NorthStar Healthcare Income (NHHS) 10-K 28 Mar 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Mar. 23, 2016	Jun. 30, 2015
Document and Entity Information
Entity Registrant Name	NorthStar Healthcare Income, Inc.
Entity Central Index Key	1,503,707
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		180,657,879
Amendment Flag	false
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Entity Public Float			$ 0
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filer	No

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Assets
Cash	$ 354,229	$ 267,672
Restricted cash	15,612	8,706
Operating real estate, net	832,253	259,409
Net investment in unconsolidated ventures	534,541	215,175
Real estate debt investments, net	192,934	146,267
Receivables, net	8,016	10,161
Deferred costs and intangible assets, net	44,261	1,329
Other assets	20,382	8,385
Total assets	2,002,228	917,104
Liabilities
Mortgage notes payable	570,985	74,355
Due to related party	443	755
Escrow deposits payable	2,046	2,385
Distribution payable	10,002	4,794
Accounts payable and accrued expenses	10,234	2,830
Other liabilities	3,018	0
Total liabilities	$ 596,728	$ 85,119
Commitments and contingencies
NorthStar Healthcare Income, Inc. Stockholders’ Equity
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding as of December 31, 2015 and December 31, 2014	$ 0	$ 0
Common stock, $0.01 par value, 400,000,000 shares authorized, 179,137,202 and 97,971,587 shares issued and outstanding as of December 31, 2015 and December 31, 2014, respectively	1,791	980
Additional paid-in capital	1,614,452	875,205
Retained earnings (accumulated deficit)	(216,099)	(45,458)
Total NorthStar Healthcare Income, Inc. stockholders’ equity	1,400,144	830,727
Non-controlling interests	5,356	1,258
Total equity	1,405,500	831,985
Total liabilities and equity	$ 2,002,228	$ 917,104

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (shares)	50,000,000	50,000,000
Preferred stock, shares issued (shares)	0	0
Preferred stock, shares outstanding (shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	400,000,000	400,000,000
Common stock, shares issued (shares)	179,137,202	97,971,587
Common stock, shares outstanding (shares)	179,137,202	97,971,587

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues
Resident fee income	$ 63,056	$ 14,511	$ 38
Rental income	28,456	8,038	488
Interest income	17,763	7,490	375
Other revenue	1,941	0	0
Total revenues	111,216	30,039	901
Expenses
Property operating expenses	45,773	10,810	24
Interest expense	17,617	2,981	98
Transaction costs	5,765	3,405	1,570
Asset management and other fees - related party	33,385	8,220	1,334
General and administrative expenses	20,213	4,418	313
Depreciation and amortization	27,038	4,291	132
Total expenses	149,791	34,125	3,471
Other income (loss)
Realized gain (loss), net	(721)	(156)	0
Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense)	(39,296)	(4,242)	(2,570)
Equity in earnings (losses) of unconsolidated ventures	(49,046)	(12,127)	0
Income tax benefit (expense)	5,598	1,390	0
Net income (loss)	(82,744)	(14,979)	(2,570)
Net (income) loss attributable to non-controlling interests	374	34	10
Net income (loss) attributable to NorthStar Healthcare Income, Inc. common stockholders	$ (82,370)	$ (14,945)	$ (2,560)
Net income (loss) per share of common stock, basic/diluted (in dollars per share)	$ (0.63)	$ (0.38)	$ (1.26)
Weighted average number of shares of common stock outstanding, basic/diluted (shares)	131,104,887	39,804,750	2,026,378

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (82,744)	$ (14,979)	$ (2,570)
Comprehensive income (loss)	(82,744)	(14,979)	(2,570)
Comprehensive (income) loss attributable to non-controlling interests	374	34	10
Comprehensive income (loss) attributable to NorthStar Healthcare Income, Inc.	$ (82,370)	$ (14,945)	$ (2,560)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total Company’s Stockholders’ Equity	Common Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Non-controlling Interests
Beginning Balance (shares) at Dec. 31, 2012			22,000
Beginning Balance at Dec. 31, 2012	$ 202	$ 200	$ 0	$ 200	$ 0	$ 2
Increase (Decrease) in Stockholder's Equity
Net proceeds from issuance of common stock (shares)			10,905,000
Net proceeds from issuance of common stock	96,596	96,596	$ 110	96,486
Issuance and amortization of equity-based compensation (shares)			23,000
Issuance and amortization of equity-based compensation	32	32		32
Non-controlling interests - contributions	210					210
Distributions declared	(1,312)	(1,312)			(1,312)
Proceeds from distribution reinvestment plan (in shares)			35,000
Proceeds from distribution reinvestment plan	337	337		337
Net income (loss)	(2,570)	(2,560)			(2,560)	(10)
Ending Balance (shares) at Dec. 31, 2013			10,985,000
Ending Balance at Dec. 31, 2013	93,495	93,293	$ 110	97,055	(3,872)	202
Increase (Decrease) in Stockholder's Equity
Net proceeds from issuance of common stock (shares)			85,691,000
Net proceeds from issuance of common stock	766,729	766,729	$ 857	765,872
Issuance and amortization of equity-based compensation (shares)			8,000
Issuance and amortization of equity-based compensation	60	60		60
Non-controlling interests - contributions	1,090					1,090
Shares redeemed for cash (shares)			(14,000)
Shares redeemed for cash	(142)	(142)		(142)
Distributions declared	(26,641)	(26,641)			(26,641)
Proceeds from distribution reinvestment plan (in shares)			1,302,000
Proceeds from distribution reinvestment plan	12,373	12,373	$ 13	12,360
Net income (loss)	$ (14,979)	(14,945)			(14,945)	(34)
Ending Balance (shares) at Dec. 31, 2014	97,971,587		97,972,000
Ending Balance at Dec. 31, 2014	$ 831,985	830,727	$ 980	875,205	(45,458)	1,258
Increase (Decrease) in Stockholder's Equity
Net proceeds from issuance of common stock (shares)			76,761,000
Net proceeds from issuance of common stock	697,491	697,491	$ 767	696,724
Issuance and amortization of equity-based compensation (shares)			12,000
Issuance and amortization of equity-based compensation	115	115		115
Non-controlling interests - contributions	4,472					4,472
Shares redeemed for cash (shares)			(407,000)
Shares redeemed for cash	(3,928)	(3,928)	$ (4)	(3,924)
Distributions declared	(88,271)	(88,271)			(88,271)
Proceeds from distribution reinvestment plan (in shares)			4,799,000
Proceeds from distribution reinvestment plan	46,380	46,380	$ 48	46,332
Net income (loss)	$ (82,744)	(82,370)			(82,370)	(374)
Ending Balance (shares) at Dec. 31, 2015	179,137,202		179,137,000
Ending Balance at Dec. 31, 2015	$ 1,405,500	$ 1,400,144	$ 1,791	$ 1,614,452	$ (216,099)	$ 5,356

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Cash flows from operating activities:
Net income (loss)	$ (82,744)	$ (14,979)	$ (2,570)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in (earnings) losses of unconsolidated ventures	49,046	12,127	0
Depreciation and amortization	27,038	4,291	132
Straight-line rental income	(3,413)	(1,149)	(53)
Amortization of premium/accretion of discount on investments	107	141	0
Amortization of deferred financing costs	1,552	605	31
Amortization of equity-based compensation	115	60	32
Deferred income tax benefit, net	(5,611)	(1,415)	0
Realized (gain) loss, net	721	156	0
Distributions from unconsolidated ventures	249	199	0
Changes in assets and liabilities:
Restricted cash	(969)	(2,108)	(180)
Receivables, net	(2,250)	(980)	(64)
Other assets	612	(154)	(67)
Due to related party	(730)	(876)	785
Escrow deposits payable	(175)	570	1,044
Accounts payable and accrued expenses	7,403	1,592	568
Other liabilities	486	0	0
Net cash provided by (used in) operating activities	(8,563)	(1,920)	(342)
Cash flows from investing activities:
Acquisition of operating real estate investments	(579,973)	(207,974)	(46,287)
Improvement of operating real estate investments	(11,889)	(1,524)	0
Origination of real estate debt investments	(74,438)	(20,024)	0
Acquisition of real estate debt investments	188	(120,521)	(11,250)
Repayment on real estate debt investments	27,476	0	0
Investment in unconsolidated ventures	(394,015)	(225,380)	0
Distributions from unconsolidated ventures	25,732	3,458	0
Deferred costs and intangible assets	(51,238)	0	0
Change in restricted cash	(5,930)	(4,472)	(428)
Other assets	(5,246)	(5,442)	(1,104)
Net cash provided by (used in) investing activities	(1,069,333)	(581,879)	(59,069)
Cash flows from financing activities:
Borrowing from mortgage notes	503,750	65,500	10,500
Repayment of mortgage notes	0	(7,782)	(31)
Payment of deferred financing costs	(8,328)	(2,612)	(1,114)
Change in restricted cash	(170)	(223)	(524)
Net proceeds from issuance of common stock	702,743	759,492	94,052
Net proceeds from issuance of common stock, related party	2,597	642	2,071
Shares redeemed for cash	(3,928)	(142)	0
Distributions paid on common stock	(83,063)	(22,404)	(755)
Proceeds from distribution reinvestment plan	46,380	12,373	337
Contributions from non-controlling interests	4,472	1,090	210
Net cash provided by (used in) financing activities	1,164,453	805,934	104,746
Net increase (decrease) in cash	86,557	222,135	45,335
Cash - beginning of period	267,672	45,537	202
Cash - end of period	354,229	267,672	45,537
Supplemental disclosure of cash flow information:
Cash paid for interest	13,930	1,750	24
Cash paid for income taxes	916	21	0
Supplemental disclosure of non-cash investing and financing activities:
Accrued cost of capital	42	1,333	448
Subscriptions receivable, gross	111	8,758	921
Escrow deposits related to investments	139	46	729
Distribution payable	10,002	4,794	557
Conversion of real estate debt investment to investment in unconsolidated ventures	0	5,387	0
Mortgage notes assumed	0	0	7,813
Accrued capital expenditures	1,003	228	0
Other liabilities	2,532	191	0
Accrued acquisition fees - unconsolidated ventures	378	0	0
Reclassification of deferred financing costs to mortgage notes payable	$ 8,765	$ 1,645	$ 0

Business and Organization

Business and Organization	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization NorthStar Healthcare Income, Inc. (the “Company”) was formed to acquire, originate and asset manage a diversified portfolio of equity, debt and securities investments in healthcare real estate, directly or through joint ventures, with a focus on the mid-acuity senior housing sector, which the Company defines as assisted living (“ALF”), memory care (“MCF”), skilled nursing (“SNF”), independent living (“ILF”) facilities and continuing care retirement communities which may have independent living, assisted living, skilled nursing and memory care available on one campus (“CCRC”). The Company also invests in other healthcare property types, including medical office buildings (“MOB”), hospitals, rehabilitation facilities and ancillary services businesses. The Company’s investments are predominantly in the United States, but it also selectively makes international investments. The Company was formed in October 2010 as a Maryland corporation and commenced operations in February 2013. The Company elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), commencing with the taxable year ended December 31, 2013 . The Company conducts its operations so as to continue to qualify as a REIT for U.S. federal income tax purposes. The Company’s equity investments are generally healthcare properties, which are either structured as net leases to healthcare operators or operated through management agreements with independent third-party operators, predominantly through the REIT Investment Diversification and Empowerment Act of 2007 (“RIDEA”) structures that permit the Company, through taxable REIT subsidiaries (“TRS”), to have direct exposure to resident fee income and incur related operating expenses. The Company’s debt investments consist of first mortgage loans and mezzanine loans. The Company currently owns no securities investments. The Company is externally managed and has no employees. Prior to June 30, 2014, the Company was managed by an affiliate of NorthStar Realty Finance Corp. (NYSE: NRF) (“NorthStar Realty”). Effective June 30, 2014, NorthStar Realty spun-off its asset management business into a separate publicly traded company, NorthStar Asset Management Group Inc. (NYSE: NSAM) (the “Sponsor”). The Sponsor and its affiliates provide asset management and other services to the Company, NorthStar Realty, NorthStar Realty Europe Corp. (NYSE: NRE), other sponsored public retail-focused companies and any other companies the Sponsor and its affiliates may manage in the future (collectively, the “NSAM Managed Companies”), both in the United States and internationally. Concurrent with the spin-off, affiliates of the Sponsor entered into a new advisory agreement with the Company and each of the other NSAM Managed Companies. Pursuant to the Company’s advisory agreement, NSAM J-NSHC Ltd, an affiliate of the Sponsor (the “Advisor”), agreed to manage the day-to-day operations of the Company on terms substantially similar to those set forth in the Company’s prior advisory agreement with NorthStar Healthcare Income Advisor, LLC (the “Prior Advisor”). References to the “Prior Advisor” herein refer to the services performed by and fees paid and accrued to the Prior Advisor during the period prior to June 30, 2014. The spin-off of NorthStar Realty’s asset management business had no impact on the Company’s operations. Substantially all the Company’s business is conducted through NorthStar Healthcare Income Operating Partnership, LP (the “Operating Partnership”). The Company is the sole general partner of the Operating Partnership. The limited partners of the Operating Partnership are the Prior Advisor and NorthStar Healthcare Income OP Holdings, LLC (the “Special Unit Holder”), each an affiliate of the Sponsor. The Prior Advisor invested $1,000 in the Operating Partnership in exchange for common units and the Special Unit Holder invested $1,000 in the Operating Partnership and was issued a separate class of limited partnership units (the “Special Units”), which are collectively recorded as non-controlling interests on the consolidated balance sheets as of December 31, 2015 and 2014. As the Company accepts subscriptions for shares, it contributes substantially all of the net proceeds from its continuous, public offering to the Operating Partnership as a capital contribution. As of December 31, 2015 , the Company’s limited partnership interest in the Operating Partnership was 99.99% . The Company’s charter authorizes the issuance of up to 400.0 million shares of common stock with a par value of $0.01 per share and up to 50.0 million shares of preferred stock with a par value of $0.01 per share. The board of directors of the Company is authorized to amend its charter, without the approval of the stockholders, to increase the aggregate number of authorized shares of capital stock or the number of shares of any class or series that the Company has authority to issue. The Company initially registered to offer up to 100.0 million shares pursuant to its primary offering to the public (the “Initial Primary Offering”) and up to 10.5 million shares pursuant to its distribution reinvestment plan (the “Initial DRP”), which are herein collectively referred to as the Initial Offering. The Initial Offering (including 8.6 million shares reallocated from the Initial DRP) was completed on February 2, 2015 by raising $1.1 billion . All of the shares initially registered for the Initial Offering were issued. On February 6, 2015 , the Company’s registration statement on Form S-11 was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) for a follow-on public offering (the “Follow-on Offering”) of up to $700.0 million which includes up to $500.0 million in shares pursuant to its follow-on primary offering (the “Follow-on Primary Offering”) and up to $200.0 million in shares pursuant to its follow-on distribution reinvestment plan (the “Follow-on DRP”). The Company stopped accepting subscriptions for the Follow-on Offering on December 17, 2015 and all of the shares initially registered (including $159.5 million of shares reallocated from the Follow-on DRP) for the Offering were issued on or before January 19, 2016. The Company registered an additional 30.0 million shares to be offered pursuant to DRP beyond the completion of the Offering and continue to offer such shares. The Initial Primary Offering and the Follow-on Primary Offering are collectively referred to as the Primary Offering and the distribution reinvestment plan, including but not limited to, the Initial DRP and Follow-on DRP are collectively referred to as the DRP. Additionally, the Primary Offering and the Initial DRP and Follow-on DRP are collectively referred to as the Offering. The Company retained NorthStar Securities, LLC (the “Dealer Manager”), formerly a subsidiary of NorthStar Realty that became a subsidiary of the Sponsor upon completion of the spin-off, to serve as the dealer manager for the Primary Offering. On February 11, 2013, the Company commenced operations by satisfying the minimum offering requirement in its Initial Primary Offering as a result of NorthStar Realty purchasing 222,223 shares of common stock for $2.0 million . From inception through March 23, 2016 , the Company raised total gross proceeds of $1.8 billion .

