acquisitions The following table summarizes the Company's real estate acquisitions. Purchase Price Allocation Acquisition Date Property Type and Location Number of Properties Purchase Price (1) Land Buildings and Improvements Lease Intangible Assets Lease Intangible (Liabilities) Other Assets Other (Liabilities) 2015 (2) Asset Acquisitions (3) January Education - Switzerland 2 $ 167,911 $ 16,450 $ 130,446 $ 21,015 $ — $ — $ — June Office - Norway (4) 1 322,231 69,350 257,541 28,235 — — (32,895 ) November Office - France 1 31,000 3,936 24,096 3,661 (693 ) — — Business Combinations (5) (6) — Various Light industrial - Various in U.S. 34 345,463 53,257 280,380 17,724 (5,898 ) — — December Mixed use - United Kingdom 24 440,999 72,601 315,334 60,656 (7,592 ) — — 62 $ 1,307,604 $ 215,594 $ 1,007,797 $ 131,291 $ (14,183 ) $ — $ (32,895 ) 2014 Business Combinations (5) June Office - Arizona 1 $ 15,675 $ — $ 14,130 $ 1,835 $ (290 ) $ — $ — July Industrial - Ohio 1 15,644 453 9,815 5,376 — — — December Light industrial - Various in U.S. (7) 257 1,604,534 256,491 1,256,843 92,144 (10,163 ) 27,784 (18,565 ) 259 $ 1,635,853 $ 256,944 $ 1,280,788 $ 99,355 $ (10,453 ) $ 27,784 $ (18,565 ) 2013 Business Combinations (5) December Office - Minnesota 1 $ 122,750 $ 8,319 $ 104,367 $ 10,064 $ — $ — $ — __________ (1) Dollar amounts of purchase price and allocation to assets acquired and liabilities assumed are translated based on foreign exchange rates as of respective dates of acquisition, where applicable. (2) Useful life of real estate assets acquired in 2015 ranges from 30 - 46 years for buildings, 3 - 24 years for improvements and 2 - 20 years for lease intangibles. (3) These asset acquisitions are net lease properties in which the Company entered into sale-leaseback transactions with the sellers. Transaction costs associated with asset acquisitions are capitalized, totaling approximately $9.0 million in 2015. (4) The Company acquired equity in a subsidiary of the seller, partially financed by a non-callable bond, and assumed the liabilities of the entity acquired of $2.1 million , as well as the entity's tax basis, resulting in a tax basis difference recorded as a deferred tax liability of $30.8 million upon acquisition. (5) Acquisitions of real estate assets with existing leases where the sellers are not the lessees are classified as business combinations. Transaction costs associated with business combinations are expensed, totaling $22.2 million , $7.5 million and $0.6 million for 2015, 2014 and 2013, respectively. (6) The estimated fair values and purchase price allocation are provisional and subject to retrospective adjustments during the measurement period, not to exceed one year, based upon new information obtained about facts and circumstances that existed as of the date of acquisition. (7) The Company acquired a portfolio of light industrial real estate properties and associated operating platform from Cobalt Capital Partners, L.P. and its affiliates. Other assets and liabilities comprise cash of $7.8 million , accrued and other liabilities of $18.6 million and goodwill of $20.0 million . 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, while the Company acquired 100% of the associated operating platform. Real estate acquisitions accounted for as business combinations in 2015 contributed $30.9 million and $22.8 million of property operating income and net loss, respectively, for the year ended December 31, 2015. Pro Forma Results (Unaudited) The following table presents pro forma results of the Company as if all 2015 and 2014 business combinations listed above had been completed on January 1, 2014. The pro forma results have been adjusted to exclude non-recurring acquisition-related expenses of approximately $22.2 million and $7.5 million for the years ended December 31, 2015 and 2014, respectively. The pro forma results are not necessarily indicative of future operating results. Year Ended December 31, (In thousands, except per share data) 2015 2014 Pro forma: Total income $ 897,364 $ 522,249 Net income 269,486 155,827 Net income attributable to common stockholders 109,941 90,210 Net income per common share: Basic $ 0.98 $ 0.92 Diluted $ 0.98 $ 0.92 Real Estate Held for Sale In 2015, real estate assets with carrying value of $618.7 million were classified as held for sale, of which $320.8 million were disposed during the year for net gains of approximately $9.0 million . Additionally, $109.3 million of certain real estate assets which were consolidated as held for sale on April 2, 2015, were transferred into held for investment in July 2015 as the criteria for classification as held for sale were no longer met. Real estate classified as held for sale or disposed in 2015 did not constitute discontinued operations. There were no real estate assets carried as held for sale at December 31, 2014. At December 31, 2015, real estate held for sale of $20.3 million were written down to estimated fair value less selling costs. Fair value on these properties were estimated based on broker price opinions, comparable market information or discounted cash flows using an 8% discount rate. Selling costs were estimated at 5% to 8% of fair value. Property Operating Income The components of property operating income are as follows: Year Ended December 31, (In thousands) 2015 2014 2013 Rental income $ 193,293 $ 15,624 $ 592 Tenant reimbursements 51,530 5,338 197 Hotel operating income 55,048 — — $ 299,871 $ 20,962 $ 789 Future Minimum Rents The Company has operating leases with tenants that expire at various dates through 2034. Future contractual minimum rental payments to be received under noncancelable operating leases for real estate held for investment as of December 31, 2015 are as follows: Year Ending December 31, (In thousands) 2016 $ 222,003 2017 198,380 2018 167,133 2019 139,416 2020 117,137 2021 and after 637,541 Total $ 1,481,610

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	12 Months Ended
	Dec. 31, 2015
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract]
Investments in Unconsolidated Joint Ventures	Investments in Unconsolidated Joint Ventures The Company's investments in unconsolidated joint ventures comprise the following: December 31, (In thousands) 2015 2014 Equity method investments $ 824,597 $ 1,646,977 Cost method investment 99,868 — $ 924,465 $ 1,646,977 Certain of the Company’s investments in real estate debt and equity are structured as joint ventures with one or more private investment funds or other investment vehicles managed by CCLLC or its affiliates, or to a lesser extent, with unaffiliated third parties. These investment entities are generally capitalized through equity contributions from the members, although certain investments are leveraged through various financing arrangements. Subsequent to the Combination, the Company sponsors funds and other similar investment vehicles under the Colony name as general partner and the Company continues to invest alongside its Sponsored Funds through joint ventures between the Company and the Sponsored Funds. The assets of the investment entities may only be used to settle the liabilities of these entities and there is no recourse to the general credit of the Company nor the other investors for the obligations of these investment entities. Neither the Company nor the other investors are required to provide financial or other support in excess of their capital commitments. The Company’s exposure to the investment entities is limited to its equity method investment balance as of December 31, 2015 and December 31, 2014, respectively. Equity Method Investments Activity in the Company’s equity method investment is summarized below: Year Ended December 31, (In thousands) 2015 2014 2013 Balance at January 1 $ 1,646,977 $ 1,369,529 $ 877,081 Contributions 258,391 458,881 672,338 Distributions (1) (423,725 ) (225,736 ) (279,161 ) Equity in net income 47,605 73,829 100,708 Equity in other comprehensive (loss) income (612 ) 1,511 9,827 Equity in realized loss (gain) reclassified from accumulated other comprehensive income 161 (4,681 ) (12,935 ) Equity method investment entities derecognized and consolidated (957,009 ) — — Equity method investments of newly consolidated investment entities 270,966 — — Foreign currency translation (loss) gain and other (18,157 ) (26,356 ) 1,671 Balance at December 31 $ 824,597 $ 1,646,977 $ 1,369,529 __________ (1) In July 2015, the Company received total distributions of $77 million , which represented its 23.3% interest in a special distribution and a regular way quarterly distribution from its equity method investment in CAH, which represents the Single-Family Residential Rentals segment. No single investment in an unconsolidated joint venture represented greater than 10% of total assets as of December 31, 2015 and 2014 or generated greater than 10% of net income before tax for the years ended December 31, 2015, 2014 and 2013 . Prior to the Combination, a majority of the Company’s investments in real estate debt and equity that were held in joint ventures with Co-Investment Funds were accounted for under the equity method as the Company did not have a controlling financial interest but exercised significant influence over these investment entities. Upon closing of the Combination on April 2, 2015, the Company became the investment manager of the Co-Investment Funds and employees of CCLLC, including those who are directors or officers of the investment entities, became employees of the Company. For real estate investment entities structured as joint ventures with Co-Investment Funds, combining the Company's interests with those held by the Co-Investment Funds, to which the Company now acts as investment manager, the Company is considered to have a controlling financial interest in these investment entities post-Combination. Therefore, the Combination represents a reconsideration event that resulted in a shift in controlling financial interest over these investment entities in favor of the Company. Accordingly, the Company consolidated 52 investment entities effective April 2, 2015. The Company did not acquire any economic interests in the Co-Investment Funds nor any additional economic interests in these investment entities as a result of the Combination. Upon initial consolidation of the investment entities, the Company recorded the assets, liabilities, and noncontrolling interests of these entities at estimated fair values as of April 2, 2015, classified under the Level 3 fair value hierarchy, as follows: • Loans receivable, consisting of first mortgages and subordinated mortgages, were valued based on discounted cash flow projections of principal and interest expected to be collected, which includes consideration of the financial standing of the borrower or sponsor as well as operating results of the underlying collateral, with discount rates ranging from approximately 7% to 18.6% . • Operating properties were valued based on market comparables or discounted cash flows using estimated net operating income of the respective properties and in some cases, considering a potential sales strategy, with discount rates between 9.75% to 14% . • Carrying value of loans receivables and real estate assets approximated their fair values for investments that were recently originated or acquired. • D ebt obligations of the investment entities were consolidated at the outstanding principal as all debt consolidated was indexed to LIBOR and existing credit spreads approximated market rates. • The carrying values of cash, interest receivable, due from affiliates and accrued and other liabilities approximated fair values due to their short term nature. • Noncontrolling interests were primarily determined at their proportionate share of the net assets determined as described above. The following table presents the combined assets, liabilities and noncontrolling interests of the consolidated investment entities as of April 2, 2015: (In thousands) Assets: Cash $ 75,412 Loans receivable, net 1,629,496 Real estate assets, net 812,672 Other assets 543,404 Total assets $ 3,060,984 Liabilities: Debt $ 282,555 Accrued and other liabilities 65,739 Total liabilities 348,294 Noncontrolling interests 1,700,114 Equity attributable to Colony Capital, Inc. $ 1,012,576 The fair value of the Company's proportionate share of equity interest in the investment entities was $1.0 billion . The excess of fair value over carrying value of the Company's equity interest in these investment entities, net of cumulative translation adjustments reclassified to earnings, resulted in a remeasurement gain of $41.5 million . Total income and net income attributable to OP from these consolidated investment entities included in the consolidated statement of operations for the year ended December 31, 2015 were $264.4 million and $67.4 million , respectively. Cost Method Investment In January 2015, OP funded its equity commitment of $50 million to an investor consortium, alongside $50 million from a passive co-investment partner, for the acquisition of common stock in an investee. The Company uses the cost method to account for this non-marketable equity investment as it has neither a controlling interest nor significant influence over the underlying investee. No dividend income was recorded for the year ended December 31, 2015. Related Party Transactions of Unconsolidated Joint Ventures Prior to the Combination, CCLLC and its affiliates incurred compensation, overhead and direct costs, as well as costs of property management on behalf of the joint ventures and AMCs, for which they were reimbursed by the joint ventures for amounts allocated. Subsequent to the Combination, the Company has assumed the activities of the Manager and has consolidated all of the AMCs and a majority of the joint ventures. Therefore, such costs and corresponding reimbursements have been eliminated upon consolidation. Total costs from such affiliates allocated to the joint ventures were $2.3 million for the three months ended March 31, 2015, and $33.7 million and $26.7 million for the years ended December 31, 2014 and 2013, respectively. The Company’s proportionate share, based upon its percentage interests in the joint ventures, were $0.8 million for the three months ended March 31, 2015, and $8.9 million and $7.3 million for the years ended December 31, 2014 and 2013, respectively.

Deferred Leasing Costs and Inta

Deferred Leasing Costs and Intangibles	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles	Deferred Leasing Costs and Intangibles The following table summarizes deferred leasing costs and intangible assets and intangible liabilities arising from acquisitions of operating real estate, including purchase-leaseback transactions, as well as acquisition of the investment management business: December 31, 2015 December 31, 2014 (In thousands) Carrying Amount (Net of Impairment) Accumulated Amortization Net Carrying Amount Carrying Amount Accumulated Amortization Net Carrying Amount Goodwill $ 678,267 NA $ 678,267 $ 20,000 NA $ 20,000 Deferred Leasing Costs and Intangible Assets (1) Trade name $ 15,500 NA $ 15,500 $ — NA $ — In-place lease values 144,863 (27,780 ) 117,083 48,018 (2,295 ) 45,723 Above-market lease values 32,774 (7,708 ) 25,066 23,194 (280 ) 22,914 Below-market ground lease obligations 36,635 (39 ) 36,596 1,420 (14 ) 1,406 Deferred leasing costs 71,710 (12,647 ) 59,063 36,788 (771 ) 36,017 Investment management contracts 41,897 (13,985 ) 27,912 — — — Customer relationships 46,800 (2,507 ) 44,293 — — — Total deferred leasing costs and intangible assets $ 390,179 $ (64,666 ) $ 325,513 $ 109,420 $ (3,360 ) $ 106,060 Intangible Liabilities (1) Below-market lease values $ 28,879 $ (4,523 ) $ 24,356 $ 10,282 $ (114 ) $ 10,168 Above-market ground lease obligations 171 (5 ) 166 171 — 171 Total intangible liabilities $ 29,050 $ (4,528 ) $ 24,522 $ 10,453 $ (114 ) $ 10,339 __________ (1) Lease intangible assets and liabilities in connection with real estate business combinations in 2015 are based on estimated fair values and purchase price allocations that are provisional and subject to retrospective adjustments during the measurement period, not to exceed one year, based upon new information obtained about facts and circumstances that existed as of the date of acquisition. Held for Sale At December 31, 2015 , intangible assets and intangible liabilities related to real estate assets held for sale were approximately $9.9 million and $35,000 , respectively. There were no intangible assets and intangible liabilities held for sale at December 31, 2014. Acquisitions of Operating Real Estate Goodwill — Goodwill of $20.0 million arising from the acquisition of a light industrial operating platform on December 18, 2014 represents the value of the acquired operating platform, which primarily consists of its work force and business processes. The goodwill amount recognized is not expected to be deductible for income tax purposes. This goodwill is assigned and reported under the light industrial platform segment. As of December 31, 2015 , no indications of potential impairment to goodwill were identified. Lease Intangibles — Lease intangibles are amortized on a straight-line basis over the remaining term of the respective lease contracts assumed upon acquisition. Acquisition of Investment Management Business Goodwill Goodwill of $658.3 million was recognized in connection with the acquisition of the investment management business through the Combination. This goodwill reflects, in part, the expected cost savings resulting from the internalization through direct incurrence of operating costs relative to a management fee charge, the ability to raise additional equity without a proportionate increase in the cost of managing the Company and control over key functions critical to the growth of the business. The goodwill amount recognized is not expected to be deductible for income tax purposes. This goodwill is assigned and reported under the investment management segment. Based on an annual impairment assessment performed in the fourth quarter of 2015, no indications of impairment to goodwill were identified. Identifiable Intangible Assets As a result of the acquisition of the investment management business, the Company recognized identifiable intangible assets which include the Colony trade name as well as contractual rights to earn future fee income from in-place investment management contracts and customer relationships with institutional clients of private funds. Investment Management Contracts — In-place i nvestment management contracts were valued using the income approach and represent the discounted incremental after tax cash flows or excess earnings attributable to the future management fee income from these contracts over their remaining lives. The discount rate applied at 8% is reflective of returns on fixed income instruments adjusted for the risk associated with a management fee income stream. Contractual rights from investment management contracts are amortized in accordance with their expected future cash flows over the remaining contractual period of the agreements ranging between 3 to 5 years. In the fourth quarter of 2015, an impairment of $4.1 million on investment management contracts was recognized in impairment loss, determined as the excess of fair value, measured using the same valuation methodology at acquisition, over carrying value of the affected contracts. The impairment arose primarily from earlier realization of investments which reduced the fee base and fee concessions on funds in liquidation. Customer Relationships — Customer relationships were valued using the income approach and represent the discounted incremental after tax cash flows or excess earnings attributable to the potential fee income from repeat customers through future funds to be sponsored by the Company. A customer retention rate of 25% was used based on the Company's historical rate of reinvestments by existing customers. Discount rates of 16% for management fees and 30% for performance fees applied were based on the Company's weighted average cost of capital, adjusted for the relative risk of the respective future income streams. Customer relationships are amortized on a straight-line basis over the estimated life of future funds to be sponsored by the Company ranging between 11 to 14 years. Trade Name — The value of the trade name was calculated based upon the discounted savings of royalty fees and is derived by applying a hypothetical royalty rate of 1% against expected fee income. The rate reflects the value ascribed to trade names within the investment management industry. The trade name is not subject to amortization as it is determined to have an indefinite useful life. Amortization The following table summarizes the amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities: Year Ended December 31, (Amounts in thousands) 2015 2014 Above-market lease values $ (7,647 ) $ (280 ) Below-market lease values 4,427 114 Net decrease to rental income $ (3,220 ) $ (166 ) Net below-market ground lease obligations Increase to rent expense $ 20 $ 13 In-place lease values $ 25,865 $ 2,224 Deferred leasing costs 12,130 751 Investment management contracts 13,985 — Customer relationships 2,507 — Amortization expense $ 54,487 $ 2,975 The following table presents the estimated annual amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities for each of the next five years and thereafter: (In thousands) Year Ending December 31, 2016 2017 2018 2019 2020 2021 and after Total Above-market lease values $ (9,062 ) $ (5,952 ) $ (3,744 ) $ (1,807 ) $ (1,263 ) $ (3,238 ) $ (25,066 ) Below-market lease values 5,830 4,910 3,613 1,851 1,348 6,804 24,356 (Decrease) Increase to rental income $ (3,232 ) $ (1,042 ) $ (131 ) $ 44 $ 85 $ 3,566 $ (710 ) Net below-market ground lease obligations Increase to rent expense $ 348 $ 348 $ 348 $ 348 $ 349 $ 34,689 $ 36,430 In-place lease values $ 30,956 $ 19,013 $ 13,089 $ 9,592 $ 7,629 $ 36,804 $ 117,083 Deferred leasing costs 12,200 10,002 8,063 5,983 4,341 18,474 59,063 Investment management contracts 13,794 8,625 3,555 1,279 508 151 27,912 Customer relationships 3,343 3,343 3,343 3,343 3,343 27,578 44,293 Amortization expense $ 60,293 $ 40,983 $ 28,050 $ 20,197 $ 15,821 $ 83,007 $ 248,351

Other Assets and Other Liabilit

Other Assets and Other Liabilities	12 Months Ended
	Dec. 31, 2015
Other Assets and Liabilities [Abstract]
Other Assets and Liabilities	Other Assets and Other Liabilities Other Assets The following table summarizes the Company's other assets: December 31, (In thousands) 2015 2014 Restricted cash (1) $ 187,208 $ 76,945 Deferred financing costs, net (2) 4,083 4,704 Interest receivable 34,074 11,405 Other receivables, including straight-line rents 43,130 1,378 Derivative assets 21,636 26,479 Deferred tax asset — 6,713 Prepaid expenses and other 21,320 7,721 Fixed assets, net 48,463 — Total (3) $ 359,914 $ 135,345 __________ (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) Deferred financing costs relate to revolving credit arrangements and are shown net of accumulated amortization of $6.8 million and $6.9 million as of December 31, 2015 and 2014 , respectively. (3) At December 31, 2015 , other assets related to real estate held for sale was $3.7 million . There were no other assets held for sale at December 31, 2014. Fixed assets consist of the following: (In thousands) December 31, 2015 Leasehold improvements $ 3,870 Furniture, fixtures, equipment and software 2,542 Aircraft 45,304 51,716 Less: Accumulated depreciation and amortization (3,253 ) Fixed assets, net (1) $ 48,463 __________ (1) The Company did not hold any fixed assets prior to and as of March 31, 2015. Fixed assets were acquired through the Combination. Depreciation and amortization of fixed assets was $3.3 million for the year ended December 31, 2015 . Accrued and Other Liabilities The following table summarizes the Company's accrued and other liabilities: December 31, (In thousands) 2015 2014 Borrower and tenant reserves $ 116,800 $ 74,237 Deferred income 41,671 8,750 Interest payable 18,071 10,990 Intangible liabilities, net 24,522 10,339 Derivative liabilities 507 6,718 Current and deferred tax liabilities 44,951 429 Accrued compensation 11,495 — Accounts payable and other liabilities 67,572 16,656 Total (1) $ 325,589 $ 128,119 __________ (1) Intangible liabilities of $35,000 and accrued and other liabilities of $9.1 million were related to real estate assets held for sale at December 31, 2015 . There were no accrued and other liabilities held for sale at December 31, 2014.

Debt

Debt	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Debt	Debt Components of debt are summarized as follows: December 31, (In Thousands) 2015 2014 Line of credit $ 315,000 $ 164,000 Secured and unsecured debt 3,313,550 1,979,665 Less: Debt issuance costs (40,826 ) (31,311 ) $ 3,587,724 $ 2,112,354 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, 2015 , the JPM Credit Agreement provides a secured revolving credit facility in the maximum principal amount of $800 million , which was increased from $645 million on July 8, 2015. 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, 2015 , the borrowing base valuation was sufficient to permit borrowings of up to the entire $800 million commitment. 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, 2015 , the Company had outstanding borrowings bearing weighted average interest at 3.06% . The Company also pays a commitment fee of 0.5% or 0.4% of the unused amount ( 0.5% at December 31, 2015 ), depending upon usage. The 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, 2015 , 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 Debt A number of financing arrangements at previously unconsolidated investment entities are now consolidated as a result of the Combination (Note 7). The following table summarizes certain information about the Company's secured and unsecured debt: (Amounts in thousands) Outstanding Principal at Interest Rate (per annum) Maturity Date Payment Terms (2) December 31, Type (1) Collateral 2015 2014 Secured Debt: Secured financing (3) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+3.75% Apr-2016 P&I $ 23,123 $ — Secured financing (3) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+3.75% Apr-2016 P&I 10,965 — Secured financing (3) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+4.0% Jun-2016 P&I 5,869 — Secured financing (3) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+3.75% Aug-2016 P&I 8,579 — Secured financing (3) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+3.25% Sept-2016 P&I 4,351 — Secured financing (3) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+2.85% Dec-2017 P&I 73,543 90,164 Secured financing (4) First mortgage loan secured by residential properties 1-month LIBOR+3.75% Mar-2016 P&I 10,314 — Secured financing (5) Senior participation interest in a first mortgage loan and subordinated loan 1-month LIBOR+2.85% NA P&I — 80,213 Warehouse facility (6) Eligible first mortgage loans originated within Transitional CRE Lending Platform 1 month LIBOR+2.50% Feb-2017 I/O 48,198 85,520 Warehouse facility (6) Eligible first mortgage loans, including any corresponding mezzanine loans, originated within Transitional CRE Lending Platform 1 month LIBOR+2.50% to 2.75% Apr-2018 I/O 114,433 — First mortgage loan (7) Hotel properties 1-month LIBOR+4.65% Jan-2019 (7) 94,000 — First mortgage loan (8) Office property in Phoenix 1-month LIBOR+2.65% Jul-2018 I/O 13,500 — First mortgage loan Office property in Minnesota 4.84% fixed Jan-2024 P&I 88,000 88,000 First mortgage loan (9) Commercial properties in United Kingdom 3-month LIBOR+2.50% Aug-2018 I/O 88,121 — First mortgage loan (10) Office properties throughout Italy 4.02% fixed Nov-2018 (10) 79,133 — First mortgage loan (11) Warehouse properties in Spain 3-month Euribor+2.80% Jun-2022 I/O 25,540 — First mortgage loan (12) Portfolio of light industrial properties across the U.S. 1-month LIBOR+2.25% Dec-2019 I/O 917,469 1,088,500 First mortgage loan Portfolio of light industrial properties across the U.S 3.80% fixed Aug-2025 I/O 165,750 — First mortgage loans Two higher education campuses in Switzerland 2.72% fixed Dec-2029 P&I 120,947 — First mortgage loan Office property in France 1.89% fixed Nov-2022 I/O 17,050 — First mortgage loan (13) Portfolio of office, retail and other commercial properties in United Kingdom 3-month LIBOR+2.75% Dec-2018 (13) 236,911 — Bond payable Office property in Norway and shares of borrowing entity 3.91% fixed Jun-2025 I/O 180,960 — Revolving credit facility Portfolio of light industrial properties across the U.S 1-month LIBOR+2.25% Jul-2016 I/O 23,730 — Revolving credit facility Partner capital commitments 1-month LIBOR+1.60% Sept-2016 I/O 104,400 — 2,454,886 1,432,397 (Amounts in thousands) Outstanding Principal at Interest Rate (per annum) Maturity Date Payment Terms (2) December 31, Type (1) Collateral 2015 2014 Commercial Mortgage-Backed Securitization ("CMBS") Debt: CMBS 2014-FL1 (14) Portfolio of first mortgage loans originated within Transitional CRE Lending Platform 1-month LIBOR+1.78% Apr-2031 I/O 126,248 126,204 CMBS 2014-FL2 (14) Portfolio of first mortgage loans originated within Transitional CRE Lending Platform 1-month LIBOR+2.02% Nov-2031 I/O 203,734 197,655 CMBS 2015-FL3 (14) Portfolio of first mortgage loans originated within Transitional CRE Lending Platform 1-month LIBOR+2.36% Sept-2032 I/O 340,350 — CMBS MF 2014-1 (15) Portfolio of first mortgage loans secured by multifamily properties 2.54% fixed (15) I/O 145,349 213,409 815,681 537,268 Unsecured Debt: Unsecured note (16) — — Dec-2017 NA — 10,000 Notes Payable: Promissory notes (17) Corporate aircraft 5.02% fixed Dec-2025 P&I 42,983 — Total $ 3,313,550 $ 1,979,665 __________ (1) All secured and unsecured debt presented in the table are non-recourse unless otherwise stated as recourse debt. (2) Payment terms: P&I = Periodic payment of principal and interest; I/O = Periodic payment of interest only with principal at maturity (except for principal repayments to release collateral properties disposed) (3) These financings in connection with loan portfolio acquisitions require monthly interest payments and principal curtailment based upon the ratio of principal outstanding to collateral cost basis. The current principal curtailment requirement ranges from 65% to 80% of all excess cash flow from the underlying loan portfolios, after payment of certain loan servicing fees and monthly interest, but may increase or decrease in the future. The financing arrangements provide for either a single or a multiple 1-year extension option to the initial term. (4) The variable interest rate on the loan was fixed at 4.28% through an interest rate swap. (5) This financing in connection with a loan portfolio acquisition was paid off in April 2015. (6) The Company entered into two master repurchase agreements with different commercial banks to partially finance loans within its Transitional Commercial Real Estate ("CRE") Lending Platform. The initial term of each warehouse facility is subject to a 1 -year extension option. The facility maturing in February 2017 is full recourse to OP and provides up to $150 million in financing. The facility maturing in April 2018 is partial recourse and provides up to $250 million in financing. (7) Initial term on the loan is subject to two 1 -year extensions. Payment terms is interest only through January 2017, followed by periodic principal and interest payments for the remaining term of the loan. The loan requires an interest rate cap to be maintained at a 3.00% strike on 1-month LIBOR. (8) Initial term on the loan is subject to two 1 -year extensions, during which principal and interest payments are required. (9) The loan has two 1 -year extensions on its initial term and requires an interest rate cap to be maintained at a 2.25% strike on 3-month LIBOR. (10) Seller provided zero -interest financing on acquired portfolio of properties with imputed interest of 4.02% , requiring principal payments of €15,750,000 , €35,437,500 and €27,562,000 in November 2016, November 2017 and November 2018, respectively. A discount was established at inception and is being accreted to debt principal as interest expense. (11) The loan requires an interest rate cap to be maintained at a 1.50% strike on 3-month Euribor. (12) This loan was obtained in connection with the acquisition of the portfolio of light industrial real estate assets and operating platform in December 2014, has three 1 -year extension options, with interest rate increasing to 1-month LIBOR plus 2.5% after the fourth anniversary date, and requires an interest rate cap to be maintained at a 3.0% strike on 1-month LIBOR. At December 31, 2015 , $4.9 million of the outstanding principal balance was related to real estate assets held for sale. (13) Initial term on the loan is subject to a 2 -year extension. Payment terms is interest only up to August 2016, followed by periodic principal and interest payments for the remaining life of the loan. The loan requires an interest rate cap to be maintained at a 3.00% strike on 1-month LIBOR. At December 31, 2015 , $4.1 million of the outstanding principal balance was related to real estate assets held for sale. (14) The Company, through its indirect Cayman subsidiaries — Colony Mortgage Capital Series 2014-FL1 Ltd, Colony Mortgage Capital Series 2014-FL2 Ltd and Colony Mortgage Capital Series 2015-FL3 Ltd. — securitized commercial mortgage loans originated within the Company’s Transitional CRE Lending Platform. Generally, the senior notes issued by the securitization trusts were sold to third parties and subordinated notes retained by the Company. These 3 securitizations are accounted for as secured financing with the underlying mortgage loans pledged as collateral. Principal repayments from the underlying collateral loans must be applied to repay the debt until the balance is paid in full, notwithstanding the contractual maturities on the notes. The underlying collateral loans have initial terms of 2 to 3 years. Interest rate spreads on these CMBS debt are presented above on a weighted average basis. (15) The Company transferred acquired loans, secured by multifamily properties, into a securitization trust, Colony Multifamily Mortgage Trust 2014-1, with the most senior certificates issued by the trust sold to third parties and the Company retaining the remaining certificates. The securitization was accounted for as a secured financing with the underlying mortgage loans pledged as collateral. Although the certificates do not have a contractual maturity date, principal repayments from the underlying collateral loans must be applied to repay the debt until the balance is paid in full. The underlying collateral loans have initial remaining terms of 1 to 24 years. (16) As discussed in Note 3, in connection with the acquisition of the portfolio of light industrial real estate assets and operating platform in December 2014, the Company issued an unsecured note, scheduled to mature on the third anniversary of the acquisition date, to an affiliate, CCM. In May 2015, CCM exercised its rights pursuant to provisions under the note and contributed the note to OP in exchange for OP Units (Note 15). (17) In connection with the Combination, the Company assumed two promissory notes, with full recourse, bearing interest at a fixed weighted-average rate of 5.02% . 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 future scheduled minimum principal payments, excluding CMBS debt, as of December 31, 2015 . Year Ending December 31, (In thousands) 2016 $ 280,770 (1) 2017 103,989 (1) 2018 491,995 (1) 2019 1,016,387 2020 7,959 2021 and after 603,158 Total $ 2,504,258 __________ (1) Amounts include a combined $6.4 million of discount on seller-provided zero -interest financing being accreted to debt principal. CMBS debt obligations are estimated to be repaid earlier than the contractual maturity only if proceeds from the underlying loans are repaid by the borrowers. Future principal payments based on contractual maturity or otherwise based on reasonable expectations of cash flows from the underlying loans as of December 31, 2015 are as follows: (In thousands) Year Ending December 31, Contractual Maturity Expectations of Cash Flows 2016 $ — $ 157,091 2017 — 411,266 2018 — 206,556 2019 — 21,975 2020 — 18,346 2021 and after 815,681 447 Total $ 815,681 $ 815,681 Convertible Senior Notes Convertible Senior Notes issued by the Company and outstanding are as follows: Conversion Price (per share of common stock) December 31, 2015 December 31, 2014 Description Issuance Date Due Date Interest Rate Redemption Date Outstanding Principal (in thousands) Carrying Amount (in thousands) (1) Outstanding Principal (in thousands) Carrying Amount (in thousands) (1) 5% Convertible Senior Notes April 2013 April 15, 2023 5.00% fixed $ 23.60 On or after April 22, 2020 $ 200,000 $ 195,069 $ 200,000 $ 194,531 3.875% Convertible Senior Notes January and June 2014 January 15, 2021 3.875% fixed 24.82 On or after January 22, 2019 402,500 396,010 402,500 394,879 $ 602,500 $ 591,079 $ 602,500 $ 589,410 __________ (1) Net of debt issuance costs of $13.1 million and $15.1 million at December 31, 2015 and 2014, respectively. The Company may redeem the Convertible Senior Notes at its option at any time on or after the respective redemption dates of the Convertible Notes 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.

Derivatives and Hedging

Derivatives and Hedging	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging	Derivatives and Hedging The Company uses derivative instruments to manage the risk of changes in interest rates and foreign exchange rates, arising from both its business operations and economic conditions. Specifically, the Company enters into derivative instruments to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and cash payments, the values of which are driven by interest rates, principally relating to the Company’s investments and borrowings. Additionally, the Company’s foreign operations expose the Company to fluctuations in foreign interest rates and exchange rates. The Company enters into derivative instruments to protect the value or fix certain of these foreign denominated amounts in terms of its functional currency, the U.S. dollar. Derivative instruments used in the Company’s risk management activities may be designated as qualifying hedge accounting relationships (“designated hedges”) or otherwise used for economic hedging purposes (“non-designated hedges”). Gross fair value of derivative assets and derivative liabilities are as follows: December 31, 2015 December 31, 2014 (In thousands) Designated Hedges Non-Designated Hedges Total Designated Hedges Non-Designated Hedges Total Derivative Assets Foreign exchange contracts $ 19,773 $ 426 $ 20,199 $ 25,820 $ — $ 25,820 Interest rate contracts 5 1,432 1,437 402 257 659 Included in other assets $ 19,778 $ 1,858 $ 21,636 $ 26,222 $ 257 $ 26,479 Derivative Liabilities Foreign exchange contracts $ 505 $ — $ 505 $ 6,718 $ — $ 6,718 Interest rate contracts 2 — 2 — — — Included in accrued and other liabilities $ 507 $ — $ 507 $ 6,718 $ — $ 6,718 Certain counterparties to the derivative instruments require the Company to deposit cash or other eligible collateral for derivative financial liabilities exceeding $100,000 . As of December 31, 2015 , the Company had no amounts on deposit related to these agreements. Foreign Exchange Contracts The following table summarizes the aggregate notional amounts of designated and non-designated foreign exchange contracts in place as of December 31, 2015 along with certain key terms: Hedged Currency Instrument Type Notional Amount (in thousands) FX Rates ($ per unit of foreign currency) Range of Expiration Dates Designated Non-Designated EUR FX Collar € 128,781 € 644 Min $1.09 / Max $1.53 July 2017 to November 2020 GBP FX Collar £ 65,523 £ 2,477 Min $1.45 / Max $1.82 September 2017 to December 2019 EUR FX Forward € 129,119 € 781 Range between $1.07 to $1.27 March 2016 to July 2018 GBP FX Forward £ 14,711 £ 339 Range between $1.49 to $1.51 February 2016 to June 2016 CHF FX Forward CHF 52,996 CHF 2,549 Range between $1.47 to $1.50 January 2030 NOK FX Forward NOK 923,000 NOK $0.12 May 2016 Designated Net Investment Hedges The Company’s foreign denominated net investments in subsidiaries or joint ventures totaled approximately €311.2 million , £126.4 million , CHF54.4 million and NOK895.5 million , or a total of $679.9 million , as of December 31, 2015 and €315.9 million and £128.0 million , or a total of $581.7 million , as of December 31, 2014 . The Company entered into foreign exchange contracts to hedge the foreign currency exposure of its investments in foreign subsidiaries or equity method joint ventures, designated as net investment hedges, as follows: • forward contracts whereby the Company agrees to sell an amount of foreign currency for an agreed upon amount of U.S. dollars; and • foreign exchange collars (caps and floors) without upfront premium costs, which consist of a combination of currency options with single date expirations, whereby the Company gains protection against foreign currency weakening below a specified level and pays for that protection by giving up gains from foreign currency appreciation above a specified level. These foreign exchange contracts are used to protect certain of the Company’s foreign denominated investments and receivables from adverse foreign currency fluctuations, with notional amounts and termination dates based upon the anticipated return of capital from the investments. For the year ended December 31, 2015 , including the impact from consolidation of foreign equity method investments on April 2, 2015, net realized gains of $47.0 million on designated net investment hedges were reclassified out of AOCI. This included $39.3 million recorded as a component of gain on remeasurement of consolidated investment entities, net. Additionally, a net realized gain of $7.7 million was transferred into other gain (loss), net, following substantially complete liquidations of underlying investments of foreign subsidiaries. There were no realized gains or losses on net investment hedges transferred from equity into earnings during the year ended December 31, 2014 . Non-Designated Hedges For the year ended December 31, 2015 , the Company recognized $7,000 of net unrealized loss, on the dedesignated portion of net investment hedges in other gain (loss), net. For the year ended December 31, 2014 , there were no dedesignations of net investment hedges. Interest Rate Contracts The Company uses various interest rate derivatives, designated as cash flows hedges or otherwise non-designated, to limit the exposure of increases in interest rates on various floating rate debt obligations. As of December 31, 2015 , the Company held the following designated and non-designated interest rate contracts: Notional Amount Instrument Type Designated Non-Designated Index Strike Expiration Interest rate swaps $ 10,850 $ — 1-Month LIBOR 4.28% March 2016 Interest rate caps $ 750,000 $ 476,750 1-Month LIBOR 3.00% December 2016 to January 2019 Interest rate caps $ — $ 95,387 1-Month LIBOR 2.50% April 2016 to December 2016 Interest rate caps € — € 23,750 3-Month EURIBOR 1.50% June 2022 Interest rate caps £ — £ 206,552 3-Month LIBOR 2.00% to 2.25% November 2018 to December 2018 Designated Cash Flow Hedges Unrealized loss of approximately $0.1 million for ineffectiveness related to a cash flow hedge was recorded in other gain (loss), net for the year ended December 31, 2015 . There was no ineffectiveness on cash flow hedges for the year ended December 31, 2014. Non-Designated Hedges For the years ended December 31, 2015 and 2014, net unrealized loss associated with non-designated interest rate contracts of $0.8 million and $4,000 were recorded in other gain (loss), net.

Balance Sheet Offsetting

Balance Sheet Offsetting	12 Months Ended
	Dec. 31, 2015
Offsetting [Abstract]
Balance Sheet Offsetting	The Company enters into agreements subject to enforceable master netting arrangements with its derivative counterparties that allow the Company to offset the settlement of derivative assets and liabilities in the same currency by derivative instrument type or, in the event of default by the counterparty, to offset all derivative assets and liabilities with the same counterparty. The Company has elected not to net derivative asset and liability positions, notwithstanding the conditions for right of offset may have been met. The Company presents derivative assets and liabilities with the same counterparty on a gross basis on the consolidated balance sheets. The table below sets forth derivative positions where the Company has a right of set off under netting arrangements with the same counterparty. Gross Amounts Not Offset on Consolidated Balance Sheets (In thousands) Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets (Assets) Liabilities Cash Collateral Received (Pledged) Net Amounts of Assets (Liabilities) December 31, 2015 Derivative Assets Foreign exchange forwards $ 5,907 $ (58 ) $ — $ 5,849 Foreign exchange collars 14,292 (66 ) — 14,226 Interest rate caps 1,437 — — 1,437 $ 21,636 $ (124 ) $ — $ 21,512 Derivative Liabilities Foreign exchange forwards $ (439 ) $ 58 $ — $ (381 ) Foreign exchange collars (66 ) 66 — — Interest rate swap (2 ) — — (2 ) $ (507 ) $ 124 $ — $ (383 ) December 31, 2014 Derivative Assets Foreign exchange forwards $ 10,667 $ — $ — $ 10,667 Foreign exchange collars 15,153 (6,718 ) — 8,435 Interest rate caps 480 — — 480 Interest rate swap 179 — — 179 $ 26,479 $ (6,718 ) $ — $ 19,761 Derivative Liabilities Foreign exchange collars $ (6,718 ) $ 6,718 $ — $ — $ (6,718 ) $ 6,718 $ — $ —

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Recurring Fair Values Derivatives — Derivative assets and derivative liabilities are carried at fair value on a recurring basis and classified under Level 2 fair value hierarchy, as presented in Note 11, Derivatives and Hedging . These interest rate contracts and foreign exchange contracts are traded over-the-counter and valued based on observable inputs such as contractual cash flows, yield curve, foreign currency rates and credit spreads, taking into consideration any credit valuation adjustments, as applicable. 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. Contingent Consideration — Contingent consideration payable in connection with the Combination, included in due to affiliates, is remeasured at fair value each reporting period using a third party valuation service provider and classified under Level 3 of the fair value hierarchy. At closing of the Combination on April 2, 2015, the fair value was measured using a discounted payout analysis that was based on probability-weighted average estimates of achieving prescribed multi-year performance targets. These targets include a contractually-defined funds from operations ("Benchmark FFO") per share metric and capital raising in the funds management business. If the minimum performance target for either of these metrics is not met or exceeded, a portion of the contingent consideration paid in respect of the other metric would not be paid out in full. Beginning September 30, 2015, the Company estimated the fair value of contingent consideration tied to Benchmark FFO by using a Monte Carlo simulation technique and considered the volatility of the Company's Class A common stock price against the potential payout. At December 31, 2015, the contingent consideration was estimated at a fair value of approximately $53.0 million . The change in valuation methodology followed the stock market dislocation in August 2015 and the resulting increase in market volatility. The $16.5 million decrease in estimated fair value of the contingent consideration since closing of the Combination on April 2, 2015 through December 31, 2015 primarily reflected the effects of a sustained decline in the Class A common stock price, and was recognized as a component of other gain (loss), net. In addition to the Company's Class A common stock price at December 31, 2015 and projected Benchmark FFO during the contingency period, the fair value of contingent consideration tied to Benchmark FFO was estimated using the following key inputs: Significant Unobservable Input Input Value Impact to Fair Value from Increase in Input (2) Benchmark FFO volatility 20.6% Increase Equity volatility 28.1% Increase Correlation (1) 80.0% Increase __________ (1) Represents the assumed correlation between Benchmark FFO and the Company's Class A common stock price (2) This is the directional change in fair value of the contingent consideration that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the reverse effect. Significant increases or decreases in these inputs in isolation could result in significantly higher or lower fair value measure of the contingent consideration. Nonrecurring Fair Values The Company holds certain assets carried at fair value on a nonrecurring basis, which comprise loans held for sale, foreclosed properties and real estate held for sale carried at the lower of carrying value and fair value less estimated costs to sell. There were no assets carried at nonrecurring fair values at December 31, 2014 . Nonrecurring fair values at December 31, 2015 consisted of real estate held for sale that were written down to fair value less disposal costs, classified as Level 3, as discussed in Note 6. Fair Value Disclosure of Financial Instruments Reported at Cost Carrying amounts and estimated fair values of financial instruments reported at amortized cost are presented below: Fair Value Measurements Carrying Value (In thousands) Level 1 Level 2 Level 3 Total December 31, 2015 Assets Loans held for investment $ — $ — $ 4,073,075 $ 4,073,075 $ 4,048,477 Loans held for sale 75,002 75,002 75,002 Investments in unconsolidated joint ventures — — 1,087,850 1,087,850 924,465 Liabilities Line of credit — 315,000 — 315,000 315,000 Secured and unsecured debt — — 2,423,013 2,423,013 2,423,013 CMBS debt — 794,982 — 794,982 806,728 Notes payable — — 42,983 42,983 42,983 Convertible senior notes 574,359 — — 574,359 591,079 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 Loans Held for Investment — Fair values of loans held for investment are estimated based on cash flow projections of principal and interest expected to be collected, discounted using interest rates available for borrowers with similar credit metrics, and considering any available market comparables or dealer quotes, if applicable. Carrying values of loans held for investment are presented net of allowances for loan losses, where applicable. Investments in Unconsolidated Joint Ventures — 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. Debt — Fair value of the line of credit approximated carrying value as its prevailing interest rate and applicable terms were recently renegotiated and agreed upon with the Company's lender in December 2014. Fair values of the secured and unsecured financing were estimated by discounting expected future cash outlays at current interest rates available for similar instruments. Fair value of CMBS debt was determined using the last trade price of similar instruments in active markets, and for recent securitizations, fair value approximates carrying value. Fair value of notes payable approximated carrying values based on market rate for debt with similar underlying collateral. Fair value of convertible senior notes was determined using the last trade price in active markets. Other — The carrying values of cash, interest receivable, due from affiliates and accrued and other liabilities approximate fair values due to their short term nature and credit risk, if any, are negligible.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity The table below summarizes the share activities of the Company's preferred and common stock: Number of Shares Common Stock (In thousands) Preferred Stock Class A Class B Shares outstanding at December 31, 2012 10,080 53,092 — Class A common stock offerings — 23,402 — Share-based payments—forfeitures — (2 ) — Shares outstanding at December 31, 2013 10,080 76,492 — Issuance of 7.5% Series B Cumulative Redeemable Perpetual Preferred Stock 3,450 — — Class A common stock offerings — 32,606 — Issuance of common stock for incentive fees to Manager — 21 — Share-based payments, net of forfeitures — 515 — Shares outstanding at December 31, 2014 13,530 109,634 — Issuance of 7.125% Series C Cumulative Redeemable Perpetual Preferred Stock 11,500 — — Issuance of Class A common stock — 1,427 — Issuance of Class B common stock — — 564 Conversion of Class B common stock (1) — 18 (18 ) Share-based compensation, net of forfeitures — 615 — Shares outstanding at December 31, 2015 25,030 111,694 546 __________ (1) For information about the conversion event, see " — Common Stock" below. Preferred Stock The table below summarizes the preferred stock outstanding as of December 31, 2015 : Description Dividend Rate Per Annum Initial Issuance Date Shares Outstanding (in thousands) Par Value (in thousands) Liquidation Preference (in thousands) Earliest Redemption Date Series A 8.5% Cumulative Redeemable Perpetual 8.5% March 2012 10,080 $ 101 $ 252,000 March 27, 2017 Series B 7.5% Cumulative Redeemable Perpetual 7.5% June 2014 3,450 34 86,250 June 19, 2019 Series C 7.125% Cumulative Redeemable Perpetual 7.125% April 2015 11,500 115 287,500 April 13, 2020 25,030 $ 250 $ 625,750 In April 2015, the Company issued 11.5 million shares of its 7.125% Series C Cumulative Redeemable Perpetual Preferred Stock through an underwritten public offering and received proceeds of approximately $277.9 million , net of underwriting discounts, commissions and offering costs payable by the Company. Each series of the Company's preferred stock is redeemable at $25.00 per share plus accrued and unpaid dividends (whether or not declared) exclusively at the Company’s option. The redemption period for each series of preferred stock is subject to the Company’s right under limited circumstances to redeem the preferred stock earlier in order to preserve its qualification as a REIT or upon the occurrence of a change of control (as defined in the articles supplementary relating to each series of preferred stock). All series of preferred stock are at parity with respect to dividends and distributions, including distributions upon liquidation, dissolution or winding up, and all preferred stock are senior to the Company’s common stock. Dividends of each series of preferred stock are payable quarterly in arrears in January, April, July and October. Each series of preferred stock generally does not have any voting rights, except if the Company fails to pay the preferred dividends for six or more quarterly periods (whether or not consecutive). Under such circumstances, the preferred stock will be entitled to vote, together as a class with any other series of parity stock upon which like voting rights have been conferred and are exercisable, to elect two additional directors to the Company’s board of directors, until all unpaid dividends have been paid or declared and set aside for payment. In addition, certain changes to the terms of any series of preferred stock cannot be made without the affirmative vote of holders of at least two-thirds of the outstanding shares voting separately as a class for each series of preferred stock. Common Stock At the closing of the Combination on April 2, 2015, all outstanding common stock at that time was reclassified on a one -for-one basis to Class A common stock, with equivalent terms, and a new class of common stock, Class B, was created. As discussed in Note 3 , 1.43 million shares of Class A Common Stock and 563,987 shares of Class B Common Stock were issued as part of the upfront consideration for the Combination. Except with respect to voting rights, Class A and Class B common stock have the same rights and privileges and rank equally, share ratably in dividends and distributions, and are identical in all respects as to all matters. Class B common stock may only be issued in conjunction with the issuance of OP Units, which are membership interests in the Operating Company, in a ratio of no more than one share of Class B common stock for every thirty-five and one-half OP Units. Class A common stock has one vote per share and Class B common stock has thirty-six and one-half votes per share. This gives the holders of Class B common stock a right to vote that reflects the aggregate outstanding non-voting economic interest in the Company attributable to Class B common stock holders and therefore, does not provide any disproportionate voting rights. Each share of Class B common stock shall convert automatically into one share of Class A common stock if the Executive Chairman or his beneficiaries directly or indirectly transfer beneficial ownership of Class B common stock or OP Units held by them, other than to certain qualified transferees, which generally includes affiliates and employees. In addition, each holder of Class B common stock has the right, at the holder’s option, to convert all or a portion of such holder’s Class B common stock into an equal number of shares of Class A common stock. In December 2015, 17,712 shares of Class B common stock were converted into an equivalent number of Class A common stock following a transfer of the Executive Chairman's interests in 628,773 OP Units to a third party as a charitable contribution. At-The-Market Stock Offering Program ("ATM Program") In May 2015, the Company entered into separate “at-the-market” equity distribution agreements with certain sales agents to offer and sell, from time to time, shares of its common stock having an aggregate offering price of up to $300 million . Sales of the shares may be made in negotiated transactions and/or transactions that are deemed to be "at the market" offerings, including sales made by means of ordinary brokers' transactions, including directly on the 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 not to exceed 2% of the gross sales proceeds for any common stock sold through such agent. Dividend Reinvestment and Direct Stock Purchase Plan The Company’s Dividend Reinvestment and Direct Stock Purchase Plan (the “DRIP Plan”) provides existing common stockholders and other investors the opportunity to purchase shares (or additional shares, as applicable) of the Company’s Class A common stock by reinvesting some or all of the cash dividends received on their shares of the Company’s Class A common stock or making optional cash purchases within specified parameters. The DRIP Plan involves acquisition of Class A common stock either in the open market, directly from the Company as newly issued common stock, or in privately negotiated transactions with third parties. For the year ended December 31, 2015 , there were no shares of Class A common stock acquired under the DRIP Plan. Accumulated Other Comprehensive Income (Loss) ("AOCI") The following tables present the changes in each component of AOCI attributable to stockholders and noncontrolling interests, net of immaterial tax effect. The changes in AOCI attributable to noncontrolling interests in 2014 and 2013 are not presented because they were immaterial. Changes in Components of AOCI Attributable to Stockholders (In thousands) Equity in AOCI of Unconsolidated Joint Ventures Unrealized Gain/(Loss) on Beneficial Interests in Debt Securities Gain (Loss) on Cash Flow Hedges Foreign Currency Translation Gain (Loss) Gain (Loss) on Net Investment Hedges Total 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 AOCI (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 AOCI (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 ) Changes in Components of AOCI Attributable to Stockholders and Noncontrolling Interests (In thousands) Equity in AOCI of Unconsolidated Joint Ventures Gain (Loss) on Cash Flow Hedges Foreign Currency Translation Gain (Loss) Gain (Loss) on Net Investment Hedges Total AOCI at December 31, 2014 attributable to: Stockholders $ 451 $ (101 ) $ (52,643 ) $ 23,802 $ (28,491 ) Noncontrolling interests in investment entities — (52 ) (3,616 ) (1 ) (3,669 ) 451 (153 ) (56,259 ) 23,801 (32,160 ) Other comprehensive income (loss) before reclassifications attributable to: Stockholders (612 ) (199 ) (56,676 ) 39,631 (17,856 ) Noncontrolling interests in investment entities — (137 ) (1,516 ) — (1,653 ) Noncontrolling interests in Operating Company — (6 ) (1,778 ) 1,759 (25 ) Amounts reclassified from AOCI attributable to: Stockholders 161 55 67,194 (39,485 ) 27,925 Noncontrolling interests in investment entities — 40 5,183 — 5,223 Noncontrolling interests in Operating Company — 11 12,880 (7,509 ) 5,382 Net other comprehensive (loss) income (451 ) (236 ) 25,287 (5,604 ) 18,996 AOCI at December 31, 2015 attributable to: Stockholders — (245 ) (42,125 ) 23,948 (18,422 ) Noncontrolling interests in investment entities — (149 ) 51 (1 ) (99 ) Noncontrolling interests in Operating Company — 5 11,102 (5,750 ) 5,357 $ — $ (389 ) $ (30,972 ) $ 18,197 $ (13,164 ) Reclassifications out of AOCI—Stockholders Information about amounts reclassified out of AOCI attributable to stockholders by component is presented below: (In thousands) Year Ended December 31, Affected Line Item in the Consolidated Statements of Operations Component of AOCI reclassified into earnings 2015 2014 2013 Equity in realized (loss) gain on sale of marketable securities of unconsolidated joint ventures $ (161 ) $ 4,681 $ 12,895 Equity in income of unconsolidated joint ventures Settlement loss on beneficial interests in debt securities — (2,163 ) — Other (loss) gain, net Release of cumulative translation adjustments (45,407 ) — — Gain on remeasurement of consolidated investment entities, net Release of cumulative translation adjustments (21,787 ) 226 67 Other (loss) gain, net Realization of net gain on net investment hedges 32,965 — — Gain on remeasurement of consolidated investment entities, net Realization of net gain on net investment hedges 6,492 — — Other (loss) gain, net Net settlement loss on derivative instruments designated as net investment hedges — (253 ) (18 ) Other (loss) gain, net Unrealized gain on dedesignated net investment hedges 28 — — Other (loss) gain, net Unrealized loss on ineffective cash flow hedge (55 ) — — Other (loss) gain, net

Noncontrolling Interests

Noncontrolling Interests	12 Months Ended
	Dec. 31, 2015
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests Noncontrolling Interests in Investment Entities This represents interests in consolidated real estate investment entities held primarily by Co-Investment Funds, which prior to the Combination, were managed by CCLLC or its affiliates, and to a lesser extent, held by unaffiliated third parties. Allocation of net income or loss is generally based upon relative ownership interests held by equity owners in each investment entity, or based upon contractual arrangements that may provide for disproportionate allocation of economic returns among equity interests, including hypothetical liquidation at book value, when applicable and substantive. Noncontrolling Interests in Operating Company This represents membership interests in OP held by affiliates and senior executives. A majority of the OP Units held by noncontrolling interests were issued as part of the consideration for the Combination. Noncontrolling interests in OP are attributed a share of net income or loss in OP based on their weighted average ownership interest in OP during the period. At the end of each period, noncontrolling interests in OP is adjusted to reflect their ownership percentage in OP at the end of the period, through a reallocation between controlling and noncontrolling interests in OP, as applicable. Noncontrolling interests in OP, subject to lock-up agreements, have the right to require OP to redeem part or all of such member’s OP Units for cash based on the market value of an equivalent number of shares of Class A common stock at the time of redemption, or at the Company's election, through issuance of shares of Class A common stock (registered or unregistered) on a one-for-one basis. In June 2015, OP issued an additional 412,865 common OP Units to an affiliate, CCM. As discussed in Note 10, the Company issued a $10 million unsecured note to CCM in connection with the acquisition of a portfolio of light industrial real estate assets and operating platform in December 2014. In May 2015, CCM exercised its rights under the note and contributed the note to OP in exchange for OP Units.