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Accounting The accompanying consolidated financial statements and related notes of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). Principles of Consolidation The consolidated financial statements include the accounts of the Company, the Operating Partnership and their consolidated subsidiaries. The Company consolidates variable interest entities (“VIE”) where the Company is the primary beneficiary and voting interest entities which are generally majority owned or otherwise controlled by the Company. All significant intercompany balances are eliminated in consolidation. Variable Interest Entities A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. A VIE is defined as an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The determination of whether an entity is a VIE includes both a qualitative and quantitative analysis. The Company bases its qualitative analysis on its review of the design of the entity, its organizational structure including decision-making ability and relevant financial agreements and the quantitative analysis on the forecasted cash flow of the entity. The Company reassesses its initial evaluation of an entity as a VIE upon the occurrence of certain reconsideration events. A VIE must be consolidated only by its primary beneficiary, which is defined as the party who, along with its affiliates and agents has both the: (i) power to direct the activities that most significantly impact the VIE’s economic performance; and (ii) obligation to absorb the losses of the VIE or the right to receive the benefits from the VIE, which could be significant to the VIE. The Company determines whether it is the primary beneficiary of a VIE by considering qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of its investment; the obligation or likelihood for the Company or other interests to provide financial support; consideration of the VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders and the similarity with and significance to the business activities of the Company and the other interests. The Company reassesses its determination of whether it is the primary beneficiary of a VIE each reporting period. Significant judgments related to these determinations include estimates about the current and future fair value and performance of investments held by these VIEs and general market conditions. The Company evaluates its investments and financings, including investments in unconsolidated ventures and securitization financing transactions, if any, to determine whether they are a VIE. The Company analyzes new investments and financings, as well as reconsideration events for existing investments and financings, which vary depending on type of investment or financing. As of December 31, 2015 , the Company identified one VIE related to its real estate equity investments. The VIE has a carrying value of $41.9 million as of December 31, 2015 . The Company’s maximum exposure to loss as of December 31, 2015 would not exceed the carrying value of its investment in the VIE and its investment in a $75.0 million mezzanine loan to a subsidiary of the VIE. Based on management’s analysis, the Company determined that it is not the primary beneficiary. Accordingly, the VIE is not consolidated in the Company’s financial statements as of December 31, 2015 . The Company did not provide financial support to its unconsolidated VIE during the year ended December 31, 2015 . As of December 31, 2015 , there were no explicit arrangements or implicit variable interests that could require the Company to provide financial support to its unconsolidated VIE. Voting Interest Entities A voting interest entity is an entity in which the total equity investment at risk is sufficient to enable it to finance its activities independently and the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity. The usual condition for a controlling financial interest in a voting interest entity is ownership of a majority voting interest. If the Company has a majority voting interest in a voting interest entity, the entity will generally be consolidated. The Company does not consolidate a voting interest entity if there are substantive participating rights by other parties and/or kick-out rights by a single party or through a simple majority vote. The Company performs on-going reassessments of whether entities previously evaluated under the voting interest framework have become VIEs, based on certain events, and therefore subject to the VIE consolidation framework. Investments in Unconsolidated Ventures A non-controlling, unconsolidated ownership interest in an entity may be accounted for using the equity method, at fair value or the cost method. Under the equity method, the investment is adjusted each period for capital contributions and distributions and its share of the entity’s net income (loss). Capital contributions, distributions and net income (loss) of such entities are recorded in accordance with the terms of the governing documents. An allocation of net income (loss) may differ from the stated ownership percentage interest in such entity as a result of preferred returns and allocation formulas, if any, as described in such governing documents. Equity method investments are recognized using a cost accumulation model in which the investment is recognized based on the cost to the investor, which includes acquisition fees. The Company records as an expense certain acquisition costs and fees associated with consolidated investments deemed to be business combinations and capitalizes these costs for investments deemed to be acquisitions of an asset, including an equity method investment. The Company may account for an investment in an unconsolidated entity at fair value by electing the fair value option. The Company may account for an investment that does not qualify for equity method accounting or for which the fair value option was not elected using the cost method if the Company determines the investment in the unconsolidated entity is insignificant. Under the cost method, equity in earnings is recorded as dividends are received to the extent they are not considered a return of capital, which is recorded as a reduction of cost of the investment. Non-controlling Interests A non-controlling interest in a consolidated subsidiary is defined as the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to the Company. A non-controlling interest is required to be presented as a separate component of equity on the consolidated balance sheets and presented separately as net income (loss) and comprehensive income (loss) attributable to controlling and non-controlling interests. An allocation to a non-controlling interest may differ from the stated ownership percentage interest in such entity as a result of a preferred return and allocation formula, if any, as described in such governing documents. Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that could affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates and assumptions. Reclassifications Certain prior period amounts have been reclassified in the consolidated financial statements to conform to current period presentation. Comprehensive Income (Loss) The Company reports consolidated comprehensive income (loss) in separate statements following the consolidated statements of operations. Comprehensive income (loss) is defined as the change in equity resulting from net income (loss) and other comprehensive income (loss) (“OCI”). Cash Cash, including amounts restricted, may at times exceed the Federal Deposit Insurance Corporation deposit insurance limit of $250,000 per institution. The Company mitigates credit risk by placing cash with major financial institutions. To date, the Company has not experienced any losses on cash. Restricted Cash Restricted cash consists of amounts related to operating real estate (escrows for taxes, insurance, capital expenditures, tenant/operator security deposits, payments required under certain lease agreements) and loan origination (escrow deposits). Operating Real Estate The Company follows the purchase method for an acquisition of operating real estate, where the purchase price is allocated to tangible assets such as land, building, furniture and fixtures, improvements and other identified intangibles, such as in-place leases and goodwill. Major replacements and betterments which improve or extend the life of the asset are capitalized and depreciated over their useful life. Ordinary repairs and maintenance are expensed as incurred. Operating real estate is carried at historical cost less accumulated depreciation. Operating real estate is depreciated using the straight-line method over the estimated useful life of the assets, summarized as follows: Category: Term: Building 40 years Building improvements Lesser of the useful life or remaining life of the building Tenant improvements Lesser of the useful life or remaining term of the lease Furniture and fixtures 7 to 10 years Land improvements 15 years Construction costs incurred in connection with the Company’s investments are capitalized and included in operating real estate, net on the consolidated balance sheets. Construction in progress is not depreciated until the development is substantially completed. Costs directly related to an acquisition deemed to be a business combination are expensed and included in transaction costs in the consolidated statements of operations. The Company evaluates whether a real estate acquisition constitutes a business and whether business combination accounting is appropriate. Real Estate Debt Investments Debt investments are generally intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan fees, premium, discount and unfunded commitments. Debt investments that are deemed to be impaired are carried at amortized cost less a loan loss reserve, if deemed appropriate, which approximates fair value. Debt investments where the Company does not have the intent to hold the loan for the foreseeable future or until its expected payoff are classified as held for sale and recorded at the lower of cost or estimated value. Real Estate Securities The Company classifies its securities investments as available for sale on the acquisition date, which are carried at fair value. Unrealized gains (losses) are recorded as a component of accumulated OCI in the consolidated statements of equity. However, the Company may elect the fair value option for certain of its available for sale securities, and as a result, any unrealized gains (losses) on such securities are recorded in unrealized gain (loss) on investments and other in the consolidated statements of operations. As of December 31, 2015 , the Company does not own any securities investments. Deferred Costs and Intangible Assets Deferred Costs Deferred costs include deferred lease costs. Deferred financing costs represent commitment fees, legal and other third-party costs associated with obtaining financing. These costs are amortized to interest expense over the term of the financing using either the effective interest method or straight-line method depending on the type of financing. Unamortized deferred financing costs are expensed when the associated borrowing is repaid before maturity. Costs incurred in seeking financing transactions, which do not close, are expensed in the period such financing transaction was terminated. Deferred lease costs consist of fees incurred to initiate and renew operating leases, which are amortized on a straight-line basis over the remaining lease term and are recorded to depreciation and amortization in the consolidated statements of operations. During the quarter ended December 31, 2015 , the Company elected to early adopt ASU 2015-03. Under ASU 2015-03, capitalized deferred financing costs, previously recorded in deferred costs and intangible assets, net on the consolidated balance sheets, are presented as a direct deduction from the carrying amount of the debt liability to which these costs relate to mortgage notes payable, and this presentation is retrospectively applied to prior periods. For capitalized deferred financing costs that had been incurred relating to the credit facility agreement, the Company presented these costs in deferred costs and intangible assets, net, on the accompanying consolidated balance sheet as amounts could have been drawn and repaid periodically. Identified Intangibles The Company records acquired identified intangibles based on estimated fair value. In-place lease intangible assets are amortized into depreciation and amortization expense in the consolidated statements of operations on a straight-line basis over the remaining lease or resident agreement term. Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination and is not amortized. The Company performs an annual impairment test for goodwill and evaluates the recoverability whenever events or changes in circumstances indicate that the carrying value of goodwill may not be fully recoverable. In making such assessment, qualitative factors are used to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If the estimated fair value of the reporting unit is less than its carrying value, then an impairment charge is recorded. Identified intangible assets are recorded in deferred costs and intangible assets, net on the consolidated balance sheets. The following table presents a summary of deferred costs and intangible assets as of December 31, 2015 and 2014 (dollars in thousands): December 31, 2015 December 31, 2014 Deferred costs and intangible assets: In-place lease value, net $ 21,307 $ — Goodwill 22,112 — Other intangible assets 380 — Subtotal intangible assets 43,799 — Deferred financing and other costs, net 462 1,329 Total $ 44,261 $ 1,329 The Company recorded $12.1 million of in-place lease and deferred lease cost amortization expense for the year ended December 31, 2015 . The following table presents annual amortization of deferred costs and intangible assets (dollars in thousands): Years Ending December 31: 2016 $ 9,750 2017 1,839 2018 1,839 2019 1,839 2020 1,839 Thereafter (1) 4,663 Total $ 21,769 ______________________________________________________ (1) Identified intangibles will be amortized through periods ending September 2029. Acquisition Fees and Expenses The total of all acquisition fees and expenses for an investment, including acquisition fees to the Advisor, cannot exceed, in the aggregate, 6.0% of the contract purchase price of such investment unless such excess is approved by a majority of the directors, including independent directors. For the years ended December 31, 2015 and 2014 , total acquisition fees and expenses did not exceed the allowed limit for any investment with the exception of the acquisition of an unconsolidated venture in July 2015, whereby the majority of the directors, including independent directors, unanimously determined that such costs in excess of the allowed limit were commercially competitive, fair and reasonable to the Company. An acquisition fee incurred related to an equity investment will generally be expensed as incurred. An acquisition fee paid to the Advisor related to the acquisition of an equity or debt investment in an unconsolidated joint venture is included in investments in unconsolidated ventures on the consolidated balance sheets. An acquisition fee paid to the Advisor related to the origination or acquisition of debt investments is included in debt investments, net on the consolidated balance sheets and is amortized to interest income over the life of the investment using the effective interest method. The Company records as an expense certain acquisition costs and fees associated with transactions deemed to be business combinations in which it consolidates the asset and capitalizes these costs for transactions deemed to be acquisitions of an asset, including an equity investment. Other Assets The following table presents a summary of other assets as of December 31, 2015 and December 31, 2014 (dollars in thousands): December 31, 2015 December 31, 2014 Other assets: Investment deposits and pending deal costs $ 6,629 $ 6,721 Remainder interest in condominium units (1) 5,401 — Deferred tax assets 7,026 1,415 Prepaid expenses 790 194 Other 536 55 Total $ 20,382 $ 8,385 __________________________________________________________ (1) Represents future interests in property subject to life estates (“Remainder Interest”). Revenue Recognition Operating Real Estate Rental and escalation income from operating real estate is derived from leasing of space to various types of tenants and healthcare operators. The leases are for fixed terms of varying length and generally provide for annual rental fees to be paid in monthly installments. Rental income from leases is recognized on a straight-line basis over the term of the respective leases. The excess of rent recognized over the amount contractually due pursuant to the underlying leases is included in receivables on the consolidated balance sheets. Escalation income represents revenue from tenant/operator leases which provide for the recovery of all or a portion of the operating expenses and real estate taxes paid by the Company on behalf of the respective property, as applicable. This revenue is accrued in the same period as the expenses are incurred. The Company also generates operating income from operating healthcare properties. Revenue related to operating healthcare properties includes resident room and care charges and other resident service charges. Revenue is recognized when such services are provided, generally defined as the date upon which a resident occupies a room or uses the services and is recorded in resident fee income in the consolidated statements of operations. Real Estate Debt Investments Interest income is recognized on an accrual basis and any related premium, discount, origination costs and fees are amortized over the life of the investment using the effective interest method. The amortization is reflected as an adjustment to interest income in the consolidated statements of operations. The amortization of a premium or accretion of a discount is discontinued if such loan is reclassified to held for sale. Real Estate Securities Interest income is recognized using the effective interest method with any premium or discount amortized or accreted through earnings based on expected cash flow through the expected maturity date of the security. Changes to expected cash flow may result in a change to the yield which is then applied retrospectively for high-credit quality securities that cannot be prepaid or otherwise settled in such a way that the holder would not recover substantially all of the investment or prospectively for all other securities to recognize interest income. As of December 31, 2015 , the Company does not own any securities investments. Credit Losses and Impairment on Investments Operating Real Estate The Company’s real estate portfolio is reviewed on a quarterly basis, or more frequently as necessary, to assess whether there are any indicators that the value of its operating real estate may be impaired or that its carrying value may not be recoverable. A property’s value is considered impaired if the Company’s estimate of the aggregate expected future undiscounted cash flow generated by the property is less than the carrying value. In conducting this review, the Company considers U.S. macroeconomic factors, real estate and healthcare sector conditions, together with asset specific and other factors. To the extent an impairment has occurred, the loss is measured as the excess of the carrying value of the property over the estimated fair value and recorded in impairment on operating real estate in the consolidated statements of operations. An allowance for a doubtful account for a tenant/operator/resident receivable is established based on a periodic review of aged receivables resulting from estimated losses due to the inability of tenant/operator/resident to make required rent and other payments contractually due. Additionally, the Company establishes, on a current basis, an allowance for future tenant/operator/resident credit losses on unbilled rent receivable based on an evaluation of the collectability of such amounts. The Company had no allowance for doubtful accounts as of December 31, 2015 . Real Estate Debt Investments Loans are considered impaired when, based on current information and events, it is probable that the Company will not be able to collect principal and interest amounts due according to the contractual terms. The Company assesses the credit quality of the portfolio and adequacy of loan loss reserves on a quarterly basis or more frequently as necessary. Significant judgment of the Company is required in this analysis. The Company considers the estimated net recoverable value of the loan as well as other factors, including but not limited to the fair value of any collateral, the amount and the status of any senior debt, the quality and financial condition of the borrower and the competitive situation of the area where the underlying collateral is located. Because this determination is based on projections of future economic events, which are inherently subjective, the amount ultimately realized may differ materially from the carrying value as of the balance sheet date. If upon completion of the assessment, the estimated fair value of the underlying collateral is less than the net carrying value of the loan, a loan loss reserve is recorded with a corresponding charge to provision for loan losses. The loan loss reserve for each loan is maintained at a level that is determined to be adequate by management to absorb probable losses. Income recognition is suspended for a loan at the earlier of the date at which payments become 90 -days past due or when, in the opinion of the Company, a full recovery of income and principal becomes doubtful. When the ultimate collectability of the principal of an impaired loan is in doubt, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the principal of an impaired loan is not in doubt, contractual interest is recorded as interest income when received, under the cash basis method until an accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. A loan is written off when it is no longer realizable and/or legally discharged. As of December 31, 2015 , the Company did not have any impaired real estate debt investments. Investments in Unconsolidated Ventures The Company reviews its investments in unconsolidated ventures for which the Company did not elect the fair value option on a quarterly basis, or more frequently as necessary, to assess whether there are any indicators that the value may be impaired or that its carrying value may not be recoverable. An investment is considered impaired if the projected net recoverable amount over the expected holding period is less than the carrying value. In conducting this review, the Company considers global macroeconomic factors, including real estate sector conditions, together with investment specific and other factors. To the extent an impairment has occurred and is considered to be other than temporary, the loss is measured as the excess of the carrying value of the investment over the estimated fair value and recorded in provision for loss on equity investment in the consolidated statements of operations. Real Estate Securities Securities for which the fair value option is elected are not evaluated for other-than-temporary impairment (“OTTI”) as any change in fair value is recorded in the consolidated statements of operations. Realized losses on such securities are reclassified to realized gain (loss) on investments and other as losses occur. Securities for which the fair value option is not elected are evaluated for OTTI quarterly. Impairment of a security is considered to be other-than-temporary when: (i) the holder has the intent to sell the impaired security; (ii) it is more likely than not the holder will be required to sell the security; or (iii) the holder does not expect to recover the entire amortized cost of the security. When a security has been deemed to be other-than-temporarily impaired due to (i) or (ii), the security is written down to its fair value and an OTTI is recognized in the consolidated statements of operations. In the case of (iii), the security is written down to its fair value and the amount of OTTI is then bifurcated into: (a) the amount related to expected credit losses; and (b) the amount related to fair value adjustments in excess of expected credit losses. The portion of OTTI related to expected credit losses is recognized in the consolidated statements of operations. The remaining OTTI related to the valuation adjustment is recognized as a component of accumulated OCI in the consolidated statements of equity. The portion of OTTI recognized through earnings is accreted back to the amortized cost basis of the security through interest income, while amounts recognized through OCI are amortized over the life of the security with no impact on earnings. Real estate securities which are not high-credit quality are considered to have an OTTI if the security has an unrealized loss and there has been an adverse change in expected cash flow. The amount of OTTI is then bifurcated as discussed above. As of December 31, 2015 , the Company did not own any real estate securities. Organization and Offering Costs The Advisor, or its affiliates, was entitled to receive reimbursement for costs paid on behalf of the Company in connection with the Offering. The Company was obligated to reimburse the Advisor for organization and offering costs to the extent the aggregate of selling commissions, dealer manager fees and other organization and offering costs do not exceed 15% of gross offering proceeds from the Primary Offering. The Advisor did not expect reimbursable organization and offering costs, including costs incurred in connection with the Follow-on Offering but excluding selling commissions and dealer manager fees, to exceed $22.5 million , or 1.5% of the total proceeds available to be raised from the Primary Offering. Based on gross proceeds of $1.7 billion from the Primary Offering, the Company incurred reimbursable organizational and offering costs, excluding selling commissions and dealer manager fees, of 1.0% , which was less than the 1.5% expected. The Company records organization and offering costs each period based upon an allocation determined by the expectation of total organization and offering costs to be reimbursed. Organization costs are recorded as an expense in general and administrative expenses in the consolidated statements of operations and offering costs are recorded as a reduction to equity. Income Taxes The Company elected to be taxed as a REIT and to comply with the related provisions of the Internal Revenue Code beginning in its taxable year ended December 31, 2013 . Accordingly, the Company will generally not be subject to U.S. federal income tax to the extent of its distributions to stockholders as long as certain asset, income and share ownership tests are met. To maintain its qualification as a REIT, the Company must annually distribute at least 90% of its REIT taxable income to its stockholders and meet certain other requirements. The Company may also be subject to certain state, local and franchise taxes. Under certain circumstances, federal income and excise taxes may be due on its undistributed taxable income. If the Company were to fail to meet these requirements, it would be subject to U.S. federal income tax, which could have a material adverse impact on its results of operations and amounts available for distributions to its stockholders. The Company believes that all of the criteria to maintain the Company’s REIT qualification have been met for the applicable periods, but there can be no assurance that these criteria will continue to be met in subsequent periods. The Company has assessed its tax positions for all open tax years, which include 2013 to 2015, and concluded there were no material uncertainties to be recognized. The Company’s accounting policy with respect to interest and penalties is to classify these amounts as interest expense. The Company has not recognized any such amounts related to uncertain tax positions for the years ended December 31, 2015, 2014 and 2013. The Company made a joint election to treat certain subsidiaries as TRS which may be subject to U.S. federal, state and local income taxes. In general, a TRS of the Company may perform non-customary services for tenants/operators/residents of the Company, hold assets that the Company cannot hold directly and may engage in any real estate or non-real estate-related business. Certain subsidiaries of the Company are subject to taxation by federal, state and foreign authorities for the periods presented. The Company and its U.S. subsidiaries will file a consolidated federal income tax return. Income taxes are accounted for by the asset/liability approach in accordance with U.S. GAAP. Deferred taxes, if any, represent the expected future tax consequences when the reported amounts of assets and liabilities are recovered or paid. Such amounts arise from differences between the financial reporting and tax bases of assets and liabilities and are adjusted for changes in tax laws and tax rates in the period which such changes are enacted. A provision for income tax represents the total of income taxes paid or payable for the current period, plus the change in deferred taxes. Current and deferred taxes are provided on the portion of earnings (losses) recognized by the Company with respect to its interest in the TRS. Deferred income tax assets and liabilities are calculated based on temporary differences between the Company’s U.S. GAAP consolidated financial statements and the federal and state income tax basis of assets and liabilities as of the consolidated balance sheet date. The Company evaluates the realizability of its deferred tax assets (e.g., net operating loss and capital loss carryforwards) and recognizes a valuation allowance if, based on the available evidence, it is more likely than not that some portion or all of its deferred tax assets will not be realized. When evaluating the realizability of its deferred tax assets, the Company considers estimates of expected future taxable income, existing and projected book/tax differences, tax planning strategies available and the general and industry specific economic outlook. This realizability analysis is inherently subjective, as it requires the Company to forecast its business and general economic environment in future periods. Changes in estimate of deferred tax asset realizability, if any, are included in provision for income tax benefit (expense) in the consolidated statements of operations. The Company recorded a net income tax benefit of $5.6 million and $1.4 million for the years ended December 31, 2015 and 2014 , respectively. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued an accounting update requiring a company to recognize as revenue the amount of consideration it expects to be entitled to in connection with the transfer of promised goods or services to customers. The accounting standard update will replace m

Operating Real Estate

Operating Real Estate	12 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
Operating Real Estate	Operating Real Estate The following table presents operating real estate, net as of December 31, 2015 and December 31, 2014 (dollars in thousands): As of December 31, 2015 2014 Land $ 140,734 $ 20,035 Land improvements 8,384 — Buildings and improvements 664,555 235,544 Tenant improvements 1,522 — Construction in progress 9,119 1,320 Furniture and fixtures 27,325 6,927 Subtotal 851,639 263,826 Less: Accumulated depreciation (19,386 ) (4,417 ) Operating real estate, net $ 832,253 $ 259,409 For the years ended December 31, 2015 , 2014 and 2013, depreciation expense was $15.0 million , $4.3 million and $0.1 million respectively. Real Estate Acquisitions The following table summarizes operating real estate acquisitions for the year ended December 31, 2015 (dollars in thousands): Acquisition Date Type Portfolio Amount (1) Properties Units Location Financing Company ’ s Equity Ownership Interest Transaction Costs June 2015 RIDEA (2) Watermark Fountains $ 376,781 10 2,374 Various $ 236,456 $ 153,535 97.0 % $ 4,439 June 2015 Net Lease Watermark Fountains 278,312 6 1,261 Various 173,544 90,567 100 % 209 Grand Total $ 655,093 16 3,635 $ 410,000 $ 244,102 $ 4,648 _________________________________________________ (1) Includes initial net purchase price allocation related to net intangibles, deferred costs, other assets, if any, and may be adjusted for subsequent capital expenditures and upon completion of the final purchase price allocation. (2) The Company holds Remainder Interests in the Watermark Fountains condominium units, subject to life estates and refund liabilities, which are included in other assets and other liabilities, respectively, on the consolidated balance sheet. Includes one property in which the Company holds a Remainder Interest in 20 condominium units. The following table presents the final allocation of the purchase price of the assets acquired and liabilities issued upon the closing of the acquisition of Watermark Fountains portfolio in 2015 and the Arbors Portfolio in 2014 (dollars in thousands): Assets: Land and improvements $ 135,681 Buildings and improvements 540,439 Intangible assets (1) 55,825 Other assets (2) 28,328 Total assets acquired $ 760,273 Liabilities: Mortgage notes payable $ 410,000 Other liabilities (3) 2,773 Total liabilities 412,773 Total NorthStar Healthcare Income, Inc. stockholders’ equity 343,619 Non-controlling interests 3,881 Total equity 347,500 Total liabilities and equity $ 760,273 _________________________________________________ (1) Primarily includes in-place leases of $33.3 million and goodwill of $14.7 million . Goodwill was allocated entirely to the Company’s RIDEA acquisitions component within the real estate equity business segment. (2) Primarily includes furniture and fixtures and Remainder Interests in condominium units. (3) Includes refund liabilities related to the Remainder Interests in condominium units. In accordance with the newly adopted guidance, during the measurement-period, the Company determined that certain allocations of operating real estate acquired needed to be reclassified to intangible assets, other assets and other liabilities, which included a $7.4 million reclassification during the fourth quarter 2015 to goodwill from buildings and improvements related to a purchase price allocation that was finalized during the third quarter 2015. This resulted in an immaterial impact on the Company’s results of operations for the year ended December 31, 2015 . The following table presents the effect of such purchase price reclassifications on the consolidated balance sheet as of December 31, 2015 (dollars in thousands): As Previously Disclosed (1) Measurement-Period Adjustments December 31, 2015 Operating real estate, net $ 693,980 $ (17,860 ) $ 676,120 Deferred costs and intangible assets, net 38,680 17,145 55,825 Other assets (2) 27,315 1,013 28,328 Other liabilities (3) (2,475 ) (298 ) (2,773 ) Total $ 757,500 $ — $ 757,500 _____________________________________________ (1) Represents preliminary allocation of the purchase price of Watermark Fountains in 2015 and the Arbors Portfolio in 2014. (2) Primarily includes furniture and fixtures and Remainder Interests in condominium units. (3) Includes refund liabilities related to the Remainder Interests in condominium units. From acquisition in June 2015 through December 31, 2015 , the Company recorded aggregate revenue and net loss attributable to the Company of $60.4 million and $8.3 million , respectively, related to the Watermark Fountains acquisition. The net loss is primarily attributable to transaction costs and intangible amortization. The following presents unaudited consolidated pro forma results of operations based on the Company’s historical financial statements and adjusted for the acquisition of Watermark Fountains portfolio and related borrowings as if it occurred on January 1, 2014. The unaudited pro forma amounts were prepared for comparable purposes only and are not indicative of what actual consolidated results of operations of the Company would have been, nor are they indicative of the consolidated results of operations in the future and exclude transaction costs (dollars in thousands, except per share data): Years Ended December 31, 2015 2014 Pro forma total revenues $ 150,878 $ 129,068 Pro forma net income (loss) attributable to NorthStar Healthcare Income, Inc. common stockholders (52,274 ) (31,572 ) Pro forma net income (loss) per share of common stock, basic/diluted $ (0.40 ) $ (0.79 ) Minimum Future Rents Minimum rental amounts due under leases are generally either subject to scheduled fixed increases or adjustments. The following table presents approximate future minimum rental income under noncancelable operating leases to be received over the next five years and thereafter as of December 31, 2015 are as follows (dollars in thousands): Years Ending December 31, 2016 $ 34,527 2017 35,784 2018 36,392 2019 37,302 2020 38,234 Thereafter 147,102 Total $ 329,341 The rental properties owned at December 31, 2015 are leased under noncancelable operating leases with current expirations ranging from 2020 to 2029, with certain tenant renewal rights. These net lease arrangements require the tenant to pay rent and substantially all the expenses of the leased property including maintenance, taxes, utilities and insurance. For certain properties, the tenants pay the Company, in addition to the contractual base rent, their pro rata share of real estate taxes and operating expenses. The Company’s net lease agreements provide for periodic rental increases based on the greater of certain percentages or increase in the consumer price index.

Investments in Unconsolidated V

Investments in Unconsolidated Ventures	12 Months Ended
	Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Ventures	Investments in Unconsolidated Ventures The following is a description of the Company’s investments in unconsolidated ventures, all of which are accounted for under the equity method. The Company evaluates whether disclosure of summarized financial statement information is required for any individually significant investment in unconsolidated ventures. Eclipse Joint Venture In May 2014, the Company, through a general partnership with NorthStar Realty (refer to Note 7), entered into a joint venture with an affiliate of Formation Capital, LLC (“Formation”) to acquire an interest in a $1.1 billion healthcare real estate portfolio comprised of over 8,500 units/beds across 44 ALFs and 36 SNFs, located primarily in Florida, Illinois, Oregon and Texas (“Eclipse”). The Company contributed $23.4 million for a 5.6% interest in the joint venture. As of December 31, 2015 and 2014 , the carrying value of the Company’s investment was $17.4 million and $20.7 million , including $1.3 million and $1.3 million of capitalized acquisition costs, respectively. For the year ended December 31, 2015 , the Company recognized in equity in losses , operating income of $0.7 million , which excludes $1.8 million of depreciation and amortization expense and transaction costs. For the year ended December 31, 2014 , the Company recognized in equity in losses , operating income of $0.8 million , which excludes $1.5 million of depreciation and amortization expense and transaction costs. Envoy Joint Venture In June 2014, the Company made a subordinate interest investment of $5.0 million which was exchanged for an 11.4% limited partner interest in a joint venture (“Envoy”), with affiliates of Formation and Safanad Management Limited in September 2014. The joint venture owns a $145.0 million portfolio, subject to certain earn-out provisions, of 14 SNFs comprised of 1,658 beds and located in Virginia, Maryland and Pennsylvania. As of December 31, 2015 and 2014 , the carrying value of the Company’s investment was $5.7 million and $5.4 million , including $0.4 million and $0.4 million of capitalized acquisition costs, respectively. For the year ended December 31, 2015 , the Company recognized in equity in earnings , operating income of $1.1 million , which excludes $0.5 million of depreciation and amortization expense and transaction costs. For the year ended December 31, 2014 , the Company recognized in equity in earnings , operating income of $0.4 million , which excludes $0.2 million of depreciation and amortization expense and transaction costs. As of December 31, 2015, undistributed earnings were $0.2 million . Griffin-American Joint Venture In December 2014, the Company, through a general partnership with NorthStar Realty (refer to Note 7), acquired an interest in Griffin-American Healthcare REIT II, Inc.’s (“Griffin-American”) healthcare real estate portfolio following completion of the merger of Griffin-American with and into a subsidiary of NorthStar Realty. In connection with the merger, the Company acquired a 14.3% interest in the joint venture for $187.2 million in cash, including a pro rata share of transaction costs. The Griffin-American portfolio includes 298 healthcare real estate properties located throughout the United States and in the United Kingdom, including 148 MOBs, 91 senior housing facilities, 45 SNFs and 14 hospitals. As of December 31, 2015 and 2014 , the carrying value of the Company’s investment was $178.1 million and $189.1 million , including $13.4 million and $13.3 million of capitalized acquisition costs, respectively. For the year ended December 31, 2015 , the Company recognized in equity in losses , operating income of $14.3 million , which excludes $21.9 million of depreciation and amortization expense and $0.6 million of transaction costs. For the year ended December 31, 2014 , the Company recognized in equity in losses , operating income of $0.9 million , which excludes $2.0 million of depreciation and amortization expense and $10.5 million of transaction costs. Winterfell Joint Venture In May 2015, the Company, through general partnerships with NorthStar Realty (refer to Note 7), acquired an interest in an $875.0 million healthcare real estate portfolio comprised of 32 private pay ILF from affiliates of Harvest Facility Holdings LP (“Winterfell”). The facilities comprising the portfolio contain approximately 3,983 units and are located in 12 different states, with the largest concentrations in California, Texas and Washington. The Company contributed $98.7 million for a 40.0% interest in the joint venture. As of December 31, 2015 , the carrying value of the Company’s investment was $95.7 million , including $8.0 million of capitalized acquisition costs. From acquisition through December 31, 2015 , the Company recognized in equity in losses , operating income of $5.5 million , which excludes $10.1 million of depreciation and amortization expense and $3.4 million of transaction costs. Espresso Joint Venture In July 2015, the Company, together with Formation and Safanad Management Limited, through a joint venture (“Espresso”) acquired the U.S. based operations of Extendicare International Inc. (“Extendicare”), including 152 SNFs and six ALFs located across 12 states, with the largest concentrations in Indiana, Kentucky, Ohio, Michigan and Wisconsin, for a total cost of $1.1 billion . The Company invested $55.0 million in cash for a 36.7% interest in the joint venture. In addition, the Company originated a $75.0 million mezzanine loan, to a subsidiary of Espresso, which bears interest at a fixed rate of 10.0% per year and matures in January 2021. As of December 31, 2015 , the carrying value of the Company’s investment, excluding the originated $75.0 million mezzanine loan, was $41.9 million , including $7.6 million of capitalized acquisition costs. From acquisition through December 31, 2015 , the Company recognized in equity in losses , operating income of $2.6 million , which excludes $3.2 million of depreciation and amortization expense and $18.0 million of transaction costs. Trilogy Joint Venture In December 2015, the Company, together with Griffin-American Healthcare REIT III, Inc. (“GAHR3”), through a joint venture (“Trilogy”) acquired approximately 96.0% of the outstanding equity interests of Trilogy Investors, LLC (“Trilogy Investors”) for a total cost of $1.2 billion , while certain members of Trilogy Investors, pre-closing management team retained approximately 4.0% of the outstanding equity interests. Trilogy Investors owns and/or leases 97 facilities, most of which are integrated senior healthcare campuses offering a range of care, including assisted living, memory care, independent living and skilled nursing services, located across Indiana, Ohio, Kentucky and Michigan, as well as an ancillary pharmacy business and an ancillary therapy business that provide services to the facilities and third parties. The Company contributed $202.0 million for a 29.0% interest in Trilogy. As of December 31, 2015 , the carrying value of the Company’s investment was $195.7 million , including $7.7 million of capitalized acquisition costs. From acquisition through December 31, 2015 , the Company recognized in equity in losses , operating losses of $0.2 million , which excludes $5.3 million of depreciation and amortization expense and $8.2 million of transaction costs. Summarized Financial Data The combined balance sheets and statements of operations for the Eclipse, Griffin-American, Winterfell, Espresso and Trilogy unconsolidated ventures as of December 31, 2015 and 2014 and for the years ended December 31, 2015 and 2014 are as follows (dollars in thousands): December 31, Years Ended December 31, 2015 2014 2015 2014 Assets Total assets $ 8,220,650 $ 5,498,461 Total revenues $ 733,166 $ 124,283 Liabilities and equity Total Liabilities $ 5,833,484 $ 3,939,554 Equity 2,387,166 1,558,907 Total liabilities and equity $ 8,220,650 5,498,461 Net income (loss) $ (207,350 ) $ (92,588 ) The Company did not have unconsolidated ventures for the year ended December 31, 2013 .

Real Estate Debt Investments

Real Estate Debt Investments	12 Months Ended
	Dec. 31, 2015
Mortgage Loans on Real Estate [Abstract]
Real Estate Debt Investments	Real Estate Debt Investments The following table presents debt investments as of December 31, 2015 (dollars in thousands): Weighted Average Floating Asset Type: Count Principal Carrying Allocation by Investment Type (1) Fixed Rate Spread (2) Total Unleveraged First mortgage loan (3) 1 $ 14,637 $ 14,637 7.6 % — % 8.3 % 8.4 % 100.0 % Mezzanine loans 3 178,774 178,297 92.4 % 10.0 % 10.2 % 10.3 % 58.0 % Total/Weighted Average 4 $ 193,411 $ 192,934 100.0 % 10.0 % 9.9 % 10.2 % 61.2 % __________________________________________________________ (1) Based on principal amount. (2) Includes a fixed minimum London Interbank Offered Rate (“LIBOR”) rate, as applicable. (3) Subject to a 0.3% minimum LIBOR rate (“LIBOR floor”). During the year ended December 31, 2015 , the Company originated one mezzanine loan with a principal amount of $75.0 million . The following table presents debt investments as of December 31, 2014 (dollars in thousands): Weighted Average Floating Asset Type: Count Principal Carrying Allocation by Investment Type (1) Spread (2) Total Unleveraged First mortgage loans (3) 2 $ 25,887 $ 25,887 17.7 % 8.1 % 8.3 % 100.0 % Mezzanine loans 2 120,000 120,380 82.3 % 10.2 % 10.4 % 100.0 % Total/Weighted Average 4 $ 145,887 $ 146,267 100.0 % 9.8 % 10.0 % 100.0 % __________________________________________________________ (1) Based on principal amount. (2) Includes a fixed minimum LIBOR rate, as applicable. (3) As of December 31, 2014 , all first mortgage loans were subject to a LIBOR floor with the weighted average of 0.6% . The following table presents maturities of debt investments based on principal amount as of December 31, 2015 (dollars in thousands): Initial Maturity Maturity Including Extensions (1) Years Ending December 31: 2016 $ 103,774 $ — 2017 14,637 — 2018 — — 2019 — 118,411 2020 — — Thereafter 75,000 75,000 Total $ 193,411 $ 193,411 ____________________________________________________________ (1) Assumes that all debt with extension options will qualify for extension at such maturity according to the conditions set forth in the governing documents. As of December 31, 2015 , the weighted average maturity, including extensions, of debt investments was 4.1 years. Credit Quality Monitoring Certain debt investments are secured by direct senior priority liens on real estate properties or by interests in entities that directly own real estate properties, which serve as the primary source of cash for the payment of principal and interest. The Company evaluates its debt investments at least quarterly and differentiates the relative credit quality principally based on: (i) whether the borrower is currently paying contractual debt service in accordance with its contractual terms; and (ii) whether the Company believes the borrower will be able to perform under its contractual terms in the future, as well as the Company’s expectations as to the ultimate recovery of principal at maturity. The Company categorizes a debt investment for which it expects to receive full payment of contractual principal and interest payments as “performing.” The Company will categorize a weaker credit quality debt investment that is currently performing, but for which it believes future collection of all or some portion of principal and interest is in doubt, into a category called “performing with a loan loss reserve.” The Company will categorize a weaker credit quality debt investment that is not performing, which the Company defines as a loan in maturity default and/or past due at least 90 days on its contractual debt service payments, as a non-performing loan (“NPL”). The Company’s definition of an NPL may differ from that of other companies that track NPLs. As of December 31, 2015 , all debt investments were performing in accordance with the contractual terms of their governing documents and were categorized as performing loans. For the year ended December 31, 2015 , three debt investments each contributed more than 10.0% of interest income.

Borrowings

Borrowings	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Borrowings	Borrowings The following table presents borrowings as of December 31, 2015 and 2014 (dollars in thousands): December 31, 2015 December 31, 2014 Recourse vs. Non-Recourse Final Maturity Contractual Interest Rate (1) Principal Amount (6) Carrying Value (6) Principal (6) Carrying (6) Mortgage notes payable Peregrine Portfolio (2) Various locations Non-recourse Dec-19 LIBOR + 3.50% $ 24,000 $ 23,348 $ 24,000 $ 23,211 Watermark Aqua Portfolio Denver, CO Non-recourse Feb-21 LIBOR + 2.92% 21,500 21,255 21,500 21,211 Frisco, TX Non-recourse Mar-21 LIBOR + 3.04% 20,000 19,783 20,000 19,734 Milford, OH (3) Non-recourse Dec-18 LIBOR + 3.35% 10,500 10,282 10,500 10,199 Arbors Portfolio (4) Various locations Non-recourse Feb-25 3.99% 93,750 91,712 — — Watermark Fountains Portfolio (5) Various locations Non-recourse Jun-22 3.92% 410,000 404,605 — — Total $ 579,750 $ 570,985 $ 76,000 $ 74,355 _____________________________________________________ (1) Comprised of $41.5 million principal amount of floating rate borrowings at one -month LIBOR and $34.5 million principal amount of floating rate borrowings at three -month LIBOR, including $10.5 million subject to a LIBOR floor of 0.5% . (2) In December 2014, the Company entered into a mortgage note arrangement with a capacity of up to $30.0 million , subject to certain conditions, secured by four healthcare properties. As of December 31, 2015 , the Company borrowed $24.0 million of this commitment, of which $7.6 million was used to repay an existing mortgage note payable. The repayment resulted in a $0.2 million loss on extinguishment of the mortgage note payable due to the write-off of deferred financing costs. As of December 31, 2015 , the operator of the Peregrine portfolio did not maintain certain minimum financial coverage ratios and the Company will be required to fund $4.0 million into a lender controlled reserve, in addition to the $3.0 million previously funded. The reserve will be released to the Company once the portfolio can maintain a minimum debt yield of 10.0% for two consecutive quarters and a new operator is engaged by the Company. (3) The initial maturity of $10.5 million principal amount of a floating rate borrowing is December 2016, with two one -year extensions available at the Company’s option, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents. (4) In January 2015, the Company entered into four mortgage notes payable with an aggregate amount of $93.8 million , secured by four healthcare real estate properties. (5) Comprised of $410.0 million principal amount of fixed rate borrowings, secured by 15 healthcare real estate properties. (6) The difference between principal amount and carrying value of mortgage notes payable is attributable to deferred financing costs, net. The following table presents scheduled principal on borrowings based on fully extended maturity as of December 31, 2015 (dollars in thousands): Years Ending December 31: 2016 $ 232 2017 3,516 2018 15,465 2019 33,032 2020 10,582 Thereafter 516,923 Total $ 579,750 The Company is currently in compliance with all of its financial covenants. Term Loan Facility In November 2013, the Company, through the Operating Partnership, entered into a credit facility agreement with a national financial institution (the “Term Loan Facility”), to finance real estate investments and first mortgage loans secured by healthcare real estate. On September 28, 2015, the Company voluntarily terminated its Term Loan Facility, as the Company has been able to obtain attractive asset-level borrowings to finance its investments and no amounts were drawn under the Term Loan Facility. As of the date of termination, the Company wrote-off $0.9 million of deferred financing costs and there were no borrowings outstanding under the Term Loan Facility.

Related Party Arrangements

Related Party Arrangements	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Arrangements	Related Party Arrangements Advisor In connection with the completion of NorthStar Realty’s spin-off of its asset management business into the Sponsor, on June 30, 2014, the Company entered into a new advisory agreement with the Advisor, an affiliate of the Sponsor, on terms substantially similar to those set forth in the prior advisory agreement, and terminated the advisory agreement with the Prior Advisor. In June 2015, the advisory agreement was renewed for an additional one -year term commencing on June 30, 2015 with terms identical to those in effect through June 30, 2015. For periods prior to June 30, 2014, the information below regarding fees and reimbursements incurred and accrued but not yet paid relates to the Prior Advisor. Subject to certain restrictions and limitations, the Advisor is responsible for managing the Company’s affairs on a day-to-day basis and for identifying, acquiring, originating and asset managing investments on behalf of the Company. The Advisor may delegate certain of its obligations to affiliated entities, which may be organized under the laws of the United States or foreign jurisdictions. References to the Advisor include the Advisor and any such affiliated entities. For such services, to the extent permitted by law and regulations, the Advisor receives fees and reimbursements from the Company. Below is a description and table of the fees and reimbursements incurred to the Advisor. Fees to Advisor Asset Management Fee The Advisor, or its affiliates, receives a monthly asset management fee equal to one-twelfth of 1.0% of the sum of the amount funded or allocated for investments, including expenses and any financing attributable to such investments, less any principal received on debt and securities investments (or the proportionate share thereof in the case of an investment made through a joint venture). Incentive Fee The Advisor, or its affiliates, is entitled to receive distributions equal to 15.0% of net cash flows of the Company, whether from continuing operations, repayment of loans, disposition of assets or otherwise, but only after stockholders have received, in the aggregate, cumulative distributions equal to their invested capital plus a 6.75% cumulative, non-compounded annual pre-tax return on such invested capital. Acquisition Fee The Advisor, or its affiliates, also receives an acquisition fee equal to 2.25% of each real estate property acquired by the Company, including acquisition costs and any financing attributable to an equity investment (or the proportionate share thereof in the case of an equity investment made through a joint venture) and 1.0% of the amount funded or allocated by the Company to acquire or originate debt investments, including acquisition costs and any financing attributable to such investments (or the proportionate share thereof in the case of an investment made through a joint venture). An acquisition fee incurred related to an equity investment is generally expensed as incurred. An acquisition fee paid to the Advisor related to the acquisition of an equity or debt investment in an unconsolidated joint venture is included in investments in unconsolidated ventures on the consolidated balance sheets. An acquisition fee paid to the Advisor related to the origination or acquisition of debt investments is included in debt investments, net on the consolidated balance sheets and is amortized to interest income over the life of the investment using the effective interest method. Disposition Fee For substantial assistance in connection with the sale of investments and based on the services provided, the Advisor, or its affiliates, receives a disposition fee of 2.0% of the contract sales price of each property sold and 1.0% of the contract sales price of each debt investment sold. The Company does not pay a disposition fee upon the maturity, prepayment, workout, modification or extension of a debt investment unless there is a corresponding fee paid by the borrower, in which case the disposition fee is the lesser of: (i) 1.0% of the principal amount of the debt investment prior to such transaction; or (ii) the amount of the fee paid by the borrower in connection with such transaction. If the Company takes ownership of a property as a result of a workout or foreclosure of a debt investment, the Company will pay a disposition fee upon the sale of such property. A disposition fee from the sale of an investment is generally expensed and included in asset management and other fees - related party in the Company’s consolidated statements of operations. A disposition fee for a debt investment incurred in a transaction other than a sale is included in debt investments, net on the consolidated balance sheets and is amortized to interest income over the life of the investment using the effective interest method. Reimbursements to Advisor Operating Costs The Advisor, or its affiliates, is entitled to receive reimbursement for direct and indirect operating costs incurred by the Advisor in connection with administrative services provided to the Company. The Advisor allocates, in good faith, indirect costs to the Company related to the Advisor’s and its affiliates’ employees, occupancy and other general and administrative costs and expenses in accordance with the terms of, and subject to the limitations contained in, the advisory agreement with the Advisor. The indirect costs include the Company’s allocable share of the Advisor’s compensation and benefit costs associated with dedicated or partially dedicated personnel who spend all or a portion of their time managing the Company’s affairs, based upon the percentage of time devoted by such personnel to the Company’s affairs. The indirect costs also include rental and occupancy, technology, office supplies, travel and entertainment and other general and administrative costs and expenses. However, there is no reimbursement for personnel costs related to executive officers (although there may be reimbursement for certain executive officers of the Advisor) and other personnel involved in activities for which the Advisor receives an acquisition fee or a disposition fee. The Advisor allocates these costs to the Company relative to its and its affiliates’ other managed companies in good faith and has reviewed the allocation with the Company’s board of directors, including its independent directors. The Advisor will update the board of directors on a quarterly basis of any material changes to the expense allocation and will provide a detailed review to the board of directors, at least annually, and as otherwise requested by the board of directors. The Company reimburses the Advisor quarterly for operating costs (including the asset management fee) based on a calculation for the four preceding fiscal quarters not to exceed the greater of: (i) 2.0% of its average invested assets; or (ii) 25.0% of its net income determined without reduction for any additions to reserves for depreciation, loan losses or other similar non-cash reserves and excluding any gain from the sale of assets for that period. Notwithstanding the above, the Company may reimburse the Advisor for expenses in excess of this limitation if a majority of the Company’s independent directors determines that such excess expenses are justified based on unusual and non-recurring factors. The Company calculates the expense reimbursement quarterly based upon the trailing twelve -month period. Organization and Offering Costs The Advisor, or its affiliates, was entitled to receive reimbursement for organization and offering costs paid on behalf of the Company in connection with the Offering. The Company was obligated to reimburse the Advisor, or its affiliates, as applicable, for organization and offering costs to the extent the aggregate of selling commissions, dealer manager fees and other organization and offering costs do not exceed 15% of gross proceeds from the Primary Offering. The Advisor did not expect reimbursable organization and offering costs, including costs incurred in connection with the Follow-on Offering but excluding selling commissions and dealer manager fees, to exceed $22.5 million , or 1.5% of the total proceeds available to be raised from the Primary Offering. Based on gross proceeds of $1.7 billion from the Primary Offering, the Company incurred reimbursable organizational and offering costs, excluding selling commissions and dealer manager fees, of 1.0% , which was less than the 1.5% expected. The Company’s independent directors did not determine that any of the organization and offering costs were unfair and commercially unreasonable. Dealer Manager Selling Commissions and Dealer Manager Fees Pursuant to a dealer manager agreement, the Company pays the Dealer Manager selling commissions of up to 7.0% of gross proceeds from the Primary Offering, all of which are reallowed to participating broker-dealers. In addition, the Company pays the Dealer Manager a dealer manager fee of up to 3.0% of gross proceeds from the Primary Offering, a portion of which is typically reallowed to participating broker-dealers and paid to certain employees of the Dealer Manager. No selling commissions or dealer manager fees are paid for sales pursuant to the DRP. Summary of Fees and Reimbursements The following table presents the fees and reimbursements incurred to the Advisor and the Dealer Manager for the years ended December 31, 2015 , 2014 and 2013 and the amount due to related party as of December 31, 2015 and 2014 (dollars in thousands): Years Ended December 31, Due to Related Party as of December 31, Type of Fee or Reimbursement Financial Statement Location 2015 2014 2013 2015 2014 Fees to Advisor Asset management Asset management and other fees-related party $ 19,015 $ 3,406 $ 101 $ 22 $ 6 Acquisition (1) Real estate debt investments, net / investments in unconsolidated ventures / asset management and other fees-related party 38,449 21,215 1,346 378 245 Disposition (1) Real estate debt investments, net 113 — — — — Reimbursements to Advisor Operating costs (2) General and administrative expenses 19,344 3,795 189 4 12 Organization General and administrative expenses — 281 82 — 2 Offering (2) Cost of capital (3) 5,038 4,489 1,549 39 490 Selling commissions / Dealer manager fees Cost of capital (3) 75,354 83,655 10,561 — — Total $ 443 $ 755 ____________________________________ (1) Acquisition/disposition fees incurred to the Advisor related to debt investments are generally offset by origination/exit fees paid to the Company by borrowers if such fees are required from the borrower. Acquisition fees related to equity investments are included in asset management and other fees-related party in the consolidated statements of operations. Acquisition fees related to investments in unconsolidated joint ventures are included in investments in unconsolidated ventures on the consolidated balance sheets. The Advisor may determine to defer fees or seek reimbursements. (2) As of December 31, 2015 , the Advisor has incurred unreimbursed operating costs on behalf of the Company of $7.6 million , that remain eligible to allocate to the Company. (3) Cost of capital is included in net proceeds from issuance of common stock in the Company’s consolidated statements of equity. NorthStar Realty Purchase of Common Stock On January 29, 2015, the board of directors of the Company approved an amended and restated distribution support agreement (the “Distribution Support Agreement”) extending the term until February 6, 2017. Pursuant to the Distribution Support Agreement, NorthStar Realty committed to purchase up to an aggregate of $10.0 million in shares of the Company’s common stock at a price of $9.00 per share during the Initial Offering and at $9.18 per share during the Follow-on Offering, if cash distributions exceed modified funds from operations (as computed in accordance with the definition established by the Investment Program Association and adjusted for certain items) to provide additional funds to support distributions to stockholders. In February 2013, NorthStar Realty purchased 222,223 shares of the Company’s common stock for $2.0 million under the Distribution Support Agreement to satisfy the minimum offering requirement, which reduced the total commitment. As of December 31, 2015 , including the purchase of shares to satisfy the minimum offering requirement, NorthStar Realty purchased 588,116 shares of the Company’s common stock for $5.3 million . As the Follow-on Offering has now been completed, NorthStar Realty has no further obligation to purchase shares under the Distribution Support Agreement. Investments in Joint Ventures In May 2014, the Company, through a general partnership with NorthStar Realty, acquired a 5.6% interest in the Eclipse portfolio, a $1.1 billion healthcare portfolio, and contributed $23.4 million of cash for its interest in the investment. The purchase was approved by the Company’s board of directors, including all of its independent directors. In December 2014, the Company, through a general partnership with NorthStar Realty, acquired a 14.3% interest in the Griffin-American portfolio for $187.2 million in cash, including the Company’s pro rata share of transaction costs. The purchase was approved by the Company’s board of directors, including all of its independent directors. In connection with the acquisition of the Griffin-American portfolio by NorthStar Realty and the Company, the Sponsor acquired a 43% , as adjusted, ownership interest in American Healthcare Investors LLC (“AHI”) and Mr. James F. Flaherty III, a strategic partner of the Sponsor, acquired a 12.3% ownership interest in AHI. AHI is a healthcare-focused real estate investment management firm that co-sponsored and advised Griffin-American, until Griffin-American was acquired by the Company and NorthStar Realty. In connection with the Sponsor’s acquisition of an interest in AHI, AHI provides certain asset management and related services, including property management, to the Advisor, NorthStar Realty and the Company. Initially, AHI provides such services to the Company only with respect to its interest in the Griffin-American portfolio or in connection with certain joint acquisitions with NorthStar Realty and, following completion of the Offering and substantial investment of the Company’s proceeds, AHI may provide such services to all of the Company’s assets other than joint ventures with Formation. Consequently, AHI will assist the Advisor in managing the Griffin-American portfolio and other current and future healthcare assets owned by the Company and NorthStar Realty. In May 2015, the Company, through general partnerships with NorthStar Realty, acquired a 40.0% interest in the Winterfell portfolio, a $875.0 million healthcare portfolio, and contributed $98.7 million of cash for its interest in the investment, including the Company’s pro rata share of transaction costs. In March 2016, the Company acquired NorthStar Realty’s interest in the Winterfell portfolio (refer to note 13). In December 2015, the Company, through a joint venture with GAHR3, a REIT sponsored and advised by AHI, acquired a 29% interest in the Trilogy portfolio, a $1.2 billion healthcare portfolio and contributed $202 million . Origination of Mezzanine Loan In July 2015, the Company originated a $75.0 million mezzanine loan to a subsidiary of Espresso, our joint venture with Formation and Safanad Management Limited, the Espresso joint venture, which bears interest at a fixed rate of 10.0% per year and matures in January 2021.