Earnings per Share

Earnings per Share	12 Months Ended
	Dec. 31, 2015
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) 2015 2014 2013 Net income allocated to common stockholders Net income $ 256,036 $ 159,711 $ 125,923 Net income attributable to noncontrolling interests: Investment entities (86,123 ) (36,562 ) (24,158 ) Operating Company (19,933 ) — — Net income attributable to Colony Capital, Inc. 149,980 123,149 101,765 Preferred dividends (42,569 ) (24,870 ) (21,420 ) Net income attributable to common stockholders 107,411 98,279 80,345 Net income allocated to participating securities (nonvested shares) (1,237 ) (990 ) (725 ) Net income allocated to common stockholders—basic 106,174 97,289 79,620 Interest expense attributable to convertible notes (1) — — — Net income allocated to common stockholders—diluted $ 106,174 $ 97,289 $ 79,620 Weighted average common shares outstanding Weighted average number of common shares outstanding—basic 110,931 96,694 66,182 Weighted average effect of dilutive shares (2) — 5 — Weighted average number of common shares outstanding—diluted 110,931 96,699 66,182 Earnings per share Basic $ 0.96 $ 1.01 $ 1.20 Diluted $ 0.96 $ 1.01 $ 1.20 __________ (1) For the years ended December 31, 2015, 2014 and 2013 , excluded from the calculation of diluted net income per share is the effect of adding back $27.3 million , $23.3 million and $7.6 million , respectively, of interest expense and 24,694,700 , 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. Also excluded from the calculation of diluted income per share for the years ended December 31, 2015 and 2014 is the effect of adding back $280,000 and $25,000 , respectively, of interest expense and 187,800 and 14,700 weighted average dilutive common share equivalents, respectively, for the assumed repayment of the $10 million unsecured note issued to CCM (see Note 10) in shares of the Company's common stock as its inclusion would be antidilutive. (2) OP Units, subject to lock-up agreements, may be redeemed for registered or unregistered Class A common shares on a one-for-one basis. At December 31, 2015 , there were 21,749,000 redeemable OP Units. These OP Units would not be dilutive and were not included in the computation of diluted earnings per share for the year ended December 31, 2015 . For the year ended December 31, 2014, weighted average dilutive shares include the effect of 4,900 shares of common stock issuable to the former Manager for incentive fees incurred for the period.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Affiliates include funds and other investment vehicles managed by the Company, directors, senior executives, and employees, and prior to the Combination, the Manager and its affiliates. Amounts due from and due to affiliates consist of the following: December 31, (In thousands) 2015 2014 Due from Affiliates Due from funds and unconsolidated joint ventures: Management fees $ 5,734 $ — Other 3,952 — Due from CCLLC 1,559 — Due from employees and other affiliated entities 468 — $ 11,713 $ — Due to Affiliates Contingent consideration $ 52,990 $ — Amounts due to the Manager or its affiliates: Base management fee expense — 9,173 Secondment reimbursement — 1,393 Reimbursement of direct and allocated administrative and investment costs — 1,670 $ 52,990 $ 12,236 Prior to the Combination, the Company was externally managed by an affiliate. Amounts payable to the Manager under this arrangement included: ▪ Base management fee of 1.5% per annum of stockholders' equity, as defined; ▪ Incentive fee each quarter, measured based on a core earning metric, as defined in the management agreement, payable in shares of the Company's common stock; ▪ Reimbursement of certain expenditures incurred by the Manager, including allocation of overhead costs; and ▪ Cost of employment for the Company's chief financial officer pursuant to a secondment agreement with an affiliate of the Manager. Amounts incurred and payable to the Manager or its affiliates for periods prior to the Combination were as follows: Year Ended December 31, (In thousands) 2015 2014 2013 Base management fee expense $ 9,165 $ 32,285 $ 22,265 Incentive fees — 464 — Compensation pursuant to secondment agreement 450 1,778 1,286 Direct and allocated investment-related expenses 366 2,846 1,771 Direct and allocated administrative expenses 1,922 3,301 1,787 $ 11,903 $ 40,674 $ 27,109 Subsequent to the Combination which closed on April 2, 2015, the Company is internally managed and incurs all costs directly. Additionally, the management and investment personnel of the Manager became employees of the Company. Transactions with affiliates post-Combination include the following: Management Fee Income— Pursuant to management and advisory agreements, the Company earns base and asset management fee income from managing funds and their respective investments. Base and asset management fees from affiliates, included in fee income, totaled $64.6 million for the year ended December 31, 2015 . Cost Reimbursements— The Company received cost reimbursements for administrative services provided to affiliates, including property management services on behalf of the Company's investment entities. Cost reimbursements, included in other income, were $4.8 million for the year ended December 31, 2015 , of which $0.9 million was receivable at December 31, 2015. Recoverable Expenses— In the normal course of business, the Company pays certain expenses on behalf of managed-funds, for which the Company recovers from the funds. Such amounts due from funds were $1.1 million at December 31, 2015. Arrangements with Sponsored Fund— In December 2015, the Company sponsored a fund as general partner and co-invests alongside the Sponsored Fund through joint ventures between the Company and the Sponsored Fund. These co-investment joint ventures are consolidated by the Company. As general partner, the Company has capital commitments directly to the Sponsored Fund and as an affiliate of the general partner, capital commitments satisfied through the co-investment joint ventures. In connection with the Company's commitments as an affiliate of the general partner, the Company is allocated a proportionate share of the general and administrative costs of the Sponsored Fund. At December 31, 2015, $1.4 million was due from the Sponsored Fund, which included amounts due from the Sponsored Fund to the co-investment joint ventures as well as the Company's share of costs payable to the Sponsored Fund. Additionally, as permitted by the limited partnership agreement of the Sponsored Fund, the Company made advances to the Sponsored Fund as general partner, which have been repaid as of December 31, 2015, and received $0.3 million of related interest. Advances— Certain employees are permitted to participate in co-investment vehicles which generally invest in Colony-sponsored funds alongside third party investors. Additionally, the Company grants loans to certain employees in the form of promissory notes bearing interest at the prime rate with varying terms and repayment conditions. At December 31, 2015 , outstanding advances were approximately $0.2 million and related interest amounts were immaterial. Corporate Aircraft— The Company's corporate aircraft may occasionally be used for business purposes by affiliated entities or for personal use by certain senior executives of the Company. Affiliated entities and senior executives reimburse the Company for their usage based on the incremental cost to the Company of making the aircraft available for such use, and includes direct and indirect variable costs of operating the flights. These reimbursements, included in other income, amounted to approximately $0.4 million for the year ended December 31, 2015 , of which $0.1 million was outstanding at December 31, 2015 . Consideration for the Combination— At December 31, 2015, approximately $1.6 million was due from CCLLC in connection with the upfront consideration, while the contingent consideration payable to certain senior executives of the Company was estimated at approximately $53.0 million .

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	Share-Based Compensation 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 one year from the date of grant. Equity Incentive Plan The 2014 Equity Incentive Plan (the “Equity Incentive Plan”), an amendment and restatement of the Company’s 2011 Equity Incentive Plan (the “2011 Plan”), provides for the grant of options to purchase shares Class A 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 as well as service providers are eligible to receive awards under the Equity Incentive Plan. The Company has reserved a total of 2,500,000 additional shares of Class A common stock for issuance pursuant to the Equity Incentive Plan, in addition to (i) the number of shares of Class A common stock available for issuance under the 2011 Plan and (ii) the number of shares of Class A 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 Class A 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 over a 3 -year period from the date of grant. Prior to the Combination, stock grants made to the Manager and its employees were considered non-employee awards and were remeasured at fair value at each period end until the awards fully vested, with such costs forming part of management fee expense. Following the Combination, in which the management and investment personnel of the Manager became employed by the Company, these stock grants are treated as equity classified employee awards. The outstanding awards as of the date of closing of the Combination were remeasured at fair value based on the closing price of the Company's Class A common stock on that date and compensation cost recognized on a straight-line basis over the remaining vesting period of the awards, presented within compensation expense. There were no changes to the existing service requirement or any other terms of the awards, nor new conditions attached to the awards in connection with the Combination. Stock grants made to non-executive directors of the Company continue to be classified as employee awards. Amortization of stock grants to non-executive directors are included in compensation expense subsequent to the Combination, previously in administrative expense. Share-based compensation expense recognized was as follows: Year Ended December 31, (In thousands) 2015 2014 2013 Stock grants to the Manager and employees (1) $ 13,094 $ 10,384 $ 3,998 Stock grants to non-executive directors 620 417 285 $ 13,714 $ 10,801 $ 4,283 Changes in the Company’s nonvested share awards are summarized below: Restricted Stock Grants Non-Executive Directors Manager and Employees (1) Total Weighted Average Grant Date Fair Value Nonvested shares at December 31, 2014 15,234 674,204 689,438 $ 19.54 Granted 23,226 618,081 641,307 24.42 Vested (23,532 ) (484,947 ) (508,479 ) 20.71 Forfeited — (26,432 ) (26,432 ) 26.06 Nonvested shares at December 31, 2015 14,928 780,906 795,834 22.51 _________ (1) All outstanding stock grants made to the Manager prior to the Combination became employee awards effective April 2, 2015. Fair value of shares vested was $12.4 million , $6.9 million , and $182,000 for the years ended December 31, 2015, 2014 and 2013 , respectively. Fair value of shares vested was determined based on the closing price of the Company's Class A common stock on respective vesting dates for non-employee awards and on the date of closing of the Combination for employee awards. The weighted average grant-date fair value per share was $24.42 , $20.32 and $21.94 for the shares granted during the years ended December 31, 2015, 2014 and 2013 , respectively. As of December 31, 2015 , aggregate unrecognized compensation cost related to nonvested restricted stock grants was approximately $10.9 million and is expected to be fully recognized over a weighted-average period of approximately 20 months.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company is subject to income tax laws of the various jurisdictions in which it operates, including U.S. federal, state and local and non-U.S. jurisdictions, primarily in Europe. Our current primary sources of income subject to tax are income from loan resolutions in some of our loan portfolios, income from our interests in asset management companies which manage some of our loan portfolios, hotel operations from our real estate equity portfolio and fee income from our investment management business. Income Tax (Benefit) Expense Year Ended December 31, (In thousands) 2015 2014 2013 Current Federal $ 451 $ 1,339 $ 1,470 State and local 397 369 671 Foreign 1,469 — — Total current tax expense 2,317 1,708 2,141 Deferred Federal (10,428 ) (3,307 ) (1,115 ) State and local (1,219 ) (800 ) (367 ) Foreign 34 — — Total deferred tax benefit (11,613 ) (4,107 ) (1,482 ) Total income tax (benefit) expense $ (9,296 ) $ (2,399 ) $ 659 Deferred Income Tax Assets and Liabilities The components of deferred tax assets and deferred tax liabilities arising from temporary differences are as follows: December 31, (In thousands) 2015 2014 Deferred tax assets Net operating loss carry forwards $ 9,814 $ 1,695 Stock-based compensation 2,890 — Investment in partnerships 843 5,018 Other 2,262 — Total deferred tax assets 15,809 6,713 Deferred tax liabilities Intangible assets from Combination 28,875 — Gain from remeasurement of consolidated investment entities, net 3,237 — Assumption of tax basis from real estate acquisition (Note 6) 26,880 — Other 1,504 245 Total deferred tax liabilities 60,496 245 Net deferred tax (liability) asset $ (44,687 ) $ 6,468 Net operating loss carryforwards recognized in income tax (benefit) expense for the years ended December 31, 2015, 2014 and 2013 were $8.1 million , $0.3 million and $1.4 million , respectively. Estimated future taxable income is expected to be sufficient to utilize the net operating loss carryforwards prior to their expiration between 2030 and 2035. As of December 31, 2015 and 2014, the Company has assessed that it is more likely than not that the benefits of its deferred tax assets will be realized and therefore, no valuation allowance was necessary. Effective Income Tax The Company's income tax benefit varied from the amount computed by applying the statutory income tax rate to net income before income taxes. A reconciliation of the statutory U.S. income tax to the Company's effective income tax is presented as follows: Year Ended December 31, 2015 2014 2013 (Amounts in thousands) Amount Tax Rate Amount Tax Rate Amount Tax Rate Income before income taxes $ 246,740 $ 157,312 $ 126,582 Pre-tax income attributable to pass-through subsidiaries (277,902 ) (163,058 ) (124,753 ) Pre-tax loss attributable to taxable subsidiaries (31,162 ) (5,746 ) 1,829 Federal tax benefit at statutory tax rate (10,907 ) 35.0 % (2,011 ) 35.0 % 640 35.0 % State and local income taxes, net of federal income tax benefit (884 ) 2.8 % (295 ) 5.1 % 122 6.7 % Other 398 -1.3 % (566 ) 9.9 % (144 ) -7.9 % Income tax benefit—taxable REIT subsidiaries (11,393 ) 36.5 % (2,872 ) 50.0 % 618 33.8 % Taxes reflected in pre-tax income attributable to pass-through subsidiaries: Current and deferred foreign taxes 1,594 — — Current excess inclusion income tax 203 480 — State and local taxes 175 (54 ) (39 ) Other taxes 125 47 80 Total income tax (benefit) expense $ (9,296 ) $ (2,399 ) $ 659

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Investment Commitments Investments in Unconsolidated Joint Ventures— 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, 2015 , the Company’s share of those commitments was $57.4 million . Consolidated Real Estate Debt Investments— The Company has lending commitments to borrowers pursuant to certain loan agreements in which the borrower may submit a request for funding based on the achievement of certain criteria, which must be approved by the Company as lender, such as leasing, performance of capital expenditures and construction in progress with an approved budget. As of December 31, 2015 , total unfunded lending commitments was $455.9 million , of which the Company's share was $270.4 million , net of amounts attributable to noncontrolling interests. Consolidated Real Estate Equity Investments— As of December 31, 2015 , the Company, through a wholly-owned real estate equity investment entity, had a $34.0 million commitment to acquire an operating property upon completion of construction, which is being undertaken as a build-to-suit for a tenant which has signed a long term triple net lease. In connection with the Company's acquisition of a light industrial portfolio and operating platform in December 2014, the Company, together with 38% third-party limited partners, may be required to fund additional amounts for future real estate acquisitions and operating costs through ColFin Industrial Partnership, as directed by the general partner of this entity, which is a controlled affiliate of the Company. As of December 31, 2015 , the unfunded commitment to ColFin Industrial Partnership was $163.2 million , representing $101.9 million for the Company and $61.3 million for the limited partners. Sponsored Fund Commitments— In December 2015, the Company, through wholly-owned subsidiaries of OP, held a closing of a global real estate credit fund (the “Global Credit Fund") with total callable capital commitments of $688.6 million , inclusive of capital commitment by certain wholly-owned subsidiaries of the OP. The Company's co-investment activities alongside the Global Credit Fund is conducted through joint ventures between the Company and the Global Credit Fund. As of December 31, 2015, the Company committed capital of $1.0 million as general partner to be funded directly into the Global Credit Fund and an additional $136.7 million as an affiliate of the general partner ("GP Affiliate"), which commitments can be satisfied by funding certain joint ventures between the Company and the Global Credit Fund. At December 31, 2015 , the Company has unfunded commitments of $0.7 million as general partner and $92.8 million as GP Affiliate. In subsequent closings, the Company's cumulative capital commitments to the Global Credit Fund will be determined as the lower of $500.0 million or 20% of total capital commitments. Lease Commitments Ground Leases— In connection with real estate acquisitions, the Company assumed certain noncancelable operating ground leases as lessee or sublessee with expiration dates through year 3000. Many ground leases require only nominal annual payments and are excluded from the table below. Certain leases require contingent rent payments based on a percentage of gross rental receipts, net of operating expenses, as defined in the lease. For the years ended December 31, 2015 and 2014 , ground rent expense was $0.3 million and $0.1 million , respectively, including contingent rent. There was no ground rent expense for the year ended December 31, 2013 . Rents paid under the ground leases are recoverable from tenants. Office Leases— The Company leases office space under noncancellable operating leases with expiration dates through 2025. The lease agreements provide for payment of various operating expenses, with certain operating costs incurred by the landlord subject to escalation clauses. Rent expense in connection with leases of office space for the year ended December 31, 2015 was $4.3 million , included in administrative expenses. Prior to the Combination on April 2, 2015, such administrative cost was incurred directly by the Manager. As of December 31, 2015 , future minimum rental payments on noncancellable operating ground leases and office leases were as follows: (In thousands) Year Ending December 31, Ground Leases Office Leases 2016 $ 414 $ 4,808 2017 414 4,216 2018 414 3,270 2019 414 1,963 2020 425 1,690 2021 and after 31,292 7,078 Total $ 33,373 $ 23,025 Contingent Consideration The consideration for the Combination included a contingent portion payable in shares of Class A and Class B common stock as well as OP Units, subject to multi-year performance targets. At December 31, 2015 , the estimated fair value of the contingent consideration was $53.0 million , as discussed in Note 13. Litigation The Company may be involved in litigations and claims in the ordinary course of business. As of December 31, 2015 , the Company was not involved in any material legal proceedings.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Segment Information	Segment Information The Company conducts its business through the following reportable segments: Real Estate Equity • Light industrial real estate assets and operating platform; • Single-family residential rentals through an investment in CAH, now Colony Starwood Homes (Note 22); • Other real estate equity investments; Real Estate Debt • Loan originations and acquisitions; and Investment Management • Investment management of Company-sponsored funds and other investment vehicles. The Company's acquisition of a portfolio of light industrial real estate properties and associated operating platform in December 2014 represented a new segment, Light Industrial Platform, within its real estate equity business. Following the closing of the Combination on April 2, 2015, the acquired investment management business formed a new segment, Investment Management . Additionally, costs previously borne and allocated by its Manager are now incurred directly by the Company and certain assets held by the Manager were transferred to the Company as part of the Combination. Amounts not allocated to specific segments include corporate level cash and corresponding interest income, fixed assets, corporate level financing and related interest expense, income and expense in relation to cost reimbursement arrangements with affiliates, costs in connection with unconsummated deals, compensation expense not directly attributable to other segments, corporate level administrative and overhead costs, contingent consideration in connection with the Combination, as well as non-real estate investments and related revenues and expenses. The chief operating decision maker assesses the performance of the business based on net income (loss) of each of the reportable segments, after attribution to noncontrolling interests at segment level, where applicable. The various real estate equity, real estate debt and investment management segments represent distinct revenue streams to the Company, consisting of property operating income, interest income and fee income, respectively. Costs which are directly attributable, or otherwise can be subjected to a reasonable and systematic allocation, have been allocated to each of the reportable segments. The following tables present the operating results of the Company’s reportable segments: Real Estate Equity (In thousands) Light Industrial Platform Single-Family Other Real Estate Debt Investment Management Amounts Not Allocated to Segments Total Year Ended December 31, 2015 Income: Interest income $ 7 $ — $ 16 $ 417,149 $ — $ 133 $ 417,305 Property operating income 161,863 — 134,043 3,965 — — 299,871 Equity in (loss) income of unconsolidated joint ventures — (14,787 ) 18,272 46,596 (1,675 ) (801 ) 47,605 Fee income — — — 219 65,594 — 65,813 Other income 670 — 59 5,856 — 4,797 11,382 Total income (loss) 162,540 (14,787 ) 152,390 473,785 63,919 4,129 841,976 Expenses: Management fees — — — — — 15,062 15,062 Transaction, investment and servicing costs 4,038 — 22,432 19,273 — 16,514 62,257 Interest expense 37,338 — 19,441 31,549 — 44,766 133,094 Property operating expenses 54,581 — 58,035 5,097 — — 117,713 Depreciation and amortization 82,447 — 38,452 252 16,498 3,328 140,977 Provision for loan losses — — — 37,475 — — 37,475 Impairment loss 450 — 4,539 2,100 4,103 — 11,192 Compensation expense 3,633 — 2,021 11,582 33,021 34,249 84,506 Administrative expenses 1,631 — 2,008 4,939 1,983 27,677 38,238 Total expenses 184,118 — 146,928 112,267 55,605 141,596 640,514 Gain on sale of real estate assets, net 108 — 6,970 1,876 — 8 8,962 Gain on remeasurement of consolidated investment entities, net — — 10,223 31,263 — — 41,486 Other (loss) gain, net (192 ) — 1,613 (23,361 ) (19 ) 16,789 (5,170 ) Income tax benefit (expense) 484 — (3,372 ) (424 ) 12,658 (50 ) 9,296 Net (loss) income (21,178 ) (14,787 ) 20,896 370,872 20,953 (120,720 ) 256,036 Net (loss) income attributable to noncontrolling interests: Investment entities (10,460 ) — (7,384 ) 103,983 — (16 ) 86,123 Operating Company (1,158 ) (1,754 ) 3,554 34,075 3,378 (18,162 ) 19,933 Net (loss) income attributable to Colony Capital, Inc. $ (9,560 ) $ (13,033 ) $ 24,726 $ 232,814 $ 17,575 $ (102,542 ) $ 149,980 Real Estate Equity (In thousands) Light Industrial Platform Single-Family Other Real Estate Debt Amounts Not Allocated to Segments Total Year Ended December 31, 2014 Income: Interest income $ — $ — $ — $ 204,054 $ 307 $ 204,361 Property operating income 5,365 — 15,597 — — 20,962 Equity in (loss) income of unconsolidated joint ventures — (15,901 ) 3,235 86,495 — 73,829 Other income — — — 908 589 1,497 Total income (loss) 5,365 (15,901 ) 18,832 291,457 896 300,649 Expenses: Management fees — — — — 43,133 43,133 Transaction, investment and servicing costs 7,754 — 245 8,430 10,478 26,907 Interest expense 1,321 — 4,355 14,199 28,490 48,365 Property operating expenses 1,544 — 4,019 — — 5,563 Depreciation and amortization 3,391 — 5,786 — — 9,177 Compensation expense — — — — 2,468 2,468 Administrative expenses — — — 577 8,363 8,940 Total expenses 14,010 — 14,405 23,206 92,932 144,553 Other (loss) gain, net (22 ) — — 165 1,073 1,216 Income tax benefit (expense) (1) — — 3,435 (698 ) (338 ) 2,399 Net (loss) income (8,667 ) (15,901 ) 7,862 267,718 (91,301 ) 159,711 Net (loss) income attributable to noncontrolling interests—Investment entities (3,143 ) — 2,022 37,683 — 36,562 Net (loss) income attributable to Colony Capital, Inc. $ (5,524 ) $ (15,901 ) $ 5,840 $ 230,035 $ (91,301 ) $ 123,149 Real Estate Equity (In thousands) Single-Family Other Real Estate Debt Amounts Not Allocated to Segments Total Year Ended December 31, 2013 Income: Interest income $ — $ — $ 80,753 $ 282 $ 81,035 Property operating income — 789 — — 789 Equity in (loss) income of unconsolidated joint ventures (8,013 ) 19,168 89,553 — 100,708 Other income — — 1,267 — 1,267 Total (loss) income (8,013 ) 19,957 171,573 282 183,799 Expenses: Management fees — — — 26,263 26,263 Transaction, investment and servicing costs — 623 3,457 955 5,035 Interest expense — 227 5,295 13,316 18,838 Property operating expenses — 197 — — 197 Depreciation and amortization — 310 — — 310 Compensation expense — — — 1,756 1,756 Administrative expenses — — 178 5,614 5,792 Total expenses — 1,357 8,930 47,904 58,191 Other gain, net — — 974 — 974 Income tax benefit (expense) (1) — 916 (1,216 ) (359 ) (659 ) Net (loss) income (8,013 ) 19,516 162,401 (47,981 ) 125,923 Net income attributable to noncontrolling interests — Investment entities — 1,266 22,892 — 24,158 Net (loss) income attributable to Colony Capital, Inc. $ (8,013 ) $ 18,250 $ 139,509 $ (47,981 ) $ 101,765 _________ (1) Beginning in 2015, income tax benefit (expense) related to specific investments within each segment has been allocated to the respective segments, including 2014 and 2013 which were previously unallocated. Total assets and equity method investments of each of segment are summarized as follows. December 31, 2015 December 31, 2014 (In thousands) Segment Assets Equity Method Investments Segment Assets (1) Equity Method Investments Light industrial platform $ 1,926,002 $ — $ 1,672,963 $ — Single-family residential rentals 394,783 394,783 494,613 494,613 Other real estate equity 2,094,794 295,221 558,187 393,813 Real estate debt 4,734,547 114,350 3,011,805 758,551 Investment management 798,213 9,794 — — Amounts not allocated to segments 90,971 10,449 87,881 — Total $ 10,039,310 $ 824,597 $ 5,825,449 $ 1,646,977 _________ (1) Beginning in 2015, the Company allocated cash and other assets held within investment holding entities that previously had not been allocated to segments. The impact of this change was an additional allocation of $63.4 million to segment assets at December 31, 2014, made up primarily of cash balances that can be directly attributed to the respective segments.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 5, 2016, pursuant to a merger agreement in September 2015, CAH and Starwood Waypoint Residential Trust (“SWAY”) completed a merger of the two companies into Colony Starwood Homes, in a stock-for-stock transaction. Colony Starwood Homes continue to trade on the New York Stock Exchange under the ticker symbol "SFR." Upon completion of the merger, based on each company’s net asset value, existing SWAY shareholders and the former owner of the SWAY manager own approximately 41% of the shares of the combined company, while former CAH shareholders own approximately 59% . We received approximately 15.1 million shares of Colony Starwood Homes, representing 13.8% of the combined company. Our shares of Colony Starwood Homes are subject to lock-up for up to nine months after the closing of the merger. Immediately prior to completion of the merger, CAH effected an internal reorganization to exclude CAH’s residential specialty finance company, Colony American Finance, LLC (“CAF”), from the merger. As a result of the reorganization, we retained our 19% ownership interest in CAF.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulative Depreciation	12 Months Ended
	Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	COLONY CAPITAL, INC. SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2015 (Amounts in thousands) Initial Cost (1) Costs Capitalized Subsequent to Acquisition Gross Cost Basis at December 31, 2015 (2) Accumulated Depreciation (3) Net Carrying Amount Date of Acquisition (4) Property Name and/or Location Property Type Encumbrances Land Buildings and Improvements Land Buildings and Improvements Total Campus, Glion sur Montreux, Switzerland Education $ 42,948 $ 7,417 $ 47,757 $ — $ 7,417 $ 47,757 $ 55,174 $ 1,249 $ 53,925 1/30/15 Campus, Bluche, Switzerland Education 77,999 9,946 88,520 — 9,946 88,520 98,466 2,170 96,296 1/13/15 Florence, AL Hotel 1,516 402 1,361 — 402 1,361 1,763 113 1,650 4/2/15 Jasper, AL Hotel 3,129 419 3,197 — 419 3,197 3,616 163 3,453 4/2/15 Scottsbor, AL Hotel 2,113 250 2,171 — 250 2,171 2,421 85 2,336 4/2/15 Sylacauga, AL Hotel 2,604 846 2,058 — 846 2,058 2,904 96 2,808 4/2/15 Trussvill, AL Hotel 2,264 354 2,284 — 354 2,284 2,638 144 2,494 4/2/15 Tuscaloosa, AL Hotel 2,784 320 2,918 — 320 2,918 3,238 159 3,079 4/2/15 Crestvie, FL Hotel 2,377 371 2,400 — 371 2,400 2,771 153 2,618 4/2/15 Lake City, FL Hotel 2,306 570 2,090 — 570 2,090 2,660 146 2,514 4/2/15 Palm Ba, FL Hotel 2,588 665 2,310 — 665 2,310 2,975 157 2,818 4/2/15 Albany, GA Hotel 2,252 299 2,330 — 299 2,330 2,629 143 2,486 4/2/15 Americus, GA Hotel 2,237 375 2,240 — 375 2,240 2,615 154 2,461 4/2/15 Bainbridge, GA Hotel 1,528 310 1,459 — 310 1,459 1,769 95 1,674 4/2/15 Carrollton, GA Hotel 2,773 457 2,718 — 457 2,718 3,175 126 3,049 4/2/15 Newnan, GA Hotel 2,760 627 2,503 — 627 2,503 3,130 118 3,012 4/2/15 Peoria, IL Hotel 4,783 1,242 4,209 — 1,242 4,209 5,451 249 5,202 4/2/15 Indy Castleton, IN Hotel 3,133 1,012 2,503 — 1,012 2,503 3,515 133 3,382 4/2/15 South Bend, IN Hotel 4,624 688 4,705 — 688 4,705 5,393 295 5,098 4/2/15 Richmond, KY Hotel 3,207 353 3,403 — 353 3,403 3,756 206 3,550 4/2/15 West Monroe, LA Hotel 5,270 823 5,362 — 823 5,362 6,185 378 5,807 4/2/15 Eden, NC Hotel 1,912 207 2,025 — 207 2,025 2,232 115 2,117 4/2/15 Forest City, NC Hotel 2,817 426 2,811 — 426 2,811 3,237 136 3,101 4/2/15 Wilmington, NC Hotel 2,438 731 2,046 — 731 2,046 2,777 136 2,641 4/2/15 Cheraw, SC Hotel 3,199 394 3,320 — 394 3,320 3,714 178 3,536 4/2/15 Gaffney, SC Hotel 2,100 307 2,137 — 307 2,137 2,444 129 2,315 4/2/15 Georgetown, SC Hotel 2,604 637 2,329 — 637 2,329 2,966 128 2,838 4/2/15 Greenwood, SC Hotel 2,327 456 2,231 — 456 2,231 2,687 137 2,550 4/2/15 Lancaster, SC Hotel 1,812 309 1,817 — 309 1,817 2,126 133 1,993 4/2/15 Seneca, SC Hotel 2,336 342 2,382 — 342 2,382 2,724 149 2,575 4/2/15 Cleveland, TN Hotel 2,069 365 2,076 — 365 2,076 2,441 167 2,274 4/2/15 Columbi, TN Hotel 4,059 563 4,146 — 563 4,146 4,709 232 4,477 4/2/15 Decher, TN Hotel 1,657 583 1,283 — 583 1,283 1,866 83 1,783 4/2/15 Gallatin, TN Hotel 3,194 382 3,351 — 382 3,351 3,733 201 3,532 4/2/15 Greeneville, TN Hotel 2,220 390 2,191 — 390 2,191 2,581 140 2,441 4/2/15 Harrisonburg, VA Hotel 2,529 404 2,531 — 404 2,531 2,935 151 2,784 4/2/15 (Amounts in thousands) Initial Cost (1) Costs Capitalized Subsequent to Acquisition Gross Cost Basis at December 31, 2015 (2) Accumulated Depreciation (3) Net Carrying Amount Date of Acquisition (4) Property Name and/or Location Property Type Encumbrances Land Buildings and Improvements Land Buildings and Improvements Total Martinsville, VA Hotel 2,479 231 2,665 — 231 2,665 2,896 147 2,749 4/2/15 North 48th Ave. 1 - Phoenix, AZ Industrial 2,413 1,133 2,508 40 1,133 2,548 3,681 117 3,564 12/18/14 North 48th Ave. 2 - Phoenix, AZ Industrial 350 209 373 17 209 390 599 16 583 12/18/14 North 48th Ave. 3 - Phoenix, AZ Industrial 2,378 1,133 2,248 354 1,133 2,602 3,735 207 3,528 12/18/14 North 48th Ave. 4 - Phoenix, AZ Industrial 666 291 747 10 291 757 1,048 31 1,017 12/18/14 North 48th Ave. 5 - Phoenix, AZ Industrial 523 240 633 22 240 655 895 26 869 12/18/14 Granite Commerce Center - Phoenix, AZ Industrial — 4,469 26,429 53 4,469 26,482 30,951 100 30,851 11/5/15 Lincoln Commerce Park - Phoenix, AZ Industrial 4,900 3,555 31,802 — 3,555 31,802 35,357 39 35,318 12/11/15 South 15th - Phoenix, AZ Industrial 7,220 1,668 6,891 — 1,668 6,891 8,559 231 8,328 12/18/14 South 48th Ave. - Phoenix, AZ Industrial 2,492 1,196 2,642 14 1,196 2,656 3,852 116 3,736 12/18/14 South Palo Verde - Phoenix, AZ Industrial 5,605 1,193 6,277 — 1,193 6,277 7,470 258 7,212 12/18/14 West Fairmont - Phoenix, AZ Industrial 1,474 439 1,904 63 439 1,967 2,406 87 2,319 12/18/14 Mission Business Park - Tolleson, AZ Industrial 17,800 2,036 15,120 — 2,036 15,120 17,156 21 17,135 12/16/15 Denver Business Center - Denver, CO Industrial 4,129 1,342 5,610 — 1,342 5,610 6,952 209 6,743 12/18/14 Denver Business Center #5 - Denver, CO Industrial 9,560 2,227 11,761 — 2,227 11,761 13,988 411 13,577 12/18/14 East 51st Avenue - Denver, CO Industrial 3,257 946 3,580 — 946 3,580 4,526 133 4,393 12/18/14 Moline Distribution Center - Denver, CO Industrial 4,016 1,045 4,039 14 1,045 4,053 5,098 153 4,945 12/18/14 Moncrieff Distribution Center - Denver, CO Industrial 6,072 1,501 6,674 — 1,501 6,674 8,175 237 7,938 12/18/14 Odessa Way - Denver, CO Industrial 5,535 1,477 5,653 — 1,477 5,653 7,130 231 6,899 12/18/14 West 53rd Place - Denver, CO Industrial 7,774 2,161 7,748 205 2,161 7,953 10,114 305 9,809 12/18/14 West Evans - Denver, CO Industrial 3,488 657 3,826 — 657 3,826 4,483 136 4,347 12/18/14 Chancellor Drive - Orlando, FL Industrial 8,473 2,166 10,016 — 2,166 10,016 12,182 403 11,779 12/18/14 Kingspointe Parkway - Orlando, FL Industrial 7,475 2,148 8,578 — 2,148 8,578 10,726 394 10,332 12/18/14 La Quinta Drive - Orlando, FL Industrial 5,177 1,811 6,678 59 1,811 6,737 8,548 278 8,270 12/18/14 123rd Circle North - Tampa, FL Industrial 3,982 370 4,378 56 370 4,434 4,804 144 4,660 12/18/14 Corporex Drive - Tampa, FL Industrial 4,526 968 4,993 24 968 5,017 5,985 239 5,746 12/18/14 Eastgate Distribution Center - Tampa, FL Industrial 9,622 1,396 11,268 119 1,396 11,387 12,783 440 12,343 12/18/14 New Tampa Commerce Center - Tampa, FL Industrial 11,768 1,544 11,499 31 1,544 11,530 13,074 552 12,522 12/18/14 Shiloh Road 1 - Alpharetta, GA Industrial 102 626 4,765 — 626 4,765 5,391 93 5,298 7/15/15 Shiloh Road 2 - Alpharetta, GA Industrial 137 614 6,655 — 614 6,655 7,269 128 7,141 7/15/15 Shiloh Road 3 - Alpharetta, GA Industrial 141 615 6,894 — 615 6,894 7,509 124 7,385 7/15/15 Shiloh Road 4 - Alpharetta, GA Industrial 157 772 7,547 — 772 7,547 8,319 130 8,189 7/15/15 Shiloh Road 5 - Alpharetta, GA Industrial 213 952 10,364 — 952 10,364 11,316 181 11,135 7/15/15 Shiloh Road 6 - Alpharetta, GA Industrial 133 693 6,364 — 693 6,364 7,057 127 6,930 7/15/15 Shiloh Road 7 - Alpharetta, GA Industrial 147 910 6,892 — 910 6,892 7,802 124 7,678 7/15/15 Atlanta Industrial Parkway 1 - Atlanta, GA Industrial 810 331 988 — 331 988 1,319 49 1,270 12/18/14 Atlanta Industrial Parkway 2 - Atlanta, GA Industrial 2,335 758 2,037 — 758 2,037 2,795 104 2,691 12/18/14 Atlanta Industrial Parkway 3 - Atlanta, GA Industrial 353 263 325 50 263 375 638 25 613 12/18/14 Atlanta Industrial Parkway 4 - Atlanta, GA Industrial 2,865 886 3,249 — 886 3,249 4,135 150 3,985 12/18/14 Atlanta Industrial Parkway 5 - Atlanta, GA Industrial 2,114 769 3,057 43 769 3,100 3,869 133 3,736 12/18/14 (Amounts in thousands) Initial Cost (1) Costs Capitalized Subsequent to Acquisition Gross Cost Basis at December 31, 2015 (2) Accumulated Depreciation (3) Net Carrying Amount Date of Acquisition (4) Property Name and/or Location Property Type Encumbrances Land Buildings and Improvements Land Buildings and Improvements Total Atwater Court 1 - Atlanta, GA Industrial 2,527 625 3,444 — 625 3,444 4,069 165 3,904 12/18/14 Atwater Court 2 - Atlanta, GA Industrial 1,978 485 2,367 — 485 2,367 2,852 115 2,737 12/18/14 Boatrock Blvd 1 - Atlanta, GA Industrial 1,364 424 1,744 77 424 1,821 2,245 66 2,179 12/18/14 Boatrock Blvd 2 - Atlanta, GA Industrial 707 260 796 — 260 796 1,056 35 1,021 12/18/14 Boatrock Blvd 3 - Atlanta, GA Industrial 667 205 689 30 205 719 924 30 894 12/18/14 Brook Hollow Distribution Center - Atlanta, GA Industrial 10,141 1,858 13,768 121 1,858 13,889 15,747 533 15,214 12/18/14 Buford Highway - Atlanta, GA Industrial 7,095 1,208 9,274 182 1,208 9,456 10,664 336 10,328 12/18/14 Button Gwinnett - Atlanta, GA Industrial 6,282 1,128 8,628 20 1,128 8,648 9,776 321 9,455 12/18/14 Cedars Road - Atlanta, GA Industrial 5,776 1,212 5,833 — 1,212 5,833 7,045 253 6,792 12/18/14 Cobb Parkway - Atlanta, GA Industrial 5,408 815 6,187 — 815 6,187 7,002 273 6,729 12/18/14 Commerce Drive 1 - Atlanta, GA Industrial 2,371 467 3,077 — 467 3,077 3,544 143 3,401 12/18/14 Commerce Drive 2 - Atlanta, GA Industrial 2,412 402 3,084 25 402 3,109 3,511 129 3,382 12/18/14 Commerce Drive 3 - Atlanta, GA Industrial 2,327 529 2,849 — 529 2,849 3,378 123 3,255 12/18/14 Commerce Park - Atlanta, GA Industrial 3,137 309 3,670 — 309 3,670 3,979 124 3,855 12/18/14 Commerce Way - Atlanta, GA Industrial 2,093 309 2,878 25 309 2,903 3,212 102 3,110 12/18/14 Corporate Drive 2 - Atlanta, GA Industrial 3,292 366 4,447 37 366 4,484 4,850 167 4,683 12/18/14 Delk Road - Atlanta, GA Industrial 2,367 264 2,598 11 264 2,609 2,873 100 2,773 12/18/14 Frederick Drive - Atlanta, GA Industrial 1,645 695 1,783 59 695 1,842 2,537 85 2,452 12/18/14 Fulton - Atlanta, GA Industrial 1,211 584 1,341 18 584 1,359 1,943 59 1,884 12/18/14 Great Southwest Pkwy 4 - Atlanta, GA Industrial 620 276 400 — 276 400 676 24 652 12/18/14 Great Southwest Pkwy 5 - Atlanta, GA Industrial 688 188 975 — 188 975 1,163 41 1,122 12/18/14 Hamilton Mill Business Center - Atlanta, GA Industrial 6,099 1,002 8,629 — 1,002 8,629 9,631 310 9,321 12/18/14 Interstate West Parkway - Atlanta, GA Industrial 2,259 700 3,217 29 700 3,246 3,946 137 3,809 12/18/14 Loyola Drive - Atlanta, GA Industrial 1,438 533 2,018 — 533 2,018 2,551 91 2,460 12/18/14 Meadows at Bluegrass X - Atlanta, GA Industrial — 784 9,036 — 784 9,036 9,820 60 9,760 10/6/15 Meca Way - Atlanta, GA Industrial 2,730 420 3,536 — 420 3,536 3,956 119 3,837 12/18/14 Northwest Pkwy 1 - Atlanta, GA Industrial 2,026 281 3,099 56 281 3,155 3,436 124 3,312 12/18/14 Northwest Pkwy 2 - Atlanta, GA Industrial 3,547 437 5,445 — 437 5,445 5,882 201 5,681 12/18/14 Oakbrook 1 - Atlanta, GA Industrial 2,938 502 3,028 — 502 3,028 3,530 137 3,393 12/18/14 Oakbrook 2 - Atlanta, GA Industrial 2,613 468 2,886 38 468 2,924 3,392 122 3,270 12/18/14 Oakbrook 3 - Atlanta, GA Industrial 2,366 529 3,134 111 529 3,245 3,774 136 3,638 12/18/14 Oakbrook 4 - Atlanta, GA Industrial 4,848 684 5,310 73 684 5,383 6,067 205 5,862 12/18/14 Oakbrook Summit - Atlanta, GA Industrial 10,398 1,443 12,267 155 1,443 12,422 13,865 493 13,372 12/18/14 Old Peachtree Road - Atlanta, GA Industrial 2,916 611 3,535 — 611 3,535 4,146 161 3,985 12/18/14 Peachtree Business Center - Atlanta, GA Industrial 11,471 1,472 14,312 266 1,472 14,578 16,050 520 15,530 12/18/14 Phillip Lee Drive - Atlanta, GA Industrial 2,284 700 3,072 — 700 3,072 3,772 119 3,653 12/18/14 Pickens - Atlanta, GA Industrial 3,225 452 4,688 64 452 4,752 5,204 168 5,036 12/18/14 Progress Center - Atlanta, GA Industrial 4,946 1,119 5,203 29 1,119 5,232 6,351 221 6,130 12/18/14 Satellite 1 - Atlanta, GA Industrial 6,122 1,338 7,492 — 1,338 7,492 8,830 313 8,517 12/18/14 Satellite 2 - Atlanta, GA Industrial 6,476 1,179 7,720 — 1,179 7,720 8,899 295 8,604 12/18/14 (Amounts in thousands) Initial Cost (1) Costs Capitalized Subsequent to Acquisition Gross Cost Basis at December 31, 2015 (2) Accumulated Depreciation (3) Net Carrying Amount Date of Acquisition (4) Property Name and/or Location Property Type Encumbrances Land Buildings and Improvements Land Buildings and Improvements Total Satellite 3 - Atlanta, GA Industrial 4,431 651 4,526 37 651 4,563 5,214 203 5,011 12/18/14 Satellite 4 - Atlanta, GA Industrial 5,240 799 6,505 26 799 6,531 7,330 268 7,062 12/18/14 Satellite 5 - Atlanta, GA Industrial 4,845 1,571 6,898 100 1,571 6,998 8,569 332 8,237 12/18/14 Shackleford Road - Atlanta, GA Industrial 4,169 668 4,607 — 668 4,607 5,275 170 5,105 12/18/14 Shawnee Industrial Way 1 - Atlanta, GA Industrial 8,201 1,239 10,789 490 1,239 11,279 12,518 386 12,132 12/18/14 Shawnee Industrial Way 2 - Atlanta, GA Industrial 8,432 1,382 8,202 74 1,382 8,276 9,658 305 9,353 12/18/14 Shawnee Ridge 1 - Atlanta, GA Industrial 4,129 893 5,320 12 893 5,332 6,225 218 6,007 12/18/14 Shawnee Ridge 2 - Atlanta, GA Industrial 11,740 2,749 18,011 — 2,749 18,011 20,760 709 20,051 12/18/14 Summit Ridge 1 - Atlanta, GA Industrial 5,283 1,437 6,439 — 1,437 6,439 7,876 299 7,577 12/18/14 Summit Ridge 2 - Atlanta, GA Industrial 6,789 1,144 6,682 — 1,144 6,682 7,826 252 7,574 12/18/14 Summit Ridge 3 - Atlanta, GA Industrial 3,217 659 4,155 91 659 4,246 4,905 167 4,738 12/18/14 Tradeport I - Atlanta, GA Industrial 5,280 1,059 6,317 — 1,059 6,317 7,376 296 7,080 12/18/14 Tradeport II - Atlanta, GA Industrial 8,406 765 9,922 34 765 9,956 10,721 317 10,404 12/18/14 Transwest Industrial Park - Atlanta, GA Industrial 8,932 2,687 13,189 118 2,687 13,307 15,994 560 15,434 12/18/14 Troon Circle 1 - Atlanta, GA Industrial 3,839 877 5,281 — 877 5,281 6,158 208 5,950 12/18/14 Troon Circle 2 - Atlanta, GA Industrial 3,845 729 5,022 — 729 5,022 5,751 200 5,551 12/18/14 Troon Circle 3 - Atlanta, GA Industrial 4,097 859 5,309 — 859 5,309 6,168 201 5,967 12/18/14 Troon Circle 4 - Atlanta, GA Industrial 5,065 992 6,533 233 992 6,766 7,758 262 7,496 12/18/14 122nd Street - Chicago, IL Industrial 2,474 1,213 2,786 — 1,213 2,786 3,999 127 3,872 12/18/14 171st Street - Chicago, IL Industrial 1,995 1,113 1,162 24 1,113 1,186 2,299 94 2,205 12/18/14 Armory 1 - Chicago, IL Industrial 2,013 835 1,052 87 835 1,139 1,974 77 1,897 12/18/14 Armory 2 - Chicago, IL Industrial 828 614 1,036 83 614 1,119 1,733 73 1,660 12/18/14 Austin Avenue - Chicago, IL Industrial 3,312 1,431 2,194 256 1,431 2,450 3,881 146 3,735 12/18/14 Corporate Drive 1 - Chicago, IL Industrial 3,103 730 3,667 — 730 3,667 4,397 221 4,176 12/18/14 Crosslink - Chicago, IL Industrial 9,644 1,531 9,267 — 1,531 9,267 10,798 381 10,417 12/18/14 Crystal Lake 1 - Chicago, IL Industrial 4,873 1,908 7,281 24 1,908 7,305 9,213 294 8,919 12/18/14 Crystal Lake 2 - Chicago, IL Industrial 5,126 1,501 6,012 24 1,501 6,036 7,537 245 7,292 12/18/14 Crystal Lake 3 - Chicago, IL Industrial 5,334 1,622 6,994 — 1,622 6,994 8,616 320 8,296 12/18/14 Crystal Lake 4 - Chicago, IL Industrial 5,735 1,525 5,749 — 1,525 5,749 7,274 250 7,024 12/18/14 East North Avenue - Chicago, IL Industrial 2,608 879 2,248 — 879 2,248 3,127 120 3,007 12/18/14 Exchange Avenue - Chicago, IL Industrial 10,815 2,977 5,501 11 2,977 5,512 8,489 544 7,945 12/18/14 Fenton - Chicago, IL Industrial 5,237 1,217 6,047 12 1,217 6,059 7,276 222 7,054 12/18/14 Frontenac 1 - Chicago, IL Industrial 3,322 784 3,490 — 784 3,490 4,274 139 4,135 12/18/14 Frontenac 2 - Chicago, IL Industrial 1,408 401 1,419 — 401 1,419 1,820 60 1,760 12/18/14 Glen Ellyn - Chicago, IL Industrial 3,149 1,035 2,656 47 1,035 2,703 3,738 125 3,613 12/18/14 Hammond - Chicago, IL Industrial 1,841 776 1,492 13 776 1,505 2,281 88 2,193 12/18/14 Harvester Road - Chicago, IL Industrial 6,097 2,260 5,477 23 2,260 5,500 7,760 256 7,504 12/18/14 Industrial Drive - Chicago, IL Industrial 5,664 1,102 6,848 — 1,102 6,848 7,950 244 7,706 12/18/14 Kingsland Drive - Chicago, IL Industrial 2,913 1,489 2,506 19 1,489 2,525 4,014 178 3,836 12/18/14 Kirk Road - Chicago, IL Industrial 3,608 1,787 4,062 — 1,787 4,062 5,849 232 5,617 12/18/14 (Amounts in thousands) Initial Cost (1) Costs Capitalized Subsequent to Acquisition Gross Cost Basis at December 31, 2015 (2) Accumulated Depreciation (3) Net Carrying Amount Date of Acquisition (4) Property Name and/or Location Property Type Encumbrances Land Buildings and Improvements Land Buildings and Improvements Total Lunt Avenue - Chicago, IL Industrial 1,863 563 1,887 49 563 1,936 2,499 78 2,421 12/18/14 Mason Avenue - Chicago, IL Industrial 2,663 722 1,825 — 722 1,825 2,547 101 2,446 12/18/14 Meade Avenue - Chicago, IL Industrial 682 391 351 35 391 386 777 112 665 12/18/14 Mount Prospect Road - Chicago, IL Industrial 4,657 1,662 6,392 — 1,662 6,392 8,054 266 7,788 12/18/14 Northwest Avenue - Chicago, IL Industrial 8,149 1,758 10,016 — 1,758 10,016 11,774 346 11,428 12/18/14 Paramount Pkwy 1 - Chicago, IL Industrial 2,236 506 2,284 60 506 2,344 2,850 87 2,763 12/18/14 Paramount Pkwy 2 - Chicago, IL Industrial 1,844 523 1,812 44 523 1,856 2,379 85 2,294 12/18/14 Powis Road 1 - Chicago, IL Industrial 4,027 893 3,742 21 893 3,763 4,656 143 4,513 12/18/14 Powis Road 2 - Chicago, IL Industrial 3,271 1,071 3,801 — 1,071 3,801 4,872 187 4,685 12/18/14 Territorial Court - Chicago, IL Industrial 3,734 531 3,919 — 531 3,919 4,450 142 4,308 12/18/14 Tollgate Road - Chicago, IL Industrial 3,682 756 4,029 — 756 4,029 4,785 145 4,640 12/18/14 Continental Can - Kansas City, KS Industrial 5,707 790 6,277 — 790 6,277 7,067 221 6,846 12/18/14 Hollins Ferry Road - Halethorpe, MD Industrial — 1,467 6,714 — 1,467 6,714 8,181 196 7,985 6/19/15 Wellmoor Court - Jessup, MD Industrial — 2,173 5,635 — 2,173 5,635 7,808 165 7,643 6/19/15 31st Avenue - Minneapolis, MN Industrial 8,168 1,515 9,054 262 1,515 9,316 10,831 397 10,434 12/18/14 Armstrong 1 - Minneapolis, MN Industrial 6,928 984 8,489 128 984 8,617 9,601 353 9,248 12/18/14 Armstrong 2 - Minneapolis, MN Industrial 7,155 891 8,035 328 891 8,363 9,254 296 8,958 12/18/14 Aspen Distribution - Minneapolis, MN Industrial 3,326 1,022 2,763 — 1,022 2,763 3,785 164 3,621 12/18/14 Diamond Lake Industrial Center II - Minneapolis, MN Industrial 2,788 729 2,716 — 729 2,716 3,445 140 3,305 12/18/14 Enterprise Drive - Minneapolis, MN Industrial 6,556 1,500 8,487 — 1,500 8,487 9,987 327 9,660 3/20/15 Fridley Industrial Park - Minneapolis, MN Industrial 8,483 971 9,429 26 971 9,455 10,426 309 10,117 12/18/14 Hampshire Avenue South 1 - Minneapolis, MN Industrial 5,937 1,427 8,564 — 1,427 8,564 9,991 318 9,673 3/20/15 Hampshire Avenue South 2 - Minneapolis, MN Industrial 6,318 1,406 8,037 — 1,406 8,037 9,443 320 9,123 3/20/15 Midway Distribution Center - Minneapolis, MN Industrial 11,003 1,863 11,771 250 1,863 12,021 13,884 455 13,429 12/18/14 North Nathan Lane - Minneapolis, MN Industrial 7,844 2,660 10,417 65 2,660 10,482 13,142 448 12,694 3/20/15 South Diamond Lake - Minneapolis, MN Industrial 3,976 666 3,473 — 666 3,473 4,139 147 3,992 12/18/14 Twinlakes I - Minneapolis, MN Industrial 2,565 830 2,448 362 830 2,810 3,640 145 3,495 12/18/14 Airworld Building 1 - Kansas City, MO Industrial 4,502 893 5,691 952 893 6,643 7,536 299 7,237 12/18/14 Airworld Building 2 - Kansas City, MO Industrial 4,618 748 5,069 — 748 5,069 5,817 201 5,616 12/18/14 Airworld 107th Terrace - Kansas City, MO Industrial 2,856 600 3,407 — 600 3,407 4,007 166 3,841 12/18/14 Levee - Kansas City, MO Industrial 5,598 1,387 4,413 229 1,387 4,642 6,029 227 5,802 12/18/14 North Topping Avenue - Kansas City, MO Industrial 2,946 713 3,256 — 713 3,256 3,969 151 3,818 12/18/14 Quebec - Kansas City, MO Industrial 7,159 1,193 7,778 221 1,193 7,999 9,192 306 8,886 12/18/14 Saline - Kansas City, MO Industrial 3,190 676 2,955 86 676 3,041 3,717 147 3,570 12/18/14 Warren Street - Kansas City, MO Industrial 6,216 1,351 6,727 38 1,351 6,765 8,116 286 7,830 12/18/14 Axminister - St. Louis, MO Industrial 7,653 1,328 8,468 — 1,328 8,468 9,796 334 9,462 12/18/14 Corporate Exchange - St. Louis, MO Industrial 4,272 835 3,479 — 835 3,479 4,314 177 4,137 12/18/14 Corporate Woods V - St. Louis, MO Industrial 5,880 1,348 5,724 19 1,348 5,743 7,091 253 6,838 12/18/14 Crossroads Industrial - St. Louis, MO Industrial 2,576 659 3,173 — 659 3,173 3,832 145 3,687 12/18/14 (Amounts in thousands) Initial Cost (1) Costs Capitalized Subsequent to Acquisition Gross Cost Basis at December 31, 2015 (2) Accumulated Depreciation (3) Net Carrying Amount Date of Acquisition (4) Property Name and/or Location Property Type Encumbrances Land Buildings and Improvements Land Buildings and Improvements Total Mid-County Industrial Dr 1 - St. Louis, MO Industrial 3,079 587 2,439 27 587 2,466 3,053 105 2,948 12/18/14 Mid-County Industrial Dr 2 - St. Louis, MO Industrial 2,955 494 2,186 — 494 2,186 2,680 119 2,561 12/18/14 Rider Trail North - St. Louis, MO Industrial 4,669 1,448 5,650 50 1,448 5,700 7,148 265 6,883 12/18/14 Trane Distribution Center - St. Louis, MO Industrial 10,032 2,114 12,583 — 2,114 12,583 14,697 497 14,200 12/18/14 Bordentown-Hedding Road - Bordentown, NJ Industrial — 5,851 3,362 — 5,851 3,362 9,213 117 9,096 6/19/15 Mid-Atlantic Corp 1 - South Jersey, NJ Industrial 1,575 279 2,260 14 279 2,274 2,553 84 2,469 12/18/14 Mid-Atlantic Corp 2 - South Jersey, NJ Industrial 2,185 587 2,638 — 587 2,638 3,225 129 3,096 12/18/14 Mid-Atlantic Corp 3 - South Jersey, NJ Industrial 2,138 264 2,530 — 264 2,530 2,794 105 2,689 12/18/14 Mid-Atlantic Corp 4 - South Jersey, NJ Industrial 2,626 228 3,226 — 228 3,226 3,454 106 3,348 12/18/14 Mid-Atlantic Corp 5 - South Jersey, NJ Industrial 4,760 736 7,158 — 736 7,158 7,894 296 7,598 12/18/14 Mid-Atlantic Corp 6 - South Jersey, NJ Industrial 1,382 263 1,576 — 263 1,576 1,839 70 1,769 12/18/14 Mid-Atlantic Corp 7 - South Jersey, NJ Industrial 1,290 283 2,334 15 283 2,349 2,632 101 2,531 12/18/14 Mid-Atlantic Corp 8 - South Jersey, NJ Industrial 1,902 613 2,496 391 613 2,887 3,500 154 3,346 12/18/14 Mid-Atlantic Corp 9 - South Jersey, NJ Industrial 1,325 546 1,615 100 546 1,715 2,261 102 2,159 12/18/14 Mid-Atlantic Corp 10 - South Jersey, NJ Industrial 2,116 292 2,235 — 292 2,235 2,527 108 2,419 12/18/14 Mid-Atlantic Corp 11 - South Jersey, NJ Industrial 1,737 316 2,225 — 316 2,225 2,541 100 2,441 12/18/14 Mid-Atlantic Corp 12 - South Jersey, NJ Industrial 2,416 511 3,140 — 511 3,140 3,651 195 3,456 12/18/14 Connecticut - South Jersey, NJ Industrial 1,947 662 1,946 — 662 1,946 2,608 113 2,495 12/18/14 Delran Parkway - South Jersey, NJ Industrial 1,866 579 2,778 34 579 2,812 3,391 131 3,260 12/18/14 Freeway Drive 1 - South Jersey, NJ Industrial 2,114 354 2,460 — 354 2,460 2,814 105 2,709 12/18/14 Freeway Drive 2 - South Jersey, NJ Industrial 1,816 399 3,110 — 399 3,110 3,509 122 3,387 12/18/14 Imperial Way Land - South Jersey, NJ Industrial 149 304 — — 304 — 304 — 304 12/18/14 Mid-Atlantic Grandview - South Jersey, NJ Industrial 1,887 245 2,191 — 245 2,191 2,436 84 2,352 12/18/14 Mid-Atlantic Imperial - South Jersey, NJ Industrial 2,166 547 2,614 — 547 2,614 3,161 130 3,031 12/18/14 Pedricktown Commons - South Jersey, NJ Industrial 8,941 1,259 12,209 13 1,259 12,222 13,481 522 12,959 12/18/14 Commerce Drive - Aston, PA Industrial — 2,905 15,929 — 2,905 15,929 18,834 499 18,335 6/19/15 Marshall Lane - Bensalem, PA Industrial — 3,798 15,253 — 3,798 15,253 19,051 454 18,597 6/19/15 Progress Drive - Bensalem, PA Industrial — 6,069 15,210 — 6,069 15,210 21,279 529 20,750 6/19/15 Keystone Crossings II - Bristol, PA Industrial — 2,313 16,778 — 2,313 16,778 19,091 360 18,731 5/18/15 Dunks Ferry - Philadelphia, PA Industrial 3,138 558 3,574 — 558 3,574 4,132 148 3,984 12/18/14 Frost - Philadelphia, PA Industrial 4,761 637 5,481 — 637 5,481 6,118 216 5,902 12/18/14 Marshall - Philadelphia, PA Industrial 3,960 780 4,623 — 780 4,623 5,403 187 5,216 12/18/14 Sinclair - Philadelphia, PA Industrial 4,073 902 5,594 54 902 5,648 6,550 241 6,309 12/18/14 Malone Distribution Center 1 - Memphis, TN Industrial 1,772 435 2,143 — 435 2,143 2,578 108 2,470 12/18/14 Malone Distribution Center 2 - Memphis, TN Industrial 1,699 480 2,265 — 480 2,265 2,745 118 2,627 12/18/14 Malone Distribution Center 3 - Memphis, TN Industrial 1,296 252 1,429 — 252 1,429 1,681 96 1,585 12/18/14 Rutland 1 - Austin, TX Industrial 3,553 722 3,562 245 722 3,807 4,529 157 4,372 12/18/14 Rutland 2 - Austin, TX Industrial 2,818 509 2,673 23 509 2,696 3,205 98 3,107 12/18/14 Cameron Road Corporate Park - Austin, TX Industrial 9,547 1,943 11,215 — 1,943 11,215 13,158 457 12,701 12/18/14 Wallace Drive 1 - Dallas, TX Industrial 4,265 1,004 6,788 241 1,004 7,029 8,033 291 7,742 12/18/14 (Amounts in thousands) Initial Cost (1) Costs Capitalized Subsequent to Acquisition Gross Cost Basis at December 31, 2015 (2) Accumulated Depreciation (3) Net Carrying Amount Date of Acquisition (4) Property Name and/or Location Property Type Encumbrances Land Buildings and Improvements Land Buildings and Improvements Total Wallace Drive 2 - Dallas, TX Industrial 4,431 1,030 6,766 — 1,030 6,766 7,796 233 7,563 12/18/14 Wallace Drive 3 - Dallas, TX Industrial 6,065 973 6,404 45 973 6,449 7,422 249 7,173 12/18/14 Wallace Drive 4 - Dallas, TX Industrial 4,043 1,295 4,662 — 1,295 4,662 5,957 240 5,717 12/18/14 Wallace Drive 5 - Dallas, TX Industrial 4,592 1,032 5,274 17 1,032 5,291 6,323 243 6,080 12/18/14 Avenue N - Dallas, TX Industrial 4,817 1,302 6,797 178 1,302 6,975 8,277 255 8,022 12/18/14 Avenue R - Dallas, TX Industrial 1,311 478 2,495 — 478 2,495 2,973 188 2,785 12/18/14 Billy Mitchell 1 - Dallas, TX Industrial 1,038 255 1,326 30 255 1,356 1,611 44 1,567 12/18/14 Billy Mitchell 2 - Dallas, TX Industrial 1,234 255 1,702 — 255 1,702 1,957 64 1,893 12/18/14 Bradley Lane - Dallas, TX Industrial 1,749 604 2,127 28 604 2,155 2,759 82 2,677 12/18/14 Capital Avenue - Dallas, TX Industrial 1,053 269 1,277 — 269 1,277 1,546 46 1,500 12/18/14 Carter Drive - Dallas, TX Industrial 2,036 829 2,018 — 829 2,018 2,847 95 2,752 12/18/14 Carter Industrial Park - Dallas, TX Industrial 2,388 760 3,061 75 760 3,136 3,896 125 3,771 12/18/14 Century - Dallas, TX Industrial 5,085 1,584 4,713 95 1,584 4,808 6,392 284 6,108 12/18/14 Country Club Drive - Dallas, TX Industrial 5,886 1,086 6,320 — 1,086 6,320 7,406 228 7,178 12/18/14 Crossroads I - Dallas, TX Industrial 3,220 970 5,431 27 970 5,458 6,428 223 6,205 12/18/14 Crossroads II - Dallas, TX Industrial 2,703 525 3,695 — 525 3,695 4,220 170 4,050 12/18/14 Crown Drive - Dallas, TX Industrial 2,375 905 3,123 — 905 3,123 4,028 164 3,864 12/18/14 East Avenue E - Dallas, TX Industrial 1,981 575 1,872 — 575 1,872 2,447 80 2,367 12/18/14 Exchange Drive - Dallas, TX Industrial 1,659 448 1,919 — 448 1,919 2,367 65 2,302 12/18/14 Hilltop - Dallas, TX Industrial 2,704 575 3,165 — 575 3,165 3,740 141 3,599 12/18/14 Jetstar Drive - Dallas, TX Industrial 1,675 308 1,929 — 308 1,929 2,237 74 2,163 12/18/14 Kellway Drive - Dallas, TX Industrial 1,341 256 1,594 — 256 1,594 1,850 65 1,785 12/18/14 Kelly 1 - Dallas, TX Industrial 4,449 1,036 5,573 — 1,036 5,573 6,609 202 6,407 12/18/14 Kelly 2 - Dallas, TX Industrial 7,633 2,167 9,289 194 2,167 9,483 11,650 368 11,282 12/18/14 Langland - Dallas, TX Industrial 4,746 1,475 4,672 — 1,475 4,672 6,147 198 5,949 12/18/14 Miller Road - Dallas, TX Industrial 1,325 344 1,642 — 344 1,642 1,986 84 1,902 12/18/14 Plaza 35-1 - Dallas, TX Industrial 4,385 2,455 4,975 106 2,455 5,081 7,536 316 7,220 12/18/14 Plaza 35-2 - Dallas, TX Industrial 7,013 2,256 7,820 — 2,256 7,820 10,076 363 9,713 12/18/14 Rafe Street - Dallas, TX Industrial 2,086 554 2,511 50 554 2,561 3,115 99 3,016 12/18/14 Red Bird - Dallas, TX Industrial 2,203 539 1,986 69 539 2,055 2,594 85 2,509 12/18/14 Santa Anna - Dallas, TX Industrial 3,442 961 1,629 — 961 1,629 2,590 88 2,502 12/18/14 Shiloh Road - Dallas, TX Industrial 4,691 1,271 6,511 74 1,271 6,585 7,856 277 7,579 12/18/14 Skylane Drive 1 - Dallas, TX Industrial 5,001 863 6,648 296 863 6,944 7,807 246 7,561 12/18/14 Skylane Drive 2 - Dallas, TX Industrial 1,196 256 1,649 — 256 1,649 1,905 74 1,831 12/18/14 Skyway Circle North - Dallas, TX Industrial 2,965 541 3,127 14 541 3,141 3,682 145 3,537 12/18/14 Sterling - Dallas, TX Industrial 5,060 1,473 5,906 — 1,473 5,906 7,379 246 7,133 12/18/14 Valley View - Dallas, TX Industrial 5,567 1,453 6,141 — 1,453 6,141 7,594 241 7,353 12/18/14 Valwood Industrial Center - Dallas, TX Industrial 4,930 1,032 7,681 37 1,032 7,718 8,750 243 8,507 12/18/14 Vantage Drive - Dallas, TX Industrial 11,966 2,900 13,997 — 2,900 13,997 16,897 622 16,275 12/18/14 West Crosby - Dallas, TX Industrial 2,466 558 2,996 — 558 2,996 3,554 140 3,414 12/18/14 (Amounts in thousands) Initial Cost (1) Costs Capitalized Subsequent to Acquisition Gross Cost Basis at December 31, 2015 (2) Accumulated Depreciation (3) Net Carrying Amount Date of Acquisition (4) Property Name and/or Location Property Type Encumbrances Land Buildings and Improvements Land Buildings and Improvements Total West North Carrier - Dallas, TX Industrial 6,172 1,999 8,508 14 1,999 8,522 10,521 311 10,210 12/18/14 West Royal Lane - Dallas, TX Industrial 6,134 — 8,979 36 — 9,015 9,015 323 8,692 12/18/14 West Trinity Mills - Dallas, TX Industrial 2,278 867 3,689 — 867 3,689 4,556 164 4,392 12/18/14 Alliance Gateway - Fort Worth, TX Industrial — 993 4,743 — 993 4,743 5,736 124 5,612 4/21/15 Avenue R 1 - Grand Prairie, TX Industrial — 1,178 6,256 22 1,178 6,278 7,456 212 7,244 4/21/15 Avenue R 2 - Grand Prairie, TX Industrial — 892 5,722 85 892 5,807 6,699 181 6,518 4/21/15 Avenue R 3 - Grand Prairie, TX Industrial — 1,159 8,159 — 1,159 8,159 9,318 239 9,079 4/21/15 114th Street - Grand Prairie, TX Industrial — 920 5,461 — 920 5,461 6,381 123 6,258 4/21/15 Westpark Drive - Grand Prairie, TX Industrial — 642 4,554 175 642 4,729 5,371 123 5,248 4/21/15 Air Center Business Park - Houston, TX Industrial 13,482 2,084 16,343 — 2,084 16,343 18,427 584 17,843 12/18/14 Chisholm Trail - Houston, TX Industrial 3,536 979 4,550 23 979 4,573 5,552 177 5,375 12/18/14 Freeport Ninety Business Center - Houston, TX Industrial 22,805 4,429 27,710 331 4,429 28,041 32,470 1,016 31,454 12/18/14 Heathrow Forest Parkway - Houston, TX Industrial 4,232 1,351 4,485 — 1,351 4,485 5,836 176 5,660 12/18/14 North Shepherd Business Center - Houston, TX Industrial 4,594 1,541 5,473 48 1,541 5,521 7,062 255 6,807 12/18/14 Oakhollow Business Center - Houston, TX Industrial 4,182 1,234 6,231 38 1,234 6,269 7,503 215 7,288 12/18/14 Pinemont Business Center - Houston, TX Industrial 4,207 869 5,609 66 869 5,675 6,544 218 6,326 12/18/14 South Trade Center - Houston, TX Industrial 7,243 2,199 8,805 — 2,199 8,805 11,004 323 10,681 12/18/14 Sugar Land Business Center - Houston, TX Industrial 18,348 2,823 23,543 281 2,823 23,824 26,647 827 25,820 12/18/14 Westhollow - Houston, TX Industrial 5,721 1,982 6,634 136 1,982 6,770 8,752 330 8,422 12/18/14 Wingfoot Road - Houston, TX Industrial 3,782 1,216 4,454 — 1,216 4,454 5,670 180 5,490 12/18/14 Plano Business Center 1 - Plano, TX Industrial 14,598 2,485 18,402 47 2,485 18,449 20,934 719 20,215 12/18/14 West Custer Road 1 - Salt Lake City, UT Industrial 1,700 586 2,108 63 586 2,171 2,757 80 2,677 12/18/14 West Custer Road 2 - Salt Lake City, UT Industrial 1,934 526 2,208 104 526 2,312 2,838 86 2,752 12/18/14 West Custer Road 3 - Salt Lake City, UT Industrial 578 315 706 — 315 706 1,021 34 987 12/18/14 West Custer Road 4 - Salt Lake City, UT Industrial 3,883 1,025 4,757 36 1,025 4,793 5,818 184 5,634 12/18/14 West Custer Road 5 - Salt Lake City, UT Industrial 597 328 828 33 328 861 1,189 39 1,150 12/18/14 Bridger Road - Salt Lake City, UT Industrial 2,194 651 2,852 — 651 2,852 3,503 102 3,401 12/18/14 Fremont Drive 1 - Salt Lake City, UT Industrial 2,347 674 2,473 — 674 2,473 3,147 89 3,058 12/18/14 Fremont Drive 2 - Salt Lake City, UT Industrial 3,127 1,312 3,809 — 1,312 3,809 5,121 168 4,953 12/18/14 Pentagon Centennial - Salt Lake City, UT Industrial 4,442 615 6,240 — 615 6,240 6,855 217 6,638 12/18/14 South - Salt Lake City, UT Industrial 3,073 794 3,055 — 794 3,055 3,849 119 3,730 12/18/14 South 3600 West Street - Salt Lake City, UT Industrial 4,469 1,329 5,645 11 1,329 5,656 6,985 208 6,777 12/18/14 South Street - Salt Lake City, UT Industrial 4,572 1,133 6,359 12 1,133 6,371 7,504 214 7,290 12/18/14 Summit Distribution Center - Salt Lake City, UT Industrial 10,766 2,535 14,253 30 2,535 14,283 16,818 503 16,315 12/18/14 West Technology Drive - Salt Lake City, UT Industrial 6,031 1,847 7,209 19 1,847 7,228 9,075 270 8,805 12/18/14 100th Street - Chicago, WI Industrial 7,535 1,777 6,842 — 1,777 6,842 8,619 302 8,317 12/18/14 Alicante-Elche, Spain Industrial 657 449 867 15 449 882 1,331 33 1,298 4/2/15 Barcelona-Granollers, Spain Industrial 4,752 1,788 3,277 58 1,788 3,335 5,123 124 4,999 4/2/15 Bilbao, Spain Industrial 1,166 782 1,553 28 782 1,581 2,363 58 2,305 4/2/15 Gran Canaria, Spain Industrial 510 414 610 11 414 621 1,035 23 1,012 4/2/15 (Amounts in thousands) Initial Cost (1) Costs Capitalized Subsequent to Acquisition Gross Cost Basis at December 31, 2015 (2) Accumulated Depreciation (3) Net Carrying Amount Date of Acquisition (4) Property Name and/or