Equity-Based Compensation

Equity-Based Compensation	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity-Based Compensation	Equity-Based Compensation The Company adopted a long-term incentive plan, as amended (the “Plan”), which it may use to attract and retain qualified officers, directors, employees and consultants, as well as an independent directors compensation plan, which is a component of the Plan. Pursuant to the Plan, as of December 31, 2015 , the Company’s independent directors were granted a total of 41,765 shares of restricted common stock for an aggregate $420,000 . The restricted stock granted prior to 2015 generally vests quarterly over four years and the restricted stock granted in 2015 generally vests quarterly over two years. However, the stock will become fully vested on the earlier occurrence of: (i) the termination of the independent director’s service as a director due to his or her death or disability; or (ii) a change in control of the Company. The Company recognized equity-based compensation expense of $115,214 , $59,859 and $32,367 for the years ended December 31, 2015 , 2014 and 2013 , respectively, related to the issuance of restricted stock to the independent directors, which was recorded in general and administrative expenses in the consolidated statements of operations.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock The Company stopped accepting subscriptions for the Follow-on Offering on December 17, 2015 and all of the shares initially registered for the Offering were issued on or before January 19, 2016. For the year ended December 31, 2015 , the Company issued 76.8 million shares of common stock generating gross proceeds of $777.9 million . For the year ended December 31, 2014 , the Company issued 85.7 million shares of common stock generating gross proceeds of $854.9 million . From inception through December 31, 2015 , the Company issued 173.4 million shares of common stock generating gross proceeds of $1.7 billion . Distribution Reinvestment Plan The Company adopted a DRP through which common stockholders may elect to reinvest an amount equal to the distributions declared on their shares in additional shares of the Company’s common stock in lieu of receiving cash distributions. The purchase price per share pursuant to the Initial DRP and the Follow-on DRP was $9.50 and $9.69 , respectively. Once the Company establishes an estimated value per share, shares issued pursuant to the DRP will be priced at 95.0% of the estimated value per share of the Company’s common stock, as determined by the Advisor or another firm chosen for that purpose. The Company currently expects to establish an estimated value per share based upon assets and liabilities as of December 31, 2015. The Company will disclose the per share estimated value in a report filed under the Securities Exchange Act of 1934, as amended. No selling commissions or dealer manager fees are paid on shares issued pursuant to the DRP. The board of directors of the Company may amend, suspend or terminate the DRP for any reason upon ten -days’ notice to participants, except that the Company may not amend the DRP to eliminate a participant’s ability to withdraw from the DRP. In December 2015, the Company registered an additional 30.0 million shares to be offered pursuant to the DRP and continues to offer such shares. For the year ended December 31, 2015 , the Company issued 4.8 million shares of common stock totaling $46.4 million of gross offering proceeds pursuant to the DRP. For the year ended December 31, 2014 , the Company issued 1.3 million shares of common stock totaling $12.4 million of gross offering proceeds pursuant to the DRP. From inception through December 31, 2015 , the Company issued 6.1 million shares of common stock, generating gross offering proceeds of $59.1 million pursuant to the DRP. Distributions Distributions to stockholders are declared quarterly by the board of directors of the Company and are paid monthly based on a daily amount of $0.00184932 per share, which is equivalent to an annualized distribution amount of $0.675 per share of the Company’s common stock. Distributions are generally paid to stockholders on the first business day of the month following the month for which the distribution has accrued. The following table presents distributions declared for the years ended December 31, 2015 , 2014 and 2013 (dollars in thousands): Distributions (1) Period Cash DRP Total 2015 First Quarter $ 8,023 $ 10,143 $ 18,166 Second Quarter 8,772 11,068 19,840 Third Quarter 10,142 12,791 22,933 Fourth Quarter 12,035 15,297 27,332 Total $ 38,972 $ 49,299 $ 88,271 2014 First Quarter $ 1,169 $ 1,393 $ 2,562 Second Quarter 2,070 2,504 4,574 Third Quarter 3,360 4,201 7,561 Fourth Quarter 5,298 6,646 11,944 Total $ 11,897 $ 14,744 $ 26,641 2013 Second Quarter (2) $ 45 $ 2 $ 47 Third Quarter 91 49 140 Fourth Quarter 535 590 1,125 Total $ 671 $ 641 $ 1,312 _________________________________________________ (1) Represents distributions declared for the period, even though such distributions are actually paid to stockholders the month following such period. For the years ended December 31, 2015 and 2014 , 100% of distributions paid represent a return of capital. (2) Distributions from April 5, 2013 (date of the first investment) through June 30, 2013. Share Repurchase Program The Company adopted a share repurchase program that may enable stockholders to sell their shares to the Company in limited circumstances (the “Share Repurchase Program”). The Company may not repurchase shares unless a stockholder has held shares for one year. However, the Company may repurchase shares held less than one year in connection with a stockholder’s death or qualifying disability. The Company is not obligated to repurchase shares under the Share Repurchase Program. The Company may amend, suspend or terminate the Share Repurchase Program at its discretion at any time, subject to certain notice requirements. For the year ended December 31, 2015 , the Company repurchased 406,545 shares of common stock for $3.9 million at an average price of $9.66 per share. For the year ended December 31, 2014 , the Company repurchased 14,354 shares of common stock for a $0.1 million at an average price of $9.92 per share pursuant to the Share Repurchase Program. The Company funds repurchase requests received during a quarter with proceeds set aside for that purpose which are not expected to exceed proceeds received from its DRP. As of December 31, 2015 , there were no unfulfilled repurchase requests.

Non-controlling Interests

Non-controlling Interests	12 Months Ended
	Dec. 31, 2015
Noncontrolling Interest [Abstract]
Non-controlling Interests	Non-controlling Interests Operating Partnership Non-controlling interests include the aggregate limited partnership interests in the Operating Partnership held by limited partners, other than the Company. Income (loss) attributable to the non-controlling interests is based on the limited partners’ ownership percentage of the Operating Partnership. Income (loss) allocated to the Operating Partnership non-controlling interests for the years ended December 31, 2015 , 2014 and 2013 was an immaterial amount. Other Other non-controlling interests represent third-party equity interests in ventures that are consolidated with the Company’s financial statements. Net income (loss) attributable to the other non-controlling interests was a $0.4 million loss for the year ended December 31, 2015 and an immaterial amount for the years ended December 31, 2014 and 2013 .

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Fair Value Measurement The fair value of financial instruments is categorized based on the priority of the inputs to the valuation technique and categorized into a three -level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. Financial assets and liabilities recorded at fair value on the consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows: Level 1. Quoted prices for identical assets or liabilities in an active market. Level 2. Financial assets and liabilities whose values are based on the following: a) Quoted prices for similar assets or liabilities in active markets. b) Quoted prices for identical or similar assets or liabilities in non-active markets. c) Pricing models whose inputs are observable for substantially the full term of the asset or liability. d) Pricing models whose inputs are derived principally from or corroborated by observable market data for substantially the full term of the asset or liability. Level 3. Prices or valuation techniques based on inputs that are both unobservable and significant to the overall fair value measurement. Fair Value of Financial Instruments U.S. GAAP requires disclosure of fair value about all financial instruments. The following disclosure of estimated fair value of financial instruments was determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize on disposition of the financial instruments. The use of different market assumptions and/or estimation methodologies may have a material effect on estimated fair value. The following table presents the principal amount, carrying value and fair value of certain financial assets and liabilities as of December 31, 2015 and 2014 (dollars in thousands): December 31, 2015 December 31, 2014 Principal Amount Carrying Value Fair Principal Amount Carrying Value Fair Value Financial assets: (1) Real estate debt investments, net $ 193,411 $ 192,934 $ 194,277 $ 145,887 $ 146,267 $ 153,001 Financial liabilities: (1) Mortgage notes payable $ 579,750 $ 570,985 $ 567,106 $ 76,000 $ 74,355 $ 75,293 _____________________________ (1) The fair value of other financial instruments not included in this table is estimated to approximate their carrying value. Disclosure about fair value of financial instruments is based on pertinent information available to management as of the reporting date. Although management is not aware of any factors that would significantly affect fair value, such amounts have not been comprehensively revalued for purposes of these consolidated financial statements since that date and current estimates of fair value may differ significantly from the amounts presented herein. Real Estate Debt Investments For debt investments, fair value was approximated by comparing the current yield to the estimated yield for newly originated loans with similar credit risk or the market yield at which a third party might expect to purchase such investment. Fair value was determined assuming fully-extended maturities regardless of structural or economic tests required to achieve such extended maturities. These fair value measurements of debt are generally based on unobservable inputs and, as such, are classified as Level 3 of the fair value hierarchy. Mortgage Notes Payable For mortgage notes payable, the Company primarily uses rates currently available with similar terms and remaining maturities to estimate fair value. These measurements are determined using comparable U.S. Treasury rates as of the end of the reporting period. These fair value measurements are based on observable inputs, and as such, are classified as Level 2 of the fair value hierarchy.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company conducts its business through the following four segments, which are based on how management reviews and manages its business: • Real Estate Equity - Focused on equity investments, directly or through joint ventures, with a focus on properties in the mid-acuity senior housing sector, which the Company defines as ALF, MCF, SNF, ILF and CCRC. The Company’s equity investments may also include MOB, hospitals, rehabilitation facilities and ancillary services businesses. The Company’s investments are predominantly in the United States, but it also selectively makes international investments. The Company’s healthcare properties generally operate under net leases or through management agreements with independent third-party operators. • Real Estate Debt - Focused on originating, acquiring and asset managing healthcare-related debt investments and may include first mortgage loans, subordinate interests and mezzanine loans and participations in such loans, as well as preferred equity interests. • Healthcare-Related Securities - Focused on investing in and asset managing healthcare-related securities primarily consisting of commercial mortgage-backed securities and other securities backed primarily by loans secured by healthcare properties. • Corporate - The corporate segment includes corporate level asset management and other fees - related party and general and administrative expenses. The Company primarily generates revenue from rental and resident fee income from real estate equity and interest income on the real estate debt investments. As of December 31, 2015 , the Company did not own any real estate securities. For the year ended December 31, 2015 , gross revenues from one of the Company’s operators, Watermark Retirement Communities, were 70.1% of our total revenues. The Company’s income is also derived through the difference between net revenue and the cost at which the Company is able to finance its investments. The following tables present segment reporting for the years ended December 31, 2015 , 2014 and 2013 (dollars in thousands): Statement of Operations: Year Ended December 31, 2015 Real Estate Equity Real Estate Debt Corporate (1) Total Rental and resident fee income $ 91,512 $ — $ — $ 91,512 Interest income — 17,763 — 17,763 Other revenue 810 1,131 — 1,941 Property operating expenses 45,773 — — 45,773 Interest expense 16,964 — 653 17,617 Transaction costs 5,765 — — 5,765 Asset management and other fees - related party — — 33,385 33,385 General and administrative expenses 345 88 19,780 20,213 Depreciation and amortization 27,038 — — 27,038 Realized gain (loss), net 222 — (943 ) (721 ) Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense) (3,341 ) 18,806 (54,761 ) (39,296 ) Equity in earnings (losses) of unconsolidated ventures (49,046 ) — — (49,046 ) Income tax benefit (expense) 5,598 — — 5,598 Net income (loss) $ (46,789 ) $ 18,806 $ (54,761 ) $ (82,744 ) Statement of Operations: Year Ended December 31, 2014 Real Estate Equity Real Estate Debt Corporate (1) Total Rental and resident fee income $ 22,549 $ — $ — $ 22,549 Interest income — 7,490 — 7,490 Property operating expenses 10,810 — — 10,810 Interest expense 2,286 — 695 2,981 Transaction costs 3,405 — — 3,405 Asset management and other fees - related party — — 8,220 8,220 General and administrative expenses 4 36 4,378 4,418 Depreciation and amortization 4,291 — — 4,291 Realized gain (loss), net (156 ) — — (156 ) Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense) 1,597 7,454 (13,293 ) (4,242 ) Equity in earnings (losses) of unconsolidated ventures (12,127 ) — — (12,127 ) Income tax benefit (expense) 1,390 — — 1,390 Net income (loss) $ (9,140 ) $ 7,454 $ (13,293 ) $ (14,979 ) Statement of Operations: Year Ended December 31, 2013 Real Estate Equity Real Estate Debt Corporate (1) Total Rental and resident fee income $ 526 $ — $ — $ 526 Interest income — 375 — 375 Property operating expenses 24 — — 24 Interest expense 64 — 34 98 Transaction costs 1,570 — — 1,570 Asset management and other fees - related party — — 1,334 1,334 General and administrative expenses 8 2 303 313 Depreciation and amortization 132 — — 132 Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense) (1,272 ) 373 (1,671 ) (2,570 ) Net income (loss) $ (1,272 ) $ 373 $ (1,671 ) $ (2,570 ) _________________________________________________ (1) Includes unallocated asset management fee-related party and general and administrative expenses. The following table presents total assets by segment as of December 31, 2015 , and 2014 (dollars in thousands): Balance Sheets: Real Estate Equity Real Estate Debt Corporate (1) Total December 31, 2015: Total Assets $ 1,460,392 $ 194,451 $ 347,385 $ 2,002,228 December 31, 2014: Total Assets $ 488,067 $ 147,419 $ 281,618 $ 917,104 _________________________________________________ (1) Primarily includes unrestricted cash balances.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distribution Reinvestment Plan For the period from January 1, 2016 through March 23, 2016 , the Company issued 1.7 million shares pursuant to the DRP representing gross proceeds of $16.7 million . Distributions On March 2, 2016, the board of directors of the Company approved a daily cash distribution of $0.001844262 per share of common stock for each of the three months ended June 30, 2016 . Distributions are generally paid to stockholders on the first business day of the month following the month for which the distribution was accrued. Share Repurchases From January 1, 2016 through March 23, 2016 , the Company repurchased 0.3 million shares for a total of $2.7 million or a weighted average price of $9.52 per share under the Share Repurchase Program that enables stockholders to sell their shares to the Company in certain circumstances, including death or a qualifying disability. The Company funds repurchase requests received during a quarter with proceeds set aside for that purpose which are not expected to exceed proceeds received from its DRP. Winterfell On March 1, 2016, the Company completed the acquisition of NorthStar Realty’s 60% interest in the Winterfell portfolio, increasing the Company’s ownership in the portfolio to 100% , for a purchase price of $534.5 million , excluding escrows and subject to customary prorations and adjustments. The Company funded the acquisition with approximately $146.0 million of equity, plus closing costs and assumed NorthStar Realty’s 60% share of the outstanding borrowings with an aggregate principal amount of approximately $648.0 million . This transaction was approved by the Company’s board of directors, including all of its independent directors, and validated by an independent third-party appraisal for the Winterfell portfolio in accordance with the Company’s charter.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2015 (Dollars in Thousands) Column A Column B Column C Initial Cost Column D Capitalized Subsequent to Acquisition Column E Gross Amount Carried at Close of Period (1) Column F Column G Column H Location City, State Encumbrances Land Building & Improvements Land, Buildings & Improvements Land Building & Improvements Total Accumulated Depreciation Total Date Acquired Life on Which Depreciation is Computed Operating Real Estate Clinton, CT $ 6,269 $ 600 $ 9,900 $ 385 $ 600 $ 10,285 $ 10,885 $ 586 $ 10,299 Oct-13 40 years Leawood, KS — 900 7,100 — 900 7,100 8,000 427 7,573 Oct-13 40 years Skaneateles, NY 2,090 400 2,600 — 400 2,600 3,000 149 2,851 Oct-13 40 years Spring Hill, KS — 430 6,570 — 430 6,570 7,000 385 6,615 Oct-13 40 years Milford, OH 10,500 1,160 14,440 1,002 1,160 15,442 16,602 978 15,624 Dec-13 40 years Smyrna, GA 7,029 825 9,175 29 825 9,204 10,029 497 9,532 Dec-13 40 years Denver, CO 21,500 4,300 27,200 2,588 4,300 29,788 34,088 1,549 32,539 Jan-14 40 years Cheektowaga, NY 8,612 300 12,200 113 300 12,313 12,613 614 11,999 Feb-14 40 years Frisco, TX 20,000 3,100 35,874 7,178 4,230 41,922 46,152 1,890 44,262 Feb-14 40 years Bohemia, NY 24,946 4,258 27,805 113 4,258 27,918 32,176 1,040 31,136 Sep-14 40 years Hauppauge, NY 15,135 2,086 18,495 434 2,086 18,929 21,015 717 20,298 Sep-14 40 years Islandia, NY 37,191 8,437 37,198 66 8,437 37,264 45,701 1,418 44,283 Sep-14 40 years Westbury, NY 16,478 2,506 19,163 78 2,506 19,241 21,747 706 21,041 Sep-14 40 years Bellevue, WA 30,900 28,001 18,208 259 28,001 18,467 46,468 325 46,143 Jun-15 40 years Kalamazoo, MI 34,800 4,621 30,870 217 4,621 31,087 35,708 537 35,171 Jun-15 40 years Oklahoma, OK 3,000 3,104 6,119 231 3,104 6,350 9,454 185 9,269 Jun-15 40 years Palm Desert, CA 16,495 5,365 38,889 258 5,365 39,147 44,512 677 43,835 Jun-15 40 years Sarasota, FL 55,592 12,845 64,403 500 12,845 64,903 77,748 1,051 76,697 Jun-15 40 years Dana Point, CA 32,757 6,286 41,199 58 6,286 41,257 47,543 673 46,870 Jun-15 40 years Tarboro, NC 14,812 2,400 17,800 345 2,400 18,145 20,545 337 20,208 Jun-15 40 years St. Petersburg, FL 34,109 8,920 44,137 411 8,920 44,548 53,468 795 52,673 Jun-15 40 years Crystal Lake, IL 27,630 7,390 28,210 143 7,390 28,353 35,743 537 35,206 Jun-15 40 years Southfield, MI 9,000 2,240 11,924 136 2,240 12,060 14,300 357 13,943 Jun-15 40 years Independence, MO 15,600 1,280 17,090 141 1,280 17,231 18,511 332 18,179 Jun-15 40 years Tucson, AZ 57,375 7,370 60,719 146 7,370 60,865 68,235 1,046 67,189 Jun-15 40 years Millbrook, NY 24,825 7,660 20,854 700 7,660 21,554 29,214 384 28,830 Jun-15 40 years Tuckahoe, NY 12,755 4,870 26,980 63 4,870 27,043 31,913 528 31,385 Jun-15 40 years Alexandria, VA 40,350 7,950 41,124 195 7,950 41,319 49,269 666 48,603 Jun-15 40 years Total $ 579,750 $ 139,604 $ 696,246 $ 15,789 $ 140,734 $ 710,905 $ 851,639 $ 19,386 $ 832,253 _____________________________ (1) The aggregate cost for federal income tax purposes is approximately $860.7 million . The following table presents changes in the Company’s operating real estate portfolio for the years ended December 31, 2015 and 2014 and (dollars in thousands): Years Ended December 31, 2015 2014 Beginning balance $ 263,826 $ 54,100 Property acquisitions 579,973 207,974 Improvements 12,892 1,752 Reclassification (1) (5,052 ) — Ending balance (2) $ 851,639 $ 263,826 _____________________________ (1) Represents a measurement period adjustment of operating real estate acquired in 2014 that needed to be reclassified to intangible assets in connection with the final purchase price allocation for the Arbors portfolio. (2) The aggregate cost of the properties are approximately $9.1 million higher for federal income tax purposes as of December 31, 2015 . The following table presents changes in accumulated depreciation for the years ended December 31, 2015 and 2014 (dollars in thousands): As of December 31, 2015 2014 Beginning balance $ 4,417 $ 131 Depreciation expense 14,969 4,286 Ending balance $ 19,386 $ 4,417

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	SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE December 31, 2015 (Dollars in Thousands) Asset Type: Location / Description Count Interest Rate Maturity Date (2) Periodic Payment Terms (3) Prior Liens (4) Principal Amount Carrying Value (5) Principal Amount of Loans Subject to Delinquent Principal or Interest Floating (1) Fixed First mortgage loans: Dallastown/Newark Pennsylvania / Delaware / SNF / ALF 1 8.3% — Jan-17 I/O $ — $ 14,637 $ 14,637 $ — Total/Weighted average 1 8.3% — — 14,637 14,637 — Mezzanine loans: Sava Various / SNF 1 10.3% — Jun-16 I/O 678,554 58,774 58,826 — Sava 2 Various / SNF / ALF 1 10.0% — Oct-16 I/O 60,000 45,000 44,995 — Espresso Various / SNF / ALF 1 — 10 % Jan-21 I/O 799,690 75,000 74,476 — Total/Weighted average 3 10.2% 10 % 1,538,244 178,774 178,297 — Total 4 9.9% 10 % $ 1,538,244 $ 193,411 $ 192,934 $ — _______________________________________ (1) Represents spread over one-month LIBOR except first mortgage loan that is subject to LIBOR floor of 0.25% . (2) Reflects the initial maturity date of the investment and does not consider any options to extend beyond such date. (3) Interest Only, or I/O; principal amount due in full at maturity except for Sava which has been having unscheduled principal repayments. (4) Represents only third-party liens. (5) The federal income tax basis is approximately $192.9 million . Reconciliation of Carrying Value of Real Estate Debt (dollars in thousands): Years Ended December 31, 2015 2014 2013 Beginning balance $ 146,267 $ 11,250 $ — Additions: Principal amount of new loans and additional funding on existing loans 75,000 134,637 11,250 Acquisition cost (fees) on new loans 750 1,513 113 Origination fees received on new loans (1,500 ) (992 ) (113 ) Deductions: Repayment of principal (27,476 ) — — Amortization of acquisition costs, fees, premiums and discounts (107 ) (141 ) — Ending balance $ 192,934 $ 146,267 $ 11,250

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Basis of Accounting	The accompanying consolidated financial statements and related notes of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).
Principles of Consolidation	The consolidated financial statements include the accounts of the Company, the Operating Partnership and their consolidated subsidiaries. The Company consolidates variable interest entities (“VIE”) where the Company is the primary beneficiary and voting interest entities which are generally majority owned or otherwise controlled by the Company. All significant intercompany balances are eliminated in consolidation.
Variable Interest Entities	A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. A VIE is defined as an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The determination of whether an entity is a VIE includes both a qualitative and quantitative analysis. The Company bases its qualitative analysis on its review of the design of the entity, its organizational structure including decision-making ability and relevant financial agreements and the quantitative analysis on the forecasted cash flow of the entity. The Company reassesses its initial evaluation of an entity as a VIE upon the occurrence of certain reconsideration events. A VIE must be consolidated only by its primary beneficiary, which is defined as the party who, along with its affiliates and agents has both the: (i) power to direct the activities that most significantly impact the VIE’s economic performance; and (ii) obligation to absorb the losses of the VIE or the right to receive the benefits from the VIE, which could be significant to the VIE. The Company determines whether it is the primary beneficiary of a VIE by considering qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of its investment; the obligation or likelihood for the Company or other interests to provide financial support; consideration of the VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders and the similarity with and significance to the business activities of the Company and the other interests. The Company reassesses its determination of whether it is the primary beneficiary of a VIE each reporting period. Significant judgments related to these determinations include estimates about the current and future fair value and performance of investments held by these VIEs and general market conditions. The Company evaluates its investments and financings, including investments in unconsolidated ventures and securitization financing transactions, if any, to determine whether they are a VIE. The Company analyzes new investments and financings, as well as reconsideration events for existing investments and financings, which vary depending on type of investment or financing.
Voting Interest Entities	A voting interest entity is an entity in which the total equity investment at risk is sufficient to enable it to finance its activities independently and the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity. The usual condition for a controlling financial interest in a voting interest entity is ownership of a majority voting interest. If the Company has a majority voting interest in a voting interest entity, the entity will generally be consolidated. The Company does not consolidate a voting interest entity if there are substantive participating rights by other parties and/or kick-out rights by a single party or through a simple majority vote. The Company performs on-going reassessments of whether entities previously evaluated under the voting interest framework have become VIEs, based on certain events, and therefore subject to the VIE consolidation framework.
Investments in Unconsolidated Ventures	A non-controlling, unconsolidated ownership interest in an entity may be accounted for using the equity method, at fair value or the cost method. Under the equity method, the investment is adjusted each period for capital contributions and distributions and its share of the entity’s net income (loss). Capital contributions, distributions and net income (loss) of such entities are recorded in accordance with the terms of the governing documents. An allocation of net income (loss) may differ from the stated ownership percentage interest in such entity as a result of preferred returns and allocation formulas, if any, as described in such governing documents. Equity method investments are recognized using a cost accumulation model in which the investment is recognized based on the cost to the investor, which includes acquisition fees. The Company records as an expense certain acquisition costs and fees associated with consolidated investments deemed to be business combinations and capitalizes these costs for investments deemed to be acquisitions of an asset, including an equity method investment. The Company may account for an investment in an unconsolidated entity at fair value by electing the fair value option. The Company may account for an investment that does not qualify for equity method accounting or for which the fair value option was not elected using the cost method if the Company determines the investment in the unconsolidated entity is insignificant. Under the cost method, equity in earnings is recorded as dividends are received to the extent they are not considered a return of capital, which is recorded as a reduction of cost of the investment.
Non-controlling Interests	A non-controlling interest in a consolidated subsidiary is defined as the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to the Company. A non-controlling interest is required to be presented as a separate component of equity on the consolidated balance sheets and presented separately as net income (loss) and comprehensive income (loss) attributable to controlling and non-controlling interests. An allocation to a non-controlling interest may differ from the stated ownership percentage interest in such entity as a result of a preferred return and allocation formula, if any, as described in such governing documents.
Estimates	The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that could affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates and assumptions.
Reclassifications	Certain prior period amounts have been reclassified in the consolidated financial statements to conform to current period presentation.
Comprehensive Income (Loss)	The Company reports consolidated comprehensive income (loss) in separate statements following the consolidated statements of operations. Comprehensive income (loss) is defined as the change in equity resulting from net income (loss) and other comprehensive income (loss) (“OCI”).
Cash	Cash, including amounts restricted, may at times exceed the Federal Deposit Insurance Corporation deposit insurance limit of $250,000 per institution. The Company mitigates credit risk by placing cash with major financial institutions. To date, the Company has not experienced any losses on cash.
Restricted Cash	Restricted cash consists of amounts related to operating real estate (escrows for taxes, insurance, capital expenditures, tenant/operator security deposits, payments required under certain lease agreements) and loan origination (escrow deposits).
Operating Real Estate	The Company follows the purchase method for an acquisition of operating real estate, where the purchase price is allocated to tangible assets such as land, building, furniture and fixtures, improvements and other identified intangibles, such as in-place leases and goodwill. Major replacements and betterments which improve or extend the life of the asset are capitalized and depreciated over their useful life. Ordinary repairs and maintenance are expensed as incurred. Operating real estate is carried at historical cost less accumulated depreciation. Operating real estate is depreciated using the straight-line method over the estimated useful life of the assets, summarized as follows: Category: Term: Building 40 years Building improvements Lesser of the useful life or remaining life of the building Tenant improvements Lesser of the useful life or remaining term of the lease Furniture and fixtures 7 to 10 years Land improvements 15 years Construction costs incurred in connection with the Company’s investments are capitalized and included in operating real estate, net on the consolidated balance sheets. Construction in progress is not depreciated until the development is substantially completed. Costs directly related to an acquisition deemed to be a business combination are expensed and included in transaction costs in the consolidated statements of operations. The Company evaluates whether a real estate acquisition constitutes a business and whether business combination accounting is appropriate.
Real Estate Debt Investments	Debt investments are generally intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan fees, premium, discount and unfunded commitments. Debt investments that are deemed to be impaired are carried at amortized cost less a loan loss reserve, if deemed appropriate, which approximates fair value. Debt investments where the Company does not have the intent to hold the loan for the foreseeable future or until its expected payoff are classified as held for sale and recorded at the lower of cost or estimated value.
Real Estate Securities	The Company classifies its securities investments as available for sale on the acquisition date, which are carried at fair value. Unrealized gains (losses) are recorded as a component of accumulated OCI in the consolidated statements of equity. However, the Company may elect the fair value option for certain of its available for sale securities, and as a result, any unrealized gains (losses) on such securities are recorded in unrealized gain (loss) on investments and other in the consolidated statements of operations.
Deferred Costs	Deferred costs include deferred lease costs. Deferred financing costs represent commitment fees, legal and other third-party costs associated with obtaining financing. These costs are amortized to interest expense over the term of the financing using either the effective interest method or straight-line method depending on the type of financing. Unamortized deferred financing costs are expensed when the associated borrowing is repaid before maturity. Costs incurred in seeking financing transactions, which do not close, are expensed in the period such financing transaction was terminated. Deferred lease costs consist of fees incurred to initiate and renew operating leases, which are amortized on a straight-line basis over the remaining lease term and are recorded to depreciation and amortization in the consolidated statements of operations. During the quarter ended December 31, 2015 , the Company elected to early adopt ASU 2015-03. Under ASU 2015-03, capitalized deferred financing costs, previously recorded in deferred costs and intangible assets, net on the consolidated balance sheets, are presented as a direct deduction from the carrying amount of the debt liability to which these costs relate to mortgage notes payable, and this presentation is retrospectively applied to prior periods. For capitalized deferred financing costs that had been incurred relating to the credit facility agreement, the Company presented these costs in deferred costs and intangible assets, net, on the accompanying consolidated balance sheet as amounts could have been drawn and repaid periodically.
Identified Intangibles	The Company records acquired identified intangibles based on estimated fair value. In-place lease intangible assets are amortized into depreciation and amortization expense in the consolidated statements of operations on a straight-line basis over the remaining lease or resident agreement term. Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination and is not amortized. The Company performs an annual impairment test for goodwill and evaluates the recoverability whenever events or changes in circumstances indicate that the carrying value of goodwill may not be fully recoverable. In making such assessment, qualitative factors are used to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If the estimated fair value of the reporting unit is less than its carrying value, then an impairment charge is recorded. Identified intangible assets are recorded in deferred costs and intangible assets, net on the consolidated balance sheets.
Acquisition Fees and Expenses	The total of all acquisition fees and expenses for an investment, including acquisition fees to the Advisor, cannot exceed, in the aggregate, 6.0% of the contract purchase price of such investment unless such excess is approved by a majority of the directors, including independent directors. For the years ended December 31, 2015 and 2014 , total acquisition fees and expenses did not exceed the allowed limit for any investment with the exception of the acquisition of an unconsolidated venture in July 2015, whereby the majority of the directors, including independent directors, unanimously determined that such costs in excess of the allowed limit were commercially competitive, fair and reasonable to the Company. An acquisition fee incurred related to an equity investment will generally be expensed as incurred. An acquisition fee paid to the Advisor related to the acquisition of an equity or debt investment in an unconsolidated joint venture is included in investments in unconsolidated ventures on the consolidated balance sheets. An acquisition fee paid to the Advisor related to the origination or acquisition of debt investments is included in debt investments, net on the consolidated balance sheets and is amortized to interest income over the life of the investment using the effective interest method. The Company records as an expense certain acquisition costs and fees associated with transactions deemed to be business combinations in which it consolidates the asset and capitalizes these costs for transactions deemed to be acquisitions of an asset, including an equity investment.
Revenue Recognition	Operating Real Estate Rental and escalation income from operating real estate is derived from leasing of space to various types of tenants and healthcare operators. The leases are for fixed terms of varying length and generally provide for annual rental fees to be paid in monthly installments. Rental income from leases is recognized on a straight-line basis over the term of the respective leases. The excess of rent recognized over the amount contractually due pursuant to the underlying leases is included in receivables on the consolidated balance sheets. Escalation income represents revenue from tenant/operator leases which provide for the recovery of all or a portion of the operating expenses and real estate taxes paid by the Company on behalf of the respective property, as applicable. This revenue is accrued in the same period as the expenses are incurred. The Company also generates operating income from operating healthcare properties. Revenue related to operating healthcare properties includes resident room and care charges and other resident service charges. Revenue is recognized when such services are provided, generally defined as the date upon which a resident occupies a room or uses the services and is recorded in resident fee income in the consolidated statements of operations. Real Estate Debt Investments Interest income is recognized on an accrual basis and any related premium, discount, origination costs and fees are amortized over the life of the investment using the effective interest method. The amortization is reflected as an adjustment to interest income in the consolidated statements of operations. The amortization of a premium or accretion of a discount is discontinued if such loan is reclassified to held for sale. Real Estate Securities Interest income is recognized using the effective interest method with any premium or discount amortized or accreted through earnings based on expected cash flow through the expected maturity date of the security. Changes to expected cash flow may result in a change to the yield which is then applied retrospectively for high-credit quality securities that cannot be prepaid or otherwise settled in such a way that the holder would not recover substantially all of the investment or prospectively for all other securities to recognize interest income.
Credit Losses and Impairment on Investments	Operating Real Estate The Company’s real estate portfolio is reviewed on a quarterly basis, or more frequently as necessary, to assess whether there are any indicators that the value of its operating real estate may be impaired or that its carrying value may not be recoverable. A property’s value is considered impaired if the Company’s estimate of the aggregate expected future undiscounted cash flow generated by the property is less than the carrying value. In conducting this review, the Company considers U.S. macroeconomic factors, real estate and healthcare sector conditions, together with asset specific and other factors. To the extent an impairment has occurred, the loss is measured as the excess of the carrying value of the property over the estimated fair value and recorded in impairment on operating real estate in the consolidated statements of operations. An allowance for a doubtful account for a tenant/operator/resident receivable is established based on a periodic review of aged receivables resulting from estimated losses due to the inability of tenant/operator/resident to make required rent and other payments contractually due. Additionally, the Company establishes, on a current basis, an allowance for future tenant/operator/resident credit losses on unbilled rent receivable based on an evaluation of the collectability of such amounts. The Company had no allowance for doubtful accounts as of December 31, 2015 . Real Estate Debt Investments Loans are considered impaired when, based on current information and events, it is probable that the Company will not be able to collect principal and interest amounts due according to the contractual terms. The Company assesses the credit quality of the portfolio and adequacy of loan loss reserves on a quarterly basis or more frequently as necessary. Significant judgment of the Company is required in this analysis. The Company considers the estimated net recoverable value of the loan as well as other factors, including but not limited to the fair value of any collateral, the amount and the status of any senior debt, the quality and financial condition of the borrower and the competitive situation of the area where the underlying collateral is located. Because this determination is based on projections of future economic events, which are inherently subjective, the amount ultimately realized may differ materially from the carrying value as of the balance sheet date. If upon completion of the assessment, the estimated fair value of the underlying collateral is less than the net carrying value of the loan, a loan loss reserve is recorded with a corresponding charge to provision for loan losses. The loan loss reserve for each loan is maintained at a level that is determined to be adequate by management to absorb probable losses. Income recognition is suspended for a loan at the earlier of the date at which payments become 90 -days past due or when, in the opinion of the Company, a full recovery of income and principal becomes doubtful. When the ultimate collectability of the principal of an impaired loan is in doubt, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the principal of an impaired loan is not in doubt, contractual interest is recorded as interest income when received, under the cash basis method until an accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. A loan is written off when it is no longer realizable and/or legally discharged. As of December 31, 2015 , the Company did not have any impaired real estate debt investments. Investments in Unconsolidated Ventures The Company reviews its investments in unconsolidated ventures for which the Company did not elect the fair value option on a quarterly basis, or more frequently as necessary, to assess whether there are any indicators that the value may be impaired or that its carrying value may not be recoverable. An investment is considered impaired if the projected net recoverable amount over the expected holding period is less than the carrying value. In conducting this review, the Company considers global macroeconomic factors, including real estate sector conditions, together with investment specific and other factors. To the extent an impairment has occurred and is considered to be other than temporary, the loss is measured as the excess of the carrying value of the investment over the estimated fair value and recorded in provision for loss on equity investment in the consolidated statements of operations. Real Estate Securities Securities for which the fair value option is elected are not evaluated for other-than-temporary impairment (“OTTI”) as any change in fair value is recorded in the consolidated statements of operations. Realized losses on such securities are reclassified to realized gain (loss) on investments and other as losses occur. Securities for which the fair value option is not elected are evaluated for OTTI quarterly. Impairment of a security is considered to be other-than-temporary when: (i) the holder has the intent to sell the impaired security; (ii) it is more likely than not the holder will be required to sell the security; or (iii) the holder does not expect to recover the entire amortized cost of the security. When a security has been deemed to be other-than-temporarily impaired due to (i) or (ii), the security is written down to its fair value and an OTTI is recognized in the consolidated statements of operations. In the case of (iii), the security is written down to its fair value and the amount of OTTI is then bifurcated into: (a) the amount related to expected credit losses; and (b) the amount related to fair value adjustments in excess of expected credit losses. The portion of OTTI related to expected credit losses is recognized in the consolidated statements of operations. The remaining OTTI related to the valuation adjustment is recognized as a component of accumulated OCI in the consolidated statements of equity. The portion of OTTI recognized through earnings is accreted back to the amortized cost basis of the security through interest income, while amounts recognized through OCI are amortized over the life of the security with no impact on earnings. Real estate securities which are not high-credit quality are considered to have an OTTI if the security has an unrealized loss and there has been an adverse change in expected cash flow. The amount of OTTI is then bifurcated as discussed above.
Organization and Offering Costs	The Advisor, or its affiliates, was entitled to receive reimbursement for costs paid on behalf of the Company in connection with the Offering. The Company was obligated to reimburse the Advisor for organization and offering costs to the extent the aggregate of selling commissions, dealer manager fees and other organization and offering costs do not exceed 15% of gross offering proceeds from the Primary Offering. The Advisor did not expect reimbursable organization and offering costs, including costs incurred in connection with the Follow-on Offering but excluding selling commissions and dealer manager fees, to exceed $22.5 million , or 1.5% of the total proceeds available to be raised from the Primary Offering. Based on gross proceeds of $1.7 billion from the Primary Offering, the Company incurred reimbursable organizational and offering costs, excluding selling commissions and dealer manager fees, of 1.0% , which was less than the 1.5% expected. The Company records organization and offering costs each period based upon an allocation determined by the expectation of total organization and offering costs to be reimbursed. Organization costs are recorded as an expense in general and administrative expenses in the consolidated statements of operations and offering costs are recorded as a reduction to equity.
Income Taxes	The Company elected to be taxed as a REIT and to comply with the related provisions of the Internal Revenue Code beginning in its taxable year ended December 31, 2013 . Accordingly, the Company will generally not be subject to U.S. federal income tax to the extent of its distributions to stockholders as long as certain asset, income and share ownership tests are met. To maintain its qualification as a REIT, the Company must annually distribute at least 90% of its REIT taxable income to its stockholders and meet certain other requirements. The Company may also be subject to certain state, local and franchise taxes. Under certain circumstances, federal income and excise taxes may be due on its undistributed taxable income. If the Company were to fail to meet these requirements, it would be subject to U.S. federal income tax, which could have a material adverse impact on its results of operations and amounts available for distributions to its stockholders. The Company believes that all of the criteria to maintain the Company’s REIT qualification have been met for the applicable periods, but there can be no assurance that these criteria will continue to be met in subsequent periods. The Company has assessed its tax positions for all open tax years, which include 2013 to 2015, and concluded there were no material uncertainties to be recognized. The Company’s accounting policy with respect to interest and penalties is to classify these amounts as interest expense. The Company has not recognized any such amounts related to uncertain tax positions for the years ended December 31, 2015, 2014 and 2013. The Company made a joint election to treat certain subsidiaries as TRS which may be subject to U.S. federal, state and local income taxes. In general, a TRS of the Company may perform non-customary services for tenants/operators/residents of the Company, hold assets that the Company cannot hold directly and may engage in any real estate or non-real estate-related business. Certain subsidiaries of the Company are subject to taxation by federal, state and foreign authorities for the periods presented. The Company and its U.S. subsidiaries will file a consolidated federal income tax return. Income taxes are accounted for by the asset/liability approach in accordance with U.S. GAAP. Deferred taxes, if any, represent the expected future tax consequences when the reported amounts of assets and liabilities are recovered or paid. Such amounts arise from differences between the financial reporting and tax bases of assets and liabilities and are adjusted for changes in tax laws and tax rates in the period which such changes are enacted. A provision for income tax represents the total of income taxes paid or payable for the current period, plus the change in deferred taxes. Current and deferred taxes are provided on the portion of earnings (losses) recognized by the Company with respect to its interest in the TRS. Deferred income tax assets and liabilities are calculated based on temporary differences between the Company’s U.S. GAAP consolidated financial statements and the federal and state income tax basis of assets and liabilities as of the consolidated balance sheet date. The Company evaluates the realizability of its deferred tax assets (e.g., net operating loss and capital loss carryforwards) and recognizes a valuation allowance if, based on the available evidence, it is more likely than not that some portion or all of its deferred tax assets will not be realized. When evaluating the realizability of its deferred tax assets, the Company considers estimates of expected future taxable income, existing and projected book/tax differences, tax planning strategies available and the general and industry specific economic outlook. This realizability analysis is inherently subjective, as it requires the Company to forecast its business and general economic environment in future periods. Changes in estimate of deferred tax asset realizability, if any, are included in provision for income tax benefit (expense) in the consolidated statements of operations.
Recent Accounting Pronouncements	In May 2014, the Financial Accounting Standards Board (“FASB”) issued an accounting update requiring a company to recognize as revenue the amount of consideration it expects to be entitled to in connection with the transfer of promised goods or services to customers. The accounting standard update will replace most of the existing revenue recognition guidance currently promulgated by U.S. GAAP. In July 2015, the FASB decided to delay the effective date of the new revenue standard by one year. The effective date of the new revenue standard for the Company will be January 1, 2018. The Company is in the process of evaluating the impact, if any, of the update on its consolidated financial position, results of operations and financial statement disclosures. In February 2015, the FASB issued updated guidance that changes the rules regarding consolidation. The pronouncement eliminates specialized guidance for limited partnerships and similar legal entities and removes the indefinite deferral for certain investment funds. The new guidance is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015, with early adoption permitted. The Company will adopt the new standard on January 1, 2016 and it is not expected to have a material impact on its consolidated financial position or results of operations. In April 2015, the FASB issued an accounting update changing the presentation of financing costs in financial statements. Under the new guidance, an entity would present these costs in the balance sheet as a direct deduction from the related liability rather than as an asset. Amortization of the costs would continue to be reported as interest expense. The new guidance is effective for annual periods and interim periods beginning after December 15, 2015, with early adoption permitted. In the fourth quarter 2015 the Company adopted this guidance and the impact to the consolidated balance sheets from the reclassification of such costs was a reduction to both total assets and total liabilities of $8.8 million and $1.6 million as of December 31, 2015 and 2014, respectively. In September 2015, the FASB issued updated guidance that eliminates the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. Under the new guidance, an acquirer will recognize a measurement-period adjustment during the period in which it determines the amount of the adjustment. The new guidance is effective for annual periods and interim periods beginning after December 15, 2015, with early adoption permitted. The Company adopted this guidance in the third quarter 2015 and it did not have a material impact on the Company’s consolidated financial position, results of operations and financial statement disclosures. See “Note 3. Operating Real Estate” for more information regarding adjustments to provisional amounts that occurred during the year ended December 31, 2015 . In January 2016, the FASB issued an accounting update that addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The Company is currently assessing the impact of the guidance on the Company’s consolidated financial position, results of operations and financial statement disclosures. In February 2016, the FASB issued an accounting update that requires lessees to present right-of-use assets and lease liabilities on the balance sheet. The new guidance is to be applied using a modified retrospective approach at the beginning of the earliest comparative period in the financial statements and is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is evaluating the impact that this guidance will have on its consolidated financial position, results of operations and financial statement disclosures.

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Schedule of Operating Real Estate Estimated Useful Life	Operating real estate is depreciated using the straight-line method over the estimated useful life of the assets, summarized as follows: Category: Term: Building 40 years Building improvements Lesser of the useful life or remaining life of the building Tenant improvements Lesser of the useful life or remaining term of the lease Furniture and fixtures 7 to 10 years Land improvements 15 years
Summary of Deferred Costs and Intangible Assets	The following table presents a summary of deferred costs and intangible assets as of December 31, 2015 and 2014 (dollars in thousands): December 31, 2015 December 31, 2014 Deferred costs and intangible assets: In-place lease value, net $ 21,307 $ — Goodwill 22,112 — Other intangible assets 380 — Subtotal intangible assets 43,799 — Deferred financing and other costs, net 462 1,329 Total $ 44,261 $ 1,329
Schedule of Annual Amortization of Intangible Assets	The following table presents annual amortization of deferred costs and intangible assets (dollars in thousands): Years Ending December 31: 2016 $ 9,750 2017 1,839 2018 1,839 2019 1,839 2020 1,839 Thereafter (1) 4,663 Total $ 21,769 ______________________________________________________ (1) Identified intangibles will be amortized through periods ending September 2029.
Schedule of Other Assets	The following table presents a summary of other assets as of December 31, 2015 and December 31, 2014 (dollars in thousands): December 31, 2015 December 31, 2014 Other assets: Investment deposits and pending deal costs $ 6,629 $ 6,721 Remainder interest in condominium units (1) 5,401 — Deferred tax assets 7,026 1,415 Prepaid expenses 790 194 Other 536 55 Total $ 20,382 $ 8,385 __________________________________________________________ (1) Represents future interests in property subject to life estates (“Remainder Interest”).