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2015
Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	COLONY CAPITAL, INC. SCHEDULE IV—MORTGAGE LOANS ON REAL ESTATE December 31, 2015 (Dollars in thousands) Loan Type / Collateral / Location (1) Number of Loans Payment Terms (2) Interest Rate Range (3) Maturity Date Range (4) Prior Liens (5) Unpaid Principal Balance Carrying Amount (6)(7) Principal Amount Subject to Delinquent Principal or Interest (8) First mortgages: Residential - Various, USA 3 I/O 9.99% - 15.00% May 2017 - March 2018 $ — $ 109,442 $ 108,944 $ — Multifamily - Various, USA 278 Both 2.37% - 8.20% February 2016 - April 2038 — 762,762 755,452 8,493 Office - Various, USA 25 Both 4.70% - 9.32% February 2016 - January 2019 — 491,545 475,588 — Office - France 1 I/O 15.00% November 2017 — 15,207 14,693 — Office - Ireland / France 1 I/O 11.00% January 2022 — 105,587 107,324 — Retail - Various, USA 15 Both 4.45% - 11.70% April 2016 - May 2021 — 392,507 390,830 — Retail - Germany 1 I/O 10.00% January 2017 — 54,310 55,082 — Retail - Spain 1 P&I 15.00% October 2020 — 65,660 65,191 — Retail - UK 1 I/O 10.00% August 2019 — 73,680 73,680 — Hospitality - Various, USA 8 I/O 5.30% - 11.25% March 2016 - October 2019 — 132,748 133,177 — Hospitality - St. Barthelemy 2 I/O 8.50% - 10.50% March 2016 - September 2018 — 58,787 59,395 — Hospitality - France 1 I/O 9.00% July 2017 — 58,736 58,242 — Hospitality - Spain 1 P&I 8.75% September 2020 — 80,330 79,385 — Industrial - Various, USA 4 I/O 4.66% - 8.20% October 2017 - September 2018 — 32,140 31,924 — Other - Various, USA 4 Both 6.04% - 8.24% October 2016 - November 2017 — 129,161 128,223 — Land - Various, USA 3 Both 10.00% - 14.00% May 2016 - September 2019 — 135,715 140,053 — 349 — 2,698,317 2,677,183 8,493 Subordinated debt and mezzanine: Multifamily - Various, USA 2 I/O 9.45% - 13.00% September 2017 - August 2024 31,423 23,905 23,786 — Retail - Various, USA 2 P&I 5.74% - 10.50% December 2015 - April 2024 229,916 53,932 53,878 — Hospitality - Various, USA 6 Both 7.78% - 13.50% June 2016 - April 2019 1,027,855 447,426 448,251 — Hospitality - Mexico 1 I/O 11.50% January 2019 90,000 40,000 43,046 — Hospitality - Greece 1 I/O 11.00% August 2020 34,351 46,022 46,525 — Other - CA, USA 1 P&I 8.00% December 2017 95,794 87,041 86,033 — Land - CA, USA 1 I/O 9.50% May 2018 3,992 3,593 3,134 — 14 1,513,331 701,919 704,653 — (Dollars in thousands) Loan Type / Collateral / Location (1) Number of Loans Payment Terms (2) Interest Rate Range (3) Maturity Date Range (4) Prior Liens (5) Unpaid Principal Balance Carrying Amount (6)(7) Principal Amount Subject to Delinquent Principal or Interest (8) Purchased credit-impaired loans (9) Residential - Various, USA 160 — 53,882 30,637 15,791 Multifamily - Various, USA 257 — 171,910 123,521 15,422 Office - Various, USA 66 — 63,700 45,396 2,760 Office - Spain 1 29,694 4,953 — Office - UK 1 109,754 82,500 109,753 Retail - Various, USA 154 — 169,085 135,334 10,684 Hospitality - Various, USA 50 — 51,393 36,085 — Industrial - Various, USA 100 — 106,041 80,756 1,910 Other - Various, USA 186 — 136,189 80,886 11,603 Land - Various, USA 163 — 126,062 46,573 — 1,138 — 1,017,710 666,641 167,923 1,501 $ 1,513,331 $ 4,417,946 $ 4,048,477 $ 176,416 __________ (1) Loans with carrying amounts that are individually less than 3% of the total carrying amount have been aggregated according to collateral type and location. (2) Payment terms: P&I = Periodic payment of principal and interest; I/O = Periodic payment of interest only with principal at maturity (3) Variable rate loans are determined based on the applicable index in effect as of December 31, 2015. (4) Represents contractual maturity that does not contemplate exercise of extension option. (5) Prior liens represent loan amounts owned by third parties that are senior to the Company’s subordinated or mezzanine positions and are approximate. (6) Carrying amounts at December 31, 2015 are presented net of $35.2 million of allowance for loan losses. (7) The aggregate cost basis of loans held for investment for federal income tax purposes is approximately $4.0 billion as of December 31, 2015. (8) Represents principal balance of loans which are 90 days or more past due as to principal or interest. For purchase credit-impaired loans, amounts represent principal balance of loans on nonaccrual status for which the Company is not able to determine a reasonable expectation of cash flows to be collected. (9) Purchase credit-impaired loans are acquired loans with evidence of credit quality deterioration for which it is probable at acquisition that the Company will collect less than the contractually required payments. Payment terms, stated interest rate and contractual maturity are not presented as they are not relevant to purchase credit-impaired loans.

Significant Accounting Polici35

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation 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 and consolidated variable interest entities. All significant intercompany accounts and transactions have been eliminated. The portions of the equity, net income and other comprehensive income of consolidated subsidiaries that are not attributable to the parent are presented separately as amounts attributable to noncontrolling interests in the consolidated financial statements. A substantial portion of noncontrolling interests represent interests held by private investment funds or other investment vehicles managed by the Company and which invest alongside the Company ("Co-Investment Funds") and membership interests in OP held by affiliates and senior executives.
Principles of Consolidation	Principles of Consolidation The Company consolidates entities in which it has a controlling financial interest, by first considering if an entity meets the definition of a variable interest entity ("VIE") for which the Company is deemed to be the primary beneficiary under the VIE model, or if the Company controls an entity through a majority of voting interest based on the voting interest model. Variable Interest —For entities in which the Company has a variable interest, the Company determines if the entity is a VIE by considering whether the entity’s equity investment at risk is sufficient to finance its activities without additional subordinated financial support and whether the entity’s at-risk equity holders have the characteristics of a controlling financial interest. Fees paid to the Company that are commensurate with both services provided and prevailing market rates for such services are generally not, in and of themselves, considered variable interests and are excluded from assessment of the Company's economic exposure to a VIE. In performing the analysis of whether the Company is the primary beneficiary of a VIE, 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 interests held by its related parties, including de facto agents, specifically interests in the VIE held by related parties under common control and the Company's indirect exposure to the VIE through its interests in other related parties on a proportionate basis. The Company assesses whether it is a member of a related party group that collectively meets the power and benefits criteria and, if so, whether the Company is most closely associated with the VIE. In performing its analysis, 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 Company’s and the other investors’ ability to control or significantly influence key decisions of the VIE including consideration of involvement by de facto agents; the obligation or likelihood for the Company or other investors to fund operating losses of the VIE; and the similarity and significance of the VIE’s business activities to those of the Company and the 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, and estimates about the current and future fair values and performance of assets held by the VIE. Voting Interest —Unlike VIEs, voting interest entities have sufficient equity and equity investors exhibit the characteristics of a controlling financial interest through their voting rights. The Company consolidates such entities when it has a controlling financial interest through ownership of a majority of the entities' voting equity interests. At each reporting period, the Company reassesses the status of an entity as a VIE and the determination of the Company as the primary beneficiary, or if there is a change in the Company's ability to control through a majority voting interest. Changes in consolidation status are applied prospectively. An entity may be consolidated as a result of this reassessment, in which case, the assets, liabilities and noncontrolling interest in the entity are recorded at fair value upon initial consolidation. Any existing equity interest held by the Company in the entity prior to the Company obtaining control will be remeasured at fair value, which may result in a gain or loss recognized upon initial consolidation. The Company may also deconsolidate a subsidiary as a result of this reassessment, which may result in a gain or loss recognized upon deconsolidation depending on the carrying values of deconsolidated assets and liabilities compared to the fair value of any retained interests.
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.
Fair Value Measurement	Fair Value Measurement Fair value is based on an exit price, defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Where appropriate, the Company makes adjustments to estimated fair values to appropriately reflect counterparty credit risk as well as the Company's own credit-worthiness. The estimated fair value of financial assets and financial liabilities are categorized into a three-tier hierarchy, prioritized based on the level of transparency in inputs used in the valuation techniques, as follows: Level 1 —Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 —Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or valuation techniques utilizing inputs that are observable directly or indirectly for substantially the full term of the financial instrument. Level 3 —At least one assumption or input is unobservable and is significant to the fair value measurement, requiring significant management judgment or estimate. Where the inputs used to measure the fair value of a financial instrument falls into different levels of the fair value hierarchy, the financial instrument is categorized within the hierarchy based on the lowest level of input that is significant to its fair value measurement. The Company has not elected fair value option for any financial instruments.
Business Combinations	Business Combinations The Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. Net cash paid to acquire a business or assets is classified as investing activities on the accompanying statements of cash flows. The Company accounts for business combinations by applying the acquisition method. Transaction costs related to acquisition of a business are expensed as incurred and excluded from the fair value of consideration transferred. The identifiable assets acquired, liabilities assumed and noncontrolling interests in acquired entity are recognized and measured at their estimated fair values. The excess of the fair value of consideration transferred over the fair values of identifiable assets acquired, liabilities assumed and noncontrolling interests in an acquired entity, net of fair value of any previously held interest in the acquired entity, is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets and liabilities. For acquisitions that are not deemed to be businesses, the assets acquired are recognized based on their cost to the Company as the acquirer and no gain or loss is recognized unless the fair value of non-cash assets given as consideration differs from the carrying amount of the assets acquired. The cost of assets acquired in a group is allocated to individual assets within the group based on their relative fair values and does not give rise to goodwill. Transaction costs related to acquisition of assets are included in the cost basis of the assets acquired. Contingent consideration is classified as a liability or equity, as applicable. Contingent consideration in connection with the acquisition of a business is measured at fair value on acquisition date, and unless classified as equity, is remeasured at fair value each reporting period thereafter until the consideration is settled, with changes in fair value included in net income. For contingent consideration in connection with the acquisition of assets, subsequent changes to the recorded amount are adjusted against the cost of the acquisition. Real estate acquisitions, which are considered as either business combinations or asset 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.
Foreign Currency Translation	Foreign Currency Assets and liabilities of non-U.S. dollar functional currency investments and subsidiaries are translated 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. Gains and losses related to translation of these non-U.S dollar functional currency items are included in other comprehensive income or loss within stockholders’ equity. Upon sale, complete or substantially complete liquidation of an investment in a foreign subsidiary, or upon partial sale of an equity method investment, the translation adjustment associated with the investment, or the proportionate share related to the portion of equity method investment sold, is reclassified from accumulated other comprehensive income or loss into earnings. Gains and losses resulting from nonfunctional currency transactions are recognized in the income statement in other gain (loss), net. Disclosures of non-US dollar amounts to be recorded in the future are translated using exchange rates in effect at balance sheet date.
Cash and Cash Equivalents	Cash and Cash Equivalents Short-term, highly liquid investments with original maturities of three months or less are considered to be cash equivalents. The Company did not have any cash equivalents at December 31, 2015 and 2014 . At various times during the year, the Company may have bank balances in excess of federally insured limits.
Loans Receivable	Loans Receivable The Company originates and purchases loans receivable. The accounting framework for loans receivable depends on the Company's strategy whether to hold or sell the loan, and separately, if the loan was credit-impaired at time of acquisition or if the lending arrangement is an acquisition, development and construction loan. Loans Held for Investment (other than Purchased Credit-Impaired Loans) Loans that the Company has the intent and ability to hold for the foreseeable future are classified as held-for-investment. Originated loans are recorded at amortized cost, or outstanding unpaid principal balance less net deferred loan fees. Net deferred loan fees include unamortized origination and other fees charged to the borrower less direct incremental loan origination costs incurred by the Company. Purchased loans are recorded at amortized cost, or unpaid principal balance plus purchase premium or less unamortized discount. Costs to purchase loans are expensed as incurred. Interest Income —Interest income is recognized based upon contractual interest rate and unpaid principal balance of the loans. Net deferred loan fees on originated loans are deferred and amortized as adjustments to interest income over the expected life of the loans using the effective yield method. Premium or discount on purchased loans are amortized as adjustments to interest income over the expected life of the loans using the effective yield method. For revolving loans, net deferred loan fees, premium or discount are amortized to interest income using the straight-line method. When a loan is prepaid, prepayment fees and any excess of proceeds over the carrying amount of the loan are recognized as additional interest income. Nonaccrual —Accrual of interest income is suspended on nonaccrual loans. Loans that are past due 90 days or more as to principal or interest, or where reasonable doubt exists as to timely collection, are generally considered nonperforming and placed on nonaccrual status. Interest receivable is reversed against interest income when loans are placed on nonaccrual status. Interest collection on nonaccruing loans for which ultimate collectability of principal is uncertain is recognized using a cost recovery method by applying interest collected as a reduction to loan principal; otherwise, interest collected is recognized on a cash basis by crediting to income when received. Loans may be restored to accrual status when all principal and interest is current and full repayment of the remaining contractual principal and interest is reasonably assured. Impairment and Allowance for Loan Losses —On a periodic basis, the Company analyzes the extent and effect of any credit migration from underwriting and the initial investment review associated with the performance of a loan and/or value of its underlying collateral, as well as financial and operating capability of the borrower or sponsor. Specifically, operating results of collateral properties and any cash reserves are analyzed and used to assess whether cash from operations are sufficient to cover debt service requirements currently and into the future, ability of the borrower to refinance the loan, and/or liquidation value of collateral properties. 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 collateral properties. Such analysis is performed at least quarterly, or more often as needed when impairment indicators are present. The Company does not utilize a statistical credit rating system to monitor and assess the credit risk and investment quality of its acquired or originated loans. Given the diversity of the Company's portfolio, management believes there is no consistent method of assigning a numerical rating to a particular loan that captures all of the various credit metrics and their relative importance. Therefore, the Company evaluates impairment and allowance for loan losses on an individual loan basis. Loans are considered to be impaired when it is probable that the Company will not be able to collect all amounts due in accordance with contractual terms of the loans, including consideration of underlying collateral value. Allowance for loan losses represent the estimated probable credit losses inherent in loans held for investment at balance sheet date. Changes in allowance for loan losses are recorded in the provision for loan losses on the consolidated statement of operations. Allowance for loan losses generally exclude interest receivable as accrued interest receivable is reversed when a loan is placed on nonaccrual status. Allowance for loan losses is generally measured as the difference between the carrying value of the loan and either the present value of cash flows expected to be collected, discounted at the original effective interest rate of the loan or an observable market price for the loan. Subsequent changes in impairment are recorded as adjustments to the provision for loan losses. Loans are charged-off against allowance for loan losses when all or a portion of the principal amount is determined to be uncollectible. A loan is considered to be collateral-dependent when repayment of the loan is expected to be provided solely by the underlying collateral. Impaired collateral-dependent loans are written down to the fair value of the collateral less disposal cost, first through a charge-off against allowance for loan losses, if any, then recorded as impairment loss. Troubled Debt Restructuring ("TDR") — A loan with contractual terms modified in a manner that grants concession to the borrower who is experiencing financial difficulty is classified as a TDR. Concessions could include term extensions, payment deferrals, interest rate reductions, principal forgiveness, forbearance, or other actions designed to maximize the Company's collection on the loan. As a TDR is generally considered to be an impaired loan, it is measured for impairment based on the Company's allowance for loan losses methodology. Loans Held for Sale Loans that the Company intends to sell or liquidate in the foreseeable future are classified as held-for-sale. Loans held for sale are carried at the lower of amortized cost or fair value less disposal cost, with valuation changes recognized as impairment loss. Loans held for sale are not subject to allowance for loan losses. Net deferred loan origination fees and purchase premium or discount are capitalized as part of the carrying value of the held-for-sale loan, therefore included in the periodic valuation adjustments based on lower of cost or fair value less disposal cost, and ultimately, in the gain or loss upon sale of the loan. Purchased Credit-Impaired ("PCI") Loans PCI loans are acquired loans with evidence of credit quality deterioration for which it is probable at acquisition that the Company will collect less than the contractually required payments. PCI loans are recorded at the initial investment in the loans and accreted to the estimated cash flows expected to be collected as measured at acquisition date. The excess of cash flows expected to be collected, measured as of acquisition date, over the estimated fair value represents the accretable yield and is recognized in interest income over the remaining life of the loan using the effective interest method. The difference between contractually required payments as of the acquisition date and the cash flows expected to be collected ("nonaccretable difference") is not recognized as an adjustment of yield, loss accrual or valuation allowance. The Company evaluates estimated future cash flows expected to be collected on a quarterly basis, starting with the first full quarter after acquisition, or earlier if conditions indicating impairment are present. If the cash flows expected to be collected cannot be reasonably estimated, either at acquisition or in subsequent evaluation, the Company may consider placing such PCI loans on nonaccrual, with interest income recognized using the cost recovery method or on a cash basis. Subsequent decreases in cash flows expected to be collected are evaluated to determine whether a provision for loan loss should be established. If decreases in expected cash flows result in a decrease in the estimated fair value of the loan below its amortized cost, the Company records a provision for loan losses calculated as the difference between the loan’s amortized cost and the revised cash flows, discounted at the loan’s effective yield. Subsequent increases in cash flows expected to be collected are first applied to reverse any previously recorded allowance for loan losses, with any remaining increases recognized prospectively through an adjustment to yield over its remaining life. Factors that most significantly affect estimates of cash flows expected to be collected, and accordingly the accretable yield, include: (i) estimate of the remaining life of acquired loans which may change the amount of future interest income; (ii) changes to prepayment assumptions; (iii) changes to collateral value assumptions for loans expected to foreclose; and (iv) changes in interest rates on variable rate loans. PCI loans may be aggregated into pools based upon common risk characteristics, such as loan performance, collateral type and/or geographic location of the collateral. A pool is accounted for as a single asset with a single composite yield and an aggregate expectation of estimated future cash flows. A PCI loan modified within a pool remains in the pool, with the effect of the modification incorporated into the expected future cash flows. A loan resolution within a loan pool, which may involve the sale of the loan or foreclosure on the underlying collateral, results in the removal of an allocated carrying amount, including an allocable portion of any existing allowance. Acquisition, Development and Construction ("ADC") Loan Arrangements The Company provides loans to third party developers for the acquisition, development and construction of real estate. Under an ADC arrangement, the Company participates in the expected residual profits of the project through the sale, refinancing or other use of the property. The Company evaluates the characteristics of each ADC arrangement including its risks and rewards to determine whether they are more similar to those associated with a loan or an investment in real estate. ADC arrangements with characteristics implying loan classification are presented as loans receivable and result in the recognition of interest income. ADC arrangements with characteristics implying real estate joint ventures are presented as investments in unconsolidated joint ventures and are accounted for using the equity method. The classification of each ADC arrangement as either loan receivable or real estate joint venture involves significant judgment and relies on various factors, including market conditions, amount and timing of expected residual profits, credit enhancements in the form of guaranties, estimated fair value of the collateral, significance of borrower equity in the project, among others. The classification of ADC arrangements is performed at inception, and periodically reassessed when significant changes occur in the circumstances or conditions described above.
Real Estate Assets	Real Estate Assets Real Estate Held for Investment Real estate held for investment is carried at cost less accumulated depreciation. Costs Capitalized or Expensed— Expenditures for ordinary repairs and maintenance are expensed as incurred, while expenditures for significant renovations that improve or extend the useful life of the asset are capitalized and depreciated over their estimated useful lives. Depreciation— Real estate held for investment is depreciated on a 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 their estimated useful lives. Land is not depreciated. Impairment —The Company evaluates its real estate held for investment for impairment periodically or whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Company evaluates cash flows and determines impairments on an individual property basis. In making this determination, the Company reviews, among other things, current and estimated future cash flows associated with each property, market information for each sub-market, including, where applicable, competition levels, foreclosure levels, leasing trends, occupancy trends, lease or room rates, and the market prices of similar properties recently sold or currently being offered for sale, and other quantitative and qualitative factors. If an impairment indicator exists, the Company evaluates whether the expected future undiscounted cash flows is less than the carrying amount of the asset, and if the Company determines that the carrying value is not recoverable, an impairment loss is recorded for the difference between the estimated fair value and the carrying amount of the asset. Real Estate Held for Sale Classification as Held for Sale —Real estate asset is classified as held for sale in the period when (i) management approves a plan to sell the asset, (ii) the asset is available for immediate sale in its present condition, subject only to usual and customary terms, (iii) a program is initiated to locate a buyer and actively market the asset for sale at a reasonable price, and (iv) completion of the sale is probable within one year. Real estate held for sale is stated at the lower of its carrying amount or estimated fair value less disposal cost, with any write-down to fair value less disposal cost recorded as an impairment loss. For any subsequent increase in fair value less disposal cost, the impairment loss may be reversed, but only up to the amount of cumulative loss previously recognized. Depreciation is not recorded on assets classified as held for sale. If circumstances arise that were previously considered unlikely and, as a result, the Company decides not to sell the real estate asset previously classified as held for sale, the real estate asset is reclassified as held for investment. Upon reclassification, the real estate asset is measured at the lower of (i) its carrying amount prior to classification as held for sale, adjusted for depreciation expense that would have been recognized had the real estate been continuously classified as held for investment, or (ii) its estimated fair value at the time the Company decides not to sell. Real Estate Sales —The Company evaluates if real estate sale transactions qualify for recognition under the full accrual method, considering whether, among other criteria, the buyer’s initial and continuing investments are adequate to demonstrate a commitment to pay, any receivable due to the Company is not subject to future subordination, the Company has transferred to the buyer the usual risks and rewards of ownership and the Company does not have a substantial continuing involvement with the sold real estate. At the time the sale is consummated, a gain or loss is recognized as the difference between the sale price less disposal cost and the carrying value of the real estate. Real estate investments classified as held for sale or disposed may be reported in discontinued operations if the disposal represents a strategic shift that has or will have a major effect on the Company's operations and financial results. A discontinued operation may include an asset group, a reporting unit, an operating segment, a reportable segment, a subsidiary, or a business. Foreclosed Properties The Company receives foreclosed properties in full or partial settlement of loans receivable by taking legal title or physical possession of the properties. Foreclosed properties are recognized, generally, at the time the real estate is received at foreclosure sale or upon execution of a deed in lieu of foreclosure. Foreclosed properties are initially measured at fair value and amounts less than the carrying value of the loan, after reversing any previously recognized loss provision on the loan, is recorded as impairment loss. The Company periodically evaluates foreclosed properties for subsequent decrease in fair value which is recorded as additional impairment loss. Fair value of foreclosed properties are generally based on third party appraisals, broker price opinions, comparable sales or a combination thereof.
Investments in Unconsolidated Joint Ventures	Investments in Unconsolidated Joint Ventures The Company holds ownership interests in certain joint ventures with Co-Investment Funds or other unaffiliated investors, as well as general partnership interest in a fund sponsored by the Company. Where the Company exerts significant influence over the operating and financial policies of these investees, but does not have a controlling financial interest, the Company's interests in these investees are accounted for under the equity method as investments in unconsolidated joint ventures. 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. The Company's share of net income or loss from its general partner interest in its sponsored fund reflects fair value changes in the underlying investments of the fund which are reported at fair value in accordance with investment company guidelines. The Company records its proportionate share of income from certain investments in unconsolidated joint ventures one to three months in arrears. Distributions of operating profits from joint ventures are reported as operating cash flows. Distributions related to a capital transaction, such as a refinancing transaction or sale, are reported as investing activities. Investments that do not qualify for consolidation or equity method accounting are accounted for under the cost method. Dividends received from cost-method investments are recorded as dividend income to the extent they are not considered a return of capital, otherwise such amounts are recorded as a reduction to the cost of investment. 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.
Identifiable Intangibles and Goodwill	Identifiable Intangibles In a business combination, the Company recognizes identifiable intangibles that meet either or both the contractual-legal criterion or the separability criterion. Indefinite-lived intangibles are not subject to amortization until such time that its useful life is determined to no longer be indefinite, at which point, it will be assessed for impairment and its adjusted carrying amount amortized over its remaining useful life. Finite-lived intangibles are amortized over their useful life in a manner that reflects the pattern in which the intangible is being consumed if readily determinable such as expected cash flows, otherwise on a straight-line basis. The useful life of all identified intangibles will be periodically reassessed and if useful life changes, the carrying amount of the intangible will be amortized prospectively over the revised useful life. Finite-lived intangibles will be periodically reviewed for impairment and an impairment loss will be recognized if the carrying amount of the intangible is not recoverable and exceeds its fair value. An impairment establishes a new basis for the identifiable intangibles and any impairment loss recognized is not subject to subsequent reversal. Identifiable intangibles recognized in acquisitions of operating real estate properties generally include in-place leases, above- or below-market leases and deferred leasing costs. In-place leases generate value over and above the tangible real estate because a property that is occupied with leased space is typically worth more than a vacant building without an operating lease contract in place. The estimated fair value of acquired in-place leases is derived based on management's assessment of costs avoided from having tenants in place, including lost rental income, rent concessions and tenant allowances or reimbursements, that 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 and amortized on a straight-line basis as an increase to depreciation and amortization expense over the remaining term of the applicable leases. If an in-place lease is terminated, the unamortized portion is charged to depreciation and amortization expense. The estimated fair value of the above- or below-market component of acquired leases represents the present value of the difference between contractual rents of acquired leases and market rents at the time of the acquisition for the remaining lease term, discounted for tenant credit risks. Above- or below-market operating lease values are amortized on a straight-line basis as a decrease or increase to rental income, respectively, over the applicable lease terms. Above- or below-market ground lease obligations are amortized on a straight-line basis as a decrease or increase to rent expense, respectively, over the applicable lease terms. If the above- or below-market operating lease values or above- or below-market ground lease obligations are terminated, the unamortized portion of the lease intangibles are recorded in rental income or rent expense, respectively. Deferred leasing costs represent management's estimation of the avoided leasing commissions and legal fees associated with an existing in-place lease. The net amount is included in intangible assets and amortized on a straight-line basis as an increase to depreciation and amortization expense over the remaining term of the applicable lease. Goodwill Goodwill is an unidentifiable intangible asset and recognized as a residual, generally measured as the excess of consideration transferred in a business combination over the identifiable assets acquired and liabilities assumed, including any noncontrolling interest in the acquiree. Goodwill is assigned to reporting units that are expected to benefit from the synergies of the business combination. Goodwill is tested for impairment at the reporting units to which it is assigned at least on an annual basis in the fourth quarter of each year, or more frequently if events or changes in circumstances occur that would more likely than not reduce the fair value of a reporting unit below its carrying value. The assessment of goodwill for impairment may initially be performed based on qualitative factors to determine if it is more likely than not that the fair value of the reporting unit to which the goodwill is assigned is less than its carrying value; and if so, a two-step quantitative assessment is performed to determine if an impairment has occurred and thereafter, measure the impairment loss. In the first step, if the fair value of the reporting unit is less compared to its carrying value (including goodwill), then the goodwill is considered to be impaired. In the second step, the implied fair value of the goodwill is determined by comparing the fair value of the reporting unit (in step one) to the fair value of the net assets of the reporting unit as if the reporting unit is being acquired in a business combination. If the carrying value of goodwill exceeds the resulting implied fair value of goodwill, then an impairment charge is recognized for the excess. An impairment establishes a new basis for the goodwill and any impairment loss recognized is not subject to subsequent reversal. Goodwill impairment tests require judgment, including 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.
Fixed Assets	Fixed Assets Fixed assets of the Company are presented within other assets and carried at cost less accumulated depreciation and amortization. Depreciation and amortization is recognized on a straight-line basis over the estimated useful life of the assets which range between 3 to 5 years for furniture, fixtures, equipment and capitalized software, 15 years for aircraft and over the shorter of the lease term or useful life for leasehold improvements.
Transfers of Financial Assets	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 the criteria for sale are accounted for as financing transactions.
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. The Company does not use derivative instruments for speculative or trading purposes. All derivative instruments are recorded at fair value and included in other assets or other liabilities on a gross basis on the consolidated balance sheets. The accounting for changes in fair value of derivatives depends upon whether or not the Company has elected to designate the derivative in a hedging relationship and the derivative qualifies for hedge accounting. The Company has economic hedges that have not been designated for hedge accounting. Changes in fair value of derivatives not designated as accounting hedges are recorded in the income statement in other gain (loss), net. For accounting hedges, the relationships between hedging instruments and hedged items, risk management objectives and strategies for undertaking the accounting hedges as well as the methods to assess the effectiveness of the derivative prospectively and retrospectively, are formally documented at inception. Hedge effectiveness relates to the amount by which the gain or loss on the designated derivative instrument exactly offsets the change in the hedged item attributable to the hedged risk. If it is determined that a derivative is not expected to be or has ceased to be highly effective at hedging the designated exposure, hedge accounting is discontinued. Cash Flow Hedges —The Company uses interest rate caps and swaps to hedges its exposure to interest rate fluctuations in forecasted interest payments on floating rate debt. The effective portion of the change in fair value of the derivative is recorded in accumulated other comprehensive income, while hedge ineffectiveness is recorded in earnings. If the derivative in a cash flow hedge is terminated or the hedge designation is removed, related amounts in accumulated other comprehensive income are reclassified into earnings. Net Investment Hedges —The Company uses foreign currency hedges to protect the value of its net investments in foreign subsidiaries or equity method investees whose functional currencies are not U.S. dollars. Changes in the fair value of derivatives used as hedges of net investment in foreign operations, to the extent effective, are recorded in the cumulative translation adjustment account within accumulated other comprehensive income. At the end of each quarter, the Company reassesses the effectiveness of its net investment hedges and as appropriate, dedesignates the portion of the derivative notional that is in excess of the beginning balance of its net investments as non-designated hedges. Release of accumulated other comprehensive income related to net investment hedges occurs upon losing a controlling financial interest in an investment or obtaining control over an equity method investment. Upon sale, complete or substantially complete liquidation of an investment in a foreign subsidiary, or partial sale of an equity method investment, the gain or loss on the related net investment hedge is reclassified from accumulated other comprehensive income to earnings.
Financing Costs	Financing Costs Debt discounts and premiums as well as debt issuance costs (except for revolving credit arrangements) are presented net against the associated debt on the consolidated balance sheets and amortized into interest expense using the effective interest method over the term of the debt. Costs incurred in connection with revolving credit arrangements are recorded as deferred financing costs in other assets, and amortized on a straight-line basis over the expected term of the credit facility.
Property Operating Income, Fee Income, and Other Income	Property Operating Income Property operating income includes the following. Rental Income —Rental income is recognized on a straight-line basis over the non-cancelable term of the related lease which includes the effects of rent steps and rent abatements under the lease. Rents received in advance are deferred. Rental income recognition commences when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. When it is determined that the Company is the owner of tenant improvements, the cost to construct the tenant improvements, including costs paid for or reimbursed by the tenants, is capitalized. For Company-owned tenant improvements, the amount funded by or reimbursed by the tenants are recorded as deferred revenue, which is amortized on a straight-line basis as additional rental income over the term of the related lease. When it is determined that the tenant is the owner of tenant improvements, the Company's contribution towards those improvements is recorded as a lease incentive, included in deferred leasing costs and intangible assets, net on the consolidated balance sheets, and amortized as a reduction to rental income on a straight-line basis over the term of the lease. Residential leases generally have one -year terms while commercial leases generally have longer terms. Tenant Reimbursements —In net lease arrangements, the tenant is generally responsible for operating expenses relating to the property, including real estate taxes, property insurance, maintenance, repairs and improvements. Costs reimbursable from tenants and other recoverable costs are recognized as revenue in the period the recoverable costs are incurred. When the Company is the primary obligor with respect to purchasing goods and services for property operations and has discretion in selecting the supplier and retains credit risk, tenant reimbursement revenue and property operating expenses are presented on a gross basis in the statements of operations. For certain triple net leases where the lessee self-manages the property, hires its own service providers and retains credit risk for routine maintenance contracts, no reimbursement revenue and expense are recognized. Hotel Operating Income —Hotel operating income includes room revenue, food and beverage sales and other ancillary services. Revenue is recognized upon occupancy of rooms, consummation of sales and provision of services. Fee Income Fee income consists of the following. Base Management Fees —The Company earns base management fees for the day-to-day operations and administration of its managed funds, generally as a percentage of the limited partners' net funded capital. Base management fees are recognized over the period in which the related services are performed in accordance with contractual terms of the underlying management and advisory agreements. Base management fees are generally accrued from the date of the first closing of commitments or the first investment of the fund through the last day of the term of the fund. Asset Management Fees —The Company may receive a one-time asset management fee upon closing of each investment made by its managed funds. In accordance with contractual terms of the underlying management and advisory agreements, a portion of asset management fees is recognized upon completion of initial underwriting, with remaining fees deferred and recognized over the holding period of each investment in which the related services are performed for each investment. Asset management fees are calculated as a fixed percentage of the limited partners' net funded capital on each investment. Advisory Fees —The Company provides investment advisory services for real estate acquisitions to an unaffiliated party and receives a one-time advisory fee upon closing of the investment, calculated as a fixed percentage of the cost of investment. The earnings process is complete upon closing of an investment, at which time, advisory fees are recognized in full. The Company has no obligation to provide further services subsequent to closing of an investment and does not earn fees on unconsummated transactions. Servicing Fees —Certain subsidiaries of the Company (each an asset management company or "AMC") were established to service and manage loan portfolios, including foreclosed properties, held by the Company's real estate investment entities for a servicing fee equal to a percentage of the outstanding unpaid principal balance of each loan portfolio. Servicing fees earned from investment entities that are consolidated by the Company are eliminated upon consolidation. Other Income Other income includes the following. Expense Recoveries from Borrowers —Expenses, primarily legal costs incurred in administering non-performing loans and foreclosed properties held by investment entities, may be subsequently recovered through payments received when these investments are resolved. The Company recognizes income when the cost recoveries are determinable and repayment is assured. Cost Reimbursements from Affiliates —Based on an arrangement assumed from the Manager through the Combination, the Company provides administrative services to certain of its affiliates, including property management on behalf of the Company's investment entities. The Company is entitled to receive reimbursements of expenses incurred, generally based on expenses incurred that are directly attributable to the affiliates and/or a portion of overhead costs. The Company acts in the capacity of a principal under these arrangements. Accordingly, the Company records the expenses and corresponding reimbursement income on a gross basis in the period administrative services are rendered and costs are incurred.
Compensation	Compensation Compensation comprises salaries, bonus including discretionary awards and contractual amounts for certain senior executives, benefits and share-based compensation. Bonus is accrued over the employment period to which it relates.
Share-Based Compensation	Share-Based Compensation Equity classified share-based awards that are granted to employees are measured at fair value at date of grant and remeasured at fair value only upon a modification to the terms of the award, while share-based awards granted to non-employees are remeasured at fair value at the end of each reporting period until the award is fully vested. Fair value is determined based on the closing price of the Company's listed Class A common stock at date of grant or remeasurement. The Company recognizes compensation expense on a straight-line basis over the requisite service period of the award, with the amount of compensation expense recognized at the end of any reporting period at least equal to the fair value of the portion of the award that has vested through that date. An expected forfeiture rate estimated based upon the Company's historical experience is applied against compensation expense during the year and adjusted for actual forfeitures at year end.
Gain on Remeasurement of Consolidated Investment Entities, Net	Gain on Remeasurement of Consolidated Investment Entities, Net Gain on remeasurement of consolidated investment entities, net is the fair value remeasurement of the Company's proportional share of investments in joint ventures which were consolidated upon a reconsideration event in connection with the Combination (Note 7), net of cumulative translation adjustments reclassified to earnings.
Other Gain (Loss), Net	Other Gain (Loss), Net Other gain and loss include fair value changes related to derivatives not designated as accounting hedges, fair value changes on the contingent consideration arising from the Combination and gain (loss) from remeasurement of foreign currency transactions and translation of foreign currency balances.
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, as well as certain restrictions in regard to the nature of owned assets and categories of income. 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 as a REIT, it and its subsidiaries may be subject to certain U.S federal, state and local as well as foreign taxes on its income and property and to U.S federal income and excise taxes on its undistributed taxable income. The Company has elected or may elect to treat certain of its existing or newly created corporate subsidiaries as taxable REIT subsidiaries (each a “TRS”). In general, a TRS may perform non-customary services for tenants of the REIT, hold assets that the REIT cannot or does not intend to hold directly and, subject to certain exceptions related to hotels and healthcare properties, may engage in any real estate or non-real estate related business. The Company uses TRS entities to conduct certain activities that cannot be conducted directly by a REIT, including investment management, property management including hotel operations as well as loan servicing and workout activities. A TRS is treated as a regular, taxable corporation for U.S income tax purposes and therefore, is subject to U.S federal corporate tax on its income and property. Deferred Income Taxes —The provision for income taxes includes current and deferred portions. The current income tax provision differs from the amount of income tax currently payable because of temporary differences in the recognition of certain income and expense items between financial reporting and income tax reporting. The Company uses the asset and liability method to provide for income taxes, which requires that the Company's income tax expense reflects the expected future tax consequences of temporary differences between the carrying amounts of assets or liabilities for financial reporting versus income tax purposes. Accordingly, a deferred tax asset or liability for each temporary difference is determined based on enacted tax rates the Company expects to be in effect when the underlying items of income and expense are realized and the differences reverse. A deferred tax asset is also recognized for net operating loss carryforwards and the income tax effect of accumulated other comprehensive income items of the TRS entities. A valuation allowance for deferred tax assets is established if the Company believes it is more likely than not that all or some portion of the deferred tax assets will not be realized. Realization of deferred tax assets is dependent on the Company's TRS entities generating sufficient taxable income in future periods or employing certain tax planning strategies to realize such deferred tax assets. Uncertain Tax Positions —Income tax benefits are recognized for uncertain tax positions that are more likely than not to be sustained based solely on their technical merits. Such uncertain tax positions are measured as the largest amount of benefit that is more-likely-than-not to be realized upon settlement. The difference between the benefit recognized and the tax benefit claimed on a tax return results in an unrecognized tax benefit. The Company periodically evaluates whether it is more likely than not that its uncertain tax positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations. As of December 31, 2015 and 2014 , the Company has not established a liability for uncertain tax positions.
Earnings Per Share	Earnings Per Share The Company calculates basic earnings per share using the two-class method which defines unvested share-based payment awards that contain nonforfeitable rights to dividends as participating securities. The two-class method is an allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. Earnings per common share is calculated by dividing earnings allocated to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per common share is based on the weighted-average number of common shares and the effect of potentially dilutive common share equivalents outstanding during the period. Potentially dilutive common share equivalents include shares to be issued upon the assumed conversion of the Company's outstanding convertible notes, which are included under the if-converted method when dilutive. The earnings allocated to common shareholders (numerator) is adjusted to add back the after-tax amount of interest expense associated with the convertible notes, except when doing so would be antidilutive.
Reclassification	Reclassification Certain prior period amounts have been reclassified to conform to current period presentation, including debt issuance costs described below. Other reclassifications were immaterial and did not affect the Company's financial position, results of operations or its cash flows.
Recent Accounting Updates	Recent Accounting Updates Revenue Recognition —In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers, which amended the existing accounting standards for revenue recognition. ASU No. 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 No. 2014-09 may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect as of the date of initial application recognized in retained earnings. ASU No. 2014-09 is effective for fiscal years and interim periods beginning after December 15, 2016. Early adoption is not permitted. In July 2015, the FASB deferred the effective date of the new standard by one year to fiscal years and interim periods beginning after December 15, 2017. Early adoption is permitted but not before the original effective date. The 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 or full retrospective approach, and is effective for reporting periods beginning after December 15, 2015. Early adoption is permitted in any interim reporting period. On April 1, 2015, the Company adopted ASU No. 2015-02 on a full retrospective basis and re-evaluated its consolidation assessment, concluding that such adoption did not result in a consolidation of entities not previously consolidated nor a deconsolidation of entities previously consolidated. Debt Issuance Costs —In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented on the balance sheet as a direct deduction from the associated debt liability, rather than deferring the charges as an asset. This aligns the presentation of debt issuance costs and debt discounts on the balance sheet. In August 2015, the FASB also issued ASU No. 2015-15, Interest — Imputation of Interest , to address the presentation of debt issuance costs specifically related to line of credit arrangements and clarified that an entity may defer and present such costs as an asset and amortize the costs ratably over the term of the line of credit arrangement, regardless of whether there are outstanding borrowings on the credit facility. ASU No. 2015-03 and ASU No. 2015-15 are effective for fiscal years and interim periods beginning after December 15, 2015, and will be applied retrospectively to each prior period presented. Early adoption is permitted. The Company adopted the new guidance effective December 31, 2015, and reclassified prior period balances to conform to the current period presentation. Debt issuance costs deferred as financing costs in other assets of $46.4 million was reclassified to reduce debt liability on the consolidated balance sheet as of December 31, 2014. Measurement-Period Adjustments in Business Combinations —In September 2015, the FASB issued ASU No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments , which requires that the cumulative impact of a measurement- period adjustment (including impact on prior periods) be recognized in the reporting period in which the adjustment amount is determined and therefore, eliminates the requirement to retrospectively account for the adjustment in prior periods presented. ASU No. 2015-16 is effective for fiscal years and interim periods beginning after December 15, 2015, and is to be applied prospectively to measurement-period adjustments that occur after the effective date. Early adoption is permitted. The Company adopted the new guidance effective October 1, 2015. The adoption did not have a significant impact on the consolidated financial statements. Leases —In February 2016, the FASB issued ASU No. 2016-02, Leases , which amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU No. 2016-02 is effective for fiscal years and interim periods beginning after December 31, 2018. Early adoption is permitted. The new leases standard requires adoption using a modified retrospective approach for all leases existing at, or entered into after, the date of initial application, and provides for certain practical expedients. Transition will require application of the new guidance at the beginning of the earliest comparative period presented. The Company is currently evaluating the impact of adopting this new guidance on its consolidated financial statements.