Operating Real Estate (Tables)

Operating Real Estate (Tables)	12 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
Schedule of Operating Real Estate	The following table presents operating real estate, net as of December 31, 2015 and December 31, 2014 (dollars in thousands): As of December 31, 2015 2014 Land $ 140,734 $ 20,035 Land improvements 8,384 — Buildings and improvements 664,555 235,544 Tenant improvements 1,522 — Construction in progress 9,119 1,320 Furniture and fixtures 27,325 6,927 Subtotal 851,639 263,826 Less: Accumulated depreciation (19,386 ) (4,417 ) Operating real estate, net $ 832,253 $ 259,409
Schedule of Operating Real Estate Acquisitions	The following table summarizes operating real estate acquisitions for the year ended December 31, 2015 (dollars in thousands): Acquisition Date Type Portfolio Amount (1) Properties Units Location Financing Company ’ s Equity Ownership Interest Transaction Costs June 2015 RIDEA (2) Watermark Fountains $ 376,781 10 2,374 Various $ 236,456 $ 153,535 97.0 % $ 4,439 June 2015 Net Lease Watermark Fountains 278,312 6 1,261 Various 173,544 90,567 100 % 209 Grand Total $ 655,093 16 3,635 $ 410,000 $ 244,102 $ 4,648 _________________________________________________ (1) Includes initial net purchase price allocation related to net intangibles, deferred costs, other assets, if any, and may be adjusted for subsequent capital expenditures and upon completion of the final purchase price allocation. (2) The Company holds Remainder Interests in the Watermark Fountains condominium units, subject to life estates and refund liabilities, which are included in other assets and other liabilities, respectively, on the consolidated balance sheet. Includes one property in which the Company holds a Remainder Interest in 20 condominium units.
Schedule of Final Allocation of Purchase Price of Assets and Liabilities Acquired	The following table presents the effect of such purchase price reclassifications on the consolidated balance sheet as of December 31, 2015 (dollars in thousands): As Previously Disclosed (1) Measurement-Period Adjustments December 31, 2015 Operating real estate, net $ 693,980 $ (17,860 ) $ 676,120 Deferred costs and intangible assets, net 38,680 17,145 55,825 Other assets (2) 27,315 1,013 28,328 Other liabilities (3) (2,475 ) (298 ) (2,773 ) Total $ 757,500 $ — $ 757,500 _____________________________________________ (1) Represents preliminary allocation of the purchase price of Watermark Fountains in 2015 and the Arbors Portfolio in 2014. (2) Primarily includes furniture and fixtures and Remainder Interests in condominium units. (3) Includes refund liabilities related to the Remainder Interests in condominium units. The following table presents the final allocation of the purchase price of the assets acquired and liabilities issued upon the closing of the acquisition of Watermark Fountains portfolio in 2015 and the Arbors Portfolio in 2014 (dollars in thousands): Assets: Land and improvements $ 135,681 Buildings and improvements 540,439 Intangible assets (1) 55,825 Other assets (2) 28,328 Total assets acquired $ 760,273 Liabilities: Mortgage notes payable $ 410,000 Other liabilities (3) 2,773 Total liabilities 412,773 Total NorthStar Healthcare Income, Inc. stockholders’ equity 343,619 Non-controlling interests 3,881 Total equity 347,500 Total liabilities and equity $ 760,273 _________________________________________________ (1) Primarily includes in-place leases of $33.3 million and goodwill of $14.7 million . Goodwill was allocated entirely to the Company’s RIDEA acquisitions component within the real estate equity business segment. (2) Primarily includes furniture and fixtures and Remainder Interests in condominium units. (3) Includes refund liabilities related to the Remainder Interests in condominium units.
Summary of Pro Forma Amounts	The unaudited pro forma amounts were prepared for comparable purposes only and are not indicative of what actual consolidated results of operations of the Company would have been, nor are they indicative of the consolidated results of operations in the future and exclude transaction costs (dollars in thousands, except per share data): Years Ended December 31, 2015 2014 Pro forma total revenues $ 150,878 $ 129,068 Pro forma net income (loss) attributable to NorthStar Healthcare Income, Inc. common stockholders (52,274 ) (31,572 ) Pro forma net income (loss) per share of common stock, basic/diluted $ (0.40 ) $ (0.79 )
Schedule of Future Minimum Rents	The following table presents approximate future minimum rental income under noncancelable operating leases to be received over the next five years and thereafter as of December 31, 2015 are as follows (dollars in thousands): Years Ending December 31, 2016 $ 34,527 2017 35,784 2018 36,392 2019 37,302 2020 38,234 Thereafter 147,102 Total $ 329,341

Investments in Unconsolidated26

Investments in Unconsolidated Ventures (Tables)	12 Months Ended
	Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	The combined balance sheets and statements of operations for the Eclipse, Griffin-American, Winterfell, Espresso and Trilogy unconsolidated ventures as of December 31, 2015 and 2014 and for the years ended December 31, 2015 and 2014 are as follows (dollars in thousands): December 31, Years Ended December 31, 2015 2014 2015 2014 Assets Total assets $ 8,220,650 $ 5,498,461 Total revenues $ 733,166 $ 124,283 Liabilities and equity Total Liabilities $ 5,833,484 $ 3,939,554 Equity 2,387,166 1,558,907 Total liabilities and equity $ 8,220,650 5,498,461 Net income (loss) $ (207,350 ) $ (92,588 )

Real Estate Debt Investments (T

Real Estate Debt Investments (Tables)	12 Months Ended
	Dec. 31, 2015
Mortgage Loans on Real Estate [Abstract]
Schedule of the company's real estate debt investment	The following table presents debt investments as of December 31, 2015 (dollars in thousands): Weighted Average Floating Asset Type: Count Principal Carrying Allocation by Investment Type (1) Fixed Rate Spread (2) Total Unleveraged First mortgage loan (3) 1 $ 14,637 $ 14,637 7.6 % — % 8.3 % 8.4 % 100.0 % Mezzanine loans 3 178,774 178,297 92.4 % 10.0 % 10.2 % 10.3 % 58.0 % Total/Weighted Average 4 $ 193,411 $ 192,934 100.0 % 10.0 % 9.9 % 10.2 % 61.2 % __________________________________________________________ (1) Based on principal amount. (2) Includes a fixed minimum London Interbank Offered Rate (“LIBOR”) rate, as applicable. (3) Subject to a 0.3% minimum LIBOR rate (“LIBOR floor”). During the year ended December 31, 2015 , the Company originated one mezzanine loan with a principal amount of $75.0 million . The following table presents debt investments as of December 31, 2014 (dollars in thousands): Weighted Average Floating Asset Type: Count Principal Carrying Allocation by Investment Type (1) Spread (2) Total Unleveraged First mortgage loans (3) 2 $ 25,887 $ 25,887 17.7 % 8.1 % 8.3 % 100.0 % Mezzanine loans 2 120,000 120,380 82.3 % 10.2 % 10.4 % 100.0 % Total/Weighted Average 4 $ 145,887 $ 146,267 100.0 % 9.8 % 10.0 % 100.0 % __________________________________________________________ (1) Based on principal amount. (2) Includes a fixed minimum LIBOR rate, as applicable. (3) As of December 31, 2014 , all first mortgage loans were subject to a LIBOR floor with the weighted average of 0.6% .
Schedule of mortgage loans on real estate with initial and extended maturity	The following table presents maturities of debt investments based on principal amount as of December 31, 2015 (dollars in thousands): Initial Maturity Maturity Including Extensions (1) Years Ending December 31: 2016 $ 103,774 $ — 2017 14,637 — 2018 — — 2019 — 118,411 2020 — — Thereafter 75,000 75,000 Total $ 193,411 $ 193,411 ____________________________________________________________ (1) Assumes that all debt with extension options will qualify for extension at such maturity according to the conditions set forth in the governing documents.

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Summary of borrowings	The following table presents borrowings as of December 31, 2015 and 2014 (dollars in thousands): December 31, 2015 December 31, 2014 Recourse vs. Non-Recourse Final Maturity Contractual Interest Rate (1) Principal Amount (6) Carrying Value (6) Principal (6) Carrying (6) Mortgage notes payable Peregrine Portfolio (2) Various locations Non-recourse Dec-19 LIBOR + 3.50% $ 24,000 $ 23,348 $ 24,000 $ 23,211 Watermark Aqua Portfolio Denver, CO Non-recourse Feb-21 LIBOR + 2.92% 21,500 21,255 21,500 21,211 Frisco, TX Non-recourse Mar-21 LIBOR + 3.04% 20,000 19,783 20,000 19,734 Milford, OH (3) Non-recourse Dec-18 LIBOR + 3.35% 10,500 10,282 10,500 10,199 Arbors Portfolio (4) Various locations Non-recourse Feb-25 3.99% 93,750 91,712 — — Watermark Fountains Portfolio (5) Various locations Non-recourse Jun-22 3.92% 410,000 404,605 — — Total $ 579,750 $ 570,985 $ 76,000 $ 74,355 _____________________________________________________ (1) Comprised of $41.5 million principal amount of floating rate borrowings at one -month LIBOR and $34.5 million principal amount of floating rate borrowings at three -month LIBOR, including $10.5 million subject to a LIBOR floor of 0.5% . (2) In December 2014, the Company entered into a mortgage note arrangement with a capacity of up to $30.0 million , subject to certain conditions, secured by four healthcare properties. As of December 31, 2015 , the Company borrowed $24.0 million of this commitment, of which $7.6 million was used to repay an existing mortgage note payable. The repayment resulted in a $0.2 million loss on extinguishment of the mortgage note payable due to the write-off of deferred financing costs. As of December 31, 2015 , the operator of the Peregrine portfolio did not maintain certain minimum financial coverage ratios and the Company will be required to fund $4.0 million into a lender controlled reserve, in addition to the $3.0 million previously funded. The reserve will be released to the Company once the portfolio can maintain a minimum debt yield of 10.0% for two consecutive quarters and a new operator is engaged by the Company. (3) The initial maturity of $10.5 million principal amount of a floating rate borrowing is December 2016, with two one -year extensions available at the Company’s option, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents. (4) In January 2015, the Company entered into four mortgage notes payable with an aggregate amount of $93.8 million , secured by four healthcare real estate properties. (5) Comprised of $410.0 million principal amount of fixed rate borrowings, secured by 15 healthcare real estate properties. (6) The difference between principal amount and carrying value of mortgage notes payable is attributable to deferred financing costs, net.
Schedule of principal on borrowings based on final maturity	The following table presents scheduled principal on borrowings based on fully extended maturity as of December 31, 2015 (dollars in thousands): Years Ending December 31: 2016 $ 232 2017 3,516 2018 15,465 2019 33,032 2020 10,582 Thereafter 516,923 Total $ 579,750

Related Party Arrangements (Tab

Related Party Arrangements (Tables)	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Schedule of the Fees and Reimbursements Incurred to the Advisor and Dealer Manager	The following table presents the fees and reimbursements incurred to the Advisor and the Dealer Manager for the years ended December 31, 2015 , 2014 and 2013 and the amount due to related party as of December 31, 2015 and 2014 (dollars in thousands): Years Ended December 31, Due to Related Party as of December 31, Type of Fee or Reimbursement Financial Statement Location 2015 2014 2013 2015 2014 Fees to Advisor Asset management Asset management and other fees-related party $ 19,015 $ 3,406 $ 101 $ 22 $ 6 Acquisition (1) Real estate debt investments, net / investments in unconsolidated ventures / asset management and other fees-related party 38,449 21,215 1,346 378 245 Disposition (1) Real estate debt investments, net 113 — — — — Reimbursements to Advisor Operating costs (2) General and administrative expenses 19,344 3,795 189 4 12 Organization General and administrative expenses — 281 82 — 2 Offering (2) Cost of capital (3) 5,038 4,489 1,549 39 490 Selling commissions / Dealer manager fees Cost of capital (3) 75,354 83,655 10,561 — — Total $ 443 $ 755 ____________________________________ (1) Acquisition/disposition fees incurred to the Advisor related to debt investments are generally offset by origination/exit fees paid to the Company by borrowers if such fees are required from the borrower. Acquisition fees related to equity investments are included in asset management and other fees-related party in the consolidated statements of operations. Acquisition fees related to investments in unconsolidated joint ventures are included in investments in unconsolidated ventures on the consolidated balance sheets. The Advisor may determine to defer fees or seek reimbursements. (2) As of December 31, 2015 , the Advisor has incurred unreimbursed operating costs on behalf of the Company of $7.6 million , that remain eligible to allocate to the Company. (3) Cost of capital is included in net proceeds from issuance of common stock in the Company’s consolidated statements of equity.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Dividends Declared	The following table presents distributions declared for the years ended December 31, 2015 , 2014 and 2013 (dollars in thousands): Distributions (1) Period Cash DRP Total 2015 First Quarter $ 8,023 $ 10,143 $ 18,166 Second Quarter 8,772 11,068 19,840 Third Quarter 10,142 12,791 22,933 Fourth Quarter 12,035 15,297 27,332 Total $ 38,972 $ 49,299 $ 88,271 2014 First Quarter $ 1,169 $ 1,393 $ 2,562 Second Quarter 2,070 2,504 4,574 Third Quarter 3,360 4,201 7,561 Fourth Quarter 5,298 6,646 11,944 Total $ 11,897 $ 14,744 $ 26,641 2013 Second Quarter (2) $ 45 $ 2 $ 47 Third Quarter 91 49 140 Fourth Quarter 535 590 1,125 Total $ 671 $ 641 $ 1,312 _________________________________________________ (1) Represents distributions declared for the period, even though such distributions are actually paid to stockholders the month following such period. For the years ended December 31, 2015 and 2014 , 100% of distributions paid represent a return of capital. (2) Distributions from April 5, 2013 (date of the first investment) through June 30, 2013.

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Schedule of the principal amount, carrying value and fair value of certain financial assets and liabilities	The following table presents the principal amount, carrying value and fair value of certain financial assets and liabilities as of December 31, 2015 and 2014 (dollars in thousands): December 31, 2015 December 31, 2014 Principal Amount Carrying Value Fair Principal Amount Carrying Value Fair Value Financial assets: (1) Real estate debt investments, net $ 193,411 $ 192,934 $ 194,277 $ 145,887 $ 146,267 $ 153,001 Financial liabilities: (1) Mortgage notes payable $ 579,750 $ 570,985 $ 567,106 $ 76,000 $ 74,355 $ 75,293 _____________________________ (1) The fair value of other financial instruments not included in this table is estimated to approximate their carrying value.

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Segment Reporting	The following tables present segment reporting for the years ended December 31, 2015 , 2014 and 2013 (dollars in thousands): Statement of Operations: Year Ended December 31, 2015 Real Estate Equity Real Estate Debt Corporate (1) Total Rental and resident fee income $ 91,512 $ — $ — $ 91,512 Interest income — 17,763 — 17,763 Other revenue 810 1,131 — 1,941 Property operating expenses 45,773 — — 45,773 Interest expense 16,964 — 653 17,617 Transaction costs 5,765 — — 5,765 Asset management and other fees - related party — — 33,385 33,385 General and administrative expenses 345 88 19,780 20,213 Depreciation and amortization 27,038 — — 27,038 Realized gain (loss), net 222 — (943 ) (721 ) Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense) (3,341 ) 18,806 (54,761 ) (39,296 ) Equity in earnings (losses) of unconsolidated ventures (49,046 ) — — (49,046 ) Income tax benefit (expense) 5,598 — — 5,598 Net income (loss) $ (46,789 ) $ 18,806 $ (54,761 ) $ (82,744 ) Statement of Operations: Year Ended December 31, 2014 Real Estate Equity Real Estate Debt Corporate (1) Total Rental and resident fee income $ 22,549 $ — $ — $ 22,549 Interest income — 7,490 — 7,490 Property operating expenses 10,810 — — 10,810 Interest expense 2,286 — 695 2,981 Transaction costs 3,405 — — 3,405 Asset management and other fees - related party — — 8,220 8,220 General and administrative expenses 4 36 4,378 4,418 Depreciation and amortization 4,291 — — 4,291 Realized gain (loss), net (156 ) — — (156 ) Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense) 1,597 7,454 (13,293 ) (4,242 ) Equity in earnings (losses) of unconsolidated ventures (12,127 ) — — (12,127 ) Income tax benefit (expense) 1,390 — — 1,390 Net income (loss) $ (9,140 ) $ 7,454 $ (13,293 ) $ (14,979 ) Statement of Operations: Year Ended December 31, 2013 Real Estate Equity Real Estate Debt Corporate (1) Total Rental and resident fee income $ 526 $ — $ — $ 526 Interest income — 375 — 375 Property operating expenses 24 — — 24 Interest expense 64 — 34 98 Transaction costs 1,570 — — 1,570 Asset management and other fees - related party — — 1,334 1,334 General and administrative expenses 8 2 303 313 Depreciation and amortization 132 — — 132 Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense) (1,272 ) 373 (1,671 ) (2,570 ) Net income (loss) $ (1,272 ) $ 373 $ (1,671 ) $ (2,570 ) _________________________________________________ (1) Includes unallocated asset management fee-related party and general and administrative expenses.
Assets by Segment	The following table presents total assets by segment as of December 31, 2015 , and 2014 (dollars in thousands): Balance Sheets: Real Estate Equity Real Estate Debt Corporate (1) Total December 31, 2015: Total Assets $ 1,460,392 $ 194,451 $ 347,385 $ 2,002,228 December 31, 2014: Total Assets $ 488,067 $ 147,419 $ 281,618 $ 917,104 _________________________________________________ (1) Primarily includes unrestricted cash balances.

Business and Organization (Deta

Business and Organization (Details)	Feb. 06, 2015USD ($)	Feb. 02, 2015USD ($)shares	Feb. 11, 2013USD ($)shares	Dec. 31, 2015USD ($)Employee$ / sharesshares	Dec. 31, 2014USD ($)$ / sharesshares	Dec. 31, 2013USD ($)	Mar. 23, 2016USD ($)	Jan. 19, 2016shares	Aug. 07, 2012shares
Class of Stock [Line Items]
Number of employees | Employee				0
Limited partnership interest in operating partnership				99.99%
Common stock authorized (shares) | shares				400,000,000	400,000,000
Par value of common stock authorized (in dollars per share) | $ / shares				$ 0.01	$ 0.01
Preferred stock authorized (shares) | shares				50,000,000	50,000,000
Par value of preferred stock authorized (in dollars per share) | $ / shares				$ 0.01	$ 0.01
Follow-on public offering	$ 700,000,000
Value of common stock issued				$ 697,491,000	$ 766,729,000	$ 96,596,000
Subsequent event
Class of Stock [Line Items]
Value of common stock issued							$ 1,800,000,000
Third Party Equity Proceeds
Class of Stock [Line Items]
Shares available (shares) | shares									100,000,000
Dividend Reinvestment Plan
Class of Stock [Line Items]
Shares available (shares) | shares		8,600,000							10,500,000
Proceeds from Initial Offering		$ 1,100,000,000
Follow-on public offering	200,000,000
Value of shares available	159,500,000
Dividend Reinvestment Plan | Subsequent event
Class of Stock [Line Items]
Shares available (shares) | shares								30,000,000
Follow-on Primary Offering
Class of Stock [Line Items]
Follow-on public offering	$ 500,000,000
Advisor
Class of Stock [Line Items]
Non-controlling interest investment in operating partnership				1,000	1,000
Special Unit Holder
Class of Stock [Line Items]
Non-controlling interest investment in operating partnership				$ 1,000	$ 1,000
Sponsor
Class of Stock [Line Items]
Number of shares issued (shares) | shares			222,223
Value of common stock issued			$ 2,000,000

Summary of Significant Accoun34

Summary of Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2015USD ($)Investment	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Jul. 31, 2015USD ($)
Variable Interest Entities
Number of VIEs | Investment	1
Identified Intangibles
Amortization expense	$ 12,100,000
Acquisition fee and expense cap	6.00%
Credit Losses and Impairment on Investments
Allowance for doubtful accounts	$ 0
Period past due for suspension of income recognition	90 days
Income Taxes
Income tax benefit	$ 5,598,000	$ 1,390,000	$ 0
Recent Accounting Pronouncement
Assets	2,002,228,000	917,104,000
Liabilities	$ 596,728,000	85,119,000
Advisor
Organization and Offering Costs
Reimbursable organization and offering costs, excluding selling commissions and dealer manager fee, as a percentage of total proceeds	1.00%
Organization and Offering Costs | Advisor
Organization and Offering Costs
Expected reimbursable organization and offering costs, excluding selling commissions and dealer manager fee, as a percentage of total proceeds	1.50%
Gross proceeds from Primary Offering	$ 1,700,000,000
Organization and Offering Costs | Maximum | Advisor
Organization and Offering Costs
Percentage of gross offering proceeds from primary offering, reimbursable as organization and offering costs	15.00%
Expected reimbursable organization and offering costs, excluding selling commissions and dealer manager fee	$ 22,500,000
Espresso Joint Venture
Variable Interest Entities
VIE carrying value	41,900,000
Espresso Joint Venture | Mezzanine Loan
Variable Interest Entities
VIE carrying value				$ 75,000,000
New Accounting Pronouncement, Early Adoption
Recent Accounting Pronouncement
Assets	(8,800,000)	(1,600,000)
Liabilities	$ (8,800,000)	$ (1,600,000)

Summary of Significant Accoun35

Summary of Significant Accounting Policies - Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2015
Building
Property, Plant and Equipment [Line Items]
Estimated useful life	40 years
Furniture and fixtures | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years
Furniture and fixtures | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years
Land improvements
Property, Plant and Equipment [Line Items]
Estimated useful life	15 years

Summary of Significant Accoun36

Summary of Significant Accounting Policies - Deferred Costs and Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Deferred costs and intangible assets:
In-place lease value, net	$ 21,307	$ 0
Goodwill	22,112	0
Other intangible assets	380	0
Subtotal intangible assets	43,799	0
Deferred financing and other costs, net	462	1,329
Total	$ 44,261	$ 1,329

Summary of Significant Accoun37

Summary of Significant Accounting Policies - Annual Amortization of Deferred Costs and Intangible Assets (Details) $ in Thousands	Dec. 31, 2015USD ($)
Accounting Policies [Abstract]
2,016	$ 9,750
2,017	1,839
2,018	1,839
2,019	1,839
2,020	1,839
Thereafter	4,663
Total	$ 21,769

Summary of Significant Accoun38

Summary of Significant Accounting Policies - Other Assets and Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Other assets:
Investment deposits and pending deal costs	$ 6,629	$ 6,721
Remainder interest in condominium units	5,401	0
Deferred tax assets	7,026	1,415
Prepaid expenses	790	194
Other	536	55
Total	$ 20,382	$ 8,385