Combination with Colony Capit36

Combination with Colony Capital (Tables)	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Schedule of consideration transferred, assets acquired and liabilities assumed	The following table summarizes the total consideration and allocation to assets acquired and liabilities assumed at April 2, 2015. The amount of cash consideration was determined, in part, based upon the calculated net working capital of CCLLC at closing. In the fourth quarter of 2015, certain measurement period adjustments were identified which impacted provisional accounting, including final computation of the net working capital of CCLLC and an adjustment to deferred tax liability resulting from a change in the seller's tax basis related to the trade name as of acquisition date, as presented in the table below. (In thousands) As Reported At June 30, 2015 (1) Measurement Period Adjustments As Revised At December 31, 2015 Consideration Cash $ 60,900 $ 450 $ 61,350 Class A and Class B common stock issued 52,160 52,160 OP Units issued 558,794 558,794 Estimated fair value of contingent consideration (2) 69,500 69,500 $ 741,354 $ 450 $ 741,804 Identifiable assets acquired and liabilities assumed Cash $ 5,015 $ 5,015 Fixed assets 46,396 46,396 Other assets 23,039 261 23,300 Intangible asset: Investment management contracts 46,000 46,000 Customer relationships 46,800 46,800 Trade name 15,500 15,500 Notes payable (44,337 ) (44,337 ) Deferred tax liability (43,673 ) 7,753 (35,920 ) Other liabilities (18,454 ) (763 ) (19,217 ) 76,286 7,251 83,537 Goodwill 665,068 (6,801 ) 658,267 $ 741,354 $ 450 $ 741,804 __________ (1) The estimated fair values and purchase price allocation at April 2, 2015 are subject to retrospective adjustments during the measurement period, not to exceed one year, based upon new information obtained about facts and circumstances that existed as of the date of acquisition. (2) Fair value of contingent consideration estimated as of April 2, 2015 is subject to remeasurement each reporting period, as discussed in Note 13.
Schedule of Pro Forma Information	The following table presents pro forma results of the Company as if the Combination had been consummated on January 1, 2014. The amounts have been calculated pursuant to the application of the Company’s accounting policies and adjusting the results of CCLLC's operations to reflect additional compensation expense, depreciation and amortization, income tax, and after eliminating intercompany transactions of the combined entities and allocation of net income to OP Units. The pro forma results for the years ended December 31, 2015 and 2014 were adjusted to exclude acquisition-related expenses of approximately $15.1 million and $8.3 million , respectively. The pro forma results are not indicative of future operating results. Year Ended December 31, (In thousands, except per share data) 2015 2014 Pro forma: Total income $ 873,075 $ 414,753 Net income attributable to Colony Capital, Inc. 166,662 111,124 Net income attributable to common stockholders 124,093 86,254 Net income per common share: Basic $ 1.09 $ 0.86 Diluted $ 1.09 $ 0.86 The pro forma results are not necessarily indicative of future operating results. Year Ended December 31, (In thousands, except per share data) 2015 2014 Pro forma: Total income $ 897,364 $ 522,249 Net income 269,486 155,827 Net income attributable to common stockholders 109,941 90,210 Net income per common share: Basic $ 0.98 $ 0.92 Diluted $ 0.98 $ 0.92

Loans Receivable (Tables)

Loans Receivable (Tables)	12 Months Ended
	Dec. 31, 2015
Receivables [Abstract]
Company Loans Receivable	The following table provides a summary of the Company’s loans held for investment. December 31, 2015 December 31, 2014 (Amounts in thousands) Unpaid Principal Balance Carrying Value Weighted Average Coupon Weighted Average Maturity in Years Unpaid Principal Balance Carrying Value Weighted Average Coupon Weighted Average Maturity in Years Non-PCI Loans Fixed rate Mortgage loans $ 871,556 $ 866,527 10.1 % 4.2 $ 134,636 $ 126,185 6.4 % 8.7 Securitized mortgage loans 135,519 138,366 6.4 % 16.9 170,218 174,292 6.5 % 17.1 B-notes 180,973 182,957 8.5 % 2.4 143,376 140,312 8.5 % 3.2 Mezzanine loans 169,262 171,295 11.8 % 3.1 125,163 125,163 10.3 % 4.6 1,357,310 1,359,145 573,393 565,952 Variable rate Mortgage loans 639,420 624,240 7.2 % 1.7 331,192 326,491 6.9 % 1.9 Securitized mortgage loans 1,051,822 1,048,522 5.5 % 3.4 630,420 625,176 5.7 % 6.2 B-notes 3,593 3,134 9.5 % 2.3 — — Mezzanine loans 348,091 347,267 10.8 % 0.7 367,863 365,825 10.9 % 1.5 2,042,926 2,023,163 1,329,475 1,317,492 3,400,236 3,382,308 1,902,868 1,883,444 PCI Loans Mortgage loans 1,008,839 693,934 334,500 239,702 Securitized mortgage loans 8,871 7,422 9,672 8,185 1,017,710 701,356 344,172 247,887 Allowance for loan losses — (35,187 ) — (197 ) Loans held for investment, net $ 4,417,946 $ 4,048,477 $ 2,247,040 $ 2,131,134
Activity in Loans Receivable	Activity in loans held for investment is summarized below: Year Ended December 31, (In thousands) 2015 2014 2013 Carrying value at January 1 $ 2,131,134 $ 1,028,654 $ 333,569 Loan acquisitions and originations 1,145,704 1,735,526 876,503 Paid-in-kind interest added to loan principal 30,211 2,796 218 Discount and net loan fee amortization 17,062 46,053 6,945 Carrying value of loans sold — — (70,280 ) Noncash distribution of loan receivable to a noncontrolling interest — — (18,500 ) Loan repayments (346,246 ) (673,815 ) (106,083 ) Payments received from PCI loans (514,818 ) (11,725 ) (544 ) Accretion on PCI loans 158,468 35,115 3,108 Transfer to real estate assets upon foreclosure (155,035 ) — — Provision for loan losses, excluding interest receivable (37,254 ) (200 ) — Consolidation of loans receivable held by investment entities (Note 7) 1,629,496 — — Effect of changes in foreign exchange rates (10,245 ) (31,270 ) 3,718 Carrying value at December 31 $ 4,048,477 $ 2,131,134 $ 1,028,654
Schedule of Loans Receivable Remaining Maturities	Carrying value of loans held for investment before allowance for loan losses, excluding PCI loans, based on remaining maturities under contractual terms at December 31, 2015 , was as follows: (In thousands) Due in one year or less $ 726,385 Due after one year through five years 2,216,123 Due after five years 439,800 $ 3,382,308
Summary of Past Due Loans	The following table provides an aging summary of loans held for investment at carrying value before allowance for loan losses, excluding PCI loans. (In thousands) Current or Less Than 30 Days Past Due 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total At December 31, 2015 $ 3,357,454 $ 14,628 $ 1,509 $ 8,717 $ 3,382,308 At December 31, 2014 1,864,466 12,002 3,058 3,918 1,883,444
Schedule of Troubled Debt Restructuring	The following table provides a summary of loans modified in TDRs in which the Company provided the borrower various concessions in interest rates, payment terms or default waivers. Year Ended December 31, (Dollars in thousands) 2015 2014 2013 Number of TDRs 1 1 — Carrying amount of loans restructured in TDR during the period $ 26,667 $ 8,381 $ — Loss on TDR 278 — —
Changes in Accretable Yield for the PCI loans	The following table presents these PCI loans at acquisition date on April 2, 2015: (In thousands) Contractually required payments including interest $ 1,936,499 Less: Nonaccretable difference (850,212 ) Cash flows expected to be collected 1,086,287 Less: Accretable yield (121,130 ) Fair value of loans acquired $ 965,157 Changes in accretable yield of PCI loans are as follows: Year Ended December 31, (In thousands) 2015 2014 2013 Beginning accretable yield $ 98,523 $ 130,823 $ — Additions — 3,067 131,037 Changes in accretable yield 12,199 13,436 — Accretion (158,468 ) (35,115 ) (3,108 ) Consolidation of PCI loans held by investment entities (Note 7) 121,130 — — Effect of changes in foreign exchange rates (6,745 ) (13,688 ) 2,894 Ending accretable yield $ 66,639 $ 98,523 $ 130,823
Schedule of Nonaccrual Loans	Carrying value of loans before allowance for loan losses that have been placed on nonaccrual were as follows: December 31, (In thousands) 2015 2014 Non-PCI loans $ 10,226 $ 3,917 PCI loans 116,647 — $ 126,873 $ 3,917
Impairment and Allowance for Loan Losses	The allowance for loan losses and related carrying value of loans held for investment were as follows: December 31, 2015 December 31, 2014 (In thousands) Allowance for Loan Losses Carrying Value Allowance for Loan Losses Carrying Value Non-PCI loans $ 472 $ 7,827 $ 197 $ 3,438 PCI loans 34,715 203,527 — — $ 35,187 $ 211,354 $ 197 $ 3,438 Changes in allowance for loan losses are presented below: Year Ended December 31, (In thousands) 2015 2014 2013 Allowance for loan losses at January 1 $ 197 $ — $ — Provision for loan losses 37,475 197 — Charge-off (2,485 ) — — Allowance for loan losses at December 31 $ 35,187 $ 197 $ —

Real Estate Assets (Tables)

Real Estate Assets (Tables)	12 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
Schedule of Components of Real Estates	The Company's real estate assets comprise the following: December 31, (In thousands) 2015 2014 Real Estate Held for Investment Land $ 578,577 $ 265,263 Buildings and improvements 2,619,872 1,385,155 Foreclosed properties 19,989 — 3,218,438 1,650,418 Less: Accumulated depreciation (86,220 ) (6,421 ) 3,132,218 1,643,997 Real Estate Held for Sale Land, buildings and improvements 203,970 — Foreclosed properties 93,917 — 297,887 — Real Estate Assets, Net $ 3,430,105 $ 1,643,997
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the Company's real estate acquisitions. Purchase Price Allocation Acquisition Date Property Type and Location Number of Properties Purchase Price (1) Land Buildings and Improvements Lease Intangible Assets Lease Intangible (Liabilities) Other Assets Other (Liabilities) 2015 (2) Asset Acquisitions (3) January Education - Switzerland 2 $ 167,911 $ 16,450 $ 130,446 $ 21,015 $ — $ — $ — June Office - Norway (4) 1 322,231 69,350 257,541 28,235 — — (32,895 ) November Office - France 1 31,000 3,936 24,096 3,661 (693 ) — — Business Combinations (5) (6) — Various Light industrial - Various in U.S. 34 345,463 53,257 280,380 17,724 (5,898 ) — — December Mixed use - United Kingdom 24 440,999 72,601 315,334 60,656 (7,592 ) — — 62 $ 1,307,604 $ 215,594 $ 1,007,797 $ 131,291 $ (14,183 ) $ — $ (32,895 ) 2014 Business Combinations (5) June Office - Arizona 1 $ 15,675 $ — $ 14,130 $ 1,835 $ (290 ) $ — $ — July Industrial - Ohio 1 15,644 453 9,815 5,376 — — — December Light industrial - Various in U.S. (7) 257 1,604,534 256,491 1,256,843 92,144 (10,163 ) 27,784 (18,565 ) 259 $ 1,635,853 $ 256,944 $ 1,280,788 $ 99,355 $ (10,453 ) $ 27,784 $ (18,565 ) 2013 Business Combinations (5) December Office - Minnesota 1 $ 122,750 $ 8,319 $ 104,367 $ 10,064 $ — $ — $ — __________ (1) Dollar amounts of purchase price and allocation to assets acquired and liabilities assumed are translated based on foreign exchange rates as of respective dates of acquisition, where applicable. (2) Useful life of real estate assets acquired in 2015 ranges from 30 - 46 years for buildings, 3 - 24 years for improvements and 2 - 20 years for lease intangibles. (3) These asset acquisitions are net lease properties in which the Company entered into sale-leaseback transactions with the sellers. Transaction costs associated with asset acquisitions are capitalized, totaling approximately $9.0 million in 2015. (4) The Company acquired equity in a subsidiary of the seller, partially financed by a non-callable bond, and assumed the liabilities of the entity acquired of $2.1 million , as well as the entity's tax basis, resulting in a tax basis difference recorded as a deferred tax liability of $30.8 million upon acquisition. (5) Acquisitions of real estate assets with existing leases where the sellers are not the lessees are classified as business combinations. Transaction costs associated with business combinations are expensed, totaling $22.2 million , $7.5 million and $0.6 million for 2015, 2014 and 2013, respectively. (6) The estimated fair values and purchase price allocation are provisional and subject to retrospective adjustments during the measurement period, not to exceed one year, based upon new information obtained about facts and circumstances that existed as of the date of acquisition. (7) The Company acquired a portfolio of light industrial real estate properties and associated operating platform from Cobalt Capital Partners, L.P. and its affiliates. Other assets and liabilities comprise cash of $7.8 million , accrued and other liabilities of $18.6 million and goodwill of $20.0 million . 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, while the Company acquired 100% of the associated operating platform. The following table presents the combined assets, liabilities and noncontrolling interests of the consolidated investment entities as of April 2, 2015: (In thousands) Assets: Cash $ 75,412 Loans receivable, net 1,629,496 Real estate assets, net 812,672 Other assets 543,404 Total assets $ 3,060,984 Liabilities: Debt $ 282,555 Accrued and other liabilities 65,739 Total liabilities 348,294 Noncontrolling interests 1,700,114 Equity attributable to Colony Capital, Inc. $ 1,012,576
Schedule of Pro Forma Information	The following table presents pro forma results of the Company as if the Combination had been consummated on January 1, 2014. The amounts have been calculated pursuant to the application of the Company’s accounting policies and adjusting the results of CCLLC's operations to reflect additional compensation expense, depreciation and amortization, income tax, and after eliminating intercompany transactions of the combined entities and allocation of net income to OP Units. The pro forma results for the years ended December 31, 2015 and 2014 were adjusted to exclude acquisition-related expenses of approximately $15.1 million and $8.3 million , respectively. The pro forma results are not indicative of future operating results. Year Ended December 31, (In thousands, except per share data) 2015 2014 Pro forma: Total income $ 873,075 $ 414,753 Net income attributable to Colony Capital, Inc. 166,662 111,124 Net income attributable to common stockholders 124,093 86,254 Net income per common share: Basic $ 1.09 $ 0.86 Diluted $ 1.09 $ 0.86 The pro forma results are not necessarily indicative of future operating results. Year Ended December 31, (In thousands, except per share data) 2015 2014 Pro forma: Total income $ 897,364 $ 522,249 Net income 269,486 155,827 Net income attributable to common stockholders 109,941 90,210 Net income per common share: Basic $ 0.98 $ 0.92 Diluted $ 0.98 $ 0.92
Schedule of Components of Property Operating Income	The components of property operating income are as follows: Year Ended December 31, (In thousands) 2015 2014 2013 Rental income $ 193,293 $ 15,624 $ 592 Tenant reimbursements 51,530 5,338 197 Hotel operating income 55,048 — — $ 299,871 $ 20,962 $ 789
Schedule of Future Minimum Rental Payments for Operating Leases	Future contractual minimum rental payments to be received under noncancelable operating leases for real estate held for investment as of December 31, 2015 are as follows: Year Ending December 31, (In thousands) 2016 $ 222,003 2017 198,380 2018 167,133 2019 139,416 2020 117,137 2021 and after 637,541 Total $ 1,481,610 As of December 31, 2015 , future minimum rental payments on noncancellable operating ground leases and office leases were as follows: (In thousands) Year Ending December 31, Ground Leases Office Leases 2016 $ 414 $ 4,808 2017 414 4,216 2018 414 3,270 2019 414 1,963 2020 425 1,690 2021 and after 31,292 7,078 Total $ 33,373 $ 23,025

Investments in Unconsolidated39

Investments in Unconsolidated Joint Ventures (Tables)	12 Months Ended
	Dec. 31, 2015
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract]
Investments in and Advances to Affiliates, Schedule of Investments [Text Block]	The Company's investments in unconsolidated joint ventures comprise the following: December 31, (In thousands) 2015 2014 Equity method investments $ 824,597 $ 1,646,977 Cost method investment 99,868 — $ 924,465 $ 1,646,977
Schedule of Combined Assets, Liabilities and Noncontrolling Interest of Consolidated Investment Entities	The following table summarizes the Company's real estate acquisitions. Purchase Price Allocation Acquisition Date Property Type and Location Number of Properties Purchase Price (1) Land Buildings and Improvements Lease Intangible Assets Lease Intangible (Liabilities) Other Assets Other (Liabilities) 2015 (2) Asset Acquisitions (3) January Education - Switzerland 2 $ 167,911 $ 16,450 $ 130,446 $ 21,015 $ — $ — $ — June Office - Norway (4) 1 322,231 69,350 257,541 28,235 — — (32,895 ) November Office - France 1 31,000 3,936 24,096 3,661 (693 ) — — Business Combinations (5) (6) — Various Light industrial - Various in U.S. 34 345,463 53,257 280,380 17,724 (5,898 ) — — December Mixed use - United Kingdom 24 440,999 72,601 315,334 60,656 (7,592 ) — — 62 $ 1,307,604 $ 215,594 $ 1,007,797 $ 131,291 $ (14,183 ) $ — $ (32,895 ) 2014 Business Combinations (5) June Office - Arizona 1 $ 15,675 $ — $ 14,130 $ 1,835 $ (290 ) $ — $ — July Industrial - Ohio 1 15,644 453 9,815 5,376 — — — December Light industrial - Various in U.S. (7) 257 1,604,534 256,491 1,256,843 92,144 (10,163 ) 27,784 (18,565 ) 259 $ 1,635,853 $ 256,944 $ 1,280,788 $ 99,355 $ (10,453 ) $ 27,784 $ (18,565 ) 2013 Business Combinations (5) December Office - Minnesota 1 $ 122,750 $ 8,319 $ 104,367 $ 10,064 $ — $ — $ — __________ (1) Dollar amounts of purchase price and allocation to assets acquired and liabilities assumed are translated based on foreign exchange rates as of respective dates of acquisition, where applicable. (2) Useful life of real estate assets acquired in 2015 ranges from 30 - 46 years for buildings, 3 - 24 years for improvements and 2 - 20 years for lease intangibles. (3) These asset acquisitions are net lease properties in which the Company entered into sale-leaseback transactions with the sellers. Transaction costs associated with asset acquisitions are capitalized, totaling approximately $9.0 million in 2015. (4) The Company acquired equity in a subsidiary of the seller, partially financed by a non-callable bond, and assumed the liabilities of the entity acquired of $2.1 million , as well as the entity's tax basis, resulting in a tax basis difference recorded as a deferred tax liability of $30.8 million upon acquisition. (5) Acquisitions of real estate assets with existing leases where the sellers are not the lessees are classified as business combinations. Transaction costs associated with business combinations are expensed, totaling $22.2 million , $7.5 million and $0.6 million for 2015, 2014 and 2013, respectively. (6) The estimated fair values and purchase price allocation are provisional and subject to retrospective adjustments during the measurement period, not to exceed one year, based upon new information obtained about facts and circumstances that existed as of the date of acquisition. (7) The Company acquired a portfolio of light industrial real estate properties and associated operating platform from Cobalt Capital Partners, L.P. and its affiliates. Other assets and liabilities comprise cash of $7.8 million , accrued and other liabilities of $18.6 million and goodwill of $20.0 million . 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, while the Company acquired 100% of the associated operating platform. The following table presents the combined assets, liabilities and noncontrolling interests of the consolidated investment entities as of April 2, 2015: (In thousands) Assets: Cash $ 75,412 Loans receivable, net 1,629,496 Real estate assets, net 812,672 Other assets 543,404 Total assets $ 3,060,984 Liabilities: Debt $ 282,555 Accrued and other liabilities 65,739 Total liabilities 348,294 Noncontrolling interests 1,700,114 Equity attributable to Colony Capital, Inc. $ 1,012,576
Activity in Company Investments In Unconsolidated Joint Ventures	Activity in the Company’s equity method investment is summarized below: Year Ended December 31, (In thousands) 2015 2014 2013 Balance at January 1 $ 1,646,977 $ 1,369,529 $ 877,081 Contributions 258,391 458,881 672,338 Distributions (1) (423,725 ) (225,736 ) (279,161 ) Equity in net income 47,605 73,829 100,708 Equity in other comprehensive (loss) income (612 ) 1,511 9,827 Equity in realized loss (gain) reclassified from accumulated other comprehensive income 161 (4,681 ) (12,935 ) Equity method investment entities derecognized and consolidated (957,009 ) — — Equity method investments of newly consolidated investment entities 270,966 — — Foreign currency translation (loss) gain and other (18,157 ) (26,356 ) 1,671 Balance at December 31 $ 824,597 $ 1,646,977 $ 1,369,529

Deferred Leasing Costs and In40

Deferred Leasing Costs and Intangibles (Tables)	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill and Intangible Assets from Acquisitions	The following table summarizes deferred leasing costs and intangible assets and intangible liabilities arising from acquisitions of operating real estate, including purchase-leaseback transactions, as well as acquisition of the investment management business: December 31, 2015 December 31, 2014 (In thousands) Carrying Amount (Net of Impairment) Accumulated Amortization Net Carrying Amount Carrying Amount Accumulated Amortization Net Carrying Amount Goodwill $ 678,267 NA $ 678,267 $ 20,000 NA $ 20,000 Deferred Leasing Costs and Intangible Assets (1) Trade name $ 15,500 NA $ 15,500 $ — NA $ — In-place lease values 144,863 (27,780 ) 117,083 48,018 (2,295 ) 45,723 Above-market lease values 32,774 (7,708 ) 25,066 23,194 (280 ) 22,914 Below-market ground lease obligations 36,635 (39 ) 36,596 1,420 (14 ) 1,406 Deferred leasing costs 71,710 (12,647 ) 59,063 36,788 (771 ) 36,017 Investment management contracts 41,897 (13,985 ) 27,912 — — — Customer relationships 46,800 (2,507 ) 44,293 — — — Total deferred leasing costs and intangible assets $ 390,179 $ (64,666 ) $ 325,513 $ 109,420 $ (3,360 ) $ 106,060 Intangible Liabilities (1) Below-market lease values $ 28,879 $ (4,523 ) $ 24,356 $ 10,282 $ (114 ) $ 10,168 Above-market ground lease obligations 171 (5 ) 166 171 — 171 Total intangible liabilities $ 29,050 $ (4,528 ) $ 24,522 $ 10,453 $ (114 ) $ 10,339
Schedule of Expected Annual Amortization Expenses	The following table summarizes the amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities: Year Ended December 31, (Amounts in thousands) 2015 2014 Above-market lease values $ (7,647 ) $ (280 ) Below-market lease values 4,427 114 Net decrease to rental income $ (3,220 ) $ (166 ) Net below-market ground lease obligations Increase to rent expense $ 20 $ 13 In-place lease values $ 25,865 $ 2,224 Deferred leasing costs 12,130 751 Investment management contracts 13,985 — Customer relationships 2,507 — Amortization expense $ 54,487 $ 2,975
Schedule of Estimated Annual Amortization Expense	The following table presents the estimated annual amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities for each of the next five years and thereafter: (In thousands) Year Ending December 31, 2016 2017 2018 2019 2020 2021 and after Total Above-market lease values $ (9,062 ) $ (5,952 ) $ (3,744 ) $ (1,807 ) $ (1,263 ) $ (3,238 ) $ (25,066 ) Below-market lease values 5,830 4,910 3,613 1,851 1,348 6,804 24,356 (Decrease) Increase to rental income $ (3,232 ) $ (1,042 ) $ (131 ) $ 44 $ 85 $ 3,566 $ (710 ) Net below-market ground lease obligations Increase to rent expense $ 348 $ 348 $ 348 $ 348 $ 349 $ 34,689 $ 36,430 In-place lease values $ 30,956 $ 19,013 $ 13,089 $ 9,592 $ 7,629 $ 36,804 $ 117,083 Deferred leasing costs 12,200 10,002 8,063 5,983 4,341 18,474 59,063 Investment management contracts 13,794 8,625 3,555 1,279 508 151 27,912 Customer relationships 3,343 3,343 3,343 3,343 3,343 27,578 44,293 Amortization expense $ 60,293 $ 40,983 $ 28,050 $ 20,197 $ 15,821 $ 83,007 $ 248,351

Other Assets and Other Liabil41

Other Assets and Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2015
Other Assets and Liabilities [Abstract]
Schedule of the Company's Other Assets, Net	The following table summarizes the Company's other assets: December 31, (In thousands) 2015 2014 Restricted cash (1) $ 187,208 $ 76,945 Deferred financing costs, net (2) 4,083 4,704 Interest receivable 34,074 11,405 Other receivables, including straight-line rents 43,130 1,378 Derivative assets 21,636 26,479 Deferred tax asset — 6,713 Prepaid expenses and other 21,320 7,721 Fixed assets, net 48,463 — Total (3) $ 359,914 $ 135,345 __________ (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) Deferred financing costs relate to revolving credit arrangements and are shown net of accumulated amortization of $6.8 million and $6.9 million as of December 31, 2015 and 2014 , respectively. (3) At December 31, 2015 , other assets related to real estate held for sale was $3.7 million . There were no other assets held for sale at December 31, 2014.
Schedule of Fixed Assets, Net	Fixed assets consist of the following: (In thousands) December 31, 2015 Leasehold improvements $ 3,870 Furniture, fixtures, equipment and software 2,542 Aircraft 45,304 51,716 Less: Accumulated depreciation and amortization (3,253 ) Fixed assets, net (1) $ 48,463 __________ (1) The Company did not hold any fixed assets prior to and as of March 31, 2015. Fixed assets were acquired through the Combination. Depreciation and amortization of fixed assets was $3.3 million for the year ended December 31, 2015 .
Schedule of Accrued and Other Liabilities	The following table summarizes the Company's accrued and other liabilities: December 31, (In thousands) 2015 2014 Borrower and tenant reserves $ 116,800 $ 74,237 Deferred income 41,671 8,750 Interest payable 18,071 10,990 Intangible liabilities, net 24,522 10,339 Derivative liabilities 507 6,718 Current and deferred tax liabilities 44,951 429 Accrued compensation 11,495 — Accounts payable and other liabilities 67,572 16,656 Total (1) $ 325,589 $ 128,119 __________ (1) Intangible liabilities of $35,000 and accrued and other liabilities of $9.1 million were related to real estate assets held for sale at December 31, 2015 . There were no accrued and other liabilities held for sale at December 31, 2014.

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Schedule of Debts	Components of debt are summarized as follows: December 31, (In Thousands) 2015 2014 Line of credit $ 315,000 $ 164,000 Secured and unsecured debt 3,313,550 1,979,665 Less: Debt issuance costs (40,826 ) (31,311 ) $ 3,587,724 $ 2,112,354 The following table summarizes certain information about the Company's secured and unsecured debt: (Amounts in thousands) Outstanding Principal at Interest Rate (per annum) Maturity Date Payment Terms (2) December 31, Type (1) Collateral 2015 2014 Secured Debt: Secured financing (3) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+3.75% Apr-2016 P&I $ 23,123 $ — Secured financing (3) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+3.75% Apr-2016 P&I 10,965 — Secured financing (3) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+4.0% Jun-2016 P&I 5,869 — Secured financing (3) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+3.75% Aug-2016 P&I 8,579 — Secured financing (3) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+3.25% Sept-2016 P&I 4,351 — Secured financing (3) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+2.85% Dec-2017 P&I 73,543 90,164 Secured financing (4) First mortgage loan secured by residential properties 1-month LIBOR+3.75% Mar-2016 P&I 10,314 — Secured financing (5) Senior participation interest in a first mortgage loan and subordinated loan 1-month LIBOR+2.85% NA P&I — 80,213 Warehouse facility (6) Eligible first mortgage loans originated within Transitional CRE Lending Platform 1 month LIBOR+2.50% Feb-2017 I/O 48,198 85,520 Warehouse facility (6) Eligible first mortgage loans, including any corresponding mezzanine loans, originated within Transitional CRE Lending Platform 1 month LIBOR+2.50% to 2.75% Apr-2018 I/O 114,433 — First mortgage loan (7) Hotel properties 1-month LIBOR+4.65% Jan-2019 (7) 94,000 — First mortgage loan (8) Office property in Phoenix 1-month LIBOR+2.65% Jul-2018 I/O 13,500 — First mortgage loan Office property in Minnesota 4.84% fixed Jan-2024 P&I 88,000 88,000 First mortgage loan (9) Commercial properties in United Kingdom 3-month LIBOR+2.50% Aug-2018 I/O 88,121 — First mortgage loan (10) Office properties throughout Italy 4.02% fixed Nov-2018 (10) 79,133 — First mortgage loan (11) Warehouse properties in Spain 3-month Euribor+2.80% Jun-2022 I/O 25,540 — First mortgage loan (12) Portfolio of light industrial properties across the U.S. 1-month LIBOR+2.25% Dec-2019 I/O 917,469 1,088,500 First mortgage loan Portfolio of light industrial properties across the U.S 3.80% fixed Aug-2025 I/O 165,750 — First mortgage loans Two higher education campuses in Switzerland 2.72% fixed Dec-2029 P&I 120,947 — First mortgage loan Office property in France 1.89% fixed Nov-2022 I/O 17,050 — First mortgage loan (13) Portfolio of office, retail and other commercial properties in United Kingdom 3-month LIBOR+2.75% Dec-2018 (13) 236,911 — Bond payable Office property in Norway and shares of borrowing entity 3.91% fixed Jun-2025 I/O 180,960 — Revolving credit facility Portfolio of light industrial properties across the U.S 1-month LIBOR+2.25% Jul-2016 I/O 23,730 — Revolving credit facility Partner capital commitments 1-month LIBOR+1.60% Sept-2016 I/O 104,400 — 2,454,886 1,432,397 (Amounts in thousands) Outstanding Principal at Interest Rate (per annum) Maturity Date Payment Terms (2) December 31, Type (1) Collateral 2015 2014 Commercial Mortgage-Backed Securitization ("CMBS") Debt: CMBS 2014-FL1 (14) Portfolio of first mortgage loans originated within Transitional CRE Lending Platform 1-month LIBOR+1.78% Apr-2031 I/O 126,248 126,204 CMBS 2014-FL2 (14) Portfolio of first mortgage loans originated within Transitional CRE Lending Platform 1-month LIBOR+2.02% Nov-2031 I/O 203,734 197,655 CMBS 2015-FL3 (14) Portfolio of first mortgage loans originated within Transitional CRE Lending Platform 1-month LIBOR+2.36% Sept-2032 I/O 340,350 — CMBS MF 2014-1 (15) Portfolio of first mortgage loans secured by multifamily properties 2.54% fixed (15) I/O 145,349 213,409 815,681 537,268 Unsecured Debt: Unsecured note (16) — — Dec-2017 NA — 10,000 Notes Payable: Promissory notes (17) Corporate aircraft 5.02% fixed Dec-2025 P&I 42,983 — Total $ 3,313,550 $ 1,979,665 __________ (1) All secured and unsecured debt presented in the table are non-recourse unless otherwise stated as recourse debt. (2) Payment terms: P&I = Periodic payment of principal and interest; I/O = Periodic payment of interest only with principal at maturity (except for principal repayments to release collateral properties disposed) (3) These financings in connection with loan portfolio acquisitions require monthly interest payments and principal curtailment based upon the ratio of principal outstanding to collateral cost basis. The current principal curtailment requirement ranges from 65% to 80% of all excess cash flow from the underlying loan portfolios, after payment of certain loan servicing fees and monthly interest, but may increase or decrease in the future. The financing arrangements provide for either a single or a multiple 1-year extension option to the initial term. (4) The variable interest rate on the loan was fixed at 4.28% through an interest rate swap. (5) This financing in connection with a loan portfolio acquisition was paid off in April 2015. (6) The Company entered into two master repurchase agreements with different commercial banks to partially finance loans within its Transitional Commercial Real Estate ("CRE") Lending Platform. The initial term of each warehouse facility is subject to a 1 -year extension option. The facility maturing in February 2017 is full recourse to OP and provides up to $150 million in financing. The facility maturing in April 2018 is partial recourse and provides up to $250 million in financing. (7) Initial term on the loan is subject to two 1 -year extensions. Payment terms is interest only through January 2017, followed by periodic principal and interest payments for the remaining term of the loan. The loan requires an interest rate cap to be maintained at a 3.00% strike on 1-month LIBOR. (8) Initial term on the loan is subject to two 1 -year extensions, during which principal and interest payments are required. (9) The loan has two 1 -year extensions on its initial term and requires an interest rate cap to be maintained at a 2.25% strike on 3-month LIBOR. (10) Seller provided zero -interest financing on acquired portfolio of properties with imputed interest of 4.02% , requiring principal payments of €15,750,000 , €35,437,500 and €27,562,000 in November 2016, November 2017 and November 2018, respectively. A discount was established at inception and is being accreted to debt principal as interest expense. (11) The loan requires an interest rate cap to be maintained at a 1.50% strike on 3-month Euribor. (12) This loan was obtained in connection with the acquisition of the portfolio of light industrial real estate assets and operating platform in December 2014, has three 1 -year extension options, with interest rate increasing to 1-month LIBOR plus 2.5% after the fourth anniversary date, and requires an interest rate cap to be maintained at a 3.0% strike on 1-month LIBOR. At December 31, 2015 , $4.9 million of the outstanding principal balance was related to real estate assets held for sale. (13) Initial term on the loan is subject to a 2 -year extension. Payment terms is interest only up to August 2016, followed by periodic principal and interest payments for the remaining life of the loan. The loan requires an interest rate cap to be maintained at a 3.00% strike on 1-month LIBOR. At December 31, 2015 , $4.1 million of the outstanding principal balance was related to real estate assets held for sale. (14) The Company, through its indirect Cayman subsidiaries — Colony Mortgage Capital Series 2014-FL1 Ltd, Colony Mortgage Capital Series 2014-FL2 Ltd and Colony Mortgage Capital Series 2015-FL3 Ltd. — securitized commercial mortgage loans originated within the Company’s Transitional CRE Lending Platform. Generally, the senior notes issued by the securitization trusts were sold to third parties and subordinated notes retained by the Company. These 3 securitizations are accounted for as secured financing with the underlying mortgage loans pledged as collateral. Principal repayments from the underlying collateral loans must be applied to repay the debt until the balance is paid in full, notwithstanding the contractual maturities on the notes. The underlying collateral loans have initial terms of 2 to 3 years. Interest rate spreads on these CMBS debt are presented above on a weighted average basis. (15) The Company transferred acquired loans, secured by multifamily properties, into a securitization trust, Colony Multifamily Mortgage Trust 2014-1, with the most senior certificates issued by the trust sold to third parties and the Company retaining the remaining certificates. The securitization was accounted for as a secured financing with the underlying mortgage loans pledged as collateral. Although the certificates do not have a contractual maturity date, principal repayments from the underlying collateral loans must be applied to repay the debt until the balance is paid in full. The underlying collateral loans have initial remaining terms of 1 to 24 years. (16) As discussed in Note 3, in connection with the acquisition of the portfolio of light industrial real estate assets and operating platform in December 2014, the Company issued an unsecured note, scheduled to mature on the third anniversary of the acquisition date, to an affiliate, CCM. In May 2015, CCM exercised its rights pursuant to provisions under the note and contributed the note to OP in exchange for OP Units (Note 15). (17) In connection with the Combination, the Company assumed two promissory notes, with full recourse, bearing interest at a fixed weighted-average rate of 5.02% .
Schedule of Principal Payments Due Under Financing Agreements	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 future scheduled minimum principal payments, excluding CMBS debt, as of December 31, 2015 . Year Ending December 31, (In thousands) 2016 $ 280,770 (1) 2017 103,989 (1) 2018 491,995 (1) 2019 1,016,387 2020 7,959 2021 and after 603,158 Total $ 2,504,258 __________ (1) Amounts include a combined $6.4 million of discount on seller-provided zero -interest financing being accreted to debt principal. CMBS debt obligations are estimated to be repaid earlier than the contractual maturity only if proceeds from the underlying loans are repaid by the borrowers. Future principal payments based on contractual maturity or otherwise based on reasonable expectations of cash flows from the underlying loans as of December 31, 2015 are as follows: (In thousands) Year Ending December 31, Contractual Maturity Expectations of Cash Flows 2016 $ — $ 157,091 2017 — 411,266 2018 — 206,556 2019 — 21,975 2020 — 18,346 2021 and after 815,681 447 Total $ 815,681 $ 815,681
Convertible Senior Notes Issued	Convertible Senior Notes issued by the Company and outstanding are as follows: Conversion Price (per share of common stock) December 31, 2015 December 31, 2014 Description Issuance Date Due Date Interest Rate Redemption Date Outstanding Principal (in thousands) Carrying Amount (in thousands) (1) Outstanding Principal (in thousands) Carrying Amount (in thousands) (1) 5% Convertible Senior Notes April 2013 April 15, 2023 5.00% fixed $ 23.60 On or after April 22, 2020 $ 200,000 $ 195,069 $ 200,000 $ 194,531 3.875% Convertible Senior Notes January and June 2014 January 15, 2021 3.875% fixed 24.82 On or after January 22, 2019 402,500 396,010 402,500 394,879 $ 602,500 $ 591,079 $ 602,500 $ 589,410

Derivatives and Hedging (Tables

Derivatives and Hedging (Tables)	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value of Derivative Instruments	Gross fair value of derivative assets and derivative liabilities are as follows: December 31, 2015 December 31, 2014 (In thousands) Designated Hedges Non-Designated Hedges Total Designated Hedges Non-Designated Hedges Total Derivative Assets Foreign exchange contracts $ 19,773 $ 426 $ 20,199 $ 25,820 $ — $ 25,820 Interest rate contracts 5 1,432 1,437 402 257 659 Included in other assets $ 19,778 $ 1,858 $ 21,636 $ 26,222 $ 257 $ 26,479 Derivative Liabilities Foreign exchange contracts $ 505 $ — $ 505 $ 6,718 $ — $ 6,718 Interest rate contracts 2 — 2 — — — Included in accrued and other liabilities $ 507 $ — $ 507 $ 6,718 $ — $ 6,718
Schedule of Foreign Exchange Contracts	The following table summarizes the aggregate notional amounts of designated and non-designated foreign exchange contracts in place as of December 31, 2015 along with certain key terms: Hedged Currency Instrument Type Notional Amount (in thousands) FX Rates ($ per unit of foreign currency) Range of Expiration Dates Designated Non-Designated EUR FX Collar € 128,781 € 644 Min $1.09 / Max $1.53 July 2017 to November 2020 GBP FX Collar £ 65,523 £ 2,477 Min $1.45 / Max $1.82 September 2017 to December 2019 EUR FX Forward € 129,119 € 781 Range between $1.07 to $1.27 March 2016 to July 2018 GBP FX Forward £ 14,711 £ 339 Range between $1.49 to $1.51 February 2016 to June 2016 CHF FX Forward CHF 52,996 CHF 2,549 Range between $1.47 to $1.50 January 2030 NOK FX Forward NOK 923,000 NOK $0.12 May 2016
Schedule of Interest Rate Derivatives	As of December 31, 2015 , the Company held the following designated and non-designated interest rate contracts: Notional Amount Instrument Type Designated Non-Designated Index Strike Expiration Interest rate swaps $ 10,850 $ — 1-Month LIBOR 4.28% March 2016 Interest rate caps $ 750,000 $ 476,750 1-Month LIBOR 3.00% December 2016 to January 2019 Interest rate caps $ — $ 95,387 1-Month LIBOR 2.50% April 2016 to December 2016 Interest rate caps € — € 23,750 3-Month EURIBOR 1.50% June 2022 Interest rate caps £ — £ 206,552 3-Month LIBOR 2.00% to 2.25% November 2018 to December 2018

Balance Sheet Offsetting (Table

Balance Sheet Offsetting (Tables)	12 Months Ended
	Dec. 31, 2015
Offsetting [Abstract]
Offsetting derivative liabilities	The table below sets forth derivative positions where the Company has a right of set off under netting arrangements with the same counterparty. Gross Amounts Not Offset on Consolidated Balance Sheets (In thousands) Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets (Assets) Liabilities Cash Collateral Received (Pledged) Net Amounts of Assets (Liabilities) December 31, 2015 Derivative Assets Foreign exchange forwards $ 5,907 $ (58 ) $ — $ 5,849 Foreign exchange collars 14,292 (66 ) — 14,226 Interest rate caps 1,437 — — 1,437 $ 21,636 $ (124 ) $ — $ 21,512 Derivative Liabilities Foreign exchange forwards $ (439 ) $ 58 $ — $ (381 ) Foreign exchange collars (66 ) 66 — — Interest rate swap (2 ) — — (2 ) $ (507 ) $ 124 $ — $ (383 ) December 31, 2014 Derivative Assets Foreign exchange forwards $ 10,667 $ — $ — $ 10,667 Foreign exchange collars 15,153 (6,718 ) — 8,435 Interest rate caps 480 — — 480 Interest rate swap 179 — — 179 $ 26,479 $ (6,718 ) $ — $ 19,761 Derivative Liabilities Foreign exchange collars $ (6,718 ) $ 6,718 $ — $ — $ (6,718 ) $ 6,718 $ — $ —
Offsetting derivative assets	The table below sets forth derivative positions where the Company has a right of set off under netting arrangements with the same counterparty. Gross Amounts Not Offset on Consolidated Balance Sheets (In thousands) Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets (Assets) Liabilities Cash Collateral Received (Pledged) Net Amounts of Assets (Liabilities) December 31, 2015 Derivative Assets Foreign exchange forwards $ 5,907 $ (58 ) $ — $ 5,849 Foreign exchange collars 14,292 (66 ) — 14,226 Interest rate caps 1,437 — — 1,437 $ 21,636 $ (124 ) $ — $ 21,512 Derivative Liabilities Foreign exchange forwards $ (439 ) $ 58 $ — $ (381 ) Foreign exchange collars (66 ) 66 — — Interest rate swap (2 ) — — (2 ) $ (507 ) $ 124 $ — $ (383 ) December 31, 2014 Derivative Assets Foreign exchange forwards $ 10,667 $ — $ — $ 10,667 Foreign exchange collars 15,153 (6,718 ) — 8,435 Interest rate caps 480 — — 480 Interest rate swap 179 — — 179 $ 26,479 $ (6,718 ) $ — $ 19,761 Derivative Liabilities Foreign exchange collars $ (6,718 ) $ 6,718 $ — $ — $ (6,718 ) $ 6,718 $ — $ —

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Schedule of Fair Value Assumptions Related to Contingent Consideration	In addition to the Company's Class A common stock price at December 31, 2015 and projected Benchmark FFO during the contingency period, the fair value of contingent consideration tied to Benchmark FFO was estimated using the following key inputs: Significant Unobservable Input Input Value Impact to Fair Value from Increase in Input (2) Benchmark FFO volatility 20.6% Increase Equity volatility 28.1% Increase Correlation (1) 80.0% Increase __________ (1) Represents the assumed correlation between Benchmark FFO and the Company's Class A common stock price (2) This is the directional change in fair value of the contingent consideration that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the reverse effect. Significant increases or decreases in these inputs in isolation could result in significantly higher or lower fair value measure of the contingent consideration.
Fair and Carrying Values of Assets and Liabilities by the Level in the Fair Value Hierarchy by Balance Sheet Grouping	Carrying amounts and estimated fair values of financial instruments reported at amortized cost are presented below: Fair Value Measurements Carrying Value (In thousands) Level 1 Level 2 Level 3 Total December 31, 2015 Assets Loans held for investment $ — $ — $ 4,073,075 $ 4,073,075 $ 4,048,477 Loans held for sale 75,002 75,002 75,002 Investments in unconsolidated joint ventures — — 1,087,850 1,087,850 924,465 Liabilities Line of credit — 315,000 — 315,000 315,000 Secured and unsecured debt — — 2,423,013 2,423,013 2,423,013 CMBS debt — 794,982 — 794,982 806,728 Notes payable — — 42,983 42,983 42,983 Convertible senior notes 574,359 — — 574,359 591,079 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

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Activity of Preferred and Common Stock	The table below summarizes the share activities of the Company's preferred and common stock: Number of Shares Common Stock (In thousands) Preferred Stock Class A Class B Shares outstanding at December 31, 2012 10,080 53,092 — Class A common stock offerings — 23,402 — Share-based payments—forfeitures — (2 ) — Shares outstanding at December 31, 2013 10,080 76,492 — Issuance of 7.5% Series B Cumulative Redeemable Perpetual Preferred Stock 3,450 — — Class A common stock offerings — 32,606 — Issuance of common stock for incentive fees to Manager — 21 — Share-based payments, net of forfeitures — 515 — Shares outstanding at December 31, 2014 13,530 109,634 — Issuance of 7.125% Series C Cumulative Redeemable Perpetual Preferred Stock 11,500 — — Issuance of Class A common stock — 1,427 — Issuance of Class B common stock — — 564 Conversion of Class B common stock (1) — 18 (18 ) Share-based compensation, net of forfeitures — 615 — Shares outstanding at December 31, 2015 25,030 111,694 546 __________ (1) For information about the conversion event, see " — Common Stock" below. Preferred Stock The table below summarizes the preferred stock outstanding as of December 31, 2015 : Description Dividend Rate Per Annum Initial Issuance Date Shares Outstanding (in thousands) Par Value (in thousands) Liquidation Preference (in thousands) Earliest Redemption Date Series A 8.5% Cumulative Redeemable Perpetual 8.5% March 2012 10,080 $ 101 $ 252,000 March 27, 2017 Series B 7.5% Cumulative Redeemable Perpetual 7.5% June 2014 3,450 34 86,250 June 19, 2019 Series C 7.125% Cumulative Redeemable Perpetual 7.125% April 2015 11,500 115 287,500 April 13, 2020 25,030 $ 250 $ 625,750
Components of Accumulated Other Comprehensive Income (Loss) Attributable to Stockholders	The following tables present the changes in each component of AOCI attributable to stockholders and noncontrolling interests, net of immaterial tax effect. The changes in AOCI attributable to noncontrolling interests in 2014 and 2013 are not presented because they were immaterial. Changes in Components of AOCI Attributable to Stockholders (In thousands) Equity in AOCI of Unconsolidated Joint Ventures Unrealized Gain/(Loss) on Beneficial Interests in Debt Securities Gain (Loss) on Cash Flow Hedges Foreign Currency Translation Gain (Loss) Gain (Loss) on Net Investment Hedges Total 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 AOCI (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 AOCI (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 ) Changes in Components of AOCI Attributable to Stockholders and Noncontrolling Interests (In thousands) Equity in AOCI of Unconsolidated Joint Ventures Gain (Loss) on Cash Flow Hedges Foreign Currency Translation Gain (Loss) Gain (Loss) on Net Investment Hedges Total AOCI at December 31, 2014 attributable to: Stockholders $ 451 $ (101 ) $ (52,643 ) $ 23,802 $ (28,491 ) Noncontrolling interests in investment entities — (52 ) (3,616 ) (1 ) (3,669 ) 451 (153 ) (56,259 ) 23,801 (32,160 ) Other comprehensive income (loss) before reclassifications attributable to: Stockholders (612 ) (199 ) (56,676 ) 39,631 (17,856 ) Noncontrolling interests in investment entities — (137 ) (1,516 ) — (1,653 ) Noncontrolling interests in Operating Company — (6 ) (1,778 ) 1,759 (25 ) Amounts reclassified from AOCI attributable to: Stockholders 161 55 67,194 (39,485 ) 27,925 Noncontrolling interests in investment entities — 40 5,183 — 5,223 Noncontrolling interests in Operating Company — 11 12,880 (7,509 ) 5,382 Net other comprehensive (loss) income (451 ) (236 ) 25,287 (5,604 ) 18,996 AOCI at December 31, 2015 attributable to: Stockholders — (245 ) (42,125 ) 23,948 (18,422 ) Noncontrolling interests in investment entities — (149 ) 51 (1 ) (99 ) Noncontrolling interests in Operating Company — 5 11,102 (5,750 ) 5,357 $ — $ (389 ) $ (30,972 ) $ 18,197 $ (13,164 )
Reclassification out of Accumulated Other Comprehensive Income	Information about amounts reclassified out of AOCI attributable to stockholders by component is presented below: (In thousands) Year Ended December 31, Affected Line Item in the Consolidated Statements of Operations Component of AOCI reclassified into earnings 2015 2014 2013 Equity in realized (loss) gain on sale of marketable securities of unconsolidated joint ventures $ (161 ) $ 4,681 $ 12,895 Equity in income of unconsolidated joint ventures Settlement loss on beneficial interests in debt securities — (2,163 ) — Other (loss) gain, net Release of cumulative translation adjustments (45,407 ) — — Gain on remeasurement of consolidated investment entities, net Release of cumulative translation adjustments (21,787 ) 226 67 Other (loss) gain, net Realization of net gain on net investment hedges 32,965 — — Gain on remeasurement of consolidated investment entities, net Realization of net gain on net investment hedges 6,492 — — Other (loss) gain, net Net settlement loss on derivative instruments designated as net investment hedges — (253 ) (18 ) Other (loss) gain, net Unrealized gain on dedesignated net investment hedges 28 — — Other (loss) gain, net Unrealized loss on ineffective cash flow hedge (55 ) — — Other (loss) gain, net

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 2015
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) 2015 2014 2013 Net income allocated to common stockholders Net income $ 256,036 $ 159,711 $ 125,923 Net income attributable to noncontrolling interests: Investment entities (86,123 ) (36,562 ) (24,158 ) Operating Company (19,933 ) — — Net income attributable to Colony Capital, Inc. 149,980 123,149 101,765 Preferred dividends (42,569 ) (24,870 ) (21,420 ) Net income attributable to common stockholders 107,411 98,279 80,345 Net income allocated to participating securities (nonvested shares) (1,237 ) (990 ) (725 ) Net income allocated to common stockholders—basic 106,174 97,289 79,620 Interest expense attributable to convertible notes (1) — — — Net income allocated to common stockholders—diluted $ 106,174 $ 97,289 $ 79,620 Weighted average common shares outstanding Weighted average number of common shares outstanding—basic 110,931 96,694 66,182 Weighted average effect of dilutive shares (2) — 5 — Weighted average number of common shares outstanding—diluted 110,931 96,699 66,182 Earnings per share Basic $ 0.96 $ 1.01 $ 1.20 Diluted $ 0.96 $ 1.01 $ 1.20 __________ (1) For the years ended December 31, 2015, 2014 and 2013 , excluded from the calculation of diluted net income per share is the effect of adding back $27.3 million , $23.3 million and $7.6 million , respectively, of interest expense and 24,694,700 , 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. Also excluded from the calculation of diluted income per share for the years ended December 31, 2015 and 2014 is the effect of adding back $280,000 and $25,000 , respectively, of interest expense and 187,800 and 14,700 weighted average dilutive common share equivalents, respectively, for the assumed repayment of the $10 million unsecured note issued to CCM (see Note 10) in shares of the Company's common stock as its inclusion would be antidilutive. (2) OP Units, subject to lock-up agreements, may be redeemed for registered or unregistered Class A common shares on a one-for-one basis. At December 31, 2015 , there were 21,749,000 redeemable OP Units. These OP Units would not be dilutive and were not included in the computation of diluted earnings per share for the year ended December 31, 2015 . For the year ended December 31, 2014, weighted average dilutive shares include the effect of 4,900 shares of common stock issuable to the former Manager for incentive fees incurred for the period.

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Summary of Amounts Due to Manager or its Affiliates	Amounts incurred and payable to the Manager or its affiliates for periods prior to the Combination were as follows: Year Ended December 31, (In thousands) 2015 2014 2013 Base management fee expense $ 9,165 $ 32,285 $ 22,265 Incentive fees — 464 — Compensation pursuant to secondment agreement 450 1,778 1,286 Direct and allocated investment-related expenses 366 2,846 1,771 Direct and allocated administrative expenses 1,922 3,301 1,787 $ 11,903 $ 40,674 $ 27,109 Amounts due from and due to affiliates consist of the following: December 31, (In thousands) 2015 2014 Due from Affiliates Due from funds and unconsolidated joint ventures: Management fees $ 5,734 $ — Other 3,952 — Due from CCLLC 1,559 — Due from employees and other affiliated entities 468 — $ 11,713 $ — Due to Affiliates Contingent consideration $ 52,990 $ — Amounts due to the Manager or its affiliates: Base management fee expense — 9,173 Secondment reimbursement — 1,393 Reimbursement of direct and allocated administrative and investment costs — 1,670 $ 52,990 $ 12,236

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Components of Share-Based Compensation	Share-based compensation expense recognized was as follows: Year Ended December 31, (In thousands) 2015 2014 2013 Stock grants to the Manager and employees (1) $ 13,094 $ 10,384 $ 3,998 Stock grants to non-executive directors 620 417 285 $ 13,714 $ 10,801 $ 4,283
Nonvested Shares Under Director Stock Plan and Equity Incentive Plan	Changes in the Company’s nonvested share awards are summarized below: Restricted Stock Grants Non-Executive Directors Manager and Employees (1) Total Weighted Average Grant Date Fair Value Nonvested shares at December 31, 2014 15,234 674,204 689,438 $ 19.54 Granted 23,226 618,081 641,307 24.42 Vested (23,532 ) (484,947 ) (508,479 ) 20.71 Forfeited — (26,432 ) (26,432 ) 26.06 Nonvested shares at December 31, 2015 14,928 780,906 795,834 22.51 _________ (1) All outstanding stock grants made to the Manager prior to the Combination became employee awards effective April 2, 2015.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Tax Provision (Benefit)	Income Tax (Benefit) Expense Year Ended December 31, (In thousands) 2015 2014 2013 Current Federal $ 451 $ 1,339 $ 1,470 State and local 397 369 671 Foreign 1,469 — — Total current tax expense 2,317 1,708 2,141 Deferred Federal (10,428 ) (3,307 ) (1,115 ) State and local (1,219 ) (800 ) (367 ) Foreign 34 — — Total deferred tax benefit (11,613 ) (4,107 ) (1,482 ) Total income tax (benefit) expense $ (9,296 ) $ (2,399 ) $ 659
Schedule of Deferred Tax Assets and Liabilities	The components of deferred tax assets and deferred tax liabilities arising from temporary differences are as follows: December 31, (In thousands) 2015 2014 Deferred tax assets Net operating loss carry forwards $ 9,814 $ 1,695 Stock-based compensation 2,890 — Investment in partnerships 843 5,018 Other 2,262 — Total deferred tax assets 15,809 6,713 Deferred tax liabilities Intangible assets from Combination 28,875 — Gain from remeasurement of consolidated investment entities, net 3,237 — Assumption of tax basis from real estate acquisition (Note 6) 26,880 — Other 1,504 245 Total deferred tax liabilities 60,496 245 Net deferred tax (liability) asset $ (44,687 ) $ 6,468
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of the statutory U.S. income tax to the Company's effective income tax is presented as follows: Year Ended December 31, 2015 2014 2013 (Amounts in thousands) Amount Tax Rate Amount Tax Rate Amount Tax Rate Income before income taxes $ 246,740 $ 157,312 $ 126,582 Pre-tax income attributable to pass-through subsidiaries (277,902 ) (163,058 ) (124,753 ) Pre-tax loss attributable to taxable subsidiaries (31,162 ) (5,746 ) 1,829 Federal tax benefit at statutory tax rate (10,907 ) 35.0 % (2,011 ) 35.0 % 640 35.0 % State and local income taxes, net of federal income tax benefit (884 ) 2.8 % (295 ) 5.1 % 122 6.7 % Other 398 -1.3 % (566 ) 9.9 % (144 ) -7.9 % Income tax benefit—taxable REIT subsidiaries (11,393 ) 36.5 % (2,872 ) 50.0 % 618 33.8 % Taxes reflected in pre-tax income attributable to pass-through subsidiaries: Current and deferred foreign taxes 1,594 — — Current excess inclusion income tax 203 480 — State and local taxes 175 (54 ) (39 ) Other taxes 125 47 80 Total income tax (benefit) expense $ (9,296 ) $ (2,399 ) $ 659

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	Future contractual minimum rental payments to be received under noncancelable operating leases for real estate held for investment as of December 31, 2015 are as follows: Year Ending December 31, (In thousands) 2016 $ 222,003 2017 198,380 2018 167,133 2019 139,416 2020 117,137 2021 and after 637,541 Total $ 1,481,610 As of December 31, 2015 , future minimum rental payments on noncancellable operating ground leases and office leases were as follows: (In thousands) Year Ending December 31, Ground Leases Office Leases 2016 $ 414 $ 4,808 2017 414 4,216 2018 414 3,270 2019 414 1,963 2020 425 1,690 2021 and after 31,292 7,078 Total $ 33,373 $ 23,025

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Summary of Operating Results and Net Investments for Each of Reportable Operating Segment	The following tables present the operating results of the Company’s reportable segments: Real Estate Equity (In thousands) Light Industrial Platform Single-Family Other Real Estate Debt Investment Management Amounts Not Allocated to Segments Total Year Ended December 31, 2015 Income: Interest income $ 7 $ — $ 16 $ 417,149 $ — $ 133 $ 417,305 Property operating income 161,863 — 134,043 3,965 — — 299,871 Equity in (loss) income of unconsolidated joint ventures — (14,787 ) 18,272 46,596 (1,675 ) (801 ) 47,605 Fee income — — — 219 65,594 — 65,813 Other income 670 — 59 5,856 — 4,797 11,382 Total income (loss) 162,540 (14,787 ) 152,390 473,785 63,919 4,129 841,976 Expenses: Management fees — — — — — 15,062 15,062 Transaction, investment and servicing costs 4,038 — 22,432 19,273 — 16,514 62,257 Interest expense 37,338 — 19,441 31,549 — 44,766 133,094 Property operating expenses 54,581 — 58,035 5,097 — — 117,713 Depreciation and amortization 82,447 — 38,452 252 16,498 3,328 140,977 Provision for loan losses — — — 37,475 — — 37,475 Impairment loss 450 — 4,539 2,100 4,103 — 11,192 Compensation expense 3,633 — 2,021 11,582 33,021 34,249 84,506 Administrative expenses 1,631 — 2,008 4,939 1,983 27,677 38,238 Total expenses 184,118 — 146,928 112,267 55,605 141,596 640,514 Gain on sale of real estate assets, net 108 — 6,970 1,876 — 8 8,962 Gain on remeasurement of consolidated investment entities, net — — 10,223 31,263 — — 41,486 Other (loss) gain, net (192 ) — 1,613 (23,361 ) (19 ) 16,789 (5,170 ) Income tax benefit (expense) 484 — (3,372 ) (424 ) 12,658 (50 ) 9,296 Net (loss) income (21,178 ) (14,787 ) 20,896 370,872 20,953 (120,720 ) 256,036 Net (loss) income attributable to noncontrolling interests: Investment entities (10,460 ) — (7,384 ) 103,983 — (16 ) 86,123 Operating Company (1,158 ) (1,754 ) 3,554 34,075 3,378 (18,162 ) 19,933 Net (loss) income attributable to Colony Capital, Inc. $ (9,560 ) $ (13,033 ) $ 24,726 $ 232,814 $ 17,575 $ (102,542 ) $ 149,980 Real Estate Equity (In thousands) Light Industrial Platform Single-Family Other Real Estate Debt Amounts Not Allocated to Segments Total Year Ended December 31, 2014 Income: Interest income $ — $ — $ — $ 204,054 $ 307 $ 204,361 Property operating income 5,365 — 15,597 — — 20,962 Equity in (loss) income of unconsolidated joint ventures — (15,901 ) 3,235 86,495 — 73,829 Other income — — — 908 589 1,497 Total income (loss) 5,365 (15,901 ) 18,832 291,457 896 300,649 Expenses: Management fees — — — — 43,133 43,133 Transaction, investment and servicing costs 7,754 — 245 8,430 10,478 26,907 Interest expense 1,321 — 4,355 14,199 28,490 48,365 Property operating expenses 1,544 — 4,019 — — 5,563 Depreciation and amortization 3,391 — 5,786 — — 9,177 Compensation expense — — — — 2,468 2,468 Administrative expenses — — — 577 8,363 8,940 Total expenses 14,010 — 14,405 23,206 92,932 144,553 Other (loss) gain, net (22 ) — — 165 1,073 1,216 Income tax benefit (expense) (1) — — 3,435 (698 ) (338 ) 2,399 Net (loss) income (8,667 ) (15,901 ) 7,862 267,718 (91,301 ) 159,711 Net (loss) income attributable to noncontrolling interests—Investment entities (3,143 ) — 2,022 37,683 — 36,562 Net (loss) income attributable to Colony Capital, Inc. $ (5,524 ) $ (15,901 ) $ 5,840 $ 230,035 $ (91,301 ) $ 123,149 Real Estate Equity (In thousands) Single-Family Other Real Estate Debt Amounts Not Allocated to Segments Total Year Ended December 31, 2013 Income: Interest income $ — $ — $ 80,753 $ 282 $ 81,035 Property operating income — 789 — — 789 Equity in (loss) income of unconsolidated joint ventures (8,013 ) 19,168 89,553 — 100,708 Other income — — 1,267 — 1,267 Total (loss) income (8,013 ) 19,957 171,573 282 183,799 Expenses: Management fees — — — 26,263 26,263 Transaction, investment and servicing costs — 623 3,457 955 5,035 Interest expense — 227 5,295 13,316 18,838 Property operating expenses — 197 — — 197 Depreciation and amortization — 310 — — 310 Compensation expense — — — 1,756 1,756 Administrative expenses — — 178 5,614 5,792 Total expenses — 1,357 8,930 47,904 58,191 Other gain, net — — 974 — 974 Income tax benefit (expense) (1) — 916 (1,216 ) (359 ) (659 ) Net (loss) income (8,013 ) 19,516 162,401 (47,981 ) 125,923 Net income attributable to noncontrolling interests — Investment entities — 1,266 22,892 — 24,158 Net (loss) income attributable to Colony Capital, Inc. $ (8,013 ) $ 18,250 $ 139,509 $ (47,981 ) $ 101,765 _________ (1) Beginning in 2015, income tax benefit (expense) related to specific investments within each segment has been allocated to the respective segments, including 2014 and 2013 which were previously unallocated.
Assets and Equity Method Investments of Reportable Segments	assets and equity method investments of each of segment are summarized as follows. December 31, 2015 December 31, 2014 (In thousands) Segment Assets Equity Method Investments Segment Assets (1) Equity Method Investments Light industrial platform $ 1,926,002 $ — $ 1,672,963 $ — Single-family residential rentals 394,783 394,783 494,613 494,613 Other real estate equity 2,094,794 295,221 558,187 393,813 Real estate debt 4,734,547 114,350 3,011,805 758,551 Investment management 798,213 9,794 — — Amounts not allocated to segments 90,971 10,449 87,881 — Total $ 10,039,310 $ 824,597 $ 5,825,449 $ 1,646,977 _________ (1) Beginning in 2015, the Company allocated cash and other assets held within investment holding entities that previously had not been allocated to segments. The impact of this change was an additional allocation of $63.4 million to segment assets at December 31, 2014, made up primarily of cash balances that can be directly attributed to the respective segments.

Significant Accounting Polici53

Significant Accounting Policies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Significant Accounting Policies [Line Items]
General residential lease term	1 year
Minimum percentage of distribution of taxable income to stockholders	90.00%
Term of non-qualification as real estate investment trust	4 years
Debt issuance costs deferred as financing costs in other assets reclassified to reduce debt liability	$ (4,083)	$ (4,704)
Minimum
Significant Accounting Policies [Line Items]
Income (loss) from certain investments in unconsolidated joint ventures, term in arrears	1 year
Maximum
Significant Accounting Policies [Line Items]
Income (loss) from certain investments in unconsolidated joint ventures, term in arrears	3 years
Buildings and improvements | Minimum
Significant Accounting Policies [Line Items]
Real estate assets estimated useful life	7 years
Buildings and improvements | Maximum
Significant Accounting Policies [Line Items]
Real estate assets estimated useful life	40 years
Furniture, fixtures and equipment | Minimum
Significant Accounting Policies [Line Items]
Real estate assets estimated useful life	5 years
Furniture, fixtures and equipment | Maximum
Significant Accounting Policies [Line Items]
Real estate assets estimated useful life	15 years
Furniture, fixtures, equipment and capitalized software | Minimum
Significant Accounting Policies [Line Items]
Real estate assets estimated useful life	3 years
Furniture, fixtures, equipment and capitalized software | Maximum
Significant Accounting Policies [Line Items]
Real estate assets estimated useful life	5 years
Aircraft
Significant Accounting Policies [Line Items]
Real estate assets estimated useful life	15 years
Other Assets [Member] | Accounting Standards Update 2015-03 [Member]
Significant Accounting Policies [Line Items]
Debt issuance costs deferred as financing costs in other assets reclassified to reduce debt liability		$ 46,400

Combination with Colony Capit54

Combination with Colony Capital (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 02, 2015	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Apr. 01, 2015
Business Acquisition [Line Items]
Total consideration transferred				$ 1,307,604	$ 1,635,853
Total income				841,976	300,649	$ 183,799
Net income attributable to common stockholders				149,980	123,149	$ 101,765
Colony Capital
Business Acquisition [Line Items]
Consideration transferred	$ 61,400	$ 60,900	$ 61,350
Total consideration transferred		$ 741,354	$ 741,804
Colony Capital | Acquisition-related Costs
Business Acquisition [Line Items]
Pro forma total income				15,100	$ 8,300
Affiliated Entity | Colony Capital
Business Acquisition [Line Items]
Employment term under management agreement	5 years
Share price in business acquisition							$ 26.19
Total consideration transferred	$ 672,300
Affiliated Entity | Colony Capital | Common Class A
Business Acquisition [Line Items]
Number of shares issued or issuable in a combination (in shares)	1,430,000
Affiliated Entity | Colony Capital | Common Class B
Business Acquisition [Line Items]
Number of shares issued or issuable in a combination (in shares)	563,987
Colony Capital Operating Company, LLC | Partnership Interest | Affiliated Entity | Colony Capital
Business Acquisition [Line Items]
Number of shares issued or issuable in a combination (in shares)	21,340,000
Multi-year Performance Targets | Affiliated Entity | Colony Capital | Common Class A
Business Acquisition [Line Items]
Number of shares contingent upon achievement of performance targets	1,020,000
Multi-year Performance Targets | Affiliated Entity | Colony Capital | Common Class B
Business Acquisition [Line Items]
Number of shares contingent upon achievement of performance targets	90,991
Multi-year Performance Targets | Colony Capital Operating Company, LLC | Partnership Interest | Affiliated Entity | Colony Capital
Business Acquisition [Line Items]
Number of shares contingent upon achievement of performance targets	3,470,000
Investment Management
Business Acquisition [Line Items]
Total income				63,900
Net income attributable to common stockholders				$ 21,000

Combination with Colony Capit55

Combination with Colony Capital - Schedule of Consideration Transferred and Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Apr. 02, 2015	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Total consideration transferred				$ 1,307,604	$ 1,635,853
Lease Intangible Assets			$ 131,291	131,291	99,355
Goodwill			678,267	678,267	$ 20,000
Colony Capital
Business Acquisition [Line Items]
Cash	$ 61,400	$ 60,900	61,350
Estimated fair value of contingent consideration (2)		69,500	69,500
Total consideration transferred		741,354	741,804
Cash		5,015	5,015	5,015
Fixed assets		46,396	46,396	46,396
Other assets		23,039	23,300	23,300
Notes payable		(44,337)	(44,337)	(44,337)
Deferred tax liability		(43,673)	(35,920)	(35,920)
Lease Intangible (Liabilities)		(18,454)	(19,217)	(19,217)
Assets acquired and liabilities assumed, net		76,286	83,537	83,537
Goodwill		665,068	658,267	658,267
Assets, goodwill and liabilities assumed, net		741,354	741,804	741,804
Measurement Period Adjustments
Measurement Period Adjustments, Cash Consideration			450
Measurement Period Adjustments, Total Consideration			450
Measurement Period Adjustments, Other Assets			261
Measurement Period Adjustments, Deferred tax liability			7,753
Measurement Period Adjustments, Other liabilities			(763)
Measurement Period Adjustments, Assets and Liabilities, Net			7,251
Measurement Period Adjustments, Goodwill			(6,801)
Measurement Period Adjustments, Assets, Goodwill, and Liabilities			450
Partnership Interest | Colony Capital
Business Acquisition [Line Items]
Consideration transferred, equity interested issued (in shares)		558,794	558,794
Common Stock | Colony Capital
Business Acquisition [Line Items]
Consideration transferred, equity interested issued (in shares)		52,160	52,160
Trade Names | Colony Capital
Business Acquisition [Line Items]
Trade name		15,500	15,500	15,500
Investment management contracts | Colony Capital
Business Acquisition [Line Items]
Lease Intangible Assets		46,000	46,000	46,000
Customer relationships | Colony Capital
Business Acquisition [Line Items]
Lease Intangible Assets		$ 46,800	$ 46,800	$ 46,800

Combination with Colony Capit56

Combination with Colony Capital - Schedule of Pro Forma (Details) - Colony Capital - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Total income	$ 873,075	$ 414,753
Net income attributable to Colony Capital, Inc.	166,662	111,124
Net income attributable to common stockholders	$ 124,093	$ 86,254
Pro forma net income per common share, basic (in dollars per share)	$ 1.09	$ 0.86
Pro forma net income per common share, diluted (in dollars per share)	$ 1.09	$ 0.86

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	Dec. 31, 2015USD ($)Investment	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2012USD ($)
Investment [Line Items]
Equity method investments	$ 824,597	$ 1,646,977	$ 1,369,529	$ 877,081
Securitization Vehicles
Investment [Line Items]
Exposure to the obligations of the investment entities	$ 412,800	$ 282,100
Sponsored Fund Commitments | Variable Interest Entity, Not Primary Beneficiary
Investment [Line Items]
Number of sponsored funds | Investment	1
Equity method investments	$ 300

Loans Receivable - Company Loa

Loans Receivable - Company Loan Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	$ 4,417,946	$ 2,247,040
Loans receivable, net	4,048,477	2,131,134	$ 1,028,654	$ 333,569
Allowance for loan losses	(35,187)	(197)	$ 0	$ 0
Performing
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	3,400,236	1,902,868
Loans receivable, net	3,382,308	1,883,444
PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	1,017,710	344,172
Loans receivable, net	701,356	247,887
PCI Loans | Mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	1,008,839	334,500
Loans receivable, net	693,934	239,702
PCI Loans | Securitized mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	8,871	9,672
Loans receivable, net	7,422	8,185
Fixed Rate Residential Mortgage | Performing
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	1,357,310	573,393
Loans receivable, net	1,359,145	565,952
Fixed Rate Residential Mortgage | Performing | Mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	871,556	134,636
Loans receivable, net	$ 866,527	$ 126,185
Performing loans, weighted average coupon	10.10%	6.40%
Performing loans, weighted average maturity in years	4 years 2 months 12 days	8 years 8 months 12 days
Fixed Rate Residential Mortgage | Performing | Securitized mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	$ 135,519	$ 170,218
Loans receivable, net	$ 138,366	$ 174,292
Performing loans, weighted average coupon	6.40%	6.50%
Performing loans, weighted average maturity in years	16 years 10 months 24 days	17 years 1 month 6 days
Fixed Rate Residential Mortgage | Performing | B-note
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	$ 180,973	$ 143,376
Loans receivable, net	$ 182,957	$ 140,312
Performing loans, weighted average coupon	8.50%	8.50%
Performing loans, weighted average maturity in years	2 years 4 months 24 days	3 years 2 months 12 days
Fixed Rate Residential Mortgage | Performing | Mezzanine loans
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	$ 169,262	$ 125,163
Loans receivable, net	$ 171,295	$ 125,163
Performing loans, weighted average coupon	11.80%	10.30%
Performing loans, weighted average maturity in years	3 years 1 month 6 days	4 years 7 months 6 days
Adjustable Rate Residential Mortgage | Performing
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	$ 2,042,926	$ 1,329,475
Loans receivable, net	2,023,163	1,317,492
Adjustable Rate Residential Mortgage | Performing | Mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	639,420	331,192
Loans receivable, net	$ 624,240	$ 326,491
Performing loans, weighted average coupon	7.20%	6.90%
Performing loans, weighted average maturity in years	1 year 8 months 12 days	1 year 10 months 24 days
Adjustable Rate Residential Mortgage | Performing | Securitized mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	$ 1,051,822	$ 630,420
Loans receivable, net	$ 1,048,522	$ 625,176
Performing loans, weighted average coupon	5.50%	5.70%
Performing loans, weighted average maturity in years	3 years 4 months 24 days	6 years 2 months 12 days
Adjustable Rate Residential Mortgage | Performing | B-note
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	$ 3,593	$ 0
Loans receivable, net	$ 3,134	0
Performing loans, weighted average coupon	9.50%
Performing loans, weighted average maturity in years	2 years 3 months 18 days
Adjustable Rate Residential Mortgage | Performing | Mezzanine loans
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	$ 348,091	367,863
Loans receivable, net	$ 347,267	$ 365,825
Performing loans, weighted average coupon	10.80%	10.90%
Performing loans, weighted average maturity in years	8 months 12 days	1 year 6 months

Loans Receivable - Activity in

Loans Receivable - Activity in Loan Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Loans Receivable [Roll Forward]
Carrying value at January 1	$ 2,131,134	$ 1,028,654	$ 333,569
Loan acquisitions and originations	1,145,704	1,735,526	876,503
Paid-in-kind interest added to loan principal	(30,211)	(2,796)	(218)
Discount and net loan fee amortization	17,062	46,053	6,945
Carrying value of loans sold	0	0	(70,280)
Noncash distribution of loan receivable to a noncontrolling interest	0	0	(18,500)
Loan repayments	(346,246)	(673,815)	(106,083)
Payments received from PCI loans	(514,818)	(11,725)	(544)
Accretion on PCI loans	158,468	35,115	3,108
Transfer to real estate assets upon foreclosure	(155,035)	0	0
Provision for loan losses, excluding interest receivable	(37,254)	(200)	0
Consolidation of loans receivable held by investment entities (Note 7)	1,629,496	0	0
Effect of changes in foreign exchange rates	(10,245)	(31,270)	3,718
Carrying value at December 31	$ 4,048,477	$ 2,131,134	$ 1,028,654

Loans Receivable - Loan Maturi

Loans Receivable - Loan Maturity and Aging (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable, net	$ 4,048,477	$ 2,131,134	$ 1,028,654	$ 333,569
Non-PCI Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Due in one year or less	726,385
Due after one year through five years	2,216,123
Due after five years	439,800
Loans receivable, net	3,382,308
Performing
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable, net	3,382,308	1,883,444
Performing | Non-PCI Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	3,382,308	1,883,444
Performing | Current or Less Than 30 Days Past Due | Non-PCI Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	3,357,454	1,864,466
Performing | 30-59 Days Past Due | Non-PCI Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	14,628	12,002
Performing | 60-89 Days Past Due | Non-PCI Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	1,509	3,058
Performing | 90 Days or More Past Due | Non-PCI Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	$ 8,717	$ 3,918

Loans Receivable - Troubled Deb

Loans Receivable - Troubled Debt Restructuring (Details) - Performing $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)contract	Dec. 31, 2014USD ($)contract	Dec. 31, 2013USD ($)contract
Financing Receivable, Modifications [Line Items]
Number of TDRs | contract	1	1	0
Carrying amount of loans restructured in TDR during the period	$ 26,667	$ 8,381	$ 0
Loss on TDR	278	0	$ 0
Performing Modified TDRs [Member]
Financing Receivable, Modifications [Line Items]
Carrying amount of loans restructured in TDR during the period	$ 26,700	$ 8,400

Loans Receivable - PCI Loans Ac

Loans Receivable - PCI Loans Acquired (Details) - PCI Loans $ in Thousands	Apr. 02, 2015USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contractually required payments including interest	$ 1,936,499
Less: Nonaccretable difference	(850,212)
Cash flows expected to be collected	1,086,287
Less: Accretable yield	(121,130)
Fair value of loans acquired	$ 965,157

Loans Receivable - Changes in

Loans Receivable - Changes in Accretable Yield (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Beginning accretable yield	$ 98,523	$ 130,823	$ 0
Additions	0	3,067	131,037
Changes in accretable yield	12,199	13,436	0
Accretion	(158,468)	(35,115)	(3,108)
Consolidation of PCI loans held by investment entities	121,130	0	0
Effect of changes in foreign exchange rates	(6,745)	(13,688)	2,894
Ending accretable yield	$ 66,639	$ 98,523	$ 130,823

Loans Receivable - Nonaccrual L

Loans Receivable - Nonaccrual Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	$ 4,048,477	$ 2,131,134	$ 1,028,654	$ 333,569
Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	211,354	3,438
Non-PCI Loans | Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual loans	10,226	3,917
Loans receivable, net	7,827	3,438
PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	701,356	247,887
PCI Loans | Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual loans	116,647	0
Interest income recognized on a cash basis	600	0
Loans receivable, net	203,527	0
PCI Loans | Nonaccrual Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	34,100
Non-performing | Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual loans	$ 126,873	$ 3,917

Loans Receivable - Impairment a

Loans Receivable - Impairment and Allowance for Loan Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	$ 4,048,477	$ 2,131,134	$ 1,028,654	$ 333,569
Allowance for loan losses	197	0	0
Provision for loan losses	37,475	197	0
Charge-off	(2,485)	0	0
Allowance for loan losses	35,187	197	$ 0
PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	701,356	247,887
Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	211,354	3,438
Allowance for loan losses	197
Allowance for loan losses	35,187	197
Loans held for investment, net | Non-PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	7,827	3,438
Allowance for loan losses	197
Allowance for loan losses	472	197
Loans held for investment, net | PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	203,527	0
Allowance for loan losses	0
Allowance for loan losses	$ 34,715	$ 0

Real Estate Assets - Components

Real Estate Assets - Components of Real Estate (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Land	$ 578,577	$ 265,263
Buildings and improvements	2,619,872	1,385,155
Foreclosed properties	19,989	0
Real estate held for investment at cost	3,218,438	1,650,418
Less: Accumulated depreciation	(86,220)	(6,421)
Net carrying amount	3,132,218	1,643,997
Held for sale	297,887	0
Real Estate Assets, Net	3,430,105	1,643,997
Foreclosed properties
Business Acquisition [Line Items]
Held for sale	93,917	0
Land, buildings and improvements
Business Acquisition [Line Items]
Held for sale	$ 203,970	$ 0

Real Estate Assets - Narrative

Real Estate Assets - Narrative (Details) - USD ($)	1 Months Ended		12 Months Ended
	Jul. 31, 2015	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Business Acquisition [Line Items]
Depreciation			$ 83,200,000	$ 6,200,000	$ 200,000
Impairment loss			11,192,000	0	0
Transaction costs associated with business combination			22,200,000	7,500,000	600,000
Goodwill			678,267,000	20,000,000
Property operating income			299,871,000	20,962,000	789,000
Net loss			(256,036,000)	(159,711,000)	(125,923,000)
Held for sale			297,887,000	0
Real estate disposed during period			320,800,000
Real estate held for sale transferred to held for investment	$ 109,300,000
2015 Real Estate Acquisitions [Member]
Business Acquisition [Line Items]
Property operating income			30,900,000
Net loss			22,800,000
Asset Acquisitions [Member]
Business Acquisition [Line Items]
Transaction costs capitalized			$ 9,000,000
Office - Norway [Member]
Business Acquisition [Line Items]
Liabilities assumed in business combination		$ 2,100,000
Deferred tax liability		$ 30,800,000
Light Industrial Portfolio [Member]
Business Acquisition [Line Items]
Cash				7,800,000
Other liabilities				18,600,000
Goodwill				$ 20,000,000
Voting interest acquired				100.00%
Light Industrial Portfolio [Member] | ColFin Industrial Partnership
Business Acquisition [Line Items]
Voting interest acquired				37.00%
Building [Member] | 2015 Real Estate Acquisitions [Member] | Minimum
Business Acquisition [Line Items]
Real estate assets estimated useful life			30 years
Building [Member] | 2015 Real Estate Acquisitions [Member] | Maximum
Business Acquisition [Line Items]
Real estate assets estimated useful life			46 years
Building Improvements [Member] | 2015 Real Estate Acquisitions [Member] | Minimum
Business Acquisition [Line Items]
Real estate assets estimated useful life			3 years
Building Improvements [Member] | 2015 Real Estate Acquisitions [Member] | Maximum
Business Acquisition [Line Items]
Real estate assets estimated useful life			24 years
Lease Intangibles [Member] | 2015 Real Estate Acquisitions [Member] | Minimum
Business Acquisition [Line Items]
Real estate assets estimated useful life			2 years
Lease Intangibles [Member] | 2015 Real Estate Acquisitions [Member] | Maximum
Business Acquisition [Line Items]
Real estate assets estimated useful life			20 years
Real Estate Held-for-Sale
Business Acquisition [Line Items]
Impairment loss			$ 6,800,000	$ 0	$ 0
Held for sale			618,700,000	$ 0
Gain on sale of real estate from disposition			9,000,000
Real estate carried at fair value less selling costs			$ 20,300,000
Discount rate			8.00%
Real Estate Held-for-Sale | Minimum
Business Acquisition [Line Items]
Selling costs percent			5.00%
Real Estate Held-for-Sale | Maximum
Business Acquisition [Line Items]
Selling costs percent			8.00%
Real Estate Held for Investment
Business Acquisition [Line Items]
Impairment loss			$ 300,000

Real Estate Assets - Real Estat

Real Estate Assets - Real Estate Acqusitions (Details) $ in Thousands	1 Months Ended								12 Months Ended
	Dec. 31, 2015USD ($)Property	Nov. 30, 2015USD ($)Property	Jun. 30, 2015USD ($)Property	Jan. 31, 2015USD ($)Property	Dec. 31, 2014USD ($)Property	Jul. 31, 2014USD ($)Property	Jun. 30, 2014USD ($)Property	Dec. 31, 2013USD ($)Property	Dec. 31, 2015USD ($)Property	Dec. 31, 2014USD ($)Property
Business Acquisition [Line Items]
Number of Properties | Property									62	259
Purchase Price									$ 1,307,604	$ 1,635,853
Land	$ 215,594				$ 256,944				215,594	256,944
Buildings and Improvements	1,007,797				1,280,788				1,007,797	1,280,788
Lease Intangible Assets	131,291				99,355				131,291	99,355
Lease Intangible (Liabilities)	(14,183)				(10,453)				(14,183)	(10,453)
Other Assets	0				27,784				0	27,784
Other (Liabilities)	$ (32,895)				$ (18,565)				(32,895)	(18,565)
Other Property | SWITZERLAND
Business Acquisition [Line Items]
Number of Properties | Property				2
Purchase Price				$ 167,911
Land				16,450
Buildings and Improvements				130,446
Lease Intangible Assets				21,015
Lease Intangible (Liabilities)				0
Other Assets				0
Other (Liabilities)				$ 0
Other Property | UNITED KINGDOM
Business Acquisition [Line Items]
Number of Properties | Property	24
Purchase Price	$ 440,999
Land	72,601								72,601
Buildings and Improvements	315,334								315,334
Lease Intangible Assets	60,656								60,656
Lease Intangible (Liabilities)	(7,592)								(7,592)
Other Assets	0								0
Other (Liabilities)	0								$ 0
Office | NORWAY
Business Acquisition [Line Items]
Number of Properties | Property			1
Purchase Price			$ 322,231
Land			69,350
Buildings and Improvements			257,541
Lease Intangible Assets			28,235
Lease Intangible (Liabilities)			0
Other Assets			0
Other (Liabilities)			$ (32,895)
Office | FRANCE
Business Acquisition [Line Items]
Number of Properties | Property		1
Purchase Price		$ 31,000
Land		3,936
Buildings and Improvements		24,096
Lease Intangible Assets		3,661
Lease Intangible (Liabilities)		(693)
Other Assets		0
Other (Liabilities)		$ 0
Office | ARIZONA
Business Acquisition [Line Items]
Number of Properties | Property							1
Purchase Price							$ 15,675
Land							0
Buildings and Improvements							14,130
Lease Intangible Assets							1,835
Lease Intangible (Liabilities)							(290)
Other Assets							0
Other (Liabilities)							$ 0
Office | MINNESOTA
Business Acquisition [Line Items]
Number of Properties | Property								1
Purchase Price								$ 122,750
Land								8,319
Buildings and Improvements								104,367
Lease Intangible Assets								10,064
Lease Intangible (Liabilities)								0
Other Assets								0
Other (Liabilities)								$ 0
Industrial | UNITED STATES
Business Acquisition [Line Items]
Number of Properties | Property					257				34
Purchase Price					$ 1,604,534				$ 345,463
Land	53,257				256,491				53,257	256,491
Buildings and Improvements	280,380				1,256,843				280,380	1,256,843
Lease Intangible Assets	17,724				92,144				17,724	92,144
Lease Intangible (Liabilities)	(5,898)				(10,163)				(5,898)	(10,163)
Other Assets	0				27,784				0	27,784
Other (Liabilities)	$ 0				$ (18,565)				$ 0	$ (18,565)
Industrial | OHIO
Business Acquisition [Line Items]
Number of Properties | Property						1
Purchase Price						$ 15,644
Land						453
Buildings and Improvements						9,815
Lease Intangible Assets						5,376
Lease Intangible (Liabilities)						0
Other Assets						0
Other (Liabilities)						$ 0

Real Estate Assets - Pro Forma

Real Estate Assets - Pro Forma Results (Unaudited) (Details) - 2015 and 2014 Business Combination [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Pro forma:
Total income	$ 897,364	$ 522,249
Net income attributable to Colony Capital, Inc.	269,486	155,827
Net income attributable to common stockholders	$ 109,941	$ 90,210
Pro forma net income per common share, basic (in dollars per share)	$ 0.98	$ 0.92
Pro forma net income per common share, diluted (in dollars per share)	$ 0.98	$ 0.92

Real Estate Assets - Componen70

Real Estate Assets - Components of Property Operating Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate [Abstract]
Rental income	$ 193,293	$ 15,624	$ 592
Tenant reimbursements	51,530	5,338	197
Hotel operating income	55,048	0	0
Property operating income	$ 299,871	$ 20,962	$ 789

Real Estate Assets - Future Min

Real Estate Assets - Future Minimum Rental Payments (Details) $ in Thousands	Dec. 31, 2015USD ($)
Real Estate [Abstract]
2,016	$ 222,003
2,017	198,380
2,018	167,133
2,019	139,416
2,020	117,137
2021 and after	637,541
Total	$ 1,481,610

Investments in Unconsolidated72

Investments in Unconsolidated Joint Ventures - Investment in Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract]
Equity method investments	$ 824,597	$ 1,646,977	$ 1,369,529	$ 877,081
Cost method investment	99,868	0
Investments in unconsolidated joint ventures	$ 924,465	$ 1,646,977

Investments in Unconsolidated73

Investments in Unconsolidated Joint Ventures (Details)	Jan. 30, 2015USD ($)	Jul. 31, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)Investment	Dec. 31, 2014USD ($)Investment	Dec. 31, 2013USD ($)Investment	Apr. 02, 2015USD ($)Investment
Schedule of Equity Method Investments [Line Items]
Distributions from unconsolidated joint ventures		$ 77,000,000		$ 357,307,000	$ 150,788,000	$ 177,287,000
Number of consolidated investment entities | Investment							52
Equity attributable to Colony Capital, Inc.				1,000,000,000
Gain on remeasurement of consolidated investment entities, net				41,486,000	0	0
Total income from consolidated investment entities				841,976,000	$ 300,649,000	$ 183,799,000
Dividend income from cost method investment				$ 0
CAH Operating Partnership Lp
Schedule of Equity Method Investments [Line Items]
Percentage of joint venture ownership		23.30%
Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of single investment in an unconsolidated joint venture generated greater than 10% of total assets or income | Investment				0	0	0
Expenses allocated from affiliates related to unconsolidated joint ventures			$ 2,300,000		$ 33,700,000	$ 26,700,000
Entity's share of other expenses reimbursed to affiliates			$ 800,000		$ 8,900,000	$ 7,300,000
Consortium Equity Commitment
Schedule of Equity Method Investments [Line Items]
Payment to fund equity commitment	$ 50,000,000
Consortium Equity Commitment | Co-Investment Partner [Member]
Schedule of Equity Method Investments [Line Items]
Payment to fund equity commitment	$ 50,000,000
52 Consolidated Investment Entities
Schedule of Equity Method Investments [Line Items]
Equity attributable to Colony Capital, Inc.							$ 1,012,576,000
Total income from consolidated investment entities				$ 264,400,000
Net income of consolidated investment entities				$ 67,400,000
Minimum | Loans held for investment, net
Schedule of Equity Method Investments [Line Items]
Discount rate				7.00%
Minimum | Operating Properties [Member]
Schedule of Equity Method Investments [Line Items]
Discount rate				9.75%
Maximum | Loans held for investment, net
Schedule of Equity Method Investments [Line Items]
Discount rate				18.60%
Maximum | Operating Properties [Member]
Schedule of Equity Method Investments [Line Items]
Discount rate				14.00%

Investments in Unconsolidated74

Investments in Unconsolidated Joint Ventures - Schedule of Assets, Liabilities and Noncontrolling Interest in Investment Entities (Details) $ in Thousands	Dec. 31, 2015USD ($)	Apr. 02, 2015USD ($)Investment
Business Acquisition [Line Items]
Number of consolidated investment entities | Investment		52
Liabilities:
Equity attributable to Colony Capital, Inc.	$ 1,000,000
52 Consolidated Investment Entities
Assets:
Cash		$ 75,412
Loans receivable, net		1,629,496
Real estate assets, net		812,672
Other assets		543,404
Total assets		3,060,984
Liabilities:
Debt		282,555
Accrued and other liabilities		65,739
Total liabilities		348,294
Noncontrolling interests		1,700,114
Equity attributable to Colony Capital, Inc.		$ 1,012,576

Investments in Unconsolidated75

Investments in Unconsolidated Joint Ventures - Activity in the Company's Investment in Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Equity Method Investments and Joint Ventures [Roll Forward]
Balance at January 1	$ 1,646,977	$ 1,369,529	$ 877,081
Contributions	258,391	458,881	672,338
Distributions	(423,725)	(225,736)	(279,161)
Equity in net income	47,605	73,829	100,708
Equity in other comprehensive (loss) income	(612)	1,511	9,827
Equity in realized loss (gain) reclassified from accumulated other comprehensive income	161	(4,681)	(12,935)
Equity method investment entities derecognized and consolidated	(957,009)	0	0
Equity method investments of newly consolidated investment entities	270,966	0	0
Balance at December 31	824,597	1,646,977	1,369,529
Foreign currency translation loss	$ (18,157)	$ (26,356)	$ 1,671

Deferred Leasing Costs and In76

Deferred Leasing Costs and Intangibles - Goodwill, Intangible Assets and Liabilities Acquired (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2015	Apr. 02, 2015	Dec. 31, 2014	Dec. 18, 2014
Goodwill
Goodwill	$ 678,267,000	$ 678,267,000		$ 20,000,000
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Trade name	15,500,000	15,500,000		0
Finite-Lived Intangible Assets, Net [Abstract]
Net Carrying Amount	248,351,000	248,351,000
Deferred Leasing Costs and Intangible Assets, Gross (Including Goodwill)	390,179,000	390,179,000		109,420,000
Deferred Leasing Costs and Intangible Assets, Accumulated Amortization (Including Goodwill)	(64,666,000)	(64,666,000)		(3,360,000)
Deferred Leasing Costs and Intangible Assets, Net (Including Goodwill)	325,513,000	325,513,000		106,060,000
Finite-Lived Intangible Liabilities, Net [Abstract]
Below Market Lease, Gross	28,879,000	28,879,000		10,282,000
Below Market Lease, Accumulated Amortization	(4,523,000)	(4,523,000)		(114,000)
Below Market Lease, Net	24,356,000	24,356,000		10,168,000
Above-Market Ground Lease Obligations, Gross	171,000	171,000		171,000
Above-Market Ground Lease Obligations, Accumulated Amortization	(5,000)	(5,000)		0
Ground Lease Obligations, Net	166,000	166,000		171,000
Finite-Lived Intangible Liabilities, Gross	29,050,000	29,050,000		10,453,000
Finite-Lived Intangible Liabilities, Accumulated Amortization	(4,528,000)	(4,528,000)		(114,000)
Finite-Lived Intangible Liabilities, Net	24,522,000	24,522,000		10,339,000
Intangible assets, net held for sale	9,900,000	9,900,000		0
Intangible liabilities, net held for sale	35,000	35,000		0
In-place lease values
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	144,863,000	144,863,000		48,018,000
Accumulated Amortization	(27,780,000)	(27,780,000)		(2,295,000)
Net Carrying Amount	117,083,000	117,083,000		45,723,000
Above-market lease values
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	32,774,000	32,774,000		23,194,000
Accumulated Amortization	(7,708,000)	(7,708,000)		(280,000)
Net Carrying Amount	25,066,000	25,066,000		22,914,000
Below-market ground lease obligation
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	36,635,000	36,635,000		1,420,000
Accumulated Amortization	(39,000)	(39,000)		(14,000)
Net Carrying Amount	36,596,000	36,596,000		1,406,000
Deferred leasing costs
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	71,710,000	71,710,000		36,788,000
Accumulated Amortization	(12,647,000)	(12,647,000)		(771,000)
Net Carrying Amount	59,063,000	59,063,000		36,017,000
Investment management contracts
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	41,897,000	41,897,000		0
Accumulated Amortization	(13,985,000)	(13,985,000)		0
Net Carrying Amount	27,912,000	$ 27,912,000		0
Finite-Lived Intangible Liabilities, Net [Abstract]
Discount rate		8.00%
Impairment of intangibles	4,100,000
Customer relationships
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	46,800,000	$ 46,800,000		0
Accumulated Amortization	(2,507,000)	(2,507,000)		0
Net Carrying Amount	$ 44,293,000	$ 44,293,000		$ 0
Finite-Lived Intangible Liabilities, Net [Abstract]
Customer retention rate		25.00%
Management fees
Finite-Lived Intangible Liabilities, Net [Abstract]
Discount rate		16.00%
Performance fees
Finite-Lived Intangible Liabilities, Net [Abstract]
Discount rate		30.00%
Trade Names
Finite-Lived Intangible Liabilities, Net [Abstract]
Hypothetical royalty rate		1.00%
Light Industrial Platform
Goodwill
Goodwill					$ 20,000,000
Investment Management
Goodwill
Goodwill			$ 658,300,000
Finite-Lived Intangible Liabilities, Net [Abstract]
Impairment of goodwill		$ 0
Minimum | Investment management contracts
Finite-Lived Intangible Liabilities, Net [Abstract]
Useful life of finite-lived intangible assets		3 years
Minimum | Customer relationships
Finite-Lived Intangible Liabilities, Net [Abstract]
Useful life of finite-lived intangible assets		11 years
Maximum | Investment management contracts
Finite-Lived Intangible Liabilities, Net [Abstract]
Useful life of finite-lived intangible assets		5 years
Maximum | Customer relationships
Finite-Lived Intangible Liabilities, Net [Abstract]
Useful life of finite-lived intangible assets		14 years

Deferred Leasing Costs and In77

Deferred Leasing Costs and Intangibles - Remaining Terms of Acquired Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Net decrease to rental income	$ (3,220)	$ (166)
Below-market lease values	4,427	114
Increase to rent expense	20	13
Amortization of Intangible Assets	54,487	2,975
Above-market lease values
Finite-Lived Intangible Assets [Line Items]
Net decrease to rental income	(7,647)	(280)
In-place lease values
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	25,865	2,224
Deferred leasing costs
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	12,130	751
Investment management contracts
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	13,985	0
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 2,507	$ 0

Deferred Leasing Costs and In78

Deferred Leasing Costs and Intangibles - Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Above Market Lease, Amortization Expense [Abstract]
2,016	$ (9,062)
2,017	(5,952)
2,018	(3,744)
2,019	(1,807)
2,020	(1,263)
2021 and after	(3,238)
Total	(25,066)
Below-market lease values
2,016	5,830
2,017	4,910
2,018	3,613
2,019	1,851
2,020	1,348
2021 and after	6,804
Below Market Lease, Net	24,356	$ 10,168
(Decrease) Increase to rental income
2,016	(3,232)
2,017	(1,042)
2,018	(131)
2,019	44
2,020	85
2021 and after	3,566
(Decrease) Increase to rental income	(710)
Finite-Lived Intangible Assets, Net [Abstract]
2,016	60,293
2,017	40,983
2,018	28,050
2,019	20,197
2,020	15,821
2020 and after	83,007
Net Carrying Amount	248,351
Net below-market ground lease obligations
Finite-Lived Intangible Assets, Net [Abstract]
2,016	348
2,017	348
2,018	348
2,019	348
2,020	349
2020 and after	34,689
Net Carrying Amount	36,430
In-place lease values
Finite-Lived Intangible Assets, Net [Abstract]
2,016	30,956
2,017	19,013
2,018	13,089
2,019	9,592
2,020	7,629
2020 and after	36,804
Net Carrying Amount	117,083	45,723
Deferred leasing costs
Finite-Lived Intangible Assets, Net [Abstract]
2,016	12,200
2,017	10,002
2,018	8,063
2,019	5,983
2,020	4,341
2020 and after	18,474
Net Carrying Amount	59,063	36,017
Investment management contracts
Finite-Lived Intangible Assets, Net [Abstract]
2,016	13,794
2,017	8,625
2,018	3,555
2,019	1,279
2,020	508
2020 and after	151
Net Carrying Amount	27,912
Customer relationships
Finite-Lived Intangible Assets, Net [Abstract]
2,016	3,343
2,017	3,343
2,018	3,343
2,019	3,343
2,020	3,343
2020 and after	27,578
Net Carrying Amount	$ 44,293	$ 0

Other Assets and Other Liabil79

Other Assets and Other Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Summary of Company's other assets
Restricted cash	$ 187,208	$ 76,945
Deferred financing costs, net	4,083	4,704
Interest receivable	34,074	11,405
Other receivables, including straight-line rents	43,130	1,378
Derivative assets	21,636	26,479
Deferred tax asset	0	6,713
Prepaid expenses and other	21,320	7,721
Fixed assets, net	48,463	0
Total	359,914	135,345
Accumulated amortization of deferred financing costs	6,800	6,900
Held-for-Sale [Member]
Summary of Company's other assets
Total	$ 3,704	$ 0

Other Assets and Other Liabil80

Other Assets and Other Liabilities - Schedule of Fixed Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Fixed assets, gross	$ 51,716
Less: Accumulated depreciation and amortization	(3,253)
Fixed assets, net	48,463	$ 0
Property, Plant and Equipment [Member]
Property, Plant and Equipment [Line Items]
Depreciation and amortization	3,300
Tenant improvements
Property, Plant and Equipment [Line Items]
Fixed assets, gross	3,870
Leasehold improvements
Property, Plant and Equipment [Line Items]
Fixed assets, gross	2,542
Aircraft
Property, Plant and Equipment [Line Items]
Fixed assets, gross	$ 45,304

Other Assets and Other Liabil81

Other Assets and Other Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Schedule of Other Liabilities [Line Items]
Borrower and tenant reserves	$ 116,800	$ 74,237
Deferred income	41,671	8,750
Interest payable	18,071	10,990
Intangible liabilities, net	24,522	10,339
Derivative liabilities	507	6,718
Current and deferred tax liabilities	44,951	429
Accrued compensation	11,495	0
Accounts payable and other liabilities	67,572	16,656
Total	325,589	128,119
Accrued and other liabilities held for sale, net of intangible assets held for sale	9,100
Held-for-Sale [Member]
Schedule of Other Liabilities [Line Items]
Total	9,101	$ 0
Other Intangible Liabilities Held-for-Sale [Member]
Schedule of Other Liabilities [Line Items]
Total	$ 35

Debt - Components of Debt (Deta

Debt - Components of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Line of credit	$ 315,000	$ 164,000
Secured and unsecured debt	3,313,550	1,979,665
Outstanding balance of debt	3,587,724	2,112,354
Secured and Unsecured Debt
Debt Instrument [Line Items]
Less: Debt issuance costs	$ (40,826)	$ (31,311)

Debt - Line of Credit (Details

Debt - Line of Credit (Details) - JPMorgan Chase Bank, N.A. - USD ($)	12 Months Ended
	Dec. 31, 2015	Jul. 08, 2015
Line of Credit Facility [Line Items]
Maximum principal amount of credit facility	$ 800,000,000	$ 645,000,000
Maximum amount available for draw	$ 800,000,000
Debt instrument term	2 years
Line of Credit
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate at Period End	3.06%
Percentage of unused amount	0.50%
Line of Credit | Minimum
Line of Credit Facility [Line Items]
Percentage of unused amount	0.40%
Line of Credit | Maximum
Line of Credit Facility [Line Items]
Percentage of unused amount	0.50%
Line of Credit | LIBOR
Line of Credit Facility [Line Items]
Interest rate for credit agreement (in percent)	2.75%

Debt - Schedule of Secured and

Debt - Schedule of Secured and Unsecured Debts (Details) $ in Thousands	1 Months Ended				12 Months Ended
	Nov. 30, 2018EUR (€)	Nov. 30, 2017EUR (€)	Nov. 30, 2016EUR (€)	Dec. 31, 2015USD ($)Extension_OptionDebt	Dec. 31, 2015USD ($)Extension_OptionDebtProperty	Dec. 31, 2014USD ($)Property
Debt Instrument [Line Items]
Secured and unsecured debt				$ 3,313,550	$ 3,313,550	$ 1,979,665
Number of Properties | Property					62	259
Seller-Provided Financing
Debt Instrument [Line Items]
Interest Rate				0.00%	0.00%
First Mortgage | Secured Debt, Maturity January 2019 [Member]
Debt Instrument [Line Items]
Secured and unsecured debt				$ 94,000	$ 94,000	$ 0
Cap interest rate				3.00%	3.00%
First Mortgage | Secured Debt, Maturity January 2019 [Member] | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)					4.65%
First Mortgage | Secured Debt, Maturing July 2018
Debt Instrument [Line Items]
Secured and unsecured debt				$ 13,500	$ 13,500	0
Repurchase facility extension term					1 year
Debt instrument term extension option | Extension_Option				2	2
First Mortgage | Secured Debt, Maturing July 2018 | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)					2.65%
First Mortgage | Secured Debt, Maturing January 2024
Debt Instrument [Line Items]
Secured and unsecured debt				$ 88,000	$ 88,000	88,000
Interest Rate				4.84%	4.84%
First Mortgage | Secured Debt, Maturing August 2018 [Member]
Debt Instrument [Line Items]
Secured and unsecured debt				$ 88,121	$ 88,121	0
Repurchase facility extension term					1 year
Cap interest rate				2.25%	2.25%
Debt instrument term extension option | Extension_Option				2	2
First Mortgage | Secured Debt, Maturing August 2018 [Member] | Three-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)					2.50%
First Mortgage | Secured Debt, Maturing November 2018
Debt Instrument [Line Items]
Imputed interest rate				4.02%	4.02%
Secured and unsecured debt				$ 79,133	$ 79,133	0
Interest Rate				4.02%	4.02%
First Mortgage | Secured Debt, Maturing November 2018 | Scenario, Forecast
Debt Instrument [Line Items]
Principal payments | €	€ 27,562,000	€ 35,437,500	€ 15,750,000
First Mortgage | Secured Debt, Maturing June 2022
Debt Instrument [Line Items]
Secured and unsecured debt				$ 25,540	$ 25,540	0
First Mortgage | Secured Debt, Maturing June 2022 | Three-Month Euribor
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)					2.80%
Cap interest rate				1.50%	1.50%
First Mortgage | Secured Debt, Maturing December 2019
Debt Instrument [Line Items]
Secured and unsecured debt				$ 917,469	$ 917,469	1,088,500
Repurchase facility extension term				1 year
Debt instrument term extension option | Extension_Option				3	3
First Mortgage | Secured Debt, Maturing December 2019 | Real Estate Held-for-Sale
Debt Instrument [Line Items]
Secured and unsecured debt				$ 4,900	$ 4,900
First Mortgage | Secured Debt, Maturing December 2019 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)				2.50%
First Mortgage | Secured Debt, Maturing December 2019 | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)					2.25%
Cap interest rate				3.00%	3.00%
First Mortgage | Secured Debt, Maturing August 2025 [Member]
Debt Instrument [Line Items]
Secured and unsecured debt				$ 165,750	$ 165,750	0
Interest Rate				3.80%	3.80%
First Mortgage | Secured Debt, Maturing December 2029
Debt Instrument [Line Items]
Secured and unsecured debt				$ 120,947	$ 120,947	0
Interest Rate				2.72%	2.72%
First Mortgage | Secured Debt, Maturing December 2029 | SWITZERLAND
Debt Instrument [Line Items]
Number of Properties | Property					2
First Mortgage | Secured Debt, Maturing November 2022 [Member]
Debt Instrument [Line Items]
Secured and unsecured debt				$ 17,050	$ 17,050	0
Interest Rate				1.89%	1.89%
First Mortgage | Secured Debt, Maturing December 2018 [Member]
Debt Instrument [Line Items]
Secured and unsecured debt				$ 236,911	$ 236,911	0
Repurchase facility extension term					2 years
Cap interest rate				3.00%	3.00%
First Mortgage | Secured Debt, Maturing December 2018 [Member] | Real Estate Held-for-Sale
Debt Instrument [Line Items]
Secured and unsecured debt				$ 4,100	$ 4,100
First Mortgage | Secured Debt, Maturing December 2018 [Member] | Three-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)					2.75%
Secured Debt
Debt Instrument [Line Items]
Secured and unsecured debt				$ 2,454,886	$ 2,454,886	1,432,397
Secured Debt | Minimum
Debt Instrument [Line Items]
Principal curtailment, percentage of net cash flow from the underling loan portfolio				65.00%	65.00%
Secured Debt | Maximum
Debt Instrument [Line Items]
Principal curtailment, percentage of net cash flow from the underling loan portfolio				80.00%	80.00%
Secured Debt | Secured Debt, Maturity April 2016, One [Member]
Debt Instrument [Line Items]
Secured and unsecured debt				$ 23,123	$ 23,123	0
Secured Debt | Secured Debt, Maturity April 2016, One [Member] | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)					3.75%
Secured Debt | Secured Debt, Maturing April 2016, Two [Member]
Debt Instrument [Line Items]
Secured and unsecured debt				10,965	$ 10,965	0
Secured Debt | Secured Debt, Maturing April 2016, Two [Member] | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)					3.75%
Secured Debt | Secured Debt, Maturing June 2016 [Member]
Debt Instrument [Line Items]
Secured and unsecured debt				5,869	$ 5,869	0
Secured Debt | Secured Debt, Maturing June 2016 [Member] | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)					4.00%
Secured Debt | Secured Debt, Maturing August 2016 [Member]
Debt Instrument [Line Items]
Secured and unsecured debt				8,579	$ 8,579	0
Secured Debt | Secured Debt, Maturing August 2016 [Member] | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)					3.75%
Secured Debt | Secured Debt, September 2016 [Member]
Debt Instrument [Line Items]
Secured and unsecured debt				4,351	$ 4,351	0
Secured Debt | Secured Debt, September 2016 [Member] | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)					3.25%
Secured Debt | Secured Debt, Maturing December 2017
Debt Instrument [Line Items]
Secured and unsecured debt				$ 73,543	$ 73,543	90,164
Secured Debt | Secured Debt, Maturing December 2017 | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)					2.85%
Secured Debt | Secured Debt, Maturing March 2016
Debt Instrument [Line Items]
Fixed interest rate on long-term debt				4.28%	4.28%
Secured and unsecured debt				$ 10,314	$ 10,314	0
Secured Debt | Secured Debt, Maturing March 2016 | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)					3.75%
Secured Debt | Secured Debt, Senior Participation Interest in Loans
Debt Instrument [Line Items]
Secured and unsecured debt				0	$ 0	80,213
Secured Debt | Secured Debt, Senior Participation Interest in Loans | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)					2.85%
Secured Debt | Repurchase Facility, Maturing February 2017 [Member]
Debt Instrument [Line Items]
Secured and unsecured debt				48,198	$ 48,198	85,520
Maximum principal amount of repurchase facility				150,000	$ 150,000
Secured Debt | Repurchase Facility, Maturing February 2017 [Member] | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)					2.50%
Secured Debt | Repurchase Facility, Maturing April 2018
Debt Instrument [Line Items]
Secured and unsecured debt				114,433	$ 114,433	0
Repurchase facility extension term					1 year
Secured Debt | Repurchase Facility, Maturing April 2018 | One-Month LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)					2.50%
Secured Debt | Repurchase Facility, Maturing April 2018 | One-Month LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)					2.75%
Revolving Credit Facility | Facility Maturing July 2016 [Member]
Debt Instrument [Line Items]
Secured and unsecured debt				23,730	$ 23,730	0
Revolving Credit Facility | Facility Maturing July 2016 [Member] | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)					2.25%
Revolving Credit Facility | Facility Maturing September 2016 [Member]
Debt Instrument [Line Items]
Secured and unsecured debt				104,400	$ 104,400	0
Revolving Credit Facility | Facility Maturing September 2016 [Member] | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)					1.60%
Commercial Mortgage Backed Securities
Debt Instrument [Line Items]
Secured and unsecured debt				815,681	$ 815,681	537,268
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 | 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 | First Mortgage | Minimum | MF 2014-1 | Loans held for investment, net
Debt Instrument [Line Items]
Initial terms on loans receivable					1 year
Commercial Mortgage Backed Securities | First Mortgage | Maximum | MF 2014-1 | Loans held for investment, net
Debt Instrument [Line Items]
Initial terms on loans receivable					24 years
Commercial Mortgage Backed Securities | CMBS, Maturing September 2032 | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)					2.36%
Secured and unsecured debt				340,350	$ 340,350	0
Commercial Mortgage Backed Securities | Commercial Mortgage Backed Securitization Debt, Maturity April 2031 [Member] | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)					1.78%
Secured and unsecured debt				126,248	$ 126,248	126,204
Commercial Mortgage Backed Securities | Commercial Mortgage Backed Securitization Debt, Maturity November 2031 [Member] | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)					2.02%
Secured and unsecured debt				203,734	$ 203,734	197,655
Commercial Mortgage Backed Securities | CMBS, First Mortgage Portfolio
Debt Instrument [Line Items]
Secured and unsecured debt				$ 145,349	$ 145,349	213,409
Interest Rate				2.54%	2.54%
Unsecured Debt | Unsecured note, mature 2017
Debt Instrument [Line Items]
Secured and unsecured debt				$ 0	$ 0	10,000
Loans Payable | Bond payable, Maturing June 2025
Debt Instrument [Line Items]
Secured and unsecured debt				$ 180,960	$ 180,960	0
Interest Rate				3.91%	3.91%
Notes Payable | Promissory Note Maturing December 2025 [Member]
Debt Instrument [Line Items]
Secured and unsecured debt				$ 42,983	$ 42,983	$ 0
Interest Rate				5.02%	5.02%
Number of secured debt | Debt				2	2
Weighted average interest rate				5.02%	5.02%
Partial Recourse Debt [Member] | Repurchase Facility, Maturing April 2018
Debt Instrument [Line Items]
Maximum principal amount of repurchase facility				$ 250,000	$ 250,000

Debt - Schedule of Future Mini

Debt - Schedule of Future Minimum and Estimated Prinicipal Payments Due Under Financing Agreements (Details) $ in Thousands	Dec. 31, 2015USD ($)
Future scheduled minimum principal payments
2,016	$ 280,770
2,017	103,989
2,018	491,995
2,019	1,016,387
2,020	7,959
2021 and after	603,158
Total	2,504,258
Seller-Provided Financing
Debt Instrument [Line Items]
Discount on seller-provided	$ 6,400
Interest Rate	0.00%
Commercial Mortgage-Backed Securitization (CMBS) [Member]
Estimated Principal Payments
2,016	$ 157,091
2,017	411,266
2,018	206,556
2,019	21,975
2,020	18,346
2021 and after	447
Estimated Principal Payments	815,681
Future scheduled minimum principal payments
2,016	0
2,017	0
2,018	0
2,019	0
2,020	0
2021 and after	815,681
Total	$ 815,681

Debt - Convertible Senior Note

Debt - Convertible Senior Notes (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)d$ / shares	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Convertible senior notes, net	$ 591,079	$ 589,410
Convertible Debt
Debt Instrument [Line Items]
Amount of loan financed to acquire property	602,500	602,500
Convertible senior notes, net		589,410
Debt issuance costs	$ 13,100	15,100
Threshold percentage of stock price trigger (in percent)	130.00%
Threshold trading days | d	20
Threshold consecutive trading days	30 days
Redemption price, percentage of principal amount (in percent)	100.00%
Convertible Senior Notes due 2023
Debt Instrument [Line Items]
Convertible senior notes, net	$ 195,069
Convertible Senior Notes due 2023 | Convertible Debt
Debt Instrument [Line Items]
Interest Rate	5.00%
Conversion Rate (per share of common stock) | $ / shares	$ 23.60
Amount of loan financed to acquire property	$ 200,000	200,000
Convertible senior notes, net		194,531
Convertible Senior Note Due 2021
Debt Instrument [Line Items]
Convertible senior notes, net	$ 396,010
Convertible Senior Note Due 2021 | Convertible Debt
Debt Instrument [Line Items]
Interest Rate	3.875%
Conversion Rate (per share of common stock) | $ / shares	$ 24.82
Amount of loan financed to acquire property	$ 402,500	402,500
Convertible senior notes, net		$ 394,879

Derivatives and Hedging (Detail

Derivatives and Hedging (Details) € in Thousands, £ in Thousands, SFr in Millions, NOK in Millions	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2015EUR (€)	Dec. 31, 2015NOK	Dec. 31, 2015CHF (SFr)	Dec. 31, 2015GBP (£)	Dec. 31, 2014EUR (€)	Dec. 31, 2014GBP (£)
Derivative Instruments, Gain (Loss) [Line Items]
Minimum threshold of derivative liabilities require cash deposit	$ 100,000
Deposits related to agreements included in other assets	0
Investments in unconsolidated joint ventures	924,465,000	$ 1,646,977,000
Derivative liabilities	507,000	6,718,000
Foreign currency risk
Derivative Instruments, Gain (Loss) [Line Items]
Investments in unconsolidated joint ventures	679,900,000	581,700,000		€ 311,200	NOK 895.5	SFr 54.4	£ 126,400	€ 315,900	£ 128,000
Gain on remeasurement of consolidated investment entities, net
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain or loss on net investment hedges	32,965,000	0	$ 0
Other gain (loss), net
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain or loss on net investment hedges	6,492,000	0	0
Gain (loss) on dedesignation of net investment hedges	28,000	0	$ 0
Designated as Hedging Instrument | Interest rate contracts designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount				0			0
Designated as Hedging Instrument | Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount	10,850,000
Not Designated as Hedging Instrument | Interest rate contracts designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount				€ 23,750			£ 206,552
Not Designated as Hedging Instrument | Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount	0
Not Designated as Hedging Instrument | Other gain (loss), net
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on dedesignation of net investment hedges	(7,000)	0
Not Designated as Hedging Instrument | Other gain (loss), net | Interest rate swap and cap
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivatives	(800,000)	(4,000)
Net Investment Hedging [Member] | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain or loss on net investment hedges	47,000,000	0
Net Investment Hedging [Member] | Designated as Hedging Instrument | Gain on remeasurement of consolidated investment entities, net
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain or loss on net investment hedges	39,300,000
Net Investment Hedging [Member] | Designated as Hedging Instrument | Other gain (loss), net
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain or loss on net investment hedges	7,700,000
Cash Flow Hedging [Member] | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized loss for ineffectiveness on cash flow hedge	$ 100,000	$ 0

Derivatives and Hedging - Fair

Derivatives and Hedging - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 21,636	$ 26,479
Derivative Liabilities	507	6,718
Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Derivative Assets	20,199	25,820
Derivative Liabilities	505	6,718
Foreign exchange contracts | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets	19,773	25,820
Derivative Liabilities	505	6,718
Foreign exchange contracts | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets	426	0
Derivative Liabilities	0	0
Interest rate contracts
Derivatives, Fair Value [Line Items]
Derivative Assets	1,437	659
Derivative Liabilities	2	0
Interest rate contracts | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets	5	402
Derivative Liabilities	2	0
Interest rate contracts | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets	1,432	257
Derivative Liabilities	0	0
Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	21,636	26,479
Other assets | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets	19,778	26,222
Other assets | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets	1,858	257
Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	507	6,718
Accrued and other liabilities | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Liabilities	507	6,718
Accrued and other liabilities | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ 0	$ 0

Derivatives and Hedging - Sche

Derivatives and Hedging - Schedule of Net Investment Hedge (Details) - Dec. 31, 2015 € in Thousands, £ in Thousands, SFr in Thousands, NOK in Thousands	EUR (€)	NOK / $	NOK	£ / $	CHF (SFr)	GBP (£)	SFr / $	€ / $
Foreign exchange collars
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Exchange rate floor				0.69				0.92
Exchange rate cap				0.55				0.65
Foreign exchange forwards
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Forward exchange rate		8.33
Foreign exchange forwards | Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Forward exchange rate				0.66			0.67	0.79
Foreign exchange forwards | Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Forward exchange rate				0.67			0.68	0.93
Designated as Hedging Instrument | Foreign exchange collars
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	€ 128,781					£ 65,523
Designated as Hedging Instrument | Foreign exchange forwards
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	129,119		NOK 923,000		SFr 52,996	14,711
Not Designated as Hedging Instrument | Foreign exchange collars
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	644					2,477
Not Designated as Hedging Instrument | Foreign exchange forwards
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	€ 781		NOK 0		SFr 2,549	£ 339

Derivatives and Hedging - Sc90

Derivatives and Hedging - Schedule of Interest Derivative (Details) € in Thousands, £ in Thousands, $ in Thousands	Dec. 31, 2015USD ($)	Dec. 31, 2015EUR (€)	Dec. 31, 2015GBP (£)
Interest rate swap | One-Month LIBOR
Derivative [Line Items]
Strike	4.28%	4.28%	4.28%
Interest rate caps | Three-Month Euribor
Derivative [Line Items]
Strike	1.50%	1.50%	1.50%
Interest rate caps | Three-Month LIBOR | Minimum
Derivative [Line Items]
Strike	2.00%	2.00%	2.00%
Interest rate caps | Three-Month LIBOR | Maximum
Derivative [Line Items]
Strike	2.25%	2.25%	2.25%
Interest rate cap 1 | One-Month LIBOR
Derivative [Line Items]
Strike	3.00%	3.00%	3.00%
Interest rate cap 2 | One-Month LIBOR
Derivative [Line Items]
Strike	2.50%	2.50%	2.50%
Designated as Hedging Instrument | Interest rate swap
Derivative [Line Items]
Notional amount	$ 10,850
Designated as Hedging Instrument | Interest rate caps
Derivative [Line Items]
Notional amount		€ 0	£ 0
Designated as Hedging Instrument | Interest rate cap 1
Derivative [Line Items]
Notional amount	750,000
Designated as Hedging Instrument | Interest rate cap 2
Derivative [Line Items]
Notional amount	0
Not Designated as Hedging Instrument | Interest rate swap
Derivative [Line Items]
Notional amount	0
Not Designated as Hedging Instrument | Interest rate caps
Derivative [Line Items]
Notional amount		€ 23,750	£ 206,552
Not Designated as Hedging Instrument | Interest rate cap 1
Derivative [Line Items]
Notional amount	476,750
Not Designated as Hedging Instrument | Interest rate cap 2
Derivative [Line Items]
Notional amount	$ 95,387