Operating Real Estate - Identif

Operating Real Estate - Identifiable Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Real Estate [Abstract]
Land	$ 140,734	$ 20,035
Land improvements	8,384	0
Buildings and improvements	664,555	235,544
Tenant improvements	1,522	0
Construction in progress	9,119	1,320
Furniture and fixtures	27,325	6,927
Subtotal	851,639	263,826
Less: Accumulated depreciation	(19,386)	(4,417)
Operating real estate, net	$ 832,253	$ 259,409

Operating Real Estate - Narrati

Operating Real Estate - Narrative (Details) - USD ($) $ in Thousands	7 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Goodwill	$ 22,112	$ 22,112	$ 0
Depreciation		15,000	$ 4,300	$ 100
Aggregate revenue from acquisitions	60,400
Net loss from acquisitions	8,300
Reclassification
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Goodwill	$ 7,400	$ 7,400

Operating Real Estate - Real Es

Operating Real Estate - Real Estate Acquisitions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)unitproperty
Business Acquisition [Line Items]
Amount	$ 655,093
Properties | property	16
Units | unit	3,635
Financing	$ 410,000
Company’s Equity	244,102
Transaction Costs	4,648
RIDEA
Business Acquisition [Line Items]
Amount	$ 376,781
Properties | property	10
Units | unit	2,374
Financing	$ 236,456
Company’s Equity	$ 153,535
Ownership Interest	97.00%
Transaction Costs	$ 4,439
Number of properties with remainder interests | property	1
Number of condominium units with remainder interests | unit	20
Net Lease
Business Acquisition [Line Items]
Amount	$ 278,312
Properties | property	6
Units | unit	1,261
Financing	$ 173,544
Company’s Equity	$ 90,567
Ownership Interest	100.00%
Transaction Costs	$ 209

Operating Real Estate - Final A

Operating Real Estate - Final Allocation of Purchase Price of Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Assets:
Other assets	$ 28,328
Liabilities:
Other liabilities	2,773
In-place leases	21,307	$ 0
Goodwill	22,112	$ 0
Watermark Fountains 2015 and Arbors Portfolio 2014 Acquisitions
Assets:
Land and improvements	135,681
Buildings and improvements	540,439
Intangible assets	55,825
Other assets	28,328
Total assets acquired	760,273
Liabilities:
Mortgage notes payable	410,000
Other liabilities	2,773
Total liabilities	412,773
Total NorthStar Healthcare Income, Inc. stockholders’ equity	343,619
Non-controlling interests	3,881
Total equity	347,500
Total liabilities and equity	760,273
In-place leases	33,300
Goodwill	$ 14,700

Operating Real Estate - Reclass

Operating Real Estate - Reclassifications (Details) $ in Thousands	Dec. 31, 2015USD ($)
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Operating real estate, net	$ 676,120
Deferred costs and intangible assets, net	55,825
Other assets	28,328
Other liabilities	(2,773)
Total	757,500
As Previously Disclosed
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Operating real estate, net	693,980
Deferred costs and intangible assets, net	38,680
Other assets	27,315
Other liabilities	(2,475)
Total	757,500
Measurement-Period Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Operating real estate, net	(17,860)
Deferred costs and intangible assets, net	17,145
Other assets	1,013
Other liabilities	(298)
Total	$ 0

Operating Real Estate - Pro For

Operating Real Estate - Pro Forma Revenues (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Real Estate [Abstract]
Pro forma total revenues	$ 150,878	$ 129,068
Pro forma net income (loss) attributable to NorthStar Healthcare Income, Inc. common stockholders	$ (52,274)	$ (31,572)
Pro forma net income (loss) per share of common stock, basic/diluted (in dollars per share)	$ (0.40)	$ (0.79)

Operating Real Estate - Minimum

Operating Real Estate - Minimum Future Rents (Details) $ in Thousands	Dec. 31, 2015USD ($)
Real Estate [Abstract]
2,016	$ 34,527
2,017	35,784
2,018	36,392
2,019	37,302
2,020	38,234
Thereafter	147,102
Total	$ 329,341

Investments in Unconsolidated46

Investments in Unconsolidated Ventures - Narrative (Details)	1 Months Ended						6 Months Ended	8 Months Ended	12 Months Ended
	Dec. 31, 2015USD ($)facility	Jul. 31, 2015USD ($)statefacility	May. 31, 2015USD ($)statefacilityunit	Dec. 31, 2014USD ($)facility	Jun. 30, 2014USD ($)bedfacility	May. 31, 2014USD ($)bedfacility	Dec. 31, 2015USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Schedule of Equity Method Investments [Line Items]
Investment portfolio	$ 832,253,000			$ 259,409,000			$ 832,253,000	$ 832,253,000	$ 832,253,000	$ 259,409,000
Payments to acquire interest in joint venture									394,015,000	225,380,000	$ 0
Interest in unconsolidated joint ventures	534,541,000			215,175,000			534,541,000	534,541,000	534,541,000	215,175,000
Total cost of investment									655,093,000
Mezzanine loans
Schedule of Equity Method Investments [Line Items]
Debt originated to subsidiary of joint venture	75,000,000						75,000,000	75,000,000	$ 75,000,000
Fixed rate									10.00%
Eclipse Joint Venture
Schedule of Equity Method Investments [Line Items]
Investment portfolio						$ 1,100,000,000
Number of beds in real estate properties acquired | bed						8,500
Payments to acquire interest in joint venture						$ 23,400,000
Ownership interest						5.60%
Interest in unconsolidated joint ventures	17,400,000			20,700,000			17,400,000	17,400,000	$ 17,400,000	20,700,000
Capitalized acquisition costs									1,300,000	1,300,000
Equity in operating income (loss)									700,000	800,000
Depreciation and amortization expense excluded from operating income									1,800,000	1,500,000
Eclipse Joint Venture | ALF
Schedule of Equity Method Investments [Line Items]
Number of facilities acquired | facility						44
Eclipse Joint Venture | SNF
Schedule of Equity Method Investments [Line Items]
Number of facilities acquired | facility						36
Envoy Joint Venture
Schedule of Equity Method Investments [Line Items]
Investment portfolio					$ 145,000,000
Number of beds in real estate properties acquired | bed					1,658
Payments to acquire interest in joint venture					$ 5,000,000
Ownership interest					11.40%
Interest in unconsolidated joint ventures	5,700,000			$ 5,400,000			5,700,000	5,700,000	5,700,000	5,400,000
Capitalized acquisition costs									400,000	400,000
Equity in operating income (loss)									1,100,000	400,000
Depreciation and amortization expense excluded from operating income									500,000	$ 200,000
Undistributed earnings from equity method investees	200,000						200,000	200,000	200,000
Envoy Joint Venture | SNF
Schedule of Equity Method Investments [Line Items]
Number of facilities acquired | facility					14
Griffin-American Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of facilities acquired | facility				298
Payments to acquire interest in joint venture				$ 187,200,000
Ownership interest				14.30%						14.30%
Interest in unconsolidated joint ventures	178,100,000			$ 189,100,000			178,100,000	178,100,000	178,100,000	$ 189,100,000
Capitalized acquisition costs									13,400,000	13,300,000
Equity in operating income (loss)									14,300,000	900,000
Depreciation and amortization expense excluded from operating income									21,900,000	2,000,000
Transaction costs excluded from operating income									600,000	$ 10,500,000
Griffin-American Joint Venture | ALF
Schedule of Equity Method Investments [Line Items]
Number of facilities acquired | facility				91
Griffin-American Joint Venture | SNF
Schedule of Equity Method Investments [Line Items]
Number of facilities acquired | facility				45
Griffin-American Joint Venture | MOB's
Schedule of Equity Method Investments [Line Items]
Number of facilities acquired | facility				148
Griffin-American Joint Venture | Hospitals
Schedule of Equity Method Investments [Line Items]
Number of facilities acquired | facility				14
Winterfell Joint Venture
Schedule of Equity Method Investments [Line Items]
Investment portfolio			$ 875,000,000
Payments to acquire interest in joint venture			$ 98,700,000
Ownership interest			40.00%
Interest in unconsolidated joint ventures	95,700,000						95,700,000	95,700,000	95,700,000
Capitalized acquisition costs									8,000,000
Equity in operating income (loss)								5,500,000
Depreciation and amortization expense excluded from operating income								10,100,000
Transaction costs excluded from operating income								3,400,000
Number of private pay ILFs | facility			32
Number of units with the facilities | unit			3,983
Number of different states with ILFs | state			12
Espresso Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership interest		36.70%
Capitalized acquisition costs									7,600,000
Equity in operating income (loss)							2,600,000
Depreciation and amortization expense excluded from operating income							3,200,000
Transaction costs excluded from operating income							18,000,000
Number of different states with ILFs | state		12
Total cost of investment		$ 1,100,000,000
Cash portion of investment		55,000,000
Carrying value of investment	41,900,000						41,900,000	41,900,000	41,900,000
Espresso Joint Venture | Mezzanine loans
Schedule of Equity Method Investments [Line Items]
Debt originated to subsidiary of joint venture		$ 75,000,000
Fixed rate		10.00%
Carrying value of investment		$ 75,000,000
Espresso Joint Venture | ALF
Schedule of Equity Method Investments [Line Items]
Number of facilities acquired | facility		6
Espresso Joint Venture | SNF
Schedule of Equity Method Investments [Line Items]
Number of facilities acquired | facility		152
The Trilogy Joint Venture
Schedule of Equity Method Investments [Line Items]
Investment portfolio	1,200,000,000						$ 1,200,000,000	$ 1,200,000,000	1,200,000,000
Payments to acquire interest in joint venture	$ 202,000,000								$ 202,000,000
Ownership interest	29.00%						29.00%	29.00%	29.00%
Capitalized acquisition costs									$ 7,700,000
Equity in operating income (loss)	$ (200,000)
Depreciation and amortization expense excluded from operating income	5,300,000
Transaction costs excluded from operating income	8,200,000
Carrying value of investment	$ 195,700,000						$ 195,700,000	$ 195,700,000	$ 195,700,000
Ownership interest retained by investee pre-closing management team	4.00%
Trilogy Investors | The Trilogy Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of facilities acquired | facility	97
Ownership interest	96.00%
Total cost of investment	$ 1,200,000,000

Investments in Unconsolidated47

Investments in Unconsolidated Ventures - Equity Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Liabilities and equity
Net investment in unconsolidated ventures	$ 534,541	$ 215,175
Griffin-American, Winterfell, and Espresso Unconsolidated Ventures
Assets
Total assets	8,220,650	5,498,461
Liabilities and equity
Total Liabilities	5,833,484	3,939,554
Equity	2,387,166	1,558,907
Total liabilities and equity	8,220,650	5,498,461
Total revenues	733,166	124,283
Net income (loss)	$ (207,350)	$ (92,588)

Real Estate Debt Investments -

Real Estate Debt Investments - Schedule of the company's real estate debt investment (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)loan	Dec. 31, 2014USD ($)loan
Mortgage Loans on Real Estate [Line Items]
Count | loan	4
Principal Amount	$ 193,411
Carrying Value	$ 192,934	$ 146,267
First mortgage loans
Mortgage Loans on Real Estate [Line Items]
Count | loan	1	2
Principal Amount	$ 14,637	$ 25,887
Carrying Value	$ 14,637	$ 25,887
Allocation by Investment Type	7.60%	17.70%
Fixed Rate	0.00%
Total Unleveraged Current Yield	8.40%	8.30%
Floating Rate as % of Principal Amount	100.00%	100.00%
First mortgage loans | LIBOR
Mortgage Loans on Real Estate [Line Items]
Spread Over LIBOR	8.30%	8.10%
Variable rate basis floor	0.30%	0.60%
Mezzanine loans
Mortgage Loans on Real Estate [Line Items]
Count | loan	3	2
Principal Amount	$ 178,774	$ 120,000
Carrying Value	$ 178,297	$ 120,380
Allocation by Investment Type	92.40%	82.30%
Fixed Rate	10.00%
Total Unleveraged Current Yield	10.30%	10.40%
Floating Rate as % of Principal Amount	58.00%	100.00%
Mezzanine loans | LIBOR
Mortgage Loans on Real Estate [Line Items]
Spread Over LIBOR	10.20%	10.20%
Total/Weighted Average
Mortgage Loans on Real Estate [Line Items]
Count | loan	4	4
Principal Amount	$ 193,411	$ 145,887
Carrying Value	$ 192,934	$ 146,267
Allocation by Investment Type	100.00%	100.00%
Fixed Rate	10.00%
Total Unleveraged Current Yield	10.20%	10.00%
Floating Rate as % of Principal Amount	61.20%	100.00%
Total/Weighted Average | LIBOR
Mortgage Loans on Real Estate [Line Items]
Spread Over LIBOR	9.90%	9.80%

Real Estate Debt Investments 49

Real Estate Debt Investments - Narrative (Details)	12 Months Ended
	Dec. 31, 2015USD ($)Investmentloan
Mortgage Loans on Real Estate [Line Items]
Weighted average period of contractual maturity, including extensions	4 years 1 month 16 days
Number of days past contractual debt service payments loan categorized as a weaker credit quality debt investment	90 days
Number of loans contributing to more than 10% of interest income | Investment	3
Percent of interest income contributed by investment (more than)	10.00%
Mezzanine loans
Mortgage Loans on Real Estate [Line Items]
Number of loans originated | loan	1
Originated principal amount | $	$ 75,000,000

Real Estate Debt Investments 50

Real Estate Debt Investments - Schedule of mortgage loans on real estate with initial and extended maturity (Details) $ in Thousands	Dec. 31, 2015USD ($)
Mortgage Loans on Real Estate [Line Items]
Total	$ 193,411
Initial Maturity
Mortgage Loans on Real Estate [Line Items]
2,016	103,774
2,017	14,637
2,018	0
2,019	0
2,020	0
Thereafter	75,000
Total	193,411
Maturity Including Extensions
Mortgage Loans on Real Estate [Line Items]
2,016	0
2,017	0
2,018	0
2,019	118,411
2,020	0
Thereafter	75,000
Total	$ 193,411

Borrowings - Schedule of Borrow

Borrowings - Schedule of Borrowings (Details)	1 Months Ended	12 Months Ended
	Jan. 31, 2015USD ($)debt_instrument	Dec. 31, 2015USD ($)propertyextension	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Sep. 30, 2015USD ($)
Debt Instrument [Line Items]
Contractual Interest Rate plus LIBOR		0.50%
Principal Amount		$ 579,750,000	$ 76,000,000
Carrying Value		570,985,000	74,355,000
Proceeds from notes payable		503,750,000	65,500,000	$ 10,500,000
Repayments of mortgage notes		$ 0	7,782,000	$ 31,000
Number of healthcare real estate properties | property		15
Mortgage notes payable
Debt Instrument [Line Items]
Principal Amount		$ 579,750,000	76,000,000
Number of properties securing debt | property		4
Proceeds from notes payable		$ 24,000,000
Repayments of mortgage notes		7,600,000
Losses on extinguishment of debt		$ 200,000
Mortgage notes payable | Maximum
Debt Instrument [Line Items]
Principal Amount	$ 93,800,000		30,000,000
Number of debt instruments | debt_instrument	4
Non-Recourse | Peregrine Portfolio | Mortgage notes payable
Debt Instrument [Line Items]
Contractual Interest Rate plus LIBOR		3.50%
Principal Amount		$ 24,000,000	24,000,000
Carrying Value		23,348,000	23,211,000
Lender controlled reverse		$ 4,000,000			$ 3,000,000
Debt covenant requirement, minimum debt yield		10.00%
Debt covenant requirement, minimum debt yield, number of consecutive quarters		6 months
Non-Recourse | Arbors Portfolio | Mortgage notes payable
Debt Instrument [Line Items]
Contractual Interest Rate		3.99%
Principal Amount		$ 93,750,000	0
Carrying Value		$ 91,712,000	0
Non-Recourse | Watermark Fountains Portfolio | Mortgage notes payable
Debt Instrument [Line Items]
Contractual Interest Rate		3.92%
Principal Amount		$ 410,000,000	0
Carrying Value		$ 404,605,000	0
Denver, CO Non-recourse | Denver, CO | Mortgage notes payable
Debt Instrument [Line Items]
Contractual Interest Rate plus LIBOR		2.92%
Principal Amount		$ 21,500,000	21,500,000
Carrying Value		$ 21,255,000	21,211,000
Frisco, TX Non-recourse | Frisco, TX | Mortgage notes payable
Debt Instrument [Line Items]
Contractual Interest Rate plus LIBOR		3.04%
Principal Amount		$ 20,000,000	20,000,000
Carrying Value		$ 19,783,000	19,734,000
Milford, OH Non-recourse | Milford, OH | Mortgage notes payable
Debt Instrument [Line Items]
Contractual Interest Rate plus LIBOR		3.35%
Principal Amount		$ 10,500,000	10,500,000
Carrying Value		$ 10,282,000	$ 10,199,000
Number of one year extensions | extension		2
Duration of extension for mortgage loans		1 year
One-Month LIBOR
Debt Instrument [Line Items]
Principal Amount		$ 41,500,000
Three-Month LIBOR
Debt Instrument [Line Items]
Principal Amount		34,500,000
LIBOR floor of 0.5%
Debt Instrument [Line Items]
Principal Amount		10,500,000
Various locations | Watermark Fountains Portfolio | Mortgage notes payable
Debt Instrument [Line Items]
Principal Amount		$ 410,000,000

Borrowings - Maturity Schedule

Borrowings - Maturity Schedule (Details) $ in Thousands	Dec. 31, 2015USD ($)
Debt Disclosure [Abstract]
2,016	$ 232
2,017	3,516
2,018	15,465
2,019	33,032
2,020	10,582
Thereafter	516,923
Total	$ 579,750

Borrowings - Narrative (Details

Borrowings - Narrative (Details) - USD ($)	Sep. 28, 2015	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Outstanding borrowings		$ 570,985,000	$ 74,355,000
Term Loan Facility
Debt Instrument [Line Items]
Deferred financing costs written-off	$ 900,000
Outstanding borrowings	$ 0

Related Party Arrangements - Ad

Related Party Arrangements - Advisor (Details)	1 Months Ended
	Jun. 30, 2015
Advisor
Related Party Transactions [Line Items]
Term of renewal	1 year

Related Party Arrangements - Fe

Related Party Arrangements - Fees to Advisor (Narrative) (Details) - Advisor	12 Months Ended
	Dec. 31, 2015
Asset Management Fees
Related Party Transactions [Line Items]
Monthly asset management fee as a percentage of principal amount of debt originated (percent)	0.0833%
Incentive Fee
Related Party Transactions [Line Items]
Incentive payments rate, percent of net cash flows	15.00%
Non-compounded annual pre-tax return on invested capital, minimum	6.75%
Asset Acquisition Fee
Related Party Transactions [Line Items]
Asset acquisition fee as a percentage of principal amount funded to originate debt, including acquisition expenses and any financing attributable to the investment (percent)	1.00%
Asset acquisition fee as a percentage of each real estate property acquired by the company, including acquisition expenses and any financing attributable to the investment (percent)	2.25%
Asset Disposition Fee
Related Party Transactions [Line Items]
Asset disposition fee as a percentage of contract sales price of debt investment sold (percent)	1.00%
Asset disposition fee as a percentage of contract sales price of property sold (percent)	2.00%
Asset disposition fee as a percentage of the principal amount of the loan or debt-related investment prior to the specified transaction (percent)	1.00%

Related Party Arrangements - Re

Related Party Arrangements - Reimbursements to Advisor (Narrative) (Details) - Advisor	12 Months Ended
	Dec. 31, 2015USD ($)Quarter
Related Party Transactions [Line Items]
Reimbursable organization and offering costs, excluding selling commissions and dealer manager fee, as a percentage of total proceeds	1.00%
Operating Costs
Related Party Transactions [Line Items]
Reimbursement of personnel costs related to executive officers and other personnel involved in activities for which the Advisor receives an acquisition fee, asset management fee or disposition fee	$ 0
Number of preceding fiscal quarters (quarter) | Quarter	4
Reimbursement expense period	12 months
Operating Costs | Maximum
Related Party Transactions [Line Items]
Percentage of average invested assets reimbursable as operating costs (percent)	2.00%
Percentage of net income, without reduction for any additions to reserves for depreciation, loan losses or other similar non-cash reserves and excluding any gain from the sale of the company's assets, considered for reimbursement of operating costs (percent)	25.00%
Organization and Offering Costs
Related Party Transactions [Line Items]
Expected reimbursable organization and offering costs, excluding selling commissions and dealer manager fee, as a percentage of total proceeds	1.50%
Gross proceeds from Primary Offering	$ 1,700,000,000
Organization and Offering Costs | Maximum
Related Party Transactions [Line Items]
Percentage of gross offering proceeds from primary offering, reimbursable as organization and offering costs	15.00%
Expected reimbursable organization and offering costs, excluding selling commissions and dealer manager fee	$ 22,500,000

Related Party Arrangements - De

Related Party Arrangements - Dealer Manager (Narrative) (Details) - Maximum - Dealer Manager - Selling Commissions Or Dealer Manager Fees	12 Months Ended
	Dec. 31, 2015USD ($)
Related Party Transactions [Line Items]
Selling commissions as a percentage of gross offering proceeds from the primary offering (percent)	7.00%
Dealer manager fee as a percentage of gross offering proceeds from the primary offering (percent)	3.00%
Selling Commissions Or Dealer Manager Fees Paid For Sales Pursuant To Distribution Reinvestment Plan	$ 0

Related Party Arrangements - Sc

Related Party Arrangements - Schedule of Fees and Reimbursements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transactions [Line Items]
Due to related party	$ 443	$ 755
Advisor | Fees to Advisor - Asset Management | Asset management and other fees-related party
Related Party Transactions [Line Items]
Fees incurred to the Advisor and Dealer Manager	19,015	3,406	$ 101
Due to related party	22	6
Advisor | Fees to Advisor - Asset Acquisition | Real estate debt investments, net / investments in unconsolidated ventures / asset management and other fees-related party
Related Party Transactions [Line Items]
Fees incurred to the Advisor and Dealer Manager	38,449	21,215	1,346
Due to related party	378	245
Advisor | Fees to Advisor - Asset Disposition | Real estate debt investments, net / investments in unconsolidated ventures / asset management and other fees-related party
Related Party Transactions [Line Items]
Fees incurred to the Advisor and Dealer Manager	113	0	0
Due to related party	0	0
Advisor | Operating Costs | General and administrative expenses
Related Party Transactions [Line Items]
Fees incurred to the Advisor and Dealer Manager	19,344	3,795	189
Due to related party	4	12
Advisor | Operating Costs | Operating costs
Related Party Transactions [Line Items]
Unreimbursed operating costs	7,600
Advisor | Organization and offering costs - Organization | General and administrative expenses
Related Party Transactions [Line Items]
Fees incurred to the Advisor and Dealer Manager	0	281	82
Due to related party	0	2
Advisor | Organization and offering costs - Offering | Cost of capital
Related Party Transactions [Line Items]
Fees incurred to the Advisor and Dealer Manager	5,038	4,489	1,549
Due to related party	39	490
Dealer Manager | Selling commissions / Dealer manager fees | Cost of capital
Related Party Transactions [Line Items]
Fees incurred to the Advisor and Dealer Manager	75,354	83,655	$ 10,561
Due to related party	$ 0	$ 0