Balance Sheet Offsetting (Detai

Balance Sheet Offsetting (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Offsetting Liabilities [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	$ (507)	$ (6,718)
(Assets) Liabilities	124	6,718
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	(383)	0
Offsetting Assets [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	21,636	26,479
(Assets) Liabilities	(124)	(6,718)
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	21,512	19,761
Foreign exchange forwards
Offsetting Liabilities [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	(439)
(Assets) Liabilities	58
Cash Collateral Received (Pledged)	0
Net Amounts of Assets (Liabilities)	(381)
Offsetting Assets [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	5,907	10,667
(Assets) Liabilities	(58)	0
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	5,849	10,667
Foreign exchange collars
Offsetting Liabilities [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	(66)	(6,718)
(Assets) Liabilities	66	6,718
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	0	0
Offsetting Assets [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	14,292	15,153
(Assets) Liabilities	(66)	(6,718)
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	14,226	8,435
Interest rate caps
Offsetting Assets [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	1,437	480
(Assets) Liabilities	0	0
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	1,437	480
Interest rate swap
Offsetting Liabilities [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	(2)
(Assets) Liabilities	0
Cash Collateral Received (Pledged)	0
Net Amounts of Assets (Liabilities)	$ (2)
Offsetting Assets [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets		179
(Assets) Liabilities		0
Cash Collateral Received (Pledged)		0
Net Amounts of Assets (Liabilities)		$ 179

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Assets and Liabilities (Details) - USD ($)	9 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Due to affiliates—contingent consideration	$ 52,990,000	$ 52,990,000	$ 0
Change in fair value of contingent consideration		(16,510,000)	0	$ 0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Due to affiliates—contingent consideration	53,000,000	$ 53,000,000
Benchmark FFO volatility		20.60%
Equity volatility		28.10%
Correlation		80.00%
Nonrecurring fair value of assets			$ 0
Level 3 | Other gain (loss), net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in fair value of contingent consideration	$ (16,500,000)

Fair Value Measurements - Esti

Fair Value Measurements - Estimated Fair Values and Carrying Values of Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Fair Value Measurement [Domain] | Level 1
Assets
Held for investment	$ 0
Investments in unconsolidated joint ventures	0
Investments in unconsolidated joint ventures		$ 0
Loans held for investment		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 and unsecured debt	0	0
Fair Value Measurement [Domain] | Level 1 | CMBS debt
Liabilities
Secured and unsecured debt	0	0
Fair Value Measurement [Domain] | Level 1 | Loans Payable
Liabilities
Secured and unsecured debt	0
Fair Value Measurement [Domain] | Level 1 | Convertible Debt
Liabilities
Secured and unsecured debt	574,359	617,763
Fair Value Measurement [Domain] | Level 2
Assets
Held for investment	0
Investments in unconsolidated joint ventures	0
Investments in unconsolidated joint ventures		0
Loans held for investment		0
Fair Value Measurement [Domain] | Level 2 | Line of Credit
Liabilities
Line of credit	315,000	164,000
Fair Value Measurement [Domain] | Level 2 | Secured and Unsecured Debt
Liabilities
Secured and unsecured debt	0	0
Fair Value Measurement [Domain] | Level 2 | CMBS debt
Liabilities
Secured and unsecured debt	794,982	536,927
Fair Value Measurement [Domain] | Level 2 | Loans Payable
Liabilities
Secured and unsecured debt	0
Fair Value Measurement [Domain] | Level 2 | Convertible Debt
Liabilities
Secured and unsecured debt	0	0
Fair Value Measurement [Domain] | Level 3
Assets
Held for investment	4,073,075
Loans held for sale	75,002
Investments in unconsolidated joint ventures	1,087,850
Investments in unconsolidated joint ventures		1,963,965
Loans held for investment		2,163,500
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 and unsecured debt	2,423,013	1,442,397
Fair Value Measurement [Domain] | Level 3 | CMBS debt
Liabilities
Secured and unsecured debt	0	0
Fair Value Measurement [Domain] | Level 3 | Loans Payable
Liabilities
Secured and unsecured debt	42,983
Fair Value Measurement [Domain] | Level 3 | Convertible Debt
Liabilities
Secured and unsecured debt	0	0
Held for investment	4,048,477	2,131,134	$ 1,028,654	$ 333,569
Loans held for sale		0
Investments in unconsolidated joint ventures	924,465	1,646,977
Fair Value
Assets
Held for investment	4,073,075
Loans held for sale	75,002
Investments in unconsolidated joint ventures	1,087,850
Investments in unconsolidated joint ventures		1,963,965
Loans held for investment		2,163,500
Fair Value | Line of Credit
Liabilities
Line of credit	315,000	164,000
Fair Value | Secured and Unsecured Debt
Liabilities
Secured and unsecured debt	2,423,013	1,442,397
Fair Value | CMBS debt
Liabilities
Secured and unsecured debt	794,982	536,927
Fair Value | Loans Payable
Liabilities
Secured and unsecured debt	42,983
Fair Value | Convertible Debt
Liabilities
Secured and unsecured debt	574,359	617,763
Carrying Value
Assets
Held for investment	4,048,477
Loans held for sale	75,002
Investments in unconsolidated joint ventures	924,465
Investments in unconsolidated joint ventures		1,646,977
Loans held for investment		2,131,134
Carrying Value | Line of Credit
Liabilities
Line of credit	315,000	164,000
Carrying Value | Secured and Unsecured Debt
Liabilities
Secured and unsecured debt	2,423,013	1,442,397
Carrying Value | CMBS debt
Liabilities
Secured and unsecured debt	806,728	537,268
Carrying Value | Loans Payable
Liabilities
Secured and unsecured debt	42,983
Carrying Value | Convertible Debt
Liabilities
Secured and unsecured debt	$ 591,079	$ 604,498

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details)	Apr. 02, 2015USD ($)	Dec. 31, 2015voteDirectors$ / sharesshares	May. 30, 2015USD ($)	Apr. 30, 2015USD ($)shares	Dec. 31, 2015voteDirectors$ / sharesshares	Dec. 31, 2014shares
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)		25,030,000			25,030,000	13,530,000
Redemption amount per share (in dollars per share) | $ / shares		$ 25			$ 25
Minimum period of dividend defaults providing preferred stockholders to voting rights					six or more quarterly periods
Common stock conversion ratio for Class A to Class B / OP Units	1
Number of Directors vote entitles | Directors		2			2
Minimum affirmative vote required for changes to any series of preferred stock		66.667%			66.667%
Number of OP units per Common class B		35.5			35.5
Number of OP units transferred to third party as charitable contribution		628,773
Class A common stock acquired under the DRIP Plan					0
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)		11,500,000		11,500,000	11,500,000
Preferred stock, dividend percentage				7.125%	7.125%
Proceeds from issuance of redeemable preferred stock | $				$ 277,900,000
Common Class A
Class of Stock [Line Items]
Common stock issued during period as part of the upfront consideration for business combination | $	$ 1,430,000
Voting rights per share of common stock | vote		1			1
Common Class B
Class of Stock [Line Items]
Common stock issued during period as part of the upfront consideration for business combination | $	$ 563,987
Voting rights per share of common stock | vote		36.5			36.5
Conversion of Class B common stock, shares converted (in shares)		17,712			18,000
May 2015 At-The-Market Stock Offering
Class of Stock [Line Items]
Aggregate offering price | $			$ 300,000,000
Sale of stock commission percentage of gross sale proceeds amount			2.00%

Stockholders' Equity - Preferr

Stockholders' Equity - Preferred and Common Stock Outstanding (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Dec. 31, 2015	Apr. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)	25,030,000		25,030,000	13,530,000	10,080,000	10,080,000
Preferred stock, shares issued (in shares)	25,030,000		25,030,000	13,530,000
Par Value (in thousands)	$ 250		$ 250
Liquidation Preference (in thousands)	$ 625,750		$ 625,750	$ 338,250
Common Class A
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	111,694,000		111,694,000	109,634,000	76,492,000	53,092,000
Common stock offerings and issuances (in shares)			1,427,000	32,606,000	23,402,000
Share-based payments—forfeitures (in shares)					(2,000)
Issuance of common stock for incentive fees to Manager (in shares)				21,000
Conversion of Class B common stock, shares issued (in shares)			18,000
Share-based compensation, net of forfeitures (in shares)			615,000	515,000
Common Class B
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	546,000		546,000	0	0	0
Common stock offerings and issuances (in shares)			564,000
Conversion of Class B common stock, shares converted (in shares)	(17,712)		(18,000)
Series A 8.5% Cumulative Redeemable Perpetual
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)	10,080,000		10,080,000
Dividend Rate Per Annum			8.50%
Par Value (in thousands)	$ 101		$ 101
Liquidation Preference (in thousands)	$ 252,000		$ 252,000
Series B 7.5% Cumulative Redeemable Perpetual
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)	3,450,000		3,450,000
Preferred stock, shares issued (in shares)				3,450,000
Dividend Rate Per Annum			7.50%	7.50%
Par Value (in thousands)	$ 34		$ 34
Liquidation Preference (in thousands)	$ 86,250		$ 86,250
Series C 7.125% Cumulative Redeemable Perpetual
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)	11,500,000		11,500,000
Preferred stock, shares issued (in shares)	11,500,000	11,500,000	11,500,000
Dividend Rate Per Annum		7.125%	7.125%
Par Value (in thousands)	$ 115		$ 115
Liquidation Preference (in thousands)	$ 287,500		$ 287,500

Stockholders' Equity - Compone

Stockholders' Equity - Components of Accumulated Other Comprehensive Income (Loss) Attributable to Stockholders (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 2,935,793	$ 1,954,227	$ 1,283,030
Other comprehensive income (loss)	18,996	(35,431)	(1,917)
Ending balance	5,416,240	2,935,793	1,954,227
AOCI Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(28,491)	2,593	5,184
Other comprehensive income (loss) before reclassifications	(17,856)	(28,593)	10,353
Amounts reclassified from accumulated other comprehensive income	27,925	(2,491)	(12,944)
Other comprehensive income (loss)		(31,084)	(2,591)
Ending balance	(18,422)	(28,491)	2,593
Equity in AOCI of Unconsolidated Joint Ventures Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	451	3,621	6,729
Other comprehensive income (loss) before reclassifications	(612)	1,511	9,787
Amounts reclassified from accumulated other comprehensive income	161	(4,681)	(12,895)
Other comprehensive income (loss)		(3,170)	(3,108)
Ending balance	0	451	3,621
Unrealized Gain/(Loss) on Beneficial Interests in Debt Securities Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	0	325	877
Other comprehensive income (loss) before reclassifications		(2,488)	(552)
Amounts reclassified from accumulated other comprehensive income		2,163	0
Other comprehensive income (loss)		(325)	(552)
Ending balance		0	325
Gain/(Loss) on Cash Flow Hedges Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(101)	(19)	0
Other comprehensive income (loss) before reclassifications	(199)	(82)	(19)
Amounts reclassified from accumulated other comprehensive income	55	0	0
Other comprehensive income (loss)		(82)	(19)
Ending balance	(245)	(101)	(19)
Foreign Currency Translation Gain/(Loss) Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(52,643)	1,849	(3,067)
Other comprehensive income (loss) before reclassifications	(56,676)	(54,266)	4,983
Amounts reclassified from accumulated other comprehensive income	67,194	(226)	(67)
Other comprehensive income (loss)		(54,492)	4,916
Ending balance	(42,125)	(52,643)	1,849
Gain/(Loss) on Net Investment Hedges Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	23,802	(3,183)	645
Other comprehensive income (loss) before reclassifications	39,631	26,732	(3,846)
Amounts reclassified from accumulated other comprehensive income	(39,485)	253	18
Other comprehensive income (loss)		26,985	(3,828)
Ending balance	23,948	23,802	$ (3,183)
AOCI Attributable to Noncontrolling Interest in Investment Entities
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(3,669)
Other comprehensive income (loss) before reclassifications	(1,653)
Amounts reclassified from accumulated other comprehensive income	5,223
Ending balance	(99)	(3,669)
Equity in AOCI of Unconsolidated Joint Ventures Attributable to Noncontrolling Interest In Investment Entities
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	0
Other comprehensive income (loss) before reclassifications	0
Amounts reclassified from accumulated other comprehensive income	0
Ending balance	0	0
Gain/(Loss) on Cash Flow Hedges Attributable to Noncontrolling Interest in Investment Entities
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(52)
Other comprehensive income (loss) before reclassifications	(137)
Amounts reclassified from accumulated other comprehensive income	40
Ending balance	(149)	(52)
Foreign Currency Translation Gain/(Loss) Attributable to Investment Entities
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(3,616)
Other comprehensive income (loss) before reclassifications	(1,516)
Amounts reclassified from accumulated other comprehensive income	5,183
Ending balance	51	(3,616)
Gain/(Loss) on Net Investment Hedges Attributable to Noncontrolling Interest in Investment Entities
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(1)
Other comprehensive income (loss) before reclassifications	0
Amounts reclassified from accumulated other comprehensive income	0
Ending balance	(1)	(1)
AOCI Attributable to Noncontrolling Interest in Operating Company
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Other comprehensive income (loss) before reclassifications	(25)
Amounts reclassified from accumulated other comprehensive income	5,382
Ending balance	5,357
Equity in AOCI of Unconsolidated Joint Ventures Attributable to Noncontrolling Interest In Operating Company
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Other comprehensive income (loss) before reclassifications	0
Amounts reclassified from accumulated other comprehensive income	0
Ending balance	0
Gain/(Loss) on Cash Flow Hedges Attributable to Noncontrolling Interest in Operating Company
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Other comprehensive income (loss) before reclassifications	(6)
Amounts reclassified from accumulated other comprehensive income	11
Ending balance	5
Foreign Currency Translation Gain/(Loss) Attributable to Operating Company
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Other comprehensive income (loss) before reclassifications	(1,778)
Amounts reclassified from accumulated other comprehensive income	12,880
Ending balance	11,102
Gain/(Loss) on Net Investment Hedges Attributable to Noncontrolling Interest in Operating Company
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Other comprehensive income (loss) before reclassifications	1,759
Amounts reclassified from accumulated other comprehensive income	(7,509)
Ending balance	(5,750)
AOCI Attributable to Parent and Noncontrolling Interests
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(32,160)
Other comprehensive income (loss)	18,996
Ending balance	(13,164)	(32,160)
Equity in AOCI of Unconsolidated Joint Ventures Attributable to Parent and Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	451
Other comprehensive income (loss)	(451)
Ending balance	0	451
Gain/(Loss) on Cash Flow Hedges Attributable to Parent and Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(153)
Other comprehensive income (loss)	(236)
Ending balance	(389)	(153)
Foreign Currency Translation Gain/(Loss) Attributable to Parent and Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(56,259)
Other comprehensive income (loss)	25,287
Ending balance	(30,972)	(56,259)
Gain/(Loss) on Net Investment Hedges Attributable to Parent and Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	23,801
Other comprehensive income (loss)	(5,604)
Ending balance	$ 18,197	$ 23,801

Stockholders' Equity - Reclass

Stockholders' Equity - Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net settlement loss on derivative instruments designated as net investment hedges	$ 0	$ (253)	$ (18)
Equity in income of unconsolidated joint ventures
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Equity in realized (loss) gain on sale of marketable securities of unconsolidated joint ventures	(161)	4,681	12,895
Other gain (loss), net
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Settlement loss on beneficial interests in debt securities	0	(2,163)	0
Release of cumulative translation adjustments	(21,787)	226	67
Realization of net gain on net investment hedges	6,492	0	0
Unrealized gain on dedesignated net investment hedges	28	0	0
Unrealized loss on ineffective cash flow hedge	(55)	0	0
Gain on remeasurement of consolidated investment entities, net
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Release of cumulative translation adjustments	(45,407)	0	0
Realization of net gain on net investment hedges	$ 32,965	$ 0	$ 0

Noncontrolling Interests (Detai

Noncontrolling Interests (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Noncontrolling Interest [Line Items]
Outstanding balance of debt	$ 3,587,724		$ 2,112,354
CCM | Unsecured Debt | Unsecured note, mature 2017
Noncontrolling Interest [Line Items]
Outstanding balance of debt			$ 10,000
Colony Capital Operating Company, LLC | CCM
Noncontrolling Interest [Line Items]
Common units issued		412,865

Earnings per Share - Reconcil

Earnings per Share - Reconciles Numerator and Denominator of Basic and Diluted per-Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Numerator:
Net income	$ 256,036	$ 159,711	$ 125,923
Net income attributable to noncontrolling interests:
Investment entities	(86,123)	(36,562)	(24,158)
Operating Company	(19,933)	0	0
Net income attributable to Colony Capital, Inc.	149,980	123,149	101,765
Preferred dividends	(42,569)	(24,870)	(21,420)
Net income attributable to common stockholders	107,411	98,279	80,345
Net income allocated to participating securities (nonvested shares)	(1,237)	(990)	(725)
Net income allocated to common stockholders—basic	106,174	97,289	79,620
Interest expense attributable to convertible senior notes	0	0	0
Net income allocated to common stockholders—diluted	$ 106,174	$ 97,289	$ 79,620
Denominator:
Basic weighted average number of common shares outstanding (in shares)	110,931,000	96,694,000	66,182,000
Weighted average effect of dilutive shares (in shares)	0	5,000	0
Diluted weighted average number of common shares outstanding (in shares)	110,931,000	96,699,000	66,182,000
Earnings per share:
Basic (in dollars per share)	$ 0.96	$ 1.01	$ 1.20
Diluted (in dollars per share)	$ 0.96	$ 1.01	$ 1.20
Convertible Debt Securities
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest expense on convertible note excluded from diluted EPS	$ 27,300	$ 23,300	$ 7,600
Weighted average dilutive common share	24,694,700	20,784,600	6,154,100
Assumed Repayment of Unsecured Debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest expense on convertible note excluded from diluted EPS	$ 280	$ 25
Weighted average dilutive common share	187,800	14,700
Assumed Repayment of Unsecured Debt | Unsecured Debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Assumed repayment of debt	$ 10,000
Stock Issuable for Incentive Fees [Member]
Earnings per share:
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements		4,900
Operating Partnership Unit
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Operating Partnership unit outstanding	21,749,000

Related Party Transactions - S

Related Party Transactions - Summary of Amounts Due to Manager or its Affiliates (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Due from affiliates	$ 11,713	$ 0
Total amounts due to the manager or its affiliates	52,990	12,236
Management fees
Related Party Transaction [Line Items]
Due from affiliates	5,734	0
Other
Related Party Transaction [Line Items]
Due from affiliates	3,952	0
Due from CCLLC
Related Party Transaction [Line Items]
Due from affiliates	1,559	0
Due from employees and other affiliated entities
Related Party Transaction [Line Items]
Due from affiliates	468	0
Contingent consideration
Related Party Transaction [Line Items]
Total amounts due to the manager or its affiliates	52,990	0
Base management fee expense
Related Party Transaction [Line Items]
Total amounts due to the manager or its affiliates	0	9,173
Secondment reimbursement
Related Party Transaction [Line Items]
Total amounts due to the manager or its affiliates	0	1,393
Reimbursement of direct and allocated administrative and investment costs
Related Party Transaction [Line Items]
Due from affiliates	900
Total amounts due to the manager or its affiliates	$ 0	$ 1,670

Related Party Transactions 101

Related Party Transactions - Summary of Amounts Incurred and Payable to Manager or its Affiliates (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Direct and allocated investment-related expenses	$ 23,369	$ 5,811	$ 3,228
Direct and allocated administrative expenses	38,238	8,940	5,792
Affiliated Entity
Related Party Transaction [Line Items]
Base management fee expense	9,165	32,285	22,265
Incentive fees	0	464	0
Compensation pursuant to secondment agreement	450	1,778	1,286
Direct and allocated investment-related expenses	366	2,846	1,771
Direct and allocated administrative expenses	1,922	3,301	1,787
Amounts incurred and payable to manager or affiliates	$ 11,903	$ 40,674	$ 27,109

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Base management fee per annum of stockholders' equity	1.50%
Fee income	$ 65,813	$ 0	$ 0
Due from affiliates	11,713	0
Due to Affiliate	52,990	12,236
Base management fee expense
Related Party Transaction [Line Items]
Due to Affiliate	0	9,173
Reimbursement of direct and allocated administrative and investment costs
Related Party Transaction [Line Items]
Other income	4,800
Due from affiliates	900
Due to Affiliate	0	1,670
Recoverable expenses
Related Party Transaction [Line Items]
Due from affiliates	1,100
Colony-sponsored funds
Related Party Transaction [Line Items]
Due from funds	1,400
Interest income	300
Advances
Related Party Transaction [Line Items]
Due from employees	200
Cost Reimbursements
Related Party Transaction [Line Items]
Other income	400
Due from affiliates	100
Colony Capital
Related Party Transaction [Line Items]
Due from affiliates	1,559	0
Contingent consideration
Related Party Transaction [Line Items]
Due to Affiliate	52,990	0
Affiliated Entity
Related Party Transaction [Line Items]
Fee income	$ 64,585	$ 0	$ 0

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($)	May. 08, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Equity Incentive Plan, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares vested		$ 12,400,000	$ 6,900,000	$ 182,000
Granted (USD per share)		$ 24.42	$ 20.32	$ 21.94
Aggregate unrecognized compensation cost related to restricted stock granted		$ 10,900,000
Weighted average period of expected cost		20 months
Restricted Stock | Director Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized		100,000
Vesting period		1 year
Common Class A | Equity Incentive Plan, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares of common stock authorized	2,500,000

Share-Based Compensation - Com

Share-Based Compensation - Components of Share-Based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	$ 13,714	$ 10,801	$ 4,283
Manager and Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	13,094	10,384	3,998
Non-Executive Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	$ 620	$ 417	$ 285

Share-Based Compensation - Non

Share-Based Compensation - Nonvested Shares Under Director Stock Plan and Equity Incentive Plan (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Number of Shares [Roll Forward]
Nonvested shares at beginning period	689,438
Granted	641,307
Vested	(508,479)
Forfeited	(26,432)
Nonvested shares at period end	795,834	689,438
Weighted Average Grant Date Fair Value [Roll Forward]
Nonvested shares at beginning period (USD per share)	$ 19.54
Granted (USD per share)	24.42	$ 20.32	$ 21.94
Vested (USD per share)	20.71
Forfeited (USD per share)	26.06
Nonvested shares at period end (USD per share)	$ 22.51	$ 19.54
Non-Executive Directors
Number of Shares [Roll Forward]
Nonvested shares at beginning period	15,234
Granted	23,226
Vested	(23,532)
Forfeited	0
Nonvested shares at period end	14,928	15,234
Manager and Employees
Number of Shares [Roll Forward]
Nonvested shares at beginning period	674,204
Granted	618,081
Vested	(484,947)
Forfeited	(26,432)
Nonvested shares at period end	780,906	674,204

Income Taxes - Income Tax Prov

Income Taxes - Income Tax Provision (Benefit) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Current
Federal	$ 451	$ 1,339	$ 1,470
State and local	397	369	671
Foreign	1,469	0	0
Total current tax expense	2,317	1,708	2,141
Deferred
Federal	(10,428)	(3,307)	(1,115)
State and local	(1,219)	(800)	(367)
Foreign	34	0	0
Total deferred tax benefit	(11,613)	(4,107)	(1,482)
Total income tax (benefit) expense	$ (9,296)	$ (2,399)	$ 659

Income Taxes - Effective Income

Income Taxes - Effective Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Taxes
Income before income taxes	$ 246,740	$ 157,312	$ 126,582
Pre-tax income attributable to pass-through subsidiaries	(277,902)	(163,058)	(124,753)
Pre-tax loss attributable to taxable subsidiaries	(31,162)	(5,746)	1,829
Federal tax benefit at statutory tax rate	$ (10,907)	$ (2,011)	$ 640
Federal tax benefit at statutory tax rate	35.00%	35.00%	35.00%
State and local income taxes, net of federal income tax benefit	$ (884)	$ (295)	$ 122
State and local income taxes, net of federal income tax benefit	2.80%	5.10%	6.70%
Other	$ 398	$ (566)	$ (144)
Other	(1.30%)	9.90%	(7.90%)
Income tax benefit—taxable REIT subsidiaries	36.50%	50.00%	33.80%
Total income tax (benefit) expense	$ (9,296)	$ (2,399)	$ 659
Pass-Through Subsidiaries [Member]
Income Taxes
Current and deferred foreign taxes	1,594	0	0
Current excess inclusion income tax	203	480	0
State and local income taxes, net of federal income tax benefit	175	(54)	(39)
Other	125	47	80
Income tax benefit—taxable REIT subsidiaries	(11,393)	(2,872)	618
Total income tax (benefit) expense	$ (9,296)	$ (2,399)	$ 659

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Net operating loss carryforwards recognized in income tax (benefit) expense	$ 8.1	$ 0.3	$ 1.4

Income Taxes - Deferred Income

Income Taxes - Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Deferred tax assets
Net operating loss carry forwards	$ 9,814	$ 1,695
Stock-based compensation	2,890	0
Investment in partnerships	843	5,018
Other	2,262	0
Deferred Tax Assets, Gross	15,809	6,713
Deferred tax liabilities
Intangible assets from Combination	28,875	0
Gain from remeasurement of consolidated investment entities, net	3,237	0
Assumption of tax basis from real estate acquisition (Note 6)	26,880	0
Other	1,504	245
Deferred Tax Liabilities, Gross	60,496	245
Net deferred tax (liability) asset		$ 6,468
Total deferred tax liabilities	$ (44,687)

Commitments and Contingencie110

Commitments and Contingencies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Other Commitments [Line Items]
Rent expense with lease of office space	$ 4,300,000
Due to affiliates—contingent consideration	52,990,000	$ 0
Additional Funding to Unconsolidated Joint Ventures
Other Commitments [Line Items]
Other commitments	57,400,000
Sponsored Fund Commitments
Other Commitments [Line Items]
Other commitments	688,600,000
Maximum future cumulative capital commitments	$ 500,000,000
Maximum future cumulative capital commitments, percent	20.00%
ColFin Industrial Partnership | Future Capital Contributions
Other Commitments [Line Items]
Other commitments	$ 163,200,000
GP Affiliate [Member] | Sponsored Fund Commitments
Other Commitments [Line Items]
Other commitments	136,700,000
Unfunded lending commitment	92,800,000
Light Industrial Platform | Cobalt Capital Partners, L.P. | Industrial
Other Commitments [Line Items]
Ownership interest of limited partners (percent)		38.00%
General Partner | Future Capital Contributions
Other Commitments [Line Items]
Other commitments	101,900,000
General Partner | Sponsored Fund Commitments
Other Commitments [Line Items]
Other commitments	1,000,000
Unfunded lending commitment	700,000
Limited Partner | ColFin Industrial Partnership | Future Capital Contributions
Other Commitments [Line Items]
Other commitments	61,300,000
Ground Leases
Other Commitments [Line Items]
Ground lease rent expense	300,000	$ 100,000	$ 0
Consolidated Real Estate Debt Investments | Investment Commitments
Other Commitments [Line Items]
Other commitments	455,900,000
Consolidated Real Estate Debt Investments | Parent | Investment Commitments
Other Commitments [Line Items]
Other commitments	270,400,000
Consolidated Real Estate Equity Investments | Investment Commitments
Other Commitments [Line Items]
Other commitments	$ 34,000,000

Commitments and Contingencies -

Commitments and Contingencies - Future Rental Commitment (Details) $ in Thousands	Dec. 31, 2015USD ($)
Ground Leases
Operating Leased Assets [Line Items]
2,016	$ 414
2,017	414
2,018	414
2,019	414
2,020	425
2021 and after	31,292
Total	33,373
Office Leases
Operating Leased Assets [Line Items]
2,016	4,808
2,017	4,216
2,018	3,270
2,019	1,963
2,020	1,690
2021 and after	7,078
Total	$ 23,025

Segment Information - Summary

Segment Information - Summary of Operating Results for Each of Reportable Operating Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income:
Interest income	$ 417,305	$ 204,361	$ 81,035
Property operating income	299,871	20,962	789
Equity in income of unconsolidated joint ventures	47,605	73,829	100,708
Fee income	65,813	0	0
Other income	11,382	1,497	1,267
Total income	841,976	300,649	183,799
Expenses:
Management fees	15,062	43,133	26,263
Transaction, investment and servicing costs	62,257	26,907	5,035
Interest expense	133,094	48,365	18,838
Property operating expenses	117,713	5,563	197
Depreciation and amortization	140,977	9,177	310
Provision for loan losses	37,475	0	0
Impairment loss	11,192	0	0
Compensation expense	84,506	2,468	1,756
Administrative expenses	38,238	8,940	5,792
Total expenses	640,514	144,553	58,191
Gain on sale of real estate assets, net	8,962	0	0
Gain on remeasurement of consolidated investment entities, net	41,486	0	0
Other (loss) gain, net	(5,170)	1,216	974
Income tax benefit (expense)	9,296	2,399	(659)
Net income	256,036	159,711	125,923
Net (loss) income attributable to noncontrolling interests:
Investment entities	86,123	36,562	24,158
Operating Company	19,933	0	0
Net income attributable to Colony Capital, Inc.	149,980	123,149	101,765
Investment Management
Income:
Total income	63,900
Net (loss) income attributable to noncontrolling interests:
Net income attributable to Colony Capital, Inc.	21,000
Operating Segments | Light Industrial Platform
Income:
Interest income	7	0
Property operating income	161,863	5,365
Equity in income of unconsolidated joint ventures	0	0
Fee income	0
Other income	670	0
Total income	162,540	5,365
Expenses:
Management fees	0	0
Transaction, investment and servicing costs	4,038	7,754
Interest expense	37,338	1,321
Property operating expenses	54,581	1,544
Depreciation and amortization	82,447	3,391
Provision for loan losses	0
Impairment loss	450
Compensation expense	3,633	0
Administrative expenses	1,631	0
Total expenses	184,118	14,010
Gain on sale of real estate assets, net	108
Gain on remeasurement of consolidated investment entities, net	0
Other (loss) gain, net	(192)	(22)
Income tax benefit (expense)	484	0
Net income	(21,178)	(8,667)
Net (loss) income attributable to noncontrolling interests:
Investment entities	(10,460)	(3,143)
Operating Company	(1,158)
Net income attributable to Colony Capital, Inc.	(9,560)	(5,524)
Operating Segments | Single-Family Residential Rentals
Income:
Interest income	0	0	0
Property operating income	0	0	0
Equity in income of unconsolidated joint ventures	(14,787)	(15,901)	(8,013)
Fee income	0
Other income	0	0	0
Total income	(14,787)	(15,901)	(8,013)
Expenses:
Management fees	0	0	0
Transaction, investment and servicing costs	0	0	0
Interest expense	0	0	0
Property operating expenses	0	0	0
Depreciation and amortization	0	0	0
Provision for loan losses	0
Impairment loss	0
Compensation expense	0	0	0
Administrative expenses	0	0	0
Total expenses	0	0	0
Gain on sale of real estate assets, net	0
Gain on remeasurement of consolidated investment entities, net	0
Other (loss) gain, net	0	0	0
Income tax benefit (expense)	0	0	0
Net income	(14,787)	(15,901)	(8,013)
Net (loss) income attributable to noncontrolling interests:
Investment entities	0	0	0
Operating Company	(1,754)
Net income attributable to Colony Capital, Inc.	(13,033)	(15,901)	(8,013)
Operating Segments | Other Real Estate Equity Investments
Income:
Interest income	16	0	0
Property operating income	134,043	15,597	789
Equity in income of unconsolidated joint ventures	18,272	3,235	19,168
Fee income	0
Other income	59	0	0
Total income	152,390	18,832	19,957
Expenses:
Management fees	0	0	0
Transaction, investment and servicing costs	22,432	245	623
Interest expense	19,441	4,355	227
Property operating expenses	58,035	4,019	197
Depreciation and amortization	38,452	5,786	310
Provision for loan losses	0
Impairment loss	4,539
Compensation expense	2,021	0	0
Administrative expenses	2,008	0	0
Total expenses	146,928	14,405	1,357
Gain on sale of real estate assets, net	6,970
Gain on remeasurement of consolidated investment entities, net	10,223
Other (loss) gain, net	1,613	0	0
Income tax benefit (expense)	(3,372)	3,435	916
Net income	20,896	7,862	19,516
Net (loss) income attributable to noncontrolling interests:
Investment entities	(7,384)	2,022	1,266
Operating Company	3,554
Net income attributable to Colony Capital, Inc.	24,726	5,840	18,250
Operating Segments | Real Estate Debt
Income:
Interest income	417,149	204,054	80,753
Property operating income	3,965	0	0
Equity in income of unconsolidated joint ventures	46,596	86,495	89,553
Fee income	219
Other income	5,856	908	1,267
Total income	473,785	291,457	171,573
Expenses:
Management fees	0	0	0
Transaction, investment and servicing costs	19,273	8,430	3,457
Interest expense	31,549	14,199	5,295
Property operating expenses	5,097	0	0
Depreciation and amortization	252	0	0
Provision for loan losses	37,475
Impairment loss	2,100
Compensation expense	11,582	0	0
Administrative expenses	4,939	577	178
Total expenses	112,267	23,206	8,930
Gain on sale of real estate assets, net	1,876
Gain on remeasurement of consolidated investment entities, net	31,263
Other (loss) gain, net	(23,361)	165	974
Income tax benefit (expense)	(424)	(698)	(1,216)
Net income	370,872	267,718	162,401
Net (loss) income attributable to noncontrolling interests:
Investment entities	103,983	37,683	22,892
Operating Company	34,075
Net income attributable to Colony Capital, Inc.	232,814	230,035	139,509
Operating Segments | Investment Management
Income:
Interest income	0
Property operating income	0
Equity in income of unconsolidated joint ventures	(1,675)
Fee income	65,594
Other income	0
Total income	63,919
Expenses:
Management fees	0
Transaction, investment and servicing costs	0
Interest expense	0
Property operating expenses	0
Depreciation and amortization	16,498
Provision for loan losses	0
Impairment loss	4,103
Compensation expense	33,021
Administrative expenses	1,983
Total expenses	55,605
Gain on sale of real estate assets, net	0
Gain on remeasurement of consolidated investment entities, net	0
Other (loss) gain, net	(19)
Income tax benefit (expense)	12,658
Net income	20,953
Net (loss) income attributable to noncontrolling interests:
Investment entities	0
Operating Company	3,378
Net income attributable to Colony Capital, Inc.	17,575
Amounts not allocated to segments
Income:
Interest income	133	307	282
Property operating income	0	0	0
Equity in income of unconsolidated joint ventures	(801)	0	0
Fee income	0
Other income	4,797	589	0
Total income	4,129	896	282
Expenses:
Management fees	15,062	43,133	26,263
Transaction, investment and servicing costs	16,514	10,478	955
Interest expense	44,766	28,490	13,316
Property operating expenses	0	0	0
Depreciation and amortization	3,328	0	0
Provision for loan losses	0
Impairment loss	0
Compensation expense	34,249	2,468	1,756
Administrative expenses	27,677	8,363	5,614
Total expenses	141,596	92,932	47,904
Gain on sale of real estate assets, net	8
Gain on remeasurement of consolidated investment entities, net	0
Other (loss) gain, net	16,789	1,073	0
Income tax benefit (expense)	(50)	(338)	(359)
Net income	(120,720)	(91,301)	(47,981)
Net (loss) income attributable to noncontrolling interests:
Investment entities	(16)	0	0
Operating Company	(18,162)
Net income attributable to Colony Capital, Inc.	$ (102,542)	$ (91,301)	$ (47,981)

Segment Information - Assets a

Segment Information - Assets and Equity Method Investments of Reportable Operating Segments (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
ASSETS
Total consolidated assets	$ 10,039,310	$ 5,825,449
Equity method investments	824,597	1,646,977	$ 1,369,529	$ 877,081
Cash	185,854	141,936	$ 43,167	$ 170,199
Operating Segments
ASSETS
Cash		63,400
Operating Segments | Light Industrial Platform
ASSETS
Total consolidated assets	1,926,002	1,672,963
Equity method investments	0	0
Operating Segments | Single-family residential rentals
ASSETS
Total consolidated assets	394,783	494,613
Equity method investments	394,783	494,613
Operating Segments | Other Real Estate Equity Investments
ASSETS
Total consolidated assets	2,094,794	558,187
Equity method investments	295,221	393,813
Operating Segments | Real estate debt investments
ASSETS
Total consolidated assets	4,734,547	3,011,805
Equity method investments	114,350	758,551
Operating Segments | Investment Management
ASSETS
Total consolidated assets	798,213	0
Equity method investments	9,794	0
Amounts not allocated to segments
ASSETS
Total consolidated assets	90,971	87,881
Equity method investments	$ 10,449	$ 0

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event shares in Millions	Jan. 05, 2016companyshares
Colony American Finance, LLC (“CAF”) [Member]
Subsequent Event [Line Items]
Ownership percentage	19.00%
Colony Starwood Homes Merger [Member]
Subsequent Event [Line Items]
Number of companies in merger | company	2
Voting interest acquired	13.80%
Number of shares issued or issuable in a combination (in shares) | shares	15.1
Colony Starwood Homes Merger [Member] | Starwood Waypoint Residential Trust (“SWAY”) [Member]
Subsequent Event [Line Items]
Voting interest acquired	41.00%
Colony Starwood Homes Merger [Member] | Former CAH [Member]
Subsequent Event [Line Items]
Voting interest acquired	59.00%

Schedule III - Real Estate a115

Schedule III - Real Estate and Accumulative Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Initial Cost
Encumbrances	$ 1,971,978
Land	578,764
Buildings and Improvements	2,620,722
Costs Capitalized	19,139
Gross Cost Basis at December 31, 2015
Land	578,577
Buildings and Improvements	2,639,861
Total	3,218,438	$ 1,650,418	$ 112,686	$ 0
Accumulated Depreciation	86,220	$ 6,421	$ 218	$ 0
Net Carrying Amount	3,430,105
Real Estate tax basis	$ 3,500,000
Buildings and improvements | Minimum
Gross Cost Basis at December 31, 2015
Useful life used for depreciation	3 years
Buildings and improvements | Maximum
Gross Cost Basis at December 31, 2015
Useful life used for depreciation	46 years
Real Estate Held for Investment
Initial Cost
Encumbrances	$ 1,964,118
Land	578,764
Buildings and Improvements	2,620,722
Costs Capitalized	19,139
Gross Cost Basis at December 31, 2015
Land	578,577
Buildings and Improvements	2,639,861
Total	3,218,438
Accumulated Depreciation	86,220
Net Carrying Amount	3,132,218
Real Estate Held-for-Sale
Initial Cost
Encumbrances	7,860
Gross Cost Basis at December 31, 2015
Net Carrying Amount	297,887
Other Property
Initial Cost
Encumbrances	0
Land	0
Buildings and Improvements	19,989
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	0
Buildings and Improvements	19,989
Total	19,989
Accumulated Depreciation	52
Net Carrying Amount	19,937
Campus Glion sur Montreux [Member] | SWITZERLAND | Education
Initial Cost
Encumbrances	42,948
Land	7,417
Buildings and Improvements	47,757
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	7,417
Buildings and Improvements	47,757
Total	55,174
Accumulated Depreciation	1,249
Net Carrying Amount	53,925
Campus Bluche [Member] | SWITZERLAND | Education
Initial Cost
Encumbrances	77,999
Land	9,946
Buildings and Improvements	88,520
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	9,946
Buildings and Improvements	88,520
Total	98,466
Accumulated Depreciation	2,170
Net Carrying Amount	96,296
Florence [Member] | ALABAMA | Hotel
Initial Cost
Encumbrances	1,516
Land	402
Buildings and Improvements	1,361
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	402
Buildings and Improvements	1,361
Total	1,763
Accumulated Depreciation	113
Net Carrying Amount	1,650
Jasper [Member] | ALABAMA | Hotel
Initial Cost
Encumbrances	3,129
Land	419
Buildings and Improvements	3,197
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	419
Buildings and Improvements	3,197
Total	3,616
Accumulated Depreciation	163
Net Carrying Amount	3,453
Scottsbor [Member] | ALABAMA | Hotel
Initial Cost
Encumbrances	2,113
Land	250
Buildings and Improvements	2,171
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	250
Buildings and Improvements	2,171
Total	2,421
Accumulated Depreciation	85
Net Carrying Amount	2,336
Sylacauga [Member] | ALABAMA | Hotel
Initial Cost
Encumbrances	2,604
Land	846
Buildings and Improvements	2,058
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	846
Buildings and Improvements	2,058
Total	2,904
Accumulated Depreciation	96
Net Carrying Amount	2,808
Trussvill [Member] | ALABAMA | Hotel
Initial Cost
Encumbrances	2,264
Land	354
Buildings and Improvements	2,284
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	354
Buildings and Improvements	2,284
Total	2,638
Accumulated Depreciation	144
Net Carrying Amount	2,494
Tuscaloosa [Member] | ALABAMA | Hotel
Initial Cost
Encumbrances	2,784
Land	320
Buildings and Improvements	2,918
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	320
Buildings and Improvements	2,918
Total	3,238
Accumulated Depreciation	159
Net Carrying Amount	3,079
Crestvie [Member] | FLORIDA | Hotel
Initial Cost
Encumbrances	2,377
Land	371
Buildings and Improvements	2,400
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	371
Buildings and Improvements	2,400
Total	2,771
Accumulated Depreciation	153
Net Carrying Amount	2,618
Lake City [Member] | FLORIDA | Hotel
Initial Cost
Encumbrances	2,306
Land	570
Buildings and Improvements	2,090
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	570
Buildings and Improvements	2,090
Total	2,660
Accumulated Depreciation	146
Net Carrying Amount	2,514
Palm Ba [Member] | FLORIDA | Hotel
Initial Cost
Encumbrances	2,588
Land	665
Buildings and Improvements	2,310
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	665
Buildings and Improvements	2,310
Total	2,975
Accumulated Depreciation	157
Net Carrying Amount	2,818
Albany [Member] | GEORGIA | Hotel
Initial Cost
Encumbrances	2,252
Land	299
Buildings and Improvements	2,330
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	299
Buildings and Improvements	2,330
Total	2,629
Accumulated Depreciation	143
Net Carrying Amount	2,486
Americus [Member] | GEORGIA | Hotel
Initial Cost
Encumbrances	2,237
Land	375
Buildings and Improvements	2,240
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	375
Buildings and Improvements	2,240
Total	2,615
Accumulated Depreciation	154
Net Carrying Amount	2,461
Bainbridge [Member] | GEORGIA | Hotel
Initial Cost
Encumbrances	1,528
Land	310
Buildings and Improvements	1,459
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	310
Buildings and Improvements	1,459
Total	1,769
Accumulated Depreciation	95
Net Carrying Amount	1,674
Carrollton [Member] | GEORGIA | Hotel
Initial Cost
Encumbrances	2,773
Land	457
Buildings and Improvements	2,718
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	457
Buildings and Improvements	2,718
Total	3,175
Accumulated Depreciation	126
Net Carrying Amount	3,049
Newnan [Member] | GEORGIA | Hotel
Initial Cost
Encumbrances	2,760
Land	627
Buildings and Improvements	2,503
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	627
Buildings and Improvements	2,503
Total	3,130
Accumulated Depreciation	118
Net Carrying Amount	3,012
Peoria [Member] | ILLINOIS | Hotel
Initial Cost
Encumbrances	4,783
Land	1,242
Buildings and Improvements	4,209
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,242
Buildings and Improvements	4,209
Total	5,451
Accumulated Depreciation	249
Net Carrying Amount	5,202
Indy Castleton [Member] | INDIANA | Hotel
Initial Cost
Encumbrances	3,133
Land	1,012
Buildings and Improvements	2,503
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,012
Buildings and Improvements	2,503
Total	3,515
Accumulated Depreciation	133
Net Carrying Amount	3,382
South Bend [Member] | INDIANA | Hotel
Initial Cost
Encumbrances	4,624
Land	688
Buildings and Improvements	4,705
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	688
Buildings and Improvements	4,705
Total	5,393
Accumulated Depreciation	295
Net Carrying Amount	5,098
Richmond [Member] | KENTUCKY | Hotel
Initial Cost
Encumbrances	3,207
Land	353
Buildings and Improvements	3,403
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	353
Buildings and Improvements	3,403
Total	3,756
Accumulated Depreciation	206
Net Carrying Amount	3,550
West Monroe [Member] | LOUISIANA | Hotel
Initial Cost
Encumbrances	5,270
Land	823
Buildings and Improvements	5,362
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	823
Buildings and Improvements	5,362
Total	6,185
Accumulated Depreciation	378
Net Carrying Amount	5,807
Eden [Member] | NORTH CAROLINA | Hotel
Initial Cost
Encumbrances	1,912
Land	207
Buildings and Improvements	2,025
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	207
Buildings and Improvements	2,025
Total	2,232
Accumulated Depreciation	115
Net Carrying Amount	2,117
Forest City [Member] | NORTH CAROLINA | Hotel
Initial Cost
Encumbrances	2,817
Land	426
Buildings and Improvements	2,811
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	426
Buildings and Improvements	2,811
Total	3,237
Accumulated Depreciation	136
Net Carrying Amount	3,101
Wilmington [Member] | NORTH CAROLINA | Hotel
Initial Cost
Encumbrances	2,438
Land	731
Buildings and Improvements	2,046
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	731
Buildings and Improvements	2,046
Total	2,777
Accumulated Depreciation	136
Net Carrying Amount	2,641
Cheraw [Member] | SOUTH CAROLINA | Hotel
Initial Cost
Encumbrances	3,199
Land	394
Buildings and Improvements	3,320
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	394
Buildings and Improvements	3,320
Total	3,714
Accumulated Depreciation	178
Net Carrying Amount	3,536
Gaffney [Member] | SOUTH CAROLINA | Hotel
Initial Cost
Encumbrances	2,100
Land	307
Buildings and Improvements	2,137
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	307
Buildings and Improvements	2,137
Total	2,444
Accumulated Depreciation	129
Net Carrying Amount	2,315
Georgetown [Member] | SOUTH CAROLINA | Hotel
Initial Cost
Encumbrances	2,604
Land	637
Buildings and Improvements	2,329
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	637
Buildings and Improvements	2,329
Total	2,966
Accumulated Depreciation	128
Net Carrying Amount	2,838
Greenwood [Member] | SOUTH CAROLINA | Hotel
Initial Cost
Encumbrances	2,327
Land	456
Buildings and Improvements	2,231
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	456
Buildings and Improvements	2,231
Total	2,687
Accumulated Depreciation	137
Net Carrying Amount	2,550
Lancaster [Member] | SOUTH CAROLINA | Hotel
Initial Cost
Encumbrances	1,812
Land	309
Buildings and Improvements	1,817
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	309
Buildings and Improvements	1,817
Total	2,126
Accumulated Depreciation	133
Net Carrying Amount	1,993
Seneca [Member] | SOUTH CAROLINA | Hotel
Initial Cost
Encumbrances	2,336
Land	342
Buildings and Improvements	2,382
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	342
Buildings and Improvements	2,382
Total	2,724
Accumulated Depreciation	149
Net Carrying Amount	2,575
Cleveland [Member] | TENNESSEE | Hotel
Initial Cost
Encumbrances	2,069
Land	365
Buildings and Improvements	2,076
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	365
Buildings and Improvements	2,076
Total	2,441
Accumulated Depreciation	167
Net Carrying Amount	2,274
Columbi [Member] | TENNESSEE | Hotel
Initial Cost
Encumbrances	4,059
Land	563
Buildings and Improvements	4,146
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	563
Buildings and Improvements	4,146
Total	4,709
Accumulated Depreciation	232
Net Carrying Amount	4,477
Decher [Member] | TENNESSEE | Hotel
Initial Cost
Encumbrances	1,657
Land	583
Buildings and Improvements	1,283
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	583
Buildings and Improvements	1,283
Total	1,866
Accumulated Depreciation	83
Net Carrying Amount	1,783
Gallatin [Member] | TENNESSEE | Hotel
Initial Cost
Encumbrances	3,194
Land	382
Buildings and Improvements	3,351
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	382
Buildings and Improvements	3,351
Total	3,733
Accumulated Depreciation	201
Net Carrying Amount	3,532
Greeneville [Member] | TENNESSEE | Hotel
Initial Cost
Encumbrances	2,220
Land	390
Buildings and Improvements	2,191
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	390
Buildings and Improvements	2,191
Total	2,581
Accumulated Depreciation	140
Net Carrying Amount	2,441
Harrisonburg [Member] | VIRGINIA | Hotel
Initial Cost
Encumbrances	2,529
Land	404
Buildings and Improvements	2,531
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	404
Buildings and Improvements	2,531
Total	2,935
Accumulated Depreciation	151
Net Carrying Amount	2,784
Martinsville [Member] | VIRGINIA | Hotel
Initial Cost
Encumbrances	2,479
Land	231
Buildings and Improvements	2,665
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	231
Buildings and Improvements	2,665
Total	2,896
Accumulated Depreciation	147
Net Carrying Amount	2,749
North 48th Ave. 1 | ARIZONA | Industrial
Initial Cost
Encumbrances	2,413
Land	1,133
Buildings and Improvements	2,508
Costs Capitalized	40
Gross Cost Basis at December 31, 2015
Land	1,133
Buildings and Improvements	2,548
Total	3,681
Accumulated Depreciation	117
Net Carrying Amount	3,564
North 48th Ave. 2 | ARIZONA | Industrial
Initial Cost
Encumbrances	350
Land	209
Buildings and Improvements	373
Costs Capitalized	17
Gross Cost Basis at December 31, 2015
Land	209
Buildings and Improvements	390
Total	599
Accumulated Depreciation	16
Net Carrying Amount	583
North 48th Ave. 3 | ARIZONA | Industrial
Initial Cost
Encumbrances	2,378
Land	1,133
Buildings and Improvements	2,248
Costs Capitalized	354
Gross Cost Basis at December 31, 2015
Land	1,133
Buildings and Improvements	2,602
Total	3,735
Accumulated Depreciation	207
Net Carrying Amount	3,528
North 48th Ave. 4 | ARIZONA | Industrial
Initial Cost
Encumbrances	666
Land	291
Buildings and Improvements	747
Costs Capitalized	10
Gross Cost Basis at December 31, 2015
Land	291
Buildings and Improvements	757
Total	1,048
Accumulated Depreciation	31
Net Carrying Amount	1,017
North 48th Ave. 5 | ARIZONA | Industrial
Initial Cost
Encumbrances	523
Land	240
Buildings and Improvements	633
Costs Capitalized	22
Gross Cost Basis at December 31, 2015
Land	240
Buildings and Improvements	655
Total	895
Accumulated Depreciation	26
Net Carrying Amount	869
Granite Commerce Center [Member] | ARIZONA | Industrial
Initial Cost
Encumbrances	0
Land	4,469
Buildings and Improvements	26,429
Costs Capitalized	53
Gross Cost Basis at December 31, 2015
Land	4,469
Buildings and Improvements	26,482
Total	30,951
Accumulated Depreciation	100
Net Carrying Amount	30,851
Lincoln Commerce Park [Member] | ARIZONA | Industrial
Initial Cost
Encumbrances	4,900
Land	3,555
Buildings and Improvements	31,802
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	3,555
Buildings and Improvements	31,802
Total	35,357
Accumulated Depreciation	39
Net Carrying Amount	35,318
South 15th | ARIZONA | Industrial
Initial Cost
Encumbrances	7,220
Land	1,668
Buildings and Improvements	6,891
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,668
Buildings and Improvements	6,891
Total	8,559
Accumulated Depreciation	231
Net Carrying Amount	8,328
South 48th Ave. | ARIZONA | Industrial
Initial Cost
Encumbrances	2,492
Land	1,196
Buildings and Improvements	2,642
Costs Capitalized	14
Gross Cost Basis at December 31, 2015
Land	1,196
Buildings and Improvements	2,656
Total	3,852
Accumulated Depreciation	116
Net Carrying Amount	3,736
South Palo Verde | ARIZONA | Industrial
Initial Cost
Encumbrances	5,605
Land	1,193
Buildings and Improvements	6,277
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,193
Buildings and Improvements	6,277
Total	7,470
Accumulated Depreciation	258
Net Carrying Amount	7,212
West Fairmont | ARIZONA | Industrial
Initial Cost
Encumbrances	1,474
Land	439
Buildings and Improvements	1,904
Costs Capitalized	63
Gross Cost Basis at December 31, 2015
Land	439
Buildings and Improvements	1,967
Total	2,406
Accumulated Depreciation	87
Net Carrying Amount	2,319
Mission Business Park [Member] | ARIZONA | Industrial
Initial Cost
Encumbrances	17,800
Land	2,036
Buildings and Improvements	15,120
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	2,036
Buildings and Improvements	15,120
Total	17,156
Accumulated Depreciation	21
Net Carrying Amount	17,135
Denver Business Center | COLORADO | Industrial
Initial Cost
Encumbrances	4,129
Land	1,342
Buildings and Improvements	5,610
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,342
Buildings and Improvements	5,610
Total	6,952
Accumulated Depreciation	209
Net Carrying Amount	6,743
Denver Business Center No. 5 | COLORADO | Industrial
Initial Cost
Encumbrances	9,560
Land	2,227
Buildings and Improvements	11,761
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	2,227
Buildings and Improvements	11,761
Total	13,988
Accumulated Depreciation	411
Net Carrying Amount	13,577
East 51st Avenue | COLORADO | Industrial
Initial Cost
Encumbrances	3,257
Land	946
Buildings and Improvements	3,580
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	946
Buildings and Improvements	3,580
Total	4,526
Accumulated Depreciation	133
Net Carrying Amount	4,393
Moline Distribution Center | COLORADO | Industrial
Initial Cost
Encumbrances	4,016
Land	1,045
Buildings and Improvements	4,039
Costs Capitalized	14
Gross Cost Basis at December 31, 2015
Land	1,045
Buildings and Improvements	4,053
Total	5,098
Accumulated Depreciation	153
Net Carrying Amount	4,945
Moncrieff Distribution Center | COLORADO | Industrial
Initial Cost
Encumbrances	6,072
Land	1,501
Buildings and Improvements	6,674
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,501
Buildings and Improvements	6,674
Total	8,175
Accumulated Depreciation	237
Net Carrying Amount	7,938
Odessa Way | COLORADO | Industrial
Initial Cost
Encumbrances	5,535
Land	1,477
Buildings and Improvements	5,653
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,477
Buildings and Improvements	5,653
Total	7,130
Accumulated Depreciation	231
Net Carrying Amount	6,899
West 53rd Place | COLORADO | Industrial
Initial Cost
Encumbrances	7,774
Land	2,161
Buildings and Improvements	7,748
Costs Capitalized	205
Gross Cost Basis at December 31, 2015
Land	2,161
Buildings and Improvements	7,953
Total	10,114
Accumulated Depreciation	305
Net Carrying Amount	9,809
West Evans | COLORADO | Industrial
Initial Cost
Encumbrances	3,488
Land	657
Buildings and Improvements	3,826
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	657
Buildings and Improvements	3,826
Total	4,483
Accumulated Depreciation	136
Net Carrying Amount	4,347
Chancellor Drive | FLORIDA | Industrial
Initial Cost
Encumbrances	8,473
Land	2,166
Buildings and Improvements	10,016
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	2,166
Buildings and Improvements	10,016
Total	12,182
Accumulated Depreciation	403
Net Carrying Amount	11,779
Kingspointe Parkway | FLORIDA | Industrial
Initial Cost
Encumbrances	7,475
Land	2,148
Buildings and Improvements	8,578
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	2,148
Buildings and Improvements	8,578
Total	10,726
Accumulated Depreciation	394
Net Carrying Amount	10,332
La Quinta Drive | FLORIDA | Industrial
Initial Cost
Encumbrances	5,177
Land	1,811
Buildings and Improvements	6,678
Costs Capitalized	59
Gross Cost Basis at December 31, 2015
Land	1,811
Buildings and Improvements	6,737
Total	8,548
Accumulated Depreciation	278
Net Carrying Amount	8,270
123rd Circle North | FLORIDA | Industrial
Initial Cost
Encumbrances	3,982
Land	370
Buildings and Improvements	4,378
Costs Capitalized	56
Gross Cost Basis at December 31, 2015
Land	370
Buildings and Improvements	4,434
Total	4,804
Accumulated Depreciation	144
Net Carrying Amount	4,660
Corporex Drive | FLORIDA | Industrial
Initial Cost
Encumbrances	4,526
Land	968
Buildings and Improvements	4,993
Costs Capitalized	24
Gross Cost Basis at December 31, 2015
Land	968
Buildings and Improvements	5,017
Total	5,985
Accumulated Depreciation	239
Net Carrying Amount	5,746
Eastgate Distribution Center | FLORIDA | Industrial
Initial Cost
Encumbrances	9,622
Land	1,396
Buildings and Improvements	11,268
Costs Capitalized	119
Gross Cost Basis at December 31, 2015
Land	1,396
Buildings and Improvements	11,387
Total	12,783
Accumulated Depreciation	440
Net Carrying Amount	12,343
New Tampa Commerce Center | FLORIDA | Industrial
Initial Cost
Encumbrances	11,768
Land	1,544
Buildings and Improvements	11,499
Costs Capitalized	31
Gross Cost Basis at December 31, 2015
Land	1,544
Buildings and Improvements	11,530
Total	13,074
Accumulated Depreciation	552
Net Carrying Amount	12,522
Shiloh Road 1 [Member] | GEORGIA | Industrial
Initial Cost
Encumbrances	102
Land	626
Buildings and Improvements	4,765
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	626
Buildings and Improvements	4,765
Total	5,391
Accumulated Depreciation	93
Net Carrying Amount	5,298
Shiloh Road 2 [Member] | GEORGIA | Industrial
Initial Cost
Encumbrances	137
Land	614
Buildings and Improvements	6,655
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	614
Buildings and Improvements	6,655
Total	7,269
Accumulated Depreciation	128
Net Carrying Amount	7,141
Shiloh Road 3 [Member] | GEORGIA | Industrial
Initial Cost
Encumbrances	141
Land	615
Buildings and Improvements	6,894
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	615
Buildings and Improvements	6,894
Total	7,509
Accumulated Depreciation	124
Net Carrying Amount	7,385
Shiloh Road 4 [Member] | GEORGIA | Industrial
Initial Cost
Encumbrances	157
Land	772
Buildings and Improvements	7,547
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	772
Buildings and Improvements	7,547
Total	8,319
Accumulated Depreciation	130
Net Carrying Amount	8,189
Shiloh Road 5 [Member] | GEORGIA | Industrial
Initial Cost
Encumbrances	213
Land	952
Buildings and Improvements	10,364
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	952
Buildings and Improvements	10,364
Total	11,316
Accumulated Depreciation	181
Net Carrying Amount	11,135
Shiloh Road 6 [Member] | GEORGIA | Industrial
Initial Cost
Encumbrances	133
Land	693
Buildings and Improvements	6,364
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	693
Buildings and Improvements	6,364
Total	7,057
Accumulated Depreciation	127
Net Carrying Amount	6,930
Shiloh Road 7 [Member] | GEORGIA | Industrial
Initial Cost
Encumbrances	147
Land	910
Buildings and Improvements	6,892
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	910
Buildings and Improvements	6,892
Total	7,802
Accumulated Depreciation	124
Net Carrying Amount	7,678
Atlanta Industrial Parkway 1 | GEORGIA | Industrial
Initial Cost
Encumbrances	810
Land	331
Buildings and Improvements	988
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	331
Buildings and Improvements	988
Total	1,319
Accumulated Depreciation	49
Net Carrying Amount	1,270
Atlanta Industrial Parkway 2 | GEORGIA | Industrial
Initial Cost
Encumbrances	2,335
Land	758
Buildings and Improvements	2,037
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	758
Buildings and Improvements	2,037
Total	2,795
Accumulated Depreciation	104
Net Carrying Amount	2,691
Atlanta Industrial Parkway 3 | GEORGIA | Industrial
Initial Cost
Encumbrances	353
Land	263
Buildings and Improvements	325
Costs Capitalized	50
Gross Cost Basis at December 31, 2015
Land	263
Buildings and Improvements	375
Total	638
Accumulated Depreciation	25
Net Carrying Amount	613
Atlanta Industrial Parkway 4 | GEORGIA | Industrial
Initial Cost
Encumbrances	2,865
Land	886
Buildings and Improvements	3,249
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	886
Buildings and Improvements	3,249
Total	4,135
Accumulated Depreciation	150
Net Carrying Amount	3,985
Atlanta Industrial Parkway 5 | GEORGIA | Industrial
Initial Cost
Encumbrances	2,114
Land	769
Buildings and Improvements	3,057
Costs Capitalized	43
Gross Cost Basis at December 31, 2015
Land	769
Buildings and Improvements	3,100
Total	3,869
Accumulated Depreciation	133
Net Carrying Amount	3,736
Atwater Court 1 | GEORGIA | Industrial
Initial Cost
Encumbrances	2,527
Land	625
Buildings and Improvements	3,444
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	625
Buildings and Improvements	3,444
Total	4,069
Accumulated Depreciation	165
Net Carrying Amount	3,904
Atwater Court 2 | GEORGIA | Industrial
Initial Cost
Encumbrances	1,978
Land	485
Buildings and Improvements	2,367
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	485
Buildings and Improvements	2,367
Total	2,852
Accumulated Depreciation	115
Net Carrying Amount	2,737
Boatrock Blvd 1 | GEORGIA | Industrial
Initial Cost
Encumbrances	1,364
Land	424
Buildings and Improvements	1,744
Costs Capitalized	77
Gross Cost Basis at December 31, 2015
Land	424
Buildings and Improvements	1,821
Total	2,245
Accumulated Depreciation	66
Net Carrying Amount	2,179
Boatrock Blvd 2 | GEORGIA | Industrial
Initial Cost
Encumbrances	707
Land	260
Buildings and Improvements	796
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	260
Buildings and Improvements	796
Total	1,056
Accumulated Depreciation	35
Net Carrying Amount	1,021
Boatrock Blvd 3 | GEORGIA | Industrial
Initial Cost
Encumbrances	667
Land	205
Buildings and Improvements	689
Costs Capitalized	30
Gross Cost Basis at December 31, 2015
Land	205
Buildings and Improvements	719
Total	924
Accumulated Depreciation	30
Net Carrying Amount	894
Brook Hollow Distribution Center | GEORGIA | Industrial
Initial Cost
Encumbrances	10,141
Land	1,858
Buildings and Improvements	13,768
Costs Capitalized	121
Gross Cost Basis at December 31, 2015
Land	1,858
Buildings and Improvements	13,889
Total	15,747
Accumulated Depreciation	533
Net Carrying Amount	15,214
Buford Highway | GEORGIA | Industrial
Initial Cost
Encumbrances	7,095
Land	1,208
Buildings and Improvements	9,274
Costs Capitalized	182
Gross Cost Basis at December 31, 2015
Land	1,208
Buildings and Improvements	9,456
Total	10,664
Accumulated Depreciation	336
Net Carrying Amount	10,328
Button Gwinnett | GEORGIA | Industrial
Initial Cost
Encumbrances	6,282
Land	1,128
Buildings and Improvements	8,628
Costs Capitalized	20
Gross Cost Basis at December 31, 2015
Land	1,128
Buildings and Improvements	8,648
Total	9,776
Accumulated Depreciation	321
Net Carrying Amount	9,455
Cedars Road | GEORGIA | Industrial
Initial Cost
Encumbrances	5,776
Land	1,212
Buildings and Improvements	5,833
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,212
Buildings and Improvements	5,833
Total	7,045
Accumulated Depreciation	253
Net Carrying Amount	6,792
Cobb Parkway | GEORGIA | Industrial
Initial Cost
Encumbrances	5,408
Land	815
Buildings and Improvements	6,187
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	815
Buildings and Improvements	6,187
Total	7,002
Accumulated Depreciation	273
Net Carrying Amount	6,729
Commerce Drive 1 | GEORGIA | Industrial
Initial Cost
Encumbrances	2,371
Land	467
Buildings and Improvements	3,077
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	467
Buildings and Improvements	3,077
Total	3,544
Accumulated Depreciation	143
Net Carrying Amount	3,401
Commerce Drive 2 | GEORGIA | Industrial
Initial Cost
Encumbrances	2,412
Land	402
Buildings and Improvements	3,084
Costs Capitalized	25
Gross Cost Basis at December 31, 2015
Land	402
Buildings and Improvements	3,109
Total	3,511
Accumulated Depreciation	129
Net Carrying Amount	3,382
Commerce Drive 3 | GEORGIA | Industrial
Initial Cost
Encumbrances	2,327
Land	529
Buildings and Improvements	2,849
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	529
Buildings and Improvements	2,849
Total	3,378
Accumulated Depreciation	123
Net Carrying Amount	3,255
Commerce Park | GEORGIA | Industrial
Initial Cost
Encumbrances	3,137
Land	309
Buildings and Improvements	3,670
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	309
Buildings and Improvements	3,670
Total	3,979
Accumulated Depreciation	124
Net Carrying Amount	3,855
Commerce Way | GEORGIA | Industrial
Initial Cost
Encumbrances	2,093
Land	309
Buildings and Improvements	2,878
Costs Capitalized	25
Gross Cost Basis at December 31, 2015
Land	309
Buildings and Improvements	2,903
Total	3,212
Accumulated Depreciation	102
Net Carrying Amount	3,110
Corporate Drive 2 | GEORGIA | Industrial
Initial Cost
Encumbrances	3,292
Land	366
Buildings and Improvements	4,447
Costs Capitalized	37
Gross Cost Basis at December 31, 2015
Land	366
Buildings and Improvements	4,484
Total	4,850
Accumulated Depreciation	167
Net Carrying Amount	4,683
Delk Road | GEORGIA | Industrial
Initial Cost
Encumbrances	2,367
Land	264
Buildings and Improvements	2,598
Costs Capitalized	11
Gross Cost Basis at December 31, 2015
Land	264
Buildings and Improvements	2,609
Total	2,873
Accumulated Depreciation	100
Net Carrying Amount	2,773
Frederick Drive | GEORGIA | Industrial
Initial Cost
Encumbrances	1,645
Land	695
Buildings and Improvements	1,783
Costs Capitalized	59
Gross Cost Basis at December 31, 2015
Land	695
Buildings and Improvements	1,842
Total	2,537
Accumulated Depreciation	85
Net Carrying Amount	2,452
Fulton | GEORGIA | Industrial
Initial Cost
Encumbrances	1,211
Land	584
Buildings and Improvements	1,341
Costs Capitalized	18
Gross Cost Basis at December 31, 2015
Land	584
Buildings and Improvements	1,359
Total	1,943
Accumulated Depreciation	59
Net Carrying Amount	1,884
Great Southwest Pkwy 4 | GEORGIA | Industrial
Initial Cost
Encumbrances	620
Land	276
Buildings and Improvements	400
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	276
Buildings and Improvements	400
Total	676
Accumulated Depreciation	24
Net Carrying Amount	652
Great Southwest Pkwy 5 | GEORGIA | Industrial
Initial Cost
Encumbrances	688
Land	188
Buildings and Improvements	975
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	188
Buildings and Improvements	975
Total	1,163
Accumulated Depreciation	41
Net Carrying Amount	1,122
Hamilton Mill Business Center | GEORGIA | Industrial
Initial Cost
Encumbrances	6,099
Land	1,002
Buildings and Improvements	8,629
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,002
Buildings and Improvements	8,629
Total	9,631
Accumulated Depreciation	310
Net Carrying Amount	9,321
Interstate West Parkway | GEORGIA | Industrial
Initial Cost
Encumbrances	2,259
Land	700
Buildings and Improvements	3,217
Costs Capitalized	29
Gross Cost Basis at December 31, 2015
Land	700
Buildings and Improvements	3,246
Total	3,946
Accumulated Depreciation	137
Net Carrying Amount	3,809
Loyola Drive | GEORGIA | Industrial
Initial Cost
Encumbrances	1,438
Land	533
Buildings and Improvements	2,018
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	533
Buildings and Improvements	2,018
Total	2,551
Accumulated Depreciation	91
Net Carrying Amount	2,460
Meadows at Bluegrass X [Member] | GEORGIA | Industrial
Initial Cost
Encumbrances	0
Land	784
Buildings and Improvements	9,036
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	784
Buildings and Improvements	9,036
Total	9,820
Accumulated Depreciation	60
Net Carrying Amount	9,760
Meca Way | GEORGIA | Industrial
Initial Cost
Encumbrances	2,730
Land	420
Buildings and Improvements	3,536
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	420
Buildings and Improvements	3,536
Total	3,956
Accumulated Depreciation	119
Net Carrying Amount	3,837
Northwest Pkwy 1 | GEORGIA | Industrial
Initial Cost
Encumbrances	2,026
Land	281
Buildings and Improvements	3,099
Costs Capitalized	56
Gross Cost Basis at December 31, 2015
Land	281
Buildings and Improvements	3,155
Total	3,436
Accumulated Depreciation	124
Net Carrying Amount	3,312
Northwest Pkwy 2 | GEORGIA | Industrial
Initial Cost
Encumbrances	3,547
Land	437
Buildings and Improvements	5,445
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	437
Buildings and Improvements	5,445
Total	5,882
Accumulated Depreciation	201
Net Carrying Amount	5,681
Oakbrook 1 | GEORGIA | Industrial
Initial Cost
Encumbrances	2,938
Land	502
Buildings and Improvements	3,028
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	502
Buildings and Improvements	3,028
Total	3,530
Accumulated Depreciation	137
Net Carrying Amount	3,393
Oakbrook 2 | GEORGIA | Industrial
Initial Cost
Encumbrances	2,613
Land	468
Buildings and Improvements	2,886
Costs Capitalized	38
Gross Cost Basis at December 31, 2015
Land	468
Buildings and Improvements	2,924
Total	3,392
Accumulated Depreciation	122
Net Carrying Amount	3,270
Oakbrook 3 | GEORGIA | Industrial
Initial Cost
Encumbrances	2,366
Land	529
Buildings and Improvements	3,134
Costs Capitalized	111
Gross Cost Basis at December 31, 2015
Land	529
Buildings and Improvements	3,245
Total	3,774
Accumulated Depreciation	136
Net Carrying Amount	3,638
Oakbrook 4 | GEORGIA | Industrial
Initial Cost
Encumbrances	4,848
Land	684
Buildings and Improvements	5,310
Costs Capitalized	73
Gross Cost Basis at December 31, 2015
Land	684
Buildings and Improvements	5,383
Total	6,067
Accumulated Depreciation	205
Net Carrying Amount	5,862
Oakbrook Summit | GEORGIA | Industrial
Initial Cost
Encumbrances	10,398
Land	1,443
Buildings and Improvements	12,267
Costs Capitalized	155
Gross Cost Basis at December 31, 2015
Land	1,443
Buildings and Improvements	12,422
Total	13,865
Accumulated Depreciation	493
Net Carrying Amount	13,372
Old Peachtree Road | GEORGIA | Industrial
Initial Cost
Encumbrances	2,916
Land	611
Buildings and Improvements	3,535
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	611
Buildings and Improvements	3,535
Total	4,146
Accumulated Depreciation	161
Net Carrying Amount	3,985
Peachtree Business Center | GEORGIA | Industrial
Initial Cost
Encumbrances	11,471
Land	1,472
Buildings and Improvements	14,312
Costs Capitalized	266
Gross Cost Basis at December 31, 2015
Land	1,472
Buildings and Improvements	14,578
Total	16,050
Accumulated Depreciation	520
Net Carrying Amount	15,530
Phillip Lee Drive | GEORGIA | Industrial
Initial Cost
Encumbrances	2,284
Land	700
Buildings and Improvements	3,072
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	700
Buildings and Improvements	3,072
Total	3,772
Accumulated Depreciation	119
Net Carrying Amount	3,653
Pickens | GEORGIA | Industrial
Initial Cost
Encumbrances	3,225
Land	452
Buildings and Improvements	4,688
Costs Capitalized	64
Gross Cost Basis at December 31, 2015
Land	452
Buildings and Improvements	4,752
Total	5,204
Accumulated Depreciation	168
Net Carrying Amount	5,036
Progress Center | GEORGIA | Industrial
Initial Cost
Encumbrances	4,946
Land	1,119
Buildings and Improvements	5,203
Costs Capitalized	29
Gross Cost Basis at December 31, 2015
Land	1,119
Buildings and Improvements	5,232
Total	6,351
Accumulated Depreciation	221
Net Carrying Amount	6,130
Satellite 1 | GEORGIA | Industrial
Initial Cost
Encumbrances	6,122
Land	1,338
Buildings and Improvements	7,492
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,338
Buildings and Improvements	7,492
Total	8,830
Accumulated Depreciation	313
Net Carrying Amount	8,517
Satellite 2 | GEORGIA | Industrial
Initial Cost
Encumbrances	6,476
Land	1,179
Buildings and Improvements	7,720
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,179
Buildings and Improvements	7,720
Total	8,899
Accumulated Depreciation	295
Net Carrying Amount	8,604
Satellite 3 | GEORGIA | Industrial
Initial Cost
Encumbrances	4,431
Land	651
Buildings and Improvements	4,526
Costs Capitalized	37
Gross Cost Basis at December 31, 2015
Land	651
Buildings and Improvements	4,563
Total	5,214
Accumulated Depreciation	203
Net Carrying Amount	5,011
Satellite 4 | GEORGIA | Industrial
Initial Cost
Encumbrances	5,240
Land	799
Buildings and Improvements	6,505
Costs Capitalized	26
Gross Cost Basis at December 31, 2015
Land	799
Buildings and Improvements	6,531
Total	7,330
Accumulated Depreciation	268
Net Carrying Amount	7,062
Satellite 5 | GEORGIA | Industrial
Initial Cost
Encumbrances	4,845
Land	1,571
Buildings and Improvements	6,898
Costs Capitalized	100
Gross Cost Basis at December 31, 2015
Land	1,571
Buildings and Improvements	6,998
Total	8,569
Accumulated Depreciation	332
Net Carrying Amount	8,237
Shackleford Road | GEORGIA | Industrial
Initial Cost
Encumbrances	4,169
Land	668
Buildings and Improvements	4,607
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	668
Buildings and Improvements	4,607
Total	5,275
Accumulated Depreciation	170
Net Carrying Amount	5,105
Shawnee Industrial Way 1 | GEORGIA | Industrial
Initial Cost
Encumbrances	8,201
Land	1,239
Buildings and Improvements	10,789
Costs Capitalized	490
Gross Cost Basis at December 31, 2015
Land	1,239
Buildings and Improvements	11,279
Total	12,518
Accumulated Depreciation	386
Net Carrying Amount	12,132
Shawnee Industrial Way 2 | GEORGIA | Industrial
Initial Cost
Encumbrances	8,432
Land	1,382
Buildings and Improvements	8,202
Costs Capitalized	74
Gross Cost Basis at December 31, 2015
Land	1,382
Buildings and Improvements	8,276
Total	9,658
Accumulated Depreciation	305
Net Carrying Amount	9,353
Shawnee Ridge 1 | GEORGIA | Industrial
Initial Cost
Encumbrances	4,129
Land	893
Buildings and Improvements	5,320
Costs Capitalized	12
Gross Cost Basis at December 31, 2015
Land	893
Buildings and Improvements	5,332
Total	6,225
Accumulated Depreciation	218
Net Carrying Amount	6,007
Shawnee Ridge 2 | GEORGIA | Industrial
Initial Cost
Encumbrances	11,740
Land	2,749
Buildings and Improvements	18,011
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	2,749
Buildings and Improvements	18,011
Total	20,760
Accumulated Depreciation	709
Net Carrying Amount	20,051
Summit Ridge 1 | GEORGIA | Industrial
Initial Cost
Encumbrances	5,283
Land	1,437
Buildings and Improvements	6,439
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,437
Buildings and Improvements	6,439
Total	7,876
Accumulated Depreciation	299
Net Carrying Amount	7,577
Summit Ridge 2 | GEORGIA | Industrial
Initial Cost
Encumbrances	6,789
Land	1,144
Buildings and Improvements	6,682
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,144
Buildings and Improvements	6,682
Total	7,826
Accumulated Depreciation	252
Net Carrying Amount	7,574
Summit Ridge 3 | GEORGIA | Industrial
Initial Cost
Encumbrances	3,217
Land	659
Buildings and Improvements	4,155
Costs Capitalized	91
Gross Cost Basis at December 31, 2015
Land	659
Buildings and Improvements	4,246
Total	4,905
Accumulated Depreciation	167
Net Carrying Amount	4,738
Tradeport I | GEORGIA | Industrial
Initial Cost
Encumbrances	5,280
Land	1,059
Buildings and Improvements	6,317
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,059
Buildings and Improvements	6,317
Total	7,376
Accumulated Depreciation	296
Net Carrying Amount	7,080
Tradeport II | GEORGIA | Industrial
Initial Cost
Encumbrances	8,406
Land	765
Buildings and Improvements	9,922
Costs Capitalized	34
Gross Cost Basis at December 31, 2015
Land	765
Buildings and Improvements	9,956
Total	10,721
Accumulated Depreciation	317
Net Carrying Amount	10,404
Transwest Industrial Park | GEORGIA | Industrial
Initial Cost
Encumbrances	8,932
Land	2,687
Buildings and Improvements	13,189
Costs Capitalized	118
Gross Cost Basis at December 31, 2015
Land	2,687
Buildings and Improvements	13,307
Total	15,994
Accumulated Depreciation	560
Net Carrying Amount	15,434
Troon Circle 1 | GEORGIA | Industrial
Initial Cost
Encumbrances	3,839
Land	877
Buildings and Improvements	5,281
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	877
Buildings and Improvements	5,281
Total	6,158
Accumulated Depreciation	208
Net Carrying Amount	5,950
Troon Circle 2 | GEORGIA | Industrial
Initial Cost
Encumbrances	3,845
Land	729
Buildings and Improvements	5,022
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	729
Buildings and Improvements	5,022
Total	5,751
Accumulated Depreciation	200
Net Carrying Amount	5,551
Troon Circle 3 | GEORGIA | Industrial
Initial Cost
Encumbrances	4,097
Land	859
Buildings and Improvements	5,309
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	859
Buildings and Improvements	5,309
Total	6,168
Accumulated Depreciation	201
Net Carrying Amount	5,967
Troon Circle 4 | GEORGIA | Industrial
Initial Cost
Encumbrances	5,065
Land	992
Buildings and Improvements	6,533
Costs Capitalized	233
Gross Cost Basis at December 31, 2015
Land	992
Buildings and Improvements	6,766
Total	7,758
Accumulated Depreciation	262
Net Carrying Amount	7,496
122nd Street | ILLINOIS | Industrial
Initial Cost
Encumbrances	2,474
Land	1,213
Buildings and Improvements	2,786
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,213
Buildings and Improvements	2,786
Total	3,999
Accumulated Depreciation	127
Net Carrying Amount	3,872
171st Street | ILLINOIS | Industrial
Initial Cost
Encumbrances	1,995
Land	1,113
Buildings and Improvements	1,162
Costs Capitalized	24
Gross Cost Basis at December 31, 2015
Land	1,113
Buildings and Improvements	1,186
Total	2,299
Accumulated Depreciation	94
Net Carrying Amount	2,205
Armory 1 | ILLINOIS | Industrial
Initial Cost
Encumbrances	2,013
Land	835
Buildings and Improvements	1,052
Costs Capitalized	87
Gross Cost Basis at December 31, 2015
Land	835
Buildings and Improvements	1,139
Total	1,974
Accumulated Depreciation	77
Net Carrying Amount	1,897
Armory 2 | ILLINOIS | Industrial
Initial Cost
Encumbrances	828
Land	614
Buildings and Improvements	1,036
Costs Capitalized	83
Gross Cost Basis at December 31, 2015
Land	614
Buildings and Improvements	1,119
Total	1,733
Accumulated Depreciation	73
Net Carrying Amount	1,660
Austin Avenue | ILLINOIS | Industrial
Initial Cost
Encumbrances	3,312
Land	1,431
Buildings and Improvements	2,194
Costs Capitalized	256
Gross Cost Basis at December 31, 2015
Land	1,431
Buildings and Improvements	2,450
Total	3,881
Accumulated Depreciation	146
Net Carrying Amount	3,735
Corporate Drive 1 | ILLINOIS | Industrial
Initial Cost
Encumbrances	3,103
Land	730
Buildings and Improvements	3,667
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	730
Buildings and Improvements	3,667
Total	4,397
Accumulated Depreciation	221
Net Carrying Amount	4,176
Crosslink | ILLINOIS | Industrial
Initial Cost
Encumbrances	9,644
Land	1,531
Buildings and Improvements	9,267
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,531
Buildings and Improvements	9,267
Total	10,798
Accumulated Depreciation	381
Net Carrying Amount	10,417
Crystal Lake 1 | ILLINOIS | Industrial
Initial Cost
Encumbrances	4,873
Land	1,908
Buildings and Improvements	7,281
Costs Capitalized	24
Gross Cost Basis at December 31, 2015
Land	1,908
Buildings and Improvements	7,305
Total	9,213
Accumulated Depreciation	294
Net Carrying Amount	8,919
Crystal Lake 2 | ILLINOIS | Industrial
Initial Cost
Encumbrances	5,126
Land	1,501
Buildings and Improvements	6,012
Costs Capitalized	24
Gross Cost Basis at December 31, 2015
Land	1,501
Buildings and Improvements	6,036
Total	7,537
Accumulated Depreciation	245
Net Carrying Amount	7,292
Crystal Lake 3 | ILLINOIS | Industrial
Initial Cost
Encumbrances	5,334
Land	1,622
Buildings and Improvements	6,994
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,622
Buildings and Improvements	6,994
Total	8,616
Accumulated Depreciation	320
Net Carrying Amount	8,296
Crystal Lake 4 | ILLINOIS | Industrial
Initial Cost
Encumbrances	5,735
Land	1,525
Buildings and Improvements	5,749
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,525
Buildings and Improvements	5,749
Total	7,274
Accumulated Depreciation	250
Net Carrying Amount	7,024
East North Avenue | ILLINOIS | Industrial
Initial Cost
Encumbrances	2,608
Land	879
Buildings and Improvements	2,248
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	879
Buildings and Improvements	2,248
Total	3,127
Accumulated Depreciation	120
Net Carrying Amount	3,007
Exchange Avenue | ILLINOIS | Industrial
Initial Cost
Encumbrances	10,815
Land	2,977
Buildings and Improvements	5,501
Costs Capitalized	11
Gross Cost Basis at December 31, 2015
Land	2,977
Buildings and Improvements	5,512
Total	8,489
Accumulated Depreciation	544
Net Carrying Amount	7,945
Fenton | ILLINOIS | Industrial
Initial Cost
Encumbrances	5,237
Land	1,217
Buildings and Improvements	6,047
Costs Capitalized	12
Gross Cost Basis at December 31, 2015
Land	1,217
Buildings and Improvements	6,059
Total	7,276
Accumulated Depreciation	222
Net Carrying Amount	7,054
Frontenac 1 | ILLINOIS | Industrial
Initial Cost
Encumbrances	3,322
Land	784
Buildings and Improvements	3,490
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	784
Buildings and Improvements	3,490
Total	4,274
Accumulated Depreciation	139
Net Carrying Amount	4,135
Frontenac 2 | ILLINOIS | Industrial
Initial Cost
Encumbrances	1,408
Land	401
Buildings and Improvements	1,419
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	401
Buildings and Improvements	1,419
Total	1,820
Accumulated Depreciation	60
Net Carrying Amount	1,760
Glen Ellyn | ILLINOIS | Industrial
Initial Cost
Encumbrances	3,149
Land	1,035
Buildings and Improvements	2,656
Costs Capitalized	47
Gross Cost Basis at December 31, 2015
Land	1,035
Buildings and Improvements	2,703
Total	3,738
Accumulated Depreciation	125
Net Carrying Amount	3,613
Hammond | ILLINOIS | Industrial
Initial Cost
Encumbrances	1,841
Land	776
Buildings and Improvements	1,492
Costs Capitalized	13
Gross Cost Basis at December 31, 2015
Land	776
Buildings and Improvements	1,505
Total	2,281
Accumulated Depreciation	88
Net Carrying Amount	2,193
Harvester Road | ILLINOIS | Industrial
Initial Cost
Encumbrances	6,097
Land	2,260
Buildings and Improvements	5,477
Costs Capitalized	23
Gross Cost Basis at December 31, 2015
Land	2,260
Buildings and Improvements	5,500
Total	7,760
Accumulated Depreciation	256
Net Carrying Amount	7,504
Industrial Drive | ILLINOIS | Industrial
Initial Cost
Encumbrances	5,664
Land	1,102
Buildings and Improvements	6,848
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,102
Buildings and Improvements	6,848
Total	7,950
Accumulated Depreciation	244
Net Carrying Amount	7,706
Kingsland Drive | ILLINOIS | Industrial
Initial Cost
Encumbrances	2,913
Land	1,489
Buildings and Improvements	2,506
Costs Capitalized	19
Gross Cost Basis at December 31, 2015
Land	1,489
Buildings and Improvements	2,525
Total	4,014
Accumulated Depreciation	178
Net Carrying Amount	3,836
Kirk Road | ILLINOIS | Industrial
Initial Cost
Encumbrances	3,608
Land	1,787
Buildings and Improvements	4,062
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,787
Buildings and Improvements	4,062
Total	5,849
Accumulated Depreciation	232
Lunt Avenue | ILLINOIS | Industrial
Initial Cost
Encumbrances	1,863
Land	563
Buildings and Improvements	1,887
Costs Capitalized	49
Gross Cost Basis at December 31, 2015
Land	563
Buildings and Improvements	1,936
Total	2,499
Accumulated Depreciation	78
Net Carrying Amount	2,421
Mason Avenue | ILLINOIS | Industrial
Initial Cost
Encumbrances	2,663
Land	722
Buildings and Improvements	1,825
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	722
Buildings and Improvements	1,825
Total	2,547
Accumulated Depreciation	101
Net Carrying Amount	2,446
Meade Avenue | ILLINOIS | Industrial
Initial Cost
Encumbrances	682
Land	391
Buildings and Improvements	351
Costs Capitalized	35
Gross Cost Basis at December 31, 2015
Land	391
Buildings and Improvements	386
Total	777
Accumulated Depreciation	112
Net Carrying Amount	665
Mount Prospect Road | ILLINOIS | Industrial
Initial Cost
Encumbrances	4,657
Land	1,662
Buildings and Improvements	6,392
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,662
Buildings and Improvements	6,392
Total	8,054
Accumulated Depreciation	266
Net Carrying Amount	7,788
Northwest Avenue | ILLINOIS | Industrial
Initial Cost
Encumbrances	8,149
Land	1,758
Buildings and Improvements	10,016
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,758
Buildings and Improvements	10,016
Total	11,774
Accumulated Depreciation	346
Net Carrying Amount	11,428
Paramount Parkway 1 | ILLINOIS | Industrial
Initial Cost
Encumbrances	2,236
Land	506
Buildings and Improvements	2,284
Costs Capitalized	60
Gross Cost Basis at December 31, 2015
Land	506
Buildings and Improvements	2,344
Total	2,850
Accumulated Depreciation	87
Net Carrying Amount	2,763
Paramount Parkway 2 | ILLINOIS | Industrial
Initial Cost
Encumbrances	1,844
Land	523
Buildings and Improvements	1,812
Costs Capitalized	44
Gross Cost Basis at December 31, 2015
Land	523
Buildings and Improvements	1,856
Total	2,379
Accumulated Depreciation	85
Net Carrying Amount	2,294
Powis Road 1 | ILLINOIS | Industrial
Initial Cost
Encumbrances	4,027
Land	893
Buildings and Improvements	3,742
Costs Capitalized	21
Gross Cost Basis at December 31, 2015
Land	893
Buildings and Improvements	3,763
Total	4,656
Accumulated Depreciation	143
Net Carrying Amount	4,513
Powis Road 2 | ILLINOIS | Industrial
Initial Cost
Encumbrances	3,271
Land	1,071
Buildings and Improvements	3,801
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,071
Buildings and Improvements	3,801
Total	4,872
Accumulated Depreciation	187
Net Carrying Amount	4,685
Territorial Court | ILLINOIS | Industrial
Initial Cost
Encumbrances	3,734
Land	531
Buildings and Improvements	3,919
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	531
Buildings and Improvements	3,919
Total	4,450
Accumulated Depreciation	142
Net Carrying Amount	4,308
Tollgate Road | ILLINOIS | Industrial
Initial Cost
Encumbrances	3,682
Land	756
Buildings and Improvements	4,029
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	756
Buildings and Improvements	4,029
Total	4,785
Accumulated Depreciation	145
Net Carrying Amount	4,640
Continental Can | KANSAS | Industrial
Initial Cost
Encumbrances	5,707
Land	790
Buildings and Improvements	6,277
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	790
Buildings and Improvements	6,277
Total	7,067
Accumulated Depreciation	221
Net Carrying Amount	6,846
Hollins Ferry Road [Member] | MARYLAND | Industrial
Initial Cost
Encumbrances	0
Land	1,467
Buildings and Improvements	6,714
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,467
Buildings and Improvements	6,714
Total	8,181
Accumulated Depreciation	196
Net Carrying Amount	7,985
Wellmoor Court [Member] | MARYLAND | Industrial
Initial Cost
Encumbrances	0
Land	2,173
Buildings and Improvements	5,635
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	2,173
Buildings and Improvements	5,635
Total	7,808
Accumulated Depreciation	165
Net Carrying Amount	7,643
31st Avenue | MINNESOTA | Industrial
Initial Cost
Encumbrances	8,168
Land	1,515
Buildings and Improvements	9,054
Costs Capitalized	262
Gross Cost Basis at December 31, 2015
Land	1,515
Buildings and Improvements	9,316
Total	10,831
Accumulated Depreciation	397
Net Carrying Amount	10,434
Armstrong 1 | MINNESOTA | Industrial
Initial Cost
Encumbrances	6,928
Land	984
Buildings and Improvements	8,489
Costs Capitalized	128
Gross Cost Basis at December 31, 2015
Land	984
Buildings and Improvements	8,617
Total	9,601
Accumulated Depreciation	353
Net Carrying Amount	9,248
Armstrong 2 | MINNESOTA | Industrial
Initial Cost
Encumbrances	7,155
Land	891
Buildings and Improvements	8,035
Costs Capitalized	328
Gross Cost Basis at December 31, 2015
Land	891
Buildings and Improvements	8,363
Total	9,254
Accumulated Depreciation	296
Net Carrying Amount	8,958
Aspen Distribution | MINNESOTA | Industrial
Initial Cost
Encumbrances	3,326
Land	1,022
Buildings and Improvements	2,763
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,022
Buildings and Improvements	2,763
Total	3,785
Accumulated Depreciation	164
Net Carrying Amount	3,621
Diamond Lake Industrial Center II | MINNESOTA | Industrial
Initial Cost
Encumbrances	2,788
Land	729
Buildings and Improvements	2,716
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	729
Buildings and Improvements	2,716
Total	3,445
Accumulated Depreciation	140
Net Carrying Amount	3,305
Enterprise Drive [Member] | MINNESOTA | Industrial
Initial Cost
Encumbrances	6,556
Land	1,500
Buildings and Improvements	8,487
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,500
Buildings and Improvements	8,487
Total	9,987
Accumulated Depreciation	327
Net Carrying Amount	9,660
Fridley Industrial Park | MINNESOTA | Industrial
Initial Cost
Encumbrances	8,483
Land	971
Buildings and Improvements	9,429
Costs Capitalized	26
Gross Cost Basis at December 31, 2015
Land	971
Buildings and Improvements	9,455
Total	10,426
Accumulated Depreciation	309
Net Carrying Amount	10,117
Hampshire Avenue South 1 [Member] | MINNESOTA | Industrial
Initial Cost
Encumbrances	5,937
Land	1,427
Buildings and Improvements	8,564
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,427
Buildings and Improvements	8,564
Total	9,991
Accumulated Depreciation	318
Net Carrying Amount	9,673
Hampshire Avenue South 2 [Member] | MINNESOTA | Industrial
Initial Cost
Encumbrances	6,318
Land	1,406
Buildings and Improvements	8,037
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,406
Buildings and Improvements	8,037
Total	9,443
Accumulated Depreciation	320
Net Carrying Amount	9,123
Midway Distribution Center | MINNESOTA | Industrial
Initial Cost
Encumbrances	11,003
Land	1,863
Buildings and Improvements	11,771
Costs Capitalized	250
Gross Cost Basis at December 31, 2015
Land	1,863
Buildings and Improvements	12,021
Total	13,884
Accumulated Depreciation	455
Net Carrying Amount	13,429
North Nathan Lane [Member] | MINNESOTA | Industrial
Initial Cost
Encumbrances	7,844
Land	2,660
Buildings and Improvements	10,417
Costs Capitalized	65
Gross Cost Basis at December 31, 2015
Land	2,660
Buildings and Improvements	10,482
Total	13,142
Accumulated Depreciation	448
Net Carrying Amount	12,694
South Diamond Lake | MINNESOTA | Industrial
Initial Cost
Encumbrances	3,976
Land	666
Buildings and Improvements	3,473
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	666
Buildings and Improvements	3,473
Total	4,139
Accumulated Depreciation	147
Net Carrying Amount	3,992
Twinlakes I | MINNESOTA | Industrial
Initial Cost
Encumbrances	2,565
Land	830
Buildings and Improvements	2,448
Costs Capitalized	362
Gross Cost Basis at December 31, 2015
Land	830
Buildings and Improvements	2,810
Total	3,640
Accumulated Depreciation	145
Net Carrying Amount	3,495
Airworld Building 1 | MISSOURI | Industrial
Initial Cost
Encumbrances	4,502
Land	893
Buildings and Improvements	5,691
Costs Capitalized	952
Gross Cost Basis at December 31, 2015
Land	893
Buildings and Improvements	6,643
Total	7,536
Accumulated Depreciation	299
Net Carrying Amount	7,237
Airworld Building 2 | MISSOURI | Industrial
Initial Cost
Encumbrances	4,618
Land	748
Buildings and Improvements	5,069
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	748
Buildings and Improvements	5,069
Total	5,817
Accumulated Depreciation	201
Net Carrying Amount	5,616
Airworld 107th Terrace | MISSOURI | Industrial
Initial Cost
Encumbrances	2,856
Land	600
Buildings and Improvements	3,407
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	600
Buildings and Improvements	3,407
Total	4,007
Accumulated Depreciation	166
Net Carrying Amount	3,841
Levee | MISSOURI | Industrial
Initial Cost
Encumbrances	5,598
Land	1,387
Buildings and Improvements	4,413
Costs Capitalized	229
Gross Cost Basis at December 31, 2015
Land	1,387
Buildings and Improvements	4,642
Total	6,029
Accumulated Depreciation	227
Net Carrying Amount	5,802
North Topping Avenue | MISSOURI | Industrial
Initial Cost
Encumbrances	2,946
Land	713
Buildings and Improvements	3,256
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	713
Buildings and Improvements	3,256
Total	3,969
Accumulated Depreciation	151
Net Carrying Amount	3,818
Quebec | MISSOURI | Industrial
Initial Cost
Encumbrances	7,159
Land	1,193
Buildings and Improvements	7,778
Costs Capitalized	221
Gross Cost Basis at December 31, 2015
Land	1,193
Buildings and Improvements	7,999
Total	9,192
Accumulated Depreciation	306
Net Carrying Amount	8,886
Saline | MISSOURI | Industrial
Initial Cost
Encumbrances	3,190
Land	676
Buildings and Improvements	2,955
Costs Capitalized	86
Gross Cost Basis at December 31, 2015
Land	676
Buildings and Improvements	3,041
Total	3,717
Accumulated Depreciation	147
Net Carrying Amount	3,570
Warren Street | MISSOURI | Industrial
Initial Cost
Encumbrances	6,216
Land	1,351
Buildings and Improvements	6,727
Costs Capitalized	38
Gross Cost Basis at December 31, 2015
Land	1,351
Buildings and Improvements	6,765
Total	8,116
Accumulated Depreciation	286
Net Carrying Amount	7,830
Axminister | MISSOURI | Industrial
Initial Cost
Encumbrances	7,653
Land	1,328
Buildings and Improvements	8,468
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,328
Buildings and Improvements	8,468
Total	9,796
Accumulated Depreciation	334
Net Carrying Amount	9,462
Corporate Exchange | MISSOURI | Industrial
Initial Cost
Encumbrances	4,272
Land	835
Buildings and Improvements	3,479
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	835
Buildings and Improvements	3,479
Total	4,314
Accumulated Depreciation	177
Net Carrying Amount	4,137
Corporate Woods V | MISSOURI | Industrial
Initial Cost
Encumbrances	5,880
Land	1,348
Buildings and Improvements	5,724
Costs Capitalized	19
Gross Cost Basis at December 31, 2015
Land	1,348
Buildings and Improvements	5,743
Total	7,091
Accumulated Depreciation	253
Net Carrying Amount	6,838
Crossroads Industrial | MISSOURI | Industrial
Initial Cost
Encumbrances	2,576
Land	659
Buildings and Improvements	3,173
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	659
Buildings and Improvements	3,173
Total	3,832
Accumulated Depreciation	145
Net Carrying Amount	3,687
Mid-County Industrial Drive 1 | MISSOURI | Industrial
Initial Cost
Encumbrances	3,079
Land	587
Buildings and Improvements	2,439
Costs Capitalized	27
Gross Cost Basis at December 31, 2015
Land	587
Buildings and Improvements	2,466
Total	3,053
Accumulated Depreciation	105
Net Carrying Amount	2,948
Mid-County Industrial Drive 2 | MISSOURI | Industrial
Initial Cost
Encumbrances	2,955
Land	494
Buildings and Improvements	2,186
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	494
Buildings and Improvements	2,186
Total	2,680
Accumulated Depreciation	119
Net Carrying Amount	2,561
Rider Trail North | MISSOURI | Industrial
Initial Cost
Encumbrances	4,669
Land	1,448
Buildings and Improvements	5,650
Costs Capitalized	50
Gross Cost Basis at December 31, 2015
Land	1,448
Buildings and Improvements	5,700
Total	7,148
Accumulated Depreciation	265
Net Carrying Amount	6,883
Trane Distribution Center | MISSOURI | Industrial
Initial Cost
Encumbrances	10,032
Land	2,114
Buildings and Improvements	12,583
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	2,114
Buildings and Improvements	12,583
Total	14,697
Accumulated Depreciation	497
Net Carrying Amount	14,200
Bordentown-Hedding Road [Member] | NEW JERSEY | Industrial
Initial Cost
Encumbrances	0
Land	5,851
Buildings and Improvements	3,362
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	5,851
Buildings and Improvements	3,362
Total	9,213
Accumulated Depreciation	117
Net Carrying Amount	9,096
Mid-Atlantic Corp 1 | NEW JERSEY | Industrial
Initial Cost
Encumbrances	1,575
Land	279
Buildings and Improvements	2,260
Costs Capitalized	14
Gross Cost Basis at December 31, 2015
Land	279
Buildings and Improvements	2,274
Total	2,553
Accumulated Depreciation	84
Net Carrying Amount	2,469
Mid-Atlantic Corp 2 | NEW JERSEY | Industrial
Initial Cost
Encumbrances	2,185
Land	587
Buildings and Improvements	2,638
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	587
Buildings and Improvements	2,638
Total	3,225
Accumulated Depreciation	129
Net Carrying Amount	3,096
Mid-Atlantic Corp 3 | NEW JERSEY | Industrial
Initial Cost
Encumbrances	2,138
Land	264
Buildings and Improvements	2,530
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	264
Buildings and Improvements	2,530
Total	2,794
Accumulated Depreciation	105
Net Carrying Amount	2,689
Mid-Atlantic Corp 4 | NEW JERSEY | Industrial
Initial Cost
Encumbrances	2,626
Land	228
Buildings and Improvements	3,226
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	228
Buildings and Improvements	3,226
Total	3,454
Accumulated Depreciation	106
Net Carrying Amount	3,348
Mid-Atlantic Corp 5 | NEW JERSEY | Industrial
Initial Cost
Encumbrances	4,760
Land	736
Buildings and Improvements	7,158
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	736
Buildings and Improvements	7,158
Total	7,894
Accumulated Depreciation	296
Net Carrying Amount	7,598
Mid-Atlantic Corp 6 | NEW JERSEY | Industrial
Initial Cost
Encumbrances	1,382
Land	263
Buildings and Improvements	1,576
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	263
Buildings and Improvements	1,576
Total	1,839
Accumulated Depreciation	70
Net Carrying Amount	1,769
Mid-Atlantic Corp 7 | NEW JERSEY | Industrial
Initial Cost
Encumbrances	1,290
Land	283
Buildings and Improvements	2,334
Costs Capitalized	15
Gross Cost Basis at December 31, 2015
Land	283
Buildings and Improvements	2,349
Total	2,632
Accumulated Depreciation	101
Net Carrying Amount	2,531
Mid-Atlantic Corp 8 | NEW JERSEY | Industrial
Initial Cost
Encumbrances	1,902
Land	613
Buildings and Improvements	2,496
Costs Capitalized	391
Gross Cost Basis at December 31, 2015
Land	613
Buildings and Improvements	2,887
Total	3,500
Accumulated Depreciation	154
Net Carrying Amount	3,346
Mid-Atlantic Corp 9 | NEW JERSEY | Industrial
Initial Cost
Encumbrances	1,325
Land	546
Buildings and Improvements	1,615
Costs Capitalized	100
Gross Cost Basis at December 31, 2015
Land	546
Buildings and Improvements	1,715
Total	2,261
Accumulated Depreciation	102
Net Carrying Amount	2,159
Mid-Atlantic Corp 10 | NEW JERSEY | Industrial
Initial Cost
Encumbrances	2,116
Land	292
Buildings and Improvements	2,235
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	292
Buildings and Improvements	2,235
Total	2,527
Accumulated Depreciation	108
Net Carrying Amount	2,419
Mid-Atlantic Corp 11 | NEW JERSEY | Industrial
Initial Cost
Encumbrances	1,737
Land	316
Buildings and Improvements	2,225
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	316
Buildings and Improvements	2,225
Total	2,541
Accumulated Depreciation	100
Net Carrying Amount	2,441
Mid-Atlantic Corp 12 | NEW JERSEY | Industrial
Initial Cost
Encumbrances	2,416
Land	511
Buildings and Improvements	3,140
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	511
Buildings and Improvements	3,140
Total	3,651
Accumulated Depreciation	195
Net Carrying Amount	3,456
Connecticut | NEW JERSEY | Industrial
Initial Cost
Encumbrances	1,947
Land	662
Buildings and Improvements	1,946
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	662
Buildings and Improvements	1,946
Total	2,608
Accumulated Depreciation	113
Net Carrying Amount	2,495
Delran Parkway | NEW JERSEY | Industrial
Initial Cost
Encumbrances	1,866
Land	579
Buildings and Improvements	2,778
Costs Capitalized	34
Gross Cost Basis at December 31, 2015
Land	579
Buildings and Improvements	2,812
Total	3,391
Accumulated Depreciation	131
Net Carrying Amount	3,260
Freeway Drive 1 | NEW JERSEY | Industrial
Initial Cost
Encumbrances	2,114
Land	354
Buildings and Improvements	2,460
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	354
Buildings and Improvements	2,460
Total	2,814
Accumulated Depreciation	105
Net Carrying Amount	2,709
Freeway Drive 2 | NEW JERSEY | Industrial
Initial Cost
Encumbrances	1,816
Land	399
Buildings and Improvements	3,110
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	399
Buildings and Improvements	3,110
Total	3,509
Accumulated Depreciation	122
Net Carrying Amount	3,387
Imperial Way Land | NEW JERSEY | Industrial
Initial Cost
Encumbrances	149
Land	304
Buildings and Improvements	0
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	304
Buildings and Improvements	0
Total	304
Accumulated Depreciation	0
Net Carrying Amount	304
Mid-Atlantic Grandview | NEW JERSEY | Industrial
Initial Cost
Encumbrances	1,887
Land	245
Buildings and Improvements	2,191
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	245
Buildings and Improvements	2,191
Total	2,436
Accumulated Depreciation	84
Net Carrying Amount	2,352
Mid-Atlantic Imperial | NEW JERSEY | Industrial
Initial Cost
Encumbrances	2,166
Land	547
Buildings and Improvements	2,614
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	547
Buildings and Improvements	2,614
Total	3,161
Accumulated Depreciation	130
Net Carrying Amount	3,031
Pedricktown Commons | NEW JERSEY | Industrial
Initial Cost
Encumbrances	8,941
Land	1,259
Buildings and Improvements	12,209
Costs Capitalized	13
Gross Cost Basis at December 31, 2015
Land	1,259
Buildings and Improvements	12,222
Total	13,481
Accumulated Depreciation	522
Net Carrying Amount	12,959
Commerce Drive [Member] | PENNSYLVANIA | Industrial
Initial Cost
Encumbrances	0
Land	2,905
Buildings and Improvements	15,929
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	2,905
Buildings and Improvements	15,929
Total	18,834
Accumulated Depreciation	499
Net Carrying Amount	18,335
Marshall Lane [Member] | PENNSYLVANIA | Industrial
Initial Cost
Encumbrances	0
Land	3,798
Buildings and Improvements	15,253
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	3,798
Buildings and Improvements	15,253
Total	19,051
Accumulated Depreciation	454
Net Carrying Amount	18,597
Progress Drive [Member] | PENNSYLVANIA | Industrial
Initial Cost
Encumbrances	0
Land	6,069
Buildings and Improvements	15,210
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	6,069
Buildings and Improvements	15,210
Total	21,279
Accumulated Depreciation	529
Net Carrying Amount	20,750
Keystone Crossings II [Member] | PENNSYLVANIA | Industrial
Initial Cost
Encumbrances	0
Land	2,313
Buildings and Improvements	16,778
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	2,313
Buildings and Improvements	16,778
Total	19,091
Accumulated Depreciation	360
Net Carrying Amount	18,731
Dunks Ferry | PENNSYLVANIA | Industrial
Initial Cost
Encumbrances	3,138
Land	558
Buildings and Improvements	3,574
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	558
Buildings and Improvements	3,574
Total	4,132
Accumulated Depreciation	148
Net Carrying Amount	3,984
Frost | PENNSYLVANIA | Industrial
Initial Cost
Encumbrances	4,761
Land	637
Buildings and Improvements	5,481
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	637
Buildings and Improvements	5,481
Total	6,118
Accumulated Depreciation	216
Net Carrying Amount	5,902
Marshall | PENNSYLVANIA | Industrial
Initial Cost
Encumbrances	3,960
Land	780
Buildings and Improvements	4,623
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	780
Buildings and Improvements	4,623
Total	5,403
Accumulated Depreciation	187
Net Carrying Amount	5,216
Sinclair | PENNSYLVANIA | Industrial
Initial Cost
Encumbrances	4,073
Land	902
Buildings and Improvements	5,594
Costs Capitalized	54
Gross Cost Basis at December 31, 2015
Land	902
Buildings and Improvements	5,648
Total	6,550
Accumulated Depreciation	241
Net Carrying Amount	6,309
Malone Distribution Center 1 | TENNESSEE | Industrial
Initial Cost
Encumbrances	1,772
Land	435
Buildings and Improvements	2,143
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	435
Buildings and Improvements	2,143
Total	2,578
Accumulated Depreciation	108
Net Carrying Amount	2,470
Malone Distribution Center 2 | TENNESSEE | Industrial
Initial Cost
Encumbrances	1,699
Land	480
Buildings and Improvements	2,265
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	480
Buildings and Improvements	2,265
Total	2,745
Accumulated Depreciation	118
Net Carrying Amount	2,627
Malone Distribution Center 3 | TENNESSEE | Industrial
Initial Cost
Encumbrances	1,296
Land	252
Buildings and Improvements	1,429
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	252
Buildings and Improvements	1,429
Total	1,681
Accumulated Depreciation	96
Net Carrying Amount	1,585
Rutland 1 | TEXAS | Industrial
Initial Cost
Encumbrances	3,553
Land	722
Buildings and Improvements	3,562
Costs Capitalized	245
Gross Cost Basis at December 31, 2015
Land	722
Buildings and Improvements	3,807
Total	4,529
Accumulated Depreciation	157
Net Carrying Amount	4,372
Rutland 2 | TEXAS | Industrial
Initial Cost
Encumbrances	2,818
Land	509
Buildings and Improvements	2,673
Costs Capitalized	23
Gross Cost Basis at December 31, 2015
Land	509
Buildings and Improvements	2,696
Total	3,205
Accumulated Depreciation	98
Net Carrying Amount	3,107
Cameron Road Corporate Park | TEXAS | Industrial
Initial Cost
Encumbrances	9,547
Land	1,943
Buildings and Improvements	11,215
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,943
Buildings and Improvements	11,215
Total	13,158
Accumulated Depreciation	457
Net Carrying Amount	12,701
Wallace Drive 1 | TEXAS | Industrial
Initial Cost
Encumbrances	4,265
Land	1,004
Buildings and Improvements	6,788
Costs Capitalized	241
Gross Cost Basis at December 31, 2015
Land	1,004
Buildings and Improvements	7,029
Total	8,033
Accumulated Depreciation	291
Net Carrying Amount	7,742
Wallace Drive 2 | TEXAS | Industrial
Initial Cost
Encumbrances	4,431
Land	1,030
Buildings and Improvements	6,766
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,030
Buildings and Improvements	6,766
Total	7,796
Accumulated Depreciation	233
Net Carrying Amount	7,563
Wallace Drive 3 | TEXAS | Industrial
Initial Cost
Encumbrances	6,065
Land	973
Buildings and Improvements	6,404
Costs Capitalized	45
Gross Cost Basis at December 31, 2015
Land	973
Buildings and Improvements	6,449
Total	7,422
Accumulated Depreciation	249
Net Carrying Amount	7,173
Wallace Drive 4 | TEXAS | Industrial
Initial Cost
Encumbrances	4,043
Land	1,295
Buildings and Improvements	4,662
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,295
Buildings and Improvements	4,662
Total	5,957
Accumulated Depreciation	240
Net Carrying Amount	5,717
Wallace Drive 5 | TEXAS | Industrial
Initial Cost
Encumbrances	4,592
Land	1,032
Buildings and Improvements	5,274
Costs Capitalized	17
Gross Cost Basis at December 31, 2015
Land	1,032
Buildings and Improvements	5,291
Total	6,323
Accumulated Depreciation	243
Net Carrying Amount	6,080
Avenue N | TEXAS | Industrial
Initial Cost
Encumbrances	4,817
Land	1,302
Buildings and Improvements	6,797
Costs Capitalized	178
Gross Cost Basis at December 31, 2015
Land	1,302
Buildings and Improvements	6,975
Total	8,277
Accumulated Depreciation	255
Net Carrying Amount	8,022
Avenue R | TEXAS | Industrial
Initial Cost
Encumbrances	1,311
Land	478
Buildings and Improvements	2,495
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	478
Buildings and Improvements	2,495
Total	2,973
Accumulated Depreciation	188
Net Carrying Amount	2,785
Billy Mitchell 1 | TEXAS | Industrial
Initial Cost
Encumbrances	1,038
Land	255
Buildings and Improvements	1,326
Costs Capitalized	30
Gross Cost Basis at December 31, 2015
Land	255
Buildings and Improvements	1,356
Total	1,611
Accumulated Depreciation	44
Net Carrying Amount	1,567
Billy Mitchell 2 | TEXAS | Industrial
Initial Cost
Encumbrances	1,234
Land	255
Buildings and Improvements	1,702
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	255
Buildings and Improvements	1,702
Total	1,957
Accumulated Depreciation	64
Net Carrying Amount	1,893
Bradley Lane | TEXAS | Industrial
Initial Cost
Encumbrances	1,749
Land	604
Buildings and Improvements	2,127
Costs Capitalized	28
Gross Cost Basis at December 31, 2015
Land	604
Buildings and Improvements	2,155
Total	2,759
Accumulated Depreciation	82
Net Carrying Amount	2,677
Capital Avenue | TEXAS | Industrial
Initial Cost
Encumbrances	1,053
Land	269
Buildings and Improvements	1,277
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	269
Buildings and Improvements	1,277
Total	1,546
Accumulated Depreciation	46
Net Carrying Amount	1,500
Carter Drive | TEXAS | Industrial
Initial Cost
Encumbrances	2,036
Land	829
Buildings and Improvements	2,018
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	829
Buildings and Improvements	2,018
Total	2,847
Accumulated Depreciation	95
Net Carrying Amount	2,752
Carter Industrial Park | TEXAS | Industrial
Initial Cost
Encumbrances	2,388
Land	760
Buildings and Improvements	3,061
Costs Capitalized	75
Gross Cost Basis at December 31, 2015
Land	760
Buildings and Improvements	3,136
Total	3,896
Accumulated Depreciation	125
Net Carrying Amount	3,771
Century | TEXAS | Industrial
Initial Cost
Encumbrances	5,085
Land	1,584
Buildings and Improvements	4,713
Costs Capitalized	95
Gross Cost Basis at December 31, 2015
Land	1,584
Buildings and Improvements	4,808
Total	6,392
Accumulated Depreciation	284
Net Carrying Amount	6,108
Country Club Drive | TEXAS | Industrial
Initial Cost
Encumbrances	5,886
Land	1,086
Buildings and Improvements	6,320
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,086
Buildings and Improvements	6,320
Total	7,406
Accumulated Depreciation	228
Net Carrying Amount	7,178
Crossroads I | TEXAS | Industrial
Initial Cost
Encumbrances	3,220
Land	970
Buildings and Improvements	5,431
Costs Capitalized	27
Gross Cost Basis at December 31, 2015
Land	970
Buildings and Improvements	5,458
Total	6,428
Accumulated Depreciation	223
Net Carrying Amount	6,205
Crossroads II | TEXAS | Industrial
Initial Cost
Encumbrances	2,703
Land	525
Buildings and Improvements	3,695
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	525
Buildings and Improvements	3,695
Total	4,220
Accumulated Depreciation	170
Net Carrying Amount	4,050
Crown Drive | TEXAS | Industrial
Initial Cost
Encumbrances	2,375
Land	905
Buildings and Improvements	3,123
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	905
Buildings and Improvements	3,123
Total	4,028
Accumulated Depreciation	164
Net Carrying Amount	3,864
East Avenue E | TEXAS | Industrial
Initial Cost
Encumbrances	1,981
Land	575
Buildings and Improvements	1,872
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	575
Buildings and Improvements	1,872
Total	2,447
Accumulated Depreciation	80
Net Carrying Amount	2,367
Exchange Drive | TEXAS | Industrial
Initial Cost
Encumbrances	1,659
Land	448
Buildings and Improvements	1,919
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	448
Buildings and Improvements	1,919
Total	2,367
Accumulated Depreciation	65
Net Carrying Amount	2,302
Hilltop | TEXAS | Industrial
Initial Cost
Encumbrances	2,704
Land	575
Buildings and Improvements	3,165
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	575
Buildings and Improvements	3,165
Total	3,740
Accumulated Depreciation	141
Net Carrying Amount	3,599
Jetstar Drive | TEXAS | Industrial
Initial Cost
Encumbrances	1,675
Land	308
Buildings and Improvements	1,929
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	308
Buildings and Improvements	1,929
Total	2,237
Accumulated Depreciation	74
Net Carrying Amount	2,163
Kellway Drive | TEXAS | Industrial
Initial Cost
Encumbrances	1,341
Land	256
Buildings and Improvements	1,594
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	256
Buildings and Improvements	1,594
Total	1,850
Accumulated Depreciation	65
Net Carrying Amount	1,785
Kelly 1 | TEXAS | Industrial
Initial Cost
Encumbrances	4,449
Land	1,036
Buildings and Improvements	5,573
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,036
Buildings and Improvements	5,573
Total	6,609
Accumulated Depreciation	202
Net Carrying Amount	6,407
Kelly 2 | TEXAS | Industrial
Initial Cost
Encumbrances	7,633
Land	2,167
Buildings and Improvements	9,289
Costs Capitalized	194
Gross Cost Basis at December 31, 2015
Land	2,167
Buildings and Improvements	9,483
Total	11,650
Accumulated Depreciation	368
Net Carrying Amount	11,282
LangLand | TEXAS | Industrial
Initial Cost
Encumbrances	4,746
Land	1,475
Buildings and Improvements	4,672
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,475
Buildings and Improvements	4,672
Total	6,147
Accumulated Depreciation	198
Net Carrying Amount	5,949
Miller Road | TEXAS | Industrial
Initial Cost
Encumbrances	1,325
Land	344
Buildings and Improvements	1,642
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	344
Buildings and Improvements	1,642
Total	1,986
Accumulated Depreciation	84
Net Carrying Amount	1,902
Plaza 35-1 | TEXAS | Industrial
Initial Cost
Encumbrances	4,385
Land	2,455
Buildings and Improvements	4,975
Costs Capitalized	106
Gross Cost Basis at December 31, 2015
Land	2,455
Buildings and Improvements	5,081
Total	7,536
Accumulated Depreciation	316
Net Carrying Amount	7,220
Plaza 35-2 | TEXAS | Industrial
Initial Cost
Encumbrances	7,013
Land	2,256
Buildings and Improvements	7,820
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	2,256
Buildings and Improvements	7,820
Total	10,076
Accumulated Depreciation	363
Net Carrying Amount	9,713
Rafe Street | TEXAS | Industrial
Initial Cost
Encumbrances	2,086
Land	554
Buildings and Improvements	2,511
Costs Capitalized	50
Gross Cost Basis at December 31, 2015
Land	554
Buildings and Improvements	2,561
Total	3,115
Accumulated Depreciation	99
Net Carrying Amount	3,016
Red Bird | TEXAS | Industrial
Initial Cost
Encumbrances	2,203
Land	539
Buildings and Improvements	1,986
Costs Capitalized	69
Gross Cost Basis at December 31, 2015
Land	539
Buildings and Improvements	2,055
Total	2,594
Accumulated Depreciation	85
Net Carrying Amount	2,509
Santa Anna | TEXAS | Industrial
Initial Cost
Encumbrances	3,442
Land	961
Buildings and Improvements	1,629
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	961
Buildings and Improvements	1,629
Total	2,590
Accumulated Depreciation	88
Net Carrying Amount	2,502
Shiloh Road | TEXAS | Industrial
Initial Cost
Encumbrances	4,691
Land	1,271
Buildings and Improvements	6,511
Costs Capitalized	74
Gross Cost Basis at December 31, 2015
Land	1,271
Buildings and Improvements	6,585
Total	7,856
Accumulated Depreciation	277
Net Carrying Amount	7,579
Skylane Drive 1 | TEXAS | Industrial
Initial Cost
Encumbrances	5,001
Land	863
Buildings and Improvements	6,648
Costs Capitalized	296
Gross Cost Basis at December 31, 2015
Land	863
Buildings and Improvements	6,944
Total	7,807
Accumulated Depreciation	246
Net Carrying Amount	7,561
Skylane Drive 2 | TEXAS | Industrial
Initial Cost
Encumbrances	1,196
Land	256
Buildings and Improvements	1,649
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	256
Buildings and Improvements	1,649
Total	1,905
Accumulated Depreciation	74
Net Carrying Amount	1,831
Skyway Circle North | TEXAS | Industrial
Initial Cost
Encumbrances	2,965
Land	541
Buildings and Improvements	3,127
Costs Capitalized	14
Gross Cost Basis at December 31, 2015
Land	541
Buildings and Improvements	3,141
Total	3,682
Accumulated Depreciation	145
Net Carrying Amount	3,537
Sterling | TEXAS | Industrial
Initial Cost
Encumbrances	5,060
Land	1,473
Buildings and Improvements	5,906
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,473
Buildings and Improvements	5,906
Total	7,379
Accumulated Depreciation	246
Net Carrying Amount	7,133
Valley View | TEXAS | Industrial
Initial Cost
Encumbrances	5,567
Land	1,453
Buildings and Improvements	6,141
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,453
Buildings and Improvements	6,141
Total	7,594
Accumulated Depreciation	241
Net Carrying Amount	7,353
Valwood Industrial Center | TEXAS | Industrial
Initial Cost
Encumbrances	4,930
Land	1,032
Buildings and Improvements	7,681
Costs Capitalized	37
Gross Cost Basis at December 31, 2015
Land	1,032
Buildings and Improvements	7,718
Total	8,750
Accumulated Depreciation	243
Net Carrying Amount	8,507
Vantage Drive | TEXAS | Industrial
Initial Cost
Encumbrances	11,966
Land	2,900
Buildings and Improvements	13,997
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	2,900
Buildings and Improvements	13,997
Total	16,897
Accumulated Depreciation	622
Net Carrying Amount	16,275
West Crosby | TEXAS | Industrial
Initial Cost
Encumbrances	2,466
Land	558
Buildings and Improvements	2,996
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	558
Buildings and Improvements	2,996
Total	3,554
Accumulated Depreciation	140
Net Carrying Amount	3,414
West North Carrier | TEXAS | Industrial
Initial Cost
Encumbrances	6,172
Land	1,999
Buildings and Improvements	8,508
Costs Capitalized	14
Gross Cost Basis at December 31, 2015
Land	1,999
Buildings and Improvements	8,522
Total	10,521
Accumulated Depreciation	311
Net Carrying Amount	10,210
West Royal Lane | TEXAS | Industrial
Initial Cost
Encumbrances	6,134
Land	0
Buildings and Improvements	8,979
Costs Capitalized	36
Gross Cost Basis at December 31, 2015
Land	0
Buildings and Improvements	9,015
Total	9,015
Accumulated Depreciation	323
Net Carrying Amount	8,692
West Trinity Mills | TEXAS | Industrial
Initial Cost
Encumbrances	2,278
Land	867
Buildings and Improvements	3,689
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	867
Buildings and Improvements	3,689
Total	4,556
Accumulated Depreciation	164
Net Carrying Amount	4,392
Alliance Gateway [Member] | TEXAS | Industrial
Initial Cost
Encumbrances	0
Land	993
Buildings and Improvements	4,743
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	993
Buildings and Improvements	4,743
Total	5,736
Accumulated Depreciation	124
Net Carrying Amount	5,612
Avenue R1 [Member] | TEXAS | Industrial
Initial Cost
Encumbrances	0
Land	1,178
Buildings and Improvements	6,256
Costs Capitalized	22
Gross Cost Basis at December 31, 2015
Land	1,178
Buildings and Improvements	6,278
Total	7,456
Accumulated Depreciation	212
Net Carrying Amount	7,244
Avenue R2 [Member] | TEXAS | Industrial
Initial Cost
Encumbrances	0
Land	892
Buildings and Improvements	5,722
Costs Capitalized	85
Gross Cost Basis at December 31, 2015
Land	892
Buildings and Improvements	5,807
Total	6,699
Accumulated Depreciation	181
Net Carrying Amount	6,518
Avenue R3 [Member] | TEXAS | Industrial
Initial Cost
Encumbrances	0
Land	1,159
Buildings and Improvements	8,159
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,159
Buildings and Improvements	8,159
Total	9,318
Accumulated Depreciation	239
Net Carrying Amount	9,079
114th Street [Member] | TEXAS | Industrial
Initial Cost
Encumbrances	0
Land	920
Buildings and Improvements	5,461
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	920
Buildings and Improvements	5,461
Total	6,381
Accumulated Depreciation	123
Net Carrying Amount	6,258
Westpark Drive [Member] | TEXAS | Industrial
Initial Cost
Encumbrances	0
Land	642
Buildings and Improvements	4,554
Costs Capitalized	175
Gross Cost Basis at December 31, 2015
Land	642
Buildings and Improvements	4,729
Total	5,371
Accumulated Depreciation	123
Net Carrying Amount	5,248
Air Center Business Park | TEXAS | Industrial
Initial Cost
Encumbrances	13,482
Land	2,084
Buildings and Improvements	16,343
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	2,084
Buildings and Improvements	16,343
Total	18,427
Accumulated Depreciation	584
Net Carrying Amount	17,843
Chisholm Trail | TEXAS | Industrial
Initial Cost
Encumbrances	3,536
Land	979
Buildings and Improvements	4,550
Costs Capitalized	23
Gross Cost Basis at December 31, 2015
Land	979
Buildings and Improvements	4,573
Total	5,552
Accumulated Depreciation	177
Net Carrying Amount	5,375
Freeport Ninety Business Center | TEXAS | Industrial
Initial Cost
Encumbrances	22,805
Land	4,429
Buildings and Improvements	27,710
Costs Capitalized	331
Gross Cost Basis at December 31, 2015
Land	4,429
Buildings and Improvements	28,041
Total	32,470
Accumulated Depreciation	1,016
Net Carrying Amount	31,454
Heathrow Forest Parkway | TEXAS | Industrial
Initial Cost
Encumbrances	4,232
Land	1,351
Buildings and Improvements	4,485
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,351
Buildings and Improvements	4,485
Total	5,836
Accumulated Depreciation	176
Net Carrying Amount	5,660
North Shepherd Business Center | TEXAS | Industrial
Initial Cost
Encumbrances	4,594
Land	1,541
Buildings and Improvements	5,473
Costs Capitalized	48
Gross Cost Basis at December 31, 2015
Land	1,541
Buildings and Improvements	5,521
Total	7,062
Accumulated Depreciation	255
Net Carrying Amount	6,807
Oakhollow Business Center | TEXAS | Industrial
Initial Cost
Encumbrances	4,182
Land	1,234
Buildings and Improvements	6,231
Costs Capitalized	38
Gross Cost Basis at December 31, 2015
Land	1,234
Buildings and Improvements	6,269
Total	7,503
Accumulated Depreciation	215
Net Carrying Amount	7,288
Pinemont Business Center | TEXAS | Industrial
Initial Cost
Encumbrances	4,207
Land	869
Buildings and Improvements	5,609
Costs Capitalized	66
Gross Cost Basis at December 31, 2015
Land	869
Buildings and Improvements	5,675
Total	6,544
Accumulated Depreciation	218
Net Carrying Amount	6,326
South Trade Center | TEXAS | Industrial
Initial Cost
Encumbrances	7,243
Land	2,199
Buildings and Improvements	8,805
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	2,199
Buildings and Improvements	8,805
Total	11,004
Accumulated Depreciation	323
Net Carrying Amount	10,681
Sugar Land Business Center | TEXAS | Industrial
Initial Cost
Encumbrances	18,348
Land	2,823
Buildings and Improvements	23,543
Costs Capitalized	281
Gross Cost Basis at December 31, 2015
Land	2,823
Buildings and Improvements	23,824
Total	26,647
Accumulated Depreciation	827
Net Carrying Amount	25,820
Westhollow | TEXAS | Industrial
Initial Cost
Encumbrances	5,721
Land	1,982
Buildings and Improvements	6,634
Costs Capitalized	136
Gross Cost Basis at December 31, 2015
Land	1,982
Buildings and Improvements	6,770
Total	8,752
Accumulated Depreciation	330
Net Carrying Amount	8,422
Wingfoot Road | TEXAS | Industrial
Initial Cost
Encumbrances	3,782
Land	1,216
Buildings and Improvements	4,454
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,216
Buildings and Improvements	4,454
Total	5,670
Accumulated Depreciation	180
Net Carrying Amount	5,490
Plano Business Center [Member] | TEXAS | Industrial
Initial Cost
Encumbrances	14,598
Land	2,485
Buildings and Improvements	18,402
Costs Capitalized	47
Gross Cost Basis at December 31, 2015
Land	2,485
Buildings and Improvements	18,449
Total	20,934
Accumulated Depreciation	719
Net Carrying Amount	20,215
West Custer Road 1 | UTAH | Industrial
Initial Cost
Encumbrances	1,700
Land	586
Buildings and Improvements	2,108
Costs Capitalized	63
Gross Cost Basis at December 31, 2015
Land	586
Buildings and Improvements	2,171
Total	2,757
Accumulated Depreciation	80
Net Carrying Amount	2,677
West Custer Road 2 | UTAH | Industrial
Initial Cost
Encumbrances	1,934
Land	526
Buildings and Improvements	2,208
Costs Capitalized	104
Gross Cost Basis at December 31, 2015
Land	526
Buildings and Improvements	2,312
Total	2,838
Accumulated Depreciation	86
Net Carrying Amount	2,752
West Custer Road 3 | UTAH | Industrial
Initial Cost
Encumbrances	578
Land	315
Buildings and Improvements	706
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	315
Buildings and Improvements	706
Total	1,021
Accumulated Depreciation	34
Net Carrying Amount	987
West Custer Road 4 | UTAH | Industrial
Initial Cost
Encumbrances	3,883
Land	1,025
Buildings and Improvements	4,757
Costs Capitalized	36
Gross Cost Basis at December 31, 2015
Land	1,025
Buildings and Improvements	4,793
Total	5,818
Accumulated Depreciation	184
Net Carrying Amount	5,634
West Custer Road 5 | UTAH | Industrial
Initial Cost
Encumbrances	597
Land	328
Buildings and Improvements	828
Costs Capitalized	33
Gross Cost Basis at December 31, 2015
Land	328
Buildings and Improvements	861
Total	1,189
Accumulated Depreciation	39
Net Carrying Amount	1,150
Bridger Road | UTAH | Industrial
Initial Cost
Encumbrances	2,194
Land	651
Buildings and Improvements	2,852
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	651
Buildings and Improvements	2,852
Total	3,503
Accumulated Depreciation	102
Net Carrying Amount	3,401
Fremont Drive 1 | UTAH | Industrial
Initial Cost
Encumbrances	2,347
Land	674
Buildings and Improvements	2,473
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	674
Buildings and Improvements	2,473
Total	3,147
Accumulated Depreciation	89
Net Carrying Amount	3,058
Fremont Drive 2 | UTAH | Industrial
Initial Cost
Encumbrances	3,127
Land	1,312
Buildings and Improvements	3,809
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,312
Buildings and Improvements	3,809
Total	5,121
Accumulated Depreciation	168
Net Carrying Amount	4,953
Pentagon Centennial | UTAH | Industrial
Initial Cost
Encumbrances	4,442
Land	615
Buildings and Improvements	6,240
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	615
Buildings and Improvements	6,240
Total	6,855
Accumulated Depreciation	217
Net Carrying Amount	6,638
South [Member] | UTAH | Industrial
Initial Cost
Encumbrances	3,073
Land	794
Buildings and Improvements	3,055
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	794
Buildings and Improvements	3,055
Total	3,849
Accumulated Depreciation	119
Net Carrying Amount	3,730
South 3600 West Street | UTAH | Industrial
Initial Cost
Encumbrances	4,469
Land	1,329
Buildings and Improvements	5,645
Costs Capitalized	11
Gross Cost Basis at December 31, 2015
Land	1,329
Buildings and Improvements	5,656
Total	6,985
Accumulated Depreciation	208
Net Carrying Amount	6,777
South Street [Member] | UTAH | Industrial
Initial Cost
Encumbrances	4,572
Land	1,133
Buildings and Improvements	6,359
Costs Capitalized	12
Gross Cost Basis at December 31, 2015
Land	1,133
Buildings and Improvements	6,371
Total	7,504
Accumulated Depreciation	214
Net Carrying Amount	7,290
Summit Distribution Center | UTAH | Industrial
Initial Cost
Encumbrances	10,766
Land	2,535
Buildings and Improvements	14,253
Costs Capitalized	30
Gross Cost Basis at December 31, 2015
Land	2,535
Buildings and Improvements	14,283
Total	16,818
Accumulated Depreciation	503
Net Carrying Amount	16,315
West Technology Drive | UTAH | Industrial
Initial Cost
Encumbrances	6,031
Land	1,847
Buildings and Improvements	7,209
Costs Capitalized	19
Gross Cost Basis at December 31, 2015
Land	1,847
Buildings and Improvements	7,228
Total	9,075
Accumulated Depreciation	270
Net Carrying Amount	8,805
100th Street [Member] | WISCONSIN | Industrial
Initial Cost
Encumbrances	7,535
Land	1,777
Buildings and Improvements	6,842
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,777
Buildings and Improvements	6,842
Total	8,619
Accumulated Depreciation	302
Net Carrying Amount	8,317
Alicante-Elche [Member] | SPAIN | Industrial
Initial Cost
Encumbrances	657
Land	449
Buildings and Improvements	867
Costs Capitalized	15
Gross Cost Basis at December 31, 2015
Land	449
Buildings and Improvements	882
Total	1,331
Accumulated Depreciation	33
Net Carrying Amount	1,298
Barcelona-Granollers [Member] | SPAIN | Industrial
Initial Cost
Encumbrances	4,752
Land	1,788
Buildings and Improvements	3,277
Costs Capitalized	58
Gross Cost Basis at December 31, 2015
Land	1,788
Buildings and Improvements	3,335
Total	5,123
Accumulated Depreciation	124
Net Carrying Amount	4,999
Bilbao [Member] | SPAIN | Industrial
Initial Cost
Encumbrances	1,166
Land	782
Buildings and Improvements	1,553
Costs Capitalized	28
Gross Cost Basis at December 31, 2015
Land	782
Buildings and Improvements	1,581
Total	2,363
Accumulated Depreciation	58
Net Carrying Amount	2,305
Gran Canaria [Member] | SPAIN | Industrial
Initial Cost
Encumbrances	510
Land	414
Buildings and Improvements	610
Costs Capitalized	11
Gross Cost Basis at December 31, 2015
Land	414
Buildings and Improvements	621
Total	1,035
Accumulated Depreciation	23
Net Carrying Amount	1,012
La Coruña [Member] | SPAIN | Industrial
Initial Cost
Encumbrances	703
Land	420
Buildings and Improvements	986
Costs Capitalized	18
Gross Cost Basis at December 31, 2015
Land	420
Buildings and Improvements	1,004
Total	1,424
Accumulated Depreciation	37
Net Carrying Amount	1,387
Madrid-Coslada [Member] | SPAIN | Industrial
Initial Cost
Encumbrances	7,785
Land	5,214
Buildings and Improvements	10,375
Costs Capitalized	184
Gross Cost Basis at December 31, 2015
Land	5,214
Buildings and Improvements	10,559
Total	15,773
Accumulated Depreciation	391
Net Carrying Amount	15,382
Mallorca [Member] | SPAIN | Industrial
Initial Cost
Encumbrances	602
Land	552
Buildings and Improvements	654
Costs Capitalized	12
Gross Cost Basis at December 31, 2015
Land	552
Buildings and Improvements	666
Total	1,218
Accumulated Depreciation	25
Net Carrying Amount	1,193
Mérida [Member] | SPAIN | Industrial
Initial Cost
Encumbrances	176
Land	126
Buildings and Improvements	231
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	126
Buildings and Improvements	231
Total	357
Accumulated Depreciation	9
Net Carrying Amount	348
Sevilla- Pl. Store [Member] | SPAIN | Industrial
Initial Cost
Encumbrances	910
Land	783
Buildings and Improvements	1,042
Costs Capitalized	19
Gross Cost Basis at December 31, 2015
Land	783
Buildings and Improvements	1,061
Total	1,844
Accumulated Depreciation	39
Net Carrying Amount	1,805
Sevilla-Alcalá G. [Member] | SPAIN | Industrial
Initial Cost
Encumbrances	949
Land	694
Buildings and Improvements	1,208
Costs Capitalized	21
Gross Cost Basis at December 31, 2015
Land	694
Buildings and Improvements	1,229
Total	1,923
Accumulated Depreciation	45
Net Carrying Amount	1,878
Tenerife [Member] | SPAIN | Industrial
Initial Cost
Encumbrances	393
Land	414
Buildings and Improvements	384
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	414
Buildings and Improvements	384
Total	798
Accumulated Depreciation	14
Net Carrying Amount	784
Valencia [Member] | SPAIN | Industrial
Initial Cost
Encumbrances	907
Land	726
Buildings and Improvements	1,092
Costs Capitalized	19
Gross Cost Basis at December 31, 2015
Land	726
Buildings and Improvements	1,111
Total	1,837
Accumulated Depreciation	41
Net Carrying Amount	1,796
Valladolid [Member] | SPAIN | Industrial
Initial Cost
Encumbrances	454
Land	316
Buildings and Improvements	594
Costs Capitalized	11
Gross Cost Basis at December 31, 2015
Land	316
Buildings and Improvements	605
Total	921
Accumulated Depreciation	22
Net Carrying Amount	899
Zaragoza [Member] | SPAIN | Industrial
Initial Cost
Encumbrances	5,576
Land	2,404
Buildings and Improvements	8,738
Costs Capitalized	155
Gross Cost Basis at December 31, 2015
Land	2,404
Buildings and Improvements	8,893
Total	11,297
Accumulated Depreciation	329
Net Carrying Amount	10,968
Woodside Park [Member] | UNITED KINGDOM | Industrial
Initial Cost
Encumbrances	20,098
Land	8,068
Buildings and Improvements	22,706
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	8,068
Buildings and Improvements	22,706
Total	30,774
Accumulated Depreciation	70
Net Carrying Amount	30,704
Wednesbury Trading Estate [Member] | UNITED KINGDOM | Industrial
Initial Cost
Encumbrances	10,802
Land	0
Buildings and Improvements	16,541
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	0
Buildings and Improvements	16,541
Total	16,541
Accumulated Depreciation	45
Net Carrying Amount	16,496
Total Fitness Preston and Mannin House [Member] | UNITED KINGDOM | Leisure
Initial Cost
Encumbrances	3,310
Land	995
Buildings and Improvements	4,075
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	995
Buildings and Improvements	4,075
Total	5,070
Accumulated Depreciation	11
Net Carrying Amount	5,059
Dundee Camper Down Leisure Park [Member] | UNITED KINGDOM | Leisure
Initial Cost
Encumbrances	7,305
Land	2,947
Buildings and Improvements	8,239
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	2,947
Buildings and Improvements	8,239
Total	11,186
Accumulated Depreciation	19
Net Carrying Amount	11,167
Kingsway Leisure Park [Member] | UNITED KINGDOM | Leisure
Initial Cost
Encumbrances	7,219
Land	2,947
Buildings and Improvements	8,107
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	2,947
Buildings and Improvements	8,107
Total	11,054
Accumulated Depreciation	18
Net Carrying Amount	11,036
Peston Total Fitness [Member] | UNITED KINGDOM | Leisure
Initial Cost
Encumbrances	3,143
Land	995
Buildings and Improvements	3,818
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	995
Buildings and Improvements	3,818
Total	4,813
Accumulated Depreciation	9
Net Carrying Amount	4,804
Gade House [Member] | UNITED KINGDOM | Leisure
Initial Cost
Encumbrances	3,517
Land	0
Buildings and Improvements	5,387
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	0
Buildings and Improvements	5,387
Total	5,387
Accumulated Depreciation	13
Net Carrying Amount	5,374
44th Street [Member] | ARIZONA | Office
Initial Cost
Encumbrances	13,500
Land	5,800
Buildings and Improvements	27,500
Costs Capitalized	5,235
Gross Cost Basis at December 31, 2015
Land	5,800
Buildings and Improvements	32,735
Total	38,535
Accumulated Depreciation	920
Net Carrying Amount	37,615
Pima Center [Member] | ARIZONA | Office
Initial Cost
Encumbrances	0
Land	0
Buildings and Improvements	14,130
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	0
Buildings and Improvements	14,130
Total	14,130
Accumulated Depreciation	840
Net Carrying Amount	13,290
Excelsior Crossings [Member] | MINNESOTA | Office
Initial Cost
Encumbrances	88,000
Land	8,319
Buildings and Improvements	104,367
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	8,319
Buildings and Improvements	104,367
Total	112,686
Accumulated Depreciation	7,280
Net Carrying Amount	105,406
Rue de la Piazza [Member] | FRANCE | Office
Initial Cost
Encumbrances	17,050
Land	4,614
Buildings and Improvements	28,247
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	4,614
Buildings and Improvements	28,247
Total	32,861
Accumulated Depreciation	70
Net Carrying Amount	32,791
Piazza Firenze [Member] | ITALY | Office
Initial Cost
Encumbrances	0
Land	307
Buildings and Improvements	230
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	307
Buildings and Improvements	230
Total	537
Accumulated Depreciation	8
Net Carrying Amount	529
Via Iv Novembre [Member] | ITALY | Office
Initial Cost
Encumbrances	0
Land	2,219
Buildings and Improvements	804
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	2,219
Buildings and Improvements	804
Total	3,023
Accumulated Depreciation	24
Net Carrying Amount	2,999
Forus [Member] | NORWAY | Office
Initial Cost
Encumbrances	180,960
Land	61,097
Buildings and Improvements	226,872
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	61,097
Buildings and Improvements	226,872
Total	287,969
Accumulated Depreciation	3,756
Net Carrying Amount	284,213
Shiprow Aberdeen [Member] | UNITED KINGDOM | Office
Initial Cost
Encumbrances	7,688
Land	6,711
Buildings and Improvements	8,318
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	6,711
Buildings and Improvements	8,318
Total	15,029
Accumulated Depreciation	259
Net Carrying Amount	14,770
The Quadrant Bristol [Member] | UNITED KINGDOM | Office
Initial Cost
Encumbrances	9,798
Land	3,942
Buildings and Improvements	11,062
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	3,942
Buildings and Improvements	11,062
Total	15,004
Accumulated Depreciation	28
Net Carrying Amount	14,976
Broadway House [Member] | UNITED KINGDOM | Office
Initial Cost
Encumbrances	2,544
Land	260
Buildings and Improvements	2,736
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	260
Buildings and Improvements	2,736
Total	2,996
Accumulated Depreciation	119
Net Carrying Amount	2,877
Alexander House [Member] | UNITED KINGDOM | Office
Initial Cost
Encumbrances	1,066
Land	369
Buildings and Improvements	1,139
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	369
Buildings and Improvements	1,139
Total	1,508
Accumulated Depreciation	64
Net Carrying Amount	1,444
Castle Street Cardiff [Member] | UNITED KINGDOM | Office
Initial Cost
Encumbrances	3,689
Land	1,404
Buildings and Improvements	3,998
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,404
Buildings and Improvements	3,998
Total	5,402
Accumulated Depreciation	111
Net Carrying Amount	5,291
Newport Road [Member] | UNITED KINGDOM | Office
Initial Cost
Encumbrances	3,521
Land	481
Buildings and Improvements	3,794
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	481
Buildings and Improvements	3,794
Total	4,275
Accumulated Depreciation	149
Net Carrying Amount	4,126
The Friary Cardiff [Member] | UNITED KINGDOM | Office
Initial Cost
Encumbrances	3,873
Land	1,116
Buildings and Improvements	4,195
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,116
Buildings and Improvements	4,195
Total	5,311
Accumulated Depreciation	121
Net Carrying Amount	5,190
The Grange Cheltenham [Member] | UNITED KINGDOM | Office
Initial Cost
Encumbrances	29,160
Land	12,044
Buildings and Improvements	32,606
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	12,044
Buildings and Improvements	32,606
Total	44,650
Accumulated Depreciation	82
Net Carrying Amount	44,568
Whitefield Court [Member] | UNITED KINGDOM | Office
Initial Cost
Encumbrances	2,434
Land	665
Buildings and Improvements	2,550
Costs Capitalized	39
Gross Cost Basis at December 31, 2015
Land	665
Buildings and Improvements	2,589
Total	3,254
Accumulated Depreciation	170
Net Carrying Amount	3,084
Clepington Road [Member] | UNITED KINGDOM | Office
Initial Cost
Encumbrances	1,750
Land	759
Buildings and Improvements	1,884
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	759
Buildings and Improvements	1,884
Total	2,643
Accumulated Depreciation	78
Net Carrying Amount	2,565
Concept Court [Member] | UNITED KINGDOM | Office
Initial Cost
Encumbrances	3,951
Land	203
Buildings and Improvements	4,261
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	203
Buildings and Improvements	4,261
Total	4,464
Accumulated Depreciation	159
Net Carrying Amount	4,305
Astral Tower [Member] | UNITED KINGDOM | Office
Initial Cost
Encumbrances	0
Land	7,183
Buildings and Improvements	18,528
Costs Capitalized	437
Gross Cost Basis at December 31, 2015
Land	7,183
Buildings and Improvements	18,965
Total	26,148
Accumulated Depreciation	765
Net Carrying Amount	25,383
Pacific House [Member] | UNITED KINGDOM | Office
Initial Cost
Encumbrances	6,303
Land	3,786
Buildings and Improvements	6,477
Costs Capitalized	325
Gross Cost Basis at December 31, 2015
Land	3,786
Buildings and Improvements	6,802
Total	10,588
Accumulated Depreciation	247
Net Carrying Amount	10,341
Albion Trade Park [Member] | UNITED KINGDOM | Office
Initial Cost
Encumbrances	1,134
Land	369
Buildings and Improvements	1,223
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	369
Buildings and Improvements	1,223
Total	1,592
Accumulated Depreciation	46
Net Carrying Amount	1,546
Helios Court [Member] | UNITED KINGDOM | Office
Initial Cost
Encumbrances	8,998
Land	3,610
Buildings and Improvements	10,169
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	3,610
Buildings and Improvements	10,169
Total	13,779
Accumulated Depreciation	23
Net Carrying Amount	13,756
Two Humber Quays [Member] | UNITED KINGDOM | Office
Initial Cost
Encumbrances	5,417
Land	0
Buildings and Improvements	5,850
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	0
Buildings and Improvements	5,850
Total	5,850
Accumulated Depreciation	207
Net Carrying Amount	5,643
Bain Square 1 [Member] | UNITED KINGDOM | Office
Initial Cost
Encumbrances	815
Land	418
Buildings and Improvements	876
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	418
Buildings and Improvements	876
Total	1,294
Accumulated Depreciation	40
Net Carrying Amount	1,254
Bain Square 2 [Member] | UNITED KINGDOM | Office
Initial Cost
Encumbrances	736
Land	524
Buildings and Improvements	790
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	524
Buildings and Improvements	790
Total	1,314
Accumulated Depreciation	37
Net Carrying Amount	1,277
Gloucester Building [Member] | UNITED KINGDOM | Office
Initial Cost
Encumbrances	15,432
Land	6,115
Buildings and Improvements	17,515
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	6,115
Buildings and Improvements	17,515
Total	23,630
Accumulated Depreciation	38
Net Carrying Amount	23,592
Cathedral Point [Member] | UNITED KINGDOM | Office
Initial Cost
Encumbrances	9,597
Land	2,108
Buildings and Improvements	10,327
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	2,108
Buildings and Improvements	10,327
Total	12,435
Accumulated Depreciation	438
Net Carrying Amount	11,997
Drury Point [Member] | UNITED KINGDOM | Office
Initial Cost
Encumbrances	2,556
Land	0
Buildings and Improvements	2,644
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	0
Buildings and Improvements	2,644
Total	2,644
Accumulated Depreciation	334
Net Carrying Amount	2,310
Uxbridge - Regus House [Member] | UNITED KINGDOM | Office
Initial Cost
Encumbrances	5,062
Land	1,953
Buildings and Improvements	5,800
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,953
Buildings and Improvements	5,800
Total	7,753
Accumulated Depreciation	14
Net Carrying Amount	7,739
Llys Tawe [Member] | UNITED KINGDOM | Office
Initial Cost
Encumbrances	3,980
Land	0
Buildings and Improvements	4,294
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	0
Buildings and Improvements	4,294
Total	4,294
Accumulated Depreciation	157
Net Carrying Amount	4,137
Mecca Bingo [Member] | UNITED KINGDOM | Office
Initial Cost
Encumbrances	1,620
Land	2,268
Buildings and Improvements	1,733
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	2,268
Buildings and Improvements	1,733
Total	4,001
Accumulated Depreciation	97
Net Carrying Amount	3,904
Quay West [Member] | UNITED KINGDOM | Office
Initial Cost
Encumbrances	3,000
Land	0
Buildings and Improvements	3,176
Costs Capitalized	52
Gross Cost Basis at December 31, 2015
Land	0
Buildings and Improvements	3,228
Total	3,228
Accumulated Depreciation	133
Net Carrying Amount	3,095
Swansea Enterprice Park [Member] | UNITED KINGDOM | Office
Initial Cost
Encumbrances	2,254
Land	681
Buildings and Improvements	2,445
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	681
Buildings and Improvements	2,445
Total	3,126
Accumulated Depreciation	64
Net Carrying Amount	3,062
Waterside Business Park [Member] | UNITED KINGDOM | Office
Initial Cost
Encumbrances	3,080
Land	0
Buildings and Improvements	3,304
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	0
Buildings and Improvements	3,304
Total	3,304
Accumulated Depreciation	163
Net Carrying Amount	3,141
Wind Street [Member] | UNITED KINGDOM | Office
Initial Cost
Encumbrances	1,597
Land	325
Buildings and Improvements	1,728
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	325
Buildings and Improvements	1,728
Total	2,053
Accumulated Depreciation	53
Net Carrying Amount	2,000
Thatcham Business Village [Member] | UNITED KINGDOM | Office
Initial Cost
Encumbrances	2,622
Land	3,618
Buildings and Improvements	2,044
Costs Capitalized	735
Gross Cost Basis at December 31, 2015
Land	3,618
Buildings and Improvements	2,779
Total	6,397
Accumulated Depreciation	207
Net Carrying Amount	6,190
Holiday Inn [Member] | UNITED KINGDOM | Office
Initial Cost
Encumbrances	12,894
Land	4,169
Buildings and Improvements	11,131
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	4,169
Buildings and Improvements	11,131
Total	15,300
Accumulated Depreciation	531
Net Carrying Amount	14,769
Contra' Porta Padova [Member] | ITALY | Retail
Initial Cost
Encumbrances	0
Land	817
Buildings and Improvements	201
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	817
Buildings and Improvements	201
Total	1,018
Accumulated Depreciation	8
Net Carrying Amount	1,010
Corso Francia Via Jacini [Member] | ITALY | Retail
Initial Cost
Encumbrances	0
Land	1,629
Buildings and Improvements	103
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,629
Buildings and Improvements	103
Total	1,732
Accumulated Depreciation	5
Net Carrying Amount	1,727
Corso Mazzini - Angolo Piazzale Del Lavoro [Member] | ITALY | Retail
Initial Cost
Encumbrances	0
Land	938
Buildings and Improvements	934
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	938
Buildings and Improvements	934
Total	1,872
Accumulated Depreciation	13
Net Carrying Amount	1,859
Corso Stati Uniti [Member] | ITALY | Retail
Initial Cost
Encumbrances	0
Land	270
Buildings and Improvements	324
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	270
Buildings and Improvements	324
Total	594
Accumulated Depreciation	3
Net Carrying Amount	591
Largo Carducci [Member] | ITALY | Retail
Initial Cost
Encumbrances	0
Land	1,000
Buildings and Improvements	292
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,000
Buildings and Improvements	292
Total	1,292
Accumulated Depreciation	18
Net Carrying Amount	1,274
Largo Gramsci - Via Borgo Marturi 1 [Member] | ITALY | Retail
Initial Cost
Encumbrances	0
Land	601
Buildings and Improvements	552
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	601
Buildings and Improvements	552
Total	1,153
Accumulated Depreciation	15
Net Carrying Amount	1,138
Piazza Caneva Ang. Via Biondi [Member] | ITALY | Retail
Initial Cost
Encumbrances	0
Land	585
Buildings and Improvements	125
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	585
Buildings and Improvements	125
Total	710
Accumulated Depreciation	3
Net Carrying Amount	707
Piazza Del Popolo [Member] | ITALY | Retail
Initial Cost
Encumbrances	0
Land	602
Buildings and Improvements	328
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	602
Buildings and Improvements	328
Total	930
Accumulated Depreciation	11
Net Carrying Amount	919
Piazza Falcone-Borsellino Via D. Costa [Member] | ITALY | Retail
Initial Cost
Encumbrances	0
Land	646
Buildings and Improvements	304
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	646
Buildings and Improvements	304
Total	950
Accumulated Depreciation	10
Net Carrying Amount	940
Piazza Garibaldi [Member] | ITALY | Retail
Initial Cost
Encumbrances	0
Land	549
Buildings and Improvements	256
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	549
Buildings and Improvements	256
Total	805
Accumulated Depreciation	8
Net Carrying Amount	797
Piazza Pio Xi Via Micara [Member] | ITALY | Retail
Initial Cost
Encumbrances	0
Land	1,355
Buildings and Improvements	90
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,355
Buildings and Improvements	90
Total	1,445
Accumulated Depreciation	5
Net Carrying Amount	1,440
Piazza Righi [Member] | ITALY | Retail
Initial Cost
Encumbrances	0
Land	1,288
Buildings and Improvements	236
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,288
Buildings and Improvements	236
Total	1,524
Accumulated Depreciation	8
Net Carrying Amount	1,516
Piazza Tommaseo [Member] | ITALY | Retail
Initial Cost
Encumbrances	0
Land	1,343
Buildings and Improvements	309
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,343
Buildings and Improvements	309
Total	1,652
Accumulated Depreciation	7
Net Carrying Amount	1,645
Piazza V. Emanuele Ii [Member] | ITALY | Retail
Initial Cost
Encumbrances	0
Land	353
Buildings and Improvements	277
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	353
Buildings and Improvements	277
Total	630
Accumulated Depreciation	6
Net Carrying Amount	624
Piazza Xx Settembre [Member] | ITALY | Retail
Initial Cost
Encumbrances	0
Land	357
Buildings and Improvements	193
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	357
Buildings and Improvements	193
Total	550
Accumulated Depreciation	7
Net Carrying Amount	543
Piazzale Santa Croce [Member] | ITALY | Retail
Initial Cost
Encumbrances	0
Land	386
Buildings and Improvements	212
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	386
Buildings and Improvements	212
Total	598
Accumulated Depreciation	10
Net Carrying Amount	588
Via Appia Nuova Ang. Via Veio [Member] | ITALY | Retail
Initial Cost
Encumbrances	0
Land	2,176
Buildings and Improvements	103
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	2,176
Buildings and Improvements	103
Total	2,279
Accumulated Depreciation	1
Net Carrying Amount	2,278
Via Brigata Partigiana Ugo Muccini [Member] | ITALY | Retail
Initial Cost
Encumbrances	0
Land	455
Buildings and Improvements	240
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	455
Buildings and Improvements	240
Total	695
Accumulated Depreciation	2
Net Carrying Amount	693
Via Bufalini [Member] | ITALY | Retail
Initial Cost
Encumbrances	0
Land	12,616
Buildings and Improvements	17,926
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	12,616
Buildings and Improvements	17,926
Total	30,542
Accumulated Depreciation	160
Net Carrying Amount	30,382
Via Chiodo [Member] | ITALY | Retail
Initial Cost
Encumbrances	0
Land	2,864
Buildings and Improvements	921
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	2,864
Buildings and Improvements	921
Total	3,785
Accumulated Depreciation	1
Net Carrying Amount	3,784
Via Cimarosa Ang. C.So Vercelli [Member] | ITALY | Retail
Initial Cost
Encumbrances	0
Land	2,286
Buildings and Improvements	158
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	2,286
Buildings and Improvements	158
Total	2,444
Accumulated Depreciation	7
Net Carrying Amount	2,437
Via Dalmazia [Member] | ITALY | Retail
Initial Cost
Encumbrances	0
Land	640
Buildings and Improvements	175
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	640
Buildings and Improvements	175
Total	815
Accumulated Depreciation	6
Net Carrying Amount	809
Via Dante - Via Manzoni [Member] | ITALY | Retail
Initial Cost
Encumbrances	0
Land	190
Buildings and Improvements	108
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	190
Buildings and Improvements	108
Total	298
Accumulated Depreciation	4
Net Carrying Amount	294
Via Della Giuliana - Via Buccari 11 [Member] | ITALY | Retail
Initial Cost
Encumbrances	0
Land	1,084
Buildings and Improvements	73
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,084
Buildings and Improvements	73
Total	1,157
Accumulated Depreciation	3
Net Carrying Amount	1,154
Via Diaz [Member] | ITALY | Retail
Initial Cost
Encumbrances	0
Land	872
Buildings and Improvements	200
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	685
Buildings and Improvements	200
Total	885
Accumulated Depreciation	52
Net Carrying Amount	833
Via Fiume [Member] | ITALY | Retail
Initial Cost
Encumbrances	0
Land	304
Buildings and Improvements	172
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	304
Buildings and Improvements	172
Total	476
Accumulated Depreciation	1
Net Carrying Amount	475
Via Flaminia [Member] | ITALY | Retail
Initial Cost
Encumbrances	0
Land	1,781
Buildings and Improvements	104
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,781
Buildings and Improvements	104
Total	1,885
Accumulated Depreciation	5
Net Carrying Amount	1,880
Via Michelangelo Buonarroti [Member] | ITALY | Retail
Initial Cost
Encumbrances	0
Land	2,899
Buildings and Improvements	241
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	2,899
Buildings and Improvements	241
Total	3,140
Accumulated Depreciation	7
Net Carrying Amount	3,133
Via Montebuoni [Member] | ITALY | Retail
Initial Cost
Encumbrances	0
Land	245
Buildings and Improvements	141
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	245
Buildings and Improvements	141
Total	386
Accumulated Depreciation	4
Net Carrying Amount	382
Via Pescheria Via Maggiore [Member] | ITALY | Retail
Initial Cost
Encumbrances	0
Land	191
Buildings and Improvements	171
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	191
Buildings and Improvements	171
Total	362
Accumulated Depreciation	6
Net Carrying Amount	356
Via Rucellai [Member] | ITALY | Retail
Initial Cost
Encumbrances	0
Land	676
Buildings and Improvements	529
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	676
Buildings and Improvements	529
Total	1,205
Accumulated Depreciation	14
Net Carrying Amount	1,191
Via Sacro Cuore / Via Astichello [Member] | ITALY | Retail
Initial Cost
Encumbrances	0
Land	251
Buildings and Improvements	142
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	251
Buildings and Improvements	142
Total	393
Accumulated Depreciation	3
Net Carrying Amount	390
Via Valsugana [Member] | ITALY | Retail
Initial Cost
Encumbrances	0
Land	409
Buildings and Improvements	211
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	409
Buildings and Improvements	211
Total	620
Accumulated Depreciation	8
Net Carrying Amount	612
Viale Felissent [Member] | ITALY | Retail
Initial Cost
Encumbrances	0
Land	874
Buildings and Improvements	398
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	874
Buildings and Improvements	398
Total	1,272
Accumulated Depreciation	22
Net Carrying Amount	1,250
Martineau Place [Member] | UNITED KINGDOM | Retail
Initial Cost
Encumbrances	45,838
Land	0
Buildings and Improvements	70,186
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	0
Buildings and Improvements	70,186
Total	70,186
Accumulated Depreciation	158
Net Carrying Amount	70,028
Bolton Gate Retail Park [Member] | UNITED KINGDOM | Retail
Initial Cost
Encumbrances	24,733
Land	9,726
Buildings and Improvements	28,146
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	9,726
Buildings and Improvements	28,146
Total	37,872
Accumulated Depreciation	62
Net Carrying Amount	37,810
The Marlowes [Member] | UNITED KINGDOM | Retail
Initial Cost
Encumbrances	1,252
Land	516
Buildings and Improvements	1,401
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	516
Buildings and Improvements	1,401
Total	1,917
Accumulated Depreciation	5
Net Carrying Amount	1,912
The Paisley Centre [Member] | UNITED KINGDOM | Retail
Initial Cost
Encumbrances	12,190
Land	5,452
Buildings and Improvements	13,215
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	5,452
Buildings and Improvements	13,215
Total	18,667
Accumulated Depreciation	45
Net Carrying Amount	18,622
Charles Cross [Member] | UNITED KINGDOM | Retail
Initial Cost
Encumbrances	6,667
Land	3,021
Buildings and Improvements	7,188
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	3,021
Buildings and Improvements	7,188
Total	10,209
Accumulated Depreciation	16
Net Carrying Amount	10,193
Friar Street [Member] | UNITED KINGDOM | Retail
Initial Cost
Encumbrances	984
Land	405
Buildings and Improvements	1,104
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	405
Buildings and Improvements	1,104
Total	1,509
Accumulated Depreciation	2
Net Carrying Amount	1,507
Renfrew Retail Park [Member] | UNITED KINGDOM | Retail
Initial Cost
Encumbrances	2,366
Land	1,547
Buildings and Improvements	2,078
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,547
Buildings and Improvements	2,078
Total	3,625
Accumulated Depreciation	9
Net Carrying Amount	3,616
Springfield Retail Park [Member] | UNITED KINGDOM | Retail
Initial Cost
Encumbrances	11,765
Land	4,642
Buildings and Improvements	13,374
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	4,642
Buildings and Improvements	13,374
Total	18,016
Accumulated Depreciation	34
Net Carrying Amount	17,982
The Galleries & Makinson [Member] | UNITED KINGDOM | Retail
Initial Cost
Encumbrances	4,275
Land	1,510
Buildings and Improvements	5,036
Costs Capitalized	0
Gross Cost Basis at December 31, 2015
Land	1,510
Buildings and Improvements	5,036
Total	6,546
Accumulated Depreciation	32
Net Carrying Amount	$ 6,514