Related Party Arrangements - No

Related Party Arrangements - NorthStar Realty Purchase Common Stock (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 29, 2015	Feb. 28, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transactions [Line Items]
Value of common stock issued			$ 697,491	$ 766,729	$ 96,596
NorthStar Realty | Distribution Support Agreement | Sponsor
Related Party Transactions [Line Items]
Common stock purchase price per share (in dollars per shares)	$ 9
Common stock Follow-on Offering price per share	$ 9.18
Number of shares issued (shares)		222,223
Value of common stock issued		$ 2,000
Requirement to purchase common stock, shares			588,116
Requirement to purchase common stock			$ 5,300
NorthStar Realty | Distribution Support Agreement | Maximum | Sponsor
Related Party Transactions [Line Items]
Value committed to purchase	$ 10,000

Related Party Arrangements - In

Related Party Arrangements - Investments in Joint Ventures (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended				12 Months Ended
	Dec. 31, 2015	May. 31, 2015	Dec. 31, 2014	May. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transactions [Line Items]
Investment portfolio	$ 832,253		$ 259,409		$ 832,253	$ 259,409
Payments to acquire interest in joint venture					$ 394,015	$ 225,380	$ 0
Eclipse Joint Venture
Related Party Transactions [Line Items]
Ownership Interest				5.60%
Investment portfolio				$ 1,100,000
Payments to acquire interest in joint venture				$ 23,400
Griffin-American Joint Venture
Related Party Transactions [Line Items]
Ownership Interest			14.30%			14.30%
Payments to acquire interest in joint venture			$ 187,200
Griffin-American Joint Venture | Mr. James F. Flaherty III
Related Party Transactions [Line Items]
Ownership Interest			12.30%			12.30%
American Healthcare Investors, LLC | Sponsor
Related Party Transactions [Line Items]
Ownership Interest			43.00%			43.00%
Winterfell Portfolio
Related Party Transactions [Line Items]
Ownership Interest		40.00%
Investment portfolio		$ 875,000
Payments to acquire interest in joint venture		$ 98,700
The Trilogy Portfolio
Related Party Transactions [Line Items]
Ownership Interest	29.00%				29.00%
Investment portfolio	$ 1,200,000				$ 1,200,000
Payments to acquire interest in joint venture	$ 202,000				$ 202,000

Related Party Arrangements - Or

Related Party Arrangements - Origination of Mezzanine Loan (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jul. 31, 2015	Dec. 31, 2015
Mezzanine loans
Related Party Transactions [Line Items]
Fixed Rate		10.00%
Espresso Joint Venture
Related Party Transactions [Line Items]
VIE carrying value		$ 41.9
Espresso Joint Venture | Mezzanine loans
Related Party Transactions [Line Items]
VIE carrying value	$ 75
Fixed Rate	10.00%

Equity-Based Compensation (Deta

Equity-Based Compensation (Details) - USD ($)	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Equity-based compensation
Equity-based compensation expense		$ 115,214	$ 59,859	$ 32,367
Restricted stock
Equity-based compensation
Number of shares granted to independent directors (shares)		41,764.71
Aggregate value for common shares granted to independent directors		$ 420,000
Restricted stock grant vesting period	4 years	2 years

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock (Details) - USD ($) $ in Thousands, shares in Millions	12 Months Ended			63 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2015
Class of Stock [Line Items]
Value of common stock issued	$ 697,491	$ 766,729	$ 96,596
Common Stock
Class of Stock [Line Items]
Number of shares issued (shares)	76.8	85.7		173.4
Value of common stock issued	$ 777,900	$ 854,900		$ 1,700,000

Stockholders' Equity - Distribu

Stockholders' Equity - Distribution Reinvestment Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended			63 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2015
Class of Stock [Line Items]
Value of common stock issued	$ 697,491	$ 766,729	$ 96,596
Common Stock
Class of Stock [Line Items]
Number of shares issued (shares)	76,800,000	85,700,000		173,400,000
Value of common stock issued	$ 777,900	$ 854,900		$ 1,700,000
Dividend Reinvestment Plan
Class of Stock [Line Items]
Shares available (shares)	30,000,000			30,000,000
Distribution Support Agreement
Class of Stock [Line Items]
Share price (dollars per share)	$ 9.50			$ 9.50
Percent of estimated value per share	95.00%
Notice period served by board of directors to amend or terminate DRP	10 days
Distribution Support Agreement | Common Stock
Class of Stock [Line Items]
Number of shares issued (shares)	4,800,000	1,300,000		6,100,000
Value of common stock issued	$ 46,400	$ 12,400		$ 59,100
Follow-on Distribution Reinvestment Plan
Class of Stock [Line Items]
Share price (dollars per share)	$ 9.69			$ 9.69

Stockholders' Equity - Distri65

Stockholders' Equity - Distributions (Details)	12 Months Ended
	Dec. 31, 2015$ / shares
Equity [Abstract]
Daily amount of distribution accrued per share (in dollars per share)	$ 0.00184932
Annualized distribution (in dollars per share)	$ 0.675

Stockholder's Equity - Dividend

Stockholder's Equity - Dividends Declared (Details) - USD ($) $ in Thousands	3 Months Ended											12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Distributions
Cash	$ 12,035	$ 10,142	$ 8,772	$ 8,023	$ 5,298	$ 3,360	$ 2,070	$ 1,169	$ 535	$ 91	$ 45	$ 38,972	$ 11,897	$ 671
DRP	15,297	12,791	11,068	10,143	6,646	4,201	2,504	1,393	590	49	2	49,299	14,744	641
Total	$ 27,332	$ 22,933	$ 19,840	$ 18,166	$ 11,944	$ 7,561	$ 4,574	$ 2,562	$ 1,125	$ 140	$ 47	$ 88,271	$ 26,641	$ 1,312
Percentage of distributions paid as a return of capital												100.00%	100.00%

Stockholders' Equity - Share Re

Stockholders' Equity - Share Repurchase Program (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Equity [Abstract]
Holding period of shares required for repurchase	1 year
Shares repurchased during period (shares)	406,545	14,354
Shares repurchased during period	$ 3,900,000	$ 100,000
Average price per share	$ 9.66	$ 9.92
Unfulfilled repurchase requests	$ 0

Non-controlling Interests (Deta

Non-controlling Interests (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Noncontrolling Interest [Abstract]
Net loss attributable to other non-controlling interests	$ (374)	$ (34)	$ (10)

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Financial assets and liabilities:
Principal Amount	$ 193,411
Carrying Value	192,934	$ 146,267
Principal Amount	579,750	76,000
Carrying Value	570,985	74,355
Mortgage notes payable
Financial assets and liabilities:
Principal Amount	579,750	76,000
Carrying Value	570,985	74,355
Fair Value	567,106	75,293
Real estate debt investments, net
Financial assets and liabilities:
Principal Amount	193,411	145,887
Carrying Value	192,934	146,267
Fair Value	$ 194,277	$ 153,001

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)segmentoperator	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Segment Reporting Information [Line Items]
Number of segments | segment	4
Rental and resident fee income	$ 91,512	$ 22,549	$ 526
Interest income	17,763	7,490	375
Other revenue	1,941	0	0
Property operating expenses	45,773	10,810	24
Interest expense	17,617	2,981	98
Transaction costs	5,765	3,405	1,570
Asset management and other fees - related party	33,385	8,220	1,334
General and administrative expenses	20,213	4,418	313
Depreciation and amortization	27,038	4,291	132
Realized gain (loss), net	(721)	(156)	0
Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense)	(39,296)	(4,242)	(2,570)
Equity in earnings (losses) of unconsolidated ventures	(49,046)	(12,127)	0
Income tax benefit (expense)	5,598	1,390	0
Net income (loss)	(82,744)	(14,979)	(2,570)
Total Assets	2,002,228	917,104
Real Estate Equity | Operating Segments
Segment Reporting Information [Line Items]
Rental and resident fee income	91,512	22,549	526
Interest income	0	0	0
Other revenue	810
Property operating expenses	45,773	10,810	24
Interest expense	16,964	2,286	64
Transaction costs	5,765	3,405	1,570
Asset management and other fees - related party	0	0	0
General and administrative expenses	345	4	8
Depreciation and amortization	27,038	4,291	132
Realized gain (loss), net	222	(156)
Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense)	(3,341)	1,597	(1,272)
Equity in earnings (losses) of unconsolidated ventures	(49,046)	(12,127)
Income tax benefit (expense)	5,598	1,390
Net income (loss)	(46,789)	(9,140)	(1,272)
Total Assets	1,460,392	488,067
Real Estate Debt | Operating Segments
Segment Reporting Information [Line Items]
Rental and resident fee income	0	0	0
Interest income	17,763	7,490	375
Other revenue	1,131
Property operating expenses	0	0	0
Interest expense	0	0	0
Transaction costs	0	0	0
Asset management and other fees - related party	0	0	0
General and administrative expenses	88	36	2
Depreciation and amortization	0	0	0
Realized gain (loss), net	0	0
Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense)	18,806	7,454	373
Equity in earnings (losses) of unconsolidated ventures	0	0
Income tax benefit (expense)	0	0
Net income (loss)	18,806	7,454	373
Total Assets	194,451	147,419
Corporate | Operating Segments
Segment Reporting Information [Line Items]
Rental and resident fee income	0	0	0
Interest income	0	0	0
Other revenue	0
Property operating expenses	0	0	0
Interest expense	653	695	34
Transaction costs	0	0	0
Asset management and other fees - related party	33,385	8,220	1,334
General and administrative expenses	19,780	4,378	303
Depreciation and amortization	0	0	0
Realized gain (loss), net	(943)	0
Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense)	(54,761)	(13,293)	(1,671)
Equity in earnings (losses) of unconsolidated ventures	0	0
Income tax benefit (expense)	0	0
Net income (loss)	(54,761)	(13,293)	$ (1,671)
Total Assets	$ 347,385	$ 281,618
Watermark Retirement Communities [Member] | Revenues
Segment Reporting Information [Line Items]
Number of operators | operator	1
Percentage of total revenues	70.10%

Subsequent Events - Distributio

Subsequent Events - Distribution Reinvestment Plan (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended	12 Months Ended
	Mar. 23, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Subsequent Event [Line Items]
Gross proceeds		$ 702,743	$ 759,492	$ 94,052
Subsequent event | Third Party Equity Proceeds
Subsequent Event [Line Items]
Number of shares issued (shares)	1.7
Gross proceeds	$ 16,700

Subsequent Events - Distribut72

Subsequent Events - Distributions (Details) - $ / shares	Mar. 02, 2016	Dec. 31, 2015
Subsequent Event [Line Items]
Daily amount of distribution accrued per share (in dollars per share)		$ 0.00184932
Subsequent event
Subsequent Event [Line Items]
Daily amount of distribution accrued per share (in dollars per share)	$ 0.001844262

Subsequent Events - Share Repur

Subsequent Events - Share Repurchases (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 23, 2016	Dec. 31, 2015	Dec. 31, 2014
Subsequent Event [Line Items]
Shares repurchased during period (shares)		406,545	14,354
Shares repurchased during period		$ 3.9	$ 0.1
Subsequent event
Subsequent Event [Line Items]
Shares repurchased during period (shares)	300,000
Shares repurchased during period	$ 2.7
Weighted average price of shares repurchased (in dollars per share)	$ 9.52

Subsequent Events - Winterfell

Subsequent Events - Winterfell (Details) $ in Thousands	Mar. 01, 2016USD ($)	May. 31, 2015USD ($)statefacility	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Subsequent Event [Line Items]
Net investment in unconsolidated ventures			$ 655,093
Additional equity contributed			244,102
Existing mortgage borrowings assumed			410,000
Real Estate Investments, Net			$ 832,253	$ 259,409
Winterfell Joint Venture
Subsequent Event [Line Items]
Real Estate Investments, Net		$ 875,000
Number of private pay ILFs | facility		32
Number of different states with ILFs | state		12
Winterfell Joint Venture | Subsequent event
Subsequent Event [Line Items]
Remaining interest approved for purchase	60.00%
Ownership interest in the portfolio	100.00%
Net investment in unconsolidated ventures	$ 534,500
Additional equity contributed	146,000
Existing mortgage borrowings assumed	$ 648,000

Schedule III - Real Estate an75

Schedule III - Real Estate and Accumulated Depreciation Schedule of Real Estate Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 579,750
Land	139,604
Building & Improvements	696,246
Costs Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	15,789
Land	140,734
Building & Improvements	710,905
Total	851,639	$ 263,826	$ 54,100
Accumulated Depreciation	19,386	$ 4,417	$ 131
Total	832,253
Federal income tax basis	860,700
Clinton, CT
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,269
Land	600
Building & Improvements	9,900
Costs Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	385
Land	600
Building & Improvements	10,285
Total	10,885
Accumulated Depreciation	586
Total	$ 10,299
Life on Which Depreciation is Computed	40 years
Leawood, KS
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Land	900
Building & Improvements	7,100
Costs Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	0
Land	900
Building & Improvements	7,100
Total	8,000
Accumulated Depreciation	427
Total	$ 7,573
Life on Which Depreciation is Computed	40 years
Skaneateles, NY
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 2,090
Land	400
Building & Improvements	2,600
Costs Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	0
Land	400
Building & Improvements	2,600
Total	3,000
Accumulated Depreciation	149
Total	$ 2,851
Life on Which Depreciation is Computed	40 years
Spring Hill, KS
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Land	430
Building & Improvements	6,570
Costs Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	0
Land	430
Building & Improvements	6,570
Total	7,000
Accumulated Depreciation	385
Total	$ 6,615
Life on Which Depreciation is Computed	40 years
Milford, OH
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 10,500
Land	1,160
Building & Improvements	14,440
Costs Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	1,002
Land	1,160
Building & Improvements	15,442
Total	16,602
Accumulated Depreciation	978
Total	$ 15,624
Life on Which Depreciation is Computed	40 years
Smyrna, GA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,029
Land	825
Building & Improvements	9,175
Costs Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	29
Land	825
Building & Improvements	9,204
Total	10,029
Accumulated Depreciation	497
Total	$ 9,532
Life on Which Depreciation is Computed	40 years
Denver, CO
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 21,500
Land	4,300
Building & Improvements	27,200
Costs Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	2,588
Land	4,300
Building & Improvements	29,788
Total	34,088
Accumulated Depreciation	1,549
Total	$ 32,539
Life on Which Depreciation is Computed	40 years
Cheektowaga, NY
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 8,612
Land	300
Building & Improvements	12,200
Costs Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	113
Land	300
Building & Improvements	12,313
Total	12,613
Accumulated Depreciation	614
Total	$ 11,999
Life on Which Depreciation is Computed	40 years
Frisco, TX
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 20,000
Land	3,100
Building & Improvements	35,874
Costs Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	7,178
Land	4,230
Building & Improvements	41,922
Total	46,152
Accumulated Depreciation	1,890
Total	$ 44,262
Life on Which Depreciation is Computed	40 years
Bohemia, NY
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 24,946
Land	4,258
Building & Improvements	27,805
Costs Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	113
Land	4,258
Building & Improvements	27,918
Total	32,176
Accumulated Depreciation	1,040
Total	$ 31,136
Life on Which Depreciation is Computed	40 years
Hauppauge, NY
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 15,135
Land	2,086
Building & Improvements	18,495
Costs Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	434
Land	2,086
Building & Improvements	18,929
Total	21,015
Accumulated Depreciation	717
Total	$ 20,298
Life on Which Depreciation is Computed	40 years
Islandia, NY
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 37,191
Land	8,437
Building & Improvements	37,198
Costs Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	66
Land	8,437
Building & Improvements	37,264
Total	45,701
Accumulated Depreciation	1,418
Total	$ 44,283
Life on Which Depreciation is Computed	40 years
Westbury, NY
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 16,478
Land	2,506
Building & Improvements	19,163
Costs Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	78
Land	2,506
Building & Improvements	19,241
Total	21,747
Accumulated Depreciation	706
Total	$ 21,041
Life on Which Depreciation is Computed	40 years
Bellevue, WA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 30,900
Land	28,001
Building & Improvements	18,208
Costs Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	259
Land	28,001
Building & Improvements	18,467
Total	46,468
Accumulated Depreciation	325
Total	$ 46,143
Life on Which Depreciation is Computed	40 years
Kalamazoo, MI
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 34,800
Land	4,621
Building & Improvements	30,870
Costs Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	217
Land	4,621
Building & Improvements	31,087
Total	35,708
Accumulated Depreciation	537
Total	$ 35,171
Life on Which Depreciation is Computed	40 years
Oklahoma, OK
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,000
Land	3,104
Building & Improvements	6,119
Costs Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	231
Land	3,104
Building & Improvements	6,350
Total	9,454
Accumulated Depreciation	185
Total	$ 9,269
Life on Which Depreciation is Computed	40 years
Palm Desert, CA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 16,495
Land	5,365
Building & Improvements	38,889
Costs Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	258
Land	5,365
Building & Improvements	39,147
Total	44,512
Accumulated Depreciation	677
Total	$ 43,835
Life on Which Depreciation is Computed	40 years
Sarasota, FL
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 55,592
Land	12,845
Building & Improvements	64,403
Costs Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	500
Land	12,845
Building & Improvements	64,903
Total	77,748
Accumulated Depreciation	1,051
Total	$ 76,697
Life on Which Depreciation is Computed	40 years
Dana Point, CA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 32,757
Land	6,286
Building & Improvements	41,199
Costs Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	58
Land	6,286
Building & Improvements	41,257
Total	47,543
Accumulated Depreciation	673
Total	$ 46,870
Life on Which Depreciation is Computed	40 years
Tarboro, NC
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 14,812
Land	2,400
Building & Improvements	17,800
Costs Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	345
Land	2,400
Building & Improvements	18,145
Total	20,545
Accumulated Depreciation	337
Total	$ 20,208
Life on Which Depreciation is Computed	40 years
St. Petersburg, FL
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 34,109
Land	8,920
Building & Improvements	44,137
Costs Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	411
Land	8,920
Building & Improvements	44,548
Total	53,468
Accumulated Depreciation	795
Total	$ 52,673
Life on Which Depreciation is Computed	40 years
Crystal Lake, IL
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 27,630
Land	7,390
Building & Improvements	28,210
Costs Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	143
Land	7,390
Building & Improvements	28,353
Total	35,743
Accumulated Depreciation	537
Total	$ 35,206
Life on Which Depreciation is Computed	40 years
Southfield, MI
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 9,000
Land	2,240
Building & Improvements	11,924
Costs Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	136
Land	2,240
Building & Improvements	12,060
Total	14,300
Accumulated Depreciation	357
Total	$ 13,943
Life on Which Depreciation is Computed	40 years
Independence, MO
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 15,600
Land	1,280
Building & Improvements	17,090
Costs Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	141
Land	1,280
Building & Improvements	17,231
Total	18,511
Accumulated Depreciation	332
Total	$ 18,179
Life on Which Depreciation is Computed	40 years
Tucson, AZ
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 57,375
Land	7,370
Building & Improvements	60,719
Costs Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	146
Land	7,370
Building & Improvements	60,865
Total	68,235
Accumulated Depreciation	1,046
Total	$ 67,189
Life on Which Depreciation is Computed	40 years
Millbrook, NY
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 24,825
Land	7,660
Building & Improvements	20,854
Costs Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	700
Land	7,660
Building & Improvements	21,554
Total	29,214
Accumulated Depreciation	384
Total	$ 28,830
Life on Which Depreciation is Computed	40 years
Tuckahoe, NY
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 12,755
Land	4,870
Building & Improvements	26,980
Costs Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	63
Land	4,870
Building & Improvements	27,043
Total	31,913
Accumulated Depreciation	528
Total	$ 31,385
Life on Which Depreciation is Computed	40 years
Alexandria, VA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 40,350
Land	7,950
Building & Improvements	41,124
Costs Capitalized Subsequent to Acquisition, Land, Buildings & Improvements	195
Land	7,950
Building & Improvements	41,319
Total	49,269
Accumulated Depreciation	666
Total	$ 48,603
Life on Which Depreciation is Computed	40 years

Schedule III - Real Estate an76

Schedule III - Real Estate and Accumulated Depreciation Schedule of Real Estate and Accumulated Depreciation Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Beginning balance	$ 263,826	$ 54,100
Property acquisitions	579,973	207,974
Improvements	12,892	1,752
Reclassifications	(5,052)	0
Ending balance	851,639	263,826
Amount of federal income tax basis over cost basis	9,100
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Beginning balance	4,417	131
Depreciation expense	14,969	4,286
Ending balance	$ 19,386	$ 4,417

Schedule IV - Schedule of Loans

Schedule IV - Schedule of Loans (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)loan
Mortgage Loans on Real Estate [Line Items]
Count | loan	4
Floating Interest Rate	9.90%
Fixed Interest Rate	10.00%
Prior Liens	$ 1,538,244
Principal Amount	193,411
Carrying Value	192,934
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Loans receivable LIBOR floor	0.25%
Federal income tax basis	$ 192,900
First mortgage loan
Mortgage Loans on Real Estate [Line Items]
Count | loan	1
Floating Interest Rate	8.30%
Fixed Interest Rate	0.00%
Prior Liens	$ 0
Principal Amount	14,637
Carrying Value	14,637
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
First mortgage loan | Dallastown/Newark
Mortgage Loans on Real Estate [Line Items]
Count | loan	1
Floating Interest Rate	8.30%
Fixed Interest Rate	0.00%
Prior Liens	$ 0
Principal Amount	14,637
Carrying Value	14,637
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Mezzanine loans
Mortgage Loans on Real Estate [Line Items]
Count | loan	3
Floating Interest Rate	10.20%
Fixed Interest Rate	10.00%
Prior Liens	$ 1,538,244
Principal Amount	178,774
Carrying Value	178,297
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Mezzanine loans | Sava
Mortgage Loans on Real Estate [Line Items]
Count | loan	1
Floating Interest Rate	10.30%
Fixed Interest Rate	0.00%
Prior Liens	$ 678,554
Principal Amount	58,774
Carrying Value	58,826
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Mezzanine loans | Sava 2
Mortgage Loans on Real Estate [Line Items]
Count | loan	1
Floating Interest Rate	10.00%
Fixed Interest Rate	0.00%
Prior Liens	$ 60,000
Principal Amount	45,000
Carrying Value	44,995
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Mezzanine loans | Espresso
Mortgage Loans on Real Estate [Line Items]
Count | loan	1
Floating Interest Rate	0.00%
Fixed Interest Rate	10.00%
Prior Liens	$ 799,690
Principal Amount	75,000
Carrying Value	74,476
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0

Schedule IV - Real Estate Rollf

Schedule IV - Real Estate Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Movement in Mortgage Loans on Real Estate [Roll Forward]
Beginning balance	$ 146,267	$ 11,250	$ 0
Additions:
Principal amount of new loans and additional funding on existing loans	75,000	134,637	11,250
Acquisition cost (fees) on new loans	750	1,513	113
Origination fees received on new loans	(1,500)	(992)	(113)
Deductions:
Repayment of principal	(27,476)	0	0
Amortization of acquisition costs, fees, premiums and discounts	(107)	(141)	0
Ending balance	$ 192,934	$ 146,267	$ 11,250