Schedule III - Real Estate a116

Schedule III - Real Estate and Accumulative Depreciation - Real Estate Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Total Investment in Real Estate Assets, at Gross Cost Basis
Balance at January 1	$ 1,650,418	$ 112,686	$ 0
Acquisitions	1,223,452	1,537,732	112,686
Foreclosures	155,035	0	0
Improvements and capitalized costs (1)	55,993	0	0
Consolidation of real estate held by investment entities (Note 7)	812,672	0	0
Dispositions (3)	(321,173)	0	0
Impairment	(7,089)	0	0
Effect of changes in foreign exchange rates	(50,626)	0	0
Balance at December 31, before reclassification to held for sale	3,518,682	1,650,418	112,686
Classified as held for sale, net (2)	(300,244)	0	0
Balance at December 31, held for investment	$ 3,218,438	$ 1,650,418	$ 112,686

Schedule III - Real Estate a117

Schedule III - Real Estate and Accumulative Depreciation - Accumulated Depreciation Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accumulated Depreciation
Balance at January 1	$ 6,421	$ 218	$ 0
Depreciation	83,156	6,203	218
Dispositions (3)	(389)	0	0
Effect of changes in foreign exchange rates	(611)	0	0
Balance at December 31, before reclassification to held for sale	88,577	6,421	218
Classified as held for sale, net (2)	(2,357)	0	0
Balance at December 31, held for investment	$ 86,220	$ 6,421	$ 218

Schedule IV - Mortgage Loans118

Schedule IV - Mortgage Loans on Real Estate (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)loan
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1,501
Prior Liens	$ 1,513,331
Unpaid Principal Balance	4,417,946
Carrying Amount	4,048,477
Principal Amount Subject to Delinquent Principal or Interest	$ 176,416
Threshold for aggregation	3.00%
Allowance for loan losses	$ 35,200
Aggregate cost basis of loans for federal income tax purposes	$ 4,000,000
First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	349
Prior Liens	$ 0
Unpaid Principal Balance	2,698,317
Carrying Amount	2,677,183
Principal Amount Subject to Delinquent Principal or Interest	$ 8,493
Subordinated Debt and Mezzanine
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	14
Prior Liens	$ 1,513,331
Unpaid Principal Balance	701,919
Carrying Amount	704,653
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Purchased Credit-Impaired Loans
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1,138
Prior Liens	$ 0
Unpaid Principal Balance	1,017,710
Carrying Amount	666,641
Principal Amount Subject to Delinquent Principal or Interest	$ 167,923
UNITED STATES | Residential | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	3
Minimum Interest Rate	9.99%
Maximum Interest Rate	15.00%
Prior Liens	$ 0
Unpaid Principal Balance	109,442
Carrying Amount	108,944
Principal Amount Subject to Delinquent Principal or Interest	$ 0
UNITED STATES | Residential | Purchased Credit-Impaired Loans
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	160
Prior Liens	$ 0
Unpaid Principal Balance	53,882
Carrying Amount	30,637
Principal Amount Subject to Delinquent Principal or Interest	$ 15,791
UNITED STATES | Multifamily | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	278
Minimum Interest Rate	2.37%
Maximum Interest Rate	8.20%
Prior Liens	$ 0
Unpaid Principal Balance	762,762
Carrying Amount	755,452
Principal Amount Subject to Delinquent Principal or Interest	$ 8,493
UNITED STATES | Multifamily | Subordinated Debt and Mezzanine
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	2
Minimum Interest Rate	9.45%
Maximum Interest Rate	13.00%
Prior Liens	$ 31,423
Unpaid Principal Balance	23,905
Carrying Amount	23,786
Principal Amount Subject to Delinquent Principal or Interest	$ 0
UNITED STATES | Multifamily | Purchased Credit-Impaired Loans
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	257
Prior Liens	$ 0
Unpaid Principal Balance	171,910
Carrying Amount	123,521
Principal Amount Subject to Delinquent Principal or Interest	$ 15,422
UNITED STATES | Office | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	25
Minimum Interest Rate	4.70%
Maximum Interest Rate	9.32%
Prior Liens	$ 0
Unpaid Principal Balance	491,545
Carrying Amount	475,588
Principal Amount Subject to Delinquent Principal or Interest	$ 0
UNITED STATES | Office | Purchased Credit-Impaired Loans
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	66
Prior Liens	$ 0
Unpaid Principal Balance	63,700
Carrying Amount	45,396
Principal Amount Subject to Delinquent Principal or Interest	$ 2,760
UNITED STATES | Retail | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	15
Minimum Interest Rate	4.45%
Maximum Interest Rate	11.70%
Prior Liens	$ 0
Unpaid Principal Balance	392,507
Carrying Amount	390,830
Principal Amount Subject to Delinquent Principal or Interest	$ 0
UNITED STATES | Retail | Subordinated Debt and Mezzanine
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	2
Minimum Interest Rate	5.74%
Maximum Interest Rate	10.50%
Prior Liens	$ 229,916
Unpaid Principal Balance	53,932
Carrying Amount	53,878
Principal Amount Subject to Delinquent Principal or Interest	$ 0
UNITED STATES | Retail | Purchased Credit-Impaired Loans
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	154
Prior Liens	$ 0
Unpaid Principal Balance	169,085
Carrying Amount	135,334
Principal Amount Subject to Delinquent Principal or Interest	$ 10,684
UNITED STATES | Hotel | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	8
Minimum Interest Rate	5.30%
Maximum Interest Rate	11.25%
Prior Liens	$ 0
Unpaid Principal Balance	132,748
Carrying Amount	133,177
Principal Amount Subject to Delinquent Principal or Interest	$ 0
UNITED STATES | Hotel | Subordinated Debt and Mezzanine
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	6
Minimum Interest Rate	7.78%
Maximum Interest Rate	13.50%
Prior Liens	$ 1,027,855
Unpaid Principal Balance	447,426
Carrying Amount	448,251
Principal Amount Subject to Delinquent Principal or Interest	$ 0
UNITED STATES | Hotel | Purchased Credit-Impaired Loans
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	50
Prior Liens	$ 0
Unpaid Principal Balance	51,393
Carrying Amount	36,085
Principal Amount Subject to Delinquent Principal or Interest	$ 0
UNITED STATES | Industrial | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	4
Minimum Interest Rate	4.66%
Maximum Interest Rate	8.20%
Prior Liens	$ 0
Unpaid Principal Balance	32,140
Carrying Amount	31,924
Principal Amount Subject to Delinquent Principal or Interest	$ 0
UNITED STATES | Industrial | Purchased Credit-Impaired Loans
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	100
Prior Liens	$ 0
Unpaid Principal Balance	106,041
Carrying Amount	80,756
Principal Amount Subject to Delinquent Principal or Interest	$ 1,910
UNITED STATES | Other Property | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	4
Minimum Interest Rate	6.04%
Maximum Interest Rate	8.24%
Prior Liens	$ 0
Unpaid Principal Balance	129,161
Carrying Amount	128,223
Principal Amount Subject to Delinquent Principal or Interest	$ 0
UNITED STATES | Other Property | Purchased Credit-Impaired Loans
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	186
Prior Liens	$ 0
Unpaid Principal Balance	136,189
Carrying Amount	80,886
Principal Amount Subject to Delinquent Principal or Interest	$ 11,603
UNITED STATES | Land | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	3
Minimum Interest Rate	10.00%
Maximum Interest Rate	14.00%
Prior Liens	$ 0
Unpaid Principal Balance	135,715
Carrying Amount	140,053
Principal Amount Subject to Delinquent Principal or Interest	$ 0
UNITED STATES | Land | Purchased Credit-Impaired Loans
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	163
Prior Liens	$ 0
Unpaid Principal Balance	126,062
Carrying Amount	46,573
Principal Amount Subject to Delinquent Principal or Interest	$ 0
FRANCE | Office | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	15.00%
Prior Liens	$ 0
Unpaid Principal Balance	15,207
Carrying Amount	14,693
Principal Amount Subject to Delinquent Principal or Interest	$ 0
FRANCE | Hotel | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	9.00%
Prior Liens	$ 0
Unpaid Principal Balance	58,736
Carrying Amount	58,242
Principal Amount Subject to Delinquent Principal or Interest	$ 0
IRELAND / FRANCE | Office | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	11.00%
Prior Liens	$ 0
Unpaid Principal Balance	105,587
Carrying Amount	107,324
Principal Amount Subject to Delinquent Principal or Interest	$ 0
GERMANY | Retail | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	10.00%
Prior Liens	$ 0
Unpaid Principal Balance	54,310
Carrying Amount	55,082
Principal Amount Subject to Delinquent Principal or Interest	$ 0
SPAIN | Office | Purchased Credit-Impaired Loans
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Unpaid Principal Balance	$ 29,694
Carrying Amount	4,953
Principal Amount Subject to Delinquent Principal or Interest	$ 0
SPAIN | Retail | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	15.00%
Prior Liens	$ 0
Unpaid Principal Balance	65,660
Carrying Amount	65,191
Principal Amount Subject to Delinquent Principal or Interest	$ 0
SPAIN | Hotel | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	8.75%
Prior Liens	$ 0
Unpaid Principal Balance	80,330
Carrying Amount	79,385
Principal Amount Subject to Delinquent Principal or Interest	$ 0
UNITED KINGDOM | Office | Purchased Credit-Impaired Loans
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Unpaid Principal Balance	$ 109,754
Carrying Amount	82,500
Principal Amount Subject to Delinquent Principal or Interest	$ 109,753
UNITED KINGDOM | Retail | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	10.00%
Prior Liens	$ 0
Unpaid Principal Balance	73,680
Carrying Amount	73,680
Principal Amount Subject to Delinquent Principal or Interest	$ 0
St. Barthelemy | Hotel | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	2
Minimum Interest Rate	8.50%
Maximum Interest Rate	10.50%
Prior Liens	$ 0
Unpaid Principal Balance	58,787
Carrying Amount	59,395
Principal Amount Subject to Delinquent Principal or Interest	$ 0
MEXICO | Hotel | Subordinated Debt and Mezzanine
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	11.50%
Prior Liens	$ 90,000
Unpaid Principal Balance	40,000
Carrying Amount	43,046
Principal Amount Subject to Delinquent Principal or Interest	$ 0
GREECE | Hotel | Subordinated Debt and Mezzanine
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	11.00%
Prior Liens	$ 34,351
Unpaid Principal Balance	46,022
Carrying Amount	46,525
Principal Amount Subject to Delinquent Principal or Interest	$ 0
CALIFORNIA | Other Property | Subordinated Debt and Mezzanine
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	8.00%
Prior Liens	$ 95,794
Unpaid Principal Balance	87,041
Carrying Amount	86,033
Principal Amount Subject to Delinquent Principal or Interest	$ 0
CALIFORNIA | Land | Subordinated Debt and Mezzanine
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	9.50%
Prior Liens	$ 3,992
Unpaid Principal Balance	3,593
Carrying Amount	3,134
Principal Amount Subject to Delinquent Principal or Interest	$ 0